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					                                                                                                            Company Report
                                                                                             Global Industrial Infrastructure
 May 17, 2010 | 15 Pages



 INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                               RATING: BUY
 THE REAL DEAL: GREAT "DEEP VALUE" INDUSTRIAL AS                                                 Fiscal Year Ends Dec
 IR'S CONSERVATIVE ASSUMPTIONS BEHIND TARGETED
 DOUBLING OF EPS BY 2014 APPEAR REALISTIC; PT TO                               Rating:                                             Buy
 $45; BUY                                                                      Price: Last                                      $37.97
       IR’s Targeted 2X In EPS By 2013 Based On Several Sources:               Price Target:                                       $45
       Better pricing can lift operating margins by 1%, net productivity       52-wk Range:                              $19.48-$40.60
       can lift operating margins by 1%, and organic volume growth can         Market Capitalization (M):                   $12,207.16
       enable margins to potentially increase 2.5% if sales rise 5%-7%         Shares Outstanding (M):                          321.07
       (with one quarter of the organic revenue growth coming from new         Avg. Daily Vol. (000):                         5,259.29
       products). IR is assuming it can achieve 1% positive price but will     Dividend:                                             --
       also incur 3% of cost inflation. To achieve these savings, IR           Dividend Yield:                                       --
       assumes it will invest $100M annually in productivity investments       Consensus EPS Current Year:                       $2.27
       and $50M for innovation investments. Productivity programs are          Consensus EPS Next Year:                          $2.90
       more mature than pricing programs – could allow for positive            Est. 3-yr. EPS Growth:                          15-17%
       upside. IR is also assuming flat shares at 341 million and assumes
       interest expense is flat despite expected debt reduction of more
                                                                               Nicholas P. Heymann            Lawrence T. De Maria,
       than $1.5B by 2013. IR also is assuming its tax rate will increase                                                      CFA
       to the mid-20%s as earnings in the US recover faster than               (800) 385-4816                        (212) 338-4704
       overseas. IR has built in significant contingency into this forecast.   nheymann@sterneagee.com          ldemaria@sterneagee.com
       IR Is Optimally Positioned To Leverage Growth With Much
       Lower Cost Structure – IR’s 2X EPS target of $5.00-$5.75 by             Ben Elias, CFA                         Samuel H. Eisner
                                                                               (212) 338-4706                           (212) 338-4705
       2013 is all based on organic growth and internal actions – no           belias@sterneagee.com             seisner@sterneagee.com
       acquisitions are assumed. IR believes available FCF should total
       over $5B. In total, IR expects to generate $3.4B to enhance
       shareholder value, which could further aid IR’s EPS potential.
       Reiterate Buy Rating And Price Target Adjusted to $45: Our
       revised 6-12 month target price of $45 (due to lower market
       multiple) assumes IR’s shares trade at a 30% P/E premium to the
       S&P 500 based on our 2010E EPS of $2.50 and a 2010E market
       multiple of 13.8X (down from 14.2X). Our 6-12 month target
       assumes the market will begin to discount 2011E EPS potential as
       visibility on interest rate increases and “green” building
       legislation improves and IR’s revenues begin gradually to
       accelerate sequentially over the remainder of 2010. During the
       past 24 months, IR has traded at an average 15% P/E discount in a
       range of a 66% P/E discount and a 24% relative P/E premium to
       the S&P 500 on current year EPS and a 12% premium currently.
                                                       Earnings Summary
FYE Dec                            2009A                           2010E                                    2011E

                                                    EPS & P/E Summary
                                   2009A     2009 Previous       2010E 2010 Previous                        2011E      2011 Previous
EPS:         Q1                    -$0.06                --       $0.16            --                            --                --
             Q2                     $0.41                --       $0.70            --                            --                --
             Q3                     $0.68                --       $0.92            --                            --                --
             Q4                     $0.48                --       $0.71            --                            --                --
             Full Year              $1.52                --       $2.50            --                        $3.10                 --
P/E Ratio:                           25.0                --        15.2            --                         12.2                 --
   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.
             800 Shades Creek Parkway             Suite 700         Birmingham, AL 35209                    205-949-3500
                                    Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                     May 17, 2010




                          Sterne Investment Insights
 1. Investment Case: IR is transforming to a cyclical growth company from a
    moderately speculative turnaround investment. We believe conviction about
    management’s ability to implement its operational plans is now increasingly
    strong; while management believes it can double IR’s EPS between 2010 and
    2013, the key question that will impact the share price is how long it will take
    investors to fully embrace the realism of IR’s new target. As IR’s orders and
    now sales are beginning to reflect a moderate recovery in its mid-late cycle
    end markets, as these convincingly drive enhanced revenues, investor interest
    is likely to shift to evaluating the company’s long-term growth potential once
    end-market demand recovers. As stronger investor conviction emerges
    regarding the timing and pace of IR’s likely EPS rebound develops and clarity
    surrounding potential passage by Congress of “green” building legislation
    (both perhaps sometime about mid 2010), we believe IR’s share price could
    potentially double over the next two years by mid-2012. In the interim,
    operational execution is now the most critical determinant of upside for IR
    shares (most likely over the next 3-9 months).
 2. Biggest Misperceptions: IR is a weak cyclical industrial company. IR’s
    portfolio transformation has reduced the company’s economic dependence,
    but once the majority of internal operating improvement is achieved, the
    company will increasingly see its share price more dependent on a recovery in
    industrial aggregate demand in its core markets. We believe this is unlikely to
    arrive for the majority of the company’s markets until 2011.
 3. Areas of Greatest Internal Operating Surprise: With the more rapid than
    expected FCF generation enabling more rapid than expected debt reduction,
    the largest internally controllable factors likely to generate upside surprise
    remain IR’s ability to achieve its recently expanded targeted cost savings and
    productivity improvements and to continue to reduce its debt and thus interest
    expense.
 4. Potential Biggest External Positive: Increased emphasis on energy
    efficiency for buildings and supermarkets could enable broad-based immense
    replacement of N.A. HVAC installed base due to sharply higher energy costs.
    Following recent inclusion in a Senate jobs bill, passage of Congressional
    legislation to encourage “green” energy retrofit is currently anticipated
    sometime in 2010. Successful enactment of this legislation (perhaps by mid
    2010) could act to significantly mitigate the impact of higher interest rates
    (perhaps beginning in 2H10) on the rate at which N.A. commercial
    construction markets begin to rebound (most likely beginning in 2011).
 5. Potential Biggest External Negative: Further strength in the USD could
    hinder IR’s EPS from adverse FX. However, this could be offset by continued
    moderation of recent surging commodity prices (particularly for copper,
    aluminum and steel).




