UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ___)*
Arch Capital Group Ltd.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
G0450A105
--------------------------------------------------------------------------------
(CUSIP Number)
Nancy E. Barton, Esq., General Electric Capital Corporation,
260 Long Ridge Road,
Stamford, Connecticut 06927
Michael M. Pastore, GE Asset Management Incorporated,
3003 Summer Street, Stamford, Connecticut 06904
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
November 20, 2001
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
The information required on this cover page shall not be deemed to be "filed"
for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Exchange
Act") or otherwise subject to the liabilities of that section of the Exchange
Act but shall be subject to all other provisions of the Exchange Act (however,
see the Notes).
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 2 of 174 Pages
----------------------- -------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Insurance Private Equity Investors, L.L.C.
I.R.S. #
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
-------------------------- --------- ---------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------- ---------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 2,585,583
OWNED BY
EACH --------- ---------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------- ---------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,585,583
-------------------------- -------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,585,583
-------------------------- -------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------------------------- -------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.73% (19.43% if aggregated with the shares beneficially owned by the other Reporting
Persons (as defined in Item 2))
-------------------------- -------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
-------------------------- -------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 3 of 174 Pages
----------------------- -------------------
-------- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
General Electric Pension Trust
I.R.S. #14-6015763
-------- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------- ---------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of New York
-------------------------- --------- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------- -----------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,585,583
EACH
REPORTING --------- -----------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,585,583
-------------------------- ---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,585,583
-------------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.73% (19.43% if aggregated with the shares beneficially owned by the other Reporting
Persons (as defined in Item 2))
-------------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
-------------------------- ---------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 4 of 174 Pages
----------------------- -------------------
-------- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GE Asset Management Incorporated as Manager of Insurance Private Equity Investors, L.L.C. and as
Investment Manager of GEPT (as defined below)
I.R.S. #06-1238874
-------- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------- ---------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
-------------------------- --------- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------- -----------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 2,585,583
OWNED BY
EACH --------- -----------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,585,583
-------------------------- ---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,585,583
-------------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.73% (19.43% if aggregated with the shares beneficially owned by the other
Reporting Persons (as defined in Item 2)).
-------------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
-------------------------- ---------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 5 of 174 Pages
----------------------- -------------------
-------- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
General Electric Company
I.R.S. #14-0689340
-------- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
-------- ---------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of New York
-------------------------- --------- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------- -----------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY Disclaimed (see 11 below)
OWNED BY
EACH --------- -----------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Disclaimed (see 11 below)
---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Beneficial ownership of all shares disclaimed by General Electric Company.
-------------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|X|Disclaimed (see 11 above)
-------------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Not applicable (see 11 above).
-------------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------------------- ---------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 6 of 174 Pages
----------------------- -------------------
-------- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Orbital Holdings, Ltd.
I.R.S. #
-------- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------- ---------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------- --------- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------- -----------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 517,116
OWNED BY
EACH --------- -----------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
517,116
-------------------------- ---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,116
-------------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.86% (19.43% if aggregated with the shares beneficially owned by the other
Reporting Persons (as defined in Item 2)).
-------------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------------------- ---------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 7 of 174 Pages
----------------------- -------------------
-------- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GE Capital Equity Investments, Ltd.
I.R.S. #
-------- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------- ---------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------- --------- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------- -----------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 517,116
OWNED BY
EACH --------- -----------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
517,116
-------------------------- ---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,116
-------------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.86% (19.43% if aggregated with the shares beneficially owned by the other Reporting
Persons (as defined in Item 2)).
-------------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------------------- ---------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 8 of 174 Pages
----------------------- -------------------
-------- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
General Electric Capital Corporation
I.R.S. #13-1500700
-------- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------- ---------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
-------------------------- --------- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF --------- -----------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 517,116
OWNED BY
EACH --------- -----------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH
--------- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
517,116
-------------------------- ---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,116
-------------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.86% (19.43% if aggregated with the shares beneficially owned by the other
Reporting Persons (as defined in the Item 2)).
-------------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------------------- ---------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
SCHEDULE 13D
----------------------- -------------------
CUSIP No. G0450A105 Page 9 of 174 Pages
----------------------- -------------------
-------- ---------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
General Electric Capital Services, Inc.
I.R.S. #06-1109503
-------- ---------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX OF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------- ---------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- ---------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
-------- ---------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- ---------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
-------------------------- --------- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
Disclaimed (see 11 below)
NUMBER OF
SHARES --------- -----------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING --------- -----------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH Disclaimed (see 11 below)
--------- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-------------------------- ---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Beneficial ownership of all shares disclaimed by General Electric
Capital Services, Inc.
-------------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|X|Disclaimed (see 11 above)
-------------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Not applicable (see 11 above)
-------------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------------------- ---------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Item 1. Security and Issuer
------- -------------------
This statement relates to the common shares, par value $.01 per share
("Common Shares") of Arch Capital Group Ltd., a Bermuda corporation (the
"Issuer"), having its principal executive offices at 20 Horseneck Lane,
Greenwich, CT 06830. Although no person identified in Item 2 has acquired any
Common Shares, each of the persons filing this statement is deemed to be the
beneficial owner of the Common Shares reported with respect to such person in
Item 5 by virtue of its acquisition of beneficial ownership of the Issuer's
Series A Convertible Preference Shares, par value $.01 per shares (the
"Preference Shares") and the Issuer's Class A Warrants (the "Warrants"),
convertible in or exercisable for Common Shares, as described herein.
Item 2. Identity and Background
------- -----------------------
This statement is filed on behalf of General Electric Company, a New
York corporation ("GE"), GE Asset Management Incorporated, a Delaware
corporation and a wholly owned subsidiary of GE ("GEAM"), General Electric
Pension Trust, a New York common law trust ("GEPT"), Insurance Private Equity
Investors, L.L.C., a Delaware limited liability company and a wholly owned
subsidiary of GEPT ("Insurance"), General Electric Capital Services, Inc., a
Delaware corporation and directly or indirectly 100% owned by GE ("GECS"),
General Electric Capital Corporation, a Delaware corporation and a wholly owned
subsidiary of GECS ("GECC"), GE Capital Equity Investments, Ltd., a Cayman
Islands corporation and a wholly owned subsidiary of GECC ("GECEI") and Orbital
Holdings, Ltd. a Cayman Islands corporation and a wholly owned subsidiary of
GECEI ("Orbital"). GE, GEAM, GEPT, Insurance, GECS, GECC, GECEI and Orbital are
sometimes referred to herein individually as a "Reporting Person" and
collectively as the "Reporting Persons". Insurance, GEPT, GEAM, Orbital, GECEI,
GECC and GECS each expressly disclaim that they are members of a "group". GECS
disclaims beneficial ownership of all shares held by GECC and its subsidiaries.
