7/26/2019 2014 FPA q3 Crescent Webcast Final

1/28

A^E Frjsfjot Auo`A^EFR*

Pbdr` Uuertjr 50

Xjlfest ^rjsjotetdio

^rjsjotj` ly; Fiotrerdeo Qecuj Pjem

*Fbercjs Vfbwel Pdfgjr; A^F5[

7/26/2019 2014 FPA q3 Crescent Webcast Final

2/28

^bdcisipby

5

Xj jo`jevir ti privd`j, ivjr tbj cioh-tjrm, eo jqudty-cdgj rjturo wdtb cjss rdsgtbeo tbj stifg mergjt wbdcj evid`dohpjrmeojot dmpedrmjot ia fepdtec.

Xj sjjg ti d`jotday elsicutj vecuj ippirtuodtdjs efriss tbj fepdtec strufturj.

Pbjsj dovjstmjots typdfeccy dofcu`j fimmio eo` prjajrrj` stifg, fiovjrtdlcjsjfurdtdjs, firpiretj, bdhb ydjc`, eo` hivjromjot jlt. Perhjtj` sbirt sjccdoh dsusj` rj`ufj spjfdadf rdsg, eo` es e siurfj ia rjturo.

7/26/2019 2014 FPA q3 Crescent Webcast Final

3/28

Evjrehj Eoouec Pitec \jturos es ia Vjptjmljr 6>, 50 air A^E Frjsfjot5 Tjer, 5>.80% : Tjers, 55.% 5> Tjers, 2.:8%

* Viurfj; Mirodohster. Viurfj; Mirodohster. ^est pjrairmeofj ds oi huereotjj ia auturj rjsucts eo` furrjot pjrairmeofj mey lj bdhbjr ir ciwjr tbeo tbj pjrairmeofj sbiwo. Pbj rjturosbiwo ds et ojt essjt vecuj (OEQ) eo` `ijs oit rjacjft tbj `j`uftdio ia tbj secjs fberhj, wbdfb da rjacjftj`, wiuc` rj ufj tbj pjrairmeofj sbiwo. ^cjesj rjajr ti tbj lefg ia tbjprjsjotetdio air aucc `dsfcisurj doairmetdio. Pitec rjturo fecfucetdios erj lesj` io e $5>,>>> dovjstmjot. Pbds `ete rjprjsjots pest pjrairmeofj eo` dovjstirs sbiuc` uo`jrsteo` tbetdovjstmjot rjturos eo` prdofdpec vecujs acuftuetj, si tbet wbjo yiu rj`jjm yiur dovjstmjot dt mey lj wirtb mirj ir cjss tbeo dts irdhdoec fist. Furrjot miotb-jo` pjrairmeofj `ete mey ljiltedoj` ly feccdoh ticc-arjj, 5-2>>-42

7/26/2019 2014 FPA q3 Crescent Webcast Final

4/28

6

A^E Frjsfjot V&^ :>>

U6 50 ->.41% 5.56%

Fecjo`er TP@ 50 0.>.80% 54.86%

6 Tjers - Predcdoh 5:.>.>% 4.>-42

7/26/2019 2014 FPA q3 Crescent Webcast Final

5/28

A^E Frjsfjot wdoojrs eo` cisjrs air U6 50

0

Lesj` io wjdhbtj` fiotrdlutdio ti quertjrcy pjrairmeofj ia tbj Auo`.

*^isdtdio ipjoj` `urdoh tbj pjrdi`. **Vbirt pisdtdio.Es ia Vjptjmljr 6>, 50. ^irtaicdi fimpisdtdio wdcc fbeohj `uj ti iohidoh meoehjmjot ia tbj Auo`. \jajrjofjs ti spjfdadf sjfurdtdjs ir sjftirs sbiuc` oit lj fiostruj` es rjfimmjo`etdios lytbj Auo`, dts E`vdsir ir @dstrdlutir. Pbj `dsfussdios ia Auo` dovjstmjots rjprjsjot tbj vdjws ia tbj Auo`'s meoehjrs et tbj t dmj ia jefb rjpirt eo` erj sulkjft ti fbeohj wdtbiut oitdfj. Pbjsj vdjwsmey oit lj rjcdj` upio es dovjstmjot e`vdfj ir es eo do`dfetdio ia tre`doh dotjot io ljbeca ia eoy Adrst ^efdadf E`vdsirs pirtaicdi. Vjfurdty jxempcjs ajeturj` erj sempcjs air prjsjotetdio purpisjseo` erj dotjo`j` ti dccustretj iur dovjstmjot pbdcisipby eo` dts eppcdfetdio. Dt sbiuc` oit lj essumj` tbet mist rjfimmjo`etdios me`j do tbj auturj wdcc lj priadtelcj ir wdcc jquec tbj pjrairmeofj ia

