Barambambu Money Manager

SAXO BANKMONEY MANAGERtRAdiNG, REpORtiNG ANd AdMiNistRAtiON

money manager SoLUTIon - 1

2 - money manager SoLUTIon






1998

SaxoTrader’s predecessor, MITS, which enabled online FX trade execution, is launched.

2003

2007

Saxo Bank is established in Copenhagen by Kim Fournais and Lars Seier Christensen.

SaxoTrader named “Best Online Trading Platform for Private Investors” at the Euromoney Technology Awards - the first of many awards to come.

Saxo Bank opens an office in London and a new subsidiary, Saxo Capital Markets, in Singapore.

1992

2006 2008

2002

2001

Saxo Bank signs its first White Label Client (WLC), Banco Carregosa, Portugal’s first online brokerage service.

Saxo Bank is approved as an EU-regulated bankby the Danish FSA. MITS is renamed to SaxoTrader.

2004

Deutsche Bank becomes FX liquidity provider for Saxo Bank.

Saxo Bank signs its 50th White Label Client (WLC).

Saxo Bank launches its browser-based trading platform, the SaxoWebTrader, and the SaxoMobileTrader which enables clients to trade on their mobile devices.

2009

Citibank, one of the largest banks in the world, selects Saxo Bank to launch its FX trading platform CitiFX Pro.

2010

Espirito Santo Financial Group (ESFG) and Banco Espirito Santo Group, (BES Group), take 5% ownership of Saxo Bank.

Saxo Bank launches Saxo Banque France (Paris), Saxo Bank Switzerland (Zurich), Saxo Bank Japan K.K. (Tokyo), Saxo Bank Spain (Madrid) and a new representative office in Australia.

Saxo Bank continues its international expansion opening offices in Milan, Prague, Amsterdam and Athens.

Saxo Bank acquires 40% of Euroinvestor.com, a leading share and investment portal in Scandinavia, and acquires a 40% stake in Initto, to strengthen the IT development capabilities of the Bank. Saxo Bank is named ‘Best White Label Solution Provider’ in World

Finance’s prestigious FX Awards and SaxoTrader is named ‘Best Re-Labelling Platform’ by leading business magazine Profit & Loss.

2011

Saxo Bank is named ‘Best Forex Broker in Northern Europe’, and ‘Best White Label Solution Provider’ in the World Finance Foreign Exchange Awards 2011. Saxo Bank also won ‘Best Liquidity Distribution System' at the FX Week e-FX Awards 2011.

Saxo Bank opens an office in Hong Kong, Panama and South Africa..


kEY fiGuREs ANd RAtiOs

0

100

200

300

400

500

2006 2007 2008 2009 2010

0

20

40

60

80

100

2006 2007 2008 2009 2010

EUROPE

AUSTRALIA

FAR EAST & ASIA

MIDDLE EAST AND AFRICA

NORTH AMERICA

SOUTH AMERICA

OPERATIING INCOME 2006 -2010 EUR MILLION

NET PROFIT 2006 -2010 EUR MILLION

OperAtiNG iNcOme 2006-2010 eur milliON

sAxO BANk GROup(eur millions)* 2010 2009 2008 2007 2006operating income 447,8 298,8 337,8 209,9 134,4

Profit before tax 122,6 36,1 62,9 49,0 27,5

net profit 86,3 27,0 45,5 36,9 19,3

Total equity 386,4 313,3 190,1 146,6 58,0

Total assets 3205,3 2152,6 1402,8 1341,1 825,8

Clients’ collateral deposits 4198,7 2081,2 1169,5 1231,7 765,8

assets under management 4181,8 2544,0 - - -

Solvency ratio (Pilar I) 15,3% 19,0% 17,5% 18,2% 13,7%

return before tax on Total equity 35,0% 14,4% 37,3% 47,8% 53,4%

average number of employees 964 927 1297 1011 622

*Converted from DKK using exchange rate at the close of 31-12-2010


sAxO BANk wORldwidE

DENMARKUK

BELGIUM FRANCEPANAMA SPAIN ITALY SOUTH AFRICA GREECE DUBAI

SWEDENTHE NETHERLANDS RUSSIAUKRAINECZECH REPUBLIC INDIA JAPANHONG KONG

SWITZERLAND SINGAPORE AUSTRALIA

0

100

200

300

400

500

2006 2007 2008 2009 2010

0

20

40

60

80

100

2006 2007 2008 2009 2010

EUROPE

AUSTRALIA

FAR EAST & ASIA

MIDDLE EAST AND AFRICA

NORTH AMERICA

SOUTH AMERICA

OPERATIING INCOME 2006 -2010 EUR MILLION

NET PROFIT 2006 -2010 EUR MILLION

Net prOfit 2006-2010 eur milliON

sAxO BANk GROup(eur millions)* 2010 2009 2008 2007 2006operating income 447,8 298,8 337,8 209,9 134,4

