clariden weekly equity monitor and model portfolio 20110414

Weekly Equity Monitor & Model Portfolio April 14, 2011

Weekly Equity Monitor & Model Portfolio The information and opinions expressed in this document were produced by the Investment Research department of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. The report is published solely for information purposes and does not constitute an offer or an invitation by, or on behalf of, Clariden Leu Ltd. to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction. It has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Although the information has been obtained from and is based upon sources that Clariden Leu Ltd. believes to be reliable, no representation is made that the information is accurate or complete. Clariden Leu Ltd. does not accept liability for any loss arising from the use of this report. The price and value of investments mentioned and any income that might accrue may fluctuate and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any products mentioned in this document. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks; economic risks; credit risks; currency risks; and market risks. Before entering into any transaction, investors should consider the suitability of the transaction to individual circumstances and objectives. Clariden Leu Ltd. recommends that investors independently assess, with a professional financial advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences. Clariden Leu Ltd. may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of the securities referred to herein, perform services or solicit business from such issuers, and/or have a position or effect transactions in the securities or options thereof. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or in Japan or to any US Person. Local law or regulation may restrict the distribution of research reports into certain jurisdiction. This document may not be reproduced either in whole or in part, without the written permisson of Clariden Leu Ltd. © Clariden Leu Ltd. All rights reserved.

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Table of contents

04 CL Top Fundamental Picks 06 Closed Top Recommendations 07 CL Top Dividend Picks 08 Sector Recommendations 10 Model Portfolio 12 Rating Changes 13 Agenda: Company and Economic Events

14 Figures 15 Marketdata 16 Markets and Forecasts at a Glance 17 Recent Research Alcoa: Aluminium price increases surpass cost inflation Givaudan: Still some headwinds in 2011 Rio Tinto: Production hit by floods Sanofi-aventis: Resuming coverage with Marketperform Sulzer: Complementary acquisition in the pump segment 27 CL Universe Rated Stocks

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CL Top Fundamental Picks

14.04.2011

ALCOA

Materials, US 986'052 OP USD 16.55 20.00 13.01.2011 15.9

Valor Cur. Price Target Price Date of entry / PriceRating

Thanks to relatively low prices and attractive material properties, aluminium is gaining market share.

Falling global oversupply of aluminium is likely to lift aluminium prices further.

Focus on aluminium, attractive bauxite mines and below-average production costs provide upside potential.

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Weak

High

Strong

Cyclicality

Balance Sheet

ALLIANZ

Insurance, DE 322'646 OP EUR 104.4 120.00 05.08.2009 70.58


Allianz is well diversified and has substantial activities in growth markets like Eastern Europe and India.

Strong capitalization has allowed the company to hold on to substantial stock investments despite the crisis.

Severe competition in German non-life insurance a headwind. Valuation is very attractive, however.

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Cyclicality

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ANHEUSER-BUSCH INBEV

Food, Beverage & Tobacco, BE 1'147'290 OP EUR 41.57 50.00 21.07.2010 41.48


Leading position in the top five beer markets China, USA, Russia, Brazil and Germany.

Positioning, top line growth, cost savings and debt reduction are all in favor of ABI.

Considering A-B InBev's good growth prospects and high profitability, the share is very attractively valued.

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Cyclicality

Balance Sheet

BNP PARIBAS

Banks, FR 123'397 OP EUR 53.47 62.00 19.01.2011 53.02


BNP is one of the best capitalized banks in Europe (Basel 3 common Tier 1 Ratio of 8.5% by Dec 2012).

With the exception of Italy, BNP has a limited exposure to the European periphery.

The Fortis acquisition synergies estimate of EUR 900 m could be surpassed by a wide margin.

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Cyclicality

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BP PLC

Energy, GB 844'183 OP GBp 464.2 550.00 24.03.2011 478


Above-average leverage to higher oil prices provides good earnings momentum.

Uncertainty around Macondo settlement remains, but substantial reserves and cash flows provide protection.

Still substantial valuation discount to peers is likely to narrow further.

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BRITISH AMERICAN TOBACCO

Food, Beverage & Tobacco, GB 909'525 OP GBp 2530 2'700.00 24.02.2011 2260


With an EMMA revenue share of 53%, BAT is benefitting form increasing cigarette consumption in those regions.

High margins, healthy balance sheet, strong cash flows and attractive dividend yield as positive attributes.

Tobacco companies are less affected by higher raw material prices and are cheaper than other consumer staples.

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CITIGROUP

Diversified Financials, US 942'676 OP USD 4.5 5.50 22.07.2010 3.94


There is clear evidence of a turnaround after the return to profitability.

After massive recapitalizations, the bank now has strong capital levels. No further dilution is expected.

The bank is currently trading below tangible book value and offers a recovery story.

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Clariden Leu Ltd. Bahnhofstrasse 32, CH-8070 Zurich Tel. +41 58 205 75 75 Fax +41 58 205 37 88 Disclaimer This document was produced by and the opinions expressed are those of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Clariden Leu Ltd. to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable and accurate, but Clariden Leu Ltd. does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. The issuer of the securities mentioned herein or Clariden Leu Ltd. may have traded on the basis of the information and analysis contained in this publication before they were made available to the clients of Clariden Leu Ltd. Clariden Leu Ltd. may legally participate in other financial transactions with the issuers of the securities mentioned herein, invest in them, provide services to them or acquire business from such issuers and/or take out positions on such securities or hold options or carry out transactions with them. Investments in foreign currencies are subject to exchange rate fluctuations. Consult the specific securities prospectus or speak to your advisor before making any investment decisions. Neither this document nor any copy thereof may be sent or taken into the United States or distributed in the United States. In certain other jurisdictions the distribution may be restricted by local law or regulation. This document may not be reproduced in whole or in part without the written consent of Clariden Leu Ltd.

Entry price: Dividend adjusted

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CL Top Fundamental Picks

14.04.2011

HENKEL

Household & Personal Products, D 335'910 OP EUR 43.74 53.00 27.10.2010 43.15


Undisputed market leader in adhesive technology which has a promising future. Stong emerging market exposure.

Due to its strong position Henkel wants to outperform its underlying markets again in 2011.

Despite higher raw material prices, Henkel confirmed its operating margin target of 14% in 2012.

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Cyclicality

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HEWLETT-PACKARD

Technology Hardware, US 938'718 OP USD 41.13 51.00 24.02.2011 43.18


HP's broad product range enables the company to offer complete IT solutions at attractive prices.

HP is gaining substantial market share in networking, among others from Cisco.

HP's valuation is attractive, thanks to a P/E ratio below 10, a solid balance sheet and high cash flows.

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Cyclicality

Balance Sheet

KABA

Capital Goods, CH 1'179'595 OP CHF 387 440.00 11.03.2010 298


Over the next three years Kaba is targeting average organic growth of 4-6%.

Kaba is examining various strategic options for its Door Automation Business.

Undemandig valuation leaving plenty of upside potential.

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Cyclicality

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NOVARTIS

Pharma & Biotech, CH 1'200'526 OP CHF 49.61 60.00 21.10.2010 55.1


Novartis has launched ten new products in four years.

Integration of Alcon supports profits ahead of upcoming patent expiries in pharma division.

Sandoz well positioned to benefit from growth in generics.

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ROYAL DUTCH SHELL A

Energy, NL 1'987'674 OP EUR 25.28 29.50 09.12.2010 24.35


In 2011 the oil price should continue to strengthen and we expect further recovery in refinery margins.

Several large projects will come on stream in the next two years. Shell's output should rise as a result.

Under CEO Peter Voser Shell has been more tightly managed. There is scope for further operational improvement.

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SIEMENS

Capital Goods, DE 827'766 OP EUR 93.74 110.00 23.09.2010 76.45


Strong position in the emerging markets (30% of sales).

Siemens had an order book worth EUR 92 bn at the end of the last quarter.

Siemens is less expensive than the overall industrial sector and has a solid balance sheet.

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Clariden Leu Ltd. Bahnhofstrasse 32, CH-8070 Zurich Tel. +41 58 205 75 75 Fax +41 58 205 37 88 Disclaimer This document was produced by and the opinions expressed are those of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Clariden Leu Ltd. to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable and accurate, but Clariden Leu Ltd. does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. The issuer of the securities mentioned herein or Clariden Leu Ltd. may have traded on the basis of the information and analysis contained in this publication before they were made available to the clients of Clariden Leu Ltd. Clariden Leu Ltd. may legally participate in other financial transactions with the issuers of the securities mentioned herein, invest in them, provide services to them or acquire business from such issuers and/or take out positions on such securities or hold options or carry out transactions with them. Investments in foreign currencies are subject to exchange rate fluctuations. Consult the specific securities prospectus or speak to your advisor before making any investment decisions. Neither this document nor any copy thereof may be sent or taken into the United States or distributed in the United States. In certain other jurisdictions the distribution may be restricted by local law or regulation. This document may not be reproduced in whole or in part without the written consent of Clariden Leu Ltd.

Entry price: Dividend adjusted

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Date Entry DateRationaleName

Closed Top Recommendations

14.04.2011

K+S AG 10.03.2011 Measured in terms of the GSCI Agricultural Index, agricultural prices have risen by 93% since their June lows, which has helped the stock to outperform the general stock market by 14% since being in the Top Pick list. The company is very likely to report good results over the coming quarters. However, its current valuation already factors in another substantial earnings recovery and its longer-term valuation is starting to look expensive. A normalisation of global weather patterns is likely to bring lower agricultural prices by spring 2012, even though prices may continue to rise in the short term.

14.10.2010

MICROSOFT 10.03.2011 Despite rising competition, Microsoft has managed to extend the strong growth experienced in recent years by disclosing record results in recent quarters. Furthermore, the cooperation with Nokia announced in February will enable it to regain substantial market share in smart phone operating systems. These news, however, have not helped the stock's performance: It has risen by just 2% since being added to the list (vs. +19% for the general market), which is why it has now been cancelled. Few investors may currently like the stock and there are no further apparent, company specific catalysts. However, we continue to expect a strong performance in the medium and longer term.

15.07.2010

SAP 24.02.2011 SAP has clearly outperformed the market and the sector recently, thanks to positive operational news and new product launches. The stock has also outperformed the market by 9.9% since its inclusion in the Top Pick list. Although SAP is one of the most attractive longer-term investments in the European tech sector, the stock is looking a bit overbought in the short term.

28.04.2010

SYNGENTA 24.02.2011 We are reducing the exposure to agricultural stocks in the Top Pick list after a very strong performance. Despite K+S being the riskier stock of the two, we prefer it for now as we see a higher potential for earnings upgrades in the short-term. We maintain our Outperform rating and price target of CHF 330.

23.09.2010

SWATCH GROUP BR 19.01.2011 Despite excellent sales figures investors took profit. The outstanding share price performance in 2010 and the strength of the Swiss franc are the main factors. The stock gained 37.7% since inception and outperformed the SMI by about 33%. Due to the healthy growth outlook we stick to our Outperform rating. Currently, we see more price potential in other sectors, however.

27.01.2010

FRANCE TELECOM 13.01.2011 We want to add more risk to our list which is why we are removing France Telecom – a relatively defensive stock. France Telecom is still attractively valued and offers a sustainable dividend yield of above 8%. France Telecom is up by 3% since it was added to the list.

25.08.2010

BRITISH AMERICAN TOBACCO 09.12.2010 Consumer Staples lost attractiveness owing to negative earnings revisions and price momentum. Due to its strong positioning in emerging markets, attractive margin, high dividend yield and the relatively compelling valuation against the sector we stick to our Outperform Rating for BAT, however.

22.09.2010

SWISS RE 28.10.2010 The reinsurance industry has seen its capital base recovering to a pre-crisis level in the last 18 months. This likely to result in pricing pressure. Swiss Re has excess capital of about CHF 2-3 bn, which will be returned to shareholders probably not before 2012. Since the inclusion in the Top Fundamental Picks, the share has outperformed both the European insurance sector by 19.8% and the SMI by 10.7%.

