2. Summary
History and Profile
PINE
History
Business Strategy
Competitive Landscape
Focus on the Client
Corporate Credit
FICC
PINE Investimentos
Distribution
Pillars
Rating Upgrades
Highlights and Results
Corporate Governance and PINE4
Organizational Structure
Corporate Governance
Committees
Dividends and Interest on own Capital
Appendix
Investor Relations | 3Q12 | 2/33
4. PINE
Specialized in providing financial solutions for wholesale clients…
Credit Portfolio by Annual Client Revenues
September 30th, 2012
Up to R$150
million
7%
R$150
million to
R$500
million
19%
Over R$1
billion
56%
R$500
million to
R$1 billion
18%
Profile
Focused on establishing long-term relationships Business is structured along four primary business lines:
Profound knowledge and product penetration • Corporate Credit: credit and financing products
• FICC: instruments for hedging and risk
management
• PINE Investimentos: Investment Banking and
Investment Management
• Distribution of Banking Products: Funding and
investment solutions for foreign and local
investors
Investor Relations | 3Q12 | 4/33
5. History
...with extensive knowledge of Brazil’s corporate credit cycle.
November, 2012
Opening of broker dealer in New York, PINE Securities USA LLC
August, 2012
Subscription of PINE’s capital by DEG, Proparco, Controlling shareholder and management
1939
Pinheiro Family October, 2011 1,216
founds Subscription of PINE’s capital by DEG
Banco Central do End of 2007
Nordeste Focus on expanding the Corporate Banking franchise
Discontinuation of the payroll-deductible loan business 1,015
867
October, 2007
Creation of the Hedging Desk
827 825
801
May, 2007
Creation of PINE Investimentos product line and
opening of Cayman branch
1975
Noberto Pinheiro 2005
becomes one of Noberto Pinheiro becomes PINE’s sole 7,444
7,063
BMC’s controlling shareholder
shareholders 6,033
335
Corporate Credit Portfolio (R$ Millions)
4,804
Shareholders' Equity (R$ Millions) 209 4,254
152 171
121 126 140 136
2,854
62
18
1,214
1997 155 184 222 341 521 620 755 663 761
Noberto and Nelson
Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Pinheiro sell their
Sept-12
stake in BMC and
found PINE
Asian Russian Devaluation Nasdaq Sept. 11 Brazilian Subprime European
Crisis Crisis of the real Elections Community
(Lula)
March, 2007 May, 2012
IPO 15 years
Investor Relations | 3Q12 | 5/33
7. Competitive Landscape
PINE serves a niche market of companies that lack adequate banking options, seeking a bank that fully
understands their needs.
Market
Consolidation of the banking sector has
decreased the supply of credit lines and financial
instruments for corporates
Large Multi-Services banks
Foreign banks are in a deleveraging process
100% Corporate
PINE
Foreign and Full service Bank – Credit, Hedging, and
Investment Banks 100% focused on providing complete service Investment Bank products – with room for
to companies, offering customized products growth
.
Corporate & SME
~10 clients per officer
Competitive Advantages:
SME & Retail
Focus
Fast response: Strong relationship with
clients, with the credit committee
meeting twice a week and response times
Retail to clients of no more than one week
Specialized services
Tailor-made solutions
Product diversity
Investor Relations | 3Q12 | 7/33
8. Focus Always on the Client
The bank develops a strategy of product diversity, tailored to meet the needs of each client.
CDs
CDIs
LCIs
Pricing of Assets and
CCBs
Private Liabilities
Placements
RDBs
Eurobonds
Liquidity
LCAs Management
Financial
CDBs Letters Fixed Income
Local Currency
Currencies
Trading
CRIs Debentures
Commodities
Foreign Currency
Equities
Underwriting Distribution Treasury WorkingCapital
Working Capital
Overdraft
Financial Advisory Capital Accounts
Markets Local Currency
M&A BNDES Onlending
Clients Onlending
Project Finance PINE Corporate Bank Guarantees
Corporate & Investimentos Credit Foreign Currency Compror
Structured
Participation
Finance Trade Finance ACC/ACE
Funds
FICC Structured Export Finance
Private Credit Finance
Investment Finimp
Funds Management Bank
Guarantees Letters of Credit
Real Estate Funds
2,770 onlending
Fixed Income Currencies
Exclusive Funds Rural Credit
Commodities Syndicated and
Portfolio Structured Loans
Management
Swap NDFs
Structured Swaps
Options
Investor Relations | 3Q12 | 8/33
9. Corporate Credit
Strong track record and solid credit origination and approval process.
