Page 1

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations E100 Index - FTSE Eurotop 100 Index April 2013

Q M S Advisors .

.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

14392574

1935.593

1116

1116

204

220

220

101.42

110.55

110.55

15.42

15.42

14.14

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

4595

733

768

768

228.31

305.59

305.59

18.52

15.97

13.84

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

188

19

20

20

5.28

5.51

5.51

0.27

0.27

0.26

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

9587

1446

1647

1647

530.70

818.94

818.94

27.31

-

17.70

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

4099

841

833

833

406.58

549.07

549.07

20.92

18.53

15.49

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

7904

1848

2081

2081

794.29

887.81

887.81

15.43

15.43

13.80

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

2865

604

702

702

251.37

341.05

341.05

21.63

17.51

15.94

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

1659

376

407

407

268.13

266.04

266.04

1.39

1.52

1.40

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

1085

201

216

216

87.02

95.19

95.19

11.82

13.40

10.81

10.81

20.03

NESTLE SA-REG

CHF

229014

2740

3189

29

0

2

10

249.79

96847

96847

103068

109004

17714

17714

-

-

3.49

3.49

3.82

4.14

21.33

21.32

19.50

18.01

10.71

AA

16.08.2007

-

-

HSBC HOLDINGS PLC

GBp

193779

9945

18476

430

4

12

387

#VALUE!

127870

121335

103439

109654

-

-

-

-

0.74

1.17

1.47

1.65

20.46

-

16.22

14.51

-16.15

-

-

-

-

A+

29.11.2011

Aa3

21.06.2012

NOVARTIS AG-REG

CHF

189771

1999

2421

21

0

0

9

211.30

59449

59449

59823

62222

17533

17272

-

-

4.20

4.11

5.44

6.01

18.76

18.90

14.18

12.83

-3.39

9.23

-6.50

11.07

30.48

AA-

07.04.2008

Aa3

08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN

CHF

197900

547

863

26

0

2

15

211.36

47728

47728

50014

51848

17357

17357

-

-

11.71

11.80

15.63

16.75

20.39

20.56

15.40

14.37

7.32

0.11

4.80

-0.57

38.15

AA

17.09.2012

-

-

VODAFONE GROUP PLC

GBp

137178

53383

49646

52

0

2

13

170.49

70106

67478

66991

68359

27509

21004

-

-

0.29

-0.05

0.23

0.25

-

-

18.33

17.09

1.75

8.15

36.51

11.89

47.01

A-

30.05.2006

A3

03.08.2011

BP PLC

GBp

133414

6511

19136

74

0

2

30

246.63

567256

560136

519122

532825

30874

33312

14010

14010

0.33

0.92

1.29

1.44

17.26

31.03

12.35

11.03

0.03

7.69

-83.62

-17.29

8.98

A

24.09.2010

-

-

SANOFI

EUR

132008

1829

1323

19

0

0

8

142.58

44621

44621

45780

48319

15812

16208

-

-

5.57

4.80

7.68

8.57

26.47

22.82

16.56

14.84

5.96

6.12

-2.12

3.91

46.38

AA-

18.02.2011

A2

18.02.2011

ROYAL DUTCH SHELL PLC-A SHS

GBp

208579

1009

6331

57

0

2

28

346.16

705563

705563

691755

703368

78710

78710

15643

15643

6.21

6.42

6.34

6.43

11.49

11.92

11.63

11.47

-0.97

5.17

-10.34

-1.03

16.85

AA

03.09.2009

Aa1

20.07.2005

GLAXOSMITHKLINE PLC

GBp

112485

3295

4904

28

0

1

6

135.10

39920

39920

40677

42251

12803

12803

3385

3385

1.59

1.40

1.74

1.92

24.69

19.17

19.92

18.03

-5.27

4.88

-20.99

-0.84

48.44

A+

18.02.2008

-

-

TOTAL SA

EUR

112784

3771

2258

43

0

2

22

135.18

232762

232762

231214

229795

41296

40784

11081

11081

6.03

6.04

6.72

6.78

10.08

10.10

9.06

8.98

12.07

5.75

-2.23

1.32

22.37

AA-

12.04.2011

Aa1

30.08.2005

BRITISH AMERICAN TOBACCO PLC

GBp

101852

758

2026

16

0

0

3

115.32

22942

22942

24307

25379

9278

9278

10049

10049

3.09

2.99

3.48

3.81

26.68

25.81

22.91

20.95

-2.05

12.58

-4.14

19.71

61.08

A-

09.11.2012

-

-

SIEMENS AG-REG

EUR

95040

1373

856

26

0

1

15

109.80

99969

100447

99877

103691

12325

13216

2611

2611

7.15

7.25

7.78

9.62

18.99

19.22

17.71

14.32

8.75

0.14

-10.21

2.13

16.80

A+

05.06.2009

-

-

ROYAL DUTCH SHELL PLC-B SHS

GBp

208579

2012

6331

57

0

2

28

346.16

706 K

706 K

692 K

703 K

78710

78710

15643

15643

6.21

6.42

6.34

6.43

11.83

12.28

11.98

11.81

-0.97

5.17

-10.34

-1.03

16.85

AA

03.09.2009

Aa1

20.07.2005

BAYER AG-REG

EUR

83656

1360

827

12

0

0

3

92.70

50766

50766

53040

55707

11493

10987

3212

3212

7.13

3.78

7.52

8.31

34.18

19.80

17.17

15.54

11.30

5.53

0.54

7.91

27.63

A-

30.04.2008

A3

17.07.2006

BASF SE

EUR

79863

2681

918

17

0

2

2

96.18

100522

100522

102988

102391

16066

16066

4478

4478

6.39

6.78

7.62

8.21

16.37

17.38

14.56

13.53

9.09

8.38

7.84

4.76

20.41

A+

10.05.2011

A1

17.11.2010

ANHEUSER-BUSCH INBEV NV

EUR

155540

1217

1602

57

0

5

18

243.01

50764

50764

57383

62292

19727

19727

-

-

5.70

5.78

6.36

7.19

27.29

27.65

24.83

21.95

2.33

19.10

1.28

22.65

49.62

A

01.05.2012

A3

27.03.2012

DIAGEO PLC

GBp

76655

1198

2531

13

0

2

2

90.03

16254

16680

17328

18529

5779

6082

2654

2654

1.24

1.53

1.56

1.73

30.10

35.11

29.66

26.61

12.56

10.95

27.76

14.74

55.07

A-

01.09.2005

A3

17.10.2005

SAP AG

EUR

96938

1889

1192

7

0

0

3

100.29

20714

20714

22993

25341

6387

5841

1420

1420

3.04

3.03

4.42

5.02

33.29

33.37

22.77

20.09

17.85

12.38

9.28

14.11

36.01

-

-

-

-

NOVO NORDISK A/S-B

DKK

91104

417

543

0

0

0

3

88.43

13369

13369

14353

15641

5491

5491

1325

1325

-

6.70

7.90

8.76

4.16

-

3.53

3.18

3.02

2.41

4.95

3.74

7.04

A+

24.06.2011

-

-

BANCO SANTANDER SA

EUR

69527

60243

10321

469

0

12

233

#VALUE!

55637

55637

56775

59544

-

-

-

-

0.76

0.30

0.75

0.88

27.69

10.52

11.20

9.62

-56.36

12.18

-

-

-

BBB

16.10.2012

(P)Baa2

24.10.2012

RIO TINTO PLC

GBp

92521

2284

1847

41

0

17

12

185.58

76978

76978

88228

93800

24018

24018

15420

15420

7.06

-2.44

9.02

10.26

-

15.16

11.86

10.42

-23.88

16.85

-60.94

13.11

47.12

A-

18.04.2011

LVMH MOET HENNESSY LOUIS VUI

EUR

85724

1065

500

9

0

1

3

93.03

35882

35882

38632

41941

8861

9219

3606

3606

8.91

8.76

9.68

10.86

24.61

24.20

22.28

19.86

23.98

14.24

16.40

14.11

32.80

A

20.05.2011

-

-

UNILEVER NV-CVA

EUR

122220

2388

2832

13

0

1

4

132.32

65531

65531

68321

72206

10455

10455

-

-

1.94

2.02

2.16

2.35

25.50

26.49

23.82

21.92

13.35

6.82

12.42

4.97

20.37

A+

05.10.2000

A1

11.07.2000

BHP BILLITON PLC

GBp

173058

2925

5298

43

0

2

8

308.87

109086

101118

102833

113273

51149

42726

24709

24709

5.50

2.76

3.86

4.59

24.24

17.00

17.29

14.57

1.03

10.20

-16.76

12.56

63.82

A+

15.11.2010

(P)A1

15.11.2010

SABMILLER PLC

GBp

82615

496

1664

29

0

1

1

153.26

25242

25857

37002

39254

7784

8197

-

-

2.91

4.22

3.62

4.08

27.96

35.14

32.55

28.90

15.64

0.93

15.23

7.70

47.88

BBB+

04.08.2003

Baa1

27.10.2005

ALLIANZ SE-REG

EUR

61156

1705

453

37

0

3

16

85.26

122600

122598

132985

136660

-

-

-

-

14.95

14.58

15.48

16.21

11.75

11.55

11.06

10.57

12.62

3.84

-

-

-

AA

27.01.2012

Aa3

03.05.2004

ENI SPA

EUR

81481

8111

3634

31

0

4

10

106.90

162501

162501

150431

154689

31364

31364

9022

9022

0.84

3.06

2.50

2.65

9.37

10.52

11.46

10.81

20.60

7.56

-5.80

-1.34

24.64

A

17.01.2012

A3

16.07.2012

ASTRAZENECA PLC

GBp

60919

1083

1247

16

0

0

13

95.02

42249

42249

39798

38670

16097

17552

3583

3583

9.15

7.54

8.23

7.93

14.76

12.22

13.52

14.04

-25.26

-2.91

-29.78

-0.72

62.75

AA-

27.07.2007

A1

30.07.2007

STANDARD CHARTERED PLC

GBp

61739

1192

2413

171

2

1

184

#VALUE!

40640

40640

31312

34405

-

-

-

-

3.20

3.08

3.59

3.96

18.95

18.23

16.23

14.73

15.91

6.22

-

-

-

A+

01.12.2011

A2

26.11.2010

TELEFONICA SA

EUR

60781

20155

4551

85

0

9

15

140.37

79617

79617

75980

76315

26602

26648

5844

5844

1.05

1.13

1.45

1.51

15.10

-

11.76

11.29

-0.98

2.51

9.50

-2.31

42.74

BBB

20.12.2012

Baa2

18.10.2012

DAIMLER AG-REGISTERED SHARES

EUR

59121

2162

1068

108

0

2

19

150.05

145936

145936

149351

158434

15498

15568

-

-

7.24

7.29

5.94

7.03

9.70

9.70

11.91

10.06

9.30

22.58

-0.82

-6.62

13.62

A-

23.02.2012

A3

01.10.2007

UBS AG-REG

CHF

58636

6342

3747

281

0

5

70

274.07

39603

39608

27916

29031

16290

16291

-

-

0.55

-0.70

0.92

1.25

-

29.92

17.47

12.83

-8.02

-10.57

-11.62

-32.87

43.15

A

29.11.2011

A2

21.06.2012

BG GROUP PLC

GBp

57351

2733

3402

23

0

0

7

103.42

28595

32722

30416

34615

15403

15951

4161

4161

1.95

1.55

1.99

2.36

24.86

19.01

19.34

16.31

-15.34

10.37

2.59

9.25

73.62

-

-

-

-

BNP PARIBAS

EUR

62184

5738

1240

1293

9

11

178

#VALUE!

87671

124521

51201

52836

-

-

-

-

6.99

6.81

6.40

7.32

9.39

8.93

10.00

8.75

-4.22

14.55

-

-

-

A+

25.10.2012

A2

21.06.2012

UNILEVER PLC

GBp

122245

998

2832

15

0

1

4

156.52

77517

77517

80817

85413

12655

12655

-

-

2.35

2.39

2.56

2.78

30.92

31.49

28.93

26.63

15.79

8.07

8.73

6.57

24.66

A+

05.10.2000

A1

11.07.2000

BARCLAYS PLC

GBp

55349

32713

12243

661

0

14

194

#VALUE!

58657

51741

44395

45545

-

-

-

-

0.69

-0.13

0.56

0.67

-

9.48

11.69

9.75

1.61

-9.26

-

-

-

A

29.11.2011

(P)A3

21.06.2012

ABB LTD-REG

CHF

52205

2742

2296

11

0

1

9

56.98

41263

41263

43679

45976

5553

5686

1479

1479

1.26

1.23

1.60

1.81

20.21

19.25

15.55

13.72

3.72

5.43

-7.27

2.61

14.45

A

08.06.2010

-

-

RECKITT BENCKISER GROUP PLC

GBp

51516

556

734

5

0

0

1

55.12

14449

14449

15269

16004

4105

4105

-

-

3.99

3.81

4.01

4.24

28.47

27.02

27.08

25.62

1.31

19.53

4.23

24.47

42.91

A+

16.12.2003

-

-

BANCO BILBAO VIZCAYA ARGENTA

EUR

46495

37524

5433

289

0

3

82

#VALUE!

44972

29189

29794

31392

-

-

-

-

0.63

0.33

0.99

1.12

33.37

33.75

10.97

9.73

8.40

12.39

-

-

-

BBB-

16.10.2012

Baa3

24.10.2012

TESCO PLC

GBp

45711

7554

8032

18

0

0

5

57.97

97476

98230

99944

104232

7713

7470

-

-

0.57

0.53

0.48

0.50

16.25

16.29

18.01

17.04

10.20

11.24

6.22

12.48

11.49

A-

29.07.2008

Baa1

20.04.2012

L'OREAL

EUR

92167

381

598

0

#VALUE!

0

2

90.16

28681

28681

29935

31689

5604

5604

-

-

6.05

6.13

6.54

7.08

31.77

31.79

29.77

27.49

13.30

7.38

14.00

6.10

24.95

-

-

-

-

DANONE

EUR

43203

978

593

12

0

0

4

51.59

26646

26646

28210

29955

4625

4625

-

-

3.56

3.56

4.03

4.45

24.40

24.45

21.57

19.54

10.25

13.89

4.98

14.49

22.16

A-

25.07.2007

A3

06.11.2007

NATIONAL GRID PLC

GBp

41596

2242

3701

35

0

0

4

73.21

20891

20548

21787

22598

7215

7538

-

-

0.77

0.96

0.81

0.83

17.84

20.87

21.27

20.69

-5.38

12.97

-2.12

11.35

55.41

A-

24.08.2007

Baa1

12.01.2007

ZURICH INSURANCE GROUP AG

CHF

40851

242

147

13

0

2

10

48.91

73897

73897

64482

66754

-

-

-

-

27.78

27.76

30.10

31.81

10.92

10.92

10.07

9.53

34.59

12.40

-

-

-

-

-

-

-

CIE FINANCIERE RICHEMON-BR A

CHF

44633

717

522

1

0

0

4

33.45

9301

10237

10679

11585

2469

2812

-

-

2.90

3.67

3.64

4.11

18.23

18.54

18.39

16.29

30.06

17.26

43.05

17.94

28.82

-

-

-

-

PRUDENTIAL PLC

GBp

40555

3035

2557

10

0

0

8

43.22

83788

83788

87446

89651

-

-

-

-

1.19

1.31

1.21

1.34

18.34

20.18

19.85

17.92

78.48

-

-

-

-

A+

17.08.2010

A2

20.12.2002

AXA SA

EUR

41087

5052

2389

14

8

3

39

18.71

146436

146436

128390

130665

-

-

-

-

2.33

2.26

2.52

2.69

9.70

9.41

8.72

8.18

21.24

75.98

-

-

-

A-

18.12.2012

A2

19.03.2003

SCHNEIDER ELECTRIC SA

EUR

39855

1225

547

10

0

0

5

45.69

30575

30575

31092

32698

4899

4899

-

-

4.54

4.33

5.27

5.87

21.17

20.18

17.40

15.60

9.15

10.14

3.84

5.78

20.46

A-

26.11.2008

A3

12.01.2009

SYNGENTA AG-REG

CHF

38626

181

92

4

#VALUE!

0

2

42.35

14898

14898

16074

17008

3302

3302

1099

1099

23.87

21.43

26.23

28.72

21.29

19.11

17.39

15.89

7.38

11.62

9.40

10.75

23.25

A

15.06.2007

-

-

AIR LIQUIDE SA

EUR

37345

605

311

9

0

0

1

45.46

19569

19569

20847

22349

4842

4842

-

-

6.64

6.61

7.11

7.87

23.09

23.21

21.45

19.40

7.68

6.56

8.19

8.68

31.59

A

02.07.2007

-

-

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

-2.93

10.20

-1.53

19.19

-

-


Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

14392574

1935.593

1116

1116

204

220

220

101.42

110.55

110.55

15.42

15.42

14.14

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

4595

733

768

768

228.31

305.59

305.59

18.52

15.97

13.84

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

188

19

20

20

5.28

5.51

5.51

0.27

0.27

0.26

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

9587

1446

1647

1647

530.70

818.94

818.94

27.31

-

17.70

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

4099

841

833

833

406.58

549.07

549.07

20.92

18.53

15.49

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

7904

1848

2081

2081

794.29

887.81

887.81

15.43

15.43

13.80

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

2865

604

702

702

251.37

341.05

341.05

21.63

17.51

15.94

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

1659

376

407

407

268.13

266.04

266.04

1.39

1.52

1.40

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

1085

201

216

216

87.02

95.19

95.19

11.82

13.40

10.81

10.81

20.03

ERICSSON LM-B SHS

SEK

41171

3661

3220

4

0

0

34.03

35026

35026

36245

37852

4880

4933

900

900

-

0.28

0.79

0.94

6.93

-

2.42

2.04

0.06

0.75

1.08

-0.02

2.17

BBB+

15.06.2007

XSTRATA PLC

GBp

48662

2061

3003

26

0

4

3

99.78

47754

47754

51372

54842

12267

12267

6878

6878

1.90

0.60

1.88

2.36

61.17

19.46

19.64

15.63

-10.07

5.24

-45.72

-8.64

38.80

BBB+ *-

29.11.2012

-

-

DEUTSCHE BANK AG-REGISTERED

EUR

36043

8534

929

363

0

2

227

#VALUE!

42878

60203

43189

44464

-

-

-

-

4.06

0.87

4.93

6.39

57.02

10.18

10.04

7.75

-46.26

-7.43

-

-

-

26.03.2013

A2

21.06.2012

ANGLO AMERICAN PLC

GBp

36005

1303

1391

25

0

9

14

75.21

43439

43439

51703

54057

11602

11602

8034

8034

3.91

-1.70

3.50

4.25

-

15.42

16.84

13.85

-8.98

20.36

-49.07

-8.82

40.34

BBB+

18.04.2011

Baa1

23.02.2009

DEUTSCHE TELEKOM AG-REG

EUR

45122

12767

4319

57

0

6

8

100.27

74271

74271

73742

73470

22635

22610

5525

5525

1.28

-1.57

0.91

0.94

-

10.56

14.71

14.21

-1.05

-1.77

-15.64

1.90

38.87

BBB+

19.05.2008

Baa1

22.12.2011

GDF SUEZ

EUR

45980

3045

2357

73

0

15

15

119.56

123899

123899

103673

103865

23495

23495

-

-

1.70

0.91

1.74

1.82

26.74

14.28

13.95

13.39

8.96

9.13

18.51

26.38

24.21

A

29.01.2013

A1

03.07.2012

IMPERIAL TOBACCO GROUP PLC

GBp

33095

942

990

14

0

0

1

46.70

22160

22160

12241

12664

6810

6810

2282

2282

2.49

1.03

3.21

3.46

49.69

20.55

15.92

14.78

-5.11

90.21

57.87

35.89

46.42

BBB

20.05.2008

-

-

NORDEA BANK AB

SEK

45368

2522

4023

38

0

0

8

#VALUE!

2684

2684

1606

1673

-

-

-

-

0.12

0.12

0.13

0.14

1.74

1.74

1.64

1.47

0.71

0.23

-

-

-

AA-

29.11.2005

Aa3

24.05.2012

CREDIT SUISSE GROUP AG-REG

CHF

34708

3185

1294

347

0

7

67

#VALUE!

40190

40190

27876

28844

-

-

-

-

2.37

0.88

2.77

3.25

31.28

11.05

9.96

8.48

-10.76

31.68

-

-

-

A

19.12.2008

(P)A2

21.06.2012

VOLKSWAGEN AG-PREF

EUR

88396

632

465

150

0

6

33

211.04

246011

246011

260904

274584

31185

31185

5601

5601

59.09

59.46

27.69

31.99

4.23

4.24

9.07

7.86

26.72

15.52

18.28

12.83

16.19

A-

31.08.2009

A3

17.08.2009

MUENCHENER RUECKVER AG-REG

EUR

33237

444

179

8

0

0

4

37.88

84137

84442

71290

73811

-

-

-

-

22.96

22.96

20.92

21.42

10.31

10.31

11.31

11.05

10.46

9.19

-

-

-

AA-

22.12.2006

-

-

E.ON SE

EUR

34389

7246

1907

33

0

5

8

64.66

168658

168658

142657

145127

10780

10780

12203

12203

2.31

1.46

1.67

1.78

15.08

9.50

13.14

12.34

21.63

20.90

124.84

-6.72

8.16

A-

27.07.2012

A3

05.10.2011

PERNOD-RICARD SA

EUR

32720

208

263

13

0

0

1

44.69

10 K

11 K

11 K

12 K

2930

3127

-

-

5.61

5.80

6.35

7.19

27.16

26.34

24.81

21.89

9.56

7.79

11.13

8.86

36.75

BBB-

03.10.2011

Baa3

08.09.2011

BT GROUP PLC

GBp

32360

7145

8151

16

0

0

1

45.24

29160

27348

27396

26802

9349

8882

2469

2469

0.36

0.41

0.38

0.38

15.05

16.97

16.36

16.17

-5.79

-4.81

7.80

2.85

49.05

BBB

19.07.2011

-

-

INDITEX

EUR

79667

429

623

0

0

0

5

74.48

20360

20360

22619

25079

4995

4996

1058

1058

4.84

4.83

5.46

6.12

33.76

-

29.90

26.67

19.93

13.22

27.70

16.25

31.33

-

-

-

-

ROLLS-ROYCE HOLDINGS PLC

GBp

31209

863

1872

2

0

0

4

29.40

18367

18367

22921

24220

2548

2548

1800

1800

1.41

1.86

0.99

1.08

13.47

17.76

25.34

23.15

14.08

17.11

21.12

30.05

20.95

A

13.04.2012

-

-

STATOIL ASA

NOK

76950

2019

3180

20

0

0

14

83.79

120612

120618

109172

111813

45360

45503

10657

10657

-

3.70

2.85

2.94

1.11

-

1.45

1.40

1.59

-0.50

0.23

1.46

6.45

AA-

03.08.2007

Aa2

23.06.2005

LLOYDS BANKING GROUP PLC

GBp

51378

130418

70424

287

0

1

168

#VALUE!

54989

54989

27562

27462

-

-

-

-

0.03

-0.03

0.06

0.08

-

41.55

18.68

13.00

2.65

-

-

-

-

A-

29.11.2011

A3

21.06.2012

SWISS RE AG

CHF

29846

452

343

21

0

0

11

40.83

34738

34738

33946

36553

-

-

-

-

11.60

12.69

8.46

8.90

6.98

7.47

10.47

9.95

20.07

0.89

-

-

-

-

-

-

-

CENTRICA PLC

GBp

28558

5725

5199

8

0

0

1

35.19

36161

36161

36902

38476

5585

5585

5958

5958

0.39

0.37

0.42

0.47

22.40

21.13

19.81

17.83

7.40

15.93

17.70

12.24

23.33

A-

29.05.2009

A3

21.06.2006

KONINKLIJKE PHILIPS ELECTRON

EUR

28126

1953

915

6

0

0

5

29.06

31650

31650

31635

32711

3145

3145

752

752

0.36

0.35

2.09

2.42

107.40

77.15

17.94

15.52

1.93

137.70

-4.53

12.69

A-

11.05.2005

A3

20.04.2006

GLENCORE INTERNATIONAL PLC

GBp

38301

7912

7099

54

0

5

4

111.82

323873

323873

329179

346254

6949

6949

-

-

0.27

0.22

0.90

1.12

56.50

45.48

13.71

11.02

22.95

25.78

6.08

-5.44

3.24

BBB

29.11.2012

-

-

ING GROEP NV-CVA

EUR

27514

17221

3801

265

0

1

23

271.48

50184

53934

49386

54358

-

-

-

-

0.87

0.96

1.28

1.42

9.58

8.94

7.18

6.48

-32.61

-11.84

-

-

-

A

03.09.2009

A3

15.06.2012

BAYERISCHE MOTOREN WERKE AG

EUR

56219

1031

656

89

0

0

17

128.53

98121

98121

101739

106644

15340

15340

-

-

9.92

9.92

9.96

10.26

11.31

11.31

11.26

10.94

14.89

8.26

3.68

-0.80

19.96

A

16.04.2012

A2

22.07.2011

LINDE AG

EUR

33937

228

185

13

0

1

3

45.08

19510

19510

21865

23306

4396

4396

1234

1234

8.84

8.98

10.91

12.35

26.06

26.45

21.44

18.95

13.83

6.89

14.08

10.24

28.77

A

25.05.2012

A3

28.04.2010

VIVENDI

EUR

26811

2579

1323

23

0

4

5

48.30

37020

37020

36818

37223

5716

8339

-

-

0.37

0.18

2.28

2.42

142.03

54.41

11.35

10.68

0.80

8.91

-63.07

-8.44

28.76

BBB

26.10.2012

Baa2

13.09.2005

VINCI SA

EUR

25817

1351

536

26

0

1

8

44.22

50030

49328

49722

50734

7032

6963

-

-

4.49

4.57

4.49

4.75

12.45

12.55

12.67

11.97

5.21

5.43

1.45

4.75

18.02

BBB+

29.03.2007

Baa1

23.07.2002

ENEL SPA

EUR

30256

29170

9403

85

0

21

13

123.51

105591

105591

102703

103573

20621

20621

-

-

0.11

0.11

0.43

0.45

35.75

-

9.63

9.17

8.44

11.67

-7.78

13.72

24.93

BBB+

08.03.2012

Baa2

05.11.2012

HEINEKEN NV

EUR

43641

401

576

17

0

1

1

60.75

23472

23472

26187

27416

4432

4497

5843

5843

6.31

6.55

4.18

4.71

14.77

14.80

23.17

20.55

9.40

14.80

3.32

14.85

24.46

BBB+

02.10.2012

Baa1

07.03.2012

RWE AG

EUR

22458

1822

615

25

0

2

7

43.25

64825

#VALUE!

68265

69250

11562

-

-

-

2.49

-

4.99

4.54

-

-

9.39

10.33

4.20

5.24

11.85

3.91

-

BBB+

27.07.2012

A3

19.07.2011

IBERDROLA SA

EUR

29273

16726

6053

42

0

0

8

63.28

43669

44496

42630

44012

9165

9813

2923

2923

0.59

0.60

0.51

0.54

9.91

9.86

11.55

11.03

10.30

10.06

3.23

10.27

28.16

BBB

28.11.2012

(P)Baa1

05.11.2012

HENNES & MAURITZ AB-B SHS

SEK

58841

1034

1655

0

0

0

3

55.93

18575

18661

19818

21931

3915

3872

1226

1226

-

1.54

1.65

1.85

3.55

-

3.31

2.95

1.51

1.20

1.18

0.73

3.19

-

-

-

-

EADS NV

EUR

41946

2481

822

6

0

0

14

33.93

72114

72114

74984

79977

5014

5091

1376

1376

1.85

1.91

3.43

4.60

33.84

33.82

18.83

14.04

19.11

14.71

30.39

29.50

9.01

A-

22.09.2010

(P)A2

06.12.2012

ASML HOLDING NV

EUR

26706

818

407

1

0

0

3

24.23

6041

6041

6205

7753

1715

1715

178

178

3.42

3.45

2.92

4.52

24.10

24.19

28.44

18.38

-20.78

23.97

-32.73

9.11

36.25

-

-

Baa2

11.11.2010

VOLVO AB-B SHS

SEK

30859

4467

2028

20

0

0

4

46.88

46692

46692

45484

48770

4981

4981

836

836

-

0.84

0.96

1.38

2.66

-

2.31

1.61

-0.33

-0.23

-3.68

-0.13

1.64

BBB

15.04.2011

-

-

FRANCE TELECOM SA

EUR

26665

8343

2627

50

0

3

11

68.58

55561

55561

53748

52963

15799

15799

3965

3965

0.94

0.40

1.40

1.37

32.47

13.67

9.18

9.41

-4.97

-4.56

-22.49

-10.80

36.31

27.02.2013

A3

23.06.2005

COMPAGNIE DE SAINT-GOBAIN

EUR

19470

1902

531

16

0

1

5

30.84

55156

55156

54911

56787

3367

3367

-

-

1.27

1.86

3.12

3.76

25.15

36.85

15.00

12.43

3.28

0.25

-60.66

-18.44

7.79

BBB

24.07.2009

Baa2

31.07.2009

ATLAS COPCO AB-A SHS

SEK

33319

2077

1213

3

0

0

2

34.65

13921

13921

13726

14320

3366

3366

775

775

-

1.76

1.74

1.87

2.45

-

2.48

2.31

1.77

0.98

1.40

1.45

3.72

A

24.02.2011

A2

15.11.2012

SWATCH GROUP AG/THE-BR

CHF

29909

96

54

0

0

0

2

28.01

8178

8178

9333

10275

2355

2355

-

-

31.07

31.09

34.63

38.69

19.22

19.23

17.25

15.44

16.00

6.94

22.88

9.79

30.21

-

-

-

-

TELENOR ASA

NOK

34046

1410

1560

9

0

1

2

41.63

17385

17385

17612

18137

6787

6787

1442

1442

0.76

1.04

1.72

1.94

3.59

-

2.17

1.92

0.56

0.56

2.67

1.11

6.67

A-

12.04.2010

A3

27.01.2009

INTESA SANPAOLO

EUR

23079

169232

16434

361

0

1

51

#VALUE!

22744

22580

21457

21995

-

-

-

0.12

0.16

0.14

0.19

10.97

15.68

12.62

9.30

-37.66

-15.07

-

-

-

BBB+

10.02.2012

Baa2

16.07.2012

HENKEL AG & CO KGAA VORZUG

EUR

36989

321

434

5

0

0

2

40.56

21080

21080

21812

22880

3552

3394

-

-

4.68

4.43

5.14

5.67

27.25

27.25

23.47

21.29

7.40

6.21

17.66

12.24

20.56

A

18.05.2011

A2

01.06.2011

TELIASONERA AB

SEK

30735

4317

4330

14

0

1

5

40.84

16130

16130

15971

16127

5376

5376

1316

1316

-

0.70

0.64

0.67

1.55

-

1.70

1.63

0.08

0.28

-0.79

0.37

5.13

A-

28.10.2005

A3

30.10.2007

ARCELORMITTAL

EUR

21657

7524

1549

33

0

4

6

59.36

107524

107524

110480

115362

8634

9129

1846

1846

0.01

-3.08

0.87

1.83

-

105.76

24.49

11.56

-13.26

-4.73

-40.45

-24.27

10.84

BB+

02.08.2012

Ba1

06.11.2012

FRESENIUS MEDICAL CARE AG &

EUR

20478

487

307

11

0

1

1

28.60

17620

17620

18778

19850

3602

3602

935

935

4.94

4.97

5.01

5.44

21.97

22.08

21.76

20.08

12.49

10.02

9.18

9.88

26.10

BB+

19.09.2012

-

-

AP MOELLER-MAERSK A/S-B

DKK

33590

1

4

19

0

2

3

52.37

58608

58608

57584

62566

12490

12490

3037

3037

849.50

849.94

750.85

935.29

1.57

1.57

1.78

1.43

1.04

0.69

-1.22

0.40

3.65

-

-

-

-

CHRISTIAN DIOR

EUR

29712

68

179

11

0

20

3

58.29

37412

#VALUE!

38336

42022

8001

-

-

-

9.69

-

11.91

14.21

-

-

17.52

14.69

24.23

-

-

13.59

-

-

-

-

-

HENKEL AG & CO KGAA

EUR

36989

56

434

5

0

0

2

40.56

21080

21080

21812

22880

3552

3394

-

-

4.68

4.43

5.14

5.67

22.39

22.39

19.28

17.49

7.40

6.21

17.66

12.24

20.56

A

18.05.2011

A2

01.06.2011

ATLAS COPCO AB-B SHS

SEK

33319

358

1213

3

0

0

2

34.65

13921

13921

13726

14320

3366

3366

775

775

-

1.76

1.74

1.87

2.18

-

2.21

2.06

1.77

0.98

1.40

1.45

3.72

A

24.02.2011

A2

15.11.2012

TENARIS SA

EUR

23605

776

1181

2

0

0

2

30.71

13833

13833

14480

15275

3734

3770

912

912

1.84

1.84

2.13

2.14

17.72

17.74

15.34

15.25

11.03

8.28

24.77

-4.31

34.80

-

-

-

-

12

-

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.49

A+

*-

*-

A-

*-

A3

10.06.2011


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

2.17

1.99

1.81

2.17

1.40

1.40

1.34

1.28

1.40

10.02

10.02

9.72

9.51

10.02

8.80

8.80

8.13

7.62

8.80

14.14

14.14

12.67

11.44

14.14

2.20

2.20

2.36

2.56

2.20

1682.0

7.6%

Euro Stoxx 50 Pr

1.12

1.12

1.06

1.00

1.12

0.72

0.72

0.70

0.68

0.72

5.22

5.22

4.87

4.64

5.22

7.00

7.00

6.62

6.30

7.00

10.84

10.84

9.70

8.88

10.84

4.44

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.51

1.41

1.32

1.51

0.71

0.71

0.66

0.65

0.71

9.49

9.49

8.15

7.62

9.49

9.50

9.50

8.28

7.76

9.50

24.08

24.08

18.86

14.60

24.08

1.65

1.65

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.67

1.55

1.34

1.67

1.00

1.00

0.97

0.98

1.00

7.84

7.84

7.22

5.21

7.84

7.05

7.05

6.60

6.33

7.05

11.72

11.72

10.63

9.74

11.72

3.92

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.37

2.20

2.03

2.37

1.98

1.98

1.88

1.80

1.98

12.18

12.18

11.13

9.77

12.18

13.15

13.15

12.16

11.37

13.15

14.77

14.77

13.22

12.00

14.77

3.34

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.69

1.56

1.46

1.69

1.58

1.58

1.48

1.43

1.58

8.44

8.44

7.58

7.00

8.44

8.24

8.24

7.29

6.91

8.24

14.05

14.05

12.39

11.38

14.05

3.12

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.90

1.79

1.69

1.90

1.82

1.82

1.71

1.62

1.82

11.19

11.19

9.99

9.12

11.19

9.54

9.54

8.40

7.80

9.54

15.28

15.28

13.60

12.48

15.28

4.35

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.34

1.24

1.15

1.34

1.74

1.74

1.61

1.50

1.74

7.17

7.17

6.65

6.25

7.17

8.13

8.13

7.39

6.84

8.13

10.88

10.88

9.98

9.08

10.88

3.54

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.44

1.31

1.21

1.44

0.95

0.95

0.88

0.84

0.95

6.89

6.89

6.34

5.94

6.89

7.09

7.09

6.50

6.11

7.09

10.81

10.81

9.72

9.01

10.81

3.07

3.07

3.57

6.08

3.07

1184.9

15.2%

NESTLE SA-REG

3.56

3.34

3.16

2.89

2.77

2.37

2.22

2.10

1.98

1.89

16.28

15.12

14.04

12.49

12.01

13.64

12.71

11.85

11.07

10.30

19.87

18.59

17.17

15.94

14.87

3.06

3.27

3.48

3.71

4.04

67.89

0.3%

HSBC HOLDINGS PLC

1.14

1.07

1.02

0.96

0.88

2.83

2.83

2.67

2.54

11.46

10.33

8.92

8.32

11.86

10.74

9.61

8.53

7.28

4.11

4.69

5.19

6.01

5.44

776.75

11.9%

NOVARTIS AG-REG

2.41

2.33

2.21

2.09

1.86

3.36

3.33

3.20

3.07

2.98

11.76

11.63

10.83

9.41

9.26

11.81

11.95

11.15

10.23

9.89

13.38

13.52

12.23

11.12

10.64

3.48

3.56

3.79

4.04

4.37

67.13

0.4%

ROCHE HOLDING AG-GENUSSCHEIN

11.51

9.08

7.00

5.70

4.48

4.16

3.95

3.81

3.67

3.63

14.07

12.48

11.69

10.77

10.46

11.23

10.13

9.65

9.28

9.11

15.99

14.68

13.70

12.89

12.46

3.35

3.63

3.94

4.22

4.45

218.30

-0.2%

VODAFONE GROUP PLC

1.09

1.21

1.16

1.14

1.13

1.96

2.05

2.01

1.98

1.97

7.25

6.95

6.70

6.38

7.74

7.76

8.54

8.48

8.35

8.27

11.90

12.13

11.32

10.67

10.09

7.27

5.60

5.71

5.82

6.03

191.96

3.4%

BP PLC

1.12

1.08

1.01

0.95

0.85

0.37

0.39

0.38

0.38

0.46

5.18

4.64

4.22

4.05

3.90

4.36

4.24

3.93

4.00

3.86

7.65

8.18

7.30

6.85

6.47

4.87

5.11

5.47

5.89

6.36

481.53

4.5%

SANOFI

1.79

1.75

1.68

1.59

1.47

2.97

2.88

2.73

2.59

2.49

11.08

11.06

10.15

8.70

7.94

8.30

8.50

7.84

7.25

6.93

12.60

12.97

11.62

10.56

9.74

3.56

3.77

4.19

4.65

5.18

79.45

1.9%

ROYAL DUTCH SHELL PLC-A SHS

1.09

1.01

0.95

0.93

0.83

0.44

0.46

0.45

0.45

0.40

4.57

4.51

4.43

4.28

4.16

3.86

3.74

3.67

3.54

3.32

7.72

7.70

7.59

7.34

7.07

5.33

5.55

5.70

5.93

6.22

2516.79

17.6%

GLAXOSMITHKLINE PLC

10.49

12.25

10.90

8.89

6.87

2.81

2.77

2.66

2.55

2.45

12.69

10.85

9.95

9.07

8.08

9.15

9.32

8.86

8.50

8.03

13.68

13.19

11.94

10.96

10.17

4.89

5.14

5.43

5.85

6.15

1502.74

-0.9%

TOTAL SA

1.15

1.07

0.98

0.90

0.90

0.50

0.49

0.49

0.50

0.51

3.86

3.71

3.61

3.35

3.21

3.13

3.14

3.07

2.90

2.64

6.84

7.10

7.03

6.61

6.13

6.26

6.39

6.51

6.77

6.96

45.78

22.6%

BRITISH AMERICAN TOBACCO PLC

8.25

8.86

8.33

8.35

8.05

4.39

4.19

4.01

3.85

3.64

14.97

13.81

12.94

11.66

10.04

12.52

11.48

10.75

10.07

9.55

16.98

15.17

13.87

12.67

11.39

3.83

4.31

4.72

5.16

5.71

3705.01

5.9%

SIEMENS AG-REG

2.27

2.30

2.08

1.89

1.47

0.96

0.95

0.92

0.88

0.85

10.10

10.84

9.18

8.35

8.49

8.67

9.03

7.53

7.01

7.25

13.77

13.87

11.21

10.36

9.51

3.63

3.71

4.01

4.25

4.53

86.64

2.5%

ROYAL DUTCH SHELL PLC-B SHS

1.12

1.04

0.98

0.96

0.85

0.44

0.46

0.45

0.45

0.40

4.71

4.65

4.56

4.41

4.28

3.86

3.74

3.67

3.54

3.32

7.95

7.93

7.82

7.56

7.28

5.17

5.39

5.57

5.72

5.88

2463.93

11.8%

BAYER AG-REG

3.28

3.10

2.79

2.55

2.20

1.65

1.58

1.50

1.42

1.37

11.73

10.16

9.31

8.45

7.92

8.76

8.24

7.67

7.14

6.80

14.63

13.45

12.17

11.03

10.27

2.29

2.62

2.87

3.13

3.34

79.46

0.3%

BASF SE

2.41

2.34

2.18

2.03

1.74

0.80

0.78

0.78

0.74

0.74

7.77

7.50

6.92

6.71

5.69

6.09

5.91

5.60

5.29

5.16

12.55

11.41

10.59

9.84

9.23

3.79

4.01

4.20

4.42

4.48

77.17

13.3%

ANHEUSER-BUSCH INBEV NV

3.62

3.39

3.17

2.88

2.53

3.92

3.46

3.19

3.02

2.97

13.81

12.78

11.79

10.81

9.48

12.28

10.81

9.74

9.06

8.92

20.70

19.45

17.19

15.48

14.34

1.97

2.40

2.75

3.27

3.87

75.39

-0.6%

DIAGEO PLC

8.49

6.88

5.63

4.60

3.58

4.72

4.42

4.14

3.87

3.68

21.84

18.47

16.09

14.52

12.89

16.90

15.18

14.02

13.07

12.68

21.96

19.64

17.62

15.93

14.75

2.19

2.34

2.56

2.77

3.08

2064.79

2.1%

SAP AG

5.22

4.45

3.74

3.12

2.63

4.66

4.22

3.83

3.50

3.24

19.16

15.27

13.54

11.79

11.02

14.20

12.21

10.82

9.56

8.67

20.02

17.84

15.73

13.85

12.90

1.36

1.54

1.79

1.98

1.94

65.60

6.2%

NOVO NORDISK A/S-B

13.29

11.74

10.51

8.96

9.64

6.82

6.35

5.83

5.41

5.06

22.78

19.13

17.32

15.29

13.77

16.21

15.01

13.55

12.33

11.58

24.93

20.59

18.58

16.50

14.60

1.81

2.22

2.50

2.74

2.95

1019.38

7.4%

BANCO SANTANDER SA

0.68

0.70

0.68

0.70

0.80

1.23

1.22

1.17

1.13

1.12

1.97

1.95

1.84

2.20

9.26

8.77

7.53

7.32

7.60

11.40

11.71

11.24

10.55

11.61

6.15

19.1%

RIO TINTO PLC

1.66

1.48

1.29

1.15

0.96

1.82

1.58

1.49

1.45

1.40

7.56

5.29

4.99

4.46

4.46

6.78

5.59

5.09

4.88

4.62

9.45

7.85

6.90

6.89

6.62

3.34

3.80

4.20

4.50

4.26

4043.26

30.2%

LVMH MOET HENNESSY LOUIS VUI

2.66

2.45

2.22

2.02

1.63

2.40

2.22

2.04

1.89

1.76

13.96

12.91

11.71

10.90

11.24

10.36

9.48

8.58

7.81

7.51

18.35

17.45

15.55

13.92

12.42

2.26

2.49

2.80

3.11

3.28

152.67

15.4%

UNILEVER NV-CVA

5.72

5.15

4.60

4.15

3.62

1.87

1.79

1.69

1.60

1.52

15.90

14.57

13.50

12.37

11.57

12.57

11.78

11.01

10.21

9.75

19.96

18.65

17.17

15.78

14.67

3.01

3.21

3.43

3.64

3.95

31.70

0.4%

BHP BILLITON PLC

2.28

2.11

1.85

1.64

1.47

2.41

2.54

2.31

2.21

2.12

6.53

7.73

6.52

6.17

5.78

6.11

7.02

5.95

5.60

5.34

9.20

11.45

9.65

8.87

8.64

3.89

4.10

4.40

4.63

4.75

2279.16

17.5%

SABMILLER PLC

3.42

3.06

2.82

2.57

2.25

4.94

3.37

3.18

3.01

2.86

19.55

17.16

16.05

14.11

12.59

19.10

15.80

14.44

13.56

11.77

24.70

21.55

19.13

17.20

15.62

1.72

1.97

2.22

2.50

2.62

3283.07

-4.1%

ALLIANZ SE-REG

0.92

0.88

0.83

0.79

0.74

0.46

0.46

0.45

0.44

0.43

9.32

8.67

8.28

8.09

7.57

4.38

4.65

4.89

5.01

5.36

117.71

12.0%

ENI SPA

1.06

1.01

0.96

0.90

0.86

0.53

0.54

0.53

0.51

0.55

3.82

3.53

3.30

3.13

3.63

2.85

2.92

2.81

2.70

2.73

8.74

8.98

8.47

7.85

9.36

6.15

6.26

6.40

6.61

6.50

20.11

14.5%

ASTRAZENECA PLC

2.60

2.46

2.33

2.20

1.98

2.17

2.31

2.38

2.43

2.50

7.89

7.69

8.27

7.95

8.01

5.76

6.38

6.57

6.65

6.95

7.87

8.96

9.30

9.36

9.65

6.01

5.76

5.80

5.82

5.62

3046.57

-5.7%

STANDARD CHARTERED PLC

1.43

1.29

1.20

1.11

1.06

3.23

2.98

2.71

2.47

2.33

11.47

9.84

8.65

7.77

11.69

10.75

9.75

8.97

8.12

3.20

3.60

3.95

4.38

4.52

1900.72

12.2%

TELEFONICA SA

2.08

1.99

1.87

1.71

1.64

0.76

0.80

0.80

0.79

0.79

3.27

3.37

3.32

3.47

4.30

5.19

5.40

5.37

5.36

5.38

8.61

9.22

8.84

8.45

8.61

1.22

7.15

7.56

7.12

9.18

11.29

7.9%

DAIMLER AG-REGISTERED SHARES

1.08

1.03

0.96

0.87

0.80

0.41

0.40

0.37

0.35

0.36

5.26

4.99

4.39

3.63

3.04

9.19

9.29

8.16

7.27

6.18

9.38

9.33

7.88

6.81

6.73

4.94

4.70

5.17

5.84

UBS AG-REG

1.15

1.14

1.08

1.04

1.18

2.23

2.10

2.02

1.91

1.95

94.00

12.04

9.65

7.34

14.33

16.65

12.23

8.92

7.58

0.90

1.74

3.81

7.97

BG GROUP PLC

1.72

1.56

1.40

1.24

1.29

2.54

2.85

2.50

2.01

1.60

7.07

7.38

6.22

5.26

12.38

12.81

10.80

8.48

6.63

1.53

1.64

1.79

BNP PARIBAS

0.63

0.60

0.57

0.54

1.25

1.21

1.18

1.14

1.14

4.92

4.38

3.92

3.64

7.21

7.82

6.85

6.27

3.82

4.49

5.43

UNILEVER PLC

5.87

5.29

4.72

4.26

3.72

1.87

1.79

1.69

1.60

1.52

16.33

14.97

13.87

12.70

20.50

19.16

17.64

16.21

15.07

3.00

3.14

BARCLAYS PLC

0.65

0.64

0.60

0.56

0.49

1.26

1.25

1.22

1.18

1.29

2.98

3.00

2.64

2.34

8.12

7.74

6.46

5.57

6.30

2.25

ABB LTD-REG

3.11

2.81

2.52

2.27

1.33

1.25

1.19

1.13

1.03

13.79

11.51

10.47

9.50

9.51

10.10

8.59

7.76

7.23

7.31

17.25

14.82

13.08

12.00

10.74

RECKITT BENCKISER GROUP PLC

5.50

5.20

4.57

4.14

3.57

3.37

3.22

3.02

2.90

17.62

16.37

15.44

14.72

13.03

13.73

13.16

12.49

11.63

10.54

19.23

17.94

16.96

15.78

14.38

BANCO BILBAO VIZCAYA ARGENTA

0.88

0.82

0.78

0.73

1.60

1.56

1.48

1.43

2.90

2.84

2.75

2.86

18.83

8.59

7.62

6.74

TESCO PLC

1.69

1.63

1.53

1.45

0.46

0.46

0.44

0.42

0.40

8.04

7.89

7.29

6.83

7.24

7.72

7.33

6.88

9.87

11.45

11.93

11.28

10.52

9.94

L'OREAL

3.78

3.30

3.05

2.80

2.35

3.23

3.08

2.91

2.73

2.60

19.87

18.39

17.04

15.92

15.07

15.92

14.87

13.84

12.96

12.19

24.97

23.32

21.53

19.74

DANONE

2.56

2.42

2.29

2.12

1.84

1.63

1.53

1.44

1.36

1.29

12.59

12.34

10.85

9.75

8.89

11.18

10.67

9.93

9.20

8.44

17.68

16.89

15.29

NATIONAL GRID PLC

2.72

2.67

2.57

2.42

2.30

1.91

1.91

1.84

1.78

1.70

8.07

7.77

7.58

7.30

7.13

10.04

9.53

8.96

8.55

8.40

14.95

14.07

13.70

ZURICH INSURANCE GROUP AG

1.21

1.15

1.09

1.01

0.97

0.66

0.66

0.64

0.65

0.59

CIE FINANCIERE RICHEMON-BR A

4.12

3.31

2.82

2.45

2.04

4.04

3.42

3.16

2.90

4.75

21.25

16.65

13.99

12.78

13.25

14.45

11.38

10.36

9.46

8.64

PRUDENTIAL PLC

2.73

2.38

2.12

2.10

1.58

0.54

0.46

0.45

AXA SA

0.67

0.63

0.60

0.55

0.53

0.32

0.32

0.31

0.29

SCHNEIDER ELECTRIC SA

1.82

1.74

1.62

1.52

1.31

1.28

1.22

1.15

11.45

10.95

9.73

9.29

9.43

8.78

8.06

7.53

SYNGENTA AG-REG

4.57

3.89

3.47

2.83

2.68

2.71

2.52

2.38

2.27

2.24

15.62

13.80

12.64

12.03

11.83

12.67

11.49

10.60

10.03

9.69

AIR LIQUIDE SA

2.72

2.53

2.36

2.20

1.97

1.91

1.79

1.67

1.57

1.53

10.13

9.34

8.72

8.22

7.46

9.42

8.69

8.01

7.47

7.17

3.30

5.17

11.89

6.13

12.57

6.34

11.78

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5.31

11.01

4.25

10.21

4.27

9.75

%D to Spot

47.46

9.4%

9.32

17.37

19.2%

2.04

2.28

1390.14

24.6%

6.36

6.62

52.31

33.4%

3.40

3.73

4.12

2785.50

1.6%

2.53

3.23

4.49

3.76

365.84

28.4%

3.15

3.38

3.61

3.85

4.17

23.30

8.4%

2.71

2.88

3.05

3.25

3.58

4410.93

-7.3%

6.28

6.33

6.36

6.96

7.87

17.8%

4.02

3.91

4.10

4.42

4.74

388.11

3.3%

18.62

1.85

2.06

2.24

2.50

2.67

113.41

-5.1%

14.09

12.70

2.74

2.85

3.11

3.41

3.94

54.56

2.3%

13.14

13.19

5.23

5.44

5.56

5.74

5.80

723.88

-3.7%

12.35

9.60

9.08

8.54

8.12

6.72

6.67

6.83

7.00

7.26

269.00

2.4%

25.29

17.53

15.53

14.04

12.63

0.78

1.02

1.19

1.36

1.50

86.12

16.2%

15.13

13.14

11.86

10.89

2.53

2.88

3.08

3.35

3.52

1116.89

6.4%

7.38

6.83

6.40

6.11

5.41

5.82

6.15

6.49

16.38

21.6%

14.66

13.62

12.22

11.18

3.13

3.44

3.76

4.10

59.03

5.0%

18.74

16.58

15.14

14.29

14.61

2.25

2.64

2.91

3.07

3.14

408.11

3.2%

18.27

16.80

15.19

13.91

12.96

2.69

2.89

3.14

3.41

3.40

101.28

8.2%

5.63


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

2.17

1.99

1.81

2.17

1.40

1.40

1.34

1.28

1.40

10.02

10.02

9.72

9.51

10.02

8.80

8.80

8.13

7.62

8.80

14.14

14.14

12.67

11.44

14.14

2.20

2.20

2.36

2.56

2.20

1682.0

7.6%

Euro Stoxx 50 Pr

1.12

1.12

1.06

1.00

1.12

0.72

0.72

0.70

0.68

0.72

5.22

5.22

4.87

4.64

5.22

7.00

7.00

6.62

6.30

7.00

10.84

10.84

9.70

8.88

10.84

4.44

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.51

1.41

1.32

1.51

0.71

0.71

0.66

0.65

0.71

9.49

9.49

8.15

7.62

9.49

9.50

9.50

8.28

7.76

9.50

24.08

24.08

18.86

14.60

24.08

1.65

1.65

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.67

1.55

1.34

1.67

1.00

1.00

0.97

0.98

1.00

7.84

7.84

7.22

5.21

7.84

7.05

7.05

6.60

6.33

7.05

11.72

11.72

10.63

9.74

11.72

3.92

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.37

2.20

2.03

2.37

1.98

1.98

1.88

1.80

1.98

12.18

12.18

11.13

9.77

12.18

13.15

13.15

12.16

11.37

13.15

14.77

14.77

13.22

12.00

14.77

3.34

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.69

1.56

1.46

1.69

1.58

1.58

1.48

1.43

1.58

8.44

8.44

7.58

7.00

8.44

8.24

8.24

7.29

6.91

8.24

14.05

14.05

12.39

11.38

14.05

3.12

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.90

1.79

1.69

1.90

1.82

1.82

1.71

1.62

1.82

11.19

11.19

9.99

9.12

11.19

9.54

9.54

8.40

7.80

9.54

15.28

15.28

13.60

12.48

15.28

4.35

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.34

1.24

1.15

1.34

1.74

1.74

1.61

1.50

1.74

7.17

7.17

6.65

6.25

7.17

8.13

8.13

7.39

6.84

8.13

10.88

10.88

9.98

9.08

10.88

3.54

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.44

1.31

1.21

1.44

0.95

0.95

0.88

0.84

0.95

6.89

6.89

6.34

5.94

6.89

7.09

7.09

6.50

6.11

7.09

10.81

10.81

9.72

9.01

10.81

3.07

3.07

3.57

6.08

3.07

1184.9

15.2%

ERICSSON LM-B SHS

1.82

1.83

1.73

1.58

1.50

1.18

1.14

1.09

1.05

1.07

16.61

11.55

9.80

9.16

7.09

8.83

7.09

6.33

5.66

5.72

18.85

15.78

13.27

11.65

10.71

3.19

3.45

3.71

3.99

4.19

85.03

4.7%

XSTRATA PLC

1.02

0.97

0.91

0.94

1.59

1.43

1.34

1.19

7.07

6.93

6.00

5.06

8.62

6.82

5.98

4.81

13.92

13.00

10.35

7.35

2.47

2.73

3.05

3.72

1267.50

18.1%

DEUTSCHE BANK AG-REGISTERED

0.50

0.49

0.47

0.44

0.84

0.83

0.81

0.79

0.71

5.36

4.66

4.08

3.83

8.48

7.86

6.07

5.08

4.36

2.48

2.54

3.20

3.74

3.54

38.64

27.2%

ANGLO AMERICAN PLC

0.80

0.79

0.76

0.74

1.28

1.05

1.01

0.96

0.85

6.14

4.61

4.31

4.00

6.23

5.03

4.62

4.42

5.64

13.45

11.15

9.17

8.31

15.01

2.93

3.31

3.51

4.02

5.46

2026.32

18.5%

DEUTSCHE TELEKOM AG-REG

1.24

1.25

1.19

1.17

1.31

0.61

0.61

0.61

0.61

0.61

2.65

2.54

2.57

2.67

2.56

4.35

4.52

4.51

4.45

4.35

12.74

11.52

11.13

10.80

10.20

8.55

6.55

6.27

6.46

7.14

9.16

12.1%

GDF SUEZ

0.53

0.53

0.54

0.55

0.52

0.39

0.44

0.44

0.44

0.41

2.99

3.33

3.23

3.51

3.21

5.49

6.66

6.56

6.40

5.88

9.57

10.93

10.49

9.98

8.66

10.05

9.83

9.86

8.92

9.46

16.67

11.7%

IMPERIAL TOBACCO GROUP PLC

2.82

3.55

3.41

3.32

3.12

2.76

2.70

2.61

2.53

2.44

9.99

9.12

8.81

8.10

7.37

9.14

8.97

8.60

8.26

7.95

11.24

10.55

9.79

9.10

8.47

4.67

5.18

5.72

6.32

6.88

2637.15

17.7%

NORDEA BANK AB

1.27

1.19

1.12

1.06

3.50

3.40

3.27

3.13

11.03

11.47

8.95

6.83

11.71

10.67

9.57

8.63

3.39

4.38

5.08

5.78

CREDIT SUISSE GROUP AG-REG

0.92

0.91

0.86

0.82

0.66

1.36

1.25

1.20

1.18

1.11

15.66

6.59

6.94

6.34

10.16

9.50

8.08

7.35

6.73

2.85

3.72

4.41

5.39

VOLKSWAGEN AG-PREF

0.93

0.85

0.76

0.66

0.63

0.36

0.34

0.32

0.31

0.30

3.23

3.29

2.93

3.01

7.18

7.11

6.15

5.56

5.16

2.50

2.86

3.50

MUENCHENER RUECKVER AG-REG

0.98

0.91

0.87

0.82

0.80

0.47

0.47

0.45

0.44

0.37

8.22

8.86

8.65

8.70

9.63

4.69

4.86

5.00

E.ON SE

0.68

0.68

0.67

0.64

0.61

0.24

0.24

0.24

0.23

0.21

3.29

4.05

4.02

3.82

3.55

4.69

5.29

5.18

5.16

5.02

6.01

10.29

9.67

9.52

9.12

8.12

5.48

0.39

2.59

7.57

6.88

6.16

5.75

4.97

%D to Spot

79.33

8.9%

5.06

28.53

13.9%

4.42

4.26

192.58

24.9%

5.26

5.39

147.33

1.5%

5.64

5.68

5.94

13.34

-0.9%

PERNOD-RICARD SA

2.59

2.22

2.04

1.85

1.72

3.12

2.91

2.74

2.56

2.41

19.20

18.09

15.83

14.18

13.11

15.29

13.97

12.93

11.95

10.91

21.01

19.43

17.14

15.05

13.30

1.64

1.76

1.98

2.23

2.72

101.00

4.6%

BT GROUP PLC

11.57

12.36

7.49

5.48

3.50

1.11

1.18

1.21

1.21

1.21

4.40

4.71

4.90

4.80

5.70

4.97

4.91

4.94

4.89

4.90

11.93

10.83

10.70

10.03

9.78

3.09

3.53

3.97

4.52

4.82

267.95

-1.5%

INDITEX

7.33

6.70

5.83

5.09

3.80

3.91

3.52

3.18

2.87

2.60

19.34

17.66

15.76

14.11

14.69

13.28

11.87

10.66

9.52

26.14

23.42

20.88

18.64

16.69

2.27

2.50

2.85

3.24

3.64

108.25

8.1%

ROLLS-ROYCE HOLDINGS PLC

3.62

2.95

2.55

2.27

1.96

1.68

1.36

1.29

1.19

1.11

17.87

14.54

11.69

9.71

10.69

8.77

8.16

7.52

6.44

19.15

16.78

15.33

14.14

13.07

1.79

2.00

2.26

2.59

2.76

1055.28

-4.0%

STATOIL ASA

1.41

1.28

1.17

1.09

1.02

0.63

0.70

0.69

0.69

0.71

3.69

3.76

3.61

3.61

1.88

2.01

1.97

1.95

2.05

LLOYDS BANKING GROUP PLC

0.75

0.77

0.73

0.69

0.63

1.85

1.86

1.87

1.85

12.06

8.77

7.09

6.10

SWISS RE AG

0.86

0.85

0.82

0.77

0.71

0.91

0.92

0.86

0.81

0.80

CENTRICA PLC

3.13

3.02

2.79

2.52

2.16

0.81

0.77

0.74

0.71

0.67

10.13

7.40

6.91

6.53

KONINKLIJKE PHILIPS ELECTRON

1.84

1.84

1.73

1.59

1.42

0.89

0.89

0.86

0.82

0.82

11.22

9.16

7.76

7.33

GLENCORE INTERNATIONAL PLC

1.19

1.07

0.95

0.87

0.19

0.18

0.17

0.16

0.20

10.27

8.18

6.70

5.96

ING GROEP NV-CVA

0.43

0.39

0.37

0.36

0.50

0.56

0.51

0.50

BAYERISCHE MOTOREN WERKE AG

1.45

1.33

1.21

1.09

1.03

0.57

0.55

0.53

0.50

0.50

5.33

5.16

4.92

4.74

LINDE AG

1.92

1.92

1.78

1.65

1.49

1.74

1.55

1.46

1.38

1.32

9.55

8.73

8.05

VIVENDI

1.01

1.05

1.00

0.99

1.01

0.74

0.73

0.72

0.71

0.70

3.47

3.74

VINCI SA

1.44

1.35

1.28

1.17

1.02

0.53

0.52

0.51

0.50

0.46

5.10

ENEL SPA

0.58

0.58

0.56

0.53

0.54

0.29

0.29

0.29

0.29

0.28

2.63

HEINEKEN NV

3.19

2.84

2.54

2.18

2.07

1.87

1.67

1.59

1.51

1.43

RWE AG

1.10

1.12

1.07

1.02

0.91

0.34

0.33

0.32

0.32

IBERDROLA SA

0.63

0.62

0.61

0.60

0.61

0.73

0.69

0.66

HENNES & MAURITZ AB-B SHS

8.49

8.32

7.73

7.06

6.66

3.16

2.97

EADS NV

3.29

3.26

2.62

2.23

1.91

0.60

0.56

ASML HOLDING NV

4.95

4.26

3.64

2.94

4.42

VOLVO AB-B SHS

2.18

2.21

1.97

1.82

FRANCE TELECOM SA

0.76

0.78

0.77

0.74

COMPAGNIE DE SAINT-GOBAIN

0.84

0.84

0.81

0.76

ATLAS COPCO AB-A SHS

6.30

5.47

4.69

SWATCH GROUP AG/THE-BR

3.22

2.84

TELENOR ASA

2.56

INTESA SANPAOLO

3.49

8.55

8.48

8.21

8.31

8.55

4.73

4.88

5.01

5.17

5.33

159.51

13.0%

20.10

12.36

8.61

7.42

5.67

0.00

0.41

2.07

4.15

3.32

53.63

11.2%

7.89

9.98

9.49

9.23

8.72

4.72

5.43

5.45

5.61

5.06

75.80

-1.2% 0.9%

6.43

5.91

5.62

5.33

4.98

13.51

13.12

11.80

11.47

10.27

4.50

4.71

4.99

5.32

5.81

368.25

8.24

6.65

6.06

5.49

5.44

19.26

14.05

12.15

10.89

9.49

3.30

3.40

3.68

3.93

4.02

24.23

5.3%

13.08

10.20

8.13

7.59

11.64

9.08

7.29

6.23

11.23

2.75

3.14

3.84

4.25

434.00

21.5%

7.27

5.62

5.07

4.86

5.86

0.00

0.30

3.36

4.94

7.98

41.9%

3.31

7.67

7.91

7.63

7.88

6.64

8.86

8.82

8.57

8.20

8.10

3.80

4.00

4.29

4.46

3.92

79.43

15.4%

7.44

6.80

10.09

8.90

8.23

7.56

7.12

18.39

16.79

14.84

13.37

12.31

1.85

2.05

2.26

2.49

2.82

152.10

6.0%

3.62

3.41

3.50

4.75

4.86

4.73

4.65

4.51

7.90

8.89

8.37

7.97

7.95

6.31

6.21

6.43

6.82

8.17

17.84

12.5%

4.95

4.81

4.53

4.26

6.33

6.25

6.07

5.85

5.44

10.11

9.92

9.38

8.93

7.91

5.12

5.18

5.39

5.78

6.02

43.76

25.4%

2.60

2.39

2.54

2.64

5.83

5.99

5.93

5.80

5.67

6.87

7.54

7.18

6.76

6.79

5.95

5.52

5.67

6.11

5.91

3.04

20.7%

11.88

10.02

9.23

8.31

7.83

12.28

10.40

9.68

9.02

8.75

20.94

18.14

16.09

14.45

13.04

1.48

1.66

1.87

2.07

2.25

55.12

-7.1%

0.30

2.95

3.07

3.12

3.36

2.84

3.87

3.84

3.93

3.99

4.01

7.07

7.36

8.08

8.38

8.11

7.03

6.88

6.59

6.31

6.38

30.15

4.9%

0.65

0.68

3.86

4.14

4.21

3.78

6.39

6.52

6.27

6.02

5.86

8.00

9.06

8.64

8.75

9.23

8.55

8.05

8.03

7.98

8.23

4.33

18.6%

2.68

2.43

2.18

18.80

17.54

15.77

14.18

13.25

14.22

13.59

12.16

10.92

9.70

22.79

21.51

19.22

17.31

15.45

4.14

4.20

4.47

4.86

5.53

219.50

-5.1%

0.52

0.50

0.49

10.75

8.34

7.46

5.39

6.63

6.03

4.82

4.11

3.75

3.65

20.53

14.75

11.00

9.08

8.46

1.55

2.42

3.25

3.95

3.81

42.96

8.4%

4.30

3.44

2.89

2.35

17.34

20.00

12.94

10.50

13.86

15.34

10.43

8.02

6.86

20.50

22.28

14.40

10.73

7.99

0.89

1.07

1.23

1.40

53.78

5.5%

0.66

0.68

0.63

0.60

0.59

11.10

7.07

6.24

5.76

9.34

9.12

7.42

6.52

7.15

15.27

15.03

10.48

8.65

8.76

3.08

3.41

4.02

4.63

104.41

10.7%

0.48

0.50

0.50

0.51

0.51

2.07

2.12

2.19

2.27

3.93

4.16

4.28

4.37

4.39

6.12

7.19

7.37

7.27

7.01

10.19

9.87

9.54

9.23

9.63

22.1%

0.35

0.35

0.34

0.33

0.32

5.41

5.40

4.93

4.31

5.52

5.46

5.02

4.52

4.12

12.22

11.76

9.74

7.85

6.63

4.06

4.61

4.63

4.86

33.03

15.0%

4.04

2.40

2.43

2.33

2.20

2.14

15.03

13.86

13.51

13.10

10.30

10.43

9.87

9.24

9.44

15.95

16.10

15.02

13.82

3.16

3.23

3.45

3.66

190.61

4.4%

2.48

2.16

3.68

3.20

2.91

2.65

2.51

20.45

15.90

13.97

12.56

12.48

10.48

9.36

8.33

8.29

19.74

16.45

14.72

13.08

12.87

1.25

1.45

1.64

1.85

1.99

594.56

9.5%

2.50

2.36

2.17

1.96

1.93

1.88

1.83

1.73

9.58

7.26

6.93

6.79

7.52

6.86

6.53

6.25

5.90

15.50

12.72

11.26

10.21

9.04

4.46

5.32

6.05

6.87

10.56

132.04

3.4%

0.37

0.36

0.35

0.34

1.04

1.08

1.05

1.03

2.31

2.33

2.21

2.11

11.30

9.89

7.28

5.96

6.92

4.61

4.69

6.23

7.22

8.13

1.41

27.5%

HENKEL AG & CO KGAA VORZUG

3.29

3.04

2.72

2.45

1.75

1.70

1.62

1.53

1.48

15.94

14.58

13.62

12.62

11.50

11.76

11.11

10.29

9.45

8.85

19.95

18.38

16.68

15.14

13.97

1.25

1.38

1.53

1.72

1.93

70.86

-4.3%

TELIASONERA AB

1.70

1.68

1.62

1.70

1.91

1.92

1.91

1.90

1.85

5.94

6.90

6.92

6.73

5.97

7.42

7.52

7.29

7.16

6.86

11.21

11.03

10.58

10.35

9.77

6.71

7.22

7.31

7.58

8.83

47.08

2.0%

ARCELORMITTAL

0.38

0.39

0.38

0.36

0.33

0.26

0.25

0.24

0.24

0.23

4.22

4.52

3.27

3.08

1.92

6.68

6.11

4.99

4.48

3.89

76.06

19.18

9.05

6.42

4.82

4.34

1.65

2.39

2.70

1.92

13.80

35.5%

FRESENIUS MEDICAL CARE AG &

2.33

2.10

1.89

1.69

1.52

1.49

1.39

1.32

1.23

1.14

11.74

11.00

10.05

9.29

9.06

9.93

9.31

8.80

8.21

7.40

18.02

17.05

15.72

13.99

12.16

1.34

1.43

1.53

1.65

2.18

AP MOELLER-MAERSK A/S-B

0.93

0.89

0.82

0.75

0.57

0.58

0.54

0.51

0.44

4.41

4.06

3.52

3.19

4.07

4.05

3.62

3.37

10.83

10.37

8.32

6.68

5.33

2.33

2.63

2.81

2.95

CHRISTIAN DIOR

2.78

1.67

1.50

1.18

0.97

0.78

0.71

0.65

6.94

5.45

4.76

3.94

1.78

2.55

3.03

3.48

HENKEL AG & CO KGAA

2.71

2.50

2.23

2.01

1.75

1.70

1.62

1.53

1.48

13.09

11.98

11.19

10.37

1.53

1.71

1.86

2.07

ATLAS COPCO AB-B SHS

5.61

4.88

4.18

3.61

2.40

2.43

2.33

2.20

2.14

13.40

12.36

12.04

TENARIS SA

1.99

1.86

1.68

1.51

2.18

2.08

1.97

1.89

9.83

8.50

9.14

2.46

2.58

2.70

2.66

0.76

2.43

2.11

1.73

6.73

2.23

5.39

7.68

6.15

5.46

4.89

18.24

13.72

11.50

10.81

11.76

11.11

10.29

9.45

8.85

16.39

15.10

13.70

12.44

11.68

10.30

10.43

9.87

9.24

9.44

14.22

14.36

13.39

12.32

9.98

8.36

7.84

7.38

7.03

13.54

12.01

11.94

11.23

9.45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

11.48

9.73

2.37

56.70

8.2%

50965.00

12.2%

146.57

14.5%

60.54

-0.5%

15.66

0.0%


27.03.2013

Nestle SA Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Price/Volume 80

25.0 M

70

20.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

12/2012 12/yy 69.00 53.80 2'739'821.00 67.7 -1.88% 25.84% 91.45% 3'224.8 218'318.95 27'577.00 0.0 1'657.0 9'425.00 238'127.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

30 20

5.0 M

10 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 103'086.0 1.64x 15'533.0 10.89x 18'039.0 20.80x

15.0 M

40

Valuation Analysis

31.12.2009 31.12.2010 100'579.0 88'015.0 1.96x 2.08x 16'048.0 15'611.0 12.28x 11.72x 10'428.0 34'233.0 19.38x 21.06x Profitability

LTM-4Q 31.12.2011 83'770.0 2.23x 15'390.0 12.16x 9'487.0 18.18x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 92'324.0 2.27x 16'887.0 12.43x 10'611.0 17.90x 16'887.00 13'903.00 15.06% 15.72% 8.83% 18.02% 13.46% 0.77% 47.6% 18.3% 15.1% 11.5% 0.91 0.50 21.85% 45.25% 9.49 5.27

Price/ Cash Flow

LTM

12/yy 83'642 0.00x 0.0 0.00x 0.0 0.00x

12/yy 92'186 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.74 3'219.39 23.49% 13.59% 0.742 42 3.762 4'421'169 5'384'823 4'693'481 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 98'254 103'914 22'959 24'414 2.42x 2.26x 18'692.3 20'056.7 12.71x 11.85x 11'457.7 12'394.8 18.59x 17.17x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.08.2007 AA STABLE 23.11.1981 A-1+ 29.73 20.28 1.07 1.63 45.2% 30.6% 0.77 3.63 38.56 69.50 106.31 1.76

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Nestle SA Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN CREDIT SUISSE ASSET FMR LLC VANGUARD GROUP INC UBS FUND MANAGEMENT SUN LIFE FINANCIAL I MORGAN STANLEY PICTET & CIE SWISSCANTO FONDSLEIT CARMIGNAC GESTION HARBOR CAPITAL ADVIS DEUTSCHE BANK AG T ROWE PRICE ASSOCIA EATON VANCE MANAGEME FIRST EAGLE INVESTME ARTISAN PARTNERS HOL THORNBURG INVESTMENT ABERDEEN GRANTHAM MAYO VAN OT

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Sanford C. Bernstein & Co ANDREW WOOD Kepler Capital Markets JON COX Grupo Santander PEDRO GIL Jefferies ALEX HOWSON AlphaValue SOPHIE CABO-BROSETA EVA Dimensions AUSTIN BURKETT Exane BNP Paribas JEFF STENT Day by Day VALERIE GASTALDY JPMorgan CELINE PANNUTI Morgan Stanley EILEEN KHOO RBC Capital Markets JAMES EDWARDES JONES Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Mirabaud Securities JULIAN LAKIN Landesbank Baden-Wuerttemberg BARBARA AMBRUS Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Societe Generale WARREN L ACKERMAN Redburn Partners JEREMY FIALKO Berenberg Bank JAMES TARGETT Bank Vontobel AG JEAN-PHILIPPE BERTSCHY Nomura DAVID HAYES Helvea ANDREAS VON ARX Barclays LIAM ROWLEY Deutsche Bank JAMES ISENWATER Goldman Sachs ALEXIS COLOMBO Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse TINA HECKING-VELTMAN SNS Securities(ESN) RICHARD WITHAGEN S&P Capital IQ CARL SHORT Natixis PIERRE TEGNER Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Aurel - BGC JEAN-MARIE L'HOME Espirito Santo Investment Bank Research ALEX SMITH Zuercher Kantonalbank PATRIK SCHWENDIMANN HSBC CEDRIC BESNARD Nord/LB WOLFGANG VASTERLING DZ Bank AG ROBERT CZERWENSKY

Source ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation market perform hold buy buy reduce underweight outperform buy overweight Overwt/In-Line sector perform outperform buy hold hold outperform buy buy hold hold reduce neutral overweight hold neutral/neutral hold buy hold hold buy hold outperform hold neutral market perform neutral buy hold

Amt Held 167'423'934 73'718'620 45'239'182 37'264'088 35'232'885 28'857'544 23'431'160 18'332'115 17'812'640 16'719'546 12'537'390 11'887'345 10'560'011 9'789'155 8'899'608 7'902'742 5'524'912 5'320'763 5'162'265 4'693'232

% Out 5.19 2.29 1.4 1.16 1.09 0.89 0.73 0.57 0.55 0.52 0.39 0.37 0.33 0.3 0.28 0.25 0.17 0.16 0.16 0.15

Weighting

Change 3 3 5 5 2 1 5 5 5 5 3 5 5 3 3 5 5 5 3 3 2 3 5 3 3 3 5 3 3 5 3 5 3 3 3 3 5 3

M M M M M U M M M M M U M M M M M M M M M M M M M M M M M U M M M M D D M D

Latest Chg 145'091 2'250'900 (902'542) 2'976'375 (997'394) (56'440) 524'947 319'679 88'163 6'474'868 22'050 (187'731) (110'988) 3'003'499 (63'233) 11'764 121'371 (722'976) (118'700) (71'536)

Target Price 66 60 72 74 70 #N/A N/A 74 79 72 68 73 76 69 63 65 70 71 #N/A N/A 68 66 66 65 70 63 70 67 #N/A N/A 61 65 72 #N/A N/A 63 49 58 #N/A N/A 67 #N/A N/A 63

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.01.2013 31.01.2013 31.12.2012 30.11.2012 31.01.2013 31.12.2012 31.01.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.01.2013 30.09.2012 31.12.2012 31.01.2013 28.02.2013 31.05.2012

Date 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided 3 month 9 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 11.03.2013 07.03.2013 05.03.2013 26.02.2013 22.02.2013 22.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 11.02.2013 25.01.2013 21.01.2013 18.10.2012 14.09.2012 13.09.2012 12.09.2012 10.09.2012 16.08.2012


27.03.2013

HSBC Holdings PLC HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.

