Financial analysis credit suisse group ag is an international financial services group. the group provides investment banking, private banking, and asset management services to customers

24.04.2013

Ticker: Credit Suisse Group AG Benchmark:

Currency: SIX Swiss Ex: CSGN, Currency: CHF SWISS MARKET INDEX (SMI)

Sector: Financials Industry: Capital Markets Year:

Telephone 41-44-332-64-00 Revenue (M) Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)

Website www.credit-suisse.com No of Employees Investment Banking 12558 Americas 9507

Address Paradeplatz 8 Zurich, 8070 Switzerland Private Banking 11078 Switzerland 7455

Share Price Performance in CHF Asset Management 2463 Europe, Middle East & Africa 6749

Price 26.41 1M Return 3.0% Corporate Center -2493 Asia Pacific 2388

52 Week High 27.85 6M Return 23.8% Reconciliation Corporate Center -2493

52 Week Low 15.97 52 Wk Return 16.5% Real Estate

52 Wk Beta 1.61 YTD Return 18.6% Other Alternative Investment Strategies

Credit Ratings

Bloomberg HY1

S&P A Date 19.12.2008 Outlook NEG

Moody's (P)A2 Date - Outlook STABLE

Fitch A Date 15.12.2011 Outlook STABLE

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 10.0x 9.6x 16.1x 27.1x 9.9x 8.7x 7.9x

EV/EBIT - - - - - - -

EV/EBITDA - - - - - - -

P/S 1.2x 0.9x 0.6x 0.7x 1.5x 1.5x 1.4x

P/B 1.6x 1.3x 0.8x 0.8x 1.0x 0.9x 0.9x

Div Yield 3.9% 3.5% 3.4% 3.4% 3.5% 4.2% 5.2%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin - - - - - - -

EBITDA Margin - - - - - - -

Operating Margin 23.9 23.8 12.9 6.7 24.8 27.9 29.2

Profit Margin 20.3 16.3 7.5 5.8 15.8 18.2 20.0

Return on Assets 0.6 0.5 0.2 0.1 0.5 0.5 0.6

Return on Equity 19.3 14.4 5.8 3.0 10.8 11.4 11.4

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio - - - - Current Capitalization in CHF

Quick Ratio - - - - Common Shares Outstanding (M) 1293.8

EBIT/Interest - - - - Market Capitalization (M) 40661.3

Tot Debt/Capital 0.9 0.9 0.9 0.9 Cash and ST Investments (M) 59023.0

Tot Debt/Equity 8.2 9.3 9.9 7.8 Total Debt (M) 329966.0

Eff Tax Rate % 22.7 20.7 19.4 22.7 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 7121.0

Enterprise Value (M) 318725.3

Credit Suisse Group AG is an international financial services group. The Group provides

investment banking, private banking, and asset management services to customers

located around the world.

CSGN VX

38'313

46'900

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Credit Suisse Group AG

Target price in CHF

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

24.04.2013

Credit Suisse Group AG

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 1293.8 United States 54.37%

Float 91.6% Austria 11.02%

Short Interest (M) Qatar 10.19%

Short Interest as % of Float Switzerland 6.22%

Days to Cover Shorts Norway 5.04%

Institutional Ownership 52.03% France 4.35%

Retail Ownership 47.78% Luxembourg 3.02%

Insider Ownership 0.19% Others 5.79%

Institutional Ownership Distribution

Investment Advisor 83.63%

Government 15.14%

Pension Fund (Erisa) 0.56%

Individual 0.37%

Pricing data is in CHF Others 0.30%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

