25.04.2012

Ticker: MC FP Credit Suisse Group AG Benchmark:

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

Sector: Financials Industry: Capital Markets Year:

Telephone 41-44-332-64-00 Revenue (M) Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)Website www.credit-suisse.com No of Employees Investment Banking 11496 Americas 9417Address Paradeplatz 8 Zurich, 8070 Switzerland Private Banking 10877 Switzerland 8584Share Price Performance in CHF Asset Management 2146 Europe, Middle East & Africa 6490Price 23.83 1M Return -10.1% Corporate Center 910 Asia Pacific 173452 Week High 39.85 6M Return -2.0% Reconciliation52 Week Low 19.53 52 Wk Return -36.6% Real Estate52 Wk Beta 1.72 YTD Return 8.0% Other Alternative Investment StrategiesCredit Ratings

Bloomberg -S&P A Date 19.12.2008 Outlook NEGMoody's (P)Aa2 *- Date - Outlook -Fitch A Date 15.12.2011 Outlook STABLE

Valuation Ratios

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EP/E - 10.0x 9.6x 16.1x 9.5x 7.1x 6.3xEV/EBIT - - - - - - -EV/EBITDA - - - - - - -P/S 0.6x 1.2x 0.9x 0.6x 1.1x 1.0x 1.0xP/B 1.0x 1.5x 1.2x 0.8x 0.8x 0.7x 0.7xDiv Yield 0.4% 3.9% 3.5% 3.4% 3.0% 3.7% 4.8%Profitability Ratios %

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EGross Margin - - - - 1.1 1.2 1.2EBITDA Margin - - - - - - -Operating Margin -159.4 23.9 23.8 12.9 32.1 37.4 34.0Profit Margin -88.4 20.3 16.3 7.5 12.5 15.7 16.7Return on Assets -0.6 0.6 0.5 0.2 0.3 0.4 0.4Return on Equity -21.8 18.7 13.6 5.7 8.5 11.3 11.8Leverage and Coverage Ratios

12/08 12/09 12/10 12/11Current Ratio - - - - Current Capitalization in CHFQuick Ratio - - - - Common Shares Outstanding (M) 1220.3EBIT/Interest - - - - Market Capitalization (M) 29179.8Tot Debt/Capital 0.9 0.9 0.9 0.9 Cash and ST Investments (M) 284087.0Tot Debt/Equity 9.9 7.8 8.9 9.9 Total Debt (M) 378454.0Eff Tax Rate % - 22.7 20.7 19.4 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0Investments (M) 7279.0Enterprise Value (M) 130825.8

48'700

Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

CSGN VX

42'693

Company Analysis - Overview

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Credit Suisse Group AGTarget price in CHF

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Company Analysis - Analysts Ratings

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25.04.2012

Credit Suisse Group AG

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 1220.3 United States 49.99%

Float 90.0% Austria 12.11%

Short Interest (M) Qatar 11.29%

Short Interest as % of Float Switzerland 7.93%

Days to Cover Shorts Israel 5.71%

Institutional Ownership 52.80% France 5.27%

Retail Ownership 47.08% Luxembourg 2.81%

Insider Ownership 0.12% Others 4.88%

Institutional Ownership DistributionInvestment Advisor 75.30%Government 11.29%Mutual Fund Manager 6.75%Holding Company 5.71%

Pricing data is in CHF Others 0.94%

Top 20 Owners:

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

CRESCENT HOLDING GMB 78'283'332 0 1'865'491'802 6.39% 31.12.2010 Co File AUSTRIAQATAR INVESTMENT AUT 73'169'083 0 1'743'619'248 5.98% 21.04.2011 EXCH QATARHARRIS ASSOCIATES L 37'523'468 4'059'927 894'184'242 3.06% 31.12.2011 13F UNITED STATESKOOR INDUSTRIES LTD 37'006'666 0 881'868'851 3.02% 31.12.2010 Co File ISRAELCAPITAL GROUP COMPAN 36'532'221 0 870'562'826 2.98% 31.12.2010 Co File UNITED STATESDODGE & COX 35'926'537 0 856'129'377 2.93% 09.12.2011 EXCH UNITED STATESFRANKLIN RESOURCES I 35'650'748 0 849'557'325 2.91% 12.12.2011 EXCH UNITED STATESBLACKROCK INC 34'817'495 -1'339'270 829'700'906 2.84% 23.06.2011 EXCH UNITED STATESMORGAN STANLEY 32'818'874 12'068'962 782'073'767 2.68% 28.06.2010 EXCH UNITED STATESAXA 32'002'938 -26'636'525 762'630'013 2.61% 25.08.2009 EXCH FRANCECAPITAL RESEARCH GLO 22'570'305 491'167 537'850'368 1.84% 31.03.2012 MF-AGG UNITED STATESTHORNBURG INVESTMENT 16'373'938 -1'604'400 390'190'943 1.34% 29.02.2012 MF-AGG UNITED STATESCREDIT SUISSE ASSET 14'924'153 876'155 355'642'566 1.22% 29.03.2012 MF-AGG SWITZERLANDCAPITAL WORLD INVEST 12'630'871 1'735'000 300'993'656 1.03% 31.03.2012 MF-AGG UNITED STATESVANGUARD GROUP INC 11'582'511 -114'376 276'011'237 0.95% 31.12.2011 MF-AGG UNITED STATESCREDIT SUISSE 11'231'931 0 267'656'916 0.92% 05.05.2011 EXCH SWITZERLANDUBS FUND MANAGEMENT 10'900'447 -32'232 259'757'652 0.89% 30.12.2011 MF-AGG SWITZERLANDT ROWE PRICE ASSOCIA 6'068'810 -323'921 144'619'742 0.50% 31.12.2011 MF-AGG UNITED STATESBLACKROCK FUND ADVIS 5'670'575 -3'010 135'129'802 0.46% 23.04.2012 MF-AGG UNITED STATESPICTET & CIE 5'536'166 -40'869 131'926'836 0.45% 31.01.2012 MF-AGG SWITZERLAND

Top 5 Insiders:

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

KIELHOLZ WALTER B 323'734 -96'478 7'714'581 0.03% 31.12.2010 20F

THORNBURGH RICHARD E 296'522 204'022 7'066'119 0.02% 31.12.2010 20F

DOERIG HANS-ULRICH 223'800 68'161 5'333'154 0.02% 31.12.2010 20F

ROHNER URS 144'870 83'476 3'452'252 0.01% 31.12.2010 20F

BRABECK-LETMATHE PETER 103'732 8'531 2'471'934 0.01% 31.12.2010 20F

Company Analysis - Ownership

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Credit Suisse Group AGFinancial information is in CHF (M)

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Income Statement

Revenue 74'290 52'487 67'990 73'021 59'366 82'160 93'174 48'697 51'547 50'345 42'693 25'811 27'859 29'349

- Cost of Goods Sold

Gross Income 292 323 346

- Selling, General & Admin Expenses 37'540 30'586 45'717 43'696 21'326 21'864 22'925 21'003 22'714 21'830 20'585

(Research & Dev Costs)

Operating Income -794 -3'658 3'456 8'387 7'106 14'432 13'491 -14'816 7'933 7'454 3'360 8'277 10'429 9'969

- Interest Expense

- Foreign Exchange Losses (Gains)

- Net Non-Operating Losses (Gains) 74 172 1'645 85 -295 132 -249 86 -144 -33 -101

Pretax Income -868 -3'250 1'811 8'302 7'401 14'300 13'740 -14'902 8'077 7'487 3'461 4'748 6'491 7'275