01.07.2009

SANOFI-AVENTIS 21.10.2010 We are restricted on Sanofi-aventis. The company has recently made a public offer to acquire Genzyme, a U.S. biotechnology company.

13.01.2010

ERICSSON 23.09.2010 Recent news flow on mobile network equipment have pointed to a further deterioration of pricing levels and a positive trigger for the stock does not seem to materialize for now. However, Ericsson remains Outperform-rated, due to the inexpensive valuation and attractive growth outlook.

24.06.2010

AHOLD 22.09.2010 The restructuring of the US business is almost complete and Ahold is already earning high margins in the Netherlands. Apart from share buybacks, Ahold will likely use its high cash holding for targeted acquisitions, which could support the share price. However, these catalysts are likely to take time to materialize.

18.06.2009

•Our views are intended to be fundamental in nature. •Where possible the portfolio should reflect sector views with proportionatley a larger number of stocks where we have an overweight view. •We will provide a brief rationale for our recommendations each week. Please see our company notes for further colour.

Explanatory notes

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CL Top Dividend Picks

Market Cap P/BV P/E Dividend Yield Dividend Ex-Date Other LiquidCompany Country ISIN / Valor Rating Crncy Price in m 3 m % 12 m % 2010E 2011E 2012E 2010E 2011E 2012E 2010E 2011E 2012E Frequency Expected ListingsPHILIP MORRIS INTL US US7181721090 OP USD 66.1 118'808 18.2 31.9 31.2 48.7 77.5 17.1 14.8 13.4 3.7% 4.1% 4.7% Quarterly 21.06.2011Consumer Staples 3'754'629

PFIZER US US7170811035 OP USD 20.5 163'582 13.5 24.2 1.7 1.5 1.4 9.2 9.2 9.0 3.5% 3.9% 4.2% Quarterly 04.05.2011Health Care 962'004

KRAFT FOODS US US50075N1046 OP USD 32.4 56'665 4.0 9.8 1.7 1.5 1.4 16.0 14.5 12.9 3.6% 3.7% 3.8% Quarterly 27.06.2011Consumer Staples 1'213'349

MCDONALD'S US US5801351017 OP USD 76.9 80'219 6.7 15.1 5.9 5.3 4.9 16.7 15.2 14.0 3.0% 3.2% 3.6% Quarterly 26.05.2011Consumer Discretionary 950'605

CONOCO PHILLIPS US US20825C1045 OP USD 77.7 111'027 16.5 45.0 1.6 1.5 1.3 13.1 9.7 8.7 2.8% 3.2% 3.5% Quarterly 19.05.2011Energy 1'330'331

3M COMPANY US US88579Y1010 OP USD 92.9 66'098 6.1 13.4 4.2 3.8 3.3 16.2 14.9 13.3 2.3% 2.4% 2.5% Quarterly 18.05.2011Industrials 1'405'105

VODAFONE GB GB00B16GWD56 OP GBp 176.4 90'852 2.7 25.8 1.0 1.0 0.9 11.4 10.6 10.6 4.7% 5.0% 5.6% Semi-annual 01.06.2011 USTelecommunication Services 2'582'928

BRITISH AMERICAN TOBACCOGB GB0002875804 OP GBp 2523.5 50'234 12.4 17.9 5.7 5.0 4.5 14.5 13.1 12.0 4.5% 4.9% 5.4% Semi-annual 17.08.2011 USConsumer Staples 909'525

TELEFONICA ES ES0178430E18 OP EUR 17.9 81'627 1.8 7.7 3.3 3.3 3.2 10.2 9.7 9.3 7.8% 8.9% 9.8% Semi-annual 05.11.2011Telecommunication Services 826'858

ENI IT IT0003132476 EUR 17.2 68'972 -1.3 5.1 1.3 1.1 1.0 9.2 7.6 7.0 5.8% 6.0% 6.2% Semi-annual 23.05.2011 USEnergy 1'252'314 confirmed

GDF SUEZ FR FR0010208488 OP EUR 27.1 61'073 -2.7 1.1 1.0 0.9 0.9 13.8 13.0 11.7 5.6% 5.8% 6.1% Semi-annual 04.05.2011 USUtilities 2'200'367 confirmed

DEUTSCHE POST DE DE0005552004 EUR 12.8 15'439 -3.8 6.3 1.6 1.5 1.4 12.1 10.5 9.6 4.8% 5.3% 5.6% Annual 26.05.2011Industrials 1'124'244 confirmed

ALLIANZ DE DE0008404005 OP EUR 103.3 46'950 9.9 17.6 1.0 1.0 0.9 9.2 8.7 7.9 4.4% 4.8% 5.1% Annual 05.05.2011 US,UKFinancials 322'646 confirmed

ROYAL DUTCH SHELL A NL GB00B03MLX29 OP EUR 25.2 158'047 1.0 19.7 1.6 1.4 1.2 11.8 8.7 7.8 4.6% 4.6% 4.8% Quarterly 04.05.2011Energy 1'987'674

BASF DE DE000BASF111 OP EUR 63.0 57'846 7.9 40.4 2.9 2.5 2.2 11.5 10.5 9.7 3.4% 3.8% 4.0% Annual 09.05.2011Materials 11'450'563 confirmed

ZURICH FIN SERVICES CH CH0011075394 OP CHF 239.8 35'131 2.4 -0.8 1.3 1.2 1.1 10.6 9.4 8.5 6.3% 6.8% 7.0% Annual 04.04.2012 USFinancials 1'107'539

SWISSCOM CH CH0008742519 OP CHF 407.1 21'089 -1.1 8.9 3.1 3.0 2.8 11.2 11.0 10.7 5.4% 5.5% 5.9% Annual 26.04.2011 USTelecommunication Services 874'251 confirmed

SWISS PRIME SITE CH CH0008038389 CHF 73.2 3'980 5.3 18.0 1.2 1.2 1.2 20.7 19.4 19.0 4.8% 4.8% 4.9% Annual 21.04.2011Financials 803'838 confirmed

NOVARTIS CH CH0012005267 OP CHF 49.8 131'301 -6.0 -8.7 2.0 1.8 1.7 10.7 10.1 10.0 4.2% 4.4% 4.6% Annual 24.02.2012Health Care 1'200'526

NESTLE CH CH0038863350 OP CHF 53.5 185'551 1.0 2.0 3.1 2.9 2.8 16.6 16.1 14.6 3.2% 3.6% 4.0% Annual 18.04.2011 USConsumer Staples 3'886'335 confirmed

Last changes In: Nestlé

Out: Marks & Spencer Tel. +41 58 205 75 75Fax +41 58 205 37 88

31.03.2011

Performance

14.04.2011

Bahnhofstrasse 32, CH-8070 ZurichClariden Leu Ltd.31.03.2011

DisclaimerThis document was produced by and the opinions expressed are those of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Clariden Leu Ltd. to any person to buy or sell any security. Any reference to past performance is not necessarily a guideto the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable and accurate, but Clariden Leu Ltd. does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. The issuer of the securities mentioned herein or Clariden Leu Ltd. may have traded on the basis of theinformation and analysis contained in this publication before they were made available to the clients of Clariden Leu Ltd. Clariden Leu Ltd. may legally participate in other financial transactions with the issuers of the securities mentioned herein, invest in them, provide services to them or acquire business from such issuers and/or take out positions on such securities or hold options or carry out transactions with them.Investments in foreign currencies are subject to exchange rate fluctuations. Consult the specific securities prospectus or speak to your advisor before making any investment decisions. Neither this document nor any copy thereof may be sent or taken into the United States or distributed in the United States. In certain other jurisdictions the distribution may be restricted by local law or regulation. This document may not bereproduced in whole or in part without the written consent of Clariden Leu Ltd.

7

Clariden Leu Ltd Bahnhofstrasse 32, CH-8070 Zurich Tel. +41 58 205 75 75 Fax +41 58 205 37 88 Disclaimer This document was produced by and the opinions expressed are those of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Clariden Leu Ltd. to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable and accurate, but Clariden Leu Ltd. does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. The issuer of the securities mentioned herein or Clariden Leu Ltd. may have traded on the basis of the information and analysis contained in this publication before they were made available to the clients of Clariden Leu Ltd. Clariden Leu Ltd. may legally participate in other financial transactions with the issuers of the securities mentioned herein, invest in them, provide services to them or acquire business from such issuers and/or take out positions on such securities or hold options or carry out transactions with them. Investments in foreign currencies are subject to exchange rate fluctuations. Consult the specific securities prospectus or speak to your advisor before making any investment decisions. Neither this document nor any copy thereof may be sent or taken into the United States or distributed in the United States. In certain other jurisdictions the distribution may be restricted by local law or regulation. This document may not be reproduced in whole or in part without the written consent of Clariden Leu Ltd.

* relative to MSCI World

04/14/2011

Sector Recommendations

Consumer Discretionary

Sector Top Picks Rating* Earnings revisions Momentum Valuation VW, Swatch, Adidas, Carnival, 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveGategroup, WPP, Walt Disney - - Subsectors - Automobiles & Components - Consumer Durables - Consumer Services - Media - Retailing

Fiscal stimulus, low borrowing rates, high demand from Asia and signs of recovery from the labor market have been important supports for the sector. This coupled with strong inventory and cost management has propelled earnings and sent margins to a new all-time high. Further labor market gains will be required to turn the sector's earnings estimates revisions in positive territory again (currently neutral), and a renewed downturn in housing would hamper consumers' sentiment. Input cost inflation mainly puts de-mand in emerging markets to the test. The tragedy in Japan weighs on the sentiment for luxury goods stocks. Automobile: Rising raw material costs are an issue for the car industry, especially for volume players as they have limited pricing power.

Consumer Staples

Sector Top Picks Rating* Earnings revisions Momentum Valuation Tesco, Nestlé, Danone, Kraft, ABI 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveBAT, PMI, Henkel, P&G - + Subsectors - Food & Staples Retailing - Food Beverage & Tobacco - Household & Personal Products

Rising raw material costs are weighing on gross profits. The negative pricing seems to have come to an end, however positive pricing will become increasingly difficult to push through as the economic environment in Western Europe and the US remains tough. Cost cutting defends profitability meanwhile. A strong positioning in fast growing emerging markets is in favor of producers of consumer staples, however, input cost inflation mainly puts demand in emerging markets to the test. Staple Retailing: A (too) strong increase in food prices could weigh on food retailers as it could also be hard for them to pass on higher raw material prices.

Energy

Sector Top Picks Rating* Earnings revisions Momentum Valuation BG, BP, Royal Dutch Shell 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveFugro, Chevron, ConocoPhillips + + Subsectors - Exploration & Production - Integrated Oils - Oil Services

Global oil markets have been steadily tightening. This process is expected to continue in 2011. Investors are starting to anticipate the possibility of much higher prices within a few years. Nat gas prices are low due to weakness in Europe and the massive increase in supply now coming on stream in the US. As investment in US nat gas projects is scaled back, prices should rise. Our focus is on oil rather than natural gas related investments. We also believe that the outlook for service companies and companies supplying capital equipment to energy concerns is favorable. Gradually the Macondo spill is moving to the background – but activity in the Gulf of Mexico will remain depressed until the regulatory fall-out becomes clearer.

Financials

Sector Top Picks Rating* Earnings revisions Momentum Valuation Citi, JPM, Barclays, BNP 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveAllianz, Zurich + = Subsectors - Banks - Diversified Financials - Insurance - Real Estate

Insurers: By its nature, the insurance sector has a high exposure to the recent events in Japan with preliminary estimates for insured losses of about USD 25bn. Only a minor part of the economic losses will be paid by private insurers. Earthquake losses in the residen-tial segment are not covered by private insurers. A Japanese government entity covers these losses without any material reinsur-ance. The insurance industry will still experience substantial losses in the industrial and commercial lines. However, tsunami coverage is usually not part of the normal policy wording. Losses stemming from the nuclear events are usually excluded in P&C but not in life insurace policies. For European insurers, we don't expect capital-threatening claims. Banks: We continue to prefer US names.

