ROBINSON HUMPHREY
`
`SUNTRUST
`
`Ista Pharmaceuticals, Inc.
`
`10 Results Should Have No Impact on Bausch's $9.10 Bid
`
`Ista reported disappointing 1Q12 adjusted financial results with EPS of -$0.15,
`
`which was below our forecast of -$0.06. The Street mean was ($0.11). We are
`
`adjusting our 2012 EPS to $0.29 from $0.35, but our $0.60 EPS estimate for
`
`2013 is unchanged.
`
`Ista settled its litigation with Senju regarding Xibrom/Bromday
`Positives.
`royalties. Despite lower sales, adjusted gross margin was significantly greater
`than our forecast (79.3% vs. 75.5%).
`Ista took an 8% price increase on
`
`Bromday in early April. The Bromday twin-pack is growing prescription share,
`now at 11%.
`
`Negatives. We adjusted down our sales forecast for all four marketed drugs
`
`for Ista, following a slower start to the year across the board. Bromday’s sales
`
`were negatively impacted by $1 million in Xibrom returns and higher-than-
`expected managed care rebates.
`
`Pipeline. The phase II BepoSone (bepotastine + steroid) trial reported positive
`
`results with an adverse event profile similar to that of BepoMax. The phase III
`
`studies for both BepoMax and BepoSone are expected to start in 2013.
`Studies for T-Pred should begin in 2H12. Prolensa is on-track to file by the end
`of 2Q12.
`
`Neutral. We do not view an additional bid as likely and are maintaining our
`Neutral rating.
`
`May 3, 2012
`
`ISTA
`
`$9.05
`$460.6
`
`Price (May 2, 2012)
`Mkt. Cap. (mi|.)
`
`Pharmaceuticals
`
`Rating:
`Previous:
`Price Target:
`Previous:
`
`Risk Rank:
`Previous:
`Sector Rating:
`
`Neutral
`Neutral
`NA
`NA
`
`Speculative
`Speculative
`Underweight
`
`Frank H Pinkerton
`404-926-5221
`
`frank_pinkerton@rhco.com
`
`Evan Stover
`404-926-5069
`
`evan_stover@rhco.com
`
`
`52-Week Range
`Shares Out. (miI.)
`Float (mi|.)
`Avg. Daily Vol. (000)
`Dividend/Yield
`
`$11.36-$2.88
`50.9
`32.6
`664
`$0.00/0.0%
`
`'
`
`FYE — Dec
`595
`1Q
`20
`30
`40
`Year
`p/E
`Mean EPS Estimate
`Revenue (rni|.)
`10
`2Q
`30
`4o
`vear
`EV/EBTTDA
`Operating Margin
`
`2011A
`Cuflent
`-$0.17A
`-$0.11A
`$0.09A
`$0.25A
`$0-12A
`75_4x
`$0.08
`Current
`$36.7A
`$37.1A
`$41.4A
`$45.1A
`$16o.3A
`31.0):
`6.2%
`
`
`
`L°"g‘Te"" Debt (min
`Debt/Cap.
`Deb;/E3|T|)A
`ROE
`Book Value/Share
`Free Cash Flowlshare
`Net Cash/Share
`5"°'°"°'d°'s' Equitv ("'"-l
`ESL 5-Year EPS Growth
`_
`Convenjble
`Key '"d'c°s
`
`5450
`NA
`5_ox
`NA
`NA
`NA
`$0.15
`"A
`20%
`
`"0
`
`15_1x
`$0.65
`Current
`$48.95
`$68.7E
`$51.6E § §% 3%;
`$58.9E
`11/29/11
`‘MA
`50:75
`11/o1/11
`$0.50
`NA
`
`10.0x
`15.896
`
`20125
`
`20135
`
`-$0.07E
`$0.11E
`$0.11E
`$0.195
`
`Previous
`$39.6E
`$54.15
`$46.8E
`$54.95
`
`11.3%
`
`—$0.15A
`$0.115
`$0.11E
`$0.195
`
`31211
`$0.33
`Current
`$34.oA
`$52.05
`$45.15
`$52.8E
`
`18.2)(
`10.4%
`
`Previous
`$51.05
`$71.35
`$53.45
`$61.15
`
`15.2%
`
`PAGE 1 OF 9
`
`PLEASE see IMPORTANT DISCLOSURES STARTING ON PAGE 7
`
`LUPIN v SENJU
`
`IPR20l5—01l05
`
`SENJU EXHIBIT 2154
`
`

`
` 
`Comments 
`Summary and Conclusion 
`
`Ista suspended guidance after the announcement of the acquisition by Bausch & Lomb.  
