Table 1: Ownership Database information providers 5 Audience 5

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1 VIP Report: Product Review of BvD Bankscope Report Product Review of BvD Bankscope In-depth, independent review of the products, plus links to related resources Bankscope is a global database and financial analysis tool offering bank financial statements, ratings, news and intelligence. When Bankscope says global, they mean it. Coverage includes 30,000 banks from across the world including the EU, Eastern Europe, North America, South and Central America, Africa, Middle East, Far East, Japan and Oceania. October 2011 VIP Volume: Reports on Products

2 Contents Product Review of BvD Bankscope 4 In-depth review of product by experienced researcher, including screenshots and commentary Introduction 4 VIP s View 4 Sources of information 5 Table 1: Ownership Database information providers 5 Audience 5 Table 2: Bank types available in Bankscope and total coverage 6 Coverage and content 6 Screenshot Figure 1: Standard Search List 6 Screenshot Figure 2: Standard Report 7 Table 3: Number of banks by country and region 7 Timeliness 8 Types of reports 8 User interface and search 8 Screenshot Figure 3: Search screen and search strategy 9 Screenshot Figure 4: Criterion for Customised Lists 10 Screenshot Figure 5: Concentration analysis chart 11 Reports 11 Screenshot Figure 6: Ownership Structure 12 Screenshot Figure 7: Hyper Ownership Viewer 12 Screenshot Figure 8: Evolution of variables 13 Special functionalities 13 Help and user support 13 Cost/licensing 14 Contact details 14 Other Products 15 Related VIP Product Reviews Web Resources 16 Web-based resources relating to company About the Reviewer 17 Biographical notes about the product reviewer ^ Back to Contents

3 About this Report Report VIP ( publishes in-depth reports on products, vendors and user experiences relating to premium content products. The monthly VIP Magazine, available by paid subscription, includes news analysis and highlights from the latest product reviews. Subscribers also receive, as part of their subscription, the full product review reports published each month. Users can also purchase individual reports and back-issues of the magazine to meet their immediate needs. The free VIP Wires Weekly HTML newsletter offers a regular update of the material which VIP s editorial team is reviewing and commenting upon. To subscribe to VIP, purchase reports or back-issues or subscribe to the VIP Wires Weekly visit Disclaimer This report was published by VIP in October 2011 and was accurate as of that date. Reprinted with the permission of Free Pint Ltd. All other rights reserved. To locate the appropriate BvD office for your location visit: Product Review of BvD Bankscope (ISBN ) is a VIP Report published by Free Pint Limited. The opinions, advice, products and services offered herein are the sole responsibility of the contributors. Whilst all reasonable care has been taken to ensure the accuracy of the publication, the publishers cannot accept responsibility for any errors or omissions. Except as covered by subscriber or purchaser license agreement, this publication MAY NOT be copied and/or distributed without the prior written agreement of the publishers. Product names used in this report are for identification purposes only, and may be trademarks of their respective owners. Free Pint Limited disclaims any and all rights in those marks. All rights reserved. This version of the report was published in October 2011 and was accurate as of that date. Contact Information Free Pint Limited 4-6 Station Approach, Ashford, Middlesex, TW15 2QN, United Kingdom Registered Office: Delaport Coach House, Lamer Lane, Wheathampstead, Herts, AL4 8RQ Registered Number: Telephone: International: support@vivavip.com Web: Publisher s Note To improve the usability of VIP, we have shortened many long URLs with DigBig, a free utility that creates persistent links ( When you click a DigBig URL, or paste it into your browser, you will be directed to the original URL. ^ Back to Contents

