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					Company Report
Banks & Thrifts
November 2, 2009 | 12 Pages

BB&T CORPORATION (NYSE: BBT)
INCREMENTALLY MORE POSITIVE - UPGRADING TO BUY FOLLOWING PULLBACK
Rating:

RATING: BUY
Fiscal Year Ends Dec
Buy $23.91 30.00 $12.90-$36.60 $16,436.8 687.4 $165,328 8194 $0.60 2.5% $23.41 102% $13.48 177%

Upgrading shares to Buy citing attractive entry point and establishing a $30.00 price target which equates to 2.2x our 3Q09 TBV estimated of $13.48 and 2.5x our Burn Down TBV of $12.01. Based on the current share price, we believe the risk/reward scenario for BB&T is very compelling given the company’s strong pre-provision earnings, sound capital position, TARP free balance sheet and the recently announced FDIC assisted transaction of Colonial Bank. While we remain quite cautious on credit, we do think BBT's sound capital levels and pre-provision earnings strength (among the highest in the Southeast) allow the company to work through significant credit expenses and likely still turn a profit while most other peers continue to post losses. As competitors remain internally focused, we see ample opportunities for BBT to take material market share (both customers and talent). In addition, the resumption of the quarterly cash dividend has now become a topic of conversation where it is not even on the radar for most of our coverage list and other BBT peers. We think BBT will be one of the first in the Southeast if not the industry to begin to boost dividend levels back toward pre-crisis levels and this factor could start to price back into the stock.

Price: Price Target: 52-wk Range: Market Capitalization (M): Shares Outstanding (M): Assets (M): Avg. Daily Vol. (000): Dividend: Dividend Yield: Book Value/Share: Price/Book Value: Tangible Book Value/Share: Price/Tangible Book Value:

Adam Barkstrom, CFA (800) 906-0577
abarkstrom@sterneagee.com

Blair Brantley, CFA (800) 621-8635
bbrantley@sterneagee.com

FYE Dec

2009E

Earnings Summary 2010E EPS & P/E Summary 2010E 2010 Previous 2009 Previous --$0.46 --$0.46 --$0.50 --$0.55 --$1.97 --12.1

2011E

EPS:

Q1 Q2 Q3 Q4 Full Year

P/E Ratio:

2009E $0.32 $0.29 $0.16 $0.29 $1.05 22.7

2011E $0.60 $0.67 $0.67 $0.75 $2.68 8.9

2011 Previous -------

Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification, Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.

BB&T CORPORATION (NYSE: BBT)
We recently had the opportunity to spend the day with the CFO of BB&T Corporation Daryl Bible in the Midwest. Generally, we came away from meetings incrementally more positive toward management, the benefits of the Colonial (CNB) transaction and the overall future prospects of the company in the near term environment. Specific thoughts from meetings: Colonial Acquisition - While the specific accounting entries remain somewhat fuzzy for this transaction, it appears to us that CNB will be a solid transaction for the company. • With a 37% cumulative mark on the portfolio and FDIC loss sharing, BBT virtually cannot lose in our view. Management is confident that realized losses will be well short of the 37% mark. We remind investors that if losses come in below the mark, the FDIC gets 80% of the recoup, but BBT still gets a 2% annual management fee for holding the assets until ultimate disposition. Management has reduced the estimate for merger-related expenses to $205M from $245M and has confirmed the annual cost savings projections of $170M. The CNB franchise in Nevada has been sold with BBT retaining the government guaranteed assets. BBT had already had a chance to perform due diligence on CNB back in December when the company was attempting to sell itself meaning they were well prepared for this transaction in our opinion. In the company’s view, the structure to include the rebate to FDIC if losses come in less than projected won them the deal. The only CNB senior management executive retained by BBT was CCO Sandra Jansky, who was formerly with SunTrust Inc. (STI – $19.11 – Neutral). BBT has allowed Ms. Jansky to build a credit team in excess of 200 people to "workout" the legacy CNB portfolio.

November 2, 2009

•

• • •

• •

Overall, the CNB transaction enhances the company’s footprint in Florida while providing a significant presence in Alabama, a market the company has wanted to enter. In addition, on the heels of the transaction we would expect to see insurance agency acquisitions in Florida and Alabama. Additional meeting takeaways: • Normalized EPS of $3.00. During our meetings, management was speaking to a normalized EPS number of $0.75 per quarter or $3.00 annually which compares to our conservative estimate of $2.80. The argument is based on improving margins (CNB margin accretive) as deposit costs and loan pricing improve, reduced credit costs, balance sheet growth in the low single digit range, ROA in the 1.40%-1.50% range and ROE in 15% range - but on higher equity requirements. Idea of Good bank Bad bank structure - not much appetite. Looked at it a few quarters ago, but didn’t really see how that structure changes anything: problem credits are still problem credits. Don't think the idea makes much sense.

•

Page 2

BB&T CORPORATION (NYSE: BBT)
• TDRs for 3Q totaled $120M and were a mix of ADC, mortgage and HELOC. BBT is projecting TDRs to go to $150M-$160M in 4Q. CRE marks - ADC OREO on average is now marked (with the 3Q valuation adjustment) at 63% of original loan value. Largest ADC OREO property is $19M within a $1.3B book which we think demonstrates the significant granularity within the portfolio. ADC portfolio now totals $6.3B, down $2B in last 12 months. Granular portfolio with largest credits in the $20M-25M range. By contrast, the largest credits at CNB were in the $45M range while CNB is 1/6th the size of BBT. Loan sales continue to ramp as liquidity in many markets improve while some demand for land is starting to pick up. Management noted that almost all problem loan sales in 1H09 were predominantly vertical construction. In 3Q, about 20% of sales were land meaning demand for land is now increasing in some of their markets. Total problem loan sales for 3Q were $132M (versus $98M in 2Q and $28M in 1Q). So far in 4Q management has $82M in contracted problem loan sales. Specialty portfolios continue to perform well and grow at double digits due to market disruption and exit of competitors including: Premium Finance (AIG was number one now out), Subprime Auto (liquidity in the market has evaporated meaning better pricing and customer selection), Consumer Finance (GE finance is out) and Factoring (CIT was largest competitor).

