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

Fundamental Analysis & Analyst Recommendations Swiss Performance Index Top 100 Companies by Cap. July 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

14898194

1991.775

1117

1117

203

220

220

102.58

110.21

110.21

15.75

15.75

14.66

14.66

18.58

Euro Stoxx 50 Pr

EUR

2493756

5284.795

4561

4561

731

763

763

203.59

297.44

297.44

21.63

17.12

14.81

14.81

20.19

NIKKEI 225

JPY

2727065

192.1279

192

192

18

22

22

5.38

7.90

7.90

0.26

0.27

0.18

0.18

0.11

FTSE 100 INDEX

GBP

2587478

11449.56

10098

10098

1411

1676

1676

586.95

805.96

805.96

24.84

21.83

18.09

18.09

21.26

SWISS MARKET INDEX

CHF

1017711

10776.65

4094

4094

859

827

827

416.04

556.80

556.80

20.57

17.07

15.37

15.37

22.10

S&P/TSX COMPOSITE INDEX

CAD

1566664

16493.48

8368

8368

1782

1970

1970

737.98

820.91

820.91

14.92

14.92

13.42

13.42

23.26

S&P/ASX 200 INDEX

AUD

1210714

5733.302

2686

2686

551

684

684

225.02

324.09

324.09

17.92

14.54

12.45

12.45

20.26

HANG SENG INDEX

HKD

1576584

2941

1673

1673

353

398

398

278.90

271.70

271.70

1.22

1.38

1.25

1.25

2.90

MSCI EM

USD

6919194

1278.432

973

973

188

180

180

82.52

90.76

90.76

11.05

11.20

10.05

10.05

19.18

NESTLE SA-REG

CHF

211531

4490

3189

29

0

2

10

232.27

96664

96664

100130

105807

17681

17681

-

-

4.00

19.70

19.69

18.67

17.17

10.69

-2.92

10.18

-1.53

19.15

AA

16.08.2007

-

-

NOVARTIS AG-REG

CHF

191964

2430

2421

21

0

0

9

216.74

59337

59631

59957

61899

17500

17431

-

-

4.19

4.14

5.44

5.93

18.80

19.00

14.29

13.12

-3.38

8.07

-6.49

11.05

30.60

AA-

07.04.2008

Aa3

08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN

CHF

215556

828

863

26

0

2

15

228.99

47638

47638

49735

51645

20312

20312

-

-

14.43

11.78

15.67

16.91

22.22

18.13

16.70

15.48

7.31

0.11

8.81

2.80

44.64

AA

17.09.2012

-

-

UBS AG-REG

CHF

65963

7090

3747

280

0

5

70

266.54

39529

39990

29345

30309

16259

-

-

-

0.55

-0.74

1.04

1.30

-

16.59

17.35

13.79

-8.01

-10.14

-11.60

-32.81

-

A

29.11.2011

A2

21.06.2012

ABB LTD-REG

CHF

50337

3036

2296

11

0

1

9

55.45

41185

42031

43520

45896

5543

5752

1580

1580

1.25

1.21

1.57

1.80

19.63

18.68

15.19

13.25

3.71

4.83

-7.25

2.60

14.33

A

08.06.2010

-

-

CIE FINANCIERE RICHEMON-BR A

CHF

51342

817

553

2

0

0

5

38.22

10627

10627

11553

12676

2949

2949

1755

1755

3.78

3.83

4.18

4.69

19.80

20.15

18.16

16.16

15.14

14.38

18.86

15.24

29.06

-

-

-

-

CREDIT SUISSE GROUP AG-REG

CHF

43067

5495

1325

346

0

7

67

40114

40905

27713

28641

-

-

-

-

2.31

1.63

2.73

3.15

17.59

9.76

10.46

9.07

-10.74

-5.44

-

-

-

A-

02.07.2013

(P)A2

21.06.2012

ZURICH INSURANCE GROUP AG

CHF

38849

315

147

13

0

2

10

47.25

73758

74726

61516

62789

-

-

-

-

27.73

27.08

29.71

31.21

10.61

10.60

9.67

9.20

34.52

46.26

-

-

-

-

-

-

-

SYNGENTA AG-REG

CHF

37013

170

92

4

0

2

40.60

14870

14870

15964

16938

3296

3296

-

-

23.83

21.39

25.55

28.41

20.37

18.28

17.05

15.34

7.37

11.59

9.39

10.73

23.21

A

15.06.2007

-

-

SWISS RE AG

CHF

27441

717

343

21

1

0

11

38.04

34673

35926

35664

37976

-

-

-

-

11.58

13.21

9.69

9.06

6.14

6.57

8.38

8.95

20.03

13.92

-

-

-

-

-

-

-

TRANSOCEAN LTD

CHF

17310

271

13

0

0

5

26.00

9628

9986

10095

11364

2896

2837

951

951

-

-

4.59

6.40

-

-

11.47

8.23

15.25

-6.57

86.46

-4.03

29.75

-

-

-

-

SWATCH GROUP AG/THE-BR

CHF

29357

116

54

0

0

0

2

27.46

8162

8162

9217

10171

2351

2351

1104

1104

31.01

31.03

34.35

38.49

18.92

18.93

17.09

15.25

15.97

6.93

22.84

9.77

30.15

-

-

-

-

HOLCIM LTD-REG

CHF

23048

716

325

14

0

3

3

37.34

22557

22099

23074

24579

4171

4071

1365

1365

2.01

2.57

4.66

6.31

28.76

28.53

15.82

11.69

4.04

-4.61

0.69

-10.97

19.29

BBB

22.01.2009

Baa2

09.04.2009

SGS SA-REG

CHF

17265

18

8

1

0

0

1

17.68

5840

5840

6453

7059

1177

1177

-

-

75.92

76.40

97.91

113.40

30.25

30.44

23.59

20.37

17.05

5.69

11.24

4.61

21.10

-

-

-

-

WEATHERFORD INTL LTD

CHF

10704

29

9

0

0

0

20.29

15930

16188

16936

18506

2560

2622

717

717

-

-

0.85

1.33

-

-

18.02

11.55

17.95

12.81

0.09

1.94

16.96

-

-

-

-

SWISSCOM AG-REG

CHF

22622

61

52

9

0

0

1

31.10

11919

11848

11845

11897

4300

4224

1130

1130

35.32

34.15

33.17

33.80

13.39

13.45

13.78

13.53

-0.76

-1.45

-4.70

-0.20

37.32

A

30.06.2009

A2

27.06.2007

GEBERIT AG-REG

CHF

9804

89

38

0

0

0

0

9.38

2010

2021

2381

2498

568

575

615

615

10.76

11.03

12.00

12.81

23.98

23.98

22.03

20.65

2.92

-1.35

2.05

-3.15

29.80

A-

25.05.2010

-

-

GIVAUDAN-REG

CHF

12085

10

9

2

0

0

0

13.23

4457

4457

4642

4862

912

911

-

-

46.96

47.27

59.24

66.45

28.99

29.18

23.13

20.62

9.15

0.28

16.09

-0.10

21.40

-

-

-

-

JULIUS BAER GROUP LTD

CHF

8703

390

214

9

0

0

16

2124

2124

2248

2720

-

-

-

-

2.23

1.56

2.29

2.95

26.11

27.02

17.81

13.78

-1.18

-

-

-

-

-

-

-

-

ADECCO SA-REG

CHF

10820

273

185

2

0

0

1

9.89

21501

21000

20892

22191

867

807

-

-

2.09

1.85

3.00

3.74

26.17

26.17

16.16

12.98

-0.05

-0.50

-12.38

-7.00

4.02

BBB

12.10.2011

Baa3

20.10.2009

SCHINDLER HOLDING-PART CERT

CHF

16171

84

116

1

0

0

3

14.25

9724

1156

1161

1236

1236

6.31

6.34

6.74

7.47

23.20

23.32

21.84

19.71

5.39

3.67

19.19

3.01

14.06

-

-

-

-

ACTELION LTD-REG

CHF

7298

214

113

0

0

0

1

6.54

1803

1821

1806

1848

527

598

135

135

2.69

3.25

3.84

4.04

19.57

18.47

16.53

15.71

0.56

7.50

16.28

4.53

34.39

-

-

-

-

KUEHNE & NAGEL INTL AG-REG

CHF

13821

124

120

0

0

0

1

12.70

17925

18167

18655

19743

970

1039

254

254

4.54

4.83

5.41

6.11

24.98

23.58

22.29

19.74

5.82

-0.43

-5.97

-2.03

5.99

-

-

-

-

ARYZTA AG

CHF

5176

122

88

2

0

0

1

5.39

4405

4569

4671

4987

565

577

-

-

1.57

1.52

3.77

4.19

31.48

31.52

12.70

11.40

8.93

-

11.86

22.69

13.21

-

-

-

-

SWATCH GROUP AG/THE-REG

CHF

29357

129

54

0

0

0

2

27.46

8162

8162

9266

10135

2351

2351

2680

2680

31.01

31.03

7.05

7.72

3.28

3.28

14.45

13.20

15.97

7.52

22.84

9.77

30.15

-

-

-

-

SIKA AG-BR

CHF

6498

3

3

1

0

0

1

6.62

5056

5056

5306

5688

596

596

-

-

137.43

144.77

137.53

156.98

18.76

18.76

19.75

17.30

6.26

1.31

20.07

-2.37

12.33

A-

02.05.2000

-

-

SONOVA HOLDING AG-REG

CHF

7186

55

67

0

0

0

0

7.02

1880

1880

2025

2170

250

250

-

-

1.74

1.74

5.57

6.28

64.46

64.46

20.11

17.83

11.34

9.35

-36.54

-8.52

13.90

-

-

-

-

BALOISE HOLDING AG - REG

CHF

4963

171

47

2

0

0

3

4.06

9772

9772

8894

9061

-

-

-

-

9.51

9.76

10.04

10.54

10.65

10.93

10.35

9.86

22.36

4.20

-

-

-

-

-

-

-

SWISS PRIME SITE-REG

CHF

4389

95

60

4

0

0

0

8.50

604

604

596

599

356

356

-

-

2.84

6.00

3.65

3.77

12.77

25.47

21.00

20.34

0.93

28.50

-4.59

18.57

61.66

-

-

-

-

PARTNERS GROUP HOLDING AG

CHF

7422

27

25

0

0

0

0

7.18

591

591

531

623

309

309

159

159

10.39

10.63

12.22

14.30

27.39

28.02

23.82

20.35

26.92

18.57

26.31

1.85

54.85

-

-

-

-

CLARIANT AG-REG

CHF

4678

1413

296

4

0

0

2

6.53

6322

7262

6497

6769

808

812

220

220

0.99

0.83

1.11

1.31

17.84

14.64

13.27

11.24

-18.92

-5.72

-12.22

-0.08

11.71

BBB-

14.03.2011

Ba1

03.03.2009

SWISS LIFE HOLDING AG-REG

CHF

5327

111

32

3

0

0

7

1.48

19973

19973

19058

19355

-

-

-

-

18.55

3.02

19.74

21.01

57.58

9.37

8.81

8.27

10.81

6.24

-

-

-

BBB

03.05.2012

-

-

LINDT & SPRUENGLI AG-REG

CHF

9459

0

0

0

0

0

1

8.89

2795

2795

3007

3223

479

490

535

535

1242.70

1239.21

1424.83

1576.77

37.48

37.37

32.59

29.45

7.61

-1.24

8.81

0.61

18.37

-

-

-

-

SULZER AG-REG

CHF

5672

98

34

1

0

0

1

5.78

4211

4211

4441

4730

578

578

625

625

9.40

9.45

10.26

12.04

18.33

18.43

16.88

14.39

12.98

2.92

15.26

2.65

14.37

-

-

-

-

LONZA GROUP AG-REG

CHF

3956

186

52

3

0

0

0

6.45

4110

4110

4148

4360

670

670

-

-

3.68

3.69

4.87

5.85

21.24

21.26

16.08

13.39

47.96

6.64

20.08

-0.89

17.07

-

-

-

-

PSP SWISS PROPERTY AG-REG

CHF

3943

43

46

2

0

0

0

5.81

297

295

287

292

184

229

60

60

3.69

8.84

3.76

3.72

10.18

24.62

23.93

24.21

-0.34

-

-25.31

6.02

81.49

-

-

-

-

LINDT & SPRUENGLI AG-PC

CHF

9459

1

0

0

0

0

1

8.89

2795

2795

3014

3233

479

490

116

116

1242.70

1239.21

138.34

151.94

3.21

3.20

28.72

26.15

7.61

-1.24

8.81

0.61

18.37

-

-

-

-

SCHINDLER HOLDING AG-REG

CHF

16171

16

116

1

0

0

3

14.25

8646

8646

9161

9724

1156

1161

1236

1236

6.31

6.34

6.74

7.47

22.53

22.64

21.21

19.14

5.39

3.67

19.19

3.01

14.06

-

-

-

-

GAM HOLDING AG

CHF

2889

466

165

0

0

0

1

1046

1045

671

728

-

-

-

-

0.53

0.53

1.23

1.41

30.90

30.90

13.43

11.72

24.09

-

-

-

-

-

-

-

-

DUFRY AG-REG

CHF

3669

162

29

1

0

0

0

4.81

3302

3315

3859

4349

465

448

147

147

4.62

4.09

8.22

11.10

31.62

31.95

15.75

11.66

20.48

-

30.32

13.20

14.15

BB+

15.10.2012

-

-

GALENICA AG-REG

CHF

4002

11

6

1

0

0

0

4.75

3778

3778

3737

3872

452

452

-

-

41.66

41.01

41.46

43.64

15.72

15.79

15.55

14.77

3.83

7.67

8.22

18.44

12.52

-

-

-

-

HELVETIA HOLDING AG-REG

CHF

3545

10

9

0

0

0

2

2.45

8342

8342

7635

8433

-

-

-

-

39.91

39.90

42.20

44.04

10.75

10.75

10.16

9.74

6.58

5.46

-

-

-

-

-

-

-

EMS-CHEMIE HOLDING AG-REG

CHF

7010

15

23

0

0

0

0

6.74

1838

1838

1943

2058

364

-

214

214

12.22

12.22

12.38

13.21

25.68

25.68

25.34

23.76

6.15

2.63

-

2.85

-

-

-

-

-

OC OERLIKON CORP AG-REG

CHF

3993

1272

325

0

0

0

1

3.67

3043

3043

3057

3164

599

599

-

-

0.70

0.71

0.75

0.85

18.01

18.28

16.99

15.10

6.71

-11.95

16.78

-4.23

20.61

-

-

-

-

BARRY CALLEBAUT AG-REG

CHF

5132

9

5

1

0

0

0

6.18

5057

4967

5177

6445

462

-

-

-

48.54

47.58

49.74

55.71

20.58

20.66

19.68

17.57

8.68

-1.49

-3.88

0.31

-

BB+

28.03.2013

-

-

PARGESA HOLDING SA-BR

CHF

5647

64

85

4

0

9

2

16.91

5146

5146

533

566

1486

1492

-

-

5.66

5.17

5.15

6.10

13.46

12.31

13.52

11.41

4.12

-2.62

57.64

0.89

30.34

-

-

-

-

FISCHER (GEORG)-REG

CHF

1899

19

4

1

0

0

0

2.26

3771

3771

3795

3947

376

376

-

-

38.95

31.10

38.36

42.51

15.59

12.62

12.64

11.40

2.71

-3.74

-3.93

-5.91

10.44

-

-

-

-

FLUGHAFEN ZUERICH AG-REG

CHF

3121

7

6

1

0

0

0

4.15

993

993

1012

1028

410

410

547

547

16.24

16.32

25.42

33.85

32.61

32.63

20.94

15.72

5.02

2.90

-20.15

-1.02

43.18

A

20.04.2012

-

-

DKSH HOLDING LTD

CHF

5355

72

63

0

0

0

0

5.33

9249

9249

10582

11686

336

336

184

184

2.97

3.33

3.45

3.92

26.52

29.71

25.59

22.52

21.31

-

17.71

-

3.80

-

-

-

-

BUCHER INDUSTRIES AG-REG

CHF

2435

19

10

1

0

0

1

2.49

2732

2732

2820

2920

319

319

-

-

16.04

16.06

18.11

19.35

15.49

15.51

13.73

12.86

12.24

1.36

18.07

1.46

12.24

-

-

-

-

8646

8646

9161

3.49

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

3.49

3.68


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

14898194

1991.775

1117

1117

203

220

220

102.58

110.21

110.21

15.75

15.75

14.66

14.66

18.58

Euro Stoxx 50 Pr

EUR

2493756

5284.795

4561

4561

731

763

763

203.59

297.44

297.44

21.63

17.12

14.81

14.81

20.19

NIKKEI 225

JPY

2727065

192.1279

192

192

18

22

22

5.38

7.90

7.90

0.26

0.27

0.18

0.18

0.11

FTSE 100 INDEX

GBP

2587478

11449.56

10098

10098

1411

1676

1676

586.95

805.96

805.96

24.84

21.83

18.09

18.09

21.26

SWISS MARKET INDEX

CHF

1017711

10776.65

4094

4094

859

827

827

416.04

556.80

556.80

20.57

17.07

15.37

15.37

22.10

S&P/TSX COMPOSITE INDEX

CAD

1566664

16493.48

8368

8368

1782

1970

1970

737.98

820.91

820.91

14.92

14.92

13.42

13.42

23.26

S&P/ASX 200 INDEX

AUD

1210714

5733.302

2686

2686

551

684

684

225.02

324.09

324.09

17.92

14.54

12.45

12.45

20.26

HANG SENG INDEX

HKD

1576584

2941

1673

1673

353

398

398

278.90

271.70

271.70

1.22

1.38

1.25

1.25

2.90

MSCI EM

USD

6919194

1278.432

973

973

188

180

180

82.52

90.76

90.76

11.05

11.20

10.05

10.05

19.18

TEMENOS GROUP AG-REG

CHF

1712

159

69

0

0

0

0

1.92

471

475

499

537

113

126

31

0.37

0.60

1.19

1.40

43.67

43.67

21.89

18.60

-5.14

3.76

22.92

6.85

27.79

-

-

-

-

NOBEL BIOCARE HOLDING AG-REG

CHF

1477

99

123

0

0

0

0

1.13

608

601

592

612

105

102

28

28

0.39

0.39

0.42

0.47

26.13

26.13

24.30

21.68

2.08

-1.84

-3.86

-16.90

17.79

-

-

-

-

ALLREAL HOLDING AG-REG

CHF

2215

14

16

2

0

0

0

3.82

909

909

294

310

180

180

206

206

6.81

6.75

7.59

8.46

21.54

21.36

19.17

17.19

4.63

81.24

-5.91

6.62

20.77

-

-

-

-

BANQUE CANTONALE VAUDOIS-REG

CHF

4334

5

9

9

0

0

7

1383

1383

1039

1067

-

-

-

-

-

37.83

34.66

35.80

13.94

-

15.21

14.73

-2.36

-4.69

-

-

-

AA

05.12.2011

-

-

KABA HOLDING AG-REG B

CHF

1452

5

4

0

0

0

0

992

993

1000

1023

161

157

67

67

23.20

23.35

21.91

23.88

17.07

17.07

18.19

16.69

0.25

-7.01

26.45

-3.49

16.58

-

-

-

-

VALIANT HOLDING AG-REG

CHF

1394

21

16

7

0

0

2

646

646

393

419

-

-

-

-

5.69

7.13

6.09

7.57

12.96

16.25

15.17

12.21

0.37

-2.12

-

-

-

-

-

-

-

MOBIMO HOLDING AG-REG

CHF

1240

10

6

1

0

0

0

2.25

264

264

137

138

88

88

104

104

7.66

12.91

9.08

9.09

16.20

27.31

23.03

23.00

10.18

5.86

3.32

6.84

34.73

-

-

-

-

PANALPINA WELTTRANSPORT -REG

CHF

2683

22

24

0

0

0

0

2.29

6928

6992

7529

7869

38

96

41

41

-0.43

-0.69

3.10

4.38

-

-

38.11

26.99

1.88

-5.17

-86.64

-38.82

1.44

-

-

-

-

LUZERNER KANTONALBANK AG-REG

CHF

3061

2

8

6

0

0

3

718

713

447

456

-

-

-

-

20.36

21.14

22.78

23.45

17.84

18.10

16.55

16.08

-4.95

-4.78

-

-

-

AA+

12.09.2008

-

-

BERNER KANTONALBANK AG-REG

CHF

2207

4

9

2

0

0

3

694

694

-

-

-

-

17.37

14.39

17.24

14.27

-4.01

-1.36

-

-

-

-

-

-

-

AMS AG

CHF

1114

69

14

0

0

0

0

0.89

406

400

429

479

123

115

23

23

6.34

5.87

6.04

7.39

11.10

11.73

10.80

8.83

42.51

24.73

71.91

19.85

30.20

-

-

-

-

KUONI REISEN HLDG-REG(CAT B)