4 By Heidi Longaberger Heidi Longaberger View Author Biography Introduction Bankscope is a global database and financial analysis tool offering bank financial statements, ratings, news and intelligence. When Bankscope says global, they mean it. Coverage includes 30,000 banks from across the world including the EU, Eastern Europe, North America, South and Central America, Africa, Middle East, Far East, Japan and Oceania. The platform promotes detailed analysis of a single bank, or a variety of peer benchmarking and comparison tools for multiple banks. The main competitor to Bankscope is SNL Financial. However, SNL, which has more of a North American focus, distinctly lacks the global coverage of which Bankscope can rightfully boast. BankersAlmanac is another competitor, but its focus lies more in the payments data arena. Bankscope is a product from Bureau Van Dijk (BvD), which offers a range of databases addressing local business intelligence needs as well as global data. BvD is headquartered in Brussels with 32 offices worldwide, and has been in operation since When Bankscope says global, they mean it. Coverage includes 30,000 banks from across the world including the EU, Eastern Europe, North America, South and Central America, Africa, Middle East, Far East, Japan and Oceania. The main competitor to Bankscope is SNL Financial. Bankscope: VIP s View ü Depth of international coverage is impressive and justifies identification as a global database. ü Collaboration with Fitch on reporting standardisation process across countries and regions. This greatly saves time and headache for those users whose data requirements are beyond their own country s borders. ü Sticking to what they do, and doing it well by providing banking data and not trying to be everything to everyone, and therefore not sacrificing quality. ü Customisation options, including Notes, User Defined Variables, and Add a Section to a Report. Bankscope provides a plethora of ways to make the data more meaningful to the needs of the client. ü Analyses tools provide options for visualising and manipulating the data. The Peer Reporting option is a standout for customised benchmarking amongst like entities. The Hyper Ownership Viewer provides a visually unique way to cut and manipulate the information for a single bank, plus it would look appealing in presentations. û No alternate language options currently available for interface or content, which seems in conflict with the global nature of the database. û What is considered an additional module to the standard database, or additional data to be purchased as an extra, is a bit confusing and should, of course, be thoroughly discussed during contract negotiations. Having encountered other database providers that struggle to organise and present this type of data in a cohesive fashion, it is to BvD s credit that they have pulled this off and provide a well-organised product. BvD s Bankscope offers up quite a lot of data on the world of banks and financial institutions, but the way the platform is designed makes it highly manageable. Having encountered other database providers that struggle to organise and present this type of data in a cohesive fashion, it is to BvD s credit that they have pulled this off and provide a well-organised product. Another plus is Bankscope s concentration on bank data. Because BvD offers other types of databases separately, they can concentrate on an explicit type of banking data with Bankscope, bringing in information from their other databases when the synergy makes sense. This also provides options to clients who do want to purchase additional BvD databases. ^ Back to Contents

5 The depth of the data is more than adequate, from simple contact details to complete information on a minority shareholder. But going one step beyond offering the data, Bankscope provides a variety of tools and options for customisation and analyses that provide enhanced value and the opportunity to really use the data in a way the client may deem most beneficial to them. There is a good range of global coverage, so the fact that the platform is offered only in English seems unduly limiting. Sources of information Fitch Solutions is a predominant partner, providing financials on 29,000+ banks, credit detail on 2,399 banks and ratings on 87 countries from Fitch Ratings, and 20,000 Fitch Research reports on banks, the banking sector and countries. Fitch Ratings and Fitch Solutions are both companies of the Fitch Group. Fitch Research is a product of Fitch Solutions. Moody s, Standard & Poor s and Capital Intelligence, the latter specialising in the Middle East and Asia, are also recognised ratings providers. An additional 18 agencies ratings are available. Economist Intelligence Unit s (EIU) Country Risk Reports and the separate Finance Reports offer coverage on 100 and 40 countries, respectively. The Ownership Database, which is proprietary to BvD, provides links establishing the relationship between a shareholder and a subsidiary and pulls data from approximately 50 information providers, whose names are provided in Table 1. Table 1: Ownership Database information providers CIBI Information, Inc. (Philippines) Creditreform (Bulgaria, Ukraine & Rep. of Macedonia) Chamber of Commerce & Industry of Romania CMIE (India) CFI Online (Ireland) Creditreform-Interinfo (Hungary) CreditInform (Norway) Creditreform Latvia (Latvia) Creditreform (Rep. of Macedonia) Creditreform St Petersbourg (Russian Federation) Creditreform Austria (Austria) Contact database Finar Enformasyon derecelendirme ve danismanlik hizmetleri A.S. (Turkey) Informa Colombia SA (Colombia) PT. Dataindo Inti Swakarsa (Indonesia) Dun & Bradstreet (USA, Canada, Latin America & Africa) DGIL Consult (Nigeria) Datamonitor DP Information Group (Singapore) Suomen Asiakastieto (Finland) Factset Honyvem (Italy) Creditreform Croatia (Croatia) Huaxia (China) Inforcredit Group (Cyprus) Informa del Peru (Peru) InfoCredit (Poland) Audience Ibisworld (Australia) Jordans (UK, Ireland) Patikimo Verslo Sistema (Lithuania) Creditreform Latvia (Latvia, Estonia) Købmandstandens Oplysningsbureau (Denmark) KIS (Korea) LexisNexis (Netherlands) Bureau van Dijk (Luxemburg) Creditreform Belgrade (Bosnia-Herzegovina, Serbia & Montenegro) Coface MOPE (Portugal) National Bank of Belgium Novcredit (Italy) Qatar Chamber of Commerce and Industry (Qatar) SinoSure (China) China Credit Information Service Ltd (Taiwan) Annual return (UK) Coface SCRL (France) Coface Slovenia (Sovenia) Creditinfo Schufa GmbH (Czech Republic, Slovakia, Iceland, Malta). SeeNews (Moldova, Albania, Georgia, Uzbekistan) Statistics Canada (Canada) Taiwan Economic Journal (Taiwan) Teikoku Databank (Japan) Transunion (South Africa) UC (Sweden) Verband der Vereine Creditreform (Germany) Worldbox (New Zealand, Hong Kong, Switzerland, Monaco, Liechtenstein, Pakistan, Sri Lanka, Cuba) According to Bankscope, over 90% of the world s top 1,000 banks are using their product. The types of banks are detailed in Table 2. Other Bankscope clients include financial and business services institutions, including regulating agencies, credit & risk, M&A and treasury departments, and accounting and law firms. Management consultants and academia, which would provide access to the business and finance students, are also customers. ^ Back to Contents

