Calibration of Stock Recommendations 04.09.2009

(Click here to see adjustments on PDF)

A2A	+5
Aareal Bank	+4
Abengoa	-3
Abertis	+4
ABB	-3
Accell	0
Acciona	+6
ACS	-1
Adidas	0
Advanced VisionTech	+6
Aer Lingus	+4
AHOLD	+5
Allianz	0
Allied Irish Banks	+1
ALM Brand	+6
Alten	+5
Amargenbanken	0
Amplifon	+5
Analytik Jena	+2
Antena 3TV	-8
Arcadis	+4
Arseus	+3
Aryzta	+5
ASM International	0
Astra Zeneca	0
Atlantia	+3
Autogrill	+3
AXA	-4
Azimut	+3
Azkoyen	-3
BAE Systems	+2
Banca Generali	+4
Banco Pastor	-6
Banco Popular	-2
Banco Sabadell	-3
Banco Santander	-6
Banesto	-4
BANKINTER	-10
Barclays	+4
Barco	-1
Barron de Ley	+7
BBVA	-7
Beiersdorf	+2
Benetton	-2
Beta Syst. Software	+6
Bic	-2
Biesse	0
Bilfinger Berger	+7
Bincbank	+5
Biogaia	+5
Biotest	+1
Bjorn Borg	0
BMW	-4
BNP Paribas	+3
Boskalis	-2
Bourbon	+5
Bouygues	-1
BP	+3
Brunel	+3
Caltagirone Editore	+2
Campari	0
Campofrio	+7
Cargotec	+7
Carlsberg	+2
Carrefour	+8
Celesio	+1
Cenit AG System.	+5
Cermaq	+5
Cintra	+9
Citicon	+5
CNP/NPM	0
Coca Cola	0
Coca Cola Hellenic	-2
Commerzbank	-7
Conergy	-6
Cramo	-6
Credit Agricole	-2
CRH	+5
Crucell	0
CSM	+2
D.Logistics	+5
d’Amico Int.Ship	0
DAB Bank	+5
Danieli	+6
Danone	+4
Delhaize	+1
Demag Cranes	+4
Deutsche Bank	-3
Deutsche Boerse	0
Deutsche EuroShop	+4
Deutsche Forfait	+1
Deutsche Telekom	0
D'Ieteren	+4
Docdata	+5
Douglas Hldg	-2
Drägerwerk	-2
Dragon Oil	+5
Draka	-2
DSM	+3
Duro Felguera	+7
E.ON	+4
EADS	+5
EBRO Puleva	+5
EDP	+7
Elringklinger	0
Emak	0
Enagas	+6
ENCE	+2
Enel	+5
Eni	-1
Eriks Group	0
Escada	+2
Europac	+3
Fastweb	+3
FCC	+3
Ferrovial	+7
Fiat	+5
Finmeccanica	+6
FondiariaSai	-2
Fornix BioSciences	+4
Fortis	-3
France Telecom	+5
Fraport	0
Fresenius	+2
Fresenius Med.Care	+6
Fuchs Petrolub	+1
Fugro	0
Fyffes	+2
Galapagos	+6
Galp Energia	+3
Gamesa	+6
Gas Natural	+2
GBK Beteiligungen	+5
Gemalto	+6
GFT Tech.	+6
Gildemeister	-4
Gimv	-1
Glanbia	0
Glanbia	-1
GN Store Nord	+3
Goldenport Hold Inc	0
Greencore	-1
Hannover Re	+2
Heidelberger Druck	+5
Heineken	+1
Hellenic Exchanges	+1
Henkel	0
Hennes & Mauritz	+1
HSBC	-1
IBA	+2
IBE	+6
Iberdrola	+4
Iliad	+5
Ima	0
Imtech	+2
Indra	+5
ING	+2
InnoConcepts	0
Integrali AG	0
Intesa Sanpaolo	-5
Irish Life & Perm	+4
IVG Immobilien AG	+4
Jazztel	+6
Jyske Bank	+1
KBC Group	-1
Kendrion	+3
Kerry Group	+7
KUKA	-2
Lagardere Gpe	0
LBI International AB	+6
LDC	+6
Leoni	+2
Leroy Seafood Grp	+2
Lloyds Banking Grp	-7
Loewe	+5
Logica	-2
Marine Harvest	+2
Marr	0
Medion	+5
Medion	+8
Metka	+4
Milano Assicurazioni	0
MLP	-6
Morphosys	+4
Munich Re	0
Mytilineos	+5
Natra	+8
Natraceutical	+7
Nedap	0
Neste	-1
Nestle	+1
Neurosearch	+3
Nexus	+7
NH Hoteles	0
NKT	+3
Novartis	+1
Novozymes	0
OPAP	+5
Opera Software	+4
Origin Ent.	+7
OTE Hellenic Telcom	+1
Paddy Power	+5
PEAB	-3
Pernod Ricard	+1
Peugeot SA	+5
Pfleiderer	-8
Phoenix Solar	-2
Pierre et Vacances	-5
Porsche	+5
Postbank	-8
Prisa	-1
Prosafe	+5
Prysmian	0
Public Power Corp	+5
Puma	-6
Randstadt	+3
RCF Grp	+7
Real Dolmen	-2
Realia	+5
Red Electrica	+6
Repsol	+2
Rheinmetall	+6
Rhoen-Klinikum	+6
Rolls Royce	-6
Roth & Rau	0
Roularta	0
Royal Bank Scotland	-2
Royal Dutch	+3
RWE	+2
Sabaf	-2
Sacyr Valleh.	-6
Safilo	-5
Safran	0
SAFT	+6
Sandvik	-2
Seadrill	+1
Seat PG	-2
Sechilienne	+4
Sevan Marine	+4
Seven Principles AG	0
SIAS	+6
Smurfit Kappa	+4
Société Générale	-2
Software AG	+6
Sol Melia	+6
Solar-Fabrik	-6
Solaria	+7
Solarworld	+2
Solon	-8
Spar Nord	+2
Sponda	+7
Standard Chartered	+7
StatoilHydro	+4
Stern Groep	0
Sunways	-1
Technip	+1
Telecinco	-6
Telecom Italia	0
Telefonica	+4
Telegraaf Media Grp	-2
Téléperformance	0
Tenaris	+2
Terna	+5
Tgs-Nopec	+8
Thomra Systems	+5
ThyssenKrupp	-3
TNT	+6
Tom Tom	+3
Topdanmark	-1
Total	+6
Transgene	+6
Tubacex	0
Tui	0
Umicore	0
UniCredit	-5
Unilever	-2
Unipol	0
United Internet	0
UPM-Kymmene	+2
Vallourec	+6
Van Lanschot	+4
Veolia environ.	0
Vidrala	+4
Vinci	+5
Viscofan	+6
Vivendi	+1
Vodafone	+5
Vossloh	+5
Zardoya Otis	-2
Zeltia	+9

