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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 STOXX Europe Mid 200 Index March 2012

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 |


27.02.2013

3i Group PLC 3i Group plc is an international investor focused on private equity, infrastructure and debt management. The Company's investments are located across multiple continents through local investment teams in Europe, Asia and North America.

Price/Volume 350

12.0 M

300

10.0 M

250

8.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance III LN EQUITY YTD Change III LN EQUITY YTD % CHANGE

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

4.0 M

100

2.0 M

50 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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

Fiscal Year Ended 31.03.2008 1'250.0 3.73x 828.0 4.10x

6.0 M

150

03/2012 01/yy 318.50 168.20 3'588'412.00 317.9 -0.19% 89.00% 92.52% 971.4 3'088.03 1'589.00 0.0 0.0 718.00 3'700.03

31.03.2009 31.03.2010 (2'097.0) 942.0 3.92x (1'948.0) 154.0 16.91x Profitability

31.03.2011 705.0 5.51x 186.0 15.28x

31.03.2012 (243.0) (783.0) -10.02% -16.69% -10.86% 0.06% 34.54% 60.49% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.55 1.26 938.04 71.08% 46.36% 1.262 11 3.545 2'825'703 3'438'012 2'556'031 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 06/11 Q1 09/11 Q2 494.0 546.5 7.00x 5.77x 240.0 373.7 15.42x 9.90x 163.5 374.8 21.48x 9.41x 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

27.03.2012 BBB STABLE 28.01.2009 A-2 60.5% 37.7% 0.06 22.58 -

Sales/Revenue/Turnover

2'000.0 1'500.0 1'000.0

0.80 0.60

500.0 0.0 -500.0

0.40

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

-1'000.0 -1'500.0

0.20

-2'000.0 0.00

-2'500.0

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


27.02.2013

3i Group PLC Holdings By:

All

Holder Name BLACKROCK UBS FMR LLC ARTEMIS INVESTMENT M 3I GROUP PLC ESOP MAJEDIE ASSET MANAGE LEGAL & GENERAL ARTEMIS INVESTMENT M M&G INVESTMENT MANAG STANDARD LIFE INVEST HENDERSON GLOBAL INV JO HAMBRO CAPITAL MA THREADNEEDLE INVESTM VANGUARD GROUP INC SCHRODER INVESTMENT NORGES BANK INVESTME ROYAL LONDON ASSET M SCOTTISH WIDOWS SARASIN KUWAIT INVESTMENT AU

Firm Name Oriel Securities Ltd Macquarie Societe Generale Barclays JPMorgan Morgan Stanley Investec EVA Dimensions Keefe, Bruyette & Woods

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

Analyst IAIN SCOULLER NEIL WELCH BILL BARNARD DANIEL R GARROD CHRISTOPHER BROWN BRUCE HAMILTON HENRY FREEMAN AUSTIN BURKETT TOM MILLS

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

Recommendation sell neutral hold overweight neutral Equalwt/In-Line hold hold outperform

Amt Held 97'623'518 44'668'625 40'193'438 34'501'983 32'778'181 30'462'192 29'204'206 27'408'645 21'798'292 20'303'336 18'484'034 18'137'300 16'170'266 15'902'532 15'257'945 14'964'804 14'722'305 14'514'496 13'127'218 10'354'125

% Out 10.05 4.6 4.14 3.55 3.37 3.14 3.01 2.82 2.24 2.09 1.9 1.87 1.66 1.64 1.57 1.54 1.52 1.49 1.35 1.07

Weighting

Change 1 3 3 5 3 3 3 3 5

M U M M M M D M M

Latest Chg 8'182'632 (748'890) (3'142'759) (104'707) 41'202 (3'300) (61'728) (1'853'591) (6'021'169) 677'131 1'895'857 495'731 1'919'107 (606'607) 9'270 1'070'400

Target Price 250 293 305 340 #N/A N/A 291 278 #N/A N/A 230

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

File Dt 25.02.2013 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 12.02.2013 31.12.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 28.12.2012 01.11.2012

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

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

Date 27.02.2013 21.02.2013 14.02.2013 13.02.2013 12.02.2013 05.02.2013 01.02.2013 17.01.2013 15.11.2012


27.02.2013

Aberdeen Asset Management PLC Aberdeen Asset Management PLC operates an investment management group, which manages unit trusts, investment trusts, and institutional funds for retail and institutional clients. The Group's funds under management are mainly United Kingdom funds, but also include an assortment from the Far East, Japan, Europe, and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADN LN EQUITY YTD Change ADN LN EQUITY YTD % CHANGE

09/2012 01/yy 442.30 232.70 2'028'902.00 425.6 -3.78% 82.90% 91.60% 1'198.4 5'100.41 81.50 0.0 212.1 406.40 4'987.61

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

30.09.2009 30.09.2010 421.9 638.2 4.39x 3.16x 132.0 226.4 14.02x 8.90x (8.1) 92.6 18.72x Profitability

30.09.2011 784.0 2.56x 313.2 6.40x 169.7 11.51x

30.09.2012 869.2 4.12x 361.0 9.91x 208.7 16.46x

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

361.00 274.60 31.59% 31.03% 6.00% 19.80% 17.03% 0.25% 41.5% 31.6% 24.0% 1.10 0.15 2.00% 7.49% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

100.0 M 80.0 M 60.0 M 40.0 M 20.0 M

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

2.70 1.06 918.68 76.66% 15.94% 1.057 23 4.174 3'329'283 4'051'840 3'811'913 FY+2

09/13 Y 09/14 Y 996.2 1'119.2 4.93x 4.21x 414.4 476.4 12.04x 10.47x 324.1 370.3 16.06x 13.82x 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

-

-

48.78 47.76 -0.90 0.23 7.5% 5.9% 0.25 44.35 -

Sales/Revenue/Turnover

100.00

1'000.0

90.00

900.0

80.00

800.0

70.00

700.0

60.00

600.0

50.00 40.00

500.0 400.0

30.00

300.0

20.00

200.0

10.00

100.0

0.00 02.10.2009

120.0 M

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

Fiscal Year Ended 30.09.2008 430.1 2.84x 114.9 10.64x 35.2 27.55x

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

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

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


27.02.2013

Aberdeen Asset Management PLC Holdings By:

All

Holder Name MITSUBISHI UFJ FINAN BLACKROCK APPLEBY TRUST (JERSE MASSACHUSETTS FINANC ABERDEEN ASSET MANAG LEGAL & GENERAL NEWTON INV MGMT BANK OF NEW YORK MEL UBS FMR LLC NORGES BANK INVESTME OLD MUTUAL ROYAL BANK OF CANADA HANSBERGER GLOBAL IN STANDARD LIFE INVEST CAPITAL GROUP COMPAN VANGUARD GROUP INC SKAGEN FUNDS FRANKLIN RESOURCES SCOTTISH WIDOWS

Firm Name

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

Analyst

Shore Capital Stockbrokers OWEN JONES Macquarie NEIL WELCH Morgan Stanley BRUCE HAMILTON Societe Generale MICHAEL SANDERSON Cantor Fitzgerald CATHERINE HEATH Numis Securities Ltd DAVID MCCANN RBC Capital Markets PETER K LENARDOS Jefferies JASON STREETS Canaccord Genuity Corp ARUN MELMANE Exane BNP Paribas ABHISHEK PARTHASARATHY Barclays DANIEL R GARROD Credit Suisse GURJIT KAMBO JPMorgan RAE MAILE Oriel Securities Ltd SARAH ING Goldman Sachs CHRIS M. TURNER Espirito Santo Investment Bank Research PHILIP DOBBIN Peel Hunt STUART DUNCAN EVA Dimensions AUSTIN BURKETT HSBC NITIN ARORA Keefe, Bruyette & Woods TOM MILLS

Source ULT-AGG ULT-AGG RNS-MAJ REG REG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG

Recommendation buy neutral Overwt/In-Line hold buy add outperform hold buy outperform overweight outperform overweight buy Buy/Neutral neutral hold hold neutral outperform

Amt Held 226'032'919 57'119'257 47'936'218 43'320'397 42'009'653 41'521'633 40'703'100 33'107'285 32'040'599 28'046'325 25'526'935 18'919'308 18'578'175 18'034'335 17'811'055 16'153'600 15'735'842 14'584'554 12'603'020 12'154'070

% Out 18.86 4.77 4 3.61 3.51 3.46 3.4 2.76 2.67 2.34 2.13 1.58 1.55 1.5 1.49 1.35 1.31 1.22 1.05 1.01

Weighting

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

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

Latest Chg 1'646'457 (753'989) 1'392'097 7'067'513 (2'947'145) 639'539 1'389'402 2'034'629 6'833'979 (102'894) 571'724 398'285 (21'994'650) (329'609) (6'042'690)

Target Price #N/A N/A 455 460 420 489 475 465 400 460 505 490 470 498 460 510 385 365 #N/A N/A 390 310

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

File Dt Inst Type 05.12.2012 Holding Company 25.02.2013 Investment Advisor 21.12.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 31.01.2013 Unclassified 01.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Government 31.12.2012 Unclassified 01.11.2012 Bank 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Unclassified

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

Date 26.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 24.01.2013 22.01.2013 17.01.2013 17.01.2013 14.01.2013 23.07.2012


27.02.2013

Abertis Infraestructuras SA Abertis Infraestructuras S.A. is an international group which manages mobility and telecommunications infrastructures through three business areas: tollroads, telecommunications infrastructures and airports. The group is present in Europe and the Americas.

Price/Volume 16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (2/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 ABE SQ EQUITY YTD Change ABE SQ EQUITY YTD % CHANGE

12/2012 12/yy 13.49 9.33 1'041'916.00 13.275 -1.93% 42.36% 92.80% 814.8 10'816.33 16'512.00 0.0 1'351.4 2'636.00 24'692.33

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

4 2 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

Fiscal Year Ended 31.12.2008 3'575.1 6.72x 2'255.8 10.64x 618.4 14.16x

6

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

31.12.2009 31.12.2010 3'836.7 3'802.3 7.08x 6.86x 2'435.1 2'407.0 11.15x 10.83x 653.1 661.6 16.55x 17.13x Profitability

LTM-4Q 31.12.2011 3'810.7 6.49x 2'453.7 10.07x 720.1 13.64x

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

31.12.2012 4'039.0 5.94x 2'459.0 9.75x 1'024.0 9.87x 2'459.00 1'290.00 31.94% 29.12% 3.95% 20.43% 10.82% 0.16% 60.9% 31.9% 25.4% 1.33 1.33 56.77% 237.21% 5.05 -

Price/ Cash Flow

12/yy 3'772.7 13.73x 2'453.9 10.07x 720.3 13.74x

LTM 12/yy 4'039.0 22.82x 3'200.8 7.49x 1'024.0 9.81x

FY+1

0.88 332.59 16.15% 6.88% 0.876 31 3.871 2'182'075 3'011'680 2'642'806 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'845.6 5'120.1 1'272.0 1'272.0 5.38x 4.97x 2'984.3 3'171.8 8.27x 7.78x 704.6 807.5 202.0 201.0 15.31x 13.67x 16.43x S&P Issuer Ratings

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

10.09.2012 BBB NEG 4.17 3.72 5.64 6.71 237.2% 70.3% 0.16 2.28 72.24 -

Sales/Revenue/Turnover

12.00

4'500.0 4'000.0

10.00

3'500.0 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 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Abertis Infraestructuras SA Holdings By:

All

Holder Name CAJA AHORROS PENSION OBRASCON HUARTE LAIN INMOBILIARIA ESPACIO TREBOL HOLDINGS SARL ADMIRABLIA SL INVERSIONES AUTOPIST VILLA AUREA SL ABERTIS INFRAESTRUCT VANGUARD GROUP INC BLACKROCK NATEXIS ASSET MANAGE COHEN & STEERS CAPIT CI INVESTMENTS INC G3T SL ING INTERNATIONAL AD FRANK RUSSELL TRUST COMMONWEALTH BANK OF MACQUARIE INFRASTRUC UNION INVESTMENT GMB CI INVESTMENTS INC

Firm Name

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

Analyst

Nomura PETER LARKIN EVA Dimensions CRAIG STERLING BPI BRUNO ALMEIDA DA SILVA Equita SIM SpA STEFANO GAMBERINI Societe Generale VICTOR ACITORES Morgan Stanley JAIME ROWBOTHAM Espirito Santo Investment Bank Research JUAN CARLOS CALVO NMAS 1 Agencia de Valores JOSE RAMON OCINA Day by Day VALERIE GASTALDY Exane BNP Paribas NICOLAS MORA RBC Capital Markets ANDREW JONES Raymond James ARNAUD PALLIEZ Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA Banco Sabadell MARIA CEBOLLERO Ahorro Corporacion Financiera SA RAFAEL CAVANILLAS Banesto Bolsa SA Sociedad MARTA OLBA AlphaValue MYRIAM COHEN Interdin Bolsa PABLO ORTIZ DE JUAN CA Cheuvreux BORJA CASTRO PEREZ MANZUCO Barclays SUSANNA INVERNIZZI Natixis GREGOIRE THIBAULT Deutsche Bank JOSE FRANCISCO RUIZ SOLERA Kepler Capital Markets EMILIO ROTONDO-INCLAN La Caixa BORJA PAGOAGA JPMorgan ELODIE RALL Macquarie ROBERT JOYNSON Grupo Santander JOAQUIN FERRER Oddo & Cie OLIVIER BECKER Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO BBVA ANTONIO RODRIGUEZ VICENS Renta 4 SA SVB NURIA ALVAREZ Iberian Equities DAVID STIX

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

Recommendation buy sell neutral hold buy Overwt/In-Line neutral buy hold neutral outperform market perform buy buy buy neutral add buy outperform underweight neutral buy buy buy overweight outperform buy neutral underweight market perform overweight buy

Amt Held 243'621'966 124'622'434 124'279'716 120'681'879 79'772'767 60'161'580 33'071'941 29'885'288 6'667'909 4'902'157 3'423'421 2'899'511 2'289'276 2'236'959 1'712'632 1'559'394 1'442'455 1'261'593 1'232'650 905'639

% Out 29.9 15.3 15.25 14.81 9.79 7.38 4.06 3.67 0.82 0.6 0.42 0.36 0.28 0.27 0.21 0.19 0.18 0.15 0.15 0.11

Weighting

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

M D 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

Latest Chg (8'962'929) 442'718 1'571'941 35'073 46'850 3'423'421 13'000 59'695 (152'866) (4'255) 160'902 104'650 -

Target Price 15 #N/A N/A 13 13 14 14 13 14 #N/A N/A 14 14 #N/A N/A 14 14 15 13 14 14 15 13 12 14 14 14 16 17 13 13 12 11 15 16

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

File Dt 05.07.2012 11.02.2013 21.01.2013 25.04.2012 31.12.2011 31.12.2011 01.07.2010 31.12.2011 31.12.2012 25.02.2013 31.12.2012 31.12.2012 30.06.2012 31.12.2011 31.08.2012 31.05.2012 31.10.2012 31.08.2012 28.09.2012 30.06.2012

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

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

Date 26.02.2013 26.02.2013 25.02.2013 25.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 14.02.2013 13.02.2013 06.02.2013 23.01.2013 16.01.2013 14.12.2012 20.11.2012 06.11.2012 18.10.2012 27.09.2012 25.06.2012 05.06.2012 21.05.2012 12.09.2011 18.05.2011 12.11.2010


27.02.2013

Accor SA Accor SA operates hotel chains and offers human resources, marketing, and expense management services. The Company operates hotels ranging from budget to upscale worldwide.

Price/Volume 35 30 25 20

Valuation Analysis

15

Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/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 AC FP EQUITY YTD Change AC FP EQUITY YTD % CHANGE

12/2012 03/yy 29.63 21.98 494'314.00 27.5 -7.17% 25.14% 70.65% 227.3 6'250.14 2'381.00 0.0 230.0 1'878.00 6'983.14

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

5 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

Fiscal Year Ended 31.12.2008 7'610.0 1.20x 1'376.0 6.61x 575.0 13.50x

10

31.12.2009 31.12.2010 5'490.0 5'948.0 1.92x 1.46x 808.0 1'046.0 13.08x 8.31x (282.0) 3'600.0 Profitability

LTM-4Q 31.12.2011 6'100.0 0.82x 983.0 5.12x 27.0 152.05x

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

31.12.2012 5'649.0 1.20x 1'046.0 6.50x (599.0) 76.78x 1'046.00 526.00 9.31% 4.21% -7.70% -19.03% -10.14% 0.73% 18.5% 9.3% -10.6% 1.07 0.83 31.49% 86.30% 14.75 -

Price/ Cash Flow

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

03/yy 5'636.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 03/yy 6'116.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.18 167.37 10.64% 3.02% 1.178 29 3.862 1'184'694 718'414 638'630 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 5'553.1 5'451.8 1'592.5 1'469.8 1.22x 1.20x 859.1 889.2 8.12x 7.84x 317.7 360.0 19.73x 17.26x S&P Issuer Ratings

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

05.04.2011 BBBSTABLE 05.04.2011 A-3 12.45 0.85 0.48 2.28 86.3% 44.3% 0.73 1.93 24.81 -

Sales/Revenue/Turnover

60.00

9'000.0 8'000.0

50.00

7'000.0 6'000.0

40.00

5'000.0 30.00

4'000.0 3'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Accor SA Holdings By:

All

Holder Name COLDAY SARL LEGENDRE HOLDING 19 MANNING & NAPIER ADV CAISSE DES DEPOTS ET HARBOR CAPITAL ADVIS FRANKLIN RESOURCES MANNING & NAPIER ADV DODGE & COX NATIXIS ASSET MANAGE VANGUARD GROUP INC AVIVA PLC BLACKROCK AMUNDI SOUTHEASTERN ASSET M INVESCO LTD SCHRODER INVESTMENT AMUNDI ACHMEA BELEGGINSFOND HARTFORD INVESTMENT JANUS CAPITAL MANAGE

Firm Name Oddo & Cie Raymond James Goldman Sachs Societe Generale CA Cheuvreux Cantor Fitzgerald Kepler Capital Markets Natixis Exane BNP Paribas Telsey Advisory Group CM - CIC Securities(ESN) Bryan Garnier & Cie Nomura S&P Capital IQ JPMorgan Deutsche Bank Day by Day AlphaValue Barclays Morgan Stanley Jefferies HSBC Main First Bank AG Credit Suisse EVA Dimensions Redburn Partners Gabelli & Co Aurel - BGC

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

Analyst GUILLAUME RASCOUSSIER JULIEN RICHER OLIVER NEAL SABRINA BLANC MARCO BACCAGLIO ROBIN BYDE CATHERINE ROLLAND ANDRE JUILLARD MATTHIAS DESMARAIS CHRISTOPHER E JONES ANNICK THEVENON BRUNO DE LA ROCHEBROCHARD TIM BARRETT WILLIAM MACK KOMAL DHILLON GEOF COLLYER VALERIE GASTALDY BERENICE LACROIX VICTORIA LEE VAUGHAN LEWIS IAN RENNARDSON LENA THAKKAR LOIC SABATIER TIM RAMSKILL CRAIG STERLING PASCAL HAUTCOEUR AMIT KAPOOR JEAN-MARIE L'HOME

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

Recommendation buy outperform neutral/neutral buy outperform buy reduce buy outperform no rating system hold buy reduce strong buy overweight sell buy add overweight Equalwt/In-Line buy underweight outperform outperform hold buy buy suspended coverage

Amt Held 25'506'869 23'061'291 11'374'332 11'333'481 11'028'426 9'119'385 6'628'710 4'958'051 4'373'486 2'901'677 1'501'900 1'356'460 1'155'241 1'040'673 1'003'355 771'574 705'717 680'153 671'616 656'980

% Out 11.22 10.15 5 4.99 4.85 4.01 2.92 2.18 1.92 1.28 0.66 0.6 0.51 0.46 0.44 0.34 0.31 0.3 0.3 0.29

Weighting

Change

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

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

Latest Chg (269'130) 1'221'050 (228'030) 55'972 2'852 97'299 (75'853) 128'661 7'982 (21'387) 35'207 100'649

Target Price 32 33 31 32 31 33 26 33 33 30 31 32 20 32 32 25 34 31 32 28 31 27 35 29 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 06.12.2012 06.12.2012 15.11.2012 26.11.2012 31.12.2012 31.12.2012 31.12.2012 29.01.2013 31.12.2012 31.12.2012 31.01.2013 25.02.2013 28.09.2012 30.09.2012 26.02.2013 31.07.2012 30.11.2012 31.12.2012 31.01.2013 31.12.2012

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

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

Date 27.02.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 16.02.2013 14.02.2013 14.02.2013 07.02.2013 04.02.2013 01.02.2013 31.01.2013 24.01.2013 18.01.2013 17.01.2013 18.09.2012 23.05.2012 21.10.2010


27.02.2013

ACS Actividades de Construccion y Servicios SA ACS, Actividades de Construccion y Servicios, S.A. is an engineering and contracting company that develops civil and industrial infrastructures. The Company provides Civil Works Construction, Greenfield Concession Development, Industrial Services (electricity, oil and gas) and Environmental Services (waste treatment and facility management).

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACS SQ EQUITY YTD Change ACS SQ EQUITY YTD % CHANGE

12/2011 09/yy 23.13 10.38 500'106.00 18.42 -20.35% 77.46% 61.51% 314.7 5'796.12 16'495.58 0.0 2'872.2 7'161.40 18'302.12

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

25.0 M

20

20.0 M

15

15.0 M

10

10.0 M

5

5.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007 15'344.9 2.36x 1'948.9 18.58x 1'551.1 40.06x

25

31.12.2008 31.12.2009 16'010.0 15'605.9 1.64x 1.29x 1'587.7 1'011.7 16.55x 19.95x 1'805.0 1'951.5 52.96x 16.08x Profitability

LTM-4Q 31.12.2010 14'328.5 1.30x 1'411.4 13.21x 1'312.6 8.54x

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

31.12.2011 28'471.9 0.66x 2'247.0 8.40x 961.9 7.42x 2'246.97 1'293.02 4.54% 4.37% -1.86% -30.05% 0.82% 7.9% 3.9% 3.4% 0.99 0.59 34.37% 496.99% 3.48 -

Price/ Cash Flow

LTM

09/yy 21'306.5 3.89x 1'817.4 11.60x 919.6 9.11x

09/yy 38'730.9 1.88x 3'052.0 5.75x (876.1) 0.00x

FY+1

.0 M f-13

1.08 205.72 -12.85% -3.26% 1.085 26 2.885 1'463'646 1'877'982 1'209'114 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 37'397.9 38'029.7 9'048.5 9'365.0 0.43x 0.41x 2'857.6 3'019.6 735.8 6.40x 6.06x (451.3) 759.7 (295.7) 7.41x 28.61x 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

3.14 4.97 497.0% 72.7% 0.82 12.19 105.10 -

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

ACS Actividades de Construccion y Servicios SA Holdings By:

All

Holder Name ALBA PARTICIPACIONES INVERSIONES VESAN SA INVERNELIN PATRIMONI SOUTHEASTERN ASSET M IBEROSTAR HTLS Y APA BANCO BILBAO VIZCAYA BATUECAS TORREGO AGU VANGUARD GROUP INC AMBER CAPITAL LP ONTARIO TEACHERS PEN BLACKROCK BALBOA PARTICIPACION LBPAM CORPORACION FINANCIE LOPEZ JIMENEZ PEDRO CINAINVEST HOLDING S AGUIRRE GONZALE JOSE LONGLEAF MANAGEMENT VANTAGEPOINT INVESTM DEL VALLE PEREZ JOSE

Firm Name

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

Analyst

Grupo Santander ARANZAZU BUENO Ahorro Corporacion Financiera SA JUAN MORENO Banesto Bolsa SA Sociedad MARTA OLBA Exane BNP Paribas ANTONIO LOPEZ SILVESTRE BPI FLORA TRINDADE Banco Sabadell MARIA CEBOLLERO AlphaValue GAETAN DUPONT Espirito Santo Investment Bank Research JUAN CARLOS CALVO Interdin Bolsa PABLO ORTIZ DE JUAN Day by Day VALERIE GASTALDY Bankia Bolsa (ESN) VICTOR PEIRO PEREZ NMAS 1 Agencia de Valores JOSE RAMON OCINA EVA Dimensions CRAIG STERLING Goldman Sachs WILL MORGAN Deutsche Bank LUIS PRIETO S&P Capital IQ JAWAHAR HINGORANI Kepler Capital Markets EMILIO ROTONDO-INCLAN La Caixa SANTIAGO MOLINA Societe Generale VICTOR ACITORES CA Cheuvreux BORJA CASTRO PEREZ MANZUCO HSBC TOBIAS LOSKAMP BBVA ANTONIO RODRIGUEZ VICENS RBC Capital Markets OLIVIA PETERS Renta 4 SA SVB NURIA ALVAREZ

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

Recommendation hold hold neutral underperform neutral sell buy neutral neutral buy accumulate sell sell neutral/neutral hold sell buy buy buy underperform neutral market perform sector perform hold

Amt Held % Out 56'050'975 17.81 39'537'469 12.56 27'306'595 8.68 23'527'063 7.48 17'643'657 5.61 6'252'323 1.99 3'611'212 1.15 2'732'861 0.87 (2'422'918) -0.77 2'100'000 0.67 1'625'431 0.52 1'548'257 0.49 1'446'774 0.46 932'880 0.3 903'797 0.29 477'162 0.15 421'500 0.13 399'000 0.13 300'022 0.1 278'902 0.09

Weighting

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

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

Latest Chg (3'497'676) 51'682 314'664 300'000 1'702 1'235'193 (4'990) (6'800) -

Target Price 19 19 19 18 21 #N/A N/A 25 19 20 20 24 21 #N/A N/A 19 18 14 21 21 20 17 17 14 39 37

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

File Dt 31.12.2011 31.05.2012 30.07.2012 31.12.2011 31.12.2011 02.05.2011 31.05.2012 31.12.2012 11.02.2013 31.12.2010 25.02.2013 31.12.2011 31.12.2012 30.07.2012 21.09.2012 31.12.2011 14.04.2011 31.01.2013 31.01.2013 31.12.2011

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

Inst Type Other Corporation Other Investment Advisor Other Bank n/a Investment Advisor Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Holding Company Mutual Fund Manager Unclassified n/a Holding Company n/a Mutual Fund Manager Investment Advisor n/a

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 18.02.2013 29.01.2013 28.01.2013 24.01.2013 24.01.2013 15.01.2013 14.01.2013 19.12.2012 13.12.2012 26.11.2012 16.11.2012 12.11.2012 05.11.2012 19.09.2012 02.08.2012 05.07.2012 18.04.2012


27.02.2013

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 60

4.5 M 4.0 M

50

3.5 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (23.04.2012) Daily Volume Current Price (2/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 ATLN VX EQUITY YTD Change ATLN VX EQUITY YTD % CHANGE

12/2012 12/yy 48.88 31.24 271'301.00 47.37 -3.09% 51.62% 93.08% 126.8 6'005.24 235.43 0.0 0.0 1'123.02 5'117.65

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

2.5 M 2.0 M

20

1.5 M 1.0 M

10 0 f-12

.5 M m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

3.0 M

30

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

LTM-4Q 31.12.2011 1'713.0 1.56x 435.6 6.14x (146.3) -

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 1'722.1 2.34x 503.4 8.00x 303.2 16.68x 503.36 421.47 24.47% 20.82% 11.18% 20.02% 17.85% 0.63% 88.6% 29.2% 24.5% 17.6% 3.54 3.34 8.74% 15.50% 3.63 3.27

Price/ Cash Flow

12/yy 1'713.0 9.02x 435.6 6.14x (146.3) 0.00x

LTM 12/yy 1'722.1 9.55x 503.4 8.00x 303.2 16.68x

FY+1

.0 M f-13

1.15 104.03 39.11% 8.82% 1.149 21 4.190 436'335 401'417 422'481 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'697.0 1'758.8 398.0 429.7 3.00x 2.73x 12.73x 11.56x 509.3 555.2 103.9 147.5 10.04x 9.21x 10.56x 354.8 397.6 74.1 110.5 14.38x 12.69x 15.60x 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

6.02 5.56 -1.76 0.47 15.5% 13.4% 0.63 4.16 100.89 112.08 186.73 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 |


27.02.2013

Actelion Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 12'606'321 6'519'600 5'248'883 4'083'119 3'911'760 3'911'760 3'911'760 3'728'814 2'137'787 2'014'254 1'183'396 1'057'406 901'792 692'119 526'952 509'576 497'770 378'200 331'462 306'680

% Out 9.94 5.14 4.14 3.22 3.09 3.09 3.09 2.94 1.69 1.59 0.93 0.83 0.71 0.55 0.42 0.4 0.39 0.3 0.26 0.24

Weighting

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

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

Latest Chg 244'000 23'390 (5'978) (58'777) (6'165) (8'069) (7) 181'433 (217'900) (249'337) 6'517

Target Price 52 54 72 56 53 47 60 69 57 53 50 #N/A N/A 57 55 50 44 #N/A N/A #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 Inst Type 13.11.2012 Other 31.12.2011 Investment Advisor 31.12.2011 n/a 02.05.2012 Other 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Unclassified 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 28.01.2013 15.01.2013 18.04.2012 30.08.2011 28.03.2011


27.02.2013

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 60

2.5 M

50

2.0 M

40

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADEN VX EQUITY YTD Change ADEN VX EQUITY YTD % CHANGE

12/2011 09/yy 54.70 36.13 307'022.00 52.65 -3.75% 45.72% 88.15% 189.3 9'964.72 1'426.00 0.0 3.0 534.00 9'276.58

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

1.0 M

20

.5 M

10 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007 21'090.0 0.36x 1'170.0 6.51x 735.0 9.30x

1.5 M

30

Valuation Analysis

31.12.2008 31.12.2009 19'965.0 14'797.0 0.24x 0.46x 992.0 380.0 4.84x 17.88x 495.0 8.0 8.51x 959.73x Profitability

LTM-4Q 31.12.2010 18'656.0 0.50x 809.0 11.58x 423.0 22.41x

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

31.12.2011 20'545.0 0.31x 939.0 6.82x 519.0 11.89x 939.00 763.00 3.71% 3.34% 4.94% 12.66% 9.62% 2.15% 17.4% 4.2% 3.6% 2.5% 1.24 1.13 15.24% 37.45% 5.35 -

Price/ Cash Flow

LTM

09/yy 20'344.0 1.74x 974.0 6.99x 527.0 10.82x

09/yy 20'703.0 1.48x 878.0 9.24x 475.0 14.81x

FY+1

.0 M f-13

1.43 148.02 19.27% 9.60% 1.428 27 3.704 371'530 546'208 572'930 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 20'579.1 20'683.0 5'030.7 4'809.0 0.45x 0.44x 904.5 1'010.5 10.26x 9.18x 514.8 573.8 128.0 15.64x 13.97x 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 13.23 11.69 1.25 2.29 37.4% 27.2% 2.15 68.67 68.43 -

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 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Adecco SA Holdings By:

All

Holder Name JACOBS HOLDING AKILA FINANCE SA HARRIS ASSOCIATES LP FRANKLIN RESOURCES ADECCO SA MFS INVESTMENT MANAG ARTISAN PARTNERS HOL VANGUARD GROUP INC MANNING & NAPIER ADV TIAA CREF INVESTMENT CREDIT SUISSE ASSET FMR LLC UBS FUND MANAGEMENT MASSACHUSETTS FINANC PICTET & CIE BLACKROCK SEB MFS FINANCIAL SERVIC LITMAN/GREGORY FUND SWISSCANTO FONDSLEIT

Firm Name

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

Analyst

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

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

Recommendation outperform neutral/neutral add hold neutral outperform buy buy hold outperform buy top pick underweight neutral market perform buy equalweight neutral buy hold buy buy sell overweight

Amt Held 35'392'275 10'163'580 9'660'727 5'802'061 5'775'632 5'693'009 5'595'344 2'828'400 2'236'720 2'188'744 1'766'918 1'492'666 1'371'009 1'278'453 1'089'489 1'044'761 479'090 441'973 428'200 423'333

% Out 18.7 5.37 5.1 3.07 3.05 3.01 2.96 1.49 1.18 1.16 0.93 0.79 0.72 0.68 0.58 0.55 0.25 0.23 0.23 0.22

Weighting

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

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

Latest Chg 19'900 31'328 678'600 16'847 (10'005) (980'533) (20'659) 46'950 5'982 (4'891) 74'900 (37'800) (15'931)

Target Price 70 57 63 #N/A N/A 57 62 58 59 49 62 57 65 #N/A N/A 52 #N/A N/A 57 50 45 58 47 58 52 39 60

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

File Dt Inst Type 31.12.2011 Private Equity 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 27.11.2012 Corporation 27.07.2012 Investment Advisor 19.04.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

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

Date 25.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 14.02.2013 07.02.2013 01.02.2013 31.01.2013 30.01.2013 28.01.2013 21.01.2013 17.01.2013 15.01.2013 10.01.2013 20.12.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 05.11.2012 18.10.2012 11.09.2012


27.02.2013

Admiral Group PLC Admiral Group Plc principally sells private motor insurance, together with ancillary products, such as breakdown cover and cover for legal expenses. The Company markets directly to the public in the United Kingdom through its core brands, the Admiral brand, elephant.co.uk, Diamond, and Bell Direct.

Price/Volume 1400

4.0 M

1200

3.5 M

1000

3.0 M 2.5 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADM LN EQUITY YTD Change ADM LN EQUITY YTD % CHANGE

12/2011 09/yy 1'300.00 970.22 130'220.00 1248 -3.92% 28.63% 83.63% 273.5 3'413.57 0.90 0.0 0.5 224.60 3'141.67

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

1.5 M

400

1.0 M

200

.5 M

0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007 364.1 7.51x 127.4 22.62x

2.0 M

600

31.12.2008 31.12.2009 422.8 507.5 5.35x 5.83x 144.9 156.9 16.56x 20.14x Profitability

LTM-4Q 31.12.2010 640.8 5.97x 193.8 20.94x

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

31.12.2011 870.3 2.39x 221.2 10.40x 34.37% 34.37% 8.88% 56.34% 0.36% 25.4% 0.03% 0.23% -

Price/ Cash Flow

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

LTM 09/yy 1'738.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

6.54 0.72 225.20 26.18% 7.59% 0.722 24 2.708 445'787 399'920 399'209 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'967.3 1'955.8 1.54x 1.51x 247.8 262.9 13.71x 13.01x 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

0.2% 0.2% 0.36 -

Sales/Revenue/Turnover

35.00

1'000.0 900.0

30.00

800.0

25.00

700.0 600.0

20.00

500.0 400.0

15.00

300.0

10.00

200.0 5.00 0.00 02.01.2009

100.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Admiral Group PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H ENGELHARDT HENRY ALL MORGAN STANLEY MUENCHENER RUECKVERS MUNICH RE GROUP FMR LLC BLACKROCK MORGAN STANLEY INVES ALLIANCE BERNSTEIN STEVENS DAVID GRAHAM MORGAN STANLEY INVES MACKENZIE FINANCIAL MANNING & NAPIER ADV MANNING & NAPIER ADV LEGAL & GENERAL SARASIN BARING ASSET MANAGEM TIGER GLOBAL MANAGEM MARATHON ASSET MANAG VANGUARD GROUP INC

Firm Name

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

Analyst

Keefe, Bruyette & Woods GREIG N PATERSON JPMorgan ANDREAS VAN EMBDEN RBC Capital Markets GORDON AITKEN Exane BNP Paribas ANDY HUGHES Numis Securities Ltd NICHOLAS JOHNSON Nomura FAHAD CHANGAZI Peel Hunt MARK WILLIAMSON Barclays ANDREW BROADFIELD Shore Capital Stockbrokers EAMONN FLANAGAN Goldman Sachs RAVI TANNA Oriel Securities Ltd MARCUS BARNARD EVA Dimensions AUSTIN BURKETT Credit Suisse CHRIS ESSON HSBC DHRUV GAHLAUT Espirito Santo Investment Bank Research JOY FERNEYHOUGH Investec KEVIN RYAN Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Berenberg Bank PETER ELIOT Deutsche Bank OLIVER STEEL Redburn Partners PAUL GOODHIND

Source REG RNS-DIR ULT-AGG Research REG ULT-AGG ULT-AGG REG ULT-AGG RNS-DIR REG REG REG MF-AGG ULT-AGG ULT-AGG REG REG REG MF-AGG

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

Amt Held 49'217'919 37'005'472 28'892'084 27'499'400 27'149'400 15'395'905 14'047'726 12'467'412 11'209'387 10'631'950 9'716'105 9'600'602 9'400'997 7'094'500 6'914'106 5'861'401 5'643'623 5'215'000 4'752'031 3'861'376

% Out 17.99 13.53 10.56 10.05 9.93 5.63 5.14 4.56 4.1 3.89 3.55 3.51 3.44 2.59 2.53 2.14 2.06 1.91 1.74 1.41

Weighting

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

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

Latest Chg 192'033 (1'000'000) (712'004) 378'747 1'111'939 97'500 13'628 (358'600) 2'312'377 1'728'350 (44'781) 651'800 1'144'122 1'502'660 (164'514) 102'723

Target Price 1'392 1'246 890 866 1'040 1'350 1'226 1'266 #N/A N/A 1'500 740 #N/A N/A 1'320 1'420 900 582 1'201 1'050 1'000 1'140 #N/A N/A

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

File Dt Inst Type 01.11.2012 Other 07.12.2012 n/a 30.09.2012 Investment Advisor 17.10.2012 Insurance Company 01.11.2012 Unclassified 01.11.2012 Investment Advisor 25.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 08.11.2012 n/a 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Unclassified 28.12.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 21.02.2013 20.02.2013 19.02.2013 11.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 18.01.2013 18.01.2013 17.01.2013 14.01.2013 14.01.2013 08.01.2013 07.01.2013 05.12.2012 26.11.2012 02.11.2012 05.10.2012 15.03.2012


27.02.2013

Aegis Group PLC Aegis Group plc operates as a holding company. Through its operating subsidiaries, the Group provides a broad range of media services including media strategy, consulting, advertising, marketing, planning and buying. Aegis operates throughout the world.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGS LN EQUITY YTD Change AGS LN EQUITY YTD % CHANGE

12/2011 01/yy 239.30 151.90 1'742'496.00 238.7 -0.25% 57.14% 99.20% 1'173.2 2'800.37 754.50 0.0 (12.9) 626.10 3'112.67

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

50 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 1'342.0 1'346.5 0.83x 1.18x 200.7 171.6 5.56x 9.25x 82.8 62.7 10.20x 21.68x Profitability

31.12.2010 941.0 2.19x 124.6 16.55x 41.2 87.81x

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

31.12.2011 1'135.0 1.56x 216.1 8.20x 164.1 22.22x 216.10 145.30 12.80% 9.37% 3.80% 28.03% 16.14% 0.28% 97.6% 18.2% 12.3% 14.5% 0.96 0.91 17.13% 158.64% 0.53 4.46

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

0.84 1.03 724.98 41.73% 1.66% 1.030 21 2.810 4'325'532 5'987'660 4'029'651 FY+2

12/12 Y 12/13 Y 1'275.9 1'361.0 2.28x 2.10x 253.9 274.7 12.26x 11.33x 146.8 158.4 19.41x 17.68x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

4.53 3.52 1.47 3.34 158.6% 62.0% 0.28 22.09 694.12 82.15 25472.83 -48510.77

Sales/Revenue/Turnover

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 02.01.2009

j-12

Market Data

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

Fiscal Year Ended 31.12.2007 1'106.4 1.40x 167.7 9.25x 88.5 14.94x

100

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Aegis Group PLC Holdings By:

All

Holder Name DENTSU INC CREDIT SUISSE GROUP NORD SUMATRA INVESTI BANK OF NEW YORK MEL BOLLORE GROUP UBS AG/LONDON MORGAN STANLEY SECUR DEUTSCHE BANK AG DEUTSCHE BANK PROP T FMR LLC CREDIT SUISSE SECURI JP MORGAN MITCHELL HAROLD CHAR DIRECTOR & RELATED H STANDARD LIFE INVEST UBS MAGNETAR FINANCIAL U WESTCHESTER CAPITAL NORGES BANK BARCLAYS PLC

Firm Name AlphaValue Nomura Exane BNP Paribas Investec Barclays Peel Hunt Panmure Gordon & Co Limited EVA Dimensions Societe Generale Liberum Capital Ltd Oddo & Cie Westhouse Securities Macquarie Kepler Capital Markets Numis Securities Ltd Goldman Sachs CA Cheuvreux Deutsche Bank HSBC Natixis Morgan Stanley JPMorgan Dr. Kalliwoda Equity Research WYT Ltd

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

Analyst VERONIQUE CABIOC'H MATTHEW WALKER ADRIEN DE SAINT HILAIRE STEVEN LIECHTI NATASHA BRILLIANT MALCOLM MORGAN ALEX DE GROOTE CRAIG STERLING LAURENT PICARD IAN WHITTAKER BRUNO HARENG RODDY DAVIDSON TIMOTHY W NOLLEN CONOR O'SHEA PAUL RICHARDS RICHARD JONES THOMAS JORION PATRICK KIRBY DAN GRAHAM JEROME BODIN PATRICK WELLINGTON FILIPPO PIETRO LO FRANCO ADRIAN KOWOLLIK ANTHONY DE LARRINAGA

Source RNS-MAJ RNS-MAJ RNS-RUL8 REG RNS-MAJ RNS-MAJ RNS-MAJ RNS-MAJ REG ULT-AGG REG ULT-AGG RNS-DIR REG Co File ULT-AGG RNS-MAJ RNS-RUL8 RNS-RUL8 RNS-RUL8

Recommendation sell neutral neutral hold equalweight hold buy hold hold hold buy neutral underperform accept the offer suspended coverage neutral/neutral underperform hold underweight tender restricted restricted hold hold

Amt Held 234'571'301 139'296'771 133'991'451 126'469'266 75'348'626 74'428'395 70'739'707 68'405'862 56'499'658 56'045'974 49'815'036 43'242'042 41'598'988 41'019'905 39'495'036 35'376'423 30'563'708 29'251'340 29'000'000 28'805'272

% Out 19.99 11.87 11.42 10.78 6.42 6.34 6.03 5.83 4.82 4.78 4.25 3.69 3.55 3.5 3.37 3.02 2.61 2.49 2.47 2.46

Weighting

Change

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

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

Latest Chg (4'311'796) 21'874'321 (5'099'620) 11'955'042 (3'068'744) 53'844'880 (17'152'520) 1'342'930 510'018 (652'139) (6'077'541) (8'468'763) 3'584'669 15'000'000 (711'461)

Target Price 189 240 240 240 240 240 240 #N/A N/A 240 240 #N/A N/A 240 240 240 #N/A N/A 240 240 240 240 240 #N/A N/A #N/A N/A 172 177

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

File Dt Inst Type 16.08.2012 Corporation 12.02.2013 Investment Advisor 12.07.2012 Holding Company 03.12.2012 Investment Advisor 12.12.2012 Holding Company 08.02.2013 Investment Advisor 14.12.2012 Investment Advisor 13.02.2013 Investment Advisor 03.12.2012 Other 05.12.2012 Investment Advisor 03.12.2012 Investment Advisor 11.02.2013 Unclassified 03.05.2012 n/a 03.12.2012 Other 31.12.2011 Investment Advisor 03.12.2012 Unclassified 20.02.2013 Private Equity 20.02.2013 Hedge Fund Manager 04.02.2013 Government 26.02.2013 Investment Advisor

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

Date 21.02.2013 19.02.2013 05.02.2013 28.01.2013 25.01.2013 24.01.2013 22.01.2013 17.01.2013 16.01.2013 02.01.2013 29.11.2012 01.11.2012 23.08.2012 23.08.2012 16.08.2012 13.08.2012 16.07.2012 13.07.2012 13.07.2012 13.07.2012 12.07.2012 12.07.2012 04.05.2012 18.03.2012


27.02.2013

Aeroports de Paris Aeroports de Paris (ADP) manages all the civil airports in the Paris area. The Company also develops and operates light aircraft aerodromes. ADP offers air transport related services, and business services such as office rental.