6 Table 2: Bank types available in Bankscope and total coverage Commercial Banks Savings Banks 2725 Cooperative Banks 3496 Real Estate and Mortgage Banks 384 Investment Banks 1030 Islamic Banks 147 Non-Credit Lending Institutions 144 Specialised Government Credit Institutions 340 Bank Holding companies 3247 Central Banks 155 Multi-Lateral Government Banks 43 Micro-Lending Institutions 108 Securities Firms 366 Asset Management/Private Banking 327 Investments and Trusts Institutions 240 Finance Companies 871 Clearing and Custody Institutions 47 Group Finance companies 46 Total Coverage and content Bankscope s standard reports contain the income statement and interim reports with up to a possible 16 years of historical information. The database is considered a statement database, meaning banks may file both consolidated and unconsolidated balance sheets, and Bankscope will report on each of these. Each bank s financial reports contain up to 300 data items and 50 pre-calculated ratios. According to Bankscope, over 90% of the world s top 1,000 banks are using their product. Other standard report data includes ratings, country risk ratings and reports, news, ownership information and bank structures, and stock information. M&A deal headlines are linked via another BvD database, Zephyr. A Zephyr subscription is required to access the full report. Figure 1 represents the results list from a search while Figure 2 shows the top part of the Standard report. In fact, the profile is quite lengthy with several sections which can be modified using the format menu to the right. All formatting and modification options will be explored in detail in the Search section of this review. Basic report data includes: Detailed financials statements are in multiple formats including a new universal format to compare banks globally Interim data Ratings, and rating reports, from Fitch Ratings, Moody s, Standard & Poor s and Capital Intelligence Country risk and country finance reports Stock data for listed banks Directors and contacts Original filings/images Detailed bank structures Economic country profiles and outlooks Business and related news M&A deals and rumours. Figure 1: Standard Search List ^ Back to Contents

7 Figure 2: Standard Report This database has three standout areas in regard to content: global coverage, private banks coverage, and standardisation. Bankscope s global coverage truly touches almost every corner of the globe. But more than that, there is depth to that global effort. Some data providers will boast about being international, but when a user starts really digging, it becomes apparent that a large percentage of their content is still focused on North America or Western Europe. Having a couple of data points or reports representing all of Africa does not a global database make. Table 3 provides a detailed geographical count for banks represented in Bankscope as well as breaking out the larger banks by assets. Growing areas of coverage are Russia, Ukraine and Asia. Because global coverage is a key focus for Bankscope, there is a concentration on providing standardised variables for comparing banks across countries and regions. To enable this standardisation, Fitch Solutions and BvD collaborated on what is called the Fitch Universal Format. With the adoption of IFRS (International Financial Reporting Standards) by the majority of European banks, as well as many Asian and Central American banks, and the gradual convergence of IFRS and US GAAP, Fitch has been able to develop a single spreadsheet for the universe of banks which is global, transparent and adaptable. This database has three standout areas in regard to content: global coverage, private banks coverage, and standardisation. Table 3: Number of banks by country and region All Tot Assets > 1 bill USD France Germany 2, United Kingdom Italy 1, Spain Denmark The Netherlands Belgium Luxembourg Ireland Portugal Greece Austria Finland Sweden Total EU 7,063 3,028 Switzerland Rest of the world Eastern Europe 1, USA 13,640 2,270 Canada South & Central America 1, Middle East Japan Far East (excl. Japan) 1, Africa Oceania Supranational ^ Back to Contents

