18 April 2013 Europe Equity Research Product Marketing

Week at a Glance Research Analysts WEEKLY ANALYSIS

Product Marketing, Europe 44 20 7888 0099 [email protected] 22 - 26 April 2013 Key events to watch out for next week: ■ Upcoming economics events include: 22 Apr: US Chicago Fed National Activity Index, US Existing Home Sales; 23 Apr: US House Price Index, US New Home Sales, US Richmond Fed Manufacturing Index, Euro Area PMI Manufacturing; 24 Apr: German IFO Business Climate; 26 Apr:US GDP, US University of Michigan Confidence. ■ Upcoming company events include (Q1 results unless otherwise stated): 22 Apr: Genel Energy, Hermes; 23 Apr: ARM Holdings, Trading Update, Imtech, Orion, Premier Foods Trading Update, Safran, Sandvik, Trading Update; 24 Apr: ABB, Air Liquide, Assa Abloy, Barcays IMS, Computacenter IMS, Iberdrola, Novartis, UBM IMS; 25 Apr: AstraZeneca, Atos, Bayer, Electrolux, Ipsen, Kazakhmys Trading Update, Novozymes, Senior IMS, IMS, Telenet, Volvo; 26 Apr: Akzo Nobel, BASF, Rotork IMS, Telenor, Total. ■ Recently published: GLOBAL EQUITY STRATEGY Andrew Garthwaite - JAPAN: ADD TO OVERWEIGHT AND IMPLICATIONS- We raise weightings further (from 6% to 16% overweight) for various reasons: Policy: to get 2% inflation, we estimate that yen needs to fall to Y110. BoJ is set to expand its balance sheet at double Fed’s current rate. Growth: Japan now scores top of our macro scorecard. Asset allocation shift: if pension funds/retail start to anticipate inflation, a sharp asset allocation could occur. Significant restructuring potential: Published on 16 April 2013 Chart of the Week (contributed by the Global Equity Strategy team): The recent drop in the gold price is in line with the contraction in developed markets central banks seen this year. However we would note that the momentum in the contraction has recently slowed and we expect an expansion of balance sheets over the next 12 months led by the BoJ.

Source: the BLOOMBERG PROFESSIONAL™ service

DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION™ Client-Driven Solutions, Insights, and Access

Glance a at Week Research Changes Rating & TP changes

Figure 1: Rating & TP changes details Company Bloom Ticker Country Rating Current ▲/▼ Rating Previous TP Current ▲/▼ TP Previous Change Curr Link MTN Group MTN SJ Equity MTNJ.J sa O ▲ N 185 ▼ 190 -3% R Full Note Vodacom Group VOD SJ Equity VODJ.J sa N ▲ U 115.00 ▲ 90.00 28% R Full Note Associated British Foods ABF LN Equity ABF.L uk N ▼ O 1,850.00 ▲ 1,650.00 12% p Full Note Accor AC FP Equity ACCP.PA fra U ▼ O 26.90 ▼ 28.60 -6% Eu Full Note Elisa Corp. ELI1V FH Equity ELI1V.HE fin U ▼ N 14.00 ▼ 16.00 -13% Eu Full Note BP BP/ LN Equity BP.L uk N 485.00 ▲ 475.00 2% US$ Full Note RDSA LN Equity RDSa.L net O 2,500.00 ▼ 2,525.00 -1% US$ Full Note ENI ENI IM Equity ENI.MI ita O 21.50 ▲ 21.20 1% Eu Full Note Repsol REP SM Equity REP.MC spa O 19.60 ▼ 20.10 -2% Eu Full Note Tate & Lyle TATE LN Equity TATE.L uk O 930.00 ▲ 845.00 10% p Full Note Hays HAS LN Equity HAYS.L uk N 99.00 ▲ 95.00 4% p Full Note Helvetia HELN SW Equity HELN.S swi U 390.00 ▲ 371.00 5% SFr Full Note Michael Page MPI LN Equity MPI.L uk U 360.00 ▼ 400.00 -10% p Full Note Actelion ATLN VX Equity ATLN.VX swi O 60.00 ▲ 50.00 20% SFr Full Note LVMH MC FP Equity LVMH.PA fra N 142.00 ▼ 148.00 -4% Eu Full Note HL/ LN Equity HRGV.L uk U 800.00 ▲ 655.00 22% p Full Note Tele2 AB TEL2B SS Equity TEL2b.ST swe U 72.00 ▼ 100.00 -28% SKr Full Note Georg Fischer FI/N SW Equity FIN.S swi O 490.00 ▼ 510.00 -4% SFr Full Note Telkom SA Ltd. TKG SJ Equity TKGJ.J sa N 13.60 ▼ 20.00 -32% R Full Note PGNIG PGN PW Equity PGN.WA pol U - O 4.60 ▼ 4.70 -2% PLN Full Note Source: Company data, Credit Suisse estimates Initiation, Reinstatement & Assuming coverage

Figure 2: Initiations, Reinstatement & Assuming coverage details Company Bloom Ticker Country Current Rating Currency Target price (Upside/downside) Link Zon Multimedia Services ZON PL Equity ZON.LS por N Eu 3 (-7%) Full Note Source: Company data, Credit Suisse estimates Note: Rating abbreviations are: U = Underperform; N = Neutral; O = Outperform

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18 April 2013

Key research released Strategy, Economics & Theme GLOBAL EQUITY STRATEGY Andrew Garthwaite - JAPAN: ADD TO OVERWEIGHT AND IMPLICATIONS- We raise weightings further (from 6% to 16% overweight) for these reasons: Policy: to get 2% inflation, we estimate that the yen needs to fall to Y110. The BoJ is set to expand its balance sheet at double the Fed’s current rate. Growth: Japan now scores top of our macro scorecard. Asset allocation shift: if pension funds/retail start to anticipate inflation, a sharp asset allocation could occur. Significant restructuring potential: RoE/RoIC are half of US levels and productivity per hour worked is 30% less than France. We are cautious on this aspect but there are some positive signs: buybacks are at post-04 highs; the EPA and TPP; lowering the threshold to appoint outside directors. Valuation not a constraint: P/Es are the same as the US. Asset/sales-based measures look cheap. Still a ‘one- to two- year trade’ until there are clearer signs that restructuring is addressed. Full Note Published on 16 April 2013

EUROPEAN ECONOMICS Yiagos Alexopoulos - FINANCIAL RESILIENCE, ECONOMIC WEAKNESS - The resilience of the euro area financial system over recent months has been remarkable. Various shocks, political and economic, have hit but symptoms of financial fragility are not in evidence. There looks to have been a continued steady inflow of private sector capital into Italy and Spain during March. Although the ECB’s OMT programme has made the euro area financial system more resilient than it was a year ago, we think there are other supportive factors at play as well, not least the fact that most of the periphery has moved into trade and current account surplus, negating the need of these economies to solicit external finance. Full Note Published on 15 April 2013

EUROPEAN ECONOMICS Yiagos Alexopoulos - ITALY: TRUCE OR CONSEQUENCES - Six weeks after the elections, there is still no political clarity in Italy. Things should, however, accelerate towards some form of resolution soon. The coming days are indeed key for the formation of a government and for the credibility of the institutional framework in Italy. On April 18, the parliament will start voting on the new president of the Republic. This vote is important as it will provide a first real test on the intentions of the different parties. If the center-left (PD) and the center-right (PDL) do find an agreement in the coming days – as seems to be the intention, supported by recent meetings between M. Bersani and M. Berlusconi – then a president will be likely elected on the first day of the voting procedure. Such an agreement should also provide the base for an agreement on a coalition government of some sort – either a grand coalition or a center-left government with external “acceptance” from the center-right. Full Note Published on 11 April 2013

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18 April 2013

Industry Updates & Stock Research NORDIC TELECOMS Jakob Bluestone - NORDIC MOBILE COULD SEE PRESSURE IN Q1; ESTIMATES & TP CHANGES - We expect challenging Q1 13 results for all the Nordics, due to a combination of seasonality, MTR cuts in Dec/Jan and competition remaining an issue. TDC: We expect underlying mobile growth to improve, although we expect headline growth similar to Q4 12. We expect fixed to be more resilient given a price hike in broadband. Tele2: We see operating results in line with consensus. Mobile Sweden was more competitive in the corporate segment but consumer was stable. We expect Norway to be hit by MTR and the Netherlands to show first signs of mobile build out. We revise our TP to SEK 72 from SEK 100 to reflect the SEK 28 special dividend. Full Note Published on 17 April 2013

EUROPEAN UTILITIES Vincent Gilles – UTILITIES BIG BOOK; KEY MESSAGES FOR Q2 2013 - Recent rise due to multiple expansion not earnings recovery. We see no significant change in fundamentals of the sector compared with early 2013. Earnings growth remains negative with EPS and DPS 2012-15E CAGR at -1.4% and - 2.4% (vs. global utils 9% and 3%, respectively or the MSCI Europe with 5.4% and 5.2%, respectively). No rebound in free cash flow before 2014 at best. Dividends still at risk in Central Europe. Debt holders may be better off than shareholders. After recent recovery, even optical multiples attraction has gone. We believe sector is going through a long-term de-rating process. Full Note Published on 17 April 2013

ACCOR Tim Ramskill – CUT TO UNDERPERFORM FROM OUTPERFORM; TP CUT TO €26.9 FROM €28.6 - Ahead of Q1 results, we see an increasing risk of disappointment for Accor – with French market data weak, real RevPAR slowing in all its major European markets and LFL profits having declined in H2 2012. The asset- driven restructuring story should still drive a re-rating by 2016 with scope for a €1.0bn cash return, but this is insufficient to offset the increased trading risks and we downgrade to Underperform. Softer-than-expected Q1 market data cause us to downgrade our RevPAR to -1.0% for 2013 and to lower our EPS by 7% (now 5% below consensus). Full Note Published on 15 April 2013

EUROPEAN INVESTMENT BANKS Amit Goel - MOVING ON TO Q2; FORECASTS REVISED FOR UBS - As the US IB reporting season gets underway, we present our estimates for the European names and highlight where we see the focus going forwards. Going into Q1 results, Deutsche Bank may perform well on upbeat management commentary, though we maintain our 12-month UP rating. RBS remains our least preferred stock: we expect Q1 trading to be weak, with limited new detail on the main issues facing the group. Deutsche Bank has given the most colour - reiterating the 8.5% Basel 3 target for Q1 despite incremental litigation provisions booked in Q4. UBS likely more opaque - presenting on a new basis; we revise our full-year estimates in our report. Full Note Published on 12 April 2013

EUROPEAN CAP GOODS Simon Toennessen - HANNOVER AUTOMATION FAIR, MUTED NEAR-TERM DEMAND; LOGIC FUNCTIONALITY MAY NOT STAY AT THE DCS / PLC LAYER - We met with ten companies at the Hannover Automation Fair. Key conclusions: Near-term demand: Most companies suggested that 2013 should see an acceleration after flat / down markets in 2012, although the YTD performance has been muted, and visibility remains very low. E&H and Airtac both highlighted that Chinese activity had picked up in recent months after a down market in 2012, and the IFR expects global robots demand to see a recovery this year after low-single-digit declines in 2012. Full Note Published on 11 April 2013

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18 April 2013

Global Calls CHINA ECONOMICS Dong Tao - THE STATE COUNCIL SETS NEAR-TERM POLICY FOCUS AREAS - The standing committee of the State Council met to review the performance of the economy and set the policy focus areas for the near term. Five near- term policy focus areas are: (1) to introduce more consumer-friendly policies; (2) to enhance agricultural sector food supply and therefore ensure general price stability; (3) to improve the general welfare; (4) to promote the open and reform; and (5) to prevent the risk from local government debt and credit growth. Premier Li described the performance of the economy as stable. The State Council highlighted the need to control the risk of local government debt and credit growth. Full Note Published on 18 April 2013

ASIA EQUITY STRATEGY Sakthi Siva - INDONESIA LEADS ON EPS REVISIONS. WHAT'S ATTRACTIVE? - Fourth consecutive month of consensus EPS upgrades. Indonesia is leading on the EPS revisions front on two scores. One, Indonesia is now associated with four consecutive months of upgrades to 2013E consensus EPS – 0.7% in January, 0.8% in February, 0.5% in March and 1% so far in April. Two, Indonesia’s 1% upgrade in April is the strongest regionally. Consensus EPS upgrades are fairly broad- based. While investors may be sceptical on the sustainability of these upgrades, we note that they are fairly broad-based. So far in March and April, only one of the seven sectors is associated with downgrades to 2013E consensus EPS. Full Note Published on 17 April 2013

CHINA MARKET STRATEGY Vincent Chan - NEITHER STRONG RECOVERY NOR DOUBLE DIP - The government’s recent mild tightening measures have raised some concerns in the stock market about the risk of a double dip in China: The ‘real’ and ‘financial’ economy. The ‘real’ economy is still rather weak, but the ‘financial’ economy has recovered strongly. This has triggered mild tightening from the government. Consumption has been the most disappointed variable, due to an anti-corruption campaign and low urban income growth. Mild recovery, double dip or surging inflation. The market will be volatile in the next few months, in our view, but 2H performance would be better in a mild recovery scenario. We cut some weighting in consumer discretionary but increase weighting in energy. Full Note Published on 16 April 2013

ASIA EQUITY STRATEGY Sakthi Siva - FOREIGN INVESTOR CAPITULATION? - Net foreign selling, but not yet capitulation. Historically, to find a bottom in markets we have needed two factors – trough valuations and foreign investor capitulation. With MSCI Asia ex-Japan price-to-book at 1.58x just 3% above the last four lows, in our note we look at the second factor of foreign investor capitulation. We highlights net foreign selling of US$524 mn in March and a further US$2.242 mn so far in April. As a % of market cap, this amounts to 0.1% while we regard 0.3% of market cap as foreign investor capitulation. But we were not as overbought this time. Full Note Published on 16 April 2013

CHINA ECONOMICS Dong Tao - GDP GROWTH DISAPPOINTS AT 7.7% IN THE FIRST QUARTER - The economy grew at 7.7% YoY in 1Q13, against the market expectation of 8.0% YoY and its prior of 7.9% YoY. On a seasonally adjusted QoQ basis, GDP expanded 1.6% QoQ, with an annualised growth rate of 6.6%. The decline in growth momentum confirms our fear that the economy is weaker than what the market expects. Industrial production for March grew 8.9%, weaker than the consensus of 10.1%. FAI rose 20.9% YoY for the first quarter. We estimate that the FAI for March alone rose 20.7% YoY. Retail sales were up 12.6% YoY in March, in line with our expectation. We maintain our view of only a narrow-based growth recovery, and believe the growth will be managed close to 8.0%. Full Note Published on 15 April 2013

Week at a Glance 5

18 April 2013

Focus List Performance: last week

■ European markets were down last week with the DJ STOXX 600 falling by 3.23% and the FTSE All Share falling by 2.16%. ■ Major Movers: Smith’s Group outperformed a weak Industrials sector by 2.13% ■ Iberdola underperformed a strong Utilities sector by 2.14% Figure 3: Performance of Focus List stocks in Euro equivalent - current week Company Sector Entry Price Closing Price Closing Price Price Return Relative return Relative return date (10-Apr-2013) (17-Apr-2013) (%) to sector (%) (%) to DJS 600 Industrials 16-Aug-11 14.66 14.44 -1.55 2.13 1.68 Capita Business & Sup Serv 05-Jun-12 10.24 10.05 -1.87 1.40 1.36 Airlines 14-Nov-12 5.98 6.07 1.49 0.99 4.72 HSBC Holdings Banks 14-Jan-13 8.09 7.84 -3.16 0.41 0.07 Adidas AG Luxury goods 13-Mar-13 78.30 76.02 -2.91 0.32 0.32 BT Group Telecom 06-Nov-12 3.24 3.21 -1.07 0.20 2.16 SAP Software 08-Apr-13 59.75 58.94 -1.36 0.07 1.87 Roche Pharma & Biotech 11-Dec-12 185.01 184.60 -0.22 -0.05 3.00 ABB Industrials 20-Feb-13 17.29 16.52 -4.41 -0.73 -1.18 Vivendi Media 19-Jun-12 16.31 15.81 -3.04 -0.97 0.19 Carrefour Food Retail 18-Jan-13 21.51 20.63 -4.09 -1.21 -0.86 Safran Aerospace & Defence 15-Jan-13 35.00 33.96 -2.96 -2.13 0.27 Iberdrola Utilities 16-Oct-12 3.92 3.73 -4.77 -2.14 -1.54 Source: © Thomson Reuters DataStream Exchange rates as follows EUR/GBP: 1.16810; EUR/USD: 0.76675; EUR/CHF: 0.82335