Price/Volume

12/2012 12/yy 741.20 501.20 9'945'450.00 694.1 -6.35% 38.49% 82.21% 18'484.5 128'300.92 284'987.00 2'728.0 7'887.0 256'366.00 -

Price/ Cash Flow

1.20 1.00

70.0 M 60.0 M 50.0 M 40.0 M

300

30.0 M

200

20.0 M

100

10.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

80.0 M

600 400

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSBA LN EQUITY YTD Change HSBA LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

90.0 M

700 500

Valuation Analysis

31.12.2008 126'036.0 5'728.0 19.90x

800

31.12.2009 31.12.2010 97'533.0 91'171.0 5'834.0 13'159.0 31.93x 13.43x Profitability

LTM-4Q 31.12.2011 94'799.0 16'797.0 8.03x

31.12.2012 84'663.0 14'027.0 13.58x 15.34% 31.46% 0.53% 8.37% 3.38% 0.03% 21.4% 10.58% 165.20% -

LTM

12/yy 85'228.0 0.00x 0.0 0.00x 16'797.0 8.03x

12/yy 80'336.0 0.00x 0.0 0.00x 14'027.0 13.58x

FY+1

4.29 1.09 18'474.42 28.80% 9.09% 1.090 44 4.045 27'755'540 22'664'280 20'333'180 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 68'487.3 72'601.7 0.93x 0.40x 18'363.5 20'694.4 10.74x 9.61x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.11.2011 A+ NEG 29.11.2011 A-1 165.2% 60.9% 0.03 7.49 -

Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

HSBC Holdings PLC Holdings By:

All

Holder Name JP MORGAN BLACKROCK LEGAL & GENERAL NORGES BANK INVESTME SCOTTISH WIDOWS FMR LLC CAPITAL GROUP COMPAN FRANKLIN RESOURCES VANGUARD GROUP INC VANGUARD GROUP INC DZ BANK AG STANDARD LIFE INVEST ABERDEEN UBS SUN LIFE FINANCIAL I M&G INVESTMENT MANAG STATE STREET HSBC INVESTMENTS UK AVIVA INVESTORS BNP PARIBAS INV PART

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Macquarie THOMAS STOEGNER Mediobanca SpA CHRISTOPHER J WHEELER Credit Suisse AMIT GOEL Day by Day VALERIE GASTALDY AlphaValue DAVID GRINSZTAJN Investec IAN GORDON Shore Capital Stockbrokers GARY GREENWOOD Sanford C. Bernstein & Co CHIRANTAN BARUA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER BNP Paribas Equity Research DOMINIC CHAN Oriel Securities Ltd VIVEK RAJA Goldman Sachs FREDERIK THOMASEN Numis Securities Ltd MICHAEL J TRIPPITT Societe Generale JAMES INVINE Deutsche Bank JASON NAPIER Morgan Stanley CHRISTOPHER MANNERS RBC Capital Markets PATRICK LEE DBS Vickers ALEXANDER LEE Independent Research GmbH STEFAN BONGARDT Citic Securities Co., Ltd STEVEN CHAN BOCOM International Holdings LI SHANSHAN Canaccord Genuity Corp GARETH HUNT S&P Capital IQ FRANK BRADEN CCB International Securities Ltd ADAM CHAN JPMorgan RAUL SINHA Keefe, Bruyette & Woods MARK J PHIN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Redburn Partners FAHED KUNWAR Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Berenberg Bank JAMES CHAPPELL Barclays ROHITH CHANDRA-RAJAN EVA Dimensions AUSTIN BURKETT Daniel Stewart & Co SIMON WILLIS Liberum Capital Ltd CORMAC LEECH JF Apex Securities Bhd TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Mizuho Securities JIM ANTOS Grupo Santander ARTURO DE FRIAS China International Capital Corp SALLY NG Redburn Partners JON KIRK

Source ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG REG ULT-AGG

Recommendation outperform outperform outperform hold sell add buy outperform buy outperform buy buy Buy/Neutral hold buy buy Equalwt/In-Line sector perform buy hold buy neutral buy buy neutral overweight outperform hold buy buy buy overweight sell hold buy neutral buy buy hold accumulate buy

Amt Held 1'324'583'860 1'110'172'768 681'507'879 476'556'585 440'954'225 332'844'458 324'698'913 224'222'452 209'856'599 200'499'704 199'869'719 198'426'753 193'573'011 187'959'754 181'870'790 180'568'727 174'085'246 141'993'045 127'868'417 125'817'709

% Out 7.17 6.01 3.69 2.58 2.39 1.8 1.76 1.21 1.14 1.08 1.08 1.07 1.05 1.02 0.98 0.98 0.94 0.77 0.69 0.68

Weighting

Change 5 5 5 3 1 4 5 5 5 5 5 5 5 3 5 5 3 3 5 3 5 3 5 5 3 5 5 3 5 5 5 5 1 3 5 3 5 5 3 4 5

M M M D M M U M M M M U M M M M M M M M M M M M M M M M M M M M M M M N M U M M N

Latest Chg (13'049'021) 2'537'898 79'539'775 40'654'991 50'440'600 (2'646'000) 5'636'526 10'505'716 5'126'341 27'428'625 21'768'714 2'568'947 (14'593'182) 2'029'272 (3'241'674) 19'292'369 (3'893'625)

Target Price 800 835 790 #N/A N/A 610 735 #N/A N/A 860 900 825 856 860 940 652 790 760 777 700 820 750 854 746 825 785 692 755 800 720 #N/A N/A 800 680 730 #N/A N/A 650 665 #N/A N/A 676 709 632 668 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.02.2013 25.03.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 28.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 28.02.2013 01.02.2013 01.02.2013 01.02.2013 26.03.2013 01.02.2013 01.02.2013 01.02.2013

Date 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided 9 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Unclassified Investment Advisor Unclassified Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 14.03.2013 14.03.2013 12.03.2013 12.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 26.02.2013 08.02.2013 04.02.2013 31.01.2013 29.01.2013 28.01.2013 22.01.2013 17.01.2013 09.01.2013 07.12.2012 06.12.2012 06.12.2012 19.11.2012 18.09.2012 12.07.2012 27.01.2011


27.03.2013

Novartis AG Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Price/Volume 16.0 M

60

14.0 M 12.0 M 10.0 M

40

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 12/yy 67.70 48.29 1'999'225.00 66.85 -1.18% 38.43% 98.45% 2'706.2 180'909.00 19'726.00 0.0 126.0 8'119.00 201'431.69

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 m-12

31.12.2009 31.12.2010 44'267.0 50'624.0 2.72x 3.08x 12'318.0 15'866.0 9.79x 9.81x 8'400.0 9'794.0 14.73x 13.70x Profitability

LTM-4Q 31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.86% 14.09% 11.69% 0.47% 66.9% 29.1% 20.3% 16.8% 1.16 0.76 15.88% 28.55% 5.56 2.96

Price/ Cash Flow

j-12

j-12

LTM

12/yy 58'566.0 10.66x 17'818.0 8.58x 9'113.0 14.94x

a-12

12/yy 56'673.0 11.16x 16'465.0 9.96x 9'505.0 16.05x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.89 2'423.83 38.36% 20.66% 0.889 33 4.061 3'613'293 4'881'864 4'700'765 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 57'028.9 59'316.4 13'699.0 13'948.0 3.46x 3.23x 16'838.1 18'056.5 11.95x 11.15x 12'485.7 13'748.1 3'028.0 3'123.0 13.52x 12.23x 13.68x 13.53x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.70 1.20 28.5% 22.2% 0.47 3.48 65.79 123.66 98.95 90.49

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

70 50

Valuation Analysis

31.12.2008 41'459.0 2.76x 11'978.0 9.55x 8'195.0 13.89x

80

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Novartis AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVARTIS AG BLACKROCK EMASAN AG NOVARTIS FOUNDATION CREDIT SUISSE ASSET VANGUARD GROUP INC UBS FUND MANAGEMENT PICTET & CIE SWISSCANTO FONDSLEIT HARBOR CAPITAL ADVIS THORNBURG INVESTMENT BANK OF NEW YORK MEL FMR LLC INVESCO LTD DEUTSCHE BANK AG ABERDEEN FRANKLIN RESOURCES GRANTHAM MAYO VAN OT ARTISAN PARTNERS HOL

Firm Name Sanford C. Bernstein & Co Helvea Exane BNP Paribas AlphaValue JPMorgan Credit Suisse Jefferies Zuercher Kantonalbank Berenberg Bank Day by Day Societe Generale Bryan Garnier & Cie Kepler Capital Markets Barclays Hamburger Sparkasse Goldman Sachs Landesbank Baden-Wuerttemberg Bank Vontobel AG Morgan Stanley Independent Research GmbH S&P Capital IQ Natixis Nomura EVA Dimensions Deutsche Bank Redburn Partners CM - CIC Securities(ESN) Liberum Capital Ltd Main First Bank AG Cyrrus Mirabaud Securities DZ Bank AG CA Cheuvreux

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst TIMOTHY M ANDERSON ODILE RUNDQUIST FLORENT CESPEDES ARMELLE MOULIN ALEXANDRA M HAUBER-SCHUELE MATTHEW WESTON JEFFREY HOLFORD MICHAEL NAWRATH ALISTAIR CAMPBELL VALERIE GASTALDY STEPHEN MCGARRY ERIC LE BERRIGAUD MARTIN VOEGTLI MARK PURCELL MARCO GUENTHER KEYUR PAREKH TIMO KUERSCHNER ANDREW C WEISS PETER VERDULT CHRISTOPH SCHOENDUBE SHO MATSUBARA BEATRICE MUZARD AMIT ROY ANDREW S ZAMFOTIS TIM RACE TEAM COVERAGE ARSENE GUEKAM NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS MARCEL BRAND

Source ULT-AGG EXCH ULT-AGG Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation outperform buy outperform add overweight outperform buy outperform buy buy buy buy hold equalweight hold neutral/neutral buy reduce Equalwt/Attractive hold hold neutral buy overweight hold buy hold overweight suspended coverage hold accumulate buy underperform

Amt Held 120'887'981 109'194'165 104'449'586 87'859'938 78'926'882 37'728'226 30'677'414 23'848'647 14'689'249 14'545'038 13'520'586 13'144'896 10'929'652 8'481'470 6'826'249 6'478'481 5'933'597 5'456'801 5'092'802 3'857'938

% Out 4.47 4.03 3.86 3.25 2.92 1.39 1.13 0.88 0.54 0.54 0.5 0.49 0.4 0.31 0.25 0.24 0.22 0.2 0.19 0.14

Weighting

Change

5 5 5 4 5 5 5 5 5 5 5 5 3 3 3 3 5 2 3 3 3 3 5 5 3 5 3 5 #N/A N/A 3 4 5 1

M M M M U M M M M M M M M M M M M M M M M M M M D M M M M M M M M

Latest Chg (515'205) 4'817'320 (769'427) 1'041'632 (37'179) 167'961 5'670'224 1'410'638 458'700 590'222 223'606 693'638 63'525 (9'500) (621'833) (237'271) 219'112

Target Price 71 68 71 75 78 70 78 #N/A N/A 72 69 72 70 59 65 #N/A N/A 60 70 53 61 63 63 62 65 #N/A N/A 63 #N/A N/A 55 70 #N/A N/A 52 61 56 48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 09.05.2012 25.03.2013 31.12.2011 25.02.2013 31.01.2013 31.12.2012 30.11.2012 31.01.2013 31.01.2013 31.12.2012 31.01.2013 26.03.2013 31.01.2013 21.03.2013 28.02.2013 28.02.2013 31.12.2012 31.05.2012 31.12.2012

Date 12 month 12 month Not Provided 6 month 15 month Not Provided 12 month Not Provided Not Provided 3 month 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Corporation Investment Advisor Hedge Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 25.03.2013 21.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 13.03.2013 28.02.2013 28.02.2013 25.02.2013 25.02.2013 14.02.2013 04.02.2013 29.01.2013 28.01.2013 25.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 18.01.2013 18.01.2013 17.01.2013 12.12.2012 10.12.2012 25.10.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 30.01.2012 17.07.2009


27.03.2013

Roche Holding AG Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 12/yy 220.40 148.40 547'262.00 218.7 -0.77% 47.37% 99.17% 702.6 188'658.45 24'590.00 0.0 2'234.0 13'991.00 201'491.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 45'617.0 2.93x 16'541.0 8.09x 8'969.0 15.58x

50

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 m-13

31.12.2009 31.12.2010 49'051.0 47'473.0 3.62x 2.96x 17'705.0 16'038.0 10.03x 8.76x 7'784.0 8'666.0 19.38x 13.51x Profitability

LTM-4Q 31.12.2011 42'531.0 3.65x 15'822.0 9.81x 9'343.0 14.46x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 45'499.0 3.77x 16'546.0 10.37x 9'539.0 16.36x 16'546.00 14'125.00 31.04% 27.08% 15.10% 71.75% 26.33% 0.72% 73.2% 36.4% 31.0% 21.0% 1.55 1.16 37.94% 169.66% 4.72 2.30

Price/ Cash Flow

LTM

12/yy 42'531.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 45'499.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.93 701.88 42.81% 22.94% 0.930 34 4.206 1'099'551 1'526'519 1'411'135 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 47'678.3 49'426.5 11'542.0 11'641.0 4.12x 3.86x 19'871.2 20'849.1 10.13x 9.65x 12'622.3 13'615.4 14.68x 13.70x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.09.2012 AA STABLE 01.02.2006 A-1+ 11.85 10.30 0.64 1.49 169.7% 59.5% 0.72 2.88 77.48 159.36 57.80 179.03

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Roche Holding AG Holdings By:

All

Holder Name VANGUARD GROUP INC CAPITAL GROUP COMPAN PRIMECAP MANAGEMENT CREDIT SUISSE ASSET FRANKLIN RESOURCES BLACKROCK DODGE & COX FMR LLC UBS FUND MANAGEMENT HARBOR CAPITAL ADVIS SUN LIFE FINANCIAL I PICTET & CIE PERPETUAL INVESTMENT SWISSCANTO FONDSLEIT BANK OF NEW YORK MEL DEUTSCHE BANK AG ABERDEEN INVESCO LTD ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC

Firm Name Helvea Day by Day Exane BNP Paribas EVA Dimensions JPMorgan Jefferies Bryan Garnier & Cie Sanford C. Bernstein & Co Societe Generale Zuercher Kantonalbank Natixis Nomura Morgan Stanley S&P Capital IQ Kepler Capital Markets Hamburger Sparkasse Deutsche Bank Barclays Berenberg Bank Credit Suisse CM - CIC Securities(ESN) Bank Vontobel AG Independent Research GmbH Goldman Sachs CA Cheuvreux Landesbank Baden-Wuerttemberg Redburn Partners Liberum Capital Ltd Main First Bank AG Cyrrus Mirabaud Securities DZ Bank AG MP Advisors Pvt Ltd

Portfolio Name Multiple Portfolios n/a PRIMECAP MANAGEMENT Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst ODILE RUNDQUIST VALERIE GASTALDY VINCENT MEUNIER ANDREW S ZAMFOTIS ALEXANDRA M HAUBER-SCHUELE JEFFREY HOLFORD ERIC LE BERRIGAUD TIMOTHY M ANDERSON STEPHEN MCGARRY MICHAEL NAWRATH PHILIPPE LANONE AMIT ROY PETER VERDULT SHO MATSUBARA MARTIN VOEGTLI MARCO GUENTHER TIM RACE MARK PURCELL ALISTAIR CAMPBELL LUISA HECTOR ARSENE GUEKAM ANDREW C WEISS CHRISTOPH SCHOENDUBE KEYUR PAREKH MARCEL BRAND TIMO KUERSCHNER TEAM COVERAGE NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS VISHAL MANCHANDA

Source MF-AGG ULT-AGG 13F MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation accumulate hold neutral buy overweight buy neutral outperform buy outperform buy neutral Overwt/Attractive buy buy hold buy overweight buy outperform hold buy hold Buy/Neutral outperform buy neutral neutral suspended coverage accumulate accumulate buy outperform

Amt Held 19'795'162 11'953'300 10'676'417 10'199'888 9'222'286 8'033'131 7'596'200 7'169'150 6'380'836 4'696'091 4'213'722 4'134'183 4'098'284 3'770'320 3'587'836 2'812'095 2'637'300 2'141'039 2'119'017 2'085'546

% Out 2.82 1.7 1.52 1.45 1.31 1.14 1.08 1.02 0.91 0.67 0.6 0.59 0.58 0.54 0.51 0.4 0.38 0.3 0.3 0.3

Weighting

Change

4 3 3 5 5 5 3 5 5 5 5 3 5 5 5 3 5 5 5 5 3 5 3 5 5 5 3 3 #N/A N/A 4 4 5 5

M M M U M M M M M M M M M M M M M M M M D M M M M M M M M M M M M

Latest Chg 336'935 102'700 (179'381) (1'803'044) 731'500 (416'685) (11'698) 336'221 (246'469) (5'494) 1'486'953 117'690 24'010 (57'400) 40'852 179'622 108'630

Target Price 220 #N/A N/A 213 #N/A N/A 270 230 208 222 246 #N/A N/A 240 140 230 222 225 #N/A N/A 215 230 210 227 206 225 215 245 220 220 #N/A N/A 190 #N/A N/A 176 178 220 160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 29.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.03.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Unclassified 21.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 15 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 25.03.2013 21.03.2013 21.03.2013 21.03.2013 15.03.2013 14.03.2013 08.03.2013 05.03.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 28.01.2013 28.01.2013 11.12.2012 26.11.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 03.02.2012 14.11.2011


27.03.2013

Vodafone Group PLC Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications. The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (31.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOD LN EQUITY YTD Change VOD LN EQUITY YTD % CHANGE

03/2012 12/yy 191.75 154.20 53'382'949.00 185.65 -3.10% 20.40% 89.35% 48'922.9 90'825.36 34'706.00 0.0 1'267.0 8'461.00 112'879.36

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M f-13 m-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 35'478.0 2.93x 13'123.0 7.93x 6'660.0 12.01x

200 180 160 140 120 100 80 60 40 20 0 m-12 a-12 m-12

31.03.2009 31.03.2010 41'017.0 44'472.0 2.36x 2.54x 14'520.0 14'820.0 6.67x 7.62x 3'078.0 8'645.0 21.03x 9.25x Profitability

LTM-4Q 31.03.2011 45'884.0 2.67x 14'668.0 8.35x 7'968.0 11.61x

31.03.2012 46'417.0 2.43x 18'214.0 6.20x 6'957.0 12.54x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

18'214.00 10'355.00 22.31% 20.57% -1.22% -2.22% -3.81% 0.32% 32.0% 31.1% 14.3% 15.0% 0.83 0.51 24.87% 45.11% 3.76 53.11

Price/ Cash Flow

LTM

12/yy 46'525.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 44'447.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

5.25 0.68 48'897.09 13.03% 20.20% 0.680 33 3.939 86'407'620 ######### ######### FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 44'355.0 45'260.8 2.66x 2.59x 13'211.3 13'305.3 8.54x 8.48x 7'536.1 7'856.3 12.13x 11.32x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.05.2006 ASTABLE 30.05.2006 A-2 9.43 6.96 1.51 2.06 45.1% 30.7% 0.32 2.41 97.36 6.89 -14.42

Sales/Revenue/Turnover

7.00

50'000.0 45'000.0

6.00

40'000.0

5.00

35'000.0 30'000.0

4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0 1.00 0.00 03.04.2009

5'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Vodafone Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS NORGES BANK INVESTME FMR LLC UBS SUN LIFE FINANCIAL I ABERDEEN CAPITAL GROUP COMPAN VANGUARD GROUP INC PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC STATE STREET M&G INVESTMENT MANAG JP MORGAN DODGE & COX DODGE & COX AXA

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Credit Suisse JUSTIN FUNNELL Grupo Santander JOHN DAVIES Goldman Sachs TIMOTHY BODDY Morgan Stanley NICK DELFAS Jefferies JEREMY A DELLIS Oriel Securities Ltd JOHN KARIDIS Landesbank Baden-Wuerttemberg RALPH SZYMCZAK AlphaValue JEAN-MICHEL SALVADOR Societe Generale OTTAVIO ADORISIO Sanford C. Bernstein & Co ROBIN BIENENSTOCK Espirito Santo Investment Bank Research NICK BROWN Barclays MAURICE PATRICK Macquarie GUY R PEDDY New Street Research JAMES RATZER Exane BNP Paribas ANTOINE PRADAYROL Berenberg Bank PAUL ANDREW MARSCH Nomura JAMES BRITTON JPMorgan AKHIL DATTANI Oddo & Cie VINCENT MAULAY Banca Akros(ESN) ANDREA DEVITA Hamburger Sparkasse TINA HECKING-VELTMAN Deutsche Bank DAVID A WRIGHT Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ JAMES CRAWSHAW Day by Day VALERIE GASTALDY Liberum Capital Ltd LAWRENCE SUGARMAN EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Natixis BENOIT MAYNARD DZ Bank AG JOERI SELS Northland Capital Partners Ltd DAVID JOHNSON

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG REG ULT-AGG REG ULT-AGG REG MF-AGG ULT-AGG

Recommendation outperform hold Buy/Neutral Overwt/In-Line hold buy hold add sell underperform buy overweight outperform buy underperform hold neutral overweight buy hold hold hold sell buy buy buy buy overweight neutral buy not rated

Amt Held 3'213'888'547 1'840'749'892 1'829'029'872 1'307'796'665 1'168'679'699 1'115'035'830 905'655'588 890'918'812 835'280'974 785'130'474 628'261'806 619'899'347 526'399'681 517'367'935 514'956'230 508'998'599 463'624'918 413'470'000 409'583'000 402'114'002

% Out 6.57 3.76 3.74 2.67 2.39 2.28 1.85 1.82 1.71 1.6 1.28 1.27 1.08 1.06 1.05 1.04 0.95 0.85 0.84 0.82

Weighting

Change

5 3 5 5 3 5 3 4 1 1 5 5 5 5 1 3 3 5 5 3 3 3 1 5 5 5 5 5 3 5 #N/A N/A

M M M M M M U M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (25'141'828) (28'812'480) 141'890'605 (11'916'154) (52'316'656) 105'084'426 (52'366'577) 19'552'525 100'485'000 72'066'899 99'016'155 (24'829'446) 44'104'574 (15'517'805) (96'292'120) (60'869'430) 15'508'600 2'613'000 (2'762'350)

Target Price 180 200 220 205 174 225 172 215 100 135 200 210 205 250 178 185 195 220 200 184 #N/A N/A 173 150 190 188 210 #N/A N/A 205 190 190 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.01.2013 31.01.2013 31.01.2013 28.02.2013 31.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 26.03.2013 03.12.2012 31.01.2013 03.12.2012 29.01.2013 31.01.2013

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 3 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Government Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 15.03.2013 15.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 08.03.2013 06.03.2013 06.03.2013 26.02.2013 14.02.2013 14.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 28.01.2013 18.01.2013 17.01.2013 07.12.2012 02.10.2012 08.11.2011 13.04.2010


27.03.2013

BP PLC BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP/ LN EQUITY YTD Change BP/ LN EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 484.45 389.50 6'511'273.00 461 -4.83% 18.36% 77.36% 19'161.2 88'333.14 48'797.00 0.0 1'206.0 20'114.00 163'294.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13 m-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 361'143.0 0.47x 41'761.0 4.05x 21'157.0 6.81x

500 450 400 350 300 250 200 150 100 50 0 m-12 a-12 m-12

31.12.2009 31.12.2010 239'272.0 297'107.0 0.87x 0.53x 33'392.0 38'497.0 6.24x 4.06x 16'578.0 (3'719.0) 10.95x Profitability

LTM-4Q 31.12.2011 375'517.0 0.44x 45'796.0 3.63x 25'700.0 5.25x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 375'580.0 0.43x 20'442.0 7.92x 11'582.0 11.34x 20'442.00 7'961.00 2.12% 5.01% 3.90% 10.08% 7.70% 1.25% 11.6% 5.9% 2.4% 3.1% 1.37 0.59 16.26% 41.21% 13.76 12.20

Price/ Cash Flow

LTM

FY+1

4.88 1.04 19'158.33 2.79% 9.96% 1.044 38 3.579 29'512'860 25'806'140 23'933'670 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 375'517.0 370'866.0 343'710.7 352'783.7 84'754.3 84'530.7 1.71x 1.79x 0.46x 0.45x 1.83x 1.79x 45'796.0 22'056.0 38'524.8 41'496.8 9'276.0 9'646.5 3.63x 7.34x 4.24x 3.93x 3.99x 3.74x 25'700.0 11'582.0 16'230.9 18'510.6 3'897.7 4'034.0 5.25x 11.33x 8.18x 7.30x 8.41x 7.77x S&P Issuer Ratings Long-Term Rating Date 24.09.2010 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 24.09.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 13.60 (EBITDA-Capex)/Interest Exp. -1.75 Net Debt/EBITDA 1.30 Total Debt/EBITDA 2.21 Reference Total Debt/Equity 41.2% Total Debt/Capital 29.0% Asset Turnover 1.25 Net Fixed Asset Turnover 3.09 Accounts receivable turnover-days 26.60 Inventory Days 30.00 Accounts Payable Turnover Day 33.14 Cash Conversion Cycle 23.17 Sales/Revenue/Turnover

12.00

400'000.0 350'000.0

10.00

300'000.0 8.00

250'000.0 200'000.0

6.00

150'000.0

4.00

100'000.0 2.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

BP PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME FRANKLIN RESOURCES UBS KUWAIT INVESTMENT AU M&G INVESTMENT MANAG FMR LLC PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC VANGUARD GROUP INC STATE STREET SUN LIFE FINANCIAL I AVIVA INVESTORS AXA GOVT OF SINGAPORE IN HSBC INVESTMENTS UK

Firm Name Grupo Santander Independent Research GmbH Raymond James Canaccord Genuity Corp Oriel Securities Ltd Exane BNP Paribas AlphaValue EVA Dimensions Goldman Sachs Sanford C. Bernstein & Co Deutsche Bank Landesbank Baden-Wuerttemberg Liberum Capital Ltd Societe Generale VTB Capital Morgan Stanley VSA Capital Ltd Macquarie Day by Day RBC Capital Markets Simmons & Company International HSBC Credit Suisse Jefferies Ahorro Corporacion Financiera SA Natixis Nomura Barclays Investec S&P Capital IQ JPMorgan Tudor Pickering & Co Jyske Bank CA Cheuvreux Kepler Capital Markets

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst JASON KENNEY SVEN DIERMEIER BERTRAND HODEE GORDON GRAY RICHARD GRIFFITH ALEJANDRO DEMICHELIS ALEXANDRE ANDLAUER CRAIG STERLING MICHELE DELLA VIGNA OSWALD CLINT LUCAS HERRMANN JENS MUENSTERMANN ANDREW WHITTOCK IRENE HIMONA COLIN SMITH MARTIJN P RATS DOUGIE YOUNGSON JASON D GAMMEL VALERIE GASTALDY PETER HUTTON JEFFREY A DIETERT PAUL SPEDDING KIM FUSTIER IAIN REID VIRGINIA PEREZ REPES ANNE PUMIR THEEPAN JOTHILINGAM RAHIM KARIM STUART JOYNER CHRISTINE TISCARENO FREDERICK G LUCAS ROBERT KESSLER ROBERT JAKOBSEN DOMINIQUE PATRY TEAM COVERAGE

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG REG REG MF-AGG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG

Recommendation hold buy market perform hold hold outperform reduce hold neutral/cautious market perform buy buy hold hold hold Underwt/In-Line sell outperform hold sector perform overweight overweight neutral hold hold neutral neutral underweight buy hold overweight accumulate buy outperform buy

Amt Held 1'027'123'894 715'298'081 609'649'091 507'765'071 432'628'420 369'828'759 354'793'433 328'143'792 321'514'948 303'860'650 258'130'496 241'527'129 204'110'697 195'306'957 193'700'712 178'132'910 166'069'621 150'610'225 147'434'500 139'991'616

% Out 5.36 3.73 3.18 2.65 2.26 1.93 1.85 1.71 1.68 1.59 1.35 1.26 1.07 1.02 1.01 0.93 0.87 0.79 0.77 0.73

Weighting

Change 3 5 3 3 3 5 2 3 3 3 5 5 3 3 3 1 1 5 3 3 5 5 3 3 3 3 3 1 5 3 5 4 5 5 5

M M M M M M U D M M M M M M M M D M M M M M M M M M M M M M M M M M M

Latest Chg 19'032'430 44'846'385 4'845'711 21'912'486 10'873'302 (277'008) (1'973'558) (10'962'271) 5'646'262 7'261'934 (698'478) 12'878'131 (5'019'297) (592'855) (6'919'062) 6'546'014

Target Price 530 540 #N/A N/A 500 #N/A N/A 575 425 #N/A N/A 490 510 520 520 445 500 490 442 400 550 #N/A N/A 530 #N/A N/A 550 475 450 6 490 455 480 495 595 525 500 520 500 602

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 01.11.2012 31.12.2012 30.11.2012 01.11.2012 31.12.2012 31.01.2013 01.11.2012 01.11.2012 31.01.2013 01.11.2012 01.11.2012 31.12.2012 01.11.2012 26.03.2013 31.01.2013 01.11.2012 31.01.2013 01.11.2012 01.11.2012

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 3 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Government Investment Advisor Unclassified Government Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 13.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 01.03.2013 27.02.2013 25.02.2013 22.02.2013 20.02.2013 19.02.2013 15.02.2013 08.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 19.12.2012 15.10.2012 19.09.2012 10.08.2012 16.04.2012


27.03.2013

Sanofi Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price/Volume 90

12.0 M

80

10.0 M

70 60

8.0 M

50

12/2012 12/yy 79.18 53.20 1'829'058.00 77.95 -1.52% 46.52% 97.00% 1'326.3 103'388.43 14'531.00 0.0 134.0 6'381.00 111'672.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30

4.0 M

20

2.0 M

10 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 27'568.0 2.22x 9'940.0 6.16x 3'851.0 15.94x

6.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN FP EQUITY YTD Change SAN FP EQUITY YTD % CHANGE

31.12.2009 31.12.2010 29'306.0 32'367.0 2.61x 1.99x 12'805.0 13'156.0 5.97x 4.90x 5'265.0 5'467.0 14.13x 11.42x Profitability

LTM-4Q 31.12.2011 33'389.0 2.59x 12'593.0 6.88x 5'693.0 13.17x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 34'947.0 2.94x 12'384.0 8.30x 4'967.0 18.99x 12'384.00 7'787.00 22.28% 17.94% 4.94% 8.75% 7.62% 0.35% 68.2% 36.3% 22.3% 14.2% 1.65 1.00 14.47% 25.34% 4.50 1.79

Price/ Cash Flow

LTM

12/yy 33'389.0 5.23x 2'463.0 0.00x 5'693.0 13.17x

12/yy 34'947.0 5.54x 2'704.0 0.00x 4'967.0 18.99x

FY+1

0.75 1'187.62 40.43% 9.19% 0.751 39 3.974 3'251'278 2'890'639 2'595'836 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 35'854.9 37'843.3 8'383.8 8'735.3 3.02x 2.77x 13'111.6 14'230.3 8.50x 7.84x 7'943.2 8'778.0 1'862.0 1'851.8 12.97x 11.62x 13.14x 12.68x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.02.2011 AASTABLE 18.02.2011 A-1+ 29.70 25.83 0.64 1.14 25.3% 20.2% 0.35 3.28 81.42 204.60 101.89 184.13

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Sanofi Holdings By:

All

Holder Name L'OREAL SA FMR LLC BLACKROCK VANGUARD GROUP INC SANOFI EMP SAVINGS P DODGE & COX NATIXIS ASSET MANAGE FRANKLIN RESOURCES MORGAN STANLEY AVIVA PLC FIRST EAGLE INVESTME DEUTSCHE BANK AG WADDELL & REED FINAN ALLIANZ ASSET MANAGE LBPAM AMUNDI GRANTHAM MAYO VAN OT WILLIAM BLAIR & COMP AMUNDI BANK OF NEW YORK MEL

Firm Name Deutsche Bank Sanford C. Bernstein & Co Oddo & Cie Helvea Mirabaud Securities Exane BNP Paribas AlphaValue JPMorgan Jefferies EVA Dimensions Societe Generale Bryan Garnier & Cie Morgan Stanley Banco Sabadell Berenberg Bank Barclays Leerink Swann & Co CM - CIC Securities(ESN) Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Kepler Capital Markets Ahorro Corporacion Financiera SA Nomura S&P Capital IQ Goldman Sachs Natixis Nord/LB Day by Day Redburn Partners Hamburger Sparkasse CA Cheuvreux Liberum Capital Ltd Main First Bank AG Jyske Bank Cyrrus MP Advisors Pvt Ltd DZ Bank AG

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst MARK CLARK TIMOTHY M ANDERSON SEBASTIEN MALAFOSSE ODILE RUNDQUIST NICHOLAS TURNER VINCENT MEUNIER ARMELLE MOULIN RICHARD VOSSER JEFFREY HOLFORD ANDREW S ZAMFOTIS STEPHEN MCGARRY ERIC LE BERRIGAUD PETER VERDULT MARTA DIAZ ALISTAIR CAMPBELL MARK PURCELL SEAMUS FERNANDEZ ARSENE GUEKAM LUISA HECTOR TIMO KUERSCHNER CHRISTOPH SCHOENDUBE FABIAN WENNER VIRGINIA PEREZ REPES AMIT ROY SHO MATSUBARA KEYUR PAREKH PHILIPPE LANONE THORSTEN STRAUSS VALERIE GASTALDY TEAM COVERAGE MARCO GUENTHER LAURENT FLAMME NARESH CHOUHAN TIM FRANKLIN ROBERT JAKOBSEN TOMAS MENCIK VISHAL MANCHANDA ELMAR KRAUS

Source 20F ULT-AGG ULT-AGG MF-AGG 20F MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG

Recommendation buy outperform buy accumulate neutral outperform add overweight buy hold buy buy Overwt/Attractive buy hold equalweight outperform hold neutral buy hold hold buy neutral buy neutral/neutral buy hold buy neutral sell outperform underweight suspended coverage sell hold market perform buy

Amt Held 118'227'307 33'173'565 20'826'782 18'032'467 17'191'116 16'748'982 13'821'204 10'580'043 6'697'049 6'413'305 5'954'817 5'830'361 5'643'800 5'093'172 4'869'438 4'547'746 4'234'244 4'068'709 4'037'006 3'880'397

% Out 8.91 2.5 1.57 1.36 1.3 1.26 1.04 0.8 0.5 0.48 0.45 0.44 0.43 0.38 0.37 0.34 0.32 0.31 0.3 0.29

Weighting

Change

5 5 5 4 3 5 4 5 5 3 5 5 5 5 3 3 5 3 3 5 3 3 5 3 5 3 5 3 5 3 1 5 1 #N/A N/A 1 3 3 5

M M M M D M M M M D M M M M M M M M M M M D M M M U M M U M M M M M M M M M

Latest Chg 325'750 (6'850) 1'487'319 1'647'107 (1'806'061) 490'404 (10'030) 249'926 597'970 630'744 (67'746) (42'392) (345'054) 8'077 (16'108) 347'156

Target Price 89 76 82 82 83 85 83 99 85 #N/A N/A 92 80 81 80 76 77 #N/A N/A 66 78 78 75 73 81 65 81 73 84 #N/A N/A 78 #N/A N/A #N/A N/A 77 65 #N/A N/A 57 60 52 55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.01.2013 31.01.2013 25.03.2013 31.12.2012 31.01.2013 29.01.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 30.09.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.05.2012 31.12.2012 31.10.2012 26.03.2013

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month 15 month 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 08.03.2013 19.02.2013 18.02.2013 15.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 28.01.2013 11.12.2012 11.12.2012 10.12.2012 28.11.2012 29.10.2012 05.10.2012 20.07.2012 11.07.2012 05.04.2012 08.02.2012 20.12.2011


27.03.2013

Royal Dutch Shell PLC Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 2500 2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSA LN EQUITY YTD Change RDSA LN EQUITY YTD % CHANGE

12/2012 12/yy 2'323.50 1'956.50 1'009'475.00 2141 -7.85% 9.43% 54.63% 3'772.4 138'099.92 37'754.00 0.0 1'433.0 18'550.00 229'195.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 m-12 a-12 m-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.55x 55'943.0 4.60x 30'918.0 7.39x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 467'153.0 0.51x 52'114.0 4.58x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 7.54% 14.86% 12.75% 1.32% 15.2% 11.2% 8.0% 5.7% 1.18 0.61 10.48% 20.03% 10.56 13.25

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

5.32 1.03 3'770.78 1.39% 2.25% 1.030 31 3.742 2'639'057 3'382'676 3'002'002 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x 55'943.0 52'114.0 61'207.0 62'495.8 10'357.0 10'835.0 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x 30'918.0 26'592.0 26'655.6 27'485.2 6'859.0 7'011.0 7.38x 8.11x 7.70x 7.59x 7.62x 7.59x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.37 Total Debt/EBITDA 0.72 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.88 Accounts receivable turnover-days 34.68 Inventory Days 27.61 Accounts Payable Turnover Day 40.16 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

j-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

500

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS FMR LLC PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I VANGUARD GROUP INC GOVT OF SINGAPORE IN UBS VANGUARD GROUP INC FRANKLIN RESOURCES STATE STREET BP INVESTMENT MANAGE ABERDEEN JP MORGAN BNP PARIBAS INV PART NORTHERN TRUST GLOBA SOCIETE GENERALE PRO STANDARD LIFE INVEST ALLIANZ ASSET MANAGE

Firm Name Credit Suisse Raymond James EVA Dimensions Sanford C. Bernstein & Co Jefferies Day by Day AlphaValue JPMorgan ING Bank Tudor Pickering & Co Canaccord Genuity Corp Simmons & Company International Macquarie CA Cheuvreux Hamburger Sparkasse Investec HSBC Independent Research GmbH Barclays Oriel Securities Ltd Ahorro Corporacion Financiera SA RBC Capital Markets Landesbank Baden-Wuerttemberg VSA Capital Ltd Deutsche Bank Theodoor Gilissen Securities VTB Capital Kepler Capital Markets Morgan Stanley S&P Capital IQ

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst KIM FUSTIER BERTRAND HODEE CRAIG STERLING OSWALD CLINT IAIN REID VALERIE GASTALDY ALEXANDRE ANDLAUER FREDERICK G LUCAS QUIRIJN MULDER ROBERT KESSLER GORDON GRAY JEFFREY A DIETERT JASON D GAMMEL DOMINIQUE PATRY INGO SCHMIDT STUART JOYNER PAUL SPEDDING SVEN DIERMEIER RAHIM KARIM RICHARD GRIFFITH VIRGINIA PEREZ REPES PETER HUTTON JENS MUENSTERMANN DOUGIE YOUNGSON LUCAS HERRMANN JOS VERSTEEG COLIN SMITH TEAM COVERAGE MARTIJN P RATS CHRISTINE TISCARENO

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG

Recommendation outperform market perform buy market perform buy hold reduce underweight buy buy buy overweight outperform outperform buy hold neutral hold equalweight buy hold sector perform buy not rated hold buy hold hold not rated hold

Amt Held 190'130'247 148'916'543 77'887'769 52'066'121 50'156'944 47'208'897 41'114'969 39'669'849 38'832'374 34'834'706 26'147'686 25'767'455 22'400'138 19'530'183 19'189'183 16'493'284 16'292'959 16'129'705 14'890'316 12'949'057

% Out 5.04 3.95 2.06 1.38 1.33 1.25 1.09 1.05 1.03 0.92 0.69 0.68 0.59 0.52 0.51 0.44 0.43 0.43 0.39 0.34

Weighting

Change

5 3 5 3 5 3 2 1 5 5 5 5 5 5 5 3 3 3 3 5 3 3 5 #N/A N/A 3 5 3 3 #N/A N/A 3

M M M M M M M D M M M M M D M M M M M M M M M M D M N M M D

Latest Chg 13'987'593 2'525'344 16'866'612 9'274'558 3'594'333 2'242'231 1'675'222 1'602'657 (1'443'858) 5'779'775 188'418 (1'313'970) 288'938 161'883 5'377'967 (4'117'735) 35'052 12'387'795 (803'892) 2'215'390

Target Price 2'525 #N/A N/A #N/A N/A 2'410 2'450 #N/A N/A 2'114 2'400 2'843 2'800 2'650 #N/A N/A 2'500 2'431 #N/A N/A 2'168 2'520 2'433 2'550 #N/A N/A 2'567 2'580 2'580 #N/A N/A 2'475 2'722 2'500 2'272 #N/A N/A 2'315

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 01.01.2013 01.01.2013 31.01.2013 01.01.2013 31.01.2013 31.12.2012 01.01.2013 31.01.2013 01.01.2013 31.12.2012 26.03.2013 01.01.2013 28.02.2013 31.01.2013 31.01.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided 6 month 9 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 26.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 15.03.2013 28.02.2013 27.02.2013 21.02.2013 15.02.2013 13.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 29.01.2013 24.01.2013 09.01.2013 04.12.2012 03.12.2012 02.10.2012 27.09.2012 18.05.2012 03.05.2012 03.10.2011


27.03.2013

GlaxoSmithKline PLC GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Price/Volume 1800

25.0 M

1600 20.0 M

1400 1200

15.0 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSK LN EQUITY YTD Change GSK LN EQUITY YTD % CHANGE

12/2012 12/yy 1'539.50 1'314.00 3'294'624.00 1517 -1.46% 15.45% 86.03% 4'909.5 74'476.63 18'302.00 0.0 937.0 4'265.00 89'450.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400

5.0 M

200 0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 24'352.0 3.17x 9'115.0 8.47x 4'602.0 14.50x

10.0 M

600

31.12.2009 31.12.2010 28'368.0 28'392.0 2.77x 2.61x 11'117.0 6'932.0 7.08x 10.70x 5'531.0 1'634.0 12.09x 38.59x Profitability

LTM-4Q 31.12.2011 27'387.0 3.07x 9'845.0 8.54x 5'261.0 14.06x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 26'431.0 3.04x 8'477.0 9.49x 4'565.0 14.36x 8'477.00 7'392.00 27.97% 25.32% 11.06% 65.96% 21.91% 0.64% 70.1% 32.1% 28.0% 17.3% 0.99 0.31 44.13% 315.01% 2.01

Price/ Cash Flow

LTM

12/yy 27'387.0 11.22x 9'455.0 8.89x 5'261.0 14.06x

12/yy 26'431.0 12.29x 8'477.0 9.49x 4'565.0 14.38x

FY+1

4.88 0.66 4'637.64 12.27% 15.31% 0.664 36 3.361 7'702'526 6'841'365 6'725'407 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'931.9 27'974.3 6'353.6 6'529.0 3.30x 3.15x 9'594.4 10'101.6 2'241.0 2'467.0 9.32x 8.86x 9.15x 5'555.5 5'997.1 1'263.3 1'367.5 13.19x 11.94x 13.18x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.02.2008 A+ STABLE 18.02.2008 A-1 10.49 9.19 1.66 2.16 315.0% 73.1% 0.64 3.02 181.79 137.13

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

GlaxoSmithKline PLC Holdings By:

All

Holder Name BLACKROCK INVESCO LTD LEGAL & GENERAL SCOTTISH WIDOWS CAPITAL GROUP COMPAN FMR LLC NORGES BANK INVESTME FRANKLIN RESOURCES M&G INVESTMENT MANAG UBS NEWTON INV MGMT BANK OF NEW YORK MEL VANGUARD GROUP INC STANDARD LIFE INVEST SCHRODER INVESTMENT PEOPLES REPUBLIC OF PERPETUAL INVESTMENT VANGUARD GROUP INC AXA STATE STREET

Firm Name Shore Capital Stockbrokers AlphaValue JPMorgan Jefferies Sanford C. Bernstein & Co EVA Dimensions Deutsche Bank Credit Suisse Day by Day Berenberg Bank Panmure Gordon & Co Limited Bryan Garnier & Cie Societe Generale Exane BNP Paribas Barclays Leerink Swann & Co Kepler Capital Markets Independent Research GmbH Helvea Morgan Stanley Hamburger Sparkasse S&P Capital IQ Nomura Goldman Sachs Cenkos Securities Ltd Redburn Partners Liberum Capital Ltd CA Cheuvreux Natixis Landesbank Baden-Wuerttemberg Main First Bank AG Cyrrus Mirabaud Securities MP Advisors Pvt Ltd DZ Bank AG First Global Stockbroking

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst BRIAN WHITE ARMELLE MOULIN JAMES D GORDON JEFFREY HOLFORD TIMOTHY M ANDERSON ANDREW S ZAMFOTIS MARK CLARK KERRY HOLFORD VALERIE GASTALDY ALISTAIR CAMPBELL SAVVAS NEOPHYTOU ERIC LE BERRIGAUD STEPHEN MCGARRY FLORENT CESPEDES MARK PURCELL SEAMUS FERNANDEZ FABIAN WENNER CHRISTOPH SCHOENDUBE ODILE RUNDQUIST PETER VERDULT MARCO GUENTHER SHO MATSUBARA AMIT ROY KEYUR PAREKH NAVID MALIK TEAM COVERAGE NARESH CHOUHAN MARCEL BRAND PHILIPPE LANONE TIMO KUERSCHNER TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER VISHAL MANCHANDA ELMAR KRAUS KAVITA THOMAS

Source ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG REG MF-AGG MF-AGG REG REG REG MF-AGG REG ULT-AGG ULT-AGG

Recommendation buy reduce underweight hold market perform overweight hold neutral hold buy buy neutral buy underperform overweight market perform buy hold neutral Equalwt/Attractive hold sell neutral neutral/neutral buy neutral underweight underperform neutral hold suspended coverage hold buy outperform buy market perform

Amt Held 271'061'000 188'613'112 153'140'293 143'097'310 137'148'963 134'440'074 115'229'583 88'648'845 85'255'473 72'136'226 71'507'300 60'081'894 55'750'486 53'010'281 52'720'290 51'503'238 51'301'508 49'644'084 44'610'398 43'934'496

% Out 5.52 3.84 3.12 2.91 2.79 2.74 2.35 1.81 1.74 1.47 1.46 1.22 1.14 1.08 1.07 1.05 1.04 1.01 0.91 0.89

Weighting

Change

5 2 1 3 3 5 3 3 3 5 5 3 5 1 5 3 5 3 3 3 3 1 3 3 5 3 1 1 3 3 #N/A N/A 3 5 5 5 3

M M M M M U M M M M M M M M M M M M M M M M M M N M M M M M M M M M U R

Latest Chg 9'906'677 24'341'047 30'057'500 13'668'350 21'497 (2'215'605) (1'180'943) (1'728'888) 9'684'880 385'845 (188'352) (9'956'056) (5'398'021) 73'324 1'468'137 (43'379) 497'126

Target Price #N/A N/A 1'461 1'550 1'550 1'497 #N/A N/A 1'530 1'450 #N/A N/A 1'530 1'525 1'580 1'810 1'400 1'610 #N/A N/A 1'680 1'560 1'520 1'370 #N/A N/A 1'200 1'340 1'415 1'603 #N/A N/A 1'380 1'250 1'450 1'450 #N/A N/A 1'420 1'640 #N/A N/A 1'500 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 01.01.2013 Investment Advisor 28.02.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 01.01.2013 Government 28.02.2013 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Unclassified 01.01.2013 Mutual Fund Manager 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor

Date Not Provided 6 month 15 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 25.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 06.03.2013 05.03.2013 01.03.2013 26.02.2013 26.02.2013 20.02.2013 13.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 04.02.2013 28.01.2013 30.11.2012 26.11.2012 05.10.2012 11.09.2012 06.09.2012 03.08.2012 20.07.2012 05.04.2012 02.04.2012 13.01.2012 28.10.2011 23.08.2011


27.03.2013

Total SA Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Price/Volume

30.0 M 25.0 M

30

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FP FP EQUITY YTD Change FP FP EQUITY YTD % CHANGE

12/2012 12/yy 42.00 33.42 3'771'023.00 37.335 -11.08% 11.71% 49.91% 2'365.9 88'332.13 33'290.00 0.0 1'281.0 17'031.00 105'872.13

25

20.0 M

20

15.0 M

15

10.0 M

10

5.0 M

5 0 m-12

31.12.2009 31.12.2010 112'153.0 140'476.0 1.03x 0.74x 22'234.0 28'045.0 5.22x 3.72x 8'447.0 10'571.0 11.87x 8.38x Profitability

LTM-4Q 31.12.2011 166'550.0 0.65x 32'919.0 3.28x 12'276.0 7.23x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 182'299.0 0.58x 32'343.0 3.27x 10'694.0 8.23x 32'343.00 21'862.00 11.99% 13.11% 6.37% 15.17% 10.66% 1.09% 17.5% 12.0% 5.9% 1.38 0.74 19.37% 45.66% 9.29 -

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

6.27 0.88 2'033.04 2.84% -2.84% 0.883 36 4.111 4'986'432 5'047'408 4'418'447 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 166'550.0 182'299.0 181'086.9 179'975.2 45'543.3 46'396.7 2.49x 2.27x 0.59x 0.60x 2.32x 2.27x 32'919.0 31'942.0 33'666.7 34'402.9 8'679.0 9'163.0 3.28x 3.31x 3.14x 3.07x 2.92x 2.88x 12'276.0 10'694.0 12'042.0 12'327.5 2'587.0 2'917.0 7.25x 8.25x 7.10x 7.03x 7.18x 7.20x S&P Issuer Ratings Long-Term Rating Date 12.04.2011 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 13.09.1999 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 48.20 (EBITDA-Capex)/Interest Exp. 18.54 Net Debt/EBITDA 0.51 Total Debt/EBITDA 1.04 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.0% Asset Turnover 1.09 Net Fixed Asset Turnover 2.73 Accounts receivable turnover-days 39.41 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

8.00

200'000.0

7.00

180'000.0 160'000.0

6.00

140'000.0

5.00

120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

40 35

Valuation Analysis

31.12.2008 160'331.0 0.62x 29'887.0 3.32x 10'590.0 8.21x

45

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Total SA Holdings By:

All

Holder Name TOTAL SA GROUPE BRUXELLES LAM AMUNDI QATAR HOLDINGS LLC NORGES BANK CIE NATIONALE A PORT BLACKROCK NATIXIS ASSET MANAGE VANGUARD GROUP INC CAPITAL GROUP COMPAN FRANKLIN RESOURCES ONTARIO TEACHERS PEN BANK OF NEW YORK MEL AVIVA PLC AMUNDI GRANTHAM MAYO VAN OT LBPAM WADDELL & REED FINAN FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE

Firm Name Sanford C. Bernstein & Co Raymond James Tudor Pickering & Co Barclays Jefferies Day by Day Grupo Santander Goldman Sachs Exane BNP Paribas AlphaValue VTB Capital HSBC Canaccord Genuity Corp RBC Capital Markets Banco Sabadell Societe Generale Credit Suisse JPMorgan Macquarie Hamburger Sparkasse CM - CIC Securities(ESN) Nomura Independent Research GmbH S&P Capital IQ Natixis Ahorro Corporacion Financiera SA EVA Dimensions Simmons & Company International Landesbank Baden-Wuerttemberg Deutsche Bank Morgan Stanley Investec CA Cheuvreux

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst OSWALD CLINT BERTRAND HODEE ROBERT KESSLER LYDIA RAINFORTH IAIN REID VALERIE GASTALDY JASON KENNEY MICHELE DELLA VIGNA ALEJANDRO DEMICHELIS ALEXANDRE ANDLAUER COLIN SMITH PAUL SPEDDING GORDON GRAY PETER HUTTON JORGE GONZALEZ SADORNIL IRENE HIMONA KIM FUSTIER NITIN SHARMA JASON D GAMMEL INGO SCHMIDT JEAN-LUC ROMAIN THEEPAN JOTHILINGAM SVEN DIERMEIER CHRISTINE TISCARENO ANNE PUMIR VIRGINIA PEREZ REPES CRAIG STERLING JEFFREY A DIETERT JENS MUENSTERMANN LUCAS HERRMANN MARTIJN P RATS STUART JOYNER DOMINIQUE PATRY

Source Co File Research Research Research Research Co File ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation outperform market perform accumulate underweight buy buy buy Sell/Cautious outperform reduce buy overweight buy outperform buy buy neutral overweight neutral buy buy neutral hold buy buy buy buy overweight buy buy Equalwt/In-Line hold outperform

Amt Held 108'732'635 94'077'367 78'390'326 47'275'059 47'038'683 35'456'294 27'588'144 23'623'504 23'417'298 19'734'600 13'367'024 11'200'000 10'726'773 10'451'098 9'555'009 8'031'246 7'707'489 7'573'598 7'054'684 6'889'834

% Out 4.6 3.98 3.31 2 1.99 1.5 1.17 1 0.99 0.83 0.56 0.47 0.45 0.44 0.4 0.34 0.33 0.32 0.3 0.29

Weighting

Change 5 3 4 1 5 5 5 1 5 2 5 5 5 5 5 5 3 5 3 5 5 3 3 5 5 5 5 5 5 5 3 3 5

M M M M M M M M M M M M U M M M M M M M M M M M M M M M M U M M M

Latest Chg (683'332) (1'631'999) 287'390 (2'024'000) (298'176) 256'626 (23'778) 21'870 (194'720) (6'360) (38'409)

Target Price 51 #N/A N/A 47 44 48 40 45 42 48 37 50 46 45 44 47 47 44 49 42 #N/A N/A 54 40 42 48 47 49 #N/A N/A #N/A N/A 45 44 42 38 44

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 15.03.2012 06.01.2012 14.03.2012 31.12.2011 31.12.2011 25.03.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2011 26.03.2013 28.02.2013 31.12.2012 31.05.2012 31.12.2012 31.12.2012 30.09.2012 28.02.2013

Date 12 month Not Provided Not Provided Not Provided 12 month 3 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 3 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided

Inst Type Corporation Holding Company Investment Advisor Government Government Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 07.03.2013 01.03.2013 27.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 07.02.2013 06.02.2013 17.01.2013 15.01.2013 09.01.2013 03.12.2012 27.11.2012 02.07.2012 30.04.2012


27.03.2013

British American Tobacco PLC British American Tobacco PLC is the holding company for a group of companies that manufacture, market and sell cigarettes and other tobacco products, including cigars and roll-your-own tobacco.

Price/Volume 4000

9.0 M

3500

8.0 M

3000

7.0 M 6.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BATS LN EQUITY YTD Change BATS LN EQUITY YTD % CHANGE

12/2012 12/yy 3'631.00 2'986.50 758'136.00 3499.5 -3.61% 17.18% 79.05% 1'927.0 67'436.33 10'719.00 0.0 307.0 2'107.00 76'355.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 14'208.0 14'883.0 3.52x 3.90x 5'091.0 5'881.0 9.82x 9.88x 2'713.0 2'879.0 14.72x 16.97x Profitability

3.0 M

1000

2.0 M

500

1.0 M

0 m-12

a-12 m-12

LTM-4Q 31.12.2011 15'399.0 4.56x 6'316.0 11.12x 3'095.0 19.45x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 15'190.0 4.73x 6'143.0 11.71x 3'841.0 15.69x 6'143.00 5'668.00 37.31% 37.18% 14.11% 49.12% 24.11% 0.56% 40.4% 37.3% 25.3% 1.13 0.52 39.22% 143.46% 7.70 -

Price/ Cash Flow

j-12

j-12

LTM

12/yy 9'866.0 8.70x 873.0 0.00x 2'130.0 18.69x

12/yy 12'122.0 7.34x 0.0 0.00x 2'457.0 14.60x

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

3.85 0.72 1'925.34 13.66% 15.10% 0.723 28 3.964 2'338'294 2'547'987 2'499'984 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'093.4 16'803.5 4.75x 4.53x 6'653.4 7'098.9 11.48x 10.75x 4'410.9 4'743.7 15.17x 13.87x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

09.11.2012 ASTABLE 16.05.2003 A-2 12.16 10.85 1.40 1.74 143.5% 57.9% 0.56 4.86 47.40 -

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

4.0 M

1500

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 12'122.0 3.84x 3'978.0 11.69x 2'457.0 14.60x

5.0 M

2000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

British American Tobacco PLC Holdings By:

All

Holder Name BLACKROCK REINET INVESTMENTS S LEGAL & GENERAL CAPITAL GROUP COMPAN INVESCO LTD SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES CREDIT SUISSE PRIVAT ABERDEEN MORGAN STANLEY INVES M&G INVESTMENT MANAG VANGUARD GROUP INC UBS MORGAN STANLEY Northern Cross Inter VANGUARD GROUP INC HARBOR CAPITAL ADVIS ALLAN GRAY UNIT TRUS NEWTON INV MGMT

Firm Name AlphaValue Day by Day Deutsche Bank Investec Nomura Oriel Securities Ltd Jefferies Goldman Sachs Panmure Gordon & Co Limited Avior Research Canaccord Genuity Corp Independent Research GmbH Redburn Partners Societe Generale Morgan Stanley Natixis Exane BNP Paribas Barclays Credit Suisse JPMorgan Renaissance Capital Berenberg Bank S&P Capital IQ EVA Dimensions Afrifocus Securities Imara

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ISABELLE COMBEMALE VALERIE GASTALDY JONATHAN FELL THANE DUFF DAVID HAYES CHRIS WICKHAM DIRK VAN VLAANDEREN FULVIO CAZZOL DAMIAN MCNEELA RICHARD TESSENDORF EDDY HARGREAVES LARS LUSEBRINK CHRISTIAN DE ROUALLE CHAS MANSO DE ZUNIGA MATTHEW GRAINGER NICOLAS LANGLET JAMES BUSHNELL SIMON HALES ROGERIO FUJIMORI RAE MAILE REY WIUM ERIK BLOOMQUIST CARL SHORT AUSTIN BURKETT TANUJA CHITRE RICHARD CLARKE

Source ULT-AGG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG REG MF-AGG ULT-AGG ULT-AGG REG REG MF-AGG MF-AGG REG

Recommendation add hold buy hold buy hold buy buy/attractive buy neutral hold hold neutral hold Equalwt/Attractive neutral outperform overweight outperform overweight hold buy hold overweight hold sell

Amt Held 132'891'526 81'313'066 70'617'321 67'664'399 62'241'180 51'036'377 44'677'384 44'654'616 37'965'898 35'672'165 26'280'778 24'636'075 24'361'035 23'128'725 22'521'571 22'218'678 21'639'256 20'358'179 17'404'651 16'928'208

% Out 6.9 4.22 3.66 3.51 3.23 2.65 2.32 2.32 1.97 1.85 1.36 1.28 1.26 1.2 1.17 1.15 1.12 1.06 0.9 0.88

Weighting

Change 4 3 5 3 5 3 5 5 5 3 3 3 3 3 3 3 5 5 5 5 3 5 3 5 3 1

M M M M M M M M M M M M M M N M M M M M D M M M M N

Latest Chg (3'000'000) (2'766'594) 1'948'246 3'856'239 (4'619'821) (2'144'127) (376'548) 1'305'019 5'499'279 (427'111) 562'275 (1'102'251) 1'491'898 245'915 1'824'714 260'794 892'088 (202'468)

Target Price 3'801 #N/A N/A 3'700 3'577 4'087 3'700 4'000 4'420 3'900 3'761 3'100 3'600 #N/A N/A 3'550 3'450 3'600 3'800 3'725 3'600 4'209 3'550 3'500 3'540 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Bank 28.02.2013 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Mutual Fund Manager

Date 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 9 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 21.03.2013 18.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 17.01.2013 18.04.2012 17.05.2011


27.03.2013

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on three major business sectors including industrial, energy, and healthcare. Siemens AG provides engineering solutions in automation and control, power, transportation, medical, information and communication, and lighting.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIE GY EQUITY YTD Change SIE GY EQUITY YTD % CHANGE

09/2012 12/yy 88.25 62.13 1'373'315.00 84.49 -4.23% 35.99% 89.24% 881.0 74'435.69 20'706.00 0.0 569.0 11'415.00 85'996.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

100 90 80 70 60 50 40 30 20 10 0 m-12

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.07x 9'196.0 9'544.0 6.77x 7.72x 2'292.0 3'899.0 24.49x 16.42x Profitability

LTM-4Q 30.09.2011 73'275.0 0.89x 10'492.0 6.19x 6'145.0 8.24x

30.09.2012 78'296.0 0.98x 9'653.0 7.93x 4'458.0 13.50x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

9'653.00 6'909.00 8.82% 9.30% 4.00% 13.31% 9.71% 0.75% 28.4% 13.2% 9.7% 5.7% 1.22 0.62 19.12% 67.37% 4.95 3.49

Price/ Cash Flow

LTM

12/yy 73'702.0 4.28x 9'978.0 7.27x 5'793.0 9.79x

12/yy 78'670.0 3.87x 10'351.0 7.81x 4'215.0 14.47x

FY+1

0.96 771.11 13.97% 6.58% 0.959 43 3.465 3'169'356 2'601'423 2'427'125 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 78'224.0 81'211.0 18'927.1 19'267.1 1.08x 1.01x 4.65x 4.58x 9'514.8 11'411.5 2'045.0 2'134.7 9.03x 7.53x 9.07x 8.60x 5'148.9 6'465.0 1'193.3 1'117.5 13.87x 11.21x 13.25x 12.71x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.07 2.14 67.4% 39.8% 0.75 7.41 73.95 104.73 44.53 120.05

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.10.2009

10'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG VANGUARD GROUP INC CAPITAL GROUP COMPAN UBS UNION INVESTMENT GMB THORNBURG INVESTMENT FRANKLIN RESOURCES FMR LLC DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE DEUTSCHE BANK AG OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE LBPAM FRANKFURT TRUST INVE ADIG INVESTMENT ETFLAB INVESTMENT GM

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Canaccord Genuity Corp JAMES STETTLER Societe Generale GAEL DE BRAY Sanford C. Bernstein & Co MARTIN PROZESKY Morgan Stanley BEN UGLOW Day by Day VALERIE GASTALDY AlphaValue HEINZ STEFFEN Landesbank Baden-Wuerttemberg VOLKER STOLL Hamburger Sparkasse MARCO GUENTHER Baader Bank GUENTHER MICHAEL HOLLFELDER Exane BNP Paribas OLIVIER ESNOU HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE RBC Capital Markets ANDREW CARTER Banco Sabadell FRANCISCO JOSE RODRIGUEZ DZ Bank AG JASKO TERZIC Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Kepler Capital Markets ULRICH SCHOLZ Credit Suisse SIMON TOENNESSEN CA Cheuvreux ALFRED GLASER Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Natixis LUDOVIC DEBAILLEUX Main First Bank AG CHRISTOPHER YOUL Barclays NICK WEBSTER Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Nord/LB WOLFGANG DONIE JPMorgan ANDREAS WILLI William Blair & Co NICHOLAS P HEYMANN Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ JAMES CRAWSHAW Redburn Partners JAMES MOORE SRH AlsterResearch OLIVER DREBING Goldman Sachs DANIELA COSTA EVA Dimensions CRAIG STERLING Deutsche Bank PETER REILLY Nomura DANIEL CUNLIFFE Silvia Quandt Research EERIK KD BUDARZ Langenberg & Co BRIAN KEITH LANGENBERG

Source ULT-AGG Research Research Research MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold market perform Overwt/Cautious buy reduce buy buy buy underperform neutral neutral sector perform buy hold hold hold outperform outperform buy buy reduce underperform equalweight hold hold neutral market perform hold hold neutral buy neutral/neutral hold sell neutral avoid buy

Amt Held 57'388'502 54'852'206 27'758'338 26'820'674 12'302'553 9'880'200 6'246'478 5'386'486 5'203'888 4'877'843 4'583'145 4'175'468 3'641'584 3'543'486 2'963'579 2'464'495 2'013'201 1'647'039 1'634'951 1'570'015

% Out 6.51 6.23 3.15 3.04 1.4 1.12 0.71 0.61 0.59 0.55 0.52 0.47 0.41 0.4 0.34 0.28 0.23 0.19 0.19 0.18

Weighting

Change 3 3 3 5 5 2 5 5 5 1 3 3 3 5 3 3 3 5 5 5 5 2 1 3 3 3 3 3 3 3 3 5 3 3 1 3 1 5

M M M M U D M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M

Latest Chg (569'646) (179'474) (890'272) (142'559) (1'084'091) (551'912) (330'620) (417'782) 70'846 152'571 452'193 57'030 (38'813) (87'700) (5'200) -

Target Price 80 88 73 99 92 84 96 86 88 88 87 81 86 90 77 85 85 95 94 93 94 75 86 84 83 76 90 79 85 85 #N/A N/A 92 90 #N/A N/A 65 85 58 100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 10.11.2011 n/a 07.05.2012 Government 08.10.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 30.11.2012 Investment Advisor 26.03.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month 3 month 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month 9 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Date 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 15.03.2013 14.03.2013 08.03.2013 08.03.2013 19.02.2013 15.02.2013 05.02.2013 04.02.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 17.01.2013 20.11.2012 16.11.2012 08.11.2012 12.10.2012


27.03.2013

Royal Dutch Shell PLC Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSB LN EQUITY YTD Change RDSB LN EQUITY YTD % CHANGE

12/2011 12/yy 2'374.50 2'020.00 2'011'897.00 2204.5 -7.16% 9.13% 56.42% 2'600.7 138'099.92 37'754.00 0.0 1'433.0 18'550.00 229'195.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 m-12 a-12 m-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.55x 55'943.0 4.60x 30'918.0 7.39x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 467'153.0 0.51x 52'114.0 4.58x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 7.54% 14.86% 12.75% 1.32% 15.2% 11.2% 8.0% 5.7% 1.18 0.61 10.48% 20.03% 10.56 13.25

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

5.17 1.01 2'599.25 3.48% 2.69% 1.006 19 3.105 4'486'656 4'445'420 3'719'687 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x 55'943.0 52'114.0 61'207.0 62'495.8 10'357.0 10'835.0 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x 30'918.0 26'592.0 26'655.6 27'485.2 6'859.0 7'011.0 7.38x 8.11x 7.93x 7.82x 7.84x 7.82x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.37 Total Debt/EBITDA 0.72 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.88 Accounts receivable turnover-days 34.68 Inventory Days 27.61 Accounts Payable Turnover Day 40.16 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

1500

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS CREDIT SUISSE PRIVAT M&G INVESTMENT MANAG VANGUARD GROUP INC QATAR INVESTMENT AUT PEOPLES REPUBLIC OF UBS FRANKLIN RESOURCES VANGUARD GROUP INC AXA STANDARD LIFE INVEST ABERDEEN FMR LLC BREWIN DOLPHIN LIMIT JP MORGAN STATE STREET THREADNEEDLE ASSET M

Firm Name Sanford C. Bernstein & Co Grupo Santander Goldman Sachs Exane BNP Paribas JPMorgan Liberum Capital Ltd VTB Capital Societe Generale Morgan Stanley Nomura Canaccord Genuity Corp RBC Capital Markets HSBC Natixis Barclays EVA Dimensions VSA Capital Ltd Deutsche Bank

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst OSWALD CLINT JASON KENNEY MICHELE DELLA VIGNA ALEJANDRO DEMICHELIS FREDERICK G LUCAS ANDREW WHITTOCK COLIN SMITH IRENE HIMONA MARTIJN P RATS THEEPAN JOTHILINGAM GORDON GRAY PETER HUTTON PAUL SPEDDING ANNE PUMIR RAHIM KARIM CRAIG STERLING DOUGIE YOUNGSON LUCAS HERRMANN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG REG REG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG

Recommendation market perform underweight Sell/Cautious underperform underweight hold hold buy Overwt/In-Line buy buy sector perform neutral buy equalweight buy not rated hold

Amt Held 176'509'095 92'965'731 91'962'723 84'449'282 74'947'205 49'588'750 48'224'986 44'703'170 39'898'819 37'871'476 35'090'143 34'738'840 33'594'566 33'060'303 31'402'252 28'774'373 27'392'377 25'480'564 23'787'695 21'990'967

% Out 6.79 3.57 3.54 3.25 2.88 1.91 1.85 1.72 1.53 1.46 1.35 1.34 1.29 1.27 1.21 1.11 1.05 0.98 0.91 0.85

Weighting

Change

3 1 1 1 1 3 3 5 5 5 5 3 3 5 3 5 #N/A N/A 3

M M M M D M M M M M M M M M M M M D

Latest Chg (2'451'432) 10'540'709 (526'247) (2'440'260) 1'120'225 1'669'724 3'975'234 932'195 (3'039'278) 1'176'245 (185'589) (2'304'800) (766'521) (1'060'121) (626'439) 4'342'844 2'600'938 1'154'509

Target Price 2'410 2'409 2'280 2'350 2'400 2'310 2'500 2'700 2'500 2'500 2'650 2'580 2'450 2'600 2'550 #N/A N/A #N/A N/A 2'475

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 01.01.2013 08.03.2013 01.01.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 31.01.2013 28.02.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013 31.01.2013 01.01.2013 31.01.2013 26.03.2013 01.01.2013

Date 12 month Not Provided 12 month Not Provided 9 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Government Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 22.03.2013 20.03.2013 20.03.2013 18.03.2013 15.03.2013 14.03.2013 01.03.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 19.02.2013 01.02.2013 01.02.2013 01.02.2013 17.01.2013 04.12.2012 03.12.2012


27.03.2013

Bayer AG Bayer AG produces and markets healthcare and agricultural products, and polymers. The Company manufactures products that include aspirin, antibiotics, anti-infectives, and cardiovascular, oncology, and central nervous system drugs, over-the-counter medications, diagnostics, animal health products, crop protection products, plastics, and polyurethanes.

Price/Volume 90

12.0 M

80

10.0 M

70 60

8.0 M

50

12/2012 12/yy 80.71 47.63 1'360'350.00 79.23 -1.87% 66.36% 96.74% 826.9 65'519.08 9'532.00 0.0 100.0 2'551.00 72'600.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30

4.0 M

20

2.0 M

10 0 m-12

31.12.2009 31.12.2010 31'168.0 35'088.0 1.80x 1.53x 7'695.0 8'900.0 7.30x 6.04x 1'359.0 1'301.0 32.92x 35.22x Profitability

LTM-4Q 31.12.2011 36'528.0 1.32x 8'963.0 5.36x 2'470.0 16.52x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 39'760.0 1.67x 9'001.0 7.39x 2'446.0 24.29x 9'001.00 6'041.00 15.19% 8.17% 4.70% 12.98% 0.76% 52.1% 21.6% 14.2% 6.2% 1.45 0.76 18.57% 51.61% 5.49 2.86

Price/ Cash Flow

j-12

j-12

LTM

12/yy 36'528.0 5.33x 8'963.0 5.36x 2'470.0 16.52x

a-12

12/yy 39'760.0 5.89x 8'605.0 7.73x 2'446.0 24.29x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.96 826.95 51.98% 10.21% 0.964 38 3.816 2'352'729 2'436'012 2'190'764 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 41'540.8 43'629.9 10'500.3 10'590.3 1.72x 1.58x 8'798.2 9'453.7 2'515.5 2'276.0 8.24x 7.67x 8.21x 4'673.7 5'191.6 1'466.5 1'294.0 13.45x 12.17x 13.32x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.04.2008 APOS 11.07.2006 A-2 12.11 9.52 0.81 1.11 51.6% 33.9% 0.76 4.04 66.70 128.16 75.11 119.75

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 32'918.0 1.40x 6'702.0 6.86x 1'719.0 18.72x

6.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Bayer AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK FMR LLC DODGE & COX VANGUARD GROUP INC SUN LIFE FINANCIAL I MORGAN STANLEY DEUTSCHE BANK AG DB PLATINUM ADVISORS BANK OF NEW YORK MEL UNION INVESTMENT GMB DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE BNP PARIBAS INV PART T ROWE PRICE ASSOCIA CI INVESTMENTS INC ADIG INVESTMENT MERCURY ASSET MANAGE TIAA CREF INVESTMENT FRANKFURT TRUST INVE

Firm Name Sanford C. Bernstein & Co Helvea DZ Bank AG Exane BNP Paribas AlphaValue Commerzbank Corporates & Markets Baader Bank Jefferies Berenberg Bank Natixis Equinet Institutional Services(ESN) S&P Capital IQ JPMorgan EVA Dimensions CA Cheuvreux Societe Generale Landesbank Baden-Wuerttemberg Hamburger Sparkasse Nomura Day by Day Nord/LB Credit Suisse Macquarie Bankhaus Metzler Barclays Independent Research GmbH M.M. Warburg Investment Research Bryan Garnier & Cie Goldman Sachs Kepler Capital Markets Deutsche Bank Redburn Partners Main First Bank AG Silvia Quandt Research Banco Sabadell Liberum Capital Ltd

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEREMY REDENIUS ODILE RUNDQUIST PETER SPENGLER FLORENT CESPEDES MARTIN SCHNEE DANIEL WENDORFF NORBERT BARTH JEFFREY HOLFORD ALISTAIR CAMPBELL BEATRICE MUZARD MARIETTA MIEMIETZ SHO MATSUBARA RICHARD VOSSER ANDREW S ZAMFOTIS LAURENT FLAMME STEPHEN MCGARRY ULLE WORNER MARCO GUENTHER JEAN DE WATTEVILLE VALERIE GASTALDY THORSTEN STRAUSS JOHANNA WALTON CHRISTIAN FAITZ SEBASTIAN FRERICKS MARK PURCELL CHRISTOPH SCHOENDUBE ULRICH HUWALD ERIC LE BERRIGAUD RAKESH PATEL FABIAN WENNER TIM RACE TEAM COVERAGE RONALD KOEHLER CLAUDIA LAKATOS MARTA DIAZ NARESH CHOUHAN

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform accumulate buy neutral reduce buy hold hold buy buy accumulate hold overweight buy outperform hold buy hold neutral hold sell outperform outperform buy underweight hold hold buy neutral/neutral buy buy neutral outperform neutral buy overweight

Amt Held 99'286'793 63'637'479 15'106'150 11'899'870 11'028'402 8'812'434 8'564'198 7'534'779 7'532'781 6'298'907 5'937'955 5'795'523 5'770'395 5'155'727 3'647'992 3'035'802 3'035'138 2'450'000 2'406'227 2'182'662

% Out 12.01 7.7 1.83 1.44 1.33 1.07 1.04 0.91 0.91 0.76 0.72 0.7 0.7 0.62 0.44 0.37 0.37 0.3 0.29 0.26

Weighting

Change 3 4 5 3 2 5 3 3 5 5 4 3 5 5 5 3 5 3 3 3 1 5 5 5 1 3 3 5 3 5 5 3 5 3 5 5

M M M M M M M M M M M M M U M M M M M M M M M M M M M M M M M M M M N M

Latest Chg (3'516'978) (349'638) 12'931 (349'533) (518'224) 118'983 2'307'304 129'068 279'716 (211'094) 227'355 (1'063'440) 356'211 (32'100) 45'000 (149'624) (242'500)

Target Price 75 82 80 76 81 90 66 79 85 90 75 79 95 #N/A N/A 82 74 85 #N/A N/A 84 #N/A N/A 65 83 83 90 68 76 75 75 82 76 86 #N/A N/A 80 63 #N/A N/A 76

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 03.05.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 26.03.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager

Date 12 month 12 month 12 month Not Provided 6 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 15 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 27.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 15.03.2013 07.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 25.02.2013 12.12.2012 26.11.2012 20.11.2012 30.10.2012 05.03.2012 15.09.2010


27.03.2013

BASF SE BASF SE is a chemical company. The Company operates in six segments: Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions and Oil & Gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical / electronics, furniture and paper industries, and provides a range of system solutions and services.

Price/Volume 80

8.0 M

50

12/2012 12/yy 76.20 51.13 2'681'045.00 68.1 -10.62% 33.19% 73.75% 918.5 62'548.40 13'355.00 0.0 1'224.0 1'800.00 75'327.40

6.0 M

30

4.0 M

20 2.0 M

10 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

31.12.2008 62'304.0 0.62x 10'238.0 3.74x 2'912.0 8.86x

12.0 M

70

31.12.2009 31.12.2010 50'693.0 63'873.0 1.07x 1.09x 8'500.0 11'903.0 6.36x 5.85x 1'410.0 4'557.0 28.22x 12.04x Profitability

LTM-4Q 31.12.2011 73'497.0 0.84x 11'855.0 5.20x 6'188.0 8.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 78'729.0 0.99x 12'583.0 6.21x 4'879.0 13.40x 12'583.00 9'022.00 11.46% 10.72% 7.78% 20.03% 14.67% 1.25% 26.3% 16.0% 11.5% 6.2% 1.66 0.69 20.76% 54.33% 7.49 5.81

Price/ Cash Flow

LTM

12/yy 73'497.0 3.54x 11'855.0 5.20x 6'188.0 8.00x

12/yy 78'729.0 3.62x 12'583.0 6.21x 4'879.0 13.40x

FY+1

1.07 854.55 5.41% -4.29% 1.067 40 3.800 3'756'319 3'118'220 2'658'043 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 80'660.5 80'192.8 21'598.8 20'076.0 0.93x 0.91x 3.44x 3.75x 12'750.8 13'452.7 3'507.0 3'438.0 5.91x 5.60x 5.92x 5'369.0 5'824.2 1'618.0 1'469.0 11.41x 10.59x 11.51x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.05.2011 A+ STABLE 12.02.2009 A-1 16.73 11.22 0.92 1.06 54.3% 34.1% 1.25 4.36 48.87 63.04 31.03 80.88

Sales/Revenue/Turnover

12.00

90'000.0 80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 6.00

40'000.0 30'000.0

4.00

20'000.0 2.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

BASF SE Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC DEUTSCHE BANK AG UNION INVESTMENT GMB FMR LLC DB PLATINUM ADVISORS ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH ADIG INVESTMENT BNP PARIBAS INV PART MERCURY ASSET MANAGE FRANKFURT TRUST INVE UNION INVESTMENT LUX SEB ETFLAB INVESTMENT GM T ROWE PRICE ASSOCIA SWEDBANK ROBUR FONDE NATIXIS ASSET MANAGE DEKA INTERNATIONAL S

Firm Name Sanford C. Bernstein & Co Redburn Partners HSBC Exane BNP Paribas Nord/LB Jefferies AlphaValue JPMorgan Canaccord Genuity Corp DZ Bank AG M.M. Warburg Investment Research Baader Bank CA Cheuvreux Commerzbank Corporates & Markets Credit Suisse Bankhaus Lampe S&P Capital IQ Societe Generale Goldman Sachs Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Hamburger Sparkasse Bankhaus Metzler Equinet Institutional Services(ESN) Morgan Stanley Nomura Banco Sabadell Barclays Kepler Capital Markets EVA Dimensions Deutsche Bank Main First Bank AG Berenberg Bank Day by Day Gilford Securities Silvia Quandt Research Steubing AG SRH AlsterResearch

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEREMY REDENIUS TONY JONES GEOFF HAIRE JAMES KNIGHT THORSTEN STRAUSS LAURENCE ALEXANDER MARTIN SCHNEE MARTIN EVANS PAUL W SATCHELL PETER SPENGLER OLIVER SCHWARZ NORBERT BARTH MARTIN ROEDIGER LUTZ GRUETEN CHRIS COUNIHAN HEIKO FEBER JOHNSON IMODE PETER CLARK RAKESH PATEL CHRISTIAN FAITZ ULLE WORNER CHRISTOPH SCHOENDUBE MARCO GUENTHER LARS HETTCHE NADESHDA DEMIDOVA PAUL R WALSH JEAN DE WATTEVILLE GLEN SPENCER-CHAPMAN ANDREAS HEINE MARKUS MAYER CRAIG STERLING TIMOTHY JONES RONALD KOEHLER JAIDEEP PANDYA VALERIE GASTALDY PAUL C CHRISTOPHERSON HARALD GRUBER TEAM COVERAGE OLIVER DREBING

Source ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform buy neutral outperform hold hold add neutral sell buy hold buy outperform buy outperform buy hold hold Buy/Neutral neutral buy buy buy sell accumulate Overwt/In-Line buy sell equalweight hold overweight buy neutral hold buy hold neutral buy buy

Amt Held 63'927'154 12'764'100 11'343'571 11'072'038 7'816'891 7'728'029 7'464'197 6'827'084 3'833'502 3'562'928 3'382'359 2'723'078 2'394'986 2'052'900 2'000'933 1'827'520 1'605'194 1'494'928 1'446'357 1'361'517

% Out 6.96 1.39 1.24 1.21 0.85 0.84 0.81 0.74 0.42 0.39 0.37 0.3 0.26 0.22 0.22 0.2 0.17 0.16 0.16 0.15

Weighting

Change 3 5 3 5 3 3 4 3 1 5 3 5 5 5 5 5 3 3 5 3 5 5 5 1 4 5 5 1 3 3 5 5 3 3 5 3 3 5 5

M M M M M M M M M M D M M M M M D M M M M M M D D M M M M M M M M M M D M M M

Latest Chg 933'000 813'771 (195'542) 3'435 (1'894'889) 1'313'530 (273'418) 150'348 4'200 (16'216) (1'000) 251'750 85'942 (18'792) 95'786 (1'093'863) (143'697)

Target Price 75 #N/A N/A 75 74 73 73 79 75 60 86 78 85 80 83 78 80 78 72 87 66 81 84 #N/A N/A 68 85 85 88 71 80 75 #N/A N/A 79 65 60 76 #N/A N/A 65 81 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 28.02.2013 28.09.2012 31.01.2013 28.02.2013 28.02.2013 28.12.2012 30.11.2012 31.01.2013 25.03.2013 31.01.2013 28.09.2012 31.01.2013 26.03.2013 31.12.2012 31.12.2012 31.01.2013 28.12.2012

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 27.03.2013 27.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 20.03.2013 20.03.2013 13.03.2013 07.03.2013 05.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 15.02.2013 04.02.2013 01.02.2013 17.01.2013 06.12.2012 20.11.2012 25.10.2012 03.10.2012 26.09.2012 27.02.2012 05.01.2012 29.10.2010


27.03.2013

Anheuser-Busch InBev NV Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, stout, and bitter beer. Anheuser-Busch InBev owns brands that are both nationally and internationally prominent. The Company has production plants in Europe, the Americas, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE

12/2012 12/yy 77.13 52.11 1'216'571.00 75.81 -1.70% 45.48% 99.23% 1'606.9 121'818.72 44'341.00 0.0 4'299.0 13'878.00 190'324.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

80

8.0 M

70

7.0 M

60

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0 m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 23'507.0 4.07x 7'734.0 12.37x 1'927.0 11.99x

90

31.12.2009 31.12.2010 36'758.0 36'297.0 3.57x 3.70x 12'925.0 13'768.0 10.15x 9.76x 4'613.0 4'026.0 17.92x 22.61x Profitability

LTM-4Q 31.12.2011 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 39'758.0 4.37x 15'450.0 11.25x 7'243.0 19.15x 15'450.00 12'765.00 32.11% 28.05% 6.16% 18.42% 13.08% 0.34% 58.6% 38.9% 32.1% 18.2% 1.01 0.88 36.16% 107.78% 9.76 6.62

Price/ Cash Flow

LTM

12/yy 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x

12/yy 39'758.0 4.14x 11'768.0 0.00x 7'244.0 19.04x

FY+1

0.76 41.56% 15.32% 0.758 34 3.794 2'037'504 2'061'876 1'952'703 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 44'942.6 48'787.4 9'508.0 10'382.0 4.33x 3.89x 17'593.5 19'517.3 10.81x 9.74x 8'019.2 9'005.7 1'593.0 1'700.0 19.45x 17.19x 20.21x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

01.05.2012 A STABLE 01.05.2012 A-1 7.48 5.90 1.97 2.87 107.8% 49.4% 0.34 2.45 37.49 55.25 306.82 -214.08

Sales/Revenue/Turnover

14.00

45'000.0

12.00

40'000.0 35'000.0

10.00

30'000.0

8.00

25'000.0

6.00

20'000.0 15'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Anheuser-Busch InBev NV Holdings By:

All

Holder Name STICHTING INBEV EUGENIE PATRI SEBAST CAPITAL GROUP COMPAN BRC SARL FMR LLC BLACKROCK HARBOR CAPITAL ADVIS BNP PARIBAS INV PART VANGUARD GROUP INC ANHEUSER-BUSCH INBEV VOORZITTER VERHELST INBEV-BAILLET LATOUR ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL T ROWE PRICE ASSOCIA INVESCO LTD MERCURY ASSET MANAGE GRANTHAM MAYO VAN OT THREADNEEDLE INVESTM WELLCOME TRUST LIMIT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co TREVOR STIRLING AlphaValue ISABELLE COMBEMALE Jefferies DIRK VAN VLAANDEREN Bank Degroof(ESN) HANS D'HAESE Grupo Santander ANTHONY J BUCALO RBC Capital Markets JAMES EDWARDES JONES Liberum Capital Ltd PABLO ZUANIC Credit Suisse SANJEET AUJLA ING Bank MARCO GULPERS Canaccord Genuity Corp EDDY HARGREAVES KBC Securities WIM HOSTE JPMorgan MIKE J GIBBS Societe Generale ANDREW HOLLAND HSBC LAUREN E TORRES Nomura IAN SHACKLETON Day by Day VALERIE GASTALDY Exane BNP Paribas JAVIER GONZALEZ LASTRA Kempen & Co SANDER VAN OORT Independent Research GmbH LARS LUSEBRINK Petercam KRIS KIPPERS S&P Capital IQ CARL SHORT ABN Amro Bank N.V. ROBERT JAN VOS Rabobank International KAREL ZOETE Natixis OLIVIER DELAHOUSSE Berenberg Bank PHILIP MORRISEY Goldman Sachs MITCHELL COLLETT Bryan Garnier & Cie NIKOLAAS FAES Redburn Partners CHRIS PITCHER CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Espirito Santo Investment Bank Research ALEX SMITH Nord/LB WOLFGANG VASTERLING Deutsche Bank JONATHAN FELL Barclays SIMON HALES Banco Sabadell IGNACIO ROMERO Shore Capital Stockbrokers PHIL CARROLL Kepler Capital Markets TEAM COVERAGE

Source 20F 20F ULT-AGG 20F ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG 20F 20F 20F ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research

Recommendation outperform sell buy hold buy outperform buy outperform hold buy hold not rated buy overweight neutral buy underperform hold hold buy hold reduce buy neutral buy sell/attractive buy buy outperform sell neutral hold restricted suspended coverage buy not rated buy

Amt Held 663'074'830 133'267'604 35'079'819 32'666'460 16'638'410 11'870'001 10'597'724 10'426'752 10'415'186 7'601'955 6'997'665 5'485'415 4'279'114 4'160'120 3'438'936 2'771'955 2'203'582 2'153'869 2'031'936 1'850'000

% Out 41.26 8.29 2.18 2.03 1.04 0.74 0.66 0.65 0.65 0.47 0.44 0.34 0.27 0.26 0.21 0.17 0.14 0.13 0.13 0.12

Weighting

Change

5 1 5 3 5 5 5 5 3 5 3 #N/A N/A 5 5 3 5 1 3 3 5 3 2 5 3 5 1 5 5 5 1 3 3 #N/A N/A #N/A N/A 5 #N/A N/A 5

M M M M M M M M M M M M M M M U M M M M M M U M M M M M M M M M M M M M N

Latest Chg (3'462'946) (2'268'325) 346'574 (128'959) (349'398) (2'422'646) 410'748 89'672 1'647'249 343'435 166'567 39'854 -

Target Price 82 46 89 74 83 90 82 90 68 85 71 #N/A N/A 74 78 70 74 63 68 73 80 73 61 76 70 64 60 75 #N/A N/A 72 #N/A N/A 65 #N/A N/A #N/A N/A #N/A N/A 42 #N/A N/A 50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.08.2011 29.08.2011 31.12.2012 29.08.2011 31.01.2013 25.03.2013 31.12.2012 31.01.2013 31.12.2012 29.08.2011 29.08.2011 29.08.2011 31.01.2013 31.12.2012 31.12.2012 21.03.2013 25.03.2013 31.05.2012 31.12.2012 31.01.2013