` 
`
`Sales and Earnings Metrics for Ista – 1Q12 
`($ in millions, except for per‐share data) 
`
`1Q12
`Street Mean
`
`STRH
`
`Reported
`
`STRH
`
`Guidance
`
`2012
`
`Product Sales
`Xibrom/Bromday
`Bepreve
`Istalol
`Vitrase
`
`Revenue
`
`$23.0
`$6.6
`$6.7
`$3.4
`
`$36.7
`
`$19.1
`$6.1
`$5.8
`$3.0
`
`$34.0
`
`$35.0
`
`($0.15)
`($0.08)
`($0.07)
`EPS
`Source: Company Reports and SunTrust Robinson Humphrey estimates.
`
`$98.1
`$43.2
`$26.3
`$14.8
`
`$183.9
`
`$180‐$195
`
`$0.29
`
`$0.28‐$0.36
`
` 
`
`Quarter Comparison 
`
`Sales and Earnings Metrics for Ista – 1Q12 
`($ in millions, except for per‐share data) 
`
`vs Growth
`Actual Percent
`($2.7)
`(7.4%)
`($2.2)
`(23.7%)
`($0.5)
`(1.9%)
`($1.1)
`(10.7%)
`$1.5
`6.9%
`($0.9)
`21.1%
`($0.3)
`(31.2%)
`$0.0
`
`vs Expectations
`Actual
`Percent
`($5.6)
`(14.2%)
`($2.7)
`(27.6%)
`($3.0)
`(9.9%)
`($0.9)
`(8.9%)
`$0.8
`3.5%
`($2.9)
`111.2%
`($0.3)
`(25.8%)
`$0.2
`(100.0%)
`
`EPS
`($0.17)
`$0.08
`($0.09)
`$0.03
`($0.02)
`($0.09)
`$0.01
`($0.01)
`
`($0.6)
`
`10.8%
`
`($2.8)
`
`81.6%
`
`($0.08)
`
`Net sales
`Cost of products sold
`Gross profit
`Research and Development
`SG&A expenses
`Operating income
`Interest expense
`Interest income
`Other expense, net
`Income before taxes
`Income tax
`Net income
`
`Prior year Forecast Reported
`$36.7
`$39.6
`$34.0
`$9.7
`$7.0
`$9.2
`$27.5
`$29.9
`$27.0
`$10.1
`$9.9
`$9.0
`$22.6
`$23.4
`$21.9
`($4.5)
`($2.6)
`($5.4)
`$1.1
`$1.0
`$0.8
`($0.2)
`$0.0
`($3.4)
`
`$0.0
`($5.6)
`
`$0.0
`($6.2)
`
`($5.6)
`
`($3.4)
`
`($6.2)
`
`($0.6)
`
`10.8%
`
`($2.8)
`
`81.6%
`
`($0.08)
`
`Basic shares outstanding
`Diluted shares outstanding
`
`33.7
`33.7
`
`42.3
`48.0
`
`41.8
`41.8
`
`Basic E.P.S.
`Diluted E.P.S.
`
`EBITDA
`
`($0.17)
`($0.17)
`
`($0.08)
`($0.07)
`
`($0.15)
`($0.15)
`
`($3.9)
`
`($2.2)
`
`($5.0)
`
`Margin Analysis
`74.9%
`Gross margin
`Research and Development 27.5%
`SG&A expenses
`59.6%
`EBITDA margin
`(10.7%)
`Operating margin
`(12.2%)
`Income before taxes
`(15.2%)
`Income tax
`Net margin
`(15.2%)
`(8.6%)
`(18.2%)
`Source: Company Reports and SunTrust Robinson Humphrey estimates.
`
`79.3%
`26.6%
`68.8%
`(14.8%)
`(16.0%)
`(18.2%)
`
`75.5%
`25.0%
`57.0%
`(5.5%)
`(6.5%)
`(8.6%)
`
` 2 
`
` 
`
` 
`
`  
`
`PAGE 2 OF 9
`
`

`
` 
` 
`Pipeline  
`
` 
`Prolensa – Ista expects to file the Prolensa NDA during the second quarter of 2012.  We maintain our forecast for 
`approval in 1H13, giving time for Ista to replace Bromday. 