Actions Credit Committee
Personalized, agile service, working closely with clients Meets twice a week – reviewing 20 proposals on average
and keeping a low client to account officer ratio: each
officer handles ~10 economic groups on average. Minimum quorum: 4 members - attendance of CEO or
Chairman is mandatory
Geographic coverage of clients, providing the bank with
local and extremely up-to-date credit intelligence and
information. Members:
Chairman of the Board
Established long term relationships with more than 600
economic groups CEO
Chief Operating Officer
Origination network is comprised of 11 branches divided Chief Administrative Officer
into 14 origination platforms in Brazil’s major economic Chief Risk Officer
centers
More than 30 credit analysts, assuring that analysis is Participants:
fundamentally driven and based on industry-specific FICC Executive Director
intelligence Credit Analysts
Efficient loan and collateral processes, documentation, Other members of the Corporate Banking
and controls, which has resulted in a low NPL track record origination team
Credit Approval: Electronic Process
Regional Heads of CRO, Executive
Origination Officers Credit Analysts Origination and Credit Directors and Analysts CREDIT COMMITTEE
Analysis of Credit
Credit origination Credit analysis, visit to clients, data Discussion on sizing, collateral, Presentation to the Credit Committee Centralized and unanimous
updates, interaction with internal structure, etc. decision making process
research team
Investor Relations | 3Q12 | 9/33
10. FICC
PINE is the 2nd player in commodity derivatives1.
Client Notional Derivatives Portfolio by Market Notional Value and MtM
September 30th, 2012 R$ millions
Fixed Notional Value
Income MtM
22% Stressed MtM 629
597
358 354 354
Currency
56% 256 238
178 157 126
Commodities 4,287 4,720
3,709 3,712 4,875
22%
Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
Market Segments Portfolio Profile
Fixed Income: Fixed, Floating, Inflation, Libor Scenario on September, 30th
Duration: 210 days
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar Mark-To-Market : R$238 million
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MTM: R$629 million
1Source: Cetip Report, September 2012
Investor Relations | 3Q12 | 10/33
11. PINE Investimentos
Consolidation of the Investment Banking franchise.
Transactions
Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
R$ 90,000,000 R$ 36,000,000 R$ 90,400,000
Debentures Debentures Debentures
Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
Coordinator Lead Coordinator Coordinator
Assets under Management: Fixed Income, Credit Funds,
Exclusive Mandates.
July, 2012 August, 2012 September, 2012
Volume of Underwriting Transactions Revenues
R$ Millions R$ Millions
880 52
623
346 18 18
242 14
217
2
3Q11 2Q12 3Q12 9M11 9M12
3Q11 2Q12 3Q12 9M11 9M12
Investor Relations | 3Q12 | 11/33
12. Distribution
Investment alternatives in local and foreign currency to domestic and foreign investors.
Actions Funding
R$ Millions
Responsible for serving investors, offering traditional 5,182 6,248 6,725
investments and also alternatives tied to the credit
origination platform, capital markets, and asset 973 1,447 1,679 International
management.
It counts on PINE’s expertise in structuring and
intermediating fixed income transactions.
4,209 4,801 5,046 Local
Divided by type of investors to provide tailor made
solutions.
