Lou Gerken
March 17, 2009

Dear Friends &Colleagues,

Gerken Capital Associates (“GCA”) is pleased to announce the re-establishment of “GCA Alliance”. As you may recall, we had previously (1989–2003) been active executing corporate finance and advisory assignments under the GCA Alliance banner. Historically, GCA Alliance mandates were often closely related to GCA fund management activities. However, since 2003, GCA Alliance has been largely dormant. For a number of reasons, including opportunities created by the turmoil currently dominating the investment banking and advisory landscape, we view today as an advantageous time to proactively re-engage in GCA Alliance activities.

Over the last several years, GCA has forged and strengthened numerous cross-border relationships (i.e., BBVA, China Merchant Securities, etc.). We believe these relationships will serve as strong building blocks for GCA Alliance’s corporate finance and advisory practice. Such international relationships coupled with GCA’s US relationships in the private equity community and elsewhere, create the opportunity to service emerging growth companies with a geographic reach not typically associated with boutique advisory practices. Further, to assure we have requisite execution capabilities, we have recently partnered with two investment banking veterans, Marshall Jensen and Todd Hellmann. Marshall and Todd have worked together on two large investment banking platforms (CIBC and UBS Warburg) and have additionally managed a boutique advisory practice (Hexagon Advisors, LLC). Collectively they have been involved with in excess of 225 financial advisory and principal investment engagements aggregating more than $33 billion in deal value. Their transaction experience ranges from merger & acquisitions, to public and private debt and equity financings to restructuring, valuation and fairness opinion assignments. A summary of Marshall and Todd’s professional backgrounds appear below.

We look forward to the opportunity to discuss our GCA Alliance advisory services with you.

Regards,
Lou C. Gerken

Marshall P. Jensen, Managing Director, GCA Alliance, has been active in the investmentbanking, advisory and asset management businesses for approximately fifteen years. Along with Todd Hellmann, he oversees the activities of GCA Alliance, the corporate advisory affiliate of Gerken Capital Associates (“GCA”). GCA’s primary focus is the management of alternative asset and emerging market funds.

Prior to joining GCA Alliance, Mr. Jensen joined Mr. Hellmann at Hexagon Advisors LLC, an entity providing diversified investment banking and consulting services. Immediately prior to joining Hexagon Advisors, Mr. Jensen worked at Fort Mason Capital, LLC, a registered investment advisor, providing capital to public and private emerging growth companies. Previously, he was Co-head of Capital Markets at Adams, Harkness & Hill and held senior investment banking positions with UBS Warburg and CIBC Oppenheimer. Mr. Jensen has additionally worked as a corporate attorney with Shearman & Sterling. He received a J.D. from Columbia University and a Bachelors Degree in Economics from Brown University. He holds Series 7, 63 and 24 registrations and has been admitted to the New York and California bars. Mr. Jensen lives in the San Francisco Bay Area. 

Todd R. Hellmann, Managing Director, GCA Alliance, has been active in the investment banking and advisory businesses for approximately eighteen years. Along with Marshall Jensen, he oversees the activities of GCA Alliance, the corporate advisory affiliate of Gerken Capital Associates (“GCA”). Prior to joining GCA Alliance, in 2006 Mr. Hellmann founded Hexagon Advisors LLC, an entity providing diversified investment banking and consulting services. Previously, he was a founding partner of the Metcalf Group and held senior investment banking positions at UBS Warburg, JP Morgan Chase and CIBC Oppenheimer. Mr. Hellmann received a Bachelors Degree in Economics from Brown University. He holds Series 7 and 63 registrations. Mr. Hellmann lives in Denver, CO.

Mr. Jensen and Mr. Hellmann have been involved with in excess of 225 financial advisory and principal investment engagements, ranging from merger & acquisitions, to public and private debt and equity and debt financings, to restructuring, valuation and fairness opinion assignments. Their professional association spans in excess of ten years, having worked together at Hexagon Advisors and previously at CIBC Oppenheimer and UBS Warburg.