                                                                                             Page 2
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                                                       May 17, 2010

Figure 1: Boomerang Through 2010


          Recent Focus – Blue Sky Cyclical                                                                     New Focus – Tempered Growth
              Recovery Extrapolation
                                                                                                           •Financial Strength and Flexibility
                                                                                                           •Ability to Create Valuation in Nominal Revenue
       •2012 Potential Cyclical Recovery                                                                   Growth Environment
       •Ability to Leverage Improved Cost Base
       •Developed & Emerging Market Potential
                                                          2010 Expectations                                •Industry Consolidation Opportunities
                                                                                                           •Emerging Market Growth




               What Investors                    Long Range Extrapolation       Adjustment/Reassessment             What Investors
               Have Discounted                                                                                      May See in 2010
                   in 2009                                                                    Temporary Cost Cuts Return
                                                                        BTB Sensitive
                          Anticipated FX Tailwind                        Diversified
                                                                                                           Higher Taxes
                                                                         Industrials

                                                              BTB                           GDP
                Radical Restructuring                     Commodity                       Sensitive                Stubborn Unemployment
                                                            Sensitive                    Industries
                                                           Industries
                                                                                                                          Rising Interest Rates
                                                                                                       Cyclical
                                              Cyclical
                                                                                                      Industries
     Corporate Resizing                      Industries
                                                                                                                                  FX Headwind?
                                   GDP
                                                                                                           Non-Res Con/
                                 Sensitive
                                                                                                            Comm’l Fin
                                Industries


                    2009
                                                                                                                                        2011


Source: Sterne, Agee & Leach, Inc. Estimates

Key Considerations That Appear Likely To Influence Possible Rotation Within
Industrial Stocks Over Next 3-6 Months

Change Is In The Air – Switching From Cyclical Recovery Analytics To Ongoing
Operational Assessment Can Result In Re-Thinking Stock Selection - So far this year,
Industrials have been one of the best performing segments of the market, driven by several
quarters of positive operating profitability improvement and more recently the extrapolated
leverage from revenue growth reacceleration. Now, however, several issues have emerged on
the horizon that are beginning to shift investor analytics from “how high” to perhaps closer to
“how long.” In addition to some operational headwind factors now coming into view,
valuation metrics are also causing us to believe modifications in stock selection may also
emerge.

Operationally, three issues with varying degrees of tangibility have emerged over the past few
months: (a) higher input (especially steel) costs – the decision by iron ore producers to move
to quarterly rather than annual contracts has suddenly made the prospect of a potential 30%
increase in steel costs in the near future perhaps unavoidable; (b) rising FX headwinds – the
extent of the challenges associated with minimizing the risks for the sovereign debt problems
in Europe has increased the probability that the EURO is likely to remain under pressure. This
could prove particularly relevant if U.S. short-term interest rates begin to rise in the near to
intermediate term. The result could be an operational headwind for most of our U.S. global
industrials and a tailwind for many of our European global industrials; (c) rising U.S. interest
rates – while still unclear exactly when and how much, U.S. interest rates will invariably rise,


                                                                                                                                                               Page 3
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                May 17, 2010

though operationally this should pose the least risk to global industrials given their very
strong financial condition, nominal leverage and strong cash flows.

We believe we may be rapidly closing in on further stock selection changes for Industrial
stocks, with a possible bias emerging that favors lower P/E names, particularly in the Multi-
Industry and Building, Power, Water and Smart Grid sub-sectors. The challenge for investors
in more economically sensitive industrial cyclical stocks will be to know when to anticipate
the arrival of likely tempered enthusiasm as several critical events begin to emerge that will
almost certainly impact global GDP growth beginning perhaps about mid 2H10, including:

2010 Second Half Headwinds:

1.   Higher manufacturing input costs – The rapid increase in commodities that began in
     late 4Q08 and which accelerated throughout 2009 is likely to begin to squeeze sharply
     improved operating margins which are expected to benefit from exceptionally pervasive
     cost restructuring (1H10) and initial distribution channel replenishment (1H10). The
     biggest challenge could be rising steel costs as the industry prepares to shift to 90-day
     contracts which will be reset four times each year. With recent iron prices now rising
     80%-90%, the potential exists for steel prices to rise as much as 30% over the next few
     quarters. Steel presents unusual challenges since as a manufactured product it is not able
     to be hedged like other commodity costs. The key will be the degree to which companies
     can offset higher steel costs with incremental price increases, particularly as industrial
     aggregate demand is now just barely beginning to recover in many markets to adequately
     enable higher prices to cover higher input costs. Previously, favorable FX was a key
     offset, but beginning in 2Q10 and likely accelerating during 2H10, FX is likely to swing
     to a moderate headwind for most U.S.-based global industrials (it will likely swing to a
     modest positive for European-based global industrials), assuming the USD’s recent
     strength (particularly versus the Euro) is sustained.

2.   Negative impact of a strong USD post 1Q10 – More Volatile FX (Euro) Pending
     Resolution of EU Sovereign Debt Issues – Greece’s fiscal problems may prove more
     complicated than realized. The proposed EU and IMF “backstops” may not be viable as
     the IMF normally prescribes currency devaluation as one of its prescriptions for debt
     detoxification. Of course, Greece currently can’t devalue its currency since it uses the
     EURO as part of the EU. Additionally, further likely IMF austerity measures could
     aggravate social unrest. Depending on what’s ultimately devised with IMF and EU, it is
     possible Greece could be kicked out of the EU if a viable solution can’t be quickly
     developed and implemented that avoids continued escalating borrowing costs for Greece.
     If Greece reverts to its own currency, it could cause $38B of Greek debt to potentially
     default (likely impacting German banks most severely). Were this to occur, Greece’s
     (presumably temporary) removal from the EU could be followed by others (Spain, Italy,
     Portugal, Ireland) until they rectify their finances. We sense this could put further
     pressure on the EURO lower vs. the USD though eventually the EURO should recover –
     and the USD could come under pressure for doing the same thing. With U.S. interest
     rates poised to rise well before the EU’s, this could also put further pressure on the
     EURO. The average U.S. Industrial derives about 20%-25% of its sales from Europe, so
     while FX may start 2010 as a tailwind, it’s likely to become a headwind quite rapidly as
     the value of overseas earnings, which are now a larger percentage of total earnings than
     in the past, declines. Near-term a weak EURO would help our foreign global multi-
     industry names. Bottom-line: look for increased FX volatility to impact earnings.