Sept-10 Sept -11 Sept -12
Investors Market Segments
Family Offices Local Currency
Traditional investments (local deposits such as CDB/RDB/CDI,
Individuals
LCA/LCI)
Corporates Senior and subordinated local notes
Debt Capital Markets (CCBs, Debentures, FIDCs, CRIs, CRAs,
Asset Managers
CDCAs, among others)
Financial Institutions
Pension Funds
Foreign Currency
Foreign Investors Time Deposits and CD – Certificate of Deposit
Senior and Subordinated bonds issued by PINE
Debt Capital Markets (CCB, Credit Fund, Bonds) – through Credit
Linked Notes
Investor Relations | 3Q12 | 12/33
13. Pillars
Strategy supported by solid fundamentals, built and achieved over the years…
Adequate capital structure Strong and motivated team
Capital Adequacy Ratio (BIS) of 17.0% Meritocracy
Regulatory Capital: R$1.4 billion Right incentives
Highly qualified team
Corporate clients Efficient funding structure
Strong relationship
Longer average maturities: 16 months (Sept/12)
Customized service
Greater diversification of funding sources
In-depth knowledge of client needs USD25 million 10 year funding with Proparco
Product diversity
Investor Relations | 3Q12 | 13/33
14. Rating Upgrades
...with market recognition and positive evaluation by rating agencies.
On December 7th, 2011: On May 14th, 2012 On August 23rd, 2012:
PINE’s rating in global scale, to Foreign and Local Currency Long- PINE’s outlook upgraded to
BB+ from BB- (two notches) Term IDR to 'BB' from 'BB'- Positive
PINE’s rating in national scale, to National Long-Term Rating to
brAA from brA (three notches) 'A+(bra)' from 'A(bra)'
Viability rating upgraded to 'bb'
On August 23rd, 2011: from 'bb-'
Local currency rating, to brA from Banco Pine S.A. USD 125 million
brA- Subordinated notes to 'B+' from 'B'
Reaffirmed the Rating in foreign
currency in BB-
Revision from PINE’s outlook to
positive
The agency based its ratings on the strong Fitch attributed this upgrade to the Moody's explained that the positive outlook
asset-quality, adequate liquidity, capital, and diversification of PINE's funding profile and its reflects PINE’s profitability through a well-
earnings. S&P also emphasizes the gradual good assets and liabilities management, executed strategy, and which has ensured
funding diversification, through foreign provided by the adequate match of the credit earnings recurrence. The rating action also
issuances, securitizations, and the recent and funding books. In addition, the Agency captures the bank's improved funding
capital increase subscribed by DEG. considered that the positive liquidity gap diversification, well managed asset quality
allied with the good cash position evidences metrics and its good liquidity and capital
the Bank's overall solid financial strength. management.
According to the Agency, the Bank’s continued
increase in fee income, mainly due to higher
product penetration, is a good indicator of the
successful maintenance of profitability levels.
Investor Relations | 3Q12 | 14/33
16. 3Q12 Events and Highlights
US$30 million, 7-year funding transaction with the Global Climate Partnership Fund (GCPF), fund backed
by the German Government with the KFW Bankengruppe, the Government of Denmark and IFC, and
managed by Deutsche Bank.
Approval by the Central Bank of the first phase of the capital increase in the amount of R$139.6 million.
Amount already incorporated into shareholders´equity.
Positive revenue contributions from all business lines in 9M12: 60.2% from Corporate Credit, 17.6% from
Hedging Desk, 11.2% from Treasury and 11.0% from PINE Investimentos, which continues to demonstrate
the recurring nature of these revenue streams.
Positive liquidity gap maintained for over 10 quarters: 14 months for credit versus 16 months for funding.
Highly liquid balance sheet, with a strong cash position of R$1.4 billion, or 41% of time deposits.
Nominated by the International Finance Corporation (IFC), as the best issuing bank, in recognition of
Pine´s support of the energy efficiency sector.
Ranked amongst the 15 largest players in the CETIP derivatives ranking, and 2nd largest in commodity
derivatives.
9th largest bank in Brazil in offering credit to large corporates, 15th in credit to companies, and 5th in
wealth generated per employee, according to the “Melhores e Maiores” ranking compiled by Exame
magazine.