GE disclaims beneficial ownership of all shares and expressly disclaims that it
is a member of a "group".
The Reporting Persons have entered into a Joint Filing Agreement, dated
November 30, 2001, attached hereto as Schedule I.
Item 2(a), (b), (c)
-------------------
Insurance is a Delaware limited liability company and a wholly owned
subsidiary of GEPT. GEPT is an employee benefit plan for the benefit of
employees of GE. GEAM, a wholly owned subsidiary of GE, is a registered
investment adviser and acts as Manager of Insurance and as Investment Manager of
GEPT and may be deemed to be the beneficial owner of 2,585,583 Common Shares of
the Issuer, beneficially owned by GEPT through its subsidiary Insurance. The
address of the principal offices of GEPT, GEAM and Insurance is 3003 Summer
Street, Stamford, Connecticut 06904.
Orbital is a wholly owned subsidiary of GECEI, which in turn is a
wholly owned subsidiary of GECC. GECC is a wholly owned subsidiary of GECS,
which is directly or indirectly 100% owned by GE. GECC operates primarily in the
financing industry and, to a lesser degree, in the life insurance and
property/casualty insurance industries and maintains its principal executive
offices at 260 Long Ridge Road, Stamford, Connecticut 06927. Orbital and GECEI
maintain their respective principal executive offices at the same address.
10
GECS has its principal executive offices at 260 Long Ridge Road,
Stamford, Connecticut 06927.
GE has its principal executive offices at is 3135 Easton Turnpike,
Fairfield CT 06431. GE engages in providing a wide variety of industrial,
commercial and consumer products and services.
For information with respect to the identity and background of each (i)
trustee of GEPT see Schedule II attached hereto; (ii) executive officer and
director of GEAM see Schedule III attached hereto; (iii) executive officer and
director of GE see Schedule IV attached hereto; (iv) director of Orbital see
Schedule V attached hereto; (v) director of GECEI see Schedule VI attached
hereto; (vi) executive officer and director of GECC see Schedule VII attached
hereto; and (vii) executive officer and director of GECS see Schedule VIII
attached hereto.
Item 2 (d), (e)
---------------
During the last five years, neither any Reporting Person nor, to the
best knowledge of each Reporting Person, any person identified in Schedules II
through VIII has (i) been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such a proceeding was or is subject to a judgement, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws.
Item 2(f)
---------
All Reporting Persons and, to the best knowledge of each Reporting
Person, all persons identified in Schedule II through VIII are United States
citizens, except that Paolo Fresco, a director of GE, is a citizen of Italy,
Claudio X. Gonzalez, a director of GE, is a citizen of Mexico, Andrea Jung, a
director of GE, is a citizen of Canada, Yoshiaki Fujimori, an executive officer
of GE, is a citizen of Japan and Ferdinando Beccalli, a director of GECC and
GECS, is a citizen of Italy.
Item 3. Source and Amount of Funds and Other Consideration
------- --------------------------------------------------
On November 20, 2001, Insurance and Orbital together with certain other
investors signatories thereto, entered into Amendment No. 1 (the "Amendment") to
a Subscription Agreement for Preference Shares and Warrants of the Issuer,
entered into on October 24, 2001, among affiliates of Warburg Pincus ("Warburg")
and affiliates of Hellman & Friedman ("H&F"), attached as exhibit 10.1.1 to Form
10-Q filed by the Issuer with the Securities and Exchange Commission on November
14, 2001 (the "Subscription Agreement"). Each of Insurance and Orbital entered
into a letter agreement with Warburg, H&F and the Issuer on November 20, 2001
assigning to them Warburg's right to subscribe for Preference Shares and
Warrants of the Issuer (the "Insurance Agreement" and the "Orbital Agreement"
respectively, and together, the "Agreements"). Pursuant to the Amendment and the
Agreements, (i) Insurance has acquired 2,338,186 Preference Shares and 247,397
Warrants for an aggregate purchase price of $50,000,000.00; and (ii) Orbital has
acquired 467,637 Preference Shares and 49,479 Warrants for an aggregate purchase
price of $10,000,000.00. A copy of each of the Amendment, the Insurance
Agreement and the Orbital Agreement is attached hereto as Exhibit I, Exhibit II
and Exhibit III, respectively. The funds used to pay for the Preference Shares
and Warrants were obtained by (i) Insurance from capital contributions made by
11
GEPT from its cash on hand; and (ii) Orbital from capital contributions made by
GECC and GECEI from their working capital.
Item 4. Purpose of Transaction
------- ----------------------
The Reporting Persons have acquired their Preference Shares and
Warrants as an investment, in the regular course of business. The Reporting
Persons intend to reexamine their investment in the Issuer from time to time
and, depending on market considerations and other factors, may convert the
Preference Shares or the Warrants or purchase or sell Common Shares, if
appropriate opportunities to do so are available, on such terms and at such time
as they consider advisable.
The powers, rights and privileges of the holders of the Preference
Shares are described in the Issuer's Certificate of Designations of Series A
Convertible Preference Shares (the "Certificate") attached as Exhibit IV hereto.
Each Preference Share is convertible at the option of the holder into Common
Shares, subject to restrictions described below, at a one-to-one rate, with
certain anti-dilution protections as more fully described in the Certificate.