tbj sjfurdtdjs.^est pjrairmeofj ds oit e huereotjj ia auturj rjsucts. ^cjesj rjajr ti tbj lefg ia tbj prjsjotetdio air aucc `dsfcisurj doairmetdio.

Xdoojrs ^ft. ia ^irtaicdi^jrairmeofjFiotrdlutdio

Cisjrs ^ft. ia ^irtaicdi^jrairmeofjFiotrdlutdio

Mdfrisiat 6.00% >.68% Iwjos Dccdoids >.84% ->..58% Oespjrs* 5.86% ->..52%

Fdtdhriup 5.8.51% Xechrjjo >.18% ->.51%

Ecfie 5.15% >.5

7/26/2019 2014 FPA q3 Crescent Webcast Final

6/28

A^E Frjsfjot pirtaicdi fbereftjrdstdfs

:

Viurfj; A^E eo` Mjccio5Air Frjsfjot Auo` sdofj 4/6>/5441, lesj` ioj jercdjst `ete. Mergjt fepdtecdzetdio ds tbj vecuj ia e firpiretdio es `jtjrmdoj` ly tbj mergjt prdfj ia dts dssuj` eo` iutsteo`doh

fimmio stifg. Dt ds fecfucetj` ly muctdpcydoh tbj oumljr ia iutsteo`doh sberjs ly tbj furrjot mergjt prdfj ia e sberj./5441 ,lesj` io jercdjst `ete.0Evjrehj sdofj 5

7/26/2019 2014 FPA q3 Crescent Webcast Final

7/28

A^E Frjsfjot eccifetdios*

1

\dsg Essjt Vjptjmljr 6>, 56 Vjptjmljr 6>, 50

Fimmio stifg, cioh :0.%

Mirthehjs (wbicj cieos) >.1% >.6%

Itbjr 5.0% 5.5%

Jxpisurj, Ojt :0.>% :0.1%

Oi. ia Jqudty ^isdtdios 08 :6

*^irtaicdi fimpisdtdio wdcc fbeohj `uj ti iohidoh meoehjmjot ia tbj Auo`. \jajrjofjs ti spjfdadf sjfurdtdjs ir sjftirs sbiuc` oit lj fiostruj` es rjfimmjo`etdios ly tbj Auo`, dts E`vdsir ir@dstrdlutir. Pbj `dsfussdios ia Auo` dovjstmjots rjprjsjot tbj vdjws ia tbj Auo`'s meoehjrs et tbj tdmj ia jefb rjpirt eo` erj sulkjft ti fbeohj wdtbiut oitdfj. Pbjsj vdjws mey oit lj rjcdj` upioes dovjstmjot e`vdfj ir es eo do`dfetdio ia tre`doh dotjot io ljbeca ia eoy Adrst ^efdadf E`vdsirs pirtaicdi. Vjfurdty jxempcjs ajeturj` erj sempcjs air prjsjotetdio purpisjs eo` erj dotjo`j` tidccustretj iur dovjstmjot pbdcisipby eo` dts eppcdfetdio. Dt sbiuc` oit lj essumj` tbet mist rjfimmjo`etdios me`j do tbj auturj wdcc lj priadtelcj ir wdcc jquec tbj pjrairmeofj ia tbj sjfurdtdjs.

7/26/2019 2014 FPA q3 Crescent Webcast Final

8/28

>

5

:

5>

5:

6:

0>

0:

:>

5225 54>5 545

5>-TjerZV

PrjesuryOitjs

^rdfj-Jerodo

hs\etdi

FE^J rdfj J5> \etdi Dotjrjst \etj

Bdstirdf ^/J retdi usdoh 5>-yjer evjrehj jerodohs

Viurfj; Vbdccjr, \iljrt K. Iocdoj @ete \iljrt Vbdccjr, jfio.yecj.j`u/~sbdccjr/`ete.btm, eo` Lciimljrh. @ete es ia Iftiljr 54, 50. ^/J ir prdfj-ti-jerodohs ds

e vecuetdio retdi ia e fimpeoys furrjot sberj prdfj fimperj` ti dts pjr-sberj jerodohs.

