Page 1

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

Fundamental Analysis & Analyst Recommendations 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

31.12.2009 31.12.2010 12'095.0 9'384.0 2.52x 2.90x 2'540.0 3'970.0 11.98x 6.86x (92.0) 2'163.0 2.07x Profitability

LTM-4Q 31.12.2011 7'446.0 1.69x 1'157.0 10.85x 1'269.0 16.10x

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

31.12.2012 7'686.4 1.98x 978.8 15.54x 709.7 11.55x 978.76 759.96 9.89% 9.81% 3.14% 11.76% 0.34% 68.2% 12.7% 9.9% 9.2% 1.12 0.93 44.37% 174.72% 3.56 -

Price/ Cash Flow

LTM

12/yy 7'640.0 12.81x 428.0 0.00x 1'269.0 0.00x

12/yy 7'686.4 7.13x 978.8 15.54x 709.7 11.55x

FY+1

.0 M f-13

0.80 379.68 40.04% 5.89% 0.801 28 4.107 4'405'447 2'734'208 6'650'353 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'547.8 7'651.3 2.06x 2.15x 919.1 990.6 17.08x 15.85x 242.6 270.2 34.48x 30.73x 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

01.08.2011 BBBSTABLE 2.40 2.20 7.03 10.07 174.7% 63.1% 0.34 2.17 102.94 -471.38

Sales/Revenue/Turnover

12.00

14'000.0

10.00

12'000.0 10'000.0

8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

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

Ferrovial SA Holdings By:

All

Holder Name PORTMAN BAELA SL SOUTHEASTERN ASSET M BANCO SANTANDER SA UBS NORGES BANK CALVO-SOTEL RAFAEL D VANGUARD GROUP INC BLACKROCK COHEN & STEERS CAPIT BUSQUET SANTIAGO BER STATE STREET DEUTSCHE BANK AG LITMAN/GREGORY FUND SANTANDER ASSET MGMT BBVA PATRIMONIOS GES UNION INVESTMENT LUX ROYAL LONDON ASSET M ALLIANZ ASSET MANAGE FRANK RUSSELL TRUST LONGLEAF MANAGEMENT

Firm Name

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

Analyst

AlphaValue MYRIAM COHEN BPI BRUNO ALMEIDA DA SILVA Ahorro Corporacion Financiera SA JUAN MORENO Grupo Santander ARANZAZU BUENO Societe Generale VICTOR ACITORES Raymond James ARNAUD PALLIEZ Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA Banesto Bolsa SA Sociedad MARTA OLBA Banco Sabadell MARIA CEBOLLERO NMAS 1 Agencia de Valores JOSE RAMON OCINA Espirito Santo Investment Bank Research JUAN CARLOS CALVO S&P Capital IQ JAWAHAR HINGORANI Deutsche Bank LUIS PRIETO Morgan Stanley JAIME ROWBOTHAM RBC Capital Markets OLIVIA PETERS Exane BNP Paribas NICOLAS MORA EVA Dimensions CRAIG STERLING La Caixa SANTIAGO MOLINA Natixis ABDELKADER BENCHIHA Interdin Bolsa PABLO ORTIZ DE JUAN Kepler Capital Markets EMILIO ROTONDO-INCLAN CA Cheuvreux BORJA CASTRO PEREZ MANZUCO Day by Day VALERIE GASTALDY Macquarie SAM DOBSON BBVA ANTONIO RODRIGUEZ VICENS Equita SIM SpA STEFANO GAMBERINI Renta 4 SA SVB NURIA ALVAREZ

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

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

Amt Held 319'912'186 35'244'909 24'804'396 22'846'210 21'745'181 9'191'610 7'582'266 4'127'393 2'675'850 2'458'721 2'455'246 2'177'139 2'160'700 1'747'267 1'647'594 1'597'200 1'413'526 1'161'921 939'895 839'000

% Out 43.61 4.8 3.38 3.11 2.96 1.25 1.03 0.56 0.36 0.34 0.33 0.3 0.29 0.24 0.22 0.22 0.19 0.16 0.13 0.11

Weighting

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

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

Latest Chg (1'003) (1'518'012) 1'901'156 536'404 (329'979) 6'654 128'849 337'002 2'613'650 5'822 1'523'027 322'700 (54'955) 32'905 (536'900) 57'027 (149'700) (295'142) -

Target Price 11 13 12 14 14 13 13 13 13 15 14 12 14 12 11 9 #N/A N/A 13 13 13 13 12 13 12 11 10 10

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

File Dt Inst Type 16.05.2012 Corporation 20.12.2012 Investment Advisor 12.12.2012 Bank 28.12.2012 Unclassified 18.01.2011 Government 16.05.2012 n/a 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 16.05.2012 n/a 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 29.02.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 27.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 15.02.2013 13.02.2013 13.02.2013 24.01.2013 17.01.2013 16.01.2013 04.01.2013 27.12.2012 12.12.2012 05.11.2012 01.11.2012 28.09.2012 02.08.2012 10.06.2011 23.02.2010


27.02.2013

Fiat SpA Fiat S.p.A. manufactures and markets automobiles, commercial vehicles, and agricultural and construction equipment. The Company also produces metallurgical products and production systems for the automobile industry, and owns publishing and insurance companies.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (07.05.2012) 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 F IM EQUITY YTD Change F IM EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 4.91 3.25 9'900'496.00 4.062 -17.20% 24.98% 45.24% 1'250.4 5'079.14 27'889.00 0.0 4'114.0 17'945.00 19'137.14

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

60.0 M

5

50.0 M

4

40.0 M

3

30.0 M

2

20.0 M

1

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 59'380.0 0.42x 6'263.0 4.01x 1'612.0 3.53x

6

31.12.2009 31.12.2010 32'684.0 35'880.0 0.90x 0.80x 2'772.0 3'298.0 10.64x 8.66x (838.0) 520.0 134.40x Profitability

LTM-4Q 31.12.2011 59'559.0 0.28x 5'750.0 2.94x 1'334.0 3.29x

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

31.12.2012 83'957.0 0.22x 7'948.0 2.35x 348.0 13.25x 7'948.00 3'814.00 4.54% 2.43% 0.36% 3.28% 6.30% 1.02% 14.9% 9.5% 4.5% 0.4% 1.17 0.66 33.96% 307.86% 27.10 7.17

Price/ Cash Flow

LTM

12/yy 59'559.0 1.10x 5'750.0 2.94x 1'334.0 3.29x

12/yy 83'957.0 0.65x 5'932.0 0.00x 348.0 13.47x

FY+1

.0 M f-13

1.13 834.26 -8.92% 7.18% 1.128 29 2.345 17'413'280 23'132'400 22'043'010 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 87'461.3 92'559.8 0.19x 0.19x 8'698.8 9'945.1 2.20x 1.92x 530.2 940.6 10.61x 5.82x 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

26.04.2012 BBSTABLE 06.05.2009 B 4.18 0.22 1.29 3.50 307.9% 67.9% 1.02 3.98 13.50 51.06 82.40 -25.46

Sales/Revenue/Turnover

3.00

90'000.0 80'000.0

2.50

70'000.0 60'000.0

2.00

50'000.0 1.50

40'000.0 30'000.0

1.00

20'000.0 0.50 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Fiat SpA Holdings By:

All

Holder Name EXOR SPA VANGUARD GROUP INC FIAT SPA BAILLIE GIFFORD OVER VANGUARD INT GROWTH BLACKROCK CAPITAL GROUP COMPAN BROOKSIDE CAPITAL MA CAXTON INTERNATIONAL EGERTON CAPITAL LIMI MARSHALL WACE LLP ODEY ASSET MANAGEMEN BAILLIE GIFFORD AND BESSEMER GROUP INCOR PUTNAM INVESTMENT MA AMUNDI GUARDIAN INVESTOR SE ALLIANZ ASSET MANAGE JOHN HANCOCK INVESTM FMR LLC

Firm Name Mediobanca SpA Banca IMI Sanford C. Bernstein & Co Centrobanca Exane BNP Paribas AlphaValue Redburn Partners Goldman Sachs Macquarie Barclays Commerzbank Corporates & Markets Morgan Stanley Landesbank Baden-Wuerttemberg Societe Generale JPMorgan Equita SIM SpA Oddo & Cie Banca Akros(ESN) Kepler Capital Markets Day by Day Credit Suisse EVA Dimensions ICBPI Main First Bank AG Silvia Quandt Research Deutsche Bank Natixis CA Cheuvreux Hammer Partners SA Cyrrus

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

Analyst MASSIMO VECCHIO MONICA BOSIO MAX WARBURTON MARCO CRISTOFORI RABIH FREIHA HANS-PETER WODNIOK CHARLES WINSTON STEFAN BURGSTALLER JENS SCHATTNER KRISTINA CHURCH SASCHA GOMMEL STUART PEARSON Fabian Suessenguth STEPHEN REITMAN JOSE ASUMENDI MARTINO DEAMBROGGI FRANCOIS MAURY GABRIELE GAMBAROVA GIANANTONIO VILLANI VALERIE GASTALDY ERICH HAUSER CRAIG STERLING LUCA ARENA BRUNO LAPIERRE ALBRECHT DENNINGHOFF JOCHEN GEHRKE GEORGES DIENG ARNAUD JOLY ALBERTO ROLLA JAN ROH

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

Recommendation neutral hold outperform hold underperform sell sell neutral/attractive underperform underweight hold Underwt/In-Line hold sell neutral hold buy hold hold hold underperform overweight not rated underperform neutral sell reduce outperform buy sell

Amt Held % Out 375'808'571 30.06 47'020'701 3.76 40'337'995 3.23 26'933'677 2.15 25'083'081 2.01 12'389'220 0.99 12'037'500 0.96 (11'003'545) -0.88 (7'502'417) -0.6 (7'002'256) -0.56 (6'877'216) -0.55 (6'377'054) -0.51 6'089'462 0.49 4'680'041 0.37 3'884'966 0.31 3'503'456 0.28 3'082'632 0.25 2'543'301 0.2 2'440'163 0.2 2'174'765 0.17

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

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

Latest Chg 353'431 101'192 (2'219'500) (1'625'524) (1'125'363) 83'703 (2'979'717) (1'109'545) 432'906 (119'507) 120'151 142'229

Target Price 5 5 5 4 3 3 #N/A N/A 5 3 2 4 3 5 4 4 5 5 5 4 #N/A N/A 4 #N/A N/A #N/A N/A 4 4 3 3 7 5 4

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

File Dt 20.11.2012 31.12.2012 20.11.2012 20.11.2012 20.11.2012 25.02.2013 31.12.2012 14.01.2013 25.02.2013 06.12.2012 07.02.2013 21.02.2013 20.11.2012 31.10.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.02.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 12.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 17.01.2013 16.01.2013 12.12.2012 16.11.2012 07.11.2012 31.10.2012 07.02.2012 23.01.2012 11.10.2011


27.02.2013

FLSmidth & Co A/S FLSmidth & Company A/S is a machinery company. The Company designs, manufactures, and supplies production plants, equipment, single machinery, and spare parts primarily to the cement and minerals industries. FLSmidth is based in Denmark.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 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 FLS DC EQUITY YTD Change FLS DC EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 457.60 288.50 228'057.00 390.1 -14.75% 35.22% 59.20% 53.2 20'753.32 4'378.00 0.0 49.0 1'566.00 23'614.32

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

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2009 31.12.2010 23'134.0 20'186.0 0.78x 1.32x 2'721.0 2'389.0 6.64x 11.13x 1'670.0 1'284.0 11.25x 21.76x Profitability

LTM-4Q 31.12.2011 20'538.0 0.85x 2'515.0 6.96x 1'427.0 13.18x

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

31.12.2012 24'849.0 0.80x 2'723.0 7.28x 1'306.0 13.36x 2'723.00 1'969.00 7.92% 7.75% 4.55% 14.33% 0.87% 24.5% 11.1% 8.1% 5.3% 1.16 0.46 13.73% 46.72% 4.33 7.67

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M 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 25'285.0 0.41x 2'877.0 3.57x 1'515.0 6.53x

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

LTM

12/yy 20'538.0 3.72x 2'515.0 6.96x 1'427.0 13.18x

12/yy 24'849.0 3.20x 2'759.0 7.18x 1'306.0 13.43x

FY+1

1.16 -10.61% 19.22% 1.159 18 4.111 430'420 430'496 380'740 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'126.8 27'985.7 6'063.0 6'807.0 0.84x 0.81x 3.45x 3.06x 2'910.8 3'284.6 554.3 650.0 8.11x 7.19x 8.46x 7.87x 1'604.1 1'857.6 299.0 362.5 12.64x 10.90x 13.02x 12.05x 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

34.04 24.80 1.02 1.59 46.7% 31.7% 0.87 9.33 84.46 47.71 55.38 76.80

Sales/Revenue/Turnover

45.00

30'000.0

40.00

25'000.0

35.00

20'000.0

30.00 25.00

15'000.0

20.00

10'000.0

15.00 10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

FLSmidth & Co A/S Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC NORDEA INV MANAGEMEN GREENLIGHT CAPITAL I FLSMIDTH & CO A/S SWEDBANK ROBUR FONDE AQR CAPITAL MANAGEME DANSKE INVEST A/S MAVERICK CAPITAL LTD VANGUARD GROUP INC D E SHAW & CO LP CITADEL EUROPE LLP MADISON SQUARE INVES UBS INSTITUTIONAL FU ODIN FORVALTNING AS HIGHBRIDGE CAPITAL M MARSHALL WACE LLP FMR LLC MACKAY SHIELDS LLC ING INVESTMENT MANAG UBS

Firm Name AlphaValue JPMorgan Carnegie SEB Enskilda CA Cheuvreux Exane BNP Paribas Alm Brand Markets Jyske Bank ABG Sundal Collier Nordea Equity Research NYKREDIT Handelsbanken DNB Markets Danske Markets Goldman Sachs EVA Dimensions Sydbank LD Invest Markets

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

Analyst LIONEL PELLICER ALEXANDER WHIGHT LARS TOPHOLM DANIEL PATTERSON JOHAN ELIASON ALEXIS DENAUD STIG NYMANN JANNE VINCENT KJAER JOHANNES GRUNSELIUS PATRIK SETTERBERG KLAUS KEHL FASIAL KALIM AHMAD SAMPSA KARHUNEN KENNETH LEILING AARON IBBOTSON CRAIG STERLING JACOB PEDERSEN TORSTEN BECH

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

Recommendation add overweight hold buy outperform neutral buy strong buy hold buy outperform accumulate hold hold Buy/Neutral sell overweight buy

Amt Held % Out 2'743'887 5.16 1'465'718 2.76 (1'415'120) -2.66 927'425 1.74 896'347 1.68 (707'560) -1.33 681'997 1.28 (675'640) -1.27 577'832 1.09 (537'320) -1.01 (430'920) -0.81 345'570 0.65 330'031 0.62 280'854 0.53 (262'650) -0.49 (254'838) -0.48 220'435 0.41 213'155 0.4 207'154 0.39 167'147 0.31

Weighting

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

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

Latest Chg (19'901) 106'400 (73'235) (58'520) 900 (79'800) 4'749 (58'520) (53'200) (21'903) 29'950 27'122 (209'951) 35'750 (15'287)

Target Price 409 435 #N/A N/A 430 450 450 475 445 360 430 #N/A N/A 416 365 365 502 #N/A N/A #N/A N/A 475

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

File Dt 13.07.2012 31.12.2012 21.12.2012 31.12.2011 31.12.2012 11.02.2013 31.01.2013 12.02.2013 31.12.2012 18.01.2013 12.02.2013 31.12.2012 31.10.2012 31.01.2013 13.02.2013 25.01.2013 31.12.2012 31.03.2012 31.12.2012 31.10.2012

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

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

Date 21.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 15.01.2013 09.05.2011 28.10.2010


27.02.2013

Fresnillo PLC Fresnillo plc is a silver and gold mining and exploration company. The Company owns and operates silver and gold mines in Mexico. Fresnillo also holds a portfolio of development and exploration projects located along the silver and gold belts of Mexico.

Price/Volume 2500

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

2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (27.11.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRES LN EQUITY YTD Change FRES LN EQUITY YTD % CHANGE

12/2011 01/yy 2'033.00 1'259.00 404'378.00 1548 -23.91% 22.95% 33.07% 717.2 11'101.64 0.00 0.0 281.6 684.92 16'670.55

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

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 647.9 274.5 143.5 -

500

31.12.2008 31.12.2009 720.5 849.9 3.17x 10.57x 335.5 496.0 6.80x 18.12x 127.9 322.0 18.02x 28.48x Profitability

31.12.2010 1'409.6 12.98x 938.7 19.49x 665.1 28.04x

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 2'192.7 7.56x 1'535.8 10.80x 901.7 18.83x 1'535.78 1'363.71 62.19% 69.98% 28.16% 40.00% 41.55% 0.80% 71.3% 66.0% 56.3% 41.1% 3.78 2.98 0.00% 0.00% 11.99 6.73

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.15 0.78 164.22 -14.83% -16.19% 0.782 15 3.000 867'212 656'859 565'498 FY+2

12/12 Y 12/13 Y 2'179.1 2'464.1 7.60x 6.68x 1'321.7 1'550.6 12.61x 10.75x 740.5 818.2 23.02x 20.20x 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

-

-

166.28 115.64 -0.33 0.00 0.0% 0.0% 0.80 1.92 30.53 54.39 45.59

Sales/Revenue/Turnover

45.00

2'500.0

40.00

2'000.0

35.00 30.00

1'500.0

25.00 20.00

1'000.0

15.00

500.0

10.00 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

Fresnillo PLC Holdings By:

All

Holder Name PENOLES INDUSTRIAS PENOLES S BLACKROCK FIRST EAGLE INVESTME FIRST EAGLE INVESTME T ROWE PRICE ASSOCIA LEGAL & GENERAL T ROWE PRICE ASSOCIA AGF MANAGEMENT LIMIT NORGES BANK INVESTME VANGUARD GROUP INC VONTOBEL GAMCO FRANKLIN RESOURCES AMF PENSION VANGUARD GROUP INC BARING ASSET MANAGEM APG ALGEMENE PENSIOE SCOTTISH WIDOWS UBS

Firm Name VSA Capital Ltd BMO Capital Markets Societe Generale RBC Capital Markets BBVA Goldman Sachs Deutsche Bank JPMorgan EVA Dimensions Numis Securities Ltd Barclays Credit Suisse Canaccord Genuity Corp

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

Analyst JESSICA PENDAL ANDREW KAIP BRUCE ALWAY JONATHAN GUY JEAN-BAPTISTE BRUNY EUGENE KING GRANT SPORRE ROGER BELL CRAIG STERLING CAILEY BARKER DAVID BUTLER VANESSA QUIROGA DMITRY KALACHEV

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

Recommendation buy market perform sell sector perform underperform neutral/attractive hold overweight hold hold overweight neutral hold

Amt Held 552'595'191 552'591'460 51'399'264 11'417'058 11'264'908 7'635'318 6'919'538 6'698'758 4'258'906 3'634'835 3'429'379 3'337'617 3'079'500 3'053'700 2'633'800 1'802'058 1'739'410 1'604'401 1'598'738 1'455'757

% Out 77.05 77.05 7.17 1.59 1.57 1.06 0.96 0.93 0.59 0.51 0.48 0.47 0.43 0.43 0.37 0.25 0.24 0.22 0.22 0.2

Weighting

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

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

Latest Chg 110'630 33'045 (1'026'498) 303'761 (75'093) (190'902) (295'775) 123'654 290'950 (20'000) (1'069'700) 1'347'444 90'244 150'933 278'282 580'932 66'231

Target Price 2'260 2'000 1'200 1'800 1'649 1'900 1'705 2'070 #N/A N/A 1'900 2'150 1'870 1'900

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

File Dt 05.03.2012 01.01.2013 25.02.2013 01.01.2013 30.09.2012 01.01.2013 31.01.2013 31.12.2012 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013

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

Inst Type Corporation Corporation Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Unclassified Unclassified Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA) Unclassified Unclassified

Date 27.02.2013 25.02.2013 22.02.2013 25.01.2013 25.01.2013 23.01.2013 22.01.2013 22.01.2013 17.01.2013 14.01.2013 14.01.2013 13.12.2012 28.05.2012


27.02.2013

Fugro NV Fugro N.V. collects, processes, and interprets geological data. The Company collects data at sea, on land, and from the air of land areas and the sea bed. The data is used in building offshore oil platforms, tunnels, roads, pipelines, factories, and communications cables, and to explore for oil, gas, and minerals. The Company operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2012) 52-Week Low (18.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FUR NA EQUITY YTD Change FUR NA EQUITY YTD % CHANGE

12/2011 01/yy 57.88 35.12 324'745.00 36.28 -37.28% 3.32% 3.80% 82.8 3'005.59 1'462.76 0.0 18.3 170.38 4'557.39

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

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

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

.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 1'802.7 2.32x 439.6 9.53x 216.2 16.98x

60

31.12.2008 31.12.2009 2'154.5 2'053.0 0.95x 1.78x 537.5 552.6 3.81x 6.62x 283.4 263.4 5.28x 11.64x Profitability

31.12.2010 2'280.4 2.51x 561.9 10.20x 272.2 17.72x

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 2'577.8 1.89x 583.1 8.35x 287.6 12.37x 583.10 351.44 13.63% 13.21% 8.11% 18.99% 11.31% 0.73% 61.4% 23.1% 13.9% 11.2% 1.73 0.78 37.88% 88.34% 2.80

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.18 -30.94% -18.51% 1.183 18 3.778 592'878 630'900 568'186 FY+2

12/12 Y 12/13 Y 2'910.8 2'824.3 1.45x 1.20x 678.2 666.8 6.73x 6.84x 288.6 311.8 10.13x 9.68x 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

-

-

13.70 7.18 2.42 2.58 88.3% 46.6% 0.73 1.94 130.92 125.08

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

1'000.0

5.00

0.00 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

Fugro NV Holdings By:

All

Holder Name ING GROEP NV WAM ACQUISITION CAPITAL GROUP INTERN KRAMER GERT-JAN FMR LLC DANSKE INVEST A/S COLUMBIA WANGER ASSE VANGUARD GROUP INC SCHRODER INVESTMENT ING INVESTMENT MANAG JUPITER ASSET MANAGE BLACKROCK ALLIANZ ASSET MANAGE AKO CAPITAL LLP DANSKE INVEST MANAGE EGERTON CAPITAL LIMI AQR CAPITAL MANAGEME ABERDEEN FRANKLIN RESOURCES MAWER INVESTMENT MAN

Firm Name Natixis AlphaValue EVA Dimensions HSBC KBC Securities ABN Amro Bank N.V. SNS Securities(ESN) Kepler Capital Markets Goldman Sachs Petercam Rabobank International ING Bank Kempen & Co S&P Capital IQ Nomura Theodoor Gilissen Securities CA Cheuvreux JPMorgan

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

Analyst ALAIN PARENT ALEXANDRE ANDLAUER CRAIG STERLING DAVID PHILLIPS MICHAEL ROEG WIM GILLE MARTIJN DEN DRIJVER ANDRE MULDER MICHAEL RAE LUUK VAN BEEK MICHEL AUPERS QUIRIJN MULDER DIRK VERBIESEN CHRISTINE TISCARENO CHRISTYAN MALEK JOS VERSTEEG HANS PLUIJGERS ANDREW DOBBING

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

Recommendation neutral reduce underweight overweight hold buy buy buy Buy/Neutral add buy buy hold hold buy buy underperform overweight