3.   Rising state and local tax rates in N.A. – In 2009, state and local municipal governments
     received approximately $350-$375 billion from the U.S. 2009 stimulus program to
     sustain local services. This transfer should enable local governments to sustain services
     rather than increase local government spending for vital community services. In 2010,
     these funds will have to be replaced by higher taxes, as local and state governments are
     not allowed to deficit finance their operating budgets, in our opinion. This is likely to
                                                                                                        Page 4
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                     May 17, 2010

     lead to slower economic growth in N.A. as consumers experience a higher tax burden and
     if anything, local services face potential partial curtailment. Federal tax reform (both
     corporate and individual) could also emerge in Congress during 2010 and potentially
     could be implemented as early as 2011.

4.   Higher interest rates in N.A. – At some point, the Federal Reserve will begin to raise
     interest rates. While the catalysts behind such a move and its timing have been
     extensively debated, once interest rates begin to climb, Federal Reserve officials have
     repeatedly warned that the rate of increase is likely to be steeper than the last interest rate
     cycle earlier this decade. Such an increase is likely to make assumptions about
     rebounding construction (both Residential in 2010 and Non-Residential in 2011) be
     viewed in a more conditional manner. While U.S. long-term interest rates have been
     rising since early December, there is growing realization that at some point short-term
     interest rates are likely also to rise. Over the past few quarters commodity-based
     economies (Australia, Canada, Brazil, etc.) have been raising their short-term borrowing
     rates. While the exact timing and pace of any U.S. interest rate increases is less clear,
     quantitative easing measures have now been ended. For most global industrials, their
     financial condition has rarely been stronger (particularly after emerging from one of the
     most several global economic downturns on record). As such, operationally higher
     interest rates are likely to be less of a concern for global industrials than their impact on
     discounting the value of future improved earnings in share prices.

5.   Prospective June 2010 end to U.S. government’s extension of first-time homebuyer
     credit – Weakness could re-emerge in N.A. home sales following the expected
     conclusion of the government’s first-time homebuyer incentive program. It has been
     estimated that approximately 35% of the homes bought in the U.S. since the program’s
     inception were purchased through the incentive program. Similar to the end of the
     government’s cash-for-clunkers program, the end of this incentive could negatively
     impact companies with significant residential new home sales exposure.

6.   Capital Redeployment Rewarded Most For Acquisitions That Increase Exposure to
     Emerging Markets – Companies that opt to use their overall stronger balance sheets to
     make acquisitions in Developed (and much likely slower growing markets) can expect a
     less ebullient investor response than those that figure out how to form JVs or make
     acquisitions that increase their exposure in “the next” Emerging Markets (India, South
     America). Similarly, those that opt to return cash via share repurchase (rather than
     dividends) could find investors questioning if a real plan exists to shift a company’s
     global “center of sales gravity” to higher growth Emerging Markets.

7.   Key Industrial Growth Drivers Next Five Years – Rather than a historical extensive use
     of share repurchase, the primary sources of growth and strategic value creation for global
     industrials (beyond cyclical market recovery and operational and portfolio restructuring)
     are likely to be increasingly influenced by:

         a) Shift revenue “center of gravity” to faster growing Emerging Markets (higher
            organic revenue growth)
         b) Expand intellectual/data/information content – aftermarket monitoring,
            predictive maintenance, software upgrades, energy savings (higher organic
            revenue growth and enhanced ROTC)
         c) Expand aftermarket physical content – parts, overhaul, general maintenance and
            repair (higher organic revenue growth, potentially improved ROTC)
         d) Exit marginal product lines and businesses (enhanced ROTC, potentially
            improved organic revenue growth)




                                                                                                             Page 5
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                                                                                                                                                                                                                                   May 17, 2010

2010 Conceptual Changes Potentially Affecting Industrial Valuations:

Conceptually, there are several other telltales that could also distract attention from the recent
sole focus on extrapolating how high fundamentals will improve and how quickly this can be
accomplished:

The Institute For Supply Management (ISM) Index is near all-time highs – As noted in the
chart below, readings above 60 (currently 59.6) have tended to correlate with peaks in the
expansion of forward one-year P/Es for the market. Essentially, the future discounting
mechanism used by investors begins to switch from discounting expected future fundamental
improvement to reflect near-term macro-economic changes that can impact near-term
operating performance as well as adjust the discount rate used to determine the present value
of future extrapolated fundamental operating expectations.

                                                                                          Correllation of ISM & S&P500 FY1 P/E Multiple
                            70.00                                                                                                                                                                                                                                                                                   30.0



                            60.00
                                                                                                                                                                                                                                                                                                                    25.0


                            50.00
ISM Index (+50=Expansion)




                                                                                                                                                                                                                                                                                                                    20.0

                            40.00




                                                                                                                                                                                                                                                                                                                           FY1 P/E
                                                                                                                                                                                                                                                                                                                    15.0

                            30.00

                                                                                                                                                                                                                                                                                                                    10.0
                            20.00


                                                                                                                                                                                                                                                                                                                    5.0
                            10.00



                             0.00                                                                                                                                                                                                                                                                                   0.0
                                                      Dec-00




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                                    Apr-00




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                                                                                                                                                          ISM                 S&500 FY1 P/E

Source: ISM and FactSet historical data and estimates

FCF/Net Income begins to normalize – During cyclical downturns, working capital and
capital expenditures contract, resulting in sharply higher FCF/NI ratios. For our Multi-
Industry Global Industrial Infrastructure Sub-Sector universe (excluding GE), the FCF/NI
ratio rose to 1.65 in 2009 from 1.15 in 2008 but is projected to moderate to 1.07 in 2010E and
0.96 by 2011E, reflecting increased working capital and increased capital spending as the
global economy recovers. These changes can be even more extreme for smaller capitalization
industrials. For our Building, Power, Water & Smart Grid Sub-Sector, the FCF/NI ratio rose
to 3.06 in 2009 from 1.61 in 2008 but is projected to decline to 1.22 in 2010E and 0.99 in
2011E. When this normalization of the FCF/NI ratio occurs, industrial stocks no longer
appear as inexpensive based on cash flow multiples;

What could overcome the emergence of these new operational and conceptual factors that
could change stock selection and temper valuation metrics? We believe there are two
principal factors currently: (1) sharply stronger than expected organic revenue growth
which would (at least near term) result is significantly greater operating earnings that could
“reset” fundamental expectations higher than previously anticipated or discounted; (2)
significant M&A activity which could unlock undiscounted value or alter current P/E
valuations presently assigned to a company’s existing business portfolio.