November 2, 2009

•

•

•

•

While we remain quite cautious on credit, we do think BBT's solid capital levels and preprovision earnings strength (among the highest in the Southeast) allow the company to work through significant credit expenses and likely still turn a profit while most other peers continue to post losses. As competitors remain internally focused, we see ample opportunities for BBT to take material market share (both customers and talent). In addition, the resumption of the quarterly cash dividend has now become a topic of conversation where it is not even on the radar for most of our coverage list and other BBT peers. We think BBT will be one of the first in the Southeast if not the industry to begin to boost dividend levels back toward pre-crisis levels and this factor could start to price back into the stock. Burn Down – Our more conservative 6-quarter burn down scenario shows TCE falling to 5.2%, but still adequate in our view to move forward without having to raise additional common equity, all else being equal.

Page 3

BB&T CORPORATION (NYSE: BBT)
BB&T "Burn Down" Loan Loss Estimates ($/MM) Projected Estimated Total Loss Balance Rate Commercial CRE Residential ADC Builder/Construction Florida Georgia Other Land/Land Dev Florida Georgia Other Condos/Townhomes Florida Georgia Other Total Res. ADC Commercial Construction Commcercial Land/Development Permanent Income Properties $ 30,779 4.50% $ Projected Cumulative Loan Loss 1,385.1

November 2, 2009

$ $ $ $ $ $ $ $ $ $ $ $ $

167 260 1,471 352 549 3,103 38 59 336 6,335 1,168 2,189 9,120 18,812

20.00% 12.00% 10.00% 20.00% 15.00% 12.00% 20.00% 15.00% 8.00% 12.32% 3.00% 8.00% 3.00% 6.72%

$ $ $ $ $ $ $ $ $ $ $ $ $ $

33.4 31.2 147.1 70.5 82.3 372.4 7.6 8.9 26.8 780.2 35.0 175.1 273.6 1,264

Total CRE $ Direct Retail HE & HELOC $ $ $ Lot Loans $ Other Direct Retail $ Total Direct Retail $ Sales Finance Revolving Credit Mortgage Prime Florida Georgia Other Alt-A Florida Georgia Other Construction/Perm Florida Georgia Other Subprime Florida Georgia Other Total Mortgage Specialized Lending* Subprime Auto Other Subprime Subprime mortgage Other Specialized Lending Total Specialized Lending Loans Held for Sale Total Projected Losses $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Florida Georgia Other

586 962 10,181 1,814 939 14,482 6,493 1,929

18.00% 13.00% 7.00% 20.00% 6.00% 9.41% 6.00% 10.00%

$ $ $ $ $ $ $ $

105.6 125.0 712.7 362.8 56.3 1,362.4 389.6 192.9

1,725 1,085 8,612 422 265 2,104 141 89 706 34 21 170 15,376 1,865 950 371 4,452 7,638 3,126 98,635.0

7.00% 5.00% 2.50% 17.00% 10.00% 5.00% 12.00% 9.00% 5.00% 35.00% 20.00% 12.00% 4.49% 17.00% 15.00% 15.00% 7.00% 10.83% 2.50% 6.28%

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

120.7 54.3 215.3 71.7 26.5 105.2 17.0 8.0 35.3 11.9 4.3 20.4 690.7 317.1 142.5 55.7 311.6 826.8 78.2 6,190

Capital effects of Burn Down Scenario Next 6 Quarters* Cumulative Preprovision Earnings (Pre-Tax) 5869.0
T ax Rate: 32%

Next 4 Quarters 3866.8 2629.5 4208.9 -1579.4 9266.0 5.8% 415.5 7271.1 4.6% $ 10.46

Cumulative Preprovision Earnings (After-Tax) Cumulative Credit Loss after tax After Tax Earnings 3Q Tangible Common Equity 3Q TCE/TA Cumulative Dividends (inc. CPP preferred) Adjusted Tangible Equity Adjusted TE/TA Adjusted TBV $

3990.9 4208.9 -217.9 9266.0 5.8% 625.3 8422.7 5.2% 12.01

Source: Company Data & Sterne Agee Estimates

Page 4

BB&T CORPORATION (NYSE: BBT)

November 2, 2009

Risks Risks to our investment thesis include developments which could cause earnings to come in lower than expectations. For bank and thrift institutions we believe the most serious risk is the potential for loan credit quality to deteriorate thereby obviating a higher provision for loan losses to cover an immediate loan charge-off or to build a higher loan loss reserve to absorb a potential loss. The higher the degree of geographic focus, the greater the risk that worsening economic circumstances could have an adverse impact on loan portfolio quality. Also, the higher degree of concentration in a specific type of loans or borrowers increases the potential for a large adverse impact on earnings. Banks and thrift institutions are also subject to interest rate sensitivity risks. Depending upon how the balance sheet is structured, increases or decreases in rates could reduce earnings. Additionally, regardless of how the balance sheet is positioned, a volatile interest rate environment could have an adverse impact on earnings. Depository institutions also possess compliance and operating risk such as the implementation of policies, procedures and controls required by the Bank Secrecy Act and U.S. Patriot Act. Failure to comply fully and effectively with these laws and other regulatory regimes could result in high fines and restrictions on the institution's freedom of action. Another prominent risk associated with bank and thrift stocks involves the potential for overpaying for an acquisition or an ineffective integration once an acquisition is closed. Paying too much for an acquisition or failing to properly integrate the acquired franchise could reduce earnings.

