“An analysis of the risk paragraphs of listed companies in the Netherlands”

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Reporting Risk

“An analysis of the risk paragraphs of listed companies in the Netherlands”

Appendix

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1 Table of content

Table of content ... 1

Appendix 1: Deloitte Risk Management Cycle ... 2

Appendix 2: The Deloitte Risk Map ... 2

Appendix 3: Risk Map Example... 2

Appendix 4 List companies Euronext and Netherlands total... 3

Appendix 5 List research population and summary ... 9

Appendix 6: Companies per sub-industry... 10

Appendix 7 Table frequency of risk categories and environments... 11

Appendix 8 Scatter plots... 12

Appendix 9 Spearman’s rho test ... 15

Appendix 10 Regression: dummies ... 19

10.1 Regression SDN#X 1/2/2004 7/1/2005 ... 19

10.2 Regression BETA July 12 2005... 22

10.3 Regression Average weekly movement of shares 2/1/2004- 1/7/2005... 25

10.5 Regression Average weekly movement of shares 7/1/2005- 1/7/2005... 32

Appendix 11 Correlation risk number of risk categories... 36

Appendix 12 Multiple regression risk total and control total ... 42

12.1 Multiple regression Std. Deviation 1/2/2004 7/1/2005... 42

12.2 Multiple regression Beta ... 43

12.3 Multiple regression average weekly movement of shares 2/1/2004- 1/7/2005 ... 44

12.4 Multiple regression average weekly movement of shares 2/1/2004- 31/12/2004 ... 45

12.5 Multiple regression average weekly movement of shares 7/1/2005- 1/7/2005 ... 46

Appendix 13 Measurement of Beta in DataStream ... 47

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2 A p p e ndix 1: D e lo itte Risk Ma na geme nt C y cle F u rthe r in forma tion a bou t the De loitte Risk Ma na g em ent C y cl e c an b e fou nd a t De loitte Ente rprise Risk Se rvic es . Onl y av ailable in the non -public version. A p p e ndix 2: Th e Deloi tte Risk Map Onl y av ailable in the non -public version. A ppen d ix 3 : R isk M a p E x am p le

This risk map is generated with the Resolver Ballot® program. The risks are identified by senior management during a risk assessment workshop.

Onl y av ailable in the non -public version.

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3 Appendix 4 List companies Euronext and Netherlands total

Nr. Organisation Mainsector Country

1 Aalberts Industries Engineering & Machinery NL

2 ABN AMRO ^{Banks NL}

3 ABN AMRO Equity Umbrella Fund Investment Companies NL 4 ABN AMRO Fixed Income Umbrella Fund Investment Companies NL 5 ABN AMRO Groen Fonds Investment Companies NL 6 Accell Group Household Goods & Textiles NL

7 Achmea Hypotheekbank ^{Banks NL}

8 ACNielsen (Nederland) Speciality & Other Finance NL

9 Acomo Distributors NL

10 AEGON Insurance NL

11 AEGON Global Investment Fund Investment Companies NL

12 AEGON Levensverzekering Life Assurance NL

13 AEGON Spaarkas Insurance NL

14 Ahold Food & Drug Retailers NL

15 Airspray Personal Care & Household Products

NL

16 Ajax Leisure & Entertainment & Hotels NL

17 Akzo Nobel Chemicals NL

18 Alanheri Food Producers & Processors NL

19 Allianz Europe Fund Investment Companies NL

20 Allianz Mix Fund Investment Companies NL

21 Allianz Plus Fund Investment Companies NL

22 Allianz Top Fund Investment Companies NL

23 Alpha Beleggingsfondsen Investment Companies NL

24 AlpInvest Investment Companies NL

25 AM Construction & Building Materials NL

26 AND International Publishers Media & Photography NL 27 Arcadis Construction & Building Materials NL 28 ASM International Information Technology Hardware NL 29 ASM Lithography Information Technology Hardware NL 30 ASN Beleggingsfondsen Investment Companies NL 31 ASN Groenprojectenfonds Investment Companies NL

32 ASN Novib Fonds Investment Companies NL

33 ASR Verzekeringsgroep Insurance NL

34 Athlon Holding Distributors NL

35 AXA Beleggingsfondsen Investment Companies NL 36 Axalto Holding Information Technology Hardware NL

37 Baan Software & Computer Services NL

38 Ballast Nedam Construction & Building Materials NL 39 BAM Groep Construction & Building Materials NL 40 Batenburg Beheer Electronic & Electrical Equipment NL 41 BE Semiconductor Industries Information Technology Hardware NL

42 Begemann Groep Investment Companies NL

43 Beter Bed General Retailers NL

44 Bever Holding Investment Companies NL

45 Binck Speciality & Other Finance NL

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46 Blue Fox Enterprises Software & Computer Services NL 47 Blydenstein-Willink Household Goods & Textiles NL 48 Boskalis Westminster Construction & Building Materials NL

49 Brill Media & Photography NL

50 Brunel International Support Services NL

51 Buhrmann Distributors NL

52 Centric KSI Holding Information Technology Hardware NL

53 Columbia Securities Investment Companies NL

54 Corio N.V. Speciality & Other Finance NL

55 Crown Van Gelder Forestry & Paper NL

56 Crucell Pharmaceuticals NL

57 CSM Food Producers & Processors NL

58 Ctac Software & Computer Services NL

59 De Vries Robbé Groep Engineering & Machinery NL 60 Delft Instruments Electronic & Electrical Equipment NL 61 Delta Deelnemingen Fonds Investment Companies NL 62 Delta Lloyd Aandelenfondsen Investment Companies NL 63 Delta Lloyd Dollar Fonds Investment Companies NL 64 Delta Lloyd Donau Fonds Investment Companies NL 65 Delta Lloyd Euro Credit Fund Investment Companies NL 66 Delta Lloyd Euro Fonds Investment Companies NL 67 Delta Lloyd Investment Fund Investment Companies NL 68 Delta Lloyd Jade Fonds Investment Companies NL 69 Delta Lloyd Mix Fonds Investment Companies NL 70 Delta Lloyd Nederland Fonds Investment Companies NL 71 Delta Lloyd Obligatiefondsen Investment Companies NL 72 Delta Lloyd Rente Fonds Investment Companies NL

