Fundamental equity analysis qms advisors hdax index 110 members by Q.M.S Advisors

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 QMS Advisors HDAX FlexIndex August 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

15588384

2065.918

1114

203

220

103.80

110.27

16.35

15.39

18.57

Euro Stoxx 50 Pr

EUR

2827988

5822.823

4701

757

793

225.02

300.95

22.39

19.57

16.74

20.68

NIKKEI 225

JPY

2758895

197.9986

200

6.19

8.22

0.24

0.18

0.12

FTSE 100 INDEX

GBP

2795131

12190.41

10161

1480

1661

573.14

801.30

27.57

22.53

19.72

22.17

SWISS MARKET INDEX

CHF

1093474

11229.28

4192

955

869

450.63

566.50

20.85

17.76

16.58

16.59

24.15

S&P/TSX COMPOSITE INDEX

CAD

1646159

17083.49

8219

1840

1962

732.31

804.26

16.02

14.59

24.22

S&P/ASX 200 INDEX

AUD

1275915

5995.973

2676

553

681

222.50

319.45

19.08

15.17

13.29

20.35

HANG SENG INDEX

HKD

1681022

3134.552

1668

352

394

277.69

270.71

1.31

1.41

1.34

2.88

MSCI EM

USD

7165284

1340.299

1001

184

185

82.73

88.65

11.44

11.67

10.68

18.80

ADIDAS AG

EUR

23430

480

209

23.54

20245

21604

1944

1994

806

3.36

3.51

5.92

7.08

42.58

25.26

21.12

15.65

8.60

27.68

6.04

13.58

ADVA OPTICAL NETWORKING SE

EUR

256

0.20

441

425

439

471

0.47

0.23

0.19

0.29

30.84

29.16

36.55

24.70

8.21

11.59

26.83

7.21

15.65

CARL ZEISS MEDITEC AG - BR

EUR

2757

2.84

1151

1166

1204

1294

188

190

1.18

1.23

1.41

1.58

36.86

32.08

28.64

18.14

10.01

19.93

15.22

21.77

AIXTRON SE

EUR

1699

630

101

1.41

304

301

501

-145

-222

-3

-1.92

-2.76

-1.03

0.38

57.92

-83.74

37.63

-98.55

ALLIANZ SE-REG

EUR

72085

682

453

96.22

128215

129558

139409

143279

15.52

32.31

17.41

17.93

6.53

12.22

12.13

11.78

13.20

4.42

27.01.2012

Aa3

03.05.2004

AAREAL BANK AG

EUR

1751

34.45

1581

1508

895

939

912

2.34

2.36

2.21

2.78

16.53

17.68

14.06

-16.16

-15.59

-17.65

-24.67

26.03.2012

BASF SE

EUR

79240

1767

918

97.16

96313

98203

98995

95280

12911

2995

7.01

6.56

7.21

7.87

17.57

17.58

15.99

14.63

-2.49

5.27

-24.62

-2.13

A+

10.05.2011

17.11.2010

BAYER AG-REG

EUR

96221

704

827

108.14

53091

53616

54622

57747

12019

11884

2439

7.46

4.69

7.67

8.66

33.15

23.48

20.25

17.93

11.81

5.69

0.57

8.27

29.60

A-

30.04.2008

17.07.2006

BB BIOTECH AG-REG

EUR

1771

BECHTLE AG

EUR

1024

0.98

2800

2835

2947

3095

137

133

3.59

3.45

4.06

4.51

18.91

16.05

14.44

6.82

12.50

2.58

9.93

6.27

BEIERSDORF AG

EUR

22589

345

227

20.47

8065

8200

8326

8789

1257

1335

335

2.72

2.83

3.12

3.55

42.28

38.37

33.76

9.65

0.37

16.23

4.37

21.74

BAYERISCHE MOTOREN WERKE AG

EUR

62244

495

656

138.99

102615

102084

104533

109583

16042

15656

10.37

10.52

10.48

10.85

12.28

12.34

11.91

15.57

8.86

3.85

12.43

20.48

16.04.2012

22.07.2011

BRENNTAG AG

EUR

8035

10.16

12939

13056

13359

14063

939

909

250

8.66

8.15

8.77

10.03

25.58

23.76

20.77

15.55

9.34

15.50

9.30

BBB-

09.06.2011

HUGO BOSS AG -ORD

EUR

8591

8.92

3132

3177

3333

3618

703

709

246

6.10

5.94

6.65

7.63

27.42

26.72

24.50

21.35

18.61

14.85

16.57

17.17

29.81

BAYWA-BAYERISCHE WARENVERMIT

EUR

1756

4.17

14062

18257

21266

22122

445

39389

513

5.16

5.81

4.11

4.24

11.57

10.87

16.36

15.86

13.17

19.90

33.29

16.49

288.08

COMMERZBANK AG

EUR

12135

15860

779

314

26709

25475

12873

13348

-0.01

-1.53

0.50

1.16

28.20

12.29

-9.08

-7.58

A-

28.05.2013

Baa1

23.04.2013

CELESIO AG

EUR

3744

108

170

5.95

29738

29363

28850

29315

818

802

190

1.17

0.79

1.60

1.83

37.31

25.45

18.37

16.08

0.71

0.73

6.32

-9.37

3.65

CANCOM SE

EUR

363

251

0.36

745

737

775

810

1.54

1.56

1.75

2.02

27.16

24.20

21.00

3.36

18.55

16.34

42.88

6.78

CONTINENTAL AG

EUR

31354

141

200

41.83

43712

43803

45375

48175

6583

6655

12.83

13.51

14.23

16.09

15.49

15.22

14.71

13.01

9.77

10.14

20.39

18.92

20.29

24.05.2013

11.06.2010

DAIMLER AG-REGISTERED SHARES

EUR

77727

1247

1068

113

171.03

152620

152485

156426

167237

16208

14567

7.58

8.37

6.33

7.34

11.59

15.34

13.23

9.72

6.05

-0.85

-6.92

12.76

A-

23.02.2012

01.10.2007

DEUTSCHE BOERSE AG

EUR

14422

225

184

15.86

2934

2911

2794

2960

1442

1326

377

4.58

4.37

4.89

5.51

22.85

22.92

20.39

18.11

-6.43

-4.85

-17.30

-5.12

60.81

13.02.2012

17.05.2006

DEUTSCHE BANK AG-REGISTERED

EUR

46660

3351

929

372

197

69834

65843

44843

45725

4.13

0.24

5.27

6.27

254.26

25.82

11.59

9.75

-0.92

-8.98

02.07.2013

21.06.2012

DEUTSCHE EUROSHOP AG

EUR

2343

3.93

289

275

267

277

244

233

2.99

3.23

2.50

2.59

17.94

19.01

23.17

22.38

15.88

13.30

12.08

23.56

112.86

DIALOG SEMICONDUCTOR PLC

EUR

1218

166

1.05

1033

1041

1149

1367

167

1.26

1.16

1.41

1.97

27.46

27.24

22.69

16.21

62.38

49.37

59.31

21.44

DEUTSCHE POST AG-REG

EUR

34871

1501

1209

39.17

74125

74121

76484

79740

5260

5421

1338

1.95

2.03

1.97

2.13

18.98

20.52

19.55

18.09

6.78

1.24

9.90

-3.22

9.77

27.11.2012

31.07.2006

DRILLISCH AG

EUR

993

176

1.20

432

409

408

415

0.61

4.31

0.97

1.43

5.78

25.57

17.38

-9.72

-3.79

27.15

12.33

26.90

DRAEGERWERK AG - PREF

EUR

1924

2.17

3169

3207

3251

3372

400

385

10.19

9.65

9.95

11.13

18.10

18.38

17.56

15.70

6.96

6.12

11.32

14.29

16.02

DEUTSCHE TELEKOM AG-REG

EUR

57872

11998

4319

124.69

77673

77848

78426

79314

23672

23365

5951

1.34

-1.58

0.89

0.95

12.57

19.49

18.34

-1.10

0.25

-16.35

1.99

40.08

BBB+

19.05.2008

Baa1

22.12.2011

DUERR AG

EUR

2519

2.54

3204

3162

3357

3457

275

289

4.15

4.51

4.88

5.04

21.54

21.49

19.94

19.30

33.20

16.84

54.95

32.00

12.20

01.11.2010

DEUTSCHE WOHNEN AG-BR

EUR

3093

146

6.69

603

636

496

522

249

281

1.54

1.38

0.98

1.11

17.82

25.11

22.03

22.06

13.04

40.58

14.66

59.10

EADS NV

EUR

75417

77284

78322

83475

5244

5823

1739

3.57

4.86

22.88

16.78

19.98

9.86

31.78

30.85

10.06

A-

22.09.2010

(P)A2

06.12.2012

E.ON SE

EUR

32784

2947

1907

58.00

176383

158603

157604

11274

2749

2.42

1.52

1.71

1.74

14.37

9.06

12.82

12.55

22.63

21.85

130.56

-7.03

8.53

A-

27.07.2012

05.10.2011

EUROMICRON AG

EUR

146

0.26

441

471

500

1.72

1.64

2.20

2.91

17.83

13.31

10.06

10.81

21.39

-24.26

14.67

9.98

EVOTEC AG

EUR

405

185

119

0.35

117

109

130

149

0.05

-0.03

0.06

0.14

74.22

33.47

11.89

32.09

-57.08

1.95

FIELMANN AG

EUR

4482

4.05

1478

1487

1553

1634

287

4.02

4.28

4.59

35.45

33.25

31.05

6.80

6.61

4.20

7.18

25.80

FRESENIUS MEDICAL CARE AG &

EUR

20433

363

307

28.96

18427

18961

19474

20347

3767

3755

926

5.17

4.43

4.91

5.17

26.37

26.53

23.79

22.61

13.06

8.39

9.60

10.34

26.44

BB+

19.09.2012

FREENET AG

EUR

3160

251

128

3.88

4125

4256

4312

4345

470

472

118

1.81

2.15

2.45

2.58

15.33

13.43

12.76

-7.26

36.73

6.26

13.71

14.80

FUCHS PETROLUB SE -PREF

EUR

5162

5.05

2429

2506

2620

412

424

122

3.90

3.98

4.12

4.40

26.11

25.21

23.60

13.55

8.30

10.56

9.74

23.29

FRAPORT AG FRANKFURT AIRPORT

EUR

6108

107

11.42

3261

3339

3436

3523

1139

1151

3.49

3.38

3.25

3.79

26.16

21.93

27.17

23.34

3.99

7.03

7.58

9.13

46.02

FRESENIUS SE & CO KGAA

EUR

22812

108

178

43.55

25758

26761

27575

29080

5019

1301

6.46

7.16

7.86

8.81

23.87

23.75

21.73

19.40

23.90

16.17

21.53

17.51

26.02

BB+

19.09.2012

30.04.2006

GEA GROUP AG

EUR

8115

192

8.73

7638

7664

7882

8226

849

904

2.28

2.47

2.67

3.03

22.79

23.16

21.05

18.56

4.03

9.25

11.66

15.76

BILFINGER SE

EUR

4434

5.07

11362

11714

12270

924

122

8.55

8.32

7.40

8.34

15.46

15.04

17.38

15.42

4.89

0.87

48.21

21.84

10.85

BBB+

23.10.2012

GAGFAH SA

EUR

2517

195

9.24

1418

1086

1150

478

467

114

0.38

0.22

0.64

0.79

69.76

54.46

24.44

19.69

-25.29

-0.04

-4.92

28.92

43.95

GSW IMMOBILIEN AG

EUR

2115

4.49

425

442

335

340

217

225

2.34

4.13

2.28

2.37

13.55

24.32

24.53

23.54

-3.43

0.71

-0.21

68.07

GILDEMEISTER AG

EUR

1416

173

1.41

2720

2798

2780

2876

221

241

150

1.76

1.79

1.87

2.08

16.67

15.99

14.33

27.67

7.47

23.12

1.35

11.52

23.09.2009

GERRY WEBER INTL AG

EUR

2093

2.05

1071

1108

1163

1291

180

177

2.31

2.23

2.46

2.94

27.30

27.13

24.79

20.68

18.92

11.22

23.23

22.52

21.32

GERRESHEIMER AG

EUR

1933

2.66

1628

1683

1727

1838

305

312

2.56

2.48

3.56

4.31

33.10

23.09

19.09

15.17

4.74

11.71

4.16

24.77

BBB-

23.02.2011

Ba1

17.05.2011

HEIDELBERGCEMENT AG

EUR

14389

208

188

25.23

18721

18694

19215

20242

3367

3710

1188

1.59

2.26

4.73

6.24

45.41

21.64

16.42

11.57

0.59

8.63

1.59

26.50

22.11.2012

(P)Ba2

31.05.2011

HENKEL AG & CO KGAA VORZUG

EUR

40752

431

434

41.11

22046

22186

22543

23643

3715

3691

4.90

4.75

5.40

5.92

29.04

27.86

25.57

23.34

7.74

4.42

18.47

12.80

22.21

18.05.2011

01.06.2011

HANNOVER RUECKVERSICHERU-REG

EUR

9333

106

121

12.78

18373

18947

18973

19621

9.51

9.53

9.19

9.21

10.85

10.84

11.25

11.22

17.99

18.23

AA-

10.06.2006

19873

19597

2.36

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

7.48

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

15588384

2065.918

1114

203

220

103.80

110.27

16.35

15.39

18.57

Euro Stoxx 50 Pr

EUR

2827988

5822.823

4701

757

793

225.02

300.95

22.39

19.57

16.74

20.68

NIKKEI 225

JPY

2758895

197.9986

200

6.19

8.22

0.24

0.18

0.12

FTSE 100 INDEX

GBP

2795131

12190.41

10161

1480

1661

573.14

801.30

27.57

22.53

19.72

22.17

SWISS MARKET INDEX

CHF

1093474

11229.28

4192

955

869

450.63

566.50

20.85

17.76

16.58

16.59

24.15

S&P/TSX COMPOSITE INDEX

CAD

1646159

17083.49

8219

1840

1962

732.31

804.26

16.02

14.59

24.22

S&P/ASX 200 INDEX

AUD

1275915

5995.973

2676

553

681

222.50

319.45

19.08

15.17

13.29

20.35

HANG SENG INDEX

HKD

1681022

3134.552

1668

352

394

277.69

270.71

1.31

1.41

1.34

2.88

MSCI EM

USD

7165284

1340.299

1001

184

185

82.73

88.65

11.44

11.67

10.68

18.80

HOCHTIEF AG

EUR

5869

11.37

34087

33987

33951

34793

1973

2192

555

1.88

4.27

4.16

5.11

23.82

24.44

19.91

12.88

10.52

-15.70

43.65

8.61

INFINEON TECHNOLOGIES AG

EUR

10069

2581

1080

7.62

5213

5038

5111

5599

1176

969

345

0.52

0.33

0.31

0.53

37.26

39.81

23.46

-3.11

1.67

-26.39

3.50

25.69

JENOPTIK AG

EUR

764

0.86

781

774

812

874

113

111

1.09

1.05

0.86

1.08

16.90

20.77

16.49

10.26

1.30

-12.58

3.64

19.14

04.06.2008

15.11.2007

KONTRON AG

EUR

283

177

0.29

730

720

728

771

-0.79

-1.02

-0.17

0.20

33.21

-9.65

3.71

-105.60

-34.88

0.21

KLOECKNER & CO SE

EUR

1404

384

100

2.07

9865

9082

9053

9451

-2.62

-2.23

-0.41

0.43

43.44

5.51

5.69

-93.41

-39.17

1.06

B+

27.03.2013

KABEL DEUTSCHLAND HOLDING AG

EUR

10060

133

13.82

2443

2633

2834

1051

302

3.73

3.92

4.60

40.73

38.68

33.01

10.23

11.37

3.14

16.91

57.42

KRONES AG

EUR

2739

2.59

3557

3675

3721

3909

240

261

2.96

3.42

4.99

5.72

33.87

23.19

20.26

9.90

5.87

39.94

-0.93

9.50

KUKA AG

EUR

1565

174

1.46

2322

2399

2481

2587

175

189

2.19

2.26

2.61

2.94

27.31

23.64

20.96

28.24

14.34

60.48

7.58

10.50

BB-

31.07.2013

LEG IMMOBILIEN AG

EUR

2888

6.08

691

661

696

253

0.77

6.94

3.57

4.12

10.49

94.50

20.37

17.68

0.67

24.00

48.80

LEONI AG

EUR

1697

2.12

5086

5073

5043

5427

478

410

6.66

4.65

4.42

5.89

14.93

14.96

15.70

11.77

3.88

11.03

1.63

14.19

10.79

DEUTSCHE LUFTHANSA-REG

EUR

9102

2102

460

11.01

40239

40179

41099

42653

3296

3354

1733

1.32

2.76

1.56

2.34

9.56

20.20

16.94

11.31

6.51

6.95

-16.54

-3.10

11.15

BBB-

27.08.2009

Ba1

03.09.2009

LINDE AG

EUR

35405

120

185

48.55

20403

21783

22829

24403

4597

5054

1368

9.25

9.53

11.14

12.57

26.77

27.13

22.91

20.31

14.46

7.33

14.73

10.71

30.98

25.05.2012

28.04.2010

LPKF LASER & ELECTRONICS

EUR

416

102

0.43

154

170

162

178

0.81

0.98

0.90

0.97

25.42

27.80

25.80

35.13

47.85

56.61

38.11

34.11

LANXESS AG

EUR

5046

331

7.81

12143

11374

11208

12093

1684

1184

265

8.75

2.88

2.46

5.61

28.08

32.89

14.42

4.85

9.85

19.68

17.69

13.90

BBB

31.07.2007

MAN SE

EUR

16884

147

23.39

21060

20853

21142

22181

1986

1168

2.75

-2.19

1.83

5.79

83.74

26.48

-5.67

2.09

-49.50

-7.46

7.48

20.12.2012

30.04.2009

METRO AG

EUR

12572

535

327

21.02

89116

88165

68064

87527

4422

4531

788

0.86

0.49

0.25

2.80

104.30

96.44

204.18

18.38

09.10.2012

MORPHOSYS AG

EUR

1756

1.56

108

100

0.13

0.92

0.34

-0.01

107.09

108.67

292.08

MERCK KGAA

EUR

34877

140

217

36.70

14342

14472

15004

15166

3896

4103

1053

6.05

6.37

11.49

12.12

33.65

27.21

18.65

MTU AERO ENGINES AG

EUR

4816

5.50

4511

4903

5001

5373

655

654

4.58

3.47

5.88

6.62

35.62

MUENCHENER RUECKVER AG-REG

EUR

34592

245

179

37.00

87990

87506

73076

74723

24.01

23.26

22.46

22.55

11.07

AURUBIS AG

EUR

2525

2.82

18413

18291

17293

17371

994

595

-389

10.72

4.46

4.76

5.68

16.82

NORDEX SE

EUR

716

416

0.75

1436

1517

1636

1713

-1.66

-1.60

0.13

0.30

NORMA GROUP SE

EUR

1378

1.61

807

814

857

912

172

161

2.39

2.30

2.71

3.05

XING AG

EUR

531

0.44

102

111

126

1.91

2.06

2.52

3.57

TELEFONICA DEUTSCHLAND HOLDI

EUR

7679

1673

1117

9.13

6961

6711

6683

1708

448

0.37

0.11

PFEIFFER VACUUM TECHNOLOGY

EUR

1129

1.09

616

559

575

628

117

6.13

4.86

PSI AG

EUR

285

0.25

242

244

256

279

0.80

PROSIEBEN SAT.1 MEDIA AG-PRF

EUR

9641

172

212

10.80

3146

2919

3424

3609

916

885

192

PUMA SE

EUR

4467

4.09

4367

4234

4136

4300

249

434

138

QIAGEN N.V.

EUR

5130

136

236

5.63

1675

1695

1749

1847

539

517

131

QSC AG

EUR

501

167

124

0.56

643

639

608

627

104

105

RATIONAL AG

EUR

3373

3.18

581

589

612

671

173

RHOEN-KLINIKUM AG

EUR

3415

175

138

4.52

3825

3981

4061

4234

389

RHEINMETALL AG

EUR

1985

223

2.53

6281

6026

6290

6543

640

431

RWE AG

EUR

17585

1195

615

43.59

67794

68315

71324

70674

12091

12150

SMA SOLAR TECHNOLOGY AG

EUR

1179

0.82

1954

1457

1475

1517

231

172

SAP AG

EUR

92224

966

1192

94.29

21662

22217

23380

25483

6679

STADA ARZNEIMITTEL AG

EUR

2896

210

4.83

2454

2573

2651

2830

STRATEC BIOMEDICAL AG

EUR

447

0.44

163

165

177

K+S AG-REG

EUR

4620

3525

191

4.94

5255

5044

5346

SGL CARBON SE

EUR

2224

2.89

2282

2307

2212

2393

268

190

0.76

SIEMENS AG-REG

EUR

98488

711

856

116.33

104548

102938

102259

105899

12890

11620

2203

7.48

7.28

7.18

9.44

20.51

20.70

SKY DEUTSCHLAND AG

EUR

7758

1334

779

8.22

1780

1906

2077

2428

-68

-0.33

-0.23

-0.17

-0.03

SUESS MICROTEC AG

EUR

188

0.15

219

202

204

234

0.53

-0.31

-0.34

0.61

SOFTWARE AG

EUR

2877

134

2.99

1398

1331

1333

1407

389

356

2.52

2.28

2.55

2.84

19.35

AXEL SPRINGER AG

EUR

5331

131

6.25

4420

4429

4523

4287

815

818

211

3.22

3.12

3.52

3.54

23.03

SARTORIUS AG-VORZUG

EUR

2202

2.76

1129

1155

1207

1286

240

257

234

3.16

4.15

5.35

6.13

SYMRISE AG

EUR

5426

118

6.18

2317

2401

2452

2576

452

475

130

1.78

1.90

2.16

SALZGITTER AG

EUR

2238

403

2.12

13883

13659

13175

13619

556

112

-2.05

-2.54

SUEDZUCKER AG

EUR

6334

152

204

9.32

10520

10712

10628

10667

1667

1626

3.97

3.47

02.08.2013

25.07.2013

1.65

-1.10

-14.10

1.54

6.86

BBB-

11.10.2012

Baa3

-49.07

34.31

-62.35

-7.81

44.42

17.69

11.25

11.82

11.32

11.87

37.86

29.05.2013

04.07.2013

21.04

18.69

20.33

10.88

22.24

6.11

17.82

11.05.2010

Baa3

08.06.2012

11.47

11.42

10.94

9.04

AA-

22.12.2006

16.82

15.77

13.21

4.54

21.16

38.23

19.83

4.34

97.34

43.46

23.08

11.25

-20.63

3.71

25.14

21.29

18.91

5.34

22.67

26.37

61.74

63.38

50.41

35.57

14.40

26.62

-73.31

36.73

46.26

0.14

24.56

87.03

63.66

4.71

15.08

32.76

5.01

6.98

31.43

30.49

21.89

-14.95

42.32

6.68

12.41

23.25

0.58

0.83

1.21

41.40

29.11

19.99

8.93

9.97

20.72

25.68

12.18

2.05

2.12

2.47

2.70

27.81

27.99

23.90

21.87

9.53

-5.58

-0.45

7.46

40.48

01.08.2007

138

24.69

3.32

14.61

16.31

118.94

26.91

27.07

24.25

11.61

5.28

-71.71

-19.87

13.69

131

0.92

0.97

1.51

1.64

39.35

25.24

23.32

9.67

10.28

50.06

23.54

40.94

0.19

0.23

0.24

0.30

23.80

22.86

17.82

0.95

4.23

-4.88

23.99

22.02

10.95

10.61

11.12

12.58

37.34

35.64

31.50

14.76

5.95

27.24

7.60

426

115

0.87

1.09

1.45

38.00

30.38

22.79

11.97

9.87

-24.92

4.18

14.51

Baa3

03.12.2012

6.73

2.83

2.24

5.16

23.64

29.95

12.97

7.49

4.67

-10.76

4.56

9.56

12.12.2008

Baa3 *-

01.08.2013

3205

2.60

3.07

5.26

4.07

12.45

13.27

7.27

9.40

4.40

4.38

41.40

4.09

23.75

BBB+

27.07.2012

Baa1

21.06.2013

2.88

0.03

-0.88

0.18

1698.49

251.63

-16.96

36.12

-53.58

24.23

15.75

6570

1993

3.18

3.34

4.55

5.10

30.03

29.90

22.02

19.66

18.67

10.35

9.71

14.75

39.49

427

461

254

1.92

2.36

3.76

4.50

27.58

27.42

17.29

14.43

9.51

4.76

58.86

0.27

23.93

200

1.59

1.52

1.79

2.16

33.35

33.06

28.37

23.51

6.72

17.68

-20.11

6.64

22.21

5003

1442

1426

305

4.01

3.79

3.30

1.73

8.50

8.16

9.77

18.58

-2.05

5.94

-5.07

27.87

37.74

BBB+ *-

05.08.2013

Baa2 *-

07.08.2013

0.05

-4.90

-2.75

55.83

14.64

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

3.47

-21.70

-11.93

10.98

BB-

08.07.2013

16.05.2013

9.15

0.28

-10.68

1.11

15.07

A+

05.06.2009

22.80

11.75

89.54

0.84

21.71

-8.83

1.34

-28.33

6.64

13.67

17.30

15.58

-6.20

11.96

-5.80

17.59

35.72

21.47

20.46

20.31

5.26

4.79

9.36

10.95

24.60

36.92

28.64

25.00

20.51

10.89

28.91

23.87

29.75

2.38

32.33

32.56

28.32

25.72

12.76

9.94

9.68

6.00

26.44

-3.02

1.66

30.00

7.57

-2.64

-41.35

-30.01

5.44

3.06

2.99

11.93

12.51

13.87

16.94

9.16

28.84

29.02

20.26

BBB+

05.06.2012

20.79

13.55

15.82

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

15588384

2065.918

1114

203

220

103.80

110.27

16.35

15.39

18.57

Euro Stoxx 50 Pr

EUR

2827988

5822.823

4701

757

793

225.02

300.95

22.39

19.57

16.74

20.68

NIKKEI 225

JPY

2758895

197.9986

200

6.19

8.22

0.24

0.18

0.12

FTSE 100 INDEX

GBP

2795131

12190.41

10161

1480

1661

573.14

801.30

27.57

22.53

19.72

22.17

SWISS MARKET INDEX

CHF

1093474

11229.28

4192

955

869

450.63

566.50

20.85

17.76

16.58

16.59

24.15

S&P/TSX COMPOSITE INDEX

CAD

1646159

17083.49

8219

1840

1962

732.31

804.26

16.02

14.59

24.22

S&P/ASX 200 INDEX

AUD

1275915

5995.973

2676

553

681

222.50

319.45

19.08

15.17

13.29

20.35

HANG SENG INDEX

HKD

1681022

3134.552

1668

352

394

277.69

270.71

1.31

1.41

1.34

2.88

MSCI EM

USD

7165284

1340.299

1001

184

185

82.73

88.65

11.44

11.67

10.68

18.80

TAG IMMOBILIEN AG

EUR

1596

131

4.60

529

440

365

377

383

296

1.90

1.05

0.80

0.94

15.46

20.13

20.39

17.30

125.87

42.77

190.26

78.39

87.16

THYSSENKRUPP AG

EUR

11713

1430

514

17.13

53577

50146

49905

51696

3440

3111

681

-0.51

0.52

0.56

1.54

58.38

54.06

19.75

-8.13

-8.65

-48.45

-17.38

8.28

06.06.2012

Ba1

24.01.2013

TALANX AG

EUR

8194

208

17.15

35302

36263

36805

38255

3.83

3.74

3.78

4.01

11.58

12.19

11.45

10.79

17.19

A-

20.06.2006

TUI AG

EUR

3205

284

252

3.61

24476

24561

24536

25233

1280

-0.16

-0.71

0.44

0.82

38.36

20.68

6.49

25.36

B-

30.07.2010

Caa1

14.01.2011

UNITED INTERNET AG-REG SHARE

EUR

6334

127

194

6.60

3200

3271

3519

3823

521

549

124

0.97

0.85

1.42

1.80

51.01

30.70

24.19

19.29

12.68

6.83

6.38

22.40

VOLKSWAGEN AG-PREF

EUR

110652

396

465

157

236.96

257279

261697

268253

282585

32613

33131

61.80

50.45

28.59

33.53

6.50

6.52

11.47

9.78

27.94

16.93

19.12

13.42

16.90

A-

31.08.2009

17.08.2009

WACKER CHEMIE AG

EUR

5288

145

6.48

6189

5935

6113

6527

1153

1037

231

2.92

0.80

0.83

2.76

169.00

162.26

49.06

-7.47

2.37

-31.92

-3.76

23.33

WIRECARD AG

EUR

3417

117

112

2.99

527

550

629

743

146

150

0.88

1.01

1.27

46.15

40.40

32.03

28.70

26.56

39.32

29.35

36.40

WINCOR NIXDORF AG

EUR

2188

2.35

3129

3312

3285

3413

221

248

102

2.80

3.67

3.88

4.80

24.05

22.74

18.42

0.85

1.19

-31.78

-6.63

10.00

ELRINGKLINGER AG

EUR

2473

142

2.88

1505

1532

1589

1687

288

278

1.77

1.83

2.09

2.44

28.40

24.95

21.39

12.20

17.15

-7.05

5.82

24.63

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

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

%D to Spot

S&P 500 INDEX

2.37

2.19

2.02

2.37

1.52

1.46

1.39

1.52

10.82

10.10

10.55

10.82

9.41

8.67

8.10

9.41

15.39

13.88

12.56

15.39

2.08

2.25

2.38

2.08

1833.6

8.0%

Euro Stoxx 50 Pr

1.24

1.18

1.11

1.24

0.80

0.78

0.76

0.80

6.37

5.82

5.26

6.37

7.34

6.92

6.55

7.34

12.54

11.12

10.02

12.54

4.05

4.29

4.63

4.05

2991.0

5.8%

NIKKEI 225

1.47

1.38

1.28

1.47

0.71

0.68

0.67

0.71

8.67

8.01

7.40

8.67

8.79

8.07

7.63

8.79

17.18

15.28

13.81

17.18

1.70

1.85

1.99

1.70

15125.2

11.1%

FTSE 100 INDEX

1.78

1.66

1.54

1.78

1.00

0.97

0.93

1.00

8.53

7.83

6.58

8.53

7.34

6.71

6.29

7.34

12.72

11.52

10.55

12.72

3.78

4.08

4.44

3.78

7018.4

6.7%

SWISS MARKET INDEX

2.44

2.26

2.11

2.44

2.07

1.97

1.88

2.07

12.85

11.58

10.35

12.85

12.92

11.95

11.17

12.92

15.28

15.29

13.82

12.57

15.29

3.20

3.57

4.05

3.20

8720.3

9.3%

S&P/TSX COMPOSITE INDEX

1.70

1.59

1.49

1.70

1.48

1.52

1.50

1.48

8.64

7.86

6.55

8.64

8.71

7.76

7.22

8.71

15.09

13.36

12.19

15.09

3.19

3.32

3.43

3.19

14086.4

12.2%

S&P/ASX 200 INDEX

1.85

1.75

1.65

1.85

1.73

1.64

1.56

1.73

10.51

9.48

9.04

10.51

8.81

8.01

7.45

8.81

14.50

13.15

12.14

14.50

4.67

4.98

5.32

4.67

5231.1

3.5%

HANG SENG INDEX

1.30

1.20

1.14

1.30

1.69

1.56

1.44

1.69

7.78

7.40

6.84

7.78

7.95

7.28

6.60

7.95

10.39

9.59

8.77

10.39

3.69

3.99

4.32

3.69

24718.6

13.3%

MSCI EM

1.38

1.26

1.14

1.38

0.95

0.89

0.82

0.95

6.92

6.30

5.83

6.92

7.24

6.60

6.12

7.24

10.68

9.55

8.72

10.68

2.93

3.23

3.48

2.93

1119.3

18.3%

ADIDAS AG

3.02

2.96

2.63

2.33

1.82

1.18

1.16

1.08

1.02

0.97

18.59

14.94

12.82

10.95

9.64

12.04

10.59

9.05

7.86

6.79

22.13

18.92

15.82

13.36

11.40

1.45

1.97

2.43

2.94

3.48

94.79

13.0%

ADVA OPTICAL NETWORKING SE

1.27

1.17

1.09

1.02

0.58

0.54

0.52

0.11

5.49

9.75

5.99

7.76

3.70

4.03

3.48

2.87

12.81

27.37

18.50

16.11

CARL ZEISS MEDITEC AG - BR

3.23

2.92

2.71

2.50

2.35

2.40

2.29

2.13

2.02

1.93

23.02

21.45

19.18

18.24

15.82

14.73

13.78

12.46

11.47

11.22

27.91

24.03

21.45

19.53

18.01

1.36

1.80

1.98

2.20

2.24

AIXTRON SE

2.53

3.33

3.12

2.70

2.53

5.78

5.66

3.39

2.54

2.19

592.86

56.85

17.63

14.31

20.55

9.69

9.11

43.38

18.69

18.86

0.34

0.00

0.62

1.69

1.45

11.41

-8.3%

ALLIANZ SE-REG

1.04

1.00

0.95

0.89

0.80

0.52

0.50

0.49

10.50

9.08

8.82

8.62

8.43

3.88

4.31

4.52

4.71

4.89

132.06

11.5%

AAREAL BANK AG

0.72

0.69

0.66

0.63

0.55

2.05

1.96

1.86

1.79

1.63

0.64

3.49

1.09

0.94

14.42

13.24

10.53

9.43

6.74

0.26

1.76

3.04

4.97

5.71

21.66

-1.1%

BASF SE

2.28

2.22

2.10

1.91

1.66

0.76

0.80

0.83

0.80

0.76

7.38

7.77

7.18

7.02

5.80

5.88

7.14

6.68

6.21

5.39

11.91

11.97

10.96

9.97

8.16

3.99

4.16

4.37

4.62

4.91

74.26

14.9%

BAYER AG-REG

3.61

3.50

3.11

2.74

2.46

1.82

1.76

1.67

1.58

1.52

12.91

11.51

10.42

9.61

8.63

9.79

9.49

8.62

7.97

7.43

16.09

15.17

13.43

11.90

10.87

2.08

2.38

2.65

2.91

3.09

0.00

BB BIOTECH AG-REG

4.39

9.9%

24.39

-4.0%

89.63

2.9%

111.00

8.8%

BECHTLE AG

1.71

1.56

1.45

1.34

1.17

0.37

0.35

0.33

0.31

0.30

10.48

9.86

9.30

8.49

7.21

7.35

6.71

6.20

5.83

5.45

13.41

12.02

10.82

9.91

9.09

2.52

2.86

3.07

3.32

3.72

39.50

8.1%

BEIERSDORF AG

4.75

4.32

3.86

3.49

3.15

2.81

2.71

2.57

2.42

2.28

25.46

22.49

21.02

19.66

17.58

17.45

15.98

14.45

13.12

12.09

31.50

28.74

25.28

22.76

20.29

1.18

1.20

1.33

1.45

1.62

69.84

4.0%

BAYERISCHE MOTOREN WERKE AG

1.53

1.41

1.28

1.16

1.03

0.61

0.60

0.57

0.55

0.52

5.61

4.72

4.56

4.21

3.36

7.93

8.22

7.94

7.43

6.60

9.33

9.24

8.92

8.55

8.00

3.61

3.71

4.00

4.32

4.70

79.50

9.7%

BRENNTAG AG

3.12

2.79

2.52

2.26

2.00

0.63

0.60

0.57

0.54

0.52

14.62

13.65

12.45

11.53

10.43

10.64

10.55

9.66

8.98

8.69

17.97

17.79

15.56

14.01

13.10

1.99

2.07

2.33

2.58

2.72

125.13

7.1%

HUGO BOSS AG -ORD

10.32

8.36

6.95

5.87

5.27

2.79

2.58

2.37

2.20

2.09

16.85

14.55

12.99

11.58

10.47

12.84

11.69

10.36

9.28

8.58

20.11

18.35

15.99

14.13

12.89

3.52

3.86

4.42

5.02

5.71

97.14

6.3%

BAYWA-BAYERISCHE WARENVERMIT

1.43

1.30

1.21

1.10

0.13

0.08

0.07

8.71

7.06

6.43

5.89

4.61

11.16

8.13

8.31

7.84

7.69

21.20

12.25

11.88

10.87

8.98

1.77

1.95

2.10

2.40

2.65

43.11

14.4%

COMMERZBANK AG

0.26

0.35

0.34

0.33

0.30

0.91

0.94

0.91

0.88

0.85

8.97

8.23

6.60

9.41

21.11

9.21

5.91

4.61

0.00

1.34

3.01

5.94

8.04

0.7%

CELESIO AG

1.13

1.20

1.12

1.05

0.88

0.13

0.12

11.82

7.86

7.26

6.90

6.59

7.77

7.68

7.19

6.77

6.47

13.84

13.76

12.04

10.76

9.77

2.00

2.30

2.71

3.08

3.22

16.28

-1.2%

CANCOM SE

3.38

3.12

2.73

2.37

0.49

0.47

0.45

0.43

14.85

15.16

12.89

11.44

9.86

8.87

8.01

7.22

21.50

18.13

15.73

13.81

1.33

1.61

1.82

1.89

23.17

-2.7%

CONTINENTAL AG

2.71

2.43

2.06

1.77

1.48

0.72

0.69

0.65

0.61

0.59

7.12

7.03

6.09

5.54

4.98

6.52

6.18

5.67

5.28

5.16

10.90

11.01

9.74

8.88

8.12

1.69

2.13

2.54

2.95

3.39

119.45

1.8%

DAIMLER AG-REGISTERED SHARES

1.35

1.27

1.19

1.10

1.00

0.51

0.50

0.46

0.44

0.48

6.60

6.44

5.34

4.89

3.43

10.01

8.97

8.02

6.23

11.77

11.49

9.91

8.49

7.74

3.93

4.02

4.12

4.58

4.59

55.45

1.9%

DEUTSCHE BOERSE AG

3.34

3.15

2.77

2.46

2.20

5.15

5.16

4.87

4.65

4.38

13.58

12.06

11.55

10.54

10.05

10.73

11.05

9.75

9.08

7.83

15.71

15.27

13.56

12.31

10.59

3.98

3.80

4.09

4.35

4.56

54.18

-3.2%

DEUTSCHE BANK AG-REGISTERED

0.57

0.59

0.56

0.53

1.04

1.02

1.00

0.93

6.04

7.68

6.09

4.52

9.57

8.68

7.30

6.11

5.23

2.20

2.39

3.01

4.00

3.55

40.20

17.3%

DEUTSCHE EUROSHOP AG

1.24

1.23

1.19

1.16

1.20

8.35

8.78

8.44

8.40

7.36

16.81

15.50

14.56

13.98

15.75

16.04

16.86

16.13

15.91

15.03

19.48

17.35

16.76

16.00

14.71

3.54

3.89

4.09

4.28

4.46

33.58

3.2%

DIALOG SEMICONDUCTOR PLC

3.34

2.70

2.24

1.90

1.71

1.59

1.42

1.19

1.06

1.01

18.17

14.64

10.35

8.09

8.56

9.42

7.76

5.94

4.95

5.01

15.56

16.99

12.14

9.66

10.14

0.00

14.69

9.6%

DEUTSCHE POST AG-REG

2.34

2.51

2.28

2.08

1.57

0.47

0.46

0.44

0.42

0.40

13.72

8.72

8.23

7.57

6.26

7.43

6.92

6.42

5.91

5.54

16.76

14.64

13.55

12.14

10.66

3.42

3.50

3.77

4.18

4.56

22.50

4.2%

DRILLISCH AG

5.45

3.29

3.23

3.19

2.24

2.43

2.39

2.35

2.33

35.13

15.89

11.44

10.84

11.01

14.98

12.96

11.54

11.01

10.66

31.21

19.15

13.02

12.22

12.26

6.62

9.30

9.39

9.08

8.83

15.27

9.2%

DRAEGERWERK AG - PREF

2.16

1.97

1.70

1.49

0.61

0.59

0.57

0.55

0.52

9.32

12.41

9.13

8.82

8.33

5.65

5.64

5.08

4.66

4.13

12.52

13.15

11.75

10.45

9.18

0.90

0.94

2.06

2.28

2.61

106.58

8.7%

DEUTSCHE TELEKOM AG-REG

1.48

1.55

1.48

1.43

0.75

0.74

0.73

0.74

3.15

3.13

3.07

3.10

5.18

5.30

5.23

5.20

5.07

15.17

14.60

13.73

13.03

10.78

7.18

5.43

5.24

5.38

5.57

9.82

0.9%

DUERR AG

4.29

3.78

3.28

2.79

2.32

0.79

0.75

0.73

0.72

23.47

12.33

11.77

11.43

11.64

9.82

8.47

8.06

7.79

8.18

18.33

14.93

14.45

13.95

14.52

1.74

2.37

2.54

2.56

1.95

53.91

-1.1%

DEUTSCHE WOHNEN AG-BR

1.20

1.13

1.08

1.02

1.05

5.69

6.23

5.93

5.66

6.10

24.54

21.61

19.41

19.12

21.48

25.68

18.82

17.33

17.34

18.36

21.58

18.80

16.50

16.06

17.33

1.86

2.31

2.71

2.86

2.96

14.76

7.4%

EADS NV

3.80

3.70

2.99

2.42

1.99

12.41

9.64

7.53

6.03

6.54

23.72

17.14

12.57

10.92

10.19

1.35

2.11

2.84

3.44

3.34

48.36

5.7%

E.ON SE

0.62

0.64

0.62

0.60

0.56

3.65

5.48

9.60

9.40

9.42

10.28

8.91

5.79

5.75

5.83

5.16

12.60

2.7%

EUROMICRON AG

0.90

0.85

0.78

0.70

7.30

9.97

7.53

5.99

3.09

1.93

3.25

5.28

20.42

24.4%

EVOTEC AG

1.94

1.90

1.78

1.59

FIELMANN AG

6.06

5.67

5.46

5.26

FRESENIUS MEDICAL CARE AG &

2.28

2.06

1.90

FREENET AG

2.05

1.87

FUCHS PETROLUB SE -PREF

5.36

FRAPORT AG FRANKFURT AIRPORT

1.52

0.22

0.21

0.20

0.19

3.00

3.76

3.81

3.54

4.02

4.61

4.59

4.65

0.33

0.31

0.29

0.28

0.25

7.24

5.87

5.97

4.98

1.49

3.41

3.11

2.73

2.32

2.15

18.53

19.67

17.88

13.97

4.82

3.02

2.89

2.74

2.62

2.51

20.63

20.16

18.94

18.29

1.76

1.56

1.49

1.40

1.34

1.26

1.17

11.50

11.51

10.65

1.77

1.69

1.60

0.78

0.73

0.74

8.82

9.04

4.70

4.20

3.75

2.12

2.06

1.97

1.88

1.83

19.95

1.54

1.50

1.43

1.36

1.25

1.85

1.78

1.73

1.65

1.59

FRESENIUS SE & CO KGAA

2.18

1.99

1.80

1.64

1.46

0.89

0.83

0.78

0.74

GEA GROUP AG

2.54

2.41

2.15

1.96

1.74

1.06

1.03

0.99

BILFINGER SE

1.61

1.54

1.45

1.36

1.24

0.40

0.38

GAGFAH SA

0.81

0.79

0.77

0.68

2.27

GSW IMMOBILIEN AG

1.10

1.02

0.96

0.93

0.87

7.12

GILDEMEISTER AG

1.35

1.26

1.17

1.07

1.02

GERRY WEBER INTL AG

4.47

3.85

3.37

2.95

GERRESHEIMER AG

2.62

2.46

2.19

1.94

HEIDELBERGCEMENT AG

0.82

0.78

HENKEL AG & CO KGAA VORZUG

3.44

3.22

HANNOVER RUECKVERSICHERU-REG

1.18

1.08

7.56

6.52

5.40

4.91

10.88

22.58

17.07

12.54

8.60

6.83

32.78

55.59

25.07

14.61

15.69

0.00

3.70

44.7%

16.44

13.98

13.30

12.56

11.95

11.17

26.44

24.90

23.25

22.01

19.76

3.35

3.56

3.77

4.00

4.22

72.09

-9.8%

9.54

9.06

9.88

9.91

9.58

8.82

7.88

17.66

17.82

16.94

15.20

13.00

1.37

1.44

1.49

1.63

1.80

52.21

6.3%

8.75

8.97

8.86

8.36

8.14

8.00

7.96

8.01

12.98

10.06

9.56

9.27

8.91

6.38

7.71

8.14

8.41

9.16

19.39

4.9%

16.13

15.29

13.98

17.39

11.84

11.20

10.57

9.99

9.61

20.08

18.88

17.67

16.63

16.94

1.96

2.44

2.69

2.89

3.24

58.44

0.3%

7.82

7.59

7.08

6.48

6.10

10.08

9.62

9.26

8.58

7.77

18.74

20.35

17.48

14.93

13.23

2.53

2.54

2.66

2.88

3.15

51.02

2.9%

0.69

8.95

8.08

6.88

6.10

6.67

8.58

8.15

7.68

7.13

6.49

17.76

16.27

14.53

12.96

11.49

1.11

1.24

1.38

1.54

1.78

103.95

8.5%

0.95

0.91

14.13

12.07

10.41

10.09

8.96

10.29

9.27

8.47

8.02

7.54

17.10

15.76

13.90

12.82

11.97

1.81

2.04

2.29

2.44

2.88

31.88

1.0%

0.36

0.35

0.32

8.99

7.97

7.43

6.95

6.05

6.58

6.67

6.12

5.69

4.98

12.75

13.01

11.55

10.38

8.49

4.00

3.97

4.34

4.76

4.71

83.83

16.2%

2.32

2.19

2.14

2.26

18.46

22.05

16.82

15.05

14.80

19.93

20.54

20.17

19.96

13.35

21.50

18.30

14.75

13.39

8.91

0.00

0.21

1.76

3.75

3.67

10.68

22.4%

6.31

6.22

5.91

6.18

25.97

21.86

20.73

19.14

19.08

25.28

20.79

20.14

19.45

20.60

24.57

18.37

17.63

15.72

18.71

2.75

3.09

3.29

3.45

3.57

33.08

5.5%

0.53

0.51

0.49

0.48

0.49

9.10

7.12

7.15

6.80

7.96

5.85

5.59

5.30

4.98

5.99

12.07

11.97

10.73

10.37

14.29

2.27

2.46

2.72

2.71

2.36

18.99

13.6%

2.60

1.95

1.80

1.62

1.50

1.37

17.91

15.32

13.32

11.80

10.07

11.57

10.53

8.94

8.02

6.99

20.11

18.56

15.49

13.76

11.70

2.21

2.47

2.93

3.29

3.63

37.21

9.0%

1.78

1.19

1.12

1.05

0.99

0.94

9.40

8.57

7.25

6.66

6.00

8.52

8.05

7.17

6.56

5.96

18.63

17.29

14.29

12.33

10.50

1.44

1.53

1.84

2.09

2.36

48.81

5.9%

0.73

0.67

0.77

0.75

0.71

0.66

0.62

6.71

6.70

5.88

4.93

4.00

7.73

7.32

6.57

5.89

5.11

21.45

16.21

12.30

9.73

7.84

0.86

1.44

2.16

2.80

4.52

59.93

4.3%

2.87

2.56

2.21

1.85

1.81

1.72

1.64

1.57

16.66

15.48

14.14

13.11

12.09

11.40

10.73

9.98

9.23

8.54

20.86

19.15

17.48

16.10

14.56

1.19

1.34

1.48

1.61

1.82

78.81

1.8%

1.01

0.95

0.93

0.52

0.49

0.48

0.47

0.46

8.52

8.42

8.40

8.28

8.58

5.01

4.81

4.90

4.98

4.66

62.95

8.6%

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

4.77

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

%D to Spot

S&P 500 INDEX

2.37

2.19

2.02

2.37

1.52

1.46

1.39

1.52

10.82

10.10

10.55

10.82

9.41

8.67

8.10

9.41

15.39

13.88

12.56

15.39

2.08

2.25

2.38

2.08

1833.6

8.0%

Euro Stoxx 50 Pr

1.24

1.18

1.11

1.24

0.80

0.78

0.76

0.80

6.37

5.82

5.26

6.37

7.34

6.92

6.55

7.34

12.54

11.12

10.02

12.54

4.05

4.29

4.63

4.05

2991.0

5.8%

NIKKEI 225

1.47

1.38

1.28

1.47

0.71

0.68

0.67

0.71

8.67

8.01

7.40

8.67

8.79

8.07

7.63

8.79

17.18

15.28

13.81

17.18

1.70

1.85

1.99

1.70

15125.2

11.1%

FTSE 100 INDEX

1.78

1.66

1.54

1.78

1.00

0.97

0.93

1.00

8.53

7.83

6.58

8.53

7.34

6.71

6.29

7.34

12.72

11.52

10.55

12.72

3.78

4.08

4.44

3.78

7018.4

6.7%

SWISS MARKET INDEX

2.44

2.26

2.11

2.44

2.07

1.97

1.88

2.07

12.85

11.58

10.35

12.85

12.92

11.95

11.17

12.92

15.28

15.29

13.82

12.57

15.29

3.20

3.57

4.05

3.20

8720.3

9.3%

S&P/TSX COMPOSITE INDEX

1.70

1.59

1.49

1.70

1.48

1.52

1.50

1.48

8.64

7.86

6.55

8.64

8.71

7.76

7.22

8.71

15.09

13.36

12.19

15.09

3.19

3.32

3.43

3.19

14086.4

12.2%

S&P/ASX 200 INDEX

1.85

1.75

1.65

1.85

1.73

1.64

1.56

1.73

10.51

9.48

9.04

10.51

8.81

8.01

7.45

8.81

14.50

13.15

12.14

14.50

4.67

4.98

5.32

4.67

5231.1

3.5%

HANG SENG INDEX

1.30

1.20

1.14

1.30

1.69

1.56

1.44

1.69

7.78

7.40

6.84

7.78

7.95

7.28

6.60

7.95

10.39

9.59

8.77

10.39

3.69

3.99

4.32

3.69

24718.6

13.3%

MSCI EM

1.38

1.26

1.14

1.38

0.95

0.89

0.82

0.95

6.92

6.30

5.83

6.92

7.24

6.60

6.12

7.24

10.68

9.55

8.72

10.68

2.93

3.23

3.48

2.93

1119.3

18.3%

HOCHTIEF AG

1.57

1.38

1.32

1.34

0.17

0.16

4.92

3.60

3.27

3.05

3.45

5.78

5.19

4.97

4.78

4.79

23.22

18.30

14.91

13.33

11.38

2.21

2.96

3.40

3.80

3.45

60.12

5.3%

INFINEON TECHNOLOGIES AG

2.13

2.07

1.92

1.73

1.49

1.94

1.97

1.80

1.68

1.54

14.41

12.78

9.52

7.63

6.64

6.21

7.25

5.61

4.91

4.51

19.32

29.81

17.57

13.76

10.73

1.72

1.71

1.91

2.14

1.72

7.30

4.6%

JENOPTIK AG

1.68

1.58

1.43

1.31

1.22

0.98

0.94

0.87

0.82

0.81

9.47

9.97

9.72

8.11

6.80

8.09

8.24

7.30

6.73

6.32

14.71

15.55

12.35

11.07

10.31

1.65

1.75

1.96

2.45

2.40

10.57

5.7%

KONTRON AG

0.72

0.78

0.82

0.78

0.76

0.39

0.37

0.35

0.32

21.99

11.22

11.78

5.66

3.59

23.95

16.33

6.62

3.92

3.14

24.87

9.99

6.14

2.89

2.08

2.65

3.50

7.88

4.04

6.2%

KLOECKNER & CO SE

0.61

0.68

0.67

0.65

0.63

0.14

0.16

0.15

0.14

0.13

32.53

9.41

8.23

7.13

5.50

20.93

11.28

7.30

6.34

5.42

32.53

17.99

17.00

0.00

0.04

0.72

1.32

1.71

10.13

-3.9%

4.11

3.82

3.55

3.32

3.11

14.02

11.66

10.31

10.10

12.02

11.00

9.97

9.16

8.41

26.16

28.97

24.72

22.12

19.05

3.01

3.60

4.18

4.31

4.76

82.20

-3.4%

KRONES AG

2.37

2.15

1.95

1.77

1.64

0.80

0.74

0.70

0.66

0.65

19.28

11.34

10.11

9.58

9.61

10.87

8.03

7.24

6.62

6.56

26.02

17.37

15.17

13.58

12.46

1.03

1.46

1.75

1.83

3.79

66.09

1.8%

KUKA AG

3.80

3.28

2.77

2.39

2.10

0.68

0.63

0.60

0.58

12.78

12.62

11.09

10.22

8.85

7.83

7.22

6.62

6.22

6.23

20.33

17.70

15.69

13.42

13.07

0.83

1.13

1.39

1.84

1.71

34.44

-0.4%

LEG IMMOBILIEN AG

0.98

0.96

0.92

0.90

0.83

4.62

4.37

4.15

4.00

3.69

16.40

16.30

14.52

13.80

11.94

19.44

20.02

18.51

17.59

16.88

19.70

15.26

13.24

13.06

11.38

0.99

4.25

4.61

4.92

5.50

46.06

12.8%

LEONI AG

1.53

1.46

1.31

1.17

1.01

0.34

0.31

0.29

0.27

6.50

6.20

5.29

4.37

3.41

4.54

5.26

4.45

3.86

3.43

8.74

11.76

8.81

7.14

6.14

3.72

3.34

3.72

4.31

4.87

41.11

5.7%

DEUTSCHE LUFTHANSA-REG

0.84

0.94

0.88

0.78

0.67

0.23

0.22

0.21

0.20

2.75

2.48

2.36

2.05

2.28

3.41

2.81

2.46

2.11

2.04

28.95

12.69

8.47

5.82

5.39

1.54

2.40

4.66

6.26

6.46

18.14

22.4%

LINDE AG

1.92

1.95

1.82

1.69

1.55

1.74

1.55

1.45

1.36

1.30

9.53

8.34

7.94

7.69

6.46

10.39

8.99

8.33

7.71

7.15

18.35

17.15

15.21

13.55

12.15

1.86

2.05

2.28

2.50

2.83

159.97

11.7%

LPKF LASER & ELECTRONICS

5.72

5.08

4.35

3.76

3.15

2.86

2.57

2.34

2.11

1.91

21.29

14.32

11.81

13.36

9.14

13.00

10.93

9.62

8.28

7.23

26.00

20.82

19.32

16.86

15.04

1.70

2.03

2.26

2.57

3.00

13.15

-6.0%

LANXESS AG

1.51

1.60

1.44

1.26

1.15

0.41

0.45

0.42

0.39

0.37

4.50

6.71

5.37

4.29

3.55

4.91

7.83

5.69

4.97

4.13

6.85

24.63

10.80

8.04

6.55

2.10

2.02

2.47

2.85

2.84

51.62

13.7%

MAN SE

2.33

2.20

2.10

2.03

0.80

0.76

0.73

0.68

23.77

19.61

10.89

8.90

7.02

13.54

15.81

10.50

8.97

7.24

32.08

62.71

19.83

16.18

9.36

1.66

2.93

3.49

3.41

3.28

82.87

-3.7%

METRO AG

1.50

1.66

1.55

1.46

1.24

0.14

0.18

0.14

4.81

5.03

5.05

4.33

4.88

8.13

5.10

4.91

4.93

11.96

152.91

13.77

12.27

11.47

4.58

0.22

3.59

3.94

5.19

25.88

-10.5%

MORPHOSYS AG

6.32

4.98

4.95

4.55

5.19

25.22

17.53

19.04

15.18

15.89

188.87

37.83

66.67

141.90

151.96

326.58

588.84

136.57

728.16

218.74

0.00

59.25

7.1%

MERCK KGAA

2.42

2.40

2.24

2.09

1.94

2.35

2.32

2.30

2.27

11.81

10.89

10.23

9.49

8.31

9.33

8.74

8.40

8.15

7.83

15.91

13.96

13.25

12.77

12.28

1.33

1.55

1.67

1.77

2.13

118.33

-1.6%

MTU AERO ENGINES AG

3.37

2.88

2.54

2.27

2.04

1.07

0.96

0.90

0.83

0.77

10.81

12.25

10.59

8.09

7.32

8.48

8.19

7.46

6.72

6.17

15.15

15.76

14.00

12.43

11.15

2.00

2.10

2.35

2.66

3.65

72.13

4.0%

MUENCHENER RUECKVER AG-REG

0.96

0.91

0.87

0.84

0.82

0.47

0.46

0.42

8.17

8.59

8.55

8.31

8.77

4.72

4.96

5.15

5.32

5.75

153.42

6.2%

AURUBIS AG

0.95

0.85

0.80

0.77

0.76

0.14

0.15

0.14

5.90

6.77

6.00

5.59

3.93

7.26

11.81

9.90

9.20

7.61

2.85

3.05

3.09

3.39

3.74

48.97

16.4%

NORDEX SE

1.60

1.91

1.80

1.64

0.52

0.44

0.42

0.40

11.57

38.78

14.21

10.15

NORMA GROUP SE

3.51

3.16

2.78

2.49

1.71

1.61

1.51

1.42

1.35

12.29

11.53

10.60

9.30

8.80

XING AG

7.66

6.42

5.52

4.66

5.45

4.76

4.20

3.75

3.37

21.56

20.58

17.26

13.97

TELEFONICA DEUTSCHLAND HOLDI

1.05

0.95

1.00

1.05

1.13

1.10

1.14

1.15

1.12

4.31

4.77

4.71

PFEIFFER VACUUM TECHNOLOGY

2.97

2.96

2.77

2.59

2.20

1.80

1.97

1.80

1.69

1.55

12.35

13.49

PSI AG

2.72

2.66

2.38

2.04

1.84

1.18

1.11

1.02

0.94

0.87

18.78

15.88

PROSIEBEN SAT.1 MEDIA AG-PRF

4.65

8.63

7.32

6.48

6.57

2.48

2.82

2.67

2.55

2.48

5.88

PUMA SE

1.97

1.91

1.76

1.61

1.04

1.08

1.04

1.00

0.97

QIAGEN N.V.

1.87

1.81

1.69

1.59

4.14

3.92

3.71

3.48

3.32

QSC AG

2.03

1.83

1.70

1.67

0.78

0.82

0.80

0.77

RATIONAL AG

10.41

9.46

8.75

7.83

7.87

5.69

5.51

5.02

RHOEN-KLINIKUM AG

1.60

1.55

1.46

1.38

1.26

0.90

0.84

0.81

RHEINMETALL AG

0.94

1.02

0.96

0.88

0.86

0.31

0.32

RWE AG

0.82

0.88

0.84

0.79

0.74

0.26

SMA SOLAR TECHNOLOGY AG

1.07

1.13

1.12

1.09

SAP AG

4.74

4.05

3.47

2.96

2.44

STADA ARZNEIMITTEL AG

2.33

2.10

1.84

1.63

STRATEC BIOMEDICAL AG

3.69

3.28

2.93

K+S AG-REG

1.02

0.95

SGL CARBON SE

1.52

1.96

KABEL DEUTSCHLAND HOLDING AG

3.71

5.67

4.86

4.63

13.56

8.43

6.71

5.68

72.90

32.54

21.01

5.34

-26.8%

9.92

9.20

8.51

8.02

7.42

16.79

15.94

14.16

12.91

12.28

1.95

2.22

2.46

2.66

2.63

31.49

-2.7%

9.09

15.70

14.00

10.96

9.22

8.66

41.81

37.75

26.64

21.05

15.55

0.87

0.94

1.16

1.65

2.60

64.50

-9.4%

4.61

4.36

5.36

5.48

5.45

5.36

5.15

36.01

65.18

47.68

39.01

19.28

8.74

8.99

9.23

9.52

6.14

19.3%

12.69

11.61

9.14

9.28

10.62

8.76

7.68

6.46

18.13

22.83

16.39

14.05

12.00

4.09

3.45

4.47

5.25

6.09

81.89

-4.4%

12.81

10.13

7.22

10.93

10.31

8.17

6.78

5.38

22.71

21.80

14.97

11.69

8.71

2.16

2.45

3.21

4.25

5.74

14.80

9.0%

8.25

7.66

6.68

12.84

9.42

10.41

9.74

9.30

9.57

17.97

17.90

16.38

15.23

14.60

16.93

4.34

4.86

5.13

3.85

32.27

-2.5%

20.51

14.82

14.50

12.64

17.27

9.86

10.01

8.93

8.11

7.64

16.61

20.27

18.16

16.12

15.66

0.81

0.67

0.80

0.92

0.94

220.43

-0.6%

16.65

15.76

13.13

12.18

11.10

13.84

12.99

11.75

10.76

10.65

21.22

18.90

17.47

15.86

13.92

0.00

15.85

-1.3%

0.77

7.05

7.21

5.71

5.33

10.82

5.43

5.35

4.98

4.58

4.69

21.80

17.12

13.35

10.17

9.56

2.90

3.33

3.89

4.36

4.62

3.40

12.2%

4.57

4.22

24.96

25.56

22.66

20.33

18.08

17.54

17.96

15.95

14.44

13.15

25.80

26.69

23.59

21.32

19.30

3.11

3.30

3.63

4.16

212.75

-4.3%

0.77

0.74

11.27

10.14

8.52

7.44

6.74

11.44

10.28

9.08

8.29

7.41

25.95

22.76

17.07

14.61

12.69

1.88

1.82

2.26

2.69

2.97

18.72

1.2%

0.30

0.29

0.28

3.60

5.75

4.04

3.72

3.14

3.88

5.79

4.13

3.60

3.19

7.91

22.43

9.71

7.34

5.85

4.52

2.99

4.22

4.97

6.86

38.00

1.2%

0.25

0.24

0.23

2.20

2.28

2.49

2.53

2.89

3.73

3.64

4.04

4.14

4.31

5.27

5.44

7.04

7.56

7.95

9.42

9.16

7.39

7.10

6.40

24.42

13.9%

0.60

0.80

0.78

0.73

0.69

8.23

13.97

11.76

9.37

3.41

16.91

7.79

6.12

188.44

41.10

2.47

0.04

0.46

0.72

21.49

-15.5%

4.24

3.95

3.62

3.35

3.03

17.43

14.88

12.99

11.67

9.69

12.78

11.42

10.35

9.36

8.39

18.21

16.49

14.72

13.24

11.71

1.50

1.65

1.89

2.10

2.13

64.75

15.2%

1.39

1.18

1.09

1.02

0.97

0.93

10.99

8.35

7.63

6.57

6.60

10.11

9.14

8.31

7.79

7.24

14.37

12.95

10.81

9.71

8.74

1.50

1.97

2.31

2.45

3.11

35.78

-1.8%

2.64

2.40

2.73

2.53

2.23

2.02

1.85

20.68

22.67

20.45

14.50

13.79

14.54

13.53

11.39

10.34

9.19

22.78

21.25

17.61

15.14

14.14

1.93

2.22

2.57

2.99

27.92

-1.9%

0.92

0.88

0.85

0.86

0.92

0.90

0.84

4.28

4.83

7.35

9.43

6.00

3.50

3.88

5.70

5.59

4.74

6.49

7.32

13.91

14.98

11.87

7.60

6.01

3.42

3.32

4.89

18.93

4.7%

1.88

1.76

0.98

1.01

0.93

0.85

0.75

14.71

40.19

13.61

11.14

15.25

8.88

18.99

10.38

8.51

6.63

24.94

41.81

20.18

16.18

0.85

0.47

0.83

1.23

1.26

19.20

-19.3%

10.01

11.82

8.79

13.64

11.85

10.81

9.37

3.67

3.70

4.03

4.21

4.22

86.85

3.7%

46.31

24.53

0.00

0.12

3.02

6.45

-2.6%

2.17

1.50

SIEMENS AG-REG

2.25

2.36

2.15

1.98

1.44

0.95

0.96

0.93

0.90

0.86

SKY DEUTSCHLAND AG

35.99

18.35

19.31

12.79

7.88

4.35

3.74

3.20

2.80

2.56

SUESS MICROTEC AG

1.10

1.16

1.11

1.03

1.02

0.86

0.92

0.81

0.68

0.66

14.41

SOFTWARE AG

2.00

1.99

1.79

1.62

1.40

2.04

2.16

2.04

1.92

1.78

10.35

AXEL SPRINGER AG

2.28

2.08

1.91

1.84

1.55

1.21

1.18

1.24

1.28

SARTORIUS AG-VORZUG

4.37

3.78

3.35

2.92

1.94

1.82

1.71

1.62

SYMRISE AG

4.20

4.19

3.80

3.44

2.98

2.36

2.21

2.11

SALZGITTER AG

0.39

0.43

0.41

0.45

0.16

0.17

0.16

SUEDZUCKER AG

1.21

1.16

1.08

1.02

0.96

0.61

0.60

0.59

4.85

57.47

9.41

8.29

8.26

61.32

22.15

17.43

29.06

14.19

8.60

5.86

11.04

10.38

9.55

7.28

8.99

9.54

9.48

9.45

1.53

20.47

11.98

10.82

2.01

1.93

17.06

15.60

0.16

0.14

5.38

6.10

0.59

0.57

5.70

5.92

10.53

0.69

10.24

7.95

7.43

6.74

169.85

43.41

20.03

13.95

6.36

79.12

6.74

4.02

4.01

22.64

16.26

8.97

10.70

0.00

9.96

35.0%

7.36

8.41

7.80

7.09

5.78

11.05

12.96

11.67

10.43

8.65

1.89

1.83

1.90

2.02

2.62

28.65

15.6%

10.29

7.63

7.99

7.97

7.66

7.83

13.93

15.32

15.21

14.15

14.35

4.40

4.27

4.36

4.60

5.70

42.70

5.8%

10.02

9.66

12.88

11.80

10.74

9.91

8.89

23.30

21.45

18.72

16.80

14.41

1.14

1.32

1.55

1.74

1.93

85.71

-0.3%

14.24

13.24

11.52

13.56

12.30

11.52

10.85

10.18

24.35

21.21

19.26

17.90

16.55

2.00

2.17

2.36

2.57

2.82

32.16

-6.5%

3.91

3.76

2.73

3.80

5.15

3.06

2.62

2.42

22.47

11.48

11.70

1.10

0.82

1.12

1.61

2.06

28.55

2.4%

6.19

5.89

6.04

5.62

6.32

6.39

6.37

5.91

10.39

10.43

10.19

3.74

3.80

3.86

3.92

4.73

28.26

21.6%

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

8.09

15.57

0.00

10.15

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

%D to Spot

S&P 500 INDEX

2.37

2.19

2.02

2.37

1.52

1.46

1.39

1.52

10.82

10.10

10.55

10.82

9.41

8.67

8.10

9.41

15.39

13.88

12.56

15.39

2.08

2.25

2.38

2.08

1833.6

8.0%

Euro Stoxx 50 Pr

1.24

1.18

1.11

1.24

0.80

0.78

0.76

0.80

6.37

5.82

5.26

6.37

7.34

6.92

6.55

7.34

12.54

11.12

10.02

12.54

4.05

4.29

4.63

4.05

2991.0

5.8%

NIKKEI 225

1.47

1.38

1.28

1.47

0.71

0.68

0.67

0.71

8.67

8.01

7.40

8.67

8.79

8.07

7.63

8.79

17.18

15.28

13.81

17.18

1.70

1.85

1.99

1.70

15125.2

11.1%

FTSE 100 INDEX

1.78

1.66

1.54

1.78

1.00

0.97

0.93

1.00

8.53

7.83

6.58

8.53

7.34

6.71

6.29

7.34

12.72

11.52

10.55

12.72

3.78

4.08

4.44

3.78

7018.4

6.7%

SWISS MARKET INDEX

2.44

2.26

2.11

2.44

2.07

1.97

1.88

2.07

12.85

11.58

10.35

12.85

12.92

11.95

11.17

12.92

15.28

15.29

13.82

12.57

15.29

3.20

3.57

4.05

3.20

8720.3

9.3%

S&P/TSX COMPOSITE INDEX

1.70

1.59

1.49

1.70

1.48

1.52

1.50

1.48

8.64

7.86

6.55

8.64

8.71

7.76

7.22

8.71

15.09

13.36

12.19

15.09

3.19

3.32

3.43

3.19

14086.4

12.2%

S&P/ASX 200 INDEX

1.85

1.75

1.65

1.85

1.73

1.64

1.56

1.73

10.51

9.48

9.04

10.51

8.81

8.01

7.45

8.81

14.50

13.15

12.14

14.50

4.67

4.98

5.32

4.67

5231.1

3.5%

HANG SENG INDEX

1.30

1.20

1.14

1.30

1.69

1.56

1.44

1.69

7.78

7.40

6.84

7.78

7.95

7.28

6.60

7.95

10.39

9.59

8.77

10.39

3.69

3.99

4.32

3.69

24718.6

13.3%

MSCI EM

1.38

1.26

1.14

1.38

0.95

0.89

0.82

0.95

6.92

6.30

5.83

6.92

7.24

6.60

6.12

7.24

10.68

9.55

8.72

10.68

2.93

3.23

3.48

2.93

1119.3

18.3%

TAG IMMOBILIEN AG

1.11

1.02

0.98

0.95

0.93

6.01

4.37

4.23

4.10

4.15

20.93

16.87

15.45

15.19

15.50

13.74

18.70

17.72

16.99

17.76

7.33

15.27

12.95

13.73

2.59

3.50

4.16

4.60

1.64

10.08

10.2%

THYSSENKRUPP AG

1.08

2.74

2.41

2.05

1.67

0.21

0.23

0.22

0.20

12.19

8.19

5.38

5.03

3.46

6.60

6.89

5.22

4.43

3.49

40.50

14.79

9.64

7.58

2.19

0.83

1.97

2.96

5.28

17.71

3.9%

TALANX AG

0.85

0.84

0.79

0.74

0.24

0.22

0.21

0.20

8.99

8.57

8.08

7.66

7.86

4.57

4.81

5.11

5.38

TUI AG

0.97

1.13

1.05

0.96

0.75

0.13

0.12

3.37

4.48

3.87

3.61

3.36

2.78

2.56

2.32

2.12

2.03

23.89

28.73

15.49

10.94

11.64

0.27

0.23

0.75

2.08

5.78

UNITED INTERNET AG-REG SHARE

24.99

18.11

11.46

8.12

5.12

1.99

1.80

1.66

1.56

1.48

18.43

16.42

13.49

12.27

11.63

14.68

12.22

10.38

9.05

8.15

30.21

23.00

18.12

15.36

12.60

1.08

1.44

1.80

2.07

2.90

23.83

-2.5%

VOLKSWAGEN AG-PREF

1.11

1.03

0.92

0.82

0.43

0.41

0.39

0.37

0.36

3.86

3.98

3.66

3.57

3.18

8.13

7.44

6.60

6.11

5.54

8.57

8.59

7.33

6.67

6.04

2.10

2.29

2.94

3.53

4.73

210.29

14.3%

WACKER CHEMIE AG

1.48

1.63

1.55

1.48

1.53

0.85

0.87

0.81

0.76

0.74

5.97

8.21

5.91

5.05

5.12

6.46

7.18

5.98

5.27

4.55

47.38

121.52

36.74

23.65

16.84

0.75

0.29

0.75

1.22

1.68

63.78

-16.0%

WIRECARD AG

4.61

4.12

3.57

3.08

2.68

6.51

5.43

4.60

3.94

3.41

29.24

25.43

20.40

17.44

14.26

20.58

17.99

14.74

12.38

10.14

33.11

30.25

23.99

19.89

16.20

0.52

0.54

0.64

0.73

1.10

24.15

5.9%

WINCOR NIXDORF AG

4.50

3.86

3.26

2.83

2.58

0.71

0.67

0.64

0.62

0.59

12.93

10.33

9.82

8.66

7.44

10.44

8.98

7.72

7.21

7.49

23.08

17.03

13.79

12.52

13.23

2.07

2.84

3.66

4.01

3.79

48.64

-1.8%

ELRINGKLINGER AG

2.90

2.73

2.42

2.16

1.87

1.67

1.56

1.47

1.37

1.28

12.50

10.77

9.75

8.96

7.44

9.21

8.98

8.12

7.34

6.64

19.51

18.69

16.02

13.80

12.33

1.89

1.80

2.07

2.35

2.31

25.12

-14.0%

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

25.91

6.7%

11.14

17.2%

09.08.2013

Adidas AG Adidas AG manufactures sports shoes and sports equipment. The Company produces products that include footwear, sports apparel, and golf clubs and balls. Adidas sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (10.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADS GY EQUITY YTD Change ADS GY EQUITY YTD % CHANGE

12/2012 06/yy 88.50 60.58 479'634.00 83.87 -5.23% 38.45% 83.88% 209.2 17'546.96 1'487.00 0.0 (13.0) 1'935.00 17'628.96

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

31.12.2009 31.12.2010 10'381.0 11'990.0 0.85x 0.87x 823.0 1'174.0 10.72x 8.91x 245.0 567.0 30.22x 18.04x Profitability

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M s-12

LTM-4Q 31.12.2011 13'322.0 0.78x 1'206.0 8.64x 613.0 17.15x

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

31.12.2012 14'883.0 0.92x 1'456.0 9.36x 526.0 26.72x 1'456.00 1'185.00 7.96% 5.72% 4.67% 10.06% 1.24% 49.5% 10.2% 6.5% 3.5% 1.57 0.83 12.76% 28.04% 7.08 2.82

Price/ Cash Flow

06/yy 14'326 3.20x 1'350.0 9.02x 718.0 16.54x

o-12

n-12

d-12

j-13

LTM 06/yy 14'676 4.23x 1'493.0 11.74x 552.0 31.71x

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M a-13

0.83 209.22 39.17% 26.58% 0.828 42 4.262 910'586 756'350 801'307 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'161 16'179 4'253 3'597 1.11x 1.02x 1'665.0 1'946.6 603.5 117.4 10.59x 9.05x 11.31x 11.03x 929.0 1'123.3 380.6 60.5 18.92x 15.82x 17.26x 16.51x 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

15.01 11.13 0.06 0.88 28.0% 21.9% 1.24 13.81 51.57 129.40 89.16 72.10

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 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

3.5 M

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

Fiscal Year Ended 31.12.2008 10'799.0 0.69x 1'310.0 5.69x 642.0 8.35x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Adidas AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK THORNBURG INVESTMENT ROYAL BANK OF SCOTLA NORGES BANK VANGUARD GROUP INC DEUTSCHE BANK AG FMR LLC UBS INVESCO LTD UNION INVESTMENT GMB JUPITER ASSET MANAGE ALLIANZ ASSET MANAGE MANNING & NAPIER ADV DEKA INVESTMENT GMBH WILLIAM BLAIR & COMP BESSEMER GROUP INCOR BANK OF NEW YORK MEL SEB ADIG INVESTMENT

Firm Name Deutsche Bank Nord/LB Credit Suisse JPMorgan Raymond James Cantor Fitzgerald Bankhaus Lampe Bankhaus Metzler ISI Group Nomura Equinet Institutional Services(ESN) Redburn Partners Main First Bank AG Exane BNP Paribas SRH AlsterResearch Commerzbank Corporates & Markets Morgan Stanley Baader Bank Landesbank Baden-Wuerttemberg Independent Research GmbH Bryan Garnier & Cie S&P Capital IQ Barclays AlphaValue Susquehanna Financial Group Telsey Advisory Group M.M. Warburg Investment Research DZ Bank AG Kepler Cheuvreux KochBank Research Berenberg Bank Hammer Partners SA Goldman Sachs HSBC EVA Dimensions Hamburger Sparkasse Robert W. Baird & Co National Bank AG Bank of Valletta Day by Day UBS Equita SIM SpA

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

Analyst MICHAEL KUHN JULIA SIEKMANN ROGERIO FUJIMORI CHIARA BATTISTINI CEDRIC LECASBLE ALLEGRA PERRY MICHAEL GORNY SEBASTIAN FRERICKS OMAR SAAD CHRISTOPHER WALKER INGBERT FAUST ANDREW MOBBS MATTHIAS EIFERT ANDREAS INDERST NEIL SCHMODDE ANDREAS RIEMANN LOUISE SINGLEHURST VOLKER BOSSE BERND MUELL ZAFER RUZGAR CEDRIC ROSSI WILLIAM MACK JULIAN EASTHOPE HANS-PETER WODNIOK CHRISTOPHER SVEZIA KELLY CHEN JOERG PHILIPP FREY HERBERT STURM JUERGEN KOLB MARK JOSEFSON JOHN GUY STEPHAN SEIP WILLIAM HUTCHINGS ERWAN RAMBOURG CRAIG STERLING CHRISTIAN HAMANN MITCHEL J KUMMETZ MANFRED JAISFELD TEAM COVERAGE VALERIE GASTALDY FRED SPEIRS FABIO FAZZARI

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

Recommendation hold buy outperform overweight outperform hold hold buy neutral buy accumulate sell outperform outperform buy buy Underwt/In-Line buy buy hold buy strong buy overweight reduce Positive no rating system buy buy buy buy buy buy Buy/Neutral overweight hold hold outperform hold overweight hold buy hold

Amt Held 14'632'128 14'230'619 10'057'706 9'347'766 4'886'922 3'879'905 3'817'396 3'381'799 3'111'515 2'725'103 1'769'586 1'592'034 1'501'992 1'271'690 1'175'770 1'154'890 840'376 634'642 629'207 628'434

% Out 6.99 6.8 4.81 4.47 2.34 1.85 1.82 1.62 1.49 1.3 0.85 0.76 0.72 0.61 0.56 0.55 0.4 0.3 0.3 0.3

Weighting

Change

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

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

Latest Chg (175'756) 445'425 (35'387) 680'868 (274) 30'371 24'436 (56'474) 11'310 (69'440) 1'154'890 (140'000) (641) 80'763 5'000

Target Price 86 95 97 95 95 81 84 91 90 95 90 #N/A N/A 110 100 108 100 73 95 90 90 95 102 95 82 100 96 111 88 94 94 98 104 111 95 #N/A N/A #N/A N/A 95 85 97 #N/A N/A 85 60

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

File Dt 30.06.2013 07.08.2013 10.05.2013 23.05.2013 31.12.2012 30.06.2013 28.06.2013 30.06.2013 14.05.2013 08.08.2013 28.03.2013 30.04.2013 30.06.2013 31.12.2012 30.04.2013 30.06.2013 30.04.2013 08.08.2013 30.04.2013 30.04.2013

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

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 05.08.2013 02.08.2013 22.07.2013 12.07.2013 09.07.2013 25.06.2013 20.06.2013 17.06.2013 17.05.2013 14.05.2013 07.05.2013 06.05.2013 03.05.2013 03.05.2013 16.04.2013 02.04.2013 29.01.2013 24.05.2012

09.08.2013

ADVA Optical Networking SE ADVA AG Optical Networking designs, develops, and manufactures optical networking products. The Company's products include wave length division multiplexing (WDM) communications systems, high-speed fiber optic converters, EDFA modules, and all-optical switches. ADVA's products are used in high-speed centralized data storage and disaster recovery.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADV GY EQUITY YTD Change ADV GY EQUITY YTD % CHANGE

12/2012 06/yy 5.42 3.45 21'158.00 3.996 -25.81% 15.83% 28.32% 47.9 191.46 29.03 0.0 0.0 70.27 151.15

1.0 M

.5 M

1 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

2.5 M

5 4

Valuation Analysis

31.12.2008 217.7 0.18x 12.3 3.17x (8.9) -

31.12.2009 31.12.2010 232.8 291.7 0.40x 0.86x 20.3 30.0 4.64x 8.40x 1.3 7.0 84.33x 39.07x Profitability

LTM-4Q 31.12.2011 310.9 0.46x 37.6 3.77x 16.9 10.07x

31.12.2012 330.1 0.45x 45.1 3.30x 16.7 11.37x 45.12 18.83 5.71% 5.61% 2.98% 5.59% 5.11% 1.12% 39.9% 11.7% 3.4% 5.1% 1.90 1.37 10.22% 18.86% 5.89 4.90

Price/ Cash Flow

06/yy 330.3 1.96x 45.6 3.36x 27.6 6.90x

LTM 06/yy 317.9 1.97x 37.3 3.88x 8.5 22.29x

FY+1

.0 M a-13

1.02 38.63 -22.48% 0.40% 1.021 6 3.333 97'809 113'940 125'810 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 328.5 352.8 88.8 0.47x 0.41x 37.5 43.5 12.8 4.03x 3.48x 8.5 12.3 27.37x 18.50x S&P Issuer Ratings

34.15 27.19 -1.08 1.07 18.9% 15.9% 1.12 14.24 61.93 74.44 60.71 68.79

Sales/Revenue/Turnover

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00

0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

ADVA Optical Networking SE Holdings By:

All

Holder Name EGORA GROUP DEUTSCHE BANK AG FMR LLC ING INTERNATIONAL AD DNB NOR ASSET MANAGE ING INVESTMENT MANAG DEKA INVESTMENT GMBH RAIFFEISEN KAPITALAN PROTIVA ERIC V BARING FUND MANAGERS PROTIVA BRIAN BLACKROCK VANGUARD GROUP INC SWISSCANTO FONDSLEIT DNB ASSET MANAGEMENT UBS SKANDIA FONDER AB SCHRODER INVESTMENT DIMENSIONAL FUND ADV METZLER ASSET MANAGE

Firm Name Landesbank Baden-Wuerttemberg EVA Dimensions Deutsche Bank Hauck & Aufhaeuser Berenberg Bank Close Brothers Equity Markets WestLB Equity Markets

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

Analyst MIRKO MAIER ANDREW S ZAMFOTIS BENJAMIN KOHNKE TIM OLIVER WUNDERLICH ALI FARID KHWAJA VEYSEL TAZE THOMAS LANGER

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

Recommendation hold hold hold sell buy buy neutral

Amt Held 8'655'909 4'000'000 1'049'490 876'948 727'035 482'788 450'000 399'700 320'000 300'000 294'030 277'514 189'853 186'356 120'578 109'745 106'169 80'037 68'277 62'600

% Out 18.07 8.35 2.19 1.83 1.52 1.01 0.94 0.83 0.67 0.63 0.61 0.58 0.4 0.39 0.25 0.23 0.22 0.17 0.14 0.13

Weighting

Change 3 3 3 1 5 5 3

M D M M M M M

Latest Chg 70'844 876'948 (431) 67'000 3'322 32'588 93 (50'000) 12'553 (69'217) 10'500

Target Price 4 #N/A N/A 5 3 5 5 #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 30.04.2013 30.06.2013 28.03.2013 30.04.2013 30.06.2013 28.03.2013 31.05.2013 31.12.2012 30.04.2013 31.12.2012 07.08.2013 30.06.2013 28.03.2013 30.04.2013 30.04.2013 31.03.2013 30.04.2013 30.04.2013 30.04.2012

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

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.08.2013 01.08.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 25.04.2012

09.08.2013

Carl Zeiss Meditec AG Carl Zeiss Meditec AG provides complete system solutions in the field of medical technology for ophthalmology. The Company's products include screening, diagnostic, and therapeutic systems for the treatment of vision defects, cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates worldwide with subsidiaries in the USA and Japan.