Date 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 3 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Corporation Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.03.2013 21.03.2013 18.03.2013 18.03.2013 12.03.2013 11.03.2013 08.03.2013 07.03.2013 06.03.2013 05.03.2013 04.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 14.02.2013 04.02.2013 01.02.2013 01.02.2013 21.01.2013 17.01.2013 14.09.2012 10.09.2012 29.06.2012 29.06.2012 05.03.2012 07.02.2012 27.09.2011


27.03.2013

Diageo PLC Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Price/Volume 2500

16.0 M 14.0 M

2000

12.0 M 10.0 M

1500

8.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DGE LN EQUITY YTD Change DGE LN EQUITY YTD % CHANGE

06/2012 01/yy 2'054.00 1'475.00 1'198'087.00 2022.5 -1.56% 37.12% 94.99% 2'509.4 50'753.25 8'629.00 0.0 1'223.0 1'076.00 59'608.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 2.0 M

0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 8'090.0 3.78x 2'516.0 12.17x 1'521.0 15.85x

6.0 M

500

30.06.2009 30.06.2010 9'311.0 9'780.0 3.27x 3.57x 2'777.0 2'984.0 10.96x 11.70x 1'605.0 1'629.0 13.51x 15.99x Profitability

30.06.2011 9'936.0 3.98x 3'232.0 12.24x 1'900.0 16.71x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 10'762.0 4.68x 3'826.0 13.16x 1'942.0 21.00x 3'826.00 3'415.00 31.73% 29.00% 11.04% 44.10% 19.93% 0.48% 60.4% 36.5% 32.8% 18.0% 1.52 0.59 38.61% 154.42% 3.84 1.09

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.22 0.71 2'506.64 35.38% 14.23% 0.707 35 4.286 4'597'891 3'961'409 3'834'203 FY+2

06/13 Y 06/14 Y 11'472.6 12'267.9 5.18x 4.76x 3'926.4 4'252.3 15.18x 14.02x 2'578.3 2'854.1 19.64x 17.62x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

01.09.2005 ASTABLE 01.09.2005 A-2 5.94 5.19 1.92 2.11 154.4% 55.9% 0.48 3.74 95.26 334.29 294.76

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 03.07.2009

2'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Diageo PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK SUN LIFE FINANCIAL I LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS NORGES BANK INVESTME UBS Northern Cross Inter HARBOR CAPITAL ADVIS PEOPLES REPUBLIC OF VANGUARD GROUP INC VANGUARD GROUP INC Cascade Investment C STATE STREET FRANKLIN RESOURCES DIAGEO PLC ESOP BREWIN DOLPHIN LIMIT AXA CI INVESTMENTS INC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Sanford C. Bernstein & Co TREVOR STIRLING Nomura IAN SHACKLETON Stifel MARK D SWARTZBERG AlphaValue ISABELLE COMBEMALE Jefferies DIRK VAN VLAANDEREN Shore Capital Stockbrokers PHIL CARROLL Oriel Securities Ltd CHRIS WICKHAM RBC Capital Markets JAMES EDWARDES JONES JPMorgan MATTHEW WEBB Barclays SIMON HALES Credit Suisse CHARLES MILLS Raymond James HERMINE DE BENTZMANN Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY Exane BNP Paribas JAVIER GONZALEZ LASTRA Investec MARTIN DEBOO Societe Generale NICOLAS CERON Kepler Capital Markets LAETITIA DELAYE Natixis OLIVIER DELAHOUSSE Redburn Partners CHRIS PITCHER Independent Research GmbH LARS LUSEBRINK Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO EVA Dimensions AUSTIN BURKETT Goldman Sachs MITCHELL COLLETT Deutsche Bank JAMES ISENWATER Berenberg Bank PHILIP MORRISEY Espirito Santo Investment Bank Research ALEX SMITH HSBC ERWAN RAMBOURG Davy BARRY GALLAGHER

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG MF-AGG REG REG MF-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG MF-AGG

Recommendation market perform buy buy reduce buy buy buy sector perform neutral overweight outperform outperform hold buy neutral hold hold buy buy buy hold buy buy buy outperform buy hold buy/attractive buy buy buy neutral outperform

Amt Held 170'818'263 166'780'393 103'629'142 93'430'267 72'210'629 60'345'332 53'076'191 36'365'999 32'768'036 31'592'406 31'254'191 26'868'931 26'133'318 25'516'958 23'796'416 20'723'095 20'432'541 19'857'996 19'645'452 19'387'391

% Out 6.81 6.65 4.13 3.72 2.88 2.4 2.12 1.45 1.31 1.26 1.25 1.07 1.04 1.02 0.95 0.83 0.81 0.79 0.78 0.77

Weighting

Change 3 5 5 2 5 5 5 3 3 5 5 5 3 5 3 3 3 5 5 5 3 5 5 5 5 5 3 5 5 5 5 3 5

M M N M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 32'500 19'483'465 (2'633'373) 116'442 (3'259'491) 21'978'145 751'700 1'138'390 490'603 162'750 7'155'385 1'303'879 (6'773'960) 1'347'040 (262'901) 443'832 (847'762) 2'364'575 (655'760)

Target Price 2'100 2'040 2'400 1'912 1'915 #N/A N/A 2'100 2'100 1'915 2'150 2'350 2'060 1'670 2'460 1'980 1'970 1'900 2'100 2'100 #N/A N/A 1'900 1'900 2'100 2'300 1'850 2'100 #N/A N/A 2'220 2'000 1'760 1'860 1'800 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.01.2013 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.01.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 26.03.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

Date 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month 3 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Government Unclassified Unclassified Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 22.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 19.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 07.03.2013 05.03.2013 28.02.2013 22.02.2013 15.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 25.01.2013 21.01.2013 18.01.2013 17.01.2013 09.01.2013 10.11.2012 29.10.2012 02.10.2012 08.08.2012 25.08.2011


27.03.2013

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

18.0 M

60

16.0 M 14.0 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAP GY EQUITY YTD Change SAP GY EQUITY YTD % CHANGE

12/2012 12/yy 65.00 43.62 1'889'120.00 61.8 -4.92% 41.68% 85.78% 1'228.5 75'921.56 5'248.00 0.0 8.0 2'631.00 78'546.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

30

8.0 M 6.0 M

20

4.0 M

10

2.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

12.0 M

40

31.12.2009 31.12.2010 10'672.0 12'464.0 3.65x 3.71x 3'301.0 4'125.0 11.81x 11.20x 1'748.0 1'811.0 22.45x 25.07x Profitability

LTM-4Q 31.12.2011 14'233.0 3.31x 4'663.0 10.10x 3'438.0 14.13x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 16'223.0 4.62x 5'002.0 14.99x 2'823.0 25.61x 5'002.00 4'139.00 25.51% 23.57% 11.29% 21.05% 16.33% 0.65% 68.8% 28.2% 22.9% 17.4% 1.00 0.94 19.56% 37.05% 4.30 -

Price/ Cash Flow

LTM

12/yy 14'233.0 13.42x 4'663.0 10.10x 3'438.0 14.13x

12/yy 16'223.0 15.96x 4'575.0 16.39x 2'827.0 25.61x

FY+1

0.82 912.18 19.18% 1.83% 0.815 44 4.114 2'963'242 2'827'586 2'922'148 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'008.1 19'847.1 3'814.2 4'343.7 4.15x 3.62x 20.08x 17.68x 6'414.2 7'242.4 1'112.5 1'483.0 12.21x 10.82x 12.07x 12.08x 3'999.0 4'574.2 672.2 919.8 17.84x 15.73x 17.78x 17.48x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

28.58 25.49 0.57 1.15 37.1% 27.0% 0.65 9.96 85.19 -

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS BLACKROCK HOPP DIETMAR SAP AG FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS DEUTSCHE BANK AG ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN UNION INVESTMENT GMB DEKA INVESTMENT GMBH THORNBURG INVESTMENT OPPENHEIMERFUNDS INC MORGAN STANLEY DB PLATINUM ADVISORS CREDIT SUISSE AG BNP PARIBAS INV PART ADIG INVESTMENT

Firm Name Morgan Stanley Sanford C. Bernstein & Co Jefferies Independent Research GmbH Baader Bank Credit Suisse AlphaValue Bryan Garnier & Cie JMP Securities Day by Day Nomura Societe Generale Deutsche Bank HSBC William Blair & Co Berenberg Bank Pacific Crest Securities Banco Sabadell Commerzbank Corporates & Markets Redburn Partners EVA Dimensions Exane BNP Paribas Nord/LB JPMorgan Macquarie Hamburger Sparkasse Bankhaus Metzler Ahorro Corporacion Financiera SA Barclays Grupo Santander Goldman Sachs Landesbank Baden-Wuerttemberg Kepler Capital Markets S&P Capital IQ DZ Bank AG Wells Fargo Securities, LLC M.M. Warburg Investment Research Natixis Cross Research Jyske Bank Evercore Partners CA Cheuvreux FBR Capital Markets

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst ADAM WOOD MARK L MOERDLER ROSS MACMILLAN MARKUS FRIEBEL KNUT WOLLER PHILIP WINSLOW HEINZ STEFFEN GREGORY RAMIREZ PATRICK WALRAVENS VALERIE GASTALDY RICHARD G SHERLUND RICHARD NGUYEN KAI KORSCHELT ANTONIN BAUDRY LAURA J LEDERMAN DAUD KHAN BRENDAN BARNICLE ANDRES BOLUMBURU THOMAS M BECKER NEIL STEER ANDREW S ZAMFOTIS JOSEP BORI WOLFGANG DONIE STACY E POLLARD BRAD A ZELNICK MARCO GUENTHER ULRICH TRABERT VIRGINIA PEREZ REPES GERARDUS VOS CARLOS JAVIER TREVINO MOHAMMED MOAWALLA MIRKO MAIER LAURENT DAURE JAMES CRAWSHAW OLIVER FINGER JASON MAYNARD ANDREAS WOLF GWENAEL GIARD RICHARD T WILLIAMS ROBERT JAKOBSEN STEWART KIRK MATERNE III MICHAEL BEUCHER DAVID M HILAL

Source 13G Co File ULT-AGG 13G Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Research ULT-AGG MF-AGG

Recommendation Overwt/In-Line outperform hold hold hold outperform add buy market perform buy buy buy buy overweight outperform buy outperform buy add buy underweight neutral buy overweight outperform buy buy buy equalweight underweight buy/attractive hold buy buy buy market perform buy neutral hold reduce equalweight underperform market perform

Amt Held 121'324'707 93'079'595 66'743'066 65'273'200 36'642'744 16'796'313 11'671'329 11'235'667 11'142'018 11'106'305 8'459'500 8'270'322 7'820'713 7'081'368 6'576'011 5'863'076 5'264'797 4'582'686 4'476'891 3'685'764

% Out 9.88 7.58 5.43 5.31 2.98 1.37 0.95 0.91 0.91 0.9 0.69 0.67 0.64 0.58 0.54 0.48 0.43 0.37 0.36 0.3

Weighting

Change 5 5 3 3 3 5 4 5 3 5 5 5 5 5 5 5 5 5 4 5 1 3 5 5 5 5 5 5 3 1 5 3 5 5 5 3 5 3 3 2 3 1 3

M M M M M M M M M M M M M U M M M M U M D M U M M M M M M M M M M M M M M M M M M M M

Latest Chg (2'035'409) 35'104 (632'162) (155'226) 972'000 (346'827) (171'398) (461'445) 176'532 337'221 (406'504) (928'049) 75'391

Target Price 73 68 62 69 63 65 72 70 #N/A N/A 66 68 71 70 74 #N/A N/A 71 70 67 65 #N/A N/A #N/A N/A 63 70 65 64 #N/A N/A 69 70 55 57 86 57 66 70 66 #N/A N/A 67 53 45 65 65 46 55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 n/a 08.03.2012 n/a 25.03.2013 Investment Advisor 31.12.2012 n/a 12.06.2012 Corporation 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 06.06.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 6 month Not Provided 3 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month

Date 27.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 24.02.2013 15.02.2013 04.02.2013 01.02.2013 29.01.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 17.01.2013 16.01.2013 16.01.2013 09.01.2013 24.10.2012 02.02.2012 26.01.2012


27.03.2013

Novo Nordisk A/S Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

Price/Volume

6.0 M 5.0 M 4.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (30.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVOB DC EQUITY YTD Change NOVOB DC EQUITY YTD % CHANGE

12/2012 12/yy 1'100.00 763.50 416'675.00 949.5 -13.68% 24.36% 55.13% 452.5 531'720.00 500.00 0.0 0.0 16'105.00 516'114.99

3.0 M

400

2.0 M

200 0 m-12

1.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

1000 800

Valuation Analysis

31.12.2008 45'553.0 3.45x 14'815.0 10.60x 9'645.0 17.30x

1200

31.12.2009 31.12.2010 51'078.0 60'776.0 3.47x 5.98x 17'484.0 21'358.0 10.13x 17.02x 10'768.0 14'403.0 18.47x 25.35x Profitability

LTM-4Q 31.12.2011 66'346.0 5.52x 24'864.0 14.73x 17'097.0 21.83x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 78'026.0 6.38x 32'047.0 15.53x 21'432.0 23.45x 32'047.00 29'474.00 37.77% 35.64% 32.88% 54.90% 1.20% 82.7% 41.1% 37.8% 27.5% 1.86 1.19 0.76% 1.23% 8.22 1.42

Price/ Cash Flow

LTM

12/yy 66'346.0 19.15x 24'864.0 14.08x 17'097.0 21.82x

12/yy 78'026.0 23.42x 32'047.0 15.03x 21'432.0 23.44x

FY+1

1.09 25.27% 5.59% 1.093 37 3.568 1'015'880 786'775 783'653 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 83'767.0 91'288.4 19'420.5 20'952.0 6.16x 5.62x 34'393.3 38'100.4 7'730.3 8'612.3 15.01x 13.55x 15.21x 14.93x 24'935.7 27'111.7 5'745.4 6'486.2 20.59x 18.58x 20.64x 20.60x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.06.2011 A+ STABLE 13.06.2007 A-1 552.53 494.40 -0.49 0.02 1.2% 1.2% 1.20 3.67 44.53 257.90 96.39 206.05

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Novo Nordisk A/S Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVO AS NOVO-NORDISK A/S FMR LLC HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC CARMIGNAC GESTION THORNBURG INVESTMENT SWEDBANK ROBUR FONDE T ROWE PRICE ASSOCIA CALAMOS ADVISORS LLC JUPITER ASSET MANAGE NORDEA INV MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV DANSKE INVEST A/S WILLIAM BLAIR & COMP HANDELSBANKEN FONDER SEB

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a

Firm Name

Analyst

EVA Dimensions ABG Sundal Collier Jyske Bank Exane BNP Paribas AlphaValue Societe Generale SEB Enskilda Carnegie Nordea Equity Research Bryan Garnier & Cie Helvea Barclays Danske Markets JPMorgan Deutsche Bank Jefferies DNB Markets CA Cheuvreux Handelsbanken Credit Suisse Nomura Berenberg Bank Kepler Capital Markets S&P Capital IQ Morgan Stanley Alm Brand Markets Goldman Sachs Natixis Commerzbank Corporates & Markets Redburn Partners Mirabaud Securities Swedbank NYKREDIT Main First Bank AG Cyrrus Sydbank MP Advisors Pvt Ltd

ANDREW S ZAMFOTIS PETER HUGREFFE FRANK HOERNING ANDERSEN VINCENT MEUNIER KAMLA SINGH STEPHEN MCGARRY LARS HEVRENG CARSTEN LONBORG MADSEN MICHAEL NOVOD ERIC LE BERRIGAUD OLAV ZILIAN BRIAN BOURDOT MARTIN PARKHOI RICHARD VOSSER TIM RACE JEFFREY HOLFORD RUNE MAJLUND DAHL LAURENT FLAMME PETER SEHESTED LUISA HECTOR AMIT ROY ALISTAIR CAMPBELL MARTIN VOEGTLI JACOB THRANE PETER VERDULT MICHAEL FRIIS JORGENSEN KEYUR PAREKH PHILIPPE LANONE DANIEL WENDORFF TEAM COVERAGE NICHOLAS TURNER JOHAN UNNERUS KRESTEN JOHNSEN TIM FRANKLIN TOMAS MENCIK SOEREN LONTOFT HANSEN VISHAL MANCHANDA

Source ULT-AGG 20F Research ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG

Recommendation hold buy buy neutral add sell buy buy strong buy neutral accumulate underweight buy underweight sell hold buy underperform buy neutral buy hold hold hold Equalwt/Attractive neutral Buy/Neutral neutral buy neutral reduce strong buy outperform suspended coverage sell overweight market perform

Amt Held 79'419'633 35'312'800 18'962'215 14'691'275 7'777'930 5'639'111 5'109'427 5'094'371 4'367'549 2'512'028 1'806'460 1'729'312 1'569'603 1'321'823 1'174'866 1'163'920 994'564 936'874 860'779 738'979

% Out 17.55 7.8 4.19 3.25 1.72 1.25 1.13 1.13 0.97 0.56 0.4 0.38 0.35 0.29 0.26 0.26 0.22 0.21 0.19 0.16

Weighting

Change

3 5 5 3 4 1 5 5 5 3 4 1 5 1 1 3 5 1 5 3 5 3 3 3 3 3 5 3 5 3 2 5 5 #N/A N/A 1 5 3

D M M M U M M M M M M M M D M M M M M M M M M M M D M D M M D U M M M U M

Latest Chg (2'007'633) (5'100'000) (358'846) (74'744) 618'921 207'091 6'991 (161'621) 758'793 43'470 (102'150) (127'123) (1'321) (54'015) 1'109'960 (121'792) 21'995 (2'666) (13'497)

Target Price #N/A N/A 1'200 1'100 950 1'031 753 1'180 #N/A N/A 1'250 920 1'100 870 1'100 800 890 900 1'100 965 1'112 1'040 1'000 920 920 985 1'040 1'015 1'200 1'010 1'400 #N/A N/A 819 1'150 #N/A N/A #N/A N/A 627 #N/A N/A 648

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.01.2013 08.03.2013 31.01.2013 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 28.02.2013 30.11.2012 28.02.2013 28.02.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.01.2013

Date Not Provided 6 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Holding Company Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 27.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 12.03.2013 06.03.2013 04.03.2013 28.02.2013 21.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 04.02.2013 26.11.2012 23.11.2012 09.11.2012 23.07.2012 20.07.2012 05.04.2012 02.02.2012 15.04.2011


27.03.2013

Banco Santander SA Banco Santander SA attracts deposits and offers retail, commercial and private banking, and asset management services. The Bank offers consumer credit, mortgage loans, lease financing, factoring, mutual funds, pension funds, insurance, commercial credit, investment banking services, structured finance, and advice on mergers and acquisitions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN SQ EQUITY YTD Change SAN SQ EQUITY YTD % CHANGE

12/2012 12/yy 6.68 3.98 60'242'578.00 5.167 -22.72% 29.95% 48.56% 10'538.7 54'453.38 367'524.00 0.0 9'672.0 182'116.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

700.0 M

6

600.0 M

5

500.0 M

4

400.0 M

3

300.0 M

2

200.0 M

1

100.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 70'114.3 8'876.4 5.74x

7

31.12.2009 31.12.2010 69'736.2 68'965.5 8'942.5 8'180.9 11.09x 8.39x Profitability

LTM-4Q 31.12.2011 78'009.0 5'351.0 9.74x

31.12.2012 43'575.0 2'205.0 26.44x 24.02% 12.39% 0.17% 2.92% 0.65% 0.03% 5.1% 28.95% 492.30% -

LTM

12/yy 44'219.0 0.00x 0.0 0.00x 5'351.0 9.70x

12/yy 43'575.0 0.00x 0.0 0.00x 2'205.0 25.61x

FY+1

1.17 10'341.22 -0.86% -13.29% 1.171 42 2.857 85'873'060 75'163'500 75'605'770 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 44'466.5 46'635.0 11'268.0 11'390.0 6'311.5 7'521.8 1'408.0 1'407.0 8.77x 7.53x 8.01x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.10.2012 BBB NEG 30.04.2012 A-2 492.3% 81.3% 0.03 3.19 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Banco Santander SA Holdings By:

All

Holder Name STATE STREET BANK OF NEW YORK MEL BNP PARIBAS SA CAPITAL GROUP COMPAN BARCLAYS PLC BLACKROCK VANGUARD GROUP INC DE LOS RIOS EMILIO B DODGE & COX ASSICURAZIONI GENERA HARRIS ASSOCIATES LP BANCO SANTANDER SA BNP PARIBAS INV PART CARMIGNAC GESTION MERCURY ASSET MANAGE FRANKLIN RESOURCES FMR LLC LBPAM O'SHEA JAVIER BOTINPUENTEPUMAR SL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a

Analyst

Mediobanca SpA ANDREA FILTRI Ahorro Corporacion Financiera SA IRMA GARRIDO NMAS 1 Agencia de Valores FRANCISCO RIQUEL Natixis FREDERIC TESCHNER La Caixa DAVID FERNANDEZ Exane BNP Paribas SANTIAGO LOPEZ DIAZ Bankia Bolsa (ESN) JAVIER BERNAT Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE Societe Generale CARLOS GARCIA GONZALEZ Deutsche Bank CARLOS BERASTAIN GONZALEZ Credit Suisse IGNACIO CEREZO Keefe, Bruyette & Woods ANTONIO RAMIREZ Espirito Santo Investment Bank Research JUAN PABLO LOPEZ BPI CARLOS JOAQUIM PEIXOTO AlphaValue DAVID GRINSZTAJN Oddo & Cie JULIE LEGRAND Day by Day VALERIE GASTALDY EVA Dimensions AUSTIN BURKETT Banco Sabadell MARIO LODOS Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Morgan Stanley ALVARO SERRANO JPMorgan JAIME BECERRIL Hamburger Sparkasse CHRISTIAN HAMANN RBC Capital Markets PATRICK LEE Macquarie BENJIE CREELAN-SANDFORD Independent Research GmbH STEFAN BONGARDT Nomura DARAGH QUINN S&P Capital IQ WILLIAM HOWLETT Berenberg Bank NICK ANDERSON Goldman Sachs JERNEJ OMAHEN BBVA IGNACIO ULARGUI HSBC CARLO DIGRANDI Barclays ROHITH CHANDRA-RAJAN Redburn Partners GEORGE KARAMANOS Nord/LB MICHAEL SEUFERT CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Landesbank Baden-Wuerttemberg INGO FROMMEN Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

Source ULT-AGG Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG EXCH EXCH

Recommendation underperform hold neutral reduce overweight underperform hold hold hold hold neutral market perform neutral buy buy buy hold buy buy restricted Overwt/In-Line neutral hold underperform underperform hold reduce sell sell neutral/neutral outperform neutral underweight neutral hold underperform sell buy sell

Amt Held 866'053'147 555'448'975 341'264'391 243'314'406 227'263'557 151'622'409 138'161'167 79'215'379 53'673'238 50'134'290 43'495'798 42'192'066 39'437'973 39'143'000 30'578'576 27'695'932 19'224'262 16'712'670 16'280'026 13'757'649

% Out 8.22 5.27 3.24 2.31 2.16 1.44 1.31 0.75 0.51 0.48 0.41 0.4 0.37 0.37 0.29 0.26 0.18 0.16 0.15 0.13

Weighting

Change

1 3 3 2 5 1 3 3 3 3 3 3 3 5 5 5 3 5 5 #N/A N/A 5 3 3 1 1 3 2 1 1 3 5 3 1 3 3 1 1 5 1

M M M M D M M M M M M M M M M M M U M M M M M M M M M M M M M M M M M M D M M

Latest Chg 28'365 86'154'727 (56'807'364) 2'825'886 10'545'834 30'908 447'012 586'726 (3'428'192) (2'001'686) 1'930'244 (436'850) 937 -

Target Price 4 6 7 5 6 5 6 6 5 6 6 7 6 7 9 9 #N/A N/A #N/A N/A 7 #N/A N/A 7 6 #N/A N/A 6 5 7 6 5 6 8 8 6 4 #N/A N/A #N/A N/A 7 5 6 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.03.2013 Investment Advisor 31.12.2011 Investment Advisor 14.01.2013 Bank 31.12.2012 Investment Advisor 03.05.2011 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 11.03.2013 n/a 29.01.2013 Investment Advisor 01.10.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2011 Bank 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 n/a 11.07.2011 Corporation

Date Not Provided Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 18 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 20.03.2013 20.03.2013 19.03.2013 14.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 08.03.2013 07.03.2013 07.03.2013 27.02.2013 27.02.2013 26.02.2013 15.02.2013 13.02.2013 12.02.2013 11.02.2013 06.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 28.01.2013 23.01.2013 14.01.2013 10.01.2013 08.01.2013 04.01.2013 23.10.2012 24.08.2012 22.08.2012 28.06.2012 23.05.2012


27.03.2013

Rio Tinto PLC Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

Price/Volume 4000

25.0 M

3500

20.0 M

3000 2500

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIO LN EQUITY YTD Change RIO LN EQUITY YTD % CHANGE

12/2012 06/yy 3'838.00 2'649.50 2'284'379.00 3106 -19.09% 17.23% 36.68% 1'411.9 61'258.42 26'819.00 0.0 11'156.0 7'615.00 122'872.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

1500 1000

5.0 M

500 0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 54'264.0 1.53x 18'964.0 4.38x 3'676.0 6.19x

15.0 M

2000

Valuation Analysis

31.12.2009 31.12.2010 41'825.0 55'171.0 5.29x 2.71x 10'920.0 22'752.0 20.24x 6.57x 4'872.0 14'238.0 18.14x 9.63x Profitability

LTM-4Q 31.12.2011 60'537.0 1.80x 26'657.0 4.09x 5'826.0 16.07x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 50'967.0 2.67x 15'902.0 8.55x (2'990.0) 15'902.00 11'461.00 22.49% -5.04% -2.52% -6.02% 5.92% 0.43% 31.2% 22.5% -5.9% 1.46 0.94 22.81% 57.23% 11.32 -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 46'038.0 8.17x 13'532.0 0.00x 9'402.0 0.00x

FY+1

3.56 1.51 1'227.54 -5.21% -9.96% 1.511 31 4.194 4'419'226 4'934'840 4'259'480 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 58'416.0 62'104.9 2.09x 1.94x 21'990.1 24'140.2 5.59x 5.09x 10'986.9 12'212.8 7.85x 6.90x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.04.2011 ANEG 08.07.2009 A-2 22.98 -2.25 1.21 1.69 57.2% 31.6% 0.43 0.73 32.07 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Rio Tinto PLC Holdings By:

All

Holder Name SHINING PROSPECT PTE BLACKROCK AXA LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS ABERDEEN BNP PARIBAS INV PART UBS PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I STANDARD LIFE INVEST M&G INVESTMENT MANAG VANGUARD GROUP INC AVIVA INVESTORS VANGUARD GROUP INC JP MORGAN GOVT OF SINGAPORE IN SCHRODER INVESTMENT FMR LLC

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst

Morgan Stanley MENNO SANDERSE Credit Suisse PAUL MCTAGGART Independent Research GmbH SVEN DIERMEIER EVA Dimensions CRAIG STERLING Jefferies Christopher LaFemina AlphaValue SACHIN KUMAR Sanford C. Bernstein & Co PAUL GAIT Goldman Sachs MICHELE DELLA VIGNA JPMorgan FRASER JAMIESON SBG Securities PETER DAVEY Macquarie JEFFREY LARGEY RBC Capital Markets DES KILALEA Espirito Santo Investment Bank Research NICK MELLOR Day by Day VALERIE GASTALDY Exane BNP Paribas LUC PEZ BMO Capital Markets TONY ROBSON Societe Generale ABHISHEK SHUKLA Deutsche Bank ROBERT CLIFFORD Natixis RAOUDHA BOUZEKRI Canaccord Genuity Corp PETER MALLIN-JONES Nomura SAM CATALANO S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Redburn Partners SIMON TOYNE Barclays DAVID BUTLER Liberum Capital Ltd RICHARD KNIGHTS Standard Chartered SUBRAMANIAM VARADA Axiom Capital GORDON L JOHNSON

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG REG MF-AGG REG REG ULT-AGG ULT-AGG REG ULT-AGG

Recommendation Equalwt/In-Line outperform hold hold buy add outperform Sell/Neutral overweight buy neutral outperform sell hold outperform outperform buy buy neutral buy buy strong buy overweight buy overweight buy outperform sell

Amt Held 182'550'329 128'626'019 59'271'193 53'306'336 41'031'494 32'751'832 29'783'762 28'183'471 27'888'087 22'584'269 20'784'742 20'134'091 15'566'865 14'972'836 14'066'647 13'772'088 13'345'435 13'197'558 13'004'093 10'894'531

% Out 12.93 9.11 4.2 3.78 2.91 2.32 2.11 2 1.98 1.6 1.47 1.43 1.1 1.06 1 0.98 0.95 0.93 0.92 0.77

Weighting

Change 3 5 3 3 5 4 5 1 5 5 3 5 1 3 5 5 5 5 3 5 5 5 5 5 5 5 5 1

M M D D M M M D M M M M M D M M M M M M M M M M M U M N

Latest Chg 605'414 (30'895) 10'311'357 275'493 5'058'654 (363'260) 2'505'810 864'625 (1'535'852) 777'762 559'905 (18'708) 509'965 812'987 (667'279) 3'648'560 49'517

Target Price 3'870 4'000 3'400 #N/A N/A 4'100 3'796 4'575 2'800 4'400 4'300 4'050 4'300 2'910 #N/A N/A 4'700 4'500 3'900 4'720 3'500 4'200 3'700 4'200 4'180 #N/A N/A 4'000 #N/A N/A 3'430 2'059

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.12.2012 25.03.2013 03.12.2012 28.02.2013 19.02.2013 03.12.2012 28.02.2013 31.01.2013 31.01.2013 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.01.2013

Date 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 15.03.2013 11.03.2013 08.03.2013 04.03.2013 04.03.2013 04.03.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 07.02.2013 21.01.2013 14.01.2013 30.11.2012 22.11.2012 30.07.2012


27.03.2013

LVMH Moet Hennessy Louis Vuitton SA LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Company produces and sells champagne, cognac, perfumes, cosmetics, luggage, watches and jewelry.

Price/Volume 160

3.0 M

140

2.5 M

120 2.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MC FP EQUITY YTD Change MC FP EQUITY YTD % CHANGE

12/2012 12/yy 143.40 111.00 1'065'020.00 132.25 -7.78% 19.14% 62.65% 507.7 67'139.34 6'812.00 0.0 1'102.0 2'196.00 72'857.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

40 .5 M

20 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 17'193.0 1.60x 4'323.0 6.34x 2'026.0 11.16x

1.5 M

60

31.12.2009 31.12.2010 17'053.0 20'320.0 2.41x 3.08x 4'055.0 5'106.0 10.13x 12.27x 1'755.0 3'032.0 21.13x 19.36x Profitability

LTM-4Q 31.12.2011 23'659.0 2.56x 6'150.0 9.84x 3'065.0 17.45x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 28'103.0 2.67x 6'940.0 10.82x 3'424.0 20.23x 6'940.00 5'921.00 21.07% 20.39% 7.06% 14.57% 12.72% 0.58% 64.7% 25.7% 21.1% 12.2% 1.51 0.44 13.64% 27.73% 14.55 1.27

Price/ Cash Flow

LTM

12/yy 23'659.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 28'103.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.19 0.93 254.93 3.83% -4.72% 0.927 39 4.282 877'732 801'760 724'368 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'256.3 32'847.9 2.34x 2.10x 7'668.5 8'473.9 9.48x 8.58x 3'849.2 4'301.9 17.45x 15.55x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

20.05.2011 A POS 20.05.2011 A-1 41.81 31.51 0.64 0.94 27.7% 21.0% 0.58 3.35 25.15 287.68 106.20 206.64

Sales/Revenue/Turnover

20.00

30'000.0

18.00

25'000.0

16.00 14.00

20'000.0

12.00

15'000.0

10.00 8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

LVMH Moet Hennessy Louis Vuitton SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS LVMH MOET HENNESSY L QATAR HOLDINGS LLC SUN LIFE FINANCIAL I CARMIGNAC GESTION THORNBURG INVESTMENT FMR LLC BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE BNP PARIBAS INV PART OPPENHEIMERFUNDS INC TRAPANI FRANCESCO CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE DEUTSCHE BANK AG AVIVA PLC LBPAM AMUNDI AMUNDI

Firm Name ISI Group Sanford C. Bernstein & Co Nomura Exane BNP Paribas Oddo & Cie Day by Day Societe Generale Renaissance Capital AlphaValue Cantor Fitzgerald Aurel - BGC Main First Bank AG Banco Sabadell Berenberg Bank Telsey Advisory Group Morgan Stanley Goldman Sachs Bryan Garnier & Cie Credit Suisse Independent Research GmbH Ahorro Corporacion Financiera SA JPMorgan Raymond James Hamburger Sparkasse Natixis S&P Capital IQ Barclays Kepler Capital Markets HSBC EVA Dimensions Deutsche Bank Equita SIM SpA Redburn Partners CA Cheuvreux Landesbank Baden-Wuerttemberg DZ Bank AG Helvea

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OMAR SAAD MARIO ORTELLI CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA LEOPOLD AUTHIE VALERIE GASTALDY THIERRY COTA REY WIUM VIRGINIE BLIN ALLEGRA PERRY DAVID DA MAIA MATTHIAS EIFERT IGNACIO ROMERO JOHN GUY DANA TELSEY LOUISE SINGLEHURST WILLIAM HUTCHINGS CEDRIC ROSSI ROGERIO FUJIMORI LARS LUSEBRINK VIRGINIA PEREZ REPES MELANIE A FLOUQUET MARC WILLAUME CHRISTIAN HAMANN OLIVIER DELAHOUSSE MICHAEL SOUERS JULIAN EASTHOPE CATHERINE ROLLAND ANTOINE BELGE CRAIG STERLING WARWICK OKINES FABIO FAZZARI ANNABEL GLEESON THOMAS MESMIN BARBARA AMBRUS THOMAS MAUL TIM DAWSON

Source Research Co File Research ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform buy neutral buy hold hold hold buy hold hold outperform buy hold no rating system Overwt/In-Line Buy/Neutral buy neutral buy strong buy neutral strong buy buy buy strong buy overweight buy neutral sell hold buy buy outperform buy buy suspended coverage

Amt Held 235'886'503 9'536'678 5'230'723 4'275'828 4'200'037 4'085'056 3'878'869 3'387'828 3'326'140 2'724'161 1'969'710 1'732'620 1'561'592 1'528'000 1'422'781 1'387'002 1'355'126 1'150'592 1'042'404 925'639

% Out 46.46 1.88 1.03 0.84 0.83 0.8 0.76 0.67 0.66 0.54 0.39 0.34 0.31 0.3 0.28 0.27 0.27 0.23 0.21 0.18

Weighting

Change

5 5 5 3 5 3 3 3 5 3 3 5 5 3 #N/A N/A 5 5 5 3 5 5 3 5 5 5 5 5 5 3 1 3 5 5 5 5 5 #N/A N/A

M M M M M D M M M M M M M D M M M M M M M M M M M M M M M M D N M M M M M

Latest Chg (147'143) 74'218 4'700 (478'859) (45'143) 134'015 49'222 (230'217) 41'590 19'742 (18'102) (2'100) 43'392 (14'807) (20'403)

Target Price 160 165 155 135 160 #N/A N/A 145 152 172 141 145 157 144 140 140 152 198 160 148 165 160 142 163 123 155 160 151 168 150 #N/A N/A 145 178 #N/A N/A 140 150 147 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.10.2012 31.12.2011 15.03.2012 31.01.2013 31.12.2012 31.01.2013 31.01.2013 25.03.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.12.2011 31.12.2012 31.01.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.10.2012

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 24.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 14.03.2013 07.03.2013 22.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 10.02.2013 08.02.2013 08.02.2013 08.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 24.01.2013 17.01.2013 14.01.2013 10.12.2012 19.10.2012 17.10.2012 30.07.2012 02.05.2012 02.04.2012


27.03.2013

Unilever NV Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Price/Volume 35

18.0 M

30

16.0 M 14.0 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (13.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNA NA EQUITY YTD Change UNA NA EQUITY YTD % CHANGE

12/2012 12/yy 32.00 24.51 2'388'116.00 31.56 -1.36% 28.79% 95.33% 1'714.7 95'722.40 10'221.00 0.0 557.0 2'866.00 103'634.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

15

8.0 M 6.0 M

10

4.0 M

5

2.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 40'523.0 1.41x 6'793.0 8.39x 5'027.0 9.69x

12.0 M

20

31.12.2009 31.12.2010 39'823.0 44'262.0 1.77x 1.64x 6'887.0 7'620.0 10.25x 9.54x 3'370.0 4'244.0 18.80x 15.43x Profitability

LTM-4Q 31.12.2011 46'467.0 1.82x 7'462.0 11.30x 4'252.0 17.60x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 51'324.0 1.75x 8'188.0 10.94x 4'480.0 18.25x 8'188.00 6'989.00 13.62% 13.02% 9.56% 30.42% 19.56% 1.10% 40.2% 16.0% 13.6% 8.7% 0.77 0.36 22.14% 67.43% 18.04 -

Price/ Cash Flow

LTM

12/yy 46'467.0 0.00x 0.0 0.00x 2'235.0 0.00x

12/yy 51'324.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.01 0.60 27.93% 10.36% 0.597 45 3.533 4'038'600 4'167'800 3'752'298 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'508.8 56'551.8 12'678.3 13'837.2 1.91x 1.78x 8'790.1 9'406.3 11.78x 11.01x 4'919.9 5'363.3 1'120.0 1'140.0 18.65x 17.17x 18.46x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.10.2000 A+ STABLE 05.10.2000 A-1 15.57 11.81 0.90 1.25 67.4% 39.4% 1.10 5.63 20.29 -8.85

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Unilever NV Holdings By:

All

Holder Name FOUNDATION UNILEVER UNILEVER NV CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC GRANTHAM MAYO VAN OT ARTISAN PARTNERS HOL WILLIAM BLAIR & COMP DEUTSCHE BANK AG ONTARIO TEACHERS PEN ACHMEA BELEGGINSFOND ELMA EN UNITED HOLDS ING INVESTMENT MANAG UNION INVESTMENT GMB MORGAN STANLEY ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL DB PLATINUM ADVISORS MERCURY ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas JEFF STENT Morgan Stanley EILEEN KHOO Mirabaud Securities JULIAN LAKIN RBC Capital Markets JAMES EDWARDES JONES Kepler Capital Markets JON COX Credit Suisse CHARLES MILLS Canaccord Genuity Corp EDDY HARGREAVES Rabobank International KAREL ZOETE Banco Sabadell IGNACIO ROMERO Day by Day VALERIE GASTALDY HSBC CEDRIC BESNARD Landesbank Baden-Wuerttemberg BARBARA AMBRUS Jefferies ALEX HOWSON Hamburger Sparkasse TINA HECKING-VELTMAN Espirito Santo Investment Bank Research ALEX SMITH Berenberg Bank JAMES TARGETT Liberum Capital Ltd PABLO ZUANIC Societe Generale WARREN L ACKERMAN Deutsche Bank HAROLD THOMPSON Goldman Sachs ALEXIS COLOMBO SNS Securities(ESN) RICHARD WITHAGEN Nomura DAVID HAYES Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Helvea ANDREAS VON ARX ABN Amro Bank N.V. ROBERT JAN VOS Grupo Santander PEDRO GIL Aurel - BGC JEAN-MARIE L'HOME Independent Research GmbH LARS LUSEBRINK Petercam FERNAND DE BOER Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES S&P Capital IQ CARL SHORT Barclays IAIN SIMPSON CA Cheuvreux ERIC BOROIAN Natixis PIERRE TEGNER ING Bank MARCO GULPERS EVA Dimensions AUSTIN BURKETT Theodoor Gilissen Securities TOM MULLER Kempen & Co ERWIN DUT JPMorgan CELINE PANNUTI Redburn Partners JEREMY FIALKO DZ Bank AG ROBERT CZERWENSKY Equita SIM SpA FABIO FAZZARI

Source Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG Research MF-AGG Research MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform neutral Equalwt/In-Line hold underperform buy neutral hold buy sell buy overweight hold hold hold neutral buy buy sell hold Buy/Neutral accumulate reduce outperform accumulate hold buy hold hold hold hold hold overweight outperform reduce hold overweight buy hold overweight neutral sell buy

Amt Held 1'268'224'230 141'560'629 33'770'000 20'884'073 18'128'239 16'626'505 11'633'435 9'447'002 8'028'108 7'857'215 7'200'000 7'180'977 6'428'550 6'122'561 5'839'034 5'794'474 5'439'055 5'387'993 5'281'693 4'660'599

% Out 73.96 8.26 1.97 1.22 1.06 0.97 0.68 0.55 0.47 0.46 0.42 0.42 0.37 0.36 0.34 0.34 0.32 0.31 0.31 0.27

Weighting

Change 5 3 3 3 1 5 3 3 5 1 5 5 3 3 3 3 5 5 1 3 5 4 2 5 4 3 5 3 3 3 3 3 5 5 2 3 5 5 3 5 3 1 5

M M M M M M M M M M M M M D M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (1'842'700) (740'454) 903'626 498'559 (188'682) (57'347) 8'028'108 (382'184) (63'607) (32'935) 126'890 153'674 (100'074) (102'210) 5'249'645 -

Target Price 34 33 27 32 31 33 34 31 34 26 30 35 32 32 #N/A N/A 29 35 37 28 30 37 35 30 36 33 30 33 26 32 30 30 31 34 30 27 29 #N/A N/A 33 29 30 #N/A N/A 22 28

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.02.2011 Other 31.12.2011 Other 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.01.2013 Mutual Fund Manager 19.10.2011 Other 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 3 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month

Date 25.03.2013 19.03.2013 13.03.2013 12.03.2013 11.03.2013 10.03.2013 07.03.2013 05.03.2013 25.02.2013 15.02.2013 11.02.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 21.01.2013 21.01.2013 21.01.2013 17.01.2013 15.01.2013 06.01.2013 26.10.2012 24.09.2012 03.02.2012 10.06.2011


27.03.2013

BHP Billiton PLC BHP Billiton Plc is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration and production. Dually-listed company with BHP AU.

Price/Volume 2500

18.0 M 16.0 M

2000

14.0 M 12.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLT LN EQUITY YTD Change BLT LN EQUITY YTD % CHANGE

06/2012 01/yy 2'251.50 1'650.50 2'925'491.00 1939.5 -13.88% 17.51% 47.92% 2'111.3 114'581.44 28'330.00 0.0 1'215.0 5'063.00 204'499.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2009 30.06.2010 50'211.0 52'798.0 2.97x 2.83x 21'761.0 24'590.0 6.86x 6.07x 5'877.0 12'722.0 21.26x 11.48x Profitability

30.06.2011 71'739.0 3.00x 38'093.0 5.65x 23'648.0 9.18x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 72'226.0 2.42x 33'866.0 5.15x 15'417.0 9.78x 33'866.00 27'458.00 38.02% 31.87% 7.60% 14.89% 10.90% 0.52% 42.3% 32.2% 21.3% 0.93 0.44 21.91% 43.01% 8.49 -

Price/ Cash Flow

6.0 M 4.0 M

500

2.0 M 0 m-12 a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

FY+1 -

3.89 1.41 2'012.24 4.61% -7.26% 1.408 32 3.656 7'247'555 6'583'069 5'560'194 FY+2

06/13 Y 06/14 Y 68'085.9 74'998.4 2.98x 2.68x 29'120.2 34'351.7 7.02x 5.95x 13'271.3 16'822.1 11.45x 9.65x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

15.11.2010 A+ STABLE 06.02.2008 A-1 26.69 10.27 1.07 1.25 43.0% 29.7% 0.52 0.72 43.13 -

Sales/Revenue/Turnover

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 03.07.2009

8.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 59'473.0 3.90x 28'137.0 8.24x 15'390.0 13.88x

10.0 M

1000

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

BHP Billiton PLC Holdings By:

All

Holder Name BLACKROCK GEPF EQUITY LEGAL & GENERAL NORGES BANK ABERDEEN SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES VANGUARD GROUP INC INDUSTRIAL DEVELOPME PEOPLES REPUBLIC OF BAILLIE GIFFORD AND VANGUARD GROUP INC BNP PARIBAS INV PART SCHRODER INVESTMENT STATE STREET Northern Cross Inter ALECTA INVESTMENT MA M&G INVESTMENT MANAG HARBOR CAPITAL ADVIS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Exane BNP Paribas SYLVAIN BRUNET AlphaValue SACHIN KUMAR Jefferies Christopher LaFemina Goldman Sachs MICHELE DELLA VIGNA Espirito Santo Investment Bank Research NICK MELLOR Day by Day VALERIE GASTALDY Credit Suisse PAUL MCTAGGART JPMorgan FRASER JAMIESON Sanford C. Bernstein & Co PAUL GAIT RBC Capital Markets DES KILALEA Macquarie JEFFREY LARGEY Macquarie KIERAN DALY Nomura SAM CATALANO Morgan Stanley MENNO SANDERSE SBG Securities PETER DAVEY Canaccord Genuity Corp PETER MALLIN-JONES Barclays DAVID BUTLER Societe Generale ABHISHEK SHUKLA Independent Research GmbH SVEN DIERMEIER Natixis RAOUDHA BOUZEKRI Avior Research CLINTON DUNCAN BMO Capital Markets TONY ROBSON S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Deutsche Bank GRANT SPORRE EVA Dimensions CRAIG STERLING Investec ALBERT MINASSIAN Redburn Partners SIMON TOYNE Liberum Capital Ltd RICHARD KNIGHTS Standard Chartered SUBRAMANIAM VARADA

Source ULT-AGG 20F ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 20F REG REG REG ULT-AGG REG ULT-AGG REG REG REG MF-AGG

Recommendation neutral reduce buy neutral/neutral sell hold neutral neutral outperform outperform neutral neutral buy Overwt/In-Line buy hold overweight sell hold buy outperform outperform hold neutral buy overweight hold neutral buy in-line

Amt Held 168'784'326 87'131'000 85'921'147 63'635'068 61'007'128 49'811'488 38'877'200 37'588'249 35'795'273 33'804'582 29'045'618 24'697'602 23'459'843 22'369'418 21'902'436 20'415'622 19'780'635 19'545'000 19'266'422 18'688'842

% Out 7.99 4.13 4.07 3.01 2.89 2.36 1.84 1.78 1.7 1.6 1.38 1.17 1.11 1.06 1.04 0.97 0.94 0.93 0.91 0.89

Weighting

Change 3 2 5 3 1 3 3 3 5 5 3 3 5 5 5 3 5 1 3 5 5 5 3 3 5 5 3 3 5 3

M M M D N D M M M M M M M M M M M M M M M M M M M M M M M D

Latest Chg 2'333'522 387'315 3'056'099 5'468'533 1'513'376 8'992'566 (1'247'628) (1'256'810) 819'531 1'376'028 (1'063'116) (920'460) 85'032 (4'850'000) 529'365 -

Target Price 2'000 1'894 2'550 2'200 1'703 #N/A N/A 2'400 2'300 2'450 2'300 2'175 2'146 2'400 2'310 2'500 2'155 2'300 1'585 2'300 2'400 3'042 2'500 2'200 2'250 2'380 #N/A N/A 2'306 #N/A N/A #N/A N/A 2'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 24.08.2012 28.02.2013 05.02.2013 28.02.2013 30.11.2012 31.01.2013 31.12.2012 31.12.2012 24.08.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012 26.03.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2012

Date Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor n/a Unclassified Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor

Date 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 15.03.2013 15.03.2013 15.03.2013 08.03.2013 07.03.2013 07.03.2013 04.03.2013 28.02.2013 28.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 07.02.2013 30.01.2013 17.01.2013 20.12.2012 06.12.2012 20.09.2012 08.09.2012


27.03.2013

SABMiller PLC SABMiller plc is an international beer company. The Company bottles and distributes beer through breweries worldwide. SABMiller also bottles and distributes a number of soft drinks.

Price/Volume 4000

25.0 M

3500

20.0 M

3000 2500

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAB LN EQUITY YTD Change SAB LN EQUITY YTD % CHANGE

03/2012 01/yy 3'514.50 2'342.00 495'550.00 3425 -2.53% 46.24% 93.90% 1'597.1 54'699.35 19'226.00 0.0 940.0 746.00 101'475.96

31.03.2008 17'057.0 2.50x 4'569.0 9.35x 2'023.0 16.26x

31.03.2009 31.03.2010 14'883.0 14'195.0 2.25x 4.08x 3'663.0 4'212.0 9.13x 13.74x 1'881.0 1'910.0 11.84x 23.94x Profitability

31.03.2011 15'145.0 4.42x 4'682.0 14.30x 2'408.0 23.21x

31.03.2012 16'713.0 5.16x 5'154.0 16.73x 4'221.0 15.05x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

5'154.00 3'972.00 23.77% 33.52% 9.47% 18.88% 15.36% 0.37% 31.7% 24.4% 25.3% 0.68 0.32 34.55% 76.68% 8.96 -

Price/ Cash Flow

1000

5.0 M

500 0 m-12 a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

FY+1 -

1.81 0.96 802.58 36.16% 21.24% 0.961 37 3.459 1'608'823 1'994'878 1'925'772 FY+2

03/13 Y 03/14 Y 24'499.3 25'989.8 4.07x 3.76x 6'424.3 7'025.7 15.80x 14.44x 3'831.8 4'326.8 21.55x 19.13x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

04.08.2003 BBB+ POS 16.10.2006 A-2 4.72 3.37 3.29 3.43 76.7% 42.5% 0.37 1.91 40.84 -

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 03.04.2009

10.0 M

1500

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

2000

Valuation Analysis

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

SABMiller PLC Holdings By:

All

Holder Name ALTRIA GROUP INC BEVCO INTERNATIONAL PUBLIC INVESTMENT CO KULCZYK HOLDING KULCZYK INVESTMENT H LEGAL & GENERAL BLACKROCK FMR LLC NORGES BANK INVESTME CAPITAL GROUP COMPAN ABERDEEN SCOTTISH WIDOWS ALLAN GRAY UNIT TRUS OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC VANGUARD GROUP INC GARDNER RUSSO & GARD BNP PARIBAS INV PART

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD n/a

Analyst

HSBC LAUREN E TORRES Credit Suisse SANJEET AUJLA Macquarie WYNAND VAN ZYL Renaissance Capital REY WIUM Oriel Securities Ltd CHRIS WICKHAM SBG Securities BRENDAN GRUNDLINGH Morgan Stanley VIKHYAT SHARMA Nomura IAN SHACKLETON Sanford C. Bernstein & Co TREVOR STIRLING AlphaValue ISABELLE COMBEMALE JPMorgan MATTHEW WEBB Grupo Santander ANTHONY J BUCALO RBC Capital Markets JAMES EDWARDES JONES Canaccord Genuity Corp EDDY HARGREAVES Berenberg Bank PHILIP MORRISEY Barclays SIMON HALES Exane BNP Paribas JAVIER GONZALEZ LASTRA Investec MARTIN DEBOO Day by Day VALERIE GASTALDY Liberum Capital Ltd PABLO ZUANIC Espirito Santo Investment Bank Research ALEX SMITH Natixis OLIVIER DELAHOUSSE Societe Generale ANDREW HOLLAND Deutsche Bank JONATHAN FELL Jefferies DIRK VAN VLAANDEREN Shore Capital Stockbrokers PHIL CARROLL Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER Avior Research DE WET SCHUTTE Afrifocus Securities TANUJA CHITRE

Source RNS-MAJ Co File Co File Co File REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG REG REG MF-AGG REG 13F ULT-AGG

Recommendation neutral outperform outperform sell add hold Equalwt/In-Line neutral market perform sell overweight buy sector perform hold buy equalweight outperform buy hold sell neutral neutral hold hold buy hold neutral hold outperform sell buy/attractive buy underperform hold

Amt Held 430'000'000 225'000'000 67'663'248 60'000'000 60'000'000 35'298'676 34'866'303 32'037'348 29'568'406 21'708'108 21'361'342 19'161'032 15'304'821 12'499'774 12'259'520 10'980'964 10'028'599 9'864'730 9'330'377 8'204'566

% Out 26.92 14.09 4.24 3.76 3.76 2.21 2.18 2.01 1.85 1.36 1.34 1.2 0.96 0.78 0.77 0.69 0.63 0.62 0.58 0.51

Weighting

Change 3 5 5 1 4 3 3 3 3 1 5 5 3 3 5 3 5 5 3 1 3 3 3 3 5 3 3 3 5 1 5 5 1 3

M M M D M M M M M D M M M M M D M M M M M M M M M M M M M M M M M M

Latest Chg (844'858) (1'720'544) 654'378 (755'600) (34'200) (4'245'434) (1'824'542) 2'453'239 (324'670) (1'401'802) 182'666 265'826 77'255

Target Price 3'600 4'000 3'698 3'400 3'760 3'200 3'300 2'840 3'180 3'033 3'645 3'675 3'500 2'750 3'800 3'350 3'333 2'950 #N/A N/A 2'600 2'860 3'000 2'970 2'900 3'200 #N/A N/A 2'633 3'100 2'950 #N/A N/A 3'520 #N/A N/A 2'641 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.06.2012 Corporation 08.06.2012 Corporation 08.06.2012 Government 08.06.2012 Holding Company 01.11.2012 Investment Advisor 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Government 31.12.2012 Investment Advisor 28.02.2013 Unclassified 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 15 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 19.03.2013 12.03.2013 11.03.2013 05.03.2013 01.03.2013 25.02.2013 22.02.2013 15.02.2013 11.02.2013 25.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 09.01.2013 10.12.2012 19.10.2012 24.08.2012


27.03.2013

Allianz SE Allianz SE, through subsidiaries, offers insurance and financial services. The Company offers property and casualty, life and health, credit, motor vehicle and travel insurance, and fund management services.

Price/Volume 120

7.0 M

100

6.0 M 5.0 M

80

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2012 12/yy 114.05 68.50 1'705'242.00 105.05 -7.89% 53.36% 87.38% 456.0 47'897.55 28'651.00 0.0 2'665.0 12'437.00 66'776.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

40

2.0 M

20

1.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 76'195.0 0.69x (2'444.0) 8.51x

4.0 M

60

Valuation Analysis

31.12.2009 31.12.2010 82'711.0 89'740.0 0.75x 0.67x 4'297.0 5'053.0 8.37x 7.94x Profitability

LTM-4Q 31.12.2011 87'384.0 0.61x 2'545.0 13.13x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 96'020.0 0.69x 5'169.0 9.18x 10.61% 8.95% 0.77% 10.50% 8.01% 0.14% 5.4% 4.12% 53.50% -

Price/ Cash Flow

LTM

FY+1

1.25 451.47 19.99% 0.24% 1.251 43 4.279 1'529'462 1'985'001 1'707'504 FY+2

FQ+1

FQ+2

12/yy 87'384.0 2.70x 0.0 0.00x 2'545.0 12.79x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 96'019.0 104'153.5 107'032.0 31'251.0 26'139.0 2.56x 0.57x 0.55x 0.0 0.00x 5'169.0 5'445.0 5'688.9 1'157.0 1'361.0 9.18x 8.67x 8.28x 8.93x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 53.5% Total Debt/Capital 33.8% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0 3.00

40'000.0 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Allianz SE Holdings By:

All

Holder Name BLACKROCK HARBOR CAPITAL ADVIS FMR LLC VANGUARD GROUP INC ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS UNION INVESTMENT GMB SOCIETE GENERALE SA DEUTSCHE BANK AG MORGAN STANLEY THORNBURG INVESTMENT HARRIS ASSOCIATES LP DEKA INVESTMENT GMBH CAPITAL GROUP COMPAN ADIG INVESTMENT FRANKFURT TRUST INVE OPPENHEIMERFUNDS INC NATIXIS ASSET MANAGE MERCURY ASSET MANAGE JP MORGAN

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Mediobanca SpA MARC THIELE Sanford C. Bernstein & Co THOMAS SEIDL Oddo & Cie NICOLAS JACOB Bryan Garnier & Cie OLIVIER PAUCHAUT Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG WERNER EISENMANN Main First Bank AG MICHAEL HAID Helvea DANIEL BISCHOF Macquarie HADLEY COHEN AlphaValue DIETER HEIN Exane BNP Paribas THOMAS JACQUET Bank of Valletta MALCOLM ABDILLA CASTILLO Bankhaus Metzler JOCHEN SCHMITT JPMorgan MICHAEL HUTTNER Berenberg Bank PETER ELIOT Keefe, Bruyette & Woods WILLIAM HAWKINS S&P Capital IQ RODERICK WALLACE RBC Capital Markets GORDON AITKEN Hamburger Sparkasse CHRISTIAN HAMANN Kepler Capital Markets FABRIZIO CROCE Nord/LB VOLKER SACK Independent Research GmbH STEFAN BONGARDT Nomura MICHAEL KLIEN Bankhaus Lampe ANDREAS SCHAEFER Banco Sabadell MARIO LODOS Credit Suisse RICHARD BURDEN Barclays ANDREW BROADFIELD Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Deutsche Bank ROBIN BUCKLEY Goldman Sachs VINIT MALHOTRA EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Landesbank Baden-Wuerttemberg WERNER SCHIRMER Natixis BENOIT VALLEAUX Day by Day VALERIE GASTALDY CA Cheuvreux ATANASIO PANTARROTAS Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Societe Generale JASON KALAMBOUSSIS Raymond James DANNY JACQUES Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

Source ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral market perform buy buy hold buy outperform accumulate outperform reduce outperform hold sell overweight buy market perform buy outperform buy reduce buy buy neutral buy buy neutral overweight buy buy Buy/Neutral buy overweight hold buy buy outperform Equalwt/In-Line buy buy market perform buy neutral hold

Amt Held 32'047'039 6'365'290 5'727'664 4'983'892 4'764'728 4'712'687 4'511'170 4'475'337 4'451'056 3'746'308 3'028'939 2'337'600 2'263'956 1'843'650 1'630'559 1'533'611 1'483'920 1'441'075 1'340'179 1'000'446

% Out 7.03 1.4 1.26 1.09 1.05 1.03 0.99 0.98 0.98 0.82 0.66 0.51 0.5 0.4 0.36 0.34 0.33 0.32 0.29 0.22

Weighting

Change 3 3 5 5 3 5 5 4 5 2 5 3 1 5 5 3 5 5 5 2 5 5 3 5 5 3 5 5 5 5 5 5 3 5 5 5 3 5 5 3 5 3 3

M M M M M M M M M D M M M M M M M M M M M M M N M M M M M M M M M M M M M M M M M M M

Latest Chg (2'672'871) 175'318 4'899 1'113'916 549'507 (153'836) (352'189) 135'754 (602'365) 17'500 433'235 48'589

Target Price 123 103 120 118 105 120 125 111 130 114 125 117 95 122 132 135 122 130 #N/A N/A 73 113 125 103 122 114 113 120 133 120 120 #N/A N/A 128 110 120 117 118 110 100 100 #N/A N/A #N/A N/A 92 106

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Unclassified 28.02.2013 Investment Advisor 16.05.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 25.03.2013 Investment Advisor 31.01.2013 Unclassified

Date 6 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 9 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month

Date 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 22.03.2013 21.03.2013 18.03.2013 12.03.2013 08.03.2013 05.03.2013 05.03.2013 03.03.2013 01.03.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 08.02.2013 04.02.2013 29.01.2013 24.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 10.01.2013 07.01.2013 10.12.2012 05.12.2012 26.11.2012 09.11.2012 03.08.2012 15.03.2012 11.11.2011 12.05.2011


27.03.2013

Eni SpA Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces natural gas and imports it for sale in Italy and elsewhere in Europe. Eni transports natural gas in pipelines. The Company generates and trades electricity, refines oil, and operates gasoline service stations.

Price/Volume 25

60.0 M 50.0 M

15

40.0 M 10

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENI IM EQUITY YTD Change ENI IM EQUITY YTD % CHANGE

12/2012 12/yy 19.59 14.94 8'111'118.00 17.56 -10.41% 17.54% 61.94% 3'634.2 63'816.29 24'463.00 0.0 3'514.0 8'066.00 83'727.29

30.0 M 20.0 M

5

10.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

20

Valuation Analysis

31.12.2008 108'082.0 0.74x 26'939.0 2.98x 8'825.0 6.89x

80.0 M

31.12.2009 31.12.2010 83'227.0 98'523.0 1.10x 0.91x 20'817.0 24'992.0 4.39x 3.58x 4'367.0 6'318.0 14.71x 9.39x Profitability

LTM-4Q 31.12.2011 109'589.0 0.83x 25'732.0 3.53x 6'860.0 8.47x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 127'271.0 0.68x 24'564.0 3.52x 7'788.0 16.38x 24'564.00 15'026.00 11.81% 13.04% 6.12% 15.13% 0.90% 19.3% 11.8% 6.1% 1.44 0.23 17.43% 41.32% -

Price/ Cash Flow

LTM

FY+1

0.86 2'532.64 5.11% -4.25% 0.856 38 4.053 11'853'020 13'085'840 12'503'840 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 108'740.0 127'271.0 117'817.6 121'152.2 32'632.7 31'508.3 3.31x 2.95x 0.68x 0.66x 2.51x 2.62x 25'213.0 24'564.0 28'660.3 29'774.6 7'066.0 7'108.0 3.60x 3.52x 2.92x 2.81x 2.96x 2.89x 6'860.0 8'673.0 7'070.0 7'593.9 1'777.0 1'748.0 8.45x 7.66x 8.98x 8.47x 9.43x 8.65x S&P Issuer Ratings Long-Term Rating Date 17.01.2012 Long-Term Rating A Long-Term Outlook NEG Short-Term Rating Date 19.05.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 27.91 (EBITDA-Capex)/Interest Exp. 15.26 Net Debt/EBITDA 0.67 Total Debt/EBITDA 1.00 Reference Total Debt/Equity 41.3% Total Debt/Capital 28.1% Asset Turnover 0.90 Net Fixed Asset Turnover 1.86 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Eni SpA Holdings By:

All

Holder Name CASSA DEPOSITI E PRE MINISTERO DELL'ECONO BLACKROCK FMR LLC CAPITAL GROUP COMPAN BNP PARIBAS ARBITRAG VANGUARD GROUP INC BNP PARIBAS SA ABERDEEN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BNP PARIBAS SEC SERV BNP PARIBAS INV PART NATIXIS ASSET MANAGE MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE THORNBURG INVESTMENT JP MORGAN EATON VANCE MANAGEME UNION INVESTMENT LUX

Firm Name Banca IMI HSBC AlphaValue Grupo Santander Day by Day Credit Suisse Exane BNP Paribas Societe Generale Mediobanca SpA Raymond James Macquarie Independent Research GmbH Equita SIM SpA Banca Akros(ESN) Canaccord Genuity Corp Natixis Barclays RBC Capital Markets Jefferies Sanford C. Bernstein & Co Nomura JPMorgan S&P Capital IQ VTB Capital Kepler Capital Markets Investec Goldman Sachs Banco Sabadell EVA Dimensions Landesbank Baden-Wuerttemberg Morgan Stanley Hamburger Sparkasse Deutsche Bank CA Cheuvreux Pareto Securities

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ROBERTO RANIERI PAUL SPEDDING ALEXANDRE ANDLAUER JASON KENNEY VALERIE GASTALDY KIM FUSTIER ALEJANDRO DEMICHELIS IRENE HIMONA ANDREA SCAURI BERTRAND HODEE MARC B KOFLER SVEN DIERMEIER ROBERTO LETIZIA DARIO MICHI GORDON GRAY ANNE PUMIR RAHIM KARIM PETER HUTTON IAIN REID OSWALD CLINT THEEPAN JOTHILINGAM NITIN SHARMA CHRISTINE TISCARENO COLIN SMITH ENRICO COCO STUART JOYNER MICHELE DELLA VIGNA JORGE GONZALEZ SADORNIL CRAIG STERLING JENS MUENSTERMANN MARTIJN P RATS INGO SCHMIDT MARK BLOOMFIELD DOMINIQUE PATRY THOMAS AARRESTAD

Source EXCH EXCH ULT-AGG ULT-AGG ULT-AGG EXCH MF-AGG EXCH ULT-AGG MF-AGG ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation add neutral reduce buy hold outperform neutral hold outperform outperform outperform hold buy buy sell neutral overweight sector perform buy market perform buy overweight buy hold hold hold Buy/Cautious buy buy buy Overwt/In-Line hold buy outperform hold

Amt Held 958'298'322 142'968'850 64'342'107 52'398'608 44'489'000 41'175'319 30'369'401 28'455'671 15'842'800 12'165'115 11'763'842 11'484'026 10'514'761 9'054'715 7'927'747 6'754'973 5'925'800 5'679'489 5'385'693 5'120'940

% Out 26.37 3.93 1.77 1.44 1.22 1.13 0.84 0.78 0.44 0.33 0.32 0.32 0.29 0.25 0.22 0.19 0.16 0.16 0.15 0.14

Weighting

Change 4 3 2 5 3 5 3 3 5 5 5 3 5 5 1 3 5 3 5 3 5 5 5 3 3 3 5 5 5 5 5 3 5 5 3

M M M M D M M M M M M M M M M M M M M M M M M M M U M M M M U U M M N

Latest Chg 1'052'103 (1'337'435) 1'853'508 999'327 (245'000) 848'857 (368'082) (24'451) 250'401 1'643'290 (1'437'700) 463'987 996'578 1'015'630

Target Price #N/A N/A 19 18 21 #N/A N/A 21 20 19 22 21 21 20 22 23 17 20 21 21 22 20 19 22 23 19 18 16 21 20 #N/A N/A 20 20 #N/A N/A 21 21 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.11.2012 Other 20.11.2012 Government 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Bank 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor

Date Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 3 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 25.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 12.03.2013 01.03.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 17.01.2013 09.01.2013 27.11.2012 30.10.2012 29.08.2012 13.08.2012 23.04.2010


27.03.2013

AstraZeneca PLC AstraZeneca PLC is a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia, and Infection.

Price/Volume 3500

12.0 M

3000

10.0 M

2500

8.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZN LN EQUITY YTD Change AZN LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 32'804.0 33'269.0 2.02x 1.84x 13'235.0 14'170.0 5.00x 4.31x 7'521.0 8'053.0 9.05x 8.14x Profitability

2.0 M

500 0 m-12 a-12 m-12

LTM-4Q 31.12.2011 33'591.0 1.71x 13'276.0 4.32x 9'983.0 6.29x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 27'973.0 2.18x 10'658.0 5.72x 6'297.0 9.46x 10'658.00 8'140.00 29.10% 27.59% 11.84% 26.81% 21.21% 0.53% 80.7% 41.5% 32.5% 22.5% 1.35 1.02 19.26% 43.43% 4.54 2.76

Price/ Cash Flow

j-12

j-12

LTM

12/yy 33'591.0 7.33x 15'415.0 3.72x 9'983.0 6.31x

a-12

12/yy 27'973.0 8.49x 11'621.0 5.24x 6'297.0 9.47x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

5.74 0.75 1'246.05 21.16% 15.66% 0.752 37 2.703 3'766'305 2'535'952 2'340'425 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'350.5 25'603.1 6'532.8 6'360.8 2.35x 2.37x 9'855.8 9'574.7 2'372.5 2'303.0 6.38x 6.57x 6.49x 6'692.7 6'369.7 1'668.0 1'607.0 8.96x 9.30x 8.34x 8.19x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

27.07.2007 AASTABLE 27.07.2007 A-1+ 11.13 10.42 0.15 0.89 43.4% 30.1% 0.53 4.47 80.64 132.78 150.40 63.02

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

4.0 M

1000

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 31'601.0 2.11x 11'657.0 5.72x 6'101.0 9.74x

6.0 M

1500

12/2012 12/yy 3'273.00 2'578.50 1'082'642.00 3231.5 -1.24% 25.32% 97.62% 1'248.2 40'334.16 10'310.00 0.0 215.0 8'524.00 62'915.67

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

AstraZeneca PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK AXA INVESTOR AB LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME VANGUARD GROUP INC PERPETUAL INVESTMENT SCHRODER INVESTMENT UBS CAPITAL GROUP COMPAN FMR LLC PEOPLES REPUBLIC OF VANGUARD GROUP INC THREADNEEDLE ASSET M STATE STREET GMO LLC M&G INVESTMENT MANAG ALLIANCE BERNSTEIN

Firm Name Morgan Stanley Shore Capital Stockbrokers Nordea Equity Research Bryan Garnier & Cie Redburn Partners Exane BNP Paribas Barclays Societe Generale Deutsche Bank ABG Sundal Collier Credit Suisse Jefferies Sanford C. Bernstein & Co Independent Research GmbH Carnegie Kepler Capital Markets Natixis Panmure Gordon & Co Limited Danske Markets S&P Capital IQ AlphaValue Helvea JPMorgan Swedbank Nomura Day by Day Berenberg Bank Landesbank Baden-Wuerttemberg Pareto Securities SEB Enskilda Goldman Sachs EVA Dimensions Liberum Capital Ltd Main First Bank AG Mirabaud Securities DZ Bank AG MP Advisors Pvt Ltd Edward Jones

Portfolio Name Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst PETER VERDULT BRIAN WHITE ERIK HULTGARD ERIC LE BERRIGAUD TEAM COVERAGE NICOLAS GUYON-GELLIN MARK PURCELL STEPHEN MCGARRY MARK CLARK PETER HUGREFFE LUISA HECTOR JEFFREY HOLFORD TIMOTHY M ANDERSON CHRISTOPH SCHOENDUBE KRISTOFER LILJEBERG FABIAN WENNER BEATRICE MUZARD SAVVAS NEOPHYTOU MATTIAS HAGGBLOM SHO MATSUBARA ARMELLE MOULIN ODILE RUNDQUIST ALEXANDRA M HAUBER-SCHUELE JOHAN UNNERUS AMIT ROY VALERIE GASTALDY ALISTAIR CAMPBELL TIMO KUERSCHNER YILMAZ MAHSHID LARS HEVRENG KEYUR PAREKH ANDREW S ZAMFOTIS NARESH CHOUHAN TIM FRANKLIN NICHOLAS TURNER ELMAR KRAUS BHAVITA NAGRANI LINDA BANNISTER

Source REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG MF-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG REG REG ULT-AGG

Recommendation Equalwt/Attractive buy sell buy neutral neutral equalweight sell hold sell underperform hold market perform hold hold hold neutral hold hold sell add neutral underweight sell reduce buy hold sell sell hold neutral/neutral buy neutral suspended coverage reduce buy underperform sell

Amt Held 92'577'683 81'345'820 68'601'379 51'587'810 51'010'537 42'533'598 28'877'534 27'002'295 25'266'060 18'084'946 16'999'885 16'945'000 14'071'861 13'747'211 13'473'072 13'153'411 12'362'004 12'158'200 11'452'982 10'705'870

% Out 7.42 6.52 5.5 4.13 4.09 3.41 2.31 2.16 2.02 1.45 1.36 1.36 1.13 1.1 1.08 1.05 0.99 0.97 0.92 0.86

Weighting

Change

3 5 1 5 3 3 3 1 3 1 1 3 3 3 3 3 3 3 3 1 4 3 1 1 2 5 3 1 1 3 3 5 3 #N/A N/A 2 5 1 1

M M M M U M M M M M M M M M M M U M M M M M M D M M M D M M M M M M U M M M

Latest Chg 4'654'729 (19'539'361) (213'062) (419'253) 4'057'409 103'265 482'103 29'422 (791'342) 3'892'025 7'945'000 256'131 1'293'245 476'641 36'670 560'902 (505'782) (828'120) (714'599)

Target Price 3'310 #N/A N/A 3'037 3'540 #N/A N/A 3'300 3'300 2'675 3'100 2'562 3'050 3'000 3'298 3'200 #N/A N/A 2'700 3'383 3'200 3'000 2'700 3'311 2'850 2'750 2'666 2'600 3'181 3'050 2'900 2'843 2'924 3'375 #N/A N/A 3'000 #N/A N/A 2'700 3'700 2'509 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.02.2013 25.03.2013 01.02.2013 01.02.2013 28.02.2013 01.02.2013 01.02.2013 31.12.2012 31.07.2012 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013 26.03.2013 01.02.2013 01.02.2013 01.02.2013

Date 12 month Not Provided 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 15 month 12 month 12 month 3 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor

Date 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 15.03.2013 08.03.2013 18.02.2013 14.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 28.01.2013 17.01.2013 05.10.2012 20.07.2012 02.04.2012 02.02.2012 07.01.2010 20.11.2008


27.03.2013

Standard Chartered PLC Standard Chartered plc is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STAN LN EQUITY YTD Change STAN LN EQUITY YTD % CHANGE

12/2012 01/yy 1'860.50 1'092.00 1'191'620.00 1694 -8.98% 55.13% 80.42% 2'413.1 40'877.26 113'172.00 1'495.0 693.0 121'665.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 22'429.0 3'241.0 6.41x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 m-12 a-12 m-12

31.12.2009 31.12.2010 20'558.0 21'355.0 3'380.0 4'332.0 14.69x 13.38x Profitability

31.12.2011 24'343.0 4'849.0 10.66x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 26'908.0 4'887.0 12.53x 35.37% 34.97% 0.79% 11.32% 3.31% 0.04% 24.9% 17.78% 257.99% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.28 1.18 1'978.74 9.06% 10.04% 1.177 42 3.881 3'986'690 4'390'414 3'793'590 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 20'731.6 22'779.4 5'809.3 6'447.6 1'900.0 10.75x 9.75x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

01.12.2011 A+ NEG 10.01.2008 A-1 258.0% 71.1% 0.04 4.59 -

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Standard Chartered PLC Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI BLACKROCK ABERDEEN LEGAL & GENERAL NORGES BANK INVESTME SUN LIFE FINANCIAL I FMR LLC VANGUARD GROUP INC SCOTTISH WIDOWS BNP PARIBAS INV PART VANGUARD GROUP INC BAILLIE GIFFORD AND THORNBURG INVESTMENT JP MORGAN PEOPLES REPUBLIC OF DODGE & COX UBS Standard Chartered B THORNBURG INVESTMENT WALTER SCOTT & PARTN

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Investec IAN GORDON Macquarie THOMAS STOEGNER Mediobanca SpA CHRISTOPHER J WHEELER RBC Capital Markets PATRICK LEE HSBC PETER TOEMAN AlphaValue DAVID GRINSZTAJN EVA Dimensions AUSTIN BURKETT Credit Suisse AMIT GOEL Sanford C. Bernstein & Co CHIRANTAN BARUA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Oriel Securities Ltd VIVEK RAJA Berenberg Bank JAMES CHAPPELL Liberum Capital Ltd CORMAC LEECH Independent Research GmbH STEFAN BONGARDT Shore Capital Stockbrokers GARY GREENWOOD Keefe, Bruyette & Woods MARK J PHIN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Societe Generale JAMES INVINE Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA China International Capital Corp SALLY NG BNP Paribas Equity Research DOMINIC CHAN Citic Securities Co., Ltd STEVEN CHAN Numis Securities Ltd MICHAEL J TRIPPITT AMTD Financial Planning Limited KENNY TANG SING HING Morgan Stanley CHRISTOPHER MANNERS S&P Capital IQ FRANK BRADEN CCB International Securities Ltd ADAM CHAN Mizuho Securities JIM ANTOS Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Barclays ROHITH CHANDRA-RAJAN Grupo Santander ARTURO DE FRIAS Canaccord Genuity Corp GARETH HUNT Daniel Stewart & Co SIMON WILLIS JM Financial Institutional Securities P PUNEET GULATI IIFL SACHIN NIKHARE

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG REG MF-AGG ULT-AGG REG MF-AGG REG

Recommendation buy outperform outperform sector perform neutral reduce hold underperform underperform buy neutral add sell hold buy buy market perform hold buy hold overweight hold buy hold add buy Overwt/In-Line hold outperform buy buy buy neutral/neutral neutral overweight buy sell buy buy add

Amt Held 432'746'145 165'824'190 157'962'325 85'794'638 54'789'154 53'057'843 51'450'411 49'225'497 46'720'870 45'077'332 39'082'703 30'412'658 30'132'593 28'624'271 28'340'249 27'346'560 24'315'105 24'000'000 23'951'106 20'631'586

% Out 17.93 6.87 6.55 3.56 2.27 2.2 2.13 2.04 1.94 1.87 1.62 1.26 1.25 1.19 1.17 1.13 1.01 0.99 0.99 0.85

Weighting

Change 5 5 5 3 3 2 3 1 1 5 3 4 1 3 5 5 3 3 5 3 5 3 5 3 4 5 5 3 5 5 5 5 3 3 5 5 1 5 5 4

M M U M M M U M M M M D D D U M M M M M M M M M M M M M M U U M M M M M M M M M

Latest Chg (595'713) 116'049 900'637 2'991'820 2'594'560 (92'936) 23'142'351 (415'238) 2'474'481 194'259 (60'464) 4'925'501 5'884'182 106'661 4'313'147 550'000 (437'402)

Target Price 1'900 2'000 1'837 1'700 1'800 1'778 #N/A N/A 1'400 1'330 2'100 1'750 2'050 1'450 1'875 2'100 #N/A N/A 1'890 1'900 2'100 1'825 2'000 1'821 2'157 1'764 2'057 1'888 2'020 1'980 2'049 2'057 1'854 1'970 1'950 #N/A N/A 1'600 1'960 1'325 1'900 1'800 1'700

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.02.2012 25.03.2013 02.01.2013 28.02.2013 02.01.2013 31.01.2013 31.01.2013 31.12.2012 02.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 31.01.2013 02.01.2013 29.01.2013 31.01.2013 02.01.2013 31.01.2013 02.01.2013

Date 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Government Investment Advisor Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 14.03.2013 12.03.2013 12.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 14.02.2013 29.01.2013 28.01.2013 04.01.2013 17.12.2012 11.12.2012 06.12.2012 08.08.2012 02.08.2012 01.03.2012


27.03.2013

Telefonica SA Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 14

600.0 M

12

500.0 M

10

400.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEF SQ EQUITY YTD Change TEF SQ EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200.0 M

4

100.0 M

2 0 m-12

31.12.2009 31.12.2010 56'731.0 60'737.0 2.42x 2.29x 22'603.0 25'777.0 6.07x 5.39x 7'776.0 10'167.0 11.43x 7.54x Profitability

LTM-4Q 31.12.2011 62'837.0 1.99x 19'392.0 6.46x 5'402.9 11.18x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 62'356.0 1.74x 20'835.0 5.22x 3'928.0 11.71x 20'835.00 10'402.00 16.68% 9.40% 3.03% 18.66% 0.48% 33.5% 16.7% 6.3% 0.81 0.71 51.52% 326.73% 6.28 -

Price/ Cash Flow

j-12

j-12

LTM

12/yy 62'837.3 8.42x 19'392.5 6.46x 5'402.7 11.25x

a-12

12/yy 62'356.0 7.30x 20'871.0 5.21x 3'928.0 11.52x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.96 4'396.29 -9.26% 2.65% 0.956 43 3.279 56'289'280 36'023'620 30'326'620 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 59'507.8 59'769.8 1.73x 1.68x 20'362.1 20'466.9 4'577.0 4'846.0 5.40x 5.37x 5.46x 5'142.0 5'319.7 9.22x 8.84x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

20.12.2012 BBB NEG 20.12.2012 A-2 7.26 3.86 2.64 3.20 326.7% 70.7% 0.48 1.77 58.28 -

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 57'946.0 2.10x 22'919.0 5.31x 7'592.0 9.72x

300.0 M

6

12/2012 12/yy 12.42 7.90 20'154'606.00 10.46 -15.77% 32.41% 61.52% 4'551.0 47'603.72 66'853.00 0.0 7'200.0 11'719.00 109'937.72

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Telefonica SA Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA CAIXABANK BLACKROCK BNP PARIBAS SA TELEFONICA SA CHINA UNICOM HONG KO VANGUARD GROUP INC AMUNDI FRANKLIN RESOURCES NATIXIS ASSET MANAGE MERCURY ASSET MANAGE FMR LLC T ROWE PRICE ASSOCIA BNP PARIBAS INV PART UNION INVESTMENT GMB CREDIT SUISSE ASSET WELLCOME TRUST LIMIT DEKA INVESTMENT GMBH BBVA PATRIMONIOS GES UNION INVESTMENT LUX

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Bankia Bolsa (ESN) DAVID CABEZA JARENO Ahorro Corporacion Financiera SA GERMAN GARCIA BOU NMAS 1 Agencia de Valores JOSE RAMON OCINA Morgan Stanley LUIS PROTA Grupo Santander NAHUM SANCHEZ DE LAMADRID Banco Sabadell ANDRES BOLUMBURU Sanford C. Bernstein & Co ROBIN BIENENSTOCK Deutsche Bank KEVAL KHIROYA BBVA IVON LEAL Exane BNP Paribas MATHIEU ROBILLIARD BPI PEDRO OLIVEIRA Berenberg Bank PAUL ANDREW MARSCH EVA Dimensions ANDREW S ZAMFOTIS JPMorgan TORSTEN ACHTMANN Independent Research GmbH MARKUS FRIEBEL Espirito Santo Investment Bank Research NUNO MATIAS Banesto Bolsa SA Sociedad MARTA GOMEZ HSBC LUIGI MINERVA Macquarie GUY R PEDDY Oddo & Cie ALEXANDRE IATRIDES S&P Capital IQ ALEXANDER WISCH Barclays JONATHAN DANN AlphaValue JEAN-MICHEL SALVADOR Goldman Sachs TIMOTHY BODDY Jefferies JEREMY A DELLIS Raymond James STEPHANE BEYAZIAN Interdin Bolsa BORJA MIJANGOS BLANCO Nomura FREDERIC BOULAN New Street Research JAMES RATZER BCP Investimento ALEXANDRA DELGADO Credit Suisse JUSTIN FUNNELL La Caixa BORJA PAGOAGA Hamburger Sparkasse TINA HECKING-VELTMAN Kepler Capital Markets JAVIER BORRACHERO Day by Day VALERIE GASTALDY CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Natixis BENOIT MAYNARD Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO DZ Bank AG THORSTEN REIGBER

Source 20F 20F ULT-AGG EXCH Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy Overwt/In-Line buy buy market perform hold outperform neutral reduce sell underweight overweight sell neutral buy neutral underperform reduce sell equalweight buy neutral/neutral underperform underperform buy reduce reduce buy neutral buy hold buy hold underperform buy neutral overweight buy

Amt Held 261'798'437 254'697'815 177'257'649 127'368'869 84'209'364 62'526'753 42'243'280 24'865'994 20'487'978 14'952'055 11'790'975 9'693'863 8'058'783 6'202'976 5'948'267 5'536'421 5'200'000 4'961'960 4'854'264 4'609'602

% Out 5.75 5.6 3.89 2.8 1.85 1.37 0.93 0.55 0.45 0.33 0.26 0.21 0.18 0.14 0.13 0.12 0.11 0.11 0.11 0.1

Weighting

Change 5 5 5 5 5 5 3 3 5 3 2 1 1 5 1 3 5 3 1 2 1 3 5 3 1 1 5 2 2 5 3 5 3 5 3 1 5 3 5 5

M M M M M M M M M M M M D U M U M M M M M U M U M M M M M M M M M M M M M M M M

Latest Chg 3'581'300 7'798'898 (15'605'969) 2'181'969 11'840'334 (644'661) 8'202'010 3'689'188 (3'474'417) 2'602'512 (299'922) (105'860) 829'681 (70'160) (668'098)

Target Price 14 13 13 13 13 14 10 12 13 11 9 9 #N/A N/A 13 9 10 12 11 9 10 9 10 17 11 8 10 12 9 #N/A N/A 17 14 13 #N/A N/A 12 #N/A N/A 12 12 14 19 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.03.2013 21.03.2013 25.03.2013 12.05.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.01.2013 25.03.2013 31.01.2013 31.12.2012 31.01.2013 28.09.2012 31.01.2013 31.01.2013 28.12.2012 30.09.2012 28.09.2012

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Bank Investment Advisor Investment Advisor Bank Corporation Corporation Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 15.03.2013 14.03.2013 11.03.2013 08.03.2013 07.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 22.02.2013 24.01.2013 27.11.2012 26.11.2012 19.11.2012 03.10.2012 26.09.2012 26.07.2012 14.05.2012 24.02.2012 15.11.2011


27.03.2013

Daimler AG Daimler AG develops, manufactures, distributes, and sells a wide range of automotive products, mainly passenger cars, trucks, vans and buses. The Company also provides financial and other services relating to its automotive businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2012 12/yy 47.47 32.86 2'161'800.00 43.37 -8.64% 32.00% 76.87% 1'067.6 46'303.83 84'642.00 0.0 1'631.0 15'055.00 117'521.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 95'873.0 0.87x 11'685.0 7.14x 1'348.0 15.61x

50 45 40 35 30 25 20 15 10 5 0 m-12

31.12.2009 31.12.2010 78'924.0 97'761.0 1.15x 1.10x 3'032.0 10'489.0 29.84x 10.26x (2'640.0) 4'498.0 11.85x Profitability

LTM-4Q 31.12.2011 106'540.0 0.93x 12'216.0 8.09x 5'667.0 6.38x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 114'297.0 1.01x 12'138.0 9.50x 6'095.0 7.24x 12'138.00 8'071.00 7.06% 6.75% 3.92% 14.60% 6.94% 0.73% 22.3% 10.7% 7.1% 5.3% 1.13 0.38 51.93% 192.90% 14.85 5.10

Price/ Cash Flow

LTM

FY+1

1.21 944.56 -2.54% 4.96% 1.208 39 3.487 3'508'146 4'011'646 3'984'654 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 106'540.0 114'297.0 116'971.5 124'085.7 3.70x 3.91x 0.45x 0.42x 12'265.0 12'193.0 12'649.2 14'408.5 8.06x 9.46x 9.29x 8.16x 5'667.0 6'095.0 4'965.6 5'999.1 1'313.0 1'314.0 6.38x 7.24x 9.33x 7.88x 8.82x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 5.24 (EBITDA-Capex)/Interest Exp. 3.16 Net Debt/EBITDA 5.71 Total Debt/EBITDA 6.94 Reference Total Debt/Equity 192.9% Total Debt/Capital 65.0% Asset Turnover 0.73 Net Fixed Asset Turnover 2.58 Accounts receivable turnover-days 24.64 Inventory Days 71.73 Accounts Payable Turnover Day 37.55 Cash Conversion Cycle 58.83 Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0 140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0 60'000.0

20.00

40'000.0

10.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Daimler AG Holdings By:

All

Holder Name BLACKROCK KUWAIT INVESTMENT AU CAPITAL GROUP COMPAN AABAR INVESTMENTS PJ NORGES BANK NISSAN MOTOR CO LTD VANGUARD GROUP INC DB PLATINUM ADVISORS HARBOR CAPITAL ADVIS HARRIS ASSOCIATES LP DEKA INVESTMENT GMBH FIRST EAGLE INVESTME UNION INVESTMENT GMB ONTARIO TEACHERS PEN MERCURY ASSET MANAGE GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV BNP PARIBAS INV PART FRANKFURT TRUST INVE ETFLAB INVESTMENT GM

Firm Name Sanford C. Bernstein & Co Exane BNP Paribas AlphaValue Independent Research GmbH Commerzbank Corporates & Markets Macquarie Day by Day Morgan Stanley Credit Suisse Banco Sabadell Goldman Sachs Kepler Capital Markets Redburn Partners DZ Bank AG Barclays Societe Generale JPMorgan HSBC Landesbank Baden-Wuerttemberg Bankhaus Lampe Oddo & Cie M.M. Warburg Investment Research Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Nord/LB Hamburger Sparkasse Natixis Ahorro Corporacion Financiera SA EVA Dimensions Main First Bank AG Silvia Quandt Research Cyrrus Deutsche Bank CA Cheuvreux Steubing AG

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst MAX WARBURTON RABIH FREIHA HANS-PETER WODNIOK ZAFER RUZGAR DANIEL SCHWARZ CHRISTIAN BREITSPRECHER VALERIE GASTALDY STUART PEARSON ERICH HAUSER GLEN SPENCER-CHAPMAN STEFAN BURGSTALLER MICHAEL RAAB CHARLES WINSTON MICHAEL PUNZET KRISTINA CHURCH STEPHEN REITMAN JOSE ASUMENDI HORST SCHNEIDER FRANK BILLER CHRISTIAN LUDWIG FRANCOIS MAURY MARC-RENE TONN JUERGEN PIEPER TIM SCHULDT JAWAHAR HINGORANI FRANK SCHWOPE TINA HECKING-VELTMAN GEORGES DIENG VIRGINIA PEREZ REPES CRAIG STERLING LOTHAR LUBINETZKI ALBRECHT DENNINGHOFF JIRI SIMARA JOCHEN GEHRKE ALEXANDER NEUBERGER TEAM COVERAGE

Source ULT-AGG Co File ULT-AGG Co File Research Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG Research MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation market perform outperform sell hold buy outperform hold Equalwt/In-Line neutral buy buy/attractive reduce sell hold equalweight hold neutral overweight buy sell neutral hold buy hold hold buy buy neutral hold underweight outperform neutral hold hold select list buy

Amt Held 92'399'778 73'577'854 50'908'791 33'056'717 32'355'918 16'448'378 13'205'464 12'065'091 10'511'692 10'428'300 7'252'246 6'339'832 3'548'162 3'200'000 2'911'975 2'719'961 2'556'213 2'367'006 2'327'805 2'104'910

% Out 8.65 6.89 4.77 3.1 3.03 1.54 1.24 1.13 0.98 0.98 0.68 0.59 0.33 0.3 0.27 0.25 0.24 0.22 0.22 0.2

Weighting

Change 3 5 1 3 5 5 3 3 3 5 5 2 1 3 3 3 3 5 5 1 3 3 5 3 3 5 5 3 3 1 5 3 3 3 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (863'452) (2'451'600) 361'219 17'008 3'324 1'095'300 (488'209) 6'700 (1'704'912) 339'484 (1'000) -

Target Price 40 54 40 48 60 60 #N/A N/A 53 35 48 62 41 #N/A N/A 44 43 46 46 52 58 39 45 46 50 47 48 51 #N/A N/A 38 37 #N/A N/A 43 35 37 35 48 76

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 06.02.2012 31.12.2012 06.02.2012 17.09.2012 31.03.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.12.2012 30.09.2012 28.09.2012 31.12.2011 25.03.2013 05.10.2012 31.07.2012 31.01.2013 31.01.2013 26.03.2013

Date 12 month Not Provided 6 month 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 9 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Government Investment Advisor Government Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 26.03.2013 25.03.2013 21.03.2013 07.03.2013 04.03.2013 28.02.2013 28.02.2013 26.02.2013 21.02.2013 15.02.2013 13.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 31.01.2013 17.01.2013 26.11.2012 16.11.2012 29.10.2012 28.10.2012 26.10.2012 10.01.2011


27.03.2013

UBS AG UBS AG is a wealth management, investment banking, and asset management firm. The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world.

