<!-- NON FLASH Version --> <table border="0" width="100%" height="94%" cellspacing="0" cellpadding"0"> <tr> <td valign="center" align="center"> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td align="left"> <map name="imap"> <area shape="rect" coords="0,90,138,110" alt="" onMouseOver="Show(0); window.status=''; return true;" onMouseOut="Hide();" href="javascript:Show(0);"> <area shape="rect" coords="0,140,138,165" alt="" onMouseOver="Show(1); window.status=''; return true;" onMouseOut="Hide();" href="javascript:Show(1);"> <area shape="rect" coords="0,195,138,215" alt="" onMouseOver="Show(2); window.status=''; return true;" onMouseOut="Hide();" href="javascript:Show(2);"> <area shape="rect" coords="0,248,138,270" alt="" onMouseOver="Show(3); window.status=''; return true;" onMouseOut="Hide();" href="javascript:Show(3);"> </map> <P><IMG border="0" usemap="#imap" src="splash.jpg"></P> <script language="JavaScript"> <!-- function Show(item) { var x; if (document.layers) x = "bgcolor='#404060'"; var x1; var x2; //if (item == 0 || item==3 ) { x1 = '<TABLE ' + x + 'border=0 cellPadding=15 cellSpacing=0><TR><TD align="left" valign="center"><p><font size="1" color=white face="Verdana, Arial, Helvetica">'; x2 = '</font></p></TD></TR></TABLE>'; /*} else { x1 = '<TABLE ' + x + 'border=0 cellPadding=15 cellSpacing=0><TR><TD align="left" valign="center"><p><font size="1" color=white face="Verdana, Arial, Helvetica">'; x2 = '</font></p></TD></TR></TABLE>'; }*/ replaceContent("InfoBox", x1 + infoText[item] + x2); showLayer("InfoBox"); } function Hide() { hideLayer("InfoBox"); } if (document.all || document.layers) { var x1; var x2; var y1; var y2; var infoText = new Array(); x1 = getWinWidth()/2-120; y1 = getWinHeight()/2-140; x2 = 440; y2 = "auto"; //340 infoText[0] = "<P ALIGN=justify>...leads clients to features that offer timely access to CA IB’s research coverage of equities in Emerging Europe, Austria, Growth &amp; Technology and selected Western European IPO’s/SPO’s.</P><P ALIGN=justify></P><P ALIGN=justify>Our equity research combines sector expertise with in-depth knowledge of individual markets, capitalising on CA IB's strong local franchise throughout Emerging Europe and Austria. This blend has enabled CA IB equity analysts to forge well-established relationships with company management. We make every effort to combine the insights from our frequent contact with management with the most advanced forecasting/valuation techniques employed in the industry. </P><P ALIGN=justify></P><P ALIGN=justify>CA IB’s equity coverage has expanded over the last year to include Turkey and Israel, as well as a new universe, Growth &amp; Technology. Our research is grounded in thorough bottom-up analysis of company fundamentals, complemented by closely following political and economic developments in our universes. The quality of CA IB’s research has been consistently acknowledged with top rankings by international publications and research services, such as <I>EXTEL</I>, <I>Reuters</I>, <I>Euromoney</I> and <I>Global Investor</I>.</P><P ALIGN=justify></P><P ALIGN=justify>Maintaining close contact with our investors is one of the hallmarks of CA IB research teams. As part of our commitment to constantly improve our research effort, we welcome any feedback from Research Pathway users.</P>"; infoText[1] = "<P ALIGN=left><b>Emerging Europe</b></P><P ALIGN=justify>CA IB’s coverage of Emerging Europe now encompasses more than ten markets, including those in Central Eastern Europe and Russia, Turkey and Israel. Sector analysts (including telecoms, banks, oil &amp; gas, pharmaceuticals) bring a cross-border perspective to our research, while working closely with local analysts throughout the region. A strategic perspective on the entire region is a key determinant in developing our asset allocations. Our most common approaches to valuing companies in Emerging Europe include discounted cash flows and industry-specific, cross-border peer group comparisons.</P><P ALIGN=justify></P><P ALIGN=justify>CA IB’s <B>Emerging Europe Equity Coverage </B>was ranked second place this year by <I>Global Investor</I>, with Croatia equity research ranked first place, Czech third, Hungary second, with Poland and Turkey each taking fourth place. In the <I>2000 Institutional Investor All-Europe Research Team</I>, the CA IB team was awarded top rankings in Hungary (third) and in the Czech Republic (runner up). </P>"; infoText[2] = "<P ALIGN=left><b>Austria</b></P><P ALIGN=justify>Our core coverage of the Austrian market focuses on the ATX 50-traded stocks. We take a bottom-up approach to analysing Austrian companies, with specific emphasis on the relative standing of the companies within their respective international peer groups. In valuing companies one of our focal points is assessing a company’s capacity to generate shareholder value. We regard our close contact with company management as key to the quality of our research. Our coverage ranges from desk notes with <I>ad-hoc</I> comments, to providing a quarterly strategy for the market.</P><P ALIGN=justify></P><P ALIGN=justify>CA IB’s Austrian team was ranked as leading investment research house for Austria in a Reuters survey &quot;European Smaller Company 2000,&quot; and in this same survey it also attained rankings in several Western European sectors. </P>"; infoText[3] = "<P ALIGN=left><b>Growth &amp; Technology</b></P><P ALIGN=justify>CA IB added this universe to its equity research coverage, with the start of the new millennium. Our technology-dedicated team in Vienna maintains close ties with CA IB’s sector and local analysts throughout the regions. The Growth &amp; Technology product line brings together those companies in our universes who meet the criteria of high growth and/or technology, thereby creating a convergence of our universes.</P><P ALIGN=justify></P><P ALIGN=justify><P ALIGN=justify>The quarterly publication &quot;Growth &amp; Technology An@lyser&quot; is the flagship product, and is supplemented by a monthly report. Individual company reports/updates form the backbone of the product portfolio. With a focus on telecoms, Internet and IT, Growth &amp; Technology encompasses companies quoted in Vienna, on EASDAQ and Neuer Markt, as well as on Emerging Europe stock exchanges.</P><P ALIGN=justify></P><P ALIGN=justify>The valuation approach to our Growth &amp; Technology companies takes various forms: Multiples, discounted cash flows and sum-of-the parts. We also look at prices of recent corporate transactions as a benchmark. The value-added that we bring to these traditional forms of valuation includes applying the appropriate methodology, developing the right blend of techniques and giving particular attention to the quality of our assumptions and analysis - both in general and in detail. The motto of our work process is: Quality in, value out.</P>"; createLayer("InfoBox", x1, y1, x2, y2, 0, "", ""); setBgImage("InfoBox", "raster1.gif"); } //--> </script> </td> </tr> </table> </td> </tr> </table> <!-- NON FLASH Version ENDE -->
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