Price/Volume .3 M

.2 M

Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (17.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFX GY EQUITY YTD Change AFX GY EQUITY YTD % CHANGE

09/2012 03/yy 26.89 17.88 22'005.00 25.395 -5.78% 42.03% 82.73% 81.3 2'064.86 30.91 0.0 40.8 9.53 2'124.71

30.09.2008 600.2 1.13x 80.9 8.40x 54.0 15.30x

.1 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.09.2009 30.09.2010 640.1 676.7 1.17x 1.00x 92.4 107.7 8.13x 6.29x 50.5 54.9 17.74x 16.88x Profitability

LTM-4Q 30.09.2011 758.8 1.26x 122.5 7.81x 66.9 16.27x

30.09.2012 861.9 1.94x 140.8 11.90x 71.9 22.55x 140.80 122.90 14.26% 13.48% 8.09% 11.77% 11.98% 0.94% 53.5% 16.3% 14.4% 8.3% 3.32 0.68 3.21% 4.72% 6.37 2.78

Price/ Cash Flow

03/yy 814.5 5.72x 132.4 10.28x 73.5 19.96x

LTM 03/yy 873.0 7.99x 142.3 14.44x 74.8 26.68x

FY+1

.0 M a-13

0.58 28.46 32.74% 18.74% 0.578 14 2.929 36'540 34'293 52'178 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 901.3 968.7 210.0 235.5 2.01x 1.86x 153.0 169.3 13.78x 12.46x 85.5 96.9 18.2 20.9 24.03x 21.45x S&P Issuer Ratings

23.15 20.76 0.15 0.21 4.7% 4.3% 0.94 18.12 57.31 131.11 27.09 154.50

Sales/Revenue/Turnover

45.00

1'000.0

40.00

900.0

35.00

800.0 700.0

30.00

600.0

25.00 20.00

500.0 400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 02.10.2009

.2 M

Valuation Analysis

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

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

09.08.2013

Carl Zeiss Meditec AG Holdings By:

All

Holder Name CARL ZEISS AG OPPENHEIMERFUNDS INC CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE ODDO ASSET MANAGEMEN NORGES BANK SEB ING ASSET MANAGEMENT MANNING & NAPIER ADV ODIN FORVALTNING AS FONDITA RAHASTOYHTIO VANGUARD GROUP INC SWISSCANTO FONDSLEIT BLACKROCK ECCLESIASTICAL INSUR GROUPAMA ASSET MGMT JP MORGAN ROYCE AND ASSOCIATES PUTNAM INVESTMENT MA SCHRODER INVESTMENT

Firm Name Montega Deutsche Bank JPMorgan EVA Dimensions Jefferies Berenberg Bank Independent Research GmbH DZ Bank AG Nord/LB HSBC Landesbank Baden-Wuerttemberg Kepler Cheuvreux Commerzbank Corporates & Markets Hamburger Sparkasse Equinet Institutional Services(ESN) GSC Research

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

Analyst THOMAS RAU GUNNAR ROMER DAVID J ADLINGTON TIMOTHY STANISH INGEBORG OIE SCOTT BARDO CHRISTOPH SCHOENDUBE SVEN OLAF KUERTEN HOLGER FECHNER HENDRIK LOFRUTHE VOLKER STOLL OLIVER REINBERG VOLKER BRAUN MARCO GUENTHER EDOUARD AUBERY MATTHIAS WAHLER

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

Recommendation buy hold neutral underweight hold buy hold sell buy underweight hold reduce hold hold accumulate sell

Amt Held 52'851'241 2'100'000 1'565'000 664'729 576'659 471'552 461'827 300'000 269'630 235'266 217'008 173'114 163'830 151'169 150'000 134'250 131'244 130'150 122'190 79'237

% Out 65 2.58 1.92 0.82 0.71 0.58 0.57 0.37 0.33 0.29 0.27 0.21 0.2 0.19 0.18 0.17 0.16 0.16 0.15 0.1

Weighting

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

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

Latest Chg 10'000 5'829 269'630 35'435 (13'753) 2'014 (10'000) 134'250 3'328 (442'918) 12'007

Target Price 30 24 24 #N/A N/A 20 26 28 18 32 22 24 21 25 #N/A N/A 16 #N/A N/A

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

File Dt 30.09.2012 30.06.2013 30.06.2013 30.06.2013 30.09.2012 31.12.2012 28.03.2013 28.03.2013 31.12.2012 28.06.2013 31.05.2013 30.06.2013 28.03.2013 07.08.2013 30.06.2013 28.09.2012 31.03.2013 30.06.2013 31.03.2013 31.12.2012

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

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

Date 07.08.2013 05.08.2013 16.07.2013 06.06.2013 05.06.2013 28.05.2013 15.05.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 14.05.2013 07.05.2013 20.03.2013 09.12.2011 22.04.2010

09.08.2013

Aixtron SE Aixtron SE engineers and manufactures metal organic chemical vapor deposition (MOCVD) equipment for the semiconductor industry. The Company's customers use its equipment to produce compound semiconductor layer structures for use in LED, laser, solar cell, transistor, telecommunications, and other applications. Aixtron markets its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (12.12.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIXA GY EQUITY YTD Change AIXA GY EQUITY YTD % CHANGE

12/2012 06/yy 13.89 8.38 629'679.00 12.45 -10.33% 48.66% 64.19% 102.2 1'272.64 0.00 0.0 0.0 209.49 1'056.78

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 274.4 1.30x 43.2 8.24x 23.0 18.31x

31.12.2009 31.12.2010 302.9 783.8 6.73x 3.03x 75.3 288.9 27.09x 8.23x 44.8 192.5 47.96x 14.30x Profitability

LTM-4Q 31.12.2011 611.0 1.14x 127.3 5.47x 79.5 12.47x

31.12.2012 227.8 3.01x (108.6) (145.4) -108.64 -125.28 -54.99% -57.03% -34.88% -43.16% 0.38% 0.2% -73.8% -81.5% -63.8% 4.38 2.79 0.00% 0.00% 7.91 2.07

Price/ Cash Flow

06/yy 318.1 10.73x (36.4) 0.00x (34.8) 0.00x

LTM 06/yy 225.3 15.69x (166.2) 0.00x (209.3) 0.00x

FY+1

.0 M a-13

0.93 93.80 1.72% 40.22% 0.930 30 2.733 312'179 451'470 526'104 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 225.0 375.2 57.4 71.1 4.91x 2.93x 18.52x 14.87x (70.4) 51.4 (2.2) 2.4 20.55x 74.84x 34.32x (83.4) 27.0 (5.6) (0.6) 43.38x 655.26x 112.16x S&P Issuer Ratings

-3746.07 -4289.79 0.00 0.0% 0.0% 0.38 2.32 46.14 176.18 39.96 310.27

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Aixtron SE Holdings By:

All

Holder Name CAMMA GMBH UBS ALLIANZ GLOBAL INVES BAILLIE GIFFORD AND VANGUARD GROUP INC BLACKROCK ADIG INVESTMENT GENERATION INVESTMEN DEUTSCHE BANK AG NORGES BANK AQR CAPITAL MANAGEME OXFORD ASSET MANAGEM FMR LLC T ROWE PRICE ASSOCIA ING INTERNATIONAL AD ING INVESTMENT MANAG ALLIANZ ASSET MANAGE SAEMOR CAPITAL BV SCHINDELHAUER KIM BARRINGTON WILSHIRE

Firm Name Bankhaus Lampe Natixis Main First Bank AG Equinet Institutional Services(ESN) Exane BNP Paribas Deutsche Bank Hamburger Sparkasse Redburn Partners Societe Generale Morgan Stanley Baader Bank JPMorgan Independent Research GmbH Sterne, Agee & Leach Bankhaus Metzler Barclays SRH AlsterResearch Commerzbank Corporates & Markets HSBC Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser M.M. Warburg Investment Research Berenberg Bank Kepler Cheuvreux DZ Bank AG UBS Close Brothers Equity Markets Goldman Sachs Liberum Capital Ltd EVA Dimensions National Bank AG

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst KARSTEN ILTGEN MAXIME MALLET JUERGEN WAGNER ADRIAN PEHL GERHARD ORGONAS UWE SCHUPP INGO SCHMIDT SUMANT WAHI PETER KNOX ANDREW HUMPHREY GUENTHER MICHAEL HOLLFELDER SANDEEP S DESHPANDE MARKUS FRIEBEL ANDREW HUANG STEPHAN BAUER ANDREW M GARDINER DANIEL PAWLOWSKI THOMAS M BECKER CHRISTIAN DOMINIK RATH WALTER SCHNEIDER TIM OLIVER WUNDERLICH MALTE SCHAUMANN ALI FARID KHWAJA BERND LAUX HARALD SCHNITZER DAVID MULHOLLAND VEYSEL TAZE SIMON F SCHAFER JANARDAN MENON ANDREW S ZAMFOTIS SVEN PAULSEN

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

Recommendation buy buy underperform sell outperform buy hold buy sell Equalwt/Cautious hold neutral sell neutral sell equalweight sell hold neutral sell buy sell hold hold sell neutral sell neutral/neutral buy sell buy

Amt Held % Out 7'650'000 7.48 5'743'326 5.62 5'102'037 4.99 5'093'343 4.98 3'966'096 3.88 3'841'807 3.76 3'470'000 3.39 3'089'151 3.02 2'818'556 2.76 2'379'360 2.33 (1'962'624) -1.92 (1'215'836) -1.19 1'040'298 1.02 1'037'338 1.01 1'007'257 0.99 953'009 0.93 932'497 0.91 (805'602) -0.79 766'500 0.75 (705'280) -0.69

Weighting

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

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

Latest Chg (144'314) 48'630 236'846 (10'000) (103'110) 10'217 547'568 (142'747) (116'049) (286'907) 75'411 (173'357) 112'089

Target Price 16 15 10 7 15 14 #N/A N/A #N/A N/A 9 12 13 10 9 #N/A N/A 8 12 10 12 13 11 13 9 9 12 10 13 10 13 13 #N/A N/A 35

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

File Dt Inst Type 28.02.2013 Corporation 24.07.2013 Unclassified 17.07.2013 Investment Advisor 29.04.2013 Investment Advisor 30.06.2013 Investment Advisor 07.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Government 02.08.2013 Hedge Fund Manager 04.07.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 n/a 30.07.2013 Hedge Fund Manager

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

Date 05.08.2013 05.08.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 22.07.2013 15.07.2013 23.05.2013 13.05.2013 17.01.2013 28.07.2011

09.08.2013

Allianz SE Allianz SE, through subsidiaries, offers insurance and financial services. The Company offers property and casualty, life and health, credit, motor vehicle and travel insurance, and fund management services.

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2012 06/yy 122.10 85.37 681'514.00 118.4 -2.78% 38.69% 90.61% 456.0 53'984.48 28'651.00 0.0 2'665.0 12'437.00 72'062.48

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

3.0 M

2.0 M

1.0 M

0 a-12

31.12.2009 31.12.2010 82'711.0 89'740.0 0.75x 0.67x 4'297.0 5'053.0 8.37x 7.94x Profitability

LTM-4Q 31.12.2011 87'384.0 0.61x 2'545.0 13.13x

31.12.2012 96'020.0 0.69x 5'169.0 4.62x 10.61% 8.95% 0.86% 12.22% 9.04% 0.14% 5.4% 4.12% 53.50% -

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M a-13

1.28 448.87 42.02% 17.30% 1.282 41 4.293 1'439'420 1'607'807 1'844'899 FY+2

FQ+1

FQ+2

06/yy 90'556.0 2.48x 0.0 0.00x 3'317.0 10.58x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'026.0 104'403.4 107'301.8 25'569.0 26'839.0 2.70x 0.66x 0.64x 0.0 0.00x 5'859.0 5'892.6 6'027.3 1'315.5 1'453.5 4.64x 9.08x 8.82x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 53.5% Total Debt/Capital 33.8% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 76'195.0 0.69x (2'444.0) 8.51x

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Allianz SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK HARBOR CAPITAL ADVIS VANGUARD GROUP INC DEUTSCHE BANK AG SOCIETE GENERALE SA FMR LLC ALLIANZ ASSET MANAGE MORGAN STANLEY HARRIS ASSOCIATES LP UNION INVESTMENT GMB THORNBURG INVESTMENT AMUNDI DEKA INVESTMENT GMBH ADIG INVESTMENT CAPITAL GROUP COMPAN JP MORGAN FIL LIMITED FRANKFURT TRUST INVE NATIXIS ASSET MANAGE

Firm Name

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

Analyst

Societe Generale NICK HOLMES Exane BNP Paribas THOMAS JACQUET AlphaValue DIETER HEIN JPMorgan MICHAEL HUTTNER Berenberg Bank PETER ELIOT Helvea DANIEL BISCHOF Credit Suisse RICHARD BURDEN Keefe, Bruyette & Woods WILLIAM HAWKINS HSBC KAILESH MISTRY Bankhaus Lampe ANDREAS SCHAEFER Hamburger Sparkasse CHRISTIAN HAMANN Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT Kepler Cheuvreux ATANASIO PANTARROTAS Equinet Institutional Services(ESN) PHILIPP HAESSLER S&P Capital IQ RODERICK WALLACE Nord/LB JULIA SIEKMANN RBC Capital Markets GORDON AITKEN Raymond James RAPHAEL CARUSO Landesbank Baden-Wuerttemberg WERNER SCHIRMER Independent Research GmbH STEFAN BONGARDT Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN DZ Bank AG THORSTEN WENZEL Sanford C. Bernstein & Co THOMAS SEIDL Deutsche Bank OLIVER STEEL Barclays ANDREW BROADFIELD Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Mediobanca SpA MARC THIELE Goldman Sachs VINIT MALHOTRA Day by Day VALERIE GASTALDY Main First Bank AG MICHAEL HAID EVA Dimensions DOUG WALTERS Macquarie HADLEY COHEN Natixis BENOIT VALLEAUX Bank of Valletta MALCOLM ABDILLA CASTILLO National Bank AG MANFRED JAISFELD Banco Sabadell MARIO LODOS Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 32'047'039 9'837'831 6'365'290 5'198'311 4'720'756 4'300'429 3'984'629 3'970'985 3'882'064 3'208'800 2'657'521 2'511'439 2'253'959 2'232'331 2'056'729 2'054'950 1'981'134 1'874'249 1'706'465 1'472'707

% Out 7.03 2.16 1.4 1.14 1.04 0.94 0.87 0.87 0.85 0.7 0.58 0.55 0.49 0.49 0.45 0.45 0.43 0.41 0.37 0.32

Weighting

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

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

Latest Chg 197'204 31'326 (165'280) (52'943) (762) 159'500 (1'853'649) 489'539 94'459 (4'750) (153'200) 34'834 (2'248'797) (3'500) 435'390

Target Price 125 135 130 134 144 128 132 140 145 135 #N/A N/A 130 110 137 120 130 132 130 #N/A N/A 125 145 140 140 134 110 130 118 124 135 123 142 #N/A N/A 150 #N/A N/A 135 130 117 120 114 92 106

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

File Dt 07.08.2013 31.12.2012 31.03.2013 30.06.2013 28.06.2013 16.05.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 30.04.2013 30.04.2013 30.04.2013 30.06.2013 30.06.2013 31.12.2012 30.04.2013 30.04.2013

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

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

Date 09.08.2013 09.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 30.07.2013 25.07.2013 22.07.2013 10.07.2013 10.07.2013 20.06.2013 20.06.2013 14.06.2013 12.06.2013 06.06.2013 17.05.2013 16.05.2013 12.03.2013 22.02.2013 15.02.2013 11.11.2011 12.05.2011

09.08.2013

Aareal Bank AG Aareal Bank AG offers structured real estate financing, property management, and information technology consulting services for the real estate industry. Aareal operates in Europe and North America.

Price/Volume 25

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (15.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARL GY EQUITY YTD Change ARL GY EQUITY YTD % CHANGE

12/2012 03/yy 21.98 13.92 79'323.00 21.905 -0.23% 57.36% 93.05% 59.9 1'311.17 28'666.00 300.0 243.0 3'667.00 25'803.17

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

.8 M

.6 M .4 M

5 0 a-12

31.12.2009 31.12.2010 1'398.0 1'105.0 19.92x 25.94x 815.0 588.0 34.18x 48.75x 49.0 76.0 11.63x 12.81x Profitability

31.12.2012 1'184.0 22.37x 683.0 38.77x 105.0 8.98x 683.00 25.14% 14.86% 0.24% 6.05% 0.41% 0.03% 8.9% 62.68% 1685.24% -

03/yy 1'360.0 83.54x 0.0 0.00x 110.0 7.40x

o-12

n-12

d-12

j-13

LTM 03/yy 1'129.0 95.37x 0.0 0.00x 106.0 9.37x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

1.57 42.56 49.62% 39.43% 1.570 13 4.231 169'564 179'149 189'670 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 670.0 703.1 149.5 141.0 99.6 124.1 21.0 26.0 13.24x 10.53x S&P Issuer Ratings

1685.2% 92.7% 0.03 10.96 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

s-12

LTM-4Q 31.12.2011 1'347.0 21.00x 787.0 35.94x 114.0 6.63x

1.20

0.80

.2 M

Fiscal Year Ended 31.12.2008 2'239.0 13.32x 1'787.0 16.69x 47.0 5.23x

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

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

09.08.2013

Aareal Bank AG Holdings By:

All

Holder Name AAREAL HOLDING VERWA ALLIANZ GLOBAL INVES BLACKROCK DIMENSIONAL FUND ADV NORGES BANK FMR LLC DWS INVESTMENT GMBH ADIG INVESTMENT ALLIANZ ASSET MANAGE FIL LIMITED UNIVERSAL INVESTMENT MAINFIRST SICAV DEUTSCHE BANK AG ACHMEA BELEGGINSFOND LRI-FUND MANAGEMENT MARSHALL WACE LLP ACTIVEST MUNICH VANGUARD GROUP INC LBPAM METZLER ASSET MANAGE

Firm Name Equinet Institutional Services(ESN) Commerzbank Corporates & Markets M.M. Warburg Investment Research HSBC Deutsche Bank Bankhaus Metzler EVA Dimensions Independent Research GmbH Kepler Cheuvreux DZ Bank AG Societe Generale Nord/LB Landesbank Baden-Wuerttemberg

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

Analyst PHILIPP HAESSLER MICHAEL DUNST ANDREAS PLAESIER JOHANNES THORMANN BENJAMIN GOY GUIDO HOYMANN DOUG WALTERS STEFAN BONGARDT DIRK BECKER CHRISTOPH BAST PHILIP RICHARDS MICHAEL SEUFERT MARTIN PETER

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

Recommendation accumulate add hold neutral buy buy overweight buy buy hold hold buy buy

Amt Held % Out 17'298'731 28.9 2'972'198 4.97 2'597'623 4.34 1'822'107 3.04 1'820'551 3.04 1'801'832 3.01 1'729'068 2.89 1'647'308 2.75 1'365'399 2.28 1'272'878 2.13 1'184'258 1.98 961'233 1.61 955'346 1.6 329'891 0.55 308'000 0.51 (293'300) -0.49 271'694 0.45 263'350 0.44 251'860 0.42 213'000 0.36

Weighting

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

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

Latest Chg 184'470 (35'000) 21'100 (282'332) 5'000 1'446 (40'000) 23'943 18'352 (6'000)

Target Price 21 23 19 23 25 26 #N/A N/A 22 20 18 20 23 22

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

File Dt Inst Type 31.12.2012 Holding Company 30.05.2013 Investment Advisor 07.08.2013 Investment Advisor 30.04.2013 Investment Advisor 14.02.2013 Government 30.07.2013 Investment Advisor 27.02.2012 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 17.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 18.02.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 06.08.2013 05.08.2013 11.07.2013 06.06.2013 23.05.2013 16.05.2013 10.05.2013 08.05.2013 08.05.2013 08.05.2013

09.08.2013

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 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 76.39 60.12 1'767'453.00 64.61 -15.20% 7.47% 31.22% 918.5 59'342.91 12'798.00 0.0 1'010.0 1'661.00 72'764.91

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

20 10 0 a-12

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

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

31.12.2012 72'129.0 1.07x 9'669.0 8.02x 4'819.0 13.55x 9'669.00 6'381.00 8.85% 8.29% 7.10% 18.51% 13.65% 1.16% 24.8% 8.3% 6.7% 1.64 0.67 20.40% 52.00% 6.58 5.71

Price/ Cash Flow

LTM

06/yy 72'351.0 3.45x 11'258.0 5.54x 5'234.0 9.60x

06/yy 73'544.0 4.10x 5'209.0 0.00x 4'511.0 14.05x

FY+1

1.08 813.96 9.83% -5.85% 1.077 39 3.436 2'949'770 2'894'105 2'993'288 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 74'137.6 71'355.3 17'801.3 18'402.5 0.98x 0.99x 4.12x 3.92x 10'184.1 10'889.8 2'243.0 2'320.3 7.14x 6.68x 4'837.8 5'275.5 961.0 1'192.0 11.97x 10.96x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 13.35 7.81 52.0% 33.3% 1.16 4.30 55.46 63.87 32.68 85.23

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

s-12

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

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

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

BASF SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN SEB AG DEUTSCHE BANK AG VANGUARD GROUP INC FMR LLC DB PLATINUM ADVISORS ALLIANZ ASSET MANAGE UNION INVESTMENT GMB DEKA INVESTMENT GMBH AMUNDI BNP PARIBAS INV PART ADIG INVESTMENT JP MORGAN MERCURY ASSET MANAGE UBS FRANKFURT TRUST INVE SEB DEKA INVESTMENT GMBH

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

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

Analyst PAUL W SATCHELL MARTIN SCHNEE NORBERT BARTH LAURENCE ALEXANDER JEREMY REDENIUS MICHAEL RAE HEIKO FEBER OLIVER SCHWARZ LUTZ GRUETEN ULLE WORNER PETER SPENGLER PETER CLARK PAUL R WALSH MARTIN EVANS MARCO GUENTHER LARS HETTCHE NADESHDA DEMIDOVA TONY JONES ANDREAS HEINE TIMOTHY JONES THORSTEN STRAUSS CHRIS COUNIHAN THOMAS GILBERT GEOFF HAIRE CHRISTIAN FAITZ CHRISTOPH SCHOENDUBE JEAN DE WATTEVILLE JACOB THRANE VALERIE GASTALDY JAMES KNIGHT MARKUS MAYER RONALD KOEHLER TIMOTHY STANISH JAIDEEP PANDYA PAUL C CHRISTOPHERSON GLEN SPENCER-CHAPMAN EKKEHARD D LINK TEAM COVERAGE OLIVER DREBING

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

Recommendation sell reduce buy hold outperform Sell/Neutral buy hold buy buy buy hold Overwt/In-Line underweight buy sell hold neutral overweight buy hold neutral neutral overweight neutral hold neutral hold hold outperform buy outperform hold hold neutral sell hold buy buy

Amt Held 63'927'154 27'715'437 16'676'000 12'879'295 12'209'016 11'865'578 8'350'145 7'469'006 6'496'341 6'376'342 3'851'702 3'589'145 3'587'692 3'134'430 3'031'576 2'818'096 2'674'394 2'436'248 2'086'640 1'778'903

% Out 6.96 3.02 1.82 1.4 1.33 1.29 0.91 0.81 0.71 0.69 0.42 0.39 0.39 0.34 0.33 0.31 0.29 0.27 0.23 0.19

Weighting

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

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

Latest Chg 3'046'200 633'032 488'468 1'160'905 (389'218) 199'481 (1'440'549) 167'985 (4'311'843) (93'655) 249'370 251'795 (73'622) (153'300) 248'150 -

Target Price 60 70 75 74 86 63 75 79 78 78 81 70 78 54 #N/A N/A 61 72 #N/A N/A 79 79 70 73 70 82 68 77 82 72 #N/A N/A 75 82 75 #N/A N/A 60 #N/A N/A 71 64 81 60

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

File Dt 07.08.2013 19.06.2013 30.06.2013 29.04.2013 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.04.2013 31.05.2013 30.04.2013 30.06.2013 07.08.2013 08.08.2013 30.04.2013 30.04.2013 09.08.2013

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

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

Date 08.08.2013 08.08.2013 07.08.2013 07.08.2013 06.08.2013 05.08.2013 05.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 18.07.2013 17.07.2013 01.07.2013 06.06.2013 15.04.2013 08.04.2013 15.02.2013 26.10.2012 05.01.2012 29.10.2010

09.08.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (23.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 91.03 60.50 703'776.00 87.14 -3.99% 44.03% 87.45% 826.9 72'060.23 9'532.00 0.0 100.0 2'551.00 80'987.23

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

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

10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

s-12

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

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% 5.50% 15.33% 0.76% 52.1% 22.2% 15.1% 6.2% 1.45 0.76 18.57% 51.61% 4.58 2.77

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 38'081.0 5.12x 9'332.0 5.86x 2'560.0 18.24x

j-13

06/yy 40'153.0 6.96x 8'900.0 8.60x 2'903.0 23.30x

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M a-13

0.92 801.82 41.62% 24.11% 0.925 38 3.842 1'789'236 1'860'268 2'066'904 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 40'906.3 43'246.8 9'933.0 10'259.0 1.92x 1.76x 8'532.3 9'388.4 1'826.5 1'986.5 9.49x 8.62x 4'768.4 5'396.6 964.0 1'094.0 15.17x 13.43x S&P Issuer Ratings

30.04.2008 APOS 11.07.2006 A-2 12.11 9.52 0.99 1.27 51.6% 33.9% 0.76 4.06 79.64 131.78 70.17 119.75

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

12.0 M

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Bayer AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK SEB UBS CREDIT SUISSE GROUP NORGES BANK FMR LLC VANGUARD GROUP INC DODGE & COX SUN LIFE FINANCIAL I MORGAN STANLEY DEUTSCHE BANK AG BANK OF NEW YORK MEL DEKA INVESTMENT GMBH BNP PARIBAS INV PART ALLIANZ ASSET MANAGE UNION INVESTMENT GMB SOCIETE GENERALE SA DB PLATINUM ADVISORS T ROWE PRICE ASSOCIA

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

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

Analyst MARCO GUENTHER MARTIN SCHNEE STEPHEN MCGARRY AMY WALKER MARTIAL DESCOUTURES MARIETTA MIEMIETZ ODILE RUNDQUIST JEREMY REDENIUS ALISTAIR CAMPBELL JEFFREY HOLFORD FABIAN WENNER DANIEL WENDORFF STEVE CHESNEY JOHANNA WALTON RICHARD VOSSER CHRISTOPH SCHOENDUBE BEATRICE MUZARD FLORENT CESPEDES NARESH CHOUHAN TIM RACE THORSTEN STRAUSS NORBERT BARTH CHRISTIAN FAITZ ULLE WORNER ULRICH HUWALD SEBASTIAN FRERICKS SHO MATSUBARA MARK PURCELL VALERIE GASTALDY RONALD KOEHLER JOSE VALLE TEAM COVERAGE TIMOTHY STANISH PETER SPENGLER JEAN DE WATTEVILLE EKKEHARD D LINK ANDREW WHITNEY MARTA DIAZ

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

Recommendation hold reduce sell Equalwt/Attractive neutral accumulate neutral market perform hold buy hold buy Buy/Neutral outperform overweight hold buy outperform buy buy sell hold outperform buy hold buy buy underweight hold outperform buy neutral overweight buy not rated hold neutral buy

Amt Held 70'743'628 66'151'479 41'431'997 24'795'977 20'623'972 19'085'378 14'730'674 11'389'422 10'591'070 10'315'945 10'225'387 8'120'273 6'639'199 5'782'212 5'472'395 5'444'956 4'911'763 4'502'247 4'199'881 3'999'285

% Out 8.55 8 5.01 3 2.49 2.31 1.78 1.38 1.28 1.25 1.24 0.98 0.8 0.7 0.66 0.66 0.59 0.54 0.51 0.48

Weighting

Change

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

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

Latest Chg (725'000) (1'470'810) (196'834) 38'404 183'703 329'110 (288'800) 345'762 (40'440) (37'235) 184'912 (280'928) 457'597 (103'601) (1'026'192) (1'458'310) 80'895

Target Price #N/A N/A 83 79 93 88 75 90 78 97 100 84 97 105 95 100 91 98 93 110 99 69 66 88 95 89 87 96 68 #N/A N/A 90 91 #N/A N/A #N/A N/A 95 #N/A N/A 80 82 #N/A N/A

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

File Dt 30.06.2013 07.08.2013 26.04.2013 08.08.2013 15.05.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 08.08.2013 30.04.2013 30.06.2013 30.06.2013 30.06.2013 10.05.2013 30.06.2013 30.06.2013

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

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

Date 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 03.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 29.07.2013 23.07.2013 01.07.2013 24.06.2013 14.06.2013 06.06.2013 24.05.2013 17.04.2013 12.04.2013 22.03.2013 05.03.2012

09.08.2013

BB Biotech AG BB Biotech AG is an investment company. The Company invests in biotech companies that operate in areas that include oncology, cardiovascular diseases, infectious diseases and autoimmune diseases.

Price/Volume 120

.2 M .1 M

100

.1 M 80

Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (8/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 BBZA GY EQUITY YTD Change BBZA GY EQUITY YTD % CHANGE

03/yy 104.15 66.85 1'566.00 102 -2.59% 52.58% 91.42% 13.0 1'326.00 1'764.80

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

1.20

.1 M .1 M

.0 M 20

.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2003 192.6 8.65x 179.3 -

.1 M

Valuation Analysis

31.12.2004 31.12.2005 215.8 332.2 7.62x 6.74x 202.8 318.0 Profitability

LTM-4Q 31.12.2006 317.6 7.24x 297.4 -

31.12.2007 (211.4) (265.4) -

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

LTM 03/yy 43.7 30.50x 0.0 0.00x 39.6 0.00x

.0 M a-13

0.66 41.80% 46.47% 0.664 5 4.600 17'119 12'741 14'089

FY+1

FY+2

FQ+1

12/08 Y

12/09 Y

S&P Issuer Ratings

FQ+2 -

1'800.0 1'600.0

1.00

1'400.0 1'200.0

0.80 0.60 0.40

1'000.0 800.0 600.0 400.0 200.0

0.20

0.0 -200.0

0.00

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

-400.0

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

09.08.2013

BB Biotech AG Holdings By:

All

Holder Name BANK OF NEW YORK MEL BIOTECH TARGET NV DEUTSCHE BANK AG BLACKROCK FRANKFURT TRUST INVE SCHRODER INVESTMENT FIL LIMITED OFI ASSET MANAGEMENT PRUDENTIAL FINANCIAL VANGUARD GROUP INC HAUCK & AUFHAUSER IN HANSAINVEST GMBH MUNDER CAPITAL MANAG UNIVERSAL INVESTMENT HAUCK & AUFHAEUSER I BAYERNINVEST LUXEMBO KBC GROUP NV BNY MELLON SERVICE K JULIUS BAER ASSET MA BANQUE ET CAISSE D'E

Firm Name Equinet Institutional Services(ESN) Close Brothers Equity Markets Independent Research GmbH Equita SIM SpA Deutsche Bank

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

Analyst MARIETTA MIEMIETZ IVO VISIC CHRISTOPH SCHOENDUBE MARTINO DEAMBROGGI HOLGER BLUM

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

Recommendation buy buy hold buy buy

Amt Held 1'247'797 442'245 190'000 133'748 64'000 41'927 32'729 30'000 15'260 12'645 12'000 10'550 10'500 10'000 10'000 9'764 5'856 5'798 5'600 5'000

% Out 9.6 3.4 1.46 1.03 0.49 0.32 0.25 0.23 0.12 0.1 0.09 0.08 0.08 0.08 0.08 0.08 0.05 0.04 0.04 0.04

Weighting

Change 5 5 3 5 5

Latest Chg (26'265) (933'153) (42'155) 30'863 32'729 (1'593) 7'400 10'500 3'964 (10) (600)

Target Price

M M M M M

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

115 111 107 108 88

File Dt 19.06.2013 17.06.2013 30.04.2013 07.08.2013 30.04.2013 30.04.2013 31.10.2012 28.02.2013 28.06.2013 31.03.2013 28.06.2013 28.03.2013 30.06.2012 28.03.2013 29.06.2012 28.03.2013 30.04.2013 31.07.2013 31.03.2013 28.06.2013

Date 12 month 12 month 12 month 12 month 12 month

Inst Type Investment Advisor Other 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 Investment Advisor Investment Advisor

Date 22.07.2013 19.07.2013 18.07.2013 25.03.2013 26.10.2012

09.08.2013

Bechtle AG Bechtle AG retails computer and office supplies. The Company markets personal computers, workstations, computer peripherals, mobile devices, computer software, computer networking products, presentation equipment, paper, computer consumables, office furniture, and telecommunications equipment. Bechtle sells its products through its catalog and Internet website.

Price/Volume

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

.1 M .1 M

12/2012 03/yy 39.30 26.75 14'107.00 36.535 -7.09% 36.58% 81.67% 21.0 767.23 73.71 0.0 0.0 114.10 736.30

.1 M

.0 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'431.5 0.16x 72.8 3.09x 45.4 6.37x

.1 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BC8 GY EQUITY YTD Change BC8 GY EQUITY YTD % CHANGE

31.12.2009 31.12.2010 1'379.3 1'722.9 0.23x 0.31x 56.2 74.0 5.55x 7.12x 34.3 46.4 11.46x 13.12x Profitability

LTM-4Q 31.12.2011 1'994.9 0.25x 100.3 5.04x 62.7 8.76x

31.12.2012 2'096.8 0.29x 102.3 5.90x 56.6 11.39x 102.27 80.52 3.84% 3.78% 6.91% 12.02% 10.92% 2.70% 15.2% 4.7% 3.7% 2.7% 1.89 1.45 8.72% 16.08% 8.57 18.80

Price/ Cash Flow

03/yy 2'026.4 1.13x 105.5 6.36x 61.8 11.36x

LTM 03/yy 2'123.2 1.22x 99.7 7.29x 54.3 13.97x

FY+1

.0 M a-13

0.72 12.74 19.53% 22.45% 0.724 10 3.900 9'691 14'024 18'554 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'206.9 2'317.6 518.0 0.31x 0.28x 110.0 119.0 21.2 6.71x 6.20x 63.2 70.4 10.9 12.02x 10.82x S&P Issuer Ratings

31.08 21.40 -0.31 0.69 16.1% 13.9% 2.70 23.75 42.58 19.42 24.53 40.15

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Bechtle AG Holdings By:

All

Holder Name SCHICK KARIN FLOSSBACH VON STORCH DWS INVESTMENT GMBH DEUTSCHE BANK AG GOVERNMENT OF NORWAY BNP PARIBAS INV PART NORGES BANK MORGAN STANLEY ALLIANZ ASSET MANAGE FIL LIMITED DIMENSIONAL FUND ADV LLB FONDSLEITUNG AG VANGUARD GROUP INC JP MORGAN LUXEMBOURGER KAPITAL BLACKROCK DWS INVESTMENT S A BARING FUND MANAGERS DEUTSCHE POSTBANK CA MAINFIRST SICAV

Firm Name M.M. Warburg Investment Research Commerzbank Corporates & Markets Independent Research GmbH Bankhaus Metzler Landesbank Baden-Wuerttemberg Berenberg Bank DZ Bank AG Deutsche Bank Hauck & Aufhaeuser EVA Dimensions GSC Research

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

Analyst ANDREAS WOLF THOMAS M BECKER MARKUS FRIEBEL ULRICH TRABERT THOMAS HOFMANN BJOERN LIPPE JASKO TERZIC UWE SCHUPP TIM OLIVER WUNDERLICH ANDREW S ZAMFOTIS MATTHIAS SCHRADE

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

Recommendation hold add hold sell buy buy buy hold buy overweight buy

Amt Held 7'353'287 2'114'862 1'040'000 937'703 905'807 628'440 573'370 523'586 292'327 117'173 105'051 101'428 86'198 82'116 73'900 68'323 64'463 50'000 42'000 41'000

% Out 35.02 10.07 4.95 4.47 4.31 2.99 2.73 2.49 1.39 0.56 0.5 0.48 0.41 0.39 0.35 0.33 0.31 0.24 0.2 0.2

Weighting

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

M M M M M M M M M U U

Latest Chg (302'797) 33'023 6'180 95'023 36'428 6'143 12'107 930 -

Target Price 41 39 38 30 40 49 40 33 46 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 01.01.2013 30.04.2013 28.06.2013 03.07.2013 31.03.2013 31.12.2012 20.06.2013 30.06.2013 31.10.2012 30.04.2013 30.06.2013 30.06.2013 31.03.2013 28.06.2013 07.08.2013 30.04.2013 30.04.2013 28.12.2012 28.02.2013

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 24.07.2013 12.07.2013 12.07.2013 11.07.2013 14.05.2013 14.05.2013 07.05.2013 24.04.2013 27.03.2013 16.06.2011

09.08.2013

Beiersdorf AG Beiersdorf AG develops, manufactures, and markets personal care, disposable medical, and adhesive products. The Company produces skin and hair care products, bandages, surgical gloves, compression stockings, sun block lotion, fastening systems, masking products, and packaging systems.

Price/Volume 80

2.5 M

2.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (14.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEI GY EQUITY YTD Change BEI GY EQUITY YTD % CHANGE

12/2012 06/yy 73.45 55.45 344'744.00 67.13 -8.59% 21.06% 65.83% 252.0 16'916.76 102.00 0.0 12.0 1'760.00 15'330.76

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

1.0 M

30 20

.5 M

10 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 5'971.0 1.39x 815.0 10.15x 562.0 16.94x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 5'748.0 5'571.0 1.54x 1.42x 788.0 876.0 11.26x 9.02x 374.0 318.0 27.84x 29.66x Profitability

LTM-4Q 31.12.2011 5'633.0 1.50x 839.0 10.10x 250.0 39.84x

31.12.2012 6'040.0 2.05x 941.0 13.17x 442.0 31.73x 941.00 789.00 13.06% 11.74% 8.51% 15.57% 1.09% 63.3% 16.3% 13.8% 7.3% 2.11 1.53 1.83% 3.11% 4.99 2.96

Price/ Cash Flow

06/yy 5'794.0 6.30x 860.0 12.87x 240.0 48.14x

LTM 06/yy 6'141.0 8.72x 1'000.0 15.35x 481.0 31.71x

FY+1

.0 M a-13

0.61 99.64 19.29% 9.59% 0.608 40 2.800 501'456 396'455 451'874 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'235.6 6'582.4 1'529.4 1'538.6 2.38x 2.20x 957.3 1'058.1 251.0 218.0 15.98x 14.45x 14.89x 14.50x 530.8 608.9 123.0 121.0 28.74x 25.28x 29.47x 28.59x S&P Issuer Ratings

104.56 83.11 -1.59 0.10 3.1% 3.0% 1.09 9.23 73.14 123.15 173.18 20.34

Sales/Revenue/Turnover

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Beiersdorf AG Holdings By:

All

Holder Name MAXINGVEST AG BEIERSDORF AG BLACKROCK ARTISAN PARTNERS HOL NORGES BANK SUN LIFE FINANCIAL I FIRST MANHATTAN CO A MANNING & NAPIER ADV DEUTSCHE BANK AG VANGUARD GROUP INC DB PLATINUM ADVISORS UNION INVESTMENT GMB NATIXIS ASSET MANAGE UNITED SERVICES AUTO ALLIANZ ASSET MANAGE TIAA CREF INVESTMENT DEKA INVESTMENT GMBH FRANKFURT TRUST INVE AMUNDI SWEDBANK ROBUR FONDE

Firm Name Credit Suisse Sanford C. Bernstein & Co Societe Generale Baader Bank Raymond James M.M. Warburg Investment Research Bankhaus Metzler Kepler Cheuvreux Bryan Garnier & Cie Natixis Nomura Exane BNP Paribas SRH AlsterResearch Commerzbank Corporates & Markets Deutsche Bank Morgan Stanley Nord/LB JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Canaccord Genuity Corp Equinet Institutional Services(ESN) S&P Capital IQ Barclays AlphaValue Berenberg Bank Liberum Capital Ltd HSBC Goldman Sachs Main First Bank AG EVA Dimensions Hamburger Sparkasse DZ Bank AG National Bank AG Day by Day UBS Redburn Partners

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a FIRST MANHATTAN COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NICOLAS SOCHOVSKY ANDREW WOOD CHAS MANSO DE ZUNIGA CHRISTIAN WEIZ HERMINE DE BENTZMANN JOERG PHILIPP FREY SEBASTIAN FRERICKS CATHERINE ROLLAND LOIC MORVAN PIERRE TEGNER GUILLAUME DELMAS EAMONN FERRY OLIVER DREBING ANDREAS RIEMANN HAROLD THOMPSON ERIK SJOGREN JULIA SIEKMANN CELINE PANNUTI BERND MUELL LARS LUSEBRINK MICHAEL GORNY EDDY HARGREAVES NADESHDA DEMIDOVA CARL SHORT IAIN SIMPSON MARTIN SCHNEE SETH PETERSON PABLO ZUANIC CEDRIC BESNARD ROSIE EDWARDS GAEL COLCOMBET CRAIG STERLING MARCO GUENTHER THOMAS MAUL MANFRED JAISFELD VALERIE GASTALDY EVA QUIROGA WILLIAM HOUSTON

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

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

Amt Held 127'184'400 25'174'800 3'538'577 2'261'385 2'014'317 2'011'438 1'525'152 1'427'260 1'204'880 1'135'255 815'946 669'621 623'747 604'590 463'017 420'740 315'704 313'775 308'757 303'228

% Out 50.47 9.99 1.4 0.9 0.8 0.8 0.61 0.57 0.48 0.45 0.32 0.27 0.25 0.24 0.18 0.17 0.13 0.12 0.12 0.12

Weighting

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

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

Latest Chg (48'309) 67'456 53'680 34'277 500 (103'455) 78'723 801'884 80'171 66'828 (71'657) (1'917) (124'217) 22'583 (93'000) 65'128 5'516

Target Price 68 62 70 71 #N/A N/A 85 52 70 65 61 72 78 80 77 85 78 68 63 68 65 71 55 52 79 58 55 72 #N/A N/A 60 66 80 #N/A N/A #N/A N/A 50 #N/A N/A 73 75 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 07.08.2013 31.03.2013 31.12.2012 30.06.2013 31.03.2013 31.12.2012 28.06.2013 30.06.2013 30.06.2013 28.03.2013 30.04.2013 28.02.2013 30.04.2013 31.05.2013 30.04.2013 30.04.2013 28.03.2013 31.03.2013

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

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

Date 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 01.08.2013 25.07.2013 19.07.2013 12.07.2013 24.06.2013 14.06.2013 06.06.2013 30.05.2013 06.05.2013 02.05.2013 23.04.2013 19.04.2013 05.12.2012

09.08.2013

Bayerische Motoren Werke AG Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and motorcycles worldwide. The Company produces everything from convertible sports cars to luxury sedans to touring motorcycles with large displacement engines.

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2012 06/yy 76.16 54.35 495'375.00 72.48 -4.65% 33.36% 79.46% 602.0 46'614.29 69'507.00 0.0 107.0 12'982.00 104'090.29

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

20 10 0 a-12

31.12.2009 31.12.2010 50'681.0 60'477.0 1.40x 1.49x 3'835.0 9'087.0 18.44x 9.93x 204.0 3'227.0 102.58x 11.94x Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

LTM-4Q 31.12.2011 68'821.0 1.31x 11'677.0 7.75x 4'881.0 6.95x

31.12.2012 76'848.0 1.36x 12'014.0 8.70x 5'096.0 9.39x 12'014.00 8'298.00 10.80% 10.17% 3.97% 17.36% 5.69% 0.59% 20.2% 15.3% 10.5% 6.6% 1.04 0.32 52.72% 229.43% 34.80 5.77

Price/ Cash Flow

LTM

06/yy 72'391.0 5.07x 11'625.0 8.11x 4'596.0 8.11x

06/yy 76'451.0 5.27x 11'725.0 8.67x 5'173.0 8.54x

FY+1

1.14 323.27 24.65% 2.84% 1.135 39 3.897 1'319'364 1'482'975 1'764'117 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 78'284.5 82'066.5 19'425.0 21'750.0 0.46x 0.43x 12'656.3 13'113.1 8.22x 7.94x 5'168.7 5'289.0 9.24x 8.92x S&P Issuer Ratings

16.04.2012 A STABLE 16.04.2012 A-1 13.16 7.42 4.89 5.98 229.4% 69.6% 0.59 2.06 10.49 63.30 38.04 36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 53'197.0 1.19x 4'468.0 14.18x 324.0 44.10x

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 a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Bayerische Motoren Werke AG Holdings By:

All

Holder Name QUANDT STEFAN QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK NORGES BANK CAPITAL GROUP COMPAN WADDELL & REED FINAN DODGE & COX HARRIS ASSOCIATES LP VANGUARD GROUP INC WILLIAM BLAIR & COMP FIL LIMITED DEKA INVESTMENT GMBH UNION INVESTMENT GMB FMR LLC DEUTSCHE BANK AG BESTINVER GESTION SG AMUNDI ALLIANZ ASSET MANAGE SEB

Firm Name Baader Bank Sanford C. Bernstein & Co Hamburger Sparkasse Goldman Sachs Nord/LB Societe Generale Commerzbank Corporates & Markets JPMorgan Oddo & Cie Kepler Cheuvreux Natixis Deutsche Bank Morgan Stanley Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe M.M. Warburg Investment Research Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Exane BNP Paribas AlphaValue HSBC Main First Bank AG Barclays Day by Day DZ Bank AG Redburn Partners Dr. Kalliwoda Equity Research National Bank AG Creative Global Investments Steubing AG EVA Dimensions Bank of Valletta UBS Cyrrus

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

Analyst KLAUS BREITENBACH MAX WARBURTON TINA HECKING-VELTMAN STEFAN BURGSTALLER FRANK SCHWOPE PHILIPPE BARRIER DANIEL SCHWARZ JOSE ASUMENDI FRANCOIS MAURY MICHAEL RAAB GEORGES DIENG JOCHEN GEHRKE LAURA LEMBKE CHRISTIAN BREITSPRECHER FRANK BILLER ZAFER RUZGAR CHRISTIAN LUDWIG MARC-RENE TONN JUERGEN PIEPER TIM SCHULDT RODERICK BRIDGE RABIH FREIHA HANS-PETER WODNIOK HORST SCHNEIDER LOTHAR LUBINETZKI KRISTINA CHURCH VALERIE GASTALDY MICHAEL PUNZET CHARLES WINSTON NORBERT KALLIWODA MANFRED JAISFELD CARLO R BESENIUS TOBIAS SCHMIDT CRAIG STERLING TEAM COVERAGE PHILIPPE HOUCHOIS JIRI SIMARA

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

Recommendation buy outperform buy neutral/attractive sell buy add neutral reduce buy neutral hold Equalwt/In-Line neutral hold buy buy buy sell buy buy neutral buy neutral outperform overweight hold buy buy buy buy buy buy hold neutral neutral accumulate

Amt Held 104'747'161 98'125'214 75'851'392 36'529'405 14'432'872 13'005'220 8'444'700 7'619'900 4'993'700 4'048'351 4'045'326 3'654'642 2'666'311 2'176'599 2'130'879 2'028'301 1'800'497 1'788'694 1'398'565 1'380'299

% Out 17.4 16.3 12.6 6.07 2.4 2.16 1.4 1.27 0.83 0.67 0.67 0.61 0.44 0.36 0.35 0.34 0.3 0.3 0.23 0.23

Weighting

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

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

Latest Chg (198'280) (1'906'900) 179'200 891'400 4'993'700 235'553 541'749 16'305 (188'230) (811'395) (313'808) (341'910) 876'056 (239'912) 123'139

Target Price 80 90 #N/A N/A 85 64 83 87 78 63 88 77 68 79 80 72 90 80 84 68 88 80 74 88 79 100 80 #N/A N/A 75 #N/A N/A 82 85 87 83 #N/A N/A 71 73 66

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

File Dt 31.12.2012 31.12.2012 31.12.2012 07.08.2013 31.12.2012 30.06.2013 31.03.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 30.04.2013 30.06.2013 30.06.2013 28.06.2013 31.03.2013 30.04.2013 30.06.2013 30.04.2013

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

Inst Type n/a n/a n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 08.08.2013 08.08.2013 08.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 23.07.2013 23.07.2013 19.07.2013 05.07.2013 14.06.2013 13.06.2013 02.05.2013 30.04.2013 09.04.2013 21.03.2013 20.03.2013 18.02.2013 29.10.2012

09.08.2013

Brenntag AG Brenntag AG sells and distributes industrial and specialty chemicals. The Company also develops and prepares specific chemical compounds and offers analysis services. Brenntag's customers include oil and gas, paint, cosmetic, pharmaceutical, and water treatment companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNR GY EQUITY YTD Change BNR GY EQUITY YTD % CHANGE

12/2012 06/yy 132.30 89.65 81'833.00 116.85 -11.45% 30.34% 65.06% 51.5 6'017.77 1'829.50 0.0 28.8 362.20 7'607.07

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

.7 M

120

.6 M

100

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

31.12.2009 31.12.2010 6'364.6 7'649.1 0.70x 476.8 596.6 8.97x (0.1) 143.6 26.04x Profitability

LTM-4Q 31.12.2011 8'679.3 0.60x 657.3 7.92x 277.4 13.35x

31.12.2012 9'689.9 0.68x 703.3 9.41x 336.2 15.23x 703.30 570.20 5.88% 4.94% 5.45% 16.81% 10.00% 1.69% 19.9% 7.0% 5.5% 3.5% 1.58 1.02 32.04% 93.23% 6.73 10.36

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 9'254.5 2.41x 688.5 8.86x 304.8 14.76x

06/yy 9'778.0 2.93x 681.1 11.13x 314.5 19.08x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.68 49.38 32.16% 19.96% 0.675 18 3.444 209'420 104'138 123'473 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'004.4 10'531.5 2'596.0 2'596.0 0.74x 0.68x 720.1 785.4 187.0 191.0 10.55x 9.66x 335.9 385.5 87.5 88.9 17.79x 15.56x S&P Issuer Ratings

09.06.2011 BBBSTABLE 7.62 6.68 2.29 2.72 93.2% 47.9% 1.69 11.43 54.27 35.24 49.60 35.39

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 7'379.6 481.0 (42.1) -

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Brenntag AG Holdings By:

All

Holder Name BLACKROCK AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I BANKHAUS LAMPE SUN LIFE FINANCIAL I THREADNEEDLE INVESTM UBS THREADNEEDLE ASSET M LONGVIEW PARTNERS (G MANNING & NAPIER ADV PAULSON & CO ARTISAN PARTNERS HOL T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL FMR LLC NORGES BANK DEUTSCHE BANK AG OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP SCHRODER INVESTMENT

Firm Name Bankhaus Metzler Commerzbank Corporates & Markets Deutsche Bank Goldman Sachs UBS Bankhaus Lampe M.M. Warburg Investment Research Berenberg Bank Exane BNP Paribas JPMorgan Hauck & Aufhaeuser Main First Bank AG DZ Bank AG HSBC Kepler Cheuvreux Credit Suisse EVA Dimensions Nord/LB

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

Analyst LARS HETTCHE GEORG REMSHAGEN ANDY CHU CHARLES WILSON RORY MCKENZIE HEIKO FEBER CHRISTIAN COHRS SIMON MEZZANOTTE GERHARD ORGONAS ROBERT PLANT THOMAS WISSLER CHRISTIAN KORTH THOMAS MAUL JESKO MAYER-WEGELIN MARKUS MAYER DAVID RIGBY TIMOTHY STANISH THORSTEN STRAUSS

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

Recommendation sell hold buy Buy/Neutral buy buy sell hold outperform overweight hold underperform sell neutral buy outperform hold hold

Amt Held 4'146'781 2'763'932 2'590'260 2'093'922 1'894'851 1'824'858 1'656'705 1'624'063 1'597'984 1'552'555 1'539'263 1'523'469 1'508'609 1'506'085 1'261'345 1'209'437 993'438 915'226 703'939 622'614

% Out 8.05 5.37 5.03 4.07 3.68 3.54 3.22 3.15 3.1 3.01 2.99 2.96 2.93 2.92 2.45 2.35 1.93 1.78 1.37 1.21

Weighting

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

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

Latest Chg (3'225) 57'385 278'269 126 (56'958) 7'333 (7'651) (5'372) 11'751

Target Price 90 126 130 153 135 135 106 121 132 147 117 112 106 132 146 135 #N/A N/A 127

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

File Dt Inst Type 07.08.2013 Investment Advisor 01.03.2013 Investment Advisor 01.03.2013 Investment Advisor 18.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 26.06.2013 Unclassified 19.09.2012 Investment Advisor 01.03.2013 Investment Advisor 12.06.2013 Investment Advisor 21.07.2011 Hedge Fund Manager 05.04.2013 Investment Advisor 02.04.2013 Investment Advisor 24.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 28.06.2013 Investment Advisor 30.05.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 05.08.2013 01.08.2013 29.07.2013 14.06.2013 06.06.2013 13.05.2013

09.08.2013

Hugo Boss AG Hugo Boss AG designs, produces, and markets brand name clothing. The Company's products, which are marketed under branded names are sold through subsidiaries, franchises, and retail outlets throughout the world. Hugo Boss licenses its name for eyeglass frames, fragrances, watches, shoes, and leather goods.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOSS GY EQUITY YTD Change BOSS GY EQUITY YTD % CHANGE

12/2012 06/yy 94.00 65.00 30'881.00 91.39 -2.72% 40.60% 90.79% 70.4 6'433.86 395.44 0.0 24.6 281.15 6'680.26

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

31.12.2009 31.12.2010 1'561.9 1'729.4 1.15x 2.10x 227.6 334.9 7.92x 10.84x 104.0 185.9 13.48x 18.23x Profitability

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M s-12

LTM-4Q 31.12.2011 2'058.8 1.94x 468.7 8.54x 284.9 13.40x

31.12.2012 2'345.9 2.41x 526.8 10.72x 307.4 17.93x 526.81 434.87 18.54% 17.46% 21.92% 62.30% 1.70% 63.8% 22.3% 18.2% 13.1% 1.26 0.62 24.96% 64.48% 10.85 1.81

Price/ Cash Flow

06/yy 2'206.3 9.05x 500.0 11.41x 305.9 17.56x

o-12

n-12

d-12

j-13

LTM 06/yy 2'379.0 9.63x 531.0 11.44x 307.1 18.97x

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M a-13

0.83 29.59 24.74% 18.68% 0.826 32 3.938 177'486 130'983 152'508 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'496.4 2'709.2 691.5 665.3 2.61x 2.38x 571.5 644.9 184.0 158.5 11.69x 10.36x 346.9 397.4 123.5 85.3 18.35x 15.99x S&P Issuer Ratings

14.04 10.10 0.41 0.64 64.5% 38.3% 1.70 7.54 33.65 201.42 106.75 120.96

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

1.6 M

Fiscal Year Ended 31.12.2008 1'686.1 1.07x 251.1 7.16x 112.1 10.68x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Hugo Boss AG Holdings By:

All

Holder Name RED & BLACK LUX SARL HUGO BOSS AG DEUTSCHE BANK AG CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE FIL LIMITED BLACKROCK DB PLATINUM ADVISORS NORGES BANK DEKA INVESTMENT GMBH MEDITOR CAPITAL MANA MARSHALL WACE LLP JO HAMBRO CAPITAL MA PICTET FUNDS VANGUARD GROUP INC DANSKE INVEST A/S INVESCO LTD DANSKE INVEST MANAGE FIDELITY INVESTMENT JUPITER ASSET MANAGE

Firm Name EVA Dimensions Landesbank Baden-Wuerttemberg Societe Generale Baader Bank Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe Berenberg Bank Close Brothers Equity Markets Equinet Institutional Services(ESN) Commerzbank Corporates & Markets Deutsche Bank Morgan Stanley Nord/LB Credit Suisse JPMorgan M.M. Warburg Investment Research Nomura Main First Bank AG Exane BNP Paribas Barclays SRH AlsterResearch Bankhaus Metzler BHF-Bank DZ Bank AG Hamburger Sparkasse HSBC Goldman Sachs UBS Hammer Partners SA

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

Analyst

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

Recommendation

CRAIG STERLING hold BERND MUELL buy VISHNU REDDY buy VOLKER BOSSE buy LARS LUSEBRINK buy CHRISTIAN NIKOLAS SCHWENKENBECHER buy MICHAEL GORNY hold ANNA PATRICE buy MARTIN DECOT hold INGBERT FAUST hold ANDREAS RIEMANN hold WARWICK OKINES hold LOUISE SINGLEHURST Overwt/In-Line WOLFGANG VASTERLING buy ROGERIO FUJIMORI neutral MELANIE A FLOUQUET neutral JOERG PHILIPP FREY hold FRASER RAMZAN neutral MATTHIAS EIFERT outperform ANDREAS INDERST outperform JULIAN EASTHOPE underweight NEIL SCHMODDE buy SEBASTIAN FRERICKS buy PETER STEINER market weight HERBERT STURM buy CHRISTIAN HAMANN hold ANTOINE BELGE overweight WILLIAM HUTCHINGS neutral/neutral FRED SPEIRS buy STEPHAN SEIP sell

Amt Held % Out 39'424'001 56 1'386'880 1.97 1'026'453 1.46 999'750 1.42 839'259 1.19 792'562 1.13 765'946 1.09 689'868 0.98 651'017 0.92 429'402 0.61 (344'960) -0.49 (337'920) -0.48 308'345 0.44 286'159 0.41 270'596 0.38 244'529 0.35 236'171 0.34 208'775 0.3 159'903 0.23 151'221 0.21

Weighting

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

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

Latest Chg 157 128'019 4'673 72'870 3'256 (400'000) (48'650) 49'280 14'080 25'457 (457) 22'346 37'178 1'688 (6'236) 2'130

Target Price #N/A N/A 102 102 100 103 95 92 102 94 88 86 96 110 98 88 93 96 90 100 97 89 105 96 93 102 #N/A N/A 110 107 96 65

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

File Dt Inst Type 03.05.2013 Private Equity 31.12.2012 Corporation 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Investment Advisor 07.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 19.04.2013 Investment Advisor 02.05.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 08.08.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor

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

Date 06.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 04.07.2013 07.05.2013 03.05.2013 10.04.2013 08.03.2013 27.02.2013 07.02.2013 02.10.2012

09.08.2013

BayWa AG BayWa AG owns, operates and franchises wholesale and retail stores, as well as supermarkets which provide agricultural, construction, building installation and oil products, equipment, technologies and services. The Company also offers consulting and maintenance services, constructs farm animal facilities and sells farming machinery and equipment. BayWa operates primarily within Europe.

Price/Volume 45

.3 M

40 .2 M

35 30

.2 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BYW6 GY EQUITY YTD Change BYW6 GY EQUITY YTD % CHANGE

12/2011 06/yy 39.61 30.06 35'105.00 37.7 -4.22% 25.44% 84.30% 33.2 1'315.41 1'546.90 0.0 223.4 85.18 3'120.43

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

.1 M

5 0 a-12

31.12.2009 31.12.2010 7'260.2 7'903.0 0.23x 0.27x 166.9 174.0 10.13x 12.09x 45.0 50.4 19.65x 22.84x Profitability

LTM-4Q 31.12.2011 9'585.7 0.24x 267.0 8.48x 50.5 19.60x

31.12.2012 10'531.1 0.28x 333.6 8.78x 96.7 12.80x 333.55 217.88 2.07% 1.16% 3.08% 16.58% 8.65% 2.81% 215.7% 2.0% 0.9% 1.36 0.36 34.70% 179.51% -

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 10'130.8 0.97x 274.5 9.44x 43.0 24.25x

j-13

06/yy 13'672.6 0.92x 29'498.1 0.11x 149.5 9.12x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.60 24.55 20.09% 17.66% 0.601 14 4.286 29'684 21'542 27'926 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'926.4 16'567.5 4'417.0 4'594.0 0.20x 0.19x 383.9 375.3 98.0 103.0 8.13x 8.31x 124.7 110.2 32.0 39.0 12.25x 11.88x S&P Issuer Ratings

4.80 2.53 0.05 0.06 179.5% 58.8% 2.81 11.78 -

Sales/Revenue/Turnover

120.00

12'000.0

100.00

10'000.0

80.00

8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 8'794.6 0.22x 235.4 8.08x 58.3 17.15x

.1 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

BayWa AG Holdings By:

All

Holder Name BAYERISCHE RAIFFEISE RAIFFEISEN AGRAR INV SKAGEN AS ADIG INVESTMENT NORGES BANK BNP PARIBAS INV PART BLACKROCK UBS INVEST KAG VANGUARD GROUP INC DIMENSIONAL FUND ADV RUFFER LLP UNIVERSAL INVESTMENT UNION INVESTMENT LUX JP MORGAN AMUNDI LUXEMBOURG SA NORDINVEST FUND MANA MEAG LUXEMBOURG SARL BANK OF NEW YORK MEL CREUTZ & PARTNERS GL HANSAINVEST GMBH

Firm Name Nord/LB Hauck & Aufhaeuser Bankhaus Lampe Berenberg Bank Commerzbank Corporates & Markets Baader Bank Main First Bank AG M.M. Warburg Investment Research EVA Dimensions Deutsche Bank Equinet Institutional Services(ESN) Hamburger Sparkasse Close Brothers Equity Markets Dr. Kalliwoda Equity Research Steubing AG

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

Analyst HEINO HAMMANN NILS-PETER FITZL MARC GABRIEL BJOERN LIPPE DENNIS SCHMITT CHRISTIAN WEIZ THOMAS SWOBODA OLIVER SCHWARZ TIMOTHY STANISH JOHANNES SCHALLER MICHAEL SCHAEFER CHRISTIAN HAMANN IGOR KIM NORBERT KALLIWODA MICHAEL SCHATZSCHNEIDER

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

Recommendation buy buy buy buy buy hold outperform hold sell hold buy buy buy buy buy

Amt Held 12'922'982 8'654'367 508'435 417'000 416'251 247'136 149'606 100'000 75'301 61'941 42'750 33'096 24'000 21'369 21'094 18'500 16'200 15'561 13'500 12'237

% Out 38.91 26.06 1.53 1.26 1.25 0.74 0.45 0.3 0.23 0.19 0.13 0.1 0.07 0.06 0.06 0.06 0.05 0.05 0.04 0.04

Weighting

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

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

Latest Chg (15'000) 4'606 316 24'000 (2'283) (3'800) (610)

Target Price 43 46 44 45 45 43 42 41 #N/A N/A 39 45 #N/A N/A 43 33 40

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

File Dt 31.12.2012 31.12.2012 28.06.2013 30.04.2013 31.12.2012 28.02.2013 07.08.2013 28.03.2013 30.06.2013 30.04.2013 28.02.2013 28.03.2013 28.03.2013 31.03.2013 28.03.2013 28.02.2013 30.12.2011 08.08.2013 28.06.2013 28.03.2013

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

Inst Type Holding Company Other Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 21.06.2013 06.06.2013 13.05.2013 13.05.2013 03.04.2013 02.04.2013 19.09.2012 10.01.2011

09.08.2013

Commerzbank AG Commerzbank AG attracts deposits and offers retail and commercial banking services. The Bank offers mortgage loans, securities brokerage and asset management services, private banking, foreign exchange, and treasury services worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (04.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBK GY EQUITY YTD Change CBK GY EQUITY YTD % CHANGE

12/2012 06/yy 12.96 5.56 15'859'872.00 7.982 -38.29% 43.61% 28.35% 1'138.5 9'087.56 235'484.00 2'376.0 888.0 47'922.00 -

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 a-12

31.12.2009 31.12.2010 25'393.0 25'027.0 (4'537.0) 1'430.0 4.59x Profitability

LTM-4Q 31.12.2011 21'462.0 638.0 7.24x

31.12.2012 20'002.0 6.0 -

o-12

n-12

d-12

10.65% 8.24% -0.11% -2.78% -0.21% 0.03% 0.1% 37.03% 990.68% -

LTM

06/yy 20'588.0 0.00x 0.0 0.00x 254.0 0.00x

j-13

06/yy 19'078.0 0.00x 0.0 0.00x (689.0) 0.00x

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M a-13

1.33 944.45 -13.16% -25.58% 1.328 36 2.889 15'199'460 13'636'440 15'915'530 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'640.8 9'996.4 2'466.8 2'463.8 364.1 915.4 110.0 (133.0) 21.11x 9.21x 21.99x 16.70x S&P Issuer Ratings

28.05.2013 ANEG 28.05.2013 A-2 990.7% 89.7% 0.03 12.74 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

s-12

Fiscal Year Ended 31.12.2008 24'181.0 3.0 1870.42x

15'000.0 10'000.0

0.40

5'000.0 0.20

0.0 0.00

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

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

09.08.2013

Commerzbank AG Holdings By:

All

Holder Name FEDERAL REPUBLIC OF BLACKROCK CAPITAL GROUP COMPAN NORGES BANK MARSHALL WACE LLP VANGUARD GROUP INC DEUTSCHE BANK AG SAC GLOBAL INVESTORS DEKA INVESTMENT GMBH CITIGROUP INCORPORAT CREDIT SUISSE AG FMR LLC FRANKFURT TRUST INVE PRUDENTIAL OF AMERIC UNIVERSAL INVESTMENT DEKA INVESTMENT GMBH STATE STREET COMMERZBANK AG CAISSE DE DEPOT ET P THRIVENT FINANCIAL F

Firm Name Societe Generale Mediobanca SpA RBC Capital Markets Credit Suisse Equinet Institutional Services(ESN) Exane BNP Paribas Deutsche Bank Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Oddo & Cie Nomura S&P Capital IQ DZ Bank AG AlphaValue Keefe, Bruyette & Woods HSBC UBS JPMorgan Grupo Santander Goldman Sachs Bankhaus Metzler Makor Capital EVA Dimensions Main First Bank AG Barclays Morgan Stanley Macquarie M.M. Warburg Investment Research Kepler Cheuvreux Berenberg Bank Hamburger Sparkasse National Bank AG Natixis

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

Analyst PHILIP RICHARDS RICCARDO ROVERE ANKE REINGEN MAXENCE LE GOUVELLO PHILIPP HAESSLER GUILLAUME TIBERGHIEN MATT SPICK MICHAEL SEUFERT INGO FROMMEN STEFAN BONGARDT NEIL SMITH JEAN SASSUS OMAR KEENAN FRANK BRADEN CHRISTOPH BAST DIETER HEIN RONNY REHN JOHANNES THORMANN MATTEO RAMENGHI JAIME BECERRIL TANIA GOLD MARTIN LEITGEB GUIDO HOYMANN ALBERT SAPORTA DOUG WALTERS KILIAN MAIER KIRI VIJAYARAJAH FRANCESCA TONDI THOMAS STOEGNER ANDREAS PLAESIER DIRK BECKER NICK ANDERSON CHRISTIAN HAMANN MANFRED JAISFELD ALEX KOAGNE

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

Recommendation sell neutral sector perform neutral buy outperform hold hold hold sell buy reduce reduce hold sell add market perform overweight neutral neutral hold neutral/neutral sell buy hold outperform underweight Underwt/In-Line neutral hold reduce sell sell hold dropped coverage

Amt Held % Out 193'546'183 17 89'220'126 7.84 57'632'719 5.06 9'457'083 0.83 (5'920'236) -0.52 4'980'878 0.44 2'013'297 0.18 (1'480'059) -0.13 1'357'058 0.12 1'252'507 0.11 1'128'149 0.1 1'036'969 0.09 1'003'055 0.09 934'131 0.08 664'868 0.06 663'099 0.06 628'750 0.06 511'342 0.04 489'232 0.04 420'480 0.04

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

Change M M M M M U M M M M M M M M M M M M N M M M M M M U M M M M M M M M M

Latest Chg 27'295 (569'253) 1'042'521 3'766'504 487'076 230'690 (300'000) 934'131 338'404 (307'315) (32'101) (714'125)

Target Price 7 8 9 9 10 9 9 8 8 6 11 6 7 8 4 8 8 9 7 9 7 10 5 13 #N/A N/A 9 8 8 9 8 5 4 #N/A N/A 11 #N/A N/A

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

File Dt Inst Type 29.05.2013 Government 07.08.2013 Investment Advisor 22.07.2013 Investment Advisor 31.12.2012 Government 06.08.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 15.05.2013 Investment Advisor 09.08.2013 Investment Advisor 29.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Insurance Company 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 08.08.2013 Investment Advisor 31.12.2011 Bank 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 26.07.2013 24.07.2013 24.07.2013 22.07.2013 19.07.2013 12.07.2013 04.07.2013 06.06.2013 22.05.2013 22.05.2013 17.05.2013 16.05.2013 15.05.2013 14.05.2013 07.05.2013 24.04.2013 08.11.2012 07.08.2010

09.08.2013

Celesio AG Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The Company wholesales pharmaceuticals, operates retail pharmacies, and provides logistics and transportation services for pharmaceuticals at local, national and European level.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLS1 GY EQUITY YTD Change CLS1 GY EQUITY YTD % CHANGE

12/2012 03/yy 18.00 12.81 107'864.00 16.485 -8.08% 28.74% 72.28% 170.1 2'804.10 2'082.90 0.0 34.3 523.90 4'456.50

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

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 21'166.6 0.26x 657.4 8.32x (21.0) -

20 18 16 14 12 10 8 6 4 2 0 a-12

31.12.2009 31.12.2010 21'497.2 23'277.6 0.24x 0.21x 595.9 664.7 8.50x 7.37x 3.4 259.2 885.00x 12.24x Profitability

LTM-4Q 31.12.2011 22'152.9 0.17x 584.9 6.38x 1.9 28.47x

31.12.2012 22'270.8 0.17x 612.6 6.22x (156.1) 21.74x 612.60 440.20 1.98% 0.96% -1.33% -4.71% 1.80% 2.63% 10.9% 2.7% 2.0% -0.7% 1.42 0.78 26.27% 96.36% 9.33 12.42

Price/ Cash Flow

LTM

03/yy 22'291.6 0.69x 590.1 6.74x (56.8) 35.70x

03/yy 21'989.6 0.74x 600.9 6.89x (111.5) 24.81x

FY+1

.0 M a-13

0.89 85.02 17.79% 28.71% 0.893 21 3.333 298'419 600'491 559'514 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21'606.1 21'954.1 5'381.0 5'261.0 0.20x 0.19x 579.4 619.5 142.0 145.0 7.68x 7.19x 208.5 238.5 53.6 52.7 13.76x 12.04x S&P Issuer Ratings

1.72 1.38 2.69 3.39 96.4% 48.7% 2.63 41.53 39.12 29.38 45.78 21.36

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Celesio AG Holdings By:

All

Holder Name FRANZ HANIEL & CIE G BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN AKO CAPITAL LLP NORGES BANK FIDEURAM GESTIONS SA VANGUARD GROUP INC UNION INVESTMENT GMB ALLIANZ ASSET MANAGE DWS INVESTMENT S A ADELPHI CAPITAL LLP DEKA INVESTMENT GMBH OPPENHEIMERFUNDS INC BARING FUND MANAGERS DIMENSIONAL FUND ADV BANK OF NEW YORK MEL DEUTSCHE BANK AG STATE STREET BANQUE DEGROOF

Firm Name Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research AlphaValue Morgan Stanley Deutsche Bank Bankhaus Metzler Equinet Institutional Services(ESN) DZ Bank AG Exane BNP Paribas Berenberg Bank Independent Research GmbH Jefferies Main First Bank AG EVA Dimensions Commerzbank Corporates & Markets Kepler Cheuvreux Nord/LB UBS Steubing AG Solventis WPH-Bank GmbH

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

Analyst BARBARA AMBRUS ULRICH HUWALD EILEEN RYAN MICHAEL K JUNGLING HOLGER BLUM STEFAN WIMMER KONRAD LIEDER THOMAS MAUL ANDREAS INDERST SCOTT BARDO LARS LUSEBRINK JAMES VANE-TEMPEST MARCUS WIEPRECHT TIMOTHY STANISH VOLKER BRAUN OLIVER REINBERG THORSTEN STRAUSS IAN DOUGLAS-PENNANT TOBIAS SCHMIDT KLAUS SCHLOTE

Source Co File ULT-AGG ULT-AGG ULT-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation hold hold reduce Equalwt/In-Line hold buy sell buy neutral hold buy hold underperform underweight buy buy hold sell buy buy

Amt Held % Out 85'067'013 50.01 7'740'373 4.55 4'509'586 2.65 4'467'000 2.63 (4'320'540) -2.54 2'524'593 1.48 1'007'217 0.59 983'617 0.58 966'000 0.57 890'257 0.52 640'000 0.38 (612'360) -0.36 558'200 0.33 550'740 0.32 407'081 0.24 404'890 0.24 318'903 0.19 311'285 0.18 293'260 0.17 271'411 0.16

Weighting

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

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

Latest Chg 139'102 748'296 136'080 60'562 325'000 107'453 400'000 (119'070) 43'600 128'850 94'762 55'684 (2'000)

Target Price 16 17 17 13 14 18 15 20 17 16 19 15 14 #N/A N/A 19 20 16 14 20 16

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

File Dt 31.12.2012 07.08.2013 28.06.2013 30.06.2013 01.07.2013 31.12.2012 01.07.2013 30.06.2013 28.03.2013 28.06.2013 30.04.2013 23.07.2013 28.03.2013 30.05.2013 30.04.2013 30.04.2013 08.08.2013 28.06.2013 08.08.2013 30.06.2013

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

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

Date 08.08.2013 08.08.2013 08.08.2013 07.08.2013 05.08.2013 05.08.2013 05.08.2013 31.07.2013 30.07.2013 23.07.2013 08.07.2013 04.07.2013 04.07.2013 24.06.2013 20.06.2013 03.06.2013 30.05.2013 23.05.2013 02.04.2013 30.01.2013

09.08.2013

CANCOM SE CANCOM SE is an integrated information technology (IT) services provider. The Company provides IT products and services. CANCOM's products and services include security, network and system solutions, communication, storage, backup and archive services, and IT management.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COK GY EQUITY YTD Change COK GY EQUITY YTD % CHANGE

12/2012 03/yy 26.00 10.60 250'772.00 23.8 -8.44% 124.63% 83.80% 11.4 272.03 12.02 0.0 0.2 44.64 267.98

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

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 364.1 0.07x 8.8 2.71x 2.7 8.41x

31.12.2009 31.12.2010 422.5 474.6 0.08x 0.19x 10.4 19.0 3.20x 4.81x 5.1 7.8 7.96x 10.16x Profitability

LTM-4Q 31.12.2011 544.4 0.13x 25.0 2.83x 11.5 7.73x

31.12.2012 558.1 0.22x 28.1 4.34x 11.5 11.73x 28.06 20.66 3.70% 3.38% 6.98% 17.15% 15.34% 3.06% 5.1% 3.7% 2.1% 1.38 1.25 5.76% 14.92% 6.66 -

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M a-13

03/yy 544.1 0.71x 27.3 4.10x 11.9 8.65x

LTM 03/yy 552.1 1.01x 28.0 5.89x 12.6 12.64x

FY+1

0.84 8.38 74.52% 80.02% 0.838 3 4.333 243'689 119'344 72'118 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 580.3 606.3 0.41x 0.37x 30.2 33.5 8.87x 8.01x 15.0 17.3 18.13x 15.73x S&P Issuer Ratings

13.17 7.30 -0.15 0.43 14.9% 13.0% 3.06 34.74 54.82 -

Sales/Revenue/Turnover

50.00

600.0

45.00

500.0

40.00 35.00

400.0

30.00

300.0

25.00 20.00

200.0

15.00 10.00

100.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

CANCOM SE Holdings By:

All

Holder Name SCHICK KARIN ELBER GMBH ALLIANZ GLOBAL INVES SCHRODERS PLC UBS KOBER STEFAN KOBER RAYMOND LLB FONDSLEITUNG AG WEINMANN KLAUS AXXION SA VANGUARD GROUP INC DWS INVESTMENT SA INVESCO LTD ALLIANZ ASSET MANAGE TRANSAMERICA INVESTM BLACKROCK BARING FUND MANAGERS AMPEGAGERLING INVEST SOCIETE DE GESTION P PALATINE ASSET MANAG

Firm Name M.M. Warburg Investment Research Hauck & Aufhaeuser Deutsche Bank Independent Research GmbH

Portfolio Name n/a n/a n/a 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

Analyst ANDREAS WOLF TIM OLIVER WUNDERLICH UWE SCHUPP ZAFER RUZGAR

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

Recommendation buy buy hold buy

Amt Held 1'160'000 1'144'036 390'000 327'130 280'181 261'289 260'891 260'000 209'864 162'500 150'000 96'900 92'632 80'000 55'000 36'416 34'662 28'500 24'250 19'000

% Out 10.15 10.01 3.41 2.86 2.45 2.29 2.28 2.27 1.84 1.42 1.31 0.85 0.81 0.7 0.48 0.32 0.3 0.25 0.21 0.17

Weighting

Change 5 5 3 5

Latest Chg 130'000 92'632 564 (90'338) (3'400) 19'000

Target Price

M M M M

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

28 29 13 13

File Dt 26.04.2013 26.06.2013 12.07.2013 08.04.2013 28.06.2013 31.12.2011 31.12.2011 30.06.2013 31.12.2011 04.04.2013 31.03.2013 28.03.2013 31.03.2013 30.04.2013 31.03.2013 07.08.2013 30.04.2013 28.06.2013 25.04.2013 31.07.2013

Date 12 month 12 month 12 month 6 month

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

Date 08.08.2013 31.07.2013 17.05.2013 14.11.2011

09.08.2013

Continental AG Continental AG manufactures tires, automotive parts and industrial products. The Company produces passenger car, truck, commercial vehicle, and bicycle tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting, transmission products, and sealing systems. Continental markets its products under such brands as Continental, Uniroyal, Gislaved, Viking, and Barum.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CON GY EQUITY YTD Change CON GY EQUITY YTD % CHANGE

12/2012 06/yy 119.70 74.02 141'383.00 117.4 -1.59% 58.61% 91.46% 200.0 23'480.70 9'673.30 0.0 377.4 2'719.00 31'323.00

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

20 0 a-12

31.12.2009 31.12.2010 20'095.7 26'046.9 0.77x 0.75x 2'246.6 3'709.8 6.89x 5.25x (1'649.2) 576.0 20.53x Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 30'504.9 0.60x 4'277.0 4.25x 1'242.2 7.74x

31.12.2012 32'736.2 0.76x 4'930.1 5.04x 1'883.5 9.30x 4'930.10 3'148.90 9.62% 8.15% 7.34% 25.42% 14.62% 1.19% 21.6% 15.2% 9.7% 5.8% 0.99 0.65 35.38% 110.33% 5.59 7.90

Price/ Cash Flow

LTM

06/yy 32'132.9 2.46x 4'700.7 4.64x 1'562.4 8.36x

06/yy 32'804.3 3.07x 4'984.3 5.69x 2'022.2 10.15x

FY+1

1.29 94.39 47.83% 37.13% 1.290 31 3.742 342'041 419'958 460'816 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'981.2 36'078.5 8'662.0 8'725.5 0.86x 0.78x 5'064.5 5'513.5 6.18x 5.67x 2'123.9 2'401.8 465.5 504.5 11.01x 9.74x S&P Issuer Ratings

24.05.2013 BB STABLE 27.01.2009 B 11.34 6.70 1.51 1.89 110.3% 51.4% 1.19 4.55 65.30 46.20 61.90 40.21

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 24'238.7 0.68x 3'042.6 5.41x (1'123.5) -

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 a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Continental AG Holdings By:

All

Holder Name SCHAEFFLER GROUP BLACKROCK PRINCIPAL FINANCIAL GIC PRIVATE LIMITED DEUTSCHE BANK AG NORGES BANK ALLIANZ ASSET MANAGE UNION INVESTMENT GMB FIL LIMITED HARRIS ASSOCIATES LP VANGUARD GROUP INC DB PLATINUM ADVISORS ONTARIO TEACHERS PEN MACKAY SHIELDS LLC FRANKLIN RESOURCES HENDERSON GLOBAL INV BNP PARIBAS INV PART DEKA INVESTMENT GMBH JP MORGAN ROYAL BANK OF CANADA

Firm Name Societe Generale Kepler Cheuvreux Goldman Sachs AlphaValue Commerzbank Corporates & Markets JPMorgan Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Oddo & Cie Natixis Equinet Institutional Services(ESN) Deutsche Bank Nord/LB M.M. Warburg Investment Research Bankhaus Lampe Main First Bank AG Barclays Day by Day Morgan Stanley DZ Bank AG Exane BNP Paribas HSBC Hamburger Sparkasse UBS Bankhaus Metzler National Bank AG Steubing AG EVA Dimensions

Analyst PHILIPPE BARRIER THOMAS BESSON STEPHAN PUETTER HANS-PETER WODNIOK DANIEL SCHWARZ JOSE ASUMENDI JENS SCHATTNER FRANK BILLER ZAFER RUZGAR FRANCOIS MAURY MICHAEL FOUNDOUKIDIS TIM SCHULDT GAETAN TOULEMONDE FRANK SCHWOPE MARC-RENE TONN CHRISTIAN LUDWIG LOTHAR LUBINETZKI KRISTINA CHURCH VALERIE GASTALDY LAURA LEMBKE MICHAEL PUNZET RABIH FREIHA HORST SCHNEIDER TINA HECKING-VELTMAN DAVID LESNE JUERGEN PIEPER MANFRED JAISFELD TOBIAS SCHMIDT CRAIG STERLING

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

Recommendation hold buy neutral/attractive sell buy overweight outperform hold hold neutral neutral reduce buy hold hold hold outperform overweight hold Equalwt/In-Line buy neutral overweight hold neutral buy hold buy overweight

Amt Held 99'802'992 17'546'141 7'332'602 5'808'371 2'849'717 2'641'557 1'683'359 1'436'503 1'400'101 1'171'800 1'164'982 1'113'555 1'100'000 893'879 862'569 837'422 823'278 787'850 688'883 630'873

% Out 49.9 8.77 3.67 2.9 1.42 1.32 0.84 0.72 0.7 0.59 0.58 0.56 0.55 0.45 0.43 0.42 0.41 0.39 0.34 0.32

Weighting

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

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

Latest Chg (21'595) 7'211'908 12'089 (4'609) (53'281) 921'479 1'171'800 54'770 278'627 482'811 (60'060) 188'502 4'484 65'811 (23'874) 4'300

Target Price 119 130 145 90 135 130 138 127 130 105 116 105 140 110 124 110 107 125 #N/A N/A 104 122 100 123 #N/A N/A 96 104 95 110 #N/A N/A

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

File Dt Inst Type 25.09.2012 Other 07.08.2013 Investment Advisor 30.06.2013 Investment Advisor 16.03.2012 Government 28.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Bank

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

Date 09.08.2013 09.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 26.07.2013 25.07.2013 23.07.2013 23.07.2013 19.07.2013 17.07.2013 04.07.2013 17.06.2013 04.06.2013 30.05.2013 16.05.2013 07.05.2013 03.05.2013 09.04.2013 17.01.2013

09.08.2013

Daimler AG Daimler AG develops, manufactures, distributes, and sells a wide range of automotive products, mainly passenger cars, trucks, vans and buses. The Company also provides financial and other services relating to its automotive businesses.