Price/Volume 80

.5 M

70

.4 M

60

.4 M .3 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.08.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADP FP EQUITY YTD Change ADP FP EQUITY YTD % CHANGE

12/2011 09/yy 67.29 55.70 43'978.00 61.99 -7.88% 11.29% 53.32% 99.0 6'134.57 3'487.71 0.0 0.2 1'133.67 9'380.06

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

31.12.2008 31.12.2009 2'527.0 2'633.4 2.81x 3.03x 848.2 882.9 8.37x 9.04x 272.6 269.5 17.53x 20.63x Profitability

.2 M

20

.1 M

10

.1 M

0 f-12

m-12

LTM-4Q 31.12.2010 2'479.6 3.31x 921.9 8.91x 300.1 18.94x

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

31.12.2011 2'501.5 3.04x 972.2 7.82x 347.8 14.54x 972.23 589.11 23.55% 22.10% 3.71% 9.00% 6.36% 0.29% 40.0% 24.5% 13.9% 1.21 1.06 39.39% 96.90% 3.87 -

Price/ Cash Flow

09/yy 2'787.5 0.00x 0.0 0.00x 0.0 0.00x

a-12

m-12

j-12

j-12

LTM 09/yy 2'389.3 0.00x 0.0 0.00x 0.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.70 30.88 6.28% 6.20% 0.702 27 3.222 48'665 60'510 64'840 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'620.0 2'703.2 665.0 3.51x 3.36x 998.7 1'027.6 9.39x 9.13x 341.6 359.4 17.87x 16.94x S&P Issuer Ratings

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

17.01.2012 A+ NEG 5.57 1.64 3.34 4.01 96.9% 49.2% 0.29 0.40 94.52 -

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.01.2009

.2 M

30

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

Fiscal Year Ended 31.12.2007 2'292.4 3.82x 757.3 11.56x 322.2 21.47x

.3 M

40

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

All

Holder Name FRENCH STATE FONDS STRATEGIQUE D' SCHIPHOL GROUP BNP PARIBAS INV PART VANGUARD GROUP INC BNP ASSET MANAGEMENT BLACKROCK COMMONWEALTH BANK OF BNP ASSET MANAGEMENT

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios BNP PARIBAS ACTIONS

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

Amt Held 51'558'474 8'609'572 7'916'848 1'560'284 533'818 371'384 316'187 224'032 199'383

% Out 52.1 8.7 8 1.58 0.54 0.38 0.32 0.23 0.2

Latest Chg 322'732 7'613 (18'048) 1'896 (17'326)

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 31.12.2012 31.12.2012 30.09.2012 25.02.2013 31.10.2012 30.09.2012

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


27.02.2013

Ageas Ageas offers international insurance services such as life and non-life, disability, and medical to individuals and groups.

Price/Volume 30

1.8 M 1.6 M

25

1.4 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 AGS BB EQUITY YTD Change AGS BB EQUITY YTD % CHANGE

12/2012 12/yy 27.27 12.17 570'982.00 25.72 -5.83% 111.34% 87.19% 243.1 6'253.08 5'070.30 0.0 875.5 2'449.90 9'748.98

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

(28'000.0) -

1.0 M .8 M

10

.6 M .4 M

5

.2 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008

1.2 M

15

31.12.2009 31.12.2010 16'667.7 13'460.8 0.53x 0.61x 1'209.8 223.1 5.37x 19.03x Profitability

LTM-4Q 31.12.2011 12'151.3 0.51x (578.2) -

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

31.12.2012 13'462.5 0.63x 743.0 7.10x 7.69% 9.42% 0.79% 8.41% 7.54% 0.14% 5.5% 5.22% 51.16% -

Price/ Cash Flow

LTM

12/yy 12'151.3 2.73x 0.0 0.00x (578.2) 0.00x

12/yy 13'462.5 2.28x 0.0 0.00x 743.0 5.21x

FY+1

.0 M f-13

1.53 0.02 69.57% 15.78% 1.530 21 3.619 1'162'375 722'658 646'867 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 12'364.4 12'172.8 0.59x 0.84x 626.3 650.6 185.1 9.48x 9.03x S&P Issuer Ratings

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

51.2% 32.0% 0.14 -

Sales/Revenue/Turnover

3.50

18'000.0

3.00

16'000.0 14'000.0

2.50

12'000.0

2.00

10'000.0

1.50

8'000.0 6'000.0

1.00

4'000.0

0.50 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Ageas Holdings By:

All

Holder Name AGEAS FRANKLIN RESOURCES NORGES BANK FORTIS BANK SA/NV PING AN INSURANCE GR VANGUARD GROUP INC BRUCKNER RONNY BLACKROCK SCHRODER INVESTMENT BNP PARIBAS INV PART AXXION SA KBC GROUP NV BANQUE DEGROOF JO HAMBRO CAPITAL MA DEXIA ASSET MANAGEME ING ASSET MANAGEMENT FMR LLC MACKENZIE FINANCIAL UNIVERSAL INVEST CON IG INVESTMENT MANAGE

Firm Name HSBC Goldman Sachs Credit Suisse JPMorgan Deutsche Bank Keefe, Bruyette & Woods Oddo & Cie ING Bank AlphaValue ABN Amro Bank N.V. Bank Degroof(ESN) Petercam Rabobank International Exane BNP Paribas Societe Generale CA Cheuvreux EVA Dimensions Morgan Stanley Kepler Capital Markets Nomura

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

Analyst STEVEN HAYWOOD WILLIAM ELDERKIN CHRIS ESSON ASHIK MUSADDI ROBIN BUCKLEY WILLIAM HAWKINS MAXIME DUPUIS ALBERT PLOEGH JEROME CASSAGNE JAN WILLEM WEIDEMA MARC LEEMANS MATTHIAS DE WIT COR KLUIS FRANCOIS BOISSIN JASON KALAMBOUSSIS HANS PLUIJGERS AUSTIN BURKETT DAVID ANDRICH BENOIT PETRARQUE FAHAD CHANGAZI

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

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

Amt Held 17'678'167 15'642'668 12'632'239 12'531'328 12'099'626 4'244'324 3'100'000 2'370'705 1'835'796 1'637'532 838'885 788'255 588'697 559'524 522'944 480'000 459'815 440'972 400'000 396'761

% Out 7.27 6.43 5.2 5.15 4.98 1.75 1.28 0.98 0.76 0.67 0.35 0.32 0.24 0.23 0.22 0.2 0.19 0.18 0.16 0.16

Weighting

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

M M M M M M M M M M M M M M M M M M M M

Latest Chg (583'370) 68'135 316'901 (285'244) (7'268) (2'581) 7'000 98'587 408 (37'500) (1'528'513) 41'112 142'143

Target Price 32 29 30 33 26 26 26 28 24 32 29 30 28 30 23 27 #N/A N/A 21 25 23

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

File Dt 31.12.2011 26.02.2013 03.02.2012 31.12.2011 31.12.2011 31.12.2012 31.12.2011 25.02.2013 31.12.2012 31.12.2012 31.12.2011 31.01.2013 01.02.2013 30.06.2012 28.12.2012 31.08.2012 31.12.2012 30.11.2012 31.01.2013 28.09.2012

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

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

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 12.02.2013 31.01.2013 24.01.2013 17.01.2013 05.12.2012 06.08.2012 31.03.2011


27.02.2013

Aker Solutions ASA Aker Solutions ASA, through its subsidiaries and affiliates, is a global oil services company that provides engineering services, technologies, product solutions and field-life solutions for the oil and gas industry.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKSO NO EQUITY YTD Change AKSO NO EQUITY YTD % CHANGE

12/2012 12/yy 124.60 72.20 1'243'684.00 114 -8.51% 57.89% 75.95% 274.0 31'236.00 7'691.00 0.0 157.0 1'214.00 37'870.00

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

7.0 M

120

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0 f-12 m-12

31.12.2009 31.12.2010 49'527.0 33'207.0 0.50x 0.96x 4'108.0 3'380.0 6.04x 9.45x 2'260.0 1'957.0 9.60x 20.85x Profitability

LTM-4Q 31.12.2011 35'667.0 0.61x 3'465.0 6.30x 5'218.0 10.91x

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 44'922.0 0.83x 4'739.0 7.84x 2'249.0 13.55x 4'739.00 3'573.00 7.95% 6.58% 5.99% 19.37% 1.21% 10.5% 7.9% 5.0% 1.14 0.07 19.12% 65.05% -

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

12/yy 32'195.0 3.37x 3'070.0 7.12x 5'218.0 13.40x

12/yy 44'922.0 3.01x 4'701.0 7.91x 2'225.0 13.68x

FY+1

.0 M f-13

1.47 145.58 22.57% 0.97% 1.474 24 4.125 1'537'574 1'137'733 1'022'582 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 49'526.4 55'135.6 11'649.7 12'332.5 0.75x 0.65x 3.22x 3.14x 5'330.5 6'519.7 1'171.7 1'312.9 7.10x 5.81x 7.14x 6.69x 2'599.4 3'449.8 530.5 630.1 11.85x 8.94x 11.85x 10.93x S&P Issuer Ratings

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

10.13 0.23 1.38 1.64 65.1% 39.1% 1.21 5.15 -

Sales/Revenue/Turnover

90.00

70'000.0

80.00

60'000.0

70.00

50'000.0

60.00 50.00

40'000.0

40.00

30'000.0

30.00

20'000.0

20.00

10'000.0

10.00 0.00 01.01.2010

a-12 m-12

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

Fiscal Year Ended 31.12.2008 58'252.0 0.26x 3'382.0 4.48x 1'438.0 8.42x

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Aker Solutions ASA Holdings By:

All

Holder Name AKER KVAERNER ASA STATE STREET GOVERNMENT PENSION F FMR LLC JP MORGAN CHASE BANK BANK OF NEW YORK MEL CLEARSTREAM BANKING DANSKE BANK A/S SEB DANSKE INVEST A/S AKER SOLUTIONS ASA RBC INVESTOR SERVICE DNB NOR ASSET MANAGE VANGUARD GROUP INC FRANKLIN RESOURCES CITIBANK NA DANSKE INVEST MANAGE VARMA MUTUAL PENSION STATOILS PENSJONSKAS STOREBRAND FUND MANA

Firm Name SpareBank 1 Markets AS Guggenheim Securities LLC Fearnley Fonds HSBC Carnegie Fondsfinans AS Nordea Equity Research Handelsbanken Pareto Securities DNB Markets Arctic Securities ASA Barclays RS Platou Markets Danske Markets Swedbank First Securities ABG Sundal Collier Goldman Sachs Nomura RBC Capital Markets SEB Enskilda EVA Dimensions JPMorgan

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

Analyst ERIK TONNE DARREN GACICIA TRULS OLSEN PHILLIP LINDSAY FREDERIK H LUNDE PETTER NARVESTAD ANNE SCHULT ULRIKSEN DANIEL RAVIK STEFFEN RODSJO EIRIK RONOLD MATHISEN KJETIL GARSTAD MICK PICKUP GORAN ANDREASSEN ENDRE STORLOKKEN EIVIND TONNESSEN HAAKON AMUNDSEN HENRY TARR CHRISTYAN MALEK KATHERINE TONKS TERJE FATNES CRAIG STERLING ANDREW DOBBING

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

Recommendation neutral buy buy overweight hold buy buy accumulate buy buy buy underweight buy buy buy hold Buy/Neutral buy sector perform buy hold overweight

Amt Held 110'333'615 14'972'515 14'538'795 10'617'174 9'238'529 8'094'350 5'972'994 5'427'563 3'928'857 3'774'607 3'490'985 3'487'391 3'109'670 3'057'075 3'042'260 2'726'200 2'168'000 1'780'796 1'765'482 1'703'233

% Out 40.27 5.46 5.31 3.87 3.37 2.95 2.18 1.98 1.43 1.38 1.27 1.27 1.13 1.12 1.11 0.99 0.79 0.65 0.64 0.62

Weighting

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

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

Latest Chg (110'388) 143'651 19'843 7'420 43'085 207'895 (189'672)

Target Price 115 135 140 144 #N/A N/A 138 130 120 140 130 125 130 135 120 128 120 128 160 120 136 #N/A N/A 80

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

File Dt Inst Type 18.02.2013 Corporation 26.02.2013 Investment Advisor 18.02.2013 Government 31.12.2012 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Bank 18.02.2013 Bank 18.02.2013 Unclassified 31.01.2013 Investment Advisor 18.02.2013 Corporation 18.02.2013 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.02.2013 Bank 29.06.2012 Investment Advisor 18.02.2013 Insurance Company 18.02.2013 Pension Fund (ERISA) 31.01.2013 Investment Advisor

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

Date 26.02.2013 22.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 15.02.2013 29.01.2013 17.01.2013 15.01.2013 15.01.2013 21.07.2010


27.02.2013

Alcatel-Lucent/France Alcatel-Lucent manufactures telecommunications equipment, and offers telecommunications services. The Company's telecommunications equipment and services enable its customers to send or receive virtually any type of voice or data transmission. Alcatel-Lucent designs and builds public and private networks, communications systems and software, and data networking systems.

Price/Volume 3

160.0 M 2

120.0 M 100.0 M 80.0 M

1

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (11.10.2012) Daily Volume Current Price (2/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 ALU FP EQUITY YTD Change ALU FP EQUITY YTD % CHANGE

12/2012 12/yy 1.95 0.71 23'047'908.00 1.075 -44.94% 51.41% 28.05% 2'326.6 2'501.06 4'811.00 0.0 745.0 4'929.00 3'128.06

60.0 M 40.0 M

1

20.0 M 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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

140.0 M

2

Valuation Analysis

31.12.2008 16'984.0 0.27x 1'200.0 3.80x (5'215.0) -

180.0 M

31.12.2009 31.12.2010 15'157.0 15'996.0 0.34x 0.33x 907.0 980.0 5.66x 5.38x (524.0) (334.0) Profitability

LTM-4Q 31.12.2011 15'327.0 0.24x 1'151.0 3.15x 1'095.0 4.06x

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

31.12.2012 14'446.0 0.20x 423.0 6.86x (1'374.0) 423.00 -490.00 -3.39% -10.99% -6.03% -47.38% 0.63% 30.1% 2.9% -3.4% -9.5% 1.28 0.94 22.52% 247.23% 4.61 5.16

Price/ Cash Flow

LTM

12/yy 15'064.0 1.98x 1'176.0 3.09x 1'095.0 4.16x

12/yy 14'446.0 0.92x 423.0 6.86x (1'374.0) 0.00x

FY+1

1.21 2'102.95 -43.63% 7.18% 1.210 30 2.500 40'232'160 39'431'150 46'069'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'325.2 14'454.1 3'183.6 3'433.4 0.28x 0.29x 1.10x 1.13x 837.8 1'036.7 126.0 221.5 3.73x 3.01x 3.21x 3.22x (229.4) 75.9 (197.0) (89.3) 19.91x S&P Issuer Ratings

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

18.02.2013 B NEG 18.02.2013 B 1.18 -0.45 -0.28 11.37 247.2% 64.1% 0.63 11.90 79.40 70.94 138.58 11.77

Sales/Revenue/Turnover

900.00

30'000.0

800.00

25'000.0

700.00

20'000.0

600.00 500.00

15'000.0

400.00

10'000.0

300.00 200.00

5'000.0

100.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Alcatel-Lucent/France Holdings By:

All

Holder Name FMR LLC CAISSE DES DEPOTS ET MANNING & NAPIER ADV BLACKROCK CREDIT AGRICOLE SA NORGES BANK INVESTME GROUPAMA ASSET MANAG NATIXIS ASSET MANAGE BRANDES INVESTMENT P FCP 2AL ARTIS CAPITAL MANAGE NATIXIS ASSET MANAGE STATE STREET VANGUARD GROUP INC ALCATEL-LUCENT ODEY ASSET MANAGEMEN AQR CAPITAL MANAGEME SARASIN MARSHALL WACE LLP CAXTON INTERNATIONAL

Firm Name Exane BNP Paribas HSBC Morgan Stanley Credit Suisse Jefferies Oddo & Cie AlphaValue Kepler Capital Markets Societe Generale JPMorgan Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg Nomura Barclays Grupo Santander CM - CIC Securities(ESN) Berenberg Bank S&P Capital IQ Day by Day EVA Dimensions Goldman Sachs Natixis Deutsche Bank Liberum Capital Ltd MKM Partners CA Cheuvreux DZ Bank AG

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

Analyst ALEXANDER PETERC RICHARD DINEEN FRANCOIS MEUNIER ACHAL SULTANIA GEORGE C NOTTER VINCENT MAULAY JEAN-MICHEL SALVADOR SEBASTIEN SZTABOWICZ ANDY PERKINS SANDEEP S DESHPANDE PIERRE FERRAGU MIRKO MAIER STUART JEFFREY ANDREW M GARDINER CARLOS JAVIER TREVINO SEBASTIEN LIAGRE ADNAAN AHMAD JAMES CRAWSHAW VALERIE GASTALDY ANDREW S ZAMFOTIS SIMON F SCHAFER ERIC BEAUDET KAI KORSCHELT JANARDAN MENON MICHAEL GENOVESE ODON DE LAPORTE OLIVER FINGER

Source ULT-AGG Co File Co File ULT-AGG 20F Co File Co File Co File Co File Co File Co File MF-AGG ULT-AGG MF-AGG Co File Short Short ULT-AGG Short ULT-AGG

Recommendation neutral underweight Overwt/In-Line neutral underperform neutral buy reduce sell neutral underperform sell neutral equalweight buy sell sell sell hold hold Sell/Neutral buy hold buy neutral underperform hold

Amt Held % Out 111'850'900 4.81 83'857'900 3.6 77'433'500 3.33 57'801'158 2.48 57'032'900 2.45 49'965'500 2.15 38'900'000 1.67 36'358'200 1.56 36'274'000 1.56 34'381'763 1.48 33'890'800 1.46 31'478'968 1.35 29'601'602 1.27 25'910'540 1.11 25'343'255 1.09 (22'102'355) -0.95 (17'914'541) -0.77 11'412'433 0.49 (10'934'849) -0.47 (10'702'193) -0.46

Weighting

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

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

Latest Chg (3'397'043) 150'819 (1'575'953) (9'245'061) (1'628'594) (1'628'594) 140'488 2'791'877 1'675'126

Target Price 1 1 2 1 1 2 2 1 1 1 1 1 1 1 #N/A N/A 1 1 1 #N/A N/A #N/A N/A 1 2 1 2 1 1 #N/A N/A

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

File Dt 30.04.2012 31.12.2011 31.12.2011 25.02.2013 31.12.2009 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 26.02.2013 31.12.2012 31.12.2011 07.01.2013 25.02.2013 28.12.2012 17.01.2013 20.11.2012

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

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

Date 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 31.01.2013 15.01.2013 07.01.2013 17.12.2012 03.12.2012 05.11.2012 02.11.2012 10.09.2012 19.07.2012


27.02.2013

Alfa Laval AB Alfa Laval AB provides specialized products and engineering solutions. The Company's product line includes equipment and systems for heating, cooling, separation, and transportation of products such as oil, water, chemicals, beverages, starch, foodstuffs, and pharmaceuticals. Alfa Laval sells and markets worldwide.

Price/Volume

6.0 M 5.0 M

100

4.0 M

80

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALFA SS EQUITY YTD Change ALFA SS EQUITY YTD % CHANGE

12/2012 12/yy 153.20 110.40 684'325.00 148.5 -3.13% 34.51% 88.32% 419.5 62'289.26 2'446.00 0.0 61.0 1'404.00 63'392.26

3.0 M

60 40

2.0 M

20

1.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

7.0 M

140 120

Valuation Analysis

31.12.2008 27'850.0 1.10x 6'296.0 4.85x 3'774.0 7.65x

160

31.12.2009 31.12.2010 26'039.0 24'720.0 1.61x 2.40x 4'751.0 5'197.0 8.84x 11.39x 2'710.0 3'088.0 15.42x 19.30x Profitability

LTM-4Q 31.12.2011 28'652.0 1.96x 5'566.0 10.08x 3'223.0 16.97x

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 29'813.0 1.94x 5'306.0 10.90x 3'190.0 17.79x 5'306.00 4'372.00 14.66% 15.11% 9.17% 21.05% 0.86% 35.7% 17.8% 14.7% 10.7% 1.48 0.61 6.97% 15.96% 5.79 3.11

Price/ Cash Flow

LTM

12/yy 28'652.0 7.65x 5'566.0 10.08x 3'223.0 16.97x

12/yy 29'813.0 7.31x 5'306.0 10.90x 3'190.0 17.79x

FY+1

.0 M f-13

1.04 14.08% 9.76% 1.042 25 2.720 1'446'865 1'304'994 1'229'169 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'395.5 32'021.6 7'027.6 7'711.5 2.13x 1.97x 9.44x 8.56x 5'559.2 5'987.2 1'244.1 1'399.6 11.40x 10.59x 11.22x 12.29x 3'403.9 3'712.7 723.3 836.9 18.33x 16.79x 18.28x 18.11x 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

07.06.2012 BBB+ POS 27.69 24.93 0.20 0.46 16.0% 13.7% 0.86 7.68 63.17 117.65 46.35 134.47

Sales/Revenue/Turnover

20.00

35'000.0

18.00

30'000.0

16.00 14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Alfa Laval AB Holdings By:

All

Holder Name TETRA LAVAL BV ALECTA PENSIONSFORSA FOUNDATION ASSET MAN SWEDBANK ROBUR FONDE VANGUARD GROUP INC AMF PENSION INSURANC SEB LANNEBO FONDER AB ETON PARK INTERNATIO FORSTA AP FONDEN FIRST AP FUND FOLKSAM GROUP ANDRA AP FONDEN HANDELSBANKEN FONDER FJARDE AP-FONDEN NTC UN JOINT STAFF FOLKSAM LO FOND AB AMF FONDER AB SPP FONDER AB ENTER FONDER AB

Firm Name AlphaValue Credit Suisse Sanford C. Bernstein & Co Exane BNP Paribas Commerzbank Corporates & Markets Canaccord Genuity Corp Barclays SEB Enskilda Carnegie Nordea Equity Research Handelsbanken DNB Markets Danske Markets ABG Sundal Collier Goldman Sachs JPMorgan HSBC CA Cheuvreux Deutsche Bank Morgan Stanley EVA Dimensions Pareto Securities Swedbank Evli Bank Plc Alandsbanken Equities

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

Analyst LIONEL PELLICER ANDRE KUKHNIN MARTIN PROZESKY ALEXIS DENAUD SEBASTIAN GROWE ANDREW BELL ALLAN SMYLIE DANIEL SCHMIDT KENNETH TOLL JOHANSSON ANDREAS KOSKI JON HYLTNER LARS BRORSON OSCAR STJERNGREN ANDERS IDBORG AARON IBBOTSON GLEN H LIDDY COLIN GIBSON JOAKIM HOGLUND JOHAN WETTERGREN BEN UGLOW CRAIG STERLING DAVID JACOBSSON MATS LISS MAGNUS AXEN ANDERS ROSLUND

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

Recommendation sell neutral market perform neutral reduce sell equalweight hold sell hold buy sell hold hold neutral/neutral neutral neutral underperform hold Equalwt/Cautious underweight buy neutral buy buy

Amt Held % Out 109'478'094 26.1 29'361'941 7 25'167'378 6 13'422'602 3.2 11'672'070 2.78 10'905'864 2.6 8'057'678 1.92 6'775'736 1.62 (5'830'443) -1.39 5'452'932 1.3 5'286'709 1.26 5'033'476 1.2 4'662'614 1.11 4'614'019 1.1 4'194'563 1 3'355'650 0.8 3'345'724 0.8 2'865'000 0.68 2'328'861 0.56 2'274'712 0.54

Weighting

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

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

Latest Chg 106'262 (51'788) 223'563 2'082'000 (27'018) 785'100

Target Price 123 145 134 140 120 115 130 140 #N/A N/A 145 170 120 150 130 151 141 135 120 125 125 #N/A N/A 145 130 180 182

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

File Dt 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 30.12.2011 01.11.2012 28.09.2012 30.12.2011 28.09.2012 30.12.2011 31.01.2013 28.09.2012 28.09.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012

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

Inst Type Other Pension Fund (ERISA) Other Investment Advisor Investment Advisor Insurance Company Unclassified Investment Advisor Hedge Fund Manager Investment Advisor n/a Insurance Company Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 20.02.2013 12.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 29.01.2013 22.01.2013 17.01.2013 17.01.2013 21.11.2012 23.11.2011 16.11.2011 28.04.2011


27.02.2013

Amadeus IT Holding SA Amadeus IT Holding SA processes transactions for the global travel and tourism industry. The Company processes transactions for airlines, hotels, rail operators, cruise lines and ferry operators, car rental companies, and tour operators.

Price/Volume 25

80.0 M 70.0 M

20

60.0 M 50.0 M

15

40.0 M

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMS SQ EQUITY YTD Change AMS SQ EQUITY YTD % CHANGE

12/2012 12/yy 20.60 13.68 2'329'658.00 19.995 -2.86% 46.16% 95.49% 447.6 8'949.40 2'241.57 0.0 2.5 435.74 10'465.20

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

20.0 M 10.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 2'505.1 875.1 183.5 -

30.0 M

5

31.12.2009 31.12.2010 2'383.9 2'593.6 3.66x 869.8 654.1 14.52x 272.5 136.8 111.04x Profitability

LTM-4Q 31.12.2011 2'759.1 2.68x 1'073.5 6.89x 729.5 12.33x

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

31.12.2012 2'910.3 501.6 16.99x 1'073.45 831.23 30.13% 24.18% 9.78% 34.50% 0.58% 38.5% 29.8% 17.2% 0.82 0.63 44.44% 177.38% -

Price/ Cash Flow

12/yy 2'810.8 11.10x 1'111.7 6.65x 722.1 7.77x

LTM 12/yy 2'910.2 9.18x 892.9 0.00x 501.5 16.90x

FY+1

.0 M f-13

0.67 349.83 44.71% 6.36% 0.668 27 3.815 2'409'922 7'466'228 5'730'749 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'021.3 3'215.9 3.38x 3.07x 1'158.7 1'253.7 9.03x 8.35x 598.8 661.3 167.0 162.0 14.74x 13.25x 13.98x 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

14.06.2011 BBBPOS 14.06.2011 A-3 5.37 5.15 1.34 1.74 177.4% 63.9% 0.58 10.65 -

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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


27.02.2013

Amadeus IT Holding SA Holdings By:

All

Holder Name AIR FRANCE CORP BNP PARIBAS SA MFS INVESTMENT MANAG BLACKROCK INVESTMENT GOVT OF SINGAPORE IN DEUTSCHE LUFTHANSA A MASSACHUSETTS FINANC FIDELITY LTD FMR LLC BNP PARIBAS INV PART CAPITAL GROUP COMPAN VANGUARD GROUP INC HARTFORD INVESTMENT ALLIANZ ASSET MANAGE BLACKROCK LANSDOWNE PARTNERS L FEDERATED INVESTORS INVESCO LTD JUPITER ASSET MANAGE IBERIA LINEA AEREAS

Firm Name

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

Analyst

Morgan Stanley ADAM WOOD Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO Oddo & Cie YAN DEROCLES Ahorro Corporacion Financiera SA ELENA FERNANDEZ Banesto Bolsa SA Sociedad MARTA GOMEZ BPI JOAO SAFARA SILVA Grupo Santander JUAN RAMON CORREAS Espirito Santo Investment Bank Research JUAN CARLOS CALVO AlphaValue HELENE COUMES Banco Sabadell MARIA CEBOLLERO JPMorgan STACY E POLLARD Exane BNP Paribas MATTHIAS DESMARAIS EVA Dimensions ANDREW S ZAMFOTIS Barclays GERARDUS VOS NMAS 1 Agencia de Valores JOSE RAMON OCINA Goldman Sachs CHARLES WILSON Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS La Caixa ANTONIO JOSE CASTELL NEYRA CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Renta 4 SA SVB TEAM COVERAGE Redburn Partners NEIL STEER Interdin Bolsa SOFIA REBUELTA VILLEGAS Davy JOSHUA GOLDMAN BBVA LURDES SAIZ DE QUEVEDO Link Securities INIGO ISARDO HSBC ANTONIN BAUDRY Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ

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

Recommendation Overwt/In-Line reduce buy hold overweight neutral underweight neutral add sell overweight outperform hold equalweight neutral Buy/Neutral buy buy outperform overweight buy neutral neutral outperform hold restricted overweight

Amt Held % Out 27'302'498 6.1 22'750'649 5.08 22'455'727 5.02 22'246'749 4.97 22'041'227 4.92 17'903'279 4 15'374'186 3.43 9'443'979 2.11 8'278'502 1.85 6'809'996 1.52 5'815'000 1.3 5'656'644 1.26 5'419'846 1.21 4'977'973 1.11 4'960'073 1.11 (4'610'095) -1.03 4'541'700 1.01 4'342'039 0.97 4'060'148 0.91 3'759'689 0.84

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

Change M M M M M M M M M M M M M M M M M M D M N M M M D M M

Latest Chg 429'477 (221'962) 324'717 4'835'887 1'211'347 1'357'146 114'351 20'790 (9'193) (1'173'169) (179'033) (710'300) 360'004 242'000 -

Target Price 21 19 23 21 20 20 19 22 21 21 22 22 #N/A N/A 18 20 27 20 22 20 22 #N/A N/A #N/A N/A #N/A N/A 19 19 #N/A N/A 16

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

File Dt Inst Type 14.11.2012 Corporation 12.11.2012 Bank 20.03.2012 Investment Advisor 19.10.2012 Investment Advisor 25.01.2013 Government 07.12.2012 Corporation 31.12.2012 Investment Advisor 13.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 01.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Corporation

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 19.02.2013 05.02.2013 24.01.2013 15.01.2013 14.01.2013 24.12.2012 18.12.2012 17.12.2012 24.10.2012 23.10.2012 26.09.2012 29.08.2012 03.08.2012 01.08.2012 18.07.2012 07.07.2012 14.05.2012 24.02.2012


27.02.2013

AMEC PLC AMEC PLC provides consulting, engineering and project management services to the world's energy, power and process industries. The Company project manages the delivery of major industrial and infrastructure projects, such as power networks, and supplies engineering, procurement and construction management services in the energy and mining industries.

Price/Volume 1400

6.0 M

1200

5.0 M

1000

4.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMEC LN EQUITY YTD Change AMEC LN EQUITY YTD % CHANGE

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

2.0 M

400

1.0 M

200 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

Fiscal Year Ended 31.12.2008 2'606.4 0.35x 209.8 4.31x 199.7 7.64x

3.0 M

600

12/2012 01/yy 1'189.00 914.00 665'401.00 1047 -11.94% 14.55% 44.73% 297.1 3'110.25 176.00 0.0 4.0 275.00 3'015.25

31.12.2009 31.12.2010 2'539.1 2'951.0 0.76x 1.07x 155.6 238.0 12.45x 13.23x 171.7 231.0 16.64x 15.75x Profitability

31.12.2011 3'261.0 0.78x 281.0 9.06x 232.0 14.34x

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

31.12.2012 4'158.0 0.70x 363.0 8.05x 216.0 14.97x 363.00 308.00 7.41% 6.33% 8.69% 17.62% 16.97% 1.67% 12.8% 8.7% 7.4% 5.2% 1.13 0.24 6.99% 16.31% 906.25

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.49 1.16 294.67 -3.30% 4.39% 1.158 20 3.800 1'516'464 1'429'403 1'244'654 FY+2

12/13 Y 12/14 Y 4'256.4 4'538.8 0.69x 0.63x 368.8 410.8 8.18x 7.34x 255.8 286.8 11.97x 10.69x 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

FQ+1

FQ+2

-

-

45.38 43.00 -0.27 0.48 16.3% 14.0% 1.67 106.62 0.40 16.85

Sales/Revenue/Turnover

25.00

5'000.0 4'500.0 4'000.0

20.00

3'500.0 15.00

3'000.0

10.00

2'500.0 2'000.0 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 |


27.02.2013

AMEC PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC ABERDEEN LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS SCHRODER INVESTMENT THREADNEEDLE ASSET M NORGES BANK INVESTME ALLIANCE BERNSTEIN WILLIAM BLAIR & COMP AMEC PLC ESOP WILLIAM BLAIR & COMP JUPITER ASSET MANAGE MASSACHUSETTS FINANC RENSBURG INVESTMENT BAILLIE GIFFORD AND AVIVA INVESTORS IGNIS ASSET MANAGEME VANGUARD GROUP INC

Firm Name Societe Generale Liberum Capital Ltd Deutsche Bank RBC Capital Markets HSBC Canaccord Genuity Corp Nomura S&P Capital IQ Oriel Securities Ltd Barclays Investec Goldman Sachs Exane BNP Paribas JPMorgan EVA Dimensions Morgan Stanley Arden Partners Ltd Shore Capital Stockbrokers Fox-Davies Capital

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 WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GUILLAUME DELABY ANDREW WHITTOCK SEBASTIAN YOSHIDA KATHERINE TONKS PHILLIP LINDSAY JAMES EVANS CHRISTYAN MALEK CHRISTINE TISCARENO DAVID ROUND MICK PICKUP KEITH ADAM MORRIS HENRY TARR ALEXANDRE MARIE ANDREW DOBBING CRAIG STERLING ROBERT PULLEYN BEN THEFAUT JON BELL PAUL SINGER

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

Recommendation buy hold buy sector perform overweight hold buy buy hold underweight buy Buy/Neutral underperform neutral buy Underwt/Attractive buy buy hold

Amt Held 33'121'639 23'973'795 12'460'653 11'385'673 11'154'807 10'708'016 9'990'730 8'850'888 6'463'073 5'413'600 5'207'071 5'025'555 4'991'837 4'861'416 4'614'995 4'435'270 4'299'884 4'191'907 4'010'049 3'852'222

% Out 11.15 8.07 4.19 3.83 3.76 3.6 3.36 2.98 2.18 1.82 1.75 1.69 1.68 1.64 1.55 1.49 1.45 1.41 1.35 1.3

Weighting

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

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

Latest Chg (307'868) (613'469) (43'019) 136'550 (1'206'854) (418) (440'568) (524'159) 771'229 1'571'140 (1'138'044) (2'643'223) 884'176 258'058 (812'913) (397'351) (38'669)

Target Price 1'320 1'135 1'250 1'150 1'200 1'215 1'300 1'300 #N/A N/A 1'350 1'300 1'190 1'110 1'301 #N/A N/A 1'220 1'395 #N/A N/A #N/A N/A

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

File Dt 25.02.2013 31.12.2012 31.01.2013 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 31.12.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 19.02.2013 19.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 08.02.2013 17.01.2013 16.11.2012 01.11.2012 01.12.2011 20.06.2011


27.02.2013

Amlin PLC Amlin PLC is an insurance and reinsurance business operating in the Lloyd's market. The Company provides insurance cover to commercial enterprises. Amlin offers risk management solutions to the following areas, aviation, international property and casualty, marine, and UK commercial business clients worldwide.

Price/Volume 450

6.0 M

400

5.0 M

350 300

4.0 M

250

12/2011 01/yy 430.80 307.80 596'886.00 426.1 -1.04% 38.43% 92.44% 497.1 2'118.21 388.50 0.7 256.40 2'337.91

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

150

2.0 M

100

1.0 M

50 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

Fiscal Year Ended 31.12.2007 1'132.1 1.49x 352.7 4.49x

3.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AML LN EQUITY YTD Change AML LN EQUITY YTD % CHANGE

31.12.2008 31.12.2009 934.2 1'534.9 2.10x 1.33x 80.3 454.7 20.98x 3.81x Profitability

31.12.2010 1'928.8 1.18x 221.8 9.09x

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

31.12.2011 1'976.7 0.86x (149.9) -8.39% -9.80% 2.44% 11.52% 10.49% 0.30% -7.6% 5.97% 27.36% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.47 0.79 495.57 27.88% 12.43% 0.792 20 3.450 1'024'755 1'003'678 778'994 FY+2

12/12 Y 12/13 Y 2'298.6 2'407.6 232.7 228.4 9.33x 9.39x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

BBB+ STABLE 27.4% 21.5% 0.30 -

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Amlin PLC Holdings By:

All

Holder Name INVESCO LTD BAILLIE GIFFORD AND AEGON BLACKROCK MAJEDIE ASSET MANAGE FMR LLC KAMES CAPITAL PLC LEGAL & GENERAL DIMENSIONAL FUND ADV PERPETUAL INVESTMENT F&C ASSET MANAGEMENT M&G INVESTMENT MANAG DIMENSIONAL FUND ADV MASSACHUSETTS FINANC HENDERSON GLOBAL INV THREADNEEDLE ASSET M NORGES BANK INVESTME MASSACHUSETTS FINANC NEUBERGER BERMAN LLC SCOTTISH WIDOWS

Firm Name

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

Analyst

Credit Suisse RICHARD BURDEN Numis Securities Ltd NICHOLAS JOHNSON Westhouse Securities JOANNA PARSONS Peel Hunt MARK WILLIAMSON Oriel Securities Ltd MARCUS BARNARD Barclays OLIVIA BRINDLE Shore Capital Stockbrokers EAMONN FLANAGAN Nomura FAHAD CHANGAZI Keefe, Bruyette & Woods CHRISTOPHER HITCHINGS EVA Dimensions AUSTIN BURKETT RBC Capital Markets KAMRAN HOSSAIN HSBC THOMAS FOSSARD Canaccord Genuity Corp BEN COHEN JPMorgan ANDREAS VAN EMBDEN Morgan Stanley MACIEJ WASILEWICZ Goldman Sachs COLIN L SIMPSON Berenberg Bank TOM CARSTAIRS Espirito Santo Investment Bank Research JOY FERNEYHOUGH

Source RNS-MAJ REG ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ ULT-AGG REG MF-AGG REG REG MF-AGG REG REG REG REG MF-AGG REG ULT-AGG

Recommendation underperform buy add hold hold overweight buy neutral market perform overweight sector perform neutral buy underweight Overwt/In-Line neutral/neutral hold neutral

Amt Held 69'588'184 41'724'366 33'665'446 22'099'330 20'503'656 20'112'918 19'570'858 19'537'266 17'596'946 15'505'301 13'633'601 12'818'841 12'000'242 11'964'812 11'847'372 9'355'319 8'977'190 8'286'062 7'950'206 7'584'962

% Out 14 8.39 6.77 4.45 4.12 4.05 3.94 3.93 3.54 3.12 2.74 2.58 2.41 2.41 2.38 1.88 1.81 1.67 1.6 1.53

Weighting

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

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

Latest Chg 4'957 2'312'625 (939'243) (1'289'710) 241'820 (4'939'724) (220'448) (80'245) (25'345) (1'660'863) (220'022) 818'940 (672'021) 653'803 (338'823) 273'246 (1'699'919) (1'004'806)

Target Price 372 475 440 469 400 490 #N/A N/A 425 375 #N/A N/A 430 435 435 360 428 420 404 362

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

File Dt 24.09.2012 01.10.2012 01.10.2012 25.02.2013 01.10.2012 31.12.2012 02.02.2012 31.01.2013 01.10.2012 31.03.2012 01.10.2012 01.10.2012 31.07.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 31.12.2012 01.10.2012 31.10.2012

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

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

Date 13.02.2013 11.02.2013 06.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 25.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 09.01.2013 28.12.2012 05.12.2012 11.10.2012 19.09.2012 12.06.2012


27.02.2013

Andritz AG Andritz AG manufactures and markets machines for the production and processing of pulp, fiberboard, and paper. The Company also provides high-tech production systems, machinery, and services for the steel and other specialized industries such as feed manufacturing and sewage sludge treatment. Andritz operates worldwide.

