: Good morning, David.
Page 3 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
: Good morning, Guy: First question is, should we interpret your comment in the release that illiquid assets generally continue to decline in value in the first quarter to mean that very little of the SIC revenue in the quarter was the result of just reversal negative marks in the prior four months? : Yes, that's correct. I mean, you saw that we had another $800 million of writedowns on commercial real estate loans. You know, there were very little in reversal and virtually nothing in reversal of marks on illiquid assets. In fact, they continued to go the other way.: Sort of a related question. Did you a thorough press call on the AIG relationship and the payments you received from them after the bailout of AIG. These results have some people asking me if I think that some of these revenues reflect recoveries on marks in the prior periods relate to some of those positions.
How would you respond when you are asked that question? : First of all, virtually all of those cash flows, which as you know w ere just cash flows, they had nothing to do with the P/L and in fact, most of them w ere value-for-value cash flows, most of those took place before the end of the year. The main lane transactions were unwound before the end of the year. I would say our P/L related to AIG in the first quarter rounded to zero.: Okay, that's helpful, thanks. You mentioned the 800 million of CRE finance losses. I guess on some combination of whole loans and CMBS, you specifically say that excludes hedges and we know that the CMBX performance was generally pretty negative. So it would seem a good deal of the loss might have been covered by hedges depending on how hedged you were. Can you give us a sense of your hedge coverage in CRE and what kind of offsetting gains those hedges might have produced? : Sure, you know, the stuff that was really directly tied to hedging those positions probably about $100 million, you know, plus or minus a little bit of positive. You know that did not include what we did in our normal CMBS trading business so just the, you know, direct hedges rounded to about $100 million of profit.: Okay, on the legacy position? : Yes. Right.: Okay. Maybe we can switch to the global core excess. You took that up to 163 billion. That's over a $50 billion increase. Can you talk a little bit about both how and why you decided to take it to that level? : Yeah. They're kind of related. It's still a dangerous environment and you know, as you know and you have heard us say many times there is nothing more important than liquidity. In this dangerous environment, it made sense to have a lot of liquidity from a defensive and offensive point of view, so you know to protect ourselves and also to take advantage of opportunities to buy illiquid assets if they came about. The environment in the first quarter was such that, you know, there were so many opportunities in truly liquid assets that there was no need to use liquidity to buy illiquid assets and there weren't a lot of good illiquid assets for sale. So it really both from a prudence point of view, it made sense to take it up. From an opportunity point of view, it made sense to take it up and the opportunities thoughout did not cause to us use any of it.: Got it. How come book value increased so little over the year-end figure?
You had in the last four months, you had net earnings of about $1.24 but the book value was only up I think about 14 cents. : This is complicated. I apologize in advance for going through something so technical. Led me do this so I can explain it to everybody. When we award compensation, we take the expense at the award price and the tax benefit at the award price. As equity based compensation is delivered, the firm is getting the price that is actually delivered. In prior years, when the price was higher than where the equity had been awarded, there was an additional tax benefit to Goldman Sachs that went to book value. It is not P/L. As long as you have prior credits, it goes to book value not to
Page 4 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
P/L. In this quarter, given what happened to our stock price over the course of the year, the equity that was delivered was delivered at a lower price than where it had been awarded. To use the round numbers, we delivered roughly 30 million shares at a price that on average was roughly $100 per share lower than where it had been awarded. So that would be $3 billion at roughly a one-third tax rate, would be roughly $1 billion or $2 per share in book value. So had it not been for that tax effect on our books, we would have had a $2 increase value. Sorry for going through the technical accounting, but that's the explanation.: That was a very crisp explanation of something that takes a lot longer to talk about. I appreciate it.