Amt Held % Out 7'846'285 9.47 4'281'272 5.17 4'142'904 5 4'031'026 4.87 3'177'974 3.84 1'490'836 1.8 1'437'624 1.74 1'293'114 1.56 1'118'841 1.35 1'042'959 1.26 938'685 1.13 801'777 0.97 722'612 0.87 (679'324) -0.82 642'587 0.78 (588'195) -0.71 (538'489) -0.65 534'000 0.64 454'886 0.55 444'000 0.54

Weighting

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

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

Latest Chg 3'333'818 (661'095) 50'266 5'035 (125'626) 9'644 (19'920) (25'103) (57'991) (1'387) (33'138) (49'707) 1'000 38'834 -

Target Price 38 37 #N/A N/A 53 44 52 61 45 49 46 60 45 51 43 65 63 48 60

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

File Dt Inst Type 01.03.2012 Investment Advisor 01.03.2012 Corporation 01.03.2012 Investment Advisor 20.11.2012 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 Investment Advisor 29.06.2012 Investment Advisor 31.01.2013 Hedge Fund Manager 07.12.2012 Hedge Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 06.01.2013 19.11.2012 05.09.2012 04.09.2012 28.05.2012 21.07.2010


27.02.2013

G4S PLC G4S PLC offers security services. The Company offers security guards, alarms, monitoring, management and transportation of cash and valuables, prison management, and electronic monitoring of offenders.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFS LN EQUITY YTD Change GFS LN EQUITY YTD % CHANGE

12/2011 01/yy 295.30 237.30 1'219'776.00 287.4 -2.68% 21.11% 80.69% 1'410.7 4'054.26 2'229.00 0.0 50.0 503.00 5'903.26

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

35.0 M

300

30.0 M

250

25.0 M

200

20.0 M

150

15.0 M

100

10.0 M

50

5.0 M

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

31.12.2008 31.12.2009 5'928.5 7'009.0 0.75x 0.74x 532.2 637.0 8.31x 8.19x 151.2 202.0 15.53x 17.49x Profitability

31.12.2010 7'258.0 0.71x 645.0 8.00x 223.0 15.07x

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

31.12.2011 7'522.0 0.75x 641.0 8.75x 181.0 18.49x 641.00 399.00 5.30% 3.71% 1.84% 6.86% 7.56% 1.38% 21.2% 8.4% 5.2% 2.4% 1.39 1.24 39.70% 149.20% -

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 -

2.97 0.81 1'398.46 3.17% 12.05% 0.810 22 3.818 2'913'908 2'754'664 2'869'090 FY+2

12/12 Y 12/13 Y 8'030.8 8'352.5 0.73x 0.69x 674.5 729.7 8.75x 8.09x 314.2 357.9 12.77x 11.45x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

05.11.2012 BBBSTABLE 05.11.2012 A-3 5.48 4.00 2.81 3.54 149.2% 59.1% 1.38 14.26 55.14

Sales/Revenue/Turnover

16.00

8'000.0

14.00

7'000.0

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 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 4'483.5 0.89x 393.4 10.13x 147.2 21.28x

350

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

G4S PLC Holdings By:

All

Holder Name INVESCO LTD M&G INVESTMENT MANAG BLACKROCK HARRIS ASSOCIATES LP FRANKLIN RESOURCES LEGAL & GENERAL VANGUARD GROUP INC ABU DHABI INVESTMENT TWEEDY BROWNE COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME STANDARD LIFE INVEST MARATHON ASSET MANAG Danish Depositary In LONGVIEW PARTNERS (G ALLIANZ ASSET MANAGE UBS SCHRODER INVESTMENT VANGUARD GROUP INC RCM

Firm Name

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

Analyst

RBC Capital Markets DAVID GREENALL SEB Enskilda DANIEL PATTERSON HSBC ALEX MAGNI Goldman Sachs CHARLES WILSON Investec GIDEON ADLER JPMorgan ROBERT PLANT Numis Securities Ltd STEVE WOOLF Panmure Gordon & Co Limited MIKE ALLEN Jefferies KEAN MARDEN Canaccord Genuity Corp JULIAN CATER EVA Dimensions CRAIG STERLING Credit Suisse ANDY GROBLER Exane BNP Paribas LAURENT BRUNELLE Danske Markets KASPER FROM LARSEN Day by Day VALERIE GASTALDY Barclays PAUL CHECKETTS Espirito Santo Investment Bank Research DAVID BROCKTON Deutsche Bank ANDY CHU Equita SIM SpA GIANMARCO BONACINA Sydbank SOEREN LONTOFT HANSEN CA Cheuvreux NIKLAS KRISTOFFERSSONN

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

Recommendation top pick hold underweight Sell/Neutral buy overweight buy buy buy buy underweight outperform outperform hold buy overweight neutral hold hold overweight outperform

Amt Held 212'071'075 107'066'904 70'812'109 69'584'044 57'064'965 49'962'585 36'923'447 36'783'075 35'940'397 32'556'322 32'154'939 31'139'446 29'110'022 28'308'205 25'823'670 21'330'557 18'669'856 16'667'432 15'278'303 15'086'520

% Out 15.03 7.59 5.02 4.93 4.05 3.54 2.62 2.61 2.55 2.31 2.28 2.21 2.06 2.01 1.83 1.51 1.32 1.18 1.08 1.07

Weighting

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

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

Latest Chg 13'104'798 (142'300) 1'861'657 (483'846) 710'641 524'945 441'193 186'277 (2'320'966) 3'957'293 211'223 (61'607'397) (2'252'600) (2'860'235) (38'079'314) (357'312) 635'715 (487'041)

Target Price 320 304 270 242 330 345 315 320 275 325 #N/A N/A 330 295 286 282 280 265 294 306 #N/A N/A 310

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

File Dt 29.01.2013 03.12.2012 25.02.2013 03.12.2012 31.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 28.12.2012 03.12.2012 03.12.2012 03.12.2012

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

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

Date 27.02.2013 25.02.2013 21.02.2013 18.02.2013 14.02.2013 12.02.2013 12.02.2013 11.02.2013 29.01.2013 29.01.2013 15.01.2013 14.01.2013 14.11.2012 06.11.2012 24.09.2012 30.08.2012 20.07.2012 17.07.2012 16.07.2012 10.05.2011 03.03.2010


27.02.2013

Galenica AG Galenica AG manufactures and distributes pharmaceuticals and offers related services. The Company produces prescription and over-the-counter drugs, toiletries and hygiene products, and operates pharmacies.

Price/Volume 700

.1 M

600

.1 M

500

.1 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.07.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GALN SE EQUITY YTD Change GALN SE EQUITY YTD % CHANGE

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

.0 M

200

.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

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 2'529.1 1.40x 191.6 18.47x 134.1 23.94x

.1 M

300

12/2011 01/yy 626.00 479.25 12'194.00 540 -13.66% 12.68% 38.67% 6.5 3'510.00 1'165.22 0.0 45.7 345.29 4'426.00

31.12.2008 31.12.2009 3'128.1 3'279.1 0.94x 1.14x 470.1 401.6 6.26x 9.28x 188.2 210.2 11.80x 11.55x Profitability

31.12.2010 3'446.6 1.37x 443.7 10.65x 230.4 15.91x

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

31.12.2011 3'480.6 1.26x 399.9 10.99x 223.1 15.89x 399.95 327.67 9.41% 8.60% 7.82% 21.84% 1.17% 39.3% 11.5% 9.4% 6.4% 1.52 1.03 37.42% 100.72% 6.54

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.97 4.11 -1.97% 1.79% 0.965 12 2.667 14'123 20'887 18'968 FY+2

12/12 Y 12/13 Y 3'441.6 3'558.3 1.23x 1.13x 417.9 421.7 10.60x 10.49x 243.5 251.7 14.29x 13.84x S&P Issuer Ratings

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

.0 M f-13

FQ+1

FQ+2

-

-

10.01 8.72 2.19 2.98 100.7% 49.2% 1.17 8.00 55.98 42.40

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0 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

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

Galenica AG Holdings By:

All

Holder Name ALLIANCE BOOTS LTD MORGAN STANLEY CREDIT SUISSE AG PATINEX AG ALECTA PENSIONSFORSA CREDIT SUISSE ASSET GALENICA AG VONTOBEL ASSET MANAG VANGUARD GROUP INC UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT LB SWISS INVESTMENT PICTET & CIE IST FUND MANAGERS ALLIANZ ASSET MANAGE LOMBARD ODIER DARIER BLACKROCK DWS INVESTMENTS SCHW SARASIN JORNOD ETIENNE

Firm Name AlphaValue Helvea Goldman Sachs Zuercher Kantonalbank Bank Vontobel AG Credit Suisse Berenberg Bank Kepler Capital Markets EVA Dimensions Main First Bank AG Deutsche Bank Neue Zuercher Bank

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

Analyst ARMELLE MOULIN OLAV ZILIAN VERONIKA DUBAJOVA SIBYLLE BISCHOFBERGER FRICK CARLA BAENZIGER CHRISTOPH GRETLER ADRIAN HOWD MARTIN VOEGTLI ANDREW S ZAMFOTIS MARCUS WIEPRECHT HOLGER BLUM LILIAN MONTERO

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

Recommendation reduce buy Sell/Neutral market perform reduce neutral sell buy overweight underperform buy buy

Amt Held 1'656'172 354'593 262'962 253'335 210'000 102'664 75'941 63'327 51'016 47'108 42'138 37'258 31'250 28'672 22'988 21'736 21'343 21'060 20'607 16'251

% Out 25.48 5.46 4.05 3.9 3.23 1.58 1.17 0.97 0.78 0.72 0.65 0.57 0.48 0.44 0.35 0.33 0.33 0.32 0.32 0.25

Weighting

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

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

Latest Chg (1'601) (1'175) 718 156 (1'838) 4'162 (127) 52 (1'505) 40 3'795 3'570 367 -

Target Price 506 720 454 #N/A N/A 490 600 500 650 #N/A N/A 500 660 650

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

File Dt 30.07.2012 31.12.2011 06.02.2013 21.12.2012 31.12.2011 28.12.2012 31.12.2011 31.10.2012 31.12.2012 31.10.2012 28.12.2012 31.12.2012 30.11.2012 31.12.2012 31.10.2012 31.12.2012 25.02.2013 28.12.2012 30.11.2012 31.12.2011

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

Inst Type Corporation Investment Advisor Investment Advisor Private Equity Pension Fund (ERISA) Mutual Fund Manager Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified n/a

Date 21.02.2013 12.02.2013 30.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 24.10.2012 12.01.2012 16.03.2011


27.02.2013

Galp Energia SGPS SA Galp Energia, SGPS, S.A. is an integrated energy company with diversified activities Worldwide. The Company is focused in the prolific South Atlantic area, including Brazil's pre-salt Santos basin and the Angolan offshore, and in the world class Rovuma basin in Mozambique. Downstream activities are centred in Iberia and comprise the Refining & Marketing and the Gas & Power businesses.

Price/Volume 16

8.0 M

10

12/2012 12/yy 13.78 8.33 750'831.00 11.85 -14.01% 42.26% 62.44% 829.3 9'826.62 3'589.00 0.0 1'305.0 1'902.00 12'818.62

6.0 M

6

4.0 M

4 2.0 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

12 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.03.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GALP PL EQUITY YTD Change GALP PL EQUITY YTD % CHANGE

31.12.2008 15'085.8 0.52x 407.0 19.26x 117.0 51.29x

12.0 M

14

31.12.2009 31.12.2010 12'008.3 14'063.7 1.00x 1.05x 766.3 969.9 15.62x 15.22x 347.3 441.4 28.76x 27.06x Profitability

LTM-4Q 31.12.2011 16'803.9 0.77x 1'045.6 12.43x 432.7 21.88x

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

31.12.2012 18'507.0 0.69x 969.0 13.15x 343.0 28.68x 969.00 543.00 2.93% 3.03% 2.85% 8.28% 1.54% 5.2% 2.9% 1.9% 1.67 0.90 25.83% 66.45% 15.49 -

Price/ Cash Flow

LTM

12/yy 16'803.9 3.58x 1'046.6 12.42x 432.7 21.88x

12/yy 18'508.0 2.65x 970.0 13.14x 343.0 28.00x

FY+1

.0 M f-13

1.01 244.56 -6.09% 0.77% 1.007 28 4.357 1'243'571 1'358'800 1'604'817 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 19'602.5 20'718.3 5'474.5 5'312.5 0.66x 0.64x 2.34x 2.41x 1'226.4 1'446.6 283.5 323.0 10.44x 8.85x 9.87x 9.23x 408.4 476.7 81.0 104.0 23.80x 20.75x 21.82x 20.68x 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

4.85 -0.83 1.74 3.70 66.5% 34.9% 1.54 4.28 23.63 -

Sales/Revenue/Turnover

25.00

20'000.0 18'000.0 16'000.0

20.00

14'000.0 15.00

12'000.0

10.00

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

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Galp Energia SGPS SA Holdings By:

All

Holder Name AMORIM ENERGIA ENI SPA PARPUBLICA - PARTICI FRANKLIN RESOURCES JP MORGAN SECURITIES VANGUARD GROUP INC CAIXA GERAL DE DEPOS SCHRODER INVESTMENT BLACKROCK ALLIANZ ASSET MANAGE HARTFORD INVESTMENTS NEW JERSEY DIVISION DELTA LLOYD FUND MAN TEMPLETON INVESTMENT DEKA INVESTMENT GMBH FMR LLC NORDEA FONDER AB/SWE MASON STREET ADVISOR THREADNEEDLE INVESTM INVESCO LTD

Firm Name

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

Analyst

Sanford C. Bernstein & Co OSWALD CLINT Caixa Banco de Investimento(ESN) CARLOS JESUS Deutsche Bank MARK BLOOMFIELD Morgan Stanley HAYTHEM RASHED BPI BRUNO ALMEIDA DA SILVA NMAS 1 Agencia de Valores FERNANDO LAFUENTE Canaccord Genuity Corp GORDON GRAY AlphaValue ALEXANDRE ANDLAUER EVA Dimensions CRAIG STERLING Macquarie MARC B KOFLER Day by Day VALERIE GASTALDY Societe Generale MEHDI ENNEBATI Credit Suisse THOMAS YOICHI ADOLFF Espirito Santo Investment Bank Research FILIPE ROSA Nomura MATTHEW LOFTING Barclays LYDIA RAINFORTH Investec STUART JOYNER JPMorgan NITIN SHARMA Tudor Pickering & Co ANISH KAPADIA BCP Investimento VANDA MESQUITA Grupo Santander JASON KENNEY Goldman Sachs HENRY MORRIS BBVA LUIS DE TOLEDO Equita SIM SpA MASSIMO BONISOLI Jefferies BRENDAN MICHAEL WARN Banif SOFIA CORDEIRO

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

Recommendation outperform buy buy Overwt/In-Line buy buy buy sell sell outperform buy buy outperform buy buy overweight hold overweight buy buy buy neutral/cautious outperform hold buy Under Review

Amt Held 317'934'693 201'839'604 58'079'514 21'456'487 11'928'253 9'768'011 6'590'294 5'665'034 5'214'050 3'649'328 2'140'000 2'000'000 1'621'208 1'252'455 1'231'369 1'152'384 1'126'421 1'126'050 1'121'689 1'058'827

% Out 38.34 24.34 7 2.59 1.44 1.18 0.79 0.68 0.63 0.44 0.26 0.24 0.2 0.15 0.15 0.14 0.14 0.14 0.14 0.13

Weighting

Change

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

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

Latest Chg 624'917 (4'810'350) 2'086'713 295'777 (566'529) (15'428) 315'000 1'356 1'137'925 (663'578) (120'814) 1'126'050 (79'693) (103'001)

Target Price 19 16 16 17 17 14 15 10 #N/A N/A 16 13 14 15 17 15 17 13 16 16 17 14 14 19 13 15 #N/A N/A

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

File Dt Inst Type 26.09.2012 Other 27.11.2012 Corporation 26.09.2012 Other 15.01.2013 Investment Advisor 24.09.2012 Investment Advisor 31.12.2012 Investment Advisor 26.11.2012 Government 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.12.2011 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor

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

Date 27.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 21.02.2013 21.02.2013 18.02.2013 14.02.2013 14.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 06.02.2013 31.01.2013 30.01.2013 22.01.2013 11.01.2013 05.12.2012 04.12.2012 29.10.2012 10.02.2012


27.02.2013

Gas Natural SDG SA Gas Natural SDG, S.A. distributes natural gas in Spain and Latin America. The Company also operates gas storage facilities, owns and operates a fiber optic backbone telecommunications network, markets energy management products and household gas appliances, and installs gas heating systems.

Price/Volume 18

40.0 M

16

35.0 M

14

30.0 M

12

25.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 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 GAS SQ EQUITY YTD Change GAS SQ EQUITY YTD % CHANGE

12/2012 12/yy 15.48 8.36 968'765.00 15.075 -2.68% 80.32% 89.40% 1'000.7 15'085.39 20'432.00 0.0 1'618.0 5'693.00 31'442.39

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

15.0 M

6 4

10.0 M

2

5.0 M

0 f-12 m-12

31.12.2009 31.12.2010 14'879.0 19'630.0 2.35x 1.50x 3'863.0 4'609.0 9.04x 6.38x 1'195.0 1'201.0 10.76x 8.84x Profitability

LTM-4Q 31.12.2011 21'076.0 1.44x 4'697.0 6.47x 1'325.0 9.54x

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

31.12.2012 24'904.0 1.20x 4'865.0 6.16x 1'441.0 9.37x 4'865.00 3'067.00 12.32% 8.85% 3.09% 11.06% 0.53% 19.6% 12.4% 5.8% 1.48 1.37 43.58% 154.08% 5.14 -

Price/ Cash Flow

j-12

LTM

12/yy 21'076.0 5.71x 4'697.0 6.47x 1'325.0 9.25x

j-12

12/yy 24'904.0 4.60x 4'885.0 6.13x 1'441.0 9.37x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.97 316.88 28.55% 14.17% 0.975 30 3.833 2'749'152 2'706'698 4'021'823 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'937.0 24'808.8 1.31x 1.22x 4'911.6 5'057.4 6.40x 6.22x 1'357.1 1'470.3 380.0 380.0 11.18x 10.31x 9.19x 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

17.12.2010 BBB NEG 05.06.2009 A-2 5.27 3.63 3.02 4.18 154.1% 57.9% 0.53 1.11 71.15 -

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12 m-12

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

Fiscal Year Ended 31.12.2008 13'544.0 1.02x 2'520.0 5.46x 1'057.0 8.17x

20.0 M

8

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

Gas Natural SDG SA Holdings By:

All

Holder Name CAIXA HOLDING SA REPSOL YPF SA LA SOCIETE NATIONALE VANGUARD GROUP INC BLACKROCK PICTET ASSET MANAGEM GAM INTERNATIONAL MA SANTANDER ASSET MGMT GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA FMR LLC HENDERSON GLOBAL INV DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL STATE STREET BANQUE BBVA PATRIMONIOS GES AMUNDI CREDIT SUISSE ASSET UBS BANQUE DEGROOF

Firm Name

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

Analyst

Exane BNP Paribas MANUEL PALOMO EVA Dimensions AUSTIN BURKETT BPI GONZALO SANCHEZ-BORDONA NMAS 1 Agencia de Valores FERNANDO LAFUENTE Societe Generale JORGE ALONSO SUILS Goldman Sachs FRED BARASI Natixis PHILIPPE OURPATIAN Nomura JAVIER SUAREZ Deutsche Bank VIRGINIA SANZ DE MADRID Morgan Stanley CAROLINA DORES Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO Banco Sabadell JORGE GONZALEZ SADORNIL Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Banesto Bolsa SA Sociedad ANTONIO CRUZ Barclays MONICA GIRARDI Berenberg Bank ANDREW FISHER Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Grupo Santander BOSCO MUGUIRO Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Macquarie ATALLAH ESTEPHAN La Caixa FERNANDO MURILLO GUIRAO Credit Suisse STEFANO BEZZATO JPMorgan JAVIER GARRIDO Renta 4 SA SVB NATALIA AGUIRRE BBVA ISIDORO DEL ALAMO Hammer Partners SA CHRIS MOORE CA Cheuvreux JOSE PORTA SAUDAN CS Capital CHRISTOPHER PARKINSON

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

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

Amt Held 349'806'340 297'602'843 36'183'600 6'448'412 4'547'996 2'791'916 1'273'208 1'189'089 1'121'665 1'026'800 952'187 750'000 651'941 621'848 611'569 609'015 553'311 499'536 485'127 453'491

% Out 34.96 29.74 3.62 0.64 0.45 0.28 0.13 0.12 0.11 0.1 0.1 0.07 0.07 0.06 0.06 0.06 0.06 0.05 0.05 0.05

Weighting

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

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

Latest Chg 147'815 3'266 1'135'409 121'285 330'907 (29'528) 471'184 (21'925) 750'000 488'848 (20'773) (32'071) 367'741 36'871 1'415 (23'000)

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

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

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Holding Company 31.12.2011 Other 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.02.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 28.12.2012 Unclassified 01.02.2013 Investment Advisor

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

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 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 13.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 28.01.2013 28.11.2012 14.11.2012 21.09.2012 16.09.2012 25.07.2012 04.05.2012 15.08.2011


27.02.2013

GEA Group AG GEA Group AG offers engineering services. The Company designs and constructs factories that refine metals, produce hydrocarbon products and chemicals, and treat sewage. GEA designs production lines for food processors, beverage bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance G1A GY EQUITY YTD Change G1A GY EQUITY YTD % CHANGE

12/2011 09/yy 28.20 19.47 312'505.00 26.545 -5.99% 36.37% 81.62% 192.5 5'109.79 907.89 0.0 1.0 636.17 5'614.57

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

3.0 M

25

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 4'856.0 0.84x 418.3 9.75x 282.4 18.50x

30

31.12.2008 31.12.2009 5'179.0 4'411.2 0.42x 0.62x 542.3 382.8 4.06x 7.09x 99.6 160.6 6.43x 17.89x Profitability

LTM-4Q 31.12.2010 4'418.4 0.86x 371.9 10.28x 129.3 30.90x

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

31.12.2011 5'416.5 0.79x 594.7 7.21x 312.0 12.85x 594.67 459.08 8.48% 7.37% 5.05% 14.96% 12.13% 0.94% 29.1% 10.3% 8.0% 5.8% 1.15 0.83 14.58% 41.98% 4.56 4.96

Price/ Cash Flow

LTM

09/yy 5'074.8 3.38x 454.7 8.21x 215.8 14.92x

09/yy 5'732.7 3.30x 591.9 8.36x 309.6 14.07x

FY+1

.0 M f-13

1.15 177.33 7.42% 8.48% 1.146 35 3.543 439'664 539'282 435'775 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 5'856.0 6'052.1 1'652.5 1'343.0 0.98x 0.91x 635.0 718.3 305.3 8.84x 7.81x 342.9 394.5 149.5 59.2 14.31x 13.06x 12.18x 12.11x 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

6.64 4.91 0.85 1.98 42.0% 29.6% 0.94 8.27 80.34 73.79 62.28 71.92

Sales/Revenue/Turnover

25.00

10'000.0 9'000.0 8'000.0

20.00

7'000.0 15.00

6'000.0

10.00

5'000.0 4'000.0 3'000.0 2'000.0

5.00

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

GEA Group AG Holdings By:

All

Holder Name BLACKROCK KUWAIT INVESTMENT AU VANGUARD GROUP INC SCHRODERS PLC AMUNDI ALLIANZ GLOBAL INVES DEUTSCHE BANK AG FMR LLC ALLIANZ ASSET MANAGE BNP PARIBAS INV PART DANSKE INVEST A/S SCHRODER INVESTMENT T ROWE PRICE ASSOCIA ADIG INVESTMENT DEKA INVESTMENT GMBH ROYAL BANK OF CANADA DANSKE INVEST MANAGE BNP ASSET MANAGEMENT DAIWA SB INVESTMENTS MASSACHUSETTS FINANC

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

Firm Name

Analyst

CA Cheuvreux AlphaValue Equita SIM SpA Baader Bank Deutsche Bank Commerzbank Corporates & Markets Independent Research GmbH Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research Bankhaus Metzler Kepler Capital Markets S&P Capital IQ DZ Bank AG Main First Bank AG Exane BNP Paribas Barclays Montega BHF-Bank Nord/LB JPMorgan Landesbank Baden-Wuerttemberg Hamburger Sparkasse National Bank AG Berenberg Bank Equinet Institutional Services(ESN) Morgan Stanley Goldman Sachs EVA Dimensions Steubing AG HSBC Silvia Quandt Research

HANS-JOACHIM HEIMBUERGER HANS-PETER WODNIOK GIANMARCO BONACINA PETER ROTHENAICHER PETER REILLY SEBASTIAN GROWE ZAFER RUZGAR FINN HENNING BREITER GORDON SCHOENELL ROLAND RAPELIUS HELENA WUESTENFELD STEFAN AUGUSTIN JACOB THRANE MARKUS TURNWALD CHRISTOPHER YOUL ALEXIS DENAUD ALLAN SMYLIE THOMAS RAU HERMANN REITH HEINO HAMMANN GLEN H LIDDY HARALD REHMET INGO SCHMIDT STEFFEN MANSKE BENJAMIN GLAESER HOLGER SCHMIDT BEN UGLOW AARON IBBOTSON CRAIG STERLING TOBIAS SCHMIDT JUERGEN SIEBRECHT EERIK KD BUDARZ

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

Recommendation outperform reduce hold buy buy buy hold buy hold buy sell hold sell sell underperform outperform overweight buy market weight hold neutral hold hold hold buy hold Equalwt/Cautious neutral/neutral underweight buy overweight buy

Amt Held 15'863'529 15'164'144 7'345'155 5'840'105 5'809'555 5'515'614 5'007'048 3'727'821 2'688'709 2'498'993 2'084'563 2'008'814 1'660'364 1'498'364 1'273'344 1'195'505 1'034'206 953'035 846'600 802'589

% Out 8.24 7.88 3.82 3.03 3.02 2.87 2.6 1.94 1.4 1.3 1.08 1.04 0.86 0.78 0.66 0.62 0.54 0.5 0.44 0.42

Weighting

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

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

Latest Chg 4'872 78'380 604'640 (450'954) 44'071 7'809 162'951 29'634 (74'209) (46'656) (300) (87'541) (50'007) 25'265

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

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 31.12.2011 Government 31.12.2012 Investment Advisor 04.02.2013 Investment Advisor 18.01.2013 Investment Advisor 08.10.2012 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 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.09.2012 Bank 29.06.2012 Investment Advisor 30.09.2012 Investment Advisor 09.07.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 26.02.2013 21.02.2013 14.02.2013 13.02.2013 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 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 06.02.2013 06.02.2013 06.02.2013 17.01.2013 17.01.2013 17.01.2013 14.01.2013 09.01.2013 29.10.2012


27.02.2013

Gemalto NV Gemalto NV designs and manufactures security software for e-identity documents, chip payment cards, network authentication devices and wireless modules. The Company also provides and operates systems to manage confidential data and secure transactions. Gemalto serves the telecommunications, financial services, e-government, and information technology security markets.