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2012 06/yy 54.62 35.15 1'246'857.00 54.43 -0.11% 54.87% 98.05% 1'069.4 58'209.40 84'642.00 0.0 1'631.0 15'055.00 128'085.40

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 95'873.0 0.87x 11'685.0 7.14x 1'348.0 15.61x

12.0 M

31.12.2009 31.12.2010 78'924.0 97'761.0 1.15x 1.10x 3'032.0 10'489.0 29.84x 10.26x (2'640.0) 4'498.0 11.85x Profitability

LTM-4Q 31.12.2011 106'540.0 0.93x 12'216.0 8.09x 5'667.0 6.38x

31.12.2012 114'297.0 1.01x 12'138.0 9.50x 6'095.0 7.24x 12'138.00 8'071.00 7.06% 6.75% 4.10% 16.82% 8.39% 0.70% 22.3% 9.6% 5.9% 5.3% 1.13 0.38 51.93% 192.90% 14.03 4.69

Price/ Cash Flow

LTM

FY+1

.0 M a-13

1.24 942.25 38.67% 38.75% 1.242 38 3.684 2'660'615 3'845'688 4'355'738 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 111'368.0 114'196.0 117'147.6 125'244.0 29'293.5 32'765.5 3.69x 4.07x 0.56x 0.52x 12'366.0 10'909.0 14'280.7 14'273.9 8.75x 10.95x 8.97x 8.97x 5'825.0 6'700.0 5'292.6 5'953.8 6.46x 7.40x 11.49x 9.91x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 5.24 (EBITDA-Capex)/Interest Exp. 3.16 Net Debt/EBITDA 6.35 Total Debt/EBITDA 7.92 Reference Total Debt/Equity 192.9% Total Debt/Capital 65.0% Asset Turnover 0.70 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days 26.01 Inventory Days 77.76 Accounts Payable Turnover Day 42.15 Cash Conversion Cycle 58.83 Sales/Revenue/Turnover

140.00

180'000.0

120.00

160'000.0 140'000.0

100.00

120'000.0

80.00

100'000.0

60.00

80'000.0 60'000.0

40.00

40'000.0

20.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Daimler AG Holdings By:

All

Holder Name DEUTSCHE BANK AG BLACKROCK KUWAIT INVESTMENT AU CAPITAL GROUP COMPAN COMMERZBANK AKTIENGE AABAR INVESTMENTS PJ NORGES BANK NISSAN MOTOR CO LTD HARRIS ASSOCIATES LP VANGUARD GROUP INC HARBOR CAPITAL ADVIS DEKA INVESTMENT GMBH FIRST EAGLE INVESTME CREDIT SUISSE GROUP UNION INVESTMENT GMB MERCURY ASSET MANAGE ONTARIO TEACHERS PEN AMUNDI GOLDMAN SACHS GROUP UBS

Firm Name Sanford C. Bernstein & Co Goldman Sachs Bankhaus Metzler Commerzbank Corporates & Markets Nord/LB Natixis AlphaValue Deutsche Bank HSBC EVA Dimensions Steubing AG Equinet Institutional Services(ESN) Societe Generale JPMorgan Macquarie Oddo & Cie M.M. Warburg Investment Research S&P Capital IQ Baader Bank Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Hamburger Sparkasse National Bank AG Main First Bank AG Barclays Morgan Stanley Day by Day Kepler Cheuvreux Exane BNP Paribas UBS DZ Bank AG Redburn Partners Creative Global Investments Banco Sabadell Cyrrus

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

Analyst MAX WARBURTON STEFAN BURGSTALLER JUERGEN PIEPER DANIEL SCHWARZ FRANK SCHWOPE GEORGES DIENG HANS-PETER WODNIOK JOCHEN GEHRKE HORST SCHNEIDER CRAIG STERLING TOBIAS SCHMIDT TIM SCHULDT STEPHEN REITMAN JOSE ASUMENDI CHRISTIAN BREITSPRECHER FRANCOIS MAURY MARC-RENE TONN RODERICK BRIDGE KLAUS BREITENBACH FRANK BILLER ZAFER RUZGAR CHRISTIAN LUDWIG TINA HECKING-VELTMAN MANFRED JAISFELD LOTHAR LUBINETZKI KRISTINA CHURCH LAURA LEMBKE VALERIE GASTALDY MICHAEL RAAB RABIH FREIHA PHILIPPE HOUCHOIS MICHAEL PUNZET CHARLES WINSTON CARLO R BESENIUS GLEN SPENCER-CHAPMAN JIRI SIMARA

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

Recommendation market perform buy/attractive buy buy buy buy sell buy overweight hold buy reduce buy overweight outperform buy hold hold hold buy sell hold buy buy outperform underweight Equalwt/In-Line hold reduce outperform buy sell sell buy buy hold

Amt Held 154'191'572 93'330'230 73'577'854 43'475'391 38'268'282 33'056'717 31'839'135 16'448'378 14'398'495 12'535'282 10'511'692 7'193'017 6'390'532 4'071'305 3'261'395 3'013'579 3'000'000 2'952'272 2'719'961 2'717'156

% Out 14.42 8.73 6.88 4.07 3.58 3.09 2.98 1.54 1.35 1.17 0.98 0.67 0.6 0.38 0.3 0.28 0.28 0.28 0.25 0.25

Weighting

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

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

Latest Chg (361'589) (2'675'000) 1'793'339 (692'591) 3'324 (468'100) (15'900) (286'767) (2'121'690) 17'131

Target Price 55 72 60 64 59 61 40 62 60 #N/A N/A 76 46 60 61 63 64 54 56 50 60 47 53 #N/A N/A 58 58 39 46 #N/A N/A 47 57 57 40 #N/A N/A 52 48 37

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

File Dt Inst Type 28.06.2013 Investment Advisor 07.08.2013 Investment Advisor 06.02.2012 Government 30.06.2013 Investment Advisor 11.04.2013 Bank 06.02.2012 Government 27.03.2013 Government 31.03.2013 Corporation 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Hedge Fund Manager 16.04.2013 Unclassified 28.03.2013 Investment Advisor 07.08.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 05.10.2012 Investment Advisor 08.08.2013 Unclassified

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

Date 08.08.2013 07.08.2013 06.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 19.07.2013 19.07.2013 15.07.2013 15.07.2013 12.07.2013 04.07.2013 02.05.2013 16.04.2013 15.02.2013 29.10.2012

09.08.2013

Deutsche Boerse AG Deutsche Boerse AG provides a variety of stock exchange introduction, trading, and operational services to institutions and private investors. The Company offers electronic trading systems for buying and selling of securities on stock exchanges in Europe. Deutsche Boerse offers indices such as DAX, MDAX, SDAX, and XTF, as well as trading in options and futures.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DB1 GY EQUITY YTD Change DB1 GY EQUITY YTD % CHANGE

12/2012 06/yy 57.54 40.05 224'607.00 55.96 -2.54% 39.73% 89.31% 193.0 10'800.28 1'160.10 0.0 223.0 669.00 11'879.48

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

31.12.2008 2'947.0

31.12.2009 2'267.9

1'627.6

1'133.7

1'033.3

496.1

31.12.2010 2'165.7 4.70x 1'090.6 9.34x 417.8 23.02x

LTM-4Q 31.12.2011 2'308.4 3.62x 1'240.5 6.74x 855.2 9.37x

31.12.2012 2'197.3 4.20x 1'079.8 8.54x 645.0 13.43x

06/yy 2'308.3 15.31x 1'200.9 7.45x 796.0 9.99x

LTM 06/yy 2'180.2 17.37x 992.9 10.40x 604.8 15.37x

Profitability 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

1'079.80 974.80 44.36% 38.08% 0.23% 21.22% 0.01% 45.5% 40.4% 29.4% 1.00 0.00 0.54% 39.37% -

Price/ Cash Flow

FY+1

.0 M a-13

0.79 180.36 41.98% 26.55% 0.788 29 3.310 757'138 707'330 824'784 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'092.6 2'216.5 560.0 522.0 5.65x 5.33x 21.44x 22.87x 1'074.3 1'216.9 282.0 248.0 11.05x 9.75x 665.9 761.7 183.0 163.0 15.27x 13.56x 14.50x 14.10x S&P Issuer Ratings

13.02.2012 AA NEG 07.03.2005 A-1+ 10.54 8.69 0.86 1.55 39.4% 26.8% 0.01 18.48 -

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

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

01.07.2013

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 |

09.08.2013

Deutsche Boerse AG Holdings By:

All

Holder Name BLACKROCK DEUTSCHE BOERSE AG CAPITAL GROUP COMPAN INVESCO LTD DEUTSCHE BANK AG DODGE & COX ROYAL BANK OF SCOTLA NORGES BANK WARBURG INVEST UBS ALLIANZ ASSET MANAGE VANGUARD GROUP INC BANQUE DE LUXEMBOURG ARTISAN PARTNERS HOL BESSEMER GROUP INCOR UNION INVESTMENT GMB FIL LIMITED SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA BNP PARIBAS INV PART

Firm Name AlphaValue Equinet Institutional Services(ESN) Kepler Cheuvreux Deutsche Bank Credit Suisse Main First Bank AG Morgan Stanley Nord/LB HSBC Landesbank Baden-Wuerttemberg Independent Research GmbH Hamburger Sparkasse M.M. Warburg Investment Research S&P Capital IQ DZ Bank AG RBC Capital Markets JPMorgan Keefe, Bruyette & Woods Barclays Bankhaus Metzler Macquarie UBS EVA Dimensions Day by Day BMO Capital Markets Berenberg Bank National Bank AG Goldman Sachs Nomura Banco Sabadell

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

Analyst DIETER HEIN PHILIPP HAESSLER DIRK BECKER BENJAMIN GOY GURJIT KAMBO FEDERICO SALERNO BRUCE HAMILTON JULIA SIEKMANN JOHANNES THORMANN INGO FROMMEN STEFAN BONGARDT CHRISTIAN HAMANN ANDREAS PLAESIER FRANK BRADEN CHRISTOPH BAST PETER K LENARDOS RAE MAILE TOM MILLS DANIEL R GARROD JOCHEN SCHMITT NEIL WELCH ARNAUD GIBLAT DOUG WALTERS VALERIE GASTALDY JILLIAN MILLER PRAS JEYANANDHAN MANFRED JAISFELD CHRIS M. TURNER TEAM COVERAGE MARIO LODOS

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

Recommendation reduce hold buy hold neutral underperform Equalwt/In-Line hold overweight hold hold buy hold hold buy sector perform neutral outperform underweight buy neutral buy sell hold not rated buy hold neutral/neutral suspended coverage buy

Amt Held 12'421'339 9'533'068 8'076'523 5'952'862 5'566'859 4'742'000 4'513'257 3'485'620 3'108'037 2'849'004 2'541'413 2'262'090 1'809'172 1'724'740 1'671'000 1'567'000 1'432'132 1'332'583 1'198'154 1'129'323

% Out 6.44 4.94 4.18 3.08 2.88 2.46 2.34 1.81 1.61 1.48 1.32 1.17 0.94 0.89 0.87 0.81 0.74 0.69 0.62 0.59

Weighting

Change

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

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

Latest Chg (63'058) 12'744 942'221 148'650 (172'640) 138'139 777'000 (302'360) (281'424) 35'652 (858'271) (65'561)

Target Price 57 48 60 51 51 52 51 50 61 54 58 #N/A N/A 52 54 56 55 51 57 47 66 48 60 #N/A N/A #N/A N/A #N/A N/A 54 46 53 #N/A N/A 70

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

File Dt 07.08.2013 17.02.2012 30.07.2013 08.08.2013 28.06.2013 30.06.2013 17.05.2013 31.12.2012 21.05.2012 21.05.2013 30.06.2013 30.06.2013 28.06.2013 31.03.2013 30.04.2013 28.03.2013 31.10.2012 30.06.2013 30.06.2013 31.03.2013

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

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

Date 08.08.2013 02.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 19.07.2013 12.07.2013 02.07.2013 19.06.2013 06.06.2013 20.05.2013 17.05.2013 04.03.2013 21.02.2013 24.01.2013 27.09.2012 23.02.2012

09.08.2013

Deutsche Bank AG Deutsche Bank AG is a global financial service provider delivering commercial, investment, private and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management and corporate investments.

Price/Volume 40

20.0 M

25 20

12/2012 06/yy 38.73 24.85 3'351'251.00 34.275 -11.43% 37.93% 65.74% 1'019.5 34'943.35 278'501.00 0.0 407.0 147'433.00 -

15.0 M

10.0 M

10 5.0 M

5 0 a-12

31.12.2009 31.12.2010 45'167.0 46'151.0 4'973.0 2'310.0 6.24x 12.74x Profitability

LTM-4Q 31.12.2011 52'660.0 4'132.0 6.61x

31.12.2012 52'299.0 237.0 131.80x 8.08% 2.18% 0.01% 0.34% 0.06% 0.02% 0.7% 13.84% 515.71% -

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 49'520.0 0.00x 0.0 0.00x 2'916.0 9.08x

j-13

06/yy 49'310.0 0.00x 0.0 0.00x 190.0 179.61x

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M a-13

1.38 1'013.93 36.04% 6.25% 1.379 40 4.050 5'472'176 6'118'686 6'285'958 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'582.8 34'243.5 7'903.8 7'900.8 4'051.0 4'840.9 898.5 840.8 8.68x 7.30x 8.27x S&P Issuer Ratings

02.07.2013 A STABLE 19.12.2008 A-1 515.7% 83.7% 0.02 9.91 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

s-12

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (15.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

31.12.2008 58'492.0 (3'835.0) -

30.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Deutsche Bank AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN DEUTSCHE BANK AG DEKABANK DEUTSCHE GI NORGES BANK COMMERZBANK AKTIENGE CREDIT SUISSE AG CREDIT AGRICOLE SA VANGUARD GROUP INC UBS DEKA INVESTMENT GMBH AMUNDI HSBC HOLDINGS PLC BANK OF AMERICA CORP MORGAN STANLEY UNION INVESTMENT GMB JANUS CAPITAL MANAGE BANK OF NEW YORK MEL DEUTSCHE TELEKOM GOLDMAN SACHS GROUP

Firm Name

Portfolio Name n/a n/a n/a DEKABANK DEUTSCHE GI Multiple Portfolios COMMERZBANK AKTIENGE n/a CREDIT AGRICOLE SA Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios HSBC HOLDINGS PLC BANK OF AMERICA n/a Multiple Portfolios n/a BANK OF NEW YORK MEL n/a n/a

Analyst

RBC Capital Markets FIONA SWAFFIELD Exane BNP Paribas DANIEL DAVIES Mediobanca SpA CHRISTOPHER J WHEELER Credit Suisse AMIT GOEL Keefe, Bruyette & Woods ANDREW STIMPSON Morgan Stanley HUW VAN STEENIS AlphaValue DIETER HEIN Commerzbank Corporates & Markets MICHAEL DUNST Goldman Sachs JERNEJ OMAHEN Macquarie PIERS BROWN UBS DANIELE BRUPBACHER HSBC ROBERT MURPHY Bankhaus Lampe NEIL SMITH Natixis ANTOINE BURGARD Nomura JON PEACE Nord/LB MICHAEL SEUFERT Landesbank Baden-Wuerttemberg INGO FROMMEN Independent Research GmbH STEFAN BONGARDT Oddo & Cie JEAN SASSUS M.M. Warburg Investment Research ANDREAS PLAESIER Bankhaus Metzler GUIDO HOYMANN Equinet Institutional Services(ESN) PHILIPP HAESSLER S&P Capital IQ FRANK BRADEN Canaccord Genuity Corp ARUN MELMANE Redburn Partners NICHOLAS WATTS Barclays JEREMY SIGEE Makor Capital ALBERT SAPORTA Espirito Santo Investment Bank Research ANDREW LIM JPMorgan KIAN ABOUHOSSEIN Grupo Santander AURELIA FAURE Societe Generale DIRK HOFFMANN-BECKING Main First Bank AG KILIAN MAIER DZ Bank AG CHRISTOPH BAST Kepler Cheuvreux DIRK BECKER Hamburger Sparkasse CHRISTIAN HAMANN Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Banco Sabadell MARIO LODOS EVA Dimensions AUSTIN BURKETT National Bank AG DIRK GOJNY Hammer Partners SA ENRICO RACIOPPI SRC Research STEFAN SCHARFF

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

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

Amt Held 47'776'278 41'570'490 23'643'257 23'529'706 21'866'137 19'985'815 18'297'475 16'412'440 10'259'100 7'667'541 7'105'620 6'818'301 5'921'773 5'567'724 5'474'471 5'205'471 4'710'141 4'657'901 3'832'262 3'819'018

% Out 4.69 4.08 2.32 2.31 2.14 1.96 1.79 1.61 1.01 0.75 0.7 0.67 0.58 0.55 0.54 0.51 0.46 0.46 0.38 0.37

Weighting

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

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

Latest Chg (651'716) 6'685'386 (982'040) 5'187'914 98'148 (236'367) 674'993 1'315'956 (634'844) 2'635'705 (11'954'777) (109'942) 344'847 (1'651'936) 433'334 751'469 (4'738'602)

Target Price 38 42 40 38 46 39 40 44 36 34 35 44 42 44 38 35 40 42 40 45 42 40 40 45 #N/A N/A 47 #N/A N/A 28 38 37 43 45 40 44 #N/A N/A 20 38 40 #N/A N/A 32 36 33

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

File Dt 07.08.2013 30.06.2013 28.06.2013 30.06.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013 30.06.2013 08.08.2013 30.04.2013 30.04.2013 31.03.2013 31.03.2013 30.06.2013 30.06.2013 31.03.2013 31.03.2013 13.11.2012 31.03.2013

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

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

Date 09.08.2013 08.08.2013 07.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 16.07.2013 09.07.2013 04.07.2013 03.07.2013 28.06.2013 30.05.2013 29.05.2013 13.05.2013 10.05.2013 07.05.2013 03.05.2013 30.04.2013 25.04.2013 15.02.2013 17.01.2013 25.07.2012 03.07.2012 08.02.2010

09.08.2013

Deutsche Euroshop AG Deutsche Euroshop AG invests in shopping centers. The Company owns shopping centers in locations throughout Europe. The properties are primarily in city centers.

Price/Volume 35

.9 M

.8 M .7 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEQ GY EQUITY YTD Change DEQ GY EQUITY YTD % CHANGE

12/2012 03/yy 34.55 28.53 45'913.00 32.52 -5.83% 14.01% 64.81% 53.9 1'754.31 1'657.23 0.0 0.0 167.51 2'946.28

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

.5 M

.4 M

31.12.2009 31.12.2010 130.8 147.6 14.30x 20.30x 113.0 126.5 16.55x 23.69x 34.4 81.8 25.45x 16.10x Profitability

.2 M

5 0 a-12

.1 M s-12

LTM-4Q 31.12.2011 193.1 15.37x 167.8 17.69x 99.0 12.92x

31.12.2012 216.1 14.79x 183.0 17.47x 122.5 13.41x 182.99 182.96 51.32% 54.98% 3.99% 9.88% 5.84% 0.07% 84.5% 56.7% 46.70% 125.37% -

Price/ Cash Flow

03/yy 188.0 60.03x 162.9 16.90x 102.2 13.34x

o-12

n-12

d-12

j-13

LTM 03/yy 206.3 57.46x 174.3 16.59x 126.1 13.02x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.67 41.40 10.39% 6.87% 0.666 26 3.423 98'514 97'097 121'758 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 199.9 207.8 47.1 49.0 16.15x 15.50x 69.70x 66.55x 174.7 182.6 41.3 43.2 16.86x 16.13x 17.18x 16.98x 107.0 107.6 27.9 26.9 17.35x 16.76x 15.82x 15.79x S&P Issuer Ratings

2.54 2.36 6.84 7.31 125.4% 55.6% 0.07 -

Sales/Revenue/Turnover

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 01.01.2010

.3 M

Fiscal Year Ended 31.12.2008 120.2 15.07x 102.2 17.72x 68.9 12.15x

.6 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Deutsche Euroshop AG Holdings By:

All

Holder Name OTTO ALEXANDER OTTO BENJAMIN BLACKROCK HERTIE FOUNDATION SOCIETE FEDERALE NORGES BANK DEUTSCHE BANK AG WELLINGTON MANAGEMEN BAY POND PARTNERS LP ALLIANZ ASSET MANAGE BAY POND INVESTORS B UNION INVESTMENT GMB VANGUARD GROUP INC NATIXIS ASSET MANAGE DWS INVESTMENT S A SCOTTISH WIDOWS DEKA INVESTMENT GMBH HIGHBRIDGE CAPITAL M CQS UK LLP ING INTERNATIONAL AD

Firm Name

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

Analyst

M.M. Warburg Investment Research ANDREAS PLAESIER HSBC THOMAS MARTIN Baader Bank ANDRE REMKE Berenberg Bank KAI MALTE KLOSE DZ Bank AG KARSTEN OBLINGER Commerzbank Corporates & Markets THOMAS ROTHAEUSLER ABN Amro Bank N.V. MICHIEL DE JONGE Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER Bankhaus Lampe GEORG KANDERS Societe Generale MICHEL VARALDO Close Brothers Equity Markets MANUEL MARTIN Nord/LB MICHAEL SEUFERT JPMorgan ANNELIES J VERMEULEN EVA Dimensions DOUG WALTERS Petercam JOEL GORSELE Independent Research GmbH STEFAN BONGARDT LFG Kronos Investment Services GmbH THOMAS ANEY Kepler Cheuvreux DIRK BECKER Natixis SERGE DEMIRDJIAN Bankhaus Metzler JOCHEN SCHMITT Kempen & Co THOMAS VAN DER MEIJ Deutsche Bank MARKUS SCHEUFLER Oddo & Cie MARINE LAFITTE UBS KRISTIAN BANDY GSC Research MATTHIAS SCHRADE Rabobank International MARTIJN VAN DEN EIJNDEN

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

Recommendation buy neutral hold buy hold hold reduce hold hold buy hold hold neutral sell reduce hold buy buy reduce buy neutral hold neutral neutral buy buy

Amt Held % Out 5'162'584 9.57 4'175'382 7.74 3'100'438 5.75 1'629'154 3.02 1'579'737 2.93 1'361'449 2.52 1'306'605 2.42 (1'262'325) -2.34 (681'534) -1.26 653'887 1.21 (423'377) -0.78 361'600 0.67 330'059 0.61 324'445 0.6 315'684 0.59 263'480 0.49 263'367 0.49 (258'938) -0.48 (253'544) -0.47 247'000 0.46

Weighting

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

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

Latest Chg 254 20'000 75'523 (51'631) (16'896) (41'305) 121'600 43'212 (6'926) 184'000 (45'873) 52'890 26'973 59'340 -

Target Price 38 33 33 35 32 31 27 32 33 40 32 33 37 #N/A N/A 29 37 37 39 29 37 33 33 34 31 #N/A N/A 34

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 07.08.2013 Investment Advisor 31.12.2012 Other 08.04.2013 n/a 31.12.2012 Government 28.06.2013 Investment Advisor 10.06.2013 Investment Advisor 27.07.2012 Unclassified 30.04.2013 Investment Advisor 30.07.2012 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Unclassified 30.04.2013 Investment Advisor 06.06.2013 Hedge Fund Manager 10.04.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 08.08.2013 06.08.2013 02.08.2013 01.08.2013 22.07.2013 12.07.2013 09.07.2013 25.06.2013 24.06.2013 20.06.2013 13.06.2013 10.06.2013 07.06.2013 06.06.2013 01.06.2013 31.05.2013 23.05.2013 16.05.2013 16.05.2013 13.05.2013 25.04.2013 22.04.2013 17.04.2013 11.01.2013 21.12.2012 15.11.2012

09.08.2013

Dialog Semiconductor PLC Dialog Semiconductor PLC manufactures electronic products. The Company provides mixed-signal circuits optimised for smartphones, tablets, ultrabooks, and other portable devices. Dialog Semiconductor markets its products worldwide.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLG GY EQUITY YTD Change DLG GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 17.69 8.44 166'043.00 13.4 -24.11% 58.86% 53.38% 68.1 912.12 180.73 0.0 0.0 315.56 786.00

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

31.12.2009 31.12.2010 217.6 296.6 2.55x 4.12x 35.3 52.9 15.70x 23.10x 32.7 42.5 16.31x 32.27x Profitability

2.5 M 2.0 M 1.5 M 1.0 M .5 M

s-12

LTM-4Q 31.12.2011 527.3 1.77x 86.5 10.80x 57.4 17.92x

31.12.2012 773.6 1.31x 124.9 8.13x 62.5 18.12x 124.87 92.58 11.97% 11.13% 9.18% 15.67% 11.95% 1.26% 37.8% 16.1% 11.5% 8.1% 3.95 2.79 25.52% 47.24% 21.40 4.45

Price/ Cash Flow

06/yy 638.6 7.19x 99.2 10.90x 57.6 19.90x

o-12

n-12

d-12

j-13

LTM 06/yy 779.3 4.78x 125.1 5.55x 56.8 14.50x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.89 62.13 -18.71% 0.79% 0.893 20 4.300 459'576 679'829 793'576 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 860.5 1'024.1 220.6 301.3 1.42x 1.12x 135.9 177.5 7.76x 5.94x 69.6 98.0 17.6 38.0 16.99x 12.14x 13.02x 12.05x S&P Issuer Ratings

19.31 12.97 -1.31 1.47 47.2% 32.1% 1.26 15.37 17.06 82.03 43.45 62.27

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 161.8 0.05x 13.5 0.54x 6.8 6.40x

20 18 16 14 12 10 8 6 4 2 0 a-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Dialog Semiconductor PLC Holdings By:

All

Holder Name DEUTSCHE BANK AG RHJ INTERNATIONAL SA Black Creek Investme NORGES BANK KLEINWORT BENSON TRU AQR CAPITAL MANAGEME DIALOG SEMICONDUCTOR CAPITAL GROUP COMPAN BNP PARIBAS INV PART DWS INVESTMENT S A IVY MANAGEMENT INCOR AKO CAPITAL LLP OXFORD ASSET MANAGEM ROYAL LONDON ASSET M FIL LIMITED GAM INVESTMENT MGMT TREMBLANT CAPITAL LP NORDEA FONDER AB/SWE NORDEA INV MANAGEMEN NORDEA INVESTMENT FU

Firm Name Natixis Exane BNP Paribas Commerzbank Corporates & Markets Jefferies Baader Bank HSBC Morgan Stanley JPMorgan Main First Bank AG Deutsche Bank Credit Suisse Hauck & Aufhaeuser Bankhaus Lampe Berenberg Bank Close Brothers Equity Markets Barclays DZ Bank AG Kepler Cheuvreux EVA Dimensions National Bank AG

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MAXIME MALLET JEROME RAMEL THOMAS M BECKER LEE SIMPSON GUENTHER MICHAEL HOLLFELDER CHRISTIAN DOMINIK RATH FRANCOIS MEUNIER CHETAN UDESHI JUERGEN WAGNER UWE SCHUPP ACHAL SULTANIA TIM OLIVER WUNDERLICH KARSTEN ILTGEN ALI FARID KHWAJA VEYSEL TAZE ANDREW M GARDINER HARALD SCHNITZER BERND LAUX ANDREW S ZAMFOTIS STEFFEN MANSKE

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

Recommendation buy outperform buy buy hold overweight Equalwt/Cautious neutral outperform hold neutral buy buy buy buy overweight buy buy buy sell

Amt Held % Out 6'358'730 9.34 4'739'691 6.96 3'488'384 5.12 2'743'836 4.03 2'719'002 3.99 (2'389'219) -3.51 1'927'224 2.83 1'899'961 2.79 1'486'895 2.18 1'073'476 1.58 1'018'454 1.5 (987'000) -1.45 (966'579) -1.42 725'675 1.07 699'954 1.03 (694'303) -1.02 (646'655) -0.95 593'006 0.87 513'393 0.75 465'110 0.68

Weighting

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

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

Latest Chg (47'648) (591'882) 527'931 (1'922) 56'410 (503'711) (54'455) 699'954 279'082 (108'911) (10'840) 1'956 (9'164)

Target Price 16 17 16 15 13 15 11 12 16 13 11 17 18 15 19 16 13 15 #N/A N/A 18

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

File Dt Inst Type 28.06.2013 Investment Advisor 23.07.2013 Investment Advisor 08.07.2013 Unclassified 28.05.2013 Government 12.11.2012 Unclassified 07.08.2013 Hedge Fund Manager 01.08.2011 Other 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 12.07.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.10.2012 Investment Advisor 25.07.2013 Investment Advisor 02.04.2013 Other 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 05.08.2013 31.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 10.07.2013 10.06.2013 21.03.2013 16.03.2012

09.08.2013

Deutsche Post AG Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services. Deutsche Post also provides a variety of financial services including standard banking services, retail and commercial lending, and brokerage services.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DPW GY EQUITY YTD Change DPW GY EQUITY YTD % CHANGE

12/2012 06/yy 22.35 14.40 1'500'701.00 21.6 -2.95% 50.00% 90.57% 1'209.0 26'114.74 4'816.00 0.0 213.0 2'652.00 29'337.74

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

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 54'474.0 0.37x 2'052.0 9.72x (1'688.0) -

31.12.2009 31.12.2010 46'201.0 51'481.0 0.45x 0.36x 2'047.0 3'495.0 10.15x 5.29x 644.0 2'541.0 79.32x 6.05x Profitability

LTM-4Q 31.12.2011 52'829.0 0.30x 3'667.0 4.35x 1'163.0 12.38x

31.12.2012 55'512.0 0.40x 3'939.0 5.70x 1'658.0 12.12x 3'939.00 2'895.00 5.22% 4.03% 5.40% 18.27% 1.63% 7.3% 4.9% 3.0% 0.97 0.72 14.11% 40.30% -

Price/ Cash Flow

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 a-13

LTM

06/yy 54'315.0 1.19x 4'061.0 4.48x 1'285.0 13.10x

06/yy 55'509.0 1.68x 4'060.0 6.49x 1'844.0 12.58x

FY+1

0.90 908.09 45.14% 34.69% 0.902 33 4.121 4'242'145 3'736'328 4'136'558 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'279.0 59'717.6 14'349.8 15'404.0 0.51x 0.48x 2.03x 1.86x 4'235.5 4'564.2 1'002.0 1'167.0 6.92x 6.42x 6.72x 6.58x 1'847.3 1'988.2 415.5 516.5 14.64x 13.55x 14.42x 14.14x S&P Issuer Ratings

27.11.2012 NR 27.11.2012 NR 6.14 3.58 0.75 1.27 40.3% 28.4% 1.63 8.57 -

Sales/Revenue/Turnover

800.00

70'000.0

700.00

60'000.0

600.00

50'000.0

500.00

40'000.0

400.00

30'000.0

300.00

20'000.0

200.00

10'000.0

100.00 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

01.07.2013

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 |

09.08.2013

Deutsche Post AG Holdings By:

All

Holder Name KREDITANSTALT FUER W BLACKROCK DEUTSCHE BANK AG NORGES BANK VANGUARD GROUP INC ARTISAN PARTNERS HOL UNION INVESTMENT GMB FMR LLC ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH ARTEMIS INVESTMENT M BANK OF NEW YORK MEL FRANKFURT TRUST INVE ADIG INVESTMENT INVESCO LTD HENDERSON GLOBAL INV MAINFIRST SICAV DB PLATINUM ADVISORS TAUBE HODSON STONEX TIAA CREF INVESTMENT

Firm Name HSBC Cantor Fitzgerald Commerzbank Corporates & Markets Nord/LB Bankhaus Lampe Stifel Bankhaus Metzler Nomura Equinet Institutional Services(ESN) DZ Bank AG Telsey Advisory Group AlphaValue Deutsche Bank RBC Capital Markets JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH S&P Capital IQ Redburn Partners UBS Macquarie Hamburger Sparkasse Credit Suisse Main First Bank AG EVA Dimensions Day by Day Barclays Goldman Sachs Morgan Stanley Berenberg Bank Kepler Cheuvreux National Bank AG Davy Thompson, Davis & Company

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

Analyst JULIA WINARSO ROBIN BYDE JOHANNES BRAUN VOLKER SACK SEBASTIAN HEIN DAVID G ROSS GUIDO HOYMANN MARK MCVICAR JOCHEN ROTHENBACHER DIRK SCHLAMP JOSHUA HERRITY HEINZ STEFFEN ANDY CHU DAMIAN BREWER CHRISTOPHER G COMBE PER-OLA HELLGREN ZAFER RUZGAR JAWAHAR HINGORANI TIM MARSHALL DOMINIC EDRIDGE ROBERT JOYNSON INGO SCHMIDT NEIL GLYNN TOBIAS SITTIG TIMOTHY STANISH VALERIE GASTALDY SUSANNA INVERNIZZI JOHN WOODMAN PENNY BUTCHER WILLIAM FOGGON ANDRE MULDER EKKEHARD D LINK STEPHEN FURLONG DAVID P CAMPBELL

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

Recommendation underweight hold buy buy buy hold buy buy hold buy no rating system add buy outperform overweight buy hold buy neutral neutral underperform sell outperform outperform hold hold overweight Buy/Neutral Overwt/In-Line buy buy buy outperform hold

Amt Held 300'924'050 68'490'739 21'966'299 21'632'939 12'443'989 10'193'761 9'065'952 7'608'253 7'603'232 6'487'704 5'646'936 5'358'990 4'980'600 4'441'758 4'440'801 3'462'237 3'315'674 2'494'983 2'455'054 2'375'141

% Out 24.89 5.66 1.82 1.79 1.03 0.84 0.75 0.63 0.63 0.54 0.47 0.44 0.41 0.37 0.37 0.29 0.27 0.21 0.2 0.2

Weighting

Change

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

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

Latest Chg (7'374'997) 246'054 (65'143) 264'498 1'427'231 1'043'543 254'064 34'541 2'752'128 265'000 99'986 (105'000) 50'000 3'521'139 (11'491) 21'426 2'093'404 (183'631)

Target Price 20 23 25 24 24 #N/A N/A 26 24 22 23 21 23 25 23 24 23 23 24 #N/A N/A 21 15 #N/A N/A 24 23 #N/A N/A #N/A N/A 21 23 23 20 21 19 #N/A N/A 19

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

File Dt 10.04.2013 07.08.2013 28.06.2013 31.12.2012 30.06.2013 31.03.2013 28.03.2013 30.06.2013 30.06.2013 30.04.2013 31.12.2012 08.08.2013 30.04.2013 30.04.2013 08.08.2013 31.03.2013 28.02.2013 30.06.2013 30.04.2013 31.05.2013

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

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

Date 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 30.07.2013 26.07.2013 25.07.2013 22.07.2013 06.06.2013 20.05.2013 17.05.2013 15.05.2013 13.05.2013 10.05.2013 03.04.2013 05.03.2013 10.11.2011 13.09.2010

09.08.2013

Drillisch AG Drillisch AG wholesales mobile telephone user equipment and provides mobile telephone services. The Company operates T-Mobile, Vodafone-D2, and E-Plus mobile networks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DRI GY EQUITY YTD Change DRI GY EQUITY YTD % CHANGE

12/2012 06/yy 16.05 8.28 176'320.00 13.98 -12.87% 68.82% 73.61% 53.2 743.58 333.39 0.0 0.0 77.30 900.36

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

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 350.1 0.53x 40.6 4.54x (184.1) -

31.12.2009 31.12.2010 344.5 362.5 0.94x 0.98x 50.7 46.1 6.36x 7.70x 101.1 31.0 2.55x 10.52x Profitability

LTM-4Q 31.12.2011 349.1 1.48x 51.4 10.04x 41.0 9.24x

31.12.2012 323.7 2.47x 61.9 12.91x 23.5 24.23x 61.89 55.45 17.13% 6.42% 30.55% 70.82% 0.67% 20.1% 17.6% 7.2% 1.99 1.81 63.80% 276.78% 7.06 -

Price/ Cash Flow

06/yy 356.3 6.54x 59.0 11.06x 30.1 13.22x

LTM 06/yy 306.7 7.69x 44.9 0.00x 156.0 3.96x

FY+1

.0 M a-13

0.74 38.93 80.38% 36.92% 0.738 8 4.000 235'431 233'850 368'192 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 305.4 310.9 2.65x 2.60x 69.4 77.9 12.96x 11.54x 132.8 51.9 19.15x 13.02x S&P Issuer Ratings

5.33 3.35 2.48 3.89 276.8% 73.5% 0.67 220.12 51.68 -

Sales/Revenue/Turnover

30.00

400.0 350.0

25.00

300.0 20.00

250.0 200.0

15.00

150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Drillisch AG Holdings By:

All

Holder Name DRILLISCH AG BRUCHERSEIFER MARC CHOULIDIS PASCHALIS CHOULIDIS VLASIOS ALLIANZ GLOBAL INVES FIL LIMITED JP MORGAN INVESTMENT ALLIANZ ASSET MANAGE FLOSSBACH VON STORCH JP MORGAN HIGHBRIDGE CAPITAL M HAUCK & AUFHAUSER IN UNION INVESTMENT GMB HAUCK & AUFHAEUSER I SCHRODER INVESTMENT BLACKROCK VANGUARD GROUP INC OPPENHEIM KAPITALANL DWS INVESTMENT SA BANK OF NEW YORK MEL

Firm Name Commerzbank Corporates & Markets Hauck & Aufhaeuser Bankhaus Lampe Landesbank Baden-Wuerttemberg Berenberg Bank M.M. Warburg Investment Research EVA Dimensions Kepler Cheuvreux

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

Analyst HEIKE PAULS SASCHA BERRESCH WOLFGANG SPECHT STEFAN BORSCHEID USMAN GHAZI JOCHEN REICHERT ANDREW S ZAMFOTIS THOMAS KARLOVITS

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

Recommendation hold buy buy hold hold hold buy buy

Amt Held % Out 5'189'015 9.76 3'719'295 6.99 2'000'000 3.76 1'895'000 3.56 1'807'852 3.4 1'574'232 2.96 1'564'194 2.94 1'487'826 2.8 1'440'000 2.71 692'582 1.3 (632'949) -1.19 460'000 0.86 434'000 0.82 430'000 0.81 364'826 0.69 233'146 0.44 224'388 0.42 221'493 0.42 218'000 0.41 183'486 0.34

Weighting

Change 3 5 5 3 3 3 5 5

M M M M M M U M

Latest Chg 327'847 16'870 47'870 134'000 52'634 35'679 3'118 25'295 1'850 -

Target Price 14 16 17 14 14 15 #N/A N/A 16

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 n/a 31.12.2012 n/a 31.12.2012 n/a 27.03.2013 Other 14.12.2012 Investment Advisor 10.08.2011 Investment Advisor 30.04.2013 Investment Advisor 25.03.2013 Investment Advisor 31.03.2013 Investment Advisor 06.08.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 29.06.2012 Investment Advisor 30.04.2013 Investment Advisor 07.08.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 08.08.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 08.08.2013 02.08.2013 10.06.2013 21.05.2013 15.05.2013

09.08.2013

Draegerwerk AG & Co KGaA Draegerwerk AG & Company KGAA manufactures medical, safety, and aerospace equipment. The Company produces ventilators, monitoring equipment, transport incubators, anesthesia machines, surgical lights, ward equipment, home care equipment, systems for safe breathing in industry, mining and fire fighting, and airplane crew and passenger oxygen systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DRW3 GY EQUITY YTD Change DRW3 GY EQUITY YTD % CHANGE

12/2012 06/yy 107.45 68.80 18'119.00 98.01 -8.77% 42.46% 78.73% 6.4 1'441.12 406.38 0.0 6.7 317.83 1'627.28

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

.3 M

100

.3 M

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'924.5 0.45x 175.6 4.88x 31.8 10.47x

120

31.12.2009 31.12.2010 1'911.1 2'177.3 0.32x 0.55x 149.9 257.4 4.09x 4.65x 14.9 90.7 25.48x 9.92x Profitability

LTM-4Q 31.12.2011 2'255.8 0.50x 276.2 4.07x 120.7 8.60x

31.12.2012 2'373.5 0.57x 299.6 4.53x 126.4 10.03x 299.61 233.92 9.86% 8.28% 5.94% 16.63% 13.35% 1.19% 49.2% 12.0% 9.2% 5.3% 1.83 1.21 19.34% 56.40% 4.57 3.10

Price/ Cash Flow

06/yy 2'295.2 2.49x 280.4 5.40x 124.7 10.34x

LTM 06/yy 2'401.4 2.75x 288.2 6.70x 119.7 14.61x

FY+1

.0 M a-13

0.66 1.82 37.40% 29.29% 0.663 16 3.938 33'177 24'091 23'258 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'434.5 2'525.6 0.66x 0.60x 288.3 320.6 5.64x 5.08x 127.5 143.5 13.15x 11.75x S&P Issuer Ratings

7.01 5.64 0.62 1.31 56.4% 35.8% 1.19 8.53 79.86 117.83 41.48 147.34

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

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

01.07.2013

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 |

09.08.2013

Draegerwerk AG & Co KGaA Holdings By:

All

Holder Name DRAEGER FAMILY BNP PARIBAS INV PART ALLIANZ ASSET MANAGE NORGES BANK T ROWE PRICE ASSOCIA LAZARD FRERES GESTIO FRANKLIN RESOURCES ADIG INVESTMENT KEMPEN CAPITAL MANAG VANGUARD GROUP INC FIL LIMITED SWEDBANK ROBUR FONDE DEUTSCHE BANK AG D E SHAW & CO UK LTD JP MORGAN ARROWGRASS CAPITAL P UNION INVESTMENT GMB SCHRODER INVESTMENT PINE RIVER CAPITAL M LBPAM

Firm Name DZ Bank AG Hamburger Sparkasse Berenberg Bank Nord/LB HSBC M.M. Warburg Investment Research Commerzbank Corporates & Markets Deutsche Bank Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Close Brothers Equity Markets Equinet Institutional Services(ESN) EVA Dimensions Montega Kepler Cheuvreux Independent Research GmbH

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios OBJECTIF SMALL CAPS n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst SVEN OLAF KUERTEN MARCO GUENTHER SCOTT BARDO HOLGER FECHNER JAN KEPPELER EGGERT KULS YASMIN MOSCHITZ GUNNAR ROMER VOLKER STOLL TORBEN TEICHLER IGOR KIM KONRAD LIEDER TIMOTHY STANISH THOMAS RAU OLIVER REINBERG CHRISTOPH SCHOENDUBE

Source Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-PART ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Short ULT-AGG Short MF-AGG MF-AGG Short MF-AGG

Recommendation buy hold buy buy overweight hold hold hold buy sell hold accumulate buy buy buy hold

Amt Held % Out 4'531'360 71.36 321'133 5.06 277'729 4.37 257'637 4.06 172'259 2.71 157'529 2.48 148'400 2.34 137'722 2.17 124'274 1.96 95'643 1.51 94'892 1.49 91'751 1.44 80'357 1.27 (61'595) -0.97 59'567 0.94 (57'150) -0.9 53'300 0.84 51'386 0.81 (45'085) -0.71 44'730 0.7

Weighting

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

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

Latest Chg (4'802) 4'501 (7'881) (37'471) 148'400 (1'278) 45'759 4'267 (119) 91'751 8'368 (1'967) (3'175) (20'000) 26'179 (1'270) (9'100)

Target Price 106 #N/A N/A 110 108 115 103 109 100 110 73 104 105 #N/A N/A 135 110 104

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

File Dt Inst Type 31.12.2012 n/a 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Unclassified 30.06.2013 Investment Advisor 31.10.2012 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 02.11.2012 Other 31.03.2013 Investment Advisor 08.02.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 18.06.2013 Hedge Fund Manager 28.03.2013 Investment Advisor

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

Date 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 06.06.2013 16.05.2013 14.05.2013 07.05.2013

09.08.2013

Deutsche Telekom AG Deutsche Telekom AG offers telecommunications services. The Company offers a full range of fixed-line telephone services, mobile communications services, Internet access, and combined information technology and telecommunications services for businesses.

Price/Volume 12 10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (21.02.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2012 06/yy 10.11 7.98 11'998'472.00 9.737 -3.61% 22.08% 83.13% 4'451.1 43'340.55 44'614.00 0.0 4'623.0 6'046.00 93'377.55

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

2 0 a-12

31.12.2009 31.12.2010 64'602.0 62'421.0 1.46x 1.48x 17'335.0 17'726.0 5.46x 5.20x 353.0 1'695.0 128.63x 24.76x Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 58'653.0 1.45x 20'202.0 4.22x 557.0 68.19x

31.12.2012 58'169.0 1.38x 17'728.0 4.53x (5'255.0) 17'728.00 6'720.00 11.55% -10.71% -4.23% -17.40% 0.49% 41.2% 30.0% 12.2% -9.0% 0.65 0.54 41.33% 172.12% 27.07

Price/ Cash Flow

LTM

06/yy 58'392.0 5.86x 19'592.0 4.31x 756.0 47.97x

06/yy 58'300.0 5.76x 17'498.0 5.13x (5'013.0) 0.00x

FY+1

0.73 3'068.30 13.82% 21.90% 0.729 42 3.476 15'977'620 11'636'900 15'711'060 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 58'733.0 59'398.0 14'754.5 15'550.0 1.49x 1.45x 17'620.0 17'834.9 4'457.0 4'295.0 5.30x 5.23x 2'866.5 3'091.7 407.0 382.0 14.60x 13.73x S&P Issuer Ratings

19.05.2008 BBB+ STABLE 08.04.2002 A-2 7.58 4.88 2.46 2.88 172.1% 59.4% 0.49 1.48 13.48 63.93 -16.66

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 61'666.0 1.49x 17'535.0 5.24x 1'483.0 31.62x

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Deutsche Telekom AG Holdings By:

All

Holder Name KREDITANSTALT FUER W FEDERAL REPUBLIC OF BLACKROCK BLACKSTONE NORGES BANK VANGUARD GROUP INC ONTARIO TEACHERS PEN DB PLATINUM ADVISORS BANK OF NEW YORK MEL DEKA INVESTMENT GMBH SCHRODER INVESTMENT UNION INVESTMENT GMB ALLIANZ ASSET MANAGE UBS AMUNDI MERCURY ASSET MANAGE DEKA INVESTMENT GMBH ING INTERNATIONAL AD SUN LIFE FINANCIAL I NATIXIS ASSET MANAGE

Firm Name

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

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK M.M. Warburg Investment Research JOCHEN REICHERT Bankhaus Metzler ULRICH TRABERT Natixis JACQUES DE GRELING Barclays JONATHAN DANN Grupo Santander JOHN DAVIES Societe Generale OTTAVIO ADORISIO Commerzbank Corporates & Markets HEIKE PAULS Deutsche Bank DAVID A WRIGHT Morgan Stanley NICK DELFAS Jefferies ULRICH RATHE Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Independent Research GmbH MARKUS FRIEBEL Bankhaus Lampe WOLFGANG SPECHT Oddo & Cie ALEXANDRE IATRIDES Nomura FREDERIC BOULAN Equinet Institutional Services(ESN) ADRIAN PEHL S&P Capital IQ ALEXANDER WISCH New Street Research CHARLES GAYNOR Exane BNP Paribas MATHIEU ROBILLIARD AlphaValue HEINZ STEFFEN Macquarie GUY R PEDDY Kepler Cheuvreux PETER KURT NIELSEN Berenberg Bank PAUL ANDREW MARSCH Steubing AG TEAM COVERAGE Credit Suisse JUSTIN FUNNELL Raymond James STEPHANE BEYAZIAN Liberum Capital Ltd LAWRENCE SUGARMAN Hamburger Sparkasse TINA HECKING-VELTMAN JPMorgan HANNES C WITTIG HSBC DOMINIK KLARMANN Day by Day VALERIE GASTALDY Goldman Sachs TIMOTHY BODDY Nord/LB WOLFGANG DONIE DZ Bank AG CHRISTOPH BAST Espirito Santo Investment Bank Research ANDREW HOGLEY UBS POLO TANG National Bank AG MANFRED JAISFELD Banco Sabadell ANDRES BOLUMBURU EVA Dimensions ANDREW S ZAMFOTIS

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

Recommendation outperform buy buy reduce equalweight underweight buy hold buy Underwt/In-Line buy buy buy hold buy buy accumulate hold reduce neutral add underperform buy hold buy outperform outperform hold hold neutral neutral hold neutral/neutral buy sell neutral neutral hold sell sell

Amt Held 734'624'287 648'197'900 253'145'807 191'700'000 68'078'517 31'439'797 27'700'000 27'618'527 26'525'178 13'921'182 13'823'560 12'178'782 10'649'736 9'828'474 9'526'568 9'134'525 7'110'681 6'359'036 6'116'190 5'722'803

% Out 16.5 14.56 5.69 4.31 1.53 0.71 0.62 0.62 0.6 0.31 0.31 0.27 0.24 0.22 0.21 0.21 0.16 0.14 0.14 0.13

Weighting

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

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

Latest Chg 91'985 1'891'193 26'978'457 1'951'607 6'672'723 1'813'735 (2'345'777) 18'674 517'869 1'100'738 (463'921) 192'440 16'827

Target Price 13 12 10 7 10 8 11 10 11 9 10 10 11 10 11 10 10 10 8 9 10 8 11 10 10 10 11 8 #N/A N/A 9 10 #N/A N/A 10 11 9 8 9 9 10 #N/A N/A

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

File Dt Inst Type 30.03.2013 Investment Advisor 30.03.2013 Government 07.08.2013 Investment Advisor 03.08.2012 Unclassified 31.12.2012 Government 30.06.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 30.06.2013 Investment Advisor 08.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 08.08.2013 Unclassified 28.03.2013 Investment Advisor 07.08.2013 Investment Advisor 09.08.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 05.08.2013 01.08.2013 29.07.2013 29.07.2013 12.07.2013 10.07.2013 18.06.2013 06.06.2013 03.06.2013 27.05.2013 20.05.2013 09.05.2013 08.05.2013 08.05.2013 05.04.2013 01.04.2013 28.02.2013 15.02.2013 15.01.2013

09.08.2013

Duerr AG Duerr AG engineers and builds plants and manufactures machinery for the automotive industry in Europe, North and South America, and Asia. Duerr designs and constructs fully automatic paint finishing plants, final assembly systems, and air purifier. Duerr also offers balancing and diagnostic systems and produces cleaning filtration and automation equipment.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DUE GY EQUITY YTD Change DUE GY EQUITY YTD % CHANGE

12/2012 06/yy 56.12 24.84 58'096.00 54.52 -2.73% 119.53% 97.35% 34.6 1'886.45 286.06 0.0 8.3 349.28 1'898.81

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

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'602.8 0.16x 134.4 1.91x 42.4 6.77x

31.12.2009 31.12.2010 1'077.6 1'261.4 0.28x 0.32x 84.2 85.5 3.57x 4.67x (26.9) 6.3 64.51x Profitability

LTM-4Q 31.12.2011 1'922.0 0.30x 145.7 3.99x 61.9 9.50x

31.12.2012 2'399.8 0.46x 205.6 5.41x 107.2 10.89x 205.62 177.09 7.38% 6.16% 6.50% 28.76% 20.60% 1.32% 18.2% 9.1% 7.9% 4.5% 1.29 1.07 15.82% 67.49% 3.11 11.27

Price/ Cash Flow

06/yy 2'301.8 1.18x 207.5 4.33x 89.3 9.40x

LTM 06/yy 2'368.2 2.17x 216.3 7.49x 116.8 13.74x

FY+1

.0 M a-13

0.94 24.37 103.06% 65.76% 0.937 20 4.200 154'422 94'595 122'176 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'514.4 2'589.1 623.0 834.0 0.72x 0.66x 2.94x 2.09x 224.1 235.6 59.2 82.4 8.47x 8.06x 126.5 130.2 33.5 51.0 14.93x 14.45x S&P Issuer Ratings

01.11.2010 NR 6.06 5.40 0.03 1.27 67.5% 39.8% 1.32 13.32 117.49 32.38 147.19 -6.77

Sales/Revenue/Turnover

50.00

3'000.0

45.00

2'500.0

40.00 35.00

2'000.0

30.00

1'500.0

25.00 20.00

1'000.0

15.00 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Duerr AG Holdings By:

All

Holder Name HEINZ DUERR GMBH BLACKROCK HEINZ UND DUERR STIF COLUMBIA WANGER ASSE AMERIPRISE FINANCIAL HARRIS ASSOCIATES LP MAINFIRST SICAV BNP PARIBAS INV PART JP MORGAN NORGES BANK DIMENSIONAL FUND ADV LANDESBANK BADEN WUR DWS INVESTMENT S A SWEDBANK ROBUR FONDE BARING FUND MANAGERS HEUWING RALPH FRANKFURT TRUST INVE GAM INTERNATIONAL MA ALLIANZ ASSET MANAGE DIETER RALF W

Firm Name Macquarie Bankhaus Lampe Close Brothers Equity Markets Commerzbank Corporates & Markets Deutsche Bank BHF-Bank Baader Bank UBS HSBC Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser M.M. Warburg Investment Research Montega Kepler Cheuvreux DZ Bank AG Bankhaus Metzler EVA Dimensions Nord/LB Berenberg Bank Solventis WPH-Bank GmbH

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

Analyst CHRISTIAN BREITSPRECHER GORDON SCHOENELL RALF MARINONI INGO-MARTIN SCHACHEL TIM ROKOSSA HERMANN REITH PETER ROTHENAICHER SVEN WEIER RICHARD SCHRAMM HARALD REHMET PHILIPPE LORRAIN CHRISTIAN COHRS THOMAS RAU STEFAN AUGUSTIN JASKO TERZIC HELENA WUESTENFELD TIMOTHY STANISH FRANK SCHWOPE BENJAMIN GLAESER KLAUS SOER

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

Recommendation outperform buy buy buy buy market weight hold buy neutral hold hold buy buy buy buy buy overweight hold hold hold

Amt Held 8'684'861 1'367'369 1'200'000 1'034'330 1'026'340 1'009'374 808'988 527'334 458'897 377'756 301'896 298'080 292'000 285'614 231'580 207'606 200'000 197'066 191'936 138'404

% Out 25.1 3.95 3.47 2.99 2.97 2.92 2.34 1.52 1.33 1.09 0.87 0.86 0.84 0.83 0.67 0.6 0.58 0.57 0.55 0.4

Weighting

Change 5 5 5 5 5 3 3 5 3 3 3 5 5 5 5 5 5 3 3 3

M M M M M M M M M M M M M M M M M M M M

Latest Chg 3'092 (23'412) 53'435 180 122'000 (100'000) 55'084 -

Target Price 60 60 57 56 58 48 53 59 50 46 47 54 57 54 57 54 #N/A N/A 49 43 37

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

File Dt 27.02.2013 07.08.2013 01.07.2013 01.11.2012 05.11.2012 05.04.2012 28.02.2013 28.02.2013 30.06.2013 31.12.2012 30.04.2013 05.03.2012 30.04.2013 31.03.2013 30.04.2013 31.12.2012 30.04.2013 28.06.2013 30.04.2013 31.12.2012

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

Inst Type Corporation Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a

Date 06.08.2013 05.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 24.07.2013 17.07.2013 05.07.2013 06.06.2013 28.05.2013 01.05.2013 24.01.2013

09.08.2013

Deutsche Wohnen AG Deutsche Wohnen AG develops, rents and sells residential properties.

Price/Volume 18

2.5 M

16 2.0 M

14 12

1.5 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DWNI GY EQUITY YTD Change DWNI GY EQUITY YTD % CHANGE

12/2012 03/yy 15.80 12.36 60'730.00 13.745 -12.92% 11.25% 39.24% 168.8 2'316.03 2'768.64 0.0 0.3 90.57 5'013.01

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

31.12.2009 31.12.2010 404.4 479.7 5.74x 5.42x 133.4 137.3 17.40x 18.92x (13.3) 23.8 36.21x Profitability

0 a-12

s-12

LTM-4Q 31.12.2011 387.6 7.01x 142.8 19.02x 50.6 16.83x

31.12.2012 451.6 10.46x 186.3 25.37x 145.5 12.17x 186.26 182.43 16.32% 45.54% 3.66% 10.73% 4.09% 0.11% 44.3% 32.2% 56.41% 172.04% -

Price/ Cash Flow

03/yy 391.1 27.97x 148.5 18.96x 56.5 17.07x

o-12

n-12

d-12

j-13

LTM 03/yy 476.2 36.39x 210.8 23.62x 157.3 13.77x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.74 147.21 0.67% -0.41% 0.740 21 3.667 240'247 296'676 331'007 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 371.8 390.6 84.2 88.7 14.23x 13.47x 59.12x 58.99x 266.4 289.3 60.2 64.1 18.82x 17.33x 19.21x 18.66x 128.0 140.8 24.0 27.8 18.80x 16.50x 16.82x 16.56x S&P Issuer Ratings

1.71 -11.17 12.79 13.74 172.0% 63.2% 0.11 -

Sales/Revenue/Turnover

1'200.00

600.0

1'000.00

500.0

800.00

400.0

600.00

300.0

400.00

200.0

200.00

100.0

0.00 01.01.2010

.5 M

Fiscal Year Ended 31.12.2008 417.0 5.57x 102.4 22.69x (255.9) -

1.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Deutsche Wohnen AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I BLACKROCK BLACKSTONE SUN LIFE FINANCIAL I FIRST EAGLE INVESTME INTL KAPITALANAGEGES WILLIAM BLAIR & COMP CAPITAL GROUP INTERN WILLIAM BLAIR & COMP ZURICH DEUTSCHE HERO AERZTEVERSORGUNG WES NORGES BANK MFS INTERNATIONAL LT APG ALGEMENE PENSIOE COHEN & STEERS CAPIT MACKAY SHIELDS LLC AXA ASSET VALUE INVESTOR MARKETFIELD ASSET MA RUFFER LLP

Firm Name M.M. Warburg Investment Research Deutsche Bank HSBC Baader Bank DZ Bank AG UBS Commerzbank Corporates & Markets Bankhaus Metzler Barclays ABN Amro Bank N.V. Independent Research GmbH JPMorgan EVA Dimensions Nord/LB Berenberg Bank Kepler Cheuvreux Bankhaus Lampe Goldman Sachs Morgan Stanley Kempen & Co Close Brothers Equity Markets

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

Analyst TORSTEN KLINGNER MARKUS SCHEUFLER THOMAS MARTIN ANDRE REMKE KARSTEN OBLINGER HOWARD LESSER THOMAS ROTHAEUSLER JOCHEN SCHMITT AARON GUY MICHIEL DE JONGE STEFAN BONGARDT NEIL GREEN DOUG WALTERS MICHAEL SEUFERT KAI MALTE KLOSE THOMAS NEUHOLD GEORG KANDERS JULIAN LIVINGSTON-BOOTH BIANCA RIEMER THOMAS VAN DER MEIJ MANUEL MARTIN

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

Recommendation buy hold neutral hold buy buy buy sell overweight sell buy neutral sell hold buy hold buy Buy/Neutral Overwt/Attractive neutral hold

Amt Held 11'990'870 11'784'498 8'150'000 8'081'228 7'582'897 6'802'161 5'569'716 5'156'318 4'904'415 4'882'360 4'863'335 4'854'266 4'730'559 4'571'243 4'391'101 4'035'222 3'815'480 2'953'855 2'504'060 2'442'913

% Out 7.1 6.98 4.83 4.79 4.49 4.03 3.3 3.05 2.91 2.89 2.88 2.88 2.8 2.71 2.6 2.39 2.26 1.75 1.48 1.45

Weighting

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

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

Latest Chg 362'823 1'544 992'658 2'209'316 2'504'060 -

Target Price 16 16 14 15 15 14 17 11 16 13 16 16 #N/A N/A 15 16 15 15 16 14 15 14

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

File Dt Inst Type 30.06.2013 Investment Advisor 07.08.2013 Investment Advisor 27.06.2013 Unclassified 19.02.2013 Investment Advisor 17.01.2013 Hedge Fund Manager 16.08.2012 Unclassified 30.06.2013 Investment Advisor 02.07.2013 Investment Advisor 14.05.2013 Investment Advisor 21.06.2013 Insurance Company 31.12.2012 Other 28.05.2013 Government 17.01.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 19.09.2012 Investment Advisor 31.05.2013 Investment Advisor 26.09.2012 Investment Advisor 12.03.2012 Investment Advisor 31.12.2012 Investment Advisor 28.04.2011 Investment Advisor

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

Date 08.08.2013 07.08.2013 06.08.2013 02.08.2013 29.07.2013 26.07.2013 12.07.2013 12.07.2013 11.07.2013 09.07.2013 26.06.2013 07.06.2013 06.06.2013 03.06.2013 14.05.2013 14.05.2013 10.05.2013 09.05.2013 30.04.2013 25.04.2013 14.01.2013

09.08.2013

European Aeronautic Defence and Space Co NV European Aeronautic Defence and Space Company manufactures airplanes and military equipment. The Company produces commercial aircraft including the Airbus, military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, and offers military and commercial aircraft conversion and maintenance services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EAD GY EQUITY YTD Change EAD GY EQUITY YTD % CHANGE

12/2012 06/yy 45.96 24.24 66'546.00 45.775 -0.11% 88.84% 99.63% 4'779.00 0.0 25.0 11'084.00 -

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

31.12.2009 31.12.2010 42'822.0 45'752.0 0.13x 0.17x 1'236.0 2'500.0 4.62x 3.02x (763.0) 553.0 Profitability

2.0 M 1.5 M 1.0 M .5 M

s-12

LTM-4Q 31.12.2011 49'128.0 0.31x 3'172.0 4.81x 1'033.0 -

31.12.2012 56'480.0 0.32x 3'927.0 4.58x 1'228.0 -

o-12

n-12

d-12

3'927.00 1'890.00 3.35% 2.97% 1.53% 17.52% 12.66% 0.64% 14.0% 7.5% 4.0% 2.2% 0.93 0.37 5.19% 45.91% 9.08 1.90

LTM

06/yy 52'126.0 1.33x 3'881.0 5.08x 1'503.0 0.00x

j-13

06/yy 57'878.0 1.68x 4'361.0 7.33x 1'393.0 0.00x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.67 51.86% 58.01% 0.667 29 4.448 109'180 112'266 136'179 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 58'655.4 62'514.4 13'431.0 17'964.3 5'509.5 6'514.0 1'302.0 1'826.0 2'050.8 2'691.8 454.0 761.0 17.14x 12.57x 18.06x 18.95x S&P Issuer Ratings

22.09.2010 APOS 02.10.2012 A-1 7.52 1.26 -0.33 1.54 45.9% 31.4% 0.64 3.87 40.20 192.40 65.53 142.58

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

2.5 M

Fiscal Year Ended 31.12.2008 43'265.0 0.09x 4'136.0 0.89x 1'572.0 -

50 45 40 35 30 25 20 15 10 5 0 a-12

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

09.08.2013

European Aeronautic Defence and Space Co NV Holdings By:

All

Holder Name FRENCH STATE FEDERAL REPUBLIC OF EUROPEAN AERONAUTIC CAPITAL GROUP COMPAN SOCIEDAD ESTATAL DE BLACKROCK VNESHECONOMBANK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD GROUP INC VIKING GLOBAL INVEST STATE STREET OLD MUTUAL OPPENHEIMERFUNDS INC PRIMECAP MANAGEMENT ONTARIO TEACHERS PEN INVESCO LTD NATIXIS ASSET MANAGE UBS AMUNDI

Firm Name

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

Analyst

AlphaValue THOMAS PICHERIT Morgan Stanley RUPINDER VIG Nord/LB WOLFGANG DONIE Exane BNP Paribas OLIVIER BROCHET Societe Generale ZAFAR KHAN Commerzbank Corporates & Markets STEPHAN BOEHM Bankhaus Lampe SEBASTIAN HEIN CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Oddo & Cie YAN DEROCLES DZ Bank AG MARKUS TURNWALD Deutsche Bank BEN FIDLER Investec ANDREW GOLLAN RBC Capital Markets ROBERT STALLARD JPMorgan DAVID H PERRY Jefferies SANDY MORRIS Sanford C. Bernstein & Co DOUGLAS S HARNED Landesbank Baden-Wuerttemberg STEFAN MAICHL Cantor Fitzgerald ANDREW CHAMBERS Independent Research GmbH ZAFER RUZGAR S&P Capital IQ UNAI FRANCO Espirito Santo Investment Bank Research EDWARD STACEY EVA Dimensions TIMOTHY STANISH Hamburger Sparkasse INGO SCHMIDT Day by Day VALERIE GASTALDY Kepler Cheuvreux CHRISTOPHE MENARD Barclays CARTER COPELAND UBS CHARLES ARMITAGE Gabelli & Co JAMES FOUNG

Source Research Research Research ULT-AGG Research ULT-AGG Research RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 13F Research ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation add Overwt/In-Line buy outperform buy buy buy reduce buy buy buy buy outperform overweight buy market perform buy buy buy strong buy sell overweight sell hold buy overweight buy hold

Amt Held 112'072'054 83'837'750 49'001'830 39'788'818 34'687'784 33'580'212 22'614'753 15'584'382 15'385'347 12'117'860 11'930'093 9'454'535 9'406'422 9'211'702 6'269'890 6'100'000 3'879'592 3'434'239 2'837'370 2'652'670

% Out 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

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

D 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 M

Latest Chg (12'977'088) 61'112'568 1'188'304 (53'355) (2'721) 3'341 (1'079'438) 126'714 (18'433) (9'990) 3'200 383'285 (40'610) (400'466)

Target Price 53 54 53 49 53 53 52 34 50 51 48 48 52 67 45 43 50 55 52 53 27 #N/A N/A #N/A N/A #N/A N/A 48 49 49 #N/A N/A

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

File Dt Inst Type 16.04.2013 Government 02.04.2013 Government 17.04.2013 Corporation 25.07.2013 Investment Advisor 04.04.2013 Government 07.08.2013 Investment Advisor 26.07.2013 Government 25.09.2012 Government 10.10.2012 Other 09.10.2012 Investment Advisor 10.10.2012 Hedge Fund Manager 08.08.2013 Investment Advisor 10.10.2012 Unclassified 05.10.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 13.09.2012 Investment Advisor 30.04.2013 Investment Advisor 08.08.2013 Unclassified 28.03.2013 Investment Advisor

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

Date 08.08.2013 06.08.2013 05.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 13.06.2013 06.06.2013 28.05.2013 20.05.2013 15.05.2013 15.05.2013 08.03.2013 10.10.2011

09.08.2013

E.ON SE E.ON SE operates in power generation and gas production businesses. The Company's operations include electric generation at conventional, nuclear, and renewable-source facilities, electric transmission via high-voltage wires network, regional distribution of electricity, gas, and heat, power trading and electricity, gas, and heat sales.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

12/2012 03/yy 19.74 11.82 2'947'006.00 12.27 -37.74% 3.85% 4.42% 2'001.0 24'552.27 25'944.00 0.0 3'862.0 6'097.00 43'433.27

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

70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 86'753.0 1.08x 5'403.0 17.28x 1'266.0 37.92x

20 18 16 14 12 10 8 6 4 2 0 a-12

31.12.2009 31.12.2010 81'817.0 92'863.0 1.11x 0.78x 12'703.0 13'006.0 7.18x 5.56x 8'396.0 5'853.0 6.50x 6.53x Profitability

LTM-4Q 31.12.2011 112'954.0 0.52x 4'269.0 13.73x (2'219.0) -

31.12.2012 132'093.0 0.38x 8'443.0 5.99x 2'217.0 12.36x 8'443.00 4'940.00 3.74% 2.51% 1.51% 6.27% 6.98% 0.90% 6.4% 3.7% 1.7% 1.20 0.61 18.48% 74.22% 7.73 -

Price/ Cash Flow

LTM

FY+1

.0 M a-13

1.07 1'847.04 -25.51% -5.60% 1.072 36 2.722 8'367'963 8'286'433 9'120'871 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 96'381.0 104'016.0 118'777.4 118'029.9 26'298.0 2.49x 2.09x 0.39x 0.39x 1'673.0 6'725.0 9'402.4 9'451.1 2'058.5 0.00x 0.00x 4.61x 4.59x (2'946.0) 2'827.0 2'507.5 2'510.8 431.5 0.00x 0.00x 9.60x 9.40x S&P Issuer Ratings Long-Term Rating Date 27.07.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 27.07.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 2.90 (EBITDA-Capex)/Interest Exp. 0.71 Net Debt/EBITDA 2.35 Total Debt/EBITDA 3.07 Reference Total Debt/Equity 74.2% Total Debt/Capital 40.1% Asset Turnover 0.90 Net Fixed Asset Turnover 2.40 Accounts receivable turnover-days 47.34 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

E.ON SE Holdings By:

All

Holder Name BLACKROCK E.ON AG GOVERNMENT OF NORWAY CREDIT SUISSE AG NORGES BANK MORGAN STANLEY VANGUARD GROUP INC SOCIETE GENERALE SA UNION INVESTMENT GMB PICTET FUNDS AMUNDI CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH T ROWE PRICE ASSOCIA UBS MERCURY ASSET MANAGE FRANKFURT TRUST INVE BNP PARIBAS INV PART GRANTHAM MAYO VAN OT DEKA INVESTMENT GMBH

Firm Name RBC Capital Markets Societe Generale M.M. Warburg Investment Research Grupo Santander Morgan Stanley Investec UBS Bankhaus Metzler Commerzbank Corporates & Markets Deutsche Bank Macquarie AlphaValue Exane BNP Paribas JPMorgan Independent Research GmbH HSBC Nord/LB Raymond James Barclays Credit Suisse Day by Day Main First Bank AG EVA Dimensions Hamburger Sparkasse Berenberg Bank Redburn Partners Landesbank Baden-Wuerttemberg S&P Capital IQ Goldman Sachs Equinet Institutional Services(ESN) Kepler Cheuvreux Banco Sabadell National Bank AG Natixis

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

Analyst JOHN MUSK ALBERTO PONTI STEPHAN WULF OSCAR NAJAR RIOS BOBBY CHADA HAROLD HUTCHINSON PATRICK HUMMEL DANIEL SEIDENSPINNER TANJA MARKLOFF ALEXANDER KARNICK ROBERT SCHRAMM-FUCHS EILEEN RYAN BENJAMIN LEYRE NATHALIE F CASALI SVEN DIERMEIER ADAM DICKENS HEINO HAMMANN EMMANUEL RETIF PETER BISZTYGA VINCENT GILLES VALERIE GASTALDY ANDREAS THIELEN DOUG WALTERS ANNEMARIE SCHLUETER TEAM COVERAGE AHMED FARMAN ERKAN AYCICEK CLIVE ROBERTS DEBORAH WILKENS MICHAEL SCHAEFER INGO BECKER JORGE GONZALEZ SADORNIL STEFFEN MANSKE PHILIPPE OURPATIAN

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

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

Amt Held 173'901'571 95'529'865 58'428'022 49'796'701 44'456'040 25'888'854 19'839'653 19'195'947 11'867'950 11'760'000 8'098'355 7'475'000 7'094'187 6'981'054 6'249'492 6'135'228 4'820'789 4'466'253 4'438'987 4'045'964

% Out 8.69 4.77 2.92 2.49 2.22 1.29 0.99 0.96 0.59 0.59 0.4 0.37 0.35 0.35 0.31 0.31 0.24 0.22 0.22 0.2

Weighting

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

M 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 M M M M M

Latest Chg 39'603 (25'128) 1'107'775 (1'964'569) 6'032'207 952'238 (1'000'703) 1'357'797 (332'188) 996'700 (31'421) 254'908 -

Target Price 11 12 17 13 15 12 12 11 13 12 12 17 14 13 11 11 14 #N/A N/A 16 10 #N/A N/A 15 #N/A N/A #N/A N/A 11 #N/A N/A 13 15 18 14 13 14 #N/A N/A 12

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

File Dt 07.08.2013 31.12.2011 25.04.2013 31.05.2013 31.12.2012 10.05.2012 30.06.2013 14.05.2013 28.03.2013 30.04.2013 28.03.2013 30.06.2013 30.04.2013 30.06.2013 08.08.2013 07.08.2013 30.04.2013 31.03.2013 30.11.2012 09.08.2013

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

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

Date 09.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 30.07.2013 19.07.2013 17.07.2013 04.07.2013 27.06.2013 26.06.2013 21.06.2013 10.06.2013 10.06.2013 07.06.2013 06.06.2013 30.05.2013 24.05.2013 21.05.2013 08.05.2013 08.05.2013 26.04.2013 18.03.2013 15.03.2013 15.02.2013 31.01.2013 31.01.2013

09.08.2013

Euromicron AG Euromicron AG a solution provider for communications, transport, data and security networks. The Company's network infrastructures integrate voice, video and data transport wirelessly, via copper cable and by means of fiber-optic technologies.