Profit before tax 122,6 36,1 62,9 49,0 27,5

net profit 86,3 27,0 45,5 36,9 19,3

Total equity 386,4 313,3 190,1 146,6 58,0

Total assets 3205,3 2152,6 1402,8 1341,1 825,8

Clients’ collateral deposits 4198,7 2081,2 1169,5 1231,7 765,8

assets under management 4181,8 2544,0 - - -

Solvency ratio (Pilar I) 15,3% 19,0% 17,5% 18,2% 13,7%

return before tax on Total equity 35,0% 14,4% 37,3% 47,8% 53,4%

average number of employees 964 927 1297 1011 622









Tuesday, 06-Sep-2011

Tuesday, september 06, 2011 3:18:08 PM GMT

Time Country Event

Economic CalendarTrade BlotterPrice AlertsOpen OrdersOpen Positions: 4013424

Period Date Show Reset Advanced

1:30 AM

1:30 AM

1:30 AM

1:30 AM

1:30 AM

4:30 AM

4:30 AM

6:00 AM

7:00 AM

7:15 AM

Current Account Balance

Australia Net Exports of GDP

Home Loans MoM

Investment Lending

Owner-Occupied Home Loan Value MoM

Norway Consumer Confidence

RBA CASH TARGET

Finance Minister English Speaks

Foreign Currency Reserves

CPI (MoM)

Period Consensus Prior

2Q

2Q

JUL

JUL

JUL

3Q

sep-06

AUG

AUG

-7100M

0.1

1.5%

- -

- -

- -

4.75%

- -

-03%

-10447M

-2.4

0.0%

-4.4%

-0.0%

27.7

4.75%

182.1B

-0.8%

Day 06-Sep-2011

News TradeMaker Chat PriceAlerts

InstrumentExplorer

TradeSettings

DisableTrading

PlatformTrade Tools

Window Help

EURUSD, Forex Spot, 30 Minutes

1.35000

1.34000

1.33000

1.34530

13:00 16:00 19:00 00:00 04:00 07:00 10:00 13:00 16:00 19:00 00:00 04:00 07:00 10:00 13:00 16:00 19:00 20:00 02:00 05:0027/9/201024/9/201023/9/201022/9/2010

08:00

MACD 26 12; 9

EURUSD BOLL 20; 2

27/09/10, 11:30

High

Low

Open

Last

BOLL Down

BOLL Up

MACD Sign

MACD Bas

1.34600

1.34500

1.34520

1.34530

1.34420

1.34782

-0.0001

-0.0003

EURUSD 30 Minutes Candlestick 1:1

Bid

Sell

1,59

617

Ask

Buy

1,59

657

Bid

Sell

0,88

145

Ask

Buy

0,88

175

Bid

Sell

1,40

733

Ask

Buy

1,40

738

Bid

Sell

131,

319

Ask

Buy

131,

389

Bid

Sell

115,

784

Ask

Buy

115,

819

Bid

Sell

82,

269

Ask

Buy

82,

299

Positions (Open)

Instrument

EURUSD

Forex (4)

Open Short 455.000 1,40497 1,40736

1,59637 1,594021,59964

1,41... 1,406... 1,409,87 2.243 USD

-1.085 USD -771

-1.162

-0,17

-0,20-1.685 USD

1.593 0,32 31-mar-2011[.+G]

31-mar-2011[.+G]

31-mar-2011[.+G]

1.413...

500.000

500

Long

Long

Open

Open

GBPUSD

XAUUSD

Account: All Cash balance: 284.192.645,71 Account value 285.665.230,35 Margin available: 285.448.988,25 Margin utilisation:

Simulation English

0%EUR

Status L/S Amount Open Close Stop Limit P/L P/L (EUR) P/L % Value Date

Trading

Trading Account News and Research

Orders PriceList

OpenPositions

TradeBlotter

OpenOrders

StockCharts NewsScreener

Saxo Economic Price TradeMaker ChatCalendar Alerts

AccountToolbar

InstrumentExplorer Settings

Help

Window

Log Out

PlatformTrade ToolsTrade Modules

Disable Trading

Forex Indices Commodities Stocks Futures Account InfoCFD Stocks

Forex UK

GBPUSD, Spot EURGBP, Spot EURUSD, Spot

USDJPY, SpotEURJPY, SpotGBPJPY, Spot

GBP EUR EUR

USDEURGBP

5.000

5.000 5.000 5.000

5.000 5.000

Account: DJH_TEST

1.000.000

Cross: EUR USD

Amount:

Value date:

Open 'Related Orders' dialog after trade

Value date: 31-mar-2011 [!-G]

Orders

Information

Day high bid: Day low ask: % Change:

-0,101,405351,41488

Spot (31-mar-2011 [!-G])

Bid

Sell73 733

1,40 1,40

9Buy

Ask

Join Bid Join Offer

Sell Bid Buy Offer

EURUSD - Forex Trade - Spor

Open Orders

Instrument

AUDUSD

Forex (4)

Working Buy 100.000 1,02000 Limit

Trailing Stop 330831141,59402

Limit

Stop if Off...

33083158

33083158

2,38

0,00215

0,00345

11,78

1.419,87

1.406,32

500.000

500

500

Sell

Sell

Sell

Working

Working

Working

GBPUSD

XAUUSD

XAUUSD

Status Buy/Sell Amount Price Type Related Pos... Dist. to Market

Saxo Trader 2 - ST 2.5 SetupSaxo Trader 2 - ST 2.5 Setup

Orders Prices and Trade

TradeModules

Open Positions

TradeBlotter

Open Orders

StockScreener

Account andMargin

Saxo EconomicCalendar

PriceAlerts

InstrumentExplorer

TradeSettings

DisableTrading

LogOut

Charts News TradeMaker Chat Window Help


Trading Trade Tools Platform

Forex Forex Options Forex Forwards Indices Commodities CFD Stocks Stocks Stocks

Account: All GBP Cash balance: 175,000.00 Account value: 174,768.31 Margin available: 142,319.23 Margin utilisation: 19%

