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CFA INSTITUTE

RESEARCH CHALLENGE

CFA SOCIETY OF PHILADELPHIA

KICKOFF LUNCHEON

Tuesday, November 6, 2012

3:00 PM

TODAY’S PRESENTERS

Kenn Lamson, CFA

Portfolio Analytics Consultant, Vanguard

“Research Challenge Overview”

Peter Maher, CFA

Analyst, Investments, The Board of Pensions of the Presbyterian Church U.S.A.

“Ethics and Code of Standards”

Timothy Hoyle, CFA

Vice President, Research, The Haverford Trust Company

“How to Write a Research Paper”

Tom Kelly

Senior Vice President, Crown Holdings (Subject Company)

“Company Overview”

2

Research Challenge Overview

Kenn Lamson, CFA

Portfolio Analytics Consultant

Vanguard

CFA SOCIETY OF PHILADELPHIA: A FOUNDING

MEMBER OF THE CFA INSTITUTE

4

Highlights:

• Started in 1943

• 2,000 Members

• 7th Largest North American

Society

• Provides a Variety of Social

and Educational Events

• CFA Prep Provider

Membership comprised of:

CFA Charter Holders

Adjunct Professionals

Students

THANK YOU TO OUR SPONSORS OF THE

RESEARCH CHALLENGE:

5

Contact: Wayne Pasternack

Phone: (212) 617 3606

E-mail: [email protected]

2012 GLOBAL CHAMPIONS

Thammasat University, Bangkok, Thailand

Representing the CFA Society Thailand

6

2012 CFAP RESEARCH CHALLENGE WINNER:

THE UNIVERSITY OF PENNSYLVANIA

7

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WHAT IS THE CFA INSTITUTE RESEARCH

CHALLENGE?

• How is it organized?

- Worldwide intercollegiate competition

between teams of students

- Organized through CFA member

societies

- At least 4 teams of 3-5 students

participate

• What does it involve?

- Analysis of a publicly-traded company

- Interviews with company management

- Mentoring by a CFA charter holder

- Research report writing

- Presentation of research

8

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2012 RESEARCH CHALLENGE NETWORK

9

2013 TOURNAMENT DIAGRAM

10

90+ LOCAL LEVEL CHALLENGES

AP

Regional

19 Teams

EMEA

Regional

25 Teams

Americas

Regional

48 Teams

New York

Regional

24 Teams

Global Final

2012 TOURNAMENT RESULTS

11

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BENEFITS FOR STUDENTS

• Best practices in research and report writing

• Real-life learning experience as an Equity Analyst

• Access and exposure to leading industry professionals

• Professional report and experience to use on resume/CV and job interviews

• Experience presenting to top financial professionals

• Individual and team prizes

• Opportunity for travel

• Potential for media exposure

• Network of over 10,000 students and 2,500 volunteers worldwide

12

THERE ARE NINE PARTICIPATING TEAMS FROM THE

PHILADELPHIA REGION IN THIS YEAR’S RESEARCH

CHALLENGE:

13

University: Industry Mentor

Delaware State University Charlie DyReyes

Drexel University Michael Martorelli

Rider University Cynthia Jones

Scranton University Todd Sclanger

St. Joseph’s University Andre D’Amico

Villanova University Lee Grout

Temple University Edward Hickey

University of Pennsylvania Kelley McKee

Widener University Sorin Roibu

Thank you to our volunteer Industry Mentors for their involvement.

COMPETITION TIMELINE

14

Today Kick-Off

Next 10 days Preliminary Research

Register with CFA Institute

12/14/2012 1st Draft Due to Mentor

1/11/2013 Final Report Due

Interim Report Grading

2/21/2013 Local Final Presentations

3/21/2013 Regional Final

4/12/2013 Global Final

RULES OVERVIEW

• Each team consists of 3-5 students (undergraduate or graduate)

• Only one team may represent each university

• Students must be enrolled in the university they represent and registered for at least a part-time course load at the time of the kickoff meeting

• Reports and presentations must be the students’ original work

• Students may not have contact with the subject company outside of organized events

• Students may not enlist the help of any professionals other than the mentor or faculty advisor

