The Economic Outlook—

Facts Versus Pundits’

Pundits Anecdotes
William F. Achtmeyer, Chairman and Managing Partner
Roger E. Brinner, Ph.D., Partner and Chief Economist
May 25, 2010
Key Topics

 The “Great Recession” in Historical Perspective

 The Range of Opinion on the Outlook

 Global Comparison

 Facts and Myths: Consumer Behavior

 Challenges to the Recovery After 2010

1
 Our US Current Forecast Compared
to Recent Major Recessions

Real GDP Growth Versus 4 Quarters Ago: Past 3 and Current Business Cycles
10% History Forecast
Ago
al GDP Growth vs. Year A

5%

0%
1974-1975
Rea

1981 1982
1981-1982
1990-1991
Current
-5%
Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3
2005Q

2006Q

2006Q

2007Q

2007Q

2008Q

2008Q

2009Q

2009Q

2010Q

2010Q

2011Q

2011Q

2012Q

2012Q
 This “great
great recession”
recession will exceed by 2x the severity of the deep 1975 and 1981-82
1981 82 recessions
 Parthenon expects the recovery will be better than the consensus expects in 2010, but run into trouble in
2011 as fiscal and monetary policies are tightened
Note: Cycles are aligned on the first quarters of near zero real GDP growth versus a year earlier: The 1990-91 cycle alignment implies 2008 Q3=1990
Q4; the 1980-81 cycle implies 2008 Q3=1981 Q4; and the 1974-75 cycle implies 2008 Q3=1974 Q1. 2
Source: Parthenon Analysis; Bureau of Economic Analysis
 A Gradual Employment Recovery Will Begin in
Early 2010, a Half-Year Behind GDP Because of
Business Conservatism

Real GDP, Employment, and Productivity Relative to Peak

108% 108% History Forecast

Real GDP Real GDP

ecession
ecession

107% Payroll Employment 107% Payroll Employment

Productivity Productivity
106% 106%

Beginning of Re
eginning of Re

105% GDP 105%

Recession GDP
104% 104%
Recession
103% 103%
102% 102%
e Relative to Be

e Relative to B
101% 101%
100% 100%
99% 99%

Performance
Performance

98% 98%
97% 97%
96% 96%
95% 95%
94% 94%
1980Q2

1980Q4

1981Q2

1981Q4

1982Q2

1982Q4

1983Q2

1983Q4

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

2011Q1
1980 83 Cycle
1980-83 Current Cycle

Source: Parthenon Analysis, Bureau of Economic Analysis 3

Where Is the Stock Market Headed?

US Stock Market in Prior Crashes (Indexed by Peak Day to Current Levels)

20000 1929 Crash DJIA Peak
June ‘09
18000 1974 Crash Oct 2007 Forecast Range
1987 Crash Aug 1987
ustrial Averagee
Peaks Indexed to 2007 Peakk)

16000 2008 Crash Jan

J 1973
Sep 1929
14000

12000
ow Jones Indu

10000

8000 Today
6000
June
Do
(P

4000

2000

0
95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11
1/2/199

1/1/199

1/6/199

1/5/199

1/4/199

1/3/200

1/1/200

1/7/200

1/6/200

1/5/200

1/3/200

1/2/200

1/1/200

1/7/200

1/5/200

1/4/201

1/3/201
E
Economic
i recovery was / isi projected
j t d to
t bring
b i a doubling
d bli
of the market from mid 2009 to late 2011

4
Key Topics

 The “Great Recession” in Historical Perspective

 The Range of Opinion on the Outlook

 Global Comparison

 Facts and Myths: Consumer Behavior

 Challenges to the Recovery After 2010

5
 The Range of Outlook Opinion at Selected Key
Dates: Parthenon and the Blue Chip Survey

Real GDP Growth Forecasts for 2009-2011,

st
Being Forecas

By Date of Forecast
Nov 2008 Nov 2009 May 2010
Official 2008 1.4%
Year B

Offi i l 2009
Official -2.4%
2 4%
Blue Chip Top 10 0.3% Parthenon
correct:
Blue Chip Average (52) -0.4%
009

below
20

b tt
bottom
Blue Chip Bottom 10 -1.1% Consensus
Parthenon -2.1% catching up to
Parthenon
Blue Chip Top 10 3.4% 3.6%
Blue Chip Average 2.7% 3.2%
2010

