Teekay Corporation Ltd. · NYSE:TK
Teekay — Investor Day (October 2010)
71 slides from Teekay's investor day presentation, Oct 20, 2010
Slide 1: Investor Day
Investor Day October 20, 2010
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements regarding: tanker marke
Slide 3: Agenda
Agenda » Teekay Corporation 8:30 am - 10:00 am » Break » Teekay Offshore Partners 10:15 am - 10:45 am (and Offshore Market Update) » Teekay LNG Partners 10:45 am - 11:15 am (and LNG Market Update) » Teekay Tankers 11:15 am - 11:45 pm (and Tanker Market Update) 3
Slide 4: Teekay Corporation
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Slide 5: Teekay Investment Highlights: Positioned to Generate Value
Teekay is Highlights Investment Positioned to Generate Value » Teekay has built a world-class business platform • Reputation for delivering high quality service and leading standards for operational safety and excellence • Scale and depth of experience across offshore, conventional tanker and liquef
Slide 6: Teekay Corporation
Teekay Corporation » Founded 1973 by the late Torben Karlshoej » Transnational company with 6,100 employees » Transports approximately 10% of the world’s seaborne oil » World’s largest operator of shuttle tankers and mid-size oil tankers » Leader in harsh weather floating production solutions » Thir
Slide 7: Teekay's Transformation
Teekay’s Transformation Strategic move Awarded Siri, Awarded Tiro into floating Teekay’s first Sidon FPSO FPSOs production - acquired Brazilian FPSO project project Petrojarl Strategic move Grew LNG franchise Awarded 2 LNG Keel laying of 4 LNG into LNG - acquired with award of 7 LNG carriers from ca
Slide 8: Growing Foundation of Stable Fixed-rate Cash Flows
Growing Foundation of Stable Fixed-rate Cash Flows » Teekay’s growing fixed-rate cash flows are diversified across our offshore, gas and conventional tanker businesses Teekay Annual Fixed-Rate Cash Flow from Vessel Operations $800 $700 $600 $500 $ Milllions $400 $300 $200 $100 $0 2001 2002 2003 2004
Slide 9: Unrivaled Forward Coverage
Unrivaled Forward Coverage » Teekay Corporation has total forward fixed-rate revenues of $13 billion, with an average contract length of 10 years* Total Forward Fixed-Rate Revenues of $13 Billion # of Vessels on Average Contract Forward Fixed-Rate Segment Fixed Charters Duration (years) Revenues ($b
Slide 10: Corporate Structure Supports Business Strategy
Corporate Structure Supports Business Strategy TEEKAY CORP. (“Teekay Parent”) NYSE: TK f Market Cap: $2.0b f Asset manager f General Partner / Controlling shareholder to daughter companies f Owner of conventional tankers and FPSO units Current Yield: 5% CONTROL CONTROL CONTROL 47.7% Ownership 31.7%
Slide 11: Multi-Dimensional Skill Set Needed to Succeed in Project Business
Multi-Dimensional Skill Set Needed to Succeed in Project Business Systems HSEQ Operational Focus Excellence Customer Assets Customers Relationships Access Project to Capital Management Technical Capability “The prize is awarded to acknowledge Teekay’s industry leadership and celebrate its excellent
Slide 12: Our Strong Operating and Project Teams – A Key Differentiator
Our Strong Teekay Operating in 2010 and Project – An Integrated Teams Global – A Provider Service Key Differentiator » Teekay has created integrated in-house capabilities which meet the high demands of our customers and take advantage of market opportunities 12
Slide 13: Teekay Project Capability Continues to Create Value
Teekay Project Capability Continues to Create Value » Key projects since previous Teekay Investor Day (June 2009) Project Description Outcome Tiro Sidon FPSO Identified distressed partially-converted conventional tanker for bid Awarded contract, on 9-year firm period charter with Petrobras. commenci
Slide 14: In Every Part of Our Customers' Value Chain