CHF

1311

13

4

0

0

0

0

1.21

6120

6120

6089

6315

179

179

-

-

-1.79

-2.61

25.70

31.62

-

-

13.36

10.86

15.04

5.38

2.63

-2.77

3.07

-

-

-

-

BURCKHARDT COMPRESSION HOLDI

CHF

1351

5

3

0

0

0

0

1.19

384

384

455

496

90

90

100

100

17.40

17.40

19.81

22.26

23.91

23.91

21.00

18.69

12.02

3.62

9.46

-2.07

24.68

-

-

-

-

STRAUMANN HOLDING AG-REG

CHF

2373

24

15

0

0

0

0

2.22

719

719

704

726

100

100

-

-

2.47

2.47

6.72

7.89

64.15

64.20

23.60

20.10

-1.11

-2.23

-19.00

-17.81

14.58

-

-

-

-

BELIMO HOLDING AG-REG

CHF

1379

0

1

0

0

0

0

1.29

466

466

503

543

96

96

107

107

105.48

105.48

119.43

131.13

22.26

22.26

19.66

17.91

7.21

4.50

12.94

5.98

21.64

-

-

-

-

ST GALLER KANTONALBANK A-REG

CHF

2042

2

6

6

0

0

3

745

745

515

524

-

-

-

-

27.22

28.56

30.92

31.14

13.43

14.09

12.41

12.32

1.28

-4.48

-

-

-

-

-

Aa1

02.12.2003

LOGITECH INTERNATIONAL-REG

CHF

1101

249

173

0

0

0

0

0.80

2199

2199

2089

2109

79

79

-1

-1

-0.15

-1.51

0.31

0.44

-

-

24.20

17.27

-9.78

-2.89

-50.03

-27.03

3.76

-

-

-

-

TECAN GROUP AG-REG

CHF

1054

8

11

0

0

0

0

0.91

409

409

431

473

66

66

73

73

4.02

4.08

4.51

5.43

23.62

23.99

21.37

17.77

3.93

-0.76

3.81

-2.75

16.75

-

-

-

-

GRAUBUENDNER KANTONALBANK-PC

CHF

3268

0

2

3

0

0

2

518

518

405

418

-

-

-

-

66.57

58.36

80.67

85.23

21.32

18.69

15.42

14.60

-3.19

-4.66

-

-

-

AA+

17.12.2010

-

-

ZUGER KANTONALBANK-BR

CHF

1413

0

0

3

0

0

1

342

342

-

-

-

-

222.41

222.42

23.07

23.07

-3.51

-3.38

-

-

-

-

-

-

-

FORBO HOLDING AG-REG

CHF

1446

3

2

0

0

0

0

1.18

1258

1258

1277

216

-

170

170

60.16

59.31

47.86

53.57

11.35

11.35

14.06

12.57

-0.23

0.56

4.94

-2.85

-

-

-

-

-

VONTOBEL HOLDING AG-REG

CHF

2035

20

63

9

0

0

4

6.94

947

947

870

941

233

233

-

-

2.11

2.15

2.39

2.80

15.27

15.50

13.69

11.72

1.67

-1.62

4.11

-12.12

25.72

A

30.03.2009

-

-

DAETWYLER HOLDING AG-BR

CHF

1823

8

16

0

0

0

0

1.88

1242

1242

1474

1572

167

167

226

226

6.30

6.31

8.27

9.38

17.78

17.78

13.57

11.97

13.50

1.61

-3.18

-3.52

14.07

-

-

-

-

HUBER & SUHNER AG-REG

CHF

909

9

20

0

0

0

0

0.82

731

731

797

860

80

33

94

94

1.17

1.17

2.37

2.82

40.20

40.20

19.88

16.72

-8.34

1.90

-

-6.52

4.90

-

-

-

-

VALORA HOLDING AG-REG

CHF

636

2

3

1

0

0

0

1.02

2982

2982

3042

3089

140

140

149

149

20.09

16.61

17.81

19.55

11.67

11.67

10.88

9.91

1.11

0.27

13.07

5.96

4.91

-

-

-

-

INFICON HOLDING AG-REG

CHF

673

1

2

0

0

0

0

0.61

311

303

327

342

60

-

-

-

18.70

17.97

18.84

20.10

18.40

18.56

17.54

16.45

-4.99

7.94

-5.33

8.11

-

-

-

-

-

MEYER BURGER TECHNOLOGY AG

CHF

548

730

58

0

0

0

0

0.56

676

676

477

645

-34

-34

-

-

-2.03

-2.03

-1.38

-0.26

-

-

-53.33

40.27

-

-

-5.31

-

-

-

-

IMPLENIA AG-REG

CHF

975

14

18

0

0

0

1

0.69

2822

2822

2956

3036

147

147

162

162

3.95

3.95

4.44

4.60

14.00

14.00

7.18

3.47

4.02

11.97

5.46

-

-

-

-

BASELLANDS KANTONALBANK-CERT

CHF

2217

0

2

4

0

0

1

594

594

-

-

-

-

77.47

53.97

19.82

13.81

-3.02

-3.42

-

-

-

AAA

21.11.2001

-

-

BASILEA PHARMACEUTICA-REG

CHF

695

29

10

0

0

0

0

61

61

-49

-

-46

-46

-5.79

-5.79

-

-

-13.84

88.54

13.80

-

-

-

-

-

-

BASLER KANTONALBK - PC

CHF

2629

6

30

8

0

0

6

1007

1007

-

-

-

-

7.55

8.36

10.52

11.64

2.92

-3.54

-

-

-

AA+

18.10.2001

-

-

EMMI AG-REG

CHF

1587

2

5

1

0

0

0

3121

3121

3368

3438

261

262

283

283

20.77

20.79

20.22

21.59

14.93

14.95

15.36

14.38

10.00

5.18

11.83

11.83

8.78

-

-

-

-

EFG INTERNATIONAL AG

CHF

1804

6

147

2

0

0

5

1227

1227

796

859

-

-

-

-

0.83

0.80

1.02

1.18

16.19

16.53

12.66

10.94

9.13

-12.38

-

-

-

-

-

-

-

RIETER HOLDING AG-REG

CHF

747

12

5

0

0

0

0

0.65

930

930

969

1092

70

70

73

73

3.67

6.70

4.26

12.55

24.96

45.55

39.25

13.33

-11.74

-25.31

-56.96

-33.05

7.87

-

-

-

-

BKW AG

CHF

1611

10

48

1

0

0

1

2.18

2844

2844

2725

2826

433

433

453

453

2.92

2.92

3.62

4.11

10.94

10.94

8.83

7.78

8.92

0.50

200.19

-0.33

15.95

-

-

-

-

GATEGROUP HOLDING AG

CHF

554

89

26

0

0

0

0

0.87

3133

3133

3236

3356

69

69

-

-

-2.34

-2.36

1.61

2.26

-

-

13.43

9.60

11.86

-

-63.49

-

2.30

BB-

11.06.2013

-

-

SCHWEITER TECHNOLOGIES AG-BR

CHF

884

1

1

0

0

0

0

0.49

705

705

734

772

84

84

83

83

28.44

29.92

30.27

38.16

21.43

22.42

21.19

16.80

-3.68

73.15

-4.30

32.33

12.49

-

-

-

-

SCHWEIZERISCHE NATL-V AG-REG

CHF

975

2

22

0

0

0

1

0.43

1666

1666

1705

1769

-

-

-

-

4.90

4.90

4.90

5.19

9.45

9.45

9.45

8.93

0.80

-3.38

-

-

-

NR

23.05.2006

-

-

METALL ZUG AG-SHS B-REG

CHF

1002

0

0

0

0

0

0

0.64

876

876

885

906

117

-

104

104

145.69

145.69

193.47

148.91

16.03

16.03

12.07

15.68

-0.71

7.46

-23.51

-2.39

-

-

-

-

-

VETROPACK HOLDING AG-BR

CHF

793

0

0

0

0

0

0

0.75

633

633

642

664

122

-

140

140

213.57

208.61

154.44

167.52

9.71

-

13.11

12.09

2.66

-0.93

-9.94

-9.80

-

-

-

-

-

VZ HOLDING AG

CHF

1080

2

8

0

0

0

0

0.87

161

161

184

209

74

74

88

88

7.21

7.25

8.46

9.73

19.50

19.59

16.70

14.52

7.13

11.08

6.17

12.01

47.92

-

-

-

-

KUDELSKI SA-BR

CHF

660

38

54

0

0

0

0

0.84

884

884

916

942

104

104

-

-

0.32

0.32

1.00

1.11

40.64

40.64

12.90

11.60

-3.57

-1.32

11.73

-7.35

12.34

-

-

-

-

LIECHTENSTEIN LANDESBANK-BR

CHF

1175

3

28

2

0

0

8

611

611

401

385

-

-

-

-

3.48

3.48

3.26

3.60

11.50

11.50

12.27

11.09

5.48

-11.34

-

-

-

-

-

-

-

ZEHNDER GROUP AG-BR

CHF

526

8

12

0

0

0

0

0.41

548

548

562

589

59

59

61

61

2.42

2.42

2.60

3.02

15.72

15.72

14.64

12.58

1.71

-

-18.54

0.19

11.33

-

-

-

-

LEM HOLDING SA-REG

CHF

716

0

1

0

0

0

0

0.69

246

246

274

298

51

-

-

-

30.02

30.04

33.65

41.23

21.90

21.90

19.55

15.95

-0.61

4.79

15.24

7.11

-

-

-

-

-

BOSSARD HOLDING AG-BR

CHF

604

2

3

0

0

0

0

0.82

493

493

630

672

61

61

84

84

13.87

13.87

15.75

16.31

11.41

11.41

10.04

9.70

3.08

-2.65

-3.52

-0.40

12.91

-

-

-

-

AFG ARBONIA-FORSTER HOLD-REG

CHF

492

35

18

0

0

0

0

0.63

1273

1273

1396

1429

115

115

125

125

-2.97

-2.97

2.10

2.77

-

-

13.45

10.22

-4.10

-4.52

8.67

-6.79

9.44

-

-

-

-

ZUG ESTATES HOLDING AG-B SHR

CHF

632

1

1

0

0

0

0

0.81

27

27

10

10

-

-

17.17

84.38

90.92

15.46

75.97

14.35

-43.14

-

-57.76

-

39.62

-

-

-

-

INTERSHOP HOLDINGS-BR

CHF

704

1

2

1

0

0

0

1.24

94

101

91

98

73

63

75

75

25.33

27.99

22.62

24.76

12.53

13.85

15.51

14.17

-0.39

7.63

4.58

3.06

65.95

-

-

-

-

U-BLOX AG

CHF

422

13

6

0

0

0

0

0.36

181

181

226

253

39

-

45

45

2.85

2.87

3.60

4.23

24.46

24.91

19.46

16.59

40.66

-

25.62

31.44

-

-

-

-

-

1.44

0.34

2.21

1256

46

65

31

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

-4.37

-3.16

12.45

12.01


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

2.26

2.26

2.07

1.88

2.26

1.45

1.45

1.38

1.33

1.45

10.18

10.18

9.51

9.83

10.18

9.03

9.03

8.33

7.78

9.03

14.66

14.66

13.11

11.96

14.66

2.17

2.17

2.34

2.44

2.17

1777.8

10.1%

Euro Stoxx 50 Pr

1.15

1.15

1.09

1.02

1.15

0.75

0.75

0.73

0.71

0.75

5.69

5.69

5.23

4.76

5.69

6.93

6.93

6.55

6.19

6.93

11.46

11.46

10.21

9.21

11.46

4.36

4.36

4.64

5.00

4.36

2969.9

12.7%

NIKKEI 225

1.52

1.52

1.43

1.32

1.52

0.73

0.73

0.71

0.69

0.73

8.97

8.97

8.30

7.60

8.97

8.85

8.85

8.19

7.71

8.85

17.73

17.73

15.75

14.19

17.73

1.64

1.64

1.79

1.94

1.64

14886.7

6.2%

FTSE 100 INDEX

1.69

1.69

1.58

1.46

1.69

0.96

0.96

0.93

0.95

0.96

8.35

8.35

7.62

6.95

8.35

6.83

6.83

6.43

6.05

6.83

12.00

12.00

10.93

10.09

12.00

3.91

3.91

4.21

4.56

3.91

6995.7

9.0%

SWISS MARKET INDEX

2.34

2.34

2.17

2.02

2.34

2.00

2.00

1.90

1.82

2.00

12.00

12.00

10.95

9.76

12.00

13.03

13.03

12.00

11.23

13.03

14.68

14.68

13.23

12.05

14.68

3.31

3.30

3.69

4.23

3.30

8617.2

10.4%

S&P/TSX COMPOSITE INDEX

1.62

1.62

1.51

1.41

1.62

1.38

1.38

1.43

1.48

1.38

8.20

8.20

7.40

6.13

8.20

8.37

8.37

7.41

6.83

8.37

14.10

14.10

12.45

11.35

14.10

3.31

3.31

3.46

3.61

3.31

14176.6

16.5%

S&P/ASX 200 INDEX

1.75

1.75

1.65

1.56

1.75

1.64

1.64

1.55

1.48

1.64

9.89

9.89

8.92

8.52

9.89

8.38

8.38

7.61

7.09

8.38

13.57

13.57

12.31

11.38

13.57

4.92

4.92

5.26

5.61

4.92

5209.5

8.6%

HANG SENG INDEX

1.22

1.22

1.12

1.06

1.22

1.58

1.58

1.46

1.34

1.58

7.30

7.30

6.94

6.44

7.30

7.40

7.40

6.77

6.08

7.40

9.72

9.72

8.95

8.22

9.72

3.96

3.96

4.27

4.68

3.96

24849.3

21.4%

MSCI EM

1.32

1.32

1.21

1.09

1.32

0.94

0.94

0.88

0.81

0.94

6.51

6.51

5.96

5.46

6.51

7.11

7.11

6.46

5.95

7.11

10.05

10.05

9.05

8.26

10.05

3.08

3.08

3.41

3.69

3.08

1126.2

23.5%

NESTLE SA-REG

3.29

3.11

2.90

2.69

2.63

2.20

2.11

2.00

1.89

1.75

15.08

14.74

13.55

12.23

11.00

12.77

12.27

11.44

10.69

9.74

18.40

17.85

16.41

15.17

13.50

3.31

3.46

3.69

3.92

4.33

68.70

9.6%

NOVARTIS AG-REG

2.44

2.38

2.26

2.16

1.91

3.40

3.35

3.24

3.13

3.04

11.89

11.62

10.90

9.75

9.86

12.15

12.28

11.50

10.85

10.54

13.53

13.63

12.52

11.50

10.92

3.44

3.50

3.71

3.97

4.30

72.91

7.7%

ROCHE HOLDING AG-GENUSSCHEIN

12.57

9.64

7.56

6.19

5.00

4.56

4.34

4.18

4.04

3.93

15.35

13.18

12.23

11.36

11.55

12.23

10.89

10.34

9.86

9.65

17.46

15.95

14.78

13.80

13.21

3.07

3.36

3.67

3.98

4.26

270.60

13.4%

UBS AG-REG

1.30

1.26

1.20

1.14

2.51

2.25

2.18

2.06

2.18

105.87

13.13

10.07

7.63

16.14

16.58

13.17

10.02

8.86

0.80

1.46

3.27

7.47

7.54

18.44

12.4%

ABB LTD-REG

3.00

2.73

2.45

2.20

1.28

1.21

1.15

1.08

1.02

13.30

11.17

10.09

9.16

9.33

9.88

8.46

7.59

6.98

7.03

16.64

14.51

12.65

11.41

11.11

3.27

3.52

3.76

4.03

4.39

23.29

12.1%

CIE FINANCIERE RICHEMON-BR A

3.68

3.17

2.74

2.40

2.01

7.13

6.54

3.28

3.01

2.80

17.54

14.84

13.04

11.99

23.92

13.09

11.78

10.59

9.59

9.14

19.46

17.32

15.42

14.03

13.05

0.91

1.36

1.60

1.79

2.00

95.64

12.1%

CREDIT SUISSE GROUP AG-REG

0.98

0.95

0.89

0.84

0.77

1.69

1.55

1.50

1.49

1.40

16.72

7.10

6.53

5.74

10.84

9.99

8.66

7.89

7.96

2.66

3.11

4.21

5.05

4.54

28.40

8.9%

ZURICH INSURANCE GROUP AG

1.15

1.10

1.05

1.01

0.92

0.63

0.66

0.65

0.66

0.56

11.75

9.23

8.79

8.49

7.94

7.07

6.87

6.98

7.13

7.38

269.36

7.7%

SYNGENTA AG-REG

4.38

3.75

3.34

2.96

2.60

2.43

2.29

2.16

2.07

17.97

16.29

14.65

13.60

13.43

2.35

2.78

3.02

3.24

3.30

416.00

9.5%

SWISS RE AG

0.79

0.79

0.76

0.73

0.84

0.81

0.76

0.71

0.69

7.25

8.00

8.55

8.41

8.75

5.13

6.09

6.03

6.21

6.13

76.61

8.4%

TRANSOCEAN LTD

1.11

1.05

0.96

0.89

1.79

1.80

1.59

1.54

1.52

56.94

24.1%

SWATCH GROUP AG/THE-BR

3.17

2.77

2.43

2.16

3.62

3.18

2.89

2.64

HOLCIM LTD-REG

1.25

1.22

1.12

1.05

1.01

1.00

0.94

0.87

SGS SA-REG

7.69

7.04

6.24

5.41

2.98

2.68

2.45

2.24

WEATHERFORD INTL LTD

1.14

1.15

1.02

0.89

0.71

0.66

0.61

0.56

SWISSCOM AG-REG

4.33

4.27

3.90

3.58

1.91

1.91

1.90

1.89

GEBERIT AG-REG

6.60

5.78

5.34

5.02

4.28

4.12

3.92

GIVAUDAN-REG

3.13

3.14

3.05

3.01

2.74

2.60

JULIUS BAER GROUP LTD

1.58

1.62

1.55

1.46

1.63

4.77

3.87

ADECCO SA-REG

2.16

2.10

1.93

1.75

1.43

0.41

SCHINDLER HOLDING-PART CERT

5.04

4.81

4.12

3.58

1.85

ACTELION LTD-REG

4.31

4.26

3.61

3.05

2.70

KUEHNE & NAGEL INTL AG-REG

5.45

5.07

4.68

4.29

3.79

ARYZTA AG

1.70

1.60

1.48

1.39

1.28

SWATCH GROUP AG/THE-REG

2.72

2.33

2.03

SIKA AG-BR

3.22

2.88

2.61

2.38

SONOVA HOLDING AG-REG

4.32

3.66

3.19

2.86

BALOISE HOLDING AG - REG

1.02

0.93

0.87

0.84

SWISS PRIME SITE-REG

1.07

1.06

1.05

PARTNERS GROUP HOLDING AG

11.21

8.60

CLARIANT AG-REG

1.36

SWISS LIFE HOLDING AG-REG

0.52

LINDT & SPRUENGLI AG-REG

13.74

12.56

11.60

7.79

10.00

8.32

6.75

6.57

5.18

4.77

2.50

20.17

16.81

14.04

12.45

0.80

7.15

6.39

5.42

4.79

2.11

18.00

15.48

13.49

12.16

6.84

5.40

4.39

4.05

1.92

6.11

5.68

5.73

5.71

3.77

3.77

18.56

17.25

16.34

2.49

2.37

2.29

16.44

14.39

3.20

2.91

2.86

18.49

18.31

0.42

0.39

0.37

0.33

13.07

12.80

10.87

9.22

1.77

1.66

1.57

1.51

19.35

17.22

14.84

13.76

4.03

4.04

3.95

3.85

4.12

16.90

13.56

12.32

11.20

0.77

0.74

0.70

0.66

0.66

18.53

16.25

14.90

13.64

0.97

0.90

0.84

0.81

0.76

9.36

8.41

7.35

6.78

3.62

3.17

2.90

1.29

1.22

1.14

1.06

0.98

14.76

12.93

11.67

10.70

3.78

3.55

3.31

3.11

2.88

26.38

16.26

14.95

13.40

0.52

0.56

0.55

0.57

0.48

10.48

9.60

8.93

8.37

1.04

9.92

7.36

7.32

7.62

9.19

20.16

17.97

16.83

17.15

18.58

7.17

6.11

16.69

13.98

11.91

10.68

9.63

26.63

24.50

18.72

1.40

1.30

1.21

0.60

0.72

0.69

0.66

0.62

9.04

6.86

6.36

0.50

0.48

0.46

0.29

0.28

0.28

0.26

0.25

5.60

5.09

4.57

4.02

3.39

3.15

2.94

2.73

SULZER AG-REG

2.36

2.15

1.95

1.77

1.37

1.28

1.20

1.13

LONZA GROUP AG-REG

1.53

1.53

1.42

1.33

0.98

0.95

0.91

0.87

PSP SWISS PROPERTY AG-REG

1.05

0.99

0.98

0.97

0.87

13.97

13.72

13.50

LINDT & SPRUENGLI AG-PC

5.05

4.07

3.62

3.41

3.37

3.38

3.14

2.93

SCHINDLER HOLDING AG-REG

4.89

4.67

4.00

3.48

1.85

1.77

GAM HOLDING AG

1.24

1.16

1.06

0.96

4.88

DUFRY AG-REG

2.71

2.57

2.21

1.91

1.73

1.10

GALENICA AG-REG

2.84

2.50

2.22

1.98

1.77

HELVETIA HOLDING AG-REG

0.94

0.88

0.84

0.79

0.73

EMS-CHEMIE HOLDING AG-REG

5.91

5.67

5.29

4.94

OC OERLIKON CORP AG-REG

2.06

1.99

1.83

1.62

BARRY CALLEBAUT AG-REG

3.36

2.75

2.52

2.27

PARGESA HOLDING SA-BR

0.69

0.71

0.71

FISCHER (GEORG)-REG

1.44

1.43

FLUGHAFEN ZUERICH AG-REG

1.62

1.49

DKSH HOLDING LTD

4.63

BUCHER INDUSTRIES AG-REG

2.47

0.65

0.89

3.43

0.73

0.45

14.98

12.17

11.33

10.36

9.65

9.37

7.71 7.30

6.87

5.56

5.28

5.75

13.74

10.96

7.85

7.43

8.41

1.04

3.66

4.56

4.94

17.03

12.26

10.30

9.17

8.26

8.23

19.47

16.32

14.57

13.09

12.52

1.27

1.46

1.66

1.87

2.03

623.91

16.5%

3.97

8.53

7.75

6.59

5.98

5.23

19.65

15.11

11.16

9.50

7.58

1.61

2.06

2.78

3.39

3.71

80.07

19.0%

12.29

14.44

12.39

10.83

9.78

9.68

25.70

22.54

19.46

17.34

16.47

3.00

2.83

3.11

3.41

3.58

2401.79

13.9%

7.07

6.54

5.53

4.90

21.94

17.21

11.03

8.40

0.00

0.00

0.00

0.00

14.63

9.6%

5.83

6.82

6.95

6.87

6.81

6.72

12.42

13.16

12.92

12.76

13.03

5.28

5.29

5.43

5.59

5.64

435.13

4.3%

15.30

14.71

16.52

15.26

14.36

13.55

12.75

23.31

21.04

19.71

18.46

17.73

2.72

3.03

3.22

3.44

2.54

224.20

-7.0%

13.41

11.94

11.39

14.67

13.45

12.57

11.76

11.51

22.94

22.09

19.69

18.10

16.19

2.06

3.24

3.63

4.05

4.29

1196.53

-4.3%

12.60

10.43

18.18

17.03

13.18

10.92

15.30

1.65

1.76

2.08

2.65

2.42

42.54

14.4%

9.44

10.58

10.30

8.55

7.45

6.26

15.85

15.42

12.38

10.55

8.83

3.11

3.36

3.83

4.42

4.50

57.89

6.1%

12.01

11.54

10.62

10.03

9.65

22.82

20.86

18.83

17.71

16.41

1.66

1.79

1.97

2.15

2.01

148.78

10.7%

14.33

12.23

11.92

11.18

10.33

12.98

15.68

15.79

15.01

13.17

12.92

1.33

1.70

1.82

1.99

2.06

61.62

6.3%

13.63

13.52

12.26

11.14

10.31

9.49

23.27

21.28

18.85

17.35

15.60

3.33

3.51

3.86

4.24

4.83

112.17

2.0%

5.59

9.74

9.18

8.17

7.66

7.19

12.87

12.13

10.89

9.81

8.86

1.17

1.24

1.38

1.53

1.70

62.73

16.5%

12.46

10.24

9.42

17.00

13.82

12.62

1.40

1.61

1.94

11.20

10.11

9.10

8.30

7.56

21.76

18.86

16.53

15.41

13.18

1.94

2.23

2.46

2.70

19.03

13.65

12.17

10.90

9.61

22.70

19.21

17.03

15.41

13.55

1.31

1.70

1.91

2.09

10.52

9.88

9.42

9.13

8.37

4.97

4.95

5.06

18.58

5.15

5.11

2.23

125.50

34.9%

2369.67

-4.4%

2.26

107.80

5.5%

5.20

5.27

101.17

6.7%

5.08

5.04

5.15

73.50

5.2%

2.62

3.03

3.38

257.20

-3.1% 9.9%

21.41

22.02

21.85

21.73

22.13

19.30

20.06

19.42

18.96

16.41

25.82

21.10

17.92

15.72

14.51

27.45

22.75

19.44

17.25

5.59

7.45

7.25

6.61

6.10

5.86

14.30

12.67

10.73

9.34

8.83

2.12

2.62

3.01

3.48

2.97

14.79

8.78

8.41

7.90

7.26

6.60

2.88

2.94

3.09

3.36

4.41

167.33

5.5%

34.08

31.13

28.13

25.30

1.35

1.53

1.68

1.89

39200.00

-7.5%

26.84

24.16

21.11

17.61

18.31

16.63

15.21

13.94

1.06

11.88

11.32

10.23

9.40

10.10

9.23

8.17

7.48

6.84

17.19

16.14

13.75

12.34

11.41

1.95

2.15

2.45

2.68

0.83

6.02

6.29

5.86

5.25

9.39

8.80

8.03

7.38

6.97

17.16

15.35

12.78

11.16

10.57

2.88

3.09

3.21

3.42

3.50

13.21

12.33

23.46

23.54

23.71

23.65

25.50

24.45

23.27

23.44

23.03

21.78

23.28

22.86

23.13

22.71

21.49

3.72

3.94

4.02

4.09

2.73

2.56

23.67

22.22

17.63

13.95

16.34

18.47

16.72

15.28

14.04

12.83

30.19

27.43

24.98

22.69

19.52

1.55

1.79

1.99

2.17

1.66

1.57

1.51

18.77

16.72

14.41

13.36

12.01

11.54

10.62

10.03

9.65

22.14

20.25

18.28

17.20

15.92

1.79

1.81

2.03

2.16

4.31

3.97

3.65

3.70

16.91

12.44