                                                                                                                                                                                                                                                                                                                                           Page 6
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                                                                                   May 17, 2010

Ingersoll Rand Co - Summary Financial Statements 2006—2010E
(Dollars and shares in millions, except per-share data)


INCOME STATEMENT                                            2006                        2007                            2008                             2009                          2010E
                                                                    Oper.                       Oper.                              Oper.                          Oper.                         Oper.
Segment Breakdown:                                 Sales            Profits    Sales            Profits     Sales                 Profits     Sales               Profits    Sales              Profits
   Climate Control                                $3,171            $356      $3,372             $383      $6,751                  ($772)    $7,294                $425     $7,582               $659
   Residential Solutions                            $0               $0        $526              $45       $1,474                 ($2,037)   $2,135                $167     $2,329               $224
   Industrial Technologies                        $2,578            $352      $2,877             $392      $2,938                  $354      $2,047                $140     $2,212               $252
   Security Technologies                          $2,285            $400      $1,988             $389      $2,065                   $42      $1,719                $341     $1,678               $335
   Unallocated Corporate Expense                  ($110)                      ($150)                        ($161)                            ($182)                         ($186)
Total                                             $8,034            $998      $8,763            $1,058    $13,227                 ($2,413)   $13,195              $1,073    $13,802             $1,470

Pretax Income                                      $853                        $938                        ($2,766)                           $609                          $1,060
Less Taxes                                         $93                         $204                         ($209)                             $86                           $192
Less M inority Interests                            $0                          $0                          ($10)                             ($25)                          ($20)
Net Income Cont. Ops                              $760.1                      $733.1                      ($2,567.3)                         $498.4                         $848.5
One Time Items                                      $0                         $22                         $2,641                              $91                           ($41)
Net Income                                        $760                        $756                         $2,641                             $407                           $808


EPS - Continuing Ops.                             $2.35                       $2.48                        ($7.83)                            $1.52                          $2.50
EPS - Continuing Ops (Adjusted)                   $2.35                       $2.56                        $0.42                              $1.24                          $2.38

Shares Outstanding (M )                            323.3                       295.4                        303.0                             328.3                          339.9

Quarterly EPS
                       Q1                         $0.47                       $0.50                         $0.77                             ($0.06)                        $0.16
                       Q2                         $0.60                       $0.68                         $0.90                             $0.41                          $0.70        E
                       Q3                         $0.63                       $0.68                         $0.72                             $0.68                          $0.92        E
                       Q4                         $0.66                       $0.62                        ($10.22)                           $0.48                          $0.71        E


CASH FLOW                                                   2006                        2007                            2008                             2009                          2010E


Sources
   Net Income                                               $760                        $733                           ($2,567)                          $498                          $808
   Depr. & Amort.                                           $149                        $139                            $453                             $475                          $475
   Deferred Taxes                                           $28                         $147                            ($334)                           ($100)                         $0
   Non Cash compensation                                    $21                         $31                             $42                               $10                           $10
   Other (net)                                             ($129)                       $16                            $3,686                            $350                           $0
   Change in Working Capital                               ($147)                      ($170)                           ($924)                           $575                          ($50)
From Operations                                            $682                        $896                             $357                            $1,808                        $1,243


   Dispositions                                              $0                        $6,154                           $130                              $0                            $0
   Net Debt                                                 $15                        ($549)                          $2,984                            ($767)                        ($150)
   Effect of Exch. Rate                                     $29                         $52                             $12                              ($50)                          $20
   Other                                                     $0                         $29                             $39                               $0                            $0
Total Sources                                              $728                        $6,582                          $3,523                            $991                         $1,113


Uses:
   Net Capital Spending                                     $135                        $106                            $306                             $204                          $300
   Dividends                                                $218                        $210                            $213                              $92                           $95
   Acquisitions Net                                         $50                         $26                            $7,107                             $0                            $0
   Net Equity                                              $1,000                      $1,840                            $2                               $25                          $125
   Other (net)                                              $117                        $22                             $80                               $0                            $0
Total Uses                                                 $1,520                      $2,202                          $7,708                            $321                          $520
Change in Cash                                             ($792)                      $4,380                         ($4,185)                           $670                          $593


CAPITALIZATION                                              2006                        2007                            2008                             2009                          2010E


Short-Term Debt                                            $1,079                       $741                           $2,303                             $0                           ($150)
Long-Term Debt                                              $905                        $713                           $3,371                           $4,907                        $5,200
Shareholders' Equity                                       $5,405                      $7,908                          $6,661                           $7,043                        $7,756
Total Capitalization                                       $7,389                      $9,362                         $12,335                           $11,950                       $12,806


Cash & Equivalents                                         $356                        $4,735                           $550                             $870                         $1,463
1 Yr Cash Return to Shareholders                           160.2%                      271.3%                          11.1%                             22.6%                         11.8%
3 Yr Avg. Cash Return to Shareholders                      76.4%                       215.7%                          147.5%                           101.6%                         15.1%
1 Yr Internal Growth Efficiency                              2.9                         4.1                             3.0                              2.8                           2.8
Internal Growth Efficiency (IGE)                             3.1                         3.4                             3.5                              2.9                           2.8


Debt/Total Capital                                          27%                         16%                              46%                              41%                           39%
Net Total Capital                                          $7,034                      $4,626                          $11,785                          $11,079                       $11,342
Net Debt/Total Cap.                                         22%                         -35%                             42%                              34%                           28%


Average ROE                                                  NA                         11%                             -35%                              7%                            11%
Average ROTC                                                 NA                          9%                             -24%                              4%                            7%
Average Total Capital                                        NA                        $5,830                          $8,206                           $11,432                       $11,211
Average Net ROTC                                             NA                        12.6%                           -31.3%                            4.4%                          7.2%

Source: IR Company Reports and Sterne, Agee & Leach, Inc. estimates.




