Subject: RSCI PORTFOLIO WEEKLY UPDATES AND PRESS CLIPS 3.15
From: "Marianna Fazylova" <[email-masked]>
To: "Devon Archer" <[email-masked]>, "Jenny Stein McMahan" <[email-masked]>, "Alan Sheriff" <[email-masked]>, "Victor Cohn" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Gina Im" <[email-masked]>
Date: Fri, 16 Mar 2012 00:33:01 +0300

AIRVANA<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.airvana.com%2f>

EE Times 3/9/2012

Picocells to grow device ecosystem by
2015<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.eetimes.com%2felectronics-news%2f4237791%2fPicocells-to-grow-device-ecosystem-by-2015>

Market research firm In-Stat forecasts the value of outdoor metropolitan
picocells will jump to $6.9 billion in 2015 due to the quantity needed to
provide sufficient services for an evolving 4G voice and data market.

BUSCH ENTERTAINMENT

Wesh 3/13

SeaWorld Looking To Hire Seasonal
Workers<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.wesh.com%2fr%2f30669150%2fdetail.html>

SeaWorld Parks & Entertainment is looking to hire hundreds of seasonal
workers to help staff the Orlando parks this spring at their job fair on
Wednesday.

The Deal Pipeline 3/14

*Blackstone extracts another dividend from SeaWorld*
SeaWorld Parks & Entertainment Inc. is paying a sponsor group led by
Blackstone Group LP a second dividend in nine months: a $500 million
distribution through a $500 million add-on to its existing term.

Ratings agencies remain cautious about Blackstone's push toregain its
equity stake through distributions. Moody's lowered Orlando, Fla.-based
SeaWorld's corporate family rating and probability of default rating from
Ba3 to B1, estimating SeaWorld's debt-to-Ebitda leverage is 5.5 times for
2011.

DIAMONDBACK TACTICAL
<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.firstchoicearmor.com%2f>

Arizona Republic 3/13

Phoenix police and DPS plan on replacing
vests<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.azcentral.com%2farizonarepublic%2flocal%2farticles%2f2012%2f03%2f02%2f20120302phoenix-police-dps-vests.html>
About 50 Phoenix police officers will have to replace their ballistic
vestsafter the department announced that a particular brand of vest failed
a test and allowed a bullet to pass through…Once police have collected the
vests in question, administrators will work directly with Diamondback
Tactical, the parent company of Custom Armor, to work out a reimbursement
system, Crump said.

ENERGY FUTURE HOLDINGS<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.energyfutureholdings.com>

Sustainable Business 3/13

*Action Alert: Renewable Energy PTC Vote, Big Solar Spreads to More
Countries<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.google.com%2furl%3fsa%3dX%26q%3dhttp%3a%2f%2fwww.sustainablebusiness.com%2findex.cfm%2fgo%2fnews.display%2fid%2f23500%26ct%3dga%26cad%3dCAEQAxgBIAAoATAAOABA-aiF-wRIAVgBYgVlbi1VUw%26cd%3d6waIMRCrg3U%26usg%3dAFQjCNHPKH2IunnJS3R5EpfiFcdAGaCF3w>
*
But its $2 billion in bonds in natural gas driller Energy Future Holdings
isn't doing well because of low gas prices - the market value is down $878
million and further drops are anticipated.

FISKER AUTOMOTIVE<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.fiskerautomotive.com%2fen-us>

Reuters 3/09

Fisker Karma car dies in Consumer Reports
testing<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fin.reuters.com%2farticle%2f2012%2f03%2f08%2fconsumerreports-fisker-idINDEE8270GY20120308>

A $100,000-plus Fisker Automotive luxury sports car died during Consumer
Reports speed testing this week for reasons that are still unknown, leaving
the struggling electric car startup with another blow to its image.

National Legal and Policy Center 3/12

Fisker’s Private Fundraisers Face SEC
Investigation<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fnlpc.org%2fstories%2f2012%2f03%2f12%2ffisker%25E2%2580%2599s-private-fundraisers-face-sec-investigation>

The Securities and Exchange Commission has notified the brokers who raised
most of the private financing for taxpayer-backed electric automaker Fisker
Automotive<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fnlpc.org%2fcategory%2fkeywords%2ffisker>
that
charges may be brought against them, in connection with a private offering
in 2009.

Slash Gear 3/13

Fisker knowingly sold half-baked cars claims
ex-employee<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.slashgear.com%2ffisker-knowingly-sold-half-baked-cars-claims-ex-employee-13218069%2f>

Electric car company
Fisker<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.slashgear.com%2ftags%2ffisker>
can’t
catch a break lately; days after its Karma embarrassingly broke
down<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.slashgear.com%2ffisker-karma-breaks-down-in-consumer-reports-testing-09217763%2f>
 before Consumer Reports could even begin testing it, a former employee has
alleged Fisker knowinglypushed the Karma to market before it was fully
baked so as to qualify for US government loans.