Parthenon
Blue Chip Bottom 10 near top
2.0% 3.0%
Parthenon 3.3% 3.7%
Blue Chip Top 10 4.0%
Blue Chip Average 3.1%
2011

Parthenon
near
Blue Chip p Bottom 10 bottom 2.1%
Parthenon 2.6%

Source: Blue Chip Economic Indicators 6

Key Indicators Spectrum for 2010:
Progress Is Being Made Toward Full Year Predictions
December Reading Most Current Reading NOV. 2009 FORECAST for CY 2010 Average
2009
Key Indicators Normal Average Downside Case Base Case Upside Case
65-75 80-90 90-100
Consumer Sentiment Index 88 67
5.5% 5.25% 5.0%
Mortgage Rate (%) 4.5%+
5.1%
Inflation
450 550 650
Single Family Housing Starts
700 450
(thousands, at annual rate)
2½-3% 2¼-2½% 2-2¼%
Credit Risk Premiums:
2¼% 2.0%
baa corp. bond-Treasury bond
1000-1100 1250-1350 1350-1500
Currently
S&P 500
00 965
1100
0% 10% 15%
Business Equipment
6% -16.6%
Spending Growth

US Inflation-Adjusted Goods 0-5% 10-12% 12-15%

6% -11%
Export Growth (yr. ago)
CY2009 Outlook and Implications 2009
of Current Indicator Readings Normal Average Downside Case Base Case Upside Case
Expected Real GDP Growth in 2009 2 2¾%
2-2¾% 2¾ 3½%
2¾-3½% 3½% 4%
3½%-4%
United States 3.0% -2.5%
1½-2% 2-3% 3-4%
US Major Trading Partners 2.5% -3.4%

3-4% 5-6% 6-7%

Other Important Global Markets 5.0% -1.5%
10.5-11.5% 9.5-10.5% 9-9.5%
US Unemployment Rate 6.5% 9.3%
Key Topics

 The “Great Recession” in Historical Perspective

 The Range of Opinion on the Outlook

 Global Comparison

 Facts and Myths: Consumer Behavior

 Challenges to the Recovery After 2010

8
 Even Though the Crisis Was Assumed
to Start in the US Housing Market,
the European Recessions Are More Severe

Annualized Growth in Real GDP Versus Prior Quarter for the UK, the US and the Euro Zone

8% United Kingdom
OECD Europe
6%
Versus the Prrior

United States
4%
Quarter in Real GDP (%)

2%

0%
Annualized Change V

-2%

-4%

-6%

-8%

-10%
2007Q1
1

2007Q2
2

2007Q3
3

2007Q4
4

2008Q1
1

2008Q2
2

2008Q3
3

2008Q4
4

2009Q1
1

2009Q2
2

2009Q3
3

2009Q4
4

2010Q1
1
 Other shared powerful recession forces include monetary policy tightness until 2008 and
exceptionally high oil and commodity prices
 US monetary and fiscal stimulants have been greater and continue in 2010

Source: Global Insight; OECD 9

 Responding to Late and Tepid Stimulus, Retail
Sales Volumes Are Notably Weakest in Europe

Quarter over Quarter Growth in Real Retail Sales for Major Markets
20% 40%
China
uarter

15% 30%
h vs. Prior Qu

10% 20%

5% 10%
Annualized Growth

0% 0%

-5% -10%

-10%
10% -20%
20%
China
Germany -30%
-15%
European Union
United States
-20% -40%
2007Q1
1

2007Q2
2

2007Q3
3

2007Q4
4

2008Q1
1

2008Q2
2

2008Q3
3

2008Q4
4

2009Q1
1

2009Q2
2

2009Q3
3

2009Q4
4

2010Q1
1
Source: Global Insight 10
Key Topics

 The “Great Recession” in Historical Perspective

 The Range of Opinion on the Outlook

 Global Comparison

 Facts and Myths: Consumer Behavior

 Challenges to the Recovery After 2010

11
Panic Seems to Be Eroding, but Confusion and
Uncertainty About the Future Still Remain

Is a true
paradigm shift
occurring
i iin
consumers’
approach to
spending?