Page 5

BB&T CORPORATION (NYSE: BBT)

November 2, 2009

BB&T Corporation Quarterly Income Statement
BB&T Corporation (M M except per share data) FAS 142 ESTIMATES GAAP EPS Operating EPS Dividends Per Share Book Value Per Share Tangible Book Per Share EOP Shares Out. Average FD Shares Out. Income Statement Net Interest M argin Average Earning Assets Net Interest Income *+ Taxable Equivalent Adj. Net Interest Income (FTE) Non-interest Income: Insurance Commissions Service charges on deposits Other nondeposit fees and commissions Investment bank and brokerage fees Trust Revenue M ortgage banking income Securities gains (losses), net Other non-interest income Total non-interest income Total Revenues Non-interest Expense: Personnel expense Occupancy and equipment expense Other non-interest expense Total non-interest Expenses Total Core Income: Provision for Loan Losses Operating Income Other Items: Restructuring/M erger related charges Other, primarily securities gains (losses) VISA Gain Income before taxes Income taxes M inority Interest Net Income Preferred Dividends Net Income Available To Common Balance Sheet EOP LOANS EOP INVESTM ENT SEC. EOP OTHER ASSETS EOP INTANGIBLES EOP ASSETS EOP NON-INT. BEARING EOP TOTAL DEPOSITS EOP BORROWINGS EOP TANGIBLE EQUITY EOP TOTAL EQUITY EOP PREFERRED EOP COM M ON EQUITY EOP TANGIBLE COM M ON EQUITY AVG AVG AVG AVG AVG AVG AVG AVG AVG LOANS INV SECURITIES ASSETS NON-INT BEARING DEPOSITS BORROWINGS TANGIBLE EQUITY TOTAL EQUITY COM M ON EQUITY 3.63% 120839.5 4238.0 83.0 4321.0 928.0 673.0 541.0 354.0 147.0 230.0 (38.4) 96.3 2930.9 7251.9 2169.0 509.0 1220.0 3898.0 3353.9 1445.0 1908.9 3.57% 132331.0 1146.0 28.0 1174.0 252.0 156.0 137.0 82.0 32.0 188.0 0.0 34.0 881.0 2055.0 600.0 129.0 328.0 1057.0 998.0 676.0 322.0 3.56% 131156.0 1138.0 29.0 1167.0 281.0 168.0 149.0 92.0 33.0 184.0 0.0 67.0 974.0 2141.0 623.0 128.0 396.0 1147.0 994.0 701.0 293.0 3.68% 137176.0 1237.0 30.0 1267.0 254.0 180.0 154.0 89.0 36.0 144.0 0.0 47.0 904.0 2171.0 644.0 149.0 509.0 1302.0 869.0 709.0 160.0 3.70% 144397.5 1335.7 1335.7 266.7 192.5 154.8 89.9 36.4 115.2 0.0 47.5 902.9 2238.6 637.6 149.0 509.0 1295.6 943.0 652.9 290.2 3.63% 136265.1 4856.7 4943.7 1053.7 696.5 594.8 352.9 137.4 631.2 0.0 195.5 3661.9 8605.6 2504.6 555.0 1742.0 4801.6 3804.0 2738.9 1065.2 3.71% 147985.0 1372.6 1372.6 261.4 202.7 155.5 91.2 36.9 103.7 0.0 47.9 899.3 2271.9 640.7 150.5 514.1 1305.3 966.6 504.3 462.2 3.72% 149378.2 1389.2 1389.2 271.8 204.2 156.3 92.6 37.5 93.3 0.0 48.4 904.1 2293.3 644.0 152.0 519.2 1315.2 978.2 508.1 470.0 3.73% 150904.1 1407.2 1407.2 266.4 206.2 157.1 94.0 38.0 94.7 0.0 48.9 905.3 2312.5 648.8 155.0 529.6 1333.4 979.1 465.6 513.5 3.74% 152683.2 1427.6 1427.6 277.0 208.8 157.9 95.9 38.8 96.6 0.0 49.4 924.4 2352.0 655.3 158.1 540.2 1353.6 998.4 436.4 562.0 3.73% 150237.7 5596.5 5596.5 1076.6 821.8 626.9 373.7 151.2 388.3 0.0 194.7 3633.2 9229.7 2588.7 615.7 2103.1 5307.5 3922.2 1914.5 2007.7 3.75% 154634.3 1449.7 1449.7 271.5 211.4 159.5 97.8 39.6 98.5 0.0 50.0 928.3 2378.0 661.8 161.3 551.0 1374.1 1003.8 386.3 617.5 3.75% 156642.8 1468.5 1468.5 282.4 214.0 161.1 99.7 40.3 100.5 0.0 50.6 948.7 2417.2 668.4 164.5 562.0 1395.0 1022.2 334.2 688.0 3.75% 158801.3 1488.8 1488.8 276.7 216.7 162.7 101.7 41.2 102.5 0.0 51.4 952.9 2441.7 678.5 167.8 573.3 1419.6 1022.1 328.5 693.7 3.75% 161363.1 1512.8 1512.8 287.8 219.4 164.3 103.8 42.0 104.6 0.0 52.2 974.0 2486.8 688.6 171.2 584.7 1444.6 1042.2 256.4 785.8 3.75% 157860.4 5919.8 5919.8 1118.3 861.6 647.5 403.1 163.0 406.1 0.0 204.2 3803.9 9723.7 2697.4 664.8 2271.1 5633.2 4090.4 1305.4 2785.0 -0.1% 12.8% 14.6% 14.4% 13.5% 3.5% 9.9% -0.3% -6.6% 174.4% 103.0% 24.9% 18.7% 15.5% 9.0% 42.8% 23.2% 13.4% 89.5% -44.2% 2.7% 10.3% 15.2% 13.2% 2.2% 18.0% 5.4% 5.9% 10.1% -38.5% -0.4% -0.8% 7.3% 3.4% 10.9% 20.7% 10.5% 3.1% -30.1% 88.5% 0.7% 5.1% 5.8% 5.8% 3.4% 4.6% 8.7% 3.4% 8.6% 0.5% 13.4% 13.7% 42.9% 14.2% FY2008A $2.71 $2.25 $1.86 $23.17 $12.39 559.2 552.5 1Q09A $0.48 $0.32 $0.47 $23.36 $12.64 560.6 563.6 2Q09A $0.20 $0.29 $0.47 $22.76 $13.52 648.1 608.8 3Q09A $0.23 $0.16 $0.15 $23.41 $13.48 687.4 672.5 4Q09E $0.24 $0.29 $0.15 $23.43 $13.48 689.4 688.4 FY2009E $1.14 $1.05 $1.24 $23.43 $13.48 689.4 633.3 1Q10E $0.41 $0.46 $0.15 $23.62 $13.64 691.4 690.4 2Q10E $0.36 $0.46 $0.15 $23.76 $13.77 693.4 692.4 3Q10E $0.50 $0.50 $0.15 $24.05 $14.03 695.4 694.4 4Q10E $0.55 $0.55 $0.15 $24.38 $14.34 697.4 696.4 FY2010E $1.82 $1.97 $0.60 $24.38 $14.34 697.4 693.4 1Q11E $0.60 $0.60 $0.15 $24.69 $14.56 701.4 699.4 2Q11E $0.67 $0.67 $0.15 $25.06 $14.84 705.4 703.4 3Q11E $0.67 $0.67 $0.15 $25.43 $15.12 709.4 707.4 4Q11E $0.75 $0.75 $0.15 $25.89 $15.47 713.4 711.4 FY2011E $2.68 $2.68 $0.60 $25.89 $15.47 713.4 705.4 09/08 -57.8% -53.3% -33.3% 1.1% 8.8% 23.3% 14.6% 10/09 59.4% 87.2% -51.6% 4.0% 6.4% 1.2% 9.5% 11/10 3Q09 Change Q/Q Y/Y