FRANKLIN RESOURCES 88'790'736 134'170 2'344'963'338 5.77% 31.12.2012 ULT-AGG UNITED STATES

CRESCENT HOLDING GMB 88'475'201 0 2'336'630'058 5.75% 25.02.2013 EXCH AUSTRIA

QATAR INVESTMENT AUT 81'886'795 0 2'162'630'256 5.32% 31.12.2012 Co File QATAR

DODGE & COX 66'037'738 0 1'744'056'661 4.29% 31.12.2012 Co File UNITED STATES

NORGES BANK 39'815'613 0 1'051'530'339 2.59% 12.03.2013 EXCH NORWAY

BLACKROCK 39'622'643 0 1'046'434'002 2.57% 22.04.2013 ULT-AGG UNITED STATES

HARRIS ASSOCIATES LP 39'622'643 0 1'046'434'002 2.57% 31.12.2012 Co File UNITED STATES

CAPITAL GROUP COMPAN 39'396'381 5'348'082 1'040'458'422 2.56% 31.03.2013 ULT-AGG UNITED STATES

MORGAN STANLEY 32'818'874 12'068'962 866'746'462 2.13% 28.06.2010 ULT-AGG UNITED STATES

AXA 32'002'938 -26'636'525 845'197'593 2.08% 25.08.2009 ULT-AGG FRANCE

VANGUARD GROUP INC 18'487'508 2'658'228 488'255'086 1.20% 31.03.2013 MF-AGG UNITED STATES

CREDIT SUISSE ASSET 18'009'256 -420'940 475'624'451 1.17% 28.02.2013 MF-AGG SWITZERLAND

T ROWE PRICE ASSOCIA 10'920'531 1'000'906 288'411'224 0.71% 31.03.2013 MF-AGG UNITED STATES

UBS FUND MANAGEMENT 10'430'028 -17'909 275'457'039 0.68% 28.12.2012 MF-AGG SWITZERLAND

PICTET & CIE 6'196'536 57'768 163'650'516 0.40% 31.01.2013 MF-AGG SWITZERLAND

ONTARIO TEACHERS PEN 4'500'000 0 118'845'000 0.29% 31.12.2011 Research CANADA

FMR LLC 4'473'231 2'840'511 118'138'031 0.29% 28.02.2013 ULT-AGG UNITED STATES

CREDIT SUISSE 4'287'758 -32'944'156 113'239'689 0.28% 05.04.2013 EXCH SWITZERLAND

SWISSCANTO FONDSLEIT 4'158'113 -2'604'905 109'815'764 0.27% 28.02.2013 MF-AGG SWITZERLAND

TEMPLETON INVESTMENT 4'030'117 -17'300 106'435'390 0.26% 31.12.2012 MF-AGG BRITAIN

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

DOUGAN BRADY W 906'929 23'951'995 0.06% 31.12.2012 Co File

SHAFIR ROBERT S 387'544 10'235'037 0.03% 31.12.2012 Co File

KIELHOLZ WALTER B 292'424 7'722'918 0.02% 31.12.2012 Co File

ROHNER URS 244'422 6'455'185 0.02% 31.12.2012 Co File

THORNBURGH RICHARD E 218'456 5'769'423 0.01% 31.12.2012 Co File

Company Analysis - Ownership

Ownership Type

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Credit Suisse Group AG

Financial information is in CHF (M)

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Income Statement

Revenue 52'487 67'990 73'021 59'366 82'160 93'174 48'697 51'547 50'345 42'693 38'313 26'589 27'487 28'202

- Cost of Goods Sold

Gross Income

- Selling, General & Admin Expenses 30'586 45'717 43'696 21'326 21'864 22'925 21'003 22'714 21'830 20'585 19'840

(Research & Dev Costs)

Operating Income -3'658 3'456 8'387 7'106 14'432 13'491 -14'816 7'933 7'454 3'360 1'573 6'586 7'671 8'226

- Interest Expense

- Foreign Exchange Losses (Gains)

- Net Non-Operating Losses (Gains) 172 1'645 85 -295 132 -249 86 -144 -33 -101 -608

Pretax Income -3'250 1'811 8'302 7'401 14'300 13'740 -14'902 8'077 7'487 3'461 2'181 6'115 7'147 7'931