Last Successful Login: 24-May-2011 09:03:52 GMT. Previous Login Attempt: Successful. Live English

Instrument Explorer

Instrument Search Favorites

Look for:

ForexCFDs

Indices

AEX.I - Netherlands 25ASXSP200.I - Australia 200BELG20.I - Belgium 20CAC40.I - France 40DAX.I - Germany 30DEN20.I - Denamrk 20DJI.I - US 30 Wall StreetFTSE250.I - UK Mid-Cap 250IBEX35.I - Spain 35MDAX.I - Germany Mid-Cap 50NAS100.I - US Tech 100 NASNI225.i - Japan 225NOR25.I - Norway 25SMI.I - Switzerland 20SP500.I - US SPX500SPMIB.I - Italy 40STOXX50E.I - EU Stocks 50SWE30.I - Sweden 30TECDAX.I - Germany Tech 30TESTDJI.I - Test Dow Jones IndusTESTFTSE100.I - Test FTSE 100InTESTMDAX1.I - Test Germany Md-

CommoditiesExchange Traded FundsAMEX - American Stock ExchangeAMS - Euronext AmsterdamASX - Australian Stock Exchange Ltd.AT - Athens Stock ExchangeBRU - Euronext BrusselsCSE - OMX CopenhagenFSE - Frankfurt /Xetra Stock ExchangeHKEX - Hong Kong Stock xchangeHSE - OMX HelsinkiLISB - Euronext LisbonLSE_INTL - London International ExchLSE_SETS - London Stock Exchange S

Open Positions

Look for: Filter Account: All Show square positions

Instrument Account Status L/S Amount Open Close Stop Limit Market Value P/L P/L (GBP) % Price

Forex (3)

CFDs(3)

Refresh Close Position

EURUSD TRIAL_2147044192 Open Long 500,000 1.39565 1.40320 3775 USD 2336.145 0.54

GBPUSD TRIAL_2147044192 Open Long 500,000 1.61591 1.61531 -300 USD -185.654 -0.04

USDJPY TRIAL_2147044192 Open Long 500,000 81.890 82.045 77,500 JPY 600 0.19

Germany 30 TRIAL_2147044192 Open Short 20 7,076.24 7,101.08 7,111.63 7,040.87 -497 EUR -432 -0.35

US 30 Wall Street TRIAL_2147044192 Open Short 10 12,277.7 12,297.8 12,345.2 12,222.4 -201 USD -201 -0.16

EU Stocks 50 TRIAL_2147044192 Open Long 50 2,779.86 2,787.58 2,760.98 2,799.72 386 EUR 335 0.28

EURUSD, Forex Spot, 30 Minutes, GMT + 0


EURUSD

1.40362

1.41200

1.41000

1.40800

1.40600

1.40400

1.40200

01:00 03:00 05:00 07:00 09:00 11:00 13:00 15:00 17:00 19:00 21:00 01:00 03:00 05:00 07:00 09:00 24-May-2011 25-May-2011

25-May-11, 09:00

High 1.40362

Low 1.40234

Open 1.40350

Last 1.40322

Cash balance: 175,000.00

Non-margin positions: 0.00

Unrealized margin profit/loss: -202.01

Cost to close: 0.00

Transactions not booked: 0.00

Account value: 174,797.99

Saxo Trader 2 - ST 2.5 SetupSaxo Trader 2 - ST 2.5 Setup

Orders Prices and Trade

TradeModules

Open Positions

TradeBlotter

Open Orders

StockScreener

Account andMargin

Saxo EconomicCalendar

PriceAlerts

InstrumentExplorer

TradeSettings

DisableTrading

LogOut

Charts News TradeMaker Chat Window Help


Trading Trade Tools Platform

Forex Forex Options Forex Forwards Indices Commodities CFD Stocks Stocks Stocks


Last Successful Login: 24-May-2011 09:03:52 GMT. Previous Login Attempt: Successful. Live English

Instrument Explorer

Instrument Search Favorites

Look for:

ForexCFDs

Indices

AEX.I - Netherlands 25ASXSP200.I - Australia 200BELG20.I - Belgium 20CAC40.I - France 40DAX.I - Germany 30DEN20.I - Denamrk 20DJI.I - US 30 Wall StreetFTSE250.I - UK Mid-Cap 250IBEX35.I - Spain 35MDAX.I - Germany Mid-Cap 50NAS100.I - US Tech 100 NASNI225.i - Japan 225NOR25.I - Norway 25SMI.I - Switzerland 20SP500.I - US SPX500SPMIB.I - Italy 40STOXX50E.I - EU Stocks 50SWE30.I - Sweden 30TECDAX.I - Germany Tech 30TESTDJI.I - Test Dow Jones IndusTESTFTSE100.I - Test FTSE 100InTESTMDAX1.I - Test Germany Md-

CommoditiesExchange Traded FundsAMEX - American Stock ExchangeAMS - Euronext AmsterdamASX - Australian Stock Exchange Ltd.AT - Athens Stock ExchangeBRU - Euronext BrusselsCSE - OMX CopenhagenFSE - Frankfurt /Xetra Stock ExchangeHKEX - Hong Kong Stock xchangeHSE - OMX HelsinkiLISB - Euronext LisbonLSE_INTL - London International ExchLSE_SETS - London Stock Exchange S

Open Positions



Forex (3)

CFDs(3)