Health Care

Sector Top Picks Rating* Earnings revisions Momentum Valuation Fresenius M.C., Medco Health, 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveNovartis, Pfizer = - Subsectors - Pharmaceuticals - Biotechnology - Health Care Equipment - Health Care Services

Pharma companies guided expectations down for 2011 as they continue to feel the impact of healthcare reform in the U.S. and Europe. New product launches, which are a key positive driver of the sector continue to be too scarce to change sentiment. We recommend to diversify into healthcare services, which can benefit from an increased usage of generics (Medco Health) or have predictable demand and pricing environment (FMC).

8

Clariden Leu Ltd Bahnhofstrasse 32, CH-8070 Zurich Tel. +41 58 205 75 75 Fax +41 58 205 37 88 Disclaimer This document was produced by and the opinions expressed are those of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Clariden Leu Ltd. to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable and accurate, but Clariden Leu Ltd. does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. The issuer of the securities mentioned herein or Clariden Leu Ltd. may have traded on the basis of the information and analysis contained in this publication before they were made available to the clients of Clariden Leu Ltd. Clariden Leu Ltd. may legally participate in other financial transactions with the issuers of the securities mentioned herein, invest in them, provide services to them or acquire business from such issuers and/or take out positions on such securities or hold options or carry out transactions with them. Investments in foreign currencies are subject to exchange rate fluctuations. Consult the specific securities prospectus or speak to your advisor before making any investment decisions. Neither this document nor any copy thereof may be sent or taken into the United States or distributed in the United States. In certain other jurisdictions the distribution may be restricted by local law or regulation. This document may not be reproduced in whole or in part without the written consent of Clariden Leu Ltd.

* relativ zum MSCI World

04/14/2011

Sector Recommendations

Industrials

Sector Top Picks Rating* Earnings revisions Momentum Valuation ABB, Sulzer, Kaba 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveSiemens, 3M, Honeywell, CSX = + Subsectors - Capital Goods - Commercial Services - Transportation

Industrials was the second best performing sector in 2010. The sector consistently outperformed throughout the year. Industrials earnings momentum is the second strongest in the market. The cyclical recovery for these companies continues at a solid pace. The sector does no longer look cheap on our valuation measures. The loss of momentum in many leading indicators calls for a mid term correction. Mid to long term the sector might get another boost from rising energy prices and also from the consequences of the Japanese catastrophe. Energy efficiency and energy safety is a appropriate response to this issue. ABB and Siemens are good bets in this space.

Information Technology

Sector Top Picks Rating* Earnings revisions Momentum Valuation Microsoft, SAP, HP, Ericsson 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveCorning - + Subsectors - Semiconductors - Software & Services - Technology Hardware

Japan is a very important country for the global technology supply chain, for example in resins widely used for printed circuit boards or in semiconductors, where Japan accounts for over 30% of global capacity according to Citigroup. Substantial damage at some factories, rolling blackouts and already low levels of spare capacities in some areas even before the recent earthquakes are likely to trigger supply chain disruptions in the months ahead. We continue to favour rather defensive companies with high cash flows and strong balance sheets and see attractive opportunities. Software and IT services companies are generally much better protected in operational terms than pure hardware plays.

Materials

Sector Top Picks Rating* Earnings revisions Momentum Valuation BASF, Lonza, DuPont 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveAlcoa, Rio Tinto + + Subsectors - Chemicals - Construction - Metals&Mining

Prices of most metals have reached new highs in January and February and are currently providing record profit margins to miners. However, the risks are also substantial: Rising inventories of at least some metals, high oil and food prices, a partially overheated Chinese real estate market, high government debt levels and now a potential nuclear desaster in Japan. In mining, we favour more defensive companies with low production costs. Uranium equities have lost at least some of their long-term drivers. In chemicals, we currently prefer large, diversified companies with good pricing power such as BASF and DuPont.

Telecommunication Services

Sector Top Picks Rating* Earnings revisions Momentum Valuation Swisscom, Telefonica 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractiveFrance Telecom, AT&T + - Subsectors none

The Telecom sector trades at a small discount to the market. The dividend yield at 5.5% is twice the global average but the payout

ratio is also considerably higher. The earnings growth outlook is uninspiring with EPS forecast to grow by 5-6% in 2011. With the

sector generating little revenue growth this may remain an issue. A bright spot is that the sector continues to generate lots of cash and some companies are using this for buybacks.

Utilities

Sector Top Picks Rating* Earnings revisions Momentum Valuation Enel 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive = - Subsectors none

The accidents at nuclear power plants in Japan have had several consequences for European utilities: Germany has delayed a deci-sion to prolong the lifetime of nuclear plants, the price of gas has increased in anticipation of a higher demand and power price futures have also gone up. On balance, higher gas and power prices are likely to outweigh a lower utilization of nuclear power assets. We have become more positive on utilities and upgraded Enel. We like Enel for its favorable energy mix and supportive regulatory environment in its domestic market Italy. We continue to be cautious on German utilities as they are pressured by high debt, regula-tory demands to invest more in renewable forms of energy and generally less support from the government.

9

EQUITY MODEL PORTFOLIO14.04.2011

Switzerland EuropeRatingStockRatingStock

/ Investment Research, Tel. +41 58 205 75 75, E-Mail: [email protected]

North AmericaRatingStock

Energy

BP PLC OP

ROYAL DUTCH SHELL A OP

CHEVRON OP

CONOCO PHILLIPS OP

Materials

LONZA GROUP OP

SYNGENTA OP

BASF OP

K+S AG OP

RIO TINTO OP

ALCOA OP

Capital Goods

KABA OP PHILIPS ELECTRONICS OP

SIEMENS OP

3M COMPANY OP

CATERPILLAR OP

Commercial Services

SGS OP

Consumer Durables

LVMH OP

Consumer Services

GATEGROUP HOLDING OP CARNIVAL CORP OP

Media

WPP GROUP OP WALT DISNEY OP

Food, Beverage & Tobacco

NESTLE OP ANHEUSER-BUSCH INBEV OP

BRITISH AMERICAN TOBACCO OP

PHILIP MORRIS INTL OP

Household & Personal Products

HENKEL OP PROCTER & GAMBLE OP

Health Care Equipment & Services

FRESENIUS MEDICAL CARE OP MEDCO HEALTH SOL OP

Pharma & Biotech

NOVARTIS OP

ROCHE GS MP

PFIZER OP

Banks

BARCLAYS OP

BNP PARIBAS OP

Explanation °: recommended for smaller portfolios *: neutral sector weight 10

EQUITY MODEL PORTFOLIO14.04.2011

Switzerland EuropeRatingStockRatingStock

/ Investment Research, Tel. +41 58 205 75 75, E-Mail: [email protected]

North AmericaRatingStock

Diversified Financials

UBS OP CITIGROUP OP

JPMORGAN CHASE OP

Insurance

SWISS RE r ALLIANZ OP

Software

SAP OP

Technology Hardware

ERICSSON OP CORNING OP

HEWLETT-PACKARD OP

Telecommunication

SWISSCOM OP FRANCE TELECOM OP

VODAFONE OP

In: Out: In: Out:Changessince 05.03.2011

This document does not constitute an offer or an invitation to buy or sell any security and the opinions expressed herein are those of Clariden Leu Ltd. at a particular time. Changes in the overall environment may affect those appraisals. Clariden Leu Ltd. as the editor does not accept any liability for the content of this document. It is expressly pointed out that Clariden Leu Ltd. may invest or may have invested in the securities referred herein. Neither this document nor any copy thereof may be sent or taken into the United States or distributed in the United States. In certain other jurisdictions the distribution may be restr icted by local law or regulation. This document may not be reproduced either in whole, or in part, without the written permission of Clar iden Leu Ltd.

In: Out:ROCHE GS (10.03.2011)

GATEGROUP HOLDING (07.04.2011)

VODAFONE (17.03.2011)

SOCIETE GENERALE (10.03.2011)

KINGFISHER (10.03.2011)

SANOFI-AVENTIS (17.03.2011)

DEUTSCHE TELEKOM (17.03.2011)

GDF SUEZ (07.04.2011)

PHILIP MORRIS INTL (10.03.2011)

PFIZER (17.03.2011)

MICROSOFT (10.03.2011)

HONEYWELL INTL (17.03.2011)

Explanation °: recommended for smaller portfolios *: neutral sector weight 11

Rating Changes

Equities

Sanofi-aventis

restricted MP

13.04.11

The acquisition of Genzyme helps Sanofi-aventis to make up for some profits lost to patent expiries in the period 2011-13. Sentiment towards Sanofi has been cautious given the com-pany's mixed track record in the development and launch of new drugs. The absence of promising new launches in the next three years mainly justifies that we resume coverage with a Marketperform. The price target assumes that Sanofi's valuation gap relative to peers could close somewhat.

12

Agenda: Company – Economic events

Monday April 18, 2011 Tuesday April 19, 2011 Wednesday April 20, 2011 Thursday April 21, 2011 Friday April 22, 2011

Company results Company results Company results Company results Company results

Citigroup Actelion Abbott Laboratories Du Pont

Kühne & Nagel Goldman Sachs American Express General Electric

Philips Electronics IBM Amgen Honeywell

Texas Instruments Intel AT&T McDonald's

Johnson & Johnson United Technologies Newmont Mining

Novartis Nokia

Temenos Philip Morris International

Tesco Schlumberger

US Bancorp Verizon Communications

Economic events Economic events Economic events Economic events Economic events

10:00 US NAHB Housing Market Index 01:00 JN Consumer Confidence 10:00 US Existing Home Sales MoM 01:00 JN Leading Index Ci

10:00 EC Euro-Zone Consumer Confi. 02:00 EC EU 25 New Car Registrat. 10:00 US Existing Home Sales 04:30 GE IFO – Business Climate

05:00 EC Construction Output WDA 04:30 UK Retail Sales Ex Auto Fuel YoY

08:30 US Building Permits MOM% 08:30 US Initial Jobless Claims

08:30 US Housing Starts MOM% 08:30 US Continuing Claims

10:00 US House Price Index MoM

10:00 US Leading Indicators

10:00 US Philadelphia Fed.

13

Figures

Last price (04/14/11) Δ 1W Δ 3M Δ 1.1.11 Δ 3Y Δ 5Y

Switzerland SMI 6378.4 -1.2% -1.7% 0.2% -4.3% -9.7%SPI 5819.1 -1.2% -1.4% 0.3% -3.0% -6.0%SMIM 1403.9 -0.8% -0.8% -1.3% 6.1% 15.0%United States Dow Jones 12271.0 -1.3% 5.2% 6.7% 8.7% 26.0%S&P500 1314.4 -1.6% 2.9% 5.1% 5.5% 13.3%Nasdaq 2761.5 -1.4% 1.2% 4.3% 24.2% 24.2%S&P 400 Midcap 974.1 -2.6% 5.7% 7.8% 27.8% 33.5%S&P 600 Smallcap 435.6 -3.7% 3.5% 5.1% 24.3% 19.0%Brazil Brazil Bovespa 66486.5 -3.7% -6.0% -4.1% 6.2% 74.5%Europe Stoxx50 2607.7 -0.7% -1.7% 2.0% -4.1% -9.2%Euro-Stoxx 50 2927.6 -0.7% 1.5% 6.0% -9.0% -4.9%Stoxx 600 277.5 -1.1% -1.3% 1.7% 0.5% -0.4%Great Britain FTSE100 5974.8 -0.5% 1.0% 3.1% 15.7% 22.2%Germany Dax Xetra 7153.9 -0.5% 1.5% 3.8% 8.7% 21.3%France CAC40 3982.3 -1.0% 0.8% 5.3% -5.7% -6.1%Italy FTSE MIB 21920.3 -1.0% 3.7% 9.6% -24.0% -27.5%Japan Nikkei 225 9653.9 0.6% -8.1% -4.9% -23.7% -39.5%Russia Russian RTS 2042.3 -2.3% 9.8% 16.5% 0.8% 39.2%China Shanghai B Share 328.3 1.8% 6.4% 7.7% 35.0% 288.0%Emerging Markets MSCI EM 1185.3 -1.5% 2.2% 3.3% 9.8% 65.7%

