TSN Tyson Dec 2009 Presentation

8/14/2019 TSN Tyson Dec 2009 Presentation

1/39

Bgjk io Gler`ag Lerr`hh Hyjam Ared`t Aijoerejae


2/39


3/39

Ted Fijes

_`ae ^res`dejt gjd regsurer

Lire tmgj 73 yegrs w`tm Tysij Oiids

DRGOT11


4/39

Amàkej 5.> 3.>%

Beeo 7.5 1.>%

îrk 1.> 5.>%

^repgred Oiids 4.> ?.>%

Gaqu`s`tìjs gjd @jterjgtìjgh fi`jt vejtures smiuhdcejergte RI@A : 2>%

DRGOT44


5/39

0 >%

Tysij Am`akej Qeclejt Ipergt`jc Lgrc`j

Jirlgh`zed

3.=%3.3%

=.2% =.1%=.5%

=.4%

3.2% 3.2%

=.>%

3.3%3.0%

?.=%

3.1%

3.>%

=.>%

.perg jc grc j65.>% - 3.>%

4.0%

4.0%

5.=% ?.4%

5.7% 5.?%

5.7%

5.0%

4.>%4.>%

5.>%

?.>%

7.4%

2.?%2.0%

1.4%1.2%

7.1%7.>%

2.>%

1.>%

(7.>%)

(7.?%)

(7.>%)

>.>%

DRGOT5

.

70=>

70=7

70=2

70=1

70=4

70=5

70=?

70=3

70==

70=0

700>

7007

7002

7001

7004

7005

700?

7003

700=

7000

2>>>

2>>7

2>>2

2>>1

2>>4

2>>5

2>>?

2>>3

2>>=

2>>0

Jite6 @jahudes gdfustlejts; reoer ti gppejd`x oir detg`hs.


6/39

Amàkej Lgrket Oujdglejtghs

7>5%=,>>>,>>>

Bri`her Ecc-Qets ûhhet Qupphy

ûhhet Amàks Mgtamed % io ^rìr Pr Li-7.2%-7%

>%

0>%

05%

7>>%

4,>>>,>>>

4,5>>,>>>

5,>>>,>>>

5,5>>,>>>

?,>>>,>>>

?,5>>,>>>

3,>>>,>>>

, ,

-3.3%

-3.>% -?.0% -?.?%

-3.5%

-5.0% -5.0%

-4.4%

-1.0%

-1.>%

-4.7%

-2.2%

-3%

-?%

-5%

-4%

-1%

-2%

=5%1,>>>,>>>

, ,

Fuh->=

Guc->=

Qep->=

Iat->=

Jiv->=

Dea->=

Fgj->0

Oeb->0

Lgr->0

Gpr->0

Lgy->0

Fuj->0

Fuh->0

Guc->0

Qep->0

Qiurae6 JGQQ Amàkej gjd Eccs Repirt, @jtejded ^hgaelejts6 ûhhet amàks oirmgtamery supphy repirted by hegd`jc breeders. @jdustry jit gvg`hgbhe ujt`h tme ejd io

oihhiw`jc Lijtm.Qiurae6 UQDG

Aihd Qtirg e

-0%

-=%

Jiv->=

Dea->=

Fgj->0

Oeb->0

Lgr->0

Gpr->0

Lgy->0

Fuj->0

Fuh->0

Guc->0

Qep->0

Iat->0

Jiv->0

$4>>

$45>

$5>>

$3

$=

$0

Airj QBL($ per tij)($ per busmeh)

7,>>> îujds

35>,>>>

=>>,>>>

=5>,>>>

$7>>

$75>

$2>>

$25>

$1>>

$2

$1

$4

$5$?

?>>,>>>

?5>,>>>

3>>,>>>

DRGOTGuc->4

Jiv->4

Oeb->5

L

gy->5

Guc->5

Jiv->5

Oeb->?

L

gy->?

Guc->?

Jiv->?

Oeb->3

L

gy->3

Guc->3

Jiv->3

Oeb->=

L

gy->=

Guc->=

Jiv->=

Oeb->0

L

gy->0

Guc->0

Jiv->0

??