The Preference Shares are subject to mandatory conversion into Common Shares on
the occurrence of the later of (a) (1) the approval by the holders of Common
Shares and Preference Shares of (i) an amendment to bye-laws of the Issuer as
provided in the Subscription Agreement, and (ii) the issuance of Common Shares
upon conversion of the Preference Shares and the exercise of the Warrants issued
in connection with the transaction described herein, in excess of 19.9% of the
total number of Common Shares issued and outstanding on November 19, 2001
("Requisite Shareholder Approval"); and (2) the approval by certain state
regulatory authorities of the acquisition by the persons who are original
signatories to the Subscription Agreement as "Purchaser" of greater than 9.9% of
the total voting power of all shares of the Issuer entitled to vote generally in
the election of directors ("Requisite Regulatory Approval"), and (b) 90 days
following the consummation of the Final Adjustment (as defined in the
Subscription Agreement) of the securities issued in this transaction as
contemplated by the Subscription Agreement.
The powers, rights and privileges of the holders of the Warrants are
described in the Form of Warrant attached as Exhibit V hereto. The Warrants are
exercisable at any time for a purchase price of $20 per Common Share and expire
on September 19, 2002, subject to certain restrictions on exercise described
below.
Pursuant to a certain shareholders agreement, dated as of November 20,
2001, among the Issuer, Warburg, H&F, Insurance, Orbital and certain other
investors (the "Shareholders Agreement"), attached as Exhibit VI hereto, the
number of shares into which the Preference Shares and Warrants can be converted
is restricted in order to keep the restrictions on voting described below in
Item 6 effective.
Pursuant to the Shareholders Agreement, Warburg and H&F will be
entitled to have their representatives nominated to the board of directors of
the Issuer. Immediately following the closing of the transaction, the size of
the board of directors was decreased to nine directors, with one director
designated by Warburg and one director designated by H&F. Effective as of 12:00
a.m. on the date immediately following the later of the dates on which the
Requisite Shareholder Approval and the Requisite Regulatory Approval occur, the
size of the board will be increased such that the board shall then and
thereafter consist of 15 directors (such number not to be increased without the
consent of
12
Warburg and H&F) and (i) four additional representatives designated by Warburg
(five together with the initial director), and (ii) two additional
representatives designated by H&F (three together with the initial director)
will be appointed by the board to fill the vacancies on the board of directors.
Neither Insurance nor Orbital has the right to appoint any director. The
Reporting Persons expressly disclaim that they are members of a "group" with
Warburg and H&F.
Pursuant to the Subscription Agreement and the Amendment, changes
were proposed to the bye-laws of the Issuer, subject to approval by the
shareholders of the Issuer, to protect the Issuer from adverse tax consequences
as a result of U.S. Persons investing in the Issuer.
Subject to the foregoing, none of the following events has happened or
is contemplated by the Reporting Persons:
a). The acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
b). An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its subsidiaries;
c). A sale or transfer of a material amount of assets of the Issuer
or any of its subsidiaries;
d). Any other material change in the Issuer's business or corporate
structure;
e). Changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of the Issuer by any person;
f). Causing a class of securities of the Issuer to be delisted from
a national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
g). A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934; or
h). Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
------- ------------------------------------
(a) Each of Insurance, GEPT and GEAM beneficially owns 2,585,583 Common
Shares, representing 16.73%/1/ of the Common Shares. Each of Orbital, GECEI and
GECC beneficially owns
-------------------------
/1/ This percentage is based on 15,453,741 Common Shares outstanding,
calculated by combining the 12,868,158 outstanding Common Shares as of
November 14, 2001, as reported in the Issuer's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2001 (the "Recent
10-Q"), with 2,585,583 Common Shares that Insurance will receive on
conversion of the Preference Shares and Warrants.
13
517,116 Common Shares representing 3.86%/2/ of the Common Shares. Insurance,
GEPT, GEAM, Orbital, GECEI, GECC and GECS each expressly disclaim that they are
members of a "group" as such term is used in Section 13(d)(3) of the Exchange
Act. If all of the Reporting Persons' Common Shares were aggregated, the
Reporting Persons would beneficially own 3,102,699 Common Shares representing
19.43%/3/ of the Common Shares.
(b) Insurance, GEAM and GEPT share the power to vote or direct the vote
and power to dispose or direct the disposition of, 2,585,583 Common Shares,
subject to the restrictions on voting described in Item 6 below. Orbital, GECEI
and GECC share the power to vote or direct the vote and power to dispose or
direct the disposition of, 517,116 Common Shares, subject to the restrictions on
voting described in Item 6 below. Both GE and GECS disclaim any voting or
dispositive power over the shares beneficially owned by GEPT, GEAM, Insurance,
Orbital, GECC or GECEI.
To the best knowledge of the Reporting Persons, no person other than
the Reporting Persons has the power to vote or to direct the vote or to dispose
or direct the disposition of any of the securities which they may be deemed to
beneficially own.
(c) No Reporting Person nor to the best knowledge of each Reporting
Person, any person identified in Schedules II through VIII, beneficially owns
any shares of Common Stock or has effected any transaction in shares of Common
Stock during the preceding 60 days.
(d) No other person except for the Reporting Persons are known to have
the rights to receive or the power to direct the receipt of dividends from, or
the proceeds from the sale of, the shares of Common Stock beneficially owned by
the Reporting Persons and covered by this Statement.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relations with Respect to
------- --------------------------------------------------------------------
Securities of the Issuer
------------------------
Pursuant to the Certificate and the Shareholders Agreement, the voting
rights of Reporting Persons will be restricted as follows: (a) until such time
as any waiting period with respect to the acquisition of Preference Shares by
Orbital and Insurance has been terminated or expired under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, including any extensions
thereof, the Preference Shares held by such person shall not have any votes with
respect to the election of directors; (b) prior to receipt of the Requisite
Shareholder Approval, if the votes conferred by the shares acquired by any
person as a result of the transaction described herein would otherwise represent
more than 9.9% of the voting power of all shares entitled to vote, the vote of
each Preference Share held by such person shall be reduced by whatever amount is
necessary so that after any such reduction, the votes
---------------------
/2/ This percentage is based on 13,385,274 Common Shares outstanding,
calculated by combining the 12,868,158 outstanding Common Shares in the
Recent 10-Q, with 517,116 Common Shares that Orbital will receive on
conversion of the Preference Shares and Warrants.
/3/ This percentage is based on 15,970,857 Common Shares outstanding,
calculated by combining the 12,868,158 outstanding Common Shares in the
Recent 10-Q, with 3,102,699 Common Shares that the Reporting Persons
will receive on conversion of the Preference Shares and Warrants.