Price/Volume 18

60.0 M

16

50.0 M

14 12

40.0 M

10

12/2012 12/yy 16.39 9.69 6'341'774.00 14.57 -11.10% 50.44% 76.29% 3'836.5 55'897.28 267'401.00 0.0 4'353.0 66'383.00 261'268.28

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6

20.0 M

4

10.0 M

2 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 67'219.0 8.31x 37'052.0 15.08x (21'292.0) -

30.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

31.12.2009 31.12.2010 44'432.0 46'526.0 9.56x 8.39x 19'648.0 20'964.0 21.61x 18.62x (2'736.0) 7'534.0 7.71x Profitability

LTM-4Q 31.12.2011 40'880.0 9.20x 17'464.0 21.53x 4'159.0 10.16x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 37'754.0 6.86x 15'529.0 16.67x (2'511.0) 15'529.00 5.80% -4.70% -0.19% -5.05% -0.60% 0.03% 41.1% -6.7% 21.24% 582.62% -

Price/ Cash Flow

LTM

12/yy 40'870.0 36.80x 17'455.0 21.54x 4'159.0 10.07x

12/yy 37'758.0 31.69x 15'530.0 16.67x (2'510.0) 0.00x

FY+1

1.39 3'466.72 12.80% 2.10% 1.390 41 3.756 9'808'735 11'897'070 11'651'160 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'611.9 27'675.3 6'554.0 6'657.0 3'365.2 4'672.5 563.0 786.0 16.65x 12.23x 12.72x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.11.2011 A STABLE 19.12.2008 A-1 10.52 17.22 582.6% 84.2% 0.03 6.51 -

Sales/Revenue/Turnover

6.00

160'000.0 140'000.0

5.00

120'000.0 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0 1.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

UBS AG Holdings By:

All

Holder Name GOVT OF SINGAPORE IN UBS FMR LLC NORGES BANK FRANKLIN RESOURCES CREDIT SUISSE ASSET CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BLACKROCK HARBOR CAPITAL ADVIS UBS FUND MANAGEMENT ZURCHER KANTONALBANK PICTET & CIE OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT CREDIT AGRICOLE SA ALLIANCE BERNSTEIN BANK OF NEW YORK MEL PZENA INVESTMENT MAN ONTARIO TEACHERS PEN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a WELLINGTON MANAGEMEN n/a Multiple Portfolios Multiple Portfolios ZURCHER KANTONALBANK Multiple Portfolios Multiple Portfolios Multiple Portfolios CREDIT AGRICOLE SA n/a BANK OF NEW YORK MEL PZENA INVESTMENT MAN ONTARIO TEACHERS PEN

Analyst

Barclays KIRI VIJAYARAJAH Mediobanca SpA CHRISTOPHER J WHEELER Liberum Capital Ltd CORMAC LEECH Canaccord Genuity Corp ARUN MELMANE AlphaValue DIETER HEIN Redburn Partners NICHOLAS WATTS Exane BNP Paribas DANIEL DAVIES Goldman Sachs JERNEJ OMAHEN JPMorgan KIAN ABOUHOSSEIN Day by Day VALERIE GASTALDY CA Cheuvreux CHRISTIAN STARK Bankhaus Metzler GUIDO HOYMANN RBC Capital Markets FIONA SWAFFIELD Macquarie PIERS BROWN Keefe, Bruyette & Woods ANDREW STIMPSON Oddo & Cie JEAN SASSUS DZ Bank AG CHRISTOPH BAST Credit Suisse AMIT GOEL Independent Research GmbH STEFAN BONGARDT Berenberg Bank JAMES CHAPPELL Kepler Capital Markets DIRK BECKER Natixis ANTOINE BURGARD Nomura JON PEACE S&P Capital IQ FRANK BRADEN Helvea TIM DAWSON Main First Bank AG KILIAN MAIER Commerzbank Corporates & Markets MICHAEL DUNST Espirito Santo Investment Bank Research ANDREW LIM Societe Generale DIRK HOFFMANN-BECKING Bank Vontobel AG TERESA NIELSEN Morgan Stanley HUW VAN STEENIS EVA Dimensions AUSTIN BURKETT Deutsche Bank MATT SPICK HSBC ROBERT MURPHY Landesbank Baden-Wuerttemberg INGO FROMMEN Grupo Santander AURELIA FAURE Hamburger Sparkasse CHRISTIAN HAMANN Zuercher Kantonalbank ANDREAS VENDITTI Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

Source ULT-AGG ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG 13F ULT-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG 13F ULT-AGG 13F 13F 13F

Recommendation overweight neutral buy buy reduce buy neutral Buy/Neutral overweight hold outperform sell sector perform outperform market perform neutral sell neutral hold buy reduce buy buy buy accumulate outperform hold buy hold buy Overwt/In-Line sell hold overweight hold underweight hold outperform hold buy

Amt Held 245'633'960 197'716'980 134'865'238 116'490'210 69'300'732 52'106'861 51'818'019 40'980'253 36'961'338 34'619'235 31'294'723 25'446'748 21'246'924 20'880'689 19'403'429 16'622'115 16'537'648 14'956'720 14'066'648 9'167'333

% Out 6.4 5.15 3.52 3.04 1.81 1.36 1.35 1.07 0.96 0.9 0.82 0.66 0.55 0.54 0.51 0.43 0.43 0.39 0.37 0.24

Weighting

Change 5 3 5 5 2 5 3 5 5 3 5 1 3 5 3 3 1 3 3 5 2 5 5 5 4 5 3 5 3 5 5 1 3 5 3 1 3 5 3 5

M M M M M M M M M D M M M M D M D D M M M M M M M M M M M M M M M M D M M U M M

Latest Chg (261'829) (3'454'276) 12'874'066 (4'992'827) (1'332'781) 6'015'804 1'928'515 8'667'148 217'405 (58'593) 435'986 225'605 2'393'021 6'927'562 1'350'143 4'242'564 1'002'642 (1'222'625) 5'013'106

Target Price 19 17 18 24 16 #N/A N/A 16 21 21 #N/A N/A 16 13 16 19 18 18 13 15 17 17 14 18 18 18 18 18 16 20 16 18 17 #N/A N/A 16 18 17 11 #N/A N/A #N/A N/A #N/A N/A 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 15.03.2013 31.12.2012 27.09.2011 31.12.2012 31.01.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 30.11.2012 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month 6 month Not Provided Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Unclassified Investment Advisor Government Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Pension Fund (ERISA)

Date 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 18.03.2013 14.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 05.03.2013 05.03.2013 27.02.2013 27.02.2013 22.02.2013 19.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 30.01.2013 25.01.2013 25.01.2013 18.01.2013 17.01.2013 07.01.2013 20.12.2012 20.12.2012 11.12.2012 07.11.2012 30.10.2012 23.10.2012 03.07.2012


27.03.2013

BG Group PLC BG Group plc specializes in the exploration, production, transmission and distribution of gas, oil and liquefied natural gas. The Group also develops, owns and operates gas-fired power generation plants.

Price/Volume 1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (19.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG/ LN EQUITY YTD Change BG/ LN EQUITY YTD % CHANGE

12/2012 12/yy 1'529.50 991.00 2'733'020.00 1116 -27.03% 12.61% 27.67% 3'402.5 37'972.06 15'507.00 0.0 57.0 4'434.00 68'477.30

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400 200 0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 23'270.8 2.83x 11'459.5 5.75x 5'790.9 10.25x

600

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 15'992.8 17'166.0 4.28x 4.68x 8'440.4 8'672.0 8.10x 9.27x 3'394.9 3'351.0 17.40x 20.19x Profitability

LTM-4Q 31.12.2011 21'073.0 4.20x 10'026.0 8.83x 4'234.0 17.08x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 18'933.0 3.54x 10'198.0 6.58x 4'519.0 16.87x 10'198.00 7'605.00 40.17% 33.62% 7.14% 14.48% 10.24% 0.34% 48.7% 36.8% 23.9% 1.49 0.54 23.77% 46.94% 3.28 -

Price/ Cash Flow

LTM

12/yy 21'073.0 16.45x 10'026.0 8.83x 4'234.0 17.08x

12/yy 21'665.0 14.69x 10'561.0 6.35x 4'519.0 16.06x

FY+1

1.55 1.21 3'260.90 -23.43% 10.22% 1.212 31 4.097 5'299'171 4'937'506 5'871'065 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'138.5 22'918.5 5'177.0 5'244.5 3.47x 3.20x 13.26x 12.89x 10'801.0 12'887.3 2'755.0 2'722.0 6.34x 5.31x 6.17x 5.92x 4'404.7 5'280.2 1'194.5 1'174.5 12.81x 10.80x 12.17x 11.33x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

15.20 0.33 1.05 1.47 46.9% 31.9% 0.34 0.53 111.74 -

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

BG Group PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS VANGUARD GROUP INC VANGUARD GROUP INC PEOPLES REPUBLIC OF SCHRODER INVESTMENT GOVT OF SINGAPORE IN STANDARD LIFE INVEST Northern Cross Inter STATE FARM MUTUAL AU ALECTA INVESTMENT MA HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN AXA BNP PARIBAS INV PART SUN LIFE FINANCIAL I UBS

Firm Name Raymond James Jefferies AlphaValue Grupo Santander Goldman Sachs Sanford C. Bernstein & Co Oriel Securities Ltd Exane BNP Paribas JPMorgan Societe Generale Canaccord Genuity Corp Simmons & Company International RBC Capital Markets HSBC Liberum Capital Ltd Credit Suisse Independent Research GmbH Equita SIM SpA Macquarie Nomura S&P Capital IQ Barclays Morgan Stanley Investec EVA Dimensions Day by Day Deutsche Bank Tudor Pickering & Co CA Cheuvreux Shore Capital Stockbrokers

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a

Analyst BERTRAND HODEE BRENDAN MICHAEL WARN ALEXANDRE ANDLAUER JASON KENNEY MICHELE DELLA VIGNA OSWALD CLINT RICHARD GRIFFITH ALEJANDRO DEMICHELIS FREDERICK G LUCAS IRENE HIMONA GORDON GRAY JEFFREY A DIETERT PETER HUTTON PAUL SPEDDING ANDREW WHITTOCK THOMAS YOICHI ADOLFF SVEN DIERMEIER MASSIMO BONISOLI JASON D GAMMEL THEEPAN JOTHILINGAM CHRISTINE TISCARENO RAHIM KARIM MARTIJN P RATS STUART JOYNER CRAIG STERLING VALERIE GASTALDY LUCAS HERRMANN ANISH KAPADIA JEAN-CHARLES LACOSTE GERARD LANE

Source ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG REG ULT-AGG REG REG REG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation outperform buy sell buy Buy/Cautious outperform buy outperform overweight hold buy overweight outperform overweight hold neutral hold buy neutral buy buy overweight Equalwt/In-Line sell overweight hold hold hold suspended coverage not rated

Amt Held 253'990'367 152'363'377 120'599'210 102'081'949 94'465'521 92'621'382 64'366'135 57'396'054 48'293'192 45'954'406 42'153'440 41'754'612 40'100'800 40'085'000 39'857'836 39'552'694 38'280'582 34'797'279 33'967'551 33'600'933

% Out 7.46 4.48 3.54 3 2.78 2.72 1.89 1.69 1.42 1.35 1.24 1.23 1.18 1.18 1.17 1.16 1.13 1.02 1 0.99

Weighting

Change

5 5 1 5 5 5 5 5 5 3 5 5 5 5 3 3 3 5 3 5 5 5 3 1 5 3 3 3 #N/A N/A #N/A N/A

N M M M M M M M M M M M M M M M M M M M U M M M M D D M M M

Latest Chg 14'804'992 1'010'042 (4'289'039) (22'980'265) 11'446'507 5'290'403 4'003'911 3'496'882 5'128'695 1'265'240 1'734'497 14'104'546 1'113'800 13'734'613 22'192'928 1'790'949 (9'463'064) 4'544'498 1'321'095

Target Price 1'400 1'700 942 1'395 1'600 1'890 #N/A N/A 1'470 1'600 1'200 1'300 #N/A N/A 1'360 1'815 1'268 1'150 1'200 1'415 1'300 1'500 1'400 1'420 1'110 1'000 #N/A N/A #N/A N/A 1'350 1'500 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 01.01.2013 01.01.2013 31.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 31.01.2013 31.01.2013 31.01.2013

Date Not Provided 12 month 6 month Not Provided 12 month 12 month Not Provided Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Government Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Government Investment Advisor Unclassified Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 26.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 18.03.2013 07.03.2013 25.02.2013 21.02.2013 21.02.2013 19.02.2013 18.02.2013 15.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 15.01.2013 05.11.2012 02.11.2012 01.11.2012 20.09.2012 05.03.2012


27.03.2013

BNP Paribas SA BNP Paribas S.A. attracts deposits and offers commercial, retail, investment, private and corporate banking services. The Bank also provides asset management and investment advisory services to institutions and individuals in Europe, the United States, Asia and the Emerging Markets.

Price/Volume 60

18.0 M 16.0 M

50

14.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNP FP EQUITY YTD Change BNP FP EQUITY YTD % CHANGE

12/2012 12/yy 47.92 24.54 5'737'570.00 39.205 -18.02% 59.79% 67.71% 1'242.3 48'702.88 1'012'615.00 7'241.0 8'536.0 139'568.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M 8.0 M

20

6.0 M 4.0 M

10

2.0 M

0 m-12

31.12.2009 31.12.2010 70'526.0 72'848.0 5'832.0 7'843.0 10.75x 7.52x Profitability

31.12.2011 71'009.0 6'050.0 6.30x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 68'664.0 6'553.0 8.25x 22.58% 22.58% 0.34% 8.93% 0.63% 0.05% 14.3% 53.09% 1287.58% -

Price/ Cash Flow

j-12

LTM-4Q

LTM

12/yy 11'685.0 0.00x 0.0 0.00x 6'050.0 6.02x

12/yy 2'593.0 0.00x 0.0 0.00x 6'553.0 7.78x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.53 1'096.19 9.91% -7.94% 1.528 37 4.216 5'967'429 5'061'097 4'306'896 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 40'100.7 41'381.3 10'526.0 10'144.0 6'165.6 7'031.9 1'658.0 1'498.0 7.82x 6.85x 8.33x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.10.2012 A+ NEG 25.10.2012 A-1 1287.6% 91.5% 0.05 4.07 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 78'052.0 3'021.0 9.85x

12.0 M

30

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

BNP Paribas SA Holdings By:

All

Holder Name BELGIAN STATE AXA BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN FMR LLC NATIXIS ASSET MANAGE STATE OF LUXEMBOURG VANGUARD GROUP INC WILLIAM BLAIR & COMP BNP PARIBAS INV PART HARRIS ASSOCIATES LP AVIVA PLC AMUNDI LBPAM ALLIANZ ASSET MANAGE SCHRODER INVESTMENT JANUS CAPITAL MANAGE DODGE & COX UNION INVESTMENT GMB

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Mediobanca SpA ANTONIO GUGLIELMI RBC Capital Markets ANKE REINGEN Redburn Partners GEORGE KARAMANOS AlphaValue CHRISTOPHE NIJDAM Societe Generale SEBASTIEN LEMAIRE Macquarie PIERS BROWN Day by Day VALERIE GASTALDY S&P Capital IQ WILLIAM HOWLETT Credit Suisse MAXENCE LE GOUVELLO Grupo Santander AURELIA FAURE JPMorgan DELPHINE LEE Oddo & Cie JEAN SASSUS Barclays JEREMY SIGEE HSBC ROBIN DOWN Deutsche Bank FLORA BENHAKOUN Kepler Capital Markets BENOIT PETRARQUE Nomura JON PEACE Morgan Stanley THIBAULT NARDIN Landesbank Baden-Wuerttemberg INGO FROMMEN CA Cheuvreux CYRIL MEILLAND Hamburger Sparkasse CHRISTIAN HAMANN Banco Sabadell MARIO LODOS Natixis ALEX KOAGNE Main First Bank AG FEDERICO SALERNO Independent Research GmbH STEFAN BONGARDT CM - CIC Securities(ESN) PIERRE CHEDEVILLE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Espirito Santo Investment Bank Research ANDREW LIM Goldman Sachs JEAN-FRANCOIS NEUEZ Berenberg Bank JAMES CHAPPELL EVA Dimensions AUSTIN BURKETT Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

Source Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG 13F ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation outperform neutral outperform buy add buy underperform hold buy outperform buy neutral buy overweight overweight hold buy buy Overwt/In-Line hold select list hold buy buy outperform buy buy buy neutral Buy/Neutral sell hold hold buy buy

Amt Held 129'166'979 66'464'562 23'279'417 18'754'945 16'235'239 16'011'192 14'387'267 12'540'483 12'412'585 9'991'341 5'974'797 5'548'626 5'066'891 5'050'237 4'981'512 3'846'420 3'793'501 3'752'412 3'700'000 3'357'750

% Out 10.4 5.35 1.87 1.51 1.31 1.29 1.16 1.01 1 0.8 0.48 0.45 0.41 0.41 0.4 0.31 0.31 0.3 0.3 0.27

Weighting

Change 5 3 5 5 4 5 1 3 5 5 5 3 5 5 5 3 5 5 5 3 5 3 5 5 5 5 5 5 3 5 1 3 3 5 5

M M M M M M M D M M M M M M M M M M M M M M M M M M M M M M N M M M M

Latest Chg 55'392 (517'367) 760'566 (4'223'421) 620'876 476'466 215'029 (227'149) (313'400) (6'900) (63'407) (358'290) 50'313 263'565 (1'668'815) 264'979

Target Price 57 47 55 #N/A N/A 48 56 41 #N/A N/A 50 59 55 48 55 54 55 52 50 56 55 48 56 #N/A N/A 48 61 55 53 56 49 43 70 25 #N/A N/A #N/A N/A 50 39

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Government 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 18 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 26.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 04.03.2013 28.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 06.02.2013 30.01.2013 28.01.2013 28.01.2013 17.01.2013 23.10.2012 19.06.2012 08.05.2012


27.03.2013

Unilever PLC Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with UNA NA.

Price/Volume 3000 2500 2000 1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ULVR LN EQUITY YTD Change ULVR LN EQUITY YTD % CHANGE

12/2012 12/yy 2'782.00 1'993.00 997'753.00 2741 -1.51% 37.53% 97.34% 1'283.5 80'938.10 10'221.00 0.0 557.0 2'866.00 103'634.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

500 0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 40'523.0 1.35x 6'793.0 8.04x 5'027.0 9.21x

1000

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 39'823.0 44'262.0 1.75x 1.62x 6'887.0 7'620.0 10.14x 9.40x 3'370.0 4'244.0 18.57x 15.17x Profitability

LTM-4Q 31.12.2011 46'467.0 1.77x 7'921.0 10.40x 4'252.0 17.14x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 51'324.0 1.76x 8'379.0 10.79x 4'480.0 18.39x 8'379.00 7'180.00 13.99% 13.02% 9.56% 30.42% 19.56% 1.10% 40.2% 16.3% 14.0% 8.7% 0.77 0.36 22.14% 67.43% 18.04 -

Price/ Cash Flow

LTM

12/yy 46'467.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 51'324.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.99 0.58 1'212.16 37.43% 16.78% 0.582 28 3.786 2'216'493 2'116'801 2'150'922 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'508.8 56'551.8 12'678.3 13'837.2 1.91x 1.78x 8'790.1 9'406.3 11.78x 11.01x 4'919.9 5'363.3 1'120.0 1'140.0 19.16x 17.64x 18.96x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.10.2000 A+ STABLE 05.10.2000 A-1 15.93 12.17 0.88 1.22 67.4% 39.4% 1.10 5.63 20.29 -8.85

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Unilever PLC Holdings By:

All

Holder Name BLACKROCK The Leverhulme Trust LEGAL & GENERAL M&G INVESTMENT MANAG NORGES BANK INVESTME SCOTTISH WIDOWS MORGAN STANLEY INVES THREADNEEDLE ASSET M CAPITAL GROUP COMPAN MORGAN STANLEY OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF VANGUARD GROUP INC OPPENHEIMERFUNDS INC FMR LLC UBS SCHRODER INVESTMENT BREWIN DOLPHIN LIMIT VANGUARD GROUP INC CEDAR ROCK CAPITAL L

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co ANDREW WOOD Panmure Gordon & Co Limited GRAHAM JONES AlphaValue SOPHIE CABO-BROSETA Shore Capital Stockbrokers DARREN SHIRLEY Exane BNP Paribas JEFF STENT Morgan Stanley EILEEN KHOO Oriel Securities Ltd CHRIS WICKHAM Mirabaud Securities JULIAN LAKIN RBC Capital Markets JAMES EDWARDES JONES Credit Suisse CHARLES MILLS Liberum Capital Ltd PABLO ZUANIC Investec MARTIN DEBOO Day by Day VALERIE GASTALDY Goldman Sachs ALEXIS COLOMBO Barclays IAIN SIMPSON HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT JPMorgan CELINE PANNUTI Berenberg Bank JAMES TARGETT Deutsche Bank HAROLD THOMPSON Jefferies ALEX HOWSON S&P Capital IQ CARL SHORT Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH Nord/LB WOLFGANG VASTERLING Nomura DAVID HAYES

Source ULT-AGG REG ULT-AGG REG REG ULT-AGG REG REG ULT-AGG ULT-AGG REG REG MF-AGG MF-AGG ULT-AGG ULT-AGG REG REG REG REG

Recommendation outperform buy sell buy neutral Equalwt/In-Line hold hold underperform neutral buy buy buy Buy/Neutral overweight overweight overweight overweight buy hold buy hold neutral neutral hold reduce

Amt Held 74'570'243 70'566'764 43'844'579 33'695'100 29'379'103 23'491'012 20'988'391 18'808'791 18'578'700 18'031'348 17'496'650 17'373'510 17'220'914 17'139'553 15'546'745 15'205'740 14'967'376 14'171'028 14'055'878 13'353'349

% Out 5.81 5.5 3.42 2.63 2.29 1.83 1.64 1.47 1.45 1.4 1.36 1.35 1.34 1.34 1.21 1.18 1.17 1.1 1.1 1.04

Weighting

Change 5 5 1 5 3 3 3 3 1 3 5 5 5 5 5 5 5 5 5 3 5 3 3 3 3 2

M M M M M M M M M M M M M M M M D M M M M M M M M M

Latest Chg (19'403) 521'877 7'368'008 7'492'327 938'955 7'437'850 1'103'042 313'701 4'229'196 82'924 164'900 257'035 (1'458'747) (1'475'510) (201'301) 931'645 (229'486)

Target Price 2'700 3'000 2'419 #N/A N/A 2'900 2'200 2'800 2'800 2'800 2'800 3'250 2'900 2'740 3'100 2'900 2'940 #N/A N/A 2'850 2'800 2'520 2'460 2'600 #N/A N/A 2'280 #N/A N/A 1'870

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 02.01.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013

Date 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 3 month 12 month Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Unclassified Unclassified Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 20.02.2013 11.02.2013 07.02.2013 31.01.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 23.01.2013 23.01.2013 23.01.2013 24.09.2012 14.09.2012 03.07.2012 17.01.2012


27.03.2013

Barclays PLC Barclays PLC is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.

Price/Volume 350

250.0 M

300

200.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARC LN EQUITY YTD Change BARC LN EQUITY YTD % CHANGE

12/2012 12/yy 330.05 148.20 32'712'750.00 284.95 -13.71% 92.27% 76.44% 12'860.7 36'646.46 437'951.00 0.0 9'371.0 128'120.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150.0 M

150

100.0 M

100 50.0 M

50 0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 37'159.0 4'382.0 3.00x

200

31.12.2009 31.12.2010 41'789.0 40'058.0 9'393.0 3'564.0 11.49x 8.60x Profitability

LTM-4Q 31.12.2011 38'428.0 3'007.0 7.02x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 38'837.0 (1'041.0) 22.09% 0.79% -0.07% -1.91% -0.05% 0.02% -3.3% 29.39% 817.29% -

Price/ Cash Flow

LTM

12/yy 36'004.0 0.00x 0.0 0.00x 3'007.0 7.01x

12/yy 31'035.0 0.00x 0.0 0.00x (1'043.0) 0.00x

FY+1

2.28 1.87 11'270.39 16.28% 9.78% 1.874 33 4.091 54'646'920 52'266'530 48'537'040 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'393.8 30'155.3 -6.82x -7.32x 4'621.6 5'542.0 7.74x 6.46x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.11.2011 A NEG 19.12.2008 A-1 817.3% 87.4% 0.02 5.30 -

Sales/Revenue/Turnover

35.00

45'000.0

30.00

40'000.0 35'000.0

25.00

30'000.0

20.00

25'000.0

15.00

20'000.0 15'000.0

10.00

10'000.0

5.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Barclays PLC Holdings By:

All

Holder Name QATAR HOLDINGS LLC AL NAHYAN MANSOUR BI BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS NORGES BANK INVESTME UPPER CHANCE GROUP L DODGE & COX DODGE & COX STANDARD LIFE INVEST UBS BARCLAYS PERSONAL IN SUMITOMO MITSUI FINA VANGUARD GROUP INC FRANKLIN RESOURCES VANGUARD GROUP INC PEOPLES REPUBLIC OF ORBIS INVESTMENT MAN

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Numis Securities Ltd MICHAEL J TRIPPITT Mediobanca SpA CHRISTOPHER J WHEELER Morgan Stanley CHRISTOPHER MANNERS Investec IAN GORDON AlphaValue DAVID GRINSZTAJN EVA Dimensions AUSTIN BURKETT Macquarie EDWARD FIRTH Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Oriel Securities Ltd VIVEK RAJA Grupo Santander ARTURO DE FRIAS JPMorgan RAUL SINHA RBC Capital Markets FIONA SWAFFIELD Baden Hill LLP JAMIE MOYES Keefe, Bruyette & Woods MARK J PHIN Societe Generale JAMES INVINE HSBC PETER TOEMAN Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Sanford C. Bernstein & Co CHIRANTAN BARUA Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Shore Capital Stockbrokers GARY GREENWOOD Deutsche Bank JASON NAPIER Credit Suisse CARLA ANTUNES-SILVA S&P Capital IQ FRANK BRADEN Independent Research GmbH STEFAN BONGARDT Canaccord Genuity Corp GARETH HUNT Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Liberum Capital Ltd CORMAC LEECH

Source REG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG REG REG ULT-AGG REG ULT-AGG MF-AGG ULT-AGG REG REG REG

Recommendation buy outperform Overwt/In-Line buy add hold neutral reduce outperform buy buy overweight outperform sell outperform buy overweight buy outperform neutral/neutral buy hold buy neutral buy buy hold sell hold hold

Amt Held 813'964'552 758'437'618 690'750'564 492'619'694 446'002'615 407'194'329 304'001'751 293'887'216 248'872'808 248'069'617 247'149'298 235'301'396 214'395'988 210'027'061 194'608'412 150'580'109 149'488'179 146'704'193 129'472'703 127'348'130

% Out 6.33 5.9 5.37 3.83 3.47 3.17 2.36 2.29 1.94 1.93 1.92 1.83 1.67 1.63 1.51 1.17 1.16 1.14 1.01 0.99

Weighting

Change 5 5 5 5 4 3 3 2 5 5 5 5 5 1 5 5 5 5 5 3 5 3 5 3 5 5 3 1 3 3

M M M M M U M M M U M M M M M M M M U D M M M M R U M M M D

Latest Chg 120'690'937 13'623'199 (55'814'797) 44'011'198 9'654'863 (19'000'000) (4'091'569) (58'772'408) (18'528'345) (259'690) (3'613'787) (11'569'337) 6'134'884 2'971'061 (9'688'810)

Target Price 400 425 438 345 363 #N/A N/A 320 305 400 380 340 375 375 #N/A N/A 400 380 400 418 400 340 #N/A N/A #N/A N/A 380 290 380 350 280 160 #N/A N/A 230

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.02.2013 26.02.2013 25.03.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 29.01.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013

Date Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 9 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Government n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Government Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 27.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 14.03.2013 12.03.2013 11.03.2013 05.03.2013 01.03.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 07.01.2013 14.11.2012


27.03.2013

ABB Ltd ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics.

Price/Volume 25

35.0 M 30.0 M

20

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2012 12/yy 21.90 14.45 2'742'079.00 21.5 -1.78% 48.79% 96.38% 2'314.7 49'766.98 10'071.00 0.0 540.0 8'481.00 54'314.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

10

15.0 M 10.0 M

5

5.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 34'912.0 0.83x 5'259.0 5.48x 3'118.0 10.76x

15

31.12.2009 31.12.2010 31'795.0 31'589.0 1.18x 1.42x 4'892.0 4'733.0 7.67x 9.49x 2'901.0 2'561.0 15.27x 19.85x Profitability

LTM-4Q 31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 39'336.0 1.25x 5'294.0 9.31x 2'704.0 17.40x 5'294.00 4'112.00 10.45% 9.76% 6.10% 16.55% 12.65% 0.89% 28.9% 13.8% 10.8% 6.9% 1.48 0.88 20.52% 59.57% 4.92 4.69

Price/ Cash Flow

LTM

12/yy 37'990.0 5.09x 5'688.0 7.37x 3'168.0 13.65x

12/yy 39'336.0 4.69x 5'420.0 9.09x 2'704.0 17.55x

FY+1

1.30 2'145.67 20.85% 14.67% 1.297 40 3.975 4'395'438 6'291'519 5'805'561 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 41'638.8 43'829.2 9'570.4 10'328.8 1.27x 1.16x 5.63x 5.33x 6'314.5 6'986.9 1'410.0 1'585.6 8.59x 7.76x 8.58x 3'467.4 3'927.1 740.6 852.2 14.82x 13.08x 15.03x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

08.06.2010 A STABLE 08.06.2010 A-1 18.07 13.66 0.29 1.86 59.6% 36.6% 0.89 7.24 74.36 78.02 63.02 89.35

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

ABB Ltd Holdings By:

All

Holder Name INVESTOR AB BLACKROCK CREDIT SUISSE ASSET VANGUARD GROUP INC HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE UBS FUND MANAGEMENT PICTET & CIE SWEDBANK ROBUR FONDE SWISSCANTO FONDSLEIT SEB SKAGEN AS AMF FONDER AB INVESCO LTD HANDELSBANKEN FONDER T ROWE PRICE ASSOCIA FOLKSAM LO FOND AB CALAMOS ADVISORS LLC CAPITAL GROUP COMPAN VONTOBEL ASSET MANAG

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Morgan Stanley BEN UGLOW Societe Generale SEBASTIEN GRUTER JPMorgan ANDREAS WILLI SEB Enskilda DANIEL SCHMIDT Bank Vontobel AG TAKIS SPILIOPOULOS Exane BNP Paribas OLIVIER ESNOU Credit Suisse SIMON TOENNESSEN Canaccord Genuity Corp JAMES STETTLER Sanford C. Bernstein & Co MARTIN PROZESKY AlphaValue HEINZ STEFFEN ABG Sundal Collier ANDERS IDBORG Berenberg Bank WILLIAM MACKIE Nomura DANIEL CUNLIFFE HSBC COLIN GIBSON Kepler Capital Markets CHRISTOPH LADNER Espirito Santo Investment Bank Research ROB VIRDEE RBC Capital Markets ANDREW CARTER Landesbank Baden-Wuerttemberg VOLKER STOLL EVA Dimensions CRAIG STERLING Zuercher Kantonalbank RICHARD FREI Hamburger Sparkasse MARCO GUENTHER Main First Bank AG CHRISTOPHER YOUL Barclays NICK WEBSTER Deutsche Bank MARTIN WILKIE Independent Research GmbH MARKUS FRIEBEL Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS BROCK Helvea STEFAN GAECHTER Danske Markets CARL GUSTAFSSON Handelsbanken HAMPUS ENGELLAU S&P Capital IQ JAWAHAR HINGORANI Day by Day VALERIE GASTALDY Goldman Sachs DANIELA COSTA Natixis ARNAUD SCHMIT Swedbank MATS LISS Redburn Partners JAMES MOORE Pareto Securities DAVID JACOBSSON Hammer Partners SA ALBERTO ROLLA

Source Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation Underwt/Cautious buy underweight buy buy outperform outperform hold outperform reduce buy buy buy neutral hold buy sector perform buy sell outperform buy outperform overweight sell hold buy hold buy buy buy hold hold Buy/Neutral neutral buy neutral hold buy

Amt Held 166'330'142 88'462'667 35'119'051 29'262'198 25'109'683 24'899'512 21'472'243 14'648'213 14'044'104 13'037'893 12'570'926 10'421'737 9'443'400 8'508'473 6'992'268 6'861'907 6'064'784 6'061'300 5'600'000 3'862'588

% Out 7.19 3.82 1.52 1.26 1.08 1.08 0.93 0.63 0.61 0.56 0.54 0.45 0.41 0.37 0.3 0.3 0.26 0.26 0.24 0.17

Weighting

Change 1 5 1 5 5 5 5 3 5 2 5 5 5 3 3 5 3 5 1 5 5 5 5 1 3 5 3 5 5 5 3 3 5 3 5 3 3 5

M M M M M M M M M M M U U M M M M M D M M M M M M M M M M M M M M M M M M N

Latest Chg 627'553 (673'708) 107'985 1'143'030 (27'565) (40'148) (1'721'905) 4'968'827 474'429 1'877'700 (2'513'786) (81'762) 5'064'054 1'403 21'000 23'640

Target Price 18 25 21 23 25 25 26 20 25 22 25 25 27 23 20 25 22 25 #N/A N/A #N/A N/A #N/A N/A 24 24 18 22 #N/A N/A 21 25 23 26 23 #N/A N/A 24 19 20 #N/A N/A 17 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.01.2011 25.03.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 30.11.2012 31.01.2013 31.12.2012 31.01.2013 25.02.2013 28.02.2013 31.12.2012 21.03.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 30.11.2012

Date 12 month 12 month 9 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided

Inst Type Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 14.03.2013 14.03.2013 13.03.2013 08.03.2013 08.03.2013 08.03.2013 04.03.2013 20.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 17.01.2013 21.12.2012 11.12.2012 08.10.2012 27.07.2012 05.08.2010


27.03.2013

Reckitt Benckiser Group PLC Reckitt Benckiser Group PLC manufactures and distributes a wide range of household, toiletry, pharmaceutical and food products on a global basis. The Company's products include fabric treatments , disinfectant spray and cleaners, dishwashing detergent, personal care, food, and prescription drugs.

Price/Volume 6000

9.0 M 8.0 M

5000

7.0 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RB/ LN EQUITY YTD Change RB/ LN EQUITY YTD % CHANGE

12/2012 12/yy 4'850.00 3'274.00 555'972.00 4760 -1.86% 45.39% 97.59% 716.6 34'108.57 3'274.00 0.0 1.0 891.00 36'492.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M 4.0 M

2000

3.0 M 2.0 M

1000 0 m-12

1.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 6'563.0 2.96x 1'612.0 12.05x 1'120.0 16.36x

6.0 M

3000

31.12.2009 31.12.2010 7'753.0 8'453.0 3.10x 3.28x 2'030.0 2'375.0 11.84x 11.66x 1'418.0 1'568.0 16.87x 16.28x Profitability

LTM-4Q 31.12.2011 9'485.0 2.65x 2'644.0 9.49x 1'745.0 13.26x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 9'567.0 3.23x 2'718.0 11.36x 1'829.0 15.36x 2'718.00 2'570.00 26.86% 25.30% 12.52% 31.45% 21.32% 0.66% 57.9% 28.4% 26.9% 19.1% 0.47 0.14 21.71% 55.29% 5.40

Price/ Cash Flow

LTM

12/yy 9'485.0 5.53x 0.0 0.00x 1'745.0 13.26x

12/yy 9'567.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.82 0.66 636.76 38.22% 24.79% 0.659 35 2.829 1'256'764 1'269'506 1'075'968 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'109.4 10'596.5 2'452.0 2'473.0 3.57x 3.32x 2'773.4 2'922.0 13.16x 12.49x 1'949.1 2'043.3 17.94x 16.96x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.12.2003 A+ STABLE 01.05.1990 A-1 66.29 62.24 0.88 1.20 55.3% 35.6% 0.66 13.03 67.80 23.86

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Reckitt Benckiser Group PLC Holdings By:

All

Holder Name JAB INVESTMENTS BV SUN LIFE FINANCIAL I INVESCO LTD BLACKROCK FMR LLC LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME MORGAN STANLEY THORNBURG INVESTMENT MORGAN STANLEY INVES MORGAN STANLEY INVES PERPETUAL INVESTMENT WALTER SCOTT & PARTN CEDAR ROCK CAPITAL L PEOPLES REPUBLIC OF VANGUARD GROUP INC UBS VANGUARD GROUP INC FIRST MANHATTAN CO A

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios FIRST MANHATTAN COMP

Analyst

Panmure Gordon & Co Limited GRAHAM JONES Sanford C. Bernstein & Co ANDREW WOOD AlphaValue ARMELLE MOULIN Oriel Securities Ltd CHRIS WICKHAM Grupo Santander PEDRO GIL RBC Capital Markets JAMES EDWARDES JONES Credit Suisse CHARLES MILLS Berenberg Bank SETH PETERSON Liberum Capital Ltd PABLO ZUANIC Morgan Stanley ERIK SJOGREN Goldman Sachs ROSIE EDWARDS Canaccord Genuity Corp EDDY HARGREAVES Societe Generale CHAS MANSO DE ZUNIGA Mirabaud Securities JULIAN LAKIN Investec MARTIN DEBOO JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON Exane BNP Paribas EAMONN FERRY Independent Research GmbH LARS LUSEBRINK Raymond James HERMINE DE BENTZMANN HSBC CEDRIC BESNARD Nomura GUILLAUME DELMAS Barclays IAIN SIMPSON Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Shore Capital Stockbrokers DARREN SHIRLEY S&P Capital IQ CARL SHORT Day by Day VALERIE GASTALDY CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH

Source REG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG REG REG MF-AGG REG REG REG REG ULT-AGG MF-AGG 13F

Recommendation hold outperform reduce add hold underperform neutral hold sell Equalwt/In-Line neutral/attractive sell sell hold sell neutral hold underperform hold outperform neutral buy underweight hold buy hold hold hold underperform hold sell sell

Amt Held 76'659'342 36'115'649 35'939'131 31'502'568 30'898'866 24'940'741 16'359'039 15'260'822 13'704'925 13'054'020 12'921'988 12'791'415 11'262'286 10'715'075 8'962'334 7'394'843 7'286'409 7'024'809 6'986'024 6'769'218

% Out 10.7 5.04 5.02 4.4 4.31 3.48 2.28 2.13 1.91 1.82 1.8 1.79 1.57 1.5 1.25 1.03 1.02 0.98 0.97 0.94

Weighting

Change 3 5 2 4 3 1 3 3 1 3 3 1 1 3 1 3 3 1 3 5 3 5 1 3 5 3 3 3 1 3 1 1

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 97'110 (3'521'895) (1'151'170) 2'518'375 1'434'693 6'346'254 154'056 203'806 131'837 1'135'192 2'130'744 3'028'426 294'364 (645'354) 307'932 26'600

Target Price 4'700 5'000 4'543 4'700 4'200 4'500 4'900 4'490 3'500 4'300 4'320 3'425 4'000 3'950 4'260 4'300 3'640 4'000 4'700 4'630 4'700 4'900 3'700 4'300 4'800 #N/A N/A 4'600 #N/A N/A 3'750 #N/A N/A #N/A N/A 3'140

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.12.2012 31.01.2013 11.02.2013 25.03.2013 31.01.2013 28.02.2013 03.12.2012 03.12.2012 31.12.2012 31.01.2013 03.12.2012 03.12.2012 31.03.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 31.12.2012 31.12.2012

Date Not Provided 12 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 9 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 26.03.2013 25.03.2013 21.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 05.03.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 28.01.2013 21.01.2013 17.01.2013 24.09.2012 14.09.2012


27.03.2013

Banco Bilbao Vizcaya Argentaria SA Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, wholesale, and investment banking services. The Bank offers consumer and mortgage loans, private banking, asset management, insurance, mutual funds, and securities brokerage services. It operates in Europe, Latin America, United States, China and Turkey.

Price/Volume

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

600.0 M 500.0 M

6

12/2012 12/yy 7.86 4.31 37'523'741.00 6.683 -14.99% 55.06% 70.23% 5'448.9 36'414.66 226'217.00 0.0 2'372.0 63'956.00 -

5

400.0 M

4

300.0 M

3

200.0 M

2

100.0 M

1 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 41'508.0 5'020.0 6.41x

700.0 M

8 7

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBVA SQ EQUITY YTD Change BBVA SQ EQUITY YTD % CHANGE

9

31.12.2009 31.12.2010 34'467.0 32'482.0 4'210.0 4'606.0 11.37x 6.46x Profitability

LTM-4Q 31.12.2011 33'049.0 3'004.0 11.74x

31.12.2012 35'222.0 1'676.0 28.56x 5.89% 6.89% 0.27% 4.21% 0.88% 0.04% 7.0% 35.47% 546.02% -

LTM

12/yy 20'977.0 0.00x 0.0 0.00x 3'004.0 11.25x

12/yy 22'861.0 0.00x 0.0 0.00x 1'676.0 27.22x

FY+1

1.22 5'268.16 18.44% -2.73% 1.224 43 3.488 56'281'940 47'182'380 67'583'550 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'334.4 24'586.3 5'931.0 6'071.0 4'549.6 5'107.3 1'169.0 1'168.0 8.59x 7.62x 9.83x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.10.2012 BBBNEG 16.10.2012 A-3 546.0% 83.8% 0.04 3.93 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Banco Bilbao Vizcaya Argentaria SA Holdings By:

All

Holder Name BNP PARIBAS SA INVERAVANTE INVERSIO BLACKROCK VANGUARD GROUP INC JANUS CAPITAL MANAGE CAPITAL GROUP COMPAN FMR LLC BNP PARIBAS INV PART OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE CORP GNRAL FINANCIER UMB BANK N A NATIXIS ASSET MANAGE DEKA INVESTMENT GMBH SWEDBANK ROBUR FONDE SANTANDER ASSET MGMT CREDIT SUISSE ASSET ALLIANZ ASSET MANAGE PIONEER INVESTMENT M AVIVA PLC

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Grupo Santander ARTURO DE FRIAS Mediobanca SpA ANDREA FILTRI Keefe, Bruyette & Woods ANTONIO RAMIREZ NMAS 1 Agencia de Valores FRANCISCO RIQUEL Bankia Bolsa (ESN) JAVIER BERNAT Ahorro Corporacion Financiera SA IRMA GARRIDO Exane BNP Paribas SANTIAGO LOPEZ DIAZ Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE EVA Dimensions AUSTIN BURKETT Societe Generale CARLOS GARCIA GONZALEZ Deutsche Bank CARLOS BERASTAIN GONZALEZ Credit Suisse IGNACIO CEREZO Espirito Santo Investment Bank Research JUAN PABLO LOPEZ BPI CARLOS JOAQUIM PEIXOTO AlphaValue DAVID GRINSZTAJN La Caixa DAVID FERNANDEZ Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Oddo & Cie JULIE LEGRAND Day by Day VALERIE GASTALDY Banco Sabadell MARIO LODOS Morgan Stanley ALVARO SERRANO Interdin Bolsa JAVIER RUIZ-CAPILLAS JPMorgan JAIME BECERRIL Hamburger Sparkasse CHRISTIAN HAMANN Macquarie BENJIE CREELAN-SANDFORD RBC Capital Markets PATRICK LEE Independent Research GmbH STEFAN BONGARDT Natixis FREDERIC TESCHNER Nomura DARAGH QUINN S&P Capital IQ WILLIAM HOWLETT Berenberg Bank NICK ANDERSON Goldman Sachs JERNEJ OMAHEN Landesbank Baden-Wuerttemberg INGO FROMMEN HSBC CARLO DIGRANDI Barclays ROHITH CHANDRA-RAJAN Redburn Partners GEORGE KARAMANOS Nord/LB MICHAEL SEUFERT CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

Source EXCH 13G ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy neutral outperform strong buy accumulate hold underperform buy overweight hold hold neutral buy strong buy buy buy overweight buy hold buy Overwt/In-Line buy neutral hold underperform sector perform hold neutral buy sell sell Buy/Neutral hold neutral underweight neutral hold underperform sell sell

Amt Held 184'725'823 160'934'820 74'697'065 59'867'255 46'627'136 38'166'132 34'776'596 25'947'686 18'375'918 16'143'314 10'870'987 10'811'646 9'521'867 7'802'767 7'760'019 7'718'009 7'169'179 6'810'379 6'002'218 5'954'507

% Out 3.39 2.95 1.37 1.1 0.86 0.7 0.64 0.48 0.34 0.3 0.2 0.2 0.17 0.14 0.14 0.14 0.13 0.12 0.11 0.11

Weighting

Change 5 3 5 5 4 3 1 5 5 3 3 3 5 5 5 5 5 5 3 5 5 5 3 3 1 3 3 3 5 1 1 5 3 3 1 3 3 1 1 1

M M M M M M M M U U M M U M M M M M M M U M U M M M M M M M M M M M M M M M M M

Latest Chg 22'455'188 (86'470'698) 3'613'674 3'027'039 (9'198'725) 587'169 5'369'252 (5'614'470) 268'712 2'209'334 (3'610'744) 4'703'508 1'553'396 (2'806'444) (121'826) 2'789'705 958'831 -

Target Price 9 7 9 9 9 7 7 8 #N/A N/A 7 8 8 9 9 10 9 8 9 #N/A N/A 8 9 9 7 #N/A N/A 6 8 8 7 8 7 7 11 8 7 6 #N/A N/A #N/A N/A 7 6 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.01.2013 24.07.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.01.2013 31.01.2013 25.03.2013 19.10.2012 31.01.2013 31.01.2013 28.12.2012 31.12.2012 30.09.2012 31.01.2013 31.01.2013 31.12.2012 31.08.2012

Date Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 18 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Bank Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 20.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 04.03.2013 04.03.2013 27.02.2013 27.02.2013 15.02.2013 12.02.2013 12.02.2013 11.02.2013 07.02.2013 06.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 28.01.2013 23.01.2013 17.01.2013 10.01.2013 08.01.2013 04.01.2013 23.10.2012 24.08.2012 19.06.2012 06.02.2012


27.03.2013

Tesco PLC Tesco plc is a food retailer. The Group operates stores in the United Kingdom, Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan, Malaysia, South Korea, China, Thailand, and the United States.

Price/Volume 450

120.0 M

400

100.0 M

350 300

80.0 M

250

02/2012 01/yy 387.35 294.50 7'553'939.00 375.75 -3.01% 27.59% 84.81% 8'054.7 30'265.40 11'749.00 0.0 26.0 3'548.00 38'380.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150

40.0 M

100

20.0 M

50 0 m-12 a-12 m-12

28.02.2009 28.02.2010 53'898.0 56'910.0 0.70x 0.75x 4'122.0 4'464.0 9.09x 9.57x 2'133.0 2'327.0 12.28x 14.31x Profitability

28.02.2011 60'455.0 0.67x 4'905.0 8.23x 2'655.0 11.79x

29.02.2012 64'539.0 0.52x 5'107.0 6.62x 2'806.0 8.66x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

5'107.00 3'609.00 5.59% 5.94% 5.38% 15.74% 10.57% 1.29% 8.2% 7.6% 5.2% 4.3% 0.67 0.18 23.14% 66.10% 16.61

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.93 0.73 7'643.56 16.29% 11.83% 0.726 32 3.500 14'365'660 15'072'880 15'425'250 FY+2

FQ+1

FQ+2

02/13 Y 02/14 Y 08/11 Q2 11/11 Q3 66'173.0 69'012.3 0.56x 0.51x 4'969.3 5'237.4 7.72x 7.33x 2'574.8 2'729.9 11.93x 11.28x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.07.2008 ANEG 29.07.2008 A-2 9.17 3.11 1.64 2.55 66.1% 39.8% 1.29 2.54 21.92 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 06.03.2009

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 29.02.2008 47'298.0 0.79x 3'595.0 10.42x 2'124.0 14.85x

60.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSCO LN EQUITY YTD Change TSCO LN EQUITY YTD % CHANGE

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

06.03.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Tesco PLC Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I NORGES BANK INVESTME BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS UBS FMR LLC MONDRIAN INVESTMENT WALTER SCOTT & PARTN PEOPLES REPUBLIC OF VANGUARD GROUP INC GEICO CORP VANGUARD GROUP INC ALECTA INVESTMENT MA M&G INVESTMENT MANAG SILCHESTER INTL INVE ABERDEEN STATE STREET GENERAL REINSURANCE

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Jefferies JAMES GRZINIC Cantor Fitzgerald MICHAEL J DENNIS Oriel Securities Ltd JONATHAN PRITCHARD JPMorgan JAIME VAZQUEZ AlphaValue VIRGINIE BLIN Shore Capital Stockbrokers CLIVE WILLIAM BLACK Exane BNP Paribas JOHN KERSHAW Morgan Stanley EDOUARD AUBIN Day by Day VALERIE GASTALDY Credit Suisse ANDREW KASOULIS Panmure Gordon & Co Limited PHILIP DORGAN Nomura NICK COULTER Redburn Partners MARC DE SPEVILLE Baader Bank VOLKER BOSSE Macquarie SREEDHAR MAHAMKALI EVA Dimensions AUSTIN BURKETT Independent Research GmbH ZAFER RUZGAR HSBC JEROME SAMUEL Aurel - BGC JEAN-MARIE L'HOME S&P Capital IQ WILLIAM MACK Espirito Santo Investment Bank Research CAROLINE GULLIVER Barclays JAMES ANSTEAD Investec DAVID MCCARTHY CA Cheuvreux ARNAUD JOLY Natixis PIERRE-EDOUARD BOUDOT Deutsche Bank JAMES G COLLINS Kepler Capital Markets FABIENNE CARON Goldman Sachs FRANKLIN WALDING Merchant Securities AMISHA CHOHAN

Source ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG MF-AGG REG REG REG REG REG ULT-AGG ULT-AGG REG

Recommendation buy buy buy overweight reduce buy neutral Underwt/In-Line hold outperform buy buy neutral buy outperform hold buy overweight sell buy sell equalweight sell underperform reduce buy hold neutral/neutral hold

Amt Held 408'516'187 399'699'734 398'866'198 288'620'387 249'889'001 165'943'974 118'272'907 108'307'467 107'524'181 105'137'452 99'385'239 90'584'501 90'000'000 89'847'553 86'150'000 83'932'359 81'651'783 75'403'434 74'866'027 72'862'000

% Out 5.07 4.96 4.95 3.58 3.1 2.06 1.47 1.34 1.33 1.31 1.23 1.12 1.12 1.12 1.07 1.04 1.01 0.94 0.93 0.9

Weighting

Change 5 5 5 5 2 5 3 1 3 5 5 5 3 5 5 3 5 5 1 5 1 3 1 1 2 5 3 3 3

M M M M M M M M M U M M M U M M M M M M M M M M D M N M M

Latest Chg 4'456'725 (597'509) (342'521) 31'939'698 8'061'010 18'452'445 (407'143) 11'857'234 8'288'371 (26'435) 3'707'992 1'917'566 20'121'589 168'248 1'218'140 -

Target Price 440 443 400 425 380 #N/A N/A 375 310 #N/A N/A 430 440 430 #N/A N/A 410 400 #N/A N/A 420 410 300 380 275 360 295 320 300 394 298 375 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.01.2013 Investment Advisor 01.01.2013 Government 25.03.2013 Investment Advisor 01.01.2013 Unclassified 28.02.2013 Investment Advisor 01.01.2013 Unclassified 31.01.2013 Unclassified 31.01.2013 Investment Advisor 01.01.2013 Hedge Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Government 31.12.2012 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 28.02.2013 Unclassified 26.03.2013 Investment Advisor 01.01.2013 Insurance Company

Date 12 month Not Provided Not Provided 9 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 21.03.2013 19.03.2013 13.03.2013 11.03.2013 11.03.2013 06.03.2013 06.03.2013 26.02.2013 15.02.2013 12.02.2013 23.01.2013 17.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 08.01.2013 04.01.2013 04.10.2012 04.10.2012 04.10.2012 24.09.2012 28.06.2012 01.05.2012 18.04.2012


27.03.2013

L'Oreal SA L'Oreal SA manufactures, markets, and distributes health and beauty aids. The Company produces colorants, styling, and hair care products for professional hairdressers, hair care, cosmetics, and skin care products and perfumes for consumers, luxury cosmetics and perfumes sold through department stores, perfumeries and travel stores, and dermatological and pharmaceutical products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OR FP EQUITY YTD Change OR FP EQUITY YTD % CHANGE

12/2012 12/yy 123.70 86.80 381'027.00 119.45 -3.44% 37.62% 93.36% 604.3 72'185.26 248.00 4.8 1'823.20 70'614.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

120

3.0 M

100

2.5 M

80

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0 m-12

31.12.2009 31.12.2010 17'472.6 19'495.8 2.72x 2.52x 3'368.7 3'757.5 14.12x 13.05x 1'792.2 2'239.7 25.41x 21.75x Profitability

LTM-4Q 31.12.2011 20'343.1 2.33x 3'955.1 12.00x 2'438.4 19.64x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 22'462.7 2.72x 4'388.9 13.94x 2'867.7 21.90x 4'388.90 3'697.30 16.46% 17.25% 10.17% 14.87% 14.49% 0.80% 70.7% 19.5% 16.5% 12.8% 1.29 0.79 0.84% 1.18% 7.24 3.22

Price/ Cash Flow

j-12

j-12

LTM

12/yy 20'343.1 0.00x 0.0 0.00x 0.0 0.00x

a-12

12/yy 22'462.7 0.00x 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.68 226.70 36.57% 13.87% 0.680 39 3.308 747'069 663'099 585'189 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'444.8 24'818.8 5'755.0 5'663.0 2.97x 2.75x 4'745.7 5'099.7 14.87x 13.84x 3'090.1 3'346.8 23.32x 21.53x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.06.2006 A-1+ 127.21 99.53 -0.36 0.06 1.2% 1.2% 0.80 7.69 50.55 113.50 182.89 -18.84

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 17'541.8 2.28x 3'441.7 11.63x 1'948.3 18.82x

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

L'Oreal SA Holdings By:

All

Holder Name BETTENCOURT FAMILY NESTLE SA L'OREAL SA CAPITAL GROUP COMPAN VANGUARD GROUP INC HARBOR CAPITAL ADVIS OWEN-JONES LINDSAY NATIXIS ASSET MANAGE BLACKROCK BALYASNY ASSET MANAG FMR LLC ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL LBPAM AMUNDI INVESCO LTD NEW JERSEY DIVISION MERCURY ASSET MANAGE AVIVA PLC THREADNEEDLE INVESTM

Firm Name

Portfolio Name n/a #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley ERIK SJOGREN Sanford C. Bernstein & Co ANDREW WOOD Stifel MARK S ASTRACHAN AlphaValue ARMELLE MOULIN Jefferies ALEX HOWSON JPMorgan CELINE PANNUTI Kepler Capital Markets CATHERINE ROLLAND Grupo Santander PEDRO GIL RBC Capital Markets JAMES EDWARDES JONES Berenberg Bank SETH PETERSON Day by Day VALERIE GASTALDY Liberum Capital Ltd PABLO ZUANIC Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Exane BNP Paribas EAMONN FERRY Landesbank Baden-Wuerttemberg BERND MUELL Nomura GUILLAUME DELMAS Main First Bank AG GAEL COLCOMBET Barclays IAIN SIMPSON Raymond James HERMINE DE BENTZMANN Oddo & Cie LEOPOLD AUTHIE Bryan Garnier & Cie LOIC MORVAN Redburn Partners WILLIAM HOUSTON Societe Generale CHAS MANSO DE ZUNIGA Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Goldman Sachs ROSIE EDWARDS Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ CARL SHORT Telsey Advisory Group DAVID WU Natixis PIERRE TEGNER HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT CA Cheuvreux THOMAS MESMIN Aurel - BGC DAVID DA MAIA Espirito Santo Investment Bank Research ALEX SMITH Banco Sabadell IGNACIO ROMERO DZ Bank AG THOMAS MAUL

Source Co File Co File Co File ULT-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG Short ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Underwt/In-Line underperform hold reduce buy overweight buy hold outperform hold hold buy neutral sell outperform hold reduce outperform overweight outperform buy buy sell hold hold hold buy/attractive hold buy hold no rating system neutral overweight underweight suspended coverage not rated sell sell buy

Amt Held % Out 185'661'879 30.72 178'381'021 29.52 10'454'165 1.73 5'729'800 0.95 5'647'487 0.93 4'446'174 0.74 2'998'095 0.5 2'784'467 0.46 2'526'833 0.42 (2'309'774) -0.38 1'794'714 0.3 1'415'058 0.23 1'085'268 0.18 1'056'948 0.17 831'525 0.14 805'008 0.13 725'628 0.12 661'487 0.11 511'365 0.08 457'965 0.08

Weighting 1 1 3 2 5 5 5 3 5 3 3 5 3 1 5 3 2 5 5 5 5 5 1 3 3 3 5 3 5 3 #N/A N/A 3 5 1 #N/A N/A #N/A N/A 1 1 5

Change M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M M M M M

Latest Chg (1'345'900) 95'322 (516'711) 6'339 729'403 313'136 20'420 15'098 306'745 2'576 1'825 30'221

Target Price 110 95 #N/A N/A 115 106 120 125 105 134 113 #N/A N/A 130 117 94 114 105 97 120 121 120 120 118 #N/A N/A 112 113 105 143 111 #N/A N/A 115 #N/A N/A 96 121 #N/A N/A #N/A N/A #N/A N/A 87 92 97

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 25.03.2013 30.01.2013 31.01.2013 31.01.2013 26.03.2013 31.12.2012 31.10.2012 21.03.2013 30.06.2012 25.03.2013 31.08.2012 31.12.2012

Date 12 month 12 month Not Provided 6 month 12 month 9 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type n/a Corporation Corporation Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 05.03.2013 25.02.2013 19.02.2013 18.02.2013 18.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 08.02.2013 17.01.2013 17.01.2013 14.01.2013 07.11.2012 30.10.2012 30.07.2012 30.07.2012


27.03.2013

Danone SA Danone is a food processing company. The Company produces dairy products, beverages, baby food and clinical/medical nutrition products.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BN FP EQUITY YTD Change BN FP EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 55.78 45.61 978'390.00 53.34 -4.27% 16.96% 86.73% 634.4 33'836.87 9'522.00 0.0 63.0 3'017.00 40'404.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 15'220.0 2.09x 2'796.0 11.35x 1'313.0 19.75x

60

31.12.2009 31.12.2010 14'982.0 17'010.0 2.20x 2.11x 2'844.0 3'194.0 11.61x 11.23x 1'361.0 1'875.0 17.77x 15.42x Profitability

LTM-4Q 31.12.2011 19'318.0 1.89x 3'486.0 10.45x 1'671.0 17.53x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 20'869.0 1.73x 3'622.0 9.99x 1'672.0 17.95x 3'622.00 2'958.00 14.17% 11.97% 5.77% 13.77% 9.13% 0.72% 50.1% 17.4% 14.2% 8.0% 0.81 0.58 32.24% 78.11% 10.75 9.66

Price/ Cash Flow

LTM

12/yy 19'318.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 20'868.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.65 538.12 5.15% 6.88% 0.648 43 3.256 1'601'629 1'865'598 1'620'926 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'094.1 23'461.1 5'388.0 5'667.8 1.81x 1.67x 3'782.5 4'062.6 10.67x 9.93x 1'821.8 2'033.9 16.89x 15.29x 3.69x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.07.2007 ASTABLE 11.07.2007 A-2 14.78 10.80 1.80 2.63 78.1% 43.7% 0.72 5.20 34.05 37.89 98.95 -27.01

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Danone SA Holdings By:

All

Holder Name SUN LIFE FINANCIAL I GROUPE DANONE AMUNDI SA EURAZEO NORGES BANK SOFINA & HENEX GROUP NATIXIS ASSET MANAGE FMR LLC HARBOR CAPITAL ADVIS CAISSE DES DEPOTS ET CAPITAL GROUP COMPAN FCPE FONDS GROUPE DA NATIXIS ASSET MANAGE VANGUARD GROUP INC BLACKROCK TRIAN FUND MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV MACKENZIE FINANCIAL BNP PARIBAS INV PART

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co ANDREW WOOD HSBC CEDRIC BESNARD AlphaValue SOPHIE CABO-BROSETA Grupo Santander PEDRO GIL Nomura DAVID HAYES Jefferies ALEX HOWSON Exane BNP Paribas JEFF STENT Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Morgan Stanley EILEEN KHOO S&P Capital IQ CARL SHORT Equita SIM SpA FABIO FAZZARI RBC Capital Markets JAMES EDWARDES JONES Kepler Capital Markets JON COX Day by Day VALERIE GASTALDY Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Mirabaud Securities JULIAN LAKIN EVA Dimensions AUSTIN BURKETT Berenberg Bank JAMES TARGETT Redburn Partners JEREMY FIALKO Societe Generale WARREN L ACKERMAN Goldman Sachs ALEXIS COLOMBO Hamburger Sparkasse TINA HECKING-VELTMAN CM - CIC Securities(ESN) FRANCIS PRETRE Oddo & Cie LAURENCE HOFMANN Helvea ANDREAS VON ARX Barclays LIAM ROWLEY Deutsche Bank JAMES ISENWATER JPMorgan CELINE PANNUTI Independent Research GmbH LARS LUSEBRINK Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Banco Sabadell IGNACIO ROMERO Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Espirito Santo Investment Bank Research ALEX SMITH Natixis PIERRE TEGNER Aurel - BGC JEAN-MARIE L'HOME DZ Bank AG ROBERT CZERWENSKY Nord/LB WOLFGANG VASTERLING Landesbank Baden-Wuerttemberg BARBARA AMBRUS Gabelli & Co JOSEPH A GABELLI

Source ULT-AGG Co File Co File Co File Co File Co File Co File ULT-AGG MF-AGG Co File ULT-AGG Co File MF-AGG MF-AGG ULT-AGG Research ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform overweight add underweight buy hold neutral buy Underwt/In-Line buy buy underperform buy buy underperform sell hold hold sell buy hold Buy/Neutral hold reduce neutral accumulate equalweight hold neutral hold underperform sell hold outperform buy neutral hold buy buy hold buy

Amt Held 55'771'157 44'051'229 20'039'020 16'433'370 15'048'614 13'584'541 12'811'179 12'721'689 9'939'780 9'783'434 9'120'390 8'533'644 7'429'890 6'674'800 6'539'676 6'431'620 5'801'340 4'324'592 3'969'086 3'188'630

% Out 8.79 6.94 3.16 2.59 2.37 2.14 2.02 2.01 1.57 1.54 1.44 1.35 1.17 1.05 1.03 1.01 0.91 0.68 0.63 0.5

Weighting

Change 3 5 4 1 5 3 3 5 1 5 5 1 5 5 1 1 3 3 1 5 3 5 3 2 3 4 3 3 3 3 1 1 3 5 5 3 3 5 5 3 5

M M M M M M M M M M M M M M M M M U M M M M M M M M M M M M M M M M M D M M M M M

Latest Chg 15'779 4'624'340 (112'541) 681'500 (278'200) (418'650) (261'299) 2'699 745'570 (54'102) (11'912)

Target Price 53 63 65 46 60 48 57 63 45 63 66 59 59 58 54 43 49 #N/A N/A 51 #N/A N/A 53 65 #N/A N/A 47 54 61 51 45 56 55 49 56 #N/A N/A 53 56 56 50 56 #N/A N/A 51 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Investment Advisor 31.12.2012 Corporation 31.12.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Other 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 n/a 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 07.11.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 25.03.2013 25.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 05.03.2013 26.02.2013 26.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 25.01.2013 21.01.2013 08.01.2013 14.12.2012 13.12.2012 22.10.2012 10.09.2012 27.07.2012 01.11.2011


27.03.2013

National Grid PLC National Grid PLC is an investor-owned utility company which distributes gas. The PLC owns and operates the electricity transmission network in England and Wales, the gas transmission network in Great Britain, and electricity transmission networks in the Northeastern United States. National Grid also operates the electricity transmission networks in Scotland.

Price/Volume 800

20.0 M

600 500

15.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (30.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NG/ LN EQUITY YTD Change NG/ LN EQUITY YTD % CHANGE

03/2012 01/yy 761.00 622.50 2'242'007.00 751.5 -1.25% 20.72% 92.78% 3'664.7 27'540.49 23'025.00 0.0 7.0 2'723.00 48'475.49

31.03.2008 11'423.0 3.20x 3'589.0 10.20x 3'190.0 11.47x

10.0 M

300 200

5.0 M

100 0 m-12

31.03.2009 31.03.2010 15'624.0 14'007.0 2.41x 2.84x 4'037.0 4'309.0 9.34x 9.24x 944.0 1'386.0 14.32x 13.25x Profitability

31.03.2011 14'343.0 2.90x 4'845.0 8.58x 2'159.0 9.30x

31.03.2012 13'832.0 3.16x 4'777.0 9.14x 2'036.0 11.04x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

4'777.00 3'495.00 25.27% 18.50% 4.79% 26.24% 12.28% 0.28% 36.7% 27.0% 14.7% 0.94 0.61 48.64% 249.22% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

FY+1 -

5.30 0.48 3'554.87 26.31% 6.90% 0.478 23 3.478 7'055'941 7'462'578 6'748'207 FY+2

03/13 Y 03/14 Y 14'424.9 14'962.4 3.40x 3.37x 5'088.6 5'413.5 9.53x 8.96x 1'952.8 2'008.1 14.07x 13.70x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

24.08.2007 ASTABLE 24.08.2007 A-2 2.04 0.70 4.19 4.83 249.2% 71.3% 0.28 0.40 -

Sales/Revenue/Turnover

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 03.04.2009

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

700

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

National Grid PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK CRESCENT HOLDING GMB LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME M&G INVESTMENT MANAG FMR LLC VANGUARD GROUP INC BREWIN DOLPHIN LIMIT VANGUARD GROUP INC STOCK LENDING ACCOUN STATE STREET AXA DEUTSCHE BANK PROP T PEOPLES REPUBLIC OF HSBC INVESTMENTS UK NOMURA GOVT OF SINGAPORE IN FEDERATED INVESTORS

Firm Name RBC Capital Markets Exane BNP Paribas HSBC AlphaValue Credit Suisse JPMorgan Societe Generale Goldman Sachs Redburn Partners Nomura Cantor Fitzgerald Berenberg Bank S&P Capital IQ Liberum Capital Ltd Barclays EVA Dimensions Deutsche Bank Day by Day Morgan Stanley Independent Research GmbH

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst JOHN MUSK IAIN TURNER VERITY MITCHELL MYRIAM COHEN MARK FRESHNEY EDMUND REID ASHLEY THOMAS ANDREW MEAD JAMIE TUNNICLIFFE JONATHAN CONSTABLE ANGELOS ANASTASIOU LAWSON STEELE CLIVE ROBERTS GUILLAUME REDGWELL PETER BISZTYGA AUSTIN BURKETT MARTIN BROUGH VALERIE GASTALDY BOBBY CHADA SVEN DIERMEIER

Source ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG MF-AGG REG REG REG ULT-AGG ULT-AGG REG REG REG ULT-AGG ULT-AGG MF-AGG

Recommendation outperform outperform overweight reduce outperform neutral sell Sell/Neutral buy buy sell hold hold hold overweight underweight sell buy Overwt/In-Line hold

Amt Held 399'638'038 182'630'798 149'414'285 132'427'487 94'750'614 90'428'903 69'496'919 66'845'989 60'226'673 44'812'821 43'614'734 42'803'435 37'994'117 35'193'432 34'419'117 33'236'568 28'398'916 27'260'666 24'997'793 24'687'411

% Out 10.9 4.98 4.08 3.61 2.59 2.47 1.9 1.82 1.64 1.22 1.19 1.17 1.04 0.96 0.94 0.91 0.77 0.74 0.68 0.67

Weighting

Change 5 5 5 2 5 3 1 1 5 5 1 3 3 3 5 1 1 5 5 3

M M U M M U M M M M N N M N M M M M M M

Latest Chg (35'637'904) 2'720'054 15'922'916 1'757'999 (1'736'674) (12'319'399) 3'422'249 (2'034'154) 4'093'896 18'660'830 (1'278'846) (2'110'950) 19'219'117 14'402'655 5'959'620 1'333'083 1'812'745

Target Price 800 780 850 692 800 720 634 604 #N/A N/A 735 617 700 727 730 785 #N/A N/A 600 786 775 710

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.02.2013 25.03.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012 26.03.2013 31.01.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 3 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Other Government Investment Advisor Unclassified Government Investment Advisor

Date 27.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 18.03.2013 11.03.2013 11.03.2013 08.03.2013 28.02.2013 11.02.2013 05.02.2013 29.01.2013 25.01.2013 25.01.2013 17.01.2013 07.01.2013 04.01.2013 13.12.2012 21.11.2012


27.03.2013

Zurich Insurance Group AG Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Price/Volume 300

1.4 M

250

1.2 M 1.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2012 12/yy 268.30 192.50 241'520.00 262.6 -2.01% 36.42% 96.57% 148.3 38'943.61 12'521.00 0.0 2'368.0 9'098.00 46'627.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

100

.4 M

50

.2 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 32'331.0 0.99x 3'039.0 9.86x

.8 M

150

Valuation Analysis

31.12.2009 31.12.2010 70'123.0 67'819.0 0.50x 0.64x 3'963.0 3'428.0 7.83x 10.92x Profitability

LTM-4Q 31.12.2011 52'978.0 0.73x 3'750.0 8.80x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 70'446.0 0.64x 3'878.0 10.08x 8.34% 7.48% 0.97% 11.74% 9.17% 0.18% 5.5% 3.06% 36.30% -

Price/ Cash Flow

LTM

12/yy 52'980.0 3.11x 0.0 0.00x 3'750.0 8.80x

12/yy 70'446.0 2.48x 0.0 0.00x 3'872.0 10.07x

FY+1

1.21 148.14 0.42 15.70% 7.89% 1.206 38 3.421 380'842 491'839 446'696 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 61'470.3 63'636.1 0.90x 4'345.8 4'578.8 1'175.0 945.0 9.60x 9.08x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK ABERDEEN FMR LLC CREDIT SUISSE CREDIT SUISSE ASSET VANGUARD GROUP INC FRANKLIN RESOURCES UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT PICTET & CIE TWEEDY BROWNE COMPAN SUN LIFE FINANCIAL I SCHRODER INVESTMENT THORNBURG INVESTMENT BANK OF NEW YORK MEL UMB BANK N A DIMENSIONAL FUND ADV MORGAN STANLEY ALLIANZ ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Sanford C. Bernstein & Co THOMAS SEIDL Raymond James DANNY JACQUES AlphaValue DIETER HEIN EVA Dimensions AUSTIN BURKETT Exane BNP Paribas THOMAS JACQUET Barclays ANDREW BROADFIELD Oddo & Cie NICOLAS JACOB RBC Capital Markets GORDON AITKEN Morgan Stanley MARCUS RIVALDI Bank Vontobel AG STEFAN SCHUERMANN Berenberg Bank PETER ELIOT Credit Suisse RICHARD BURDEN Independent Research GmbH STEFAN BONGARDT Zuercher Kantonalbank GEORG MARTI Keefe, Bruyette & Woods RALPH HEBGEN JPMorgan MICHAEL HUTTNER Macquarie HADLEY COHEN Bankhaus Metzler JOCHEN SCHMITT Kepler Capital Markets FABRIZIO CROCE Nomura MICHAEL KLIEN S&P Capital IQ RODERICK WALLACE Main First Bank AG RENE LOCHER Helvea DANIEL BISCHOF Bryan Garnier & Cie OLIVIER PAUCHAUT Banca Akros(ESN) MARCO CAVALLERI CA Cheuvreux ATANASIO PANTARROTAS Mediobanca SpA MARC THIELE Deutsche Bank ROBIN BUCKLEY HSBC THOMAS FOSSARD Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research JOY FERNEYHOUGH Canaccord Genuity Corp BEN COHEN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Societe Generale JASON KALAMBOUSSIS Goldman Sachs VINIT MALHOTRA Redburn Partners PAUL GOODHIND DZ Bank AG WERNER EISENMANN Daiwa Securities Co. Ltd. TIM PROUDLOVE

Source ULT-AGG EXCH ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation market perform outperform buy overweight neutral underweight buy outperform Equalwt/In-Line hold hold outperform hold market perform market perform neutral neutral buy hold buy sell underperform neutral sell hold select list neutral hold neutral buy buy buy sell hold Buy/Neutral neutral buy underperform

Amt Held 6'491'974 4'495'862 4'377'801 2'823'083 2'525'492 2'223'047 1'927'285 1'903'054 1'414'107 802'354 760'859 716'240 619'731 558'266 444'000 433'728 374'403 362'837 311'978 296'523

% Out 4.38 3.03 2.95 1.9 1.7 1.5 1.3 1.28 0.95 0.54 0.51 0.48 0.42 0.38 0.3 0.29 0.25 0.24 0.21 0.2

Weighting

Change 3 5 5 5 3 1 5 5 3 3 3 5 3 3 3 3 3 5 3 5 1 1 3 1 3 5 3 3 3 5 5 5 1 3 5 3 5 1

M M M D M D M U M M M M M M D M M M M M D M M M M M M M M M M M M M M M M M

Latest Chg 8'208 (23'819) (719'223) 787 (39'432) 22'537 10 (311) 314'544 4'556 (13'585) 18'520 16'355 353'700 13'430 45'107 56'299 29'113

Target Price 269 297 309 #N/A N/A 245 247 300 290 261 270 290 282 270 #N/A N/A 300 263 270 290 213 290 230 265 255 252 245 300 292 265 254 270 300 260 200 252 292 #N/A N/A 240 216

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 23.06.2011 Government 31.01.2012 Unclassified 31.01.2013 Investment Advisor 23.03.2010 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.03.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

Date 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 6 month 12 month Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month

Date 27.03.2013 22.03.2013 21.03.2013 21.03.2013 14.03.2013 13.03.2013 05.03.2013 04.03.2013 26.02.2013 26.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 17.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 04.02.2013 30.01.2013 24.01.2013 16.01.2013 15.01.2013 08.01.2013 18.12.2012 30.11.2012 15.11.2012 11.10.2012 15.03.2012 05.12.2011 06.05.2011


27.03.2013

Cie Financiere Richemont SA Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear.