- Income Tax Expense -206 596 -3 1'441 927 2'389 1'248 -4'596 1'835 1'548 671

Income Before XO Items -662 -3'846 1'814 6'861 6'474 11'911 12'492 -10'306 6'242 5'939 2'790

- Extraordinary Loss Net of Tax -245 -520 1'075 106 -1'324 -3'046 -6 531 -169 19 0

- Minority Interests 146 -17 -31 1'127 1'948 3'630 4'738 -2'619 -313 822 837

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

Net Income Adjusted* 1'587 -3'829 4'680 5'734 5'863 8'281 8'549 -7'687 6'555 5'117 2'406 3'226 4'376 4'894

EPS Adjusted 1.33 (3.22) 3.87 5.05 5.18 7.53 7.65 (7.28) 5.15 3.93 1.69 2.50 3.35 3.80

Dividends Per Share 0.00 0.10 1.50 2.00 2.24 2.50 0.10 2.00 1.30 0.75 0.71 0.88 1.14

Payout Ratio % 31.8 54.0 31.7 36.0 36.2 29.7 46.9 0.28 0.26 0.30

Total Shares Outstanding 1'189 1'190 1'130 1'111 1'125 1'062 1'021 1'164 1'169 1'174 1'220

Diluted Shares Outstanding 1'134 1'190 1'179 1'209 1'186 1'152 1'115 1'057 1'210 1'201 1'207

EBITDA

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

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Balance Sheet

Total Current Assets

+ Cash & Near Cash Items 3'092 2'551 24'799 25'648 27'577 29'040 38'459 90'035 51'857 65'467 110'573

+ Short Term Investments 380'563 342'341 418'736 467'123 525'573 446'407 480'414 283'208 329'515 379'226 318'227

+ Accounts & Notes Receivable

+ Inventories

+ Other Current Assets

Total Long-Term Assets

+ Long Term Investments 34'799 32'876 15'352 20'550 19'157 19'077 23'273 22'232 17'074 9'026 7'361

Gross Fixed Assets

Accumulated Depreciation

+ Net Fixed Assets 5'567 5'273 7'819 7'231 8'328 6'577 6'149 6'350 6'436 6'725 7'193

+ Other Long Term Assets 95'007 81'423 100'348 112'418 194'322 219'552 271'383 261'688 178'689 130'752 133'163

Total Current Liabilities

+ Accounts Payable

+ Short Term Borrowings 371'934 321'440 11'497 15'343 19'472 21'556 110'254 69'147 43'859 59'176 66'263

+ Other Short Term Liabilities 104'942 91'902 239'007 249'204 313'010 347'956 391'478 360'253 299'406 297'968 287'660

Total Long Term Liabilities

+ Long Term Borrowings 66'706 71'521 89'697 106'261 132'975 147'832 163'223 153'373 159'365 173'752 162'655

+ Other Long Term Borrowings 140'962 141'616 130'537 137'161 149'589 2'886 0 0 0 0 1'542

Total Liabilities 984'843 924'462 969'574 1'047'034 1'289'087 1'197'052 1'300'841 1'123'129 981'011 986'854 1'008'080

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

+ Minority Interest 3'121 2'878 743 6'178 7'847 15'318 16'640 14'919 10'811 9'733 7'411

+ Share Capital & APIC 23'036 21'900 24'781 24'042 25'263 25'424 24'599 25'213 24'753 23'073 21'845

+ Retained Earnings & Other Equity 5'078 2'521 9'210 12'231 16'855 18'162 18'600 7'089 14'852 12'345 11'829

Total Shareholders Equity 31'235 27'299 34'734 42'451 49'965 58'904 59'839 47'221 50'416 45'151 41'085

Total Liabilities & Equity 1'016'078 951'761 1'004'308 1'089'485 1'339'052 1'255'956 1'360'680 1'170'350 1'031'427 1'032'005 1'049'165

Book Value Per Share 23.65 20.52 30.07 32.65 37.43 41.02 42.33 27.75 33.87 30.17 27.59 29.42 32.01 34.11