Figure 4: Sector Relative return – current week (%) Figure 5: Focus List price performance

Smiths Group 110 Capita Focus List DJ STOXX

Ryanair 100 HSBC Holdings

Adidas AG 90 BT Group

SAP 80

Roche 70 ABB

Vivendi 60 Carrefour

Safran 50 Iberdrola

-4 -2 0 2 4 40 Oct 07 Mar 08 Aug 08 Jan 09 Jun 09 Nov 09 Apr 10 Sep 10 Jan 11 Jun 11 Nov 11 Apr 12 Sep 12 Feb 13 Source: © Thomson Reuters DataStream Source: the BLOOMBERG PROFESSIONAL™service

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18 April 2013

Focus List Performance: since inception

Figure 6: Performance of Focus List stocks in Euro equivalent - since inception Company Sector Entry Price Entry Price Closing Price Price Return Relative return Relative return date (17-Apr-2013) (%) to sector (%) (%) to DJS 600 Capita Business & Sup Serv 05-Jun-12 7.47 10.05 34.53 13.79 13.59 BT Group Telecom 06-Nov-12 2.87 3.21 11.89 9.77 8.61 Roche Pharma & Biotech 11-Dec-12 155.58 184.60 18.65 7.62 17.49 Smiths Group Industrials 16-Aug-11 11.13 14.44 29.70 6.97 10.27 HSBC Holdings Banks 14-Jan-13 8.12 7.84 -3.51 5.49 -2.71 Iberdrola Utilities 16-Oct-12 3.80 3.73 -1.87 1.99 -5.28 SAP Software 08-Apr-13 60.00 58.94 -1.76 -0.26 -0.40 Ryanair Airlines 14-Nov-12 4.67 6.07 29.87 -0.32 24.05 Adidas AG Luxury Goods 13-Mar-13 79.15 76.02 -3.96 -1.02 -0.03 ABB Industrials 20-Feb-13 17.39 16.52 -5.00 -1.75 -3.15 Carrefour Food Retail 18-Jan-13 20.22 20.63 2.00 -2.88 3.15 Vivendi Media 19-Jun-12 13.96 15.81 13.29 -7.19 -0.99 Safran Aerospace & Defence 15-Jan-13 32.84 33.96 3.41 -8.54 4.19 Source: © Thomson Reuters DataStream Exchange rates as follows EUR/GBP: 1.16810; EUR/USD: 0.76675; EUR/CHF: 0.82335

Figure 7: Sector Relative return since inception (%) Figure 8: Upside to target price (%)

Capita

BT Group 20

Roche

Smiths Group 15

HSBC Holdings

Iberdrola 10

SAP

Ryanair 5

Adidas AG

0 ABB

Carrefour -5 Vivendi

Safran -10 -10 -5 0 5 10 15

Source: © Thomson Reuters DataStream Source: Credit Suisse estimates, © Thomson Reuters DataStream

Figure 9: Focus List: Upcoming events Date Company Ticker Rating Ccy TP Events 19-Apr-2013 SAP SAPG.F Outperform € 70.00 Q1 2013 Results 23-Apr-2013 Carrefour CARR.PA Outperform € 25.00 AGM 23-Apr-2013 Safran SAF.PA Outperform € 30.00 Q1 2013 Sales 24-Apr-2013 ABB ABBN.VX Outperform SFr 26.00 Q1 2013 Results Source: Company data, Credit Suisse estimates

Week at a Glance 7

18 April 2013 Upcoming Events Monday 22 April

Figure 10: Earnings & Events Company Ticker Rating Ccy TP Events Casino Guichard CASP.PA Outperform € 83 AGM Galp Energia GALP.LS Outperform € 14.5 AGM Genel Energy GENL.L Outperform £ 1236 Q1 2013 Sales/AGM Gottex Fund Management GFMN.S Not Rated SFr NR AGM Hermes International HRMS.PA Underperform € 225 Q1 2013 Sales Intesa Sanpaolo ISP.MI Outperform € 1.7 AGM Michelin MICP.PA Neutral € 60 Q1 2013 Results Mobistar MSTAR.BR Neutral € 20 Q1 2013 Results Philips PHG.AS Neutral € 23 Q1 2013 Results Benckiser RB.L Neutral £ 4900 Q1 2013 Results Safilo SFLG.MI Not Rated € NR Q1 2013 Results STMicroelectronics STM.PA Not Rated € NR Q1 2013 Results Suez Environnement SEVI.PA Neutral € 11 Q1 2013 Results Yara International ASA YAR.OL Restricted NKr R Q1 2013 Results Source: Company data, Credit Suisse estimates

Figure 11: Other Events

Key US companies reporting today: Before the Open: Caterpillar After the Close: ACE Limited, Texas Instruments

Economics: US: Chicago Fed National Activity Index (Mar); Existing Home Sales (Mar). Euro Area: EMU: GDP; Consumer Confidence (Apr); ECB's Noyer speaks in New York. UK: BoE's Tucker speaks in New York. Source: Company data, Credit Suisse estimates

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18 April 2013

Tuesday 23 April

Figure 12: Earnings & Events Company Ticker Rating Ccy TP Events Acerinox ACX.MC Neutral € 8 Q1 2013 Results Alfa Laval ALFA.ST Neutral SKr 145 Q1 2013 Results/AGM ARCADIS ARDS.AS Underperform € 16.9 Q1 2013 Results ARM Holdings ARM.L Outperform £ 1130 Q1 2013 Results Associated British Foods ABF.L Neutral £ 1850 Trading Update Carrefour CARR.PA Outperform € 25 AGM Dragon Oil DGO.L Neutral £ 755 Interim Management Statement Enagas ENAG.MC Not Rated € NR Q1 2013 Results Faurecia EPED.PA Not Rated € NR Q1 2013 Results Federal Grid Company FEES.MM Neutral Rbl 0.2 FY 2013 Results Finmeccanica SIFI.MI Not Rated € NR FY 2013 Results GDF Suez GSZ.PA Neutral € 15 Q1 2013 Results Hennes & Mauritz HMb.ST Underperform SKr 175 AGM IMTECH NV IMUN.AS Underperform € 11.3 Q1 2013 Results Kone Corporation KNEBV.HE Neutral € 62 Q1 2013 Results KPN KPN.AS Neutral € 3.5 Q1 2013 Results Metso MEO1V.HE Outperform € 38 Q1 2013 Results Micronas Semiconductor MASN.S Not Rated SFr NR Q1 2013 Results Orion ORNBV.HE Underperform € 19.2 Q1 2013 Results Petropavlovsk POG.L Underperform £ 170 Trading Update Premier Foods PFD.L Neutral £ 100 Trading Update Publicis PUBP.PA Outperform € 46.5 Investor Day Safran SAF.PA Outperform € 39 Q1 2013 Sales Saipem SPMI.MI Not Rated € NR Q1 2013 Results Sandvik SAND.ST Underperform SKr 95 Q1 2013 Results Scania SCVb.ST Underperform SKr 115 Q1 2013 Results Schneider SCHN.PA Neutral € 58 Q1 2013 Results SEB SEBa.ST Not Rated SKr NR Q1 2013 Results Segro SGRO.L Outperform £ 270 Trading Update Stora Enso STERV.HE Neutral € 5.4 Q1 2013 Results/AGM Swedbank SWEDa.ST Not Rated SKr NR Q1 2013 Results Swiss Life SLHn.VX Underperform SFr 138 AGM Syngenta SYNN.VX Outperform SFr 450 AGM Temenos TEMN.S Not Rated SFr NR Q1 2013 Results TomTom TOM2.AS Not Rated € NR Q1 2013 Results Vontobel VONN.S Not Rated SFr NR AGM Source: Company data, Credit Suisse estimates

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18 April 2013

Figure 13: Other Events

Key US companies reporting today: Before the Open: Air Products, Coach, DuPont, Forest Labs, Gannett, Illinois Tool Works, Ingersoll-Rand, Lockheed Martin, PACCAR, RadioShack, Regions Financial, Reynolds American, Ryder System, United Tech, Xerox After the Close: Amgen, Apple, Broadcom, Juniper Networks, YUM! Brands

Economics: US: House Price Index (Feb); New Home Sales (Mar); Richmond Fed Manufacturing Index (Apr). Euro Area: GER: PMI Manufacturing/Services (Apr); FRA: Business Survey Overall Demand (Apr); Own-Company Production Outlook (Apr); Business Confidence Indicator (Apr); PMI Manufacturing/Services (Apr); EMU: PMI Manufacturing/Services/Composite (Apr); ITA: Retail Sales (Feb); Consumer Confidence (Apr). UK: PSNCR/PSNB (Mar); CBI Industrial Trends Survey (Apr).

Holidays: India, Turkey Source: Company data, Credit Suisse estimates

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18 April 2013

Wednesday 24 April

Figure 14: Earnings & Events Company Ticker Rating Ccy TP Events ABB ABBN.VX Outperform SFr 26 Q1 2013 Results Ageas AGES.BR Outperform € 30 AGM Aggreko AGGK.L Neutral £ 2000 Ex-Dividend Air Liquide AIRP.PA Outperform € 103 Q1 2013 Results Akbank AKBNK.IS Neutral TRY 10.05 Q1 2013 Results Ashmore Group ASHM.L Underperform £ 375 Capital Markets Day ASML Holding ASML Outperform € 60 AGM Assa Abloy ASSAb.ST Outperform SKr 270 Q1 2013 Results BARC.L Neutral £ 290 Interim Management Statement Balfour Beatty BALF.L Neutral £ 279 Ex-Dividend Bodycote BOY.L Outperform £ 600 AGM Brown (N) Group BWNG.L Neutral £ 405 Preliminary Results Compagnie Financiere Tradition CFT.S Not Rated SFr NR Q1 2013 Sales Computacenter CCC.L Outperform £ 580 Interim Management Statement Credit Suisse CSGZn.VX Not Rated SFr NR Q1 2013 Results Daimler DAIGn.DE Neutral € 35 Q1 2013 Results Elan Corp ELN.I Neutral € 9.1 Q1 2013 Results ENI ENI.MI Outperform € 21.5 Q1 2013 Results Ericsson ERICb.ST Neutral SKr 70 Q1 2013 Results Fenner FENR.L Neutral £ 415 H1 2013 Results France Telecom FTE.PA Neutral € 9 Q1 2013 Results GlaxoSmithKline GSK.L Neutral £ 1450 Q1 2013 Results Gottex Fund Management GFMN.S Not Rated SFr NR Trading Update Groupe Eurotunnel GETP.PA Not Rated € NR Q1 2013 Sales Heineken HEIN.AS Neutral € 63 Q1 2013 Results Holmen HOLMb.ST Neutral SKr 210 Q1 2013 Results Husqvarna HUSQb.ST Not Rated SKr NR Q1 2013 Results Iberdrola IBE.MC Outperform € 4.7 Q1 2013 Results Ipsos ISOS.PA Not Rated € NR Q1 2013 Results Klepierre LOIM.PA Outperform € 36 Q1 2013 Results Komercni Banka BKOM.PR Underperform CZK 3200 AGM KoneCranes KCR1V.HE Not Rated € NR Q1 2013 Results Neste NES1V.HE Neutral € 11.5 Q1 2013 Results Nordea NDA.ST Not Rated SKr NR Q1 2013 Results Norsk Hydro NHY.OL Not Rated NKr NR Q1 2013 Results Novartis NOVN.VX Outperform SFr 70 Q1 2013 Results PGNIG PGN.WA Underperform PLN 4.6 AGM PhosAgro PHORq.L Outperform £ 15.3 FY 2012 Results PSA Peugeot Citroen PEUP.PA Underperform € 5 Q1 2013 Results/AGM Redrow RDW.L Not Rated £ NR Interim Management Statement Reed Elsevier REL.L Neutral £ 620 Interim Management Statement Reed Elsevier NV ELSN.AS Neutral € 11.6 Interim Management Statement Renault RENA.PA Neutral € 50 Q1 2013 Results Renewable Energy REC.OL Not Rated NKr NR Q1 2013 Results Rezidor Hotel REZT.ST Not Rated SKr NR Q1 2013 Results RusHydro HYDR.MM Neutral Rbl 0.69 Q1 2013 Results Snam SRG.MI Neutral € 3.6 Q1 2013 Results Svenska Handelsbank SHBa.ST Not Rated SKr NR Q1 2013 Results Standard Life SL.L Underperform £ 325 Q1 2013 Results Storebrand ASA STB.OL Outperform NKr 34 Q1 2013 Results Telenet TNET.BR Outperform € 34 AGM U-Blox Holding UBXN.S Outperform SFr 60 AGM

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18 April 2013

Company Ticker Rating Ccy TP Events UBM UBM.L Outperform £ 800 Interim Management Statement Valeo VLOF.PA Not Rated € NR Q1 2013 Results Vopak VOPA.AS Not Rated € NR Trading Update Wincor Nixdorf WING.DE Not Rated € NR Q2 2013 Results Wolters Kluwer WLSNc.AS Underperform € 15.3 AGM Zodiac Aerospace ZODC.PA Not Rated € NR H1 2013 Results Source: Company data, Credit Suisse estimates

Figure 15: Other Events

Key US companies reporting today: Before the Open: Boeing, Ford Motor, General Dynamics, Hess, Eli Lilly, NASDAQ OMX Group, Northrop Grumman, Praxair, Procter & Gamble, Rockwell Automation, Sprint Nextel After the Close: AFLAC, Akamai Tech, Citrix Systems, Equifax, Qualcomm, Stryker, Teradyne, Western Digital, Xilinx

Economics: US: MBA Mortgage Applications (Apr 19); Durable Goods/Ex Transportation (Mar). Euro Area: GER: IFO Business Climate/Current Assessment/Expectations (Apr); SPA: PPI (Mar); ECB's Mersch speaks in Dresden, Germany. UK: CBI Reported Sales (Apr). Source: Company data, Credit Suisse estimates

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18 April 2013

Thursday 25 April

Figure 16: Earnings & Events Company Ticker Rating Ccy TP Events ABB ABBN.VX Outperform SFr 26 AGM Accor ACCP.PA Underperform € 26.9 AGM Admiral ADML.L Neutral £ 1351 Trading Update ADVA Optical Networking ADAG.DE Not Rated € NR Q1 2013 Results Aggreko AGGK.L Neutral £ 2000 AGM AIXTRON AIXGn.DE Not Rated € NR Q1 2013 Results Alpiq Holding ALPH.S Not Rated SFr NR Q1 2013 Results/AGM Antena 3 A3TV.MC Outperform € 7.9 Q1 2013 Results Assa Abloy ASSAb.ST Outperform SKr 270 AGM AstraZeneca AZN.L Underperform £ 3050 Q1 2013 Results Atos ATOS.PA Outperform € 66.9 Q1 2013 Results Banco Sabadell SABE.MC Underperform € 1.59 Q1 2013 Results Bank Millennium MILP.WA Underperform PLN 3.64 Q1 2013 Results Banque Cantonale Vaudoise BCVN.S Not Rated SFr NR Q1 2013 Results Barclays BARC.L Neutral £ 290 AGM Bayer BAYGn.DE Outperform € 83 Q1 2013 Results Berendsen BRSN.L Outperform £ 710 AGM Bouygues BOUY.PA Underperform € 19 AGM BATS.L Outperform £ 3600 Interim Management Statement CaixaBank CABK.MC Neutral € 2.84 Q1 2013 Results/AGM CNP Assurances CNPP.PA Neutral € 12.9 AGM Cobham COB.L Underperform £ 170 Trading Update CRDA.L Neutral £ 2600 AGM Danone DANO.PA Underperform € 52 AGM Dassault Systemes DAST.PA Neutral € 90 Q1 2013 Results Electrolux ELUXb.ST Outperform SKr 180 Q1 2013 Results Euler Hermes ELER.PA Underperform € 60 Q1 2013 Results Ferrovial FER.MC Not Rated € NR Q1 2013 Results Fortum Oyj FUM1V.HE Neutral € 14.2 Q1 2013 Results Gjensidige Forsikring ASA GJFS.OL Neutral NKr 91 AGM Go-Ahead Group GOG.L Not Rated £ NR Trading Update Heineken HEIN.AS Neutral € 63 AGM International Personal Finance IPF.L Not Rated £ NR Interim Management Statement/AGM Ipsen IPN.PA Underperform € 22.8 Q1 2013 Sales Kazakhmys KAZ.L Underperform £ 450 Trading Update Kesko KESBV.HE Not Rated € NR Q1 2013 Results Ladbrokes LAD.L Underperform £ 180 Interim Management Statement Logitech International S.A. LOGN.S Underperform SFr 5.4 FY 2012 Results Lonza LONN.VX Neutral SFr 55 Q1 2013 Results Meyer Burger MBTN.S Restricted SFr R AGM MOL MOLB.BU Outperform HUF 19200 AGM MTU Aero Engines MTXGn.DE Outperform € 77 Q1 2013 Results Munich Re MUVGn.DE Neutral € 155 AGM Neurosearch NEUR.CO Not Rated DKr NR Q1 2013 Results Nexans NEXS.PA Neutral € 36 Q1 2013 Results Nobel Biocare NOBN.S Neutral SFr 10.8 Q1 2013 Results Norske Skog NSG.OL Underperform NKr 2.8 Q1 2013 Results NOVATEK NVTKq.L Outperform £ 133 AGM Novozymes NZYMb.CO Underperform DKr 150 Q1 2013 Results Oriflame Cosmetics ORIsdb.ST Underperform SKr 170 Q1 2013 Results Outokumpu OUT1V.HE Neutral € 0.68 Q1 2013 Results Pernod-Ricard PERP.PA Outperform € 116 Q3 2013 Sales