10.99

9.68

17.38

12.83

11.20

9.63

3.32

3.76

4.27

0.95

0.84

0.78

0.72

9.75

9.97

8.23

7.42

6.44

9.56

8.22

6.94

6.28

5.87

13.71

15.04

11.14

9.71

9.18

0.00

0.00

0.42

1.07

1.07

1.03

0.98

0.91

12.93

11.22

10.78

10.24

8.64

10.85

10.63

10.09

8.95

6.34

15.79

14.85

14.11

12.26

8.91

1.61

1.99

2.11

2.42

0.46

0.46

0.42

0.40

0.41

10.15

9.70

9.30

8.81

8.38

4.34

4.48

4.65

4.87

3.81

3.61

3.41

3.28

2.96

1.34

1.31

1.26

1.23

1.14

8.80

9.88

9.21

8.74

8.60

6.63

1.04

0.99

0.80

0.75

0.70

14.69

11.67

12.84

11.08

12.34

13.67

0.67

0.93

10.60

9.99

10.19

15.76

15.64

10.48

11.55

41.73

1.32

1.22

0.50

0.50

0.48

0.46

0.42

5.79

5.87

6.15

6.02

1.37

1.28

3.16

3.08

3.04

2.92

2.91

9.58

8.10

7.10

6.65

3.89

3.46

3.06

0.59

0.51

0.46

0.42

0.53

25.94

23.26

18.45

15.85

2.23

1.97

1.76

0.89

0.86

0.83

0.80

0.84

9.92

9.05

8.34

7.95

2.01

2.55

24.78

19.78

17.80

17.21

17.68

16.34

169.88

7.4%

64.57

-9.6%

4.10

89.10

8.5%

2.41

3783.33

4.4%

158.00

21.2%

4.84

18.21

21.0%

1.26

139.63

18.2%

3.49

623.33

6.0%

4.86

408.17

4.4%

232.50

-18.8% 12.8%

15.32

14.60

12.61

26.10

24.21

22.69

21.76

18.05

2.63

3.19

3.33

3.56

6.80

6.21

5.94

5.81

17.36

16.23

14.43

13.59

14.10

2.00

2.51

2.56

2.74

2.99

13.20

12.82

10.88

9.77

9.34

18.80

18.80

16.78

14.56

13.58

1.59

1.78

1.95

2.15

2.47

931.25

4.3%

39.20

33.93

29.74

40.97

12.91

10.90

9.91

3.59

4.23

4.49

4.93

74.63

17.5%

6.01

5.98

5.58

5.20

12.19

12.06

10.89

9.78

2.70

3.25

3.45

3.79

476.67

7.8%

7.81

7.58

7.52

7.18

16.78

20.00

15.02

13.88

1.82

2.00

2.34

2.64

16.89

15.92

13.56

11.97

10.63

8.63

29.21

24.44

21.51

19.09

15.81

1.05

1.23

1.44

1.57

8.05

7.97

7.29

6.89

6.55

6.40

14.86

13.12

12.28

11.67

10.94

2.05

2.33

2.54

2.70

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

4.52

8.46

4.07

486.25

0.2%

2.00

78.68

-2.3%

3.22

235.71

3.9%


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

2.26

2.26

2.07

1.88

2.26

1.45

1.45

1.38

1.33

1.45

10.18

10.18

9.51

9.83

10.18

9.03

9.03

8.33

7.78

9.03

14.66

14.66

13.11

11.96

14.66

2.17

2.17

2.34

2.44

2.17

1777.8

10.1%

Euro Stoxx 50 Pr

1.15

1.15

1.09

1.02

1.15

0.75

0.75

0.73

0.71

0.75

5.69

5.69

5.23

4.76

5.69

6.93

6.93

6.55

6.19

6.93

11.46

11.46

10.21

9.21

11.46

4.36

4.36

4.64

5.00

4.36

2969.9

12.7%

NIKKEI 225

1.52

1.52

1.43

1.32

1.52

0.73

0.73

0.71

0.69

0.73

8.97

8.97

8.30

7.60

8.97

8.85

8.85

8.19

7.71

8.85

17.73

17.73

15.75

14.19

17.73

1.64

1.64

1.79

1.94

1.64

14886.7

6.2%

FTSE 100 INDEX

1.69

1.69

1.58

1.46

1.69

0.96

0.96

0.93

0.95

0.96

8.35

8.35

7.62

6.95

8.35

6.83

6.83

6.43

6.05

6.83

12.00

12.00

10.93

10.09

12.00

3.91

3.91

4.21

4.56

3.91

6995.7

9.0%

SWISS MARKET INDEX

2.34

2.34

2.17

2.02

2.34

2.00

2.00

1.90

1.82

2.00

12.00

12.00

10.95

9.76

12.00

13.03

13.03

12.00

11.23

13.03

14.68

14.68

13.23

12.05

14.68

3.31

3.30

3.69

4.23

3.30

8617.2

10.4%

S&P/TSX COMPOSITE INDEX

1.62

1.62

1.51

1.41

1.62

1.38

1.38

1.43

1.48

1.38

8.20

8.20

7.40

6.13

8.20

8.37

8.37

7.41

6.83

8.37

14.10

14.10

12.45

11.35

14.10

3.31

3.31

3.46

3.61

3.31

14176.6

16.5%

S&P/ASX 200 INDEX

1.75

1.75

1.65

1.56

1.75

1.64

1.64

1.55

1.48

1.64

9.89

9.89

8.92

8.52

9.89

8.38

8.38

7.61

7.09

8.38

13.57

13.57

12.31

11.38

13.57

4.92

4.92

5.26

5.61

4.92

5209.5

8.6%

HANG SENG INDEX

1.22

1.22

1.12

1.06

1.22

1.58

1.58

1.46

1.34

1.58

7.30

7.30

6.94

6.44

7.30

7.40

7.40

6.77

6.08

7.40

9.72

9.72

8.95

8.22

9.72

3.96

3.96

4.27

4.68

3.96

24849.3

21.4%

MSCI EM

1.32

1.32

1.21

1.09

1.32

0.94

0.94

0.88

0.81

0.94

6.51

6.51

5.96

5.46

6.51

7.11

10.05

10.05

9.05

8.26

10.05

3.08

3.08

3.41

3.69

3.08

1126.2

23.5%

TEMENOS GROUP AG-REG

4.36

3.92

3.44

2.95

3.86

3.59

3.34

3.09

2.94

21.72

17.62

14.95

12.85

28.36

20.90

17.76

15.20

0.00

1.41

1.55

1.70

NOBEL BIOCARE HOLDING AG-REG

3.76

3.24

2.95

2.67

1.98

2.02

1.96

1.86

1.75

14.38

15.89

13.19

11.90

26.01

23.20

20.70

17.42

1.59

1.83

2.05

2.39

ALLREAL HOLDING AG-REG

1.11

1.08

1.05

1.03

8.63

7.55

7.15

7.08

18.86

17.91

16.77

16.50

18.78

18.31

16.42

15.54

4.12

4.14

4.50

BANQUE CANTONALE VAUDOIS-REG

1.18

1.24

1.23

1.22

4.10

4.17

4.06

3.93

3.75

10.63

10.96

10.74

10.33

13.70

14.53

14.07

13.32

6.65

6.82

6.99

KABA HOLDING AG-REG B

2.74

2.33

2.15

1.97

1.45

1.45

1.42

1.37

1.34

11.71

12.07

11.58

10.74

16.43

17.37

15.94

14.23

2.13

2.66

2.89

3.12

VALIANT HOLDING AG-REG

0.69

0.65

0.60

0.55

3.45

3.55

3.33

3.18

3.05

11.58

14.48

11.66

10.37

3.80

3.80

3.80

4.27

MOBIMO HOLDING AG-REG

0.99

0.97

0.96

0.95

9.63

9.04

8.97

8.52

9.40

19.64

22.32

21.81

20.93

21.29

22.33

21.59

22.37

21.59

21.91

23.94

22.00

21.97

21.82

21.29

4.72

4.72

4.72

4.72

PANALPINA WELTTRANSPORT -REG

3.08

3.20

2.94

2.66

0.39

0.36

0.34

0.33

0.34

45.15

22.44

19.71

16.78

317.35

15.92

15.50

11.90

10.00

7.96

36.45

36.40

25.78

20.75

18.86

1.20

1.65

1.91

2.27

LUZERNER KANTONALBANK AG-REG

1.38

1.32

1.27

1.22

6.86

6.85

6.71

6.56

15.69

15.23

14.44

13.99

15.93

15.81

15.36

14.87

3.20

3.20

3.49

3.49

AMS AG

1.88

1.70

1.46

1.26

2.21

2.10

1.89

1.72

1.66

7.25

8.37

6.84

6.30

6.86

7.44

6.20

5.48

5.92

9.31

10.32

8.43

7.17

7.38

1.95

2.42

2.92

KUONI REISEN HLDG-REG(CAT B)

1.54

1.53

1.39

1.31

0.22

0.22

0.21

0.20

0.20

7.51

8.83

6.06

5.46

6.47

5.79

4.87

4.36

4.09

13.66

12.75

10.36

9.04

7.21

1.22

1.18

2.20

BURCKHARDT COMPRESSION HOLDI

3.85

3.37

3.09

3.06

3.35

2.97

2.72

2.57

2.65

16.78

15.60

14.45

14.25

13.32

11.94

10.74

9.85

11.13

22.72

20.05

17.85

16.38

19.83

2.29

2.91

STRAUMANN HOLDING AG-REG

3.41

3.30

3.03

2.82

3.26

3.37

3.27

2.80

2.49

21.70

18.25

15.13

13.18

16.27

14.95

12.80

9.89

7.92

27.42

22.54

19.20

15.74

13.10

2.02

BELIMO HOLDING AG-REG

5.10

4.49

4.05

3.65

2.96

2.74

2.54

2.35

2.18

17.14

14.72

13.64

12.78

13.52

12.02

11.01

10.11

9.20

21.47

18.78

17.10

15.55

ST GALLER KANTONALBANK A-REG

1.01

0.99

0.96

0.93

4.06

3.96

3.90

3.84

11.59

19.95

10.72

10.66

12.54

11.85

11.77

LOGITECH INTERNATIONAL-REG

1.41

1.44

1.36

1.33

0.52

0.55

0.55

0.54

10.36

10.71

9.47

7.16

7.23

6.51

5.41

5.21

32.29

23.11

16.49

TECAN GROUP AG-REG

3.23

2.89

2.60

2.31

2.56

2.45

2.23

2.01

24.95

13.55

11.55

13.73

12.36

10.49

8.70

21.57

20.41

16.98

13.87

GRAUBUENDNER KANTONALBANK-PC

1.36

1.24

1.19

8.09

8.07

7.82

1.62

1.55

14.86

14.73

13.94

FORBO HOLDING AG-REG

1.58

1.47

1.36

1.24

1.16

1.15

1.13

1.11

1.12

9.04

8.23

7.54

7.08

14.89

13.43

12.00

10.86

VONTOBEL HOLDING AG-REG

1.21

1.19

1.15

1.10

2.51

2.34

2.16

2.01

1.87

11.37

10.57

9.51

8.59

14.75

13.08

11.19

10.08

DAETWYLER HOLDING AG-BR

2.36

2.50

2.18

1.91

1.26

1.24

1.16

2.22

11.52

7.00

7.47

6.90

9.23

8.33

7.58

7.05

14.83

12.96

11.43

HUBER & SUHNER AG-REG

1.44

1.38

1.31

1.24

1.25

1.14

1.06

1.00

17.37

12.03

10.32

9.60

11.88

8.77

7.84

7.35

36.29

18.98

15.97

VALORA HOLDING AG-REG

1.07

1.03

0.99

0.94

0.21

0.21

0.21

0.20

5.92

4.81

4.75

4.39

8.64

6.88

6.58

6.14

10.75

10.39

9.47

8.29

INFICON HOLDING AG-REG

3.43

3.72

3.61

3.48

2.27

2.16

2.06

1.98

12.93

13.96

11.96

10.82

10.49

9.49

8.95

8.50

18.07

16.75

15.71

MEYER BURGER TECHNOLOGY AG

0.56

0.67

0.73

0.85

0.85

1.15

0.85

0.70

9.58

6.85

4686.71

9.16

6.18

IMPLENIA AG-REG

1.74

1.59

1.46

1.34

0.35

0.33

0.32

0.31

6.86

6.02

5.96

5.57

4.57

4.12

3.90

13.65

11.90

11.47

1.55

8.82

15.08

6.54

11.66

15.30

10.64

6.38

EMMI AG-REG

1.56

1.42

1.31

1.23

0.51

0.47

0.46

0.45

EFG INTERNATIONAL AG

1.47

1.25

1.14

1.06

2.17

2.27

2.10

1.97

2.06

RIETER HOLDING AG-REG

1.90

1.87

1.69

1.55

0.82

0.77

0.68

0.62

0.64

BKW AG

0.51

0.55

0.53

0.50

0.62

0.59

0.57

0.54

0.54

GATEGROUP HOLDING AG

1.12

1.71

1.55

1.36

0.18

0.17

0.17

SCHWEITER TECHNOLOGIES AG-BR

1.28

1.30

1.29

1.22

1.17

1.20

1.15

SCHWEIZERISCHE NATL-V AG-REG

1.07

0.99

0.93

0.88

0.58

0.57

0.55

0.55

METALL ZUG AG-SHS B-REG

1.26

1.35

1.28

1.25

1.15

1.13

1.11

1.08

5.84

6.08

5.47

VETROPACK HOLDING AG-BR

1.19

1.13

1.05

0.98

1.26

1.24

1.20

1.15

6.45

5.87

5.40

4.93

6.08

5.37

5.08

VZ HOLDING AG

4.44

3.80

3.15

2.87

6.97

5.88

5.16

4.53

18.87

14.22

12.58

11.11

12.57

9.74

KUDELSKI SA-BR

1.47

1.33

1.21

1.11

0.73

0.72

1.25

0.68

6.14

6.15

5.71

5.27

8.56

6.45

0.63

0.61

0.59

2.93

3.05

2.90

8.89

7.89

6.59

1.33

0.77

0.76

0.72

0.68

2.85

2.61

2.40

2.40

8.17

7.11

7.11

6.46

5.95

15.62

13.09

11.41

10.06

10.67

11.03

10.10

9.12

21.93

18.57

17.17

16.90

8.80

9.41

8.86

8.10

9.12

7.57

14.14

11.90

21.73

-4.3%

9.58

-16.0%

4.50

145.00

9.3%

7.11

502.25

4.4%

3.47

3.30

370.00

1.8%

100.00

18.6%

91.19

-15.5%

3.57

98.54

34.2%

2.58

376.67

20.3%

3.36

3.58

355.67

-6.3%

2.36

2.64

3.05

3.13

130.56

-9.7%

2.63

3.07

3.33

3.62

3.50

11.74

4.29

3.71

4.48

4.95

11.85

6.19

3.30

3.39

3.56

6.48

-1.8%

1.48

1.74

1.97

2.34

2.69

98.00

11.4%

3.34

3.69

3.69

1.98

2.10

2.27

2.39

2.61

650.00

5.9%

3.91

4.37

4.88

5.23

35.00

17.1%

10.53

2.27

2.63

2.92

3.15

14.66

1.27

2.09

2.43

2.57

5.79

7.40

7.87

8.70

14.90

5.06

5.61

5.69

5.78

59.71

0.00

0.00

0.00

10.57

2.42

2.98

3.15

0.00

0.00

0.00

1.27

1.34

1.43

1.47

0.98

1.69

2.83

4.03

1.52

1.30

2.47

3.17

4.85

4.77

5.18

5.32

4.72

BERNER KANTONALBANK AG-REG

1.83 1.58

10.30

10.09

7.39

11.22

ZUGER KANTONALBANK-BR

0.20

6.73

4.96

6.90

4.22

6.56

6.27

5.75

6.13

9.85

8.07

7.65

171.67

-2.9%

318.50

10.6%

5.98

-3.7%

77.50

11.9%

3.37

BASELLANDS KANTONALBANK-CERT BASILEA PHARMACEUTICA-REG

3.09

3.70

5.02

57.00

5.02

160.16

6.22

BASLER KANTONALBK - PC

LIECHTENSTEIN LANDESBANK-BR

1.07

0.85

6.56

6.35

6.13

9.79

8.90

7.53

11.33

10.34

8.50

7.72

9.50

8.92

4.80

4.16

3.06

3.37

3.14

2.84

4.74

4.80

4.46

4.36

0.16

4.76

4.89

4.01

3.55

4.95

4.90

4.34

1.10

10.01

9.85

9.11

10.00

5.90

5.88

5.13

ZEHNDER GROUP AG-BR

1.64

1.57

1.45

LEM HOLDING SA-REG

8.14

8.14

7.40

BOSSARD HOLDING AG-BR

3.38

3.29

2.71

2.27

1.21

0.96

0.90

1.42

AFG ARBONIA-FORSTER HOLD-REG

1.11

1.10

1.01

0.93

0.36

0.35

0.34

0.34

ZUG ESTATES HOLDING AG-B SHR

1.04

INTERSHOP HOLDINGS-BR

1.23

1.20

1.19

1.17

7.63

7.72

7.18

U-BLOX AG

2.77

2.43

2.17

1.93

2.40

1.87

1.67

6.53

8.35

7.81

7.61

7.39

15.78

14.67

13.74

12.85

14.43

12.09

10.44

8.76

41.36

37.48

12.73

10.08

8.66

8.44

7.43

6.97

4.01

13.36

12.82

9.16

8.34

2.28

1.34

2.60

5.41

15.25

20.24

16.05

17.03

6.84

4.49

3.68

8.92

9.02

8.53

7.83

4.44

4.33

4.54

5.05

5.14

19.66

11.53

14.98

13.55

2.58

2.58

2.58

4.81

14.64

12.52

11.54

11.19

2.49

1.96

2.11

8.33

7.14

20.11

15.95

13.87

12.03

1.97

2.33

2.68

3.06

6.10

5.85

15.52

12.32

11.07

9.98

0.94

1.45

1.68

2.32

11.72

10.60

8.40

4.12

4.66

5.49

12.66

13.98

12.02

10.20

2.61

2.37

2.74

3.20

18.24

18.67

15.24

13.78

4.62

4.87

6.16

7.18

4.18

0.51

0.65

6.27

7.81

6.8%

14.25

21.3%

185.00

21.2%

3.44

21.67

9.7%

2.74

587.50

0.4%

46.75

10.7%

2.58

2200.00

3.3%

2.25

1950.00

5.6%

13.80

17.4%

42.00

-1.9%

600.00

0.0%

5.37

6.69

7.19

6.53

5.85

6.36

6.64

5.87

5.10

15.78

14.35

13.82

12.19

11.67

9.95

9.12

1.33

9.37

8.54

7.60

7.08

13.34

9.80

9.06

8.46

7.18

11.92

9.59

9.26

8.69

7.65

3.36

3.91

4.21

4.55

5.23

154.26

6.9%

0.33

4.93

4.71

4.09

3.81

5.71

5.04

4.49

4.09

3.96

28.26

12.85

9.77

7.88

7.27

0.00

1.27

2.66

3.51

4.15

34.50

33.7%

7.51

14.38

14.78

13.50

14.35

16.40

16.66

15.28

16.12

15.23

14.81

13.53

14.38

6.09

6.09

6.25

6.25

330.00

3.1%

1.50

26.12

13.50

11.21

10.21

11.01

8.03

7.08

6.19

24.78

18.59

15.84

13.70

1.46

1.59

1.67

1.75

63.00

-1.6%

8.12

32.02

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

13.70

7.81

302.50 5.79

16.31

6.89

4.63

8.70

3.52

1.01


04.07.2013

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

Price/Volume 80

25.0 M

70

20.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

12/2012 03/yy 70.00 57.65 4'489'672.00 62.7 -10.43% 8.76% 33.60% 3'224.8 202'033.72 27'577.00 0.0 1'657.0 9'425.00 221'842.72

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

10.0 M

30 20

5.0 M

10 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

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

15.0 M

40

Valuation Analysis

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

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

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

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

Price/ Cash Flow

LTM

03/yy 84'770 0.00x 0.0 0.00x 0.0 0.00x

03/yy 92'736 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.76 3'122.19 11.58% 8.49% 0.763 42 3.762 5'240'317 6'888'541 6'231'884 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 95'634 101'056 23'545 24'313 2.31x 2.17x 18'117.8 19'428.0 12.27x 11.44x 11'149.0 12'122.4 17.85x 16.41x S&P Issuer Ratings

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

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

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Nestle SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

Recommendation hold neutral market perform add long-term outperform hold hold hold Overwt/In-Line outperform neutral/neutral hold reduce outperform outperform hold outperform overweight neutral outperform hold hold buy hold hold hold hold overweight neutral buy underweight buy buy buy buy hold hold buy hold

Amt Held 168'276'966 82'413'972 73'754'920 43'813'238 37'703'409 37'264'257 27'916'687 24'921'099 18'956'671 17'812'640 12'589'640 11'887'345 10'300'386 10'246'989 10'105'030 8'282'472 7'945'442 5'703'592 5'513'463 5'259'965

% Out 5.22 2.56 2.29 1.36 1.17 1.16 0.87 0.77 0.59 0.55 0.39 0.37 0.32 0.32 0.31 0.26 0.25 0.18 0.17 0.16

Weighting

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

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

Latest Chg (53'397) 36'300 (485'835) 3'496'739 2'031'372 (860'630) 575'775 275'118 88'163 52'250 (187'731) 511'231 70'813 (24'019) (521'919) 22'200 178'680 192'700 97'700

Target Price 67 69 71 71 #N/A N/A 67 65 69 68 80 72 68 63 70 74 63 76 72 67 #N/A N/A 65 67 #N/A N/A 68 66 60 66 77 68 74 #N/A N/A 79 71 #N/A N/A 72 #N/A N/A 49 #N/A N/A 63

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

File Dt Inst Type 21.05.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Unclassified

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

Date 22.05.2013 22.05.2013 20.05.2013 16.05.2013 08.05.2013 07.05.2013 02.05.2013 02.05.2013 30.04.2013 24.04.2013 23.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 10.04.2013 21.03.2013 21.03.2013 18.03.2013 19.02.2013 18.02.2013 11.02.2013 25.01.2013 18.10.2012 10.09.2012 16.08.2012


04.07.2013

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

Price/Volume 16.0 M

60

14.0 M 12.0 M 10.0 M

40

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/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 NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 03/yy 73.75 53.65 2'430'303.00 67.7 -8.20% 26.19% 65.67% 2'706.2 183'344.58 19'726.00 0.0 126.0 8'119.00 207'011.85

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 m-12

LTM-4Q

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

31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x

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

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.98% 14.75% 11.76% 0.47% 66.9% 29.2% 20.4% 16.8% 1.16 0.76 15.88% 28.55% 5.40 2.80

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 58'274.0 10.82x 17'219.0 8.91x 8'590.0 15.59x

o-12

03/yy 56'954.0 11.74x 16'648.0 11.40x 9'598.0 18.00x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

0.90 2'423.83 30.24% 22.19% 0.901 31 3.968 3'715'888 4'421'043 4'158'569 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 57'264.6 59'119.5 14'308.5 14'059.3 3.49x 3.30x 16'863.8 18'014.2 12.28x 11.50x 12'505.7 14'110.9 3'165.8 3'149.0 13.63x 12.52x 13.92x 13.80x S&P Issuer Ratings

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

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.90 1.26 28.5% 22.2% 0.47 3.49 67.58 130.31 87.88 90.49

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

j-12

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

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

18.0 M

70 50

Valuation Analysis

31.12.2008 41'459.0 2.76x 12'109.0 9.44x 8'195.0 13.89x

80

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Novartis AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVARTIS AG BLACKROCK EMASAN AG NOVARTIS FOUNDATION NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC UBS FUND MANAGEMENT PICTET & CIE HARBOR CAPITAL ADVIS THORNBURG INVESTMENT BANK OF NEW YORK MEL DB PLATINUM ADVISORS FMR LLC SWISSCANTO FONDSLEIT INVESCO LTD DEUTSCHE BANK AG ABERDEEN SUN LIFE FINANCIAL I

