November 4 th , 2009 3Q09 RESULTS
3Q09 Results 3Q09 Results Disclaimer Disclaimer 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 the 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 f f f ff materially from those 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 which speak only as of the date of this presentation. 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 p y p g circumstances occurring after the date of this 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
3Q09 Results 3Q09 Results Financial highlights Financial highlights Assets Tarpon’s AuM achieved historical high R$3,389 million in the 3Q09, an increase of 21.5% under when compared to 2Q09. The increase is result of net positive performance of the funds Management combined with net subscriptions in the amount of R$34.4 million in the quarter New The funds and managed accounts under Tarpon’s management received R$60.4 million in new commitments commitments commitments, mainly from foreign institutional investors commitments mainly from foreign institutional investors Tarpon collected R$9.3 million in revenues related to management fees during in the 3Q09, a Fees 24 7% increase when compared to the 2Q09 24.7% increase when compared to the 2Q09 The Long-Only strategy presented a weighted average net performance of 36.7% and the Performance Hybrid strategy posted a net performance of 34.8%, both in dollar terms Net Income Tarpon reported an adjusted net income of R$8.1 million in the 3Q09 3
3Q09 Results 3Q09 Results Assets under Management (AuM) Assets under Management (AuM) In the 3Q09, Tarpon’s AuM achieved historical high R$3,389 million, an increase of 21.5% when compared to 2Q09. The increase is a result of the performance of the Tarpon Funds and when compared to 2Q09. The increase is a result of the performance of the Tarpon Funds and new commitments during the quarter Tarpon was able to attract R$60.4 million in new commitments, resulting in net subscriptions of R$34.4 million. In the 9M09 period, Tarpon had R$145.3 million in new commitments and net subscriptions of R$22.7 million AuM in R$ million AuM in R$ million 146 0.12 529 44 146 98 34 175 503 8 146 146 143 142 479 497 9 146 146 146 146 29 29 (41) (41) 232 232 1,796 146 146 1,449 1,304 1,487 Total 1,276 802 1,446 R$3,389 1,279 million 1,465 1,447 1,305 1,292 1,159 1,134 965 860 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Long-Only Equity Hybrid-Equity Direct Private Equity Net Subscriptions Performance Co-Investments 4
3Q09 Results 3Q09 Results Institutional investor base in expansion Institutional investor base in expansion 4% 4% Tarpon’s capital base 10% 10% 12% 13% 12% 5% 7% remained stable as its 17% 17% 23% 23% investor base is 44% composed of long-term region 68% 72% sophisticated 81% institutional investors 76% 73% 65% 65% by 45% 19% 16% 9% ase 4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 3Q09 Investor ba Americas (ex-Brazil) Brazil Europe Asia and Middle East In the 3Q09 institutional 3% 3% 5% 6% 7% 7% investors with long-term 15% 6% 7% 6% 3% 17% 21% 6% 22% approach such as approach such as 12% 26% 26% 6% 31% endowments, 24% 20% 20% 30% foundations, sovereign y type wealth funds, pension 16% 26% 24% 75% 11% 65% funds and TIG s capital funds and TIG’s capital 56% 56% 8% 8% 14% 14% by 12% 11% 6% (“permanent” capital) 3% 3% 2% 24% 6% 6% 13% 8% represented 8% approximately 67% of 4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 3Q09 the total AuM the total AuM HNWI Family Offices y Banks Funds of funds Endowments & Foundations Sovereign funds & Pension plans TIG Others 5
