New debt advisory team in Italy Debt advisory services - Syncap
New debt advisory team in Italy Debt advisory services - Syncap
New debt advisory team in Italy Debt advisory services - Syncap
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Second quarter 2009<br />
CLAIRFIELD REVIEW<br />
A publication of Clairfield Partners: leaders <strong>in</strong> mid-market M&A and corporate f<strong>in</strong>ance <strong>in</strong> Europe, the USA, and Australia<br />
Clairfield further expands <strong>in</strong> the U.S.<br />
McColl Partners, a premier American midmarket firm, jo<strong>in</strong>s Clairfield Partners<br />
Clairfield Partners has <strong>in</strong>creased<br />
its presence worldwide with the<br />
addition of a new partner firm<br />
<strong>in</strong> the United States to complement its<br />
exist<strong>in</strong>g office <strong>in</strong> <strong>New</strong> York City. McColl<br />
Partners (www.mccollpartners.com)<br />
is an <strong>in</strong>dependent corporate f<strong>in</strong>ance<br />
firm specializ<strong>in</strong>g <strong>in</strong> provid<strong>in</strong>g <strong>advisory</strong><br />
<strong>services</strong> to middle-market companies.<br />
With significant experience work<strong>in</strong>g<br />
with entrepreneurs, family-owned bus<strong>in</strong>esses,<br />
public companies, and divisions<br />
of large corporations, McColl is dedicated<br />
to offer<strong>in</strong>g strategic advice and assistance<br />
to its clients regard<strong>in</strong>g mergers and<br />
acquisitions and private capital-rais<strong>in</strong>g<br />
assignments.<br />
McColl Partners is headquartered <strong>in</strong> Charlotte,<br />
North Carol<strong>in</strong>a, and has offices <strong>in</strong><br />
Dallas, Texas, and Atlanta, Georgia. The<br />
firm offers special expertise <strong>in</strong> the fields<br />
of bus<strong>in</strong>ess <strong>services</strong>, consumer products,<br />
healthcare, f<strong>in</strong>ancial <strong>services</strong>, <strong>in</strong>dustrials<br />
& build<strong>in</strong>g products, and private equity<br />
sponsors.<br />
McColl Partners was founded by Hugh<br />
McColl, former chairman and CEO of<br />
Bank of America. Under Mr. McColl’s<br />
stewardship, Bank of America became the<br />
largest bank<strong>in</strong>g <strong>in</strong>stitution <strong>in</strong> the United<br />
States with $610 billion <strong>in</strong> assets, $352 billion<br />
<strong>in</strong> deposits, and $49 billion <strong>in</strong> shareholders’<br />
equity. Mr. McColl is currently<br />
chairman of The McColl Group LLC,<br />
parent of McColl Partners.<br />
The McColl Partners <strong>team</strong> at the company headquarters <strong>in</strong> Charlotte, North Carol<strong>in</strong>a<br />
S<strong>in</strong>ce its found<strong>in</strong>g <strong>in</strong> 2001, McColl Partners<br />
has closed over 100 transactions with<br />
total enterprise value over $7.5 billion,<br />
and has rema<strong>in</strong>ed an <strong>in</strong>dependent firm<br />
owned solely by its partners.<br />
Crosby O’Hare, senior partner and cofounder<br />
of Clairfield Partners LLC <strong>in</strong> <strong>New</strong><br />
York, led the search for a complementary<br />
partner <strong>in</strong> the United States. “Clairfield<br />
is truly a partnership of close-knit firms,<br />
and therefore the search for a new partner<br />
to provide additional coverage <strong>in</strong> the<br />
United States was a long and considered<br />
one. McColl was the perfect choice for us<br />
with a national presence <strong>in</strong> the United<br />
States, thorough <strong>in</strong>dustry knowledge, and<br />
senior-level <strong>in</strong>volvement <strong>in</strong> all deal flow.<br />
This is the very successful philosophy<br />
used at all Clairfield Partners firms,” says<br />
Mr. O’Hare.<br />
David Vorhoff is manag<strong>in</strong>g director at Mc-<br />
Coll Partners. “We at McColl Partners believe<br />