- Income Tax Expense 596 -3 1'441 927 2'389 1'248 -4'596 1'835 1'548 671 496

Income Before XO Items -3'846 1'814 6'861 6'474 11'911 12'492 -10'306 6'242 5'939 2'790 1'685

- Extraordinary Loss Net of Tax -520 1'075 106 -1'324 -3'046 -6 531 -169 19 0 0

- Minority Interests -17 -31 1'127 1'948 3'630 4'738 -2'619 -313 822 837 336

Diluted EPS Before XO Items 0.63 4.75 3.90 7.19 6.95 (7.33) 5.01 3.91 1.36 0.81

Net Income Adjusted* -3'829 4'680 5'734 5'863 8'281 8'549 -7'687 6'555 5'117 2'406 3'054 4'208 5'012 5'633

EPS Adjusted (3.22) 3.87 5.05 5.18 7.53 7.65 (7.28) 5.15 3.93 1.69 2.39 2.66 3.05 3.35

Dividends Per Share 0.10 1.50 2.00 2.24 2.50 0.10 2.00 1.30 0.75 0.75 0.92 1.11 1.36

Payout Ratio % 31.8 54.0 31.7 36.0 36.2 29.7 46.9 92.9 0.35 0.36 0.41

Total Shares Outstanding 1'190 1'130 1'111 1'125 1'062 1'021 1'164 1'169 1'174 1'220 1'294

Diluted Shares Outstanding 1'190 1'179 1'209 1'186 1'152 1'115 1'057 1'210 1'201 1'207 1'286

EBITDA

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Balance Sheet

Total Current Assets

+ Cash & Near Cash Items 2'551 24'799 25'648 27'577 29'040 38'459 90'035 51'857 65'467 110'573 61'763

+ Short Term Investments 342'341 418'736 467'123 525'573 446'407 480'414 283'208 329'515 379'226 318'227 259'588

+ Accounts & Notes Receivable

+ Inventories

+ Other Current Assets

Total Long-Term Assets

+ Long Term Investments 32'876 15'352 20'550 19'157 19'077 23'273 22'232 17'074 9'026 7'361 7'001

Gross Fixed Assets

Accumulated Depreciation

+ Net Fixed Assets 5'273 7'819 7'231 8'328 6'577 6'149 6'350 6'436 6'725 7'193 5'618

+ Other Long Term Assets 81'423 100'348 112'418 194'322 219'552 271'383 261'688 178'689 130'752 133'163 162'687

Total Current Liabilities

+ Accounts Payable

+ Short Term Borrowings 321'440 11'497 15'343 19'472 21'556 110'254 69'147 43'859 59'176 66'263 49'655

+ Other Short Term Liabilities 91'902 239'007 249'204 313'010 347'956 391'478 360'253 301'494 300'104 287'660 241'682

Total Long Term Liabilities

+ Long Term Borrowings 71'521 89'697 106'261 132'975 147'832 163'223 153'373 159'365 173'752 162'655 148'134

+ Other Long Term Borrowings 141'616 130'537 137'161 149'589 2'886 0 0 0 0 1'542 1'492

Total Liabilities 924'462 969'574 1'047'034 1'289'087 1'197'052 1'300'841 1'123'129 983'099 988'990 1'008'080 881'996

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0

+ Minority Interest 2'878 743 6'178 7'847 15'318 16'640 14'919 10'811 9'733 7'411 6'786

+ Share Capital & APIC 21'900 24'781 24'042 25'263 25'424 24'599 25'213 24'753 23'073 21'845 23'689

+ Retained Earnings & Other Equity 2'521 9'210 12'231 16'855 18'162 18'600 7'089 12'764 10'209 11'829 11'809

Total Shareholders Equity 27'299 34'734 42'451 49'965 58'904 59'839 47'221 48'328 43'015 41'085 42'284

Total Liabilities & Equity 951'761 1'004'308 1'089'485 1'339'052 1'255'956 1'360'680 1'170'350 1'031'427 1'032'005 1'049'165 924'280

