Microsoft word - 09015aec80286f94.doc

Global Equity Research
UBS Investment Research
12-month rating
Teva Pharmaceuticals
12m price target
„ What we learned from the conference call
(1) Mgt. attributed the US generic miss to Irvine (~$53M impact), a Jerusalem 11 May 2011
slowdown (~$55M) and headwinds from high 1Q10 sales of Mirapex, Protonix, Lotrel, Eloxatin, Adderall XR (see Table 4); (2) US ProAir sales were impacted by Trading data
some destocking and Qvar by managed market claims which rolled over from 52-wk range US$58.67-45.01
4Q10; (3) Mgt. expects 2Q11 to be slightly seq. better than 1Q11; (4) $500M Market cap. US$45.3bn
(~10M shares at $49) remains on the buyback program and mgt. expects the avg.
Shares o/s 929m
share count to be ~897-895M in 2Q11; (5) German sales declined in the low teens. Free float 84%
Avg. daily volume ('000) 6,303
Our takeaway: Quarterly progression makes sense to us
Avg. daily value (m) US$305.3
The weaker-than-normal performance in the US business is a reminder of how tough the generics business is overall and how dependent the business model is on Balance sheet data 12/11E
manufacturing execution and new product launches. With key launches from 1Q10 Shareholders' equity US$24.2bn
a ~$400M headwind and Irvine/Jerusalem an additional ~$100M headwind, its not P/BV (UBS) 1.8x
surprising that mgt. couldn’t make up the difference given it had no sig. launches.
We look for the US generics biz to continue to face headwinds in 2Q and return to Net Cash (debt) (US$7.46bn)
growth in 2H and the EU biz to follow the same path as pricing cuts annualize. Forecast returns
„ Thoughts on the stock: TEVA should come back as yr progresses
Forecast price appreciation +31.0%
It finally feels like a bottom is building in TEVA as mgt. has increased disclosure Forecast dividend yield 4.4%
around the headwinds it is facing and the 2Q directional guidance should help keep Forecast stock return +35.4%
consensus reasonable. We continue to like the risk/reward in TEVA. Market return assumption 5.5%
Forecast excess return +29.9%
„ Valuation: We maintain our Buy rating and PT of $64
Our PT is based on a P/E multiple of 11x our 2012 cash EPS estimate of $5.75. EPS (UBS, US$)
Highlights (US$m)
Revenues 13,899
12/11E 5.12
EBIT (UBS) 3,853
12/12E 5.75
Net Income (UBS) 3,084
EPS (UBS, US$) 3.38
Performance (US$)
Net DPS (UBS, US$) 0.58
Profitability & Valuation
5-yr hist av.
EBIT margin % -
EV/EBITDA (core) x -
PE (UBS) x -
Net dividend yield % -
Source: Company accounts, Thomson Reuters, UBS estimates. (UBS) valuations are stated before goodwill, exceptionals and other special items. Valuations: based on an average share price that year, (E): based on a share price of US$48.84 on 11 May 2011 20:34 EDT Marc Goodman
This report has been prepared by UBS Securities LLC
UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Teva Pharmaceuticals 11 May 2011
Investment Thesis Our Thesis Is Five-Fold (1) We like the generics sector as the macro tailwinds are still positive and Teva is well positioned to increase its market share in the global generics marketplace. (2) Teva has a very strong late-stage P-IV pipeline with multiple large visible opportunities that could drive strong earnings growth in 2011 and beyond. (3) We have unusually good visibility for solid 10-15% EPS growth for the (4) Teva already has a strong presence in several markets outside the US and is well positioned to capture growth in Europe and emerging markets. (5) Teva’s investment in longer duration assets like branded products (women’s health, respiratory and innovative medicines) and biosimilars will position it for growth in the longer term. Table 1: Teva Pharmaceuticals -- 2011 Guidance
2011 Guidance
Includes higher quality costs, excludes $600M of Amort.
