Session 1: Opening Remarks and
Member Introductions
June 15-16, 2011
T30_2 Pilot Meeting
Facilitated by:
Sponsored by:
Hosted by Cargill, Wayzata, MN
Member Introductions







3M
Best Buy
Cardinal Health
General Mills
Medtronic
Proctor & Gamble
UPS







Disney
Waste Management
Cargill
Bacardi
Coca-Cola
Harley-Davidson
AMD
Facilitated by:
Sponsored by:
©2010 The NeuGroup’s T30_2 | June 2011 | Pilot Meeting | Confidential
2
Disney Treasury
Christine McCarthy
EVP, Corporate Real Estate,
Sourcing, Alliances & Treasurer
Strategice Sourcing
& Procurement
(300 heads)
Facilities &
Orperations
(420 heads)
Corporate Alliances
(35 heads)
Design &
Delivery
(17 heads)
Corporate Real
Estate
(535 heads)
Leasing &
Portfolio Mgmt
(65 heads)
Real Estate
Finance
(16 heads)
Corporate
Treasury
(35 heads)
Jon Headley
SVP, Corp. Finance
& Asst. Treasurer
Corporate
Finance
(9 heads)
Risk
Management
(35 heads)
Pension
(5 heads)
Credit &
Collections
(70 heads)
Financial Risk
Mgmt
(7 heads)
Cash Mgmt. &
Treasury Ops.
(7 heads)
Facilitated by:
Sponsored by:
©2010 The NeuGroup’s T30_2 | June 2011 | Pilot Meeting | Confidential
Waste Management
Facilitated by:
Sponsored by:
©2010 The NeuGroup’s T30_2 | June 2011 | Pilot Meeting | Confidential
4
Cargill Treasury
SWITZERLAND
5
CANADA
5
ROMANIA
3
UK
35
USA
34
RUSSIA
5
CHINA
3
TURKEY
3
MEXICO
8
HONDURAS
6
VENEZUELA
9
INDIA
5
PHILIPPINES
4
SINGAPORE
20
PERU
2
BRAZIL
19
SOUTH AFRICA
1
ARGENTINA
16
185 Treasury FTEs
232 actively involved in Treasury
19 Countries
JAPAN
2
T30_2 Introduction Meeting
Michael Brennan
Private and Confidential
Michael Brennan, CA, CFA
 Canadian Chartered Accountant, and Chartered Financial Analyst designation
holder
 Originally from Saskatoon, Saskatchewan, Canada
 Began career with Deloitte & Touche, then joined Ernst & Young and moved to
Bermuda in 1996
 Joined Bacardi in 2000 in Financial Consolidations group
 Moved to Treasury operations in 2001 – in accounting role)
 Treasury function relocated in 2003 to Geneva, Switzerland, and at same
time changed responsibilities – as VP Capital Markets
 2006 appointed Global Treasurer, relocated back to Bermuda
 2010 appointed VP Finance & Corporate Controller
 Currently have responsibilities for:
 Global Treasury
 Risk Management
 Financial Reporting (Internal & External)
 Bermuda operations
7
What is Bacardi

Bacardi Limited is the largest privately-owned spirits company and is ranked the number three spirits company globally.
Bacardi is held by the descendants of the Company founder – Don Facundo Bacardi Masso

Bacardi is focused solely on the spirits industry.

Bacardi has a very clear philosophy of maintaining a portfolio of brands that are premium and super-premium.

The support of our portfolio of premium and super-premium brands is of key importance, and we are able to leverage our
status as a privately-held company to ensure that priority is upheld.