` 
`BepoMax  (Bepotastine Nasal) + BepoSone (Combination Bepo/Steroid) – Ista reported  the results for a phase II 
`trial with BepoSone in Mountain Cedar pollen.  Statistically significant improvement was shown in patients’ nasal 
`allergy symptoms, with a sub group showing relief within 15 minutes of dosing.  BepoSone was well tolerated with 
`an adverse event profile similar to placebo and consistent with prior BepoMax trials.  The phase III program is slated 
`to begin in 2013.  
` 
`
`Pipeline Summary 
`
`Product
`Prolensa
`
`Remura Vehicle (OTC)
`
`Indication
`Inflamation (NSAID)
`
`Dry eye
`
`T‐PRED
`
`Ocular Inflammation/Infection
`
`Bepotastine Nasal Spray
`
`Allergic Rhinitis
`
`Development Anticipated Market size
`Phase
`approval
`($ millions)
`Phase III Complete
`2013
`$400
`
`Phase III
`
`Phase III
`
`Phase II
`
`2012
`
`>2014
`
`>2015
`
`$350
`
`$300
`
`>$250
`
`Bepotastine Nasal/Combo
`
`Allergic Rhinitis
`
`Phase II
`
`>2015
`
`>$2,000
`
`Bromfenac & Lucentis Combo
`
`AMD
`
`Phase II
`
`>2015
`
`Strong Steroid
`
`Inflammation
`
`Formulation
`
`>2015
`
`$300
`
`Source: Company Reports and SunTrust Robinson Humphrey estimates.
`
` 3 
`
`   
`
` 
`
`  
`
`PAGE 3 OF 9
`
`

`
`Source: Company Reports and SunTrust Robinson Humphrey estimates 
`
` 4 
`
`($ millions)
`Historical and Projected Income Statement 
`Ista Pharmaceuticals, Inc. 
`
` 
`
`  
`
` 
`
`  
`
`PAGE 4 OF 9
`
`

`
`Source: Company Reports and SunTrust Robinson Humphrey estimates 
`
` 5 
`
`
`
` ($ millions)
`Historical and Projected Revenue Breakout 
`Ista Pharmaceuticals, Inc. 
`
` 
`
` 
`
`
`
`  
`
`PAGE 5 OF 9
`
`

`
` 
`Ista Pharmaceuticals, Inc. 
`Historical and Projected Economic Profit Analysis 
`($ millions)
`
`NOPAT
`Revenues
`Less: Operating Expenses
`Adjusted EBIT
`Plus: Goodwill Amortization
`Plus: Increase in LIFO/Other Reserves
`Plus: Int. Exp. of Capit. Oper. Leases
`Plus: R&D Expense
`Less: R&D Amortization
`Less: Cash Taxes
`NOPAT
`NOPAT growth
`NOPAT margin
`
`Invested capital
`Current assets
`Current liabilities
`Net working capital
`
`Plant, property, and equipment
`Present Value of Oper Leases
`Goodwill, net of cumulative amortization
`Other fixed assets
`Total fixed assets
`Invested Capital
`
`Invested Capital ‐ FY Start
`Plus: Incremental Invested Capital
`Invested Capital ‐ FY End
`
`2007
`
`$58.9
`$95.0
`($36.1)
`$0.0
`($0.4)
`$0.2
`$0.0
`$0.0
`$0.0
`($36.3)
`(2.5%)
`(61.7%)
`
`$27.5
`$20.8
`$6.7
`
`$5.4
`$3.5
`$0.0
`$4.6
`$13.5
`$20.2
`
`$21.5
`($1.3)
`$20.2
`
`Historical results
`2008
`2009
`
`2010
`
`2011
`
`2012E
`
`Projections
`2013E
`2014E
`
`2015E
`
`2015E
`
`$83.1
`$107 9
`($24 8)
`$0 0
`$0 2
`$0.1
`$0 0
`$0 0
`$0 0
`($24.4)
`(32.7%)
`(29.4%)
`
`$110.6
`$108.6
`$2.1
`$0.0
`$0.3
`$0.1
`$0.0
`$0.0
`$0.0
`$2.5
`(110.1%)
