Editor’s Letter –

Dear Reader,

It wasn’t easy work keeping up with all the deals that closed this year, but we did it, and to that end, we need a break! This will be our final issue of the year. But don’t fret, we come back in full force on Jan. 3 with a great issue that will be packed with all the happenings of 2004, a look at the year upon us, and of course, complete 2004 deal and fund lists-all the goodies you’ve come to expect with our first issue of the year.

What you probably weren’t expecting is the additional “stocking stuffer” we’re introducing this year. I don’t want to give away the surprise, but here’s one hint: Like its readers, Buyouts may come back from the holidays with a different shape. I won’t say any more, but I’m confident you’ll be pleased with the results.

Let me also use this space to remind you that Deals of the Year submissions are due by Dec. 31, and that we have added two new categories. The first one is Investment Bank of the Year. With more and more deals going to auctions these days, it just didn’t seem right not to bestow an honor upon the folks who are advising on all this LBO activity and, perhaps to the chagrin of buyers, are always there to make sure a full price is paid. Additionally, while we have always recognized a Lender of the Year, Buyouts has decided to present two Lender of the Year awards -one large and one small. Detailed information is available on the right-hand side of Buyouts’ Web site, www.buyoutsnewsletter.com. Check it out and get your submissions in. And while writing up your submissions, remember, the more information you give us about the deal/firm/exit, etc., the easier it is for us to determine if it’s worthy of a Buyouts award.

Lastly, I have many industry people who have been telling me that 2005 is expected to be even busier that 2004 was. That’s hard to believe considering the frenetic investment pace we are already experiencing. What do you think is going to happen next year? Email me your thoughts, danielle.fugazy@thomson.com. A select number of responses will run in the first issue of next year.

The staff of Buyouts wishes you all a happy and healthy holiday and New Year!

Sincerely,