12
 Myth: The Depression Created a Generation
of High Savers
Reality: The Personal Saving Rate Fell Early in the
Depression Then Recovered to a Normal ~5% Rate

Personal Saving Rate and Periods of Recession, 1929-2009

30% Negative
Real GDP

GDP Growth
Savings Rate
20%
al Growth in R

10%
Rate and Annua

0%
Savings R

-10%

-20%
930
932
934
936
938
940
942
944
946
948
950
952
954
956
958
960
962
964
966
968
970
972
974
976
978
980
982
984
986
988
990
992
994
996
998
000
002
004
006
008
009
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
Rationing
R ti i propelled
ll d saving
i ini WW II,
II
followed by a gradual savings rise until 1982

Source: Bureau of Economic Analysis 13

 The Gradual Cycles
y in Postwar Savings
g Can Be
Explained by Bear and Bull Markets

Consumer Spending and Net Worth vs. Income

104 8
Consumer Spending / Income
Net Worth / Income
100 7

Net Worth / Income

Spending / Income

96 6

92 5

88 4

84 3

80 2
952

956

960

964

968

972

976

980

984

988

992

996

000

004

008
19

19

19

19

19

19

19

19

19

19

19

19

20

20

20
For Americans,
F A i it’s
it’ pretty
tt simple:
i l if wealth
lth is
i high,
hi h
there is less need for savings to build “nest eggs” or for other purposes

Note: Income Shown Here Is Official After-tax Personal Income

Source: Bureau of Economic Analysis 14
 Consumers Are Evolving Towards Value Retailing –
Tough Times Simply Accelerate This Evolution on
a Temporary Basis

Unemployment Rate Versus “Value Shopping” as a Percent of Core Retail

(excl. gaso

Wholesale Club and Discount Department

11 Unemployment Rate
20%
Value Share of Core
10 Trend at 4% Unemployment 19%

Store Share of Core Re

Unemployyment Rate
e

oline, motorr vehicles, restaurants)

9
18%
8
17%
7
16%
6
15%
5

etail
D
r
4 14%

3 13%
Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1
1999Q

2000Q

2001Q

2002Q

2003Q

2004Q

2005Q

2006Q

2007Q

2008Q

2009Q

2010Q

s)

t
The current shift to value shopping is proportional to the relative rise in unemployment:
both are 3x as great as during the 2001-2002 recession

Source: Parthenon analysis; Bureau of Economic Analysis 15

 Parthenon’s Proprietary
p y Survey
y Reveal Differential
Consumer Segment Reactions to the Recession

Not Currently
y Employed
p Hit
Hardest y y Employed
Lean Lifestyle p y Financially
y Flexible
Families
Unemployed Low Income Retired Young Without Kids Higher Income
Young Without Kids
 Staying at home to avoid  Delaying purchases of  Delaying purchases of higher
spending and sticking to a budget higher priced items priced items and looking for sales
 Unwilling to pay for natural/organic  Unwilling to pay for natural/organic  Cut
C tbback k mostt on eating
ti out,
t apparel,
l shoes,
h
 Cut back most on spectator amusements, and impulse buys and consumer electronics
eating out, vacations, and apparel  Cut back most on jewelry/watches,  Expect eating out and apparel to rebound
 Expect groceries and vacations to rebound eating out, and apparel most quickly
most quickly  Expect groceries and eating out to
 Employed
 Unemployed prior to, or  Employed
p y rebound most quickly  Employed
p Earners
Top y
U
Unemployed
l d  Between $35K $100K
$35K-$100K
within the last 12  Under $35K income  Between $100K-$200K
 Staying Low Income income  Delaying purchases of higher
monthsat home to avoid  Under 35 years old priced items income
spending and sticking to a budget
 Staying at home to avoid  Cut back most on jewelry/watches, eating
 Unwilling to pay for natural/organic  No dependents
spending out, and shoes
and impulse buys
 Cut back most on apparel,
pp , eatingg out,,  Expect eating out and vacations to rebound
 Cut
C t back most on eating o
Retired t vacations,
out, acations Families Empty Nesters most quickly Top Earners
cosmetics/perfumes, and vacations
apparel and beauty shops
 Expect groceries and apparel to
 Expect eating out and apparel to
rebound most quickly
rebound most quickly Higher Income