Price/Volume 25

.5 M .4 M

.4 M .3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EUCA GY EQUITY YTD Change EUCA GY EQUITY YTD % CHANGE

12/2012 06/yy 21.41 13.63 76'028.00 16.425 -22.85% 20.51% 25.27% 6.7 109.45 86.15 0.0 0.5 5.64 196.65

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

.2 M .2 M .1 M

.1 M 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 164.6 0.58x 18.5 5.15x 8.1 5.87x

.3 M

31.12.2009 31.12.2010 179.6 203.6 0.72x 0.80x 19.4 24.3 6.68x 6.69x 9.8 11.5 7.19x 9.08x Profitability

LTM-4Q 31.12.2011 305.3 0.55x 30.5 5.51x 12.2 6.87x

31.12.2012 330.0 0.61x 25.0 8.09x 8.6 14.06x 24.96 17.02 5.16% 3.70% 2.88% 6.83% 5.38% 1.17% 7.5% 5.0% 2.6% 1.28 0.43 30.35% 72.69% 5.12 -

Price/ Cash Flow

06/yy 329.8 2.45x 33.2 6.74x 12.8 8.79x

LTM 06/yy 330.3 2.43x 24.7 7.48x 8.2 11.82x

FY+1

.0 M a-13

0.90 6.66 -16.08% -7.73% 0.895 7 4.714 19'734 10'881 13'628 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 352.8 374.3 0.52x 0.49x 30.1 36.4 6.52x 5.40x 11.0 14.5 9.97x 7.53x S&P Issuer Ratings

5.52 4.59 3.52 3.82 72.7% 42.0% 1.17 21.19 71.31 -

Sales/Revenue/Turnover

50.00

350.0

45.00

300.0

40.00 35.00

250.0

30.00

200.0

25.00

150.0

20.00

100.0

15.00 10.00

50.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Euromicron AG Holdings By:

All

Holder Name ALLIANZ GLOBAL INVES UNIVERSAL INVESTMENT DWS INVESTMENT S A BARING FUND MANAGERS IFOS INTERNATIONALE BLACKROCK BARING INTERNATIONAL BNY MELLON SERVICE K WESTLB ASSET MANAGEM DIMENSIONAL FUND ADV GEBSER & PARTNER AG OPPENHEIM PRAMERICA LBBW ASSET MANAGEMEN VERWALTUNGS- UND PRI LBBW ASSET MANAGEMEN BESSEMER GROUP INCOR HAUCK & AUFHAUSER IN HANSAINVEST GMBH OPPENHEIM KAPITALANL BANQUE ET CAISSE D'E

Firm Name Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Equinet Institutional Services(ESN) Deutsche Bank Close Brothers Equity Markets Dr. Kalliwoda Equity Research GSC Research Solventis WPH-Bank GmbH

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

Analyst THOMAS HOFMANN MARKUS FRIEBEL WOLFGANG SPECHT ADRIAN PEHL BENJAMIN KOHNKE MARTIN DECOT NORBERT KALLIWODA MATTHIAS WAHLER KLAUS SCHLOTE

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

Recommendation Under Review buy buy buy hold buy buy buy buy

Amt Held % Out 6'663'799 100 328'227 4.93 300'000 4.5 97'500 1.46 56'097 0.84 (31'763) -0.48 28'797 0.43 20'000 0.3 14'400 0.22 12'246 0.18 12'000 0.18 10'890 0.16 9'700 0.15 6'000 0.09 5'000 0.08 4'231 0.06 3'500 0.05 3'000 0.05 1'858 0.03 1'500 0.02

Weighting #N/A N/A 5 5 5 3 5 5 5 5

Change M M M M M M M M M

Latest Chg 150'000 14'391 14'400 (1'500) (210) -

Target Price #N/A N/A 20 21 24 17 23 26 #N/A N/A 23

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

File Dt 25.06.2013 27.02.2012 30.04.2013 30.04.2013 29.05.2013 07.08.2013 26.07.2012 31.07.2013 31.03.2013 30.04.2013 28.03.2013 31.01.2013 28.02.2013 29.05.2013 28.02.2013 30.04.2013 28.06.2013 28.03.2013 28.06.2013 28.06.2013

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

Inst Type Other 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 Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 05.08.2013 08.05.2013 27.03.2013 23.11.2012 18.08.2010

09.08.2013

Evotec AG Evotec AG offers drug research, development, and manufacturing services. The Company offers assay development and screening and compound optimization services to pharmaceutical companies. Evotec also develops drugs on its own for out-licensing.

Price/Volume 4

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EVT GY EQUITY YTD Change EVT GY EQUITY YTD % CHANGE

12/2012 06/yy 3.07 2.06 185'065.00 2.557 -16.46% 24.43% 50.64% 118.6 303.36 17.64 0.0 0.0 65.64 264.16

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

1.5 M

1.0 M

1 .5 M

1 0 a-12

31.12.2009 31.12.2010 42.7 55.3 4.37x 5.10x (14.7) 7.2 39.01x (45.5) 3.3 97.33x Profitability

LTM-4Q 31.12.2011 80.1 2.86x 10.3 22.24x 6.7 38.95x

31.12.2012 87.3 3.02x 5.9 44.59x 2.5 131.30x 5.91 -3.20 -3.67% -5.75% -1.75% -2.54% 0.38% 35.6% 1.5% -10.9% 2.8% 2.60 2.38 7.82% 11.56% 6.04 17.96

Price/ Cash Flow

06/yy 88.8 10.85x 2.0 0.00x 7.6 33.90x

o-12

n-12

d-12

j-13

LTM 06/yy 81.9 12.86x 1.2 235.05x (3.8) 0.00x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.81 88.56 0.08% -2.63% 0.810 8 4.250 392'016 300'530 391'029 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97.5 111.3 2.66x 2.23x 15.4 21.0 17.07x 12.54x 4.4 12.0 55.59x 25.07x S&P Issuer Ratings

3.18 -1.22 -32.83 15.10 11.6% 10.4% 0.38 3.05 60.38 20.33 40.89 18.13

Sales/Revenue/Turnover

4'500.00

100.0

4'000.00

90.0

3'500.00

80.0 70.0

3'000.00

60.0

2'500.00 2'000.00

50.0 40.0

1'500.00

30.0

1'000.00

20.0

500.00

10.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 39.6 0.27x (47.7) (78.3) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Evotec AG Holdings By:

All

Holder Name OETKER ROLAND TVM V LIFE SCIENCE V DEUTSCHE BANK AG LBBW ASSET MANAGEMEN OXFORD ASSET MANAGEM BLACKROCK ADVISORS U BLACKROCK INV MGMT U LANTHALER WERNER ZUERCHER KANTONALBAN UNIVERSAL INVESTMENT DEKA INVESTMENT GMBH VANGUARD GROUP INC BARING FUND MANAGERS BLACKROCK LBBW ASSET MANAGEMEN DEUTSCHE POSTBANK CA DIMENSIONAL FUND ADV DWS INVESTMENT S A MMA FINANCE UNION INVESTMENT LUX

Firm Name Deutsche Bank Close Brothers Equity Markets Montega Commerzbank Corporates & Markets EVA Dimensions DZ Bank AG Berenberg Bank Kempen & Co

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GUNNAR ROMER IGOR KIM STEFAN SCHROEDER VOLKER BRAUN TIMOTHY STANISH HEINZ MUELLER ALISTAIR CAMPBELL MARK POSPISILIK

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

Recommendation hold buy buy buy sell buy buy buy

Amt Held % Out 17'429'685 14.69 11'850'670 9.99 3'459'501 2.92 3'360'000 2.83 (711'281) -0.6 (569'025) -0.48 (545'315) -0.46 516'494 0.44 500'000 0.42 484'304 0.41 450'000 0.38 440'087 0.37 400'000 0.34 (201'095) -0.17 200'000 0.17 180'600 0.15 177'799 0.15 161'853 0.14 130'000 0.11 76'718 0.06

Weighting

Change 3 5 5 5 1 5 5 5

M M M M M M M M

Latest Chg (118'547) 130'401 142'256 184'304 53'934 112'167 130'000 -

Target Price 3 4 4 4 #N/A N/A 4 4 4

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Venture Capital 28.06.2013 Investment Advisor 20.08.2012 Unclassified 03.07.2013 Hedge Fund Manager 16.05.2013 Investment Advisor 15.05.2013 Investment Advisor 31.12.2012 n/a 31.01.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 07.08.2013 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 29.06.2012 Investment Advisor 28.03.2013 Investment Advisor

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

Date 08.08.2013 08.08.2013 12.07.2013 09.07.2013 06.06.2013 17.05.2013 14.05.2013 15.01.2013

09.08.2013

Fielmann AG Fielmann AG produces and markets prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies. The Company retails its products through Fielmann stores in Europe.

Price/Volume 90

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (18.03.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FIE GY EQUITY YTD Change FIE GY EQUITY YTD % CHANGE

12/2012 03/yy 82.99 69.51 6'501.00 79.91 -3.69% 14.96% 78.26% 42.0 3'356.22 2.60 0.0 0.1 285.05 3'030.59

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

.1 M

31.12.2009 31.12.2010 952.5 993.7 2.08x 2.80x 192.3 200.4 10.29x 13.90x 111.1 117.8 19.45x 25.41x Profitability

.0 M

10 0 a-12

s-12

LTM-4Q 31.12.2011 1'053.4 2.75x 208.3 13.92x 122.2 25.24x

31.12.2012 1'107.1 2.51x 214.9 12.95x 126.4 24.25x 214.90 180.26 16.28% 16.32% 15.88% 21.36% 1.40% 19.3% 16.2% 11.4% 2.96 2.05 0.34% 0.45% 27.85 -

Price/ Cash Flow

03/yy 1'069.1 10.89x 211.4 13.19x 124.5 24.28x

o-12

n-12

d-12

j-13

LTM 03/yy 1'113.4 9.97x 215.1 12.50x 126.5 23.84x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.64 11.91 11.98% 13.30% 0.640 23 2.652 20'675 33'914 36'826 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'163.1 1'223.4 294.0 300.0 2.68x 2.53x 228.7 242.3 13.30x 12.56x 135.1 145.0 32.0 43.0 24.90x 23.25x S&P Issuer Ratings

103.72 89.56 -1.51 0.01 0.5% 0.5% 1.40 5.61 13.10 -

Sales/Revenue/Turnover

60.00

1'200.0

50.00

1'000.0

40.00

800.0

30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 902.7 1.96x 190.5 9.27x 110.6 17.68x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Fielmann AG Holdings By:

All

Holder Name FIELMANN FAMILIENSTI CREDIT SUISSE GROUP SCHRODER INVESTMENT ALLIANZ ASSET MANAGE FIL LIMITED NORGES BANK UNION INVESTMENT GMB DANSKE INVEST MANAGE DANSKE INVEST A/S FMR LLC ADIG INVESTMENT NATIXIS ASSET MANAGE BLACKROCK IG INVESTMENT MANAGE JUPITER ASSET MANAGE DEUTSCHE BANK AG BESSEMER GROUP INCOR FIDELITY INVESTMENT AMERIPRISE FINANCIAL CHARLES SCHWAB INVES

Firm Name Equinet Institutional Services(ESN) HSBC Nord/LB Hamburger Sparkasse Bankhaus Metzler Baader Bank Hauck & Aufhaeuser Main First Bank AG Bankhaus Lampe M.M. Warburg Investment Research Exane BNP Paribas Commerzbank Corporates & Markets Kepler Cheuvreux EVA Dimensions Deutsche Bank Landesbank Baden-Wuerttemberg DZ Bank AG Berenberg Bank SRH AlsterResearch BHF-Bank Silvia Quandt Research Hammer Partners SA GSC Research

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

Analyst

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

Recommendation

KONRAD LIEDER THOMAS TEETZ WOLFGANG VASTERLING CHRISTIAN HAMANN STEFAN WIMMER VOLKER BOSSE CHRISTIAN NIKOLAS SCHWENKENBECHER GAEL COLCOMBET CHRISTOPH SCHLIENKAMP THILO KLEIBAUER ANDREAS INDERST GEORG REMSHAGEN CRAIG ABBOTT CRAIG STERLING BENJAMIN GOY BERND MUELL THOMAS MAUL ANNA PATRICE CARSTEN MAINITZ PETER STEINER KLAUS KRAENZLE STEPHAN SEIP MATTHIAS SCHRADE

accumulate underweight hold hold sell sell sell outperform hold hold underperform hold reduce overweight sell hold buy hold sell overweight neutral sell buy

Amt Held 30'090'422 1'200'937 403'041 366'248 329'464 300'132 285'300 281'897 281'218 233'011 215'174 168'000 145'176 134'201 123'707 106'621 99'922 91'583 64'244 62'684

% Out 71.64 2.86 0.96 0.87 0.78 0.71 0.68 0.67 0.67 0.55 0.51 0.4 0.35 0.32 0.29 0.25 0.24 0.22 0.15 0.15

Weighting

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

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

Latest Chg (106'369) 4'456 1'771 (2'309) 7'455 17'000 (6'046) (529) 8'706

Target Price 84 70 72 #N/A N/A 71 65 61 85 74 75 69 70 67 #N/A N/A 60 79 83 68 64 80 77 66 #N/A N/A

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

File Dt 09.04.2013 26.06.2013 30.04.2013 30.04.2013 31.10.2012 31.12.2012 28.03.2013 28.03.2013 31.05.2013 30.06.2013 30.04.2013 30.04.2013 07.08.2013 31.03.2013 30.04.2013 28.06.2013 30.04.2013 31.12.2012 28.06.2013 08.08.2013

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.07.2013 16.07.2013 15.07.2013 12.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 05.07.2013 04.07.2013 20.06.2013 22.05.2013 14.05.2013 02.05.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 06.02.2013 08.11.2012 23.08.2012 15.09.2011

09.08.2013

Fresenius Medical Care AG & Co KGaA Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (31.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FME GY EQUITY YTD Change FME GY EQUITY YTD % CHANGE

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

2.0 M

1.0 M

10 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 10'612.3 1.81x 2'088.1 9.19x 817.6 17.10x

3.0 M

12/2012 06/yy 59.58 46.52 363'244.00 49.11 -17.46% 5.58% 19.79% 307.5 15'302.20 8'298.48 0.0 788.0 688.04 21'685.13

31.12.2009 31.12.2010 11'247.5 12'053.5 1.84x 1.88x 2'212.7 2'427.0 9.33x 9.36x 891.1 978.5 17.72x 17.64x Profitability

LTM-4Q 31.12.2011 12'570.5 2.22x 2'632.2 10.62x 1'071.2 19.22x

31.12.2012 13'800.3 2.15x 2'821.5 10.50x 1'186.8 17.78x 2'821.47 2'218.57 16.08% 14.00% 4.61% 11.55% 8.24% 0.64% 33.3% 19.8% 15.4% 8.6% 1.93 0.26 37.17% 92.80% -

Price/ Cash Flow

LTM

06/yy 13'016.8 8.90x 2'766.3 10.89x 1'249.5 17.12x

06/yy 14'200.0 8.40x 2'811.9 10.70x 1'015.0 21.35x

FY+1

.0 M a-13

0.52 213.17 -14.35% -4.76% 0.517 34 3.471 766'574 1'057'360 941'388 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'584.0 15'237.5 3'645.0 3'826.0 1.98x 1.86x 7.66x 7.24x 2'901.1 2'999.2 693.5 766.8 9.91x 9.58x 10.05x 9.92x 1'124.0 1'174.7 273.8 327.6 17.82x 16.94x 17.49x 17.56x S&P Issuer Ratings

19.09.2012 BB+ POS 6.00 4.56 2.76 2.97 92.8% 46.0% 0.64 15.56

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Fresenius Medical Care AG & Co KGaA Holdings By:

All

Holder Name FRESENIUS SE & CO KG BLACKROCK THORNBURG INVESTMENT NORGES BANK CAPITAL GROUP COMPAN ROYAL BANK OF SCOTLA VANGUARD GROUP INC BNP PARIBAS INV PART HARBOR CAPITAL ADVIS THREADNEEDLE INVESTM ALLIANZ ASSET MANAGE DEUTSCHE BANK AG INVESCO LTD SARASIN FIL LIMITED UNION INVESTMENT GMB SUN LIFE FINANCIAL I RUFFER LLP UBS VERITAS ASSET MANAGE

Firm Name Societe Generale Sanford C. Bernstein & Co Hamburger Sparkasse AlphaValue Jefferies DZ Bank AG Deutsche Bank Nord/LB Credit Suisse HSBC Independent Research GmbH Berenberg Bank Bryan Garnier & Cie Barclays Morgan Stanley Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Equinet Institutional Services(ESN) S&P Capital IQ Exane BNP Paribas Helvea JPMorgan Goldman Sachs Bankhaus Metzler UBS Kepler Cheuvreux Erste Group Commerzbank Corporates & Markets EVA Dimensions Day by Day Main First Bank AG National Bank AG SunTrust Robinson Humphrey

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

Analyst JUSTIN SMITH LISA BEDELL CLIVE MARCO GUENTHER MARTIN SCHNEE INGEBORG OIE SVEN OLAF KUERTEN HOLGER BLUM HOLGER FECHNER CHRISTOPH GRETLER JAN KEPPELER CHRISTOPH SCHOENDUBE TOM JONES MATHIEU CHABERT SALLY TAYLOR MICHAEL K JUNGLING TIMO KUERSCHNER ULRICH HUWALD KONRAD LIEDER SHO MATSUBARA JULIEN DORMOIS OLAV ZILIAN DAVID J ADLINGTON VERONIKA DUBAJOVA SEBASTIAN FRERICKS MARTIN WALES OLIVER REINBERG HANS ENGEL VOLKER BRAUN TIMOTHY STANISH VALERIE GASTALDY MARCUS WIEPRECHT STEFFEN MANSKE DAVID S MACDONALD

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

Recommendation hold outperform buy buy hold hold hold hold neutral neutral hold buy buy overweight Overwt/In-Line buy buy accumulate sell neutral neutral underweight neutral/neutral buy buy hold hold add underweight hold underperform hold buy

Amt Held 94'380'382 22'174'442 15'147'822 5'276'888 4'252'100 3'847'973 3'535'281 2'979'371 2'694'206 2'427'126 1'980'208 1'767'324 1'233'041 1'202'357 1'185'836 1'128'199 1'082'708 1'077'120 1'008'240 723'734

% Out 30.69 7.21 4.93 1.72 1.38 1.25 1.15 0.97 0.88 0.79 0.64 0.57 0.4 0.39 0.39 0.37 0.35 0.35 0.33 0.24

Weighting

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

D 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 U M M M M M

Latest Chg (371'048) (8'000) 759'546 (84'015) 2'694'206 376'379 53'166 199'387 (11'363) 21'549 (1'535'709) 99'799 29'978 (94'101) -

Target Price 53 62 #N/A N/A 59 49 48 46 50 46 51 53 58 54 59 53 58 58 55 44 53 55 46 48 54 54 47 #N/A N/A 61 #N/A N/A #N/A N/A 50 57 63

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

File Dt 18.02.2013 07.08.2013 06.02.2013 31.12.2012 30.06.2013 21.05.2013 30.06.2013 31.03.2013 31.03.2013 28.02.2013 30.06.2013 28.06.2013 08.08.2013 30.04.2013 31.12.2012 28.03.2013 30.06.2013 28.02.2013 30.04.2013 30.09.2012

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

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

Date 06.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 16.07.2013 08.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 27.06.2013 06.06.2013 20.05.2013 09.05.2013 31.10.2012 02.11.2011

09.08.2013

Freenet AG Freenet AG provides internet and telecommunications services in Germany. The company offers mobile and fixed line telephone, internet access services, information and news services, its own internet catalog, DINO-Online, e-mail accounts, e-commerce services and and set-up of homepages. Through its subsidiary mobilcom is also the franchiser of the MobilCom retail shops.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (10.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FNTN GY EQUITY YTD Change FNTN GY EQUITY YTD % CHANGE

12/2012 06/yy 18.65 11.13 250'709.00 18.48 -0.75% 66.01% 97.34% 128.1 2'366.57 656.55 0.0 0.4 205.22 2'906.98

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

1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 2'776.5 0.66x 187.7 9.78x 112.2 3.61x

20 18 16 14 12 10 8 6 4 2 0 a-12

31.12.2009 31.12.2010 3'601.8 3'339.5 0.55x 0.49x 347.8 335.8 5.73x 4.88x 256.5 112.4 67.07x 8.49x Profitability

LTM-4Q 31.12.2011 3'266.6 0.55x 336.3 5.38x 143.8 8.93x

31.12.2012 3'089.0 0.73x 352.1 6.38x 173.1 10.37x 352.06 204.16 6.61% 5.40% 8.75% 18.65% 14.06% 1.35% 11.1% 7.9% 5.6% 1.05 0.91 26.54% 55.15% 8.28 -

Price/ Cash Flow

06/yy 3'233.4 2.34x 344.6 5.93x 179.2 8.24x

LTM 06/yy 3'187.5 3.11x 353.3 7.63x 206.3 10.46x

FY+1

.0 M a-13

0.59 113.94 63.31% 42.14% 0.591 17 4.176 652'943 510'729 669'304 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'229.2 3'253.8 775.0 774.0 0.86x 0.84x 356.9 363.4 88.7 87.7 8.14x 8.00x 234.5 246.8 10.06x 9.56x S&P Issuer Ratings

7.86 7.39 1.52 1.88 55.2% 35.5% 1.35 108.91 44.11 -

Sales/Revenue/Turnover

12.00

4'000.0 3'500.0

10.00

3'000.0 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Freenet AG Holdings By:

All

Holder Name FLOSSBACH VON STORCH JP MORGAN DRILLISCH AG MPS HOLDING GMBH NORGES BANK VANGUARD GROUP INC FIL LIMITED DWS INVESTMENT S A LORD ABBETT & CO LLC PEAR TREE ADVISORS I BLACKROCK BARING FUND MANAGERS KEMPEN CAPITAL MANAG PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL SCHRODER INVESTMENT DEUTSCHE BANK AG DEKA INVESTMENT GMBH JULIUS BAER MULTICOO

Firm Name Bankhaus Metzler Commerzbank Corporates & Markets Deutsche Bank Landesbank Baden-Wuerttemberg Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research Berenberg Bank Close Brothers Equity Markets Equinet Institutional Services(ESN) HSBC DZ Bank AG UBS Kepler Cheuvreux EVA Dimensions Nomura

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

Analyst ULRICH TRABERT HEIKE PAULS BENJAMIN KOHNKE STEFAN BORSCHEID MARKUS FRIEBEL SASCHA BERRESCH WOLFGANG SPECHT JOCHEN REICHERT USMAN GHAZI MARCUS SILBE ADRIAN PEHL DOMINIK KLARMANN KARSTEN OBLINGER VIKRAM KARNANY THOMAS KARLOVITS ANDREW S ZAMFOTIS HENRIK NYBLOM

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

Recommendation buy buy hold buy hold buy buy hold hold hold accumulate overweight buy buy reduce buy neutral

Amt Held 6'313'408 5'797'465 5'766'540 4'494'941 3'863'574 1'724'855 1'595'742 1'356'400 1'208'581 1'045'339 1'032'949 1'013'936 968'486 923'224 905'317 878'372 853'939 770'943 658'210 629'291

% Out 4.93 4.53 4.5 3.51 3.02 1.35 1.25 1.06 0.94 0.82 0.81 0.79 0.76 0.72 0.71 0.69 0.67 0.6 0.51 0.49

Weighting

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

M M M M M M M M M M M M M M M M M

Latest Chg (56'606) (235'613) (84'540) 604'700 28'320 8'544 (110'400) 101'378 322'850 265'062 148'057 (75'049)

Target Price 21 22 18 20 20 20 21 16 18 18 21 20 20 20 18 #N/A N/A 9

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

File Dt 18.03.2013 30.06.2013 24.06.2013 20.03.2013 11.06.2013 30.06.2013 31.10.2012 30.04.2013 28.06.2013 30.06.2013 07.08.2013 30.04.2013 31.03.2013 30.06.2013 30.04.2013 30.06.2013 30.04.2013 30.04.2013 09.08.2013 31.03.2013

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

Inst Type Investment Advisor Investment Advisor Corporation n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 15.07.2013 09.07.2013 15.05.2013 15.01.2013 17.12.2010

09.08.2013

Fuchs Petrolub SE Fuchs Petrolub SE refines and produces industrial and automotive lubricants, hydraulic oils, and polishing products. The Company also produces biodegradable oils. Fuchs manufactures and markets its products worldwide.

Price/Volume 70

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (13.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FPE3 GY EQUITY YTD Change FPE3 GY EQUITY YTD % CHANGE

12/2011 06/yy 68.62 43.70 55'080.00 58.26 -15.08% 33.32% 59.87% 35.5 3'865.57 8.90 0.0 1.6 143.70 3'780.47

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

1.5 M

1.0 M

20 .5 M

10 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'393.7 0.74x 193.5 5.34x 109.4 8.71x

31.12.2009 31.12.2010 1'178.1 1'458.6 1.19x 1.55x 202.2 266.0 6.95x 8.51x 120.8 170.7 11.89x 13.75x Profitability

LTM-4Q 31.12.2011 1'651.5 1.26x 285.7 7.26x 182.4 11.76x

31.12.2012 1'819.1 2.06x 308.3 12.14x 206.6 18.28x 308.30 281.40 15.47% 16.02% 19.90% 28.70% 1.70% 36.6% 17.4% 16.0% 11.4% 2.45 1.45 0.80% 1.14% 6.33 4.81

Price/ Cash Flow

06/yy 1'743.1 5.57x 293.4 9.58x 192.6 14.87x

LTM 06/yy 1'819.4 8.01x 317.4 11.40x 212.4 17.50x

FY+1

.0 M a-13

0.79 35.49 34.00% 5.90% 0.789 20 3.050 118'188 117'312 185'133 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'876.9 1'962.4 475.0 450.0 1.95x 1.82x 337.6 357.8 91.1 85.9 11.20x 10.57x 218.9 232.4 58.9 54.9 18.88x 17.67x S&P Issuer Ratings

123.32 94.76 -0.27 0.02 1.1% 1.1% 1.70 7.33 57.70 75.82 46.16 47.29

Sales/Revenue/Turnover

30.00

2'000.0 1'800.0

25.00

1'600.0 1'400.0

20.00

1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Fuchs Petrolub SE Holdings By:

All

Holder Name ALLIANZ ASSET MANAGE MAWER INVESTMENT MAN BLACKROCK THREADNEEDLE INVESTM DEUTSCHE BANK AG MACKAY SHIELDS LLC BAILLIE GIFFORD AND MARKETFIELD ASSET MA DWS INVESTMENT SA MAINFIRST SICAV SUN LIFE FINANCIAL I VANGUARD GROUP INC UNION INVESTMENT GMB JP MORGAN CAPITAL GROUP COMPAN ABERDEEN LOMBARD ODIER DARIER NATIXIS ASSET MANAGE BNP PARIBAS INV PART DANSKE INVEST A/S

Firm Name Independent Research GmbH Goldman Sachs DZ Bank AG Nord/LB Bankhaus Metzler Deutsche Bank Baader Bank Macquarie Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research Equinet Institutional Services(ESN) Steubing AG Main First Bank AG Kepler Cheuvreux Berenberg Bank Commerzbank Corporates & Markets EVA Dimensions HSBC GSC Research

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

Analyst CHRISTOPH SCHOENDUBE BENJAMIN MOORE HEINZ MUELLER THORSTEN STRAUSS LARS HETTCHE UWE SCHUPP NORBERT BARTH CHRISTIAN FAITZ ULLE WORNER THOMAS WISSLER HEIKO FEBER OLIVER SCHWARZ NADESHDA DEMIDOVA TOBIAS SCHMIDT HOLGER OCHS MARTIN ROEDIGER JOHN PHILIPP KLEIN LUTZ GRUETEN TIMOTHY STANISH JESKO MAYER-WEGELIN MATTHIAS SCHRADE

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

Recommendation hold neutral/neutral buy hold buy hold buy neutral hold sell sell hold reduce hold underperform buy hold hold overweight underweight buy

Amt Held 2'317'150 1'060'114 1'053'639 885'377 862'037 839'768 741'142 582'152 331'298 291'090 289'967 278'249 185'100 149'553 146'800 130'700 115'000 86'800 80'588 80'043

% Out 6.53 2.99 2.97 2.49 2.43 2.37 2.09 1.64 0.93 0.82 0.82 0.78 0.52 0.42 0.41 0.37 0.32 0.24 0.23 0.23

Weighting

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

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

Latest Chg (91'495) 13'772 725 360'635 304'152 (5'576) 85'975 110'100 (11'080) (242'000) (5'000) (20'210) -

Target Price 65 69 67 64 65 55 67 44 62 49 50 63 48 56 58 68 54 56 #N/A N/A 48 #N/A N/A

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

File Dt 28.06.2013 09.05.2013 07.08.2013 28.02.2013 28.06.2013 31.05.2013 31.05.2013 31.12.2012 28.03.2013 28.02.2013 30.06.2013 30.06.2013 28.03.2013 31.03.2013 30.06.2013 30.06.2013 31.01.2013 30.04.2013 31.03.2013 31.05.2013

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

Inst Type 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 08.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 29.07.2013 25.07.2013 24.07.2013 06.06.2013 14.01.2013 24.05.2012

09.08.2013

Fraport AG Frankfurt Airport Services Worldwide Fraport AG Frankfurt Airport Services Worldwide offers airport services. The Company operates the Frankfurt-Main, Frankfurt-Hahn and other German airports, the airport in Lima, Peru, and the international terminal in Antalya, Turkey. Fraport also provides services to domestic and international carriers including traffic, facility and terminal management, ground handling, and security.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRA GY EQUITY YTD Change FRA GY EQUITY YTD % CHANGE

12/2012 06/yy 49.90 41.51 107'399.00 49.575 -0.48% 19.43% 94.93% 92.3 4'574.65 4'597.60 0.0 35.7 821.90 8'555.15

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

10 0 a-12

31.12.2009 31.12.2010 1'972.6 2'194.6 2.94x 3.17x 567.5 719.8 10.23x 9.65x 150.0 262.9 22.12x 16.49x Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

LTM-4Q 31.12.2011 2'371.2 2.89x 807.1 8.49x 240.4 14.50x

31.12.2012 2'442.0 3.22x 852.9 9.21x 238.3 16.96x 852.90 500.20 20.48% 14.99% 2.45% 8.17% 5.43% 0.26% 34.5% 19.9% 9.8% 1.71 1.14 47.69% 158.00% 11.17 -

Price/ Cash Flow

06/yy 2'399.2 12.40x 806.4 9.60x 215.2 18.14x

LTM 06/yy 2'500.8 12.77x 861.8 9.58x 232.9 18.33x

FY+1

0.82 32.89 13.33% 16.07% 0.818 30 3.700 112'194 108'165 131'208 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'573.1 2'638.3 717.0 737.0 3.20x 3.12x 890.2 924.5 9.62x 9.26x 225.0 262.7 20.35x 17.48x S&P Issuer Ratings

3.76 1.12 4.58 5.34 158.0% 61.0% 0.26 0.42 32.68 -

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 2'101.6 1.89x 613.0 6.49x 189.7 14.93x

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Fraport AG Frankfurt Airport Services Worldwide Holdings By:

All

Holder Name STATE OF HESSEN CITY OF FRANKFURT TREASURY GROUP INV S DEUTSCHE LUFTHANSA A ARTIO GLOBAL INVESTO LAZARD ASSET MANAGEM RARE INFRASTRUCTURE DEUTSCHE BANK AG FIRST EAGLE INVESTME BLACKROCK SPARINVEST NORGES BANK TAUBE HODSON STONEX LANSDOWNE PARTNERS L LAZARD GLOBAL ACTIVE VANGUARD GROUP INC NORTHERN TRUST CORPO FRANK RUSSELL TRUST FIL LIMITED MORGAN STANLEY

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

Firm Name

Analyst

JPMorgan M.M. Warburg Investment Research Nomura Exane BNP Paribas Commerzbank Corporates & Markets HSBC Independent Research GmbH Bankhaus Lampe DZ Bank AG AlphaValue Deutsche Bank RBC Capital Markets Raymond James Landesbank Baden-Wuerttemberg Natixis Equinet Institutional Services(ESN) S&P Capital IQ Macquarie Main First Bank AG Morgan Stanley Kepler Cheuvreux Bankhaus Metzler Goldman Sachs EVA Dimensions Nord/LB Berenberg Bank UBS Grupo Santander Barclays Equita SIM SpA

ELODIE RALL CHRISTIAN COHRS PETER LARKIN NICOLAS MORA FRANK SKODZIK JOSEPH P THOMAS ZAFER RUZGAR SEBASTIAN HEIN DIRK SCHLAMP HANS-PETER WODNIOK MICHAEL KUHN DAMIAN BREWER ARNAUD PALLIEZ BARBARA AMBRUS GREGOIRE THIBAULT JOCHEN ROTHENBACHER JAWAHAR HINGORANI SAM DOBSON TOBIAS SITTIG DANIEL RUIVO RUXANDRA HARADAU-DOESER GUIDO HOYMANN NICK EDELMAN TIMOTHY STANISH FRANK SCHWOPE WILLIAM FOGGON ALEX BRIGNALL JOAQUIN FERRER SUSANNA INVERNIZZI GIANMARCO BONACINA

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

Recommendation underweight buy buy neutral buy neutral hold buy buy reduce buy outperform outperform buy reduce buy strong buy outperform outperform Equalwt/In-Line reduce sell Buy/Neutral underweight hold hold neutral buy overweight not rated

Amt Held % Out 28'954'491 31.38 18'488'457 20.04 17'419'565 18.88 9'119'742 9.88 4'509'210 4.89 2'913'891 3.16 2'821'680 3.06 1'245'188 1.35 1'014'217 1.1 1'000'198 1.08 672'427 0.73 620'957 0.67 496'821 0.54 (461'083) -0.5 430'913 0.47 426'243 0.46 329'602 0.36 293'416 0.32 272'275 0.3 260'842 0.28

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

Change 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 U M

Latest Chg 45'940 (503'700) 1'602 45'949 32'120 167'618 60'443 (326'188) 48'078

Target Price 50 55 52 53 57 51 51 54 55 47 53 60 #N/A N/A 54 42 56 55 59 53 54 39 41 56 #N/A N/A 45 43 46 56 52 46

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

File Dt Inst Type 31.12.2012 Other 31.12.2012 Unclassified 30.04.2013 Investment Advisor 31.12.2012 Corporation 29.02.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 07.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 12.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 03.08.2013 02.08.2013 16.07.2013 11.07.2013 18.06.2013 10.06.2013 06.06.2013 24.05.2013 08.05.2013 14.03.2013 12.03.2013 23.01.2013 10.09.2010

09.08.2013

Fresenius SE & Co KGaA Fresenius SE & Co KGaA i s a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators and plasma and hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

Price/Volume 120

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (11.01.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRE GY EQUITY YTD Change FRE GY EQUITY YTD % CHANGE

12/2012 06/yy 100.10 81.83 108'384.00 95.83 -3.90% 17.11% 74.33% 178.3 17'083.72 11'464.00 0.0 5'523.0 885.00 32'615.72

.8 M .6 M

.4 M 20

.2 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

1.4 M

Valuation Analysis

31.12.2008 12'336.0 1.43x 2'260.0 7.82x 270.0 21.19x

1.6 M

100

31.12.2009 31.12.2010 14'164.0 15'972.0 1.32x 1.40x 2'616.0 3'057.0 7.17x 7.31x 494.0 622.0 14.20x 16.30x Profitability

LTM-4Q 31.12.2011 16'361.0 1.60x 3'237.0 8.08x 690.0 16.86x

31.12.2012 19'290.0 1.64x 3'759.0 8.41x 926.0 16.28x 3'759.00 2'983.00 15.46% 12.40% 3.25% 13.61% 0.68% 32.6% 19.5% 15.5% 4.8% 1.56 0.87 37.39% 150.19% 5.60 7.31

Price/ Cash Flow

LTM

06/yy 17'593.0 6.23x 3'510.0 8.79x 875.0 15.34x

06/yy 20'041.0 4.80x 2'851.0 0.00x 946.0 17.63x

FY+1

.0 M a-13

0.49 130.04 11.98% 11.29% 0.491 31 4.000 347'850 430'024 412'777 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'650.9 21'777.9 5'098.0 5'480.5 1.55x 1.43x 3'996.2 4'242.1 974.0 1'051.0 8.15x 7.68x 1'038.1 1'163.0 254.5 302.0 16.27x 14.53x S&P Issuer Ratings

19.09.2012 BB+ POS 5.22 3.87 2.81 3.05 150.2% 46.6% 0.68 4.23 65.31 50.06 24.65 90.72

Sales/Revenue/Turnover

8.00

25'000.0

7.00

20'000.0

6.00 5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Fresenius SE & Co KGaA Holdings By:

All

Holder Name ELSE KRONER FOUNDATI BLACKROCK CAPITAL GROUP COMPAN NORGES BANK ALLIANZ ASSET MANAGE FMR LLC DEUTSCHE BANK AG T ROWE PRICE ASSOCIA JUPITER ASSET MANAGE HARBOR CAPITAL ADVIS VANGUARD GROUP INC UNION INVESTMENT GMB DEKA INVESTMENT GMBH SCHRODER INVESTMENT UMB BANK N A ADIG INVESTMENT WILLIAM BLAIR & COMP HENDERSON GLOBAL INV FIL LIMITED FINANCIERE DE L'ECHI

Firm Name Morgan Stanley Berenberg Bank Societe Generale Hamburger Sparkasse DZ Bank AG Jefferies AlphaValue Nord/LB Credit Suisse HSBC Bryan Garnier & Cie Exane BNP Paribas Barclays Deutsche Bank Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Day by Day JPMorgan UBS Kepler Cheuvreux EVA Dimensions M.M. Warburg Investment Research Commerzbank Corporates & Markets Goldman Sachs Main First Bank AG National Bank AG Equita SIM SpA

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a FINANCIERE DE L'ECHI

Analyst MICHAEL K JUNGLING TOM JONES JUSTIN SMITH MARCO GUENTHER SVEN OLAF KUERTEN INGEBORG OIE MARTIN SCHNEE HOLGER FECHNER CHRISTOPH GRETLER JAN KEPPELER MATHIEU CHABERT JULIEN DORMOIS SALLY TAYLOR HOLGER BLUM TIMO KUERSCHNER CHRISTOPH SCHOENDUBE SEBASTIAN FRERICKS KONRAD LIEDER SHO MATSUBARA VALERIE GASTALDY DAVID J ADLINGTON MARTIN WALES OLIVER REINBERG TIMOTHY STANISH ULRICH HUWALD VOLKER BRAUN VERONIKA DUBAJOVA MARCUS WIEPRECHT STEFFEN MANSKE GIANMARCO BONACINA

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

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

Amt Held 48'231'698 10'703'476 5'557'985 3'403'434 2'585'202 2'383'843 2'091'332 1'904'216 1'622'170 1'533'775 1'314'454 1'255'600 1'088'659 856'403 773'703 671'596 613'447 607'116 544'634 518'044

% Out 27.06 6 3.12 1.91 1.45 1.34 1.17 1.07 0.91 0.86 0.74 0.7 0.61 0.48 0.43 0.38 0.34 0.34 0.31 0.29

Weighting

Change

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

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 M M D

Latest Chg (34'622) (113'399) 63'224 (91'475) 84'616 1'533'775 16'576 254'073 83'475 139'480 (25'300) (707'964) (364) (478'588) -

Target Price 104 112 126 #N/A N/A 102 111 104 110 105 110 103 110 97 91 100 102 89 104 90 103 92 103 103 #N/A N/A 107 97 109 92 100 57

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

File Dt 31.12.2012 07.08.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 28.06.2013 30.06.2013 30.04.2013 31.03.2013 30.06.2013 28.03.2013 30.04.2013 28.03.2013 28.06.2013 30.04.2013 30.06.2013 31.03.2013 31.12.2012 28.06.2013

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

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

Date 08.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 17.07.2013 16.07.2013 04.07.2013 02.07.2013 06.06.2013 03.05.2013 26.04.2013 27.02.2013 27.02.2013 31.10.2012 02.03.2010

09.08.2013

GEA Group AG GEA Group AG offers engineering services. The Company designs and constructs factories that refine metals, produce hydrocarbon products and chemicals, and treat sewage. GEA designs production lines for food processors, beverage bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.

Price/Volume 35

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.07.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance G1A GY EQUITY YTD Change G1A GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 5'179.0 0.42x 542.3 4.06x 99.6 6.43x

1.5 M

12/2012 06/yy 32.53 20.52 98'921.00 31.57 -2.94% 53.89% 92.59% 192.5 6'077.08 1'137.91 0.0 2.6 909.76 6'539.26

31.12.2009 31.12.2010 4'411.2 4'418.4 0.62x 0.86x 382.8 371.9 7.09x 10.28x 160.6 129.3 17.89x 30.90x Profitability

LTM-4Q 31.12.2011 5'416.5 0.79x 594.7 7.21x 312.0 12.85x

31.12.2012 5'720.1 0.86x 635.9 7.77x 314.4 14.48x 635.87 492.87 8.62% 7.08% 5.55% 16.13% 13.06% 0.92% 29.5% 11.8% 9.3% 5.5% 1.31 0.96 17.70% 52.59% 4.41 4.86

Price/ Cash Flow

LTM

06/yy 5'684.5 3.12x 596.8 7.46x 305.2 12.64x

06/yy 5'739.9 3.64x 677.4 8.41x 345.2 14.69x

FY+1

.0 M a-13

1.12 177.65 45.22% 31.87% 1.125 32 3.906 329'054 360'155 435'759 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'903.0 6'160.3 1'515.0 1'727.0 1.08x 1.01x 704.9 772.2 9.27x 8.47x 381.6 436.1 106.0 178.0 15.76x 13.90x S&P Issuer Ratings

6.09 4.54 0.68 1.61 52.6% 34.4% 0.92 8.03 82.68 75.04 65.12 72.37

Sales/Revenue/Turnover

70.00

10'000.0 9'000.0

60.00

8'000.0

50.00

7'000.0 6'000.0

40.00

5'000.0 4'000.0

30.00

3'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

GEA Group AG Holdings By:

All

Holder Name KUWAIT INVESTMENT AU BLACKROCK SCHRODERS PLC VANGUARD GROUP INC FMR LLC AMUNDI ALLIANZ GLOBAL INVES DEUTSCHE BANK AG NORGES BANK FMR LLC BNP PARIBAS INV PART ODDO ASSET MANAGEMEN DANSKE INVEST A/S ALLIANZ ASSET MANAGE DANSKE INVEST MANAGE T ROWE PRICE ASSOCIA ADIG INVESTMENT DEKA INVESTMENT GMBH ROYAL BANK OF CANADA SUN LIFE FINANCIAL I

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

Firm Name

Analyst

AlphaValue Hamburger Sparkasse Baader Bank EVA Dimensions Commerzbank Corporates & Markets Independent Research GmbH Hauck & Aufhaeuser M.M. Warburg Investment Research Kepler Cheuvreux DZ Bank AG Main First Bank AG Exane BNP Paribas Barclays Nord/LB UBS JPMorgan Landesbank Baden-Wuerttemberg Bankhaus Lampe Equinet Institutional Services(ESN) S&P Capital IQ Montega Steubing AG Deutsche Bank Bankhaus Metzler Equita SIM SpA HSBC Goldman Sachs Berenberg Bank National Bank AG BHF-Bank

HANS-PETER WODNIOK INGO SCHMIDT PETER ROTHENAICHER TIMOTHY STANISH SEBASTIAN GROWE ZAFER RUZGAR FINN HENNING BREITER ROLAND RAPELIUS HANS-JOACHIM HEIMBUERGER MARKUS TURNWALD CHRISTOPHER YOUL ALEXIS DENAUD ALLAN SMYLIE HEINO HAMMANN SVEN WEIER GLEN H LIDDY HARALD REHMET GORDON SCHOENELL HOLGER SCHMIDT UNAI FRANCO THOMAS RAU TOBIAS SCHMIDT PETER REILLY HELENA WUESTENFELD GIANMARCO BONACINA JUERGEN SIEBRECHT AARON IBBOTSON BENJAMIN GLAESER EKKEHARD D LINK HERMANN REITH

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

Recommendation sell sell buy underweight add hold hold buy buy buy underperform outperform overweight buy neutral neutral hold hold buy buy hold buy buy buy buy overweight Buy/Neutral buy hold market weight

Amt Held 14'841'667 13'845'696 5'883'461 5'879'077 5'787'350 5'765'163 5'515'614 4'643'273 4'332'747 3'965'867 3'162'303 2'617'526 2'097'235 2'050'022 2'042'774 1'843'319 1'305'000 1'272'944 1'194'271 851'472

% Out 7.71 7.19 3.06 3.05 3.01 2.99 2.87 2.41 2.25 2.06 1.64 1.36 1.09 1.06 1.06 0.96 0.68 0.66 0.62 0.44

Weighting

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

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

Latest Chg 8'407 (75'508) (4'250) 791'910 (169'519) 1'391'622 61'717 (95'018) 119'850 100'813 (43'549) (25'400) 107'766 12'090

Target Price 28 23 36 #N/A N/A 32 32 32 33 33 34 27 33 34 32 31 30 28 27 32 36 29 32 30 31 35 37 29 29 26 25

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

File Dt 31.12.2012 07.08.2013 05.07.2013 30.06.2013 07.06.2013 15.03.2013 08.10.2012 28.06.2013 31.12.2012 30.06.2013 31.03.2013 31.05.2013 31.05.2013 28.06.2013 28.03.2013 30.06.2013 30.04.2013 28.03.2013 28.03.2013 30.06.2013

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

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

Date 09.08.2013 07.08.2013 06.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 23.07.2013 21.06.2013 20.06.2013 03.06.2013 08.05.2013 01.05.2013 12.03.2013 06.02.2013

09.08.2013

Bilfinger SE Bilfinger SE provides industrial services, power services, building and facility services, construction, and concessions. The Company's industrial services include repairs, maintenance, and modernization. Bilfinger also provides power services which include maintenance, service, and efficiency enhancements as well as building and facility services for real estate.

Price/Volume 90 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GBF GY EQUITY YTD Change GBF GY EQUITY YTD % CHANGE

12/2012 03/yy 82.98 64.56 93'616.00 72.15 -12.62% 11.76% 47.07% 46.0 3'320.64 1'180.90 0.0 8.0 1'087.20 3'793.64

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

20 10 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 9'757.1 0.26x 577.1 4.39x 200.4 6.65x

31.12.2009 31.12.2010 7'381.5 8'006.7 0.54x 0.54x 280.0 481.8 14.15x 8.92x 140.2 284.0 24.85x 13.59x Profitability

LTM-4Q 31.12.2011 8'208.5 0.33x 508.2 5.36x 394.1 13.20x

31.12.2012 8'508.8 0.39x 691.7 4.81x 274.9 11.72x 691.70 503.80 5.92% 4.48% 3.77% 14.41% 11.70% 1.17% 13.3% 8.1% 5.9% 3.2% 1.09 0.96 17.24% 58.21% 4.86 39.80

Price/ Cash Flow

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M a-13

LTM

03/yy 8'323.5 1.44x 652.2 4.40x 287.1 10.83x

03/yy 8'471.8 1.63x 609.7 6.64x 195.9 18.30x

FY+1

4.16 0.88 43.24 9.16% 2.82% 0.884 25 3.960 92'315 115'322 136'823 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'772.4 9'189.2 2'194.5 2'272.5 0.39x 0.36x 567.8 618.8 91.7 6.67x 6.12x 241.1 274.6 51.0 80.8 13.01x 11.55x 13.18x S&P Issuer Ratings

23.10.2012 BBB+ STABLE 23.10.2012 A-2 10.74 8.71 0.14 1.71 58.2% 36.7% 1.17 12.73 75.27 9.20 49.48 34.98

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00 10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Bilfinger SE Holdings By:

All

Holder Name CEVIAN CAPITAL AB BLACKROCK BILFINGER BERGER AG INVESCO LTD ALLIANZ GLOBAL INVES DEUTSCHE BANK AG DJE INVESTMENT SA CREDIT SUISSE GROUP UBS MACKAY SHIELDS FINAN DEKA INVESTMENT GMBH NORGES BANK THREADNEEDLE INVESTM DIMENSIONAL FUND ADV BANK OF NEW YORK MEL FRANKFURT TRUST INVE MARKETFIELD ASSET MA ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC DELTA LLOYD FUND MAN

Firm Name Commerzbank Corporates & Markets M.M. Warburg Investment Research Deutsche Bank Bankhaus Metzler Bankhaus Lampe UBS HSBC Equinet Institutional Services(ESN) Equita SIM SpA Main First Bank AG Independent Research GmbH Exane BNP Paribas Goldman Sachs EVA Dimensions Nord/LB Natixis Credit Suisse Landesbank Baden-Wuerttemberg Kepler Cheuvreux S&P Capital IQ DZ Bank AG SRH AlsterResearch Hamburger Sparkasse Berenberg Bank BHF-Bank National Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a MAINSTAY MARKETFIELD Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst NORBERT KRETLOW FRANK LASER GUNNAR ROMER STEPHAN BAUER MARC GABRIEL GREGOR KUGLITSCH TOBIAS LOSKAMP INGBERT FAUST GIANMARCO BONACINA CHRISTIAN KORTH CHRISTOPH SCHOENDUBE GERHARD ORGONAS WILL MORGAN TIMOTHY STANISH HEINO HAMMANN ABDELKADER BENCHIHA EUGENE KLERK HANS-PETER KUHLMANN CRAIG ABBOTT JAWAHAR HINGORANI JASKO TERZIC CARSTEN MAINITZ INGO SCHMIDT BENJAMIN GLAESER JENS JUNG STEFFEN MANSKE

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

Recommendation buy buy hold buy buy buy underweight hold hold outperform hold neutral neutral/neutral underweight hold buy neutral buy buy buy buy buy hold buy overweight buy

Amt Held 6'990'563 2'453'842 1'840'965 1'370'341 1'346'715 1'328'350 992'492 944'428 901'166 881'085 859'455 833'084 748'864 730'039 699'755 677'300 623'540 559'327 519'000 495'161

% Out 15.19 5.33 4 2.98 2.93 2.89 2.16 2.05 1.96 1.91 1.87 1.81 1.63 1.59 1.52 1.47 1.35 1.22 1.13 1.08

Weighting

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

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

Latest Chg 186'433 (50'900) 417'922 (130'527) 44'019 (26'644) (91'000) 339'540 (268'746) -

Target Price 84 92 77 89 83 82 67 80 84 88 80 77 83 #N/A N/A 88 86 72 90 84 85 85 96 #N/A N/A 84 79 60

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

File Dt 15.01.2013 07.08.2013 24.01.2013 01.02.2012 18.01.2013 28.06.2013 31.05.2013 11.04.2013 28.03.2013 31.03.2013 30.04.2013 31.12.2012 28.02.2013 30.04.2013 08.08.2013 30.04.2013 31.12.2012 30.06.2013 30.06.2013 30.04.2013

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

Inst Type Venture Capital Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 08.08.2013 07.08.2013 06.08.2013 02.08.2013 01.08.2013 31.07.2013 29.07.2013 23.07.2013 23.07.2013 05.07.2013 20.06.2013 17.06.2013 06.06.2013 29.05.2013 28.05.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 14.05.2013 14.05.2013 25.02.2013 11.02.2013 13.02.2012 04.01.2010

09.08.2013

GAGFAH SA GAGFAH SA acquires, owns and manages residential properties throughout Germany.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFJ GY EQUITY YTD Change GFJ GY EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 10.48 7.60 69'003.00 8.73 -16.75% 14.87% 39.30% 216.0 1'885.27 5'231.10 0.0 30.6 176.00 6'916.87

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'249.4 6.01x 454.0 16.53x 41.2 22.33x

31.12.2009 31.12.2010 1'279.3 1'485.0 5.89x 4.71x 448.0 435.6 16.83x 16.07x (71.1) 7.7 223.77x Profitability

LTM-4Q 31.12.2011 1'309.6 4.67x 371.9 16.46x (16.4) -

31.12.2012 1'061.6 6.42x 358.2 19.03x 43.2 40.28x 358.20 357.90 9.84% 8.04% 0.40% 1.57% 0.50% 0.13% 32.9% 4.1% 64.49% 252.73% -

Price/ Cash Flow

03/yy 1'134.9 22.24x 358.7 18.33x (29.2) 0.00x

LTM 03/yy 1'061.6 25.53x 349.4 19.74x 32.8 57.16x

FY+1

.0 M a-13

0.75 111.16 2.59% -1.48% 0.746 15 4.333 280'673 395'460 309'037 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 813.0 861.4 152.4 219.0 8.38x 7.79x 336.7 342.8 85.1 20.54x 20.17x 74.0 117.2 (19.4) 18.30x 14.75x S&P Issuer Ratings

1.41 1.40 14.32 14.90 252.7% 71.4% 0.13 -

Sales/Revenue/Turnover

60.00

1'600.0 1'400.0

50.00

1'200.0 40.00

1'000.0 800.0

30.00

600.0

20.00

400.0 10.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

GAGFAH SA Holdings By:

All

Holder Name FORTRESS INVESTMENT DEUTSCHE BANK AG GOLDMAN SACHS GROUP NORGES BANK TAUBE HODSON STONEX KEMPEN CAPITAL MANAG BLACKROCK UNION INVESTMENT GMB GAGFAH SA ING INTERNATIONAL AD VANGUARD GROUP INC LEGG MASON INC CARVETIAN CAPITAL MA MARCH GESTION DE FON PARWORLD STATE STREET UNION INVESTMENT LUX GAM INTERNATIONAL MA KBC GROUP NV DRIEHAUS CAPITAL MAN

Firm Name M.M. Warburg Investment Research HSBC Baader Bank Deutsche Bank Goldman Sachs Commerzbank Corporates & Markets Independent Research GmbH Bankhaus Lampe Berenberg Bank Kempen & Co Nord/LB ABN Amro Bank N.V. Kepler Cheuvreux JPMorgan EVA Dimensions

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

Analyst TORSTEN KLINGNER THOMAS MARTIN ANDRE REMKE MARKUS SCHEUFLER JULIAN LIVINGSTON-BOOTH THOMAS ROTHAEUSLER STEFAN BONGARDT GEORG KANDERS KAI MALTE KLOSE THOMAS VAN DER MEIJ MICHAEL SEUFERT MICHIEL DE JONGE THOMAS NEUHOLD HARM M MEIJER DOUG WALTERS

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

Recommendation buy overweight buy hold Buy/Neutral buy buy buy buy underweight hold buy buy neutral buy

Amt Held 104'140'013 13'865'605 13'753'329 2'636'438 2'378'346 1'247'022 1'241'057 757'000 648'507 641'000 566'569 303'846 291'418 288'926 228'717 225'605 225'000 214'111 208'970 205'479

% Out 48.22 6.42 6.37 1.22 1.1 0.58 0.57 0.35 0.3 0.3 0.26 0.14 0.13 0.13 0.11 0.1 0.1 0.1 0.1 0.1

Weighting

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

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

Latest Chg 59'077 31'142 (15'751) 4'297 757'000 36'951 (23'714) 3'276 42'641 225'000 19'465 6 -

Target Price 12 12 11 11 11 11 11 11 11 8 9 12 11 11 #N/A N/A

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

File Dt Inst Type 12.07.2013 Hedge Fund Manager 12.07.2013 Investment Advisor 17.07.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 31.03.2013 Unclassified 07.08.2013 Investment Advisor 28.03.2013 Investment Advisor 12.07.2013 Corporation 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Hedge Fund Manager

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

Date 08.08.2013 06.08.2013 02.08.2013 30.07.2013 24.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 14.06.2013 07.06.2013 06.06.2013

09.08.2013

GSW Immobilien AG GSW Immobilien AG owns and operates real estate. The Company owns apartment buildings and manages apartment buildings owned by others.

Price/Volume 35

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIB GY EQUITY YTD Change GIB GY EQUITY YTD % CHANGE

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

.2 M

.1 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 224.3 194.4 107.7 -

.3 M

12/2012 03/yy 33.75 27.88 39'487.00 31.345 -7.41% 12.45% 53.19% 50.5 1'583.75 1'967.50 0.0 0.3 167.74 3'365.28

31.12.2009 31.12.2010 176.4 199.2 136.7 116.1 172.1 49.3 Profitability

LTM-4Q 31.12.2011 326.9 8.04x 161.8 16.24x 105.1 8.39x

31.12.2012 318.5 10.73x 162.7 21.00x 143.3 10.60x 162.69 162.51 20.02% 43.99% 4.68% 11.68% 4.86% 0.10% 51.0% 45.0% 55.11% 136.57% -

Price/ Cash Flow

03/yy 378.3 26.46x 164.9 16.67x 72.5 14.30x

LTM 03/yy 331.3 37.99x 168.9 19.77x 154.3 9.97x

FY+1

.0 M a-13

0.70 47.04 5.81% 1.05% 0.696 20 4.050 85'840 98'991 140'702 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 251.1 254.5 60.4 58.8 14.22x 14.01x 161.8 166.9 38.7 20.79x 20.14x 103.2 98.0 20.7 18.4 18.37x 17.63x S&P Issuer Ratings

1.65 -0.21 10.55 11.54 136.6% 57.7% 0.10 -

Sales/Revenue/Turnover

60.00

350.0

50.00

300.0 250.0

40.00

200.0 30.00

150.0

20.00

100.0

10.00

50.0

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

01.07.2013

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 |

09.08.2013

GSW Immobilien AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I SUN LIFE FINANCIAL I BLACKROCK GIC PRIVATE LIMITED NORGES BANK CREDIT SUISSE GROUP PGGM VERMOGENSBEHEER CBRE CLARION SECURIT WELLINGTON MANAGEMEN F&C ASSET MANAGEMENT THAMES RIVER CAPITAL UBS FMR LLC AXA BNP PARIBAS INV PART SKAGEN AS CAZENOVE UNIT TRUST RUFFER LLP DJE INVESTMENT SA SCOTTISH WIDOWS

Firm Name M.M. Warburg Investment Research Deutsche Bank ABN Amro Bank N.V. HSBC Baader Bank Bankhaus Lampe Commerzbank Corporates & Markets Barclays Nord/LB Societe Generale Berenberg Bank DZ Bank AG JPMorgan S&P Capital IQ Goldman Sachs Kepler Cheuvreux Morgan Stanley Kempen & Co Close Brothers Equity Markets Bankhaus Metzler

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

Analyst TORSTEN KLINGNER MARKUS SCHEUFLER MICHIEL DE JONGE THOMAS MARTIN ANDRE REMKE GEORG KANDERS THOMAS ROTHAEUSLER AARON GUY MICHAEL SEUFERT MARC MOZZI KAI MALTE KLOSE KARSTEN OBLINGER NEIL GREEN WILLIAM HOWLETT JULIAN LIVINGSTON-BOOTH THOMAS NEUHOLD BIANCA RIEMER THOMAS VAN DER MEIJ MANUEL MARTIN JOCHEN SCHMITT

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

Recommendation buy buy hold neutral buy hold add overweight hold buy buy hold overweight hold Buy/Neutral buy Overwt/Attractive neutral buy sell

Amt Held 5'052'630 4'538'277 4'138'907 3'132'631 1'824'516 1'515'530 1'506'102 1'505'943 1'497'459 1'329'407 1'170'946 1'080'026 1'026'917 911'491 630'527 546'975 502'555 454'466 436'500 388'074

% Out 10 8.98 8.19 6.2 3.61 3 2.98 2.98 2.96 2.63 2.32 2.14 2.03 1.8 1.25 1.08 0.99 0.9 0.86 0.77

Weighting

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

Latest Chg 30'611 (69'360) (1'400) (65'296) 3'796 5'342 (28'545) 46'500 (13'451)

Target Price

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

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

35 36 32 32 34 33 35 35 29 36 34 29 34 33 33 34 33 31 36 25

File Dt 28.02.2013 30.06.2013 07.08.2013 28.02.2013 02.07.2013 27.06.2013 08.10.2012 08.04.2013 08.10.2012 17.01.2012 16.02.2012 19.06.2013 30.06.2013 22.02.2013 31.03.2013 28.06.2013 28.02.2013 28.02.2013 31.05.2013 28.02.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Government Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 08.08.2013 07.08.2013 07.08.2013 06.08.2013 02.08.2013 16.07.2013 12.07.2013 11.07.2013 02.07.2013 26.06.2013 26.06.2013 26.06.2013 07.06.2013 15.05.2013 09.05.2013 06.05.2013 22.04.2013 14.01.2013 14.01.2013 02.01.2013

09.08.2013

Gildemeister AG Gildemeister AG manufactures and markets machine tools including automatic lathes, milling, turning, laser, and ultrasonic machines. The Company's products are sold throughout Germany, the United States, Russia, and Europe.

Price/Volume 25

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIL GY EQUITY YTD Change GIL GY EQUITY YTD % CHANGE

12/2012 06/yy 20.39 11.17 172'502.00 16.725 -17.70% 49.73% 63.50% 63.4 1'060.62 12.27 0.0 84.6 173.33 1'053.29

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

.8 M

.6 M .4 M

5 0 a-12

31.12.2009 31.12.2010 1'181.2 1'376.8 0.64x 0.71x 59.7 67.9 12.74x 14.37x 4.7 4.2 113.30x 185.56x Profitability

s-12

LTM-4Q 31.12.2011 1'687.7 0.25x 141.1 3.05x 46.8 11.47x

31.12.2012 2'037.4 0.41x 165.5 5.08x 77.3 11.55x 165.55 124.64 6.12% 5.89% 4.87% 11.63% 1.31% 8.6% 6.5% 3.8% 1.38 0.53 0.76% 1.74% 9.88 -

Price/ Cash Flow

06/yy 1'829.8 1.51x 163.2 4.96x 71.8 9.61x

o-12

n-12

d-12

j-13

LTM 06/yy 2'095.6 1.72x 180.9 5.66x 78.2 12.78x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

1.17 49.52 39.93% 11.80% 1.172 17 4.000 231'590 192'757 224'267 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'082.0 2'153.7 547.0 585.0 0.46x 0.43x 188.2 198.3 112.0 61.6 5.59x 5.30x 85.2 89.6 50.3 31.1 11.97x 10.73x S&P Issuer Ratings

23.09.2009 NR 11.71 7.73 -0.54 0.33 1.7% 1.5% 1.31 8.19 36.95 -

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

.2 M

Fiscal Year Ended 31.12.2008 1'904.0 0.24x 194.7 2.36x 81.1 4.20x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Gildemeister AG Holdings By:

All

Holder Name MORI SEIKI CO LTD BLACKROCK GILDEMEISTER AG NORGES BANK DIMENSIONAL FUND ADV FRANKLIN RESOURCES ACTIVEST MUNICH GOLDMAN SACHS GROUP LA FINANCIERE RESPON VANGUARD GROUP INC PUTNAM INVESTMENT MA PRUDENTIAL FINANCIAL PRINCIPAL FINANCIAL DEUTSCHE BANK AG STATE STREET FONDITA RAHASTOYHTIO JP MORGAN DEKA INVESTMENT GMBH LANDESBANK BERLIN IN HARTFORD INVESTMENT

Firm Name Baader Bank Landesbank Baden-Wuerttemberg Berenberg Bank Equinet Institutional Services(ESN) Montega Close Brothers Equity Markets Independent Research GmbH Commerzbank Corporates & Markets Deutsche Bank Nord/LB Bankhaus Lampe Bankhaus Metzler DZ Bank AG EVA Dimensions BHF-Bank HSBC Kepler Cheuvreux Hamburger Sparkasse

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

Analyst PETER ROTHENAICHER STEFAN MAICHL FELIX WIENEN HOLGER SCHMIDT THOMAS RAU RALF MARINONI ZAFER RUZGAR STEPHAN BOEHM FELICITAS VON BISMARCK HEINO HAMMANN GORDON SCHOENELL STEPHAN BAUER JASKO TERZIC TIMOTHY STANISH HERMANN REITH JUERGEN SIEBRECHT STEFAN AUGUSTIN INGO SCHMIDT

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

Recommendation hold hold hold accumulate buy buy buy hold hold buy buy buy sell buy overweight overweight hold sell

Amt Held 12'093'808 2'499'875 1'805'048 1'453'091 1'004'787 699'310 605'335 397'382 360'099 327'746 222'966 170'304 162'967 162'421 130'073 115'578 107'082 90'000 89'674 78'623

% Out 19.07 3.94 2.85 2.29 1.58 1.1 0.95 0.63 0.57 0.52 0.35 0.27 0.26 0.26 0.21 0.18 0.17 0.14 0.14 0.12

Weighting

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

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

Latest Chg 1'100 262'620 76'377 3'965 (21'967) 170'304 162'967 (30'029) 37'298 (43'059) 71'460 11'480 1'356

Target Price 19 18 15 18 24 21 22 20 14 20 23 19 15 #N/A N/A 24 20 18 #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 07.08.2013 20.09.2011 31.12.2012 30.04.2013 28.06.2013 28.02.2013 16.04.2013 28.06.2013 30.06.2013 31.03.2013 28.06.2013 31.03.2013 28.06.2013 08.08.2013 31.05.2013 31.03.2013 28.03.2013 31.07.2013 31.05.2013

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

Inst Type Corporation Investment Advisor Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 19.07.2013 17.07.2013 06.06.2013 07.05.2013 24.04.2013 24.04.2013 05.08.2009

09.08.2013

Gerry Weber International AG Gerry Weber International AG operates as a fashion and lifestyle company in Germany and internationally. The company engages in the production, wholesale, and retail of women's clothing and accessories under various brand names.

Price/Volume 40

.4 M

.3 M

Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GWI1 GY EQUITY YTD Change GWI1 GY EQUITY YTD % CHANGE

10/2012 04/yy 39.42 30.05 32'626.00 34.14 -13.52% 13.61% 42.50% 45.9 1'567.23 15.27 0.0 0.0 49.16 1'531.67

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

.2 M

15 10

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.10.2008 570.0 0.67x 74.7 5.09x 39.4 8.49x

.2 M

Valuation Analysis

31.10.2009 31.10.2010 594.1 621.9 0.87x 1.26x 85.2 101.1 6.05x 7.76x 43.0 54.0 10.68x 13.42x Profitability

LTM-4Q 31.10.2011 702.7 1.37x 114.5 8.42x 67.0 15.21x

31.10.2012 802.3 1.96x 134.5 11.72x 78.8 20.39x 134.46 118.13 14.72% 14.18% 16.33% 20.68% 20.19% 1.77% 16.0% 13.8% 9.8% 2.63 1.15 3.16% 4.21% 15.04 -

Price/ Cash Flow

04/yy 738.3 6.17x 124.2 11.30x 73.2 17.61x

LTM 04/yy 830.1 7.54x 132.6 11.24x 76.5 19.90x

FY+1

.0 M a-13

0.77 23.20 4.92% -4.19% 0.773 24 3.917 43'351 59'606 91'381 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 871.3 967.0 198.0 275.0 1.73x 1.52x 145.0 170.8 10.53x 8.94x 84.3 101.2 18.56x 15.49x S&P Issuer Ratings

87.11 50.56 -0.27 0.10 4.2% 4.0% 1.77 5.68 24.28 -

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 0.00 06.11.2009

100.0 0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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 |

09.08.2013

Gerry Weber International AG Holdings By:

All

Holder Name WEBER GERHARD HARDIECK UDO WEBER RALF WILLIAM BLAIR & COMP DEUTSCHE BANK AG NORGES BANK BLACKROCK SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE MAINFIRST SICAV WILLIAM BLAIR & COMP ADIG INVESTMENT UNION INVESTMENT GMB VANGUARD GROUP INC BANK OF NEW YORK MEL LUXEMBOURGER KAPITAL PUTNAM INVESTMENT MA THRIVENT FINANCIAL F WASATCH ADVISORS INC FRANKFURT TRUST

Firm Name Baader Bank Landesbank Baden-Wuerttemberg Bankhaus Lampe Equinet Institutional Services(ESN) Deutsche Bank EVA Dimensions Hauck & Aufhaeuser Berenberg Bank Commerzbank Corporates & Markets BHF-Bank Close Brothers Equity Markets Nord/LB M.M. Warburg Investment Research DZ Bank AG HSBC Independent Research GmbH Exane BNP Paribas SRH AlsterResearch Montega Main First Bank AG Bankhaus Metzler Kepler Cheuvreux National Bank AG Solventis WPH-Bank GmbH

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

Analyst

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

Recommendation

VOLKER BOSSE BERND MUELL CHRISTOPH SCHLIENKAMP PHILIPP RIGTERS MICHAEL KUHN CRAIG STERLING CHRISTIAN NIKOLAS SCHWENKENBECHER ANNA PATRICE YASMIN MOSCHITZ PETER STEINER MARTIN DECOT WOLFGANG VASTERLING JOERG PHILIPP FREY HERBERT STURM THOMAS TEETZ LARS LUSEBRINK ANDREAS INDERST NEIL SCHMODDE TIM KRUSE GAEL COLCOMBET SEBASTIAN FRERICKS JUERGEN KOLB STEFFEN MANSKE ULF VON LENGERICH

hold buy buy accumulate buy sell buy buy hold overweight buy hold buy hold underweight hold neutral buy buy outperform buy reduce buy hold

Amt Held 13'262'974 7'994'845 1'372'352 1'367'949 1'269'526 827'162 640'251 586'949 564'799 512'061 469'475 440'151 171'066 142'416 140'703 130'000 107'117 104'636 79'208 70'974

% Out 28.89 17.42 2.99 2.98 2.77 1.8 1.39 1.28 1.23 1.12 1.02 0.96 0.37 0.31 0.31 0.28 0.23 0.23 0.17 0.15

Weighting

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

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

Latest Chg 29'526 58'682 23'440 119'017 1'600 (562'739) 106'000 (20'000) 11'349 5'479 (3'420) 12'843 8'500

Target Price 36 40 40 40 38 #N/A N/A 39 40 35 38 39 35 42 33 31 35 35 43 36 37 37 31 40 28

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

File Dt 31.10.2012 31.10.2012 31.10.2012 31.10.2012 28.06.2013 31.12.2012 07.08.2013 30.06.2013 30.06.2013 28.02.2013 30.06.2013 30.04.2013 28.03.2013 30.06.2013 08.08.2013 28.06.2013 31.03.2013 30.04.2013 31.03.2013 30.04.2013

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

Inst Type n/a n/a n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 06.08.2013 31.07.2013 31.07.2013 26.07.2013 01.07.2013 26.06.2013 26.06.2013 25.06.2013 18.06.2013 18.06.2013 17.06.2013 17.06.2013 17.06.2013 14.06.2013 14.06.2013 14.06.2013 14.06.2013 14.06.2013 11.06.2013 05.06.2013 14.05.2013 23.01.2013 27.02.2012

09.08.2013

Gerresheimer AG Gerresheimer AG develops and produces specialty products made of glass and plastic. The Company produces containers for a variety of substances and medicines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GXI GY EQUITY YTD Change GXI GY EQUITY YTD % CHANGE

11/2012 05/yy 47.99 36.40 41'586.00 46.1 -3.80% 26.65% 82.43% 31.4 1'447.54 463.04 0.0 45.0 91.41 1'994.12

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

.7 M .6 M .5 M .4 M .3 M .2 M .1 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.11.2008 1'060.1 1.24x 171.2 7.70x 0.7 1349.00x

50 45 40 35 30 25 20 15 10 5 0 a-12

30.11.2009 30.11.2010 1'000.2 1'024.8 1.15x 1.21x 179.9 204.3 6.37x 6.07x 5.8 43.2 128.06x 20.38x Profitability

LTM-4Q 30.11.2011 1'094.7 1.27x 209.8 6.62x 50.5 19.30x

30.11.2012 1'219.1 1.36x 228.2 7.25x 60.2 20.54x 228.17 128.13 10.51% 7.85% 3.66% 12.10% 0.79% 29.3% 18.5% 10.5% 4.9% 1.33 0.74 29.72% 86.53% 6.80 4.55

Price/ Cash Flow

05/yy 1'156.3 5.11x 214.7 7.43x 54.2 20.46x

LTM 05/yy 1'260.1 5.79x 233.7 8.55x 58.5 24.84x

FY+1

.0 M a-13

0.67 27.60 22.05% 16.74% 0.671 19 4.474 63'032 101'812 95'641 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 08/13 Q3 11/13 Q4 1'293.4 1'376.8 323.7 345.0 1.49x 1.36x 247.8 278.1 64.0 77.9 8.05x 7.17x 81.2 99.6 22.9 31.6 17.29x 14.29x S&P Issuer Ratings

23.02.2011 BBBSTABLE 2.05 2.45 86.5% 44.4% 0.79 2.45 53.70 80.20 52.33 69.28

Sales/Revenue/Turnover

10.00

1'400.0

9.00

1'200.0

8.00 7.00

1'000.0

6.00

800.0

5.00

600.0

4.00

400.0

3.00 2.00

200.0

1.00 0.00 04.12.2009

0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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 |

09.08.2013

Gerresheimer AG Holdings By:

All

Holder Name BLACKROCK MORGAN STANLEY AMERIPRISE FINANCIAL CREDIT SUISSE GROUP ETON PARK CAPITAL MA THREADNEEDLE INVESTM HOUND PARTNERS LLC EDINBURGH PARTNERS L BERG GILCHRIST B DEUTSCHE BANK AG ALLIANZ GLOBAL INVES FRANKLIN RESOURCES GOVERNANCE FOR OWNER TREMBLANT HOLDINGS L EDGEPOINT INVESTMENT BLUE HARBOUR GROUP L JUPITER ASSET MANAGE TD ASSET MANAGEMENT DJE INVESTMENT SA ALLIANZ ASSET MANAGE

Firm Name Montega JPMorgan SRH AlsterResearch Commerzbank Corporates & Markets Jefferies Deutsche Bank Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH National Bank AG Kepler Cheuvreux Equinet Institutional Services(ESN) HSBC Hauck & Aufhaeuser Bankhaus Metzler Berenberg Bank DZ Bank AG Main First Bank AG EVA Dimensions

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

Analyst Robert-Jan van der Horst DAVID J ADLINGTON ALEXANDER ZIENKOWICZ DANIEL WENDORFF INGEBORG OIE GUNNAR ROMER CHRISTOPH GRETLER ULLE WORNER ZAFER RUZGAR MANFRED JAISFELD OLIVER REINBERG KONRAD LIEDER JAN KEPPELER THOMAS WISSLER SEBASTIAN FRERICKS SCOTT BARDO SVEN OLAF KUERTEN MARCUS WIEPRECHT TIMOTHY STANISH

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

Recommendation buy overweight buy buy buy hold outperform buy buy buy buy hold neutral hold buy buy hold outperform overweight

Amt Held 1'857'061 1'705'931 1'582'560 1'569'340 1'544'880 1'430'819 1'333'222 976'540 973'400 969'761 957'700 948'376 939'380 932'893 842'679 839'697 699'869 519'034 462'735 401'998

% Out 5.91 5.43 5.04 5 4.92 4.56 4.25 3.11 3.1 3.09 3.05 3.02 2.99 2.97 2.68 2.67 2.23 1.65 1.47 1.28

Weighting

Change 5 5 5 5 5 3 5 5 5 5 5 3 3 3 5 5 3 5 5

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

Latest Chg 2'337 730'071 (49'365) (21'080) (3'550) -

Target Price 56 56 55 50 51 42 46 49 52 49 48 45 48 46 50 50 44 50 #N/A N/A

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

File Dt 07.08.2013 25.07.2013 30.11.2012 24.01.2013 30.11.2012 30.06.2013 04.01.2013 30.11.2012 30.11.2012 28.06.2013 30.11.2012 28.06.2013 24.11.2011 14.10.2011 17.10.2012 05.07.2012 30.04.2013 31.12.2012 31.05.2013 28.06.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor n/a Investment Advisor Other Investment Advisor Other Other Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.07.2013 16.07.2013 16.07.2013 12.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 06.06.2013

09.08.2013

HeidelbergCement AG HeidelbergCement AG produces and markets aggregates. The Company also manufactures building materials including cement and concrete in Europe, North America, Asia, Australia and Africa.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEI GY EQUITY YTD Change HEI GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 a-12

31.12.2009 31.12.2010 11'117.0 11'761.8 1.58x 1.45x 1'953.3 2'025.2 8.97x 8.43x 42.6 342.7 133.97x 23.69x Profitability

LTM-4Q 31.12.2011 12'901.9 1.12x 2'368.8 6.12x 348.1 16.64x

31.12.2012 14'020.2 1.17x 2'521.9 6.51x 301.2 40.56x 2'521.90 1'654.30 11.80% 4.33% 1.72% 3.94% 5.52% 0.49% 19.8% 12.0% 2.1% 1.18 0.68 29.31% 65.08% 7.76 -

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 13'486.2 4.51x 2'407.6 6.43x 322.3 19.08x

j-13

06/yy 13'999.7 4.92x 2'778.7 6.41x 495.9 30.59x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

1.28 140.42 43.33% 26.44% 1.276 38 3.658 547'694 722'264 767'395 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'390.1 15'159.4 4'004.3 3'616.8 1.31x 1.20x 2'579.3 2'871.2 890.0 738.5 7.32x 6.57x 662.3 901.8 335.7 241.7 16.21x 12.30x S&P Issuer Ratings

22.11.2012 NR 22.11.2012 NR 4.06 2.77 2.54 3.06 65.1% 37.4% 0.49 1.29 47.02 -

Sales/Revenue/Turnover

10.00

16'000.0

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 14'187.1 1.11x 2'945.6 5.33x 1'808.2 7.04x

1.5 M

12/2012 06/yy 60.89 38.41 207'916.00 57.47 -5.19% 49.62% 82.96% 187.5 10'775.63 8'209.20 0.0 1'098.8 1'480.70 18'896.23

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

HeidelbergCement AG Holdings By:

All

Holder Name MERCKLE LUDWIG BLACKROCK FIRST EAGLE INVESTME ARTISAN PARTNERS HOL NORGES BANK VANGUARD GROUP INC FMR LLC SKAGEN AS DEUTSCHE BANK AG METROPOLE GESTION FRANKLIN RESOURCES INVESTEC ASSET MANAG UNION INVESTMENT GMB ADIG INVESTMENT ALLIANZ ASSET MANAGE MANDARINE GESTION AMUNDI LUXEMBOURG SA FRANKFURT TRUST INVE PRINCIPAL FINANCIAL TAUBE HODSON STONEX

Firm Name JPMorgan Sanford C. Bernstein & Co Raymond James Cantor Fitzgerald AlphaValue Main First Bank AG Goldman Sachs Jefferies Societe Generale Commerzbank Corporates & Markets Exane BNP Paribas Helvea Deutsche Bank Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Hamburger Sparkasse Oddo & Cie Kepler Cheuvreux Bryan Garnier & Cie Natixis S&P Capital IQ SRH AlsterResearch Bankhaus Metzler UBS Morgan Stanley HSBC Davy EVA Dimensions Credit Suisse Day by Day BHF-Bank Redburn Partners National Bank AG Berenberg Bank Steubing AG

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a METROPOLE GESTION ME n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst RAJESH PATKI PHIL ROSEBERG ARNAUD PALLIEZ IAN OSBURN GAETAN DUPONT CHRISTIAN KORTH WILL MORGAN MICHAEL F BETTS MURIEL FELLOUS NORBERT KRETLOW YASSINE TOUAHRI PATRICK APPENZELLER LUIS PRIETO HEINO HAMMANN HANS-PETER KUHLMANN CHRISTOPH SCHOENDUBE MARC GABRIEL INGO SCHMIDT VIRGINIE ROUSSEAU JOSEP PUJAL SVEN EDELFELT RAFIC EL HADDAD JAWAHAR HINGORANI ALEXANDER ZIENKOWICZ STEPHAN BAUER GREGOR KUGLITSCH YURI SEROV JOHN FRASER-ANDREWS TIM CAHILL TIMOTHY STANISH HARRY GOAD VALERIE GASTALDY JENS JUNG JOHN MESSENGER EKKEHARD D LINK ROBERT MUIR TEAM COVERAGE

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

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

Amt Held 47'081'250 13'925'551 9'600'000 5'584'953 4'613'905 3'410'815 2'918'900 1'235'240 1'064'726 1'045'288 1'001'920 980'843 904'782 784'949 767'556 713'261 712'137 560'950 539'289 536'050

% Out 25.11 7.43 5.12 2.98 2.46 1.82 1.56 0.66 0.57 0.56 0.53 0.52 0.48 0.42 0.41 0.38 0.38 0.3 0.29 0.29

Weighting

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

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

Latest Chg 3'756 805'302 60'063 (22'414) 356'430 (11'875) 97'241 (60'000) 193'899 (41'706) 4'000 15'172 -

Target Price 63 73 #N/A N/A 62 58 67 53 66 64 74 54 66 65 62 65 60 60 #N/A N/A 54 52 44 55 64 65 65 55 58 64 #N/A N/A #N/A N/A 58 64 47 #N/A N/A 48 50 64

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

File Dt Inst Type 31.12.2011 n/a 07.08.2013 Investment Advisor 31.12.2011 Hedge Fund Manager 08.07.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 17.07.2013 16.07.2013 10.07.2013 02.07.2013 06.06.2013 06.06.2013 20.05.2013 14.05.2013 13.05.2013 12.04.2013 14.03.2013 07.02.2013 10.01.2011

09.08.2013

Henkel AG & Co KGaA Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 06/yy 78.77 57.85 431'112.00 77.43 -1.55% 33.85% 90.25% 178.2 30'518.95 3'901.00 0.0 135.0 3'681.00 30'787.95