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.12.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GTO FP EQUITY YTD Change GTO FP EQUITY YTD % CHANGE

12/2011 06/yy 75.95 41.65 195'905.00 69.91 -8.10% 67.85% 77.93% 88.0 6'153.19 21.02 0.0 4.2 330.38 5'861.85

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 1'629.5 0.92x 55.1 27.07x (50.2) -

30

31.12.2008 31.12.2009 1'680.5 1'601.9 0.68x 1.24x 215.9 214.0 5.29x 9.26x 111.9 114.8 13.26x 22.43x Profitability

LTM-4Q 31.12.2010 1'905.6 1.19x 256.5 8.85x 163.9 15.93x

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

31.12.2011 2'015.4 1.30x 287.6 9.13x 160.1 19.28x 287.63 198.76 9.86% 8.76% 7.44% 10.39% 10.53% 0.90% 37.1% 14.3% 9.9% 7.9% 2.01 1.36 0.87% 1.22% 5.98 7.36

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

06/yy 1'693.9 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 2'092.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.71 76.20 66.97% 2.81% 0.709 20 3.800 386'229 432'011 462'602 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'208.4 2'429.8 553.0 622.0 2.61x 2.30x 354.8 424.9 16.51x 13.79x 251.6 307.6 23.30x 19.09x 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

89.49 72.98 -0.98 0.05 1.2% 1.2% 0.90 9.68 61.19 49.74 124.12 -13.94

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

Gemalto NV Holdings By:

All

Holder Name CAISSE DES DEPOTS ET FMR LLC GEMALTO NV MAVERICK CAPITAL LTD OPPENHEIMERFUNDS INC VANGUARD GROUP INC COLUMBIA WANGER ASSE GEORGETOWN ASSET HOL LONE CYPRESS LTD GROUPAMA ASSET MGMT BLACKROCK UMB BANK N A CAPITAL GROUP COMPAN KYNIKOS ASSOCIATES L DEUTSCHE BANK AG GCIC LTD/CANADA AMERICAN CENTURY COM NATIXIS ASSET MANAGE IG INVESTMENT MANAGE ALLIANZ ASSET MANAGE

Firm Name Exane BNP Paribas Barclays AlphaValue Deutsche Bank Oddo & Cie Berenberg Bank EVA Dimensions Goldman Sachs Kepler Capital Markets Gilbert Dupont Natixis Morgan Stanley Main First Bank AG HSBC CM - CIC Securities(ESN) Mirabaud Securities Societe Generale CA Cheuvreux Jefferies

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

Analyst ALEXANDRE FAURE YOUSSEF ESSAEGH JEAN-MICHEL SALVADOR JOHANNES SCHALLER EMMANUEL MATOT ALI FARID KHWAJA ANDREW S ZAMFOTIS ALEXANDER DUVAL SEBASTIEN SZTABOWICZ JEAN BAPTISTE SERGEANT STEPHANE HOURI ANDREW HUMPHREY JUERGEN WAGNER ANTONIN BAUDRY SEBASTIEN LIAGRE SUSAN ANTHONY ANDY PERKINS ODON DE LAPORTE LEE SIMPSON

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

Recommendation neutral overweight sell buy buy sell sell Buy/Neutral buy add buy Equalwt/No Rating outperform overweight hold add buy outperform buy

Amt Held % Out 7'419'732 8.43 4'777'825 5.43 4'327'341 4.92 (1'593'086) -1.81 1'463'680 1.66 1'446'023 1.64 1'104'977 1.26 (1'047'388) -1.19 (877'518) -1 799'568 0.91 700'845 0.8 612'832 0.7 593'000 0.67 (536'896) -0.61 478'863 0.54 432'576 0.49 372'210 0.42 359'453 0.41 357'093 0.41 343'769 0.39

Weighting

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

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

Latest Chg (807'061) (224'732) (52'809) 28'824 44'008 (234'171) (16'005) 26'855 (4'431'904) (8'975) 386'776 (125'552) 94'576 (108'255)

Target Price 70 82 61 85 72 46 #N/A N/A 93 86 70 90 70 79 79 72 72 75 74 43

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

File Dt Inst Type 31.12.2011 Government 30.09.2012 Investment Advisor 03.10.2012 Corporation 01.02.2013 Hedge Fund Manager 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 14.12.2012 Other 10.09.2012 Other 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 16.01.2013 Investment Advisor 20.11.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 21.02.2013 21.02.2013 13.02.2013 29.01.2013 17.01.2013 17.01.2013 13.01.2013 11.01.2013 14.12.2012 12.12.2012 28.11.2012 30.10.2012 29.10.2012 26.10.2012 26.10.2012 25.10.2012 31.08.2012 05.03.2012


27.02.2013

Getinge AB Getinge AB develops, manufactures, and sells equipment and systems for sterilization and disinfection. The Company markets to the pharmaceutical industry, hospitals, dental clinics, and laboratories. Getinge produces in the United Kingdom, France, the United States, and Australia. The products are sold by subsidiaries, sales offices, and distributors worldwide.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GETIB SS EQUITY YTD Change GETIB SS EQUITY YTD % CHANGE

12/2012 12/yy 225.10 165.40 203'219.00 195.3 -13.28% 18.08% 47.91% 222.4 46'544.56 16'961.00 0.0 30.0 1'254.00 62'281.56

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

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 19'272.0 1.65x 4'067.0 7.82x 1'524.0 12.94x

50

31.12.2009 31.12.2010 22'816.0 22'172.0 2.07x 2.03x 4'787.0 5'292.0 9.85x 8.49x 1'911.0 2'277.0 17.00x 14.75x Profitability

LTM-4Q 31.12.2011 21'854.0 2.61x 5'488.0 10.40x 2'529.0 16.43x

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

31.12.2012 24'248.0 2.81x 5'317.0 12.82x 2'521.0 20.80x 5'317.00 4'190.00 17.28% 14.17% 5.98% 16.94% 0.57% 52.4% 23.8% 17.3% 10.4% 1.21 0.12 39.52% 111.81% 2.92

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

LTM

12/yy 21'854.0 7.01x 5'488.0 10.40x 2'529.0 16.43x

12/yy 24'248.0 5.42x 5'772.0 11.81x 2'522.0 20.79x

FY+1

0.80 5.78% -11.23% 0.804 20 2.850 747'797 973'297 797'953 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 25'989.4 27'169.9 5'615.1 6'007.0 2.41x 2.22x 6'199.4 6'877.4 1'138.0 1'355.2 10.04x 9.06x 9.91x 9.48x 2'985.1 3'450.3 376.4 545.3 15.07x 13.06x 15.64x 14.66x 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

12.01 10.50 2.72 2.94 111.8% 52.7% 0.57 6.45 125.19 165.83

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Getinge AB Holdings By:

All

Holder Name BENNET CARL ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE NORDEA FONDER AB/SWE NORWEGIAN GOVT MINIS VANGUARD GROUP INC FOLKSAM GROUP SEB AMF PENSION INSURANC NORDEA SEB FONDER AB WILLIAM BLAIR & COMP HANDELSBANKEN FONDER SHB/SPP FUNDS FOLKSAM LO FOND AB FJARDE AP-FONDEN SCHRODER INVESTMENT TREDJE AP-FONDEN SPP FONDER AB SHB PENSION FUND

Firm Name AlphaValue Morgan Stanley JPMorgan Jefferies Carnegie Nordea Equity Research Handelsbanken Berenberg Bank Swedbank Danske Markets ABG Sundal Collier DNB Markets Commerzbank Corporates & Markets Pareto Securities S&P Capital IQ SEB Enskilda EVA Dimensions CA Cheuvreux Evli Bank Plc

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

Analyst KAMLA SINGH MICHAEL K JUNGLING DAVID J ADLINGTON INGEBORG OIE KRISTOFER LILJEBERG PATRIK LING HANS MAHLER SCOTT BARDO JOHAN UNNERUS MATTIAS HAGGBLOM MORTEN LARSEN RUNE MAJLUND DAHL VOLKER BRAUN YILMAZ MAHSHID JACOB THRANE LARS HEVRENG ANDREW S ZAMFOTIS RICHARD KOCH TEAM COVERAGE

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

Recommendation add Overwt/Attractive underweight hold hold sell buy buy buy sell sell buy hold sell sell hold hold underperform Under Review

Amt Held 40'251'377 11'786'315 9'340'099 5'242'049 4'670'049 4'462'934 4'225'283 4'220'792 4'002'899 3'113'366 2'890'983 2'780'592 2'611'292 2'596'520 2'338'916 2'223'833 2'142'423 2'086'961 1'822'561 1'625'000

% Out 18.1 5.3 4.2 2.36 2.1 2.01 1.9 1.9 1.8 1.4 1.3 1.25 1.17 1.17 1.05 1 0.96 0.94 0.82 0.73

Weighting

Change

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

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

Latest Chg 13'097'529 126'990 895'140 (136'441) (1'301'788) (282'895) (64'526) (410'962) (163'842) -

Target Price 210 218 167 180 #N/A N/A 185 225 230 210 170 175 220 209 #N/A N/A 175 203 #N/A N/A 180 #N/A N/A

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

File Dt 29.06.2012 29.06.2012 29.06.2012 31.01.2013 29.06.2012 31.12.2012 29.06.2012 31.12.2012 29.06.2012 29.06.2012 29.06.2012 31.12.2012 31.01.2013 31.12.2011 31.12.2012 29.06.2012 28.09.2012 31.12.2011 31.01.2013 31.12.2011

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

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

Date 14.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 10.02.2013 08.02.2013 04.02.2013 31.01.2013 29.01.2013 28.01.2013 17.01.2013 16.11.2012 28.04.2009


27.02.2013

GKN PLC GKN plc produces automotive components and aerospace vehicles, and supplies a variety of industrial services. The Company manufactures and provides driveline systems, vehicle chassis assemblies, sub-assemblies and power take-off shafts, in addition to aircraft transmissions and helicopters.

Price/Volume 300

35.0 M

250

30.0 M 25.0 M

200

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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GKN LN EQUITY YTD Change GKN LN EQUITY YTD % CHANGE

12/2012 12/yy 267.00 171.50 4'640'848.00 262.2 -1.87% 52.89% 94.03% 1'632.6 4'280.56 1'052.00 0.0 353.0 181.00 5'504.56

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

15.0 M

100

10.0 M

50

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 31.12.2008 4'376.0 0.32x 379.0 3.68x (109.0) -

20.0 M

150

Valuation Analysis

31.12.2009 31.12.2010 4'223.0 5'084.0 0.52x 0.80x 344.0 570.0 6.41x 7.13x (36.0) 305.0 11.34x Profitability

LTM-4Q 31.12.2011 5'746.0 0.66x 619.0 6.17x 279.0 10.17x

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

31.12.2012 6'510.0 0.76x 739.0 6.71x 480.0 7.58x 739.00 471.00 7.24% 9.03% 8.45% 33.97% 21.77% 1.15% 11.4% 7.2% 7.4% 1.29 0.11 16.78% 66.84% -

Price/ Cash Flow

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

LTM 12/yy 6'510.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

2.75 1.47 1'628.68 16.27% 14.60% 1.469 15 3.800 7'335'254 4'945'088 4'518'447 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'276.2 7'630.9 0.75x 0.68x 853.8 947.5 6.45x 5.81x 421.1 479.4 10.20x 9.01x 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

19.04.2002 NR 8.59 5.36 1.18 1.42 66.8% 35.3% 1.15 3.45 -

Sales/Revenue/Turnover

400.00

7'000.0

350.00

6'000.0

300.00

5'000.0

250.00

4'000.0

200.00

3'000.0

150.00

2'000.0

100.00

1'000.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 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

GKN PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST THREADNEEDLE ASSET M BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS MASSACHUSETTS FINANC THREADNEEDLE INVESTM AXA FRAMLINGTON INV ABERDEEN NORGES BANK INVESTME SANDERSON ASSET MANA AVIVA INVESTORS INVESCO LTD HENDERSON GLOBAL INV ALLIANCE BERNSTEIN VANGUARD GROUP INC T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN IGNIS ASSET MANAGEME UBS

Firm Name Societe Generale Investec Nomura RBC Capital Markets JPMorgan Jefferies Oriel Securities Ltd Credit Suisse Arden Partners Ltd EVA Dimensions Goldman Sachs Barclays

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

Analyst ALASDAIR LESLIE ANDREW GOLLAN JUHO LAHDENPERA ANDREW CARTER GLEN H LIDDY SANDY MORRIS HARRY PHILIPS JONATHAN HURN DAVID LARKAM CRAIG STERLING STEPHAN PUETTER MICHAEL TYNDALL

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

Recommendation hold buy neutral sector perform neutral buy buy outperform neutral sell sell/attractive overweight

Amt Held 178'306'426 98'983'288 72'491'390 62'848'001 58'054'261 52'566'083 41'125'972 40'177'308 38'576'923 37'252'941 36'420'958 35'582'204 32'282'628 32'056'676 29'999'267 29'158'513 28'203'963 27'262'749 27'211'857 24'059'597

% Out 10.92 6.06 4.44 3.85 3.56 3.22 2.52 2.46 2.36 2.28 2.23 2.18 1.98 1.96 1.84 1.79 1.73 1.67 1.67 1.47

Weighting

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

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

Latest Chg 7'746'713 6'058'424 (2'359'605) (314'464) (12'192'373) (95'378) (53'991) 4'764'681 (2'475'929) 1'505'522 (26'665) 2'639'633 (535'847) (1'331'900) (7'031'521) 1'122'079 2'473'789 (897'322) (1'544'437) 9'490'187

Target Price 260 300 260 210 260 275 350 255 250 #N/A N/A 195 258

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

File Dt 13.07.2012 01.11.2012 25.02.2013 31.01.2013 01.11.2012 01.11.2012 31.10.2012 01.11.2012 31.01.2013 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 28.12.2012

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

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

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 17.01.2013 17.01.2013 17.01.2013 10.01.2013 20.07.2012


27.02.2013

Grifols SA Grifols S.A. develops, manufactures, and markets plasma derivatives, IV Therapy, Enteral nutrition, diagnostic systems, and medical materials.

Price/Volume 30

4.0 M 3.5 M

25

3.0 M 20

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 13.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRF SQ EQUITY YTD Change GRF SQ EQUITY YTD % CHANGE

12/2011 09/yy 27.60 14.67 449'667.00 27.165 -1.47% 85.11% 96.52% 213.1 8'590.88 3'108.08 0.0 2.5 357.49 11'131.87

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

2.0 M 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 31.12.2007 703.3 5.11x 177.9 20.21x 87.8 37.24x

2.5 M

15

Valuation Analysis

31.12.2008 31.12.2009 814.3 913.2 3.75x 3.49x 209.5 267.2 14.58x 11.91x 121.7 148.0 21.30x 17.29x Profitability

LTM-4Q 31.12.2010 990.7 2.83x 255.8 10.98x 115.5 18.89x

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 1'795.6 3.90x 405.5 17.26x 50.3 68.42x 405.45 314.81 17.53% 4.46% 3.60% 11.83% 0.45% 18.1% 13.1% 2.8% 2.99 1.19 53.52% 186.95% 5.30 -

Price/ Cash Flow

09/yy 1'457.5 4.76x 146.3 0.00x 62.3 53.87x

LTM 09/yy 2'549.6 13.72x 461.1 23.70x 203.9 0.00x

FY+1

.0 M f-13

0.62 148.58 81.60% 3.05% 0.618 24 2.750 548'214 738'633 804'666 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'626.8 2'839.8 659.1 4.22x 3.80x 16.77x 840.3 958.6 203.2 13.25x 11.61x 289.1 390.7 66.7 30.45x 23.22x 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

01.08.2012 BB STABLE 5.50 6.37 187.0% 65.1% 0.45 3.04 69.02 -

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 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

Grifols SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN DERIA SA SCRANTON ENTERPRISES THORTHOL HOLDINGS BV LUCAS VICTOR GRIFOLS BLACKROCK BNP PARIBAS INV PART VISIUM ASSET MANAGEM OPPENHEIMERFUNDS INC ARTISAN PARTNERS HOL AMERICAN CENTURY COM VANGUARD GROUP INC DANSKE INVEST MANAGE FMR LLC BNP ASSET MANAGEMENT AMUNDI MADISON SQUARE INVES DANSKE INVEST A/S MACKAY SHIELDS LLC BNP ASSET MANAGEMENT

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

Analyst

Bankia Bolsa (ESN) ANA ISABEL GONZALEZ GARCIA BPI IGNACIO ORTIZ DE MENDIVIL Exane BNP Paribas JULIEN DORMOIS AlphaValue KAMLA SINGH Grupo Santander VICENTE MARTIN BROGERAS Ahorro Corporacion Financiera SA ELENA FERNANDEZ Banesto Bolsa SA Sociedad LUIS DE BLAS Espirito Santo Investment Bank Research LUIS NAVIA Banco Sabadell JAVIER ESTEBAN NMAS 1 Agencia de Valores JOSE RAMON OCINA Deutsche Bank RICHARD J PARKES BBVA ISABEL CARBALLO Bryan Garnier & Cie MATHIEU CHABERT EVA Dimensions ANDREW S ZAMFOTIS La Caixa SANTIAGO MARIN Berenberg Bank TOM JONES JPMorgan JAMES D GORDON CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS Kepler Capital Markets NATALIA BOBO BJOERK Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO Renta 4 SA SVB IVAN SAN FELIX Intermoney Valores ESTHER MARTIN Morgan Stanley ANDREW S BAUM

Source ULT-AGG Co File Co File EXCH Co File ULT-AGG ULT-AGG 13G MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-FRA

Recommendation reduce buy outperform reduce underweight hold overweight neutral sell neutral hold market perform buy underweight underweight hold neutral underperform hold underweight hold hold not rated

Amt Held 42'351'425 18'687'588 16'149'937 15'042'766 13'112'187 11'029'067 10'528'114 9'033'076 3'859'361 3'789'554 3'233'856 2'786'484 1'627'980 1'299'294 1'085'899 1'057'787 962'036 944'213 877'739 755'341

% Out 19.88 8.77 7.58 7.06 6.15 5.18 4.94 4.24 1.81 1.78 1.52 1.31 0.76 0.61 0.51 0.5 0.45 0.44 0.41 0.35

Weighting

Change

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

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

Latest Chg (18'938'137) 738'547 (120'365) 1'626'496 (740'397) 63'474 (249'543) (464'750) (88'664) (10'151) (55'454)

Target Price 25 33 28 27 24 26 22 24 26 25 24 26 30 #N/A N/A 23 24 27 24 25 21 #N/A N/A 16 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2011 Corporation 31.12.2011 Corporation 31.12.2011 Corporation 31.12.2011 n/a 25.02.2013 Investment Advisor 21.02.2013 Investment Advisor 25.07.2011 Hedge Fund Manager 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 27.02.2013 25.02.2013 25.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 07.02.2013 21.01.2013 17.01.2013 17.01.2013 17.01.2013 15.01.2013 27.11.2012 19.11.2012 12.11.2012 01.11.2012 25.09.2012 17.09.2012 20.04.2012 27.03.2012 01.06.2011


27.02.2013

Groupe Bruxelles Lambert SA Groupe Bruxelles Lambert S.A. is a holding company with interests in energy, media, and utility companies. The Company, through its subsidiaries, produces petroleum, manufactures chemicals, operates gasoline filling stations, owns and operates television and radio stations, supplies water, generates and transports electricity, transports natural gas, and offers waste management services.