73 Devote Software & Computer Services NL

74 DIAMONDS Trust Series 1 Investment Companies NL 75 Dico International Household Goods & Textiles NL

76 DIM Vastgoed Investment Companies NL

77 DNC De Nederlanden Compagnie Support Services NL

78 DOCdata Media & Photography NL

79 DPA Holding Support Services NL

80 Draka Holding Electronic & Electrical Equipment NL 81 Dresdner VPV Emerging Markets Fund Investment Companies NL 82 Dresdner VPV Europe Fund Investment Companies NL 83 Dresdner VPV HollandHaven Investment Companies NL 84 Dresdner VPV Income Fund Investment Companies NL

85 DSM Chemicals NL

86 Ducatus Investment Companies NL

87 Dutch Mortgage Portfolio Loans II Investment Companies NL

88 EADS Aerospace & Defence NL

89 Econosto Distributors NL

90 Emba Speciality & Other Finance NL

91 Envipco Support Services NL

92 Equant Telecommunication Services NL

93 ERIKS Group Distributors NL

94 Eurocommercial Properties Investment Companies NL

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95 Euronext Speciality & Other Finance NL

96 Euronext Amsterdam Speciality & Other Finance NL 97 European Assets Trust Investment Companies NL

98 EVC International Chemicals NL

99 Exact Software & Computer Services NL

100 Exendis Electronic & Electrical Equipment NL 101 Finles Obligatie Fonds Investment Companies NL

102 Fornix BioSciences Pharmaceuticals NL

103 Fortis ^{Banks NL}

104 Fortis Obam Investment Companies NL

105 Frans Maas Transport NL

106 Friesland Bank Aandelen Fonds Investment Companies NL 107 Friesland Bank Eurorente Fonds Investment Companies NL 108 Friesland Bank Mix Fonds Investment Companies NL 109 Friesland Foods Food Producers & Processors NL

110 Fugro Oil & Gas NL

111 Gamma Holding Household Goods & Textiles NL 112 Getronics Software & Computer Services NL 113 Gilissen Quality Growth Fund Investment Companies NL 114 Gouda Vuurvast Construction & Building Materials NL

115 Grolsch Beverages NL

116 Grontmij Support Services NL

117 Groothandelsgebouwen Real Estate NL

118 Hagemeyer Distributors NL

119 Heijmans Construction & Building Materials NL

120 Heineken Beverages NL

121 Heineken Holding Beverages NL

122 HES Beheer Transport NL

123 HITT Software & Computer Services NL

124 Holland Basis Fondsen Investment Companies NL

125 Holland Colours Chemicals NL

126

Holland Euro-Denominated Mortgage- Backed Series (Hermes) I

Investment Companies NL

127

Holland Euro-Denominated Mortgage- Backed Series (Hermes) II

128

Holland Euro-Denominated Mortgage- Backed Series (Hermes) III

129

Holland Euro-Denominated Mortgage- Backed Series (Hermes) IV

130 Holland Europe Fund Investment Companies NL

131 Holland Mix Fondsen Investment Companies NL

132 Holland Pacific Fund Investment Companies NL 133 Hunter Douglas Household Goods & Textiles NL 134 ICT Automatisering Software & Computer Services NL 135 Imtech Construction & Building Materials NL 136 Indocam Himalayan Fund Investment Companies NL

137 ING Bank Dutch Fund Investment Companies NL

138 ING Bank Geldmarkt Fonds Investment Companies NL 139 ING Bank Hoog Dividend Aandelen Fonds Investment Companies NL

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140 ING Bank Obligatie Fonds Investment Companies NL

141 ING Groep Insurance NL

142 InnoConcepts Support Services NL

143 Insinger de Beaufort Alchemy Investment Companies NL 144 Insinger de Beaufort Umbrella Fund Investment Companies NL 145 Intereffekt Japanse Aandelen Investment Companies NL 146 Intereffekt Japanse Warrants Investment Companies NL 147 Japan Convertible Fund Investment Companies NL 148 Jetix Europe Leisure & Entertainment & Hotels NL

149 Kardan Investment Companies NL

150 Kas Bank ^{Banks NL}

151 Kendrion Engineering & Machinery NL

152 KPN Telecommunication Services NL

153 Laurus Food & Drug Retailers NL

154 Lycos Europe Support Services NL

155 Macintosh Retail Group General Retailers NL

156 Magnus Software & Computer Services NL

157 Management Share Software & Computer Services NL 158 Maxwell Petroleum Speciality & Other Finance NL 159 McGregor Fashion Group Household Goods & Textiles NL 160 Middle Europe Real Estate (MERE) Investment Companies NL

161 Mittal Steel Steel & Other Metals NL

162 Moeara Enim Investment Companies NL

163 NAGRON Nationaal Grondbezit Real Estate NL

164 Nedap Diversified Industrials NL

165 Nedschroef Engineering & Machinery NL

166 Neways Electronics International Electronic & Electrical Equipment NL

167 NIB Capital ^{Banks NL}

168 Nieuwe Steen Investments (NSI) Investment Companies NL

169 Numico Food Producers & Processors NL

170 Nutreco Holding Food Producers & Processors NL

171 Nyloplast Engineering & Machinery NL

172 Océ Information Technology Hardware NL

173 OHRA Aandelen Fonds Investment Companies NL

174 OHRA Beleggingsfondsen Investment Companies NL

175 OHRA Care Fonds Investment Companies NL

176 OHRA Communicatie Technologie Fonds Investment Companies NL

177 OHRA Internet Fonds Investment Companies NL

178 OHRA Medical Technology Fonds Investment Companies NL 179 OHRA Milieutechnologie Fonds Investment Companies NL 180 OHRA Multimedia Fonds Investment Companies NL 181 OHRA New Energy Fonds Investment Companies NL 182 OHRA Onroerend Goed Fonds Investment Companies NL 183 OHRA Spaardividendfonds Investment Companies NL

184 OHRA Totaal Fonds Investment Companies NL

185 OPG Groep Distributors NL

186 Optimix Investment Funds Investment Companies NL

187 Optiver Holding Investment Companies NL

188 Orange Deelnemingen Fund Investment Companies NL

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189 Orange European Largecap Fund Investment Companies NL 190 Orange European Midcap Fund Investment Companies NL 191 Orange European Property Fund Investment Companies NL 192 Orange European Smallcap Fund Investment Companies NL