In Every Part of Our Customers’ Value Chain 6 Floating Storage Units (FSOs) 38 Shuttle Tankers Offshore Platform Storage Tanks 6 Floating Production Units (FPSOs) 69 Crude Tankers1 Refinery Ship to Ship Lightering Storage Tanks Exports 9 Product Carriers LNG Liquefaction LNG 27 Liquefied Gas Carrier
Slide 15: Robust Business Model - A Differentiator During Economic Downturn
Robust Business Model - A Differentiator During Economic Downturn Recent Shipping Sector Teekay vs. Attributes Investor Concerns Exposure to » Diversified and increased fixed revenue streams Global Slowdown » High quality counterparties and no charter renegotiations » Appropriate capital structure a
Slide 16: Teekay's Share Price Starting to Reflect Our Differentiated Business Model
Teekay’s Share Price Starting to Reflect Our Differentiated Business Model Relative Share Price Performance (2010 YTD) 140% 130% Teekay Daughters Avg: +31% 120% Teekay Corporation: +20% 110% 100% Shipping Company Average*: - 5% 90% 80% Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 S
Slide 17: Well Positioned for the Future
Well Positioned for the Future » Our business model also provides advantages in an economic recovery • Freight trading platform can be used to dial-up spot market exposure without the need for major CAPEX • Upside exposure to oil price and production volumes in FPSO business • Access to capital to p
Slide 18: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities Progress Achieved • Net debt down by $832m; liquidity » De-leveraging and building liquidity increased to $1.4b since Jun 30, 2009 • Improved by $140m annually since » Improving profitability of existing business Jun 30, 2
Slide 19: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities » De-leveraging and building liquidity » Improving profitability of existing business » Actively managing asset portfolio » Improving transparency New Strategic Priorities » Growing the value of Teekay GPs » Optimizing all
Slide 20: Vessel Sales Have Enabled Significant Debt Reduction
Vessel Sales Have Enabled Significant Debt Reduction » Teekay Parent has completed over $1 billion of vessel sales/dropdowns since June ‘09 Teekay Parent Net Debt Vessel Vessel Reduction Sales / Dropdowns Type Acquired By ($millions) Date Ashkini Spirit Suezmax TNK 57.0 Jul 2009 Patriot Spirit Afram
Slide 21: Increased Liquidity and Reduced Net Debt
Increased Liquidity and Reduced Net Debt » Teekay Parent net debt reduced from Teekay Parent Net Debt $1.1b to $250m Reduction Since June 30, 2009 $1,250 » Liquidity increased to $1.4 billion through dropdowns, third party asset sales and $1,000 new debt facilities $ Millions $750 » Favorable debt p
Slide 22: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities » De-leveraging and building liquidity » Improving profitability of existing business » Actively managing asset portfolio » Improving transparency New Strategic Priorities » Growing the value of Teekay GPs » Optimizing all
Slide 23: Significantly Improved Profitability in Our Existing Offshore Business
Significantly Improved Profitability in Our Existing Offshore Business Start Net Annual CFVO Term Contracts Improvement Date (years) ($ millions) FPSOs » Renewed contract for Varg FPSO in the North Sea Jul 2009 4 $15 » Amended contract for Foinaven FPSO in the North Sea Mar 2010 ~11 $30 - $40 » Exte
Slide 24: Costs Reduced
Costs Reduced » Starting at the end of Q2-08, Teekay took steps to reduce costs » Specific initiatives: • 15% headcount reduction • Rationalization of 4 offices • Reduced crewing costs through reflagging of certain vessels • Leveraging purchasing power • Business Efficiency Review Team (BERT) Averag
Slide 25: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities » De-leveraging and building liquidity » Improving profitability of existing business » Actively managing asset portfolio » Improving transparency New Strategic Priorities » Growing the value of Teekay GPs » Optimizing all