that crossborder bus<strong>in</strong>ess activities<br />
will be an <strong>in</strong>creas<strong>in</strong>gly important factor<br />
<strong>in</strong> the success of middle-market companies,”<br />
says Mr. Vorhoff. “Our clients need<br />
access to global markets and our partnership<br />
with Clairfield l<strong>in</strong>ks us and our clients<br />
to the lead<strong>in</strong>g <strong>in</strong>dependent <strong>advisory</strong><br />
firms <strong>in</strong> countries across Europe and <strong>in</strong><br />
Australia. This partnership will significantly<br />
enhance our ability to present <strong>in</strong>sightful<br />
and compell<strong>in</strong>g opportunities to<br />
our clients that go well beyond our nation’s<br />
borders.”<br />
<strong>Debt</strong> <strong>advisory</strong> <strong>services</strong> at Clairfield<br />
In the current economic downturn,<br />
more and more companies are fac<strong>in</strong>g<br />
f<strong>in</strong>ancial and strategic challenges.<br />
Secur<strong>in</strong>g new <strong>debt</strong> f<strong>in</strong>anc<strong>in</strong>g or ref<strong>in</strong>anc<strong>in</strong>g<br />
current <strong>debt</strong> <strong>in</strong> the midst of the<br />
credit crunch is a difficult if not seem<strong>in</strong>gly<br />
impossible task. For some companies,<br />
this situation has resulted <strong>in</strong> <strong>in</strong>solvency<br />
while other companies have successfully<br />
restructured. In this climate, Clairfield<br />
Partners firms are experienc<strong>in</strong>g a surge <strong>in</strong><br />
demand for <strong>debt</strong> <strong>advisory</strong> <strong>services</strong>.<br />
“We are see<strong>in</strong>g significantly <strong>in</strong>creas<strong>in</strong>g<br />
<strong>in</strong>terest from operationally sound, even<br />
profitable, companies who suddenly<br />
f<strong>in</strong>d that they cannot extend their <strong>debt</strong><br />
facilities on reasonable terms,” says<br />
Albert Schander, founder and partner<br />
of Clairfield’s German partner SynCap<br />
Management. SynCap has had a unit<br />
dedicated to f<strong>in</strong>ancial recovery, <strong>debt</strong><br />
restructur<strong>in</strong>g, and distressed M&A s<strong>in</strong>ce<br />
its establishment <strong>in</strong> 2000. In the current<br />
market environment, these <strong>services</strong> have<br />
become even more important and SynCap<br />
is plann<strong>in</strong>g to expand this division. “<strong>Debt</strong>
SPOTLIGHT<br />
<strong>Debt</strong> <strong>advisory</strong> <strong>services</strong> (cont<strong>in</strong>ued)<br />
<strong>advisory</strong> dovetails with our role as f<strong>in</strong>ancial advisors and sector<br />
experts. Not all clients are necessarily f<strong>in</strong>ancially distressed,<br />
but it pays to th<strong>in</strong>k ahead and forestall potential problems with<br />
an analysis of a company’s capital structure.”<br />
Clairfield Partners Boer &Croon <strong>in</strong> the Netherlands and Mc-<br />
Coll Partners <strong>in</strong> the USA also have <strong>debt</strong> <strong>advisory</strong> divisions,<br />
while Carlton Partners <strong>in</strong> the UK has recently appo<strong>in</strong>ted a<br />
new manag<strong>in</strong>g director with expertise <strong>in</strong> <strong>debt</strong> recovery (see<br />
back cover). All Clairfield Partners firms offer capital management<br />
advice and rais<strong>in</strong>g <strong>debt</strong> f<strong>in</strong>anc<strong>in</strong>g as part of their M&A<br />
<strong>services</strong>.<br />
Boer & Croon’s corporate recovery <strong>team</strong> is comprised of f<strong>in</strong>ancial<br />
and sector experts with extensive experience. When<br />
needed, this <strong>team</strong> is supplemented by an <strong>in</strong>terim manager at<br />
the distressed company.<br />
“The role of the <strong>debt</strong> advisor is to review the client’s underly<strong>in</strong>g<br />
