Stephen L. Norris, J.D., L.L.M.
Director

Mr. Norris was elected a Director in May, 2005. He has substantial expertise in structuring, negotiating and implementing leveraged buyouts, cash flow-based investments and financing strategies in the public and private capital markets as well as in complicated real estate transactions. Over the years, Mr. Norris has developed senior-level working relationships with essentially all the major Wall Street banks and investment banks.

From 1988-1997, Mr. Norris, as Co-founder (with David Rubenstein) and President of the Carlyle Group, a private merchant bank in Washington, D.C., was a principal participant and key advisor in Carlyle's numerous investments in various public and private companies. While at Carlyle, Mr. Norris, along with other senior members of the Carlyle team, participated in the acquisition, disposition, strategic focusing and financing (in public and private markets) of numerous companies involving several billion dollars of equity capital. Carlyle invested in leveraged buyouts (LBOs), venture capital and real estate. Today, Carlyle is one of the largest and most successful private equity firms in the world.

Mr. Norris served on the Board of Directors of each major Carlyle portfolio company and played a major role in strategic decisions. During his tenure, Carlyle's investments produced very successful returns for the investors, averaging approximately a realized 40% internal rate of return (IRR). Most notably, Mr. Norris had direct responsibility for well over $1 billion in investments, in addition to directing and managing a prominent investor's investment in the recapitalization of Citibank now Citigroup. Mr. Norris' business relationships also made possible this investor's subsequent investments in Euro Disney and Four Seasons Hotels. By the end of 1998, these three investments had produced well over $10 billion in profits. Having lived Paris and London from 1996-1998, Mr. Norris also maintains very substantial business relationships and knowledge of doing business on the Continent as well.

Mr. Norris has particular experience in conceiving of, structuring, negotiating and implementing significant, privately negotiated non-control investments in domestic and international companies. During his 20 years in finance, management and private investment roles, Mr. Norris has structured, negotiated and closed transactions including growth capital opportunities, management buyouts and recapitalizations (leveraged re-cap), industry consolidations strategies, going private transactions, and successful initial public offerings.

Prior to Co-founding Carlyle in 1986, Mr. Norris was a Corporate Vice President of Marriott Corporation in Washington, D.C. Mr. Norris joined Marriott in 1981 at a time when Marriott was recognized as one of the best-managed companies in the United States. Mr. Norris began as Managing Tax Director and quickly rose to head the 100-person tax department with direct management and budget responsibility. He was a principal strategist and advisor for Marriott's substantial public and private financings, limited partnerships, acquisitions and divestitures from 1981 to mid-1987. Marriott raised capital in the public and private markets and completed a number of major corporate transactions. Mr. Norris played a prominent role in these transactions as a part of the Marriott team. Mr. Norris maintains a working and investment relationship with the Marriott family.

Prior to joining Marriott, Mr. Norris was a tax lawyer in a Washington D.C. tax law firm from 1978 to 1981 where he specialized in leveraged finance transactions. Mr. Norris has taught courses in tax and business planning at Georgetown University Law School and American University Law School.

Mr. Norris was a Fellow at Yale Law School (1977) and received a B.S. and J.D. (1972, 1975) with honors from the University of Alabama, and an L.L.M. from New York University (1976). Mr. Norris was selected as the Most Outstanding Student (Austin Award) in his undergraduate class where he majored in Finance and Insurance. Upon graduation from NYU, he served as a law clerk to a U.S. Federal Judge in Washington, D.C. (United States Tax Court).

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