EU Stocks 50 TRIAL_2147044192 Open Long 50 2,779.86 2,787.58 2,760.98 2,799.72 386 EUR 335 0.28

EURUSD, Forex Spot, 30 Minutes, GMT + 0


EURUSD

1.40362

1.41200

1.41000

1.40800

1.40600

1.40400

1.40200

01:00 03:00 05:00 07:00 09:00 11:00 13:00 15:00 17:00 19:00 21:00 01:00 03:00 05:00 07:00 09:00 24-May-2011 25-May-2011

25-May-11, 09:00

High 1.40362

Low 1.40234

Open 1.40350

Last 1.40322

Cash balance: 175,000.00

Non-margin positions: 0.00

Unrealized margin profit/loss: -202.01

Cost to close: 0.00

Transactions not booked: 0.00


Support Center Settings Disable Trading Log Out

EURUSD - Forex Spot Trade

Account and Margin Summary

Create FX Order (s)

Trade Board

Open Positions

Open Positions Open Orders

EURUSD (Euro/US Dollar) - QuickChart

Update

1D 1W 1M 1Y 5Y

Streaming News - North America

Advanced

Bid

Sell Buy

Ask1.34

760

1.34

766

EURUSD, Spot

EUR 1,000,000

0.6

Bid

Sell Buy

Ask1.02

356

1.02

366

USDCAD, Spot

USD 1,000,000

1

Bid

Sell Buy

Ask1.58

400

1.58

402

GBPUSD, Spot

GBP 100,000

0.2

Bid

Sell Buy

Ask84.

210

84.

222

USDJPY, Spot

USD 1,000,000

0.3

Bid

Sell Buy

Ask0.98

363

0.98

372

USDCHF, Spot

USD 1,000,000

0.9

Bid

Sell Buy

Ask0.95

999

0.96

002

AUDUSD, Spot

AUD 100,000

0.3

Bid

Sell Buy

Ask0.73

440

0.73

454

NZDUSD, Spot

NZD 100,000

1.4

Bid

Sell Buy

Ask0.85

068

0.85

076

EURGBP, Spot

EUR 1,000,000

1.4

Bid

Sell Buy

Ask

1.34 1.3476 760 60.6

Place Order(s)

Advanced

Forex CFDsStocks Futures Stock Screener Market overview Research +

Account:

Cross:

Amount:

Value date:

Add Related Orders

Demo_966686

EURUSD

1,000,000

29-Sep-2010

Euro/US Dollar

Liquidity depth

Info

Cost:Value date:

50.0029-Sep-2010

50.00

Account Demo_966686

Cash balance 359,994.03


Margin utilisation: 5%

Available as margin: 509,558.35

Account:

Cross:

Demo_966686

EURUSD

Euro/US Dollar

Liquidity depth

Buy/Sell:

Amount:

Order type:

Price:

Duration:

Dist. to market:

Trailing step:

Add Related Orders

InfoBid/Ask:

Cost:Value date:

1.34757/1.3476450.00

29-Sep-2010

Demo_966686Select Instrument Add Related Orders Show Value Date

+

Instrument Strike Price Expiry Date L/S Amount Open Price Current Price Market Value P/L P/L i

AUDUSD

EURCHF

EURJPY

EURUSD

Short

Long

Long

Long

100,000

500,000

1,000,000

1,469,000

0.92356

1.38477

111.874

1.23467

0.96001

1.32532

113.487

1.34761

-3,654 USD -

-29,806 CHF -3

1,604,249 JPY s1

165,731 USD 16

EURUSD 30 minutes Candlestick Periods 96

27-Sep-2010 12:30High 1.34828Low 1.34746Open 1.34810Close 1.34755

15:00 19:00 23:00 3:00 7:00 11:00 15:00 19:00 21:00 1:00 5:00 9:00 23-09 24-09 26-09 27-09

1.34050

1.32900

1.34761

Look for: Profile: Advanced

Time/date Article

27-Sep 12:16 = DJ UPDATE: Ford CEO Sees Solid Profit This Year

27-Sep 12:00 DJ Biovail Founder Opposes Merger With Valeant

27-Sep 12:00 DJ California Officials Speak Out Against Biovail, Valeant Deal

27-Sep 11:23 SportsTicker: Report: NFL Has Plan If Work Stoppage Occurs

27-Sep 11:21 SportsTicker: NL Capsules

27-Sep 11:20 SportsTicker: A $10 Million Bunker Save For Furyk

27-Sep 11:19 SportsTicker: AL Capsules


Last Successful Login: 24-Sep-2011 09:03:52 GMT. Previous Login Attempt: Successful. Live English

Open Positions



Forex (3)

CFDs(3)







EU Stocks 50 TRIAL_2147044192 Open Long 50 2,779.86 2,787.58 2,760.98 2,799.72 386 EUR 335 0.28Account value: 139,645.83

Other collateral: 0.00

Not available as margin: -39,838.00

Net exposure: 546,995.00

Exposure coverage: : 25.5%

Margin available: 99,807.83



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Criteria Min Distribution Max Criteria Combined 8,448

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Mkt. cap. (USD)

P/E, FY1(x)

P/B, FY1(x)

Equity ratio, FY0 (%...

Net profit margin, F...

