Presentation Transcript

1. Monetizing Your Parking Assets December 10, 2012
2. Reliance This presentation and any associated materials provided together with the presentation (together, the ”Materials”) have been prepared by Guggenheim Securities, LLC (“Guggenheim Securities”) solely for the client or potential client to whom such Materials are directly addressed and delivered (the “Recipient”) in connection with a specific actual or potential transaction mandate or engagement (the “Transaction”). These Materials may only be used by the Recipient in its evaluation of the specific transaction or transactions referred to herein (the “Transaction”) and may not be used, considered or relied upon for any other purpose or in connection with any other matter, without the prior written approval of Guggenheim Securities. The financial and other information contained in these Materials was obtained by Guggenheim Securities solely from the Recipient or from public sources. Guggenheim Securities has relied upon and assumed the accuracy and completeness of all such information. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Recipient or other potential Transaction party, Guggenheim Securities has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). Guggenheim Securities has not assumed any responsibility or liability for the independent verification of, and has not independently verified, any information, in these Materials including, without limitation, the projections and estimates. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. The Materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation or commitment by Guggenheim Securities with respect to any transaction or other matter. These Materials do not constitute an offer or solicitation to sell or purchase any securities or commitment by Guggenheim Securities or any of its affiliates to provide or arrange any financing, enter into any transaction or to purchase or sell or underwrite the sale of any security in connection therewith. This presentation and any other Materials have each been prepared as of the date on the cover of this presentation and reflect information made available to Guggenheim Securities as of or prior to such date. We assume no obligation to update or otherwise revise these Materials. Guggenheim Securities and its affiliates engage in a wide range of financial services activities for their own accounts and the accounts of customers, including asset and investment management, investment banking, corporate finance, mergers and acquisitions, restructuring, merchant banking, fixed income and equity sales, trading and research, derivatives, foreign exchange and futures. In the ordinary course of these activities, Guggenheim Securities and its affiliates may, directly or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities and/or bank debt of, and/or derivative products relating to the Recipient and/or other potential parties to the Transaction.
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4. Firm Overview SECTION 1
5. Firm Overview Guggenheim Partners, LLC is a privately held global financial services firm that provides asset management, investment banking and capital markets services, insurance, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. We combine innovative thinking and time-tested investment management and advisory skills to offer our clients a sophisticated array of products and services, trusted counsel and exceptional value. Our commitment is to create opportunities for our clients to grow their wealth, access innovative investment products and solutions and execute strategic transactions.
6. Guggenheim Global Reach ASSETSMore than $125 billion under management EMPLOYEES2,200 worldwide OFFICESWe are headquartered in New York and Chicago and serve our clients from more than 25 offices in 10 countries. As of 4/8/2012 Guggenheim Partners Overview
7. Our Core Values and Culture
8. Primary Business Areas Guggenheim Partners is comprised of six primary businesses: Investments Securities Insurance Institutional Finance Investment Advisory Global Trading Fixed Income Equities Alternatives Hedge Fund Managed Account Solutions Advisory Financing Sales &Trading Research Life and Annuity Capital Solutions Funding Solutions for Financial Institutions Investment Advisory Solutions Consulting Multi-Strategy Private Trading Initiative
9. Guggenheim Securities Guggenheim Securities is the Investment Banking and Capital Markets business of Guggenheim. We offer a full range of services that fall into the four broad categories: 2 1 3 4 ADVISORY FINANCING RESEARCH SALES & TRADING We provide a broad array of sales and trading services to institutional clients. Our experienced professionals deliver customized services with unconflicted execution We serve as trusted advisor to our clients in connection with a full range of advisory services including mergers, acquisitions, divestitures, restructurings, spin/split-offs, join ventures, leveraged buyouts, capital raisings, recapitalizations, exchange offers, takeover defenses, special committee assignments, fairness opinions and other special situations. Our senior professionals have advised on some of the largest and most complex transactions in their industries We have broad distribution capabilities for debt and equity securities and structured products.  We are able to effectively place and syndicate securities through our deep relationships with institutional investors and access to unique sources of capital, including our ability to act as a principal in select situations.  Our research team delivers insights on macroeconomic trends, industry specific themes and individual companies. Our analysts assess companies’ entire capital structures and provide unique investment perspectives pertaining to debt and equity securities.
10. Guggenheim Securities FINANCING We have broad distribution capabilities for debt and equity securities and structured products.  We are able to effectively place and syndicate securities through our deep relationships with institutional investors and access to unique sources of capital, including our ability to act as a principal in select situations.  Our services include, as relevant, assessing an institution’s optimal capital structure and sources of additional capital, effectively positioning an issuer to investors, targeting investor pools, introducing investors, underwriting debt and equity securities, distributing structured products and performing capital structure related management. We offer a full range of financing products, which include, among others: Fixed Income Equities Structured Products Capital Structure Management Senior Subordinated Mezzanine Convertibles Hybrids IPOs/follow-on offerings PIPES Private placements At-the-market offerings Direct stock purchase programs CDOs/CLOs CMOs RMBs CMBS Consumer ABS ESPCs Aircraft Debt Securities Repurchases Tenders Exchanges Amendments/consent solicitations Guggenheim Partners Overview 10
11. Asset Monetization SECTION 2
12. Two Distinct Asset Management Models
13. Public Asset Monetization
14. Employ Professional Management System Assets Municipal Authority Ownership Asset Manager Acts as Authority’s agent and fiduciary Asset Operator Operates individual assets
15. Maximizing Value for the Public Good Public benefits from modernization and private sector expertise to optimize revenues Asset Revenues Operating Expenses Private management to create efficiency Senior Lien Debt Service Public ownership minimizes cost with tax-exempt cost of capital and avoids the need to pay equity returns Junior Lien Debt Service Balance Without a need to pay equity returns, all excess cash flow is reinvested into the assets with the ultimate return of the assets and surpluses to the owner Capital Reserves Constant Reinvestment in Assets Public Benefits Assets and All Surplus Cash Revert to Owner
16. Summary Keep the Assets in public hands Deliver meaningful upfront proceeds to the Owner Capture and pledge all cash flow to repay debt and maintain the Assets Professionally manage the Assets full term; employ new technologies and other cost-effective cap ex Alignment of interests of Owner, professional managers and capital sources full term Rate of return on Assets goes to Owner rather than equity investor