Slide 26: Spot Market Exposure Significantly Reduced
Spot Market Exposure Significantly Reduced » Since December 31, 2008, Teekay Parent has dialed down its spot exposure in anticipation of continued market weakness Teekay Parent Net Spot Exposure* • 25 in-chartered vessels redelivered, 80 saving ~$100m per quarter in time -charter hire expense 60 • 1
Slide 27: Teekay Commercial Tonnage Pools Provide Scale
Teekay Commercial Tonnage Pools Provide Scale Current Fleet Teekay Pools (# vessels) Pool Members Gemini Suezmax Pool 48 Teekay, TNK, Frontline, NAT, Koenig Teekay Aframax Pool 13 Teekay, TNK, SPT Taurus LR2 Pool 12* Teekay, Orion, Premuda Total 73* » All spot-traded Teekay vessels operate within on
Slide 28: Priorities for Existing Teekay Parent Assets
Priorities for Existing Teekay Parent Assets Conventional Tankers » Proceeds from pending sale of 4 Suezmaxes would reduce Teekay Parent net debt by a further $300 million » Using Teekay Tankers and tonnage pools to grow and modernize our conventional tanker fleet Offshore » Securing employment cont
Slide 29: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities » De-leveraging and building liquidity » Improving profitability of existing business » Actively managing asset portfolio » Improving transparency New Strategic Priorities » Growing the value of Teekay GPs » Optimizing all
Slide 30: Improving Transparency – Increased Disclosure
Improving Transparency – Increased Disclosure » Teekay is required under U.S. GAAP to consolidate the financials of its daughter companies which creates the need for greater disclosure for Teekay Parent » Cash flows to Teekay Parent from assets and daughter equity interests highlighted through impro
Slide 31: Improving Transparency – Illuminating Value of Teekay Parent
Improving Transparency – Illuminating Value of Teekay Parent Conventional Tankers Estimated Vessel Class # Vessels FMV ($ millions) Spot » Suezmax 5 » LR2 Product 3 Total Spot 8 $522 Fixed » Aframax 3 » Suezmax 3 » MR Product 3 Total Fixed 9 $403 Total Conventional Tankers 17 $925 Source: Management
Slide 32: Improving Transparency – Illuminating Value of Teekay Parent
Improving Transparency – Illuminating Value of Teekay Parent FPSOs Estimated Unit Charterer FMV ($ millions) » Petrojarl Foinaven BP » Petrojarl 1 Statoil » Petrojarl Banff CNR Total $475 Source: Management estimates. Newbuildings Contracted Paid Installments Cost to Teekay (at Jun 30, 2010) Asset #
Slide 33: Improving Transparency – Illuminating Value of Teekay Parent
Improving Transparency – Illuminating Value of Teekay Parent Teekay Offshore Operating LP (OPCO) » Owns a fleet of 33 shuttle tankers*, 4 FSOs, and 11 conventional tankers » 51% owned by Teekay Offshore Partners and 49% owned by Teekay Parent directly • OPCO results are fully consolidated in Teekay
Slide 34: Improving Transparency – Illuminating Value of Teekay Parent
Improving Transparency – Illuminating Value of Teekay Parent » Teekay owns a significant stake in each of its daughter companies • Controls TOO and TGP through its GP interests and TNK through super-voting shares • Value of these investments is based on market capitalization TGP TOO TNK ($ millions,
Slide 35: Illuminating and Realizing Teekay Parent's True Value
IlluminatingAsset Substantial and Realizing CoverageTeekay Parent’s at Teekay ParentTrue Value Teekay Parent Assets ($ millions) Conventional Tankers – Spot 1 $522 Conventional Tankers – Fixed 1 403 FPSOs 1 475 Newbuildings 2 172 OPCO (49% interest) 407 FMV of Teekay Parent Assets $1,979 Teekay Pare
Slide 36: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities » De-leveraging and building liquidity » Improving profitability of existing business » Actively managing asset portfolio » Improving transparency New Strategic Priorities » Growing the value of Teekay GPs » Optimizing all
Slide 37: How Will Teekay Parent Un-lock Value Going Forward?