Price/Volume 90

6.0 M

80

5.0 M

70 60

4.0 M

50

03/2012 12/yy 81.45 48.13 716'868.00 74.1 -8.90% 53.96% 81.39% 522.0 42'548.22 851.00 0.0 9.0 4'036.00 31'891.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30

2.0 M

20

1.0 M

10 0 m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 5'290.0 3.53x 1'428.0 13.08x 1'565.0 20.48x

3.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CFR VX EQUITY YTD Change CFR VX EQUITY YTD % CHANGE

31.03.2009 31.03.2010 5'418.0 5'176.0 1.05x 2.82x 1'345.0 1'259.0 4.23x 11.59x 1'075.0 599.0 8.94x 26.38x Profitability

LTM-4Q 31.03.2011 6'892.0 2.72x 1'669.0 11.22x 1'090.0 20.65x

31.03.2012 8'867.0 2.41x 2'354.0 9.08x 1'544.0 16.70x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

2'354.00 2'045.00 23.06% 20.35% 16.06% 22.64% 0.82% 63.7% 27.5% 24.1% 17.4% 3.16 1.66 7.24% 9.89% 0.95

Price/ Cash Flow

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 7'515.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.31 521.77 31.46% 3.78% 1.306 38 4.026 1'806'983 1'480'174 1'488'347 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 10'180.3 11'043.8 2'316.2 3.05x 2.70x 2'797.3 3'069.1 11.38x 10.36x 1'938.0 2'176.6 17.53x 15.53x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

78.47 63.03 -1.14 0.58 9.9% 9.0% 0.82 6.66 386.45 74.31 305.95

Sales/Revenue/Turnover

30.00

10'000.0 9'000.0

25.00

8'000.0 7'000.0

20.00

6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00 0.00 03.04.2009

1'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Cie Financiere Richemont SA Holdings By:

All

Holder Name CARMIGNAC GESTION HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC CREDIT SUISSE ASSET WADDELL & REED FINAN GARDNER RUSSO & GARD JANUS CAPITAL MANAGE UBS FUND MANAGEMENT ALLIANZ ASSET MANAGE FMR LLC T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I PICTET & CIE SWISSCANTO FONDSLEIT HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN PICTET ASSET MANAGEM ALLIANCE BERNSTEIN SWEDBANK ROBUR FONDE

Firm Name Credit Suisse Kepler Capital Markets Investec Cantor Fitzgerald ISI Group Day by Day AlphaValue EVA Dimensions Nomura Exane BNP Paribas Aurel - BGC Oddo & Cie Societe Generale Sanford C. Bernstein & Co Renaissance Capital Independent Research GmbH Berenberg Bank Telsey Advisory Group Bryan Garnier & Cie Barclays HSBC Macquarie S&P Capital IQ Morgan Stanley Goldman Sachs JPMorgan Zuercher Kantonalbank Main First Bank AG Raymond James Deutsche Bank CA Cheuvreux Bank Vontobel AG Redburn Partners BNP Paribas Cadiz Securities Natixis Avior Research

Portfolio Name Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst ROGERIO FUJIMORI JON COX THANE DUFF ALLEGRA PERRY OMAR SAAD VALERIE GASTALDY VIRGINIE BLIN CRAIG STERLING CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA DAVID DA MAIA LEOPOLD AUTHIE THIERRY COTA MARIO ORTELLI REY WIUM LARS LUSEBRINK JOHN GUY DANA TELSEY LOIC MORVAN HELEN NORRIS ERWAN RAMBOURG WYNAND VAN ZYL JASON ASAEDA LOUISE SINGLEHURST WILLIAM HUTCHINGS MELANIE A FLOUQUET PATRIK SCHWENDIMANN MATTHIAS EIFERT MARC WILLAUME FRANCESCA DI PASQUANTONIO THOMAS MESMIN RENE WEBER ANNABEL GLEESON SHAMIL ISMAIL JOSEPHINE CHEVALLIER MATHEW MENEZES

Source MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG 13F ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform buy hold hold strong buy hold reduce underweight buy outperform buy buy buy outperform sell buy hold no rating system buy overweight neutral outperform hold Equalwt/In-Line Buy/Neutral neutral market perform outperform strong buy buy outperform hold buy hold neutral neutral

Amt Held 12'427'709 9'166'906 8'606'776 7'764'653 7'459'676 7'162'235 6'983'477 5'275'767 4'749'863 3'424'524 3'141'085 3'073'903 2'829'979 2'734'006 2'457'766 1'978'900 1'666'800 1'291'101 1'266'927 1'110'872

% Out 2.38 1.76 1.65 1.49 1.43 1.37 1.34 1.01 0.91 0.66 0.6 0.59 0.54 0.52 0.47 0.38 0.32 0.25 0.24 0.21

Weighting

Change

5 5 3 3 5 3 2 1 5 5 5 5 5 5 1 5 3 #N/A N/A 5 5 3 5 3 3 5 3 3 5 5 5 5 3 5 3 3 3

M M M M M D M U M M M M M M M N M M M M M U M M M M D M M U M M N D M D

Latest Chg 1'360'294 (1'002'480) (153'770) (5'806'400) (43'763) (49'746) (11'372) 273'181 (62'997) (123'534) 9'404 (4'415) 928'202 (809'000) (362'873) (2'744) (12'780) 113'009

Target Price 85 90 87 74 80 #N/A N/A 76 #N/A N/A 83 105 86 93 95 100 76 90 72 84 82 86 83 90 80 74 114 72 #N/A N/A 83 90 86 88 80 #N/A N/A 64 60 70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.01.2013 31.01.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.12.2012 31.12.2012 31.01.2013 31.01.2013 31.12.2012

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 24.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 21.02.2013 15.02.2013 10.02.2013 01.02.2013 28.01.2013 24.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 18.01.2013 16.01.2013 14.01.2013 09.01.2013 07.01.2013 27.11.2012 02.11.2012 05.09.2012


27.03.2013

Prudential PLC Prudential plc is an international company which provides a wide assortment of insurance and investment products and services. Insurance products include life, accident and health, property and casualty insurance, as well as fixed and variable annuities. Financial and investment services include personal and group pensions, equity plans, mortgages and deposit accounts.

Price/Volume 1200

12.0 M

12/2012 12/yy 1'178.00 654.50 3'035'145.00 1050 -10.87% 60.43% 84.72% 2'557.3 26'851.58 6'832.00 0.0 5.0 5'074.00 28'614.58

8.0 M 6.0 M

400

4.0 M 200

2.0 M

0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2009 31.12.2010 48'099.0 47'646.0 0.38x 0.39x 676.0 1'431.0 23.20x 11.78x Profitability

LTM-4Q 31.12.2011 36'506.0 0.47x 1'490.0 10.85x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 55'476.0 0.43x 2'197.0 10.01x 5.57% 5.07% 0.75% 22.56% 14.10% 0.19% 4.0% 2.20% 65.95% -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

2.78 1.37 2'447.69 38.74% 23.72% 1.371 27 4.074 4'739'749 4'435'634 3'964'871 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 57'898.0 59'358.0 933.1 0.36x 0.35x 2'014.8 2'240.3 13.14x 11.86x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.08.2010 A+ NEG 17.08.2010 A-1 66.0% 39.7% 0.19 -

Sales/Revenue/Turnover

160.00

60'000.0

140.00

50'000.0

120.00

40'000.0

100.00

30'000.0

80.00

20'000.0

60.00

10'000.0

40.00

0.0

20.00

-10'000.0 0.00 01.01.2010

10.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU LN EQUITY YTD Change PRU LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

800

Valuation Analysis

31.12.2008 (10'269.0) (396.0) -

16.0 M

1000

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-20'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Prudential PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL BAILLIE GIFFORD AND SCOTTISH WIDOWS FMR LLC VANGUARD GROUP INC M&G INVESTMENT MANAG JP MORGAN UBS JANUS CAPITAL MANAGE SCHRODER INVESTMENT PEOPLES REPUBLIC OF VANGUARD GROUP INC LAZARD ASSET MANAGEM AEGON HSBC INVESTMENTS UK AVIVA INVESTORS MORGAN STANLEY INVES

Firm Name Exane BNP Paribas Panmure Gordon & Co Limited HSBC EVA Dimensions AlphaValue Berenberg Bank Redburn Partners Day by Day Goldman Sachs Shore Capital Stockbrokers Credit Suisse Keefe, Bruyette & Woods Sanford C. Bernstein & Co S&P Capital IQ Oriel Securities Ltd JPMorgan RBC Capital Markets Morgan Stanley Macquarie Barclays Deutsche Bank Investec Societe Generale Nomura Daiwa Securities Co. Ltd.

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDY HUGHES BARRIE CORNES KAILESH MISTRY AUSTIN BURKETT JEROME CASSAGNE MATTHEW PRESTON LANCE BURBIDGE VALERIE GASTALDY COLIN L SIMPSON EAMONN FLANAGAN CHRIS ESSON GREIG N PATERSON EDWARD HOUGHTON RODERICK WALLACE MARCUS BARNARD ASHIK MUSADDI GORDON AITKEN JON HOCKING NEIL WELCH ALAN DEVLIN OLIVER STEEL KEVIN RYAN ABID HUSSAIN FAHAD CHANGAZI TIM PROUDLOVE

Source ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG ULT-AGG REG REG REG

Recommendation underperform buy overweight hold sell buy buy buy Buy/Neutral buy outperform market perform outperform buy buy underweight outperform Overwt/In-Line neutral overweight buy hold buy reduce outperform

Amt Held 256'652'047 128'527'550 109'343'285 104'285'746 88'407'117 73'996'286 72'178'671 53'089'266 47'303'661 46'730'225 41'823'885 39'310'345 33'734'493 32'116'464 29'093'870 25'199'103 24'499'349 24'085'771 23'132'403 22'537'114

% Out 10.04 5.03 4.28 4.08 3.46 2.89 2.82 2.08 1.85 1.83 1.64 1.54 1.32 1.26 1.14 0.99 0.96 0.94 0.9 0.88

Weighting

Change 1 5 5 3 1 5 5 5 5 5 5 3 5 5 5 1 5 5 3 5 5 3 5 2 5

M M M U D M M M M M M M M D M M M M M M M M M M M

Latest Chg 1'911'502 (136'942) 401'633 3'700'201 17'691'038 (685'857) (3'596'819) 5'884'645 (4'347'489) (7'205'386) (3'852'887) 1'381'546 (468'132) (6'815'149) (189'080) 2'472'324 (2'815'055)

Target Price 835 1'160 1'375 #N/A N/A 911 1'350 #N/A N/A 1'200 1'350 #N/A N/A 1'300 950 1'055 1'250 900 781 910 1'135 1'000 1'023 1'060 831 900 680 812

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.01.2013 25.03.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 31.01.2013 31.12.2012 01.01.2013 31.01.2013 31.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013

Date Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 3 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month

Inst Type Investment Advisor Investment Advisor Government Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Government Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 20.02.2013 11.02.2013 05.02.2013 04.02.2013 24.01.2013 07.01.2013 03.12.2012 15.08.2012 01.07.2011


27.03.2013

AXA SA AXA SA is an insurance company which also provides related financial services. The Company offers life and non-life insurance, reinsurance, savings and pension products, and asset management services. AXA operates in both domestic and international markets.

Price/Volume 16

30.0 M

14

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CS FP EQUITY YTD Change CS FP EQUITY YTD % CHANGE

12/2012 12/yy 14.68 8.65 5'052'406.00 13.465 -8.24% 55.66% 84.16% 2'389.8 32'178.96 10'662.00 6'059.0 2'355.0 30'546.00 14'649.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

4 5.0 M

2 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 51'235.0 0.62x 923.0 51.67x

15.0 M

6

31.12.2009 31.12.2010 122'704.0 117'414.0 0.36x 0.29x 3'606.0 2'749.0 10.60x 12.33x Profitability

LTM-4Q 31.12.2011 98'334.0 0.18x 4'324.0 5.88x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 114'689.0 0.13x 4'152.0 7.53x 5.81% 5.03% 0.56% 8.33% 7.16% 0.15% 3.6% 1.40% 19.87% -

Price/ Cash Flow

LTM

FY+1

1.51 2'045.00 12.40% 0.86% 1.512 35 4.086 6'538'496 8'227'133 6'928'985 FY+2

FQ+1

FQ+2

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 100'555.2 102'337.0 #DIV/0! 0.44x 0.50x 0.0 0.00x 0.0 4'700.7 5'037.4 0.00x 6.83x 6.40x S&P Issuer Ratings Long-Term Rating Date 18.12.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 18.12.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 19.9% Total Debt/Capital 16.0% Asset Turnover 0.15 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0 100'000.0

2.00

80'000.0 1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

AXA SA Holdings By:

All

Holder Name MUTUELLES AXA AMUNDI BNP PARIBAS INV PART CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS BLACKROCK FRANKLIN RESOURCES LANSDOWNE UK EQUITY NATIXIS ASSET MANAGE VANGUARD GROUP INC T ROWE PRICE ASSOCIA LBPAM AVIVA PLC FMR LLC AMUNDI TEMPLETON INVESTMENT MERCURY ASSET MANAGE DIMENSIONAL FUND ADV ING INVESTMENT MANAG AMUNDI

Firm Name

Portfolio Name #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Raymond James DANNY JACQUES Oddo & Cie NICOLAS JACOB Bryan Garnier & Cie OLIVIER PAUCHAUT Hammer Partners SA ENRICO RACIOPPI EVA Dimensions AUSTIN BURKETT Day by Day VALERIE GASTALDY Exane BNP Paribas THOMAS JACQUET Credit Suisse RICHARD BURDEN AlphaValue JEROME CASSAGNE RBC Capital Markets GORDON AITKEN Hamburger Sparkasse CHRISTIAN HAMANN Helvea DANIEL BISCHOF Berenberg Bank PETER ELIOT Keefe, Bruyette & Woods RALPH HEBGEN Goldman Sachs COLIN L SIMPSON CA Cheuvreux ATANASIO PANTARROTAS Independent Research GmbH STEFAN BONGARDT S&P Capital IQ RODERICK WALLACE Nomura MICHAEL KLIEN Main First Bank AG FEDERICO SALERNO Banco Sabadell MARIO LODOS Kepler Capital Markets FABRIZIO CROCE Barclays CLAUDIA GASPARI Mediobanca SpA MARC THIELE Deutsche Bank OLIVER STEEL Macquarie NEIL WELCH HSBC KAILESH MISTRY Natixis BENOIT VALLEAUX Landesbank Baden-Wuerttemberg WERNER SCHIRMER Morgan Stanley JON HOCKING Redburn Partners LANCE BURBIDGE JPMorgan ANDREAS VAN EMBDEN CM - CIC Securities(ESN) PIERRE CHEDEVILLE DZ Bank AG WERNER EISENMANN Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE BBVA SILVIA RIGOL CARNEIRO

Source Co File Research ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation strong buy buy buy buy hold hold outperform outperform buy sector perform hold buy hold outperform Buy/Neutral outperform hold buy buy underperform buy hold underweight outperform buy outperform overweight buy buy Overwt/In-Line neutral underweight buy buy buy outperform outperform

Amt Held % Out 342'767'775 14.34 91'682'238 3.84 79'974'315 3.35 65'131'985 2.73 50'254'088 2.1 48'018'741 2.01 35'243'907 1.47 (20'395'259) -0.85 19'768'792 0.83 18'896'417 0.79 12'758'066 0.53 11'629'095 0.49 10'723'804 0.45 7'885'132 0.33 7'000'250 0.29 5'835'130 0.24 5'664'606 0.24 4'466'038 0.19 4'309'635 0.18 4'295'639 0.18

Weighting

Change 5 5 5 5 3 3 5 5 5 3 3 5 3 5 5 5 3 5 5 1 5 3 1 5 5 5 5 5 5 5 3 1 5 5 5 5 5

M M M N D D M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (20'493'797) (77'990) 2'125'718 (9'366) 2'721'389 (323'861) (7'936'172) (2'318'038) 730'180 255'752 (143'415) (3'360) (13'091'874) (52'090) (9'429) (792'488)

Target Price 19 16 17 21 #N/A N/A #N/A N/A 18 16 17 15 #N/A N/A 16 18 18 18 17 14 15 23 14 15 10 14 18 16 16 20 18 16 15 #N/A N/A 12 16 14 21 16 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 15.05.2012 31.01.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 16.09.2011 31.01.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.01.2013 31.10.2012 31.12.2012 25.03.2013 31.07.2012 31.01.2013 31.12.2012

Date Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 25.03.2013 25.03.2013 25.03.2013 25.03.2013 21.03.2013 19.03.2013 18.03.2013 08.03.2013 07.03.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 24.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 15.02.2013 11.02.2013 04.02.2013 30.01.2013 24.01.2013 23.01.2013 16.01.2013 10.01.2013 07.01.2013 05.12.2012 22.11.2012 08.11.2012 07.11.2012 20.12.2011 05.10.2011 06.06.2011 17.02.2011


27.03.2013

Schneider Electric SA Schneider Electric SA manufactures power distribution and automation systems. The Company produces circuit breakers, remote installation management equipment, panelboards, programmable logic controllers, industrial control products, detectors, human-machine interfaces, and process controls. Schneider's products are sold various brands.

Price/Volume 70

6.0 M

60

5.0 M

50

4.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SU FP EQUITY YTD Change SU FP EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

20

1.0 M

10 0 m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 18'311.0 0.95x 3'321.0 5.24x 1'682.0 7.55x

3.0 M

30

12/2012 12/yy 60.71 39.40 1'224'537.00 56.2 -7.46% 42.66% 81.94% 555.4 31'214.44 8'132.00 0.0 174.0 3'737.00 35'783.44

31.12.2009 31.12.2010 15'793.0 19'580.0 1.51x 1.68x 2'575.0 3'575.0 9.26x 9.20x 824.0 1'720.0 24.63x 17.00x Profitability

LTM-4Q 31.12.2011 22'345.0 1.23x 3'725.0 7.36x 1'793.0 12.18x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 23'946.0 1.44x 3'837.0 9.01x 1'840.0 16.17x 3'837.00 3'030.00 12.65% 10.42% 5.11% 11.32% 9.07% 0.67% 37.8% 16.0% 12.7% 7.7% 1.51 1.01 22.49% 48.86% 4.48 4.63

Price/ Cash Flow

LTM

12/yy 22'387.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 23'946.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.28 525.90 14.75% 2.50% 1.281 31 3.516 1'805'200 1'613'159 1'349'106 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'351.1 25'608.7 5'390.0 6'012.0 1.43x 1.31x 4'069.6 4'431.2 8.78x 8.06x 2'291.4 2'548.3 13.62x 12.22x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

26.11.2008 ASTABLE 14.03.2007 A-2 9.97 8.74 1.15 2.12 48.9% 32.6% 0.67 9.22 81.70 79.13 103.63 57.20

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Schneider Electric SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN AMUNDI CAISSE DES DEPOTS ET VANGUARD GROUP INC HARBOR CAPITAL ADVIS DODGE & COX SCHNEIDER ELECTRIC S FMR LLC BLACKROCK SUN LIFE FINANCIAL I NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ARTISAN PARTNERS HOL ABERDEEN AVIVA PLC LBPAM INVESCO LTD JUPITER ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

RBC Capital Markets ANDREW CARTER JPMorgan ANDREAS WILLI Canaccord Genuity Corp JAMES STETTLER Nomura DANIEL CUNLIFFE Societe Generale GAEL DE BRAY Sanford C. Bernstein & Co MARTIN PROZESKY AlphaValue LIONEL PELLICER Day by Day VALERIE GASTALDY Exane BNP Paribas OLIVIER ESNOU HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE EVA Dimensions CRAIG STERLING Barclays NICK WEBSTER Credit Suisse SIMON TOENNESSEN Landesbank Baden-Wuerttemberg VOLKER STOLL Deutsche Bank MARTIN WILKIE CA Cheuvreux ALFRED GLASER Independent Research GmbH MARKUS FRIEBEL Natixis LUDOVIC DEBAILLEUX Morgan Stanley BEN UGLOW Kepler Capital Markets PIERRE BOUCHENY S&P Capital IQ JAWAHAR HINGORANI Banco Sabadell MARIA CEBOLLERO Goldman Sachs DANIELA COSTA Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES CM - CIC Securities(ESN) ARI AGOPYAN Berenberg Bank WILLIAM MACKIE Redburn Partners JAMES MOORE

Source ULT-AGG Research Research MF-AGG MF-AGG MF-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform overweight hold neutral buy market perform add hold outperform overweight neutral hold equalweight neutral hold hold outperform hold neutral Equalwt/Cautious reduce hold buy Buy/Neutral hold hold hold buy

Amt Held 82'567'657 27'220'485 20'349'002 11'778'760 10'849'337 10'102'524 9'164'952 8'946'790 7'588'472 6'092'778 6'029'853 4'494'386 3'310'863 2'485'819 2'452'160 2'357'130 1'839'691 1'775'165 1'725'770 1'708'138

% Out 14.87 4.9 3.66 2.12 1.95 1.82 1.65 1.61 1.37 1.1 1.09 0.81 0.6 0.45 0.44 0.42 0.33 0.32 0.31 0.31

Weighting

Change 5 5 3 3 5 3 4 3 5 5 3 3 3 3 3 3 5 3 3 3 2 3 5 5 3 3 3 5

M M M M M M M D M M M U M M M M M M M M M M M U M M M M

Latest Chg (10'012'679) (1'168'334) 477'308 (52'247) 95'500 1'797'130 (183'690) 223'109 1'063'472 46'843 (411'258) 551'587 (404'495) (10'400) 3'134 (144'907) 28'032 (235'006)

Target Price 65 65 60 52 64 55 67 #N/A N/A 66 70 60 #N/A N/A 54 58 60 55 62 65 61 57 57 61 48 65 53 58 60 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 16.05.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2011 Corporation 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 28.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 21.03.2013 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 9 month 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 27.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 19.03.2013 14.03.2013 08.03.2013 08.03.2013 04.03.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 30.01.2013 24.01.2013 21.01.2013 08.01.2013 08.10.2012


27.03.2013

Syngenta AG Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 12/yy 416.00 295.30 180'629.00 395.4 -4.93% 33.90% 87.82% 93.1 36'822.08 3'348.00 11.0 1'599.00 40'371.13

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 50 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 11'624.0 1.68x 2'495.0 7.84x 1'385.0 12.86x

150

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M f-13 m-13

31.12.2009 31.12.2010 10'992.0 11'641.0 2.56x 2.45x 2'368.0 2'460.0 11.86x 11.60x 1'371.0 1'397.0 19.06x 19.37x Profitability

LTM-4Q 31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x 3'148.00 2'550.00 17.96% 15.15% 10.22% 23.06% 0.78% 49.2% 22.2% 18.0% 13.2% 1.71 0.75 17.26% 38.28% 4.79 1.62

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 14'202.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.91 92.99 31.98% 7.86% 0.906 33 3.848 168'500 191'633 197'881 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 15'323.3 16'213.3 3'295.9 4'596.0 2.58x 2.39x 3'516.3 3'814.4 1'048.0 11.49x 10.60x 2'295.0 2'507.4 518.0 16.58x 15.14x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 0.56 1.06 38.3% 27.7% 0.78 4.57 76.37 226.25 148.30 154.33

Sales/Revenue/Turnover

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0 20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE ASSET BANK OF NEW YORK MEL THORNBURG INVESTMENT UBS FUND MANAGEMENT WILLIAM BLAIR & COMP JUPITER ASSET MANAGE MANNING & NAPIER ADV PICTET & CIE THREADNEEDLE INVESTM SWISSCANTO FONDSLEIT INVESCO LTD DWS INVESTMENT S A SCHRODER INVESTMENT DEUTSCHE BANK AG

Firm Name Sanford C. Bernstein & Co HSBC Exane BNP Paribas JPMorgan AlphaValue Day by Day Goldman Sachs EVA Dimensions Bank Vontobel AG Redburn Partners Equita SIM SpA Barclays Credit Suisse Macquarie CA Cheuvreux Bankhaus Metzler Nomura Morgan Stanley Jefferies Hamburger Sparkasse Kepler Capital Markets Deutsche Bank DZ Bank AG Main First Bank AG Societe Generale Liberum Capital Ltd Zuercher Kantonalbank Berenberg Bank S&P Capital IQ Canaccord Genuity Corp

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEREMY REDENIUS GEOFF HAIRE JAMES KNIGHT MARTIN EVANS FABRICE FARIGOULE VALERIE GASTALDY RAKESH PATEL CRAIG STERLING PATRICK RAFAISZ TONY JONES MASSIMO BONISOLI ANDREAS HEINE CHRIS COUNIHAN CHRISTIAN FAITZ MARTIN ROEDIGER DANIEL SEIDENSPINNER JEAN DE WATTEVILLE AMY WALKER LAURENCE ALEXANDER MARCO GUENTHER BETTINA EDMONDSTON VIRGINIE BOUCHER-FERTE HEINZ MUELLER RONALD KOEHLER PETER CLARK SOPHIE JOURDIER MARTIN SCHREIBER JAIDEEP PANDYA JOHNSON IMODE PAUL W SATCHELL

Source ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform neutral neutral neutral buy buy Buy/Neutral hold hold buy hold equalweight outperform outperform select list buy neutral Equalwt/In-Line hold sell buy buy buy outperform buy buy market perform hold hold buy

Amt Held 5'198'082 4'634'983 3'907'159 2'358'941 1'756'149 1'664'500 1'407'596 937'171 932'280 858'339 645'945 590'695 536'300 496'141 388'585 385'059 375'752 337'986 248'343 241'169

% Out 5.58 4.98 4.2 2.53 1.89 1.79 1.51 1.01 1 0.92 0.69 0.63 0.58 0.53 0.42 0.41 0.4 0.36 0.27 0.26

Weighting

Change 1 3 3 3 5 5 5 3 3 5 3 3 5 5 5 5 3 3 3 1 5 5 5 5 5 5 3 3 3 5

M D M M M M M D M M M M M M M M M M M M M M M M M M D M M M

Latest Chg 42'023 162'039 74'818 (27'866) 17'936 (1'821) 13'889 (8'060) (76'790) 7'247 75'179 138'979 6'630 (18'438) 9'906 49'414

Target Price 307 430 376 375 502 430 476 #N/A N/A 390 #N/A N/A 390 403 450 430 426 450 440 406 365 #N/A N/A 440 430 400 415 450 400 #N/A N/A 350 320 310

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 26.02.2013 31.01.2013 31.12.2012 31.12.2012 31.01.2013 26.03.2013 31.01.2013 30.11.2012 31.12.2012 30.11.2012 31.12.2012 31.01.2013 31.12.2012 31.01.2013 21.03.2013 31.01.2013 31.12.2012 28.02.2013

Date 12 month Not Provided Not Provided 12 month 6 month 3 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.03.2013 27.03.2013 26.03.2013 20.03.2013 19.03.2013 05.03.2013 27.02.2013 13.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.12.2012 30.11.2012 20.11.2012 25.10.2012 23.10.2012 19.09.2012 17.07.2012 13.07.2012 18.05.2012


27.03.2013

Air Liquide SA Air Liquide SA, through its subsidiaries, produces, markets, and sells industrial and healthcare gases worldwide. These gases include liquid nitrogen, argon, carbon dioxide, and oxygen. The Company also produces welding equipment, diving equipment, and technical-medical equipment. Air Liquide sells its products throughout Europe, the United States, Canada, Africa, and Asia.

Price/Volume

3.0 M 2.5 M 2.0 M

60

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AI FP EQUITY YTD Change AI FP EQUITY YTD % CHANGE

12/2012 12/yy 100.00 83.45 605'434.00 93.61 -6.38% 12.17% 66.58% 312.5 29'248.74 7'273.70 0.0 232.6 1'154.20 35'600.84

1.5 M

40

1.0 M

20

.5 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

100 80

Valuation Analysis

31.12.2008 13'103.1 1.73x 2'941.8 7.71x 1'220.0 13.93x

120

31.12.2009 31.12.2010 11'976.1 13'488.0 2.25x 2.38x 2'969.0 3'374.3 9.08x 9.50x 1'230.0 1'403.6 17.67x 18.97x Profitability

LTM-4Q 31.12.2011 14'456.9 2.25x 3'563.6 9.13x 1'534.9 17.60x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 15'326.3 2.34x 3'792.3 9.48x 1'609.4 18.38x 3'792.30 2'560.50 16.71% 14.63% 6.55% 16.12% 0.62% 24.7% 16.7% 10.5% 1.03 0.77 29.09% 71.23% 5.47 -

Price/ Cash Flow

LTM

09/yy 14'255.5 0.00x 0.0 0.00x 0.0 0.00x

12/yy 15'326.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.76 311.10 6.89% -1.51% 0.756 35 3.543 888'588 935'837 769'771 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'327.5 17'503.5 3'966.8 3'976.0 2.17x 2.01x 8.92x 4'091.5 4'441.9 1'976.0 8.69x 8.01x 1'733.8 1'918.7 879.0 16.80x 15.19x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.07.2007 A POS 06.05.2004 A-1 13.84 6.51 1.61 1.92 71.2% 41.1% 0.62 1.23 66.93 -

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Air Liquide SA Holdings By:

All

Holder Name THORNBURG INVESTMENT BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE LANSDOWNE PARTNERS L SUN LIFE FINANCIAL I DEUTSCHE BANK AG BANK OF NEW YORK MEL AIR LIQUIDE THREADNEEDLE INVESTM MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN SCHRODER INVESTMENT AMUNDI HARTFORD INVESTMENT LBPAM FMR LLC ARTISAN PARTNERS HOL BNP PARIBAS INV PART

Portfolio Name Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Firm Name

Analyst

Sanford C. Bernstein & Co HSBC Exane BNP Paribas Day by Day AlphaValue JPMorgan Nomura Goldman Sachs Hamburger Sparkasse Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg S&P Capital IQ Main First Bank AG Societe Generale Deutsche Bank Credit Suisse Independent Research GmbH Banco Sabadell Morgan Stanley Jefferies Berenberg Bank Barclays Kepler Capital Markets EVA Dimensions Liberum Capital Ltd Macquarie CM - CIC Securities(ESN) CA Cheuvreux Alembic Global Advisors Redburn Partners Natixis Canaccord Genuity Corp DZ Bank AG

JEREMY REDENIUS GEOFF HAIRE HEIDI VESTERINEN VALERIE GASTALDY FABRICE FARIGOULE MARTIN EVANS JEAN DE WATTEVILLE RAKESH PATEL MARCO GUENTHER STEPHAN KIPPE ULLE WORNER JOHNSON IMODE THOMAS SWOBODA PETER CLARK TIMOTHY JONES CHRIS COUNIHAN CHRISTOPH SCHOENDUBE PATRICIA GARCIA SANCHEZ PETER MACKEY LAURENCE ALEXANDER JOHN PHILIPP KLEIN GUNTHER ZECHMANN MARKUS MAYER CRAIG STERLING ADAM COLLINS CHRISTIAN FAITZ ARI AGOPYAN KLAUS RINGEL HASSAN I AHMED TONY JONES FREDERIC WILLIAMS-GOBEAUX PAUL W SATCHELL PETER SPENGLER

Source MF-AGG ULT-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation outperform overweight outperform hold add neutral neutral neutral/neutral hold add buy hold outperform hold hold outperform hold buy Equalwt/In-Line hold hold underweight hold underweight buy outperform accumulate outperform neutral buy neutral hold buy

Amt Held % Out 4'574'174 1.46 3'507'675 1.12 3'193'593 1.02 2'872'974 0.92 (2'249'662) -0.72 1'892'639 0.61 1'445'086 0.46 1'185'647 0.38 1'003'394 0.32 965'341 0.31 926'283 0.3 921'742 0.3 902'774 0.29 731'181 0.23 696'712 0.22 685'259 0.22 606'009 0.19 583'986 0.19 561'349 0.18 553'212 0.18

Weighting

Change 5 5 5 3 4 3 3 3 3 4 5 3 5 3 3 5 3 5 3 3 3 1 3 1 5 5 4 5 3 5 3 3 5

M M M D M M M M M M M M M M M M M M M M M M M M M M U M M M M M M

Latest Chg 4'446 119'140 30'891 (313'148) 90'770 (1'509) 58'091 (422) (6'180) (450'378) 308'898 (19'889) 56'202 (7'465) (126'624) 11'929 31'333

Target Price 105 112 102 #N/A N/A 100 98 108 108 #N/A N/A 105 103 95 105 100 99 103 100 111 104 97 93 100 100 #N/A N/A 121 100 106 101 95 #N/A N/A 83 82 91

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.01.2013 25.03.2013 31.12.2012 31.01.2013 22.03.2013 31.01.2013 28.02.2013 26.03.2013 31.12.2012 31.12.2012 25.03.2013 31.01.2013 31.12.2012 28.09.2012 31.10.2012 28.02.2013 31.12.2012 31.01.2013 31.12.2012 31.01.2013

Date 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 26.03.2013 21.03.2013 21.03.2013 20.03.2013 18.03.2013 27.02.2013 25.02.2013 22.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 04.02.2013 01.02.2013 15.01.2013 13.12.2012 21.11.2012 05.11.2012 26.10.2012 15.10.2012 08.10.2012 02.08.2012 18.05.2012 27.10.2011


27.03.2013

Telefonaktiebolaget LM Ericsson Telefonaktiebolaget LM Ericsson develops and manufactures products for wired and mobile communications in public and private networks. The Company produces mobile telephones through its Sony Ericsson joint venture. Ericsson manufactures and installs wired and wireless communications systems, wireless microwave links, call center equipment, microelectronics, and radar systems.

Price/Volume 90

40.0 M

80

35.0 M

70

30.0 M

60

25.0 M

50

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (18.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ERICB SS EQUITY YTD Change ERICB SS EQUITY YTD % CHANGE

12/2012 12/yy 86.40 55.90 3'660'811.00 81.2 -6.08% 45.26% 83.11% 3'043.3 267'741.97 28'667.00 0.0 1'600.0 76'708.00 221'300.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

30 20

10.0 M

10

5.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 208'930.0 0.71x 23'592.0 6.26x 11'273.0 16.60x

20.0 M

40

Valuation Analysis

31.12.2009 31.12.2010 206'477.0 203'348.0 0.81x 0.98x 25'441.0 25'925.0 6.57x 7.72x 3'672.0 11'146.0 57.25x 22.42x Profitability

LTM-4Q 31.12.2011 226'921.0 0.79x 29'647.0 6.04x 12'194.0 18.51x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 227'779.0 0.72x 31'735.0 5.14x 5'775.0 36.25x 31'735.00 22'189.00 9.74% 4.47% 2.08% 4.13% 0.82% 31.6% 14.1% 9.7% 2.5% 1.98 1.44 10.42% 20.94% 3.55 5.03

Price/ Cash Flow

LTM

FY+1

0.93 22.58% 24.73% 0.929 37 4.000 8'456'269 8'946'990 9'693'212 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 226'921.0 227'779.0 235'706.8 246'158.6 53'009.6 56'739.7 3.56x 2.97x 0.95x 0.87x 4.35x 4.13x 30'714.0 32'078.0 31'220.3 34'939.0 5'855.6 7'054.7 5.82x 5.25x 7.09x 6.33x 6.97x 12'194.0 5'775.0 16'432.1 19'478.1 2'757.4 3'581.4 18.50x 36.15x 15.78x 13.27x 15.45x 14.20x S&P Issuer Ratings Long-Term Rating Date 15.06.2007 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date 15.06.2007 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 18.30 (EBITDA-Capex)/Interest Exp. 15.17 Net Debt/EBITDA -1.50 Total Debt/EBITDA 0.89 Reference Total Debt/Equity 20.9% Total Debt/Capital 17.2% Asset Turnover 0.82 Net Fixed Asset Turnover 20.45 Accounts receivable turnover-days 102.98 Inventory Days 72.72 Accounts Payable Turnover Day 58.50 Cash Conversion Cycle 117.20 Sales/Revenue/Turnover

40.00

250'000.0

35.00

200'000.0

30.00 25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Telefonaktiebolaget LM Ericsson Holdings By:

All

Holder Name SWEDBANK ROBUR FONDE BLACKROCK SEB AMF FONDER AB NORGES BANK INVESTME OPPENHEIMERFUNDS INC ABERDEEN ASSET MANAG INVESTOR AB DODGE & COX HANDELSBANKEN FONDER VANGUARD GROUP INC FOLKSAM LO FOND AB SUN LIFE FINANCIAL I FRANKLIN RESOURCES NORDEA FONDER AB/SWE JANUS CAPITAL MANAGE FMR LLC SPP FONDER AB LANSFORSAKRINGAR FON AFA FORSAKRINGAR

Firm Name Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg AlphaValue Nomura Morgan Stanley Goldman Sachs Independent Research GmbH Nordea Equity Research Pareto Securities Exane BNP Paribas Kepler Capital Markets S&P Capital IQ Day by Day Pohjola Bank Plc (ESN) Swedbank JPMorgan Danske Markets Oddo & Cie Berenberg Bank Deutsche Bank Grupo Santander ABG Sundal Collier HSBC EVA Dimensions Societe Generale Credit Suisse SEB Enskilda Carnegie Handelsbanken Natixis Liberum Capital Ltd Barclays CA Cheuvreux Jyske Bank DZ Bank AG Sydbank Silvia Quandt Research

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst PIERRE FERRAGU MIRKO MAIER JEAN-MICHEL SALVADOR STUART JEFFREY FRANCOIS MEUNIER SIMON F SCHAFER MARKUS FRIEBEL DANIEL DJURBERG ERIK PAULSSON ALEXANDER PETERC SEBASTIEN SZTABOWICZ JAMES CRAWSHAW VALERIE GASTALDY HANNU RAUHALA HAKAN WRANNE SANDEEP S DESHPANDE ILKKA RAUVOLA VINCENT MAULAY ADNAAN AHMAD KAI KORSCHELT CARLOS JAVIER TREVINO PER LINDBERG RICHARD DINEEN ANDREW S ZAMFOTIS ANDY PERKINS ACHAL SULTANIA ANDREAS JOELSSON LENA OSTERBERG MARTIN NILSSON ERIC BEAUDET JANARDAN MENON ANDREW M GARDINER ODON DE LAPORTE ROBERT JAKOBSEN OLIVER FINGER MORTEN IMSGARD JACQUES ABRAMOWICZ

Source Co File ULT-AGG ULT-AGG Co File Co File Co File Co File Co File Co File Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File

Recommendation outperform buy reduce buy Overwt/In-Line Buy/Neutral hold hold hold outperform buy strong buy hold accumulate buy overweight buy neutral sell buy buy buy overweight underweight hold neutral buy buy reduce buy buy equalweight outperform sell buy neutral buy

Amt Held 141'913'401 105'813'729 92'171'054 75'600'000 69'572'027 67'628'249 58'953'636 58'709'995 54'067'771 54'063'621 35'689'314 33'508'867 33'412'756 25'579'300 22'519'333 21'423'488 17'828'540 17'746'645 17'556'069 15'779'975

% Out 4.66 3.48 3.03 2.48 2.29 2.22 1.94 1.93 1.78 1.78 1.17 1.1 1.1 0.84 0.74 0.7 0.59 0.58 0.58 0.52

Weighting

Change 5 5 2 5 5 5 3 3 3 5 5 5 3 4 5 5 5 3 1 5 5 5 5 1 3 3 5 5 2 5 5 3 5 1 5 3 5

M M D M M M M D M M M M M M M M M M M M M M M D M U U M M M M M M D M U M

Latest Chg 23'700 (1'067'250) 1'538'718 (65'425) 556'827 (2'368'034) 416'584 1'375'020 5'191'948 264'704 488'086 -

Target Price 100 94 85 96 84 112 90 87 90 97 95 100 #N/A N/A 102 88 90 90 80 60 87 85 90 90 #N/A N/A 70 70 84 #N/A N/A 55 80 90 65 70 70 72 #N/A N/A 92

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 25.03.2013 31.01.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.01.2013 31.12.2012 28.02.2013 31.12.2012 31.01.2013 28.02.2013 31.12.2012 31.12.2011

Date 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company

Date 21.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 11.03.2013 07.03.2013 07.03.2013 06.03.2013 05.03.2013 04.03.2013 01.03.2013 13.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 19.09.2012 26.03.2012 25.01.2012 28.04.2011 26.01.2011


27.03.2013

Xstrata PLC Xstrata plc, a diversified mining group, explores for and mines copper, coking coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The Group conducts operations in Australia, South Africa, Germany, Argentina, and the United Kingdom.

Price/Volume 1400

60.0 M

1200

50.0 M

1000

40.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XTA LN EQUITY YTD Change XTA LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

400

10.0 M

200 0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 27'952.0 0.96x 9'645.0 2.78x 3'595.0 2.49x

30.0 M

600

12/2012 01/yy 1'201.00 760.47 2'061'179.00 1073 -10.57% 41.10% 71.51% 3'002.7 32'218.88 17'067.00 0.0 2'339.0 1'983.00 66'067.07

31.12.2009 31.12.2010 22'732.0 30'499.0 2.83x 2.59x 6'476.0 10'393.0 9.93x 7.61x 661.0 4'688.0 72.41x 14.58x Profitability

31.12.2011 33'877.0 1.64x 11'648.0 4.76x 5'713.0 7.70x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 31'618.0 2.18x 8'122.0 8.50x 1'180.0 43.00x 8'122.00 4'790.00 15.15% 6.35% 1.49% 2.68% 2.74% 0.40% 27.7% 25.7% 15.1% 3.7% 1.73 0.81 20.53% 38.39% 9.16 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.81 1.78 1'520.28 -0.66% 1.32% 1.785 21 3.524 5'597'255 5'438'155 4'955'808 FY+2

12/13 Y 12/14 Y 34'013.7 36'310.7 1.91x 1.74x 9'689.1 11'041.6 6.82x 5.98x 3'765.6 4'788.3 13.00x 10.35x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

29.11.2012 BBB+ *29.11.2012 A-2 *20.46 -4.82 1.86 2.10 38.4% 26.7% 0.40 0.57 39.95 69.47

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Xstrata PLC Holdings By:

All

Holder Name GLENCORE INTERNATION QATAR HOLDINGS LLC BLACKROCK UBS NORGES BANK INVESTME STATE STREET LEGAL & GENERAL JP MORGAN BANK OF NEW YORK MEL SCOTTISH WIDOWS Xstrata Plc Employee STANDARD LIFE INVEST GOVT OF SINGAPORE IN SAFE INVESTMENT COMP PEOPLES REPUBLIC OF LLOYDS BANKING GROUP NORTHERN CROSS LLC HSBC Prop Trading/Ma Northern Cross Inter HARBOR CAPITAL ADVIS

Firm Name Macquarie AlphaValue Jefferies Sanford C. Bernstein & Co BMO Capital Markets Exane BNP Paribas EVA Dimensions Landesbank Baden-Wuerttemberg S&P Capital IQ RBC Capital Markets CA Cheuvreux Redburn Partners SBG Securities HSBC Day by Day Societe Generale Nomura Liberum Capital Ltd Natixis Standard Chartered Credit Suisse Bank Vontobel AG Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios #N/A N/A n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEFFREY LARGEY SACHIN KUMAR Christopher LaFemina PAUL GAIT TONY ROBSON SYLVAIN BRUNET CRAIG STERLING JENS MUENSTERMANN JOHNSON IMODE TIMOTHY HUFF JOAKIM AHLBERG SIMON TOYNE PETER DAVEY ANDREW KEEN VALERIE GASTALDY ALAIN WILLIAM SAM CATALANO ASH LAZENBY RAOUDHA BOUZEKRI SUBRAMANIAM VARADA LIAM FITZPATRICK PATRICK RAFAISZ ROBERT CLIFFORD ALAIN GABRIEL EUGENE KING BENJAMIN DEFAY

Source REG RNS-RUL8 ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG RNS-RUL8 ULT-AGG RNS-RUL8 REG ULT-AGG RNS-RUL8 REG REG MF-AGG

Recommendation outperform reduce buy outperform market perform neutral sell buy sell sector perform outperform neutral sell neutral hold hold restricted buy neutral outperform restricted buy restricted restricted not rated restricted

Amt Held 1'010'403'999 350'410'601 144'628'350 95'879'064 88'851'173 66'047'178 61'700'951 57'610'174 54'135'734 42'863'026 42'642'114 41'205'251 32'530'740 31'187'938 30'417'938 29'719'950 28'945'439 25'475'000 25'223'487 24'663'230

% Out 33.65 11.67 4.82 3.19 2.96 2.2 2.05 1.92 1.8 1.43 1.42 1.37 1.08 1.04 1.01 0.99 0.96 0.85 0.84 0.82

Weighting

Change

5 2 5 5 3 3 1 5 1 3 5 3 1 3 3 3 #N/A N/A 5 3 5 #N/A N/A 5 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

M M M M U M D M M M M M D D D D M M M U M M M M M M

Latest Chg (81'328) 16'255'320 124'313 (33'850) 8'186'775 (634'892) (202'870) (6'795'572) (24'936) 66'360 (610'124) (3'925'000) 2'450'000 (757'180) 137'523

Target Price 1'200 1'100 1'350 1'575 1'220 1'300 #N/A N/A 1'300 1'000 1'100 1'300 #N/A N/A 1'220 1'250 #N/A N/A 1'190 #N/A N/A #N/A N/A 1'017 1'080 #N/A N/A 1'103 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.01.2013 14.01.2013 25.03.2013 25.03.2013 02.01.2013 26.03.2013 22.03.2013 25.03.2013 02.01.2013 02.01.2013 02.01.2013 22.03.2013 21.03.2013 02.02.2012 02.01.2013 28.02.2013 14.09.2012 02.01.2013 02.01.2013 31.12.2012

Date 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Government Investment Advisor Unclassified Government Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Government Unclassified Government Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor

Date 22.03.2013 21.03.2013 20.03.2013 15.03.2013 12.03.2013 12.03.2013 08.03.2013 07.03.2013 05.03.2013 04.03.2013 11.02.2013 11.02.2013 11.02.2013 07.02.2013 05.02.2013 31.01.2013 16.01.2013 10.01.2013 20.11.2012 08.09.2012 21.02.2012 07.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012


27.03.2013

Deutsche Bank AG Deutsche Bank AG is a global financial service provider delivering commercial, investment, private and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management and corporate investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

12/2012 12/yy 39.51 22.11 8'534'380.00 30.37 -23.15% 37.36% 52.73% 929.5 28'228.90 284'516.00 0.0 1'270.0 177'928.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

40

16.0 M

35

14.0 M

30

12.0 M

25

10.0 M

20

8.0 M

15

6.0 M

10

4.0 M

5

2.0 M

0 m-12

31.12.2009 31.12.2010 45'167.0 46'151.0 4'973.0 2'310.0 6.24x 12.74x Profitability

LTM-4Q 31.12.2011 52'660.0 4'132.0 6.61x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 33'582.0 611.0 50.69x 10.41% 4.16% 0.03% 1.13% 0.85% 0.02% 1.8% 0.00% 0.00% -

Price/ Cash Flow

j-12

j-12

LTM

12/yy 50'925.0 0.00x 0.0 0.00x 4'132.0 6.64x

a-12

12/yy 47'151.0 0.00x 0.0 0.00x 611.0 48.46x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.35 889.66 -19.25% -7.83% 1.352 41 3.488 7'364'447 6'540'980 6'375'082 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'825.7 34'823.9 8'560.0 8'581.0 1.92x 1.91x 3'654.5 4'753.6 7.86x 6.07x 6.86x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

26.03.2013 A+ *19.12.2008 A-1 0.0% 83.9% 0.02 9.56 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 58'492.0 (3'835.0) -

45

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Deutsche Bank AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN DEUTSCHE BANK AG DEKABANK DEUTSCHE GI DEUTSCHE BANK AG CREDIT AGRICOLE SA COMMERZBANK AKTIENGE VANGUARD GROUP INC CREDIT SUISSE GROUP GOLDMAN SACHS GROUP DEKA INVESTMENT GMBH UNION INVESTMENT GMB JP MORGAN BANK OF AMERICA CORP JANUS CAPITAL MANAGE BANK OF NEW YORK MEL DEUTSCHE TELEKOM UBS ALLIANCE BERNSTEIN AXA

Firm Name

Portfolio Name n/a n/a n/a DEKABANK DEUTSCHE GI DEUTSCHE BANK AKTIEN CREDIT AGRICOLE SA COMMERZBANK AKTIENGE Multiple Portfolios n/a GOLDMAN SACHS GROUP Multiple Portfolios Multiple Portfolios n/a BANK OF AMERICA n/a BANK OF NEW YORK MEL n/a n/a n/a n/a

Analyst

Mediobanca SpA CHRISTOPHER J WHEELER AlphaValue DIETER HEIN Societe Generale DIRK HOFFMANN-BECKING Commerzbank Corporates & Markets MICHAEL DUNST Nord/LB MICHAEL SEUFERT Credit Suisse AMIT GOEL Independent Research GmbH STEFAN BONGARDT Oddo & Cie JEAN SASSUS Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG CHRISTOPH BAST Exane BNP Paribas DANIEL DAVIES Grupo Santander AURELIA FAURE JPMorgan KIAN ABOUHOSSEIN Bankhaus Metzler GUIDO HOYMANN Morgan Stanley HUW VAN STEENIS Landesbank Baden-Wuerttemberg INGO FROMMEN RBC Capital Markets FIONA SWAFFIELD Macquarie PIERS BROWN Goldman Sachs JERNEJ OMAHEN Keefe, Bruyette & Woods ANDREW STIMPSON Espirito Santo Investment Bank Research ANDREW LIM Banco Sabadell MARIO LODOS Redburn Partners NICHOLAS WATTS Barclays JEREMY SIGEE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Hamburger Sparkasse CHRISTIAN HAMANN Canaccord Genuity Corp ARUN MELMANE CA Cheuvreux CYRIL MEILLAND Natixis ANTOINE BURGARD Nomura JON PEACE M.M. Warburg Investment Research ANDREAS PLAESIER Berenberg Bank JAMES CHAPPELL Kepler Capital Markets DIRK BECKER S&P Capital IQ FRANK BRADEN EVA Dimensions AUSTIN BURKETT Day by Day VALERIE GASTALDY HSBC ROBERT MURPHY Hammer Partners SA ENRICO RACIOPPI SRC Research STEFAN SCHARFF

Source ULT-AGG ULT-AGG Co File 13F 13F 13F 13F MF-AGG Research 13F MF-AGG MF-AGG ULT-AGG 13F ULT-AGG 13F Research ULT-AGG ULT-AGG ULT-AGG

Recommendation neutral add buy add buy underperform hold neutral accumulate buy outperform underweight neutral buy Equalwt/In-Line buy sector perform neutral Sell/Neutral outperform sell buy buy overweight hold sell buy underperform neutral reduce buy sell buy hold underweight hold overweight buy sell

Amt Held 73'721'977 49'064'352 24'888'999 24'458'657 16'957'871 16'648'807 14'797'901 9'550'425 9'379'275 8'557'620 7'115'570 6'857'407 5'952'018 5'677'666 4'655'730 3'906'432 3'832'262 3'758'375 3'350'113 3'250'565

% Out 7.93 5.28 2.68 2.63 1.82 1.79 1.59 1.03 1.01 0.92 0.77 0.74 0.64 0.61 0.5 0.42 0.41 0.4 0.36 0.35

Weighting

Change 3 4 5 4 5 1 3 3 4 5 5 1 3 5 3 5 3 3 1 5 1 5 5 5 3 1 5 1 3 2 5 1 5 3 1 3 5 5 1

M M M M M M M M M M M M M M M U M M D U M M M M M M N M M M M M M M M D M M M

Latest Chg 1'022'636 (3'318'049) (3'091'342) 5'959'356 3'630'244 10'133'323 384'651 3'906'478 (629'994) 165'336 (4'277'134) (3'004'857) (1'922'371) 176'476 1'963'628 (1'003'376) (1'338'703)

Target Price 40 38 42 41 39 32 35 38 44 40 42 30 38 45 41 38 39 36 37 44 30 40 #N/A N/A 46 39 #N/A N/A 45 37 37 37 44 20 44 39 #N/A N/A #N/A N/A 39 36 33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 08.06.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.11.2012 Unclassified 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 6 month 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 25.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 18.03.2013 14.03.2013 11.03.2013 08.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 28.02.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 12.02.2013 07.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 15.01.2013 05.09.2012 03.07.2012 08.02.2010


27.03.2013

Anglo American PLC Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

Price/Volume 2500

8.0 M 2000

6.0 M 5.0 M 4.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAL LN EQUITY YTD Change AAL LN EQUITY YTD % CHANGE

12/2012 01/yy 2'501.50 1'662.50 1'303'011.00 1710.5 -31.66% 2.89% 8.76% 1'393.7 23'838.97 16'760.00 0.0 6'130.0 9'094.00 49'798.81

3.0 M 2.0 M

500

1.0 M 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

1500

Valuation Analysis

31.12.2008 26'311.0 1.61x 9'986.0 4.23x 5'215.0 5.19x

9.0 M

31.12.2009 31.12.2010 20'858.0 27'960.0 3.39x 2.84x 4'465.0 10'301.0 15.82x 7.71x 2'425.0 6'544.0 21.67x 9.58x Profitability

31.12.2011 30'580.0 1.75x 11'379.0 4.69x 6'169.0 7.24x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 28'761.0 1.97x 7'682.0 7.37x (1'493.0) 7'682.00 5'393.00 18.75% -0.83% -1.97% -3.89% 0.38% 33.9% 26.7% 18.8% -5.2% 2.34 1.32 21.12% 44.51% 11.01 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.29 1.41 1'226.37 -26.93% -7.90% 1.414 32 2.875 3'288'992 3'623'367 3'298'304 FY+2

12/13 Y 12/14 Y 34'232.7 35'791.3 1.52x 1.50x 9'904.2 10'782.7 5.03x 4.62x 2'962.9 3'672.3 11.15x 9.17x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

18.04.2011 BBB+ NEG 19.04.2010 A-2 7.08 1.91 1.00 2.18 44.5% 27.7% 0.38 0.67 33.24 64.36

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Anglo American PLC Holdings By:

All

Holder Name BLACKROCK PUBLIC INVESTMENT CO LEGAL & GENERAL TARL INVESTMENT HOLD EPOCH TWO INVESTMENT FMR LLC NORGES BANK INVESTME SCOTTISH WIDOWS E OPPENHEIMER & SON OPPENHEIMERFUNDS INC UBS PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC VANGUARD GROUP INC CORONATION ASSET MAN GOVT OF SINGAPORE IN AVIVA INVESTORS STATE STREET Northern Cross Inter

Firm Name RBC Capital Markets Sanford C. Bernstein & Co S&P Capital IQ Day by Day Exane BNP Paribas AlphaValue Jefferies Goldman Sachs Macquarie Morgan Stanley Liberum Capital Ltd Nomura EVA Dimensions Societe Generale Independent Research GmbH Deutsche Bank Credit Suisse JPMorgan Natixis SBG Securities BMO Capital Markets HSBC Imara Investec Redburn Partners Barclays Standard Chartered Avior Research CA Cheuvreux Daiwa Securities Co. Ltd. Panmure Gordon & Co Limited

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst DES KILALEA PAUL GAIT JOHNSON IMODE VALERIE GASTALDY RAPHAEL VEVERKA SACHIN KUMAR Christopher LaFemina EUGENE KING KIERAN DALY MENNO SANDERSE BEN DAVIS SAM CATALANO CRAIG STERLING ALAIN WILLIAM SVEN DIERMEIER GRANT SPORRE LIAM FITZPATRICK FRASER JAMIESON RAOUDHA BOUZEKRI PETER DAVEY TONY ROBSON ANDREW KEEN STEPHEN MEINTJES ALBERT MINASSIAN SIMON TOYNE IAN ROSSOUW SUBRAMANIAM VARADA CLINTON DUNCAN JOAKIM AHLBERG SCOTT FINLAY ALISON TURNER

Source ULT-AGG REG ULT-AGG REG REG ULT-AGG REG ULT-AGG REG MF-AGG ULT-AGG REG REG MF-AGG REG MF-AGG ULT-AGG REG ULT-AGG REG

Recommendation underperform outperform sell hold underperform add buy Sell/Neutral outperform Equalwt/In-Line hold reduce underweight sell sell buy neutral underweight neutral sell market perform overweight hold hold sell equalweight in-line outperform outperform hold hold

Amt Held 78'986'629 77'592'603 51'483'011 47'275'613 42'166'686 31'057'459 29'466'453 29'199'945 25'200'000 21'574'878 17'579'059 17'290'964 15'661'337 14'290'980 14'199'373 11'914'195 10'535'767 10'437'360 9'755'061 9'024'700

% Out 5.67 5.57 3.69 3.39 3.03 2.23 2.11 2.1 1.81 1.55 1.26 1.24 1.12 1.03 1.02 0.85 0.76 0.75 0.7 0.65

Weighting

Change 1 5 1 3 1 4 5 1 5 3 3 2 1 1 1 5 3 1 3 1 3 5 3 3 1 3 3 5 5 3 3

D M D M M M M M M M M D D M M M M M M M M U N M D M M M M N M

Latest Chg 421'636 2'876'024 (2'557'012) 3'632'677 3'080'902 497'364 6'944'224 549'175 1'122'571 1'346'501 1'922'748 (639'640) 383'534 95'026

Target Price 1'800 2'300 1'640 #N/A N/A 1'700 2'073 2'450 1'450 2'250 2'080 #N/A N/A 1'700 #N/A N/A 1'900 1'800 2'290 2'100 1'640 1'900 2'000 2'200 2'240 #N/A N/A 2'259 #N/A N/A 1'970 1'960 2'338 2'250 3'329 2'756

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 01.11.2012 28.02.2013 01.11.2012 01.11.2012 31.01.2013 01.11.2012 30.11.2012 01.11.2012 31.01.2013 31.01.2013 01.11.2012 01.11.2012 31.12.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 26.03.2013 01.11.2012

Date 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided

Inst Type Investment Advisor Government Unclassified Unclassified Unclassified Investment Advisor Government Unclassified Other Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 04.03.2013 22.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 07.02.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 08.09.2012 27.08.2012 30.07.2012 21.04.2011 21.04.2011


27.03.2013

Deutsche Telekom AG Deutsche Telekom AG offers telecommunications services. The Company offers a full range of fixed-line telephone services, mobile communications services, Internet access, and combined information technology and telecommunications services for businesses.

Price/Volume 12

45.0 M 40.0 M

10

35.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2012 12/yy 10.06 7.69 12'767'419.00 8.178 -18.76% 6.37% 27.74% 4'321.3 35'339.75 44'614.00 0.0 4'623.0 6'046.00 78'530.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M 20.0 M

4

15.0 M 10.0 M

2

5.0 M

0 m-12

31.12.2009 31.12.2010 64'602.0 62'421.0 1.46x 1.48x 17'335.0 17'726.0 5.46x 5.20x 353.0 1'695.0 128.63x 24.76x Profitability

LTM-4Q 31.12.2011 58'653.0 1.45x 20'202.0 4.22x 557.0 68.19x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 58'169.0 1.38x 17'728.0 4.53x (5'255.0) 17'728.00 6'720.00 11.55% -10.71% -4.56% -17.17% 0.50% 41.2% 30.4% 11.5% -9.0% 0.65 0.54 41.33% 172.12% 9.04 31.23

Price/ Cash Flow

j-12

j-12

LTM

12/yy 58'653.0 6.25x 19'004.0 4.48x 557.0 68.19x

a-12

12/yy 58'169.0 5.77x 17'708.0 4.54x (5'255.0) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.75 2'938.38 -3.95% -4.85% 0.749 43 3.209 12'955'510 17'153'640 14'166'570 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 57'754.6 57'542.1 14'049.0 13'969.0 1.36x 1.32x 17'365.8 17'394.4 4'327.0 4'436.0 4.52x 4.51x 4.54x 2'892.2 3'073.6 764.0 944.0 11.52x 11.13x 9.51x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.05.2008 BBB+ STABLE 08.04.2002 A-2 7.58 4.88 2.18 2.52 172.1% 59.4% 0.50 1.46 40.50 11.72 68.88 -16.66

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 61'666.0 1.49x 17'535.0 5.24x 1'483.0 31.62x

30.0 M

6

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Deutsche Telekom AG Holdings By:

All

Holder Name KREDITANSTALT FUER W FEDERAL REPUBLIC OF BLACKROCK BLACKSTONE DB PLATINUM ADVISORS VANGUARD GROUP INC ONTARIO TEACHERS PEN BANK OF NEW YORK MEL UNION INVESTMENT GMB DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE SCHRODER INVESTMENT NATIXIS ASSET MANAGE SUN LIFE FINANCIAL I MERCURY ASSET MANAGE ING INTERNATIONAL AD ETFLAB INVESTMENT GM EATON VANCE MANAGEME BNP PARIBAS INV PART FMR LLC

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Bankhaus Metzler ULRICH TRABERT AlphaValue HEINZ STEFFEN Societe Generale OTTAVIO ADORISIO Jefferies ULRICH RATHE Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Exane BNP Paribas MATHIEU ROBILLIARD JPMorgan HANNES C WITTIG Berenberg Bank PAUL ANDREW MARSCH RBC Capital Markets JONATHAN ATKIN Hamburger Sparkasse TINA HECKING-VELTMAN Morgan Stanley NICK DELFAS Macquarie GUY R PEDDY Oddo & Cie ALEXANDRE IATRIDES Natixis JACQUES DE GRELING Nomura FREDERIC BOULAN S&P Capital IQ ALEXANDER WISCH DZ Bank AG KARSTEN OBLINGER Barclays JONATHAN DANN Grupo Santander JOHN DAVIES Commerzbank Corporates & Markets HEIKE PAULS Nord/LB WOLFGANG DONIE Raymond James STEPHANE BEYAZIAN Independent Research GmbH MARKUS FRIEBEL Bankhaus Lampe WOLFGANG SPECHT M.M. Warburg Investment Research JOCHEN REICHERT Equinet Institutional Services(ESN) ADRIAN PEHL New Street Research CHARLES GAYNOR Goldman Sachs TIMOTHY BODDY CA Cheuvreux PETER KURT NIELSEN Liberum Capital Ltd LAWRENCE SUGARMAN Banco Sabadell ANDRES BOLUMBURU Kepler Capital Markets JAVIER BORRACHERO Credit Suisse JUSTIN FUNNELL Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Deutsche Bank MATTHEW BLOXHAM EVA Dimensions ANDREW S ZAMFOTIS Steubing AG TEAM COVERAGE Day by Day VALERIE GASTALDY HSBC DOMINIK KLARMANN Espirito Santo Investment Bank Research WILL DRAPER Silvia Quandt Research JACQUES ABRAMOWICZ

Source Research Research ULT-AGG ULT-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation outperform sell add buy hold buy neutral not rated hold sector perform hold restricted underperform buy reduce buy sell sell equalweight underweight hold buy outperform hold sell hold buy reduce neutral/neutral select list hold sell buy restricted sell buy sell buy buy neutral sell buy

Amt Held 734'624'287 648'197'900 242'444'868 191'700'000 61'550'927 29'486'396 27'700'000 23'968'304 14'524'559 14'083'422 12'894'785 11'770'469 11'227'444 9'666'320 8'826'533 7'200'550 6'640'259 5'173'053 4'933'702 4'888'944

% Out 17 15 5.61 4.44 1.42 0.68 0.64 0.55 0.34 0.33 0.3 0.27 0.26 0.22 0.2 0.17 0.15 0.12 0.11 0.11

Weighting

Change

5 1 4 5 3 5 3 #N/A N/A 3 3 3 #N/A N/A 1 5 2 5 1 1 3 1 3 5 5 3 1 3 5 2 3 5 3 1 5 #N/A N/A 1 5 1 5 5 3 1 5

M M M M M M M M M M M M M M M M M M M M M N M M M M M M M M N M M M M M M M M M M M

Latest Chg (2'131'519) 6'437'130 1'150'782 742'202 442'723 7'267'197 2'108'496 2'089'161 5'012'513 341'400 690'125 (480'154) 101'043 (1'314'468)

Target Price 10 8 10 11 8 10 9 #N/A N/A 11 10 #N/A N/A #N/A N/A 8 11 7 10 7 8 9 8 9 11 11 9 8 10 10 7 9 11 8 10 11 #N/A N/A 8 10 #N/A N/A #N/A N/A 10 9 8 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Investment Advisor 30.09.2012 Government 25.03.2013 Investment Advisor 03.08.2012 Unclassified 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 26.03.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month

Date 27.03.2013 26.03.2013 21.03.2013 15.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 06.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 26.02.2013 25.02.2013 19.02.2013 15.02.2013 30.01.2013 24.01.2013 23.01.2013 16.01.2013 15.01.2013 14.01.2013 10.01.2013 10.12.2012 10.12.2012 08.11.2012


27.03.2013

GDF Suez GDF Suez offers a full range of electricity, gas and associated energy and environment services throughout the world. The Company produces, trades, transports, stores and distributes natural gas, and offers energy management and climatic and thermal engineering services.

Price/Volume 25

45.0 M 40.0 M

20

35.0 M 30.0 M

15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSZ FP EQUITY YTD Change GSZ FP EQUITY YTD % CHANGE

12/2012 12/yy 20.35 14.05 3'045'083.00 14.925 -26.58% 6.23% 17.54% 2'412.8 36'011.40 57'552.00 0.0 11'462.0 11'383.00 93'642.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M 15.0 M 10.0 M

5

5.0 M 0 m-12

31.12.2009 31.12.2010 79'908.0 84'478.0 1.32x 1.24x 13'781.0 15'918.0 7.63x 6.59x 4'477.0 4'616.0 14.77x 12.79x Profitability

LTM-4Q 31.12.2011 90'673.0 1.18x 16'071.0 6.64x 4'003.0 11.73x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 97'038.0 0.97x 18'401.0 5.13x 1'550.0 22.90x 18'401.00 9'520.00 9.81% 4.96% 0.74% 2.53% 3.13% 0.46% 19.0% 9.8% 1.6% 1.07 0.65 28.01% 96.33% 4.03 -

Price/ Cash Flow

j-12

j-12

LTM

09/yy 89'792.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

12/yy 97'038.0 0.00x 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

10.05 1.04 1'388.04 -17.39% -4.17% 1.042 29 3.414 6'294'669 5'153'933 4'581'695 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 81'196.9 81'347.5 - 20'325.0 1.02x 0.98x 14'045.7 14'265.5 3'489.8 6.66x 6.56x 3'241.7 3'399.5 10.93x 10.49x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.01.2013 A *29.01.2013 A-1 *7.47 3.74 2.51 3.13 96.3% 44.7% 0.46 1.10 91.09 -

Sales/Revenue/Turnover

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 67'923.8 1.64x 9'605.7 11.61x 4'857.1 11.85x

25.0 M

10

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

GDF Suez Holdings By:

All

Holder Name FRENCH STATE CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM CAISSE DES DEPOTS ET GDF SUEZ CNP ASSURANCES FRANKLIN RESOURCES BLACKROCK SOFINA SA VANGUARD GROUP INC NATIXIS ASSET MANAGE BNP PARIBAS INV PART THORNBURG INVESTMENT LBPAM INTERNATIONAL VALUE AVIVA PLC PICTET ASSET MANAGEM SUN LIFE FINANCIAL I AMUNDI MERCURY ASSET MANAGE

Firm Name Exane BNP Paribas Macquarie HSBC Grupo Santander Goldman Sachs Nomura Landesbank Baden-Wuerttemberg Independent Research GmbH Barclays Morgan Stanley Raymond James KBC Securities CM - CIC Securities(ESN) S&P Capital IQ AlphaValue Credit Suisse Natixis Banco Sabadell Berenberg Bank Ahorro Corporacion Financiera SA EVA Dimensions JPMorgan Day by Day Deutsche Bank Nord/LB Societe Generale Hamburger Sparkasse DZ Bank AG Kepler Capital Markets

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BENJAMIN LEYRE SHAI HILL ADAM DICKENS OSCAR NAJAR RIOS ANDREW MEAD MARTIN YOUNG ERKAN AYCICEK SVEN DIERMEIER JULIE ARAV EMMANUEL TURPIN EMMANUEL RETIF DIETER FURNIERE OLIVIER BAILS CLIVE ROBERTS MYRIAM COHEN MICHEL DEBS PHILIPPE OURPATIAN JORGE GONZALEZ SADORNIL ANDREW FISHER VIRGINIA PEREZ REPES AUSTIN BURKETT NATHALIE F CASALI VALERIE GASTALDY MARTIN BROUGH HEINO HAMMANN ALBERTO PONTI ANNEMARIE SCHLUETER HASIM SENGUEL TEAM COVERAGE

Source Co File ULT-AGG Research Co File Co File Co File ULT-AGG ULT-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underperform outperform overweight hold Buy/Neutral neutral buy hold equalweight Underwt/In-Line underperform hold buy hold buy neutral neutral buy sell hold overweight underweight hold hold hold buy hold hold not rated

Amt Held 810'927'246 209'718'616 116'911'820 45'051'514 38'293'787 24'778'333 22'829'438 20'931'285 13'515'454 13'452'139 12'881'757 12'537'744 9'130'000 8'811'951 7'777'965 6'360'558 5'571'946 4'948'780 4'229'692 3'948'836

% Out 33.61 8.69 4.85 1.87 1.59 1.03 0.95 0.87 0.56 0.56 0.53 0.52 0.38 0.37 0.32 0.26 0.23 0.21 0.18 0.16

Weighting

Change

1 5 5 3 5 3 5 3 3 1 1 3 5 3 5 3 3 5 1 3 5 1 3 3 3 5 3 3 #N/A N/A

M M U M M M U U M M M M M M M M M M M M M D D D M M M M M

Latest Chg (12'226'130) (392'875) 1'423'055 639'284 (1'633'213) 359'256 602'100 134'083 124'302 (4'729'951) (698'442) (10'748'086) -

Target Price 14 17 18 17 25 19 17 15 15 15 13 17 23 13 18 15 17 18 14 15 #N/A N/A 14 #N/A N/A 18 17 25 #N/A N/A 22 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Government 31.12.2012 Investment Advisor 15.03.2012 Holding Company 31.12.2011 Government 31.12.2011 Corporation 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2011 Holding Company 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 25.03.2013 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 25.03.2013 22.03.2013 21.03.2013 12.03.2013 12.03.2013 12.03.2013 05.03.2013 04.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 26.02.2013 20.02.2013 15.02.2013 05.02.2013 05.02.2013 17.01.2013 10.01.2013 20.12.2012 06.12.2012 06.12.2012 26.11.2012 27.02.2012 01.11.2011 31.10.2011


27.03.2013

Imperial Tobacco Group PLC Imperial Tobacco Group plc is an international tobacco company that manufactures, markets, and sells a range of cigarettes, tobaccos, rolling papers, and cigars.

Price/Volume 3000

7.0 M

2500

6.0 M 5.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (10.07.2012) 52-Week Low (27.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMT LN EQUITY YTD Change IMT LN EQUITY YTD % CHANGE

09/2012 01/yy 2'629.00 2'224.00 942'136.00 2241 -14.80% 0.76% 7.87% 977.8 21'912.38 9'587.00 0.0 49.0 631.00 30'917.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.09.2009 30.09.2010 14'748.0 15'018.0 2.00x 1.93x 3'158.0 3'307.0 9.34x 8.75x 663.0 1'505.0 27.61x 12.78x Profitability

30.09.2011 15'186.0 2.05x 3'260.0 9.53x 1'796.0 12.26x

30.09.2012 14'672.0 2.16x 4'509.0 7.03x 678.0 33.65x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

4'509.00 2'747.00 18.72% 7.37% 2.33% 9.91% 9.83% 0.50% 37.4% 30.7% 18.7% 4.6% 0.78 0.38 34.69% 158.86% 5.25 2.97

Price/ Cash Flow

2.0 M

500 0 m-12

1.0 M a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

FY+1 -

4.71 0.57 977.13 -7.37% -2.62% 0.566 26 3.808 2'355'747 2'126'204 2'055'304 FY+2

09/13 Y 09/14 Y 8'105.1 8'385.1 3.78x 3.61x 3'445.4 3'593.4 8.97x 8.60x 2'089.3 2'202.8 10.55x 9.79x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

20.05.2008 BBB STABLE 20.05.2008 A-2 3.06 2.86 1.99 2.13 158.9% 61.2% 0.50 7.22 69.69 123.36 43.60 149.45

Sales/Revenue/Turnover

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.10.2009

3.0 M

1000

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.09.2008 10'116.0 2.96x 1'958.0 15.29x 428.0 35.54x

4.0 M

1500

Valuation Analysis

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Imperial Tobacco Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES INVESCO LTD BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS FMR LLC Northern Cross Inter CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS CEDAR ROCK CAPITAL L MORGAN STANLEY PERPETUAL INVESTMENT VANGUARD GROUP INC STANDARD LIFE INVEST UBS AXA M&G INVESTMENT MANAG THREADNEEDLE ASSET M ALLIANZ ASSET MANAGE VANGUARD GROUP INC

Firm Name Panmure Gordon & Co Limited Canaccord Genuity Corp Berenberg Bank Natixis Nomura Credit Suisse Oriel Securities Ltd Exane BNP Paribas Jefferies Goldman Sachs AlphaValue Day by Day Societe Generale JPMorgan Investec Morgan Stanley Independent Research GmbH S&P Capital IQ Barclays EVA Dimensions Renaissance Capital Redburn Partners Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DAMIAN MCNEELA EDDY HARGREAVES ERIK BLOOMQUIST NICOLAS LANGLET DAVID HAYES ROGERIO FUJIMORI CHRIS WICKHAM JAMES BUSHNELL DIRK VAN VLAANDEREN FULVIO CAZZOL ISABELLE COMBEMALE VALERIE GASTALDY CHAS MANSO DE ZUNIGA RAE MAILE MARTIN DEBOO MATTHEW GRAINGER LARS LUSEBRINK CARL SHORT SIMON HALES AUSTIN BURKETT REY WIUM CHRISTIAN DE ROUALLE JONATHAN FELL

Source ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG REG ULT-AGG MF-AGG MF-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG REG

Recommendation buy buy hold buy reduce outperform buy underperform hold neutral/attractive buy buy buy neutral hold Overwt/Attractive buy hold equalweight overweight hold sell buy

Amt Held 66'461'651 61'000'000 53'000'000 42'126'524 30'498'871 29'706'695 22'902'506 20'453'291 17'630'376 16'997'045 15'549'556 15'439'779 14'733'204 13'734'190 13'368'645 13'190'673 13'022'970 12'498'191 12'129'371 11'373'592

% Out 6.8 6.24 5.42 4.31 3.12 3.04 2.34 2.09 1.8 1.74 1.59 1.58 1.51 1.4 1.37 1.35 1.33 1.28 1.24 1.16

Weighting

Change 5 5 3 5 2 5 5 1 3 3 5 5 5 3 3 5 5 3 3 5 3 1 5

M M M M M M M M M M M U M M M M M M M M M M M

Latest Chg 380'781 (1'077'344) 1'083'885 (864'949) 4'070'578 (4'970'335) 595'616 4'426'083 26'099 465'216 (606'667) (568'794) (138'251) 306'789 2'126'754 1'874'094 311'401

Target Price 2'650 2'900 2'800 2'800 2'443 2'700 2'900 2'450 2'500 2'470 3'011 2'518 2'700 3'067 2'450 2'680 2'850 2'450 2'650 #N/A N/A 2'700 #N/A N/A 3'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.10.2012 25.03.2013 28.02.2013 01.12.2012 31.01.2013 01.12.2012 31.12.2012 31.12.2012 01.12.2012 31.12.2012 31.07.2012 31.12.2012 01.12.2012 31.01.2013 31.01.2013 01.12.2012 01.12.2012 28.02.2013 01.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 3 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 07.03.2013 07.03.2013 05.03.2013 28.02.2013 20.02.2013 15.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 17.01.2013 16.01.2013 16.01.2013 01.05.2012


27.03.2013

Nordea Bank AB Nordea Bank AB is a financial services group that provides banking services, financial solutions, and related advisory services. The Group attracts deposits and offers credit, investment banking, securities trading, and insurance products to private individuals, companies, institutions, and the public sector. Nordea services the Scandinavian countries and the Baltic Sea region.