8 Imagine being asked to compare the raw bank data from several countries whose accounting and financial systems differ, not to mention the differing data point definitions. Each country would need to be analysed separately, than somehow globalised to make sense. Images of hair being torn out may dance through one s head. So much time and sanity is saved by already having the Universal Format system that standardises much of the data as it is presented in the database. Countries can be aggregated by world region or political region (OECD, NAFTA, ASEAN, EU, MENA, etc.) for search and segmentation purposes. Content collection is from publically available data, and from company disclosures required by government or ruling regulatory agencies, including financials, shareholder and subsidiary data. Of course, requirements can vary quite a bit between countries. In the U.S., private companies need not disclose as much because they do not answer to shareholders. However, all banks must still file with the Federal Deposits Insurance Corporation (FDIC). Cross border regulatory issues are generally not a problem because the data is mostly all publically available information, found in one place or another, whether in electronic or hardcopy format. Thankfully there are databases like Bankscope that centralise all of this. Another key strength of Bankscope is its expansive coverage of private banks. The database contains over 26,500 private banks, 2,400 quoted banks, and 1,200 delisted banks. Timeliness Bankscope s team of analysts work on keeping the data integrity intact on a daily basis and the data itself is physically updated weekly. The update includes financials or contact data. Daily share prices are naturally updated daily. News is updated every 30 minutes. Bankscope is working on providing daily financial updates, and this should be available by year end. Types of reports Search results and reports can be saved, as can the search strategy, and filed under Alerts. They can also be exported to Excel, Word or PDF, ed or printed. A copy of the original documents, such as a consolidated balance sheet if available, can be downloaded into PDF. All charts, graphs and tables created through the analyses tools can be saved into PDF, Word or Excel, and ed. Bankscope is working on providing daily financial updates, and this should be available by year end. So much time and sanity is saved by already having the Universal Format system that standardises much of the data as it is presented in the database. User interface and search The interface itself is fairly straightforward and intuitive, at least to an experienced researcher. If anything, there are options to perform the same function in several different places, bordering on being redundant. The flow from search, to lists, to reports is quite obvious without too many tasks to make things complicated. Aside from the researcher, the banking analyst or accountant may be the primary user of the database. Since this database has a quantitative focus, the number crunchers should have little problem mastering the basics after a few trips around the database. The Settings tab located top right contains a lot of shortcuts and formatting options. Along with the Account and general User Preference options, users can find any saved searches, saved lists, exports, user defined variables and banks with edited data. However, although international coverage is alive and well in Bankscope, and both exchange rates and time zone can be customised to suit the user s geographical location or preference, the interface itself is available only in English, which seems a bit out of synch with the international flavour of the database. The vendor explains that the lack of multiple language versions relates more to perceived demand than their ability to provide it. The vendor says that a translation of Bankscope into German is planned for early Users can perform simple or targeted searches, save search strategies, and analyse results using a number of methods. The interface itself is fairly straightforward and intuitive, at least to an experienced researcher. If anything, there are options to perform the same function in several different places, bordering on being redundant....the interface itself is available only in English, which seems a bit out of synch with the international flavour of the database. The vendor explains that the lack of multiple language versions relates more to perceived demand than their ability to provide it. ^ Back to Contents