In only 15 years, Bacardi has transformed from being a single brand, single category company with limited multi-country
distribution to being a truly global company with a full portfolio of premium and super-premium products.
8
149-year tradition
Acquired CAZADORES tequila
for *$190 million
Expropriation of Bacardi’s Cuban
assets
Company founded by Don
Facundo Bacardí Massó
Acquired 42 Below Limited for
*$100 million
Acquired Martini & Rossi Group of
Companies for *$2 billion
1862
1960
1927
1993
1965
1992
2002
1998
2006
2004
Acquired DEWAR’S Scotch
Whisky and BOMBAY gin from
Diageo for £1.15 billion
Build new distilleries in Mexico,
Brazil, and Puerto Rico
* In approximate USD equivalent
.
Acquired substantial minority
stake in LEBLON cachacą
Acquired a substantial minority
stake in Patrón Spirits Company
Established in Bermuda
Bacardi Limited formed as
holding company for Bacardi’s
worldwide enterprises
2008
Acquired GREY GOOSE vodka
for *$2.275 billion
9
A Global Company
 Headquartered in Bermuda
 Regional structure to manage business
 Products sold in over 100 countries organized into four regions:
 North America (40% of net sales)

U.S., Canada, Caribbean

U.S. is the number one spirits market in the world
 Europe, Middle East & Africa (50% of net sales)

Mature markets funding emerging markets
 Latin America (8% of net sales)

Focus on four key markets
 Asia Pacific (2% of net sales)