Price/Volume 60

12/2011 09/yy 52.90 34.12 66'585.00 52.86 -0.11% 54.92% 95.45% 104.0 5'497.44 436.29 0.0 42.2 1'615.05 4'514.04

3.0 M 2.5 M 2.0 M

20

1.5 M 1.0 M

10 0 f-12

.5 M m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 31.12.2009 3'609.8 3'197.5 0.16x 0.46x 292.3 229.3 1.97x 6.39x 139.7 96.8 6.65x 21.44x Profitability

LTM-4Q 31.12.2010 3'553.8 0.67x 306.9 7.78x 179.6 19.77x

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

31.12.2011 4'596.0 0.47x 393.2 5.52x 230.7 14.28x 393.20 319.74 6.96% 7.00% 5.21% 28.08% 1.08% 7.8% 6.6% 5.0% 1.18 0.77 9.55% 48.66% 9.61 -

Price/ Cash Flow

09/yy 4'279.2 2.17x 366.1 5.79x 215.5 14.70x

LTM 09/yy 5'115.1 2.33x 398.1 9.04x 247.3 18.36x

FY+1

.0 M f-13

0.82 45.67% 8.90% 0.816 16 3.750 99'597 93'725 98'397 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 5'148.9 6'301.6 1'458.8 1'303.0 0.89x 0.73x 3.00x 3.10x 416.2 535.9 136.3 102.0 10.83x 8.41x 8.64x 8.03x 249.7 312.3 86.1 62.8 21.66x 17.66x 17.26x 16.17x S&P Issuer Ratings

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

22.47 18.07 -2.58 2.01 48.7% 31.7% 1.08 11.43 38.08 -

Sales/Revenue/Turnover

18.00

5'000.0

16.00

4'500.0

14.00

4'000.0 3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.01.2009

3.5 M

30

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANDR AV EQUITY YTD Change ANDR AV EQUITY YTD % CHANGE

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

4.0 M

40

Valuation Analysis

31.12.2007 3'282.5 0.57x 242.0 7.79x 134.5 15.88x

4.5 M

50

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Andritz AG Holdings By:

All

Holder Name CERTUS BETEILIGUNGS CAPITAL GROUP INTERN FMR LLC WILLIAM BLAIR & COMP VANGUARD GROUP INC CAPITAL GROUP COMPAN BNP PARIBAS INV PART PICTET & CIE BLACKROCK RINGTURM KAG ALLIANZ ASSET MANAGE DENVER INVESTMENT AD DELTA LLOYD FUND MAN BNP ASSET MANAGEMENT PIONEER INVESTMENTS GLOBAL INVESTMENT SE DEUTSCHE BANK AG ACTIVEST MUNICH ROYAL LONDON ASSET M BNP ASSET MANAGEMENT

Firm Name Erste Bank Baader Bank HSBC M.M. Warburg Investment Research Commerzbank Corporates & Markets Raiffeisenbank AG Hauck & Aufhaeuser Deutsche Bank Goldman Sachs EVA Dimensions JPMorgan Berenberg Bank CA Cheuvreux Kepler Capital Markets

Portfolio Name n/a n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a DENVER INVESTMENT AD Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BNP PARIBAS ACTIONS

Analyst GERALD WALEK CHRISTINE REITSAMER JOERG-ANDRE FINKE ROLAND RAPELIUS SEBASTIAN GROWE BERNHARD SELINGER FINN HENNING BREITER MATTHIAS PFEIFENBERGER WILLIAM WYMAN CRAIG STERLING ANDREAS WILLI BENJAMIN GLAESER OLIVER GIRAKHOU THOMAS NEUHOLD

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

Recommendation accumulate buy underweight buy add hold buy hold Buy/Neutral hold neutral hold outperform hold

Amt Held 31'200'000 5'193'954 2'348'122 1'434'021 1'369'235 1'313'200 1'281'921 1'053'241 921'781 790'000 721'137 605'994 573'784 499'911 477'600 462'500 459'400 421'961 360'409 313'972

% Out 30 4.99 2.26 1.38 1.32 1.26 1.23 1.01 0.89 0.76 0.69 0.58 0.55 0.48 0.46 0.44 0.44 0.41 0.35 0.3

Weighting

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

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

Latest Chg 3'745 (13'903) 20'019 30'117 (240) 648 (65'000) (3'124) 339'158 (31'719) (4'000) (12'909) (5'602) (15'615)

Target Price 58 57 44 56 50 50 53 52 71 #N/A N/A 52 52 51 47

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

File Dt Inst Type 31.12.2011 Other 10.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 31.05.2011 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 26.02.2013 25.02.2013 25.02.2013 21.02.2013 20.02.2013 13.02.2013 08.02.2013 23.01.2013 23.01.2013 15.01.2013 14.01.2013 08.01.2013 26.10.2012 08.08.2012


27.02.2013

Arkema SA Arkema manufactures a wide range of chemicals. The Company manufactures both generic and brand name chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKE FP EQUITY YTD Change AKE FP EQUITY YTD % CHANGE

12/2011 09/yy 87.77 46.60 205'074.00 80.67 -8.07% 73.11% 84.75% 62.8 5'064.79 855.00 0.0 27.0 252.00 6'095.79

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007 5'675.0 0.56x 554.0 5.77x 122.0 25.85x

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

31.12.2008 31.12.2009 5'633.0 4'444.0 0.22x 0.44x 517.0 339.0 2.43x 5.71x 100.0 (172.0) 7.42x Profitability

LTM-4Q 31.12.2010 4'869.0 0.70x 839.0 4.08x 347.0 7.73x

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

31.12.2011 5'900.0 0.68x 1'090.0 3.67x (19.0) 5.94x 1'090.00 762.00 12.92% 11.81% -4.66% -10.51% 1.14% 16.6% 10.4% -0.3% 1.51 0.64 16.04% 39.04% 5.88 -

Price/ Cash Flow

09/yy 4'500.0 2.71x 918.0 0.00x 444.0 0.00x

LTM 09/yy 6'348.0 3.00x 1'053.0 5.28x (259.0) 10.11x

FY+1

.0 M f-13

1.06 56.12 17.94% 1.84% 1.057 23 3.957 174'838 188'335 198'242 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'415.2 6'614.9 1'463.6 1'619.0 0.92x 0.86x 996.3 1'052.8 178.7 289.0 6.12x 5.79x 5.63x 5.39x 451.1 505.8 64.4 130.5 11.05x 9.95x 9.90x 9.92x 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

23.05.2012 BBB STABLE 23.05.2012 A-2 35.16 21.48 0.95 1.16 39.0% 27.8% 1.14 3.44 62.21 -

Sales/Revenue/Turnover

80.00

7'000.0

70.00

6'000.0

60.00

5'000.0

50.00

4'000.0

40.00

3'000.0

30.00

2'000.0

20.00

1'000.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Arkema SA Holdings By:

All

Holder Name AMUNDI BLACKROCK FMR LLC FMR LLC GREENLIGHT CAPITAL I DODGE & COX NORGES BANK NATIXIS WILLIAM BLAIR & COMP AMUNDI VANGUARD GROUP INC SCHRODER INVESTMENT COMMERZBANK AG INVESTEC ASSET MANAG DIMENSIONAL FUND ADV DEUTSCHE BANK AG PRUDENTIAL FINANCIAL AMUNDI BNP ASSET MANAGEMENT ALLIANZ ASSET MANAGE

Firm Name Gilbert Dupont AlphaValue Redburn Partners Goldman Sachs Natixis Nomura Exane BNP Paribas Barclays EVA Dimensions Credit Suisse Oddo & Cie Morgan Stanley HSBC Macquarie JPMorgan Deutsche Bank Main First Bank AG Societe Generale CA Cheuvreux Berenberg Bank Prosdocimi

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

Analyst FRANCOISE DELVA MARTIN SCHNEE TONY JONES RAKESH PATEL FREDERIC WILLIAMS-GOBEAUX JEAN DE WATTEVILLE JAMES KNIGHT ANDREAS HEINE CRAIG STERLING RHIAN O'CONNOR EMMANUEL MATOT AMY WALKER GEOFF HAIRE CHRISTIAN FAITZ MARTIN EVANS VIRGINIE BOUCHER-FERTE HOLGER OCHS PETER CLARK KLAUS RINGEL JAIDEEP PANDYA TEAM COVERAGE

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

Recommendation add reduce neutral neutral/neutral buy buy neutral overweight underweight outperform neutral Equalwt/In-Line neutral outperform overweight buy outperform buy outperform buy accumulate

Amt Held 4'011'877 3'665'111 3'385'396 3'378'902 3'350'002 3'072'187 2'999'498 2'263'722 2'154'310 1'303'852 1'293'112 960'573 410'523 383'157 372'851 352'810 330'269 325'736 308'750 297'913

% Out 6.39 5.84 5.39 5.38 5.34 4.89 4.78 3.61 3.43 2.08 2.06 1.53 0.65 0.61 0.59 0.56 0.53 0.52 0.49 0.47

Weighting

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

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

Latest Chg 357'549 (139'087) 62'194 (52'216) (79'060) (878'326) 317'853 (25'834) 204'388 133'299 2'160 (341) 40'916 58'410 2'709 36'275

Target Price 96 83 #N/A N/A 73 95 100 77 108 #N/A N/A 96 85 90 85 88 75 92 85 90 93 100 #N/A N/A

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

File Dt Inst Type 04.06.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Unclassified 27.12.2012 Hedge Fund Manager 17.02.2011 Investment Advisor 07.08.2012 Government 06.06.2012 Bank 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.06.2011 Bank 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.02.2013 21.02.2013 18.02.2013 15.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 31.01.2013 30.01.2013 29.01.2013 25.01.2013 11.01.2013 09.01.2013 07.12.2012 06.12.2012 20.11.2012 09.11.2012 09.11.2012 08.11.2012 07.01.2011


27.02.2013

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

.6 M .5 M .4 M

30

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2012 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 10/yy 53.95 41.21 81'730.00 52.9 -2.04% 28.37% 90.19% 91.8 4'856.78 1'591.57 0.0 86.2 547.47 5'113.61

.3 M

20

.2 M

10 0 f-12

.1 M m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

.7 M

50 40

Valuation Analysis

31.07.2008 2'660.9 232.4 129.8 -

60

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% 2.75% 6.43% 0.79% 28.1% 12.8% 8.0% 3.5% 1.11 0.88 28.64% 65.68% 8.16 11.34

Price/ Cash Flow

10/yy 3'914.5 0.00x 0.0 0.00x 0.0 0.00x

LTM 10/yy 4'298.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.92 86.71 19.89% 14.26% 0.916 14 3.929 229'529 196'936 204'375 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 01/13 Q2 04/13 Q3 4'409.8 4'623.9 939.5 1'236.0 1.15x 1.03x 573.5 623.5 8.92x 8.21x 323.2 350.2 11.92x 10.79x 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

1.93 2.95 65.7% 38.8% 0.79 4.29 44.86 32.28 107.86 -30.71

Sales/Revenue/Turnover

12.00

4'500.0 4'000.0

10.00

3'500.0 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 |


27.02.2013

Aryzta AG Holdings By:

All

Holder Name FMR LLC BLACKROCK ARYZTA AG ARI LTIP TRUSTEE LTD CREDIT SUISSE FUND M FIDELITY MA AND RES INVESCO LTD MASSACHUSETTS MUTUAL CREDIT SUISSE ASSET OPPENHEIMERFUNDS INC TRIMARK INVESTMENT M UBS FUND MANAGEMENT VANGUARD GROUP INC ROYAL BANK OF CANADA SWISSCANTO FONDSLEIT PICTET & CIE KILLIAN OWEN DWS INVESTMENT S A INVESTEC ASSET MANAG ALLIANZ ASSET MANAGE

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

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

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

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

Recommendation outperform accumulate buy hold hold market perform outperform hold outperform buy Buy/Neutral underperform market weight

Amt Held 5'104'071 3'870'316 3'772'859 3'772'859 3'080'273 2'785'897 2'733'026 2'683'776 2'421'808 2'288'657 2'178'413 1'773'529 1'620'972 1'291'486 1'160'302 989'187 823'731 739'639 701'861 635'244

% Out 5.56 4.22 4.11 4.11 3.36 3.03 2.98 2.92 2.64 2.49 2.37 1.93 1.77 1.41 1.26 1.08 0.9 0.81 0.76 0.69

Weighting

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

M M M M M M M M M M M M M

Latest Chg (4'740) 265'562 (25'844) (126'845) (40'471) 309'555 (12'556) 38'556 146'502 (8'300) (56'931) 19'090 6'900

Target Price 58 57 57 #N/A N/A 51 #N/A N/A 50 50 #N/A N/A 55 68 48 #N/A N/A

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

File Dt 31.12.2012 25.02.2013 21.11.2011 31.07.2012 30.11.2012 31.07.2012 20.11.2012 21.02.2013 28.12.2012 30.12.2012 30.09.2012 31.10.2012 31.12.2012 30.11.2012 28.12.2012 30.11.2012 26.09.2011 28.12.2012 31.12.2012 31.01.2013

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

Inst Type Investment Advisor Investment Advisor Corporation Other Investment Advisor Investment Advisor Investment Advisor Insurance Company Mutual Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor

Date 25.02.2013 22.02.2013 20.02.2013 17.01.2013 04.12.2012 04.12.2012 03.12.2012 03.12.2012 31.10.2012 05.10.2012 02.10.2012 26.09.2012 20.03.2012


27.02.2013

Atlantia SpA Atlantia S.p.A. is a holding company with responsibility for portfolio strategies in the transport and communications infrastructures and network sectors.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATL IM EQUITY YTD Change ATL IM EQUITY YTD % CHANGE

12/2011 09/yy 14.29 9.03 870'027.00 12.92 -9.52% 43.08% 71.86% 661.8 8'550.81 10'759.55 0.0 450.5 619.90 22'710.26

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

8.0 M

14

7.0 M

12

6.0 M

10

5.0 M

8

4.0 M

6

3.0 M

4

2.0 M

2

1.0 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007 2'781.3 9.09x 1'988.8 12.72x 380.7 40.35x

16

31.12.2008 31.12.2009 2'919.7 3'300.6 6.15x 6.43x 2'020.6 2'155.6 8.88x 9.85x 734.8 562.5 10.43x 18.35x Profitability

LTM-4Q 31.12.2010 3'901.4 4.93x 2'285.1 8.42x 683.0 13.03x

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

31.12.2011 4'306.6 4.23x 2'345.2 7.77x 830.3 10.89x 2'345.17 1'810.25 42.03% 26.18% 2.98% 20.83% 0.15% 58.9% 43.1% 19.3% 0.66 0.44 46.44% 306.54% 3.14 -

Price/ Cash Flow

09/yy 4'206.8 17.87x 2'444.5 7.00x 926.1 8.14x

LTM 09/yy 3'891.1 20.45x 2'291.8 9.67x 797.5 10.57x

FY+1

.0 M f-13

0.88 299.58 15.43% -5.49% 0.876 24 3.500 2'260'880 1'823'855 1'815'369 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'075.1 4'267.5 1'042.0 4.78x 4.66x 19.60x 2'448.1 2'586.7 590.0 9.28x 8.78x 729.2 690.2 145.0 12.11x 12.72x S&P Issuer Ratings

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

23.02.2012 BBB+ NEG 28.04.2009 A-2 4.19 1.47 5.45 6.28 306.5% 73.1% 0.15 17.17 116.54 -

Sales/Revenue/Turnover

12.00

5'000.0 4'500.0

10.00

4'000.0 3'500.0

8.00

3'000.0

6.00

2'500.0 2'000.0

4.00

1'500.0 1'000.0

2.00 0.00 02.01.2009

500.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Atlantia SpA Holdings By:

All

Holder Name SINTONIA SA FONDAZIONE CASSA RIS BLACKROCK LAZARD ASSET MANAGEM ATLANTIA SPA BLACKROCK LUX SA VANGUARD GROUP INC AKO CAPITAL LLP FMR LLC COMMONWEALTH BANK OF LORD ABBETT & CO LLC SCHRODER INVESTMENT BNP PARIBAS INV PART KEMPEN CAPITAL MANAG FRANK RUSSELL TRUST ING INTERNATIONAL AD COHEN & STEERS CAPIT BLACKROCK LIFE LTD LAZARD GLOBAL ACTIVE NATIXIS ASSET MANAGE

Firm Name CA Cheuvreux AlphaValue RBC Capital Markets Banca IMI ICBPI Barclays Nomura Equita SIM SpA Goldman Sachs Day by Day EVA Dimensions Grupo Santander Morgan Stanley Banca Akros(ESN) Kepler Capital Markets Societe Generale Exane BNP Paribas Deutsche Bank Macquarie JPMorgan Oddo & Cie Natixis BBVA

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

Analyst BORJA CASTRO PEREZ MANZUCO MYRIAM COHEN ANDREW JONES FABIO M PICARDI ENRICO ESPOSTI SUSANNA INVERNIZZI PETER LARKIN STEFANO GAMBERINI OLIVER NEAL VALERIE GASTALDY CRAIG STERLING JOAQUIN FERRER JAIME ROWBOTHAM FRANCESCO PREVITERA FILIPPO PRINI VICTOR ACITORES NICOLAS MORA JOSE FRANCISCO RUIZ SOLERA ROBERT JOYNSON ELODIE RALL OLIVIER BECKER GREGOIRE THIBAULT ANTONIO RODRIGUEZ VICENS

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

Recommendation outperform add sector perform add buy overweight neutral hold not rated hold sell hold Underwt/In-Line accumulate buy buy outperform buy outperform neutral neutral reduce outperform

Amt Held % Out 307'140'941 46.41 41'801'030 6.32 34'447'033 5.2 16'047'205 2.42 13'282'879 2.01 11'290'778 1.71 7'877'374 1.19 (5'493'169) -0.83 2'381'890 0.36 2'155'380 0.33 1'988'101 0.3 1'955'523 0.3 1'774'060 0.27 1'716'945 0.26 1'696'224 0.26 1'664'685 0.25 1'645'051 0.25 1'641'332 0.25 1'301'364 0.2 1'292'868 0.2

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

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

Latest Chg 484'978 468'598 477'302 (3'764'498) (77'179) 629'696 83'042 (21'750) (142'784) (1'598) (740'850) (90'083) (1'770'602)

Target Price 15 16 12 15 15 17 14 15 #N/A N/A #N/A N/A #N/A N/A 16 13 12 16 15 15 15 18 14 13 11 12

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

File Dt Inst Type 14.01.2013 Investment Advisor 14.01.2013 Corporation 25.02.2013 Investment Advisor 31.01.2013 Unclassified 14.01.2013 Holding Company 14.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 14.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 26.02.2013 21.02.2013 07.02.2013 30.01.2013 30.01.2013 23.01.2013 21.01.2013 18.01.2013 17.01.2013 15.01.2013 15.01.2013 11.01.2013 10.01.2013 02.01.2013 13.12.2012 12.11.2012 08.11.2012 24.10.2012 27.09.2012 23.07.2012 05.06.2012 14.05.2012 12.09.2011


27.02.2013

AtoS AtoS offers management consulting and outsourcing services, enterprise solutions, and e-commerce solutions. The Company offers supply chain management, data warehousing, enterprise application integration, document management, geomarketing, data mining, e-marketing, and pre-customized computer applications, and manages customers' hardware, software, and networks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATO FP EQUITY YTD Change ATO FP EQUITY YTD % CHANGE

12/2012 09/yy 59.22 40.75 196'903.00 57.41 -3.07% 40.88% 95.72% 85.7 4'921.74 908.60 0.0 6.0 766.80 4'852.24

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

1.4 M

60

1.2 M

50

1.0 M

40

.8 M

30

.6 M

20

.4 M

10

.2 M

0 f-12

31.12.2009 31.12.2010 5'127.0 5'020.6 0.46x 0.58x 241.5 390.3 9.80x 7.48x 3.9 116.1 534.75x 23.86x Profitability

LTM-4Q 31.12.2011 6'812.5 0.44x 689.8 4.31x 181.6 14.19x

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

31.12.2012 8'844.0 224.0 20.23x 689.80 422.40 6.20% 4.58% 2.97% 9.23% 7.13% 1.41% 9.8% 5.8% 2.5% 0.99 0.81 12.33% 39.11% 5.26 -

Price/ Cash Flow

a-12 m-12

j-12

LTM

09/yy 5'886.0 0.00x 0.0 0.00x 0.0 0.00x

j-12

09/yy 8'790.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.91 55.17 34.78% 8.61% 0.912 21 4.190 353'052 206'300 200'251 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 8'942.9 9'161.9 2'316.5 0.50x 0.45x 1'011.6 1'068.1 4.79x 4.54x 433.7 462.2 204.0 12.55x 11.44x 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

23.54 14.90 -0.12 1.11 39.1% 28.1% 1.41 16.57 69.53 -

Sales/Revenue/Turnover

10.00

10'000.0

9.00

9'000.0

8.00

8'000.0

7.00

7'000.0

6.00

6'000.0

5.00 4.00

5'000.0 4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 01.01.2010

m-12

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

Fiscal Year Ended 31.12.2008 5'623.5 0.27x 452.7 3.41x 22.6 55.98x

70

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

AtoS Holdings By:

All

Holder Name FINANCIERE DAUNOU SIEMENS AG FMR LLC VANGUARD GROUP INC GENERALI ASSET MANAG DEUTSCHE BANK AG BLACKROCK PALATINE ASSET MANAG NATIXIS ASSET MANAGE BNP ASSET MANAGEMENT DWS INVESTMENT S A HSBC ASSET MGMT EURO CARMIGNAC GESTION NEW JERSEY DIVISION AMUNDI GROUPAMA ASSET MGMT BNP ASSET MANAGEMENT TIAA CREF INVESTMENT ATOS ALLIANZ ASSET MANAGE

Firm Name Societe Generale Credit Suisse Oddo & Cie Berenberg Bank Bryan Garnier & Cie Exane BNP Paribas Barclays Morgan Stanley Kepler Capital Markets AlphaValue Jefferies Natixis Redburn Partners EVA Dimensions Goldman Sachs Main First Bank AG HSBC CM - CIC Securities(ESN) CA Cheuvreux

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BNP PARIBAS MIDCAP F Multiple Portfolios n/a n/a

Analyst DERRIC MARCON CHARLES BRENNAN ALEXANDRE IATRIDES DAUD KHAN GREGORY RAMIREZ BRICE PRUNAS GERARDUS VOS ADAM WOOD LAURENT DAURE HELENE COUMES MILAN RADIA GWENAEL GIARD NEIL STEER ANDREW S ZAMFOTIS SIVA KRISHNA PRASAD BORRA CAROLE ROZEN ANTONIN BAUDRY DOV LEVY MICHAEL BEUCHER

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

Recommendation buy outperform neutral hold neutral outperform overweight Equalwt/In-Line buy add hold buy buy underweight Buy/Neutral outperform neutral buy underperform

Amt Held 17'855'541 12'483'153 4'150'658 1'029'653 642'169 606'214 498'397 462'000 397'385 378'041 284'639 265'000 261'844 250'000 247'840 237'919 222'845 202'861 202'370 183'788

% Out 20.83 14.56 4.84 1.2 0.75 0.71 0.58 0.54 0.46 0.44 0.33 0.31 0.31 0.29 0.29 0.28 0.26 0.24 0.24 0.21

Weighting

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

M M M M M M M M M M M M M M M M M M M

Latest Chg 10'905 33'834 (1'470) (137'266) (35'607) (5'500) (2'479) 16'108 (61'950) (623) 21'036 (750'000) (82'609) (885) (11'135) (36'057)

Target Price 78 63 44 51 60 62 64 56 59 60 56 65 #N/A N/A #N/A N/A 70 72 55 55 41

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

File Dt 31.12.2011 10.07.2012 30.09.2012 31.12.2012 31.01.2013 31.12.2012 25.02.2013 31.01.2013 31.12.2012 30.09.2012 28.12.2012 31.12.2012 31.12.2012 30.06.2012 28.09.2012 28.09.2012 30.09.2012 31.12.2012 31.12.2011 31.12.2012

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

Inst Type Unclassified Corporation Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor

Date 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 15.02.2013 01.02.2013 17.01.2013 11.01.2013 04.01.2013 03.11.2012 04.09.2012 27.02.2012


27.02.2013

Babcock International Group PLC Babcock International Group plc offers support services to public sector institutions. The Company offers facilities management, training, and support services to defense, rail transportation, marine, and other public sector organizations. Babcock serves customers in Europe, Africa, and North America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAB LN EQUITY YTD Change BAB LN EQUITY YTD % CHANGE

03/2012 01/yy 1'079.00 729.50 282'865.00 1064 -1.39% 45.85% 93.42% 360.3 3'833.28 761.50 0.0 8.6 100.30 4'459.08

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

12.0 M

1000

10.0 M

800

8.0 M

600

6.0 M

400

4.0 M

200

2.0 M

0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

Fiscal Year Ended 31.03.2008 1'555.9 1.05x 138.8 11.79x 67.3 19.06x

1200

31.03.2009 31.03.2010 1'901.9 1'923.4 0.88x 0.88x 168.9 189.6 9.89x 8.92x 72.0 106.0 11.48x 13.02x Profitability

31.03.2011 2'703.2 1.10x 293.5 10.12x 101.1 20.60x

31.03.2012 3'070.4 1.15x 337.5 10.45x 100.8 18.55x

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

337.50 213.60 6.96% 5.63% 3.26% 11.24% 8.50% 0.99% 18.3% 11.2% 7.3% 3.3% 0.83 0.52 25.40% 83.55% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.19 0.75 340.90 47.43% 10.20% 0.749 18 3.833 608'601 582'585 637'595 FY+2

03/13 Y 03/14 Y 3'245.7 3'467.9 1.35x 1.23x 378.4 392.9 11.78x 11.35x 245.5 249.9 15.35x 15.09x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

7.34 6.41 1.79 2.08 83.6% 45.3% 0.99 13.35 10.97

Sales/Revenue/Turnover

25.00

3'500.0 3'000.0

20.00

2'500.0 15.00

2'000.0 1'500.0

10.00

1'000.0 5.00

0.00 03.04.2009

500.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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


27.02.2013

Babcock International Group PLC Holdings By:

All

Holder Name FMR LLC LEGAL & GENERAL Cantillon Capital BLACKROCK CANTILLON CAPITAL MA STANDARD LIFE INVEST CAPITAL GROUP COMPAN JP MORGAN WILLIAM BLAIR & COMP AMERIPRISE FINANCIAL ROYAL BANK OF CANADA WILLIAM BLAIR & COMP NORGES BANK INVESTME SCOTTISH WIDOWS M&G INVESTMENT MANAG DEUTSCHE BANK PROP T DWS INVESTMENT SA VANGUARD GROUP INC IGNIS ASSET MANAGEME F&C ASSET MANAGEMENT

Firm Name

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

Analyst

Berenberg Bank SIMON MEZZANOTTE Westhouse Securities MICHAEL DONNELLY Panmure Gordon & Co Limited MIKE ALLEN Investec JOHN LAWSON JPMorgan ROBERT PLANT Jefferies KEAN MARDEN Shore Capital Stockbrokers ROBIN SPEAKMAN Numis Securities Ltd MIKE MURPHY Peel Hunt CHRISTOPHER BAMBERRY EVA Dimensions CRAIG STERLING Liberum Capital Ltd JOE BRENT Goldman Sachs CHARLES WILSON N+1 Singer Ltd JAMES GC WOODROW Arden Partners Ltd GRAHAM J WEBSTER Espirito Santo Investment Bank Research DAVID BROCKTON

Source ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ REG ULT-AGG ULT-AGG 13F Co File ULT-AGG REG REG ULT-AGG REG REG REG MF-AGG REG REG

Recommendation buy add hold hold overweight buy hold hold hold overweight hold neutral/neutral hold buy neutral

Amt Held 25'843'624 22'863'754 20'606'227 18'147'899 17'938'977 17'854'888 14'719'045 14'338'948 11'433'505 11'330'063 9'328'039 8'925'933 8'077'865 8'026'561 7'802'040 6'852'026 6'580'850 6'384'257 6'113'871 5'588'384

% Out 7.17 6.35 5.72 5.04 4.98 4.96 4.09 3.98 3.17 3.14 2.59 2.48 2.24 2.23 2.17 1.9 1.83 1.77 1.7 1.55

Weighting

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

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

Latest Chg (1'025'216) (1'015'026) (360'605) (79'071) 465'117 2'617'853 (76'638) 758'130 655'756 (2'752'744) (150'797) (772'082) (53'708) 258'445 116'802 (4'142'296) 62'487

Target Price 1'180 1'142 970 1'070 1'120 1'080 #N/A N/A 1'074 1'038 #N/A N/A 950 1'081 1'013 #N/A N/A 945

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

File Dt Inst Type 03.12.2012 Investment Advisor 31.01.2013 Unclassified 03.12.2012 Unclassified 25.02.2013 Investment Advisor 26.09.2012 Hedge Fund Manager 03.12.2012 Investment Advisor 08.01.2013 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 10.05.2012 Investment Advisor 03.12.2012 Bank 03.12.2012 Investment Advisor 03.12.2012 Government 03.12.2012 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Other 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor

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

Date 14.02.2013 07.02.2013 05.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 22.01.2013 17.01.2013 09.01.2013 18.12.2012 12.11.2012 01.10.2012 16.08.2012


27.02.2013

Balfour Beatty PLC Balfour Beatty plc operates an international engineering and construction group. The Group provides civil and specialist engineering, design and management services for businesses in the transport and energy sectors. Balfour Beatty also invests in a number of privately funded infrastructure projects and developments in the United Kingdom and overseas.

Price/Volume 350

30.0 M

300

25.0 M

250

20.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (13.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBY LN EQUITY YTD Change BBY LN EQUITY YTD % CHANGE

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

10.0 M

100

5.0 M

50 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 8'261.0 8'954.0 0.16x 0.16x 248.0 265.0 5.16x 5.47x 196.0 211.0 7.67x 6.99x Profitability

31.12.2010 9'236.0 0.21x 325.0 5.85x 143.0 13.60x

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

31.12.2011 9'494.0 0.19x 326.0 5.57x 186.0 9.92x 326.00 190.00 2.00% 2.59% 3.44% 16.22% 12.59% 1.68% 12.0% 3.8% 2.5% 2.0% 0.78 0.66 10.17% 46.62% 8.47 61.89

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.94 1.09 686.29 0.32 6.65% 4.31% 1.088 17 3.529 2'250'737 1'914'680 1'908'216 FY+2

12/12 Y 12/13 Y 10'141.9 9'650.3 0.20x 0.22x 350.1 343.7 6.54x 6.66x 221.3 206.6 8.26x 8.96x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

04.07.2007 NR 6.04 4.61 0.85 2.42 46.6% 31.7% 1.68 34.35 42.96 5.88 17.83

Sales/Revenue/Turnover

40.00

10'000.0

35.00

9'000.0 8'000.0

30.00

7'000.0

25.00

6'000.0

20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 02.01.2009

j-12

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

Fiscal Year Ended 31.12.2007 6'466.0 0.28x 182.0 10.09x 151.0 12.65x

15.0 M

150

12/2011 01/yy 321.40 234.60 2'160'591.00 285.5 -11.08% 21.70% 57.26% 688.5 1'965.58 587.00 0.0 4.0 595.00 2'287.58

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Balfour Beatty PLC Holdings By:

All

Holder Name BLACKROCK CAUSEWAY CAPITAL MAN LEGAL & GENERAL STANDARD LIFE INVEST M&G INVESTMENT MANAG ARTEMIS INVESTMENT M APG ALGEMENE PENSIOE SCOTTISH WIDOWS VANGUARD GROUP INC NORGES BANK INVESTME STATE STREET JP MORGAN SMITH & WILLIAMSON H HENDERSON GLOBAL INV RWC PARTNERS BARCLAYS PERSONAL IN BANK OF NEW YORK MEL NEWTON INV MGMT DIMENSIONAL FUND ADV AVIVA INVESTORS

Firm Name Investec Oriel Securities Ltd Panmure Gordon & Co Limited RBC Capital Markets EVA Dimensions Numis Securities Ltd Credit Suisse Goldman Sachs Liberum Capital Ltd Berenberg Bank JPMorgan HSBC Deutsche Bank Canaccord Genuity Corp

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

Analyst ANDREW GIBB MARK HOWSON ANDY BROWN OLIVIA PETERS CRAIG STERLING HOWARD SEYMOUR EUGENE KLERK WILL MORGAN JOE BRENT CHRIS MOORE EMILY BIDDULPH JEFFREY G DAVIS MANU RIMPELA ALASTAIR STEWART

Source ULT-AGG REG ULT-AGG RNS-MAJ REG MF-AGG REG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG REG MF-AGG REG REG REG

Recommendation sell buy buy sector perform underweight add neutral neutral/neutral buy hold neutral overweight hold buy

Amt Held 34'469'134 31'794'184 26'513'930 25'104'162 24'430'583 19'027'016 14'648'319 13'416'522 12'248'871 11'352'552 10'534'786 10'445'981 9'845'994 9'225'854 8'874'380 8'732'440 8'348'018 7'820'900 7'529'569 7'461'899

% Out 5.01 4.62 3.85 3.65 3.55 2.76 2.13 1.95 1.78 1.65 1.53 1.52 1.43 1.34 1.29 1.27 1.21 1.14 1.09 1.08

Weighting

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

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

Latest Chg 1'513'561 (307'283) (3'150'060) (1'270'665) 7'381'620 1'645'290 413'840 (881'726) (59'045) 853'706 726'897 350'000 752'923 1'323'595 (115'400) 30'284 (5'624'566)

Target Price 200 346 310 300 #N/A N/A 330 279 292 320 290 275 310 260 413

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

File Dt Inst Type 25.02.2013 Investment Advisor 02.01.2013 Investment Advisor 31.01.2013 Unclassified 26.02.2013 Investment Advisor 02.01.2013 Investment Advisor 31.12.2012 Investment Advisor 02.01.2013 Pension Fund (ERISA) 02.01.2013 Unclassified 31.12.2012 Investment Advisor 02.01.2013 Government 26.02.2013 Investment Advisor 02.01.2013 Unclassified 31.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 25.02.2013 Investment Advisor 02.01.2013 Mutual Fund Manager 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor

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

Date 25.02.2013 15.02.2013 04.02.2013 29.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 09.01.2013 12.11.2012 09.11.2012 09.11.2012 08.11.2012 30.05.2012


27.02.2013

Baloise Holding AG Baloise Holding AG offers group and individual life, health, accident, liability property, and transportation insurance to customers in Europe. The Company also offers private banking and asset management services.

Price/Volume 90 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BALN VX EQUITY YTD Change BALN VX EQUITY YTD % CHANGE

12/2011 12/yy 84.90 58.30 185'295.00 82.5 -2.89% 41.51% 89.66% 50.0 4'125.00 1'612.60 0.0 33.3 2'287.80 3'719.10

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

20 10 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

Fiscal Year Ended 31.12.2007 9'886.4 0.54x 786.1 7.36x

30

31.12.2008 31.12.2009 7'807.9 9'464.6 0.46x 0.34x 358.3 414.1 10.70x 9.95x Profitability

LTM-4Q 31.12.2010 9'420.2 0.37x 433.4 9.95x

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

31.12.2011 7'691.1 0.31x 60.8 49.68x 1.74% 1.16% 0.11% 1.90% 2.22% 0.12% 0.8% 2.33% 41.77% -

Price/ Cash Flow

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

LTM

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

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

FY+1

1.06 49.73 24.11% 5.10% 1.064 16 3.250 262'166 203'336 186'356 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 7'783.7 7'876.4 0.24x 0.24x 422.8 450.3 9.01x 8.37x S&P Issuer Ratings

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

41.8% 29.3% 0.12 -

Sales/Revenue/Turnover

90.00

12'000.0

80.00

10'000.0

70.00

8'000.0

60.00 50.00

6'000.0

40.00

4'000.0

30.00 20.00

2'000.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Baloise Holding AG Holdings By:

All

Holder Name BLACKROCK UBS FUND MANAGEMENT CREDIT SUISSE GROUP CREDIT SUISSE ASSET UBS FUND MANAGEMENT VANGUARD GROUP INC SWISSCANTO FONDSLEIT PICTET & CIE DIMENSIONAL FUND ADV KEMPEN CAPITAL MANAG DANSKE INVEST A/S IG INVESTMENT MANAGE VONTOBEL ASSET MANAG SARASIN ZUERCHER KANTONALBAN IST FUND MANAGERS PRUDENTIAL FINANCIAL UBS ETF LANSFORSAKRINGAR FON BARING FUND MANAGERS

Firm Name AlphaValue Nomura Bankhaus Metzler Main First Bank AG Helvea Mediobanca SpA Kepler Capital Markets Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions HSBC Credit Suisse Goldman Sachs Berenberg Bank Keefe, Bruyette & Woods JPMorgan

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

Analyst DIETER HEIN MICHAEL KLIEN JOCHEN SCHMITT RENE LOCHER DANIEL BISCHOF MARC THIELE FABRIZIO CROCE GEORG MARTI STEFAN SCHUERMANN AUSTIN BURKETT DHRUV GAHLAUT RICHARD BURDEN VINIT MALHOTRA PETER ELIOT RALPH HEBGEN MICHAEL HUTTNER

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

Recommendation reduce buy sell underperform accumulate neutral buy market perform hold hold neutral neutral Buy/Neutral buy market perform neutral

Amt Held 2'496'253 1'621'640 1'500'000 1'276'168 958'144 835'285 630'264 493'707 458'953 344'750 321'983 305'153 289'150 248'135 146'057 134'230 129'032 119'015 112'984 104'217

% Out 4.99 3.24 3 2.55 1.92 1.67 1.26 0.99 0.92 0.69 0.64 0.61 0.58 0.5 0.29 0.27 0.26 0.24 0.23 0.21

Weighting

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

M M M M M M M M M M M M M M M M

Latest Chg (7'938) (30'249) (1'778) 13'363 (9'722) (60'722) (6'600) (2'600) (500) (787) (8'081) (2'418) (4'500) 1'228 (9'446) -

Target Price 84 97 71 85 91 96 93 #N/A N/A 85 #N/A N/A 90 87 91 105 83 92

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

File Dt 25.02.2013 09.11.2012 31.12.2011 28.12.2012 31.10.2012 31.12.2012 28.12.2012 30.11.2012 31.07.2012 31.12.2012 31.01.2013 28.09.2012 31.10.2012 30.11.2012 31.10.2012 31.12.2012 31.12.2012 31.10.2012 31.12.2012 31.10.2012

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

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

Date 21.02.2013 12.02.2013 01.02.2013 01.02.2013 01.02.2013 30.01.2013 25.01.2013 23.01.2013 17.01.2013 17.01.2013 16.01.2013 31.10.2012 11.10.2012 31.08.2012 30.08.2012 27.03.2012


27.02.2013

Banco de Sabadell SA Banco de Sabadell SA attracts deposits and offers commercial banking services. The Bank offers mortgage, consumer, student, and building improvement loans, private banking services, and insurance, and sponsors Visa credit cards. The Bank operates branches throughout Spain, elsewhere in Europe, the Caribbean, the Americas, and Asia.

Price/Volume 3

12/2012 12/yy 2.47 1.19 8'337'957.00 1.639 -33.66% 38.31% 36.36% 2'959.6 4'850.71 61'627.48 0.0 459.2 7'716.83 -

Price/ Cash Flow

1.20 1.00

30.0 M 25.0 M 20.0 M

1

15.0 M 10.0 M

1

5.0 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended

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

35.0 M

2

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/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 SAB SQ EQUITY YTD Change SAB SQ EQUITY YTD % CHANGE

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

40.0 M

2

Valuation Analysis

31.12.2008 5'226.9 673.8 23.59x

45.0 M

3

31.12.2009 31.12.2010 4'104.8 3'566.8 522.5 380.0 8.81x 9.22x Profitability

LTM-4Q 31.12.2011 4'446.9 231.9 17.26x

31.12.2012 5'980.3 81.9 71.38x -39.81% -9.70% 0.06% 1.12% 0.17% 0.05% 2.6% 38.15% 700.19% -

12/yy 6'559.8 0.00x 0.0 0.00x 396.2 10.20x

LTM 12/yy 5'964.7 0.00x 0.0 0.00x 81.9 32.69x

FY+1

.0 M f-13

1.02 2'713.92 -19.06% -17.01% 1.019 32 1.656 10'229'490 9'386'312 8'226'591 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'080.1 3'202.8 750.0 754.0 291.5 626.1 19.28x 8.32x 13.11x 11.79x 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

23.11.2012 BB NEG 30.04.2012 B 700.2% 86.9% 0.05 3.40 -

Sales/Revenue/Turnover

7'000.0 6'000.0 5'000.0

0.80

4'000.0 0.60

3'000.0

0.40

2'000.0 1'000.0

0.20

0.0 0.00

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

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


27.02.2013

Banco de Sabadell SA Holdings By:

All

Holder Name JAIPUR INVESTMENT SL FAMOL PARTICIPACIONE FUNDO PENSOES BCP BLACKROCK MAYOR VENT SL VANGUARD GROUP INC BANCO SABADELL SA VALIANT CAPITAL MANA WELLINGTON MANAGEMEN MARSHALL WACE LLP DIMENSIONAL FUND ADV CREDIT SUISSE ASSET STATE STREET BANQUE GESIURIS SA SGIIC FMR LLC SJUNDE AP FONDEN LEGAL & GENERAL INVERCAIXA GESTION S AMUNDI PICTET & CIE

Firm Name

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

Analyst

BPI CARLOS JOAQUIM PEIXOTO Grupo Santander JAVIER ECHANOVE Exane BNP Paribas SANTIAGO LOPEZ DIAZ NMAS 1 Agencia de Valores FRANCISCO RIQUEL AlphaValue DAVID GRINSZTAJN Macquarie BENJIE CREELAN-SANDFORD Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Bankia Bolsa (ESN) JAVIER BERNAT JPMorgan JAIME BECERRIL Ahorro Corporacion Financiera SA IRMA GARRIDO Nomura DARAGH QUINN RBC Capital Markets ROBERT NOBLE Mediobanca SpA ANDREA FILTRI Keefe, Bruyette & Woods ANTONIO RAMIREZ Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Natixis FREDERIC TESCHNER Interdin Bolsa JAVIER RUIZ-CAPILLAS Credit Suisse IGNACIO CEREZO Goldman Sachs JERNEJ OMAHEN EVA Dimensions AUSTIN BURKETT Societe Generale CARLOS GARCIA GONZALEZ Barclays ROHITH CHANDRA-RAJAN Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE HSBC JASON KEPAPTSOGLOU Deutsche Bank CARLOS BERASTAIN GONZALEZ CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Morgan Stanley ALVARO SERRANO BBVA IGNACIO ULARGUI Renta 4 SA SVB NURIA ALVAREZ La Caixa DAVID FERNANDEZ

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

Recommendation sell hold underperform buy add underperform underweight hold underweight sell neutral underperform underperform underperform sell reduce neutral underperform neutral/neutral sell sell underweight reduce underweight hold sell Underwt/In-Line not rated underweight underweight

Amt Held % Out 134'032'942 4.53 132'466'860 4.48 131'639'496 4.45 123'177'280 4.16 72'024'330 2.43 50'549'723 1.71 39'018'399 1.32 (16'547'277) -0.56 (14'797'775) -0.5 (14'797'775) -0.5 5'172'232 0.17 4'082'543 0.14 2'815'559 0.1 2'781'077 0.09 2'578'878 0.09 1'734'427 0.06 1'481'345 0.05 1'470'137 0.05 1'336'185 0.05 1'053'306 0.04

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

Change M M M M U M M M M M M M M M M M M M M M M M M D M M M M M M

Latest Chg 96'086 55'171 1'154'376 3'545'845 25'483 59'147 56'705 227'758 109'270 89'311 552'242 1'254'792 (3'892)

Target Price 2 2 2 3 2 1 2 2 1 2 2 1 1 2 2 1 2 2 2 #N/A N/A 2 1 2 2 2 2 2 #N/A N/A 2 2

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 25.02.2013 09.01.2012 31.12.2012 14.08.2012 13.12.2012 01.02.2013 22.02.2013 31.07.2012 28.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 28.12.2012 30.11.2012 28.09.2012 30.11.2012

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

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

Date 25.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 11.02.2013 05.02.2013 04.02.2013 29.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 23.01.2013 15.01.2013 09.01.2013 08.01.2013 08.11.2012 05.11.2012 25.09.2012 18.09.2012 12.09.2012 22.06.2012 16.05.2012 16.03.2012


27.02.2013

Banco Popolare SC Banco Popolare Societa Cooperativa attracts deposits and offers commercial banking services. The Bank offers consumer credit, corporate finance, and asset management services.

Price/Volume 2 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP IM EQUITY YTD Change BP IM EQUITY YTD % CHANGE

12/2011 09/yy 1.70 0.79 10'658'058.00 1.278 -24.88% 61.47% 53.11% 1'763.7 2'254.05 73'382.51 0.0 385.9 9'264.48 -

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

0 0 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

Fiscal Year Ended 31.12.2007 6'406.5 617.2 17.51x

1

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13

31.12.2008 31.12.2009 8'201.9 6'127.5 (333.4) 267.0 12.17x Profitability

LTM-4Q 31.12.2010 5'909.3 308.0 8.10x

31.12.2011 6'429.0 (2'257.3) 14.35% -63.22% -1.93% -24.84% 0.02% -56.0% 54.71% 811.98% -

09/yy 4'193.4 0.00x 0.0 0.00x 164.6 0.00x

LTM 09/yy 3'344.1 0.00x 0.0 0.00x (2'634.8) 0.00x

FY+1

1.28 1'725.26 -6.44% 1.59% 1.283 20 2.600 20'276'390 28'393'660 25'715'570 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'295.4 3'567.7 852.0 867.0 39.0 192.7 29.05x 12.17x 42.60x 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

10.02.2012 BBBNEG 10.02.2012 A-3 812.0% 88.6% 0.02 1.50 -

Sales/Revenue/Turnover

9'000.0 8'000.0

1.00 0.80

7'000.0 6'000.0 5'000.0

0.60

4'000.0 3'000.0

0.40 0.20

2'000.0 1'000.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Banco Popolare SC Holdings By:

All

Holder Name NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC BLACKROCK MARSHALL WACE LLP GRANTHAM MAYO VAN OT BANQUE DEGROOF GENERALI INVESTMENTS CREDIT SUISSE ASSET LBPAM STATE STREET BANQUE ARCA SGR SPA MEDIOLANUM INTERNATI ACOMEA SGR FMR LLC DEGROOF GESTION INST CREDIT SUISSE ASSET AMUNDI SJUNDE AP FONDEN BNP PARIBAS ASSET MA

Firm Name Keefe, Bruyette & Woods Kepler Capital Markets Exane BNP Paribas Goldman Sachs Equita SIM SpA Morgan Stanley Banca IMI Societe Generale Deutsche Bank EVA Dimensions Mediobanca SpA HSBC Banca Akros(ESN) Natixis Nomura ICBPI Hammer Partners SA JPMorgan

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

Analyst RONNY REHN ANNA MARIA BENASSI ANDREA VERCELLONE JEAN-FRANCOIS NEUEZ GIOVANNI RAZZOLI FRANCESCA TONDI MANUELA MERONI CARLO TOMMASELLI PAOLA SABBIONE AUSTIN BURKETT RICCARDO ROVERE JASON KEPAPTSOGLOU LUIGI TRAMONTANA STEVEN GOULD DOMENICO SANTORO LUCA COMI ENRICO RACIOPPI KIAN ABOUHOSSEIN

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

Recommendation underperform hold outperform neutral/neutral hold Underwt/In-Line add hold hold sell neutral neutral hold neutral reduce not rated sell underweight

Amt Held % Out 38'466'956 2.18 35'292'242 2 31'378'079 1.78 30'215'287 1.71 (8'289'535) -0.47 4'478'928 0.25 3'809'729 0.22 3'047'032 0.17 2'704'362 0.15 2'662'780 0.15 2'552'927 0.14 2'363'809 0.13 2'055'910 0.12 1'979'005 0.11 1'676'437 0.1 1'603'500 0.09 1'411'300 0.08 1'324'127 0.08 1'192'679 0.07 1'076'236 0.06

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

Change M M M M D M M M M M M M M M M M M M

Latest Chg 792'252 178'731 1'587'358 (117'908) 1'055'000 15'459 199'299 (13'618) (115'191) (165'259) (7'108) (100'000) 11'549 99'745 (274'226)

Target Price 1 1 2 2 2 1 1 2 2 #N/A N/A 1 1 1 1 1 #N/A N/A 1 1

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

File Dt 20.11.2012 20.11.2012 31.12.2012 25.02.2013 21.02.2013 31.05.2012 01.02.2013 31.10.2012 28.12.2012 31.12.2012 31.01.2013 28.12.2012 29.06.2012 28.12.2012 31.12.2012 30.03.2012 28.12.2012 28.09.2012 31.12.2012 30.09.2012

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

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

Date 27.02.2013 25.02.2013 22.02.2013 28.01.2013 28.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 17.01.2013 12.12.2012 27.11.2012 20.11.2012 14.11.2012 25.10.2012 22.08.2012 19.06.2012 28.05.2012


27.02.2013

Banco Popular Espanol SA Banco Popular Espanol SA attracts deposits and offers commercial banking services. The Bank offers consumer loans, mortgage loans, asset management and factoring services, mutual funds, pension plans, life insurance, venture capital, and real estate loans. The Bank has regional subsidiaries in Spain, Portugal, and Florida.