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

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

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

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

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

Amt Held 123'887'381 109'194'165 105'579'360 87'859'938 78'926'882 60'347'393 36'646'471 31'597'026 23'017'102 14'689'249 13'520'586 13'144'896 11'042'681 9'358'243 9'019'898 8'772'019 8'760'782 7'565'448 5'670'897 5'442'923

% Out 4.58 4.03 3.9 3.25 2.92 2.23 1.35 1.17 0.85 0.54 0.5 0.49 0.41 0.35 0.33 0.32 0.32 0.28 0.21 0.2

Weighting

Change

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

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

Latest Chg 2'999'400 5'153'293 (356'538) 919'612 (784'272) 167'961 (548) 498'977 1'077'635 (1'680'234) (16'435) 599'647 171'213 (122'700) 152'480

Target Price 78 79 82 76 77 76 64 80 70 76 65 81 #N/A N/A #N/A N/A 62 79 60 65 78 75 73 55 69 65 #N/A N/A #N/A N/A #N/A N/A 70 #N/A N/A 52 61 56

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

File Dt Inst Type 31.03.2013 Investment Advisor 09.05.2012 Corporation 21.05.2013 Investment Advisor 31.12.2011 Hedge Fund Manager 25.02.2013 n/a 31.12.2012 Government 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 01.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 20.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Unclassified 31.03.2013 Investment Advisor

Date 12 month Not Provided 6 month 12 month 6 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 15 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

Date 23.05.2013 23.05.2013 23.05.2013 22.05.2013 21.05.2013 17.05.2013 15.05.2013 14.05.2013 09.05.2013 09.05.2013 08.05.2013 06.05.2013 30.04.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 16.04.2013 26.03.2013 17.01.2013 10.12.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 30.01.2012


04.07.2013

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

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 03/yy 258.60 165.50 828'049.00 238.7 -7.70% 44.23% 74.76% 702.6 205'877.72 24'590.00 0.0 2'234.0 13'991.00 218'710.71

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

50 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

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

Fiscal Year Ended 31.12.2008 45'617.0 2.93x 16'673.0 8.03x 8'969.0 15.58x

100

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 m-13

LTM-4Q

31.12.2009 31.12.2010 49'051.0 47'473.0 3.62x 2.96x 18'936.0 18'358.0 9.38x 7.65x 7'784.0 8'666.0 19.38x 13.51x Profitability

31.12.2011 42'531.0 3.65x 17'894.0 8.68x 9'343.0 14.46x

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

31.12.2012 45'499.0 3.77x 19'400.0 8.84x 9'539.0 16.36x 19'400.00 16'979.00 37.32% 27.08% 15.10% 71.75% 26.33% 0.72% 73.8% 42.6% 37.3% 21.0% 1.55 1.16 37.94% 169.66% 4.72 2.25

Price/ Cash Flow

LTM

03/yy 42'438.0 0.00x 0.0 0.00x 0.0 0.00x

03/yy 46'061.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.94 701.88 48.29% 34.18% 0.940 33 4.424 1'319'029 1'580'152 1'395'990 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 47'501.5 49'326.4 11'633.7 11'511.7 4.49x 4.21x 20'130.0 21'190.1 10.89x 10.34x 12'687.6 13'725.9 15.95x 14.78x S&P Issuer Ratings

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

17.09.2012 AA STABLE 01.02.2006 A-1+ 13.90 12.34 0.55 1.27 169.7% 59.5% 0.72 2.88 77.48 162.62 58.94 181.16

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Roche Holding AG Holdings By:

All

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

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

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

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

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

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

Amt Held 20'680'224 16'154'814 11'646'500 10'599'295 9'873'620 9'428'217 9'077'949 7'716'200 7'166'602 6'179'902 4'696'091 4'350'162 4'134'183 4'098'284 4'068'474 3'600'257 2'728'200 2'616'700 2'261'083 2'248'429

% Out 2.94 2.3 1.66 1.51 1.41 1.34 1.29 1.1 1.02 0.88 0.67 0.62 0.59 0.58 0.58 0.51 0.39 0.37 0.32 0.32

Weighting

Change

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

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

Latest Chg 885'062 (306'800) (77'122) (107'030) 926'205 (1'464'142) 120'000 (221'043) (188'345) (65'916) 52'626 (5'494) 703'424 (40'521) 75'305 (9'500) (4'198) 38'658

Target Price 301 258 243 290 #N/A N/A 250 254 310 265 244 292 247 270 255 262 255 270 252 280 236 250 255 236 206 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 190 #N/A N/A 176 220 160

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

File Dt 31.03.2013 31.12.2012 31.03.2013 31.03.2013 27.03.2013 21.05.2013 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2012 31.03.2013 01.05.2013 31.03.2013 30.04.2013 28.02.2013 20.05.2013

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

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 Unclassified Investment Advisor Investment Advisor

Date 23.05.2013 23.05.2013 23.05.2013 22.05.2013 22.05.2013 21.05.2013 20.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 14.05.2013 12.05.2013 10.05.2013 06.05.2013 22.04.2013 16.04.2013 15.04.2013 14.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 02.04.2013 25.02.2013 05.02.2013 26.11.2012 05.10.2012 20.07.2012 05.04.2012 03.02.2012 14.11.2011


04.07.2013

UBS AG UBS AG is a wealth management, investment banking, and asset management firm. The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

12/2012 03/yy 18.02 9.60 7'089'860.00 16.41 -8.93% 70.95% 76.49% 3'839.2 63'001.14 267'401.00 0.0 4'353.0 66'383.00 254'575.14

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

31.12.2009 31.12.2010 44'658.0 46'526.0 9.51x 8.39x 19'874.0 20'964.0 21.36x 18.62x (2'736.0) 7'534.0 7.71x Profitability

50.0 M 40.0 M 30.0 M 20.0 M 10.0 M

j-12

LTM-4Q 31.12.2011 40'880.0 9.20x 17'464.0 21.53x 4'159.0 10.16x

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

31.12.2012 37'754.0 6.86x 15'529.0 16.67x (2'511.0) 15'529.00 5.80% -4.70% -0.21% -5.27% -0.64% 0.03% -6.7% 21.24% 582.62% -

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 38'838.0 37.10x 13'101.0 0.00x 3'253.0 14.71x

o-12

03/yy 38'194.0 28.63x 14'092.0 0.00x (2'649.0) 0.00x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

1.34 3'469.45 48.49% 16.03% 1.340 43 3.465 8'979'306 11'454'690 11'737'390 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 28'027.6 28'948.1 6'662.0 6'937.0 39.14x 33.84x 3'687.4 4'749.0 373.0 625.0 16.58x 13.17x 13.38x 12.60x S&P Issuer Ratings

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

29.11.2011 A STABLE 19.12.2008 A-1 582.6% 84.2% 0.03 6.44 -

Sales/Revenue/Turnover

5.00

160'000.0

4.50

140'000.0

4.00

120'000.0

3.50

100'000.0

3.00 2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

60.0 M

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

Fiscal Year Ended 31.12.2008 67'219.0 8.31x 37'052.0 15.08x (21'292.0) -

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

UBS AG Holdings By:

All

Holder Name GOVT OF SINGAPORE IN UBS FMR LLC NORGES BANK CAPITAL GROUP COMPAN CREDIT SUISSE ASSET FRANKLIN RESOURCES BLACKROCK HARBOR CAPITAL ADVIS UBS FUND MANAGEMENT ZURCHER KANTONALBANK WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC PICTET & CIE JP MORGAN CREDIT AGRICOLE SA WELLS FARGO PZENA INVESTMENT MAN BANK OF NEW YORK MEL ALLIANCE BERNSTEIN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios ZURCHER KANTONALBANK WELLINGTON MANAGEMEN Multiple Portfolios Multiple Portfolios n/a CREDIT AGRICOLE SA n/a PZENA INVESTMENT MAN BANK OF NEW YORK MEL n/a

Analyst

RBC Capital Markets FIONA SWAFFIELD Redburn Partners NICHOLAS WATTS AlphaValue DIETER HEIN Credit Suisse AMIT GOEL JPMorgan KIAN ABOUHOSSEIN Keefe, Bruyette & Woods ANDREW STIMPSON Macquarie PIERS BROWN Helvea TIM DAWSON Exane BNP Paribas DANIEL DAVIES Goldman Sachs JERNEJ OMAHEN Landesbank Baden-Wuerttemberg INGO FROMMEN Bank Vontobel AG TERESA NIELSEN Independent Research GmbH STEFAN BONGARDT Day by Day VALERIE GASTALDY Rafferty Capital Markets RICHARD X BOVE SR Natixis ANTOINE BURGARD DZ Bank AG CHRISTOPH BAST Barclays KIRI VIJAYARAJAH Deutsche Bank MATT SPICK Nomura JON PEACE Main First Bank AG KILIAN MAIER Morgan Stanley HUW VAN STEENIS Bank am Bellevue MARC DEUSTER Oddo & Cie JEAN SASSUS Bankhaus Metzler GUIDO HOYMANN Berenberg Bank JAMES CHAPPELL S&P Capital IQ FRANK BRADEN Commerzbank Corporates & Markets MICHAEL DUNST Canaccord Genuity Corp ARUN MELMANE Espirito Santo Investment Bank Research ANDREW LIM Bankhaus Lampe NEIL SMITH Mediobanca SpA CHRISTOPHER J WHEELER Liberum Capital Ltd CORMAC LEECH Kepler Cheuvreux DIRK BECKER Societe Generale DIRK HOFFMANN-BECKING EVA Dimensions AUSTIN BURKETT HSBC ROBERT MURPHY Hamburger Sparkasse CHRISTIAN HAMANN Zuercher Kantonalbank ANDREAS VENDITTI Nord/LB MICHAEL SEUFERT Grupo Santander AURELIA FAURE Hammer Partners SA ENRICO RACIOPPI

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

Recommendation sector perform buy reduce neutral overweight underperform outperform accumulate neutral Buy/Neutral hold buy hold hold hold buy sell overweight buy buy underperform Overwt/In-Line hold neutral sell buy buy hold buy buy hold neutral buy reduce hold sell overweight hold outperform hold underweight buy

Amt Held 245'633'960 194'515'182 146'651'661 116'490'210 51'552'964 50'778'055 45'238'617 39'416'802 34'619'235 30'586'010 26'619'971 24'644'140 22'943'686 21'246'924 18'640'917 17'471'897 15'515'975 14'693'903 14'352'781 14'192'813

% Out 6.4 5.07 3.82 3.04 1.34 1.32 1.18 1.03 0.9 0.8 0.69 0.64 0.6 0.55 0.49 0.46 0.4 0.38 0.37 0.37

Weighting

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

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

Latest Chg (261'829) (8'935'476) 11'786'423 (265'055) (302'978) (24'168'795) 3'570'759 217'405 (990'916) 1'173'223 (16'336'113) 347'856 225'605 10'670'747 849'782 14'908'877 627'255 (603'939) (2'344'835)

Target Price 18 #N/A N/A 17 15 21 17 21 19 18 22 18 19 18 #N/A N/A 17 20 14 20 19 19 16 18 17 18 13 17 19 16 24 21 15 17 18 14 16 #N/A N/A 18 #N/A N/A #N/A N/A #N/A N/A 11 11

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

File Dt Inst Type 31.12.2012 Government 31.03.2013 Unclassified 31.03.2013 Investment Advisor 27.09.2011 Government 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 23.05.2013 23.05.2013 23.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 17.05.2013 16.05.2013 13.05.2013 08.05.2013 08.05.2013 06.05.2013 06.05.2013 05.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 25.04.2013 23.04.2013 22.04.2013 17.04.2013 25.03.2013 25.03.2013 06.02.2013 25.01.2013 17.01.2013 20.12.2012 07.11.2012 30.10.2012 23.10.2012 18.09.2012 03.07.2012


04.07.2013

ABB Ltd ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics.

Price/Volume 25

35.0 M 30.0 M

20

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2012 03/yy 22.10 15.01 3'036'398.00 20.77 -6.02% 38.38% 76.17% 2'314.7 48'077.22 10'071.00 0.0 540.0 8'481.00 52'956.64

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

20.0 M

10

15.0 M 10.0 M

5

5.0 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

Fiscal Year Ended 31.12.2008 34'912.0 0.83x 5'259.0 5.48x 3'118.0 10.76x

15

LTM-4Q

31.12.2009 31.12.2010 31'795.0 31'589.0 1.18x 1.42x 4'892.0 4'733.0 7.67x 9.49x 2'901.0 2'561.0 15.27x 19.85x Profitability

31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x

31.12.2012 39'336.0 1.25x 5'294.0 9.31x 2'704.0 17.40x

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

5'294.00 4'112.00 10.45% 9.76% 5.92% 15.72% 12.01% 0.89% 28.9% 13.7% 10.6% 6.9% 1.48 0.88 20.52% 59.57% 4.53

Price/ Cash Flow

LTM

03/yy 38'495.0 4.84x 5'761.0 8.02x 3'198.0 14.76x

03/yy 40'144.0 4.80x 5'494.0 9.91x 2'683.0 19.45x

FY+1

1.28 2'145.67 35.02% 14.35% 1.276 42 3.881 4'410'545 5'332'165 5'580'192 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 41'566.1 43'835.7 10'230.1 10'181.8 1.24x 1.14x 5.28x 5.29x 6'261.3 6'979.7 1'509.5 1'542.7 8.46x 7.59x 8.36x 8.22x 3'411.9 3'939.4 829.0 855.9 14.51x 12.65x 14.40x 14.05x S&P Issuer Ratings

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

08.06.2010 A STABLE 08.06.2010 A-1 18.07 13.66 0.38 1.66 59.6% 36.6% 0.89 7.34 80.53 60.43 89.35

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

ABB Ltd Holdings By:

All

Holder Name INVESTOR AB BLACKROCK NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE UBS FUND MANAGEMENT SWEDBANK ROBUR FONDE PICTET & CIE SEB AMF FONDER AB SKAGEN AS CAPITAL GROUP COMPAN INVESCO LTD SWISSCANTO FONDSLEIT FOLKSAM LO FOND AB HANDELSBANKEN FONDER CALAMOS ADVISORS LLC CARNEGIE FONDER AB/S

Firm Name

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

Analyst

Sanford C. Bernstein & Co MARTIN PROZESKY Exane BNP Paribas OLIVIER ESNOU AlphaValue HEINZ STEFFEN Credit Suisse SIMON TOENNESSEN Handelsbanken HAMPUS ENGELLAU Day by Day VALERIE GASTALDY Kepler Cheuvreux CHRISTOPH LADNER Morgan Stanley BEN UGLOW Canaccord Genuity Corp JAMES STETTLER Helvea STEFAN GAECHTER Berenberg Bank WILLIAM MACKIE RBC Capital Markets ANDREW CARTER ABG Sundal Collier ANDERS IDBORG Societe Generale SEBASTIEN GRUTER Bank am Bellevue MICHAEL ROOST SEB Enskilda DANIEL SCHMIDT Hamburger Sparkasse MARCO GUENTHER Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS BROCK Bank Vontobel AG TAKIS SPILIOPOULOS Natixis ARNAUD SCHMIT Barclays NICK WEBSTER Deutsche Bank MARTIN WILKIE Goldman Sachs DANIELA COSTA JPMorgan ANDREAS WILLI Landesbank Baden-Wuerttemberg VOLKER STOLL Independent Research GmbH MARKUS FRIEBEL Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Main First Bank AG CHRISTOPHER YOUL Danske Markets CARL GUSTAFSSON Redburn Partners JAMES MOORE HSBC COLIN GIBSON Espirito Santo Investment Bank Research ROB VIRDEE EVA Dimensions CRAIG STERLING Zuercher Kantonalbank RICHARD FREI Swedbank MATS LISS Pareto Securities DAVID JACOBSSON Hammer Partners SA ALBERTO ROLLA

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

Recommendation outperform outperform reduce outperform buy hold hold Underwt/Cautious hold buy hold sector perform buy buy hold buy hold buy hold buy neutral overweight hold Buy/Neutral underweight buy hold buy hold outperform buy neutral neutral buy sell outperform buy hold buy

Amt Held 166'330'142 88'869'619 53'617'789 33'841'332 30'975'960 25'109'683 24'826'258 20'941'814 17'723'260 14'648'213 14'369'855 11'080'901 10'421'737 9'900'000 8'513'763 7'788'248 7'750'666 7'122'022 6'145'300 4'268'114

% Out 7.19 3.84 2.32 1.46 1.34 1.08 1.07 0.9 0.77 0.63 0.62 0.48 0.45 0.43 0.37 0.34 0.33 0.31 0.27 0.18

Weighting

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

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

Latest Chg 496'448 (448'261) 1'713'762 149'887 (577'935) (1'214'343) (40'148) 2'632'729 1'637'501 4'300'000 (2'513'786) (178'212) 1'685'882 129'754 115'000 170'000

Target Price 25 25 22 26 28 #N/A N/A 22 19 20 25 21 23 24 25 20 22 #N/A N/A #N/A N/A 21 25 20 24 20 27 21 25 22 27 22 24 23 #N/A N/A 23 25 #N/A N/A #N/A N/A 20 17 27

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

File Dt 04.01.2011 21.05.2013 31.12.2012 27.03.2013 31.03.2013 31.03.2013 30.04.2013 31.01.2013 31.03.2013 31.01.2013 29.04.2013 31.03.2013 27.03.2013 31.03.2013 20.05.2013 28.02.2013 31.03.2013 31.03.2013 30.04.2013 28.03.2013

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

Inst Type Investment Advisor Investment Advisor 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 Investment Advisor Investment Advisor

Date 23.05.2013 23.05.2013 23.05.2013 22.05.2013 20.05.2013 20.05.2013 15.05.2013 10.05.2013 10.05.2013 10.05.2013 01.05.2013 30.04.2013 29.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 17.04.2013 08.03.2013 08.03.2013 20.02.2013 18.02.2013 11.12.2012 27.07.2012 05.08.2010


04.07.2013

Cie Financiere Richemont SA Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 CFR VX EQUITY YTD Change CFR VX EQUITY YTD % CHANGE

03/2013 03/yy 93.10 48.13 817'490.00 85.35 -8.32% 77.33% 77.54% 522.0 49'036.68 1'938.00 0.0 (1.0) 5'155.00 36'507.59

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

31.03.2010 31.03.2011 5'176.0 6'892.0 2.82x 2.72x 1'259.0 1'669.0 11.59x 11.22x 599.0 1'090.0 26.38x 20.65x Profitability

5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

j-12

LTM-4Q 31.03.2012 8'868.0 2.56x 2'387.0 9.50x 1'544.0 16.70x

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

31.03.2013 10'150.0 3.02x 2'817.0 10.88x 2'013.0 16.74x 2'817.00 2'434.00 23.98% 23.40% 15.33% 21.45% 0.77% 64.2% 27.8% 24.0% 19.8% 3.05 1.66 13.37% 18.97% 19.21 0.91

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 6'430.0 0.00x 0.0 0.00x 0.0 0.00x

o-12

03/yy 9'697.0 0.00x 0.0 0.00x 0.0 0.00x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

1.36 521.72 60.60% 19.54% 1.355 37 4.054 1'277'726 1'635'857 1'705'833 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 11'033.8 12'106.5 3.20x 2.82x 3'099.7 3'445.6 11.78x 10.59x 2'237.6 2'508.2 17.32x 15.42x 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

74.13 58.55 -1.14 0.69 19.0% 15.9% 0.77 6.12 19.01 401.84 112.06 308.78

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 02.04.2010

6.0 M

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

Fiscal Year Ended 31.03.2009 5'418.0 1.05x 1'345.0 4.23x 1'075.0 8.94x

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

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 |


04.07.2013

Cie Financiere Richemont SA Holdings By:

All

Holder Name NORGES BANK CARMIGNAC GESTION BLACKROCK HARBOR CAPITAL ADVIS VANGUARD GROUP INC GARDNER RUSSO & GARD CREDIT SUISSE ASSET JANUS CAPITAL MANAGE UBS FUND MANAGEMENT ALLIANZ ASSET MANAGE FMR LLC T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I PICTET & CIE HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN SWISSCANTO FONDSLEIT PICTET ASSET MANAGEM SWEDBANK ROBUR FONDE ALLIANCE BERNSTEIN

Firm Name Cantor Fitzgerald Exane BNP Paribas Societe Generale Deutsche Bank Morgan Stanley Goldman Sachs Raymond James Macquarie Oddo & Cie Bank Vontobel AG Kepler Cheuvreux Bryan Garnier & Cie Natixis Redburn Partners Telsey Advisory Group Credit Suisse JPMorgan Sanford C. Bernstein & Co Aurel - BGC Independent Research GmbH Renaissance Capital ISI Group S&P Capital IQ Main First Bank AG Barclays AlphaValue Nomura Zuercher Kantonalbank HSBC Investec Day by Day EVA Dimensions Berenberg Bank BNP Paribas Cadiz Securities Avior Research

Portfolio Name Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ALLEGRA PERRY LUCA GIUSEPPE SOLCA THIERRY COTA FRANCESCA DI PASQUANTONIO LOUISE SINGLEHURST WILLIAM HUTCHINGS MARC WILLAUME WYNAND VAN ZYL LEOPOLD AUTHIE RENE WEBER JON COX LOIC MORVAN JOSEPHINE CHEVALLIER ANNABEL GLEESON DANA TELSEY ROGERIO FUJIMORI MELANIE A FLOUQUET MARIO ORTELLI DAVID DA MAIA LARS LUSEBRINK REY WIUM OMAR SAAD WILLIAM MACK MATTHIAS EIFERT HELEN NORRIS VIRGINIE BLIN CHRISTOPHER WALKER PATRIK SCHWENDIMANN ERWAN RAMBOURG THANE DUFF VALERIE GASTALDY CRAIG STERLING JOHN GUY SHAMIL ISMAIL MATHEW MENEZES

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

Recommendation hold outperform buy buy Equalwt/In-Line Buy/Neutral strong buy outperform buy hold buy buy neutral buy no rating system outperform neutral outperform buy buy hold strong buy buy outperform overweight reduce buy outperform neutral hold hold underweight hold hold neutral

Amt Held 12'658'931 12'427'709 10'283'497 9'166'906 7'863'873 7'325'847 7'219'883 5'374'706 4'587'858 3'600'686 3'024'307 2'868'956 2'844'271 2'734'006 2'569'300 1'679'200 1'514'522 1'291'101 1'099'153 1'063'018

% Out 2.43 2.38 1.97 1.76 1.51 1.4 1.38 1.03 0.88 0.69 0.58 0.55 0.54 0.52 0.49 0.32 0.29 0.25 0.21 0.2

Weighting

Change

3 5 5 5 3 5 5 5 5 3 5 5 3 5 #N/A N/A 5 3 5 5 5 3 5 5 5 5 2 5 5 3 3 3 1 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 U M M D U M D D

Latest Chg 923'559 99'220 342'370 (95'414) 76'698 (146'830) (50'618) (250'628) (204'947) 81'569 (4'415) 590'400 12'400 12'292 (2'744) 61'971 (7'275)

Target Price 90 100 100 86 80 121 100 96 100 90 100 95 75 #N/A N/A 91 97 84 105 #N/A N/A 100 84 105 100 83 100 76 83 #N/A N/A 82 87 #N/A N/A #N/A N/A 72 64 70

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

File Dt 31.12.2012 29.03.2013 21.05.2013 31.03.2013 31.03.2013 31.03.2013 27.03.2013 31.03.2013 31.01.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013 28.02.2013 31.01.2013 31.03.2013 31.03.2013

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

Inst Type 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 Investment Advisor