Tangible Book Value Per Share 4.43 5.09 15.58 18.92 23.19 30.20 31.23 19.37 25.67 22.59 20.32

Company Analysis - Financials II/IV

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Cash Flows

Net Income -563 -3'309 770 5'628 5'850 11'327 7'760 -8'218 6'724 5'098 1'953 2'867 4'381 4'896

+ Depreciation & Amortization 5'986 6'471 3'518 2'104 781 779 1'127 1'927 1'620 1'087 1'383

+ Other Non-Cash Adjustments 5'678 6'431 13'172 5'158 3'448 -2'347 -1'177 -4'327 677 2'575 988

+ Changes in Non-Cash Capital -55'301 47'900 -33'456 -60'217 -30'921 -58'342 -65'654 140'489 -23'207 83 34'306

Cash From Operating Activities -44'200 57'493 -15'996 -47'327 -20'842 -48'583 -57'944 129'871 -14'186 8'843 38'630

+ Disposal of Fixed Assets 790 0 240 81 54 17 11

+ Capital Expenditures -3'881 0 -883 -994 -977 -1'689 -1'739

+ Increase in Investments -56'641 -133'808 -117'687 -52'960 -14'280 -2'980 -928 -1'727 -2'189 -2'752 -1'542

+ Decrease in Investments 54'718 131'909 104'798 61'843 9'667 8'391 8'961 5'397 7'059 7'203 11'364

+ Other Investing Activities -16'543 -32'092 -3'888 -4'762 -10'020 85 -8'879 -5'136 -3'086 -1'399 -1'560

Cash From Investing Activities -23'230 -110'282 -33'310 -40'715 -80'183 -8'170 -28'484 5'825 62'071 -21'449 -25'972

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

+ Change in Short Term Borrowings 56'061 10'002 3'430 24'412 39'259 1'675 29'976 -52'887 -42'556 3'837 11'280

+ Increase in Long Term Borrowings 54'659 41'848 23'782 43'087 54'415 75'921 81'151 107'638 62'829 57'910 34'234

+ Decrease in Long Term Borrowings -19'587 -26'803 -26'255 -17'007 -34'739 -51'295 -65'306 -86'567 -72'472 -51'390 -37'127

+ Increase in Capital Stocks 16'284 726 6'932 15'287 10'756 17'333 36'338 29'111 17'674 24'758 12'980

+ Decrease in Capital Stocks -17'303 -2'548 -7'009 -17'950 -13'929 -23'461 -41'879 -25'032 -19'019 -26'846 -11'790

+ Other Financing Activities -302 -195 -1'849 -4'683 4'325 1'856 5'569 1'851 -3'054 -5'644 -3'116

Cash From Financing Activities 75'554 52'248 45'644 88'891 102'954 58'216 95'847 -84'120 -86'063 26'216 32'448

Net Changes in Cash 8'124 -541 -3'662 849 1'929 1'463 9'419 51'576 -38'178 13'610 45'106

Free Cash Flow (CFO-CAPEX) -48'081 57'493 -16'879 -48'321 -21'819 7'154 36'891

Free Cash Flow To Firm

Free Cash Flow To Equity 43'746 82'540 -22'282 -12'123 98'055 -66'385 17'528 45'289

Free Cash Flow per Share -42.39 48.31 -14.44 -42.53 -19.58 5.99 30.78

Company Analysis - Financials III/IV

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Ratio Analysis

Valuation Ratios

Price Earnings 28.6x 9.5x 16.8x 11.3x 9.2x 10.0x 9.6x 16.1x 9.5x 7.1x 6.3x

EV to EBIT

EV to EBITDA

Price to Sales 1.1x 0.7x 0.8x 0.7x 1.3x 1.1x 0.8x 0.6x 1.2x 0.9x 0.6x 1.1x 1.0x 1.0x