Investor Relations | 3Q12 | 16/33
17. 3Q12 Financial Highlights
The main performance indicators continued to show positive development in the period…
R$ Millions
Total Credit Risk1 Total Funding Shareholders' Equity
8.3% 7.6%
23.8%
6,725
1,216
6,875 7,444 6,248
982
Sept-11 Sept-12 Sept -11 Sept -12 Sept-11 Sept-12
Fee Income Net Income ROAE
170 bps
23.7% 19.0%2
86.7%
28 38 47 17.3% 17.7%
15
3Q11 3Q12 3Q11 3Q12 3Q11 3Q12
¹ Includes Letters of Credit to be used, Bank Guarantees, Credit Securities to be Received, and Private Securities (bonds, DRIs, eurobond,s and fund shares)
2 Excludes capital increase of R$139.6 million incorporated into shareholders´equity
Investor Relations | 3Q12 | 17/33
18. Product and Revenue Diversification
...with contributions from all business lines, fruits of the strategy of complete service to clients.
Clients with more than one Product Penetration Ratio – Clients with more than one Product
More than 1 product 1 product
2.9
41% 40% 37%
2.8 2.8
59% 60% 63%
Sept-10 Sept-11 Sept-12 Sept-10 Sept-11 Sept-12
Revenue Mix
9M11 9M12
PINE
Investimentos
11.0%
PINE Corporate
Investimentos Credit
3.9% 65.9%
Treasury Treasury Corporate
4.9% 11.2% Credit
60.2%
FICC FICC
25.3% 17.6%
Investor Relations | 3Q12 | 18/33
19. Loan Portfolio1
The portfolio has maintained its product distribution…
R$ millions
7,641 7,444
7,426
7,063 64 47
6,875 81
6,545 100 Retail
124 1,021
1,154 942
6,033 6,057 190 782
756
5,613 230
269 772 Trade finance
622 1,599 1,699
336 533 1,687 1,684
1,534
555 1,372
1,022 1,117
822 Guarantees
827 800
883
881 883
846 881 912 670
644 279 325 386 783
4 BNDES Onlending
75 172
Private Securities
3,251 3,358 3,132 3,126 3,300 3,286 3,370 3,332 3,174
Working Capital
Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
¹ Includes Letters of Credit to be used, Bank Guarantees, Credit Securities to be Received, and Private Securities (bonds, DRIs, eurobonds, and fund shares)
Investor Relations | 3Q12 | 19/33
21. Active Loan Portfolio Management
3Q12 2Q12
Others Others; 9%
Construction 9% Telecom
Financial Material Sugar and Ethanol 2%
Meatpacking; 2% Sugar and Ethanol;
Institutions 2% 16% 19%
2% Financial
Chemicals Institutions; 2%
2%
Chemicals; 3%
Telecom
2%
Food Industry; 3%
Food Industry
3% Construction
12% Metal and Mining; 3% Construction
Beverages and
10%
Tobacco Beverages and
3% Tobacco; 4%
Vehicles and Parts Vehicles and Parts;
4% 4%
Electric and Electric and
Metal and Mining Specialized Services; Renewable Energy;
4% Renewable Energy 4% 9%
10%
Specialized
Transportation and
Services Lo gistics; 5%
4% Foreign Trade Agriculture Agriculture; 9%
6% 9% Foreign Trade; 5%
Transportation Infrastructure Infrastructure; 7%
and Logistics 6%
6%
Reduction of exposure to the Sugar and Ethanol sector, from 19% to 16%;
Increased participation in other sectors such as Electric and Renewable Energy, Transportation and Logistics,
Foreign Trade;
Reshuffle of the 20 largest clients in approximately 25%;
Reduced relative participation of the top 20 clients when compared to shareholders equity by 6%, or 17% when
considering the capital increase; and
20 largest clients represented 27% of the total portfolio.
Investor Relations | 3Q12 | 21/33
23. Asset & Liability Management
... presenting a positive gap between credit and funding.