Week at a Glance 13

18 April 2013

Company Ticker Rating Ccy TP Events POLYP.L Outperform £ 1140 Q1 2013 Results PPR PRTP.PA Neutral € 166 Q1 2013 Sales PKN Orlen PKN.WA Underperform PLN 38.3 Q1 2013 Results Premier Foods PFD.L Neutral £ 100 AGM Randstad RAND.AS Underperform € 28 Q1 2013 Results Reed Elsevier REL.L Neutral £ 620 AGM Rhoen Klinikum RHKG.DE Outperform € 16.5 FY 2012 Results SAAB SAABa.ST Not Rated SKr NR Q1 2013 Results Saint-Gobain SGOB.PA Neutral € 27 Q1 2013 Results Sandvik SAND.ST Underperform SKr 95 AGM Santander SAN.MC Neutral € 5.63 Q1 2013 Results Schneider SCHN.PA Neutral € 58 AGM Scor SCOR.PA Underperform € 22 AGM Senior SNR.L Outperform £ 270 Interim Management Statement Software AG SOWG.DE Neutral € 33 Q1 2013 Results SSAB SSABa.ST Underperform SKr 52 Q1 2013 Results St. James's Place SJP.L Neutral £ 520 Q1 2013 Results Swedish Match SWMA.ST Neutral SKr 235 AGM Taylor Wimpey TW.L Outperform £ 110 Interim Management Statement/AGM Technip TECF.PA Not Rated € NR Q1 2013 Results/AGM Telenet TNET.BR Outperform € 34 Q1 2013 Results TGS Nopec TGS.OL Not Rated NKr NR Q1 2013 Results Thales TCFP.PA Not Rated € NR Q1 2013 Sales Tieto TIE1V.HE Neutral € 16.6 Q1 2013 Results UCB UCB.BR Neutral € 47 Q1 2013 Results Unibail Rodamco UNBP.PA Not Rated € NR AGM UNc.AS Neutral € 33.75 Q1 2013 Results Unilever ULVR.L Neutral £ 2800 Q1 2013 Results UPM-Kymmene UPM1V.HE Neutral € 10 Q1 2013 Results Vinci SGEF.PA Not Rated € NR Q1 2013 Results Volkswagen VOWG_p.F Outperform € 195 AGM Volvo VOLVb.ST Underperform SKr 75 Q1 2013 Results Vossloh VOSG.DE Not Rated € NR Q1 2013 Results Source: Company data, Credit Suisse estimates

Figure 17: Other Events

Key US companies reporting today: Before the Open: 3M, Altria, Biogen Idec, Ball Corp, Bristol-Myers, Coca-Cola Enterprises, Colgate-Palmolive, ConocoPhillips, Dow Chemical, Exxon Mobil, L-3 Communications, PulteGroup, Raytheon, Southwest Airlines, UPS After the Close: Amazon.com, Baidu.com, Eastman Chemical, Starbucks, VeriSign Inc

Economics: US: Initial Jobless Claims (Apr 19); Continuing Claims (Apr 13). Euro Area: SPA: Unemployment Rate (1Q); ECB's Constancio speaks at Brussels single market conference. UK: GDP (1Q); Index of Services (Feb). Source: Company data, Credit Suisse estimates

Week at a Glance 14

18 April 2013

Friday 26 April

Figure 18: Earnings & Events Company Ticker Rating Ccy TP Events Adecco ADEN.VX Neutral SFr 55 Ex-Dividend AkzoNobel AKZO.AS Outperform € 56 AGM Alcatel-Lucent ALUA.PA Neutral € 1.25 Q1 2013 Results Autoliv Inc ALV.N Underperform $ 55 Q1 2013 Results BASF BASFn.DE Outperform € 78 Q1 2013 Results Bayer BAYGn.DE Outperform € 83 AGM BBVA BBVA.MC Neutral € 7.95 Q1 2013 Results Bucher Industries BUCN.S Neutral SFr 230 Q1 2013 Sales Credit Suisse CSGZn.VX Not Rated SFr NR AGM DIA DIDA.MC Underperform € 3.3 AGM DNB DNB.OL Not Rated NKr NR Q1 2013 Results EFG International EFGN.S Not Rated SFr NR AGM FinnAir FIA1S.HE Not Rated € NR Q1 2013 Results Forbo FORN.S Outperform SFr 730 Shareholders Meeting Groupe Steria TERI.PA Not Rated € NR Q1 2013 Sales L'Oreal OREP.PA Neutral € 117 AGM MAN MANG.DE Restricted € R Q1 2013 Results Merck KGaA MRCG.DE Neutral € 118 AGM New World Resources NWRR.L Underperform £ 170 AGM OTP OTPB.BU Outperform HUF 5100 AGM OMV OMVV.VI Underperform € 27 Trading Update Outotec OTE1V.HE Not Rated € NR Q1 2013 Results Pearson PSON.L Outperform £ 1210 AGM Rotork ROR.L Outperform £ 3230 Interim Management Statement/AGM Senior SNR.L Outperform £ 270 AGM SGL Carbon SGCG.DE Not Rated € NR Q1 2013 Results SKF SKFb.ST Underperform SKr 140 AGM Telenor TEL.OL Outperform NKr 130 Q1 2013 Results Total TOTF.PA Neutral € 44 Q1 2013 Results Ultra Electronics ULE.L Not Rated £ NR Trading Update WPP WPP.L Outperform £ 950 Trading Update Source: Company data, Credit Suisse estimates

Figure 19: Other Events

Key US companies reporting today: Before the Open: Chevron, DR Horton, Goodyear Tire & Rubber, Weyerhaeuser

Economics: US: GDP (1Q); Personal Consumption (1Q); University of Michigan Confidence (Apr-Fin). Euro Area: FRA: Consumer Confidence (Apr); EMU: M3 (Mar).

Holidays: Denmark Source: Company data, Credit Suisse estimates

Week at a Glance 15

18 April 2013

29 April to 3 May

Figure 20: Monday 29 April Company Ticker Rating Ccy TP Events Aberdeen Asset Managers ADN.L Outperform £ 485 Interim Results Aquarius Platinum Ltd AQP.L Neutral £ 60 Q3 2013 Results Atlas Copco ATCOa.ST Outperform SKr 200 Q1 2013 Results/AGM Bankinter BKT.MC Not Rated € NR Q1 2013 Results Deutsche Boerse DB1Gn.F Neutral € 45 Q1 2013 Results Erste Bank ERST.VI Neutral € 17.6 Q1 2013 Results Fiat FIA.MI Underperform € 4 Q1 2013 Results Galp Energia GALP.LS Outperform € 14.5 Q1 2013 Results Global Ports GLPRq.L Not Rated £ NR AGM Ingenico INGC.PA Not Rated € NR AGM Luxottica LUX.MI Not Rated € NR Q1 2013 Results Monte dei Paschi di Siena BMPS.MI Underperform € 0.2 Shareholders Meeting Petroleum Geo Services PGS.OL Not Rated NKr NR Q1 2013 Results Pohjola Bank POH1S.HE Not Rated € nr Q1 2013 Results Qiagen QGEN Neutral $ 21 Q1 2013 Results SCA SCAb.ST Not Rated SKr NR Q1 2013 Results Sonaecom SNC.LS Not Rated € NR Q1 2013 Results Swedish Match SWMA.ST Neutral SKr 235 Q1 2013 Results TNT Express TNTE.AS Neutral € 9.5 Q1 2013 Results Volkswagen VOWG_p.F Outperform € 195 Q1 2013 Results X5 Retail Group PJPq.L Neutral £ 20 AGM Source: Company data, Credit Suisse estimates

Week at a Glance 16

18 April 2013

Figure 21: Tuesday 30 April Company Ticker Rating Ccy TP Events Anheuser-Busch InBev ABI.BR Outperform € 90 Q1 2013 Results Advanced Digital Broadcast ADBN.S Neutral SFr 18 2012 Annual Report AXA AXAF.PA Outperform € 16.3 Shareholders Meeting Banco Popular POP.MC Underperform € 0.64 Q1 2013 Results Bolsas Y Mercados Espanole BME.MC Not Rated € NR Q1 2013 Results BP BP.L Neutral £ 485 Q1 2013 Results BRE Bank BREP.WA Underperform PLN 274 Q1 2013 Results Bureau Veritas BVI.PA Neutral € 95 Trading Update Carphone Warehouse CPW.L Not Rated £ NR Trading Update Clariant CLN.VX Underperform SFr 12 Q1 2013 Results Coloplast B COLOb.CO Outperform DKr 305 Q2 2013 Results CTC Media CTCM.OQ Neutral $ 11.3 AGM Deutsche Bank DBKGn.F Underperform € 32 Q1 2013 Results DNB DNB.OL Not Rated NKr NR AGM Dragon Oil DGO.L Neutral £ 755 AGM DSV DSV.CO Neutral DKr 137 Q1 2013 Results Dufry DUFN.S Outperform SFr 135 AGM Electricite de France EDF.PA Underperform € 12 Q1 2013 Results Eramet ERMT.PA Not Rated € NR Q1 2013 Results Fiat Industrial FI.MI Outperform € 11.5 Q1 2013 Results Fidessa FDSA.L Outperform £ 2213 AGM Flughafen Wien VIEV.VI Not Rated € NR AGM Fresenius FREG.DE Outperform € 101 Q1 2013 Results Fresenius Medical Care FMEG.DE Neutral € 55 Q1 2013 Results Geberit GEBN.VX Underperform SFr 185 Q1 2013 Results Generali GASI.MI Underperform € 14.4 AGM Imperial Tobacco IMT.L Outperform £ 2700 H1 2013 Results Kazkommertsbank KKGByq.L Neutral £ 5.2 FY 2012 Results Kudelski KUD.S Neutral SFr 11.4 AGM Leoni LEOGn.DE Not Rated € NR AGM LLOY.L Neutral £ 45 Interim Management Statement MMC Norilsk Nickel NKELyq.L Outperform £ 19.6 Q1 2013 Results OC Oerlikon Corp AG OERL.S Outperform SFr 15 AGM Porsche PSHG_p.F Outperform € 89 AGM PubliGroupe PUBN.S Not Rated SFr NR AGM Renault RENA.PA Neutral € 50 AGM Shire Pharmaceuticals SHP.L Outperform £ 2350 AGM Stagecoach SGC.L Not Rated £ NR Interim Management Statement Straumann STMN.S Outperform SFr 155 Q1 2013 Results Tryg A/S TRYG.CO Underperform DKr 415 Q1 2013 Results UBS UBSN.VX Neutral SFr 15 Q1 2013 Results Umicore UMI.BR Neutral € 35 Interim Management Statement/AGM Vivendi VIV.PA Outperform € 19.1 AGM Wacker Chemie WCHG.DE Underperform € 48 Q1 2013 Results WTB.L Outperform £ 2760 FY 2012 Results Source: Company data, Credit Suisse estimates

Week at a Glance 17

18 April 2013

Figure 22: Wednesday 1 May Company Ticker Rating Ccy TP Events Antofagasta ANTO.L Underperform £ 1000 Q1 2013 Production Results Carillion CLLN.L Neutral £ 349 Trading Update/AGM Close Brothers CBG.L Not Rated £ BR Interim Management Statement GlaxoSmithKline GSK.L Neutral £ 1450 AGM Henderson group HGGH.L Outperform £ 1.8 Interim Management Statement/AGM Home Retail HOME.L Not Rated £ N FY 2013 Results Ladbrokes LAD.L Underperform £ 180 AGM Lundbeck LUND.CO Not Rated DKr N Q1 2013 Results Meggitt MGGT.L Neutral £ 400 Q1 2013 Results Novo Nordisk A/S NOVOb.CO Neutral DKr 1040 Q1 2013 Results Tenaris TENR.MI Underperform € 15 Q1 2013 Results WEIR.L Neutral £ 2520 Interim Management Statement/AGM Source: Company data, Credit Suisse estimates

Week at a Glance 18

18 April 2013

Figure 23: Thursday 2 May Company Ticker Rating Ccy TP Events Baloise BALN.VX Neutral SFr 91 AGM Beiersdorf BEIG.DE Neutral € 68 Q1 2013 Results BG Group BG.L Neutral £ 1150 Q1 2013 Results BMW BMWG.F Outperform € 80 Q1 2013 Results British Sky Broadcasting BSY.L Neutral £ 800 Q3 2013 Results Capgemini CAPP.PA Neutral € 41.9 Q1 2013 Results Cofinimmo COFB.BR Not Rated € NR Q1 2013 Results CTC Media CTCM.OQ Neutral $ 11.3 Q1 2013 Results Danske DANSKE.CO Not Rated DKr NR Q1 2013 Results Delta Lloyd NV DLL.AS Neutral € 16 Interim Management Statement Deutsche Lufthansa LHAG.DE Outperform € 19.6 Q1 2013 Results Galenica GALN.S Neutral SFr 600 AGM GKN GKN.L Outperform £ 315 AGM Hugo Boss BOSSn.DE Neutral € 88 Q1 2013 Sales Infineon Technologies IFXGn.DE Not Rated € NR Q2 2013 Results Inmarsat ISA.L Outperform £ 700 AGM KBC KBC.BR Not Rated € NR AGM Koninklijke DSM NV DSMN.AS Underperform € 40 Q1 2013 Results Lancashire Re LRE.L Neutral £ 920 Q1 2013 Results Legal & General LGEN.L Neutral £ 175 Interim Management Statement Metro MEOG.F Underperform € 20 Q1 2013 Results Millennium & Copthorne MLC.L Neutral £ 542 Q1 2013 Results Mobistar MSTAR.BR Neutral € 20 AGM Partners Group PGHN.S Outperform SFr 250 AGM Reckitt Benckiser RB.L Neutral £ 4900 AGM Rexel RXL.PA Not Rated € NR Q1 2013 Results Rolls-Royce RR.L Neutral £ 900 Trading Update Royal Dutch Shell RDSa.L Outperform £ 2500 Q1 2013 Results RSA Insurance Group RSA.L Neutral £ 125 Trading Update Sanofi SASY.PA Neutral € 78 Q1 2013 Results SDR.L Neutral £ 2285 Interim Management Statement/AGM Shire Pharmaceuticals SHP.L Outperform £ 2350 Q1 2013 Results Siemens SIEGn.DE Outperform € 95 Q2 2013 Results Smith & Nephew SN.L Neutral £ 725 Q1 2013 Results Statoil STL.OL Underperform NKr 158 Q1 2013 Results Swiss Re SRENH.VX Neutral SFr 69 Q1 2013 Results Swisscom SCMN.VX Underperform SFr 355 Q1 2013 Results Tenaris TENR.MI Underperform € 15 AGM UBS UBSN.VX Neutral SFr 15 AGM Vallourec VLLP.PA Neutral € 40 Q1 2013 Results Verbund VERB.VI Underperform € 15 Q1 2013 Results Source: Company data, Credit Suisse estimates