193 Orange Fund Investment Companies NL

194 Orange Largecap Fund Investment Companies NL

195 Orange SeNSe Fund Investment Companies NL

196 Orange Wine Fund Investment Companies NL

197 Ordina Software & Computer Services NL

198 P&O Nedlloyd Transport NL

199 Pacific Rim Convertible Fund Investment Companies NL 200 Pan Global Convertible Fund Investment Companies NL

201 Pharming Pharmaceuticals NL

202 Philips Electronic & Electrical Equipment NL

203 Phoenix Fund Investment Companies NL

204 PontMeyer Construction & Building Materials NL 205 Porceleyne Fles, de Household Goods & Textiles NL 206 Postbank Euro Obligatiefonds Investment Companies NL 207 Priority Telecom Telecommunication Services NL 208 Prolion Holding Engineering & Machinery NL

209 Randstad Holding Support Services NL

210 Reed Elsevier Media & Photography NL

211 Reesink Distributors NL

212 Rente Plus Beleggingsfondsen Investment Companies NL

213 Robeco Investment Companies NL

214 Robeco America Investment Companies NL

215 Robeco Balanced Mix Investment Companies NL

216 Robeco Dynamic Mix Investment Companies NL

217 Robeco Europe Investment Companies NL

218 Robeco Growth Mix Investment Companies NL

219 Robeco Hollands Bezit Investment Companies NL 220 Robeco Nonstop Click Euroland Investment Companies NL

221 Robeco Pacific Investment Companies NL

222 Robeco Private Equity Investment Companies NL

223 Robeco Safe Mix Investment Companies NL

224 Robeco Solid Mix Investment Companies NL

225 Robeco YoungDynamic Investment Companies NL

226 Rodamco Asia Investment Companies NL

227 Rodamco Europe Investment Companies NL

228 Rolinco Investment Companies NL

229 Rood Testhouse International Electronic & Electrical Equipment NL

230 RSDB Media & Photography NL

231 RT Company Investment Companies NL

232 Samas-Groep Engineering & Machinery NL

233 SBM Offshore Diversified Industrials NL

234 Schlumberger Oil & Gas NL

235 Schuitema Food & Drug Retailers NL

236 Seagull Software & Computer Services NL

237 Selected Winner Fund Investment Companies NL

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238 Shell Oil & Gas NL

239 Simac Software & Computer Services NL

240 Sligro Food Group Food & Drug Retailers NL

241 Smit Internationale Transport NL

242 SNS Bank ^{Banks NL}

243 Spyker Cars Automobiles NL

244 Stern Groep Automobiles NL

245 Stork Engineering & Machinery NL

246 T & P Resultante Fund Investment Companies NL

247 Telegraaf Media & Photography NL

248 Ten Cate Diversified Industrials NL

249 TIE Holding Software & Computer Services NL

250 TNT Support Services NL

251 TomTom Information Technology Hardware NL

252 Triodos Meerwaardefonds Investment Companies NL 253 Tulip Computers Information Technology Hardware NL 254 Twentsche Kabel Holding Electronic & Electrical Equipment NL

255 Unilever Food Producers & Processors NL

256 Unit 4 Agresso Software & Computer Services NL

257 United Services Group Support Services NL

258 Univar Chemicals NL

259 Van der Hoop Bankiers Speciality & Other Finance NL 260 Van der Moolen Speciality & Other Finance NL

261 Van Lanschot ^{Banks NL}

262 Van Lanschot Bond Opportunity Fund Investment Companies NL 263 Van Lanschot European Equity Fund Investment Companies NL 264 Van Lanschot Global Bond Fund Investment Companies NL 265 Van Lanschot Global Equity Fund Investment Companies NL 266 VastNed Offices/Industrial Investment Companies NL

267 VastNed Retail Investment Companies NL

268 Vedior Support Services NL

269 Versatel Telecommunication Services NL

270 VHS Onroerend Goed Maatschappij Real Estate NL 271 Vilenzo International Household Goods & Textiles NL

272 VNU Media & Photography NL

273 Vopak Transport NL

274 Wegener Media & Photography NL

275 Wereldhave Real Estate NL

276 Wessanen Food Producers & Processors NL

277 Wolters Kluwer Media & Photography NL

278 ZOM Florida Fund Investment Companies NL

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9 A p p e ndix 5 Lis t research pop ul atio n an d su mm ar y Onl y av ailable in the no n-public version.

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10 A p p e ndix 6: C o mp a n ies per su b-in dus tr y

Softwar e & Compu ter Serv ic e

Inform ati on T ec hnology Hard ware

Te le co mm unic ati on Se rv ic es

Fo od & Dr ug Retailer s

Tra nsp ort

Suppor t Se rv ic es

Medi a & P hotog raphy

Leis ure & En tertai nmen t & Hotel s

Gener al Reta iler s

Dis tri butors

Specia lty & O ther Financ e

Real E sta te

Insu ranc e

Bank s

Phar mac euti cal s

Pers onal C are & Hous ehol d...

Food Produ ce rs & Pr oces so rs

Beve rage s

Hous ehol d Good s &

Te xti les

Automo bile s

Engi neer in g & Mac hiner y

Elec troni c &

Elec tric al Equ ip ment

Div ers ifi ed Indus tria ls

Ae ro sp ace &

Defense

Steel & Oth er Metals

Fore stry & P ap er

Cons tru cti on & Bu ildi ng Ma teria ls

Chemic als

Oil &

Gas

14 13 12 11 10 9 8 7 6 5 4 3 2 1 0

Freque ncy

Number of companies per industry

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11 A p p e ndix 7 T a bl e freq uenc y of r isk cate gories a nd e n v iro nme n ts

Internal Environment Competitive Environment External Environment Customer Service Human Resource management a... Outbound logistics Operations Inbound logistics Technology Developement Marketing and Sales Procurement Firm Infrastructure Substitutes Competition New entrants Buyers /Cutomer wants Suppliers Political environment Social Environment Physical environment Catastropic loss Sensitivity in shareholders relations Legal / Trade regulation Economic / Financial Market

Risk Category / Environment

7065605550454035302520151050 Number of companiesRisk and Control

Risk, No Control

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12 Appendix 8 Scatter plots

10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00

Percentage of risk paragraph in annual Report

19,00 18,00 17,00 16,00 15,00 14,00 13,00 12,00 11,00 10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00 -1,00

Std. deviation 1/2/2004 7/1/2005

10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00

2,50

2,00

1,50

1,00

0,50

0,00

Beta

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10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00