47.4% 13.7% -65.0% 36.3% -43.7% -72.6% 0.0% -68.1% -68.1% 6.2% 2.9% 0.0% 7.9% -0.3% 5.0% 2.3% 6.1% 24.5% 1.7% 10.5% 21.5%

3.9% -9.6% 4.8% 7.1% 3.3% 3.4% 7.9% -3.3% 7.9% 9.1% 4.6% -21.7%

9.5% 2.3% 12.4% 6.0% -2.7% 73.5% -100.0% 4.9% -29.9% 56.7% 4.7% -7.2% 22.1% 5.4% 4.2% 8.0% 8.0% 6.1% 1.4% 3.4% 16.4% 28.5% 13.5% 17.4% 16.7% 17.3% 56.6% 29.7% 2.8% 94.8%

4.3% -12.6% -31.8% 1.1%

38.7% -45.4% -66.8%

(15.0) 170.4 87.7 2152.0 633.0 1519.0 (21.0) 1498.0

(12.0) 150.0 0.0 460.0 142.0 (6.0) 312.0 (41.0) 271.0

1.0 (16.0) 0.0 278.0 70.0 (4.0) 204.0 (83.0) 121.0

(18.0) 31.0 0.0 173.0 21.0 (5.0) 152.0 0.0 152.0

(50.0) 0.0 0.0 240.2 76.9 163.3 0.0 163.3

(79.0) 165.0 0.0 1309.2 309.9 999.3 (124.0) 875.3

(50.0) 0.0 0.0 412.2 131.9 280.3 0.0 280.3

(100.0) 0.0 0.0 370.0 118.4 251.6 0.0 251.6

0.0 0.0 0.0 513.5 164.3 349.1 0.0 349.1

0.0 0.0 0.0 562.0 179.8 382.1 0.0 382.1

(150.0) 0.0 0.0 1857.7 594.5 1263.2 0.0 1263.2

0.0 0.0 0.0 617.5 197.6 419.9 0.0 419.9

0.0 0.0 0.0 688.0 220.2 467.9 0.0 467.9

0.0 0.0 0.0 693.7 222.0 471.7 0.0 471.7

0.0 0.0 0.0 785.8 251.5 534.3 0.0 534.3

0.0 0.0 0.0 2785.0 891.2 1893.8 0.0 1893.8 -39.2% -51.0% -34.2% -41.6% 41.9% 91.9% 26.4% 44.3% 49.9% -37.8% -67.2% 49.9% -70.0% -87.6% 49.9% -25.5% -57.5% 49.9% 25.6% -57.5%

98669.0 33219.0 14102.0 6025.0 152015.0 13649.0 98613.0 28820.0 10012.0 16037.0 3082.0 12955.0 6930.0 95187.8 24492.0 136867.5 13060.3 88818.8 30422.3 7424.9 13492.0 12842.6

100239.0 19736.0 17437.0 6013.0 143425.0 14766.0 90617.0 31676.0 10169.0 16182.0 3085.0 13097.0 7084.0 99724.0 31427.0 149876.0 13828.0 93934.0 34240.0 10090.5 16406.0 13026.0

100334.0 31802.0 14274.0 5988.0 152398.0 16054.0 102164.0 30741.0 8759.0 14747.0 0.0 14747.0 8759.0 99577.0 30468.0 148496.0 15443.0 94385.0 31208.5 9464.0 16683.0 13922.0

103901.0 35339.0 19260.0 6828.0 165328.0 18673.0 114510.0 29674.0 9266.0 16094.0 0.0 16094.0 9266.0 100349.0 32599.0 157451.0 17389.0 107310.0 29831.0 9012.5 15537.0 15420.5

104420.5 35692.4 19645.2 6862.1 166620.2 18813.0 115368.8 29896.6 9291.9 16154.0 0.0 16154.0 9291.9 104160.8 35515.7 165974.1 18743.0 114939.4 29785.3 9279.0 16124.0 16124.0

104420.5 35692.4 19645.2 6862.1 166620.2 18813.0 115368.8 29896.6 9291.9 16154.0 0.0 16154.0 9291.9 100952.7 32502.4 155449.3 16350.8 102642.1 31266.2 9461.5 16187.5 14623.1

105203.7 36049.3 20038.1 6896.5 168187.5 19001.2 116234.1 30195.5 9434.3 16330.8 0.0 16330.8 9434.3 104812.1 35870.9 167403.9 18907.1 115801.5 30046.0 9363.1 16242.4 16242.4