Week at a Glance 19

18 April 2013

Figure 24: Friday 3 May Company Ticker Rating Ccy TP Events Adidas AG ADSGn.F Outperform € 86 Q1 2013 Results Air France-KLM AIRF.PA Neutral € 8.75 Q1 2013 Results Almirall ALM.MC Outperform € 11.5 AGM AMG Advanced Metallurgical AMG.AS Not Rated € NR Q1 2013 Results Belgacom BCOM.BR Neutral € 24.5 Q1 2013 Results BNP Paribas BNPP.PA Outperform € 59 Q1 2013 Results Boliden BOL.ST Not Rated SKr NR Q1 2013 Results/AGM Capital & Counties CAPCC.L Underperform £ 220 Interim Management Statement Capgemini CAPP.PA Neutral € 41.9 AGM CGG Veritas GEPH.PA Not Rated € NR Q1 2013 Results/AGM Continental CONG.DE Neutral € 90 Q1 2013 Results Deutsche Postbank DPBGn.DE Not Rated € NR Q1 2013 Results Direct Line Group DLGD.L Outperform £ 247 Interim Management Statement E.ON EONGn.DE Underperform € 11 AGM GN Store Nord GN.CO Underperform DKr 96 Q1 2013 Results Inmarsat ISA.L Outperform £ 700 Q1 2013 Results Italcementi ITAI.MI Not Rated € NR Q1 2013 Results Koninklijke DSM NV DSMN.AS Underperform € 40 AGM Komax KOMn.S Outperform SFr 120 AGM Lagardere LAGA.PA Outperform € 30 AGM Laird LRD.L Underperform £ 200 Trading Update Man Group EMG.L Neutral £ 104 Interim Management Statement/AGM MNDI.L Outperform £ 980 Q1 2013 Results/AGM MorphoSys MORG.DE Not Rated € NR Q1 2013 Results MTU Aero Engines MTXGn.DE Outperform € 77 AGM Philips PHG.AS Neutral € 23 AGM Renewable Energy REC.OL Not Rated NKr NR AGM Rentokil RTO.L Neutral £ 95 Trading Update Royal Bank of Scotland RBS.L Underperform £ 265 Interim Management Statement Sampo SAMAS.HE Outperform € 30 Capital Markets Day Sanofi SASY.PA Neutral € 78 AGM Scania SCVb.ST Underperform SKr 115 AGM Smurfit Kappa SKG.I Outperform € 15.75 Q1 2013 Results/AGM Software AG SOWG.DE Neutral € 33 AGM TDC TDC.CO Outperform DKr 48 Q1 2013 Results Umicore UMI.BR Neutral € 35 Ex-Dividend Veolia Environnement VIE.PA Underperform € 9 Q1 2013 Sales Vienna Insurance Group VIGR.VI Underperform € 40.1 AGM Source: Company data, Credit Suisse estimates

Week at a Glance 20

18 April 2013

6 to 10 May

Figure 25: Monday 6 May Company Ticker Rating Ccy TP Events Banco Commercial Portugues BCP.LS Not Rated € NR Q1 2013 Results JCDecaux S.A. JCDX.PA Neutral € 18 Q1 2013 Results Linde LING.F Underperform € 130 Q1 2013 Results Natixis CNAT.PA Neutral € 3.2 Q1 2013 Results Source: Company data, Credit Suisse estimates

Figure 26: Tuesday 7 May Company Ticker Rating Ccy TP Events Adecco ADEN.VX Neutral SFr 55 Q1 2013 Results Air Berlin AB1.DE Underperform € 0.88 April Traffic Statistics Air Liquide AIRP.PA Outperform € 103 AGM Alcatel-Lucent ALUA.PA Neutral € 1.25 AGM Allianz SE ALVG.DE Neutral € 117 AGM Alstom ALSO.PA Neutral € 27 FY 2013 Results ARCADIS ARDS.AS Underperform € 16.9 AGM AXA AXAF.PA Outperform € 16.3 Q1 2013 Activity Indicators Axel Springer SPRGn.F Not Rated € NR Q1 2013 Results Banco Espirito Santo BES.LS Not Rated € NR Q1 2013 Results Carlsberg CARLb.CO Underperform DKr 615 Q1 2013 Results Commerzbank CBKG.F Neutral € 1.25 Q1 2013 Results Credit Agricole SA CAGR.PA Outperform € 9.5 Q1 2013 Results DIA DIDA.MC Underperform € 3.3 Q1 2013 Sales Dufry DUFN.S Outperform SFr 135 Q1 2013 Results EasyJet EZJ.L Neutral £ 1206 April Traffic Statistics Gjensidige Forsikring ASA GJFS.OL Neutral NKr 91 Q1 2013 Results Hannover Re HNRGn.DE Outperform € 68 Q1 2013 Results/AGM Henkel HNKG_p.F Underperform € 71 Q1 2013 Results Hiscox HSX.L Neutral £ 540 Interim Management Statement HSBC Holdings HSBA.L Outperform £ 790 Interim Management Statement Komercni Banka BKOM.PR Underperform CZK 3200 Q1 2013 Results Kuehne + Nagel KNIN.VX Underperform SFr 102 AGM Lafarge LAFP.PA Outperform € 62 Q1 2013 Results/AGM Legrand SA LEGD.PA Underperform € 30 Q1 2013 Results Metsa Board METSB.HE Underperform € 2.25 Q1 2013 Results Munich Re MUVGn.DE Neutral € 155 Q1 2013 Results Nokia NOK1V.HE Underperform € 2.5 AGM OC Oerlikon Corp AG OERL.S Outperform SFr 15 Trading Update Panalpina PWTN.S Underperform SFr 64 Q1 2013 Results PostNL PTNL.AS Neutral € 2.8 Q1 2013 Results ProSiebenSat.1 PSMG_p.DE Outperform € 30 Q1 2013 Results Puma PUMG.F Not Rated € NR AGM Securitas SECUb.ST Outperform SKr 69 Q1 2013 Results Societe Generale SOGN.PA Outperform € 40.9 Q1 2013 Results TF1 TFFP.PA Underperform € 5.5 Q1 2013 Results William Demant WDH.CO Neutral DKr 490 Q1 2013 Results Source: Company data, Credit Suisse estimates

Week at a Glance 21

18 April 2013

Figure 27: Wednesday 8 May Company Ticker Rating Ccy TP Events Adidas AG ADSGn.F Outperform € 86 AGM Aegon AEGN.AS Neutral € 5.51 Q1 2013 Results Brenntag BNRGn.DE Outperform € 135 AGM CRH CRH.I Underperform € 13 Interim Management Statement/AGM Delhaize DELB.BR Underperform € 26 Q1 2013 Results Dexia DEXI.BR Not Rated € NR Q1 2013 Results/AGM HeidelbergCement HEIG.DE Neutral € 52 Q1 2013 Results/AGM Holcim HOLN.VX Neutral SFr 65 Q1 2013 Results ING Group ING.AS Restricted € R Q1 2013 Results ING bank Slaski BSK.WA Not Rated PLN NR Q1 2013 Results Intercontinental Hotels IHG.L Neutral £ 1906 Q1 2013 Results Lanxess LXSG.DE Underperform € 50 Q1 2013 Results Melrose MRON.L Neutral £ 275 AGM Rheinmetall RHMG.F Not Rated € NR Q1 2013 Results SGE.L Underperform £ 284 H1 2013 Results Sainsbury SBRY.L Underperform £ 285 Preliminary Results Sampo SAMAS.HE Outperform € 30 Q1 2013 Results STAN.L Underperform £ 1400 Interim Management Statement/AGM Wacker Chemie WCHG.DE Underperform € 48 AGM Wolters Kluwer WLSNc.AS Underperform € 15.3 Trading Update Source: Company data, Credit Suisse estimates

Figure 28: Thursday 9 May Company Ticker Rating Ccy TP Events ARCADIS ARDS.AS Underperform € 16.9 Ex-Dividend AV.L Outperform £ 435 AGM Azimut AZI.MI Not Rated € NR Q1 2013 Results Bank Handlowy BHW.WA Neutral PLN 100 Q1 2013 Results BDEV.L Neutral £ 317 Interim Management Statement Catlin CGL.L Underperform £ 495 AGM EXPN.L Outperform £ 1230 AGM IMI IMI.L Outperform £ 1460 Interim Management Statement/AGM Indra IDR.MC Underperform € 8.3 Q1 2013 Results Morrison (William) MRW.L Neutral £ 255 Q1 2013 Sales Provident Financial PFG.L Not Rated £ NR Interim Management Statement/AGM Prysmian PRY.MI Outperform € 19 Interim Management Statement Sappi SPP Neutral $ 3.75 H1 2013 Results Spirax Sarco SPX.L Neutral £ 2710 AGM William Hill WMH.L Not Rated £ NR AGM Source: Company data, Credit Suisse estimates

Figure 29: Friday 10 May Company Ticker Rating Ccy TP Events Catlin CGL.L Underperform £ 495 Interim Management Statement F&C Asset Management FCAM.L Not Rated £ NR AGM Generali GASI.MI Underperform € 14.4 Q1 2013 Results Pekao PEO.WA Neutral PLN 171 Q1 2013 Results Unicredit CRDI.MI Neutral € 4.1 Q1 2013 Results/AGM Source: Company data, Credit Suisse estimates

Week at a Glance 22

18 April 2013

13 to 17 May

Figure 30: Monday 13 May Company Ticker Rating Ccy TP Events Deutsche Lufthansa LHAG.DE Outperform € 19.6 April Traffic Statistics ING Group ING.AS Restricted € R AGM PKO BP PKO.WA Outperform PLN 40 Q1 2013 Results UBI Banca UBI.MI Underperform € 2.9 Q1 2013 Results Vienna Insurance Group VIGR.VI Underperform € 40.1 Ex-Dividend Source: Company data, Credit Suisse estimates

Figure 31: Tuesday 14 May Company Ticker Rating Ccy TP Events Air France-KLM AIRF.PA Neutral € 8.75 April Traffic Statistics Banco Popolare BAPO.MI Not Rated € NR Q1 2013 Results Banca Popolare di Milano PMII.MI Not Rated € NR Q1 2013 Results BMW BMWG.F Outperform € 80 AGM Deutsche Post DHL DPWGn.DE Outperform € 20.4 Q1 2013 Results ICAP IAP.L Neutral £ 320 FY 2013 Results Intesa Sanpaolo ISP.MI Outperform € 1.7 Q1 2013 Results Monte dei Paschi di Siena BMPS.MI Underperform € 0.2 Q1 2013 Results OTP OTPB.BU Outperform HUF 5100 Q1 2013 Results Puma PUMG.F Not Rated € NR Q1 2013 Results Rheinmetall RHMG.F Not Rated € NR AGM Royal Bank of Scotland RBS.L Underperform £ 265 AGM Standard Life SL.L Underperform £ 325 AGM Tod's TOD.MI Not Rated € NR Q1 2013 Sales Source: Company data, Credit Suisse estimates

Figure 32: Wednesday 15 May Company Ticker Rating Ccy TP Events Aegon AEGN.AS Neutral € 5.51 AGM Ageas AGES.BR Outperform € 30 Q1 2013 Results Allianz SE ALVG.DE Neutral € 117 Q1 2013 Results BNP Paribas BNPP.PA Outperform € 59 AGM Continental CONG.DE Neutral € 90 AGM Compass CPG.L Outperform £ 940 H1 2013 Results Deutsche Boerse DB1Gn.F Neutral € 45 AGM EasyJet EZJ.L Neutral £ 1206 H1 2013 Results Halyk Bank HSBKq.L Outperform £ 10.5 AGM Julius Baer BAER.VX Outperform SFr 40 Interim Management Statement LSE.L Outperform £ 1030 Preliminary Results Panalpina PWTN.S Underperform SFr 64 AGM PZU SA PZU.WA Underperform PLN 420 Q1 2013 Results Scor SCOR.PA Underperform € 22 Q1 2013 Results Source: Company data, Credit Suisse estimates

Week at a Glance 23

18 April 2013

Figure 33: Thursday 16 May Company Ticker Rating Ccy TP Events AVIVA AV.L Outperform £ 435 Interim Management Statement Bovis Homes Group BVS.L Neutral £ 770 AGM CNP Assurances CNPP.PA Neutral € 12.9 Q1 2013 Results Compagnie Financiere Richemont CFR.VX Outperform SFr 85 FY 2013 Results Erste Bank ERST.VI Neutral € 17.6 AGM Fresenius Medical Care. FMEG.DE Neutral € 55 AGM Gategroup Holding GATE.S Neutral SFr 20 Q1 2013 Results Hiscox HSX.L Neutral £ 540 AGM Hugo Boss BOSSn.DE Neutral € 88 AGM KBC KBC.BR Not Rated € NR Q1 2013 Results Lloyds Banking Group LLOY.L Neutral £ 45 AGM Vozrozhdenie VZRZ.MM Neutral Rbl 19.5 Q1 2013 Results Zurich Insurance Group ZURN.VX Outperform SFr 282 Q1 2013 Results Source: Company data, Credit Suisse estimates

Figure 34: Friday 17 May Company Ticker Rating Ccy TP Events Austrian Post POST.VI Neutral € 27.3 Q1 2013 Results Fresenius FREG.DE Outperform € 101 AGM Michelin MICP.PA Neutral € 60 AGM Source: Company data, Credit Suisse estimates

Week at a Glance 24

Glance a at Week Credit Suisse Pan European Coverage

Figure 35: Pan-European Equity Directory Company RIC Coverage Universe Rating Volatile Price Target Price Analyst

A E C I Limited AFEJ.J Emerging EMEA Neutral 99.18 87.0 Samantha Hartard ABB ABBN.VX Capital goods - Engineering Outperform 20.07 26.0 Simon Toennessen Aberdeen Asset Managers ADN.L Asset Managers Outperform 406.80 485.0 Gurjit Kambo Accor ACCP.PA Travel & Leisure Underperform 25.00 26.9 Tim Ramskill Acerinox ACX.MC Steels Neutral 7.55 8.0 Michael Shillaker Acron AKRN.MM Emerging EMEA Neutral 1,131.30 1340.0 Mikhail Priklonsky Actelion ATLN.VX Biotechnology & Biopharmaceuticals Outperform 52.55 60.0 Ravi Mehrotra Adcock Ingram Holdings Ltd AIPJ.J Emerging EMEA Underperform 59.24 50.0 Mark Wadley Adecco ADEN.VX Business & Professional services Neutral 47.77 55.0 Andrew Grobler Adidas AG ADSGn.F General Retailing Outperform 76.02 86.0 Rogerio Fujimori Admiral ADML.L Insurance Neutral 1,317.00 1351.0 Chris Esson Advanced Digital Broadcast ADBN.S Small & Mid Cap Neutral [V] 15.20 18.0 Felix Remmers Aegon AEGN.AS Insurance Neutral 4.53 5.5 Richard Burden Afren Plc AFRE.L Integrated Oil & Gas/E&P/European Refiners Neutral [V] 123.90 170.0 Thomas Adolff African minerals AMIq.L Metals & Mining Outperform [V] 222.50 400.0 Liam Fitzpatrick African Oxygen Limited AFXJ.J Emerging EMEA Underperform 21.65 17.5 Samantha Hartard Ageas AGES.BR Insurance Outperform [V] 25.28 30.0 Chris Esson Aggreko AGGK.L Business & Professional services Neutral 1,772.00 2000.0 David Rigby Ahold AHLN.AS Food Retailing Outperform 11.83 12.0 Andrew Kasoulis Air Berlin AB1.DE Airlines Underperform 2.36 0.9 Neil Glynn Air France-KLM AIRF.PA Airlines Neutral [V] 6.84 8.8 Neil Glynn Air Liquide AIRP.PA Chemicals Outperform 90.70 103.0 Chris Counihan Akbank AKBNK.IS Emerging EMEA Neutral 9.24 10.1 Ates Buldur AkzoNobel AKZO.AS Chemicals Outperform 47.04 56.0 Chris Counihan Alcatel-Lucent ALUA.PA Telecommunication Equipment Neutral [V] 1.06 1.3 Achal Sultania Alfa Laval ALFA.ST Capital goods - Engineering Neutral 140.10 145.0 Andre Kukhnin Allianz SE ALVG.DE Insurance Neutral 104.30 117.0 Richard Burden Almirall ALM.MC Major Pharmaceuticals Outperform 10.04 11.5 Kerry Holford Alstom ALSO.PA Capital goods - Engineering Neutral 29.50 27.0 Andre Kukhnin Amlin AML.L Insurance Underperform 411.60 386.0 Richard Burden Anadolu Efes AEFES.IS Emerging EMEA Underperform 30.40 27.0 Onur Muminoglu Anglo American Platinum Ltd AMSJ.J Metals & Mining Underperform 336.49 390.0 Liam Fitzpatrick AAL.L Metals & Mining Neutral 1,553.00 1900.0 Liam Fitzpatrick AngloGold Ashanti ANGJ.J Emerging EMEA Neutral 168.00 243.0 Samantha Hartard