f<strong>in</strong>ancial structure and determ<strong>in</strong>e objectives and strategies to<br />
reach the optimal level of <strong>debt</strong>,” says Rob van der Laan, CEO of<br />
Boer & Croon. “This may <strong>in</strong>volve negotiat<strong>in</strong>g with current lenders,<br />
rais<strong>in</strong>g new <strong>debt</strong> or capital, or complet<strong>in</strong>g a sale of assets<br />
<strong>New</strong> <strong>debt</strong> <strong>advisory</strong> <strong>team</strong> <strong>in</strong> <strong>Italy</strong><br />
Clairfield Partners <strong>in</strong> <strong>Italy</strong>, K F<strong>in</strong>ance, has expanded its <strong>debt</strong><br />
<strong>advisory</strong> practice <strong>in</strong> response to the the <strong>in</strong>creas<strong>in</strong>g market<br />
demand for <strong>debt</strong> restructur<strong>in</strong>g <strong>services</strong>. The new <strong>team</strong> is composed<br />
of three experienced professionals.<br />
Mart<strong>in</strong>o Brioni is executive director of the new practice. He<br />
has worked <strong>in</strong> corporate bank<strong>in</strong>g and corporate f<strong>in</strong>ance at S.G.<br />
Warburg, Citibank, Rabobank, and ABN Amro/Antonveneta as<br />
director and manag<strong>in</strong>g director. In this capacity he was responsible<br />
for corporate bank<strong>in</strong>g, structured f<strong>in</strong>ance, private equity,<br />
leveraged f<strong>in</strong>ance, and large corporate activities. He also acted<br />
as group CFO and board member of lead<strong>in</strong>g corporate groups.<br />
Nicolas Diers and Mauro Gambaro are senior advisors at the<br />
new practice. Mr. Diers spent many years as country manager<br />
<strong>in</strong> Credit Lyonnais Italia. For the last four years he has been<br />
manag<strong>in</strong>g director and senior country manager for Natixis<br />
Banque Italia. He grew Natixis Italia to about €100 million<br />
<strong>in</strong> the most efficient and value-maximiz<strong>in</strong>g manner. Confidentiality<br />
and discretion is key. We offer a unique comb<strong>in</strong>ation of<br />
<strong>advisory</strong>, corporate f<strong>in</strong>ance, and management. Through these<br />
three core activities, we can provide strategical th<strong>in</strong>k<strong>in</strong>g as well<br />
as implementation power.”<br />
In one case last year, Renal, an Italian real estate company,<br />
restructured its <strong>debt</strong> with a new 20-year loan of €18.8 million<br />
f<strong>in</strong>anced by Fortis Bank. The new loan replaced the exist<strong>in</strong>g<br />
f<strong>in</strong>ancial <strong>debt</strong>s Renal had with other bank<strong>in</strong>g <strong>in</strong>stitutions.<br />
“Renal has €60 million of assets under management, consist<strong>in</strong>g<br />
of both commercial and residential build<strong>in</strong>gs, so <strong>in</strong> spite of the<br />
end of the hous<strong>in</strong>g bubble, this is is a company with solid f<strong>in</strong>ancials<br />
beh<strong>in</strong>d it,” says Giuseppe R. Grasso, partner and founder of<br />
Clairfield’s Italian partner K F<strong>in</strong>ance. “This transaction allowed<br />
Renal both to extend the repayment period of the f<strong>in</strong>ancial <strong>debt</strong><br />
and to decrease its costs. Our role was to advise the company<br />
on all its options, search for the best <strong>debt</strong> provider, and arrange<br />
the f<strong>in</strong>anc<strong>in</strong>g.”<br />
The f<strong>in</strong>ancial downturn will reach its end eventually, but the<br />
goal of <strong>debt</strong> <strong>advisory</strong> and restructur<strong>in</strong>g to create greater value<br />
for a company is a useful service <strong>in</strong> any f<strong>in</strong>ancial climate.<br />
global revenues <strong>in</strong> corporate and <strong>in</strong>vestment bank<strong>in</strong>g (<strong>in</strong>clud<strong>in</strong>g<br />
structured f<strong>in</strong>ance - LBO projects, etc. - and <strong>debt</strong> orig<strong>in</strong>ation/<br />