Date 22.05.2013 22.05.2013 20.05.2013 19.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 24.04.2013 23.04.2013 27.03.2013 25.03.2013 21.03.2013 21.03.2013 15.02.2013 27.11.2012 05.09.2012


04.07.2013

Credit Suisse Group AG Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

Price/Volume 35

40.0 M

30

35.0 M

25

30.0 M 25.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGN VX EQUITY YTD Change CSGN VX EQUITY YTD % CHANGE

12/2012 03/yy 29.32 15.53 5'495'482.00 26.08 -11.05% 67.91% 68.96% 1'577.8 41'133.08 330'510.00 0.0 6'786.0 63'708.00 -

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

15.0 M

10

10.0 M

5

5.0 M

0 m-12

LTM-4Q

31.12.2009 31.12.2010 51'547.0 50'345.0 6'724.0 5'098.0 9.96x 9.59x Profitability

31.12.2011 42'693.0 1'953.0 16.11x

31.12.2012 38'313.0 1'349.0 27.15x

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

6.73% 9.34% 0.28% 7.19% 0.75% 0.04% 5.8% 35.76% 931.07% -

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 40'294.0 0.00x 0.0 0.00x 858.0 59.84x

o-12

03/yy 39'068.0 0.00x 0.0 0.00x 2'742.0 15.67x

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

FY+1

1.53 1'445.69 50.74% 20.47% 1.535 41 3.585 5'414'549 6'388'767 6'412'415 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 26'468.4 27'355.1 6'805.5 6'453.0 33.05x 31.89x 4'230.7 4'967.9 1'108.7 1'008.7 9.99x 8.66x 9.61x S&P Issuer Ratings

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

02.07.2013 ASTABLE 27.07.2012 NR 931.1% 88.7% 0.04 6.27 -

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

j-12

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

Fiscal Year Ended 31.12.2008 48'697.0 (8'218.0) -

20.0 M

15

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Credit Suisse Group AG Holdings By:

All

Holder Name FRANKLIN RESOURCES CRESCENT HOLDING GMB QATAR INVESTMENT AUT DODGE & COX NORGES BANK BLACKROCK HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN MORGAN STANLEY AXA VANGUARD GROUP INC CREDIT SUISSE ASSET T ROWE PRICE ASSOCIA UBS FUND MANAGEMENT ONTARIO TEACHERS PEN PICTET & CIE WILLIAM BLAIR & COMP FMR LLC SWISSCANTO FONDSLEIT CREDIT SUISSE

Firm Name

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

Analyst

RBC Capital Markets FIONA SWAFFIELD AlphaValue DIETER HEIN Keefe, Bruyette & Woods ANDREW STIMPSON Macquarie PIERS BROWN Exane BNP Paribas DANIEL DAVIES Morgan Stanley HUW VAN STEENIS Goldman Sachs JERNEJ OMAHEN Commerzbank Corporates & Markets MICHAEL DUNST Barclays JEREMY SIGEE Main First Bank AG KILIAN MAIER EVA Dimensions AUSTIN BURKETT Bank am Bellevue MARC DEUSTER Bank Vontobel AG TERESA NIELSEN JPMorgan KIAN ABOUHOSSEIN Independent Research GmbH STEFAN BONGARDT Bankhaus Metzler GUIDO HOYMANN Natixis ANTOINE BURGARD Nomura JON PEACE Helvea TIM DAWSON Deutsche Bank MATT SPICK Landesbank Baden-Wuerttemberg INGO FROMMEN Oddo & Cie JEAN SASSUS Canaccord Genuity Corp ARUN MELMANE Berenberg Bank JAMES CHAPPELL Kepler Cheuvreux DIRK BECKER S&P Capital IQ FRANK BRADEN DZ Bank AG CHRISTOPH BAST Liberum Capital Ltd CORMAC LEECH Bankhaus Lampe NEIL SMITH Day by Day VALERIE GASTALDY Redburn Partners NICHOLAS WATTS Societe Generale DIRK HOFFMANN-BECKING Mediobanca SpA CHRISTOPHER J WHEELER Zuercher Kantonalbank ANDREAS VENDITTI Espirito Santo Investment Bank Research ANDREW LIM HSBC ROBERT MURPHY Nord/LB MICHAEL SEUFERT Grupo Santander AURELIA FAURE Hammer Partners SA ENRICO RACIOPPI

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

Recommendation outperform reduce outperform outperform outperform Overwt/In-Line neutral/neutral hold equalweight outperform overweight hold hold overweight buy sell neutral buy neutral hold hold neutral hold sell buy hold sell hold sell buy neutral buy outperform market perform neutral neutral hold hold sell

Amt Held 91'438'170 90'633'111 83'884'014 67'648'398 40'786'715 40'589'039 40'589'039 40'357'258 33'619'326 32'783'489 19'269'892 17'707'730 13'146'592 10'341'225 6'965'852 6'347'665 4'706'327 4'584'868 4'420'673 4'392'336

% Out 5.8 5.75 5.32 4.29 2.59 2.57 2.57 2.56 2.13 2.08 1.22 1.12 0.83 0.66 0.44 0.4 0.3 0.29 0.28 0.28

Weighting

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

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 N U M M M M M D M M M

Latest Chg 400'669 5'478'521 12'363'324 (27'286'190) 400'668 (729'700) 1'975'777 (347'619) 59'178 1'642'359 2'866'587 395'606 (33'747'664)

Target Price 33 29 34 33 31 31 30 28 28 32 #N/A N/A 25 26 33 32 22 24 31 26 28 26 27 28 13 29 27 23 24 24 30 #N/A N/A 32 30 #N/A N/A 25 23 #N/A N/A 19 21

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

File Dt Inst Type 31.03.2013 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 12.03.2013 Government 21.05.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 05.04.2013 Investment Advisor

Date 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided 18 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 23.05.2013 23.05.2013 21.05.2013 21.05.2013 16.05.2013 13.05.2013 13.05.2013 06.05.2013 02.05.2013 30.04.2013 30.04.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 18.04.2013 17.04.2013 10.04.2013 08.04.2013 03.04.2013 25.03.2013 11.02.2013 30.01.2013 07.11.2012 23.10.2012 18.09.2012 03.07.2012


04.07.2013

Zurich Insurance Group AG Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Price/Volume 300

1.4 M

250

1.2 M 1.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/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 ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2012 03/yy 270.90 194.43 314'601.00 250.2 -7.64% 28.69% 68.88% 148.3 37'104.69 12'521.00 0.0 2'368.0 9'098.00 45'128.04

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

.6 M

100

.4 M

50

.2 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

Fiscal Year Ended 31.12.2008 32'331.0 0.99x 3'039.0 9.86x

.8 M

150

Valuation Analysis

LTM-4Q

31.12.2009 31.12.2010 70'123.0 67'819.0 0.50x 0.64x 3'963.0 3'428.0 7.83x 10.92x Profitability

31.12.2011 52'978.0 0.73x 3'750.0 8.80x

31.12.2012 70'446.0 0.64x 3'878.0 10.08x

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

8.34% 7.48% 0.93% 11.39% 8.94% 0.18% 5.5% 3.06% 36.30% -

Price/ Cash Flow

LTM

03/yy 59'206.0 2.72x 0.0 0.00x 4'250.0 9.22x

03/yy 71'371.0 2.46x 0.0 0.00x 3'791.0 10.77x

FY+1

1.17 148.14 22.67% 9.82% 1.165 39 3.308 396'881 434'151 461'900 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 58'754.0 59'970.0 0.92x 0.90x 4'304.1 4'510.0 991.5 976.5 9.23x 8.79x S&P Issuer Ratings

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

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK ABERDEEN NORGES BANK FMR LLC CREDIT SUISSE CREDIT SUISSE ASSET FRANKLIN RESOURCES VANGUARD GROUP INC UBS FUND MANAGEMENT PICTET & CIE TWEEDY BROWNE COMPAN SUN LIFE FINANCIAL I SCHRODER INVESTMENT SWISSCANTO FONDSLEIT THORNBURG INVESTMENT BANK OF NEW YORK MEL MORGAN STANLEY UMB BANK N A DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

Credit Suisse RICHARD BURDEN Exane BNP Paribas NICCOLO DALLA PALMA Barclays ANDREW BROADFIELD Societe Generale JASON KALAMBOUSSIS Sanford C. Bernstein & Co THOMAS SEIDL Keefe, Bruyette & Woods RALPH HEBGEN Macquarie HADLEY COHEN Bank am Bellevue ANDREAS FRICK Oddo & Cie NICOLAS JACOB Canaccord Genuity Corp BEN COHEN Bankhaus Metzler JOCHEN SCHMITT Berenberg Bank PETER ELIOT Bank Vontobel AG STEFAN SCHUERMANN Kepler Cheuvreux ATANASIO PANTARROTAS S&P Capital IQ RODERICK WALLACE Helvea DANIEL BISCHOF RBC Capital Markets GORDON AITKEN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Main First Bank AG RENE LOCHER AlphaValue DIETER HEIN Mediobanca SpA MARC THIELE HSBC DHRUV GAHLAUT JPMorgan MICHAEL HUTTNER Day by Day VALERIE GASTALDY Raymond James DANNY JACQUES EVA Dimensions AUSTIN BURKETT Morgan Stanley MARCUS RIVALDI Independent Research GmbH STEFAN BONGARDT Zuercher Kantonalbank GEORG MARTI Banca Akros(ESN) MARCO CAVALLERI Deutsche Bank ROBIN BUCKLEY Espirito Santo Investment Bank Research JOY FERNEYHOUGH Goldman Sachs VINIT MALHOTRA DZ Bank AG WERNER EISENMANN Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 6'581'764 4'526'701 4'495'862 2'842'166 2'525'492 2'158'045 1'903'059 1'813'810 1'354'516 760'859 716'240 673'346 554'678 496'279 444'000 438'522 386'690 374'403 374'222 346'877

% Out 4.44 3.05 3.03 1.92 1.7 1.46 1.28 1.22 0.91 0.51 0.48 0.45 0.37 0.33 0.3 0.3 0.26 0.25 0.25 0.23

Weighting

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

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

Latest Chg 27'698 (18'119) (697'712) 787 (18'382) 13 (113'475) (33'805) 4'556 (13'585) 15'133 (26'773) 7'472 13'784 10'208 3'046 30'949

Target Price 283 315 250 252 269 300 275 240 300 265 290 280 270 300 220 265 290 220 320 290 265 322 292 275 263 #N/A N/A 297 #N/A N/A 261 270 #N/A N/A 245 265 300 292 240 216

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

File Dt 21.05.2013 30.04.2013 23.06.2011 31.03.2013 23.03.2010 27.03.2013 31.03.2013 31.03.2013 31.01.2013 31.01.2013 31.03.2012 31.03.2013 31.03.2013 28.02.2013 28.02.2013 31.03.2013 31.03.2013 28.03.2013 31.01.2013 30.04.2013

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

Inst Type Investment Advisor Unclassified 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

Date 22.05.2013 22.05.2013 21.05.2013 20.05.2013 20.05.2013 19.05.2013 18.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 03.05.2013 25.04.2013 19.04.2013 17.04.2013 22.03.2013 21.03.2013 26.02.2013 19.02.2013 18.02.2013 13.02.2013 24.01.2013 08.01.2013 11.10.2012 05.12.2011 06.05.2011


04.07.2013

Syngenta AG Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450

.7 M

400

.6 M

350

.5 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 03/yy 416.00 312.60 169'591.00 379.8 -8.70% 21.50% 57.16% 93.1 35'350.69 3'348.00 11.0 1'599.00 38'774.49

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

.4 M

200

.3 M

150

.2 M

100

.1 M

50 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 11'624.0 1.68x 2'495.0 7.84x 1'385.0 12.86x

250

LTM-4Q

31.12.2009 31.12.2010 10'992.0 11'641.0 2.56x 2.45x 2'368.0 2'460.0 11.86x 11.60x 1'371.0 1'397.0 19.06x 19.37x Profitability

31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x

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

3'148.00 2'550.00 17.96% 15.15% 10.22% 23.06% 0.78% 49.2% 22.2% 18.0% 13.2% 1.71 0.75 17.26% 38.28% 4.79 1.62

Price/ Cash Flow

LTM

03/yy 4'304.0 0.00x 0.0 0.00x 0.0 0.00x

03/yy 14'468.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

0.90 92.99 17.89% 6.12% 0.902 32 4.063 254'579 279'621 268'328 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'247.6 16'177.1 4'571.5 4'028.7 2.51x 2.32x 3'426.8 3'744.1 2'274.0 11.33x 10.36x 2'262.4 2'492.6 1'565.0 16.29x 14.65x S&P Issuer Ratings

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

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 0.56 1.06 38.3% 27.7% 0.78 4.57 76.37 226.25 148.30 154.33

Sales/Revenue/Turnover

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0 20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK FMR LLC NORGES BANK VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE ASSET THORNBURG INVESTMENT UBS FUND MANAGEMENT WILLIAM BLAIR & COMP JUPITER ASSET MANAGE MANNING & NAPIER ADV PICTET & CIE THREADNEEDLE INVESTM DWS INVESTMENT S A INVESCO LTD SCHRODER INVESTMENT DEUTSCHE BANK AG FLEXSHARES TRUST

Firm Name Jefferies AlphaValue Sanford C. Bernstein & Co Deutsche Bank Kepler Cheuvreux Exane BNP Paribas Goldman Sachs Morgan Stanley Credit Suisse Bank Vontobel AG Nomura Liberum Capital Ltd Bank am Bellevue Berenberg Bank S&P Capital IQ Canaccord Genuity Corp Barclays Day by Day HSBC JPMorgan EVA Dimensions Redburn Partners Equita SIM SpA Macquarie Bankhaus Metzler Hamburger Sparkasse DZ Bank AG Main First Bank AG Societe Generale Zuercher Kantonalbank

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

Analyst LAURENCE ALEXANDER FABRICE FARIGOULE JEREMY REDENIUS VIRGINIE BOUCHER-FERTE MARTIN ROEDIGER JAMES KNIGHT RAKESH PATEL AMY WALKER CHRIS COUNIHAN PATRICK RAFAISZ PATRICK LAMBERT SOPHIE JOURDIER BRUNO ESCHLI JOHN PHILIPP KLEIN JACOB THRANE PAUL W SATCHELL ANDREAS HEINE VALERIE GASTALDY GEOFF HAIRE MARTIN EVANS CRAIG STERLING TONY JONES MASSIMO BONISOLI CHRISTIAN FAITZ DANIEL SEIDENSPINNER MARCO GUENTHER HEINZ MUELLER RONALD KOEHLER PETER CLARK MARTIN SCHREIBER

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

Recommendation hold buy underperform buy buy neutral Buy/Neutral Equalwt/In-Line outperform hold buy hold buy buy hold buy equalweight hold neutral neutral hold buy hold outperform buy sell buy outperform buy market perform

Amt Held 4'640'124 4'634'983 3'907'159 2'363'704 2'118'825 1'825'264 1'664'500 1'369'218 932'280 828'905 592'749 589'680 536'300 496'141 408'606 393'768 377'345 363'011 274'518 237'786

% Out 4.98 4.98 4.2 2.54 2.28 1.96 1.79 1.47 1 0.89 0.64 0.63 0.58 0.53 0.44 0.42 0.41 0.39 0.29 0.26

Weighting

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

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

Latest Chg 42'023 86'915 69'115 (9'023) (26'762) (53'196) (308) (76'790) 7'247 20'021 42'715 6'822 109'146 15'930 30'082

Target Price 400 519 313 430 440 376 470 406 450 390 470 400 457 515 420 430 403 #N/A N/A 430 375 #N/A N/A #N/A N/A 390 430 450 #N/A N/A 400 415 450 #N/A N/A

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

File Dt 21.05.2013 31.03.2013 26.02.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 27.03.2013 31.03.2013 31.01.2013 31.03.2013 31.01.2013 31.12.2012 31.01.2013 28.02.2013 28.03.2013 20.05.2013 31.03.2013 31.03.2013 30.04.2013

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

Inst Type 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 Investment Advisor

Date 23.05.2013 23.05.2013 17.05.2013 16.05.2013 14.05.2013 13.05.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 04.04.2013 27.03.2013 20.03.2013 13.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 30.11.2012 20.11.2012 25.10.2012 19.09.2012


04.07.2013

Swiss Re AG Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Price/Volume

3.0 M

60

2.5 M 2.0 M

40

Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/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 SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 03/yy 75.65 53.28 716'931.00 70.7 -6.54% 32.70% 75.19% 370.7 26'208.98 19'898.00 1'102.0 24.0 10'837.00 36'329.52

1.5 M

30 20

1.0 M

10

.5 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

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

3.5 M

70 50

Valuation Analysis

31.12.2008 24'011.8 1.03x (800.3) -

80

LTM-4Q

31.12.2009 31.12.2010 30'624.0 28'484.0 0.50x 1.13x 467.4 863.0 33.44x 21.30x Profitability

31.12.2011 27'797.0 1.02x 2'626.0 6.64x

31.12.2012 33'116.0 1.06x 4'201.0 6.09x

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

17.37% 16.51% 1.89% 13.63% 9.55% 0.15% 12.7% 9.22% 60.48% -

Price/ Cash Flow

LTM

03/yy 30'050.0 3.90x 0.0 0.00x 4'432.0 4.93x

03/yy 34'313.0 3.82x 0.0 0.00x 4'419.0 6.45x

FY+1

.0 M m-13

1.11 369.70 27.57% 18.28% 1.114 36 3.444 1'058'707 1'204'448 1'292'795 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 34'062.2 36'271.1 1.07x 1.00x 3'305.8 3'077.2 655.0 627.0 8.00x 8.55x S&P Issuer Ratings

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

60.5% 36.9% 0.15 -

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES BLACKROCK BERKSHIRE HATHAWAY I SUN LIFE FINANCIAL I DODGE & COX VANGUARD GROUP INC NORGES BANK CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE SARASIN SWISSCANTO FONDSLEIT JP MORGAN TEMPLETON INVESTMENT DIMENSIONAL FUND ADV ARTISAN PARTNERS HOL ETHENEA INDEPENDENT THORNBURG INVESTMENT EATON VANCE MANAGEME

Firm Name

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

Analyst

AlphaValue DIETER HEIN Sanford C. Bernstein & Co THOMAS SEIDL Helvea DANIEL BISCHOF Credit Suisse ADAM MCINALLY Barclays ANDREW BROADFIELD Bank am Bellevue ANDREAS FRICK Kepler Cheuvreux FABRIZIO CROCE Morgan Stanley MACIEJ WASILEWICZ Nord/LB JULIA SIEKMANN Oddo & Cie NICOLAS JACOB Canaccord Genuity Corp BEN COHEN Bank Vontobel AG STEFAN SCHUERMANN S&P Capital IQ RODERICK WALLACE Societe Generale JASON KALAMBOUSSIS Mediobanca SpA GIANLUCA FERRARI RBC Capital Markets GORDON AITKEN Keefe, Bruyette & Woods WILLIAM HAWKINS Raymond James DANNY JACQUES Landesbank Baden-Wuerttemberg WERNER SCHIRMER Hamburger Sparkasse CHRISTIAN HAMANN Bankhaus Metzler JOCHEN SCHMITT Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Exane BNP Paribas NICCOLO DALLA PALMA Main First Bank AG RENE LOCHER Macquarie HADLEY COHEN Zuercher Kantonalbank GEORG MARTI JPMorgan MICHAEL HUTTNER Goldman Sachs VINIT MALHOTRA Day by Day VALERIE GASTALDY EVA Dimensions AUSTIN BURKETT HSBC THOMAS FOSSARD DZ Bank AG THORSTEN WENZEL Espirito Santo Investment Bank Research JOY FERNEYHOUGH

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

Recommendation reduce underperform neutral neutral overweight buy buy Equalwt/In-Line buy buy buy buy buy buy neutral sector perform underperform underperform hold buy buy sell sell reduce neutral underperform neutral market perform overweight neutral/neutral hold buy neutral sell neutral

Amt Held 27'282'124 24'549'095 15'918'781 11'262'000 11'178'539 11'104'278 8'899'361 6'819'188 5'288'972 2'801'749 2'201'596 1'851'274 1'522'449 1'424'952 1'267'120 1'232'919 1'125'402 1'050'000 954'050 874'042

% Out 7.36 6.62 4.29 3.04 3.02 3 2.4 1.84 1.43 0.76 0.59 0.5 0.41 0.38 0.34 0.33 0.3 0.28 0.26 0.24

Weighting

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

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

Latest Chg (1'396'672) (461'908) 120'264 58'816 (1'472'124) (80'148) (72'460) 27'594 196'282 41'129 22'735 (32'769) 3'138 1'125'402 980'000 800'000 608'042

Target Price 73 58 80 69 78 89 83 72 84 82 80 85 88 75 78 80 82 63 78 #N/A N/A 83 67 80 67 76 72 67 #N/A N/A 74 75 #N/A N/A #N/A N/A 75 58 48

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

File Dt 29.03.2012 31.03.2013 21.05.2013 31.12.2012 16.05.2013 06.05.2013 31.03.2013 31.12.2012 27.03.2013 31.01.2013 31.01.2013 28.03.2013 28.02.2013 31.03.2013 28.02.2013 31.01.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013

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

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

Date 23.05.2013 20.05.2013 13.05.2013 10.05.2013 09.05.2013 07.05.2013 07.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 23.04.2013 18.03.2013 01.03.2013 22.02.2013 21.02.2013 14.02.2013 17.01.2013 16.01.2013 10.09.2012 12.01.2012


04.07.2013

Transocean Ltd Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (27.12.2012) Daily Volume Current Price (7/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 RIGN VX EQUITY YTD Change RIGN VX EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 54.70 40.18 270'623.00 45.88 -16.12% 14.19% 31.96% 360.3 16'532.70 12'459.00 0.0 (15.0) 5'134.00 24'830.82

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

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

1.20 1.00

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 12'674.0 2.17x 6'430.0 4.27x 4'031.0 -

60

31.12.2009 31.12.2010 11'556.0 9'466.0 3.22x 3.17x 5'926.0 4'048.0 6.28x 7.42x 3'181.0 961.0 Profitability

LTM-4Q 31.12.2011 8'027.0 2.87x 1'515.0 15.22x (5'754.0) -

31.12.2012 9'196.0 2.54x 2'766.0 8.45x (219.0) 2'766.00 1'685.00 18.32% 9.42% 0.27% 0.56% 2.71% 0.28% 21.4% 28.4% 16.5% -2.4% 1.58 1.34 36.37% 79.13% 4.38 11.73

LTM

03/yy 8'568.0 12.07x 1'763.0 16.34x (6'063.0) 0.00x

03/yy 9'538.0 10.36x 2'710.0 9.68x 92.0 0.00x

FY+1

.0 M m-13

1.21 339.89 3.76% 14.97% 1.205 44 4.023 421'237 508'319 482'084 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'641.5 10'853.4 2'413.3 2'492.8 2.67x 2.38x 10.41x 10.14x 3'621.9 4'474.1 908.6 970.0 6.87x 5.56x 6.45x 6.13x 1'587.0 2'208.5 387.0 430.2 10.96x 7.85x 10.18x 9.28x S&P Issuer Ratings

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

3.56 1.88 2.78 4.14 79.1% 44.2% 0.28 0.44 83.33 31.13 40.06 67.67

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

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 |


04.07.2013

Transocean Ltd Holdings By:

All

Holder Name ICAHN ASSOCIATES COR ICAHN ASSOCIATES COR CAPITAL GROUP COMPAN BLACKROCK FRANKLIN RESOURCES FMR LLC NORGES BANK WENTWORTH HAUSER AND DAVIS SELECTED ADVIS CREDIT SUISSE ASSET PRIMECAP MANAGEMENT WELLINGTON MANAGEMEN OMEGA ADVISORS DEUTSCHE BANK AG OPPENHEIMERFUNDS INC EARNEST PARTNERS LLC LAZARD ASSET MANAGEM UBS FUND MANAGEMENT HIGHBRIDGE CAPITAL M APPALOOSA MANAGEMENT