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

1.0 M

.5 M

10 0 a-12

31.12.2009 31.12.2010 13'573.0 15'092.0 1.40x 1.37x 1'938.0 2'445.0 9.84x 8.43x 602.0 1'118.0 26.40x 18.11x Profitability

LTM-4Q 31.12.2011 15'605.0 1.34x 2'444.0 8.55x 1'161.0 16.70x

31.12.2012 16'510.0 1.66x 2'782.0 9.84x 1'510.0 17.93x 2'782.00 2'373.00 14.37% 12.47% 8.02% 16.44% 0.86% 46.8% 16.6% 14.0% 9.1% 1.30 0.97 19.98% 41.61% 6.53 5.47

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 16'043.0 5.53x 2'380.0 10.01x 1'265.0 17.95x

j-13

06/yy 16'615.0 6.99x 2'764.0 11.39x 1'551.0 20.36x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.74 173.62 28.93% 26.15% 0.737 38 3.632 531'635 482'177 546'526 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'882.4 17'706.5 4'374.3 4'102.8 1.76x 1.61x 2'869.3 3'086.4 10.73x 9.98x 1'745.8 1'924.1 468.3 431.0 19.15x 17.48x S&P Issuer Ratings

18.05.2011 A STABLE 18.05.2011 A-1 21.24 18.02 0.05 1.17 41.6% 29.1% 0.86 7.25 55.88 66.75 117.03 1.39

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 14'131.0 1.00x 2'048.0 6.87x 1'221.0 8.01x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEN3 GY EQUITY YTD Change HEN3 GY EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Henkel AG & Co KGaA Holdings By:

All

Holder Name BLACKROCK NORGES BANK HENKEL KGAA SUN LIFE FINANCIAL I DEUTSCHE BANK AG ALLIANZ ASSET MANAGE FMR LLC ARTISAN PARTNERS HOL VANGUARD GROUP INC UNION INVESTMENT GMB DEKA INVESTMENT GMBH ROYAL BANK OF CANADA CAISSE DE DEPOT ET P TIAA CREF INVESTMENT SCHRODER INVESTMENT SWEDBANK ROBUR FONDE OPPENHEIMERFUNDS INC JP MORGAN UBS FRANKFURT TRUST INVE

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

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

Analyst CHAS MANSO DE ZUNIGA HERMINE DE BENTZMANN ZAFER RUZGAR SEBASTIAN FRERICKS GUILLAUME DELMAS GAEL COLCOMBET EAMONN FERRY ANDREAS RIEMANN HAROLD THOMPSON ERIK SJOGREN CHRISTIAN WEIZ CELINE PANNUTI ANDREW WOOD CEDRIC BESNARD CHRISTIAN FAITZ MICHAEL GORNY EDDY HARGREAVES NADESHDA DEMIDOVA CARL SHORT IAIN SIMPSON SETH PETERSON PABLO ZUANIC ROSIE EDWARDS NICOLAS SOCHOVSKY VALERIE GASTALDY MARCO GUENTHER MARKUS MAYER CRAIG STERLING HERBERT STURM WILLIAM HOUSTON JULIA SIEKMANN EVA QUIROGA BERND MUELL JOERG PHILIPP FREY ALEX HOWSON STEFFEN MANSKE

Source ULT-AGG MF-AGG n/a ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy outperform hold buy buy outperform neutral buy buy Overwt/In-Line hold underweight outperform underweight outperform hold buy sell hold overweight buy hold neutral/attractive underperform hold hold hold overweight sell sell buy neutral buy hold hold buy

Amt Held 5'815'933 5'554'090 4'541'372 3'949'426 3'797'343 3'362'597 2'326'207 2'117'330 1'940'053 1'899'300 1'646'626 1'232'834 1'151'163 1'071'882 1'044'219 1'002'771 996'897 968'526 670'941 614'150

% Out 3.26 3.12 2.55 2.22 2.13 1.89 1.31 1.19 1.09 1.07 0.92 0.69 0.65 0.6 0.59 0.56 0.56 0.54 0.38 0.34

Weighting

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

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

Latest Chg 11'261 116'857 1'178'176 21'649 22'142 68'444 78'927 (125'430) (70'411) 49'000 75'847 79'198 49'227 (6'549) (10'376) 9'040 -

Target Price 87 86 80 85 79 88 75 78 80 83 75 65 85 63 87 73 84 56 81 83 91 #N/A N/A 80 71 #N/A N/A #N/A N/A 78 #N/A N/A 65 #N/A N/A 83 70 81 78 54 76

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

File Dt 07.08.2013 31.12.2012 05.08.2011 30.06.2013 28.06.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 28.03.2013 30.04.2013 28.03.2013 31.12.2012 31.05.2013 30.04.2013 31.03.2013 30.06.2013 30.06.2013 30.04.2013 30.04.2013

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

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 25.07.2013 19.07.2013 12.07.2013 10.07.2013 05.07.2013 25.06.2013 13.06.2013 06.06.2013 22.05.2013 13.05.2013 10.05.2013 09.05.2013 08.05.2013 08.05.2013 19.03.2013 19.11.2012

09.08.2013

Hannover Rueckversicherung SE Hannover Rueckversicherung SE provides reinsurance services. The Company offers life, health, accident, damage, property, and high risk specialty reinsurance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (10.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HNR1 GY EQUITY YTD Change HNR1 GY EQUITY YTD % CHANGE

12/2012 06/yy 64.85 46.33 106'315.00 57.96 -10.50% 25.10% 64.69% 120.6 6'989.81 2'400.79 0.0 684.5 572.19 9'574.14

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 7'343.2 0.57x (127.0) -

31.12.2009 31.12.2010 10'569.4 11'418.9 0.52x 0.62x 733.7 748.9 5.38x 6.46x Profitability

LTM-4Q 31.12.2011 12'125.7 0.55x 606.0 7.63x

31.12.2012 13'759.6 0.70x 858.3 8.28x 10.15% 9.46% 1.59% 15.56% 12.39% 0.26% 6.2% 4.38% 39.64% -

Price/ Cash Flow

LTM

06/yy 12'723.1 2.19x 0.0 0.00x 792.8 7.11x

06/yy 14'189.4 2.58x 0.0 0.00x 860.8 7.75x

FY+1

.0 M a-13

0.82 59.98 22.93% 3.21% 0.819 34 3.294 263'207 188'832 242'296 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'208.8 14'693.8 0.71x 0.64x 838.2 837.5 130.0 256.0 8.42x 8.40x S&P Issuer Ratings

15.04.2003 AASTABLE 39.6% 26.3% 0.26 -

Sales/Revenue/Turnover

3.50

16'000.0

3.00

14'000.0 12'000.0

2.50

10'000.0 2.00

8'000.0 1.50

6'000.0

1.00

4'000.0

0.50

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

01.07.2013

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 |

09.08.2013

Hannover Rueckversicherung SE Holdings By:

All

Holder Name TALANX AG BLACKROCK DEUTSCHE BANK AG ALLIANZ ASSET MANAGE SKAGEN AS PRINCIPAL FINANCIAL VANGUARD GROUP INC DWS INVESTMENT SA DJE INVESTMENT SA NORGES BANK AGF INVESTMENTS INC JP MORGAN WS MANAGEMENT LLLP TAUBE HODSON STONEX PEAR TREE ADVISORS I FRANKLIN RESOURCES CREDIT SUISSE AG PRUDENTIAL FINANCIAL BANK OF NOVA SCOTIA ROYAL BANK OF CANADA

Firm Name

Portfolio Name 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 ST JAMES'S PLACE GRE Multiple Portfolios n/a n/a n/a n/a n/a

Analyst

Nord/LB JULIA SIEKMANN Raymond James DANNY JACQUES HSBC THOMAS FOSSARD Bankhaus Lampe ANDREAS SCHAEFER Hamburger Sparkasse CHRISTIAN HAMANN Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT DZ Bank AG THORSTEN WENZEL Helvea DANIEL BISCHOF AlphaValue DIETER HEIN Keefe, Bruyette & Woods WILLIAM HAWKINS Landesbank Baden-Wuerttemberg WERNER SCHIRMER Independent Research GmbH STEFAN BONGARDT Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Equinet Institutional Services(ESN) PHILIPP HAESSLER SRC Research STEFAN SCHARFF Exane BNP Paribas THOMAS JACQUET EVA Dimensions DOUG WALTERS Barclays ANDREW BROADFIELD JPMorgan MICHAEL HUTTNER Mediobanca SpA MARC THIELE Main First Bank AG MICHAEL HAID Macquarie HADLEY COHEN Credit Suisse ADAM MCINALLY Canaccord Genuity Corp BEN COHEN Morgan Stanley MACIEJ WASILEWICZ Kepler Cheuvreux FABRIZIO CROCE Societe Generale JASON KALAMBOUSSIS Goldman Sachs VINIT MALHOTRA Espirito Santo Investment Bank Research JOY FERNEYHOUGH

Source Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Short MF-PART MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG

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

Amt Held % Out 60'539'744 50.2 3'622'528 3 3'415'731 2.83 1'118'847 0.93 1'080'519 0.9 786'308 0.65 655'430 0.54 641'010 0.53 630'800 0.52 582'283 0.48 538'060 0.45 495'267 0.41 (434'150) -0.36 373'062 0.31 276'100 0.23 265'358 0.22 238'823 0.2 221'063 0.18 179'840 0.15 145'140 0.12

Weighting

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

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

Latest Chg (20'935) (21'791) 305'447 28'940 (732) 13'400 79'600 (23'229) (6'052) (18'884) (1'210) 1'071 154'464 (1'522)

Target Price 65 #N/A N/A 72 64 #N/A N/A 55 70 65 57 60 61 63 60 63 60 55 70 67 62 #N/A N/A 61 50 70 65 57 68 62 58 63 58 59 48

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

File Dt 31.12.2012 07.08.2013 28.06.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013 30.04.2013 31.05.2013 31.12.2012 28.03.2013 30.06.2013 01.11.2012 28.06.2013 30.06.2013 30.04.2013 31.05.2013 30.06.2013 30.04.2013 28.03.2013

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

Inst Type Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Bank

Date 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 02.08.2013 22.07.2013 02.07.2013 28.06.2013 12.06.2013 24.05.2013 10.05.2013 09.05.2013 08.05.2013 07.05.2013 07.03.2013 18.01.2013 24.09.2012

09.08.2013

Hochtief AG Hochtief AG provides construction and construction related services worldwide. The Company finances, designs, builds, constructs and operates a wide variety of facilities through its five divisions, Airport, Development, Construction Services Americas, Construction Services Asia Pacific, and Construction Services Europe.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (30.07.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HOT GY EQUITY YTD Change HOT GY EQUITY YTD % CHANGE

12/2012 03/yy 58.53 34.64 84'043.00 57.08 -2.56% 64.78% 93.60% 77.0 4'395.16 4'456.46 0.0 1'603.4 3'143.58 8'517.20

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

10 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 18'703.1 0.19x 622.0 5.79x 156.7 15.81x

31.12.2009 31.12.2010 18'166.1 20'159.3 0.28x 0.29x 1'029.1 1'480.3 4.97x 3.92x 191.7 288.0 18.59x 14.74x Profitability

LTM-4Q 31.12.2011 23'282.2 0.26x 1'674.2 3.55x (160.3) -

31.12.2012 25'527.7 0.24x 1'477.3 4.16x 158.1 20.43x 1'477.32 527.16 2.07% 2.14% 1.45% 8.89% 8.88% 1.57% 6.4% 2.7% 0.6% 1.35 0.94 26.27% 168.78% 8.45 -

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M a-13

03/yy 23'934.9 1.05x 1'834.1 3.90x (25.7) 0.00x

LTM 03/yy 25'452.8 1.06x 1'641.2 4.79x 235.8 15.86x

FY+1

1.09 26.99 41.64% 32.24% 1.093 23 3.522 157'589 178'463 206'863 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 25'426.2 26'056.1 6'342.5 6'079.0 0.26x 0.25x 1'642.7 1'714.5 416.0 5.19x 4.97x 248.5 284.6 40.9 69.4 18.30x 14.91x 28.36x S&P Issuer Ratings

4.55 0.81 1.52 3.04 168.8% 51.2% 1.57 12.22 43.22 -

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Hochtief AG Holdings By:

All

Holder Name ACS ACTIVIDADES CONS QATAR INVESTMENT AUT SOUTHEASTERN ASSET M HOCHTIEF AG BLACKROCK NORGES BANK SPARINVEST LANSDOWNE PARTNERS L VANGUARD GROUP INC LONGLEAF MANAGEMENT ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL IG INVESTMENT MANAGE WITAN INVESTMENT TRU AGICAM SANTANDER ASSET MGMT LITMAN/GREGORY FUND DEUTSCHE BANK AG UBS INVEST KAG LBPAM

Firm Name

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

Analyst

Independent Research GmbH CHRISTOPH SCHOENDUBE M.M. Warburg Investment Research FRANK LASER Bankhaus Lampe MARC GABRIEL Commerzbank Corporates & Markets NORBERT KRETLOW Equinet Institutional Services(ESN) INGBERT FAUST HSBC TOBIAS LOSKAMP Bankhaus Metzler STEPHAN BAUER Societe Generale VICTOR ACITORES UBS GREGOR KUGLITSCH Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN Natixis ABDELKADER BENCHIHA S&P Capital IQ JAWAHAR HINGORANI Goldman Sachs WILL MORGAN Morgan Stanley ALEJANDRA PEREDA Nord/LB HEINO HAMMANN Kepler Cheuvreux BORJA CASTRO PEREZ MANZUCO Berenberg Bank CHRIS MOORE EVA Dimensions TIMOTHY STANISH Espirito Santo Investment Bank Research JUAN CARLOS CALVO DZ Bank AG JASKO TERZIC National Bank AG EKKEHARD D LINK Hamburger Sparkasse INGO SCHMIDT Main First Bank AG CHRISTIAN KORTH Deutsche Bank MICHAEL KUHN

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

Recommendation buy buy sell hold buy overweight sell buy neutral hold buy buy Buy/Neutral Underwt/In-Line buy buy hold underweight buy buy hold sell underperform restricted

Amt Held % Out 38'423'000 49.9 7'700'000 10 3'980'943 5.17 3'883'553 5.04 3'045'114 3.95 1'546'134 2.01 690'127 0.9 (385'000) -0.5 341'277 0.44 325'700 0.42 245'243 0.32 205'628 0.27 145'417 0.19 138'000 0.18 120'000 0.16 105'799 0.14 93'000 0.12 87'178 0.11 76'300 0.1 74'572 0.1

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

Change M M M M M M D M M M M U M M M M D M M M M M D M

Latest Chg 728 (1'061) (20'000) 7'375 (69) (41'700) 19'456

Target Price 66 63 55 51 69 67 57 63 50 53 63 57 63 51 58 57 59 #N/A N/A 69 63 47 #N/A N/A 44 #N/A N/A

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2011 Government 20.04.2012 Investment Advisor 03.07.2013 Corporation 07.08.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 05.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 01.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 07.08.2013 05.08.2013 01.08.2013 31.07.2013 30.07.2013 19.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 17.06.2013 14.06.2013 14.06.2013 13.06.2013 06.06.2013 06.06.2013 15.05.2013 13.05.2013 11.04.2013 12.03.2013 01.03.2013 27.09.2010

09.08.2013

Infineon Technologies AG Infineon Technologies AG designs, manufactures, and markets semiconductors and related products. The Company's products include microprocessors, memory components, microcontrollers, integrated circuits, digital and analog sensors, and fiber optics. Infineon markets its products to the communications, automotive, industrial, and consumer electronics sectors.

Price/Volume 8

20.0 M

5 4

09/2012 06/yy 7.35 4.87 2'580'660.00 6.976 -4.91% 43.39% 85.51% 1'080.9 7'540.54 295.00 0.0 0.0 2'235.00 5'708.54

15.0 M

10.0 M

2 5.0 M

1 0 a-12

30.09.2009 30.09.2010 2'184.0 3'295.0 1.66x 1.27x 292.0 687.0 12.43x 6.07x (626.0) 659.0 17.47x Profitability

LTM-4Q 30.09.2011 3'997.0 0.91x 1'098.0 3.33x 1'119.0 8.17x

30.09.2012 3'904.0 0.88x 881.0 3.89x 427.0 12.42x

881.00 453.00 11.60% 11.04% 4.71% 7.48% 0.67% 36.6% 19.2% 7.0% 10.9% 2.09 1.65 5.00% 8.25% 6.67 4.41

Price/ Cash Flow

06/yy 3'960.0 4.58x 958.0 3.99x 414.0 10.62x

o-12

n-12

d-12

j-13

LTM 06/yy 3'773.0 4.86x 726.0 7.00x 267.0 25.74x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

1.07 1'076.74 19.20% 15.91% 1.071 36 3.944 6'398'718 7'954'036 7'963'322 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 3'827.3 4'193.2 1'049.5 961.0 1.46x 1.29x 5.27x 5.68x 786.7 1'017.2 258.0 217.0 7.25x 5.61x 5.83x 5.72x 249.0 425.1 113.0 90.3 29.81x 17.57x 17.48x 16.07x S&P Issuer Ratings

14.68 -0.15 -2.52 0.42 8.3% 7.6% 0.67 2.37 54.71 82.76 70.46 34.53

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 02.10.2009

s-12

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFX GY EQUITY YTD Change IFX GY EQUITY YTD % CHANGE

30.09.2008 3'903.0 0.85x 702.0 4.73x (2'935.0) -

30.0 M

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

09.08.2013

Infineon Technologies AG Holdings By:

All

Holder Name BLACKROCK DODGE & COX CAPITAL GROUP COMPAN UBS ODEY ASSET MANAGEMEN NORGES BANK VANGUARD GROUP INC SUSQUEHANNA INTERNAT T ROWE PRICE ASSOCIA SCHRODER INVESTMENT DEKA INVESTMENT GMBH AQR CAPITAL MANAGEME ODEY ASSET MANAGEMEN FRANKLIN RESOURCES ALLIANZ ASSET MANAGE NORDEA INV MANAGEMEN SUN LIFE FINANCIAL I DEUTSCHE BANK AG UNION INVESTMENT GMB COHEN & STEERS INC

Firm Name AlphaValue Natixis Deutsche Bank Kepler Cheuvreux Redburn Partners Societe Generale Nord/LB Baader Bank JPMorgan Sanford C. Bernstein & Co M.M. Warburg Investment Research Main First Bank AG Exane BNP Paribas Barclays Grupo Santander Commerzbank Corporates & Markets Morgan Stanley Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe S&P Capital IQ DZ Bank AG ABN Amro Bank N.V. Hamburger Sparkasse Berenberg Bank UBS Jefferies HSBC Landesbank Baden-Wuerttemberg Bankhaus Metzler Liberum Capital Ltd National Bank AG EVA Dimensions Goldman Sachs CM - CIC Securities(ESN)

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

Analyst LIONEL PELLICER STEPHANE HOURI KAI KORSCHELT BERND LAUX SUMANT WAHI PETER KNOX WOLFGANG DONIE GUENTHER MICHAEL HOLLFELDER SANDEEP S DESHPANDE PIERRE FERRAGU MALTE SCHAUMANN JUERGEN WAGNER JEROME RAMEL ANDREW M GARDINER CARLOS JAVIER TREVINO THOMAS M BECKER FRANCOIS MEUNIER MARKUS FRIEBEL TIM OLIVER WUNDERLICH KARSTEN ILTGEN JAMES CRAWSHAW HARALD SCHNITZER ROBIN VAN DEN BROEK MARCO GUENTHER ADNAAN AHMAD GARETH JENKINS LEE SIMPSON CHRISTIAN DOMINIK RATH THOMAS HOFMANN ULRICH TRABERT JANARDAN MENON STEFFEN MANSKE ANDREW S ZAMFOTIS SIMON F SCHAFER FRANCOIS GOBRON

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

Recommendation add neutral hold hold buy hold buy hold overweight outperform buy outperform outperform overweight underweight add Equalwt/Cautious hold hold sell sell buy buy hold hold buy buy neutral hold buy buy buy overweight Buy/Neutral suspended coverage

Amt Held % Out 122'852'284 11.37 108'178'569 10.01 99'420'189 9.2 63'961'830 5.92 31'138'315 2.88 26'059'991 2.41 25'698'320 2.38 (19'445'513) -1.8 10'657'123 0.99 9'022'071 0.83 8'966'202 0.83 (8'537'641) -0.79 8'272'594 0.77 8'188'770 0.76 7'336'069 0.68 6'965'167 0.64 6'957'244 0.64 6'465'576 0.6 5'962'925 0.55 4'184'893 0.39

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

Change 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 U M U U M M M M

Latest Chg 3'132'039 (3'575'000) 945'567 (645'621) 1'080'306 2'439'755 3'188'703 (821'888) 216'143 859'047 (3'080'757) 1'408'598 304'890 72'492 (2'365) (499'000) -

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

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

File Dt Inst Type 07.08.2013 Investment Advisor 30.09.2012 Investment Advisor 30.06.2013 Investment Advisor 15.07.2013 Unclassified 04.04.2012 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 22.11.2012 Other 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 12.06.2013 Hedge Fund Manager 31.07.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 25.09.2012 Corporation

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

Date 08.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 05.06.2013 21.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 14.03.2013 31.01.2013 15.01.2013 09.01.2013 23.09.2008

09.08.2013

Jenoptik AG Jenoptik AG is an optoelectronics group that offers optical systems, lasers and material processing. The Company also provides industrial metrology, Traffic solutions, and defense & civil systems services.

Price/Volume 12

.5 M .4 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JEN GY EQUITY YTD Change JEN GY EQUITY YTD % CHANGE

12/2012 03/yy 10.30 5.66 44'531.00 10 -2.52% 76.68% 92.26% 57.2 572.38 120.99 0.0 0.3 45.92 644.61

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

.3 M .2 M

.2 M .1 M

2 0 a-12

.1 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 548.3 0.87x 70.5 6.75x 11.8 21.74x

.3 M

31.12.2009 31.12.2010 441.3 478.8 0.81x 0.81x 9.9 56.1 36.09x 6.93x (37.9) 36.6 33.74x Profitability

LTM-4Q 31.12.2011 543.3 0.62x 93.1 3.64x 35.3 7.87x

31.12.2012 585.0 0.85x 84.4 5.90x 50.2 9.23x 84.35 62.10 10.61% 7.08% 7.52% 15.25% 0.87% 34.8% 14.3% 10.6% 8.6% 2.08 0.90 18.07% 36.66% 2.11

Price/ Cash Flow

03/yy 556.5 2.75x 93.1 4.11x 36.3 9.34x

LTM 03/yy 579.3 3.15x 83.1 6.37x 50.1 10.11x

FY+1

.0 M a-13

0.76 41.15 75.47% 38.11% 0.764 12 3.833 55'446 79'801 107'329 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 608.3 654.5 149.0 1.08x 0.98x 78.2 88.3 8.24x 7.30x 36.3 46.3 9.3 15.55x 12.35x S&P Issuer Ratings

04.06.2008 NR 5.27 3.74 0.87 1.42 36.7% 26.8% 0.87 4.15 173.27 36.52 183.67

Sales/Revenue/Turnover

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0 4.00

500.0

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

01.07.2013

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 |

09.08.2013

Jenoptik AG Holdings By:

All

Holder Name ECE INDUSTRIEBETEILI THUERINGER INDUSTRIE FRANKLIN RESOURCES ODDO ASSET MANAGEMEN BT PENSION SCHEME DIMENSIONAL FUND ADV NORGES BANK BARING FUND MANAGERS ARTEMIS INVESTMENT M VANGUARD GROUP INC STATE STREET DEUTSCHE BANK AG BLACKROCK JP MORGAN SWISSCANTO FONDSLEIT BAYERNINVEST LUXEMBO BNY MELLON SERVICE K ADIG INVESTMENT ALLIANZ ASSET MANAGE UNIVERSAL INVESTMENT

Firm Name M.M. Warburg Investment Research DZ Bank AG Commerzbank Corporates & Markets Baader Bank Bankhaus Lampe HSBC EVA Dimensions Close Brothers Equity Markets Independent Research GmbH Kepler Cheuvreux Berenberg Bank Deutsche Bank

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

Analyst MALTE SCHAUMANN DIRK SCHLAMP DENNIS SCHMITT PETER ROTHENAICHER KARSTEN ILTGEN RICHARD SCHRAMM ANDREW S ZAMFOTIS IGOR KIM ZAFER RUZGAR ULRICH SCHOLZ ALI FARID KHWAJA UWE SCHUPP

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

Recommendation buy buy hold buy hold neutral overweight hold hold hold buy hold

Amt Held 8'019'058 6'296'191 2'575'308 1'747'653 1'608'393 1'027'844 748'394 657'624 245'000 231'994 189'240 180'000 178'567 102'164 90'000 71'890 64'400 55'921 47'093 38'500

% Out 14.01 11 4.5 3.05 2.81 1.8 1.31 1.15 0.43 0.41 0.33 0.31 0.31 0.18 0.16 0.13 0.11 0.1 0.08 0.07

Weighting

Change 5 5 3 5 3 3 5 3 3 3 5 3

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

Latest Chg 16'270 (5'000) 18'977 1'530 2'622 (25'814) 951 (14'900)

Target Price 12 11 8 12 10 11 #N/A N/A 10 10 9 9 8

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

File Dt Inst Type 28.02.2013 Corporation 28.02.2013 Other 31.07.2013 Investment Advisor 24.01.2013 Investment Advisor 16.01.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 08.08.2013 Investment Advisor 30.04.2013 Investment Advisor 07.08.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 08.08.2013 02.08.2013 26.07.2013 22.07.2013 04.07.2013 21.06.2013 21.06.2013 11.06.2013 14.05.2013 29.01.2013 18.01.2013 27.11.2012

09.08.2013

Kontron AG Kontron AG develops, produces and markets embedded computer boards. The Company provides its products to original equipment manufacturers, systems integrators, and other end-users in high-tech industries such as telecommunications, industrial automation, mobile computing, and the Internet.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KBC GY EQUITY YTD Change KBC GY EQUITY YTD % CHANGE

12/2012 06/yy 4.78 3.11 177'118.00 3.805 -20.23% 22.19% 33.67% 55.7 211.87 14.53 0.0 3.3 27.53 215.40

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

.9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 496.7 0.68x 57.5 5.86x 33.8 10.85x

5 5 4 4 3 3 2 2 1 1 0 a-12

31.12.2009 31.12.2010 468.9 509.5 0.83x 0.86x 42.3 46.1 9.22x 9.50x 21.6 (13.5) 19.44x Profitability

LTM-4Q 31.12.2011 589.6 0.48x 55.3 5.17x 21.9 12.98x

31.12.2012 547.0 0.40x 11.6 18.94x (32.8) 11.56 -32.26 -5.90% -6.31% -8.71% -14.00% 1.11% 26.2% 0.2% -8.1% -6.0% 1.95 1.03 3.16% 5.13% 4.46 3.67

Price/ Cash Flow

06/yy 584.0 2.05x 44.8 5.85x 14.5 18.70x

LTM 06/yy 539.1 1.54x 0.8 238.56x (42.3) 0.00x

FY+1

.0 M a-13

0.78 37.36 -5.36% -6.58% 0.777 13 2.769 54'179 95'609 98'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 545.3 577.3 0.38x 0.37x 13.2 32.6 16.33x 6.62x (13.3) 6.9 24.87x S&P Issuer Ratings

8.02 3.23 0.56 21.64 5.1% 4.8% 1.11 24.95 81.80 99.35 93.46 92.69

Sales/Revenue/Turnover

80.00

700.0

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0

30.00

200.0

20.00

100.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Kontron AG Holdings By:

All

Holder Name WARBURG PINCUS LLC TRITON III HOLDING SEB FMR LLC ALKEN FUND SICAV NORGES BANK DIMENSIONAL FUND ADV ING ASSET MANAGEMENT NMAS1 ASSET MANAGEME ADIG INVESTMENT BNY MELLON SERVICE K BLACKROCK GEHRMANN ULRICH VANGUARD GROUP INC INVESCO LTD BANKINVEST ASSET MAN NEVIN HUGH DEUTSCHE BANK AG STATE STREET ING INVESTMENT MANAG

Firm Name Independent Research GmbH Hauck & Aufhaeuser M.M. Warburg Investment Research DZ Bank AG Commerzbank Corporates & Markets Berenberg Bank Kepler Cheuvreux Equinet Institutional Services(ESN) Deutsche Bank Bankhaus Metzler Landesbank Baden-Wuerttemberg Close Brothers Equity Markets EVA Dimensions Hamburger Sparkasse

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

Analyst MARKUS FRIEBEL TIM OLIVER WUNDERLICH MALTE SCHAUMANN MARKUS TURNWALD YASMIN MOSCHITZ ALI FARID KHWAJA BERND LAUX ADRIAN PEHL UWE SCHUPP ULRICH TRABERT THOMAS HOFMANN VEYSEL TAZE ANDREW S ZAMFOTIS MARCO GUENTHER

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

Recommendation hold sell hold sell hold hold buy accumulate hold sell hold sell overweight buy

Amt Held 10'579'770 7'166'500 3'337'400 1'596'713 1'591'133 1'387'734 888'767 750'000 690'369 562'500 384'281 346'978 280'000 261'838 236'813 200'000 189'366 100'000 90'934 82'291

% Out 19 12.87 5.99 2.87 2.86 2.49 1.6 1.35 1.24 1.01 0.69 0.62 0.5 0.47 0.43 0.36 0.34 0.18 0.16 0.15

Weighting

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

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

Latest Chg 90'473 3'821 12'678 30'033 -

Target Price 4 3 4 3 4 4 7 5 4 3 4 4 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 20.03.2013 05.06.2012 16.04.2012 24.02.2012 31.12.2012 30.04.2013 28.03.2013 31.07.2012 30.04.2013 31.07.2013 07.08.2013 31.12.2012 30.06.2013 08.08.2013 31.07.2013 31.12.2012 30.04.2013 08.08.2013 30.06.2013

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

Inst Type Private Equity Other Unclassified Investment Advisor n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 22.07.2013 10.07.2013 09.07.2013 10.04.2013 17.01.2013 30.04.2012

09.08.2013

Kloeckner & Co SE Kloeckner & Co SE distributes a wide range of steel and metal products.

Price/Volume 14

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KCO GY EQUITY YTD Change KCO GY EQUITY YTD % CHANGE

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

2.0 M

1.0 M

2 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 6'749.6 0.17x 596.3 1.93x 398.3 1.44x

3.0 M

12/2012 06/yy 11.98 6.88 383'597.00 10.54 -12.23% 53.26% 70.90% 99.8 1'051.36 1'024.05 0.0 23.0 610.22 1'550.99

31.12.2009 31.12.2010 3'860.5 5'198.2 0.27x 0.30x (76.3) 233.4 6.59x (188.5) 77.5 17.95x Profitability

LTM-4Q 31.12.2011 7'095.4 0.21x 199.9 7.38x 11.6 70.86x

31.12.2012 7'388.0 0.18x 60.1 22.16x (194.9) 60.08 -104.43 -1.41% -2.42% -3.77% -10.19% 1.54% 17.6% 0.8% -1.2% -2.6% 2.79 1.40 26.22% 63.54% 6.44 -

Price/ Cash Flow

06/yy 7'532.2 0.81x 110.2 12.67x (87.4) 0.00x

LTM 06/yy 6'801.7 0.82x 54.2 24.28x (166.5) 0.00x

FY+1

.0 M a-13

1.16 91.95 43.71% 17.53% 1.157 31 3.484 870'293 558'204 609'371 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'780.0 7'077.6 1'712.4 1'742.8 0.23x 0.21x 0.98x 0.88x 137.6 212.7 37.9 41.3 11.28x 7.30x (34.4) 33.4 (3.9) 2.2 32.53x S&P Issuer Ratings

27.03.2013 B+ NEG 0.67 0.04 8.82 19.34 63.5% 38.5% 1.54 11.18 56.70 78.61

Sales/Revenue/Turnover

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0 8.00

4'000.0 6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

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

01.07.2013

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 |

09.08.2013

Kloeckner & Co SE Holdings By:

All

Holder Name INTERFER HOLDING ALLIANZ ASSET MANAGE FRANKLIN RESOURCES DIMENSIONAL FUND ADV ADIG INVESTMENT UBS NORGES BANK OXFORD ASSET MANAGEM FEDERATED INVESTORS DEKA INVESTMENT GMBH UNION INVESTMENT GMB BLACKROCK DEUTSCHE BANK AG AQR CAPITAL MANAGEME VANGUARD GROUP INC SAEMOR CAPITAL BV HIGHBRIDGE CAPITAL M MILLENNIUM PARTNERS CARMIGNAC GESTION LRI-FUND MANAGEMENT

Firm Name Nord/LB Commerzbank Corporates & Markets Jefferies Macquarie Bankhaus Lampe Bankhaus Metzler Berenberg Bank Main First Bank AG Exane BNP Paribas Deutsche Bank Morgan Stanley BHF-Bank Baader Bank Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Close Brothers Equity Markets Kepler Cheuvreux Steubing AG Credit Suisse Nomura Goldman Sachs DZ Bank AG EVA Dimensions Montega UBS National Bank AG HSBC JPMorgan

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

Analyst HOLGER FECHNER INGO-MARTIN SCHACHEL SETH ROSENFELD DANIEL LURCH MARC GABRIEL LARS HETTCHE BJOERN LIPPE ALEXANDER HAUENSTEIN ROMY KRUGER MATTHIAS PFEIFENBERGER ALEXANDER HAISSL HERMANN REITH CHRISTIAN OBST JENS MUENSTERMANN SVEN DIERMEIER BJOERN VOSS RALF MARINONI ROCHUS BRAUNEISER MICHAEL BROEKER MICHAEL SHILLAKER NEIL SAMPAT STEPHEN BENSON DIRK SCHLAMP TIMOTHY STANISH WAIS SAMADZADA CARSTEN RIEK MANFRED JAISFELD JUERGEN SIEBRECHT BENJAMIN DEFAY

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

Recommendation buy hold underperform outperform hold buy hold outperform neutral hold Underwt/Cautious overweight buy buy hold buy buy buy hold outperform reduce Sell/Neutral hold underweight hold sell buy overweight overweight

Amt Held % Out 7'800'000 7.82 3'918'755 3.93 3'185'285 3.19 2'669'753 2.68 2'510'068 2.52 2'388'999 2.39 1'318'689 1.32 (987'525) -0.99 977'668 0.98 976'403 0.98 959'500 0.96 646'701 0.65 610'000 0.61 (578'550) -0.58 513'931 0.52 (498'750) -0.5 (488'775) -0.49 (458'850) -0.46 457'329 0.46 355'000 0.36

Weighting

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

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

Latest Chg 30'610 4'434 (85) 99'750 (512'408) 400'000 11'279 48'350 29'925 29'405 (49'875) 189'525 39'900 141'937 2'500

Target Price 13 9 7 11 11 12 9 13 9 9 8 11 12 12 10 12 13 12 11 13 7 7 9 #N/A N/A 10 7 12 13 10

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

File Dt Inst Type 18.02.2013 n/a 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Unclassified 31.12.2012 Government 06.08.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 07.08.2013 Investment Advisor 28.06.2013 Investment Advisor 06.08.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 18.07.2013 Investment Advisor 14.03.2013 Hedge Fund Manager 25.10.2012 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 05.08.2013 22.07.2013 04.07.2013 06.06.2013 31.05.2013 21.05.2013 10.05.2013 07.03.2013 08.11.2012

09.08.2013

Kabel Deutschland Holding AG Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The Company offers its customers analog and digital TV, broadband Internet and fixed line phone services via cable as well mobile services in cooperation with an industry partner.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (14.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KD8 GY EQUITY YTD Change KD8 GY EQUITY YTD % CHANGE

03/2013 03/yy 86.31 50.00 132'736.00 85.11 -1.37% 70.22% 96.25% 88.5 7'534.19 3'423.25 0.0 0.0 609.55 10'347.91

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

31.03.2010 31.03.2011 1'501.6 1'598.9 3.15x 3.80x 651.5 697.1 7.26x 8.71x (40.1) (45.3) Profitability

0 a-12

s-12

LTM-4Q 31.03.2012 1'699.7 4.01x 768.8 8.87x 159.4 25.98x

31.03.2013 1'829.9 5.01x 786.9 11.66x 246.8 25.75x

786.89 425.96 23.28% 12.33% 9.84% 0.73% 54.3% 43.0% 23.3% 13.5% 1.11 1.00 119.76% 16.63 20.04

Price/ Cash Flow

03/yy 1'699.7 15.52x 768.8 8.87x 159.4 25.98x

o-12

n-12

d-12

j-13

LTM 03/yy 1'829.9 17.53x 786.9 11.66x 246.8 25.75x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.45 74.00 70.10% 50.45% 0.446 25 3.040 204'657 515'381 470'816 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 1'971.6 2'122.1 470.9 479.0 5.31x 5.00x 21.87x 941.1 1'037.6 226.1 224.0 11.00x 9.97x 10.95x 262.4 310.4 51.0 63.9 28.97x 24.72x 28.53x 25.56x S&P Issuer Ratings

02.08.2013 BB *+ 3.82 2.01 3.58 4.35 175.3% 0.73 1.46 21.94 18.21 128.03 -87.87

Sales/Revenue/Turnover

16.00

2'000.0

14.00

1'800.0 1'600.0

12.00

1'400.0

10.00

1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 02.04.2010

.5 M

Fiscal Year Ended 31.03.2009 1'370.3 539.3 (145.2) -

1.0 M

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

09.08.2013

Kabel Deutschland Holding AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK MERRILL LYNCH INTERN THREADNEEDLE ASSET M VODAFONE GROUP PLC ZIEGLER CARLENE MURP SCOUT CAPITAL MANAGE FMR LLC ARTISAN PARTNERS HOL STANDARD LIFE INVEST SARASIN THREADNEEDLE INVESTM VANGUARD GROUP INC ROYAL BANK OF CANADA ALLIANZ ASSET MANAGE SCHRODER INVESTMENT JP MORGAN MORGAN STANLEY DB PLATINUM ADVISORS DEUTSCHE BANK AG

Firm Name

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst

M.M. Warburg Investment Research MALTE RAETHER Main First Bank AG STEPHAN VOLLERT Pivotal Research Group LLC JEFFREY WLODARCZAK Bankhaus Lampe WOLFGANG SPECHT Commerzbank Corporates & Markets HEIKE PAULS Sanford C. Bernstein & Co ROBIN BIENENSTOCK Macquarie ALEX GRANT Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Jefferies ULRICH RATHE Exane BNP Paribas MICHAEL WILLIAMS HSBC DOMINIK KLARMANN Deutsche Bank DAVID A WRIGHT Barclays JONATHAN DANN Hauck & Aufhaeuser SASCHA BERRESCH Espirito Santo Investment Bank Research ANDREW HOGLEY Nord/LB HOLGER FECHNER Bankhaus Metzler ULRICH TRABERT Equita SIM SpA GIANMARCO BONACINA UBS POLO TANG Berenberg Bank STUART GORDON Makor Capital ALBERT SAPORTA Morgan Stanley SAROOP PUREWAL Goldman Sachs TIMOTHY BODDY New Street Research FRANK KNOWLES Grupo Santander JOHN DAVIES Credit Suisse JUSTIN FUNNELL JPMorgan HANNES C WITTIG Nomura HENRIK NYBLOM EVA Dimensions CRAIG STERLING

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

Recommendation hold outperform sell hold reduce market perform neutral hold hold outperform neutral restricted overweight hold neutral accept the offer sell hold restricted hold buy restricted not rated neutral underweight neutral overweight neutral underweight

Amt Held 8'842'000 5'380'151 4'496'129 4'414'893 3'033'861 2'823'982 2'725'000 2'682'192 2'674'142 2'668'411 1'058'451 994'650 967'639 926'799 729'494 678'616 575'346 562'895 550'684 516'804

% Out 9.99 6.08 5.08 4.99 3.43 3.19 3.08 3.03 3.02 3.01 1.2 1.12 1.09 1.05 0.82 0.77 0.65 0.64 0.62 0.58

Weighting

Change

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

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

Latest Chg (37'138) (3'409) 138'517 56'590 1'700 5'036 15'704 41'483 537'005 (10'454)

Target Price 65 87 87 85 87 87 87 87 82 90 87 #N/A N/A 87 90 87 87 62 87 #N/A N/A 85 93 #N/A N/A #N/A N/A 56 65 70 70 54 #N/A N/A

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

File Dt Inst Type 07.08.2013 Investment Advisor 27.09.2012 Government 26.07.2013 Bank 18.06.2013 Investment Advisor 19.07.2013 Corporation 10.01.2013 n/a 31.03.2012 Hedge Fund Manager 31.03.2012 Investment Advisor 18.06.2013 Investment Advisor 14.06.2013 Investment Advisor 30.04.2013 Unclassified 28.02.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Bank 30.06.2013 Investment Advisor 31.01.2013 Investment Advisor 30.06.2013 Investment Advisor 21.02.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 08.08.2013 08.08.2013 08.08.2013 05.08.2013 01.08.2013 29.07.2013 22.07.2013 19.07.2013 15.07.2013 15.07.2013 12.07.2013 09.07.2013 09.07.2013 03.07.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 18.06.2013 18.06.2013 18.06.2013 13.06.2013 12.06.2013 11.06.2013 17.05.2013 01.05.2013 22.02.2013 20.02.2013 17.01.2013

09.08.2013

Krones AG Krones AG designs and manufactures production machinery and packaging robots for breweries, soft drink and water bottlers, chemical manufacturers, and food processors. The Company produces cleaning, filling, labeling, sorting, and packaging production systems for the handling of plastic and glass containers. Krones operates worldwide.

Price/Volume 70

.4 M

.4 M .3 M

.3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (29.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRN GY EQUITY YTD Change KRN GY EQUITY YTD % CHANGE

12/2012 06/yy 66.60 37.56 20'712.00 64.93 -2.40% 72.89% 94.01% 31.6 2'051.34 17.06 0.0 0.0 132.92 1'937.44

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

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 2'381.4 0.39x 224.7 4.09x 107.0 9.17x

.2 M

31.12.2009 31.12.2010 1'864.9 2'173.3 0.53x 0.62x 46.4 139.1 21.44x 9.72x (34.7) 50.8 27.95x Profitability

LTM-4Q 31.12.2011 2'480.3 0.43x 138.3 7.79x 43.7 25.36x

31.12.2012 2'664.2 0.51x 179.7 7.62x 67.0 21.17x 179.70 103.02 3.87% 3.68% 3.78% 9.25% 1.33% 7.1% 4.3% 2.5% 1.34 0.64 0.82% 2.04% 4.73 -

Price/ Cash Flow

06/yy 2'512.5 1.87x 135.7 9.29x 38.9 30.85x

LTM 06/yy 2'752.0 2.15x 195.8 8.21x 78.4 21.29x

FY+1

.0 M a-13

0.86 14.82 67.64% 40.00% 0.861 22 4.227 45'804 49'780 48'862 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'786.5 2'927.6 645.0 748.0 0.67x 0.64x 2.41x 241.4 267.6 53.0 71.7 8.03x 7.24x 116.1 132.5 24.5 35.2 17.37x 15.17x S&P Issuer Ratings

51.82 31.13 -0.58 0.08 2.0% 2.0% 1.33 6.15 77.12 -

Sales/Revenue/Turnover

90.00

3'000.0

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Krones AG Holdings By:

All

Holder Name KRONSEDER FAMILY TWEEDY BROWNE COMPAN ALLIANZ GLOBAL INVES ODDO ASSET MANAGEMEN NORGES BANK FINANCIERE DE L'ECHI SARASIN ALLIANZ ASSET MANAGE ADIG INVESTMENT BLACKROCK DEUTSCHE BANK AG CALAMOS ADVISORS LLC KEMPEN CAPITAL MANAG VANGUARD GROUP INC PICTET FUNDS DIMENSIONAL FUND ADV UNION INVESTMENT GMB SKANDIA INVESTMENT M UNIVERSAL INVESTMENT DEKA INVESTMENT GMBH

Firm Name Baader Bank Independent Research GmbH Nord/LB Goldman Sachs Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser M.M. Warburg Investment Research Kepler Cheuvreux DZ Bank AG Commerzbank Corporates & Markets Deutsche Bank UBS Bankhaus Lampe Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Montega EVA Dimensions HSBC Berenberg Bank BHF-Bank Steubing AG Hamburger Sparkasse

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios FINANCIERE DE L'ECHI n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PETER ROTHENAICHER LARS LUSEBRINK HEINO HAMMANN BENJAMIN MOORE HARALD REHMET TORBEN TEICHLER EGGERT KULS STEFAN AUGUSTIN MARKUS TURNWALD YASMIN MOSCHITZ FELICITAS VON BISMARCK SVEN WEIER GORDON SCHOENELL STEPHAN BAUER HOLGER SCHMIDT UNAI FRANCO THOMAS RAU TIMOTHY STANISH RICHARD SCHRAMM FREDERIK BITTER HERMANN REITH MICHAEL BROEKER INGO SCHMIDT

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

Recommendation buy buy buy neutral/neutral hold buy buy buy buy buy buy neutral sell buy accumulate buy hold overweight neutral hold overweight buy sell

Amt Held 16'772'777 969'077 960'013 470'732 384'684 257'222 216'297 206'490 189'831 178'523 112'565 84'000 77'133 71'938 68'962 65'166 50'000 45'277 44'085 41'800

% Out 53.09 3.07 3.04 1.49 1.22 0.81 0.68 0.65 0.6 0.57 0.36 0.27 0.24 0.23 0.22 0.21 0.16 0.14 0.14 0.13

Weighting

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

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

Latest Chg (10'000) 32'669 189'831 62 48'179 3'045 (2'410) 50'000 (848) -

Target Price 73 74 70 64 63 71 68 67 66 71 68 62 52 66 71 72 60 #N/A N/A 55 57 52 68 #N/A N/A

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

File Dt 31.03.2013 31.03.2012 29.04.2013 30.09.2012 31.12.2012 28.06.2013 28.02.2013 30.04.2013 30.04.2013 07.08.2013 28.06.2013 31.05.2013 31.03.2013 30.06.2013 30.04.2013 30.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 06.06.2013 05.06.2013 01.05.2013 26.11.2012 18.05.2011 27.04.2010

09.08.2013

KUKA AG KUKA AG manufactures production machinery and equipment, and offers production engineering services. The Company designs and builds automobile factories, and produces welding and assembly systems, industrial robots, turning machines, packaging machinery, and measuring and control instruments for water and gas suppliers. KUKA operates in Europe, the Americas, and Asia.

Price/Volume 40

.8 M

12/2012 06/yy 38.50 19.62 173'579.00 34.56 -10.32% 76.19% 78.16% 33.9 1'172.12 201.50 0.0 1.4 244.30 1'096.92

.6 M

.4 M

10 .2 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

1.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (22.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KU2 GY EQUITY YTD Change KU2 GY EQUITY YTD % CHANGE

31.12.2008 1'266.1 0.30x 78.0 4.81x 30.5 10.74x

1.2 M

31.12.2009 31.12.2010 902.1 1'078.6 0.43x 0.56x (29.8) 39.8 15.13x (75.7) (8.6) Profitability

LTM-4Q 31.12.2011 1'435.6 0.36x 90.3 5.69x 29.8 15.88x

31.12.2012 1'739.2 0.52x 131.2 6.84x 55.6 16.87x 131.20 102.50 5.89% 5.16% 4.69% 18.75% 14.09% 1.48% 22.2% 7.9% 6.1% 3.2% 1.60 0.74 17.72% 68.05% 9.97 6.58

Price/ Cash Flow

06/yy 1'588.2 1.44x 111.2 5.83x 44.2 13.65x

LTM 06/yy 1'796.7 2.14x 141.3 7.26x 57.0 19.20x

FY+1

.0 M a-13

0.99 22.41 73.96% 25.65% 0.989 22 3.045 156'749 116'165 141'040 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'857.9 1'937.6 490.5 484.5 0.61x 0.57x 2.22x 2.12x 152.0 165.6 42.3 44.8 7.22x 6.62x 6.25x 6.18x 66.3 73.9 20.3 18.9 17.70x 15.69x 13.91x 13.52x S&P Issuer Ratings

31.07.2013 BBSTABLE 5.86 4.69 -0.54 1.64 68.1% 40.4% 1.48 18.76 36.63 55.49 54.71 45.01

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

KUKA AG Holdings By:

All

Holder Name GRENZEBACH GROUP BLACKROCK OPPENHEIMER ASSET MA AXA SA FRANKLIN RESOURCES ALLIANZ GLOBAL INVES WYSER-PRATTE GUY PAT NORGES BANK RINVEST AG DEUTSCHE BANK AG ADIG INVESTMENT MYRIAD OPP MASTER FU JP MORGAN CITADEL EUROPE LLP SWEDBANK ROBUR FONDE WASATCH ADVISORS INC VANGUARD GROUP INC HIGHBRIDGE CAPITAL M PRINCIPAL FINANCIAL B & G FUND PLC

Firm Name Independent Research GmbH Commerzbank Corporates & Markets Morgan Stanley Bankhaus Metzler Deutsche Bank Baader Bank Macquarie Landesbank Baden-Wuerttemberg Bankhaus Lampe Equinet Institutional Services(ESN) Montega DZ Bank AG Canaccord Genuity Corp EVA Dimensions UBS Nord/LB HSBC M.M. Warburg Investment Research Berenberg Bank Goldman Sachs Kepler Cheuvreux BHF-Bank

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

Analyst SVEN DIERMEIER STEPHAN BOEHM LUCIE CARRIER STEPHAN BAUER TIM ROKOSSA PETER ROTHENAICHER CHRISTIAN BREITSPRECHER HARALD REHMET GORDON SCHOENELL HOLGER SCHMIDT THOMAS RAU JASKO TERZIC ANDREW BELL TIMOTHY STANISH SEBASTIAN UBERT FRANK SCHWOPE RICHARD SCHRAMM CHRISTIAN COHRS BENJAMIN GLAESER BENJAMIN MOORE STEFAN AUGUSTIN HERMANN REITH

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

Recommendation hold buy Equalwt/Cautious buy hold hold neutral sell hold accumulate hold sell buy buy buy sell underweight sell hold neutral/neutral hold market weight

Amt Held % Out 8'275'358 24.4 1'891'132 5.58 1'763'601 5.2 1'088'684 3.21 1'017'462 3 1'010'100 2.98 862'758 2.54 808'425 2.38 600'000 1.77 576'306 1.7 360'082 1.06 (349'329) -1.03 186'144 0.55 (179'752) -0.53 175'000 0.52 170'400 0.5 169'193 0.5 (166'185) -0.49 165'954 0.49 (152'619) -0.45

Weighting

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

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

Latest Chg 433'508 (23'694) (40'699) 17'907 170'400 27'495 27'133 119'554 33'916

Target Price 37 40 37 39 33 37 33 28 36 38 36 27 38 #N/A N/A 41 31 30 31 33 38 34 33

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

File Dt Inst Type 08.02.2013 Corporation 07.08.2013 Investment Advisor 08.02.2013 Hedge Fund Manager 08.02.2013 Investment Advisor 28.06.2013 Investment Advisor 13.08.2012 Investment Advisor 23.05.2013 n/a 31.12.2012 Government 01.09.2011 Other 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 02.08.2013 Investment Advisor 31.03.2013 Investment Advisor 26.07.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 22.04.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 24.06.2013 Unclassified

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 17.07.2013 08.07.2013 21.06.2013 24.05.2013 22.05.2013 10.05.2013 10.05.2013 01.05.2013 03.04.2013 27.03.2013 05.02.2013

09.08.2013

LEG Immobilien AG LEG Immobilien GmbH owns and operates apartments in North Rhine Westphalia, Germany.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEG GY EQUITY YTD Change LEG GY EQUITY YTD % CHANGE

12/2012 03/yy 46.19 37.67 20'082.00 40.84 -11.61% 8.43% 34.32% 53.0 2'163.03 2'499.70 0.0 24.9 133.10 4'556.53

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

31.12.2009 -

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 f-13

Profitability

31.12.2010 503.8 142.8 24.2 -

LTM-4Q 31.12.2011 515.1 160.4 (11.5) -

31.12.2012 517.7 189.2 94.4 189.20 184.20 -2.09% 22.12% 1.85% 4.93% 2.48% 0.10% 36.5% 18.2% 47.72% 121.31% -

Price/ Cash Flow

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

LTM 03/yy 134.0 34.38x 47.6 0.00x 11.0 0.00x

FY+1

1.00 42.95 13 4.154 59'314 68'299 99'054 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 495.0 521.3 130.0 132.0 9.54x 9.29x 227.6 246.2 20.02x 18.51x 141.4 163.2 15.26x 13.24x 14.69x S&P Issuer Ratings

0.97 0.49 12.51 13.21 121.3% 54.5% 0.10 -

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00 5.00

300.0

4.00

200.0

3.00 2.00

100.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

LEG Immobilien AG Holdings By:

All

Holder Name WHITEHALL STREET FUN CBRE GROUP INC FMR LLC RUFFER LLP BLACKROCK ING INVESTMENT MANAG PETERCAM SA UNION INVESTMENT GMB MORGAN STANLEY BNP PARIBAS INV PART BANK OF NEW YORK MEL GENERALI ASSET MANAG INVESCO LTD DEUTSCHE BANK AG GENERALI INVESTMENTS ALLIANCE BERNSTEIN PRUDENTIAL FINANCIAL PRINCIPAL FINANCIAL SUN LIFE FINANCIAL I CAZENOVE UNIT TRUST

Firm Name Bankhaus Metzler Bankhaus Lampe M.M. Warburg Investment Research Commerzbank Corporates & Markets Deutsche Bank Kepler Cheuvreux Nord/LB JPMorgan Berenberg Bank Goldman Sachs Morgan Stanley Kempen & Co Erste Group

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

Analyst JOCHEN SCHMITT GEORG KANDERS TORSTEN KLINGNER THOMAS ROTHAEUSLER MARKUS SCHEUFLER THOMAS NEUHOLD MICHAEL SEUFERT NEIL GREEN KAI MALTE KLOSE JULIAN LIVINGSTON-BOOTH BIANCA RIEMER THOMAS VAN DER MEIJ GUENTHER ARTNER

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

Recommendation sell buy buy add buy buy hold neutral buy Buy/Neutral Equalwt/Attractive overweight buy

Amt Held 10'015'379 2'115'800 1'156'303 633'000 620'902 563'900 493'100 461'100 440'822 385'925 283'977 228'420 221'935 194'700 194'455 183'104 180'716 173'148 139'820 139'140

% Out 18.91 3.99 2.18 1.2 1.17 1.06 0.93 0.87 0.83 0.73 0.54 0.43 0.42 0.37 0.37 0.35 0.34 0.33 0.26 0.26

Weighting

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

Latest Chg (88'390) 633'000 (22'697) 461'100 108'787 5'538 118'699 (21'580) 221'935 5'000 23'955 104'223 25'261 12'680 139'140

Target Price

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

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

37 47 47 46 49 48 43 48 48 52 44 48 51

File Dt 01.02.2013 01.02.2013 30.06.2013 28.02.2013 07.08.2013 30.06.2013 30.04.2013 28.03.2013 30.06.2013 31.03.2013 30.06.2013 28.06.2013 31.03.2013 28.06.2013 30.04.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.02.2013

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

Inst Type Investment Advisor 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 Investment Advisor Investment Advisor

Date 22.07.2013 17.07.2013 17.07.2013 12.07.2013 05.07.2013 24.06.2013 20.06.2013 07.06.2013 28.05.2013 09.05.2013 08.05.2013 19.03.2013 14.03.2013

09.08.2013

Leoni AG Leoni AG manufactures and sells electric cables, wires, flexible cords, light wave conductors, co-axial cables, high-tension wires and customized cable wiring systems. The Company markets its products to the tool-machinery, telecommunication, computer, automotive, electronic and appliance manufacturing industries. Leoni operates in Europe, Asia and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEO GY EQUITY YTD Change LEO GY EQUITY YTD % CHANGE

12/2012 03/yy 40.49 23.41 55'244.00 38.905 -3.67% 66.19% 89.78% 32.7 1'270.99 554.16 0.0 1.7 298.32 1'590.35

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

.9 M

.8 M

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

31.12.2009 31.12.2010 2'160.1 2'955.7 0.46x 0.49x 51.9 255.1 19.23x 5.65x (138.1) 67.1 14.58x Profitability

LTM-4Q 31.12.2011 3'701.5 0.29x 353.9 3.08x 155.7 5.16x

31.12.2012 3'809.0 0.31x 358.2 3.32x 155.7 6.00x 358.22 242.02 6.35% 5.20% 4.66% 14.61% 10.57% 1.56% 17.7% 8.1% 5.0% 4.1% 1.22 0.68 23.24% 65.70% 7.68 5.71

Price/ Cash Flow

03/yy 3'759.9 1.47x 385.0 3.99x 184.1 6.72x

o-12

n-12

d-12

j-13

LTM 03/yy 3'799.0 1.35x 306.9 4.25x 113.6 8.67x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

1.28 32.64 33.61% 42.62% 1.284 24 3.792 124'230 159'768 205'962 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'776.8 4'064.2 981.9 0.41x 0.38x 301.8 356.9 74.0 5.26x 4.45x 107.2 144.7 26.2 11.76x 8.81x S&P Issuer Ratings

9.11 5.03 1.03 1.68 65.7% 39.6% 1.56 5.78 47.52 63.89 71.80 31.33

Sales/Revenue/Turnover

10.00

4'000.0

9.00

3'500.0

8.00

3'000.0

7.00

2'500.0

6.00 5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 2'912.0 0.31x 170.1 5.25x 5.1 76.41x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Leoni AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK ALLIANZ GLOBAL INVES NUERNBERGER LEBENSVE VANGUARD GROUP INC ODIN FORVALTNING AS THIRD AVENUE MANAGEM FRANKFURT TRUST INVE CLASSIC FUND MGMT AG KEMPEN CAPITAL MANAG LANDESBANK BERLIN IN SWEDBANK ROBUR FONDE LIONTRUST DEKA INVESTMENT GMBH GRANTHAM MAYO VAN OT UNION INVESTMENT GMB MARSHALL WACE LLP DEUTSCHE BANK AG SCHRODER INVESTMENT DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Commerzbank Corporates & Markets DANIEL SCHWARZ Macquarie CHRISTIAN BREITSPRECHER M.M. Warburg Investment Research MARC-RENE TONN Goldman Sachs STEPHAN PUETTER Landesbank Baden-Wuerttemberg FRANK BILLER Equinet Institutional Services(ESN) TIM SCHULDT Hauck & Aufhaeuser PHILIPPE LORRAIN HSBC NIELS FEHRE Bankhaus Lampe CHRISTIAN LUDWIG Steubing AG TOBIAS SCHMIDT Close Brothers Equity Markets DANIEL KUKALJ Main First Bank AG TOBIAS FAHRENHOLZ Deutsche Bank TIM ROKOSSA Bankhaus Metzler JUERGEN PIEPER DZ Bank AG MICHAEL PUNZET Exane BNP Paribas GERHARD ORGONAS EVA Dimensions CRAIG STERLING Kepler Cheuvreux MICHAEL RAAB Hamburger Sparkasse TINA HECKING-VELTMAN Independent Research GmbH ZAFER RUZGAR Nord/LB FRANK SCHWOPE Montega HENDRIK EMRICH LFG Kronos Investment Services GmbH THOMAS ANEY GSC Research MATTHIAS SCHRADE

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

Recommendation hold neutral buy buy/attractive buy buy buy overweight hold buy buy outperform hold buy sell neutral overweight reduce hold hold sell hold neutral buy

Amt Held % Out 1'289'500 3.95 1'071'287 3.28 890'293 2.73 888'000 2.72 591'165 1.81 458'936 1.4 356'447 1.09 350'000 1.07 288'431 0.88 285'589 0.87 271'302 0.83 230'587 0.71 195'908 0.6 192'642 0.59 162'235 0.5 159'400 0.49 (150'277) -0.46 150'000 0.46 137'909 0.42 120'489 0.37

Weighting

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

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

Latest Chg 518 419'611 (58'508) 204'490 288'431 12'319 47'042 (32'903) (335'900) 13'068 92'829 787

Target Price 35 36 43 50 45 42 54 43 35 62 44 43 40 42 32 40 #N/A N/A 25 #N/A N/A 38 31 36 35 #N/A N/A

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

File Dt Inst Type 07.08.2013 Investment Advisor 20.05.2013 Government 22.06.2012 Investment Advisor 31.12.2011 n/a 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Unclassified 31.07.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Unclassified 28.03.2013 Investment Advisor 31.05.2012 Investment Advisor 28.03.2013 Investment Advisor 27.02.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 01.08.2013 29.07.2013 29.07.2013 23.07.2013 23.07.2013 22.07.2013 12.07.2013 10.07.2013 24.06.2013 11.06.2013 05.06.2013 27.05.2013 16.05.2013 14.05.2013 14.05.2013 14.02.2013 21.12.2012

09.08.2013

Deutsche Lufthansa AG Deutsche Lufthansa AG provides passenger and cargo air transportation services worldwide. The Company offers flight and connection programs in cooperation with Star Alliance airline partners from North America, Scandinavia, and Asia. Lufthansa also provides travel agency, catering, and aircraft maintenance services.

Price/Volume

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LHA GY EQUITY YTD Change LHA GY EQUITY YTD % CHANGE

12/2012 06/yy 17.28 9.58 2'101'653.00 14.82 -13.81% 54.71% 64.33% 459.9 6'816.41 7'108.00 0.0 60.0 4'966.00 8'243.41

8.0 M

6.0 M

4.0 M

2.0 M

2 0 a-12

31.12.2009 31.12.2010 22'283.0 26'459.0 0.36x 0.36x 1'696.0 2'928.0 4.68x 3.25x (34.0) 1'131.0 5.84x Profitability

LTM-4Q 31.12.2011 28'734.0 0.24x 2'817.0 2.43x (13.0) 15.57x

31.12.2012 30'135.0 0.29x 2'468.0 3.55x 990.0 6.85x 2'468.00 543.00 1.80% 3.45% 3.21% 19.40% 11.90% 1.01% 8.3% 2.0% 3.3% 1.00 0.79 25.01% 86.28% -

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 28'930.0 0.94x 2'969.0 2.25x 243.0 7.91x

j-13

06/yy 30'090.0 1.11x 2'512.0 3.42x 954.0 7.53x

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M a-13

1.05 444.85 49.91% 4.07% 1.047 38 4.053 3'473'593 2'659'345 2'755'230 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'778.7 31'942.7 8'528.0 7'617.0 0.29x 0.29x 2'922.6 3'344.0 1'298.0 621.0 2.81x 2.46x 533.1 849.0 649.0 62.0 12.69x 8.47x S&P Issuer Ratings

27.08.2009 BBBSTABLE 05.12.2008 A-3 5.08 0.12 0.54 2.68 86.3% 46.1% 1.01 2.00 -

Sales/Revenue/Turnover

3.50

35'000.0

3.00

30'000.0

2.50

25'000.0

2.00

20'000.0

1.50

15'000.0

1.00

10'000.0

0.50

5'000.0

0.00 01.01.2010

s-12

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

14.0 M

16 14

Valuation Analysis

31.12.2008 24'842.0 0.22x 2'810.0 1.97x 542.0 9.48x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Deutsche Lufthansa AG Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN GLEISS LUTZ HOOTZ HI MACKENZIE FINANCIAL DEKA INVESTMENT GMBH MORGAN STANLEY NORGES BANK VANGUARD GROUP INC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB ADIG INVESTMENT DEUTSCHE BANK AG JP MORGAN FRANKFURT TRUST INVE PRUDENTIAL FINANCIAL MASON STREET ADVISOR INVESCO LTD SOCIETE GENERALE SA FEDERAL GESTION

Firm Name

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

Analyst

Jefferies MARK IRVINE-FORTESCUE Cantor Fitzgerald ROBIN BYDE AlphaValue HANS-PETER WODNIOK Bankhaus Lampe SEBASTIAN HEIN Commerzbank Corporates & Markets FRANK SKODZIK HSBC ANDREW DAVID LOBBENBERG Hamburger Sparkasse INGO SCHMIDT Oddo & Cie YAN DEROCLES Bankhaus Metzler JUERGEN PIEPER Natixis SARAH EMSELLEM Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER DZ Bank AG DIRK SCHLAMP Deutsche Bank MICHAEL KUHN RBC Capital Markets DAMIAN BREWER Credit Suisse NEIL GLYNN Landesbank Baden-Wuerttemberg BARBARA AMBRUS Independent Research GmbH ZAFER RUZGAR Goodbody Stockbrokers Ltd DONAL O'NEILL S&P Capital IQ JAWAHAR HINGORANI Nomura ANDREW EVANS Redburn Partners TIM MARSHALL Morgan Stanley PENNY BUTCHER JPMorgan JAMIE N BAKER Goldman Sachs NICK EDELMAN Raymond James JULIEN RICHER Espirito Santo Investment Bank Research GERALD KHOO National Bank AG MANFRED JAISFELD Kepler Cheuvreux RUXANDRA HARADAU-DOESER Main First Bank AG LOIC SABATIER EVA Dimensions TIMOTHY STANISH Macquarie SAM DOBSON Nord/LB FRANK SCHWOPE Day by Day VALERIE GASTALDY UBS JARROD CASTLE Barclays DAVID E FINTZEN Davy STEPHEN FURLONG Investec ANDREW FITCHIE Steubing AG TEAM COVERAGE

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

Recommendation buy buy reduce buy buy overweight hold neutral buy buy hold buy buy sector perform outperform hold sell buy buy buy buy Overwt/Attractive neutral neutral/neutral outperform buy hold reduce outperform underweight outperform buy hold buy equalweight outperform hold buy

Amt Held 37'426'685 22'997'350 21'860'114 14'234'585 13'379'136 11'177'882 6'742'218 5'439'594 3'081'750 2'699'648 1'840'005 1'726'226 1'714'778 1'686'821 1'666'850 1'304'023 898'420 880'000 862'521 856'424

% Out 8.14 5 4.75 3.09 2.91 2.43 1.47 1.18 0.67 0.59 0.4 0.38 0.37 0.37 0.36 0.28 0.2 0.19 0.19 0.19

Weighting

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

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

Latest Chg (5'630'552) (540'278) 37'108 423'141 (11'760) 686'745 (1'180) 450'239 798'977 8'200 4'101 (449'403) 766'424

Target Price 20 21 13 18 18 20 #N/A N/A 17 23 18 15 17 20 17 20 16 14 21 17 19 #N/A N/A 18 16 17 13 24 16 14 21 #N/A N/A 20 18 #N/A N/A 20 17 #N/A N/A 17 #N/A N/A

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

File Dt 07.08.2013 28.06.2013 30.06.2013 01.11.2012 19.07.2013 28.03.2013 30.06.2013 31.12.2012 30.06.2013 28.06.2013 28.03.2013 30.04.2013 28.06.2013 30.06.2013 30.04.2013 30.06.2013 31.03.2013 08.08.2013 07.06.2013 28.02.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 09.08.2013 09.08.2013 08.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 30.07.2013 23.07.2013 21.07.2013 17.07.2013 15.07.2013 05.07.2013 03.07.2013 12.06.2013 11.06.2013 10.06.2013 06.06.2013 04.06.2013 15.05.2013 10.05.2013 03.05.2013 05.04.2013 25.03.2013 22.11.2010 04.01.2010

09.08.2013

Linde AG Linde AG is a gases and engineering company. The Gases Division offers a wide range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (13.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LIN GY EQUITY YTD Change LIN GY EQUITY YTD % CHANGE

12/2012 06/yy 154.80 122.45 120'086.00 143.15 -7.30% 16.90% 62.60% 185.2 26'515.01 10'204.00 0.0 564.0 2'041.00 36'362.01

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

40 20 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 12'663.0 1.34x 2'468.0 6.86x 717.0 14.02x

31.12.2009 31.12.2010 11'211.0 12'868.0 1.86x 1.97x 2'320.0 2'847.0 8.97x 8.92x 591.0 1'005.0 23.98x 19.12x Profitability

LTM-4Q 31.12.2011 13'787.0 1.88x 3'101.0 8.37x 1'174.0 16.71x

31.12.2012 15'280.0 2.17x 3'443.0 9.63x 1'250.0 18.78x 3'443.00 1'905.00 12.47% 11.04% 4.13% 10.74% 0.51% 36.2% 23.2% 12.6% 8.2% 0.98 0.68 30.48% 77.93% 6.14 9.13

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-13

LTM

06/yy 14'438.0 7.44x 3'299.0 8.66x 1'194.0 17.54x

06/yy 16'313.0 8.62x 3'785.0 9.64x 1'319.0 20.10x

FY+1

0.78 179.31 16.64% 10.41% 0.783 42 4.000 358'318 394'782 462'806 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'096.3 18'275.1 4'263.2 4'456.4 2.05x 1.88x 8.44x 8.03x 4'041.0 4'361.5 1'024.2 1'045.4 8.99x 8.33x 1'497.4 1'707.3 369.5 372.5 17.15x 15.21x S&P Issuer Ratings

25.05.2012 A STABLE 25.05.2012 A-1 8.63 4.15 2.39 2.87 77.9% 42.8% 0.51 1.57 59.44 39.99 94.31 -7.09

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Linde AG Holdings By:

All

Holder Name BLACKROCK ADVISORS L BLACKROCK CAPITAL GROUP COMPAN NORGES BANK UBS CREDIT SUISSE AG SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS DEUTSCHE BANK AG FMR LLC ARTISAN PARTNERS HOL VANGUARD GROUP INC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB BNP PARIBAS INV PART FIL LIMITED DEKA INVESTMENT GMBH MORGAN STANLEY DODGE & COX MFS FINANCIAL SERVIC

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

Firm Name

Analyst

Baader Bank Canaccord Genuity Corp AlphaValue Jefferies DZ Bank AG Sanford C. Bernstein & Co Commerzbank Corporates & Markets Independent Research GmbH Equinet Institutional Services(ESN) Societe Generale HSBC Macquarie Bankhaus Lampe M.M. Warburg Investment Research Natixis Nomura SRH AlsterResearch Deutsche Bank Morgan Stanley Nord/LB Credit Suisse JPMorgan Landesbank Baden-Wuerttemberg Hamburger Sparkasse S&P Capital IQ Kepler Cheuvreux Bankhaus Metzler Berenberg Bank Exane BNP Paribas Barclays Main First Bank AG Day by Day EVA Dimensions UBS Goldman Sachs Liberum Capital Ltd Equita SIM SpA National Bank AG Alembic Global Advisors Redburn Partners

NORBERT BARTH PAUL W SATCHELL HANS-PETER WODNIOK LAURENCE ALEXANDER PETER SPENGLER JEREMY REDENIUS STEPHAN KIPPE CHRISTOPH SCHOENDUBE NADESHDA DEMIDOVA PETER CLARK SEBASTIAN SATZ CHRISTIAN FAITZ HEIKO FEBER EGGERT KULS FREDERIC WILLIAMS-GOBEAUX JEAN DE WATTEVILLE CARSTEN MAINITZ TIMOTHY JONES PETER MACKEY THORSTEN STRAUSS CHRIS COUNIHAN MARCUS DIEBEL ULLE WORNER MARCO GUENTHER JOHNSON IMODE MARKUS MAYER LARS HETTCHE JOHN PHILIPP KLEIN HEIDI VESTERINEN GUNTHER ZECHMANN THOMAS SWOBODA VALERIE GASTALDY TIMOTHY STANISH THOMAS GILBERT RAKESH PATEL ADAM COLLINS MASSIMO BONISOLI EKKEHARD D LINK HASSAN I AHMED TONY JONES

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

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

Amt Held 9'252'936 8'496'837 6'380'577 5'764'533 5'468'503 5'459'435 4'909'294 4'801'614 4'184'520 3'219'354 2'598'954 2'020'038 1'850'516 1'591'900 1'487'856 1'356'417 1'248'467 833'007 820'205 716'288

% Out 5 4.59 3.44 3.11 2.95 2.95 2.65 2.59 2.26 1.74 1.4 1.09 1 0.86 0.8 0.73 0.67 0.45 0.44 0.39

Weighting

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

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

Latest Chg 107'880 (199'400) (94'799) (4'984) 126'860 (759) 41'828 26'713 163'823 6'866 11'382 (50'734) (339'522) (16'377) 65

Target Price 164 141 169 164 169 185 174 152 160 165 166 165 168 170 147 155 180 160 155 170 140 #N/A N/A 160 #N/A N/A 160 166 156 175 143 150 170 #N/A N/A #N/A N/A 144 170 156 160 140 120 #N/A N/A

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

File Dt 14.01.2013 07.08.2013 30.06.2013 12.06.2013 28.06.2013 31.05.2013 30.06.2013 31.03.2013 28.06.2013 30.06.2013 31.03.2013 30.06.2013 30.06.2013 28.03.2013 31.03.2013 31.12.2012 30.04.2013 30.06.2013 30.06.2013 30.06.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Government Unclassified 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

Date 08.08.2013 08.08.2013 08.08.2013 06.08.2013 06.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 25.07.2013 24.07.2013 23.07.2013 18.07.2013 17.07.2013 01.07.2013 14.06.2013 06.06.2013 10.05.2013 06.05.2013 23.04.2013 08.03.2013 07.03.2013 15.10.2012 08.10.2012

09.08.2013

LPKF Laser & Electronics AG LPKF Laser & Electronics develops systems and process solutions for demanding tasks in printed circuit board technology and microelectronics. The Company develops and distributes systems used in electronics production, the automotive industry, and in the manufacture of solar cells.

