1Q12 EARNINGS RESULTS May 10 th , 2012
1Q12 Disclaimer Disclaimer Results This presentation may contain forward-looking statements. Such forward-looking statements are and will be subject to many risks and uncertainties relating to factors statements are and will be subject to many risks and uncertainties relating to factors that are beyond Tarpon’s ability to control or estimate precisely, such as future market conditions, competitive environment, currency and inflation fluctuations, changes in governmental and regulatory policies and other factors relating to the operations of Tarpon, which may cause actual future results of Tarpon to differ materially from those f f ff f expressed or implied in such forward-looking statements You are cautioned not to place undue reliance on these forward-looking statements. Y ti d t t l d li th f d l ki t t t Such forward-looking statements shall not be construed as guarantee of future performance. Tarpon does not undertake to publicly review or update these forward- looking statements in view of events or circumstances occurring after the date of this g g presentation This presentation does not constitute an offer, or invitation, or solicitation of an offer, to p subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever 2
1Q12 1Q12 highlights 1Q12 highlights Results Assets under management (“AuM”) amounted to R$7.5 billion as of March 31 st 2012, AUM (+10% over 4Q11) Absolute returns in 1Q12: Fund’s • Portfolio Fund’s Long Only Equity: 10.27% (R$) and 13.19% (US$) Performance • Portfolio Fund’s Hybrid Equity: 8.49% (US$) • Ibovespa Index: 13.67% (R$) and 17.02 %(US$) Gross revenues related to our fee business: R$27.6 million as of March 31 st 2012 (+31% Fees business over 4Q11) Net Income Net income in 1Q12 amounted to R$12.0 million. 3
1Q12 Tarpon s AuM composition Tarpon’s AuM composition Results Major portion of our assets under management coming from long-standing clients. Capital from our employees and executives represented 11% of AuM as of March 31 st 2012 Capital from our employees and executives represented 11% of AuM as of March 31 , 2012. AUM by region AUM by region AUM by region AUM by region AuM by client AuM by client AuM by client AuM by client 5% 2% 5% 5% 4% 4% 4% 9% 9% 21% 22% 21% 15% 14% 14% 14% 40% 42% 43% 79% 78% 73% 72% 28% 24% 23% 12% 12% 11% Dec/10 Jun/11 Dec/11 Mar/12 Dec/10 Jun/11 Mar/12 Tarpon's executives and employees p p y Endowments e Fundations Américas (ex. Brazil) Brazil Europe Asia and Middle East Sovereign Wealth Funds & Pension Plans Non Institutional Funds 4
1Q12 Investment strategy Investment strategy Results We conduct our asset management activity through two main investment strategies: Portfolio Funds Strategy Portfolio Funds Strategy Co-investment strategy Co-investment strategy The Portfolio Funds strategy The Co-investment strategy comprises the Tarpon Funds serves as a sidecar/co- that have flexibility to invest in y investment structure whose either public equities or privately primary objective is to increase held companies in Brazil or Tarpon’s exposure to selected other Latin American countries. invested companies. Launched in May/2002 Launched in Mar/2010 5
1Q12 Assets under Management Assets under Management Results Total Historical AuM - R$ million Total Historical AuM - R$ million 7,543 6,878 7,543 6,250 6,222 5,977 5,907 5,657 1,351 5,010 4,742 3,959 6,192 Portfolio Funds Co-Investiments 2009 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 AuM growth: performance & net commitments - R$ million AuM growth: performance & net commitments - R$ million 581 84 7,543 6,878 AuM at the beginning of net subscriptions Change in Market Value AuM at the end of 1Q12 2012 6
1Q12 AuM by investment strategy & asset class AuM by investment strategy & asset class Results AuM by investment strategy - R$ million AuM by investment strategy - R$ million AuM by asset class AuM by asset class 6,192 8% 1 351 1,351 92% Portfolio Funds Co-Investiments 1Q12 Public Private Equity 7
