Clda bmo01

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CLDA BMO

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Clda bmo01

  1. 1. .noitacifitreC stsylanA eht gnidulcni ,stnemetatS erusolcsiD rof 5 ot 2 segap ot refer esaelP moc.omb@knirbmut.semaj :liamE 5914-588-212 knirbmuT semaJ :eta icos s A moc.omb@ ttel z a h.trebor :liamE 1 9 0 4 - 5 8 8 - 2 1 2 t t el z a H t r e b o R :tsy l a n A slacituecamra hP y tla icepS :e maN rotceS 00.92$/mrofrep tuO/30 .51$ :tegraT/gnita R/ec irP )A DLC( a taD l acin ilC :y napmoC .serahs ADLC no gnitar MROFREPTUO ruo niatniam ew ;srotsevni rof ytinutroppog ni si m orp a si ataD lacin ilC ,dy rbiiV fo lavorppa elc y c tsrif elbakra m er eh t htiW ∗ .ataD lacin ilC fo es ahcrup th girtuon a fo lait netop eht ro/dna , ypareh t gn is i m orp eht tekra m ot y n apm oc lacitu eca m rahpr e h t o n a h ti w e c n a i l l a r o j a m a f o d o o hi l e ki l e h t s e s a e r c n i y ll a i r e t a m l a v o r p p a d y r b i i V e h T ∗ .dy rbiiV rof noitaitner e f fid lanoitidda emos edivorp o t tn eicif fus eb ot ti eveileb eW.noitcnuf lauxes ni segnahc tsedom detroper-fles tneitap no noitamrofni sedulcni gnilebaL ∗ .tn empole ved ni dna devorppa y ltnerruchtob ,stnasserpeditna rehto ot derapmoc noitaitnereffid lufgninaem edivorp ot ytilibae h t s a h , m s i n a h c e m t s i n o g a l a i t r a p a , 1 - T H 5 / I R S S l a u d e u q i n u s d y r b i i V e v e i l e b e W ∗ .dn uopm oc eh t fo y tivitcaeht g nirocsredn u ,)I-IGC dna SIGC( tn e m evorp m I dna ss enllI f o y tirev eS s noisserp m Il a b o l G l a c i n i l C e h t d n a , ) A - M A H ( y t e i x n A r o f e l a c S g ni t a R n o t l i m a H e h t , ) 7 1- D - M A H ( e l a c S g ni t a R n o i s s e r p e D n o t l i m a H e h t n i s t n e m e v o r p m i t n a c i f i n g i s d e w o h s o s l as eidu ts 3 esahP eht ,noitidda nI .s kee w t hgie ta erocs latot ela cS g n itaR n oisserpeD grebs A- y rem og tnoM ni eg n ahc fo tniopdne y ra m irp n i tn e m ev orp m i tnaci fin gis a g n i w ohs s eiduts3 e s a h P e v i t i s o p o w t f o s t l u s e r e h t n o d e s a b s i l a v o r p p a l l u f e l c y c t s ri f e l b a k r a m e r s i h T ∗ :weiV ruO .redrosid evisserpedrojam/noisserped rof )enodozaliv( dyrbiiV sataD lacinilC ot lavorppa lluf sevig ADF Flash: Vilazodone Fully Approved for Depression - Our Quick Take )QADSAN-ADLC( Clinical Data (Outperform) 11 02 ,12 y rau naJ , y adirF