18 April 2013 18 April Anheuser-Busch InBev ABI.BR Beverages Outperform 74.32 90.0 Sanjeet Aujla Antena 3 A3TV.MC Radio & TV Broadcasting Outperform 4.50 7.9 Omar Sheikh Antofagasta ANTO.L Metals & Mining Underperform 906.00 1000.0 Liam Fitzpatrick

25

AP Moller Maersk MAERSKb.CO Logistics Underperform 39,960.00 42700.0 Neil Glynn

Glance a at Week Aperam APAM.AS Steels Outperform [V] 8.76 15.0 Michael Shillaker APR Energy APREN.L Business & Professional services Outperform 823.00 1300.0 David Rigby Aquarius Platinum Ltd AQP.L Metals & Mining Neutral [V] 39.25 60.0 Liam Fitzpatrick ARCADIS ARDS.AS Business & Professional services Underperform 21.98 16.9 Eugene Klerk

Arcelik ARCLK.IS Emerging EMEA Outperform 13.00 12.5 Onur Muminoglu ArcelorMittal MT.N Steels Outperform 11.36 17.0 Michael Shillaker ArcelorMittal South Africa ACLJ.J Emerging EMEA Neutral 26.30 27.0 Dmitry Glushakov Arkema AKE.PA Chemicals Outperform 64.91 96.0 Rhian O'Connor ARM Holdings ARM.L Semiconductors Outperform 868.00 1130.0 Justis McEvilly ARYN.S Small & Mid Cap Outperform 55.85 60.0 Patrick Jnglin Aselsan ASELS.IS Emerging EMEA Outperform 10.20 9.8 Atinc Ozkan Ashmore Group ASHM.L Asset Managers Underperform 398.30 375.0 Gurjit Kambo AHT.L Business & Professional services Outperform 584.50 850.0 Eugene Klerk Aspen Pharmacare Holdings Ltd APNJ.J Emerging EMEA Underperform 190.85 132.0 Mark Wadley Assa Abloy ASSAb.ST Capital goods - Engineering Outperform 248.60 270.0 Andre Kukhnin Associated British Foods ABF.L Food Producers & Processors Neutral 1,821.00 1850.0 Charlie Mills AstraZeneca AZN.L Major Pharmaceuticals Underperform 3,297.50 3050.0 Luisa Hector Atkins WS ATKW.L Business & Professional services Neutral 887.50 770.0 Eugene Klerk Atlas Copco ATCOa.ST Capital goods - Engineering Outperform 172.00 200.0 Andre Kukhnin Atos ATOS.PA Software & Services Outperform 50.41 66.9 Charles Brennan Austrian Post POST.VI Logistics Neutral 33.50 27.3 Neil Glynn Autogrill AGL.MI Travel & Leisure Outperform 9.30 10.2 Tim Ramskill Autoliv Inc ALV.N Automobiles &Components Underperform 67.46 55.0 Erich Hauser AVV.L Software & Services Neutral 2,074.00 2013.0 Charles Brennan AVI Limited AVIJ.J Emerging EMEA Neutral 54.00 52.5 Mukhtar Mustapha AVIVA Plc AV.L Insurance Outperform 295.00 435.0 Chris Esson AXA AXAF.PA Insurance Outperform [V] 13.11 16.3 Richard Burden Balfour Beatty BALF.L Business & Professional services Neutral 242.20 279.0 Eugene Klerk Baloise BALN.VX Insurance Neutral 89.45 91.0 Richard Burden Banco Popular POP.MC Banks Underperform [V] 0.56 0.6 Ignacio Cerezo Banco Sabadell SABE.MC Banks Underperform [V] 1.44 1.6 Ignacio Cerezo Bank Asya ASYAB.IS Emerging EMEA Neutral 2.23 2.6 Ates Buldur Bank Handlowy BHW.WA Emerging EMEA Neutral 93.00 100.0 Marta Jezewska-Wasilewska Bank Hapoalim POLI.TA Emerging EMEA Outperform 1,639.00 1670.0 Hugo Swann Bank Leumi LUMI.TA Emerging EMEA Neutral 1,237.00 990.0 Hugo Swann Bank Millennium MILP.WA Emerging EMEA Underperform 4.60 3.6 Marta Jezewska-Wasilewska BKIR.I Regional Banks Underperform [V] 0.16 0.1 Mohamed Souidi Bank St Petersburg BSPB.RTS Emerging EMEA Neutral 1.44 2.3 Hugo Swann Barclays BARC.L Banks Neutral [V] 290.30 290.0 Carla Antunes-Silva

18 April 2013 18 April Barloworld BAWJ.J Emerging EMEA Neutral 90.80 79.0 John Kim Barratt Developments BDEV.L Building Materials & Construction Neutral 283.10 317.0 Harry Goad

26 Barry Callebaut BARN.S Small & Mid Cap Restricted 868.00 R Patrick Jnglin

Glance a at Week BASF BASFn.DE Chemicals Outperform 65.55 78.0 Chris Counihan Bashneft BANE.MM Emerging EMEA Outperform 1,840.00 2300.0 Zoltan Palfi Bayer BAYGn.DE Major Pharmaceuticals Outperform 77.58 83.0 Jo Walton BBVA BBVA.MC Banks Neutral 6.73 8.0 Ignacio Cerezo

Beiersdorf BEIG.DE Personal Care & Household Products Neutral 68.02 68.0 Nicolas Sochovsky Belgacom BCOM.BR Telecommunication Services Neutral 19.62 24.5 Paul Sidney Bellway BWY.L Building Materials & Construction Outperform 1,301.00 1639.0 Harry Goad Berendsen BRSN.L Business & Professional services Outperform 734.00 710.0 Eugene Klerk Plc BKGH.L Building Materials & Construction Neutral 1,995.00 2312.0 Harry Goad BG Group plc BG.L Integrated Oil & Gas/E&P/European Refiners Neutral 1,037.50 1150.0 Thomas Adolff BHP Billiton BLT.L Diversified Resources Neutral 1,779.00 2250.0 Paul McTaggart Bidvest Group Limited BVTJ.J Emerging EMEA Outperform 226.95 241.0 John Kim Bilfinger GBFG.DE Business & Professional services Neutral 77.11 73.3 Eugene Klerk BIM BIMAS.IS Emerging EMEA Neutral 96.00 76.9 Onur Muminoglu BMW BMWG.F Automobiles &Components Outperform 65.16 80.0 Erich Hauser BNP Paribas BNPP.PA Banks Outperform [V] 38.30 59.0 Maxence Le Gouvello Bodycote Plc BOY.L Capital goods - Engineering Outperform 481.40 600.0 Andre Kukhnin Bouygues BOUY.PA Telecommunication Services Underperform 20.92 19.0 Jakob Bluestone Bovis Homes Group Plc BVS.L Building Materials & Construction Neutral 733.00 770.0 Harry Goad BP BP.L Integrated Oil & Gas/E&P/European Refiners Neutral 440.70 485.0 Kim Fustier BRE Bank BREP.WA Emerging EMEA Underperform 340.10 274.0 Marta Jezewska-Wasilewska Brenntag BNRGn.DE Business & Professional services Outperform 122.60 135.0 David Rigby British American Tobacco BATS.L Consumer Discretionary Outperform 3,537.50 3600.0 Rogerio Fujimori BLND.L Real Estate Outperform 574.00 605.0 Steve Bramley-Jackson British Sky Broadcasting BSY.L Radio & TV Broadcasting Neutral 832.50 800.0 Omar Sheikh Brown (N) Group PLC BWNG.L General Retailing Neutral 409.60 405.0 Guillaume Gauville BT Group BT.L Telecommunication Services Outperform 274.80 300.0 Paul Sidney Bucher Industries BUCN.S Small & Mid Cap Neutral 205.90 230.0 Patrick Laager BNZL.L Business & Professional services Underperform 1,267.00 1000.0 David Rigby Group BRBY.L Luxury goods Outperform 1,289.00 1550.0 Rogerio Fujimori Bureau Veritas BVI.PA Business & Professional services Neutral 90.17 95.0 David Rigby CaixaBank CABK.MC Regional Banks Neutral 2.61 2.8 Ignacio Cerezo Capgemini CAPP.PA Software & Services Neutral 33.65 41.9 Charles Brennan Capita CPI.L Business & Professional services Outperform 860.00 1000.0 David Rigby Capital & Counties CAPCC.L Real Estate Underperform 294.30 220.0 Steve Bramley-Jackson Carillion CLLN.L Business & Professional services Neutral 275.00 349.0 Eugene Klerk Carlsberg CARLb.CO Beverages Underperform 545.00 615.0 Sanjeet Aujla Carnival CCL.L Gaming & Lodging Neutral 2,270.00 2251.0 Tim Ramskill Carrefour CARR.PA Food Retailing Outperform 20.63 25.0 Xavier Le Mene

18 April 2013 18 April Casino Guichard CASP.PA Food Retailing Outperform 80.27 83.0 Xavier Le Mene Catlin CGL.L Insurance Underperform 505.50 495.0 Richard Burden

27 Centrica CNA.L Utilities Neutral 383.00 325.0 Mark Freshney

Glance a at Week CEZ CEZP.PR Emerging EMEA Neutral 567.00 645.0 Piotr Dzieciolowski Chelyabinsk zinc CHZNq.L Emerging EMEA Outperform 3.29 5.0 Semyon Mironov Chemring CHG.L Aerospace and Defence Neutral 257.40 210.0 Oliver Sleath Cherkizovo CHEq.L Emerging EMEA Outperform 10.61 14.0 Victoria Petrova

Christian Hansen Holding CHRH.CO Food Producers & Processors Outperform 196.80 200.0 Jimmie Bork Cipla Medpro South Africa Ltd CMPJ.J Emerging EMEA Outperform 9.41 9.5 Mark Wadley Clariant CLN.VX Chemicals Underperform [V] 12.86 12.0 Rhian O'Connor CNP Assurances CNPP.PA Insurance Neutral 10.90 12.9 Richard Burden Cobham COB.L Aerospace and Defence Underperform 235.30 170.0 Oliver Sleath Coca Cola Icecek CCOLA.IS Emerging EMEA Neutral 53.00 37.2 Onur Muminoglu Coloplast B COLOb.CO Medical Devices & Healthcare Devices Outperform 303.00 305.0 Christoph Gretler Colruyt COLR.BR Food Retailing Neutral 36.55 36.0 Xavier Le Mene Coltene CLTN.S Medical Devices & Healthcare Devices Outperform 45.90 60.0 Christoph Gretler Commerzbank CBKG.F Banks Neutral [V] 1.15 1.3 Maxence Le Gouvello Compagnie Financiere Richemont SA CFR.VX Luxury goods Outperform 68.55 85.0 Rogerio Fujimori Compass CPG.L Travel & Leisure Outperform 827.50 940.0 Tim Ramskill Computacenter CCC.L Software & Services Outperform 540.00 580.0 Charles Brennan Continental CONG.DE Automobiles &Components Neutral 82.90 90.0 Erich Hauser Credit Agricole SA CAGR.PA Banks Outperform [V] 6.21 9.5 Maxence Le Gouvello CRH CRH.I Building Materials & Construction Underperform 15.44 13.0 Harry Goad Croda International CRDA.L Chemicals Neutral 2,560.00 2600.0 Rhian O'Connor CTC Media CTCM.OQ Emerging EMEA Neutral [V] 11.49 11.3 Olga Bystrova Daily Mail & General Trust DMGOa.L Media Outperform 690.00 830.0 Joseph Barnet-Lamb Daimler DAIGn.DE Automobiles &Components Neutral 38.73 35.0 Erich Hauser Dairy Crest DCG.L Food Producers & Processors Neutral 434.40 375.0 Charlie Mills Danone DANO.PA Food Producers & Processors Underperform 55.12 52.0 Alex Molloy Dassault Systemes DAST.PA Software & Services Neutral 86.78 90.0 Charles Brennan Delhaize DELB.BR Food Retailing Underperform 42.06 26.0 Xavier Le Mene Delta Lloyd NV DLL.AS Insurance Neutral 13.27 16.0 Richard Burden Derwent London DLN.L Real Estate Neutral 2,281.00 1991.0 Steve Bramley-Jackson Det norske oljeselskap ASA DETNOR.OL Oil & Gas Equipment & Services Neutral 80.80 96.0 Charlotte Elliott Deutsche Bank DBKGn.F Banks Underperform [V] 30.36 32.0 Amit Goel Deutsche Boerse DB1Gn.F Speciality Finance Neutral 45.64 45.0 Gurjit Kambo Deutsche Lufthansa LHAG.DE Airlines Outperform 14.34 19.6 Neil Glynn Deutsche Post DHL DPWGn.DE Logistics Outperform 17.44 20.4 Neil Glynn Deutsche Telekom DTEGn.F Telecommunication Services Restricted 8.71 R Justin Funnell Deutsche Wohnen DWNG.DE Real Estate Outperform 13.41 15.5 Steve Bramley-Jackson DIA DIDA.MC Food Retailing Underperform 5.45 3.3 Xavier Le Mene DGE.L Beverages Outperform 1,974.50 2350.0 Charlie Mills

18 April 2013 18 April Dialog Semiconductor DLGS.DE Semiconductors Outperform [V] 9.49 16.2 Justis McEvilly Direct Line Group DLGD.L Insurance Outperform [V] 204.80 247.0 Chris Esson

28 Discovery Holdings Ltd DSYJ.J Emerging EMEA Outperform 78.98 80.0 Brian Mushonga

Glance a at Week Dixy Group of Companies DIXY.MM Emerging EMEA Neutral 386.92 370.0 Victoria Petrova DKSH Holdings DKSH.S Business & Professional services Neutral [V] 82.95 83.0 Andrew Grobler DNO ASA DNO.OL Integrated Oil & Gas/E&P/European Refiners Underperform 9.25 9.0 Thomas Adolff Domino’s Pizza Group DOM.L Travel & Leisure Neutral 620.00 535.0 Matthew Gerard