Price/Volume 80

50

15.0 M

40

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDA SS EQUITY YTD Change NDA SS EQUITY YTD % CHANGE

12/2012 12/yy 79.30 51.35 2'521'576.00 72.85 -8.07% 41.87% 80.50% 4'050.0 295'039.00 247'563.00 0.0 5.0 54'634.00 -

10.0 M

30 20

5.0 M

10 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

60

Valuation Analysis

31.12.2008 20'485.0 2'671.0 4.84x

25.0 M

70

31.12.2009 31.12.2010 15'492.0 14'595.0 2'314.0 2'657.0 11.79x 12.35x Profitability

LTM-4Q 31.12.2011 16'685.0 2'627.0 9.15x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 17'457.0 3'119.0 9.30x 36.77% 37.62% 0.45% 11.50% 1.14% 0.03% 28.5% 36.54% 877.54% -

Price/ Cash Flow

LTM

12/yy 16'686.0 0.00x 0.0 0.00x 2'627.0 9.15x

12/yy 17'456.0 0.00x 0.0 0.00x 3'119.0 9.31x

FY+1

1.16 24.16% 21.76% 1.162 29 4.034 7'276'946 8'391'550 8'147'229 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'443.4 10'878.6 2'554.9 2'596.5 3'298.1 3'685.7 779.4 819.3 10.67x 9.57x 10.72x 10.38x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.11.2005 AANEG 29.11.2005 A-1+ 877.5% 89.8% 0.03 37.02 -

Sales/Revenue/Turnover

45.00

25'000.0

40.00

20'000.0

35.00 30.00

15'000.0

25.00 20.00

10'000.0

15.00

5'000.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Nordea Bank AB Holdings By:

All

Holder Name SAMPO OYJ GOVERNMENT OF SWEDEN NORDEA FONDER AB/SWE SWEDBANK ROBUR FONDE AMF PENSION NORWEGIAN PETROLEUM SHB FUNDS SEB SEB FUNDS FJARDE AP-FONDEN HANDELSBANKEN FONDER NORDEA FUNDS AFA INSURANCE ABERDEEN VARMA MUTUAL PENSION SKANDIA LIV AMF FONDER AB VANGUARD GROUP INC FORSTA AP FONDEN ALECTA PENSIONSFORSA

Firm Name AlphaValue Mediobanca SpA Exane BNP Paribas Keefe, Bruyette & Woods SEB Enskilda Nomura Societe Generale JPMorgan DNB Markets Jyske Bank ABG Sundal Collier RBC Capital Markets Pareto Securities S&P Capital IQ Barclays EVA Dimensions Macquarie Carnegie Handelsbanken SpareBank 1 Markets AS Alm Brand Markets Arctic Securities ASA Danske Markets Goldman Sachs Berenberg Bank Morgan Stanley NYKREDIT Evli Bank Plc Nordea Equity Research Swedbank CA Cheuvreux Sydbank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst CHRISTOPHE NIJDAM RICCARDO ROVERE ANDREAS HAKANSSON RONNY REHN NICOLAS MCBEATH OMAR KEENAN GEOFF DAWES SOFIE PETERZENS HAKON FURE CHRISTIAN HEDE MAGNUS ANDERSSON CLAIRE KANE JON DAVID GJERTSEN FRANK BRADEN CHRISTOFFER ROSQUIST AUSTIN BURKETT EDWARD FIRTH ASBJORN MORK PETER GRABE NILS CHRISTIAN OYEN STIG NYMANN FRIDTJOF BERENTS PER GRONBORG PAWEL DZIEDZIC NICK ANDERSON ALVARO SERRANO MADS THINGGAARD KIMMO RAMA MATHS LILJEDAHL CHRISTIAN HALL MATS ANDERSON BJORN SCHWARZ

Source Research Research Research Research Research Research Research ULT-AGG Research Research MF-AGG Research Research ULT-AGG Research Research MF-AGG MF-AGG Research Research

Recommendation reduce underperform neutral outperform buy buy buy neutral buy strong buy buy outperform buy buy overweight overweight neutral buy reduce buy sell buy hold Buy/Neutral buy Equalwt/In-Line underperform buy not rated buy outperform neutral

Amt Held 860'400'000 544'200'000 158'200'000 127'800'000 79'700'000 72'400'000 58'900'000 52'450'681 51'700'000 44'400'000 43'836'854 41'100'000 40'900'000 31'040'300 30'400'000 30'400'000 28'499'330 27'162'239 27'000'000 23'500'000

% Out 21.24 13.44 3.91 3.16 1.97 1.79 1.45 1.3 1.28 1.1 1.08 1.01 1.01 0.77 0.75 0.75 0.7 0.67 0.67 0.58

Weighting

Change

2 1 3 5 5 5 5 3 5 5 5 5 5 5 5 5 3 5 2 5 1 5 3 5 5 3 1 5 #N/A N/A 5 5 3

M M U M M M M M M M M M M M M U M M M M M M M M M M M U M M M M

Latest Chg (271'123) 1'335'441 (599'500) (862'000) 1'287'716 -

Target Price 76 73 74 86 90 84 88 82 77 91 81 81 82 82 88 #N/A N/A 75 #N/A N/A 70 76 60 76 72 85 80 70 #N/A N/A 86 #N/A N/A 65 80 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.02.2013 28.09.2012 28.09.2012 28.02.2013 28.09.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012

Date 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 18 month Not Provided Not Provided 6 month 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Insurance Company Government Investment Advisor Investment Advisor Pension Fund (ERISA) n/a n/a Unclassified n/a Pension Fund (ERISA) Investment Advisor n/a Insurance Company Unclassified Insurance Company Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA)

Date 27.03.2013 25.03.2013 20.03.2013 19.03.2013 19.03.2013 15.03.2013 14.03.2013 14.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 25.02.2013 18.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 28.01.2013 16.01.2013 08.10.2012 29.05.2012 16.04.2012 27.10.2011 16.08.2011 29.04.2011


27.03.2013

Credit Suisse Group AG Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

Price/Volume 30

35.0 M

25

30.0 M 25.0 M

20

Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGN VX EQUITY YTD Change CSGN VX EQUITY YTD % CHANGE

12/2012 12/yy 27.85 15.97 3'185'252.00 25.05 -10.05% 56.86% 78.79% 1'320.8 33'086.79 330'510.00 0.0 6'786.0 63'708.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10

10.0 M

5

5.0 M

0 m-12

31.12.2009 31.12.2010 51'547.0 50'345.0 6'724.0 5'098.0 9.96x 9.59x Profitability

LTM-4Q 31.12.2011 42'693.0 1'953.0 16.11x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 38'313.0 1'349.0 27.15x 6.73% 9.34% 0.15% 3.78% 0.44% 0.04% 5.8% 35.76% 931.07% -

Price/ Cash Flow

j-12

j-12

LTM

12/yy 42'715.0 0.00x 0.0 0.00x 1'953.0 16.85x

a-12

12/yy 38'313.0 0.00x 0.0 0.00x 1'483.0 26.50x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.58 1'170.21 -1.43% 12.53% 1.580 41 3.610 5'050'719 5'834'745 6'038'311 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'574.2 27'496.9 6'813.0 6'456.0 34.91x 33.74x 4'163.6 5'056.9 1'335.0 1'009.0 9.50x 8.08x 9.35x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.12.2008 A NEG 27.07.2012 NR 931.1% 88.7% 0.04 5.98 -

Sales/Revenue/Turnover

8.00

100'000.0

7.00

90'000.0 80'000.0

6.00

70'000.0

5.00

60'000.0

4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 48'697.0 (8'218.0) -

20.0 M

15

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Credit Suisse Group AG Holdings By:

All

Holder Name FRANKLIN RESOURCES QATAR INVESTMENT AUT CRESCENT HOLDING GMB DODGE & COX BLACKROCK HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN CREDIT SUISSE MORGAN STANLEY AXA NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC T ROWE PRICE ASSOCIA UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT PICTET & CIE ONTARIO TEACHERS PEN FMR LLC TEMPLETON INVESTMENT

Firm Name

Portfolio Name n/a #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A n/a n/a n/a n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Helvea TIM DAWSON Mediobanca SpA CHRISTOPHER J WHEELER Day by Day VALERIE GASTALDY Exane BNP Paribas DANIEL DAVIES Morgan Stanley HUW VAN STEENIS Goldman Sachs JERNEJ OMAHEN JPMorgan KIAN ABOUHOSSEIN CA Cheuvreux CHRISTIAN STARK Bankhaus Metzler GUIDO HOYMANN AlphaValue DIETER HEIN Societe Generale DIRK HOFFMANN-BECKING RBC Capital Markets FIONA SWAFFIELD Macquarie PIERS BROWN Keefe, Bruyette & Woods ANDREW STIMPSON Oddo & Cie JEAN SASSUS DZ Bank AG CHRISTOPH BAST Redburn Partners NICHOLAS WATTS Barclays JEREMY SIGEE Zuercher Kantonalbank ANDREAS VENDITTI Main First Bank AG KILIAN MAIER Natixis ANTOINE BURGARD Nomura JON PEACE S&P Capital IQ FRANK BRADEN Commerzbank Corporates & Markets MICHAEL DUNST Deutsche Bank MATT SPICK Independent Research GmbH STEFAN BONGARDT Berenberg Bank JAMES CHAPPELL Kepler Capital Markets DIRK BECKER Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Canaccord Genuity Corp ARUN MELMANE Espirito Santo Investment Bank Research ANDREW LIM Liberum Capital Ltd CORMAC LEECH Landesbank Baden-Wuerttemberg INGO FROMMEN EVA Dimensions AUSTIN BURKETT Bank Vontobel AG TERESA NIELSEN HSBC ROBERT MURPHY Nord/LB MICHAEL SEUFERT Grupo Santander AURELIA FAURE Hammer Partners SA ENRICO RACIOPPI

Source ULT-AGG Co File Co File Co File ULT-AGG Co File ULT-AGG EXCH ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research ULT-AGG MF-AGG

Recommendation neutral outperform hold outperform Overwt/In-Line neutral/neutral overweight select list sell add buy outperform outperform outperform neutral sell neutral equalweight market perform outperform neutral buy hold hold hold buy sell buy hold hold neutral hold hold buy hold neutral hold hold sell

Amt Held 88'790'736 81'886'795 80'566'040 66'037'738 39'622'643 39'622'643 39'396'381 36'381'320 32'818'874 32'002'938 29'056'605 18'440'996 18'419'971 10'904'019 10'447'937 6'808'428 6'196'536 4'500'000 4'377'233 4'030'117

% Out 6.72 6.2 6.1 5 3 3 2.98 2.75 2.48 2.42 2.2 1.4 1.39 0.83 0.79 0.52 0.47 0.34 0.33 0.31

Weighting

Change 3 5 3 5 5 3 5 5 1 4 5 5 5 5 3 1 3 3 3 5 3 5 3 3 3 5 1 5 3 3 3 3 3 5 3 3 3 3 1

M M D M M M M M M M M M M M M M M M M U M M M M D M M U M N M M D M M D M M M

Latest Chg 134'170 5'348'082 (3'890'327) 12'068'962 (26'636'525) (272'042) 2'714'754 1'197'683 (21'919) 2'503'621 57'768 2'906'292 (17'300)

Target Price 27 31 #N/A N/A 32 30 30 34 30 24 28 33 30 30 34 28 24 #N/A N/A 27 #N/A N/A 30 24 32 28 27 29 32 13 30 23 29 25 25 27 #N/A N/A 23 24 #N/A N/A 20 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 17.01.2013 04.03.2013 28.06.2010 25.08.2009 31.12.2012 31.01.2013 31.12.2012 31.12.2012 30.11.2012 31.01.2013 31.01.2013 31.12.2011 31.01.2013 31.12.2012

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 18 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Pension Fund (ERISA) Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 19.03.2013 18.03.2013 15.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 05.03.2013 05.03.2013 05.03.2013 27.02.2013 27.02.2013 19.02.2013 15.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 30.01.2013 23.01.2013 22.01.2013 17.01.2013 20.11.2012 07.11.2012 23.10.2012 18.09.2012 03.07.2012


27.03.2013

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOW3 GY EQUITY YTD Change VOW3 GY EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 187.40 115.95 632'304.00 154.15 -17.61% 32.95% 56.89% 170.1 69'231.80 117'663.00 0.0 4'310.0 25'921.00 165'283.80

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 m-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 113'808.0 1.22x 14'854.0 9.34x 4'753.0 20.97x

200 180 160 140 120 100 80 60 40 20 0 m-12

31.12.2009 31.12.2010 105'187.0 126'875.0 0.97x 0.83x 10'896.0 16'659.0 9.35x 6.29x 960.0 6'835.0 32.35x 6.98x Profitability

LTM-4Q 31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 192'676.0 0.90x 24'424.0 7.10x 21'717.0 3.51x 24'424.00 11'310.00 5.87% 13.23% 7.71% 32.16% 0.68% 18.2% 12.7% 5.9% 11.3% 1.03 0.33 38.00% 151.79% 18.73 5.60

Price/ Cash Flow

LTM

FY+1

1.16 143.79 17.71% -10.46% 1.160 39 4.615 1'033'981 1'224'361 967'590 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 159'337.0 192'676.0 204'339.9 215'054.3 54'027.0 53'617.0 2.87x 3.11x 0.33x 0.30x 1.24x 1.25x 21'365.0 24'424.0 24'020.7 26'849.2 4'387.0 4'225.0 5.76x 7.03x 6.88x 6.16x 15'409.0 21'717.0 10'013.6 11'624.4 2'360.0 2'247.0 3.13x 3.49x 7.11x 6.15x S&P Issuer Ratings Long-Term Rating Date 31.08.2009 Long-Term Rating ALong-Term Outlook POS Short-Term Rating Date 15.06.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 17.46 (EBITDA-Capex)/Interest Exp. 9.96 Net Debt/EBITDA 3.76 Total Debt/EBITDA 4.82 Reference Total Debt/Equity 151.8% Total Debt/Capital 59.0% Asset Turnover 0.68 Net Fixed Asset Turnover 3.54 Accounts receivable turnover-days 19.54 Inventory Days 65.32 Accounts Payable Turnover Day 38.75 Cash Conversion Cycle 46.11 Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00 6.00

100'000.0

4.00

50'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Volkswagen AG Holdings By:

All

Holder Name QATAR HOLDINGS LLC BLACKROCK WADDELL & REED FINAN CAPITAL GROUP COMPAN FMR LLC THORNBURG INVESTMENT CARMIGNAC GESTION DEUTSCHE BANK AG VANGUARD GROUP INC BG MASTER FUND PLC UNION INVESTMENT GMB ALLIANZ ASSET MANAGE ADIG INVESTMENT INVESCO LTD JP MORGAN FRANKFURT TRUST INVE UMB BANK N A PRUDENTIAL FINANCIAL T ROWE PRICE ASSOCIA UBS

Firm Name DZ Bank AG Sanford C. Bernstein & Co Kepler Capital Markets Exane BNP Paribas Commerzbank Corporates & Markets EVA Dimensions Landesbank Baden-Wuerttemberg Macquarie AlphaValue JPMorgan Hamburger Sparkasse Societe Generale Nord/LB Goldman Sachs Independent Research GmbH Oddo & Cie Day by Day Morgan Stanley M.M. Warburg Investment Research Bankhaus Lampe HSBC Bankhaus Metzler Natixis Equinet Institutional Services(ESN) S&P Capital IQ Barclays Redburn Partners Ahorro Corporacion Financiera SA Credit Suisse Main First Bank AG Silvia Quandt Research Cyrrus Hammer Partners SA Deutsche Bank CA Cheuvreux

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst MICHAEL PUNZET MAX WARBURTON MICHAEL RAAB RABIH FREIHA DANIEL SCHWARZ CRAIG STERLING FRANK BILLER CHRISTIAN BREITSPRECHER HANS-PETER WODNIOK JOSE ASUMENDI TINA HECKING-VELTMAN STEPHEN REITMAN FRANK SCHWOPE STEFAN BURGSTALLER ZAFER RUZGAR FRANCOIS MAURY VALERIE GASTALDY STUART PEARSON MARC-RENE TONN CHRISTIAN LUDWIG HORST SCHNEIDER JUERGEN PIEPER GEORGES DIENG TIM SCHULDT MARNIE COHEN MICHAEL TYNDALL CHARLES WINSTON VIRGINIA PEREZ REPES ERICH HAUSER LOTHAR LUBINETZKI ALBRECHT DENNINGHOFF JIRI SIMARA ALBERTO ROLLA JOCHEN GEHRKE ALEXANDER NEUBERGER

Source EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy market perform buy outperform buy buy buy neutral add overweight buy buy buy buy/attractive buy neutral hold Overwt/In-Line buy buy overweight buy buy buy buy overweight buy buy outperform outperform neutral buy buy buy outperform

Amt Held % Out 26'355'116 15.49 6'811'077 4 6'373'641 3.75 5'769'375 3.39 4'904'952 2.88 2'424'693 1.43 1'823'701 1.07 1'590'080 0.93 1'505'412 0.88 (1'208'014) -0.71 1'186'836 0.7 1'093'080 0.64 894'264 0.53 707'619 0.42 554'996 0.33 545'030 0.32 442'029 0.26 435'232 0.26 432'917 0.25 415'317 0.24

Weighting

Change 5 3 5 5 5 5 5 3 4 5 5 5 5 5 5 3 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5

M M M M M U M M M M M M M M M M D M M M M M M M M M M M M M M M M M M

Latest Chg 40'022 (887'122) 592'800 172'087 (136'382) 1'011'201 (58'013) (51'122) (153'129) 187'225 178'639 125'708 16'745 36'337 (7'214) 7'182 (54'543)

Target Price 188 170 194 192 195 #N/A N/A 196 175 175 207 #N/A N/A 200 195 211 220 160 #N/A N/A 190 215 205 207 200 195 185 181 192 #N/A N/A 181 195 207 141 170 168 200 200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 10.03.2011 Government 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 07.11.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 21.03.2013 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified

Date 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month 6 month 9 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 27.03.2013 26.03.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 07.03.2013 28.02.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 05.02.2013 08.01.2013 30.11.2012 16.11.2012 29.10.2012 18.10.2012 02.08.2012 30.04.2012


27.03.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 160

2.5 M

140

2.0 M

120 100

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 12/yy 152.00 95.85 443'860.00 145.15 -4.44% 51.43% 92.70% 179.3 26'031.38 6'256.00 0.0 242.0 2'860.00 29'669.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

60 40

.5 M

20 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

1.5 M

80

Valuation Analysis

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 65'896.0 0.43x 3'195.0 7.56x 6.64% 6.19% 1.26% 12.72% 11.01% 0.26% 4.8% 2.42% 23.02% -

Price/ Cash Flow

LTM

12/yy 61'764.0 1.29x 0.0 0.00x 702.0 23.74x

12/yy 66'135.0 1.52x 0.0 0.00x 3'195.0 7.56x

FY+1

0.95 178.94 31.17% 6.73% 0.951 41 3.415 638'166 717'002 666'509 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 55'834.1 57'808.9 0.57x 2'916.6 2'963.9 773.0 713.0 8.86x 8.65x 8.72x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

AASTABLE 23.0% 18.6% 0.26 -

Sales/Revenue/Turnover

5.00

70'000.0

4.50

60'000.0

4.00 3.50

50'000.0

3.00

40'000.0

2.50

30'000.0

2.00

20'000.0

1.50 1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK PEOPLES BANK OF CHIN CREDIT SUISSE AG FRANKLIN RESOURCES ALLIANZ ASSET MANAGE VANGUARD GROUP INC ARTISAN PARTNERS HOL DEUTSCHE BANK AG DEKA INVESTMENT GMBH MACKENZIE FINANCIAL NATIXIS ASSET MANAGE TWEEDY BROWNE COMPAN UNION INVESTMENT GMB BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ADIG INVESTMENT SARASIN FRANKFURT TRUST INVE DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co THOMAS SEIDL DZ Bank AG THORSTEN WENZEL Credit Suisse ADAM MCINALLY S&P Capital IQ RODERICK WALLACE AlphaValue DIETER HEIN EVA Dimensions AUSTIN BURKETT RBC Capital Markets GORDON AITKEN Keefe, Bruyette & Woods WILLIAM HAWKINS Macquarie HADLEY COHEN Exane BNP Paribas THOMAS JACQUET Societe Generale JASON KALAMBOUSSIS Bankhaus Metzler JOCHEN SCHMITT Nomura MICHAEL KLIEN Nord/LB JULIA SIEKMANN Goldman Sachs VINIT MALHOTRA JPMorgan MICHAEL HUTTNER Landesbank Baden-Wuerttemberg WERNER SCHIRMER Oddo & Cie NICOLAS JACOB Natixis BENOIT VALLEAUX Helvea DANIEL BISCHOF Independent Research GmbH STEFAN BONGARDT Bryan Garnier & Cie OLIVIER PAUCHAUT Equinet Institutional Services(ESN) PHILIPP HAESSLER Day by Day VALERIE GASTALDY Bankhaus Lampe ANDREAS SCHAEFER CA Cheuvreux FRANK KOPFINGER Berenberg Bank TOM CARSTAIRS Raymond James DANNY JACQUES HSBC THOMAS FOSSARD Hamburger Sparkasse CHRISTIAN HAMANN Kepler Capital Markets FABRIZIO CROCE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID Morgan Stanley MACIEJ WASILEWICZ Mediobanca SpA MARC THIELE Canaccord Genuity Corp BEN COHEN Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

Source ULT-AGG ULT-AGG Co File Research ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underperform buy neutral hold reduce overweight underperform outperform neutral neutral hold buy reduce hold Buy/Neutral overweight hold reduce neutral neutral hold sell hold hold hold outperform hold market perform underweight buy buy hold overweight underperform Overwt/In-Line outperform buy neutral neutral outperform

Amt Held 20'086'215 17'466'054 5'380'236 3'097'431 2'261'723 2'242'202 1'886'892 1'798'228 1'713'886 1'374'140 1'050'506 925'403 909'100 834'488 800'520 619'738 590'450 574'580 539'431 492'477

% Out 11.2 9.74 3 1.73 1.26 1.25 1.05 1 0.96 0.77 0.59 0.52 0.51 0.47 0.45 0.35 0.33 0.32 0.3 0.27

Weighting

Change 1 5 3 3 2 5 1 5 3 3 3 5 2 3 5 5 3 2 3 3 3 1 3 3 3 5 3 3 1 5 5 3 5 1 5 5 5 3 3 5

M M M M M D M M M M M M M M M M M M M M M M M M M M M M M M M N M M M M M M M U

Latest Chg (16'460) (397'577) (130'604) 75'261 263'657 107'059 (234'487) 97'400 715'207 (376'953) 5'222 (33'714) 6'554 131'232 196'794 (10'900) -

Target Price 106 165 155 150 141 #N/A N/A 135 170 150 145 133 171 140 155 175 167 150 125 140 142 150 136 125 #N/A N/A 145 157 140 #N/A N/A 135 #N/A N/A 153 147 157 145 152 164 142 #N/A N/A 118 119

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Unclassified 25.04.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.03.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Mutual Fund Manager 31.07.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided 6 month

Date 27.03.2013 27.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 12.03.2013 12.03.2013 12.03.2013 11.03.2013 20.02.2013 18.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 09.01.2013 15.03.2012 02.02.2012 10.05.2011


27.03.2013

E.ON SE E.ON SE operates in power generation and gas production businesses. The Company's operations include electric generation at conventional, nuclear, and renewable-source facilities, electric transmission via high-voltage wires network, regional distribution of electricity, gas, and heat, power trading and electricity, gas, and heat sales.

Price/Volume 25

50.0 M

12/2012 12/yy 19.74 12.42 7'246'079.00 13.46 -31.76% 8.37% 15.30% 2'001.0 26'933.46 25'944.00 0.0 3'862.0 6'097.00 50'642.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15

40.0 M

10

30.0 M 20.0 M

5

10.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 86'753.0 1.08x 5'403.0 17.28x 1'266.0 37.92x

60.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

70.0 M

31.12.2009 31.12.2010 81'817.0 92'863.0 1.11x 0.78x 12'703.0 13'006.0 7.18x 5.56x 8'396.0 5'853.0 6.50x 6.53x Profitability

LTM-4Q 31.12.2011 112'954.0 0.52x 4'269.0 13.73x (2'219.0) -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 132'093.0 0.38x 8'443.0 5.99x 2'217.0 12.36x 8'443.00 4'940.00 3.74% 2.51% 1.51% 6.27% 6.98% 0.90% 6.4% 3.7% 1.7% 1.20 0.61 18.48% 74.22% 7.73 -

Price/ Cash Flow

LTM

FY+1

1.10 1'787.19 -21.73% -4.47% 1.097 39 2.538 15'388'800 11'991'150 12'004'260 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 112'954.0 103'866.0 111'728.6 113'663.1 2.19x 2.25x 0.44x 0.43x 4'269.0 5'520.0 9'557.4 9'755.8 13.73x 0.00x 5.29x 5.18x (2'219.0) 2'396.0 2'531.2 2'677.1 0.00x 0.00x 10.29x 9.67x S&P Issuer Ratings Long-Term Rating Date 27.07.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 27.07.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 2.90 (EBITDA-Capex)/Interest Exp. 0.71 Net Debt/EBITDA 2.35 Total Debt/EBITDA 3.07 Reference Total Debt/Equity 74.2% Total Debt/Capital 40.1% Asset Turnover 0.90 Net Fixed Asset Turnover 2.40 Accounts receivable turnover-days 47.34 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

E.ON SE Holdings By:

All

Holder Name BLACKROCK GOVERNMENT OF NORWAY E.ON AG CREDIT SUISSE AG MORGAN STANLEY DB PLATINUM ADVISORS VANGUARD GROUP INC UNION INVESTMENT GMB DEUTSCHE BANK AG CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH FRANKLIN RESOURCES MERCURY ASSET MANAGE BNP PARIBAS INV PART ALLIANZ ASSET MANAGE ETFLAB INVESTMENT GM GRANTHAM MAYO VAN OT ADIG INVESTMENT T ROWE PRICE ASSOCIA CREDIT SUISSE ASSET

Firm Name RBC Capital Markets Goldman Sachs Exane BNP Paribas AlphaValue Commerzbank Corporates & Markets HSBC DZ Bank AG Equinet Institutional Services(ESN) Kepler Capital Markets Societe Generale M.M. Warburg Investment Research S&P Capital IQ Grupo Santander Nord/LB Raymond James Independent Research GmbH Banco Sabadell JPMorgan Berenberg Bank Ahorro Corporacion Financiera SA Landesbank Baden-Wuerttemberg Deutsche Bank Morgan Stanley Macquarie Hamburger Sparkasse Bankhaus Metzler Natixis Nomura Day by Day Credit Suisse Barclays Main First Bank AG EVA Dimensions Redburn Partners CA Cheuvreux Silvia Quandt Research

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOHN MUSK DEBORAH WILKENS BENJAMIN LEYRE EILEEN RYAN TANJA MARKLOFF ADAM DICKENS MARC NETTELBECK MICHAEL SCHAEFER INGO BECKER ALBERTO PONTI STEPHAN WULF CLIVE ROBERTS OSCAR NAJAR RIOS HEINO HAMMANN EMMANUEL RETIF SVEN DIERMEIER JORGE GONZALEZ SADORNIL VINCENT DE BLIC ROBERT CHANTRY VIRGINIA PEREZ REPES ERKAN AYCICEK ALEXANDER KARNICK BOBBY CHADA ROBERT SCHRAMM-FUCHS ANNEMARIE SCHLUETER DANIEL SEIDENSPINNER PHILIPPE OURPATIAN MARTIN YOUNG VALERIE GASTALDY VINCENT GILLES PETER BISZTYGA ANDREAS THIELEN AUSTIN BURKETT AHMED FARMAN SEBASTIAN KAUFFMANN SEBASTIAN ZANK

Source ULT-AGG Co File Co File Research Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform Buy/Neutral neutral buy hold underweight hold hold hold hold buy buy hold hold market perform sell buy underweight sell buy hold sell Underwt/In-Line underperform hold sell reduce reduce hold underperform equalweight outperform sell neutral underperform not rated

Amt Held 172'665'399 118'276'492 95'529'865 46'680'225 25'888'854 25'026'728 18'679'962 13'832'519 9'652'792 7'475'000 7'351'606 7'243'436 5'928'365 5'219'136 4'940'060 4'406'169 3'863'245 3'154'858 3'041'428 2'804'442

% Out 8.63 5.91 4.77 2.33 1.29 1.25 0.93 0.69 0.48 0.37 0.37 0.36 0.3 0.26 0.25 0.22 0.19 0.16 0.15 0.14

Weighting

Change

1 5 3 5 3 1 3 3 3 3 5 5 3 3 3 1 5 1 1 5 3 1 1 1 3 1 2 2 3 1 3 5 1 3 1 #N/A N/A

M M M M M M M M M M M M M M M M M M N M M M M M D M M M D M M M M M M M

Latest Chg (62'158) 16'104'093 719'330 (288'536) (1'454'174) (544'741) (18'477'247) (551'821) (953'996) 254'908 (1'125'000) 268'623 (49'616)

Target Price 11 19 14 17 14 12 14 14 13 13 17 15 16 13 #N/A N/A 11 14 13 12 15 13 13 11 12 #N/A N/A 11 12 14 #N/A N/A 11 15 17 #N/A N/A #N/A N/A 17 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2011 Government 31.12.2011 Corporation 09.05.2012 Investment Advisor 10.05.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager

Date 12 month 12 month Not Provided 6 month 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 15.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 25.01.2013 23.01.2013 17.01.2013 14.11.2012 14.08.2012 14.03.2012


27.03.2013

Pernod-Ricard SA Pernod Ricard SA produces wines and spirits. The Company produces wines, bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and white spirits and rums. Pernod Ricard markets its products worldwide.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RI FP EQUITY YTD Change RI FP EQUITY YTD % CHANGE

06/2012 12/yy 101.15 74.85 208'473.00 96.59 -4.49% 29.04% 85.86% 265.3 25'626.35 10'176.00 0.0 169.0 787.00 35'002.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 0 m-12

30.06.2009 30.06.2010 7'203.0 7'081.0 3.11x 3.87x 2'187.0 2'063.0 10.26x 13.28x 945.0 951.0 11.26x 17.67x Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 30.06.2011 7'643.0 3.54x 2'111.0 12.82x 1'045.0 17.08x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 8'215.0 3.86x 2'295.0 13.82x 1'146.0 19.33x 2'295.00 2'113.00 25.72% 17.29% 4.23% 10.97% 7.86% 0.30% 61.4% 28.8% 25.8% 14.0% 1.76 0.56 35.86% 94.20% 4.74 0.78

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 12/yy 8'508.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.64 0.70 189.25 24.83% 10.46% 0.702 34 3.529 687'692 600'928 513'108 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 8'802.7 9'354.4 4'874.0 3.90x 3.59x 2'501.3 2'701.1 13.97x 12.93x 1'322.0 1'510.7 19.43x 17.14x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

03.10.2011 BBBSTABLE 03.10.2011 A-3 4.40 3.88 3.76 4.12 94.2% 48.1% 0.30 4.54 77.28 472.24 245.15 323.06

Sales/Revenue/Turnover

90.00

9'000.0

80.00

8'000.0

70.00

7'000.0

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 03.07.2009

a-12 m-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 6'589.0 3.09x 1'689.0 12.05x 840.0 16.65x

40

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13 m-13

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Pernod-Ricard SA Holdings By:

All

Holder Name SOCIETE PAUL RICARD CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM FRANKLIN RESOURCES SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS CREDIT AGRICOLE ASSE AMUNDI ASSET MANAGEM NORGES BANK INVESTME CAISSE DES DEPOTS ET BLACKROCK GARDNER RUSSO & GARD ARTISAN PARTNERS HOL JANUS CAPITAL MANAGE NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE T ROWE PRICE ASSOCIA CITIGROUP GLOBAL MAR CARMIGNAC GESTION LANSDOWNE PARTNERS L

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a GARDNER RUSSO & GARD n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Societe Generale NICOLAS CERON Raymond James HERMINE DE BENTZMANN Nomura IAN SHACKLETON Berenberg Bank PHILIP MORRISEY Kepler Capital Markets LAETITIA DELAYE Barclays SIMON HALES AlphaValue ISABELLE COMBEMALE Sanford C. Bernstein & Co TREVOR STIRLING RBC Capital Markets JAMES EDWARDES JONES Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Exane BNP Paribas JAVIER GONZALEZ LASTRA Day by Day VALERIE GASTALDY Shore Capital Stockbrokers PHIL CARROLL EVA Dimensions AUSTIN BURKETT Investec MARTIN DEBOO JPMorgan MIKE J GIBBS Natixis JOSEPHINE CHEVALLIER CM - CIC Securities(ESN) FRANCIS PRETRE Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Deutsche Bank JAMES ISENWATER Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO Goldman Sachs MITCHELL COLLETT Aurel - BGC JEAN-MARIE L'HOME Redburn Partners CHRIS PITCHER Jefferies DIRK VAN VLAANDEREN Espirito Santo Investment Bank Research ALEX SMITH HSBC ERWAN RAMBOURG Equita SIM SpA FABIO FAZZARI Davy BARRY GALLAGHER

Source Co File ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG Co File Co File Co File Co File ULT-AGG 13F Co File ULT-AGG MF-AGG Co File MF-AGG Co File MF-AGG Co File

Recommendation buy outperform neutral buy hold overweight reduce market perform outperform outperform sell outperform hold hold sell hold overweight buy accumulate neutral buy sell sell underperform buy buy/attractive hold neutral hold buy neutral hold outperform

Amt Held 34'866'200 26'674'844 19'890'770 10'920'574 10'854'541 5'904'879 5'615'014 5'468'037 5'310'761 5'270'298 4'954'341 3'711'633 3'710'368 3'407'419 3'181'703 3'110'259 2'934'500 2'898'012 2'843'000 2'786'833

% Out 13.14 10.05 7.5 4.12 4.09 2.23 2.12 2.06 2 1.99 1.87 1.4 1.4 1.28 1.2 1.17 1.11 1.09 1.07 1.05

Weighting

Change 5 5 3 5 3 5 2 3 5 5 1 5 3 3 1 3 5 5 4 3 5 1 1 1 5 5 3 3 3 5 3 3 5

M M M M M M M M M M M M M D D M M M M D M D M M M M M M M M M U M

Latest Chg (736'472) 1'064'185 (96'556) 102'126 70'829 10'620 1'227'037 859'128 -

Target Price 110 104 98 117 97 105 99 103 122 116 72 104 #N/A N/A #N/A N/A #N/A N/A 93 101 107 98 91 107 75 62 91 103 139 75 #N/A N/A 82 96 93 66 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.08.2012 Corporation 18.02.2013 Investment Advisor 29.08.2012 Holding Company 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 29.08.2012 Investment Advisor 29.08.2012 Other 29.08.2012 Government 29.08.2012 Government 25.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 29.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 29.08.2012 Investment Advisor 31.12.2012 Investment Advisor 29.08.2012 Unclassified 31.12.2012 Investment Advisor 29.08.2012 Hedge Fund Manager

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 9 month Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 14.03.2013 13.03.2013 07.03.2013 05.03.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 08.02.2013 25.01.2013 21.01.2013 14.01.2013 09.01.2013 14.12.2012 10.12.2012 26.10.2012 14.09.2012 08.08.2012 12.01.2012 26.07.2011


27.03.2013

BT Group PLC BT Group plc provides telecommunications services. The Company provides local and long-distance telephone call products and services in the UK, international telephone calls to and from the UK, broadband network solutions and web hosting to corporate customers, network ADSL, ISDN, and IP services to communication companies and narrowband and broadband internet access and related services.

Price/Volume 70.0 M

250

60.0 M 50.0 M

200

40.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BT/A LN EQUITY YTD Change BT/A LN EQUITY YTD % CHANGE

03/2012 12/yy 282.80 197.40 7'145'374.00 271.9 -3.85% 37.74% 93.91% 7'880.0 21'425.74 10'486.00 0.0 11.0 844.00 29'950.74

31.03.2008 20'704.0 1.28x 5'792.0 4.56x 1'737.0 10.09x

30.0 M

100

20.0 M

50

10.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

300

31.03.2009 31.03.2010 21'390.0 20'911.0 0.88x 1.01x 3'629.0 5'594.0 5.19x 3.76x (193.0) 1'028.0 9.33x Profitability

LTM-4Q 31.03.2011 20'076.0 1.23x 5'886.0 4.19x 1'502.0 9.58x

31.03.2012 19'307.0 1.46x 6'190.0 4.54x 2'002.0 8.78x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

6'190.00 3'218.00 16.67% 12.66% 8.38% 26.06% 0.71% 32.5% 16.5% 10.4% 0.49 0.28 43.79% 808.48% -

Price/ Cash Flow

LTM

12/yy 19'487.0 4.93x 6'006.0 3.87x 1'842.0 8.03x

12/yy 18'107.0 6.04x 5'881.0 4.54x 2'131.0 8.47x

FY+1

3.20 0.87 7'870.44 24.08% 17.65% 0.869 28 3.679 14'746'450 14'512'250 14'581'470 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 18'138.9 17'745.4 4'690.3 1.61x 1.59x 6.17x 6'099.7 6'064.4 1'634.5 4.91x 4.94x 1'957.0 1'943.9 571.0 10.83x 10.70x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.07.2011 BBB STABLE 19.07.2011 A-2 8.95 5.22 1.45 1.82 808.5% 88.9% 0.71 1.27 -

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

BT Group PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK LEGAL & GENERAL BT GROUP PLC SHAREVI PERPETUAL INVESTMENT THREADNEEDLE ASSET M NORGES BANK INVESTME STANDARD LIFE INVEST FMR LLC AVIVA INVESTORS SCOTTISH WIDOWS ARTEMIS INVESTMENT M M&G INVESTMENT MANAG PEOPLES REPUBLIC OF ARTEMIS INVESTMENT M THREADNEEDLE INVESTM VANGUARD GROUP INC BT GROUP PLC EMPLOYE VANGUARD GROUP INC MAJEDIE ASSET MANAGE

Firm Name

Portfolio Name Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Credit Suisse PAUL SIDNEY Nomura JAMES BRITTON Oriel Securities Ltd JOHN KARIDIS AlphaValue JEAN-MICHEL SALVADOR JPMorgan CARL MURDOCK-SMITH Sanford C. Bernstein & Co ROBIN BIENENSTOCK Barclays MAURICE PATRICK Espirito Santo Investment Bank Research NICK BROWN Exane BNP Paribas MICHAEL WILLIAMS Berenberg Bank STUART GORDON New Street Research JAMES RATZER Day by Day VALERIE GASTALDY Morgan Stanley NICK DELFAS Macquarie GUY R PEDDY Liberum Capital Ltd LAWRENCE SUGARMAN Deutsche Bank DAVID A WRIGHT Societe Generale OTTAVIO ADORISIO Goldman Sachs ANDREW LEE Jefferies JEREMY A DELLIS S&P Capital IQ JAMES CRAWSHAW Oddo & Cie ALEXANDRE IATRIDES EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg RALPH SZYMCZAK

Source REG ULT-AGG ULT-AGG REG MF-AGG REG REG REG ULT-AGG REG ULT-AGG REG REG REG MF-AGG MF-AGG MF-AGG REG REG REG

Recommendation outperform buy buy reduce overweight outperform equalweight neutral neutral buy reduce buy Overwt/In-Line underperform buy hold hold Buy/Neutral buy hold reduce overweight neutral outperform sell

Amt Held 778'912'816 414'048'238 326'738'146 284'949'077 218'997'078 176'167'732 153'691'805 151'085'357 139'912'821 134'026'296 128'739'886 121'209'276 103'659'925 95'877'803 90'844'770 86'476'500 82'710'326 81'270'291 81'100'448 79'359'827

% Out 9.88 5.25 4.15 3.62 2.78 2.24 1.95 1.92 1.78 1.7 1.63 1.54 1.32 1.22 1.15 1.1 1.05 1.03 1.03 1.01

Weighting

Change 5 5 5 2 5 5 3 3 3 5 2 5 5 1 5 3 3 5 5 3 2 5 3 5 1

M M M M M M M M M M M U M M M M M M M M M M M M M

Latest Chg 8'748'662 56'100'337 609'027 (2'425'817) (9'615'159) 1'514'171 (16'511'149) 17'151'093 (6'162'708) 5'420'429 (857'049) 4'103'000 12'800'853 689'067 4'210'755 (197'922) 7'324'283 702'630

Target Price 300 360 330 278 280 285 230 250 250 280 225 309 290 180 300 277 245 320 278 260 175 #N/A N/A 220 245 190

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.11.2012 25.03.2013 28.02.2013 01.11.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012 30.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012

Date Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 3 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 15.03.2013 15.03.2013 13.03.2013 08.03.2013 06.03.2013 06.03.2013 05.03.2013 20.02.2013 14.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 30.01.2013 17.01.2013 20.11.2012 04.09.2012 25.07.2012


27.03.2013

Inditex SA Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs, manufactures and distributes apparel. The Company operates retail chains in Europe, the Americas, Asia, and Africa.

Price/Volume 120

35.0 M

100

30.0 M 25.0 M

80

Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITX SQ EQUITY YTD Change ITX SQ EQUITY YTD % CHANGE

01/2013 01/yy 111.80 63.97 428'562.00 100.1 -10.47% 56.48% 78.67% 623.3 62'395.37 6.00 0.0 36.0 4'104.00 58'333.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

15.0 M

40

10.0 M

20

5.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 10'407.0 1.68x 2'186.9 7.97x 1'253.5 14.82x

20.0 M

60

Valuation Analysis

31.01.2010 31.01.2011 11'083.5 12'526.6 2.36x 2.48x 2'353.1 2'966.2 11.09x 10.46x 1'314.4 1'731.8 21.63x 19.86x Profitability

LTM-4Q 31.01.2012 13'792.6 2.76x 3'214.6 11.86x 1'932.3 21.51x

31.01.2013 15'946.0 3.78x 3'912.0 15.40x 2'361.0 27.24x 3'912.00 3'116.00 19.54% 19.64% 19.79% 29.76% 1.34% 59.8% 24.5% 19.5% 14.8% 1.92 1.42 0.05% 0.07% 23.13 4.49

LTM

01/yy 13'792.6 10.68x 3'214.6 11.86x 1'932.3 21.51x

01/yy 15'946.0 12.87x 3'913.0 15.40x 2'360.0 27.26x

FY+1

0.69 221.78 42.30% -5.12% 0.692 40 3.450 1'190'497 1'308'795 1'181'776 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 17'715.4 19'641.6 3'773.5 4'227.9 3.24x 2.87x 4'391.2 4'913.4 828.8 934.0 13.28x 11.87x 13.50x 13.17x 2'664.3 2'986.7 472.0 550.9 23.42x 20.88x 23.68x 23.01x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

875.44 573.53 -1.05 0.00 0.1% 0.1% 1.34 3.62 15.83 81.50 160.21 -62.88

Sales/Revenue/Turnover

18'000.0 16'000.0

1.00 0.80

14'000.0 12'000.0 10'000.0

0.60

8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Inditex SA Holdings By:

All

Holder Name GARTLER SL PARTLER 2006 SL ROSP CORUNNA JP MORGAN CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC CARMIGNAC GESTION BLACKROCK HARBOR CAPITAL ADVIS OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE WILLIAM BLAIR & COMP BAILLIE GIFFORD AND UMB BANK N A PRUDENTIAL FINANCIAL JENNISON ASSOCIATES NATIXIS ASSET MANAGE SUN LIFE FINANCIAL I BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Grupo Santander REBECCA MCCLELLAN Exane BNP Paribas BEN SPRUNTULIS ISI Group OMAR SAAD EVA Dimensions CRAIG STERLING Sanford C. Bernstein & Co JAMIE MERRIMAN Morgan Stanley GEOFFREY RUDDELL La Caixa ANTONIO JOSE CASTELL NEYRA Interdin Bolsa SOFIA REBUELTA VILLEGAS Societe Generale ANNE CRITCHLOW BPI JOSE RITO CA Cheuvreux DANIEL OVIN Cantor Fitzgerald ALLEGRA PERRY Independent Research GmbH ZAFER RUZGAR BBVA ISABEL CARBALLO NMAS 1 Agencia de Valores FRANCISCO RIQUEL Telsey Advisory Group DANA TELSEY Credit Suisse SIMON IRWIN Raymond James CEDRIC LECASBLE HSBC PAUL ROSSINGTON Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ Banco Sabadell IGNACIO ROMERO Ahorro Corporacion Financiera SA GERMAN GARCIA BOU Bryan Garnier & Cie PETER FARREN Nomura FRASER RAMZAN S&P Capital IQ WILLIAM MACK Intermoney Valores ANTONIO PAUSA RODRIGUEZ Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO Redburn Partners GEOFF LOWERY Espirito Santo Investment Bank Research FILIPE ROSA AlphaValue VIRGINIE BLIN Deutsche Bank WARWICK OKINES Barclays CHRISTODOULOS CHAVIARAS Natixis JEAN BAPTISTE TEISSIER Hamburger Sparkasse CHRISTIAN HAMANN Day by Day VALERIE GASTALDY Goldman Sachs FRANKLIN WALDING Kepler Capital Markets NATALIA BOBO BJOERK Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ

Source Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG 13F MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy neutral strong buy overweight outperform Equalwt/Cautious underweight sell buy neutral underperform hold sell market perform neutral no rating system underperform market perform overweight hold buy sell sell buy buy hold neutral buy neutral sell buy equalweight buy hold buy Buy/Neutral buy underweight

Amt Held 311'727'598 57'872'465 31'494'806 18'823'336 7'598'170 6'649'493 5'244'417 4'779'721 3'112'740 2'887'450 2'657'118 2'349'841 1'835'758 1'192'900 1'105'737 871'054 753'341 737'364 703'033 644'567

% Out 50.01 9.28 5.05 3.02 1.22 1.07 0.84 0.77 0.5 0.46 0.43 0.38 0.29 0.19 0.18 0.14 0.12 0.12 0.11 0.1

Weighting

Change

5 3 5 5 5 3 1 1 5 3 1 3 1 3 3 #N/A N/A 1 3 5 3 5 1 1 5 5 3 3 5 3 1 5 3 5 3 5 5 5 1

M M M U M M M M M M D M M M M M M M M M M M M M M M M M M M U M N M U M M M

Latest Chg (2'766) 759'500 (1'464'302) 86'426 893'049 (613'458) (43'431) 62'876 (75'362) 61'061 119'400 (159'687) (53'921) (54'094) 518'290 (36'531) (14'010)

Target Price 125 110 110 #N/A N/A 115 100 102 84 131 112 95 106 96 107 112 118 103 #N/A N/A 120 98 115 82 100 121 115 94 105 #N/A N/A 110 87 115 89 125 #N/A N/A 114 125 108 67

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Unclassified 31.01.2013 Corporation 31.01.2013 Unclassified 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 3 month 12 month Not Provided 12 month

Date 27.03.2013 27.03.2013 24.03.2013 21.03.2013 20.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 07.03.2013 06.03.2013 22.02.2013 01.02.2013 18.12.2012 23.11.2012 07.11.2012 20.09.2012 21.03.2012


27.03.2013

Rolls-Royce Holdings PLC Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

Price/Volume 1200

14.0 M

1000

12.0 M 10.0 M

800

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RR/ LN EQUITY YTD Change RR/ LN EQUITY YTD % CHANGE

12/2012 01/yy 1'132.00 775.78 862'591.00 1099 -2.92% 41.66% 91.86% 1'880.2 20'663.60 1'383.00 0.0 17.0 2'596.00 19'467.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

400

4.0 M

200

2.0 M

0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 9'082.0 0.56x 1'096.0 4.61x (1'340.0) -

8.0 M

600

Valuation Analysis

31.12.2009 31.12.2010 10'414.0 11'085.0 0.70x 0.93x 1'396.0 1'404.0 5.26x 7.36x 2'221.0 539.0 4.02x 21.34x Profitability

31.12.2011 11'124.0 1.25x 1'480.0 9.36x 850.0 16.25x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 12'161.0 1.25x 1'687.0 8.98x 2'281.0 7.09x 1'687.00 1'200.00 9.87% 22.24% 13.21% 43.01% 40.90% 0.70% 22.6% 13.9% 9.9% 18.8% 1.33 0.79 7.63% 22.72% 4.14 3.56

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.77 1.01 1'876.27 36.21% 25.82% 1.006 25 3.360 4'458'114 4'302'747 4'216'193 FY+2

12/13 Y 12/14 Y 15'175.8 16'036.3 1.28x 1.19x 2'221.0 2'386.8 8.77x 8.16x 1'235.5 1'351.8 16.78x 15.33x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

13.04.2012 A STABLE 13.04.2012 A-1 3.52 2.61 -0.72 0.82 22.7% 18.5% 0.70 4.96 88.36 102.75 93.48 97.64

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Rolls-Royce Holdings PLC Holdings By:

All

Holder Name INVESCO LTD FMR LLC BLACKROCK LEGAL & GENERAL BAILLIE GIFFORD AND Northern Cross Inter NORGES BANK INVESTME SCOTTISH WIDOWS HARBOR CAPITAL ADVIS DEUTSCHE PRIVATE BAN VANGUARD GROUP INC PERPETUAL INVESTMENT M&G INVESTMENT MANAG SCHRODER INVESTMENT THREADNEEDLE ASSET M T ROWE PRICE ASSOCIA STANDARD LIFE INVEST THORNBURG INVESTMENT UBS AEGON

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Espirito Santo Investment Bank Research EDWARD STACEY JPMorgan DAVID H. PERRY Sanford C. Bernstein & Co DOUGLAS S HARNED RBC Capital Markets ROBERT STALLARD Jefferies SANDY MORRIS AlphaValue THOMAS PICHERIT Societe Generale ZAFAR KHAN Investec ANDREW GOLLAN Barclays CARTER COPELAND S&P Capital IQ UNAI FRANCO Morgan Stanley RUPINDER VIG CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Natixis ERIC CHADEYRAS Exane BNP Paribas OLIVIER BROCHET Deutsche Bank BEN FIDLER Kepler Capital Markets CHRISTOPHE MENARD Day by Day VALERIE GASTALDY Liberum Capital Ltd BENJAMIN BOURNE EVA Dimensions CRAIG STERLING Credit Suisse OLIVER SLEATH Arden Partners Ltd GRAHAM J WEBSTER CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX

Source REG ULT-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG MF-AGG REG MF-AGG MF-AGG REG REG REG REG REG REG ULT-AGG ULT-AGG

Recommendation neutral overweight market perform outperform buy reduce sell add overweight hold Overwt/In-Line sell neutral outperform hold hold hold buy underweight neutral add underperform

Amt Held 112'822'192 102'165'089 93'986'631 75'786'766 58'757'257 45'853'311 45'308'048 43'402'486 43'022'491 41'865'846 36'507'917 36'150'309 30'897'478 27'706'884 26'924'567 25'928'040 25'368'833 24'908'239 21'984'871 21'891'388

% Out 6 5.43 5 4.03 3.13 2.44 2.41 2.31 2.29 2.23 1.94 1.92 1.64 1.47 1.43 1.38 1.35 1.32 1.17 1.16

Weighting

Change 3 5 3 5 5 2 1 4 5 3 5 1 3 5 3 3 3 5 1 3 4 1

M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (3'289'064) (56'735'470) 1'193'881 3'025'904 5'797'601 1'065'936 2'538'998 699'470 2'652'399 759'881 16'496 (5'380'217) 803'995 (428'418) (8'010'744) 941'008 (462'155) (15'824'804) 526'673

Target Price 950 1'300 880 1'180 1'250 987 900 1'125 1'225 1'100 1'200 800 1'100 1'075 930 1'050 #N/A N/A 1'030 #N/A N/A 900 #N/A N/A 800

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.11.2012 31.01.2013 25.03.2013 01.11.2012 01.11.2012 01.11.2012 01.11.2012 30.11.2012 31.12.2012 01.11.2012 31.12.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012

Date Not Provided 9 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Government Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified

Date 27.03.2013 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 11.03.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 04.02.2013 17.01.2013 16.01.2013 01.10.2012 27.07.2012


27.03.2013

Statoil ASA Statoil ASA explores for, produces, transports, refines, and trades oil and natural gas. The Company explores for oil in Europe, Africa, the Middle East, Asia, and the Americas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STL NO EQUITY YTD Change STL NO EQUITY YTD % CHANGE

12/2012 12/yy 160.00 133.20 2'018'560.00 141.2 -11.75% 6.01% 30.97% 3'188.6 450'236.97 119'400.00 0.0 700.0 80'100.00 490'236.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

160

8.0 M

140

7.0 M

120

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 651'977.0 0.63x 240'545.0 1.71x 43'265.0 8.39x

180

31.12.2009 31.12.2010 462'292.0 526'950.0 1.16x 0.98x 173'918.0 186'787.0 3.08x 2.77x 18'313.0 38'082.0 25.17x 11.58x Profitability

LTM-4Q 31.12.2011 645'599.0 0.88x 261'920.0 2.16x 78'787.0 6.20x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 705'700.0 0.68x 265'400.0 1.82x 68'900.0 6.42x 265'400.00 204'900.00 29.04% 29.29% 8.87% 23.04% 0.91% 48.5% 37.7% 29.2% 9.8% 1.12 0.83 15.22% 37.41% 9.95 13.68

Price/ Cash Flow

LTM

FY+1

0.90 941.88 -4.51% 1.58% 0.896 39 3.615 2'554'160 3'057'922 2'891'410 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 645'671.0 705'734.0 638'766.9 654'216.4 166'535.5 164'524.3 3.11x 2.84x 0.79x 0.80x 2.85x 3.00x 261'740.0 266'236.0 243'871.5 248'443.3 62'353.0 59'818.4 2.16x 1.81x 2.01x 1.97x 1.99x 1.96x 78'787.0 68'908.0 53'064.2 54'420.7 13'919.2 13'505.3 6.20x 6.42x 8.48x 8.21x 8.26x 8.08x S&P Issuer Ratings Long-Term Rating Date 03.08.2007 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 03.08.2007 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 88.47 (EBITDA-Capex)/Interest Exp. 56.47 Net Debt/EBITDA 0.15 Total Debt/EBITDA 0.45 Reference Total Debt/Equity 37.4% Total Debt/Capital 27.2% Asset Turnover 0.91 Net Fixed Asset Turnover 1.67 Accounts receivable turnover-days 36.77 Inventory Days 26.76 Accounts Payable Turnover Day 28.93 Cash Conversion Cycle 34.61 Sales/Revenue/Turnover

7.00

800'000.0

6.00

700'000.0 600'000.0

5.00

500'000.0 4.00

400'000.0 3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Statoil ASA Holdings By:

All

Holder Name MINISTRY OF PETROLEU DEUTSCHE BANK TRUST STATE STREET GOVERNMENT PENSION F CLEARSTREAM BANKING JP MORGAN CHASE BANK NORTHERN TRUST CO BANK OF NEW YORK MEL VANGUARD GROUP INC DNB NOR ASSET MANAGE SIX SIS AG BLACKROCK EUROCLEAR BANK SA WADDELL & REED FINAN WILLIAM BLAIR & COMP FRANKLIN RESOURCES STOREBRAND FUND MANA UBS KLP AKSJE NORGE INDE HSBC BANK PLC

Firm Name Fearnley Fonds Tudor Pickering & Co Jefferies Grupo Santander SEB Enskilda SpareBank 1 Markets AS Exane BNP Paribas Sanford C. Bernstein & Co Swedbank First Securities AlphaValue Investec RBC Capital Markets Macquarie Canaccord Genuity Corp HSBC Simmons & Company International Credit Suisse Societe Generale Morgan Stanley Carnegie Nordea Equity Research Handelsbanken Pareto Securities Nomura Barclays Norne Securities AS Danske Markets ABG Sundal Collier S&P Capital IQ DNB Markets Arctic Securities ASA JPMorgan EVA Dimensions Goldman Sachs Landesbank Baden-Wuerttemberg Deutsche Bank Fondsfinans AS CA Cheuvreux

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A n/a #N/A N/A Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios n/a n/a #N/A N/A

Analyst OLE-JACOB STORVIK ROBERT KESSLER BRENDAN MICHAEL WARN JASON KENNEY LARS HENRIK ROREN ODDVAR BJORGAN ALEJANDRO DEMICHELIS OSWALD CLINT TEODOR SVEEN NILSEN ALEXANDRE ANDLAUER STUART JOYNER PETER HUTTON MARC B KOFLER GORDON GRAY PAUL SPEDDING JEFFREY A DIETERT KIM FUSTIER IRENE HIMONA HAYTHEM RASHED MARTIN VOLD KELLY CHEN ANNE GJOEN SIGURD-ERIK NISSEN-MEYER THEEPAN JOTHILINGAM RAHIM KARIM IRMANTAS VASKELA ENDRE STORLOKKEN JOHN A SCHJ OLAISEN CHRISTINE TISCARENO ESPEN HENNIE TROND OMDAL NITIN SHARMA CRAIG STERLING MICHELE DELLA VIGNA JENS MUENSTERMANN MARK BLOOMFIELD MORTEN EVJENTH LINDBACK DOMINIQUE PATRY

Source EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG 13F ULT-AGG MF-AGG ULT-AGG EXCH EXCH

Recommendation buy accumulate buy underweight sell buy outperform market perform buy reduce buy top pick neutral buy neutral overweight underperform hold Underwt/In-Line buy hold accumulate buy reduce equalweight hold hold buy hold hold buy neutral buy neutral/cautious buy hold Under Review underperform

Amt Held 2'136'393'559 104'384'307 102'514'971 100'735'001 65'490'887 32'446'911 32'110'800 25'316'478 18'596'740 17'488'785 12'443'807 11'660'463 11'619'396 11'465'900 11'191'044 10'956'343 9'439'710 9'223'423 9'125'612 8'631'846

% Out 67 3.27 3.21 3.16 2.05 1.02 1.01 0.79 0.58 0.55 0.39 0.37 0.36 0.36 0.35 0.34 0.3 0.29 0.29 0.27

Weighting

Change

5 4 5 1 1 5 5 3 5 2 5 5 3 5 3 5 1 3 1 5 3 4 5 2 3 3 3 5 3 3 5 3 5 3 5 3 #N/A N/A 1

M M M M M M M M U M M M M M U M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (1'892) 1'378'710 93'028 (1'306'793) (56'821) (664'270) 191'000 (275'823) -

Target Price 167 168 200 155 140 165 170 135 160 141 163 175 160 170 160 #N/A N/A 158 150 136 #N/A N/A 147 160 170 145 160 160 145 170 177 150 165 165 #N/A N/A 160 170 160 #N/A N/A 155

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 25.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 31.12.2012 28.02.2013 25.03.2013 25.03.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 25.03.2013 25.03.2013 25.03.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified n/a Bank

Date 27.03.2013 25.03.2013 22.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 13.03.2013 11.03.2013 07.03.2013 01.03.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 17.01.2013 11.01.2013 09.01.2013 03.12.2012 08.05.2012 16.11.2011


27.03.2013

Lloyds Banking Group PLC Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

Price/Volume 60

700.0 M

50

600.0 M 500.0 M

40

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLOY LN EQUITY YTD Change LLOY LN EQUITY YTD % CHANGE

12/2012 12/yy 56.10 24.75 130'417'532.00 48.22 -14.09% 94.87% 73.05% 70'343.6 34'017.21 189'866.00 0.0 685.0 110'971.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

300.0 M

20

200.0 M

10

100.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 20'413.0 772.0 18.90x

400.0 M

30

Valuation Analysis

31.12.2009 31.12.2010 44'007.0 43'432.0 2'827.0 (320.0) 6.76x Profitability

LTM-4Q 31.12.2011 35'780.0 (2'787.0) -

31.12.2012 36'408.0 (1'427.0) 9.48% -2.60% -0.15% -3.17% -0.49% 0.04% -6.5% 20.54% 431.52% -

LTM

12/yy 35'780.0 0.00x 0.0 0.00x (2'787.0) 0.00x

12/yy 36'408.0 0.00x 0.0 0.00x (1'427.0) 0.00x

FY+1

0.00 1.70 42'726.89 38.46% 0.64% 1.700 33 3.303 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'248.8 18'182.4 4'748.0 4'658.0 2'900.1 4'068.9 12.36x 8.61x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.11.2011 ANEG 29.11.2011 A-2 431.5% 80.9% 0.04 4.85 -

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Lloyds Banking Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER FMR LLC BLACKROCK LEGAL & GENERAL UBS FRANKLIN RESOURCES SCOTTISH WIDOWS DEUTSCHE PRIVATE BAN NORGES BANK INVESTME HALIFAX SHARE DEALIN SCHRODER INVESTMENT STANDARD LIFE INVEST TD WATERHOUSE GROUP ALECTA INVESTMENT MA HARRIS ASSOCIATES LP SELFTRADE SCHRODER INVESTMENT BNP PARIBAS INV PART PRIVATE INDIVIDUALS VANGUARD GROUP INC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Numis Securities Ltd MICHAEL J TRIPPITT Mediobanca SpA CHRISTOPHER J WHEELER Morgan Stanley CHRISTOPHER MANNERS Investec IAN GORDON Goldman Sachs FREDERIK THOMASEN AlphaValue DAVID GRINSZTAJN Macquarie EDWARD FIRTH Day by Day VALERIE GASTALDY Credit Suisse CARLA ANTUNES-SILVA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Barclays ROHITH CHANDRA-RAJAN Oriel Securities Ltd VIVEK RAJA Grupo Santander ARTURO DE FRIAS Sanford C. Bernstein & Co CHIRANTAN BARUA Societe Generale JAMES INVINE Shore Capital Stockbrokers GARY GREENWOOD Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA Keefe, Bruyette & Woods MARK J PHIN RBC Capital Markets CLAIRE KANE Canaccord Genuity Corp GARETH HUNT Berenberg Bank JAMES CHAPPELL Daniel Stewart & Co SIMON WILLIS S&P Capital IQ FRANK BRADEN Redburn Partners FAHED KUNWAR Liberum Capital Ltd CORMAC LEECH Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA EVA Dimensions AUSTIN BURKETT HSBC PETER TOEMAN

Source RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG REG REG REG REG REG REG MF-AGG ULT-AGG REG MF-AGG

Recommendation buy neutral Equalwt/In-Line hold neutral/neutral reduce underperform hold neutral reduce outperform underweight sell buy outperform buy buy buy neutral underperform outperform hold sell sell hold buy buy sell sell overweight

Amt Held 27'608'563'642 2'359'287'182 2'335'851'144 1'661'879'228 1'113'818'748 1'096'594'012 1'089'919'867 1'075'638'770 1'075'023'992 1'052'501'056 742'242'002 739'647'720 724'279'567 675'500'000 609'121'200 597'593'904 590'792'286 539'931'137 456'479'052 445'836'749

% Out 39.25 3.35 3.32 2.36 1.58 1.56 1.55 1.53 1.53 1.5 1.06 1.05 1.03 0.96 0.87 0.85 0.84 0.77 0.65 0.63

Weighting

Change 5 3 3 3 3 2 1 3 3 2 5 1 1 5 5 5 5 5 3 1 5 3 1 1 3 5 5 1 1 5

M M M M M M M D M M M M D M M M M M M M M M M M M M M D M M

Latest Chg 40'204'114 35'727'885 4'371'787 (49'558'902) (189'806'781) 462'591'455 41'049'793 (14'804'023) (38'913'754) (128'253'574) 19'888'448 (36'378'354) (40'000'000) (225'724'735) (17'125'603) (893'151) (97'393'597) (1'330'422) 17'836'770

Target Price 63 53 53 50 60 47 46 #N/A N/A 45 42 60 40 41 66 64 61 #N/A N/A 64 55 51 69 35 24 39 55 #N/A N/A 62 48 #N/A N/A 65

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.03.2012 31.01.2013 25.03.2013 28.02.2013 31.01.2013 28.02.2013 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 31.01.2013 01.12.2012 31.12.2012

Date Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 9 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Unclassified Government Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor

Date 27.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 05.03.2013 04.03.2013 04.03.2013 03.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 04.02.2013 29.01.2013 17.01.2013 10.01.2013


27.03.2013

Swiss Re AG Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Price/Volume

3.0 M 2.5 M

60

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 12/yy 78.35 52.00 452'022.00 76.75 -2.04% 47.60% 96.20% 370.7 28'451.76 19'898.00 0.0 24.0 10'837.00 38'919.12

50

2.0 M

40

1.5 M

30

1.0 M

20

.5 M

10 0 m-12

31.12.2009 31.12.2010 30'624.0 28'484.0 0.50x 1.13x 467.4 863.0 33.44x 21.30x Profitability

LTM-4Q 31.12.2011 27'797.0 1.02x 2'626.0 6.64x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 33'116.0 1.02x 4'201.0 6.09x 17.37% 16.51% 1.89% 13.38% 9.38% 0.15% 12.7% 9.22% 58.52% -

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy 27'797.0 3.93x 0.0 0.00x 2'626.0 6.64x

a-12

12/yy 33'116.0 3.91x 0.0 0.00x 4'180.0 5.97x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.17 370.21 37.81% 16.46% 1.168 38 3.184 930'873 1'334'531 1'177'489 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 32'360.9 34'845.8 1.50x 2'896.3 3'054.6 754.0 696.0 9.98x 9.49x 10.33x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

58.5% 36.9% 0.15 -

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

80 70

Valuation Analysis

31.12.2008 24'011.7 1.03x (800.3) -

90

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES SUN LIFE FINANCIAL I BLACKROCK DODGE & COX BERKSHIRE HATHAWAY I VANGUARD GROUP INC CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE SWISSCANTO FONDSLEIT SARASIN JP MORGAN TEMPLETON INVESTMENT DIMENSIONAL FUND ADV HARTFORD INVESTMENT FMR LLC BESSEMER GROUP INCOR VONTOBEL ASSET MANAG PRUDENTIAL FINANCIAL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co THOMAS SEIDL RBC Capital Markets GORDON AITKEN AlphaValue DIETER HEIN Macquarie HADLEY COHEN Bank Vontobel AG STEFAN SCHUERMANN Exane BNP Paribas NICCOLO DALLA PALMA Oddo & Cie NICOLAS JACOB Credit Suisse ADAM MCINALLY Keefe, Bruyette & Woods WILLIAM HAWKINS Zuercher Kantonalbank GEORG MARTI Kepler Capital Markets FABRIZIO CROCE Landesbank Baden-Wuerttemberg WERNER SCHIRMER Barclays ANDREW BROADFIELD Morgan Stanley MACIEJ WASILEWICZ S&P Capital IQ RODERICK WALLACE JPMorgan MICHAEL HUTTNER Hamburger Sparkasse CHRISTIAN HAMANN Bankhaus Metzler JOCHEN SCHMITT Nomura MICHAEL KLIEN Helvea DANIEL BISCHOF Societe Generale JASON KALAMBOUSSIS Nord/LB JULIA SIEKMANN Goldman Sachs VINIT MALHOTRA Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Main First Bank AG RENE LOCHER CA Cheuvreux FRANK KOPFINGER Day by Day VALERIE GASTALDY Mediobanca SpA GIANLUCA FERRARI EVA Dimensions AUSTIN BURKETT HSBC THOMAS FOSSARD Canaccord Genuity Corp BEN COHEN DZ Bank AG THORSTEN WENZEL Raymond James DANNY JACQUES Espirito Santo Investment Bank Research JOY FERNEYHOUGH

Source EXCH ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation underperform sector perform sell neutral buy neutral buy neutral underperform market perform buy hold overweight Equalwt/In-Line hold overweight buy buy reduce neutral buy buy neutral/neutral sell sell underperform select list hold neutral buy neutral buy sell underperform neutral

Amt Held 27'282'124 25'006'821 15'907'472 15'682'781 12'639'368 11'262'000 10'371'485 5'473'171 2'869'488 2'201'596 2'176'959 1'833'877 1'293'177 1'267'120 1'148'157 855'734 830'605 819'676 645'679 621'117

% Out 7.36 6.75 4.29 4.23 3.41 3.04 2.8 1.48 0.77 0.59 0.59 0.49 0.35 0.34 0.31 0.23 0.22 0.22 0.17 0.17

Weighting

Change 1 3 1 3 5 3 5 3 1 3 5 3 5 3 3 5 5 5 2 3 5 5 3 1 1 1 5 3 3 5 3 5 1 1 3

M M M M M M M M M M M M M M M M M M M M M M U M M M M M M M M M M M M

Latest Chg (1'396'672) (655'411) (651'227) 638'074 (222'639) (102'477) (1'435) 27'594 705'661 (153'093) 11'836 (41'419) (169'771) (10'368) 145'000 10'202 (2'217)

Target Price 55 80 70 67 85 68 82 69 79 #N/A N/A 83 76 77 76 83 74 #N/A N/A 82 67 75 75 84 75 66 70 72 86 #N/A N/A 75 #N/A N/A 75 70 58 63 48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.03.2012 Unclassified 31.12.2012 Investment Advisor 05.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.01.2013 Unclassified 31.01.2013 Unclassified 31.12.2012 Investment Advisor 30.04.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Date 27.03.2013 21.03.2013 21.03.2013 18.03.2013 15.03.2013 14.03.2013 05.03.2013 04.03.2013 03.03.2013 01.03.2013 01.03.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 14.02.2013 30.01.2013 17.01.2013 16.01.2013 09.01.2013 10.09.2012 09.08.2012 12.01.2012


27.03.2013

Centrica PLC Centrica PLC is an integrated energy company offering a wide range of home and business energy solutions. The Company sources, generates, processes, stores, trades, saves and supplies energy and provides a range of related services.

Price/Volume 400

35.0 M

350

30.0 M

300

25.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (22.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNA LN EQUITY YTD Change CNA LN EQUITY YTD % CHANGE

12/2012 01/yy 369.00 301.20 5'724'618.00 364.8 -1.17% 21.12% 99.85% 5'183.1 18'907.99 5'328.00 0.0 0.0 938.00 23'297.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

150 100

10.0 M

50

5.0 M

0 m-12

31.12.2009 31.12.2010 21'963.0 22'423.0 0.81x 0.92x 2'721.0 3'336.0 6.54x 6.19x 844.0 1'935.0 22.13x 9.11x Profitability

31.12.2011 22'824.0 0.81x 3'310.0 5.62x 421.0 33.64x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 23'942.0 0.91x 3'698.0 5.88x 1'273.0 13.56x 3'698.00 2'422.00 10.12% 10.20% 6.13% 22.09% 14.28% 1.15% 19.8% 15.4% 10.1% 5.3% 0.95 0.14 24.27% 89.89% 38.89

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

FY+1 -

4.50 0.64 4'974.47 20.80% 9.35% 0.636 25 3.440 11'146'720 9'598'011 8'481'136 FY+2

12/13 Y 12/14 Y 24'432.9 25'474.9 0.96x 0.90x 3'944.5 4'146.8 5.91x 5.62x 1'413.9 1'496.7 13.12x 11.80x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

29.05.2009 ASTABLE 29.05.2009 A-2 7.44 3.83 1.19 1.44 89.9% 47.3% 1.15 3.33 9.41 9.37 19.73

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 20'872.0 0.68x 2'613.0 5.43x (137.0) 241.82x

20.0 M

200

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Centrica PLC Holdings By:

All

Holder Name INVESCO LTD ABERDEEN LEGAL & GENERAL PETRONAS BLACKROCK SCOTTISH WIDOWS NEWTON INV MGMT FMR LLC BANK OF NEW YORK MEL NORGES BANK INVESTME UBS M&G INVESTMENT MANAG BNP PARIBAS INV PART CAPITAL GROUP COMPAN PERPETUAL INVESTMENT JP MORGAN SCHRODER INVESTMENT PEOPLES REPUBLIC OF WALTER SCOTT & PARTN VANGUARD GROUP INC

Firm Name RBC Capital Markets AlphaValue Exane BNP Paribas HSBC Nomura Societe Generale Goldman Sachs JPMorgan Kepler Capital Markets Raymond James Cantor Fitzgerald S&P Capital IQ Mirabaud Securities Credit Suisse Berenberg Bank Liberum Capital Ltd Barclays EVA Dimensions Morgan Stanley Deutsche Bank Redburn Partners Day by Day

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOHN MUSK MYRIAM COHEN IAIN TURNER VERITY MITCHELL JONATHAN CONSTABLE ASHLEY THOMAS ANDREW MEAD EDMUND REID INGO BECKER EMMANUEL RETIF ANGELOS ANASTASIOU CLIVE ROBERTS GUS HOCHSCHILD MARK FRESHNEY ROBERT CHANTRY GUILLAUME REDGWELL PETER BISZTYGA AUSTIN BURKETT BOBBY CHADA MARTIN BROUGH JAMIE TUNNICLIFFE VALERIE GASTALDY

Source Co File ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG REG ULT-AGG MF-AGG REG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG REG REG MF-AGG

Recommendation sector perform add underperform overweight neutral buy neutral/neutral neutral hold underperform buy strong buy buy neutral hold buy underweight overweight Equalwt/In-Line hold buy hold

Amt Held 258'200'185 244'433'202 199'643'469 199'375'000 198'230'837 192'620'011 178'317'146 168'873'344 135'169'676 115'829'394 110'850'900 107'778'794 90'418'317 81'472'000 77'307'596 74'740'477 74'363'376 68'473'929 67'827'517 67'616'691

% Out 4.98 4.72 3.85 3.85 3.82 3.72 3.44 3.26 2.61 2.23 2.14 2.08 1.74 1.57 1.49 1.44 1.43 1.32 1.31 1.3

Weighting

Change 3 4 1 5 3 5 3 3 3 1 5 5 5 3 3 5 1 5 3 3 5 3

M M M M M M M D M M M M M M D M M M M M M M

Latest Chg 2'929'553 (2'602'961) (217'034) 20'183'664 15'220'210 (3'909'961) (7'934'002) 2'398'382 10'261'488 (3'099'325) (10'651'045) 53'727'337 53'600 (11'993'141) (2'361'053) 16'115'286 1'389'000 1'115'563

Target Price 370 382 280 400 350 400 416 370 320 321 403 525 435 325 370 370 325 #N/A N/A 345 340 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.02.2012 Investment Advisor 28.02.2013 Unclassified 01.11.2012 Unclassified 23.02.2012 Government 25.03.2013 Investment Advisor 30.11.2012 Unclassified 01.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 01.11.2012 Government 31.01.2013 Unclassified 01.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 27.03.2013 26.03.2013 25.03.2013 21.03.2013 13.03.2013 11.03.2013 11.03.2013 08.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 05.02.2013 25.01.2013 25.01.2013 17.01.2013 11.01.2013 07.01.2013 10.12.2012 22.10.2012


27.03.2013

Koninklijke Philips Electronics NV Koninklijke Philips Electronics N.V. manufactures medical systems, domestic appliances, consumer electronics, and lighting. The Company produces imaging, ultrasound and healthcare informatics equipment, shaving and beauty and health and wellness products, displays, and peripherals, and lamps and luminaries.

Price/Volume 25

14.0 M 12.0 M

20

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (07.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHIA NA EQUITY YTD Change PHIA NA EQUITY YTD % CHANGE

12/2012 12/yy 24.16 13.57 1'953'498.00 23.015 -4.80% 69.60% 92.02% 957.1 22'028.41 4'534.00 0.0 34.0 3'834.00 22'762.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

10

6.0 M 4.0 M

5

2.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 26'385.0 0.51x 1'883.0 7.11x (91.0) -

15

31.12.2009 31.12.2010 20'092.0 22'287.0 0.95x 0.92x 2'055.0 3'436.0 9.30x 5.98x 410.0 1'446.0 41.36x 14.60x Profitability

LTM-4Q 31.12.2011 22'579.0 0.70x 1'185.0 13.35x (1'295.0) -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 24'788.0 0.76x 2'463.0 7.69x 226.0 71.05x 2'463.00 1'030.00 4.16% 2.30% 0.78% 1.92% 2.46% 0.85% 38.0% 9.9% 4.2% 0.9% 1.26 0.82 15.59% 40.70% 5.81 4.32

Price/ Cash Flow

LTM

12/yy 22'582.0 3.02x 1'186.0 13.34x (1'295.0) 0.00x

12/yy 24'788.0 2.75x 2'463.0 7.69x 226.0 72.71x

FY+1

1.19 908.50 56.02% 15.68% 1.188 41 3.756 3'538'578 3'695'745 3'298'536 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'776.3 25'619.0 5'551.7 5'823.8 0.92x 0.85x 3.97x 3.98x 3'410.5 3'741.9 589.0 713.0 6.65x 6.06x 7.14x 8.76x 1'439.7 1'679.3 221.4 310.4 14.05x 12.15x 13.65x 12.81x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.05.2005 ANEG 26.02.2001 A-2 7.00 5.08 0.28 1.84 40.7% 28.9% 0.85 8.30 63.03 84.72 74.10 76.69

Sales/Revenue/Turnover

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Koninklijke Philips Electronics NV Holdings By:

All

Holder Name KONINKLIJKE PHILIPS DODGE & COX BLACKROCK SOUTHEASTERN ASSET M FRANKLIN RESOURCES VANGUARD GROUP INC FMR LLC HARRIS ASSOCIATES LP ING INVESTMENT MANAG ARTISAN PARTNERS HOL ONTARIO TEACHERS PEN ACHMEA BELEGGINSFOND T ROWE PRICE ASSOCIA DB PLATINUM ADVISORS FORTIS INVESTMENTS BARCLAYS PLC TEMPLETON INVESTMENT DIMENSIONAL FUND ADV MERCURY ASSET MANAGE BNP PARIBAS INV PART

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Exane BNP Paribas OLIVIER ESNOU Canaccord Genuity Corp JAMES STETTLER Societe Generale GAEL DE BRAY Sanford C. Bernstein & Co MARTIN PROZESKY Rabobank International HANS SLOB AlphaValue THOMAS PICHERIT RBC Capital Markets ANDREW CARTER Credit Suisse SIMON TOENNESSEN ING Bank FABIAN SMEETS ABN Amro Bank N.V. ROBIN VAN DEN BROEK Morgan Stanley BEN UGLOW JPMorgan ANDREAS WILLI Kepler Capital Markets PETER OLOFSEN Nomura DANIEL CUNLIFFE HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE Redburn Partners PHILIP WILSON EVA Dimensions CRAIG STERLING Nord/LB WOLFGANG VASTERLING Banco Sabadell GLEN SPENCER-CHAPMAN Day by Day VALERIE GASTALDY Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Landesbank Baden-Wuerttemberg VOLKER STOLL CA Cheuvreux ANTOINE AZAR Hamburger Sparkasse MARCO GUENTHER Natixis LUDOVIC DEBAILLEUX Barclays DAVID VOS Deutsche Bank MARTIN WILKIE Kempen & Co ERWIN DUT Independent Research GmbH MARKUS FRIEBEL Petercam MARCEL ACHTERBERG S&P Capital IQ JAMES CRAWSHAW Goldman Sachs AARON IBBOTSON Berenberg Bank WILLIAM MACKIE SNS Securities(ESN) VICTOR BARENO Theodoor Gilissen Securities JOS VERSTEEG DZ Bank AG THOMAS MAUL Jyske Bank ROBERT JAKOBSEN

Source Research 13G ULT-AGG 13G ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral hold hold outperform buy add outperform neutral buy buy Equalwt/Cautious neutral buy buy neutral buy buy buy buy sell hold hold hold outperform sell buy equalweight hold buy hold hold hold neutral/neutral buy hold buy buy sell

Amt Held 47'895'476 46'061'138 45'264'486 41'502'897 13'434'710 10'760'946 9'615'086 9'437'496 6'622'250 5'481'917 4'800'000 4'020'057 3'920'784 3'875'475 2'924'969 2'911'837 2'860'801 2'569'692 2'523'231 2'477'382

% Out 5 4.81 4.73 4.34 1.4 1.12 1 0.99 0.69 0.57 0.5 0.42 0.41 0.4 0.31 0.3 0.3 0.27 0.26 0.26

Weighting

Change 3 3 3 5 5 4 5 3 5 5 3 3 5 5 3 5 5 5 5 1 3 3 3 5 1 5 3 3 5 3 3 3 3 5 3 5 5 1

M M M M M D M M M M M M M M M M M U M M D M M M M M M M M M M M M M M M M M

Latest Chg 15'514'236 (6'799'141) (5'070'179) 498'208 2'767'369 586'900 (220'702) 282'727 623'576 153'795 2'263'827 (78'890) (687'730) 71'742

Target Price 25 20 24 27 28 27 27 23 27 28 24 25 23 25 24 27 #N/A N/A #N/A N/A 24 20 #N/A N/A 23 25 25 #N/A N/A 26 21 23 23 24 23 23 23 25 15 23 17 23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.02.2013 Corporation 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 04.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 9 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 27.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 12.03.2013 08.03.2013 08.03.2013 08.03.2013 05.03.2013 26.02.2013 15.02.2013 15.02.2013 06.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013 08.01.2013 22.10.2012 04.09.2012 27.06.2012 29.03.2010


27.03.2013

Glencore International PLC Glencore International PLC, through its subsidiaries, supplies commodities and raw materials to industrial consumers. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products.

Price/Volume 450

250.0 M

400 200.0 M

350 300

150.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.04.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLEN LN EQUITY YTD Change GLEN LN EQUITY YTD % CHANGE

12/2012 06/yy 439.95 289.35 7'911'805.00 357.2 -18.90% 23.45% 44.85% 7'099.5 25'359.26 35'526.00 0.0 3'034.0 2'820.00 74'037.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100

50.0 M

50 0 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 152'236.0 5'068.0 1'044.0 -

100.0 M

150

31.12.2009 31.12.2010 106'364.0 144'978.0 3'074.0 4'474.0 1'633.0 3'751.0 Profitability

LTM-4Q 31.12.2011 186'152.0 0.39x 4'423.0 16.24x 4'048.0 8.50x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 214'436.0 0.36x 4'601.0 16.57x 1'004.0 39.57x 4'601.00 3'128.00 1.46% 0.50% 1.05% 3.32% 2.24% 1.9% 2.1% 1.5% 0.5% 1.15 0.45 33.66% 113.63% 12.51 11.13

Price/ Cash Flow

LTM

FY+1

2.92 1.39 3'358.26 -8.66% 1.68% 1.387 17 3.882 14'668'200 15'465'560 13'524'760 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 131'129.0 167'091.0 217'949.7 229'254.5 0.00x 0.48x 0.32x 0.29x 3'708.0 5'333.0 7'255.9 9'103.7 0.00x 15.01x 10.20x 8.13x 2'136.0 4'755.0 4'258.5 4'944.0 0.00x 0.00x 9.08x 7.29x S&P Issuer Ratings Long-Term Rating Date 29.11.2012 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 29.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 3.36 (EBITDA-Capex)/Interest Exp. 1.19 Net Debt/EBITDA 7.11 Total Debt/EBITDA 7.72 Reference Total Debt/Equity 113.6% Total Debt/Capital 50.9% Asset Turnover 2.24 Net Fixed Asset Turnover 11.32 Accounts receivable turnover-days 29.26 Inventory Days 32.88 Accounts Payable Turnover Day 29.43 Cash Conversion Cycle 32.71 Sales/Revenue/Turnover

70.00

250'000.0

60.00

200'000.0

50.00

150'000.0

40.00 30.00

100'000.0

20.00

50'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Glencore International PLC Holdings By:

All

Holder Name GLASENBERG IVAN MATE BADENE DANIEL F MISTAKIDIS ARISTOTEL PETERSON TOR BEARD ALEXANDER FRAN BLACKROCK JSC VERNY CAPITAL FEGEL GARY MAHONEY CHRIS LEGAL & GENERAL FR GALAXY HOLDINGS S CAPITAL GROUP COMPAN STATE STREET ABU DHABI INVESTMENT POPOVIC NIKOLA FMR LLC WOLFENSBERGER CHRIST BLUMGART STEVEN ALVAREZ LUIS CUTLER STUART

Firm Name Macquarie Exane BNP Paribas AlphaValue Jefferies Sanford C. Bernstein & Co BMO Capital Markets Day by Day RBC Capital Markets Societe Generale Deutsche Bank Redburn Partners SBG Securities EVA Dimensions Nomura Liberum Capital Ltd Standard Chartered ABN Amro Bank N.V. Credit Suisse Morgan Stanley JPMorgan

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst JEFFREY LARGEY SYLVAIN BRUNET SACHIN KUMAR Christopher LaFemina PAUL GAIT TONY ROBSON VALERIE GASTALDY TIMOTHY HUFF ALAIN WILLIAM ROBERT CLIFFORD SIMON TOYNE PETER DAVEY CRAIG STERLING SAM CATALANO ASH LAZENBY SUBRAMANIAM VARADA TEUN TEEUWISSE LIAM FITZPATRICK ALAIN GABRIEL BENJAMIN DEFAY

Source RNS-RUL8 RNS-MAJ RNS-RUL8 Co File Co File ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8

Recommendation outperform neutral reduce buy outperform market perform hold outperform hold restricted neutral hold sell restricted buy outperform buy restricted restricted restricted

Amt Held 1'101'848'752 417'468'330 414'730'597 366'074'885 320'260'410 263'354'966 176'742'520 154'814'588 143'834'821 131'943'542 129'372'165 112'185'928 99'636'501 99'299'065 93'437'150 92'847'626 87'403'187 86'736'565 81'654'211 78'568'743

% Out 15.52 5.88 5.84 5.16 4.51 3.71 2.49 2.18 2.03 1.86 1.82 1.58 1.4 1.4 1.32 1.31 1.23 1.22 1.15 1.11

Weighting

Change

5 3 2 5 5 3 3 5 3 #N/A N/A 3 3 1 #N/A N/A 5 5 5 #N/A N/A #N/A N/A #N/A N/A

M M M M M U M M M M M M M M M M N M M M

Latest Chg 2'700'000 3'000'000 (19'162) (39'649) 16'875'000 (18'700) 157 3'072'650 13'162'571 200'000

Target Price 430 450 382 450 475 400 #N/A N/A 425 410 #N/A N/A #N/A N/A 400 #N/A N/A #N/A N/A #N/A N/A 454 415 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.06.2012 11.10.2012 24.05.2012 26.03.2012 26.03.2012 25.03.2013 11.10.2012 15.02.2012 15.02.2012 22.03.2013 29.01.2013 25.03.2013 26.03.2013 02.02.2012 15.02.2012 25.03.2013 15.02.2012 15.02.2012 15.02.2012 18.05.2012

Date 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type n/a n/a n/a n/a n/a Investment Advisor Investment Advisor n/a n/a Unclassified Holding Company Investment Advisor Investment Advisor Government n/a Investment Advisor n/a n/a n/a n/a

Date 22.03.2013 21.03.2013 21.03.2013 20.03.2013 15.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 26.02.2013 11.02.2013 29.01.2013 17.01.2013 16.01.2013 10.01.2013 22.11.2012 31.10.2012 20.03.2012 02.02.2012 02.02.2012


27.03.2013

ING Groep NV ING Groep N.V. offers financial services to individuals, corporations, and other institutions. The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance. ING Groep has offices throughout the world.

