Share price

Instrument Maison 11% Other Businesses Operating profit (€ m) 2010 2009 2008 830 968 1 118 Jewellery Maisons (€ m) 2010 2009 2008 2 688 2 762 2 657 Earnings per share from continuing operations (€) 2010 2009 2008 1.076 1.312 1.710 Specialist Watchmakers (€ m) 2010 2009 2008 1 353 1 437 1 378 Dividend per share 2010 2009 CHF 0.35 CHF 0.30 Writing Instrument Maison (€ m) 2010 2009 2008 551 587 625 Other Businesses (€ m) 2010 2009 2008 584 632 630 • Sales at € 5 176 million

Dear Mr. Mario Cumino, I am writing to you on behalf of the LDPE's marketing team concerning the Caferoma's marketing analysis. We have noticed that consumers were increasingly unhappy for various reasons. The company lost market share and we have decided to change Caferoma's strategy. The Caferoma's brand should review their strategy and their positioning. According to the analysis, 80% of people interrogated, the brand is old-fashioned. We must develop a new advertising campaign to re-launch

model if lower costs are achieved through lower services and lower wage rates? 1. Market Analysis 2.1. SWOT Strengths | Weaknesses | * Low cost leader * Innovative cost reductions * First-mover advantages * Established market share * Substantial growth * High load factor * Strong public image * Established routes/network * Range of ancillary services | * Poor employee relations * Volatile customer relations * Antagonistic relationship with competitors * Uncharacteristic

Create a foreign property 'bump' Achat Purchase Achat périodique par sommes fixes Dollar-cost averaging Achat-vendu Crystallization Acheter Buy, purchase Actif circulant Current assets Actif net Net assets Action Share, Stock • Action à dividende prioritaire - Preferred share (stock) • Actions à négociabilité restreinte - Tracking stocks (Tracking shares) • Actions accréditives - Flow-through shares • Actions en circulation - Outstanding shares • Actions ordinaires - Common shares

to be the largest retailer on the internet. The company's Web site, receives more than one billion page requests per quarter from 86 country sites in 28 languages or dialects and 29 currencies. On the website, customers can review, configure, and price computer systems for themselves. They can place an order online and then track the order from the manufacturing stage to actual delivery. ▪ Business advantages Furthermore, this approach brings a number of critical business advantages: •

strenghts of Microsoft. As we said, this company is one of the most powerfull firm in the world. Microsoft owns 90% of the market share of this sector. The company is also in a situation of near-monopoly, because Microsft doesn't have any really competitors. Apple, which holds the second place in terms of market share, owns just approximately 9%. This high market share allowed Microsoft to invest in research, and develop some new technologies. The image of the compagny is also very positive. That's

moved to the Central Penn Bank Building at 1401 Walnut Street. It stayed there until 1966 when it moved to a building (currently the Sofitel Hotel) at 17th and Sansom. In December 1968, in response to a fiscal crisis, Philadelphia imposed a $0.05 per share stock transfer tax for all transactions on the PHLX. On January 2, 1969, the PHLX moved its trading floor to an office building, then known as the Decker Building, just across a street from the city boundaries in Bala Cynwyd to avoid the tax. In February

n°4, décembre, p 687-696. Bradley M., Wakeman L.M. (1983) - The wealth effects of targeted share repurchases - Journal of Financial Economics, vol. 11, n°1-4, avril, p 301-328. Brennan M. J. et A. V. Thakor (1990) – Shareholder preferences and dividend policy – Journal of Finance, vol. 45, n°4, septembre, p 993-1019. Choi D. et Chen S.-S. (1997) - The differential information conveyed by share repurchase tender offers and dividend increases - Journal of Financial Research, vol. 20, n°4,

Disclosure, Market Data, and FAS 133 Compliance Since their rise to popularity in the early 1970s, people have viewed derivatives with both awe and fear. Derivatives users range from traders, who seek to profit by making markets and speculating on price fluctuations, to end-users, who use derivatives to hedge and protect their natural exposure to input or output prices. Almost without exception, managing and accounting for derivatives is second nature to banks and to derivatives market makers. But

these five forces: 1) Threat of new entrants – New businesses entering the market. 2) Bargaining power of suppliers – How much control suppliers have over manufacturers. 3) Threat of substitutes – Threat of similar products taking market share. 4) Bargaining power of customers - Power customer has over business. 5) Threat of rivalry – Competition of companies in the same market. Each of these forces will be looked at in detail to determine whether the Ice cream industry has a