Price/Volume 70

.4 M

60

.4 M .3 M

50

.3 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (18.05.2012) 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 GBLB BB EQUITY YTD Change GBLB BB EQUITY YTD % CHANGE

12/2011 09/yy 62.18 49.14 87'968.00 60.53 -2.69% 23.18% 81.29% 161.4 9'767.02 3'084.90 0.0 978.2 737.90 12'327.52

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

.2 M

20

.1 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 31.12.2007 720.2 17.15x 697.5 17.71x 778.9 16.80x

.2 M

30

31.12.2008 31.12.2009 117.3 286.8 72.14x 35.14x 98.2 263.6 86.17x 38.23x (687.5) 1'057.7 9.71x Profitability

LTM-4Q 31.12.2010 429.0 22.80x 640.8 15.24x

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

31.12.2011 2'855.2 3.97x 391.1 28.95x 75.0 107.31x 391.10 4.38% 9.00% 2.05% 2.87% 2.96% 0.14% 36.8% 2.6% 17.00% 24.35% -

Price/ Cash Flow

09/yy 0.0 #DIV/0! 0.0 0.00x 159.1 0.00x

LTM 09/yy 0.0 #DIV/0! 0.0 0.00x 875.1 0.00x

FY+1

.0 M f-13

0.97 15.07% 0.65% 0.969 14 3.786 113'458 117'924 108'030 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'011.7 4'143.5 3.06x 2.92x 643.5 964.5 19.14x 12.77x 873.8 790.0 14.57x 11.76x 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

1.73 3.00 24.4% 18.4% 0.14 1.38 -

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

500.0 0.0

0.00 02.01.2009

02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

-500.0

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

Groupe Bruxelles Lambert SA Holdings By:

All

Holder Name PARGESA HOLDING SA SAGERPAR FIRST EAGLE INVESTME ARTISAN PARTNERS HOL FIRST PACIFIC ADVISO VANGUARD GROUP INC UNIVERSAL INVEST CON BLACKROCK BNP PARIBAS INV PART RUFFER LLP AMUNDI LUXEMBOURG SA ING ASSET MANAGEMENT MANDARINE GESTION DEKA INVESTMENT GMBH UBS FUND SERVICES FRERE GERALD KBC GROUP NV DEXIA ASSET MANAGEME CAPITAL & FINANCE AS UNION INVESTMENT GMB

Firm Name AlphaValue Goldman Sachs Bank Degroof(ESN) KBC Securities Petercam Natixis Exane BNP Paribas ING Bank EVA Dimensions Day by Day HSBC Societe Generale CA Cheuvreux ABN Amro Bank N.V.

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

Analyst PIERRE-YVES GAUTHIER MARKUS IWAR HANS D'HAESE TOM SIMONTS MARC DEBROUWER CELINE CHERUBIN DAVID VAGMAN MATTHIAS MAENHAUT AUSTIN BURKETT VALERIE GASTALDY PIERRE BOSSET PATRICK JOUSSEAUME DAVID CERDAN MAURITS HELDRING

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

Recommendation buy neutral/neutral hold hold add neutral outperform hold buy hold neutral hold outperform hold

Amt Held 80'680'729 6'099'444 3'254'842 1'969'477 1'661'327 1'260'129 1'032'518 746'619 573'119 570'000 438'039 405'000 336'505 192'235 188'952 183'014 139'293 137'828 134'000 125'000

% Out 50 3.78 2.02 1.22 1.03 0.78 0.64 0.46 0.36 0.35 0.27 0.25 0.21 0.12 0.12 0.11 0.09 0.09 0.08 0.08

Weighting

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

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

Latest Chg 55'716 180'082 19'985 18'242 36'315 (29'894) 57'000 25'474 (104'065) 1'215 1'523 10'000

Target Price 77 74 64 60 67 61 68 62 #N/A N/A #N/A N/A 67 63 69 56

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

File Dt 31.12.2011 31.12.2011 30.09.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 25.02.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.12.2012 31.10.2012 31.12.2011 31.01.2013 28.12.2012 31.12.2012 28.09.2012

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

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

Date 14.02.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 17.01.2013 15.01.2013 10.12.2012 12.11.2012 16.10.2012 08.11.2011


27.02.2013

Groupe Eurotunnel SA Groupe Eurotunnel SA holds the concession to operate the two rail tunnels beneath the English Channel, terminals in Folkestone in the United Kingdom and Coquelles in France, and shuttle cars that transport cars and trucks.

Price/Volume 7 6 5 4

Valuation Analysis

3

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (08.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GET FP EQUITY YTD Change GET FP EQUITY YTD % CHANGE

12/2011 09/yy 6.80 5.21 345'830.00 6.396 -5.90% 22.88% 68.65% 550.0 3'517.80 3'876.75 0.0 0.0 275.52 7'234.11

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

1 0 f-12

31.12.2008 31.12.2009 703.9 571.1 5.71x 11.28x 449.7 325.2 8.93x 19.80x 43.6 1.6 11.32x 654.00x Profitability

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2010 736.6 9.32x 345.5 19.86x (56.8) -

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 844.8 7.70x 404.7 16.07x 11.3 263.00x 404.71 247.15 29.25% 1.39% 0.20% 0.57% 4.21% 0.13% 45.7% 28.9% 1.3% 2.24 1.99 53.71% 161.51% 7.99 -

Price/ Cash Flow

03/yy 306.8 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 979.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.83 549.98 2.91% 9.52% 0.833 20 4.050 750'422 1'042'238 920'912 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 988.2 1'011.3 233.0 7.53x 7.28x 447.5 444.0 16.16x 16.29x 28.7 20.6 125.41x 156.00x 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

1.51 1.15 8.82 9.45 161.5% 61.8% 0.13 0.14 45.83 -

Sales/Revenue/Turnover

20.00

1'000.0

18.00

900.0

16.00

800.0

14.00

700.0

12.00

600.0

10.00 8.00

500.0 400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 02.01.2009

m-12

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

Fiscal Year Ended 31.12.2007 401.8 12.01x 311.0 15.51x 3'317.8 -

2

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

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

Groupe Eurotunnel SA Holdings By:

All

Holder Name GOLDMAN SACHS GROUP NORGES BANK VANGUARD GROUP INC DNCA FINANCE MANNING & NAPIER ADV BLACKROCK LBPAM ALLIANZ ASSET MANAGE AVIVA PLC NATIXIS ASSET MANAGE ROYAL BANK OF CANADA HSBC ASSET MGMT EURO FRANK RUSSELL TRUST LEONARDO INVEST FUND GAM INTERNATIONAL MA AMUNDI KBL RICHELIEU GESTIO DIMENSIONAL FUND ADV COHEN & STEERS CAPIT BNP ASSET MANAGEMENT

Firm Name BPI Societe Generale AlphaValue RBC Capital Markets Aurel - BGC HSBC Goldman Sachs Oddo & Cie Main First Bank AG Barclays Nomura Exane BNP Paribas EVA Dimensions Natixis Deutsche Bank Kepler Capital Markets Morgan Stanley CA Cheuvreux Raymond James

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

Analyst FILIPE MARTINS LEITE JEAN-BAPTISTE ROUSSILLE MYRIAM COHEN ANDREW JONES ERIC LEMARIE JOSEPH P THOMAS NICK EDELMAN CHRISTOPHE CHAPUT LOIC SABATIER SUSANNA INVERNIZZI PETER LARKIN NICOLAS MORA CRAIG STERLING GREGOIRE THIBAULT JOSE FRANCISCO RUIZ SOLERA XAVIER CAROEN JAIME ROWBOTHAM BORJA CASTRO PEREZ MANZUCO ARNAUD PALLIEZ

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

Recommendation buy buy add outperform buy overweight neutral/neutral buy underperform underweight buy outperform sell buy buy buy Equalwt/In-Line outperform market perform

Amt Held 85'289'551 27'973'192 12'364'313 8'390'000 7'183'950 5'508'726 3'877'932 3'430'555 2'910'100 1'494'041 1'493'981 1'431'687 1'302'875 1'250'000 1'105'652 1'081'916 1'032'510 986'286 876'383 835'324

% Out 15.51 5.09 2.25 1.53 1.31 1 0.71 0.62 0.53 0.27 0.27 0.26 0.24 0.23 0.2 0.2 0.19 0.18 0.16 0.15

Weighting

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

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

Latest Chg (184'561) 167'859 (510'000) 849'300 245'864 (275'000) (202'700) (33'440) 531'066 (1'112'000) (30'294) (220'770) (259'774) (517'200) (7'490) 30'850 (462'009)

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

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

File Dt 22.09.2011 06.02.2012 31.12.2012 28.09.2012 31.12.2012 25.02.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 28.09.2012 31.12.2012 31.05.2012 28.09.2012 31.12.2012 28.09.2012 30.11.2012 31.07.2012 31.12.2012 30.09.2012

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

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Bank Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 25.02.2013 22.02.2013 21.02.2013 19.02.2013 19.02.2013 18.02.2013 08.02.2013 04.02.2013 04.02.2013 23.01.2013 21.01.2013 21.01.2013 17.01.2013 16.01.2013 16.11.2012 23.10.2012 05.10.2012 30.07.2012 25.07.2012


27.02.2013

Hammerson PLC Hammerson plc invests in and develops property. The Company develops, builds and manages commercial buildings, offices and shopping centers. Hammerson operates throughout the United Kingdom, but also has investment and development activities in France and Germany.

Price/Volume 600

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

500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMSO LN EQUITY YTD Change HMSO LN EQUITY YTD % CHANGE

12/2011 01/yy 507.00 386.20 1'000'255.00 489.6 -3.45% 26.77% 86.01% 712.8 3'490.02 2'097.50 0.0 76.5 100.70 5'415.52

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

100 0 f-12 m-12

31.12.2008 31.12.2009 408.5 404.8 12.25x 12.88x 210.4 67.6 23.78x 77.10x (1'572.6) (344.5) Profitability

31.12.2010 401.5 12.08x 273.1 17.75x 615.4 4.78x

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

31.12.2011 409.7 11.32x 250.8 18.50x 335.7 7.61x 250.80 249.10 60.80% 84.53% 3.12% 5.21% 5.15% 0.06% 62.7% 51.1% 50.6% 81.9% 0.61 0.41 33.53% 55.61% 9.56 -

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.47 1.02 678.19 27.61% 0.27% 1.016 22 3.545 1'589'914 1'581'259 1'537'225 FY+2

12/12 Y 12/13 Y 294.3 306.7 18.56x 18.33x 235.6 246.0 22.98x 22.01x 142.8 152.2 24.71x 22.99x 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

-

-

2.13 -1.25 9.41 9.82 55.6% 35.3% 0.06 0.07 38.29 66.48 -

Sales/Revenue/Turnover

50.00

450.0

45.00

400.0

40.00

350.0

35.00

300.0

30.00

250.0

25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 0.00 02.01.2009

a-12 m-12

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

Fiscal Year Ended 31.12.2007 368.8 15.08x 269.5 20.63x 101.0 29.34x

200

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

Hammerson PLC Holdings By:

All

Holder Name APG ALGEMENE PENSIOE BLACKROCK NORGES BANK INVESTME COHEN & STEERS CAPIT LEGAL & GENERAL SUMITOMO MITSUI TRUS STATE STREET SCOTTISH WIDOWS VANGUARD GROUP INC EUROPEAN INVESTORS I BANK OF NEW YORK MEL MORGAN STANLEY INVES MORGAN STANLEY ING INV MANAGEMENT E DAIWA ASSET MANAGEME BNP PARIBAS INV PART CBRE CLARION SECURIT ING INVESTMENT MANAG VANGUARD GROUP INC AEW CAPITAL MANAGEME

Firm Name

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

Analyst

Jefferies MICHAEL PREW Numis Securities Ltd CHRISTOPHER SPEARING AlphaValue PIERRE-LOUP ETIENNE Peel Hunt KEITH CRAWFORD Exane BNP Paribas NICK WEBB Day by Day VALERIE GASTALDY Investec ALAN CARTER Morgan Stanley CHRISTOPHER FREMANTLE Oriel Securities Ltd MIRANDA COCKBURN EVA Dimensions AUSTIN BURKETT Espirito Santo Investment Bank Research MICHAEL BURT Kempen & Co RYAN PALECEK Credit Suisse STEVE BRAMLEY-JACKSON Panmure Gordon & Co Limited MARK HUGHES Societe Generale MARC MOZZI JPMorgan HARM M MEIJER Goldman Sachs JULIAN LIVINGSTON-BOOTH Deutsche Bank MARTIN ALLEN Barclays AARON GUY Liberum Capital Ltd ALISON WATSON CS Capital CHRISTOPHER PARKINSON

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

Recommendation hold hold reduce hold outperform buy reduce Equalwt/Attractive hold sell neutral overweight neutral hold buy overweight Buy/Neutral buy equalweight hold sell

Amt Held 69'816'792 53'250'080 34'007'145 26'460'738 25'645'219 20'867'623 20'270'219 19'767'906 15'818'992 14'944'691 14'870'777 14'283'054 11'514'341 10'188'837 10'143'807 9'196'888 9'011'224 8'942'371 8'652'638 8'024'264

% Out 9.79 7.47 4.77 3.71 3.6 2.93 2.84 2.77 2.22 2.1 2.09 2 1.62 1.43 1.42 1.29 1.26 1.25 1.21 1.13

Weighting

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

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

Latest Chg (443'226) (89'850) 242'414 (46'474) 103'386 383'357 666'098 346'739 2'073'678 (3'462) (300'617) (65'212) (2'623'235) (213'826) (2'182) (1'170'130) 976'103 10'257

Target Price 476 515 456 440 570 578 490 500 #N/A N/A #N/A N/A 525 515 500 453 570 555 534 580 534 449 400

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

File Dt Inst Type 03.12.2012 Pension Fund (ERISA) 25.02.2013 Investment Advisor 03.12.2012 Government 03.12.2012 Investment Advisor 03.12.2012 Unclassified 17.08.2012 Bank 26.02.2013 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Hedge Fund Manager

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

Date 25.02.2013 25.02.2013 21.02.2013 13.02.2013 13.02.2013 05.02.2013 21.01.2013 17.01.2013 17.01.2013 17.01.2013 15.01.2013 14.01.2013 04.01.2013 04.01.2013 18.12.2012 18.12.2012 09.11.2012 29.10.2012 30.07.2012 20.07.2012 15.08.2011


27.02.2013

Hannover Rueckversicherung AG Hannover Rueckversicherung AG provides reinsurance services. The Company offers life, health, accident, damage, property, and high risk specialty reinsurance. Hannover Rueckversicherung operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HNR1 GY EQUITY YTD Change HNR1 GY EQUITY YTD % CHANGE

12/2011 09/yy 60.60 40.01 92'481.00 58.6 -3.33% 46.46% 88.00% 120.6 7'066.99 1'934.41 0.0 636.0 506.96 9'006.38

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

.7 M

60

.6 M

50

.5 M

40

.4 M

30

.3 M

20

.2 M

10

.1 M

0 f-12

31.12.2008 31.12.2009 7'343.2 10'569.4 0.57x 0.52x (127.0) 733.7 5.38x Profitability

LTM-4Q 31.12.2010 11'418.9 0.62x 748.9 6.46x

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

31.12.2011 12'125.7 0.55x 606.0 7.63x 6.91% 6.12% 1.75% 16.85% 13.43% 0.26% 5.0% 3.88% 38.92% -

Price/ Cash Flow

a-12

m-12

j-12

LTM

09/yy 11'712.1 2.21x 0.0 0.00x 548.6 7.48x

j-12

09/yy 13'374.4 2.22x 0.0 0.00x 895.1 6.72x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.86 60.03 44.27% -0.61% 0.860 37 2.919 179'456 166'960 162'041 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 12'971.6 13'601.4 2'892.0 0.70x 0.67x 826.5 803.5 166.4 199.0 8.64x 8.85x 9.46x 8.88x S&P Issuer Ratings

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

15.04.2003 AASTABLE 38.9% 25.7% 0.26 -

Sales/Revenue/Turnover

3.50

14'000.0

3.00

12'000.0

2.50

10'000.0

2.00

8'000.0

1.50

6'000.0

1.00

4'000.0

0.50

2'000.0

0.00 02.01.2009

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 31.12.2007 8'404.8 0.65x 733.7 5.21x

70

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

Hannover Rueckversicherung AG Holdings By:

All

Holder Name TALANX AG DEUTSCHE BANK AG BLACKROCK SKAGEN AS ALLIANZ ASSET MANAGE VANGUARD GROUP INC DJE INVESTMENT SA DWS INVESTMENT SA AGF INVESTMENTS INC WS MANAGEMENT LLLP PRINCIPAL FINANCIAL FRANKLIN RESOURCES FRANKFURT TRUST INVE CREDIT SUISSE ASSET VERITAS SG INVESTMEN SCHRODER INVESTMENT MEAG MUNICH ERGO KAG PEAR TREE ADVISORS I LANDESBANK BERLIN IN DWS INVESTMENT S A

Firm Name

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

Analyst

Equinet Institutional Services(ESN) PHILIPP HAESSLER Exane BNP Paribas NICCOLO DALLA PALMA Bankhaus Lampe ANDREAS SCHAEFER CA Cheuvreux FRANK KOPFINGER Credit Suisse ADAM MCINALLY AlphaValue DIETER HEIN JPMorgan MICHAEL HUTTNER Keefe, Bruyette & Woods WILLIAM HAWKINS Berenberg Bank TOM CARSTAIRS Nord/LB JULIA SIEKMANN Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT DZ Bank AG THORSTEN WENZEL Landesbank Baden-Wuerttemberg WERNER SCHIRMER Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Helvea DANIEL BISCHOF Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID Morgan Stanley MACIEJ WASILEWICZ Mediobanca SpA MARC THIELE Kepler Capital Markets FABRIZIO CROCE Goldman Sachs VINIT MALHOTRA EVA Dimensions AUSTIN BURKETT HSBC THOMAS FOSSARD Canaccord Genuity Corp BEN COHEN Independent Research GmbH STEFAN BONGARDT Raymond James DANNY JACQUES Macquarie HADLEY COHEN Deutsche Bank ROBIN BUCKLEY Hamburger Sparkasse CHRISTIAN HAMANN SRC Research STEFAN SCHARFF Espirito Santo Investment Bank Research JOY FERNEYHOUGH Societe Generale JASON KALAMBOUSSIS

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

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

Amt Held % Out 60'563'863 50.22 3'749'809 3.11 1'305'294 1.08 1'276'911 1.06 1'132'309 0.94 1'099'405 0.91 740'800 0.61 647'246 0.54 458'460 0.38 (434'150) -0.36 405'396 0.34 305'106 0.25 225'000 0.19 224'928 0.19 197'180 0.16 196'785 0.16 192'088 0.16 189'900 0.16 179'393 0.15 159'788 0.13

Weighting

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

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

Latest Chg (7'071) 3'662 (83'516) 138'260 16'920 (44'000) 3'678 39'600 23'224 6'038 (13'320) 13'713 51'733 33'100 (420) 233

Target Price 55 64 63 57 65 58 54 62 63 54 44 64 56 60 59 48 50 62 63 61 70 53 59 #N/A N/A 71 60 60 #N/A N/A 57 50 37 59 48 42

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

File Dt 31.12.2011 31.12.2012 25.02.2013 31.01.2013 31.12.2012 31.12.2012 30.11.2012 28.12.2012 28.09.2012 01.11.2012 31.01.2013 31.10.2012 28.12.2012 28.12.2012 30.11.2012 31.12.2012 30.09.2012 30.09.2012 31.01.2013 28.12.2012

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

Inst Type Insurance Company Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Other Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 27.02.2013 25.02.2013 20.02.2013 18.02.2013 15.02.2013 14.02.2013 12.02.2013 12.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 21.01.2013 18.01.2013 17.01.2013 16.01.2013 09.01.2013 02.01.2013 07.12.2012 27.11.2012 26.11.2012 13.11.2012 21.10.2012 24.09.2012 10.08.2012


27.02.2013

Heineken Holding NV Heineken Holding NV, through its subsidiary produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 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 HEIO NA EQUITY YTD Change HEIO NA EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 46.99 31.34 71'251.00 46.91 -0.16% 49.68% 98.94% 288.0 13'511.50 13'491.00 0.0 6'996.0 1'048.00 32'950.50

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

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2009 31.12.2010 14'701.0 16'133.0 1.24x 1.46x 2'713.0 3'419.0 6.74x 6.87x 510.0 726.0 14.06x 12.27x Profitability

LTM-4Q 31.12.2011 17'123.0 1.34x 3'386.0 6.78x 717.0 12.70x

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 18'383.0 1.71x 5'007.0 6.27x 1'477.0 8.08x 5'007.00 3'691.00 20.08% 19.77% 4.68% 27.95% 15.66% 0.58% 27.2% 20.1% 8.0% 0.71 0.13 37.50% 233.98% -

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

Market Data

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

Fiscal Year Ended 31.12.2008 14'319.0 1.18x 2'388.0 7.06x 105.0 47.47x

50 45 40 35 30 25 20 15 10 5 0 f-12

LTM

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

03/yy 15'051.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.90 0.72 89.34 43.97% 13.21% 0.724 9 3.444 174'402 168'131 183'349 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 20'710.0 21'802.0 1.55x 1.42x 5'041.0 5'515.5 6.53x 5.97x 898.5 1'022.0 13.48x 11.57x S&P Issuer Ratings

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

9.09 6.96 2.49 2.69 234.0% 51.4% 0.58 2.21 -

Sales/Revenue/Turnover

6.00

20'000.0 18'000.0

5.00

16'000.0 14'000.0

4.00

12'000.0

3.00

10'000.0 8'000.0

2.00

6'000.0 4'000.0

1.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Heineken Holding NV Holdings By:

All

Holder Name L'ARCHE GREEN NV CB EQUITY LLP GARDNER RUSSO & GARD DAVIS INVESTMENTS LL DAVIS SELECTED ADVIS HARRIS ASSOCIATES LP VANGUARD GROUP INC CAPITA FINANCIAL MAN JO HAMBRO CAPITAL MA BLACKROCK FROSTROW CAPITAL LLP SCHRODER INVESTMENT TRIMARK INVESTMENT M TWEEDY BROWNE COMPAN LINDSELL TRAIN LTD INVESCO LTD UNIVERSAL INVEST CON ACHMEA BELEGGINSFOND BNP PARIBAS INV PART LORD ABBETT & CO LLC

Firm Name AlphaValue EVA Dimensions Sanford C. Bernstein & Co KBC Securities Goldman Sachs Petercam ING Bank Rabobank International

Portfolio Name n/a n/a GARDNER RUSSO & GARD n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios TWEEDY BROWNE COMPAN Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ISABELLE COMBEMALE AUSTIN BURKETT TREVOR STIRLING TOM SIMONTS MARKUS IWAR KRIS KIPPERS GERARD RIJK KAREL ZOETE

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

Recommendation buy sell outperform buy neutral/neutral hold buy hold

Amt Held 147'134'458 43'031'714 9'227'183 8'514'203 4'049'392 1'884'300 1'840'279 1'405'500 827'491 792'714 702'000 625'015 495'540 281'618 260'000 250'459 250'000 222'925 220'495 219'746

% Out 51.08 14.94 3.2 2.96 1.41 0.65 0.64 0.49 0.29 0.28 0.24 0.22 0.17 0.1 0.09 0.09 0.09 0.08 0.08 0.08

Weighting

Change 5 1 5 5 3 3 5 3

M D M M M M M D

Latest Chg 59'206 (557'800) (686'100) 24'247 29'500 29'967 7'483 27'000 (125'160) (5'192) 8'503 50'000 (187'938) 16'616

Target Price 58 #N/A N/A 56 54 50 45 48 42

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

File Dt 07.08.2012 31.12.2011 31.12.2012 16.02.2012 31.10.2012 31.12.2012 31.12.2012 28.09.2012 31.10.2012 25.02.2013 30.09.2012 30.06.2012 30.09.2012 31.12.2012 31.12.2012 26.02.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Other Holding Company Hedge Fund Manager Other Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 21.02.2013 20.02.2013 14.02.2013 13.02.2013 25.01.2013 08.01.2013 04.05.2012 02.05.2012


