and & pricing, poor FCF (trading -0.90%) • Tullow IMS, nothing new, no firm Ugandan/European asset sale updates, Jubilee inline (trading +1.5%) • Fraport revs inline, EBITDA light, EPS better, confirming 2013 EBUTDA guidance (trading -1.7%) • Wienerberger Q1 revs boosted by pipeline acquisitions, EBI

held or government owned. The universe of publicly-traded comparable companies is limited. ■ The two major quoted companies, Aeroports de Paris and Fraport, are slow growth airports because they have few Low Cost Carriers ■ The Comparable companies analysis concludes that the universe of peers are valu