Price/Volume 2

400.0 M

2

350.0 M

1

300.0 M

1

250.0 M

1

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (2/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 POP SQ EQUITY YTD Change POP SQ EQUITY YTD % CHANGE

12/2012 12/yy 1.71 0.53 67'861'397.00 0.644 -62.39% 21.97% 9.31% 8'408.6 5'415.11 66'984.88 0.0 44.2 2'117.18 -

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

150.0 M

1 0

100.0 M

0

50.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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 7'589.4 1'052.1 7.29x

200.0 M

1

Valuation Analysis

31.12.2009 31.12.2010 6'642.8 5'559.0 766.1 590.2 8.51x 9.23x Profitability

LTM-4Q 31.12.2011 5'568.6 479.7 11.73x

31.12.2012 6'654.2 (2'461.0) -60.74% -90.07% -1.71% -27.05% -3.40% 0.05% -63.5% 42.50% 675.85% -

12/yy 5'571.8 0.00x 0.0 0.00x 479.7 11.69x

LTM 12/yy 6'654.2 0.00x 0.0 0.00x (2'461.0) 0.00x

FY+1

1.16 7'600.27 -59.46% 9.90% 1.158 34 2.412 70'900'260 81'885'830 ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'697.1 3'825.0 944.0 957.0 204.9 835.7 25.76x 7.49x S&P Issuer Ratings

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

23.11.2012 BB NEG 25.05.2012 B 675.8% 87.1% 0.05 3.67 -

Sales/Revenue/Turnover

8'000.0 7'000.0 6'000.0

0.80 0.60

5'000.0 4'000.0 3'000.0

0.40 0.20

2'000.0 1'000.0 0.0

0.00

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

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


27.02.2013

Banco Popular Espanol SA Holdings By:

All

Holder Name BANQUE FEDERATIVE DU ALLIANZ SE TOPBREACH HOLDING BV UNION EUROPEA DE INV FUNDACION PEDRO BARR VANGUARD GROUP INC BLACKROCK SINDICATURA DE ACCIO BANCO POPULAR ESPANO SILCHESTER INTL INVE OSUNA GARCIA NICOLAS REVOREDO DELV HELENA LORD ABBETT & CO LLC PUTNAM INVESTMENT MA CREDIT SUISSE ASSET NIGORRA OLIVER MIGUE BANCAJA FONDOS SGIIC MARTINEZ CA MIGUEL A FMR LLC DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Oddo & Cie JULIE LEGRAND BPI CARLOS JOAQUIM PEIXOTO Ahorro Corporacion Financiera SA IRMA GARRIDO AlphaValue DAVID GRINSZTAJN Interdin Bolsa JAVIER RUIZ-CAPILLAS Grupo Santander ARTURO DE FRIAS NMAS 1 Agencia de Valores FRANCISCO RIQUEL Exane BNP Paribas SANTIAGO LOPEZ DIAZ Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Morgan Stanley ALVARO SERRANO Macquarie BENJIE CREELAN-SANDFORD JPMorgan JAIME BECERRIL Keefe, Bruyette & Woods ANTONIO RAMIREZ Bankia Bolsa (ESN) JAVIER BERNAT Nomura DARAGH QUINN S&P Capital IQ WILLIAM HOWLETT RBC Capital Markets ROBERT NOBLE BCP Investimento RITA SILVA Goldman Sachs JERNEJ OMAHEN Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Deutsche Bank CARLOS BERASTAIN GONZALEZ Credit Suisse IGNACIO CEREZO Mediobanca SpA ANDREA FILTRI BBVA IGNACIO ULARGUI HSBC JASON KEPAPTSOGLOU EVA Dimensions AUSTIN BURKETT Societe Generale CARLOS GARCIA GONZALEZ Barclays ROHITH CHANDRA-RAJAN CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE Renta 4 SA SVB NURIA ALVAREZ La Caixa DAVID FERNANDEZ Banco Sabadell MARIO LODOS

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

Recommendation reduce neutral Under Review buy buy buy strong buy underperform underweight Underwt/In-Line underperform underweight market perform accumulate reduce sell underperform buy neutral/neutral sell hold underperform neutral outperform neutral hold hold underweight underperform reduce underweight underweight sell

Amt Held 367'775'828 362'577'512 339'897'780 313'537'380 278'086'513 97'121'949 63'858'782 63'831'609 43'772'956 41'668'493 36'748'015 24'052'276 16'252'140 9'461'287 7'234'447 6'247'588 5'391'050 5'333'883 4'514'938 4'413'746

% Out 4.37 4.31 4.04 3.73 3.31 1.16 0.76 0.76 0.52 0.5 0.44 0.29 0.19 0.11 0.09 0.07 0.06 0.06 0.05 0.05

Weighting

Change

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

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

Latest Chg 275'831'871 (19'615'137) 26'565 41'877'473 36'217 (6'000) 471'128 16'252'140 9'461'287 3'894'637 5'286'886 (380'190) -

Target Price 1 1 #N/A N/A 1 1 1 1 1 1 1 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 #N/A N/A 1 1 1 1 1 2 2

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

File Dt Inst Type 18.12.2012 Bank 07.01.2013 Insurance Company 17.12.2012 Unclassified 22.02.2013 Investment Advisor 17.12.2012 Endowment 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 22.02.2013 n/a 21.09.2012 Bank 31.12.2011 Investment Advisor 12.04.2012 n/a 17.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 25.01.2013 n/a 30.11.2012 Investment Advisor 17.12.2012 n/a 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 27.02.2013 25.02.2013 25.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 13.02.2013 12.02.2013 12.02.2013 11.02.2013 08.02.2013 04.02.2013 04.02.2013 01.02.2013 29.01.2013 29.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 21.01.2013 18.01.2013 17.01.2013 17.01.2013 09.01.2013 08.01.2013 29.11.2012 21.11.2012 27.07.2012 16.03.2012 06.02.2012


27.02.2013

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

Price/Volume 80

3.0 M

70

2.5 M

60 2.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEI GY EQUITY YTD Change BEI GY EQUITY YTD % CHANGE

12/2011 09/yy 67.04 46.52 245'799.00 66.76 -0.37% 43.52% 97.31% 252.0 16'823.52 177.00 0.0 14.0 1'653.00 15'052.52

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

31.12.2008 31.12.2009 5'971.0 5'748.0 1.39x 1.54x 815.0 788.0 10.15x 11.26x 562.0 374.0 16.94x 27.84x Profitability

.5 M

10 0 f-12

m-12

LTM-4Q 31.12.2010 5'571.0 1.42x 876.0 9.02x 318.0 29.66x

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

31.12.2011 5'633.0 1.50x 839.0 10.10x 250.0 39.84x 839.00 566.00 10.05% 7.81% 4.92% 8.66% 1.07% 63.1% 15.2% 10.7% 4.4% 2.05 1.48 3.36% 5.90% 5.50 2.98

Price/ Cash Flow

09/yy 5'618.0 5.82x 813.0 9.43x 301.0 30.30x

a-12 m-12

j-12

j-12

LTM 09/yy 5'924.0 6.54x 900.0 12.45x 271.0 47.66x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.62 98.39 42.98% 7.89% 0.618 43 2.628 571'278 443'154 403'455 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'026.9 6'299.6 1'467.0 1'562.0 2.50x 2.34x 876.3 981.6 233.0 264.0 17.19x 15.34x 14.69x 14.26x 483.3 549.9 123.0 137.0 31.33x 27.70x 31.14x 30.91x 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

44.16 39.63 -1.98 0.13 5.9% 5.5% 1.07 8.98 66.57 122.81 149.41 28.41

Sales/Revenue/Turnover

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 02.01.2009

1.0 M

20

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

Fiscal Year Ended 31.12.2007 5'507.0 2.01x 801.0 13.85x 437.0 27.37x

1.5 M

30

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Beiersdorf AG Holdings By:

All

Holder Name MAXINGVEST AG BEIERSDORF AG BLACKROCK MASSACHUSETTS FINANC ARTISAN PARTNERS HOL VANGUARD GROUP INC DEUTSCHE BANK AG FIRST MANHATTAN CO A MANNING & NAPIER ADV TIAA CREF INVESTMENT UNITED SERVICES AUTO UNION INVESTMENT GMB AMUNDI NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH SWEDBANK ROBUR FONDE FRANKFURT TRUST INVE UBS INSTITUTIONAL FU CARMIGNAC GESTION

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

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

Analyst ANDREAS RIEMANN ANDREW WOOD EAMONN FERRY MARTIN SCHNEE THOMAS MAUL ROSIE EDWARDS CHRISTIAN WEIZ EDDY HARGREAVES GUILLAUME DELMAS CHAS MANSO DE ZUNIGA CELINE PANNUTI HERMINE DE BENTZMANN PEDRO GIL SEBASTIAN FRERICKS SETH PETERSON PABLO ZUANIC VOLKER SACK BERND MUELL LARS LUSEBRINK HEIKO FEBER MANFRED JAISFELD NADESHDA DEMIDOVA CARL SHORT IAIN SIMPSON ALEX MOLLOY CEDRIC BESNARD JOERG PHILIPP FREY AUSTIN BURKETT LOIC MORVAN MARCO GUENTHER ERIK SJOGREN WILLIAM HOUSTON VALERIE GASTALDY CATHERINE ROLLAND JUERGEN KOLB PIERRE TEGNER GAEL COLCOMBET HAROLD THOMPSON MARK JOSEFSON OLIVER DREBING

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

Recommendation buy underperform outperform sell sell sell/attractive buy sell buy hold underweight market perform buy sell hold sell hold hold hold sell sell sell hold underweight neutral underweight buy underweight sell sell Underwt/In-Line neutral buy hold underperform neutral underperform buy neutral buy

Amt Held 128'242'800 25'181'016 3'331'079 2'262'832 2'193'929 1'863'483 1'525'094 1'490'875 1'427'260 874'183 676'247 589'450 377'535 324'235 316'372 299'400 297'712 293'775 278'515 273'557

% Out 50.89 9.99 1.32 0.9 0.87 0.74 0.61 0.59 0.57 0.35 0.27 0.23 0.15 0.13 0.13 0.12 0.12 0.12 0.11 0.11

Weighting

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

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

Latest Chg (901) (27'869) 46'623 35'983 (1'460) 6'100 500 112'250 (15'263) (25'388) (32'097) 135'179 307'613 23'627 14'790 (116) 71'437

Target Price 77 51 70 53 50 55 74 53 72 63 60 #N/A N/A 70 52 61 46 58 62 65 57 #N/A N/A 52 66 50 56 59 73 #N/A N/A 63 #N/A N/A 49 #N/A N/A 67 61 56 60 55 75 49 70

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

File Dt 31.12.2011 31.12.2011 25.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.11.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012 28.12.2012 31.10.2012 31.12.2012

Date 6 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month 18 month 12 month

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

Date 27.02.2013 25.02.2013 25.02.2013 21.02.2013 18.02.2013 07.02.2013 04.02.2013 01.02.2013 31.01.2013 29.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 18.12.2012 06.12.2012 05.12.2012 23.11.2012 06.11.2012 05.11.2012 05.11.2012 05.11.2012 02.11.2012 02.11.2012 02.11.2012


27.02.2013

Belgacom SA Belgacom provides communication services and products to residential, business and corporate customers both domestically and internationally. The Group also offers multimedia products, payphones, pagers, operator services and calling cards. Through its subsidiaries Belgacom Mobile and Belgacom Skynet the company further offers mobile phone and Internet services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BELG BB EQUITY YTD Change BELG BB EQUITY YTD % CHANGE

12/2011 09/yy 23.99 20.36 426'503.00 20.945 -12.78% 2.88% 8.55% 338.0 7'079.94 1'972.00 0.0 225.0 356.00 8'916.94

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

2.5 M

20

2.0 M

15

1.5 M

10

1.0 M

5

.5 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007 5'987.0 2.08x 2'076.0 6.00x 958.0 11.76x

25

31.12.2008 31.12.2009 5'911.0 5'922.0 1.80x 1.69x 1'997.0 2'029.0 5.34x 4.92x 800.0 904.0 11.16x 8.98x Profitability

LTM-4Q 31.12.2010 6'552.0 1.51x 2'419.0 4.08x 1'266.0 6.38x

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

31.12.2011 6'361.0 1.50x 1'912.0 4.99x 756.0 10.27x 1'912.00 1'156.00 18.17% 16.27% 8.35% 23.12% 0.75% 60.4% 28.3% 16.7% 11.9% 0.93 0.75 23.72% 64.09% 4.79 19.81

Price/ Cash Flow

09/yy 6'403.0 6.22x 1'958.0 4.78x 818.0 8.92x

LTM 09/yy 6'392.0 6.08x 1'806.0 5.46x 713.0 10.60x

FY+1

.0 M f-13

0.75 -2.49% -5.67% 0.747 31 2.581 713'267 619'229 556'882 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'429.5 6'375.6 1'623.1 1.40x 1.43x 5.50x 1'794.5 1'754.3 439.1 4.97x 5.08x 700.8 658.4 161.1 9.34x 10.01x 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

02.12.2011 A STABLE 25.08.2006 A-1 16.92 10.22 0.88 1.10 64.1% 37.4% 0.75 2.70 76.41 18.48 184.90 -101.25

Sales/Revenue/Turnover

6.00

7'000.0

5.00

6'000.0 5'000.0

4.00

4'000.0 3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Belgacom SA Holdings By:

All

Holder Name BELGIAN STATE BELGACOM CAPITAL GROUP COMPAN BLACKROCK DEUTSCHE BANK AG VANGUARD GROUP INC AKO CAPITAL LLP BNP PARIBAS INV PART BANQUE DE LUXEMBOURG TAUBE HODSON STONEX ABERDEEN DWS INVESTMENT SA INVESCO LTD ING ASSET MANAGEMENT STATE STREET SANLAM ASSET MANAGEM LANDESBANK BERLIN IN SCHRODER INVESTMENT KBC GROUP NV DANSKE INVEST A/S

Firm Name

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

Analyst

ABN Amro Bank N.V. MARC HESSELINK Morgan Stanley LUIS PROTA Rabobank International FRANK CLAASSEN AlphaValue JEAN-MICHEL SALVADOR EVA Dimensions ANDREW S ZAMFOTIS Goldman Sachs MARK WALKER Exane BNP Paribas ANTOINE PRADAYROL Oddo & Cie ALEXANDRE IATRIDES Credit Suisse PAUL SIDNEY Barclays MICHAEL BISHOP JPMorgan AKHIL DATTANI Jefferies ULRICH RATHE ING Bank EMMANUEL CARLIER Deutsche Bank DAVID A WRIGHT HSBC NICOLAS COTE-COLISSON Macquarie GUY R PEDDY Espirito Santo Investment Bank Research ANDREW HOGLEY Petercam STEFAAN GENOE Kempen & Co SANDER VAN OORT Day by Day VALERIE GASTALDY Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX Nomura FREDERIC BOULAN Berenberg Bank STUART GORDON Societe Generale THIERRY COTA KBC Securities TOM SIMONTS S&P Capital IQ JAMES CRAWSHAW Kepler Capital Markets JAVIER BORRACHERO CA Cheuvreux ROBERT VAN OVERBEEK Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Natixis JACQUES DE GRELING

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

Recommendation hold Underwt/In-Line reduce buy overweight Sell/Neutral underperform neutral neutral underweight neutral hold hold sell neutral outperform sell hold hold buy suspended coverage reduce hold sell buy hold reduce underperform underperform hold neutral

Amt Held % Out 180'887'569 53.51 16'542'494 4.89 5'030'800 1.49 3'807'517 1.13 3'028'945 0.9 2'796'509 0.83 (2'399'978) -0.71 2'209'118 0.65 1'350'000 0.4 1'057'049 0.31 857'900 0.25 802'893 0.24 788'601 0.23 778'000 0.23 685'158 0.2 633'350 0.19 620'761 0.18 552'208 0.16 473'456 0.14 470'020 0.14

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

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

Latest Chg (12'800) (4'988) 41'194 (304'222) 316'921 (57'560) 3'493 401'637 (53'125) 44'761 56'255 (912)

Target Price 24 25 21 30 #N/A N/A 21 20 25 25 22 23 21 23 16 25 25 11 24 26 24 #N/A N/A 20 23 21 26 21 21 23 25 23 25

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

File Dt Inst Type 31.12.2010 Government 31.12.2010 Unclassified 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Unclassified 28.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 26.02.2013 25.02.2013 25.02.2013 21.02.2013 12.02.2013 08.02.2013 31.01.2013 30.01.2013 24.01.2013 24.01.2013 21.01.2013 21.01.2013 21.01.2013 16.01.2013 15.01.2013 10.01.2013 10.01.2013 08.01.2013 06.01.2013 04.01.2013 28.12.2012 30.11.2012 21.11.2012 26.10.2012 26.10.2012 26.10.2012 04.10.2012 18.09.2012 24.08.2012 27.07.2012 01.03.2010


27.02.2013

Berkeley Group Holdings PLC The Berkeley Group Holdings PLC is a residential and commercial property development company focusing on urban regeneration and mixed-use developments. The Company purchases and develops land, in addition to constructing homes and apartment complexes throughout the South of England, the Midlands and the North West.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (09.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BKG LN EQUITY YTD Change BKG LN EQUITY YTD % CHANGE

04/2012 01/yy 1'916.00 1'166.00 158'004.00 1859 -2.97% 59.43% 95.07% 131.3 2'440.49 60.63 0.0 0.0 2.75 2'445.99

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

30.04.2009 30.04.2010 702.2 615.3 1.42x 1.32x 126.3 107.2 7.90x 7.56x 86.1 79.7 13.75x 13.89x Profitability

30.04.2011 742.6 1.82x 136.6 9.91x 95.1 14.71x

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

30.04.2012 1'041.1 1.67x 259.2 6.71x 158.5 10.59x 259.19 257.13 24.70% 20.63% 8.80% 17.21% 17.65% 0.61% 28.4% 24.9% 24.7% 15.2% 1.95 0.11 2.82% 5.51% 15.85 0.49

Price/ Cash Flow

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

0.81 0.93 122.71 35.00% 5.81% 0.933 19 3.947 231'417 239'546 240'978 FY+2

04/13 Y 04/14 Y 1'281.2 1'413.8 1.95x 1.68x 266.1 301.7 9.19x 8.11x 194.2 229.4 13.43x 11.44x 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

-

-

22.00 21.81 0.02 0.06 5.5% 5.2% 0.61 14.76 23.09 740.76 270.71 764.70

Sales/Revenue/Turnover

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.05.2009

.9 M

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

Fiscal Year Ended 30.04.2008 991.5 1.15x 208.8 5.46x 137.8 8.23x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 f-12 m-12

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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


27.02.2013

Berkeley Group Holdings PLC Holdings By:

All

Holder Name FIRST EAGLE INVESTME SCOTTISH WIDOWS DIRECTOR & RELATED H LLOYDS BANKING GROUP WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP STANDARD LIFE INVEST FRANKLIN RESOURCES BLACKROCK PIDGLEY ANTHONY WILL LEGAL & GENERAL JP MORGAN LEGAL & GENERAL CITIBANK SWITZERLAND NORGES BANK INVESTME F&C ASSET MANAGEMENT THREADNEEDLE ASSET M CREDIT SUISSE SECURI EGERTON CAPITAL LIMI PRIVATE INDIVIDUALS

Firm Name Goldman Sachs Northland Capital Partners Ltd Panmure Gordon & Co Limited Liberum Capital Ltd Peel Hunt Numis Securities Ltd EVA Dimensions Redburn Partners Deutsche Bank Jefferies JPMorgan Credit Suisse HSBC Investec Shore Capital Stockbrokers Canaccord Genuity Corp Davy

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

Analyst ESHAN TOORABALLY SIMON BROWN RACHAEL APPLEGATE CHARLIE CAMPBELL ROBIN HARDY CHRISTOPHER MILLINGTON CRAIG STERLING WILLIAM JONES GLYNIS JOHNSON ANTHONY CODLING EMILY BIDDULPH HARRY GOAD JEFFREY G DAVIS MIKE BESSELL JON BELL ALASTAIR STEWART ROBERT GARDINER

Source RNS-MAJ ULT-AGG REG ULT-AGG RNS-MAJ 13F REG ULT-AGG ULT-AGG RNS-DIR ULT-AGG ULT-AGG RNS-MAJ REG REG REG REG REG REG REG

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

Amt Held 14'410'560 11'956'245 8'572'429 7'875'695 6'692'723 6'626'971 6'439'725 6'415'775 6'159'637 5'956'838 5'087'186 4'338'835 4'034'851 3'460'840 2'852'700 2'677'145 2'619'575 2'411'737 2'388'265 2'106'745

% Out 10.98 9.11 6.53 6 5.1 5.05 4.91 4.89 4.69 4.54 3.88 3.31 3.07 2.64 2.17 2.04 2 1.84 1.82 1.6

Weighting

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

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

Latest Chg 5'225'883 (7'435'803) (301'858) 65'752 1'615'365 793'990 (1'083'637) (500'000) 36'549 135'139 (105'499) (156'730) 340'742 1'399'026 (742'283) (10'000)

Target Price 2'300 2'050 1'702 2'000 1'635 1'650 #N/A N/A #N/A N/A 1'941 1'500 1'950 1'828 2'010 1'560 1'072 1'624 #N/A N/A

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

File Dt Inst Type 01.02.2013 Hedge Fund Manager 02.01.2013 Unclassified 02.01.2013 Other 31.01.2013 Investment Advisor 24.01.2013 Investment Advisor 31.12.2012 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 25.02.2013 Investment Advisor 25.09.2012 n/a 31.01.2013 Unclassified 02.01.2013 Unclassified 14.09.2012 Investment Advisor 02.01.2013 Bank 02.01.2013 Government 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Hedge Fund Manager 02.01.2013 Other

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

Date 18.02.2013 15.02.2013 12.02.2013 05.02.2013 04.02.2013 31.01.2013 17.01.2013 11.01.2013 08.01.2013 07.01.2013 19.12.2012 17.12.2012 28.11.2012 13.08.2012 19.07.2012 16.05.2012 06.09.2011


27.02.2013

Bilfinger SE Bilfinger SE provides industrial services, power services, building and facility services, construction, and concessions. The Company's industrial services include repairs, maintenance, and modernization. Bilfinger also provides power services which include maintenance, service, and efficiency enhancements as well as building and facility services for real estate.

Price/Volume 90

.6 M

80

.5 M

70 60

.4 M

50

12/2012 12/yy 82.43 58.82 40'870.00 79.84 -3.17% 35.74% 87.63% 46.0 3'674.57 1'181.00 0.0 8.0 1'087.00 3'776.57

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

30

.2 M

20

.1 M

10 0 f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 9'757.1 0.26x 577.1 4.39x 200.4 6.65x

.3 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/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 GBF GY EQUITY YTD Change GBF GY EQUITY YTD % CHANGE

31.12.2009 31.12.2010 7'381.5 8'006.7 0.54x 0.54x 280.0 481.8 14.15x 8.92x 140.2 284.0 24.85x 13.59x Profitability

LTM-4Q 31.12.2011 8'208.5 0.33x 508.2 5.36x 394.1 13.20x

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 8'509.0 0.41x 441.0 7.85x 275.0 11.72x 441.00 390.00 4.58% 4.48% 3.77% 14.41% 10.88% 1.17% 13.3% 5.2% 4.6% 3.2% 1.09 0.35 17.24% 58.21% 5.31 39.75

Price/ Cash Flow

LTM

12/yy 8'208.5 1.54x 586.2 4.65x 394.1 13.20x

12/yy 8'509.0 1.50x 421.0 0.00x 275.0 11.72x

FY+1

.0 M f-13

3.76 0.88 44.18 13.67% 9.37% 0.882 24 4.000 145'211 144'281 127'832 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'786.6 9'209.0 1'985.0 2'233.0 0.41x 0.38x 581.9 624.0 6.48x 6.05x 253.3 281.3 67.2 77.4 13.96x 12.44x 13.32x S&P Issuer Ratings

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

23.10.2012 BBB+ STABLE 23.10.2012 A-2 12.97 8.76 0.21 2.68 58.2% 36.7% 1.17 12.73 68.77 9.21 46.69 32.25

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00 10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Bilfinger SE Holdings By:

All

Holder Name CEVIAN CAPITAL AB BLACKROCK BILFINGER BERGER AG INVESCO LTD ALLIANZ GLOBAL INVES DWS INVESTMENT GMBH ALLIANZ ASSET MANAGE DJE INVESTMENT SA DEUTSCHE BANK AG DEKA INVESTMENT GMBH FMR LLC UBS FRANKFURT TRUST INVE DIMENSIONAL FUND ADV BANK OF NEW YORK MEL OPPENHEIMERFUNDS INC DELTA LLOYD FUND MAN VANGUARD GROUP INC MACKAY SHIELDS LLC FRANKEN INVEST KAPIT

Firm Name Main First Bank AG Bankhaus Metzler Goldman Sachs Equita SIM SpA EVA Dimensions Deutsche Bank Bankhaus Lampe Nord/LB Kepler Capital Markets DZ Bank AG HSBC CA Cheuvreux Equinet Institutional Services(ESN) S&P Capital IQ Exane BNP Paribas Commerzbank Corporates & Markets Independent Research GmbH M.M. Warburg Investment Research Berenberg Bank Credit Suisse Landesbank Baden-Wuerttemberg Hamburger Sparkasse BHF-Bank National Bank AG

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

Analyst CHRISTIAN KORTH STEPHAN BAUER WILL MORGAN GIANMARCO BONACINA CRAIG STERLING GUNNAR ROMER MARC GABRIEL HEINO HAMMANN STEPHAN TRUBRICH MARC NETTELBECK TOBIAS LOSKAMP CRAIG ABBOTT INGBERT FAUST JAWAHAR HINGORANI GERHARD ORGONAS NORBERT KRETLOW CHRISTOPH SCHOENDUBE FRANK LASER BENJAMIN GLAESER EUGENE KLERK HANS-PETER KUHLMANN INGO SCHMIDT JENS JUNG STEFFEN MANSKE

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

Recommendation outperform buy neutral/neutral buy overweight hold buy hold hold buy underweight outperform hold buy neutral buy hold buy buy neutral buy hold overweight buy

Amt Held 6'990'563 2'055'267 1'840'965 1'370'341 1'346'715 1'328'350 1'099'625 1'092'992 1'013'341 994'982 916'978 900'690 738'196 735'215 667'837 519'000 496'500 463'191 463'163 370'400

% Out 15.19 4.47 4 2.98 2.93 2.89 2.39 2.37 2.2 2.16 1.99 1.96 1.6 1.6 1.45 1.13 1.08 1.01 1.01 0.8

Weighting

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

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

Latest Chg (12'748) (161'781) (600) 21'582 (260'226) (10'999) (58'117) 7'862 41'163 -

Target Price 84 93 84 92 #N/A N/A 82 87 80 77 85 69 83 80 84 77 85 80 85 84 73 86 #N/A N/A 79 60

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

File Dt Inst Type 15.01.2013 Venture Capital 25.02.2013 Investment Advisor 24.01.2013 Corporation 01.02.2012 Investment Advisor 18.01.2013 Investment Advisor 19.11.2012 Investment Advisor 28.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Unclassified 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 30.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Investment Advisor

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

Date 25.02.2013 22.02.2013 20.02.2013 18.02.2013 18.02.2013 16.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 15.01.2013 15.11.2012 22.08.2012 13.02.2012 04.01.2010


27.02.2013

Boliden AB Boliden AB mines, processes and sells metals and mineral products, primarily zinc and copper. Other products include gold, lead, silver, and sulfuric acid. The Company has mining and milling operations in Europe, and smelting and refining operations in Sweden, Finland and Norway.

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOL SS EQUITY YTD Change BOL SS EQUITY YTD % CHANGE

12/2012 12/yy 126.70 87.80 1'293'983.00 110.7 -12.71% 26.08% 55.53% 273.5 30'277.69 5'981.00 0.0 0.0 1'011.00 35'247.69

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

3.0 M

40

2.0 M

20

1.0 M

0 f-12 m-12

31.12.2009 31.12.2010 27'635.0 36'716.0 1.16x 1.13x 5'189.0 7'448.0 6.18x 5.56x 2'500.0 3'955.0 10.08x 9.45x Profitability

LTM-4Q 31.12.2011 40'323.0 0.82x 6'685.0 4.92x 3'387.0 8.12x

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 40'001.0 0.96x 6'289.0 6.10x 3'272.0 10.21x 6'289.00 4'070.00 10.17% 9.73% 8.43% 14.88% 1.03% 13.4% 15.7% 10.2% 8.2% 1.50 0.13 14.94% 26.06% 4.33

Price/ Cash Flow

j-12

LTM

12/yy 40'323.0 3.37x 6'685.0 4.92x 3'387.0 8.12x

j-12

12/yy 40'001.0 3.45x 6'286.0 6.10x 3'272.0 10.21x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.38 -0.46% -9.34% 1.383 18 3.333 2'475'719 2'371'191 2'070'902 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 39'659.0 40'181.7 10'149.3 10'019.4 0.90x 0.85x 6'476.4 7'573.8 1'594.5 1'426.0 5.44x 4.65x 5.44x 5.66x 3'092.9 3'901.2 715.4 519.6 9.68x 7.79x 11.22x S&P Issuer Ratings

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

38.64 15.57 0.79 0.95 26.1% 20.7% 1.03 1.66 84.43 49.35

Sales/Revenue/Turnover

9.00

45'000.0

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 01.01.2010

a-12 m-12

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

Fiscal Year Ended 31.12.2008 30'987.0 0.35x 2'423.0 4.41x 935.0 5.21x

4.0 M

60

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Boliden AB Holdings By:

All

Holder Name AMF FORSAKRING NORDEA FONDER AB NORDEA FONDER AB/SWE SWEDBANK ROBUR FONDE AFA FORSAKRINGAR AMF FONDER AB HANDELSBANKEN FONDER SEB VANGUARD GROUP INC FOLKSAM GROUP SEB ASSET MANAGEMENT SODERBLOMS FACTORING ANDRA AP FONDEN FORSTA AP FONDEN FOLKSAM LO FOND AB DANSKE CAPITAL SVERI SKANDIA LIV ODIN FORVALTNING AS FJARDE AP-FONDEN ENTER FONDER AB

Firm Name Exane BNP Paribas BMO Capital Markets AlphaValue HSBC Deutsche Bank ABG Sundal Collier SEB Enskilda Carnegie Nordea Equity Research Erik Penser Bankaktiebolag AB Handelsbanken Goldman Sachs Swedbank Morgan Stanley EVA Dimensions Alm Brand Markets Nomura Alandsbanken Equities CA Cheuvreux

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

Analyst LUC PEZ STEPHEN BONNYMAN SACHIN KUMAR THORSTEN ZIMMERMANN ROBERT CLIFFORD JOHANNES GRUNSELIUS JULIAN BEER ALEXANDER VILVAL CHRISTIAN KOPFER GUSTAV SANDSTROM FREDRIK AGARDH EUGENE KING OLA SODERMARK ALAIN GABRIEL CRAIG STERLING MICHAEL FRIIS JORGENSEN PATRICK JONES PER HANSSON JOAKIM AHLBERG

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

Recommendation neutral market perform add underweight buy hold buy sell hold buy accumulate buy/attractive buy Underwt/In-Line overweight buy suspended coverage reduce underperform

Amt Held 11'514'822 10'502'830 9'014'868 8'916'465 7'931'825 5'580'144 5'579'628 5'122'854 4'915'581 4'677'042 4'485'584 4'212'072 4'047'966 2'844'516 2'833'062 2'789'814 2'707'761 2'615'960 2'571'005 2'461'601

% Out 4.21 3.84 3.3 3.26 2.9 2.04 2.04 1.87 1.8 1.71 1.64 1.54 1.48 1.04 1.04 1.02 0.99 0.96 0.94 0.9

Weighting

Change

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

M M M M M M M M M M M M M M M M M M M

Latest Chg 418'417 (445'000) (514'515) 112'812 (9'538) 6'200 -

Target Price 105 117 125 107 146 120 140 #N/A N/A 120 135 125 145 130 106 #N/A N/A 105 #N/A N/A 120 89

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

File Dt 28.09.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Insurance Company Investment Advisor Other Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Mutual Fund Manager Pension Fund (ERISA) Investment Advisor

Date 27.02.2013 26.02.2013 21.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 30.01.2013 23.01.2013 15.01.2013 26.06.2012 11.02.2012 04.05.2011 02.05.2011


27.02.2013

Bouygues SA Bouygues SA offers construction services, develops real estate, offers cellular communications services, produces television programming and movies, and manages utilities. The Company offers building, civil engineering, and oil and gas contracting services, develops residential, commercial, and office projects, produces and distributes water and electricity, and collects waste.

Price/Volume 25

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.01.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EN FP EQUITY YTD Change EN FP EQUITY YTD % CHANGE

12/2012 12/yy 24.77 17.54 5'024'545.00 21.59 -12.86% 23.09% 25.61% 324.2 7'000.18 7'262.00 0.0 1'317.0 3'415.00 14'092.18

15

4.0 M

10

3.0 M 2.0 M

5

1.0 M

0 f-12

31.12.2009 31.12.2010 31'353.0 31'225.0 0.53x 0.49x 3'231.0 3'152.0 5.17x 4.89x 1'319.0 1'071.0 9.64x 10.65x Profitability

LTM-4Q 31.12.2011 32'706.0 0.39x 3'230.0 3.97x 1'070.0 7.96x

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

31.12.2012 33'547.0 633.0 11.14x 3'230.00 1'819.00 5.56% 5.40% 2.33% 9.51% 6.62% 0.93% 8.5% 4.0% 1.9% 0.95 0.62 20.79% 86.86% 4.45 -

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 32'706.0 1.84x 3'230.0 3.97x 1'070.0 8.06x

j-12

12/yy 33'547.0 1.22x 2'019.0 0.00x 633.0 11.14x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.89 243.76 -4.73% -3.62% 0.892 24 3.125 1'632'756 1'459'241 1'673'085 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'258.3 33'668.8 0.40x 0.39x 2'870.5 2'994.4 4.90x 4.70x 791.8 894.1 8.85x 7.77x 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

30.11.2011 BBB+ STABLE 18.09.2001 A-2 9.00 3.27 2.04 2.95 86.9% 42.9% 0.93 5.26 82.24 -

Sales/Revenue/Turnover

5.00

40'000.0

4.50

35'000.0

4.00

30'000.0

3.50

25'000.0

3.00 2.50

20'000.0

2.00

15'000.0

1.50

10'000.0

1.00

5'000.0

0.50 0.00 01.01.2010

m-12

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

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

6.0 M

20

Valuation Analysis

31.12.2008 32'459.0 0.51x 3'538.0 4.64x 1'501.0 6.94x

7.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Bouygues SA Holdings By:

All

Holder Name SCDM AMUNDI FIRST EAGLE INVESTME SCDM PARTICIPATIONS BOUYGUES FRANCIS AKO CAPITAL LLP NATIXIS ASSET MANAGE VANGUARD GROUP INC BLACKROCK DNCA FINANCE T ROWE PRICE ASSOCIA MANDARINE GESTION PALATINE ASSET MANAG FMR LLC ING INTERNATIONAL AD QUALITE3 ACTIBY3 AMUNDI LUXEMBOURG SA INVESCO LTD TD ASSET MANAGEMENT

Firm Name Societe Generale Morgan Stanley Jefferies Raymond James Oddo & Cie Nomura AlphaValue EVA Dimensions Exane BNP Paribas Day by Day Goldman Sachs HSBC JPMorgan RBC Capital Markets Credit Suisse Barclays CM - CIC Securities(ESN) Kepler Capital Markets Natixis S&P Capital IQ Makor Capital CA Cheuvreux Gabelli & Co National Bank AG

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

Analyst STEPHANE SCHLATTER SAROOP PUREWAL JEREMY A DELLIS STEPHANE BEYAZIAN VINCENT MAULAY FREDERIC BOULAN JEAN-MICHEL SALVADOR CRAIG STERLING ANTOINE PRADAYROL VALERIE GASTALDY ANDREW LEE NICOLAS COTE-COLISSON TORSTEN ACHTMANN OLIVIA PETERS JAKOB BLUESTONE SAN DHILLON JEAN-MICHEL KOSTER JOSEP PUJAL BENOIT MAYNARD JAMES CRAWSHAW ALBERT SAPORTA GIOVANNI MONTALTI EVAN D MILLER STEFFEN MANSKE

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

Recommendation hold Equalwt/In-Line underperform outperform reduce neutral buy overweight neutral hold Buy/Neutral neutral neutral sector perform underperform equalweight sell buy buy sell buy suspended coverage buy buy

Amt Held % Out 66'374'020 20.47 16'135'367 4.98 15'760'774 4.86 6'044'972 1.86 5'290'144 1.63 (3'825'942) -1.18 3'614'826 1.11 3'499'242 1.08 3'407'770 1.05 3'113'000 0.96 1'969'200 0.61 1'480'301 0.46 1'176'527 0.36 1'055'433 0.33 912'527 0.28 896'520 0.28 891'945 0.28 838'159 0.26 705'598 0.22 569'108 0.18

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

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

Latest Chg (61'801) (16'026) 8'782 65'974 (99'054) 98'000 (614) 475'721 122'874 879'189 152'562 72'000 (83'673) (135'040)

Target Price 19 29 16 25 18 21 31 #N/A N/A 24 #N/A N/A 30 23 26 20 19 22 16 30 27 16 30 35 #N/A N/A 42

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 04.01.2013 Investment Advisor 29.03.2012 Hedge Fund Manager 15.11.2011 n/a 31.12.2011 n/a 10.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 15.11.2011 n/a 15.11.2011 Other 28.09.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 20.02.2013 18.02.2013 14.02.2013 01.02.2013 31.01.2013 30.01.2013 29.01.2013 24.01.2013 24.01.2013 10.01.2013 04.12.2012 15.11.2012 15.11.2012 19.09.2012 14.07.2011 24.05.2011 16.12.2009


27.02.2013

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

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNR GY EQUITY YTD Change BNR GY EQUITY YTD % CHANGE

12/2011 09/yy 111.90 81.65 41'296.00 108.8 -2.77% 33.25% 90.91% 51.5 5'603.20 1'952.40 0.0 27.1 479.60 7'156.60

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

20 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

Fiscal Year Ended 31.12.2007 6'671.4 406.1 (64.0) -

40

31.12.2008 31.12.2009 7'379.6 6'364.6 481.0 476.8 (42.1) (0.1) Profitability

LTM-4Q 31.12.2010 7'649.1 0.70x 596.6 8.97x 143.6 26.04x

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

31.12.2011 8'679.3 0.60x 657.3 7.92x 277.4 13.35x 657.30 544.30 6.27% 4.83% 5.71% 18.05% 10.56% 1.71% 20.4% 7.3% 5.9% 3.2% 1.60 1.07 35.02% 112.58% 7.09 10.84

Price/ Cash Flow

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

LTM

09/yy 8'457.4 2.49x 645.0 7.38x 262.3 12.84x

09/yy 9'510.6 2.54x 691.4 9.68x 316.8 16.24x

FY+1

0.67 50.20 28.23% 9.42% 0.666 19 3.947 89'900 91'060 99'143 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 9'625.2 10'044.8 2'309.5 0.73x 0.69x 711.1 763.8 182.7 10.05x 9.36x 336.8 371.3 81.8 16.76x 15.23x S&P Issuer Ratings

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

09.06.2011 BBBSTABLE 5.55 4.82 2.20 2.66 112.6% 52.6% 1.71 11.33 51.65 33.76 47.91 35.69

Sales/Revenue/Turnover

35.00

10'000.0 9'000.0

30.00

8'000.0

25.00

7'000.0 6'000.0

20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0 5.00 0.00 02.01.2009

1'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Brenntag AG Holdings By:

All

Holder Name BLACKROCK AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I MASSACHUSETTS FINANC THREADNEEDLE ASSET M LONGVIEW PARTNERS (G ARTISAN PARTNERS HOL T ROWE PRICE ASSOCIA PAULSON & CO BANKHAUS LAMPE FMR LLC THREADNEEDLE INVESTM DEUTSCHE BANK AG VANGUARD GROUP INC OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP SCHRODER INVESTMENT ALLIANZ ASSET MANAGE MANNING & NAPIER ADV ROYAL BANK OF CANADA

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

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

Analyst CHARLES WILSON ROBERT PLANT MARKUS MAYER CHRISTIAN KORTH CRAIG STERLING THOMAS WISSLER DAVID RIGBY JESKO MAYER-WEGELIN GERHARD ORGONAS CHRISTIAN COHRS GEORG REMSHAGEN HEIKO FEBER CHRISTIAN DOUGLAS SIMON MEZZANOTTE STEFAN KICK LARS HETTCHE ANDY CHU

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

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

Amt Held 4'651'083 2'593'310 2'590'260 2'466'369 1'624'063 1'597'984 1'575'332 1'546'700 1'539'263 1'274'147 1'260'036 1'172'608 1'000'845 910'414 875'409 856'174 627'224 610'928 555'420 461'261

% Out 9.03 5.04 5.03 4.79 3.15 3.1 3.06 3 2.99 2.47 2.45 2.28 1.94 1.77 1.7 1.66 1.22 1.19 1.08 0.9

Weighting

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

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

Latest Chg (25'246) (87'007) (2'308) (115'002) 22'488 (22'538) (54'537) 44'603 546'130 26'386

Target Price 141 117 120 120 #N/A N/A 124 115 116 125 87 118 98 80 99 95 77 114

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

File Dt Inst Type 25.02.2013 Investment Advisor 12.07.2012 Investment Advisor 28.06.2012 Investment Advisor 12.06.2012 Investment Advisor 19.09.2012 Investment Advisor 10.07.2012 Investment Advisor 17.10.2011 Investment Advisor 23.08.2011 Investment Advisor 21.07.2011 Hedge Fund Manager 21.06.2012 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Bank

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

Date 20.02.2013 14.02.2013 01.02.2013 18.01.2013 17.01.2013 15.01.2013 14.01.2013 11.01.2013 10.01.2013 03.01.2013 19.12.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 01.11.2012 19.10.2012


27.02.2013

Bunzl PLC Bunzl plc is a distribution group supplying a range of non-food consumable products for customers to operate their businesses but which they do not actually sell. The Company partners with both suppliers and customers in providing outsourcing solutions and service oriented distribution. Bunzl's main customer markets include grocery, foodservice, cleaning and safety.

Price/Volume 1400

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (28.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNZL LN EQUITY YTD Change BNZL LN EQUITY YTD % CHANGE

12/2012 01/yy 1'251.00 923.50 487'940.00 1238 -1.04% 34.06% 90.84% 332.1 4'111.43 829.50 0.0 0.0 81.20 4'859.73

800

1.5 M

600

1.0 M

400 .5 M

200 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

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

2.0 M

1000

Valuation Analysis

31.12.2008 4'177.3 0.71x 297.9 10.01x 142.2 13.25x

2.5 M

1200

31.12.2009 31.12.2010 4'648.7 4'829.6 0.67x 0.68x 319.7 331.7 9.72x 9.88x 148.9 159.0 14.53x 14.64x Profitability

31.12.2011 5'109.5 0.74x 361.3 10.52x 123.8 23.14x

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

31.12.2012 5'359.2 0.76x 375.4 10.92x 195.3 16.85x 375.40 293.80 5.48% 5.03% 6.87% 23.08% 14.20% 1.89% 7.1% 5.5% 3.6% 1.23 0.07 28.20% 93.68% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.28 0.78 314.61 33.54% 22.70% 0.776 18 2.667 708'947 554'673 575'923 FY+2

12/13 Y 12/14 Y 5'848.6 6'041.3 0.81x 0.76x 407.9 427.4 11.91x 11.37x 247.7 265.2 16.44x 15.48x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

7.42 6.96 1.98 2.20 93.7% 48.4% 1.89 48.63 -

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Bunzl PLC Holdings By:

All

Holder Name INVESCO LTD GATES III WILLIAM HE LLOYDS BANKING GROUP BLACKROCK MASSACHUSETTS FINANC MASSACHUSETTS FINANC LEGAL & GENERAL FMR LLC Cascade Investment C MARATHON ASSET MANAG AVIVA INVESTORS BANK OF NEW YORK MEL OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC Cantillon Capital NORGES BANK INVESTME PERPETUAL INVESTMENT VANGUARD GROUP INC SCOTTISH WIDOWS CAPITAL GROUP COMPAN

Firm Name Jefferies Shore Capital Stockbrokers Canaccord Genuity Corp Panmure Gordon & Co Limited Barclays RBC Capital Markets Credit Suisse JPMorgan Berenberg Bank Oriel Securities Ltd Numis Securities Ltd EVA Dimensions Goldman Sachs HSBC Deutsche Bank

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

Analyst WILLIAM KIRKNESS ROBIN SPEAKMAN GRAHAM BROWN PAUL JONES PAUL CHECKETTS ANDREW BROOKE DAVID RIGBY ROBERT PLANT SIMON MEZZANOTTE HECTOR FORSYTHE MIKE MURPHY CRAIG STERLING CHARLES WILSON RAJESH KUMAR ANDY CHU

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

Recommendation underperform buy sell hold equalweight underperform underperform overweight sell hold buy hold neutral/neutral neutral hold

Amt Held 32'571'686 16'593'248 16'572'497 16'491'628 15'428'800 14'938'337 11'968'666 11'812'377 11'618'458 10'313'227 9'892'982 9'378'654 8'593'958 8'354'804 7'823'103 7'533'358 7'084'595 6'709'860 5'753'506 5'645'752

% Out 9.81 5 4.99 4.97 4.65 4.5 3.6 3.56 3.5 3.11 2.98 2.82 2.59 2.52 2.36 2.27 2.13 2.02 1.73 1.7

Weighting

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

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

Latest Chg 3'108'288 (1'054) 1'085'577 1'176'019 222'492 775'615 102'031 (1'277'647) 521'780 (500'400) 157'395 129'693 937'259 54'752

Target Price 990 #N/A N/A 1'000 1'096 1'250 1'020 1'000 1'350 910 1'200 1'505 #N/A N/A 1'111 1'120 1'000

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

File Dt 27.02.2012 17.04.2012 01.11.2012 25.02.2013 01.11.2012 31.12.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 25.02.2013 01.11.2012 30.12.2012 01.11.2012 01.11.2012 31.03.2012 31.12.2012 01.11.2012 01.11.2012

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

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 17.01.2013 10.01.2013 01.11.2012 22.10.2012


27.02.2013

Bureau Veritas SA Bureau Veritas SA provides a range of consulting services, including global inspection and audit, tests and certification applied to quality, hygiene and health.