Firm Name Goldman Sachs ISI Group EVA Dimensions Howard Weil Inc Sanford C. Bernstein & Co Capital One Southcoast, Inc. Guggenheim Securities LLC Cowen Securities LLC Iberia Capital Partners LLC Macquarie BMO Capital Markets Credit Suisse Edward Jones JPMorgan Stephens Inc FBR Capital Markets Barclays Clarkson Capital Markets LLC Deutsche Bank Raymond James Wells Fargo Securities, LLC Gabelli & Co Susquehanna Financial Group Credit Agricole Securities (USA) Global Hunter Securities RBC Capital Markets Jefferies Argus Research Corp Pareto Securities Main First Bank AG Johnson Rice & Co Swedbank First Securities Bank Vontobel AG Fearnley Fonds Nordea Equity Research HSBC Zuercher Kantonalbank DNB Markets Arctic Securities ASA Tudor Pickering & Co Morgan Stanley S&P Capital IQ RS Platou Markets

Portfolio Name ICAHN ASSOCIATES COR n/a n/a n/a n/a n/a NORGES BANK WENTWORTH HAUSER AND DAVIS SELECTED ADVIS Multiple Portfolios PRIMECAP MANAGEMENT WELLINGTON MANAGEMEN OMEGA ADVISORS INC DEUTSCHE BANK AKTIEN OPPENHEIMER FUNDS IN EARNEST PARTNERS LLC n/a Multiple Portfolios HIGHBRIDGE CAPITAL M APPALOOSA MANAGEMENT

Analyst WAQAR SYED JUDSON E BAILEY CRAIG STERLING DAVID T WILSON SCOTT GRUBER LUKE M LEMOINE DARREN GACICIA JAMES D CRANDELL TREY STOLZ NIGEL BROWNE ALAN D LAWS GREGORY LEWIS BRIAN YOUNGBERG J DAVID ANDERSON JOHN KELLER MEGAN REPINE JAMES C WEST HAITHUM NOKTA MICHAEL W URBAN J MARSHALL ADKINS MATTHEW D CONLAN ANDREA SHARKEY CHARLES P MINERVINO DAVID S HAVENS BRIAN UHLMER #N/A N/A BRAD HANDLER PHILIP H WEISS FRANK HARESTAD BERND POMREHN DAVID C SMITH BJORN THORESEN FABIAN HAECKI TRULS OLSEN DAVID BHATTI DAVID PHILLIPS MARTIN SCHREIBER MARTIN HUSEBY KARLSEN KRISTOFFER RIIS IDEN BYRON POPE OLE SLORER STEWART GLICKMAN ANDERS BERGLAND

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

Recommendation neutral/attractive strong buy overweight sector perform outperform add buy buy outperform neutral outperform neutral hold neutral equalweight outperform overweight outperform sell market perform outperform buy neutral outperform buy outperform hold buy buy underperform overweight buy hold buy buy overweight market perform hold buy hold restricted hold buy

Amt Held 20'154'035 20'154'035 19'705'570 18'706'254 12'972'379 9'548'259 7'568'140 6'851'908 5'168'965 4'831'570 3'433'300 3'293'744 3'174'545 3'144'768 3'132'933 3'111'484 2'931'192 2'927'088 2'901'422 2'560'167

% Out 5.59 5.59 5.47 5.19 3.6 2.65 2.1 1.9 1.43 1.34 0.95 0.91 0.88 0.87 0.87 0.86 0.81 0.81 0.81 0.71

Weighting

Change

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

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

Latest Chg 14'315'649 1'297'393 650'155 3'112'775 (315'813) (914'546) (160'437) (276'355) (107'900) 40'681 59'000 173'296 14'620 (20'633) 2'931'192 (100'293) 1'736'422 1'059'912

Target Price 61 65 #N/A N/A 58 60 60 68 61 71 56 60 58 #N/A N/A 56 55 58 70 63 43 #N/A N/A #N/A N/A #N/A N/A 54 56 62 58 58 59 70 45 #N/A N/A 61 52 56 62 71 #N/A N/A 56 56 #N/A N/A #N/A N/A #N/A N/A 62

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

File Dt 31.03.2013 19.04.2013 31.03.2013 21.05.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 27.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013

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

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

Date 23.05.2013 22.05.2013 21.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 18.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 13.05.2013 10.05.2013 10.05.2013 10.05.2013 09.05.2013 03.05.2013 19.04.2013 19.04.2013 18.04.2013 06.03.2013 06.03.2013 04.03.2013 04.03.2013 04.02.2013 29.01.2013 03.01.2013 16.04.2012


04.07.2013

Swatch Group AG/The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques.

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

12/2012 01/yy 602.00 341.70 115'815.00 535.5 -11.05% 56.72% 68.69% 30.8 28'038.60 135.00 0.0 19.0 1'967.00 26'225.60

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

100 0 m-12

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 15.56x

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

2'245.00 1'984.00 25.45% 25.87% 15.22% 18.41% 0.74% 28.8% 25.4% 20.5% 6.50 2.51 1.20% 1.45% 7.98 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.20 30.22 42.46% 17.53% 1.202 31 3.935 165'732 176'952 153'532 FY+2

12/13 Y 12/14 Y 8'802.7 9'714.8 3.02x 2.64x 2'545.6 2'858.8 10.30x 9.17x 1'781.3 1'998.3 16.32x 14.57x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

748.33 602.33 -0.82 0.06 1.4% 1.4% 0.74 4.39 45.87 -

Sales/Revenue/Turnover

45.00

9'000.0

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

j-12

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

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.25x

200

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Swatch Group AG/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NORGES BANK SWATCH GROUP AG VANGUARD GROUP INC CREDIT SUISSE ASSET BLACKROCK FMR LLC THORNBURG INVESTMENT PICTET & CIE CALAMOS ADVISORS LLC UBS FUND MANAGEMENT THREADNEEDLE INVESTM WINTERGREEN ADVISERS PICTET ASSET MANAGEM SCHRODER INVESTMENT SCOPUS ASSET MANAGEM BNP PARIBAS INV PART ROYAL BANK OF CANADA GRETHER ESTHER DB PLATINUM ADVISORS

Firm Name AlphaValue Raymond James Exane BNP Paribas Societe Generale Goldman Sachs Morgan Stanley Cantor Fitzgerald Credit Suisse Sanford C. Bernstein & Co Redburn Partners Aurel - BGC Deutsche Bank Nomura Kepler Cheuvreux Bryan Garnier & Cie Day by Day HSBC ISI Group Oddo & Cie Renaissance Capital Bank Vontobel AG Main First Bank AG Barclays Berenberg Bank JPMorgan S&P Capital IQ EVA Dimensions Zuercher Kantonalbank

Portfolio Name 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 SCOPUS ASSET MANAGEM n/a n/a n/a Multiple Portfolios

Analyst VERONIQUE CABIOC'H MARC WILLAUME LUCA GIUSEPPE SOLCA THIERRY COTA WILLIAM HUTCHINGS LOUISE SINGLEHURST ALLEGRA PERRY PATRICK JNGLIN MARIO ORTELLI ANNABEL GLEESON DAVID DA MAIA FRANCESCA DI PASQUANTONIO CHRISTOPHER WALKER JON COX LOIC MORVAN VALERIE GASTALDY ANTOINE BELGE OMAR SAAD LEOPOLD AUTHIE REY WIUM RENE WEBER MATTHIAS EIFERT HELEN NORRIS JOHN GUY MELANIE A FLOUQUET WILLIAM MACK CRAIG STERLING PATRIK SCHWENDIMANN

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

Recommendation reduce outperform outperform buy Buy/Neutral Overwt/In-Line buy outperform market perform neutral hold buy buy buy buy hold neutral strong buy buy hold buy outperform equalweight buy neutral sell underweight outperform

Amt Held 1'383'153 935'958 505'000 484'570 433'692 364'120 290'174 255'065 246'404 232'055 222'578 188'807 184'025 178'394 174'820 150'944 149'368 124'236 114'000 111'350

% Out 4.48 3.03 1.64 1.57 1.41 1.18 0.94 0.83 0.8 0.75 0.72 0.61 0.6 0.58 0.57 0.49 0.48 0.4 0.37 0.36

Weighting

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

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

Latest Chg (62'160) 20'729 (5'556) 16'555 (186'998) 15'790 (9'535) (7'946) (7'585) (621) 30'488 97'992 4'726 11'596 25'500

Target Price 601 600 710 650 770 602 600 600 600 #N/A N/A 550 600 620 630 555 #N/A N/A 590 650 620 541 600 650 550 625 505 480 #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 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2011 Corporation 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.04.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Bank 31.12.2011 n/a 30.04.2013 Investment Advisor

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

Date 23.05.2013 22.05.2013 22.05.2013 20.05.2013 17.05.2013 16.05.2013 16.05.2013 15.05.2013 14.05.2013 08.05.2013 30.04.2013 29.04.2013 24.04.2013 18.04.2013 08.04.2013 04.04.2013 27.03.2013 24.03.2013 19.03.2013 14.03.2013 07.03.2013 07.03.2013 07.03.2013 15.02.2013 04.02.2013 04.02.2013 17.01.2013 13.09.2012


04.07.2013

Holcim Ltd Holcim Ltd. produces building materials. The Company produces and markets ready-mixed concrete, cement, clinker, and admixtures. The Company also provides consulting and engineering services in all areas of the cement manufacturing process. Holcim, through subsidiaries, operates cement manufacturing facilities around the world.

Price/Volume

3.0 M 2.5 M

60

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (13.07.2012) Daily Volume Current Price (7/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 HOLN VX EQUITY YTD Change HOLN VX EQUITY YTD % CHANGE

12/2012 03/yy 79.10 50.64 716'354.00 67.3 -14.92% 32.89% 51.16% 327.1 22'012.91 13'507.00 0.0 2'889.0 3'146.00 35'663.91

50

2.0 M

40

1.5 M

30

1.0 M

20

.5 M

10 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

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

3.5 M

80 70

Valuation Analysis

31.12.2008 25'157.0 1.32x 5'333.0 6.23x 1'782.0 8.84x

90

LTM-4Q

31.12.2009 31.12.2010 21'132.0 21'653.0 2.02x 1.71x 4'630.0 4'513.0 9.20x 8.19x 1'471.0 1'182.0 16.33x 19.15x Profitability

31.12.2011 20'744.0 1.47x 3'958.0 7.69x 275.0 58.43x

31.12.2012 21'544.0 1.63x 3'984.0 8.79x 622.0 34.84x

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

3'984.00 1'816.00 8.43% 7.35% 1.91% 4.73% 4.91% 0.51% 40.8% 18.4% 8.2% 2.9% 1.00 0.70 32.60% 79.69% 7.46 5.74

Price/ Cash Flow

LTM

03/yy 20'747.0 6.30x 3'921.0 8.61x 275.0 68.49x

03/yy 21'107.0 6.62x 3'888.0 9.88x 799.0 30.88x

FY+1

.0 M m-13

1.29 227.77 27.20% 2.29% 1.292 35 4.057 1'029'487 1'014'205 956'896 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'038.0 23'475.0 5'764.3 6'018.0 1.57x 1.42x 6.30x 5.97x 4'604.3 5'413.7 1'304.0 1'441.0 7.75x 6.59x 1'460.4 1'967.8 549.0 615.0 15.11x 11.16x 14.57x S&P Issuer Ratings

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

22.01.2009 BBB STABLE 01.04.2005 A-2 5.84 3.29 2.77 3.56 79.7% 40.5% 0.51 0.95 48.92 63.62 57.83 35.39

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00 7.00

20'000.0

6.00

15'000.0

5.00 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

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 |


04.07.2013

Holcim Ltd Holdings By:

All

Holder Name SCHMIDHEINY THOMAS EUROCEMENT HOLDING A CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS NORGES BANK VANGUARD GROUP INC CREDIT SUISSE ASSET COMMONWEALTH BANK OF BLACKROCK HARRIS ASSOCIATES LP ARTISAN PARTNERS HOL MANNING & NAPIER ADV TIAA CREF INVESTMENT UBS FUND MANAGEMENT T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT PICTET & CIE MORGAN STANLEY SARASIN

Firm Name Sanford C. Bernstein & Co AlphaValue Raymond James Credit Suisse JPMorgan Jefferies Kepler Cheuvreux Exane BNP Paribas Bank am Bellevue Equita SIM SpA Bankhaus Metzler Bank Vontobel AG Helvea Societe Generale Deutsche Bank Oddo & Cie Bryan Garnier & Cie S&P Capital IQ Goldman Sachs HSBC Day by Day CM - CIC Securities(ESN) Berenberg Bank Liberum Capital Ltd Zuercher Kantonalbank Natixis Morgan Stanley Main First Bank AG EVA Dimensions Aurel - BGC Redburn Partners DZ Bank AG Davy Societe Generale

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

Analyst

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

Recommendation

PHIL ROSEBERG GAETAN DUPONT ARNAUD PALLIEZ HARRY GOAD ELODIE RALL MICHAEL F BETTS JOSEP PUJAL PAUL ROGER MICHAEL ROOST GIUSEPPE MAPELLI STEPHAN BAUER SERGE ROTZER PATRICK APPENZELLER MURIEL FELLOUS GLYNIS JOHNSON VIRGINIE ROUSSEAU SVEN EDELFELT JAWAHAR HINGORANI WILL MORGAN JOHN FRASER-ANDREWS VALERIE GASTALDY JEAN-CHRISTOPHE LEFEVRE-MOULENQ ROBERT MUIR CHARLIE CAMPBELL MARTIN HUESLER RAFIC EL HADDAD YURI SEROV CHRISTIAN KORTH CRAIG STERLING ERIC LEMARIE JOHN MESSENGER MARC NETTELBECK TIM CAHILL MIKE BRIDGES

outperform reduce outperform neutral overweight buy buy outperform hold hold sell hold buy buy hold buy buy hold neutral/neutral neutral hold accumulate buy buy outperform neutral Equalwt/In-Line outperform sell not rated neutral sell outperform hold

Amt Held 65'774'099 33'091'556 9'685'325 8'823'981 5'637'149 3'150'310 3'100'075 2'755'317 2'568'131 2'484'800 1'839'810 1'735'900 1'700'606 1'601'986 1'514'910 1'183'680 1'003'067 975'977 734'252 428'647

% Out 20.11 10.12 2.96 2.7 1.72 0.96 0.95 0.84 0.79 0.76 0.56 0.53 0.52 0.49 0.46 0.36 0.31 0.3 0.22 0.13

Weighting

Change

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

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 U M

Latest Chg (6'310'975) 182'596 (49'165) 73'632 643'402 (161'700) 1'839'810 221'420 (28'829) (58'267) 1'506'860 (2'961) (122'296) (1'622) 5'595 14'968

Target Price 93 76 80 72 85 83 86 90 75 71 68 76 83 97 69 91 83 77 81 80 #N/A N/A 80 80 71 #N/A N/A 72 74 85 #N/A N/A #N/A N/A #N/A N/A 55 #N/A N/A 54

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

File Dt 31.12.2011 12.09.2011 31.03.2013 31.03.2013 31.12.2012 31.03.2013 27.03.2013 31.01.2013 21.05.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 31.01.2013 31.03.2013 31.01.2013

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

Inst Type n/a Private Equity Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 23.05.2013 23.05.2013 21.05.2013 20.05.2013 16.05.2013 16.05.2013 15.05.2013 14.05.2013 13.05.2013 13.05.2013 13.05.2013 13.05.2013 13.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 01.05.2013 30.04.2013 23.04.2013 14.03.2013 13.03.2013 11.03.2013 08.03.2013 01.03.2013 28.02.2013 25.02.2013 17.01.2013 07.11.2012 07.11.2012 16.10.2012 08.10.2012 30.11.2011


04.07.2013

SGS SA SGS SA provides industrial inspection, analysis, testing, and verification services. The Company inspects, samples, analyzes, and monitors raw materials, petroleum, food, crops, chemicals, consumer goods, and production machinery for compliance with industrial standards and local regulatory requirements, including tax and duty. SGS serves business worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGSN VX EQUITY YTD Change SGSN VX EQUITY YTD % CHANGE

12/2012 01/yy 2'421.16 1'794.63 17'516.00 2108 -12.93% 17.46% 44.11% 7.8 16'489.70 1'323.00 0.0 58.0 989.00 16'881.70

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

.1 M

2500

.1 M

2000

.0 M

1500

.0 M

1000

.0 M

500

.0 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

Fiscal Year Ended 31.12.2008 4'818.0 1.66x 1'024.0 7.82x 692.0 12.08x

3000

31.12.2009 31.12.2010 4'712.0 4'757.0 2.06x 2.46x 1'223.0 1'286.0 7.93x 9.09x 566.0 588.0 17.90x 20.21x Profitability

31.12.2011 4'797.0 2.48x 1'015.0 11.73x 534.0 22.05x

31.12.2012 5'578.0 2.84x 1'124.0 14.11x 556.0 27.76x

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

1'124.00 843.00 15.11% 14.49% 11.40% 27.42% 1.14% 20.2% 15.1% 10.0% 2.06 1.60 26.49% 64.22% 6.05 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.96 4.86 17.95% 6.66% 0.956 25 3.440 17'633 17'453 15'390 FY+2

12/13 Y 12/14 Y 6'163.7 6'742.5 2.73x 2.48x 1'356.1 1'551.4 12.39x 10.83x 714.5 837.1 22.54x 19.46x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

29.58 19.39 0.30 1.18 64.2% 38.4% 1.14 5.85 60.53 -

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

SGS SA Holdings By:

All

Holder Name EXOR GROUP SA VON FINCK AUGUST VON FINCK AUGUST FRA SGS INVESTMENT LTD CAPITAL GROUP INTERN BANK OF NEW YORK MEL SGS GROUP CAPITAL GROUP COMPAN NORGES BANK CREDIT SUISSE ASSET FMR LLC VANGUARD GROUP INC JUPITER ASSET MANAGE UBS FUND MANAGEMENT BLACKROCK PICTET & CIE WILLIAM BLAIR & COMP ALLIANZ ASSET MANAGE THREADNEEDLE INVESTM SCHRODER INVESTMENT

Firm Name AlphaValue Credit Suisse Oddo & Cie Goldman Sachs Helvea Main First Bank AG Kepler Cheuvreux Barclays Morgan Stanley Exane BNP Paribas HSBC EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank Societe Generale Jefferies Natixis RBC Capital Markets JPMorgan Berenberg Bank S&P Capital IQ Redburn Partners Deutsche Bank

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

Analyst HEINZ STEFFEN DAVID RIGBY GUILLAUME RASCOUSSIER JOHN WOODMAN CHRISTIAN BURGER MOURAD LAHMIDI BETTINA EDMONDSTON PAUL D A SULLIVAN ALLEN WELLS LAURENT BRUNELLE RAJESH KUMAR CRAIG STERLING JEAN-PHILIPPE BERTSCHY DANIEL BUERKI PATRICK JOUSSEAUME WILLIAM KIRKNESS OLIVIER LEBRUN ANDREW BROOKE ROBERT PLANT KONRAD ZOMER JOHNSON IMODE PASCAL HAUTCOEUR THOMAS SYKES

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

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

Amt Held 1'173'360 1'171'013 439'515 235'364 234'342 234'021 228'873 194'461 131'155 86'682 62'974 57'021 51'535 46'813 46'301 43'264 38'759 29'307 25'763 20'887

% Out 15 14.97 5.62 3.01 3 2.99 2.93 2.49 1.68 1.11 0.81 0.73 0.66 0.6 0.59 0.55 0.5 0.37 0.33 0.27

Weighting

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

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

Latest Chg (40'224) (1'646) (30'048) (6'000) (638) (8'551) 2'220 3'453 (7'584) 98 289 370 515 (16) (6'474)

Target Price 1'888 2'250 2'800 2'650 2'450 2'450 2'000 2'650 2'500 2'650 2'400 #N/A N/A 2'550 #N/A N/A 2'240 2'000 2'200 1'500 1'860 1'740 2'040 #N/A N/A 1'799

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

File Dt 31.12.2011 31.12.2011 31.12.2011 29.03.2011 29.06.2011 20.03.2013 30.01.2012 31.03.2013 31.12.2012 27.03.2013 31.03.2013 31.03.2013 31.01.2013 31.01.2013 21.05.2013 31.01.2013 31.03.2013 31.03.2013 28.02.2013 31.01.2013

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

Inst Type Holding Company n/a n/a Holding Company Investment Advisor Investment Advisor 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

Date 23.05.2013 20.05.2013 20.05.2013 08.05.2013 06.05.2013 02.05.2013 24.04.2013 24.04.2013 17.04.2013 15.04.2013 09.04.2013 02.04.2013 07.02.2013 30.01.2013 22.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 14.01.2013 21.11.2012 15.05.2012 27.04.2012


04.07.2013

Weatherford International Ltd/Switzerland Weatherford International Ltd. is a Swiss-based, multinational oilfield service company. The Company provides mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry.