Sectors Last price (04/14/11) Δ 1W Δ 3M Δ 1.1.11 Δ 3Y Δ 5Y

United States Energy 300.3 -4.0% 8.6% 11.5% 1.5% 50.1%Materials 174.3 -3.7% 1.8% 2.6% -4.4% 35.6%Industrial 145.8 -2.4% 4.4% 7.2% 5.1% 17.7%Consumer Discretionary 116.5 -0.9% 3.8% 4.6% 34.3% 26.2%Consumer Staples 121.9 0.7% 4.5% 4.7% 18.9% 51.2%Health Care 105.7 0.3% 5.3% 7.6% 15.0% 20.9%Financials 73.6 -2.5% -0.5% 2.6% -27.5% -40.1%Information Technology 94.8 -0.8% -1.1% 2.6% 22.9% 27.7%Telecommunications 38.8 -0.6% 5.2% 3.5% 9.7% 26.7%Utility 95.4 -1.9% 1.5% 2.5% -11.2% 22.8% Europe Energy 175.8 -2.5% 1.3% 5.6% 0.7% -5.1%Materials 263.1 -1.4% -0.7% -0.5% -5.6% 33.5%Industrial 156.9 -2.6% -1.7% 0.9% 0.6% 3.7%Consumer Discretionary 95.2 -2.3% -4.6% -2.4% 10.5% 0.9%Consumer Staples 151.9 0.2% 0.6% -1.5% 10.1% 33.0%Health Care 94.9 0.6% -0.7% 0.6% 8.5% -15.5%Financials 63.0 0.1% 0.6% 7.6% -36.7% -47.9%Information Technology 50.4 -1.9% 0.2% 4.5% -16.4% -38.3%Telecommunications 73.0 -1.0% 2.4% 5.2% -2.7% 7.5%Utility 120.6 0.8% 3.2% 4.8% -26.4% -6.9%

14

-8.2

-6.4

-5.7

-5.2

-4.2

-3.6

-2.3

-0.9

3.2

4.1

5.1

5.6

5.9

8.1

8.3

9.6

1.9

10.0

10.7

-9.2

-15 -10 -5 0 5 10 15

NOVARTIS AG-REG

JULIUS BAER GROUP LTD

CIE FINANCIERE RICHEMON-BR A

LONZA GROUP AG-REG

SWATCH GROUP AG/THE-BR

ADECCO SA-REG

ROCHE HOLDING AG-GENUSSCHEIN

NESTLE SA-REG

SWISSCOM AG-REG

ACTELION LTD-REG

SYNTHES INC-144A/REGS

ABB LTD-REG

CREDIT SUISSE GROUP AG-REG

HOLCIM LTD-REG

ZURICH FINANCIAL SERVICES AG

SGS SA-REG

SWISS REINSURANCE CO LTD-REG

TRANSOCEAN LTD

UBS AG-REG

SYNGENTA AG-REG

-7.1

-5.9

-3.6

-2.3

-2.1

-0.6

2.8

5.3

7.0

7.4

7.4

7.5

7.6

7.6

7.9

9.0

9.0

10.5

11.2

11.7

13.7

13.8

14.9

2.7

2.3

0.2

-8.2

-14.7

16.8

-0.5

-20 -15 -10 -5 0 5 10 15 20

CISCO SYSTEMS

MICROSOFT CORP

MERCK & CO

INTEL CORP

JOHNSON&JOHNSON

HEWLETT-PACKARD

PROCTER & GAMBLE

WAL-MART STORES

BANK OF AMERICA

MCDONALDS CORP

COCA-COLA CO/THE

AT&T INC

KRAFT FOODS INC

VERIZON COMMUNIC

UNITED TECH CORP

AMERICAN EXPRESS

HOME DEPOT INC

ALCOA INC

TRAVELERS COS IN

3M CO

DU PONT (EI)

GENERAL ELECTRIC

JPMORGAN CHASE

BOEING CO/THE

WALT DISNEY CO

IBM

EXXON MOBIL CORP

CHEVRON CORP

CATERPILLAR INC

PFIZER INC

-9.7

-8.9

-7.2

-6.2

-3.2

-3.0

-1.9

-1.8

-1.5

-1.1

-0.4

-0.2

0.4

1.1

1.4

1.9

2.9

4.6

4.8

5.4

5.4

5.4

5.5

5.7

5.9

6.9

7.3

7.4

9.8

10.3

11.2

11.3

11.8

13.4

13.4

14.3

14.6

15.0

16.1

16.9

20.7

-0.2

0.7

23.1

22.9

1.1

1.0

23.3

-22.5

24.6

-30 -20 -10 0 10 20 30

NOKIA OYJ

LVMH MOET HENNESSY LOUIS VUI

ARCELORMITTAL

KONINKLIJKE PHILIPS ELECTRON

RWE AG

UNILEVER NV-CVA

ANHEUSER-BUSCH INBEV NV

E.ON AG

BAYERISCHE MOTOREN WERKE AG

DAIMLER AG-REGISTERED SHARES

L'OREAL

SCHNEIDER ELECTRIC SA

BAYER AG-REG

AIR LIQUIDE SA

FRANCE TELECOM SA

SIEMENS AG-REG

CARREFOUR SA

VIVENDI

GDF SUEZ

DANONE

MUENCHENER RUECKVER AG-REG

UNIBAIL-RODAMCO SE

DEUTSCHE BOERSE AG

CRH PLC

BASF SE

ENI SPA

TOTAL SA

TELEFONICA SA

VINCI SA

BANCO SANTANDER SA

SANOFI-AVENTIS

DEUTSCHE BANK AG-REGISTERED

IBERDROLA SA

INTESA SANPAOLO

TELECOM ITALIA SPA

ASSICURAZIONI GENERALI

BNP PARIBAS

UNICREDIT SPA

REPSOL YPF SA

BANCO BILBAO VIZCAYA ARGENTA

DEUTSCHE TELEKOM AG-REG

SOCIETE GENERALE

SAP AG

ALLIANZ SE-REG

COMPAGNIE DE SAINT-GOBAIN

ALSTOM

CREDIT AGRICOLE SA

ENEL SPA

ING GROEP NV-CVA

AXA SA

Performance Dow Jones-members since 1.1.2011

Performance SMI-members since 1.1.2011 Performance Euro Stoxx 50-members since 1.1.2011

15

Please see disclaimer on page 2.

Clariden Leu Ltd. Bahnhofstrasse 32, CH-8070 Zurich Tel. +41 58 205 75 75 Fax +41 58 205 37 88

1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

Ris

k av

erse

Ris

k se

ekin

g

Ris

k av

erse

Ris

k se

ekin

g

Markets and Forecasts at a Glance

31.12.10 13.04.11 YTD

12mth fwd P/E

12mth Earnings Growth

Dividend Yield

Risk Premium 3mth* 12mth*

S&P 500 1258 1314 4.5% 13.1 14.6% 2.2% 4.2% ≈ ↓

DJ Euro Stoxx 50 2793 2928 4.9% 9.5 11.8% 4.4% 7.1% ↑ ↑

FTSE 100 5900 5975 1.3% 10.3 16.8% 3.4% 6.1% ↓ ≈

SMI 6436 6380 -0.9% 11.6 9.8% 3.0% 6.5% ↓ ↓

Topix** 899 847 -5.8% 12.6 11.0% 2.1% 6.7% ≈ ≈

MSCI EM USD 1151 1185 2.9% 11.1 15.7% 2.3% 2.7% ↑ ↑

Sources: Clariden Leu, Datastream, Bloomberg, IBES * relative to MSCI World / ** one day after

Equity Outlook relative to MSCI World Fixed Income Outlook relative to Cash

Regions 3mth 12mth Sectors 3mth 12mth

North America = - Energy + +

UK - = Materials + +

Europe ex UK ex CH + + Industrials = +

Switzerland - - Cons. Discretionary - -

Japan = = Consumer Staples - +

EMMA Asia + + Health Care = -

EMMA Latin America + + Financials + =

EMMA Eastern Europe = + Inf. Technology - +

Telecom + -

Utilities = -

3mth 12mth

Government CHF = -

EUR = -

USD = -

Investment Grade + +

Emerging Market Bonds = +

High Yield Bonds +(++) +

Convertible Bonds =(+) +

Rating: ++ highly favorable + favorable = neutral – unfavorable -- Highly unfavorable Source: Clariden Leu

Interest Rates

Central Bank Interest Rates (Last forecast change as of 06.04.11)

31.12.10 (%) 14.04.11 (%) YTD (Bp) 12mth

USA 0.25 0.25 0 0.50% ↑

Eurozone 1.00 1.25 25 1.75% ↑

UK 0.50 0.50 0 1.25% ↑

Switzerland 0.25 0.25 0 0.75% ↑

Japan 0.10 0.10 0 0.10% ≈

10-Year Treasury Yields (Last forecast change as of 13.04.11)

31.12.10 (%) 14.04.11 (%) YTD (Bp) 12mth

USA 3.29 3.46 16 3.75% ↑

Eurozone 2.96 3.42 45 3.50% ↑

UK 3.40 3.68 28 4.00% ↑

Switzerland 1.72 2.11 39 2.25% ↑

Japan 1.13 1.29 16 1.50% ↑

0

1.0

2.0

3.0

4.0

0 2 4 6 8 10Time to maturity (Years)

Yield in %

USD EUR GBP CHF JPY

LIBOR

Source: Bloomberg

Exchange Rates Risk Appetite Indicator

Current

Spot

Bloomberg Consensus Forecasts

CL Forecasts as of 15.03.11

(14.04.11) 3mth 12mth 3mth 12mth

USD CHF 0.89 0.93 0.97 0.9 - 0.94 0.98 - 1.02

USD JPY 83 85 88 82 - 86 90 - 94

EUR USD 1.45 1.40 1.37 1.37 - 1.41 1.34 - 1.38

EUR CHF 1.29 1.30 1.33 1.26 - 1.3 1.34 - 1.38

EUR JPY 120 119 121 115 - 119 123 - 127

GBP CHF 1.46 1.50 1.58 1.45 - 1.49 1.6 - 1.64

GBP USD 1.63 1.61 1.63 1.58 - 1.62 1.6 - 1.64

Commodities

31.12.10 14.04.11 YTD 3mth 12mth

Gold per oz 1418.75 1461.2 3% = ↑

Oil (WTI) per barrel 91.38 107.11 17% = ↑

Equity Indices

Source: Datastream, Clariden Leu ↑ positive outlook ≈ neutral outlook ↓ negative outlook

16

ALCO A 14.04.2011

2 006 2007 2008 2009 20105

10

15

20

25

30

35

40

45

50

ALC OAH OCH 46.45 18.07. 2007,TIEF 5.48 18.03.2009,SCHLUSS 16.55 13.04.2011

5

10

15

20

25

30

35

40

45

50

Source: Thomson Dat ast ream

ALCOA

Aluminium price increases surpass cost inflation

Materials

North America

USA

20.00

20.8%

Outperform

Price Target (12–18 months)

Potential

Rating

Model Portfolio

Valor/Bloomberg/Reuters

Last Event: Q1 earnings of USD 308 m were rather better thanexpected, though the 22% rise in sales fell somewhat short ofpredictions. The forecast of 12% growth in global aluminium demand for 2011 was confirmed. However, Alcoa has warned ofrising costs, notably for natural gas and diesel.

Comment: A number of aluminium smelters have restarted theiroperations in China after energy-saving measures have expired,which has aggravated overcapacity in the sector again. However, production costs in China are much higher than Alcoa's. Alumin-ium stocks on the London Metal Exchange (LME) are equivalentto 41 days of global demand, which is still high (LT average is 15days). Since these inventories are often financed by loans, risinginterest rates may trigger their sale. Despite this risk, though,the aluminum price has so far risen much faster than Alcoa'sproduction costs. As with other metals shares, the short-term risks for Alcoa are high (energy prices, slowdown in China). In themedium term, however, the stock offers substantial upside.