Price/Volume 120

.8 M .7 M

100

.6 M 80

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVI FP EQUITY YTD Change BVI FP EQUITY YTD % CHANGE

12/2012 09/yy 97.79 60.90 184'990.00 95.83 -1.92% 57.36% 94.58% 110.8 10'613.37 1'294.70 0.0 18.8 244.10 12'007.27

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

.4 M .3 M

40

.2 M 20 0 f-12

.1 M m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 2'549.4 1.58x 429.2 9.40x 217.2 14.23x

.5 M

60

Valuation Analysis

31.12.2009 31.12.2010 2'647.8 2'929.7 1.75x 2.48x 486.6 545.4 9.55x 13.30x 252.7 290.4 15.58x 21.16x Profitability

LTM-4Q 31.12.2011 3'358.6 2.16x 593.2 12.24x 297.6 20.70x

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

31.12.2012 3'902.3 297.6 31.35x 593.20 480.30 14.30% 12.57% 8.47% 31.41% 14.19% 0.99% 17.4% 13.8% 7.6% 1.13 1.08 37.23% 121.52% -

Price/ Cash Flow

09/yy 638.5 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 3'178.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.61 52.73 59.06% 13.21% 0.610 23 3.217 161'056 122'891 126'258 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'234.0 4'543.5 2.72x 2.48x 804.9 875.5 14.92x 13.72x 467.1 520.6 23.01x 20.69x 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

13.57 10.92 2.18 2.58 121.5% 54.4% 0.99 11.18 -

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 |


27.02.2013

Bureau Veritas SA Holdings By:

All

Holder Name WENDEL INVESTISSEMEN CAPITAL GROUP COMPAN FMR LLC ALLIANZ ASSET MANAGE SCHRODER INVESTMENT VANGUARD GROUP INC BLACKROCK BUREAU VERITAS SA ALLIANCE BERNSTEIN SANFORD C BERNSTEIN PIEDELIEVRE FRANK TARDAN FRANCOIS DEUTSCHE BANK AG VONTOBEL ASSET MANAG VIRTUS INVESTMENT AD NEW JERSEY DIVISION SCOTTISH WIDOWS BNP ASSET MANAGEMENT GROUPAMA ASSET MGMT FIRST CANADIAN MUTUA

Firm Name Societe Generale Jefferies CM - CIC Securities(ESN) Oddo & Cie Berenberg Bank Bryan Garnier & Cie Helvea AlphaValue JPMorgan Exane BNP Paribas Goldman Sachs EVA Dimensions Credit Suisse Main First Bank AG Natixis Kepler Capital Markets CA Cheuvreux IDMidcaps Deutsche Bank HSBC

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

Analyst PATRICK JOUSSEAUME WILLIAM KIRKNESS JEAN-PASCAL BRIVADY GUILLAUME RASCOUSSIER SIMON MEZZANOTTE BRUNO DE LA ROCHEBROCHARD CHRISTIAN BURGER HELENE COUMES ROBERT PLANT LAURENT BRUNELLE JOHN WOODMAN CRAIG STERLING DAVID RIGBY MOURAD LAHMIDI OLIVIER LEBRUN BETTINA EDMONDSTON BEAT KEISER TEAM COVERAGE THOMAS SYKES MATTHEW LLOYD

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

Recommendation buy underperform reduce buy buy buy neutral reduce neutral outperform neutral/neutral sell neutral outperform neutral hold underperform add hold neutral

Amt Held 56'293'340 8'624'871 3'645'458 2'198'490 1'117'898 1'016'914 885'144 766'126 657'944 588'829 496'700 457'014 318'268 296'896 288'772 250'000 235'010 218'660 218'612 200'260

% Out 50.83 7.79 3.29 1.99 1.01 0.92 0.8 0.69 0.59 0.53 0.45 0.41 0.29 0.27 0.26 0.23 0.21 0.2 0.2 0.18

Weighting

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

M M M M M M M M M M M M M M M M M M M M

Latest Chg (302'479) (138'970) 28'065 (259'050) 24'550 (117'321) 34'674 (80'000) 26'475 26'575 (39'525) (5'954) (68'477) 1'825

Target Price 95 65 81 92 96 100 87 84 90 100 97 #N/A N/A 90 89 82 80 71 77 71 70

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

File Dt Inst Type 31.03.2010 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.03.2010 Corporation 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2009 n/a 31.12.2009 n/a 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Insurance Company 30.06.2012 Pension Fund (ERISA) 31.10.2012 Unclassified 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 21.02.2013 20.02.2013 12.02.2013 22.01.2013 15.01.2013 14.01.2013 04.01.2013 07.12.2012 06.11.2012 01.10.2012 03.09.2012 30.08.2012 03.07.2012


27.02.2013

Cairn Energy PLC Cairn Energy PLC is oil and gas exploration and development company. The Company operates in North West Europe, North Atlantic, Mediterranean, and South Asia.

Price/Volume 400

25.0 M

350

20.0 M

300 250

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNE LN EQUITY YTD Change CNE LN EQUITY YTD % CHANGE

12/2011 01/yy 364.90 245.20 314'969.00 272.3 -25.38% 11.05% 24.23% 603.3 1'642.68 0.00 0.0 0.0 4'730.70 1'564.49

31.12.2007 287.7 26.62x 104.4 73.36x 1'543.1 5.36x

10.0 M

150 100

5.0 M

50 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

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

15.0 M

200

Valuation Analysis

31.12.2008 31.12.2009 299.3 12.26x 111.9 11.3 32.80x 687.86x 348.8 19.0 10.93x Profitability

31.12.2010 (108.9) 794.3 -

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

31.12.2011

LTM-4Q

LTM

01/yy

01/yy

(984.9) 4'101.1 -984.90 -988.60 72.90% 112.50% 21.61 21.19 0.00% 0.00% -

Price/ Cash Flow

-

FY+1 -

0.00 1.28 579.62 0.08 -23.51% 2.83% 1.278 29 4.069 1'003'286 1'162'202 1'353'336 FY+2

12/12 Y 12/13 Y 359.3 228.4 2.62x 5.35x (124.9) (96.7) (0.4) (27.3) 275.30x 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

-

-

-17.84 -25.27 -0.01 0.0% 0.0% -

Sales/Revenue/Turnover

120.00

350.0

100.00

300.0 250.0

80.00

200.0 60.00

150.0

40.00

100.0

20.00

50.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Cairn Energy PLC Holdings By:

All

Holder Name MASSACHUSETTS FINANC HSBC HOLDINGS PLC BLACKROCK HSBC Investment Fund A ROTHSCHILD FOUNDAT The Bat Hanadiv Foun LEGAL & GENERAL FRANKLIN RESOURCES NORGES BANK SCOTTISH WIDOWS AVIVA PLC ACADIAN ASSET MANAGE CAPITAL GROUP INTERN GREENLIGHT CAPITAL I GOVT OF SINGAPORE IN BANK OF NEW YORK MEL SCHRODER INVESTMENT CREDIT SUISSE AG APG ALGEMENE PENSIOE MSD CAPITAL LP

Firm Name FirstEnergy Capital Corp Societe Generale AlphaValue Day by Day Exane BNP Paribas Finncap Sanford C. Bernstein & Co Investec JPMorgan Numis Securities Ltd Oriel Securities Ltd Morgan Stanley Jefferies Liberum Capital Ltd Deutsche Bank RBC Capital Markets Barclays Macquarie Goldman Sachs Canaccord Genuity Corp Tudor Pickering & Co N+1 Singer Ltd Davy HSBC EVA Dimensions Nomura S&P Capital IQ Arden Partners Ltd

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

Analyst STEPHANE FOUCAUD DAVID MIRZAI ALEXANDRE ANDLAUER VALERIE GASTALDY ALEJANDRO DEMICHELIS WILLIAM ARNSTEIN OSWALD CLINT STUART JOYNER JAMES THOMPSON SANJEEV BAHL RICHARD GRIFFITH JAMIE MADDOCK LAURA LOPPACHER ANDREW WHITTOCK PHIL CORBETT NATHAN PIPER ALESSANDRO POZZI MARK WILSON CHRISTOPHOR JOST THOMAS MARTIN ANISH KAPADIA SIMON HAWKINS JOB LANGBROEK PETER HITCHENS TEAM COVERAGE THEEPAN JOTHILINGAM CHRISTINE TISCARENO DANIEL SLATER

Source REG RNS-MAJ ULT-AGG REG RNS-MAJ REG ULT-AGG ULT-AGG RNS-MAJ ULT-AGG RNS-MAJ REG Co File RNS-MAJ ULT-AGG REG REG REG REG REG

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

Amt Held 46'171'328 44'093'996 39'804'509 29'700'251 28'920'203 26'030'203 24'456'895 20'338'941 19'242'631 18'544'044 18'325'235 17'467'811 14'751'661 14'560'000 13'861'620 13'609'281 13'345'639 11'578'600 8'553'201 8'489'663

% Out 7.65 7.31 6.6 4.92 4.79 4.31 4.05 3.37 3.19 3.07 3.04 2.9 2.45 2.41 2.3 2.26 2.21 1.92 1.42 1.41

Weighting

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

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

Latest Chg 2'301'190 1 349'316 (2'890'000) (870'838) 7'127'910 (5'475'667) 5'058'816 (240'000) (7'183'879) 1'718'766 (1'382'361) -

Target Price 390 280 263 #N/A N/A 323 330 330 340 320 432 #N/A N/A 365 385 360 335 400 355 350 382 375 370 390 #N/A N/A 350 #N/A N/A 382 1'015 #N/A N/A

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

File Dt Inst Type 01.11.2012 Investment Advisor 02.05.2012 Investment Advisor 25.02.2013 Investment Advisor 01.11.2012 Unclassified 10.05.2012 Other 01.11.2012 Unclassified 31.01.2013 Unclassified 31.12.2012 Investment Advisor 27.11.2012 Government 01.11.2012 Unclassified 11.01.2013 Investment Advisor 01.11.2012 Investment Advisor 23.03.2012 Investment Advisor 09.05.2012 Hedge Fund Manager 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Pension Fund (ERISA) 01.11.2012 Hedge Fund Manager

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

Date 26.02.2013 25.02.2013 21.02.2013 14.02.2013 11.02.2013 05.02.2013 04.02.2013 01.02.2013 30.01.2013 30.01.2013 25.01.2013 22.01.2013 22.01.2013 22.01.2013 10.01.2013 08.01.2013 08.01.2013 18.12.2012 17.12.2012 12.11.2012 06.11.2012 24.10.2012 10.10.2012 27.09.2012 06.09.2012 14.06.2012 20.10.2011 29.09.2010


27.02.2013

CaixaBank CaixaBank accepts deposits and offers banking services. The bank offers portfolio management services, insurance, investment strategy advice, international banking services, and other specialist financial services.

Price/Volume 4

120.0 M

3

100.0 M

3

80.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (2/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 CABK SQ EQUITY YTD Change CABK SQ EQUITY YTD % CHANGE

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

31.12.2009 -

40.0 M

1

20.0 M

1 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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

60.0 M

2

12/2012 12/yy 3.62 2.01 2'818'137.00 3.014 -16.57% 50.32% 61.30% 4'489.7 13'532.10 107'613.00 0.0 (82.0) 15'691.00 -

31.12.2010

Profitability

-

LTM-4Q 31.12.2011 11'389.0 1'053.5 11.99x

31.12.2012 11'562.0 230.0 54.02x -21.61% -0.99% 0.07% 1.06% 0.20% 0.04% 3.7% 30.90% 472.13% -

LTM

12/yy 11'512.8 0.00x 0.0 0.00x 1'053.5 10.07x

12/yy 12'019.1 0.00x 0.0 0.00x 229.9 10.91x

FY+1

0.98 1'181.61 -9.06% 14.30% 0.977 22 2.636 6'290'412 5'842'476 6'714'788 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'019.3 7'402.7 614.1 1'715.3 23.55x 9.82x 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

23.11.2012 BBBNEG 23.11.2012 A-3 472.1% 82.6% 0.04 3.17 -

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 |


27.02.2013

CaixaBank Holdings By:

All

Holder Name CAJA AHORROS PENSION CAIXABANK CAJA DE AHORROS Y MO MONTE DE P Y C SAN F VANGUARD GROUP INC BLACKROCK INMOBILIARIA CARSO DIMENSIONAL FUND ADV SCOTTISH WIDOWS MUNTANYOLA JAVIER GO BBVA GESTION SA SGII INVERCAIXA GESTION S CREDIT SUISSE ASSET STATE STREET BANQUE INVESCO GESTION SCHRODER INVESTMENT FMR LLC LEGAL & GENERAL CASAS ISIDRO FAINE BANK OF NEW YORK MEL

Firm Name

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

Analyst

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Ahorro Corporacion Financiera SA IRMA GARRIDO NMAS 1 Agencia de Valores FRANCISCO RIQUEL BBVA SILVIA RIGOL CARNEIRO Exane BNP Paribas SANTIAGO LOPEZ DIAZ AlphaValue DAVID GRINSZTAJN JPMorgan JAIME BECERRIL Mediobanca SpA ANDREA FILTRI Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Natixis FREDERIC TESCHNER Nomura DARAGH QUINN Keefe, Bruyette & Woods ANTONIO RAMIREZ Credit Suisse IGNACIO CEREZO Societe Generale CARLOS GARCIA GONZALEZ Goldman Sachs JERNEJ OMAHEN Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE Makor Capital ALBERT SAPORTA EVA Dimensions AUSTIN BURKETT Morgan Stanley ALVARO SERRANO CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Renta 4 SA SVB NATALIA AGUIRRE Bankia Bolsa (ESN) JOSE LUIS PALMA LAORDEN

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

Recommendation neutral hold neutral market perform underperform sell neutral underperform buy neutral reduce market perform neutral hold neutral/neutral reduce buy buy Underwt/In-Line underperform Under Review suspended coverage

Amt Held 3'185'453'207 61'451'283 52'200'000 50'015'625 15'930'701 9'783'549 7'634'000 2'080'665 1'368'763 1'351'383 1'182'913 1'160'610 1'111'896 822'140 792'743 774'260 757'917 652'585 631'003 623'691

% Out 70.95 1.37 1.16 1.11 0.35 0.22 0.17 0.05 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01

Weighting

Change

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

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

Latest Chg 62'697'889 2'048'375 462'197 64'357 1'410'954 27'929 346'667 125'221 8'531 1'179 792'743 (34'537) (1'995'724) -

Target Price 3 3 3 3 2 2 3 3 3 3 2 3 3 3 4 3 6 #N/A N/A 3 4 #N/A N/A #N/A N/A

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

File Dt Inst Type 12.12.2012 Unclassified 31.12.2011 Investment Advisor 07.01.2013 Bank 07.01.2013 Bank 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 05.10.2011 Corporation 31.07.2012 Investment Advisor 31.10.2012 Unclassified 07.01.2013 n/a 29.02.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 07.01.2013 n/a 25.02.2013 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 20.02.2013 15.02.2013 14.02.2013 11.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 01.02.2013 23.01.2013 23.01.2013 22.01.2013 16.01.2013 15.01.2013 28.11.2012 24.08.2012 27.07.2012 28.01.2011


27.02.2013

Carnival PLC Carnival plc owns and operates cruise ships. The Company offers cruise vacations in North America, continental Europe, the United Kingdom, South America, and Australia. Dually-listed company with CCL US.

Price/Volume 3000

4.0 M 3.5 M

2500

3.0 M 2000

Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (28.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CCL LN EQUITY YTD Change CCL LN EQUITY YTD % CHANGE

11/2012 11/yy 2'638.00 1'792.86 1'014'728.00 2431 -7.81% 35.59% 71.72% 215.5 19'712.78 8'902.00 0.0 0.0 465.00 38'333.40

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

2.0 M 1.5 M

1000

1.0 M 500

.5 M

0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 30.11.2008 14'646.0 1.73x 3'978.0 6.35x 2'330.0 7.12x

2.5 M

1500

Valuation Analysis

30.11.2009 30.11.2010 13'460.0 14'469.0 2.66x 2.82x 3'463.0 3'763.0 10.34x 10.83x 1'790.0 1'978.0 14.69x 16.28x Profitability

LTM-4Q 30.11.2011 15'793.0 2.26x 3'756.0 9.50x 1'912.0 14.20x

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

30.11.2012 15'382.0 2.59x 1'298.0 24.26x 3'756.00 1'815.00 11.80% 8.46% 3.34% 5.44% 4.95% 0.40% 44.2% 22.4% 11.8% 8.4% 0.25 0.10 22.73% 37.20% 57.72 22.46

Price/ Cash Flow

LTM

11/yy 15'793.0 9.86x 3'777.0 9.45x 1'912.0 14.20x

11/yy 15'383.0 7.09x 2'774.0 0.00x 1'298.0 24.26x

FY+1

.0 M f-13

4.07 0.95 183.89 37.54% 3.78% 0.948 19 4.053 1'065'693 996'469 809'699 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 02/13 Q1 05/13 Q2 16'264.6 17'153.5 3'634.7 3'701.0 2.33x 2.16x 10.76x 10.46x 3'799.3 4'283.5 515.9 717.7 10.09x 8.95x 10.14x 9.94x 1'853.6 2'279.3 42.7 237.4 15.47x 12.45x 15.55x 14.79x 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

16.04.2003 NR 10.29 2.90 2.45 2.61 37.2% 27.1% 0.40 0.48 6.34 16.30 89.45 -66.82

Sales/Revenue/Turnover

12.00

18'000.0 16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 6.00

8'000.0 6'000.0

4.00

4'000.0 2.00 0.00 04.12.2009

2'000.0 0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

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

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


27.02.2013

Carnival PLC Holdings By:

All

Holder Name Carnival Investments THORNBURG INVESTMENT BLACKROCK LEGAL & GENERAL SCHRODER INVESTMENT SPRUCEGROVE INVESTME SCHRODER INVESTMENT ARTEMIS INVESTMENT M M&G INVESTMENT MANAG CAPITAL GROUP COMPAN VANGUARD GROUP INC UBS ALLIANCE BERNSTEIN ARTEMIS INVESTMENT M T ROWE PRICE ASSOCIA TIAA CREF INVESTMENT CLEARSTREAM BANKING F&C ASSET MANAGEMENT AVIVA INVESTORS VANGUARD GROUP INC

Firm Name Credit Suisse Barclays Oriel Securities Ltd S&P Capital IQ Numis Securities Ltd Telsey Advisory Group Exane BNP Paribas HSBC Natixis EVA Dimensions Investec Liberum Capital Ltd Jefferies Panmure Gordon & Co Limited Deutsche Bank Shore Capital Stockbrokers Morgan Stanley Day by Day Nomura

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

Analyst TIM RAMSKILL ED BIRKIN EDWARD STANFORD WILLIAM MACK WYN ELLIS JOSHUA HERRITY MATTHIAS DESMARAIS LENA THAKKAR GEOFFREY D'HALLUIN CRAIG STERLING JAMES HOLLINS ALEXIA DOGANI IAN RENNARDSON SIMON FRENCH RICHARD CARTER GREG JOHNSON JAMIE ROLLO VALERIE GASTALDY TEAM COVERAGE

Source Research RNS-MAJ ULT-AGG ULT-AGG MF-AGG REG REG REG REG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG REG REG REG REG

Recommendation neutral equalweight hold strong buy buy no rating system outperform overweight neutral overweight buy buy hold sell buy buy Equalwt/In-Line hold suspended coverage

Amt Held 30'615'744 18'120'228 16'783'363 6'095'296 5'809'931 5'752'516 5'569'951 5'501'999 5'107'871 5'000'000 4'785'304 4'759'690 4'411'395 4'359'876 4'183'498 3'505'745 2'424'759 2'207'622 2'197'187 2'087'280

% Out 14.21 8.41 7.79 2.83 2.7 2.67 2.58 2.55 2.37 2.32 2.22 2.21 2.05 2.02 1.94 1.63 1.13 1.02 1.02 0.97

Weighting

Change

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

M M M M M M M M M M M M M M M M M M M

Latest Chg (1'715'731) (2'565'328) (100'454) 395'918 (14'335) 25'062 (202'019) (524'365) (8'208) (15'700) (28'853) 744'534 (23'740) 644'048 (18'524) (1'311'207) 57'305

Target Price 2'222 2'305 #N/A N/A 2'900 3'200 2'800 2'850 3'000 2'500 #N/A N/A 3'000 3'000 2'400 1'770 2'930 #N/A N/A 2'400 #N/A N/A #N/A N/A

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

File Dt 31.08.2011 19.02.2013 25.02.2013 01.11.2012 31.10.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 25.02.2013 20.02.2013 18.02.2013 14.02.2013 12.02.2013 10.02.2013 05.02.2013 01.02.2013 21.01.2013 17.01.2013 15.01.2013 09.01.2013 03.01.2013 03.01.2013 12.12.2012 16.11.2012 12.11.2012 22.10.2012 11.02.2012


27.02.2013

Casino Guichard Perrachon SA Casino Guichard-Perrachon SA operates a wide range of hypermarkets, supermarkets, and convenience stores. The Company operates in Asia and Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CO FP EQUITY YTD Change CO FP EQUITY YTD % CHANGE

12/2012 12/yy 78.34 61.69 96'197.00 76.64 -2.14% 24.23% 90.51% 112.7 8'635.35 12'180.00 0.0 2'604.0 6'303.00 14'512.35

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

.9 M

80

.8 M

70

.7 M

60

.6 M

50

.5 M

40

.4 M

30

.3 M

20

.2 M

10

.1 M

0 f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 27'076.0 0.45x 1'826.0 6.73x 495.0 12.54x

90

31.12.2009 31.12.2010 26'757.0 29'078.0 0.48x 0.50x 1'804.0 1'969.0 7.09x 7.41x 591.0 533.0 19.98x 15.26x Profitability

LTM-4Q 31.12.2011 34'361.0 0.45x 2'147.0 7.22x 568.0 12.81x

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

31.12.2012 41'971.0 0.33x 3'228.0 4.34x 1'062.0 7.60x 3'228.00 2'377.00 5.66% 4.42% 2.93% 9.66% 6.74% 1.16% 26.1% 7.7% 5.7% 2.5% 1.05 0.64 28.45% 80.13% 16.06 2.04

Price/ Cash Flow

LTM

09/yy 28'094.7 0.00x 0.0 0.00x 0.0 0.00x

12/yy 41'970.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.79 55.30 11.39% 6.30% 0.793 27 3.667 289'650 229'353 226'184 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 50'575.6 54'436.6 0.35x 0.33x 3'386.6 3'706.8 4.28x 3.91x 639.6 718.1 13.51x 11.90x S&P Issuer Ratings

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

03.11.2005 BBBSTABLE 04.05.2005 A-3 3.86 1.81 1.82 3.77 80.1% 44.5% 1.16 3.87 22.79 179.85 250.26 -7.80

Sales/Revenue/Turnover

6.00

45'000.0 40'000.0

5.00

35'000.0 30'000.0

4.00

25'000.0 3.00

20'000.0 15'000.0

2.00

10'000.0 1.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Casino Guichard Perrachon SA Holdings By:

All

Holder Name RALLYE SA ALPETROL COBIVIA SAS MATIGNON SABLONS L'HABITATION MODERNE GALERIES LAFAYETTE CNP ASSURANCES ABERDEEN DNCA FINANCE VANGUARD GROUP INC LBPAM BLACKROCK CAPITAL GROUP COMPAN BNP PARIBAS INV PART BNP ASSET MANAGEMENT HSBC ASSET MGMT EURO UNION INVESTMENT LUX ROYAL BANK OF CANADA PRINCIPAL FINANCIAL FMR LLC

Firm Name

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

Analyst

Cantor Fitzgerald MICHAEL J DENNIS Oddo & Cie LAURENCE HOFMANN EVA Dimensions AUSTIN BURKETT Jefferies JAMES GRZINIC HSBC JEROME SAMUEL CM - CIC Securities(ESN) CHRISTIAN DEVISMES Natixis ANTOINE PARISON Nomura NICK COULTER Exane BNP Paribas ANDREW GWYNN Morgan Stanley EDOUARD AUBIN Credit Suisse XAVIER LE MENE JPMorgan JAIME VAZQUEZ Barclays NICOLAS CHAMP Day by Day VALERIE GASTALDY Deutsche Bank JAMES G COLLINS AlphaValue VIRGINIE BLIN Shore Capital Stockbrokers CLIVE WILLIAM BLACK Aurel - BGC JEAN-MARIE L'HOME Goldman Sachs FRANKLIN WALDING Espirito Santo Investment Bank Research RICHARD CATHCART Raymond James CEDRIC LECASBLE Main First Bank AG RICKIN THAKRAR CA Cheuvreux ARNAUD JOLY Kepler Capital Markets FABIENNE CARON Redburn Partners MARC DE SPEVILLE

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

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

Amt Held 22'970'255 12'381'366 9'382'840 5'919'598 4'580'773 2'049'747 1'866'582 1'499'600 1'108'908 977'989 659'207 458'738 341'000 324'828 286'344 268'035 231'158 224'862 198'168 195'884

% Out 20.39 10.99 8.33 5.25 4.07 1.82 1.66 1.33 0.98 0.87 0.59 0.41 0.3 0.29 0.25 0.24 0.21 0.2 0.18 0.17

Weighting

Change

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

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

Latest Chg (7'200) (10'000) 25'600 14'733 15'979 341'000 6'907 (43'084) (1'958) (500) (14'886)

Target Price 66 80 #N/A N/A 70 89 84 88 81 85 77 83 77 60 #N/A N/A 82 102 #N/A N/A 85 93 68 80 100 61 70 #N/A N/A

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

File Dt Inst Type 29.02.2012 Corporation 29.02.2012 Other 29.02.2012 Other 29.02.2012 Other 29.02.2012 Other 29.02.2012 Corporation 29.02.2012 Insurance Company 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Bank 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.02.2013 26.02.2013 26.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 14.02.2013 14.02.2013 18.01.2013 16.01.2013 11.01.2013 30.10.2012 16.10.2012 16.10.2012 08.10.2012 23.07.2012 18.05.2012


27.02.2013

Chr Hansen Holding A/S Chr. Hansen Holding A/S develops and produces natural food ingredients, pharmaceuticals, and biotechnological products. The Company's product line includes dairy enzymes, cultures, natural colors, and flavor solutions, as well as products for the diagnosis, prevention, relief, and cure of allergies. Christian Hansen sells worldwide for the human, animal, and industrial markets.

Price/Volume 250

1.6 M 200

1.2 M 1.0 M .8 M

100

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CHR DC EQUITY YTD Change CHR DC EQUITY YTD % CHANGE

08/2012 11/yy 205.00 135.70 217'174.00 204.9 -0.05% 50.99% 99.40% 134.5 27'559.04 424.40 0.0 5.5 60.50 4'121.22

.6 M .4 M

50

.2 M 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

1.4 M

150

Valuation Analysis

31.08.2008 476.7 141.4 42.6 -

1.8 M

31.08.2009 31.08.2010 511.2 551.8 4.18x 154.4 182.6 12.63x (19.5) 17.8 96.62x Profitability

LTM-4Q 31.08.2011 635.6 3.93x 202.1 12.36x 116.7 19.13x

31.08.2012 698.7 5.04x 230.7 15.25x 129.3 24.71x

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

230.70 185.00 26.48% 24.66% 10.02% 21.22% 0.53% 51.5% 27.0% 18.5% 1.26 0.71 31.60% 64.78% 7.32 3.82

Price/ Cash Flow

11/yy 642.1 16.52x 0.0 0.00x 119.9 18.47x

LTM 11/yy 709.6 19.42x 0.0 0.00x 135.1 25.23x

FY+1

.0 M f-13

0.60 51.38% 11.54% 0.601 20 3.500 255'821 321'229 301'377 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 02/13 Q2 05/13 Q3 759.4 828.4 180.0 198.1 5.30x 4.81x 261.0 287.4 59.7 69.0 15.79x 14.34x 147.2 163.6 33.0 39.9 25.16x 22.19x S&P Issuer Ratings

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

17.48 14.41 64.8% 39.1% 0.53 2.81 49.98 95.81 56.17 59.18

Sales/Revenue/Turnover

25.00

800.0 700.0

20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00

0.00 04.09.2009

100.0 0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

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

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


27.02.2013

Chr Hansen Holding A/S Holdings By:

All

Holder Name NOVO AS CAPITAL GROUP COMPAN CHRISTIAN HANSEN HOL BLACKROCK NORDEA INV MANAGEMEN FMR LLC DANSKE INVEST A/S AMERICAN CENTURY COM LANNEBO FONDER AB ROYAL BANK OF CANADA VANGUARD GROUP INC MASSACHUSETTS FINANC ALLIANZ ASSET MANAGE WILLIAM BLAIR & COMP JUPITER ASSET MANAGE BESSEMER GROUP INCOR OPPENHEIMERFUNDS INC CHARLES SCHWAB INVES SWEDBANK ROBUR FONDE DWS INVESTMENT S A

Firm Name SEB Enskilda CA Cheuvreux Morgan Stanley Jyske Bank Credit Suisse Handelsbanken Berenberg Bank Carnegie Societe Generale Goldman Sachs Nordea Equity Research Danske Markets ABG Sundal Collier JPMorgan DNB Markets EVA Dimensions Alm Brand Markets Deutsche Bank Sydbank NYKREDIT Credit Suisse

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

Analyst SOREN SAMSOE RICHARD KOCH ERIK SJOGREN JONAS GULDBORG HANSEN JIMMIE BORK CASPER BLOM JAMES TARGETT LARS TOPHOLM ALEX SLOANE FULVIO CAZZOL HANS GREGERSEN TOBIAS CORNELIUS BJORKLUND MICHAEL K RASMUSSEN ANKUR GUPTA RUNE MAJLUND DAHL CRAIG STERLING MICHAEL FRIIS JORGENSEN CATHERINE FARRANT MORTEN IMSGARD KLAUS KEHL CHARLES MILLS

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

Recommendation buy select list Overwt/In-Line reduce outperform reduce hold buy sell neutral/neutral hold hold hold overweight hold hold sell buy hold outperform outperform

Amt Held 35'419'331 12'047'000 5'282'763 2'349'532 1'339'747 1'313'210 1'310'913 915'642 900'000 820'706 791'237 720'805 710'909 637'170 593'385 436'495 417'152 353'284 350'400 272'105

% Out 26.33 8.96 3.93 1.75 1 0.98 0.97 0.68 0.67 0.61 0.59 0.54 0.53 0.47 0.44 0.32 0.31 0.26 0.26 0.2

Weighting

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

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

Latest Chg 1'290'000 750'207 (32'683) (665'160) 1'300 177'445 (275'756) (5'918) 6'414 106'028 20'252 (1'050'987) 38'168 353'284 22'650

Target Price 225 220 195 205 200 179 195 #N/A N/A 170 213 210 184 190 185 185 #N/A N/A 145 190 #N/A N/A #N/A N/A 145

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

File Dt Inst Type 29.03.2012 Holding Company 31.12.2012 Investment Advisor 31.08.2012 Corporation 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 30.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager

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

Date 25.02.2013 13.02.2013 11.02.2013 06.02.2013 05.02.2013 24.01.2013 21.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 15.01.2013 01.11.2012 17.10.2012 04.07.2012 25.04.2012 11.04.2012


27.02.2013

Cie Generale de Geophysique - Veritas Compagnie Generale de Geophysique-Veritas (CGG-Veritas) provides geophysical services and software products and manufactures geophysical equipment. The Company's products and services use seismic imaging to help the oil and gas industries explore and develop reserves. CGG-Veritas operates in the Americas, Asia-Pacific, Europe, the former Soviet Union, and Africa.

Price/Volume

3.0 M 2.5 M 2.0 M

15

Latest Fiscal Year: LTM as of: 52-Week High (09.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CGG FP EQUITY YTD Change CGG FP EQUITY YTD % CHANGE

12/2011 09/yy 25.76 15.58 577'639.00 20.775 -19.24% 33.36% 49.64% 176.4 3'664.55 1'501.00 0.0 67.5 410.70 5'026.77

1.5 M

10

1.0 M

5 0 f-12

.5 M m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

3.5 M

25 20

Valuation Analysis

31.12.2007 3'254.4 2.73x 1'313.6 6.77x 336.5 21.38x

30

31.12.2008 31.12.2009 3'828.0 3'114.1 1.02x 1.44x 1'582.8 1'142.7 2.48x 3.92x 489.5 (368.6) 4.40x Profitability

LTM-4Q 31.12.2010 2'900.1 2.13x 771.3 8.01x (72.4) -

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

31.12.2011 3'157.6 1.72x 830.0 6.56x (26.5) 596.10 147.90 6.52% 1.58% 1.13% 2.11% 2.88% 0.47% 16.8% 29.0% 9.6% -0.8% 1.76 1.21 27.02% 51.07% 3.99 6.58

Price/ Cash Flow

09/yy 3'188.8 7.62x 579.0 7.57x (82.2) 0.00x

LTM 09/yy 3'364.8 6.92x 977.1 6.70x 81.2 61.04x

FY+1

.0 M f-13

1.31 169.16 0.03 -4.29% -8.03% 1.310 29 3.828 936'941 842'471 802'576 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'719.7 3'473.9 792.8 781.8 1.83x 1.43x 5.96x 6.12x 814.1 1'190.0 250.6 255.3 6.12x 4.19x 4.81x 4.36x 126.2 317.6 62.2 81.3 28.02x 11.98x 12.83x 11.14x S&P Issuer Ratings

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

29.11.2012 BBSTABLE 4.72 2.65 1.70 2.04 51.1% 33.3% 0.47 2.84 91.64 55.64 51.68 106.00

Sales/Revenue/Turnover

30.00

4'500.0 4'000.0

25.00

3'500.0 3'000.0

20.00

2'500.0 15.00

2'000.0 1'500.0

10.00

1'000.0 5.00 0.00 02.01.2009

500.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Cie Generale de Geophysique - Veritas Holdings By:

All

Holder Name FONDS STRATEGIQUE D' BLACKROCK AMUNDI MANNING & NAPIER ADV IFP ENERGIES NOUVELL VANGUARD GROUP INC NATIXIS ASSET MANAGE AMUNDI ALLIANZ ASSET MANAGE LBPAM HSBC ASSET MGMT EURO FMR LLC LOMBARD ODIER DARIER UBS O'CONNOR LIMITED GLOBAL INVESTMENT SE CIE GENERALE DE GEOP PACIFIC LIFE INSURAN MANDARINE GESTION BNP ASSET MANAGEMENT DNCA FINANCE

Firm Name Gilbert Dupont Exane BNP Paribas Portzamparc Societe de Bourse AlphaValue Goldman Sachs JPMorgan Oddo & Cie SpareBank 1 Markets AS CM - CIC Securities(ESN) Day by Day HSBC RBC Capital Markets EVA Dimensions Raymond James Morgan Stanley ABG Sundal Collier Natixis Barclays Societe Generale Equita SIM SpA Pareto Securities CA Cheuvreux Canaccord Genuity Corp Nomura Fearnley Fonds Kepler Capital Markets

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

Analyst CHRISTINE ROPERT ALEXANDRE MARIE NICOLAS ROYOT ALEXANDRE ANDLAUER MICHAEL RAE ANDREW DOBBING JEAN-FRANCOIS GRANJON CHRISTOPHER MOLLERLOKKEN JEAN-LUC ROMAIN VALERIE GASTALDY DAVID PHILLIPS KATHERINE TONKS CRAIG STERLING BERTRAND HODEE ROBERT PULLEYN JOHN A SCHJ OLAISEN ANNE PUMIR MICK PICKUP GUILLAUME DELABY MASSIMO BONISOLI KRISTIAN DIESEN GEOFFROY STERN JAMES EVANS CHRISTYAN MALEK MORTEN NYSTROM TEAM COVERAGE

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

Recommendation buy outperform buy reduce Sell/Neutral overweight neutral buy buy buy overweight outperform underweight market perform Equalwt/Attractive hold buy underweight buy hold buy select list hold reduce buy buy

Amt Held % Out 9'867'345 5.59 9'602'520 5.44 7'778'027 4.41 7'577'908 4.3 6'346'610 3.6 3'026'238 1.72 2'088'905 1.18 1'934'454 1.1 1'511'152 0.86 1'401'270 0.79 1'326'910 0.75 1'242'733 0.7 1'075'142 0.61 (864'322) -0.49 827'312 0.47 804'868 0.46 731'998 0.41 704'510 0.4 598'547 0.34 563'830 0.32

Weighting

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

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

Latest Chg (3'678) 201'739 (1'217) 343'627 (543'084) (9'320) (50'024) (19'385) (952) (69'821) (340) 35'278 114'112 (125'965) (58'381) 3'393 (2'536'000)

Target Price 30 33 27 20 22 27 24 26 28 27 31 27 #N/A N/A #N/A N/A 27 23 25 25 29 28 30 30 28 20 29 28

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

File Dt 09.06.2012 25.02.2013 31.12.2011 31.03.2012 09.06.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 08.01.2013 31.10.2012 31.03.2012 31.01.2013 31.12.2012 30.09.2012 28.09.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager Investment Advisor Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 22.02.2013 21.02.2013 21.02.2013 01.02.2013 01.02.2013 29.01.2013 24.01.2013 23.01.2013 23.01.2013 22.01.2013 17.01.2013 17.01.2013 16.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 08.01.2013 27.11.2012 06.11.2012 15.10.2012 25.09.2012 05.09.2012 30.07.2012 15.03.2012


27.02.2013

Clariant AG Clariant, AG. develops, produces, markets and sales specialty chemical products. The Company provides dyes and chemicals for the textile, leather and paper industries, pigments for the use in paints, printing inks, decorative paints, plastics, cosmetics, concentrated pigment and additive preparations for engineering plastics, spin dyeing, and packaging.

Price/Volume

12.0 M

12

10.0 M 8.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/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 CLN VX EQUITY YTD Change CLN VX EQUITY YTD % CHANGE

12/2012 12/yy 14.54 8.62 1'502'369.00 13.82 -4.88% 60.32% 88.51% 295.8 4'087.30 3'476.00 0.0 86.0 1'667.00 5'982.30

6.0 M

6 4

4.0 M

2

2.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

14.0 M

14 10

Valuation Analysis

31.12.2008 8'071.0 0.36x 746.0 3.85x (45.0) -

16

31.12.2009 31.12.2010 6'614.0 7'120.0 0.51x 0.71x 470.0 880.0 7.14x 5.76x (206.0) 180.0 23.38x Profitability

LTM-4Q 31.12.2011 7'370.0 0.60x 874.0 5.10x 227.0 10.78x

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

31.12.2012 6'038.0 0.92x 772.0 7.19x 217.0 17.64x 772.00 456.00 7.55% 4.07% 2.33% 7.37% 0.79% 28.9% 11.1% 6.8% 3.6% 1.55 0.80 36.49% 117.67% 7.39 5.19

Price/ Cash Flow

LTM

12/yy 7'370.0 2.71x 874.0 5.10x 227.0 10.11x

12/yy 7'355.0 2.89x 819.0 6.77x 217.0 16.92x

FY+1

.0 M f-13

1.52 212.89 11.27% 11.90% 1.515 23 3.391 2'354'579 2'717'684 2'484'709 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'645.7 6'865.1 1'700.0 1'515.0 0.81x 0.75x 869.9 962.6 185.0 208.0 6.87x 6.21x 7.44x 334.9 411.9 73.0 91.0 12.70x 10.40x 13.42x 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

14.03.2011 BBBSTABLE 14.03.2011 A-3 4.98 2.97 2.21 4.24 117.7% 53.3% 0.79 3.20 49.54 70.48 91.10 33.53

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00 10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Clariant AG Holdings By:

All

Holder Name SHAREHOLDER GROUP FMR LLC CLARIANT AG AXA STOCKHAUSEN DOLF WINTERSTEIN KONSTANT TIAA CREF INVESTMENT UBS FUND MANAGEMENT AMUNDI NORGES BANK CREDIT SUISSE ASSET SCHRODER INVESTMENT UBS FUND MANAGEMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT PICTET & CIE VONTOBEL ASSET MANAG SPARINVEST JULIUS BAER MULTICOO

Firm Name Macquarie Bank Vontobel AG EVA Dimensions Goldman Sachs Credit Suisse Barclays Deutsche Bank Morgan Stanley Nomura AlphaValue Main First Bank AG Exane BNP Paribas Kepler Capital Markets Berenberg Bank HSBC JPMorgan Societe Generale Zuercher Kantonalbank CA Cheuvreux Canaccord Genuity Corp

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

Analyst CHRISTIAN FAITZ PATRICK RAFAISZ CRAIG STERLING RAKESH PATEL RHIAN O'CONNOR GUNTHER ZECHMANN TIMOTHY JONES PETER MACKEY JEAN DE WATTEVILLE MARTIN SCHNEE BERND POMREHN JAMES KNIGHT MARKUS MAYER JAIDEEP PANDYA JESKO MAYER-WEGELIN NEIL C TYLER PETER CLARK MARTIN SCHREIBER OLIVER GIRAKHOU PAUL W SATCHELL

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

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

Amt Held 44'738'756 18'637'405 15'353'421 15'053'731 11'461'304 11'018'080 9'168'284 9'128'414 9'079'559 8'964'927 8'701'582 5'818'212 3'964'166 3'803'422 3'617'417 3'464'090 3'209'033 1'827'000 1'767'987 906'686

% Out 15.13 6.3 5.19 5.09 3.88 3.73 3.1 3.09 3.07 3.03 2.94 1.97 1.34 1.29 1.22 1.17 1.09 0.62 0.6 0.31

Weighting

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

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

Latest Chg 1'598'001 8'390'087 510'682 (141'955) (444'515) (74) 484'601 (15'145) 570'336 (108'000) (36'425) 214'247

Target Price 18 18 #N/A N/A 11 12 16 12 15 16 15 14 11 17 16 12 11 10 #N/A N/A 10 9

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

File Dt 31.12.2011 14.12.2012 06.02.2013 31.12.2011 31.12.2011 14.01.2013 31.12.2011 17.11.2012 31.12.2011 18.02.2013 28.12.2012 28.09.2012 31.01.2013 31.12.2012 31.07.2012 28.12.2012 30.11.2012 31.10.2012 31.01.2013 31.10.2012

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

Inst Type Other Investment Advisor Corporation Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Government Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 25.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 07.02.2013 04.02.2013 01.02.2013 24.01.2013 11.01.2013 07.12.2012 04.12.2012 07.11.2012 20.08.2012 18.05.2012


27.02.2013

Cobham PLC Cobham PLC designs and manufactures a wide range of equipment, specialized systems and components for the aerospace, defense, energy, and electronics industries. The Company products include refuelling equipment, aviation oxygen systems, weapon system containers, and rescue and navigation lights. Cobham also operates and maintains aircraft designed for special mission flights.