capital markets).<br />
Mr. Diers is also CEO of MPK Rat<strong>in</strong>g, the K F<strong>in</strong>ance fully-owned<br />
subsidiary active <strong>in</strong> external credit-rat<strong>in</strong>g assessment.<br />
Mauro Gambaro has more than 35 years of experience <strong>in</strong> the<br />
f<strong>in</strong>ancial sector and was manag<strong>in</strong>g director of Interbanca for<br />
more than seven years. After two years as general manager of<br />
F.C. Internazionale Milano soccer <strong>team</strong>, he is now a corporate<br />
f<strong>in</strong>ance advisor. Mr. Gambaro is also the Italian representative<br />
of Paul Capital Advisors, a lead<strong>in</strong>g <strong>in</strong>vestor <strong>in</strong> the secondary<br />
private equity market who acquires limited partner <strong>in</strong>terests<br />
as well as a portfolio of direct equity <strong>in</strong>terests <strong>in</strong> private<br />
companies.<br />
This talented and experienced <strong>team</strong> will enhance Clairfield’s<br />
role <strong>in</strong> the grow<strong>in</strong>g <strong>debt</strong> <strong>advisory</strong> market <strong>in</strong> <strong>Italy</strong> and abroad.<br />
2 Clairfield Review Q2 09
Career Step<br />
completed a management<br />
recapitilization with<br />
DW Healthcare Partners and<br />
BB&T Capital Partners<br />
McColl Partners<br />
Boer & Croon<br />
Acquisition<br />
Australia<br />
Hast<strong>in</strong>gs Deer<strong>in</strong>g<br />
acquired<br />
IML International<br />
InterF<strong>in</strong>ancial Limited<br />
Market recapitalization<br />
USA<br />
Acquisition<br />
Netherlands<br />
Dresdner VPV<br />
acquired<br />
Franke & Partners<br />
Clairfield Review Q2 09<br />
SELECTED RECENT TRANSACTIONS<br />
Clairfield Partners <strong>in</strong> Australia<br />
(InterF<strong>in</strong>ancial) advised Hast<strong>in</strong>gs<br />
Deer<strong>in</strong>g <strong>in</strong> its acquisition of IML<br />
International.<br />
Hast<strong>in</strong>gs Deer<strong>in</strong>g distributes<br />
Caterpillar and Driltech equipment<br />
throughout Queensland, the<br />
Northern Territory, Papua <strong>New</strong><br />
Gu<strong>in</strong>ea, the Solomon Islands, and<br />
<strong>New</strong> Caledonia through its branch<br />
network. Hast<strong>in</strong>gs Deer<strong>in</strong>g<br />
is a subsidiary of Malaysianlisted<br />
Sime Derby Berhad. IML<br />
International supplies tra<strong>in</strong><strong>in</strong>g,<br />
safety and consult<strong>in</strong>g <strong>services</strong><br />
to the m<strong>in</strong><strong>in</strong>g, construction, and<br />
sugar <strong>in</strong>dustries.<br />
McColl Partners advised Career<br />
Step LLC <strong>in</strong> its management<br />
recapitalization with DW<br />
Healthcare Partners and BB&T<br />
Capital Partners, LLC.<br />
Career Step is a lead<strong>in</strong>g provider<br />
of onl<strong>in</strong>e healthcare education<br />
courses, such as medical<br />
transcription and medical<br />
cod<strong>in</strong>g. DW Healthcare Partners<br />
is a private equity firm focused<br />
exclusively on the healthcare<br />
<strong>in</strong>dustry. BB&T Capital Partners,<br />
LLC, is a private equity firm that<br />
<strong>in</strong>vests <strong>in</strong> privately-held middlemarket<br />
bus<strong>in</strong>esses.<br />
Clairfield Partners <strong>in</strong> the<br />
Netherlands (Boer & Croon) acted<br />
as exclusive f<strong>in</strong>ancial advisor<br />
to Dresdner <strong>in</strong> its acquisition of<br />
Franke & Partners.<br />
Both Dresdner VPV and Franke<br />
& Partners are Dutch companies<br />
active <strong>in</strong> the field of personal<br />
wealth management. Dresdner<br />
VPV’s strategy is to become the<br />
largest personal wealth manager<br />
<strong>in</strong> the Netherlands, focus<strong>in</strong>g on<br />
high-net-worth <strong>in</strong>dividuals and<br />
foundations. Franke & Partners is<br />
