inside-analytics.com / Roundup for the largest European Directors' Dealings for the reporting week from 7 to 14-February-2010

Top 10 Largest Directors' Purchases:

1) ZON MULTIMEDIA SERVICOS DE
Insider: Dos Santos, Isabel José 
Insider Relation: Investor
Transaction Date: 5-February-2010
Transaction Volume: 48.632 mln eur
Notes: private transaction, OTC
Amount of shares bought: 9,175,826
Average buying price: 5.30 eur
Last Price vs. buying price: -27.77%

2) REALTY VAILOG SPA
Insider: Industria e Innovazione S.p.A.
Insider Relation: Main shareholder
Transaction Date: 5-February-2010
Transaction Volume: 22.136 mln eur
Notes: Merger,  Italian regulated market
Amount of shares bought: 8,825,967
Average buying price: 2.51 eur
Last Price vs. buying price: -8.29%

3) ASSICURAZIONI GENERALI SPA
Insider: Caltagirone, Francesco Gaetano
Insider Relation: Independent Director
Transaction Date: 4 - 8-February-2010
Transaction Volume: 18.866 mln eur
Notes:  Italian regulated market
Amount of shares bought: 1,150,000
Average buying price: 16.40 eur
Last Price vs. buying price: -0.46%

4) ZODIAC AEROSPACE
Insider: SOCIETE FONCIERE, FINANCIERE ET DE PARTICIPATIONS - FFP
Insider Relation: Beneficial Owner
Transaction Date: 28-January - 1-February-2010
Transaction Volume: 5.685 mln eur
Notes: Euronext
Amount of shares bought: 189,075
Average buying price: 30.07 eur
Last Price vs. buying price: +4.18%

5) LEDSTIERNAN AB
Insider: Gillberg, Adam
Insider Relation: Director
Transaction Date: 5 - 9-February-2010
Transaction Volume: 3.002 mln eur
Notes: Stockholm, estimated price
Amount of shares bought: 834,159
Average buying price: 3.60 eur
Last Price vs. buying price: +2.60%

6) KTM POWERSPORTS AG
Insider: CROSS INDUSTRIES AG
Insider Relation: Investment Company
Transaction Date: 1-February-2010
Transaction Volume: 2.755 mln eur
Notes: private transaction, Vienna
Amount of shares bought: 59,500
Average buying price: 46.30 eur
Last Price vs. buying price: -63.28%

7) EFG EUROBANK ERGASIAS SA
Insider: LAMDA DEVELOPMENT SA
Insider Relation: Public Company
Transaction Date: 9 - 11-February-2010
Transaction Volume: 1.675 mln eur
Notes: ATHEX
Amount of shares bought: 293,506
Average buying price: 5.71 eur
Last Price vs. buying price: -3.63%

8) BANK OF PIRAEUS
Insider: Sallas, Michail
Insider Relation: Chairman/CEO
Transaction Date: 5 - 9-February-2010
Transaction Volume: 1.674 mln eur
Notes: ATHEX
Amount of shares bought: 300,000
Average buying price: 5.58 eur
Last Price vs. buying price: +3.42%

9) MOARA CIBIN SA SIBIU
Insider: BOROMIR PROD S.A.
Insider Relation: Public Company
Transaction Date: 9 - 11-February-2010
Transaction Volume: 1.562 mln eur
Notes: private transaction, Bucharest
Amount of shares bought: 14,649,600
Average buying price: 0.11 eur

10) MAPFRE
Insider: CAJA MADRID CIBELES SA
Insider Relation: Savings Bank
Transaction Date: 3 - 5-February-2010
Transaction Volume: 1.426 mln eur
Notes: open market
Amount of shares bought: 525,000
Average buying price: 2.72 eur
Last Price vs. buying price: -3.92%

Top 10 Largest Directors' Sells:

1) ZON MULTIMEDIA SERVICOS DE
Insider: Cinveste SGPS, S.A.
Insider Relation: Beneficial Owner
Transaction Date: 5-February-2010
Transaction Volume: 48.632 mln eur
Notes: private transaction, OTC
Amount of shares sold: 9,175,826
Average selling price: 5.30 eur
Last Price vs. selling price: -27.77%

2) CADBURY PLC
Insider: Stitzer, Todd
Insider Relation: CEO
Transaction Date: 8-February-2010
Transaction Volume: 13.096 mln eur
Notes: London
Amount of shares sold: 1,363,520
Average selling price: 9.60 eur
Last Price vs. selling price: +0.85%

3) CARNIVAL CORP/PLC (GBR)
Insider: CARNIVAL CORP/PLC (GBR)
Insider Relation: Issuer
Transaction Date: 5 - 11-February-2010
Transaction Volume: 8.879 mln eur
Notes: London
Amount of shares sold: 350,000
Average selling price: 25.37 eur
Last Price vs. selling price: +0.97%

