seo-u: whole foods market presentation

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Whole Foods (NASDAQ: WFM) Cameron Mena Garrison Jones Lorenzo Salazar Sean Penso Tony Douglas SEO-U Pitch Book August 26, 2013 1

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We created a pitchbook in support of a $400m debt issuance for Whole Foods Market, Inc. This task was designed to apply our passions for investment banking in order to create a pragmatic solution.

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  • 1. Whole Foods(NASDAQ: WFM)Cameron Mena Garrison Jones Lorenzo Salazar Sean Penso Tony DouglasSEO-U Pitch BookAugust 26, 20131

2. Order of Operations Credentials Company Overview Market Update and ConsiderationsFinancials and Valuation Execution Strategy Risks2 3. Credentials 3 4. Overview Scale - ranks #2 in terms of debt and equity fees in 2012Leader in the Retail/Consumer Goods Industry Space Resilient Firm that has been around since 1869 serving top global clientsTiming- record $3.69 trillion in corporate bonds issued in 2012 at average 3.24% interest4 5. Why Goldman May 2013 Apple $17 Billion Debt Offering Lead UnderwriterLead Underwriter Sprouts Farmers Market raising nearly $350 MMNow is the right time for executionLeader in Emerging Market Debt Offerings Greece, Malaysia5 6. Proposal $400 MM USD denominated senior debt offering Current Credit Rating Standard and Poors: BBB Current Credit Rating Moody's: Ba2 Yield 6.24% Maturity 10 years Being used for new global growth strategy as well as general corporation purposes6 7. Company Overview 7 8. General Company Overview Worlds leading retailer of natural and organic foods 11th largest food retailer overall based on 2011 sales rankings Operate over 340 stores in the US, Canada, and the UK Stores average 38,000 square feet and 10 years in age$3.06b revenue last quarter 8 9. Porters 5 Forces Industry Analysis Internal Rivalry Economies of scale Strong exit barriersBuyer Power Buyers have options!Supplier Power Local growers demand higher pricesEntry Re-branded supermarkets pose more of a threat than new supermarketsSubstitutes Growing number of complements to natural products9 10. The Organic Foods Industry is GrowingGrowth Facts US Sales of organic food & beverages increased 2570% between 1990 and 2010The listed 7.4% growth rate in 2012 was more than double the annual growth rate forecast for all food sales in 201210 11. Business Overview General OverviewTotal DebtTotal Cash11 12. # 13. Geography Whole Foods Market has not aggressively pursued international expansion WFM operates a total of 340+ stores within the US, Canada and UKSince 2007, non-US sales have accounted for < 4% of total sales 13 14. Market Update and Considerations 14 15. Global Macro Conditions Japanese fiscal and monetary stimulus shocked deflationary economy Virtually all economic powers globally are engaging in schemes to stimulate their economies Macroeconomic policy in richer countries more growth friendly Debt crisis in Europe stabilizing as investors regain confidence15 16. US Debt Market Bond yields surging for good reason Degree of risk relatively low Market volatility irrelevant Goldman actively looking for ways to boost liquidity of corporate debt electronically16 17. Food Industry Executives see technology as greatest driver for growth Grown 20% per year over last 7-10 years Great prospect for growth in U.S. US$ 57.5 billion in 2010 to US$ 104.7 billion in 2015 Europe largest market share, with other countries (Latin America and Australia) expected to grow as well Growing competition17 18. Valuation 18 19. Financial Ratios 201120121.7 1.32.2 1.80.48 0.59 0.58 2.480.46 0.63 0.61 2.335.2 2.4 19.95.6 2.4 21.234.99 