105992.7 36409.8 20438.9 6930.9 169772.3 19191.2 117105.8 30497.5 9547.6 16478.6 0.0 16478.6 9547.6 105598.2 36229.6 168979.9 19096.2 116670.0 30346.5 9491.0 16404.7 16404.7

107052.6 36773.9 20847.6 6965.6 171639.7 19479.1 118569.7 30726.2 9757.9 16723.5 0.0 16723.5 9757.9 106522.6 36591.9 170706.0 19335.1 117837.8 30611.8 9652.8 16601.0 16601.0

108390.8 37141.6 21264.6 7000.4 173797.4 19771.2 120051.8 31033.5 10000.8 17001.2 0.0 17001.2 10000.8 107721.7 36957.8 172718.6 19625.2 119310.7 30879.8 9879.4 16862.4 16862.4

108390.8 37141.6 21264.6 7000.4 173797.4 19771.2 120051.8 31033.5 10000.8 17001.2 0.0 17001.2 10000.8 106163.6 36412.5 169952.1 19240.9 117405.0 30471.1 9596.6 16527.6 16527.6

109745.7 37513.1 21689.9 7105.4 176054.0 20067.8 121552.4 31343.8 10210.8 17316.2 0.0 17316.2 10210.8 109068.2 37327.4 174925.7 19919.5 120802.1 31188.6 10105.8 17158.7 17158.7

111117.5 37888.2 22123.7 7212.0 178341.4 20368.8 123071.8 31657.2 10466.5 17678.5 0.0 17678.5 10466.5 110431.6 37700.6 177197.7 20218.3 122312.1 31500.5 10338.7 17497.4 17497.4

112784.2 38267.1 22566.2 7320.2 180937.7 20674.4 124610.2 32053.0 10723.9 18044.1 0.0 18044.1 10723.9 111950.9 38077.6 179639.5 20521.6 123841.0 31855.1 10595.2 17861.3 17861.3

115039.9 38649.7 23017.5 7430.0 184137.1 20984.5 126167.9 32613.9 11041.8 18471.7 2.6 18469.2 11039.2 113912.1 38458.4 182537.4 20829.4 125389.1 32333.4 10882.9 18257.9 18256.7

115039.9 38649.7 23017.5 7430.0 184137.1 20984.5 126167.9 32613.9 11041.8 18471.7 2.6 18469.2 11039.2 111340.7 37891.0 178575.1 20372.2 123086.1 31719.4 10480.6 17693.8 17693.5

5.8% 7.4% 39.3% 13.9% 9.6% 37.8% 17.0% 3.7% -7.2% 0.7% 24.7%

3.8% 4.1% 8.2% 2.0% 4.3% 5.1% 4.1% 3.8% 7.6% 5.2% 5.2%

6.1% 4.1% 8.2% 6.1% 5.9% 6.1% 5.1% 5.1% 10.4% 8.6% 8.6% 10.4% 4.9% 4.1% 5.1% 5.9% 4.8% 4.1% 9.2% 7.1%

3.6% 11.1% 34.9% 14.0% 8.5% 16.3% 12.1% -3.5% 5.8% 9.1% 9.1% 5.8% 0.8% 7.0% 6.0% 12.6% 13.7% -4.4% -4.8% -6.9%

7.5% 67.6% 43.4% 16.8% 20.6% 38.0% 29.6% -5.5% 30.7% 24.4% 24.4% 30.7% 4.6% 35.4% 15.0% 31.9% 19.2% 0.5% 28.0% 18.3%

6.1% 32.7% 13.6% 25.2% 15.6% 2.8% 27.4% 20.0%

5.2% 12.0% 9.3% 17.7% 14.4% -2.5% 1.4% 2.1%

Performance Ratios (Based on Averages) Earning Assets / Assets Investment Sec. / Assets Borrowings/Assets [EOP] Loans / Assets Loans / Deposits NonInt. Dep / Total Dep. [EOP] Tang. Common Eqty/Tang Assets [EOP] Tang Eqty/Tang Assets [EOP] Tot. Equity / Assets [EOP] Core Income / Assets Return on Assets Return on Common Equity Operating Exp. / Revenues Operating Exp. / Assets Fee Income / Assets Fee Income / Revenues Deposit Fees / Deposits Effective Tax Rate (FTE) Common Div. Payout ratio NCOs/Average Loans Reserves/NPLoans LL Reserve / NPAs Reserves/Loans NPLs/Loans NPAs/Assets

88.3% 17.9% 22.2% 69.5% 107.2% 13.8% 4.7% 6.9% 10.5% 2.5% 1.09% 11.7% 53.8% 2.8% 8.6% 40.4% 0.76% 29.4% 68.6% 0.89% 87% 65% 1.63% 1.87% 1.62%

88.3% 21.0% 22.1% 66.5% 106.2% 16.3% 5.2% 7.4% 11.3% 2.7% 0.72% 8.3% 51.4% 2.8% 2.4% 42.9% 0.66% 30.9% 97.7% 1.56% 90% 61% 1.89% 2.10% 2.18%

88.3% 20.5% 20.2% 67.1% 105.5% 15.7% 6.0% 6.0% 9.7% 2.7% 0.33% 3.5% 53.6% 3.1% 2.6% 45.5% 0.71% 25.2% 236.5% 1.81% 89% 58% 2.14% 2.41% 2.41%

87.1% 20.7% 17.9% 63.7% 93.5% 16.3% 5.8% 5.8% 9.7% 2.2% 0.39% 3.9% 60.0% 3.3% 2.3% 41.6% 0.67% 12.1% 66.4% 1.78% 86% 58% 2.39% 2.79% 2.59%

87.0% 21.4% 17.9% 62.8% 90.6% 16.3% 5.8% 5.8% 9.7% 2.3% 0.39% 4.1% 57.9% 3.1% 2.2% 40.3% 0.67% 32.0% 63.2% 2.00%

87.7% 20.9% 20.1% 64.9% 98.4% 16.3% 5.8% 5.8% 9.7% 2.4% 0.56% 6.0% 55.8% 3.1% 9.4% 42.6% 0.68% 23.7% 108.5% 1.79%