9 The standard default view, which can be changed, offers pre-grouped search criteria and a simple search box. An alphabetical list of the criteria is an alternate view. Either way, this is the place to begin building a search strategy if the need goes beyond simply entering the bank name or registered bank index number in the search box along the top. In Figure 3 the default search screen is shown, as well as an example of a search strategy built using some of the specific criteria. The search was filtered down to 119 results from 11,586 US banks in the database by choosing only publically listed savings, commercial, micro-financing or cooperative banks in the US who have had updated statements in the last six months. At this point search strategies can be saved, added as an Alert, and also added to Favourites. Under the Saved Search tab one may delete or activate a previously saved search. A search can also be added to Favourites. Favourites differ from just plain old Saved Searches in that one can arrange them into directories. This is especially time-saving for those of us who create a lot of searches, or for those of us who are proudly obsessive compulsive. Alerts can be for individual institutions or groups of banks and sent daily, weekly or the first day of every month in text or html format. They can also be placed on hold for requested dates which is a helpful little feature so clients don t miss anything due to holiday or time-off. Criteria differ depending on the type of bank and search, but may include ownership, financial, director or ratings changes. This is especially time-saving for those of us who create a lot of searches, or for those of us who are proudly obsessive compulsive. Note that, when starting a new search, Bankscope conveniently inquires if users would like to add the search criteria to the existing, or last search, or start from new. If a user is ultra forgetful, no fear: Bankscope provides a History tab, which remembers searches beyond two weeks, and these can in turn be placed into Saved Search. Once the results are displayed, there are a couple of opportunities to modify the search. Show Search Strategy is a tab on the upper left above the list of results. This opens the current strategy, and from here the Add a Step tab in the upper right can be used to alter or focus an already performed search. Modify Current Search is featured in the menu along the right and is a bit redundant to Add a Step. However it is useful to have the option as some of the search needs may get complex, and having the ability to alter a search once it has run, without going back a few screens, is one of those simple little shortcuts that ends up being a big help....having the ability to alter a search once it has run, without going back a few screens, is one of those simple little shortcuts that ends up being a big help. Figure 3: Search screen and search strategy ^ Back to Contents

10 Results list: The criteria columns in the standard results list can be altered by choosing Define the Format in the right side menu and then New Format from under List Format. Similar to the groupings under the default search options, over 20 criterion groups and their variables can be chosen as columns. The standard list includes Bank Name, City, Country Code, Consolidation Code, Total Assets, Latest Accounts date, Country Rank by Assets, World Rank by Assets, and Index Number (this is the primary key of the database and the one used by the Excel and PowerPoint add-ins). The standard list is displayed as the columns in Figure 1. The criterion list for customisation of the columns is highlighted in Figure 4. Once again, there is some redundancy of function, as the Column option directly above the results serves the same function as New Format. Figure 4: Criterion for Customised Lists The horizontal sub-menu containing Column includes a number of other useful options. The peer group, or PG function, is for comparing the results of a standard or customised group of peer companies. Bankscope associates each company with a standard peer group defined by a combination of specialisation and world region. If users prefer devising their own, a custom peer group can be created by using a new or previously saved search. The Notes option enables any special notation users would like to apply to a certain company s record. The results list can also be saved, deleted, saved as an Alert, printed or exported to Excel from this menu. Note that the export can be just the list of results or the full report for reach result; maximum of 50 reports at a time. There are a number of analyses functions that can be performed on the results list, or on a sub-list of individually chosen banks from the main list. Segmentation: This analysis can be performed on any number of banks, breaking down the group of banks by up to two variables. The two variables are defined by a primary and secondary variable such as industry, location or financial variable. Results can be viewed in a table, bar chart or pie chart. Peer Analysis: This is a benchmarking tool enabling users to compare a group of banks against another group as well as against some summary statistics of the group of banks. Results can be viewed in a table or a variety of charts and graphs. Aggregation: This allows users to sum up, year by year, the lines of the accounts of each bank selected from the list of results. The results present one final virtual bank s yearly account statement. Results are viewed in graphs. The peer group, or PG function, is for comparing the results of a standard or customised group of peer companies. Bankscope associates each company with a standard peer group defined by a combination of specialisation and world region. ^ Back to Contents

