Buy:

We expect a stock to rise by at least 20% and outperform the benchmark by over 10%.

Hold:

We expect a stock to move within 10% of the benchmark.

Sell:

We expect a stock to fall by at least 20% and underperform the benchmark.

rating

number of publications

% of universe

Buy

2

67

Hold

1

33

Sell

0

0

IPO

0

0

Total

3

100

* 1. January 2013 - 31. March 2013

rating

number of publications

% investment banking services*

Buy

2

100

Hold

1

100

Sell

0

0

IPO

0

0

Disclaimer

This publication is issued by VISCARDI and is for distribution in the Federal Republic of Germany only to persons who purchase or sell transferable se­curities for their own account or for the account of others in the context of their trade, profession or occupation. This publication is for the use of the addressees only. It may not be copied to or distributed to any other person in whole or in part without the written consent of VISCARDI. This publication is provided for general information purposes only and is furnished to you on a confidential basis. Any investment possibilities discussed in this publication may not be suitable for certain investors depending on their specific investment target or time horizon or in the context of their overall financial situation. It cannot be a substitute for obtaining independent advice. Please contact your bank’s investment advisor.

The distribution of this publication in certain jurisdictions may be restricted by law and persons into whose possession this publication comes should inform themselves about, and observe such restrictions. In the United Kingdom this publication or a copy of it is being distributed only to, and is directed at (a) persons who have professional experience in matters relating to investments falling within article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”) or (b) high network entities falling within article 49(2) (A) to (D) of the Order, and other persons to whom it may be lawfully be communicated, falling within article 49(1) of the Order (all such persons together referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this publication or any of its contents.

This publication does not constitute a solicitation to buy or an offer to sell any securities and shall not be construed as constituting an offer to enter into a consulting agreement. Neither this publication nor any part of it establishes a basis for any agreement or other obligations of any kind. VISCARDI and its subsidiaries/affiliates do not accept any responsibility for liabilities arising from the publication and/or use of this publication or its contents. Neither VISCARDI nor its subsidiaries/affiliates guarantee the accuracy or completeness of information used for this publication and nothing in this publication shall be construed to be a representation of such a guarantee. Used information has not independently been verified. Any opinions expressed reflect the current judgement of the analyst who prepared this publication in conjunction with his/her occupational activity and may be changed pursuant to future events and developments. Views expressed do not necessarily reflect the opinion of VISCARDI or any of its subsidiaries/affiliates. We reserve the right to change the views expressed in this publication at any time and without advance notice. VISCARDI may have issued other publications that are inconsistent with and reach different conclusions from the information presented in this publication. Those publications may reflect the different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee for further performance, and no representation or warranty, expressed or implied, is made regarding future performance.

This publication is being distributed by electronic and ordinary mail to professional investors, who are expected to make their own investment decisions without undue reliance on this publication.

All share prices mentioned in this publication are closing prices of the XETRA Electronic Trading System, or where unavailable local stock exchange, as of the trading day preceding the day of the publication [or: All share prices mentioned in this publication are prices of the XETRA Electronic Trading System, or where unavailable local stock exchange, as of [date] at [time] CET.

Date:

Target Price:

Investment Recommendation:

Conflict of Interest (Key)

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Specific disclosures according to Section. 34b para 1 no. 1 German Securities Trading Act and Ordinance on the Analysis of Financial Instruments

Section 34b of the German Securities Trading Act in combination with the Ordinance on the Analysis of Financial Instruments requires a company preparing a securities analysis to point out potential conflicts of interest with respect to the issuer that is the subject of the analysis. A conflict of interest is presumed to exist, in particular, if a company preparing a securities analysis

• holds a more than 5% interest in the capital stock of the issuer that is the subject of the analysis,
• has been a member of a syndicate that has underwritten the issuer’s securities in the previous 12 months,
• is serving as a liquidity provider for the issuer’s securities on the basis of an existing designated sponsorship contract,
• has been providing investment banking services for the issuer analysed during the last 12 months for which a compensation has been or will be paid,
• is party to an agreement with the issuer that is the subject of the analysis relating to the production of the recommendation,
• or any of its affiliates are regularly trading securities issued by the issuer analysed or securities based on these issues,
• or the analyst covering the issue has other significant financial interests with respect to the issuer that is the subject of this analysis, for example holding a seat on the company's boards.