Div. yield, FY1(%)

1.0B

0.0

0.0

50.0

10.0

1.0

264.8B

10.0

1.0

100

98,378

48.5

3,518

1,149

1,670

3,952

2,325

4,066

3,518

391

161

24

10

8

Results

Last closeSecurity Name Mkt. cap. (USD) P/E, FY1(x) P/B, FY1(x) Equity ratio, FY0 (%... Net profit

1 3I GROUP PLC ORD

2 CHINA FORESTRY HOLDINGS CO LTD ORD

3 CORPORACION FINACIERA ALBA SA ORD

4 D/S NORDEN A/S ORD

5 NEW WORLD DEVELOPMENT CO LTD ORD

6 TRANSOCEAN LTD COM

7 UOL GROUP LTD ORD

8 WHEELOCK PROPERTIES SINGAPOUR

288.00 (GBp) 4.42B 8.25 0.82 51.8

3.50 (HKD) 1.38B 3.24 0.80 98.2

35.35 (EUR) 2.83B 6.71 0.87 81.1

224.40 (DKK) 1.81B 7.67 0.88 88.8

15.04 (HKD) 7.60B 8.63 0.63 54.0

60.06 (USD) 19.16B 8.29 0.89 56.4

4.42 (SGD) 2.60B 9.31 0.78 62.9

1.88 (SGD) 1.70B 9.19 0.89 85.4

1 to 8 of 810 Last update of fundamental data: 22/09/2011

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Equity Research: AstraZeneca (AZN:xlon)

Copyright © 2010 FactSet Research Systems Inc. All rights reserved.

Risk warning

Last update of fundamental data: 26-09-2010

Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information

herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo

Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the

recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very

speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.

Please read our full Analysis Disclosure & Disclaimer at www.saxobank.com/analysis/disclaimer.

Summary General Info Comparable CompaniesF inanc ia ls Valuation

General

AstraZeneca (AZN:xlon)

Last close (GBp)

52W High (GBp)

52W Low (GBp)

ISIN

Avg. consensus rating

Avg. consensus target (GBp)

No. of Analysts

Implied price (GBp)

No. shares

Free float

Market cap. (EURm)

Net debt (EURm)

Enterprise value (EURm)

Country

Sector

Industry

Local index

Operational risk

Financial risk

Overall risk

Beta

Growth

Growth focus

Cyclicality

Social responsability

3,334.00

3,385.00

2,690.50

GB0009895292

HOLD

3,341.84

44

4,006.23

1,451,000,000

92.69%

56,096

-264

55,949

United Kingdom

Health Technology

Pharmaceuticals: Major

FTSE UK ALL -SHARE(GBP)

High

Low

Medium

0.40

Low

Organic & Acquisitive

Defensive

Yes

Company Descruption Earnings Sensitivity Factors

US Dollar/Euro -3

-1

+1

+2US Dollar/Japanese Yen US Dollar/Swedish Kr...

US Dollar/British Po...

Currency Risk:The rating (+/-5) shows an estimated earnings impact from a 10%weakening in the foreign currency. A negative rating indicates a negative impact on earnings.

Commodity Risk:The rating (+/-5) shows an estimated earnings impact from a 10%decrease in the commodity price. A negative rating indicates a negative impact on earnings.

AstraZenecaAstraZeneca a UK-based pharmaceutical company whose key brands, Arimidex (cancer), Crestor (cardiovascular), Nexium (gastrointestinaldisease), Seroquel (schizophrenia and bipolar disorder) and Symbicort(asthma and COPD), constitute 55% of total revenue. The companyfaces the challenge of having several of its key brands (Arimidex,Toprol-XL, Pulmicort, Nexium and others) facing generic competitionbetween 2010 and 2014. Thus, approximately half of the company’scurrent revenue is at stake due to patent expiration in the near future.However, the company expects to maintain revenue in the range of GBP 17bn to GBP 21bn per annum over the next five years. The assumptions behind the guidance are AstraZeneca’s reshapingprogrammes (up to 20% staff reduction expected), line extensions(Serequel,Crestor and Symbicort) and a risk-adjusted contribution ofaround GBP 2.5-3.8bn from recently launched products, currentpipeline or from further in-licensing by 2014. Furthermore, the globalbiopharmaceutical market is expected to grow at least in line with realGDP over the next five years.

Source: Proprietary Coverage

Address Share Price Development (GBp)

AstraZeneca15 Stanhope GateLondon, London & South EastW1K 1LNGB

IR [email protected] +44 20 73045000Fax +44 20 73045151Web www.astrazeneca.com

Calendar

Date Company Title

29-09-2010 Sanofi-Aventis Cheuvreux Autumn Confer.

30-09-2010 AstraZeneca BRILINTA, Feedback from..

14-10-2010 Pfizer Q3 2010 Earnings Release

21-10-2010 Eli Lilly & Co Q3 2010 Earnings Release

21-10-2010 13:00 Eli Lilly & Co Q3 2010 Earnings Call

28-10-2010 AstraZeneca Q3 2010 Earnings Release

Price Development

Comparabl Companies Symbol Last Close 1W 1M 3M 6M 1Y

AstraZeneca (GBp) AZN:xlon 3,334.0 0.23% 3.22% 12.41% 10.73% 21.17%

Eli Lil ly & Co (USD) LLY:xnys 36.1 0.87% 5.22% 6.36% 0.33% 10.47%

Pfizer (USD) PFE:xnys 17.4 1.98% 8.82% 19.18% 0.06% 6.10%

Sanofi-Aventis (EUR) SASY:xpar 50.6 1.00% 13.52% 3.28% -10.12% 0.00%

Ownership

Name Stake (%) Votes (%)