5.42 3.39 8.0 11.5 37.82 0.2635.52 6.45 3.98 8.8 12.2 38.65 0.3312.2 39.4 34.8 NA15.7 35.9 30.6 40Liquidity Ratios Current QuickLeverage Ratios Debt to total assets Debt to equity Long-term debt to equity Times-interest earned ratioActivity Ratios Fixed Asset Turnover Total Asset Turnover Inventory TurnoverProfitability Ratios Gross profit margin Operating profit margin Net profit margin ROA ROE P/E Ratio EPSGrowth Ratios (%) Sales Growth Net Income Growth EPS Growth Dividends per share Growth19 20. Capital Structure Total Debt, 0.70%Total Equity, 99.30%Capital Structure Data ($MM) FY 2011FY 2012FY 2013 (Q1)17.924.127.0Total Equity2991.33802.53632Total Capital3009.23826.63659.0Total Debt20 21. Industry Specific Ratios Industry Specific 2008 Stores at Beginning Stores Opened Stores Acquired Stores Closed Stores Sold Total Stores YTY Store Growth Avg Weekly Sales per Store Total Same Store Sales Growth Gross Margin Operating Margin Retail Revenues Total Retail Sq. Ft. (Gross) Avg. Retail Sq. Ft. (Gross)2009201020112012276 20 21 275 -0.4%275 15 6 284 3.2%284 16 2 1 2 299 5.3%299 18 6 311 4.0%311 25 1 335 7.7%$570,000 4.9%$549,000 (3.1%)$588,000 7.1%$636,000 8.5%$682,000 8.7%34.0% 3.0%34.3% 3.5%34.8% 4.9%35.0% 5.4%35.5% 6.4%7,953.98,031.69,005.810,107.811,698.89,895,000 36,00010,566,000 37,00011,231,000 38,00011,832,000 38,00012,735,000 38,00021 22. Balance Sheet Analysis Balance Sheet Ratios20092010201120122013Current Ratio1.541.551.652.151.80Debt/Asset46.140.530.328.229.8Debt/Equity36%21%1%1%1%Days of Inventory2220181717Inventory Turnover1719202122 Current Ratio on gradual incline indicating Cash and Receivables are sufficient to cover current liabilities Debt/Equity Ratio shows debt averaging 29% of the equity stake in assets than decreasing to less than 1% Debt/Asset Ratios shows steady decline in debt from line of credit and LT Loans and Capital Leases Days of Inventory shows 19 days on average sale of inventory Inventory Turnover shows consistency in monthly average to sell merchandise inventory Source: Company filings released FY Ending September22 23. Income Statement Analysis Income Statement Ratios20092010201120122013Gross Profit34.3%34.8%35.0%35.5%35.8%Net Profit Margin1.8%2.7%3.4%4.0%4.2%Direct Store Opening Expenses88.7%90.4%89.8%89.5%88.9%Pre-Opening and Relocation Cost2.3%2.1%1.4%1.4%1.4%EPS$0.41$0.42$0.72$0.98$1.28 Gross Profit set by company to achieve 36% high Net Profit Margin averaging 3.2% of sales Direct Store Opening Expenses as a percentage of Gross Margin shows large consumption of Gross Profit Pre-Opening and Relocation Costs as a percentage of Gross Margin shows minimal consumption of Gross Profit Earnings Per Share (EPS) favorable from 2009 to 2013 showing a steady YTY increase 23 24. Projected Income Statement FY12FY13FY14FY15FY16FY17FY 18$11,698.8$12,969.9$14,818.5$16,893.1$18,582.4$20,812.3$23,726.07543.18326.69513.510655.111933.713365.814969.74155.74643.35305.06238.06648.77446.58756.32983.43289.23731.34067.14555.24965.15561.01172.31354.11573.72170.92093.52481.43195.4372.1398.9459.4514.5576.3645.4722.946.960.060.067.275.384.394.49.916.012.012.813.714.715.7743.4879.21042.31576.31428.21736.92362.400000008.511.015.019.525.935.549.7751.9890.21057.31595.81454.21772.52412.1286.6341.6401.8478.1569.0677.1805.7Net Income465.3548.6655.51117.6885.21095.41606.4EPS from Continuing Ops Diluted Shares Outstanding$1.26$1.46$1.75$2.07$2.44$2.88$3.39368.9374.7373.7381.2388.8396.6404.5Total Revenue Cost of Goods Sold Gross Profit Direct Store ExpensesStore Contribution G&A Expenses Pre-Opening Expenses Relocation Costs Operating Income Net Interest Expense Other Income Pretax Income Income Taxes24 25. Historical Growth Summary Historical Growth Summary ($ in