  2. 2. hsalF stekraM latipaC OMB CLINICAL DATA INC NEW (CLDA) Target Price(US$) Quarterly Price (US$) Share Price(US$) 30 30 25 25 25 25 20 20 20 20 15 15 15 15 1) OP 10 10 10 10 5 5 5 5 0 0 CLDA Relative to S&P 500 CLDA Relative to S&P 500 CLDA Relative to Health Care Equipment CLDA Relative to Health Care Equipment 140 140800 800 120 120600 600 100 100400 400 80 80200 200 60 60 40 40 1980 1985 1990 1995 2000 2005 2010 2008 2009 2010 EPS (4 Qtr Trailing) - (US$) CLDA Relative to S&P 500 Y/Y (%) Price / Earnings CLDA Relative to Health Care Equipment Y/Y (%) 10 100 100 100 0 50 0 -100 -100 1980 1985 1990 1995 2000 2005 2010 2008 2009 2010 CLDA - Rating as of 8-Feb-08 = NR Date Rating Change Share Price 1 2-Dec-09 NR to OP $16.09 Last Daily Data Point: January 20, 2011 2 eg aP • hsalF
  3. 3. 3 eg aP • hsalF fdp.smetsys_gnitar_roirp/9002/stnemucod/moc.stekramlatipacomb.labolghcraeser//:ptth smetsyS sgnitaR stekraM latipaC OMB roirP .3H1 X5M ,oiratnO ,otnoroT ,ecalP naidanaC tsriF 1 ,stekraM latipaC OMB ,tnemtrapeD lairotidE ro 63001 YN ,kroY weN ,erauqS semiT 3 ,stekraM latipaC OMB ,tnemtrapeD lairotidE ot etirw ro psa.cilbuP_erusolcsiD_ynapmoC /moc.stekramlatipacomb.labolghcraeser//:ptth ot og esaelp ,troper siht ni dessucsid skcots eht no serusolcsiD tnatropmI rehtO roF serusolcsiD tnatropmI rehtO .gnitar kciP poT eht decalper evah )llams SU ,egral SU dna ;evitatitnauq ,emocni ,eulav ,htworg ,llams ,egral naidanaC( sevitcejbo tnereffid ot gnidrocca saedi tseb ruo ot srotsevni ediug stsil 51 poT thgie stekraM latipaC OMB .ynapmoc hcae rof etairporppa sa ,etisopmoC qadsaN ,005 P&S ,xednI etisopmoC XST/P&S eht sa hcus xedni kramhcneb a yb derusaem si ecnamrofrep tekraM .detcirtser yltnerruc si hcraeser fo noitanimessiD – detcirtseR = R ;emit siht ta gnitar oN = RN ;tnemtsevni evitaluceps = )S( ;tekram eht mrofreprednu ot tsaceroF - mrofreprednU = dnU ;tekram eht htiw enil ni ylhguor mrofrep ot tsaceroF - mrofreP tekraM = tkM ;tekram eht mrofreptuo ot tsaceroF - mrofreptuO = PO :snoitinifed metsys sgnitar gniwollof eht esu eW yeK rotceS dna sgnitaR .stneilc gniknaB tnemtsevnI fo egatnecrep sa secivres gniknaB tnemtsevnI rof noitasnepmoc deviecer sah stekraM latipaC OMB hcihw morf seinapmoc lla fo noitubirtsid gnitar stcelfeR * ** ** .stsylana hcraeser ytiuqe stekraM latipaC OMB yb derevoc seinapmoc lla fo noitubirtsid gnitar stcelfeR ** ** .stneilc gniknaB tnemtsevnI fo egatnecrep sa secivres gniknaB tnemtsevnI rof noitasnepmoc deviecer sah .proC stekraM latipaC OMB hcihw morf seinapmoc lla fo noitubirtsid gnitar stcelfeR * ** .yrogetac sgnitar nihtiw egatnecrep sa secivres gniknaB tnemtsevnI rof noitasnepmoc deviecer sah .proC stekraM latipaC OMB hcihw morf seinapmoc lla fo noitubirtsid gnitar stcelfeR ** .stsylana hcraeser ytiuqe .proC stekraM latipaC OMB yb derevoc seinapmoc lla fo noitubirtsid gnitar stcelfeR * %1.5 %1.3 %9.3 %6.1 %3.8 %4.2 mrofreprednU lleS %7.14 %8.15 %5.75 %4.95 %0.21 %3.26 mrofreP tekraM dloH %2.35 %1.54 %6.83 %1.93 %0.41 %3.53 mrofreptuO yuB esrevinU * ****stneilC BI * ***esrevinU ***stneilC BI **stneilC BI *esrevinU gnitaR OMB yrogetaC enimratS MCOMB MCOMB SU MCOMB SU MCOMB SU MCOMB gnitaR )0102 ,13 