Morning Briefing - Standard & Poor's

Morning BriefingStrategies and Investment Ideas from S&P Equity ResearchFebruary 24, 2011RECOMMENDED TRADER ACTION: Hold representative ETF for the S&P 500 (SPY)S&P 500 neural model neutral about today's close.MARKET FOCUSFutures Trading LowerOVERNIGHT UPDATES • The S&P 500 index futures are trading above below value, indicating a weakeropening this morning. The S&P 500 closed down for the second consecutive day,Europe lower. Tokyo fellending trading at 1307.40 yesterday.1.19%, Hong Kong fell1.34%, Shanghai rose0.56%.BONDS: 10-year notes yieldat 3.4366%, 30-year bonds• The National Association of Realtors reported that sales of existing homes rose2.7% in January, to 5.36 mn. The level was above the 5.2 mn expected by theconsensus. Sales are 5.3% above a year earlier, the first year/year increase inseven months. Condo and coop sales were up 4.7%, while single family sales rose2.4%.yield at 4.5464%. • WebMD Health (WBMD 52 *****) released earnings yesterday for its fiscal fourthquarterreporting $0.55 a share vs. $1.35 a share one year earlier. S&P EquityFOREIGN EXCHANGE:Euro at $1.3776, Sterling at$1.6173, Dollar at 81.89yen.PRECIOUS METALS: Goldat $1415.57.ENERGY: WTI crude at$100.85, London Brentcrude at $115.07.Research Services (ERS) expected $0.36 a share and the Street was anticipating$0.43 a share.• Kohl's (KSS 52 ****) is expected to release its fourth-quarter earnings report thismorning. Street analysts are anticipating earnings of $1.66 per share vs. S&P ERS'expectation of $1.59 per share. The company posted earnings of $1.40 for thesame quarter last year.• S&P ERS expects fourth-quarter earnings of $1.39 a share from Target (TGT 50****) vs. Street estimates of $1.40 per share. The company posted $1.24 per sharefor the same period last year.• S&P ERS forecasts Dreamworks Animation (DWA 28 *****) will post earnings of$0.78 a share for its fiscal fourth-quarter after the close today vs. $0.50 a shareone year earlier. The Street is anticipating $0.73 a share. S&P analysts see 2010revenues up more than 14%, to about $830 million, mainly on the theatrical, homevideo and merchandising/licensing contributions of Shrek 4 and How to Train YourDragon, plus other titles such as Monsters vs. Aliens, Madagascar 2 and Kung FuPanda. Revenues from DWA's growing library of catalog titles, plus a moderateramp-up of revenues from TV specials/series will assist.• Investors will be watching for Durable Goods Orders to be up 3% in January after a2.3% decline in December. New Home Sales are anticipated to have declined to a310,000 annualized pace in January and Initial Jobless Claims are expected tohave fallen from the previous week.-- S&P Equity ResearchStandard & Poor’sEquity Research Services55 Water StreetNew York, NY 10041(800) 523-45341 OF 7This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither Standard & Poor's nor any other partyguarantees its accuracy or makes warranties regarding results from its usage. Redistribution is prohibited without written permission. Copyright © 2011 by Standard& Poor’s Financial Services LLC. All rights reserved. “S&P,” “S&P 500,” and “Standard & Poor’s” are registered trademarks of The McGraw-Hill Companies, Inc.“S&P MidCap 400” and “S&P SmallCap 600” are trademarks of The McGraw-Hill Companies, Inc.Please see Required Disclosures on the last two pages of this report.

