1rlxyoj

% UK France Germany
30
20
10
0
-10
-20
-30
-40
-50
-60
05 06 07 08 09 10 11 12 13 14

%
250
Q1 1999 Peak quarter Q4 2013
200
150
100
50
0
UK £ MFI Lending to NFCs (YOY %)
Euroarea MFI Lending to NFCs (YOY %)
20
15
10
5
0
-5
-10
04 05 06 07 08 09 10 11 12 13 14

€ bn
1,400
1,200
1,000
800
600
400
200
Loans Bonds Bond Share (% rhs)
50%
40%
30%
20%
10%
-
2004 2006 2008 2010 2012 LTM
0%
€ bn
120
100
80
60
40
20
-
Debt Issuance LTM
Av Annual Issuance 2003-07
Bonds Loans GIIPS Debt % Europe (rhs)
€ bn
350
25%
300
20%
250
200
15%
150
10%
100
5%
50
-
0%
2004 2006 2008 2010 2012 LTM

LBO Loan Volume
LBO Mezz Volume
€ bn
LBO HY Volume
LBO Market Share* ( rhs)
80
100%
70
60
75%
50
40
50%
30
20
25%
10
0
0%
Q107 Q108 Q109 Q110 Q111 Q112 Q113 Q114
BB+ BB BB- B+ B B- CCC+ CCC
Number
40
35
30
25
20
15
10
5
0
Q110 Q111 Q112 Q113 Q114

W.Europe Cash & Short-term Equivalents
25
20
15
10
5
0
-5
-10
W.Europe Non-Fin. Capex Growth (YOY%, Real, USD)
Global Non-Fin. Capex Growth (YOY%, Real, USD)
Per cent
Estimate
2006 2008 2010 2012 2014 2016
1400
1200
1000
800
600
400
W.Europe Cash/Total Assets [RHS]
USD, Billions (Real)
Percent
2003 2005 2007 2009 2011 2013
9.5
9.0
8.5
8.0
7.5
7.0
35
North America - Share of Global Corporate Capex (%)
Western Europe - Share of Global Corporate Capex (%)
Per cent
Estimate
Non-Financial
Non-Financial Ex Energy & Materials
30
25
USD, Billions (Real)
800
600
Estimate
20
400
15
2003 2005 2007 2009 2011 2013 2015
200
0
2003 2005 2007 2009 2011 2013 2015
1

Share of total capex (%)
W.Europe Non-Financial EBITDA Margin (%)
Per cent
17.0
16.5
16.5
16.8
16.4
16.6
W.Europe Energy & Materials Capex Growth (YOY%, Real, USD)
Per cent
Estimate
35
28
30
24
25
20
16
15
9
10 10
10
5
5
2
0
-5
-3
-2
-1
-10
-6
-10
-15
2004 2006 2008 2010 2012 2014 2016
16.0
15.5
15.0
14.5
14.0
15.1
15.7 15.5
16.2 16.1
15.2
2004 2006 2008 2010 2012
45%
Proportion of capital expenditure spend undertaken
outside of Europe (%)
40%
39%
39%
40%
36%
35%
33%
8
4
Consumer
Healthcare
IT & Telecoms
W.Europe
Percentage Points
Energy & Materials
Industrials
Utilities
Estimate
30%
25%
20%
FY-4 FY-3 FY-2 FY-1 FY0
0
-4
-8
-12
2009 2011 2013 2015

2003
2006
Q109
Q409
Q310
Q211
Q112
Q412
Q313
Q215f
20%
Combined Private CEs SIG Ratings
16%
12%
8%
4%
0%

CCC B- B B+ BB- BB BB+
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Jun-08 Jun-10 Mar-12 Mar-14
% Upgraded % Downgraded
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
BB BB- B+ B B- CCC+ CCC
32 32 62 87 32 14 3

%
HY Bond Primary Yield
10%
Avg Yield to Maturity for TLB
TLB Primary Yield Spread (rhs)
bp
650
9%
600
8%
550
7%
500
6%
450
5%
400
4%
350
3%
300
2%
250
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
30
25
20
15
10
5
Spain
France
U.K.
Italy
The Netherlands
Germany
0
2008 2009 2010 2011 2012 2013 Q114

%
HY Bond Primary Yield
10%
Avg Yield to Maturity for TLB
TLB Primary Yield Spread (rhs)
bp
650
9%
600
8%
550
7%
500
6%
450
5%
400
4%
350
3%
300
2%
250
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
30
25
20
15
10
5
Spain
France
U.K.
Italy
The Netherlands
Germany
0
2008 2009 2010 2011 2012 2013 Q114

Upgrades Downgrades Net
80
60
40
20
0
-20
-40
-60
Mar-11 Mar-12 Mar-13 Mar-14
Net Outlook
Europe
Bias (%)
0
-2
-4
-6
-8
-10
-12
-14
-16
Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
WatchPos
2%
Positive
8%
Negative
10%
WatchNeg
1%
Stable
79%

70
%
Current Business Conditions
Business Outlook
Sector Rating Outlook
60
50
40
30
20
04/11 10/11 04/12 10/12 04/13 10/13
Negative Watch Negative Stable Watch Positive Positive
Metals & Mining
Engineering & Construction
Utilities
Oil & Gas
Paper & Packaging
Chemicals
Media
Transportation
Business & Consumer Services
Aerospace & Defense
Capital Goods
Retailing
Healthcare
Hotels Restaurants & Leisure
Telecommunication Services
Autos
Real Estate
Consumer Non Durables
Consumer Durables
Technology
Building Materials
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
3
2
Aerospace & Defense
WatchPos
0%
Positive
14%
Negative
14%
WatchNeg
0%
1
0
Stable
72%
Aerospace & Defense - Sales Growth (YOY%)
Aerospace & Defense - EBITDA Margin (%)
15
12
10
5
0
5
10
8
6
4
2
8
-5
2002 2004 2006 2008 2010 2012
0
2001 2003 2005 2007 2009 2011 2013
9
8
Aerospace & Defense - EBITDA/Interest Expense (x)
8
€ Bn
15
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
7
6
5
10
5
4
3
0
2
1
0
2001 2003 2005 2007 2009 2011 2013
-5
-10
2002 2004 2006 2008 2010 2012

16
14
12
10
8
6
4
2
Aerospace & Defense - Cash & Equivalents/Total
Assets (%)
12
18
16
14
12
10
8
6
4
2
Aerospace & Defense - Total Debt / Total Assets (%)
10
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
30
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
25
20
15
10
100%
80%
60%
40%
6,000
5,000
4,000
3,000
2,000
5
20%
1,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
100%
Aerospace & Defense - Variable Rate Debt (% of
Identifiable Total)
Aerospace & Defense - Fixed Rate Debt (% of
Identifiable Total)
9
8
7
Aerospace & Defense - Return On Capital (%)
8.4
80%
60%
6
5
4
40%
3
20%
2
1
0%
2001 2003 2005 2007 2009 2011 2013
0
2002 2004 2006 2008 2010 2012

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
5
4
3
Autos
WatchPos
0%
Positive
18%
Negative
14%
WatchNeg
0%
2
1
0
Stable
68%
30
20
10
0
-10
-20
Autos - Sales Growth (YOY%)
2002 2004 2006 2008 2010 2012
1.2
14
12
10
8
6
4
2
0
Autos - EBITDA Margin (%)
2001 2003 2005 2007 2009 2011 2013
10
14
12
10
8
Autos - EBITDA/Interest Expense (x)
8
€ Bn
80
60
40
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
6
4
2
20
0
0
2001 2003 2005 2007 2009 2011 2013
-20
2002 2004 2006 2008 2010 2012

Autos - Cash & Equivalents/Total Assets (%)
Autos - Total Debt / Total Assets (%)
12
10
11
45
40
35
36
8
30
6
25
20
4
15
2
10
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
120
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
100
80
100%
80%
160,000
140,000
120,000
60
40
60%
40%
100,000
80,000
60,000
20
20%
40,000
20,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Autos - Variable Rate Debt (% of Identifiable Total)
Autos - Fixed Rate Debt (% of Identifiable Total)
2006 2007 2008 2009 2010 2011 2012 2013
6
5
4
3
2
1
0
Autos - Return On Capital (%)
2002 2004 2006 2008 2010 2012
4.4

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
25
20
Business & Consumer Services
WatchPos
2%
Positive
2%
Negative
3%
WatchNeg
0%
15
10
5
0
Stable
93%
Business & Consumer Services - Sales Growth (YOY%)
40
30
20
10
0
-10
-0.9
-20
2002 2004 2006 2008 2010 2012
10
8
6
4
2
0
Business & Consumer Services - EBITDA Margin (%)
2001 2003 2005 2007 2009 2011 2013
7
9
8
7
6
5
4
3
2
1
0
Business & Consumer Services - EBITDA/Interest
Expense (x)
2001 2003 2005 2007 2009 2011 2013
5
€ Bn
8
7
6
5
4
3
2
1
0
-1
Capex
Dividends
Net Acquisitions Share Buybacks
Operating CF
2002 2004 2006 2008 2010 2012

Business & Consumer Services - Cash &
Equivalents/Total Assets (%)
Business & Consumer Services - Total Debt / Total
Assets (%)
12
10
8
11
40
35
30
25
34
6
20
4
2
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
40
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
35
100%
7,000
30
25
20
80%
60%
6,000
5,000
4,000
15
40%
3,000
10
5
20%
2,000
1,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
Business & Consumer Services - Fixed Rate Debt (% of
Identifiable Total)
100%
80%
60%
40%
20%
Business & Consumer Services - Variable Rate Debt (%
of Identifiable Total)
Business & Consumer Services - Return On Capital (%)
12
10
9.1
8
6
4
2
0%
2001 2003 2005 2007 2009 2011 2013
0
2002 2004 2006 2008 2010 2012

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
14
12
10
8
6
4
2
0
Capital Goods
WatchPos
0%
Positive
6%
Stable
85%
Negative
9%
WatchNeg
0%
20
15
10
5
0
-5
-10
-15
Capital Goods - Sales Growth (YOY%)
2002 2004 2006 2008 2010 2012
-2.2
14
12
10
8
6
4
2
0
Capital Goods - EBITDA Margin (%)
2001 2003 2005 2007 2009 2011 2013
12
10
9
8
7
6
5
4
3
2
1
0
Capital Goods - EBITDA/Interest Expense (x)
2001 2003 2005 2007 2009 2011 2013
8
€ Bn
40
30
20
10
0
-10
-20
Capex
Dividends
Net Acquisitions Share Buybacks
Operating CF
2002 2004 2006 2008 2010 2012

Capital Goods - Cash & Equivalents/Total Assets (%)
Capital Goods - Total Debt / Total Assets (%)
16
30
14
12
10
12
25
20
24
8
15
6
4
2
10
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
80
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
70
100%
14,000
60
50
40
80%
60%
12,000
10,000
8,000
30
40%
6,000
20
10
20%
4,000
2,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
Capital Goods - Fixed Rate Debt (% of Identifiable
Total)
100%
80%
60%
40%
20%
0%
Capital Goods - Variable Rate Debt (% of Identifiable
Total)
2001 2003 2005 2007 2009 2011 2013
10
9
8
7
6
5
4
3
2
1
0
Capital Goods - Return On Capital (%)
2002 2004 2006 2008 2010 2012
7.4

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
6
5
4
3
2
1
0
Chemicals
Positive Negative
3% 7% WatchNeg
WatchPos
0%
0%
Stable
90%
Chemicals - Sales Growth (YOY%)
Chemicals - EBITDA Margin (%)
30
20
20
10
0
-10
-20
-30
2002 2004 2006 2008 2010 2012
-1.0
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
14
14
12
10
8
6
4
2
0
Chemicals - EBITDA/Interest Expense (x)
2001 2003 2005 2007 2009 2011 2013
9
€ Bn
40
35
30
25
20
15
10
5
0
-5
-10
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
2002 2004 2006 2008 2010 2012

Chemicals - Cash & Equivalents/Total Assets (%)
Chemicals - Total Debt / Total Assets (%)
12
35
10
8
6
4
8
30
25
20
15
10
25
2
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
80
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
70
100%
16,000
60
50
40
30
20
10
80%
60%
40%
20%
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Chemicals - Variable Rate Debt (% of Identifiable Total)
Chemicals - Fixed Rate Debt (% of Identifiable Total)
2001 2003 2005 2007 2009 2011 2013
12
10
8
6
4
2
0
Chemicals - Return On Capital (%)
2002 2004 2006 2008 2010 2012
7.4

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
5
4
3
Building Materials
WatchPos
9%
Negative
9% WatchNeg
0%
Positive
14%
2
1
0
Stable
68%
Building Materials - Sales Growth (YOY%)
Building Materials - EBITDA Margin (%)
30
20
20
10
0
-10
-4.3
15
10
5
12
-20
2002 2004 2006 2008 2010 2012
0
2001 2003 2005 2007 2009 2011 2013
8
7
6
5
4
3
Building Materials - EBITDA/Interest Expense (x)
5
€ Bn
35
30
25
20
15
10
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
2
5
1
0
0
2001 2003 2005 2007 2009 2011 2013
-5
2002 2004 2006 2008 2010 2012

10
9
8
7
6
5
4
3
2
1
0
Building Materials - Cash & Equivalents/Total Assets
(%)
2001 2003 2005 2007 2009 2011 2013
9
45
40
35
30
25
20
15
10
5
0
Building Materials - Total Debt / Total Assets (%)
2001 2003 2005 2007 2009 2011 2013
29
€ bn
16
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
14
100%
14,000
12
10
8
80%
60%
12,000
10,000
8,000
6
40%
6,000
4
2
20%
4,000
2,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
Building Materials - Fixed Rate Debt (% of Identifiable
Total)
100%
80%
60%
40%
20%
0%
Building Materials - Variable Rate Debt (% of
Identifiable Total)
2001 2003 2005 2007 2009 2011 2013
10
9
8
7
6
5
4
3
2
1
0
Building Materials - Return On Capital (%)
2002 2004 2006 2008 2010 2012
4.7

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
3
Consumer Durables
Negative
11%
WatchNeg
0%
2
1
WatchPos
0%
Positive
22%
0
Stable
67%
Consumer Durables - Sales Growth (YOY%)
Consumer Durables - EBITDA Margin (%)
15
12
10
5
0
-5
-10
-15
2002 2004 2006 2008 2010 2012
2.6
10
8
6
4
2
0
2001 2003 2005 2007 2009 2011 2013
8
16
14
12
10
8
6
Consumer Durables - EBITDA/Interest Expense (x)
11
€ Bn
3.5
3.0
2.5
2.0
1.5
1.0
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
4
0.5
2
0.0
0
2001 2003 2005 2007 2009 2011 2013
-0.5
2002 2004 2006 2008 2010 2012

18
16
14
12
10
8
6
4
2
0
Consumer Durables - Cash & Equivalents/Total Assets
(%)
2001 2003 2005 2007 2009 2011 2013
9
25
20
15
10
5
0
Consumer Durables - Total Debt / Total Assets (%)
2001 2003 2005 2007 2009 2011 2013
22
€ bn
40
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
35
100%
1,600
30
25
20
15
10
5
80%
60%
40%
20%
1,400
1,200
1,000
800
600
400
200
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
Consumer Durables - Fixed Rate Debt (% of Identifiable
Total)
100%
80%
60%
40%
Consumer Durables - Variable Rate Debt (% of
Identifiable Total)
14
12
10
8
6
4
Consumer Durables - Return On Capital (%)
8.9
20%
2
0%
2001 2003 2005 2007 2009 2011 2013
0
2002 2004 2006 2008 2010 2012

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
14
12
10
8
6
4
2
0
Consumer Non Durables
Negative
9% WatchNeg
WatchPos
0%
2% Positive
15%
Stable
74%
Consumer Non Durables - Sales Growth (YOY%)
Consumer Non Durables - EBITDA Margin (%)
15
10
25
20
21
5
0
0.9
15
10
-5
5
-10
2002 2004 2006 2008 2010 2012
0
2001 2003 2005 2007 2009 2011 2013
12
Consumer Non Durables - EBITDA/Interest Expense (x)
11
€ Bn
120
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
10
100
8
80
6
4
2
60
40
20
0
0
2001 2003 2005 2007 2009 2011 2013
-20
2002 2004 2006 2008 2010 2012

12
Consumer Non Durables - Cash & Equivalents/Total
Assets (%)
45
40
Consumer Non Durables - Total Debt / Total Assets (%)
10
8
6
7
35
30
25
20
28
4
2
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
120
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
100
80
60
100%
80%
60%
45,000
40,000
35,000
30,000
25,000
40
40%
20,000
15,000
20
20%
10,000
5,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
Consumer Non Durables - Variable Rate Debt (% of
Identifiable Total)
Consumer Non Durables - Fixed Rate Debt (% of Identifiable
Total)
100%
80%
60%
40%
20%
12
10
8
6
4
2
Consumer Non Durables - Return On Capital (%)
10.1
0%
2001 2003 2005 2007 2009 2011 2013
0
2002 2004 2006 2008 2010 2012

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
12
10
8
6
4
2
0
Healthcare
Positive
9%
WatchPos
0%
Stable
85%
Negative
6%
WatchNeg
0%
30
20
10
0
-10
Healthcare - Sales Growth (YOY%)
2002 2004 2006 2008 2010 2012
-1.4
35
30
25
20
15
10
5
0
Healthcare - EBITDA Margin (%)
2001 2003 2005 2007 2009 2011 2013
29
20
18
16
14
12
10
8
6
4
2
0
Healthcare - EBITDA/Interest Expense (x)
2001 2003 2005 2007 2009 2011 2013
16
€ Bn
70
60
50
40
30
20
10
0
-10
Capex
Dividends
Net Acquisitions Share Buybacks
Operating CF
2002 2004 2006 2008 2010 2012

Healthcare - Cash & Equivalents/Total Assets (%)
Healthcare - Total Debt / Total Assets (%)
25
20
30
25
22
15
10
10
20
15
10
5
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
100
90
80
70
60
50
40
30
20
10
-
Loans
Bonds
03 05 07 09 11 13 LTM
100%
80%
60%
40%
20%
0%
LT Debt Due 1 Yr
LT Debt Due 2 Yr
LT Debt Due 3 Yr
LT Debt Due 4 Yr
LT Debt Due 5 Yr
LT Debt Due 5+ Yr
Nominal Due In 1 Yr
20,000
15,000
10,000
5,000
0
2001 2003 2005 2007 2009 2011
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Healthcare - Variable Rate Debt (% of Identifiable Total)
Healthcare - Fixed Rate Debt (% of Identifiable Total)
2001 2003 2005 2007 2009 2011 2013
16
14
12
10
8
6
4
2
0
Healthcare - Return On Capital (%)
2002 2004 2006 2008 2010 2012
11.5

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
10
8
Hotels Restaurants & Leisure
WatchPos
3%
Positive
3%
Negative
7%
WatchNeg
0%
6
4
2
Stable
87%
0
20
10
0
-10
-20
-30
-40
Hotels Restaurants & Leisure - Sales Growth (YOY%)
2002 2004 2006 2008 2010 2012
-0.1
14
12
10
8
6
4
2
0
Hotels Restaurants & Leisure - EBITDA Margin (%)
2001 2003 2005 2007 2009 2011 2013
13
6
Hotels Restaurants & Leisure - EBITDA/Interest
Expense (x)
€ Bn
15
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
5
10
4
4
5
3
2
0
1
-5
0
2001 2003 2005 2007 2009 2011 2013
-10
2002 2004 2006 2008 2010 2012

16
14
12
10
8
6
4
2
0
Hotels Restaurants & Leisure - Cash &
Equivalents/Total Assets (%)
15
2001 2003 2005 2007 2009 2011 2013
50
45
40
35
30
25
20
15
10
5
0
Hotels Restaurants & Leisure - Total Debt / Total Assets
(%)
2001 2003 2005 2007 2009 2011 2013
42
€ bn
50
45
40
35
30
25
20
15
10
5
-
Loans
Bonds
03 05 07 09 11 13 LTM
100%
80%
60%
40%
20%
0%
LT Debt Due 1 Yr
LT Debt Due 2 Yr
LT Debt Due 3 Yr
LT Debt Due 4 Yr
LT Debt Due 5 Yr
LT Debt Due 5+ Yr
Nominal Due In 1 Yr
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2001 2003 2005 2007 2009 2011
100%
80%
60%
40%
20%
Hotels Restaurants & Leisure - Variable Rate Debt (% of
Identifiable Total)
Hotels Restaurants & Leisure - Fixed Rate Debt (% of
Identifiable Total)
0%
2001 2003 2005 2007 2009 2011 2013
9
8
7
6
5
4
3
2
1
0
Hotels Restaurants & Leisure - Return On Capital (%)
2002 2004 2006 2008 2010 2012
7.1

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
15
Media
WatchPos
3%
Positive Negative
0% 5% WatchNeg
0%
10
5
0
Stable
92%
Media - Sales Growth (YOY%)
Media - EBITDA Margin (%)
10
8
6
4
2
0
-2
-4
-6
2002 2004 2006 2008 2010 2012
0.9
20
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
17
9
8
Media - EBITDA/Interest Expense (x)
8
€ Bn
20
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
7
6
5
15
10
4
3
5
2
1
0
2001 2003 2005 2007 2009 2011 2013
0
-5
2002 2004 2006 2008 2010 2012

Media - Cash & Equivalents/Total Assets (%)
Media - Total Debt / Total Assets (%)
14
35
12
10
11
30
25
24
8
20
6
15
4
10
2
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
80
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
70
100%
8,000
60
50
40
30
20
10
80%
60%
40%
20%
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Media - Variable Rate Debt (% of Identifiable Total)
Media - Fixed Rate Debt (% of Identifiable Total)
2001 2003 2005 2007 2009 2011 2013
10
9
8
7
6
5
4
3
2
1
0
Media - Return On Capital (%)
2002 2004 2006 2008 2010 2012
8.9

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
6
5
4
3
2
1
0
Metals & Mining
WatchPos
0%
Stable
67%
Positive
4%
Negative
29%
WatchNeg
0%
Metals & Mining - Sales Growth (YOY%)
Metals & Mining - EBITDA Margin (%)
60
25
40
20
20
15
0
-20
-1.0
10
5
8
-40
2002 2004 2006 2008 2010 2012
0
2001 2003 2005 2007 2009 2011 2013
14
12
10
8
6
4
2
0
Metals & Mining - EBITDA/Interest Expense (x)
2001 2003 2005 2007 2009 2011 2013
7
€ Bn
80
70
60
50
40
30
20
10
0
-10
Capex
Dividends
Net Acquisitions Share Buybacks
Operating CF
2002 2004 2006 2008 2010 2012

Metals & Mining - Cash & Equivalents/Total Assets (%)
Metals & Mining - Total Debt / Total Assets (%)
10
9
8
7
6
5
4
3
2
1
0
2001 2003 2005 2007 2009 2011 2013
7
35
30
25
20
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
28
€ bn
100
90
80
70
60
50
40
30
20
10
-
Loans
Bonds
03 05 07 09 11 13 LTM
100%
80%
60%
40%
20%
0%
LT Debt Due 1 Yr
LT Debt Due 2 Yr
LT Debt Due 3 Yr
LT Debt Due 4 Yr
LT Debt Due 5 Yr
LT Debt Due 5+ Yr
Nominal Due In 1 Yr
25,000
20,000
15,000
10,000
5,000
0
2001 2003 2005 2007 2009 2011
Metals & Mining - Fixed Rate Debt (% of Identifiable
Total)
100%
80%
60%
40%
20%
0%
Metals & Mining - Variable Rate Debt (% of Identifiable
Total)
2001 2003 2005 2007 2009 2011 2013
16
14
12
10
8
6
4
2
0
Metals & Mining - Return On Capital (%)
2002 2004 2006 2008 2010 2012
4.2

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
6
5
4
3
2
1
0
Oil & Gas
WatchPos
0%
Positive
12%
Stable
67%
Negative
18% WatchNeg
3%
Oil & Gas - Sales Growth (YOY%)
Oil & Gas - EBITDA Margin (%)
40
20
20
15
14
0
10
-20
-7
5
-40
2002 2004 2006 2008 2010 2012
0
2001 2003 2005 2007 2009 2011 2013
40
35
Oil & Gas - EBITDA/Interest Expense (x)
€ Bn
200
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
30
25
20
24
150
100
15
50
10
5
0
0
2001 2003 2005 2007 2009 2011 2013
-50
2002 2004 2006 2008 2010 2012

Oil & Gas - Cash & Equivalents/Total Assets (%)
Oil & Gas - Total Debt / Total Assets (%)
8
7
6
7
25
20
19
5
4
3
15
10
2
1
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
100
90
80
70
60
50
40
30
20
10
-
Loans
Bonds
03 05 07 09 11 13 LTM
100%
80%
60%
40%
20%
0%
LT Debt Due 1 Yr
LT Debt Due 2 Yr
LT Debt Due 3 Yr
LT Debt Due 4 Yr
LT Debt Due 5 Yr
LT Debt Due 5+ Yr
Nominal Due In 1 Yr
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2001 2003 2005 2007 2009 2011
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Oil & Gas - Variable Rate Debt (% of Identifiable Total)
Oil & Gas - Fixed Rate Debt (% of Identifiable Total)
2001 2003 2005 2007 2009 2011 2013
25
20
15
10
5
0
Oil & Gas - Return On Capital (%)
2002 2004 2006 2008 2010 2012
8.2

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
8
6
Paper & Packaging
WatchPos
0%
Positive
10%
Negative
15%
WatchNeg
0%
4
2
0
Stable
75%
Paper & Packaging - Sales Growth (YOY%)
Paper & Packaging - EBITDA Margin (%)
15
20
10
5
0
1.7
15
10
11
-5
-10
-15
2002 2004 2006 2008 2010 2012
5
0
2001 2003 2005 2007 2009 2011 2013
7
6
5
4
3
2
Paper & Packaging - EBITDA/Interest Expense (x)
5
€ Bn
10
8
6
4
2
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
1
0
0
2001 2003 2005 2007 2009 2011 2013
-2
2002 2004 2006 2008 2010 2012

12
10
8
6
Paper & Packaging - Cash & Equivalents/Total Assets
(%)
8
45
40
35
30
25
20
Paper & Packaging - Total Debt / Total Assets (%)
33
4
2
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
20
18
16
14
12
10
8
6
4
2
-
Loans
Bonds
03 05 07 09 11 13 LTM
100%
80%
60%
40%
20%
0%
LT Debt Due 1 Yr
LT Debt Due 2 Yr
LT Debt Due 3 Yr
LT Debt Due 4 Yr
LT Debt Due 5 Yr
LT Debt Due 5+ Yr
Nominal Due In 1 Yr
6,000
5,000
4,000
3,000
2,000
1,000
0
2001 2003 2005 2007 2009 2011
Paper & Packaging - Fixed Rate Debt (% of Identifiable
Total)
100%
80%
60%
40%
20%
Paper & Packaging - Variable Rate Debt (% of
Identifiable Total)
0%
2004 2006 2008 2010 2012
5
5
4
4
3
3
2
2
1
1
0
Paper & Packaging - Return On Capital (%)
2002 2004 2006 2008 2010 2012
3.7

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
10
8
Real Estate
WatchPos
3%
Positive
7%
Negative
3% WatchNeg
0%
6
4
2
0
Stable
87%
Real Estate - Rental Revenue Growth (YOY%)
Real Estate - Net Income Margin (%)
60
50
40
30
20
10
0
-10
2002 2004 2006 2008 2010 2012
5.3
60
40
20
0
-20
-40
2001 2003 2005 2007 2009 2011 2013
26
11.0
10.0
9.0
8.0
Real Estate - Debt/EBITDA (x)
9.1
€ Bn
8
6
Dividends
Net Sale/Acquistion Of Real Estate Asset
Operating CF
7.0
6.0
4
5.0
4.0
2
3.0
0
2.0
1.0
2002 2004 2006 2008 2010 2012
-2
2002 2004 2006 2008 2010 2012

Real Estate - Cash & Equivalents/Total Assets (%)
Real Estate - Total Debt / Total Assets (%)
10
9
8
7
6
5
4
3
2
1
0
2001 2003 2005 2007 2009 2011 2013
2
60
50
40
30
20
10
0
2001 2003 2005 2007 2009 2011 2013
44
€ bn
10
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
8
6
100%
80%
60%
7,000
6,000
5,000
4,000
4
40%
3,000
2
20%
2,000
1,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
Real Estate - Variable Rate Debt (% of Identifiable Total)
Real Estate - Return On Capital (%)
Real Estate - Fixed Rate Debt (% of Identifiable Total)
100%
80%
60%
40%
20%
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
2.1
0%
2001 2003 2005 2007 2009 2011 2013
-6.0
2002 2004 2006 2008 2010 2012

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
12
10
8
6
4
2
0
Retailing
WatchPos
7%
Positive
10%
Negative
12%
Stable
69%
WatchNeg
2%
Retailing - Sales Growth (YOY%)
Retailing - EBITDA Margin (%)
8
8
6
4
2
6
4
6
0
-2
-4
2002 2004 2006 2008 2010 2012
0.0
2
0
2001 2003 2005 2007 2009 2011 2013
8
7
6
5
4
3
Retailing - EBITDA/Interest Expense (x)
6
€ Bn
30
25
20
15
10
5
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
2
0
1
-5
0
2001 2003 2005 2007 2009 2011 2013
-10
2002 2004 2006 2008 2010 2012

Retailing - Cash & Equivalents/Total Assets (%)
Retailing - Total Debt / Total Assets (%)
10
9
8
7
6
5
4
3
2
1
0
2001 2003 2005 2007 2009 2011 2013
9
30
25
20
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
24
€ bn
80
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
70
100%
25,000
60
50
40
80%
60%
20,000
15,000
30
40%
10,000
20
10
20%
5,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Retailing - Variable Rate Debt (% of Identifiable Total)
Retailing - Fixed Rate Debt (% of Identifiable Total)
2001 2003 2005 2007 2009 2011 2013
9
8
7
6
5
4
3
2
1
0
Retailing - Return On Capital (%)
2002 2004 2006 2008 2010 2012
5.5

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
10
8
6
4
2
0
Technology
WatchPos
0%
Positive
26%
Negative
13%
Stable
61%
WatchNeg
0%
Technology - Sales Growth (YOY%)
Technology - EBITDA Margin (%)
30
20
20
10
0
15
10
11
-10
-20
-30
2002 2004 2006 2008 2010 2012
-8.0
5
0
2001 2003 2005 2007 2009 2011 2013
25
20
15
10
5
0
Technology - EBITDA/Interest Expense (x)
2001 2003 2005 2007 2009 2011 2013
8
€ Bn
16
14
12
10
8
6
4
2
0
-2
-4
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
2002 2004 2006 2008 2010 2012

Technology - Cash & Equivalents/Total Assets (%)
Technology - Total Debt / Total Assets (%)
40
25
35
30
28
20
19
25
20
15
15
10
10
5
5
0
2001 2003 2005 2007 2009 2011 2013
0
2001 2003 2005 2007 2009 2011 2013
€ bn
45
40
Loans
Bonds
100%
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
4,500
35
30
25
20
15
10
5
80%
60%
40%
20%
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
Technology - Variable Rate Debt (% of Identifiable Total)
Technology - Return On Capital (%)
Technology - Fixed Rate Debt (% of Identifiable Total)
100%
80%
60%
40%
20%
12
10
8
6
4
2
6.5
0%
2001 2003 2005 2007 2009 2011 2013
0
2002 2004 2006 2008 2010 2012

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
12
10
8
6
4
2
0
Telecommunication Services
WatchPos
5%
Positive
11%
Negative
11% WatchNeg
2%
Stable
71%
Telecommunication Services - Sales Growth (YOY%)
Telecommunication Services - EBITDA Margin (%)
15
10
5
0
-5
-10
2002 2004 2006 2008 2010 2012
-3.0
40
30
20
10
0
2001 2003 2005 2007 2009 2011 2013
29
8
7
6
5
4
3
2
1
0
Telecommunication Services - EBITDA/Interest
Expense (x)
2001 2003 2005 2007 2009 2011 2013
6
€ Bn
160
140
120
100
80
60
40
20
0
-20
Capex
Dividends
Net Acquisitions Share Buybacks
Operating CF
2002 2004 2006 2008 2010 2012

8
7
6
5
4
3
2
1
0
Telecommunication Services - Cash & Equivalents/Total
Assets (%)
2001 2003 2005 2007 2009 2011 2013
8
50
45
40
35
30
25
20
15
10
5
0
Telecommunication Services - Total Debt / Total Assets
(%)
2001 2003 2005 2007 2009 2011 2013
44
€ bn
140
Loans
Bonds
LT Debt Due 1 Yr
LT Debt Due 3 Yr
LT Debt Due 5 Yr
Nominal Due In 1 Yr
LT Debt Due 2 Yr
LT Debt Due 4 Yr
LT Debt Due 5+ Yr
120
100%
70,000
100
80
60
40
20
80%
60%
40%
20%
60,000
50,000
40,000
30,000
20,000
10,000
-
03 05 07 09 11 13 LTM
0%
2001 2003 2005 2007 2009 2011
0
100%
80%
60%
40%
20%
Telecommunication Services - Variable Rate Debt (% of
Identifiable Total)
Telecommunication Services - Fixed Rate Debt (% of
Identifiable Total)
0%
2001 2003 2005 2007 2009 2011 2013
8
7
6
5
4
3
2
1
0
Telecommunication Services - Return On Capital (%)
2002 2004 2006 2008 2010 2012
5.2

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
10
8
Transportation
WatchPos
2%
Positive
6%
Negative
9% WatchNeg
0%
6
4
2
0
Stable
83%
Transportation - Sales Growth (YOY%)
Transportation - EBITDA Margin (%)
15
10
5
0
1.2
20
15
10
15
-5
-10
-15
2002 2004 2006 2008 2010 2012
5
0
2001 2003 2005 2007 2009 2011 2013
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Transportation - EBITDA/Interest Expense (x)
2001 2003 2005 2007 2009 2011 2013
4
€ Bn
70
60
50
40
30
20
10
0
-10
-20
Capex
Dividends
Net Acquisitions Share Buybacks
Operating CF
2002 2004 2006 2008 2010 2012

Transportation - Cash & Equivalents/Total Assets (%)
Transportation - Total Debt / Total Assets (%)
12
10
8
6
4
2
0
10
2001 2003 2005 2007 2009 2011 2013
50
45
40
35
30
25
20
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
41
€ bn
50
45
40
35
30
25
20
15
10
5
-
Loans
Bonds
03 05 07 09 11 13 LTM
100%
80%
60%
40%
20%
0%
LT Debt Due 1 Yr
LT Debt Due 2 Yr
LT Debt Due 3 Yr
LT Debt Due 4 Yr
LT Debt Due 5 Yr
LT Debt Due 5+ Yr
Nominal Due In 1 Yr
20,000
15,000
10,000
5,000
0
2001 2003 2005 2007 2009 2011
Transportation - Variable Rate Debt (% of Identifiable Total)
Transportation - Fixed Rate Debt (% of Identifiable Total)
100%
80%
60%
40%
20%
0%
2001 2003 2005 2007 2009 2011 2013
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Transportation - Return On Capital (%)
2002 2004 2006 2008 2010 2012
4.3

AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC+
CCC
CCC-
CC
C
SD
D
25
20
15
Utilities
WatchPos
2%
Positive
4%
Negative
15%
WatchNeg
1%
10
5
0
Stable
78%
Utilities - Sales Growth (YOY%)
Utilities - EBITDA Margin (%)
25
20
15
10
5
0
-5
-10
2002 2004 2006 2008 2010 2012
-2.5
30
25
20
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
18
7
6
5
Utilities - EBITDA/Interest Expense (x)
5
€ Bn
200
150
Capex
Net Acquisitions
Operating CF
Dividends
Share Buybacks
4
100
3
2
1
50
0
0
2001 2003 2005 2007 2009 2011 2013
-50
2002 2004 2006 2008 2010 2012

Utilities - Cash & Equivalents/Total Assets (%)
Utilities - Total Debt / Total Assets (%)
9
8
7
6
5
6
35
30
25
20
32
4
3
2
1
0
2001 2003 2005 2007 2009 2011 2013
15
10
5
0
2001 2003 2005 2007 2009 2011 2013
€ bn
200
180
160
140
120
100
80
60
40
20
-
Loans
Bonds
03 05 07 09 11 13 LTM
100%
80%
60%
40%
20%
0%
LT Debt Due 1 Yr
LT Debt Due 2 Yr
LT Debt Due 3 Yr
LT Debt Due 4 Yr
LT Debt Due 5 Yr
LT Debt Due 5+ Yr
Nominal Due In 1 Yr
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2001 2003 2005 2007 2009 2011
Utilities - Variable Rate Debt (% of Identifiable Total)
Utilities - Fixed Rate Debt (% of Identifiable Total)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2001 2003 2005 2007 2009 2011 2013
8
7
6
5
4
3
2
1
0
Utilities - Return On Capital (%)
2002 2004 2006 2008 2010 2012
5.2