0,500

0,400

0,300

0,200

0,100

0,000

-0,100

Average weekly movement of shares 2/1/2004- 1/7/2005

10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00

0,400

0,300

0,200

0,100

0,000

-0,100

-0,200

Average weekly movement of shares 2/1/2004- 31/12/2004

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10,00 9,00

8,00 7,00 6,00

5,00 4,00 3,00 2,00 1,00 0,00

1,000

0,500

0,000

-0,500

-1,000

Average weekly movement of shares 7/1/2004- 1/7/2005

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15 A p p e ndix 9 S p e a rman’ s rho tes t Spearm a n's rho

Std. Deviation 1/2/2004 7/1/2005 Beta Average weekly movement of shares 2/1/2004- 1/7/2005 Average weekly movement of shares 2/1/2004- 31/12/2004

Average weekly movement of shares 7/1/2005- 1/7/2005 Correlation Coefficient 0,193 -0,058 0,172 0,078 0,196 Sig. (2-tailed) 0,030 0,523 0,056 0,385 0,028

Economic / Financial markets N 126 123 125 125 126 Correlation Coefficient 0,163 -0,021 0,060 -0,007 0,107 Sig. (2-tailed) 0,069 0,821 0,509 0,934 0,233

Legal/ trade regulation N 126 123 125 125 126 Correlation Coefficient -0,044 0,123 -0,069 -0,079 -0,013 Sig. (2-tailed) 0,627 0,177 0,447 0,384 0,882

Sensitivity in shareholder relations N 126 123 125 125 126 Correlation Coefficient -0,070 -0,021 -0,077 -0,121 0,009 Sig. (2-tailed) 0,434 0,821 0,395 0,178 0,916

Catastrophic loss N 126 123 125 125 126 Correlation Coefficient 0,144 -0,138 0,115 0,036 0,204 Sig. (2-tailed) 0,107 0,129 0,201 0,691 0,022

Physical environment N 126 123 125 125 126 Correlation Coefficient 0,122 0,045 0,101 0,009 0,091 Sig. (2-tailed) 0,174 0,620 0,262 0,920 0,309 Social environment N 126 123 125 125 126

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16 Spearm a n's rho

Average weekly movement of shares 7/1/2005- 1/7/2005 Correlation Coefficient 0,045 0,130 -0,061 -0,077 0,020 Sig. (2-tailed) 0,619 0,152 0,501 0,391 0,826

Political environment N 126 123 125 125 126 Correlation Coefficient 0,054 -0,058 0,048 0,044 0,069 Sig. (2-tailed) 0,552 0,523 0,596 0,625 0,440

Suppliers N126 123 125 125 126 Correlation Coefficient 0,021 -0,008 0,007 0,003 0,047 Sig. (2-tailed) 0,819 0,933 0,941 0,978 0,603

Customer wants N 126 123 125 125 126 Correlation Coefficient -0,078 0,048 -0,018 0,009 -0,038 Sig. (2-tailed) 0,382 0,596 0,844 0,925 0,669

New entrants N 126 123 125 125 126 Correlation Coefficient -0,144 0,097 -0,099 -0,076 -0,095 Sig. (2-tailed) 0,108 0,287 0,273 0,402 0,288

Competition N 126 123 125 125 126 Correlation Coefficient -0,091 0,009 -0,029 0,013 -0,062 Sig. (2-tailed) 0,309 0,920 0,745 0,882 0,491

Substitutes N 126 123 125 125 126 Correlation Coefficient 0,152 0,046 0,199 0,099 0,233 Sig. (2-tailed) 0,090 0,610 0,026 0,273 0,009 Firm infrastructure N 126 123 125 125 126

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17 Spearm a n's rho

Average weekly movement of shares 7/1/2005- 1/7/2005 Correlation Coefficient 0,190 -0,129 0,105 0,093 0,132 Sig. (2-tailed) 0,033 0,155 0,242 0,301 0,141

Procurement N 126 123 125 125 126 Correlation Coefficient 0,045 -0,122 0,079 0,049 0,103 Sig. (2-tailed) 0,613 0,179 0,381 0,590 0,250

Marketing and Sales N 126 123 125 125 126 Correlation Coefficient 0,053 0,044 0,159 0,119 0,141 Sig. (2-tailed) 0,558 0,626 0,077 0,187 0,116

Technology developments N 126 123 125 125 126 Correlation Coefficient 0,010 0,044 0,036 -0,015 0,079 Sig. (2-tailed) 0,910 0,629 0,694 0,869 0,380

Inbound logistics N 126 123 125 125 126 Correlation Coefficient 0,003 0,069 0,100 0,063 0,148 Sig. (2-tailed) 0,973 0,446 0,269 0,483 0,099

Operations N 126 123 125 125 126 Correlation Coefficient -0,010 -0,079 -0,081 -0,113 -0,045 Sig. (2-tailed) 0,907 0,386 0,367 0,211 0,616

Outbound logistics N 126 123 125 125 126 Correlation Coefficient 0,006 0,077 0,017 0,055 -0,012 Sig. (2-tailed) 0,948 0,398 0,855 0,540 0,895 Human Resource Management and culture N 126 123 125 125 126

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18 Spearm a n's rho

Average weekly movement of shares 7/1/2005- 1/7/2005 Correlation Coefficient -0,111 0,138 -0,049 -0,032 -0,041 Sig. (2-tailed) 0,216 0,128 0,585 0,724 0,650

Customer service N 126 123 125 125 126

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19 A p p e ndix 10 Re gressio n : du m m ies This appendix correspon ds to para g rap h 6.2.3. 10.1 R e gres sion SD N # X 1/ 2/2 0 0 4 7/ 1/2 0 0 5

Warnings For models with dependent variable SDN#X 1/2/2004 7/1/2005, the following variables are constants or have missing correlations: Utilities, Institutions. They will be deleted from the analysis. Variables Entered/Removed(b) Model Variables Entered Variables Removed Method 1 ERM and/or IC Framework described?, Procurement, CyclicalService, Inbound logistics, Resources, Outbound logistics, Suppliers, New entrants, NonCyclicalConsumerGoods, Operations, CyclicalConsumerGoods, Adressing Corporate Governance?, Marketing and Sales, Competition, Political environment, Customer service, InformationTechnology, Technology developments, Substitutes, Catastrophic loss, Social environment, Sensitivity in shareholder relations, Financials, Physical environment, Human Resource Management and culture, Customer wants, NonCyclicalService, Legal/ trade regulation, GeneralIndustrials, Economic / Financial markets, ERM or IC Framework mentioned?, Risk paragraph?, Firm infrastructure, Individual risks are described?(a)