• Mentors and faculty may NOT contact

the company

• Mentors, faculty, and subject company

may NOT provide material non-public

information

• Written reports must conform to the

guidelines set forth by CFA Institute

and include the cover and back pages

provided by CFA Institute

• Teams may not use props in their oral

presentations

• Students, mentors, and faculty must all

agree to abide by the CFA Institute

Code of Ethics and Standards of

Professional Conduct

15

ADVISOR AND MENTOR INVOLVEMENT

Faculty Advisor

• Insight and guidance on research

methods and tools as taught in

academia

• 10 hours maximum of productive

time

• Access to faculty for other projects

unrelated to the Research Challenge

is permitted

• All work must be the original work of

the students

Industry Mentor

• Insight and guidance on industry

practice

• 6 hours maximum of productive time

• Face to face or virtual

• Company management question

development

• Review first draft of research report

• Presentation development

assistance

16

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ETHICS RESOURCES

• Ethical Standards for Investment

Professionals: An Interactive Case-

Based Course

• Ethics Course Module 2: Standard

II—Integrity of Capital Markets


III—Duties to Clients


VI—Conflicts of Interest


VII—Responsibilities as a CFA

Institute Member or CFA Candidate

17

SAMPLE REPORT

18

REPORT SCORING

19

Section

Maximum

Points Comments

Research Report Evaluation Form

Business Description 5 Lack of sufficient information to support recommendation.

Industry Overview &

Competitive Positioning 15

Not a comprehensive understanding of the company's positioning and/or competitors. No

understanding of company's economic advantage, Overstated company's advantage - not

grounded in facts.

Investment Summary 20 Not logical. No or insufficient summary of salient points. Strategy is not grounded in financials.

Valuation 20 Method is flawed. Not substantiated with industry information.

Financial Analysis 20

Flawed assumptions. Too many errors in financial analysis. Financial analysis does not support

conclusion.

Investment Risks 15 Missed too many important risk items. Risk and conclusion are not logical.

Other Headings 5 Missed important information available.

Total 100

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PRESENTATION SCORING

20

OUR SUBJECT

COMPANY:

“Crown Holdings, Inc., through its subsidiaries, is a leading supplier of

packaging products to consumer marketing companies around the world.

World headquarters are located in Philadelphia, PA.”

www.crowncork.com

Thank you to Crown Holdings for its participation in the Research Challenge!

21

INTERACTING WITH CROWN HOLDINGS

22

• Designated officers ONLY

• Organized communications ONLY

• Industry mentor or faculty advisor

must be present for all student-

subject company interactions

• Students may contact and survey

company suppliers, customers,

vendors, etc.

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WHERE TO BEGIN

• Visit the CFA Institute Research Challenge website: www.researchchallenge.org

- Register for the competition

- Peruse educational materials selected specifically for participants

- Watch videos of past presentations

- View past reports from winning teams

• Communicate with your assigned mentor

• Check the CFA Institute website for a timeline of the competition

23

http://www.researchchallenge.org/

Ethics & Code of Standards

Peter Maher, CFA

Analyst, Investments

The Board of Pensions of the Presbyterian

Church U.S.A.

CODE OF ETHICS

• Act with integrity, competence, diligence,

respect, and in an ethical manner—public,

clients, prospects, employers, employees,

colleagues.

• Integrity of investment profession and client

interests above personal interests.

•Reasonable care, independent professional

judgment when conducting analysis, making

recommendations, taking investment actions,

and in other professional activities.

• Practice, encourage others…in a professional,

ethical manner…reflect credit on themselves

and profession.

CODE OF ETHICS

• Promote integrity; uphold rules governing

capital markets.

• Maintain, improve professional competence,

and strive to do the same for other investment

professionals.

