Changes

Activity and performance:*FCF/TR “Free cash flows” (1) divided by turnover*TRGR Turnover growth*Tax/TR Income tax divided by turnover*ROIC Return On Invested Capital = (operating income before taxes + interest expenses) divided by “economic assets” (WCR + fixed Assets (net))*ROE Return On Equity = Net income divided by (stockholders equity - net income) Business Risk:*CVTRGR Coefficient of variation of turnover growth computed on the 3 yearperiod preceding the deal*CVROIC Coefficient of variation of ROIC computed on the 3 year-period preceding the deal*CVROE Coefficient of variation of ROE computed on the 3 year-period preceding the deal*CVFCF/TR Coefficient of variation of FCF/turnover computed on the 3 yearperiod preceding the deal Composition and characteristics of assets and financial structure:*TanA/TA Tangible assets (net) divided by total assets (net)*Return On Invested Capital = (operating income before taxes + interest expenses) divided by “economic assets” (WCR + fixed Assets (net))*Return On Equity = Net income divided by (stockholders equity - net income)*LEV Total debt divided by stockholders equity*RET/TA Retained earnings/Total assets*NC/TA Net cash/Total assets*WCR/TR Working Capital Requirement divided by turnover*FA/TA Financial assets (net)/Total Assets (net)*TA/TAg Total Assets (net)/Total assets (gross)