14
conferred by the shares of such person, shall constitute 9.9% of the total
voting power of all shares of the Issuer entitled to vote; (c) prior to the
receipt of the Requisite Shareholder Approval, if the aggregate votes conferred
by the Preference Shares then outstanding, together with any Common Shares
issued upon conversion of any Preference Shares or upon exercise of any Warrants
issued under the Subscription Agreement or the subscription agreement with the
Issuer's management (including by operation of the anti-dilution adjustments in
the Warrants), or issued in cancellation of the Warrants of the Issuer in
connection with the transactions under the Subscription Agreement (together, the
"Aggregate Potential Votes") would exceed 19.9% of the total votes entitled to
be cast by the Common Shares issued and outstanding on November 19, 2001 (the
"Total Base Votes"), then the vote of each Preference Share shall be reduced
proportionately (in relation to the total number of Preference Shares then
outstanding) so that, after giving effect to such reduction, the Aggregate
Potential Votes do not exceed 19.9% of the Total Base Votes (it being understood
that if both clause (b) and this clause (c) apply, clause (c) shall be applied
first, then clause (b)); and (d) prior to the receipt of the Requisite
Regulatory Approval, if the votes conferred by Common Shares and Preference
Shares beneficially owned by a given person would otherwise represent more than
9.9% of the voting power of all shares entitled to vote, the vote of each
Preference Share held by such person shall be reduced by whatever amount is
necessary so that after any such reduction, the votes conferred by the Common
Shares and Preference Shares beneficially owned by such person, shall constitute
9.9% of the total voting power of all shares entitled to vote.
Pursuant to the Shareholders Agreement, Insurance and Orbital have
the right to participate in any disposition by Warburg or H&F (but only if
Warburg exercises its rights to participate in such disposition by H&F) of their
Initial Shares (as defined therein) if the proceeds of such disposition are
reasonably expected to exceed $50 million, pro rata based on the number of
Initial Shares owned by Insurance and Orbital. In addition, certain entities
have the right to participate in any disposition by Insurance and Orbital of
their Initial Shares if the proceeds of such disposition are reasonably expected
to exceed $50 million, pro rata based on the number of Initial Shares owned by
such entities.
Subject to the foregoing, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the Reporting Persons
or, to the best of their knowledge, any executive officer or director of any of
them and any other person with respect to any securities of the Issuer,
including any contract, arrangement, understanding or relationship concerning
the transfer or the voting of any securities of the Issuer, finders fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of parcels.
Item 7. Material to Be Filed as Exhibits
------- --------------------------------
Exhibit I Amendment No. 1 to Subscription Agreement, dated November 20,
2001, among the Issuer, Warburg, H&F, Insurance, Orbital and
certain other investors signatories thereto.
Exhibit II Letter Agreement, dated as of November 20, 2001, among
Insurance, Warburg, H&F and the Issuer.
Exhibit III Letter Agreement, dated as of November 20, 2001, among
Orbital, Warburg, H&F and the Issuer.
Exhibit IV Certificate of Designations of Series A Convertible Preference
Shares of the Issuer.
Exhibit V Form of Issuer's Class A Warrant.
Exhibit VI Shareholders Agreement, dated as of November 20, 2001, among
the Issuer, Warburg, H&F, Insurance, Orbital and certain other
investors signatories thereto.
Exhibit VII Power of Attorney of General Electric Capital Services, Inc.,
dated as of February 22, 2000.
15
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
INSURANCE PRIVATE EQUITY INVESTORS, L.L.C.
By: GE Asset Management Incorporated, its Manager
By: /s/ Michael M. Pastore
------------------------------------------------
Name: Michael M. Pastore
Title: Vice President
16
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
GENERAL ELECTRIC PENSION TRUST
By: GE Asset Management Incorporated, its
Investment Manager
By: /s/ Michael M. Pastore
---------------------------------------
Name: Michael M. Pastore
Title: Vice President
17
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
GE ASSET MANAGEMENT INCORPORATED
By: /s/ Michael M. Pastore
---------------------------------------
Name: Michael M. Pastore
Title: Vice President
18
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
GENERAL ELECTRIC COMPANY
By: /s/ John H. Myers
---------------------------------------
Name: John H. Myers
Title: Vice President
19
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
ORBITAL HOLDINGS, LTD.
By: /s/ Barbara J. Gould
--------------------------------------
Name: Barbara J. Gould
Title: Director
20
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
GE CAPITAL EQUITY INVESTMENTS, LTD.
By: /s/ Jonathan K. Sprole
--------------------------------
Name: Jonathan K. Sprole
Title: Director
21
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
GENERAL ELECTRIC CAPITAL CORPORATION
By: /s/ Jonathan K. Sprole
-------------------------------------
Name: Jonathan K. Sprole
Title: Department Operations Manager
22
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 30, 2001
GENERAL ELECTRIC CAPITAL SERVICES, INC.
By: /s/ Jonathan K. Sprole
----------------------------------------
Name: Jonathan K. Sprole
Title: Attorney-in-Fact
23
Schedule I
JOINT FILING AGREEMENT
----------------------
The undersigned parties hereby agree that the Schedule 13D filed
herewith (and any amendments thereto) relating to the Common Shares of Arch
Capital Group, Ltd. is being filed jointly with the Securities and Exchange
Commission pursuant to Section 13-d-1(f) on behalf of each such person.
Dated: November 30, 2001
INSURANCE PRIVATE EQUITY INVESTORS, L.L.C.
By: GE Asset Management Incorporated, its Manager
By: /s/ Michael M. Pastore
---------------------------------------
Name: Michael M. Pastore
Title: Vice President
GENERAL ELECTRIC PENSION TRUST
By: GE Asset Management Incorporated, its
Investment Manager
By: /s/ Michael M. Pastore
---------------------------------------
Name: Michael M. Pastore
Title: Vice President
GE ASSET MANAGEMENT INCORPORATED
By: /s/ Michael M. Pastore
---------------------------------------
Name: Michael M. Pastore
Title: Vice President
GENERAL ELECTRIC COMPANY
By: /s/ John H. Myers
---------------------------------------
Name: John H. Myers
Title: Vice President
24
ORBITAL HOLDINGS, LTD.