Operator Your next question comes from Howard Chen from Credit Suisse: Good morning. Thanks for taking my q uestions. First, a lot of interest on the sustainability of SIC revenues. I know it's a difficult question to answer. Could you provide any thoughts on how you you and the management team think about that over the near and intermediate term? : You know me well enough and everyone knows me well enough to know I would never use the words sustainability and revenues in the same sentence. You know, our revenues kind of start every day, but what I will tell you is that the revenues in SIC were very, very broad based. Y ou know, it's not like there was any individual position or any individual business. They were across the variety of rates business and currencies and commodities and credit and you know, mortgages excluding the commercial real estate loans and so it was very, very wisespread and while, you know, we clearly had the benefit of higher spreads, less competition. We also had the detriment of lower volumes and so the expectation would be that at some point there would be more capital in the market and so those spreads would narrow but that would likely come at a time when there would be higher volumes so you would have offsets. As I said, I can't tell you that we're going to have $6.6 billion every quarter, but I can tell you that if you go back in history and excluding really big writedowns in the fourth quarter of last year, we've had R50E8ly good SIC performance in almost any type of environment that you have seen. Whether it was high rates, low rates, strong dollar, weak dollar, high commodity prices, low commodity prices, you know, wide credit spreads and narrow credit spreads., we tended to have good performance across the board. While I can't give you sustainability across the board we can tell you that we have performed because of the breadth of that business.: That's helpful. Thanks. Maybe following up from a different angle, how do you think about resource-- allocating resources to a fixed income trading business that just, you know, blew away its previous quarterly record by over 40% by the way we look at it? : You know, we've talked a little bit about this in the past. We are resource allocation process is a pretty dynamic process. We look at allocating a whole variety of resources including capital, risk limits, balance sheet and people. And you know, it's not just based on how you've done. It's based on where you think the opportunities are going to be in the future. So you know, we'll continue to look at it. We will feed those places where we think we will have opportunities with all of those resources, and you know, grow those businesses where we think-- where we think it's appropriate.: Great, thanks. David, can you touch at all on the pacing of the March quarter and the profitability as we progress through January, February and March?
There's a lot of market commentary that March was more challenging for some and just curious to get your point of view. : Without being too spes pick you know, I would not put a lot of weight on, you know, a one-month versus another month. I would tell you that our revenues across the SIC businesses were pretty consistent across the quarter.: Thanks, and cleanup on the exposures David. Could you provide us a where marks and exposure levels stood in March versus November for the hot spots, commercial real estate, leveraged loans, residential real estate, ALT-A, subprime.
Page 5 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
: Let me give you a couple of those and anything I don't answer, ask he into if I haven't given what you need. The commercial real state, we had at the end of the quarter market value of-- round numbers I'll give you, about $8.5 billion and about $1.5 billion was CMBS security sots real loan portion was about $7 billion and our average mark across there was something in the high 50s. The residential real estate for us, we just have a trading position at this point. We have nonagency residential real estate
We have roughly $4 billion split equal, roughly equally between prime ALT-A and subprime, and that is really a trading position. You know, it's going to go up or down over the course of any quarter at this point. I wouldn't call them legacy. Our leveraged loans, from the $52 billion of legacy loans that we had at the end of the third quarter of '07 which is when the credit crisis really hit, we're down to a market value of about $2.3 billion. So the exposure there is pretty minimal this point and the average mark on that 2.3 billion is in the range of 50 cents.: Great. Thanks. I think you got them all. Net leverage during the quarter, any sense there and color on how that particularly fluctuated during the quarter? : Well, you know, the balance sheet ended at 925. The average balance sheet was somewhat higher. The gross leverage number was, I think, 14.7. I think I got that right. Yeah, 14.6, and the adjusted leverage was 8.4. So you know, still pretty conservative leverage numbers.: Great. Thanks and then on security servicing, you spoke to the gross revenues being particularly lower due to client AUM levels, could you touch on your thoughts of the profitability of that business as it's difficult to see that through the income statement? : You know, it is still a pretty high margin business. So you know, a lot of the security services revenue does kind of get through to the bottom line, but you know, clearly with the decline in hedge fund assets that business was slower in the quarter. And you know, I wouldn't expect it to grow at the rapid pace it had been growing. Hedge funds performed better in the first quarter than they certainly had. You know, it's still a very viable asset class. We still expect over time hedge funds to be, you know, important asset class people to invest in so we still from here expect that business to grow.: Great. Final one for me, and I apologize if I missed this in the prepared market. Can you qualify how much Alltel and Sanyo benefited in benefits in the quarter? : As you know, we don't disclose individual profitability profitability or losses on individual positions but I will tell you to remember we're a fair value firm. Alltel was pretty well marked at the end of the year last year so there was very little Alltel in the P/L and there was some but not a huge amount of Sanyo: Great. Thanks, David. Congrats on the quarter. : Thank you