88.4% 21.4% 18.0% 62.6% 90.5% 16.3% 5.8% 5.8% 9.7% 2.3% 0.67% 6.9% 57.5% 3.1% 2.1% 39.6% 0.70% 32.0% 36.9% 1.85%

88.4% 21.4% 18.0% 62.5% 90.5% 16.4% 5.9% 5.9% 9.7% 2.3% 0.60% 6.1% 57.3% 3.1% 2.1% 39.4% 0.70% 32.0% 41.3% 1.85%

88.4% 21.4% 17.9% 62.4% 90.4% 16.4% 5.9% 5.9% 9.7% 2.3% 0.82% 8.4% 57.7% 3.1% 2.1% 39.1% 0.70% 32.0% 29.8% 1.85%

88.4% 21.4% 17.9% 62.4% 90.3% 16.5% 6.0% 6.0% 9.8% 2.3% 0.88% 9.1% 57.6% 3.1% 2.1% 39.3% 0.70% 32.0% 27.3% 1.70%

88.4% 21.4% 17.9% 62.5% 90.4% 16.5% 6.0% 6.0% 9.8% 2.3% 0.74% 7.6% 57.5% 3.1% 8.6% 39.4% 0.70% 32.0% 32.9% 1.81%

88.4% 21.3% 17.8% 62.4% 90.3% 16.5% 6.0% 6.0% 9.8% 2.3% 0.96% 9.8% 57.8% 3.1% 2.1% 39.0% 0.70% 32.0% 25.0% 1.70%

88.4% 21.3% 17.8% 62.3% 90.3% 16.6% 6.1% 6.1% 9.9% 2.3% 1.06% 10.7% 57.7% 3.1% 2.1% 39.2% 0.70% 32.0% 22.6% 1.70%

88.4% 21.2% 17.7% 62.3% 90.4% 16.6% 6.2% 6.2% 10.0% 2.3% 1.05% 10.6% 58.1% 3.2% 2.1% 39.0% 0.70% 32.0% 22.5% 1.65%

88.4% 21.1% 17.7% 62.4% 90.8% 16.6% 6.2% 6.2% 10.0% 2.3% 1.17% 11.7% 58.1% 3.2% 2.1% 39.2% 0.70% 32.0% 20.0% 1.55%

88.4% 21.2% 17.8% 62.3% 90.5% 16.6% 6.2% 6.2% 10.0% 2.3% 1.06% 10.7% 57.9% 3.2% 8.5% 39.1% 0.70% 32.0% 22.3% 1.65%

2.50%

2.50%

2.50%

2.50%

2.45%

2.40%

2.40%

2.30%

2.15%

2.00%

1.80%

1.80%

Source: Company reports and Sterne Agee estimates

Page 6

BB&T CORPORATION (NYSE: BBT)

November 2, 2009

APPENDIX SECTION
Company Description: BB&T was originally founded as Branch and Hadley in the wake of the Civil War in 1872 and adopted its
current name in 1913. Since then, BB&T has grown to a bank with $152 billion in assets and 1,505 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington, D.C. It focuses on commercial lending to small and medium-sized businesses, consumer lending, and mortgage lending along with specialized lending.

IMPORTANT DISCLOSURES: Price Target Risks & Related Risk Factors:
Investment risks associated with the achievement of target prices consist of developments which could cause earnings to come in lower than expectations. For bank and thrift institutions we believe the most serious risk is the potential for loan credit quality to deteriorate thereby obviating a higher provision for loan losses to cover an immediate loan charge-off or to build a higher loan loss reserve to absorb a potential loss. The higher the degree of geographic focus, the greater the risk that worsening economic circumstances could have an adverse impact on loan portfolio quality. Also, the higher degree of concentration in a specific type of loans or borrowers increases the potential for a large adverse impact on earnings. Banks and thrift institutions are also subject to interest rate sensitivity risks. Depending upon how the balance sheet is structured, increases or decreases in rates could reduce earnings. Additionally, regardless of how the balance sheet is positioned, a volatile interest rate environment could have an adverse impact on earnings. Depository institutions also possess compliance and operating risk such as the implementation of policies, procedures and controls required by the Bank Secrecy Act and U.S. Patriot Act. Failure to comply fully and effectively with these laws and other regulatory regimes could result in high fines and restrictions on the institution's freedom of action. Another prominent risk associated with bank and thrift stocks involves the potential for overpaying for an acquisition or an ineffective integration once an acquisition is closed. Paying too much for an acquisition or failing to properly integrate the acquired franchise could reduce earnings. For a complete discussion of the risk factors that could affect the market price of a company's shares, refer to the most recent Form 10Q or 10-K that a company has filed with the Securities and Exchange Commission.

Valuation Methodology:
Our ratings are based on a wide array of valuation methodology. Our "top-down" valuation approach makes extensive use of peer groups based on market capitalization, asset size, geographic location or the nature of the institution. We compare various valuation metrics to the peer group. Relevant valuation metrics include, but are not limited to, price to earnings (trailing twelve month as well as estimates), price to book value, price to tangible book value, dividend yield and several types of deposit premiums. Our "bottomup" valuation process examines the specific geographic franchise, management experience and record, credit culture, deposit composition, loan portfolio characteristics and interest rate sensitivity to aid in determining the overall prospects for the institution. At this level we sometimes employ discounted cash flow analysis to the specific institution. Another valuation process we go through attempts to determine the value of a depository institution as an acquisition. This requires judgments with regard to potential buyers and their wherewithal to purchase the candidate.

Regulation Analyst Certification:
I, Adam Barkstrom, CFA, hereby certify the views expressed in this research report accurately reflect my personal views about the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this report. Sterne, Agee & Leach, Inc. Disclosure Legend as of November 2, 2009: Company BB&T Corporation (BBT - NYSE): SunTrust Banks, Inc. (STI - NYSE): 1. 2. 3. 4. 5. 6. Disclosure(s) – See Below 6 1

Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company. Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities offering or provided other investment banking services for the subject company. Sterne, Agee & Leach, Inc. has various security accounts open for the subject company. Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company. Sterne Agee Financial Services, Inc. has clearing agreements with the subject company. The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.