By: /s/ Barbara J. Gould
---------------------------------------
Name: Barbara J. Gould
Title: Director
GE CAPITAL EQUITY INVESTMENTS, LTD.
By: /s/ Jonathan K. Sprole
---------------------------------------
Name: Jonathan K. Sprole
Title: Director
GENERAL ELECTRIC CAPITAL CORPORATION
By: /s/ Jonathan K. Sprole
---------------------------------------
Name: Jonathan K. Sprole
Title: Department Operations Manager
GENERAL ELECTRIC CAPITAL SERVICES, INC.
By: /s/ Jonathan K. Sprole
---------------------------------------
Name: Jonathan K. Sprole
Title: Attorney-in-Fact
25
Schedule II
General Electric Pension Trust
The business address of each of the persons listed below is 3003 Summer Street,
P.O. Box 7900, Stamford, Connecticut 06904.
Trustees Present Principal Occupation
--------- ----------------------------
Eugene K. Bolton Executive Vice President of GEAM and Trustee of GEPT
Michael J. Cosgrove Executive Vice President of GEAM and Trustee of GEPT
John H. Myers Vice President of General Electric Company, Chairman of
the Board and President GEAM and Trustee of GEPT
Ralph R. Layman Executive Vice President of GEAM and Trustee of GEPT
Alan M. Lewis Executive Vice President, General Counsel and Secretary of
GEAM and Trustee of GEPT
Robert A. MacDougall Executive Vice President of GEAM and Trustee of GEPT
Donald W. Torey Executive Vice President of GEAM and Trustee of GEPT
John J. Walker Executive Vice President - Chief Financial Officer of GEAM
and Trustee of GEPT
Citizenship of All Trustees
---------------------------
U.S.A.
26
Schedule III
Insurance Private Equity Investors, L.L.C.
The Manager of Insurance Private Equity Investors, L.L.C. is GE Asset Management
Incorporated (a Delaware corporation). Its principal place of business is 3003
Summer Street, P.O. Box 7900, Stamford, Connecticut 06904.
GE Asset Management Incorporated
The business address of each of the persons listed below is 3003 Summer Street,
P.O. Box 7900, Stamford, Connecticut 06904.
Directors Present Principal Occupation
--------- ----------------------------
Eugene K. Bolton Executive Vice President of GEAM and Trustee of GEPT
Michael J. Cosgrove Executive Vice President of GEAM and Trustee of GEPT
John H. Myers Vice President of General Electric Company, Chairman of
the Board and President GEAM and Trustee of GEPT
Ralph R. Layman Executive Vice President of GEAM and Trustee of GEPT
Alan M. Lewis Executive Vice President, General Counsel and Secretary of
GEAM and Trustee of GEPT
Robert A. MacDougall Executive Vice President of GEAM and Trustee of GEPT
Geoffrey R. Norman Executive Vice President of GEAM and Trustee of GEPT
Donald W. Torey Executive Vice President of GEAM and Trustee of GEPT
John J. Walker Executive Vice President - Chief Financial Officer of GEAM
and Trustee of GEPT
Citizenship of all Directors
----------------------------
U.S.A
27
Executive Officers Present Principal Occupation
------------------ ----------------------------
John H. Myers Chairman of the Board and President
Eugene K. Bolton Executive Vice President - Domestic Equity Investments
Michael J. Cosgrove Executive Vice President - Sales and Marketing
Ralph R. Layman Executive Vice President - International Equity Investments
Alan M. Lewis Executive Vice President - General Counsel and Secretary
Robert A. MacDougall Executive Vice President - Fixed Income
Geoffrey R. Norman Executive Vice President - Marketing
Donald W. Torey Executive Vice President - Real Estate and Private Equities
John J. Walker Executive Vice President - Chief Financial Officer
Anthony J. Sirabella Senior Vice President - Chief Information Officer
Christopher D. Brown Senior Vice President - Equity Portfolios
David B. Carlson Senior Vice President - Equity Portfolios
Jane E. Hackney Senior Vice President - Equity Investments
Peter J. Hathaway Senior Vice President - Equity Portfolios
Damian J. Maroun Senior Vice President - Equity Trading
Paul C. Reinhardt Senior Vice President - Equity Portfolios
Richard L. Sanderson Senior Vice President - Equity Research
Christopher W. Smith Senior Vice President - Equity Investments
Ralph E. Whitman Senior Vice President - Equity Portfolios
Nancy A. Ward Vice President - Client Portfolio Manager - Domestic Equities
Gerald L. Igou Vice President - Equity Investments
Mark A. Mitchell Vice President - Equity Investments
John H. Schaetzl Vice President - Equity Investments
Brian Hopkinson Senior Vice President - International Equity Portfolios
Daizo Motoyoshi Senior Vice President - International Equity Portfolios
Michael J. Solecki Senior Vice President - International Equity Portfolios
Judith A. Studer Senior Vice President - International Equity Portfolios
Peter Gillespie Vice President - International Equity Portfolios
28
T. Brent Jones Vice President - International Equity Portfolios
Paul Nestro Vice President - International Equity Portfolios
Makoto F. Sumino Vice President - International Equity Portfolios
Robert W. Aufiero Vice President - Fixed Income
Kathleen S. Brooks Vice President - Fixed Income
Paul M. Colonna Vice President - Fixed Income
William M. Healey Vice President - Fixed Income
Craig M. Varrelman Vice President - Client Portfolio Manager - Fixed Income
Michael J. Caufield Senior Vice President - Municipal Bonds
Robert R. Kaelin Senior Vice President - Municipal Bonds
Susan M. Courtney Vice President - Municipal Bonds
Stella V. Lou Vice President - Municipal Bonds
Michael A. Sullivan Vice President - Municipal Bonds
James M. Mara Senior Vice President - International Private Equities
Wolfe H. Bragin Vice President - Private Equities
Andreas T. Hildebrand Vice President - Private Equities
Patrick J. McNeela Vice President - Private Equities
David W. Wiederecht Vice President - Private Equities
Philip A. Riordan Senior Vice President - Real Estate
B. Bradford Barrett Vice President - Real Estate
Robert P. Gigliotti Vice President - Real Estate
Preston R. Sargent Vice President - Real Estate
Timothy M. Morris Vice President - Risk Management
Sandra J. O'Keefe Vice President - Financial Planning & Analysis
William F. Ruoff, III Vice President - Quality
Michael J. Tansley Vice President & Controller
Matthew J. Simpson Senior Vice President, Gen. Counsel - Investment Services & Asst.