Dragon Oil Plc DGO.L Oil & Gas Equipment & Services Neutral 583.00 755.0 Zoltan Palfi Drax DRX.L Utilities Neutral 617.50 570.0 Mark Freshney DSV DSV.CO Airlines Neutral 132.50 137.0 Neil Glynn Dufry DUFN.S Small & Mid Cap Outperform 117.30 135.0 Patrick Jnglin E.ON EONGn.DE Utilities Underperform 13.42 11.0 Vincent Gilles EADS EAD.PA Aerospace and Defence Neutral 39.00 40.0 Oliver Sleath EasyJet EZJ.L Airlines Neutral 1,140.00 1206.0 Neil Glynn Edenred EDEN.PA Business & Professional services Neutral 24.72 26.5 Andrew Grobler EDP EDP.LS Utilities Outperform 2.46 2.9 Stefano Bezzato EFG Financial Products FPHN.S Speciality Finance Outperform [V] 51.55 58.0 Gurjit Kambo Elan Corp ELN.I Pharmaceuticals Neutral 8.92 9.1 Riccardo Lowi Electricite de France EDF.PA Utilities Underperform 15.57 12.0 Michel Debs Electrocomponents ECM.L Business & Professional services Outperform 232.40 280.0 David Rigby Electrolux ELUXb.ST Capital goods - Engineering Outperform 167.40 180.0 Andre Kukhnin Elisa Corporation ELI1V.HE Telecommunication Services Underperform 14.03 14.0 Jakob Bluestone ENEA ENAE.WA Emerging EMEA Neutral 12.50 18.3 Piotr Dzieciolowski Enel ENEI.MI Utilities Neutral 2.60 2.9 Stefano Bezzato ENI ENI.MI Integrated Oil & Gas/E&P/European Refiners Outperform 17.28 21.5 Kim Fustier Enka Insaat ENKAI.IS Emerging EMEA Neutral 5.58 6.0 Atinc Ozkan EON Russia EONR.MM Emerging EMEA Outperform 2.37 3.3 Andrey Ovchinnikov ERDEMIR EREGL.IS Emerging EMEA Neutral 2.00 1.9 Semyon Mironov Ericsson ERICb.ST Telecommunication Equipment Neutral 76.90 70.0 Achal Sultania Erste Bank ERST.VI Emerging EMEA Neutral [V] 23.50 17.6 Hugo Swann Etalon ETLNGq.L Emerging EMEA Outperform [V] 4.10 7.0 Victoria Petrova Etihad Etisalat 7020.SE Emerging EMEA Outperform 81.25 90.0 Richard Barker Euler Hermes ELER.PA Insurance Underperform 69.53 60.0 Adam McInally Eurasia Drilling Co EDCLq.L Emerging EMEA Outperform 37.60 40.0 Zoltan Palfi Eurasian Natural Resources Corporation Plc ENRC.L Metals & Mining Outperform [V] 240.20 380.0 Liam Fitzpatrick Eutelsat Communications ETL.PA Telecommunication Services Outperform 25.97 33.0 Paul Sidney EVRE.L Emerging EMEA Neutral [V] 158.50 240.0 Semyon Mironov Experian EXPN.L Business & Professional services Outperform 1,125.00 1230.0 Andrew Grobler Exxaro Resources EXXJ.J Emerging EMEA Outperform 143.40 182.0 Dmitry Glushakov Faroe Petroleum FPM.L Oil & Gas Equipment & Services Outperform 115.50 197.0 Thomas Adolff Federal Grid Company FEES.MM Emerging EMEA Neutral [V] 0.11 0.2 Andrey Ovchinnikov Fenner FENR.L Capital Goods Neutral 366.20 415.0 Jonathan Hurn

18 April 2013 18 April Ferrexpo Plc FXPO.L Metals & Mining Neutral [V] 162.30 200.0 Liam Fitzpatrick Fiat FIA.MI Automobiles &Components Underperform [V] 4.10 4.0 Erich Hauser

29 Fiat Industrial FI.MI Automobiles &Components Outperform 8.21 11.5 Erich Hauser

Glance a at Week Fidessa FDSA.L Software & Services Outperform 1,774.00 2213.0 Charles Brennan Flughafen Zuerich AG FHZN.S Small & Mid Cap Outperform 427.00 500.0 Patrick Jnglin Forbo FORN.S Small & Mid Cap Outperform 591.00 730.0 Patrick Laager Ford Otosan FROTO.IS Emerging EMEA Neutral 25.20 23.4 Onur Muminoglu

Fortum Oyj FUM1V.HE Utilities Neutral 13.77 14.2 Zoltan Fekete France Telecom FTE.PA Telecommunication Services Neutral 7.51 9.0 Jakob Bluestone Fresenius FREG.DE Medical Devices & Healthcare Devices Outperform 95.15 101.0 Christoph Gretler Fresenius Medical Care AG & Co. FMEG.DE Pharmaceuticals Neutral 53.56 55.0 Christoph Gretler G4S GFS.L Business & Professional services Outperform 295.90 350.0 Andrew Grobler Galenica GALN.S Medical Devices & Healthcare Devices Neutral 589.00 600.0 Christoph Gretler Galp Energia GALP.LS Integrated Oil & Gas/E&P/European Refiners Outperform 11.57 14.5 Thomas Adolff GAM Holding GAMH.S Asset Managers Outperform 15.25 18.5 Gurjit Kambo Gamesa GAM.MC Utilities Restricted [V] 2.62 R Mark Freshney Garanti Bank GARAN.IS Emerging EMEA Neutral 9.50 10.0 Ates Buldur Gas Natural Fenosa GAS.MC Utilities Neutral 14.45 13.0 Stefano Bezzato Gategroup Holding GATE.S Small & Mid Cap Neutral [V] 17.25 20.0 Patrick Jnglin Gazprom GAZP.MM Emerging EMEA Neutral 121.97 170.0 Andrey Ovchinnikov Gazprom Neft SIBN.RTS Emerging EMEA Neutral 4.79 5.7 Andrey Ovchinnikov GDF Suez GSZ.PA Utilities Neutral 15.47 15.0 Michel Debs Geberit GEBN.VX Capital goods - Engineering Underperform 214.50 185.0 Andre Kukhnin Gedeon Richter GDRB.BU Pharmaceuticals Outperform 33,950.00 45000.0 Mark Wadley Genel Energy plc GENL.L Integrated Oil & Gas/E&P/European Refiners Outperform 813.00 1236.0 Thomas Adolff Generali GASI.MI Insurance Underperform 12.40 14.4 Richard Burden Georg Fischer FIN.S Small & Mid Cap Outperform 368.25 490.0 Patrick Laager Gerresheimer AG GXIG.DE Pharmaceuticals Outperform 42.81 46.0 Christoph Gretler Getin Noble Bank GNB.WA Emerging EMEA Neutral 1.54 1.9 Marta Jezewska-Wasilewska Givaudan GIVN.VX Small & Mid Cap Neutral 1,119.00 1050.0 Patrick Jnglin Gjensidige Forsikring ASA GJFS.OL Insurance Neutral 96.95 91.0 Chris Esson GKN GKN.L Capital Goods Outperform 245.70 315.0 Jonathan Hurn GlaxoSmithKline plc GSK.L Major Pharmaceuticals Neutral 1,607.00 1450.0 Kerry Holford International PLC GLEN.L Metals & Mining Restricted 318.20 R Liam Fitzpatrick Globaltrans GLTRq.L Emerging EMEA Outperform [V] 13.99 20.0 Dmitry Glushakov GN Store Nord GN.CO Medical Devices & Healthcare Devices Underperform 107.80 96.0 Christoph Gretler Gold Fields GFIJ.J Emerging EMEA Neutral 59.80 75.0 Samantha Hartard Great Portland Estates GPOR.L Real Estate Outperform 518.00 515.0 Steve Bramley-Jackson Halkbank HALKB.IS Emerging EMEA Neutral 18.55 19.9 Ates Buldur Halma HLMA.L Capital Goods Outperform 480.00 560.0 Jonathan Hurn Halyk Bank HSBKq.L Emerging EMEA Outperform 7.20 10.5 Hugo Swann Hammerson Property HMSO.L Real Estate Neutral 510.50 500.0 Steve Bramley-Jackson

18 April 2013 18 April Hannover Re HNRGn.DE Insurance Outperform 60.78 68.0 Adam McInally Hargreaves Lansdown HRGV.L Asset Managers Underperform 949.00 800.0 Gurjit Kambo

30 Harmony Gold HARJ.J Emerging EMEA Underperform 45.00 63.0 Samantha Hartard

Glance a at Week Havas EURC.PA Media Underperform 4.55 3.2 Nick Bertolotti Hays HAYS.L Business & Professional services Neutral 92.70 99.0 Andrew Grobler HeidelbergCement HEIG.DE Building Materials & Construction Neutral 50.45 52.0 Harry Goad Heineken HEIN.AS Beverages Neutral 55.57 63.0 Sanjeet Aujla

Helvetia HELN.S Insurance Underperform 372.00 390.0 Richard Burden Henderson group HGGH.L Diversified Financials Outperform 1.57 1.8 Gurjit Kambo Henkel HNKG_p.F Personal Care & Household Products Underperform 70.04 71.0 Nicolas Sochovsky Hennes & Mauritz HMb.ST General Retailing Underperform 223.20 175.0 Simon Irwin Hermes International HRMS.PA Luxury goods Underperform 251.90 225.0 Rogerio Fujimori Plc HIK.L Pharmaceuticals Outperform 917.50 820.0 Mark Wadley Hiscox HSX.L Insurance Neutral 544.00 540.0 Richard Burden Holcim HOLN.VX Building Materials & Construction Neutral 70.55 65.0 Harry Goad Holmen HOLMb.ST Paper & Packaging Neutral 175.50 210.0 Lars Kjellberg HomeServe HSV.L Business & Professional services Neutral 194.50 200.0 Eugene Klerk HSBC Holdings HSBA.L Banks Outperform 671.00 790.0 Amit Goel Hugo Boss BOSSn.DE Consumer Discretionary Neutral 85.39 88.0 Rogerio Fujimori Iberdrola IBE.MC Utilities Outperform 3.73 4.7 Stefano Bezzato ICAP Plc IAP.L Speciality Finance Neutral 284.70 320.0 Gurjit Kambo Iliad ILD.PA Telecommunication Services Neutral 160.40 129.0 Jakob Bluestone Imagination Technologies IMG.L Semiconductors Underperform [V] 428.30 410.0 Justis McEvilly IMI Plc IMI.L Capital goods - Engineering Outperform 1,193.00 1460.0 Jonathan Hurn Immofinanz IMFI.VI Real Estate Neutral 3.02 3.1 Steve Bramley-Jackson Impala Holdings Limited IMPJ.J Metals & Mining Neutral 114.36 165.0 Liam Fitzpatrick Imperial Holding Limited IPLJ.J Emerging EMEA Outperform 204.00 211.0 John Kim Imperial Tobacco IMT.L Consumer Discretionary Outperform 2,261.00 2700.0 Rogerio Fujimori IMTECH NV IMUN.AS Business & Professional services Underperform 8.89 11.3 Eugene Klerk Inditex ITX.MC General Retailing Underperform 94.49 103.0 Simon Irwin Indra IDR.MC Software & Services Underperform 9.21 8.3 Charles Brennan Group INF.L Media Outperform 484.10 440.0 Joseph Barnet-Lamb ING bank Slaski INGP.WA Emerging EMEA Neutral 90.80 96.0 Marta Jezewska-Wasilewska ING Group ING.AS Insurance Restricted [V] 5.85 R Richard Burden Inmarsat PLC ISA.L Telecommunication Services Outperform 687.50 700.0 Paul Sidney Intercontinental Hotels IHG.L Travel & Leisure Neutral 1,859.00 1906.0 Tim Ramskill International Airlines Group ICAG.L Airlines Outperform 251.00 295.0 Neil Glynn ITRK.L Business & Professional services Outperform 3,328.00 3850.0 David Rigby Intesa Sanpaolo ISP.MI Banks Outperform [V] 1.25 1.7 Ignacio Cerezo INTU Properties INTUP.L Real Estate Neutral 339.90 350.0 Steve Bramley-Jackson Invensys ISYS.L Capital goods - Engineering Neutral 341.20 368.0 Jonathan Hurn Ipsen IPN.PA Speciality Pharmaceuticals Underperform 25.34 22.8 Matthew Weston

18 April 2013 18 April Israel Chemicals ICL.TA Emerging EMEA Outperform 4,410.00 5000.0 Mikhail Priklonsky ITV ITV.L Radio & TV Broadcasting Outperform 124.50 130.0 Omar Sheikh

31 JCDecaux S.A. JCDX.PA Radio & TV Broadcasting Neutral 19.74 18.0 Omar Sheikh

Glance a at Week JMAT.L Chemicals Outperform 2,370.00 2400.0 Rhian O'Connor Julius Baer BAER.VX Speciality Finance Outperform 34.21 40.0 Gurjit Kambo Jupiter Fund JUP.L Asset Managers Neutral 327.50 345.0 Gurjit Kambo KABA KABN.S Small & Mid Cap Neutral 361.75 360.0 Patrick Laager

Kabel Deutschland Holding AG KD8Gn.DE Telecommunication Services Neutral 72.59 43.0 Justin Funnell Kazakhmys Plc KAZ.L Metals & Mining Underperform [V] 320.10 450.0 Liam Fitzpatrick Kazkommertsbank KKGByq.L Emerging EMEA Neutral [V] 2.27 5.2 Hugo Swann KazMunaiGas EP KMGq.L Emerging EMEA Neutral 18.00 21.0 Zoltan Palfi Kcell KCELq.L Telecommunication Services Outperform [V] 14.00 16.8 Olga Bystrova KGHM Polska Miedz S.A. KGH.WA Emerging EMEA Neutral 140.80 137.0 Semyon Mironov Kingfisher KGF.L General Retailing Outperform 292.60 320.0 Simon Irwin Klepierre LOIM.PA Real Estate Outperform 30.20 36.0 Steve Bramley-Jackson Kloeckner & Co. KCOGn.DE Steels Outperform [V] 9.61 14.0 Michael Shillaker Koc Holding KCHOL.IS Emerging EMEA Outperform 10.65 9.1 Onur Muminoglu Komax KOMN.S Small & Mid Cap Outperform 95.35 120.0 Patrick Laager Komercni Banka BKOM.PR Emerging EMEA Underperform 3,517.00 3200.0 Hugo Swann Kone Corporation KNEBV.HE Capital goods - Engineering Neutral 58.70 62.0 Andre Kukhnin Koninklijke DSM NV DSMN.AS Chemicals Underperform 47.26 40.0 Chris Counihan KPN KPN.AS Telecommunication Services Neutral 2.81 3.5 Paul Sidney Kudelski KUD.S Technology Hardware & Equipment Neutral [V] 11.10 11.4 Felix Remmers Kuehne + Nagel KNIN.VX Logistics Underperform 103.40 102.0 Neil Glynn Kumba Iron Ore KIOJ.J Emerging EMEA Underperform 443.00 410.0 Dmitry Glushakov Kuoni KUNN.S Small & Mid Cap Neutral 280.25 300.0 Patrick Jnglin Ladbrokes LAD.L Travel & Leisure Underperform 189.00 180.0 Matthew Gerard Lafarge LAFP.PA Building Materials & Construction Outperform 46.65 62.0 Harry Goad Lagardere LAGA.PA Media Outperform 27.41 30.0 Omar Sheikh Laird LRD.L Capital Goods Underperform 213.80 200.0 Jonathan Hurn Lancashire Re LRE.L Insurance Neutral 811.50 920.0 Richard Burden Land Securities LAND.L Real Estate Outperform 854.50 865.0 Steve Bramley-Jackson Lanxess LXSG.DE Chemicals Underperform 52.42 50.0 Rhian O'Connor Legal & General LGEN.L Insurance Neutral 167.40 175.0 Chris Esson Legrand SA LEGD.PA Capital goods - Engineering Underperform 32.97 30.0 Andre Kukhnin Liberty Holdings LBHJ.J Emerging EMEA Outperform 113.00 110.0 Brian Mushonga Life Healthcare Group Holding LHCJ.J Emerging EMEA Underperform 36.34 30.0 Mark Wadley Linde LING.F Chemicals Underperform 140.86 130.0 Chris Counihan Lindt & Sprungli LISP.S Small & Mid Cap Neutral 3,595.00 3300.0 Patrick Jnglin Lloyds Banking Group LLOY.L Banks Neutral [V] 48.23 45.0 Carla Antunes-Silva Logitech International S.A. LOGN.S Small & Mid Cap Underperform [V] 6.67 5.4 Felix Remmers London Mining Plc LOND.L Metals & Mining Outperform [V] 104.00 200.0 Liam Fitzpatrick

18 April 2013 18 April London Stock Exchange LSE.L Speciality Finance Outperform 1,282.00 1030.0 Gurjit Kambo LondonMetric Properties LMPL.L Real Estate Outperform 112.70 118.0 Steve Bramley-Jackson

32 Lonmin Plc LMI.L Metals & Mining Neutral 259.40 350.0 Liam Fitzpatrick

Glance a at Week Lonza LONN.VX Major Pharmaceuticals Neutral 59.00 55.0 Luisa Hector L'Oreal OREP.PA Personal Care & Household Products Neutral 120.90 117.0 Nicolas Sochovsky Lottomatica LTO.MI Travel & Leisure Restricted 18.11 R Matthew Gerard LSR Group LSRGq.L Emerging EMEA Outperform [V] 4.00 5.5 Victoria Petrova