`2.2%
`
`$33 5
`$25 8
`$7 8
`
`$5.7
`$2.7
`$0 0
`$4 3
`$12.7
`$20.5
`
`$20 2
`$0 3
`$20 5
`
`$40.5
`$37.6
`$2.9
`
`$6.1
`$1.8
`$0.0
`$3.2
`$11.1
`$13.9
`
`$20.5
`($6.6)
`$13.9
`
`$156.5
`$146.2
`$10.4
`$0.0
`$0.4
`$0.3
`$0.0
`$0.0
`$0.0
`$11.0
`346.9%
`7.0%
`
`$64.1
`$71.4
`($7.4)
`
`$10.4
`$5.5
`$0.0
`$2.0
`$17.9
`$10.5
`
`$13.9
`($3.5)
`$10.5
`
`$160 3
`$150.4
`$9 9
`$0 0
`$0 0
`$0 3
`$0 0
`$0 0
`$0 0
`$10.2
`(7.4%)
`6.4%
`
`$109 9
`$92.4
`$17 5
`
`$10.1
`$5 8
`$0 0
`$2 8
`$18.7
`$36.2
`
`$10 5
`$25.7
`$36 2
`
`$183.9
`$164.8
`$19.1
`$0.0
`$0.0
`$0.3
`$0.0
`$0.0
`$1.3
`$18.1
`77 0%
`9 8%
`
`$228.1
`$192.1
`$36.0
`$0.0
`$0.0
`$0.3
`$0.0
`$0.0
`$2.5
`$33.9
`87.2%
`14.8%
`
`$256.7
`$211.6
`$45.0
`$0 0
`$0 0
`$0 3
`$0 0
`$0 0
`$14 9
`$30.3
`(10.4%)
`11 8%
`
`$304.8
`$246.0
`$58.8
`$0.0
`$0.0
`$0.3
`$0.0
`$0.0
`$19.5
`$39.6
`30.4%
`13.0%
`
`$344 5
`$272 0
`$72 5
`$0 0
`$0 0
`$0 3
`$0 0
`$0 0
`$24 0
`$48.8
`23 2%
`14 2%
`
`$122.3
`$106.0
`$16.3
`
`$150.0
`$131.5
`$18.6
`
`$168 0
`$147 9
`$20.1
`
`$198.4
`$175.7
`$22.7
`
`$223.4
`$198 5
`$24 9
`
`$12.2
`$6.1
`$0.0
`$2.8
`$21.2
`$37.5
`
`$36.2
`$1.3
`$37.5
`
`$14.6
`$6.4
`$0.0
`$2.8
`$23.8
`$42.4
`
`$37.5
`$4.9
`$42.4
`
`$17.2
`$7.1
`$0 0
`$2 8
`$27 2
`$47.3
`
`$42.4
`$4 9
`$47.3
`
`$44.8
`12 2%
`
`$20.2
`$7.5
`$0.0
`$2.8
`$30.5
`$53.2
`
`$47.3
`$5.9
`$53.2
`
`$50.2
`12.0%
`
`$23 5
`$7 9
`$0 0
`$2 8
`$34 2
`$59.1
`
`$53 2
`$5 9
`$59.1
`
`$56.1
`11 8%
`
` 6 
`
`Average Invested Capital
`Average Invested Capital Growth
`
`$20.8
`30.8%
`
`$20.3
`(2 3%)
`
`$17.2
`(15.3%)
`
`$12.2
`(29.1%)
`
`$23.3
`91 2%
`
`$36.9
`57 9%
`
`$40.0
`8.4%
`
`ROIC calculation
`NOPAT
`Divided by: Average Invested Capital
`ROIC
`
`($36.3)
`$20.8
`(174.5%)
`
`($24.4)
`$20 3
`(120.2%)
`
`$2.5
`$17.2
`14.3%
`
`$11.0
`$12.2
`90.4%
`
`$10 2
`$23 3
`43.8%
`
`$18.1
`$36.9
`49.1%
`
`$33.9
`$40.0
`84.7%
`
`$30 3
`$44 8
`67.7%
`
`$39.6
`$50.2
`78.8%
`
`$48 8
`$56.1
`86.9%
`
`WACC
`
`14.0%
`
`13.4%
`
`13.5%
`
`13.3%
`
`13.9%
`
`14.6%
`
`15.1%
`
`14.8%
`
`14.6%
`
`14.3%
`
`Economic profit calculation
`ROIC ‐ WACC
`Times: Average Invested Capital
`Economic profit
`
`Return on incremental invested capital
`1‐year ROIIC (NOPAT)
`3‐year ROIIC (NOPAT)
`5‐year ROIIC (NOPAT)
`
`(188.5%)
`$20.8
`($39.3)
`
`(133.6%)
`$20 3
`($27.2)
`
`0.9%
`$17.2
`$0.1
`
`77.1%
`$12.2
`$9.4
`
`29 8%
`$23 3
`$7.0
`
`34 5%
`$36.9
`$12.7
`
`69.7%
`$40.0
`$27.8
`
`52 9%
`$44 8
`$23.7
`
`64.2%
`$50.2
`$32.3
`
`72.6%
`$56.1
`$40.7
`
`71.4%
`35.4%
`(111.3%)
`
`246.9%
`409.6%
`3,594%
`487.9%
`527.8%
`159 5%
`9 9% 1,184.9% 56,515.1%
`
`(3 2%)
`220 8%
`322 0%
`
`605 3%
`66 3%
`314 0%
`
`322.0%
`71.5%
`266.3%
`
`(72 2%)
`181 8%
`83.6%
`
`156.3%
`137.1%
`66.8%
`
`155 5%
`89.4%
`168 5%
`
`Source: Company Reports and SunTrust Robinson Humphrey estimates.
