Page 1 of 1 Quantitative Equity Report | Release Date: 08 September 2014 | Reporting Currency: EUR | Trading Currency: EUR Carbures Europe CAR Last Close Quantitative Fair Value Estimate Market Cap (Mil) Sector Industry 23.96 21.90 360.5 p Industrials Aerospace & Defense Country of Domicile ESP Spain Price Versus Quantitative Fair Value 2010 2011 2012 2013 2014 2015 Sales/Share Forecast Range Forcasted Price Dividend Split 50 Quantitative Scores 40 Scores All Rel Sector Rel Country Quantitative Moat Narrow Valuation Overvalued Quantitative Uncertainty Very High Financial Health Moderate 80 16 53 30 77 22 50 24 30 61 20 39 25 Momentum: — Standard Deviation: 103.12 Quantitative Fair Value Estimate 20 Total Return 6.10 52-Wk 40.00 1.13 5-Yr 40.00 10 CAR p ESP Undervalued Fairly Valued Overvalued Valuation Sector Median Country Median — — — — — — — — 1.03 18.3 14.5 10.7 17.7 1.85 1.6 0.8 1.03 19.9 14.8 10.6 16.8 2.08 1.6 1.1 Current 5-Yr Avg Sector Median Country Median 10.5 4.5 440.1 8.8 2.5 274.4 Current 5-Yr Avg Price/Quant Fair Value Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales 1.09 2,500.0 — — — — 11.2 72.5 Profitability Return on Equity % Return on Assets % Revenue/Employee (K) 0.9 0.4 67.1 — — — Score 100 Quantitative Moat 80 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 Financial Health Current 5-Yr Avg Distance to Default Solvency Score Assets/Equity Long-Term Debt/Equity 2014 Sector Median Country Median 0.6 495.1 1.8 0.2 0.6 653.3 2.6 0.4 0.4 — 2.4 0.1 — — 4.5 — 1-Year 3-Year 5-Year 10-Year 52.1 — — — 4.3 283.4 40.4 — — — — 74.7 — — — — — 39.8 — — — — — 25.6 Growth Per Share Revenue % Operating Income % Earnings % Dividends % Book Value % Stock Total Return % — — — — — — 678.6 663.1 83.2 77.6 — — — — -384.6 15.5 — 192.3 5.1 — 1,111.1 — — 2,500.0 72.5 Total Return % +/– Market (Morningstar World Index) Dividend Yield % Price/Earnings Price/Revenue Undervalued Fairly Valued Overvalued 444 Monthly Volume (Thousand Shares) Liquidity: Medium Financials (Fiscal Year in K) Revenue % Change 2008 2009 2010 2011 2012 TTM — — 1,796 — 5,134 185.8 3,264 -36.4 4,965 52.1 4,965 0.0 — — — -150 — -482 482 — 315 -372 -177.1 -129 -112 — 132 -112 — 132 — — — — — — — — — — — — — — — — — — — — — — — 0.0 Operating Cash Flow Capital Spending Free Cash Flow % Sales — — — — — — — — — -0.01 — — 0.01 — — 0.01 0.0 — EPS % Change Free Cash Flow/Share — — — — — 11,238 — — 15,045 — 1.08 — — 1.13 — — 2.13 15,045 — — — — — -51.6 -7.3 -26.8 0.27 7.1 30.3 4.7 6.1 0.76 6.0 -2.0 -0.7 -4.0 0.18 2.4 0.9 0.4 2.7 0.14 2.4 0.9 0.4 2.7 0.14 2.5 Profitability Return on Equity % Return on Assets % Net Margin % Asset Turnover Financial Leverage — — — 78.1 -8.3 — 44.8 9.4 — 67.0 -11.4 1,227 90.6 -2.3 1,097 90.6 -2.3 29,110 Gross Margin % Operating Margin % Long-Term Debt — — 933 0.8 1,145 2.1 12,132 0.5 16,938 0.4 32,109 0.4 Total Equity Fixed Asset Turns Semi-Annual Revenue & EPS Revenue (K) Mar Jun 2013 — 14,439.0 2012 — — 2011 — — 2010 — — Earnings Per Share 2013 — 0.12 2012 — — 2011 — — 2010 — — Operating Income % Change Net Income Dividends/Share Book Value/Share Shares Outstanding (K) Revenue Growth Year On Year % Sep — — — — Dec — — — — Total — 4,965.3 3,263.9 5,133.7 — — — — — — — — — 0.01 -0.01 — 2009 2010 2011 ©2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. 2012 2013 ® ß