Price to Book 3.0x 1.5x 1.5x 1.5x 1.8x 2.1x 1.6x 1.0x 1.5x 1.2x 0.8x 0.8x 0.7x 0.7x

Dividend Yield 0.0% 0.3% 3.1% 3.0% 2.6% 3.7% 0.4% 3.9% 3.5% 3.4% 3.0% 3.7% 4.8%

Profitability Ratios

Gross Margin 1.1% 1.2% 1.2%

EBITDA Margin - - -

Operating Margin -2.1% -11.4% 6.7% 15.5% 23.6% 37.5% 34.5% -159.4% 23.9% 23.8% 12.9% 32.1% 37.4% 34.0%

Profit Margin -1.5% -10.3% 1.5% 10.4% 19.4% 29.5% 19.9% -88.4% 20.3% 16.3% 7.5% 12.5% 15.7% 16.7%

Return on Assets -0.1% -0.3% 0.1% 0.5% 0.5% 0.9% 0.6% -0.6% 0.6% 0.5% 0.2% 0.3% 0.4% 0.4%

Return on Equity -2.2% -12.6% 2.6% 16.0% 14.9% 26.4% 17.9% -21.8% 18.7% 13.6% 5.7% 8.5% 11.3% 11.8%

Leverage & Coverage Ratios

Current Ratio

Quick Ratio

Interest Coverage Ratio (EBIT/I)

Tot Debt/Capital 0.93 0.94 0.91 0.89 0.90 0.89 0.91 0.91 0.89 0.90 0.91

Tot Debt/Equity 14.04 14.39 9.73 8.51 9.25 7.77 9.59 9.87 7.83 8.89 9.87

Others

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

Accounts Receivable Turnover

Accounts Payable Turnover

Inventory Turnover

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

Company Analysis - Financials IV/IV

CREDIT SUISS-REG UBS AG-REGDEUTSCHE BANK-

RGCITIGROUP INC

JPMORGAN CHASE

MORGAN STANLEY

GOLDMAN SACHS GP

BARCLAYS PLC HSBC HLDGS PLCBANCO

SANTANDERNOMURA HOLDINGS

MITSUBISHI UFJ FMIZUHO

FINANCIALING GROEP NV-

CVAAEGON NV

12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 03/2011 03/2011 03/2011 12/2011 12/201138.56 17.60 44.70 46.00 46.49 26.49 153.95 303.15 664.00 8.30 429.00 448.00 146.00 9.07 5.48

26.04.2011 26.04.2011 02.05.2011 28.04.2011 27.03.2012 02.05.2011 26.04.2011 26.04.2011 03.05.2011 28.04.2011 25.04.2011 19.03.2012 21.03.2012 11.05.2011 28.04.201119.53 9.34 20.79 21.40 27.85 11.58 84.27 133.90 456.35 4.57 223.00 318.00 98.00 4.21 2.59

13.09.2011 23.09.2011 12.09.2011 04.10.2011 04.10.2011 04.10.2011 04.10.2011 23.09.2011 25.11.2011 20.04.2012 24.11.2011 25.11.2011 21.11.2011 23.09.2011 23.09.2011833'607 923'896 5'290 30'282'860 21'420'339 26'883'108 4'703'324 34'191'904 18'583'843 98'601'898 55'116'900 53'227'800 32'312'200 2'098'560 321'908

23.83 11.46 33.78 33.42 43.28 17.40 114.11 211.00 553.50 4.81 344.00 387.00 128.00 5.45 3.58

-38.2% -34.9% -24.4% -27.3% -6.9% -34.3% -25.9% -30.4% -16.6% -42.1% -19.8% -13.6% -12.3% -40.0% -34.8%22.0% 22.7% 62.5% 56.2% 55.4% 50.3% 35.4% 57.6% 21.3% 5.2% 54.3% 21.7% 30.6% 29.3% 38.0%