. Enter a. Tolerance = ,000 limits reached. b. Dependent Variable: SDN#X 1/2/2004 7/1/2005 Model Summary Model RR Square Adjusted R Square Std. Error of the Estimate 1 0,425 0,181 -0,129 2,06527 a. Predictors: (Constant), ERM and/or IC Framework described?, Procurement, CyclicalService, Inbound logistics, Resources, Outbound logistics, Suppliers, New entrants, NonCyclicalConsumerGoods, Operations, CyclicalConsumerGoods, Adressing Corporate Governance?, Marketing and Sales, Competition, Political environment, Customer service, InformationTechnology, Technology developments, Substitutes, Catastrophic loss,

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Social environment, Sensitivity in shareholder relations, Financials, Physical environment, Human Resource Management and culture, Customer wants, NonCyclicalService, Legal/ trade regulation, GeneralIndustrials, Economic / Financial markets, ERM or IC Framework mentioned?, Risk paragraph?, Firm infrastructure, Individual risks are described? ANOVA(b) Model Sum of Squares df Mean Square F Sig. Regression84,752 34 2,493 0,584 0,960 Residual 383,879 90 4,265

1 Total 468,631 124 a. Predictors: (Constant), ERM and/or IC Framework described?, Procurement, CyclicalService, Inbound logistics, Resources, Outbound logistics, Suppliers, New entrants, NonCyclicalConsumerGoods, Operations, CyclicalConsumerGoods, Adressing Corporate Governance?, Marketing and Sales, Competition, Political environment, Customer service, InformationTechnology, Technology developments, Substitutes, Catastrophic loss, Social environment, Sensitivity in shareholder relations, Financials, Physical environment, Human Resource Management and culture, Customer wants, NonCyclicalService, Legal/ trade regulation, GeneralIndustrials, Economic / Financial markets, ERM or IC Framework mentioned?, Risk paragraph?, Firm infrastructure, Individual risks are described? b. Dependent Variable: SDN#X 1/2/2004 7/1/2005 Coefficients(a) Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. (Constant) 4,278 1,070 3,999 0,000 Economic / Financial markets 0,064 0,961 0,016 0,067 0,947 Legal/ trade regulation 0,190 0,580 0,046 0,327 0,744 Sensitivity in shareholder relations -0,186 0,837 -0,029 -0,222 0,825 Catastrophic loss-0,246 0,650 -0,046 -0,379 0,706 Physical environment 0,147 0,736 0,027 0,199 0,843 Social environment 0,054 0,716 0,009 0,076 0,940 Political environment -0,062 0,764 -0,010 -0,082 0,935 Suppliers 0,157 0,206 0,085 0,765 0,446 Customer wants 0,134 0,644 0,029 0,208 0,836 New entrants -0,216 0,928 -0,029 -0,233 0,817 Competition -0,443 0,625 -0,095 -0,709 0,480

1 Substitutes -0,692 0,976 -0,092 -0,709 0,480

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Firm infrastructure-0,058 0,784 -0,015 -0,074 0,941 Procurement 0,888 0,635 0,165 1,399 0,165 Marketing and Sales 0,000 1,176 0,000 0,000 1,000 Technology developments 0,033 0,560 0,008 0,059 0,953 Inbound logistics -0,258 0,803 -0,036 -0,321 0,749 Operations -0,177 0,708 -0,033 -0,249 0,804 Outbound logistics -0,060 1,047 -0,007 -0,057 0,954 Human Resource Management and culture -0,011 0,609 -0,002 -0,018 0,985 Customer service -0,362 1,458 -0,029 -0,248 0,805 Resources -0,273 1,575 -0,022 -0,173 0,863 GeneralIndustrials -0,760 0,918 -0,124 -0,827 0,410 CyclicalConsumerGoods -1,246 1,070 -0,148 -1,164 0,247 NonCyclicalConsumerGoods -0,785 0,932 -0,128 -0,842 0,402 Financials 0,116 0,894 0,020 0,130 0,897 CyclicalService -0,643 0,787 -0,146 -0,817 0,416 NonCyclicalService -0,148 1,252 -0,018 -0,118 0,906 InformationTechnology-1,071 0,833 -0,190 -1,285 0,202 Adressing Corporate Governance? -2,146 0,957 -0,255 -2,243 0,027 Risk paragraph? -0,158 0,910 -0,035 -0,173 0,863 Individual risks are described?-0,056 1,240 -0,013 -0,045 0,964 ERM or IC Framework mentioned? -0,313 0,716 -0,074 -0,437 0,663 ERM and/or IC Framework described? 0,383 0,670 0,098 0,571 0,569 a. Dependent Variable: SDN#X 1/2/2004 7/1/2005

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Excluded Variables(b) Collinearity Statistics Model Beta In t Sig. Partial Correlation Tolerance 1 BasicIndustris .(a) . . . 0,000 a. Predictors in the Model: (Constant), ERM and/or IC Framework described?, Procurement, CyclicalService, Inbound logistics, Resources, Outbound logistics, Suppliers, New entrants, NonCyclicalConsumerGoods, Operations, CyclicalConsumerGoods, Adressing Corporate Governance?, Marketing and Sales, Competition, Political environment, Customer service, InformationTechnology, Technology developments, Substitutes, Catastrophic loss, Social environment, Sensitivity in shareholder relations, Financials, Physical environment, Human Resource Management and culture, Customer wants, NonCyclicalService, Legal/ trade regulation, GeneralIndustrials, Economic / Financial markets, ERM or IC Framework mentioned?, Risk paragraph?, Firm infrastructure, Individual risks are described? b. Dependent Variable: SDN#X 1/2/2004 7/1/2005