Secretary
Paul J. Crispino Vice President - Tax Counsel
Judith M. Bandler Vice President - Benefits Counsel
Marc R. Bryant Vice President - Assoc. Gen. Counsel & Asst. Secretary
Jeanne M. La Porta Vice President - Assoc. Gen. Counsel & Asst. Secretary
Michael M. Pastore Vice President - Assoc. Gen. Counsel & Asst. Secretary
29
Scott A. Silberstein Vice President - Assoc. Gen. Counsel & Asst. Secretary
Michael J. Strone Vice President - Assoc. Gen. Counsel & Asst. Secretary
Anthony H. Zacharski Vice President - Assoc. Gen. Counsel & Asst. Secretary
Citizenship of all Executive Officers
-------------------------------------
U.S.A
30
Schedule IV
General Electric Company
DIRECTORS
PRESENT PRESENT
NAME BUSINESS ADDRESS PRINCIPAL OCCUPATION
---- ---------------- --------------------
J.I.Cash, Jr. Harvard Business School Professor of Business
Morgan Hall Administration-Graduate
Soldiers Field Road School of Business
Boston, MA 02163 Administration, Harvard
University
S.S. Cathcart 222 Wisconsin Avenue Retired Chairman,
Suite 103 Illinois Tool Works
Lake Forest, IL 60045
D.D. Dammerman General Electric Company Vice Chairman of the Board and
3135 Easton Turnpike Executive Officer, General
Fairfield, CT 06431 Electric Company; Chairman,
General Electric Capital
Services, Inc.
P. Fresco Fiat SpA Chairman of the Board,
via Nizza 250 Fiat SpA
10126 Torino, Italy
A. M. Fudge 555 South Broadway Former Executive Vice President,
Tarrytown, NY 10591 Kraft Foods, Inc.
C.X. Gonzalez Kimberly-Clark de Mexico, Chairman of the Board
S.A. de C.V. and Chief Executive Officer,
Jose Luis Lagrange 103, Kimberly-Clark de Mexico,
Tercero Piso S.A. de C.V.
Colonia Los Morales
Mexico, D.F. 11510, Mexico
J.R. Immelt General Electric Company Chairman of the Board and Chief
3135 Easton Turnpike Executive Officer,
Fairfield, CT 06431 General Electric Company
A. Jung Avon Products, Inc. President and Chief
1345 Avenue of the Americas Executive Officer,
New York, NY 10105 Avon Products, Inc.
K.G. Langone Invemed Associates, Inc. Chairman, President and Chief
375 Park Avenue Executive Officer,
New York, NY 10152 Invemed Associates, Inc.
31
R.B. Lazarus Ogilvy & Mather Worldwide Chairman and Chief Executive
309 West 49th Street Officer, Ogilvy & Mather Worldwide
New York, NY 10019-7316
S.G. McNealy Sun Microsystems, Inc. Chairman, President and Chief
901 San Antonio Road Executive Officer,
Palo Alto, CA 94303-4900 Sun Microsystems, Inc.
G.G. Michelson Federated Department Stores Former Member of the
151 West 34th Street Board of Directors,
New York, NY 10001 Federated Department
Stores
S. Nunn King & Spalding Partner, King & Spalding
191 Peachtree Street, N.E.
Atlanta, Georgia 30303
R.S. Penske Penske Corporation Chairman of the Board
13400 Outer Drive, West and President, Penske
Detroit, MI 48239-4001 Corporation
F.H.T. Rhodes Cornell University President Emeritus,
3104 Snee Building Cornell University
Ithaca, NY 14853
G. L. Rogers General Electric Company Vice Chairman of the Board and
3135 Easton Turnpike Executive Officer, General
Fairfield, CT 06431 Electric Company
A.C. Sigler Champion International Retired Chairman of the
Corporation Board and CEO and former
1 Champion Plaza Director, Champion International
Stamford, CT 06921 International Corporation
D.A. Warner III J. P. Morgan & Co., Inc. Chairman of the Board, President,
& Morgan Guaranty Trust Co. and Chief Executive Officer,
60 Wall Street J.P. Morgan & Co.
New York, NY 10260 Incorporated and Morgan
Guaranty Trust Company
R. C. Wright National Broadcasting Company, Inc. Vice Chairman of the Board and
30 Rockefeller Plaza Executive Officer, General
New York, NY 10112 Electric Company; Chairman
and Chief Executive Officer,
National Broadcasting
Company, Inc.
32
Citizenship of Directors
------------------------
P. Fresco Italy
C. X. Gonzalez Mexico
Andrea Jung Canada
All Others U.S.A.
33
EXECUTIVE OFFICERS
PRESENT PRESENT
NAME BUSINESS ADDRESS PRINCIPAL OCCUPATION
---- ---------------- --------------------
J.R. Immelt General Electric Company Chairman of the Board and Chief
3135 Easton Turnpike Executive Officer
Fairfield, CT 06431
P.D. Ameen General Electric Company Vice President and Comptroller
3135 Easton Turnpike
Fairfield, CT 06431
J.R. Bunt General Electric Company Vice President and Treasurer
3135 Easton Turnpike
Fairfield, CT 06431
D.C. Calhoun General Electric Company Senior Vice President -
1 Neumann Way GE Aircraft Engines
Cincinnati, OH 05215
J.P. Campbell General Electric Company Vice President -
Appliance Park GE Appliances
Louisville, KY 40225
W.J. Conaty General Electric Company Senior Vice President -
3135 Easton Turnpike Human Resources
Fairfield, CT 06431
D.D. Dammerman General Electric Company Vice Chairman of the Board and
3135 Easton Turnpike Executive Officer, General
Fairfield, CT 06431 Electric Company; Chairman,
General Electric Capital
Services, Inc.