millions of US dollars) Fiscal Year Ending: 9/30RevenuesCAGR 2008200920102011$7,953.9$8,031.6$9,005.8$10,107.8$11,698.81.0%12.1%12.2%15.7%330.4450.5557.1754.620.5%36.4%23.7%35.4%597.1726.0844.21,066.214.1%21.6%16.3%26.3%146.8245.9342.6465.628.1%67.5%39.3%35.9%Growth Operating Income274.3Growth EBITDA523.5Growth Net Income Growth114.62012 2008-201210.1%28.8%19.5%42.0%25 26. Historical Margins Historical Margins ($ in millions of US dollars) Fiscal Year Ending: 9/3020082009201020112012$7,953.9$8,031.6$9,005.8$10,107.8$11,698.834.0%34.3%34.8%35.0%35.5%Operating Margin3.4%4.1%5.0%5.5%6.5%EBITDA Margin6.6%7.4%8.1%8.4%9.1%Net Income Margin1.4%1.8%2.7%3.4%4.0%3,380.73,783.43,986.54,292.15,294.22.4x2.1x2.3x2.4x2.2x3.4%3.9%6.2%8.0%8.8%1,506.02,040.92,373.32,991.33,802.5Financial Leverage2.2x1.9x1.7x1.4x1.4xReturn on Equity7.6%7.2%10.4%11.5%12.2%Revenues Gross MarginAssetsAsset Turnover Return on AssetsShareholders' Equity26 27. Historical Financial Health Historical Financial Health ($ in millions of US dollars) Fiscal Year Ending: 9/3020082009201020112012$928.8 1,506.0$720.6 2,040.9$490.4 2,373.3$2,991.3$3,802.5Operating Income Interest Expense274.3 36.4330.4 36.9450.5 33.0557.1 3.9754.6 0.4Current Assets Inventory Current Liabilities622.6 327.5 666.21,055.4 310.6 684.01,161.5 323.5 747.91,453.1 336.8 879.42,102.6 374.3 977.2Debt/Equity Current Ratio Quick Ratio0.62 0.93 0.440.35 1.54 1.090.21 1.55 1.120.00 1.65 1.270.00 2.15 1.77Interest Coverage7.538.9513.65142.852131.69Debt Shareholders' Equity27 28. DCF Output Scenario: Terminal Growth Rate:Base 2.25%Downside 1.50%Upside 2.75%Terminal Shares Outstanding: Weighted Average Cost of Capital:371.0371.0371.07.17%7.17%7.17%2,7951,2372,95418,6429,95422,78021,437 0 1,078 22,51511,191 0 1,078 12,26925,735 0 1,078 26,813$60.69 10%$33.07 10%$72.27 10%Present Value of Forecasted Cash Flows: Present Value of Perpetual Cash Flows: Present Value of Total Cash Flows: Value of Debt: Value of Cash: Value of Equity: Value of Equity Per Share: Range (in %): Value Per Share Range: $54.62 Current Price of Stock:-$66.76$29.76$53.00-$36.38$65.04$53.00P/V Ratio:0.79x-0.97x1.46xPotential Upside:3.1%-26.0%-43.8%--$79.50$53.00 1.78x-31.4%0.67x-0.81x22.7%-50.0% 29. Sensitivity Analysis DCF Valuation Sensitivity Analysis - Base Case WACC 10.03%10.53%11.03%11.53%12.03%0.75%$33.48$31.78$30.25$28.86$27.60Terminal1.00%$34.19$32.41$30.81$29.36$28.05Growth1.25%$34.94$33.07$31.40$29.89$28.52Rate1.50%$35.74$33.78$32.02$30.45$29.021.75%$36.58$34.52$32.68$31.03$29.54 30. WFM Comparables30 31. Margin Comps Margin Comps ($ in millions of US dollars)WFMKRSWYTFM$11,698.8$90,374.4$44,206.5$1,108.035.5%21.5%27.6%33.1%EBITDA Margin9.1%3.3%5.1%10.8%Operating Margin6.5%1.5%2.5%7.5%Net Margin4.0%0.7%1.3%4.6%5,181.023,476.014,657.0323.32.3x3.8x3.0x3.4x9.0%2.6%4.1%15.9%3,632.03,966.02,933.4126.9Financial Leverage1.4x5.9x5.0x2.5xReturn on Equity12.8%15.2%20.3%40.5%Revenues Gross MarginAssets Asset Turnover Return on AssetsShareholders' Equity31 32. Financial Health Comps Financial Health Comps ($ in millions of US dollars)WFMKRSWYTFM$-$7,808.0$5,125.9$64.03,632.03,966.02,933.4126.9754.61,315.01,104.182.90.4435.0304.0(1.9)1,963.07,325.04,167.963.1380.05,114.02,562.037.81,009.09,105.04,605.681.1Debt/Equity0.001.971.750.50Current Ratio1.950.800.900.78Quick Ratio1.570.240.350.312131.693.023.63No Interest ExpDebt Shareholders' EquityOperating Income Interest Expense Current Assets Inventory Current LiabilitiesInterest Coverage32 33. Comps Valuation Trading Comparables Valuation ($ in millions except for per share data)WFM MultiplierLow Mult.High Mult.Price (low)Price high)EV/Revenue (2013E)$12,977.530.3x-2.0x$12.78-$73.24EV/Revenue (2014E)$14,785.830.3x-1.7x$13.90-$72.23EV/EBITDA (2013E)$1,220.466.2x-18.1x$23.26-$62.53EV/EBITDA (2014E)$1,427.456.2x-15.2x$26.86-$61.58P/E (2013E)$1.4514.4x-40.8x$20.95-$59.11P/E (2014E)$1.7213.6x-34.8x$23.34-$59.78$3,632.002.2x-20.6x$21.39-$202.01Value Range:$20.36-$84.35Suggested Premium:-61.6%-59.2%P/B33 34. DCF Output Scenario: Terminal Growth Rate:Base 2.25%Downside 1.50%Upside 2.75%Terminal Shares Outstanding: Weighted Average Cost of Capital:371.0371.0371.07.17%7.17%7.17%2,7951,2372,95418,6429,95422,78021,437 0 1,078 22,51511,191 0 1,078 12,26925,735 0 1,078 26,813$60.69 10%$33.07 10%$72.27 10%Present Value of Forecasted Cash Flows: Present Value of Perpetual Cash Flows: Present Value of Total Cash Flows: Value of Debt: Value of Cash: Value of Equity: Value of Equity Per Share: Range (in %): Value Per Share Range: $54.62 Current Price of Stock:-$66.76$29.76$53.00-$36.38$65.04$53.00P/V Ratio:0.79x-0.97x1.46xPotential Upside:3.1%-26.0%-43.8%--$79.50$53.00 1.78x-31.4%0.67x-0.81x22.7%-50.0% 35. Sensitivity Analysis DCF Valuation Sensitivity Analysis - Base Case WACC 10.03%10.53%11.03%11.53%12.03%0.75%$33.48$31.78$30.25$28.86$27.60Terminal1.00%$34.19$32.41$30.81$29.36$28.05Growth1.25%$34.94$33.07$31.40$29.89$28.52Rate1.50%$35.74$33.78$32.02$30.45$29.021.75%$36.58$34.52$32.68$31.03$29.54 36. WFM Comparables36 37. Margin Comps Margin Comps ($ in millions of US dollars)WFMKRSWYTFM$11,698.8$90,374.4$44,206.5$1,108.035.5%21.5%27.6%33.1%EBITDA Margin9.1%3.3%5.1%10.8%Operating Margin6.5%1.5%2.5%7.5%Net Margin4.0%0.7%1.3%4.6%5,181.023,476.014,657.0323.32.3x3.8x3.0x3.4x9.0%2.6%4.1%15.9%3,632.03,966.02,933.4126.9Financial Leverage1.4x5.9x5.0x2.5xReturn on Equity12.8%15.2%20.3%40.5%Revenues Gross MarginAssets Asset Turnover Return on AssetsShareholders' Equity37 38. Financial Health Comps Financial Health Comps ($ in millions of US dollars)WFMKRSWYTFM$-$7,808.0$5,125.9$64.03,632.03,966.02,933.4126.9754.61,315.01,104.182.90.4435.0304.0(1.9)1,963.07,325.04,167.963.1380.05,114.02,562.037.81,009.09,105.04,605.681.1Debt/Equity0.001.971.750.50Current Ratio1.950.800.900.78Quick Ratio1.570.240.350.312131.693.023.63No Interest ExpDebt Shareholders' EquityOperating Income Interest Expense Current Assets Inventory Current LiabilitiesInterest Coverage38 39. Comps Valuation Trading Comparables Valuation ($ in millions except for per share data) EV/Revenue (2013E) EV/Revenue (2014E) EV/EBITDA (2013E) EV/EBITDA (2014E)WFM Multiplier Low Mult.High Mult. Price (low)Price high)Include?$12,977.530.3x-2.0x$12.78-$73.24Yes$14,785.830.3x-1.7x$13.90-$72.23Yes$1,220.466.2x-18.1x$23.26-$62.53Yes$1,427.456.2x-15.2x$26.86-$61.58YesP/E (2013E)$1.4514.4x-40.8x$20.95-$59.11YesP/E (2014E)$1.7213.6x-34.8x$23.34-$59.78Yes$3,632.002.2x-20.6x$21.39-$202.01No$20.18-$64.74-61.9%-22.2%P/BValue Range: Suggested Premium:39 40. Football Field Implied Equity Valuation Per ShareTrading Comps Price Range Analyst Opinions DCF Downside DCF UpsideDCF Current Stock Price 52 Week Trading Range $0$20$40$60$80$100$120$140$16040 41. Execution Strategy 41 42. Capital Grow Net IncomeRaise Capital through Debt IssuanceIncrease Revenue, Reduce Capital Expenditures Drive sales through store growth strategy No influence on deflating/inflating factors but influence over cost Continue improving efficiency of stores relative to average per store square footage Reevaluate capital structure to reduce amount of equity ownership Debt capital will reduce higher risks found through additional offerings and equity raises Revenue growth based off identical store sales growth Scale back on discretionary spending and reuse equipment42 43. Growth Market Expansion Aggressively pursue opportunities in Europe, Canada, and the UK Monitor potential acquisition targets to accelerate process Express