FINANCIALS. Bull & Bear Case Factors BLOOMBERG INTELLIGENCE >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

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1 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> BLOOMBERG INTELLIGENCE A Bloomberg Professional Service Offering FINANCIALS Bull & Bear Case Factors

2 CONTENTS 02 INVESTMENT BANKING INDUSTRY BEAR CASE 02 INVESTMENT BANKING INDUSTRY BULL CASE 03 INVESTMENT MANAGEMENT INDUSTRY BEAR CASE 03 INVESTMENT MANAGEMENT INDUSTRY BULL CASE 04 OFFICE REIT INDUSTRY BEAR CASE 04 OFFICE REIT INDUSTRY BULL CASE 05 P&C REINSURANCE INDUSTRY BEAR CASE 05 P&C REINSURANCE INDUSTRY BULL CASE 06 ABOUT THE ANALYSTS

3 A NEW APPROACH TO INDUSTRY INTELLIGENCE Welcome to Bloomberg Industries, a new approach to research that combines high-quality data, information and analysis to make you and even more effective Chief Financial Officer. In today s results-oriented environment, the role of the Chief Financial Officer has evolved into a multifaceted, highly visible, trusted advisor to the CEO and Board of Directors. That s why you need Bloomberg Professional service to stay ahead of the critical market information that may impact your company and its investors. Bloomberg Industries offers valuable industry data, interactive charting and written analysis from a team of independent experts, providing insight into where your industry stands today and where they may be heading next.» VIEWS FROM INDEPENDENT SECTOR EXPERTS We cover more than 100 industries and all major sectors. A team of experienced, independent experts from major buy- and sell-side firms provides thematic and objective industry insights for dynamic analysis.» CUSTOM INDUSTRY DASHBOARDS Industry dashboards allow you to quickly evaluate metrics and fundamental trends. Independent Bloomberg analysts organize data and perform quality control to provide users with trusted and complete industry views.» COMPREHENSIVE INFORMATION & LIVE ANALYSIS You can easily access extensive content, from the macro picture to company-level operating, financial and valuation statistics. Data is aggregated from Bloomberg and third-party data contributors and incorporated quickly for rapid assessments. Bloomberg analysts offer powerful thinking on key performance factors, thematic issues, and profitability and valuation drivers. The Bull & Bear book provides just a sampling of the thousands of pieces of research BI publishes each week. We hope you enjoy reading many of the key themes on which our analysts are focused. Sincerely, IYAN ADEWUYA Global Head of Corporate Solutions

4 INVESTMENT BANKING INDUSTRY BEAR CASE INVESTMENT BANKING INDUSTRY BULL CASE

5 INVESTMENT MANAGEMENT INDUSTRY BEAR CASE INVESTMENT MANAGEMENT INDUSTRY BULL CASE FINANCIALS 02 // 03

6 OFFICE REIT INDUSTRY BEAR CASE OFFICE REIT INDUSTRY BULL CASE

7 P&C REINSURANCE INDUSTRY BEAR CASE P&C REINSURANCE INDUSTRY BULL CASE FINANCIALS 04 // 05

8 ABOUT THE ANALYSTS >>>>>>>>>>>>>>

9 JONATHAN ADAMS Insurance, North America Jonathan Adams covers the insurance sector. As a buy-side analyst, he has covered insurance and other financial services stocks for eight years, most recently as a managing director with Oppenheimer Capital ( ) and previously as a senior vice president with Brown Brothers Harriman & Co. ( ). Jonathan also served as a sell-side analyst for Prudential Securities ( ), initially working as a fixed income analyst for commercial mortgage products and later as a financial services equity analyst. He was chief economist for the Real Estate Board of New York ( ) prior to beginning his work in the capital markets. He received a MA in public policy and real estate finance from The Wharton School in 1987 and a BA from St. John s College in From , he was an adjunct professor of finance for New York University s School of Continuing and Professional Studies. JONATHAN TYCE Banks, Europe and Asia Jonathan Tyce covers the European banking sector. Prior to joining Bloomberg Industries, Jonathan worked for 14 years on both the buy side and sell side, analyzing and investing in financial stocks on both a pan-european and global basis. Most recently, he was a managing director at FBR Capital Markets, where he was head of European Research and a banking analyst. From 2008 to 2010, he was the European bank strategist at Fox-Pitt Kelton in London. From 2004 to 2007, Jonathan also ran a pan- European financials hedge fund at JO Hambro Capital Management. Earlier in his career, he held buy-side positions at American Express and First State Investments. Jonathan received an MA in classics from Oxford University in FINANCIALS 06 // 07

10 ALISON WILLIAMS Banks, North America Alison Williams leads a team that covers financial services stocks, including banks, brokers, asset managers, diversified financials and specialty finance stocks. Alison has 15+ years experience in the investment industry. Prior to joining Bloomberg Research, she was a portfolio manager and analyst for Morgan Stanley Investment Management. Her positions included managing a fund of financial services stocks and co-managing a diversified multi-capitalization fund group. As an analyst, she has covered a broad range of financial services stocks. Previously, Alison worked in equity research at PaineWebber, now part of UBS Warburg, covering specialty finance stocks. Alison received her MBA in international business, finance and economics from New York University and a BS in finance and marketing from the University of Rhode Island. She is a Chartered Financial Analyst and a member of the NYSSA. MARY CHAPMAN Financials Credit JEFFREY LANGBAUM REITs, North America JENNIFER RAY Analyst European Financials Credit ROBERT HING FONG Real Estate, Asia CHARLES GRAHAM Insurance, Europe FRANCIS CHAN Analyst Insurance, Asia TOMASZ NOETZEL Analyst Banks, Europe KAPILAN THEIVENTHIRAMPILLAI Analyst Banks, Europe 08 // 09 FINANCIALS

11 ABOUT THE BLOOMBERG PROFESSIONAL SERVICE The founding vision in 1982 was to create an information services, news and media company that provides business and financial professionals with the tools and data they need on a single all-inclusive platform. The success of Bloomberg is due to the constant innovation of our products, unrivaled dedication to customer service and the unique way in which we constantly adapt to an ever-changing marketplace. The Bloomberg Professional service is a powerful and flexible tool for financial professionals whatever their needs in cash and derivatives markets as diverse as equities, currencies, commodities, money markets, government and municipal securities, mortgages, indices, insurance and legal information. The Bloomberg Professional service seamlessly integrates the very best in real-time data, news and analytics. In addition, Bloomberg users benefit from on-demand multimedia content, extensive electronic trading capabilities and a superior communications platform. Bloomberg customers include influential decision makers in finance, business and government. Business and financial professionals recognize the Bloomberg Professional service as the definitive tool for achieving their goals because it offers unparalleled assistance and functionality on a single platform for a single price. = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Real Service from Real People When You Need It. Our 24/7 industry-leading customer service teams in 160 countries around the world will help you fully leverage the analytics and data on the Bloomberg Professional service. = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =

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