Price/Volume 16

1.2 M

14

1.0 M

12 .8 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 WFT SE EQUITY YTD Change WFT SE EQUITY YTD % CHANGE

12/2012 03/yy 14.20 8.43 28'582.00 13.35 -5.99% 58.36% 79.20% 765.8 10'223.00 8'634.00 0.0 32.0 300.00 19'381.26

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

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

1.20 1.00

.4 M

4 .2 M

2 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 9'600.6 1.41x 2'710.4 5.00x 1'393.2 -

.6 M

6

31.12.2009 31.12.2010 8'833.0 10'221.0 2.22x 2.27x 1'596.8 1'829.0 12.28x 12.67x 170.1 (152.0) Profitability

LTM-4Q 31.12.2011 12'988.0 1.40x 2'443.0 7.46x 189.0 -

31.12.2012 15'215.0 1.11x 2'445.0 6.90x (778.0) 2'445.00 1'163.00 7.64% -1.89% -3.95% -9.46% 0.69% 22.1% 16.2% 7.6% -5.1% 1.58 0.73 37.88% 98.27% 4.29 3.56

LTM

03/yy 13'723.0 5.50x 2'664.0 7.20x 282.0 0.00x

03/yy 15'461.0 4.77x 2'504.0 7.54x (879.0) 0.00x

FY+1

.0 M m-13

1.41 680.02 8.10% 37.63% 1.409 34 3.882 55'506 87'098 94'885 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'176.0 17'675.5 3'895.4 4'122.0 1.17x 1.04x 4.98x 4.66x 2'969.5 3'512.0 684.6 788.3 6.54x 5.53x 6.13x 5.82x 616.6 978.0 120.5 175.7 17.21x 11.03x 14.87x 13.16x 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

5.03 0.55 3.45 3.57 98.3% 49.5% 0.69 1.95 85.08 102.61 54.43 136.67

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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


04.07.2013

Weatherford International Ltd/Switzerland Holdings By:

All

Holder Name WEATHERFORD INTL LTD INVESCO LTD ORBIS HOLDINGS LIMIT CLEARBRIDGE INVESTME LEGG MASON INC WENTWORTH HAUSER AND DODGE & COX BLACKROCK VANGUARD GROUP INC LEGG MASON INC MANNING & NAPIER ADV GAMCO THRIVENT FINANCIAL F ROBECO INVESTMENT MG WELLS FARGO SAC CAPITAL ADVISORS TRADEWINDS GLOBAL IN VAN ECK ASSOCIATES C SOUND SHORE MANAGEME MORGAN STANLEY

Firm Name Goldman Sachs JPMorgan EVA Dimensions Sanford C. Bernstein & Co Gabelli & Co Macquarie Credit Suisse Jefferies Guggenheim Securities LLC ISI Group Wells Fargo Securities, LLC Global Hunter Securities Iberia Capital Partners LLC Societe Generale Deutsche Bank Howard Weil Inc Capital One Southcoast, Inc. Raymond James Johnson Rice & Co FBR Capital Markets Susquehanna Financial Group Credit Agricole Securities (USA) Sterne, Agee & Leach BMO Capital Markets Morgan Stanley RBC Capital Markets Cowen Securities LLC Barclays Main First Bank AG Tudor Pickering & Co S&P Capital IQ

Portfolio Name n/a n/a ORBIS HOLDINGS LIMIT CLEARBRIDGE INVESTME n/a WENTWORTH HAUSER AND n/a n/a VANGUARD GROUP INC Multiple Portfolios MANNING & NAPIER ADV n/a THRIVENT FINANCIAL F ROBECO INVESTMENT MA n/a n/a TRADEWINDS GLOBAL IN n/a SOUND SHORE MANAGEME n/a

Analyst WAQAR SYED J DAVID ANDERSON CRAIG STERLING SCOTT GRUBER ANDREA SHARKEY NIGEL BROWNE JAMES WICKLUND BRAD HANDLER MICHAEL K LAMOTTE JUDSON E BAILEY MATTHEW D CONLAN BRIAN UHLMER TREY STOLZ EDWARD C MUZTAFAGO MICHAEL W URBAN WILLIAM SANCHEZ LUKE M LEMOINE J MARSHALL ADKINS DANIEL BURKE MEGAN REPINE CHARLES P MINERVINO DAVID S HAVENS STEPHEN D GENGARO ALAN D LAWS OLE SLORER KURT HALLEAD JAMES D CRANDELL JAMES C WEST BERND POMREHN BYRON POPE STEWART GLICKMAN

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

Recommendation neutral/attractive overweight underweight market perform buy outperform neutral hold buy neutral outperform neutral outperform hold buy sector perform add outperform overweight outperform neutral outperform buy underperform Overwt/Attractive sector perform buy overweight underperform accumulate buy

Amt Held 73'798'060 69'790'134 53'800'564 47'084'008 41'878'236 27'078'891 25'663'719 24'843'166 23'231'610 20'857'160 20'143'589 14'887'600 13'227'038 11'437'113 10'260'266 9'932'643 9'386'645 9'382'418 9'031'262 7'782'972

% Out 9.64 9.11 7.03 6.15 5.47 3.54 3.35 3.24 3.03 2.72 2.63 1.94 1.73 1.49 1.34 1.3 1.23 1.23 1.18 1.02

Weighting

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

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

Latest Chg (470'690) (6'032'242) 3'271'850 (2'558'265) 6'308'237 (400'321) 3'583'585 474'300 4'323'073 4'567'393 (1'963'638) 235'206 1'327'574 378'209

Target Price 15 17 #N/A N/A 14 #N/A N/A 16 12 14 16 #N/A N/A #N/A N/A 12 15 14 19 13 15 15 #N/A N/A 16 13 14 15 10 17 14 17 16 9 #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 23.03.2013 Corporation 20.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 12.07.2012 Investment Advisor 31.03.2013 Investment Advisor 01.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 14.11.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 20.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 23.05.2013 21.05.2013 21.05.2013 16.05.2013 15.05.2013 14.05.2013 13.05.2013 13.05.2013 13.05.2013 10.05.2013 10.05.2013 09.05.2013 07.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 05.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 27.02.2013 04.02.2013 17.12.2012


04.07.2013

Swisscom AG Swisscom AG operates public telecommunications networks and offers network application services. The Company provides local, long-distance, and mobile telephone services, integrated voice and data digital services, network solutions to national and international telecommunications operators, and Internet access services, and owns and operates pay telephones.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/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 SCMN VX EQUITY YTD Change SCMN VX EQUITY YTD % CHANGE

12/2012 03/yy 446.30 370.50 60'702.00 417 -6.57% 12.55% 60.82% 51.8 21'606.59 8'783.00 0.0 24.0 578.00 29'705.59

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

.3 M .2 M .2 M .1 M .1 M

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 12'198.0 2.35x 4'496.0 6.37x 1'756.0 10.01x

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

31.12.2009 31.12.2010 12'001.0 11'988.0 2.53x 2.54x 4'402.0 4'348.0 6.89x 7.01x 1'926.0 1'813.0 10.64x 11.75x Profitability

LTM-4Q 31.12.2011 11'467.0 2.35x 4'300.0 6.26x 683.0 26.98x

31.12.2012 11'384.0 2.51x 4'107.0 6.97x 1'755.0 11.62x

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

4'107.00 2'157.00 18.95% 19.04% 8.49% 34.39% 13.93% 0.57% 35.6% 18.3% 15.4% 0.91 0.72 43.71% 212.56% -

Price/ Cash Flow

LTM

03/yy 11'407.0 9.84x 4'272.0 6.41x 656.0 28.82x

03/yy 11'316.0 10.30x 4'034.0 7.65x 1'690.0 13.46x

FY+1

.0 M m-13

0.69 22.31 15.48% 11.52% 0.694 25 3.600 122'998 128'326 120'219 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 11'313.1 11'362.4 2'801.3 2'814.0 2.62x 2.60x 10.88x 10.63x 4'277.7 4'331.1 1'079.3 1'099.0 6.95x 6.87x 1'632.1 1'658.9 409.8 410.5 13.16x 12.92x S&P Issuer Ratings

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

30.06.2009 A STABLE 15.38 5.79 2.00 2.18 212.6% 67.9% 0.57 1.35 -

Sales/Revenue/Turnover

7.00

16'000.0

6.00

14'000.0 12'000.0

5.00

10'000.0 4.00

8'000.0 3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Swisscom AG Holdings By:

All

Holder Name SWISS CONFEDERATION THORNBURG INVESTMENT BLACKROCK CREDIT SUISSE ASSET VANGUARD GROUP INC NORGES BANK FMR LLC RUFFER LLP UBS FUND MANAGEMENT INVESCO LTD PICTET & CIE SWISSCANTO FONDSLEIT JOHN HANCOCK INVESTM EPOCH INVESTMENT PAR DJE INVESTMENT SA ALLIANCE BERNSTEIN MORGAN STANLEY NOMURA ALLIANZ ASSET MANAGE DANSKE INVEST A/S

Firm Name

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

Analyst

AlphaValue HEINZ STEFFEN Credit Suisse JAKOB BLUESTONE Goldman Sachs TIMOTHY BODDY JPMorgan HANNES C WITTIG Macquarie ALEX GRANT Bank am Bellevue MICHAEL STUDER Deutsche Bank CAROLA BARDELLI Barclays MICHAEL BISHOP Societe Generale STEPHANE SCHLATTER Morgan Stanley LUIS PROTA HSBC NICOLAS COTE-COLISSON Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Berenberg Bank USMAN GHAZI Nomura VIKRAM KARNANY S&P Capital IQ ALEXANDER WISCH New Street Research JAKUB DUBANIEWICZ Exane BNP Paribas MICHAEL ZORKO EVA Dimensions ANDREW S ZAMFOTIS Bank Vontobel AG SERGE ROTZER Zuercher Kantonalbank MICHAEL INAUEN Natixis JACQUES DE GRELING Espirito Santo Investment Bank Research ANDREW HOGLEY Gabelli & Co EVAN D MILLER

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

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

Amt Held 29'475'281 420'000 401'791 317'237 249'170 216'190 198'716 192'800 182'185 118'003 117'897 101'803 82'299 80'955 67'128 66'372 60'824 59'732 56'633 51'927

% Out 56.9 0.81 0.78 0.61 0.48 0.42 0.38 0.37 0.35 0.23 0.23 0.2 0.16 0.16 0.13 0.13 0.12 0.12 0.11 0.1

Weighting

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

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

Latest Chg 86'000 (31'471) (3'356) 17'620 7'796 (2'719) 14'314 (2'010) (3'505) 502 8'000 14'375 (10) 528 3'758 (2'283) (3'115)

Target Price 437 355 510 460 450 392 440 440 440 430 500 430 385 415 450 364 480 #N/A N/A 410 #N/A N/A 394 300 #N/A N/A

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

File Dt Inst Type 31.12.2011 Government 28.02.2013 Investment Advisor 21.05.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 27.12.2012 Investment Advisor 31.01.2013 Investment Advisor 20.05.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 15.01.2013 Unclassified 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 16.05.2013 14.05.2013 09.05.2013 07.05.2013 07.05.2013 06.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 20.02.2013 12.02.2013 08.02.2013 08.02.2013 09.11.2012 14.10.2011


04.07.2013

Geberit AG Geberit AG manufactures and supplies water supply pipes and fittings, installation systems, drainage and flushing systems such as visible cisterns, and other sanitary systems for the commercial and residential construction markets. The Company sells its products in Germany, Italy, Switzerland, Austria, the Netherlands, France, and Belgium.

Price/Volume 300

1.4 M 1.2 M 1.0 M

150

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/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 GEBN VX EQUITY YTD Change GEBN VX EQUITY YTD % CHANGE

12/2012 03/yy 250.80 183.28 88'518.00 241.1 -3.87% 31.55% 81.49% 38.8 9'363.63 14.70 0.0 0.0 423.10 8'955.23

.8 M

100

.6 M .4 M

50

.2 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

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

1.6 M

200

Valuation Analysis

31.12.2008 2'179.0 1.95x 649.1 6.56x 466.3 9.50x

1.8 M

250

LTM-4Q

31.12.2009 31.12.2010 1'931.0 1'900.0 3.57x 4.23x 611.0 573.7 11.27x 14.01x 397.5 406.8 18.03x 20.95x Profitability

31.12.2011 1'867.6 3.49x 532.0 12.24x 384.0 18.43x

31.12.2012 1'919.6 3.73x 542.4 13.20x 392.3 19.57x

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

542.40 462.30 24.08% 23.71% 18.36% 26.03% 0.89% 28.5% 24.3% 20.4% 2.79 1.99 0.73% 1.03% -

Price/ Cash Flow

03/yy 1'868.2 7.32x 527.8 0.00x 374.3 19.64x

LTM 03/yy 1'929.8 7.26x 549.3 0.00x 399.4 22.19x

FY+1

0.96 36.44 30.49% 23.30% 0.958 15 2.333 125'776 114'017 105'602 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'274.5 2'385.6 3.91x 3.67x 587.5 624.5 15.26x 14.36x 431.0 458.0 21.04x 19.71x S&P Issuer Ratings

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

25.05.2010 ASTABLE 91.93 77.36 1.0% 1.0% 0.89 3.77 -

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 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

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 |


04.07.2013

Geberit AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BARCLAYS PLC BLACKROCK CAPITAL GROUP COS GEBERIT AG MARATHON ASSET MANAG CREDIT SUISSE FUND A VANGUARD GROUP INC NORGES BANK WILLIAM BLAIR & COMP CREDIT SUISSE ASSET PICTET & CIE SUN LIFE FINANCIAL I UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT COLUMBIA WANGER ASSE MARKETFIELD ASSET MA VONTOBEL ASSET MANAG INVESCO LTD UNION INVESTMENT GMB

Firm Name Bank am Bellevue Bank Vontobel AG Helvea Goldman Sachs Berenberg Bank EVA Dimensions Zuercher Kantonalbank Kepler Cheuvreux Main First Bank AG HSBC Credit Suisse Morgan Stanley Davy

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

Analyst MICHAEL ROOST CHRISTIAN ARNOLD PATRICK APPENZELLER DANIELA COSTA MICHAEL WATTS CRAIG STERLING MARTIN HUESLER CHRISTOPH LADNER CHRISTIAN KORTH TOBIAS LOSKAMP ANDRE KUKHNIN ALEJANDRA PEREDA FLORENCE O'DONOGHUE

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

Recommendation hold hold neutral neutral/neutral hold hold market perform hold underperform overweight underperform Underwt/In-Line underperform

Amt Held 3'773'401 2'095'110 1'844'617 1'720'160 1'234'508 1'189'345 1'164'630 988'526 911'384 683'953 619'862 580'309 535'503 320'805 276'100 263'982 183'003 124'177 109'653 100'400

% Out 9.72 5.4 4.75 4.43 3.18 3.06 3 2.55 2.35 1.76 1.6 1.49 1.38 0.83 0.71 0.68 0.47 0.32 0.28 0.26

Weighting

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

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

Latest Chg 3'569 (6'120) 48'365 (25'926) (6'236) 619 15'136 (11'187) (24'999) (1'683) 183'003 (15'760) 128 11'700

Target Price 205 230 240 233 210 #N/A N/A #N/A N/A 230 215 244 185 194 #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 14.03.2007 21.05.2013 11.05.2006 31.12.2012 29.01.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 27.03.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 28.03.2013 31.12.2012 31.01.2013 20.05.2013 28.09.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor 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

Date 02.05.2013 02.05.2013 01.05.2013 30.04.2013 30.04.2013 25.03.2013 13.03.2013 13.03.2013 25.02.2013 29.01.2013 15.01.2013 29.11.2012 09.11.2012


04.07.2013

Givaudan SA Givaudan SA manufactures and markets fragrances and flavors from natural and synthetic ingredients. The Company sells its products to manufacturers of perfumes, beverages, prepared foods, and consumer goods. Givaudan operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIVN VX EQUITY YTD Change GIVN VX EQUITY YTD % CHANGE

12/2012 03/yy 1'293.00 857.06 9'585.00 1250 -3.33% 45.85% 88.30% 9.2 11'541.98 1'521.00 0.0 0.0 425.00 12'637.98

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

.1 M

1200

.1 M

1000

.1 M

800

.1 M

600

.1 M

400

.0 M

200

.0 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13 m-13

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

Fiscal Year Ended 31.12.2008 4'087.0 2.20x 822.0 10.95x 111.0 53.20x

1400

LTM-4Q

31.12.2009 31.12.2010 3'959.0 4'239.0 2.31x 2.47x 758.0 866.0 12.04x 12.10x 199.0 340.0 32.97x 26.64x Profitability

31.12.2011 3'915.0 2.44x 755.0 12.63x 252.0 32.30x

31.12.2012 4'257.0 2.32x 871.0 11.33x 411.0 21.33x

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

871.00 608.00 14.28% 12.07% 6.29% 11.46% 8.76% 0.65% 42.2% 20.4% 14.3% 9.7% 2.23 1.28 23.95% 41.33% 5.21 3.14

Price/ Cash Flow

03/yy 3'963.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 03/yy 4'285.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.79 7.27 38.28% 33.83% 0.788 22 3.409 20'724 24'515 23'567 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'433.1 4'644.0 1'130.0 1'153.0 2.82x 2.64x 942.3 1'008.2 13.45x 12.57x 509.8 568.9 22.09x 19.69x S&P Issuer Ratings

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

12.10 9.93 1.26 1.75 41.3% 29.2% 0.65 3.09 70.20 116.39 55.72 130.87

Sales/Revenue/Turnover

25.00

4'500.0 4'000.0

20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Givaudan SA Holdings By:

All

Holder Name GATES III WILLIAM HE NESTLE SA BLACKROCK CAPITAL GROUP COMPAN NORGES BANK SUN LIFE FINANCIAL I CREDIT SUISSE ASSET HARRIS ASSOCIATES LP VANGUARD GROUP INC HOFFMANN ANDRE SEREN NEW JERSEY DIVISION UMB BANK N A UBS FUND MANAGEMENT FMR LLC SCHRODER INVESTMENT CAUSEWAY CAPITAL MAN PICTET & CIE HIRTLE CALLAGHAN & C SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG

Firm Name AlphaValue Kepler Cheuvreux Exane BNP Paribas Liberum Capital Ltd Bank am Bellevue Nomura Main First Bank AG Helvea Barclays Deutsche Bank Morgan Stanley Credit Suisse Berenberg Bank Bank Vontobel AG JPMorgan HSBC Goldman Sachs EVA Dimensions Zuercher Kantonalbank Davy

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

Analyst MARTIN SCHNEE CHRISTOPH LADNER HEIDI VESTERINEN ADAM COLLINS ROLF KUNZ PATRICK LAMBERT BERND POMREHN ANDREAS VON ARX GUNTHER ZECHMANN VIRGINIE BOUCHER-FERTE ERIK SJOGREN PATRICK JNGLIN JAIDEEP PANDYA JEAN-PHILIPPE BERTSCHY CELINE PANNUTI SEBASTIAN SATZ RAKESH PATEL CRAIG STERLING DANIEL BUERKI JACK GORMAN

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

Recommendation reduce buy outperform buy buy neutral outperform neutral equalweight hold Equalwt/In-Line neutral sell hold overweight underweight Sell/Neutral hold market perform neutral

Amt Held 950'137 926'130 281'272 230'326 164'285 146'371 118'875 112'700 88'563 86'929 80'000 72'247 70'664 46'952 46'275 34'458 34'162 26'036 24'726 24'654

% Out 10.29 10.03 3.05 2.49 1.78 1.59 1.29 1.22 0.96 0.94 0.87 0.78 0.77 0.51 0.5 0.37 0.37 0.28 0.27 0.27

Weighting

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

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

Latest Chg 9'981 19'000 5'024 666 (39'960) 4'106 (13'567) (1'516) 10'160 (1'747) (1'752) (6'430) (4'613) (585)

Target Price 1'131 1'300 1'310 1'236 1'250 1'290 1'200 1'130 1'170 1'030 1'150 1'050 900 1'100 1'120 940 1'060 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 Corporation 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2011 n/a 30.06.2012 Pension Fund (ERISA) 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 30.09.2011 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 23.05.2013 15.05.2013 09.05.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 27.03.2013 27.02.2013 13.02.2013 05.02.2013 21.06.2012


04.07.2013

Julius Baer Group Ltd Julius Baer Group Ltd. offers private banking services. The bank advises on wealth management, financial planning and investments, and offers mortgage and other lending, foreign exchange, securities trading, custody and execution services.

Price/Volume 45

3.0 M

40

2.5 M

35 30

2.0 M

25

12/2012 01/yy 40.96 29.45 389'553.00 37.17 -9.25% 26.21% 62.12% 223.8 8'312.28 8'190.75 0.0 2.3 15'606.04 -

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

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

1.20

15

1.0 M

10

.5 M

5 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 2'480.1 356.9 -

1.5 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAER VX EQUITY YTD Change BAER VX EQUITY YTD % CHANGE

31.12.2009 31.12.2010 1'883.7 2'075.2 388.7 352.0 19.35x 25.61x Profitability

31.12.2011 2'052.0 257.9 28.93x

31.12.2012 2'028.9 297.4 21.99x 19.37% 19.37% 0.55% 6.48% 2.21% 0.04% 15.4% 14.93% 168.13% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.19 213.52 11.08% 16.87% 1.189 27 3.704 597'316 643'702 630'491 FY+2

12/13 Y 12/14 Y 2'147.5 2'597.7 -1.09x -1.89x 478.5 613.6 17.03x 13.18x S&P Issuer Ratings

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

.0 M m-13

FQ+1

FQ+2

-

-

168.1% 62.7% 0.04 5.59 -

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

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

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


04.07.2013

Julius Baer Group Ltd Holdings By:

All

Holder Name SUN LIFE FINANCIAL I DAVIS SELECTED ADVIS BLACKROCK THORNBURG INVESTMENT HARRIS ASSOCIATES LP BANK OF AMERICA CORP BOFA MERRILL LYNCH WELLINGTON MANAGEMEN AXA NORGES BANK VANGUARD GROUP INC CREDIT SUISSE ASSET JULIUS BAER GROUP LT T ROWE PRICE ASSOCIA INVESCO LTD UBS FUND MANAGEMENT HARTFORD INVESTMENT PICTET & CIE UNITED SERVICES AUTO SCHRODER INVESTMENT

Firm Name Barclays Keefe, Bruyette & Woods Bank am Bellevue Berenberg Bank AlphaValue Deutsche Bank Morgan Stanley Credit Suisse Oddo & Cie S&P Capital IQ Main First Bank AG Helvea Mediobanca SpA Natixis Macquarie Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank Nomura Kepler Cheuvreux JPMorgan HSBC Equita SIM SpA Goldman Sachs

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

Analyst JEREMY SIGEE ANDREW STIMPSON MARC DEUSTER ELENI PAPOULA DIETER HEIN MATT SPICK HUBERT LAM GURJIT KAMBO JEAN SASSUS FRANK BRADEN KILIAN MAIER TIM DAWSON GIANLUCA FERRARI ANTOINE BURGARD JIA WANG TERESA NIELSEN AUSTIN BURKETT ANDREAS BRUN JON PEACE DIRK BECKER KIAN ABOUHOSSEIN ROBERT MURPHY MATTEO GHILOTTI MARTIN LEITGEB

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

Recommendation equalweight underperform buy hold buy buy Equalwt/In-Line outperform buy strong buy outperform neutral neutral buy outperform reduce sell market perform buy reduce overweight neutral reduce not rated

Amt Held 21'990'182 18'333'412 12'554'839 11'095'398 8'776'634 8'148'183 7'375'149 6'696'246 6'132'638 5'706'091 3'808'352 2'864'705 2'599'046 2'567'478 2'489'955 2'285'990 1'893'142 1'658'124 1'267'174 1'044'806

% Out 9.83 8.19 5.61 4.96 3.92 3.64 3.3 2.99 2.74 2.55 1.7 1.28 1.16 1.15 1.11 1.02 0.85 0.74 0.57 0.47

Weighting

Change

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

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

Latest Chg 25'701 (87'559) (2'711'160) 422'350 78'190 324'752 278'714 114'473 98'288 47'107 27'163 303'012

Target Price 41 40 44 39 47 43 43 40 44 44 41 41 40 44 41 26 #N/A N/A #N/A N/A 39 29 41 35 31 #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 31.12.2012 21.05.2013 31.12.2012 31.12.2012 31.12.2012 10.08.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 27.03.2013 31.12.2012 31.03.2013 20.05.2013 31.01.2013 31.03.2013 31.01.2013 28.02.2013 31.03.2013

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

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

Date 22.05.2013 21.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 25.03.2013 22.03.2013 19.03.2013 13.03.2013 12.02.2013 08.02.2013 05.02.2013 04.02.2013 23.01.2013 04.12.2012 03.10.2012 23.08.2012


04.07.2013

Adecco SA Adecco SA is a personnel and temporary employment company. The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations. Adecco conducts its placement services internationally.