How Will Teekay Parent Un-lock Value Going Forward? GP Value Growth through Investment in Return of Dropdowns Higher-return Capital to and Direct Opportunities Shareholders Acquisitions by Daughters 37
Slide 38: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities » De-leveraging and building liquidity » Improving profitability of existing business » Actively managing asset portfolio » Improving transparency New Strategic Priorities » Growing the value of Teekay GPs » Optimizing all
Slide 39: GP Cash Flows Set for Considerable Growth
GP Cash Flows Set for Considerable Growth » Value of Teekay Parent TOO and TGP ownership is based on: • LP unit holdings • GP interests (100% owned by Teekay Parent) » As TOO and TGP grow through dropdowns and direct acquisitions, Teekay Parent will receive an increasing share of incremental cash di
Slide 40: Illustrative Growth in Cash Flows to GPs
Illustrative Growth in Cash Flows to GPs Assumptions: TGP TOO Annual Distribution Growth Rate per LP Unit 4% 6% LP Unit Issuance per Annum 8% 12% $100 $80 GP Cash Flows $ Millions $60 $40 $20 $0 2010 2011 2012 2013 2014 2015 TGP TOO FOR ILLUSTRATION PURPOSES ONLY - Based on assumptions detailed abov
Slide 41: GP Ownership: A Major Value Driver for Teekay Parent
GP Ownership: A Major Value Driver for Teekay Parent Illustrative GP Valuation (Assuming 20.5x Multiple and Current Teekay Share Count) $27.15/Teekay Share* $2,500 $2,000 $ Millions $1,500 $3.97/Teekay Share* $1,000 $500 $- 2010 2011 2012 2013 2014 2015 TGP TOO FOR ILLUSTRATION PURPOSES ONLY - Based
Slide 42: Progress on Teekay Parent Strategic Priorities
Progress on Teekay Parent Strategic Priorities June 2009 Strategic Priorities » De-leveraging and building liquidity » Improving profitability of existing business » Actively managing asset portfolio » Improving transparency New Strategic Priorities » Growing the value of Teekay GPs » Optimizing all
Slide 43: Teekay Parent Capital Allocation Priorities Post-Delevering
Teekay Parent Capital Allocation Priorities Post-Delevering Sources Cash Flow from Distributions from Proceeds from Direct-owned & Daughter Companies Dropdowns & In-Chartered Assets & GPs Asset Sales Committed Uses Existing Growth Warehousing Liquidity Net Debt Projects Capital Buffer Reduction Avai
Slide 44: Teekay has Multiple Opportunities for Profitable Investment
Teekay has Multiple Opportunities for Profitable Investment Developing Pure Asset New Value-added Transactions Opportunities Projects Warehouse for Direct Acquisition Retained Investment by Daughter Eventual at Parent Dropdown FPSO and Shuttle Third Party Assets Built-to-Suit Assets n/a Liquefied Ga
Slide 45: Improved FPSO Project Profitability Expected
Improved FPSO Project Profitability Expected Projects post-financial crisis New IRR Range: 10-14% Source: Pareto Research » Historic IRR for FPSO projects is approximately 11.5% » The period 2006-09 saw much lower IRRs due to a high degree of competition, delayed start-ups and cost overruns due to b
Slide 46: Teekay Stock Buyback Announcement
Teekay Stock Buyback Announcement » With Teekay Corporation shares trading significantly below the sum-of- the-parts, we believe they represent compelling value » Therefore, Teekay has announced its intention to commence repurchasing shares under the Company’s existing $200 million authorization • S
Slide 47: Financial Discussion
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Slide 48: Teekay Parent – Financial Strength and Flexibility
Teekay Parent – Financial Strength and Flexibility » Rapidly declining net debt balance - capable of reaching net debt free in 2011, ahead of schedule » Strong liquidity and fully-financed newbuilding commitments » No near-term debt maturities and no covenant concerns » Continued access to capital m
Slide 49: Teekay Parent has Strong Credit Statistics
