INSTITUTIONAL PRESENTATION 2020 We are independent We are - PDF document

INSTITUTIONAL PRESENTATION 2020

We are independent We are subscription based, pure investor-pay model. No financing/banking relations with issuers. We hold c.32% of negative opinions vs 18% for other research providers. % of negative opinions across 15 leading research houses Source : BLOOMBERG Data : as of 15th November 2019 32% 25% 20% 21% 15% 18% 17% 15% 17% 17% 13% 14% 15% 10% 6% by number of Stoxx600 stocks covered with a negative opinion

We deliver The Thomson Reuters Analyst Awards are recognized as the gold standard in objective measurement Year Award of sell-side analyst performance. 2019 8 2018 17 They measure the performance of 2017 22 sell-side analysts based on the 2016 10 returns of their buy/sell 2015 10 recommendation relative to industry 2014 7 benchmark. 2013 13 Year Award Extel conducts market studies across all three sides of the European Equities 2019 #2 Top European Independent Equity Research investment community, delivering a Provider comprehensive range of rankings. 2018 #2 Top European Independent Equity Research The Extel Survey is the largest study of Provider its kind worldwide, with over 11,300 2017 #1 Top European Independent Equity Research participants casting more than 906,000 Provider votes. 2016 #1 Top European Independent Equity Research Provider

About us We ar e are e a r res esear earch ch-only only ho hous use Founded in 2007, AlphaValue has become the world’s leading provider of Independent European Equity and Credit Research, helping money managers to generate ideas and assess the risks and opportunities within their mid to large cap portfolios. Our team of 30 leading analysts covering 464 stocks across Europe  including 60% of the Stoxx 600, use a proprietary valuation model to provide a disciplined, consistent research framework. Proud of our independence – With no execution business or  financing/banking relations with issuers, our recommendations are agnostic buy vs sell, with an average of 32% of sell recommendations, at any one time.

Equity : large European coverage 464 European stocks 60% of Stoxx600 components AlphaValue stands amongst the leading European equities research houses in terms of STOXX600 coverage As of November 15th 2019 – research update less than 6 months old 459 434 418 409 407 387 386 384 369 369 345 325 322 278 218

Credit : 400 issuers tracked Credit Risk Research on 412 European Corporates Pure investor-pay model vs. biased issuer-pay model Cash flow driven, uniquely reactive credit risk research Breakdown by Credit Risk Data as of November 9th 2019 164 105 69 30 17 6 3 0 1 1 AAA AA A BBB BB B CCC CC C DDD INVESTMENT GRADE NON INVESTMENT GRADE

Our Offer Res esea earch ch Plat Platfo form  Access the full feature website to get immediate, action driven answers. Live analysts updates • Daily ideas & Investment Cases • Sector strategy report • Portfolio Analytics • Screening & Mining tools • Anal alyst yst Acc cces ess  Interact and benefit from our 30 experienced analysts. In depth sector presentation • Instant messenger • Incoming calls • Monthly meeting • Mod odel el Por ortfol olios os  We run active and thematic model portfolios to hold ourselves accountable • Fundamentals driven, more and less nuanced by market mood • Weekly review • Designed on demand

Our Strategic Partner Baader Bank is one of the largest market makers on Europe's key stock exchanges as well as off-exchange. Baader Bank is a family- run, full-service bank with its headquarters in Unterschleissheim near Munich with around 400 employees. Baader Bank is a top level Corporate/Investor Access provider in Europe with more than 420 roadshow days in 2018, across Europe and North America. Each year, Baader holds 2 major investment conference in europe 16-17 16 7 Januar uary 2020 20 21 21-25 25 Septe tember mber 2020 20 Bad Ragaz, Switzerland Munich Germany • 70 swiss companies. • 200 european companies. • 200 international investors. • 750 investors from 35 countries. • 3,200 meetings in 5 days.