Christian Fröhlich

[email protected]:

Yes

16.55

69.0 12.4 9.9

0.7% 0.7% 0.9%

21'013 24'509 25'610

1'495 1'568254

3.2 5.3 16.5

Per Share Data

EPS

2010 2011E 2012E

P/E Ratio

Dividend Yield

Income Statement

Revenues

2010 2011E 2012E

Net Income

Performance

Absolute

1 Month 3 Months 1 Year

in mio. USD

in

986'052/aa us /AA.N

Country

Region

Risk Class

USD

Dynamic

Investment case:

• Aluminium is very strong relative to its weight, corrosion resistant and a very good electricity conductor. Gains in market share in the transportation and energy sectors.

• Excess production of Alumina will in the future be sold at more flexible, historically often higher market prices. Renegotiations of contracts to be completed by 2015.

• Opportunities: Economic recovery, increasing alumina sales prices, completed cost reductions, energy mix mainly consists of renewable energies.

• Risks: Global excess capacity and high aluminium inven-tories, economic risks (e.g. downturn in China), compos-ites replacing aluminium (e.g. in aircraft construction).

• Conclusion: Attractive medium-term upside potential.

Sector

Price (in USD)

14.04.2011

Clariden Leu AGClaridenstrasse 19, CH-8070 Zürich

+41 58 205 37 32

0.2 1.3 1.7

Company Note

Description

Alcoa is one of the world's biggest aluminium producers with activities in all segments of the industry (bauxite mining, alumina refining, aluminium electrolysis, component manufacturing, recycling etc.). Excess produc-tion of the intermediate product alumina is sold to third parties. Alcoa also owns and operates electric power stations, which generate ap-proximately 23% of the electricity used in its aluminium smelters.

Please see disclaimer on page 2. Page 1/2

relative to regional sector

17

ALCOA INC

Financials & Valuation*

Profit & Loss 2008 2009 2010 2011E 2012EUSD mn

Sales 26'901 18'439 21'013 24'509 25'610

EBITDA 3'313 359 2'705 4'420 4'715

Operating profit 2'079 -952 1'254 3'044 3'633

Margin 8% -5% 6% 12% 14%

Net profit -74 -1'151 254 1'512 1'618

Balance Sheet 2008 2009 2010USD mn

Total Assets 37'822 38'472 39'293

Total Liabilities 23'490 22'952 22'207

Total Shareholders' Equity 14'332 15'520 17'086

Net debt 9'816 8'378 7'622

Net debt/Equity 0.7 0.5 0.4

Per Share Data 2008 2009 2010 2011E 2012E

USD

EPS 1.0 -0.9 0.5 1.4 1.6

Dividend 0.7 0.3 0.1 0.1 0.1

Book Value 14.6 12.7 13.3 14.1 15.7

Ratios 2008 2009 2010 2011E 2012E

P/E 12.1 n.m. 28.5 11.9 10.6

P/Book 0.8 1.3 1.2 1.2 1.1

P/Sales 0.3 0.8 0.7 0.7 0.7

EV/EBITDA 6.5 75.9 9.9 6.4 5.7

EV/Sales 0.8 1.5 1.3 1.2 1.0

Dividend yield 6.0% 1.6% 0.8% 0.7% 0.9%

Profitability 2008 2009 2010 2011E 2012E

ROE -1% -10% 2% 10% 10%

ROA 0% -3% 1% 5% 5%

Coverage Ratios 2008 2009 2010 2011E 2012E

Net debt/EBITDA 3.0 23.3 2.8 1.6 1.2

Div payout 244% n.m. 47% 9% 9%

Issuer Information

Market Cap. (m) 17'588

Fiscal year end 12/2010

ISIN Number US0138171014 Event Calendar

Last price USD 16.6 14.04.2011 July 11, 2011 Quarterly results

52 week high USD 18.5 08.04.2011 May 4, 2011 Dividend ex date

52 week low USD 9.8 01.07.2010

Geographic Sales Split 2008 2009 2010 Product Sales Split 2008 2009 2010

U.S. 14'335 9'546 10'560 50% Aluminium 8'021 5'252 7'070 34%

Australia 3'228 2'287 2'842 14% Flat-rolled aluminium products 8'966 6'069 6'277 30%

Spain 1'733 1'099 1'234 6% Aluminium components 6'199 4'689 4'584 22%

Brazil 1'287 897 1'182 6% Alumina 2'924 2'161 2'815 13%

Netherlands 1'263 1'002 940 4% Adjustment 791 268 267 1%

Norway 24 477 809 4%

Other 3'023 1'122 1'436 16%

*) Data is directly imported from Bloomberg and may deviate from adjusted figures on the 1st page.

P/E Ratio

0

5

10

15

20

25

30

35

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

Operating Margin (%)

0

2

4

6

8

10

12

14

16

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

The information and opinions expressed in this document were produced by the Investment Research department of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. The report is published solely forinformation purposes and does not constitute an offer or an invitation by, or on behalf of, Clariden Leu Ltd. to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction . Ithas been prepared without taking account of the objectives, financial situation or needs of any particular investor. Although the information has been obtained from and is based up on sources that Clariden Leu Ltd. believes to be reliable, norepresentation is made that the information is accurate or complete. Clariden Leu Ltd. does not accept liability for any loss arising from the use of thi s report. The price and value of investments mentioned and any income that might accruemay fluctua e and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwiseconstitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of anyproducts mentioned in this document. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks, currency risks,and market risks. Before entering into any transaction, investors should consider the suitability of the transact ion to individual circumstances and objectives. Cl ar iden Leu Ltd. recommends that investors independently assess, with aprofessional financial advisor, the specific financial risks as well as legal , regulatory, credit, tax and accounting consequences. Clariden Leu Ltd. may, to the extent permitted by law, participate or invest in other financing transactions withthe issuer of the securities referred to herein, perform services or solicit business from such i ssuers, and/or have a position or effect transactions in the securities or options thereof. Neither this document nor any copy thereof may besent , taken into or distributed in the United Stat es or in Japan or to any US Person. Local law or regulation may restrict the distribution of research reports into certain jurisdiction. This document may not be reproduced either in whole or inpart, without the written permisson of Cl ariden Leu Ltd. © Clariden Leu Ltd. All rights reserved.

Earnings Per Share

-1.5-1.0-0.5

0.00.51.01.52.02.53.03.5

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

18

GI VAUDAN N 13.04.2011

2006 2007 2008 2009 2010500

600

700

800

900

1000

1100

1200

GIVAUDAN 'N'HOCH 1168.25 19.06.2007,TIEF 557.66 31.03.2009,SCHLUSS 925. 00

500

600

700

800

900

1000

1100

1200

Source: Thomson Datast ream

GIVAUDAN

Still some headwinds in 2011

Materials

Switzerland

Switzerland

1'000.00

7.2%

Marketperform


Potential

Rating

Model Portfolio


Last Event: Givaudan reported sales down by 5% in the firstquarter of 2011. Excluding foreign exchange effects, sales grewby 3%. After highlighting a sharp rise in the cost of raw materialsearlier this year, the company said that it has managed to nego-tiate price increases with most of its customers. The full impact of that should be visible in the second half of 2011.

Comment: Results were modestly below expectations. The revenue growth rate in 2011 is likely to be below Givaudan'slong term target of around 5% . This is in large part due to adifficult comparison with 2010 (local currency growth of 9%).The company's ability to pass on price increases to customers isencouraging. However, at this stage it is difficult to quantify theoverall impact on operating margins in 2011. The ongoingstrength of the Swiss franc is another factor that leads us tomaintain a Marketperform rating.

Luis Correia, PhD

[email protected]:

No

933.00

15.7 16.2 14.3

2.8% 2.8% 3.2%

4'225 4'225 4'423

500 583486

3.0 -5.3 -3.4

Per Share Data

EPS

2010 2011E 2012E

P/E Ratio

Dividend Yield

Income Statement

Revenues

2010 2011E 2012E

Net Income

Performance

Absolute


in mio. CHF

in

1'064'593/givn vx /GIVN.VX

Country

Region

Risk Class

CHF

Moderate

Investment Case:

• Givaudan is the world's leading manufacturer of fra-grances and flavours. It has a high exposure to emerging markets (41% of sales).

• Sales are closely linked to demand for consumer goods such as toiletries and food. This makes the company more defensive than most other chemicals companies.

• Company aims to raise cash return to shareholders after reducing its leverage ratio from the current 29% to 25%. This likely means higher dividends from 2012 on-wards.

• Target price still assumes a premium both to its direct competitor IFF and to other Swiss chemical stocks.

Sector

Price (in CHF)

13.04.2011


+41 58 205 67 31

59.5 57.4 65.2

Company Note

Description

Givaudan is one of the leading flavours & fragrances producers world-wide. Fragrances account for 46% and Flavours for 54% of revenues. The company divides its markets into Mature Markets (North America, Western Europe and Japan), which account for 59% of revenues and Developing Markets (41% of revenues).



19

GIVAUDAN-REG


Profit & Loss 2008 2009 2010 2011E 2012ECHF mn

Sales 4'087 3'959 4'239 4'225 4'423

EBITDA 822 758 866 933 1'010

Operating profit 467 463 557 655 772

Margin 11% 12% 13% 16% 17%

Net profit 111 199 340 500 583

Balance Sheet 2008 2009 2010CHF mn

Total Assets 6'997 7'213 6'923



Net debt 3'091 2'230 1'299

Net debt/Equity 147.7% 79.3% 37.7%

Per Share Data 2008 2009 2010 2011E 2012E

CHF

EPS 29.1 40.5 62.4 57.3 65.0

Dividend 9.4 20.6 21.5 26.0 30.3

Book Value 277.2 336.4 378.9 396.5 408.0

Ratios 2008 2009 2010 2011E 2012E

P/E 53.2 33.0 26.6 16.3 14.4

P/Book 2.8 2.5 2.7 2.4 2.3

P/Sales 1.4 1.7 2.1 2.0 1.9

EV/EBITDA 11.0 12.0 12.1 10.4 9.4

EV/Sales 2.2 2.3 2.5 2.3 2.1

Dividend yield 1.2% 2.5% 2.1% 2.8% 3.2%


ROE 5% 8% 11% 14% 16%

ROA 1% 3% 5% 7% 9%


Net debt/EBITDA 3.8 2.9 1.5 1.2 0.8

Div payout 65% 88% 58% 45% 47%

Issuer Information



ISIN Number CH0010645932 Event Calendar

Last price CHF 934.0 13.04.2011 04.08.2011 Semi annual result

52 week high CHF 1037.1 08.12.2010 29.03.2012 Dividend ex date

52 week low CHF 841.3 25.05.2010


Rest of Europe 1'449 1'311 1'313 31% Flavours 2'189 2'135 2'251 53%

Asia Pacific 864 916 1'046 25% Fragrances 1'898 1'824 1'988 47%

USA and Canada 1'003 944 999 24%

Latin America 453 459 515 12%

Africa, Middle East 270 279 315 7%

Switzerland 48 50 51 1%


P/E Ratio

0

10

20

30

40

50

60

70

80

90

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


02468

101214161820

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


Earnings Per Share

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

20

RIO TI NTO 14.04.2011

2 006 2007 2008 2009 2010500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000

RIO TIN TOH OCH 5684.43 14.05. 2008,TIEF 948.37 03.12. 2008,SCH LU SS 4432.39

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000


RIO TINTO

Production hit by floods

Materials

Europe

United Kingdom

4'900.00

13.3%

Outperform


Potential

Rating

Model Portfolio


Last Event: Iron ore output at Rio Tinto dropped by 3% to 42million tonnes in Q1. The decline from Q4 2010 came to a sub-stantial 16%. This was due to the consequences of various cy-clones and the disastrous floods in Australia. The extremeweather conditions also impacted on Australian coke output(-12%) and on aluminum oxide production (-4%). Copper outputwas also down (-14%), but this was due to a decline in oregrades at the Escondida and Grasberg mines.

