Contents

H1 organic growth below
expectations 5
Higher adjusted EBITA
margins in H1 2009 10
Financial structure not a
concern 14
Valuation 16
Risks for Bureau Veritas, SGS
and Intertek 26
Bureau Veritas: key data 30
Intertek: key data 34
SGS: key data 38
Disclosure appendix 43
Disclaimer 47