Lonza JV Income; ~$80M of R&D planned for JV Includes convert buyout and share buyback Sequential quarterly improvement; 2H>1H and 2Q>1Q
Teva Pharmaceuticals 11 May 2011
Table 2: Teva Pharmaceuticals -- Milestones
May 2011
Table 3: Teva Pharmaceuticals -- Variance Analysis ($ in Millions)
Variance Comments
Total Sales
-112.5 Consensus: $4.27B, +17% YoY
Operating EPS
$0.02 Consensus: $1.04
Margin Analysis
Operating Margin
Source: Company reports, UBS estimates and FactSet
Teva Pharmaceuticals 11 May 2011
What we learned on the conference call Overall Q 2011 quarterly progression: Management reaffirmed its EPS guidance
range of $4.90-5.20 and indicated that there should be a slight sequential improve in 2Q over 1Q (i.e., a few pennies or ~$1.05-1.08 vs the $1.04 in 1Q). Q Tax rate: Management lowered its tax rate guidance to 11% from 13% to
the year due to an improving mix and larger percentage of exUS sales. However, management continued to indicate that the tax rate will rise in 2012 as Irvine comes back on line, Lovenox is approved and the mix shifts back to the US. Q Share buyback: Management bought back 7.9M shares during the quarter
(average price of $54.41 for a cost of $400M) and have bought back 9.8M shares since the program started in December. Management expects the share count to be ~897M in 2Q11 and has ~$500M more left on the buyback program. Q North America: Sales declined -11% Y/Y
— Generics: US generic sales were $952, down -32% Y/Y while Canadian
sales were ~$155M, up +54% Y/Y (included ~$50-70M of Ratiopharm) for total North American generics of ~$1.1B, down -25% Y/Y. — ~$500M of headwinds in 1Q11: Specifically, lower sales of Mirapex,
Protonix, Lotrel, Eloxatin, Adderall XR, plus the impact of Irvine and Jerusalem manufacturing issues were headwinds in 1Q11. Additionally, the switch of Allegra from Rx to OTC will impact 2Q11-4Q11 with 2010 sales of ~$80M and 1Q11 sales of ~$15M with the rest of the year zero. Table 4: 1Q11 vs 1Q10 Sales Delta
($ in millions)
Protonix 93
Eloxatin 44
Adderall XR
Irvine 53
Management launched three new products in 1Q11: generic Phentermine,
Teva has 197 ANDAs pending at the FDA, 46 of which have tentative
approval. 130 are P-IV applications with 80 (branded sales of $52B) that are first to file.
Teva Pharmaceuticals 11 May 2011
Management indicated that there have been no settlement discussions
with Momenta/Sandoz which makes sense to us. We don’t see a settlement anytime soon if at all. Key launches in 2H include Levaquin, Aricept, Nasacort and Zyprexa.
Management indicated that Irvine should reach a ~$100M run rate by
Q Europe: Sales grew 3% Y/Y organically (+7% excluding Germany, 33% of
Management has cut the delta between it and the number one European
player in terms of market share from 10% to 4% since 1Q10. Sales in Germany declined in the low teens due to price reforms.
However, management expects Germany to rebound in 2H as the reforms annualize and return to growth. Management also pointed to tender progress with it realizing ~20%+ share of the most recent AOK tender. During 1Q11 Teva received approval for 79 new compounds in 162
formulations and had 286 compounds pending marketing authorization. Management believes a LT organic growth rate of 7-9% is still a good
Importantly, management indicated that profits quadrupled in Europe.
Q Emerging Markets: Sales grew 26% Y/Y (23% CC) with 31% of sales
coming from Russia/Eastern EU, 27% from Latin America, 23% from Israel and 19% from Asia. Y/Y growth for key markets was: Russia (+25%), Mexico (+20%),
Argentina (+29%), Japan (+29%), Israel (+6%). Overall Latin America grew 16% (9% CC). Additionally, Japan sales are now consolidated (~50% of the JV) and accounted for an incremental ~$30M of sales. Management still believes a double digit organic growth rate is a good
Q Copaxone: Total end-market sales were $907M (+14% Y/Y) with $624M in
the US (+22% Y/Y) and $283M ROW (flat Y/Y). Copaxone continued to outpace the market growing 14% vs 9% for the market. As Copaxone is returned to Teva from Sanofi, management indicated that
the full year sales impact will be ~$150M of additional sales (this would be for 2013) with a 50% operating margin and Teva would be required to pay a 6% royalty back to Sanofi for two years following the return of Copaxone. The UK, the Czech Republic and Poland have already been returned, Germany will be returned in 4Q11 and then Spain, France and Italy will be returned over the course of 2012. Generics Limited (UK) filed a revocation against a UK Copaxone patent
on March 1, 2011. A case management conference was held on May 6, 2011 and no trial date has been set.