Comment: Production fell far short of predictions, but is cur-rently moving back toward normal levels. The decrease in copperoutput is more structural. However, the huge Oyu-Tolgoi copperand gold mine in Mongolia, in which Rio Tinto holds an indirect28% stake through Ivanhoe, will turn the trend around at the end of 2012. High cost inflation and a tighter monetary policy in China suggest that the current margins are not sustainable in themedium term. Thanks to its low production costs, however, Rio ismore resilient to bad news than other mining companies.

Christian Fröhlich

[email protected]:

Yes

4'325.00

9.2 7.3 7.2

1.6% 1.7% 1.8%

56'576 66'140 66'690

19'137 18'62914'324

11.2 -1.2 15.7

Per Share Data

EPS

2010 2011E 2012E

P/E Ratio

Dividend Yield

Income Statement

Revenues

2010 2011E 2012E

Net Income

Performance

Absolute


in mio. USD

in

402'589/rio ln /RIO.L

Country

Region

Risk Class

GBp

Dynamic

Investment case:

• Owner of first-class mines/alu smelters with a low cost profile and long-lasting reserves in politically stable re-gions such as Australia, North America and Europe.

• High raw material prices, margins and government defi-cits increase the risk of extraordinary taxes. However, Australia's new resource tax has been watered down.

• Opportunities: High quality mines, capacity reductions in the aluminium sector promise turnaround.

• Risks: Cyclical weakening of China's strong demand for metals (construction, capital goods); growth plans of many competitors will reduce margins in the long term.

• Conclusion: Valuation has clearly increased. However, strong ST earnings momentum offers further upside.

Sector

Price (in GBp)

14.04.2011


+41 58 205 37 32

470.3 596.0 602.0

Company Note

Description

Rio Tinto is the second-largest iron ore producer (after Vale but before BHP) and one of the biggest players in the aluminium sector alongside Alcoa, RUSAL and Chalco. The company also has mining interests in coal, copper and other raw materials. Rio has two parent companies (Rio Tinto plc and Rio Tinto Limited) that participate in a fixed proportion in all operating activities and are headed by the same management team.



21

RIO TINTO PLC


Profit & Loss 2008 2009 2010 2011E 2012EUSD mn

Sales 54'264 41'825 56'576 66'140 66'690

EBITDA 18'964 10'920 22'748 32'785 32'648

Operating profit 15'489 7'493 19'311 29'169 27'975

Margin 29% 18% 34% 44% 42%

Net profit 3'676 4'872 14'324 19'191 18'879

Balance Sheet 2008 2009 2010USD mn

Total Assets 89'616 97'236 112'402



Net debt 38'607 18'309 3'872

Net debt/Equity 1.7 0.4 0.1

Per Share Data 2008 2009 2010 2011E 2012E

GBp

EPS 361.9 207.5 461.9 609.4 603.6

Dividend 61.3 28.8 69.9 73.3 78.1

Book Value 911.1 1384.6 1910.9 2365.4 2839.1

Ratios 2008 2009 2010 2011E 2012E

P/E 6.2 18.1 9.5 7.1 7.2

P/Book 1.4 2.4 2.3 1.8 1.5

P/Sales 0.5 2.3 2.4 2.2 2.2

EV/EBITDA 3.6 11.7 6.5 4.6 4.3

EV/Sales 1.3 3.1 2.6 2.3 2.1

Dividend yield 6.3% 0.8% 1.5% 1.7% 1.8%


ROE 16% 15% 28% 29% 24%

ROA 4% 5% 14% 22% 19%


Net debt/EBITDA 2.0 1.7 0.2 -0.1 -0.3

Div payout 39% 17% 15% 12% 13%

Issuer Information



ISIN Number GB0007188757 Event Calendar

Last price GBp 4327.0 14.04.2011 August 4, 2011 Quarterly results

52 week high GBp 4717.5 09.02.2011 August 10, 2011 Dividend ex date

52 week low GBp 2751.0 20.05.2010


China 10'934 10'691 16'743 30% Iron ore 16'527 12'598 24'024 42%

North America 12'984 10'190 11'187 20% Aluminium 18'297 12'038 15'206 27%

Japan 8'825 5'921 9'410 17% Copper 5'748 6'206 7'782 14%

Europe 12'015 6'337 8'682 15% Other 7'378 4'743 5'734 10%

Rest of the world 13'307 10'897 14'301 25% Energy 8'018 6'709 5'652 10%

Adjustments -3'801 -2'211 -3'747 -7% Diamonds, minerals 3'820 2'618 3'035 5%

Consolidation, minorities -5'524 -3'087 -4'857 -9%


P/E Ratio

0

5

10

15

20

25

30

35

40

45

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


05

101520253035404550

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


Earnings Per Share

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

22

AVENTI S 13.04.2011

2006 2007 2008 2009 201040

45

50

55

60

65

70

75

80

SANOFI-AVENTISHOCH 78.60 25. 07.2006,TIEF 40.82 14.04.2009,SCHLUSS 51.19 12.04.2011

40

45

50

55

60

65

70

75

80

Source: Thomson Datast ream

SANOFI-AVENTIS

Resuming coverage with Marketperform

Pharma & Biotech

Europe

France

55.00

7.4%

New: Marketperform


Potential

Rating

Model Portfolio


Last Event: Sanofi-aventis announced that the acquisition ofU.S. biotechnology company Genzyme is now complete. The integration of Genzyme adds around EUR 3bn annual sales andEUR 500mn net income. In addition to drugs for rare diseases(enzyme deficiencies), Genzyme has a drug candidate in ad-vanced development for multiple sclerosis.

Comment: The acquisition of Genzyme helps Sanofi-aventis to make up for some profits lost to patent expiries in the period2011-13. Sentiment towards Sanofi has been cautious given the company's mixed track record in the development and launch of new drugs. The absence of promising new launches in the next three years mainly justifies that we resume coverage with a Marketperform. The price target assumes that Sanofi's valuation gap relative to peers could close somewhat.

Luis Correia, PhD

[email protected]:

No

51.19

7.4 7.6 8.2

5.0% 5.0% 5.1%

29'306 30'768 31'363

8'733 8'0319'131

3.6 -0.1 -2.7

Per Share Data

EPS

2010 2011E 2012E

P/E Ratio

Dividend Yield

Income Statement

Revenues

2010 2011E 2012E

Net Income

Performance

Absolute


in mio. EUR

in

699'381/san fp /SASY.PA

Country

Region

Risk Class

EUR

Moderate

Investment Case:

• The acquisition of Genzyme is another step to diversify away from prescription drugs addressed to large popu-lations in Western markets.Following several acquisitions in recent years, Sanofi has now a high exposure to emerging markets (30% of sales). The company also has significant Vaccines and Animal Health businesses.

• Sanofi's efforts to replace its mature oncology portfolio have had little success. The company suffers from a perception of low Research & Development productiv-ity.

• Share could have downside support from a low valuation relative to sector average as well as a high dividend yield.

Sector

Price (in EUR)

13.04.2011


+41 58 205 67 31

7.0 6.7 6.2

Company Note

Description

French company Sanofi-aventis is one of the major pharmaceutical companies worldwide. Its main areas are diabetes, cardiovascular dis-eases, oncology, vaccines and animal health. The company generates around 30% of its sales in emerging markets.



23

SANOFI-AVENTIS


Profit & Loss 2008 2009 2010 2011E 2012EEUR mn

Sales 27'568 29'306 30'384 30'742 31'601

EBITDA 10'833 12'805 12'570 12'625 12'211

Operating profit 6'457 7'818 7'904 9'914 9'331

Margin 23% 27% 26% 32% 30%

Net profit 7'068 8'826 9'215 8'758 8'061

Balance Sheet 2008 2009 2010EUR mn

Total Assets 71'987 80'049 85'264



Net debt 1'780 4'135 1'795

Net debt/Equity 3.9% 8.5% 3.4%

Per Share Data 2008 2009 2010 2011E 2012E

EUR

EPS 5.4 6.8 7.1 6.8 6.2

Dividend 2.2 2.4 2.5 2.6 2.6

Book Value 34.4 36.8 40.7 41.4 43.4

Ratios 2008 2009 2010 2011E 2012E

P/E 15.4 14.1 12.3 7.6 8.3

P/Book 1.3 1.5 1.2 1.2 1.2

P/Sales 2.2 2.5 2.1 2.2 2.1

EV/EBITDA 5.7 6.0 5.1 5.5 5.6

EV/Sales 2.2 2.6 2.1 2.2 2.2

Dividend yield 4.8% 4.4% 5.2% 5.0% 5.1%


ROE 9% 11% 11% 15% 14%

ROA 5% 7% 7% 9% 9%


Net debt/EBITDA 0.2 0.3 0.1 0.1 0.1

Div payout 75% 62% 65% 38% 42%

Issuer Information



ISIN Number FR0000120578 Event Calendar

Last price EUR 51.5 13.04.2011 28.04.2011 Quarterly result

52 week high EUR 55.4 14.04.2010 16.05.2011 Dividend ex date

52 week low EUR 44.0 30.07.2010


Emerging Markets 9'075 30% Pharmaceuticals 24'707 25'823 26'576 87%

Europe 12'096 12'059 8'997 30% Vaccines 2'861 3'483 3'808 13%

United States 8'609 9'426 8'968 29%

Rest of the World 6'863 7'821 3'344 11%


P/E Ratio

0

10

20

30

40

50

60

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


0

5

10

15

20

25

30

35

40

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


Earnings Per Share

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

24

SULZER R 12.04.2011

2006 2007 2008 2009 2 01040

60

80

100

120

140

160

180

200

SULZER 'R'H OCH 185.90 12. 11.2007,TI EF 43.00 02.03.2009,SCH LUSS 146. 60 11. 04.2011

40

60

80

100

120

140

160

180

200


SULZER

Complementary acquisition in the pump segment

Capital Goods

Switzerland

Switzerland

165.00

12.6%

Outperform


Potential

Rating

Model Portfolio


Last Event: Sulzer plans to take over the wastewater pump armof Swedish Cardo Flow Solutions for CHF 858 m. CF Solutions isa full-service provider of pumps and related equipment chieflyfor the wastewater sector. The company posted sales of CHF463 m in 2010.

Outlook: The planned takeover will mark Sulzer’s active entryinto the attractive wastewater pump market, giving it a strongfoothold there. The wastewater pump business is less cyclicalthan pump activities in the oil and gas markets, which is whyeconomic cycles are likely to be better navigated. The takeovershould have a positive impact on earnings per share as of 2012.It is to be financed by disposable liquid funds and borrowedcapital. The takeover makes sense since it rounds out Sulzer’srange of pump products and Cardo Flow can benefit from Sul-zer’s strong global service network. Sulzer will strengthen itsgrowth profile through the acquisition.

Markus Bächtold, CFA

[email protected]:

No

146.60

16.3 16.8 14.6

2.0% 2.0% 2.3%

3'184 3'499 3'909

297 338300

6.2 5.7 44.5

Per Share Data

EPS

2010 2011E 2012E

P/E Ratio

Dividend Yield

Income Statement

Revenues

2010 2011E 2012E

Net Income

Performance

Absolute


in mio. CHF

in

3'838'891/sun sw /SUN.S

Country

Region

Risk Class

CHF

Dynamic

Investment Case:

• The positive trend in early-cycle markets is continuing. Sulzer sees encouraging signs in the late cyclical Oil&Gas market.

• Technological leadership ensures sustainable leading po-sition in developing future oil and gas fields.

• About 40% of sales revenue in the Pumps division are generated by servicing work.

• The CHF 110 m cost-cutting program is ahead of schedule; the full impact of the savings will be felt in the current year.

• Trough the acquisition of Cardo Flow Sulzer increases the presence in the very attractive Water market.

Sector

Price (in CHF)

12.04.2011


+41 58 205 37 73

9.0 8.7 10.1

Company Note

Description

The industrial group has four core divisions: Sulzer Pumps (pumping solutions), Sulzer Metco (surface technology), Sulzer Turbo Services (repair services for turbines), and Sulzer Chemtech (components).