27.02.2013

Hexagon AB Hexagon AB is a global provider of design, measurement and visualisation technologies. The main business area, Measurement Technologies, includes three application areas: Geosystems, Metrology and Technology, that provide systems to design, measure and position objects, and process and present data.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 HEXAB SS EQUITY YTD Change HEXAB SS EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 185.80 110.50 224'163.00 181.3 -2.53% 64.07% 90.44% 338.3 64'184.98 1'691.40 0.0 7.3 130.70 9'172.47

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

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M

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 1'506.3 1.39x 328.5 6.38x 192.1 5.44x

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

31.12.2009 31.12.2010 1'113.1 1'479.0 3.09x 4.76x 225.0 246.5 15.31x 28.58x 119.1 90.0 22.07x 51.17x Profitability

LTM-4Q 31.12.2011 2'169.1 2.69x 533.7 10.94x 295.2 13.78x

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 2'380.0 3.46x 354.5 18.83x 533.70 490.00 20.59% 18.54% 6.58% 13.42% 0.44% 54.8% 25.3% 20.6% 14.9% 1.41 0.80 31.12% 61.17% 4.65 2.93

Price/ Cash Flow

12/yy 2'169.1 12.21x 533.9 10.93x 295.7 13.75x

LTM 12/yy 2'380.0 12.34x 444.9 0.00x 354.5 18.83x

FY+1

.0 M f-13

1.35 37.75% 11.16% 1.347 15 3.000 384'487 584'407 581'371 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'499.2 2'692.0 590.9 636.1 3.58x 3.22x 664.5 734.8 155.4 164.9 13.81x 12.48x 14.08x 13.75x 397.5 447.2 90.4 102.5 18.94x 16.59x 18.91x 18.22x 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

9.72 9.01 2.75 2.95 61.2% 37.9% 0.44 10.16 78.76 125.09 50.36 153.49

Sales/Revenue/Turnover

45.00

2'500.0

40.00

2'000.0

35.00 30.00

1'500.0

25.00 20.00

1'000.0

15.00

500.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Hexagon AB Holdings By:

All

Holder Name MELKER SCHORLING & C RAMSBURY INVEST AB JP MORGAN SSB CL OMNIBUS CAPITAL GROUP COMPAN COLUMBIA WANGER ASSE SWEDBANK ROBUR FONDE AMF PENSION NORDEA FONDER AB/SWE SEB ALLIANZ ASSET MANAGE NORDEA INVESTMENT FU ALECTA PENSIONSFORSA BNP PARIBAS SECURITI FOLKSAM GROUP MELLON OMNIBUS VANGUARD GROUP INC SCHRODER INVESTMENT DIDNER & GERGE FONDE AMF FONDER AB

Firm Name SEB Enskilda Carnegie Nordea Equity Research Erik Penser Bankaktiebolag AB Handelsbanken Danske Markets ABG Sundal Collier DNB Markets CA Cheuvreux Deutsche Bank Pareto Securities EVA Dimensions Goldman Sachs Swedbank

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

Analyst DANIEL SCHMIDT MIKAEL LASEEN ANDREAS KOSKI MAX FRYDEN JON HYLTNER CARL GUSTAFSSON ERIK PETTERSSON-GOLRANG LARS BRORSON JOAKIM HOGLUND JOHAN WETTERGREN DAVID JACOBSSON ANDREW S ZAMFOTIS SIVA KRISHNA PRASAD BORRA HAKAN WRANNE

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

Recommendation sell hold hold sell reduce hold buy buy outperform hold sell sell buy/attractive reduce

Amt Held 78'711'582 22'196'387 22'115'380 19'092'009 11'394'775 11'390'499 10'042'257 9'510'320 6'595'573 5'983'342 5'360'656 5'307'250 5'240'000 5'155'744 5'048'425 4'672'987 4'325'945 4'132'708 3'930'000 3'913'320

% Out 23.27 6.56 6.54 5.64 3.37 3.37 2.97 2.81 1.95 1.77 1.58 1.57 1.55 1.52 1.49 1.38 1.28 1.22 1.16 1.16

Weighting

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

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

Latest Chg 232'201 135'952 (542'326) 114'292 88'890 (476'416) (747'000)

Target Price 167 #N/A N/A 185 159 160 179 188 190 140 170 150 #N/A N/A 230 150

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

File Dt Inst Type 28.09.2012 Investment Advisor 28.09.2012 Private Equity 31.12.2012 Unclassified 28.09.2012 Other 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Pension Fund (ERISA) 31.01.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Pension Fund (ERISA) 28.09.2012 Investment Advisor 28.09.2012 Insurance Company 28.09.2012 Other 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 29.01.2013 21.01.2013 15.01.2013 15.01.2013 11.01.2013 03.01.2013


27.02.2013

ICAP PLC ICAP plc provides independent broking services to commercial banks, investment banks, and other liquidity providers that trade in the wholesale financial markets. The Group is active in the wholesale markets for OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit, and equity derivatives.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IAP LN EQUITY YTD Change IAP LN EQUITY YTD % CHANGE

03/2012 01/yy 431.50 272.80 1'471'249.00 328 -23.89% 20.23% 39.45% 646.2 2'119.51 629.00 0.0 42.0 547.00 2'318.51

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

18.0 M

400

16.0 M

350

14.0 M

300

12.0 M

250

10.0 M

200

8.0 M

150

6.0 M

100

4.0 M

50

2.0 M

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

31.03.2009 31.03.2010 1'585.0 1'605.0 1.33x 1.68x 421.0 471.0 5.02x 5.73x 175.0 116.0 10.79x 14.66x Profitability

31.03.2011 1'741.0 2.12x 529.0 6.97x 187.0 18.79x

31.03.2012 1'681.0 1.59x 486.0 5.51x 137.0 18.62x

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

486.00 366.00 21.77% 12.91% 0.13% 7.39% 5.93% 0.02% 28.1% 20.3% 8.1% 1.00 0.99 0.77% 53.85% -

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 -

6.71 1.25 535.22 -9.55% 9.12% 1.253 23 3.043 1'365'264 2'133'764 2'019'972 FY+2

03/13 Y 03/14 Y 1'509.3 1'544.5 1.46x 1.37x 343.1 370.6 6.76x 6.26x 206.5 222.9 10.07x 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

FQ+1

FQ+2

-

-

14.29 13.79 0.36 1.60 53.9% 34.2% 0.02 21.08 -

Sales/Revenue/Turnover

16.00

2'000.0

14.00

1'800.0 1'600.0

12.00

1'400.0

10.00

1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 03.04.2009

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 31.03.2008 1'304.0 2.88x 372.0 10.10x 168.0 21.51x

450

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

ICAP PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H INCAP FINANCIAL SERV SCHRODERS PLC FMR LLC SILCHESTER INTL INVE BLACKROCK SCHRODER INVESTMENT LEGAL & GENERAL OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC MARATHON ASSET MANAG BANK OF NEW YORK MEL NORGES BANK INVESTME SCOTTISH WIDOWS AVIVA INVESTORS VANGUARD GROUP INC JP MORGAN RUFFER INVESTMENT MA NEPTUNE INVESTMENT M JO HAMBRO CAPITAL MA

Firm Name

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

Analyst

Macquarie NEIL WELCH Shore Capital Stockbrokers GARY GREENWOOD HSBC NITIN ARORA Numis Securities Ltd JAMES HAMILTON Espirito Santo Investment Bank Research PHILIP DOBBIN Oriel Securities Ltd SARAH ING BMO Capital Markets JILLIAN MILLER JPMorgan RAE MAILE Canaccord Genuity Corp ROBIN SAVAGE Barclays DANIEL R GARROD Goldman Sachs CHRIS M. TURNER Societe Generale BILL BARNARD Berenberg Bank RICHARD PERROTT EVA Dimensions AUSTIN BURKETT Keefe, Bruyette & Woods TOM MILLS Credit Suisse GURJIT KAMBO Morgan Stanley BRUCE HAMILTON N+1 Singer Ltd ANDREW WATSON Redburn Partners NICHOLAS WATTS Day by Day VALERIE GASTALDY

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

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

Amt Held 108'454'382 105'069'560 80'442'955 61'799'357 33'313'941 32'388'112 31'009'554 21'694'519 21'058'862 19'415'322 18'871'890 16'890'612 16'247'164 15'780'230 10'860'765 10'654'271 10'115'633 9'950'614 9'677'488 8'569'955

% Out 16.78 16.26 12.45 9.56 5.16 5.01 4.8 3.36 3.26 3 2.92 2.61 2.51 2.44 1.68 1.65 1.57 1.54 1.5 1.33

Weighting

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

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

Latest Chg 8'934'744 (8'097'856) 3'264'983 (2'272'528) 2'326'300 (357'001) (3'853'641) 1'273'727 1'195'353 (2'428'387) 313'886 (777'157) (50'723) (819'012) 733'000

Target Price 328 #N/A N/A 330 295 270 410 400 409 300 390 360 365 370 #N/A N/A 337 320 290 345 #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 03.12.2012 Other 15.01.2013 Other 24.01.2013 Investment Advisor 31.12.2012 Investment Advisor 05.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 03.12.2012 Investment Advisor 30.12.2012 Investment Advisor 03.12.2012 Investment Advisor 25.02.2013 Investment Advisor 03.12.2012 Government 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Mutual Fund Manager

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

Date 21.02.2013 20.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 24.01.2013 23.01.2013 21.01.2013 17.01.2013 19.12.2012 12.12.2012 15.11.2012 03.10.2012 24.09.2012 10.08.2012


27.02.2013

Iliad SA Iliad S.A. provides a wide range of telecommunications services which include national telecommunication and dial-up, and high speed DSL and TV Internet access.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (07.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ILD FP EQUITY YTD Change ILD FP EQUITY YTD % CHANGE

12/2011 09/yy 145.95 94.00 55'548.00 144.1 -1.37% 53.30% 93.65% 57.6 8'305.61 1'326.87 0.0 0.8 357.45 9'431.97

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

40 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 1'212.4 3.39x 440.5 9.32x 150.1 29.17x

60

31.12.2008 31.12.2009 1'565.0 1'954.5 2.72x 2.67x 519.4 654.1 8.20x 7.98x 100.3 175.7 33.49x 26.01x Profitability

LTM-4Q 31.12.2010 2'038.3 2.52x 786.1 6.54x 313.2 14.18x

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

31.12.2011 2'122.1 3.02x 823.4 7.78x 251.6 20.73x 823.36 498.19 23.48% 19.45% 4.57% 13.42% 7.35% 0.61% 32.6% 16.5% 11.9% 0.69 0.53 34.38% 87.07% -

Price/ Cash Flow

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

06/yy 1'999.7 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 2'799.9 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.56 21.56 49.42% 10.80% 0.557 24 4.000 85'427 100'238 99'762 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'086.4 3'765.1 857.0 3.10x 2.56x 825.7 1'006.4 230.0 11.42x 9.37x 160.7 243.7 49.97x 36.04x 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

15.49 -6.70 1.37 1.86 87.1% 46.5% 0.61 1.32 -

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

Iliad SA Holdings By:

All

Holder Name NIEL XAVIER FMR LLC ASSAF RANI POIDATZ CYRIL CAPITAL GROUP COMPAN LEVAVASSEUR ANTOINE VANGUARD GROUP INC ETON PARK FUND LP THREADNEEDLE INVESTM GROUPAMA ASSET MGMT T ROWE PRICE ASSOCIA BLACKROCK GLOBAL INVESTMENT SE FIDELITY INVESTMENT ALLIANZ ASSET MANAGE CARMIGNAC GESTION ARTIO GLOBAL MANAGEM AVIVA PLC CAPITAL AT WORK INTE LOMBARD ODIER DARIER

Firm Name

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

Analyst

Societe Generale STEPHANE SCHLATTER AlphaValue JEAN-MICHEL SALVADOR Sanford C. Bernstein & Co ROBIN BIENENSTOCK Exane BNP Paribas ANTOINE PRADAYROL HSBC NICOLAS COTE-COLISSON Oddo & Cie ALEXANDRE IATRIDES Goldman Sachs ANDREW LEE Credit Suisse JAKOB BLUESTONE Barclays SAN DHILLON EVA Dimensions ANDREW S ZAMFOTIS CM - CIC Securities(ESN) JEAN-MICHEL KOSTER Natixis JACQUES DE GRELING JPMorgan HANNES C WITTIG Morgan Stanley SAROOP PUREWAL Day by Day VALERIE GASTALDY Kepler Capital Markets JAVIER BORRACHERO Espirito Santo Investment Bank Research NICK BROWN Nomura HENRIK NYBLOM Berenberg Bank STUART GORDON CA Cheuvreux PETER KURT NIELSEN Deutsche Bank MATTHEW BLOXHAM Raymond James STEPHANE BEYAZIAN Gabelli & Co EVAN D MILLER

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

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

Amt Held % Out 33'806'900 58.65 4'152'817 7.21 942'590 1.64 690'614 1.2 657'500 1.14 537'324 0.93 478'760 0.83 (320'240) -0.56 279'710 0.49 208'227 0.36 205'337 0.36 191'453 0.33 190'800 0.33 146'380 0.25 129'949 0.23 128'283 0.22 110'185 0.19 107'500 0.19 99'000 0.17 93'696 0.16

Weighting

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

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

Latest Chg (17'155) 2'511 38'246 13'692 (68'877) 92'598 1'240 800 (5'293) (51'113) (7'500) 2'785

Target Price 150 139 170 150 165 180 174 129 162 #N/A N/A 155 155 160 174 #N/A N/A 110 110 155 125 131 149 #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 29.02.2012 n/a 30.09.2012 Investment Advisor 29.02.2012 n/a 29.02.2012 n/a 31.12.2012 Investment Advisor 29.02.2012 n/a 31.12.2012 Investment Advisor 03.09.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 30.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Mutual Fund Manager

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

Date 25.02.2013 21.02.2013 20.02.2013 04.02.2013 31.01.2013 30.01.2013 28.01.2013 24.01.2013 24.01.2013 17.01.2013 16.01.2013 10.01.2013 08.01.2013 18.12.2012 18.12.2012 29.11.2012 16.11.2012 16.11.2012 09.11.2012 26.09.2012 07.09.2012 07.09.2012 19.05.2011


27.02.2013

IMI PLC IMI PLC manufactures fluid controls, retail displays, and other products. The Company produces severe service valves, beverage dispensing machines, merchandise displays for retail stores that encourage impulse buying, and heating, ventilation and air conditioning equipment.

Price/Volume 1400

25.0 M

1200

20.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (26.07.2012) 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 IMI LN EQUITY YTD Change IMI LN EQUITY YTD % CHANGE

12/2011 01/yy 1'223.00 763.50 269'387.00 1214 -0.74% 59.00% 94.56% 321.5 3'903.60 256.10 0.0 49.4 168.30 4'198.10

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

15.0 M

600

10.0 M

400

31.12.2008 31.12.2009 1'897.0 1'785.0 0.64x 1.07x 275.0 308.6 4.40x 6.21x 112.9 130.2 7.68x 12.71x Profitability

31.12.2010 1'917.0 1.77x 370.0 9.16x 224.7 14.23x

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

31.12.2011 2'135.0 1.28x 420.5 6.48x 200.4 12.03x 420.50 340.50 15.95% 14.12% 11.92% 36.05% 24.15% 1.25% 42.5% 19.5% 15.8% 9.4% 1.61 0.92 14.78% 45.34% -

Price/ Cash Flow

0 f-12 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 -

2.54 1.48 320.25 28.99% 10.67% 1.484 22 3.909 694'338 596'581 610'886 FY+2

12/12 Y 12/13 Y 2'221.9 2'286.3 1.85x 1.74x 421.5 455.4 9.96x 9.22x 260.1 274.0 14.84x 14.13x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

20.61 18.06 0.58 0.86 45.3% 29.4% 1.25 8.80 70.78

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 02.01.2009

5.0 M

200

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 1'599.0 0.97x 243.3 6.40x 117.0 11.31x

800

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

IMI PLC Holdings By:

All

Holder Name STANDARD LIFE INVEST THREADNEEDLE ASSET M AMERIPRISE FINANCIAL BLACKROCK LEGAL & GENERAL BT PENSION SCHEME AEGON NORGES BANK INVESTME FMR LLC SPRUCEGROVE INVESTME VANGUARD GROUP INC THREADNEEDLE INVESTM IMI PLC AESOP Ruane Cunniff & Gold PEOPLES REPUBLIC OF AVIVA INVESTORS SCOTTISH WIDOWS BREWIN DOLPHIN LIMIT M&G INVESTMENT MANAG BAILLIE GIFFORD AND

Firm Name Investec AlphaValue RBC Capital Markets Morgan Stanley Peel Hunt Arden Partners Ltd Oriel Securities Ltd Numis Securities Ltd Exane BNP Paribas Goldman Sachs Credit Suisse EVA Dimensions JPMorgan Berenberg Bank Societe Generale Nomura Jefferies N+1 Singer Ltd Barclays

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

Analyst MICHAEL BLOGG LIONEL PELLICER ANDREW CARTER BEN UGLOW DOMINIC CONVEY DAVID LARKAM HARRY PHILIPS SCOTT CAGEHIN JONATHAN R MOUNSEY ADAM PINCKARD JONATHAN HURN CRAIG STERLING GLEN H LIDDY ALEXANDER VIRGO ALASDAIR LESLIE JUHO LAHDENPERA ANDREW DOUGLAS JON LIENARD NICK WEBSTER

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

Recommendation buy reduce outperform Equalwt/Cautious buy reduce buy add outperform Buy/Neutral outperform underweight overweight buy buy reduce hold hold overweight

Amt Held 22'449'807 16'779'396 16'117'699 13'524'811 12'309'641 9'609'771 7'765'484 7'255'004 7'000'748 6'579'478 5'995'179 5'906'549 5'372'804 5'348'607 4'585'690 4'550'765 4'536'219 4'519'334 4'513'711 4'287'148

% Out 6.98 5.22 5.01 4.21 3.83 2.99 2.42 2.26 2.18 2.05 1.86 1.84 1.67 1.66 1.43 1.42 1.41 1.41 1.4 1.33

Weighting

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

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

Latest Chg (3'163'225) 678'281 (4'255'412) (32'851) (64'946) (1'460'179) 3'043'910 5'140 176'217 (635'779) (28'157) 1'535'512 606'572 249'025 393'713 451'793

Target Price 1'245 1'174 1'000 1'192 1'020 #N/A N/A 1'450 1'300 1'325 1'297 1'460 #N/A N/A 1'210 1'300 1'080 750 930 826 1'070

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

File Dt Inst Type 03.01.2013 Investment Advisor 01.09.2012 Investment Advisor 01.03.2012 Investment Advisor 25.02.2013 Investment Advisor 31.01.2013 Unclassified 24.10.2011 Pension Fund (ERISA) 01.09.2012 Unclassified 01.09.2012 Government 31.12.2012 Investment Advisor 01.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 01.09.2012 Unclassified 01.09.2012 Unclassified 01.09.2012 Government 01.09.2012 Investment Advisor 31.10.2012 Unclassified 01.09.2012 Investment Advisor 01.09.2012 Investment Advisor 01.09.2012 Investment Advisor

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

Date 22.02.2013 21.02.2013 19.02.2013 14.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 25.01.2013 17.01.2013 17.01.2013 17.01.2013 14.01.2013 08.01.2013 04.12.2012 19.11.2012 16.11.2012 03.10.2012 24.08.2012


27.02.2013

IMMOFINANZ AG Immofinanz AG purchases, sells, constructs, and leases real estate properties. The Company invests in properties in Austria, Germany, Switzerland, Croatia, Poland, Romania, Russia, Slovakia, the Czech Republic, Hungary and the United States. The properties are utilized for offices, shops, apartments, and logistics.

Price/Volume 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 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 01.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IIA AV EQUITY YTD Change IIA AV EQUITY YTD % CHANGE

04/2012 10/yy 3.43 2.10 1'004'420.00 3.202 -6.74% 52.54% 83.01% 1'129.0 3'614.91 5'374.64 0.0 287.5 559.16 8'721.05

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

1 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 30.04.2008 1'022.6 11.69x 372.4 32.10x 304.9 10.74x

2

30.04.2009 30.04.2010 993.7 1'025.8 7.96x 8.15x (437.9) 302.6 27.63x (1'967.6) 80.8 19.06x Profitability

LTM-4Q 30.04.2011 1'059.1 7.38x 468.6 16.69x 315.8 10.03x

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

30.04.2012 910.2 8.63x 327.8 23.96x 272.0 9.84x 327.80 88.85 9.76% 35.03% 0.91% 2.03% 1.00% 0.08% 37.7% 29.9% 43.88% 102.11% -

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

10/yy 1'023.4 29.50x 467.0 15.47x 472.0 4.97x

LTM 10/yy 931.8 33.46x 351.5 23.26x 110.6 26.85x

FY+1

0.94 27.76% 0.82% 0.942 15 3.000 1'728'830 1'850'068 2'200'152 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 01/13 Q3 04/13 Q4 752.0 769.2 165.0 166.0 11.71x 11.36x 482.2 504.9 113.0 114.0 18.08x 17.25x 18.53x 18.12x 266.2 283.8 48.4 49.3 13.23x 12.27x 17.79x 15.25x 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

1.39 -0.04 14.50 16.07 102.1% 49.2% 0.08 -

Sales/Revenue/Turnover

400.00

1'200.0

350.00

1'000.0

300.00

800.0

250.00 200.00

600.0

150.00

400.0

100.00

200.0 50.00 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

IMMOFINANZ AG Holdings By:

All

Holder Name IMMOFINANZ AG FRIES FAMILY VANGUARD GROUP INC ING INTERNATIONAL AD BLACKROCK STATE STREET RINGTURM KAG SKAGEN AS PIONEER INVESTMENTS ERSTE SPARINVEST KAG BZ WBK TOWARZYSTWO F SWEDBANK ROBUR FONDE UNION INVESTMENT GMB BARING FUND MANAGERS AVIVA INVESTORS POLA ALLIANZ ASSET MANAGE PRINCIPAL FINANCIAL STATE STREET BANQUE UNION INVESTMENT LUX LBPAM

Firm Name AlphaValue Baader Bank ABN Amro Bank N.V. HSBC EVA Dimensions Kempen & Co Rabobank International Societe Generale Raiffeisenbank AG Kepler Capital Markets Erste Bank Credit Suisse KBC Securities Deutsche Bank Morgan Stanley Prosdocimi

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

Analyst PIERRE-LOUP ETIENNE CHRISTINE REITSAMER MICHIEL DE JONGE THOMAS MARTIN AUSTIN BURKETT THOMAS VAN DER MEIJ MARTIJN TER LAAK HENRI QUADRELLI CHRISTOPH THURNBERGER THOMAS NEUHOLD MARTINA VALENTA STEVE BRAMLEY-JACKSON LUCIAN ALBULESCU MARKUS SCHEUFLER CHRISTOPHER FREMANTLE TEAM COVERAGE

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

Recommendation add hold hold overweight sell underweight reduce sell hold buy buy neutral hold hold Equalwt/Attractive buy

Amt Held 104'467'888 63'866'831 17'074'494 12'865'750 11'799'405 11'465'412 9'700'000 9'566'450 9'179'800 5'312'218 4'265'874 4'089'403 3'532'162 3'350'011 3'134'303 2'879'483 2'494'630 2'205'853 2'178'800 2'030'068

% Out 9.25 5.66 1.51 1.14 1.05 1.02 0.86 0.85 0.81 0.47 0.38 0.36 0.31 0.3 0.28 0.26 0.22 0.2 0.19 0.18

Weighting

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

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

Latest Chg 426'491 (283'703) 389'765 (600'000) 1'455'194 467'000 (26'248) 79'900 (791'245) 3'308 (312'473) 250'000 278'441

Target Price 4 3 3 4 #N/A N/A 3 3 3 3 4 3 3 3 3 3 #N/A N/A

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

File Dt Inst Type 31.07.2012 Corporation 31.07.2012 n/a 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.05.2011 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 21.02.2013 14.02.2013 14.02.2013 13.02.2013 17.01.2013 14.01.2013 27.12.2012 24.12.2012 20.12.2012 20.12.2012 04.11.2012 26.09.2012 20.09.2012 07.08.2012 06.08.2012 11.01.2011


27.02.2013

Informa PLC Informa PLC provides business information on a worldwide basis. The Company provides information in the finance and insurance, maritime transport and trade, law and tax, telecom and media, commodities and energy, and biomedical and pharmaceutical global markets. Informa provides its information through newspapers, magazines, electronic media, books, and journals.