10.2 R e gres sion B E T A Jul y 12 200 5

Warnings For models with dependent variable July 12 2005, the following variables are constants or have missing correlations: Utilities, Institutions. They will be deleted from the analysis. Variables Entered/Removed(b) Model Variables Entered Variables Removed Method 1 ERM and/or IC Framework described?, Physical environment, CyclicalService, Outbound logistics, New entrants, Suppliers, Procurement, Catastrophic loss, CyclicalConsumerGoods, Adressing Corporate Governance?, NonCyclicalConsumerGoods, Customer service, Resources, Marketing and Sales, GeneralIndustrials, Political environment, Inbound logistics, Substitutes, Social environment, Human Resource Management and culture, Financials, Technology developments, NonCyclicalService, Operations, Sensitivity in shareholder relations, Competition, Customer wants, Legal/ trade regulation, BasicIndustris, Risk paragraph?, ERM or IC Framework mentioned?, Economic / Financial markets, Firm infrastructure, Individual risks are described?(a)

. Enter a. Tolerance = ,000 limits reached. b. Dependent Variable: July 12 2005

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Model Summary Model RR Square Adjusted R Square Std. Error of the Estimate 1 0,692 0,478 0,275 0,40175 a. Predictors: (Constant), ERM and/or IC Framework described?, Physical environment, CyclicalService, Outbound logistics, New entrants, Suppliers, Procurement, Catastrophic loss, CyclicalConsumerGoods, Adressing Corporate Governance?, NonCyclicalConsumerGoods, Customer service, Resources, Marketing and Sales, GeneralIndustrials, Political environment, Inbound logistics, Substitutes, Social environment, Human Resource Management and culture, Financials, Technology developments, NonCyclicalService, Operations, Sensitivity in shareholder relations, Competition, Customer wants, Legal/ trade regulation, BasicIndustris, Risk paragraph?, ERM or IC Framework mentioned?, Economic / Financial markets, Firm infrastructure, Individual risks are described? ANOVA(b) Model Sum of Squares df Mean Square F Sig. Regression12,882 34 0,379 2,347 0,001 Residual 14,042 87 0,161

1 Total 26,924 121 a. Predictors: (Constant), ERM and/or IC Framework described?, Physical environment, CyclicalService, Outbound logistics, New entrants, Suppliers, Procurement, Catastrophic loss, CyclicalConsumerGoods, Adressing Corporate Governance?, NonCyclicalConsumerGoods, Customer service, Resources, Marketing and Sales, GeneralIndustrials, Political environment, Inbound logistics, Substitutes, Social environment, Human Resource Management and culture, Financials, Technology developments, NonCyclicalService, Operations, Sensitivity in shareholder relations, Competition, Customer wants, Legal/ trade regulation, BasicIndustris, Risk paragraph?, ERM or IC Framework mentioned?, Economic / Financial markets, Firm infrastructure, Individual risks are described? b. Dependent Variable: July 12 2005 Coefficients(a) Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. (Constant) 1,169 0,197 5,943 0,000 Economic / Financial markets -0,126 0,198 -0,128 -0,636 0,526 1 Legal/ trade regulation 0,099 0,113 0,099 0,872 0,385

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Sensitivity in shareholder relations 0,262 0,165 0,172 1,594 0,115 Catastrophic loss-0,065 0,129 -0,050 -0,507 0,613 Physical environment -0,295 0,146 -0,228 -2,018 0,047 Social environment 0,314 0,140 0,220 2,245 0,027 Political environment 0,190 0,149 0,129 1,276 0,205 Suppliers -0,049 0,040 -0,110 -1,222 0,225 Customer wants 0,032 0,126 0,029 0,252 0,802 New entrants -0,136 0,181 -0,076 -0,753 0,453 Competition 0,131 0,122 0,117 1,071 0,287 Substitutes -0,234 0,190 -0,130 -1,233 0,221 Firm infrastructure0,076 0,154 0,080 0,496 0,621 Procurement -0,084 0,124 -0,065 -0,682 0,497 Marketing and Sales -0,211 0,229 -0,089 -0,920 0,360 Technology developments 0,005 0,110 0,006 0,049 0,961 Inbound logistics 0,046 0,157 0,027 0,291 0,772 Operations -0,014 0,138 -0,011 -0,101 0,920 Outbound logistics -0,157 0,205 -0,072 -0,769 0,444 Human Resource Management and culture -0,031 0,119 -0,028 -0,260 0,796 Customer service 0,530 0,284 0,175 1,869 0,065 Resources -0,404 0,362 -0,109 -1,114 0,269 BasicIndustris -0,829 0,162 -0,580 -5,110 0,000 GeneralIndustrials -0,409 0,161 -0,277 -2,543 0,013 CyclicalConsumerGoods -0,882 0,213 -0,406 -4,142 0,000 NonCyclicalConsumerGoods -0,817 0,174 -0,537 -4,709 0,000 Financials -0,691 0,169 -0,483 -4,082 0,000 CyclicalService -0,636 0,132 -0,602 -4,817 0,000 NonCyclicalService -0,725 0,228 -0,359 -3,187 0,002 Adressing Corporate Governance? 0,121 0,197 0,056 0,614 0,541 Risk paragraph? 0,279 0,179 0,247 1,561 0,122 Individual risks are described?-0,051 0,248 -0,049 -0,204 0,839

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ERM or IC Framework mentioned? 0,107 0,143 0,103 0,747 0,457 ERM and/or IC Framework described? -0,141 0,131 -0,149 -1,074 0,286 a. Dependent Variable: July 12 2005 Excluded Variables(b) Collinearity Statistics Model Beta In t Sig. Partial Correlation Tolerance 1 InformationTechnology.(a) . . . 0,000 a. Predictors in the Model: (Constant), ERM and/or IC Framework described?, Physical environment, CyclicalService, Outbound logistics, New entrants, Suppliers, Procurement, Catastrophic loss, CyclicalConsumerGoods, Adressing Corporate Governance?, NonCyclicalConsumerGoods, Customer service, Resources, Marketing and Sales, GeneralIndustrials, Political environment, Inbound logistics, Substitutes, Social environment, Human Resource Management and culture, Financials, Technology developments, NonCyclicalService, Operations, Sensitivity in shareholder relations, Competition, Customer wants, Legal/ trade regulation, BasicIndustris, Risk paragraph?, ERM or IC Framework mentioned?, Economic / Financial markets, Firm infrastructure, Individual risks are described? b. Dependent Variable: July 12 2005

10.3 R e gres sion A v er age w e ekly mov e ment of shares 2/ 1/2 004- 1/7/ 200 5

Warnings For models with dependent variable Average weekly movement of shares 2/1/2004- 1/7/2005, the following variables are constants or have missing correlations: Utilities, Institutions. They will be deleted from the analysis. Variables Entered/Removed(b) Model Variables Entered Variables Removed Method