Empty
p y Nesters  Delaying purchases of higher
priced
i d it
items
 Delaying purchases of higher  Cut back most on eating out, vacations, and
priced items jewelry/watches
 Unwilling to pay for impulse buys and  Employed  Employed  Expect eating out and vacations to rebound
natural/organic
Retired  Employed
most quickly
 Between $35K-$100K  Between $35K-$100K
 Cut back most on sporting/fitness, jewelry/  Over $200K income
watches, eating out, and spectator income i
income
amusements  Between 35-55 years old  Over 55 years old
 One or more dependents
 Expect eating out to rebound most quickly  No dependents

Source: Consumer Survey (n=1,500) 16

 Consumers Indicate That Their Long-Term Spending
Philosophy Will Be Different Post-Recession

Q: What do you think your spending philosophy will most likely be when your personal economic
situation and the general economy fully recover?

50%
43%
39% saying they “will
permanently shift how
dents

40% 39%
they view spending
spending”
ge of Respond

30% I will permanently I'll revert to most

shift how I view of my old spending
spending, living ways, but in some
within my means,
means ways y will be more
Percentag

20% hopefully saving mindful of generally 18%

a lot more, and spending less,
I'll be able and
incurring a lot incurring less debt, willing to spend
less debt than and saving more more than or as much
10% I used to as I did before the
recession (even if it
means incurring
0% some debt)

How much panic and uncertainty still exist???

Source: Consumer Survey (n=1,500) 17

 HOWEVER, the Neutral Question of Expectations
for Future Spending (vs. the Loaded Philosophical
Question), Produces a Different Story

Anticipation of Future Spending By Philosophy

50%
Will spend significantly more
43%
Will spend significantly more
Q: When your personal 39% Will spend more
40%
economic situation Will spend more
and the general Will spend Slightly more Will spend Slightly more
economy fully
recover, how do 30% No impact - will
spend the same
you envision your
overall spending No impact - will
spend the same
on goods and
services changing? 20% Will spend slightly less 18%
Will spend significantly more
Will spend more
p
Will spend Slightly
g y more
10% Will spend slightly less
Will spend less
Will spend No impact - will Will spend less
Q: What do you think significantly spend the same Will spend
your spending Will spend less less significantly less
Will spend significantly less
philosophy will Will spend slightly less
0%
I will permanently shift how I view I'll revert to most of my old spending I'll be able and willing to spend more
most likely
y be when spending living within my means,
spending, means ways but in some ways will be more
ways, than or as I did before the recession
your personal hopefully saving a lot more, and mindful of generally spending less, (even if it means incurring some debt)
economic situation incurring a lot less debt than I used to incurring less debt, and saving more
and the general
economy fully
recover?
Red Bars: Only 17% of consumers expect to
change their spending habits

Source: Consumer Survey (n=1,500) 18

 Consumer Segments Show Meaningful Variation in
Their Expectation of Future Behavior

% Spending
p g Less
% Spending Less
After Recovery Than
Than One Year Ago
Prior to Recession

Wtd Avg = 45% Wtd Avg = 17%

Hardest Hit

Empty Nesters 48% 24%

Unemployed 66% 22%

Families 49% 21%

Lifestyle

Low Income 58% 18%

an
Lea

Retired 38% 15%

Higher Income 35% 14%

Financiallly
Flexible

Top Earners 33% 11%

Young w/o Kids 32% 10%

0% 20% 40% 60% 80% 0% 10% 20% 30%

Note: ‘% Spending Less’ includes respondents who (intend to) “spend less” or “spend significantly less”, but excludes “spend slightly less”
Source: Consumer Survey (n=1,500) 19
 The Prevalence of Most Thrift Shopping
Behaviors Has Decreased Since Last June
and Will Fall Further

Q: How are current economic conditions impacting how much you are doing the following things to
save money?
70% Doing More - June '09
Doing More - January '10
60% Expecting to Do This Permanently
espondents

50%
Perrcentage of Re

40%

30%

20%

10%

0% Delaying Staying Looking for/ Using Doing Closely Shifting Shifting Doing Shifting Using lower
purchases at home waiting for coupons things monitoring spending spending research spending quantities/
of higher more to sales myself and to private to cheaper on which to cheaper frequency
priced avoid instead of sticking label brand name product stores of products
items spending paying to a budget products products to buy
outside someone

S
Some th
thrift
ift shopping
h i will
ill prevail,
il but
b t mostt consumers
already expect to revert to their “norms”

Note: Does not include respondents who do not engage in the respective thrift shopping behavior
Source: Consumer Survey (n=1,500) 20
 Consumers’ Unwillingness to Pay for Certain
Product Benefits Has Decreased as Well

Q: How are current economic conditions impacting your spending on products and services that
provide the following benefits and/or have the following characteristics?