stores: smaller, less expensive storesMarketing Expand advertising budget to increase market share and sales Introduction of CRM Loyalty Program Emphasis on ecommerce and social media presence to drive salesProduct Development Expansion of service offerings: targeting wider market through crossovers Implementation of Value Based Pricing strategy to set prices that reflect value Continue growth of private label and prepared foods43 44. Implementation International GrowthStrategy ImplementationCulture Currently only 5 stores in the UK and 7 stores in Canada Expand store count to 15 stores in UK and 20 in Canada by 2014 Begin expansion into select markets in Asia, Latin America, and Europe Maintain a rigorous cost assessment office to avoid excess spending in the face of new growth strategy Safely implement loyalty program to gain data on customers Emphasis on ecommerce and social media presence to drive sales Take high performing employees and place them in new store openings Continue to reflect value through the customer experience44 45. Risks 45 46. Global Macro/Industry Risks Rising Rates US 10 yr. currently stands at 2.85% from lows of 1.90% Municipal and Corporate bond yields continue to increase making it harder to for companies to fund projects with a positive NPVCommodity Prices Price of food has major effect on net profit margin Cattle, corn, wheat, soybean key drivers Commodities prices have been decreasing for much of 2013Technology Amazon just recently launched Amazon Fresh a deliver to your door grocery store business model Growing trend in Retail industry is moving towards the web leading to death of traditional brick and mortar retail WFM currently has neither the technology or expertise in experience through offering products through the web46 47. Company Specific Risks Need for Capital Company has substantial cash and no set need to raise capital Raising capital would give WFM more balance sheet leverage, potential share buy back/dividend, boost growth story through more storesEntering into Foreign Markets Perhaps not receptive to Whole Foods brand as US is Currency issues, geopolitical risk, differences in regulation, and tax codeOver Expansion Losing the brand image and experience that customer expects every time they walk into different Whole Foods Maintain company culture throughout firm and geographies47 48. Risk Mitigation Act Now Lock in still record low interest rates Show shareholders that WFM is receptive to investors and wants to maintain a strong growth profile Debt on balance sheet will provide a tax mitigation strategyMarket/Industry Knowledge Continue expansion where concept already exists such as Canada and UK Maintain Whole Foods brand image throughout and keep experience the same for customers worldwideStrategy and Technology Invest in the firm through a strong internal strategy and or technology teams Create a platform to tap into technology market to reach consumers Constantly innovate and stay ahead of the curve48 49. Term Sheet Issuer Coupon RateWhole Foods Market 6.24%Principal Amount $400 MM Assumed Issue Rating BBBMinimum Denominations $200,000 Maturity 10 Years from Closing Date Use of Proceeds Growth and expansion 49 50. Roadshow Recommendation 50 51. Day One/Day Two: NYC, NY Holdings: 25,522,396 shares valued at $641,377,811 Key Management: Laurence Fink (CEO) Peter Fisher (Fixed Income)Holdings: 17,846, 935 shares valued at $448,493,476 Key Management: Curtis Arledge (CEO) Patrick Byrne (Fixed Income)Holdings: 62,000,000 shares valued at $1,458,860,000 Key Management: Daniel Loeb (CEO) Timothy Lash (Portfolio Manger)51 52. Day Three/Four: Philadelphia, PA & Boston, MA Holdings: 40,063,743 shares valued at $1,006,801,861 Key