Appendix Section, Page I

BB&T CORPORATION (NYSE: BBT)

November 2, 2009

Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.

Definition of Investment Ratings:
BUY: NEUTRAL: SELL: RESTRICTED: We expect this stock to outperform the industry over the next 12 months. We expect this stock to perform in line with the industry over the next 12 months. We expect this stock to underperform the industry over the next 12 months. Restricted list requirements preclude comment.

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of September 30, 2009, 36.7% had a BUY rating, 57.4% had a NEUTRAL rating, 5.9% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 2.04% of the securities rated BUY, 1.94% rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment banking services from Sterne, Agee & Leach, Inc., within the 12 months preceding September 30, 2009.

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures: Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein and may act as principal or agent to buy or sell such securities. Copyright © 2009 Sterne, Agee & Leach, Inc. All Rights Reserved. Sterne, Agee & Leach, Inc. disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the current quarter, will not be displayed until the following quarter.

Price Chart(s):

Appendix Section, Page II

BB&T CORPORATION (NYSE: BBT)

November 2, 2009

Appendix Section, Page III

STERNE, AGEE & LEACH, INC.
Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states including Alabama, Arkansas, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New York, North Carolina, Pennsylvania South Carolina, Tennessee, Texas, Virginia, and Wisconsin. Sterne Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee Financial Services, Inc.—www.sterneagee.com

EQUITY CAPITAL MARKETS ADMINISTRATION
Ryan Medo Robert Lake Managing Dir., Eq. Cap. Mkts. Vice President (205) 949-3623 (205) 949-3624 David Lee Yan Chao Chuck Carlisle Director, Equity Products Associate Sr. Portfolio Analyst (205) 949-3689 (205) 949-3622 (205) 949-3571

EQUITY RESEARCH
Robert Hoehn Director of Research (212) 338-4731

BASIC MATERIALS
Mark Connelly Ashish Gupta Jason Marcus Mng. Dir. Analyst Associate (212) 338-4712 (212) 338-4721 (212) 338-4746

FINANCIAL SERVICES (CONT.)
Matthew Kelley Mike I. Shafir Matthew Breese Edward D. Timmons Brett Rabatin, CFA Kenneth James Peyton Green Michael Lipman Mng. Dir. VP, Sr. Analyst Analyst SVP, Sr. Analyst SVP, Sr. Analyst Analyst Mng. Dir. Analyst (207) 699-5800 (212) 763-8239 (207) 699-5800 (800) 203-5332 (877) 457-8625 (615) 760-1474 (877) 492-2663 (615) 269-7323

CONSUMER Apparel Retailing & Toys
Margaret Whitfield Jennifer Milan SVP, Sr. Analyst VP, Analyst (973) 519-1019 (212) 763-8211

Educational Services / Interactive Entertainment
Arvind Bhatia, CFA Luke Shagets Mng. Dir. Analyst (214) 702-4001 (214) 702-4030

Life Insurance
John M. Nadel Jason Weyeneth, CFA Mng. Dir. Analyst (212) 338-4717 (212) 763-8293

Footwear & Apparel
Sam Poser Kenneth M. Stumphauzer SVP, Sr. Analyst Analyst (212) 763-8226 (212) 763-8287

Mortgage Finance & Specialty Finance
Henry J. Coffey, Jr., CFA John Sites, CFA SVP, Sr. Analyst Associate (615) 760-1472 (615) 760-1470

Leisure & Entertainment
David Bain Sherry Yin Mng. Dir. Associate (949) 721-6651 (949) 721-6651

GLOBAL INDUSTRIAL INFRASTRUCTURE (GII) ACME &Latin America
Lawrence T. De Maria, CFA Ben Elias, CFA SVP, Sr. Analyst VP, Sr. Analyst (212) 338-4704 (212) 338-4706

Restaurants
Lynne Collier Philip May Mng. Dir. Analyst (214) 702-4045 (214) 702-4004

Building, Power & Water Infrastructure
Michael J. Coleman, CFA VP, Sr. Analyst (212) 338-4718

ENERGY Oilfield Services & Equipment
David S. Havens Karl Sowislo Mng. Dir. Analyst (212) 763-8238 (212) 338-4732

Engineering and Construction
Chase Jacobson VP, Sr. Analyst (212) 338-4753

Multi-Industry
Nicholas P. Heymann Samuel H. Eisner Jordan Calabrese Mng. Dir. Analyst Associate (212) 338-4703 (212) 338-4705 (212) 338-4729

Exploration & Production
J. David Anderson, PE, CFA Mng. Dir. Adam Aron VP, Analyst (212) 338-4749 (212) 338-4748

TRANSPORTATION, SERVICES & EQUIPMENT
Jeffrey A. Kauffman Sal Vitale Mng. Dir. Analyst (212) 338-4765 (212) 338-4766

FINANCIAL SERVICES Banks & Thrifts
James M. Schutz John Schutz Adam Barkstrom, CFA Blair Brantley, CFA Dir. of Fin. Ser. Associate Mng. Dir. Analyst (864) 241-3384 (502) 420-4015 (800) 906-0577 (800) 621-8635

ADMINISTRATION
Carlo Francisco Marianne Pence Nathan Mitchell Supervisory Analyst Mgr., Res. Admin. Editor (914) 434-3451 (205) 949-3618 (205) 949-3635

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

SALES & TRADING
ATLANTA
Adam Aspes Adam Kramer Joe Maloney Jamie Pennington John T. Riley (404) 812-3068 (404) 814-3902 (404) 814-3942 (404) 814-3948 (404) 814-3966

DALLAS
Jennifer Elkins Dan Griffith Candace Martin Bob Nasi Steve Pokorny John Schwalenberg (214) 702-4050 (214) 702-4044 (214) 702-4033 (214) 702-4017 (214) 702-4020 (214) 702-4010

