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HIGHWATER CAPITAL MANAGEMENT CORP.

IN FOCUS
Inter 1,2,4
October 2010 Give Me 50cc’s of Operating Efficiency –Stat!

BDX Operating Expenditures


! "#$% & ' (
36.0%
35.0%
Source: Bloomberg ) "$*+ !
34.0% ,
% of Revenues

33.0% ! - .
32.0%
31.0% ! ! /#
30.0% 0
29.0%
28.0%
27.0%
26.0% 1 ! 2 &
1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 3 4 ! ! 56 76
Figure 1
4 8**$ -" " 9
4 :77* :7%7
; <
0 4 '
BDX Cash Flow Growth 4 => ) ? 0
8
Source: Bloomberg
! @ :7* :+*
6 8*"/ 0 => A 0 0
$U.S./Share

4
3
2
? B BB 4
0

-2 ! 8*"" 8*"/ )
1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
! !
CFPS FCF/Share Figure 2 4 @ . !
C 4

. 0
BDX Quarterly Dividend History &
$0.4000
Source: Bloomberg
$0.3500
$0.3000
0 !
$0.2500 , ! "$+8 ; >
$0.2000 :" ! "* /* %7 $7 ! !
$0.1500 ! :" 7 !
$0.1000
8*"" 3 4 @
$0.0500
$0.0000
! ! B ! ! !
0 ! ! "86
1- -62
1- -65
1- -68
1- -71
1- -74
1- -77
1- -80
1- -83
1- -86
1- -89
1- -92
1- -95
1- -98
1- -01
1- -04
1- -07
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Figure 3

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Disclaimer: Information contained in this document pertaining to the Highwater Funds is not to be construed as a public offering. The offering of units of each of the Funds is made pursuant
to its respective Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility and/or minimum purchase requirements. Important information about each
of the Funds is contained in their respective Offering Memorandums. Eligible investors should read the Offering Memorandums carefully before investing. Performance data represents past
performance and is not indicative of future performance. Please contact your investment advisor to determine suitability of investment.

FOR MORE INFORMATION CONTACT:


Telephone: 905.265.0649 e-mail: info@highwatercapital.com
Fax: 905.265.0646 Website: www.highwaterfunds.com

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