On The Move Overseas• European stocks remain under pressure on Thursday, as rising tensions in North Africacontinue to quash sentiment. Crude prices soar, with WTI crossing the US$100/bbl mark,hitting transport and automobile stocks. The S&P Euro 350 is down 0.55%, extending itslosing streak to four sessions. Saudi Arabia's King Abdullah has announced financial supportworth c.GBP22bn in an attempt to avoid unrest in the country, the world's number one oilproducer, reports the FInancial Times.• In earnings updates, Royal Bank of Scotland (RBS LN GBP0.4559 ****) reports a FYoperating profit of GBP1.9bn,compared to 2009's loss of GBP6.1bn. FY attributable net losscame in at GBP1.125bn, as Irish impairments dragged numbers lower, although the bankmade a small profit in 4Q. The results fail to inspire investors, especially with major concernsremaining over Ireland.• On a more upbeat note, French bank Credit Agricole (ACA F EUR 12.26 ***) unveils asmaller-than-expected 4Q10 net loss of EUR 328m (vs. a profit of EUR 433m y/y) -consensus had seen a loss of EUR 402m. Says its solutions to meet Basel III rules will notrequire a capital increase.• Germany offers up some big name earnings. Among highlights, Allianz (ALV GY EUR 101.6*****) reports 2010 net profit of EUR 5.2bn, up 12% y/y, on revenues 9.3% higher at EUR106.5bn. The insurance behemoth proposes a dividend of EUR 4.50 per share, up 9.8%.Allianz shares are down over 3%.• In London, Capita (CPI LN GBP7.195 **) is a rare gainer as it reports FY PTP up 12%, withstrong forward visibility.S&P EQUITY RESEARCHOpinion on Shares of Concur Technologies UpgradedU.S.02/23/2011-02:17 PM ET--Pawan Girglani, S&P EditorialFEBRUARY 24, 2011 MORNING BRIEFING• S&P RAISES OPINION ON SHARES OF CONCUR TECHNOLOGIES (CNQR 50 ***) TOHOLD FROM SELL: CNQR shares recently traded near our 12-month target price of $50,and we now consider them as fairly valued. CNQR continues to invest in growth initiativeswhose benefit will likely aid growth in FY 12 (Sep.) and beyond. We still expect near-termsales growth to remain below the company's long-term 25% target, with sales projected torise 20% in FY 11 (Sep.) and 21% in FY 12. We expect near-term margins to be impacted byplanned investments and acquisition. We keep our non-GAAP EPS estimates of $0.48 in FY11 and $0.70 in FY 12, both after stock-compensation costs./Z. BokhariS&P U.S. equity research is available on the Research Notes page on MarketScope Advisor athttp://advisor.marketscope.com.2 OF 7

Europe02/23/2011-01:52 PM ET• OPINION ON SHARES OF FERROVIAL SA (FER SM EUR8.70 ***) UPPED: We upgradeour recommendation to Hold (***) from Strong Sell and increase our SOTP-based 12-monthtarget price to EUR9.00 (EUR6.80) after Ferrovial’s Q4 and FY 10 results beat our andBloomberg consensus estimates. Ferrovial’s ongoing asset sales to reduce project debtimprove potential for future infrastructure project investment. Higher asset prices raise ourestimate of Ferrovial’s equity stake in its portfolio of infrastructure assets (toll roads andairports), and along with increased estimates drive our target price higher. However, despitea EUR10.1 bln construction backlog, we think Ferrovial lags its European peers in theinternational arena. We expect curtailed services growth from European austerity measures,which combined with double-digit declines in domestic construction will likely cap share priceupside. Nevertheless, improving gearing and brighter long-term infrastructure prospects anda proposed DPS of EUR 0.30, mitigate downside risk, supporting our investment opinion./J.HingoraniAsia02/22/2011-01:52 PM ET• S&P LIFTS OPINION ON SHARES OF CAPITALAND (CAPL SP, SGD3.31 *****): We raiseour recommendation for CapitaLand (CAPL) a notch to 5-STARS (Strong Buy) with anunchanged 12-month target price of SGD5.00. The upgrade is based on valuation groundsand we maintain our positive view on the group’s medium-term earnings prospects. Webelieve CAPL offers investors an attractive value proposition, with multisector exposure toresidential, commercial, hospitality and retail segments as well as geographicaldiversification. / K. ChanS&P TRENDS & IDEASWaddell & Reed Advisors Value Fund02/23/2011-02:19 PM ETFEBRUARY 24, 2011 MORNING BRIEFING• Everyone loves a good deal, but finding one in the stock market isn't easy, especially with theDow Jones Industrial Average and S&P 500 Index both hovering near highs not seen sinceJune 2008. That's where people like Matthew Norris can be of help. For the past seven and ahalf years, Norris has managed the Waddell & Reed Advisors Value Fund, a mutual fundwhose winning performance versus its peer group, management tenure, and other factorshave garnered it a five-star ranking by S&P.• "I'm a traditional value investor," says Norris, who utilizes primarily a bottom-up analysis inselecting securities for the fund ("75% bottom up, 25% top down," he notes, to be morespecific). Backed by an assistant portfolio manager and a team of about 20 analysts whospecialize in various sectors, Norris seeks companies whose stocks are trading at prices atleast 30% below their intrinsic value. "When you're a value stock, there's something wrong,"he explains with regard to a gap that can develop between a security's market price and itsintrinsic value -- for any number of reasons. And here lies the field from which he minespotential candidates for the fund.This is an excerpt of the story, for the rest please visit the Trends & Ideas page on MarketScopeAdvisor at http://advisor.marketscope.com.3 OF 7