BlackRock Investment Manage.. 7.0 7.0

VPC AB 5.4 5.4

Axa Investment Managers UK. 4.7 4.7

Capital Research Global Inves.. 4.6 4.6

Legal & General Investment ... 4.0 4.0

Other 74.3 74.3

Total 100.0 100.0

Split Figures

Stake

RegionsRevenue (GPBm 2009)

ProductsRevenue (GPBm 2009)

US marketRevenue (GPBm 2009)

Therapy areaRevenue (GPBm 2009)

Management

Name Title Age Value of holdings (EUR)

David R. Brennan Chief Executive Officer 56 22,372,063

Board


Marcus Wallenberg n.a. 54 2,476,283

Louis Schweitzer n.a. 67 244,999

Rudy H.P. Markham n.a. 64 62,253

Dame Nancy Rothwell n.a. 54 39,096

Jane E. Henney, MD n.a. 62 39,096

John S. Varley n.a. 53 29,451

2007 2008 2009 2010

3,600

3,300

3,000

2,700

2,400

2,100

1,800

Price Last close

International 36.3%

Domestic 40.1%Notregistered 23.6%

North America 9,944 (48.8%)

Established ROW 7,760 (38.0%)

Emerging ROW 2,691 (13.2%)

Nexium 1,764 (19.2%)

Crestor 1,307 (14.2%)

Symbicort/Pulmicort 804 (8.7%)

Arimidex 556 (5.9%)

Seroquel 2,126 (23.1%)

Other 2,649 (28.8%)

Nexium 3,086 (15.1%)

Crestor 2,801 (13.7%)

Symbicort/Pulmicort 2,242 (11.0%)

Arimidex 1,195 (5.9%)

Seroquel 3,028 (14.8%)

Other 8,042 (39.4%)

Gastrointestinal 3,740 (18.3%)

Cardiovascular 5,212 (25.6%)

Respiratory 2,571 (12.6%)

Oncology 2,811 (13.8%)

Neuroscience 3,881 (19.0%)

Other 2,179 (10.7%)

Equity Research: AstraZeneca (AZN:xlon)

Copyright © 2010 FactSet Research Systems Inc. All rights reserved.

Risk warning

Last update of fundamental data: 26-09-2010

Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information

herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo

Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the

recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very

speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.

Please read our full Analysis Disclosure & Disclaimer at www.saxobank.com/analysis/disclaimer.

Summary General Info Comparable CompaniesF inanc ia ls Valuation

General

AstraZeneca (AZN:xlon)

Last close (GBp)

52W High (GBp)

52W Low (GBp)

ISIN

Avg. consensus rating

Avg. consensus target (GBp)

No. of Analysts

Implied price (GBp)

No. shares

Free float

Market cap. (EURm)

Net debt (EURm)

Enterprise value (EURm)

Country

Sector

Industry

Local index

Operational risk

Financial risk

Overall risk

Beta

Growth

Growth focus

Cyclicality

Social responsability

3,334.00

3,385.00

2,690.50

GB0009895292

HOLD

3,341.84

44

4,006.23

1,451,000,000

92.69%

56,096

-264

55,949

United Kingdom

Health Technology

Pharmaceuticals: Major

FTSE UK ALL -SHARE(GBP)

High

Low

Medium

0.40

Low

Organic & Acquisitive

Defensive

Yes

Company Descruption Earnings Sensitivity Factors

US Dollar/Euro -3

-1

+1

+2US Dollar/Japanese Yen US Dollar/Swedish Kr...

US Dollar/British Po...

Currency Risk:The rating (+/-5) shows an estimated earnings impact from a 10%weakening in the foreign currency. A negative rating indicates a negative impact on earnings.

Commodity Risk:The rating (+/-5) shows an estimated earnings impact from a 10%decrease in the commodity price. A negative rating indicates a negative impact on earnings.

AstraZenecaAstraZeneca a UK-based pharmaceutical company whose key brands, Arimidex (cancer), Crestor (cardiovascular), Nexium (gastrointestinaldisease), Seroquel (schizophrenia and bipolar disorder) and Symbicort(asthma and COPD), constitute 55% of total revenue. The companyfaces the challenge of having several of its key brands (Arimidex,Toprol-XL, Pulmicort, Nexium and others) facing generic competitionbetween 2010 and 2014. Thus, approximately half of the company’scurrent revenue is at stake due to patent expiration in the near future.However, the company expects to maintain revenue in the range of GBP 17bn to GBP 21bn per annum over the next five years. The assumptions behind the guidance are AstraZeneca’s reshapingprogrammes (up to 20% staff reduction expected), line extensions(Serequel,Crestor and Symbicort) and a risk-adjusted contribution ofaround GBP 2.5-3.8bn from recently launched products, currentpipeline or from further in-licensing by 2014. Furthermore, the globalbiopharmaceutical market is expected to grow at least in line with realGDP over the next five years.

Source: Proprietary Coverage

Address Share Price Development (GBp)

AstraZeneca15 Stanhope GateLondon, London & South EastW1K 1LNGB

IR [email protected] +44 20 73045000Fax +44 20 73045151Web www.astrazeneca.com

Calendar

Date Company Title

29-09-2010 Sanofi-Aventis Cheuvreux Autumn Confer.

30-09-2010 AstraZeneca BRILINTA, Feedback from..