Operator Your next question comes from Meredith Whitney with Meredith Whitney Advisory Group. Goompg. Too early this morning. : Sorry, Meredith: I'm back on caffeine. I had a few questions. One is a regurgitation of a prior question. When you look at the composition of the revenues this quarter, it looked different from the composition of revenues in the past three years. How do you size the business, not just allocation to one business, how do you size the larger business is the first question? : Look, and if I don't answer your question, tell me. I will try because I think I got it. Look, one of the things about our business and one of the advantages and we've talked about this is the breadth and diversity of our revenues and we
Page 6 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
don't expect that all of our businesses are going to be good at the same time. You know when that happens, it's great. You know, it happens some of the times and you know in the 2006-2007 timeframe, but it's unrealistic to think that's going to happen in all periods of time. What we want is a broad enough set of businesses that if some are weaker and some are stronger, and I think that's what you saw in the first quarter. Obviously, things that we'll call recession-sensitive businesses businesses so things like the merger business, equity underwriting business, security services, you know, things like that, anything equity volumes, we're operating in a more difficult environment and things that are not necessarily sensitive to, you know, volumes, things like many of the SIC businesses which as you have seen and I talked about before, we have been able to have good results in almost any environment because they're not directional businesses, performed extremely well. That's, you know, that's what we expect of our broad set of businesses. And so when we look at that, we try and see, you know, what are the right resources and we sometimes move the resources around. We size our business for our expectations going forward. As we sit here today, we think we have our businesses sized correctly. If the the world were to get a lot worse, then, you know, our business would be too big. If the w orld improved more rapidly than people think, we have to be out increasing our resources but from what we think going forward given the mix of businesses we think it is sized pretty w ell.: Okay. To add onto that, moving away from lender to facilitator, is it-- and I'm asking the same question again. Is it a different composition in terms of sizing of the business? : Not necessarily. I mean, the making of markets has been the key to our business for a very long time and w as the key to the business in the first quarter. I don't think it-- you know, although clearly there was a shift to m uch more liquid products in the first quarter and you know, more SIC than we have seen in some of the quarters, overall, it doesn't really change the size of the business.: Across the board, would you say your lending commitments came down in the quarter? : There were not a lot of new lending commitments made during the quarter. I would say that.: Okay, and then-: There were some, Meredith. You know, there were a few large transactions and you know, when our clients wanted it, we were there for them, but it w as not-- as you know, we're a corporate lender. We're not really a consumer lender. The corporate volumes were lower and so there weren't as many requests, but there were some.: Okay, and then lastly in terms of-- from your release, you had talked about how some of the volatility waned throughout the quarter and I'm trying to piece that with your cautious outlook and try to remember how cautious you were in prior quarters. Can you elaborate on the outlook? : You know me w ell, I'm always cautious. At the height of the markets, I'm cautious. It's kind of what I'm supposed to do there are headwinds still with values, asset values. I think those headwinds are less for us because we don't have that many anymore and you know they continue to decline, but there are still headwinds and that's what makes us cautious. Our economists are, I would say, more optimistic or less pessimistic than they've been about the outlook for the economies going into the second half of the year so that gives us, you know, some cause for optimism, but we're still in a difficult economic environment and that's what makes us cautious.: Thanks so much.
Operator Your next question comes from Chris Catowski with Oppenheimer: Good morning. I wonder if you can talk a little bit about your expectations for the timing of the repayment of the TARP fund and what guidance you've been given on that, and would you proceed with the equity offering in advanced having clarity on that issue, or would you hold that back?
Page 7 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
: So the guidance we've been given is the stress test is supposed to be completed around the end of this month. Other than that, all I can say is what I already said in my prepared remarks, which is after the completion of the stress assessment, if permitted by our supervisors and if supported by the results of the ves assessment, we'd like to use the capital we raised plus additional resources to redeem all of the TARP capital.: Second question, you announced earlier in the week a fund to purchase private equity commitments from other parties and roughly, what's your size of that commitment and overall, what should we be expecting in terms of your investing activity in private equity, both real estate and corporate? : That was a little bit old news. That was a fund that most of which had been raised earlier this. This was the final closing. That's one of our asset management funds which is really a client fund. It has very little of the firm's moneys. We're managing money on behalf of our clients. I think you probably saw it's called vintage fund 55. That's the fifth one we have done. We have done many of these in the past and it's to buy secondary interests in private equity funds. It's not to make primary private equity investments. It's to buy secondary interest in the private equity funds and as I said, most of those funds has been raised before. This was the last closing and they're reporting on our fund and in fact, part of that fund has been invested.: Any guidance you would give us on other expectations in terms of private investment activity going forward here for the next few quarters? : I think, clearly, there's not a lot of leverage available, I would expect the private equity investing activity to be pretty slow. There might be some opportunities that it will be certainly slower than we have seen in the last couple of years.: Okay, thank you. : You're welcome.
