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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.