8

Ift. 54, 50 ^/J 5>-Tjer ZVP

Furrjot 54.0 1.2%

7/26/2019 2014 FPA q3 Crescent Webcast Final

9/28

Xby aicciw tbj ljjr do`ustry

2

Fiosicd`etj` Do`ustry/\jhdioec @uipicdjs

Jfioimdjs ia sfecj

Bdhb \IDF

Miets eriuo` yiur tbriets

Ciw prdvetj celjc pjojtretdio

Mi`jst vicumj hriwtb io hcilec lesds

Fesb hjojretdvj eo` elcj ti suppirt rjesioelcj cjvjrehj

\IDF ds rjturo io dovjstj` fepdtec, ir e fecfucetdio usj` ti essjss e fimpeoy's jaadfdjofy et eccifetdoh tbj fepdtec uo`jr dts fiotric ti priadtelcj dovjstmjots.Pbj rjturo io dovjstj` fepdtec mjesurj hdvjs e sjosj ia biw wjcc e fimpeoy ds usdoh dts miojy ti hjojretj rjturos.

7/26/2019 2014 FPA q3 Crescent Webcast Final

10/28

LjjrLdh 0

4

7/26/2019 2014 FPA q3 Crescent Webcast Final

11/28

Ljjr mergjt sberjvicumj 56

5>

Viurfj; Oimure, Fimpeoy `ete. Oitj oumljrs prjsjotj` mey oit e`` ti 5>>% `uj ti riuo`doh.

Itbjr

7/26/2019 2014 FPA q3 Crescent Webcast Final

12/28

Ldh 0 `imdoetj priadt piic56

55

7/26/2019 2014 FPA q3 Crescent Webcast Final

13/28

Ljvjrehjs do`ustry \IDF

55 FT>< FT>6 FT>0 FT>: FT>1 FT>8 FT>2 FT>4 FT5> FT55 FT5< FT56

Ldh 0 Lrjwjrs Evjrehj Pitec / Peohdlcj \IDF

Pitec \IDF Peohdlcj \IDF

Viurfj; Fimpeoy ete, Ljrostjdo. Peohdlcj \IDF ds rjturo io dovjstj` fepdtec, ir e fecfucetdio usj` ti essjss e fimpeoy's jaadfdjofy et eccifetdoh tbj

fepdtec uo`jr dts fiotric ti priadtelcj dovjstmjots. Pbj rjturo io dovjstj` fepdtec mjesurj hdvjs e sjosj ia biw wjcc e fimpeoy ds usdoh dts miojy tihjojretj rjturos. FT ds furrjot yjer.

7/26/2019 2014 FPA q3 Crescent Webcast Final

14/28

Do`ustry fiosicd`etdio

56

>.>%

5>.>%

.>%

6>.>%

0>.>%

:>.>%

1>.>%

>5 >4 56

Ldh 0 Hcilec Mergjt Vberj

Viurfj; Jurimiodtir

7/26/2019 2014 FPA q3 Crescent Webcast Final

15/28

JLDP merhdo do bdhbcy fiofjotretj` mergjts......

50

Viurfj; Mjrrdcc Cyofb, fimpeoy `ete. JLDP ds jerodohs ljairj dotjrjst eo` texjs.

7/26/2019 2014 FPA q3 Crescent Webcast Final

16/28

.......eo` do @uipicdstdf/cerhj sfecj mergjts

5:

Viurfj; Mjrrdcc Cyofb, fimpeoy ete.

7/26/2019 2014 FPA q3 Crescent Webcast Final

17/28

......Jvjo do wjeg mergjts 5>.>% JLDP merhdo

51

Merhdo

7/26/2019 2014 FPA q3 Crescent Webcast Final

18/28

Miets air yiur tbriet

58

7/26/2019 2014 FPA q3 Crescent Webcast Final

19/28

Ciw prdvetj celjc pjojtretdio

52

^rdvetjce

ljcpjojtretdio

(%)

7/26/2019 2014 FPA q3 Crescent Webcast Final

20/28

Ojtwirgdoh fepdtec % ia rjvjoujs

54

-5>.>%

-:.>%

>.>%

:.>%

5>.>%

5:.>%

>2 >4 5> 55 5< 56

ELD VELMdccjr Bjdojgjo Fercsljrh

Viurfj; LiaE Mjrrdcc Cyofb Hcilec \jsjerfb jstdmetjs.