S. C. Donnelly General Electric Company Senior Vice President -
P. O. Box 8 Corporate Research
Schenectady, NY 12301 and Development
M. J. Espe General Electric Company Senior Vice President -
Nela Park GE Lighting
Cleveland, OH 44112
Y. Fujimori General Electric Company Senior Vice President -
1 Plastics Avenue GE Plastics
Pittsfield, MA 01201
B.W. Heineman, Jr. General Electric Company Senior Vice President -
3135 Easton Turnpike General Counsel and Secretary
Fairfield, CT 06431
34
J.M. Hogan General Electric Company Senior Vice President -
P.O. Box 414 GE Medical Systems
Milwaukee, WI 53201
J. Krenicki, Jr. General Electric Company Vice President -
2901 East Lake Road GE Transportation Systems
Erie, PA 16531
R.W. Nelson General Electric Company Vice President -
3135 Easton Turnpike Corporate Financial Planning
Fairfield, CT 06431 and Analysis
G.M. Reiner General Electric Company Senior Vice President -
3135 Easton Turnpike Chief Information Officer
Fairfield, CT 06431
J. G. Rice General Electric Company Senior Vice President -
1 River Road GE Power Systems
Schenectady, NY 12345
G.L. Rogers General Electric Company Vice Chairman of the Board
3135 Easton Turnpike and Executive Officer
Fairfield, CT 06431
K.S. Sherin General Electric Company Senior Vice President - Finance
3135 Easton Turnpike and Chief Financial Officer
Fairfield, CT 06431
L.G. Trotter General Electric Company Senior Vice President -
41 Woodford Avenue GE Industrial Systems
Plainville, CT 06062
W. A. Woodburn General Electric Company Senior Vice President -
41 Woodford Avenue GE Specialty Chemicals
Plainville, CT 06062
R. C. Wright National Broadcasting Company, Inc. Vice Chairman of the Board and
30 Rockefeller Plaza Executive Officer, General
New York, NY 10112 Electric Company; Chairman
and Chief Executive Officer,
National Broadcasting
Company, Inc.
Citizenship of All Executive Officers
-------------------------------------
Yoshiaki Fujimori Japan
All Others U.S.A.
35
Schedule V
Orbital Holdings, Ltd.
DIRECTORS
PRESENT PRESENT
NAME BUSINESS ADDRESS PRINCIPAL OCCUPATION
---- ---------------- --------------------
Barbara J. Gould GE Capital Equity Investments, Inc. Managing Director, GE Capital Equity
260 Long Ridge Road Investments, Inc.
Stamford, CT 06927
Ian Sharpe GE Capital Equity Investments, Inc. Tax Director, GE Capital Equity
260 Long Ridge Road Investments, Inc.
Stamford, CT 06927
Ade Omisore GE Capital Equity Investments, Inc. Vice President, GE Capital Equity
260 Long Ridge Road Investments, Inc.
Stamford, CT 06927
Citizenship of all Directors
----------------------------
U.S.A.
36
Schedule VI
GE Capital Equity Investments, Ltd.
DIRECTORS
PRESENT PRESENT
NAME BUSINESS ADDRESS PRINCIPAL OCCUPATION
---- ---------------- --------------------
Stephen S. Charles GE Capital Equity Investments, Inc. Managing Director, GE Capital Equity
260 Long Ridge Road Investments, Inc.
Stamford, CT 06927
Daniel Janki GE Capital Equity Investments, Inc. Senior Vice President, Chief Financial
260 Long Ridge Road Officer, GE Capital
Equity Stamford, CT 06927 Investments, Inc.
Jonathan K. Sprole GE Capital Equity Investments, Inc. Managing Director, General Counsel,
260 Long Ridge Road GE Capital Equity Investments, Inc.
Stamford, CT 06927
Gordon Chan GE Capital International Finance Manager of Accounting and Finance,
(Bermuda) Ltd., GE Capital International Finance
Falconer House, 108 Pitts Bay Road (Bermuda) Ltd.
PO Box HM 403
Hamilton, HM BX, Bermuda
Citizenship of all Directors
----------------------------
U.S.A.
37
Schedule VII
General Electric Capital Corporation
Directors Citizenship Principal Occupation
Nancy E. Barton USA Senior Vice President, General Counsel and
Director Secretary
GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Ferdinando Beccalli Italy Executive Vice President