Price/Volume 16

.5 M

.4 M

.4 M .3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LPK GY EQUITY YTD Change LPK GY EQUITY YTD % CHANGE

12/2012 03/yy 14.90 6.40 102'179.00 13.99 -5.74% 118.76% 86.95% 22.3 311.55 18.10 0.0 2.0 5.02 320.26

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

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 45.4 0.57x 5.6 4.58x 1.8 11.76x

.3 M

31.12.2009 31.12.2010 50.7 81.2 1.02x 1.53x 9.8 20.9 5.29x 5.95x 4.7 12.1 11.74x 10.95x Profitability

LTM-4Q 31.12.2011 91.1 1.27x 19.6 5.89x 9.9 10.54x

31.12.2012 115.1 1.66x 28.0 6.81x 13.5 12.91x 27.96 20.78 18.06% 17.01% 16.65% 29.91% 1.29% 25.5% 19.8% 11.7% 1.95 0.82 17.82% 31.77% 8.16 -

Price/ Cash Flow

03/yy 97.3 5.45x 20.5 6.93x 9.9 13.10x

LTM 03/yy 127.5 5.99x 32.6 6.64x 16.4 12.72x

FY+1

.0 M a-13

0.91 21.36 118.46% 81.35% 0.905 7 3.000 189'436 129'852 136'350 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 121.2 133.4 30.2 2.69x 2.44x 29.3 33.3 10.93x 9.62x 14.4 16.4 20.82x 19.32x S&P Issuer Ratings

33.09 24.72 0.20 0.56 31.8% 23.5% 1.29 4.61 44.75 -

Sales/Revenue/Turnover

60.00

140.0

50.00

120.0 100.0

40.00

80.0 30.00

60.0

20.00

40.0

10.00

20.0

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

01.07.2013

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 |

09.08.2013

LPKF Laser & Electronics AG Holdings By:

All

Holder Name DEUTSCHE BANK AG WASATCH ADVISORS INC ALLIANZ ASSET MANAGE HILDEBRANDT BERND UNIVERSAL INVESTMENT DWS INVESTMENT S A SCHRODER INVESTMENT CLARIDEN SICAV LAZARD FRERES GESTIO BARING FUND MANAGERS HACKMANN BERND HIGHBRIDGE CAPITAL M BLACKROCK LANGE BERND DEKA INTERNATIONAL S AMUNDI MW GESTION SA BRETTHAUER INGO SOCIETE DE GESTION P METZLER ASSET MANAGE

Firm Name DZ Bank AG Close Brothers Equity Markets Hauck & Aufhaeuser Bankhaus Metzler EVA Dimensions Solventis WPH-Bank GmbH BHF-Bank Equinet Institutional Services(ESN) GSC Research

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios LAZARD OBJECTIF INVE Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst DIRK SCHLAMP VEYSEL TAZE TIM OLIVER WUNDERLICH STEPHAN BAUER ANDREW S ZAMFOTIS KLAUS SOER JENS JUNG TIM SCHULDT MATTHIAS WAHLER

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

Recommendation buy hold sell sell hold hold overweight hold sell

Amt Held % Out 1'129'200 5.07 691'853 3.11 640'000 2.87 602'354 2.7 377'194 1.69 358'800 1.61 267'300 1.2 252'218 1.13 181'954 0.82 160'000 0.72 125'600 0.56 (106'894) -0.48 99'212 0.45 95'020 0.43 92'000 0.41 90'506 0.41 70'000 0.31 60'000 0.27 49'146 0.22 44'000 0.2

Weighting

Change 5 3 1 1 3 3 5 3 1

M D D D N D M D D

Latest Chg (23'600) (5'200) 122'324 32'218 11'135 (448) 58'000 -

Target Price 15 14 12 13 #N/A N/A 11 9 7 #N/A N/A

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

File Dt Inst Type 30.04.2013 Investment Advisor 23.07.2013 Investment Advisor 30.04.2013 Investment Advisor 15.08.2012 n/a 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.03.2012 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2012 n/a 25.07.2013 Hedge Fund Manager 07.08.2013 Investment Advisor 30.06.2012 n/a 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 n/a 25.04.2013 Investment Advisor 30.04.2012 Investment Advisor

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

Date 07.08.2013 05.08.2013 02.08.2013 02.08.2013 04.07.2013 30.01.2013 21.11.2012 27.10.2010 21.10.2009

09.08.2013

LANXESS AG LANXESS AG is a specialty chemicals company. The Company's core business is the development, manufacturing, and marketing of plastics, rubber, intermediates, and specialty chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LXS GY EQUITY YTD Change LXS GY EQUITY YTD % CHANGE

12/2012 06/yy 69.99 42.45 330'762.00 45.42 -35.07% 7.01% 11.09% 83.2 3'779.07 2'334.00 0.0 16.0 803.00 5'847.07

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

31.12.2009 31.12.2010 5'057.0 7'120.0 0.57x 0.82x 417.0 910.0 6.95x 6.40x 40.0 379.0 54.88x 12.96x Profitability

LTM-4Q 31.12.2011 8'775.0 0.56x 1'099.0 4.45x 506.0 6.58x

31.12.2012 9'094.0 0.78x 1'261.0 5.60x 514.0 10.72x 1'261.00 883.00 9.71% 7.36% 2.51% 8.10% 5.76% 1.19% 23.2% 10.4% 5.5% 5.7% 2.27 1.15 31.04% 100.82% 6.70 4.36

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 9'271.0 2.36x 1'156.0 5.08x 525.0 7.82x

j-13

06/yy 8'518.0 3.11x 887.0 6.68x 179.0 21.46x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

1.12 83.14 -21.69% -30.25% 1.120 38 3.421 1'286'113 1'027'335 1'031'561 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'394.0 9'056.3 2'115.2 2'170.2 0.66x 0.61x 746.9 1'028.2 198.8 211.3 7.83x 5.69x 143.7 350.5 28.3 48.9 24.63x 10.80x 8.78x 7.69x S&P Issuer Ratings

31.07.2007 BBB NEG 31.07.2007 A-2 12.49 5.59 2.31 2.73 100.8% 50.0% 1.19 2.92 54.46 83.69 37.19 81.76

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 6'576.0 0.29x 635.0 3.01x 183.0 6.24x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

LANXESS AG Holdings By:

All

Holder Name BLACKROCK DODGE & COX ALLIANZ GLOBAL INVES FIL LIMITED DEUTSCHE BANK AG NORGES BANK FMR LLC TIAA CREF INVESTMENT ALLIANZ ASSET MANAGE VANGUARD GROUP INC DANSKE INVEST MANAGE CITADEL EUROPE LLP DANSKE INVEST A/S UNION INVESTMENT GMB THREADNEEDLE INVESTM GENERALI ASSET MANAG HIGHBRIDGE CAPITAL M FRANKLIN RESOURCES MARSHALL WACE LLP SCHRODER INVESTMENT

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

Firm Name

Analyst

Nomura Commerzbank Corporates & Markets DZ Bank AG JPMorgan Hauck & Aufhaeuser Hamburger Sparkasse Bankhaus Metzler Natixis S&P Capital IQ Exane BNP Paribas AlphaValue Deutsche Bank Morgan Stanley Nord/LB Goldman Sachs Baader Bank Credit Suisse Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe M.M. Warburg Investment Research Equinet Institutional Services(ESN) SRH AlsterResearch Kepler Cheuvreux Steubing AG Equita SIM SpA Barclays HSBC UBS Main First Bank AG Day by Day EVA Dimensions Berenberg Bank Bank of Valletta National Bank AG Deutsche Bank

PATRICK LAMBERT STEPHAN KIPPE PETER SPENGLER MARTIN EVANS NILS-PETER FITZL MARCO GUENTHER LARS HETTCHE FREDERIC WILLIAMS-GOBEAUX JACOB THRANE JAMES KNIGHT MARTIN SCHNEE MARTIN DUNWOODIE PAUL R WALSH THORSTEN STRAUSS RAKESH PATEL NORBERT BARTH CHRIS COUNIHAN CHRISTIAN FAITZ ULLE WORNER CHRISTOPH SCHOENDUBE HEIKO FEBER OLIVER SCHWARZ NADESHDA DEMIDOVA DANIEL PAWLOWSKI MARTIN ROEDIGER MICHAEL BROEKER MASSIMO BONISOLI ANDREAS HEINE JESKO MAYER-WEGELIN JOE DEWHURST RONALD KOEHLER VALERIE GASTALDY TIMOTHY STANISH JAIDEEP PANDYA TEAM COVERAGE STEFFEN MANSKE VIRGINIE BOUCHER-FERTE

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

Recommendation neutral reduce hold underweight hold buy buy neutral hold neutral reduce buy Equalwt/In-Line hold neutral/neutral sell underperform outperform buy hold buy hold hold buy buy buy buy equalweight neutral buy outperform hold hold hold overweight hold dropped coverage

Amt Held % Out 8'314'386 9.99 3'741'980 4.5 2'467'489 2.97 2'454'787 2.95 2'310'813 2.78 2'242'769 2.7 1'919'515 2.31 939'937 1.13 921'671 1.11 895'536 1.08 662'560 0.8 (640'661) -0.77 611'728 0.74 589'055 0.71 531'983 0.64 529'337 0.64 (449'294) -0.54 425'581 0.51 (424'334) -0.51 421'819 0.51

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

Change M M M M M M M M M M D M M M M M M M M D M M M M M M N M M M M M M D M M M

Latest Chg 83'589 1'010'817 766'725 (161'320) 46'341 48'971 2'290 25'915 22'800 64'458 (9'250) 208'007 (277'963) (83'203) 324'011

Target Price 48 39 50 34 45 #N/A N/A 57 45 48 49 46 58 50 49 46 43 39 58 59 50 56 48 52 54 56 70 57 55 50 62 60 #N/A N/A #N/A N/A 59 75 66 #N/A N/A

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

File Dt Inst Type 07.08.2013 Investment Advisor 11.03.2013 Investment Advisor 04.10.2012 Investment Advisor 01.08.2013 Investment Advisor 28.06.2013 Investment Advisor 14.05.2013 Government 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 06.08.2013 Unclassified 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.06.2013 Investment Advisor 06.08.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 06.08.2013 Hedge Fund Manager 31.01.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 29.07.2013 24.07.2013 17.07.2013 12.07.2013 09.07.2013 01.07.2013 27.06.2013 06.06.2013 15.04.2013 18.03.2013 07.11.2012 17.09.2007

09.08.2013

MAN SE MAN SE manufactures vehicles, engines, turbines and defense products, and offers engineering services. The Company manufactures trucks, buses, diesel engines, compressors, turbines, and aerospace and defense systems, and offers industrial plant design and project management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAN GY EQUITY YTD Change MAN GY EQUITY YTD % CHANGE

12/2012 06/yy 90.00 70.39 91'458.00 86.04 -4.44% 22.23% 79.65% 141.0 12'644.56 5'299.00 0.0 69.0 1'367.00 17'516.56

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

31.12.2009 31.12.2010 12'026.0 14'675.0 0.89x 1.02x 974.0 1'194.0 10.97x 12.50x (270.0) 713.0 16.79x Profitability

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M s-12

LTM-4Q 31.12.2011 16'472.0 0.75x 2'363.0 5.24x 238.0 14.87x

31.12.2012 15'772.0 1.00x 1'487.0 10.65x 177.0 67.29x 1'487.00 781.00 4.95% 1.97% -1.28% -4.76% -8.33% 0.83% 20.8% 5.6% 2.2% 1.1% 1.02 0.44 26.60% 95.48% 7.28 3.37

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 16'200.0 3.50x 2'308.0 6.83x (575.0) 0.00x

j-13

06/yy 15'617.0 4.13x 875.0 19.66x (241.0) 0.00x

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M a-13

0.95 35.20 13.63% 7.82% 0.953 26 2.385 124'381 131'694 173'885 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'832.9 16'611.6 3'945.0 4'193.0 0.99x 0.94x 1'108.1 1'668.2 15.81x 10.50x 158.7 672.8 121.0 155.0 62.71x 19.83x S&P Issuer Ratings

20.12.2012 NR 20.12.2012 NR 3.87 1.91 5.49 6.08 95.5% 48.5% 0.83 3.40 50.11 108.22 53.89 88.59

Sales/Revenue/Turnover

40.00

18'000.0

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

1.8 M

Fiscal Year Ended 31.12.2008 14'945.0 0.49x 1'803.0 4.09x 1'233.0 4.99x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

MAN SE Holdings By:

All

Holder Name VOLKSWAGEN AG BLACKROCK NORGES BANK DEKA INVESTMENT GMBH UNION INVESTMENT GMB VANGUARD GROUP INC ALLIANZ ASSET MANAGE MAINFIRST SICAV DEUTSCHE BANK AG IG INVESTMENT MANAGE JO HAMBRO CAPITAL MA DEKA INTERNATIONAL S DWS INVESTMENT SA UNION INVESTMENT LUX CREDIT SUISSE AG STATE STREET CAISSE DE DEPOT ET P PRUDENTIAL OF AMERIC METZLER INVESTMENT G FMR LLC

Firm Name Goldman Sachs Hamburger Sparkasse M.M. Warburg Investment Research Natixis Commerzbank Corporates & Markets Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH S&P Capital IQ Berenberg Bank AlphaValue Main First Bank AG Barclays JPMorgan Deutsche Bank DZ Bank AG EVA Dimensions Day by Day UBS Makor Capital Morgan Stanley Equinet Institutional Services(ESN) BHF-Bank National Bank AG Bankhaus Metzler

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

Analyst STEFAN BURGSTALLER TINA HECKING-VELTMAN MARC-RENE TONN KATHLEEN GAILLIOT SASCHA GOMMEL FRANK SCHWOPE FRANK BILLER ZAFER RUZGAR RODERICK BRIDGE FREDERIK BITTER HANS-PETER WODNIOK CHRISTOPHER YOUL MICHAEL TYNDALL ALEXANDER WHIGHT JOCHEN GEHRKE MICHAEL PUNZET TIMOTHY STANISH VALERIE GASTALDY FREDRIC STAHL ALBERT SAPORTA LAURA LEMBKE TIM SCHULDT HERMANN REITH MANFRED JAISFELD JUERGEN PIEPER

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

Recommendation neutral/attractive hold hold neutral hold sell sell sell sell sell sell outperform equalweight neutral hold hold sell hold neutral sell Equalwt/In-Line hold market weight sell sell

Amt Held 105'769'788 5'146'110 1'086'000 856'600 466'012 445'113 190'458 166'299 120'077 81'912 81'359 80'767 73'069 66'000 65'480 64'201 55'516 51'884 42'400 41'828

% Out 75.03 3.65 0.77 0.61 0.33 0.32 0.14 0.12 0.09 0.06 0.06 0.06 0.05 0.05 0.05 0.05 0.04 0.04 0.03 0.03

Weighting

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

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

Latest Chg (90'818) (36'950) 140'762 16'154 (252'668) 800 (49'718) (265) 81'359 (45'063) (26'000) 43'800 (79) 3'789 51'884 (23'700) -

Target Price 85 #N/A N/A 81 81 85 81 81 81 81 81 67 95 81 79 82 81 #N/A N/A #N/A N/A 85 85 80 85 90 #N/A N/A 66

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

File Dt 16.04.2013 07.08.2013 31.12.2012 28.03.2013 28.03.2013 30.06.2013 30.04.2013 28.02.2013 28.06.2013 31.03.2013 31.12.2012 28.03.2013 30.04.2013 28.03.2013 31.05.2013 08.08.2013 31.12.2012 31.03.2013 31.01.2013 30.06.2013

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

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 07.08.2013 06.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 25.07.2013 23.07.2013 23.07.2013 09.07.2013 05.07.2013 07.06.2013 06.06.2013 20.05.2013 01.05.2013 30.04.2013 19.04.2013 22.03.2013 30.10.2012 23.10.2012 31.07.2012

09.08.2013

Metro AG Metro AG operates retail stores and markets products over the Internet. The Company operates cash and carry stores, supermarkets and hypermarkets, consumer electronics stores, department stores, theme stores, and online sales services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MEO GY EQUITY YTD Change MEO GY EQUITY YTD % CHANGE

12/2012 06/yy 28.95 20.13 535'210.00 28.9 -0.05% 43.60% 99.36% 324.1 9'415.37 8'550.00 7.0 77.0 5'321.00 15'740.37

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 67'955.0 0.21x 3'246.0 4.37x 401.0 11.25x

31.12.2009 31.12.2010 65'529.0 67'258.0 0.28x 0.32x 3'005.0 3'333.0 6.10x 6.36x 383.0 850.0 36.38x 20.72x Profitability

LTM-4Q 31.12.2011 65'926.0 0.20x 3'703.0 3.58x 631.0 14.61x

31.12.2012 66'739.0 0.15x 3'312.0 3.07x 3.0 2100.00x 3'312.00 1'689.00 2.53% 1.21% 0.40% 2.25% 2.30% 2.16% 20.9% 5.1% 3.0% 0.0% 0.87 0.29 24.59% 142.10% 123.99 7.98

Price/ Cash Flow

LTM

06/yy 66'164.0 0.97x 3'529.0 4.42x 496.0 15.24x

06/yy 66'027.0 0.81x 3'393.0 4.18x 122.0 65.61x

FY+1

.0 M a-13

0.88 143.42 26.43% 43.26% 0.885 40 3.125 932'146 916'973 1'174'370 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q2 09/13 Q3 50'972.9 65'549.1 15'298.5 15'521.7 0.30x 0.23x 0.61x 1'935.9 3'085.9 590.0 563.0 8.13x 5.10x 53.6 685.4 13.1 152.91x 13.77x S&P Issuer Ratings

11.10.2012 BBBSTABLE 11.10.2012 A-3 4.84 2.93 1.86 2.51 142.1% 58.4% 2.16 5.75 2.94 45.74 70.28 -44.45

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Metro AG Holdings By:

All

Holder Name FRANZ HANIEL & CIE G SCHMIDT-RUTHENBECK BEISHEIM OTTO FRANKLIN RESOURCES AKO CAPITAL LLP BLACKROCK NORGES BANK DEKA INVESTMENT GMBH DWS INVESTMENT S A VANGUARD GROUP INC FIDEURAM GESTIONS SA ING INTERNATIONAL AD DNCA FINANCE DEUTSCHE BANK AG SCHRODER INVESTMENT WELLS FARGO DNB NOR ASSET MANAGE FIL LIMITED INTERFUND ADVISORY C BNY MELLON SERVICE K

Firm Name AlphaValue Baader Bank UBS DZ Bank AG Nord/LB Deutsche Bank JPMorgan Macquarie Independent Research GmbH M.M. Warburg Investment Research Societe Generale Commerzbank Corporates & Markets Morgan Stanley Jefferies Raymond James HSBC Landesbank Baden-Wuerttemberg Bankhaus Lampe Bankhaus Metzler Natixis Exane BNP Paribas Barclays Steubing AG Cantor Fitzgerald Credit Suisse Redburn Partners National Bank AG EVA Dimensions Kepler Cheuvreux Day by Day Main First Bank AG Nomura Hamburger Sparkasse Oddo & Cie Equita SIM SpA BHF-Bank Hammer Partners SA Goldman Sachs Dr. Kalliwoda Equity Research

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

Analyst EILEEN RYAN VOLKER BOSSE BENJAMIN PETERS HERBERT STURM WOLFGANG VASTERLING JAMES G COLLINS JAIME VAZQUEZ SREEDHAR MAHAMKALI ZAFER RUZGAR THILO KLEIBAUER ARNAUD JOLY JUERGEN ELFERS EDOUARD AUBIN JAMES GRZINIC CEDRIC LECASBLE JEROME SAMUEL BARBARA AMBRUS CHRISTOPH SCHLIENKAMP STEFAN WIMMER PIERRE-EDOUARD BOUDOT JOHN KERSHAW JAMES ANSTEAD TOBIAS SCHMIDT MICHAEL J DENNIS ANDREW KASOULIS MARC DE SPEVILLE MANFRED JAISFELD CRAIG STERLING FABIENNE CARON VALERIE GASTALDY RICKIN THAKRAR TEAM COVERAGE CHRISTIAN HAMANN LAURENCE HOFMANN FABIO FAZZARI PETER STEINER STEPHAN SEIP FRANKLIN WALDING NORBERT KALLIWODA

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

Recommendation reduce buy buy hold hold hold underweight neutral sell hold hold hold Overwt/In-Line hold underperform underweight hold hold sell reduce underperform equalweight buy buy underperform buy hold hold hold buy outperform neutral hold reduce buy market weight buy not rated buy

Amt Held % Out 97'265'288 30.01 51'112'077 15.77 32'313'726 9.97 9'926'360 3.06 (4'181'013) -1.29 4'015'849 1.24 3'696'036 1.14 3'607'350 1.11 3'079'304 0.95 2'396'385 0.74 1'263'245 0.39 1'151'814 0.36 980'000 0.3 816'965 0.25 656'163 0.2 559'665 0.17 499'883 0.15 482'902 0.15 460'462 0.14 453'342 0.14

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

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

Latest Chg (13'709'836) 259'288 703'333 (431'200) 50'000 1'023'169 144'393 127'170 880'000 (2'357) (33'672) 68'017 (288'799) 460'462 (140'548)

Target Price 25 35 33 28 26 27 23 22 27 27 26 26 33 22 21 22 26 23 22 20 25 27 29 30 20 #N/A N/A 27 #N/A N/A 29 30 26 23 #N/A N/A 22 30 22 32 #N/A N/A 31

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

File Dt 06.02.2013 08.02.2013 17.10.2012 28.06.2013 23.07.2013 07.08.2013 31.12.2012 28.03.2013 30.04.2013 30.06.2013 01.07.2013 28.03.2013 28.03.2013 28.06.2013 31.01.2013 30.06.2013 30.04.2013 31.10.2012 01.07.2013 31.07.2013

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

Inst Type Holding Company n/a n/a Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 19.07.2013 18.07.2013 04.07.2013 06.06.2013 06.06.2013 04.06.2013 22.05.2013 22.05.2013 21.05.2013 06.05.2013 03.05.2013 16.04.2013 01.03.2013 17.01.2013 03.12.2012 16.08.2012

09.08.2013

Morphosys AG MorphoSys AG is a biotechnology company. The Company uses proprietary technology to develop human antibodies tailored to treat specific diseases. MorphoSys is developing medicines to treat cancer and inflammation.

Price/Volume 60

.7 M

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (14.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOR GY EQUITY YTD Change MOR GY EQUITY YTD % CHANGE

12/2012 06/yy 56.00 17.60 60'348.00 55.34 -0.96% 214.43% 99.35% 23.8 1'315.40 0.07 0.0 0.0 119.43 1'169.17

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

31.12.2009 31.12.2010 81.0 87.0 3.09x 3.62x 16.8 16.0 14.96x 19.75x 9.0 9.2 42.60x 45.20x Profitability

.2 M

10 0 a-12

.1 M s-12

LTM-4Q 31.12.2011 82.1 3.28x 15.9 16.87x 8.2 48.69x

31.12.2012 51.9 10.74x 8.5 65.59x 1.9 293.00x 8.50 2.19 4.22% 5.88% 9.31% 10.43% 10.47% 0.34% 33.3% 26.4% 3.7% 11.74 8.20 0.03% 0.04% 3.98 0.74

Price/ Cash Flow

06/yy 41.5 27.97x (8.5) 0.00x (7.8) 0.00x

o-12

n-12

d-12

j-13

LTM 06/yy 80.6 29.65x 26.8 30.98x 21.9 61.40x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.61 21.67 207.70% 88.87% 0.615 12 4.500 132'650 120'838 115'966 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 75.0 69.1 14.43x 15.93x 3.6 2.0 326.58x 588.84x 6.3 2.3 218.74x S&P Issuer Ratings

85.92 75.65 -5.45 0.00 0.0% 0.0% 0.34 18.88 91.78 493.62 -4172.58 -

Sales/Revenue/Turnover

500.00

100.0

450.00

90.0

400.00

80.0

350.00

70.0

300.00

60.0

250.00 200.00

50.0 40.0

150.00

30.0

100.00

20.0

50.00

10.0

0.00 01.01.2010

.3 M

Fiscal Year Ended 31.12.2008 71.6 3.95x 21.7 13.07x 13.2 31.78x

.4 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Morphosys AG Holdings By:

All

Holder Name MASSACHUSETTS MUTUAL OPPENHEIMERFUNDS INC NOVARTIS PHARMA AG BNP PARIBAS INV PART INVESCO LTD NORGES BANK MORONEY SIMON E BLACKROCK MORPHOSYS AG UNION INVESTMENT GMB LORD ABBETT & CO LLC PICTET FUNDS VANGUARD GROUP INC UNION INVESTMENT LUX HIGHBRIDGE CAPITAL M HARTFORD INVESTMENT DEUTSCHE BANK AG BARING FUND MANAGERS DEXIA ASSET MANAGEME JP MORGAN

Firm Name Independent Research GmbH Helvea Deutsche Bank Landesbank Baden-Wuerttemberg DZ Bank AG Commerzbank Corporates & Markets Close Brothers Equity Markets Nomura Code Securities Kempen & Co Vara Research EVA Dimensions Equinet Institutional Services(ESN)

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

Analyst CHRISTOPH SCHOENDUBE OLAV ZILIAN GUNNAR ROMER TIMO KUERSCHNER PETER SPENGLER DANIEL WENDORFF IGOR KIM GARY WAANDERS SACHIN SONI THOMAS J SCHIESSLE TIMOTHY STANISH EDOUARD AUBERY

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

Recommendation hold buy buy buy buy buy buy buy buy buy sell buy

Amt Held % Out 1'697'540 7.14 1'526'167 6.42 1'399'788 5.89 753'897 3.17 745'845 3.14 653'729 2.75 419'885 1.77 286'897 1.21 255'415 1.07 225'794 0.95 158'664 0.67 121'676 0.51 118'971 0.5 117'129 0.49 (112'119) -0.47 82'190 0.35 80'000 0.34 68'892 0.29 68'139 0.29 67'621 0.28

Weighting

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

M M M M M M M M M M M M

Latest Chg 981 190'723 11'851 65'794 16'983 (4'255) 9'986 52'945 18'687 33'633

Target Price 60 72 60 58 60 54 56 60 60 48 #N/A N/A 30

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

File Dt Inst Type 27.08.2012 Insurance Company 30.06.2013 Investment Advisor 31.12.2012 Corporation 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 07.08.2013 Investment Advisor 31.12.2012 Corporation 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 12.06.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.08.2013 08.08.2013 05.08.2013 05.08.2013 02.08.2013 31.07.2013 31.07.2013 31.07.2013 18.07.2013 14.06.2013 06.06.2013 27.02.2013

09.08.2013

Merck KGaA Merck KGaA is a global pharmaceutical and chemicals company. The Company researches drugs in the areas oncology and neurodegenerative as well as autoimmune and inflammatory diseases. Also, it markets cardiovascular, fertility, endocrinology, and over-the-counter products as well as products for flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (10.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRK GY EQUITY YTD Change MRK GY EQUITY YTD % CHANGE

12/2012 06/yy 128.50 80.19 139'517.00 120.2 -6.15% 49.89% 83.85% 64.6 26'119.28 4'453.50 0.0 53.4 2'527.60 27'484.78

.8 M .7 M .6 M

.5 M

.4 M .3 M

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

.9 M

120 100

Valuation Analysis

31.12.2008 7'201.6 2.02x 2'436.5 5.98x 367.1 38.17x

140

31.12.2009 31.12.2010 7'377.7 8'928.9 1.96x 1.96x 1'675.8 2'497.0 8.64x 7.02x 366.3 632.1 38.79x 20.57x Profitability

LTM-4Q 31.12.2011 9'905.9 2.05x 2'689.8 7.54x 606.5 27.61x

31.12.2012 10'740.8 2.20x 2'917.8 8.12x 566.7 38.25x 2'917.80 1'521.20 14.16% 6.60% 4.76% 9.91% 0.50% 70.6% 28.4% 15.6% 5.3% 1.45 1.02 20.58% 42.98% 4.84 1.93

Price/ Cash Flow

LTM

06/yy 10'265.8 7.52x 2'394.1 8.40x 463.6 36.97x

06/yy 10'838.1 9.30x 3'073.1 8.74x 1'039.3 24.58x

FY+1

.0 M a-13

0.64 64.62 50.34% 22.19% 0.640 32 2.625 284'030 226'566 250'512 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'236.6 11'358.1 2'805.0 2'839.0 2.45x 2.30x 3'143.1 3'271.6 788.7 791.3 8.74x 8.40x 1'885.7 1'981.5 487.0 469.0 13.96x 13.25x S&P Issuer Ratings

29.05.2013 A STABLE 29.05.2013 A-1 13.15 11.67 0.43 1.51 43.0% 30.0% 0.50 3.85 75.46 188.84 155.94 116.89

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Merck KGaA Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I FRANKLIN RESOURCES CAPITAL GROUP COMPAN MFS INSTITUTIONAL AD CREDIT SUISSE GROUP SUN LIFE FINANCIAL I NORGES BANK GOLDMAN SACHS GROUP VANGUARD GROUP INC UNION INVESTMENT GMB MORGAN STANLEY ARTEMIS INVESTMENT M ALLIANZ ASSET MANAGE MFS FINANCIAL SERVIC ADIG INVESTMENT THREADNEEDLE INVESTM UNITED SERVICES AUTO PUTNAM INVESTMENT MA MASON STREET ADVISOR

Firm Name Nord/LB Equinet Institutional Services(ESN) Societe Generale JPMorgan Independent Research GmbH M.M. Warburg Investment Research Bankhaus Metzler Helvea Barclays Deutsche Bank Morgan Stanley Landesbank Baden-Wuerttemberg Berenberg Bank Bryan Garnier & Cie S&P Capital IQ Exane BNP Paribas Commerzbank Corporates & Markets DZ Bank AG Credit Suisse AlphaValue Goldman Sachs Main First Bank AG EVA Dimensions UBS Redburn Partners Kepler Cheuvreux Hamburger Sparkasse Mirabaud Securities National Bank AG Jefferies Cyrrus Equita SIM SpA

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

Analyst THORSTEN STRAUSS MARIETTA MIEMIETZ STEPHEN MCGARRY RICHARD VOSSER CHRISTOPH SCHOENDUBE ULRICH HUWALD SEBASTIAN FRERICKS ODILE RUNDQUIST MICHAEL LEUCHTEN HOLGER BLUM AMY WALKER TIMO KUERSCHNER ALISTAIR CAMPBELL MARTIAL DESCOUTURES JACOB THRANE VINCENT MEUNIER DANIEL WENDORFF PETER SPENGLER MATTHEW WESTON MARTIN SCHNEE STEVE CHESNEY MARCUS WIEPRECHT TIMOTHY STANISH ANDREW WHITNEY TEAM COVERAGE FABIAN WENNER MARCO GUENTHER NICHOLAS TURNER STEFFEN MANSKE JEFFREY HOLFORD TOMAS MENCIK GIANMARCO BONACINA

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

Recommendation hold accumulate sell neutral hold hold sell neutral underweight buy Overwt/Attractive hold hold neutral sell neutral reduce buy neutral sell Sell/Neutral underperform buy buy neutral reduce sell reduce sell hold sell not rated

Amt Held 9'581'182 6'175'369 3'222'248 2'838'695 1'884'389 1'860'448 1'777'770 1'525'433 1'226'407 984'839 744'289 496'233 483'289 466'501 375'267 362'797 354'636 354'137 270'260 233'520

% Out 14.83 9.56 4.99 4.39 2.92 2.88 2.75 2.36 1.9 1.52 1.15 0.77 0.75 0.72 0.58 0.56 0.55 0.55 0.42 0.36

Weighting

Change

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

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

Latest Chg (10'843) 13'924 10'600 (60'807) 46'500 472'289 (54'267) (28'691) 1'157 7'627 (46'779) -

Target Price 128 133 103 125 132 121 100 119 89 148 142 118 92 110 106 121 105 135 126 105 114 100 #N/A N/A 131 #N/A N/A 105 71 89 #N/A N/A 88 77 #N/A N/A

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

File Dt 07.08.2013 31.12.2011 28.06.2013 30.06.2013 12.03.2012 12.08.2011 30.06.2013 31.12.2012 27.04.2012 30.06.2013 28.03.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.04.2013 28.02.2013 28.02.2013 31.03.2013 31.03.2013

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

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

Date 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 01.08.2013 25.07.2013 24.07.2013 18.07.2013 20.06.2013 17.06.2013 06.06.2013 16.05.2013 12.04.2013 11.03.2013 08.03.2013 24.12.2012 15.11.2012 10.10.2012 05.04.2012 23.02.2010

09.08.2013

MTU Aero Engines AG MTU Aero Engines AG develops and manufactures engines and offers commercial engine services and support. The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

Price/Volume 90

1.6 M

1.4 M

1.2 M

1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTX GY EQUITY YTD Change MTX GY EQUITY YTD % CHANGE

12/2012 06/yy 79.61 58.05 88'024.00 69.36 -13.11% 19.48% 52.69% 52.0 3'606.72 618.90 0.0 0.0 198.40 4'117.82

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

.6 M

30 20

.4 M

.2 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 2'724.3 0.45x 407.5 2.99x 179.7 5.38x

.8 M

Valuation Analysis

31.12.2009 31.12.2010 2'610.8 2'707.4 0.77x 0.95x 368.3 398.9 5.48x 6.43x 141.0 142.2 13.21x 17.39x Profitability

LTM-4Q 31.12.2011 2'932.1 0.83x 420.8 5.78x 159.2 15.17x

31.12.2012 3'378.6 1.16x 490.9 7.97x 173.9 20.06x 490.90 287.10 8.50% 8.04% 3.08% 12.47% 0.86% 16.4% 13.3% 7.4% 5.1% 1.11 0.47 14.52% 56.82% 6.52 3.65

Price/ Cash Flow

06/yy 3'144.6 3.49x 405.0 8.42x 196.3 14.72x

LTM 06/yy 3'671.8 4.36x 490.0 8.73x 132.2 28.50x

FY+1

.0 M a-13

0.79 50.63 13.71% 2.72% 0.790 24 3.333 130'822 205'766 167'322 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'745.3 4'023.8 1.10x 1.01x 502.7 552.0 8.19x 7.46x 223.1 253.9 61.0 55.6 15.76x 14.00x S&P Issuer Ratings

11.05.2010 NR 76.70 61.22 1.04 1.49 56.8% 36.2% 0.86 6.11 55.95 99.91 74.79 92.76

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

MTU Aero Engines AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FIL LIMITED ALLIANZ ASSET MANAGE BLACKROCK GOLDMAN SACHS GROUP UBS FRANKLIN RESOURCES GRYPHON INTERNATIONA AMERIPRISE FINANCIAL INVESTEC ASSET MANAG FMR LLC DEUTSCHE BANK AG MTU AERO ENGINES HOL THREADNEEDLE INVESTM VANGUARD GROUP INC WILLIAM BLAIR & COMP NORGES BANK SCHRODER INVESTMENT FRANKFURT TRUST INVE ADIG INVESTMENT

Firm Name AlphaValue UBS Landesbank Baden-Wuerttemberg Berenberg Bank Societe Generale Commerzbank Corporates & Markets Morgan Stanley HSBC Independent Research GmbH Bankhaus Lampe Oddo & Cie Bankhaus Metzler Kepler Cheuvreux Equinet Institutional Services(ESN) DZ Bank AG Deutsche Bank Nord/LB JPMorgan Exane BNP Paribas Main First Bank AG Cantor Fitzgerald EVA Dimensions National Bank AG

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

Analyst HEINZ STEFFEN RAMI MYERSON STEFAN MAICHL FREDERIK BITTER ZAFAR KHAN STEPHAN BOEHM RUPINDER VIG RICHARD SCHRAMM ZAFER RUZGAR SEBASTIAN HEIN YAN DEROCLES HELENA WUESTENFELD CHRISTOPHE MENARD ADRIAN PEHL MARKUS TURNWALD BEN FIDLER WOLFGANG DONIE DAVID H PERRY OLIVIER BROCHET CHLOE LEMARIE ANDREW CHAMBERS TIMOTHY STANISH STEFFEN MANSKE

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

Recommendation reduce neutral buy hold buy buy Equalwt/In-Line neutral hold hold neutral buy hold accumulate buy buy buy neutral underperform underperform hold hold buy

Amt Held 12'823'558 2'554'394 2'552'888 2'383'211 1'966'413 1'887'496 1'589'686 1'570'400 1'565'370 1'557'292 1'531'691 1'375'150 1'367'315 1'202'975 1'118'097 1'102'838 917'776 781'439 430'000 338'178

% Out 24.66 4.91 4.91 4.58 3.78 3.63 3.06 3.02 3.01 2.99 2.95 2.64 2.63 2.31 2.15 2.12 1.76 1.5 0.83 0.65

Weighting

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

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

Latest Chg (252'000) 43'894 8'518 (26'000) (285) 42'965 66'691 78'927 2'735 -

Target Price 65 70 78 72 77 81 63 73 72 69 70 76 68 73 79 72 78 79 71 61 82 #N/A N/A 53

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

File Dt 30.06.2013 06.06.2013 12.07.2013 07.08.2013 11.05.2012 28.03.2013 28.06.2013 31.12.2011 29.10.2012 15.05.2013 25.06.2012 28.06.2013 23.01.2012 30.06.2013 30.06.2013 30.06.2013 31.12.2012 28.03.2013 30.04.2013 30.04.2013

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

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

Date 08.08.2013 02.08.2013 31.07.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 16.07.2013 25.06.2013 06.06.2013 06.06.2013 06.10.2010

09.08.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (29.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 06/yy 158.65 115.75 244'871.00 144.45 -8.70% 24.79% 65.03% 179.3 25'905.84 6'256.00 0.0 242.0 2'860.00 27'711.84

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

.5 M

20 0 a-12

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

31.12.2012 65'896.0 0.43x 3'195.0 7.56x 6.64% 6.19% 1.22% 12.30% 10.97% 0.26% 4.8% 2.42% 23.02% -

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

06/yy 64'012.0 1.33x 0.0 0.00x 2'501.0 7.88x

06/yy 65'533.0 1.67x 0.0 0.00x 3'108.0 8.08x

FY+1

.0 M a-13

0.94 178.32 26.72% 11.21% 0.942 38 3.500 791'259 585'465 638'266 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 54'726.8 55'959.7 0.56x 0.55x 3'003.9 2'989.0 649.5 682.5 8.59x 8.55x S&P Issuer Ratings

AASTABLE 23.0% 18.6% 0.26 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

1.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK CREDIT SUISSE AG PEOPLES BANK OF CHIN NORGES BANK FRANKLIN RESOURCES DEUTSCHE BANK AG ALLIANZ ASSET MANAGE VANGUARD GROUP INC ARTISAN PARTNERS HOL DEKA INVESTMENT GMBH MACKENZIE FINANCIAL SOCIETE GENERALE SA TWEEDY BROWNE COMPAN UNION INVESTMENT GMB ADIG INVESTMENT UBS T ROWE PRICE ASSOCIA BNP PARIBAS INV PART FRANKFURT TRUST INVE

Firm Name

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

Analyst

JPMorgan MICHAEL HUTTNER AlphaValue DIETER HEIN Societe Generale JASON KALAMBOUSSIS HSBC THOMAS FOSSARD Bankhaus Lampe ANDREAS SCHAEFER Hamburger Sparkasse CHRISTIAN HAMANN Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT S&P Capital IQ RODERICK WALLACE Helvea DANIEL BISCHOF Nord/LB JULIA SIEKMANN RBC Capital Markets KAMRAN HOSSAIN Keefe, Bruyette & Woods WILLIAM HAWKINS Sanford C. Bernstein & Co THOMAS SEIDL Raymond James RAPHAEL CARUSO Landesbank Baden-Wuerttemberg WERNER SCHIRMER Independent Research GmbH STEFAN BONGARDT Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG THORSTEN WENZEL Exane BNP Paribas THOMAS JACQUET Barclays ANDREW BROADFIELD Mediobanca SpA MARC THIELE Canaccord Genuity Corp BEN COHEN Main First Bank AG MICHAEL HAID EVA Dimensions DOUG WALTERS Macquarie HADLEY COHEN Credit Suisse ADAM MCINALLY Morgan Stanley MACIEJ WASILEWICZ Natixis BENOIT VALLEAUX Kepler Cheuvreux FABRIZIO CROCE Day by Day VALERIE GASTALDY Goldman Sachs VINIT MALHOTRA National Bank AG MANFRED JAISFELD Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

Recommendation neutral reduce hold overweight hold buy reduce buy hold neutral hold sector perform outperform underperform market perform hold hold buy sell reduce hold buy underperform overweight outperform buy underperform overweight neutral neutral Overwt/In-Line neutral buy buy Buy/Neutral buy neutral outperform

Amt Held 20'086'215 17'118'931 5'590'792 5'380'236 3'648'401 2'274'183 2'141'643 2'036'683 1'952'452 1'853'518 1'349'274 1'052'896 1'022'103 909'100 835'251 699'370 665'113 629'490 621'922 537'912

% Out 11.2 9.55 3.12 3 2.03 1.27 1.19 1.14 1.09 1.03 0.75 0.59 0.57 0.51 0.47 0.39 0.37 0.35 0.35 0.3

Weighting

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

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

Latest Chg (8'572) (2'434) (305'246) 6'904 (40'988) 61'759 55'290 (239'245) (376'953) 763 (200) 14'819 10'227 (125'485) -

Target Price 154 152 142 180 150 #N/A N/A 125 171 160 150 154 145 170 117 #N/A N/A 150 160 166 155 140 150 165 140 159 170 162 155 #N/A N/A 150 155 161 143 163 164 175 145 118 119

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

File Dt 31.12.2012 07.08.2013 31.05.2013 31.12.2012 31.12.2012 28.06.2013 28.06.2013 30.06.2013 30.06.2013 31.03.2013 30.04.2013 30.04.2013 07.06.2013 31.03.2012 28.03.2013 30.04.2013 08.08.2013 30.06.2013 31.03.2013 30.04.2013

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

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

Date 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 22.07.2013 19.07.2013 10.07.2013 12.06.2013 06.06.2013 24.05.2013 10.05.2013 08.05.2013 08.05.2013 07.05.2013 10.04.2013 14.03.2013 07.11.2012 02.02.2012 10.05.2011

09.08.2013

Aurubis AG Aurubis AG operates copper smelting and refining facilities. The Company primarily produces copper rod used in the manufacture of power cables, building wires and other wiring used in electrical applications. Aurubis also produces copper cakes, cathodes, billets and bars and markets precious metals, chemicals and other metals produced as by-products of copper smelting.

Price/Volume 60

.8 M .7 M

.6 M .5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDA GY EQUITY YTD Change NDA GY EQUITY YTD % CHANGE

09/2012 03/yy 57.79 38.55 96'350.00 42.07 -26.98% 9.13% 13.28% 45.0 1'891.33 774.47 0.0 4.0 669.67 2'112.80

30.09.2008 8'384.6 0.24x 374.8 5.28x 169.0 7.20x

.4 M

.3 M .2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

.9 M

30.09.2009 30.09.2010 6'686.9 9'865.4 0.23x 0.19x 77.3 581.4 19.89x 3.28x (47.1) 324.2 4.41x Profitability

LTM-4Q 30.09.2011 13'335.8 0.15x 579.0 3.40x 320.8 5.23x

30.09.2012 13'789.2 0.16x 744.7 2.89x 361.1 5.66x 744.73 583.29 4.23% 3.72% 3.08% 7.03% 8.06% 2.80% 3.3% 2.1% 2.6% 2.25 0.78 15.84% 35.31% 23.31 -

Price/ Cash Flow

LTM

03/yy 13'666.9 0.61x 634.6 3.23x 351.8 5.05x

03/yy 13'698.1 0.66x 445.6 5.50x 150.6 14.84x

FY+1

.0 M a-13

0.88 33.68 2.94% -19.84% 0.881 19 3.632 201'954 209'335 210'516 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 12'950.6 13'009.2 3'370.5 3'676.0 0.16x 0.15x 371.9 433.3 (291.0) 5.67x 4.86x 164.9 191.1 (266.0) 11.81x 9.90x S&P Issuer Ratings

6.91 5.34 0.49 1.38 35.3% 26.1% 2.80 11.10 15.66 -

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

09.08.2013

Aurubis AG Holdings By:

All

Holder Name SALZGITTER AG BLACKROCK DJE INVESTMENT SA DEUTSCHE BANK AG DIMENSIONAL FUND ADV NORGES BANK DELTA LLOYD FUND MAN FMR LLC ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE SCHRODER INVESTMENT VANGUARD GROUP INC LBPAM ADIG INVESTMENT LANDESBANK BERLIN IN ACATIS JP MORGAN GRANTHAM MAYO VAN OT BANQUE DEGROOF PRUDENTIAL FINANCIAL

Firm Name M.M. Warburg Investment Research Independent Research GmbH Baader Bank HSBC Hauck & Aufhaeuser Bankhaus Lampe SRH AlsterResearch Societe Generale Commerzbank Corporates & Markets Deutsche Bank Kepler Cheuvreux Steubing AG DZ Bank AG Morgan Stanley EVA Dimensions Nord/LB Landesbank Baden-Wuerttemberg Main First Bank AG Hamburger Sparkasse Solventis WPH-Bank GmbH

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

Analyst EGGERT KULS SVEN DIERMEIER CHRISTIAN OBST THORSTEN ZIMMERMANN FINN HENNING BREITER MARC GABRIEL OLIVER DREBING AMIT PANSARI INGO-MARTIN SCHACHEL BENJAMIN KOHNKE ROCHUS BRAUNEISER MICHAEL BROEKER DIRK SCHLAMP ALAIN GABRIEL TIMOTHY STANISH HOLGER FECHNER JENS MUENSTERMANN ALEXANDER HAUENSTEIN INGO SCHMIDT KLAUS SOER

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

Recommendation hold hold buy neutral buy hold sell buy buy hold buy buy buy Underwt/In-Line hold buy hold outperform hold buy

Amt Held 11'240'000 1'967'171 1'325'794 1'295'644 1'110'592 1'030'599 508'501 450'000 399'547 371'600 226'718 203'958 193'957 192'606 149'597 149'000 147'778 146'388 122'100 117'023

% Out 25 4.38 2.95 2.88 2.47 2.29 1.13 1 0.89 0.83 0.5 0.45 0.43 0.43 0.33 0.33 0.33 0.33 0.27 0.26

Weighting

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

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

Latest Chg 534 1'472 (450) 16'463 12'119 19'131 10'000 24'532 (3'854) 11'000 (5'032)

Target Price 47 46 55 46 62 45 38 48 50 48 49 67 48 38 #N/A N/A 53 49 55 #N/A N/A 49

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

File Dt 29.08.2011 07.08.2013 19.08.2011 06.01.2012 30.04.2013 31.12.2012 30.04.2013 31.05.2013 28.06.2013 30.04.2013 30.04.2013 30.06.2013 28.03.2013 30.04.2013 31.07.2013 28.03.2013 31.03.2013 31.05.2012 30.06.2013 30.06.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 04.07.2013 24.06.2013 06.06.2013 04.06.2013 16.05.2013 29.11.2012 15.02.2012 25.01.2012

09.08.2013

Nordex SE Nordex SE develops, produces, installs, and maintains electricity-generating wind turbines. The Company also designs and produces blades and control systems.

Price/Volume 8

2.5 M

2.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (30.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDX1 GY EQUITY YTD Change NDX1 GY EQUITY YTD % CHANGE

12/2012 03/yy 7.33 2.57 416'251.00 7.29 0.00% 183.33% 99.15% 73.5 536.03 245.15 0.0 0.3 295.37 561.59

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

1.0 M

3 2

.5 M

1 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'135.7 0.49x 68.3 8.13x 47.6 14.04x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 1'182.8 972.0 0.54x 0.38x 68.2 61.7 9.37x 5.92x 24.3 20.9 29.11x 17.76x Profitability

LTM-4Q 31.12.2011 916.8 0.35x (8.6) (48.5) -

31.12.2012 1'075.3 0.16x 22.4 7.60x (93.9) 22.37 -46.87 -4.36% -7.92% -8.67% -27.95% 1.11% 2.8% -3.4% -8.7% 1.47 0.71 23.00% 87.90% -

Price/ Cash Flow

03/yy 932.0 1.61x (17.1) 0.00x (60.4) 0.00x

LTM 03/yy 1'136.0 1.32x 31.5 23.25x (88.4) 0.00x

FY+1

.0 M a-13

0.84 55.14 115.68% 143.57% 0.838 11 2.727 1'150'694 535'723 650'119 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'225.2 1'283.0 362.0 0.42x 0.39x 66.4 83.5 8.43x 6.71x 8.4 16.9 4.2 72.90x 32.54x S&P Issuer Ratings

0.89 -1.28 0.80 7.75 87.9% 46.8% 1.11 9.54 -

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 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

01.07.2013

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 |

09.08.2013

Nordex SE Holdings By:

All

Holder Name SKION MOMENTUM CAPIT NORGES BANK DIMENSIONAL FUND ADV UNIVERSAL INVESTMENT HABBEL, POHLIG & PAR BARRINGTON WILSHIRE DEUTSCHE BANK AG ENNISMORE FUND MANAG VANGUARD GROUP INC FIRST TRUST PASSPORT CAPITAL LLC HAUCK & AUFHAEUSER I HAUCK & AUFHAUSER IN MIZUHO FINANCIAL GRO INVESCO LTD DIGITAL FUNDS GUINNESS ATKINSON AS BLACKROCK MEAG LUXEMBOURG SARL LBBW ASSET MANAGEMEN

Firm Name M.M. Warburg Investment Research AlphaValue EVA Dimensions Commerzbank Corporates & Markets Independent Research GmbH HSBC Deutsche Bank Macquarie Nord/LB Montega UBS

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

Analyst CHRISTOPHER RODLER HEINZ STEFFEN TIMOTHY STANISH SEBASTIAN GROWE SVEN DIERMEIER SEAN D MCLOUGHLIN ALEXANDER KARNICK SHAI HILL HOLGER FECHNER WAIS SAMADZADA JEAN-FRANCOIS MEYMANDI

Source Co File MF-AGG ULT-AGG MF-AGG MF-AGG Short ULT-AGG Short MF-AGG ULT-AGG Short MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy sell hold add hold neutral hold underperform sell hold neutral

Amt Held % Out 18'375'023 24.99 1'356'490 1.84 933'158 1.27 760'000 1.03 662'779 0.9 (595'589) -0.81 566'549 0.77 (360'295) -0.49 338'236 0.46 315'189 0.43 (264'706) -0.36 250'000 0.34 190'000 0.26 144'877 0.2 123'143 0.17 112'061 0.15 70'100 0.1 (48'406) -0.07 41'400 0.06 33'000 0.04

Weighting

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

M M D M U U M M M D N

Latest Chg 450'000 262'779 301'471 216'549 44'117 58'159 169'118 15'195 112'061 (38'300) 70'099 -

Target Price 7 5 #N/A N/A 5 5 6 6 3 5 7 3

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

File Dt Inst Type 31.12.2012 Unclassified 31.12.2012 Government 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 07.08.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 01.08.2013 Investment Advisor 30.06.2013 Investment Advisor 08.08.2013 Investment Advisor 25.04.2013 Hedge Fund Manager 29.06.2012 Investment Advisor 28.06.2013 Investment Advisor 20.09.2012 Bank 08.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 07.08.2013 Investment Advisor 30.12.2011 Investment Advisor 28.02.2013 Investment Advisor

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

Date 08.08.2013 01.08.2013 31.07.2013 30.07.2013 26.06.2013 24.06.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 09.10.2012

09.08.2013

Norma Group SE Norma Group SE develops and manufactures plastic and metal-based components and systems in the field of connecting technology. The Company develops engineered joining technology components for various applications, including cooling system, air intake and induction, emission control, ancillary system and infrastructure. NORMA Group operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (12.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOEJ GY EQUITY YTD Change NOEJ GY EQUITY YTD % CHANGE

12/2012 06/yy 33.30 17.49 65'411.00 32.38 -2.03% 85.13% 89.31% 31.9 1'031.70 246.59 0.0 1.0 72.39 1'204.65

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

31.12.2009 31.12.2010 329.8 490.4 33.8 90.6 (18.2) 30.2 Profitability

LTM-4Q 31.12.2011 581.4 1.18x 110.1 6.24x 35.7 13.45x

31.12.2012 604.6 1.40x 128.8 6.56x 56.6 11.80x 128.76 102.34 16.93% 13.42% 7.86% 19.33% 0.88% 19.8% 15.0% 9.4% 1.83 1.12 35.63% 85.82% 5.98 -

Price/ Cash Flow

06/yy 603.2 4.63x 122.1 6.12x 62.0 8.71x

o-12

n-12

d-12

j-13

LTM 06/yy 609.7 6.09x 120.4 8.78x 54.6 16.14x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.88 31.06 72.63% 57.83% 0.884 18 3.778 77'238 75'689 86'781 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 641.7 683.1 158.0 158.0 1.84x 1.67x 130.7 141.4 31.6 31.6 9.20x 8.51x 63.8 71.9 15.94x 14.16x S&P Issuer Ratings

9.87 8.04 1.43 1.95 85.8% 46.1% 0.88 5.87 61.06 -

Sales/Revenue/Turnover

14.00

700.0

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 457.6 63.0 (29.6) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Norma Group SE Holdings By:

All

Holder Name AMERIPRISE FINANCIAL THREADNEEDLE INVESTM ALLIANZ GLOBAL INVES BLACKROCK MONDRIAN INVESTMENT ALLIANZ ASSET MANAGE ODDO & CIE BNP PARIBAS INV PART T ROWE PRICE ASSOCIA DEUTSCHE BANK AG CONNECTING CAPITAL H OZ MANAGEMENT LP COLUMBIA WANGER ASSE DANSKE INVEST A/S ODDO ASSET MANAGEMEN CAPITAL GROUP COMPAN DWS INVESTMENT S A ADIG INVESTMENT FIL LIMITED SEB

Firm Name

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

Analyst

HSBC JOERG-ANDRE FINKE Macquarie CHRISTIAN BREITSPRECHER Hauck & Aufhaeuser PHILIPPE LORRAIN M.M. Warburg Investment Research CHRISTIAN COHRS Bankhaus Metzler JUERGEN PIEPER Main First Bank AG TOBIAS FAHRENHOLZ LFG Kronos Investment Services GmbH THOMAS ANEY Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Deutsche Bank TIM ROKOSSA Baader Bank PETER ROTHENAICHER Close Brothers Equity Markets DANIEL KUKALJ Goldman Sachs WILLIAM WYMAN DZ Bank AG JASKO TERZIC Berenberg Bank BENJAMIN GLAESER Exane BNP Paribas GERHARD ORGONAS EVA Dimensions TIMOTHY STANISH Nord/LB FRANK SCHWOPE

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

Recommendation neutral neutral buy hold buy outperform buy hold buy hold hold Buy/Neutral hold buy outperform hold sell

Amt Held 3'172'259 1'929'832 1'832'961 1'813'947 1'700'937 1'417'882 1'081'190 1'031'627 964'148 949'650 800'595 789'223 755'570 624'748 593'657 516'300 507'006 492'680 487'587 415'852

% Out 9.96 6.06 5.75 5.69 5.34 4.45 3.39 3.24 3.03 2.98 2.51 2.48 2.37 1.96 1.86 1.62 1.59 1.55 1.53 1.31

Weighting

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

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

Latest Chg 161'588 171'317 792 314'021 (23'341) (48'570) 419'333 5'271

Target Price 33 30 35 30 33 35 35 32 33 33 30 35 29 36 30 #N/A N/A 22

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

File Dt Inst Type 09.05.2013 Investment Advisor 30.04.2013 Investment Advisor 14.01.2013 Other 07.08.2013 Investment Advisor 15.06.2012 Hedge Fund Manager 30.06.2013 Investment Advisor 05.09.2012 Bank 28.02.2013 Investment Advisor 13.03.2012 Investment Advisor 24.07.2013 Investment Advisor 01.10.2012 Corporation 01.02.2012 Hedge Fund Manager 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.09.2012 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.10.2012 Investment Advisor 28.03.2013 Unclassified

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

Date 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 23.07.2013 17.07.2013 16.07.2013 20.06.2013 06.06.2013 27.05.2013

09.08.2013

XING AG XING AG provides an online community for professional networking. The Company's web site allows business professionals to search for contacts in multiple languages.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (13.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance O1BC GY EQUITY YTD Change O1BC GY EQUITY YTD % CHANGE

12/2012 06/yy 72.45 33.39 21'729.00 71.2 -1.41% 113.27% 92.61% 5.6 397.31 0.00 0.0 0.0 58.77 333.00

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

.2 M

.1 M

.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 34.9 2.79x 12.5 7.83x 7.3 19.15x

31.12.2009 31.12.2010 44.0 53.5 2.78x 2.55x 17.1 20.7 7.13x 6.59x (1.7) 7.2 26.53x Profitability

LTM-4Q 31.12.2011 65.1 2.37x 56.1 2.76x (4.6) -

31.12.2012 72.1 2.37x 25.3 6.75x 7.7 29.08x 25.28 16.94 23.49% 16.72% 8.61% 16.61% 16.63% 0.79% 34.6% 23.4% 10.7% 1.89 1.80 0.00% 0.00% 12.65 -

Price/ Cash Flow

06/yy 68.7 11.93x 54.6 3.60x (5.7) 0.00x

LTM 06/yy 76.6 9.24x 26.6 8.38x 8.4 33.38x

FY+1

.0 M a-13

0.90 2.21 86.02% 72.09% 0.899 10 3.400 34'019 8'556 10'904 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 83.4 94.6 3.95x 3.35x 23.6 30.2 14.00x 10.96x 10.4 14.8 37.75x 26.64x S&P Issuer Ratings

1149.00 1025.14 -2.42 0.00 0.0% 0.0% 0.79 13.87 28.86 -

Sales/Revenue/Turnover

30.00

80.0 70.0

25.00

60.0 20.00

50.0 40.0

15.00

30.0

10.00

20.0 5.00 0.00 01.01.2010

10.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

XING AG Holdings By:

All

Holder Name BURDA DIGITAL VENTUR DEUTSCHE BANK AG ENNISMORE FUND MANAG SCHRODERS PLC VANGUARD GROUP INC RUANE CUNNIFF & GOLD BAILLIE GIFFORD AND ALLIANZ GLOBAL INVES INVESTOREN TGV WHALE ROCK CAPITAL M NOMURA XING AG TRANSAMERICA INVESTM BLACKROCK INVESTORS TFI SA HANSAINVEST GMBH ALLIANZ ASSET MANAGE UNIVERSAL INVESTMENT MAINFIRST SICAV DIMENSIONAL FUND ADV

Firm Name EVA Dimensions Commerzbank Corporates & Markets M.M. Warburg Investment Research Berenberg Bank Montega Deutsche Bank Hauck & Aufhaeuser Close Brothers Equity Markets JPMorgan Jefferies GSC Research

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

Analyst ANDREW S ZAMFOTIS HEIKE PAULS JOCHEN REICHERT SARAH SIMON ALEXANDER BRAUN BENJAMIN KOHNKE SASCHA BERRESCH MARCUS SILBE NICOLAS J DUBOURG DAVID REYNOLDS MATTHIAS SCHRADE

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

Recommendation underweight buy buy buy sell buy hold buy neutral underperform hold

Amt Held 3'287'244 361'000 293'622 282'421 176'645 169'259 161'344 157'366 155'720 97'778 92'000 86'821 57'000 18'425 14'290 11'400 10'000 8'600 6'000 2'673

% Out 58.91 6.47 5.26 5.06 3.17 3.03 2.89 2.82 2.79 1.75 1.65 1.56 1.02 0.33 0.26 0.2 0.18 0.15 0.11 0.05

Weighting

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

D M M M D M M M M M M

Latest Chg 8'319 220 14'290 (7'450) (549)

Target Price #N/A N/A 78 65 74 50 73 60 65 46 32 #N/A N/A

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

File Dt Inst Type 18.12.2012 Corporation 30.04.2013 Investment Advisor 28.08.2012 Investment Advisor 03.09.2012 Investment Advisor 30.06.2013 Investment Advisor 18.09.2012 Investment Advisor 31.08.2012 Investment Advisor 01.02.2012 Investment Advisor 05.07.2012 Investment Advisor 18.12.2012 Hedge Fund Manager 13.08.2012 Unclassified 20.03.2012 Corporation 31.03.2013 Investment Advisor 07.08.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 19.03.2013 14.08.2012 17.03.2011

09.08.2013

Telefonica Deutschland Holding AG Telefonica Deutschland Holding AG provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 7

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance O2D GY EQUITY YTD Change O2D GY EQUITY YTD % CHANGE

12/2012 06/yy 6.51 4.90 1'673'277.00 5.149 -21.26% 5.19% 17.09% 1'116.9 5'751.15 1'251.00 0.0 0.0 324.00 6'839.15

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

1 0 o-12

31.12.2009 31.12.2010 3'745.5 4'826.3 891.5 892.7 (33.6) (102.5) Profitability

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data

LTM-4Q 31.12.2011 5'035.6 1'149.2 71.3 -

31.12.2012 5'213.0 1.42x 1'279.0 5.77x 1'335.0 20.62x 1'279.00 146.00 2.80% 2.69% 12.09% 14.68% 0.47% 24.5% 2.8% 25.6% 0.92 0.86 13.79% 19.46% 5.16 -

Price/ Cash Flow

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

LTM 06/yy 5'104.0 4.36x 1'254.0 5.82x 734.0 24.94x

FY+1

258.75 -3.91% 17 3.824 723'344 1'722'230 2'162'465 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'025.6 5'004.9 1'268.0 1'290.0 1.30x 1.30x 4.52x 4.44x 1'245.5 1'252.1 335.5 348.0 5.48x 5.45x 88.0 119.3 30.6 33.4 65.18x 47.68x S&P Issuer Ratings

0.72 0.98 19.5% 16.3% 0.47 1.71 70.89 -

Sales/Revenue/Turnover

6.00

6'000.0

5.00

5'000.0

4.00

4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Telefonica Deutschland Holding AG Holdings By:

All

Holder Name TELEFONICA SA BLACKROCK BNP PARIBAS INV PART CI INVESTMENTS INC NORGES BANK ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA UNION INVESTMENT GMB DEUTSCHE BANK AG SUN LIFE FINANCIAL I STATE STREET UBI PRAMERICA SGR SP BARING FUND MANAGERS JO HAMBRO CAPITAL MA LBPAM CAPITAL GROUP COMPAN MACQUARIE GROUP IG INVESTMENT MANAGE SCHRODER INVESTMENT OYSTER ASSET MANAGEM

Firm Name Sanford C. Bernstein & Co M.M. Warburg Investment Research UBS Nomura Exane BNP Paribas Barclays Landesbank Baden-Wuerttemberg Societe Generale Commerzbank Corporates & Markets Deutsche Bank Goldman Sachs JPMorgan Jefferies Bankhaus Lampe New Street Research Makor Capital Morgan Stanley Bankhaus Metzler HSBC Gabelli & Co

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

Analyst ROBIN BIENENSTOCK MALTE RAETHER POLO TANG FREDERIC BOULAN MATHIEU ROBILLIARD JONATHAN DANN STEFAN BORSCHEID OTTAVIO ADORISIO HEIKE PAULS KEVAL KHIROYA TIMOTHY BODDY HANNES C WITTIG GILES THORNE WOLFGANG SPECHT JAMES RATZER ALBERT SAPORTA RYAN FOX ULRICH TRABERT DOMINIK KLARMANN EVAN D MILLER

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

Recommendation market perform hold buy neutral outperform overweight hold hold hold restricted not rated restricted hold hold neutral buy restricted buy overweight hold

Amt Held 858'195'400 61'192'766 11'898'618 7'799'350 6'657'645 5'603'148 5'219'531 3'292'869 2'705'708 2'357'472 2'328'409 2'046'453 2'038'469 1'979'666 1'683'750 1'620'617 1'495'055 1'220'045 1'210'538 1'190'000

% Out 76.83 5.48 1.07 0.7 0.6 0.5 0.47 0.29 0.24 0.21 0.21 0.18 0.18 0.18 0.15 0.15 0.13 0.11 0.11 0.11

Weighting

Change

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

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

Latest Chg (1'251'572) (76'980) 7'799'350 2'377'896 (65'596) 3'292'869 5'708 (293'244) 61'286 1'979'666 196'363 (703'959) 72'084 238'217 1'034'188 (510'000)

Target Price 6 6 7 6 6 7 6 6 5 #N/A N/A #N/A N/A #N/A N/A 6 6 #N/A N/A #N/A N/A #N/A N/A 6 7 #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 07.08.2013 31.03.2013 31.12.2012 31.12.2012 30.06.2013 30.06.2013 28.03.2013 28.06.2013 30.06.2013 08.08.2013 30.06.2013 30.04.2013 31.12.2012 28.03.2013 30.06.2013 28.06.2013 31.03.2013 31.03.2013 28.02.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 09.08.2013 01.08.2013 31.07.2013 30.07.2013 26.07.2013 25.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 03.07.2013 03.05.2013 07.11.2012

09.08.2013

Pfeiffer Vacuum Technology AG Pfeiffer Vacuum Technology AG designs, manufactures and services pumps. The Company produces turbomolecular vacuum pumps, rotary vane pumps, root pumps, customized vacuum systems, helium leak detection systems, gas analyzers, and mass spectrometers. The Company markets and services its products in Europe, the United States, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFV GY EQUITY YTD Change PFV GY EQUITY YTD % CHANGE

12/2012 06/yy 98.82 74.40 17'954.00 85.69 -13.27% 15.17% 45.29% 9.9 845.56 52.14 0.0 0.0 102.01 815.35

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

.4 M .3 M .3 M .2 M .2 M .1 M .1 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 198.1 1.66x 55.0 5.98x 38.0 10.76x

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

31.12.2009 31.12.2010 182.0 220.5 2.39x 3.44x 41.5 57.2 10.48x 13.26x 27.6 38.1 18.06x 20.00x Profitability

LTM-4Q 31.12.2011 519.5 1.22x 83.4 7.63x 41.4 16.14x

31.12.2012 461.3 1.85x 87.5 9.75x 45.3 19.95x 87.53 67.69 14.67% 14.36% 8.21% 13.54% 11.43% 0.96% 36.2% 17.4% 12.6% 9.8% 3.04 1.93 11.70% 17.77% 6.88 3.40

Price/ Cash Flow

06/yy 476.8 5.97x 79.5 9.62x 34.3 23.11x

LTM 06/yy 419.0 7.62x 72.9 10.35x 35.9 21.85x

FY+1

.0 M a-13

0.91 8.95 12.20% -2.52% 0.907 20 3.100 28'652 21'391 33'053 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 430.3 470.4 113.0 119.0 1.83x 1.62x 76.6 92.9 17.8 23.8 10.62x 8.76x 37.5 51.8 9.8 12.2 22.83x 16.39x S&P Issuer Ratings

38.99 34.41 -0.41 0.71 17.8% 15.1% 0.96 4.59 53.04 107.33 38.06 113.17

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Pfeiffer Vacuum Technology AG Holdings By:

All

Holder Name BNP PARIBAS INV PART AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I HAKUTO CO LTD BANKHAUS LAMPE HIGHCLERE INTL INVES FIERA CAPITAL CORPOR MONTANARO ASSET MGMT ROYCE AND ASSOCIATES FIRST EAGLE FUNDS ARNHOLD & S BLEICHRO WILLIAM BLAIR & COMP NORGES BANK DANSKE INVEST A/S THREADNEEDLE INVESTM ALLIANZ ASSET MANAGE SEB WILLIAM BLAIR & COMP COLUMBIA WANGER ASSE BANK OF NOVA SCOTIA

Firm Name HSBC Hauck & Aufhaeuser M.M. Warburg Investment Research Bankhaus Metzler Exane BNP Paribas Commerzbank Corporates & Markets Deutsche Bank Goldman Sachs Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Close Brothers Equity Markets Equinet Institutional Services(ESN) DZ Bank AG EVA Dimensions Kepler Cheuvreux Nord/LB Berenberg Bank GSC Research Solventis WPH-Bank GmbH National Bank AG

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

Analyst CHRISTIAN DOMINIK RATH FINN HENNING BREITER EGGERT KULS STEPHAN BAUER GERHARD ORGONAS NORBERT KRETLOW UWE SCHUPP WILLIAM WYMAN WALTER SCHNEIDER MARKUS FRIEBEL KARSTEN ILTGEN VEYSEL TAZE ADRIAN PEHL HARALD SCHNITZER TIMOTHY STANISH CRAIG ABBOTT WOLFGANG DONIE BENJAMIN GLAESER THORSTEN RENNER ULF VON LENGERICH STEFFEN MANSKE

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

Recommendation overweight buy hold sell outperform add sell Buy/Neutral hold sell hold sell reduce hold hold hold hold buy hold hold sell

Amt Held 634'429 458'418 404'479 343'396 303'680 297'972 297'856 296'244 294'140 291'897 291'897 268'020 236'815 210'032 181'416 164'756 158'339 148'305 133'727 131'100

% Out 6.43 4.65 4.1 3.48 3.08 3.02 3.02 3 2.98 2.96 2.96 2.72 2.4 2.13 1.84 1.67 1.6 1.5 1.36 1.33

Weighting

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

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

Latest Chg (5'033) 154'851 3'460 32'894 552 9'669 (9'142) (68'633) 121'610

Target Price 96 100 85 73 95 90 60 100 81 70 80 73 78 79 #N/A N/A 80 95 107 #N/A N/A 83 80

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

File Dt 31.03.2013 12.07.2013 30.06.2013 31.12.2012 23.05.2012 31.05.2013 08.04.2013 10.06.2013 15.06.2012 30.03.2012 30.03.2012 12.09.2012 31.12.2012 31.05.2013 28.02.2013 30.06.2013 28.03.2013 30.06.2013 28.06.2013 28.02.2013

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

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

Date 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 12.07.2013 06.06.2013 29.05.2013 07.05.2013 01.05.2013 21.09.2012 26.03.2012 17.02.2012

09.08.2013

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie PSI AG fuer Produkte und Systeme der Informationstechnologie develops computer software. The Company produces software that helps manage large networks used in the electricity, gas, oil, telecommunications, and public transportation industries, production management for the steel, chemicals and automobile industries and mechanical engineering, and information management.

Price/Volume

.1 M .1 M

Latest Fiscal Year: LTM as of: 52-Week High (13.08.2012) 52-Week Low (30.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSAN GY EQUITY YTD Change PSAN GY EQUITY YTD % CHANGE

12/2012 06/yy 17.49 12.96 2'572.00 13.58 -22.33% 4.82% 13.47% 15.7 213.17 9.35 0.0 0.0 33.34 185.50

.1 M

.0 M

2 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

.1 M

16 14

Valuation Analysis

31.12.2008 128.9 0.16x 8.8 2.30x 4.1 10.59x

31.12.2009 31.12.2010 147.0 158.7 0.82x 1.64x 11.4 13.9 10.53x 18.62x 6.6 7.0 19.24x 39.67x Profitability

LTM-4Q 31.12.2011 169.5 1.18x 14.6 13.68x 7.4 31.32x

31.12.2012 180.9 1.20x 16.9 12.87x 9.4 25.68x 16.92 12.89 7.12% 6.27% 5.10% 12.82% 13.74% 0.98% 9.1% 7.0% 5.2% 1.74 0.99 5.01% 12.70% 6.18 -

Price/ Cash Flow

06/yy 179.0 5.19x 16.0 14.22x 9.7 26.02x

LTM 06/yy 182.9 3.68x 12.8 0.00x 6.9 33.98x

FY+1

.0 M a-13

0.78 11.36 -19.60% -10.13% 0.781 11 3.455 19'578 20'436 21'602 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 191.6 209.1 1.14x 1.02x 18.0 22.7 10.31x 8.17x 9.8 14.2 21.80x 14.97x S&P Issuer Ratings

8.62 7.29 -1.64 0.50 12.7% 11.3% 0.98 12.96 59.02 -

Sales/Revenue/Turnover

300.00

200.0 180.0

250.00

160.0 140.0

200.00

120.0

150.00

100.0 80.0

100.00

60.0 40.0

50.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie Holdings By:

All

Holder Name RWE AG SINGH HARVINDER ALLIANZ GLOBAL INVES FRANKFURT TRUST INVE THREADNEEDLE INVESTM HANSAINVEST GMBH ALLIANZ ASSET MANAGE ZUERICH INVESTMENTGE SCHRODER INVESTMENT TRIPPEL KARSTEN CALVERT INVESTMENT C UBS GAMCO UNIVERSAL INVESTMENT SCHRIMPF HARALD KBC GROUP NV DEUTSCHE BANK AG GOETZE WILFRIED VANGUARD GROUP INC BLACKROCK

Firm Name EVA Dimensions Dr. Kalliwoda Equity Research First Berlin Equity Research Group DZ Bank AG Commerzbank Corporates & Markets WGZ Bank Equinet Institutional Services(ESN) Solventis WPH-Bank GmbH Deutsche Bank Montega Berenberg Bank

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

Analyst ANDREW S ZAMFOTIS NORBERT KALLIWODA SIMON SCHOLES JASKO TERZIC FLORIAN TREISCH FRANK WOHLGEMUTH MICHAEL SCHAEFER KLAUS SCHLOTE ALEXANDER KARNICK WAIS SAMADZADA MAGGIE PAXTON

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

Recommendation underweight accumulate add hold add hold hold buy buy hold hold

Amt Held 2'794'131 1'271'487 470'641 450'000 272'381 210'386 202'955 135'000 123'876 109'750 85'470 84'784 80'000 72'568 64'000 63'469 60'000 54'683 49'365 47'830

% Out 17.8 8.1 3 2.87 1.74 1.34 1.29 0.86 0.79 0.7 0.54 0.54 0.51 0.46 0.41 0.4 0.38 0.35 0.31 0.3

Weighting

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

D D M M M M M M M M M

Latest Chg 14'222 33'699 11'522 6'374 (151'950) 5'255 711

Target Price #N/A N/A 14 15 13 17 16 16 21 18 16 18

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

File Dt 25.01.2013 25.01.2013 18.05.2012 30.04.2013 28.02.2013 28.03.2013 30.04.2013 30.04.2013 31.12.2012 31.12.2011 30.06.2013 28.03.2013 28.03.2013 28.03.2013 31.12.2011 30.04.2013 31.05.2013 31.12.2011 30.06.2013 07.08.2013

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

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

Date 07.08.2013 06.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 26.07.2013 06.05.2013 30.04.2013 30.04.2013 03.04.2013

09.08.2013

ProSiebenSat.1 Media AG ProSiebenSat.1 Media AG operates as european broadcasting group. The Company produces and broadcasts television programming. ProSiebenSat.1 provides TV station brands to online video store, digital pay-TV programs, and mobile services. ProSiebenSat.1 Media serves customers in Europe.

Price/Volume 40

3.0 M

2.5 M

30 2.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (10.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSM GY EQUITY YTD Change PSM GY EQUITY YTD % CHANGE

12/2012 06/yy 35.92 17.50 171'534.00 33.115 -7.77% 89.23% 83.25% 109.4 7'220.31 2'926.20 0.0 5.0 702.30 8'086.51

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

31.12.2009 31.12.2010 2'760.8 2'601.0 1.97x 3.16x 652.5 684.9 8.34x 11.99x 146.6 312.7 20.64x Profitability

.5 M

5 0 a-12

s-12

LTM-4Q 31.12.2011 2'199.2 2.43x 688.1 7.75x 637.5 11.38x

31.12.2012 2'356.2 2.87x 685.8 9.84x 295.0 14.01x 685.80 606.30 25.73% 19.37% 7.43% 23.28% 11.50% 0.46% 46.3% 30.3% 27.7% 12.5% 2.53 0.83 54.06% 195.64% 8.49 1398.59

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

06/yy 1'971.6 11.71x 628.2 9.73x 604.9 14.21x

LTM 06/yy 2'185.7 13.57x 662.6 12.04x 352.5 20.99x

FY+1

.0 M a-13

1.17 109.40 121.89% 85.85% 1.169 32 3.344 744'324 736'609 610'896 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'564.3 2'702.7 556.3 758.0 3.38x 3.13x 776.5 830.4 144.0 298.0 10.41x 9.74x 391.3 435.9 86.0 124.4 17.90x 16.38x 21.93x 20.96x S&P Issuer Ratings

4.39 3.82 1.29 3.24 195.6% 66.1% 0.46 10.23 42.98 0.26 102.22 -63.02

Sales/Revenue/Turnover

4.50

3'500.0

4.00

3'000.0

3.50

2'500.0

3.00 2.50

2'000.0

2.00

1'500.0

1.50

1'000.0

1.00

500.0

0.50 0.00 01.01.2010

1.0 M

Fiscal Year Ended 31.12.2008 3'054.2 1.44x 833.8 5.29x (129.1) -

1.5 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

ProSiebenSat.1 Media AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NORGES BANK DEUTSCHE BANK AG BLACKROCK HARTFORD INVESTMENT ALLIANZ ASSET MANAGE FMR LLC FIL LIMITED CAZENOVE UNIT TRUST VANGUARD GROUP INC STATE STREET ETOILE GESTION LORD ABBETT & CO LLC ADIG INVESTMENT JP MORGAN HENDERSON GLOBAL INV DJE INVESTMENT SA INVESCO LTD FRANKFURT TRUST INVE BARING FUND MANAGERS

Firm Name

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

Analyst

Liberum Capital Ltd IAN WHITTAKER DZ Bank AG HARALD HEIDER Societe Generale CHRISTOPHE CHERBLANC Commerzbank Corporates & Markets SONIA RABUSSIER Kepler Cheuvreux CONOR O'SHEA Natixis JEROME BODIN Nomura WILLIAM MAIRS Barclays JULIEN ROCH Deutsche Bank LAURIE DAVISON Morgan Stanley JULIEN ROSSI JPMorgan FILIPPO PIETRO LO FRANCO Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Independent Research GmbH LARS LUSEBRINK Bankhaus Metzler STEFAN WIMMER Exane BNP Paribas ADRIEN DE SAINT HILAIRE AlphaValue VERONIQUE CABIOC'H Bankhaus Lampe CHRISTOPH SCHLIENKAMP HSBC CHRISTOPHER JOHNEN UBS TAMSIN GARRITY EVA Dimensions CRAIG STERLING Goldman Sachs LISA YANG Main First Bank AG STEPHAN VOLLERT Nord/LB HOLGER FECHNER Macquarie ANGUS TWEEDIE Credit Suisse OMAR SHEIKH Berenberg Bank SARAH SIMON Jefferies WILL SMITH Hammer Partners SA STEPHAN SEIP Espirito Santo Investment Bank Research MARK EVANS Close Brothers Equity Markets MARCUS SILBE

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

Recommendation buy sell hold hold hold neutral buy overweight buy Equalwt/Attractive neutral hold hold buy underperform reduce hold overweight buy sell Buy/Neutral outperform buy neutral outperform sell hold sell sell hold

Amt Held 9'046'500 5'437'208 4'506'389 3'864'294 2'346'963 2'317'451 2'177'131 1'295'336 943'782 915'036 778'671 599'737 587'669 447'006 402'133 400'000 372'400 364'811 350'000 331'321

% Out 8.27 4.97 4.12 3.53 2.15 2.12 1.99 1.18 0.86 0.84 0.71 0.55 0.54 0.41 0.37 0.37 0.34 0.33 0.32 0.3

Weighting

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

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

Latest Chg 6'785'500 (50'000) 9'155 1'852'057 306'381 (29'349) (2'272'826) 3'082 56'746 (33'909) (99'499) (45'345) (150'000) 51'127 400'000 21'500 160'615 (50'000) -

Target Price 35 29 32 30 32 27 33 34 33 32 32 32 35 33 26 28 30 34 32 #N/A N/A 36 38 35 24 35 28 23 19 15 18

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

File Dt 30.06.2013 31.12.2012 28.06.2013 07.08.2013 31.05.2013 28.06.2013 30.06.2013 31.03.2013 28.02.2013 30.06.2013 08.08.2013 28.03.2013 28.06.2013 30.04.2013 30.06.2013 31.03.2013 31.05.2013 08.08.2013 30.04.2013 30.04.2013

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

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

Date 05.08.2013 04.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 25.07.2013 12.07.2013 12.07.2013 11.07.2013 03.07.2013 03.06.2013 16.05.2013 08.05.2013 07.05.2013 03.04.2013 18.12.2012 17.12.2012 20.11.2012

09.08.2013

Puma SE Puma SE designs, manufactures, and sells sporting goods and branded apparel. The Company produces running, tennis, training, and basketball shoes and other products. Puma operates Santa Monica concept stores and sells its products worldwide through subsidiaries, distributors, and direct sales.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PUM GY EQUITY YTD Change PUM GY EQUITY YTD % CHANGE

12/2012 06/yy 249.40 205.35 5'220.00 221.8 -11.21% 8.01% 39.61% 15.1 3'345.29 44.10 0.0 8.9 440.20 3'060.39

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

50 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 2'524.2 0.71x 381.6 4.70x 232.8 9.26x

100

31.12.2009 31.12.2010 2'447.3 2'706.4 1.24x 1.20x 217.8 372.7 13.96x 8.73x 79.6 202.2 43.91x 18.44x Profitability

LTM-4Q 31.12.2011 3'009.0 0.96x 403.5 7.19x 230.1 14.65x

31.12.2012 3'270.7 0.91x 186.8 15.91x 70.2 47.94x 186.80 110.70 3.38% 3.43% 1.47% 2.26% 1.24% 48.3% 10.3% 7.9% 2.1% 2.04 1.18 1.74% 2.78% 5.79 2.57

Price/ Cash Flow

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-13

06/yy 3'135.9 2.91x 382.8 8.28x 215.4 1.08x

LTM 06/yy 3'170.8 3.90x 325.1 9.06x 37.4 86.85x

FY+1

0.61 2.42 -3.89% -1.15% 0.614 30 2.900 8'831 8'742 9'744 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'097.6 3'220.4 847.8 774.6 0.93x 0.86x 305.5 342.1 103.0 62.5 10.01x 8.93x 161.2 186.8 62.9 35.4 20.27x 18.16x 18.68x 18.20x S&P Issuer Ratings

22.24 12.57 -0.89 0.13 2.8% 2.7% 1.24 63.08 142.05 100.60 89.48

Sales/Revenue/Turnover

80.00

3'500.0

70.00

3'000.0

60.00

2'500.0

50.00

2'000.0

40.00

1'500.0

30.00

1'000.0

20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Puma SE Holdings By:

All

Holder Name KERING PUMA SE NORGES BANK LOMBARD ODIER DARIER IG INVESTMENT MANAGE FIDEURAM GESTIONS SA AMUNDI CI INVESTMENTS INC BLACKROCK AGICAM SOCIETE GENERALE ALLIANZ ASSET MANAGE INVESTEC ASSET MANAG LBPAM KBL RICHELIEU GESTIO KEMPEN CAPITAL MANAG HSBC ASSET MGMT EURO BANK DELEN SA VANGUARD GROUP INC GENERALI FINANCES

Firm Name Berenberg Bank Susquehanna Financial Group AlphaValue Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) Makor Capital Deutsche Bank Raymond James Independent Research GmbH Oddo & Cie M.M. Warburg Investment Research Main First Bank AG Commerzbank Corporates & Markets Morgan Stanley Nord/LB Baader Bank UBS JPMorgan Bankhaus Lampe Hamburger Sparkasse ISI Group Barclays SRH AlsterResearch Exane BNP Paribas HSBC Goldman Sachs Kepler Cheuvreux Baden Hill LLP EVA Dimensions Solventis WPH-Bank GmbH National Bank AG

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

Analyst JOHN GUY CHRISTOPHER SVEZIA HANS-PETER WODNIOK BERND MUELL INGBERT FAUST ALBERT SAPORTA MICHAEL KUHN CEDRIC LECASBLE ZAFER RUZGAR LEOPOLD AUTHIE JOERG PHILIPP FREY MATTHIAS EIFERT ANDREAS RIEMANN LOUISE SINGLEHURST JULIA SIEKMANN VOLKER BOSSE FRED SPEIRS CHIARA BATTISTINI MICHAEL GORNY CHRISTIAN HAMANN OMAR SAAD JULIAN EASTHOPE NEIL SCHMODDE ANDREAS INDERST ANTOINE BELGE WILLIAM HUTCHINGS JUERGEN KOLB NICHOLAS WOODIFIELD CRAIG STERLING KLAUS SOER STEFFEN MANSKE

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-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

Recommendation sell neutral sell hold hold buy hold underperform hold reduce hold underperform hold Underwt/In-Line hold hold neutral neutral hold hold neutral underweight buy neutral overweight neutral/neutral buy buy sell buy buy

Amt Held 12'518'475 143'185 140'549 76'353 73'360 53'563 42'339 39'191 31'349 26'504 25'770 22'200 20'221 18'560 18'000 12'981 12'462 11'500 11'359 10'770

% Out 83 0.95 0.93 0.51 0.49 0.36 0.28 0.26 0.21 0.18 0.17 0.15 0.13 0.12 0.12 0.09 0.08 0.08 0.08 0.07

Weighting

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

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

Latest Chg 5'500 6'715 5'797 5'000 (1'725) (1'800) 1'806 1'250 (500) (3'000) 5'140 -

Target Price 195 215 174 220 215 250 195 210 230 195 210 210 208 210 205 240 220 225 230 #N/A N/A 200 200 260 230 252 223 255 #N/A N/A #N/A N/A 280 250

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013 01.07.2013 28.03.2013 31.12.2012 07.08.2013 01.07.2013 28.03.2013 28.06.2013 31.03.2013 28.03.2013 28.03.2013 31.03.2013 30.04.2013 29.03.2013 30.06.2013 29.04.2013

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

Inst Type Corporation n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 07.08.2013 05.08.2013 01.08.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 11.07.2013 26.06.2013 17.05.2013 14.05.2013 12.04.2013 20.02.2013 07.11.2012 27.07.2011

09.08.2013

QIAGEN NV QIAGEN N.V. provides sample and assay technologies. The Company's technologies (in the format of consumables and automated solutions) are used to process biological samples and to analyze analytes contained therein, such as DNA and RNA. QIAGEN provides these technologies to customers conducting molecular diagnostics, applied testing, pharmaceutical R&D and academic research.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QIA GY EQUITY YTD Change QIA GY EQUITY YTD % CHANGE

12/2011 06/yy 16.77 13.12 135'994.00 16.05 -4.09% 22.38% 81.37% 239.4 3'841.94 846.99 0.0 9.7 484.49 4'213.09

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

1.8 M

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 a-12

31.12.2009 31.12.2010 1'009.8 1'087.4 5.22x 4.13x 318.8 354.8 16.52x 12.67x 137.8 144.3 32.92x 29.99x Profitability

LTM-4Q 31.12.2011 1'169.7 3.04x 293.7 12.12x 96.0 20.34x

31.12.2012 1'254.5 3.72x 403.8 11.55x 129.5 26.39x 403.82 205.93 16.42% 11.57% 0.91% 1.37% 1.88% 0.32% 65.7% 30.7% 8.6% 10.3% 3.67 2.72 20.72% 31.20% 5.45 3.45

Price/ Cash Flow

06/yy 1'226.9 12.62x 311.8 13.93x 96.7 23.68x

o-12

n-12

d-12

j-13

LTM 06/yy 1'269.6 15.82x 283.5 0.00x 35.8 27.38x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.00 0.61 226.70 14.40% 16.73% 0.609 35 3.229 310'641 342'081 415'671 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'309.7 1'383.5 321.4 365.6 4.18x 3.79x 17.57x 15.31x 431.8 477.5 97.9 127.1 12.99x 11.75x 13.46x 13.28x 270.6 287.6 61.7 84.0 18.90x 17.47x 19.31x 18.95x S&P Issuer Ratings

17.22 12.87 1.00 2.19 31.2% 23.7% 0.32 3.19 66.92 105.93 41.14 137.06

Sales/Revenue/Turnover

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 893.0 4.61x 266.7 15.44x 89.0 22.81x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

QIAGEN NV Holdings By:

All

Holder Name PRIMECAP MANAGEMENT MANNING & NAPIER ADV PLATINUM INVESTMENT CREDIT AGRICOLE SA AMUNDI GENERATION INVESTMEN VANGUARD GROUP INC HARDING LOEVNER LP MANNING & NAPIER ADV BLACKROCK NORGES BANK BAILLIE GIFFORD AND DEUTSCHE BANK AG JOHNSTON ASSET MANAG COLPAN METIN CAPITAL GROUP COMPAN STATE STREET ARROWGRASS CAPITAL P PLATINUM INVESTMENT BANK OF NEW YORK MEL

Firm Name Independent Research GmbH AlphaValue Cowen and Company DZ Bank AG Credit Suisse Commerzbank Corporates & Markets Jefferies Robert W. Baird & Co William Blair & Co Macquarie Bryan Garnier & Cie Deutsche Bank Kempen & Co JPMorgan Wedbush Landesbank Baden-Wuerttemberg Leerink Swann & Co Berenberg Bank ISI Group S&P Capital IQ Piper Jaffray Exane BNP Paribas Barclays Mizuho Securities USA Inc Bankhaus Metzler EVA Dimensions HSBC Hamburger Sparkasse Main First Bank AG Kepler Cheuvreux UBS M.M. Warburg Investment Research Goldman Sachs Credit Suisse

Portfolio Name #N/A N/A n/a #N/A N/A CREDIT AGRICOLE SA n/a n/a n/a HARDING LOEVNER LP MANNING & NAPIER ADV n/a Multiple Portfolios BAILLIE GIFFORD & CO n/a JOHNSTON ASSET MANAG n/a n/a n/a n/a PLATINUM INVESTMENT BANK OF NEW YORK MEL

Analyst CHRISTOPH SCHOENDUBE KAMLA SINGH DOUG SCHENKEL SVEN OLAF KUERTEN VAMIL DIVAN DANIEL WENDORFF PETER WELFORD JEFF T ELLIOTT BRIAN WEINSTEIN JONATHAN P GROBERG MATHIEU CHABERT HOLGER BLUM SACHIN SONI TYCHO W PETERSON ZARAK KHURSHID TIMO KUERSCHNER DANIEL L LEONARD SCOTT BARDO ROSS MUKEN SHO MATSUBARA WILLIAM R QUIRK ROMAIN ZANA CHARLES ANTHONY BUTLER PETER R LAWSON SEBASTIAN FRERICKS ANDREW S ZAMFOTIS JAN KEPPELER MARCO GUENTHER MARCUS WIEPRECHT OLIVER REINBERG MARTIN WALES ULRICH HUWALD ISAAC RO RAVI MEHROTRA

Source 13G Research Research 13F Research Research Research 13F 13F ULT-AGG MF-AGG 13F ULT-AGG 13F Research ULT-AGG ULT-AGG Short 13F 13F

Recommendation hold reduce underperform hold neutral buy hold outperform market perform neutral buy buy hold overweight neutral buy market perform hold neutral buy neutral neutral equalweight neutral buy underweight underweight hold outperform reduce neutral hold neutral/neutral restricted

Amt Held % Out 13'416'761 5.6 12'492'293 5.22 10'104'502 4.22 9'627'970 4.02 9'568'279 4 9'567'367 4 7'829'000 3.27 6'388'752 2.67 6'303'028 2.63 5'872'787 2.45 5'542'855 2.32 4'872'700 2.04 4'867'288 2.03 4'591'914 1.92 4'192'553 1.75 2'835'494 1.18 2'765'365 1.16 (2'609'169) -1.09 2'358'976 0.99 2'276'535 0.95

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

Change M M M M M M M M M M M M M M M M M M M M M M M M M D M M M D M M M M

Latest Chg 4'321'886 7'745'526 (577'841) 7'733'517 (4'736) 133'480 172'710 77'800 (5'117'631) 371'304 767 185'247 (62'584)

Target Price 17 16 12 16 16 19 14 20 #N/A N/A 16 17 17 16 18 14 16 17 14 17 19 16 15 14 16 17 #N/A N/A 14 #N/A N/A 20 14 15 13 15 #N/A N/A

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

File Dt Inst Type 31.07.2013 Investment Advisor 05.07.2013 Investment Advisor 01.07.2013 Investment Advisor 31.03.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 07.08.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 n/a 30.06.2013 Investment Advisor 08.08.2013 Investment Advisor 04.07.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.08.2013 08.08.2013 05.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 05.07.2013 01.07.2013 21.06.2013 06.06.2013 06.06.2013 14.05.2013 01.05.2013 24.01.2013 18.11.2012 04.04.2011

09.08.2013

QSC AG QSC AG offers small and mid-size enterprises a range of ICT services from telephony, data transfer, housing and hosting right through to IT outsourcing and IT consulting. The Company offers its services on the basis of its own Next Generation Networks (NGN) and operates an open access platform, which unites a range of broadband technologies.