Teekay MajorityParent has Strong of Consolidated Debt Credit Statisticsto Teekay Parent is Non-Recourse ($ millions) Teekay Parent Total Debt * 710 Cash (460) Net Debt 250 Liquidity * 1,354 85% of $3.6b Daughter Company Debt is Non-Recourse to Teekay Parent Teekay LNG Partners Teekay Offshore Partne
Slide 50: Favorable Debt Profile
Favorable Debt Profile » No debt covenant concerns • Less than 5% of consolidated total debt tied to conventional tanker values » No significant near-term Teekay Parent debt payments 1,500 Principal Payments $ Millions 1,000 $1,354 500 0 ~ Total 2H2010 2011 2012 2013 2014 2015 2016 Liquidity 30-Jun-
Slide 51: Access To Capital Markets Provides Financial Flexibility
Access To Capital Markets Provides Financial Flexibility » Over $1.8 billion of proceeds raised through daughter company public equity issuance since 2005 Teekay Daughter Company IPO and Follow-on Net Equity Proceeds $500 $450 $400 $350 $ Millions $300 $250 $200 $150 $100 $50 $0 2005 2006 2007 2008
Slide 52: Illustrative Cash Flow Analysis - Capital Allocation Roadmap
Illustrative Cash Flow Analysis - Capital Allocation Roadmap Sources Cash Flow from Distributions from Proceeds from Direct-owned & Daughter Companies Dropdowns & In-Chartered Assets & GPs Asset Sales Committed Uses Known Growth Warehousing Liquidity Net Debt Projects Capital Buffer Reduction Availa
Slide 53: Illustrative Cash Flow Analysis – Baseline Case Assumptions
Illustrative Cash Flow Analysis – Baseline Case Assumptions » The “Baseline Case” assumes the following: • No change in Teekay Corporation dividend rate per share • Annual distribution increases of 6% for TOO and 4% for TGP from 2011 onwards • Tiro Sidon FPSO project and two illustrative $500 millio
Slide 54: Illustrative Cash Flow Analysis – Baseline Case Assumptions
Illustrative Cash Flow Analysis – Baseline Case Assumptions Spot Tanker Rate Assumptions 2H 2010 2011 2012 Aframax $17,000 $20,000 $25,000 Suezmax $25,000 $30,000 $35,000 CFVO sensitivity per $1,000 change in spot tanker rates ($ millions) $5.7 $9.5 $8.6 Proceeds from Dropdowns and Planned Asset Sal
Slide 55: Illustrative Cash Flow Analysis – Baseline Case
Illustrative Cash Flow Analysis – Baseline Case » Available capital retained • No additional investment projects or share buybacks, other than those detailed on previous slides ($ millions, except per share amounts) Baseline Case 2H-2010 2011 2012 Assumed Share Buyback Price $28.00 $35.00 $44.00 Sha
Slide 56: Illustrative Cash Flow Analysis – Baseline Case Available Capital
Illustrative Cash Flow Analysis – Baseline Case Available Capital » Under the Baseline Case, Teekay Parent is expected to generate significant available capital while still maintaining conservative leverage ($ millions, except per share amounts) Available Capital 2H 2010 2011 2012 Opening Net Debt 5
Slide 57: Illustrative Cash Flow Analysis – Available Capital Allocation Scenarios
Illustrative Cash Flow Analysis – Available Capital Allocation Scenarios » To show the potential shareholder value creation from the allocation of available capital we have developed two other illustrative cases: 1. Investment-Only Case » 100% of available capital invested • 50% of available capital
Slide 58: Illustrative Cash Flow Analysis – Investment-Only Case
Illustrative Cash Flow Analysis – Investment-Only Case » 100% of available capital invested • 50% of available capital allocated to warehoused projects • Remaining 50% allocated to on-the-water projects (assumes 11% unlevered IRR) ($ millions, except per share amounts) Investment-Only Case New Inves
Slide 59: Illustrative Cash Flow Analysis – Investment & Share Buyback Case
Illustrative Cash Flow Analysis – Investment & Share Buyback Case » 50% of excess capital invested in on-the-water projects (assumes 11% unlevered IRR); remaining 50% allocated to further share repurchases ($ millions, except per share amounts) Investment & Share Buyback Case Incremental Investment