The sharpest reversion to date in

spending on natural / organic products
70% indicates consumers’ resonance with Less Willing to Pay More For … June '09
renewed values and priorities Less Willing to Pay More For … January '10
60% Expect To Continue … January '10
dents
ge of Respond

50%

40%
Percentag

30%

20%

10%

0%
Personal Premium Natural / Save me Green/ Health Safety
Indulgence Brands Organic Time (from Good for the & Wellness and Control
or Reward
R d h i to
having t do
d E i
Environment t
it myself)

Note: Percentage spending less for each category does not include respondents who have been and remain unwilling to pay more
Source: Consumer Survey (n=1,500) 21
 Percentage
e of Responden
nts

0%
10%
20%
30%
40%
50%
60%
70%
80%
Eating out at sit-

1
estaurants
down re 77%
7

Jewelry and
d watches 72%
%

3
Out-of-town vacations 71%

Source: Consumer Survey (n=1,500)

Eating o
out at fast-

8
food re
estaurants 70%

4
Clothin
ng/apparel 70%

Admission to spectator
amusements 70% 5
electronics
Consumer e
7
66%

To
oys, dolls,
and games 66%

Cosmetics
C
and perfumes 64%

Shoes 64%

Furniture 64%

Beauuty shops
(salo
ons, spas) 64%
Question 1: In which categories are you spending less?

Lotteries and gambling 61%

Kitchen and other

household a
appliances 60%

Candy 59%

Spo
orting and
fitness e
equipment 59%

Magazines and
ewspapers
Ne 58%
Consumers Cut Back Most on Discretionary

Beer, WWine, And

Distille
ed Spirits 54%
5

Charitable and
6

religio
ous giving 52%

Note: Percentage spending less for each category does not include respondents who did not or are not currently buying these products
Question 2: In which categories do you expect to increase spending most quickly?

Groceries 50%
%
Categories, and Some Should See Quick Recovery

He
ealth clubs 45%

Baby food & apparel 44%

Personal hygie
ene, care,
and beautyy products 43%

Household
d cleaning
products 43%
[# = rank order]

Non-prrescription
drugs 40%

Cell Phones (Devices) 37%

22

Pett products
& services 29%
%

Househo
old utilities 29%
%

Prescripttion drugs 19%

We Believe Consumers Are Reallocating Spending,
but Not How Much They Will Spend Once the
Economy Has Healed

Is a true
paradigm shift
occurring?
NO!

23
Key Topics

 The “Great Recession” in Historical Perspective

 The Range of Opinion on the Outlook

 Global Comparison

 Facts and Myths: Consumer Behavior

 Challenges to the Recovery After 2010

24
 Federal Taxes Are Headed Sharply Higher, While
the Spending Stimulus Is Fading: Such “Fiscal
Restraint” Trims Growth After 2010

Federal Receipts and Spending Relative to GDP, 1960-2015

History Forecast
26% 26%
24% 24%
22% 22%
20% 20%
18% 18%
16% 16%
14% 14%

Percent of GDP
Percent of GDP

12% 12%
10% Surplus/Deficit(-)/GDP 10%
8% Taxes/GDP 8%
6% 6%
Spending/GDP
4% 4%
2% 2%
0% 0%
-2% -2%
4%
-4% 4%
-4%
-6% -6%
-8% -8%
-10% -10%
-12% -12%
1967

1971

1975

1979

1983

1987

1991

1995

1999

2003

2007

2011

2015
 Tax rates will rise 10% => taxes will rise from 17% of GDP pre-recession
pre recession to 19% in 2015
 Even with a return to full employment in 2015, new programs will have raised the spending share of GDP to
23% versus a typical value of 20%