4) REALTY VAILOG SPA
Insider: Bertola, Fabrizio 
Insider Relation: CEO
Transaction Date: 5-February-2010
Transaction Volume: 6.521 mln eur
Notes: Merger,  Italian regulated market
Amount of shares sold: 2,600,187
Average selling price: 2.51 eur
Last Price vs. selling price: -8.29%

5) CADBURY PLC
Insider: Udow, Henry A
Insider Relation: Management Team / Committee
Transaction Date: 9-February-2010
Transaction Volume: 5.292 mln eur
Notes: London
Amount of shares sold: 553,431
Average selling price: 9.56 eur
Last Price vs. selling price: +1.30%

6) ADECCO SA
Insider: Jacobs, Andreas
Insider Relation: Director
Transaction Date: 2 - 3-February-2010
Transaction Volume: 3.577 mln eur
Notes: Switzerland
Amount of shares sold: 91,140
Average selling price: 39.25 eur
Last Price vs. selling price: -6.15%

7) CADBURY PLC
Insider: Reckitt, Mark
Insider Relation: Management Team / Committee
Transaction Date: 9 - 10-February-2010
Transaction Volume: 3.246 mln eur
Notes: London
Amount of shares sold: 337,533
Average selling price: 9.62 eur
Last Price vs. selling price: +0.71%

8) K.R.ENERGY S.P.A.
Insider: EURINVEST FINANZA STABILE S.P.A.
Insider Relation: Majority shareholder
Transaction Date: 15-January - 8-February-2010
Transaction Volume: 2.986 mln eur
Notes:  Italian regulated market
Amount of shares sold: 18,620,000
Average selling price: 0.16 eur
Last Price vs. selling price: -22.74%

9) CADBURY PLC
Insider: Bond, Trevor
Insider Relation: Management Team / Committee
Transaction Date: 10-February-2010
Transaction Volume: 2.722 mln eur
Notes: London
Amount of shares sold: 282,775
Average selling price: 9.63 eur
Last Price vs. selling price: +0.61%

10) ARM HOLDINGS PLC
Insider: Score, Tim
Insider Relation: CFO
Transaction Date: 8 - 10-February-2010
Transaction Volume: 2.695 mln eur
Notes: tax related, London
Amount of shares sold: 1,188,129
Average selling price: 2.27 eur
Last Price vs. selling price: +0.05%


About directors (corporate insiders):
Typically, directors (insiders) buy on weakness and sell on strength. Empirical evidence shows that directors' purchases tend to outperform the market while directors' sells tend to slightly underperform the market. Under certain circumstances, purchases or sells can lead to a strong price reaction. Directors' deals potentially convey private information to the market that has not already been discounted. In order to evaluate the conviction behind these transactions, 2iQ Research recommends to check the value of the trade, the hierarchical position of the insider, other dealings within the company, and also the news-flow.

About 2iQ:
2iQ Research (http://www.2iqresearch.com) specialises in behavioral financial analysis. The company manages a database about directors' dealings (legal insider trading) for professional investors at http://www.inside-analytics.com.

About the dealings database (inside-analytics.com):
The database coverage totals 35 European countries, including the 15 established EU member states plus Finland, Poland, Switzerland, Norway, Turkey, Malta, Luxembourg, Czech Republic, Slovakia, Cyprus, Estonia, Latvia, Lithuania, Romania, Bulgaria, Hungary, Croatia, Slovenia, Iceland. More European countries will be added as soon as EU members implement the Transparency Directive 2004/109/EU of the European Parliament and of the Council. The site offers standardised data in real time and access to insider dealings across 6,000 companies and 35 European countries. In addition to searches and analysis by sector, country or customisable watch lists and email updates users can access the "Directors' Confidence Index", which is published bi-monthly in cooperation with the Financial Times Germany as "FTD-Insider-Index" - http://www.ftd.de/insider -. It reflects the confidence of European directors in their own shares, making it a valuable source of information for future stock market movements. Academic research proves that directors are excellent market timers.

About European Directors' Dealings (EDD):
European Directors' Dealings (EDD) is available via CEF real-time data feeds from Deutsche Börse Market Data & Analytics. Customers around the world, including information providers and banks, will be able to receive the consolidated data package in an uniform format and integrate it into their analysis and algorithms. For more information please visit Deutsche Börse website -  http://deutsche-boerse.com/EDD

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Disclaimer:

Stock prices may rise or fall as directors buy or sell company shares.

This message is automatically generated by 2iQ Research GmbH, Frankfurt, Germany. 2iQ does not take any responsibility for the accuracy, completeness of this data. For terms of use please check: http://www.inside-analytics.com/terms.html. 

For this top10 statistics we do exclude transactions by issuers (sharebuybacks), parent companies, subsidiaries and affiliated companies.