25

SULZER AG-REG


Profit & Loss 2008 2009 2010 2011E 2012ECHF mn

Sales 3'714 3'350 3'184 3'499 3'909

EBITDA 575 471 508 526 604

Operating profit 475 360 403 423 484

Margin 13% 11% 13% 12% 12%

Net profit 323 270 300 297 338

Balance Sheet 2008 2009 2010CHF mn

Total Assets 3'430 3'384 3'492



Net debt -306 -671 -553

Net debt/Equity -19.8% -37.5% -29.1%

Per Share Data 2008 2009 2010 2011E 2012E

CHF

EPS 9.6 9.1 9.0 8.7 10.1

Dividend 2.8 2.8 3.0 2.9 3.3

Book Value 44.9 52.9 56.2 61.5 68.1

Ratios 2008 2009 2010 2011E 2012E

P/E 6.3 10.1 16.0 16.6 14.4

P/Book 1.3 1.5 2.5 2.4 2.1

P/Sales 0.5 0.8 1.5 1.4 1.3

EV/EBITDA 3.1 4.4 8.4 8.0 6.7

EV/Sales 0.5 0.6 1.3 1.2 1.0

Dividend yield 4.7% 3.5% 2.1% 2.0% 2.3%


ROE 21% 16% 16% 15% 15%

ROA 9% 8% 9% 11% 12%


Net debt/EBITDA -0.5 -1.4 -1.1 -1.4 -1.5

Div payout 30% 35% 34% 33% 33%

Issuer Information



ISIN Number CH0038388911 Event Calendar

Last price CHF 145.0 12.04.2011 21.07.2011 Semi annual result

52 week high CHF 152.3 08.04.2011 18.04.2011 Dividend ex date

52 week low CHF 88.2 25.05.2010


Europe 1'290 1'047 1'024 32% Sulzer Pumps 1'817 1'857 1'576 50%

North America 997 952 840 26% Sulzer Metco 744 556 624 20%

Asia, Australia 1'026 885 803 25% Sulzer Chemtech 823 632 575 18%

Latin America 247 239 324 10% Sulzer Turbo Service 314 291 399 13%

Africa 154 228 192 6% Consolidation 16 14 10 0%


P/E Ratio

0

5

10

15

20

25

30

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


0

2

4

6

8

10

12

14

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01


Earnings Per Share

0.0

2.0

4.0

6.0

8.0

10.0

12.0

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

26

14.04.2011 / Investment Research, Tel. +41 58 205 75 75

EQUITIES

Company Country Rec. Valor Bloom-berg

Cur-rency

52 Weeks high / low

Performance 12 months

P/E2011

P/E2012

Div. Yield

Market Cap CHF

Last Update13.04.2011

Risk Reuters Price

EQUITIES EUROPE

Energy 8.6 561.69.5

BG GROUP GB 1'007'667 bg/ ln GBp 1'497.00OP 1'595.00 966.90 29.66 1.0 73.9 02/11M BG.L 17.3 15.6

BP PLC GB 844'183 bp/ ln GBp 464.20OP 658.20 296.00 -28.05 3.9 127.4 02/11D BP.L 6.4 6.4

FUGRO NL 2'165'936 fur na EUR 62.52OP 63.68 36.87 19.22 2.5 6.3 03/11M FUGRc.AS 15.7 13.1

ROYAL DUTCH SHELL A NL 1'987'674 rdsa na EUR 25.28OP 26.74 19.73 11.57 4.6 204.6 02/11C RDSa.AS 8.8 7.8

TOTAL FR 524'773 fp fp EUR 42.05MP 44.55 35.66 -4.00 5.6 127.1 02/11M TOTF.PA 7.8 7.4

TRANSOCEAN CH 4'826'551 rig us USD 78.36MP 92.67 41.88 -10.32 3.0 22.3 03/11A RIG.N 14.0 11.7

Materials 9.3 519.910.6

BAYER DE 10'367'293 bayn gr EUR 55.54MP 59.17 43.10 9.40 2.9 59.3 03/11M BAYGn.DE 11.9 10.6

BHP BILLITON GB 675'391 blt ln GBp 2'540.00MP 2'653.50 1'678.00 9.47 2.3 230.8 02/11D BLT.L 9.9 8.4

GIVAUDAN CH 1'064'593 givn vx CHF 928.50MP 1'037.06 841.27 -2.02 2.8 8.6 04/11M GIVN.VX 16.3 14.3

HOLCIM CH 1'221'405 holn vx CHF 73.95MP 85.00 59.65 -9.17 2.1 24.3 03/11M HOLN.VX 17.9 14.1

K+S AG DE 337'898 sdf gr EUR 53.04OP 58.85 35.55 23.60 2.9 13.3 03/11M SDFG.DE 14.7 12.3

LONZA GROUP CH 1'384'101 lonn vx CHF 72.45OP 90.95 65.75 -14.21 2.9 3.8 04/11M LONN.VX 12.5 10.7

RIO TINTO GB 402'589 rio ln GBp 4'408.50OP 4'717.50 2'751.00 10.23 1.7 131.2 04/11D RIO.L 7.2 7.3

SYNGENTA CH 1'103'746 synn vx CHF 305.00OP 324.30 222.00 9.40 2.3 28.7 02/11M SYNN.VX 17.4 15.6

THYSSEN KRUPP DE 412'006 tka gy EUR 29.82MP 32.32 19.68 12.32 2.1 19.9 02/11M TKAG.DE 13.9 8.6

Capital Goods 12.5 220.914.0

ABB CH 1'222'171 abbn vx CHF 21.82OP 23.46 17.87 -5.69 2.8 50.4 02/11M ABBN.VX 16.4 14.3

ALSTOM FR 2'229'080 alo fp EUR 43.75MP 48.94 30.78 -7.95 2.6 16.6 01/11M ALSO.PA 15.0 12.8

GEBERIT CH 3'017'040 gebn vx CHF 201.00MP 219.90 159.10 7.00 3.2 8.3 03/11M GEBN.VX 18.5 16.7

KABA CH 1'179'595 kabn sw CHF 387.00OP 407.50 270.00 21.67 2.4 1.5 03/11M KABN.S 14.0 13.8

PHILIPS ELECTRONICS NL 1'106'818 phia na EUR 21.43OP 27.01 20.58 -13.87 3.7 27.2 01/11D PHG.AS 11.9 10.4

SCHWEITER CH 1'075'492 swtq sw CHF 665.00OP 780.00 525.00 7.46 1.7 1.0 03/11D swtq.s 17.3 13.3

SIEMENS DE 827'766 sie gy EUR 93.74OP 99.39 67.00 27.44 3.3 110.8 03/11M SIEGn.DE 12.7 11.8

SULZER CH 3'838'891 sun sw CHF 143.70OP 152.30 88.15 37.35 1.9 5.1 04/11D SUN.S 17.1 14.9

Commercial Services 17.4 13.020.1

SGS CH 249'745 sgsn vx CHF 1'657.00OP 1'680.00 1'310.58 13.48 3.1 13.0 01/11M SGSN.VX 20.1 17.4

Automobiles 8.0 184.09.2

BMW DE 324'410 bmw gy EUR 57.59MP 65.49 34.64 63.20 3.1 47.9 03/11D BMWG.DE 10.0 8.8

DAIMLER DE 945'657 dai gr EUR 50.98MP 59.09 35.30 36.30 4.3 69.1 02/11D DCXGn.DE 9.5 8.1

GEORG FISCHER REG CH 175'230 fi/n sw CHF 532.50OP 578.50 327.75 35.17 2.3 2.2 03/11D FIN.S 13.6 10.9

VOLKSWAGEN PREF. DE 352'781 vow3 gy EUR 111.60OP 139.45 64.02 61.50 2.4 64.8 03/11D VOWG_p.D 8.2 7.1

27


Cur-rency

52 Weeks high / low


P/E2011

P/E2012

Div. Yield

Market Cap CHF


Risk Reuters Price

EQUITIES EUROPE

Consumer Durables 15.6 133.717.8

ADIDAS DE 11'730'015 ads gy EUR 45.49OP 51.55 38.42 8.88 2.1 12.3 03/11M ADSG.DE 14.5 12.5

LVMH FR 507'170 mc fp EUR 111.20OP 129.05 78.26 23.35 2.2 70.7 03/11M LVMH.PA 18.3 16.2

RICHEMONT CH 4'503'965 cfr vx CHF 51.15MP 57.75 35.50 24.19 1.3 29.6 01/11D CFR.VX 19.0 16.2

SWATCH GROUP BR CH 1'225'515 uhr vx CHF 393.80OP 434.80 279.70 19.41 1.5 21.1 02/11M UHR.VX 16.7 14.5

Consumer Services 8.9 1.210.6

GATEGROUP HOLDING CH 10'018'595 gate sw CHF 44.30OP 53.50 30.50 10.38 1.4 1.2 04/11D GATE.S 10.6 8.9

Media 8.9 46.29.6

VIVENDI FR 1'165'915 viv fp EUR 20.58OP 22.07 16.18 2.33 7.0 32.7 03/11M VIV.PA 8.8 8.3

WPP GROUP IE 4'635'625 wpp ln GBp 734.00OP 864.00 603.50 3.76 2.8 13.5 03/11M WPP.L 11.6 10.4

Retailing 11.4 9.113.3

KINGFISHER GB 1'626'624 kgf ln GBp 263.80OP 272.90 196.70 10.84 2.5 9.1 03/11M KGF.L 13.3 11.4

Food & Staples Retailing 11.2 47.712.4

TESCO GB 408'910 tsco ln GBp 406.00OP 454.90 364.90 -8.89 3.5 47.7 12/10C TSCO.L 12.4 11.2

Food, Beverage & Tobacco 14.1 439.815.6

ANHEUSER-BUSCH INBEV BE 1'147'290 abi bb EUR 41.57OP 46.33 35.06 11.03 1.8 86.5 03/11M ABI.BR 15.9 14.0

BARRY CALLEBAUT CH 900'296 barn sw CHF 805.50OP 809.00 628.81 15.25 1.9 4.2 04/11M BARN.S 15.1 13.3

BRITISH AMERICAN TOBACCO GB 909'525 bats ln GBp 2'530.00OP 2'568.50 1'950.00 13.42 4.9 73.4 02/11M BATS.L 13.1 12.0

DANONE FR 487'663 bn fp EUR 46.84OP 48.50 39.35 2.72 2.9 40.1 04/11M DANO.PA 16.0 14.4

DIAGEO GB 837'159 dge ln GBp 1'200.00OP 1'266.00 1'024.00 3.72 3.4 43.8 02/11C DGE.L 15.1 13.8

LINDT & SPRÜNGLI REG CH 1'057'075 lisn sw CHF 31'000.00MP 31'200.00 25'155.00 9.82 1.6 6.9 03/11M LISN.S 26.7 24.2

NESTLE CH 3'886'335 nesn vx CHF 52.55OP 56.90 48.92 -0.19 3.6 184.9 02/11C NESN.VX 16.0 14.6

Household & Personal Products 12.2 22.213.8

HENKEL DE 335'910 hen3 gy EUR 43.74OP 48.59 35.69 6.15 1.8 22.2 02/11M HNKG_p.DE 13.8 12.2

Health Care Equipment & Services 16.9 44.318.6

FRESENIUS MEDICAL CARE DE 520'878 fme gy EUR 50.00OP 50.07 37.53 20.31 1.3 19.5 02/11C FMEG.DE 20.1 18.0

GALENICA AG CH 1'553'646 galn sw CHF 561.50MP 586.00 386.00 36.23 1.5 3.7 03/11M GALN.S 15.1 13.9

SONOVA CH 1'254'978 soon vx CHF 84.90MP 139.20 81.60 -37.43 1.3 5.6 03/11D SOON.VX 19.3 17.4

SYNTHES CH 1'863'105 syst vx CHF 129.90OP 135.00 109.30 0.85 1.2 15.5 02/11M SYST.VX 17.4 16.0

Pharma & Biotech 9.5 435.39.8

ACTELION CH 1'053'247 atln vx CHF 52.00MP 57.95 39.19 7.67 1.2 6.8 04/11D ATLN.VX 15.9 13.0