Teva Pharmaceuticals 11 May 2011
Q Azilect: Total end-market sales were $90M (+16% Y/Y) primarily due to
Q Respiratory: Total sales were $229M (+19% Y/Y) with US sales of $127M.
US sales were impacted by destocking in ProAir (we estimate ~$10M) and 4Q10 rebates/claims from managed markets spilling into 1Q11 for Qvar (we estimate ~ -$34M impact). Q Women’s Health: Total sales were $103M (+30% Y/Y). We estimate US
sales were up ~5% with the majority of the impact from EU sales due to the additional of Theramex. Q API: Total sales were $184M (+32% Y/Y) with the majority of sales coming

Teva Pharmaceuticals 11 May 2011
Table 5: Teva Pharmaceuticals -- Income Statement and Margin Analysis 2009-2016E - ($ in millions, except EPS)
2010 1Q11A 2Q11E 3Q11E 4Q11E
5,220 18,252 20,501 22,748 25,153 26,397 27,798 $4,270 $4,516 $4,752 $5,136 $18,700 $20,591 $21,792 $22,648 Co. Guidance 18.5-19.0B 21.0-23.2B
3,089 10,678 11,989 13,185 14,239 14,707 15,406 Co. Guidance
Co. Guidance
Co. Guidance
Co. Guidance
Co. Guidance
Co. Guidance
Co. Guidance
Co. Adjusted EPS
Co. Guidance
$4.90-5.20 $5.30-5.86
Margin Analysis
2010 1Q11A 2Q11E 3Q11E 4Q11E
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Co. Guidance 57.5-59.5%
Co. Guidance
Co. Guidance
Co. Guidance
Operating Margin
Co. Guidance
2010 1Q11A 2Q11E 3Q11E 4Q11E
2016E 2009-2013
Operating Income
Operating EPS
Source: Company reports and UBS estimates Table 6: Teva Pharmaceuticals – North America Generics Sales - 2009-2016E ($ in millions)
North America Revenues
Generics Sales
US Generics Sales
US Generics
Total North America Generics
Source: Company reports and UBS estimates Table 7: Teva Pharmaceuticals – North America Other Sales - 2009-2016E ($ in millions)
North America Revenues (Conti)
Total Innovative
Total Respiratory
Women's Health
40.0% 650.0% 650.0% 350.0% 233.3% 385.7% Total North America Revenues
Co. Guidance
Source: Company reports and UBS estimates Table 8: Teva Pharmaceuticals – Europe & International Sales - 2009-2016E ($ in millions)
3Q11E 4Q11E
Europe Revenues
Innovative 351
Women's Health
Total Europe Revenues
Co. Guidance
3Q11E 4Q11E
International Revenues
Innovative 217
omen's Health
Total International Revenues
Co. Guidance
Source: Company reports and UBS estimates Table 9: Teva Pharmaceuticals – Global Sales - 2009-2016E ($ in millions)
Total Revenues
Total Generics

Total Innovative
Women's Health
Total Company Revenues
Co. Guidance
Source: Company reports and UBS estimates
Teva Pharmaceuticals 11 May 2011
Table 10: Teva Pharmaceuticals -- Copaxone Income Statement 2009-2016E ($ in millions, except EPS)
2010 1Q11A 2Q11E 3Q11E 4Q11E
Copaxone Revenues
End-Market Sales
Total Sales
Impact to Teva's Income Statement
Gross Profit
Operating Income
Net Income
Teva's Total EPS
Copaxone as % of Total Earnings
Source: Company reports and UBS estimates
Teva Pharmaceuticals 11 May 2011
Table 11: Teva Pharmaceuticals -- Balance Sheet 2009-2016E ($ in millions)
Cash & Cash Equivalents
Total Current Assets
Intangible assets and debt issuance costs Total Assets
Liabilities and Shareholder's Equity
Short-term credit
Total Current Liabilities
Total Liabilities
Total Shareholder's Equity
Total Liabilities and Shareholder's Equity
Source: Company reports and UBS estimates
Teva Pharmaceuticals 11 May 2011
Table 12: Teva Pharmaceuticals -- Cash Flow Statement 2009-2016E ($ in millions)
From Operating Activities
Net Income
Minority Interests in Profits (Losses) of Subsidiaries Net Cash From Operations
From Investing Activities
Capital Expenditures
Acquisition of Product Rights/Patents/Intangible Acquisition of Long Term Investments and Other Assets Net Cash from Investing
-$916 -$5,455 -$1,531 -$1,859 -$2,250 -$5,707 -$2,090 -$1,977
From Financing Activities
Change in Shares (Exercise of Options/Share Repurchas
Proceeds for issurance of shares for acquisition Cost of Acquis./Proceeds from Sale of Shrs. Held by Sub Net Cash from Financing
$573 -$2,875 -$2,870 -$1,016 -$1,918 -$2,777 -$2,038
Translation Differences on Cash Balance of Subs.