                                                                                                                                                                                                 Page 7
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                                                                                                          May 17, 2010

             Ingersoll-Rand Company Ltd.—2006-2011E Annual Sales and Earnings Model
             (Dollars and shares in millions, except per-share data)


             Revenue By Segment                                                         2006A      2007A     % Chge     2008A      % Chge     2009A      % Chge     2010E     % Chge     2011E    % Chge

                 Climate Solutions                                                      3,171      3,372      6.3%       6751      100.2%      7,294      8.0%      7,582      4.0%      8,151     7.5%
                 Residential Solutions                                                    0        526        0.0%       1474       0.0%       2,135      44.9%     2,329      9.1%      2,515     8.0%
                 Industrial Technologies                                                2,578      2,877     11.6%       2938       2.1%       2,047     -30.3%     2,212      8.1%      2,478     12.0%
                 Security Technologies                                                  2,285      1,988     -13.0%      2065       3.9%       1,719     -16.7%     1,678      -2.4%     1,729     3.0%
             Total Revenue                                                              8,034      8,763      9.1%      13,227      50.9%     13,195      -0.2%    13,802      4.6%     14,872     7.8%


             Operating Margins
                 Climate Control Technologies                                           11.2%      11.3%                -11.4%                 5.8%                 8.7%                 10.5%
                 Residential Solutions                                                   0.0%      8.5%                  0.0%                  7.8%                 9.6%                 10.2%
                 Industrial Technologies                                                13.6%      13.6%                12.0%                  6.8%                 11.4%                12.0%
                 Security Technologies                                                  17.5%      19.5%                 2.1%                  19.9%                20.0%                20.2%
             Total Operating Margin                                                     12.4%      12.2%                -19.5%                 6.8%                 9.3%                 10.6%


             Operating Inc ome By Segment

                 Air Conditioning Systems & Services                                                                      0                      0       #DIV/0!      0       #DIV/0!      0      #DIV/0!
                 Climate Control Technologies                                            356       383        7.5%      (772)      -301.7%     425       -155.0%    659        55.2%     856       29.8%
                 Residential Solutions                                                    0         45       #DIV/0!    (2037)     -4636.7%    167       -108.2%    224        34.2%     257       14.3%
                 Industrial Technologies                                                 352       392       11.4%       354        -9.8%      140       -60.4%     252        79.8%     297       18.1%
                 Security Technologies                                                   400       389        -2.9%      42         -89.1%     341       705.0%     335        -1.9%     349       4.3%
                 Unallocated Corporate Expense                                           (110)     (150)     37.0%      (161)       7.2%       (182)      13.1%     (186)      1.8%      (183)     -1.3%
                 Incremental Restructuring                                                0          0                    0
             Total Operating Inc ome                                                     998       1,058      5.9%      (2574)     -343.3%      891      -134.6%    1,285      44.2%     1,576     22.7%


             Interest Expense - Net                                                      (134)     136                  (246)                  (302)                (257)                (240)
             Other - Net                                                                 (12)       16                   54                     20                   32                   30


             Income From Continuing Ops                                                  853       938       10.0%      (2766)                  609                 1,060                1,366


             Income Tax Expense                                                           93       204       121.0%     (209)      -202.1%      86                   192                  307
             Tax Rate (%)                                                               10.8%      21.8%                 7.5%                  14.1%                18.1%                22.5%


             Minority Interests                                                                                         (10.3)                 (24.8)               (19.6)               (20.0)


             Net Inc ome From Cont Ops                                                   760       733        -3.6%     (2567)                 498                  849                  1039


             EPS - Continuing Ops.                                                      $2.35      $2.48      5.6%     ($7.83)     -415.6%    $1.52      -119.4%   $2.50       64.4%    $3.10      24.2%



             One Time Items                                                             $0.00     $22.44               2,640.9                 91.0                 (40.5)                0.0
             EPS from Other 1-Time Items                                                $0.00      $0.08                $8.72                 $0.28                ($0.12)              $0.00


             EPS - Continuing Ops., (A djusted)                                         $2.35      $2.56      8.8%      $0.42       -83.6%    $1.80      328.0%    $2.38       32.4%    $3.10      30.4%


             Discontinued Ops                                                          $272.40   $3,173.60              (42.5)                ($11.60)             ($32.57)             $0.00
             EPS from Disc ontinued Ops.                                                $0.84     $10.75               ($0.14)                ($0.04)              ($0.10)              $0.00


             Net Inc ome - GA A P                                                      1,032.5    3,906.7    278.4%    (2,609.8)   -166.8%    486.8      -118.7%   816.0       67.6%    1,038.6    27.3%


             EPS - GA AP                                                                $3.19     $13.23               ($7.98)     -160.3%    $1.48      -118.6%   $2.40       61.9%    $3.10      29.1%


             Diluted Shares Outstanding (Mil)                                           323.3      295.4                303.0                 328.3                339.9                335.0

             Source: Company Reports and Sterne, Agee, & Leach estimates
             Note: 2007, 2008 & 2009 Have been restated to reflect company reclassification


                                                                                                                                                                                                                  Page 8
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                                                                                                           May 17, 2010

       Ingersoll Rand—2010E Quarterly Sales and Earnings Model
       (Dollars and shares in millions, except per-share data)


       Revenue By Segment                                        1Q10       1Q09     % chge     2Q10E      2Q09     % chge   3Q10E      3Q09     % chge   4Q10E      4Q09     % chge    2010E       2009     % chge
          Climate Control Technologies                           1620.5    1600.2      1.3%      2021.7   1925.4     5.0%     2082.7   1964.8     6.0%     1857.5    1803.4    3.0%     7,582      7,294      4.0%
          Residential Solutions                                  395.4      392.7      0.7%      646.1     582.1    11.0%     660.3     569.2    16.0%     626.9     591.4     6.0%     2,329      2,135      9.1%
          Industrial Technologies                                544.7      537.6      1.3%      547.8     539.7     1.5%     547.9     512.1     7.0%     571.8     457.4    25.0%     2,212      2,047      8.1%
          Security Technologies                                  392.8      402.4     -2.4%      422.3     426.6    -1.0%     427.9     436.6    -2.0%     435.5     453.6    -4.0%     1,678      1,719      -2.4%
       Total Revenue                                         2,953.4       2,932.9    0.7%      3,637.9   3,473.8   4.7%     3,718.8   3,482.7   6.8%     3,491.6   3,305.8   5.6%     13,801.7   13,195.2    4.6%