Matching of Transactions
Loan / Total Funding
CREDIT FUNDING 80% 81%
76% 76%
73%
BNDES BNDES
Trade Finance Trade Finance
Deposits
Working Capital, Private
Financial Bills
Securities1 And Cash
Intl. Funding
1 Includes debentures, CRIs, eurobonds, and fund shares
Sept-11 Dez-11 Mar-12 Jun-12 Sept-12
ALM Deposits vs. Total Funding
R$ Millions R$ Millions
Credit Funding 6,248 6,933 6,725
2,947
2,165 2,155 41% 45% 46%
1,739 1,679 Others
1,363
957 Total
Deposits
494
59% 55% 54%
33 118 162
-
No maturity Up to 3 From 3 to 12 From 1 to 3 From 3 to 5 More than 5
months months years years years
Sept-11 Jun-11 Sept-12
Investor Relations | 3Q12 | 23/33
24. Capital Adequacy Ratio (BIS)
BIS ratio reached 17.0%.
Tier II Tier I
Minimum Capital Requirement (11%)
19.6%
18.4% 18.5%
17.4% 17.1% 17.0%
16.6% 16.4% 15.9%
4.5%
3.6% 4.2%
3.6% 3.7% 3.4% 3.0%
3.1% 3.3%
14.8% 15.1% 14.3% 14.0%
13.8% 13.4% 13.2% 13.3% 12.6%
Sept -10 Dec -10 Mar - 11 Jun -11 Sept -11 Dec -11 Mar -12 Jun - 12 Sept -12
R$ million BIS Ratio(%)
Tier I 1,210 14.0%
Tier II 256 3.0%
Total 1,466 17.0%
Investor Relations | 3Q12 | 24/33
25. Capital Increase
Central Bank approved the capital increase announced in August 2012.
The capital increase resulted in the issuance of 6,558,123 common shares in the amount of R$93,649,996.44,
and 3,220,203 preferred shares, totaling R$45,984,498.84, at a unit price of R$14.28.
Summary
Total of R$139.6 million
Total Shares Subscribed: 6,558,123 common shares and 3,220,203 preferred shares:
2,100,839 by DEG;
519,577 by Management;
587,732 by minorities; and
12,055 left overs subscribed by minority shareholders.
With the aproval of the Central Bank, the shareholders´ structure is as follows:
Common Preferred Total %
Controlling Shareholder 58,444,889 15,595,863 74,040,752 68.2%
Management - 5,923,784 5,923,784 5.5%
Free Float - 28,271,724 28,271,724 26.0%
Individuals - 2,734,411 2,734,411 2.5%
Institutional Investors - 11,330,025 11,330,025 10.4%
DEG - 5,005,067 5,005,067 4.6%
Foreign Investors - 9,202,221 9,202,221 8.5%
Treasury - 394,840 394,840 0.4%
Total 58,444,889 50,186,211 108,631,100 100.0%
For managerial purposes, minority shareholders were considered individuals.
Investor Relations | 3Q12 | 25/33
27. Management Structure
Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy, speeding the decision
making process.
BOARD
Noberto Pinheiro Noberto Pinheiro Jr Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega Antonio Hermann
Chairman Vice Chairman Independent External Independent Independent
Director Director Director Director
EXTERNAL AUDIT INTERNAL AUDIT COMPENSATION
AUDIT COMMITTEE
PWC Tikara Yoneya COMMITTEE
CEO
Noberto N. Pinheiro Junior
HUMAN RESOURCES
Sidney Vilhena
COO CRO CAO CFO
Norberto Zaiet Gabriela Chiste Ulisses Alcantarilla Susana Waldeck
Origination Credit and F.I. Research Asset & Liabilities Back Controlling
Investment Banking Compliance & Internal Office Accounting
Sales & Trading Controls Legal Tax Planning
Research Macro / Credit, Market ,and Collaterals Management IT
Commodities Liquidity Risks Special Situations Accounts Payable
International Middle Office Office Management
Marketing
Investor Relations
Investor Relations | 3Q12 | 27/33
28. Corporate Governance
PINE commits to best corporate governance practices…
Three independent members and one external member on the Board of Directors
Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990
Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo Abril
Antonio Hermann: Former CEO of Banco Itamarati, Director at FEBRABAN and elected Director of
Brazilian Banking Association
Gustavo Junqueira: Former Head of PINE Investimentos, Member of the Board of Directors at
EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletrônica
São Paulo Stock Exchange (BM&FBovespa) Level 2 Corporate Governance
Audit and Compensation Committee reporting directly to the Board of Directors
100% tag along rights for all shareholders, including non-voting shares
Arbitration procedures for fast settlement of litigation cases
First Brazilian bank to release BR GAAP and IFRS quarterly
Investor Relations | 3Q12 | 28/33
29. Committees
…favoring collective decision making.