11 Statistical distribution: This allows users to analyse how a specific variable is distributed in a group of banks selected from the list of results, which are then presented in a table displaying summary statistics such as the median, the average, the standard deviation, etc. The results may also be illustrated with a distribution chart. Concentration analysis: This enables users to determine the share (or weight) of any additive financial variable for each bank included in a group of banks selected from the results, which can then be viewed in table as well as illustrated with pie charts or Lorenz curves. Linear Regression: This is used to determine the relationship between two random variables by plotting, in a twodimensional graph, all the observations and constructing a vertical line that best fits the data. Results are viewed in a regression table or a regression chart. Figure 5: Concentration analysis chart Reports Once the results are available, each company can be opened into a Report. The default is a standard report that can be modified under Report Format in the right side menu, or by clicking Sections on the horizontal menu above the report. The Reports area is where the customisation features of Bankscope really shine. This menu also offers the Edit mode, allowing users to modify the data of a bank report by directly editing in the system, or downloading information from the user s own financial system. A new bank report can be created by going under Settings. This user-driven data can then be used in analyses, searches and lists. There are limits to what can be edited in a preexisting report, but options include contact detail, status and account detail, ranking size and activity, and financial data. Another customisation feature allows for creating a section of the report, accessed under Customised Section in the right side menu. Users may add the different fields to include in the section, line by line. There is also a Notes option to add personalised comment to a report. User Defined Variables allows users to define formulas in order to create financial variables that can then be used in most functions of the database. Bankscope s proprietary Ownership database provides detail on corporate group, shareholder and subsidiary relationships, and is a prized piece of the Bankscope package. One of the visual analyses tools for a report is Ownership Structure featured in Figure 6. The Reports area is where the customisation features of Bankscope really shine. ^ Back to Contents

12 Figure 6: Ownership Structure There is also a Hyper Ownership Viewer, a standalone application that makes it easier to view and manipulate ownership information and company structures. It allows users to view corporate structures in a hyperbolic chart and use filters to screen subsidiaries and shareholders and export their results. The example in Figure 7 displays the shareholders of the Bank of Ireland whose operating revenue is between $100-$500M, along with their percentage of ownership. Graphical displays like this are not only valuable for individual analyses, but look really impressive in presentations. Figure 7: Hyper Ownership Viewer Graphical displays like this are not only valuable for individual analyses, but look really impressive in presentations. ^ Back to Contents

13 Additional analyses opportunities for reports include: Evolution of several variables in chart displays that illustrate up to five financial items in a line chart expressed in indices Evolution of stock market prices Structures of the balance sheet and/or P&L account Peer Report: Comparison on a variable by standard or customised peer group or company selection. All of these reports can be exported into PDF, Word or Excel. Figure 8: Evolution of variables Special functionalities There are some supplemental tools that provide additional analyses options. The BvD Excel Add-in allows users to create templates and models and reuse the spreadsheet for any company in the database. The PowerPoint Add-in allows users to insert a variety of objects in a presentation and populate them with live BvD data on a subject company. There are also data integration opportunities into the user s own financial systems using feeds, downloads and FTP. This is achieved by working with the Bankscope team. The Hyper Ownership Viewer must first be downloaded, which can be done under the Help tab, then Tools. This only takes a couple of minutes. Also, it is indicated within the Help section that Bankscope is best used with Internet Explorer 6 or higher. However, the database worked just fine for this review using Firefox as the browser, and Bankscope assures that the database enjoys full browser capability. Help and user support The Help menu contains the What s New section which details software and updates twice monthly. The Ownership Guide provides description and instruction of the Ownership database, separate from the rest of the database. Format Definitions provide a quick descriptor of the variables, by model (US Bank Model, US Securities, Italian Securities, Taiwanese Securities, Japanese Securities or Supranational) and format (Global or Universal). There is also a Tools link for any extra downloads purchased as part of the subscription, including the Excel Add-in and the Hyper Ownership Viewer which makes it easier to view and manipulate the Ownership data. The core of the Help menu is the nicely organised, indexed and searchable main help menu. This is simple to use, straightforward, and a quick aid to finding just what the user needs. I m not entirely sure why any research provider wouldn t organise and index their help menu in just this way. A glossary is provided for some of the main financial terms and phrases. ^ Back to Contents

14 Cost/licensing The standard Bankscope database comes with the additional opportunity to purchase add-ons or separate modules. The licence includes the financial information with eight years of history. An additional eight years can be purchased, making it 16 years financial historical data in total. The data that is not included as standard, but is priced additionally, includes the Ownership data (and Hyper Ownership Viewer), original documents, ratings data, Fitch Research Reports on banks and countries and the Excel and PowerPoint add-ins. Subscriptions are 12 months minimum and a licence is granted per department or location, rather than per user. All concurrent users in a department can access the database. Contact details To locate the appropriate BvD office for your location visit: This report was published by VIP in October 2011 and was accurate as of that date. Reprinted with the permission of Free Pint Ltd. All other rights reserved. To locate the appropriate BvD office for your location visit: ^ Back to Contents