Key 1:

The analysed company actively provided information material for preparation of this publication.

Key 2:

This publication has been customized to the issuer and has been modified afterwards before publication. Thereby the analysed company has not been provided with a publication or draft of publication which provided for an investment recommendation.

Key 3a:

The analysed company owns more than 5% of the capital stock of VISCARDI and/or a company affiliated with VISCARDI.

Key 3b:

VISCARDI and/or a company affiliated with it and/or the analyst having prepared this publication owns more than 5% of the capital stock of the analysed company.

Key 4:

VISCARDI and/or a company affiliated with it serves as a liquidity provider for the issuer’s shares on the basis of an existing market maker or liquidity provider contract.

Key 5:

VISCARDI has acted as Lead Manager or Co-Lead Manager in an offering of shares of the issuer and has underwritten shares of the issuer within twelve months preceding publication.

Key 6:

VISCARDI and/or a company affiliated with it and/or the author of this publication acquired shares of the analysed company free of charge or for a consideration below the stated target price and before the shares’ public offering.

Key 7:

VISCARDI and/or a company affiliated with it was subject to an agreement on services in connection with investment banking transactions with the analysed company in the last 12 months or within the same period received consideration on basis of such an agreement.

Key 8:

VISCARDI and/or a company affiliated with it has concluded an agreement on the preparation of this publication with the analysed company.

Key 9:

VISCARDI and/or a company affiliated with it receives commission earnings arising from commercial activities from the analysed company.

Key 10:

VISCARDI and/or a company affiliated with it is regularly trading securities issued by the analysed company or one of its affiliates.

Key 11:

A member of the managing board of VISCARDI and/or the author of this publication is member of the supervisory board of the analysed company.

Statements according to Section 34b of the German Securities Trading Act and Ordinance on the Analysis of Financial Instruments

Sources of information

The information contained in this publication is derived from carefully selected public sources we believe are reasonable, particularly from providers of financial data, the issuers’ own publications as well as other public media.

Principles and methods of valuation

For the preparation of this publication VISCARDI has used methods of fundamental share analysis as well as quantitative/statistical methods and models (inter alia historical valuation approaches, asset-based evaluation methods or sum-of-the-parts methods, discount models or the Economic profit approach, multiple-based models or peer-group comparisons). Valuation models are dependent on macroeconomic factors, such as exchange rates, interest rates, row materials, and on assumptions about the economy. Furthermore, market sentiment and political developments affect the valuation of companies.

The valuation is also based on expectations that might change rapidly and without notice, depending on developments specific to individual industries. Consequently, our recommendations and price targets derived from the models might change accordingly. The investment ratings related to a 12-month period are subject to market conditions and can only represent a snapshot. The ratings might in fact be achieved more quickly or slowly than expected, or need to be revised upward or downward.

Analyst Declaration

The author’s remuneration has not been, and will not be connected with the investment recommendations or views expressed in this publication, neither directly nor indirectly.

Organisational provisions to avoid conflicts of interests

In order to prevent conflicts of interests VISCARDI has separated business units with access to confidential information (confidential units) from its research units by functional and/or special separation or by setting up access authorisation for data. In particular, Investment banking units and units of other financial advisory as well as capital market activities, are segregated by physical and non-physical boundaries from the research department of VISCARDI. This segregation of VISCARDI’s operative units as well as the transfer of the – often stock-exchange price relevant -  information is controlled by a unit independent from trade-, corporate- and transaction units (compliance). This guarantees that the stock-exchange price relevant information is not being misused or being transferred illegally to units with access to publicly available information only.