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1 ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants, Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described?(a)

. Enter a. Tolerance = ,000 limits reached. b. Dependent Variable: Average weekly movement of shares 2/1/2004- 1/7/2005 Model Summary Model RR Square Adjusted R Square Std. Error of the Estimate 1 0,551 0,303 0,037 0,100903 a. Predictors: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants, Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described? ANOVA(b) Model Sum of Squares df Mean Square F Sig. Regression0,395 34 0,012 1,140 0,307 Residual 0,906 89 0,010

1 Total 1,301 123 a. Predictors: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants, Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?,

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Economic / Financial markets, Individual risks are described? b. Dependent Variable: Average weekly movement of shares 2/1/2004- 1/7/2005 Coefficients(a) Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. (Constant) 0,013 0,038 0,340 0,735 Economic / Financial markets -0,030 0,049 -0,140 -0,602 0,549 Legal/ trade regulation 0,011 0,030 0,048 0,351 0,726 Sensitivity in shareholder relations -0,011 0,043 -0,032 -0,251 0,802 Catastrophic loss-0,019 0,032 -0,068 -0,583 0,561 Physical environment 0,069 0,039 0,251 1,780 0,078 Social environment -0,017 0,037 -0,054 -0,458 0,648 Political environment -0,031 0,035 -0,105 -0,894 0,374 Suppliers 0,020 0,010 0,204 1,989 0,050 Customer wants -0,033 0,035 -0,136 -0,936 0,352 New entrants 0,004 0,046 0,010 0,086 0,932 Competition 0,012 0,032 0,048 0,367 0,715 Substitutes -0,011 0,052 -0,024 -0,207 0,836 Firm infrastructure-0,017 0,038 -0,082 -0,448 0,655 Procurement 0,058 0,037 0,199 1,558 0,123 Marketing and Sales 0,000 0,057 0,001 0,007 0,995 Technology developments 0,007 0,028 0,032 0,246 0,806 Inbound logistics -0,034 0,038 -0,091 -0,894 0,374 Operations 0,000 0,034 0,000 0,001 0,999 Outbound logistics -0,052 0,052 -0,109 -0,995 0,323 Human Resource Management and culture -0,038 0,029 -0,158 -1,300 0,197

1 Customer service 0,065 0,074 0,097 0,878 0,383

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Resources 0,026 0,073 0,040 0,359 0,720 BasicIndustris 0,031 0,039 0,101 0,802 0,425 GeneralIndustrials -0,018 0,036 -0,060 -0,504 0,615 CyclicalConsumerGoods 0,001 0,047 0,002 0,021 0,983 NonCyclicalConsumerGoods -0,074 0,037 -0,222 -2,011 0,047 Financials 0,004 0,038 0,012 0,102 0,919 NonCyclicalService 0,087 0,056 0,182 1,539 0,127 InformationTechnology-0,003 0,034 -0,012 -0,097 0,923 Adressing Corporate Governance? 0,079 0,037 0,219 2,142 0,035 Risk paragraph? 0,048 0,042 0,202 1,156 0,251 Individual risks are described?-0,023 0,059 -0,106 -0,392 0,696 ERM or IC Framework mentioned? -0,012 0,036 -0,055 -0,326 0,745 ERM and/or IC Framework described? 0,008 0,033 0,040 0,244 0,808 a. Dependent Variable: Average weekly movement of shares 2/1/2004- 1/7/2005 Excluded Variables(b) Collinearity Statistics Model Beta In t Sig. Partial Correlation Tolerance 1 CyclicalService .(a) . . . 0,000 a. Predictors in the Model: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants, Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described? b. Dependent Variable: Average weekly movement of shares 2/1/2004- 1/7/2005

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29 10.4 Reg ress ion A v erage w eek ly mov e me nt of shares 2/1/2 004- 31/1 2 /20 0 4

Warnings For models with dependent variable Average weekly movement of shares 2/1/2004- 31/12/2004, the following variables are constants or have missing correlations: Utilities, Institutions. They will be deleted from the analysis. Variables Entered/Removed(b) Model Variables Entered Variables Removed Method 1 ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants, Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described?(a)

. Enter a. Tolerance = ,000 limits reached. b. Dependent Variable: Average weekly movement of shares 2/1/2004- 31/12/2004 Model Summary Model RR Square Adjusted R Square Std. Error of the Estimate 1 0,616 0,380 0,143 0,089739 a. Predictors: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants, Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described?

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ANOVA(b) Model Sum of Squares df Mean Square F Sig. Regression0,439 34 0,013 1,603 0,041 Residual 0,717 89 0,008

1 Total 1,156 123 a. Predictors: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants, Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described? b. Dependent Variable: Average weekly movement of shares 2/1/2004- 31/12/2004 Coefficients(a) Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. (Constant) -0,008 0,034 -0,244 0,808 Economic / Financial markets -0,033 0,044 -0,163 -0,746 0,457 Legal/ trade regulation 0,026 0,027 0,126 0,981 0,329 Sensitivity in shareholder relations 0,017 0,038 0,053 0,436 0,664 Catastrophic loss-0,008 0,029 -0,031 -0,277 0,782 Physical environment 0,059 0,034 0,228 1,712 0,090 Social environment -0,007 0,033 -0,022 -0,202 0,840 Political environment -0,031 0,031 -0,109 -0,992 0,324 Suppliers 0,018 0,009 0,195 2,020 0,046 Customer wants -0,031 0,031 -0,139 -1,015 0,313 New entrants 0,016 0,041 0,042 0,384 0,702 Competition 0,022 0,029 0,094 0,751 0,455 Substitutes 0,015 0,047 0,036 0,325 0,746