Future growth, focus on China then India
 30 plants in 16 countries
10
Finance Organization Structure
Jacques Croisetière
Senior Vice President & Chief Financial Officer
Trina Todd
Executive Assistant
Caroline Basyn
Vice President & Chief Information Officer
Michael Misiorski *
SVP & Chief Financial Officer - Americas
Michael Brennan
Vice President Finance & Corporate Controller
Lorenzo Guerra *
Finance Director Europe
Mark Györog
Global Tax Director
Richard Shin *
Finance Director APAC
Rich Andrews
Director – Organizing for Growth Project
Paolo Tucci *
Finance Director Global Operations - Tradall
Terry Brady
Global Director Budget & Financial Planning
Neil Shirley *
Finance Director Bacardi Global Brands, Bacardi-Martini Corporation
Bacardi Limited Global Organization Charts – May 1, 2011
11
Bacardi Limited
Treasury Team
Jacques Croisetière
SVP & CFO
Trina Todd
Executive Assistant
BDA
Michael Brennan
VP Fin. & Corp
Controller
Vacant
Executive Assistant
BDA
BDA
Michael Kane
Treasurer
GVA
Michaela Wismeijer
Administrative Assistant
Mark Clifford
Global Director of Risk
Mgt
GVA
GVA
Ian Robson
Christophe Ponsignon
Senior Treasury
Manager
GVA
Alexander Shumeev
Treasury Manager
GVA
Quoc Phong Huynh
Treasury Analyst
GVA
Maxime Gutman
Treasury Analyst
GVA
Business Continuity
Manager
GVA
Jacques Croisetière
Bacardi Limited
SVP & CFO
Trina Todd
Finance Team - Bermuda
Executive Assistant
Michael Brennan
VP Finance & Corp
Controller
VACANT
Executive Assistant
Virginia Sanchez-Marin
Stephen Frost
Guillermo Gonzalez
Director Group Reporting
Projects
Assistant Controller
Director of Global Finance
Roger Gonsalves
Sharon Joaquin
J.P. Fowler
Senior Manager – Global
Finance
Senior Manager – Global
Finance
Senior Manager – Global
Finance
John Buckley
Finance Director (for BDA
Entities)
Sarah Johnston
Timothy Kikuvi
Amy Chan
Ronald Burke
Manager – Global Finance
Manager – Global Finance
Manager - Global Finance
Manager – Global Finance
Lisa Frias
Penny Davis
Debbie Hunter
Virginia Musson
Senior Financial Analyst
Senior Financial Analyst
Senior Financial Specialist
Senior Accounts Assistant
125 Years of Sharing Happiness
14
The World’s Greatest Brands . . .
Billion Dollar Brands
… and More to Come!
15
Per Capita Consumption: “We’re Only Getting Started”
675
KO 2010 Per Capita Consumption
394
254
229
159
89
16
143
69
34
11
Delivering Consistent, Quality Results
Unit Case
Volume Growth
4%
3%
Operating 2
Income Growth
8%
Long-Term Growth Target
4%
6%
5%
3%
6%
8%
5%
1
1 Excluding
the Benefit of New Cross-Licensed Brands
2 Comparable
17
Currency Neutral
Long-Term Growth Target
10%
11%
7%
11%
The Coca-Cola Company
TREASURY GROUP
18
Harley-Davidson, Inc.
Darrell Thomas
Vice President and Treasurer,
Harley-Davidson, Inc. and
Harley-Davidson Financial Services
2011 Harley-Davidson® Blackline™
Harley-Davidson, Inc. 2010
Harley-Davidson® Retail Motorcycle Sales
units
(8.5%)
U.S.
International
35%
65%
(11.7%)
(1.9%)
units
20
Harley-Davidson, Inc. 2010
Harley-Davidson, Inc. Business Segments
2010 Revenue
Motorcycle & Related
Products Segment
86%
14%
Financial Services Segment
21
Harley-Davidson, Inc. 2011 First Quarter Results
Q1 2011 Vs. Q1 2010 Results – Continuing Operations
Revenue
$1.22
Billion
+1.5%
Income
$119.3
EPS
Million
$0.51
+73.5%
+75.9%
Earnings impacted by:
 Motorcycles Segment operating income flat due to:
Unfavorable gross margin driven by temporary inefficiencies at the York plant
Favorable restructuring charges compared to last year
 Financial Services Segment – strong operating income
 Lower interest expense and lower effective income tax rate vs. last year
Consolidated – Motorcycles and Related Products (Motorcycles) and Financial Services Segments
22
Harley-Davidson, Inc. 2011 First Quarter Results
Worldwide H-D® motorcycle retail sales up 3.5% during Q1 2011 driven
by the strength of international markets
Worldwide Harley-Davidson Retail Sales
U.S. 651+CC Industry Retail Sales
Q1 ‘11
Q1 ‘10
WW
3.5%
-18.2%
US
-0.5%
-24.3%
International
11.3%
-2.8%
- Canada
7.5%
1.5%
- Europe Region
22.7%
1.2%
- Asia Pacific Region
-3.9%
-9.8%
- Latin America Region
-5.4%
-7.8%
 Industry +3.1%
