Q4 2011 Earnings Call

February 8, 2012 09:00 a.m. ET

Executives

Peter Hill – Investor Relations, Kekst and Company

Neill A. Currie – President and Chief Executive Officer

Kevin J. O’Donnell – Executive Vice President, Global Chief Underwriting Officer

Jeffrey D. Kelly – Executive Vice President and Chief Financial Officer

Analysts

Keith Walsh – Citigroup

Joshua Stirling – Sanford Bernstein

Vinay Misquith – Evercore Partners

Michael Zaremski – Credit Suisse

Joshua Shanker – Deutsche Bank

Michael Nannizzi – Goldman Sachs

Doug Mewhirter – RBC Capital Markets

Presentation

Operator

Good morning, my name is Natalia and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Fourth Quarter 2011 Financial Results Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would

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By Michael Kon, CFA

Wilshire Bancorp (WIBC) is one of our favorite turnaround plays in regional banking. With a new management team at the helm, plenty of reserves for loan losses, and a record level of capital, Wilshire is positioned to return to high profitability. While its focus on the Korean-American market isolates it from the competitive pressures of mainstream banks, its low-cost operating model serves it well when competing with other ethnic banks. The stock trades nearly 40% below our fair value estimate, an unwarranted discount considering Wilshire’s successful turnaround and the quality of its franchise.

Wilshire entered the financial crisis and the Great Recession in a slightly better shape than most California banks of a similar size. The bank had more capital and fewer problem loans than many peers and in June 2009, was even chosen by the FDIC to acquire the failed Mirae Bank, a privilege reserved

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Q4 2011 Earnings Call

February 08, 2012 8:00 am ET

Executives

Paul Malcolmson – Director of Investor and Government Relations

Thomas A. Kloet – Chief Executive Officer, President, Director, Ex-Officio Member of Finance & Audit Committee, Ex-Officio Member of Public Venture Market Committee, Ex-Officio Member of Governance Committee and Ex-Officio Member of Human Resources Committee

Michael S. Ptasznik – Chief Financial Officer, Senior Vice President and Chairman of Treasury Committee

Analysts

Geoffrey Kwan – RBC Capital Markets, LLC, Research Division

John Reucassel – BMO Capital Markets Canada

Jeff Fenwick – Cormark Securities Inc., Research Division

Presentation

Operator

Good morning, my name is Melissa, and I will be your conference operator today. At this time, I would like to welcome everyone to the TMX Group Fourth Quarter 2011 Analyst Conference Call. [Operator Instructions] Paul Malcolmson, Director of Investor Relations, you may begin your conference.

Paul Malcolmson

Thank you,

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Q4 2011 Earnings Call

February 08, 2012 10:00 am ET

Executives

Christopher Warnke – Manager of Investor Relations

Hossein Fateh – Co-Founder, Chief Executive Officer, President and Director

Mark L. Wetzel – Chief Financial Officer, Executive Vice President and Treasurer

Analysts

Jordan Sadler – KeyBanc Capital Markets Inc., Research Division

Srikanth Nagarajan – Cantor Fitzgerald & Co., Research Division

Jonathan Atkin – RBC Capital Markets, LLC, Research Division

Brendan Maiorana – Wells Fargo Securities, LLC, Research Division

Michael Bilerman – Citigroup Inc, Research Division

William A. Crow – Raymond James & Associates, Inc., Research Division

Ross T. Nussbaum – UBS Investment Bank, Research Division

Omotayo T. Okusanya – Jefferies & Company, Inc., Research Division

Jonathan A. Schildkraut – Evercore Partners Inc., Research Division

Robert Stevenson – Macquarie Research

David Rodgers – RBC Capital Markets, LLC, Research Division

Romeo A. Reyes – Jefferies & Company, Inc., Research

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Credit Suisse Financial Services Forum

February 8, 2012 2:15 pm ET

Executives

Stewart Zimmerman – Chairman of the Board, Chief Executive Officer

William S. Gorin – President, Director

Craig L. Knutson – Executive Vice President

Presentation

Unidentified Analyst

Thanks. Our next company is MFA Financial. We’re happy that MFA is joining us here today. They haven’t yet reported fourth quarter, but again we’re very happy to have them. MFA is a residential mortgage REIT who invests across both the agency and Non-Agency MBS sector. We like the flexibility this gives the company to find the most attractive risk adjusted returns.

With that now let me turn it over to CEO, Stewart Zimmerman; President, Bill Gorin; and Craig Knutson, who is responsible for Non-Agency investing. Thanks.