Main decisions are taken by committees: Board of Directors and a structure of specific committees
Non-stop exchange of knowledge, ideas, and information
Transparency
45 days BOARD OF DIRECTORS
RISK COMPENSATION AUDIT
COMMITTEE COMMITTEE COMMITTEE
45 days Bi-annually Monthly
CEO
COMMITTEES
ASSET & LIABILITY INTERNAL
INVESTMENT HUMAN PERFORMANCE
EXECUTIVE CREDIT COMMITTEE LITIGATION CONTROLS AND IT ETHICS
ALCO BANK RESOURCES EVALUATION
COMPLIANCE
Monthly Twice a week Weekly Weekly Bi-monthly Every 2 months Monthly Bi-monthly Quarterly On demand
Investor Relations | 3Q12 | 29/33
30. Dividends and Interest on Own Capital
PINE has delivered an attractive dividend yield paying dividends/interest on own capital on a quarterly
basis.
R$ millions
55
45
40 40
35 35
33
30 30
25 25
2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 3Q12
Investor Relations | 3Q12 | 30/33
32. Social Investment and Responsibility
PINE supports and promotes the Brazilian culture and sports
Culture
Social
Paulo von Poser: exhibit of the painter Paulo
Instituto Alfabetização Solidária von Poser, who is one of Brazil’s most prominent
Instituto Casa da Providência artists
Quebrando o Tabu: documentary based on the
Sports analysis from the former President of Brazil,
Fernando Henrique Cardoso, on the fight against
Minas Tênis Clube: training program for drugs
athletes
Além da Estrada: motion picture, which
received the award for best director in the 2010
Rio Festival
Most Green Bank
Recognized by the International Finance
Corporation (IFC), private agency programs of Responsible Credit
the World Bank as the most "green" bank as a “Lists of Exceptions”: the Bank does not finance
result of its transactions under the Global projects or those organizations that damage the
Trade Finance Program (GTFP) and its on environment, are involved in illegal labor
lending to companies focused on renewable practices or produce, sell or use products,
energy and ethanol substances or activities considered prejudicial to
society.
System of environmental monitoring, financed by
the IADB and coordinated by FGV, and internally-
Global Compact produced sustainability reports for corporate
PINE joined the Global Compact initiative in loans.
October 2012. The UN initiative mobilizes the
international business community to adopt
fundamental and internationally accepted
values in their business practices in the areas
of human rights, labor relations, environment
and combating corruption, which are reflected
in ten principles.
Investor Relations | 3Q12 | 32/33
33. Investor Relations
Noberto N. Pinheiro Júnior
CEO
Susana Waldeck Norberto Zaiet Junior
CFO / IRO COO
Raquel Varela
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Manager
Ana Lopes
Investor Relations Analyst
Fone: +55-11-3372-5343
www.pine.com/ir
ir@pine.com
This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such
are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy
(political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax
legislation) and therefore are subject to change without prior notice. Given that PINE is in quiet period because of the issuance of Financial Bills of its 2nd public issuance, we recommend that any potential
investor read in conjunction with this Press Release, the Final Prospectus (in particular the section "Risk Factors") and the documents incorporated by reference to it, such as PINE's Reference Form,
available on its website (www.pine.com/ir).
Investor Relations | 3Q12 | 33/33