Torque News 03/13

Did Fisker deliver Karma before it was ready, for DoE
loan?<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.torquenews.com%2f1075%2fdid-fisker-deliver-karma-it-was-ready-doe-loan>

Amid a series of quality issues over the Fisker Karma, a report surfaces
that Fisker rushed the Karma out the door in order to meet Dept of Energy
milestones.

GRUPO SALA<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.gruposala.com.co%2findex_en.html>

WSJ Press Release 3/12

ACON Investments Leads Investment in Hidrotenencias - A Hydro Power Holding
Company Based in
Panama<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.marketwatch.com%2fstory%2facon-investments-leads-investment-in-hidrotenencias-a-hydro-power-holding-company-based-in-panama-2012-03-12>

Hidrotenencias is the fourth investment completed by ALAOF, which had a
final close in February 2011. In July, ALAOF closed an investment in Grupo
SALA one of the largest waste management companies in Colombia.

HEALTHSCOPE<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.healthscope.com.au%2finfo%2fgeneral%2fHome%2fget%2f0%2f0%2f>

Bloomberg 3/9

TPG Buyout Firm is Said to Seek Buyers for Hospital Chain Iasis
Healthcare<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.bloomberg.com%2fnews%2f2012-03-09%2ftpg-is-said-to-explore-iasis-healthcare-sale-for-as-much-as-2-4-billion.html>

The firm's healthcare investments also include Healthscope, an Australian
operator of private hospitals, and IMS Health.

The Australian 3/10

*Creator's quiet fight to save surfwear company Billabong*
Meanwhile TPG, which also owns private hospital operator Healthscope, is
believed to have put its interest in Billabong on the backburner.

NORTHERN TIER ENERGY
(NTE)<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ntenergy.com%2f>

StarTribune 3/9

Northern crude oil keeps gasoline prices lower in
Minnesota<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.startribune.com%2flocal%2f142011373.html>

As gasoline prices soar on the coasts, less expensive crude oil from Canada
and North Dakota is easing the pain for Minnesotans. Both of Minnesota's
refineries, Flint Hills Resources in Rosemount and Northern Tier Energy in
St. Paul Park, get most of their oil from those regions via pipelines.

*THE WEATHER CHANNEL COMPANIES*

WSJ Press Release 3/8

The Weather Channel Companies Appoints Andy Miller to Its Board of
Directors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.marketwatch.com%2fstory%2fthe-weather-channel-companies-appoints-andy-miller-to-its-board-of-directors-2012-03-08>

The Weather Channel Companies (TWCC) today announced the appointment of
Andy Miller to its board of directors. Miller, a general partner at
Highland Capital Partners, is a mobile expert and visionary entrepreneur
who led mobile advertising at Apple and was the co-founder and CEO of
Quattro Wireless.

*PRIVATE EQUTY*

WSJ 3/9

Buyout Debt Lures Hungry
Investors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fonline.wsj.com%2farticle%2fSB10001424052970204276304577263540234724980.html%3fmod%3dgooglenews_wsj>

Fifteen low-rated, private-equity-owned companies recently analyzed by
Moody's Investors Service had $62 billion of debt coming due from 2012 to
2016, but the largest amount of debt maturities they face is in the next
three years, Moody's said.

Deal Magazine 3/9

The debt markets get
energized<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.thedeal.com%2fmagazine%2fID%2f045147%2fcommentary%2fthe-debt-markets-get-energized.php>

"For the most part, everyone sat on cash in the fourth quarter of 2011,"
says Kevin Smith, co-head of Macquarie Capital's high-yield team. "We're
clearly in the midst of an upswing, with an issuer-friendly environment in
both bank and bond markets."

WSJ 3/13

Private Equity Bets on
Indonesia<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fonline.wsj.com%2farticle%2fSB10001424052970204276304577261803114708294.html>

Private-equity firms are setting their sights on one of theworld's most
promising, but complicated, emerging markets: Indonesia. Northstar Pacific
Partners, a local partner of investor TPGCapital, raised $800 million last
year to invest in Indonesian companies. Other big names, like Starwood
Capital Group and
KKR<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fonline.wsj.com%2fpublic%2fquotes%2fmain.html%3ftype%3ddjn%26symbol%3dKKR>
 &
Co., are circling in search of deals, according to people familiar with the
matter.

Deal Book 3/13

In Private Equity I.P.O., a Shareholder Fear of Losing
Favor<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fdealbook.nytimes.com%2f2012%2f03%2f13%2fin-private-equity-i-p-o-a-shareholder-fear-of-losing-favor%2f>

For one, it is not alone. While the coming Facebook debut might suggest a
robust I.PO. market,many other companies are struggling to get their
offerings out of the dock.Since Oct. 1, 41 companies have delayed or
withdrawn their I.P.O.’s, according to Dealogic. Yet Carlyle has also
sustained self-inflicted wounds.