LUKOIL LKOH.MM Emerging EMEA Outperform 1,902.20 2300.0 Zoltan Palfi Lundbeck LUN.CO Biotechnology & Biopharmaceuticals Neutral 109.30 99.0 Luisa Hector Lundin Petroleum LUPE.ST Integrated Oil & Gas/E&P/European Refiners Neutral 144.30 139.0 Charlotte Elliott LVMH LVMH.PA Luxury goods Neutral 121.75 142.0 Rogerio Fujimori LW Bogdanka LWBP.WA Emerging EMEA Outperform 118.00 150.0 Piotr Dzieciolowski M.Video MVID.MM Emerging EMEA Outperform 238.48 350.0 Victoria Petrova Magnit MGNTq.L Emerging EMEA Outperform 49.00 55.0 Victoria Petrova Magnitogorsk Steel MAGNq.L Emerging EMEA Outperform [V] 2.80 5.2 Semyon Mironov Mail.Ru MAILRq.L Emerging EMEA Outperform [V] 26.40 50.0 Olga Bystrova MAN MANG.DE Automobiles &Components Restricted 84.20 R George Galliers Man Group EMG.L Speciality Finance Neutral [V] 105.60 104.0 Gurjit Kambo Mapfre SA MAP.MC Insurance Neutral 2.52 2.8 Richard Burden Marks & Spencer MKS.L General Retailing Underperform 395.00 370.0 Simon Irwin Mechel MTL.N Emerging EMEA Underperform [V] 3.78 4.0 Dmitry Glushakov Meda MEDAa.ST Major Pharmaceuticals Outperform 77.45 88.0 Luisa Hector Mediaset MS.MI Radio & TV Broadcasting Outperform [V] 1.64 2.7 Omar Sheikh Mediaset Espana Comunicacion TL5.MC Radio & TV Broadcasting Outperform [V] 5.65 8.4 Omar Sheikh Mediclinic International MDCJ.J Emerging EMEA Underperform 63.00 45.0 Mark Wadley MegaFon MFONq.L Telecommunication Services Outperform [V] 28.19 34.0 Olga Bystrova Meggitt MGGT.L Aerospace and Defence Neutral 469.70 400.0 Oliver Sleath Melrose MRON.L Capital Goods Neutral 241.10 275.0 Jonathan Hurn Merck KGaA MRCG.DE Speciality Pharmaceuticals Neutral 116.80 118.0 Matthew Weston Metro MEOG.F Food Retailing Underperform 22.00 20.0 Xavier Le Mene Metsa Board METSB.HE Paper & Packaging Underperform 2.22 2.3 Lars Kjellberg Metso MEO1V.HE Capital goods - Engineering Outperform 28.80 38.0 Andre Kukhnin Meyer Burger MBTN.S Solar Energy Restricted [V] 7.10 R Felix Remmers MHP MHPCq.L Emerging EMEA Outperform 17.05 20.0 Victoria Petrova Michael Page MPI.L Business & Professional services Underperform 362.40 360.0 Andrew Grobler Michelin MICP.PA Automobiles &Components Neutral 59.84 60.0 Erich Hauser Micro Focus MCRO.L Software & Services Outperform 663.00 760.0 Charles Brennan Migros MGROS.IS Emerging EMEA Outperform 22.80 23.8 Onur Muminoglu Millennium & Copthorne MLC.L Travel & Leisure Neutral 550.00 542.0 Tim Ramskill Mitie Group MTO.L Business & Professional services Underperform 265.20 250.0 Eugene Klerk MMC Norilsk Nickel NKELyq.L Emerging EMEA Outperform 15.25 19.6 Semyon Mironov MMI Holdings Limited MMIJ.J Emerging EMEA Neutral 22.30 23.0 Brian Mushonga

18 April 2013 18 April Mobile Telesystems MBT.N Emerging EMEA Outperform 19.31 25.0 Olga Bystrova Mobistar MSTAR.BR Telecommunication Services Neutral 18.29 20.0 Paul Sidney

33 MOL MOLB.BU Emerging EMEA Outperform 16,040.00 19200.0 Piotr Dzieciolowski

Glance a at Week Mondi MNDI.L Paper & Packaging Outperform 833.50 980.0 Lars Kjellberg Moneysupermarket.com MONY.L Media Outperform 189.70 226.0 Nick Bertolotti Monte dei Paschi di Siena BMPS.MI Banks Underperform [V] 0.19 0.2 Andrea Unzueta Morgan Advanced Materials MGAMM.L Capital Goods Underperform [V] 250.90 260.0 Jonathan Hurn

Morrison (William) MRW.L Food Retailing Neutral 279.30 255.0 Andrew Kasoulis Moscow Exchange MOEX.MM Speciality Finance Neutral [V] 43.28 55.0 Hugo Swann MRSK Holdings MRKH.MM Emerging EMEA Neutral [V] 1.17 1.9 Andrey Ovchinnikov MTN Group MTNJ.J Emerging EMEA Outperform 162.20 185.0 Richard Barker MTU Aero Engines MTXGn.DE Aerospace and Defence Outperform 74.26 77.0 Oliver Sleath Munich Re MUVGn.DE Insurance Neutral 148.90 155.0 Adam McInally NAMPAK NPKJ.J Emerging EMEA Underperform 32.65 25.0 John Kim Naspers NPNJn.J Emerging EMEA Outperform 577.00 665.0 Richard Barker National Grid NG.L Utilities Outperform 790.00 800.0 Mark Freshney Natixis CNAT.PA Banks Neutral [V] 3.08 3.2 Maxence Le Gouvello Neste NES1V.HE Integrated Oil & Gas/E&P/European Refiners Neutral 11.07 11.5 Thomas Adolff Nestle NESN.VX Food Producers & Processors Outperform 64.30 76.0 Alex Molloy Netcare Limited NTCJ.J Emerging EMEA Neutral 19.80 18.0 Mark Wadley New World Resources NWRR.L Emerging EMEA Underperform [V] 187.00 170.0 Dmitry Glushakov Nexans NEXS.PA Building Materials & Construction Neutral 32.40 36.0 Max Yates Next NXT.L General Retailing Neutral 4,311.00 4650.0 Simon Irwin Nobel Biocare NOBN.S Medical Devices & Healthcare Devices Neutral 8.83 10.8 Christoph Gretler Nokia NOK1V.HE Telecommunication Equipment Underperform [V] 2.63 2.5 Kulbinder Garcha Nomos Bank NMOSq.L Emerging EMEA Outperform [V] 12.00 16.5 Hugo Swann Norske Skog NSG.OL Paper & Packaging Underperform [V] 2.85 2.8 Lars Kjellberg Novartis NOVN.VX Major Pharmaceuticals Outperform 66.50 70.0 Matthew Weston NOVATEK NVTKq.L Emerging EMEA Outperform 104.70 133.0 Andrey Ovchinnikov Novo Nordisk A/S NOVOb.CO Speciality Pharmaceuticals Neutral 950.00 1040.0 Luisa Hector Novolipetsk Steel NLMKq.L Emerging EMEA Underperform [V] 15.52 13.0 Semyon Mironov Novozymes NZYMb.CO Chemicals Underperform 203.00 150.0 Rhian O'Connor OC Oerlikon Corp AG OERL.S Capital goods - Engineering Outperform 10.10 15.0 Patrick Laager Oceana Ltd OCEJ.J Emerging EMEA Outperform 80.00 72.5 Mukhtar Mustapha Okey OKEYq.L Emerging EMEA Underperform 11.42 8.6 Victoria Petrova Old Mutual OMLJ.J Emerging EMEA Underperform 27.68 22.0 Brian Mushonga Omnia Holdings OMNJ.J Emerging EMEA Neutral 157.79 149.0 Samantha Hartard OMV OMVV.VI Integrated Oil & Gas/E&P/European Refiners Underperform 34.01 27.0 Thomas Adolff OPAP OPAr.AT Travel & Leisure Restricted [V] 6.61 R Matthew Gerard Ophir Energy plc OPHR.L Integrated Oil & Gas/E&P/European Refiners Outperform 387.40 690.0 Thomas Adolff Oriflame Cosmetics ORIsdb.ST Personal Care & Household Products Underperform 209.90 170.0 Nicolas Sochovsky Orion ORNBV.HE Biotechnology & Biopharmaceuticals Underperform 19.65 19.2 Kerry Holford

18 April 2013 18 April Orior ORON.S Small & Mid Cap Outperform 48.00 55.0 Patrick Jnglin OTP OTPB.BU Emerging EMEA Outperform 4,550.00 5100.0 Hugo Swann

34 Outokumpu OUT1V.HE Steels Neutral [V] 0.48 0.7 Michael Shillaker

Glance a at Week Paddy Power PAP.I Travel & Leisure Outperform 65.62 71.0 Matthew Gerard Panalpina PWTN.S Logistics Underperform 90.20 64.0 Neil Glynn Partners Group PGHN.S Asset Managers Outperform 234.40 250.0 Gurjit Kambo Pearson PSON.L Media Outperform 1,132.00 1210.0 Joseph Barnet-Lamb

Pekao PEO.WA Emerging EMEA Neutral 153.00 171.0 Marta Jezewska-Wasilewska Pennon Group PNN.L Utilities Neutral 661.50 670.0 Guy MacKenzie Perform Group Plc PER.L Media Outperform 478.10 570.0 Joseph Barnet-Lamb Pernod-Ricard PERP.PA Food Producers & Processors Outperform 92.80 116.0 Alex Molloy Persimmon PSN.L Building Materials & Construction Outperform 1,106.00 1326.0 Harry Goad Petropavlovsk POG.L Emerging EMEA Underperform [V] 135.80 170.0 Mikhail Priklonsky PGE PGE.WA Emerging EMEA Underperform 16.41 15.6 Piotr Dzieciolowski PGNIG PGN.WA Emerging EMEA Underperform 5.61 4.6 Piotr Dzieciolowski Pharmstandard PHSTq.L Emerging EMEA Outperform 20.20 18.5 Victoria Petrova Philips PHG.AS Capital goods - Engineering Neutral 21.88 23.0 Simon Toennessen PhosAgro PHORq.L Emerging EMEA Outperform 12.60 15.3 Mikhail Priklonsky PIK Group PKGPq.L Emerging EMEA Underperform 1.90 1.3 Victoria Petrova Pioneer Foods PFGJ.J Emerging EMEA Outperform 72.95 67.5 Mukhtar Mustapha PKN Orlen PKN.WA Emerging EMEA Underperform 50.00 38.3 Piotr Dzieciolowski PKO BP PKO.WA Emerging EMEA Outperform 34.20 40.0 Marta Jezewska-Wasilewska Polymetal International POLYP.L Emerging EMEA Outperform 706.00 1140.0 Mikhail Priklonsky Polyus Gold international PGIL.L Emerging EMEA Outperform [V] 205.00 220.0 Mikhail Priklonsky Porsche PSHG_p.F Automobiles &Components Outperform 54.05 89.0 Erich Hauser Portugal Telecom PTC.LS Telecommunication Services Neutral 3.82 4.0 Francisco Sanches PostNL PTNL.AS Logistics Neutral [V] 1.71 2.8 Neil Glynn PPR PRTP.PA General Retailing Neutral 163.70 166.0 Rogerio Fujimori Premier Farnell PFL.L Business & Professional services Outperform 204.70 240.0 David Rigby Premier Foods PFD.L Food Producers & Processors Neutral [V] 72.50 100.0 Charlie Mills Premier Oil PMO.L Integrated Oil & Gas/E&P/European Refiners Outperform 355.00 540.0 Thomas Adolff Prosegur PSG.MC Business & Professional services Underperform 4.25 4.0 Eugene Klerk ProSiebenSat.1 PSMG_p.DE Radio & TV Broadcasting Outperform 26.60 30.0 Omar Sheikh Prudential PRU.L Insurance Outperform 1,019.00 1300.0 Chris Esson Prysmian PRY.MI Building Materials & Construction Outperform 14.83 19.0 Max Yates PSA Peugeot Citroen PEUP.PA Automobiles &Components Underperform [V] 5.34 5.0 Erich Hauser Publicis PUBP.PA Media Outperform 50.15 46.5 Nick Bertolotti PZU SA PZU.WA Emerging EMEA Underperform 411.00 420.0 Richard Burden Qtel QTEL.QA Emerging EMEA Outperform 112.00 140.0 Richard Barker Raiffeisen Bank International RBIV.VI Emerging EMEA Outperform 24.43 35.0 Hugo Swann Randstad RAND.AS Business & Professional services Underperform 28.23 28.0 Andrew Grobler Raspadskaya RASP.MM Emerging EMEA Neutral 40.50 55.0 Dmitry Glushakov

18 April 2013 18 April Reckitt Benckiser RB.L Personal Care & Household Products Neutral 4,655.00 4900.0 Charlie Mills Recordati RECI.MI Major Pharmaceuticals Neutral 7.43 7.7 Jo Walton

35 Reed Elsevier NV ELSN.AS Media Neutral 12.74 11.6 Joseph Barnet-Lamb

Glance a at Week Reed Elsevier PLC REL.L Media Neutral 764.00 620.0 Joseph Barnet-Lamb Regus RGU.L Business & Professional services Outperform 153.00 190.0 Andrew Grobler Renault RENA.PA Automobiles &Components Neutral 45.22 50.0 Erich Hauser Renishaw RSW.L Capital Goods Neutral 1,667.00 1985.0 Jonathan Hurn

Rentokil RTO.L Business & Professional services Neutral 94.80 95.0 Andrew Grobler Repsol REP.MC Integrated Oil & Gas/E&P/European Refiners Outperform 16.08 19.6 Thomas Adolff Resolution Ltd RSL.L Insurance Neutral 254.10 265.0 Chris Esson Rexam REX.L Paper & Packaging Neutral 506.00 555.0 Lars Kjellberg Rhoen Klinikum RHKG.DE Emerging EMEA Outperform 15.98 16.5 Mark Wadley Rieter Holding RIEN.S Small & Mid Cap Neutral [V] 146.60 150.0 Patrick Laager RIO.L Diversified Resources Outperform 2,854.50 3800.0 James Gurry Robert Walters RWA.L Business & Professional services Outperform 225.75 250.0 Andrew Grobler Roche ROG.VX Major Pharmaceuticals Outperform 224.20 227.0 Luisa Hector Rolls-Royce RR.L Aerospace and Defence Neutral 1,125.00 900.0 Oliver Sleath Ros Agro AGRORq.L Emerging EMEA Neutral 5.55 7.0 Victoria Petrova Rosneft ROSN.MM Emerging EMEA Underperform 214.32 200.0 Zoltan Palfi Rotork plc ROR.L Capital Goods Outperform 2,659.00 3230.0 Jonathan Hurn Rottneros RROS.ST Paper & Packaging Underperform 1.99 2.1 Lars Kjellberg Royal Bank of Scotland RBS.L Banks Underperform [V] 283.20 265.0 Carla Antunes-Silva Royal Dutch Shell plc RDSa.L Integrated Oil & Gas/E&P/European Refiners Outperform 2,091.50 2500.0 Kim Fustier RSA Insurance Group RSA.L Insurance Neutral 108.40 125.0 Chris Esson RusHydro HYDR.MM Emerging EMEA Neutral 0.47 0.7 Andrey Ovchinnikov RWE RWEG.F Utilities Underperform 29.63 28.0 Vincent Gilles Ryanair RYA.I Airlines Outperform 6.07 7.7 Neil Glynn Sabanci Holding SAHOL.IS Conglomerates Outperform 10.95 9.3 Atinc Ozkan SABMiller SAB.L Beverages Outperform 3,342.50 4000.0 Sanjeet Aujla Safran SAF.PA Aerospace and Defence Outperform 33.96 39.0 Oliver Sleath Sage Group SGE.L Software & Services Underperform 338.70 284.0 Charles Brennan Sainsbury SBRY.L Food Retailing Underperform 377.40 285.0 Andrew Kasoulis Saint-Gobain SGOB.PA Building Materials & Construction Neutral 28.38 27.0 Harry Goad Salzgitter SZGG.DE Steels Neutral 30.04 42.0 Michael Shillaker Sampo PLC SAMAS.HE Insurance Outperform 29.86 30.0 Chris Esson Sandvik SAND.ST Capital goods - Engineering Underperform 93.85 95.0 Andre Kukhnin Sanlam SLMJ.J Emerging EMEA Neutral 45.74 48.0 Brian Mushonga Sanofi SASY.PA Major Pharmaceuticals Neutral 79.68 78.0 Luisa Hector Santander SAN.MC Banks Neutral 5.15 5.6 Ignacio Cerezo SAP SAPG.F Software & Services Outperform 58.94 70.0 Philip Winslow Sappi Limited SPP Emerging EMEA Neutral 2.79 3.8 Lars Kjellberg Saras SRS.MI Integrated Oil & Gas/E&P/European Refiners Neutral [V] 1.02 1.2 Thomas Adolff