CODE OF ETHICS

STANDARDS OF

PROFESSIONAL CONDUCT

I. Professionalism

II. Integrity of Capital Markets

III. Duties to Clients

IV. Duties to Employers

V. Investment Analysis, Recommendations,

and Actions

VI. Conflicts of Interest

VII. Responsibilities as a CFA Institute Member

or CFA Candidate

ETHICS

• Professionalism:

- Knowledge of the law

- Independence and Objectivity

- Misrepresentation

- Misconduct

ETHICS

• Integrity of Capital Markets:

- Material Nonpublic information

- Market Manipulation

ETHICS

• Duties to Clients:

- Loyalty, Prudence and Care

- Fair Dealing

- Suitability

- Performance Presentation

- Preservation of Confidentiality

ETHICS

•Duties to Employers:

-Loyalty

-Additional Compensation Arrangements

-Responsibilities of Supervisors

ETHICS

• Investment Analysis, Recommendations,

Actions:

- Diligence and Reasonable Basis

- Communication with Clients

- Record Retention

ETHICS

- Conflicts of Interest:

- Disclosure of Conflicts

- Priority of Transactions

- Referral Fees

ETHICS

• Responsibilities of CFA Members and

Candidates:

- Conduct of Members and Candidates

- Reference to the designation

How to Write an

Equity Research

Report

Timothy Hoyle, CFA

Vice President, Research

The Haverford Trust Company

PURPOSE OF A RESEARCH REPORT

• What is the purpose of a research report?

- Provide...

- Relevant content

- Unique insight and perspective

... that will enable the reader to make an improved decision

• What is it not?

- Data dump

- Value the reader’s time; use your space thoughtfully

- More is not better... better is better. Data should be useful and easy to read

- Inaccurate

- You want conviction... but where possible let facts do the heavy lifting.

- Don’t publish misleading information; seek economic truth!

KEY ELEMENTS OF A REPORT

• Investment Summary

• Business Description

• Industry Overview

• Competitive Positioning

• Financial Analysis & Trends

• Valuation - Methods and Model Assumptions

• Investment Merits and Risks

• Other Relevant Topics

INVESTMENT SUMMARY (20PTS)

• In a handful of bullets, describe:

- the key tenets of the investment thesis;

- fair value and the expected return

- the company’s business model;

- the key risks to shareholders;

BUSINESS DESCRIPTION (5PTS)

• Reader should get a brief intro - What do they do?

- How do they make money (manufacturer, brand franchise, professional service, distributor, risk transfer, innovation, etc.)

- Changes in business mix/profile?

- Who are their customers? - Business, consumer, government, etc.

- How do they reach their customers? - Brick and mortar, direct sales, internet, catalog, etc.

- Where do they operate? - Domestic, international (developed countries, emerging markets), etc.

• Other - Major segments - Financial profile (growth rates, margins, leverage, cash flow) - Major recent developments worth mentioning

INDUSTRY & COMPETITIVE OVERVIEW (15PTS)

• Target addressable market(s) - Current and future growth rates - Industry life cycle

• Market characteristics - Monopoly, Duopoly, Oligopoly - Global, regional, or local marketplace

• Key industry demand drivers

- End markets - Secular vs. cyclical trends

• Industry trends

- Globalization - Consolidation - Regulatory oversight

COMPETITIVE POSITIONING

• What differentiates competitors? - Cost structure, scale, product/service quality, technology, intellectual

capital (human, patents), customer relationship, geography, etc.

• Porter’s Five Forces... he was onto something! - Rivalry – industry structure, S/D dynamics, fixed vs variable costs, exit barriers

- New entrants – barriers to entry (scale, capex, patents, product differentiation, etc)

- Substitutes – switching cost, relative price and quality

- Buyer power – concentration, product differentiation, integration threat, switching

cost, co-dependence

- Supplier power – similar to buyer power... • Market share

- Market participants’ market share

- Historical and projected gains/losses

FINANCIAL ANALYSIS (20PTS)

• Historical and Projected IS / BS / CFS

- Margins (gross, EBITDA, EBIT, net, etc.) and growth rates

- ROA / ROE / ROIC

- Cash flow (OCF, FCF; per share and margin) - Sources (OCF, divestitures, share/debt issuance, etc) and Uses (Divvy, share/debt

repo, acquisitions, capex) of cash - Working Capital (cash conversion cycle; % of sales)

- Leverage (D/EBITDA, DTC, etc.)

- Capital requirements & Liquidity

- Current/quick/cash ratio; covenants and debt maturity schedule

- Appreciate the difference between liquidity and leverage! - Other industry specific metrics

• Compare relevant metrics to competitors

FINANCIAL ANALYSIS & TRENDS - TIPS

• Projected IS / BS / CFS should tie together

• Make sure you don’t have runaway metrics - Projections should make economic sense

• Don’t be mechanical; customize your analysis to the

specific company and industry

• Don’t take this section lightly! - Easy to mess up

- Should be consistent with your qualitative assessment

- Ultimately drives your valuation and recommendation

VALUATION (20PTS)

• Valuation is an art, not a science...