1'220.3 3'747.2 904.6 2'923.9 3'772.7 1'927.0 516.3 12'199.0 17'868.1 9'280.3 3'719.1 14'141.5 21'776.5 3'782.3 1'880.329'179.8 43'916.1 31'398.5 97'994.1 165'417.1 34'423.1 59'991.8 25'745.7 100'324.7 45'469.4 1'314'961.5 5'477'804.5 3'078'165.3 20'874.3 6'827.0

405'477.0 370'365.0 284'516.0 662'713.0 676'541.0 432'212.0 521'858.0 453'014.0 274'441.0 424'081.0 33'236'924.0 44'586'463.0 52'717'318.0 240'636.0 10'318.0 - - - 312.0 7'800.0 1'508.0 3'100.0 - 2'712.0 - - 390'001.0 453'576.0 - 6'853.0

7'411.0 4'406.0 1'270.0 1'767.0 - 8'029.0 1'450.0 9'607.0 7'368.0 6'445.0 8'882.0 1'858'283.0 2'292'128.0 777.0 14.0 349'808.0 40'638.0 177'928.0 28'701.0 380'195.0 47'312.0 56'008.0 156'152.0 319'097.0 148'250.0 1'620'340.0 10'767'176.0 10'326'499.0 31'194.0 8'104.0

130'825.8 378'049.1 139'256.5 859'224.1 485'790.1 428'860.1 530'391.8 332'214.7 127'433.3 327'745.4 29'770'963.5 47'900'186.7 50'918'746.2 231'093.3 15'908.0

LFY 42'693.0 40'880.0 52'660.0 102'587.0 110'838.0 39'310.0 36'793.0 43'007.0 94'799.0 78'009.0 1'385'492.0 4'355'750.0 2'449'767.0 52'787.0 25'121.0LTM 40'323.0 40'870.0 50'925.0 101'804.0 111'822.0 38'473.0 34'951.0 40'291.0 98'960.0 44'219.0 1'555'915.0 4'546'480.0 2'298'495.0 52'787.0 25'121.0

CY+1 25'810.6 28'630.1 33'765.8 77'403.2 99'357.0 31'617.1 33'745.5 29'426.2 70'691.8 45'782.6 1'424'775.4 3'532'786.4 2'179'629.7 42'717.8 25'460.4 CY+2 27'858.7 30'355.7 35'139.7 80'956.8 100'784.1 35'300.7 35'233.5 30'613.9 72'942.4 48'596.0 1'526'102.6 3'349'912.2 2'155'996.2 43'621.6 26'384.9

LFY 3.1x 9.2x 2.6x 8.5x 4.5x 10.8x 14.1x 7.6x 1.1x 4.3x 24.2x 11.6x 21.1x 4.4x 0.6xLTM 3.3x 9.2x 2.6x 8.5x 4.4x 10.7x 14.1x 8.1x 1.0x 7.6x 21.5x 11.1x 22.5x 4.4x 0.6x

CY+1 - - - - - - - - -2.2x - 0.0x - - 0.9x 0.7xCY+2 - - - - - - - - - - 0.0x - - 0.8x 0.6x

LFY - 17'464.0 - 53'554.0 - 14'425.0 16'020.0 - - - 423'636.0 - - - -LTM - 17'455.0 - 53'752.0 - 14'348.0 16'020.0 - - - 469'494.0 - - - -

CY+1 - - - - - - - - - - 124'328.5 - - - -CY+2 - - - - - - - - - - 286'407.5 - - - -

LFY - 21.5x - 16.2x - 29.4x 32.3x - - - 79.1x - - - -LTM - 21.5x - 13.3x - 29.5x 32.3x - - - 71.3x - - - -