 H-D Market Share 53.4%
Harley-Davidson share of US 651+CC retail market
60.0%
40.0%
53.3%
54.9%
55.5%
53.4%
20.0%
Worldwide H-D retail sales by-quarter
3.5%
5.0%
0.0%
FY 2009
FY 2010
Q1 2010
Q1 2011
0.0%
-1.0%
-5.0%
-5.5%
-10.0%
-7.7%
-15.0%
-20.0%
-18.2%
-21.4%
-25.0%
Q4 '09
Q1 '10
Q2 '10
Q3 '10
Q4 '10
Q1 '11
Full Year H-D
Market Share Up
1.6 percentage
points
First quarter H-D
Market Share down
1.9 percentage
points
23
Harley-Davidson Global Locations
Brief Company Background
Locations of Harley-Davidson, Inc.’s
primary operating subsidiaries
Harley-Davidson Motor Company
Plants/Facilities
Marketing/Sales
Missouri
Florida
Wisconsin
Pennsylvania
Arizona
Florida
Australia
India
Brazil
Australia
Benelux
Brazil
China
Czech Republic
France
Germany
Italy
Japan
Mexico
Russia
Singapore
Spain
South Africa
Switzerland
United Kingdom
Corporate Offices
HDI/HDMC
Milwaukee, WI
H-D Michigan
Ann Arbor, MI
H-D Financial Services
Plano, TX
Carson City, NV
Chicago, IL
24
Harley-Davidson Employees
Approximate Employee Demographics
2009 – 10,158 employees.
 9,184 employees in U.S. (approximately 5,470 hourly (union); 3,714 salaried)
 974 employees outside of U.S.
2010 - 7,957 employees
 7,090 employees in U.S. (approximately 3,951 hourly (union); 3,139 salaried)
 867 employees outside of U.S.
2011 - 6,928 employees
 6,278 employees in U.S. (approximately 3,199 hourly (union); 3,079 salaried)
 646 employees outside of U.S.
25
Treasury Organization
Darrell Thomas
VP Treasurer
Executive
Assistant
Mgr Finance AP/AR
Dir Finance & Cash
Management
3 Direct Reports
4 Direct Reports
19 Total
10 Total
Supervisor Payroll
6 Direct Reports
Dir Securitization
HDFS
2 Direct Reports
26
ADVANCED MICRO DEVICES
Grant Nicholson
Treasurer, Corporate Vice President Treasury
June 15, 2011
AMD AT-A-GLANCE
A leader in microprocessors and graphics
Founded:
1969
Headquarters: Sunnyvale, CA,
USA
Employees:
~11,000 worldwide
2010 Revenue:
$6.5B
Market Share: CPU ~18.3%
GPU ~50.3%
28 | AMD Presentation | June 15, 2011
WORLDWIDE OPERATIONS
Suzhou, China
Penang, Malaysia
Singapore, Singapore
Business Operations
29 | AMD Presentation | June 15, 2011
Sales
Design Center
Multi-functional Sites
2010: A YEAR OF FINANCIAL EXECUTION
Improved gross margin
Generated earnings
Solid free cash flow
Reduced debt
Cash management
Deconsolidated GLOBALFOUNDRIES
A Year of Significant Achievements
30 | AMD Presentation | June 15, 2011
AMD – 2010 TARGET MODEL
2010
Targets
2010, Non-GAAP
40 - 45%
45%
R&D
~ 20 - 23%
22%
SG&A
~ 14 - 17%
14%
Operating Income(1)
Profitable
$553M
~ $160M
$148M
Positive
$355M
Gross Margin(1)
Capital Expenditures
Adjusted Free Cash
Flow(2)
Met or Exceeded our Financial Goals
(1) See Appendix A for reconciliation
31 | AMD Presentation | June 15, 2011
(2) See Appendix C for reconciliation
DELEVERAGING
Achievements
Maintained minimum cash balance
above $1.5Bn
Cash
Open Market Buybacks
Reduced gross debt(1) by $1.4Bn
since Q3-09
De-risked 2015 debt tower
Tenders
Achieved <3.0x leverage ratio
Debt transaction
Reduced net debt(1) (2) to $2.2Bn
Credit ratings improvement to
Ba3/B+
Significant Debt Reduction
(1)
See Appendix D
(2)
Net debt is total book value of long-term debt minus capital lease obligations, including the current portion
32 | AMD Presentation | June 15, 2011
CFO STAFF ORGANIZATION
Thomas Seifert
CFO and Interim CEO
AUS
Sr. Exec Admin
AUS
Grant Nicholson
Treasury
AUS
Global Operations
AUS
33 | AMD Presentation | June 15, 2011
Global Sales
Global Marketing
AUS
Investor Relations
SVL
Product Group
Technology Group
AUS
Corp. Tax
SVL
Internal Audit
AUS
Corp. Controller
Corp. Financial Planning
SVL
CIO – IT
AUS
TREASURY FUNCTIONS
TREASURY INTERNAL STAKEHOLDERS
Corporate
Accounting
Back
Office
Middle
Office
HR/
Benefits
Front
Office
Legal
Internal
Audit
Cash
Management
Tax
Cash Flow Fcst
Investments
Treasury
Balance Sheet
Fcst
Sales/
Marketing
Corporate
FP&A
Bank Accounts
FP&A
Foreign
Exchange
Capital Structure
Inventory
GSM
Cash
Settlements
Bank & Credit
Rating
Relationships
Wires / ACHs
Corporate
Finance
34 | AMD Presentation | June 15, 2011
Risk Mgmt
• Insurance
• Credit
AP/AR
Logistic
2011 GOALS : TREASURY