       Operating Margins
          Climate Control Technologies                            1.9%      0.3%                 9.6%      7.1%               12.5%     9.0%               9.4%      5.9%                8.7%       5.8%
          Residential Solutions                                   3.7%      -1.1%                9.5%      5.9%               12.5%     10.2%              10.5%     13.4%               9.6%       7.8%
          Industrial Technologies                                10.9%      3.2%                 11.1%     7.1%               11.5%     8.4%               12.0%     9.1%               11.4%       6.8%
          Security Technologies                                  16.5%      16.1%                20.0%     20.5%              21.0%     21.8%              22.0%     20.7%              20.0%      19.9%
       Total Operating Profit                                     4.5%      1.7%                 9.6%      7.2%               12.0%     9.1%               10.2%     8.2%                9.3%       6.8%


       Operating Income By Segment
          Climate Control Technologies                           30.2        4.3      602.3%     194.1     137.6    41.0%     260.3     176.1    47.8%     174.6     106.7    63.6%      659        425       55.2%
          Residential Solutions                                  14.7       (4.3)    -441.9%     61.4      34.3     79.0%     82.5      58.2     41.8%     65.8      79.1     -16.8%     224        167       34.2%
          Industrial Technologies                                59.3       17.2      244.8%     60.8      38.2     59.2%     63.0      43.0     46.5%     68.6      41.6     64.9%      252        140       79.8%
          Security Technologies                                  64.8       64.9      -0.2%      84.5      87.5     -3.5%     89.9      95.2     -5.6%     95.8      93.7      2.2%      335        341       -1.9%
          Unallocated Corporate Expense                          (35.5)     (32.2)    10.2%      (50.0)    (47.0)             (50.0)    (54.2)             (50.0)    (48.8)              (186)      (182)     1.8%
          Incremental Restructuring                               0.0        0.0                  0.0       0.0                0.0       0.0                0.0       0.0                 0          0
       Total Operating Profit                                    133.5      49.9     167.5%     350.7     250.6     40.0%    445.7     318.3     40.0%    354.8     272.3     30.3%    1,284.8     891.1      44.2%


       Interest Expense - Net                                    (71.2)     (67.4)     5.6%      (63.0)    (81.9)   -23.1%    (63.0)    (76.5)   -17.6%    (60.0)    (76.4)   -21.5%     (257)      (302)    -14.9%
       Other - Net                                                8.1       12.5                  8.0       3.4                8.0       0.5                8.0       3.5                 32         20       61.3%


       Income From Continuing Ops                                70.4       (5.0)    -1508.0%   295.7     172.1     71.8%    390.7     242.3     61.3%    302.8     199.4     51.9%     1,060       609      74.1%


       Income Tax Expense                                         13.5      10.5      28.6%      53.2      32.8     62.3%     70.3      11.4     517.0%    54.5      30.9     76.4%      192         86      123.8%
       Tax Rate (%)                                              19.2%     -210.0%               18.0%     19.1%              18.0%     4.7%               18.0%     15.5%              18.1%      14.1%       NA


       M inority Interests                                       ($4.6)     ($4.9)               ($5.0)    ($5.5)             ($5.0)    ($6.0)             ($5.0)    ($8.4)              (20)       (25)


       Net Income From Cont Ops                                  52.3       (20.4)   -356.4%    237.5     133.8     77.5%    315.4     224.9     40.2%    243.3     160.1     52.0%     848.5      498.4     70.3%


       EPS - Continuing Ops                                      $0.16     ($0.06)   -344.1%     $0.70     $0.41    69.2%     $0.92     $0.68    36.5%     $0.71     $0.48    49.7%     $2.50      $1.52      64.4%


       One-Time Items                                            (40.5)     32.5                  0.0      56.4                0.0      37.6                0.0      (35.4)             (40.5)      91.0
       EPS from Other 1-Time Items                               ($0.12)    $0.10                $0.00     $0.17              $0.00     $0.11              $0.00    ($0.11)             ($0.12)    $0.28


       EPS - Continuing Ops. (Adjusted)                          $0.04     $0.04      -7.1%     $0.70     $0.59     19.0%    $0.92     $0.79     16.9%    $0.71     $0.37     92.2%     $2.38      $1.80      32.4%


       Discontinued Ops                                          (10.4)     (6.3)                (7.2)     (11.7)             (7.5)     (8.3)              (7.5)     14.7               (32.6)     (11.6)
       Discontinued Ops.                                         ($0.03)   ($0.02)              ($0.02)   ($0.04)            ($0.02)   ($0.03)            ($0.02)    $0.04              ($0.10)    ($0.04)


       Net Income - GAAP                                          1.4       (26.7)   -105.2%    230.3     122.1     88.6%    307.9     216.6     42.2%    235.8     174.8     34.9%     816.0      486.8     67.6%


       EPS - Including Disc Ops and Restructuring                $0.00     ($0.08)   -105.0%     $0.68     $0.38    79.8%     $0.90     $0.65    38.3%     $0.69     $0.52    32.9%     $2.40      $1.48      61.9%


       Diluted Shares Outstanding (M il)                         336.6      320.5      5.0%      341.0     325.0     4.9%     341.0     331.8     2.8%     341.0     335.9     1.5%      339.9      328.3     3.5%


       Source: Company reports and Sterne, Agee & Leach, Inc. estimates.

                                                                                                                                                                                                                      Page 9
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                           May 17, 2010

                                                       APPENDIX SECTION
Company Description: Ingersoll-Rand Company Ltd. is a diversified global provider of products, services, and integrated
solutions to diverse industries such as transportation, manufacturing, construction and agriculture. IR operates in three primary
segments: (1) Climate Control; (2) Industrial Technologies; (3) Security Technologies. The company's technologies include cryogenic
refrigeration, biometric security systems, the harnessing of air to drive tools and factories, and compact recreation and utility
vehicles. Brands include Trane, Thermo King, Hussman, Schlage, Club Car and Ingersoll Rand.