Cash/Equiv. Balance (BOY)
Net Cash Flow
Cash/Equiv. Balance (EOY)
$8,342 $12,083
Source: Company reports and UBS estimates Q Teva Pharmaceuticals
Teva is the largest global generics company, with a 24% share of generics and a 16.4% share of the US total market. The company has a branded portfolio focusing on CNS and Respiratory therapeutic areas, with key products Copaxone for Multiple Sclerosis and ProAir albuterol inhaler for asthma and COPD. Teva recently acquired competitor Barr Pharmaceuticals and is in the process of integrating the business while working to develop capabilities in developing biogenerics.
Teva Pharmaceuticals 11 May 2011
Q Statement of Risk
Risks to Teva include 1) competitive pressure on sales of Copaxone; 2) unsuccessful execution on Paragraph IV filings; 3) generic price deterioration for overall basket of products, 4) inability to integrate the recently completed Barr acquisition, 5) inability to execute on biosimilar, and 6) inability to identify and integrate future acquisitions. Q Analyst Certification
Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers and were prepared in an independent manner, including with respect to UBS, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report.
Teva Pharmaceuticals 11 May 2011
This report has been prepared by UBS Securities LLC, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates are referred to herein as UBS. For information on the ways in which UBS manages conflicts and maintains independence of its research product; historical performance information; and certain additional disclosures concerning UBS research recommendations, please visit The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS Investment Research: Global Equity Rating Allocations
UBS 12-Month Rating
Rating Category
IB Services2
UBS Short-Term Rating
Rating Category
IB Services4
1:Percentage of companies under coverage globally within the 12-month rating category. 2:Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the past 12 months. 3:Percentage of companies under coverage globally within the Short-Term rating category. 4:Percentage of companies within the Short-Term rating category for which investment banking (IB) services were provided within the past 12 months. Source: UBS. Rating allocations are as of 31 March 2011.
UBS Investment Research: Global Equity Rating Definitions
UBS 12-Month Rating
UBS Short-Term Rating
Buy: Stock price expected to rise within three months from the time the rating was assigned because of a specific catalyst or event. Sell: Stock price expected to fall within three months from the time the rating was assigned because of a specific catalyst or event.
Teva Pharmaceuticals 11 May 2011
Forecast Stock Return (FSR) is defined as expected percentage price appreciation plus gross dividend yield over the next 12
Market Return Assumption (MRA) is defined as the one-year local market interest rate plus 5% (a proxy for, and not a
forecast of, the equity risk premium).
Under Review (UR) Stocks may be flagged as UR by the analyst, indicating that the stock's price target and/or rating are
subject to possible change in the near term, usually in response to an event that may affect the investment case or valuation.
Short-Term Ratings reflect the expected near-term (up to three months) performance of the stock and do not reflect any
change in the fundamental view or investment case.
Equity Price Targets have an investment horizon of 12 months.
UK and European Investment Fund ratings and definitions are: Buy: Positive on factors such as structure, management,
performance record, discount; Neutral: Neutral on factors such as structure, management, performance record, discount; Sell:
Negative on factors such as structure, management, performance record, discount.
Core Banding Exceptions (CBE): Exceptions to the standard +/-6% bands may be granted by the Investment Review
Committee (IRC). Factors considered by the IRC include the stock's volatility and the credit spread of the respective company's
debt. As a result, stocks deemed to be very high or low risk may be subject to higher or lower bands as they relate to the rating.
When such exceptions apply, they will be identified in the Company Disclosures table in the relevant research piece.