People & Organization
–
Individual & team development and initiatives
–
World Class Treasury Organization

AMD Financial Plan 2011
–
Execute to the 2011 Annual Operating Plan
–
Execute to efficient capital structure
–
Develop robust global cash flow & balance sheet forecasting (incl. GC)
–
External & internal reporting and communication

Controls and Financial Stewardship

Support Finance Transformation
–

Cross functional finance re-engineering project focusing on Order to Cash, Procure to Pay, Cash Management & Planning,
Budgeting and Forecasting
Transition of Credit Organization
35 | AMD Presentation | June 15, 2011
UPS Overview
June, 14 2011
About UPS
•400,600 employees
•330,600 U.S.; 70,000 International
•Domestic & International Package Operations
•15.6 million packages/day
•220+ countries and territories; every address in North
America and Europe
•Over 92,000 delivery vehicles
•526 total aircraft:
•218 in service (224 aircraft total)
•8th Largest Airline in the world
•308 chartered aircraft
•8.5 million daily customers (1.1 million pick-up, 7.4 million delivery)
•Supply Chain & Freight
•More than 120 countries
•Over 770 facilities
•31 million sq. ft.
UPS Pressroom Fact Sheet – 05/2011
STRONGER
THAN
EVER
2
About UPS
• Online Tracking
– Average 26.2 million daily tracking requests
• Retail Access
– UPS Stores 4,672; Mail Box Etc. 453; UPS Customer
Counters 1,000; Authorized outlets 16,000; UPS Drop
Boxes 40,000
STRONGER
THAN
EVER
3
UPS Alternative Fuel Vehicle Fleet
Total Alternative Fuel Vehicles
(US & International) = 1,928*
U.S.: 1,337
 International: 591
 Compressed Natural Gas Vehicles: 1,066
 Propane Vehicles: 456
 Hybrid Electric Vehicles: 250
 Compressed Natural Gas Vehicles: 95
 Liquid Natural Gas Vehicles: 11
 Electric Vehicles: 27
 Propane Vehicles: 8
 Ethanol: 13
 Electric Vehicles: 2
* As of 04/2011
STRONGER
THAN
EVER
4
2011 Outlook
U.S. Domestic – Operating Profit Growth Will Exceed 20% For Year
Continued improvements in productivity and network efficiency
Next Day Air volume growth to meet or exceed Ground
Yields to remain strong
International – Full Year Operating Margin Should be Similar to 2010
Revenue and Operating profit growth of approximately 10%
YOY comparisons in 2Q11 will be difficult due to headwinds created by our
Euro hedging programs, approximately $40 million impact
Supply Chain & Freight – Continued Margin Expansion
Mid-to-high single digit revenue growth
2011 EPS Expected to be $4.15 to $4.40,
an increase of 17% to 24%*
* See slide 22 for a reconciliation of adjusted earnings per share for 2010.
STRONGER
THAN
EVER
5
International Investment Opportunity
 Building International footprint since 1975
 Balanced presence around the world
Presence in 220+ countries and territories
Significant investments already made
 Growth opportunity for years to come
 Logistics capabilities provide competitive
advantage
Positioned for Expansion and Growth
STRONGER
THAN
EVER
6
UPS Revenue and Operating Profit*
SCF,
5%
Intl,
14%
SCF,
17%
US
Dom,
81%
Revenue
US
Dom,
60%
Intl,
23%
2000
Intl,
6%
1Q11
SCF,
6%
SCF,
9%
US
Dom,
88%
STRONGER
THAN
EVER
Operating Profit*
Intl,
31%
US
Dom,
60%
7
2011 Strategic Growth
Significant build up of our Global Healthcare Network
 Additional facilities:
North America: Louisville, U.S., Burlington, Canada
Asia: Singapore
Europe: Netherlands
Expect to take delivery of five 767’s; took delivery of two 747’s
Next steps in our Asia expansion strategy
 Launched 4 direct flights from Hong Kong to Europe
 Intra-Asia flights from Tokyo to Taipei and Guangzhou
 New Inchon-US direct flight
Invest in operational technologies, which leads to innovative products,
increased productivity, reduced comp & benefits expense
STRONGER
THAN
EVER
8
Hallmarks of UPS
 Cash Flow