S&P INVESTMENT POLICYEconomic and Stock Market Outlooks02/23/2011• S&P still believes that a near-term decline in equity prices will end up on the order of apullback or correction, but not a new bear market. Granted, we believe a lengthy disruption inLibyan oil production and an increased threat of civil unrest spreading to Saudi Arabia wouldroil world oil and equity markets. Barring that, we are comforted somewhat by oil inventoriesthat could cover a 50-60 day Libyan disruption, and that Saudi Arabia, Kuwait and the UnitedArab Emirates have the spare capacity to replace all of what could be lost by a shutdown ofoutput from Algeria and Libya. Also, S&P still forecasts a slowly recovering global economy, aprojected 15% increase in operating EPS for the S&P 500, and a continued improvement inmargins for the S&P 500.This is an excerpt of the story, for the rest please visit the S&P Investment Strategy page onMarketScope Advisor at http://advisor.marketscope.com.For advisors interested in subscription and pricing information to MarketScope Advisor,http://advisor.marketscope.com, or for retail investors interested in The Outlook,http://www.outlook.standardandpoors.com, please contact the sales team at (877) 219-1247 ormsa@standardandpoors.com.FEBRUARY 24, 2011 MORNING BRIEFING4 OF 7

FEBRUARY 24, 2011 MORNING BRIEFINGGlossaryS&P STARS - Since January 1, 1987, Standard & Poor’s Equity ResearchServices has ranked a universe of U.S. common stocks, ADRs (AmericanDepositary Receipts), and ADSs (American Depositary Shares) based on agiven equity’s potential for future performance. Similarly, Standard &Poor’s Equity Research Services has used STARS® methodology to rankAsian and European equities since June 30, 2002. Under proprietarySTARS (STock Appreciation Ranking System), S&P equity analysts rankequities according to their individual forecast of an equity’s future totalreturn potential versus the expected total return of a relevant benchmark(e.g., a regional index (S&P Asia 50 Index, S&P Europe 350® Index orS&P 500® Index)), based on a 12-month time horizon. STARS wasdesigned to meet the needs of investors looking to put their investmentdecisions in perspective.S&P Quality Rankings (also known as S&P Earnings & DividendRankings)- Growth and stability of earnings and dividends are deemedkey elements in establishing S&P’s earnings and dividend rankings forcommon stocks, which are designed to capsulize the nature of this recordin a single symbol. It should be noted, however, that the process also takesinto consideration certain adjustments and modifications deemed desirablein establishing such rankings. The final score for each stock is measuredagainst a scoring matrix determined by analysis of the scores of a largeand representative sample of stocks. The range of scores in the array ofthis sample has been aligned with the following ladder of rankings:A+ Highest B- LowerA High C LowestA- Above Average D In ReorganizationB+ Average NR Not RankedB Below AverageS&P Issuer Credit Rating - A Standard & Poor’s Issuer Credit Rating isa current opinion of an obligor’s overall financial capacity (itscreditworthiness) to pay its financial obligations. This opinion focuses onthe obligor’s capacity and willingness to meet its financial commitmentsas they come due. It does not apply to any specific financial obligation, asit does not take into account the nature of and provisions of the obligation,its standing in bankruptcy or liquidation, statutory preferences, or thelegality and enforceability of the obligation. In addition, it does not takeinto account the creditworthiness of the guarantors, insurers, or otherforms of credit enhancement on the obligation.S&P Core Earnings - Standard & Poor's Core Earnings is a uniformmethodology for adjusting operating earnings by focusing on a company'safter-tax earnings generated from its principal businesses. Included in theStandard & Poor's definition are employee stock option grant expenses,pension costs, restructuring charges from ongoing operations, write-downsof depreciable or amortizable operating assets, purchased research anddevelopment, M&A related expenses and unrealized gains/losses fromhedging activities. Excluded from the definition are pension gains,impairment of goodwill charges, gains or losses from asset sales, reversalof prior-year charges and provision from litigation or insurancesettlements.S&P 12 Month Target Price – The S&P equity analyst’s projection ofthe market price a given security will command 12 months hence, basedon a combination of intrinsic, relative, and private market valuationmetrics.Standard & Poor’s Equity Research Services – Standard &Poor’s Equity Research Services U.S. includes Standard & Poor’sInvestment Advisory Services LLC; Standard & Poor’s EquityResearch Services Europe includes Standard & Poor’s LLC-London; Standard & Poor’s Equity Research Services Asia includesStandard & Poor’s LLC’s offices in Singapore, Standard & Poor’sInvestment Advisory Services (HK) Limited in Hong Kong,Standard & Poor’s Malaysia Sdn Bhd, and Standard & Poor’sInformation Services (Australia) Pty Ltd.Abbreviations Used in S&P Equity Research ReportsCAGR- Compound Annual Growth RateCAPEX- Capital ExpendituresCY- Calendar YearDCF- Discounted Cash FlowEBIT- Earnings Before Interest and TaxesEBITDA- Earnings Before Interest, Taxes, Depreciation andAmortizationEPS- Earnings Per ShareEV- Enterprise ValueFCF- Free Cash FlowFFO- Funds From OperationsFY- Fiscal YearP/E- Price/EarningsPEG Ratio- P/E-to-Growth RatioPV- Present ValueR&D- Research & DevelopmentROE- Return on EquityROI- Return on InvestmentROIC- Return on Invested CapitalROA- Return on AssetsSG&A- Selling, General & Administrative ExpensesWACC- Weighted Average Cost of CapitalDividends on American Depository Receipts (ADRs) and AmericanDepository Shares (ADSs) are net of taxes (paid in the country oforigin).5 OF 7