Research analysts contributing to this report who are employed by any non-US affiliate of UBS Securities LLC are not registered/qualified as research analysts with the NASD and NYSE and therefore are not subject to the restrictions contained in the NASD and NYSE rules on communications with a subject company, public appearances, and trading securities held by a research analyst account. The name of each affiliate and analyst employed by that affiliate contributing to this report, if any, follows. UBS Securities LLC: Marc Goodman; Ami Fadia; Matthew Harrison.

Company Disclosures
Company Name
12-mo rating Short-term rating
Price date
Teva Pharmaceuticals16
Source: UBS. All prices as of local market close. Ratings in this table are the most current published ratings prior to this report. They may be more recent than the stock pricing date 16. UBS Securities LLC makes a market in the securities and/or ADRs of this company. Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report.
Teva Pharmaceuticals 11 May 2011
Teva Pharmaceuticals (US$)
Note: On August 4, 2007 UBS revised its rating system. (See 'UBS Investment Research: Global Equity Rating Definitions' table for details). From September 9, 2006 through August 3, 2007 the UBS ratings and their definitions were: Buy 1 = FSR is > 6% above the MRA, higher degree of predictability; Buy 2 = FSR is > 6% above the MRA, lower degree of predictability; Neutral 1 = FSR is between -6% and 6% of the MRA, higher degree of predictability; Neutral 2 = FSR is between -6% and 6% of the MRA, lower degree of predictability; Reduce 1 = FSR is > 6% below the MRA, higher degree of predictability; Reduce 2 = FSR is > 6% below the MRA, lower degree of predictability. The predictability level indicates an analyst's conviction in the FSR. A predictability level of '1' means that the analyst's estimate of FSR is in the middle of a narrower, or smaller, range of possibilities. A predictability level of '2' means that the analyst's estimate of FSR is in the middle of a broader, or larger, range of possibilities. From October 13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%.
Teva Pharmaceuticals 11 May 2011
Global Disclaimer
This report has been prepared by UBS Securities LLC, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates are referred to herein as UBS. In certain countries, UBS AG is referred to as UBS SA. This report is for distribution only under such circumstances as may be permitted by applicable law. Nothing in this report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. It is published solely for information purposes, it does not constitute an advertisement and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its subsidiaries and affiliates, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. UBS does not undertake that investors will obtain profits, nor will it share with investors any investment profits nor accept any liability for any investment losses. Investments involve risks and investors should exercise prudence in making their investment decisions. The report should not be regarded by recipients as a substitute for the exercise of their own judgement. Past performance is not necessarily a guide to future performance. The value of any investment or income may go down as well as up and you may not get back the full amount invested. Any opinions expressed in this report are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. Research will initiate, update and cease coverage solely at the discretion of UBS Investment Bank Research Management. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, sales personnel and other constituencies for the purpose of gathering, synthesizing and interpreting market information. UBS is under no obligation to update or keep current the information contained herein. UBS relies on information barriers to control the flow of information contained in one or more areas within UBS, into other areas, units, groups or affiliates of UBS. The compensation of the analyst who prepared this report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of UBS Investment Bank as a whole, of which investment banking, sales and trading are a part. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates and other market conditions. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. Neither UBS nor any of its affiliates, nor any of UBS' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report. For financial instruments admitted to trading on an EU regulated market: UBS AG, its affiliates or subsidiaries (excluding UBS Securities LLC and/or UBS Capital Markets LP) acts as a market maker or liquidity provider (in accordance with the interpretation of these terms in the UK) in the financial instruments of the issuer save that where the activity of liquidity provider is carried out in accordance with the definition given to it by the laws and regulations of any other EU jurisdictions, such information is separately disclosed in this research report. UBS and its affiliates and employees may have long or short positions, trade as principal and buy and sell in instruments or derivatives identified herein. Any prices stated in this report are for information purposes only and do not represent valuations for individual securities or other instruments. There is no representation that any transaction can or could have been effected at those prices and any prices do not necessarily reflect UBS's internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions, by UBS or any other source, may yield substantially different results. United Kingdom and the rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are eligible
counterparties or professional clients and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, retail clients. UBS Limited is
authorised and regulated by the Financial Services Authority (FSA). UBS research complies with all the FSA requirements and laws concerning disclosures and these are indicated on the
research where applicable. France: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities France SA. UBS Securities France S.A. is regulated by the Autorité des
Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this report, the report is also deemed to have been prepared by UBS Securities France S.A.