Price/Volume 9

70.0 M

8

60.0 M

7

50.0 M

6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INGA NA EQUITY YTD Change INGA NA EQUITY YTD % CHANGE

12/2012 12/yy 7.91 4.44 17'221'237.00 5.624 -28.84% 26.67% 36.59% 3'831.6 21'548.70 207'649.00 0.0 1'081.0 17'657.00 212'621.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

40.0 M

4

30.0 M

3

20.0 M

2

10.0 M

1 0 m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 64'680.0 4.40x (729.0) -

5

31.12.2009 31.12.2010 46'025.0 51'411.0 5.41x 4.99x (935.0) 2'810.0 12.77x Profitability

LTM-4Q 31.12.2011 52'787.0 4.38x 5'766.0 6.70x

31.12.2012 39'304.0 5.54x 3'894.0 11.39x 12.65% 9.91% 0.32% 7.33% 1.55% 0.03% 9.9% 17.77% 366.83% -

LTM

12/yy 46'023.0 22.59x 0.0 0.00x 5'766.0 6.43x

12/yy 42'241.0 22.26x 0.0 0.00x 3'894.0 9.42x

FY+1

1.80 -16.51% -20.35% 1.803 30 3.900 28'368'770 23'844'900 20'225'100 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 38'679.0 42'573.4 0.78x 0.71x 3'710.4 4'153.5 5.62x 5.07x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

03.09.2009 A NEG 31.03.2009 A-1 366.8% 78.3% 0.03 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

ING Groep NV Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES VANGUARD GROUP INC CARMIGNAC GESTION FMR LLC SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS ING INVESTMENT MANAG BNP PARIBAS INV PART CAPITAL GROUP COMPAN DEUTSCHE BANK AG ARTISAN PARTNERS HOL ACHMEA BELEGGINSFOND UNION INVESTMENT GMB SCHRODER INVESTMENT TEMPLETON INVESTMENT MERCURY ASSET MANAGE ROYAL BANK OF CANADA SNS INVESTMENT FUND

Firm Name Mediobanca SpA AlphaValue Rabobank International Kepler Capital Markets JPMorgan Exane BNP Paribas Berenberg Bank ABN Amro Bank N.V. Oddo & Cie Barclays Credit Suisse Macquarie Day by Day HSBC Morgan Stanley Hamburger Sparkasse Main First Bank AG Independent Research GmbH SNS Securities(ESN) Societe Generale Deutsche Bank Keefe, Bruyette & Woods Nomura S&P Capital IQ Petercam EVA Dimensions Goldman Sachs RBC Capital Markets Landesbank Baden-Wuerttemberg CA Cheuvreux DZ Bank AG Theodoor Gilissen Securities Daiwa Securities Co. Ltd. Natixis

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ALAIN TCHIBOZO JEROME CASSAGNE COR KLUIS BENOIT PETRARQUE MICHAEL HUTTNER FRANCOIS BOISSIN JAMES CHAPPELL JAN WILLEM WEIDEMA NICOLAS JACOB KIRI VIJAYARAJAH RICHARD BURDEN THOMAS STOEGNER VALERIE GASTALDY STEVEN HAYWOOD DAVID ANDRICH CHRISTIAN HAMANN FEDERICO SALERNO STEFAN BONGARDT LEMER SALAH PHILIP RICHARDS DAVID LOCK WILLIAM HAWKINS DOMENICO SANTORO RODERICK WALLACE MATTHIAS DE WIT AUSTIN BURKETT MARTIN LEITGEB GORDON AITKEN WERNER SCHIRMER HANS PLUIJGERS WERNER EISENMANN TOM MULLER TIM PROUDLOVE BENOIT VALLEAUX

Source ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform add buy reduce overweight neutral buy buy reduce equalweight restricted neutral hold neutral Equalwt/In-Line hold outperform hold buy buy hold market perform buy hold hold overweight Rating Suspended outperform hold outperform buy hold outperform suspended coverage

Amt Held 246'344'796 155'242'498 59'837'974 39'943'572 33'982'940 32'439'848 30'409'081 30'159'946 30'118'916 26'518'528 25'314'880 24'042'650 23'087'088 19'206'527 18'861'119 17'785'056 14'894'179 11'441'515 11'184'560 9'422'204

% Out 6.43 4.05 1.56 1.04 0.89 0.85 0.79 0.79 0.79 0.69 0.66 0.63 0.6 0.5 0.49 0.46 0.39 0.3 0.29 0.25

Weighting

Change

5 4 5 2 5 3 5 5 2 3 #N/A N/A 3 3 3 3 3 5 3 5 5 3 3 5 3 3 5 #N/A N/A 5 3 5 5 3 5 #N/A N/A

M D M M M M M M M M M U M M M M U M M M M M M M M M M M M M M M M M

Latest Chg (1'807'406) (2'936'906) 599'105 1'701'096 (5'732'380) 1'170'048 122'201 968'030 (541'144) (2'918'867) 1'817'067 1'256'401 (493'114) 3'877'089 (81'806) (269'814) (350'366)

Target Price 9 7 10 7 10 8 8 10 7 7 #N/A N/A 7 #N/A N/A 7 7 #N/A N/A 7 7 9 9 7 8 9 8 8 #N/A N/A #N/A N/A 8 7 8 8 10 9 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 30.11.2012 Bank 29.06.2012 Investment Advisor

Date Not Provided 6 month 12 month Not Provided 18 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 25.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 05.03.2013 04.03.2013 01.03.2013 26.02.2013 26.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 17.01.2013 07.12.2012 07.12.2012 08.11.2012 05.10.2012 13.01.2012 27.10.2011 17.06.2011 17.03.2009


27.03.2013

Bayerische Motoren Werke AG Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and motorcycles worldwide. The Company produces everything from convertible sports cars to luxury sedans to touring motorcycles with large displacement engines.

Price/Volume 80

7.0 M

70

6.0 M

60

5.0 M

50

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2012 12/yy 76.16 53.16 1'031'380.00 68.81 -9.69% 29.44% 72.39% 602.0 44'030.69 69'507.00 0.0 107.0 12'982.00 100'662.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

30 20

2.0 M

10

1.0 M

0 m-12

31.12.2009 31.12.2010 50'681.0 60'477.0 1.40x 1.49x 9'311.0 9'087.0 7.59x 9.93x 204.0 3'227.0 102.58x 11.94x Profitability

LTM-4Q 31.12.2011 68'821.0 1.31x 11'677.0 7.75x 4'881.0 6.95x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 76'848.0 1.36x 12'014.0 8.70x 5'096.0 9.39x 12'014.00 8'298.00 10.80% 10.17% 3.99% 17.78% 5.87% 0.60% 20.2% 15.6% 10.8% 6.6% 1.04 0.32 52.72% 229.43% 26.75 6.34

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy 68'821.0 5.13x 11'677.0 7.75x 4'881.0 6.95x

a-12

12/yy 76'848.0 5.09x 12'014.0 8.70x 5'096.0 9.39x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.08 323.27 4.21% -5.65% 1.078 38 3.895 1'902'335 1'904'662 1'701'355 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 79'682.3 83'523.6 0.60x 0.57x 12'733.7 13'186.0 7.91x 7.63x 5'108.9 5'275.6 8.82x 8.57x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.04.2012 A STABLE 16.04.2012 A-1 13.16 7.42 4.70 5.79 229.4% 69.6% 0.60 2.12 13.68 57.75 34.90 36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 53'197.0 1.19x 11'231.0 5.64x 324.0 44.10x

4.0 M

40

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Bayerische Motoren Werke AG Holdings By:

All

Holder Name QUANDT STEFAN QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK CAPITAL GROUP COMPAN WADDELL & REED FINAN FMR LLC DODGE & COX VANGUARD GROUP INC DB PLATINUM ADVISORS UNION INVESTMENT GMB DEUTSCHE BANK AG DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE SEB WILLIAM BLAIR & COMP BNP PARIBAS INV PART ADIG INVESTMENT FRANKFURT TRUST INVE NORDEA INV MANAGEMEN

Firm Name Sanford C. Bernstein & Co DZ Bank AG Kepler Capital Markets Exane BNP Paribas Commerzbank Corporates & Markets Macquarie Nord/LB JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH Oddo & Cie M.M. Warburg Investment Research Equinet Institutional Services(ESN) AlphaValue EVA Dimensions Morgan Stanley Credit Suisse Societe Generale Day by Day Creative Global Investments S&P Capital IQ Bankhaus Lampe Bankhaus Metzler Redburn Partners HSBC Ahorro Corporacion Financiera SA Goldman Sachs Natixis Main First Bank AG Hamburger Sparkasse CA Cheuvreux Barclays Cyrrus Silvia Quandt Research Dr. Kalliwoda Equity Research Deutsche Bank Steubing AG

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MAX WARBURTON MICHAEL PUNZET MICHAEL RAAB RABIH FREIHA DANIEL SCHWARZ CHRISTIAN BREITSPRECHER FRANK SCHWOPE JOSE ASUMENDI FRANK BILLER ZAFER RUZGAR FRANCOIS MAURY MARC-RENE TONN TIM SCHULDT HANS-PETER WODNIOK CRAIG STERLING STUART PEARSON ERICH HAUSER PHILIPPE BARRIER VALERIE GASTALDY CARLO R BESENIUS RODERICK BRIDGE CHRISTIAN LUDWIG JUERGEN PIEPER CHARLES WINSTON HORST SCHNEIDER VIRGINIA PEREZ REPES STEFAN BURGSTALLER GEORGES DIENG LOTHAR LUBINETZKI TINA HECKING-VELTMAN THOMAS BESSON KRISTINA CHURCH JIRI SIMARA ALBRECHT DENNINGHOFF NORBERT KALLIWODA JOCHEN GEHRKE MICHAEL BROEKER

Source Co File Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG 13F ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform sell buy neutral add neutral sell overweight hold buy reduce buy buy add hold Equalwt/In-Line outperform buy hold buy strong buy buy sell buy neutral strong buy neutral/attractive buy outperform hold outperform overweight accumulate not rated buy hold buy

Amt Held 104'747'161 98'125'214 75'851'392 36'126'021 14'833'170 8'265'500 7'021'307 6'403'800 3'796'472 3'474'386 2'987'994 2'917'838 2'667'376 2'407'518 1'314'060 1'310'054 1'212'526 1'200'968 1'149'062 961'711

% Out 17.4 16.3 12.6 6 2.46 1.37 1.17 1.06 0.63 0.58 0.5 0.48 0.44 0.4 0.22 0.22 0.2 0.2 0.19 0.16

Weighting

Change

5 1 5 3 4 3 1 5 3 5 2 5 5 4 3 3 5 5 3 5 5 5 1 5 3 5 3 5 5 3 5 5 4 #N/A N/A 5 3 5

M M M M M M M M M M M M M M U M M M D M M M D M M M D M M M M M M M N M M

Latest Chg (168'858) 113'170 (130'000) 204'186 289'797 (1'064'286) 120'702 6'788 (191'841) (414'675) 12'465 28'645 46'158 380'695 8'114

Target Price 90 65 83 74 87 80 61 95 70 90 60 84 88 82 #N/A N/A 79 80 83 #N/A N/A 87 83 90 64 #N/A N/A 82 83 92 82 77 #N/A N/A 85 84 66 #N/A N/A 81 68 100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 31.12.2012 n/a 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 9 month Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 19.02.2013 12.02.2013 01.02.2013 01.02.2013 10.01.2013 10.12.2012 26.11.2012 08.11.2012 07.11.2012 07.11.2012 29.10.2012 16.10.2012 06.06.2012 26.03.2012 05.01.2012


27.03.2013

Linde AG Linde AG is a gases and engineering company. The Gases Division offers a wide range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

Price/Volume 4.0 M

120

3.5 M 3.0 M 2.5 M

80

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LIN GY EQUITY YTD Change LIN GY EQUITY YTD % CHANGE

12/2012 12/yy 147.40 109.80 227'756.00 143.5 -2.65% 30.69% 93.62% 185.2 26'579.84 10'204.00 0.0 564.0 2'041.00 35'306.84

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.5 M

140 100

Valuation Analysis

31.12.2008 12'663.0 1.34x 2'468.0 6.86x 717.0 14.02x

160

31.12.2009 31.12.2010 11'211.0 12'868.0 1.86x 1.97x 2'320.0 2'847.0 8.97x 8.92x 591.0 1'005.0 23.98x 19.12x Profitability

LTM-4Q 31.12.2011 13'787.0 1.88x 3'101.0 8.37x 1'174.0 16.71x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 15'280.0 2.17x 3'443.0 9.63x 1'250.0 18.78x 3'443.00 1'905.00 12.47% 11.04% 4.01% 10.12% 0.49% 36.2% 22.5% 12.5% 8.2% 0.98 0.68 30.48% 77.93% 6.60 9.14

Price/ Cash Flow

LTM

12/yy 13'787.0 7.30x 3'101.0 8.37x 1'174.0 16.68x

12/yy 15'280.0 8.22x 3'443.0 9.63x 1'250.0 18.78x

FY+1

0.81 185.21 9.38% 8.71% 0.812 43 4.000 478'179 520'485 501'067 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'124.8 18'253.0 4'107.8 4'278.5 2.02x 1.86x 8.58x 8.28x 3'966.1 4'286.6 966.8 1'003.5 8.90x 8.23x 8.72x 1'506.7 1'723.6 339.5 371.0 16.79x 14.84x 16.90x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.05.2012 A STABLE 25.05.2012 A-1 8.63 4.15 2.37 2.96 77.9% 42.8% 0.49 1.59 55.44 40.03 102.56 -7.09

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Linde AG Holdings By:

All

Holder Name BLACKROCK ADVISORS L BLACKROCK CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS FMR LLC SUN LIFE FINANCIAL I DEUTSCHE BANK AG ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE VANGUARD GROUP INC DB PLATINUM ADVISORS FRANKLIN RESOURCES UNION INVESTMENT GMB BNP PARIBAS INV PART DEKA INVESTMENT GMBH DODGE & COX ADIG INVESTMENT MFS FINANCIAL SERVIC OPPENHEIMERFUNDS INC FRANKFURT TRUST INVE

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Sanford C. Bernstein & Co HSBC Exane BNP Paribas JPMorgan Bankhaus Lampe Nomura Societe Generale Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg AlphaValue Credit Suisse Independent Research GmbH Equita SIM SpA M.M. Warburg Investment Research Bankhaus Metzler S&P Capital IQ Main First Bank AG Morgan Stanley Nord/LB Baader Bank Berenberg Bank Natixis Equinet Institutional Services(ESN) DZ Bank AG Day by Day Goldman Sachs Barclays Kepler Capital Markets EVA Dimensions Jefferies Liberum Capital Ltd Deutsche Bank Macquarie CA Cheuvreux Hamburger Sparkasse Silvia Quandt Research Alembic Global Advisors Redburn Partners Canaccord Genuity Corp

JEREMY REDENIUS SEBASTIAN SATZ HEIDI VESTERINEN MARTIN EVANS HEIKO FEBER JEAN DE WATTEVILLE PETER CLARK STEPHAN KIPPE ULLE WORNER HANS-PETER WODNIOK CHRIS COUNIHAN CHRISTOPH SCHOENDUBE MASSIMO BONISOLI EGGERT KULS LARS HETTCHE JOHNSON IMODE THOMAS SWOBODA PETER MACKEY THORSTEN STRAUSS NORBERT BARTH JOHN PHILIPP KLEIN FREDERIC WILLIAMS-GOBEAUX NADESHDA DEMIDOVA PETER SPENGLER VALERIE GASTALDY RAKESH PATEL GUNTHER ZECHMANN MARKUS MAYER CRAIG STERLING LAURENCE ALEXANDER ADAM COLLINS TIMOTHY JONES CHRISTIAN FAITZ KLAUS RINGEL MARCO GUENTHER RALF GROENEMEYER HASSAN I AHMED TONY JONES PAUL W SATCHELL

Source Research ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform overweight neutral overweight buy neutral buy buy buy add underperform hold buy buy buy hold outperform Equalwt/In-Line buy buy buy neutral buy hold buy Buy/Neutral equalweight buy sell buy buy buy outperform select list hold buy neutral neutral hold

Amt Held 9'252'936 8'717'675 6'880'592 4'801'614 4'605'392 4'402'491 3'880'191 2'572'241 1'850'348 1'839'840 1'825'948 1'815'684 1'580'518 1'553'523 1'230'595 820'205 776'040 699'871 665'092 566'970

% Out 5 4.71 3.71 2.59 2.49 2.38 2.09 1.39 1 0.99 0.99 0.98 0.85 0.84 0.66 0.44 0.42 0.38 0.36 0.31

Weighting

Change 3 5 3 5 5 3 5 5 5 4 1 3 5 5 5 3 5 3 5 5 5 3 5 3 5 5 3 5 1 5 5 5 5 5 3 5 3 3 3

M M M M M M M M M M M M M M M M M M M M M D M M U M M M M M M M M M M M M M M

Latest Chg 626'980 (174'285) (340'139) 155'280 (174'980) 61'948 (31'340) 67'654 (678'316) (20) 127'709 (293'938) (17'345) (55'000) 22'217 (121'000)

Target Price 149 168 137 160 160 160 165 180 160 160 130 145 160 165 154 140 170 150 165 153 160 147 155 141 146 167 139 147 #N/A N/A 149 156 160 150 153 #N/A N/A 160 120 #N/A N/A 114

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 14.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 29.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 3 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 27.03.2013 27.03.2013 26.03.2013 20.03.2013 19.03.2013 18.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 28.02.2013 27.02.2013 04.02.2013 01.02.2013 17.01.2013 02.01.2013 13.12.2012 06.12.2012 21.11.2012 30.10.2012 29.10.2012 29.10.2012 15.10.2012 08.10.2012 18.05.2012


27.03.2013

Vivendi SA Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications. The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.12.2012) 52-Week Low (19.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIV FP EQUITY YTD Change VIV FP EQUITY YTD % CHANGE

12/2012 12/yy 17.44 12.01 2'578'674.00 15.86 -9.03% 32.01% 75.56% 1'324.0 20'998.04 17'757.00 0.0 2'971.0 3'894.00 37'832.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 25'392.0 1.55x 6'774.0 5.82x 2'603.0 10.43x

20 18 16 14 12 10 8 6 4 2 0 m-12

31.12.2009 31.12.2010 27'132.0 28'878.0 1.44x 1.29x 7'682.0 8'020.0 5.07x 4.64x 830.0 2'198.0 30.14x 11.35x Profitability

LTM-4Q 31.12.2011 28'813.0 1.24x 8'847.0 4.03x 2'681.0 7.83x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 28'994.0 1.35x 4'477.0 8.77x 164.0 130.38x 4'477.00 3'230.00 11.14% 7.27% 0.28% 0.87% 6.63% 0.50% 50.5% 22.5% 11.6% 0.6% 0.69 0.19 29.84% 96.17% 18.62

Price/ Cash Flow

LTM

12/yy 28'813.0 5.00x 8'847.0 4.03x 2'681.0 7.83x

12/yy 28'994.0 4.98x 6'531.0 6.01x 164.0 118.88x

FY+1

0.82 1'147.24 26.47% -6.43% 0.823 34 4.000 5'534'172 4'834'842 4'108'304 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'836.1 29'153.0 6'982.0 6'523.0 1.27x 1.22x 7'760.4 7'970.7 4.86x 4.73x 2'292.6 2'363.1 8.89x 8.37x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

26.10.2012 BBB NEG 26.10.2012 A-2 16.72 10.36 2.12 2.72 96.2% 45.3% 0.50 3.06 19.66 360.74 -282.51

Sales/Revenue/Turnover

4.00

70'000.0

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Vivendi SA Holdings By:

All

Holder Name BLACKROCK CIE DE CORNOUAILLE S SOCIETE GENERALE AMUNDI NATIXIS ASSET MANAGE CAISSE DES DEPOTS ET FRANKLIN RESOURCES PEG VIVENDI BAUPOST GROUP LLC NORGES BANK INVESTME QATAR HOLDINGS LLC BANK OF AMERICA CORP UBS CREDIT SUISSE SECURI NATIXIS ASSET MANAGE GROUPE BOLLORE HSBC HOLDINGS PLC FMR LLC VANGUARD GROUP INC BNP PARIBAS INV PART

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a

Analyst

JPMorgan FILIPPO PIETRO LO FRANCO Oddo & Cie BRUNO HARENG Barclays JULIEN ROCH Societe Generale CHRISTOPHE CHERBLANC Sanford C. Bernstein & Co CLAUDIO ASPESI Credit Suisse OMAR SHEIKH Jefferies WILL SMITH Nomura MATTHEW WALKER Macquarie ANGUS TWEEDIE Morgan Stanley PATRICK WELLINGTON Raymond James STEPHANE BEYAZIAN EVA Dimensions ANDREW S ZAMFOTIS Hamburger Sparkasse ANNEMARIE SCHLUETER Kepler Capital Markets CONOR O'SHEA AlphaValue JEAN-MICHEL SALVADOR CA Cheuvreux ANDREA BENEVENTI S&P Capital IQ ALEXANDER WISCH Exane BNP Paribas CHARLES BEDOUELLE Goldman Sachs RICHARD JONES Independent Research GmbH LARS LUSEBRINK CM - CIC Securities(ESN) ERIC RAVARY New Street Research RUSSELL WALLER Banco Sabadell ANDRES BOLUMBURU Day by Day VALERIE GASTALDY HSBC NICOLAS COTE-COLISSON Grupo Santander CARLOS JAVIER TREVINO Espirito Santo Investment Bank Research WILL DRAPER Liberum Capital Ltd IAN WHITTAKER Landesbank Baden-Wuerttemberg MIRKO MAIER Natixis JEROME BODIN Deutsche Bank PATRICK KIRBY DZ Bank AG HARALD HEIDER

Source ULT-AGG Research Research Research Research Co File ULT-AGG Co File Co File Co File Co File Co File ULT-AGG Co File MF-AGG Co File Co File ULT-AGG MF-AGG ULT-AGG

Recommendation overweight buy overweight buy market perform outperform buy neutral outperform Equalwt/Attractive outperform overweight hold buy buy outperform strong buy neutral neutral/neutral hold hold neutral buy hold neutral buy buy buy hold buy hold buy

Amt Held 78'670'926 66'174'684 62'157'815 57'756'435 57'389'860 48'191'364 34'074'702 33'192'445 26'349'991 25'862'423 25'789'649 19'320'712 18'802'966 17'995'960 14'815'566 14'021'059 13'811'784 13'716'052 13'307'220 13'250'434

% Out 5.94 5 4.69 4.36 4.33 3.64 2.57 2.51 1.99 1.95 1.95 1.46 1.42 1.36 1.12 1.06 1.04 1.04 1.01 1

Weighting

Change 5 5 5 5 3 5 5 3 5 3 5 5 3 5 5 5 5 3 3 3 3 3 5 3 3 5 5 5 3 5 3 5

M M M M M M M D M M M U M M M M M M M M M M M M M M U M D M M M

Latest Chg 19'121 (36'465'062) (5'812'102) 29'924'444 415'302 65'633 1'246'283 (5'089'327) 673'572 (4'398)

Target Price 20 19 18 17 18 19 19 18 17 17 19 #N/A N/A #N/A N/A 19 23 17 18 19 18 17 17 17 18 #N/A N/A 18 22 18 20 17 22 16 23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 14.11.2012 Unclassified 30.04.2012 Bank 14.05.2012 Investment Advisor 10.05.2012 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2011 Other 31.12.2011 Hedge Fund Manager 31.12.2011 Government 31.12.2011 Government 31.12.2011 Investment Advisor 31.01.2013 Unclassified 31.12.2011 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2011 Holding Company 31.12.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 9 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Date 27.03.2013 27.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 18.03.2013 15.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 07.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 15.02.2013 05.02.2013 31.01.2013 23.01.2013 15.11.2012 24.10.2012 15.10.2012 21.09.2012 01.03.2012 06.12.2011


27.03.2013

Vinci SA Vinci SA builds roads, offers electrical, mechanical, and civil engineering and construction services, and operates toll roads. The Company builds and maintains roads and produces road construction materials, builds electricity and communications networks, installs fire protection and power and ventilation systems, and operates toll highways, bridges, parking garages, and a stadium.

Price/Volume 45 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DG FP EQUITY YTD Change DG FP EQUITY YTD % CHANGE

12/2012 09/yy 39.93 31.23 1'351'173.00 34.885 -12.65% 11.70% 52.16% 579.6 20'219.66 20'193.80 0.0 735.4 6'516.10 34'632.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 m-12

31.12.2009 31.12.2010 31'177.7 34'002.8 1.09x 1.07x 4'813.1 5'165.6 7.03x 7.01x 1'596.0 1'775.9 12.07x 12.14x Profitability

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Market Data

LTM-4Q 31.12.2011 37'646.1 0.86x 5'445.9 5.93x 1'904.3 9.59x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 39'183.2 0.86x 5'507.8 6.12x 1'916.7 10.07x 5'507.80 3'568.90 9.11% 7.64% 3.14% 14.62% 7.32% 0.63% 14.1% 9.3% 4.9% 0.87 0.46 32.79% 151.44% 6.49 -

Price/ Cash Flow

LTM

09/yy 33'699.5 0.00x 0.0 0.00x 0.0 0.00x

09/yy 37'494.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.15 1.10 506.38 -6.96% -2.99% 1.099 31 4.290 2'285'345 1'767'313 1'594'406 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 38'942.5 39'734.8 10'174.8 0.86x 0.81x 5'540.9 5'701.2 6.25x 6.07x 1'936.2 2'025.9 9.92x 9.38x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.03.2007 BBB+ STABLE 24.04.2001 A-2 7.58 4.83 2.51 3.70 151.4% 58.9% 0.63 8.40 56.37 -

Sales/Revenue/Turnover

8.00

45'000.0

7.00

40'000.0

6.00

35'000.0 30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 01.01.2010

a-12 m-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 33'930.3 0.90x 5'009.2 6.09x 1'591.4 8.85x

15

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Vinci SA Holdings By:

All

Holder Name VINCI SA COMET LUXEMBOURG HLD CAPITAL GROUP COMPAN ARTEMIS SA FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE FMR LLC AVIVA PLC AMUNDI PICTET ASSET MANAGEM LBPAM COHEN & STEERS CAPIT ALLIANZ ASSET MANAGE UNION INVESTMENT LUX MERCURY ASSET MANAGE DEUTSCHE BANK AG DNCA FINANCE COMMONWEALTH BANK OF

Firm Name Raymond James EVA Dimensions Bryan Garnier & Cie HSBC BPI Aurel - BGC AlphaValue Hamburger Sparkasse Banco Sabadell Day by Day Societe Generale Natixis Independent Research GmbH CM - CIC Securities(ESN) Ahorro Corporacion Financiera SA S&P Capital IQ Exane BNP Paribas Deutsche Bank RBC Capital Markets Barclays Morgan Stanley Goldman Sachs CA Cheuvreux JPMorgan DZ Bank AG Landesbank Baden-Wuerttemberg Oddo & Cie Kepler Capital Markets Nord/LB

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Research Research ULT-AGG Research ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

ARNAUD PALLIEZ CRAIG STERLING SVEN EDELFELT PIERRE BOSSET FILIPE MARTINS LEITE ERIC LEMARIE GAETAN DUPONT INGO SCHMIDT MARIA CEBOLLERO VALERIE GASTALDY MURIEL FELLOUS GREGOIRE THIBAULT CHRISTOPH SCHOENDUBE JEAN-CHRISTOPHE LEFEVRE-MOULENQ VIRGINIA PEREZ REPES JAWAHAR HINGORANI NICOLAS MORA LUIS PRIETO OLIVIA PETERS SUSANNA INVERNIZZI JAIME ROWBOTHAM WILL MORGAN NABIL AHMED ELODIE RALL MARC NETTELBECK HANS-PETER KUHLMANN OLIVIER BECKER JOSEP PUJAL HEINO HAMMANN

outperform sell buy neutral buy hold buy hold buy hold buy buy hold buy strong buy strong buy neutral buy sector perform overweight Overwt/In-Line Buy/Neutral outperform overweight buy hold buy buy buy

Amt Held 40'940'297 31'714'315 13'142'000 8'072'735 7'915'159 5'462'669 5'401'971 4'772'800 4'772'712 2'633'758 2'147'140 2'114'012 1'945'486 1'663'965 1'658'463 1'457'470 1'405'036 1'335'216 1'325'000 1'235'358

% Out 7.06 5.47 2.27 1.39 1.37 0.94 0.93 0.82 0.82 0.45 0.37 0.36 0.34 0.29 0.29 0.25 0.24 0.23 0.23 0.21

Weighting

Change 5 1 5 3 5 3 5 3 5 3 5 5 3 5 5 5 3 5 3 5 5 5 5 5 5 3 5 5 5

M D M M M M M D M D M M M M M M M M M M M M M M M M M M M

Latest Chg 2'679'200 398'303 9'442 176'206 (22'333) 1'057'163 (2'838) (27'232) 19'058 133'200 (38'563) 53'000 (287'348) (180'000) 106'285

Target Price 45 #N/A N/A 45 40 48 39 50 #N/A N/A 43 #N/A N/A 48 48 40 44 45 45 41 47 40 45 42 46 43 49 41 37 49 50 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Holding Company 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Bank

Date 12 month Not Provided 6 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 22.03.2013 21.03.2013 20.03.2013 19.03.2013 07.03.2013 07.03.2013 07.03.2013 26.02.2013 15.02.2013 15.02.2013 11.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 01.02.2013 30.01.2013 29.01.2013 23.01.2013 15.01.2013 14.01.2013 21.11.2012 17.09.2012 17.09.2012 01.08.2012 01.08.2012 01.08.2012 14.06.2012


27.03.2013

Enel SpA Enel S.p.A. generates, transmits, distributes, and trades electricity. The Company operates hydroelectric, geothermal, and other generating plants. Enel, through subsidiaries, also provides fixed-line and mobile telephone services, installs public lighting systems, and operates real estate, factoring, insurance, telecommunications, and Internet service provider businesses.

Price/Volume 4 3 3 2

Valuation Analysis

2

Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENEL IM EQUITY YTD Change ENEL IM EQUITY YTD % CHANGE

12/2012 12/yy 3.30 2.02 29'170'187.00 2.52 -23.64% 24.75% 42.66% 9'403.4 23'696.46 66'539.00 0.0 16'387.0 9'891.00 96'731.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 m-12

31.12.2009 31.12.2010 62'498.0 71'943.0 1.85x 1.56x 15'883.0 16'768.0 7.29x 6.68x 5'586.0 4'390.0 5.90x 8.01x Profitability

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Market Data

LTM-4Q 31.12.2011 77'573.0 1.34x 17'198.0 6.03x 4'148.0 7.13x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 82'699.0 1.24x 16'150.0 6.35x 865.0 34.87x 16'150.00 7'735.00 9.35% 5.83% 0.51% 2.29% 0.48% 19.5% 9.4% 1.0% 1.09 0.61 38.76% 180.96% 7.10 -

Price/ Cash Flow

LTM

12/yy 77'573.0 5.64x 15'554.0 0.00x 4'148.0 7.08x

12/yy 82'699.0 4.86x 16'150.0 6.35x 865.0 34.87x

FY+1

0.97 6'465.37 -3.75% -19.69% 0.974 31 3.226 46'363'300 44'604'800 41'932'950 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 80'436.6 81'118.4 1.02x 0.97x 16'142.6 16'318.0 5.99x 5.93x 3'175.2 3'309.3 7.54x 7.18x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

08.03.2012 BBB+ NEG 14.12.2007 A-2 6.25 3.72 3.51 4.12 181.0% 55.6% 0.48 1.01 51.53 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 59'577.0 1.53x 13'722.0 6.63x 5'293.0 5.54x

1

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Enel SpA Holdings By:

All

Holder Name MINISTERO DELL'ECONO BLACKROCK VANGUARD GROUP INC PICTET ASSET MANAGEM FMR LLC MERCURY ASSET MANAGE BNP PARIBAS INV PART ALLIANZ ASSET MANAGE ARCA SGR SPA STATE STREET BANQUE AVIVA PLC CREDIT SUISSE ASSET ING INTERNATIONAL AD NATIXIS ASSET MANAGE UNION INVESTMENT LUX DEKA INVESTMENT GMBH BANK OF NEW YORK MEL JOHN HANCOCK INVESTM ING INVESTMENT MANAG UBS

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

JPMorgan JAVIER GARRIDO Exane BNP Paribas PHILIP GOTTSCHALK HSBC ADAM DICKENS Banca IMI ROBERTO RANIERI ICBPI SIMONA PEDRAZZINI Morgan Stanley EMMANUEL TURPIN S&P Capital IQ CLIVE ROBERTS Day by Day VALERIE GASTALDY Deutsche Bank VIRGINIA SANZ DE MADRID Grupo Santander OSCAR NAJAR RIOS Societe Generale ALBERTO PONTI Independent Research GmbH SVEN DIERMEIER Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Natixis PHILIPPE OURPATIAN Raymond James EMMANUEL RETIF Banca Akros(ESN) DARIO MICHI Kepler Capital Markets CLAUDIA INTROVIGNE Goldman Sachs DARIO CARRADORI AlphaValue MYRIAM COHEN Credit Suisse STEFANO BEZZATO Centrobanca EDOARDO MONTALBANO Nomura JAVIER SUAREZ Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Berenberg Bank ANDREW FISHER Barclays SUSANNA INVERNIZZI EVA Dimensions AUSTIN BURKETT Equita SIM SpA ROBERTO LETIZIA Banco Sabadell JORGE GONZALEZ SADORNIL Nord/LB HEINO HAMMANN Landesbank Baden-Wuerttemberg ERKAN AYCICEK Hammer Partners SA CHRIS MOORE DZ Bank AG HASIM SENGUEL

Source EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation underweight underperform underweight Under Review neutral Equalwt/In-Line buy hold hold buy buy hold neutral neutral market perform hold hold neutral/neutral buy neutral hold reduce buy hold equalweight overweight hold sell hold hold sell hold

Amt Held 2'937'984'993 99'021'197 68'602'047 52'151'916 30'181'320 17'684'685 14'303'336 13'120'169 12'861'686 9'428'887 9'331'460 8'892'727 8'055'396 7'830'955 7'754'520 7'123'096 7'012'498 6'929'768 5'732'826 5'696'253

% Out 31.24 1.05 0.73 0.55 0.32 0.19 0.15 0.14 0.14 0.1 0.1 0.09 0.09 0.08 0.08 0.08 0.07 0.07 0.06 0.06

Weighting

Change

1 1 1 #N/A N/A 3 3 5 3 3 5 5 3 3 3 3 3 3 3 5 3 3 2 5 3 3 5 3 1 3 3 1 3

D M M M M M M M M M M M M M M M M M M M M M M N M M M M M M D M

Latest Chg 705'523 2'529'990 (26'014'603) 5'582'196 1'277'038 6'820'235 216'500 775'921 317'904 (165'071) 61'977 23'874 (198'780) 3'250'432 39'692 185'790 (1'361'003)

Target Price 3 3 2 #N/A N/A 3 3 3 #N/A N/A 3 4 3 3 3 3 #N/A N/A 3 3 4 4 3 3 3 3 3 4 #N/A N/A 3 #N/A N/A #N/A N/A 3 #N/A N/A 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.11.2012 25.03.2013 31.12.2012 31.01.2013 31.01.2013 25.03.2013 31.01.2013 31.01.2013 28.02.2013 28.02.2013 28.02.2013 31.01.2013 31.12.2012 31.01.2013 28.09.2012 28.12.2012 26.03.2013 31.01.2013 31.12.2012 31.01.2013

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Unclassified

Date 25.03.2013 25.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 07.03.2013 05.03.2013 08.02.2013 08.02.2013 06.02.2013 05.02.2013 25.01.2013 17.01.2013 30.11.2012 03.08.2012 05.06.2012 09.03.2012 08.03.2012 18.11.2011


27.03.2013

Heineken NV Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (19.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEIA NA EQUITY YTD Change HEIA NA EQUITY YTD % CHANGE

12/2012 12/yy 60.20 37.04 401'206.00 59.34 -1.41% 60.23% 99.57% 576.0 34'180.00 13'380.00 0.0 1'071.0 1'048.00 47'583.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

60

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0 m-12

31.12.2009 31.12.2010 14'701.0 16'133.0 1.68x 1.85x 2'713.0 3'413.0 9.13x 8.73x 1'018.0 1'447.0 15.99x 14.28x Profitability

LTM-4Q 31.12.2011 17'123.0 1.72x 3'383.0 8.70x 1'430.0 14.66x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 18'383.0 2.31x 3'471.0 12.24x 2'949.0 9.84x 3'471.00 2'206.00 12.00% 19.77% 9.35% 27.48% 15.70% 0.58% 19.2% 12.0% 16.0% 0.71 0.39 37.19% 114.45% -

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy 17'123.0 0.00x 0.0 0.00x 1'430.0 14.64x

a-12

12/yy 18'383.0 0.00x 0.0 0.00x 2'949.0 9.84x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.50 0.72 229.43 43.57% 17.57% 0.717 36 3.167 603'411 729'858 730'591 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'510.0 21'472.0 2.28x 2.12x 4'576.0 4'915.8 10.40x 9.68x 1'873.1 2'124.3 18.14x 16.09x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.10.2012 BBB+ STABLE 02.10.2012 A-2 6.30 4.18 3.50 3.80 114.4% 51.2% 0.58 2.21 -

Sales/Revenue/Turnover

10.00

20'000.0

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 14'319.0 1.42x 2'388.0 8.51x 209.0 50.93x

70

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Heineken NV Holdings By:

All

Holder Name HEINEKEN HOLDING NV CB EQUITY LLP SUN LIFE FINANCIAL I CREDIT SUISSE GROUP DAVIS INVESTMENTS LL OPPENHEIMERFUNDS INC HARBOR CAPITAL ADVIS VANGUARD GROUP INC INVESCO LTD FMR LLC SKAGEN AS BLACKROCK MFS FINANCIAL SERVIC UNITED SERVICES AUTO ALLIANZ ASSET MANAGE UNIVERSAL INVEST CON NATIXIS ASSET MANAGE FRANK RUSSELL TRUST CI INVESTMENTS INC INVESTEC ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

KBC Securities WIM HOSTE SNS Securities(ESN) RICHARD WITHAGEN Rabobank International KAREL ZOETE Nomura IAN SHACKLETON Sanford C. Bernstein & Co TREVOR STIRLING ING Bank MARCO GULPERS AlphaValue ISABELLE COMBEMALE ABN Amro Bank N.V. ROBERT JAN VOS RBC Capital Markets JAMES EDWARDES JONES Liberum Capital Ltd PABLO ZUANIC Canaccord Genuity Corp EDDY HARGREAVES Societe Generale ANDREW HOLLAND Exane BNP Paribas JAVIER GONZALEZ LASTRA JPMorgan MIKE J GIBBS EVA Dimensions AUSTIN BURKETT Deutsche Bank JONATHAN FELL Natixis JOSEPHINE CHEVALLIER Day by Day VALERIE GASTALDY Barclays SAMAR CHAND Kempen & Co SANDER VAN OORT Jefferies DIRK VAN VLAANDEREN HSBC LAUREN E TORRES Petercam KRIS KIPPERS Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Berenberg Bank PHILIP MORRISEY Theodoor Gilissen Securities TOM MULLER Grupo Santander ANTHONY J BUCALO CA Cheuvreux ERIC BOROIAN Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER Espirito Santo Investment Bank Research ALEX SMITH Credit Suisse SANJEET AUJLA Davy BARRY GALLAGHER Kepler Capital Markets TEAM COVERAGE

Source Research Research ULT-AGG Research Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy reduce hold neutral outperform buy add hold sector perform hold sell buy outperform neutral underweight buy buy buy underweight hold underperform neutral hold buy hold hold hold hold outperform neutral/attractive neutral neutral not rated underperform reduce

Amt Held 288'030'112 58'426'684 26'749'481 19'749'284 8'514'203 6'894'332 4'732'907 3'390'445 2'588'234 2'240'550 2'205'111 2'110'234 1'540'251 1'287'725 1'280'256 1'165'000 853'141 837'474 694'714 658'436

% Out 50 10.14 4.64 3.43 1.48 1.2 0.82 0.59 0.45 0.39 0.38 0.37 0.27 0.22 0.22 0.2 0.15 0.15 0.12 0.11

Weighting

Change

5 2 3 3 5 5 4 3 3 3 1 5 5 3 1 5 5 5 1 3 1 3 3 5 3 3 3 3 5 3 3 3 #N/A N/A 1 2

M M M M M M M M M M M M M M D M M M M M M M M M D M M M M M M M M M N

Latest Chg (1'036'753) 3'372'552 4'253'020 53'695 (429'726) 2'442 49'679 (64'810) (45'616) 99'498 (28'080) (48'250) 96'772

Target Price 62 50 55 54 64 65 61 53 62 #N/A N/A 45 62 64 57 #N/A N/A 60 60 59 48 48 43 56 50 67 56 49 54 57 55 56 #N/A N/A 45 #N/A N/A #N/A N/A 34

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.07.2011 Corporation 29.06.2011 Holding Company 31.01.2013 Investment Advisor 04.05.2010 Investment Advisor 16.02.2012 Other 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 11.03.2013 08.03.2013 05.03.2013 26.02.2013 22.02.2013 21.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 07.02.2013 22.01.2013 21.01.2013 21.01.2013 09.01.2013 10.12.2012 20.09.2012 28.08.2012 14.08.2012 27.09.2011


27.03.2013

RWE AG RWE AG generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume 40

12.0 M

35

10.0 M

30 8.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RWE GY EQUITY YTD Change RWE GY EQUITY YTD % CHANGE

12/2012 12/yy 36.90 26.36 1'822'188.00 28.75 -22.06% 9.09% 25.47% 575.7 17'589.37 19'946.00 0.0 1'613.0 5'276.00 33'872.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

10 2.0 M

5 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 47'500.0 0.88x 7'903.0 5.30x 2'558.0 10.69x

6.0 M

15

31.12.2009 31.12.2010 46'191.0 50'722.0 1.10x 0.85x 9'655.0 9'230.0 5.28x 4.68x 3'571.0 3'308.0 10.33x 8.05x Profitability

LTM-4Q 31.12.2011 49'153.0 0.65x 8'286.0 3.88x 1'806.0 8.10x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 50'771.0 0.70x 9'055.0 3.92x 1'306.0 14.67x 9'055.00 3'699.00 7.29% 4.39% 2.6% 1.02 0.55 22.61% 134.55% -

Price/ Cash Flow

LTM

12/yy 49'153.0 2.84x 6'912.0 4.66x 1'806.0 8.13x

12/yy 39'773.0 3.72x 7'228.0 0.00x 1'033.0 0.00x

FY+1

1.04 482.66 -16.43% -7.97% 1.045 40 2.600 3'724'111 3'644'462 3'415'407 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'465.5 54'236.9 0.64x 0.64x 8'830.9 8'611.2 3.84x 3.93x 2'432.1 2'216.3 7.36x 8.08x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

27.07.2012 BBB+ STABLE 08.06.2011 A-2 7.25 3.18 134.6% 54.8% -

Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU BLACKROCK CREDIT SUISSE GROUP MONDRIAN INVESTMENT SOCIETE GENERALE SA CAPITAL GROUP COMPAN DB PLATINUM ADVISORS VANGUARD GROUP INC UNION INVESTMENT GMB DEKA INVESTMENT GMBH PICTET ASSET MANAGEM MERCURY ASSET MANAGE ETFLAB INVESTMENT GM ALLIANZ ASSET MANAGE BNP PARIBAS INV PART FMR LLC DEKA INTERNATIONAL S NUVEEN ASSET MANAGEM MACQUARIE GROUP FRANKFURT TRUST INVE

Firm Name RBC Capital Markets HSBC Exane BNP Paribas Commerzbank Corporates & Markets EVA Dimensions Redburn Partners Grupo Santander JPMorgan Nomura AlphaValue Goldman Sachs Raymond James DZ Bank AG Landesbank Baden-Wuerttemberg Hamburger Sparkasse Societe Generale Morgan Stanley Nord/LB Bankhaus Metzler S&P Capital IQ Independent Research GmbH M.M. Warburg Investment Research Kepler Capital Markets Main First Bank AG Banco Sabadell Day by Day Credit Suisse Berenberg Bank Ahorro Corporacion Financiera SA Barclays Macquarie Steubing AG Equinet Institutional Services(ESN) Deutsche Bank Natixis CA Cheuvreux Silvia Quandt Research

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst JOHN MUSK ADAM DICKENS BENJAMIN LEYRE TANJA MARKLOFF AUSTIN BURKETT AHMED FARMAN OSCAR NAJAR RIOS VINCENT DE BLIC MARTIN YOUNG EILEEN RYAN DEBORAH WILKENS EMMANUEL RETIF MARC NETTELBECK ERKAN AYCICEK ANNEMARIE SCHLUETER ALBERTO PONTI BOBBY CHADA HEINO HAMMANN DANIEL SEIDENSPINNER CLIVE ROBERTS SVEN DIERMEIER STEPHAN WULF INGO BECKER ANDREAS THIELEN JORGE GONZALEZ SADORNIL VALERIE GASTALDY VINCENT GILLES LAWSON STEELE VIRGINIA PEREZ REPES PETER BISZTYGA ROBERT SCHRAMM-FUCHS MICHAEL BROEKER MICHAEL SCHAEFER ALEXANDER KARNICK PHILIPPE OURPATIAN SEBASTIAN KAUFFMANN SEBASTIAN ZANK

Source Co File ULT-AGG Research Co File Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation sector perform underweight neutral hold buy buy underweight underweight reduce buy neutral/neutral underperform buy sell hold sell Overwt/In-Line hold sell hold hold buy reduce underperform sell hold underperform sell hold underweight neutral buy hold sell neutral outperform not rated

Amt Held 86'361'823 28'787'275 28'008'409 17'272'365 6'421'155 5'726'000 5'509'049 5'122'429 2'919'473 2'349'710 2'317'638 1'358'033 1'146'153 1'066'091 1'043'884 986'543 928'678 900'000 845'432 822'801

% Out 15 5 4.86 3 1.12 0.99 0.96 0.89 0.51 0.41 0.4 0.24 0.2 0.19 0.18 0.17 0.16 0.16 0.15 0.14

Weighting

Change

3 1 3 3 5 5 1 1 2 5 3 1 5 1 3 1 5 3 1 3 3 5 2 1 1 3 1 1 3 1 3 5 3 1 3 5 #N/A N/A

M M M M U M M M M M M M M M M M M M M M M M M D M M M N M M D M M D M D M

Latest Chg 4'226'000 3'963'686 196'272 78'546 (446'152) (565'153) (298'847) (164'548) (1'416'019) 79'174 900'000 (13'576) 800'000

Target Price 28 23 32 29 #N/A N/A #N/A N/A #N/A N/A 28 25 34 36 25 35 25 #N/A N/A 24 33 31 25 29 30 34 27 29 37 #N/A N/A 28 25 34 27 30 60 35 27 34 38 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 04.05.2012 16.05.2012 19.02.2013 31.12.2012 28.02.2013 31.12.2012 28.09.2012 28.12.2012 31.01.2013 25.03.2013 26.03.2013 28.02.2013 31.01.2013 31.01.2013 31.10.2012 31.01.2013 31.01.2013 31.01.2013

Date 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided 9 month Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Other Investment Advisor Investment Advisor Hedge Fund Manager Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 27.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 18.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 11.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 15.02.2013 14.02.2013 06.02.2013 05.02.2013 28.01.2013 25.01.2013 22.01.2013 14.01.2013 11.01.2013 07.01.2013 05.11.2012 14.06.2012 06.03.2012


27.03.2013

Iberdrola SA Iberdrola S.A. generates, distributes, trades, and markets electricity in the United Kingdom, United States, Spain, Portugal, and Latin America. The Company specializes in clean energy and more specifically wind power.

Price/Volume 5 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBE SQ EQUITY YTD Change IBE SQ EQUITY YTD % CHANGE

12/2012 12/yy 4.29 2.63 16'726'258.00 3.65 -15.01% 38.78% 65.44% 6'281.2 22'926.32 32'884.10 0.0 324.8 6'575.55 49'559.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 1 0 m-12

31.12.2009 31.12.2010 25'891.9 30'431.0 2.39x 1.90x 6'197.0 6'857.9 10.00x 8.42x 2'824.3 2'870.9 12.54x 10.95x Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 31'648.0 1.76x 7'000.4 7.95x 2'804.5 10.04x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 34'201.2 1.52x 7'177.7 7.25x 2'840.7 9.14x 7'177.74 3'828.04 11.19% 8.99% 2.93% 8.52% 0.36% 36.8% 22.1% 12.4% 8.3% 1.11 0.92 33.97% 97.41% 5.91 10.71

Price/ Cash Flow

LTM

12/yy 32'095.3 8.28x 7'004.8 7.94x 2'804.6 10.09x

12/yy 34'848.9 5.91x 7'685.6 6.77x 2'840.7 8.92x

FY+1

1.05 5'243.95 -7.90% -9.97% 1.052 36 3.361 59'983'380 44'976'740 39'179'290 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'387.7 34'470.0 1.54x 1.46x 7'606.5 7'904.4 2'289.0 1'696.0 6.52x 6.27x 6.48x 2'497.0 2'695.0 916.0 440.0 9.06x 8.64x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

28.11.2012 BBB STABLE 26.11.2007 A-2 4.82 2.20 3.42 4.28 97.4% 49.1% 0.36 61.92 34.18 104.74 -6.92

Sales/Revenue/Turnover

9.00

40'000.0

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

a-12 m-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 24'889.3 2.53x 6'105.6 10.31x 2'553.7 11.20x

2

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Iberdrola SA Holdings By:

All

Holder Name QATAR INVESTMENT AUT ACS ACTIVIDADES CONS BANCAJA (VALENCIA CA BILBAO BIZKAIA KUTXA NATIXIS BLACKROCK SOCIETE GENERALE IBERDROLA SA AMUNDI VANGUARD GROUP INC FMR LLC DEUTSCHE BANK AG DE URRUTIA VAL VICTO MERCURY ASSET MANAGE UNION INVESTMENT LUX SUN LIFE FINANCIAL I INVERCAIXA GESTION S MAINFIRST SICAV MACQUARIE GROUP SWEDBANK ROBUR FONDE

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Societe Generale JORGE ALONSO SUILS JPMorgan JAVIER GARRIDO Exane BNP Paribas MANUEL PALOMO Grupo Santander BOSCO MUGUIRO HSBC ADAM DICKENS NMAS 1 Agencia de Valores FERNANDO LAFUENTE Day by Day VALERIE GASTALDY Goldman Sachs FRED BARASI BPI GONZALO SANCHEZ-BORDONA Landesbank Baden-Wuerttemberg ERKAN AYCICEK Independent Research GmbH SVEN DIERMEIER Bankia Bolsa (ESN) VICTOR PEIRO PEREZ Banco Sabadell JORGE GONZALEZ SADORNIL Nomura JAVIER SUAREZ Morgan Stanley CAROLINA DORES Credit Suisse STEFANO BEZZATO S&P Capital IQ CLIVE ROBERTS Banesto Bolsa SA Sociedad ANTONIO CRUZ BBVA ISIDORO DEL ALAMO Berenberg Bank ANDREW FISHER Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA La Caixa FERNANDO MURILLO GUIRAO Barclays MONICA GIRARDI EVA Dimensions AUSTIN BURKETT Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS BCP Investimento VANDA MESQUITA Deutsche Bank VIRGINIA SANZ DE MADRID Natixis PHILIPPE OURPATIAN Macquarie SHAI HILL Nord/LB HEINO HAMMANN CA Cheuvreux JOSE PORTA SAUDAN Hamburger Sparkasse ANNEMARIE SCHLUETER

Source Co File Co File Co File EXCH Co File ULT-AGG Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy underweight underperform buy neutral neutral hold neutral/neutral buy hold hold buy sell reduce Equalwt/In-Line outperform hold buy market perform hold buy buy overweight underweight overweight underweight buy buy neutral underperform hold select list sell

Amt Held 514'250'814 415'111'949 314'887'559 309'430'747 277'971'800 266'519'132 182'216'094 83'188'438 60'811'776 41'196'587 26'238'031 17'171'395 14'465'535 13'973'808 13'214'700 8'811'697 8'353'126 8'200'000 7'236'945 7'034'262

% Out 8.19 6.61 5.01 4.93 4.43 4.24 2.9 1.32 0.97 0.66 0.42 0.27 0.23 0.22 0.21 0.14 0.13 0.13 0.12 0.11

Weighting

Change 5 1 1 5 3 3 3 3 5 3 3 5 1 2 3 5 3 5 3 3 5 5 5 1 5 1 5 5 3 1 3 5 1

M D M M M M D M M M M M M M M M M M D N M M D M M M M U M M M U M

Latest Chg (13'299'908) 1'999'736 9'929'612 2'388'677 6'809'180 (1'721'294) 1'000'000 7'602'990 (673'854) 1'181'206 263'277 1'750'634

Target Price 5 4 4 5 4 4 #N/A N/A 5 5 4 4 5 4 4 4 5 4 6 4 4 5 5 5 4 #N/A N/A 4 5 5 4 3 #N/A N/A 5 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Government 31.12.2012 Corporation 31.12.2012 Bank 24.01.2013 Bank 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 17.01.2013 Bank 31.12.2012 Corporation 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 27.02.2013 n/a 25.03.2013 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 11.03.2013 07.03.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 05.02.2013 05.02.2013 04.02.2013 28.01.2013 25.01.2013 15.01.2013 14.01.2013 20.12.2012 29.10.2012 25.10.2012 19.10.2012 05.06.2012 07.05.2012 24.02.2012


27.03.2013

Hennes & Mauritz AB Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children. The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

Price/Volume 300

14.0 M

250

12.0 M 10.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (02.08.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMB SS EQUITY YTD Change HMB SS EQUITY YTD % CHANGE

11/2012 02/yy 257.30 207.00 1'034'423.00 231.2 -10.07% 11.69% 49.11% 1'460.7 382'652.63 0.00 0.0 0.0 17'143.00 363'693.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

100

4.0 M

50

2.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.11.2008 88'532.0 2.53x 22'340.0 10.02x 15'294.0 16.12x

8.0 M

150

Valuation Analysis

30.11.2009 30.11.2010 101'393.0 108'483.0 3.15x 3.39x 24'474.0 27'720.0 13.04x 13.28x 16'384.0 18'681.0 20.82x 21.03x Profitability

LTM-4Q 30.11.2011 109'999.0 3.03x 23'641.0 14.08x 15'821.0 22.39x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.11.2012 120'799.0 2.82x 25'459.0 13.36x 16'867.0 21.19x 25'459.00 21'754.00 18.01% 18.45% 27.69% 36.26% 36.27% 2.03% 59.5% 20.8% 17.6% 14.0% 2.66 1.38 0.00% 0.00% 3.76

Price/ Cash Flow

LTM

FY+1

0.93 -3.08% 2.98% 0.929 38 2.342 3'838'862 3'430'710 3'123'838 FY+2

FQ+1

FQ+2

02/yy 02/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3 113'328.0 121'358.0 128'879.7 142'622.2 33'052.8 31'300.9 12.17x 11.80x 2.84x 2.57x 11.22x 11.81x 23'862.0 25'182.0 26'755.0 29'907.0 7'972.2 6'339.8 15.57x 14.50x 13.59x 12.16x 13.09x 12.68x 15'942.0 16'586.0 17'756.4 19'856.9 5'341.4 4'126.4 24.69x 23.16x 21.51x 19.22x 21.17x 20.74x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5091.80 3877.60 -0.75 0.00 0.0% 0.0% 2.03 6.76 96.98 84.41

Sales/Revenue/Turnover

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00

0.00 04.12.2009

20'000.0 0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Hennes & Mauritz AB Holdings By:

All

Holder Name PERSSON STEFAN THAM LOTTIE ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE SEB AMF FORAKRING OCH FO CLEARSTREAM BANKING JP MORGAN CHASE BANK SSB CL OMNIBUS FOLKSAM GROUP AFA FORSAKRINGAR CAPITAL GROUP COMPAN FJARDE AP-FONDEN HANDELSBANKEN FONDER NORDEA FONDER AB/SWE BENGTSSON JAN THORNBURG INVESTMENT AMF FONDER AB NORDEA INVESTMENT FU FORSTA AP FONDEN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Exane BNP Paribas SIMON BOWLER ISI Group OMAR SAAD ABG Sundal Collier ANDREAS LUNDBERG Sanford C. Bernstein & Co JAMIE MERRIMAN Raymond James CEDRIC LECASBLE HSBC PAUL ROSSINGTON SEB Enskilda NICKLAS FHARM Cantor Fitzgerald ALLEGRA PERRY Nordea Equity Research STEFAN STJERNHOLM Handelsbanken ERIK SANDSTEDT Bryan Garnier & Cie PETER FARREN Natixis JEAN BAPTISTE TEISSIER Nomura FRASER RAMZAN DNB Markets HAAKON ASCHEHOUG Barclays CHRISTODOULOS CHAVIARAS Telsey Advisory Group DANA TELSEY Danske Markets ANDERS HANSSON Grupo Santander REBECCA MCCLELLAN Credit Suisse SIMON IRWIN Carnegie NIKLAS EKMAN Stifel RICHARD E JAFFE AlphaValue VIRGINIE BLIN Societe Generale ANNE CRITCHLOW Hamburger Sparkasse CHRISTIAN HAMANN EVA Dimensions CRAIG STERLING S&P Capital IQ TUNA AMOBI Redburn Partners GEOFF LOWERY Independent Research GmbH ZAFER RUZGAR Morgan Stanley GEOFFREY RUDDELL Deutsche Bank CHARLIE MUIR-SANDS Swedbank CHRISTIAN ANDERSON CA Cheuvreux DANIEL OVIN Espirito Santo Investment Bank Research CAROLINE GULLIVER Goldman Sachs FRANKLIN WALDING Sydbank SOEREN LONTOFT HANSEN Pareto Securities HELENA NORDMAN-KNUTSON

Source Research Research Research Research ULT-AGG Research Research Research Research Research Research ULT-AGG Research Research MF-AGG Research MF-AGG MF-AGG Research Research

Recommendation underperform neutral hold underperform underperform underweight buy sell sell buy sell neutral neutral sell equalweight no rating system hold underweight underperform buy hold reduce sell hold hold hold sell sell Underwt/Cautious hold neutral underperform sell neutral/neutral hold hold

Amt Held 429'449'332 88'080'400 65'340'000 46'207'198 34'110'194 33'183'861 29'003'861 28'345'566 27'316'541 17'812'084 17'365'420 16'296'650 15'518'751 15'328'521 14'537'070 14'222'030 13'523'874 12'305'880 11'904'522 10'964'430

% Out 29.4 6.03 4.47 3.16 2.34 2.27 1.99 1.94 1.87 1.22 1.19 1.12 1.06 1.05 1 0.97 0.93 0.84 0.82 0.75

Weighting

Change

1 3 3 1 1 1 5 1 1 5 1 3 3 1 3 #N/A N/A 3 1 1 5 3 2 1 3 3 3 1 1 1 3 3 1 1 3 3 3

M M M M M D M M M M M M M M M M M M M M M M M M U M M M M M M M M U M M

Latest Chg (1'369'533) (10'445'500) 2'239'650 2'337'150 -

Target Price 190 230 220 195 196 230 255 200 215 270 225 235 216 205 240 212 235 190 175 #N/A N/A #N/A N/A 241 219 #N/A N/A #N/A N/A 260 #N/A N/A 210 195 240 220 200 185 238 #N/A N/A 240

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 n/a 31.01.2013 n/a 31.01.2013 Pension Fund (ERISA) 31.01.2013 Investment Advisor 13.01.2013 Unclassified 31.01.2013 n/a 31.01.2013 Bank 31.01.2013 Investment Advisor 31.01.2013 Other 28.09.2012 Insurance Company 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 31.01.2013 Pension Fund (ERISA) 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor

Date Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month

Date 27.03.2013 24.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 22.02.2013 21.02.2013 12.02.2013 01.02.2013 01.02.2013 31.01.2013 30.01.2013 23.01.2013 14.01.2013 30.11.2012 19.11.2012 07.11.2012 01.10.2012 28.09.2012


27.03.2013

European Aeronautic Defence and Space Co NV European Aeronautic Defence and Space Company manufactures airplanes and military equipment. The Company produces commercial aircraft including the Airbus, military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, and offers military and commercial aircraft conversion and maintenance services.

Price/Volume 45

30.0 M

40

25.0 M

35 30

20.0 M

25

12/2012 12/yy 42.59 24.26 2'481'300.00 39.63 -6.93% 63.39% 90.94% 829.0 32'851.97 4'779.00 0.0 25.0 11'084.00 26'571.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15

10.0 M

10

5.0 M

5 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 43'265.0 0.09x 4'136.0 0.89x 1'572.0 6.17x

15.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EAD FP EQUITY YTD Change EAD FP EQUITY YTD % CHANGE

31.12.2009 31.12.2010 42'822.0 45'752.0 0.13x 0.17x 1'236.0 2'500.0 4.62x 3.02x (763.0) 553.0 25.65x Profitability

LTM-4Q 31.12.2011 49'128.0 0.31x 3'172.0 4.81x 1'033.0 19.02x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 56'480.0 0.32x 3'927.0 4.58x 1'228.0 19.67x 3'927.00 1'890.00 3.35% 2.97% 1.36% 12.75% 11.04% 0.63% 14.0% 7.1% 3.4% 2.2% 0.93 0.37 5.19% 45.91% 8.57 2.12

Price/ Cash Flow

LTM

12/yy 49'128.0 1.04x 3'381.0 4.51x 1'033.0 19.00x

12/yy 56'480.0 1.39x 3'987.0 4.51x 1'228.0 19.73x

FY+1

0.75 424.89 30.93% 34.34% 0.745 31 4.323 2'296'348 3'342'958 2'635'857 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 58'727.4 62'637.6 11'786.3 14'051.0 0.49x 0.45x 5'510.0 6'453.2 1'078.0 1'321.0 4.82x 4.11x 4.83x 2'109.1 2'692.3 373.0 489.0 14.75x 11.00x 14.95x 15.07x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.09.2010 APOS 02.10.2012 A-1 7.52 1.26 -1.58 1.20 45.9% 31.4% 0.63 3.83 42.72 172.57 72.71 142.58

Sales/Revenue/Turnover

45.00

60'000.0

40.00

50'000.0

35.00

40'000.0

30.00 25.00

30'000.0

20.00

20'000.0

15.00 10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

European Aeronautic Defence and Space Co NV Holdings By:

All

Holder Name SOGEADE DAIMLERCHRYSLER AERO SOCIEDAD ESTATAL DE FEDERAL REPUBLIC OF CAPITAL GROUP COMPAN BLACKROCK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD GROUP INC VIKING GLOBAL INVEST OLD MUTUAL OPPENHEIMERFUNDS INC STATE STREET PRIMECAP MANAGEMENT NATIXIS ASSET MANAGE DEUTSCHE BANK AG INVESCO LTD ALLIANZ ASSET MANAGE BARCLAYS CAPITAL SEC AMUNDI

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a PRIMECAP MANAGEMENT Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst

JPMorgan DAVID H. PERRY Sanford C. Bernstein & Co DOUGLAS S HARNED RBC Capital Markets ROBERT STALLARD Societe Generale ZAFAR KHAN Investec ANDREW GOLLAN Landesbank Baden-Wuerttemberg STEFAN MAICHL AlphaValue THOMAS PICHERIT Barclays CARTER COPELAND Jefferies SANDY MORRIS EVA Dimensions CRAIG STERLING Credit Suisse OLIVER SLEATH S&P Capital IQ UNAI FRANCO Nord/LB WOLFGANG DONIE Day by Day VALERIE GASTALDY Morgan Stanley RUPINDER VIG Independent Research GmbH ZAFER RUZGAR Espirito Santo Investment Bank Research EDWARD STACEY Exane BNP Paribas OLIVIER BROCHET Deutsche Bank BEN FIDLER Bankhaus Lampe SEBASTIAN HEIN Oddo & Cie YAN DEROCLES DZ Bank AG MARKUS TURNWALD Commerzbank Corporates & Markets STEPHAN BOEHM CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Kepler Capital Markets CHRISTOPHE MENARD Natixis ERIC CHADEYRAS Hamburger Sparkasse INGO SCHMIDT Gabelli & Co JAMES FOUNG

Source Research Research Research Research ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG 13F MF-AGG MF-AGG RNS-RUL8 ULT-AGG RNS-RUL8 MF-AGG

Recommendation overweight market perform sector perform buy buy buy buy overweight buy hold neutral buy hold buy Overwt/In-Line buy sell outperform buy buy buy buy buy select list reduce buy buy sell hold

Amt Held 183'337'704 122'225'136 44'690'871 22'725'182 22'700'810 22'605'402 15'584'382 15'385'347 12'117'860 11'930'093 9'406'422 9'211'702 8'703'509 6'266'690 4'821'239 4'590'746 3'879'592 2'739'880 2'644'421 2'581'514

% Out 22.12 14.74 5.39 2.74 2.74 2.73 1.88 1.86 1.46 1.44 1.13 1.11 1.05 0.76 0.58 0.55 0.47 0.33 0.32 0.31

Weighting

Change 5 3 3 5 5 5 5 5 5 3 3 5 3 5 5 5 1 5 5 5 5 5 5 5 2 5 5 1 3

M M M M M M U M M D N M M M M M M M M M M M M M M M M D M

Latest Chg (61'096'851) 3'758 472'675 (2'721) 3'341 (1'079'438) (41'413) (9'990) 20'206 60'000 (71'788) (24'565) (144'726) (833'201) (27'533)

Target Price 47 43 43 42 46 48 51 49 45 #N/A N/A 40 45 38 44 46 47 27 48 48 43 44 42 44 42 27 42 41 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.12.2012 Holding Company 11.12.2012 Corporation 11.12.2012 Holding Company 06.12.2012 Government 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.09.2012 Government 10.10.2012 Other 09.10.2012 Investment Advisor 10.10.2012 Hedge Fund Manager 31.01.2013 Unclassified 05.10.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 13.09.2012 Investment Advisor 31.01.2013 Investment Advisor 10.10.2012 Investment Advisor 31.10.2012 Mutual Fund Manager

Date 9 month 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 3 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 26.03.2013 22.03.2013 21.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 11.03.2013 08.03.2013 08.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 01.02.2013 22.01.2013 10.10.2011


27.03.2013

ASML Holding NV ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment. The Company's products allow semiconductor manufacturers to choose the optimal numerical aperture and wavelength for their applications, assure uniformity, and produce more using less floor space.

Price/Volume 60

18.0 M 16.0 M

50

14.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASML NA EQUITY YTD Change ASML NA EQUITY YTD % CHANGE

12/2012 12/yy 58.09 34.71 818'268.00 50.97 -12.26% 46.85% 73.35% 410.4 20'915.94 759.49 0.0 0.0 2'697.60 18'977.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M 8.0 M

20

6.0 M 4.0 M

10 0 m-12

2.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'953.7 1.71x 406.2 12.42x 322.4 17.00x

12.0 M

30

31.12.2009 31.12.2010 1'596.1 4'507.9 6.29x 2.52x (21.5) 1'402.1 8.11x (150.9) 1'021.8 12.30x Profitability

LTM-4Q 31.12.2011 5'651.0 2.02x 1'806.4 6.33x 1'467.0 9.41x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'731.6 3.72x 1'343.4 13.11x 1'146.3 17.78x 1'343.39 1'156.77 24.45% 24.32% 15.63% 30.52% 0.65% 42.4% 28.4% 24.4% 24.2% 2.80 1.58 10.25% 18.67% 6.37 1.57

Price/ Cash Flow

12/yy 5'651.0 7.30x 1'806.4 6.33x 1'467.0 9.41x

LTM 12/yy 4'731.5 12.93x 1'343.4 13.11x 1'146.3 17.78x

FY+1

0.89 317.30 67.90% 6.19% 0.891 36 3.583 1'512'273 1'350'934 1'529'253 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'859.4 6'072.5 911.5 1'090.4 3.84x 2.96x 20.62x 17.49x 1'238.0 1'820.4 139.5 235.0 15.34x 10.43x 15.95x 12.65x 936.3 1'453.4 120.0 196.8 22.28x 14.40x 21.35x 17.80x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

58.97 51.43 -1.44 0.57 18.7% 15.7% 0.65 4.54 57.47 233.70 39.17 252.00

Sales/Revenue/Turnover

250.00

6'000.0 5'000.0

200.00

4'000.0 150.00

3'000.0 100.00

2'000.0

50.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

ASML Holding NV Holdings By:

All

Holder Name STICHTING ADM MAKTSJ CAPITAL GROUP COMPAN FMR LLC BLACKROCK STICHT ADM TSMC ASML HOLDING NV WADDELL & REED FINAN THORNBURG INVESTMENT VANGUARD GROUP INC ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA ING INVESTMENT MANAG BNP PARIBAS INV PART NATIXIS ASSET MANAGE ACHMEA BELEGGINSFOND DEUTSCHE BANK AG MERCURY ASSET MANAGE HENDERSON GLOBAL INV BESSEMER GROUP INCOR SARASIN

Firm Name Exane BNP Paribas Kepler Capital Markets Grupo Santander Sanford C. Bernstein & Co AlphaValue Credit Suisse Piper Jaffray Societe Generale Morgan Stanley Pacific Crest Securities Rabobank International Natixis JPMorgan ING Bank EVA Dimensions Day by Day Deutsche Bank Liberum Capital Ltd ABN Amro Bank N.V. Baader Bank Bank of Valletta Landesbank Baden-Wuerttemberg CA Cheuvreux Petercam S&P Capital IQ Main First Bank AG Barclays Independent Research GmbH Theodoor Gilissen Securities Commerzbank Corporates & Markets Kempen & Co Jefferies Goldman Sachs SNS Securities(ESN) Redburn Partners

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst JEROME RAMEL PETER OLOFSEN CARLOS JAVIER TREVINO PIERRE FERRAGU LIONEL PELLICER SATYA KUMAR JAGADISH IYER PETER KNOX FRANCOIS MEUNIER WESTON TWIGG PHILIP SCHOLTE STEPHANE HOURI SANDEEP S DESHPANDE MARC ZWARTSENBURG ANDREW S ZAMFOTIS VALERIE GASTALDY KAI KORSCHELT JANARDAN MENON ROBIN VAN DEN BROEK GUENTHER MICHAEL HOLLFELDER TEAM COVERAGE WALTER SCHNEIDER BERND LAUX MARCEL ACHTERBERG JAMES CRAWSHAW JUERGEN WAGNER ANDREW M GARDINER MARKUS FRIEBEL JOS VERSTEEG THOMAS M BECKER ERWIN DUT LEE SIMPSON SIMON F SCHAFER VICTOR BARENO SUMANT WAHI

Source 20F ULT-AGG ULT-AGG ULT-AGG 20F Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral reduce hold outperform reduce outperform overweight hold Overwt/Cautious sector perform hold buy overweight hold underweight buy hold hold buy hold overweight hold outperform hold buy underperform overweight sell hold reduce hold hold not rated suspended coverage neutral

Amt Held 62'977'877 51'453'097 36'311'008 22'878'489 20'992'625 8'980'030 8'028'537 4'226'859 3'325'708 2'855'626 1'645'738 1'451'319 1'245'258 1'164'538 1'036'267 1'033'023 990'324 855'324 842'648 836'932

% Out 15.35 12.54 8.85 5.58 5.12 2.19 1.96 1.03 0.81 0.7 0.4 0.35 0.3 0.28 0.25 0.25 0.24 0.21 0.21 0.2

Weighting

Change

3 2 3 5 2 5 5 3 5 3 3 5 5 3 1 5 3 3 5 3 5 3 5 3 5 1 5 1 3 2 3 3 #N/A N/A #N/A N/A 3

M M M M M M M M M M M M M M D M U U U M M M M M M M M D M M M M M M U

Latest Chg 191'077 1'261'872 28'372 (621'636) 39'872 (71'809) (147'643) 700'111 130'859 291'137 2'376 827'721 (92'410)

Target Price 50 40 43 58 53 60 57 56 56 #N/A N/A 52 62 65 60 #N/A N/A 63 47 45 60 52 59 50 59 57 58 40 53 40 50 40 50 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.02.2013 Other 06.02.2013 Investment Advisor 06.02.2013 Investment Advisor 25.03.2013 Investment Advisor 06.02.2013 n/a 01.07.2012 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Unclassified

Date Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 13.03.2013 05.03.2013 26.02.2013 25.02.2013 25.02.2013 21.02.2013 12.02.2013 01.02.2013 29.01.2013 28.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 17.01.2013 15.01.2013 07.01.2013 06.01.2013 18.12.2012 23.11.2012 01.11.2012 11.07.2012


27.03.2013

Volvo AB Volvo AB manufactures trucks, buses, construction equipment, drive systems for marine and industrial uses, and aircraft engine components. The Company also offers repair and maintenance, lease financing, insurance, and financial services to its customers.

Price/Volume 120

40.0 M 35.0 M

100

30.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOLVB SS EQUITY YTD Change VOLVB SS EQUITY YTD % CHANGE

12/2012 12/yy 101.00 73.60 4'467'159.00 94.3 -6.63% 28.13% 77.55% 1'593.0 200'683.25 131'842.00 0.0 1'266.0 28'889.00 304'902.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M 15.0 M

40

10.0 M 20

5.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 304'642.0 0.69x 30'239.0 6.94x 9'942.0 8.75x

25.0 M

60

Valuation Analysis

31.12.2009 31.12.2010 218'361.0 264'749.0 1.12x 1.29x 2'157.0 33'711.0 113.19x 10.14x (14'718.0) 10'866.0 22.11x Profitability

LTM-4Q 31.12.2011 310'367.0 0.80x 42'597.0 5.80x 17'751.0 8.60x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 303'647.0 0.94x 32'391.0 8.78x 11'039.0 16.31x 32'391.00 17'691.00 5.83% 5.06% 3.19% 12.97% 6.01% 0.88% 22.6% 10.7% 5.8% 3.6% 1.08 0.40 38.92% 153.93% 11.03 5.53

Price/ Cash Flow

LTM

FY+1

1.29 0.03% 6.19% 1.288 32 3.531 8'975'253 8'133'131 8'219'608 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 310'367.0 303'646.0 295'791.4 317'163.1 66'900.5 75'140.7 3.61x 3.78x 0.83x 0.75x 3.36x 3.05x 42'597.0 32'392.0 33'428.3 41'110.5 5'434.9 8'049.0 5.80x 8.78x 9.12x 7.42x 10.02x 9.00x 17'751.0 11'038.0 12'802.2 18'806.4 1'648.1 3'427.7 8.60x 16.31x 15.03x 10.48x 15.84x 13.38x S&P Issuer Ratings Long-Term Rating Date 15.04.2011 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 15.04.2011 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 13.08 (EBITDA-Capex)/Interest Exp. 5.29 Net Debt/EBITDA 3.18 Total Debt/EBITDA 4.07 Reference Total Debt/Equity 153.9% Total Debt/Capital 60.3% Asset Turnover 0.88 Net Fixed Asset Turnover 3.74 Accounts receivable turnover-days 33.18 Inventory Days 66.17 Accounts Payable Turnover Day 82.55 Cash Conversion Cycle 16.80 Sales/Revenue/Turnover

60.00

350'000.0

50.00

300'000.0 250'000.0

40.00

200'000.0 30.00

150'000.0

20.00

100'000.0

10.00

50'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Volvo AB Holdings By:

All

Holder Name VOLVO AB SWEDBANK ROBUR FONDE NORGES BANK ALECTA PENSIONSFORSA CAPITAL GROUP COMPAN AMF FORSAKRING HARBOR CAPITAL ADVIS SEB FONDER AB AMF FONDER AB SHB FUNDS SEB NORDEA FONDER AB/SWE FOLKSAM LO FOND AB HANDELSBANKEN FONDER BLACKROCK VANGUARD GROUP INC DIDNER & GERGE FONDE FJARDE AP-FONDEN ANDRA AP FONDEN LANSFORSAKRINGAR FON

Firm Name Robert W. Baird & Co SEB Enskilda Canaccord Genuity Corp AlphaValue Societe Generale Carnegie Evli Bank Plc Main First Bank AG Credit Suisse Danske Markets ABG Sundal Collier HSBC Morgan Stanley Pareto Securities Berenberg Bank Goldman Sachs Deutsche Bank JPMorgan Macquarie Nordea Equity Research Handelsbanken Natixis DNB Markets Barclays S&P Capital IQ EVA Dimensions Silvia Quandt Research Prime Predictions Exane BNP Paribas CA Cheuvreux Swedbank Sydbank

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst DAVID LEIKER ANDERS TRAPP ANDREW BELL HANS-PETER WODNIOK ALASDAIR LESLIE KENNETH TOLL JOHANSSON ANTTI KANSANEN CHRISTOPHER YOUL GEORGE GALLIERS BJORN ENARSON ERIK PETTERSSON-GOLRANG COLIN GIBSON LAURA LEMBKE DAVID JACOBSSON ALEXANDER VIRGO ASHIK KURIAN PETER REILLY ALEXANDER WHIGHT JENS SCHATTNER ANDREAS BROCK HAMPUS ENGELLAU KATHLEEN GAILLIOT CHRISTER MAGNERGARD MICHAEL TYNDALL JAWAHAR HINGORANI CRAIG STERLING ALBRECHT DENNINGHOFF PETER LJUNGGREN RABIH FREIHA ALEXANDER NEUBERGER FREDRIK NILHOV MORTEN IMSGARD

Source Research Research Research Research ULT-AGG Research MF-AGG Research MF-AGG Research ULT-AGG Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Research Research MF-AGG

Recommendation outperform buy sell reduce hold buy buy underperform underperform buy buy underweight Overwt/In-Line hold buy buy/attractive hold overweight outperform buy buy buy sell overweight hold underweight neutral hold neutral outperform buy overweight

Amt Held 80'013'209 78'657'058 71'955'474 66'910'000 60'488'880 42'544'960 41'696'882 35'329'637 31'934'960 27'578'727 27'473'308 23'592'830 23'301'799 20'281'485 15'936'269 14'291'900 13'240'000 12'895'181 11'526'751 9'898'756

% Out 5.02 4.94 4.52 4.2 3.8 2.67 2.62 2.22 2 1.73 1.72 1.48 1.46 1.27 1 0.9 0.83 0.81 0.72 0.62

Weighting

Change 5 5 1 2 3 5 5 1 1 5 5 1 5 3 5 5 3 5 5 5 5 5 1 5 3 1 3 3 3 5 5 5

M M M M M M M D M M M M M M M M D M M D M M M M M M M D M M M M

Latest Chg 5'950'000 2'523'000 2'208'704 294'923 489'457 1'218'851 619'858 600'000 (819'640)

Target Price 103 111 80 88 100 #N/A N/A 115 102 75 124 110 95 115 95 116 127 100 120 108 112 120 117 87 103 95 #N/A N/A 90 92 100 109 105 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.12.2012 28.12.2012 28.12.2012 28.12.2012 31.12.2012 28.12.2012 31.12.2012 28.12.2012 31.12.2012 28.12.2012 31.01.2013 28.12.2012 31.12.2012 28.02.2013 25.03.2013 31.12.2012 31.12.2012 28.12.2012 28.12.2012 31.12.2012

Date 12 month Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 6 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation Investment Advisor Government Pension Fund (ERISA) Investment Advisor Other Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor

Date 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 08.03.2013 01.03.2013 28.02.2013 27.02.2013 22.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 15.01.2013 16.11.2012 13.11.2012 27.04.2012 22.03.2012 14.02.2012 17.05.2011


27.03.2013

France Telecom SA France Telecom SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals.