Director GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
James R. Bunt USA Vice President and Treasurer
Director GE Company
3135 Easton Turnpike
Fairfield, CT 06431
David L. Calhoun USA Chief Executive Officer
Director GE Aircraft Engines
1 Neumann Way
Cincinnati, OH 45215
Dennis D. Dammerman USA Vice Chairman and Executive Officer
Director GE Company
3135 Easton Turnpike
Fairfield, CT 06431
Scott C. Donnelly USA Senior Vice President
Director General Electric CR&D
One Research Circle
Niskayuna, NY
Michael D. Fraizer USA President & CEO
Director GE Financial Assurance
6604 W. Broad Street
Richmond, VA 23230
Benjamin W. Heineman USA Senior Vice President, General Counsel and
Director Secretary
GE Company
3135 Easton Turnpike
Fairfield, CT 06431
38
Jeffrey R. Immelt USA Chairman and Chief Executive Officer
Director General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
John H. Myers USA Chairman and President
Director GE Investment Corporation
3003 Summer Street, 7th Fl.
Stamford, CT 06905
Denis J. Nayden USA Chairman and CEO
Director GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Michael A. Neal USA President and COO
Director GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
James A. Parke USA Vice Chairman & Chief Financial Officer
Director GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Ronald R. Pressman USA Chairman, President & CEO
Director Employers Reinsurance Corporation
5200 Metcalf
Overland Park, KS 66204
Gary M. Reiner USA Sr. Vice President & Chief Information Officer
Director General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
John M. Samuels USA Vice President and Senior Counsel, Corporate
Director Taxes
General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
Keith S. Sherin USA Senior Vice President, Finance & Chief Financial
Director Officer
General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
39
Edward D. Stewart USA Executive Vice President
Director GE Capital Corporation
1600 Summer Street
Stamford, CT 06927
Robert C. Wright USA President and Chief Executive Officer
Director NBC
30 Rockefeller Plaza, 52nd Floor
New York, NY 10112
40
Executive Officers Citizenship Principal Occupation
Denis J. Nayden USA Chairman and CEO
Chairman and Chief Executive Officer GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Michael A. Neal USA President and COO
President and Chief Operating Officer GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
James A. Parke USA Vice Chairman & Chief Financial
Vice Chairman and
Officer
Chief Financial Officer GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Ferdinando Beccalli Italy Executive Vice President
Executive Vice President General Electric Capital
260 Long Ridge Road
Stamford, CT 06927
Edward D. Stewart USA Executive Vice President
Executive Vice President GE Capital Corporation
1600 Summer Street
Stamford, CT 06927
Nancy E. Barton USA Senior Vice President, General
Senior Vice President,
Counsel and Secretary
General Counsel and Secretary GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
James A. Colica USA Senior Vice President, Global Risk
Senior Vice President Management
GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Richard D'Avino USA Senior Vice President, Taxes
Senior Vice President, Taxes GE Capital Corporation
777 Long Ridge Road
Stamford, CT 06927
Robert L. Lewis USA Senior Vice President, Structured
Senior Vice President Finance Group
GE Capital Corporation
120 Long Ridge Road
41
Stamford, CT 06927
David R. Nissen USA Senior Vice President, Global
Senior Vice President Consumer Finance
GE Capital Corporation
1600 Summer Street
Stamford, CT 06927
Marc J. Saperstein USA Senior Vice President, Human
Senior Vice President Resources
General Electric Capital
260 Long Ridge Road
Stamford, CT 06927
Jeffrey S. Werner USA Sr. Vice President, Corp. Treasury &
Senior Vice President Global Funding Op.
GE Capital Corporation
201 High Ridge Road
Stamford, CT 06927
Joan C. Amble USA Vice President and Controller
Vice President and Controller GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
42
Schedule VIII
General Electric Capital Services, Inc.
Directors Citizenship Principal Occupation
Nancy E. Barton USA Senior Vice President, General Director
Secretary Counsel and
GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Ferdinando Beccalli Italy Executive Vice President
Director GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
James R. Bunt USA Vice President and Treasurer
Director GE Company
3135 Easton Turnpike
Fairfield, CT 06431
David L. Calhoun USA Chief Executive Officer
Director GE Aircraft Engines
1 Neumann Way
Cincinnati, OH 45215
Dennis D. Dammerman USA Vice Chairman and Executive
Director Officer
GE Company
3135 Easton Turnpike
Fairfield, CT 06431
Scott C. Donnelly USA Senior Vice President
Director General Electric CR&D
One Research Circle
Niskayuna, NY
Michael D. Fraizer USA President & CEO
Director GE Financial Assurance
6604 W. Broad Street
Richmond, VA 23230
Benjamin W. Heineman, USA Senior Vice President, General
Director Counsel and Secretary
GE Company
3135 Easton Turnpike
Fairfield, CT 06431
43
Jeffrey R. Immelt USA Chairman and Chief Executive Officer
Director General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
John H. Myers USA Chairman and President
Director GE Investment Corporation
3003 Summer Street, 7th Fl.
Stamford, CT 06905
Denis J. Nayden USA Chairman and CEO
Director GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Michael A. Neal USA President and COO
Director GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
James A. Parke USA Vice Chairman & Chief Financial
Director Officer
GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Ronald R. Pressman USA Chairman, President & CEO
Director Employers Reinsurance Corporation
5200 Metcalf
Overland Park, KS 66204
Gary M. Reiner USA Sr. Vice President & Chief
Director Information Officer
General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
John M. Samuels USA Vice President and Senior Counsel,
Director Corporate Taxes
General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
Keith S. Sherin USA Senior Vice President, Finance &
Director Chief Financial Officer
General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
44
Edward D. Stewart USA Executive Vice President
Director GE Capital Corporation
1600 Summer Street
Stamford, CT 06927
Robert C. Wright USA President and Chief Executive
Director Officer
NBC
30 Rockefeller Plaza, 52nd Floor
New York, NY 10112
45
Executive Officers Citizenship Principal Occupation
Dennis D. Dammerman USA Vice Chairman and Executive
Chairman of the Board Officer
GE Company
3135 Easton Turnpike
Fairfield, CT 06431
Denis J. Nayden USA Chairman and CEO
President GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
James A. Parke USA Vice Chairman & Chief Financial
Executive Vice President and Officer
Chief Financial Officer GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Ferdinando Beccalli Italy Executive Vice President
Executive Vice President General Electric Capital
260 Long Ridge Road
Stamford, CT 06927
Michael D. Fraizer USA President & CEO
Executive Vice President GE Financial Assurance
6604 W. Broad Street
Richmond, VA 23230
Michael A. Neal USA President and COO
Executive Vice President GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Ronald R. Pressman USA Chairman, President & CEO
Executive Vice President Employers Reinsurance Corporation
5200 Metcalf
Overland Park, KS 66204
Edward D. Stewart USA Executive Vice President
Executive Vice President GE Capital Corporation
1600 Summer Street
Stamford, CT 06927
Nancy E. Barton USA Senior Vice President, General
Senior Vice President, Counsel and Secretary
General Counsel and Secretary GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
46
James A. Colica USA Senior Vice President, Global Risk
Senior Vice President Management
GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Richard D'Avino USA Senior Vice President, Taxes
Senior Vice President, Taxes GE Capital Corporation
777 Long Ridge Road
Stamford, CT 06927
Marc J. Saperstein USA Senior Vice President, Human
Senior Vice President Resources
General Electric Capital
260 Long Ridge Road
Stamford, CT 06927
Jeffrey S. Werner USA Sr. Vice President, Corp. Treasury &
Senior Vice President Global
Funding Op.
GE Capital Corporation
201 High Ridge Road
Stamford, CT 06927
Joan C. Amble USA Vice President and Controller
Vice President and Controller GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Barbara E. Daniele USA Vice President and Senior Litigation
Vice President and Senior Counsel
Litigation Counsel GE Capital Corporation
260 Long Ridge Road
Stamford, CT 06927
Steven F. Kluger USA Vice President, Capital Markets
Vice President Services
GE Capital Corporation
3001 Summer Street
Stamford, CT 06927
47