CY+1 - - - - - - - - - - 0.4x - - - -CY+2 - - - - - - - - - - 0.2x - - - -

LFY 1.38 1.01 5.48 3.97 4.90 -0.18 7.44 0.23 0.78 0.82 - - - 0.93 -0.06LTM 0.43 1.11 4.43 5.28 5.00 1.11 6.08 0.25 0.95 0.58 -0.79 64.58 14.59 0.87 -0.03

CY+1 2.50 1.33 4.93 4.09 4.97 1.69 12.36 0.30 0.93 0.69 0.46 67.34 17.40 1.24 0.57 CY+2 3.35 1.56 5.60 4.69 5.58 2.44 13.71 0.37 1.05 0.83 25.35 45.47 15.66 1.36 0.64

LFY 55.4x 10.3x 7.6x 6.3x 8.7x 15.7x 18.8x 8.4x 9.4x 8.3x - 6.0x 8.8x 6.3x -LTM 53.5x 12.1x 6.7x 6.3x 8.7x 15.7x 18.8x 9.3x 11.5x 5.7x - - - 5.9x -

CY+1 9.5x 8.6x 6.8x 8.2x 8.7x 10.3x 9.2x 6.9x 9.6x 6.9x 746.2x 5.7x 7.4x 4.4x 6.3xCY+2 7.1x 7.4x 6.0x 7.1x 7.8x 7.1x 8.3x 5.8x 8.5x 5.8x 13.6x 8.5x 8.2x 4.0x 5.6x

1 Year (15.2%) (11.1%) 14.1% (8.2%) (4.0%) 4.0% (20.0%) 4.4% 4.0% 13.1% 2.1% (7.2%) (5.9%) 2.7% (43.9%)5 Year (15.5%) (18.5%) 0.9% (8.8%) 0.8% (0.5%) (10.0%) 3.6% (0.9%) 14.4% 6.2% (1.5%) (6.7%) (5.5%) 40.9%1 Year - (14.5%) - (18.9%) - 2.6% (27.4%) - - - 10.2% - - - -5 Year - (29.0%) - (11.0%) - (22.5%) (19.5%) - - - (17.9%) - - - -

LTM - 42.7% - 52.2% - 36.7% 43.5% - - - 30.6% - - - -CY+1 - - - - - - - - - - 8.7% - - - -CY+2 - - - - - - - - - - 18.8% - - - -

Total Debt / Equity % 1204.1% 693.0% 532.9% 373.4% 384.9% 713.9% 775.7% 814.9% 175.9% 555.0% 1595.8% 520.5% 1359.3% 484.5%Total Debt / Capital % 90.8% 86.5% 83.9% 78.7% 78.7% 86.0% 87.9% 87.4% 62.3% 83.7% 94.1% 80.5% 88.8% 82.7%Total Debt / EBITDA - 21.207x - 12.375x - 29.963x 32.575x - - - 78.456x - - -Net Debt / EBITDA - 13.015x - 11.839x - 26.683x 29.079x - - - 74.631x - - -EBITDA / Int. Expense - - - - - - - - - - - - - -

S&P LT Credit Rating A A A+ A- A A- A- A A+ A+ BBB+ A A AS&P LT Credit Rating Date 19.12.2008 29.11.2011 25.01.2012 29.11.2011 29.11.2011 29.11.2011 29.11.2011 29.11.2011 29.11.2011 13.02.2012 27.01.2009 30.09.2008 18.06.2007 03.09.2009Moody's LT Credit Rating (P)Aa2 *- Aa3 *- Aa3 *- A3 *- Aa3 *- A2 *- A1 *- (P)A1 *- Aa2 *- Aa3 *- Baa3 - - A1 *-Moody's LT Credit Rating Date 14.11.2011 15.09.2011 15.02.2012 15.02.2012 15.02.2012 15.02.2012 15.02.2012 15.02.2012 15.02.2012 15.02.2012 15.03.2012 - - 15.02.2012

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

Total Debt Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (4/dd/yy)

52-Week High % Change

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Company Analysis - Peers Comparision