1Q12 Tarpon Funds performance Tarpon Funds’ performance Results Performance (1) (2) Since launch Strategy Strategy Inception Inception 1Q12 1Q12 2012 2012 2 years 2 years 5 years 5 years (annualized) Portfolio Funds Long-Only May 2002 10.27% 10.27% 48.96% 133.84% 32.86% Equity (R$) Portfolio Funds Long-Only P tf li F d L O l May 2002 13.19% 13.19% 35.77% 140.98% 32.35% Equity (US$) Portfolio Funds Hybrid-Equity Oct. 2006 8.49% 8.49% 45.81% 150.25% 26.66% (US$) Stock market index Stock market index 1Q12 1Q12 2012 2012 2 years 2 years 5 years 5 years Ibovespa (R$) 13.67% 13.67% -7.79% 40.84% IBX (R$) 11.82% 11.82% 0.36% 47.67% Ibovespa (US$) 17.02% 17.02% -9.15% 58.49% IBX (US$) IBX (US$) 15 11% 15.11% 15 11% 15.11% -1.12% 1 12% 66 17% 66.17% (1) - Performance net of fees. st (2) - Performance up to March 31 , 2012. 8
1Q12 Financial highlights – R$ million Financial highlights R$ million Results Potential performance revenues Potential performance revenues Revenues related to management fees Revenues related to management fees 19,096 * - Accumulated 17,120 (potential) revenues : 16,183 16,243 We cannot guarantee 15,068 14,409 that this potential amount 13,824 25,541 * 12,784 12,789 will be owed to Tarpon at any future date. The amount shown below amount shown below may differ substantially from the actual realized amount. 8,514 1Q12 Performance fees (earned) ( ) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Accumulated (potencial) performance fess as of March 31st, 2012 Revenues related to performance fees Revenues related to performance fees Fee Payment Schedule Fee Payment Schedule 109,946 9% 9% 77,297 74,963 56,641 54% 21,608 10,044 8,514 , 28% 3 939 3,939 152 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 1Q 2Q 3Q 4Q 9
1Q12 Financial highlights – R$ million Financial highlights R$ million Results Total revenues Total revenues 126,129 126 129 92,365 87,752 69,425 109,946 27,610 35,432 77,297 74,963 21,059 , 56,641 56 641 16 395 16,395 24,453 8,514 3,939 21,608 10,044 152 19,096 16,243 17,120 13,824 14,409 15,068 16,183 12,784 12,789 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Revenues related to management fees Revenues related to performance fees Total operating expenses Total operating expenses 51.647 6,227 23 161 23,161 15,953 45,420 4,034 8,314 10,444 4,621 4,603 9,087 5,449 6,480 6,599 19,127 8,792 2,716 3,695 6,529 11,350 4,725 1,652 1,834 2,558 1,905 1,754 1,874 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Non recurring expenses (variable compensation & stock option) Recurring expenses (payroll, general administration & others) 10
Financial highlights – R$ million 1Q12 Results Net income Net income 54,113 53,625 51,159 40,955 25,284 12,043 , 8,464 8,297 6,601 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 11
Results 1Q12 Appendix
1Q12 TRPN3 performance TRPN3 performance Results Tarpon Investimentos S.A. O/S: 46,022,582 Stockmarket: BM&F Bovespa / Novo Mercado Ticker: TRPN3 Listing: 05/26/2009 Share Price 05/07/2012: 14.06 Market Cap: R$647.1 million Share Performance: 1Q12: ‐ 2.43% YTD (May 7 th ): ‐ 2.01% LTM: ‐ 12.54% TRPN3 IBOVESPA 13
Income statement 1Q12 Results In R$'000 1Q12 1Q11 Net revenues 26,334 87,260 Personnel expenses (3,934) (2,693) Stock option (1,103) (1,874) Ad Administrative expenses i i t ti (3 268) (3,268) (2 055) (2,055) (728) - Variable compensation (54) 23 Other income/(expense) Share of profit of equity accounted investees - 17,247 80,661 Results from operating activities Financial income / (expense) 1,808 1,525 Profit before income tax 19,055 82,186 Income tax and social contribution (7,013) (28,561) 12,043 53,625 Net income 14
Cash Flow 1Q12 Results In R$'000 1Q12 1Q11 Net income 12,043 53,625 122 67 Depreciation 1,831 1,874 Stock Option plan Adjusted net income 13,996 55,566 Working capital (29,481) 17,109 Trade receivables (5,356) (67,053) (20,841) 5,622 Net cash provided by (used in) operating activities (192) - Change in permanent assets 30,260 15,491 Change in financial assets (8,451) (33,713) Dividends paid - 12,388 Exercise of stock option plan Net cash provided by (used in) financing activities 21,617 (5,834) Net increase (decrease) in cash and cash equivalents 776 (212) 479 479 294 294 Cash and cash equivalents at the beginning of the quarter/year Cash and cash equivalents at the beginning of the quarter/year 1,255 82 Cash and cash equivalents at the end of Quarter 15
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