Price/Volume 250

12.0 M 10.0 M

150

8.0 M 100

Latest Fiscal Year: LTM as of: 52-Week High (19.07.2012) 52-Week Low (01.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COB LN EQUITY YTD Change COB LN EQUITY YTD % CHANGE

12/2011 01/yy 242.70 185.90 1'468'441.00 231.8 -4.49% 24.69% 77.11% 1'078.6 2'500.14 578.10 0.0 0.5 345.60 3'036.24

6.0 M 4.0 M

50

2.0 M

0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

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

14.0 M

200

Valuation Analysis

31.12.2007 1'061.1 2.16x 214.3 10.71x 131.7 18.83x

16.0 M

31.12.2008 31.12.2009 1'466.5 1'880.4 2.04x 1.75x 263.5 370.5 11.33x 8.90x 95.4 185.8 25.28x 15.47x Profitability

31.12.2010 1'902.6 1.41x 349.6 7.65x 152.7 15.34x

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

31.12.2011 1'854.4 1.27x 415.3 5.66x 187.9 10.92x 415.30 285.90 15.42% 12.63% 7.45% 18.06% 14.66% 0.72% 31.5% 22.4% 15.4% 10.1% 1.29 0.78 25.32% 56.75% 3.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.71 0.90 1'077.90 26.79% 4.98% 0.903 20 2.850 2'002'803 1'858'006 1'753'625 FY+2

12/12 Y 12/13 Y 1'756.0 1'733.8 1.66x 1.62x 406.1 390.1 7.48x 7.78x 226.7 218.0 10.99x 11.48x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

4.23 3.74 1.33 1.84 56.8% 36.2% 0.72 5.59 95.83 98.15

Sales/Revenue/Turnover

14.00

2'000.0 1'800.0

12.00

1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0 2.00 0.00 02.01.2009

200.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Cobham PLC Holdings By:

All

Holder Name ABERDEEN SPRUCEGROVE INVESTME INVESCO LTD MASSACHUSETTS FINANC BLACKROCK M&G INVESTMENT MANAG LEGAL & GENERAL ARTEMIS INVESTMENT M MASSACHUSETTS FINANC THREADNEEDLE ASSET M WALTER SCOTT & PARTN ARTEMIS INVESTMENT M CAZENOVE CAPITAL MAN NORGES BANK INVESTME SCHRODER INVESTMENT SCOTTISH WIDOWS JO HAMBRO CAPITAL MA VANGUARD GROUP INC THREADNEEDLE INVESTM MONDRIAN INVESTMENT

Firm Name

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

Analyst

Investec ANDREW GOLLAN AlphaValue THOMAS PICHERIT RBC Capital Markets ROBERT STALLARD JPMorgan DAVID H. PERRY Societe Generale ZAFAR KHAN Jefferies SANDY MORRIS EVA Dimensions CRAIG STERLING Exane BNP Paribas TRISTAN SANSON Barclays CHRISTIAN LAUGHLIN Espirito Santo Investment Bank Research EDWARD STACEY Credit Suisse OLIVER SLEATH Kepler Capital Markets CHRISTOPHE MENARD Deutsche Bank BEN FIDLER Morgan Stanley RUPINDER VIG Arden Partners Ltd GRAHAM J WEBSTER CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX Canaccord Genuity Corp PAUL BRANT

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

Recommendation hold add sector perform neutral sell buy overweight neutral underweight neutral underperform hold hold Underwt/In-Line neutral underperform hold

Amt Held 64'857'450 61'936'221 54'494'692 53'994'749 53'589'089 45'440'056 41'657'230 39'379'014 34'671'298 33'622'317 33'413'500 29'597'064 25'003'250 24'296'498 23'284'065 21'189'851 19'464'450 19'230'526 17'013'718 15'019'719

% Out 6.01 5.74 5.05 5.01 4.97 4.21 3.86 3.65 3.21 3.12 3.1 2.74 2.32 2.25 2.16 1.96 1.8 1.78 1.58 1.39

Weighting

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

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

Latest Chg 1'907'169 1'393'515 (3'648'992) 2'937'859 6'630'825 (637'532) (154'957) 1'053'027 3'678'682 1'901'180 1'192'000 6'153'700 (1'237'731) (322'338) 1'951'626 485'073 1'214'550 468'467

Target Price 205 262 230 245 200 240 #N/A N/A 205 182 205 170 195 200 175 #N/A N/A 220 190

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

File Dt Inst Type 31.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 25.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 01.11.2012 Hedge Fund Manager

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

Date 22.02.2013 21.02.2013 20.02.2013 11.02.2013 07.02.2013 31.01.2013 17.01.2013 16.01.2013 15.01.2013 15.11.2012 13.11.2012 13.11.2012 12.11.2012 12.11.2012 01.10.2012 09.08.2012 26.03.2012


27.02.2013

Coca Cola Hellenic Bottling Co SA Coca-Cola Hellenic Bottling Company S.A. produces, sells, and distributes soft drinks, fruit juices, and mineral water. The Company produces all kinds of Coca-Cola brand name products such as Coke, Diet Coke, Sprite, Diet Sprite, and Fanta. Coca-Cola Hellenic manufactures and distributes in 26 countries worlwide.

Price/Volume 25

8.0 M 20

12/2012 12/yy 21.00 11.00 550'515.00 20.44 -2.67% 85.80% 89.60% 366.6 7'492.35 2'256.00 0.0 17.9 476.10 9'120.85

5.0 M 4.0 M 3.0 M 2.0 M

5

1.0 M 0 f-12

.0 M m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2009 31.12.2010 6'543.6 6'793.6 1.24x 1.33x 1'016.3 1'081.5 7.99x 8.38x 399.2 426.6 14.67x 16.55x Profitability

LTM-4Q 31.12.2011 6'854.3 0.97x 917.8 7.25x 268.9 17.91x

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

31.12.2012 7'044.7 190.4 34.04x 917.80 539.90 7.88% 5.48% 3.01% 7.65% 5.87% 0.93% 37.9% 12.3% 6.8% 2.7% 1.07 0.69 31.18% 77.92% 5.98 8.84

Price/ Cash Flow

12/yy 6'854.3 4.52x 917.8 7.25x 268.9 17.91x

LTM 12/yy 7'073.2 2.97x 695.4 0.00x 191.9 34.04x

FY+1

0.58 89.48 49.14% 15.48% 0.576 18 2.667 200'322 174'817 172'151 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'271.5 7'684.3 1.24x 1.15x 953.3 1'053.1 9.57x 8.66x 339.8 412.5 21.98x 18.23x 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

07.06.2012 BBB+ *07.06.2012 A-2 *8.83 5.26 1.86 2.49 77.9% 43.6% 0.93 2.27 61.22 41.42 51.05

Sales/Revenue/Turnover

10.00

8'000.0

9.00

7'000.0

8.00

6'000.0

7.00

5'000.0

6.00 5.00

4'000.0

4.00

3'000.0

3.00

2'000.0

2.00

1'000.0

1.00 0.00 01.01.2010

6.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (2/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 EEEK GA EQUITY YTD Change EEEK GA EQUITY YTD % CHANGE

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

7.0 M

15

Valuation Analysis

31.12.2008 6'980.7 0.88x 1'028.5 5.97x 227.6 16.67x

9.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Coca Cola Hellenic Bottling Co SA Holdings By:

All

Holder Name COCA-COLA CO/THE KAR-TESS HOLDING S.A COCA-COLA OVERSEAS P ATLANTIC INDUSTRIES COMPETROL ESTABLISHM REFRESHMENT PRODUCT CAPITAL GROUP COMPAN VANGUARD GROUP INC UMB BANK N A COMGEST GROWTH PLC BLACKROCK ALPHA MUTUAL FUND MA ING INVESTMENT MANAG DIETHNIKI MUTUAL FUN EUROBANK EFG MUTUAL BARLAN INC TD ASSET MANAGEMENT FMR LLC T ROWE PRICE ASSOCIA MASSACHUSETTS FINANC

Firm Name National Securities SA Piraeus Securities S.A. PANTELAKIS SECURITIES SA Eurobank EFG Goldman Sachs HSBC Societe Generale Deutsche Bank Nomura Marfin Analysis (ESN) JPMorgan Barclays EVA Dimensions Euroxx Securities Jefferies Renaissance Capital Merit Securities Alpha Finance

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

Analyst IAKOVOS KOURTESIS GEORGE DOUKAS PARIS MANTZAVRAS STAMATIOS DRAZIOTIS CONOR PARSONS LAUREN E TORRES ANDREW HOLLAND JONATHAN FELL EDWARD MUNDY DIMITRIS BIRBOS MIKE J GIBBS SAMAR CHAND AUSTIN BURKETT YIANNIS SINAPIS DIRK VAN VLAANDEREN NATALYA ZAGVOZDINA CHRIS A SAMOTHRAKIS NIKOS KATSENOS

Source EXCH 13D 13D 13D EXCH 13D ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13D MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral neutral neutral hold neutral/attractive neutral sell hold neutral hold overweight underweight sell Under Review hold hold buy neutral 1

Amt Held 87'862'873 85'355'019 45'002'970 28'774'369 18'730'884 10'833'612 8'779'000 3'989'829 3'828'430 2'083'000 1'388'362 973'848 623'330 604'882 578'066 497'566 476'746 431'096 396'877 344'997

% Out 23.97 23.29 12.28 7.85 5.11 2.96 2.4 1.09 1.04 0.57 0.38 0.27 0.17 0.17 0.16 0.14 0.13 0.12 0.11 0.09

Weighting

Change

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

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

Latest Chg 50'522 11'250 (206'239) (591) (13'202) (167'923) 193'066 (27'978) 391'719 (82'975)

Target Price 17 18 21 18 20 20 17 20 19 18 23 14 #N/A N/A #N/A N/A 16 14 18 22

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

File Dt Inst Type 22.02.2013 Corporation 25.02.2013 Holding Company 25.02.2013 n/a 25.02.2013 n/a 22.02.2013 Holding Company 25.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 25.02.2013 n/a 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.02.2013 22.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 23.01.2013 17.01.2013 10.01.2013 14.09.2012 05.06.2012 10.10.2011 10.05.2011


27.02.2013

Coloplast A/S Coloplast A/S develops and provides health care products and services. The Company manufactures products for ostomy, incontinence, mastectomy, wound healing, and skin care. Coloplast's research projects are carried out in cooperation with professional caregivers and user groups. The Company sells to health care professionals, dealers, and product users throughout the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COLOB DC EQUITY YTD Change COLOB DC EQUITY YTD % CHANGE

09/2012 12/yy 301.00 178.90 244'552.00 295 -1.99% 64.90% 97.22% 207.0 62'127.00 1'296.00 0.0 0.0 2'618.00 61'137.00

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

1.4 M

300

1.2 M

250

1.0 M

200

.8 M

150

.6 M

100

.4 M

50

.2 M

0 f-12 m-12

30.09.2009 30.09.2010 8'820.0 9'537.0 2.23x 3.02x 2'024.0 2'667.0 9.71x 10.79x 883.0 1'243.0 20.72x 22.40x Profitability

LTM-4Q 30.09.2011 10'172.0 3.26x 3'108.0 10.66x 1'819.0 18.55x

30.09.2012 11'023.0 4.49x 3'756.0 13.17x 2'194.0 23.12x

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

3'756.00 3'255.00 29.53% 26.80% 24.90% 44.92% 1.20% 66.6% 35.2% 30.8% 19.9% 1.61 1.22 12.74% 21.45% 6.01 3.73

Price/ Cash Flow

j-12

LTM

12/yy 10'285.0 13.35x 3'178.0 10.95x 1'896.0 18.27x

j-12

12/yy 11'234.0 16.92x 3'958.0 14.47x 2'327.0 24.99x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.57 66.30% 6.69% 0.570 26 3.231 373'727 388'872 400'328 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 11'662.5 12'392.2 2'854.4 2'962.5 5.13x 4.81x 4'198.7 4'531.7 999.3 1'064.3 14.56x 13.49x 13.39x 13.42x 2'715.7 2'976.0 669.4 720.9 22.82x 20.64x 22.31x 21.70x S&P Issuer Ratings

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

41.27 37.56 -0.25 0.34 21.4% 17.7% 1.20 5.00 60.86 98.06 36.51 115.41

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 02.10.2009

a-12 m-12

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

Fiscal Year Ended 30.09.2008 8'463.0 2.32x 1'691.0 11.63x 715.0 24.22x

350

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

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


27.02.2013

Coloplast A/S Holdings By:

All

Holder Name LOUIS-HANSEN NIELS P AAGE OG JOHANNE LOUI COLOPLAST AS BNEDICTE FIND WILLIAM BLAIR & COMP NP LOUIS HANSEN APS VANGUARD GROUP INC SEB DANSKE INVEST A/S NORDEA INV MANAGEMEN BLACKROCK SNS INVESTMENT FUND PRINCIPAL FINANCIAL JUPITER ASSET MANAGE INVESCO LTD MADISON SQUARE INVES MACKAY SHIELDS LLC ACTIVEST MUNICH PRUDENTIAL FINANCIAL AMERICAN CENTURY COM

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

Firm Name

Analyst

Societe Generale AlphaValue Jefferies Commerzbank Corporates & Markets Barclays ABG Sundal Collier SEB Enskilda Carnegie Nordea Equity Research Handelsbanken S&P Capital IQ Danske Markets Morgan Stanley Alm Brand Markets Goldman Sachs Credit Suisse JPMorgan DNB Markets Berenberg Bank EVA Dimensions Jyske Bank CA Cheuvreux Deutsche Bank NYKREDIT Sydbank

JUSTIN SMITH KAMLA SINGH INGEBORG OIE OLIVER METZGER ALEXANDER KLEBAN MORTEN LARSEN NIELS GRANHOLM-LETH KRISTOFER LILJEBERG SOREN V HOLM SORENSEN KLAUS MADSEN JACOB THRANE MARTIN PARKHOI MICHAEL K JUNGLING MICHAEL FRIIS JORGENSEN VERONIKA DUBAJOVA CHRISTOPH GRETLER DAVID J ADLINGTON RUNE MAJLUND DAHL SCOTT BARDO ANDREW S ZAMFOTIS FRANK HOERNING ANDERSEN RICHARD KOCH YI-DAN WANG KRESTEN JOHNSEN SOEREN LONTOFT HANSEN

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

Recommendation hold reduce underperform add overweight buy hold hold buy reduce hold sell Equalwt/Attractive sell Buy/Neutral outperform neutral sell hold overweight reduce underperform buy outperform neutral

Amt Held 39'537'001 22'356'000 13'662'000 7'452'000 3'791'680 2'484'000 2'207'116 1'418'365 953'160 914'815 744'305 612'030 486'168 481'390 425'471 407'755 403'235 386'835 383'180 383'041

% Out 19.1 10.8 6.6 3.6 1.83 1.2 1.07 0.69 0.46 0.44 0.36 0.3 0.23 0.23 0.21 0.2 0.19 0.19 0.19 0.19

Weighting

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

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

Latest Chg 349'885 42'141 (52'895) (1'465) (4'025) 2'389 (65'930) (86'298) (87'209) (16'570) 8'640 383'041

Target Price 300 300 230 350 293 325 282 #N/A N/A 310 240 310 222 260 260 368 305 241 248 275 #N/A N/A 290 246 320 #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 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 25.02.2013 29.06.2012 31.01.2013 31.07.2012 26.02.2013 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012

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

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

Date 25.02.2013 21.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 23.01.2013 17.01.2013 09.01.2013 20.12.2012 18.12.2012 27.04.2012 03.11.2011


27.02.2013

Colruyt SA Colruyt SA retails goods and offers computer and printing services. The Company retails food and non-food items through Colruyt supermarkets, and Coccinelle, UGA, and Codi Cash supermarkets and cash and carry stores. It retails toys, baby products, and school supplies through Dreamland stores. Colruyt markets computers and offers programming services.

Price/Volume 45

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

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.08.2012) 52-Week Low (27.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COLR BB EQUITY YTD Change COLR BB EQUITY YTD % CHANGE

03/2012 01/yy 38.68 28.55 106'494.00 36.76 -5.07% 28.76% 76.84% 168.5 6'194.80 34.20 0.0 32.5 308.30 5'796.60

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

10 5 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

Fiscal Year Ended 31.03.2008 5'673.8 0.88x 504.0 9.88x 288.2 18.38x

15

31.03.2009 31.03.2010 6'309.6 6'752.6 0.83x 0.82x 549.1 599.8 9.53x 9.21x 306.0 329.6 18.08x 17.46x Profitability

31.03.2011 7'280.1 0.77x 621.2 9.08x 338.0 17.36x

31.03.2012 7'847.6 0.57x 681.4 6.55x 342.9 13.83x

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

681.40 485.20 6.18% 6.23% 10.70% 22.84% 2.51% 25.6% 8.5% 6.0% 4.4% 0.99 0.54 1.08% 2.16% 17.36 10.80

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.71 31.17% -1.97% 0.710 30 2.400 151'002 135'247 148'986 FY+2

03/13 Y 03/14 Y 8'293.0 8'755.1 0.70x 0.66x 687.4 730.6 8.43x 7.93x 349.0 370.2 16.37x 15.52x 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

-

-

851.75 475.88 -0.58 0.05 2.2% 2.1% 2.51 5.43 21.08 33.90 56.15 -1.13

Sales/Revenue/Turnover

25.00

9'000.0 8'000.0

20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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


27.02.2013

Colruyt SA Holdings By:

All

Holder Name COLRUYT FAMILY COLRUYT SA SOFINA SA MACKENZIE FINANCIAL VANGUARD GROUP INC BNP PARIBAS INV PART UNION INVESTMENT GMB WILLIAM BLAIR & COMP BANK OF NEW YORK MEL IG INVESTMENT MANAGE BLACKROCK KBC GROUP NV NATIXIS ASSET MANAGE MD MANAGEMENT LTD DANSKE INVEST A/S ING ASSET MANAGEMENT NEUBERGER BERMAN LLC DANSKE INVEST MANAGE BROWN BROTHERS HARRI DEXIA ASSET MANAGEME

Firm Name Rabobank International AlphaValue JPMorgan Jefferies Nomura Credit Suisse Bank Degroof(ESN) KBC Securities Petercam Oddo & Cie ING Bank Exane BNP Paribas ABN Amro Bank N.V. EVA Dimensions Kempen & Co Barclays Deutsche Bank HSBC Day by Day Main First Bank AG Hammer Partners SA Macquarie CA Cheuvreux Natixis Goldman Sachs Raymond James Morgan Stanley Kepler Capital Markets

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

Analyst PATRICK ROQUAS VIRGINIE BLIN JAIME VAZQUEZ JAMES GRZINIC NICK COULTER XAVIER LE MENE MARC LEEMANS PASCALE WEBER FERNAND DE BOER LAURENCE HOFMANN MARCO GULPERS ANDREW GWYNN ROBERT JAN VOS AUSTIN BURKETT ERWIN DUT NICOLAS CHAMP JAMES G COLLINS EMMANUELLE VIGNERON VALERIE GASTALDY RICKIN THAKRAR STEPHAN SEIP SREEDHAR MAHAMKALI ARNAUD JOLY ANTOINE PARISON FRANKLIN WALDING CEDRIC LECASBLE EDOUARD AUBIN TEAM COVERAGE

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

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

Amt Held 78'351'430 12'350'868 8'750'000 3'237'230 1'380'754 1'045'853 898'189 866'268 861'505 619'075 604'938 363'963 345'570 289'300 273'703 223'000 219'385 175'188 147'000 140'276

% Out 46.49 7.33 5.19 1.92 0.82 0.62 0.53 0.51 0.51 0.37 0.36 0.22 0.21 0.17 0.16 0.13 0.13 0.1 0.09 0.08

Weighting

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

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

Latest Chg (7'135) (92'468) (74'500) 32'039 31 (15'500) 167'480 9'200 1'389 1'264 38'962 2'043 (7'462) 1'365 16'961 -

Target Price 33 37 40 29 32 36 33 34 38 34 36 31 33 #N/A N/A 33 29 36 32 40 28 40 30 31 33 33 34 35 38

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

File Dt Inst Type 18.10.2012 n/a 18.10.2012 Corporation 18.10.2012 Holding Company 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Investment Advisor

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

Date 25.02.2013 21.02.2013 18.02.2013 01.02.2013 01.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013 06.01.2013 04.01.2013 14.12.2012 04.12.2012 23.11.2012 28.09.2012 06.07.2012 29.06.2012 29.06.2012 28.06.2012 27.06.2012 27.06.2012 22.06.2012 22.09.2011


27.02.2013

Corio NV Corio NV is a property investment company qualifying as an Investment Institution under Dutch Law. The Company's portfolio consists primarily of retail properties, but also offices and industrial properties in the Netherlands, France, Italy, and Spain.

Price/Volume 40

2.5 M

35

2.0 M

30 25

Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (09.11.2012) Daily Volume Current Price (2/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 CORA NA EQUITY YTD Change CORA NA EQUITY YTD % CHANGE

12/2012 12/yy 41.22 31.57 346'783.00 34.72 -15.81% 9.98% 31.21% 96.2 3'339.58 2'954.50 0.0 48.0 10.20 6'331.88

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

31.12.2009 31.12.2010 403.9 439.2 14.71x 16.26x 309.8 323.1 19.18x 22.10x (131.9) 375.7 11.14x Profitability

10

.5 M

5 0 f-12

m-12

LTM-4Q 31.12.2011 474.4 13.24x 376.0 16.70x 218.2 14.12x

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 487.6 12.91x 336.3 18.71x 16.0 201.85x 336.30 336.30 43.74% 1.54% 0.21% 0.39% 0.22% 0.06% 69.0% 3.3% 38.72% 72.37% -

Price/ Cash Flow

12/yy 474.4 56.98x 376.0 16.71x 218.2 14.06x

a-12 m-12

j-12

j-12

LTM 12/yy 487.6 53.18x 336.3 18.71x 16.0 201.85x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.09 52.92 5.43% 1.18% 1.087 22 3.636 444'476 366'046 341'932 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 457.4 454.9 109.5 108.0 13.64x 13.74x 57.96x 58.97x 369.1 368.8 93.4 91.2 17.14x 17.15x 17.64x 18.14x 257.8 265.1 47.1 49.2 12.90x 12.79x 13.25x 13.56x 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 BBB+ STABLE 25.05.2010 A-2 2.73 1.08 8.75 8.79 72.4% 41.7% 0.06 -

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

1.0 M

15

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 385.1 12.10x 294.6 15.82x (239.6) -

1.5 M

20

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Corio NV Holdings By:

All

Holder Name STICHTING PENSIOEN F BLACKROCK PGGM FONDSENBEHEER B COHEN & STEERS CAPIT LASALLE INVESTMENT M VANGUARD GROUP INC STATE STREET SANLAM ASSET MANAGEM BNP PARIBAS INV PART MORGAN STANLEY SNS INVESTMENT FUND ABN AMRO ASSET MGMT ING INTERNATIONAL AD WELLINGTON MANAGEMEN ALLIANZ ASSET MANAGE DIAM NATIXIS ASSET MANAGE NORDEA INV MANAGEMEN PETERCAM SA FORTIS INVESTMENTS

Firm Name

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

Analyst

EVA Dimensions AUSTIN BURKETT Oddo & Cie MARINE LAFITTE Goldman Sachs JULIAN LIVINGSTON-BOOTH AlphaValue PIERRE-LOUP ETIENNE Societe Generale MICHEL VARALDO Bank Degroof(ESN) DRIES DURY Rabobank International MARTIJN TER LAAK Kempen & Co THOMAS VAN DER MEIJ Morgan Stanley BART GYSENS Petercam STEPHAN VAN WEEREN Berenberg Bank KAI MALTE KLOSE Natixis SERGE DEMIRDJIAN ING Bank JAAP KUIN Exane BNP Paribas VALERIE GUEZI ABN Amro Bank N.V. RUUD VAN MAANEN Espirito Santo Investment Bank Research MICHAEL BURT JPMorgan HARM M MEIJER HSBC THOMAS MARTIN Barclays AARON GUY Deutsche Bank MARTIN ALLEN Edge Capital Research KONSTANTIN BOYCHINOV CA Cheuvreux BRUNO DUCLOS

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

Recommendation underweight neutral Buy/Neutral buy buy hold hold overweight Underwt/Attractive hold buy neutral buy neutral buy neutral neutral overweight underweight buy neutral outperform

Amt Held % Out 33'935'768 35.28 4'744'670 4.93 4'568'454 4.75 1'560'133 1.62 1'545'705 1.61 1'520'691 1.58 1'506'635 1.57 1'265'153 1.32 1'160'640 1.21 930'275 0.97 855'920 0.89 710'534 0.74 679'443 0.71 (634'826) -0.66 487'431 0.51 388'504 0.4 376'078 0.39 329'167 0.34 320'000 0.33 303'442 0.32

Weighting

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

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

Latest Chg 54'716 300'218 64'862 37'244 8'994 (8'571) 3'636 (29'382) (64) (6'174) 36'608 3'000 (1'057)

Target Price #N/A N/A 39 37 44 44 39 37 37 31 40 39 37 42 36 40 39 39 38 29 51 37 46

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

File Dt 31.12.2011 25.02.2013 31.12.2011 25.02.2013 21.08.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 31.12.2012 29.06.2012 17.07.2012 28.09.2012 01.11.2012 31.01.2013 27.02.2012 31.12.2012 31.12.2012 30.12.2011 31.10.2012

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

Inst Type Pension Fund (ERISA) Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 26.02.2013 22.02.2013 21.02.2013 21.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 15.01.2013 09.01.2013 27.11.2012 31.08.2012 10.08.2012 29.09.2011 19.08.2011


27.02.2013

Croda International PLC Croda International plc is the holding company for a group of companies that manufacture a diverse range of chemicals and chemical products, including oleochemicals and industrial chemicals. Croda supplies its items to companies that specialize in the personal care, pharmaceutical, plastics, food processing, nutrition, fire prevention, engineering and automotive industries.

Price/Volume 3000 2500 2000 1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.02.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (2/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 CRDA LN EQUITY YTD Change CRDA LN EQUITY YTD % CHANGE

12/2012 09/yy 2'639.00 2'000.00 255'744.00 2555 -3.18% 27.75% 91.39% 140.0 3'575.72 261.50 0.0 0.1 53.80 3'783.52

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

500 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

Fiscal Year Ended 31.12.2008 911.1 1.24x 143.5 7.87x 61.0 10.82x

1000

31.12.2009 31.12.2010 827.5 1'001.9 1.70x 2.44x 136.7 232.7 10.32x 10.49x 23.8 130.8 18.78x 16.94x Profitability

LTM-4Q 31.12.2011 1'068.4 2.58x 275.1 10.02x 167.5 14.73x

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

31.12.2012 1'051.9 3.36x 286.5 12.33x 161.9 18.28x 286.50 255.40 24.28% 24.07% 16.18% 53.06% 29.34% 1.05% 34.0% 27.2% 24.3% 15.4% 2.22 1.24 26.06% 75.97% 7.31 4.15

Price/ Cash Flow

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

09/yy 1'055.7 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 1'072.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.33 0.89 138.63 21.13% 7.53% 0.889 18 3.556 379'003 342'223 301'654 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 1'123.9 1'197.3 250.2 297.0 3.33x 3.09x 313.5 341.9 72.2 78.6 12.07x 11.07x 12.15x 12.03x 184.4 203.3 41.8 47.1 18.72x 17.12x 18.77x 18.51x S&P Issuer Ratings

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

30.81 25.39 0.72 0.91 76.0% 43.2% 1.05 3.10 50.05 88.29 50.84 87.50

Sales/Revenue/Turnover

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Croda International PLC Holdings By:

All

Holder Name LEGAL & GENERAL MASSACHUSETTS FINANC ABERDEEN MONDRIAN INVESTMENT M&G INVESTMENT MANAG BLACKROCK MASSACHUSETTS FINANC DANSKE BANK A/S VANGUARD GROUP INC Ruane Cunniff & Gold KUWAIT INVESTMENT AU BANK OF NEW YORK MEL BNP PARIBAS INV PART NORGES BANK INVESTME WILLIAM BLAIR & COMP FINANCIERE DE L'ECHI MAWER INVESTMENT MAN HENDERSON GLOBAL INV PRIVATE INDIVIDUALS F&C ASSET MANAGEMENT

Firm Name Credit Suisse Numis Securities Ltd Exane BNP Paribas Morgan Stanley JPMorgan Canaccord Genuity Corp Barclays Main First Bank AG Berenberg Bank Jefferies EVA Dimensions HSBC N+1 Singer Ltd Liberum Capital Ltd Deutsche Bank Goldman Sachs

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

Analyst RHIAN O'CONNOR CHARLES PICK HEIDI VESTERINEN PAUL R WALSH MARTIN EVANS ALICIA FORRY GUNTHER ZECHMANN THOMAS SWOBODA JAIDEEP PANDYA LAURENCE ALEXANDER CRAIG STERLING SEBASTIAN SATZ JAMES TETLEY ADAM COLLINS MARTIN DUNWOODIE RAKESH PATEL

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

Recommendation neutral hold neutral Overwt/In-Line overweight sell equalweight underperform buy hold overweight neutral hold buy hold Buy/Neutral

Amt Held 5'815'866 5'703'948 5'258'872 4'804'219 4'447'443 4'059'909 3'895'193 2'790'602 2'371'688 2'241'096 2'170'605 2'084'298 2'037'498 1'979'190 1'867'451 1'832'900 1'819'942 1'715'512 1'598'572 1'552'490

% Out 4.16 4.08 3.76 3.43 3.18 2.9 2.78 1.99 1.69 1.6 1.55 1.49 1.46 1.41 1.33 1.31 1.3 1.23 1.14 1.11

Weighting

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

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

Latest Chg (2'069'097) 359'071 (137'160) 44'464 384'182 325'717 (31'359) 65'289 (37'848) (7'332) 1'552'200 352'463 (54'503) 88'500 107'023 10'401 (6'769)

Target Price 2'600 2'565 2'200 2'700 2'450 1'900 2'360 2'350 2'700 2'300 #N/A N/A 2'450 2'275 2'400 2'350 3'150

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

File Dt Inst Type 31.01.2013 Unclassified 01.11.2012 Investment Advisor 31.12.2012 Unclassified 01.11.2012 Hedge Fund Manager 01.11.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Bank 31.12.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Government 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Other 01.11.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 04.02.2013 23.01.2013 22.01.2013 21.01.2013 17.01.2013 11.01.2013 03.01.2013 13.12.2012 01.11.2012 01.11.2012


27.02.2013

Dassault Systemes SA Dassault Systemes S.A. develops product life cycle management computer software. The Company's software enables engineers to create a three-dimensional model of a product, simulate its assembly, and test it before building a prototype. Dassault markets its software under the brand names Catia, Enovia, Delmia, Smarteam, Spatial, and SolidWorks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DSY FP EQUITY YTD Change DSY FP EQUITY YTD % CHANGE

12/2012 12/yy 88.25 61.60 141'495.00 85.75 -2.83% 39.20% 96.22% 125.2 10'736.87 353.90 0.0 16.2 1'319.10 9'787.87

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

31.12.2009 31.12.2010 1'251.3 1'563.8 3.07x 3.85x 272.6 393.8 14.09x 15.28x 169.7 220.5 27.60x 30.50x Profitability

LTM-4Q 31.12.2011 1'783.0 3.63x 511.5 12.66x 289.2 26.02x

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

31.12.2012 2'028.3 4.73x 594.7 16.12x 334.8 30.97x 594.70 501.00 24.70% 25.59% 9.35% 15.11% 0.57% 86.8% 29.3% 24.7% 16.5% 2.07 1.91 9.72% 14.97% 4.26 -

Price/ Cash Flow

12/yy 1'783.0 13.43x 511.5 12.67x 289.2 25.87x

1.0 M .8 M .6 M .4 M .2 M

a-12 m-12

j-12

j-12

LTM 12/yy 2'028.3 16.67x 594.7 16.12x 334.8 31.08x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.73 63.56 38.92% 1.80% 0.727 23 3.522 224'474 213'846 178'852 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'152.8 2'348.1 491.8 530.3 4.23x 3.70x 19.21x 17.71x 734.7 839.4 144.0 162.0 13.32x 11.66x 14.19x 13.85x 450.0 517.8 88.2 91.5 23.12x 20.84x 25.67x 25.79x 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

64.38 55.40 -1.62 0.60 15.0% 12.9% 0.57 18.91 85.91 -

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

1.2 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 1'334.8 2.35x 340.2 9.20x 200.5 18.90x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Dassault Systemes SA Holdings By:

All

Holder Name GROUPE INDUSTRIEL MA EDELSTENNE CHARLES ALLIANZ ASSET MANAGE MASSACHUSETTS FINANC UMB BANK N A JUPITER ASSET MANAGE CHARLES BERNARD VANGUARD GROUP INC OPPENHEIMERFUNDS INC HIGHFIELDS CAPITAL M WILLIAM BLAIR & COMP HARDING LOEVNER LP DASSAULT SYSTEMES SA BLACKROCK PRUDENTIAL FINANCIAL ROYAL BANK OF CANADA AMUNDI FMR LLC DEUTSCHE BANK AG BNP ASSET MANAGEMENT

Firm Name Bryan Garnier & Cie Griffin Securities AlphaValue S&P Capital IQ Exane BNP Paribas Morgan Stanley Baader Bank Mirabaud Securities Societe Generale Oddo & Cie Barclays Goldman Sachs HSBC CM - CIC Securities(ESN) Kepler Capital Markets Natixis EVA Dimensions Credit Suisse Day by Day CA Cheuvreux Redburn Partners

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

Analyst GREGORY RAMIREZ JAY VLEESCHHOUWER HELENE COUMES JAMES CRAWSHAW JOSEP BORI ADAM WOOD KNUT WOLLER SUSAN ANTHONY DERRIC MARCON ALEXANDRE IATRIDES GERARDUS VOS MOHAMMED MOAWALLA ANTONIN BAUDRY DOV LEVY LAURENT DAURE GWENAEL GIARD ANDREW S ZAMFOTIS CHARLES BRENNAN VALERIE GASTALDY MICHAEL BEUCHER NEIL STEER

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

Recommendation neutral neutral add buy outperform Overwt/In-Line sell add hold neutral underweight buy/attractive neutral reduce reduce buy hold neutral hold outperform sell

Amt Held % Out 51'887'334 41.44 7'684'189 6.14 1'759'156 1.4 1'675'968 1.34 1'215'483 0.97 1'203'481 0.96 1'165'139 0.93 1'132'678 0.9 921'150 0.74 (912'641) -0.73 695'369 0.56 654'150 0.52 650'000 0.52 525'009 0.42 465'280 0.37 453'337 0.36 452'964 0.36 424'875 0.34 299'153 0.24 291'924 0.23

Weighting

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

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

Latest Chg 51'870 (150'989) 54'022 32'381 (182'207) 42'974 (14'700) 2'675 8'216 4'223 21'393 60'860 (18'858) (5'279)

Target Price 86 #N/A N/A 91 100 93 93 76 85 92 83 72 115 90 68 69 96 #N/A N/A 77 #N/A N/A 85 #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 Corporation 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 01.10.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Corporation 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Bank 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 14.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 17.01.2013 21.11.2012 07.11.2012 27.07.2012 15.07.2011


27.02.2013

DE Master Blenders 1753 NV DE Master Blenders 1753 NV is a Dutch holding that owns international coffee and tea businesses. The Company is a pure-play coffee and tea company that offers an extensive range of coffee and tea products that are sold in retail and out of home markets across Europe, Brazil, Australia and Thailand.

Price/Volume 12

70.0 M

10

60.0 M 50.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (03.07.2012) 52-Week Low (12.06.2012) Daily Volume Current Price (2/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 DE NA EQUITY YTD Change DE NA EQUITY YTD % CHANGE

06/2012 01/yy 10.78 7.75 2'115'709.00 9.005 -16.46% 16.19% 44.55% 594.9 5'356.71 557.41 0.0 0.0 220.34 5'615.71

-

30.06.2009 30.06.2010 2'234.5 2'315.5 431.2 430.7 338.5 240.0 Profitability

30.06.2011 2'593.3 417.2 263.2 -

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

30.06.2012 2'795.0 2.02x 215.6 26.15x 132.2 40.50x 215.60 109.71 3.93% 9.29% 4.35% 7.95% 0.78% 36.1% 8.7% 4.7% 4.7% 1.06 0.21 25.76% 175.51% 4.19

Price/ Cash Flow

20.0 M

2

10.0 M

0 j-12

.0 M j-12

a-12

LTM-4Q

LTM

01/yy

01/yy -

s-12

o-12

n-12

d-12

j-13

f-13

FY+1 -

594.02 3.28% 21 3.238 1'341'637 1'004'879 949'761 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 2'803.4 2'946.3 1.97x 1.79x 477.7 536.6 11.76x 10.47x 287.0 322.3 18.96x 16.74x S&P Issuer Ratings

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

15.06.2012 BBB STABLE 15.06.2012 A-2 1.08 2.30 175.5% 63.7% 0.78 7.47 87.43 -

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 03.07.2009

30.0 M

4

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

Fiscal Year Ended 30.06.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

6

Valuation Analysis

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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


27.02.2013

DE Master Blenders 1753 NV Holdings By:

All

Holder Name DONATA HOLDINGS SE MORGAN STANLEY FMR LLC DB PLATINUM ADVISORS VANGUARD GROUP INC BLACKROCK TRANSAMERICA INVESTM GAMCO JENNISON ASSOCIATES ARTISAN PARTNERS HOL PIONEER INVESTMENT M TIAA CREF INVESTMENT PRINCIPAL FINANCIAL ALLIANZ ASSET MANAGE LOOMIS SAYLES & COMP GLOBAL INVESTMENT SE SADOFF INVESTMENT MA ACHMEA BELEGGINSFOND GENERALI ASSET MANAG UNION INVESTMENT GMB

Firm Name KBC Securities SNS Securities(ESN) Nomura ING Bank ABN Amro Bank N.V. Rabobank International Petercam JPMorgan Morgan Stanley Goldman Sachs Liberum Capital Ltd Deutsche Bank Theodoor Gilissen Securities Exane BNP Paribas Kempen & Co HSBC Spin-Off Research Kepler Capital Markets Redburn Partners

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios SADOFF INVESTMENT MA Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PASCALE WEBER RICHARD WITHAGEN DAVID HAYES MARCO GULPERS ROBERT JAN VOS KAREL ZOETE FERNAND DE BOER CELINE PANNUTI EILEEN KHOO ALEXIS COLOMBO PABLO ZUANIC JAMES ISENWATER TOM MULLER JEFF STENT ERWIN DUT FLORENCE DOHAN TEAM COVERAGE JON COX JEREMY FIALKO

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

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

Amt Held 89'532'998 44'085'067 14'842'641 12'185'768 10'642'259 8'484'157 4'742'332 4'109'500 3'279'707 2'716'604 2'714'638 2'478'391 2'421'640 2'138'337 1'198'049 1'055'000 1'032'350 1'025'115 965'574 863'560

% Out 15.05 7.41 2.5 2.05 1.79 1.43 0.8 0.69 0.55 0.46 0.46 0.42 0.41 0.36 0.2 0.18 0.17 0.17 0.16 0.15

Weighting

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

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

Latest Chg 17'017'426 1'345'883 38'226 (2'788'593) 46'222 (3'965'647) 123'082 (1'068'221) 467'019 6'000 153'800 296'096 133'944 990'000 (26'000) (1'750) 863'560

Target Price 9 8 10 11 8 11 10 11 9 10 10 10 9 8 9 11 9 10 #N/A N/A

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

File Dt Inst Type 17.10.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 19.02.2013 13.02.2013 11.02.2013 29.01.2013 25.01.2013 21.01.2013 15.01.2013 07.01.2013 05.01.2013 31.10.2012 25.10.2012 23.10.2012 10.07.2012


27.02.2013

Delhaize Group SA Delhaize Group operates supermarkets, drugstores, discount stores, and health and beauty shops throughout Belgium and abroad. The stores operate under the names Food Lion, MegaImage, AB Mega, Delvita, Tom & Company, SuperIndo, Le Lion, A.D. Delhaize, Superettes Delhaize, Di, Caddy-Home, P.G., Alfa-Beta, Super Discount Markets, Kash N' Karry, Hannaford, Shop N' Go, and Proxy Delhaize.

Price/Volume

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

3.0 M

12/2011 09/yy 41.76 25.59 229'951.00 36.5 -12.58% 42.63% 67.72% 101.9 3'720.13 3'223.00 0.0 14.0 525.00 6'303.13

25

2.0 M

20

1.5 M

15

1.0 M

10

.5 M

5 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

31.12.2008 31.12.2009 19'024.0 19'938.0 0.37x 0.38x 1'377.0 1'454.0 5.11x 5.24x 467.0 514.0 9.29x 10.58x Profitability

LTM-4Q 31.12.2010 20'850.0 0.36x 1'596.0 4.71x 574.0 9.63x

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

31.12.2011 21'119.0 0.34x 1'395.0 5.08x 475.0 9.22x 1'395.00 812.00 3.84% 2.99% 3.04% 6.87% 1.89% 25.4% 5.8% 3.0% 2.2% 1.12 0.44 26.33% 59.51% 28.83 10.91

Price/ Cash Flow

LTM

09/yy 20'722.0 1.41x 1'520.0 4.77x 566.0 7.81x

09/yy 22'628.0 1.10x 1'321.0 4.25x 365.0 8.30x

FY+1

.0 M f-13

0.84 -5.49% 20.66% 0.836 32 3.469 515'147 636'093 590'434 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/13 Q1 06/13 Q2 22'759.7 23'112.1 5'632.0 5'762.5 0.27x 0.25x 1'379.2 1'424.4 343.0 335.0 4.56x 4.41x 4.42x 4.38x 391.3 415.0 88.7 80.8 8.77x 8.85x 9.63x 9.43x S&P Issuer Ratings

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

11.03.2008 BBBSTABLE 11.03.2008 A-3 6.64 3.01 1.95 2.32 59.5% 37.2% 1.89 5.02 12.70 33.55 36.30 9.46

Sales/Revenue/Turnover

6.00

22'000.0

5.00

21'000.0

4.00

20'000.0

3.00

19'000.0

2.00

18'000.0

1.00

17'000.0

0.00 02.01.2009

2.5 M

30

Fiscal Year Ended 31.12.2007 18'957.2 0.45x 1'410.9 5.98x 410.1 15.20x

3.5 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (13.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DELB BB EQUITY YTD Change DELB BB EQUITY YTD % CHANGE

45

16'000.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Delhaize Group SA Holdings By:

All

Holder Name CITIBANK NA BLACKROCK SILCHESTER INTL INVE REBELCO SA MAVERICK CAPITAL LTD UNIVERSAL INVEST CON VANGUARD GROUP INC AKO CAPITAL LLP PENNANT CAPITAL MANA ROBLE SL COATUE MANAGEMENT LL DELHAIZE GROUP TIGER CONSUMER MANAG SPARINVEST ING INTERNATIONAL AD BNP PARIBAS INV PART SHEFFIELD ASSET MANA ING ASSET MANAGEMENT KBC GROUP NV PRUDENTIAL FINANCIAL

Firm Name Credit Suisse AlphaValue JPMorgan Barclays Jefferies Nomura Exane BNP Paribas Morgan Stanley Oddo & Cie Goldman Sachs ING Bank ABN Amro Bank N.V. Deutsche Bank Raymond James Aurel - BGC KBC Securities Shore Capital Stockbrokers Natixis HSBC Bank Degroof(ESN) Petercam National Bank AG Rabobank International EVA Dimensions Hammer Partners SA Kempen & Co Macquarie Kepler Capital Markets Main First Bank AG CA Cheuvreux Redburn Partners

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

Analyst XAVIER LE MENE VIRGINIE BLIN JAIME VAZQUEZ NICOLAS CHAMP JAMES GRZINIC NICK COULTER ANDREW GWYNN EDOUARD AUBIN LAURENCE HOFMANN FRANKLIN WALDING MARCO GULPERS ROBERT JAN VOS JAMES G COLLINS CEDRIC LECASBLE JEAN-MARIE L'HOME PASCALE WEBER CLIVE WILLIAM BLACK ANTOINE PARISON JEROME SAMUEL MARC LEEMANS FERNAND DE BOER STEFFEN MANSKE PATRICK ROQUAS AUSTIN BURKETT STEPHAN SEIP ERWIN DUT SREEDHAR MAHAMKALI FABIENNE CARON RICKIN THAKRAR ARNAUD JOLY MARC DE SPEVILLE

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

Recommendation underperform buy neutral equalweight hold neutral neutral Equalwt/In-Line neutral neutral/neutral sell hold hold outperform buy buy corporate neutral neutral buy hold buy hold overweight buy hold neutral reduce neutral outperform neutral

Amt Held % Out 10'682'499 10.48 5'446'596 5.34 5'126'682 5.03 4'050'000 3.97 (2'221'889) -2.18 2'124'185 2.08 1'831'459 1.8 (1'823'036) -1.79 (1'447'285) -1.42 (1'274'019) -1.25 (1'253'634) -1.23 1'183'948 1.16 (1'069'868) -1.05 964'984 0.95 617'483 0.61 520'056 0.51 (519'800) -0.51 460'000 0.45 367'321 0.36 316'561 0.31

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

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

Latest Chg 853 (91'729) 156'662 29'193 62'512 (357'038) (122'306) (213'974) 9'843 315 (88'257) 10'683 (7'300)

Target Price 26 59 38 35 31 36 33 36 36 36 29 36 38 40 39 40 #N/A N/A 36 35 39 37 40 31 #N/A N/A 42 32 29 31 30 39 #N/A N/A

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

File Dt 15.03.2012 25.02.2013 15.03.2012 15.03.2012 25.02.2013 31.01.2013 31.12.2012 02.01.2012 09.01.2013 06.12.2012 25.02.2013 31.12.2011 04.12.2012 31.01.2013 28.09.2012 31.12.2012 02.01.2013 28.09.2012 31.01.2013 31.12.2012

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

Inst Type Bank Investment Advisor Investment Advisor Other Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Other Hedge Fund Manager Corporation Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 26.02.2013 21.02.2013 18.02.2013 14.02.2013 01.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 23.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 05.01.2013 24.09.2012 23.08.2012 22.08.2012 10.05.2012 01.07.2011


27.02.2013

Derwent London PLC Derwent London Plc is a real estate investment trust (REIT) with a focus on the central London commmercial, residential and office development market.