• Discounted cash flow

- Growth and margin assumptions

- Terminal value and discount rate

• Multiples (P/E, P/FCFE, EV/FCFF, EV/EBITDA, EV/EBIT, EV/S)

- User beware

- When using multiples you implicitly accept historical multiples as an accurate assessment of value

- Underlying a multiple is math... make sure it works and understand the logic

- Peers (make sure similar attributes)

- Transactions (make sure similar attributes)

- Historical (make sure the company hasn’t changed)

- Market

MODEL ASSUMPTIONS & RISKS

• Garbage-in, garbage-out

• DCF model assumptions - Margin assumptions

- Revenue drivers, bottom-up where possible - Cost drivers, bottom-up where possible

- Discount rate - Long-term growth rate; forever is a long time... be conservative - WACC/FCFF or Ke/FCFE

- Terminal value - Be careful - “Similar to the Hubble telescope... move an inch and you’re in a new galaxy”

- Sensitivity Analysis (Bull, Base & Bear Scenarios)

• Risks to estimates - Micro misses – fundamental economics of business change, industry landscape

changes, balance sheet impairs equity owners

- Macro misses – recession, interest rates, inflation, etc.

INVESTMENT MERITS

• What attributes make this a good investment?*

- Favorable fundamental attributes

- Strong market position, pricing power, strong brand, favorable outlook

- Attractive industry landscape

- Barriers to entry, rational competitors, secular tailwinds

- Balance sheet flexibility

- Attractive valuation

- Good capital allocators

- Favorable ST/LT outlook

* Assumes a buy recommendation

INVESTMENT RISKS (15PTS)

• There are literally pages of risks listed in the 10-k

• Ask yourself... what could go wrong?

- Company specific

- Customer/supplier concentration, cost inflation, loss of key product,

substitution, balance sheet deterioration, headline risks

- Industry specific

- Increasing competitive landscape, unfavorable regulatory changes

- Macro environment

- Recession, interest rates, inflation, currency

OTHER POTENTIAL HEADINGS (5PTS)

• Management summary - Executive profiles, recent changes, proxy statement

• Ownership summary - Top shareholders, institutional ownership, insider ownership

• Recent business initiatives / developments - New business segment, marketing and/or product strategy

- Acquisitions or divestitures

- Not always good... headline risk, manufacturing problems, regulatory

changes, etc.

• Recent balance sheet changes - Changes in capital structure, changes in debt or equity

TIPS

• Start early

• Asking why, why, why during due diligence will lead to a happy place

• Utilize publically available resources of co. and peers

- SEC filings: 10-K, 8-K, 10-Q

- Company website(s) and presentations

- Industry associations

• Double check your facts

• List your data source

• Edit multiple times

• Get it reviewed and incorporate the feedback

Company Overview

Tom Kelly

Senior Vice President, Crown

Holdings

52

THE COMPANY

• Corporate headquarters in NE Philadelphia

• 134 plants in 41 countries

• 21,000 employees

• $8.6 billion in 2011 revenue

53

BEVERAGE CANS

• 50 billion beverage cans in 2011 – 1 in every 5 in the world

• About 50% of the business

• Major brand name customers

• Technology – ends, sizes, shaping

• CSD , Craft beer , Energy

54

FOOD CANS

• 14 billion food cans in 2011

• About 30% of the business

• Pet food, fruits and vegetables, soups – volumes stabilized

• Technology – ends, shaping

55

OTHER PRODUCTS

Aerosol Cans

• Discretionary

• Sensitive to economy

Specialty Cans

• Consumer

• Industrial

• Food

Closures

5% each

56

HISTORY

• Crown is over 100 years old

• Pre-1990’s – steady, consistent

• 1990’s – Acquisitions

1985 - $1.5 billion in revenue

1996 - $8.3 billion in revenue

• 2000/2001 – Crisis

• 2000’s

Refinancings

Divestitures

• Now

Oligopoly business

Emerging market growth

Strong cash flow

Sustainability

57

STOCK PERFORMANCE

0

10

20

30

40

50

60

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Acquisition

Balance sheet

Asbestos/ Credit rating

Refinancing/Divestitures

Emerging markets

Cash flow EM

58

SUSTAINABILITY By the numbers:

• Aluminum can recycling rates

- U.S. – 65%

- EU – 64% (Sweden 90%, Switzerland 91%)

- Japan – 93%

- China – 99.5%

• Recycling versus primary products

- Aluminum – 95% energy savings

- Steel – 74% energy savings

• 75% of all primary aluminum produced in

the last 150 years is still in use.