Management: Curtis Arledge (CEO) Patrick Byrne (Fixed Income) Holdings: 56,410,399 shares valued at $1,558,060,000 Key Management: Edward Johnson (CEO) Charles Morrison (Fixed Income)Holdings: 45,780,361 shares valued at $1,150,460,471 Key Management: Perry Traquina (CEO) Frank Catrickes (Fixed Income)Holdings: 43,609,989 shares valued at $1,095,023 Key Management: Frederick McNabb (CEO) Joseph Buckley (CIO, MD)52 53. Day Five: Atlanta, GAHoldings: 25,315,707 shares valued at $636,183,716 Key Management: Rex Adams (CEO) Gregory McGreevy (Fixed Income)53 54. Appendix 54 55. Cameron Mena Information Location: Dallas, TX Summer Plans: Deloitte Consulting Strategy and Operations Group Email: [email protected] Experience AIG FP&A Summer Analyst Months in position: 3 InsuranceDelta Tau Delta Fraternity Treasurer Months in position: 6 Organization Developed report overseeing balance sheet movement within division Coordinate and manage a budget of $1.1MM with 180 active members Assisted in analysis for direct and indirect cost allocations Manage vendor/member relationships Provided relevant data for process implementation Ensure proper compliance with tax and regulatory requirementsDallas, Texas EducationKey Skills The University of Texas at Austin Business Honors, Finance Conversational Spanish Project management Data analysis Project organization and time managementInteresting Facts I am interested in Investment Banking because: I am passionate about the financial markets and want to learn key skills. I love doing financial analysis and having the opportunity to do that in a high profile environment is what excites me about Investment Banking. Most people dont know: That I have lived abroad in Santiago, Chile and Mexico City, Mexico My favorite activity is: Traveling and spending time with family One place I would like to visit is: Southeast Asia Something Ive never done, but would love to do is: Go skydiving55 56. Garrison Jones Information Location: Chicago, IL Summer Plans: Loop Capital Markets-Public Finance Division Email: [email protected] Experience Alpha Phi Alpha Fraternity, Inc. Assistant Area Director and Chapter Vice President Months in position: 10 Oversee activities for Chicago area chapters including national programs and community service initiativesCity of Houston Controllers Office and Treasury Department Months in position: 3 Analyzed city investments, supported bond management, prepared debt summaries using Bloomberg and US BANK SPANS Presented economic statistical analysis presentation to City Controllers Office. Supported city planning, services and political initiatives for community events inChicago, Illinois EducationKey Skills The University of Chicago Public Policy Specializing in Economics and International Studies Microsoft Office Windows and Mac OS STATA Conversational and Written SpanishInteresting Facts I am interested in Investment Banking because: I enjoy being in team environments and the duality of investment banking regarding analytics and relationship building. Most people dont know: That I play the trombone and guitar. My favorite activity is: Spending time with family One place I would like to visit is: Egypt Something Ive never done, but would love to do is: Go jet skiing56 57. Lorenzo Salazar Information Location: Austin, TX Summer Plans: Cappello Capital Corp., M&A Summer Analyst Email: [email protected] Experience Fulcrum Capital S&T Analyst Months in position: 5 Hedge Fund Supported operations for hedge fund specializing in distressed debt Provided analysts with initial discovery of $400M in tradable distressed debt securities and illiquid trade claimsStudent Government Director of Appropriations Months in position: 10 Organization