Price/Volume 4

Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (15.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QSC GY EQUITY YTD Change QSC GY EQUITY YTD % CHANGE

12/2012 03/yy 3.22 1.98 166'829.00 3.03 -5.90% 53.26% 83.91% 123.8 374.97 90.53 0.0 0.0 37.78 422.97

1.5 M

1.0 M

1 .5 M

1 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

2.0 M

Valuation Analysis

31.12.2008 413.3 0.41x 65.7 2.60x 0.8 124.00x

2.5 M

31.12.2009 31.12.2010 420.5 422.1 0.54x 1.00x 67.9 70.7 3.36x 5.96x 5.5 24.2 42.50x 18.33x Profitability

LTM-4Q 31.12.2011 478.1 0.67x 80.5 3.96x 27.6 10.45x

31.12.2012 481.5 0.65x 77.5 4.04x 18.9 15.04x 77.54 24.61 5.11% 4.30% 5.57% 11.01% 1.23% 25.4% 16.5% 5.6% 3.9% 0.97 0.92 23.38% 50.23% 8.40 210.40

Price/ Cash Flow

03/yy 489.0 2.83x 77.4 4.18x 23.4 12.75x

LTM 03/yy 478.5 2.82x 78.9 4.67x 21.6 15.22x

FY+1

.0 M a-13

0.81 52.67 43.21% 48.92% 0.807 12 4.583 315'447 354'302 337'222 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 455.4 469.7 110.7 0.94x 0.85x 79.1 85.0 18.7 5.35x 4.98x 21.7 27.8 4.1 17.12x 13.35x S&P Issuer Ratings

16.78 12.20 0.61 1.16 50.2% 33.4% 1.23 3.48 43.47 1.73 54.30 0.21

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00 5.00

300.0

4.00

200.0

3.00 2.00

100.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

QSC AG Holdings By:

All

Holder Name EICKERS GERD SCHLOBOHM BERND QSC AG ALLIANZ ASSET MANAGE JO HAMBRO CAPITAL MA NORGES BANK UNION INVESTMENT GMB TEACHERS INS & ANNUI DWS INVESTMENT S A BLACKROCK VANGUARD GROUP INC FLEMING FAMILY & PAR MMA FINANCE DEUTSCHE BANK AG HERMANN JUERGEN BAKER JOHN C BRENKE HERBERT AMONIS SA UNIVERSAL INVESTMENT BANK OF NEW YORK MEL

Firm Name Deutsche Bank M.M. Warburg Investment Research Berenberg Bank Bankhaus Metzler Hauck & Aufhaeuser Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg JPMorgan Close Brothers Equity Markets Independent Research GmbH EVA Dimensions Kepler Cheuvreux Exane BNP Paribas

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios TEACHERS INSURANCE & Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BENJAMIN KOHNKE MALTE RAETHER USMAN GHAZI ULRICH TRABERT LEONHARD BAYER HEIKE PAULS STEFAN BORSCHEID HANNES C WITTIG MARCUS SILBE MARKUS FRIEBEL ANDREW S ZAMFOTIS THOMAS KARLOVITS MICHAEL ZORKO

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

Recommendation buy buy buy buy buy add hold overweight buy hold overweight buy underperform

Amt Held 31'045'856 15'459'650 13'593'413 6'726'904 6'603'303 3'714'279 1'920'425 1'792'679 590'000 581'566 515'431 478'487 340'000 300'000 225'000 203'072 187'820 173'741 160'000 154'527

% Out 25.09 12.49 10.98 5.44 5.34 3 1.55 1.45 0.48 0.47 0.42 0.39 0.27 0.24 0.18 0.16 0.15 0.14 0.13 0.12

Weighting

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

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

Latest Chg 70'000 552'311 7'276 59'334 340'000 -

Target Price 3 4 3 4 5 3 3 4 3 3 #N/A N/A 4 2

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

File Dt 10.06.2013 30.01.2013 31.12.2012 18.07.2013 11.01.2013 12.06.2013 28.03.2013 31.03.2013 30.04.2013 07.08.2013 30.06.2013 31.01.2012 29.06.2012 30.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.03.2013 08.08.2013

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

Inst Type n/a n/a Corporation Investment Advisor Unclassified Government Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 08.08.2013 05.08.2013 01.08.2013 31.07.2013 26.07.2013 19.07.2013 15.07.2013 14.05.2013 13.05.2013 03.04.2013 19.02.2013 14.03.2012

09.08.2013

Rational AG Rational AG manufactures and markets food preparation appliances/processors and kitchen accessories for caterers and canteen kitchens. The Company's products cook and reheat food. Rational sells primarily to hotels, restaurants, canteens and caterers in Europe, the United States, and Asia.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RAA GY EQUITY YTD Change RAA GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 269.15 186.05 1'270.00 222.2 -17.22% 19.43% 43.02% 11.4 2'526.41 25.29 0.0 0.0 166.42 2'380.76

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

.1 M

250

.1 M

200

.1 M

150

.1 M

100

.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 343.0 2.71x 92.0 10.10x 61.7 15.57x

300

31.12.2009 31.12.2010 314.4 350.1 3.97x 4.97x 96.8 110.6 12.89x 15.72x 67.3 79.8 20.02x 23.56x Profitability

LTM-4Q 31.12.2011 391.7 4.62x 107.9 16.78x 78.7 24.27x

31.12.2012 435.0 5.37x 129.9 17.99x 93.3 26.59x 129.92 123.15 28.31% 28.14% 30.25% 39.49% 36.42% 1.41% 60.2% 28.3% 21.4% 4.18 3.69 7.75% 10.65% 6.57 6.79

Price/ Cash Flow

06/yy 415.9 18.23x 0.0 0.00x 85.2 25.13x

LTM 06/yy 441.4 15.75x 0.0 0.00x 90.4 32.32x

FY+1

.0 M a-13

0.68 3.32 12.99% 4.36% 0.678 17 3.000 6'227 11'641 9'281 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 458.3 502.9 5.17x 4.68x 132.5 149.2 17.96x 15.95x 95.0 107.1 26.69x 23.59x S&P Issuer Ratings

117.36 108.90 10.7% 9.6% 1.41 8.16 55.54 53.76 22.18 91.65

Sales/Revenue/Turnover

35.00

500.0 450.0

30.00

400.0

25.00

350.0 300.0

20.00

250.0 200.0

15.00

150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Rational AG Holdings By:

All

Holder Name MEISTER SIEGFRIED KURTZ WALTER ALLIANZ ASSET MANAGE COLUMBIA WANGER ASSE MONTANARO ASSET MGMT ROYCE AND ASSOCIATES NORGES BANK BLACKROCK AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA FIL LIMITED FRANKLIN RESOURCES VANGUARD GROUP INC BESSEMER GROUP INCOR DEUTSCHE BANK AG FMR LLC LOMBARD ODIER DARIER MONTANARO INVESTMENT CHARLES SCHWAB INVES MONTANARO INVESTMENT

Firm Name Commerzbank Corporates & Markets Nord/LB Independent Research GmbH M.M. Warburg Investment Research Baader Bank DZ Bank AG Goldman Sachs HSBC Kepler Cheuvreux Deutsche Bank Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Lampe Bankhaus Metzler EVA Dimensions Berenberg Bank GSC Research

Portfolio Name n/a n/a n/a Multiple Portfolios MONTANARO EUROPEAN S Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios MONTANARO EUROPEAN S Multiple Portfolios MONTANARO EUROPEAN S

Analyst YASMIN MOSCHITZ WOLFGANG VASTERLING LARS LUSEBRINK ROLAND RAPELIUS CHRISTIAN WEIZ MARKUS TURNWALD BENJAMIN MOORE RICHARD SCHRAMM CRAIG ABBOTT FELICITAS VON BISMARCK HARALD REHMET FINN HENNING BREITER GORDON SCHOENELL STEPHAN BAUER TIMOTHY STANISH BENJAMIN GLAESER MATTHIAS SCHRADE

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

Recommendation hold hold sell hold hold sell neutral/neutral neutral hold hold hold hold hold buy overweight hold hold

Amt Held 7'161'411 887'997 382'417 162'825 162'175 137'311 96'836 40'281 38'070 30'526 28'926 26'410 20'095 19'877 17'059 16'320 14'891 13'630 12'246 11'551

% Out 62.99 7.81 3.36 1.43 1.43 1.21 0.85 0.35 0.33 0.27 0.25 0.23 0.18 0.17 0.15 0.14 0.13 0.12 0.11 0.1

Weighting

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

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

Latest Chg 7'452 2'339 (61'960) 16 (138) (9'112) (1'627) 1'030 2'077 450 1'560 -

Target Price 243 206 200 229 208 183 220 220 205 220 217 205 200 260 #N/A N/A 225 #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 23.06.2011 28.06.2013 28.06.2013 28.06.2013 30.06.2013 31.12.2012 07.08.2013 28.06.2013 30.06.2013 31.12.2012 28.06.2013 30.06.2013 30.04.2013 28.06.2013 30.04.2013 31.03.2013 31.05.2013 08.08.2013 30.06.2013

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

Inst Type n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 07.08.2013 07.08.2013 07.08.2013 07.08.2013 01.08.2013 17.07.2013 16.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 06.06.2013 01.05.2013 24.05.2012

09.08.2013

Rhoen Klinikum AG Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care facilities which offer inpatient and outpatient medical care to various communities in Germany. These clinics and hospitals offer cardiological, surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction treatment, and physical therapy services.

Price/Volume 25

8.0 M 20

6.0 M 5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.08.2012) 52-Week Low (12.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RHK GY EQUITY YTD Change RHK GY EQUITY YTD % CHANGE

12/2012 06/yy 20.75 14.41 174'652.00 18.5 -10.99% 28.43% 63.75% 138.2 2'557.29 1'034.67 0.0 25.6 237.03 3'384.32

3.0 M 2.0 M

1.0 M 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

7.0 M

Valuation Analysis

31.12.2008 2'130.3 1.14x 264.4 9.20x 117.3 15.11x

9.0 M

31.12.2009 31.12.2010 2'320.1 2'550.4 1.22x 1.13x 284.6 310.2 9.95x 9.31x 125.7 139.7 16.00x 16.31x Profitability

LTM-4Q 31.12.2011 2'629.1 1.01x 357.9 7.45x 156.1 13.03x

31.12.2012 2'864.9 1.03x 291.1 10.10x 89.7 23.56x 291.10 151.20 5.28% 3.97% 2.52% 5.02% 0.92% 10.9% 4.9% 3.1% 1.09 0.92 32.49% 65.41% -

Price/ Cash Flow

06/yy 2'721.2 4.28x 352.4 9.75x 123.1 20.97x

LTM 06/yy 2'981.6 3.02x 255.5 0.00x 89.9 27.18x

FY+1

.0 M a-13

0.46 100.22 2.80% 22.50% 0.460 24 3.667 481'013 349'619 526'117 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'041.1 3'171.1 755.5 767.5 1.11x 1.05x 329.2 372.9 85.8 95.5 10.28x 9.08x 113.0 149.8 31.3 36.1 22.76x 17.07x S&P Issuer Ratings

6.69 2.25 2.51 3.13 65.4% 39.2% 0.92 1.56 -

Sales/Revenue/Turnover

25.00

3'500.0 3'000.0

20.00

2'500.0 15.00

2'000.0 1'500.0

10.00

1'000.0 5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Rhoen Klinikum AG Holdings By:

All

Holder Name MUENCH FAMILY ALECTA PENSIONSFORSA BRAUN LUDWIG GEORG ASKLEPIOS KLINIKEN G FRESENIUS SE & CO KG CREDIT SUISSE AG PAULSON & CO BLACKROCK JP MORGAN CLEARING C FRANKLIN RESOURCES ALLIANZ ASSET MANAGE MORGAN STANLEY INTER SKAGEN AS SUN LIFE FINANCIAL I NORGES BANK DEUTSCHE BANK AG UNIVERSAL INVEST LUX ING INTERNATIONAL AD OPPENHEIMERFUNDS INC INVESCO LTD

Firm Name JPMorgan Bankhaus Metzler Berenberg Bank Equinet Institutional Services(ESN) S&P Capital IQ AlphaValue Deutsche Bank Jefferies Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe M.M. Warburg Investment Research Exane BNP Paribas HSBC Kepler Cheuvreux UBS DZ Bank AG Commerzbank Corporates & Markets Hamburger Sparkasse Nord/LB EVA Dimensions Close Brothers Equity Markets Main First Bank AG Credit Suisse GSC Research Hauck & Aufhaeuser

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

Analyst DAVID J ADLINGTON SEBASTIAN FRERICKS TOM JONES KONRAD LIEDER JACOB THRANE EILEEN RYAN HOLGER BLUM INGEBORG OIE TIMO KUERSCHNER CHRISTOPH SCHOENDUBE THERESA DICK ULRICH HUWALD JULIEN DORMOIS JAN KEPPELER OLIVER REINBERG MARTIN WALES SVEN OLAF KUERTEN VOLKER BRAUN MARCO GUENTHER HOLGER FECHNER TIMOTHY STANISH IGOR KIM MARCUS WIEPRECHT MARK WADLEY MATTHIAS SCHRADE THOMAS WISSLER

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

Recommendation neutral buy hold buy hold sell hold hold buy buy hold hold neutral overweight hold neutral buy buy hold buy sell hold outperform outperform buy sell

Amt Held 17'278'999 13'684'967 6'911'600 6'911'600 6'911'600 5'174'410 5'114'584 4'778'672 4'408'553 3'810'642 3'161'505 2'849'530 1'972'941 1'819'760 1'699'549 1'466'710 820'000 797'284 765'961 680'501

% Out 12.5 9.9 5 5 5 3.74 3.7 3.46 3.19 2.76 2.29 2.06 1.43 1.32 1.23 1.06 0.59 0.58 0.55 0.49

Weighting

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

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

Latest Chg (4'357) 303'879 (50'000) (256'510) -

Target Price 21 19 19 23 20 17 17 18 19 22 18 18 16 19 16 19 18 21 #N/A N/A 22 #N/A N/A 16 20 17 #N/A N/A 15

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Pension Fund (ERISA) 31.12.2012 n/a 31.12.2012 Corporation 31.12.2012 Corporation 13.06.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 07.08.2013 Investment Advisor 26.06.2013 Investment Advisor 27.04.2012 Investment Advisor 30.06.2013 Investment Advisor 24.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2012 Investment Advisor 31.12.2012 Government 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 08.08.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 29.07.2013 17.07.2013 12.07.2013 27.06.2013 17.06.2013 14.06.2013 13.06.2013 06.06.2013 26.04.2013 25.02.2013 05.10.2012 20.07.2012 26.04.2012

09.08.2013

Rheinmetall AG Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RHM GY EQUITY YTD Change RHM GY EQUITY YTD % CHANGE

12/2012 06/yy 43.75 31.20 222'570.00 37.54 -14.29% 20.32% 37.58% 39.6 1'486.55 599.00 0.0 111.0 501.00 1'895.55

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

1.8 M

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 a-12

31.12.2009 31.12.2010 3'420.0 3'989.0 0.51x 0.62x 178.0 445.0 9.83x 5.55x (58.0) 162.0 14.22x Profitability

LTM-4Q 31.12.2011 4'454.0 0.35x 521.0 3.03x 213.0 6.17x

31.12.2012 4'704.0 0.34x 479.0 3.30x 190.0 7.28x 479.00 285.00 6.06% 5.08% 1.71% 6.23% 5.84% 0.95% 7.2% 2.8% 4.0% 1.42 0.86 12.23% 44.37% 4.23 -

Price/ Cash Flow

06/yy 4'632.0 1.72x 525.0 3.99x 214.0 6.87x

o-12

n-12

d-12

j-13

LTM 06/yy 4'513.0 1.60x 323.0 5.47x 81.0 16.85x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

1.15 37.71 -2.85% 8.10% 1.155 28 3.214 182'662 215'578 222'664 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'710.8 4'900.3 1'070.0 1'543.0 0.43x 0.40x 327.6 459.0 40.0 330.0 5.79x 4.13x 66.3 148.2 19.8 122.0 22.43x 9.71x S&P Issuer Ratings

12.12.2008 NR 12.12.2008 NR 7.26 3.71 1.04 1.78 44.4% 29.1% 0.95 3.92 86.30 -

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 3'869.0 0.27x 407.0 2.58x 134.0 5.89x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Rheinmetall AG Holdings By:

All

Holder Name BLACKROCK HARRIS ASSOCIATES LP RHEINMETALL AG DEUTSCHE BANK AG FMR LLC NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC FEDERATED INVESTORS INVESCO LTD PRUDENTIAL FINANCIAL DWS INVESTMENT S A UNION INVESTMENT GMB NATIXIS INTERNATIONA DEKA INVESTMENT GMBH AVIVA PLC LANDESBANK BERLIN IN SCHRODER INVESTMENT SOCIETE GENERALE LBPAM

Firm Name

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

Analyst

Landesbank Baden-Wuerttemberg STEFAN MAICHL Hauck & Aufhaeuser FINN HENNING BREITER Bankhaus Lampe GORDON SCHOENELL Equinet Institutional Services(ESN) ADRIAN PEHL Steubing AG TOBIAS SCHMIDT Montega THOMAS RAU AlphaValue EILEEN RYAN Independent Research GmbH ZAFER RUZGAR Kepler Cheuvreux MICHAEL RAAB Commerzbank Corporates & Markets STEPHAN BOEHM HSBC RICHARD SCHRAMM M.M. Warburg Investment Research CHRISTIAN COHRS Bankhaus Metzler JUERGEN PIEPER Berenberg Bank BENJAMIN GLAESER Close Brothers Equity Markets DANIEL KUKALJ S&P Capital IQ RODERICK BRIDGE Exane BNP Paribas OLIVIER BROCHET LFG Kronos Investment Services GmbH THOMAS ANEY Deutsche Bank TIM ROKOSSA Main First Bank AG CHRISTOPHER YOUL DZ Bank AG MARKUS TURNWALD EVA Dimensions TIMOTHY STANISH Nord/LB FRANK SCHWOPE National Bank AG MANFRED JAISFELD JPMorgan GLEN H LIDDY UBS SVEN WEIER

Source ULT-AGG MF-AGG Co File 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

Recommendation sell sell sell reduce buy hold add hold hold hold overweight hold sell hold hold hold neutral hold hold outperform buy overweight buy buy neutral neutral

Amt Held 2'761'155 2'436'285 1'881'647 1'173'000 1'037'762 686'200 525'577 363'021 349'087 331'175 281'064 270'000 245'800 245'500 233'412 232'900 208'979 205'760 188'866 139'000

% Out 6.97 6.15 4.75 2.96 2.62 1.73 1.33 0.92 0.88 0.84 0.71 0.68 0.62 0.62 0.59 0.59 0.53 0.52 0.48 0.35

Weighting

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

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

Latest Chg (16'525) (511'802) 1'174 (155'185) 323'640 (3'485) 120'000 (8'900) (140'464) -

Target Price 34 32 30 34 43 35 40 38 38 33 47 34 32 40 37 35 33 43 35 49 46 #N/A N/A 44 44 35 39

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

File Dt 07.08.2013 30.06.2013 22.02.2013 28.06.2013 31.10.2011 31.12.2012 30.04.2013 30.06.2013 30.06.2013 08.08.2013 30.06.2013 30.04.2013 28.03.2013 28.03.2013 09.08.2013 31.05.2013 31.07.2013 31.03.2013 28.03.2013 28.03.2013

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

Inst Type Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 23.07.2013 18.06.2013 06.06.2013 29.05.2013 13.05.2013 10.05.2013 08.02.2013

09.08.2013

RWE AG RWE AG generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume 40

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RWE GY EQUITY YTD Change RWE GY EQUITY YTD % CHANGE

12/2012 03/yy 36.47 20.64 1'194'631.00 21.44 -41.19% 3.88% 4.14% 575.7 13'169.51 19'946.00 2'702.0 1'613.0 5'276.00 32'645.51

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

6.0 M

15 10

4.0 M

2.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 47'500.0 0.88x 7'903.0 5.30x 2'558.0 10.69x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 46'191.0 50'722.0 1.10x 0.89x 9'655.0 9'230.0 5.28x 4.87x 3'571.0 3'323.0 10.33x 8.05x Profitability

LTM-4Q 31.12.2011 49'153.0 0.69x 6'912.0 4.91x 1'865.0 8.10x

31.12.2012 50'771.0 0.75x 9'055.0 4.22x 1'402.0 14.67x 9'055.00 3'699.00 7.29% 4.39% 1.71% 9.86% 7.16% 0.55% 17.8% 7.5% 2.8% 1.02 0.55 22.61% 164.54% 4.83 -

Price/ Cash Flow

LTM

03/yy 49'030.0 2.98x 6'525.0 5.98x 1'359.0 16.96x

03/yy 51'161.0 3.07x 9'099.0 4.11x 1'585.0 12.70x

FY+1

.0 M a-13

1.05 487.68 -30.38% -26.11% 1.046 36 2.333 3'598'843 3'422'708 3'210'034 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 53'414.9 52'927.7 11'392.0 0.65x 0.63x 8'959.2 8'078.0 2'400.5 3.64x 4.04x 2'475.8 1'847.2 763.0 5.44x 7.04x S&P Issuer Ratings

27.07.2012 BBB+ STABLE 08.06.2011 A-2 7.25 2.85 1.65 2.32 164.5% 54.8% 0.55 1.44 75.63 -

Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU MORGAN STANLEY BLACKROCK MONDRIAN INVESTMENT CREDIT SUISSE GROUP NORGES BANK CAPITAL GROUP COMPAN VANGUARD GROUP INC INVESCO LTD CQS UK LLP MARSHALL WACE LLP PICTET FUNDS UNION INVESTMENT GMB DEKA INVESTMENT GMBH UBS MERCURY ASSET MANAGE SOCIETE GENERALE SA FRANKLIN RESOURCES FRANKFURT TRUST INVE BNP PARIBAS INV PART

Firm Name RBC Capital Markets Societe Generale Macquarie M.M. Warburg Investment Research Grupo Santander Bankhaus Metzler Morgan Stanley Landesbank Baden-Wuerttemberg UBS Commerzbank Corporates & Markets Redburn Partners Deutsche Bank AlphaValue Exane BNP Paribas Raymond James Independent Research GmbH JPMorgan HSBC Goldman Sachs Day by Day Credit Suisse Barclays Main First Bank AG EVA Dimensions Kepler Cheuvreux Berenberg Bank Nord/LB Natixis Equinet Institutional Services(ESN) S&P Capital IQ Steubing AG Hamburger Sparkasse National Bank AG Banco Sabadell

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 n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst JOHN MUSK ALBERTO PONTI ROBERT SCHRAMM-FUCHS STEPHAN WULF OSCAR NAJAR RIOS DANIEL SEIDENSPINNER BOBBY CHADA ERKAN AYCICEK PATRICK HUMMEL TANJA MARKLOFF AHMED FARMAN ALEXANDER KARNICK EILEEN RYAN BENJAMIN LEYRE EMMANUEL RETIF SVEN DIERMEIER NATHALIE F CASALI ADAM DICKENS DEBORAH WILKENS VALERIE GASTALDY VINCENT GILLES PETER BISZTYGA ANDREAS THIELEN DOUG WALTERS INGO BECKER TEAM COVERAGE HEINO HAMMANN PHILIPPE OURPATIAN MICHAEL SCHAEFER CLIVE ROBERTS MICHAEL BROEKER ANNEMARIE SCHLUETER STEFFEN MANSKE JORGE GONZALEZ SADORNIL

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

Recommendation underperform sell underperform buy underweight sell Equalwt/In-Line hold sell reduce sell sell buy neutral underperform hold underweight underweight Buy/Neutral hold neutral underweight underperform buy reduce sell hold neutral hold hold buy hold hold sell

Amt Held % Out 86'361'823 15 57'767'445 10.03 28'787'275 5 17'272'365 3 15'649'001 2.72 13'471'707 2.34 5'831'000 1.01 5'336'144 0.93 3'172'827 0.55 (3'109'026) -0.54 (2'936'302) -0.51 2'833'842 0.49 2'542'090 0.44 2'266'506 0.39 1'420'110 0.25 1'411'987 0.25 1'403'905 0.24 1'400'400 0.24 1'372'490 0.24 937'481 0.16

Weighting

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

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

Latest Chg 105'000 211'738 3'101'871 (115'149) 3'348 (377'383) (623'861) (51'936) 1'400'000 900 1'886

Target Price 20 22 20 28 28 20 28 22 19 22 #N/A N/A 20 36 25 25 24 28 19 33 #N/A N/A 24 23 26 #N/A N/A 24 21 30 28 35 29 60 #N/A N/A 30 37

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

File Dt Inst Type 31.12.2012 Other 23.07.2013 Investment Advisor 07.08.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 16.04.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 08.08.2013 Investment Advisor 05.07.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 08.08.2013 Unclassified 07.08.2013 Investment Advisor 07.06.2013 Unclassified 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 30.07.2013 23.07.2013 23.07.2013 19.07.2013 04.07.2013 02.07.2013 02.07.2013 26.06.2013 21.06.2013 07.06.2013 06.06.2013 29.05.2013 24.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 02.04.2013 07.03.2013 05.03.2013 15.02.2013

09.08.2013

SMA Solar Technology AG SMA Solar Technology AG manufactures solar inverters, alternating current converters for solar generated electricity.

Price/Volume 30

1.6 M 1.4 M

1.2 M 20

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance S92 GY EQUITY YTD Change S92 GY EQUITY YTD % CHANGE

12/2012 06/yy 29.90 15.61 41'978.00 25.44 -14.11% 62.97% 69.28% 34.7 882.77 93.53 0.0 0.0 442.70 613.68

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

.8 M .6 M

.4 M 5 0 a-12

.2 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 681.6 1.64x 174.8 6.39x 119.5 10.90x

1.0 M

Valuation Analysis

31.12.2009 31.12.2010 934.3 1'920.1 3.17x 1.05x 243.4 547.2 12.16x 3.68x 161.1 365.0 20.10x 6.61x Profitability

LTM-4Q 31.12.2011 1'676.3 0.69x 289.4 3.98x 166.1 9.01x

31.12.2012 1'463.4 0.21x 173.3 1.79x 75.1 8.80x 173.29 103.36 7.06% 7.16% 0.05% 0.09% 0.80% 23.5% 11.8% 3.1% 5.1% 3.31 2.30 7.04% 11.40% 7.07 3.34

Price/ Cash Flow

06/yy 1'795.1 2.11x 277.7 2.40x 152.0 6.15x

LTM 06/yy 1'091.2 1.79x 128.7 4.72x 0.7 1263.50x

FY+1

.0 M a-13

0.86 10.12 -0.28% 37.44% 0.859 16 2.625 54'128 49'515 68'422 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'104.9 1'135.7 0.53x 0.54x 36.2 78.6 16.91x 7.79x (23.3) 6.8 188.44x S&P Issuer Ratings

161.35 93.46 -2.09 0.88 11.4% 10.2% 0.80 2.90 47.65 100.98 39.06 78.85

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

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

01.07.2013

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 |

09.08.2013

SMA Solar Technology AG Holdings By:

All

Holder Name POOL SMA SOLAR TECH KLEINKAUF WERNER WETTLAUFER REINER DREWS PETER CRAMER GUENTHER GUENTHER CRAMER FOUN PETER DREWS FOUNDATI REINER WETTLAUFER FO BAILLIE GIFFORD AND RUANE CUNNIFF & GOLD VANGUARD GROUP INC ODDO ASSET MANAGEMEN SOTHIC CAPITAL MANAG INVESCO LTD BARRINGTON WILSHIRE BLACKROCK CLAYMORE ADVISORS LL DELTA LLOYD NV GUARDIAN LIFE GROUP FIL LIMITED

Firm Name Bankhaus Metzler Equinet Institutional Services(ESN) Deutsche Bank HSBC Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Montega Commerzbank Corporates & Markets Kempen & Co Natureo Finance Macquarie EVA Dimensions Main First Bank AG Hammer Partners SA

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

Analyst DANIEL SEIDENSPINNER STEFAN FREUDENREICH ALEXANDER KARNICK CHRISTIAN DOMINIK RATH ERKAN AYCICEK SVEN DIERMEIER CHRISTOPHER RODLER ALEXANDER DREWS GEORG REMSHAGEN SERENA ZUIDEMA INGO QUEISER ROBERT SCHRAMM-FUCHS ANDREW S ZAMFOTIS ANDREAS THIELEN ALBERTO ROLLA

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

Recommendation sell sell buy neutral hold sell hold sell sell hold buy neutral overweight underperform buy

Amt Held % Out 8'744'400 25.2 2'512'280 7.24 2'446'350 7.05 2'446'350 7.05 2'439'410 7.03 1'998'720 5.76 1'998'720 5.76 1'998'720 5.76 1'045'776 3.01 1'002'885 2.89 800'527 2.31 524'878 1.51 (336'590) -0.97 321'224 0.93 (274'130) -0.79 209'936 0.61 175'920 0.51 138'970 0.4 93'147 0.27 78'201 0.23

Weighting

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

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

Latest Chg (14'107) 27'760 1'987 20'820 118 (2'204) 78'201

Target Price 15 19 25 25 20 19 24 19 16 22 23 21 #N/A N/A 15 119

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 05.08.2011 n/a 31.12.2011 n/a 31.12.2011 Other 31.12.2011 Other 25.11.2011 Investment Advisor 12.07.2011 Investment Advisor 30.06.2013 Investment Advisor 30.09.2012 Investment Advisor 25.07.2013 Other 08.08.2013 Investment Advisor 24.07.2013 Hedge Fund Manager 07.08.2013 Investment Advisor 08.08.2013 Investment Advisor 30.04.2013 Bank 31.03.2013 Insurance Company 31.10.2012 Investment Advisor

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

Date 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 31.07.2013 17.07.2013 11.07.2013 25.06.2013 24.05.2013 09.11.2012 04.10.2010

09.08.2013

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

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (24.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

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

4.0 M

2.0 M

10 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

6.0 M

12/2012 06/yy 65.00 50.96 966'237.00 56.22 -13.35% 10.32% 36.61% 1'228.5 69'066.51 5'248.00 0.0 8.0 2'631.00 70'617.51

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

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% 11.42% 21.86% 17.04% 0.64% 68.8% 29.6% 23.9% 17.4% 1.00 0.94 19.56% 37.05% 5.05 -

Price/ Cash Flow

LTM

06/yy 15'157.0 13.82x 4'810.0 11.69x 3'553.0 15.71x

06/yy 16'638.0 17.12x 4'920.0 13.93x 2'967.0 22.47x

FY+1

.0 M a-13

0.83 913.65 8.49% -5.99% 0.828 43 3.953 2'450'267 3'115'789 3'300'096 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'509.0 19'084.4 4'251.0 5'427.1 3.91x 3.44x 16.57x 12.80x 6'179.2 6'816.7 1'492.5 2'324.5 11.42x 10.35x 11.04x 10.67x 3'944.7 4'422.1 970.9 1'551.7 16.49x 14.72x 15.62x 15.11x S&P Issuer Ratings

28.58 25.49 0.31 1.06 37.1% 27.0% 0.64 9.77 72.33 -

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

01.07.2013

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 |

09.08.2013

SAP AG Holdings By:

All

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

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

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

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

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

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

Amt Held 120'857'498 92'079'595 66'743'066 65'273'200 36'642'744 23'448'702 20'930'681 12'583'212 12'284'154 11'235'667 10'350'832 9'395'522 8'250'500 7'792'633 7'438'705 7'081'368 6'586'656 6'520'708 6'084'747 4'989'242

% Out 9.84 7.5 5.43 5.31 2.98 1.91 1.7 1.02 1 0.91 0.84 0.76 0.67 0.63 0.61 0.58 0.54 0.53 0.5 0.41

Weighting

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

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

Latest Chg 1'120'100 496'869 577'501 (88'254) (1'292'732) (132'500) (229'175) 57'830 (19'077) (1'749'614) (13'737) 667'108

Target Price 62 71 68 65 74 59 68 70 60 #N/A N/A 64 69 59 61 68 62 64 71 63 #N/A N/A 55 57 62 57 73 68 77 65 70 57 63 #N/A N/A 66 65 #N/A N/A #N/A N/A 67 #N/A N/A 65 64 #N/A N/A 65 55

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

File Dt 07.03.2013 07.03.2013 07.08.2013 07.03.2013 12.06.2012 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.03.2013 28.06.2013 31.12.2012 30.06.2013 30.04.2013 30.06.2013 31.05.2013 30.05.2013 30.06.2013 31.05.2013 31.05.2013

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

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

Date 09.08.2013 01.08.2013 31.07.2013 29.07.2013 25.07.2013 25.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 14.06.2013 15.02.2013 29.01.2013 23.01.2013 23.01.2013 22.01.2013 24.10.2012 26.01.2012

09.08.2013

Stada Arzneimittel AG Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces generics (products whose patents have expired), brand-name products, and cancer therapy and other special pharmaceuticals. Stada avoids cost-intensive research on active ingredients and concentrates on multi-source products. The Company markets its products worldwide.

Price/Volume

1.2 M 1.0 M

.8 M

Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (24.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAZ GY EQUITY YTD Change SAZ GY EQUITY YTD % CHANGE

12/2012 06/yy 36.68 21.10 209'933.00 36.435 -0.38% 72.68% 98.63% 59.5 2'168.64 1'270.09 0.0 10.7 128.87 3'617.89

.6 M

15 10

.4 M

.2 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

1.4 M

35 30

Valuation Analysis

31.12.2008 1'646.2 1.35x 256.0 8.71x 76.2 15.77x

31.12.2009 31.12.2010 1'568.8 1'627.0 1.48x 1.44x 278.7 268.5 8.36x 8.75x 100.4 68.4 14.15x 21.88x Profitability

LTM-4Q 31.12.2011 1'715.4 1.17x 222.1 9.05x 22.0 52.03x

31.12.2012 1'837.5 1.41x 320.0 8.12x 86.5 16.72x 320.03 202.15 11.00% 7.38% 3.41% 11.92% 6.24% 0.63% 49.3% 17.9% 12.1% 4.7% 1.22 0.64 42.59% 140.89% 4.03 2.03

Price/ Cash Flow

06/yy 1'770.9 5.12x 227.2 11.73x 14.1 104.96x

LTM 06/yy 1'926.6 6.18x 345.2 9.93x 104.9 18.84x

FY+1

.0 M a-13

0.90 59.08 64.79% 51.52% 0.897 24 3.917 315'347 242'212 277'534 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'985.1 2'119.3 1.70x 1.54x 395.1 434.4 9.14x 8.31x 167.3 203.1 12.95x 10.81x S&P Issuer Ratings

2.11 1.91 4.12 5.14 140.9% 58.2% 0.63 6.79 90.55 180.13 93.18 172.50

Sales/Revenue/Turnover

14.00

2'000.0 1'800.0

12.00

1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0 2.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Stada Arzneimittel AG Holdings By:

All

Holder Name MORGAN STANLEY DEUTSCHE BANK AG GRYPHON INTERNATIONA DEUTSCHE BANK AG/LON NORGES BANK BLACKROCK DJE INVESTMENT SA UNION INVESTMENT GMB AQR CAPITAL MANAGEME ALLIANZ ASSET MANAGE PICTET FUNDS SKAGEN AS VANGUARD GROUP INC UBS INVEST KAG MACQUARIE GROUP T ROWE PRICE ASSOCIA KBL RICHELIEU GESTIO FRANKFURT TRUST INVE LBPAM OFI ASSET MANAGEMENT

Firm Name HSBC Independent Research GmbH Bankhaus Metzler Natixis Deutsche Bank JPMorgan Landesbank Baden-Wuerttemberg Bankhaus Lampe Hamburger Sparkasse M.M. Warburg Investment Research Berenberg Bank Kepler Cheuvreux S&P Capital IQ Helvea AlphaValue Commerzbank Corporates & Markets Exane BNP Paribas Jefferies DZ Bank AG EVA Dimensions Nord/LB Close Brothers Equity Markets Main First Bank AG Equinet Institutional Services(ESN) KD Banka d.d.

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

Analyst JAN KEPPELER CHRISTOPH SCHOENDUBE SEBASTIAN FRERICKS PHILIPPE LANONE HOLGER BLUM DAVID J ADLINGTON TIMO KUERSCHNER THERESA DICK MARCO GUENTHER ULRICH HUWALD SCOTT BARDO OLIVER REINBERG JACOB THRANE ODILE RUNDQUIST FABRICE FARIGOULE DANIEL WENDORFF FLORENT CESPEDES JAMES VANE-TEMPEST THOMAS MAUL TIMOTHY STANISH THORSTEN STRAUSS IGOR KIM MARCUS WIEPRECHT MARTIN POSSIENKE BOJAN IVANC

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

Recommendation neutral hold sell buy buy overweight buy buy buy hold buy buy strong buy accumulate add buy neutral underperform buy hold hold buy outperform hold buy

Amt Held % Out 2'030'577 3.41 1'943'300 3.26 1'898'634 3.19 1'802'000 3.03 1'642'192 2.76 956'890 1.61 783'930 1.32 655'000 1.1 (605'199) -1.02 549'000 0.92 353'457 0.59 349'622 0.59 339'689 0.57 326'700 0.55 284'709 0.48 259'231 0.44 224'400 0.38 218'500 0.37 211'858 0.36 192'568 0.32

Weighting

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

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

Latest Chg 85'000 756 (100) (17'799) 116'874 24'368 (40'000) (9'509) 1'075 (14'059) 64'032 (36'560)

Target Price 41 40 24 42 40 42 37 35 #N/A N/A 35 40 42 42 37 37 44 29 25 36 #N/A N/A 33 35 37 20 28

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

File Dt Inst Type 01.07.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Investment Advisor 16.05.2013 Investment Advisor 24.05.2013 Government 07.08.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 19.06.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 31.08.2012 Investment Advisor 24.08.2012 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 31.07.2013 15.07.2013 02.07.2013 06.06.2013 06.06.2013 08.05.2013 07.05.2013 02.04.2013 22.09.2011 29.09.2010

09.08.2013

STRATEC Biomedical AG STRATEC Biomedical AG develops, manufactures and markets automated equipment and systems for the analysis of chemical and biological compounds. The Company's systems are used primarily for the analysis of blood and other fluids and include luminometers, fluorometers and pipette systems. Stratec markets its products worldwide.

Price/Volume 45

.1 M

35 30

.1 M

12/2012 06/yy 40.00 25.30 1'297.00 28.47 -29.04% 12.53% 19.59% 11.7 334.46 8.64 0.0 0.0 13.58 328.27

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

.0 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 61.0 2.29x 13.1 10.66x 6.1 25.09x

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (17.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBS GY EQUITY YTD Change SBS GY EQUITY YTD % CHANGE

31.12.2009 31.12.2010 79.6 102.0 3.60x 3.56x 16.9 20.9 16.96x 17.37x 11.7 13.0 25.81x 27.99x Profitability

LTM-4Q 31.12.2011 116.6 3.09x 24.6 14.66x 15.3 24.05x

31.12.2012 122.4 3.57x 20.9 20.89x 14.0 31.63x 20.89 17.13 13.99% 14.18% 11.31% 15.16% 1.04% 32.3% 16.6% 13.0% 11.4% 4.55 1.84 7.09% 9.40% 6.89 -

Price/ Cash Flow

06/yy 126.2 11.43x 26.2 15.23x 15.6 26.04x

LTM 06/yy 123.6 13.30x 20.6 19.13x 13.4 29.86x

FY+1

.0 M a-13

0.51 10.50 -14.91% -23.15% 0.511 9 2.778 5'543 19'450 13'622 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 132.4 150.0 2.45x 2.12x 24.3 28.8 13.53x 11.39x 15.6 18.9 21.25x 17.61x S&P Issuer Ratings

66.74 59.48 -0.30 0.40 9.4% 8.6% 1.04 7.22 52.94 225.73

Sales/Revenue/Turnover

300.00

140.0

250.00

120.0 100.0

200.00

80.0 150.00

60.0

100.00

40.0

50.00

20.0

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

01.07.2013

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 |

09.08.2013

STRATEC Biomedical AG Holdings By:

All

Holder Name LEISTNER HERMANN MONTANARO ASSET MGMT THREADNEEDLE INVESTM ALLIANZ ASSET MANAGE FINANCIERE DE L'ECHI ALLIANZ GLOBAL INVES BNP PARIBAS INV PART VANGUARD GROUP INC FIL LIMITED SEB ACTIVEST MUNICH SCHRODER INVESTMENT HARTFORD INVESTMENT UBS BLACKROCK ING ASSET MANAGEMENT LAZARD ASSET MANAGEM TRANSAMERICA INVESTM ING INVESTMENT MANAG ETOILE GESTION

Firm Name Berenberg Bank Deutsche Bank Landesbank Baden-Wuerttemberg Commerzbank Corporates & Markets Bryan Garnier & Cie DZ Bank AG HSBC Kepler Cheuvreux EVA Dimensions

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

Analyst SCOTT BARDO GUNNAR ROMER VOLKER STOLL DANIEL WENDORFF MATHIEU CHABERT SVEN OLAF KUERTEN JAN KEPPELER OLIVER REINBERG TIMOTHY STANISH

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

Recommendation hold hold hold hold neutral hold neutral hold sell

Amt Held % Out 1'241'010 10.56 588'192 5.01 587'127 5 396'945 3.38 354'900 3.02 345'623 2.94 341'290 2.91 181'799 1.55 119'500 1.02 92'899 0.79 74'899 0.64 68'000 0.58 63'778 0.54 57'260 0.49 (53'160) -0.45 50'000 0.43 40'880 0.35 35'000 0.3 32'079 0.27 30'000 0.26

Weighting

Change 3 3 3 3 3 3 3 3 1

M M M M M M M D M

Latest Chg 9'201 28'869 21'484 (67'894) (89'680) (16'000) 1'100 (1'975) 1'588 26'079 -

Target Price 28 26 30 26 30 26 29 29 #N/A N/A

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

File Dt 30.10.2012 17.05.2013 21.05.2013 30.04.2013 11.03.2013 24.10.2012 28.02.2013 30.06.2013 31.10.2012 28.03.2013 28.02.2013 31.12.2012 31.05.2013 30.04.2013 07.08.2013 28.03.2013 30.04.2013 31.03.2013 30.06.2013 28.03.2013

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 05.08.2013 24.07.2013 23.07.2013 16.07.2013 16.07.2013 16.07.2013 15.07.2013 15.07.2013 06.06.2013

09.08.2013

K+S AG K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDF GY EQUITY YTD Change SDF GY EQUITY YTD % CHANGE

12/2012 03/yy 40.98 15.02 3'525'173.00 18.075 -55.80% 20.34% 10.88% 191.4 3'459.56 1'265.80 0.0 3.6 786.80 3'696.46

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

45.0 M

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 4'794.4 1.40x 1'464.3 4.57x 870.9 7.57x

31.12.2009 31.12.2010 3'573.8 4'632.7 2.35x 2.34x 460.2 972.2 18.24x 11.14x 96.4 448.6 68.95x 23.58x Profitability

LTM-4Q 31.12.2011 3'996.8 1.68x 1'122.5 5.97x 564.3 10.98x

31.12.2012 3'935.3 1.82x 1'079.9 6.65x 667.6 11.78x 1'079.90 850.90 21.62% 19.49% 9.91% 18.79% 17.32% 0.58% 45.1% 28.3% 22.1% 17.0% 3.78 2.41 19.07% 36.44% 4.05 3.18

Price/ Cash Flow

03/yy 3'450.5 9.39x 1'009.3 7.47x 482.1 14.74x

LTM 03/yy 3'777.5 7.78x 1'067.7 6.82x 642.9 12.96x

FY+1

.0 M a-13

0.79 172.05 -52.73% -46.18% 0.788 37 2.432 8'881'158 5'785'725 3'577'889 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'004.0 3'747.0 921.6 868.4 1.05x 1.26x 4.60x 4.96x 952.6 649.0 228.2 192.5 3.88x 5.70x 471.5 256.7 110.7 69.8 7.32x 13.91x 9.74x 12.66x S&P Issuer Ratings

05.08.2013 BBB+ *05.08.2013 A-2 *6.49 4.09 0.22 1.19 36.4% 26.7% 0.58 1.57 90.07 114.92 71.22 121.14

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 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

01.07.2013

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 |

09.08.2013

K+S AG Holdings By:

All

Holder Name MERITUS TRUST CO LTD BLACKROCK PRUDENTIAL PLC GOLDMAN SACHS GROUP DWS INVESTMENT S A VIKING GLOBAL INVEST ZBI EQUITIES LLC BROOKSIDE CAPITAL MA VAN ECK ASSOCIATES C NORGES BANK CITADEL EUROPE LLP DEUTSCHE BANK AG PENNANT CAPITAL MANA POINTSTATE CAPITAL MARSHALL WACE LLP VANGUARD GROUP INC VTB CAPITAL PLC BLUE RIDGE CAPITAL L UNION INVESTMENT GMB CAPITAL GROUP COMPAN

Firm Name Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research S&P Capital IQ Morgan Stanley Bankhaus Lampe Commerzbank Corporates & Markets Nord/LB Independent Research GmbH Berenberg Bank Nomura DZ Bank AG Baader Bank AlphaValue BMO Capital Markets UBS JPMorgan Macquarie Equita SIM SpA Hauck & Aufhaeuser Hamburger Sparkasse Exane BNP Paribas Liberum Capital Ltd Barclays Deutsche Bank HSBC Bankhaus Metzler Kepler Cheuvreux Main First Bank AG Scotia Capital Day by Day EVA Dimensions Equinet Institutional Services(ESN) National Bank AG Societe Generale Redburn Partners Solventis WPH-Bank GmbH

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

Analyst JEREMY REDENIUS ULLE WORNER OLIVER SCHWARZ JACOB THRANE PETER MACKEY MARC GABRIEL LUTZ GRUETEN THORSTEN STRAUSS CHRISTOPH SCHOENDUBE JOHN PHILIPP KLEIN PATRICK LAMBERT HEINZ MUELLER NORBERT BARTH EILEEN RYAN JOEL JACKSON JOE DEWHURST BEN SCARLETT CHRISTIAN FAITZ MASSIMO BONISOLI NILS-PETER FITZL MARCO GUENTHER HEIDI VESTERINEN SOPHIE JOURDIER ANDREAS HEINE VIRGINIE BOUCHER-FERTE JESKO MAYER-WEGELIN LARS HETTCHE MARTIN ROEDIGER THOMAS SWOBODA BEN ISAACSON VALERIE GASTALDY TIMOTHY STANISH MICHAEL SCHAEFER EKKEHARD D LINK PETER CLARK TONY JONES KLAUS SOER

Source Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG Short Short Short ULT-AGG MF-AGG Short ULT-AGG Short Short Short MF-AGG Short Short MF-AGG ULT-AGG

Recommendation underperform hold sell hold Underwt/In-Line hold reduce buy buy sell reduce buy sell buy market perform sell underweight neutral hold sell hold underperform sell underweight sell neutral sell reduce underperform sector underperform hold buy buy buy hold neutral sell

Amt Held % Out 19'139'999 10 11'665'686 6.09 10'376'980 5.42 9'954'480 5.2 4'782'511 2.5 (4'440'480) -2.32 (3'292'080) -1.72 (3'158'100) -1.65 2'771'947 1.45 2'673'489 1.4 (2'354'220) -1.23 2'308'261 1.21 (2'296'800) -1.2 (1'952'280) -1.02 (1'933'140) -1.01 1'901'377 0.99 (1'665'180) -0.87 (1'531'200) -0.8 1'118'064 0.58 1'095'792 0.57

Weighting

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

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

Latest Chg 2'883 193'143 918'720 (306'240) (497'640) 191'400 (121'789) (95'700) (210'540) 172'260 129'069 (76'560) (248'820) (84'129)

Target Price 15 18 15 19 11 22 14 24 22 14 18 23 15 30 18 16 17 25 19 15 #N/A N/A 16 15 17 15 23 17 18 20 18 #N/A N/A #N/A N/A 47 52 41 #N/A N/A 25

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

File Dt 31.12.2012 07.08.2013 29.05.2013 22.07.2013 30.04.2013 06.08.2013 06.08.2013 06.08.2013 08.08.2013 31.12.2012 06.08.2013 28.06.2013 01.08.2013 31.07.2013 02.08.2013 30.06.2013 07.08.2013 02.08.2013 28.03.2013 30.06.2013

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

Inst Type Other Investment Advisor Unclassified Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor

Date 09.08.2013 09.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 23.07.2013 05.07.2013 06.06.2013 23.05.2013 24.04.2013 12.11.2012 30.03.2011 19.03.2010

09.08.2013

SGL Carbon SE SGL Carbon SE produces carbon and graphite materials, specialty graphite, corrosion protection products, and fibers and composites. The Company manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical carbons, corrosion resistant products and systems, composites, and carbon-ceramic brake discs. SGL markets its products worldwide.

Price/Volume 40

.8 M

25 20

12/2012 06/yy 34.28 20.73 49'832.00 23.79 -30.51% 14.76% 22.55% 70.0 1'665.31 776.00 0.0 15.3 355.90 2'167.11

.6 M

.4 M

10 .2 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGL GY EQUITY YTD Change SGL GY EQUITY YTD % CHANGE

31.12.2008 1'611.5 1.14x 361.9 5.08x 189.6 8.13x

1.2 M

31.12.2009 31.12.2010 1'225.8 1'381.8 1.35x 1.55x 172.8 197.4 9.61x 10.85x (60.4) 52.2 33.77x Profitability

LTM-4Q 31.12.2011 1'540.2 1.94x 239.4 12.51x 73.2 34.95x

31.12.2012 1'709.1 1.50x 200.5 12.75x 7.2 300.50x 200.50 112.40 6.58% 0.57% -11.09% -27.30% 0.74% 22.8% 8.2% 2.9% 0.4% 2.75 1.46 30.31% 72.79% 5.45 2.45

Price/ Cash Flow

06/yy 1'625.0 7.20x 233.1 11.62x 61.2 34.40x

LTM 06/yy 1'727.5 5.87x 142.0 15.68x (259.5) 0.00x

FY+1

.0 M a-13

0.57 27.41 -24.61% -20.22% 0.573 19 1.368 71'022 137'305 119'590 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'656.5 1'791.9 432.7 461.3 1.36x 1.26x 4.82x 4.55x 114.2 208.9 45.3 50.8 18.99x 10.38x 10.28x 9.22x (111.6) 45.0 0.6 9.6 41.81x 53.70x 32.81x S&P Issuer Ratings

08.07.2013 BBNEG 3.92 1.31 3.44 4.49 72.8% 41.8% 0.74 1.96 67.00 148.76 44.66 159.97

Sales/Revenue/Turnover

60.00

1'800.0 1'600.0

50.00

1'400.0 1'200.0

40.00

1'000.0 30.00

800.0 600.0

20.00

400.0 10.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

SGL Carbon SE Holdings By:

All

Holder Name KLATTEN SUSANNE BAYERISCHE MOTOREN W VOITH AG VOLKSWAGEN AG NORGES BANK BLACKROCK VANGUARD GROUP INC DEKA INVESTMENT GMBH UNIVERSAL INVESTMENT DIMENSIONAL FUND ADV SOCIETE GENERALE SA PETERCAM SA GRANTHAM MAYO VAN OT WARBURG INVEST INVESCO LTD SANTANDER ASSET MGMT SGL CARBON SE SANTANDER ASSET MANA BESSEMER GROUP INCOR GENERALI INVESTMENTS

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

Firm Name

Analyst

JPMorgan Bankhaus Lampe AlphaValue Commerzbank Corporates & Markets Deutsche Bank Baader Bank Landesbank Baden-Wuerttemberg Berenberg Bank Kepler Cheuvreux Nord/LB HSBC Bankhaus Metzler EVA Dimensions Main First Bank AG S&P Capital IQ UBS Goldman Sachs Hamburger Sparkasse Solventis WPH-Bank GmbH National Bank AG

GLEN H LIDDY MARC GABRIEL HEINZ STEFFEN YASMIN MOSCHITZ GUNNAR ROMER CHRISTIAN OBST ULLE WORNER GUNNAR COHRS HANS-JOACHIM HEIMBUERGER THORSTEN STRAUSS JUERGEN SIEBRECHT LARS HETTCHE TIMOTHY STANISH ALEXANDER HAUENSTEIN JOHNSON IMODE SEBASTIAN UBERT AARON IBBOTSON MARCO GUENTHER KLAUS SOER STEFFEN MANSKE

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

Recommendation underweight sell sell hold sell hold sell sell reduce sell underweight sell sell underperform sell sell Sell/Neutral hold sell buy

Amt Held 19'067'298 11'155'115 6'485'862 5'804'633 1'204'415 396'467 210'398 179'000 130'222 54'571 52'116 50'000 40'539 32'700 31'882 30'000 29'781 24'758 22'668 20'000

% Out 27.24 15.94 9.27 8.29 1.72 0.57 0.3 0.26 0.19 0.08 0.07 0.07 0.06 0.05 0.05 0.04 0.04 0.04 0.03 0.03

Weighting

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

M M M M M M M M M M M M M M M M M M M M

Latest Chg 526 13'940 (89'000) 2'371 (1'067) (17'000) -

Target Price 13 18 15 23 18 23 19 14 20 22 21 17 #N/A N/A 24 23 20 25 #N/A N/A 20 27

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 07.08.2013 30.06.2013 28.03.2013 28.03.2013 30.04.2013 07.06.2013 30.04.2013 31.05.2012 30.04.2012 08.08.2013 31.03.2013 31.12.2012 31.03.2013 30.04.2013 30.04.2013

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

Inst Type n/a Corporation Corporation Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 28.06.2013 28.06.2013 28.06.2013 06.06.2013 30.04.2013 26.04.2013 23.04.2013 18.04.2013 19.03.2013 09.11.2010 06.08.2009

09.08.2013

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on four major business sectors including infrastructure and cities, healthcare, industry and energy. Siemens AG also provides engineering solutions in automation and control, power, transportation, and medical.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

09/2012 06/yy 85.52 71.08 710'640.00 83.72 -1.83% 17.79% 83.61% 881.0 73'757.32 22'166.00 0.0 569.0 11'415.00 87'120.32

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

4.0 M

2.0 M

10 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.09x 9'196.0 9'544.0 6.77x 7.87x 2'292.0 3'899.0 24.49x 16.42x Profitability

LTM-4Q 30.09.2011 73'275.0 0.92x 10'492.0 6.40x 6'145.0 8.24x

30.09.2012 78'296.0 1.00x 9'653.0 8.08x 4'458.0 13.50x 9'653.00 6'909.00 8.82% 9.30% 4.18% 15.19% 10.32% 0.72% 28.4% 11.3% 7.7% 5.7% 1.22 0.62 20.47% 72.12% 4.82 3.26

Price/ Cash Flow

LTM

06/yy 76'980.0 3.69x 9'726.0 6.83x 4'185.0 12.03x

06/yy 77'090.0 4.24x 8'702.0 9.39x 4'491.0 14.30x

FY+1

.0 M a-13

0.94 771.11 21.16% 8.98% 0.942 38 3.737 1'588'255 2'788'299 2'747'938 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 76'581.5 79'307.5 20'662.4 18'579.5 1.15x 1.07x 4.33x 4.92x 8'497.9 10'952.9 1'650.0 2'418.0 10.24x 7.95x 8.97x 8.10x 4'393.8 6'078.2 1'103.8 1'397.0 15.57x 11.85x 12.00x 11.28x S&P Issuer Ratings

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.48 2.62 72.1% 41.5% 0.72 7.37 75.68 111.86 48.72 120.05

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

02.04.2013

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 |

09.08.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG NORGES BANK VANGUARD GROUP INC UBS CAPITAL GROUP COMPAN FRANKLIN RESOURCES UNION INVESTMENT GMB DEUTSCHE BANK AG DEKA INVESTMENT GMBH THORNBURG INVESTMENT ALLIANZ ASSET MANAGE AMUNDI FMR LLC MERCURY ASSET MANAGE OPPENHEIMERFUNDS INC FIL LIMITED ADIG INVESTMENT

Firm Name

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

Analyst

AlphaValue HEINZ STEFFEN Morgan Stanley BEN UGLOW EVA Dimensions TIMOTHY STANISH Credit Suisse SIMON TOENNESSEN DZ Bank AG JASKO TERZIC Baader Bank GUENTHER MICHAEL HOLLFELDER Landesbank Baden-Wuerttemberg VOLKER STOLL Barclays NICK WEBSTER Societe Generale GAEL DE BRAY Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Nord/LB WOLFGANG DONIE JPMorgan ANDREAS WILLI William Blair & Co NICHOLAS P HEYMANN Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse MARCO GUENTHER Canaccord Genuity Corp ANDREW BELL S&P Capital IQ UNAI FRANCO Redburn Partners JAMES MOORE Main First Bank AG CHRISTOPHER YOUL Deutsche Bank PETER REILLY Goldman Sachs DANIELA COSTA RBC Capital Markets ANDREW CARTER Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Nomura DANIEL CUNLIFFE Exane BNP Paribas OLIVIER ESNOU HSBC MICHAEL HAGMANN Natixis ARNAUD SCHMIT Spin-Off Research TEAM COVERAGE Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ROB VIRDEE Banco Sabadell FRANCISCO JOSE RODRIGUEZ UBS FREDRIC STAHL Kepler Cheuvreux ULRICH SCHOLZ SRH AlsterResearch OLIVER DREBING National Bank AG EKKEHARD D LINK Langenberg & Co BRIAN KEITH LANGENBERG

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

Recommendation reduce Overwt/Cautious underweight outperform hold buy hold equalweight hold add hold neutral market perform hold buy hold hold neutral outperform buy neutral/neutral sector perform buy buy buy neutral neutral not rated hold hold neutral buy buy hold buy hold buy

Amt Held 58'538'667 54'852'206 27'758'338 26'820'674 20'908'158 12'891'181 8'321'213 7'482'100 5'673'495 4'687'449 4'270'658 4'144'184 4'133'147 3'943'029 3'644'113 2'552'091 2'550'495 2'539'448 1'943'534 1'582'208

% Out 6.64 6.23 3.15 3.04 2.37 1.46 0.94 0.85 0.64 0.53 0.48 0.47 0.47 0.45 0.41 0.29 0.29 0.29 0.22 0.18

Weighting

Change

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

M M D 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

Latest Chg 204'154 554'324 (27'105) (1'112'700) (227'188) (697'189) (30'856) 2'639 (810'641) 400'746 (1'535'336) 145'923 (457'633) (215'159) (11'030)

Target Price 86 92 #N/A N/A 92 83 90 90 81 88 84 85 92 81 82 83 80 88 #N/A N/A 93 95 80 83 87 92 92 83 84 #N/A N/A 83 #N/A N/A 78 87 85 82 89 68 97

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

File Dt 07.08.2013 10.11.2011 07.05.2012 08.10.2012 31.12.2012 30.06.2013 08.08.2013 30.06.2013 28.06.2013 30.06.2013 28.06.2013 30.04.2013 31.05.2013 30.06.2013 30.04.2013 30.06.2013 07.08.2013 30.05.2013 31.12.2012 30.04.2013

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

Inst Type Investment Advisor n/a Government Corporation Government Investment Advisor Unclassified 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

Date 08.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 28.07.2013 17.07.2013 09.07.2013 15.05.2013 08.03.2013 15.02.2013 31.01.2013 25.01.2013 23.01.2013 30.11.2012 12.10.2012

09.08.2013

Sky Deutschland AG Sky Deutschland AG offers pay television subscription services in Germany. The Company offers wide range of programming, including feature films, new series and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions League in Germany and Austria. Sky Deutschland distributes its pay-TV channel bouquet primarily via cable and satellite.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKYD GY EQUITY YTD Change SKYD GY EQUITY YTD % CHANGE

12/2012 06/yy 6.66 2.66 1'334'066.00 6.623 -0.54% 149.32% 97.20% 877.2 5'809.70 686.86 0.0 (0.1) 4.29 6'156.02

8.0 M 7.0 M 6.0 M

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

9.0 M

6 5

Valuation Analysis

31.12.2008 941.1 0.82x (77.2) (269.3) -

31.12.2009 31.12.2010 902.1 977.8 1.48x 1.66x (311.4) (317.7) (676.2) (407.5) Profitability

LTM-4Q 31.12.2011 1'138.7 1.41x (155.1) (277.5) -

31.12.2012 1'333.2 2.93x (51.1) (195.2) -51.10 -124.76 -9.36% -14.26% -11.93% -50.75% 1.16% 16.0% 0.6% -5.2% -14.6% 0.27 0.11 59.83% 1632.47% 20.56 46.14

Price/ Cash Flow

06/yy 1'237.6 6.81x (94.3) 0.00x (224.0) 0.00x

LTM 06/yy 1'427.5 11.25x 9.0 560.95x (146.9) 0.00x

FY+1

.0 M a-13

1.11 384.12 145.98% 60.28% 1.114 29 3.483 2'543'250 2'171'238 2'115'466 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'555.2 1'818.3 385.0 420.8 3.97x 3.41x 36.2 141.8 11.9 (20.3) 169.85x 43.41x (116.3) (21.3) (21.8) (62.6) S&P Issuer Ratings

-0.39 -1.24 38.56 58.61 1632.5% 94.2% 1.16 7.38 17.75 7.91 75.75 -50.90

Sales/Revenue/Turnover

500.00

1'400.0

450.00

1'200.0

400.00 350.00

1'000.0

300.00

800.0

250.00

600.0

200.00

400.0

150.00 100.00

200.0

50.00 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

01.07.2013

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 |

09.08.2013

Sky Deutschland AG Holdings By:

All

Holder Name TWENTY-FIRST CENTURY ODEY ASSET MANAGEMEN ODEY ASSET MANAGEMEN BAILLIE GIFFORD AND TAUBE HODSON STONEX CAPITAL GROUP COMPAN NORGES BANK CAPITA FINANCIAL MAN TAUBE HODSON STONEX T ROWE PRICE ASSOCIA PENNANT CAPITAL MANA BLACKROCK CLASSIC FUND MGMT AG PACIFIC LIFE INSURAN AQR CAPITAL MANAGEME BARING FUND MANAGERS FRANKFURT TRUST INVE THREADNEEDLE INVESTM AMERICAN CENTURY COM ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

Credit Suisse OMAR SHEIKH Macquarie ANGUS TWEEDIE Main First Bank AG STEPHAN VOLLERT Barclays NATASHA BRILLIANT Commerzbank Corporates & Markets SONIA RABUSSIER Morgan Stanley PATRICK WELLINGTON HSBC CHRISTOPHER JOHNEN Independent Research GmbH LARS LUSEBRINK Equita SIM SpA STEFANO GAMBERINI Bankhaus Metzler STEFAN WIMMER Berenberg Bank SARAH SIMON Nomura MATTHEW WALKER DZ Bank AG HARALD HEIDER Deutsche Bank LAURIE DAVISON Goldman Sachs VIGHNESH PADIACHY UBS POLO TANG Hauck & Aufhaeuser SASCHA BERRESCH Bankhaus Lampe WOLFGANG SPECHT M.M. Warburg Investment Research JOCHEN REICHERT Close Brothers Equity Markets MARCUS SILBE AlphaValue VERONIQUE CABIOC'H Nord/LB HOLGER FECHNER Espirito Santo Investment Bank Research MARK EVANS Landesbank Baden-Wuerttemberg RALPH SZYMCZAK JPMorgan MARK O'DONNELL Kepler Cheuvreux CONOR O'SHEA EVA Dimensions CRAIG STERLING Silvia Quandt Research KLAUS KRAENZLE Sphene Capital SUSANNE HASLER

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

Recommendation outperform outperform outperform equalweight hold Overwt/Attractive overweight sell hold sell buy buy buy hold Buy/Neutral Under Review sell hold hold hold sell buy buy hold overweight hold sell avoid sell

Amt Held % Out 466'566'947 53.19 88'360'698 10.07 35'862'102 4.09 26'348'905 3 26'065'457 2.97 19'322'016 2.2 16'844'408 1.92 12'924'590 1.47 9'692'147 1.1 8'136'303 0.93 (6'700'011) -0.76 6'254'142 0.71 6'181'417 0.7 4'679'317 0.53 (4'210'563) -0.48 3'898'332 0.44 3'440'000 0.39 3'295'049 0.38 3'236'539 0.37 2'797'000 0.32

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

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

Latest Chg 2'024'925 2'433'928 (364'360) 779'006 4'101 (1'862'000) 617'482 263'160 206'658 (918'942) 2'679'720 -

Target Price 9 8 7 6 6 8 8 6 6 4 8 8 7 6 8 6 2 6 5 6 3 7 6 5 5 5 #N/A N/A 2 1

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

File Dt Inst Type 15.01.2013 Corporation 26.07.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 02.05.2013 Investment Advisor 20.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 15.01.2013 Hedge Fund Manager 07.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 06.05.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 01.08.2013 04.07.2013 06.06.2013 05.06.2013 15.04.2013 04.03.2013 17.01.2013 14.11.2012 23.04.2012

09.08.2013

Suss Microtec AG Suess MicroTec AG manufactures fabrication and inspection equipment for the production of microelectronic components and devices. The Company's products include spin coaters, mask and bond aligners, test systems and flip chip bonders. Suess Microtec markets its products to the mobile telecommunications and automobile industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMHN GY EQUITY YTD Change SMHN GY EQUITY YTD % CHANGE

12/2012 06/yy 10.34 6.75 75'137.00 7.38 -28.63% 9.40% 14.58% 19.1 141.07 4.27 0.0 0.0 36.59 115.93

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

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 121.5 0.12x 14.1 0.99x (13.9) -

31.12.2009 31.12.2010 103.9 139.1 0.55x 0.85x 12.9 17.8 4.47x 6.68x (4.8) 13.2 148.33x 12.87x Profitability

LTM-4Q 31.12.2011 175.4 0.38x 25.2 2.62x 13.5 7.81x

31.12.2012 163.8 0.79x 19.9 6.49x 9.1 21.10x 19.87 13.03 7.95% 7.17% 2.84% 4.35% 0.86% 35.0% 10.2% 6.0% 5.6% 3.39 1.38 2.37% 3.33% 9.84 1.29

Price/ Cash Flow

06/yy 158.3 2.27x 16.3 8.71x 7.1 30.05x

LTM 06/yy 151.3 2.57x 13.3 0.00x (4.4) 0.00x

FY+1

.0 M a-13

0.90 18.99 -14.04% -12.56% 0.902 11 3.909 128'559 108'176 83'119 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 152.8 175.0 39.5 55.5 0.84x 0.71x 1.5 17.2 1.4 4.1 79.12x 6.74x (8.0) 8.4 (0.3) 1.6 16.26x S&P Issuer Ratings

26.67 22.14 -1.51 0.25 3.3% 3.2% 0.86 14.11 46.26 352.19 25.25 286.03

Sales/Revenue/Turnover

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0 40.00

50.0

20.00 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

01.07.2013

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 |

09.08.2013

Suss Microtec AG Holdings By:

All

Holder Name DEUTSCHE BANK AG HENDERSON GLOBAL INV BLACKROCK DWS INVESTMENT S A UNIVERSAL INVESTMENT UNION INVESTMENT GMB VONTOBEL ASSET MANAG RUFFER LLP DEKA INVESTMENT GMBH SW MITCHELL CAPITAL DEUTSCHE POSTBANK CA BARING FUND MANAGERS JULIUS BAER MULTICOO NORDEA INV MANAGEMEN DNB ASSET MANAGEMENT BLACKROCK ADVISORS U MILLENNIUM PARTNERS PIONEER INVESTMENTS VANGUARD GROUP INC INVESTORS TFI SA

Firm Name Close Brothers Equity Markets Baader Bank Berenberg Bank Equinet Institutional Services(ESN) Kepler Cheuvreux Deutsche Bank Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research DZ Bank AG EVA Dimensions National Bank AG

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios SWMC SMALL CAP EUROP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst VEYSEL TAZE GUENTHER MICHAEL HOLLFELDER TAMMY QIU ADRIAN PEHL BERND LAUX UWE SCHUPP TIM OLIVER WUNDERLICH KARSTEN ILTGEN MALTE SCHAUMANN HARALD SCHNITZER ANDREW S ZAMFOTIS SVEN PAULSEN

Source ULT-AGG Research ULT-AGG Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-PART MF-AGG MF-AGG MF-AGG MF-AGG Short Short Short MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy buy buy hold buy hold buy sell hold buy

Amt Held % Out 1'726'810 9.03 601'056 3.14 584'164 3.06 580'394 3.04 486'093 2.54 262'200 1.37 250'000 1.31 225'000 1.18 210'000 1.1 207'974 1.09 170'595 0.89 150'000 0.78 130'000 0.68 96'174 0.5 (93'666) -0.49 (93'666) -0.49 (93'595) -0.49 93'310 0.49 92'313 0.48 90'214 0.47

Weighting

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

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

Latest Chg (298'190) 18'621 (30'000) 45'000 55'400 (127) 7'646 1'911 1'910 (1'830) 90'214

Target Price 8 11 9 11 11 9 11 10 13 7 #N/A N/A 12

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

File Dt Inst Type 28.06.2013 Investment Advisor 05.10.2012 Investment Advisor 07.08.2013 Investment Advisor 15.10.2012 Investment Advisor 20.02.2012 Investment Advisor 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Hedge Fund Manager 28.12.2012 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 03.07.2013 Investment Advisor 09.04.2013 Investment Advisor 24.05.2012 Investment Advisor 28.02.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 26.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 22.02.2013 10.06.2011

09.08.2013

Software AG Software AG provides business infrastructure software solutions. The Company's products include solutions for managing data, enabling Service-Oriented Architecture (SOA) and improving business processes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOW GY EQUITY YTD Change SOW GY EQUITY YTD % CHANGE

12/2012 06/yy 35.45 22.34 133'862.00 24.785 -30.14% 10.94% 16.90% 86.9 2'154.25 266.01 0.0 0.8 315.64 2'238.84

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 720.6 1.69x 190.0 6.40x 115.9 9.88x

31.12.2009 31.12.2010 847.4 1'119.5 2.93x 2.94x 240.6 312.9 10.33x 10.52x 141.0 175.4 15.53x 17.77x Profitability

LTM-4Q 31.12.2011 1'098.3 2.31x 304.5 8.33x 177.0 13.93x

31.12.2012 1'047.3 2.62x 291.3 9.41x 164.5 16.90x 291.27 240.28 22.94% 22.10% 8.46% 15.02% 0.57% 63.9% 26.8% 21.5% 15.7% 1.68 1.55 15.01% 25.11% 3.54 2526.25

Price/ Cash Flow

06/yy 1'081.8 8.61x 300.8 7.09x 171.5 12.38x

LTM 06/yy 996.8 9.68x 266.7 7.46x 147.3 13.42x

FY+1

.0 M a-13

0.88 59.26 -6.33% -21.46% 0.878 27 3.704 278'379 328'687 339'497 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 998.1 1'053.8 251.0 285.0 2.16x 1.92x 265.2 285.8 8.41x 7.80x 156.2 170.7 39.3 56.5 12.96x 11.67x 13.68x 13.28x S&P Issuer Ratings

23.09 22.04 0.31 1.34 25.1% 20.1% 0.57 15.53 102.99 0.14 47.30 55.85

Sales/Revenue/Turnover

18.00

1'200.0

16.00

1'000.0

14.00

800.0

12.00 10.00

600.0

8.00

400.0

6.00 4.00

200.0

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

01.07.2013

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 |

09.08.2013

Software AG Holdings By:

All

Holder Name SOFTWARE AG STIFTUNG DEKA INVESTMENT GMBH FRANKLIN RESOURCES FIL LIMITED FMR LLC ALKEN LUXEMBOURG SAR SOFTWARE AG DEUTSCHE BANK AG T ROWE PRICE ASSOCIA ALLIANZ GLOBAL INVES AIKEN ASSET MGMT LLP VANGUARD GROUP INC NORGES BANK SEB ODDO ASSET MANAGEMEN NORDEA INV MANAGEMEN CLASSIC FUND MGMT AG ALLIANZ ASSET MANAGE MORTON HOLDINGS INC BNP PARIBAS INV PART

Firm Name Mirabaud Securities Berenberg Bank Exane BNP Paribas Societe Generale Deutsche Bank JPMorgan Natixis DZ Bank AG Morgan Stanley Goldman Sachs UBS Bryan Garnier & Cie Barclays Commerzbank Corporates & Markets Baader Bank Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Kepler Cheuvreux Bankhaus Metzler EVA Dimensions Matelan Research GmbH Hamburger Sparkasse HSBC Dr. Kalliwoda Equity Research

Portfolio Name n/a n/a n/a n/a n/a #N/A N/A n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst SUSAN ANTHONY DAUD KHAN BRICE PRUNAS DERRIC MARCON UWE SCHUPP STACY E POLLARD GWENAEL GIARD HARALD SCHNITZER ADAM WOOD MOHAMMED MOAWALLA MICHAEL BRIEST GREGORY RAMIREZ GERARDUS VOS THOMAS M BECKER KNUT WOLLER CHARLES BRENNAN MIRKO MAIER MARKUS FRIEBEL ANDREAS WOLF SEBASTIEN SZTABOWICZ ULRICH TRABERT ANDREW S ZAMFOTIS ADRIAN HOPKINSON MARCO GUENTHER ANTONIN BAUDRY NORBERT KALLIWODA

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

Recommendation buy sell outperform buy buy underweight reduce buy Equalwt/In-Line neutral/attractive buy buy overweight add buy underperform buy buy hold reduce buy hold neutral hold neutral buy

Amt Held % Out 24'980'060 28.74 4'371'945 5.03 3'731'952 4.29 3'000'186 3.45 3'000'000 3.45 2'677'591 3.08 2'648'095 3.05 2'607'522 3 2'607'522 3 2'607'522 3 2'591'127 2.98 2'228'509 2.56 1'732'994 1.99 1'580'000 1.82 953'711 1.1 891'850 1.03 816'423 0.94 655'247 0.75 (617'114) -0.71 604'780 0.7

Weighting

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

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

Latest Chg (86'115) (315'000) 304'178 25'000 (12'600) (69'399) (11'923)

Target Price 35 21 31 34 32 27 26 29 25 27 28 30 28 31 32 23 33 30 26 27 33 #N/A N/A 39 #N/A N/A 33 36

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

File Dt 28.02.2013 28.02.2013 28.06.2013 10.05.2013 30.04.2013 02.08.2013 09.04.2013 28.06.2013 31.12.2012 31.12.2012 14.05.2013 30.06.2013 31.12.2012 28.03.2013 30.09.2012 28.03.2013 30.06.2013 30.06.2013 27.06.2013 31.03.2013

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor

Date 07.08.2013 05.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 28.06.2013 13.06.2013 26.03.2013 13.02.2013 30.01.2013 11.01.2013

09.08.2013

Axel Springer AG Axel Springer AG is a publisher. The Company publishes daily and weekly newspapers, books, and magazines for young adults, families, and men and women. Springer produces television and radio programming, holds interests in television and radio stations, and offers electronic media on-line business services. The Company also offers commercial printing services.