GLAXOSMITHKLINE GB 1'102'657 gsk ln GBp 1'246.00UP 1'324.00 1'088.00 -2.24 5.5 93.9 02/11M GSK.L 10.9 10.1

NOVARTIS CH 1'200'526 novn vx CHF 49.61OP 58.35 47.61 -11.76 4.4 131.4 04/11C NOVN.VX 10.1 10.0

ROCHE GS CH 1'203'204 rog vx CHF 133.10MP 177.80 124.40 -23.86 5.4 116.3 04/11C ROG.VX 9.9 9.0

SANOFI-AVENTIS FR 699'381 san fp EUR 51.43MP 55.40 44.01 -6.69 5.0 86.9 04/11M SASY.PA 7.6 8.2

Banks 7.8 449.79.4

BANCO SANTANDER ES 817'651 san sm EUR 8.50MP 10.88 7.11 -22.29 7.0 91.2 02/11A SAN.EU 7.9 6.7

28


Cur-rency

52 Weeks high / low


P/E2011

P/E2012

Div. Yield

Market Cap CHF


Risk Reuters Price

EQUITIES EUROPE

Banks 7.8 449.79.4

BARCLAYS GB 1'399'446 barc ln GBp 308.85OP 394.25 253.00 -18.27 2.3 54.3 02/11A BARC.L 9.0 7.0

BNP PARIBAS FR 123'397 bnp fp EUR 53.47OP 59.93 40.81 -8.56 4.5 81.7 02/11D BNPP.PA 7.4 6.5

HSBC HOLDINGS GB 411'161 hsba ln GBp 661.60MP 739.50 595.20 -5.01 4.1 169.9 02/11M HSBA.L 11.5 9.5

JULIUS BÄR CH 10'248'496 baer vx CHF 39.64OP 44.50 29.57 4.01 1.7 8.1 02/11M BAER.VX 14.1 11.9

SOCIETE GENERALE FR 519'928 gle fp EUR 46.64OP 52.70 29.71 0.07 4.6 44.5 02/11A SOGN.PA 7.5 6.2

Diversified Financials 6.8 159.57.7

DEUTSCHE BANK DE 829'257 dbk gy EUR 42.69OP 55.25 35.93 -22.71 2.4 50.6 02/11D DBKGn.DE 7.2 6.3

ING NL 1'256'533 inga na EUR 9.16MP 9.50 5.34 15.91 0.7 44.5 03/11A ING.AS 6.4 5.8

UBS CH 2'489'948 ubsn vx CHF 16.89OP 19.13 13.94 -9.09 0.2 64.4 02/11D UBSN.VX 8.9 7.9

Insurance 8.1 100.58.9

ALLIANZ DE 322'646 alv gy EUR 104.40OP 108.85 75.82 9.78 4.7 60.8 03/11M ALVG.DE 8.7 7.9

BALOISE CH 1'241'051 baln vx CHF 92.55MP 103.60 73.40 -2.68 5.1 4.6 08/10M BALN.VX 9.4 8.5

ZURICH FIN SERVICES CH 1'107'539 zurn vx CHF 241.20OP 257.20 207.45 -0.97 6.8 35.1 02/11M ZURN.VX 9.4 8.5

Software 14.8 72.216.6

SAP DE 345'952 sap gy EUR 44.05OP 45.05 33.60 21.09 1.6 69.8 01/11C SAPG.DE 16.4 14.7

TEMENOS CH 1'245'391 temn sw CHF 33.45OP 39.55 23.40 7.58 0.0 2.4 02/11D TMNSF.PK 21.3 18.3

Technology Hardware 12.1 37.513.8

ERICSSON SE 614'663 ericb ss SEK 80.25OP 90.45 68.85 0.51 3.1 36.6 01/11M ERICb.ST 13.8 12.2

KUDELSKI CH 1'226'836 kud sw CHF 16.75OP 34.95 14.80 -51.44 1.9 0.9 03/11D KUD.S 15.1 11.3

Telecommunication 10.5 374.610.8

DEUTSCHE TELEKOM DE 1'026'592 dte gy EUR 11.09MP 11.21 8.51 9.28 6.4 61.9 03/11M DTEGn.DE 14.5 13.8

FRANCE TELECOM FR 720'128 fte fp EUR 15.70OP 17.57 14.01 -10.34 9.0 53.7 11/10M FTE.PA 9.2 9.2

SWISSCOM CH 874'251 scmn vx CHF 407.50OP 433.50 356.80 2.96 5.5 21.1 02/11C SCMN.VX 11.0 10.6

TELEFONICA ES 826'858 tef sm EUR 18.00OP 19.69 14.67 -1.05 8.9 105.7 03/11M TEF.EU 9.7 9.3

VODAFONE GB 2'582'928 vod ln GBp 176.55OP 185.00 126.50 16.81 5.1 132.2 02/11M VOD.L 10.6 10.5

Utilities 10.4 227.711.4

E.ON DE 4'334'819 eoan gy EUR 22.51MP 28.93 20.21 -20.77 5.8 58.3 04/11M EONGn.DE 11.9 10.7

ENEL IT 1'250'633 enel im EUR 4.63OP 4.64 3.42 10.68 6.2 56.1 03/11M ENEI.MI 9.7 9.3

GDF SUEZ FR 2'200'367 gsz fp EUR 27.38OP 30.05 22.64 -4.90 5.8 79.2 04/11M GAZEUR.PA 13.0 11.6

RWE DE 1'158'883 rwe gy EUR 47.16UP 68.12 42.25 -30.54 5.9 34.1 04/11M RWEG.DE 9.4 9.1

EQUITIES NORTH AMERICA

Energy 8.9 311.99.6

BAKER HUGHES US 910'918 bhi us USD 68.31OP 75.10 35.62 38.64 0.9 26.5 04/11D BHI.N 18.1 14.1

CHEVRON US 1'281'709 cvx us USD 103.81OP 109.94 66.83 28.83 2.9 186.2 02/11M CVX.N 8.4 8.2

CONOCO PHILLIPS US 1'330'331 cop us USD 77.66OP 81.80 48.06 36.51 3.2 99.2 02/11M COP.N 9.7 8.7

29


Cur-rency

52 Weeks high / low


P/E2011

P/E2012

Div. Yield

Market Cap CHF


Risk Reuters Price


Materials 12.3 84.913.8

ALCOA US 986'052 aa us USD 16.55OP 18.47 9.81 14.69 0.7 15.7 04/11D AA.N 11.9 10.6

DUPONT US 927'399 dd us USD 53.82OP 56.52 33.66 38.46 3.0 44.3 03/11M DD.N 14.5 12.9

NEWMONT MINING US 956'952 nem us USD 56.32OP 65.50 50.05 5.17 1.2 24.9 03/11D NEM.N 13.8 12.3

Capital Goods 13.0 160.715.8

3M COMPANY US 1'405'105 mmm us USD 92.86OP 94.64 67.98 10.04 2.4 59.1 01/11M MMM.N 14.9 13.3

CATERPILLAR US 916'546 cat us USD 107.63OP 113.93 54.89 59.97 1.6 61.4 01/11M CAT.N 17.2 12.9

HONEYWELL INTL US 952'258 hon us USD 57.31OP 60.02 37.89 23.70 2.3 40.2 02/11M HON.N 14.9 12.9

Transportation 13.0 25.215.0

CSX US 923'022 csx us USD 76.11OP 80.42 46.51 37.23 1.4 25.2 03/11M CSX.N 15.0 13.0

Consumer Services 13.3 99.714.9

CARNIVAL CORP US 1'585'458 ccl us USD 37.63OP 48.14 29.68 -3.91 2.4 28.0 03/11D CCL.N 14.2 11.7

MCDONALD'S US 950'605 mcd us USD 76.89OP 80.94 65.31 10.76 3.2 71.7 01/11C MCD.N 15.2 14.0

Media 13.6 70.815.7

WALT DISNEY US 984'192 dis us USD 41.70OP 44.34 30.72 15.19 1.0 70.8 02/11M DIS.N 15.7 13.6

Food, Beverage & Tobacco 13.2 156.814.7

KRAFT FOODS US 1'213'349 kft us USD 32.40OP 32.67 27.49 4.92 3.7 50.6 02/11C KFT.N 14.5 12.9

PHILIP MORRIS INTL US 3'754'629 pm us USD 66.11OP 67.28 42.94 28.87 4.1 106.2 02/11M PM.N 14.8 13.4

Household & Personal Products 14.5 157.615.9

PROCTER & GAMBLE US 963'896 pg us USD 62.99OP 66.95 39.37 -0.32 3.1 157.6 01/11C PG.N 15.9 14.5

Health Care Equipment & Services 11.1 19.913.6

MEDCO HEALTH SOL US 1'430'073 mhs un USD 55.07OP 65.39 43.45 -11.12 0.0 19.9 03/11M MHS.N 13.6 11.1

Pharma & Biotech 8.8 280.19.2

MERCK & CO. US 10'683'053 mrk us USD 33.47MP 37.68 30.70 -7.57 4.6 92.2 02/11M MRK.N 9.0 8.7

PFIZER US 962'004 pfe us USD 20.46OP 20.75 14.00 19.86 3.9 146.2 02/11M PFE.N 9.2 9.0

TEVA PHARMACEUTICALS IL 758'744 teva us USD 49.67OP 63.38 46.99 -19.90 1.6 41.7 02/11M TEVA.O 9.8 8.7

Banks 10.0 44.612.1

US BANCORP US 1'201'389 usb us USD 25.99OP 28.94 20.44 -8.00 1.8 44.6 01/11M USB.N 12.1 10.0

Diversified Financials 8.2 434.610.4

BANK OF AMERICA US 748'628 bac us USD 13.27OP 19.86 10.91 -31.60 0.8 120.0 01/11D BAC.N 10.7 7.2

BANK OF NEW YORK MELLON US 2'824'731 bk us USD 29.63OP 32.50 23.78 -7.92 1.7 32.9 03/11M BK.N 11.8 10.0

CITIGROUP US 942'676 c us USD 4.50OP 5.15 3.53 -8.72 0.2 117.1 01/11D C.N 10.9 8.6

JPMORGAN CHASE US 1'161'460 jpm us USD 46.25OP 48.36 35.16 -3.10 1.7 164.6 04/11M JPM.N 9.6 8.2

Insurance 7.6 41.68.5

METLIFE US 1'025'316 met us USD 44.17OP 48.72 35.38 -4.87 2.2 41.6 02/11D MET.N 8.5 7.6

Software 9.3 192.410.0

MICROSOFT US 951'692 msft us USD 25.63OP 31.58 22.73 -16.84 2.4 192.4 02/11M MSFT.O 10.0 9.330


Cur-rency

52 Weeks high / low


P/E2011

P/E2012

Div. Yield

Market Cap CHF


Risk Reuters Price


Technology Hardware 11.3 383.312.9

APPLE US 908'440 aapl us USD 336.13MP 364.90 199.25 36.81 0.0 276.7 01/11M AAPL.O 14.6 12.7

CORNING US 921'667 glw us USD 19.34OP 23.43 15.45 -4.78 1.0 27.1 02/11D GLW.N 9.7 8.8

HEWLETT-PACKARD US 938'718 hpq us USD 41.13OP 54.75 37.32 -24.56 0.8 79.5 02/11M HPQ.N 7.8 7.2

Semiconductors 9.8 133.010.6

INTEL US 941'595 intc us USD 19.78OP 24.37 17.60 -15.90 3.6 97.0 02/11M INTC.O 9.7 9.0

TEXAS INSTRUMENTS US 976'910 txn us USD 34.34MP 36.71 22.65 27.66 1.5 36.0 02/11M TXN.N 13.0 12.1

Telecommunication 11.8 159.412.8

AT&T US 2'342'429 t us USD 30.18OP 31.00 23.78 15.02 5.7 159.4 03/11C T.N 12.8 11.8

31

clariden weekly equity monitor and model portfolio 20110414

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