Book Value Per Share 20.52 30.07 32.65 37.43 41.02 42.33 27.75 32.09 28.35 27.59 27.44 27.38 29.24 30.88

Tangible Book Value Per Share 5.09 15.58 18.92 23.19 30.20 31.23 19.37 23.88 20.77 20.32 20.77

Company Analysis - Financials II/IV

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Cash Flows

Net Income -3'309 770 5'628 5'850 11'327 7'760 -8'218 6'724 5'098 1'953 1'349 4'401 5'171 5'711

+ Depreciation & Amortization 6'471 3'518 2'104 781 779 1'127 1'927 1'620 1'087 1'383 1'464

+ Other Non-Cash Adjustments 6'431 13'172 5'158 3'448 -2'347 -1'177 -4'327 677 2'575 988 190

+ Changes in Non-Cash Capital 47'900 -33'456 -60'217 -30'921 -58'342 -65'654 140'489 -23'207 83 34'306 -15'677

Cash From Operating Activities 57'493 -15'996 -47'327 -20'842 -48'583 -57'944 129'871 -14'186 8'843 38'630 -12'674

+ Disposal of Fixed Assets 0 240 81 54 17 11 26

+ Capital Expenditures 0 -883 -994 -977 -1'530 -1'550 -1'473 -1'387 -1'689 -1'739 -1'242

+ Increase in Investments -133'808 -117'687 -52'960 -14'280 -2'980 -928 -1'727 -2'189 -2'752 -1'542 -480

+ Decrease in Investments 131'909 104'798 61'843 9'667 8'391 8'961 5'397 7'059 7'203 11'364 5'666

+ Other Investing Activities -32'092 -3'888 -4'762 -10'020 85 -8'879 -5'136 -3'086 -1'399 -1'560 1'644

Cash From Investing Activities -110'282 -33'310 -40'715 -80'183 -9'700 -30'034 4'352 60'684 -21'449 -25'972 42'955

+ Dividends Paid 0 -273 -609 -1'782 -2'346 -2'512 -2'946 -375 -2'800 -1'948 -1'296

+ Change in Short Term Borrowings 10'002 3'430 24'412 39'259 1'675 29'976 -52'887 -42'556 3'837 11'280 -47'798

+ Increase in Long Term Borrowings 41'848 23'782 43'087 54'415 75'921 81'151 107'638 62'829 57'910 34'234 38'405

+ Decrease in Long Term Borrowings -26'803 -26'255 -17'007 -34'739 -51'295 -65'306 -86'567 -72'472 -51'390 -37'127 -55'936

+ Increase in Capital Stocks 726 6'932 15'287 10'756 17'333 36'338 29'111 17'674 24'758 12'980 10'285

+ Decrease in Capital Stocks -2'548 -7'009 -17'950 -13'929 -23'461 -41'879 -25'032 -19'019 -26'846 -11'790 -8'859

+ Other Financing Activities -195 -1'849 -4'683 4'325 1'856 5'569 1'851 -3'054 -5'644 -3'116 -837

Cash From Financing Activities 52'248 45'644 88'891 102'954 58'216 95'847 -84'120 -86'063 26'216 32'448 -79'091

Net Changes in Cash -541 -3'662 849 1'929 -67 7'869 50'103 -39'565 13'610 45'106 -48'810

Free Cash Flow (CFO-CAPEX) 57'493 -16'879 -48'321 -21'819 -50'113 -59'494 128'398 -15'573 7'154 36'891 -13'916

Free Cash Flow To Firm

Free Cash Flow To Equity 82'540 -23'812 -13'673 96'582 -67'772 17'528 45'289 -79'219

Free Cash Flow per Share 48.31 -14.44 -42.53 -19.58 -45.56 -56.95 121.52 -13.26 5.99 30.78 -10.88