Operator And your next question comes from the client of keen Abu Hussein with J.P. Morgan: Good morning. I have a question regarding tier 1 capital change. Look act SEC basil 2 and fed basil 1, can you touch on why the capital movement has happened in tier 1 capital? : Yeah, this is the first carter we have reported basil 1. On basil 2, it was up a little bit. You know, not very much. It went from I think 15.6 to 16. It wasn't a very big movement. Basil 1 is the first quarter we actually calculated calculated it. Because, remember, we weren't a bank holding company so we didn't have to calculate basil 1 before. I actually can't tell you if there's been a lot of movement there because this is the first quarter we have done it.: On the absolute tier 1 capital number, it's low on the fed relative to SEC. Is there any change that you need to make, adjustments? : Yeah, well, first of all, remember, it is the first quarter we've ever done it. You know, it's based on different things so as we do that calculation more, I would expect those numbers fight get a little bit closer together, but regardless even that 13.7% number is a very, very high absolute basil 1 capital ratio, tier 1 capital ratio so we're extremely comfortable with where that is.: Moving from fed basil 1 to fed basil 2, I know it's a bit early, but can you touch on would you expect any material changes between basil 1, basil 2 in that respect? : I expect our basil 2 fed number would be close to our basil 2 number that we reported: Okay, and lastly, on opportunities you mentioned the flexibility of moving resources. Where do you see the opportunities if you take a slightly longer-term view and where are you shifting resources to?
Page 8 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
: Well, let me talk about the opportunities. Look, we continue to see opportunities right now in the very, very liquid products. So I don't think those opportunities are going away so fast. The other place we continue to look for opportunities is, you know, we have had a long history as being a good investor in distressed assets. We think there are a lot of distressed asset opportunities. So far, there haven't been many of those opportunities because, you know, sellers and buyers' prices have not yet come in line. We think that is likely to happen over the next several months, and so we think those opportunities are there, and we continue to look and think that certainly over the medium to long-term there will be very good opportunities outside the United States and especially in some of the brick countries and the emerging markets where maybe there's a pacing question in the near term but if you look out three to five years, we certainly expect those economies to grow quite rapidly and there to be good opportunities for Goldman Sachs: And do you see areas where you are taking resources out?
Can you talk about that as well? Or would you say that net-net resources will be significantly higher over the next two, three years? : Very hard to say. All I can say is right now, I think we're sized appropriately for where the business is, and you know, if the business begins to grow again, then I think we will need more resources and if it doesn't, then we w on't.: Great. Thank you very much. : You're welcome.
Operator Next question comes from Jeff Hart with Sandler O'Neill: Good morning. Nice number. : Thank you.: This has been touched on a couple times, but I keep looking at an excess liquidity pool of 164 billion which is 18% of assets. That seems like an awful lot of kind of capital to be parking and the reverse repo book and how much long do you hold to that much cash in the hopes that opportunities come up and how long are you hoping holding what should be a low-earning asset? : It is definitely a low-earning asset and it is definitely a drag on our asset and return on equity and I think in this environment, prudence is the better path, and so, you know, if the environment starts to get better, then we would need to hold less-- somewhat less liquidity, but we also might see opportunities to use it so you know, either we would use it or we would not hold as much if the environments are to get better, but in this environment, I think we would make the tradeoff of slightly lower earnings in ROE for the prudence of having the higher liquidity.: Okay and looking at the FIC number which was big, can you give us any kind of idea of how big some of gains or revenues might be from the positions that are not included in buyer, some things like principal strategies and I guess would be equities but the special situations group, things like that versus kind of your pure trading businesses? : As you know, we don't disclose individual business profitability, profitability, I would tell you, as we said, virtually all of the revenue was from very liquid, from trading, very liquid products. Very little in anything that was illiquid.: Okay, and finally, with very strong fixed income trading quarter, I was surprised to see brokerage and clearing activity be down expenses as much as they are?
Is that because of the equities business? Why do we have a low BCE number given how low activity was?
Page 9 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
: What drives that more than anything are equity volumes and equity volumes were really off across the board but especially outside of the United States. That's the main driver of BCE would be equity volumes: Okay, and I suppose finally, investment banking pipe lines are down, not a big surprise given the environment. Are you getting any kind of a sense from conversations with clients-- I mean, how bad is CEO confidence?
What do you think it takes to actually start seeing people want to start transacting again in kind of M&A and equity markets? : Let's separate them. I think over the last several weeks, you already started to see a pretty big pickup in Capital Markets activity. I can't tell you it will be sustained. Last week, I think-- I may have this a little wrong, but I think the number was 24 equity offerings last week which is the largest number we have seen in a very, very long time and this week while they're very small, there are two IPOs being done this week. I think it's the first time since the summer that we have seen two IPOs in the same week. So the capital market and even in the first quarter, we started to see a big pickup in investment grade offering. I think the Capital Markets activity is really starting to pick up and if the equity markets hold given the need many companies have for equity, I think you w ill see a pretty big pickup in Capital Markets activity. I think the merger business will take more time. You will need to see more sustained pickup in Equity in economic activity which will drive CEO confidence and drive the merger business. You have seen the occasional very large deal and it's the occasional very large deal as opposed to constant flow of billion dollar merger deals. I think there is a lot of dialogue but it's going to be a little while longer until the triggers get pulled on some of those deals but I think capital market activity can come back faster.: Thank you.