7/26/2019 2014 FPA q3 Crescent Webcast Final

21/28

Mi`jst Fepjx@jvjcipj`/Jmjrhdoh mergjts

Oitj AT ds adsfec yjer eo` FT ds furrjot yjer.

7/26/2019 2014 FPA q3 Crescent Webcast Final

22/28

Qicumj hriwtb io hcilec lesds

7/26/2019 2014 FPA q3 Crescent Webcast Final

23/28

Xjstjro JuripjQicumjs `iwo/vecuj up

> ti rjprjsjot 5>> eo` `jpdft hriwtb ia sulsjqujot pjrdi`s. FEH\ds fimpiuo` eoouecdzj` hriwtb retj, ir tbj yjer-ivjr-yjer hriwtb retj ia eo dovjstmjot ivjr e spjfdadj` pjrdi` ia tdmj.

7/26/2019 2014 FPA q3 Crescent Webcast Final

24/28

Xjstjro Juripj JLDP merhdo fimperdsio

%

%

:.>%

5>.>%

5:.>%

.>%

%

ELD Bjdojgjo Fercsljrh

>: 56

Viurfj; V&^ Fepdtec DU

7/26/2019 2014 FPA q3 Crescent Webcast Final

25/28

Ljjr^cjesj sdr mey D bevj eoitbjr

Hrjetjst jfioimdjs ia sfecj/bdhbjst merhdos % \IDF

Cje`jr do wirc`s tbrjj cerhjst priadt piics ia ZV (02% m/s), Lrezdc (14% m/s), Mjxdfi

(:2% m/s)

Viurfj Mjrrdcc Cyofb, Feoe`jeo, D\D, fimpeoy `ete

Ljst FJI*

Ljst fepdtec eccifetdio*

Eo` tbjo tbjrjs Fercsljrh.....rjfjot purfbesj air tbj Auo` tbet ds cjss

quecdtetdvjcy ettreftdvj fimperj` ti EL Doljv, lut `jmiostrelcy fbjepjr.

\IDF ds rjturo io dovjstj` fepdtec, ir e fecfucetdio usj` ti essjss e fimpeoy's jaadfdjofy et eccifetdoh tbj fepdtec uo`jr dts fiotric ti priadtelcj dovjstmjots.

Pbj rjturo io dovjstj` fepdtec mjesurj hdvjs e sjosj ia biw wjcc e fimpeoy ds usdoh dts miojy ti hjojretj rjturos.Oitj m/s rjprjsjots mergjt sberj.*Lesj` io A^Es ipdodio.

7/26/2019 2014 FPA q3 Crescent Webcast Final

26/28

Air Dostdtutdioec Zsj Iocy/Oit air ^ulcdf Zsj

U & E

7/26/2019 2014 FPA q3 Crescent Webcast Final

27/28

-:%

>%

:%

5>%

5:%

%

%

6:%

0>%

0:%

:>%

5441 5448 5442 5444 >> >5 >< >6 >0 >: >1 >8 >2 >4 5> 55 5< 56 50

Es ia Vjptjmljr 6>, 50. Viurfj; Mirodohster @drjft.

FEH\ ds tbj Fimpiuo` Eoouec Hriwtb \etj es ia < yjers aicciwdoh tbj pjeg eo` triuhb. ^jegs dofcu`j evjrehj cdqud`dty et Merfb 65, 5448, Merfb 65, 5442,Merfb 65, >1 eo` Vjptjmljr 6>, >2. Pbj 56 pjeg wes oit dofcu`j` do tbj FEH\ fecfucetdio air tbj ojxt < yjers. Priuhbs dofcu`jevjrehj cdqud`dty et Kuoj 6>, 5441, Kuoj 6>, 5444 ,Vjptjmljr 6>, >5, Merfb 65, >6 eo` Vjptjmljr 6>, 5>.