Source: Parthenon Analysis; Bureau of Economic Analysis 25

As Unemployment Recedes, the Fed Will Push
Short-Term and Long-Term Rates Higher

Interest Rates Versus Inflation and Unemployment, 1999-2012F

12 12
Unemployment Rate History Forecast
10 Fed Funds Rate
Fed. 10
10-Year Treasury Note Rate
8 CPI Inflation 8
nt

6 6
Percen

Percent
4 4

2 2

0 0

-2
2 -2
2
1999Q1

2000Q1

2001Q1

2002Q1

2003Q1

2004Q1

2005Q1

2006Q1

2007Q1

2008Q1

2009Q1

2010Q1

2011Q1

2012Q1

2013Q1
26
OPEC’s Production Restrictions Have Brought Oil
Back to $80-plus and Cut Real Incomes 1%

The Energy Price Burden: Percentage Reduction in Real Income Due to Oil Price >$25 (Real 2000 Prices)

3.0% History Forecast $125

Actual Oil Price per Barrel
Oil Price if Held at $25 plus inflation
Additional Energy Burden
e to Higher Prrice

$100
2.0%

Oil Price Scenario

(% of Inccome)

$75
gy Burden Due

1 0%
1.0%

$50

0.0%
Energ

$25

-1.0% $0
Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1
2000Q

2001Q

2002Q

2003Q

2004Q

2005Q

2006Q

2007Q

2008Q

2009Q

2010Q

2011Q

2012Q
27
 The Greek Economic Bailout Is the Largest
Sovereign Bailout in History, Both in Size and
Relative to the Economy

Size of Bailout Package, Size of Bailout Package

Nominal $B in Year of Bailout Relative to Previous Year’s GDP
$150B $145B 50%
44%
nal)

DP
al Nominal GD
40%
Bailout Totall ($B, Nomin

Total Bailoutt Package

e of GDP
$100B
30%

Bailout Packkage
ass a Percentage
Percentage of Tota
$55B 20%
$50B 17%
$50B $42B $41B
11%
B

10%
10%
5%

$0B 0%
Greece South Korea Mexico Indonesia Brazil Greece South Korea Mexico Indonesia Brazil

Year 2009 1997 1995 1997 1998

Source: IMF 28
 Relative to World GDP, the EuroZone Bailout Is
Significantly Larger Than TARP or the Bailouts
During the 1997 Asian Crisis

Size of Bailout Packages Relative to World GDP

2.00% 1.90%

Greece
Percentage off World GDP

1.50%

1.14%

1 00%
1.00%
EuroZone

US - TARP
0.50%
P

0.32%
0.17% Indonesia 0.14%
Mexico South Korea Brazil
0.00%
1995 1997 1998 2008 2009

Source: IMF 29
 Government Deficits, Adjusted for Recessions

Government Cyclically-adjusted Balances as Percentage of GDP

4% History Forecast
djusted

2%
Cyclically-Ad
Balances (as % of GDP)

0%

-2% United States

(Federal)

4%
-4% Euro area
General Government

-6% Greece

-8%
G
B

Current government deficit

-10%
problems are not novel
-12%
92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12
199

199

199

199

199

199

199

199

200

200

200

200

200

200

200

200

200

200

201

201

201
Source: OECD 30
About The Parthenon Group
and Contact Information

About The Parthenon Group

The Parthenon Group is a leading advisory firm focused on strategy consulting with offices in Boston, London, Mumbai, and
San Francisco. Since its inception in 1991, the firm has embraced a unique approach to strategic advisory services built on
long-term client relationships, a willingness to share risk, an entrepreneurial spirit, and customized insights. This unique
approach has established the firm as the strategic advisor of choice for CEOs and business leaders of Global 1000
corporations, high-potential growth companies, private equity firms, educational institutions, and healthcare organizations.

For further information, please contact:

Bill Achtmeyer Roger Brinner
Chairman and Managing Partner Partner and Chief Economist
The Parthenon Group The Parthenon Group
617-478-4600 617-478-4690

Assistant: Mary Ann Watts Assistant: Joan Consilvio

617-478-4644 617-478-4626
maryannw@parthenon com
maryannw@parthenon.com joanc@parthenon com
joanc@parthenon.com

31