Oversaw allocation of Student Governments $150,000 for student organization events Established Student Government Boot Scholarship in partnership with the University Co-OpAustin, Texas EducationKey Skills The University of Texas at Austin Business Honors, Finance, Econo mics Statistical modeling Team management Detail Orientation Market analysisInteresting Facts I am interested in Investment Banking because: Passion for the industry, modeling expertise, and level of responsibility Most people dont know: That I competed at the national level in tennis as a junior My favorite activity is: Watching UT football games One place I would like to visit is: Australia Something Ive never done, but would love to do is: Go see the World Cup57 58. Sean PensoBrooklyn, New York InformationLocation: Brooklyn, NY Summer Plans: Fullbridge Business Bridge Program & Borough President Campaign Assistant Email: sean.a.penso.15@dartmou th.eduSelected Experience Rockefeller Centers Management and Leadership Development Program Awarded Participant Months in position: 3 LeadershipSigma Alpha Epsilon Fraternity Pledge Class President Months in position: 3 Leadership/Communication -Nominated to join an elite -Collaborated with senior members in executing pool of ~30 student leaders management of annual out of entire student body $50,000 academic budget -Developed public -Established fruitful speaking, resource mobilization, media relationships between relations, and program fraternity pledges and management skills alumni -Liaised pledge opinion to the campus dialogue on Greek House hazingEducationKey Skills Economics Major and Portuguese Minor at Dartmouth College Fluent in Portuguese Quantitative data analysis Strong communication and teamwork skills LeadershipInteresting Facts I am interested in Investment Banking because: I enjoy helping other people, so developing and maintaining fruitful client relationships would be a perfect fit for me. Most people dont know: that I was ranked third among New York States Independent Schools for wrestling at 160 pounds. My favorite activities are: meditating and boxing in my free time. One place I would like to visit is: Australia. Something Ive never done, but would love to do is: prepare for an amateur boxing match.58 59. Tony Douglas InformationLocation: Stafford, VA (Northern VA) Summer Plans: - McAfee, Sales Operations Intern - LifeVantage, Independent Distributor - Investment Alliance with friends Email: [email protected] ExperienceStafford, Virginia EducationKey Skills University of Virginia Strong oral and written conversation May 2015 B.S. Commerce (Concentrations in Finance & Marketing; Entrepreneur Track) Management/Leadership Organization Resiliency B.A. Psychology Work ethicInteresting Facts I am interested in Investment Banking because: ..Judgment and Decisions Lab Research Assistant Months in position: 5 Focus on organizational, social, eco nomic and psychological forces that regulate individual and group behaviorStadiYum Cuisine Operations Manager Months in position: 8 Managed the receipt, stock, and distribution of over $500,000 of products Organized daily activities of warehouse personnel and assigned jobs according to company objectives Helped restructure overall company operations I have had a deep love for money and numbers from a young age I want to gain the most valuable experience and knowledge of finance out of college as possible Most people dont know: I am a military brat; my mother was in the Air Force my whole childhood My favorite activities are: dreaming up small business ventures, working out, playing basketball One place I would like to visit is: Australia Something Ive never done, but would love to do is: Ride a motorcycle59