15 Other Products The following products reviewed by VIP may provide comparable coverage: If your VIP subscription covers the issue in which the product was reviewed, you can log in to your FreePint Master Account to access the issue, or contact for assistance. Content was accurate as of the date of publication (listed). Product Review of Zephyr Review published July 2010: ü Various search options are available from the easy Quick word search, common pre-defined searches, and an easy fill-out box form to the more advanced, where experienced users can build search strings. ü Advanced Search has 300 search criteria, which can be combined using Boolean operators, providing a great deal of search flexibility. ü Powerful analysis tools provide a number of ways to analyse sets of deal reports using either pre-defined analyses or using your own criteria. ü The interface is clear and navigation is intuitive. û Geography searching by country or world region can be applied to Acquirer, Target or Vendor in the Standard Search screen. In Advanced Search, however, geographic searches can be applied to Acquirer, Target or Vendor for any country or user-selected countries, but not for the pre-defined World Regions. û û û Only a small proportion of deal records have Editorials. Whilst recognising the resource commitment necessary to create Editorials, it would be useful to have them for all deals. Having undertaken and run an Advanced search, all the analysis functions are immediately available via a menu pane. Undertaking searches via the standard search route, this menu is not available and users need to launch the Wizard to access analysis. It would be useful for both search routes to provide access to the same menu. This review was undertaken on the new Zephyr beta in early June and minor glitches with the Help remain, though the vendor is working on addressing them. For instance, items in the Help menu refer to the new Zephyr, but the Support Centre links to information on the old Zephyr. Product Review of EIU Country Risk Service Review published September 2010: ü Intuitive interface ü End-user friendly searching ü Wide country coverage ü Direct access to country analysts ü Mobile and e-reader access ü Regular report updates ü Extensive archives ü Flexible subscription packages ü alerts Log in to your FreePint Master Account to access past reports covered by your subscription: Visit to log in. support@freepint.com if you need assistance. Non-subscribers can purchase back issues using the links above. If your subscription does not cover a report you need, you can purchase it at special subscriber rates. Contact support@freepint.com for further information or assistance. ^ Back to Contents

16 Web Resources Find additional information and insight relating to this product through the following FreePint Family resources: VIP Press releases from this company can be found on the VIP Wire: Editorial commentary covering this company can be found at the VIP LiveWire: Subscribe to receive the VIP Wires Weekly, a free update of the latest commentary from our editors, plus current press release headlines. Find additional product reviews in back issues of VIP Magazine or in VIP Reports by visiting ^ Back to Contents

17 About the Reviewer Heidi Longaberger has been connecting people to information for 18 years. The beginning of her career coincided with the release of one of the first web browsers, and she has been helping clients harness internet tumult into actionable intelligence ever since. Heidi has been a part of due diligence, marketing, strategy and competitive intelligence teams in the technology, communications and venture capital industries. She established Longaberger InformationWorks to continue the discovery of research and information to help her clients reach their business goals, as well as to write about the ever evolving information industry. Heidi can be reached at Heidi@Longabergerinfo.com; and LinkedIn or Subscribe to VIP Upgrade to a VIP Subscription If you make, support or advise on content purchase decisions, or if you do business in the content and information arena, credit your report purchase towards a VIP Magazine subscription. You get VIP Magazine (PDF) every month, with feature stories, industry commentary and highlights from our product reviews, plus two or more in-depth product reports to add to your collection. VIP also regularly conducts User Surveys to gather benchmarking data about what premium content users are using or not to meet their organisation s needs. To upgrade to a subscription, please complete the form below and return it: Fax: UK: (International: ) Or simply your request to: support@vivavip.com Name: Company: Title: Telephone: address: Best time to reach: Interested in: [ ] Single site [ ] Multi-site (up to 5 locations) [ ] Enterprise (unlimited locations) [ ] Not sure [ ] Please also send me information on how FUMSI ( can help us Find, Use, Manage and Share Information at work Free Pint Limited, 4-6 Station Approach, Ashford, Middlesex, TW15 2QN, United Kingdom Registered Office: Delaport Coach House, Lamer Lane, Wheathampstead, Herts, AL4 8RQ Registered Number: Telephone: International: support@vivavip.com Web: ^ Back to Contents

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