IMPORTANT DISCLOSURES:
Price Target Risks & Related Risk Factors:
Risks to our investment thesis and price target for Ingersoll-Rand are principally four: (1) the ability to balance continued operating
excellence on cost restructuring with investment for new product growth; IR is now lifting its "new product vitality index" from 16%
in 2009 to 19% currently and targeting 25% over the next few years, which should give it strong ability to continue to grow at or
above the rate its industrial markets rebound over the next few years; IR's exceptional cash generation should enable both new product
R&D fundings and debt reduction throughout 2010 and 2011, further reducing 2010 interest expense; (2) IR so far has been successful
at managing to minimize the impact of higher raw material costs, but beyond steel (which it now purchases on quarterly contracts) the
company is expecting to combine pricing and cost productivity to help offset what it anticipates will be a larger headwind as 2010
progresses, particularly as material cost hedges continue to expire, particularly for copper, aluminum and zinc; (3) with orders in 1Q10
up 10%, IR appears likely to benefit from gradually accelerating incremental sales growth in 2010 from distribution system and
channel partner restocking but must continue to overcome still weak end-market conditions for its businesses that sell into the N.A.
commercial construction market, which could decline another 10%-15% in 2010; (4) IR's effective tax rate is now likely to rise to 18%
in 2010, 22% in 2011 and potentially the mid 20%s near the peak of the economic recovery due to the likelihood that a greater portion
of its sales recovery is likely to occur earlier in N.A. than in other geographic regions around the world; this is meaningfully higher
than previously anticipated and will require better capacity utilization rates in the future to be successfully offset.

Valuation Methodology:
We initiated coverage of Ingersoll-Rand with a Neutral rating on March 25, 2008. Our adjusted 6-12 month price target of $45 (due to
a lower market multiple) is based on the shares trading at a 30% P/E premium to the market based on our current 2010E EPS of
$2.50. FactSet currently forecasts 2010E S&P 500 EPS of $82.30, resulting in an estimated 2010E S&P 500 P/E of 13.8X (down from
14.2X). Our confidence that significant further appreciation potential exists over the intermediate (6-12 month) period reflects the fact
investors by the spring/summer of 2010 should have a better read on the pace of initial sales recovery across the company's early and
mid-cycle industrial markets, the potential passage of "green" building legislation by Congress and if rates will rise in 2H10. These
two latter factors are likely to impact (possibly offset) the rate at which N.A. Commercial Construction begins to rebound in 2011.
Near term, improved capacity utilization and continued cost productivity (not primarily sharp recoveries in external macroeconomic
conditions) will be the primary catalyst to improving fundamentals for IR well before the market begins to discount the likely
improvement in N.A. and European commercial construction beginning perhaps in 2011. While accounting for only a small portion of
IR's HVAC business, residential construction in N.A. is now beginning to show signs of improvement, along with transport
refrigeration, Club Car golf vehicles and Industrial Air & Productivity Equipment are now beginning to improve moderately. During
the past 24 months, IR has traded between a 66% P/E discount and a 24% relative P/E premium to the S&P 500 based on current year
earnings. During the past 10 years, Ingersoll-Rand's relative P/E versus the S&P 500 has ranged from a 64% P/E discount to a 24%
P/E premium and currently is trading at a 12% P/E premium based on our 2010 EPS forecast of $2.50.

Regulation Analyst Certification:
I, Nicholas P. Heymann, 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.




                                                                                                            Appendix Section, Page I
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                        May 17, 2010

Sterne, Agee & Leach, Inc. Disclosure Legend as of May 17, 2010:

            Company                                                                         Disclosure(s) – See Below
            Ingersoll-Rand Co. Ltd. (IR - NYSE):                                            None

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    7.    Sterne, Agee & Leach, Inc. or its affiliates beneficially own 1% or more of any class of common equity securities of the
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Definition of Investment Ratings:
BUY:                       We expect this stock to outperform the industry over the next 12 months.
NEUTRAL:                   We expect this stock to perform in line with the industry over the next 12 months.
SELL:                      We expect this stock to underperform the industry over the next 12 months.
RESTRICTED:                Restricted list requirements preclude comment.

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of March 31, 2010, 43.9% had a BUY rating, 52.3% had a NEUTRAL rating,
3.7% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 2.04% of the securities rated BUY, 1.94%
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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 © 2010 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 I
INGERSOLL-RAND CO. LTD. (NYSE: IR)                                                                                      May 17, 2010