located <strong>in</strong> the Maastricht area.<br />
McColl Partners<br />
McColl Partners<br />
RT Dooley<br />
was sold to<br />
Balfour Beatty Construction<br />
Boer & Croon<br />
Sale<br />
USA<br />
Sale<br />
USA<br />
a division of<br />
was acquired by<br />
management<br />
Acquisition<br />
Netherlands<br />
Dresdner VPV<br />
acquired<br />
De Vries & Co<br />
McColl Partners, one of Clairfield’s<br />
US partners, advised RT Dooley<br />
Construction Company <strong>in</strong> its sale<br />
to Balfour Beatty Construction,<br />
a division of U.K.-based Balfour<br />
Beatty plc.<br />
RT Dooley, headquartered <strong>in</strong><br />
Charlotte NC, is one of the top<br />
construction managers <strong>in</strong> the<br />
southeast USA, specializ<strong>in</strong>g <strong>in</strong><br />
corporate headquarters and<br />
<strong>in</strong>teriors, and mission-critical<br />
<strong>in</strong>frastructure work. Balfour<br />
Beatty is a global construction,<br />
eng<strong>in</strong>eer<strong>in</strong>g, and <strong>in</strong>vestment<br />
<strong>services</strong> bus<strong>in</strong>ess with more than<br />
$14 billion <strong>in</strong> annual revenue.<br />
McColl Partners advised The Briar<br />
Company LLC <strong>in</strong> a management<br />
buyout.<br />
Briar, based <strong>in</strong> Orlando FL, is a<br />
total-site-development contractor<br />
for residential, commercial, and<br />
municipal construction projects<br />
<strong>in</strong> central Florida. Briar’s<br />
<strong>services</strong> <strong>in</strong>clude site clear<strong>in</strong>g<br />
and excavation; underground<br />
utility <strong>in</strong>stallation and repair;<br />
and preconstruction preparation<br />
for roadway and sidewalk<br />
construction.<br />
Boer & Croon acted as exclusive<br />
f<strong>in</strong>ancial advisor to Dresdner <strong>in</strong> its<br />
acquisition of De Vries & Co.<br />
Both Dresdner VPV and De Vries<br />
& Co are Dutch companies active<br />
<strong>in</strong> the field of personal wealth<br />
management. Dresdner VPV’s<br />
strategy is to become the largest<br />
personal wealth manager <strong>in</strong> the<br />
Netherlands, focus<strong>in</strong>g on high-networth<br />
<strong>in</strong>dividuals and foundations.<br />
De Vries & Co is located <strong>in</strong> “Het<br />
Gooi” where Dresdner was look<strong>in</strong>g<br />
to strengthen its position.<br />
3
4<br />
<strong>New</strong> colleagues<br />
Marc Potel<br />
Charles Keay<br />
Carlton Partners, Clairfield Partners firm <strong>in</strong> the UK,<br />
recently made two new appo<strong>in</strong>tments.<br />
Marc Potel has been named manag<strong>in</strong>g director.<br />
Mr. Potel spent the last eleven years at Citigroup<br />
Global Markets, most recently as a manag<strong>in</strong>g<br />
director responsible for capital goods coverage.<br />
Mr. Potel has been <strong>in</strong>volved <strong>in</strong> many transactions<br />
<strong>in</strong> the <strong>in</strong>dustrial sector, <strong>in</strong>clud<strong>in</strong>g the sale of AGA<br />
Foodservice Equipment to Ali Group, the sale of<br />
Trico to Kohlberg and Company, the IPO of Fluidra<br />
and the acquisition of Reg Vardy by Pendragon. Mr.<br />
Potel is a qualified accountant, hav<strong>in</strong>g tra<strong>in</strong>ed at<br />
KPMG. He achieved a First <strong>in</strong> mathematics from<br />
Bristol University.<br />
Charles Keay jo<strong>in</strong>s Carlton Partners as manag<strong>in</strong>g<br />
director from Rothschild’s where he worked for 28<br />
years, most recently as head of property lend<strong>in</strong>g.<br />
CLAIRFIELD PARTNERS<br />
www.clairfield.com<br />
<strong>in</strong>tuitucapital<br />
Australia<br />
345 Queen Street<br />
Level 34<br />
Brisbane Q4000<br />
Tel: +61 07 3218 9100<br />
Fax: +61 07 3218 9199<br />
www.<strong>in</strong>terf<strong>in</strong>ancial.com.au<br />
France<br />
Place Vendôme<br />
356 rue Sa<strong>in</strong>t Honore<br />