FEBRUARY 24, 2011 MORNING BRIEFINGRequired DisclosuresIn contrast to the qualitative STARS recommendations covered in thisreport, which are determined and assigned by S&P equity analysts, S&P’squantitative evaluations are derived from S&P’s proprietary Fair Valuequantitative model. In particular, the Fair Value Ranking methodology isa relative ranking methodology, whereas the STARS methodology is not.Because the Fair Value model and the STARS methodology reflectdifferent criteria, assumptions and analytical methods, quantitativeevaluations may at times differ from (or even contradict) an equityanalyst’s STARS recommendations. As a quantitative model, Fair Valuerelies on history and consensus estimates and does not introduce anelement of subjectivity as can be the case with equity analysts in assigningSTARS recommendations.S&P Global STARS DistributionIn North AmericaAs of December 31, 2010, research analysts at Standard & Poor’sEquity Research Services North America recommended 35.0% ofissuers with buy recommendations, 56.4% with holdrecommendations and 8.6% with sell recommendations.In EuropeAs of December 31, 2010, research analysts at Standard & Poor’sEquity Research Services Europe recommended 33.6% of issuers withbuy recommendations, 45.6% with hold recommendations and 20.8%with sell recommendations.In AsiaAs of December 31, 2010, research analysts at Standard & Poor’sEquity Research Services Asia recommended 39.4% of issuers withbuy recommendations, 51.8% with hold recommendations and 8.8%with sell recommendations.GloballyAs of December 31, 2010, research analysts at Standard & Poor’sEquity Research Services globally recommended 35.2% of issuerswith buy recommendations, 54.0% with hold recommendations and10.8% with sell recommendations.5-STARS (Strong Buy): Total return is expected to outperform the totalreturn of a relevant benchmark, by a wide margin over the coming 12months, with shares rising in price on an absolute basis.4-STARS (Buy): Total return is expected to outperform the total return ofa relevant benchmark over the coming 12 months, with shares rising inprice on an absolute basis.3-STARS (Hold): Total return is expected to closely approximate the totalreturn of a relevant benchmark over the coming 12 months, with sharesgenerally rising in price on an absolute basis.2-STARS (Sell): Total return is expected to underperform the total returnof a relevant benchmark over the coming 12 months, and the share price isnot anticipated to show a gain.1-STARS (Strong Sell): Total return is expected to underperform the totalreturn of a relevant benchmark by a wide margin over the coming 12months, with shares falling in price on an absolute basis.Relevant benchmarks: In North America, the relevant benchmark is theS&P 500 Index, in Europe and in Asia, the relevant benchmarks aregenerally the S&P Europe 350 Index and the S&P Asia 50 Index.For All Regions:All of the views expressed in this research report accurately reflect theresearch analyst's personal views regarding any and all of the subjectsecurities or issuers. No part of analyst compensation was, is, or willbe, directly or indirectly, related to the specific recommendations orviews expressed in this research report.S&P Global Quantitative Recommendations DistributionIn EuropeAs of December 31, 2010, Standard & Poor’s QuantitativeServices Europe recommended 49.0% of issuers with buyrecommendations, 19.7% with hold recommendations and31.3% with sell recommendations.In AsiaAs of December 31, 2010, Standard & Poor’s QuantitativeServices Asia recommended 44.3% of issuers with buyrecommendations, 18.9% with hold recommendations and36.8% with sell recommendations.GloballyAs of December 31, 2010, Standard & Poor’s QuantitativeServices globally recommended 46.1% of issuers with buyrecommendations, 19.2% with hold recommendations and34.7% with sell recommendations.Additional information is available upon request.Other DisclosuresThis report has been prepared and issued by Standard & Poor’sand/or one of its affiliates. 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FEBRUARY 24, 2011 MORNING BRIEFINGthey may recommend, rate, include in model portfolios, evaluate orotherwise address.For a list of companies mentioned in this report with whom Standard &Poor’s and/or one of its affiliates has had business relationships within thepast year, please go to:http://www.standardandpoors.com/products-services/articles/en/us/?assetID=1245187982940DisclaimersWith respect to reports issued to clients in Japan and in the case ofinconsistencies between the English and Japanese version of a report,the English version prevails. With respect to reports issued to clientsin German and in the case of inconsistencies between the English andGerman version of a report, the English version prevails. Neither S&Pnor its affiliates guarantee the accuracy of the translation.Assumptions, opinions and estimates constitute our judgment as ofthe date of this material and are subject to change without notice. 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