Company Analysis - Financials III/IV

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Ratio Analysis

Valuation Ratios

Price Earnings 28.6x 9.5x 16.8x 11.3x 9.2x 10.0x 9.6x 16.1x 27.1x 9.9x 8.7x 7.9x

EV to EBIT

EV to EBITDA

Price to Sales 0.7x 0.8x 0.7x 1.3x 1.1x 0.8x 0.6x 1.2x 0.9x 0.6x 0.7x 1.5x 1.5x 1.4x

Price to Book 1.5x 1.5x 1.5x 1.8x 2.1x 1.6x 1.0x 1.6x 1.3x 0.8x 0.8x 1.0x 0.9x 0.9x

Dividend Yield 0.3% 3.1% 3.0% 2.6% 3.7% 0.4% 3.9% 3.5% 3.4% 3.4% 3.5% 4.2% 5.2%

Profitability Ratios

Gross Margin

EBITDA Margin - - -

Operating Margin -11.4% 6.7% 15.5% 23.6% 37.5% 34.5% -159.4% 23.9% 23.8% 12.9% 6.7% 24.8% 27.9% 29.2%

Profit Margin -10.3% 1.5% 10.4% 19.4% 29.5% 19.9% -88.4% 20.3% 16.3% 7.5% 5.8% 15.8% 18.2% 20.0%

Return on Assets -0.3% 0.1% 0.5% 0.5% 0.9% 0.6% -0.6% 0.6% 0.5% 0.2% 0.1% 0.5% 0.5% 0.6%

Return on Equity -12.6% 2.6% 16.0% 14.9% 26.4% 17.9% -21.8% 19.3% 14.4% 5.8% 3.0% 10.8% 11.4% 11.4%

Leverage & Coverage Ratios

Current Ratio

Quick Ratio

Interest Coverage Ratio (EBIT/I)

Tot Debt/Capital 0.94 0.91 0.89 0.90 0.89 0.91 0.91 0.89 0.90 0.91 0.89

Tot Debt/Equity 14.39 9.73 8.51 9.25 7.77 9.59 9.87 8.17 9.33 9.87 7.82

Others

Asset Turnover 0.05 0.07 0.07 0.05 0.06 0.07 0.04 0.05 0.05 0.04 0.04

Accounts Receivable Turnover

Accounts Payable Turnover

Inventory Turnover

Effective Tax Rate 17.4% 12.5% 16.7% 9.1% 22.7% 20.7% 19.4% 22.7%

Company Analysis - Financials IV/IV

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

CREDIT SUISS-REG UBS AG-REGDEUTSCHE BANK-

RGCITIGROUP INC JPMORGAN CHASE BARCLAYS PLC MORGAN STANLEY

GOLDMAN SACHS

GPHSBC HLDGS PLC

BANCO

SANTANDER

NOMURA

HOLDINGSMITSUBISHI UFJ F

MIZUHO

FINANCIALING GROEP NV

TORONTO-DOM

BANK

12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 03/2012 03/2012 12/2012 10/2012

27.85 16.39 38.73 47.92 51.00 330.05 24.47 159.00 741.20 6.68 795.00 692.00 225.00 7.91 86.20

07.02.2013 25.01.2013 01.02.2013 11.03.2013 14.03.2013 13.02.2013 20.02.2013 19.02.2013 14.03.2013 14.01.2013 12.04.2013 10.04.2013 05.04.2013 14.01.2013 25.02.2013

15.97 9.69 22.11 24.61 30.83 148.20 12.26 90.43 501.20 3.98 241.00 328.00 110.00 4.44 75.70

03.08.2012 24.07.2012 26.07.2012 04.06.2012 04.06.2012 26.07.2012 04.06.2012 26.06.2012 30.05.2012 23.07.2012 04.06.2012 04.06.2012 04.06.2012 04.06.2012 04.06.2012

3'867'467 5'831'044 4'328'033 28'839'907 20'568'406 42'158'639 23'443'270 3'698'618 7'372'125 60'388'340 54'890'400 71'746'800 182'845'800 14'770'368 2'259'805

