EUROPE - Crédit Agricole CIB

EUROPE
November 2009
Is your Financial Communication
strategy in line with European
practices
247 companies from 23 European countries answered
this survey, which CA Cheuvreux launched in early
October 2009.
This survey confirms that financial communication is a
issue for top management, as illustrated by the strong
commitment from both CEOs and CFOs, who also
intend to maintain their involvement at the same level
or higher in 2010.
The main focus for a large majority of European
companies is the share price and impact of
fragmentation liquidity on their stock. Companies
show a lower interest in regulatory changes and the trend
in assets under management.
The current attitude of investors is not perceived by
companies as being pessimistic. A large majority of
companies realise that corporate access becomes
more vital when markets are under pressure.
A solid majority of European companies will publish
quantitative guidance although they remain cautious as
only one out of ten will communicate medium-term
guidance.
Marketing efforts are concentrated on the zones in
which the investor base is largest and AUM highest
(i.e. the UK and US): the time allocated to the US and UK
is equal to the total time spent in all other countries.
Roadshows and one-on-ones with investors at their
offices (investor visits) are the primary type of events for
gaining access to investors, far more than conferences.
Worth noting is the increasing interest for carbon-free
meetings, which are a response to cost-cutting issues.
Overall, the survey highlights some strong differences
between the countries. Conversely, practices are quite
consistent between large and small/mid caps.
Bénédicte THIBORD
Jenny MURPHY
Head of Marketing Services
Head of Corporate Access
+33 1 41 89 78 92 +33 1 41 89 74 11
bthibord@cheuvreux.com
jmurphy@cheuvreux.com
Disclosures available on www.cheuvreux.com
www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
CONTENTS
I— Survey sample 3
II— Top management involvement in financial communication 4
How much time does your top management spend on financial
communication events in a year 4
Over the next 12 months, how do you expect the time spent by your
management with institutional investors to change 6
III— Perception of the environment and investor attitude 8
At present, what are your main areas of concern 8
How do you perceive the current attitude of investors you are
meeting with 10
In your opinion, do investors require greater corporate access
when markets are under pressure 11
IV— Financial communication strategy and plan 12
Do you plan to communicate any quantitative guidance when your 2009
results are released 12
On average, how many events does your company take part in
per year 13
On average, how much time do you spend in these different regions
in a year (number of days) 17
Do you consider carbon-free meetings with investors to be important 19
Appendix 20
Contacts 22
2 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
I— Survey sample
247 listed European companies from 24 countries answered the survey (see details in the
Appendix).
Three main zones were represented: Germany, France and the Nordic countries.
The sample comprised 35% large caps (market capitalisation of more than EUR3bn) and
65% of mid/small caps (market capitalisation of less than EUR3bn).
BREAKDOWN OF SURVEY RESPONDENTS BY ZONE
Germany
42
France
41
Nordic
35
Sw itzerland
22
Italy
20
Spain
20
CEE
20
Greece
19
Benelux
17
MEA
Nordic: Finland, Sweden, Norway, Denmark
CEE: Austria, Cyprus, Czech Republic, Hungary, Poland, Portugal, Romania
Benelux: Belgium, Netherlands, Luxembourg
MEA: Abu Dhabi, Qatar, Turkey
11
Source: CA Cheuvreux
BREAKDOWN OF SURVEY RESPONDENTS BY MARKET CAPITALISATION BREAKDOWN
Large Caps
35%
Small & Mid
Caps
65%
Source: CA Cheuvreux
3 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
II— Top management involvement in financial
communication
How much time does your top management spend on
financial communication events in a year
TIME SPENT ON FINANCIAL COMMUNICATION BY CEO
TIME SPENT ON FINANCIAL COMMUNICATION BY CFO
27%
Small & Mid Caps
26%
Large Caps
37%
MEA
36%
Greece
Spain
45%
CEE
3%
Nordic
5%
Sw itzerland
16%
Italy
27%
Benelux
33%
Germany
27%
France
27%
General Result
61%
54%
52%
37%
37%
36%
29%
11%
53%
33%
34%
32%
37%
33% 3%
37%
27%
29%
6%
22%
17%
44%
43%
43%
26%
5%
40%
25%
8%
41%
34%
2%
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
19%
7% 16%
18%
29%
17%
17%
6% 11%
10% 14%
26%
27%
13%
11%
15%
23%
22%
28%
16%
13%
27%
24%
21%
36%
56%
75%
82%
29%
61%
44%
83%
76%
58%
60%
57%
62%
61%
2%
2%
6%
11%
3%
3%
3%
Less than 5 days Betw een 5 and 10 days More than 10 days No Answ er
Less than 5 days Betw een 5 and 10 days More than 10 days No Answ er
Source: CA Cheuvreux Source: CA Cheuvreux
One-third of CEOs
devote more than one
day per month to
financial communication
CFOs are more
involved than CEOs
Top managements
from Nordic countries,
Benelux, Switzerland
and France are the
most committed
Financial communication appears to be a top management issue, as illustrated
by the strong commitment of CEOs: one-third of them devote more than one day
per month, i.e. around 5% of their time.
CFOs dedicate more time to financial communication than CEOs: twice as many
CFOs as CEOs dedicate more than ten days per year to financial
communication.
Country breakdown:
There is significant variance in the time allotted by CEOs depending on the nationality
of the companies:
Over 40% of CEOs from French, Benelux, Swiss and Nordic companies spend
more than ten days on financial communication.
Nordic management seems to be the most involved, as 43% of CEOs and 83%
of CFOs spend more than ten days on financial communication per year.
Conversely, less than 30% of CEOs from German, Italian, Spanish (17% only),
Greek and MEA companies spend more than ten days on financial
communication per year.
Spanish CEOs are less involved than other countries, as 61% of them spend less
than five days on financial communication per year.
4 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Main discrepancy
between large and
small/mid caps: CFO
involvement is much
more important for
large caps
The trends per zone for CFO involvement are quite similar to those for CEOs.
Greek CFOs are less involved than other countries, as 29% of them spend
less than five days on financial communication.
Nordic CFOs are the most involved in the financial communication of their
companies, as 83% of them spend more than ten days.
Market capitalisation breakdown:
The time dedicated to financial communication is similar for CEOs from large and
small/mid cap companies.
Conversely, CFOs of large cap companies seem more involved in financial
communication, as 75% of them spend more than ten days on this issue per
year (versus 56% for small/mid cap companies).
5 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Over the next 12 months, how do you expect the time spent
by your management with institutional investors to change
TREND OF TIME SPENT BY CEO
WITH INSTITUTIONAL INVESTORS
TREND OF TIME SPENT BY CFO
WITH INSTITUTIONAL INVESTORS
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
31%
4%
21% 6%
27%
47%
39%
28%
14%
24%
5%
53%
20%
13%
20%
13%
27%
5%
28%
5%
6%
60%
73%
64%
41%
55%
72%
86%
71%
42%
67%
59%
68%
64%
5%
9%
12%
5%
8%
3%
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
35%
27%
6%
53%
39%
33%
17% 3%
19% 5%
53%
13%
20%
35%
24%
8%
32%
7%
73%
6%
7%
15%
56%
65%
41%
55%
56%
80%
76%
5%
42%
67%
47%
65%
58%
27%
2%
2%
6%
11%
3%
3%
3%
Increase Decrease Stay the same No Answ er
Increase Decrease Stay the same No Answ er
Source: CA Cheuvreux Source: CA Cheuvreux
One-third of
companies intend to
ramp up their financial
communication plans
in 2010
This trend is
particularly true for
Greek, Spanish and
Italian companies
More than 90% of the companies will maintain their involvement at the same
level or higher in 2010 .
One-third of companies intend to place greater emphasis on their
communication plans in 2010.
There is a strong parallelism regarding the time spent by CEOs and CFOs: time
allocated will remain the same over the next 12 months.
Only 5% of companies intend to decrease their time spent communicating with
investors, which is coherent with the general feeling regarding the need for
greater corporate access when markets are under pressure (see page 11).
Country breakdown:
Practices are very mixed from one country to another:
53% of Italian, 39% of Spanish and 47% of Greek CEOs have planned to
increase their time spent on financial communication.
Accordingly, 53% of Italian, 39% of Spanish, 53% of Greek and 73% of MEA
CFOs want to increase their involvement next year.
71% of Swiss CEOs, 68% of the French, and 86% of the Nordics intend to
maintain their level of time spent with institutional investors.
The trend is similar for CFOs from these countries, as 80% of the Nordics, 76%
of Swiss and 65% of French CFOs intend to maintain their time spent
communicating with the market.
A larger portion of German and Benelux companies could decrease their time
spent communicating with the market.
6 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Small/mid caps are
more willing to
increase their
commitment than
large caps
Market capitalisation breakdown
A large portion (73%) of CEOs from large cap companies consider maintaining
their level of commitment over the next 12 months.
Conversely, small/mid cap companies wish to increase their management
commitment over the same period of time (31% for CEOs, 35% for CFOs).
7 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
III— Perception of the environment and
investor attitude
At present, what are your main areas of concern
MAIN ISSUES FOR INVESTOR RELATIONS
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
26%
22%
32%
32%
29%
19% 5%
17% 8%
16% 10%
22%
15%
25%
31%
24%
11%
12%
21%
20%
18%
8% 16%
8%
29%
48%
18% 10%
23%
19%
30%
19%
10%
10%
20%
13%
18%
12%
21%
17%
23%
25%
10%
24%
17%
30%
18% 9%
36%
8%
13%
21%
14% 14%
47%
25%
28%
22%
22%
26%
15%
35%
17%
16%
21%
Level of your share price
Regulatory changes
No Answ er
Structural changes in AM
Impact of liquidity fragmenation on your stock
Source: CA Cheuvreux
MAIN ISSUES FOR MANAGEMENT
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
4%
28%
7% 16%
18%
23%
7%
23%
9%
35%
20%
10%
36%
27%
33%
8%
29%
24%
38%
18% 5% 16% 5%
8% 17% 13%
32%
15%
19%
18%
18% 6% 6%
23% 2% 17%
25%
38%
7% 11% 11%
26%
8% 18%
15%
31%
38%
20%
15%
23%
14%
13%
17%
14%
24%
56%
58%
19%
15%
52%
33%
33%
33%
Level of your share price
Regulatory changes
No Answ er
Structural changes in AM
Impact of liquidity fragmenation on your stock
Source: CA Cheuvreux
8 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Recurring issues are
the level of share price
and impact of liquidity
fragmentation…
…in particular for
French, German,
Swiss and Italian
companies
Companies show a
lower interest in
assets under
management despite
the huge impact of the
crisis on buy-side
institutions
The survey highlights diverse financial communication issues for both
management and investor relations with a large focus on share price, execution
venues and liquidity fragmentation.
Companies show a lower interest in changes in terms of AUM, even though buyside
institutions have been significantly hit by the crisis: only one out of ten
mention this as an area of concern.
The trend is quite similar for regulatory changes: if the survey had been carried
out one or two years earlier, the results would have been different with the
transposition of European Directives (Prospectus, Market Abuse and
Transparency).
There is a gap between IR and management perception of these issues:
Management is less concerned than investor relations about liquidity
fragmentation.
Apart from these main items, European companies also have other areas of
concern: the economic environment outlook and the shareholder structure.
Country breakdown:
French, Greek and MEA companies have a higher focus on their share price
(more than 30% for both IR and management).
The impact of liquidity fragmentation on stocks is a major issue for German
companies (28% for IR, 25% for management) and Greek companies (36% for
IR, 23% for management).
30% of Spanish companies are most concerned about regulatory changes due
to late implementation of Mifid.
Market capitalisation breakdown:
There is no major discrepancy between large caps and small/mid caps regarding
the main areas of concern.
The differences are more pronounced for management: Small/mid cap
companies give greater importance to the impact of liquidity fragmentation on
their stock than do large cap companies (18% vs. 9%). This result is surprising,
as large caps are more impacted by liquidity fragmentation.
Conversely, large cap management is more concerned by regulatory changes
than are small/mid caps (23% vs. 16%).
However, the main issue for both small and large cap companies remains the
level of their share price (one-quarter of IR and management in both cases).
9 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
How do you perceive the current attitude of investors you
are meeting with
INVESTORS' CURRENT ATTITUDE
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
39%
35%
33%
31%
26%
33%
23%
38%
37%
1%
55%
65%
50%
52%
1%
60%
63%
45%
35%
61%
44%
69%
48%
74%
60%
77%
62%
62%
1%
6%
6%
7%
1%
Optimistic Wait-and-See Pessimistic No Answ er
Source: CA Cheuvreux
Revival of confidence
from companies as
virtually none of then
perceive investors as
being pessimistic
Optimism is
particularly strong
among Greek, Swiss
and MEA companies
One out of three companies perceives the current attitude of investors as
optimistic. The result may certainly have been very different a year ago.
Virtually none of the companies in the survey consider investors to be
pessimistic today.
Country breakdown:
The most optimistic companies are Greek (65%), MEA (55%) and Swiss (52%).
Accordingly, Greek and MEA companies have planned to ramp up their financial
communication plans.
Conversely, German and Italian companies seem less confident, as less than
30% of them see investors as being optimistic.
10 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
In your opinion, do investors require greater corporate
access when markets are under pressure
NEED FOR ENHANCED CORPORATE ACCESS WHEN MARKETS UNDER PRESSURE
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
46%
50%
67%
78%
82%
88%
72%
71%
62%
69%
72%
84%
71%
47%
44%
29%
4%
21% 1%
9% 9%
12%
28%
6%
26%
3%
38%
26%
5%
7%
28%
11%
5%
26% 3%
Yes No No Answ er
Source: CA Cheuvreux
General consensus in
favour of needing to
be more present with
markets when they
are under pressure
Greek, French and
MEA companies are
the most convinced
on this matter
More than 70% of companies recognise that corporate access becomes more
vital when the markets are under pressure.
Country breakdown:
More than 80% of French, Greek and MEA companies agree that investors
require greater corporate access when markets are under pressure.
Benelux companies seem to be the least convinced on this point, as less than
one-half of them agree.
Market capitalisation breakdown:
Large cap companies are far more convinced than small/mid caps that investors
require greater access when markets are under pressure (78% of large caps vs.
67% for small/mid cap companies).
11 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
IV— Financial communication strategy and
plan
Do you plan to communicate any quantitative guidance
when your 2009 results are released
QUANTITATIVE GUIDANCE COMMUNICATED BY CEO
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
31%
30%
35%
16% 6% 6%
44%
31%
24%
21%
16%
13%
20%
44%
27%
33%
11% 11%
11% 11%
82%
6% 6%
35%
66%
11% 6%
6%
23%
24%
14%
5%
20%
8% 13%
19%
16%
12% 13%
39%
41%
33%
37%
33%
58%
34%
20%
30%
34%
8%
7%
9% 9%
18%
6%
6%
3%
5%
13%
15%
8%
8%
2010 Guidance Medium term (2-3 years) guidance Other guidance No guidance No Answ er
Source: CA Cheuvreux
Only one-third of
companies will not
communicate any
quantitative guidance
for 2010
Considerable vigilance
observed as regards
medium-term
guidance
Almost 60% of European companies will publish quantitative 2010 or medium-term
guidance when communicating their 2009 results to investors in order to meet market
expectations.
However, companies remain cautious as only one out of ten will communicate
on medium-term guidance;
One-third will not communicate any quantitative guidance.
Country breakdown:
MEA companies (82% of CEOs and 73% of CFOs) are far the most committed to
communicating 2010 guidance, but no medium-term guidance. The percentage
of German and CEE companies communicating 2010 guidance will also be
higher than the overall average;
More than one in five companies from Switzerland and the Benelux region will
communicate medium-term guidance;
Spain and Italy are among the most cautious countries (66% and 58% of them
will not communicate any guidance);
Results from other countries are fairly uniform.
Market capitalisation breakdown:
The same proportion of CEOs from large and small/mid cap companies will
communicate guidance (52% and 53%).
12 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
On average, how many events does your company take part
in per year
AVERAGE TIME SPENT PER YEAR ON MARKETING EVENTS
100 visits
25 days
15 days
Roadshow Conference Investor Visit
Source: CA Cheuvreux
Companies dedicate a
large amount of time
to communicating
with investors,
especially through
roadshows and
investor visits
European companies dedicate a large amount of time per year communicating
with the market place;
One-third dedicate more than five weeks to Roadshows;
They devote a smaller amount of time to general and sector conferences (three
weeks maximum);
One-quarter of companies hold more than 50 investor visits per year, i.e. one per
week;
The average is 100 visits per year;
Large cap companies take part in more events each year than small cap
companies do.
13 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
NUMBER OF DAYS SPENT AT GENERAL CONFERENCES
Small & Mid Caps
6.0%
44.7%
22.7%
4.7% 2.7%
19 .3 %
8.6%
Large Caps
27.3%
MEA
35.3%
Greece
5.6%
Spain
11.1%
CEE
5.7%
Nordic
14 .3 %
Sw itzerland
21.1%
Italy
40.0%
Benelux
2.5%
Germany
43.2%
18 .2 %
55.6%
33.3%
57.1%
42.9%
50.0%
17.6 %
47.4%
9.1%
26.7%
17.3 %
33.3%
2.5% 1.2 %
27.2%
45.5%
47.1%
16 .7%
22.2%
5.6% 5.6%
22.9%
2.9% 2.9%
19 .0 %
4.8% 4.8%
5.3% 5.3%
13 .3 %
27.5%
2.5% 2.5%
11.1%
8.6%
14 .3 %
21.1%
20.0%
15.0 %
France
General Result
8.1%
7.3%
35.1%
43.3%
21.6%
21.0%
35.1%
3.9% 2.1% 22.3%
0 ≤ 3 4-6 7-10 >10 No Answ er
Source: CA Cheuvreux
NUMBER OF DAYS SPENT AT SECTOR CONFERENCES
Small & Mid Caps
2.7%
42.7%
26.0%
8.0%
1.3 %
19 .3 %
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
2.5%
18 .2 %
11.1%
5.6%
2.9%
4.8%
6.7%
3.0%
38.3%
35.3%
27.8%
33.3%
40.0%
38.1%
33.3%
50.0%
37.8%
39.5%
36.4%
68.4%
21.0%
23.5%
33.3%
16 .7%
26.7%
12 .5%
24.3%
25.3%
17.3 %
3.7%
17.3 %
45.5%
41.2%
16 .7%
11.1%
16 .7%
11.1%
16 .7%
40.0%
14 .3 %
38.1%
9.5%
5.3% 15.8 %
33.3%
12 .5%
13 .5%
11.2 %
5.4%
2.1%
25.0%
18 .9 %
18 .9 %
2.9%
9.5%
10 .5%
0 ≤ 3 4-6 7-10 >10 No Answ er
Source: CA Cheuvreux
Country breakdown for conferences:
CEE and the Benelux countries use general conferences the most (more than
40% of companies spend more than four days at these types of conferences);
Italian, Spanish and Swiss companies seem less interested in general
conferences as 20%, 6% and 15% of them respectively do not participate in any
such conferences. They seem to prefer sector conferences;
14 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Large cap companies
take part in more
events each year than
small cap companies
do
German and Italian companies have less of an interest in sector conferences
than the other countries.
Market capitalisation breakdown for conferences:
Small/mid cap companies spend more time at general conferences than large
cap companies do;
On the other hand, large cap companies have a preference for sector
conferences (42% spend more than four days per year vs. 35.3% for small/midcap
companies).
NUMBER OF DAYS SPENT ON ROADSHOWS
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
1.3 % 17.3 %
2.5% 4.9% 9.9% 8.6%
36.4%
17.6 %
5.6% 11.1%
5.6% 11.1%
5.7% 11.4 %
4.8%
10 .5%
6.7%
19 .3 %
16 .7%
13 .6 %
12 .3 %
9.1%
9.1%
23.5%
17.6 %
16 .7%
22.2%
27.8%
11.1%
14 .3 %
25.7%
28.6%
19 .0 %
36.8%
33.3%
6.7%
15.0 %
25.0%
7.5% 10 .0 %
8.1%
13 .5%
18 .9 %
16 .2 %
2.1% 12 .9 %
15.5%
14 .2 %
14 .2 %
14 .7%
7.3% 8.7% 6.0% 4.0% 4.7%
17.3 %
13 .6 % 4.9% 12 .3 %
9.1%
36.4%
11.8 %
11.8 %
17.6 %
11.1%
22.2%
5.6% 5.6%
5.6% 11.1%
11.1% 5.6%
11.1%
8.6%
14 .3 %
20.0%
14 .3 %
9.5%
9.5% 9.5% 4.8%
21.1%
5.3% 5.3% 5.3%
15.8 %
26.7%
6.7%
13 .3 %
6.7%
17.5%
5.0% 5.0% 2.2% 12 .5%
8.1% 8.1% 8.1% 8.1%
10 .8 %
9.0%
11.6 %
8.6% 4.3% 7.7%
0 ≤ 5 6-10 11-15 16-20 20-25 25-35 35-50 >50 No Answ er
Source: CA Cheuvreux
Country breakdown for roadshows:
One-fifth of French, Nordic and Benelux companies spend more than seven
weeks per year on roadshows;
MEA and Italian companies travel the least, as 37% of them dedicate less than
five days to roadshows and more than 10% of Italian companies do not travel at
all.
Market capitalisation breakdown for roadshows:
Large cap companies spend more time on roadshows than small/mid cap
companies (35.8% of them spend more than five weeks on roadshows vs.
18.7% for small/mid cap companies);
15 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
NUMBER OF INVESTOR VISIT MEETINGS
4.7% 13 .3 %
14 .0 %
10 .0 %
19 .3 %
8.7% 7.3% 2.7% 2.0% 18 .0 %
Small & Mid Caps
1.2 % 12 .3 % 4.9% 8.6% 2.5% 11.1%
14 .8 %
13 .6 % 2.5% 2.5%
25.9%
Large Caps
9.1% 9.1%
27.3%
9.1%
45.5%
MEA
5.9% 11.8 %
Greece
5.6% 5.6% 5.6% 5.6%
Spain
5.6%
16 .7%
CEE
2.9% 14 .3 %
11.4 %
Nordic
4.8% 4.8% 9.5% 0.0%
Sw itzerland
Italy
Benelux
10 .0 %
Germany
2.7%
France
0.9% 7.3%
General Result
21.1%
40.0%
15.0 %
16 .2 %
8.1%
23.5%
5.9%
29.4%
5.9%
17.6 %
11.1%
22.2%
11.1%
11.1%
22.2%
22.2%
16 .7%
5.6% 5.6%
27.8%
22.9%
25.7%
14 .3 % 2.9%
23.8%
14 .3 %
14 .3 %
28.6%
15.8 %
15.8 % 0.0%
26.3%
5.3% 10 .5%
13 .3 % 6.7%
13 .3 % 6.7%
20.0%
15.0 %
5.0% 7.5% 7.5% 12 .5%
27.5%
5.4% 10 .8 %
13 .5%
8.1% 8.1% 2.7% 2.7%
21.6%
10 .3 %
12 .4 % 6.9%
16 .3 %
10 .7%
9.4% 2.6% 2.1%
21.0%
5.7%
5.3%
0 ≤ 5 6-10 11-20 21-30 31-50 51-100 101-200 201-300 >300 No Answ er
Source: CA Cheuvreux
Country breakdown for investor visits:
Greek, Spanish and Italian companies reported the most investor visits per year;
Whereas Benelux companies hold the fewest investor visits per year.
Market capitalisation breakdown for investor visits:
Large cap companies dedicate a greater amount of time to investor visits than
small/mid cap companies (33.4% hold more than 50 investor visits per year vs.
20.7% for small/mid cap companies).
16 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
On average, how much time do you spend in these different
regions in a year (number of days)
AVERAGE NUMBER OF DAYS SPENT IN DIFFERENT REGIONS
8.6
6.4 6.1
Efforts are
concentrated on the
US and the UK, where
AUM is highest
4.3
3.6
2.6
2.3
1.8
2.6
1.8
2.7
2.3
1.5
3.1
1.8
0.9
0.6
0.5
UK US France Switzerland Nordic
countries
Investor Relation
Germany Italy Other
European
countries
Management
Asia
Source: CA Cheuvreux
As expected, marketing efforts are focused on countries where the investor
base and AUM are strongest (i.e. the US and the UK) for both investor relations
and management;
Regarding management, they spend around six days in the UK, four days in the
US and less than ten days in the other countries. Investor relations travel more
than management, but the tendency per zone is fairly similar: they spend around
nine days in the UK, six days in the US and less than 15 days in all the other
countries.
Country breakdown:
AVERAGE NO. OF DAYS SPENT IN DIFFERENT REGIONS (INVESTOR RELATIONS)
AVERAGE NO. OF DAYS SPENT IN DIFFERENT REGIONS (MANAGEMENT)
MEA
7.9
5.3
5
20.9
MEA
7.5
5.7
2.5
17.4
Nordic
11.2
8.4
6.7
8.1
Nordic
7.3
4.7
5.1
5.7
Sw itzerland
7.1
4.9
8.4
9.4
Sw itzerland
5.4
4.1
6.2
6.3
Italy
7.3
5.7
7.3
9.2
Italy
5.1
3
5.1
6.6
CEE
10.7
6.1
5.5
1.8
CEE
8.2
4.6
3.2
1.1
Germany
5.3
3.5
5.8
8.8
Germany
4.4
3.4
4.8
5.9
France
6.8
7.7
12.1
8.3
France
5.4
4.9
7.1
5.9
UK US Domestic Other Countries
UK US Domestic Other Countries
Source: CA Cheuvreux Source: CA Cheuvreux
17 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Nordic and CEE companies spend the most time in the UK and German
companies the least;
Nordic and French corporates spend the most time in the US and German
companies the least;
French companies also dedicate the most time to their domestic market (12.1
days per year);
MEA companies prefer to focus their efforts on other countries.
Market capitalisation breakdown:
AVERAGE NO. OF DAYS SPENT IN DIFFERENT REGIONS
(INVESTOR RELATIONS)
AVERAGE NO. OF DAYS SPENT IN DIFFERENT REGIONS
(MANAGEMENT)
Small & Mid Caps
8
4.3
2.8
2.3
4.9
2.8
4.8 3.1
0.3
Small & Mid Caps
6.3
3.7
2.4
1.8
4.6
2.5
4.4 1.8
0.3
Large Caps
10.1
9.6
5.1
2.1
3.2
2.7
2.1
3.1 1.3
Large Caps
6.8
5.5
3
1.6
1.9
2.2
1.5
1.6
0.7
General Result
8.6
6.1
3.6
2.3
2.6
2.7
1.5
3.1 0.6
General Result
6.4
4.3
2.6
1.8
1.8
2.3
0.9
1.8 0.5
UK US France Sw itzerland Nordic Germany Italy Other European Countries Asia
UK US France Sw itzerland Nordic Germany Italy Other European Countries Asia
Source: CA Cheuvreux Source: CA Cheuvreux
Small/mid cap
companies spend
more time in
European countries
than in the US
Small/mid cap companies spend half the time that large cap companies spend in
the US, but the UK remains the most visited zone for both categories;
On the other hand, small/mid cap companies are more present in European
countries, in particular the Nordics and Italy.
18 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Do you consider carbon-free meetings with investors to be
important
IMPORTANCE OF CARBON-FREE MEETINGS
Small & Mid Caps
Large Caps
MEA
Greece
Spain
CEE
Nordic
Sw itzerland
Italy
Benelux
Germany
France
General Result
61.0%
58.0%
54.5%
70.6%
61.1%
61.1%
71.4%
57.1%
63.2%
60.0%
57.5%
48.6%
60.0%
37.0%
38.0%
36.4%
29.4%
38.9%
38.9%
22.9%
42.9%
31.6%
40.0%
40.0%
48.6%
37.0%
2.0%
4.0%
9.1%
5.7%
5.3%
2.5%
2.7%
3.0%
Yes No No Answ er
Source: CA Cheuvreux
A large majority of
corporates consider
carbon-free meetings
to be important
Even if these carbon-free meetings (e.g. video conferences and conference calls)
do not replace traditional one-on-ones, corporates consider them to be a good
way to save time and money and talk to investors based in cities or countries
they do not visit
Country breakdown:
The most carbon-free oriented countries are the Nordics and Greece as more
than two-thirds of corporates consider carbon-free meetings to be important;
The least carbon-free oriented country is France with less than half considering
this to be important.
19 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Appendix
COMPANIES THAT ANSWERED THE SURVEY
A2M SPA EBRO PULEVA MAGYAR TELEKOM PLC SPERIAN PROTECTION
ABB EDB BUSINESS PARTNER MARFIN POPULAR BANK PUBLIC
CO LTD
ABENGOA EDISON SPA METRO AG SSAB AB
SPRIDER STORES SA
ACCOR ELECTRICIDADE DE PORTUGAL METROPOLE TELEVISION STATOILHYDRO
ADIDAS ELISA METSO STMICROELECTRONICS
ADP ELMEC SPORT SA, GLYFADA MICHELIN STRABAG SE
ADVA AG OPTICAL NETWORKING ELRINGKLINGER MICRONAS SEMICONDUCTOR
HOLDING
STRATEC BIOMEDIAL SYSTEMS AG
AIR LIQUIDE ENAGAS SA MLP AG STRAUMANN HOLDING
AIXTRON EREGLI DC MODERN TIMES GROUP MTG AB SUESS MICROTEC
AKBANK EUROFINS SCIENTIFIC S.A MONDADORI SWEDISH MATCH AB
AKZO NOBEL FLSMIDTH & CO A/S MOTA-ENGEL SWISS LIFE
ALFA LAVAL FOLLI FOLLIE SA M-REAL SWISS REINSURANCE
ANADOLU EFES
FOMENTO DE CONSTRUC Y
CONTRA
MVV ENERGIE AG
TECAN AG
ANTENA 3 FRIGOGLASS MYTILINEOS HOLDINGS SA TECHNIP
ARCADIS NV FUCHS PETROLUB NATIONAL BANK OF ABU DHABI
ASSET MANAGEMENT
AREVA GAS NATURAL ,SDG NATIONALE SUISSE INSURANCE
COMPANY
TECHNOTRANS
TECNICAS REUNIDAS, S.A.
A-TEC INDUSTRIES AG GATEGROUP HOLDING AG NEXANS TELECOM ITALIA MEDIA
AUDIKA GECINA OMEGA PHARMA N. V. TELEFONICA O2 CZECH REPUBLIC,
A.S
BABIS VOVOS INTERNATIONAL
TECHNICAL SA
GEORG FISCHER AG
ORASCOM DEVELOPMENT
HOLDING AG
TELEKOM AUSTRIA AG
BAM GESTEVISION TELECINCO SA ORIFLAME COSMETICS SA TELEVISION FRANCAISE 1
BANCA CARIGE GFK ORKLA TELIASONERA AB
BANCA GENERALI SPA GIMV, ANTWERPEN ORPEA TENARIS
BANCA MONTE DEI PASCHI DI SIENA
SPA
GRENKELEASING AG OUTOKUMPU TERNA
BANCO COMERCIAL PORTUGUÊS GRUPO CATALANA OCCIDENTE SA PANALPINA THALES
BANCO ESPANOL DE CREDITO SA GRUPPO LOTTOMATICA PARIS RE HOLDINGS LIMITED THEOLIA
BANCO PASTOR
BANK OF PIRAEUS SA
GTC POLAND, GLOBE TRADE
CENTRE S.A
HAMBURGER HAFEN UND
LOGISTIK AG
PARROT
PBG SA
BARCO NV HANNOVER REINSURANCE PFLEIDERER TNT
BAYWA AG HELLENIC DUTY FREE SHOPS SA PIRELLI & C. REAL ESTATE TOD'S
TIETO GROUP OY
BIM, ISTANBUL HELLENIC EXCHANGES SA POHJOLA BANK TRAKYA CAM
BOLIDEN AB
HELLENIC TELECOMMUNICATIONS
ORGANIZATION SA
PORSCHE AG
TITAN CEMENT COMPANY SA
TRANSGENE
Source: CA Cheuvreux
20 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
COMPANIES THAT ANSWERED THE SURVEY
BOURSORAMA HELVETIA PREMIERE TRELLEBORG AB
BUZZI UNICEM HOLCIM PRO SIEBEN MEDIA AG REG TRYGVESTA A/S, BALLERUP
BWIN INTERACTIVE
HYPO REAL ESTATE HOLDING AG PROSEGUR COMP SEGURIDAD- TURK HAVA YOLLARI A.O
ENTERTAINMENT AG
REGD
CA IMMO IBERDROLA PRYSMIAN S.P.A. TURK TELEKOM
CAMFIN SPA
IMPACT DEVELOPER &
PUBLICIS GROUPE SA
TÜRKIYE HALK BANKASI A.S.
CONTRACTOR SA
CARGOTEC IMTECH QATAR TELECOM UNIB SDB
CARL ZEISS MEDITEC AG INDESIT COMPANY RANDSTAD HOLDING N. V. UNIPETROL, PRAGUE
CEZ AS INDRA SISTEMAS RATOS AB UNITED INTERNET AG
CINTRA JC DECAUX SA RHI AG VERSATEL AG
CLUB MEDITERRANEE
JM BYGGNADS OCH FASTIGHETS ROYAL TEN CATE
VETOQUINOL
AB
COCA COLA HELLENIC BOTTLING JULIUS BAER HOLDING AG S&B INDUSTRIAL MINERALS SA VIENNA INSURANCE GROUP
COMPANY SA
COLOPLAST A/S K+S AG SALZGITTER AG VINCI
COMMERZBANK AG KBC GROUP SAMPO GROUP PLC VISCOFAN ENVOLTURAS CELULOSI
COMPAGNIE DES ALPES KESKO SARANTIS VIVENDI
COMPLETEL SAS KOMAX HOLDING AG SAVE-AEROPORTO DI VENEZIA VOEST-ALPINE STAHL
MARCO POLO SPA
COMPTEL KONE SCHIBSTED ASA VOLKSWAGEN AG
CORIO KORIAN SEAT PAGINE GIALLE VOLVO
CORPORACION FINANCIERA ALBA KORRES SA NATURAL PRODUCTS SEB VTG AG
SA
CREDIT SUISSE GROUP KRONES AG SIDENOR SA, CHALANDRI WACKER CHEMIE AG
CROPENERGIES AG KUONI REISEN HOLDING AG SKANSKA AB WACKER NEUSON SE
DANSKE BANK, DENMARK LAFARGE SKF AB WAVIN NV, ZWOLLE
DEUTSCHE EUROSHOP AG LAMDA DEVELOPMENT SA SOFTWARE AG WENDEL
DEUTSCHE LUFTHANSA AG LEGRAND SA SOL MELIA WIENERBERGER AG
DIREKT ANLAGE BANK LOEWE AG SOLARWORLD AG WILLIAM DEMANT
DOGUS OTOMOTIV SERVIS VE LOGWIN AG, GREVENMACHER SOLVAY SA YARA INTERNATIONAL ASA
TICARET A.S.
DOUGLAS HOLDING AG L'OREAL SONOVA ZUERICH ALLIED
DRAEGERWERK AG & CO
LVMH MOËT HENNESSY LOUIS SOPRA GROUP
VUITTON
DUFRY AG MAERSK SORIN SPA
Source: CA Cheuvreux
21 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
Contacts
CORPORATE MARKETING
Bénédicte Thibord +33 1 41 89 78 92 bthibord@cheuvreux.com
Head of Marketing Services
Jenny Murphy +33 1 41 89 74 11 jmurphy@cheuvreux.com
Head of Corporate Access – Europe Coordinator
Roadshow Origination
Austria&CEE
Stefanie Steurer +43 1 22712 7400 ssteurer@cheuvreux.com
Benelux
Konrad Zomer +31 20 5730 631 kzomer@cheuvreux.com
France
Samantha Addi +33 1 41 89 73 76 saddi@cheuvreux.com
Alice Baley +33 1 41 89 76 14 abaley@cheuvreux.com
Sébastien Berret +33 1 41 89 76 25 sberret@cheuvreux.com
Germany
Dagmar Moldan +49 69 47 89 72 16 dmoldan@cheuvreux.com
Italy - Greece
Maria Iliopoulou +44 207 621 52 63 miliopoulou@cheuvreux.com
Nordic
Anna Harg +46 8 723 51 43 aharg@cheuvreux.com
Joanne Macisaac +44 20 7621 51 85 jmacisaac@cheuvreux.com
Spain
Mirjam Van-Der-Kamp +34 91 495 16 43 mvanderkamp@cheuvreux.com
CORPORATE BROKERAGE
Cyril Gérard +33 1 41 89 70 52 cgerard@cheuvreux.com
Head of Corporate Brokerage
EUROPE
Laurent Gibassier +33 1 41 89 71 17 lgibassier@cheuvreux.com
Sales, Managing Director
Daniel Matias-Garraz +33 1 41 89 75 38 dmatiasgarraz@cheuvreux.com
Sales
Michel Lefeuvre +33 1 41 89 74 72 mlefeuvre@cheuvreux.com
Sales Trading
Eric Prodhomme +33 1 41 89 74 97 eprodhomme@cheuvreux.com
Share Management
GERMANY / AUSTRIA
Hasso von Flemming +49 69 47 897 280 hvonflemming@cheuvreux.com
Sales
SPAIN / PORTUGAL
David Olaya +34 91 432 74 74 dolaya@cheuvreux.com
Sales
22 www.cheuvreux.com

November 2009 EUROPE 2009 European Corporate Survey
RESEARCH
Economics and Strategy Christopher Potts +44 207 621 66 40 cpotts@cheuvreux.com
Europe Bruno Renard +33 1 41 89 73 17 brenard@cheuvreux.com
SRI Stéphane Voisin +33 1 41 89 74 69 svoisin@cheuvreux.com
Emerging markets Simon Quijano Evans +43 1 227 12 70 20 squijanoevans@cheuvreux.com
Small & Mid Caps Carole Rozen +33 1 41 89 73 18 crozen@cheuvreux.com
COUNTRY HEADS OF RESEARCH
Austria & CEE Alfred Reisenberger +43 1 22712 7200 areisenberger@cheuvreux.com
Benelux Konrad Zomer +31 20 5730 631 kzomer@cheuvreux.com
France Laurent Poinsot +33 1 41 89 73 15 lpoinsot@cheuvreux.com
Germany Bernd Laux +49 69 47 897 512 blaux@cheuvreux.com
Greece, Romania & Bulgaria Costas Theodorou +44 207 621 52 20 ctheodorou@cheuvreux.com
Italy Marco Baccaglio +39 02 80 62 83 20 mbaccaglio@cheuvreux.com
Middle East Marc Hammoud +971 44 283 603 mhammoud@cheuvreux.com
Spain Francisco Riquel +34 91 495 16 30 friquel@cheuvreux.com
Switzerland Christian Stark +41 1 218 17 02 cstark@cheuvreux.com
Turkey Can Yurtcan +90 212 371 19 03 cyurtcan@cheuvreux.com
SECTOR COORDINATORS
Automobiles & Auto Components Alexander Neuberger +49 69 47 89 73 84 aneuberger@cheuvreux.com
Banks, Diversified Financials Services Joachim Müller +49 69 47 89 79 60 jmueller@cheuvreux.com
Building Materials & Construction Levon Babalyan +41 44 218 17 07 lbabalyan@cheuvreux.com
Capital Goods Antoine Boivin-Champeaux +33 1 41 89 73 25 aboivinchampeaux@cheuvreux.com
Food Beverages & Tobacco Xavier Croquez +33 1 41 89 73 77 xcroquez@cheuvreux.com
Healthcare Thomas Bernhardsgrütter +41 44 218 17 03 tbernhardsgrutter@cheuvreux.com
Insurance Jean d'Herbécourt +33 1 41 89 78 60 jdherbecourt@cheuvreux.com
Luxury Goods & Cosmetics Françoise Lauvin +33 1 41 89 73 09 flauvin@cheuvreux.com
Media & Advertising Giovanni Montalti +39 02 80 62 83 41 gmontalti@cheuvreux.com
Oil & Gas Dominique Patry +33 1 41 89 73 37 dpatry@cheuvreux.com
Paper Products Mikael Jåfs +46 8 723 5171 mjafs@cheuvreux.com
Pharmaceuticals & Biotechnology Marcel Brand +41 1 218 17 05 mbrand@cheuvreux.com
Real estate Bruno Duclos +33 1 41 89 73 35 bduclos@cheuvreux.com
Retail Arnaud Joly +33 1 41 89 73 87 ajoly@cheuvreux.com
Technology Hardware & Equipment Odon de Laporte +44 207 621 51 79 odelaporte@cheuvreux.com
Telecom Services Peter-Kurt Nielsen +44 207 621 51 81 pnielsen@cheuvreux.com
Utilities Damien de Saint-Germain +33 1 41 89 73 12 ddesaintgermain@cheuvreux.com
23 www.cheuvreux.com

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