rebmeceD( sgnitaR fo noitubirtsiD stcudorp gnitset citeneg noilimaF eht fo gnitekram dna ,gnicnanif ,seipareht enilepip fo tnempoleved lufsseccus eht edulcni tegrat ecirp ruo ot sksiR :sksiR sisylana strap eht fo mus ruo no desab si tegrat ecirp ruO :ygolodohteM tegraT ecirP ruO ot sksiR dna ygolodohteM .ytiruces siht ni tekram a sekam stekraM latipaC OMB :9 erusolcsiD .secivreS gniknaB tnemtsevnI :shtnom 21 tsap eht nihtiw etailiffana ro .dtL MC OMB ,.proC stekraM latipaC OMB ,.cnI snruB ttibseN OMB fo )tneilc a saw ro( tneilc a si reussi sihT :6 erusolcsiD .shtnom 21 tsap eht nihtiwreussi siht morf secivres gniknab tnemtsevni rof noitasnepmoc deviecer sah etailiffa na ro stekraM latipaC OMB :4 erusolcsiD .shtnom 21 tsapeht nihtiw reussi siht ot tcepser htiw seitiruces fo gnireffo cilbup a deganam-oc ro deganam sah stekraM latipaC OMB :3 erusolcsiD .shtnom 21 tsap eht nihtiw reussi siht ot tcepser htiw secivres gniknab tnemtsevni dedivorp sah stekraM latipaC OMB :2 erusolcsiD .shtnom 21 tsap eht nihtiw reussi siht ot tcepser htiw ytilibail gnitirwrednu na nekatrednu sah stekraM latipaC OMB :1 erusolcsiD erusolcsiD cificepS ynapmoC .stneilc ot ecivres dna ,setamitse sgninrae fo ycarucca ,snoitadnemmocer fo ecnamrofrep ,stneilc ot saedi fo noitacinummoc ni dna saedi wen gnitareneg ni ssenevitceffe no desab si hcraeser rof noitasnepmoC .secivres gniknab tnemtsevni fo ytilibatiforp llarevo eht sedulcni hcihw ,setailiffa rieht dna stekraM latipaC OMB fo ytilibatiforp llarevo eht )srotcaf rehto gnoma( nopu desab detasnepmoc era troper siht deraperp ohw stsylanA .troper siht ni desserpxe sweiv ro snoitadnemmocer cificeps eht ot detaler ,yltceridni ro yltcerid ,eb lliw ro ,si ,saw noitasnepmoc ym fo trap on taht yfitrec osla I .sreussi ro seitiruces tcejbus eht tuoba sweiv lanosrep ym tcelfer yletarucca troper siht ni desserpxe sweiv eht taht yfitrec ybereh ,ttelzaH treboR ,I noitacifitreC stsylanA se rusol csiD tnatropmI stekraM latipaC OMB hsalF
  4. 4. 4 eg aP • hsalF .stneilc liater ,ot no dessap ro deussi eb ton yam dna fo esu eht rof dednetniton era foereh stnetnoc ehT .)”snosrep tnaveler“ sa ot derrefer rehtegot snosrep hcus lla( redrO eht fo )d( ot )a()2(94 elcitrAnihtiw gnillaf seititne htrow ten hgih )II( ro )”redrO“ eht( 5002 redrO )noitomorP laicnaniF( 0002 tcA stekraM dna secivreSlaicnaniF eht fo )5(91 elcitrA nihtiw gnillaf stnemtsevni ot gnitaler srettam ni ecneirepxe lanoisseforp evah ohw snosrep )I(,ot no dessap ro deussi eb ylno yam dna ,fo esu eht rof ylelos dednetni era foereh stnetnoc ehT .ytirohtuA secivreS laicnaniF ehtyb detaluger dna desirohtua si hcihw detimiL stekraM latipaC OMB yb dehsilbup si tnemucod siht KU eht nI :stnediseR .K.U oT .dtL seitiruceS snruB ttibseN OMB ro/dna .proC stekraMlatipaC OMB hguorht os od dluohs niereh dessucsid ytiruces yna ni snoitcasnart tceffe ot gnihsiw nosrep .S.U ynA .laertnoMfo knaB fo seitiruces ot srefer ti taht tnetxe eht ot tpecxe ,niereh stnetnoc eht rof ytilibisnopser tpecca dna stnediser .S.U ot tropersiht hsinruf ,BN OMB fo setailiffa ,.dtL seitiruceS snruB ttibseN OMB ro/dna .proC stekraM latipaC OMB :stnediseR .S.U oT .dtL/eetL snruB ttibseN OMB ro/dna .cnI snruBttibseN OMB hguorht os od dluohs troper siht ni dedulcni seitiruces eht fo yna ni snoitcasnart tceffe ot gnihsiw nosrep naidanaCynA .evoba tuo tes smret eht ot tcejbus niereh stnetnoc eht rof ytilibisnopser tpecca dna stnediser naidanaC ot troper siht hsinruf,.proC stekraM latipaC OMB fo setailiffa ,.dtL/eetL snruB ttibseN OMB dna .cnI snruB ttibseN OMB :stnediseR naidanaC oT srettaM lanoitiddA .niereh dessucsid sreussi fo seitiruces lles ro yubot ton ro rehtehw gnitaulave ni troper siht no ylelos yler ton dluohs dna tseretni fo tcilfnoc a evah yam setailiffa sti ro stekraMlatipaC OMB taht emussa dluohs redaer ehT .noereht desab stnemurtsni evitavired rehto ro serutuf ,snoitpo ni ro seitirucesdetaler ,niereh dessucsid seitiruces eht fo ynam ni noitisop trohs ro gnol a evah seeyolpme ro srotcerid ,sreciffo ,setailiffa stiro stekraM latipaC OMB .sisab lapicnirp a no troper siht ni denoitnem sreussi fo seitiruces eht sremotsuc ot lles ro morf yub lliwsetailiffa sti ro stekraM latipaC OMB .ytiruces yna yub ot reffo na fo noitaticilos eht ro lles ot reffo na ton si dna ylno sesoprupnoitamrofni rof si lairetam sihT .rotsevni yna fo sdeen tnemtsevni ralucitrap eht teem ot dengised ecivda sa deurtsnoc eb tondluohs ,sevitcejbo tneilc laudividni fo esuaceb dna ,snoisiced tnemtsevni fo sisab yramirp eht sa desu eb ot dednetni ton si tropersiht ni noitamrofni ehT .troper siht ni detcelfer ton si taht setailiffa sti ro stekraM latipaC OMB ot elbaliava eb yam noitamrofnI.stnetnoc sti ro troper siht ,no ecnailer ro ,fo esu yna morf gnisira ssol yna rof reveostahw ytilibail on stpecca dna nierehdeniatnoc snoissimo dna srorre yna rof ytilibisnopser on sekat ,foereht tcepser ni ,deilpmi ro sserpxe ,ytnarraw ro noitatneserperon sekam stekraM latipaC OMB ,revewoH .etelpmoc dna etarucca era taht snoinipo dna noitamrofni niatnoc dna elbailerera eveileb ew taht secruos morf devired ro delipmoc neeb evah stnetnoc eht taht erusne ot sruovaedne stekraM latipaC OMB.eciton tuohtiw egnahc ot tcejbus era dna troper siht fo etad eht fo sa stekraM latipaC OMB fo esoht era troper siht ni deniatnocsnoitcejorp dna setamitse ,snoinipo ehT .stekraM latipaC OMB yb derevoc sreussi ynam ,ot secivres detarenumer rehto edivorpro ,htiw stnemegnarra gnidnel sah )”puorG laicnaniF OMB“( seiraidisbus sti ro laertnoM fo knaB .setailiffa era .proC stekraMlatipaC OMB dna .dtL stekraM latipaC OMB ,.cnI snruB ttibseN OMB .S.U eht ni .proC stekraM latipaC OMB dna .K.U ehtni .dtL stekraM latipaC OMB ,.dtL/.eétL snruB ttibseN OMB dna .cnI snruB ttibseN OMB seiraidisbus sti dna laertnoM fo knaBfo mra elaselohw eht sedulcni hcihw ,puorG gniknaB tnemtsevnI OMB eht yb desu eman edart a si ”stekraM latipaC OMB“ remialcsiD lareneG .psa.cilbuP_tnemetatS_tcilfnoC/moc.stekramlatipacomb.labolghcraeser//:ptthta elbaliava si hcihw hcraeser tnemtsevni htiw noitcennoc ni tseretni fo stcilfnoc gniganam rofycilop gnicaf cilbup ruo ni deniatnoc si tseretni fo stcilfnoc seganam dna seifitnedi puorG laicnaniF OMB woh fo noitpircsed lareneg A tnemetatS tcilfnoC .noitamrofni erom rof nosrepselas lanoitutitsniro rosivda tnemtsevni ruoy tcatnoc esaelP .liam raluger ro liame aiv rucco yam noitanimessid lanoitiddA .hcraeser ruo ot deltitnespuorg tneilc stekraM latipaC OMB lla ot emit emas eht ta elbaliava ylediw edam si hcraeser ruo fo llA .moc.stekraMehTdna ,QI latipaC ,teStcaF ,grebmoolB ,sretueR ,tceriD hcraeseR LLAC TSRIF ,LLAC TSRIF aiv hcraeser ruo eviecerosla yam stneilc lanoitutitsnI ./hcraeser/moc.stekramlatipacomb//:ptth etis bew ruo aiv elbaliava era snoitacilbup hcraeser ruO hcraeseR fo noitanimessiDstekraM latipaC OMB hsalF
  5. 5. 5 eg aP • hsalF Financial Group A member of BMO .PROC STEKRAM LATIPAC OMB 1102 THGIRYPOC© laertnoM fo knaB kramedarT MT .erehwesle dna adanaC ,setatS detinU eht ni laertnoM fo knaB fo kramedart deretsigeR ® .esnecil rednu desu ,laertnoM fo knaB fo kramedart deretsiger a si ")lobmys lednuor raB-M( OMB" .esnecil rednu desu ,laertnoM foknaB fo kramedart a si ”stekraM latipaC OMB“ .esnecil rednu desu ,detimiL noitaroproC snruB ttibseN OMB fo kramedart deretsigera si ”snruB ttibseN“ .ailartsuA dna eporuE ni detimiL stekraM latipaC OMB dna ,adanaC ni )FPIC rebmeM( .dtL/eétL snruBttibseN OMB dna ,)ARNIF fo rebmem dna deretsiger .S.U( detimiL seitiruceS snruB ttibseN OMB ,aisA dna eporuE ,adanaC ni )FPICrebmeM( .cnI snruB ttibseN OMB ,.S.U eht ni )CPIS rebmeM( .cnI TSKG stekraM latipaC OMB dna .proC gnidarT snruB ttibseNOMB ,)CPIS rebmeM( .proC stekraM latipaC OMB fo sessenisub relaed rekorb lanoitutitsni eht dna ,clP dnalerI OMB dna .A.N sirraH,laertnoM fo knaB fo sessenisub gniknab elaselohw eht rof puorG laicnaniF OMB yb desu eman edart a si stekraM latipaC OMB .stekraM latipaC OMB hguorht SU eht dnaadanaC ni dedivorp era secivres gniknab etaroproc dna tnemtsevnI .A.N sirraH hguorht devres era stneilc liater ,setatS detinU eht nI .snruBttibseN OMB dna laertnoM fo knaB OMB hguorht stneilc liater naidanaC sevres OMB .stcudorp gniknab etaroproc dna tnemtsevni dna,tnemeganam htlaew ,gniknab liater fo egnar a gnireffo redivorp secivres laicnanif detargetni na si )OMB :XST ,ESYN( puorG laicnaniF OMB TSEUQER NOPU ELBALIAVA SI NOITAMROFNI LANOITIDDAstekraM latipaC OMB hsalF

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