26.41 15.39 31.71 46.46 48.17 292.65 21.61 142.94 692.60 5.53 753.00 646.00 214.00 6.20 80.88

-5.2% -6.1% -18.1% -3.0% -5.5% -11.3% -11.7% -10.1% -6.6% -17.2% -5.3% -6.6% -4.9% -21.6% -6.2%

65.4% 58.9% 43.4% 88.8% 56.2% 97.5% 76.3% 58.1% 38.2% 39.1% 212.4% 97.0% 94.5% 39.5% 6.8%

1'293.8 3'747.4 929.2 3'028.9 3'804.0 12'243.0 1'974.0 480.5 18'476.0 10'321.0 3'663.5 14'145.0 24'011.1 3'801.4 918.2

40'661 59'050 29'474 141'373 182'555 37'643 42'368 68'636 128'577 60'004 2'878'390 9'146'446 5'171'281 23'737 74'606

330'510.0 267'401.0 278'501.0 623'537.0 695'583.0 437'951.0 450'846.0 510'691.0 284'987.0 367'524.0 31'238'237.0 53'760'773.0 54'752'099.0 207'649.0 85'793.0

- - - 2'562.0 9'058.0 - 1'508.0 6'200.0 2'728.0 - - 390'001.0 410'368.0 - 3'395.0

6'786.0 4'353.0 407.0 1'948.0 - 9'371.0 7'628.0 508.0 7'887.0 9'672.0 281'896.0 1'674'821.0 1'957'699.0 1'081.0 1'477.0

63'708.0 66'383.0 147'433.0 36'453.0 471'833.0 128'120.0 46'904.0 72'669.0 256'366.0 182'116.0 1'070'520.0 9'384'046.0 7'527'509.0 17'657.0 25'128.0

- 264'421 - 799'437 - - 455'446 513'366 - - 36'366'838 - - 214'810 -

LFY 38'313.0 37'754.0 52'299.0 90'708.0 108'184.0 38'837.0 32'036.0 41'664.0 88'382.0 43'575.0 1'851'760.0 4'536'724.0 2'453'016.0 39'304.0 30'334.0

LTM 39'068.0 37'758.0 52'356.0 90'629.0 106'713.0 38'837.0 33'168.0 41'636.0 69'265.0 43'575.0 1'925'202.0 4'296'873.0 2'633'625.0 42'241.0 30'552.0

CY+1 26'588.8 26'834.9 33'805.5 78'925.3 99'662.3 29'278.7 31'901.2 34'266.2 68'573.2 44'058.6 1'658'721.1 3'548'294.1 2'143'031.7 45'826.3 24'459.3

CY+2 27'486.8 27'871.0 34'795.0 80'915.9 102'507.3 30'109.3 34'096.6 35'053.0 72'313.1 46'116.8 1'453'771.5 3'455'446.5 2'053'211.1 47'228.2 25'844.8