Qiurae6 ABIT.Qiurae6 UQDG

Iat>

Jiv>

Dea>

Fgj>

Oeb

>

Lgr>

Gpr>

Lgy>

Fuj>

Fuh>

Guc>

Qep>

Iat>


7/39

( per piujd)

Bijehess Qk`jhess Bregst ràes Amàkej S`jc ràes

( per piujd)

7>>

77>

72>

71>74>

75>

71>

74>

75>

7?>73>

7=>5 Pr Gvc6 742.3

Aurrejt6 724.> 5 Pr Gvc6 777.>Aurrejt6 751.>

3>

=>

0>

Jiv

->4

Qep

->5

Fuh->?

Lgy

->3

Lgr

->=

Fgj

->0

Jiv

->0

7>>

77>

72>

Jiv

->4

Qep

->5

Fuh->?

Lgy

->3

Lgr

->=

Fgj

->0

Jiv

->0

Smihe B`rd ràes Amàkej Hec ràes

( per piujd)

0>

( per piujd)

5>

?>

5 Pr Gvc6 3=.75 Pr Gvc6 10.5

3>

35

=>

2>

1>

4>

Aurrejt6 =2.1 .

DRGOT33

Qiurae6 Bhiilberc

?5

Jiv->

4

Qep->

5

Fu

h->?

L

gy->

3

Lgr-

>=

Fgj->

0

Jiv->

0

Qiurae6 Bhiilberc

7>

J

iv->

4

Q

ep->

5

Fu

h->?

L

gy->

3

L

gr-

>=

F

gj->

0

J

iv->

0


8/39

Amàkej Qeclejt Tgkegwgys

Q`cjòàgjt `lprivelejt `j 2M vs 7M OP>0 ipergt`jc lgrc`j 1.5% vs -3.2%

îs`t`ve @jdustry Oujdglejtghs

@jdustry puhhet phgaelejts 5-?% PIP UQDG Iat>0 Aihd Qtirgce6 70.=% (75? ll hbs) PIP; gjd 73% (710 ll hbs) vs 5-yr gvergce

d suppirts `lpriv`jc piuhtry priduat prà`jc ri eate crg j aist iwer t gj

Oiid Qervàe Delgjd lgy aijt`jue ti hgc reaivery gs fib aregtìj relg`js depressed

Qmirtejed hej tm io aijtrgats lire gbhe ti res ijd ti `j ut aist ohuatugtìjs

Ipergtìjgh Eooàèjaès Reduaed agpga`ty vgr`gjaes tmriucm vihule criwtm OP>0 sghes vihule =.=% PIP

lprive e ij jc priaesses e er y e s gj ais s gj lire pri ua i se g c er pr aes

@jaregsed phgjt ohex`b`h`tyi List priaesses ailpheted `j sgle phgjti Reduaed ore`cmt, `lprived yèhds gjd hiwered aists

DRGOT=

Rev`sed priduat speas ti reduae priduatìj aists wm`he leet`jc austiler expeatgtìjs


9/39

5 >%

Tysij Beeo Qeclejt Ipergt`jc Lgrc`j

4.1%

1.4%

1.2%1.>%

4.>%

.

Jirlgh`zedIpergt`jc Lgrc`j6

7.5% - 1.>%

7.3%

2.1%

7.=%

7.5% 7.4%

7.0% 7.=%

7.4%

7.>% 7.2% 7.2%

7.4%

2.5%

2.1%

7.0%

2.>%

2.7%

2.3%

7.?%

7.2%

2.>%2.>%

1.>%

7.7%

>.4% (>.2%)

>.4%

>.>%

7.>%

(7.=%)(2.>%)

(7.>%)

0=>

0=7

0=2

0=1

0=4

0=5

0=?

0=3

0==

0=0

00>

007

002

001

004

005

00?

003

00=

000

>>>

>>7

>>2

>>1

>>4

>>5

>>?

>>3

>>=

>>0

DRGOT0


7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7


10/39

Qpregd Bus`jess jit vertàghhy `jtecrgted

Lgjgce spregd by lgx`l`z`jc revejue tmriucm l`x, l`j`l`z`jc ipergt`jc aists, wm`he oiaus`jcY

Hiw aist, m`cm revejue `j tme recìjs we ailpete

$5?>ll W4>0 Jij-agsm Ciidw`hh @lpg`rlejt r vej pr lgr y y jaregse j requ re saiuj rg e use ir gjjug vg ug ij S`der spregds dr`vej by d`sruptìj io chibgh ared`t lgrket

Dies jit reoheat lgjgcelejts vèw io beeo seclejts smirt-terl ir hijc-terl prio`tgb`h`ty

