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July 22 2013 G LOBAL FINANCIAL STRA TEGIES wwwcredit suissecom Measuring the Moat Assessing the Magnitude and Sustainability of Value Creation Authors Michael J

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July 22 2013 G LOBAL FINANCIAL STRA TEGIES wwwcredit suissecom Measuring the Moat Assessing the Magnitude and Sustainability of Value Creation Authors Michael J Mauboussin michaelmauboussincre. U.S. investors ons are contained from page 2 of this report. www.danskeresearch.com Investment Research — General Market Conditions  Danmarks Nationalbank (DN) purchased FX for DKK2.4bn in interven ab Analyst certification and required disclosures begin on page24UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm certificati ons are contained from page 14 of this report. www.danskeresearch.com Investment Research Market Movers ahead  Market jitters mean less focus on economic data and more on central ons are contained from page 3 of this report. www.danskeresearch.com Investment Research — General Market Conditions  The Federal Reserve’s Senior Loan Officer survey covering Important ons are contained from page 2 of this report. www.danskeresearch.com Investment Research — General Market Conditions  There is no reason to expect Denm ark to leave the pe Page 1 Economics Equity ResearchJapan Economic Trends April 4, 2001Robert Alan Feldman+81 (0)3 5424 5385Robert.Tokyo.Feldman@msdw.comCobwebs and CRICs Natural consequence of complacency is a return t ons are contained from page 6 of this report. www.danskeresearch.com Investment Research — General Market Conditions It took a while but now the pattern is becoming very clear: the weak Q1 i ons are contained from page 2 of this report. www.danskeresearch.com Investment Research — General Market Conditions  R ouble weakens on oil, resilient to Greece .  We expec ons are contained from p age 5 of this report. www.danskeresearch.com Investment Research — General Market Conditions  The overall recovery in the rouble since the start of the year ________________________________________________________________________ ______________________________________________________________________ _____________________________________ _______ __________ Hazardous voltage Important information; refer to manual. Conforms to UL Std 3101-1; certified to CAN/USA Std C22.2 No. 1010.1 Conforms to European Union directives Do not dispose of this product ons are contained from page 3 of this report. www.danskeresearch.com Investmen t Research — General Market Conditions  Russia’s cent ral bank keeps its key rate unchanged at Vail 2015. Liberty broadband. (LBRDK). Patrick Brennan, CFA Robert Mori, CFA. Brennan Asset Management Mori Huston Partners. Guide. Overview. Cable=Great Business. TWC and Bright House Deal Overview/Projections.

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