75001 Paris<br />
Tel: +33 1 40 20 12 34<br />
Fax: +33 1 40 20 12 35<br />
www.<strong>in</strong>tuitu.com<br />
Germany, Belgium<br />
Mendelssohnstrasse 72<br />
D-60325 Frankfurt am Ma<strong>in</strong><br />
Tel: +49 69 707 969 60<br />
Fax: + 49 69 707 969 99<br />
www.syncap.de<br />
<strong>Italy</strong><br />
Via Dur<strong>in</strong>i 27<br />
20122 Milano<br />
Tel: +39 02 763 948 88<br />
Fax: +39 02 763 109 67<br />
www.kf<strong>in</strong>ance.com<br />
The Netherlands<br />
Amstelveenseweg 760<br />
1081 JK Amsterdam<br />
Tel: +31 20 301 4350<br />
Fax: +31 20 301 4359<br />
www.boercroon.nl<br />
Spa<strong>in</strong><br />
Diagonal 520, 6-5<br />
08006 Barcelona<br />
Tel: +34 93 487 0330<br />
Fax: +34 93 215 8186<br />
www.coram-clairfield.com<br />
Sweden<br />
Nybrokajen 7<br />
111 48 Stockholm<br />
Tel: +46 8 566 133 90<br />
Fax: +46 8 566 133 92<br />
www.nrpartners.se<br />
In this capacity, he lead a <strong>team</strong> of 15 professionals<br />
with responsibility for manag<strong>in</strong>g an on-balance<br />
sheet portfolio of £900 million and off balance<br />
sheet portfolio of £2 billion. Notable transactions<br />
<strong>in</strong>clude negotiation and structur<strong>in</strong>g of the purchase<br />
of 51% of Lanebridge Investment Management<br />
and negotiation and structur<strong>in</strong>g of the purchase<br />
of property development loan bus<strong>in</strong>ess of Henry<br />
Ansbacher.<br />
Previously Mr. Keay was head of <strong>debt</strong> capital<br />
markets for six years where he built and managed<br />
a <strong>debt</strong> <strong>advisory</strong>/restructur<strong>in</strong>g bus<strong>in</strong>ess that worked<br />
closely with the bank’s M&A and private equity<br />
house <strong>team</strong>s to provide <strong>in</strong>dependent <strong>debt</strong> advice on<br />
various situations <strong>in</strong>clud<strong>in</strong>g acquisition facilities,<br />
bond and private placements, covenant renegotiations,<br />
ref<strong>in</strong>anc<strong>in</strong>g, and <strong>debt</strong> restructur<strong>in</strong>g<br />
as well as rat<strong>in</strong>gs advice.<br />
United K<strong>in</strong>gdom<br />
38 Berkeley Square<br />
London W1J 5AE<br />
Tel: +44 207 355 2211<br />
Fax: +44 207 355 1633<br />
www.carltonllp.com<br />
United States<br />
<strong>New</strong> York<br />
18 East 41st Street<br />
<strong>New</strong> York NY 10017<br />
Tel: +1 212 370 4343<br />
Fax: +1 212 370 4044<br />
www.clairfield.com<br />
United States<br />
Charlotte<br />
100 North Tryon Street<br />
54th Floor<br />
Charlotte NC 28202<br />
Tel: +1 704 333 0525<br />
Fax: +1 704 333 0118<br />
www.mccollpartners.com<br />
DISCLAIMER: No part of this report may be reproduced without the written permission of Clairfield Partners or one<br />
of its partner firms. The <strong>in</strong>formation here<strong>in</strong> has been obta<strong>in</strong>ed from sources that we believe to be reliable, but we do<br />
not guarantee its accuracy or completeness. While we endeavour to update on a reasonable basis the <strong>in</strong>formation presented<br />
<strong>in</strong> this report, there may be regulatory, compliance or other reasons that prevent us from do<strong>in</strong>g so. Much of the<br />
<strong>in</strong>formation conta<strong>in</strong>ed <strong>in</strong> this report is subject to variation due to changes <strong>in</strong> market conditions, legislation or regulatory<br />
matters and Clairfield Partners does not undertake to notify any recipient of the report of changes to the <strong>in</strong>formation<br />
conta<strong>in</strong>ed here<strong>in</strong>. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security <strong>in</strong><br />
any jurisdiction. Additional support<strong>in</strong>g <strong>in</strong>formation is available upon request. Please contact: Research Desk, Clairfield<br />
Partners, Tel: +34 93 487 4623, email: research@clairfield.com.<br />
Clairfield Review Q2 09