Price/Volume 600

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 INF LN EQUITY YTD Change INF LN EQUITY YTD % CHANGE

12/2012 01/yy 502.00 335.90 647'042.00 492.6 -1.91% 46.65% 92.72% 602.7 2'968.94 826.30 0.0 0.0 23.90 3'771.34

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

31.12.2009 31.12.2010 1'221.7 1'226.5 2.28x 2.63x 333.6 335.4 8.37x 9.62x 105.6 98.9 16.99x 24.74x Profitability

31.12.2011 1'275.3 2.32x 302.5 9.77x 75.4 28.80x

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

31.12.2012 1'232.5 2.85x 374.6 9.37x 90.7 29.82x 374.60 218.70 17.74% 5.44% 3.02% 6.70% 0.41% 68.1% 30.4% 17.7% 7.4% 0.49 0.04 28.16% 62.43% -

Price/ Cash Flow

7.0 M

400

6.0 M

300

5.0 M 4.0 M

200

3.0 M 2.0 M

100

1.0 M

0 f-12 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 -

3.76 1.21 571.72 16.98% 9.71% 1.210 27 4.000 1'715'654 1'150'071 1'214'785 FY+2

12/13 Y 12/14 Y 1'283.2 1'338.2 2.81x 2.58x 384.5 402.3 9.81x 9.37x 256.6 276.2 11.59x 10.80x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

9.05 8.86 2.14 2.21 62.4% 38.4% 0.41 63.21 56.31

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 01.01.2010

8.0 M

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

Fiscal Year Ended 31.12.2008 1'278.0 1.87x 321.6 7.43x 84.9 12.32x

9.0 M

500

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

Informa PLC Holdings By:

All

Holder Name FMR LLC LAZARD ASSET MANAGEM MARATHON ASSET MANAG PRUDENTIAL PLC AXA NORGES BANK M&G INVESTMENT MANAG STANDARD LIFE INVEST LEGAL & GENERAL F&C ASSET MANAGEMENT INVESCO PERPETUAL UK ARTEMIS INVESTMENT M NEWTON INVESTMENT MA KAMES CAPITAL PLC INVESCO LTD VANGUARD GROUP INC T ROWE PRICE ASSOCIA ROYAL LONDON ASSET M SCOTTISH WIDOWS JO HAMBRO CAPITAL MA

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

Analyst

HSBC DAN GRAHAM Peel Hunt PATRICK YAU EVA Dimensions CRAIG STERLING Numis Securities Ltd GARETH R DAVIES Panmure Gordon & Co Limited ALEX DE GROOTE Exane BNP Paribas SAMI KASSAB Deutsche Bank MARK BRALEY Morgan Stanley PATRICK WELLINGTON Investec STEVEN LIECHTI Macquarie ANGUS TWEEDIE Canaccord Genuity Corp SIMON DAVIES Nomura MATTHEW WALKER Goldman Sachs VIGHNESH PADIACHY Espirito Santo Investment Bank Research GIASONE SALATI Westhouse Securities RODDY DAVIDSON AlphaValue VERONIQUE CABIOC'H Barclays NICK DEMPSEY Liberum Capital Ltd IAN WHITTAKER CA Cheuvreux ANDREA BENEVENTI Jefferies DAVID REYNOLDS Credit Suisse JOSEPH BARNET-LAMB JPMorgan MARK O'DONNELL N+1 Singer Ltd JOHNATHAN BARRETT Berenberg Bank SARAH SIMON

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

Recommendation underweight hold hold add buy neutral buy Overwt/Attractive hold outperform buy buy Buy/Neutral neutral add reduce overweight sell outperform buy outperform neutral hold buy

Amt Held 38'231'080 32'264'687 31'709'102 30'196'067 29'941'074 29'328'774 29'148'896 29'130'452 24'058'705 21'361'623 20'014'356 19'932'208 18'280'812 18'096'537 15'156'078 11'990'577 10'386'957 6'025'358 5'719'545 5'662'000

% Out 6.34 5.35 5.26 5.01 4.97 4.87 4.84 4.83 3.99 3.54 3.32 3.31 3.03 3 2.51 1.99 1.72 1 0.95 0.94

Weighting

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

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

Latest Chg 501'977 (51'476) (12'910) 7'558'113 114'759 485'612 337'761 83'000 396'137

Target Price 440 485 #N/A N/A 563 600 520 620 530 520 540 560 545 555 465 525 466 550 450 640 580 440 435 408 500

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

File Dt 30.09.2012 31.01.2013 29.02.2012 09.01.2013 06.07.2011 29.02.2012 29.02.2012 16.08.2012 29.02.2012 29.02.2012 29.02.2012 31.12.2012 29.02.2012 29.02.2012 26.02.2013 31.12.2012 31.12.2012 30.11.2012 31.10.2012 31.10.2012

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

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

Date 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 19.02.2013 15.02.2013 22.01.2013 21.01.2013 24.10.2012 17.10.2012 06.08.2012


27.02.2013

Inmarsat PLC Inmarsat PLC operates a global communications satellite system. The Company's satellites provide voice and high-speed data services on a worldwide basis. Inmarsat's customers include major corporations from the maritime, media, oil and gas, construction and aeronautical industries, as well as governments and aid agencies.

Price/Volume

6.0 M

600

5.0 M 4.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (21.05.2012) 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 ISAT LN EQUITY YTD Change ISAT LN EQUITY YTD % CHANGE

12/2011 09/yy 671.50 388.80 152'871.00 648 -3.80% 66.67% 90.98% 447.9 2'902.14 1'550.40 0.0 0.9 183.50 5'823.49

3.0 M

300 200

2.0 M

100

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

700 500

Valuation Analysis

31.12.2007 576.5 11.08x 388.1 16.46x 96.3 51.07x

800

31.12.2008 31.12.2009 996.7 1'038.1 4.59x 6.19x 531.2 594.2 8.61x 10.81x 355.3 152.7 8.86x 33.60x Profitability

LTM-4Q 31.12.2010 1'171.6 5.08x 695.2 8.57x 260.9 18.52x

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

31.12.2011 1'408.5 2.97x 713.0 5.86x 249.3 11.49x 713.00 467.20 33.17% 26.05% 6.62% 19.92% 10.63% 0.40% 61.8% 47.3% 29.7% 17.7% 0.48 0.36 45.48% 143.53% -

Price/ Cash Flow

09/yy 645.6 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 1'371.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

4.26 1.32 423.42 43.21% 10.86% 1.318 18 3.611 580'028 623'888 645'633 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'325.4 1'295.3 316.0 4.52x 4.93x 693.5 654.8 157.0 8.40x 8.89x 266.3 233.6 15.5 16.35x 18.82x 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

6.82 2.13 2.13 2.69 143.5% 58.9% 0.40 0.82 -41.78

Sales/Revenue/Turnover

12.00

1'600.0 1'400.0

10.00

1'200.0 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0 2.00 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

Inmarsat PLC Holdings By:

All

Holder Name LANSDOWNE PARTNERS L BLACKROCK KDDI CORP BNP PARIBAS INV PART LEGAL & GENERAL STANDARD LIFE INVEST ALLIANZ SE AVIVA INVESTORS HSBC INVESTMENTS UK INTERNATIONAL VALUE CHARLES SCHWAB & CO OPPENHEIMERFUNDS INC NORGES BANK INVESTME SCHRODER INVESTMENT OPPENHEIMERFUNDS INC BREWIN DOLPHIN LIMIT VANGUARD GROUP INC PICTET & CIE AXA INVESTMENT MANAG SVENSKA HANDELSBANKE

Firm Name Exane BNP Paribas AlphaValue Morgan Stanley Oddo & Cie Goldman Sachs Credit Suisse Barclays HSBC JPMorgan Jefferies EVA Dimensions Nomura RBC Capital Markets S&P Capital IQ Natixis Prosdocimi

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

Analyst MATHIEU ROBILLIARD JEAN-MICHEL SALVADOR TERENCE TSUI VINCENT MAULAY TIMOTHY BODDY PAUL SIDNEY JOHN-PAUL DAVIDS OLIVIER MORAL TORSTEN ACHTMANN GILES THORNE ANDREW S ZAMFOTIS HENRIK NYBLOM JONATHAN ATKIN JAMES CRAWSHAW ERIC BEAUDET TEAM COVERAGE

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

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

Amt Held 59'142'059 44'830'600 21'739'149 18'131'729 16'811'155 13'854'773 13'852'655 12'602'665 11'364'299 10'316'932 8'829'611 8'802'509 8'582'512 8'498'816 8'442'960 8'095'087 8'025'100 7'919'503 7'076'030 6'261'957

% Out 13.21 10.01 4.85 4.05 3.75 3.09 3.09 2.81 2.54 2.3 1.97 1.97 1.92 1.9 1.89 1.81 1.79 1.77 1.58 1.4

Weighting

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

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

Latest Chg 7'076'364 (1'137'429) 7'762'181 (340'784) 8'590'392 882'485 9'949 4'110'177 4'157'345 1'929'850 465'290 201'080 4'312'535 59'395 2'931'279

Target Price 675 734 690 650 810 700 645 650 700 655 #N/A N/A 675 570 650 530 #N/A N/A

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

File Dt Inst Type 01.10.2012 Hedge Fund Manager 25.02.2013 Investment Advisor 01.10.2012 Corporation 31.12.2012 Investment Advisor 31.01.2013 Unclassified 01.10.2012 Investment Advisor 06.03.2012 Insurance Company 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor 30.12.2012 Investment Advisor 01.10.2012 Government 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor 31.12.2012 Investment Advisor 01.10.2012 Mutual Fund Manager 01.10.2012 Investment Advisor 01.10.2012 Bank

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

Date 22.02.2013 21.02.2013 18.02.2013 30.01.2013 25.01.2013 24.01.2013 24.01.2013 22.01.2013 21.01.2013 21.01.2013 15.01.2013 06.11.2012 05.11.2012 05.11.2012 06.08.2012 25.01.2011


27.02.2013

InterContinental Hotels Group PLC InterContinental Hotels Group PLC operates a global hotel business comprised of various owned, leased, managed, and franchised hotels in countries worldwide.

Price/Volume 2500

4.0 M 3.5 M

2000

3.0 M 2.5 M

1500

2.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 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 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IHG LN EQUITY YTD Change IHG LN EQUITY YTD % CHANGE

12/2012 12/yy 2'009.00 1'375.60 556'351.00 1910 -4.93% 38.85% 84.53% 268.3 5'124.99 1'258.00 0.0 9.0 201.00 8'838.56

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

1.0 M .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 31.12.2008 1'897.0 1.90x 661.0 5.47x 262.0 9.15x

1.5 M

500

31.12.2009 31.12.2010 1'538.0 1'628.0 3.40x 3.88x 472.0 552.0 11.06x 11.46x 213.0 293.0 19.86x 19.19x Profitability

LTM-4Q 31.12.2011 1'768.0 3.24x 658.0 8.71x 460.0 11.27x

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 1'835.0 4.63x 708.0 12.01x 544.0 14.63x 708.00 614.00 33.46% 30.30% 17.46% 127.25% 42.60% 0.59% 57.9% 37.3% 33.5% 29.6% 0.85 0.80 38.55% 408.44% 5.09 193.00

Price/ Cash Flow

12/yy 1'768.0 13.96x 658.0 8.71x 460.0 11.27x

LTM 12/yy 1'835.0 17.16x 685.0 12.42x 544.0 14.63x

FY+1

.0 M f-13

2.21 1.13 259.98 0.27 37.39% 11.89% 1.126 29 3.586 1'253'921 941'230 1'006'359 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'988.3 2'099.5 428.0 495.0 4.54x 4.21x 20.78x 18.01x 783.7 847.2 150.0 207.0 11.28x 10.43x 11.52x 11.32x 416.7 449.2 18.09x 16.46x 19.98x 19.57x S&P Issuer Ratings

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

22.06.2011 BBB STABLE 18.02.2005 NR 12.42 11.65 1.54 1.84 408.4% 79.9% 0.59 1.52 71.90 1.90 6.33

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

InterContinental Hotels Group PLC Holdings By:

All

Holder Name JP MORGAN BLACKROCK CEDAR ROCK CAPITAL L FMR LLC CAPITAL GROUP COMPAN TRIAN FUND MANAGEMEN NOMURA INTERNATIONAL TRIAN FUND MANAGEMEN LEGAL & GENERAL BANK OF NEW YORK MEL WILLIAM BLAIR & COMP NORGES BANK INVESTME F&C ASSET MANAGEMENT VANGUARD GROUP INC WILLIAM BLAIR & COMP NEUBERGER BERMAN LLC AXA INVESTMENT MANAG PICTET & CIE PEOPLES REPUBLIC OF SCOTTISH WIDOWS

Firm Name Oddo & Cie Credit Suisse EVA Dimensions Telsey Advisory Group Day by Day AlphaValue Morgan Stanley Jefferies Raymond James CA Cheuvreux Natixis Barclays Investec JPMorgan Cantor Fitzgerald Bryan Garnier & Cie Nomura S&P Capital IQ Numis Securities Ltd Oriel Securities Ltd Panmure Gordon & Co Limited Exane BNP Paribas Liberum Capital Ltd HSBC Goldman Sachs Deutsche Bank Shore Capital Stockbrokers

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

Analyst GUILLAUME RASCOUSSIER TIM RAMSKILL CRAIG STERLING CHRISTOPHER E JONES VALERIE GASTALDY BERENICE LACROIX JAMIE ROLLO IAN RENNARDSON JULIEN RICHER MARCO BACCAGLIO ANDRE JUILLARD VICTORIA LEE JAMES HOLLINS KOMAL DHILLON ROBIN BYDE BRUNO DE LA ROCHEBROCHARD TIM BARRETT WILLIAM MACK WYN ELLIS JEFFREY HARWOOD SIMON FRENCH MATTHIAS DESMARAIS PATRICK COFFEY LENA THAKKAR OLIVER NEAL GEOF COLLYER GREG JOHNSON

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

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

Amt Held 24'111'785 14'774'437 13'520'828 13'293'485 13'180'823 11'606'880 10'946'065 10'524'816 10'064'977 7'102'620 6'739'787 6'292'590 4'962'976 4'832'438 4'784'880 3'926'900 3'713'280 3'425'022 3'305'965 3'274'567

% Out 8.99 5.51 5.04 4.95 4.91 4.33 4.08 3.92 3.75 2.65 2.51 2.35 1.85 1.8 1.78 1.46 1.38 1.28 1.23 1.22

Weighting

Change

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

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

Latest Chg (672'606) 1'154'585 (1'783'003) 2'426'322 (701'997) (4'168'885) (1'927'099) (326'353) 2'376'962 360'417 (376'732) (402'421) 75'719 2'294'535 3'926'900 (237'561) (167'805) 1'462'914

Target Price 2'200 1'906 #N/A N/A 2'000 #N/A N/A 2'117 2'200 1'770 2'150 1'850 2'200 2'085 2'000 1'860 2'200 1'650 1'670 1'600 2'000 #N/A N/A 1'724 2'100 1'943 1'900 2'150 1'845 #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 Unclassified 25.02.2013 Investment Advisor 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 10.01.2013 Investment Advisor 31.05.2012 Hedge Fund Manager 25.09.2012 Investment Advisor 01.12.2012 Hedge Fund Manager 01.12.2012 Unclassified 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Government 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Mutual Fund Manager 01.12.2012 Government 01.12.2012 Unclassified

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

Date 27.02.2013 26.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 31.01.2013 28.01.2013 19.12.2012 16.11.2012


27.02.2013

International Consolidated Airlines Group SA International Consolidated Airlines Group SA provides international and domestic air passenger and cargo transportation services. The Company and its subsidiaries serve Europe, the Americas, Africa, Asia, Australia and the Middle East.

Price/Volume 250

30.0 M

200

25.0 M 20.0 M

150

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.05.2012) 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 IAG LN EQUITY YTD Change IAG LN EQUITY YTD % CHANGE

100

12/2011 09/yy 230.90 136.00 3'109'246.00 221 -4.33% 62.50% 90.31% 1'855.4 4'100.37 4'883.00 0.0 300.0 3'735.00 6'247.80

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

31.12.2008 -

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

10.0 M

50

Profitability

31.12.2009 13'456.0 0.41x (134.0) (777.0) -

LTM-4Q 31.12.2010 14'798.0 0.48x 1'069.0 6.58x 100.0 58.52x

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

31.12.2011 16'103.0 0.29x 1'505.0 3.14x 562.0 5.67x 1'505.00 536.00 3.33% 3.37% 1.08% 4.39% 0.83% 6.9% 1.0% 3.5% 0.90 0.75 24.72% 90.66% 11.83 -

Price/ Cash Flow

LTM

09/yy 15'839.0 0.82x 1'416.0 0.00x 445.0 7.44x

09/yy 17'664.0 0.57x 1'190.0 0.00x 168.0 15.49x

FY+1

.0 M f-13

0.00 1.36 1'628.94 35.67% 19.59% 1.363 35 3.657 7'573'869 6'350'746 5'553'046 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 17'946.6 18'529.5 4'384.0 0.38x 0.41x 1'049.8 1'655.4 228.0 5.95x 3.77x (147.6) 233.0 (295.0) 21.28x S&P Issuer Ratings

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

6.78 1.95 1.12 4.54 90.7% 46.2% 0.83 1.80 30.94 -

Sales/Revenue/Turnover

7.00

18'000.0

6.00

16'000.0 14'000.0

5.00

12'000.0

4.00

10'000.0

3.00

8'000.0 6'000.0

2.00

4'000.0

1.00 0.00 02.01.2009

2'000.0 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

International Consolidated Airlines Group SA Holdings By:

All

Holder Name BANKIA SA TEMPLETON GLOBAL ADV BLACKROCK STANDARD LIFE INVEST SCHRODERS PLC UNION BANK OF SWITZE SCHRODER INVESTMENT TEMPLETON INVESTMENT CAPITAL GROUP COMPAN Och-Ziff Management FMR LLC VANGUARD GROUP INC LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS PRUDENTIAL FINANCIAL ING INVESTMENT MANAG HSBC INVESTMENT FUND INVESCO LTD MASON STREET ADVISOR

Firm Name

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

Analyst

Grupo Santander JOSE MANUEL ARROYAS Cantor Fitzgerald ROBIN BYDE Deutsche Bank GEOF COLLYER Ahorro Corporacion Financiera SA ELENA FERNANDEZ Goodbody Stockbrokers Ltd DONAL O'NEILL Nomura ANDREW EVANS Banco Sabadell FRANCISCO JOSE RODRIGUEZ Commerzbank Corporates & Markets FRANK SKODZIK HSBC ANDREW DAVID LOBBENBERG Oddo & Cie YAN DEROCLES Credit Suisse NEIL GLYNN Oriel Securities Ltd EDWARD STANFORD NMAS 1 Agencia de Valores RODRIGO VAZQUEZ AlphaValue HELENE COUMES Investec JAMES HOLLINS Morgan Stanley PENNY BUTCHER Liberum Capital Ltd PETER HYDE RBC Capital Markets DAMIAN BREWER Goldman Sachs OLIVER NEAL JPMorgan DAVID PITURA EVA Dimensions CRAIG STERLING CA Cheuvreux BEAT KEISER Natixis SARAH EMSELLEM Macquarie SAM DOBSON Main First Bank AG LOIC SABATIER Espirito Santo Investment Bank Research GERALD KHOO La Caixa ANTONIO JOSE CASTELL NEYRA Davy STEPHEN FURLONG Redburn Partners TIM MARSHALL Barclays DAVID E FINTZEN BBVA JUAN ROS PADILLA Raymond James JULIEN RICHER Charles Stanley Securities DOUGLAS MCNEILL Renta 4 SA SVB TEAM COVERAGE Panmure Gordon & Co Limited GERT ZONNEVELD

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

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

Amt Held % Out 224'253'769 12.09 92'969'270 5.01 91'539'438 4.93 89'676'679 4.83 59'204'543 3.19 56'707'515 3.06 48'573'533 2.62 38'502'627 2.08 30'070'400 1.62 (29'871'451) -1.61 20'371'403 1.1 17'673'242 0.95 14'490'997 0.78 14'157'577 0.76 11'004'668 0.59 7'498'271 0.4 6'121'022 0.33 5'908'547 0.32 5'333'821 0.29 5'205'520 0.28

Weighting

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

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

Latest Chg (14'131'269) (179'507) 886'000 (742'148) 1'470 395'985 (502'269) 562'110 (53'176) (155'684) 274'842 (181'581) 3'278'220

Target Price 181 220 230 197 250 283 217 272 290 206 259 #N/A N/A 215 200 270 206 180 210 255 264 #N/A N/A 145 190 140 162 140 201 #N/A N/A #N/A N/A 210 225 #N/A N/A 220 169 275

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 11.01.2011 31.12.2011 22.08.2011 31.10.2012 30.11.2012 31.12.2012 13.02.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.10.2012 31.12.2012 31.12.2012 30.11.2012 26.02.2013 31.12.2012

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

Inst Type Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.02.2013 26.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 12.02.2013 11.02.2013 04.02.2013 25.01.2013 25.01.2013 17.01.2013 14.01.2013 08.01.2013 17.12.2012 03.12.2012 26.11.2012 21.11.2012 19.11.2012 12.11.2012 27.07.2012 18.06.2012 06.06.2012 10.01.2012 13.12.2011 23.11.2010


27.02.2013

Intertek Group PLC Intertek Group plc offers product inspection services. The Company tests textiles, toys, petroleum products, chemicals, electronic products, building materials, and agricultural products. Intertek inspects and certifies products for safety to governments, exporters and importers, and certifies that import duties are declared and paid.