18 April 2013 18 April Sasol Limited SOLJ.J Emerging EMEA Neutral 369.04 339.0 Andrey Ovchinnikov Sberbank SBER.MM Emerging EMEA Outperform 94.64 140.0 Hugo Swann

36 Scania SCVb.ST Automobiles &Components Underperform 128.90 115.0 Erich Hauser

Glance a at Week Schindler-Holding AG SCHP.VX Capital goods - Engineering Outperform 129.90 155.0 Andre Kukhnin Schneider SCHN.PA Capital goods - Engineering Neutral 52.91 58.0 Simon Toennessen Schroders SDR.L Speciality Finance Neutral 2,161.00 2285.0 Gurjit Kambo Scor SCOR.PA Insurance Underperform 22.65 22.0 Adam McInally

Securitas SECUb.ST Business & Professional services Outperform 58.45 69.0 Andrew Grobler Segro Plc SGRO.L Real Estate Outperform 252.80 270.0 Steve Bramley-Jackson Senior SNR.L Capital Goods Outperform 240.90 270.0 Jonathan Hurn Serco SRP.L Business & Professional services Neutral 606.50 660.0 David Rigby SES SESFd.PA Telecommunication Services Outperform 24.21 24.0 Paul Sidney SVT.L Utilities Neutral 1,760.00 1530.0 Guy MacKenzie Severstal CHMFq.L Emerging EMEA Neutral [V] 7.55 9.4 Semyon Mironov SGS Surveillance SGSN.VX Business & Professional services Neutral 2,196.00 2250.0 David Rigby Shaftesbury SHB.L Real Estate Underperform 604.50 515.0 Steve Bramley-Jackson Shire Pharmaceuticals SHP.L Speciality Pharmaceuticals Outperform 1,923.00 2350.0 Kerry Holford Siemens SIEGn.DE Capital goods - Engineering Outperform 77.98 95.0 Simon Toennessen Sika SIK.VX Small & Mid Cap Neutral 2,133.00 2200.0 Patrick Laager Sistema SSAq.L Emerging EMEA Neutral 18.05 20.0 Zoltan Palfi SKF SKFb.ST Capital goods - Engineering Underperform 150.80 140.0 Andre Kukhnin Smith & Nephew SN.L Medical Devices & Healthcare Devices Neutral 727.50 725.0 Christoph Gretler Smiths Group SMIN.L Capital goods - Engineering Outperform 1,236.00 1420.0 Andre Kukhnin Smurfit Kappa SKG.I Paper & Packaging Outperform [V] 12.00 15.8 Lars Kjellberg Snam SRG.MI Utilities Neutral 3.75 3.6 Stefano Bezzato Societe Generale SOGN.PA Banks Outperform [V] 25.18 40.9 Maxence Le Gouvello Sodexo EXHO.PA Travel & Leisure Outperform 70.79 79.2 Tim Ramskill Software AG SOWG.DE Software & Services Neutral [V] 27.05 33.0 Charles Brennan Solvay SOLB.BR Chemicals Outperform 98.58 125.0 Chris Counihan Sonova Holding SOON.VX Medical Devices & Healthcare Devices Outperform 103.80 132.0 Christoph Gretler Spectris SXS.L Capital Goods Outperform 2,205.00 2670.0 Jonathan Hurn Spirax Sarco SPX.L Capital Goods Neutral 2,520.00 2710.0 Jonathan Hurn SSAB SSABa.ST Steels Underperform 44.88 52.0 Michael Shillaker SSE SSE.L Utilities Outperform 1,536.00 1650.0 Mark Freshney St. James's Place SJP.L Insurance Neutral 490.70 520.0 Chris Esson Standard Chartered Plc STAN.L Banks Underperform 1,609.00 1400.0 Amit Goel Standard Life SL.L Insurance Underperform 335.00 325.0 Chris Esson Statoil STL.OL Integrated Oil & Gas/E&P/European Refiners Underperform 132.90 158.0 Kim Fustier SThree STHR.L Business & Professional services Neutral 320.00 350.0 Andrew Grobler Stora Enso STERV.HE Paper & Packaging Neutral 4.90 5.4 Lars Kjellberg Storebrand ASA STB.OL Insurance Outperform [V] 23.70 34.0 Chris Esson Straumann STMN.S Medical Devices & Healthcare Devices Outperform 114.00 155.0 Christoph Gretler

18 April 2013 18 April Suez Environnement SEVI.PA Utilities Neutral 10.05 11.0 Vincent Gilles Sulzer SUN.VX Small & Mid Cap Neutral 148.30 160.0 Patrick Laager

37 Surgutneftegaz SNGS.MM Emerging EMEA Neutral 26.44 28.0 Zoltan Palfi

Glance a at Week Swatch Group UHR.VX Small & Mid Cap Outperform 512.00 600.0 Patrick Jnglin Swedish Match SWMA.ST Consumer Discretionary Neutral 216.30 235.0 Jimmie Bork Swiss Life SLHN.VX Insurance Underperform 137.30 138.0 Richard Burden Swiss Re SRENH.VX Insurance Neutral 69.70 69.0 Adam McInally

Swisscom SCMN.VX Telecommunication Services Underperform 417.80 355.0 Jakob Bluestone Synergy Group SYNG.MM Emerging EMEA Neutral 474.30 475.0 Victoria Petrova Syngenta SYNN.VX Chemicals Outperform 378.30 450.0 Chris Counihan TalkTalk TALK.L Telecommunication Services Outperform 261.40 200.0 Paul Sidney Tate & Lyle TATE.L Food Producers & Processors Outperform 829.00 930.0 Charlie Mills Tauron TPE.WA Emerging EMEA Outperform 3.91 5.9 Piotr Dzieciolowski Taylor Wimpey Plc TW.L Building Materials & Construction Outperform 88.60 110.0 Harry Goad TDC TDC.CO Telecommunication Services Outperform 44.75 48.0 Jakob Bluestone TEB TEBNK.IS Emerging EMEA Outperform 2.16 2.5 Ates Buldur Tecan TECN.S Medical Devices & Healthcare Devices Outperform 83.55 100.0 Christoph Gretler Tekfen Holding TKFEN.IS Emerging EMEA Outperform 7.12 8.9 Atinc Ozkan Tele2 AB TEL2b.ST Telecommunication Services Underperform 105.80 72.0 Jakob Bluestone Telecom Egypt ETEL.CA Emerging EMEA Neutral 13.70 15.0 Richard Barker Telecom Italia TLIT.MI Telecommunication Services Neutral 0.60 0.8 Justin Funnell Telecom Italia TLITn.MI Telecommunication Services Underperform 0.52 0.7 Justin Funnell Telefonica TEF.MC Telecommunication Services Neutral 10.46 14.0 Justin Funnell Telekom Austria TELA.VI Telecommunication Services Neutral 5.02 6.5 Jakob Bluestone Telenet TNET.BR Telecommunication Services Outperform 40.15 34.0 Paul Sidney Telenor TEL.OL Telecommunication Services Outperform 126.40 130.0 Jakob Bluestone TeliaSonera TLSN.ST Telecommunication Services Neutral 42.90 45.0 Jakob Bluestone Telkom SA Ltd TKGJ.J Emerging EMEA Neutral 13.09 13.6 Richard Barker Tenaris TENR.MI Steels Underperform 15.20 15.0 Michael Shillaker Terna TRN.MI Utilities Outperform 3.34 3.5 Stefano Bezzato TSCO.L Food Retailing Outperform 369.75 430.0 Andrew Kasoulis TF1 TFFP.PA Radio & TV Broadcasting Underperform 7.58 5.5 Omar Sheikh Thomas Cook Group plc TCG.L Travel & Leisure Outperform [V] 117.60 146.0 Tim Ramskill Thyssen Krupp AG TKAG.F Steels Outperform 13.53 25.0 Michael Shillaker Tieto TIE1V.HE Software & Services Neutral 15.41 16.6 Charles Brennan Tiger Brands Ltd TBSJ.J Emerging EMEA Underperform 283.24 251.0 Mukhtar Mustapha TMK TRMKq.L Emerging EMEA Outperform [V] 13.12 14.0 Semyon Mironov TNK-BP Holding TNBP.MM Emerging EMEA Neutral 43.12 80.0 Zoltan Palfi TNT Express TNTE.AS Logistics Neutral 5.77 9.5 Neil Glynn Tofas TOASO.IS Emerging EMEA Outperform 11.70 12.8 Onur Muminoglu Topdanmark A/S TOP.CO Insurance Underperform 141.30 125.0 Chris Esson Total TOTF.PA Integrated Oil & Gas/E&P/European Refiners Neutral 35.25 44.0 Kim Fustier

18 April 2013 18 April Transneft TRNF_p.MM Emerging EMEA Underperform 63,505.00 31632.9 Andrey Ovchinnikov Travis Perkins TPK.L Building Materials & Construction Neutral 1,420.00 1190.0 Harry Goad

38 Tryg A/S TRYG.CO Insurance Underperform 476.60 415.0 Chris Esson

Wee TSKB TSKB.IS Emerging EMEA Outperform 2.55 3.4 Ates Buldur

k at a Glance a at k TUI Travel Plc TT.L Travel & Leisure Neutral 303.40 322.0 Tim Ramskill Tullow Oil TLW.L Integrated Oil & Gas/E&P/European Refiners Neutral 982.50 1350.0 Thomas Adolff Tupras TUPRS.IS Emerging EMEA Outperform 49.40 49.9 Onur Muminoglu

Turk Telekom TTKOM.IS Emerging EMEA Neutral 8.08 8.1 Atinc Ozkan Turkcell TCELL.IS Emerging EMEA Underperform 11.15 8.3 Atinc Ozkan Turkiye Is Bankasi ISCTR.IS Emerging EMEA Underperform 6.68 6.7 Ates Buldur UBI Banca UBI.MI Banks Underperform [V] 2.80 2.9 Andrea Unzueta U-Blox Holding UBXN.S Technology Hardware & Equipment Outperform 49.45 60.0 Felix Remmers UBM plc UBM.L Media Outperform 682.50 800.0 Joseph Barnet-Lamb UBS UBSN.VX Banks Neutral 14.50 15.0 Amit Goel UCB UCB.BR Speciality Pharmaceuticals Neutral 46.60 47.0 Luisa Hector Umicore UMI.BR Chemicals Neutral 33.30 35.0 Rhian O'Connor Unibail Rodamco UNBP.AS Real Estate Outperform 183.05 186.0 Steve Bramley-Jackson Unicredit CRDI.MI Banks Neutral [V] 3.44 4.1 Ignacio Cerezo Unilever UNc.AS Food Producers & Processors Neutral 31.24 33.8 Charlie Mills Unilever ULVR.L Food Producers & Processors Neutral 2,760.00 2800.0 Charlie Mills UU.L Utilities Underperform 740.00 660.0 Guy MacKenzie UPM-Kymmene UPM1V.HE Paper & Packaging Neutral 7.73 10.0 Lars Kjellberg Uralkali URKAq.L Emerging EMEA Neutral 36.73 34.0 Mikhail Priklonsky Vakifbank VAKBN.IS Emerging EMEA Neutral 6.08 5.8 Ates Buldur Vallourec VLLP.PA Steels Neutral [V] 33.49 40.0 Michael Shillaker Valora VALN.S Small & Mid Cap Neutral 191.00 175.0 Patrick Jnglin Vedanta Resources PLC VED.L Metals & Mining Outperform [V] 1,085.00 1300.0 Liam Fitzpatrick Veolia Environnement VIE.PA Utilities Underperform 9.97 9.0 Michel Debs Verbund VERB.VI Utilities Underperform 16.00 15.0 Vincent Gilles Vestas VWS.CO Utilities Underperform [V] 43.65 30.0 Mark Freshney Vesuvius VSVS.L Capital goods - Engineering Neutral 327.10 400.0 Jonathan Hurn Vienna Insurance Group VIGR.VI Insurance Underperform 38.10 40.1 Richard Burden VimpelCom VIP.N Emerging EMEA Neutral 11.98 11.0 Olga Bystrova Vivendi VIV.PA Radio & TV Broadcasting Outperform 15.81 19.1 Omar Sheikh Vodacom Group VODJ.J Emerging EMEA Neutral 104.08 115.0 Richard Barker Group VOD.L Telecommunication Services Outperform 189.25 180.0 Justin Funnell Voestalpine VOES.VI Steels Neutral 22.48 27.0 Michael Shillaker Volkswagen VOWG_p.F Automobiles &Components Outperform 142.00 195.0 Erich Hauser Volvo VOLVb.ST Automobiles &Components Underperform 86.30 75.0 George Galliers Vozrozhdenie VZRZ.MM Emerging EMEA Neutral 11.30 19.5 Hugo Swann VTB VTBRq.L Emerging EMEA Underperform [V] 2.76 3.8 Hugo Swann Wacker Chemie WCHG.DE Chemicals Underperform [V] 55.00 48.0 Mathew Waugh

18 April 2013 18 April Weir Group WEIR.L Capital Goods Neutral 2,136.00 2520.0 Jonathan Hurn Whitbread WTB.L Travel & Leisure Outperform 2,417.00 2760.0 Tim Ramskill

39 William Demant WDH.CO Medical Devices & Healthcare Devices Neutral 452.50 490.0 Christoph Gretler

Glance a at Week William Hill WMH.L Travel & Leisure Not Rated 389.90 NR Matthew Gerard Wolseley WOS.L Building Materials & Construction Outperform 3,156.00 4000.0 Harry Goad Wolters Kluwer WLSNc.AS Media Underperform 17.28 15.3 Joseph Barnet-Lamb WPP WPP.L Media Outperform 1,027.00 950.0 Nick Bertolotti

X5 Retail Group PJPq.L Emerging EMEA Neutral [V] 16.70 20.0 Victoria Petrova Xstrata Plc XTA.L Metals & Mining Restricted 967.00 R Liam Fitzpatrick Yandex YNDX.OQ Emerging EMEA Outperform 20.50 33.0 Olga Bystrova Yapi Kredi Bank YKBNK.IS Emerging EMEA Outperform 5.50 6.2 Ates Buldur Yara International ASA YAR.OL Paper & Packaging Restricted 256.80 R Lars Kjellberg Ypsomed YPSN.S Medical Devices & Healthcare Devices Underperform 55.20 46.0 Christoph Gretler ZE PAK ZEEP.WA Utilities Neutral [V] 26.80 29.8 Piotr Dzieciolowski Zon Multimedia Services ZON.LS Telecommunication Services Neutral 3.14 3.0 Justin Funnell Zurich Insurance Group ZURN.VX Insurance Outperform 239.80 282.0 Richard Burden Source: Company data, Credit Suisse estimates

18 April 2013 18 April

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Disclosure Appendix Important Global Disclosures The analysts identified in this report each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities As of December 10, 2012 Analysts’ stock rating are defined as follows: Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark*over the next 12 months. Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; Australia, New Zealand are, and prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, 12-month rolling yield is incorporated in the absolute total return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were based on a stock’s total return relative to the average total return of the relevant country or regional benchmark. Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances.

Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.

Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation: Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.

Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution Rating Versus universe (%) Of which banking clients (%) Outperform/Buy* 43% (54% banking clients) Neutral/Hold* 39% (47% banking clients) Underperform/Sell* 16% (40% banking clients) Restricted 3% *For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current hold ings, and other individual factors.

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Week at a Glance 41 18 April 2013

Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.

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Week at a Glance 42 18 April 2013

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