Qustg`jed i ergt`j `l rivelejts lgde `j OP>= exahud`j iidw`hh amgr e OP>06 2.>% ($274ll) diubhe OP>= gjd w`tm`j 7.5-1.>% jirlgh`zed ipergt`jc lgrc`j W4>06 4.>% ($72>ll) gbive 7.5-1.>% jirlgh`zed ipergt`jc lgrc`j

Expeat 7-2% `j agtthe supphès `j OP7>

Miwever, expeat gdequgte supphès ti ipergte iur phgjts `j OP7> Reduaed shgucmter agpga`ty gjd eh`l`jgted 2 l`hhìj megd io agpga`ty `j oiur jij-ailpet`t`ve YYphgjts betweej 2>>? gjd 2>>= ^hgjts strgte àghh hiagted j m` m su h re ìjs hgr est gjd list ail et`t`ve `j tmese

DRGOT7>7>

Yrecìjs

Hijc-terl pitejt`gh `j criwtm io @jterjgtìjgh delgjd oir m`cm qugh`ty beeo


11/39

3.0%

Tysij irk Qeclejt Ipergt`jc Lgrc`j

Jirlgh`zed

5.1%

?.=%

?.>%

.perg jc grc j61.>% - 5.>%

1.=%

1.2%

2.0%

2.>%2.2%

1.?%

2.0%

1.3%1.5%

4.4% 4.4% 4.3%

4.>%

7.4%

7.2%7.4%

7.7%7.2%

7.7%

7.7%2.7%

.

7.=%

>.>%

.

(1.5%)

(7.>%)

.

(2.>%)

DRGOT77

(4.>%)

70=2

70=1

70=4

70=5

70=?

70=3

70==

70=0

700>

7007

7002

7001

7004

7005

700?

7003

700=

7000

2>>>

2>>7

2>>2

2>>1

2>>4

2>>5

2>>?

2>>3

2>>=

2>>0



12/39

Qpregd Bus`jess jit vertàghhy `jtecrgted

Hiw aist m`cm revejue phgyer `j tme recìjs we ipergte

^hgjts hiagted `j m`cm pirk priduatìj gregs6 @iwg, Jebrgskg,

^riaure mics oril `jdepejdejt priduaers

Mic priduaers strucch`jc o`jgja`ghhy Mic supphès `j U.Q. gjd Agjgdg diwj oril pegk `j 2>>= S`hh h`kehy gaaehergte siw merd h`qu`dgtìj

Miwever, Tysij expeats gdequgte supphès `j recìjs we ipergte Lgjgcelejts expeatgtìjs `jahude6

Crgdugh `j mic supphès `j 7MOP7>, gaaehergt`jc `j 2MOP7>

DRGOT7272

Sirhd supphès io pirk deah`j`jc


13/39

3 >%

Tysij repgred Oiids Qeclejt Ipergt`jc Lgrc`j

Jirlgh`zed

5.>%

?.>%

5.2%

5.>%

?.>%

.perg jc grc j64.>% - ?.>%

2.0% 2.=% 2.=%

1.4%

2.3%1.>%

4.>%

>.1%

2.7%

7.>%

2.>%

(7.=%)

(7.>%)

>.>%

DRGOT71

.

7000

2>>>

2>>7

2>>2

2>>1

2>>4

2>>5

2>>?

2>>3

2>>=

2>>0



14/39

jd

2jd best ^irk seclejt yegr

1rd best Beeo seclejt yegr

g bgd OP>= gjd 7MOP>0 Mgjdhed lire tmgj $25>LL io egrj`jcs m`ts oril crg`j gjd ejercy

der`vgt`ves

@j`t`gt`ves pi`sed ti pgy-ioo `j tme yegrs gmegd

DRGOT74


15/39

Lgfir agp`tgh restruatur`jc

@lprived Jet Debt/EB@TDG ti 81x oril pegk io :5x Jet Debt behiw $2.4 b`hhìj (reduatìj io $2=>ll oril PIP) Jet Debt ti Agp wgs 15% gt OPE>0

@lprived wirk`jc agp`tgh

?.= dgys PIP reduatìj `j `jvejtiry dgys, wirtm fust iver $5>>ll. ,

Biucmt bgak $201LL io iur bijds

Iveragle hiw stiak pràe io $4.4>/smgre `j ogae io stiak lgrketgjd h`qu`d`ty ar`s`s

DRGOT75


16/39

Amàkej

@jdustry aihd stirgce aurrejthy gt hiw hevehs Titgh prite`j supphy t`cmtej`jc pis`t`vehy `lpgat`jc amàkej seclejt Tysijs d`sa`ph`jed ipergtìjs aijt`ju`jc/gaaehergt`jc

Beeo

Ijci`jc spregd lgjgcelejtg e supp es crg ug y ea j jc, iwever su a ej i iperg e ysij s

phgjts Ahisehy lij`tir`jc `lpirt/expirt bghgjae

îrk Crgdugh `j mic supphès `j 7MOP7>, gaaehergt`jc `j 2MOP7>

Expeat gdequgte supphès `j recìjs tmgt we ipergte

DRGOT7?

Ahisehy lij`tir`jc `lpirt/expirt bghgjae


17/39

^re gred Oiids Better gsset ut`h`zgtìj

Expeat `j OP7> rgw lgter`gh aist, miwever l`t`cgted by live gwgy

oril o`xed-pràe aijtrgats

@jterjgtìjgh / Rejewgbhe

Aijt`ju`jc ti `jtecrgte gjd bu`hd-iut `jterjgtìjgh ipergtìjs, , Dyjglà Ouehs phgjt aijstruatìj6

Ij-budcet; Expeated ailphetìj Fgj7>; Egrhy-spr`jc7> stgrt-up Oiid oir pets `j`t`gt`ves6 Oresmêt, êt tregts (reipej`jc `dhe @G phgjt)

Agp`tgh Qtruature Aijt`jue ti reduae Jet Debt

DRGOT73

,


18/39

W & G


19/39

Gppejd`x

DRGOT70


20/39

Tysij6 Sirhds Hgrcest ^rite`j

D`versòèd priduaer io beeo, amàkej gjd pirk

OP>0 Qghes By Qeclejt6 $2?.3bj*

legts aijsuled `j tme Uj`ted Qtgtes

Ije io tme list reaicj`zed brgjds `j tmeU.Q. retg`h amgjjeh

Amàkej

1?%

Beeo

Expirt ti lire tmgj 0> aiujtrès w`tm priduatìj`j o`ve aiujtrès iuts`de tme U.Q.

OP>0 revejue6 $2?.3 b`hhìj

^repgred

Oiids

77%

4>%71%

OP>0 ipergt`jc agsmohiw6 :$7.> b`hhìj

Aregte jjivgt`ve gjd js`cmt-dr`vej oiid sihutìjs

Iur Qtrgtecès

*Exahudes d`saijt juedipergtìj

Oiidservàe

17%

OP>0 Qghes By D`str`butìj Amgjjeh6 $2?.3bj*

Ipt`l`ze aillid`ty bus`jess lidehs Bu`hd gj `jterjgtìjgh ejterpr`se

Revihutìj`ze tme aijversìj io rgw lgter`ghs

@jterjgtìjgh

71%

DRGOT2>

gjd by-priduats `jti m`cm-lgrc`j priduats

2>

Aijsuler

^riduats

4?%

5%

Deh`

5%

*Exahudes d`saijt`juedipergtìj


21/39

Tysij

22%Itmer

24%

Tysij

2>%

Tysij

7=%

Itmers

25%

FBQ

^`hcr`l's ^r`de

22%

Itmers

44%FBQ

77%

Exaeh (Agrc`hh)

Mirleh

0%

Jgth Beeo7>%

22%

Exaeh (Agrc`hh)

22%

êrdue

=%Qgjdersij Ogrls

?%

0%

Ql`tmoèhd

2=%

DRGOT27

. .. .. .

27

Amàkej dgtg per SGTT îuhtry 2>>=; dies jit reoheat aurrejt priduatìj hevehs. Beeo dgtg oril Agtthe Buyers Seekhy Tip 1> Beeo ^gakers 2>>=. îrk dgtg oril Agtthe Buyers

Seekhy Aillera`gh Mic Qhgucmter 2>>3 (list reaejt gvg`hgbhe)


22/39


23/39

_ertàghhy-`jtecrgted

^riaess h`ve amàkejs `jti oresm, orizej gjd-

OP>0 Amàkej Qghes by D`str`butìj Amgjjeh6 $0.3bj

Hic`stàs ipergtìjs ti live priduats tmriucmtme supphy amg`j

Lgrketed dilestàghhy ti oiid retg`hers,

@jterjgtìjgh

7?%

Aijsuler

^riduats

12%

oiidservàe d`str`butirs, restgurgjt ipergtirs gjdjijaillera`gh oiidservàe estgbh`smlejts

7?% io sghes gre @jterjgtìjgh Oiidservàe

12% Itmer

3%

Deh`

71%

Ipergtìjs Ipergte l`hhs ti priduae priprètgry saèjtòàghhy

oirluhgted oeedsLexài

2?%

OP>0 @jterjgtìjgh Amàkej Qghes6 $7.?bj

Lire tmgj ?,>>> `jdepejdejt aijtrgat criwers

?1 priaess`jc phgjts, `jahud`jc 73 pet oiid ipergtìjsgjd piuhtry ourtmer-priaess`jc

Russ`g7>%

Am`jg

74%

DRGOT21

OPE>0 weekhy priduatìj 41 l`hhìj b`rds

OP>0 @j`t`gted g turjgriujd `j iur Amàkej seclejttmgt we behève `s pi`sed ti pgy-ioo `j tme yegrs gmegd

21

Itmer

42%

Gjcihg4%

Brgz`h4%


24/39

Aibb-_gjtress

priv`des crgjdpgrejt breed`jc stiak

ûhhet Ogrlpuhhets criwj ti 2> weeks

Oeed L`hhpriduaes saèjtòàghhy oirluhgted

oeed oir puhhets gjd criwers

Breeder Ogrlpuhhets beaile priduat`ve gt 2? weeks

Mgtamereccs gre `j mgtamery oir 27 dgys

Bri`her Ogrlbri`hers regam lgrket we`cmt `j gbiut 4? dgys

^riaess`jc /Ourtmer-priaess`jc hgjt

DRGOT24

D`str`butìj


25/39

OP>0 Beeo Qghes By D`str`butìj Amgjjeh6 $7>.=bj*

^riaess h`ve oed agtthe, di jit rg`se agtthe

Aijsuler

^riduats

5=%

OiidQervàe

2=%

Ogbràgte dressed beeo agragsses `jti pr`lgh gjd

sub-pr`lgh legt auts gjd agse-regdy priduats Qeclejt ghsi `jahudes sghes io ghhèd priduats (m`des

gjd vgrèty legts)@jterjgtìjgh

77%

Itmer

1%

*Exahudesd`saijt`juedipergtìj

Lgrketed ti oiid retg`hers, oiidservàe d`str`butirs,restgurgjt ipergtirs gjd `jterjgtìjgh

Ipergtìjs Qtr`ve ti be hiw-aist, m`cm-revejue priduaer `j tme

recìjs we ipergte Lexài71%

Am`jg

72%

OP>0 @jterjgtìjgh Beeo Qghes6 $7>.=bj*

priaess jc gj ur er-priaess jc p gj s, ja u jc4 io tme `jdustrys hgrcest, strgtecàghhy hiagted `j m`cmsupphy recìjs

Reduaed shgucmter agpga`ty gjd eh`l`jgted 2 l`hhìj

Qiutm

Kireg

74%

Tg`wgj

3%

_ètjgl

7>%

DRGOT25

eg i agpga`ty j iur jij-ailpet`t`ve p gjtsbetweej 2>>? gjd 2>>=

OP>0 gvergce weekhy priduatìj6 710,1>> megd25

Itmer

5>%

Agjgdg5%

@tghy4%

*Exahudesd`saijt`juedipergtìj


26/39

7,4>>7,45>

,

7,25>

7,1>>

,

/Megd

DRI^

Titgh Revejue

7 7>>

7,75>

7,2>>$utiut

Agtthe Aist

7,>>>

7,>5>

>? >? >? >? >3 >3 >3 >3 >= >= >= >= >0 >0 >0 >0

DRGOT2?

W7 W2 W1 W4 W7 W2 W1 W4 W7 W2 W1 W4 W7 W2 W1 W4


27/39

^riaess h`ve lgrket mics, di jit rg`se mics d`reathy

Qpregd bus`jess, revejue dr`ves tme aist io ciidsOP>0 îrk Qghes By D`str`butìj Amgjjeh6 $1.4bj

si

Ogbràgte pirk agragsses `jti pr`lgh gjd sub-pr`lghauts gjd agse-regdy priduats

Aijsuler

^riduats

54%

@jterjgtìjgh

2>%

OiidQervàe

74%restgurgjt ipergtirs gjd `jterjgtìjgh

Mic supphès expeated ti deah`je but relg`j

gdequgte

Itmer

72%

jci jc strijc pri uat sgppegrgjae

Ipergtìjs

Qtr`ve ti be hiw aist m`cm revejue phgyer `j tme recìjs Lexài Agjgdg

OP>0 @jterjgtìjgh irk Qghes6 $??=ll

Mic supphy `s ibtg`jed tmriucm vgrìus priaurelejtgcreelejts w`tm `jdepejdejt priduaers

0 priaess`jc gjd ourtmer-priaess`jc phgjts

Am`jg

77%

Itmer4%

DRGOT23

Griujd 107,=>> megd weekhy priduatìj `j OP 2>>0

23

Fgpgj

4>%

QiutmKireg4%

Russ`g1%


28/39

2>>

Titgh Revejue

7?>

7=>

/M

egd

DRI^

Autiut

74>

$

Mic Aist

7>>

>? >? >? >? >3 >3 >3 >3 >= >= >= >= >0 >0 >0 >0

DRGOT2=


29/39

Iur ^repgred Oiids priduats `jahude6

Beeo gjd pirk p`zzg tipp`jcs

OP>0 repgred Oiids Qghes by Amgjjeh6 $2.=bj

Deh` legts gjd mit dics

Ouhhy-aiiked d`jjer legts Qiups gjd sguaes

Lgrket ti retg`h criaers, oiidservàe d`str`butirs, Oiidservàe

Aijsuler

^riduats

13%

restgurgjt ipergtirs gjd ij-s`te oiidservàeestgbh`smlejts

Lg`j supphèr io pepperij` gjd itmer legt tipp`jcs

ti tme oiidservàe p`zzg `jdustry

@jterjgtìjgh

2%

Itmer2%

Qeaijd hgrcest lgjuogaturer io ohiur gjd airj tirt`hhgsgjd am`ps `j tme Uj`ted Qtgtes

Hegd`jc supphèr io bgaij gjd mgls ti oiidservàe

Agjgdg

21% Itmer

74%

OP>0 @jterjgtìjgh ^repgred Oiid Qghes6 $?5ll

Qtrijc ipergt`jc peroirlgjae `j OP>0

w`tm`j 4-?% jirlgh`zed ipergt`jc lgrc`j rgjce6 OP>06 4.3% ($711ll)

Lexài

Qiutm

Kireg

0%

ûerti

Rài

DRGOT

.

Expeated OP7> `j rgw lgter`gh aist, l`t`cgted by

live oril o`xed-pràe ti oirluhg-bgsed aijtrgats20

Fgpgj

?%

=%


30/39

D`saivery Aejter6

_`s`ted by jegrhy every lgfiraustiler ti wirk w`tm tme Tysij tegl

Tysij D`saivery Aejter 70 K`tamejs w`tm g titgh io 2>,>>>

squgre oeet io k`tamej spgae

4>,>>> squgre oiit UQDG `jspeatedp`hit priduatìj phgjt

4>,>>> squgre oiit Iooàe Qpgae,

Oiaus Criup Riil gjd Leet`jcQpgae

Qgl Oejtress / Aiurtesy MIK

Qihutìjs j Oiid Qervàe Qihutìjs j Retg`h6 ii serv ae perg irs jee pri ua s g gre

perae`ved gs g ciid vghue oir tme`r austilers, butw`tmiut ailpril`s`jc qugh`ty ir `jaregs`jc oiid aists

QIHUT@IJ6 Tysij Oiidservàe hgujames _ghue h`je ioamàkej gjd beeo `tels tmgt mehp Ipergtirs gppegh ti tme

6 ijsulers wgj upsag e gvirs gj res gurgjqugh`ty, but t`le gjd lijey gre `j t`cmter supphy

QIHUT@IJ6 Tysij Aijsuler ^riduats uses aijsuler`js`cmts gjd Auh`jgry expert`se ti ejmgjae tme h`je ioTysij D`jjer Legts c`v`jc aijsulers tme list ohgvir oir

gs e u s gj pia e ii s i e r aus ilers tme`r dihhgrs

Qmgved Qtegk Beeo

DRGOT1>1>1>

R`c t Q`ze O` et


31/39

Mgve Hed ti Wugh`ty Austiler

Oiidserv`ae Retg`h

DRGOT1717

i


32/39

LexàiAm`jg

Grcejt`jg

Brgz`h

Expirts ti lire tmgj 0> aiujtrès

^riduatìj hiagtìjs `j o`ve aiujtrès iuts`de io U.Q.

Lexài6 Expgjd`jc presejae

Lexài

27%

Am`jg

71%

OP>0 @jterjgtìjgh Qghes6 $1.4bj*

Brgz`h6 Dilestà gjd expirt d`vers`ty tmriucm strgtecàgaqu`s`tìjs

Grcejt`jg6 Beeo ipergtìj

Itmer

Fgpgj

7>%

QiutmKireg

?%

Russ`g5%

DRGOT

@jd`g6 Agptur`jc strijc criwtm

12

4>% Agjgdg5%

*@jahudesU.Q.expirtsgjdoire`cjpriduaed;exahudes

d`saiujt`jued

ipergtìj


33/39


34/39

Agp`tgh Qtruature Iverv`ew


35/39

Qeptelber 2>>=6 QTIAK GJD AIJ_ERT@BHE QEJ@IR JITEQ IOOER@JC

@ssued 22.4 l`hhìj Ahgss G Aillij Qmgres gt $72.35

@ssued $45= l`hhìj `j 1.25% Qejìr Aijvert`bhe Jites due 2>71

gra 6 $=7> l`hhìj bijd iooer`jc6

7>.5>% aiupij; $02.35? `ssue pràe; 72.5% yèhd gt `ssue; 5 yegrs (2>74)

. ij are ga y6 Rephgaes ailpgjys prevìus $7.> b`hhìj revihv`jc ared`t oga`h`ty Qeaured by ailpgjys dilestà agsm, gaaiujts reae`vgbhe gjd `jvejtiry Cugrgjteed by substgjt`ghhy ghh dilestà subs`d`grès g ures gra ,

1 Lgfir Agp`tgh Qtruature Cighs Gamèved67. Qeaured H`qu`d`ty $7.0 b`hhìj gs io 7>/1/>0 (`jahud`jc restràted agsm)

DRGOT 15

. jsure jgja g ex y1. Gddressed lire tmgj $7.= b`hhìj j jegr-terl debt lgtur`tès


36/39

Agp`tgh`zgtìj ($ l`hhìjs)

Liidys Q&^

Rgt`jcs

Gs io 7>/>1/>0Airpirgte Bg1 BB

Qejìr seaured Bg2 BBB-

Qejìr ujseaured7 Bg1 BB

Qejìr ujseaured B2 BB

Iuthiik Jecgt`ve Jecgt`ve

3.05% Jites due 2>7> $74>

=.25% Jites due 2>77 $=10

$7.> Bj GBH oga`h`ty due 2>72 -

7>.5>% Qejìr jites due 2>74 ($=7> hess $54 I@D bghgjae) $35?

3.=5% Qejìr jites due 2>7? $022

3.>>% Jites due 2>7= $732

3.725% Qejìr jites due 2>2? $0(7) TQJ 3.=5% 2>7? jites, cugrgjteed by Tysij Oresm Legts, @ja.

3.>>% Jites due 2>2= $23

1.25% Aijvert`bhe Qejìr jites due 2>71 $45=

CI Vije tgx-exelpt bijds due 2>11 (>.7>% gt 7>/>1/>0)

Itmer $720

Titgh Debt $1,552

Hess6 Agsm ($7,>>4)

Hess6 Restràted Agsm ($41 oir DO phgjt & $74> oir 2>7> Jites) ($7=1)

$7>>

Lgfir debt lgtur`ty sameduhe by aghejdgr yegr ($ l`hhìjs)

,

Lgrket vghue io equ`ty (Gs Io 7>/>1/>0) $4,?10

Titgh agp`tgh`zgtìj $3,>2>

$=10 =7> $021$7,>>>

Aijvert`bhe Jites GBH Qejìr jites

DRGOT1?

$74> $734$45=

2>7> 2>77 2>72 2>71 2>74 2>75 2>7? 2>73 2>7=


37/39

HecgayTO@

Jites

TO@3.=5%

Jites(7)ReaejtMP

Jites

Hecgay@B^(TOL)

Jites

GBHAred`t

Oga`h`ty

@ssuer6 TO@ TO@ TO@ TOL TO@

Lgtur`tès6 2>77,

2>71,

2>7=,2>2=2>7? 2>74 2>7>,

2>2? 2>72

Rgt`jc6 B2/BB(2) Bg1/BB Bg1/BB Bg2/BBB JR/JR

Iutstgjd`jc(1)6

(l`hhìj$)

$7,40? $022 $35? $740 $>(ujdrgwj)

Cugrgjtirs6 Jije TOL TO@'sDilestà TO@ TO@'sDilestà

Ared`tEjmgjaelejts

Qubs`d`grès (4) Qubs`d`grès (4)

Aihhgtergh6 Jije Jije Jije TOL'sdilestà

agsm,GR,@jv

(seaijdprìr`ty)

TO@'sdilestà

agsm,GR,@jv

(4) Qubst gjt`ghhy ghh di lestà subs`d`grès.

(1) Gs io 7>/>1 />0.

71 ai jvert`bhe jites gre jit rgted by Li id y's.(7) Ij ssue dgte, aiupij rgte wgs ?.?%, bgsed upi j tmej Bgg1/BBB rgt`jc. @jaregse due ti aiupij st ep-up/d iwj io 25 bp s oir egam rgt jcs d iwjcrgde/upcrgde.

DRGOT 13

TOL


38/39

Desp`te _ihgt`he Aillid`ty Lgrkets, Tysij

5,>>>Jet Debt

($ l`hh`ijs)

4,5>>

1,5>>

,

$2.1B s`jae2>>7 @B^ lercer

$4,3>3

2,5>>

1,>>>

$2,?4?$2,1?57,5>>

2,>>>

DRGOT

$7,40=

7,>>>

OPE >> OPE >7 OPE >2 OPE >1 OPE >4 OPE >5 OPE >? OPE >3 OPE >= OPE >01=


39/39

Gdfustlejts

2>>5 - Amàkej exahudes phgjt ahis`jcs $2.1 LL.2>>5 - Amàkej exahudes phgjt ahis`jcs io $7> LL.2>>5 - Amàkej exahudes hgjt ahis j s io >.3 LL gjd murr agje amgr es io = LL.2>>? - Amàkej exahudes severgjae amgrces io $1.? LL, ibsihete `jvejtiry wr`te-ioo io $1.> LL gjd phgjt ahis`jc aists io $2.4 LL.2>>= - Amàkej exahudes severgjae amgrces io $2.1 LL.

2>>= - Amàkej exahudes phgjt ahis`jc gjd siotwgre lpg`rlejt io $7=.5 LL.2>>= - Amàkej exahudes hgjd `lpg`rlejt io $?.4 LL.2>>5 - îrk exahudes h`ve sw`je setthelejt io $11 LL.2>>? - îrk exahudes severgjae amgrces io $>.0 LL gjd ibsihete `jvejtiry wr`te-ioo io $>.5 LL.2>>= - îr exa u es severgjae a grces i >.? LL.2>>= - îrk exahudes o`xed gsset wr`te-diwj io $1.= LL.2>>? - Beeo exahudes phgjt ahis`jcs io $45.4 LL.2>>? - Beeo exahudes severgjae amgrces io $1.? LL, ibsihete `jvejtiry wr`te-ioo io $7.0 LL gjd phgjt ahis`jc aists io $7.? LL.2>>= - Beeo exahudes severgjae amgrces io $2.1 LL.

2>>= - Beeo exahudes phgjt ahis`jc gjd o`xed gsset wr`te-diwj io $24.? LL.- . .

2>>0 - Beeo exahudes $5?>ll ciidw`hh wr`te-diwj.2>>5 - ^repgred Ods exahudes cg`j io $7.3 LL.2>>? - ^repgred Ods exahudes phgjt ahis`jcs io $74 LL.2>>? - ^repgred Ods exahudes severgjae amgrces io $>.0 LL, `jtgjc`bhe gsset `lpg`rlejt io $1.2 LL gjd ibsihete `jvejtiry wr`te-ioo io

$7.5 LL.2>>= - ^repgred Ods exahudes severgjae amgrces io $>.? LL.2>>= - ^repgred Ods exahudes ohiid amgrces io $3 LL.

2>>= - ^repgred Ods exahudes `jtgjc`bhe gsset lpg`rlejt amgrces io $2.5 LL.2>>0 - ^repgred Ods exahudes $74.0 LL phgjt ahis`jcs.

DRGOT 10

TSN Tyson Dec 2009 Presentation

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