1. “Tweaking Corporate Governance for Small Companies after Dodd-Frank” James Cox Comment “Getting capital to its best uses?” Alan Palmiter November 12, 2010

3. Risk Capital (demand) Large-cap companies Mid-cap companies Small-cap companies Micro-cap Companies Public Private 1.5% 1750 = 12% 450 = 15% 300 = 71% Risk (opportunity)Size (capitalization)

4. Risk Capital (supply) Mutual funds Private pension funds Public Private Palmiter, Staying Public: Institutional Investors in US Capital Markets (2009) RetirementInsuranceSavings Venture Capital Public pension funds Private Equity Insurers Hedge funds Foreign funds Individual investors 28.9% ??? 13.0% 8.0%12.9%10.0% 25.4%

5. Capital (mostly institutional) Opportunity (mostly non-public companies)