Price/Volume

3.0 M

12/2012 06/yy 43.25 30.90 131'478.00 40.355 -6.64% 30.60% 73.52% 98.9 3'992.72 705.10 0.0 365.6 254.10 4'682.82

2.0 M 1.5 M

1.0 M

.5 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2009 31.12.2010 2'611.6 2'893.9 0.95x 1.43x 290.2 536.4 8.56x 7.72x 303.5 252.7 7.36x 14.88x Profitability

LTM-4Q 31.12.2011 3'184.9 1.25x 570.5 7.00x 257.8 12.67x

31.12.2012 3'310.3 1.21x 610.5 6.56x 238.1 13.40x 610.50 443.50 13.40% 12.13% 5.42% 13.00% 0.75% 18.4% 13.1% 7.2% 1.01 0.79 14.66% 37.36% 7.37 -

Price/ Cash Flow

06/yy 3'279.8 4.78x 603.3 6.74x 264.7 12.15x

LTM 06/yy 3'317.2 3.62x 439.1 0.00x 231.6 13.98x

FY+1

.0 M a-13

0.77 36.13 15.04% 31.49% 0.766 19 3.421 243'365 289'060 232'439 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'387.4 3'210.4 793.0 912.0 1.40x 1.39x 586.7 588.4 158.0 166.0 7.99x 7.97x 7.96x 7.96x 252.6 264.9 15.32x 15.21x S&P Issuer Ratings

10.53 9.13 0.53 0.93 37.4% 23.8% 0.75 4.84 49.51 -

Sales/Revenue/Turnover

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

2.5 M

30 25 20

Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPR GY EQUITY YTD Change SPR GY EQUITY YTD % CHANGE

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

3.5 M

40 35

Valuation Analysis

31.12.2008 2'728.5 0.71x 458.7 4.22x 560.1 2.77x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Axel Springer AG Holdings By:

All

Holder Name AXEL SPRINGER GESELL SPRINGER FRIEDE TWEEDY BROWNE COMPAN DOEPFNER MATHIAS COLMAR INVESTMENT HO DEUTSCHE BANK AG CADIAN CAPITAL MANAG NORGES BANK BLACKROCK SEB BANQUE DE LUXEMBOURG MAVERICK CAPITAL LTD LUXOR CAPITAL GROUP ALLIANZ ASSET MANAGE VANGUARD GROUP INC SCHRODER INVESTMENT DWS INVESTMENT S A CAPITAL AT WORK INTE UNION INVESTMENT GMB LUXEMBOURGER KAPITAL

Firm Name AlphaValue Societe Generale JPMorgan Bankhaus Lampe Bankhaus Metzler Berenberg Bank Barclays Deutsche Bank Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Kepler Cheuvreux Commerzbank Corporates & Markets DZ Bank AG Goldman Sachs HSBC EVA Dimensions Hammer Partners SA Nord/LB Close Brothers Equity Markets Morgan Stanley Equinet Institutional Services(ESN)

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

Analyst VERONIQUE CABIOC'H LAURENT PICARD NICOLAS J DUBOURG CHRISTOPH SCHLIENKAMP STEFAN WIMMER SARAH SIMON NICK DEMPSEY MARK BRALEY STEFAN BORSCHEID JOCHEN REICHERT ANDREA BENEVENTI SONIA RABUSSIER HARALD HEIDER VIGHNESH PADIACHY CHRISTOPHER JOHNEN CRAIG STERLING STEPHAN SEIP HOLGER FECHNER MARCUS SILBE CHRISTOPHER SELLERS MARTIN POSSIENKE

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

Recommendation reduce hold neutral buy buy hold equalweight buy Under Review hold reduce hold buy neutral/neutral overweight hold buy hold hold Underwt/Attractive buy

Amt Held % Out 50'954'101 51.5 5'441'700 5.5 4'295'627 4.34 3'265'020 3.3 2'948'924 2.98 2'933'511 2.96 (1'296'114) -1.31 1'026'727 1.04 980'820 0.99 505'069 0.51 500'000 0.51 (465'018) -0.47 (455'124) -0.46 433'945 0.44 418'333 0.42 292'248 0.3 283'488 0.29 275'850 0.28 225'500 0.23 209'800 0.21

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

Change M M M M M M M M M M M M M M U D M M M M M

Latest Chg 228'109 (29'682) (27'067) 4'165 79'152 118'728 60'000 (161'426) 80'227 36'201 10'000 (60'000) -

Target Price 40 39 40 45 44 42 42 46 #N/A N/A 43 34 35 46 42 47 #N/A N/A 52 34 35 30 45

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 n/a 31.03.2012 Investment Advisor 31.12.2012 n/a 05.03.2013 Other 16.09.2011 Investment Advisor 29.07.2013 Hedge Fund Manager 31.12.2012 Government 07.08.2013 Investment Advisor 28.03.2013 Unclassified 28.06.2013 Investment Advisor 06.11.2012 Hedge Fund Manager 06.02.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 31.07.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 31.05.2013 02.04.2013 17.12.2012 02.05.2011

09.08.2013

Sartorius AG Sartorius AG manufactures and markets precision electronic equipment and components. The Company produces precision scales for laboratory and industrial uses and electrochemistry. Sartorius manufactures equipment for biomolecular and microbial separations, cell culture, concentration, fermentation, and purification. The Company markets its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SRT3 GY EQUITY YTD Change SRT3 GY EQUITY YTD % CHANGE

12/2011 06/yy 91.25 51.42 5'433.00 85.98 -5.88% 67.21% 88.30% 9.4 1'649.33 343.32 70.0 39.55 2'067.33

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

31.12.2009 31.12.2010 602.1 659.3 0.88x 1.11x 72.0 101.6 7.36x 7.19x (7.3) 31.0 15.57x Profitability

.1 M .0 M .0 M .0 M .0 M

s-12

LTM-4Q 31.12.2011 733.1 1.17x 147.9 5.80x 41.6 12.83x

31.12.2012 845.7 1.76x 180.0 8.26x 48.5 27.55x 179.97 139.34 16.48% 11.11% 5.04% 16.14% 10.73% 0.82% 49.7% 22.3% 17.2% 5.7% 1.13 0.56 32.06% 102.86% 6.96 3.36

Price/ Cash Flow

06/yy 801.5 5.11x 160.5 7.82x 45.0 17.53x

o-12

n-12

d-12

LTM 06/yy 864.8 7.99x 192.7 10.52x 53.3 27.65x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.61 8.52 65.45% 29.51% 0.613 9 3.333 6'853 10'495 12'275 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 904.0 963.3 2.23x 2.05x 175.1 192.6 11.80x 10.74x 65.0 74.8 21.45x 18.72x S&P Issuer Ratings

11.16 8.58 1.78 1.97 102.9% 46.0% 0.82 4.11 52.46 108.70 54.95 91.38

Sales/Revenue/Turnover

40.00

900.0

35.00

800.0

30.00

700.0 600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

.1 M

Fiscal Year Ended 31.12.2008 611.6 0.71x 78.9 5.48x 12.4 13.77x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Sartorius AG Holdings By:

All

Holder Name SARTORIUS AG FMR LLC DEUTSCHE BANK AG FIL LIMITED T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC DWS INVESTMENT S A JUPITER ASSET MANAGE VANGUARD GROUP INC NORGES BANK JP MORGAN SUN LIFE FINANCIAL I LBPAM BLACKROCK MONTANARO INVESTMENT ROTHSCHILD & COMPAGN NATIXIS ASSET MANAGE WASATCH ADVISORS INC OYSTER ASSET MANAGEM GOLDMAN SACHS GROUP

Firm Name Kepler Cheuvreux Bankhaus Lampe Nord/LB Commerzbank Corporates & Markets Deutsche Bank HSBC Berenberg Bank DZ Bank AG EVA Dimensions GSC Research

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a MONTANARO EUROPEAN S Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst OLIVER REINBERG THERESA DICK VOLKER SACK DANIEL WENDORFF BENJAMIN GOY HENDRIK LOFRUTHE SCOTT BARDO SVEN OLAF KUERTEN TIMOTHY STANISH MATTHIAS SCHRADE

Source Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-PART MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation hold buy hold reduce hold neutral buy buy underweight buy

Amt Held 840'983 405'793 230'500 215'274 203'380 138'909 95'325 80'000 73'350 68'690 56'196 55'488 52'250 46'905 42'429 40'200 35'500 32'506 31'000 29'428

% Out 8.98 4.34 2.46 2.3 2.17 1.48 1.02 0.85 0.78 0.73 0.6 0.59 0.56 0.5 0.45 0.43 0.38 0.35 0.33 0.31

Weighting

Change 3 5 3 2 3 3 5 5 1 5

M M M D M M M M M M

Latest Chg 313 (70'500) (41'649) (13'964) (2'470) 32'343 (1'151) 4'061 (18'327) (2'000) 4'000 (9'732) 31'000 7'276

Target Price 80 100 80 79 77 90 85 88 #N/A N/A #N/A N/A

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

File Dt 31.12.2010 30.06.2013 28.06.2013 31.10.2012 30.06.2013 30.05.2013 30.04.2013 30.04.2013 30.06.2013 31.12.2012 31.03.2013 30.06.2013 28.03.2013 07.08.2013 30.06.2013 31.01.2013 30.04.2013 31.03.2013 28.02.2013 30.06.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.08.2013 05.08.2013 30.07.2013 25.07.2013 23.07.2013 23.07.2013 23.07.2013 01.07.2013 06.06.2013 14.07.2011

09.08.2013

Symrise AG Symrise AG is a diversified chemical manufacturer. The Company produces perfume oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts, aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers manufacture fragrances, cosmetics, soaps, hair care products, detergents, household products, foods, beverages, and pharmaceuticals.

Price/Volume 40

12/2012 06/yy 35.61 24.86 98'001.00 34.385 -2.74% 38.31% 87.76% 118.2 4'063.39 561.70 0.0 0.0 117.45 4'626.43

.6 M

.4 M

10 .2 M

5 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

31.12.2009 31.12.2010 1'362.0 1'571.9 1.74x 1.87x 269.5 337.0 8.77x 8.74x 84.3 133.5 21.10x 18.16x Profitability

LTM-4Q 31.12.2011 1'583.6 1.84x 315.9 9.24x 146.5 16.63x

31.12.2012 1'734.9 2.10x 338.9 10.77x 157.5 20.39x 338.85 252.64 14.56% 12.25% 7.60% 18.20% 12.38% 0.82% 40.4% 19.8% 15.0% 9.1% 2.26 1.15 26.10% 64.07% 5.14 2.98

Price/ Cash Flow

06/yy 1'643.4 7.26x 332.6 10.15x 155.8 18.15x

LTM 06/yy 1'798.1 8.72x 356.1 11.89x 167.4 21.87x

FY+1

.0 M a-13

0.63 107.65 34.46% 29.35% 0.629 27 2.704 148'206 162'584 213'284 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'836.2 1'929.3 466.4 435.2 2.46x 2.30x 375.5 401.1 97.3 85.8 12.30x 11.52x 189.8 209.3 51.4 39.8 21.21x 19.26x 19.88x 19.46x S&P Issuer Ratings

8.55 7.25 1.58 1.89 64.1% 39.1% 0.82 4.15 71.04 122.40 47.60 136.39

Sales/Revenue/Turnover

20.00

2'000.0

18.00

1'800.0

16.00

1'600.0

14.00

1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

.8 M

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

1.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2013) 52-Week Low (17.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SY1 GY EQUITY YTD Change SY1 GY EQUITY YTD % CHANGE

31.12.2008 1'319.9 1.38x 262.1 6.95x 90.4 13.13x

1.2 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Symrise AG Holdings By:

All

Holder Name PRUDENTIAL PLC GERBERDING VERMOGENS SUN LIFE FINANCIAL I MONDRIAN INVESTMENT JAHR GMBH FRANKLIN RESOURCES STANDARD LIFE INVEST AMERIPRISE FINANCIAL SCHRODERS PLC NORGES BANK VANGUARD GROUP INC ALLIANZ ASSET MANAGE BLACKROCK FIL LIMITED DEKA INVESTMENT GMBH DELTA LLOYD FUND MAN THREADNEEDLE INVESTM PACIFIC LIFE INSURAN OPPENHEIMERFUNDS INC BESSEMER GROUP INCOR

Firm Name Exane BNP Paribas Bankhaus Lampe Kepler Cheuvreux Main First Bank AG Commerzbank Corporates & Markets Deutsche Bank Nord/LB Goldman Sachs Baader Bank UBS Landesbank Baden-Wuerttemberg Nomura Equinet Institutional Services(ESN) Helvea AlphaValue HSBC DZ Bank AG JPMorgan EVA Dimensions Independent Research GmbH Bankhaus Metzler Liberum Capital Ltd Morgan Stanley Berenberg Bank Hamburger Sparkasse Davy National Bank AG

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

Analyst HEIDI VESTERINEN HEIKO FEBER CHRISTOPH LADNER THOMAS SWOBODA YASMIN MOSCHITZ VIRGINIE BOUCHER-FERTE THORSTEN STRAUSS RAKESH PATEL NORBERT BARTH THOMAS GILBERT ULLE WORNER PATRICK LAMBERT NADESHDA DEMIDOVA ANDREAS VON ARX MARTIN SCHNEE JESKO MAYER-WEGELIN THOMAS MAUL MARTIN EVANS TIMOTHY STANISH CHRISTOPH SCHOENDUBE LARS HETTCHE ADAM COLLINS ERIK SJOGREN JAIDEEP PANDYA MARCO GUENTHER JACK GORMAN STEFFEN MANSKE

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

Recommendation outperform hold hold underperform hold hold buy neutral/neutral hold sell hold neutral reduce neutral reduce underweight buy neutral overweight hold sell hold Equalwt/In-Line hold sell outperform buy

Amt Held 17'700'530 6'924'955 5'972'748 3'727'760 3'600'000 3'575'539 3'544'740 3'502'220 3'495'642 2'723'159 2'140'545 2'126'451 1'838'032 1'498'178 1'394'691 1'295'707 1'030'656 803'515 767'000 617'282

% Out 14.98 5.86 5.05 3.15 3.05 3.03 3 2.96 2.96 2.3 1.81 1.8 1.56 1.27 1.18 1.1 0.87 0.68 0.65 0.52

Weighting

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

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

Latest Chg (3'686) 156'244 116'715 (26'682) (965'597) (254'387) 134'614 106'031 -

Target Price 37 35 35 34 30 33 40 33 28 25 32 34 26 31 30 25 36 31 #N/A N/A 35 26 33 30 32 #N/A N/A #N/A N/A 25

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

File Dt Inst Type 03.09.2012 Unclassified 30.11.2012 n/a 28.06.2013 Investment Advisor 01.04.2012 Hedge Fund Manager 01.04.2012 Other 28.06.2013 Investment Advisor 25.01.2013 Investment Advisor 15.05.2012 Investment Advisor 22.03.2012 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 07.08.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 01.08.2013 11.07.2013 04.07.2013 07.06.2013 06.06.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 15.04.2013 12.03.2013 21.06.2012 09.11.2010

09.08.2013

Salzgitter AG Salzgitter AG produces and trades a wide range of steel products and tubes. The product spectrum includes flat rolled steel products, beams, plates and tubes, both seamless and welded, as well as processed steel products. The Company also provides industrial services such as research and development, information technology and other services to group companies and third parties.

Price/Volume 45

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SZG GY EQUITY YTD Change SZG GY EQUITY YTD % CHANGE

12/2012 03/yy 41.56 24.54 403'188.00 27.885 -32.78% 13.65% 11.13% 60.1 1'675.80 770.30 0.0 8.2 1'011.10 1'588.70

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

1.5 M

15 10

1.0 M

.5 M

0 a-12

31.12.2009 31.12.2010 7'818.0 8'304.6 0.28x 0.23x 97.2 121.3 22.27x 15.69x (383.7) (331.9) 105.04x Profitability

LTM-4Q 31.12.2011 9'839.5 0.19x 602.9 3.02x 233.0 8.96x

31.12.2012 10'397.2 0.18x 416.2 4.56x (102.0) 416.20 61.20 0.59% -0.28% -1.13% -2.71% 1.12% 4.1% 0.6% -1.0% 2.64 1.31 8.63% 21.19% 5.93 -

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

LTM

03/yy 10'146.7 0.72x 529.3 3.31x 173.3 12.98x

03/yy 10'229.2 0.60x 416.7 3.85x (102.8) 0.00x

FY+1

.0 M a-13

1.16 38.16 -9.90% -28.70% 1.160 33 2.727 562'060 331'262 445'957 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'867.1 10'199.2 2'508.7 2'332.8 0.21x 0.20x 1.53x 307.8 518.0 84.0 71.8 5.15x 3.06x (160.9) 56.8 (35.0) (34.0) 22.47x S&P Issuer Ratings

4.40 1.01 -0.23 1.85 21.2% 17.5% 1.12 4.07 61.55 -

Sales/Revenue/Turnover

450.00

14'000.0

400.00

12'000.0

350.00

10'000.0

300.00 250.00

8'000.0

200.00

6'000.0

150.00

4'000.0

100.00

2'000.0

50.00 0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 12'499.2 0.20x 1'297.7 1.97x 674.3 4.54x

2.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Salzgitter AG Holdings By:

All

Holder Name STATE OF LOWER SAXON SALZGITTER AG UNIVERSAL INVESTMENT BLACKROCK NORGES BANK MAINFIRST SICAV SEB SPARINVEST VANGUARD GROUP INC TT INTERNATIONAL INV HIGHBRIDGE CAPITAL M UNION INVESTMENT GMB MARSHALL WACE LLP INVESCO LTD GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH DEUTSCHE BANK AG DIMENSIONAL FUND ADV UBS INVEST KAG

Firm Name M.M. Warburg Investment Research Nord/LB DZ Bank AG Societe Generale Commerzbank Corporates & Markets Morgan Stanley Goldman Sachs Baader Bank Jefferies HSBC Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Bankhaus Metzler Kepler Cheuvreux Nomura Equinet Institutional Services(ESN) Steubing AG S&P Capital IQ Exane BNP Paribas Deutsche Bank JPMorgan AlphaValue Credit Suisse Main First Bank AG Davy EVA Dimensions UBS Hamburger Sparkasse BHF-Bank Cyrrus

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

Analyst BJOERN VOSS HOLGER FECHNER DIRK SCHLAMP ABHISHEK SHUKLA INGO-MARTIN SCHACHEL ALEXANDER HAISSL STEPHEN BENSON CHRISTIAN OBST SETH ROSENFELD THORSTEN ZIMMERMANN DANIEL LURCH JENS MUENSTERMANN SVEN DIERMEIER MARC GABRIEL LARS HETTCHE ROCHUS BRAUNEISER NEIL SAMPAT STEFAN FREUDENREICH MICHAEL BROEKER JOHNSON IMODE SYLVAIN BRUNET BASTIAN SYNAGOWITZ ALESSANDRO ABATE HANS-PETER WODNIOK JAMES GURRY ALEXANDER HAUENSTEIN TIM CAHILL TIMOTHY STANISH CARSTEN RIEK INGO SCHMIDT HERMANN REITH JIRI SIMARA

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

Recommendation hold sell sell sell reduce Equalwt/Cautious Buy/Neutral hold hold underweight underperform hold sell hold sell buy reduce hold sell sell underperform hold neutral reduce outperform outperform underperform overweight neutral hold overweight buy

Amt Held % Out 15'925'705 26.5 6'009'700 10 1'860'946 3.1 1'071'003 1.78 1'052'832 1.75 944'095 1.57 800'716 1.33 714'077 1.19 403'309 0.67 (318'514) -0.53 (288'466) -0.48 286'500 0.48 (282'456) -0.47 243'092 0.4 195'981 0.33 185'119 0.31 149'800 0.25 138'500 0.23 102'372 0.17 79'700 0.13

Weighting

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

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

Latest Chg 112'636 287'474 200'000 (5'185) 12'019 (163'900) 24'039 (169'232) (2'838) (1'400) 38'700 (752) -

Target Price 29 22 24 24 24 26 30 30 28 25 22 28 23 30 20 35 25 28 31 24 26 32 32 26 42 32 #N/A N/A #N/A N/A 32 #N/A N/A 49 57

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Corporation 19.06.2013 Investment Advisor 07.08.2013 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 28.03.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 04.04.2013 Investment Advisor 22.05.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 03.04.2013 Hedge Fund Manager 08.08.2013 Investment Advisor 30.11.2012 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 08.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 01.08.2013 29.07.2013 29.07.2013 10.07.2013 06.06.2013 29.05.2013 03.04.2013 28.02.2013 30.01.2012

09.08.2013

Suedzucker AG Suedzucker AG operates in the traditional sugar industry in Eastern and Western Europe. The Company, through its subsidiaries, produces functional food, chilled frozen and starch and fruit concentrates. Suedzucker's other business includes bioethanol activities.

Price/Volume 35

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SZU GY EQUITY YTD Change SZU GY EQUITY YTD % CHANGE

02/2013 05/yy 34.34 23.02 151'756.00 23.23 -32.24% 0.91% 2.87% 204.2 4'743.18 1'779.40 0.0 782.8 589.00 6'981.68

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

1.5 M

1.0 M

28.02.2010 28.02.2011 5'718.2 6'160.8 0.99x 0.98x 658.5 782.0 8.62x 7.73x 200.1 250.4 16.13x 15.23x Profitability

0 a-12

s-12

LTM-4Q 29.02.2012 6'991.9 0.91x 1'026.5 6.20x 376.3 10.95x

28.02.2013 7'878.8 1.12x 1'248.2 7.05x 593.1 10.85x

1'248.20 971.20 12.33% 10.67% 6.14% 16.38% 0.98% 15.2% 11.7% 7.5% 1.99 0.70 20.21% 54.51% 7.41 -

Price/ Cash Flow

05/yy 7'239.5 3.75x 1'107.0 6.64x 505.2 9.18x

o-12

n-12

d-12

j-13

LTM 05/yy 8'022.5 3.98x 1'217.5 6.21x 504.1 10.03x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.44 79.26 -11.48% -22.18% 0.441 20 3.700 384'869 447'514 586'371 FY+2

FQ+1

FQ+2

02/14 Y 02/15 Y 08/13 Q2 11/13 Q3 7'959.4 7'988.8 2'051.0 2'099.0 0.79x 0.75x 1'103.6 1'092.0 6.32x 6.39x 471.6 446.2 10.15x 10.39x S&P Issuer Ratings

05.06.2012 BBB+ POS 30.09.2010 A-2 15.02 10.95 1.17 1.69 54.5% 30.5% 0.98 3.09 49.29 -

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 05.03.2010

.5 M

Fiscal Year Ended 28.02.2009 5'871.3 0.94x 470.2 11.73x 162.2 15.93x

0.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

09.08.2013

Suedzucker AG Holdings By:

All

Holder Name ZUCKER INVEST GMBH BLACKROCK OVERLAND ADVISORS LL NORGES BANK VANGUARD GROUP INC PRINCIPAL FINANCIAL CREDIT SUISSE FUND S DEXIA ASSET MANAGEME CREDIT SUISSE AG ALLIANZ ASSET MANAGE STATE STREET BANQUE DEGROOF FRANKFURT TRUST INVE PRUDENTIAL FINANCIAL SCHRODER INVESTMENT THRIVENT FINANCIAL F LANDESBANK BERLIN IN VERITAS SG INVESTMEN GRANTHAM MAYO VAN OT AMUNDI

Firm Name Mirabaud Securities Bankhaus Lampe HSBC M.M. Warburg Investment Research Landesbank Baden-Wuerttemberg Nord/LB Goldman Sachs Bankhaus Metzler Commerzbank Corporates & Markets Independent Research GmbH Hauck & Aufhaeuser DZ Bank AG Barclays EVA Dimensions Exane BNP Paribas Berenberg Bank Kepler Cheuvreux Deutsche Bank Davy Silvia Quandt Research

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

Analyst JULIAN LAKIN MARC GABRIEL JESKO MAYER-WEGELIN OLIVER SCHWARZ BERND MUELL WOLFGANG VASTERLING ROSIE EDWARDS DANIEL SEIDENSPINNER DENNIS SCHMITT LARS LUSEBRINK NILS-PETER FITZL HEINZ MUELLER LIAM ROWLEY CRAIG STERLING JAMES BUSHNELL JAMES TARGETT KLAUS RINGEL HAROLD THOMPSON JACK GORMAN KLAUS KRAENZLE

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

Recommendation hold buy overweight buy buy hold Sell/Neutral buy buy hold sell buy underweight buy neutral hold buy hold neutral buy

Amt Held % Out 124'847'782 61.14 1'983'440 0.97 (1'893'536) -0.93 1'554'379 0.76 881'511 0.43 446'201 0.22 415'286 0.2 375'004 0.18 370'986 0.18 358'265 0.18 340'627 0.17 326'609 0.16 324'350 0.16 277'501 0.14 257'428 0.13 254'152 0.12 253'677 0.12 251'689 0.12 237'455 0.12 233'692 0.11

Weighting

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

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

Latest Chg 3'358 94'665 437'412 84'621 90'020 (1'061) (6'070) 67'732 54'300 (47'100) (1'321) 147'656 (2'807) 229'500 (6'251) 37'512

Target Price 27 33 31 28 33 26 25 33 33 28 19 33 25 #N/A N/A 28 27 33 24 #N/A N/A 40

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

File Dt Inst Type 01.02.2013 Investment Advisor 07.08.2013 Investment Advisor 07.11.2012 Hedge Fund Manager 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 08.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2012 Investment Advisor 30.04.2013 Investment Advisor

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

Date 31.07.2013 30.07.2013 25.07.2013 23.07.2013 17.07.2013 15.07.2013 12.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 06.06.2013 05.06.2013 21.05.2013 20.05.2013 17.05.2013 17.05.2013 19.11.2012

09.08.2013

TAG Immobilien AG TAG Immobilien AG develops, sells, and rents commercial and residential buildings and special-purpose properties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (23.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEG GY EQUITY YTD Change TEG GY EQUITY YTD % CHANGE

12/2012 06/yy 9.70 7.45 45'987.00 9.145 -5.59% 22.95% 75.49% 130.7 1'195.60 2'390.68 0.0 20.3 55.75 3'446.90

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 123.3 5.05x 36.8 16.91x (30.6) -

10 9 8 7 6 5 4 3 2 1 0 a-12

31.12.2009 31.12.2010 96.0 93.1 6.93x 9.52x 21.7 34.7 30.58x 25.52x (29.2) 18.5 13.25x Profitability

LTM-4Q 31.12.2011 203.9 8.70x 118.4 14.98x 66.9 5.87x

31.12.2012 396.0 9.08x 287.2 12.52x 179.1 5.05x 287.20 285.26 47.37% 51.25% 3.03% 10.92% 3.24% 0.10% 65.3% 45.2% 62.91% 210.41% -

Price/ Cash Flow

06/yy 310.8 29.18x 212.1 13.48x 153.4 3.85x

LTM 06/yy 329.4 30.26x 170.1 0.00x 89.1 10.58x

FY+1

.0 M a-13

0.51 128.50 17.92% -0.64% 0.507 16 3.625 328'021 315'918 336'093 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 273.6 282.5 66.5 67.2 12.90x 12.44x 184.3 194.4 18.70x 17.72x 88.6 95.6 15.0 31.5 15.27x 12.95x S&P Issuer Ratings

2.94 2.81 10.05 10.33 210.4% 67.4% 0.10 -

Sales/Revenue/Turnover

120.00

450.0 400.0

100.00

350.0 300.0

80.00

250.0 60.00

200.0 150.0

40.00

100.0 20.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

TAG Immobilien AG Holdings By:

All

Holder Name RUFFER LLP SUN LIFE FINANCIAL I FLOSSBACH VON STORCH SUN LIFE FINANCIAL I DEUTSCHE BANK AG BLACKROCK TAUBE HODSON STONEX DWS INVESTMENT GMBH SKAGEN AS THREADNEEDLE ASSET M LLOYDS BANKING GROUP THREADNEEDLE INVESTM UBS MORGAN STANLEY LINDEN ADVISORS SCOTTISH WIDOWS RISTOW LUTZ R ROYAL BANK OF CANADA DWS INVESTMENT S A PETERCAM SA

Firm Name Bankhaus Lampe Commerzbank Corporates & Markets Baader Bank Berenberg Bank Close Brothers Equity Markets S&P Capital IQ ABN Amro Bank N.V. Nord/LB Barclays EVA Dimensions M.M. Warburg Investment Research Kepler Cheuvreux DZ Bank AG Solventis WPH-Bank GmbH Kempen & Co Morgan Stanley

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

Analyst GEORG KANDERS THOMAS ROTHAEUSLER ANDRE REMKE KAI MALTE KLOSE MANUEL MARTIN WILLIAM HOWLETT MICHIEL DE JONGE MICHAEL SEUFERT AARON GUY DOUG WALTERS TORSTEN KLINGNER THOMAS NEUHOLD KARSTEN OBLINGER ULF VON LENGERICH THOMAS VAN DER MEIJ BIANCA RIEMER

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

Recommendation buy buy hold buy buy buy hold hold overweight sell hold buy sell buy neutral Underwt/Attractive

Amt Held % Out 19'610'701 15 13'091'874 10.01 13'073'801 10 10'901'454 8.34 9'085'714 6.95 7'649'979 5.85 6'960'665 5.32 6'536'900 5 3'922'140 3 3'904'864 2.99 2'817'627 2.16 2'510'350 1.92 1'955'036 1.5 1'938'462 1.48 (1'869'556) -1.43 1'854'901 1.42 1'774'500 1.36 1'748'441 1.34 1'291'408 0.99 1'184'631 0.91

Weighting

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

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

Latest Chg 445'470 5'751 (934'818) 7'017 (483'583) 267'994 142'282 (110'000) -

Target Price 10 11 10 11 11 10 10 9 12 #N/A N/A 9 11 7 10 10 7

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 11.07.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 07.08.2013 Investment Advisor 24.06.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 11.01.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Unclassified 07.12.2011 Investment Advisor 29.07.2013 Hedge Fund Manager 28.02.2013 Unclassified 31.12.2012 n/a 28.03.2013 Bank 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 29.07.2013 11.07.2013 06.06.2013 10.05.2013 06.05.2013 19.04.2013 18.04.2013 14.01.2013 25.11.2012

09.08.2013

ThyssenKrupp AG ThyssenKrupp AG manufactures industrial components. The Company produces flat rolled and cast steel, automobile parts, elevators and escalators, machine tools, bearings, nonferrous metals and plastics, develops and manages real estate, and designs and constructs factories.

Price/Volume 25

16.0 M 14.0 M

12.0 M 10.0 M

8.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (23.04.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TKA GY EQUITY YTD Change TKA GY EQUITY YTD % CHANGE

09/2012 03/yy 19.25 13.11 1'430'001.00 17.05 -11.19% 30.40% 58.55% 514.5 8'772.04 7'185.00 0.0 967.0 2'510.00 12'831.04

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

4.0 M 2.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 30.09.2008 53'426.0 0.21x 4'842.0 2.31x 2'195.0 4.66x

6.0 M

30.09.2009 30.09.2010 40'563.0 37'711.0 0.34x 0.44x 876.0 2'412.0 15.54x 6.80x (1'857.0) 824.0 12.19x Profitability

LTM-4Q 30.09.2011 42'725.0 0.32x 4'043.0 3.41x (1'291.0) 5.15x

30.09.2012 40'124.0 0.35x 2'576.0 5.52x (4'668.0) 2'576.00 1'115.00 2.78% 0.79% -10.52% -81.58% 0.93% 14.4% 6.2% 3.4% -11.6% 1.26 0.38 18.77% 201.88% 7.08 4.27

Price/ Cash Flow

LTM

03/yy 41'816.0 1.69x 3'875.0 4.34x (2'752.0) 7.38x

03/yy 37'554.0 1.44x 2'330.0 5.25x (4'242.0) 40.77x

FY+1

.0 M a-13

1.19 371.32 9.23% -3.74% 1.187 35 3.514 2'561'241 3'455'351 3'545'209 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 37'373.8 38'715.0 9'468.2 9'556.8 0.39x 0.37x 1.54x 1.52x 1'859.8 2'455.0 510.3 506.4 6.89x 5.22x 258.3 619.1 72.5 68.1 40.50x 14.79x 21.05x 15.99x S&P Issuer Ratings

06.06.2012 BB NEG 17.11.2009 B 5.41 3.20 1.43 3.99 201.9% 61.4% 0.93 4.01 51.53 85.43 48.58 76.56

Sales/Revenue/Turnover

450.00

60'000.0

400.00

50'000.0

350.00

40'000.0

300.00 250.00

30'000.0

200.00

20'000.0

150.00 100.00

10'000.0

50.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

09.08.2013

ThyssenKrupp AG Holdings By:

All

Holder Name ALFRIED KRUPP VON BO BLACKROCK UBS FRANKLIN RESOURCES NORGES BANK JANUS CAPITAL MANAGE VANGUARD GROUP INC DEKA INVESTMENT GMBH OYSTER ASSET MANAGEM PUTNAM INVESTMENT MA INSTITUTIONAL CAPITA AMUNDI ADIG INVESTMENT JO HAMBRO CAPITAL MA INVESCO LTD FORTIS INVESTMENT MG CREDIT SUISSE AG STATE STREET THRIVENT FINANCIAL F DEKA INVESTMENT GMBH

Firm Name JPMorgan M.M. Warburg Investment Research RBC Capital Markets Bankhaus Lampe Nomura VTB Capital AlphaValue Deutsche Bank UBS Societe Generale Credit Suisse Independent Research GmbH Equinet Institutional Services(ESN) Main First Bank AG Commerzbank Corporates & Markets Baader Bank Day by Day Jefferies Davy Exane BNP Paribas Kepler Cheuvreux DZ Bank AG EVA Dimensions Nord/LB HSBC Macquarie Bankhaus Metzler S&P Capital IQ BHF-Bank Landesbank Baden-Wuerttemberg National Bank AG Steubing AG Hamburger Sparkasse Goldman Sachs Cyrrus

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

Analyst ALESSANDRO ABATE BJOERN VOSS TIMOTHY HUFF MARC GABRIEL NEIL SAMPAT WIKTOR BIELSKI HANS-PETER WODNIOK BASTIAN SYNAGOWITZ CARSTEN RIEK ALAIN WILLIAM MICHAEL SHILLAKER SVEN DIERMEIER STEFAN FREUDENREICH ALEXANDER HAUENSTEIN INGO-MARTIN SCHACHEL CHRISTIAN OBST VALERIE GASTALDY SETH ROSENFELD TIM CAHILL SYLVAIN BRUNET ROCHUS BRAUNEISER DIRK SCHLAMP TIMOTHY STANISH HOLGER FECHNER THORSTEN ZIMMERMANN JEFFREY LARGEY LARS HETTCHE JOHNSON IMODE HERMANN REITH JENS MUENSTERMANN EKKEHARD D LINK MICHAEL BROEKER INGO SCHMIDT STEPHEN BENSON JIRI SIMARA

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

Recommendation overweight hold sector perform buy buy hold sell hold sell hold outperform sell buy outperform buy buy hold buy outperform neutral hold hold buy sell overweight outperform sell hold market weight hold buy buy sell not rated accumulate

Amt Held 130'320'067 38'431'331 28'820'435 26'046'328 12'848'471 9'017'500 4'233'696 4'009'858 1'709'400 1'235'631 1'210'530 1'205'497 1'018'052 933'970 813'504 666'940 647'533 647'145 567'750 560'217

% Out 25.33 7.47 5.6 5.06 2.5 1.75 0.82 0.78 0.33 0.24 0.24 0.23 0.2 0.18 0.16 0.13 0.13 0.13 0.11 0.11

Weighting

Change

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

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

Latest Chg 10'378 (1'730'780) 443'325 231'865 8'408 160'000 1'131'884 5'900 968'786 107'573 215'460 (6'054) 2'871 (14'150) -

Target Price 19 18 17 19 17 18 10 18 16 18 24 16 18 22 18 25 #N/A N/A 21 #N/A N/A 15 14 16 #N/A N/A 13 19 22 14 16 16 15 19 19 #N/A N/A #N/A N/A 24

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

File Dt 30.09.2012 07.08.2013 31.07.2013 28.06.2013 12.01.2012 31.03.2013 30.06.2013 28.03.2013 28.02.2013 31.03.2013 31.05.2013 28.02.2013 30.04.2013 31.05.2013 08.08.2013 28.02.2013 31.05.2013 08.08.2013 30.04.2013 09.08.2013

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

Inst Type n/a Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 08.08.2013 07.08.2013 05.08.2013 05.08.2013 05.08.2013 01.08.2013 31.07.2013 31.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 22.07.2013 18.07.2013 16.07.2013 16.07.2013 12.07.2013 10.07.2013 04.07.2013 03.07.2013 20.06.2013 11.06.2013 29.05.2013 23.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 10.04.2013 02.04.2013 07.03.2013 09.09.2012 30.01.2012

09.08.2013

Talanx AG Talanx AG operates as a holding company. The Company, through its subsidiaries, provides insurance and financial services. Talanx offers retail, commercial, private, and industrial insurance, reinsurance, and other related services. Talanx operates worldwide.

Price/Volume 30

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLX GY EQUITY YTD Change TLX GY EQUITY YTD % CHANGE

12/2012 03/yy 26.20 18.39 65'574.00 24.29 -6.91% 32.60% 75.91% 252.6 6'136.28 3'784.00 0.0 4'171.0 2'119.00 12'842.28

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

3.0 M

2.0 M

1.0 M

0 o-12

31.12.2009 31.12.2010 19'943.0 22'846.0 485.0 216.0 Profitability

LTM-4Q 31.12.2011 23'422.0 520.0 -

31.12.2012 26'438.0 0.39x 630.0 7.48x 6.66% 5.96% 0.49% 9.42% 9.01% 0.21% 2.4% 2.91% 50.64% -

Price/ Cash Flow

d-12

j-13

LTM

03/yy 6'072.0 0.00x 0.0 0.00x 211.0 0.00x

f-13

03/yy 27'157.0 0.81x 0.0 0.00x 623.0 8.46x

m-13

a-13

m-13

j-13

FY+1

a-13

52.82 18.43% 19 4.053 181'054 295'004 227'638 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 27'563.0 28'649.4 6'486.0 707.2 734.1 162.3 87.0 8.57x 8.08x S&P Issuer Ratings

02.10.2009 ASTABLE 50.6% 24.5% 0.21 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

15'000.0

0.40

10'000.0

0.20

5'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 17'523.0 187.0 -

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Talanx AG Holdings By:

All

Holder Name HDI VAG MEIJI YASUDA LIFE IN DEUTSCHE BANK AG ETHENEA INDEPENDENT SKAGEN AS DWS INVESTMENT S A DWS INVESTMENT SA PETERCAM SA ZADIG GESTION (LUXEM FRANKFURT TRUST INVE BLACKROCK DEKA INVESTMENT GMBH FRANKEN INVEST KAPIT JP MORGAN JULIUS BAER MULTICOO METZLER INVESTMENT G JO HAMBRO CAPITAL MA OFI ASSET MANAGEMENT UNION BANCAIRE PRIVE OPPENHEIM KAPITALANL

Firm Name M.M. Warburg Investment Research AlphaValue Bankhaus Lampe Keefe, Bruyette & Woods Deutsche Bank Goldman Sachs Berenberg Bank Barclays Bankhaus Metzler Landesbank Baden-Wuerttemberg Mediobanca SpA EVA Dimensions Equinet Institutional Services(ESN) Nord/LB Main First Bank AG HSBC Hamburger Sparkasse JPMorgan

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

Analyst ANDREAS PLAESIER DIETER HEIN ANDREAS SCHAEFER WILLIAM HAWKINS OLIVIA BRINDLE VINIT MALHOTRA PETER ELIOT ANDREW BROADFIELD JOCHEN SCHMITT WERNER SCHIRMER MARC THIELE DOUG WALTERS PHILIPP HAESSLER JULIA SIEKMANN MICHAEL HAID KAILESH MISTRY CHRISTIAN HAMANN MICHAEL HUTTNER

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

Recommendation buy add buy market perform hold Buy/Neutral buy equalweight buy buy neutral overweight accumulate buy underperform neutral buy neutral

Amt Held 199'801'656 16'393'443 3'481'186 2'967'700 1'080'343 800'471 545'000 445'800 412'390 335'000 321'384 284'570 224'210 188'707 145'000 134'000 126'000 114'508 110'600 100'500

% Out 79.09 6.49 1.38 1.17 0.43 0.32 0.22 0.18 0.16 0.13 0.13 0.11 0.09 0.07 0.06 0.05 0.05 0.05 0.04 0.04

Weighting

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

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

Latest Chg (8'198'344) 122'604 (232'300) 100'000 325'000 26'898 (51'000) 36 31'720 24'190 (6'100) 126'000 78'913 110'600 2'000

Target Price 28 26 27 24 24 27 28 24 28 27 27 #N/A N/A 27 28 20 26 #N/A N/A 23

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

File Dt 02.07.2013 02.07.2013 28.06.2013 28.06.2013 28.06.2013 30.04.2013 30.04.2013 30.04.2013 28.03.2013 30.04.2013 07.08.2013 28.03.2013 30.04.2013 31.03.2013 31.03.2013 31.01.2013 31.12.2012 28.02.2013 31.12.2012 31.01.2013

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

Inst Type Insurance Company Insurance Company 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 Investment Advisor Investment Advisor

Date 08.08.2013 08.08.2013 05.08.2013 29.07.2013 26.07.2013 25.07.2013 24.07.2013 22.07.2013 16.07.2013 02.07.2013 28.06.2013 27.06.2013 18.06.2013 17.06.2013 12.06.2013 31.05.2013 17.05.2013 24.04.2013

09.08.2013

TUI AG TUI AG offers tourism and logistic services, and manufactures building materials. The Company operates airlines, travel agencies, cruise ships, resorts, and hotels. TUI provides maritime and inland container shipping, freight forwarding and storage services around the world, and leases and sells mobile buildings.

Price/Volume

09/2012 06/yy 9.92 5.14 283'826.00 9.51 -4.03% 85.08% 93.55% 252.4 2'400.09 2'456.60 0.0 (15.2) 2'278.40 2'703.89

5.0 M 4.0 M 3.0 M

2.0 M

1.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended

6.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TUI1 GY EQUITY YTD Change TUI1 GY EQUITY YTD % CHANGE

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

7.0 M

10 8

Valuation Analysis

31.12.2008 18'714.3 0.30x 852.2 6.51x (121.3) -

30.09.2009 Profitability

30.09.2010 16'350.1 0.28x 860.1 5.34x 101.8 29.93x

LTM-4Q 30.09.2011 17'480.3 0.11x 805.6 2.33x 23.9 -

30.09.2012 18'330.3 0.10x 958.6 1.94x (15.1) 958.60 559.90 3.05% 1.38% -0.80% -5.80% 1.34% 11.2% 2.7% -0.1% 0.61 0.58 18.59% 117.98% 131.87

Price/ Cash Flow

06/yy 18'183.7 0.56x (104.9) 0.00x (21.3) 0.00x

LTM 06/yy 18'393.5 0.63x 684.0 0.00x (109.1) 0.00x

FY+1

.0 M a-13

1.25 134.09 78.58% 21.23% 1.245 23 4.217 763'562 624'328 790'567 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 18'374.9 18'897.2 6'416.0 0.15x 0.13x 1'057.5 1'164.6 0.0 2.56x 2.32x 68.5 165.5 380.0 28.73x 15.49x S&P Issuer Ratings

30.07.2010 BPOS 2.25 1.12 118.0% 54.3% 1.34 6.87 2.77 59.25 -24.91

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 02.07.2013

0.0 2000 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 |

09.08.2013

TUI AG Holdings By:

All

Holder Name S GROUP TRAVEL HOLDI FREDRIKSEN JOHN RIU HOTELS SA BLACKROCK DIMENSIONAL FUND ADV BAILLIE GIFFORD OVER DEKA INVESTMENT GMBH MARATHON ASSET MANAG NORGES BANK CQS UK LLP PENNANT CAPITAL MANA SOCIETE GENERALE SA PINE RIVER CAPITAL M BARCLAYS CAPITAL SEC PENNANT WINDWARD MAS DEUTSCHE BANK AG STATE STREET DAVIDSON KEMPNER EUR VANGUARD GROUP INC UNION INVESTMENT GMB

Firm Name Commerzbank Corporates & Markets Independent Research GmbH Bankhaus Lampe Natixis Exane BNP Paribas UBS Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) AlphaValue Deutsche Bank Kepler Cheuvreux JPMorgan KochBank Research EVA Dimensions Nord/LB Morgan Stanley DZ Bank AG S&P Capital IQ Main First Bank AG Goldman Sachs Berenberg Bank Equita SIM SpA Fearnley Fonds

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

Analyst JOHANNES BRAUN ZAFER RUZGAR SEBASTIAN HEIN GEOFFREY D'HALLUIN MATTHIAS DESMARAIS ALEX BRIGNALL PER-OLA HELLGREN JOCHEN ROTHENBACHER HANS-PETER WODNIOK GEOF COLLYER JUERGEN KOLB JAAFAR MESTARI STEFAN KICK CRAIG STERLING WOLFGANG DONIE JAMIE ROLLO HERBERT STURM WILLIAM MACK TOBIAS SITTIG NICK EDELMAN ALEXANDRA SCHLEGEL MASSIMO BONISOLI RIKARD VABO

Source Co File Co File Co File ULT-AGG ULT-AGG Research MF-AGG RNS-RUL8 RNS-RUL8 Short Short RNS-RUL8 Short RNS-RUL8 Short ULT-AGG ULT-AGG Short MF-AGG MF-AGG

Recommendation hold buy buy buy outperform buy hold buy sell buy buy neutral buy hold buy Equalwt/In-Line buy buy outperform not rated buy buy sell

Amt Held % Out 63'068'424 24.99 37'841'055 14.99 12'613'685 5 9'403'102 3.73 8'811'166 3.49 7'261'186 2.88 5'601'800 2.22 4'904'640 1.94 4'766'186 1.89 (2'826'605) -1.12 (2'270'466) -0.9 2'105'036 0.83 (1'993'766) -0.79 1'690'782 0.67 (1'536'427) -0.61 1'533'003 0.61 1'478'319 0.59 (1'337'052) -0.53 1'200'964 0.48 1'037'000 0.41

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

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

Latest Chg 1'304 6'804 (40'600) (176'663) (13'226) 25'238 8'429 (122'007) 280'064 576'000

Target Price 10 12 12 11 11 12 10 12 6 11 11 10 13 #N/A N/A 12 11 11 11 10 #N/A N/A 9 10 5

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

File Dt Inst Type 30.09.2012 Holding Company 30.09.2012 n/a 30.09.2012 Corporation 07.08.2013 Investment Advisor 30.04.2013 Investment Advisor 24.05.2012 Investment Advisor 28.03.2013 Investment Advisor 21.01.2013 Investment Advisor 16.01.2013 Government 31.07.2013 Investment Advisor 01.11.2012 Hedge Fund Manager 22.01.2013 Unclassified 07.08.2013 Hedge Fund Manager 22.01.2013 Investment Advisor 27.04.2012 Investment Advisor 28.06.2013 Investment Advisor 08.08.2013 Investment Advisor 02.11.2012 Hedge Fund Manager 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 31.07.2013 26.06.2013 13.06.2013 03.06.2013 27.05.2013 21.05.2013 17.05.2013 17.05.2013 15.05.2013 10.05.2013 17.04.2013 13.02.2013 20.12.2012 14.08.2012

09.08.2013

United Internet AG United Internet AG offers Internet access services. The Company serves home users, small offices and home offices, and small-to medium-sized companies. United Internet also offers hotline and help desk services to international corporations.

Price/Volume 30

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (14.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UTDI GY EQUITY YTD Change UTDI GY EQUITY YTD % CHANGE

12/2012 03/yy 24.84 14.40 126'595.00 24.45 -1.47% 70.02% 94.83% 194.0 4'743.30 300.28 0.0 9.9 42.83 4'940.29

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

1.5 M

1.0 M

5 0 a-12

.5 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'570.4 1.24x 359.6 5.40x (120.2) -

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'658.9 1'907.1 1.45x 1.55x 420.3 371.6 5.74x 7.95x 279.9 129.1 7.56x 20.97x Profitability

LTM-4Q 31.12.2011 2'094.1 1.50x 371.1 8.47x 162.3 17.47x

31.12.2012 2'396.6 1.43x 390.0 8.81x 107.8 29.13x 390.03 250.57 10.46% 8.05% 10.63% 59.79% 2.11% 34.3% 16.8% 11.1% 4.5% 0.43 0.29 27.11% 159.48% 20.94 54.13

Price/ Cash Flow

03/yy 2'172.4 5.82x 351.1 9.11x 172.7 17.02x

LTM 03/yy 2'449.4 5.65x 410.8 9.43x 123.3 29.63x

FY+1

.0 M a-13

0.73 104.88 68.68% 52.14% 0.735 24 3.750 266'617 330'769 456'283 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'635.4 2'863.2 646.8 698.0 1.88x 1.68x 404.8 476.3 92.9 100.0 12.22x 10.38x 206.0 256.4 44.6 35.5 23.00x 18.12x S&P Issuer Ratings

16.04 13.42 0.45 0.68 159.5% 60.2% 2.11 23.49 17.43 6.74 44.77 -33.07

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

United Internet AG Holdings By:

All

Holder Name DOMMERMUTH RALPH DEUTSCHE BANK AG BLACKROCK ALLIANZ GLOBAL INVES OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE NORGES BANK FIL LIMITED DWS INVESTMENT S A VANGUARD GROUP INC MARBLE ARCH INVESTME ADIG INVESTMENT SCHEEREN MICHAEL DWS INVESTMENT SA LANG NORBERT METZLER ASSET MANAGE DEKA INVESTMENT GMBH METZLER INVESTMENT G UNION INVESTMENT GMB DEKA INTERNATIONAL S

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

Firm Name

Analyst

Hauck & Aufhaeuser Deutsche Bank Equinet Institutional Services(ESN) Berenberg Bank Commerzbank Corporates & Markets AlphaValue Morgan Stanley Macquarie Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Bankhaus Lampe JPMorgan UBS Bankhaus Metzler EVA Dimensions DZ Bank AG Matelan Research GmbH Goldman Sachs Independent Research GmbH Equita SIM SpA Kepler Cheuvreux Exane BNP Paribas HSBC Nomura Close Brothers Equity Markets Dr. Kalliwoda Equity Research

LEONHARD BAYER BENJAMIN KOHNKE ADRIAN PEHL USMAN GHAZI HEIKE PAULS HEINZ STEFFEN RYAN FOX ALEX GRANT STEFAN BORSCHEID JOCHEN REICHERT WOLFGANG SPECHT HANNES C WITTIG POLO TANG ULRICH TRABERT ANDREW S ZAMFOTIS KARSTEN OBLINGER ADRIAN HOPKINSON SIVA KRISHNA PRASAD BORRA MARKUS FRIEBEL GIANMARCO BONACINA THOMAS KARLOVITS MICHAEL ZORKO DOMINIK KLARMANN HENRIK NYBLOM MARCUS SILBE NORBERT KALLIWODA

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

Recommendation sell buy hold buy buy sell Overwt/In-Line outperform buy hold buy overweight suspended coverage buy hold buy buy Sell/Neutral hold hold hold neutral overweight neutral hold buy

Amt Held % Out 88'000'000 45.36 9'698'975 5 7'621'375 3.93 6'503'582 3.35 5'873'094 3.03 4'691'903 2.42 3'204'726 1.65 1'304'288 0.67 1'025'411 0.53 1'016'317 0.52 (892'400) -0.46 771'076 0.4 600'000 0.31 600'000 0.31 524'232 0.27 485'350 0.25 456'460 0.24 404'600 0.21 400'000 0.21 396'236 0.2

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

Change M M M M M M M M M D M U M M U M M M M M M M M M M M

Latest Chg (43'015) (88'053) (45'792) (46'688) 60'864 252'200 (200'000) (25'100) 392'193 6'500 50'000 (39'209)

Target Price 17 27 24 26 28 16 26 26 26 26 25 28 #N/A N/A 25 #N/A N/A 24 26 19 24 21 22 19 20 11 14 17

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

File Dt Inst Type 21.03.2013 n/a 28.06.2013 Investment Advisor 07.08.2013 Investment Advisor 20.07.2012 Investment Advisor 12.02.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 11.07.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 31.12.2012 n/a 28.03.2013 Investment Advisor 31.12.2012 n/a 31.01.2013 Investment Advisor 30.04.2013 Investment Advisor 31.01.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 08.08.2013 07.08.2013 07.08.2013 06.08.2013 01.08.2013 01.08.2013 31.07.2013 25.07.2013 19.07.2013 17.07.2013 16.07.2013 10.07.2013 05.07.2013 03.07.2013 29.05.2013 27.05.2013 22.05.2013 21.05.2013 21.05.2013 21.05.2013 15.05.2013 19.04.2013 05.02.2013 22.11.2012 10.02.2012 22.03.2011

09.08.2013

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOW3 GY EQUITY YTD Change VOW3 GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 187.40 132.50 396'254.00 183.95 -1.84% 38.83% 89.71% 170.1 82'867.43 117'663.00 0.0 4'310.0 25'921.00 177'460.43

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

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

31.12.2009 31.12.2010 105'187.0 126'875.0 0.97x 0.83x 10'896.0 16'659.0 9.35x 6.29x 960.0 6'835.0 32.35x 6.98x Profitability

LTM-4Q 31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x

31.12.2012 192'676.0 0.90x 24'424.0 7.10x 21'717.0 3.51x 24'424.00 11'310.00 5.87% 13.23% 5.99% 24.78% 0.66% 18.2% 12.7% 5.4% 11.3% 1.03 0.33 38.00% 151.79% 5.32 5.35

Price/ Cash Flow

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 a-13

Market Data

Fiscal Year Ended 31.12.2008 113'808.0 1.22x 14'854.0 9.34x 4'753.0 20.97x

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

LTM

FY+1

1.16 170.15 26.98% 9.42% 1.162 37 4.514 798'648 927'278 1'057'599 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 176'948.0 195'985.0 200'894.6 211'627.5 50'851.5 52'897.5 2.83x 3.35x 0.38x 0.36x 23'081.0 24'812.0 23'861.3 26'877.0 5.98x 6.62x 7.44x 6.60x 17'936.0 17'801.0 10'133.1 11'897.7 3.06x 3.97x 8.59x 7.33x S&P Issuer Ratings Long-Term Rating Date 31.08.2009 Long-Term Rating ALong-Term Outlook POS Short-Term Rating Date 15.06.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 17.46 (EBITDA-Capex)/Interest Exp. 9.96 Net Debt/EBITDA 3.72 Total Debt/EBITDA 4.89 Reference Total Debt/Equity 151.8% Total Debt/Capital 59.0% Asset Turnover 0.66 Net Fixed Asset Turnover 3.51 Accounts receivable turnover-days 68.67 Inventory Days 68.22 Accounts Payable Turnover Day 40.43 Cash Conversion Cycle 46.11 Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00 6.00

100'000.0

4.00

50'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Volkswagen AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC CARMIGNAC GESTION VANGUARD GROUP INC DEUTSCHE BANK AG FIL LIMITED ALLIANZ ASSET MANAGE BG MASTER FUND PLC UNION INVESTMENT GMB JP MORGAN AMUNDI UBS ADIG INVESTMENT T ROWE PRICE ASSOCIA INVESCO LTD ALLIANCE BERNSTEIN FRANKFURT TRUST INVE MERCURY ASSET MANAGE NATIXIS ASSET MANAGE

Firm Name Morgan Stanley Sanford C. Bernstein & Co Goldman Sachs AlphaValue Baader Bank Bankhaus Lampe Berenberg Bank Commerzbank Corporates & Markets JPMorgan Natixis Societe Generale Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Oddo & Cie M.M. Warburg Investment Research Kepler Cheuvreux Nord/LB National Bank AG S&P Capital IQ Deutsche Bank Equinet Institutional Services(ESN) Main First Bank AG Barclays Redburn Partners Day by Day Exane BNP Paribas Hamburger Sparkasse EVA Dimensions HSBC Bankhaus Metzler Steubing AG UBS Cyrrus Hammer Partners SA

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

Analyst LAURA LEMBKE MAX WARBURTON STEFAN BURGSTALLER HANS-PETER WODNIOK KLAUS BREITENBACH CHRISTIAN LUDWIG ADAM HULL DANIEL SCHWARZ JOSE ASUMENDI GEORGES DIENG STEPHEN REITMAN CHRISTIAN BREITSPRECHER FRANK BILLER ZAFER RUZGAR FRANCOIS MAURY MARC-RENE TONN MICHAEL RAAB FRANK SCHWOPE MANFRED JAISFELD RODERICK BRIDGE JOCHEN GEHRKE TIM SCHULDT LOTHAR LUBINETZKI MICHAEL TYNDALL CHARLES WINSTON VALERIE GASTALDY RABIH FREIHA TINA HECKING-VELTMAN CRAIG STERLING HORST SCHNEIDER JUERGEN PIEPER TOBIAS SCHMIDT PHILIPPE HOUCHOIS JIRI SIMARA ALBERTO ROLLA

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

Recommendation Overwt/In-Line market perform buy/attractive sell buy buy buy buy overweight buy buy outperform buy buy neutral buy buy buy buy buy buy buy outperform overweight neutral hold outperform hold hold overweight buy buy neutral buy buy

Amt Held % Out 6'993'375 4.11 5'156'855 3.03 3'496'962 2.06 1'684'876 0.99 1'576'104 0.93 1'497'526 0.88 1'349'465 0.79 1'255'269 0.74 (1'173'985) -0.69 996'683 0.59 981'045 0.58 932'605 0.55 880'705 0.52 796'624 0.47 708'483 0.42 635'390 0.37 447'077 0.26 435'760 0.26 415'048 0.24 323'599 0.19

Weighting

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

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

Latest Chg (33'318) (1'075'152) 97'268 (308'807) 68'078 248'074 (3'937) 28'775 17'015 (190'153) (64'191) (37'655) (35'501) 21'900 271'648 (200'672) (16'353) (23'700) (7'560)

Target Price 220 170 238 156 220 215 240 205 217 208 220 200 205 210 170 230 210 195 210 192 240 185 220 192 #N/A N/A #N/A N/A 212 #N/A N/A #N/A N/A 191 200 227 165 170 168

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

File Dt 07.08.2013 30.06.2013 30.06.2013 28.06.2013 30.06.2013 28.06.2013 31.12.2012 30.06.2013 22.04.2013 28.03.2013 30.06.2013 30.04.2013 08.08.2013 30.04.2013 30.06.2013 08.08.2013 30.06.2013 30.04.2013 07.08.2013 30.04.2013

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

Inst Type 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 08.08.2013 07.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 29.07.2013 23.07.2013 23.07.2013 10.07.2013 09.07.2013 05.06.2013 07.05.2013 07.05.2013 02.05.2013 16.04.2013 09.04.2013 25.02.2013 29.10.2012 18.10.2012

09.08.2013

Wacker Chemie AG Wacker Chemie AG is a globally active chemical company with a wide range of specialty chemical products. The Company's products include hyperpure polysilicon for the electronics and solar industries, semiconductor wafers, a broad range of silicones, vinyl acetate based polymers, and biotech products.

Price/Volume 80

1.2 M

1.0 M

60 .8 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WCH GY EQUITY YTD Change WCH GY EQUITY YTD % CHANGE

12/2012 06/yy 76.90 40.48 144'817.00 75.94 -1.22% 87.65% 91.68% 52.2 3'960.47 1'197.20 0.0 18.2 435.60 4'854.57

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

31.12.2009 31.12.2010 3'719.3 4'748.4 1.66x 1.36x 917.8 1'250.1 6.71x 5.17x (70.8) 490.7 13.22x Profitability

.2 M

10 0 a-12

s-12

LTM-4Q 31.12.2011 4'909.7 0.65x 1'134.6 2.80x 352.6 8.75x

31.12.2012 4'634.9 0.70x 863.4 3.76x 112.8 21.87x 863.40 334.60 7.22% 4.17% 0.46% 1.38% 1.35% 0.67% 17.5% 17.5% 5.4% 2.4% 1.64 0.87 18.91% 46.05% 6.39 5.37

Price/ Cash Flow

06/yy 4'709.0 2.81x 882.1 3.70x 144.3 18.78x

o-12

n-12

d-12

j-13

LTM 06/yy 4'444.7 3.14x 776.7 5.04x 30.2 96.53x

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.92 18.39 42.65% 54.76% 0.918 24 2.417 115'450 142'681 125'388 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'577.9 4'888.3 1'190.2 1'104.6 1.12x 1.05x 676.5 812.7 172.8 131.5 7.18x 5.98x 28.6 93.8 16.1 (8.6) 121.52x 36.74x S&P Issuer Ratings

16.48 -1.52 1.13 1.89 46.1% 31.4% 0.67 1.17 57.11 67.94 35.95 76.84

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

.4 M

Fiscal Year Ended 31.12.2008 4'298.1 0.86x 1'106.8 3.34x 439.4 8.45x

.6 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Wacker Chemie AG Holdings By:

All

Holder Name DR ALEXANDER WACKER BLUE ELEPHANT HOLDIN WACKER CHEMIE AG BLACKROCK DISCOVERY CAPITAL MA DISCOVERY GLOBAL OPP SAMANA CAPITAL LP ZBI EQUITIES LLC ADIG INVESTMENT NORGES BANK CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA UNION INVESTMENT GMB ALLIANZ ASSET MANAGE ING INTERNATIONAL AD VANGUARD GROUP INC TIAA CREF INVESTMENT SCHRODER INVESTMENT CREDIT SUISSE FUND S OYSTER ASSET MANAGEM

Firm Name Commerzbank Corporates & Markets AlphaValue Nord/LB Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe Equinet Institutional Services(ESN) Deutsche Bank Morgan Stanley Credit Suisse HSBC Landesbank Baden-Wuerttemberg Bankhaus Metzler Steubing AG Main First Bank AG Nomura Natureo Finance UBS DZ Bank AG Macquarie JPMorgan EVA Dimensions National Bank AG

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

Analyst GEORG REMSHAGEN MARTIN SCHNEE THORSTEN STRAUSS CHRISTOPH SCHOENDUBE NILS-PETER FITZL HEIKO FEBER STEFAN FREUDENREICH ALEXANDER KARNICK PETER MACKEY MATHEW WAUGH CHRISTIAN DOMINIK RATH ERKAN AYCICEK DANIEL SEIDENSPINNER TOBIAS SCHMIDT THOMAS SWOBODA JEAN DE WATTEVILLE INGO QUEISER JEAN-FRANCOIS MEYMANDI PETER SPENGLER ROBERT SCHRAMM-FUCHS MARTIN EVANS TIMOTHY STANISH STEFFEN MANSKE

Source Co File Co File Co File ULT-AGG Short Short Short Short MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy sell hold hold sell sell sell sell Underwt/In-Line underperform neutral sell buy hold outperform neutral sell buy sell outperform underweight sell sell

Amt Held % Out 26'076'300 50 5'215'260 10 2'474'617 4.74 2'141'252 4.11 (996'115) -1.91 (824'011) -1.58 (526'741) -1.01 (526'741) -1.01 407'363 0.78 240'337 0.46 228'000 0.44 189'575 0.36 176'900 0.34 166'782 0.32 145'720 0.28 128'697 0.25 92'997 0.18 79'151 0.15 77'479 0.15 74'500 0.14

Weighting

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

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

Latest Chg 30'165 (31'292) 52'153 93'875 (4'231) (84'847) 12'400 (16'283) (36'911) 28'973 (49) (10'714) 74'500

Target Price 84 63 68 75 40 60 58 39 53 55 73 52 78 68 85 70 55 80 50 65 44 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Unclassified 31.12.2012 Corporation 07.08.2013 Investment Advisor 14.02.2013 Hedge Fund Manager 16.10.2012 Investment Advisor 26.06.2012 Hedge Fund Manager 06.02.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 09.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 18.07.2013 11.07.2013 09.07.2013 09.07.2013 02.07.2013 07.06.2013 06.06.2013 25.07.2012

09.08.2013

Wirecard AG Wirecard AG offers Internet payment and processing services. The Company provides software and systems for online payment, electronic funds transfer, fraud protection and enterprise solutions. Wirecard also offers call center services.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (13.08.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WDI GY EQUITY YTD Change WDI GY EQUITY YTD % CHANGE

12/2012 03/yy 23.60 15.58 117'285.00 22.81 -3.09% 46.79% 92.96% 112.2 2'559.10 94.97 0.0 0.0 442.50 2'239.08

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

0 a-12

31.12.2009 31.12.2010 228.5 271.6 3.13x 3.20x 60.3 73.1 11.86x 11.90x 45.5 54.0 21.44x 19.34x Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

LTM-4Q 31.12.2011 324.8 3.47x 84.4 13.37x 61.2 20.70x

31.12.2012 394.6 4.41x 109.3 15.92x 73.3 27.76x 109.25 93.60 23.72% 23.10% 7.28% 14.16% 12.42% 0.40% 27.3% 23.0% 18.6% 1.39 0.92 8.42% 17.53% -

Price/ Cash Flow

03/yy 338.6 13.25x 90.8 14.54x 63.9 22.66x

LTM 03/yy 412.0 16.80x 112.3 18.86x 74.5 32.92x

FY+1

0.52 105.57 43.45% 23.63% 0.519 18 3.889 169'486 279'722 277'407 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 471.4 556.4 113.8 124.0 4.93x 4.06x 124.6 152.1 29.6 34.2 17.99x 14.74x 82.9 105.1 19.7 24.2 30.25x 23.99x S&P Issuer Ratings

23.91 12.85 -2.85 1.01 17.5% 14.9% 0.40 42.51 -

Sales/Revenue/Turnover

450.00

450.0

400.00

400.0

350.00

350.0

300.00

300.0

250.00

250.0

200.00

200.0

150.00

150.0

100.00

100.0

50.00

50.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 196.8 1.19x 52.4 4.46x 42.3 9.83x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

Wirecard AG Holdings By:

All

Holder Name JUPITER ASSET MANAGE MB BETEILGUNGSGESELL ALKEN FUND SICAV ARTISAN PARTNERS HOL AMERIPRISE FINANCIAL WASATCH ADVISORS INC MANNING & NAPIER ADV NORGES BANK COLUMBIA WANGER ASSE T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP FIL LIMITED GENERALI ASSET MANAG VANGUARD GROUP INC JUPITER GLOBAL ACTIV BANK OF NOVA SCOTIA ALLIANZ ASSET MANAGE BLACKROCK OPPENHEIMERFUNDS INC GAM INTERNATIONAL MA

Portfolio Name n/a n/a n/a n/a #N/A N/A n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Main First Bank AG Natixis Commerzbank Corporates & Markets Baader Bank Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe Berenberg Bank M.M. Warburg Investment Research Landesbank Baden-Wuerttemberg Barclays Matelan Research GmbH Equita SIM SpA Exane BNP Paribas EVA Dimensions Goldman Sachs Deutsche Bank

JUERGEN WAGNER MAXIME MALLET HEIKE PAULS KNUT WOLLER LARS LUSEBRINK SASCHA BERRESCH CHRISTOPH SCHLIENKAMP BJOERN LIPPE JOCHEN REICHERT THOMAS HOFMANN GERARDUS VOS ADRIAN HOPKINSON GIANMARCO BONACINA ALEXANDRE FAURE ANDREW S ZAMFOTIS SIVA KRISHNA PRASAD BORRA BENJAMIN KOHNKE

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

Recommendation outperform buy buy buy hold hold hold buy hold hold overweight buy buy neutral hold neutral/neutral hold

Amt Held 6'731'532 6'619'340 5'609'610 4'252'084 3'440'967 3'374'948 3'313'990 2'679'483 2'346'242 2'308'919 1'606'351 1'329'026 1'297'798 1'110'354 1'087'181 1'072'621 956'005 907'808 880'371 871'230

% Out 6 5.9 5 3.79 3.07 3.01 2.95 2.39 2.09 2.06 1.43 1.18 1.16 0.99 0.97 0.96 0.85 0.81 0.78 0.78

Weighting

Change 5 5 5 5 3 3 3 5 3 3 5 5 5 3 3 3 3

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

Latest Chg (14'512) (244'783) 962'113 (476'775) (6'012) 51'594 92'900 18'862 7'962 (7'344)

Target Price 26 23 24 26 24 20 23 28 23 24 23 29 26 21 #N/A N/A 24 16

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

File Dt 31.12.2012 31.12.2012 31.12.2012 13.03.2013 01.08.2013 14.05.2013 31.07.2013 31.12.2012 28.06.2013 30.06.2013 30.06.2013 31.12.2012 28.06.2013 30.06.2013 30.04.2013 30.04.2013 30.06.2013 07.08.2013 30.06.2013 28.06.2013

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

Inst Type Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 05.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 19.07.2013 10.07.2013 10.07.2013 21.05.2013 20.05.2013 17.05.2013 13.05.2013 22.04.2013 17.01.2013

09.08.2013

Wincor Nixdorf AG Wincor Nixdorf AG manufactures banking machines and cash registers. The Company's products include ATMs, cash deposit systems, and Automated Teller Safes.

Price/Volume 60

.7 M

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WIN GY EQUITY YTD Change WIN GY EQUITY YTD % CHANGE

09/2012 06/yy 49.92 28.80 31'132.00 49.535 -0.74% 72.05% 98.22% 33.1 1'638.86 237.27 0.0 4.7 38.43 1'761.12

30.09.2008 2'318.6 0.65x 240.4 6.31x 126.6 10.44x

.3 M

.2 M

10 0 a-12

.1 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

.4 M

Valuation Analysis

30.09.2009 30.09.2010 2'250.2 2'239.5 0.69x 0.73x 224.7 214.5 6.90x 7.63x 113.6 106.2 12.26x 14.24x Profitability

LTM-4Q 30.09.2011 2'328.2 0.51x 217.0 5.48x 107.1 9.71x

30.09.2012 2'343.0 0.48x 165.3 6.73x 62.6 14.55x

165.32 100.36 4.28% 3.83% 5.79% 24.11% 1.76% 20.9% 7.5% 5.0% 2.7% 1.02 0.57 16.91% 73.10% 6.58 5.71

Price/ Cash Flow

06/yy 2'288.0 1.97x 168.7 6.11x 71.9 11.84x

LTM 06/yy 2'480.1 1.93x 185.8 7.32x 81.4 15.11x

FY+1

.0 M a-13

0.88 29.78 57.51% 43.58% 0.876 22 3.273 109'739 99'822 113'747 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 2'460.3 2'555.7 626.7 678.0 0.73x 0.68x 196.3 228.5 76.7 57.0 8.98x 7.72x 7.42x 5.68x 86.3 108.3 26.8 31.3 17.03x 13.79x 13.83x 10.58x S&P Issuer Ratings

15.43 11.14 0.64 0.84 73.1% 41.9% 1.76 17.77 55.47 63.91 57.44 64.12

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

09.08.2013

Wincor Nixdorf AG Holdings By:

All

Holder Name WINCOR NIXDORF AG WILLIAM BLAIR & COMP BLACKROCK ARTISAN PARTNERS HOL WILLIAM BLAIR & COMP DEUTSCHE BANK AG VANGUARD GROUP INC POLARIS CAPITAL MANA AMUNDI NORGES BANK CLASSIC FUND MGMT AG PEAR TREE ADVISORS I DWS INVESTMENT SA ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL ODDO ASSET MANAGEMEN INTERNATIONAL VALUE BARING FUND MANAGERS IG INVESTMENT MANAGE TREMBLANT CAPITAL LP

Firm Name Deutsche Bank Nord/LB Hauck & Aufhaeuser Bankhaus Lampe Bankhaus Metzler Kepler Cheuvreux Equinet Institutional Services(ESN) DZ Bank AG Commerzbank Corporates & Markets UBS Wedbush Independent Research GmbH M.M. Warburg Investment Research Landesbank Baden-Wuerttemberg HSBC Berenberg Bank National Bank AG Matelan Research GmbH Goldman Sachs EVA Dimensions Main First Bank AG

Portfolio Name n/a WILLIAM BLAIR & COMP n/a #N/A N/A #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst UWE SCHUPP WOLFGANG DONIE TORBEN TEICHLER HEIKO FEBER STEPHAN BAUER STEFAN AUGUSTIN ADRIAN PEHL HARALD SCHNITZER YASMIN MOSCHITZ SVEN WEIER GIL B LURIA SVEN DIERMEIER BJOERN VOSS THOMAS HOFMANN JOERG-ANDRE FINKE FREDERIK BITTER EKKEHARD D LINK ADRIAN HOPKINSON BENJAMIN MOORE ANDREW S ZAMFOTIS JUERGEN WAGNER

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

Recommendation buy buy buy hold sell hold hold hold hold buy neutral hold hold hold overweight sell buy neutral neutral/neutral underweight underperform

Amt Held % Out 3'308'500 10 1'746'514 5.28 1'673'451 5.06 1'648'815 4.98 1'636'175 4.95 1'564'279 4.73 1'102'067 3.33 992'550 3 961'330 2.91 783'622 2.37 578'714 1.75 448'050 1.35 411'500 1.24 402'161 1.22 354'874 1.07 339'594 1.03 337'840 1.02 329'277 1 306'200 0.93 (267'988) -0.81

Weighting

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

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

Latest Chg 4'777 (71'506) (110'339) 80'123 30'000 (52'800) 20'000 (100'000) (36'393)

Target Price 54 54 53 49 40 49 49 46 38 52 50 47 47 41 50 30 49 47 39 #N/A N/A 38

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

File Dt 30.09.2012 30.06.2013 07.08.2013 05.08.2013 01.08.2013 28.06.2013 30.06.2013 30.09.2012 24.04.2013 31.12.2012 30.06.2013 30.06.2013 28.12.2012 30.04.2013 30.04.2013 30.09.2012 31.03.2013 30.04.2013 31.01.2013 02.04.2013

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

Date 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 10.07.2013 19.06.2013 01.05.2013 25.04.2013 26.03.2013 22.01.2013 15.01.2013 14.01.2013

09.08.2013

ElringKlinger AG ElringKlinger AG manufactures and distributes original equipment and replacement parts for automobiles. The Company makes cylinder-head gaskets, seals, modules, and elastomer gasket systems, and shielding systems. ElringKlinger offers engine testing services. The Company owns real estate properties such as industrial parks and warehouses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZIL2 GY EQUITY YTD Change ZIL2 GY EQUITY YTD % CHANGE

12/2012 06/yy 29.55 20.27 142'136.00 29.225 -0.98% 44.35% 78.72% 63.4 1'851.70 314.71 0.0 31.0 54.27 2'155.71

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 657.8 0.99x 138.8 4.71x 39.8 10.07x

31.12.2009 31.12.2010 579.3 795.7 1.97x 2.25x 135.6 199.8 8.42x 8.97x 33.2 65.6 27.93x 23.87x Profitability

LTM-4Q 31.12.2011 1'032.8 1.42x 227.5 6.45x 94.9 12.79x

31.12.2012 1'127.2 1.69x 215.5 8.85x 85.9 18.75x 215.47 136.09 12.07% 10.98% 6.63% 13.81% 0.88% 27.7% 18.4% 11.5% 7.6% 1.58 0.73 24.81% 51.65% 5.25 3.60

Price/ Cash Flow

06/yy 1'103.8 5.37x 233.9 6.40x 104.8 11.36x

LTM 06/yy 1'147.5 4.63x 150.9 0.00x 86.4 18.59x

FY+1

.0 M a-13

1.07 30.41 31.80% 16.68% 1.073 22 2.591 78'875 63'517 71'523 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'190.2 1'263.3 293.0 299.0 1.78x 1.64x 240.2 265.7 8.98x 8.12x 99.4 115.9 25.3 25.9 18.69x 16.02x S&P Issuer Ratings

16.03 8.36 1.30 1.58 51.7% 33.0% 0.88 2.02 69.47 101.53 26.49 133.56

Sales/Revenue/Turnover

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.08.2013

ElringKlinger AG Holdings By:

All

Holder Name LECHLER FAMILY FIL LIMITED FMR LLC MACKAY SHIELDS LLC MARKETFIELD ASSET MA DEUTSCHE BANK AG THREADNEEDLE INVESTM NORGES BANK DANSKE INVEST A/S WILLIAM BLAIR & COMP COLUMBIA WANGER ASSE DANSKE INVEST MANAGE SUN LIFE FINANCIAL I BESSEMER GROUP INCOR OPPENHEIMERFUNDS INC VANGUARD GROUP INC BLACKROCK AMERIPRISE FINANCIAL AVIVA PLC LOMBARD ODIER DARIER

Firm Name

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

Analyst

Hauck & Aufhaeuser PHILIPPE LORRAIN Bankhaus Lampe CHRISTIAN LUDWIG Equinet Institutional Services(ESN) TIM SCHULDT Steubing AG TOBIAS SCHMIDT Goldman Sachs STEPHAN PUETTER Bankhaus Metzler JUERGEN PIEPER EVA Dimensions CRAIG STERLING Landesbank Baden-Wuerttemberg FRANK BILLER Commerzbank Corporates & Markets DANIEL SCHWARZ Macquarie CHRISTIAN BREITSPRECHER HSBC NIELS FEHRE Main First Bank AG TOBIAS FAHRENHOLZ Deutsche Bank TIM ROKOSSA DZ Bank AG MICHAEL PUNZET Exane BNP Paribas GERHARD ORGONAS Kepler Cheuvreux MICHAEL RAAB Nord/LB FRANK SCHWOPE Independent Research GmbH ZAFER RUZGAR M.M. Warburg Investment Research MARC-RENE TONN Montega HENDRIK EMRICH Berenberg Bank BENJAMIN GLAESER LFG Kronos Investment Services GmbH THOMAS ANEY GSC Research MATTHIAS SCHRADE Close Brothers Equity Markets RALF MARINONI

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

Recommendation hold hold reduce hold sell/attractive sell sell hold reduce outperform neutral outperform hold hold neutral reduce sell hold hold sell hold hold buy buy

Amt Held % Out 32'947'194 52 1'791'706 2.83 1'710'210 2.7 1'583'278 2.5 1'104'277 1.74 900'950 1.42 838'457 1.32 790'398 1.25 639'068 1.01 602'057 0.95 522'000 0.82 339'349 0.54 338'224 0.53 216'951 0.34 200'000 0.32 197'617 0.31 (196'534) -0.31 193'077 0.3 192'724 0.3 144'000 0.23

Weighting

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

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

Latest Chg (1'833) 645'314 533'277 35'652 22'189 (35'927) 88'854 10'784 28'091 63'998 -

Target Price 27 27 20 28 21 22 #N/A N/A 27 20 27 28 29 23 25 26 24 21 27 26 22 25 26 #N/A N/A 23

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

File Dt 25.01.2013 09.10.2012 10.05.2013 31.05.2013 31.12.2012 28.06.2013 28.02.2013 31.12.2012 31.05.2013 30.06.2013 28.06.2013 28.03.2013 30.06.2013 30.04.2013 30.05.2013 30.06.2013 07.08.2013 28.06.2013 31.05.2013 31.01.2013

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 09.08.2013 09.08.2013 09.08.2013 07.08.2013 07.08.2013 05.08.2013 02.08.2013 30.07.2013 30.07.2013 23.07.2013 23.07.2013 10.07.2013 04.07.2013 20.06.2013 05.06.2013 21.05.2013 15.05.2013 10.05.2013 08.05.2013 01.05.2013 11.03.2013 20.07.2012 06.07.2012