Slide 60: Illustrative ACF and SOTP Summary
Illustrative ACF and SOTP Summary » Under our illustrative assumptions, a combination of investments and share buybacks yields the greatest value creation • Ultimate value creation will depend on the relative economics of actual transactions $9.00 $65.00 $60.00 SOTP / Share $8.00 ACF / Share $55.00
Slide 61: Deployment of Available Capital Enhances Sum-of-the-Parts per Share
Deployment of Available Capital Enhances Sum-of-the-Parts per Share ($ millions, except per share amounts) 2012 Investment and Pro-Forma Investment-Only Share Buyback As at June 30, 2010 Case Case Conventional Tankers 925 346 346 FPSOs 475 203 203 1 Warehousing Newbuild Advances 172 1,009 501 1 "On-
Slide 62: Summarizing Progress on Teekay Strategic Priorities
Summarizing Progress on Teekay Strategic Priorities 2009 Strategic Priorities Results to Date Focus Going Forward » Sold assets » De-leveraging » Termed-out debt maturities » Ahead of schedule, capable of reaching net debt free by end of 2011 and building liquidity » Disciplined approach to new cape
Slide 63: Teekay's Formula for Creating Customer and Shareholder Value
Teekay’s Formula for Creating Customer and Shareholder Value Systems HSEQ Operational Focus Excellence Customer Assets Customers Relationships Access Project to Capital Management Technical Capability 63
Slide 64: Appendix
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Slide 65: Publicly Traded GP Valuation Multiple
Publicly Traded GP Valuation Multiple Price DCF P/DCF GP Ticker (10/1/2010 2010E 2011E 2010E 2011E Alliance Holdings GP, L.P. AHGP $43.35 $2.00 $2.32 21.7x 18.7x Atlas Pipeline Holings, L.P. AHD $8.89 $.25 36.2x Buckeye GP Holdings, L.P. BGH $43.21 $1.64 26.3x Crosstex Energy Inc. XTXI $7.90 $.38 20
Slide 66: Teekay Parent In-Chartered Vessel Summary
Teekay Parent In-Chartered Vessel Summary Expected Vessel Charter Re-delivery # In-Charters Type Type Date 1. Continental Spirit Aframax BB 18-Apr-11 2. Pioneer Spirit Aframax BB 18-Apr-11 3. Cape Bantry Suezmax TC 26-Apr-11 4. Samar Spirit Aframax BB 15-May-11 5. Mayon Spirit LR2 BB 15-May-11 6. Ve
Slide 67: Illustrative Cash Flow Analysis Support – Baseline Case
Illustrative Cash Flow Analysis Support – Baseline Case Teekay Parent CFVO from Assets ($ millions) 2H 2010 2011 2012 FPSO Revenue 122 209 163 Operating expenses (83) (131) (80) Time-charter hire expense (13) (26) (26) General and administrative (18) (31) (24) FPSO - CFVO 8 21 33 Fixed-rate Conventi
Slide 68: Illustrative Cash Flow Analysis Support – Baseline Case
Illustrative Cash Flow Analysis Support – Baseline Case Distributions from Daughters ($ millions) 2H 2010 2011 2012 LP units held (% of total for OPCO) TOO 14.8 17.0 19.1 TNK 16.2 16.2 16.2 TGP 25.2 25.2 25.2 OPCO 49% 24% 0% Distributions per LP unit TOO $0.95 $2.00 $2.13 TNK $0.66 $1.32 $1.69 TGP $
Slide 69: Net Debt Reconciliation
Net Debt Reconciliation $832m Net Debt Reduction Since June 30, 2009 Teekay Parent Net Debt $1,250 ($millions) Net Debt to Cap $1,000 Net Debt (as at June 30, 2009) $1,082.1 32% $ Millions $750 Net Debt (as at June 30, 2010) $555.4 21% Pro Forma Adjustments: $500 Debt Reduction from Dropdowns * $(30
Slide 70: Pro Forma Net Debt Support
Pro Forma Teekay Nethas Parent Debt Support Strong Credit Statistics All figures from 2Q10 ($ millions) Teekay LNG (TGP) Teekay Offshore (TOO) Cash 71.0 Cash 103.0 Restricted cash - current 30.3 Restricted cash - current - Restricted cash - long-term 564.1 Restricted cash - long-term - Total cash 66
Slide 71: Pro Forma Liquidity Support
Pro Forma Liquidity Support ($ millions) All figures from 2Q10 Teekay LNG (TGP) Teekay Offshore (TOO) Liquidity at June 30, 2010 457.5 Liquidity at June 30, 2010 246.1 Pro Forma Adjustments: Pro Forma Adjustments: Proceeds from Equity Raise (Aug) 130.5 Proceeds from Equity Raise (Jul) 51.0 Equity co