`
` 
`
`  
`
` 
`
`  
`
`PAGE 6 OF 9
`
`

`
` 
`Company Description 
`Ista Pharmaceuticals is a specialty pharmaceutical company devoted to the development of ophthalmic products.  
`The company was founded in 1992 as Advanced Corneal Systems and was renamed Ista Pharmaceuticals after 
`expanding its product development from cornea to full‐eye.  It currently has three primary marketed products 
`(Bromday, Istalol, and Bepreve).  
`
` 
`
`Analyst Certification 
`I, Frank H Pinkerton, hereby certify that the views expressed in this research report accurately reflect my personal views about 
`the subject company(ies) and its (their) securities. I also certify that I have not been, am not, and will not be receiving direct or 
`indirect compensation in exchange for expressing the specific recommendation(s) in this report. 
` 
`
`Important Disclosures 
`•    SunTrust Robinson Humphrey, Inc. makes a market in the following companies at the time of this report: Ista 
`Pharmaceuticals, Inc. 
`
` 
`
`Analyst compensation is based upon quality of analysis, communication skills, stock price performance and the overall revenue 
`and profitability of the firm, including investment banking revenue. 
` 
`As a matter of policy and practice, the firm prohibits the offering of favorable research or a specific research rating as 
`consideration or inducement for the receipt of business or compensation.  In addition, analysts and associated persons 
`preparing research reports are prohibited from owning securities in the subject companies. 
` 
`
`Rating And Price Target History (ISTA) 
`Rating 
`Target
`Buy 
`$5.00
`$6.00
`$7.00
`$7.00
`$9.00
`$10.00
`$13.00
`$11.00
`$10.00
`
` 
`
` 
`
` 
`
` 
`
` 
`
` 
`
` 
`
` 
`
`Closing
`$3.34
`$4.69
`$5.18
`$3.50
`$4.73
`$8.01
`$10.20
`$7.20
`$3.98
`$3.66
`
`Neutral 
`
` 
`
`Date 
`06/09/2009 
`06/26/2009 
`08/05/2009 
`02/24/2010 
`10/18/2010 
`03/02/2011 
`05/05/2011 
`07/28/2011 
`11/01/2011 
`11/29/2011 
`
` 
`
` 
`
`    
`
` 7 
`
`Definition of Ratings 
`SunTrust Robinson Humphrey assigns one of three ratings to stocks covered by our Research Department:   Buy, Neutral, or 
`Reduce. 
` 
`In addition, we assign a risk rank to each stock based on a combination of fundamental and stock volatility factors: 
`Low = Low stock price volatility reflected by high predictability of financial results. 
`
` 
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`  
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`PAGE 7 OF 9
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`Moderate = Moderate stock price volatility reflected by medium predictability of financial results.
`High = High stock price volatility reflected by inconsistent predictability of financial results.
`Speculative = Greatest stock price volatility reflected by low predictability of financial results.
`Venture = Recommended only for maximum risk oriented and well-diversified portfolios.
`
`Our ratings are a function of the risk ranking (higher return expectations for higher risk) and the absolute expected total return
`(price appreciation plus dividends) that result in our estimated 12-month price target. Please refer to the grid below for
`additional detail.
`
`Performance Definition Scale
`
`-10% or Worse
`
`Rating
`Buy
`
`Total return (capital gain/loss + dividends) expected over the next 12 months
`low Risk
`Moderate Risk
`High Risk
`Speculative
`Over 10%
`Over 15%
`Over 20%
`Over 25%
`-5% to 10%
`-5% to 15%
`-10% to 20%
`-10% to 25%
`-5% or Worse
`-5% or Worse
`-10% or Worse
`
`SunTrust Robinson Humphrey assigns one of three ratings to industries/sectors covered by our Research Department:
`Overweight, Market Weight or Underweight. These terms are relative to the appropriate S&P 500 industries/sectors.