Price/Volume 2500

1.4 M 1.2 M

2000

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.01.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLN LN EQUITY YTD Change DLN LN EQUITY YTD % CHANGE

12/2011 01/yy 2'219.00 1'661.00 48'401.00 2135 -3.79% 28.54% 88.17% 102.0 2'178.00 868.00 0.0 51.8 3.50 3'102.00

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

.8 M

1000

.6 M .4 M

500

.2 M

0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

Fiscal Year Ended 31.12.2007 111.7 20.29x 84.3 26.89x 97.0 14.06x

1500

31.12.2008 31.12.2009 119.0 123.8 13.71x 16.88x 77.2 21.14x (586.4) (26.8) Profitability

31.12.2010 119.4 20.92x 343.6 4.60x

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

31.12.2011 125.5 19.94x 228.3 6.93x 95.00 75.70% 185.66% 5.84% 9.54% 0.05% 92.2% 75.4% 181.9% 1.75 0.12 31.97% 52.20% 20.05 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.49 0.95 80.94 26.16% 1.38% 0.946 20 3.300 161'374 128'095 124'169 FY+2

12/12 Y 12/13 Y 120.3 127.6 25.77x 24.86x 93.3 99.4 33.24x 31.21x 50.8 55.3 42.19x 39.68x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

21.02.2007 BBB STABLE 21.02.2007 A-2 52.2% 33.6% 0.05 0.05 18.26 206.87 -

Sales/Revenue/Turnover

50.00

140.0

45.00

120.0

40.00 35.00

100.0

30.00

80.0

25.00

60.0

20.00

40.0

15.00 10.00

20.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Derwent London PLC Holdings By:

All

Holder Name WITHERS TRUST CORP DIRECTOR & RELATED H LORD RAYNE'S WILL TR COHEN & STEERS CAPIT AMERIPRISE FINANCIAL BLACKROCK RAYNE ROBERT ANTHONY STANDARD LIFE INVEST EUROPEAN INVESTORS I RAYNE LADY LEGAL & GENERAL SCOTTISH WIDOWS APG ALGEMENE PENSIOE THE RAYNE FAMILY NORGES BANK INVESTME THREADNEEDLE INVESTM BNP PARIBAS INV PART AEGON ING INV MANAGEMENT E PRIVATE INDIVIDUALS

Firm Name

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

Analyst

Numis Securities Ltd CHRISTOPHER SPEARING Jefferies ROBERT DUNCAN EVA Dimensions AUSTIN BURKETT Exane BNP Paribas NICK WEBB Peel Hunt KEITH CRAWFORD Investec ALAN CARTER Kempen & Co RYAN PALECEK JPMorgan TIM LECKIE Panmure Gordon & Co Limited MARK HUGHES Societe Generale MARC MOZZI Espirito Santo Investment Bank Research MICHAEL BURT Oriel Securities Ltd MIRANDA COCKBURN Deutsche Bank MARTIN ALLEN Goldman Sachs JULIAN LIVINGSTON-BOOTH Credit Suisse STEVE BRAMLEY-JACKSON Barclays JULIAN CAMPBELL-WOOD Morgan Stanley CHRISTOPHER FREMANTLE JPMorgan HARM M MEIJER Liberum Capital Ltd CONOR FINN Edge Capital Research GEORGE ANGELOV

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

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

Amt Held 6'217'444 5'704'323 5'548'731 5'240'658 5'132'584 5'035'211 4'409'295 4'284'390 3'691'844 3'593'838 3'588'525 3'356'330 2'716'391 2'512'372 2'435'857 2'343'773 2'258'260 2'215'302 1'845'598 1'520'391

% Out 6.09 5.59 5.44 5.14 5.03 4.94 4.32 4.2 3.62 3.52 3.52 3.29 2.66 2.46 2.39 2.3 2.21 2.17 1.81 1.49

Weighting

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

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

Latest Chg (46'870) (55'838) 42'883 (43'550) (92'800) (40'438) (16'500) (20'333)

Target Price 2'110 1'961 #N/A N/A 2'120 2'200 2'275 2'250 2'350 1'858 2'010 2'009 #N/A N/A 2'690 2'000 1'991 2'380 2'050 2'000 1'827 2'034

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

File Dt Inst Type 01.03.2012 n/a 01.02.2013 Other 01.03.2012 n/a 01.02.2013 Investment Advisor 01.03.2012 Investment Advisor 25.02.2013 Investment Advisor 13.06.2012 n/a 01.03.2012 Investment Advisor 01.02.2013 Investment Advisor 01.03.2012 n/a 01.02.2013 Unclassified 01.02.2013 Unclassified 01.02.2013 Pension Fund (ERISA) 01.02.2013 Unclassified 01.02.2013 Government 31.10.2012 Investment Advisor 01.02.2013 Investment Advisor 01.02.2013 Unclassified 01.02.2013 Investment Advisor 01.02.2013 Other

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

Date 27.02.2013 25.02.2013 12.02.2013 01.02.2013 29.01.2013 21.01.2013 14.01.2013 09.01.2013 04.01.2013 24.12.2012 18.12.2012 15.11.2012 13.11.2012 04.10.2012 26.09.2012 13.09.2012 29.08.2012 22.08.2012 18.04.2012 07.04.2011


27.02.2013

Deutsche Lufthansa AG Deutsche Lufthansa AG provides passenger and cargo air transportation services worldwide. The Company offers flight and connection programs in cooperation with Star Alliance airline partners from North America, Scandinavia, and Asia. Lufthansa also provides travel agency, catering, and aircraft maintenance services.

Price/Volume

12.0 M 10.0 M

12

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (12.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LHA GY EQUITY YTD Change LHA GY EQUITY YTD % CHANGE

12/2011 09/yy 16.09 7.88 1'756'727.00 14.895 -7.52% 88.93% 85.44% 459.9 6'850.91 6'552.00 0.0 95.0 3'998.00 9'127.91

10

8.0 M

8

6.0 M

6

4.0 M

4

2.0 M

2 0 f-12 m-12

31.12.2008 31.12.2009 24'842.0 22'283.0 0.22x 0.36x 2'810.0 1'696.0 1.97x 4.68x 542.0 (34.0) 9.48x Profitability

LTM-4Q 31.12.2010 26'459.0 0.36x 2'928.0 3.25x 1'131.0 5.84x

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

31.12.2011 28'734.0 0.24x 2'817.0 2.43x (13.0) 15.57x 2'817.00 1'037.00 3.61% 1.55% 0.60% 2.12% 3.84% 1.01% 10.0% 3.5% 0.0% 0.97 0.70 23.33% 82.43% -

Price/ Cash Flow

j-12

LTM

09/yy 27'776.0 1.19x 2'992.0 2.14x 895.0 3.78x

j-12

09/yy 29'417.0 0.95x 2'954.0 2.42x 173.0 11.53x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.04 445.71 50.52% 4.60% 1.041 40 3.950 5'209'430 3'349'776 3'034'072 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 30'092.0 31'043.9 7'354.8 0.32x 0.31x 2'411.9 2'893.4 3.78x 3.16x 237.4 528.0 (6.3) 28.63x 13.05x 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

27.08.2009 BBBSTABLE 05.12.2008 A-3 5.89 0.78 0.75 2.41 82.4% 44.9% 1.01 1.98 -

Sales/Revenue/Turnover

3.50

35'000.0

3.00

30'000.0

2.50

25'000.0

2.00

20'000.0

1.50

15'000.0

1.00

10'000.0

0.50

5'000.0

0.00 02.01.2009

a-12 m-12

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

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

14.0 M

16 14

Valuation Analysis

31.12.2007 22'420.0 0.36x 2'776.0 2.95x 1'655.0 7.25x

18

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Deutsche Lufthansa AG Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES GLEISS LUTZ HOOTZ HI CAPITAL GROUP COMPAN MACKENZIE FINANCIAL DEKA INVESTMENT GMBH MORGAN STANLEY VANGUARD GROUP INC ALLIANZ ASSET MANAGE DEKA INTERNATIONAL S TEMPLETON INVESTMENT FRANKFURT TRUST INVE PRUDENTIAL FINANCIAL PUTNAM INVESTMENT MA INVESCO LTD UNION INVESTMENT GMB MASON STREET ADVISOR MAINFIRST SICAV SCOTTISH WIDOWS CAZENOVE UNIT TRUST

Firm Name

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

Analyst

Cantor Fitzgerald ROBIN BYDE Bankhaus Lampe SEBASTIAN HEIN DZ Bank AG ROBERT CZERWENSKY AlphaValue HANS-PETER WODNIOK Commerzbank Corporates & Markets FRANK SKODZIK Nord/LB FRANK SCHWOPE RBC Capital Markets DAMIAN BREWER HSBC ANDREW DAVID LOBBENBERG Independent Research GmbH ZAFER RUZGAR Goodbody Stockbrokers Ltd DONAL O'NEILL National Bank AG MANFRED JAISFELD Oddo & Cie YAN DEROCLES Bankhaus Metzler JUERGEN PIEPER Nomura ANDREW EVANS Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER Deutsche Bank MICHAEL KUHN Morgan Stanley PENNY BUTCHER Goldman Sachs OLIVER NEAL Credit Suisse NEIL GLYNN EVA Dimensions CRAIG STERLING CA Cheuvreux BEAT KEISER Landesbank Baden-Wuerttemberg BARBARA AMBRUS Natixis SARAH EMSELLEM Day by Day VALERIE GASTALDY Macquarie SAM DOBSON Main First Bank AG LOIC SABATIER Espirito Santo Investment Bank Research GERALD KHOO Barclays DAVID E FINTZEN Davy STEPHEN FURLONG Hamburger Sparkasse INGO SCHMIDT JPMorgan DAVID PITURA S&P Capital IQ JAWAHAR HINGORANI Redburn Partners TIM MARSHALL Silvia Quandt Research STEFAN KICK Liberum Capital Ltd PETER HYDE Raymond James JULIEN RICHER Kepler Capital Markets RUXANDRA HARADAU-DOESER Societe Generale JONATHAN WOBER Investec ANDREW FITCHIE Equita SIM SpA FABIO FAZZARI Steubing AG TEAM COVERAGE

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

Recommendation buy hold buy sell buy buy sector perform overweight sell buy hold neutral buy buy reduce buy Overwt/In-Line neutral/neutral outperform buy outperform hold buy hold outperform outperform buy equalweight neutral sell overweight hold buy buy buy outperform reduce hold hold not rated buy

Amt Held 37'868'555 26'130'574 14'234'585 14'206'663 13'782'984 11'747'282 6'665'278 4'408'352 2'372'326 1'948'900 1'534'116 1'526'150 1'336'639 1'323'657 1'254'019 1'162'260 898'420 839'000 797'631 760'000

% Out 8.23 5.68 3.09 3.09 3 2.55 1.45 0.96 0.52 0.42 0.33 0.33 0.29 0.29 0.27 0.25 0.2 0.18 0.17 0.17

Weighting

Change

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

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

Latest Chg (345'245) 218'830 246'736 133'332 493'168 (949'900) (5'091'480) 43'333 144'952 (160'664) (480'587) 10'640 50'000 (520'500)

Target Price 14 15 18 11 18 18 16 20 13 18 15 17 16 19 10 19 16 15 18 #N/A N/A 14 15 16 #N/A N/A 17 15 19 12 #N/A N/A #N/A N/A 14 13 #N/A N/A 12 15 13 8 9 17 #N/A N/A #N/A N/A

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

File Dt Inst Type 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 n/a 31.12.2012 Investment Advisor 14.08.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 15.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 12.02.2013 25.01.2013 21.01.2013 15.01.2013 14.01.2013 11.01.2013 11.01.2013 10.01.2013 17.12.2012 03.12.2012 26.11.2012 22.11.2012 19.11.2012 07.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 12.03.2012 07.03.2012 17.02.2012 22.11.2010 15.09.2010 04.01.2010


27.02.2013

Distribuidora Internacional de Alimentacion SA Distribuidora Internacional de Alimentacion SA was founded in 1966. The Company distributes canned, dry, and food products.

Price/Volume 7

60.0 M

6

50.0 M

5

40.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (23.04.2012) Daily Volume Current Price (2/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 DIA SQ EQUITY YTD Change DIA SQ EQUITY YTD % CHANGE

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

20.0 M

2

10.0 M

1 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 9'239.8 382.3 82.1 -

30.0 M

3

12/2012 12/yy 6.15 3.32 3'160'801.00 5.837 -4.96% 76.08% 91.29% 679.3 3'965.28 1'134.42 0.0 (4.4) 381.07 4'714.20

31.12.2009 31.12.2010 9'226.6 9'588.0 446.7 470.7 124.0 122.1 Profitability

LTM-4Q 31.12.2011 9'728.5 0.32x 507.5 6.05x 98.5 22.92x

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

31.12.2012 10'124.3 0.39x 586.9 6.68x 157.9 19.27x 586.94 307.82 3.04% 2.53% 4.70% 125.87% 3.02% 20.0% 3.0% 1.6% 0.48 0.23 33.32% 745.84% 54.61 15.45

Price/ Cash Flow

LTM

12/yy 4'942.7 1.18x 330.5 0.00x 91.7 0.00x

12/yy 10'124.3 1.37x 604.6 6.48x 158.0 19.28x

FY+1

.0 M f-13

658.94 70.33% 21.35% 30 3.867 4'735'591 3'591'870 3'760'140 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'854.3 11'609.4 0.41x 0.37x 650.6 700.9 7.25x 6.73x 211.8 249.6 18.21x 15.46x 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

15.78 7.14 745.8% 88.5% 3.02 6.24 6.70 23.69 79.86 -49.47

Sales/Revenue/Turnover

9.00

12'000.0

8.00

10'000.0

7.00

8'000.0

6.00 5.00

6'000.0

4.00

4'000.0

3.00 2.00

2'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Distribuidora Internacional de Alimentacion SA Holdings By:

All

Holder Name BLUE CAPITAL SARL AMUNDI BAILLIE GIFFORD AND BLACKROCK DISTRIBUIDORA INTL D VANGUARD GROUP INC SOCIETE GENERALE SKAGEN AS DANSKE INVEST MANAGE DANSKE INVEST A/S AMUNDI MANNING & NAPIER ADV ALLIANZ ASSET MANAGE INVESCO LTD SNS INVESTMENT FUND NATIXIS ASSET MANAGE AMUNDI AGICAM GROUPAMA ASSET MGMT FEDERAL GESTION

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

Analyst

Morgan Stanley EDOUARD AUBIN CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS Raymond James CEDRIC LECASBLE Grupo Santander TIM ATTENBOROUGH BPI JOSE RITO La Caixa ANTONIO JOSE CASTELL NEYRA Bankia Bolsa (ESN) SERGIO RUIZ MARTIN Espirito Santo Investment Bank Research FILIPE ROSA Natixis PIERRE-EDOUARD BOUDOT Nomura NICK COULTER NMAS 1 Agencia de Valores FRANCISCO RIQUEL Exane BNP Paribas JOHN KERSHAW Hammer Partners SA STEPHAN SEIP Credit Suisse XAVIER LE MENE JPMorgan JAIME VAZQUEZ Jefferies JAMES GRZINIC Banco Sabadell MARTA DIAZ Oddo & Cie LAURENCE HOFMANN Ahorro Corporacion Financiera SA ARANCHA PINEIRO Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO Barclays JAMES ANSTEAD Kepler Capital Markets FABIENNE CARON EVA Dimensions AUSTIN BURKETT Interdin Bolsa SOFIA REBUELTA VILLEGAS HSBC JEROME SAMUEL Link Securities PAULA SAMPEDRO Macquarie SREEDHAR MAHAMKALI BBVA ISABEL CARBALLO Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ

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

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

Amt Held 64'047'813 20'699'676 20'402'234 20'393'467 20'178'722 19'272'643 13'586'720 12'266'933 8'371'976 7'915'204 6'727'560 5'210'625 4'437'426 3'800'956 3'388'465 3'032'022 2'880'930 2'636'482 2'219'470 2'176'000

% Out 9.43 3.05 3 3 2.97 2.84 2 1.81 1.23 1.17 0.99 0.77 0.65 0.56 0.5 0.45 0.42 0.39 0.33 0.32

Weighting

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

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

Latest Chg (95'019) 8'062'284 (327'864) 154'797 (125'343) (313'102) (266'531) 3'663'020 (452'226) (143'404) (380'000) (1'823'515) -

Target Price 7 6 #N/A N/A 7 6 7 6 6 6 5 7 6 6 3 6 5 7 6 5 6 6 6 #N/A N/A 5 5 6 5 4 4

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

File Dt 31.12.2012 20.04.2012 31.12.2012 25.02.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 29.06.2012 31.01.2013 28.09.2012 31.12.2012 31.12.2012 26.02.2013 29.06.2012 31.12.2012 30.11.2012 30.04.2012 28.09.2012 30.11.2012

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Bank Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 08.02.2013 17.01.2013 27.12.2012 05.12.2012 26.11.2012 21.09.2012 10.07.2012 29.02.2012


27.02.2013

Drax Group PLC Drax Group PLC generates electricity. The Company owns a coal-fired generating plant in the United Kingdom.

Price/Volume 700

12.0 M

600

10.0 M

500

8.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DRX LN EQUITY YTD Change DRX LN EQUITY YTD % CHANGE

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

4.0 M

200

2.0 M

100 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

Fiscal Year Ended 31.12.2008 1'752.8 1.22x 454.0 4.71x 332.9 5.72x

6.0 M

300

12/2012 01/yy 660.50 390.00 612'663.00 614 -7.04% 57.44% 84.84% 401.6 2'465.76 90.70 0.0 0.0 401.70 2'154.76

31.12.2009 31.12.2010 1'475.8 1'648.4 1.06x 0.69x 354.9 390.6 4.42x 2.92x 110.9 188.4 13.19x 7.13x Profitability

31.12.2011 1'835.9 0.96x 333.6 5.29x 464.6 4.28x

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 1'779.8 1.05x 298.4 6.29x 163.8 12.36x 298.40 239.90 13.48% 10.69% 7.68% 11.78% 12.29% 0.83% 39.8% 16.8% 13.5% 9.2% 2.15 1.03 4.02% 6.14% 7.26

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.12 0.60 293.36 26.06% 12.76% 0.597 20 3.300 859'366 652'030 551'856 FY+2

12/13 Y 12/14 Y 1'842.6 2'102.6 1.31x 1.21x 206.9 235.4 10.41x 9.15x 99.0 107.8 23.98x 21.70x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

19.50 6.04 -1.04 0.30 6.1% 5.8% 0.83 1.39 50.45 74.31

Sales/Revenue/Turnover

12.00

2'000.0 1'800.0

10.00

1'600.0 1'400.0

8.00

1'200.0

6.00

1'000.0 800.0

4.00

600.0 400.0

2.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Drax Group PLC Holdings By:

All

Holder Name INVESCO LTD SCHRODER INVESTMENT PERPETUAL INVESTMENT LEGAL & GENERAL BLACKROCK SCHRODER INVESTMENT KAMES CAPITAL PLC ORBIS INVESTMENT MAN AEGON ACADIAN ASSET MANAGE FMR LLC ROYAL BANK OF CANADA NORGES BANK INVESTME SCOTTISH WIDOWS SARASIN ARTEMIS INVESTMENT M TIAA CREF INVESTMENT ARTEMIS INVESTMENT M LIONTRUST VANGUARD GROUP INC

Firm Name RBC Capital Markets S&P Capital IQ AlphaValue Societe Generale Goldman Sachs Barclays Exane BNP Paribas Credit Suisse Liberum Capital Ltd EVA Dimensions Deutsche Bank Morgan Stanley HSBC Nomura Redburn Partners JPMorgan

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

Analyst JOHN MUSK CLIVE ROBERTS MYRIAM COHEN ASHLEY THOMAS ANDREW MEAD PETER BISZTYGA IAIN TURNER MARK FRESHNEY GUILLAUME REDGWELL AUSTIN BURKETT JAMES BRAND BOBBY CHADA VERITY MITCHELL JONATHAN CONSTABLE JAMIE TUNNICLIFFE EDMUND REID

Source REG REG MF-AGG ULT-AGG ULT-AGG MF-AGG RNS-MAJ REG ULT-AGG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG REG MF-AGG ULT-AGG MF-AGG

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

Amt Held 118'185'376 38'101'428 32'956'211 20'634'377 19'091'696 18'358'053 11'970'105 11'251'131 11'174'307 11'118'541 10'901'927 9'883'119 8'950'334 8'175'231 8'078'066 7'960'167 6'746'364 6'539'930 5'889'180 4'644'955

% Out 29.43 9.49 8.21 5.14 4.75 4.57 2.98 2.8 2.78 2.77 2.71 2.46 2.23 2.04 2.01 1.98 1.68 1.63 1.47 1.16

Weighting

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

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

Latest Chg 10'656'491 8'669'223 2'960'983 3'279'722 (1'315'962) (1'683'295) 1'726'762 111'163 590'055 1'531'365 1'125'683 7'762'511 5'163'999 6'539'930 (57'188) 304'092

Target Price 770 531 574 600 669 750 630 570 675 #N/A N/A 630 625 540 470 #N/A N/A 405

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

File Dt 01.12.2012 01.12.2012 31.03.2012 01.12.2012 25.02.2013 31.12.2012 04.02.2013 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 28.12.2012 01.12.2012 01.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 19.02.2013 25.01.2013 25.01.2013 15.01.2013 07.01.2013 25.10.2012 25.10.2012 25.10.2012 16.10.2012 26.07.2012


27.02.2013

DS Smith PLC DS Smith Plc is an International paper company focused on packaging and office products. The Group collects waste paper, manufactures paper, converts corrugated packaging and produces bag-in-box, plastic corrugated and heavy duty corrugated packaging, as well as wholesales office supplies.

Price/Volume 300

16.0 M 14.0 M

250

12.0 M 200

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMDS LN EQUITY YTD Change SMDS LN EQUITY YTD % CHANGE

04/2012 01/yy 245.80 131.70 532'969.00 237.8 -3.25% 80.56% 91.59% 927.1 2'204.63 240.80 0.0 (2.0) 664.60 3'039.83

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

8.0 M 6.0 M

100

4.0 M 50

2.0 M

0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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

Fiscal Year Ended 30.04.2008 1'967.5 0.29x 180.5 3.13x 76.6 6.67x

10.0 M

150

Valuation Analysis

30.04.2009 30.04.2010 2'106.6 2'070.6 0.28x 0.36x 162.7 163.6 3.61x 4.51x (11.8) 37.9 13.95x Profitability

30.04.2011 1'759.3 0.72x 188.7 6.71x 70.1 25.22x

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

30.04.2012 1'969.4 0.57x 197.8 5.71x 75.3 139.83x 197.80 133.90 6.80% 1.10% 3.09% 10.13% 6.87% 0.95% 23.6% 9.4% 6.3% 3.8% 1.79 1.51 11.57% 22.73% 9.01

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.35 1.28 925.92 42.04% 16.23% 1.276 11 4.455 2'048'280 2'224'545 2'202'995 FY+2

04/13 Y 04/14 Y 3'663.6 4'181.0 0.83x 0.70x 391.0 460.6 7.77x 6.60x 137.6 192.7 14.59x 11.32x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

9.65 5.05 3.43 3.84 22.7% 18.5% 0.95 2.63 40.60 116.68 27.68

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 01.05.2009

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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


27.02.2013

DS Smith PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST SCOTTISH WIDOWS LLOYDS BANKING GROUP LEGAL & GENERAL SCHRODERS PLC SPARINVEST DIMENSIONAL FUND ADV BLACKROCK OLD MUTUAL THREADNEEDLE INVESTM IGNIS INVESTMENT SER CO-OPERATIVE INSURAN ROYAL LONDON ASSET M BANK OF NEW YORK MEL SCHRODER INVESTMENT JO HAMBRO CAPITAL MA HENDERSON GLOBAL INV FRANKLIN RESOURCES BT PENSION SCHEME ROYAL LONDON ASSET M

Firm Name Investec Oriel Securities Ltd Numis Securities Ltd Goodbody Stockbrokers Ltd Goldman Sachs EVA Dimensions JPMorgan Davy Northland Capital Partners Ltd

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

Analyst THOMAS RANDS HECTOR FORSYTHE MIKE MURPHY DAVID O'BRIEN ESHAN TOORABALLY CRAIG STERLING ALEXANDER MEES BARRY DIXON ANDY HANSON

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

Recommendation buy buy buy buy Buy/Neutral hold overweight underperform not rated

Amt Held 131'546'122 108'755'291 65'437'356 48'817'339 45'445'598 42'865'997 38'453'324 35'627'684 34'313'975 30'563'424 27'467'220 25'625'786 23'091'919 21'105'866 20'805'376 19'982'566 18'084'753 17'180'000 16'633'799 15'490'111

% Out 14.19 11.73 7.06 5.27 4.9 4.62 4.15 3.84 3.7 3.3 2.96 2.76 2.49 2.28 2.24 2.16 1.95 1.85 1.79 1.67

Weighting

Change

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

M M M M M M M M M

Latest Chg 1'035'055 (14'966'466) (9'987'439) 914'411 9'819'387 (202'245) (195'989) 116'836 14'194'764 1'150'000 (1'270'324) 6'256'571 1'143'529 (4'979'033) (973'658) (175'000) (119'736) (250'000)

Target Price 310 270 258 250 280 #N/A N/A 256 #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 01.12.2012 Investment Advisor 01.12.2012 Unclassified 31.01.2013 Investment Advisor 31.01.2013 Unclassified 22.06.2012 Investment Advisor 31.01.2013 Investment Advisor 22.06.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Unclassified 31.10.2012 Investment Advisor 09.05.2012 Investment Advisor 01.12.2012 Insurance Company 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 22.02.2012 Pension Fund (ERISA) 30.11.2012 Investment Advisor

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

Date 25.02.2013 06.02.2013 31.01.2013 30.01.2013 22.01.2013 17.01.2013 06.12.2012 20.09.2012 27.10.2010


27.02.2013

DSV A/S DSV A/S is the parent company for a group of companies that offer transport and logistics. The Group provides truck, ship, and plane transport services, as well as warehousing and logistic services. DSV operates in Europe, North America, and the Far East.

Price/Volume 160

2.5 M

140

2.0 M

120 100

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DSV DC EQUITY YTD Change DSV DC EQUITY YTD % CHANGE

12/2012 12/yy 149.00 107.50 213'527.00 140.6 -5.64% 30.79% 79.04% 188.0 26'432.80 7'113.00 0.0 37.0 552.00 33'030.80

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

1.0 M

60 40

.5 M

20 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 37'435.0 0.53x 2'338.0 8.52x 1'227.0 8.48x

1.5 M

80

Valuation Analysis

31.12.2009 31.12.2010 36'085.0 42'562.0 0.74x 0.74x 2'239.0 2'725.0 11.85x 11.51x 185.0 1'184.0 101.47x 21.70x Profitability

LTM-4Q 31.12.2011 43'710.0 0.59x 2'981.0 8.63x 1'440.0 14.04x

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

31.12.2012 44'912.0 0.72x 3'074.0 10.59x 1'427.0 18.65x 3'074.00 2'540.00 5.66% 4.50% 6.27% 26.86% 1.97% 22.4% 6.9% 5.7% 3.2% 0.99 0.84 31.21% 133.00% 6.26 -

Price/ Cash Flow

LTM

12/yy 43'710.0 2.66x 2'981.0 8.63x 1'440.0 14.37x

12/yy 44'912.0 2.68x 3'077.0 10.58x 1'427.0 18.74x

FY+1

.0 M f-13

0.86 13.10% -3.50% 0.862 27 4.074 830'424 629'470 542'305 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 46'574.6 48'719.7 11'246.0 11'786.6 0.69x 0.64x 3'235.3 3'435.2 730.3 853.3 10.21x 9.61x 10.15x 1'763.2 1'905.0 370.7 490.3 14.10x 12.51x 14.02x S&P Issuer Ratings

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

10.60 9.06 2.13 2.31 133.0% 56.9% 1.97 10.25 58.47 -

Sales/Revenue/Turnover

30.00

50'000.0 45'000.0

25.00

40'000.0 35'000.0

20.00

30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

DSV A/S Holdings By:

All

Holder Name LONE PINE CAPITAL LL ALLIANZ ASSET MANAGE DSV A/S VANGUARD GROUP INC DANSKE INVEST A/S NORDEA INV MANAGEMEN DANSKE INVEST MANAGE MACKAY SHIELDS LLC MASSACHUSETTS FINANC BLACKROCK SCOTTISH WIDOWS ALLIANCE BERNSTEIN SANFORD C BERNSTEIN MORGAN STANLEY HANDELSBANKEN FONDER SEB HARTFORD INVESTMENT PEDERSEN ERIK B PRUDENTIAL FINANCIAL FIDELITY INVESTMENTS

Firm Name Thompson, Davis & Company Berenberg Bank RBC Capital Markets Credit Suisse HSBC Macquarie SEB Enskilda Nordea Equity Research Handelsbanken Danske Markets Alm Brand Markets ABG Sundal Collier Cantor Fitzgerald Nomura Carnegie Goldman Sachs Davy Jyske Bank EVA Dimensions Barclays Deutsche Bank CA Cheuvreux NYKREDIT Main First Bank AG Morgan Stanley Sydbank

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

Analyst DAVID P CAMPBELL WILLIAM FOGGON DAMIAN BREWER NEIL GLYNN JULIA WINARSO ROBERT JOYNSON MIKKEL M NIELSEN FINN BJARKE PETERSEN DAN TOGO JENSEN ERIK BERGOO JESPER CHRISTENSEN LARS HEINDORFF ROBIN BYDE MARK MCVICAR LARS TOPHOLM OLIVER NEAL STEPHEN FURLONG FRANS HOYER CRAIG STERLING DAVID E FINTZEN JOSE FRANCISCO RUIZ SOLERA BEAT KEISER RICKY S RASMUSSEN TOBIAS SITTIG PENNY BUTCHER JACOB PEDERSEN

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

Recommendation buy buy outperform neutral overweight neutral hold buy accumulate buy sell buy buy buy buy neutral/neutral neutral buy hold overweight buy underperform outperform outperform Overwt/In-Line overweight

Amt Held 10'260'000 4'698'784 4'355'760 3'630'871 2'919'238 1'792'593 1'741'671 1'263'812 1'200'071 1'153'335 619'313 597'532 587'526 540'839 400'120 352'722 334'064 300'000 298'359 250'686

% Out 5.46 2.5 2.32 1.93 1.55 0.95 0.93 0.67 0.64 0.61 0.33 0.32 0.31 0.29 0.21 0.19 0.18 0.16 0.16 0.13

Weighting

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

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

Latest Chg 76'671 56'947 (286'042) (46'350) 250'162 1'263'812 64'319 3'037 76'907 (7'531) 12'976 3'760 -

Target Price 181 162 160 137 165 141 149 160 160 155 140 175 160 195 #N/A N/A 160 #N/A N/A 175 #N/A N/A 160 158 131 #N/A N/A 150 150 #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 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2010 Mutual Fund Manager

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

Date 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 30.01.2013 25.01.2013 25.01.2013 16.01.2013 15.01.2013 09.01.2013 20.12.2012 06.12.2012 26.10.2012 23.10.2012 10.09.2012 29.04.2011


27.02.2013

Edenred Edenred offers prepaid vouchers for products and services. The Company's vouchers for restaurant meals, childcare, and other products and services are used to reward employees and loyal customers.

Price/Volume 30

3.5 M

25

3.0 M 2.5 M

20

Latest Fiscal Year: LTM as of: 52-Week High (26.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EDEN FP EQUITY YTD Change EDEN FP EQUITY YTD % CHANGE

12/2012 01/yy 26.70 19.26 173'368.00 26.495 -0.77% 37.60% 97.11% 225.9 5'985.15 1'346.00 0.0 24.0 1'434.00 5'921.15

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

31.12.2009 31.12.2010 902.0 965.0 4.20x 366.0 362.0 11.18x 11.0 97.0 41.20x Profitability

31.12.2011 1'032.0 4.09x 386.0 10.92x 194.0 22.12x

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 1'067.0 4.87x 401.0 12.95x 183.0 28.77x 401.00 367.00 34.40% 28.68% 4.26% 54.62% 0.25% 37.6% 34.4% 17.2% 0.91 0.64 30.84% 1.02 -

Price/ Cash Flow

1.0 M

5 0 f-12

.5 M m-12

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

0.82 191.13 36.77% 13.71% 0.821 25 3.680 319'177 297'205 282'199 FY+2

12/13 Y 12/14 Y 1'153.8 1'258.1 5.05x 4.49x 437.4 494.7 13.58x 12.00x 232.3 269.9 25.95x 22.32x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

09.06.2010 BBB+ STABLE 09.06.2010 A-2 9.33 6.63 -0.22 3.36 430.0% 0.25 15.03 357.08 -

Sales/Revenue/Turnover

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

1.5 M

10

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 946.0 405.0 212.0 -

2.0 M

15

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Edenred Holdings By:

All

Holder Name EURAZEO MORGAN STANLEY INVES MORGAN STANLEY INTERNATIONAL S&L AS FMR LLC ALLIANZ ASSET MANAGE TRANSAMERICA INVESTM VANGUARD GROUP INC JUPITER ASSET MANAGE MEDITOR CAPITAL MANA T ROWE PRICE ASSOCIA BLACKROCK MANNING & NAPIER ADV SCHRODER INVESTMENT THREADNEEDLE INVESTM NATIXIS ASSET MANAGE GROUPAMA ASSET MGMT BNP ASSET MANAGEMENT CARMIGNAC GESTION LBPAM

Firm Name Exane BNP Paribas Main First Bank AG AlphaValue Societe Generale BPI Oddo & Cie Goldman Sachs Raymond James CA Cheuvreux Kepler Capital Markets Bryan Garnier & Cie Natixis Barclays Credit Suisse CM - CIC Securities(ESN) Nomura HSBC EVA Dimensions Morgan Stanley Deutsche Bank Redburn Partners IDMidcaps Aurel - BGC

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

Analyst MATTHIAS DESMARAIS MOURAD LAHMIDI BERENICE LACROIX SABRINA BLANC HUBERT D'AILLIERES GUILLAUME RASCOUSSIER NICK EDELMAN JULIEN RICHER THOMAS MESMIN CATHERINE ROLLAND BRUNO DE LA ROCHEBROCHARD ANDRE JUILLARD ED BIRKIN ANDY GROBLER ANNICK THEVENON RICHARD STUBER LENA THAKKAR CRAIG STERLING VAUGHAN LEWIS RICHARD CARTER PASCAL HAUTCOEUR TEAM COVERAGE JEAN-MARIE L'HOME

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

Recommendation outperform outperform reduce buy neutral neutral Buy/Neutral outperform outperform buy neutral buy overweight neutral accumulate neutral neutral underweight Equalwt/In-Line sell buy add suspended coverage

Amt Held % Out 49'697'428 22 19'944'400 8.83 16'700'534 7.39 14'799'800 6.55 6'886'833 3.05 3'748'677 1.66 3'575'771 1.58 3'130'841 1.39 2'911'141 1.29 (2'891'487) -1.28 1'765'331 0.78 1'439'464 0.64 1'329'813 0.59 1'133'101 0.5 1'041'761 0.46 976'882 0.43 903'608 0.4 836'444 0.37 782'328 0.35 776'613 0.34

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

Change M U M M M M M M M M M M M M M M M M M M M M M

Latest Chg (118'862) 526'661 55'646 (74'524) 56'005 225'897 1'514'946 5'025 (1'472'656) 36'421 (32'108) (75'769) (250'539) 1'765 (82'344) (48'254)

Target Price 28 30 27 28 26 23 30 28 25 31 25 28 25 27 25 21 25 #N/A N/A 24 17 #N/A N/A 24 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 20.11.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 26.02.2013 25.02.2013 21.02.2013 19.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 31.01.2013 17.01.2013 07.01.2013 31.10.2012 25.10.2012 18.10.2012 20.10.2010


27.02.2013

EDP - Energias de Portugal SA EDP - Energias de Portugal, S.A. generates, supplies and distributes electricity and the supply of gas in Portugal and Spain. Through subsidiaries, the Company is involved with electricity distribution, generation and supply in Brazil, and wind power promotion, construction and operations in Spain, Portugal, France and Belgium.

Price/Volume

30.0 M 25.0 M 20.0 M

2

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EDP PL EQUITY YTD Change EDP PL EQUITY YTD % CHANGE

12/2011 09/yy 2.45 1.63 3'740'652.00 2.275 -7.03% 39.74% 76.04% 3'656.5 8'318.62 18'785.11 0.0 3'277.2 1'731.74 29'914.49

15.0 M

1

10.0 M

1

5.0 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

35.0 M

3 2

Valuation Analysis

31.12.2007 11'010.8 2.63x 2'691.2 10.76x 907.3 17.88x

3

31.12.2008 31.12.2009 13'671.2 12'198.2 1.89x 2.29x 3'174.9 3'399.3 8.14x 8.22x 1'091.9 1'023.8 9.06x 11.10x Profitability

LTM-4Q 31.12.2010 14'170.7 2.00x 3'509.2 8.06x 1'078.9 8.30x

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

31.12.2011 15'120.9 1.92x 3'754.9 7.72x 1'124.7 7.71x 3'754.90 2'267.39 15.00% 10.53% 2.68% 13.81% 7.01% 0.39% 42.8% 23.2% 13.9% 7.4% 0.94 0.51 45.51% 231.64% 8.13 -

Price/ Cash Flow

LTM

09/yy 15'094.0 7.55x 3'677.8 7.65x 1'128.3 7.53x

09/yy 16'048.9 7.14x 3'720.6 7.89x 1'095.6 7.14x

FY+1

.0 M f-13

1.05 1'900.80 14.14% -0.66% 1.052 24 3.708 7'006'823 6'187'628 5'662'016 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 14'932.7 15'273.3 1.98x 1.91x 3'720.3 3'731.6 973.0 676.5 8.04x 8.01x 10.26x 11.30x 1'053.7 981.3 264.0 282.0 7.95x 8.58x 7.04x 6.77x S&P Issuer Ratings

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

01.02.2012 BB+ NEG 01.02.2012 B 3.46 1.33 4.95 5.55 231.6% 62.3% 0.39 0.79 45.03 -93.34

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

EDP - Energias de Portugal SA Holdings By:

All

Holder Name CHINA THREE GORGES I IBERDROLA SA LIBERBANK SA JOSE DE MELLO SGPS S SENFORA SARL BANCO COMERCIAL PORT BANCO ESPIRITO SANTO SONATRACH GROUP QATAR HOLDINGS LLC CAPITAL GROUP COMPAN BLACKROCK MASSACHUSETTS FINANC ALLIANCE BERNSTEIN NORGES BANK BARCLAYS GLOBAL INVE JP MORGAN MASEVEU INTERNACIONA VANGUARD GROUP INC ENERGIAS DE PORTUGAL PICTET ASSET MANAGEM

Firm Name

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

Analyst

BPI GONZALO SANCHEZ-BORDONA NMAS 1 Agencia de Valores FERNANDO LAFUENTE Exane BNP Paribas MANUEL PALOMO Goldman Sachs MANUEL LOSA Societe Generale JORGE ALONSO SUILS Berenberg Bank ROBERT CHANTRY Grupo Santander JOAQUIN FERRER Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA EVA Dimensions AUSTIN BURKETT Deutsche Bank VIRGINIA SANZ DE MADRID Day by Day VALERIE GASTALDY Morgan Stanley CAROLINA DORES Credit Suisse STEFANO BEZZATO CA Cheuvreux JOSE PORTA SAUDAN Banesto Bolsa SA Sociedad ANTONIO CRUZ BCP Investimento VANDA MESQUITA Nomura JAVIER SUAREZ BBVA DANIEL ORTEA HERNANDEZ Banco Sabadell JORGE GONZALEZ SADORNIL Hammer Partners SA CHRIS MOORE Natixis PHILIPPE OURPATIAN Caixa Banco de Investimento(ESN) HELENA BARBOSA Banif SOFIA CORDEIRO JPMorgan JAVIER GARRIDO

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

Recommendation neutral neutral underperform neutral/attractive hold buy buy buy hold hold buy Overwt/In-Line outperform outperform overweight buy reduce market perform sell sell neutral suspended coverage Under Review overweight

Amt Held 780'633'782 248'437'516 183'257'513 169'732'151 148'431'999 122'956'051 89'708'375 87'007'443 82'868'933 73'625'043 73'268'245 72'730'123 72'695'780 71'604'554 66'548'993 53'267'648 44'449'524 35'218'239 32'476'701 22'080'740

% Out 21.35 6.79 5.01 4.64 4.06 3.36 2.45 2.38 2.27 2.01 2 1.99 1.99 1.96 1.82 1.46 1.22 0.96 0.89 0.6

Weighting

Change

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

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

Latest Chg (765'338) (3'857'488) (25'643'334) (8'674'929) (37'084'494) 558'038 2'762'093 (942'354)

Target Price 2 2 2 3 2 3 3 3 #N/A N/A 2 3 3 3 3 3 3 2 3 #N/A N/A 2 2 #N/A N/A #N/A N/A 3

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

File Dt 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 23.01.2013 25.02.2013 31.07.2012 04.05.2011 12.03.2012 18.05.2012 31.10.2012 08.01.2013 31.12.2012 01.08.2012 30.11.2012

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

Inst Type Corporation Corporation Bank Holding Company Other Bank Bank Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Bank Unclassified Corporation Investment Advisor Corporation Investment Advisor

Date 25.02.2013 18.02.2013 13.02.2013 08.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 17.01.2013 07.01.2013 04.01.2013 20.12.2012 14.12.2012 19.11.2012 07.11.2012 30.10.2012 30.10.2012 17.09.2012 30.08.2012 20.07.2012 24.05.2012 09.03.2012 07.02.2012 27.01.2012


27.02.2013

Elan Corp PLC Elan Corporation plc is a specialty pharmaceutical company. The Group's drug delivery technologies are designed to aid and control the absorption and utilization of active pharmaceutical compounds. Elan's Pharmaceutical division focuses on the discovery, development and commercialization of products in the areas of acute care, pain management, infectious diseases and neurology.