FT 3/14

Carlyle used new money raised to pay
dividend<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2fb6718016-6d23-11e1-b6ff-00144feab49a.html%23axzz1pDV94yvj>

Carlyle, the private equity group preparing to go public on Nasdaq, raised
money from a shareholder late in 2010 only to then pay most of the proceeds
out to its shareholders in the form of a dividend, according to regulatory
filings.

The relationship with Mubadala Development Co, an Abu Dhabi-based sovereign
wealth fund, illustrates the difficulty valuing private equity partnerships
ahead of Carlyle’s initial public
offering<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2findepth%2fipo>
.

FT 3/14

Blackstone faces challenge over
Klöckner<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2f5f658eb6-6d3c-11e1-b6ff-00144feab49a.html>

Private equity group Blackstone and several leading distressed debt
investors are squaring up in a battle for control of Klöckner Pentaplast, a
German plastic film manufacturer. Oaktree Capital Management, one of the
world’s largest distressed debt
investors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2fc0da19d2-03dd-11e1-98bc-00144feabdc0.html>
by
assets, has joined forces with Bank of
Ireland<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fmarkets.ft.com%2ftearsheets%2fperformance.asp%3fs%3die%3aBIR>
and
GE Capital to control more than two-thirds of the €850m highest-ranked
“senior” debt.

FT 3/14

Lloyds to sell off £1bn of Aussie
loans<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2f8cd113dc-6ded-11e1-b98d-00144feab49a.html%23axzz1pDV94yvj>

Lloyds Banking Group<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fmarkets.ft.com%2ftearsheets%2fperformance.asp%3fs%3duk%3aLLOY>
has
launched the sale of £1bn worth of distressed loans made to Australian
residential property developers in the run up to the financial crisis.

NYT 3/14

Why I Am Leaving Goldman
Sachs<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.nytimes.com%2f2012%2f03%2f14%2fopinion%2fwhy-i-am-leaving-goldman-sachs.html>

By GREG SMITH

It makes me ill how callously people talk about ripping their clients off.
Over the last 12 months I have seen five different managing directors refer
to their own clients as “muppets,” sometimes over internal e-mail.

FT 3/14

Bain fires back at private equity
critics<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2f45784868-6d5f-11e1-b6ff-00144feab49a.html%23axzz1pDV94yvj>
Bain Capital, the private equity
<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2findepth%2fprivateequity>group
once led by Mitt
Romney<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fcms%2fs%2f0%2f76b1f788-6906-11e1-9931-00144feabdc0.html>,
has fired back at critics of both its record and the industry in a
trenchant letter sent to its
investors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fmedia.ft.com%2fcms%2fa65386f2-6d69-11e1-ab1a-00144feab49a.pdf>.
“Mark Twain’s famous witticism, ‘Get your facts first, and then you can
distort them as much as you please,’ has unfortunately become a hallmark of
today’s political process,” the letter said.

Bloomberg 3/15

Private Equity Profit on Line as Obama Urges TaxBreak
Study<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.businessweek.com%2fnews%2f2012-03-15%2fprivate-equity-profits-on-line-as-obama-urges-study-of-tax-break>

“Part of the so-called value that’s created in private equity buyouts is
really just reshuffling the balance sheet” to take advantage of the
interest deduction and other tax breaks, said Victor Fleischer, a law
professor at the University of Colorado who tracks the private equity
industry.

Deal Book 3/15

Carlyle Expands Board and Reports 2011
Profit<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fdealbook.nytimes.com%2f2012%2f03%2f15%2fcarlyle-expands-board-and-reports-2011-profit%2f>

The Carlyle Group<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2ftopics.nytimes.com%2ftop%2fnews%2fbusiness%2fcompanies%2fcarlyle_group%2findex.html%3finline%3dnyt-org>
disclosed
on Thursday that it had filled out its board with seven new members, and
that it earned a healthy profit last year, as the private
equity<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fdealbook.nytimes.com%2fcategory%2fmain-topics%2fprivate-equity%2f%3finline%3dnyt-classifier>
giant
prepares to go public within the next few months.

Bloomberg 3/15

Morgan Stanley Targeting Mexico Energy for Private
Equity<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.businessweek.com%2fnews%2f2012-03-15%2fmorgan-stanley-targeting-mexico-energy-for-private-equity-deals>

Morgan Stanley is preparing to invest millions of dollars in Mexican energy
companies as the nation opens up the industry to private capital and
state-owned oil producer Petroleos Mexicanos boosts spending to a record