1 Firm infrastructure-0,059 0,034 -0,302 -1,742 0,085

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Procurement 0,040 0,033 0,146 1,209 0,230 Marketing and Sales -0,010 0,050 -0,021 -0,189 0,850 Technology developments 0,020 0,025 0,100 0,826 0,411 Inbound logistics -0,039 0,034 -0,109 -1,130 0,261 Operations -0,007 0,030 -0,025 -0,216 0,829 Outbound logistics -0,047 0,046 -0,104 -1,007 0,316 Human Resource Management and culture -0,032 0,026 -0,142 -1,238 0,219 Customer service 0,046 0,066 0,073 0,696 0,488 Resources 0,029 0,065 0,045 0,436 0,664 BasicIndustris 0,017 0,034 0,060 0,506 0,614 GeneralIndustrials -0,003 0,032 -0,009 -0,079 0,937 CyclicalConsumerGoods 0,021 0,041 0,051 0,512 0,610 NonCyclicalConsumerGoods -0,080 0,033 -0,253 -2,426 0,017 Financials 0,010 0,034 0,032 0,292 0,771 NonCyclicalService 0,119 0,050 0,266 2,379 0,019 InformationTechnology-0,020 0,030 -0,076 -0,672 0,503 Adressing Corporate Governance? 0,074 0,033 0,219 2,264 0,026 Risk paragraph? 0,028 0,037 0,123 0,747 0,457 Individual risks are described?0,013 0,052 0,063 0,247 0,805 ERM or IC Framework mentioned? 0,018 0,032 0,087 0,549 0,584 ERM and/or IC Framework described? -0,018 0,030 -0,092 -0,597 0,552 a. Dependent Variable: Average weekly movement of shares 2/1/2004- 31/12/2004 Excluded Variables(b) Collinearity Statistics Model Beta In t Sig. Partial Correlation Tolerance 1 CyclicalService .(a) . . . 0,000 a. Predictors in the Model: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, BasicIndustris, Procurement, InformationTechnology, Technology developments, NonCyclicalService, New entrants,

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Marketing and Sales, Financials, Social environment, Human Resource Management and culture, Political environment, Physical environment, GeneralIndustrials, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described? b. Dependent Variable: Average weekly movement of shares 2/1/2004- 31/12/2004

10.5 R e gres sion A v er age w e ekly mov e ment of shares 7/1 /20 05- 1/7/ 200 5

Warnings For models with dependent variable Average weekly movement of shares 7/1/2005- 1/7/2005, the following variables are constants or have missing correlations: Utilities, Institutions. They will be deleted from the analysis. Variables Entered/Removed(b) Model Variables Entered Variables Removed Method 1 ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, GeneralIndustrials, BasicIndustris, New entrants, NonCyclicalService, Marketing and Sales, Technology developments, Financials, Procurement, Social environment, Human Resource Management and culture, Political environment, Physical environment, InformationTechnology, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described?(a)

. Enter a. Tolerance = ,000 limits reached. b. Dependent Variable: Average weekly movement of shares 7/1/2005- 1/7/2005 Model Summary

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Model RR Square Adjusted R Square Std. Error of the Estimate 1 0,413 0,171 -0,142 0,215658 a. Predictors: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, GeneralIndustrials, BasicIndustris, New entrants, NonCyclicalService, Marketing and Sales, Technology developments, Financials, Procurement, Social environment, Human Resource Management and culture, Political environment, Physical environment, InformationTechnology, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described? ANOVA(b) Model Sum of Squares df Mean Square F Sig. Regression0,862 34 0,025 0,545 0,976 Residual 4,186 90 0,047

1 Total 5,048 124 a. Predictors: (Constant), ERM and/or IC Framework described?, NonCyclicalConsumerGoods, Inbound logistics, Resources, Outbound logistics, Suppliers, Customer service, Sensitivity in shareholder relations, CyclicalConsumerGoods, Substitutes, Catastrophic loss, Adressing Corporate Governance?, GeneralIndustrials, BasicIndustris, New entrants, NonCyclicalService, Marketing and Sales, Technology developments, Financials, Procurement, Social environment, Human Resource Management and culture, Political environment, Physical environment, InformationTechnology, Operations, Competition, Legal/ trade regulation, Risk paragraph?, Customer wants, Firm infrastructure, ERM or IC Framework mentioned?, Economic / Financial markets, Individual risks are described? b. Dependent Variable: Average weekly movement of shares 7/1/2005- 1/7/2005 Coefficients(a) Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. (Constant) 0,055 0,081 0,676 0,501 Economic / Financial markets -0,039 0,104 -0,093 -0,374 0,709 Legal/ trade regulation -0,009 0,063 -0,021 -0,143 0,887 Sensitivity in shareholder relations -0,058 0,091 -0,089 -0,644 0,521 Catastrophic loss-0,038 0,068 -0,071 -0,557 0,579

1 Physical environment 0,065 0,078 0,123 0,825 0,411

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Social environment -0,041 0,079 -0,066 -0,517 0,606 Political environment -0,035 0,074 -0,060 -0,471 0,639 Suppliers 0,024 0,021 0,125 1,126 0,263 Customer wants -0,026 0,074 -0,056 -0,355 0,724 New entrants -0,023 0,098 -0,030 -0,235 0,815 Competition 0,003 0,068 0,005 0,037 0,971 Substitutes -0,076 0,111 -0,087 -0,689 0,492 Firm infrastructure0,068 0,081 0,167 0,838 0,404 Procurement 0,107 0,078 0,186 1,365 0,176 Marketing and Sales 0,010 0,121 0,011 0,087 0,931 Technology developments -0,012 0,058 -0,029 -0,207 0,837 Inbound logistics -0,017 0,082 -0,024 -0,214 0,831 Operations -0,006 0,070 -0,011 -0,083 0,934 Outbound logistics -0,066 0,111 -0,070 -0,593 0,555 Human Resource Management and culture -0,043 0,062 -0,090 -0,689 0,493 Customer service 0,116 0,157 0,088 0,740 0,461 Resources 0,049 0,154 0,037 0,315 0,753 BasicIndustris 0,062 0,082 0,103 0,755 0,452 GeneralIndustrials -0,065 0,076 -0,111 -0,859 0,393 CyclicalConsumerGoods -0,040 0,099 -0,046 -0,403 0,688 NonCyclicalConsumerGoods -0,067 0,079 -0,101 -0,843 0,401 Financials -0,002 0,081 -0,003 -0,024 0,981 NonCyclicalService 0,016 0,121 0,017 0,132 0,896 InformationTechnology0,030 0,073 0,054 0,414 0,680 Adressing Corporate Governance? 0,091 0,079 0,128 1,154 0,251 Risk paragraph? 0,092 0,089 0,195 1,025 0,308 Individual risks are described?-0,096 0,126 -0,223 -0,760 0,449 ERM or IC Framework mentioned? -0,073 0,078 -0,170 -0,933 0,353 ERM and/or IC Framework described? 0,059 0,071 0,145 0,822 0,414 a. Dependent Variable: Average weekly movement of shares 7/1/2005- 1/7/2005