Price/Volume 14

12/2012 12/yy 11.78 6.83 78'912.00 8.419 -28.56% 23.28% 32.78% 596.7 5'023.63 454.65 0.0 0.0 460.56 5'017.72

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

8

1.5 M

6

1.0 M

4 .5 M

2 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 1'000.2 4.11x (41.7) (71.0) -

2.0 M

10

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.06.2012) 52-Week Low (07.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELN ID EQUITY YTD Change ELN ID EQUITY YTD % CHANGE

2.5 M

12

31.12.2009 31.12.2010 1'113.0 1'169.7 3.77x 3.52x 65.3 (70.3) 64.23x (176.2) (324.7) Profitability

LTM-4Q 31.12.2011 1'246.0 6.84x 180.4 47.23x 560.5 60.40x

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

31.12.2012 0.2 30711.09x (366.0) (137.4) -284.82 -293.77 -188750.00% -366600.00% -8.10% -19.35% 37.70% 0.52% 0.0% 1.3% -1.2% -68700.0% 3.34 1.42 36.58% 97.06% 10.53 40.50

Price/ Cash Flow

12/yy 1'246.0 22.04x 180.8 47.13x 560.5 57.89x

LTM 12/yy 883.2 32.98x 11.2 548.41x (137.4) 0.00x

FY+1

.0 M f-13

0.00 1.05 488.13 -8.43% 7.55% 1.047 8 3.250 684'347 455'819 392'651 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 139.5 273.9 42.7 43.7 17.62x 8.56x 58.23x 57.47x 136.4 262.9 35.5 41.4 36.59x 18.99x 28.77x (47.8) 66.7 (12.5) (27.2) 100.43x 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

25.09.2012 B+ STABLE -6.47 -6.68 -0.70 53.57 97.1% 49.3% 0.52 18.42 34.75 9.04 187.07 178854.58

Sales/Revenue/Turnover

3'000.00

1'400.0

2'500.00

1'200.0 1'000.0

2'000.00

800.0 1'500.00

600.0

1'000.00

400.0

500.00

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 |


27.02.2013

Elan Corp PLC Holdings By:

All

Holder Name JANSSEN PHARMACEUTIC FMR LLC INVESCO LTD FRANKLIN RESOURCES BLACKROCK TEMPLETON GLOBAL ADV POWER CORP OF CANADA T ROWE PRICE ASSOCIA VANGUARD GROUP INC NORGES BANK GOLDMAN SACHS GROUP CREDIT SUISSE ASSET STATE STREET BANQUE MARTIN G KELLY SWEDBANK ROBUR FONDE SJUNDE AP FONDEN AMERIPRISE FINANCIAL COOKE SHANE GLOBAL INVESTMENT SE NCB FINANCIAL

Firm Name Davy Deutsche Bank AlphaValue EVA Dimensions Exane BNP Paribas Helvea Credit Suisse Redburn Partners Berenberg Bank Matrix Imperial Capital LLC CRT Capital Group

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

Analyst JACK GORMAN RICHARD J PARKES KAMLA SINGH ANDREW S ZAMFOTIS VINCENT MEUNIER OLAV ZILIAN RICCARDO LOWI TEAM COVERAGE ADRIAN HOWD ANNIE J CHENG DOUGLAS J DIETER LEAH A HARTMAN

Source 20F ULT-AGG RNS-MAJ ULT-AGG ULT-AGG RNS-MAJ RNS-RUL8 RNS-RUL8 MF-AGG RNS-MAJ RNS-RUL8 MF-AGG MF-AGG RNS-DIR MF-AGG MF-AGG MF-AGG 20F MF-AGG MF-AGG

Recommendation restricted hold reduce buy neutral reduce neutral buy buy hold sell not rated

Amt Held 107'396'285 60'161'214 53'068'490 47'967'254 22'127'622 18'811'720 17'496'658 15'626'762 9'351'867 8'288'947 2'796'944 731'444 550'564 355'177 351'465 300'340 292'600 217'014 199'500 197'329

% Out 18 10.08 8.89 8.04 3.71 3.15 2.93 2.62 1.57 1.39 0.47 0.12 0.09 0.06 0.06 0.05 0.05 0.04 0.03 0.03

Weighting

Change

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

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

Latest Chg (939'316) (632'443) 2'186'359 122'092 218'681 (178'244) 1'478'149 319 16'725 22'742 28'192 55'700 93'500 -

Target Price #N/A N/A 8 7 #N/A N/A 7 7 9 #N/A N/A 9 8 #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 04.02.2013 Other 26.02.2013 Investment Advisor 08.11.2012 Investment Advisor 25.02.2013 Investment Advisor 26.02.2013 Investment Advisor 07.02.2013 Investment Advisor 25.02.2013 Holding Company 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 08.04.2010 Government 26.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 07.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.02.2011 n/a 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.02.2013 22.02.2013 21.02.2013 13.02.2013 07.02.2013 30.01.2013 14.01.2013 26.11.2012 26.08.2011 01.08.2011 11.02.2010 10.02.2009


27.02.2013

Electricite de France SA EDF SA (Electricite de France) produces, transmits, distributes, imports and exports electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (29.11.2012) Daily Volume Current Price (2/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 EDF FP EQUITY YTD Change EDF FP EQUITY YTD % CHANGE

12/2012 12/yy 19.72 13.39 1'053'956.00 14.43 -27.01% 7.77% 14.94% 1'848.9 26'679.15 64'501.00 0.0 4'854.0 22'307.00 73'727.15

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

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 63'847.0 1.82x 13'624.0 8.51x 3'484.0 21.73x

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

31.12.2009 31.12.2010 59'140.0 65'320.0 2.09x 1.44x 16'102.0 15'688.0 7.67x 6.00x 3'902.0 1'020.0 21.10x 89.12x Profitability

LTM-4Q 31.12.2011 65'307.0 1.10x 14'571.0 4.93x 3'010.0 11.53x

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

31.12.2012 72'729.0 1.00x 15'094.0 4.83x 3'316.0 7.77x 15'094.00 8'245.00 11.34% 7.07% 1.38% 11.75% 5.65% 0.30% 20.8% 11.3% 4.6% 1.17 0.77 25.79% 249.44% 3.35 -

Price/ Cash Flow

LTM

12/yy 63'282.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 72'729.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

8.66 1.04 286.47 -16.20% 3.22% 1.043 24 2.833 2'043'166 1'855'944 2'019'696 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 72'636.4 75'658.2 1.01x 1.00x 16'089.5 16'875.3 4.58x 4.37x 3'416.3 3'675.7 8.06x 7.52x 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

17.01.2012 A+ STABLE 17.01.2012 A-1 6.18 0.70 2.80 4.27 249.4% 67.7% 0.30 0.62 109.22 -

Sales/Revenue/Turnover

7.00

80'000.0

6.00

70'000.0 60'000.0

5.00

50'000.0 4.00

40'000.0 3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Electricite de France SA Holdings By:

All

Holder Name FRENCH STATE THORNBURG INVESTMENT NATIXIS ASSET MANAGE VANGUARD GROUP INC BLACKROCK NUVEEN ASSET MANAGEM CI INVESTMENTS INC AVIVA PLC ING INTERNATIONAL AD ELECTRICITE DE FRANC ALLIANCE BERNSTEIN AMUNDI AMUNDI CI INVESTMENTS INC BANK OF NEW YORK MEL ROTHSCHILD & COMPAGN SANFORD C BERNSTEIN AGICAM TAUBE HODSON STONEX STATE STREET BANQUE

Firm Name Raymond James Nomura Goldman Sachs EVA Dimensions S&P Capital IQ AlphaValue Societe Generale Kepler Capital Markets Bryan Garnier & Cie Natixis Exane BNP Paribas Barclays Macquarie Berenberg Bank Day by Day Main First Bank AG Morgan Stanley Credit Suisse Deutsche Bank Landesbank Baden-Wuerttemberg HSBC DZ Bank AG

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

Analyst EMMANUEL RETIF MARTIN YOUNG ANDREW MEAD AUSTIN BURKETT CLIVE ROBERTS MYRIAM COHEN VINCENT AYRAL INGO BECKER JULIEN DESMARETZ PHILIPPE OURPATIAN BENJAMIN LEYRE JULIE ARAV ATALLAH ESTEPHAN ROBERT CHANTRY VALERIE GASTALDY ANDREAS THIELEN EMMANUEL TURPIN MICHEL DEBS MARTIN BROUGH ERKAN AYCICEK ADAM DICKENS HASIM SENGUEL

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

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

Amt Held 1'561'222'705 7'870'200 5'682'211 4'291'487 2'357'933 2'056'924 1'966'710 1'574'700 1'424'928 1'175'594 1'171'218 1'017'724 843'591 763'219 713'393 680'000 656'530 639'382 610'970 591'042

% Out 84.44 0.43 0.31 0.23 0.13 0.11 0.11 0.09 0.08 0.06 0.06 0.06 0.05 0.04 0.04 0.04 0.04 0.03 0.03 0.03

Weighting

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

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

Latest Chg (2'229'800) (305'942) 61'401 3'532 (93'060) 1'964'810 53'730 5'290 (66'541) 603'463 40'000 (5'309) (2'190) (27'639)

Target Price 13 19 19 #N/A N/A 15 16 20 13 12 16 20 13 19 15 #N/A N/A 16 23 12 13 17 17 33

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

File Dt 31.12.2011 31.12.2012 31.12.2012 31.12.2012 25.02.2013 31.01.2013 30.06.2012 31.01.2013 31.08.2012 31.12.2011 31.12.2012 28.09.2012 28.09.2012 31.08.2012 25.02.2013 31.12.2012 30.11.2012 30.04.2012 30.11.2012 31.01.2013

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

Inst Type Government Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.02.2013 27.02.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 07.02.2013 05.02.2013 31.01.2013 29.01.2013 15.01.2013 11.01.2013 07.01.2013 03.12.2012 14.11.2012 15.11.2011


27.02.2013

Electrolux AB Electrolux AB manufactures home appliances and appliances for professional use. The Company's products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.12.2012) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELUXB SS EQUITY YTD Change ELUXB SS EQUITY YTD % CHANGE

12/2012 12/yy 179.40 122.70 804'922.00 163.3 -9.09% 33.09% 69.66% 300.7 50'493.50 12'800.00 0.0 41.0 6'958.00 56'376.50

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

31.12.2009 31.12.2010 109'132.0 106'326.0 0.48x 0.56x 8'825.0 9'831.0 5.98x 6.00x 2'607.0 3'997.0 18.25x 13.60x Profitability

LTM-4Q 31.12.2011 101'598.0 0.40x 6'170.0 6.59x 2'064.0 15.13x

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

31.12.2012 109'994.0 0.53x 8'433.0 6.94x 2'596.0 18.78x 8'433.00 5'182.00 4.71% 3.16% 3.40% 12.88% 1.44% 20.2% 7.7% 4.7% 2.4% 1.10 0.65 16.81% 64.70% 5.86 7.07

Price/ Cash Flow

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.03 19.90% -4.22% 1.028 27 3.593 1'337'861 2'186'115 1'766'976 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 101'598.0 109'994.0 110'860.4 115'344.5 25'692.8 27'544.9 1.72x 1.95x 0.51x 0.47x 2.19x 2.04x 6'328.0 8'433.0 8'801.4 9'869.4 1'687.8 2'006.2 6.40x 6.94x 6.41x 5.71x 6.60x 6.63x 2'064.0 2'596.0 3'870.5 4'714.6 656.0 857.3 15.13x 18.78x 12.25x 10.08x 12.34x 10.91x S&P Issuer Ratings Long-Term Rating Date 09.11.2010 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 22.12.1997 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 10.32 (EBITDA-Capex)/Interest Exp. 5.03 Net Debt/EBITDA 0.69 Total Debt/EBITDA 1.52 Reference Total Debt/Equity 64.7% Total Debt/Capital 39.2% Asset Turnover 1.44 Net Fixed Asset Turnover 6.81 Accounts receivable turnover-days 62.41 Inventory Days 51.73 Accounts Payable Turnover Day 80.21 Cash Conversion Cycle 33.80 Sales/Revenue/Turnover

10.00

160'000.0

9.00

140'000.0

8.00

120'000.0

7.00

100'000.0

6.00 5.00

80'000.0

4.00

60'000.0

3.00

40'000.0

2.00

20'000.0

1.00 0.00 01.01.2010

14.0 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 104'792.0 0.25x 4'450.0 5.88x 366.0 51.63x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Electrolux AB Holdings By:

All

Holder Name INVESTOR AB ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE NORDEA FONDER AB AMF PENSION INSURANC SEB SEB FONDER AB VANGUARD GROUP INC SHB/SPP FUNDS DIDNER & GERGE FONDE 2ND SWEDISH NATIONAL GOVERNMENT OF NORWAY FOLKSAM LO FOND AB HANDELSBANKEN FONDER UNIONEN CARNEGIE FONDER AB/S 4TH NAT SWEDISH PENS BLACKROCK ENTER FONDER AB NEW JERSEY DIVISION

Firm Name

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

Analyst

Longbow Research DAVID S MACGREGOR AlphaValue HELENE COUMES Credit Suisse ANDRE KUKHNIN Handelsbanken RASMUS ENGBERG DNB Markets CHRISTER MAGNERGARD Deutsche Bank MARTIN WILKIE Canaccord Genuity Corp JAMES STETTLER Nomura DANIEL CUNLIFFE Exane BNP Paribas JONATHAN R MOUNSEY Equita SIM SpA DOMENICO GHILOTTI EVA Dimensions CRAIG STERLING JPMorgan ANDREAS WILLI SEB Enskilda ANDERS TRAPP Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research STEFAN STJERNHOLM Erik Penser Bankaktiebolag AB JOHAN DAHL Pareto Securities DAVID JACOBSSON Redburn Partners JAMES MOORE Barclays DAVID VOS Danske Markets BJORN ENARSON ABG Sundal Collier ANDREAS LUNDBERG Goldman Sachs AARON IBBOTSON Espirito Santo Investment Bank Research ROB VIRDEE CA Cheuvreux JOHAN ELIASON Swedbank CLAES RASMUSON Evli Bank Plc TEAM COVERAGE Prime Predictions PETER LJUNGGREN

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

Recommendation neutral add outperform accumulate hold buy buy buy neutral buy buy overweight hold sell sell hold hold buy equalweight buy sell neutral/neutral sell select list neutral Under Review buy

Amt Held 46'609'675 16'048'000 13'169'124 9'321'935 7'131'070 5'603'058 4'602'613 4'505'486 4'465'684 4'209'906 3'603'396 3'307'783 3'236'618 3'209'267 3'092'955 3'007'076 2'904'791 2'592'870 2'372'950 2'000'000

% Out 15.5 5.34 4.38 3.1 2.37 1.86 1.53 1.5 1.49 1.4 1.2 1.1 1.08 1.07 1.03 1 0.97 0.86 0.79 0.67

Weighting

Change

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

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

Latest Chg 895'940 122'011 (180'933) 37'967 1'079'686 1'250'000

Target Price #N/A N/A 187 180 178 155 180 200 200 170 208 #N/A N/A 175 157 #N/A N/A 145 155 165 #N/A N/A 145 177 135 164 140 190 125 #N/A N/A 197

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

File Dt 31.12.2011 30.09.2012 30.09.2012 31.12.2011 30.09.2012 31.12.2012 30.09.2012 31.12.2012 30.09.2012 31.12.2011 30.09.2012 31.12.2011 31.12.2012 31.01.2013 30.09.2012 31.12.2011 30.09.2012 25.02.2013 30.09.2012 30.06.2012

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

Inst Type Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Insurance Company Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Government Investment Advisor Investment Advisor Corporation Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA)

Date 22.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 13.02.2013 08.02.2013 08.02.2013 06.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 17.01.2013 30.10.2012 06.09.2012 16.11.2011 10.10.2011 11.01.2011


27.02.2013

Elekta AB Elekta AB produces and sells advanced medical products for treatment of neurological disorders and radiation of cancer. The Company has developed the Gamma Knife, a non-invasive surgical tool for the management of small and hard to locate intracranial lesions, as well as a complete system for stereotactic neurosurgery. Elekta markets worldwide.

Price/Volume

20.0 M 15.0 M

60

Latest Fiscal Year: LTM as of: 52-Week High (12.12.2012) 52-Week Low (02.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EKTAB SS EQUITY YTD Change EKTAB SS EQUITY YTD % CHANGE

04/2012 10/yy 105.30 75.60 1'326'658.00 97.4 -7.64% 28.84% 73.57% 368.6 37'287.04 4'530.00 0.0 11.0 1'895.00 40'191.04

10.0 M

40

5.0 M

20 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

25.0 M

100 80

Valuation Analysis

30.04.2008 5'081.0 2.11x 826.0 12.96x 411.0 23.39x

120

30.04.2009 30.04.2010 6'689.0 7'392.0 2.66x 2.35x 1'038.0 1'422.0 17.17x 12.20x 552.0 838.0 15.65x 20.85x Profitability

LTM-4Q 30.04.2011 7'904.0 3.22x 1'650.0 15.44x 1'031.0 24.93x

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

30.04.2012 9'048.0 3.86x 2'070.0 16.89x 1'227.0 26.15x 2'070.00 1'775.00 19.62% 18.88% 9.02% 28.23% 16.56% 0.74% 46.6% 19.6% 13.6% 1.62 0.93 29.73% 90.62% 6.20

Price/ Cash Flow

LTM

10/yy 7'762.0 23.08x 0.0 0.00x 1'019.0 23.95x

10/yy 9'864.0 14.27x 0.0 0.00x 1'201.0 29.65x

FY+1

.0 M f-13

0.74 28.27% -3.94% 0.739 20 3.750 1'351'988 1'256'669 1'504'082 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 01/13 Q3 04/13 Q4 10'386.0 11'544.7 2'673.5 3'511.3 3.70x 3.26x 15.02x 11.30x 2'492.6 2'877.3 707.6 1'084.7 16.12x 13.97x 18.89x 19.78x 1'479.9 1'784.2 433.7 726.3 25.34x 20.93x S&P Issuer Ratings

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

10.35 9.71 90.6% 47.5% 0.74 24.72 59.00 44.65 99.21

Sales/Revenue/Turnover

120.00

10'000.0 9'000.0

100.00

8'000.0 7'000.0

80.00

6'000.0

60.00

5'000.0 4'000.0

40.00

3'000.0 2'000.0

20.00 0.00 01.05.2009

1'000.0 0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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


27.02.2013

Elekta AB Holdings By:

All

Holder Name FMR LLC ARTIO GLOBAL MANAGEM AMF FONDER AB SWEDBANK ROBUR FONDE ALLIANZ ASSET MANAGE VANGUARD GROUP INC CADIAN CAPITAL MANAG LEKSELL LAURENT NORDEA FONDER AB/SWE ZBI EQUITIES LLC GREENLIGHT CAPITAL I T ROWE PRICE ASSOCIA FORSTA AP FONDEN SEB BNP PARIBAS INV PART GOVERNMENT OF NORWAY FOLKSAM GROUP SKANDIA LIV FJARDE AP-FONDEN BNP PARIBAS

Firm Name Danske Markets ABG Sundal Collier DNB Markets CA Cheuvreux Nordea Equity Research Carnegie Societe Generale Nomura Goldman Sachs EVA Dimensions SEB Enskilda JPMorgan Handelsbanken Swedbank Pareto Securities Exane BNP Paribas Morgan Stanley Barclays

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

Analyst MATTIAS HAGGBLOM MORTEN LARSEN RUNE MAJLUND DAHL RICHARD KOCH PATRIK LING KRISTOFER LILJEBERG JUSTIN SMITH MARTIN BRUNNINGER VERONIKA DUBAJOVA ANDREW S ZAMFOTIS LARS HEVRENG DAVID J ADLINGTON HANS MAHLER JOHAN UNNERUS YILMAZ MAHSHID ROMAIN ZANA MICHAEL K JUNGLING SALLY TAYLOR

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

Recommendation hold buy sell outperform buy hold buy neutral Buy/Neutral hold hold overweight reduce buy hold outperform Equalwt/Attractive overweight

Amt Held % Out 25'599'234 6.95 18'172'032 4.93 17'537'120 4.76 15'797'421 4.29 11'904'033 3.23 10'671'553 2.9 (10'604'219) -2.88 10'596'620 2.88 10'380'862 2.82 (9'532'312) -2.59 (8'651'818) -2.35 8'334'926 2.26 7'693'096 2.09 7'289'196 1.98 6'973'436 1.89 6'730'328 1.83 6'305'956 1.71 5'901'408 1.6 4'981'024 1.35 4'654'640 1.26

Weighting

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

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

Latest Chg (5'212'162) 233'251 4'647'160 1'186'754 (13'333'080) 1'664'495 9'279 (17'034) 73'174 1'743'338 -

Target Price 100 115 88 120 115 #N/A N/A 135 82 138 #N/A N/A 105 106 95 120 102 110 93 96

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

File Dt 30.09.2012 08.09.2011 28.09.2012 28.09.2012 31.01.2013 31.12.2012 15.02.2013 28.09.2012 31.01.2013 06.02.2013 08.02.2013 31.12.2012 28.09.2012 31.12.2012 31.12.2012 30.04.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager n/a Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor Government Insurance Company Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor

Date 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 18.02.2013 15.02.2013 04.02.2013 30.01.2013 17.01.2013 15.01.2013 03.01.2013 03.01.2013 20.12.2012 05.12.2012 05.12.2012 04.12.2012 30.10.2012


27.02.2013

Elisa OYJ Elisa Oyj provides telecommunication solutions. The company provides local, long distance, mobile telephone, and data transmission services. Elisa also operates as a service integrator by connecting customers' telecom solutions and related IT (information technology) applications. The company sells to private individuals and businesses in Finland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELI1V FH EQUITY YTD Change ELI1V FH EQUITY YTD % CHANGE

12/2012 12/yy 18.08 14.82 290'993.00 16.1 -10.95% 8.64% 33.74% 167.2 2'691.40 878.40 0.0 2.8 39.80 3'532.80

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

31.12.2009 31.12.2010 1'430.4 1'463.2 2.24x 2.38x 483.0 484.7 6.63x 7.19x 176.3 149.7 14.09x 16.93x Profitability

2.5 M 2.0 M 1.5 M 1.0 M .5 M

m-12

LTM-4Q 31.12.2011 1'530.0 2.16x 503.4 6.58x 201.5 12.48x

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 1'553.4 2.23x 501.0 6.92x 208.7 12.55x 501.00 298.90 19.24% 17.31% 10.41% 24.77% 0.77% 32.3% 19.2% 13.4% 0.98 0.09 43.70% 103.52% -

Price/ Cash Flow

12/yy 1'530.0 8.34x 503.4 6.58x 201.5 12.48x

a-12 m-12

j-12

j-12

LTM 12/yy 1'553.4 9.05x 501.0 6.92x 208.7 12.55x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.67 1.26% -3.77% 0.670 29 2.138 546'867 623'856 524'563 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'580.8 1'596.7 384.1 397.9 2.27x 2.24x 9.61x 9.17x 508.0 517.6 119.3 122.0 6.95x 6.83x 6.94x 207.6 215.3 45.5 47.3 12.22x 11.76x 12.51x S&P Issuer Ratings

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

22.12.2003 BBB STABLE 26.10.2006 A-2 12.68 7.94 1.67 1.75 103.5% 50.8% 0.77 2.52 -

Sales/Revenue/Turnover

9.00

1'600.0

8.00

1'550.0

7.00

1'500.0

6.00

1'450.0

5.00

1'400.0

4.00

1'350.0

3.00

1'300.0

2.00

1'250.0

1.00 0.00 01.01.2010

3.0 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 1'485.0 1.84x 469.6 5.81x 176.3 10.98x

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

1'200.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Elisa OYJ Holdings By:

All

Holder Name SOLIDIUM OY ELISA CORP VARMA MUTUAL PENSION ILMARINEN MUTUAL PEN VANGUARD GROUP INC THE STATE PENSION FU BLACKROCK CITY OF HELSINKI KPY SIJOITUS OY NORDEA INVESTMENT FU SCHRODER INVESTMENT SWISS NATIONAL BANK FINNISH LITERATURE S DANSKE INVESTMENT SU STATE STREET NORDEA SUOMI INVESCO LTD SEB OP-DELTA MUTUAL FUND ELISA OYJ-YHTEIDTILI

Firm Name

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

Analyst

AlphaValue JEAN-MICHEL SALVADOR Goldman Sachs ANDREW LEE Nomura JAMES BRITTON INDERES MIKAEL RAUTANEN CA Cheuvreux PETER KURT NIELSEN FIM MICHAEL SCHROEDER Deutsche Bank KEVAL KHIROYA Pohjola Bank Plc (ESN) KIMMO STENVALL HSBC DOMINIK KLARMANN Carnegie MATTI RIIKONEN Nordea Equity Research SAMI SARKAMIES Handelsbanken THOMAS HEATH DNB Markets FREDRIK THORESEN Barclays ROMAN ARBUZOV Danske Markets PANU LAITINMAKI SEB Enskilda ARTEM BELETSKI Pareto Securities THOMAS NIELSEN Swedbank SVEN SKOLD Evli Bank Plc MIKKO ERVASTI New Street Research JAKUB DUBANIEWICZ Berenberg Bank BARRY ZEITOUNE Credit Suisse JAKOB BLUESTONE JPMorgan AKHIL DATTANI EVA Dimensions ANDREW S ZAMFOTIS Espirito Santo Investment Bank Research ANDREW HOGLEY SpareBank 1 Markets AS TORE A TONSETH

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

Recommendation add Sell/Neutral reduce reduce outperform hold hold reduce underweight hold hold reduce sell underweight sell sell sell reduce sell reduce sell neutral neutral hold sell sell

Amt Held 16'801'000 10'287'959 9'231'976 6'525'196 2'442'261 1'710'000 1'166'817 1'124'690 1'077'163 1'069'913 1'013'140 830'461 775'342 620'568 569'639 560'000 497'705 442'685 425'000 417'085

% Out 10.05 6.15 5.52 3.9 1.46 1.02 0.7 0.67 0.64 0.64 0.61 0.5 0.46 0.37 0.34 0.33 0.3 0.26 0.25 0.25

Weighting

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

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

Latest Chg 46'751 (13'342) (2'577) 392'744 (4'183) (2'123) -

Target Price 17 16 15 15 18 17 17 16 14 #N/A N/A 17 14 14 15 15 15 12 16 15 14 16 18 18 #N/A N/A 14 15

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

File Dt Inst Type 03.12.2012 Holding Company 03.12.2012 Corporation 03.12.2012 Insurance Company 03.12.2012 Insurance Company 31.12.2012 Investment Advisor 03.12.2012 Private Equity 25.02.2013 Investment Advisor 03.12.2012 Government 03.12.2012 Holding Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Government 03.12.2012 Other 03.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 03.12.2012 n/a 26.02.2013 Investment Advisor 31.12.2012 Unclassified 03.12.2012 n/a 03.12.2012 n/a

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

Date 21.02.2013 18.02.2013 18.02.2013 13.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 31.01.2013 24.01.2013 21.01.2013 17.01.2013 24.07.2012 11.04.2012


27.02.2013

Enagas SA Enagas SA imports, stores, and transports natural gas. The Company imports liquid natural gas on methane carriers and operates regasification plants in Barcelona, Huelva, and Cartagena. Enagas also receives natural gas through pipelines over the Pyrenees Mountains and across the Strait of Gibraltar. The Company transports gas throughout Spain through its high-pressure pipelines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/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 ENG SQ EQUITY YTD Change ENG SQ EQUITY YTD % CHANGE

12/2012 12/yy 18.58 12.51 1'039'782.00 17.91 -3.53% 43.17% 88.30% 238.7 4'275.73 5'113.30 0.0 0.0 1'481.80 7'907.23

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

45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 813.1 7.58x 629.7 9.79x 258.9 14.35x

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

31.12.2009 31.12.2010 866.8 966.0 7.65x 7.01x 696.2 781.4 9.52x 8.67x 298.0 333.5 12.34x 10.68x Profitability

LTM-4Q 31.12.2011 1'096.3 6.30x 867.8 7.96x 364.6 9.36x

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 1'140.4 6.56x 934.4 8.01x 379.5 10.15x 934.40 618.50 54.24% 47.59% 4.80% 19.63% 0.14% 81.9% 54.2% 33.3% 2.42 2.41 63.26% 255.05% 3.54 -

Price/ Cash Flow

12/yy 1'088.7 25.61x 859.2 8.04x 364.7 9.35x

LTM 12/yy 1'140.4 24.92x 934.5 8.01x 379.5 10.15x

FY+1

.0 M f-13

0.82 192.85 26.43% 10.97% 0.817 27 4.000 1'470'367 1'874'852 3'643'681 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'293.2 1'357.5 6.22x 5.93x 1'021.2 1'077.0 7.74x 7.34x 400.9 422.1 10.68x 10.14x S&P Issuer Ratings

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

15.10.2012 BBB NEG 03.05.2012 A-2 8.77 2.88 3.89 5.47 255.1% 71.8% 0.14 0.20 103.47 -

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Enagas SA Holdings By:

All

Holder Name CANTABRICA DE INVERS SAGANE INVERSIONES S SOCIEDAD ESTATAL DE KARTERA 1 SL OMAN OIL HOLDINGS ES HSBC HOLDINGS PLC TALOS CAPITAL LIMITE UBS CAUSEWAY CAPITAL MAN MASSACHUSETTS FINANC VANGUARD GROUP INC FMR LLC THORNBURG INVESTMENT RETAIL OEICS AGGREGA BLACKROCK ALLIANZ ASSET MANAGE SCHRODER INVESTMENT NORDEA INV MANAGEMEN AMUNDI T ROWE PRICE ASSOCIA

Firm Name

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

Analyst

BPI BRUNO ALMEIDA DA SILVA Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Societe Generale JORGE ALONSO SUILS Grupo Santander BOSCO MUGUIRO Deutsche Bank VIRGINIA SANZ DE MADRID Macquarie ATALLAH ESTEPHAN CA Cheuvreux JOSE PORTA SAUDAN Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO Banco Sabadell JAVIER ESTEBAN Espirito Santo Investment Bank Research FELIPE ECHEVARRIA Nomura JAVIER SUAREZ Exane BNP Paribas OLIVIER VAN DOOSSELAERE Morgan Stanley CAROLINA DORES Goldman Sachs FRED BARASI Intermoney Valores ALVARO NAVARRO NMAS 1 Agencia de Valores FERNANDO LAFUENTE Banesto Bolsa SA Sociedad ANTONIO CRUZ JPMorgan JAVIER GARRIDO La Caixa FERNANDO MURILLO GUIRAO Barclays MONICA GIRARDI EVA Dimensions AUSTIN BURKETT Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Hammer Partners SA CHRIS MOORE Kepler Capital Markets TEAM COVERAGE BBVA ISIDORO DEL ALAMO Renta 4 SA SVB NATALIA AGUIRRE Link Securities INIGO ISARDO

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

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

Amt Held 11'937'395 11'936'714 11'936'713 11'936'713 11'936'702 10'349'464 10'003'792 7'664'922 7'241'723 4'103'417 3'381'766 2'919'009 2'879'100 2'410'274 1'872'128 1'403'431 1'172'883 1'159'919 1'016'519 931'791

% Out 5 5 5 5 5 4.34 4.19 3.21 3.03 1.72 1.42 1.22 1.21 1.01 0.78 0.59 0.49 0.49 0.43 0.39

Weighting

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

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

Latest Chg (1'087'636) (172'289) (498'355) 190'111 (1'041'304) 569'700 1'376 512'355 283'949 (14'889) 222'904 78'832

Target Price 20 18 19 17 20 20 21 21 20 14 17 21 18 21 17 20 17 21 17 17 #N/A N/A 17 19 17 17 17 17

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

File Dt Inst Type 31.12.2011 Other 31.12.2011 Holding Company 31.12.2011 Holding Company 01.01.2012 Bank 31.12.2011 Other 28.12.2010 Investment Advisor 27.12.2012 Other 28.12.2012 Unclassified 24.01.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.07.2010 Other 25.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 29.01.2013 28.01.2013 25.01.2013 17.01.2013 24.10.2012 03.09.2012 05.07.2012 26.04.2012 19.07.2011 22.03.2010


27.02.2013

Enel Green Power SpA Enel Green Power SpA develops and manages plants that generate electricity from renewable resources. The Company operates wind, solar, hydroelectric, geothermal and biomass powered plants. Enel Green Power operates plants in Europe, North America, and Latin America. The Company manufactures photovoltaic systems for homes and businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EGPW IM EQUITY YTD Change EGPW IM EQUITY YTD % CHANGE

12/2011 09/yy 1.57 1.02 3'814'064.00 1.38 -12.10% 35.43% 62.98% 5'000.0 6'900.00 5'019.00 0.0 841.0 349.00 12'815.00

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

-

90.0 M

2

80.0 M

1

70.0 M

1

60.0 M

1

50.0 M

1

40.0 M

1

30.0 M

0

20.0 M

0

10.0 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007

2

31.12.2008 31.12.2009 1'789.0 1'733.0 1'141.0 1'207.0 810.0 418.0 Profitability

LTM-4Q 31.12.2010 2'121.0 5.78x 1'313.0 9.33x 452.0 15.81x

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

31.12.2011 2'253.0 6.03x 1'583.0 8.58x 408.0 20.18x 1'583.00 913.00 40.52% 35.33% 2.24% 4.83% 0.17% 61.7% 33.0% 18.1% 0.55 0.34 33.57% 72.77% 4.45 -

Price/ Cash Flow

09/yy 2'275.0 24.08x 1'533.0 9.04x 463.0 20.79x

LTM 09/yy 2'277.0 22.49x 1'519.0 8.23x 323.0 21.43x

FY+1

.0 M f-13

0.75 1'585.50 -5.33% -1.78% 0.749 22 3.500 8'502'616 9'170'116 8'894'574 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'625.3 2'860.8 784.3 4.79x 4.51x 15.90x 1'624.3 1'798.8 510.0 7.89x 7.12x 450.3 511.5 167.0 15.33x 13.66x S&P Issuer Ratings

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

10.85 2.26 3.46 3.77 72.8% 39.3% 0.17 0.25 82.17 -

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Enel Green Power SpA Holdings By:

All

Holder Name ENEL SPA BLACKROCK VANGUARD GROUP INC PICTET & CIE JULIUS BAER MULTIPAR ARCA SGR SPA ROBECO INVESTOR SERV FIDEURAM GESTIONS SA CREDIT SUISSE ASSET DEKA INVESTMENT GMBH JUPITER ASSET MANAGE KBC GROUP NV STATE STREET BANQUE LEGAL & GENERAL VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C FMR LLC TAPIOLA ASSET MANAGE MEDIOLANUM INTERNATI PIONEER INVESTMENT M

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Market Vectors Globa Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Exane BNP Paribas MANUEL PALOMO Goldman Sachs DARIO CARRADORI Societe Generale JORGE ALONSO SUILS Macquarie SHAI HILL Centrobanca EDOARDO MONTALBANO Berenberg Bank ANDREW FISHER Grupo Santander JOAQUIN FERRER Banca IMI ROBERTO RANIERI Banca Akros(ESN) DARIO MICHI Barclays SUSANNA INVERNIZZI EVA Dimensions AUSTIN BURKETT Deutsche Bank VIRGINIA SANZ DE MADRID CA Cheuvreux FRANCESCA PEZZOLI Equita SIM SpA ROBERTO LETIZIA Nomura JAVIER SUAREZ Kepler Capital Markets CLAUDIA INTROVIGNE BPI FLORA TRINDADE Morgan Stanley ALLEN WELLS Mediobanca SpA MARIA BEATRICE GEROSA BBVA DANIEL ORTEA HERNANDEZ Natixis PHILIPPE OURPATIAN JPMorgan JAVIER GARRIDO

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

Recommendation neutral underperform neutral/attractive buy underperform buy buy hold buy hold overweight sell hold outperform buy reduce buy neutral Overwt/No Rating neutral market perform buy overweight

Amt Held 3'414'500'000 36'117'916 31'403'247 8'136'318 4'302'610 4'108'200 3'600'000 3'066'805 2'657'069 2'535'000 2'295'508 2'006'998 1'803'973 1'691'761 1'538'024 1'538'024 1'532'541 1'525'000 1'408'667 1'401'325

% Out 68.29 0.72 0.63 0.16 0.09 0.08 0.07 0.06 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03

Weighting

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

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

Latest Chg 138'981 759'437 (6'657) 25'436 150'000 154'696 2'394'000 (150) (84'658) (169'409) (38'894) (38'894) 1'108'667 -

Target Price 1 1 2 2 1 2 2 2 2 1 2 #N/A N/A 2 2 2 #N/A N/A 2 2 2 2 2 2 2

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

File Dt 31.12.2011 25.02.2013 31.12.2012 30.11.2012 29.02.2012 28.12.2012 31.12.2012 31.01.2013 28.12.2012 28.12.2012 31.07.2012 31.01.2013 31.01.2013 28.12.2012 26.02.2013 26.02.2013 31.12.2012 31.07.2011 29.06.2012 30.11.2012

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

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

Date 13.02.2013 13.02.2013 08.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 25.01.2013 17.01.2013 07.01.2013 14.11.2012 14.11.2012 06.11.2012 26.10.2012 16.10.2012 18.09.2012 02.08.2012 14.02.2012 16.09.2011 07.07.2011


27.02.2013

Erste Group Bank AG Erste Group Bank AG is a universal bank. The Bank attracts deposits and offers retail, corporate, and investment banking services. The Bank has subsidiaries in Austria, the Czech Republic, the Slovak Republic, Hungary and Croatia, and branches in New York, London, and Hong Kong.

Price/Volume 30

3.5 M

25

3.0 M 2.5 M

20

Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EBS AV EQUITY YTD Change EBS AV EQUITY YTD % CHANGE

12/2011 09/yy 26.90 13.33 364'461.00 23.46 -12.83% 75.99% 72.02% 394.6 9'256.58 54'567.00 0.0 3'142.9 16'990.53 -

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

1.5 M

10

1.0 M

5

.5 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2007 12'468.1 1'174.7 13.14x

2.0 M

15

Valuation Analysis

31.12.2008 31.12.2009 14'131.7 13'264.2 859.6 903.4 20.25x 11.00x Profitability

LTM-4Q 31.12.2010 11'676.3 878.7 17.84x

31.12.2011 11'838.0 (718.9) 9.98% -4.00% 0.39% 6.00% 1.35% 0.05% -8.9% 25.98% 453.32% -

LTM

09/yy 11'695.1 0.00x 0.0 0.00x (703.6) 0.00x

09/yy 11'652.8 0.00x 0.0 0.00x 851.4 9.00x

FY+1

.0 M f-13

1.47 29.26% -2.35% 1.466 29 3.690 576'409 623'069 655'333 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 7'251.0 7'295.2 1'797.5 583.8 960.9 (176.3) 15.64x 10.17x 26.51x 14.26x 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

25.01.2012 A NEG 25.01.2012 A-1 453.3% 78.2% 0.05 5.05 -

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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


27.02.2013

Erste Group Bank AG Holdings By:

All

Holder Name ERSTE OSTERREICHISCH CAIXABANK AUSTRIAN SAVINGS BAN HARBOR CAPITAL ADVIS SPARKASSEN BETEILIGU MASSACHUSETTS FINANC VANGUARD GROUP INC SIF MUNTENIA SA DODGE & COX SIF MOLDOVA BLACKROCK SIF 3 TRANSILVANIA B BNP PARIBAS INV PART FMR LLC RINGTURM KAG ING INTERNATIONAL AD CARMIGNAC GESTION SIF 1 BANAT-CRISANA FIRST MANHATTAN CO A FRANKLIN RESOURCES

Firm Name Fio, Burzovni Spolecnost, AS Wood & Company Berenberg Bank J&T Banka AlphaValue HSBC Exane BNP Paribas Keefe, Bruyette & Woods Nomura Barclays JPMorgan Goldman Sachs Societe Generale BH Securities EVA Dimensions Deutsche Bank Macquarie Credit Suisse SSIF Broker VTB Capital Raiffeisenbank AG Concorde Securities Rt Kepler Capital Markets Morgan Stanley Cyrrus Komercni Banka AS Mediobanca SpA KBC Securities

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

Analyst ROBIN KOKLAR MARK MACRAE ELENI PAPOULA MILAN LAVICKA DIETER HEIN JOHANNES THORMANN ANDREA VERCELLONE RONNY REHN DOMENICO SANTORO CRISTINA MARZEA PAUL FORMANKO PAWEL DZIEDZIC ALAN WEBBORN PETR HLINOMAZ AUSTIN BURKETT ALEXANDER HENDRICKS THOMAS STOEGNER HUGO SWANN ANDREI RADULESCU MIKHAIL SHLEMOV STEFAN MAXIAN GABOR KEMENY DIRK BECKER FRANCESCA TONDI MAREK HATLAPATKA JOSEF NEMY RICCARDO ROVERE MARTA CZAJKOWSKA-BALDYGA

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

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

Amt Held 73'064'034 38'195'848 15'969'966 11'092'939 6'350'000 4'747'753 4'085'888 4'025'566 3'700'000 3'673'520 3'493'842 3'341'216 3'292'357 3'065'296 2'680'000 2'159'148 1'760'628 1'716'865 1'356'426 1'229'968

% Out 18.52 9.68 4.05 2.81 1.61 1.2 1.04 1.02 0.94 0.93 0.89 0.85 0.83 0.78 0.68 0.55 0.45 0.44 0.34 0.31

Weighting

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

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

Latest Chg 176'943 105'037 144'746 563'377 (350'467) (99'372) (201'000) 1'760'628 (80'859) (100)

Target Price 27 27 13 20 25 31 21 25 27 24 32 36 31 28 #N/A N/A 22 29 18 26 24 24 17 25 21 28 21 25 41

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

File Dt Inst Type 05.10.2012 Unclassified 23.11.2011 Investment Advisor 05.10.2012 Bank 31.12.2012 Investment Advisor 05.10.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 29.01.2013 Investment Advisor 30.03.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 26.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 12.02.2013 01.02.2013 29.01.2013 28.01.2013 25.01.2013 21.01.2013 17.01.2013 16.01.2013 16.01.2013 15.01.2013 13.12.2012 10.12.2012 03.12.2012 15.11.2012 31.10.2012 30.10.2012 30.10.2012 14.09.2012 02.08.2012 03.11.2010


27.02.2013

Eutelsat Communications SA Eutelsat Communications is a KU-band satellite operator. The Company offers television and radio broadcasting, video broadcasting, corporate networks, Internet access, and mobile communications. Eutelsat serves Europe, the Middle East, Africa, Asia, eastern North America, and South America.

Price/Volume 30

3.5 M

25

3.0 M 2.5 M

20

Latest Fiscal Year: LTM as of: 52-Week High (13.03.2012) 52-Week Low (08.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ETL FP EQUITY YTD Change ETL FP EQUITY YTD % CHANGE

06/2012 06/yy 28.86 20.16 482'090.00 27.35 -5.23% 35.70% 80.99% 220.1 6'020.12 2'474.10 0.0 63.2 105.10 8'452.32

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

30.06.2009 30.06.2010 940.5 1'047.2 6.84x 8.17x 765.9 822.0 8.40x 10.41x 247.3 269.5 16.33x 22.52x Profitability

1.0 M

5 0 f-12

.5 M m-12

LTM-4Q 30.06.2011 1'168.1 7.78x 925.7 9.81x 338.5 20.14x

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

30.06.2012 1'222.2 6.36x 950.2 8.18x 326.1 16.36x 950.20 641.30 52.47% 42.81% 6.71% 18.98% 10.01% 0.25% 77.7% 52.5% 26.7% 1.36 1.23 49.78% 138.63% 4.75 -

Price/ Cash Flow

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

06/yy 1'047.2 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 1'222.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.55 125.05 0.19% 8.96% 0.554 24 4.000 910'009 590'269 504'427 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 1'290.1 1'375.9 310.3 321.0 6.78x 6.37x 1'004.8 1'071.1 8.41x 7.89x 355.9 381.4 16.73x 15.68x S&P Issuer Ratings

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

06.12.2010 BBB STABLE 06.12.2010 A-2 7.94 3.87 2.49 2.60 138.6% 57.2% 0.25 0.44 77.10 -

Sales/Revenue/Turnover

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.07.2009

1.5 M

10

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

Fiscal Year Ended 30.06.2008 877.8 7.26x 679.7 9.37x 172.3 22.39x

2.0 M

15

Valuation Analysis

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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


27.02.2013

Eutelsat Communications SA Holdings By:

All

Holder Name FONDS STRATEGIQUE D' ABERTIS TELECOM S.A. BLACKROCK FRANKLIN RESOURCES CHINA INVESTMENT COR THORNBURG INVESTMENT T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE VANGUARD GROUP INC ENTREPRISE DES POSTE RADIOTELEVIZIJA SLOV INVESCO LTD SCHRODER INVESTMENT COHEN & STEERS CAPIT THREADNEEDLE INVESTM MEDITOR CAPITAL MANA AKO CAPITAL LLP GENERALI ASSET MANAG UBI PRAMERICA SGR SP FEDERAL GESTION

Firm Name Societe Generale Day by Day AlphaValue JPMorgan CM - CIC Securities(ESN) CA Cheuvreux HSBC Exane BNP Paribas Deutsche Bank Morgan Stanley Oddo & Cie Nomura Barclays Jefferies Credit Suisse ABN Amro Bank N.V. EVA Dimensions Goldman Sachs Berenberg Bank Main First Bank AG Natixis

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

Analyst PETER KNOX VALERIE GASTALDY MYRIAM COHEN TORSTEN ACHTMANN JEAN-MICHEL KOSTER DAVID CERDAN OLIVIER MORAL MATHIEU ROBILLIARD LAURIE DAVISON JULIEN ROSSI VINCENT MAULAY HENRIK NYBLOM NICK DEMPSEY GILES THORNE PAUL SIDNEY MAURITS HELDRING CRAIG STERLING MARK WALKER SARAH SIMON LOIC SABATIER ERIC BEAUDET

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

Recommendation hold hold add overweight accumulate outperform overweight outperform sell Overwt/Attractive neutral buy overweight buy outperform buy underweight Buy/Neutral sell neutral buy

Amt Held % Out 56'399'660 25.62 18'396'773 8.36 16'129'173 7.33 15'815'878 7.19 15'541'767 7.06 4'925'000 2.24 3'551'494 1.61 2'689'759 1.22 2'434'898 1.11 2'395'886 1.09 2'332'724 1.06 1'395'176 0.63 1'303'570 0.59 1'083'300 0.49 1'047'151 0.48 (968'502) -0.44 (968'502) -0.44 939'845 0.43 912'628 0.41 605'000 0.27

Weighting

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

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

Latest Chg (15'407'979) (1'743'657) (1'666'071) (1'078'400) 943'258 157'601 47'880 (228'987) (815'029) 484'750 (185'541) 550'285 244'326 (2'820) (11'989) -

Target Price 27 #N/A N/A 31 33 28 32 30 31 20 30 24 31 30 30 33 30 #N/A N/A 33 23 25 30

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

File Dt Inst Type 30.09.2010 Investment Advisor 02.07.2012 Corporation 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.06.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2010 Corporation 30.09.2010 Corporation 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 20.11.2012 Investment Advisor 11.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 30.11.2012 Investment Advisor

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

Date 27.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 14.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 07.02.2013 24.01.2013 18.01.2013 17.01.2013 05.11.2012 05.11.2012 31.07.2012 20.07.2012


27.02.2013

Ferrovial SA Ferrovial SA is an infrastructure operator and industrial company. The Company operates in multiple countries in a range of sectors including construction, airport, toll road, and municipal services. Ferrovial SA also has a services division in which they provide facility management, infrastructure maintenance and upkeep, and energy and waste management services.

Price/Volume 14

60.0 M

12

50.0 M

10

40.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 FER SQ EQUITY YTD Change FER SQ EQUITY YTD % CHANGE

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

20.0 M

4

10.0 M

2 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 13'146.0 2.03x 2'545.0 10.49x (812.0) -

30.0 M

6

12/2012 12/yy 12.20 7.41 1'610'459.00 11.86 -2.75% 59.99% 91.74% 733.5 8'699.43 9'857.60 0.0 120.6 2'980.32 15'697.26

31.12