 Returns to Shareowners
 Strong Financial Performance
STRONGER
THAN
EVER
9
Cash Generation – Free Cash Flow*
$5.0
(FCF in billions)
$4.0
$4.3
$3.5
$3.6
$4.1
$3.3
$3.1
$2.8
$3.0
$2.0
$1.0
$0.0
2004
2005
2006
2007*
2008*
2009
2010
2010 Results after $2 billion in accelerated pension contributions
STRONGER
THAN
EVER
10
Dividends Declared per Share
$2.25
$2.08
$2.00
$1.80 $1.80
$1.88
$1.68
$1.75
$1.52
$1.50
$1.32
$1.25
$1.12
$0.92
$1.00
$0.75
$0.68
$0.76 $0.76
**
20
11
20
10
20
09
*
20
08
20
07
20
06
20
05
20
04
20
03
20
02
20
01
20
00
$0.50
Dividend More Than Tripled Since 2000
* 2008 included five dividend payments (totaling $2.22/share) due to dividend payment schedule change
** 2011 Annualized
STRONGER
THAN
EVER
11
Returning Cash to Shareholders
(Total Shareholder Distributions/ Net Income)
160%
151%
140%
120%
102%
100%
80%
64%
60%
97%
58%
101%
Approx.
100%
104%
99%
25%
60%
76%
23%
40%
79%
20%
38%
39%
41%
2005
2006
2007*
53%
52%
0%
Dividend Payout Ratio
2008*
2009*
2010*
2011
(Est.)
Stock Repurchase Ratio
Over $2.6 Billion returned to Shareholders in 2010
*See Slide 22 for a reconciliation of adjusted net income for 2007, 2008, 2009, 2010
Dividends & share repurchase information from 10K’s
STRONGER
THAN
EVER
12
UPS Treasury Overview
• Two Commercial Paper Programs
– $10 Billion 4.2 US program
– 1 Billion EURO ECP program
• Two Credit Facilities
– $1.5 Billion 364 day facility
– $1.0 Billion 4-year facility
• Global Entities
– 15 Domestic
– 180 International
• Global Bank Accounts (Including Pooling Accts.)
– 200 Domestic
– 1,100 International
STRONGER
THAN
EVER
13
UPS Treasury Principals
• Cash is a Corporate Asset
– Protect this asset
– Enhance shareholder value
• Centralized Control; Decentralized Execution
– Strategic direction from Corporate Treasury
– Tactical execution via Regional Treasury Centers
(RTC’s)
• Macro level overview of responsibilities
– Sound control environment governing all cash
movements
– Optimizing cash resources
STRONGER
THAN
EVER
14
UPS Treasury Locations
Cash Pooling Center & EMEA RTC
London
 10 Employees
$640 million
Corporate
Treasury
Americas RTC
Atlanta
3 Employees
$285 million
STRONGER
THAN
EVER
11 Employees
$3.9 billion
Asia Pacific RTC
Singapore
8 Employees
$600 million
15
Four Pillars of Operational Success
Visibility & Transparency
Centralized Liquidity Mgmt.
- Daily cash balance reporting
- Working capital needs
- Currency exposure mgmt.
- Daily cash flow forecasting (pool participants)
- Monthly cash flow forecasting (all entities)
- Global cash pooling
- In-country safety margin targets
- Global settlements & repatriations
- Global funding requests
- Optimizing global fund movements
Centralized
Control
--Sound Control Structure
Information Technology
Decentralized
- Eliminate redundancies
- Effective and standardized global
Execution - Real-time
policies & procedures
activity reporting
- Consistent administration & execution
- Procedures always in place before execution
- Banking board resolutions for every
legal entity
- Sarbanes Oxley compliance
- Annual Internal Audit reviews
STRONGER
THAN
EVER
- Ensures consistent application of controls
- Increase current staff productivity
- Transcends time zones
- Third-party workstation: cff aggregation
- Intranet portal: acct opening & closing
approvals, signatory approvals, etc.
16
What Keeps me up at Night??
• Fraudulent Activity
– Both domestically and internationally
• Lack of visibility into Global Economic Activity
• Foreign Exchange and Energy Markets
• Treasury System Failures
STRONGER
THAN
EVER
17
Highest Priorities for the Remainder of 2011
• Replacing our Resource IQ Treasury
Workstation with an IT2 system
• Preparing for the EU ETS Emissions Trading
Scheme for airlines flying into and out of Europe
STRONGER
THAN
EVER
18