Germany: Prepared by UBS Limited and distributed by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht
(BaFin). Spain: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities España SV, SA. UBS Securities España SV, SA is regulated by the Comisión Nacional del
Mercado de Valores (CNMV). Turkey: Prepared by UBS Menkul Degerler AS on behalf of and distributed by UBS Limited. Russia: Prepared and distributed by UBS Securities CJSC.
Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A. UBS Italia Sim
S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionale per le Società e la Borsa (CONSOB). Where an analyst of UBS Italia Sim S.p.A. has contributed to this report, the
report is also deemed to have been prepared by UBS Italia Sim S.p.A. South Africa: UBS South Africa (Pty) Limited (Registration No. 1995/011140/07) is a member of the JSE Limited, the
South African Futures Exchange and the Bond Exchange of South Africa. UBS South Africa (Pty) Limited is an authorised Financial Services Provider. Details of its postal and physical address
and a list of its directors are available on request or may be accessed at United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial
Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a 'non-US affiliate'), to major US institutional investors only.
UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC
or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must be effected through UBS Securities LLC or UBS Financial Services Inc., and not
through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its
financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities
Pte. Ltd [mica (p) 039/11/2009 and Co. Reg. No.: 198500648C] or UBS AG, Singapore Branch. Please contact UBS Securities Pte Ltd, an exempt financial advisor under the Singapore
Financial Advisers Act (Cap. 110); or UBS AG Singapore branch, an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the
Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. The recipient of this
report represent and warrant that they are accredited and institutional investors as defined in the Securities and Futures Act (Cap. 289). Japan: Distributed by UBS Securities Japan Ltd to
institutional investors only. Where this report has been prepared by UBS Securities Japan Ltd, UBS Securities Japan Ltd is the author, publisher and distributor of the report. Australia:
Distributed by UBS AG (Holder of Australian Financial Services License No. 231087) and UBS Securities Australia Ltd (Holder of Australian Financial Services License No. 231098) only to
'Wholesale' clients as defined by s761G of the Corporations Act 2001. New Zealand: Distributed by UBS New Zealand Ltd. An investment adviser and investment broker disclosure statement
is available on request and free of charge by writing to PO Box 45, Auckland, NZ. Dubai: The research prepared and distributed by UBS AG Dubai Branch, is intended for Professional Clients
only and is not for further distribution within the United Arab Emirates. Korea: Distributed in Korea by UBS Securities Pte. Ltd., Seoul Branch. This report may have been edited or contributed
to from time to time by affiliates of UBS Securities Pte. Ltd., Seoul Branch. Malaysia: This material is authorized to be distributed in Malaysia by UBS Securities Malaysia Sdn. Bhd (253825-
x).India : Prepared by UBS Securities India Private Ltd. 2/F,2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai (India) 400051. Phone: +912261556000 SEBI
Registration Numbers: NSE (Capital Market Segment): INB230951431 , NSE (F&O Segment) INF230951431, BSE (Capital Market Segment) INB010951437.
The disclosures contained in research reports produced by UBS Limited shall be governed by and construed in accordance with English law. UBS specifically prohibits the redistribution of this material in whole or in part without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. Images may depict objects or elements which are protected by third party copyright, trademarks and other intellectual property rights. UBS 2011. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.



We are more than half-way through the year Sharain Suliman joined us in August and there is much that has been going at the to take over from Kerrin. Sharain Mental Health Information Centre. Due to a previously worked at the MHIC and number of staff changes Newsletter 2 did was involved in several studies deal-not go out in time, therefore we have de-cided to combine it with Newsletter 3.

Benjamin arbel ph

Benjamin Arbel Ph.D. Professor of Early Modern History Incumbent of the Chair for the History and Culture of the Jewry of Salonika and Greece Department of History Tel Aviv University List of Publications June 2009 A. BOOKS AND MONOGRAPHS 1. Trading Nations. Jews and Venetians in the Early Modern Eastern Mediterranean (Leiden, 1995), xi+237 pp. 2. Cyprus, the Franks and Venice (13t

Copyright © 2010-2014 Medical Pdf Finder