Price/Volume 12

30.0 M 25.0 M

6

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FTE FP EQUITY YTD Change FTE FP EQUITY YTD % CHANGE

12/2012 12/yy 11.59 7.20 8'342'797.00 7.884 -31.97% 9.45% 21.59% 2'648.9 20'883.81 39'214.00 0.0 2'078.0 8'462.00 53'713.81

20.0 M 15.0 M

4

10.0 M 2

5.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

8

Valuation Analysis

31.12.2008 46'712.0 1.92x 17'300.0 5.18x 4'073.0 14.20x

40.0 M

10

31.12.2009 31.12.2010 44'845.0 45'503.0 1.82x 1.64x 14'480.0 15'291.0 5.64x 4.89x 3'018.0 4'880.0 16.37x 10.83x Profitability

LTM-4Q 31.12.2011 45'277.0 1.42x 15'019.0 4.29x 3'895.0 8.26x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 43'515.0 1.26x 12'374.0 4.42x 820.0 26.90x 12'374.00 6'045.00 13.89% 5.37% 0.88% 3.16% 2.88% 0.47% 28.4% 13.9% 1.9% 0.65 0.53 43.58% 161.33% 9.12 -

Price/ Cash Flow

LTM

12/yy 45'277.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 43'515.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

17.50 0.86 2'273.08 -20.83% -5.46% 0.861 37 3.108 10'321'930 12'831'800 11'037'810 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 42'095.4 41'480.3 10'817.4 1.25x 1.24x 12'899.7 12'533.7 3'105.2 4.16x 4.28x 2'939.5 2'842.5 7.19x 7.37x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

27.02.2013 A- *14.05.2003 A-2 6.99 3.17 2.49 3.17 161.3% 59.8% 0.47 1.84 40.12 -

Sales/Revenue/Turnover

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0 1.50

20'000.0 1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

France Telecom SA Holdings By:

All

Holder Name FRENCH STATE SOCIETE GENERALE AMUNDI FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE FRANCE TELECOM SA DNCA FINANCE AMUNDI BNP PARIBAS INV PART LBPAM AVIVA PLC MERCURY ASSET MANAGE TEMPLETON INVESTMENT CAPITAL GROUP COMPAN DIMENSIONAL FUND ADV STATE STREET AMUNDI MORGAN STANLEY

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Oddo & Cie VINCENT MAULAY Jefferies JEREMY A DELLIS Societe Generale STEPHANE SCHLATTER Morgan Stanley NICK DELFAS Nomura FREDERIC BOULAN Exane BNP Paribas ANTOINE PRADAYROL AlphaValue JEAN-MICHEL SALVADOR Berenberg Bank STUART GORDON Kepler Capital Markets JAVIER BORRACHERO EVA Dimensions ANDREW S ZAMFOTIS JPMorgan HANNES C WITTIG Espirito Santo Investment Bank Research WILL DRAPER Grupo Santander CARLOS JAVIER TREVINO Nord/LB WOLFGANG DONIE Macquarie GUY R PEDDY Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Barclays JONATHAN DANN Goldman Sachs ANDREW LEE Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ ALEXANDER WISCH New Street Research RUSSELL WALLER Banco Sabadell ANDRES BOLUMBURU Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES HSBC NICOLAS COTE-COLISSON Credit Suisse JAKOB BLUESTONE Hamburger Sparkasse TINA HECKING-VELTMAN CM - CIC Securities(ESN) JEAN-MICHEL KOSTER Day by Day VALERIE GASTALDY Deutsche Bank MATTHEW BLOXHAM Natixis BENOIT MAYNARD CA Cheuvreux PETER KURT NIELSEN Raymond James STEPHANE BEYAZIAN Fincorp SAOG GAURAV RAMAIYA

Source Research Research Research ULT-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation market perform neutral buy hold Overwt/In-Line neutral outperform buy hold hold underweight underweight buy hold buy outperform buy underweight Sell/Neutral buy sell buy sell sell overweight neutral hold hold hold hold buy underperform market perform buy

Amt Held 360'248'428 132'135'951 129'217'007 39'954'280 28'552'964 23'340'657 19'392'378 15'456'045 13'910'873 11'401'463 8'638'644 7'761'976 7'460'542 5'369'828 5'174'475 4'580'800 4'211'079 3'775'692 3'716'633 3'521'145

% Out 13.6 4.99 4.88 1.51 1.08 0.88 0.73 0.58 0.53 0.43 0.33 0.29 0.28 0.2 0.2 0.17 0.16 0.14 0.14 0.13

Weighting

Change 3 3 5 3 5 3 5 5 3 3 1 1 5 3 5 5 5 1 1 5 1 5 1 1 5 3 3 3 3 3 5 1 3 5

U M M M M M M M M M D M M M M M M M M M M M M D M M M U M M M M M M

Latest Chg (27'339'807) (3'894'321) 638'687 27'407 4'937'505 1'826'645 (368'000) (255'991) (16'681) (527'072) (26'670) (9'177'060) 1'905 (59'716) 1'153'077

Target Price 8 11 12 9 10 8 10 16 8 8 #N/A N/A 7 12 14 10 12 10 9 8 10 7 10 11 7 11 9 #N/A N/A 9 #N/A N/A 10 14 12 14 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.03.2013 16.05.2012 11.06.2012 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2011 28.09.2012 31.12.2012 31.01.2013 31.12.2012 28.02.2013 25.03.2013 31.12.2012 31.12.2012 31.07.2012 26.03.2013 31.10.2012 31.12.2012

Date 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 9 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Corporation Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 25.03.2013 22.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 28.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 15.02.2013 07.02.2013 31.01.2013 24.01.2013 13.12.2012 26.11.2012 06.11.2012 26.10.2012 26.10.2012 26.09.2012 07.09.2012 23.10.2011


27.03.2013

Cie de St-Gobain Compagnie de Saint-Gobain manufactures glass products, high-performance materials, and construction materials. The Company produces flat glass, insulation, and glass containers, high-performance ceramics, plastics, and abrasives, and building materials such as roofing, wall facings, mortars, and ductile cast iron pipe. Saint-Gobain also retails building materials.

Price/Volume 40

8.0 M

25 20

12/2012 12/yy 35.44 23.90 1'902'154.00 28.71 -19.03% 20.13% 49.31% 531.1 15'248.62 12'669.00 0.0 412.0 4'179.00 24'150.62

6.0 M

15

4.0 M

10 2.0 M

5 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (02.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGO FP EQUITY YTD Change SGO FP EQUITY YTD % CHANGE

31.12.2008 43'800.0 0.56x 5'263.0 4.68x 1'378.0 9.15x

12.0 M

35

31.12.2009 31.12.2010 37'786.0 40'119.0 0.75x 0.69x 3'821.0 4'785.0 7.39x 5.80x 202.0 1'129.0 88.53x 17.66x Profitability

LTM-4Q 31.12.2011 42'116.0 0.57x 5'024.0 4.80x 1'284.0 12.16x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 43'198.0 0.60x 2'637.0 9.87x 766.0 22.07x 2'637.00 1'087.00 2.52% 2.94% 1.63% 4.35% 4.86% 0.92% 6.1% 6.1% 2.5% 1.8% 1.31 0.67 26.66% 72.65% 8.34 6.43

Price/ Cash Flow

LTM

12/yy 42'116.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 43'198.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.25 456.02 -14.58% -10.89% 1.249 30 3.500 1'876'536 2'147'263 1'948'908 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 43'006.3 44'475.5 9'924.0 10'981.0 0.54x 0.51x 4'425.2 4'804.0 5.46x 5.02x 1'260.1 1'562.0 11.76x 9.74x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.07.2009 BBB NEG 30.04.2004 A-2 8.99 5.36 3.22 4.80 72.6% 41.5% 0.92 3.09 43.88 56.89 55.34 45.44

Sales/Revenue/Turnover

12.00

50'000.0 45'000.0

10.00

40'000.0 35'000.0

8.00

30'000.0

6.00

25'000.0 20'000.0

4.00

15'000.0 10'000.0

2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Cie de St-Gobain Holdings By:

All

Holder Name WENDEL INVESTISSEMEN FONDS DU PLAN D EPAR AMUNDI SA CAISSE DES DEPOTS ET GROUPAMA SA CIE DE SAINT GOBAIN HARBOR CAPITAL ADVIS COGEMA BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE PREDICA AVIVA PLC SOCIETE GEN GESTION FMR LLC DODGE & COX AMUNDI JP MORGAN DIMENSIONAL FUND ADV MERCURY ASSET MANAGE

Firm Name EVA Dimensions Raymond James Aurel - BGC Oddo & Cie Exane BNP Paribas Day by Day Berenberg Bank Deutsche Bank Redburn Partners AlphaValue Societe Generale Credit Suisse Sanford C. Bernstein & Co Jefferies Independent Research GmbH Kepler Capital Markets Bryan Garnier & Cie Natixis S&P Capital IQ Liberum Capital Ltd Goldman Sachs HSBC Morgan Stanley CM - CIC Securities(ESN) JPMorgan Landesbank Baden-Wuerttemberg Davy Banco Sabadell Hamburger Sparkasse

Portfolio Name #N/A N/A n/a n/a #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Source Co File Co File Research Co File Co File Co File MF-AGG Co File ULT-AGG MF-AGG MF-AGG Co File MF-AGG Research ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation

CRAIG STERLING ARNAUD PALLIEZ ERIC LEMARIE VIRGINIE ROUSSEAU PAUL ROGER VALERIE GASTALDY MICHAEL WATTS LUIS PRIETO WILLIAM JONES GAETAN DUPONT MURIEL FELLOUS HARRY GOAD PHIL ROSEBERG MICHAEL F BETTS CHRISTOPH SCHOENDUBE JOSEP PUJAL SVEN EDELFELT RAFIC EL HADDAD JAWAHAR HINGORANI CHARLIE CAMPBELL WILL MORGAN JOHN FRASER-ANDREWS ALEJANDRA PEREDA JEAN-CHRISTOPHE LEFEVRE-MOULENQ MICHAEL MORRIS HANS-PETER KUHLMANN TIM CAHILL GLEN SPENCER-CHAPMAN INGO SCHMIDT

hold market perform buy neutral underperform hold buy buy buy buy buy neutral outperform buy sell hold neutral buy sell hold neutral/neutral underweight Equalwt/In-Line accumulate overweight hold outperform buy sell

Amt Held 91'581'114 42'844'966 40'161'206 13'924'614 10'175'679 9'104'555 6'617'178 5'891'183 4'692'838 4'217'347 4'101'338 3'213'372 2'716'101 2'536'782 2'316'466 1'784'591 1'671'822 1'522'906 1'334'277 1'233'527

% Out 17.24 8.07 7.56 2.62 1.92 1.71 1.25 1.11 0.88 0.79 0.77 0.61 0.51 0.48 0.44 0.34 0.31 0.29 0.25 0.23

Weighting

Change 3 3 5 3 1 3 5 5 5 5 5 3 5 5 1 3 3 5 1 3 3 1 3 4 5 3 5 5 1

U M M M M D M M M M M M M M M M M U M M D D M M M M U M M

Latest Chg 17'861'078 274'884 180'416 (846'845) 203'000 (88'176) (320'096) 50'015 -

Target Price #N/A N/A #N/A N/A 40 34 32 #N/A N/A 35 38 #N/A N/A 40 38 27 37 45 27 30 32 38 28 28 34 31 33 37 35 33 #N/A N/A 44 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 n/a 27.06.2012 Other 31.12.2011 Government 31.12.2011 Insurance Company 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.12.2011 Corporation 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2011 Insurance Company 28.02.2013 Investment Advisor 15.06.2011 Mutual Fund Manager 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Unclassified 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor

Date Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided Not Provided

Date 26.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 12.02.2013 29.01.2013 18.01.2013 18.01.2013 15.01.2013 15.01.2013 09.08.2012 30.07.2012 09.03.2009


27.03.2013

Atlas Copco AB Atlas Copco AB is an international industrial group. The Group develops, manufactures, and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related services. Atlas Copco also rents equipment. The Company markets to manufacturing, building, construction, and mining companies worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATCOA SS EQUITY YTD Change ATCOA SS EQUITY YTD % CHANGE

12/2012 12/yy 190.10 134.40 2'076'501.00 182.5 -3.95% 35.79% 87.43% 839.4 216'678.05 21'052.00 0.0 54.0 12'416.00 225'368.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 74'177.0 1.38x 15'808.0 6.48x 10'157.0 8.16x

200 180 160 140 120 100 80 60 40 20 0 m-12

31.12.2009 31.12.2010 63'762.0 69'875.0 2.15x 2.97x 11'527.0 16'400.0 11.87x 12.67x 6'244.0 9'921.0 20.51x 20.80x Profitability

LTM-4Q 31.12.2011 81'203.0 2.39x 20'061.0 9.68x 12'963.0 13.86x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 90'533.0 2.43x 21'891.0 10.05x 13'901.0 15.57x 21'891.00 19'227.00 21.24% 20.48% 17.79% 43.54% 1.16% 38.4% 24.2% 21.2% 15.4% 2.44 1.32 25.94% 60.01% 5.53 3.17

Price/ Cash Flow

LTM

12/yy 81'203.0 9.56x 20'076.0 9.47x 12'963.0 13.86x

12/yy 90'533.0 8.98x 21'892.0 9.92x 13'901.0 15.57x

FY+1

1.11 14.97% 2.36% 1.108 32 3.375 3'290'984 2'576'233 2'532'194 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 89'260.0 93'126.2 21'596.5 22'384.2 2.45x 2.30x 10.30x 10.08x 21'600.2 22'826.8 5'037.0 5'281.8 10.43x 9.87x 10.54x 10.67x 13'752.1 14'777.0 3'268.6 3'434.4 16.10x 15.02x 16.29x 15.94x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.02.2011 A STABLE 24.02.2011 A-1 21.93 20.26 0.39 0.96 60.0% 37.5% 1.16 10.33 66.19 115.59 47.17 134.61

Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 20'000.0

5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Atlas Copco AB Holdings By:

All

Holder Name INVESTOR AB CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS SWEDBANK ROBUR FONDE VANGUARD GROUP INC SEB FJARDE AP-FONDEN WILLIAM BLAIR & COMP ALECTA PENSIONSFORSA FMR LLC FOLKSAM GROUP BAILLIE GIFFORD AND HANDELSBANKEN FONDER FORSTA AP FONDEN LANSDOWNE PARTNERS L BLACKROCK ANDRA AP FONDEN ABERDEEN ALLIANZ ASSET MANAGE SPP FONDER AB

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst

Canaccord Genuity Corp ANDREW BELL Societe Generale SEBASTIEN GRUTER Sanford C. Bernstein & Co MARTIN PROZESKY Morgan Stanley MARKUS ALMERUD Credit Suisse ANDRE KUKHNIN Nomura KLAS BERGELIND AlphaValue LIONEL PELLICER ABG Sundal Collier ANDERS IDBORG Exane BNP Paribas JONATHAN R MOUNSEY Goldman Sachs AARON IBBOTSON SEB Enskilda DANIEL SCHMIDT HSBC COLIN GIBSON Espirito Santo Investment Bank Research EDWARD STACEY Evli Bank Plc ELINA RIUTTA Pareto Securities DAVID JACOBSSON Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS KOSKI Handelsbanken PEDER FROLEN Natixis LUDOVIC DEBAILLEUX DNB Markets LARS BRORSON Barclays ALLAN SMYLIE JPMorgan ANDREAS WILLI William Blair & Co LAWRENCE T DE MARIA Danske Markets OSCAR STJERNGREN CA Cheuvreux JOAKIM HOGLUND EVA Dimensions CRAIG STERLING Berenberg Bank ALEXANDER VIRGO Redburn Partners JAMES MOORE Deutsche Bank JOHAN WETTERGREN Swedbank MATS LISS

Source Research ULT-AGG MF-AGG Research MF-AGG ULT-AGG Research 13F Research ULT-AGG Research MF-AGG Research Research Short ULT-AGG Research ULT-AGG ULT-AGG MF-AGG

Recommendation buy sell market perform Equalwt/Cautious outperform neutral sell hold neutral Buy/Neutral hold overweight neutral accumulate hold hold buy accumulate neutral hold overweight neutral market perform buy outperform overweight hold neutral hold neutral

Amt Held % Out 194'803'726 23.21 70'407'727 8.39 38'234'795 4.56 21'795'438 2.6 21'445'011 2.55 16'195'843 1.93 10'437'990 1.24 9'989'946 1.19 9'500'000 1.13 8'637'852 1.03 7'887'691 0.94 7'767'690 0.93 7'211'859 0.86 7'160'904 0.85 (6'799'092) -0.81 6'560'767 0.78 5'976'741 0.71 5'923'121 0.71 5'862'789 0.7 4'589'384 0.55

Weighting

Change 5 1 3 3 5 3 1 3 3 5 3 5 3 4 3 3 5 4 3 3 5 3 3 5 5 5 3 3 3 3

M M M M M M M D M M M M M M M M M M M M M M M M M M M D M M

Latest Chg (6'585'000) 257'650 (587'001) 46'733 115'699 803'173 (7'800) 447'592 (47'617)

Target Price 205 155 172 163 200 187 159 200 185 277 200 230 175 195 180 #N/A N/A 202 190 178 185 175 192 175 210 215 #N/A N/A 185 #N/A N/A 170 160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012 25.02.2013 30.06.2012 31.12.2012 30.06.2012 31.01.2013 30.06.2012 31.12.2012 30.06.2012 30.06.2012 01.11.2012 25.03.2013 30.06.2012 28.02.2013 31.01.2013 28.02.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month 6 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 9 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Pension Fund (ERISA) Unclassified Investment Advisor Investment Advisor

Date 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 14.03.2013 14.03.2013 13.03.2013 11.03.2013 08.03.2013 08.03.2013 04.03.2013 28.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 15.01.2013 08.01.2013 08.10.2012 30.04.2012 30.11.2011


27.03.2013

Swatch Group AG/The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

12/2012 01/yy 562.00 341.70 95'973.00 543 -3.38% 58.91% 91.38% 30.8 28'511.79 135.00 0.0 19.0 1'967.00 26'698.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 0 m-12

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 15.56x 2'245.00 1'984.00 25.45% 25.87% 15.22% 18.41% 0.74% 28.8% 25.4% 20.5% 6.50 2.51 1.20% 1.45% 7.98 -

Price/ Cash Flow

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.15 30.22 29.42% 17.74% 1.151 32 4.094 140'287 143'614 168'353 FY+2

12/13 Y 12/14 Y 8'896.7 9'795.2 3.03x 2.65x 2'547.9 2'852.7 10.48x 9.36x 1'783.6 1'994.0 16.45x 14.72x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

748.33 602.33 -0.82 0.06 1.4% 1.4% 0.74 4.39 45.87 -

Sales/Revenue/Turnover

45.00

9'000.0

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

a-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.25x

200

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Swatch Group AG/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN SWATCH GROUP AG VANGUARD GROUP INC CREDIT SUISSE ASSET BLACKROCK FMR LLC CALAMOS ADVISORS LLC THORNBURG INVESTMENT PICTET & CIE UBS FUND MANAGEMENT THREADNEEDLE INVESTM WINTERGREEN ADVISERS PICTET ASSET MANAGEM SCHRODER INVESTMENT ARTISAN PARTNERS HOL BNP PARIBAS INV PART GRETHER ESTHER ROYAL BANK OF CANADA NORDEA INV MANAGEMEN SWISSCANTO FONDSLEIT

Firm Name Credit Suisse ISI Group Societe Generale Morgan Stanley Cantor Fitzgerald Nomura Exane BNP Paribas Oddo & Cie Sanford C. Bernstein & Co Renaissance Capital Aurel - BGC Raymond James Bank Vontobel AG Kepler Capital Markets Main First Bank AG Barclays AlphaValue Goldman Sachs Bryan Garnier & Cie Berenberg Bank Day by Day CA Cheuvreux JPMorgan S&P Capital IQ HSBC Deutsche Bank EVA Dimensions Zuercher Kantonalbank

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst PATRICK JNGLIN OMAR SAAD THIERRY COTA LOUISE SINGLEHURST ALLEGRA PERRY CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA LEOPOLD AUTHIE MARIO ORTELLI REY WIUM DAVID DA MAIA MARC WILLAUME RENE WEBER JON COX MATTHIAS EIFERT HELEN NORRIS VERONIQUE CABIOC'H WILLIAM HUTCHINGS LOIC MORVAN JOHN GUY VALERIE GASTALDY THOMAS MESMIN MELANIE A FLOUQUET WILLIAM MACK ANTOINE BELGE FRANCESCA DI PASQUANTONIO CRAIG STERLING PATRIK SCHWENDIMANN

Source ULT-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG

Recommendation outperform strong buy buy Overwt/In-Line buy buy outperform buy market perform hold hold outperform buy buy outperform equalweight add Buy/Neutral buy buy buy select list neutral sell neutral buy underweight outperform

Amt Held 1'445'313 505'000 463'841 448'873 374'750 351'347 266'305 255'065 246'404 230'863 196'392 184'025 178'394 154'625 154'414 144'672 114'000 112'640 108'442 105'398

% Out 4.69 1.64 1.5 1.46 1.22 1.14 0.86 0.83 0.8 0.75 0.64 0.6 0.58 0.5 0.5 0.47 0.37 0.37 0.35 0.34

Weighting

Change 5 5 5 5 5 5 5 5 3 3 3 5 5 5 5 3 4 5 5 5 5 5 3 1 3 5 1 5

M M M M M M M M M M M M M M M M M M M M M M M M D M M U

Latest Chg (70'942) 63'157 (10'129) 78'689 (167'524) (25'035) (255'195) 15'790 (180) (169) (621) 21'810 (69'287) (88'242) 20'597 (5'868) 34'075

Target Price 600 650 650 602 600 620 706 620 600 541 550 600 600 630 650 550 580 735 555 625 580 580 505 480 550 600 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2011 31.12.2012 31.01.2013 25.03.2013 31.01.2013 28.02.2013 31.01.2013 31.01.2013 30.11.2012 31.12.2012 31.12.2012 31.01.2013 28.09.2012 31.12.2012 31.01.2013 31.12.2011 30.11.2012 28.02.2013 31.01.2013

Date Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month 6 month Not Provided 3 month Not Provided 9 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Bank Investment Advisor Mutual Fund Manager

Date 27.03.2013 24.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 15.03.2013 14.03.2013 12.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 28.02.2013 21.02.2013 15.02.2013 14.02.2013 05.02.2013 04.02.2013 04.02.2013 24.01.2013 22.01.2013 17.01.2013 13.09.2012


27.03.2013

Telenor ASA Telenor ASA researches, develops and provides telecommunications, information and media services. The Company offers telephone services, as well as installs and operates complete IT (information technology) systems. Telenor provides phone card, mobile telephone, satellite communications, paging and mobile data services. The Company operates in Norway and internationally.

Price/Volume 140

8.0 M

120

7.0 M 6.0 M

100

5.0 M

80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEL NO EQUITY YTD Change TEL NO EQUITY YTD % CHANGE

12/2012 12/yy 129.40 86.90 1'409'719.00 127.7 -1.31% 46.95% 97.41% 1'559.9 199'205.33 50'101.00 0.0 3'057.0 8'805.00 243'558.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

40

2.0 M

20

1.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 96'167.0 1.37x 30'133.0 4.36x 13'065.0 5.81x

4.0 M

60

31.12.2009 31.12.2010 90'748.0 94'843.0 1.89x 1.94x 33'071.0 29'262.0 5.18x 6.28x 8'653.0 14'334.0 14.43x 10.60x Profitability

LTM-4Q 31.12.2011 98'516.0 1.82x 34'352.0 5.22x 7'165.0 22.04x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 101'718.0 2.16x 39'711.0 5.52x 9'490.0 18.51x 39'711.00 17'486.00 17.19% 11.25% 5.66% 12.04% 9.77% 0.61% 39.0% 17.2% 9.3% 0.68 0.20 29.68% 68.05% -

Price/ Cash Flow

LTM

FY+1

0.78 628.11 27.18% 13.81% 0.780 35 3.971 1'504'670 1'658'660 1'649'427 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 98'515.0 101'719.0 103'045.2 106'117.7 25'269.1 25'646.2 7.22x 8.10x 2.29x 2.20x 8.54x 8.97x 34'382.0 39'711.0 35'518.1 37'312.2 8'436.0 8'753.0 5.22x 5.52x 6.86x 6.53x 6.89x 6.78x 7'937.0 9'490.0 15'392.1 17'141.2 4'028.7 4'402.2 19.98x 18.44x 12.72x 11.26x 12.38x 12.15x S&P Issuer Ratings Long-Term Rating Date 12.04.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 25.09.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 14.12 (EBITDA-Capex)/Interest Exp. 10.54 Net Debt/EBITDA 1.04 Total Debt/EBITDA 1.26 Reference Total Debt/Equity 68.0% Total Debt/Capital 39.5% Asset Turnover 0.61 Net Fixed Asset Turnover 2.18 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Telenor ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS STATE STREET GOVERNMENT PENSION F JP MORGAN CHASE BANK BANK OF NEW YORK MEL CLEARSTREAM BANKING NORTHERN TRUST CO FRANKLIN RESOURCES EUROCLEAR BANK SA TELENOR ASA FMR LLC DNB NOR ASSET MANAGE MANNING & NAPIER ADV WILLIAM BLAIR & COMP VANGUARD GROUP INC RBC DEXIA INVESTOR S BLACKROCK STOREBRAND FUND MANA DANSKE CAPITAL NORGE NORDEA FONDENE AS

Firm Name

Portfolio Name #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Grupo Santander JOHN DAVIES AlphaValue JEAN-MICHEL SALVADOR Deutsche Bank KEVAL KHIROYA SEB Enskilda HARALD HORNES OYEN Jefferies ULRICH RATHE Sanford C. Bernstein & Co ROBIN BIENENSTOCK New Street Research RUSSELL WALLER Nomura JAMES BRITTON Credit Suisse JAKOB BLUESTONE Exane BNP Paribas MAXIME REY Morgan Stanley TERENCE TSUI Berenberg Bank BARRY ZEITOUNE Arctic Securities ASA MARKUS BJERKE ABG Sundal Collier OLE PETTER KJERKREIT Landesbank Baden-Wuerttemberg RALPH SZYMCZAK EVA Dimensions ANDREW S ZAMFOTIS Nordea Equity Research STEFAN GAUFFIN Handelsbanken THOMAS HEATH SpareBank 1 Markets AS TORE A TONSETH DNB Markets CHRISTER ROTH Barclays MAURICE PATRICK Norne Securities AS VILIS EIZENTAS Danske Markets ERIK STRANDIN PERS Swedbank First Securities SVEN SKOLD Goldman Sachs ANDREW LEE HSBC DOMINIK KLARMANN Pareto Securities THOMAS NIELSEN S&P Capital IQ ALEXANDER WISCH Carnegie ESPEN TORGERSEN JPMorgan AKHIL DATTANI Espirito Santo Investment Bank Research ANDREW HOGLEY Societe Generale OTTAVIO ADORISIO CA Cheuvreux PETER KURT NIELSEN

Source EXCH ULT-AGG EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH ULT-AGG MF-AGG MF-AGG 13F MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy add buy sell buy outperform neutral buy outperform neutral Overwt/In-Line buy hold hold hold hold buy accumulate sell hold overweight sell buy buy Buy/Neutral overweight sell strong buy hold overweight buy buy outperform

Amt Held 841'829'056 95'042'346 69'748'571 53'781'082 39'648'040 29'376'796 28'128'270 28'109'186 22'654'409 20'208'167 16'650'269 14'188'366 12'089'340 7'950'745 7'156'547 7'084'983 5'333'019 4'807'345 4'442'028 4'208'273

% Out 53.97 6.09 4.47 3.45 2.54 1.88 1.8 1.8 1.45 1.3 1.07 0.91 0.77 0.51 0.46 0.45 0.34 0.31 0.28 0.27

Weighting

Change 5 4 5 1 5 5 3 5 5 3 5 5 3 3 3 3 5 4 1 3 5 1 5 5 5 5 1 5 3 5 5 5 5

M M M M M M D M M M M M M M M D M M D M M M M M M M M M M M M M M

Latest Chg 4'792 (2'135'800) (194'724) (821'805) (3'550) 1'433'184 152'459 1'479 177'380 1'088'600 (48'232)

Target Price 143 148 140 110 140 140 126 134 130 133 150 140 125 128 112 #N/A N/A 135 125 121 123 140 100 135 128 164 142 105 140 #N/A N/A 130 145 115 105

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Government 26.03.2013 Investment Advisor 25.03.2013 Government 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Bank 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Bank 25.03.2013 Government 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 9 month Not Provided 12 month Not Provided

Date 27.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 12.03.2013 11.03.2013 08.03.2013 08.03.2013 07.03.2013 06.03.2013 28.02.2013 22.02.2013 22.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 22.01.2013 21.01.2013 16.11.2012 24.10.2012 30.12.2011


27.03.2013

Intesa Sanpaolo SpA Intesa Sanpaolo attracts deposits and offers banking and financial services. The Bank offers consumer credit, asset management, Internet banking, merchant banking, securities brokerage, factoring, and lease financing services, and manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and offices elsewhere in Europe, Asia, and the United States.

Price/Volume 2 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISP IM EQUITY YTD Change ISP IM EQUITY YTD % CHANGE

12/2012 12/yy 1.54 0.85 169'231'735.00 1.108 -28.15% 29.82% 39.29% 15'501.5 18'075.53 283'077.00 0.0 586.0 39'926.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

0 0 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 33'216.0 2'553.0 23.67x

1

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M f-13 m-13

31.12.2009 31.12.2010 27'022.0 24'836.0 2'805.0 2'705.0 15.27x 12.90x Profitability

LTM-4Q 31.12.2011 25'266.0 (8'190.0) -

31.12.2012 17'813.0 1'605.0 12.56x 21.90% 17.87% 0.24% 3.32% 0.51% 0.03% 9.0% 42.03% 570.57% -

LTM

12/yy 23'133.0 0.00x 0.0 0.00x (8'190.0) 0.00x

12/yy 17'685.0 0.00x 0.0 0.00x 1'605.0 10.08x

FY+1

1.39 13'656.70 -18.86% -14.77% 1.388 35 3.171 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'804.9 17'226.7 1'847.7 2'481.0 9.89x 7.28x 9.38x 8.66x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.02.2012 BBB+ NEG 10.02.2012 A-2 570.6% 84.9% 0.03 1.37 -

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Intesa Sanpaolo SpA Holdings By:

All

Holder Name COMPAGNIA DI SAN PAO FOND CR PROVINCIE LO FONDAZIONE CASSA RIS ENTE CASSA DI RISP F FONDAZIONE CASSA RIS ALLEANZA TORO SPA BLACKROCK ASSICURAZIONI GENERA HARRIS ASSOCIATES LP FRANKLIN RESOURCES VANGUARD GROUP INC INA ASSITALIA SPA GENERALI VIE SA ALLIANZ ASSET MANAGE MERCURY ASSET MANAGE MANDARINE GESTION TEMPLETON INVESTMENT NATIXIS ASSET MANAGE GENERALI VERSICHERUN ING INTERNATIONAL AD

Firm Name Nomura Mediobanca SpA Barclays Macquarie Exane BNP Paribas Berenberg Bank Societe Generale Morgan Stanley Landesbank Baden-Wuerttemberg Independent Research GmbH Equita SIM SpA Oddo & Cie Banca Akros(ESN) ICBPI Kepler Capital Markets Natixis S&P Capital IQ Credit Suisse Keefe, Bruyette & Woods Goldman Sachs AlphaValue Grupo Santander HSBC Intermonte Securities SpA Day by Day RBC Capital Markets Deutsche Bank EVA Dimensions Centrobanca CA Cheuvreux Nord/LB Hammer Partners SA Banco Sabadell Main First Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DOMENICO SANTORO ANDREA FILTRI ANTONIO RIZZO BENJIE CREELAN-SANDFORD ANDREA VERCELLONE ELENI PAPOULA CARLO TOMMASELLI FRANCESCA TONDI INGO FROMMEN STEFAN BONGARDT MATTEO GHILOTTI JEAN SASSUS LUIGI TRAMONTANA LUCA COMI ANNA MARIA BENASSI STEVEN GOULD WILLIAM HOWLETT IGNACIO CEREZO RONNY REHN JEAN-FRANCOIS NEUEZ DAVID GRINSZTAJN TANIA GOLD CARLO DIGRANDI CHRISTIAN CARRESE VALERIE GASTALDY PATRICK LEE PAOLA SABBIONE AUSTIN BURKETT GUGLIELMO MARCO OPIPARI ALDO COMI MICHAEL SEUFERT ENRICO RACIOPPI MARIO LODOS ALBERTO SEGAFREDO

Source EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG

Recommendation buy neutral underweight underperform neutral hold sell Equalwt/In-Line hold hold buy reduce accumulate neutral buy buy hold outperform underperform neutral/neutral buy underweight neutral outperform hold underperform buy overweight sell outperform hold sell buy neutral

Amt Held 1'532'766'787 725'460'008 647'953'597 523'633'314 422'874'979 286'308'683 206'407'970 205'236'977 193'171'300 144'797'677 131'567'493 85'877'104 82'931'860 57'605'428 38'765'931 38'252'534 37'525'547 35'693'662 34'722'872 33'905'476

% Out 9.89 4.68 4.18 3.38 2.73 1.85 1.33 1.32 1.25 0.93 0.85 0.55 0.53 0.37 0.25 0.25 0.24 0.23 0.22 0.22

Weighting

Change 5 3 1 1 3 3 1 3 3 3 5 2 4 3 5 5 3 5 1 3 5 1 3 5 3 1 5 5 1 5 3 1 5 3

M M M M M M M M M M M M M M M M M M M M M M U M D M M M N M M M M M

Latest Chg (1'957'269) 19'137'900 (3'852'992) 21'857'253 24'865'982 (1'421'878) (363'082) (6'397'175) (2'160'992)

Target Price 2 1 1 1 1 1 1 2 1 1 2 1 1 2 2 1 1 2 1 2 2 1 1 2 #N/A N/A 1 2 #N/A N/A 1 2 #N/A N/A 1 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.11.2012 Other 20.11.2012 Bank 20.11.2012 Bank 20.11.2012 Bank 20.11.2012 Other 20.11.2012 Insurance Company 25.03.2013 Investment Advisor 20.11.2012 Insurance Company 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Insurance Company 20.11.2012 Other 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 20.11.2012 Holding Company 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 26.03.2013 25.03.2013 25.03.2013 21.03.2013 18.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 07.03.2013 06.03.2013 25.02.2013 19.02.2013 14.02.2013 28.01.2013 17.01.2013 17.01.2013 11.01.2013 06.11.2012 23.10.2012 19.06.2012 06.02.2012 29.07.2011


27.03.2013

Henkel AG & Co KGaA Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume 80

2.0 M

50

12/2012 12/yy 75.06 49.22 320'636.00 74.06 -1.33% 50.47% 99.29% 178.2 28'970.07 3'901.00 0.0 135.0 1'238.00 31'768.07

1.5 M

30

1.0 M

20 .5 M

10 0 m-12

31.12.2009 31.12.2010 13'573.0 15'092.0 1.40x 1.41x 1'938.0 2'445.0 9.84x 8.71x 602.0 1'118.0 26.40x 18.11x Profitability

LTM-4Q 31.12.2011 15'605.0 1.38x 2'444.0 8.82x 1'161.0 16.70x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 16'510.0 1.81x 2'782.0 10.72x 1'510.0 17.93x 2'782.00 2'373.00 14.37% 12.47% 7.94% 16.85% 0.87% 46.8% 16.1% 13.6% 9.1% 1.30 0.56 19.98% 41.61% 8.21 5.80

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy 15'605.0 5.53x 2'217.0 9.72x 1'161.0 16.70x

a-12

12/yy 16'510.0 6.49x 2'658.0 11.22x 1'510.0 17.93x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.72 173.62 37.91% 19.07% 0.719 41 3.293 507'285 605'127 639'097 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'083.1 17'919.3 4'190.5 4'394.5 1.65x 1.51x 2'860.3 3'087.0 11.11x 10.29x 1'736.9 1'912.5 434.0 468.5 18.38x 16.68x 17.59x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.05.2011 A STABLE 18.05.2011 A-1 21.24 18.02 1.00 1.47 41.6% 29.1% 0.87 7.21 44.58 63.13 106.32 1.39

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEN3 GY EQUITY YTD Change HEN3 GY EQUITY YTD % CHANGE

31.12.2008 14'131.0 1.00x 2'048.0 6.87x 1'221.0 8.01x

3.0 M

70

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Henkel AG & Co KGaA Holdings By:

All

Holder Name BLACKROCK HENKEL KGAA DEUTSCHE BANK AG ALLIANZ ASSET MANAGE SUN LIFE FINANCIAL I FMR LLC ARTISAN PARTNERS HOL UNION INVESTMENT GMB VANGUARD GROUP INC DEKA INVESTMENT GMBH TIAA CREF INVESTMENT SWEDBANK ROBUR FONDE SCHRODER INVESTMENT DB PLATINUM ADVISORS OPPENHEIMERFUNDS INC ROYAL BANK OF CANADA DEKA INTERNATIONAL S SNS INVESTMENT FUND T ROWE PRICE ASSOCIA MORGAN STANLEY

Firm Name Raymond James Sanford C. Bernstein & Co Morgan Stanley Grupo Santander Jefferies Nomura Day by Day Goldman Sachs Baader Bank Berenberg Bank Societe Generale Landesbank Baden-Wuerttemberg DZ Bank AG Nord/LB Credit Suisse Bankhaus Lampe Hamburger Sparkasse Bankhaus Metzler Equinet Institutional Services(ESN) Main First Bank AG Exane BNP Paribas Commerzbank Corporates & Markets Independent Research GmbH Canaccord Genuity Corp S&P Capital IQ Barclays JPMorgan M.M. Warburg Investment Research Redburn Partners Kepler Capital Markets Liberum Capital Ltd HSBC EVA Dimensions Macquarie Silvia Quandt Research CA Cheuvreux Deutsche Bank Equita SIM SpA

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst HERMINE DE BENTZMANN ANDREW WOOD ERIK SJOGREN PEDRO GIL ALEX HOWSON GUILLAUME DELMAS VALERIE GASTALDY ROSIE EDWARDS CHRISTIAN WEIZ SETH PETERSON CHAS MANSO DE ZUNIGA BERND MUELL THOMAS MAUL JULIA SIEKMANN ALEX MOLLOY HEIKO FEBER MARCO GUENTHER SEBASTIAN FRERICKS NADESHDA DEMIDOVA GAEL COLCOMBET EAMONN FERRY ANDREAS RIEMANN ZAFER RUZGAR EDDY HARGREAVES CARL SHORT IAIN SIMPSON CELINE PANNUTI JOERG PHILIPP FREY WILLIAM HOUSTON MARKUS MAYER PABLO ZUANIC CEDRIC BESNARD AUSTIN BURKETT CHRISTIAN FAITZ MARK JOSEFSON MARTIN ROEDIGER HAROLD THOMPSON FABIO FAZZARI

Source ULT-AGG EXCH MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation outperform outperform Overwt/In-Line hold hold buy buy neutral/attractive hold buy buy buy sell buy underperform hold sell sell sell outperform underperform buy hold buy hold overweight underweight hold sell hold hold underweight overweight neutral avoid underperform buy not rated

Amt Held 5'549'375 4'541'372 3'660'469 3'371'632 3'269'161 2'250'957 2'048'886 2'024'730 1'854'599 1'594'087 1'019'990 974'909 952'921 947'914 876'399 860'900 721'996 601'863 564'346 514'818

% Out 3.11 2.55 2.05 1.89 1.83 1.26 1.15 1.14 1.04 0.89 0.57 0.55 0.53 0.53 0.49 0.48 0.41 0.34 0.32 0.29

Weighting

Change

5 5 5 3 3 5 5 3 3 5 5 5 1 5 1 3 1 1 1 5 1 5 3 5 3 5 1 3 1 3 3 1 5 3 1 1 5 #N/A N/A

M M M M M M M M M M U M M U M D M M D M M M M M M M M M M D M M M M D M U D

Latest Chg (18'665) 300'707 (70'584) 113'802 456'899 45'815 2'800 (94'991) (136'144) 191'841 90'999 582'498 (478'762) 634'733 145'780 344'567 85'487 (482'690) 17'806

Target Price 81 73 75 70 54 74 81 73 75 83 80 81 58 78 71 73 #N/A N/A 59 56 78 63 78 73 75 73 75 58 60 #N/A N/A 69 #N/A N/A 60 #N/A N/A 49 52 65 75 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 05.08.2011 Corporation 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Bank 28.12.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided 3 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 27.03.2013 25.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 13.03.2013 13.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 04.03.2013 28.02.2013 06.02.2013 01.02.2013 25.01.2013 17.01.2013 17.01.2013 21.11.2012 19.11.2012 14.11.2012 27.08.2012 14.12.2009


27.03.2013

TeliaSonera AB TeliaSonera AB offers telecommunication services. The Company offers mobile communications services as well as operates fixed networks throughout Eurasia.

Price/Volume 60

40.0 M 35.0 M

50

30.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (23.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLSN SS EQUITY YTD Change TLSN SS EQUITY YTD % CHANGE

12/2012 12/yy 49.65 41.03 4'317'198.00 46.16 -7.01% 12.50% 63.46% 4'330.1 199'876.72 91'587.00 0.0 3'956.0 29'805.00 265'614.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M 15.0 M

20

10.0 M 10

5.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 103'585.0 2.31x 31'663.0 7.57x 19'011.0 9.19x

25.0 M

30

Valuation Analysis

31.12.2009 31.12.2010 109'161.0 106'979.0 2.65x 2.77x 35'329.0 37'677.0 8.19x 7.86x 18'854.0 21'257.0 12.35x 11.26x Profitability

LTM-4Q 31.12.2011 104'354.0 2.66x 36'843.0 7.52x 18'341.0 11.14x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 104'898.0 2.45x 34'962.0 7.34x 19'886.0 9.59x 34'962.00 14'420.00 13.75% 23.34% 7.81% 17.55% 0.41% 44.3% 33.3% 13.7% 19.0% 1.61 0.84 36.01% 83.69% 37.69

Price/ Cash Flow

LTM

FY+1

0.78 6.85% 4.77% 0.777 37 3.189 8'727'897 8'722'475 8'920'658 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 104'558.0 104'898.0 103'860.0 104'877.9 25'450.0 26'052.1 10.61x 10.39x 2.49x 2.44x 10.26x 10.19x 36'997.0 34'963.0 35'299.9 36'434.7 8'558.9 8'754.6 7.28x 7.34x 7.52x 7.29x 7.49x 7.39x 18'341.0 19'838.0 18'048.7 18'903.7 4'365.7 4'468.7 11.22x 9.62x 11.03x 10.58x 10.97x 10.85x S&P Issuer Ratings Long-Term Rating Date 28.10.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 28.10.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 12.27 (EBITDA-Capex)/Interest Exp. 6.53 Net Debt/EBITDA 1.77 Total Debt/EBITDA 2.62 Reference Total Debt/Equity 83.7% Total Debt/Capital 44.7% Asset Turnover 0.41 Net Fixed Asset Turnover 1.72 Accounts receivable turnover-days Inventory Days 9.71 Accounts Payable Turnover Day Cash Conversion Cycle -3.18 Sales/Revenue/Turnover

10.00

120'000.0

9.00

100'000.0

8.00 7.00

80'000.0

6.00

60'000.0

5.00 4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

TeliaSonera AB Holdings By:

All

Holder Name GOVERNMENT OF SWEDEN REPUBLIC OF FINLAND CAPITAL GROUP COMPAN ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE AMF PENSION SEB SHB FUNDS BANK OF NEW YORK MEL FJARDE AP-FONDEN GOVERNMENT OF NORWAY AFA INSURANCE HANDELSBANKEN FONDER AMF FONDER AB FORSTA AP FONDEN FOLKSAM LO FOND AB SKANDIA LIV SPP VANGUARD GROUP INC 2ND SWEDISH NAT PEN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst

Morgan Stanley TERENCE TSUI Carnegie LENA OSTERBERG AlphaValue JEAN-MICHEL SALVADOR Pohjola Bank Plc (ESN) KIMMO STENVALL SEB Enskilda ANDREAS JOELSSON Grupo Santander JOHN DAVIES Credit Suisse JAKOB BLUESTONE Exane BNP Paribas MAXIME REY Berenberg Bank BARRY ZEITOUNE ABG Sundal Collier KRISTOFER ERIKSSON Jefferies ULRICH RATHE HSBC DOMINIK KLARMANN CA Cheuvreux PETER KURT NIELSEN Evli Bank Plc MIKKO ERVASTI EVA Dimensions ANDREW S ZAMFOTIS Nomura JAMES BRITTON Deutsche Bank KEVAL KHIROYA Nordea Equity Research STEFAN GAUFFIN Handelsbanken THOMAS HEATH Swedbank SVEN SKOLD Barclays MAURICE PATRICK Danske Markets ERIK STRANDIN PERS Societe Generale OTTAVIO ADORISIO Goldman Sachs ANDREW LEE Pareto Securities THOMAS NIELSEN S&P Capital IQ ALEXANDER WISCH DNB Markets CHRISTER ROTH New Street Research RUSSELL WALLER JPMorgan AKHIL DATTANI Espirito Santo Investment Bank Research ANDREW HOGLEY Natixis JACQUES DE GRELING SpareBank 1 Markets AS TORE A TONSETH Landesbank Baden-Wuerttemberg RALPH SZYMCZAK

Source Research Research ULT-AGG Research Research Research ULT-AGG Research MF-AGG Research Research Research MF-AGG MF-AGG Research MF-AGG Research Research MF-AGG Research

Recommendation Equalwt/In-Line buy add reduce buy underweight neutral outperform sell sell underperform overweight outperform accumulate buy neutral hold buy reduce buy equalweight hold sell neutral/neutral hold buy buy neutral overweight sell neutral sell buy

Amt Held 1'614'513'748 505'123'642 135'101'977 113'772'322 100'536'059 81'560'451 57'463'604 55'103'337 51'687'796 51'218'385 45'514'625 40'936'185 36'637'463 32'908'480 31'821'766 29'888'500 28'199'595 24'185'095 21'638'930 21'277'439

% Out 37.29 11.67 3.12 2.63 2.32 1.88 1.33 1.27 1.19 1.18 1.05 0.95 0.85 0.76 0.73 0.69 0.65 0.56 0.5 0.49

Weighting

Change 3 5 4 2 5 1 3 5 1 1 1 5 5 4 5 3 3 5 2 5 3 3 1 3 3 5 5 3 5 1 3 1 5

M M M M M M M M M M D M D D U M M M M M M M M M D M M M M M M D M

Latest Chg (89'000'000) 45'896 20'254'991 (1'638'000) 757'991 (913'000) 2'212'625 866'212 -

Target Price 53 #N/A N/A 53 42 49 45 45 53 42 42 37 52 50 49 #N/A N/A 46 46 51 44 51 45 45 42 54 46 52 51 49 55 33 46 44 56

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 26.03.2013 30.09.2012 30.09.2012 30.09.2012 28.02.2013 31.12.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012

Date 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 9 month Not Provided Not Provided 6 month Not Provided

Inst Type Government Government Investment Advisor Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Unclassified n/a Investment Advisor Pension Fund (ERISA) Government Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) n/a Investment Advisor Pension Fund (ERISA)

Date 26.03.2013 26.03.2013 21.03.2013 20.03.2013 19.03.2013 13.03.2013 13.03.2013 08.03.2013 06.03.2013 04.03.2013 01.03.2013 27.02.2013 11.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 21.01.2013 30.10.2012 18.10.2012 17.10.2012 18.07.2012


27.03.2013

ArcelorMittal ArcelorMittal produces steel. The Company manufactures cold rolled, electrogalvanized and coated steels, slabs, special quality bars, and wire rods. Arcelor Mittal has steel making operations in Europe, the Americas, Asia, and Africa.

Price/Volume 16

35.0 M

14

30.0 M

12

25.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (27.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MT NA EQUITY YTD Change MT NA EQUITY YTD % CHANGE

12/2012 12/yy 14.95 10.05 7'524'084.00 10.185 -31.82% 1.39% 0.75% 1'665.4 16'962.02 25'752.00 0.0 3'474.0 4'398.00 46'487.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

6 4

10.0 M

2

5.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 124'936.0 0.50x 24'436.0 2.57x 9'399.0 3.49x

20.0 M

8

Valuation Analysis

31.12.2009 31.12.2010 61'021.0 78'025.0 1.52x 1.05x 3'656.0 8'525.0 25.37x 9.63x 157.0 2'916.0 308.59x 17.66x Profitability

LTM-4Q 31.12.2011 93'973.0 0.58x 9'898.0 5.47x 2'263.0 15.75x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 84'213.0 0.61x 6'762.0 7.58x (3'726.0) 6'762.00 1'809.00 2.15% -6.85% -3.15% -6.87% 0.71% 6.1% 8.5% 2.8% -4.4% 1.33 0.40 22.48% 49.79% 14.60 3.79

Price/ Cash Flow

LTM

12/yy 93'973.0 2.92x 10'117.0 5.35x 2'263.0 15.75x

12/yy 84'213.0 2.47x 7'150.0 7.17x (3'726.0) 0.00x

FY+1

1.48 976.79 -27.98% -21.26% 1.479 43 3.558 10'160'600 10'206'350 9'428'443 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 86'528.0 90'351.7 20'331.0 21'669.8 0.50x 0.45x 2.21x 2.06x 7'609.6 9'308.1 1'445.5 1'887.0 6.11x 4.99x 6.40x 5.85x 1'107.4 2'518.1 (45.8) 324.5 19.18x 9.05x 30.97x 15.39x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.08.2012 BB+ NEG 02.08.2012 B 3.33 1.02 2.99 3.60 49.8% 31.8% 0.71 1.56 25.07 96.59 59.60 61.20

Sales/Revenue/Turnover

60.00

140'000.0

50.00

120'000.0 100'000.0

40.00

80'000.0 30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

ArcelorMittal Holdings By:

All

Holder Name HSBC TRUSTEE CI LTD STATE OF LUXEMBOURG CAPITAL GROUP COMPAN BLACKROCK ARCELOR MITTAL VANGUARD GROUP INC ING INVESTMENT MANAG NATIXIS ASSET MANAGE AVIVA PLC MANDARINE GESTION ACHMEA BELEGGINSFOND HENDERSON GLOBAL INV LBPAM MERCURY ASSET MANAGE DIMENSIONAL FUND ADV HARTFORD INVESTMENT ING INTERNATIONAL AD SNS INVESTMENT FUND BNP PARIBAS INV PART MAINFIRST SICAV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Grupo Santander JUAN RAMON CORREAS Nomura NEIL SAMPAT Exane BNP Paribas LUC PEZ Independent Research GmbH SVEN DIERMEIER Societe Generale ALAIN WILLIAM Jefferies SETH ROSENFELD Bankia Bolsa (ESN) INIGO RECIO PASCUAL Natixis RAOUDHA BOUZEKRI Morgan Stanley ALEXANDER HAISSL RBC Capital Markets TIMOTHY HUFF JPMorgan ALESSANDRO ABATE Banco Sabadell FRANCISCO JOSE RODRIGUEZ Rabobank International FRANK CLAASSEN Espirito Santo Investment Bank Research RUI DIAS Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE ING Bank FILIP DE PAUW AlphaValue FABRICE FARIGOULE Macquarie JEFFREY LARGEY Liberum Capital Ltd RICHARD KNIGHTS Goldman Sachs STEPHEN BENSON EVA Dimensions CRAIG STERLING HSBC THORSTEN ZIMMERMANN Hamburger Sparkasse INGO SCHMIDT Nord/LB HOLGER FECHNER Kepler Capital Markets ROCHUS BRAUNEISER S&P Capital IQ JOHNSON IMODE Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Banesto Bolsa SA Sociedad ROBERT JACKSON ABN Amro Bank N.V. MAARTEN BAKKER VTB Capital WIKTOR BIELSKI Theodoor Gilissen Securities TOM MULLER Petercam JUNIOR CUIGNIEZ Landesbank Baden-Wuerttemberg JENS MUENSTERMANN BBVA LUIS DE TOLEDO Davy TIM CAHILL Kempen & Co DIRK VERBIESEN La Caixa ICIAR GOMEZ BOTAS Day by Day VALERIE GASTALDY Main First Bank AG ALEXANDER HAUENSTEIN Deutsche Bank BASTIAN SYNAGOWITZ Cyrrus JIRI SIMARA Daiwa Securities Co. Ltd. SCOTT FINLAY

Source Research Research ULT-AGG ULT-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold neutral neutral hold buy buy buy neutral Equalwt/Cautious outperform overweight buy buy sell sell hold buy neutral sell neutral/neutral hold neutral buy sell hold sell hold Under Review buy buy buy hold buy underperform neutral buy overweight hold underperform hold accumulate buy

Amt Held 637'338'263 38'965'330 34'288'654 13'652'443 11'807'964 11'263'233 8'882'700 7'991'717 5'391'818 4'337'697 3'626'060 3'405'847 3'040'188 2'802'907 2'731'472 2'714'162 2'683'591 2'539'528 2'448'266 2'378'999

% Out 38.27 2.34 2.06 0.82 0.71 0.68 0.53 0.48 0.32 0.26 0.22 0.2 0.18 0.17 0.16 0.16 0.16 0.15 0.15 0.14

Weighting

Change

3 3 3 3 5 5 5 3 3 5 5 5 5 1 1 3 5 3 1 3 3 3 5 1 3 1 3 #N/A N/A 5 5 5 3 5 1 3 5 5 3 1 3 4 5

M M M M M M M M M M M M M M M M M M N M D U M M M M M M M M M M M M U M D M M M M N

Latest Chg (1'268'600) 157'708 378'014 361'682 (75'417) (2'720) 424'535 660'850 383'008 (511'043) 313'267 (1'180'104) (67'376) (2'268'295) 2'378'999

Target Price 16 11 13 12 15 16 16 12 13 14 14 15 14 10 12 13 15 14 10 11 #N/A N/A 12 #N/A N/A 10 13 9 13 #N/A N/A 19 21 18 14 15 15 #N/A N/A 17 13 #N/A N/A 9 13 18 30

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.07.2012 Unclassified 17.05.2012 Government 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 17.05.2012 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 25.03.2013 Investment Advisor 31.07.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month

Date 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 14.03.2013 04.03.2013 01.03.2013 25.02.2013 22.02.2013 11.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 22.01.2013 14.01.2013 11.01.2013 10.01.2013 10.01.2013 06.01.2013 23.11.2012 20.11.2012 02.11.2012 26.10.2012 30.01.2012 08.06.2011


27.03.2013

Fresenius Medical Care AG & Co KGaA Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

Price/Volume 70

3.0 M

60

2.5 M

50

2.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.07.2012) 52-Week Low (10.01.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FME GY EQUITY YTD Change FME GY EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

20

.5 M

10 0 m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 10'612.3 1.81x 2'088.1 9.19x 817.6 17.10x

1.5 M

30

12/2012 12/yy 60.27 47.79 486'804.00 52.42 -13.02% 9.69% 35.50% 302.8 16'038.56 8'298.48 0.0 788.0 688.04 22'402.47

31.12.2009 31.12.2010 11'247.5 12'053.5 1.84x 1.88x 2'212.7 2'427.0 9.33x 9.36x 891.1 978.5 17.72x 17.64x Profitability

LTM-4Q 31.12.2011 12'570.5 2.22x 2'632.2 10.62x 1'071.2 19.22x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 13'800.3 2.15x 2'821.5 10.50x 1'186.8 17.78x 2'821.47 2'218.57 16.08% 14.00% 5.67% 14.09% 9.79% 0.66% 33.3% 20.4% 16.1% 8.6% 1.93 0.26 37.17% 92.80% 110.93 9.18

Price/ Cash Flow

LTM

12/yy 12'570.5 8.84x 2'632.2 10.63x 1'071.2 19.22x

12/yy 13'800.3 8.76x 2'821.5 10.50x 1'186.8 17.78x

FY+1

0.57 208.38 1.93% 0.21% 0.567 36 3.583 656'451 800'870 849'319 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'706.7 15'546.5 3'530.8 3'762.0 1.93x 1.78x 8.11x 7.60x 3'103.0 3'281.5 732.5 770.0 9.31x 8.80x 9.39x 9.23x 1'204.4 1'317.2 271.0 294.7 17.05x 15.72x 17.41x 16.86x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.09.2012 BB+ STABLE 6.00 4.56 2.70 2.94 92.8% 46.0% 0.66 4.95 3.30 39.87 27.61 15.56

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Fresenius Medical Care AG & Co KGaA Holdings By:

All

Holder Name FRESENIUS SE & CO KG BLACKROCK THORNBURG INVESTMENT BNP PARIBAS INV PART CAPITAL GROUP COMPAN VANGUARD GROUP INC CARMIGNAC GESTION THREADNEEDLE INVESTM ALLIANZ ASSET MANAGE DEUTSCHE BANK AG FMR LLC SARASIN INVESCO LTD JUPITER ASSET MANAGE RUFFER LLP UNION INVESTMENT GMB SCHRODER INVESTMENT SUN LIFE FINANCIAL I SCOTTISH WIDOWS CLERICAL MEDICAL INV

Firm Name Societe Generale Day by Day Exane BNP Paribas Sanford C. Bernstein & Co Morgan Stanley Nord/LB AlphaValue Barclays DZ Bank AG HSBC Independent Research GmbH Goldman Sachs Credit Suisse Hamburger Sparkasse Bankhaus Metzler Berenberg Bank Kepler Capital Markets Bryan Garnier & Cie Equinet Institutional Services(ESN) Main First Bank AG JPMorgan Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Nomura S&P Capital IQ Helvea Commerzbank Corporates & Markets Deutsche Bank EVA Dimensions Jefferies CA Cheuvreux Silvia Quandt Research SunTrust Robinson Humphrey

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst JUSTIN SMITH VALERIE GASTALDY JULIEN DORMOIS LISA BEDELL CLIVE MICHAEL K JUNGLING HOLGER FECHNER MARTIN SCHNEE SALLY TAYLOR SVEN OLAF KUERTEN JAN KEPPELER CHRISTOPH SCHOENDUBE VERONIKA DUBAJOVA CHRISTOPH GRETLER MARCO GUENTHER SEBASTIAN FRERICKS TOM JONES MAJA PATAKI MATHIEU CHABERT KONRAD LIEDER MARCUS WIEPRECHT DAVID J ADLINGTON TIMO KUERSCHNER ULRICH HUWALD MARTIN BRUNNINGER SHO MATSUBARA OLAV ZILIAN VOLKER BRAUN HOLGER BLUM ANDREW S ZAMFOTIS INGEBORG OIE OLIVER REINBERG CLAUDIA LAKATOS DAVID S MACDONALD

Source 20F ULT-AGG Research ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy hold outperform outperform Overwt/In-Line hold add equalweight hold neutral hold neutral/neutral neutral buy buy buy buy buy accumulate underperform underweight buy buy reduce hold buy hold hold underweight hold underperform buy buy

Amt Held 94'380'382 23'308'909 15'147'822 3'065'861 2'947'832 2'772'483 2'691'210 2'050'747 1'826'282 1'642'573 1'546'825 1'270'832 1'239'455 1'145'603 1'077'120 1'028'400 891'372 812'216 732'215 667'115

% Out 31.17 7.7 5 1.01 0.97 0.92 0.89 0.68 0.6 0.54 0.51 0.42 0.41 0.38 0.36 0.34 0.29 0.27 0.24 0.22

Weighting

Change 5 3 5 5 5 3 4 3 3 3 3 3 3 5 5 5 5 5 4 1 1 5 5 2 3 5 3 3 1 3 1 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (123'369) (418'710) 1'361'232 (7'348) 450'000 (14'552) (502'837) (236'622) (3'090'185) 76'163 (237'666) 729'384 (33'900) (89'146) 121'590 6'037 -

Target Price 62 #N/A N/A 62 62 58 55 61 57 55 55 60 53 55 #N/A N/A 56 63 58 66 58 50 49 58 57 45 57 65 56 48 #N/A N/A 60 49 66 63

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 18.02.2013 Corporation 25.03.2013 Investment Advisor 06.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Unclassified 21.03.2013 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Hedge Fund Manager 28.09.2012 Investment Advisor 30.10.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Unclassified 28.02.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month 12 month 12 month 9 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month

Date 25.03.2013 21.03.2013 21.03.2013 18.03.2013 07.03.2013 07.03.2013 07.03.2013 05.03.2013 04.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 20.02.2013 15.01.2013 05.11.2012 01.11.2012 31.10.2012 02.11.2011


27.03.2013

AP Moeller - Maersk A/S A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Company's fleet includes container vessels, tankers, supply ships, special vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial, and supermarket businesses, and explores for and produces oil and gas. The Company is active worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAERSKB DC EQUITY YTD Change MAERSKB DC EQUITY YTD % CHANGE

12/2012 12/yy 47'480.00 35'000.00 1'461.00 45440 -4.30% 29.83% 87.50% 2.2 196'043.75 111'064.00 0.0 13'744.0 15'171.00 305'680.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 260'336.0 315'396.0 1.01x 0.97x 49'262.0 89'218.0 5.34x 3.44x (7'027.0) 26'455.0 8.33x Profitability

LTM-4Q 31.12.2011 322'520.0 0.84x 78'506.0 3.44x 15'189.0 10.96x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 342'058.0 0.85x 72'897.0 4.00x 21'673.0 8.59x 72'897.00 41'924.00 12.26% 12.43% 5.25% 10.76% 0.83% 21.3% 12.3% 6.3% 1.15 0.67 26.40% 53.19% 12.20 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.01 8.03% 6.67% 1.012 31 3.710 4'326 4'285 4'448 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 322'520.0 342'058.0 336'080.7 365'158.1 81'773.1 85'571.3 2.44x 3.40x 0.92x 0.84x 78'506.0 72'897.0 75'512.7 84'490.5 17'725.7 19'909.3 3.44x 4.06x 4.05x 3.62x 3.94x 3.77x 15'189.0 21'673.0 19'131.9 24'742.7 3'444.0 5'381.8 11.01x 8.61x 10.37x 8.32x 10.03x 9.22x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

15.68 7.80 1.32 1.52 53.2% 33.3% 0.83 1.33 30.01 -

Sales/Revenue/Turnover

9.00

400'000.0

8.00

350'000.0

7.00

300'000.0

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0

2.00

50'000.0

1.00 0.00 01.01.2010

.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 311'821.0 0.68x 83'945.0 2.52x 16'960.0 6.86x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

AP Moeller - Maersk A/S Holdings By:

All

Holder Name AP & CHASTINE MOLLER AP MOLLER C MCKINNEY FRANKLIN RESOURCES MC-KINNEY MOLLER MAE DEN AP MOLLERSKE STO AP MOLLER - MAERSK A VANGUARD GROUP INC SKAGEN AS NORDEA INV MANAGEMEN BLACKROCK SWEDBANK ROBUR FONDE CAPITAL GROUP COMPAN MANDARINE GESTION ING INTERNATIONAL AD JANUS CAPITAL MANAGE SPARINVEST DEUTSCHE BANK AG T ROWE PRICE ASSOCIA SARASIN FMR LLC

Firm Name Fearnley Fonds SEB Enskilda Cantor Fitzgerald AlphaValue Berenberg Bank ABG Sundal Collier Equita SIM SpA Nordea Equity Research Macquarie Credit Suisse ABN Amro Bank N.V. Carnegie Handelsbanken DNB Markets Danske Markets Clarkson Capital Markets LLC Alm Brand Markets Goldman Sachs JPMorgan Nomura Deutsche Bank RS Platou Markets Morgan Stanley EVA Dimensions HSBC SpareBank 1 Markets AS Jyske Bank CA Cheuvreux NYKREDIT Sydbank

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst RIKARD VABO MIKKEL M NIELSEN ROBIN BYDE HELENE COUMES WILLIAM FOGGON LARS HEINDORFF GIANMARCO BONACINA FINN BJARKE PETERSEN ROBERT JOYNSON NEIL GLYNN MARK VAN DER GEEST STIG FREDERIKSEN DAN TOGO JENSEN NICOLAY DYVIK ERIK BERGOO URS M DUR JESPER CHRISTENSEN OLIVER NEAL CHRISTOPHER G COMBE MARK MCVICAR JOSE FRANCISCO RUIZ SOLERA FRODE MOERKEDAL PENNY BUTCHER CRAIG STERLING JULIA WINARSO GLENN LODDEN FRANS HOYER BEAT KEISER RICKY S RASMUSSEN JACOB PEDERSEN

Source Co File Co File ULT-AGG Co File Co File Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation reduce hold buy reduce buy buy buy buy neutral underperform buy buy buy buy buy market perform sell Buy/Neutral neutral buy buy neutral Overwt/In-Line hold overweight buy sell underperform outperform overweight

Amt Held 905'933 216'483 87'534 81'758 64'615 29'729 25'010 16'835 14'211 14'181 12'536 9'054 8'803 7'616 6'980 6'713 6'465 6'428 6'413 6'016

% Out 41.22 9.85 3.98 3.72 2.94 1.35 1.14 0.77 0.65 0.65 0.57 0.41 0.4 0.35 0.32 0.31 0.29 0.29 0.29 0.27

Weighting

Change 2 3 5 2 5 5 5 5 3 1 5 5 5 5 5 3 1 5 3 5 5 3 5 3 5 5 1 1 5 5

M M M M M M M M M M M M M M M M M M M M M D M M M N M M M M

Latest Chg (46) 4'657 67 4'051 1'049 (680) 1'469 (665) (6) 620 530 (275) 2'214

Target Price 40'000 45'100 50'000 41'414 60'000 52'000 58'000 50'000 44'000 42'700 52'500 #N/A N/A 57'000 51'000 55'000 42'200 42'500 56'000 45'000 59'000 53'800 50'000 60'000 #N/A N/A 56'000 50'000 37'000 40'000 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Other 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 Other 31.12.2011 Corporation 31.12.2012 Investment Advisor 28.02.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Investment Advisor

Date Not Provided Not Provided Not Provided 6 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month 12 month 6 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided

Date 27.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 13.03.2013 05.03.2013 05.03.2013 01.03.2013 28.02.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 08.02.2013 03.02.2013 01.02.2013 17.01.2013 13.11.2012 26.10.2012 04.09.2012 10.08.2012 23.02.2012 18.02.2011


27.03.2013

Christian Dior SA Christian Dior SA manufactures luxury products such as upscale clothing, champagne and wines, cognac and spirits, luggage and leather goods, perfumes and cosmetics, and jewelry and watches. The Company markets its products internationally.

Price/Volume 160

.6 M

140

.5 M

120 .4 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDI FP EQUITY YTD Change CDI FP EQUITY YTD % CHANGE

12/2012 01/yy 136.80 98.08 68'094.00 128.05 -6.40% 30.56% 77.53% 181.7 23'270.15 8'824.00 0.0 15'309.0 2'428.00 45'653.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

40 .1 M

20 0 m-12

31.12.2008 31.12.2009 17'933.0 17'745.0 1.26x 1.55x 4'294.0 4'102.0 5.24x 6.69x 796.0 695.0 9.02x 18.40x Profitability

LTM-4Q 31.12.2010 21'123.0 1.68x 5'175.0 6.85x 1'261.0 15.14x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 24'628.0 1.55x 6'266.0 6.08x 1'279.0 12.83x 6'266.00 5'323.00 21.61% 19.94% 66.0% 4.7% 1.33 0.43 17.23% 91.60% -

Price/ Cash Flow

m-12

j-12

j-12

LTM

06/yy 20'182.0 0.00x 0.0 0.00x 0.0 0.00x

01/yy 29'231.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.90 51.20 12.85% -0.16% 0.904 14 4.286 111'190 106'087 103'185 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 12/13 Q4 03/14 Q1 30'024.6 32'911.4 1.49x 1.25x 7'422.0 8'361.5 6.15x 5.46x 1'768.8 2'220.6 13.72x 11.50x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.79 18.23 91.6% 26.1% 229.19

Sales/Revenue/Turnover

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 01.01.2010

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 17'245.0 1.74x 4'207.0 7.14x 880.0 18.20x

.3 M

60

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Christian Dior SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS CHRISTIAN DIOR SA FMR LLC WILLIAM BLAIR & COMP BANK OF NEW YORK MEL SCHRODER INVESTMENT VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN PICTET ASSET MANAGEM NATIXIS ASSET MANAGE SUN LIFE FINANCIAL I SOCIETE GENERALE PALATINE ASSET MANAG ALLIANZ ASSET MANAGE LBPAM PUTNAM INVESTMENT MA HSBC ASSET MGMT EURO DEKA INVESTMENT GMBH IG INVESTMENT MANAGE

Firm Name Oddo & Cie Day by Day AlphaValue EVA Dimensions Goldman Sachs Raymond James Natixis Aurel - BGC HSBC Bryan Garnier & Cie Main First Bank AG Kepler Capital Markets JPMorgan

Portfolio Name n/a n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEOPOLD AUTHIE VALERIE GASTALDY VIRGINIE BLIN CRAIG STERLING MARKUS IWAR MARC WILLAUME OLIVIER DELAHOUSSE DAVID DA MAIA SOPHIE DARGNIES LOIC MORVAN GAEL COLCOMBET CATHERINE ROLLAND MELANIE A FLOUQUET

Source Research Co File ULT-AGG 13F MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold buy underweight Buy/Neutral outperform buy buy neutral buy outperform buy overweight

Amt Held 127'874'042 2'380'206 1'873'868 796'326 666'226 623'346 581'499 421'691 366'000 348'671 333'448 279'724 258'207 248'010 237'632 227'680 222'041 213'750 188'200 146'427

% Out 70.37 1.31 1.03 0.44 0.37 0.34 0.32 0.23 0.2 0.19 0.18 0.15 0.14 0.14 0.13 0.13 0.12 0.12 0.1 0.08

Weighting

Change 5 3 5 1 5 5 5 5 3 5 5 5 5

M D M U M M M U D M M M M

Latest Chg 33'750 481'476 (329'869) 151 766 (75'135) 4'085 (819) (3'323) 12'382 (17'382) (57'000) (23'602) 32 30'482 (15'250) (7'104)

Target Price 154 #N/A N/A 180 #N/A N/A 149 142 142 140 147 145 174 130 110

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.10.2012 Holding Company 30.04.2012 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.10.2012 Bank 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided

Date 19.03.2013 19.03.2013 07.03.2013 21.02.2013 11.02.2013 04.02.2013 04.02.2013 25.01.2013 24.01.2013 16.01.2013 09.01.2013 30.10.2012 15.12.2011


27.03.2013

Henkel AG & Co KGaA Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume 70 60 50 40

Valuation Analysis

30

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEN GY EQUITY YTD Change HEN GY EQUITY YTD % CHANGE

12/2011 12/yy 61.70 41.51 56'274.00 60.84 -1.39% 46.58% 96.87% 259.8 28'970.07 3'901.00 0.0 135.0 1'238.00 31'768.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 m-12

31.12.2009 31.12.2010 13'573.0 15'092.0 1.40x 1.41x 1'938.0 2'445.0 9.84x 8.71x 602.0 1'118.0 26.40x 18.11x Profitability

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 15'605.0 1.38x 2'444.0 8.82x 1'161.0 16.70x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 16'510.0 1.81x 2'782.0 10.72x 1'510.0 17.93x 2'782.00 2'373.00 14.37% 12.47% 7.94% 16.85% 0.87% 46.8% 16.1% 13.6% 9.1% 1.30 0.56 19.98% 41.61% 8.21 5.80

Price/ Cash Flow

LTM

12/yy 15'605.0 5.53x 2'217.0 9.72x 1'161.0 16.70x

12/yy 16'510.0 6.49x 2'658.0 11.22x 1'510.0 17.93x

FY+1

0.75 107.39 34.06% 17.16% 0.747 5 3.200 103'396 128'082 127'172 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'083.1 17'919.3 4'190.5 4'394.5 1.65x 1.51x 2'860.3 3'087.0 11.11x 10.29x 1'736.9 1'912.5 434.0 468.5 15.10x 13.70x 14.45x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.05.2011 A STABLE 18.05.2011 A-1 21.24 18.02 1.00 1.47 41.6% 29.1% 0.87 7.21 44.58 63.13 106.32 1.39

Sales/Revenue/Turnover

16.00

18'000.0

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

a-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 14'131.0 1.00x 2'048.0 6.87x 1'221.0 8.01x

20

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Henkel AG & Co KGaA Holdings By:

All

Holder Name HENKEL FAMILY HENKEL CHRISTOPH SILCHESTER INTL INVE TWEEDY BROWNE COMPAN TRIMARK INVESTMENT M SEB VANGUARD GROUP INC BLACKROCK FIRST PACIFIC ADVISO AMUNDI GENERALI ASSET MANAG ADIG INVESTMENT ROBECO INVESTOR SERV ALLIANCE BERNSTEIN FMR LLC OYSTER ASSET MANAGEM SANFORD C BERNSTEIN JO HAMBRO CAPITAL MA SWISSCANTO FONDSLEIT GAM INTERNATIONAL MA

Firm Name Sanford C. Bernstein & Co AlphaValue HSBC Nomura M.M. Warburg Investment Research Independent Research GmbH Landesbank Baden-Wuerttemberg

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW WOOD MARTIN SCHNEE CEDRIC BESNARD GUILLAUME DELMAS JOERG PHILIPP FREY ZAFER RUZGAR IRIS SCHAEFER

Source EXCH Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform reduce underweight buy hold hold buy

Amt Held 138'237'398 14'172'457 7'824'150 2'478'426 1'580'909 1'579'517 1'358'762 1'212'847 920'000 773'169 662'131 570'600 492'756 483'503 468'164 467'900 285'558 248'330 247'515 218'045

% Out 53.21 5.46 3.01 0.95 0.61 0.61 0.52 0.47 0.35 0.3 0.25 0.22 0.19 0.19 0.18 0.18 0.11 0.1 0.1 0.08

Weighting

Change 5 2 1 5 3 3 5

Latest Chg (83'232) 102'447 (109'258) 50'528 46'946 761'776 (50'935) 167'052 61'332 7'000 25'190 (35'352) (17'787) 19'421

Target Price

M M M M M M N

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

65 58 56 62 46 44 27

File Dt Inst Type 05.08.2011 n/a 31.12.2009 n/a 31.12.2009 Investment Advisor 31.03.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Unclassified 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.02.2013 Mutual Fund Manager 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor

Date 12 month 6 month Not Provided 12 month 12 month 6 month 6 month

Date 25.03.2013 21.03.2013 18.01.2013 10.08.2012 26.04.2012 07.11.2011 21.10.2008


27.03.2013

Atlas Copco AB Atlas Copco AB is an international industrial group. The Group develops, manufactures, and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related services. Atlas Copco also rents equipment. The Company markets to manufacturing, building, construction, and mining companies worldwide.

Price/Volume 180

3.0 M

160

2.5 M

140 120

2.0 M

100

12/2011 12/yy 170.10 118.60 357'952.00 162.7 -4.29% 37.18% 87.18% 390.2 216'678.05 21'052.00 0.0 54.0 12'416.00 225'368.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60

1.0 M

40

.5 M

20 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 74'177.0 1.38x 15'808.0 6.48x 10'157.0 8.16x

1.5 M

80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATCOB SS EQUITY YTD Change ATCOB SS EQUITY YTD % CHANGE

31.12.2009 31.12.2010 63'762.0 69'875.0 2.15x 2.97x 11'527.0 16'400.0 11.87x 12.67x 6'244.0 9'921.0 20.51x 20.80x Profitability

LTM-4Q 31.12.2011 81'203.0 2.39x 20'061.0 9.68x 12'963.0 13.86x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 90'533.0 2.43x 21'891.0 10.05x 13'901.0 15.57x 21'891.00 19'227.00 21.24% 20.48% 17.79% 43.54% 1.16% 38.4% 24.2% 21.2% 15.4% 2.44 1.32 25.94% 60.01% 5.53 3.17

Price/ Cash Flow

LTM

12/yy 81'203.0 9.56x 20'076.0 9.47x 12'963.0 13.86x

12/yy 90'533.0 8.98x 21'892.0 9.92x 13'901.0 15.57x

FY+1

1.13 15.94% 2.84% 1.129 0 885'024 819'144 767'555 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 89'260.0 93'126.2 21'596.5 22'384.2 2.45x 2.30x 10.30x 10.08x 21'600.2 22'826.8 5'037.0 5'281.8 10.43x 9.87x 10.54x 10.67x 13'752.1 14'777.0 3'268.6 3'434.4 14.36x 13.39x 14.52x 14.21x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.02.2011 A STABLE 24.02.2011 A-1 21.93 20.26 0.39 0.96 60.0% 37.5% 1.16 10.33 66.19 115.59 47.17 134.61

Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Atlas Copco AB Holdings By:

All

Holder Name CAPITAL GROUP COMPAN AMF SWEDBANK ROBUR FONDE ALECTA PENSIONSFORSA SEB INVESTOR AB AMF FONDER AB FOLKSAM GROUP FOLKSAM LO FOND AB NORDEA FONDER AB/SWE FORSTA AP FONDEN HANDELSBANKEN FONDER AP 1 AP 4 VANGUARD GROUP INC ANDRA AP FONDEN AP 2 FJARDE AP-FONDEN BLACKROCK DANSKE CAPITAL SVERI

Firm Name AlphaValue

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst LIONEL PELLICER

Source ULT-AGG Research Research Research ULT-AGG Research MF-AGG Research MF-AGG Co File Co File Research Research Research MF-AGG Co File Research Co File ULT-AGG MF-AGG

Recommendation sell

Amt Held 25'224'284 24'492'020 23'576'556 20'088'000 15'148'226 12'091'885 11'876'520 10'949'499 10'119'562 8'787'802 7'850'527 7'695'590 5'632'045 4'777'823 4'359'560 3'477'722 3'292'209 3'136'746 2'576'300 2'464'368

% Out 6.46 6.28 6.04 5.15 3.88 3.1 3.04 2.81 2.59 2.25 2.01 1.97 1.44 1.22 1.12 0.89 0.84 0.8 0.66 0.63

Weighting

Change 1

Latest Chg (2'719'000) (3'809'005) (5'400'000) (1'995'091) 1'424'285 1'360'500 559'596 34'294 (185'838) 183'662 5'762 309'609

Target Price

M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

53

File Dt Inst Type 31.12.2012 Investment Advisor 30.06.2012 Other 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.12.2012 Unclassified 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2010 Investment Advisor 31.12.2010 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 n/a 30.06.2012 n/a 31.12.2012 Investment Advisor 31.12.2010 Pension Fund (ERISA) 30.06.2012 n/a 31.12.2010 Pension Fund (ERISA) 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month

Date 09.04.2009


27.03.2013

Tenaris SA Tenaris S.A. manufactures seamless steel pipe products on a global basis. The Company also provides pipe handling, stocking, and distribution services to the oil and gas, energy, and mechanical industries. In addition, Tenaris supplies welded steel pipes for gas pipelines in South America.

Price/Volume 18

8.0 M

16

7.0 M

14

6.0 M

12

5.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEN IM EQUITY YTD Change TEN IM EQUITY YTD % CHANGE

12/2012 12/yy 17.08 12.00 776'037.00 15.66 -8.31% 30.50% 76.57% 1'180.5 18'487.21 1'744.19 0.0 172.3 1'472.87 24'051.80

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

6 4

2.0 M

2

1.0 M

0 m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 12'131.8 1.16x 3'560.8 3.94x 2'124.8 7.06x

4.0 M

8

Valuation Analysis

31.12.2009 31.12.2010 8'149.3 7'711.6 3.15x 3.77x 2'318.5 2'080.4 11.08x 13.99x 1'161.6 1'127.4 21.37x 25.49x Profitability

LTM-4Q 31.12.2011 9'972.5 2.23x 2'449.1 9.06x 1'331.2 16.38x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 10'834.0 2.29x 2'924.3 8.47x 1'699.0 14.31x 2'924.26 2'356.61 21.75% 20.70% 11.02% 15.52% 13.72% 0.70% 38.7% 27.3% 21.8% 15.7% 2.47 1.25 10.93% 15.32% 5.46 2.29

Price/ Cash Flow

LTM

12/yy 9'972.5 9.50x 2'449.1 9.06x 1'331.2 16.38x

12/yy 10'834.0 8.64x 2'952.6 8.39x 1'699.0 14.30x

FY+1

0.82 463.52 7.34% 0.51% 0.820 12 2.583 1'526'256 1'747'823 1'621'186 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'340.4 11'963.7 2'742.3 2'772.0 2.03x 1.86x 8.63x 8.50x 3'068.1 3'260.6 714.0 731.5 7.84x 7.38x 8.17x 1'852.0 1'988.9 431.0 453.0 12.01x 11.94x 11.92x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

52.68 38.46 0.09 0.59 15.3% 13.1% 0.70 2.55 67.08 159.70 47.92 178.86

Sales/Revenue/Turnover

60.00

14'000.0

50.00

12'000.0 10'000.0

40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Tenaris SA Holdings By:

All

Holder Name SAN FAUSTIN NV ABERDEEN BLACKROCK VANGUARD GROUP INC HINOJOSA GUILLERMO VOGEL GUILLERMO ARCA SGR SPA FIDEURAM GESTIONS SA WADDELL & REED FINAN UNION INVESTMENT GMB CREDIT SUISSE ASSET DNB NOR ASSET MANAGE SCOTTISH WIDOWS TD ASSET MANAGEMENT STATE STREET BANQUE GEODE CAPITAL MANAGE FMR LLC AMUNDI LBPAM MEDIOLANUM INTERNATI

Firm Name AlphaValue Equita SIM SpA Exane BNP Paribas EVA Dimensions CA Cheuvreux Banca Akros(ESN) Kepler Capital Markets Natixis Mediobanca SpA Banca IMI Credit Suisse Goldman Sachs Simmons & Company International

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios GEODE CAPITAL MANAGE n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst FABRICE FARIGOULE ROBERTO LETIZIA RAPHAEL VEVERKA CRAIG STERLING GEOFFROY STERN FRANCESCO SALA FILIPPO PRINI JULIEN LAURENT ANDREA SCAURI BRUNO PERMUTTI MICHAEL SHILLAKER HENRY TARR STEPHEN WILLIAMS

Source 20F ULT-AGG ULT-AGG MF-AGG 20F 20F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation add hold outperform hold underperform hold hold neutral underperform hold underperform Sell/Neutral overweight

Amt Held 713'605'187 59'184'400 5'820'147 4'262'346 1'915'446 1'325'446 1'238'424 764'267 759'370 735'000 619'596 564'072 552'807 535'970 487'901 449'230 433'450 379'640 371'083 363'294

% Out 60.45 5.01 0.49 0.36 0.16 0.11 0.1 0.06 0.06 0.06 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.03

Weighting

Change 4 3 5 3 1 3 3 3 1 3 1 1 5

M M M D M D M M M M M M U

Latest Chg (182'111) 84'755 54'200 (2'000) (95'920) 20'000 (1'250) (130'758) (62'086) (1'851) (1'685) 1'163 (9'177) 5'157 (4'041) (4'984)

Target Price 17 16 18 #N/A N/A 16 17 14 15 14 16 15 15 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.03.2012 25.03.2013 31.12.2012 30.04.2008 31.03.2012 28.02.2013 28.02.2013 31.12.2012 28.09.2012 31.01.2013 28.02.2013 30.11.2012 30.06.2012 28.02.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 29.06.2012

Date 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided

Inst Type Other Unclassified Investment Advisor Investment Advisor n/a n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 25.01.2013 08.01.2013 13.01.2010

Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)  
Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)  
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