investometer® Definitions The investometer®converts the industry's largely qualitative investment recommendations into a quantitative standard, a benchmark, so that the accuracy of analysts' forecasts can be compared and calibrated using a universal system of appraisal. investometer® terminology is straightforward.

...dump the whole market?!...   STRONG SELL (-10 to -7) STRONG BUY (+10 to +7)         Failure to transact* an investometer®investment recommendation rapidly may mean imminent losses (or the loss of imminent gains). The probability of these losses or gains is in direct proportion to the time taken to transact the particular recommendation. The closer to -10 (or +10), the more imminent the loss (or the gain), the more imperative the divestment  (or investment) and the greater the proportionate potential loss (or gain) in % terms. * transact = physically buy or sell a financial product, depending on the investometer®recommendation.

...MINE!!!... SELL (-4 to -7)  BUY (+4 to +7) Failure to transact these recommendations in the mid-term may mean mid-term losses (or gains) of a proportionately lesser weight than in a STRONG SELL or STRONG BUY recommendation. The definition of "mid-term" will vary in each case according to the underlying time horizon (or performance cycle) for which the recommendations were  issued in the first place. STRONG SELL and SELL overlap (as do all investometer® recommendations) to reflect, for example, the market's gradual digestion of a stock’s earnings evolution from heavy unexpected losses (-9 STRONG SELL) to heavy losses (-6 SELL) to break even ("0" HOLD). The same  process holds true in the reverse direction as positive events unfold and progressively influence a company's stock price, for example.

...Yup, I 'm in...   SELECTIVE SELL (-4 to -1) LONG TERM BUY (+4 to +1)   These recommendations are, similarly to the rest of the investometer® classifications, mirror images. In both cases the investor has time to sell/ buy an investment without unduly affecting his capacity to gain (or lose) from his investment/ divestment. He has much more time to pick and choose the pricing & timing of his investment or divestment.

Where do we go from here?   HOLD (-1 to +1)         A HOLD "0" is a neutral recommendation in that the investor is not expected to gain or lose from investment or divestment in a stock. It is a "wait and see" position. More information needs to filter through to the market so as to tip the scales into a negative or positive HOLD (-1 to +1).

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