Price/Volume

1.2 M 1.0 M

2500

.8 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITRK LN EQUITY YTD Change ITRK LN EQUITY YTD % CHANGE

12/2011 01/yy 3'435.00 2'249.00 188'307.00 3311 -3.61% 47.22% 88.62% 160.8 5'324.64 762.60 0.0 24.0 181.90 5'968.84

.6 M

1500 1000

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

1.4 M

3500 3000

Valuation Analysis

31.12.2007 775.4 2.25x 151.7 11.49x 73.2 21.22x

4000

31.12.2008 31.12.2009 1'003.5 1'237.3 1.56x 1.79x 204.8 260.4 7.62x 8.49x 93.8 114.7 13.18x 17.33x Profitability

31.12.2010 1'374.2 2.20x 274.9 11.00x 128.6 21.99x

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 1'749.4 2.21x 319.6 12.09x 138.8 23.44x 319.60 234.10 13.38% 12.18% 9.66% 32.25% 15.25% 1.14% 18.6% 13.9% 7.9% 1.61 1.27 43.91% 145.95% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.09 0.69 160.20 47.55% 6.84% 0.693 23 3.435 352'679 329'900 300'912 FY+2

12/12 Y 12/13 Y 2'066.7 2'243.4 2.83x 2.55x 403.1 450.2 14.81x 13.26x 205.6 234.8 25.81x 22.59x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

23.10.2006 NR 10.95 8.18 1.68 2.12 146.0% 58.3% 1.14 7.63 -

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 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

Intertek Group PLC Holdings By:

All

Holder Name FMR LLC CAPITAL GROUP COMPAN MARATHON ASSET MANAG MORGAN STANLEY INVES BLACKROCK ALLIANCE BERNSTEIN Cantillon Capital MORGAN STANLEY LEGAL & GENERAL BAILLIE GIFFORD AND NORGES BANK INVESTME WALTER SCOTT & PARTN VANGUARD GROUP INC MASSACHUSETTS FINANC T ROWE PRICE ASSOCIA UBS CREDIT AGRICOLE GROU T ROWE PRICE ASSOCIA SANFORD C BERNSTEIN KUWAIT INVESTMENT AU

Firm Name Societe Generale Berenberg Bank Helvea Exane BNP Paribas JPMorgan Goldman Sachs EVA Dimensions Credit Suisse Jefferies Oddo & Cie Numis Securities Ltd Natixis Kepler Capital Markets Shore Capital Stockbrokers S&P Capital IQ HSBC Deutsche Bank RBC Capital Markets Main First Bank AG CA Cheuvreux

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PATRICK JOUSSEAUME SIMON MEZZANOTTE CHRISTIAN BURGER LAURENT BRUNELLE ROBERT PLANT JOHN WOODMAN CRAIG STERLING DAVID RIGBY WILLIAM KIRKNESS GUILLAUME RASCOUSSIER STEVE WOOLF OLIVIER LEBRUN BETTINA EDMONDSTON ROBIN SPEAKMAN JOHNSON IMODE ALEX MAGNI THOMAS SYKES ANDREW BROOKE MOURAD LAHMIDI BEAT KEISER

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

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

Amt Held 12'163'930 10'818'828 10'387'486 9'127'492 8'053'997 7'251'025 6'727'263 6'721'849 5'799'293 4'422'134 3'760'277 3'103'000 3'058'965 2'523'737 2'352'943 2'301'389 2'263'914 2'172'981 2'117'053 2'109'219

% Out 7.56 6.73 6.46 5.68 5.01 4.51 4.18 4.18 3.61 2.75 2.34 1.93 1.9 1.57 1.46 1.43 1.41 1.35 1.32 1.31

Weighting

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

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

Latest Chg (961'341) (2'298'044) 456'853 (401'459) (954'024) 93'973 165'944 32'944 270'000 59'572 (132'506) (6'381) 836'266 (288'049) (102'985) 87'638 514'940

Target Price 3'040 3'340 3'120 3'650 3'267 4'335 #N/A N/A 3'550 2'700 3'100 3'782 2'850 3'100 #N/A N/A 3'000 2'940 2'566 2'150 3'150 2'500

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

File Dt 31.12.2012 31.12.2012 01.12.2012 01.12.2012 25.02.2013 31.12.2012 01.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 01.12.2012 01.12.2012 28.12.2012 01.12.2012 31.12.2012 30.11.2012 01.12.2012

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

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

Date 26.02.2013 26.02.2013 13.02.2013 12.02.2013 23.01.2013 22.01.2013 17.01.2013 14.01.2013 10.01.2013 07.01.2013 12.12.2012 03.12.2012 20.11.2012 19.11.2012 02.11.2012 13.09.2012 07.08.2012 26.07.2012 26.07.2012 18.04.2012


27.02.2013

Intu Properties PLC Intu Properties PLC is a real estate investment trust. The trust invests in regional shopping centers outside of London. Through a subsidiary, Intu Properties PLC owns and operates retail, office and mixed-use properties in California.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (06.06.2012) 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 INTU LN EQUITY YTD Change INTU LN EQUITY YTD % CHANGE

12/2012 12/yy 369.80 302.00 9'017'663.00 333.6 -9.68% 10.46% 60.32% 868.5 2'897.23 3'845.80 0.0 29.2 188.10 6'584.13

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

100 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

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 607.4 9.86x 321.1 18.64x (2'451.3) -

150

31.12.2009 31.12.2010 400.0 410.0 16.28x 13.38x 236.1 252.4 27.59x 21.74x (338.8) 511.8 6.11x Profitability

LTM-4Q 31.12.2011 508.6 12.21x 349.1 17.79x 30.0 107.69x

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 525.7 12.80x 364.1 18.48x 155.9 19.90x 364.10 362.60 68.97% 29.20% 2.08% 5.29% 0.07% 71.6% 69.3% 69.0% 29.7% 0.77 0.56 50.66% 129.18% 21.03

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

12/yy 415.3 74.19x 0.0 0.00x (105.0) 0.00x

LTM 12/yy 607.4 46.40x 321.1 18.64x (2'451.3) 0.00x

FY+1

4.50 1.12 371.89 3.99% -4.74% 1.121 21 2.429 1'786'981 1'533'014 1'264'467 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 373.0 398.4 17.06x 15.98x 348.7 353.6 18.89x 18.62x 139.3 158.2 20.23x 19.74x 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

1.37 1.07 10.05 10.56 129.2% 56.1% 0.07 0.08 17.40 -207.11

Sales/Revenue/Turnover

100.00

700.0

90.00

600.0

80.00 70.00

500.0

60.00

400.0

50.00

300.0

40.00

200.0

30.00 20.00

100.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 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

Intu Properties PLC Holdings By:

All

Holder Name WHITTAKER JOHN Tokenhouse Holdings CORONATION FUND MANA GORDON FAMILY INTERE PUBLIC INVESTMENT CO STATE STREET SIMON PROPERTY GROUP BLACKROCK SANLAM INVESTMENT MA LEGAL & GENERAL UBS APG ALGEMENE PENSIOE GOVT OF SINGAPORE IN MORGAN STANLEY FMR LLC NORGES BANK INVESTME OLD MUTUAL GREENVERT INVESTMENT VANGUARD GROUP INC VANGUARD GROUP INC

Firm Name

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

Analyst

Societe Generale MARC MOZZI Morgan Stanley BART GYSENS Investec ALAN CARTER Jefferies ROBERT DUNCAN Numis Securities Ltd CHRISTOPHER SPEARING AlphaValue PIERRE-LOUP ETIENNE Deutsche Bank MARTIN ALLEN Goldman Sachs JULIAN LIVINGSTON-BOOTH Barclays AARON GUY Peel Hunt KEITH CRAWFORD Exane BNP Paribas NICK WEBB EVA Dimensions AUSTIN BURKETT JPMorgan HARM M MEIJER Espirito Santo Investment Bank Research MICHAEL BURT Kempen & Co RYAN PALECEK Macquarie LEON ALLISON Avior Research NAEEM TILLY Credit Suisse STEVE BRAMLEY-JACKSON Oriel Securities Ltd MIRANDA COCKBURN Liberum Capital Ltd ALISON WATSON

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

Recommendation sell Underwt/Attractive sell hold reduce reduce buy neutral/neutral overweight hold neutral sell neutral sell underweight neutral neutral neutral hold sell

Amt Held 174'131'209 173'930'564 123'278'246 92'143'203 35'565'906 35'481'819 35'355'794 34'952'303 25'812'716 23'803'642 18'902'661 18'376'911 15'713'568 13'298'709 12'982'518 11'991'864 11'708'806 9'637'719 9'261'308 8'823'176

% Out 20.05 20.03 14.19 10.61 4.1 4.09 4.07 4.02 2.97 2.74 2.18 2.12 1.81 1.53 1.49 1.38 1.35 1.11 1.07 1.02

Weighting

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

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

Latest Chg 645 18'838'440 (699'006) (962'749) 223'319 72'839 (824'597) 1'107'342 186'192 (3'276'805) 1'364'637

Target Price 320 300 #N/A N/A 335 320 367 480 340 409 364 360 #N/A N/A 400 320 310 350 326 350 #N/A N/A 285

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

File Dt Inst Type 14.09.2012 n/a 03.12.2012 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Government 26.02.2013 Investment Advisor 03.12.2012 Unclassified 25.02.2013 Investment Advisor 02.08.2012 Mutual Fund Manager 31.01.2013 Unclassified 28.12.2012 Unclassified 03.12.2012 Pension Fund (ERISA) 03.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Government 30.09.2012 Unclassified 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 25.02.2013 25.02.2013 21.02.2013 18.02.2013 18.02.2013 18.02.2013 04.02.2013 01.02.2013 17.01.2013 15.01.2013 15.01.2013 14.01.2013 10.01.2013 16.11.2012 06.11.2012 06.11.2012 20.07.2012


27.02.2013

Invensys PLC Invensys plc offers production assets and energy resources management services. The Company offers strategies to improve productivity and reliability in its manufacturing customers' supply chains and conserve energy and water usage in commercial, industrial and residential buildings, and manufactures railroad signaling and control equipment.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISYS LN EQUITY YTD Change ISYS LN EQUITY YTD % CHANGE

03/2012 03/yy 367.60 184.10 1'262'538.00 359.7 -2.12% 95.38% 93.19% 815.5 2'933.43 1.00 0.0 20.0 263.00 2'779.43

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

100 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

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 2'108.0 0.85x 341.0 5.25x 334.0 10.66x

150

31.03.2009 31.03.2010 2'284.0 2'243.0 0.49x 1.10x 309.0 316.0 3.59x 7.81x 130.0 147.0 9.56x 18.42x Profitability

LTM-4Q 31.03.2011 2'486.0 1.00x 329.0 7.55x 174.0 15.41x

31.03.2012 2'539.0 0.54x 277.0 4.97x 98.0 15.55x

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

277.00 209.00 8.23% 5.51% 5.42% 18.81% 21.68% 1.28% 30.4% 11.1% 8.4% 3.9% 1.38 0.77 0.05% 0.18% 10.64

Price/ Cash Flow

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

03/yy 1'999.0 4.68x 282.0 9.00x 207.0 152.89x

LTM 03/yy 2'269.0 4.23x 327.0 5.47x 334.0 10.32x

FY+1

1.25 1.30 812.84 73.68% 10.68% 1.303 17 3.824 1'647'360 1'798'829 2'731'830 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 06/12 Q1 09/12 Q2 2'271.5 2'020.9 1'252.0 1.03x 1.08x 237.0 226.4 11.73x 12.28x 144.6 140.9 61.0 19.55x 20.32x 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

24.07.2009 BBBPOS 15.11.2002 NR 17.31 14.94 -0.63 0.00 0.2% 0.2% 1.28 10.87 34.39 33.10

Sales/Revenue/Turnover

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 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

Invensys PLC Holdings By:

All

Holder Name M&G INVESTMENT MANAG SCOTTISH WIDOWS SCHRODER INVESTMENT SCHRODER INVESTMENT RUFFER INVESTMENT MA LLOYDS BANKING GROUP AMERIPRISE FINANCIAL BLACKROCK STANDARD LIFE INVEST LEGAL & GENERAL UBS NORGES BANK INVESTME CREDIT AGRICOLE GROU VANGUARD GROUP INC GLOBAL ASSET MANAGEM ARTEMIS INVESTMENT M Black Creek Investme PROP TRADING/MARKET HARTFORD INVESTMENTS MARATHON ASSET MANAG

Firm Name

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

Analyst

Deutsche Bank MARTIN WILKIE RBC Capital Markets ANDREW CARTER Morgan Stanley BEN UGLOW N+1 Singer Ltd TINTIN STORMONT Exane BNP Paribas JONATHAN R MOUNSEY Oriel Securities Ltd HARRY PHILIPS Peel Hunt PAUL GILMER MORLAND JPMorgan GLEN H LIDDY Nomura JUHO LAHDENPERA Barclays NICK WEBSTER Societe Generale ALASDAIR LESLIE Credit Suisse JONATHAN HURN EVA Dimensions CRAIG STERLING Goldman Sachs ADAM PINCKARD Espirito Santo Investment Bank Research ROB VIRDEE Arden Partners Ltd DAVID LARKAM CS Capital CHRISTOPHER PARKINSON

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

Recommendation hold outperform Overwt/Cautious buy neutral buy buy restricted buy overweight hold neutral sell not rated neutral neutral buy

Amt Held 74'121'402 69'852'826 59'962'509 42'500'440 40'663'847 39'958'165 38'524'350 35'517'175 35'354'625 24'517'969 20'345'490 18'297'578 17'433'961 16'101'696 15'190'226 13'034'290 12'926'296 11'290'144 10'424'366 10'333'088

% Out 9.09 8.57 7.35 5.21 4.99 4.9 4.72 4.36 4.34 3.01 2.49 2.24 2.14 1.97 1.86 1.6 1.59 1.38 1.28 1.27

Weighting

Change

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

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

Latest Chg 1'239'291 (1'334'901) 1'037'093 6'367'003 (2'848'845) (15'408'925) 1'153'309 2'521'437 575'122 (4'358'866) 40'000 8'067'117 8'624'366 -

Target Price 340 350 390 400 350 420 370 #N/A N/A 370 385 330 368 #N/A N/A #N/A N/A 235 #N/A N/A 350

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

File Dt 01.12.2012 01.12.2012 01.12.2012 31.10.2012 01.12.2012 31.01.2013 16.05.2012 25.02.2013 16.05.2012 19.02.2013 01.12.2012 01.12.2012 01.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 30.12.2011 01.12.2012

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

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

Date 25.02.2013 19.02.2013 14.02.2013 12.02.2013 04.02.2013 01.02.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 17.01.2013 17.01.2013 28.11.2012 30.10.2012 30.04.2012 15.08.2011


27.02.2013

Investec PLC Investec PLC is an international specialist bank and asset manager. The Group provides corporate and investment banking, private banking, securities trading, asset management, property trading and management and trade finance services. Dually-listed company with INL SJ.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (21.05.2012) 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 INVP LN EQUITY YTD Change INVP LN EQUITY YTD % CHANGE

03/2012 01/yy 500.50 308.90 2'283'879.00 480.3 -3.92% 55.49% 91.08% 605.2 4'235.73 8'568.29 384.2 296.1 5'961.68 -

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

6.0 M

500

5.0 M

400

4.0 M

300

3.0 M

200

2.0 M

100

1.0 M

0 f-12 m-12

31.03.2009 31.03.2010 3'441.3 3'152.8 292.0 346.1 6.35x 12.24x Profitability

31.03.2011 3'620.9 420.5 8.63x

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

31.03.2012 3'662.0 247.5 12.50x 16.40% 14.13% 0.47% 5.54% 1.90% 0.07% 12.0% 16.62% 257.14% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.54 1.29 478.90 24.93% 13.36% 1.290 12 4.250 1'317'892 1'466'481 1'380'816 FY+2

03/13 Y 03/14 Y 1'964.0 2'080.0 342.7 415.8 12.56x 10.21x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

257.1% 68.1% 0.07 18.08 -

Sales/Revenue/Turnover

10.00

4'000.0

9.00

3'500.0

8.00

3'000.0

7.00

2'500.0

6.00 5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 03.04.2009

a-12 m-12

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

Fiscal Year Ended 31.03.2008 3'034.6 391.6 5.24x

600

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

Investec PLC Holdings By:

All

Holder Name PUBLIC INVESTMENT CO BARCLAYS PLC BARCLAYS PLC CORONATION FUND MANA ALLAN GRAY INVESTMEN SANLAM LIFE INSURANC OLD MUTUAL ALLAN GRAY LTD SANLAM INVESTMENT MA NORGES BANK BLACKROCK ALLAN GRAY UNIT TRUS LEGAL & GENERAL STATE STREET M&G INVESTMENT MANAG ABAX INVESTMENTS LTD RENSBURG INVESTMENT INVESTEC STAFF SHARE CORONATION ASSET MAN DIRECTOR & RELATED H

Firm Name Numis Securities Ltd Macquarie Morgan Stanley Avior Research EVA Dimensions Nedgroup Securities JPMorgan HSBC Goldman Sachs

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

Analyst JAMES HAMILTON ELAN LEVY GREG SAFFY HARRY BOTHA AUSTIN BURKETT NAZEEM SAMSODIEN NANA FRANCOIS JAN ROST WALEED MOHSIN

Source REG Short RNS-RUL8 REG REG REG ULT-AGG RNS-MAJ Co File RNS-MAJ ULT-AGG MF-AGG ULT-AGG ULT-AGG REG Co File REG REG MF-AGG REG

Recommendation add neutral Overwt/In-Line neutral buy buy neutral overweight neutral/neutral

Amt Held % Out 85'878'003 14.19 (53'461'209) -8.83 51'366'842 8.49 46'256'861 7.64 45'953'028 7.59 41'952'739 6.93 39'437'887 6.52 30'095'884 4.97 25'170'696 4.16 24'446'399 4.04 23'015'284 3.8 20'482'302 3.38 19'726'652 3.26 16'847'563 2.78 16'137'165 2.67 14'141'267 2.34 13'627'184 2.25 13'515'600 2.23 12'332'545 2.04 11'859'956 1.96

Weighting

Change 4 3 5 3 5 5 3 5 3

M M M D M M D N D

Latest Chg (3'112) (273'625) 78'777 (171'221) 8'288'340 20'482'302 (579'993) 338'686 237'504 268'281 (182'688) 691'455

Target Price 576 444 525 492 #N/A N/A 425 446 466 479

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

File Dt Inst Type 03.12.2012 Government 21.12.2011 Investment Advisor 21.12.2011 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Insurance Company 11.01.2013 Unclassified 24.12.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 21.12.2012 Government 25.02.2013 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Unclassified 26.02.2013 Investment Advisor 03.12.2012 Investment Advisor 31.03.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Other 30.09.2012 Investment Advisor 03.12.2012 Other

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

Date 12.02.2013 11.02.2013 29.01.2013 22.01.2013 17.01.2013 28.11.2012 20.11.2012 26.10.2012 12.10.2012


27.02.2013

Investment AB Kinnevik Investment AB Kinnevik is a holding company. The Company invests in and managesa long-term portfolio of listed and unlisted companies, and seeks to exert influence in the companies by board representation and other means. Kinnevik's portfolio includes shares in telecommunication, media, insurance, and finance companies.

Price/Volume 160

2.0 M

100

12/2012 12/yy 155.20 120.30 529'358.00 147.3 -5.09% 22.44% 76.50% 228.7 40'991.01 3'285.00 0.0 67.0 454.00 43'889.01

1.5 M

60

1.0 M

40 .5 M

20 0 f-12 m-12

31.12.2009 31.12.2010 8'397.0 8'593.0 4.48x 5.24x 1'476.0 1'514.0 25.49x 29.73x 16'361.0 13'602.0 1.74x 2.79x Profitability

LTM-4Q 31.12.2011 8'789.0 4.97x 1'473.0 29.64x 6'553.0 5.67x

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 1'591.0 25.45x 478.0 1'473.00 -98.00 -6.16% -184.48% 0.72% 0.81% 0.06% 39.8% 4.2% 30.0% 0.45 0.30 5.24% 5.61% 6.82 2.61

Price/ Cash Flow

j-12

LTM

12/yy 4'625.0 38.37x 0.0 0.00x 6'553.0 6.02x

j-12

12/yy 3'895.0 45.13x 0.0 0.00x 477.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.84 3.92% 8.55% 0.836 12 3.833 655'061 867'523 753'111 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'492.4 9'823.8 3.86x 3.65x 1'653.0 1'886.5 26.55x 23.26x 1'899.0 2'576.0 22.02x 18.15x S&P Issuer Ratings

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

5.32 2.46 5.6% 5.3% 0.06 1.14 53.70 140.44 261.59 742.94

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

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

2.5 M

120 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KINVB SS EQUITY YTD Change KINVB SS EQUITY YTD % CHANGE

31.12.2008 7'719.0 3.20x 997.0 24.74x (25'765.0) -

3.0 M

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

Investment AB Kinnevik Holdings By:

All

Holder Name ALECTA PENSIONSFORSA JP MORGAN BANK LUXEM SWEDBANK ROBUR FONDE NORDEA FONDER AB/SWE UNIONEN SKANDIA AB INVESCO LTD SEB FONDER AB VANGUARD GROUP INC SEB AMF FONDER AB STATE STREET TREDJE AP-FONDEN GOLDMAN SACHS HANDELSBANKEN FONDER NORDEA FONDER AB FOLKSAM LO FOND AB NEW JERSEY DIVISION CARNEGIE FONDER AB/S KLINGSPOR FAMILY

Firm Name AlphaValue Handelsbanken EVA Dimensions SEB Enskilda Goldman Sachs Nordea Equity Research Swedbank ABG Sundal Collier Carnegie Gabelli & Co CA Cheuvreux

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

Analyst PIERRE-YVES GAUTHIER ELIAS PORSE CRAIG STERLING SVANTE KROKFORS MARKUS IWAR CATRIN JANSSON NICLAS HOGLUND RICKARD HENZE JOHAN SJOBERG SERGEY DLUZHEVSKIY BJORN GUSTAFSSON

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

Recommendation add reduce hold hold Buy/Neutral hold buy hold hold buy select list

Amt Held 16'625'000 9'972'863 7'904'049 6'330'035 5'179'890 4'432'369 4'376'388 4'358'480 3'845'438 3'780'275 3'625'948 3'539'917 3'196'540 3'173'592 2'998'747 2'832'617 2'809'389 2'750'000 2'569'993 2'202'158

% Out 7.27 4.36 3.46 2.77 2.27 1.94 1.91 1.91 1.68 1.65 1.59 1.55 1.4 1.39 1.31 1.24 1.23 1.2 1.12 0.96

Weighting

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

M M U M M M M M M M U

Latest Chg (2'919'360) 1'708'974 93'729 (668'457) 253'468 (127) -

Target Price 157 145 #N/A N/A 144 242 154 180 149 #N/A N/A #N/A N/A 174

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

File Dt Inst Type 31.12.2011 Pension Fund (ERISA) 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 Corporation 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2011 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Government 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Pension Fund (ERISA) 28.12.2012 Investment Advisor 31.12.2011 Other

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

Date 21.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 15.02.2013 14.12.2012 22.10.2012


27.02.2013

ITV PLC ITV plc is a United Kingdom media company covering broadcasting, news, and production. The Company owns all of the regional Channel 3 licenses in England and Wales. ITV owns ITV1, a commercial television channel, as well as ITV2, a partial interest in GMTV, and other interests.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITV LN EQUITY YTD Change ITV LN EQUITY YTD % CHANGE

12/2012 12/yy 125.00 68.55 25'911'270.00 117.9 -5.68% 71.99% 91.50% 3'912.1 4'612.37 639.00 0.0 15.0 690.00 4'576.37

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

70.0 M

120

60.0 M

100

50.0 M

80

40.0 M

60

30.0 M

40

20.0 M

20

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 2'029.0 1.21x 247.0 9.96x (2'556.0) -

140

31.12.2009 31.12.2010 1'879.0 2'064.0 1.54x 1.52x 240.0 438.0 12.06x 7.18x 91.0 269.0 22.33x 10.11x Profitability

LTM-4Q 31.12.2011 2'140.0 1.30x 488.0 5.68x 247.0 10.71x

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

31.12.2012 2'196.0 1.86x 547.0 7.46x 267.0 15.32x 547.00 460.00 20.95% 15.85% 9.34% 32.90% 28.77% 0.77% 24.9% 20.9% 12.2% 1.88 1.35 22.86% 78.21% 8.21 -

Price/ Cash Flow

09/yy 1'965.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 2'196.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