`
`Deviations from expected price targets due to price movement and/or volatility will be reviewed by the analyst and research
`management on a timely basis. Price targets are only required on Buy rated stocks; the analyst may choose to have price
`targets on Neutral or Reduce rated stocks, but it is not required. Action taken by an investor should be based upon their
`personal investment objectives and risk tolerance compared to a stock's expected performance and risk ranking.
`
`SunTrust Robinson Humphrey ratings distribution as of 05/03/2012:
`
`Coverage Universe
`Rating
`Buy
`Hold/Neutral
`Sell/Reduce
`
`Count
`137
`194
`1
`
`Percent
`41
`58
`0
`
`Investment Banking Client Past 12 months
`Rating
`Count
`Percent‘
`Buy
`29
`9
`Hold/Neutral
`24
`7
`Sell/Reduce
`0
`0
`
`‘Percentage of Investment Banking clients in Coverage Universe by rating
`
`Financial Definitions
`
`Average Daily Volume = The cumulative number of shares traded over 200 days + number of trading sessions in that period
`Book Value/Share = Shareholders’ equity + shares outstanding
`Debt/Cap. = Debt + shareholders’ equity + debt
`Debt/EBITDA = Long—term debt + earnings before interest, tax, depreciation, and amortization
`Dividend/Yield = Annual dividend per share + share price
`Est. 5-Year EPS Growth = Expected 5-year CAGR from latest actual
`Float = Number of shares outstanding available for public trading
`Free Cash Flow/Share = Trailing four quarters cash flow from operations - yearly CAPEX + shares outstanding
`Long-Term Debt = Loans and financial obligations extending beyond one year
`Net Cash/Share = Cash + liquid securities - total debt (short and long term) + shares outstanding
`ROE (last year actual) = Net income + shareholders’ equity
`Shareholders’ Equity = Share capital + retained earnings - treasury shares
`
`Key lndices:
`DJIA — Dow Jones
`RUI — Russell 1000
`RUT — Russell 2000
`
`MID — S&P MidCap 400
`SPX — S&P 500
`
`PAGE 8 OF 9
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`

`
` 
`SML – S&P SmallCap 600 
` 
`Other Disclosures 
`Information contained herein has been derived from sources believed to be reliable but is not guaranteed as to accuracy and 
`does not purport to be a complete analysis of the security, company or industry involved.  This report is not to be construed as 
`an offer to sell or a solicitation of an offer to buy any security.  SunTrust Robinson Humphrey, Inc. and/or its officers or 
`employees may have positions in any securities, options, rights or warrants.  The firm and/or associated persons may sell to or 
`buy from customers on a principal basis.  Investors may be prohibited in certain states from purchasing some over‐the‐counter 
`securities mentioned herein.  Opinions expressed are subject to change without notice.  The information herein is for persons 
`residing in the United States only and is not intended for any person in any other jurisdiction. 
` 
`SunTrust Robinson Humphrey, Inc. is a registered broker‐dealer and a member of FINRA and SIPC.  It is a service mark of 
`SunTrust Banks, Inc.  SunTrust Robinson Humphrey, Inc. is owned by SunTrust Banks, Inc. ("SunTrust") and affiliated with 
`SunTrust Investment Services, Inc.  Despite this affiliation, securities recommended, offered, sold by, or held at SunTrust 
`Robinson Humphrey, Inc. and at SunTrust Investment Services, Inc. (i) are not insured by the Federal Deposit Insurance 
`Corporation; (ii) are not deposits or other obligations of any insured depository institution (including SunTrust Bank); and (iii) 
`are subject to investment risks, including the possible loss of the principal amount invested.  SunTrust Bank may have a lending 
`relationship with companies mentioned herein. 
`
` ©
`
` SunTrust Robinson Humphrey, Inc. 2012.  All rights reserved.  Reproduction or quotation in whole or part without permission 
`is forbidden. 
` 
`
`ADDITIONAL INFORMATION IS AVAILABLE at our website, www.suntrustrh.com, or by writing to: 
`SunTrust Robinson Humphrey, Research Department, 3333 Peachtree Road N.E., Atlanta, GA 30326‐1070 
`
` 9 
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`PAGE 9 OF 9