NEW YORK (cont.)
Eric Dusansky Mike Flanagan Rich Gallagher Brian Haise Jeff Hood Alex Jones Carey Kaufman Konrad Krill Robert McGuire Adam Merlo John Molster Jake Morton Matt O’Kelly David O’Shea Jon Palan Bruce Rae Jon Schenk Chuck Schroeder Jason Scott Miko Tam Scott Tashman Ray Wardell (212) 763-8231 (212) 763-8282 (212) 763-8260 (212) 763-8206 (212) 490-1453 (212) 338-4701 (212) 763-8274 (212) 763-8218 (212) 763-8236 (212) 763-8232 (212) 763-8210 (212) 763-8261 (212) 763-8227 (212) 763-8260 (212) 763-8225 (212) 763-8271 (212) 763-8221 (212) 763-8264 (212) 763-8215 (212) 763-8252 (212) 763-8256 (212) 763-8272

BIRMINGHAM
Gary Hagstrom Sam Haskell Scott Hughen Claude Preston Amber Spitzer (205) 380-1782 (205) 380-1781 (205) 380-1764 (205) 380-1762 (205) 380-1761

MINNEAPOLIS
Randy Mason John Regan III (952) 820-4461 (952) 841-6408

NEW ORLEANS
Henry Corder Patrick Donnelly Cheryl Grabert John Regan, Jr. (504) 636-4921 (504) 636-4902 (504) 636-4911 (850) 650-5676

BOSTON
Richard Gill Tom Goode Ted Sheehan Mike Roncone Nicholas White (617) 478-5006 (617) 478-5008 (617) 478-5003 (617) 478-5001 (617) 478-5002

NEW YORK
Jason Barber Matt Boskin JT Cacciabaudo Adam Cavise Mike Cline Tom Criscoula Noel Cueto Enrico DeMatt Geri DeVito (212) 763-8219 (212) 763-8247 (212) 763-8288 (212) 763-8292 (212) 763-8268 (212) 338-4719 (212) 763-8251 (212) 338-4724 (212) 763-8242

CHICAGO
Mark Burrier Jennifer Crall Scott Hallermann Scott Hootman Robert Hurley Vesna Radovic Dan Roesner Curt Thompson (312) 525-8425 (312) 525-8423 (312) 525-8421 (312) 525-8426 (312) 525-8440 (312) 525-8429 (312) 525-8433 (312) 525-8427

SAN FRANCISCO
Justin Brennan Tom Cervantez Chris Larson Naghmeh Rabii (415) 362-6140 (415) 362-7430 (415) 362-6142 (415) 362-6141

INVESTMENT BANKING
Mark Behrman, Mng Dir, Head of Inv Banking (212) 763-8286 Kimberlee Taylor, Admin. Asst. (212) 338-4715

FINANCIAL INSTITUTIONS GROUP
Michael J. O’Boyle, Mng. Dir. Michael Perry, Mng. Dir. Robert P. Hutchinson, Mng. Dir. Jeffrey W. Prochnow, CFA, SVP D. Timothy Speegle, SVP John McCrory, SVP Robert Toma, VP Horacio Barakat, VP Andrew Stager, Associate Nathan Strall, Associate Jung Lee, Associate Michael Stern, Analyst (205) 949-3592 (212) 338-4736 (617) 478-5011 (402) 778-5054 (205) 380-1720 (205) 949-3664 (617) 478-5005 (212) 338-4768 (617) 478-5009 (617) 478-5010 (212) 338-4769 (212) 338-4756

NON-FINANCIALS
John Bolebruch, Mng. Dir. – Industrials Richard Cunniffe, SVP – Industrials Everett Titus III, Mng. Dir – Energy Will Brooke, Analyst - Industrials (212) 338-4716 (212) 338-4713 (908) 730-7882 (212) 763-8278

EQUITY SYNDICATE
Craig B. Jampol, Mng. Dir. (212) 338-4708

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

LOCATIONS
Corporate Headquarters 800 Shades Creek Parkway Suite 700 Birmingham, AL 35209 (205) 949-3500 (800) 239-2408 (205) 802-1414 fax 13727 Noel Road th 7 Floor Dallas, TX 75240 (972) 239-4806 (800) 404-2226 (972) 980-7125 fax 620 Newport Center Dr. Suite 1100 Newport Beach, CA 92660 (949) 721-6651 (949) 721-6652 fax

OTHER LOCATIONS
3475 Lenox Road Suite 800 Atlanta, GA 30326 (404) 365-9630 (404) 812-3097 fax

706 E. Washington Street Greenville, SC 29601 (864) 233-6630 (864) 233-6630 fax

2 Union Street Suite 403 Portland, ME 04101 (207) 699-5800 (207) 699-5888 fax

8400 Normandale Lake Boulevard Suite 920 Bloomington, MN 55437 (952) 841-6410 (800) 949-4102

3100 West End Avenue Suite 930 Nashville, TN 37203 (615) 269-7323 (615) 269-9223

5609 Patterson Avenue Suite B Richmond, VA 23226 (804) 521-3224 (804) 521-3199 fax

265 Franklin Street Suite 310 Boston, MA 02110 (617) 478-5000 (800) 836-4616 (617) 443-0310 fax

639 Loyola Ave Suite 200 New Orleans, LA 70113 (504) 299-1021 (888) 978-3763 (504) 299-0956 fax

1001 Craig Road Suite 330 St. Louis, MO 63146 (314) 872-2125 (314) 872-2126 fax

123 N. Wacker Drive Suite 1250 Chicago, IL 60606 (312) 525-8440 (800) 966-0815 (312) 525-8438 fax

2 Grand Central Tower 140 East 45th Street 18th Floor New York, NY 10017 (212) 763-8224 (800) 966-0814 (212) 763-8201 fax

One Maritime Plaza Suite 1940 San Francisco, CA 94111 (415) 362-7430 (415) 362-7436 fax

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)


				
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