Focus on Model Portfolios Act ctive P ve Por ortfol olio io  A 25 stock list actively managed in a total return objective Fundamental Upside • Price Momentum • Buy Bu y & & Hol old  Identifying companies with a long term secured growth profile Fundamental Upside • Fundamental Strength • ‘Governance Driven’  Companies with a strong governance score as AlphaValue proprietary rules • AlphaValue Governance Score • Fundamental Upside

Focus on Portfolio Analytics Your portfolio analysed in Alphavalue’s Research Portal Instant access to key analytics • Index or Portfolio weighting options • Fully confidential •

Focus on ESG Research We focus on how ESG is impacting companies ’ valuation Proprietary independent data • Disciplined and exhaustive processes •

Research T eam Pierre-Yves GAUTHIER Head FINANCIALS David GRINSZTAJN Christian AUZANNEAU Farhad MOSHIRI UK & LATIN BANKS PROPERTY FRENCH & SCANDI BANKS banks@alphavalue.eu property@alphavalue.eu banks@alphavalue.eu Dieter HEIN Bassem NEIFER Jorge VELANDIA FINANCIALS INSURANCE HOLDINGS banks@alphavalue.eu insurance@alphavalue.eu otherfinancials@alphavalue.eu DEEP CYCLICALS Kevin VO Fabrice FARIGOULE Varun SIKKA INTEGRATED OILS STEEL & STEEL PRODUCTS PAPER, METALS & MINING oils@alphavalue.eu metalsmining@alphavalue.eu metalsmining@alphavalue.eu Martin SCHNEE Yi ZHONG CHEMICALS AIRLINES chemicals@alphavalue.eu transport@alphavalue.eu SEMI CYCLICALS Luis PEREIRA Hugo PATERNOSTER Félix BRUNOTTE CAPITAL GOODS AEROSPACE BUILDING & CONSTRUCTION capitalgoods@alphavalue.eu aerospace@alphavalue.eu building@alphavalue.eu Ankush KATHURIA SUPPORT SERVICES supportservices@alphavalue.eu CONSUMER DURABLES Hans-Peter WODNIOK Nishant CHOUDHARY Jie ZHANG AUTOS & STEEL RETAIL LUXURY autos@alphavalue.eu retail@alphavalue.eu retail@alphavalue.eu Mohit RATHI NON FOOD RETAIL nonfoodretail@alphavalue.eu DEFENSIVES Laura PARISOT Rishabh Kochar Auguste DERYCKX LIENART FOOD PHARMA UTILITIES food@alphavalue.eu pharma@alphavalue.eu utilities@alphavalue.eu Jean-Michel SALVADOR Sejal VARSHNEY Virendra CHAUHAN TELECOMS CONCESSIONS HEALTH telecoms@alphavalue.eu concessions@alphavalue.eu health@alphavalue.eu Surbhit GUPTA PHARMA pharma@alphavalue.eu GROWTH Veronique CABIOC’H Hélène COUMES Sumit SAYAL SOFTWARE HEALTHCARE MEDIA software@alphavalue.eu health@alphavalue.eu media@alphavalue.eu

Strategy publications Key 2019 19 publica licati tion ons s

Research – Know How What kind d of f infor formatio mations analysts ts are usin ing g fo for fu fundame damental ntal analysis is ? We hold the view that an analyst’s job is to start with careful and challenging reading of all material released by a given corporate, fill up a demanding spreadsheet focused on tracking down cash generation, use strict and transparent valuation processes, and then, and only then, put "on paper" the key words summing up her/his views. How stock ocks s recomm commend endations tions are are bu buil ilt ? Recommendations are geared to a “value” approach. Recommendations are based on target prices with no allowance for dividend returns. Valuations are computed from the point of view of a secondary market minority holder looking at a medium term (say 6 months) performance. A stock with a target price below its current price should not and will not be regarded as an Add or a Buy. How do do you de dete termi mine ne fu fundame damental ntal ups pside ide ? Valuation processes have been organized around transparency and consistency as primary objectives. Stocks belong to different categories that recognise their main operating features : Banks, Insurers and Non Financials. Within those three universes, the valuation techniques are the same and in relation to the financial data available. What is is trigg gger ering ing an analyst upd pdate e ? New earnings steams, obviously but just as well business models changes What is is the e Price ce Mome mentum ntum indicator dicator ? Momentum analysis consists in evaluating the stock market trend of a given financial instrument, based on the analysis of its trading flows What is is the e Funda dame mental ntal Strengt ngth indic dicator tor ? The "Fundamental strength" is a quantitative and proprietary indicator built on our financial data and metrics, which aims to qualify a qualitative rating for each stock from 0 to 10 (best rating). This is a long term view What is is the e metho hodo dolog logy fo for the Credit dit Risk indicator dicator ? The cash flow driven equity research of AlphaValue concludes simultaneously to an equity view (Recommendation) and to a Credit Risk view that relies on rating agencies methodologies. AlphaValue credit risk metrics are truly independent and as dynamic as recommendations