Price/Volume 70

2.5 M

60

2.0 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/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 ADEN VX EQUITY YTD Change ADEN VX EQUITY YTD % CHANGE

12/2012 03/yy 57.50 37.91 272'891.00 54.55 -5.13% 43.90% 82.65% 189.3 10'333.79 2'077.00 0.0 3.0 1'105.00 9'445.23

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

1.5 M

30

1.0 M

20 .5 M

10 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 19'965.0 0.24x 992.0 4.84x 495.0 8.51x

40

LTM-4Q

31.12.2009 31.12.2010 14'797.0 18'656.0 0.46x 0.50x 380.0 809.0 17.88x 11.58x 8.0 423.0 959.73x 22.41x Profitability

31.12.2011 20'545.0 0.31x 939.0 6.82x 519.0 11.89x

31.12.2012 20'536.0 0.41x 828.0 10.05x 377.0 19.90x

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

828.00 673.00 3.28% 2.84% 3.45% 8.79% 6.74% 2.09% 17.9% 3.8% 3.1% 1.8% 1.27 1.19 21.60% 56.20% 5.57 -

Price/ Cash Flow

LTM

03/yy 20'665.0 1.50x 976.0 8.52x 531.0 14.08x

03/yy 20'057.0 1.67x 771.0 11.88x 332.0 24.15x

FY+1

.0 M m-13

1.39 144.83 30.26% 17.68% 1.388 28 3.393 436'712 591'720 662'893 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 19'954.1 21'194.4 4'977.5 5'261.0 0.47x 0.43x 1.93x 1.87x 918.6 1'106.1 10.30x 8.55x 514.5 640.6 135.5 153.5 15.42x 12.38x S&P Issuer Ratings

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

12.10.2011 BBB STABLE 12.10.2011 A-2 10.89 9.74 1.39 2.61 56.2% 36.0% 2.09 67.53 65.49 -

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Adecco SA Holdings By:

All

Holder Name JACOBS HOLDING AKILA FINANCE SA HARRIS ASSOCIATES LP FRANKLIN RESOURCES ARTISAN PARTNERS HOL ADECCO SA SUN LIFE FINANCIAL I NORGES BANK TIAA CREF INVESTMENT MANNING & NAPIER ADV VANGUARD GROUP INC CREDIT SUISSE ASSET UBS FUND MANAGEMENT FMR LLC PICTET & CIE BLACKROCK SEB MFS FINANCIAL SERVIC AMERICAN CENTURY COM THRIVENT FINANCIAL F

Firm Name

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

Analyst

AlphaValue HEINZ STEFFEN Day by Day VALERIE GASTALDY Bank am Bellevue ROLF KUNZ Goldman Sachs CHARLES WILSON Credit Suisse ANDY GROBLER Kepler Cheuvreux HANS PLUIJGERS S&P Capital IQ CLIVE ROBERTS JPMorgan Nicholas de la Grense Deutsche Bank THOMAS SYKES EVA Dimensions CRAIG STERLING Berenberg Bank KONRAD ZOMER Bank Vontobel AG MICHAEL FOETH Helvea CHRISTIAN BURGER Barclays PAUL D A SULLIVAN RBC Capital Markets ANDREW BROOKE Jefferies KEAN MARDEN Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD Exane BNP Paribas LAURENT BRUNELLE ABN Amro Bank N.V. TEUN TEEUWISSE Espirito Santo Investment Bank Research GUY HEWETT Main First Bank AG ALAIN-SEBASTIAN OBERHUBER HSBC MATTHEW LLOYD Rabobank International DAVID TAILLEUR Zuercher Kantonalbank MARCO STRITTMATTER Natixis OLIVIER LEBRUN

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

Recommendation reduce hold buy Sell/Neutral neutral buy sell overweight buy underweight buy buy neutral equalweight top pick hold sell outperform buy sell outperform neutral hold market perform buy

Amt Held 34'824'485 10'163'580 8'632'400 7'020'723 6'284'378 5'808'211 5'694'349 3'607'208 2'750'351 2'236'720 1'905'151 1'689'708 1'320'708 1'309'760 1'076'663 1'065'894 501'890 461'247 458'345 387'400

% Out 18.4 5.37 4.56 3.71 3.32 3.07 3.01 1.91 1.45 1.18 1.01 0.89 0.7 0.69 0.57 0.56 0.27 0.24 0.24 0.2

Weighting

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

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

Latest Chg 1'531'600 (1'128'662) 689'034 19'900 242'345 678'600 102'827 (23'272) (39'311) (152'445) (12'826) (889) 161'600 4'780 39'363 (11'150)

Target Price 54 #N/A N/A 66 44 55 60 49 60 58 #N/A N/A 62 60 57 59 65 58 52 62 58 42 70 59 55 #N/A N/A 58

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

File Dt 31.12.2012 31.12.2012 31.03.2013 28.03.2013 12.03.2013 13.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 27.03.2013 31.01.2013 31.03.2013 31.01.2013 21.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012

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

Inst Type Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 23.05.2013 20.05.2013 16.05.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 13.05.2013 10.05.2013 10.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 02.05.2013 26.04.2013 16.04.2013 21.03.2013 19.03.2013 07.02.2013


04.07.2013

Schindler Holding AG Schindler Holding AG manufactures and installs elevators, escalators, and moving walkways internationally. The Company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings. Schindler also offers maintenance services.

Price/Volume 160

.6 M

140

.5 M

120 .4 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/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 SCHP VX EQUITY YTD Change SCHP VX EQUITY YTD % CHANGE

12/2012 03/yy 146.90 107.90 84'210.00 134.4 -8.51% 24.56% 64.62% 46.2 15'444.64 754.00 0.0 33.0 2'626.00 13'605.64

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

.2 M

40 .1 M

20 0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 14'027.0 0.34x 1'018.0 4.70x 615.0 9.34x

.3 M

60

LTM-4Q

31.12.2009 31.12.2010 8'281.0 8'187.0 0.95x 1.35x 996.0 1'089.0 7.86x 10.16x 625.0 677.0 15.44x 20.11x Profitability

31.12.2011 7'854.0 1.39x 933.0 11.68x 576.0 23.83x

31.12.2012 8'258.0 1.63x 1'104.0 12.16x 702.0 21.78x

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

1'104.00 985.00 11.93% 11.90% 9.12% 26.00% 1.07% 13.4% 12.0% 8.5% 1.55 1.22 9.64% 27.12% 5.86 -

Price/ Cash Flow

LTM

03/yy 7'603.0 0.00x 0.0 0.00x 657.0 0.00x

03/yy 8'334.0 0.00x 0.0 0.00x 740.0 23.11x

FY+1

.0 M m-13

0.88 46.16 25.48% 3.43% 0.880 10 3.400 113'666 114'169 114'304 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'749.9 9'287.7 1.52x 1.39x 1'180.2 1'282.4 11.54x 10.62x 737.7 825.4 20.86x 18.83x S&P Issuer Ratings

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

25.67 22.60 -1.69 0.68 27.1% 21.1% 1.07 16.43 62.49 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Schindler Holding AG Holdings By:

All

Holder Name FMR LLC SUN LIFE FINANCIAL I CREDIT SUISSE ASSET NORGES BANK FRANKLIN RESOURCES UBS FUND MANAGEMENT VANGUARD GROUP INC BLACKROCK PICTET & CIE ROYAL BANK OF CANADA BNP PARIBAS INV PART WINTERGREEN ADVISERS SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG GAM INTERNATIONAL MA ABERDEEN INTERNATIONAL VALUE MIRABAUD & CIE NATCAN INVESTMENT MA DEUTSCHE BANK AG

Firm Name

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

Analyst

Canaccord Genuity Corp JAMES STETTLER Bank am Bellevue MICHAEL ROOST Credit Suisse ANDRE KUKHNIN Bank Vontobel AG SERGE ROTZER Helvea VOLKAN GOCMEN Goldman Sachs AARON IBBOTSON Zuercher Kantonalbank MARTIN HUESLER Espirito Santo Investment Bank Research ROB VIRDEE Main First Bank AG TOBIAS FAHRENHOLZ Kepler Cheuvreux CHRISTOPH LADNER Exane BNP Paribas ALEXIS DENAUD EVA Dimensions TEAM COVERAGE

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

Recommendation buy hold outperform hold buy neutral/neutral market perform sell outperform hold outperform underweight

Amt Held 1'924'680 1'313'229 1'283'074 1'118'218 880'079 631'866 629'254 598'118 594'244 541'264 523'641 522'668 471'948 259'100 213'841 203'900 168'524 164'000 152'206 121'949

% Out 4.1 2.8 2.74 2.38 1.88 1.35 1.34 1.28 1.27 1.15 1.12 1.11 1.01 0.55 0.46 0.43 0.36 0.35 0.32 0.26

Weighting

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

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

Latest Chg (15'323) 44'560 (1'414) (830'705) (2'999) 102'995 213 12'818 (3'200) 6'856 (199) (14'140) 9'368 (644) 43'000 (788) (1'186)

Target Price 160 121 155 145 165 147 #N/A N/A 115 155 140 124 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.03.2013 Investment Advisor 31.12.2012 Government 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Bank 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 17.05.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 28.03.2013 08.03.2013 25.02.2013 20.02.2013 05.04.2012 05.03.2012


04.07.2013

Actelion Ltd Actelion Ltd. is a pharmaceutical company that develops and markets synthetic small-molecule drugs against diseases related to the endothelium. The Company's drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary conditions.

Price/Volume 70

4.0 M

60

3.5 M

50

3.0 M 2.5 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (04.07.2012) Daily Volume Current Price (7/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 ATLN VX EQUITY YTD Change ATLN VX EQUITY YTD % CHANGE

12/2012 03/yy 60.00 38.49 214'250.00 57.95 -3.42% 50.55% 87.91% 120.3 6'969.99 235.43 0.0 0.0 1'123.02 6'248.91

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

1.5 M

20

1.0 M

10

.5 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 1'428.9 4.58x 414.2 15.80x 306.1 22.93x

2.0 M

30

LTM-4Q

31.12.2009 31.12.2010 1'698.0 1'826.3 3.32x 2.80x 403.4 536.1 13.98x 9.53x 311.3 390.6 21.07x 15.61x Profitability

31.12.2011 1'713.0 1.56x 435.6 6.14x (146.3) -

31.12.2012 1'722.1 2.34x 503.4 8.00x 303.2 16.68x

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

503.36 421.47 24.47% 20.82% 12.99% 22.66% 20.19% 0.63% 88.6% 32.9% 28.2% 17.6% 3.54 3.34 8.74% 15.50% 3.53 3.37

Price/ Cash Flow

03/yy 1'678.7 7.84x 337.6 10.71x (247.6) 0.00x

LTM 03/yy 1'739.0 10.31x 571.3 8.91x 356.1 16.63x

FY+1

.0 M m-13

1.15 97.93 48.94% 35.60% 1.154 21 4.190 343'414 411'760 456'701 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'724.7 1'765.2 420.8 417.5 3.54x 3.30x 14.16x 13.98x 524.6 559.6 128.5 121.0 11.92x 11.18x 387.2 399.5 112.0 81.5 15.79x 15.01x S&P Issuer Ratings

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

6.02 5.56 -1.26 0.41 15.5% 13.4% 0.63 4.26 103.36 108.44 219.37 26.24

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Actelion Ltd Holdings By:

All

Holder Name ACTELION LTD ORBIS INVESTMENT MAN CLOZEL JEAN-PAUL BLACKROCK TRIDENT MERGER MAAG RUDOLF BB BIOTECH AG LAZARD ASSET MANAGEM VANGUARD GROUP INC NORGES BANK CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE ALLIANCE BERNSTEIN FMR LLC CAWTHORN ROBERT E SANFORD C BERNSTEIN LAZARD GLOBAL ACTIVE EATON VANCE MANAGEME FROSTROW CAPITAL LLP

Firm Name AlphaValue Credit Suisse Helvea Barclays Deutsche Bank Bryan Garnier & Cie Nomura Code Securities EVA Dimensions JPMorgan Bank am Bellevue Jefferies Bank Vontobel AG Kepler Cheuvreux S&P Capital IQ Exane BNP Paribas Berenberg Bank Zuercher Kantonalbank Goldman Sachs Redburn Partners Matrix

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

Analyst FABRICE FARIGOULE RAVI MEHROTRA OLAV ZILIAN MICHAEL LEUCHTEN RICHARD J PARKES ERIC LE BERRIGAUD SAMIR DEVANI ANDREW S ZAMFOTIS JAMES D GORDON STEPHEN LEVENTHAL PETER WELFORD ANDREW C WEISS FABIAN WENNER JACOB THRANE NICOLAS GUYON-GELLIN ADRIAN HOWD SIBYLLE BISCHOFBERGER FRICK KEYUR PAREKH TEAM COVERAGE ANNIE J CHENG

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

Recommendation add outperform buy equalweight buy buy buy buy neutral buy buy buy buy buy neutral buy market perform neutral/neutral neutral buy

Amt Held 12'677'300 6'338'650 5'262'883 4'514'052 4'083'119 3'803'190 3'803'190 3'799'517 3'564'770 2'581'512 1'868'363 1'291'503 1'170'222 937'601 542'119 507'552 497'770 448'169 419'151 347'200

% Out 10 5 4.15 3.56 3.22 3 3 3 2.81 2.04 1.47 1.02 0.92 0.74 0.43 0.4 0.39 0.35 0.33 0.27

Weighting

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

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

Latest Chg 753'893 2'284'521 (56'147) 251'792 (13'174) 1'425 330'196 181'433 (61'407) 33 -

Target Price 65 66 72 51 60 65 65 #N/A N/A 54 63 61 69 60 62 50 57 #N/A N/A 44 #N/A N/A 54

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 21.05.2013 02.05.2012 31.12.2012 31.12.2012 11.04.2013 31.03.2013 31.12.2012 27.03.2013 31.01.2013 31.01.2013 31.03.2013 31.03.2013 04.05.2012 30.11.2012 31.03.2013 31.03.2013 31.12.2012

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

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

Date 23.05.2013 17.05.2013 16.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 30.04.2013 22.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 14.02.2013 28.01.2013 18.04.2012 30.08.2011


04.07.2013

Kuehne + Nagel International AG Kuehne + Nagel International AG transports freight worldwide. The Company operates sea, land, and rail freight transportation businesses and warehousing and distribution facilities. Kuehne + Nagel also provides related special services.

Price/Volume 120

.7 M

100

.6 M .5 M

80

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 KNIN VX EQUITY YTD Change KNIN VX EQUITY YTD % CHANGE

12/2012 03/yy 116.50 97.70 123'584.00 110 -5.58% 12.59% 56.91% 120.0 13'200.00 68.00 0.0 29.0 1'083.00 12'128.00

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

.3 M

40

.2 M

20

.1 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 17'992.0 0.39x 1'038.0 6.80x 585.0 13.62x

.4 M

60

Valuation Analysis

LTM-4Q

31.12.2009 31.12.2010 14'336.0 16'858.0 0.77x 0.85x 905.0 1'038.0 12.26x 13.75x 467.0 601.0 25.44x 25.69x Profitability

31.12.2011 16'218.0 0.73x 994.0 11.92x 601.0 20.93x

31.12.2012 17'120.0 0.71x 885.0 13.77x 485.0 27.09x

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

926.00 706.00 4.12% 3.77% 8.62% 22.07% 2.72% 35.6% 5.7% 4.5% 2.8% 1.26 1.08 1.08% 2.84% 7.23 42.75

Price/ Cash Flow

LTM

03/yy 16'188.0 3.19x 882.0 15.35x 514.0 28.20x

03/yy 17'351.0 2.69x 951.0 11.93x 550.0 22.45x

FY+1

.0 M m-13

0.95 55.01 11.35% 3.26% 0.953 28 2.964 176'385 150'679 152'343 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'817.7 18'856.1 4'450.0 4'553.5 0.68x 0.63x 2.76x 2.66x 989.2 1'088.4 243.0 255.0 12.26x 11.14x 11.82x 11.52x 619.4 696.9 148.6 162.3 21.28x 18.85x 20.58x 19.88x 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

185.20 152.60 -1.10 0.07 2.8% 2.7% 2.72 15.33 50.47 8.54 39.98 16.55

Sales/Revenue/Turnover

25.00

20'000.0 18'000.0 16'000.0

20.00

14'000.0 15.00

12'000.0

10.00

10'000.0 8'000.0 6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


04.07.2013

Kuehne + Nagel International AG Holdings By:

All

Holder Name KUEHNE KLAUS-MICHAEL HARRIS ASSOCIATES LP DAVIS SELECTED ADVIS SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN NORGES BANK CREDIT SUISSE ASSET KUEHNE & NAGEL INTL T ROWE PRICE ASSOCIA PICTET & CIE SWISSCANTO FONDSLEIT VANGUARD GROUP INC UBS FUND MANAGEMENT FIRST EAGLE INVESTME FMR LLC BLACKROCK SANFORD C BERNSTEIN DANSKE INVEST MANAGE JANUS CAPITAL MANAGE THREADNEEDLE INVESTM

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

Firm Name

Analyst

AlphaValue Thompson, Davis & Company Cantor Fitzgerald HSBC Bank Vontobel AG Main First Bank AG Goldman Sachs Morgan Stanley Bank am Bellevue RBC Capital Markets Stifel Bankhaus Metzler Nomura Helvea Commerzbank Corporates & Markets Deutsche Bank Credit Suisse JPMorgan Berenberg Bank EVA Dimensions Macquarie Zuercher Kantonalbank Kepler Cheuvreux Liberum Capital Ltd Davy Equita SIM SpA Barclays

HEINZ STEFFEN DAVID P CAMPBELL ROBIN BYDE JULIA WINARSO MICHAEL FOETH TOBIAS SITTIG NICK EDELMAN PENNY BUTCHER ROLF KUNZ DAMIAN BREWER DAVID G ROSS GUIDO HOYMANN MARK MCVICAR CHRISTIAN BURGER FRANK SKODZIK JOSE FRANCISCO RUIZ SOLERA NEIL GLYNN CHRISTOPHER G COMBE WILLIAM FOGGON CRAIG STERLING ROBERT JOYNSON MARCO STRITTMATTER BETTINA EDMONDSTON PETER HYDE STEPHEN FURLONG GIANMARCO BONACINA DAVID E FINTZEN

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

Recommendation buy buy sell underweight hold outperform neutral/neutral Underwt/In-Line hold sector perform hold buy neutral neutral buy hold underperform neutral buy underweight outperform outperform hold hold underperform reduce underweight

Amt Held 63'900'000 3'664'427 2'816'693 2'125'524 1'647'050 1'404'587 1'265'039 877'480 819'835 777'930 627'768 566'963 543'527 526'255 507'481 412'261 352'378 351'717 296'476 273'029

% Out 53.25 3.05 2.35 1.77 1.37 1.17 1.05 0.73 0.68 0.65 0.52 0.47 0.45 0.44 0.42 0.34 0.29 0.29 0.25 0.23

Weighting

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

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

Latest Chg (120'080) 370'240 (4'051) 19'682 88'972 5'816 24'427 (3'781) (1'253'545) 32 (129'942) 71'060 202'323 22'069

Target Price 134 184 95 87 110 115 118 95 98 110 #N/A N/A 134 115 112 125 106 102 118 123 #N/A N/A 120 #N/A N/A 105 #N/A N/A #N/A N/A 103 105

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

File Dt Inst Type 31.12.2010 n/a 21.06.2012 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 27.03.2013 Investment Advisor 31.12.2010 Corporation 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 21.05.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 23.05.2013 20.05.2013 30.04.2013 26.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 25.01.2013 22.01.2013 09.01.2013


04.07.2013

Aryzta AG Aryzta AG produces and retails specialty bakery products. The Company produces French breads, pastries, continental breads, confections, artisan breads, homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and sweet baked goods. Aryzta operates in North America, South America, Europe, South East Asia, Australia and New Zealand.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARYN SE EQUITY YTD Change ARYN SE EQUITY YTD % CHANGE

07/2012 01/yy 60.25 44.22 122'135.00 53.85 -10.62% 21.77% 60.69% 91.8 4'944.00 1'591.57 0.0 86.2 547.47 5'146.20

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

.7 M

60

.6 M

50

.5 M

40

.4 M

30

.3 M

20

.2 M

10

.1 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.07.2008 2'660.9 232.4 129.8 -

70

31.07.2009 31.07.2010 3'212.3 3'009.7 0.83x 1.31x 342.7 340.5 7.74x 11.62x 54.0 151.7 35.77x 16.43x Profitability

LTM-4Q 31.07.2011 3'876.9 1.10x 485.1 8.80x 212.7 14.81x

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

31.07.2012 4'207.7 1.11x 540.0 8.68x 146.3 26.80x 540.04 337.87 8.03% 4.45% 2.58% 5.87% 0.83% 28.1% 12.6% 7.9% 3.5% 1.11 0.88 28.64% 65.68% 11.15 9.34

Price/ Cash Flow

01/yy 3'894.1 0.00x 0.0 0.00x 0.0 0.00x

LTM 01/yy 4'364.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M m-13

0.89 86.71 12.94% 16.31% 0.888 12 4.417 186'456 212'327 198'212 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 07/13 Q4 10/13 Q1 4'461.3 4'762.7 1'185.7 1.17x 1.04x 560.3 629.0 9.18x 8.17x 324.7 334.5 12.13x 10.89x 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

1.93 2.89 65.7% 38.8% 0.83 4.36 32.83 39.17 88.32 -30.71

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 31.07.2009

500.0 0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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


04.07.2013

Aryzta AG Holdings By:

All

Holder Name FMR LLC ARYZTA AG ARI LTIP TRUSTEE LTD INVESCO LTD MASSACHUSETTS MUTUAL OPPENHEIMERFUNDS INC CREDIT SUISSE ASSET UBS FUND MANAGEMENT NORGES BANK ODDO ASSET MANAGEMEN SWISSCANTO FONDSLEIT ROYAL BANK OF CANADA PICTET & CIE BLACKROCK VANGUARD GROUP INC DWS INVESTMENT S A KILLIAN OWEN INVESTEC ASSET MANAG CI INVESTMENTS INC T ROWE PRICE ASSOCIA

Firm Name Kepler Cheuvreux Goldman Sachs Societe Generale Main First Bank AG EVA Dimensions Goodbody Stockbrokers Ltd Helvea Credit Suisse Zuercher Kantonalbank Bank Vontobel AG Davy

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

Analyst CHRISTOPH LADNER FULVIO CAZZOL ALEX SLOANE ALAIN-SEBASTIAN OBERHUBER AUSTIN BURKETT LIAM IGOE ANDREAS VON ARX PATRICK JNGLIN PATRIK SCHWENDIMANN JEAN-PHILIPPE BERTSCHY JOHN O'REILLY

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

Recommendation buy Buy/Neutral hold outperform overweight buy accumulate outperform market perform hold outperform

Amt Held 5'122'862 3'772'859 3'772'859 3'275'594 2'799'110 2'464'653 2'363'013 1'817'992 1'783'949 1'246'090 1'161'500 1'150'144 976'543 974'953 967'239 848'562 823'731 723'304 520'000 506'457

% Out 5.58 4.11 4.11 3.57 3.05 2.68 2.57 1.98 1.94 1.36 1.27 1.25 1.06 1.06 1.05 0.92 0.9 0.79 0.57 0.55

Weighting

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

M M M M U M M M M M M

Latest Chg (25'097) (1'661'689) 15'925 6'836 (20'301) 41'825 (9'921) (18'748) (12'644) (176'219) 59'779 48'124 6'773 (15'000) 503'567

Target Price 65 74 57 65 #N/A N/A 61 68 60 #N/A N/A 54 #N/A N/A

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

File Dt 05.04.2013 21.11.2011 31.07.2012 20.05.2013 02.05.2013 31.03.2013 27.03.2013 31.01.2013 31.12.2012 30.09.2012 28.02.2013 28.02.2013 31.01.2013 21.05.2013 31.03.2013 28.03.2013 26.09.2011 28.02.2013 31.12.2012 31.03.2013

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

Inst Type Investment Advisor Corporation Other Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 15.05.2013 23.04.2013 15.04.2013 11.04.2013 05.04.2013 04.04.2013 03.04.2013 13.03.2013 12.03.2013 11.03.2013 31.10.2012


04.07.2013

Swatch Group AG/The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques.

Price/Volume 120

.7 M

100

.6 M .5 M

80

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHRN SE EQUITY YTD Change UHRN SE EQUITY YTD % CHANGE

12/2011 01/yy 103.80 60.00 128'552.00 93 -10.40% 55.00% 68.84% 124.0 28'038.60 135.00 0.0 19.0 1'967.00 26'225.60

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

.3 M

40

.2 M

20

.1 M

0 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.25x

.4 M

60

Valuation Analysis

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 15.56x

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

2'245.00 1'984.00 25.45% 25.87% 15.22% 18.41% 18.26% 0.74% 28.8% 25.4% 20.5% 6.50 2.51 1.20% 1.45% 7.98 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

7.26 1.20 51.20 40.77% 19.77% 1.202 3 5.000 110'604 129'530 121'891 FY+2

12/13 Y 12/14 Y 8'850.0 9'680.0 2.98x 2.63x 2'560.0 2'785.0 10.24x 9.42x 1'809.0 1'990.0 13.82x 12.62x S&P Issuer Ratings

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

.0 M m-13

FQ+1

FQ+2

-

-

748.33 602.33 -0.82 0.06 1.4% 1.4% 0.74 4.39 45.87 -

Sales/Revenue/Turnover

7.00

9'000.0

6.00

8'000.0 7'000.0

5.00

6'000.0

4.00

5'000.0

3.00

4'000.0 3'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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