Operator Your next question comes from Lauren Smith with KBW: Hi. Good morning. Just a quick question or clarification, actually. actually. In your commentary about SIC, you said there was very little write-up or reversal of prior marks on assets, I just also want to clarify that there's nothing in the SIC number either that relates to your own CDS? : We had a loss of about $200 million on our own-- on CVA, on our own debt because our credit spreads tighten add cross the quarter.: Okay, 200 million. Great. Thanks. : That was a loss.: Loss, okay. Thanks. : You're welcome.
Operator Your next question comes from Steve with SVR.: Good morning, David. : Good morning, Steve.: Just real quick on interest expense, is this down by about half, quarter over quarter?
Was there any hedging gains involved in that number, or is that a result of fed funds at effectively zero right now?
Page 10 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
: I think, you know, it was more the absolute rates were down. You know, it's not a number that we focus on that much because and we do it for our P/L purposes and it's within our businesses because our assets turn over so quickly. When rates turn over what we earn on the asset sense is equally low. It was really just a function of the very, very low absolute rates: Got it. That's a relatively sustainable number until rates go back higher? : Yes.: Okay, and then just real quickly, on the VA R, it sounds as if the principal trading business, you know, less emphasis, agency businesses is probably a little bit higher this quarter. Maybe that characterization is wrong, correct me if I'm wrong F that is the case, you know, why would VAR be higher?
Can you help us conceptualize that a little bit? : It's really just volatility and movements in credit spreads. It's not position size.: Got it. Okay. Thank you. : You're welcome.
Operator And your final question is a follow-up from the line of guy Moszkowski with Merrill Lynch.: David, I just wanted to ask you going back to the the concept of the TARP repayment. Obviously it's understandable why you would want to do that, but what's the interaction of no longer being a TARP preferred recipient versus eligibility to participate in the FDIC's TLIP program?
Are they related? Really, does it matter to you at this point? : As far as we know, they're not tied together. There are participants in the FDIC guarantee program who do not have TARP capital today and we think that Congress has made it pretty clear that they're interested really in the equity investments in the firms that have received TARP capital and those things are not tide together. That's everything we know. As far as whether it's important, I mean, you know we've begun to issue unguaranteed debt. We'd like to continue to do that wh en opportunities are available for us.
You know, we think that our spreads will come in and we will continue to do. In the m eantime we have some capacity at the FDIC under pretty attractive spreads and we will continue to do when it's available, but we expect to continue to raise unguaranteed debt when it's available as well.: Great. Thanks very much for taking the follow-up question. : You're welcome, Guy.
Operator I would like to turn the conference back to Mr. Holmes for any closing remarks : thanks, everyone, for joining the call. If anyone has questions, feel free to reach out to me and I will be happy to answer it. Otherwise, have a nice day.
Operator
Page 11 of 12
Company Name: Goldman Sachs
Market Cap: 65,679.82
Company Ticker: GS US
Current PX: 130.15
Date: 2009-04-14
YTD Change($): +45.76
Event Description: Q1 2009 Earnings Call
YTD Change(%): +54.224
Bloomberg Estimates - EPS Current Quarter: 2.029 Current Year: 8.162 Bloomberg Estimates - Sales Current Quarter: 7566.273 Current Year: 29953.364
Ladies and gentlemen, this does conclude today's Goldman Sachs first quarter '09 financial results. You may now all disconnect. This transcript may not be 100 percent accurate and may contain misspellings and other inaccuracies. This transcript is provided "as is", without express or implied warranties of any kind. Bloomberg retains all rights to this transcript and provides it solely for your personal, non-commercial use. Bloomberg, its suppliers and third-party agents shall have no liability for errors in this transcript or for lost profits, losses, or direct, indirect, incidental, consequential, special or punitive damages in connection with the furnishing, performance or use of such transcript. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. Any opinion expressed in the transcript does not necessarily reflect the views of Bloomberg LP. © COPYRIGHT 2009, BLOOMBERG LP. All rights reserved. Any reproduction, redistribution or retransmission is expressly prohibited.
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