LFY - 6.9x - 8.7x - - 14.1x 12.1x - - 19.1x - - 5.5x -

LTM - 6.9x - 8.7x - - 13.9x 12.1x - - 18.4x - - 5.2x -

CY+1 35.2x - 1.9x - - -6.8x - - 1.0x - 4.9x - - - -

CY+2 34.0x - 1.9x - - -7.3x - - 0.4x - 5.7x - - - -

LFY - 15'529.0 - 41'810.0 - - 8'020.0 20'446.0 - - 501'430.0 - - - -

LTM - 15'530.0 - 41'647.0 - - 8'293.0 20'446.0 - - 490'214.0 - - - -

CY+1 - - - - - - - - - - 220'851.5 - - - -

CY+2 - - - - - - - - - - 377'479.8 - - - -

LFY - 16.7x - 19.0x - - 56.2x 24.7x - - 70.5x - - - -

LTM - 16.7x - 17.1x - - 54.4x 24.7x - - 72.1x - - - -

CY+1 - - - - - - - - - - 37.2x - - - -

CY+2 - - - - - - - - - - 22.1x - - - -

LFY 2.26 0.52 1.91 4.83 6.04 0.45 1.58 15.03 0.49 0.60 - - - 0.68 7.13

LTM 1.59 -0.67 0.26 4.15 5.97 -0.09 1.57 15.25 0.79 0.24 12.74 48.70 25.01 0.75 7.55

CY+1 2.66 0.89 3.83 4.70 5.63 0.36 2.05 14.31 0.98 0.57 18.94 51.79 21.37 1.00 7.84

CY+2 3.05 1.19 4.93 5.32 5.94 0.44 2.54 15.25 1.09 0.67 38.70 51.83 18.44 1.11 8.38

LFY 16.6x - 122.0x 11.2x 8.1x - 13.8x 9.4x 13.3x 23.2x 59.1x 13.3x 8.6x 8.3x 10.7x

LTM 9.2x 30.1x 17.2x 11.2x 8.1x 6.4x 13.8x 9.4x - 8.8x - - - 7.7x 10.7x

CY+1 9.9x 17.3x 8.3x 9.9x 8.6x 8.0x 10.6x 10.0x 10.8x 9.8x 39.8x 12.5x 10.0x 6.2x 10.3x

CY+2 8.7x 12.9x 6.4x 8.7x 8.1x 6.7x 8.5x 9.4x 9.7x 8.3x 19.5x 12.5x 11.6x 5.6x 9.7x

1 Year (10.3%) (7.6%) (0.7%) (11.6%) (2.4%) 1.1% (18.1%) 13.2% (6.8%) (44.1%) 33.7% 4.2% 0.1% (25.5%) 4.9%

5 Year (5.2%) (10.1%) 3.8% (2.3%) 0.8% (1.3%) 3.1% (6.8%) - 9.5% 2341.5% (3.2%) (1.9%) (9.3%) 3.2%

1 Year - (11.1%) - (21.9%) - - (44.3%) 27.6% - - 18.4% - - - -

5 Year - (31.3%) - (15.7%) - - (33.5%) (19.6%) - - (17.7%) - - - -

LTM - 41.1% - 45.8% - - 25.6% 49.1% - - 25.5% - - - -

CY+1 - - - - - - - - - - 13.3% - - - -

CY+2 - - - - - - - - - - 26.0% - - - -

Total Debt / Equity % 931.1% 582.6% 515.7% 334.4% 356.7% 817.3% 744.0% 734.6% 165.2% 492.3% 1482.4% 559.4% 1216.4% 366.8% 194.4%

Total Debt / Capital % 88.7% 84.2% 83.7% 76.6% 77.3% 87.4% 86.6% 87.0% 60.9% 81.3% 92.9% 82.2% 88.9% 78.3% 63.6%

Total Debt / EBITDA - 17.218x - 14.972x - - 54.365x 24.978x - - 69.442x - - - -

Net Debt / EBITDA - 10.520x - 14.097x - - 48.709x 21.423x - - 67.769x - - - -

EBITDA / Int. Expense - - - - - - - - - - - - - - -

S&P LT Credit Rating A A A+ *- A- A A A- A- A+ BBB BBB+ A A A AA-

S&P LT Credit Rating Date 19.12.2008 29.11.2011 26.03.2013 29.11.2011 29.11.2011 29.11.2011 29.11.2011 29.11.2011 29.11.2011 16.10.2012 27.01.2009 30.09.2008 18.06.2007 03.09.2009 15.03.2007

Moody's LT Credit Rating (P)A2 A2 A2 Baa2 A2 (P)A3 Baa1 A3 Aa3 (P)Baa2 Baa3 - - A3 Aa1

Moody's LT Credit Rating Date 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 24.10.2012 15.03.2012 - - 15.06.2012 28.01.2013

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (4/dd/yy)

52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Company Analysis - Peers Comparision

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |