Equity Capital Market

A. THE GOOD NEWS: Globalization has many positive, innovative and dynamic aspects, all related to the increased market access, increased access to capital, and increased access to technology and information which have led to greater income and employment opportunities. There is no dearth of examples: The world as a whole is definitely more prosperous and more healthy, with average per capita incomes tripling in the last fifty years, child mortality rates halving and life expectancy increasing

18/10/2011 Cours gestion financière : Notations : Capital Actuel : C0 (valeur actuelle = Present Value t=0) =>ACTUALISATION Capital futur / acquis (valeur acquise = Final Value t=n) => CAPITALISATION n = durée < 1 an (CT) > 1 an (LT) Taux d’intérêt “i” en % / an. Il existe 2 modes de calcul : ● modèle interêts composés : deux flux => sortant => entrant capitalisation : Cn = C0 (1+i)^n ● modèle Cash Flow

governments in raising capital by underwriting and acting as the agent in the issuance of securities. An investment bank also assists companies involved in mergers and acquisitions, divestitures, etc. Further to provide ancillary services such as market making and the trading of derivatives, fixed income instruments, foreign exchange, commodity, and equity securities. Unlike commercial banks and retail banks, investment banks do not take deposits. Equity=stock Private equity is money invested in

range of financial instruments available on the market. The idea of maximizing expected return and minimizing risk is of great interest to me. During my second long term Internship, as analyst at A Capital, I discovered the Private Equity field. My position did not only require some technical knowledge, but also a strong business background. My main mission was to analyze the different investment opportunities, mainly focusing on the emerging markets. For example, I worked on several sustainable development

Underlying EPS (fully diluted) from continuing activities (1,2) Free cash flow (3) (1) At constant scope of consolidation and constant exchange rates (2) Excluding exceptionals and excluding the effects of the capital increase (3) Free Cash Flow: Cash flow from operations less capital expenditure (net of disposals) € 1,427mln 3 Sales growth analysis - FY 09 +3.2% Like-for-like (3.4)% +5.2% CURRENCY (2.0)% (1.6)% (1.4)% SCOPE OF CONSOLIDATION VOLUME VALUE € 15

8 4.8 4.1 29 17 14 % Snacks 22% % % Beverages $ Cheese $ $ $ $ Convenient Meals 10% 8 % Grocery Total 48.1 More than half of our business is outside North America.* Confectionery 29% Developing Markets 26% North America 49% Europe 25% Confectionery and Snacks now make up the majority of our portfolio.* Grocery 8% Convenient Meals 10% Cheese 14% Beverages 17% Snacks 22% *2009 Pro Forma net revenues $48 billion are based on the acquisition

excellence.co.il) E. de Rothschild Invest. services Ltd (Israel) Cie Financiere Holding Benjamin & Edmond de Rothschild DAIMLER CHRYSLER Li Ka Shing Selis Networks Inc. Deutsche Bank AG 21 BskyB Edmond de Rothschild Venture Capital Ltd Executive board: Winfried Kilp, Generaldirektor, VR Dr. Graziano Lusenti, Generaldirektor, VR Dr. François Rayroux, VR www.rothschildbank.com 1. Company in which shares are held : Royal & Sun Alliance Ins Group 2. Notifiable Interest: Ordinary

montant net que l’actionnaire pourrait réaliser si l’exploitation de l’entreprise se terminait et si les éléments d’actifs étaient liquides Market Value La capitalisation boursière est la valeur de marché de l’ensemble des actions en circulation d’une société par action. Nombre d’actions Michelin : 181 099 501 Prix d’action : 71,59 (31/12/12) Market Value : 181 099 501 X 71,59 = 12 964 913 280€. Pour info : la Moyenne des échanges quotidiens des actions en 2012 : 913 167 actions. Mutliples

d'interviews structurées non-dirigées a permis de dresser des portraits type de la manière dont les mutations se mettaient en place dans chacune de ces entreprises. Les résultats ont été validés par leurs dirigeants. Mots clés : Environnement ; Capital de Marque ; Stratégie Marketing ; Marketing Relationnel ; recherche naturelle ; méthode qualitative. 1. Introduction Nous assistons depuis quelques années à de profonds changements dans les règles du marché. Amorcée par la mondialisation et la

investor may acquire the voting power of an enterprise in an economy through any of the following methods: * by incorporating a wholly owned subsidiary or company * through a merger of an enterprise * by * participating in an equity joint venture with another investor or enterprise Danone group is a company that deeply believes in all this methods of investment. Let’s get closer. Groupe Danone, known as Dannon in the United States, is a French food-products multinational