14-10-2010 Pfizer Q3 2010 Earnings Release

21-10-2010 Eli Lilly & Co Q3 2010 Earnings Release

21-10-2010 13:00 Eli Lilly & Co Q3 2010 Earnings Call

28-10-2010 AstraZeneca Q3 2010 Earnings Release

Price Development

Comparabl Companies Symbol Last Close 1W 1M 3M 6M 1Y

AstraZeneca (GBp) AZN:xlon 3,334.0 0.23% 3.22% 12.41% 10.73% 21.17%

Eli Lil ly & Co (USD) LLY:xnys 36.1 0.87% 5.22% 6.36% 0.33% 10.47%

Pfizer (USD) PFE:xnys 17.4 1.98% 8.82% 19.18% 0.06% 6.10%

Sanofi-Aventis (EUR) SASY:xpar 50.6 1.00% 13.52% 3.28% -10.12% 0.00%

Ownership

Name Stake (%) Votes (%)

BlackRock Investment Manage.. 7.0 7.0

VPC AB 5.4 5.4

Axa Investment Managers UK. 4.7 4.7

Capital Research Global Inves.. 4.6 4.6

Legal & General Investment ... 4.0 4.0

Other 74.3 74.3

Total 100.0 100.0

Split Figures

Stake

RegionsRevenue (GPBm 2009)

ProductsRevenue (GPBm 2009)

US marketRevenue (GPBm 2009)

Therapy areaRevenue (GPBm 2009)

Management


David R. Brennan Chief Executive Officer 56 22,372,063

Board


Marcus Wallenberg n.a. 54 2,476,283

Louis Schweitzer n.a. 67 244,999

Rudy H.P. Markham n.a. 64 62,253

Dame Nancy Rothwell n.a. 54 39,096

Jane E. Henney, MD n.a. 62 39,096

John S. Varley n.a. 53 29,451

2007 2008 2009 2010

3,600

3,300

3,000

2,700

2,400

2,100

1,800

Price Last close

International 36.3%

Domestic 40.1%Notregistered 23.6%

North America 9,944 (48.8%)

Established ROW 7,760 (38.0%)

Emerging ROW 2,691 (13.2%)

Nexium 1,764 (19.2%)

Crestor 1,307 (14.2%)

Symbicort/Pulmicort 804 (8.7%)

Arimidex 556 (5.9%)

Seroquel 2,126 (23.1%)

Other 2,649 (28.8%)

Nexium 3,086 (15.1%)

Crestor 2,801 (13.7%)

Symbicort/Pulmicort 2,242 (11.0%)

Arimidex 1,195 (5.9%)

Seroquel 3,028 (14.8%)

Other 8,042 (39.4%)

Gastrointestinal 3,740 (18.3%)

Cardiovascular 5,212 (25.6%)

Respiratory 2,571 (12.6%)

Oncology 2,811 (13.8%)

Neuroscience 3,881 (19.0%)

Other 2,179 (10.7%)



Margin Preview

Margin Preview

[Allocation key:] FX majorsBuy 1,000,000 EURUSD @1.33286

Client ID Account Client name Amount Price Cash Balance Before Margin % before Margin % after Reject reason

1234567890 1Account Client 1 200,000 1.33303 1,000.00 0 205 Trade would exceed margin limits

1234567891

1234567892

1234567893

2Account

3Account

4Account

Client 2

Client 3

Client 4

300,000

200,000

300,000

99,602.01

96,710.54

199,583.26

31

1

20

36

3

23

Precheck result> 1 of 4 rejected.

1.33307

1.33314

1.33315

New rule Delete rule Copy rule

Rules

Rules

Priority Active Name Instrument Condition Amount Key

3

2

1

Yes

No

Yes

4 CFD indices All 10 FX majors

EURUSD 500

FX and CFDs

Energy Futures

GBPUSD (Forex)

All Forex (all), All CFDs

NGKO (Futures Contract)

500000

1500000

1

FX majors

Strategy

Futures

=

>=

All

CancelSave


Account: 123456_Trading

300

Contract: AAPL:xnas

Quantity:

Allocation:

Open 'Related Orders' dialog after trade Open 'Related Orders' dialog after trade

Position Build-up Auto

Apple Inc.

Strategy 1 (3)

Bid

Sell

417,020 417,120Buy

USD Ask

Join Bid Join Offer

Sell Bid Buy Offer

AAPL:xnas - CFD Trade

Allocation Summary

Instrument Client Account Expiry Date L/S Amount Open Price Current Price P/L P/L in EUR % Price

Forex

AUDUSD

EURUSD

GBPUSD

CRM IB

British Pound/US Dollar



12345678

12345678

12345678

12345679

12345670

12345679

Long

Long

Long

Long

Bought

Bought

Bought

100,000

15,000

510,000

500,000

250,000

250,000

10,000

1.053234

1.435687

1.631494

1.631400

1.631400

1.631400

1.636180

1.053640

1.441310

1.635640

1.635640

1.635640

1.635640

1.635640

0.04%

0.39%

0.25%

0.26%

0.26%

0.26%

-0.03%

1,060 USD

1,060 USD

-5 USD

735

735

-4

CRM

CRMClient1

CRMClient2

CRMClient1

Clear

New key Delete key Copy key

Rules... Import... Export... Cancel

Add accounts...