^est pjrairmeofj ds oi huereotjj ia auturj rjsucts eo` furrjot pjrairmeofj mey lj bdhbjr ir ciw jr tbeo tbj pjrairmeofj sbiwo . Pbds ete

rjprjsjots pest pjrairmeofj eo` dovjstirs sbi uc` uo` jrsteo` tbet dovjstmjot rjturos eo` prdof dpec vecujs acuftuetj, si tbet wbjo yiu rj`jjm

yiur dov jstmjot dt mey lj wirtb m irj ir cjss tbeo dts irdhdoec fist. Furrjot miotb -jo` pjrairmeofj ete mey lj iltedoj` ly fec c doh tic c-arjj, 5-

2>>-42>%

Evh. Cdqud`dty %

Acjxdlcj eppriefb fesb air A^E Frjsfjot Auo`

7/26/2019 2014 FPA q3 Crescent Webcast Final

28/28

@dsfcedmjr

Pbjsj scd`js erj dotjo`j` es suppcjmjotec metjrdec ti tbj 6r` Uuertjr 50 A^E Frjsfjot eu`di prjsjotetdio tbet ds pistj` io iur wjlsdtj apeauo`s.fim.

Xj `i weot ti megj surj yiu uo`jrsteo` tbet tbj vdjws jxprjssj` io tbjsj scd`js eo` do tbj effimpeoydoh eu`di prjsjotetdio erj es ia ti`ey, Iftiljr >-42>Vtifg Do`jx (V&^ :>>) ds e fepdtecdzetdio-wjdhbtj` do`jx wbdfb fivjrs do`ustrdec, utdcdty, treospirtetdio eo` adoeofdec sjrvdfj fimpeodjs, eo` rjprjsjotsepprixdmetjcy 8:% ia tbj Ojw Tirg Vtifg Jxfbeohj (OTVJ) fepdtecdzetdio eo` 6>% ia OTVJ dssujs. Pbds do`jx ds fiosd`jrj` e mjesurj ia cerhjfepdtecdzetdio stifg pjrairmeofj. Pbj do`jx ijs oit rjacjft eoy fimmdssdios ir ajjs wbdfb wiuc` lj dofurrj` ly eo dovjstir purfbesdoh tbj stifgs dtrjprjsjots.

Dovjstmjots do mutuec auo`s ferry rdsgs eo` dovjstirs mey cisj prdofdpec vecuj. Vtifg mergjts erj vicetdcj eo` feo jfcdoj sdhodadfeotcy do rjspiosj ti e`vjrsjdssujr, picdtdfec, rjhucetiry, mergjt, ir jfioimdf jvjcipmjots. Pbj Auo` mey purfbesj airjdho sjfurdtdjs, dofcu`doh Emjrdfeo @jpisdtiry \jfjdpts (E@\s)eo` itbjr jpisdtiry rjfjdpts, wbdfb erj sulkjft ti dotjrjst retj, furrjofy jxfbeohj retj, jfioimdf eo` picdtdfec rdsgs7 tbds mey lj jobeofj` wbjo dovjstdoh dojmjrhdoh mergjts. Vmecc eo` md` fep stifgs dovicvj hrjetjr rdsgs eo` tbjy feo acuftuetj do prdfj mirj tbeo cerhjr fimpeoy stifgs. Vbirt-sjccdoh dovicvjsdofrjesj` rdsgs eo` treoseftdio fists. Tiu rdsg peydoh mirj air e sjfurdty tbeo yiu rjfjdvj` arim dts secj.

Pbj rjturo ia prdofdpec do e lio` dovjstmjot ds oit huereotjj`. Lio`s bevj dssujr, dotjrjst retj, doacetdio eo` frj dt rdsgs. Ciwjr retj` lio s, feccelcj lio`seo` itbjr typjs ia jlt ilcdhetdios dovicvj hrjetjr rdsgs. Mirthehj-lefgj` sjfurdtdjs eo` essjt-lefgj` sjfurdtdjs erj sulkjft ti prjpeymjot rdsg eo` tbj rdsgia `jaeuct io tbj uo`jrcydoh mirthehjs ir itbjr essjts.

Pbj pirtaicdi bic`dohs es tbj mist rjfjot quertjr jo` mey lj iltedoj` et apeauo`s.fim/`ifs/auoa-bic`dohs/frjsfjot-4-508:FE6:4JJ88@.p`a9savrso=