3Q09 Results 3Q09 Results Investment performance Investment performance The overall positive spiral observed in the Brazilian economy contributed to Tarpon’s performances: performances: In the 3Q09, the Long-Only strategy posted a weighted average net performance of 36.7% and the Hybrid Equity strategy a 34.8% performance, both in dollar terms. In the same period, Ibovespa and IBX Index posted returns of 31.2% and 28.6%, respectively (both in US$) Ib d IBX I d t d t f 31 2% d 28 6% ti l (b th i US$) Annualized Returns Performance ⁽⁴⁾ Strategy AuM ⁽ ¹ ⁾⁽ ² ⁾⁽ ³ ⁾ (since launch) Vehicle Inception Date 3Q09 9M09 LTM 3 yrs 5 yrs Tarpon FIA May 2002 R$ 447 24.3% 55.6% 36.6% 76.9% 128.6% 34.9% Long-Only Tarpon Fund* Tarpon Fund May 2002 May 2002 R$ 1,000 R$ 1,000 35.6% 35.6% 101.3% 101.3% 49.5% 49.5% 110.8% 110.8% 215.8% 215.8% 36.5% 36.5% Hybrid-Equity Tarpon All Equities Fund* Oct 2006 R$ 1,796 34.8% 100.2% 48.8% 107.6% - 27.6% (1) As of September 30th, 2009, in R$ million (2) Includes segregate accounts under the same mandate and commit but uncalled capital (3) Direct private equity invetments (BrasilAgro) are not included (3) Di t i t it i t t (B ilA ) t i l d d (4) All performance show n are net of fees * The strategy's performance is indicated in US$ 6
3Q09 Results 3Q09 Results Management & performance fees – financial highlights Management & performance fees financial highlights Tarpon collected R$9.3 million in management fees in 3Q09, an increase of 24.7% when compared to the 2Q09. In the 3Q09, performance fees were not collected p Q Q , p The historical revenues related to management fees are presented in the chart bellow, reflecting the Company’s ability to growth its AuM base Management fees ⁽ ¹ ⁾⁽ ² ⁾ in R$’000 ⁽ ¹ ⁾ Gross values 9,339 9,031 9,165 24.7% 8,888 8,701 8,009 7 491 7,491 6,353 6,057 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 (2) The financial information up to March, 2009 are reported on an unaudited pro-forma basis and assumes that the Company was conducting the asset management activities previously carried by TIG Holding Ltd. during such periods. This information is for illustrative purposes only. In the 1Q09, from the presented amount of R$8,888 thousand s of revenues, R$ 6,394 thousands were accounted to TIG holding Ltd. corresponding to revenues attributed to the company prior to the Corporate Restructuring, that consisted in the business segregation of the Company’s activities th from TIG’s, approved in March 10 , 2009 (“Corporate Restructuring). 7
3Q09 Results 3Q09 Results T t l R Total Revenues – financial highlights fi i l hi hli ht In the 3Q09 In the 3Q09, total revenues (exclusively related to management fees) amounted to R$9.3 total revenues (exclusively related to management fees) amounted to R$9 3 million. In the 9M09 period, total revenues amounted to R$37.4 million Total revenues ⁽ ¹ ⁾⁽ ² ⁾ in R$’000 ⁽ ¹ ⁾ Gross values 66,045 62,171 39 840 39,840 48,099 6.2% (43.4)% 9,339 9,165 37,366 11,647 6,057 1.9% 51.3% 26,205 25,719 14,072 14,072 3Q07 3Q08 3Q09 9M07 9M08 9M09 Management fees Performance fees (2) The financial information up to March, 2009, date of the Corporate Restructuring conclusion, are reported on an unaudited pro-forma basis and assumes that the Company was conducting the asset management activities previously carried by TIG Holding Ltd. during such periods. The amount of R$37,366 thousands presented is related to revenues from management and performance fees collected by Tarpon Investimentos S.A. in the accumulated 9M09 period, in addition to R$6.394 thousands related to gross management fees accounted by TIG Holding Ltd in the 1Q09. 8
3Q09 Results 3Q09 Results SG&A SG&A – financial highlights financial highlights The recurring operating expenses, comprised of personnel and administrative expenses, amounted to R$2.5 million in 3Q09 and R$2.3 million in the 2Q09. The 8.5% increase is $ $ attributed to a combination of new hiring and investments in the Company’s infrastructure Total operating expenses, including non-cash stock option plan and semi-annual variable compensation (paid every 2Q and 4Q) amounted to R$2 7 million in the 3Q09 and R$9 3 million compensation (paid every 2Q and 4Q) amounted to R$2.7 million in the 3Q09 and R$9.3 million in the 2Q09 Total SG&A in R$’000 2,453 8.5% 2,261 9,276 808 808 732 6,555 2,695 2 695 1 645 1,645 1,529 242 460 2,453 2,261 2Q09 Q09 3Q09 3Q09 2Q09 2Q09 3Q09 3Q09 Personnel & administrative expenses Personnel expenses Administrative expenses Stock option plan 9 Variable compensation
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