• A beverage can goes through the cycle 6 times a year.

74%

95%

75%

59

LIGHTWEIGHTING

The weight of aluminum cans has been reduced

30% over the past 35 years.

Steel packaging weighs 40% less than 30 years

ago.

30%

40%

Investor Presentation

November 5, 2012

61

NOTES TO INVESTORS

Except for historical information, all other information in this presentation consists of forward-looking statements within the meaning of federal securities law. These forward-looking statements involve a number of risks, uncertainties and other factors, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2011 and in subsequent filings. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

Adjusted EBITDA, adjusted EPS, segment income, free cash flow and net debt are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for net income, cash flow or total debt data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. Adjusted EBITDA, adjusted EPS, segment income, free cash flow and net debt are derived from the Company's Consolidated Statements of Operations and Cash Flows and Consolidated Balance Sheets, respectively, and reconciliations to non-GAAP measures, including adjusted EBITDA, adjusted EPS, segment income, free cash flow and net debt, can be found in the "For Investors" section of the Company's website at www.crowncork.com

http://www.crowncork.com/

62

2011 SUMMARY

Total Net Sales - $8.6 Billion

2011 Highlights

Adjusted EPS up 25% to $2.81 ($2.24 in 2010)

Adjusted EBITDA $1,129 million ($1,042 in 2010)

Global beverage can volumes up 9%

More than $280 million capital for emerging market

capacity expansion

Repurchased $312 million of Company stock

Repurchased $202 million of non-controlling interests

134 plants

41 countries

20,700 employees

Asia

$862

European

Specialty

$434

European Food

$1,999

European

Beverage

$1,669

North American

Food

$889

Americas

Beverage

$2,273

Aerosol

$431

Other

$87

63

SALES BY REGION

( ) = number of plants Plants by product

Beverage 48

Food 60

Specialty Packaging 16

Aerosols & Other 10

134

$3.3

$2.8

$2.5

Latin

America (10)

Eastern

Europe/

Africa

(13)

2011 Sales $8.6 Billion 2011 Rest of World $2.5 Billion

$0.9

Rest of

World (43)

29%

US/Canada (36)

33%

Western Europe (55)

38%

$0.6

$0.4

$0.6

Asia (15)

Middle East (5)

64

($ in millions)

12/11 12/10

2012 2011 2010 Change Change

Net sales 4,131$ 4,163$ 3,787$ (0.8%) 9.1%

Segment income 431 461 391 (6.5%) 10.2%

% margin 10.4% 11.1% 10.3%

Adjusted EBITDA 518 546 479 (5.1%) 8.1%

% margin 12.5% 13.1% 12.6%

Earnings per share, ongoing operations $1.30 $1.32 $0.97 (1.5%) 34.0%

Total net debt $3,561 $3,330 $2,567

Net debt/Adj EBITDA 3.2x 3.0x 2.6x

Adj EBITDA/Interest Expense 4.8x 4.9x 4.6x

For the six months ended

June 30,

FINANCIALS - 2012

Beverage can volumes up 6%

Sales FX ($137) in 2012

Segment income FX ($11) in 2012

Inventory holding gain $15-$20 in 2011

• See appendix for reconciliation from reported earnings per share.