To receive price charts or other disclosures on the companies mentioned in this report, please contact Sterne, Agee & Leach, Inc. toll-
free at (800) 240-1438 or (205) 949-3689.
                                                     STERNE, AGEE & LEACH, INC.
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                                                           EQUITY RESEARCH
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CONSUMER                                                                       FINANCIAL SERVICES (CONT.)
 Apparel Retailing & Toys                                                        Mortgage Finance & Specialty Finance
  Margaret Whitfield            SVP, Sr. Analyst      (973) 519-1019             Henry J. Coffey, Jr., CFA      SVP, Sr. Analyst        (615) 760-1472
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                                                                                 Jordan Calabrese               Associate               (212) 338-4729
FINANCIAL SERVICES
                                                                               TECHNOLOGY
  Asset Management
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                                                                                 LEDs
                                                                                 Andrew Huang                   Mng. Dir.               (415) 362-6143
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                                                                                 Semiconductors
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Life Insurance                                                                   Nathan Mitchell                Editor                  (205) 949-3635
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ATLANTA                                       DALLAS                                         NEW YORK (cont.)
Adam Aspes               (404) 812-3068       Jennifer Elkins            (214) 702-4050      Jeff Hood             (212) 490-1453
Adam Kramer              (404) 814-3902       Mary Foster                (214) 702-4009      Ed Iannone            (212) 763-8240
Jamie Pennington         (404) 814-3948       Dan Griffith               (214) 702-4044      Alex Jones            (212) 338-4701
John T. Riley            (404) 814-3966       Candace Martin             (214) 702-4033      Carey Kaufman         (212) 763-8274
                                              Bob Nasi                   (214) 702-4017      Konrad Krill          (212) 763-8218
BIRMINGHAM                                    John Schwalenberg          (214) 702-4010      Robert McGuire        (212) 763-8236
Gary Hagstrom            (205) 380-1782                                                      Brian McCloskey       (212) 763-8272
Sam Haskell              (205) 380-1781       MINNEAPOLIS                                    Van Martin            (212) 763-8214
Scott Hughen             (205) 380-1764       Randy Mason                (952) 820-4461      Adam Merlo            (212) 763-8232
Claude Preston           (205) 380-1762       John Regan III             (952) 841-6408      John Molster          (212) 763-8210
Amber Spitzer            (205) 380-1761                                                      Jake Morton           (212) 763-8261
                                              NEW ORLEANS                                    Michael Newman        (212) 763-8258
BOSTON                                                                                       Ryan Oelkers          (212) 763-8254
                                              Patrick Donnelly           (504) 636-4902
                                                                                             Kevin O'Keefe         (212) 763-8208
Frank Casey              (617) 478-5007       Cheryl Grabert             (504) 636-4911
                                                                                             Matt O’Kelly          (212) 763-8227
Richard Gill             (617) 478-5006       John Regan, Jr.            (850) 650-5676
                                                                                             David O’Shea          (212) 763-8260
Tom Goode                (617) 478-5008
                                                                                             Jon Palan             (212) 763-8225
Ian Moran                (617) 478-5003       NEW YORK
                                                                                             Bruce Rae             (212) 763-8271
Mike Roncone             (617) 478-5001       Jason Barber               (212) 763-8219      Kevin Reilly          (212) 763-8209
Nicholas White           (617) 478-5002       Brian Batista              (212) 763-8247      Jon Schenk            (212) 763-8221
                                              Andrew Benenson            (212) 763-8246      Chuck Schroeder       (212) 763-8264
CHICAGO                                       Adam Cavise                (212) 763-8292      Jason Scott           (212) 763-8215
Mark Burrier             (312) 525-8425       Mike Cline                 (212) 763-8268      Bob Sheahan           (212) 338-4757
Scott Hallermann         (312) 525-8421       Tom Criscoula              (212) 338-4719      Miko Tam              (212) 763-8252
Scott Hootman            (312) 525-8426       Noel Cueto                 (212) 763-8251      Scott Tashman         (212) 763-8256
Robert Hurley            (312) 525-8440       Enrico DeMatt              (212) 338-4724
Vesna Radovic            (312) 525-8429       Geri DeVito                (212) 763-8242
Dan Roesner              (312) 525-8433       Eric Dusansky              (212) 763-8231
                                                                                             SAN FRANCISCO
Lacey Spang              (312) 525-8423       Mike Flanagan              (212) 763-8282
                                                                                             Justin Brennan        (415) 362-6140
Curt Thompson            (312) 525-8427       Rich Gallagher             (212) 763-8260
                                                                                             Tom Cervantez         (415) 362-7430
                                              Brian Haise                (212) 763-8206
                                                                                             Chris Larson          (415) 362-6142
                                                                                             Rob Salomon           (415) 362-7432



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

FINANCIAL INSTITUTIONS GROUP                                          NON-FINANCIALS
Michael J. O’Boyle, Mng. Dir.                   (205) 949-3592        John Bolebruch, Mng. Dir. – Industrials     (212) 338-4716
Michael Perry, Mng. Dir.                        (212) 338-4736        Ted Cook, Mng. Dir. – Industrials           (212) 338-4779
Robert P. Hutchinson, Mng. Dir.                 (617) 478-5011        Richard Mandery, Mng. Dir.                  (212) 338-4776
Jeffrey W. Prochnow, CFA, SVP                   (402) 778-5054        Richard Cunniffe, SVP – Industrials         (212) 338-4713
D. Timothy Speegle, SVP                         (205) 380-1720        Will Brooke, Analyst - Industrials          (212) 763-8278
John McCrory, SVP                               (205) 949-3664
Robert Toma, VP                                 (617) 478-5005
Horacio Barakat, VP                             (212) 338-4768        EQUITY SYNDICATE
Andrew Stager, Associate                        (617) 478-5009        Craig B. Jampol, Mng. Dir.                  (212) 338-4708
Nathan Strall, Associate                        (617) 478-5010
Jung Lee, Associate                             (212) 338-4769
Michael Stern, Analyst                          (212) 338-4756


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


      Corporate Headquarters                               13727 Noel Road                             12020 Shamrock Plaza
                                                                 th
     800 Shades Creek Parkway                                  7 Floor                                        Suite 200
             Suite 700                                    Dallas, TX 75240                             Omaha, NE 68154-3537
       Birmingham, AL 35209                                 (972) 239-4806                                 (402) 778-5054
                                                            (800) 404-2226                               (402) 778-5135 fax
 (205) 949-3500     (800) 239-2408
         (205) 802-1414 fax                               (972) 980-7125 fax
                                                                                                       620 Newport Center Dr.
                                                                                                             Suite 1100
       OTHER LOCATIONS                                706 E. Washington Street
                                                       Greenville, SC 29601                          Newport Beach, CA 92660
                                                           (864) 233-6630                                  (949) 721-6651
          3475 Lenox Road                                (864) 233-6630 fax                              (949) 721-6652 fax
              Suite 800
         Atlanta, GA 30326
           (404) 365-9630                              3100 West End Avenue                                  2 Union Street
         (404) 812-3097 fax                                  Suite 930                                         Suite 403
                                                        Nashville, TN 37203                              Portland, ME 04101
                                                          (615) 269-7323                                    (207) 699-5800
  8400 Normandale Lake Boulevard                          (615) 269-9223                                  (207) 699-5888 fax
             Suite 920
     Bloomington, MN 55437
          (952) 841-6410                                                                                5609 Patterson Avenue
                                                           639 Loyola Ave
          (800) 949-4102                                                                                        Suite B
                                                              Suite 200
                                                       New Orleans, LA 70113                            Richmond, VA 23226
                                                           (504) 299-1021                                   (804) 521-3224
         265 Franklin Street                                                                              (804) 521-3199 fax
                                                           (888) 978-3763
              Suite 310
                                                         (504) 299-0956 fax
         Boston, MA 02110
           (617) 478-5000                                                                                One Maritime Plaza
           (800) 836-4616                                                                                    Suite 1940
                                                        2 Grand Central Tower
         (617) 443-0310 fax                                                                           San Francisco, CA 94111
                                                         140 East 45th Street
                                                                                                           (415) 362-7430
                                                              18th Floor
                                                                                                         (415) 362-7436 fax
                                                        New York, NY 10017
         123 N. Wacker Drive
                                                            (212) 763-8224
              Suite 1250
                                                            (800) 966-0814
         Chicago, IL 60606
                                                          (212) 763-8201 fax
            (312) 525-8440
            (800) 966-0815
          (312) 525-8438 fax




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

				
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