Search Calculate

Remove account Previous

Save

Trade Allocation Key Editor

Trading Account: 000000001_Trading Error Account: Error_12345678 Client ID: 000000001

Keys Available accounts: 9 Accounts Hide accounts with zero units

Find:

Name Accounts Units Margin Handling Account Client Name Units Priority Remainder

Strategy 1

Strategy 2

Strategy 3

Strategy 4

Strategy 5

Strategy 6

Strategy 7

Strategy 8

1

1

1

5

4

3

5

3

1

1

1

5

4

3

5

1

Cancel

Cancel

Cancel

Reduce

Cancel

Cancel

Cancel

Reduce

Demo_12345678 12345678 Allocation IB7 Test client 1 1 1 Yes

Demo_12345679 12345679 Allocation IB7 Test client 2 1 0 No

Demo_12345670 12345670 Allocation IB7 Test client 0 1 0 No

Showing 1 to 3 of total 3Next



Show31Client: Money Manager Omnibus Account Account: All Current History 20-Sep-2011

Live Contact Settings Print Log out

Client Selector Clients Accounts Orders Positions Broker Journal Activity Log All Error Log Connection History Employee Activities Who´s Online Risk Management Client Access TOOLS

Client Overview Account Overview Account Summary Activity Log Acoount Reports Trading Research

Money Manager Omnibus AccountClient 1Client 2Client 3Client 4Client 5Client 6Client 7Client 8Client 9Client 10Client 11Client 12

Cash an

Non-ma

Unrealis

Cost to

Unreali

Cash Ba

Transactions not booked -51.82

Account value 1,382,467.48

Margin Summary GBP

Account value 1,382,467.48

Other collateral 0.00

Not available as margin collateral 0.00

Used for margin requirements -49,092.00

Available for Margin Trading 1,333,375.48

Net exposure 6,613,358.00

Exposure Coverage 20.9%

Margin Utilisation 4%






STAGE NEGOTIATION AND APPROVAL

Money Managers are evaluated on a case-by-case basis and should meet the following approval criteria to qualify for the Money Manager program: a. Must be a limited company b. Must hold relevant licenses c. Must document solid experience and a proven track record within the asset management industry d. Must manage a minimum of EUR 5 million e. Must adhere to GIPS (Global Investment Performance Standards) Standards.

1STAGE AGREEMENT AND CONTRACT

The Money Manager enters into a contract with Saxo Bank where all conditions are agreed upon. 2

STAGE SETTING UP THE INFRASTRUCTURE

Saxo Bank then sets up the trading infrastructure.3STAGE TRAINING

As a part of Saxo Bank’s on-boarding process, Saxo Bank introduces the Money Manager to the relevant functions within the Bank’s internal systems, as well as the relevant processes for bringing the Money Manager’s clients to the Bank. 4

STAGE ON-BOARDING PROCESS FOR THE MONEY MANAGER´S CLIENTS

The Money Manager can begin on-boarding the clients who will open an account with Saxo Bank through our client due diligence process, which includes anti-money laundering procedures put in place to protect the Money Manager and Saxo Bank.5

STAGE CLIENTS BEGIN TRADING

In order for the Money Manager to trade on client’s behalf, the clients sign a Power of Attorney agreement that authorises the Money Manager to trade on their account. Once this agreement is signed, the Money Manager’s clients’ accounts will be set up under the trading structure. 6

STAGE REPORTING

Once trading is underway, Saxo Bank generates comprehensive reports for the Money Manager and their clients.7

STAGE ON-GOING SUPPORT

After the initial set-up process, Saxo Bank continues to work with the Money Manager and provide technical support, marketing and sales training, as well as help to identify business development opportunities. Through strong and continuous cooperation Saxo Bank supports the Money Manager in growing their business to mutual benefit.

8


STAGE NEGOTIATION AND APPROVAL

Money Managers are evaluated on a case-by-case basis and should meet the following approval criteria to qualify for the Money Manager program: a. Must be a limited company b. Must hold relevant licenses c. Must document solid experience and a proven track record within the asset management industry d. Must manage a minimum of EUR 5 million e. Must adhere to GIPS (Global Investment Performance Standards) Standards.

1STAGE AGREEMENT AND CONTRACT

The Money Manager enters into a contract with Saxo Bank where all conditions are agreed upon. 2

STAGE SETTING UP THE INFRASTRUCTURE

Saxo Bank then sets up the trading infrastructure.3STAGE TRAINING

As a part of Saxo Bank’s on-boarding process, Saxo Bank introduces the Money Manager to the relevant functions within the Bank’s internal systems, as well as the relevant processes for bringing the Money Manager’s clients to the Bank. 4

STAGE ON-BOARDING PROCESS FOR THE MONEY MANAGER´S CLIENTS

The Money Manager can begin on-boarding the clients who will open an account with Saxo Bank through our client due diligence process, which includes anti-money laundering procedures put in place to protect the Money Manager and Saxo Bank.5

STAGE CLIENTS BEGIN TRADING

In order for the Money Manager to trade on client’s behalf, the clients sign a Power of Attorney agreement that authorises the Money Manager to trade on their account. Once this agreement is signed, the Money Manager’s clients’ accounts will be set up under the trading structure. 6

STAGE REPORTING

Once trading is underway, Saxo Bank generates comprehensive reports for the Money Manager and their clients.7

STAGE ON-GOING SUPPORT

After the initial set-up process, Saxo Bank continues to work with the Money Manager and provide technical support, marketing and sales training, as well as help to identify business development opportunities. Through strong and continuous cooperation Saxo Bank supports the Money Manager in growing their business to mutual benefit.

8


1120

11 -

150

0

Documents

Barambambu Money Manager