65

FINANCIAL PERFORMANCE

$8,612$8,644

$7,941$7,938

$8,305

$7,728

$7,000

$7,500

$8,000

$8,500

$9,000

2007 2008 2009 2010 2011 LTM June

2012

Net Sales

($ in millions)

$923$953

$870

$812$808

$645

$500

$600

$700

$800

$900

$1,000

2007 2008 2009 2010 2011 LTM June

2012

Segment

Income

65

FX ($11)

Inv. Gains (17)

($28)

FX ($72)

66

FINANCIAL PERFORMANCE

$874

$1,024 $1,006 $1,042$1,129

$0

$300

$600

$900

$1,200

2007 2008 2009 2010 2011

Adjusted

EBITDA

($ in millions)

$333

$508

$612

$250

$353

$0

$150

$300

$450

$600

$750

2007 2008 2009 2010 2011

Free Cash

Flow

66

67

BRAZIL

Manaus

Estancia

Cabreuva

Ponta Grossa

68

CHINA

Xinjiang

Guangxi

Hubei

Gansu

Fujian

Shanxi Shandong

Sichuan

Yunnan

Henan

Zhejiang

Beijing

Shanghai Sichuan Xizang

Xinjiang

Qinghai

Gansu

Heilongjiang

Jilin

Chongqing

Guizhou

Liaoning

Jiangsu

Anhui

Jiangxi

Hunan

Neimongu Tianjin

Shaanxi

Ningxia

Hebei

White area = population 226 million

Green area = population 705 million

Red area = population 393 million

Guangdong

Hangzhou

Putian

Huizhou

Heshan

Ziyang

69

Malaysia

Singapore

Vietnam Thailand

Laos

Cambodia

SOUTHEAST ASIA

Beverage Existing Plants

Beverage

under construction

Food/Aerosol

Haadyai

Danang

Hanoi

Dong Nai

Ho Chi Minh

Bangi

Phnom Penh

Bangkok

Sihanoukville

70

SUMMARY OF BEVERAGE CAN CAPACITY

ADDITIONS Announced capacity additions and estimated start dates are shown below. Capacity additions total 13 billion cans. Sixteen (16) new

production lines and two (2) line expansions across nine (9) new plants and existing plants.

Vietnam – Ho Chi Minh line 2 4Q 2010 600 million

Turkey – Izmit expansion 1Q 2011 350 million

Brazil – Ponta Grossa line 1 1Q 2011 900 million

Brazil – Ponta Grossa line 2 2Q 2011 900 million

Slovakia line 2 2Q 2011 750 million

Brazil – Estancia line 2 2Q 2011 900 million

China – Hangzhou (Zhejiang) 2Q 2011 600 million

Cambodia – Phnom Penh line 2 4Q 2011 700 million

China – Putian (Fujian) 1Q 2012 700 million

China – Ziyang (Sichuan) 2Q 2012 700 million

Vietnam – Ho Chi Minh expansion 2Q 2012 700 million

Turkey – Osmaniye 2Q 2012 700 million

China – Heshan (Guangdong) 3Q 2012 700 million 9.2 billion

Malaysia – Bangi line 2 1Q 2013 700 million

China – Putian line 2 (Fujian) 2Q 2013 700 million

Vietnam – Danang 2Q 2013 750 million

Thailand – Bangkok 2Q 2013 700 million

Cambodia – Sihanoukville 3Q 2013 725 million 12.8 billion

* Crown sold 51 billion beverage cans globally in 2011.

70

71

CAPITAL SPENDING

$104 $100 $114 $110 $110

$75

$220

$287

$190$115

$40

$0

$100

$200

$300

$400

$500

Average from

2005-2009

2010 2011 2012 E 2013 E

Developed markets Emerging markets Insurance recovery

$179

$320

$401

$340

$225

72

USES OF CASH (2010 THROUGH 2012) ($ in millions)

$320 $300

$255 $250

$817

$371

$1,021

$401

$312

$202

$169

$0

$500

$1,000

$1,500

$2,000

$2,500

2010 2011 2012E Total E

Capex Share Repurchases Acquire Noncontrolling Interests

Cash Flow Priorities

• Invest in our business

• Target growth

opportunities

• Ongoing cost reduction

programs

• Debt reduction

• Share repurchases

73

June 30, 2012

(US$ in Millions)

Note: Excludes receivables securitization ($130) and miscellaneous other indebtedness ($282).

Debt Maturity Profile

$414

$700$633

$400

$627

$135

TA

$90$45

$335

RCF

$0

$500

$1,000

$1,500

2011 2012 2013 2014 2015 2016 2017 2018 2021 2026/96

$470

74

QUESTIONS?

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