Stewart Zimmerman

Thank you. Okay, good afternoon and thank you for your interest in our company. We hope you find this

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Q4 2011 Earnings Call

February 8, 2012; 10:00 am ET

Executives

Rich Pzena – Chief Executive Officer & Co-Chief Investment Officer

Greg Martin – Chief Financial Officer

Analysts

Ken Worthington – JPMorgan

Presentation

Operator

Good morning. My name is Felicia and I’ll be your conference operator today

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Q4 2011 Earnings Call

February 08, 2012 11:00 am ET

Executives

Jim Sjoreen – Investor Relations Professional

Dennis R. Glass – Chief Executive Officer, President, Director, Member of Executive Committee, Member of Corporate Action Committee and Member of Committee On Corporate Action

Randal J. Freitag – Chief Financial Officer and Executive Vice President

Analysts

Edward A. Spehar – BofA Merrill Lynch, Research Division

Suneet Kamath – Sanford C. Bernstein & Co., LLC., Research Division

John M. Nadel – Sterne Agee & Leach Inc., Research Division

Joanne A. Smith – Scotiabank Global Banking and Market, Research Division

Jamminder S. Bhullar – JP Morgan Chase & Co, Research Division

Randy Binner – FBR Capital Markets & Co., Research Division

Andrew Kligerman – UBS Investment Bank, Research Division

Steven D. Schwartz – Raymond James & Associates, Inc., Research Division

Robert Glasspiegel – Langen McAlenney

A. Mark Finkelstein – Evercore Partners

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Q4 2011 Earnings Call

February 08, 2012 11:00 am ET

Executives

Jim Sjoreen – Investor Relations Professional

Dennis R. Glass – Chief Executive Officer, President, Director, Member of Executive Committee, Member of Corporate Action Committee and Member of Committee On Corporate Action

Randal J. Freitag – Chief Financial Officer and Executive Vice President

Analysts

Edward A. Spehar – BofA Merrill Lynch, Research Division

Suneet Kamath – Sanford C. Bernstein & Co., LLC., Research Division

John M. Nadel – Sterne Agee & Leach Inc., Research Division

Joanne A. Smith – Scotiabank Global Banking and Market, Research Division

Jamminder S. Bhullar – JP Morgan Chase & Co, Research Division

Randy Binner – FBR Capital Markets & Co., Research Division

Andrew Kligerman – UBS Investment Bank, Research Division

Steven D. Schwartz – Raymond James & Associates, Inc., Research Division

Robert Glasspiegel – Langen McAlenney

A. Mark Finkelstein – Evercore Partners

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Q4 2011 Earnings Call

February 08, 2012 8:30 am ET

Executives

Kelly L. Loeffler – Vice President of Investor & Public Relations and Corporate Communications

Scott A. Hill – Chief Financial Officer, Principal Accounting Officer and Senior Vice President

Jeffrey C. Sprecher – Founder, Chairman and Chief Executive Officer

Analysts

Kenneth B. Worthington – JP Morgan Chase & Co, Research Division

Richard H. Repetto – Sandler O’Neill + Partners, L.P., Research Division

Christopher Harris – Wells Fargo Securities, LLC, Research Division

Daniel Thomas Fannon – Jefferies & Company, Inc., Research Division

Roger A. Freeman – Barclays Capital, Research Division

Christopher J. Allen – Evercore Partners Inc., Research Division

Alex Kramm – UBS Investment Bank, Research Division

Matthew S. Heinz – Stifel, Nicolaus & Co., Inc., Research Division

Michael Carrier – Deutsche Bank AG, Research Division

Jillian Miller – BMO Capital Markets U.S.

Niamh Alexander – Keefe, Bruyette, &

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Q4 2011 Earnings Call

February 08, 2012 8:30 am ET

Executives

Kelly L. Loeffler – Vice President of Investor & Public Relations and Corporate Communications

Scott A. Hill – Chief Financial Officer, Principal Accounting Officer and Senior Vice President

Jeffrey C. Sprecher – Founder, Chairman and Chief Executive Officer

Analysts

Kenneth B. Worthington – JP Morgan Chase & Co, Research Division

Richard H. Repetto – Sandler O’Neill + Partners, L.P., Research Division

Christopher Harris – Wells Fargo Securities, LLC, Research Division

Daniel Thomas Fannon – Jefferies & Company, Inc., Research Division

Roger A. Freeman – Barclays Capital, Research Division

Christopher J. Allen – Evercore Partners Inc., Research Division

Alex Kramm – UBS Investment Bank, Research Division

Matthew S. Heinz – Stifel, Nicolaus & Co., Inc., Research Division

Michael Carrier – Deutsche Bank AG, Research Division

Jillian Miller – BMO Capital Markets U.S.

Niamh Alexander – Keefe, Bruyette, &

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