2.21 1.06 3'752.58 52.38% 12.07% 1.059 28 3.750 12'691'310 12'688'590 11'812'970 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'278.5 2'349.2 456.0 1.91x 1.77x 11.49x 578.8 605.3 7.91x 7.55x 380.0 399.9 12.41x 11.66x 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

30.03.2012 BB+ POS 06.08.2008 B 2.19 1.99 -0.09 1.17 78.2% 43.4% 0.77 13.60 44.58 -

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 01.01.2010

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

ITV PLC Holdings By:

All

Holder Name BRITISH SKY BROADCAS SKY HOLDINGS LIMITED FMR LLC BLACKROCK AXA MAJEDIE ASSET MANAGE BRANDES INVESTMENT P LEGAL & GENERAL LEGAL AND GENERAL IN AXA FRAMLINGTON INV RUFFER INVESTMENT MA ARTEMIS INVESTMENT M M&G INVESTMENT MANAG MARATHON ASSET MANAG THREADNEEDLE ASSET M WILLIAM BLAIR & COMP STANDARD LIFE INVEST VANGUARD GROUP INC RUFFER LLP JP MORGAN

Firm Name

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

Analyst

Investec STEVEN LIECHTI Credit Suisse OMAR SHEIKH JPMorgan FILIPPO PIETRO LO FRANCO Sanford C. Bernstein & Co CLAUDIO ASPESI Nomura WILLIAM MAIRS Numis Securities Ltd PAUL RICHARDS Westhouse Securities RODDY DAVIDSON Liberum Capital Ltd IAN WHITTAKER AlphaValue VERONIQUE CABIOC'H Morgan Stanley PATRICK WELLINGTON Deutsche Bank LAURIE DAVISON S&P Capital IQ ALEXANDER WISCH Macquarie ANGUS TWEEDIE Exane BNP Paribas ADRIEN DE SAINT HILAIRE Day by Day VALERIE GASTALDY Barclays JULIEN ROCH Panmure Gordon & Co Limited ALEX DE GROOTE EVA Dimensions CRAIG STERLING Goldman Sachs RICHARD JONES Peel Hunt PATRICK YAU Espirito Santo Investment Bank Research GIASONE SALATI Berenberg Bank SARAH SIMON Kepler Capital Markets CONOR O'SHEA HSBC DAN GRAHAM Jefferies WILL SMITH CS Capital CHRISTOPHER PARKINSON

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

Recommendation sell outperform neutral outperform buy add add buy reduce Overwt/Attractive sell buy outperform outperform buy equalweight buy hold Buy/Neutral buy sell hold hold underweight hold neutral

Amt Held 291'684'730 291'684'730 230'356'308 213'598'277 197'928'322 196'103'145 194'304'930 155'030'946 153'692'144 146'078'266 104'632'310 84'665'233 81'652'583 80'787'915 76'144'837 74'328'141 73'946'918 69'065'217 65'931'596 61'798'073

% Out 7.46 7.46 5.89 5.46 5.06 5.01 4.97 3.96 3.93 3.73 2.67 2.16 2.09 2.07 1.95 1.9 1.89 1.77 1.69 1.58

Weighting

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

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

Latest Chg 4'679'937 415'535 (2'852'100) 14'235'016 (5'029'646) 16'511'797 (2'473'210) (2'384'446) 22'117'971 17'312'822 21'828'248 1'409'954 (9'529'863)

Target Price #N/A N/A 130 126 110 130 140 133 155 111 135 90 135 130 135 126 110 140 #N/A N/A 130 130 62 91 90 83 77 #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 Corporation 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 20.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.12.2011 Investment Advisor 31.01.2013 Unclassified 31.12.2011 n/a 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Hedge Fund Manager 31.12.2012 Unclassified

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

Date 27.02.2013 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 19.02.2013 19.02.2013 12.02.2013 05.02.2013 24.01.2013 24.01.2013 23.01.2013 17.01.2013 09.01.2013 09.01.2013 08.01.2013 14.11.2012 13.11.2012 25.10.2012 26.07.2012 16.09.2010


27.02.2013

J Sainsbury PLC J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in the United Kingdom, convenience stores, an Internet-based home delivery service, and Sainsbury Bank. The Bank offers saving accounts, credit cards, mortgages, insurance products, and consumer loans.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBRY LN EQUITY YTD Change SBRY LN EQUITY YTD % CHANGE

03/2012 01/yy 362.20 278.60 1'213'500.00 341.6 -5.69% 22.61% 75.00% 1'888.6 6'451.42 2'767.00 0.0 0.0 739.00 8'677.42

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

100 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

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 17'837.0 0.41x 1'002.0 7.28x 329.0 17.38x

150

31.03.2009 31.03.2010 18'911.0 19'964.0 0.38x 0.39x 1'074.0 1'156.0 6.70x 6.74x 289.0 585.0 18.83x 10.37x Profitability

LTM-4Q 31.03.2011 21'102.0 0.40x 1'220.0 6.95x 640.0 10.19x

31.03.2012 22'294.0 0.35x 1'281.0 6.04x 598.0 9.48x

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

1'281.00 782.00 3.51% 3.58% 5.02% 11.05% 8.82% 1.86% 5.4% 5.6% 3.3% 2.7% 0.64 0.27 22.42% 49.16% 21.61

Price/ Cash Flow

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

LTM

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

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

FY+1

4.80 0.73 1'716.78 20.44% -1.01% 0.729 26 2.654 4'717'113 4'482'892 4'412'919 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 23'166.4 24'005.4 0.37x 0.36x 1'355.7 1'416.4 6.40x 6.13x 571.6 609.2 11.54x 10.91x 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

13.05.2010 NR 13.05.2010 NR 7.40 0.31 1.76 2.19 49.2% 33.0% 1.86 2.43 16.85 -15.32

Sales/Revenue/Turnover

8.00

25'000.0

7.00

20'000.0

6.00 5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 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

J Sainsbury PLC Holdings By:

All

Holder Name QATAR INVESTMENT AUT SCHRODER PRIVATE BAN SAINSBURY TURVILLE D Innotech Advisors Lt PORTRAIT JUDITH SAINSBURY FAMILY LEGAL & GENERAL BLACKROCK M1 Capital Ltd NORGES BANK INVESTME FMR LLC SANDERSON ASSET MANA LANSDOWNE PARTNERS CREDIT SUISSE SECURI BREWIN DOLPHIN LIMIT VANGUARD GROUP INC UBS SPARINVEST SCOTTISH WIDOWS PELHAM CAPITAL LONG/

Firm Name

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

Analyst

Shore Capital Stockbrokers CLIVE WILLIAM BLACK Jefferies JAMES GRZINIC Nomura NICK COULTER Oriel Securities Ltd JONATHAN PRITCHARD AlphaValue VIRGINIE BLIN JPMorgan JAIME VAZQUEZ Cantor Fitzgerald MICHAEL J DENNIS Exane BNP Paribas ANDREW GWYNN Redburn Partners JAMES TRACEY EVA Dimensions AUSTIN BURKETT Macquarie SREEDHAR MAHAMKALI Deutsche Bank SALLY RONALD Morgan Stanley EDOUARD AUBIN Credit Suisse ANDREW KASOULIS HSBC JEROME SAMUEL S&P Capital IQ WILLIAM MACK Panmure Gordon & Co Limited PHILIP DORGAN Espirito Santo Investment Bank Research CAROLINE GULLIVER Barclays JAMES ANSTEAD Goldman Sachs FRANKLIN WALDING Natixis ANTOINE PARISON Day by Day VALERIE GASTALDY Investec DAVID MCCARTHY CA Cheuvreux ARNAUD JOLY

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

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

Amt Held % Out 490'143'746 25.95 99'243'792 5.25 94'009'955 4.98 89'250'000 4.73 73'851'508 3.91 61'593'788 3.26 57'140'220 3.03 51'529'830 2.73 45'599'916 2.41 44'405'865 2.35 39'135'474 2.07 29'726'261 1.57 (29'273'126) -1.55 28'528'484 1.51 28'423'279 1.51 24'141'303 1.28 19'628'262 1.04 17'700'577 0.94 15'164'817 0.8 (14'539'772) -0.77

Weighting

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

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

Latest Chg (546'227) 2'146'692 (480'794) 9'682'755 561'066 (6'064'058) (2'077'448) 3'216'155 2'028'992 518'078 1'204'221 63'995 6'960'541 -

Target Price #N/A N/A 330 355 300 323 325 390 325 #N/A N/A #N/A N/A 290 309 400 285 325 315 400 350 380 295 337 #N/A N/A 280 290

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

File Dt 03.12.2012 03.12.2012 09.05.2012 03.12.2012 09.05.2012 03.12.2012 31.01.2013 25.02.2013 03.12.2012 03.12.2012 31.12.2012 03.12.2012 12.02.2013 03.12.2012 03.12.2012 31.12.2012 03.12.2012 31.01.2013 03.12.2012 01.11.2012

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

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

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 18.02.2013 18.02.2013 13.02.2013 31.01.2013 15.01.2013 12.01.2013 10.01.2013 09.01.2013 09.01.2013 09.01.2013 09.01.2013 09.01.2013 07.01.2013 04.01.2013 05.12.2012 15.11.2012 04.10.2012 10.09.2012 10.05.2012


27.02.2013

Jeronimo Martins SGPS SA Jeronimo Martins, SGPS, S.A. is a holding company. The Company, through subsidiaries, distributes food in Portugal and Poland. The Company operates supermarkets and cash and carry stores in Portugal as well as retail stores in Poland. Jeronimo Martins also manufactures various food products as well as provides services to the restaurant industry.

Price/Volume 18

3.0 M

16

2.5 M

14 12

2.0 M

10

12/2012 12/yy 16.66 11.07 2'172'992.00 15.225 -8.52% 37.53% 90.07% 629.3 9'580.99 717.00 0.0 290.0 373.00 10'214.99

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

6

1.0 M

4

.5 M

2 0 f-12

31.12.2009 31.12.2010 7'317.1 8'691.1 0.73x 0.92x 518.2 614.3 10.30x 13.02x 200.3 281.0 21.91x 25.49x Profitability

LTM-4Q 31.12.2011 9'838.2 0.87x 709.3 12.05x 340.3 23.62x

31.12.2012 10'876.0 0.90x 746.0 13.15x 360.0 25.61x

a-12 m-12

j-12

746.00 521.00 4.79% 4.48% 8.06% 30.82% 17.54% 2.44% 22.3% 6.9% 4.8% 3.3% 0.41 0.19 16.14% 59.16% 120.27 19.11

LTM

12/yy 9'838.2 3.42x 721.9 11.84x 340.3 23.62x

j-12

12/yy 10'875.8 3.45x 745.4 13.16x 359.5 25.55x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.78 212.92 16.15% 4.28% 0.776 25 3.120 436'580 468'723 515'080 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'295.7 13'831.5 0.82x 0.72x 891.3 1'023.9 11.43x 9.95x 465.4 547.6 20.77x 17.70x 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

21.80 10.54 0.46 0.96 59.2% 32.3% 2.44 4.32 3.04 19.15 78.92 -56.73

Sales/Revenue/Turnover

1.20

12'000.0

1.00

10'000.0

0.80

8'000.0

0.60

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 6'893.7 0.52x 458.1 7.85x 163.2 15.29x

1.5 M

8

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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JMT PL EQUITY YTD Change JMT PL EQUITY YTD % CHANGE

6'000.0 4'000.0

0.40

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

Jeronimo Martins SGPS SA Holdings By:

All

Holder Name SOC FRANCISCO MANUEL ASTECK CARMIGNAC GESTION BNP PARIBAS INVESTME BLACKROCK BNP PARIBAS INV PART FMR LLC VANGUARD GROUP INC ALLIANZ ASSET MANAGE ALLIANCE BERNSTEIN SANFORD C BERNSTEIN DANSKE INVEST A/S DANSKE INVEST MANAGE BNP ASSET MANAGEMENT BAILLIE GIFFORD AND MORGAN STANLEY BNP ASSET MANAGEMENT CARMIGNAC GESTION LU THORNBURG INVESTMENT UBI PRAMERICA SGR SP

Firm Name

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

Analyst

JPMorgan JAIME VAZQUEZ Jefferies JAMES GRZINIC Raymond James CEDRIC LECASBLE BPI JOSE RITO Espirito Santo Investment Bank Research FILIPE ROSA Barclays NICOLAS CHAMP Exane BNP Paribas ANDREW GWYNN AlphaValue VIRGINIE BLIN Renaissance Capital NATALYA ZAGVOZDINA Shore Capital Stockbrokers CLIVE WILLIAM BLACK Natixis ANTOINE PARISON HSBC JEROME SAMUEL EVA Dimensions AUSTIN BURKETT BCP Investimento JOAO C FLORES NMAS 1 Agencia de Valores RODRIGO VAZQUEZ Main First Bank AG RICKIN THAKRAR CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS Redburn Partners JAMES TRACEY BBVA JUAN ROS PADILLA Morgan Stanley EDOUARD AUBIN Erste Bank MAREK CZACHOR Wood & Company PATRICK SHIELDS Macquarie SREEDHAR MAHAMKALI Goldman Sachs FRANKLIN WALDING Banif TERESA MARTINHO

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

Recommendation overweight hold market perform neutral neutral underweight outperform sell hold corporate buy overweight underweight neutral neutral neutral underperform sell underperform Overwt/In-Line accumulate hold outperform Buy/Neutral Under Review

Amt Held 353'033'492 62'929'321 16'990'917 13'123'849 12'694'453 10'598'988 10'365'733 7'917'839 4'040'212 3'812'723 3'378'593 2'657'527 2'027'330 1'603'937 1'580'603 1'392'134 1'207'663 969'000 945'662 887'005

% Out 56.1 10 2.7 2.09 2.02 1.68 1.65 1.26 0.64 0.61 0.54 0.42 0.32 0.25 0.25 0.22 0.19 0.15 0.15 0.14

Weighting

Change

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

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

Latest Chg 1'943'542 200'395 564'828 135'363 119'077 26'191 32'223 (183'638) (136'586) (81'136) (109'433) 156'525 (75'773)

Target Price 18 14 #N/A N/A 16 14 14 17 13 17 #N/A N/A 18 18 #N/A N/A 17 15 13 13 #N/A N/A 14 15 16 15 15 20 #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 Unclassified 31.12.2011 Other 31.12.2011 Investment Advisor 12.12.2012 Investment Advisor 25.02.2013 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 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager

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

Date 27.02.2013 27.02.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 15.02.2013 14.02.2013 21.01.2013 18.01.2013 18.01.2013 15.01.2013 15.01.2013 11.01.2013 11.01.2013 11.01.2013 10.01.2013 17.12.2012 30.11.2012 28.11.2012 26.11.2012 23.10.2012 21.09.2012 25.07.2012 07.02.2012


27.02.2013

John Wood Group PLC John Wood Group PLC is an international energy service company that provides products and services to the oil and gas and power industries. The Company designs and manufactures submersible pumping systems, well-head systems, and pressure controls. John Wood also provides aftermarket services for heavy industrial turbines and aero gas turbines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 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 20.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WG/ LN EQUITY YTD Change WG/ LN EQUITY YTD % CHANGE

12/2011 01/yy 883.50 649.00 744'683.00 773.5 -12.51% 19.18% 52.24% 373.2 2'886.51 230.50 0.0 10.0 226.60 4'493.58

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

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M 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 4'432.7 1.08x 388.1 12.34x 165.0 26.05x

1000 900 800 700 600 500 400 300 200 100 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 5'243.1 4'927.1 0.33x 0.56x 485.1 424.6 3.53x 6.46x 251.6 163.2 5.54x 15.52x Profitability

31.12.2010 4'085.1 1.14x 284.8 16.32x 166.0 58.32x

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 5'666.8 0.65x 396.0 9.36x 2'302.3 93.55x 396.00 270.10 4.77% 1.67% 3.66% 6.29% 6.07% 1.49% 17.9% 7.0% 5.0% 40.6% 1.33 0.90 5.94% 11.73% 12.71

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.30 1.37 344.94 4.65% 6.47% 1.374 18 3.778 824'521 928'984 1'151'630 FY+2

12/12 Y 12/13 Y 6'835.9 7'311.1 0.65x 0.58x 507.8 594.1 8.85x 7.56x 302.2 360.8 13.98x 11.75x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

28.91 23.62 0.23 0.62 11.7% 10.5% 1.49 42.45 28.80 69.42

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00 20.00

3'000.0

15.00

2'000.0

10.00

1'000.0 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

John Wood Group PLC Holdings By:

All

Holder Name BLACKROCK DIRECTOR & RELATED H ABERDEEN FMR LLC ABERDEEN ASSET MANAG SCHRODER INVESTMENT LEGAL & GENERAL THREADNEEDLE ASSET M JOHN WOOD GRP EMP SH CHILDRENS SETTLEMENT WILLIAM BLAIR & COMP WOOD GROUP (JOHN) PL UBS GOLDMAN SACHS INTERN NORGES BANK INVESTME BANK OF NEW YORK MEL OLD MUTUAL HSBC INVESTMENTS UK NOBLE GROSSART INVES PRIVATE INDIVIDUALS

Firm Name Canaccord Genuity Corp Exane BNP Paribas Oriel Securities Ltd Numis Securities Ltd RBC Capital Markets JPMorgan Nomura EVA Dimensions Deutsche Bank Goldman Sachs HSBC Liberum Capital Ltd Investec Morgan Stanley Barclays Fox-Davies Capital

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

Analyst JAMES EVANS ALEXANDRE MARIE DAVID ROUND SANJEEV BAHL KATHERINE TONKS ANDREW DOBBING CHRISTYAN MALEK CRAIG STERLING SEBASTIAN YOSHIDA HENRY TARR PHILLIP LINDSAY ANDREW WHITTOCK KEITH ADAM MORRIS ROBERT PULLEYN MICK PICKUP PAUL SINGER

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

Recommendation buy outperform add hold sector perform neutral reduce overweight buy Buy/Neutral neutral hold hold Equalwt/Attractive overweight buy

Amt Held 53'348'798 29'055'698 25'611'397 19'487'335 18'696'597 13'346'751 13'028'029 12'788'201 12'618'916 12'019'827 10'939'138 10'589'063 8'889'817 8'463'301 8'360'351 7'784'862 6'744'164 5'769'296 5'509'718 5'491'681

% Out 14.3 7.79 6.86 5.22 5.01 3.58 3.49 3.43 3.38 3.22 2.93 2.84 2.38 2.27 2.24 2.09 1.81 1.55 1.48 1.47

Weighting

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

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

Latest Chg (472'141) (483'610) 7'616'256 10'699'794 (1'543'658) (1'378'061) (635'992) (12'055'559) 1'903'982 (970'565) (1'543'016) 566'130 (25'943) 471'266 (810'181) (84'437) (1'337'391)

Target Price 900 1'080 #N/A N/A 804 900 963 800 #N/A N/A 870 912 790 741 800 1'065 1'000 805

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

File Dt 25.02.2013 01.10.2012 31.01.2013 31.12.2012 29.08.2012 01.10.2012 31.01.2013 01.10.2012 26.03.2012 16.06.2010 31.12.2012 01.10.2012 31.10.2012 01.10.2012 01.10.2012 25.02.2013 31.12.2012 01.10.2012 01.10.2012 01.10.2012

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

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

Date 13.02.2013 12.02.2013 11.02.2013 31.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013 10.01.2013 08.01.2013 20.12.2012 14.12.2012 05.10.2012 12.09.2012 22.08.2012 07.03.2012


27.02.2013

Kabel Deutschland Holding AG Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The Company offers its customers analog and digital TV, broadband Internet and fixed line phone services via cable as well mobile services in cooperation with an industry partner.

Price/Volume 80

1.4 M

70

1.2 M

60

1.0 M

50

Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KD8 GY EQUITY YTD Change KD8 GY EQUITY YTD % CHANGE

03/2012 12/yy 72.75 42.14 779'264.00 67.63 -7.04% 60.49% 89.64% 88.5 5'986.81 2'859.78 0.0 0.0 133.78 8'972.12

31.03.2008 1'196.9 433.5 (33.8) -

.6 M

30 20

.4 M

10

.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

.8 M

40

Valuation Analysis

31.03.2009 31.03.2010 1'370.3 1'501.6 3.15x 539.3 651.5 7.26x (145.2) (40.1) Profitability

LTM-4Q 31.03.2011 1'598.9 3.80x 697.1 8.71x (45.3) -

31.03.2012 1'699.7 4.01x 768.8 8.87x 159.4 25.98x

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

768.84 372.90 21.94% 10.35% 11.04% 0.77% 53.9% 44.2% 25.0% 9.4% 0.38 0.30 132.41% 24.32 18.03

Price/ Cash Flow

12/yy 1'665.1 15.39x 744.5 8.63x 99.7 35.39x

LTM 12/yy 1'803.9 16.48x 797.6 10.02x 259.0 0.00x

FY+1

.0 M f-13

0.53 76.32 63.65% 19.55% 0.526 30 3.367 377'628 271'015 208'455 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'835.8 1'987.3 472.0 4.78x 4.51x 853.1 952.6 220.5 10.53x 9.43x 283.9 269.3 74.1 21.10x 22.46x 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

11.08.2011 BBSTABLE 3.81 2.28 3.74 4.42 222.9% 0.77 1.47 15.05 20.30 113.08 -97.17

Sales/Revenue/Turnover

12.00

1'800.0 1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 6.00

800.0 600.0

4.00

400.0 2.00 0.00 03.04.2009

200.0 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

Kabel Deutschland Holding AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK THREADNEEDLE ASSET M FMR LLC ZIEGLER CARLENE MURP SCOUT CAPITAL MANAGE ARTISAN PARTNERS HOL MORGAN STANLEY SARASIN DB PLATINUM ADVISORS ROYAL BANK OF CANADA VANGUARD GROUP INC THREADNEEDLE INVESTM MASSACHUSETTS FINANC ALLIANZ ASSET MANAGE SCHRODER INVESTMENT JO HAMBRO CAPITAL MA GLOBAL INVESTMENT SE DEUTSCHE BANK AG PUTNAM INVESTMENT MA

Firm Name

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

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Hauck & Aufhaeuser SASCHA BERRESCH M.M. Warburg Investment Research MALTE RAETHER DZ Bank AG KARSTEN OBLINGER Morgan Stanley SAROOP PUREWAL Bankhaus Lampe WOLFGANG SPECHT Commerzbank Corporates & Markets HEIKE PAULS JPMorgan HANNES C WITTIG Macquarie ALEX GRANT Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Bankhaus Metzler ULRICH TRABERT Espirito Santo Investment Bank Research ANDREW HOGLEY Main First Bank AG STEPHAN VOLLERT Barclays JONATHAN DANN Pivotal Research Group LLC JEFFREY WLODARCZAK Grupo Santander JOHN DAVIES Goldman Sachs TIMOTHY BODDY Jefferies ULRICH RATHE HSBC DOMINIK KLARMANN Nomura HENRIK NYBLOM New Street Research FRANK KNOWLES Exane BNP Paribas MICHAEL ZORKO Credit Suisse JUSTIN FUNNELL EVA Dimensions CRAIG STERLING Deutsche Bank MATTHEW BLOXHAM Berenberg Bank STUART GORDON Silvia Quandt Research JACQUES ABRAMOWICZ Equita SIM SpA GIANMARCO BONACINA

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

Recommendation market perform buy sell sell not rated sell add overweight outperform hold sell buy outperform overweight buy underweight Buy/Neutral hold overweight neutral neutral outperform neutral underweight buy sell neutral hold

Amt Held 14'914'968 5'380'151 4'354'466 4'266'047 2'823'982 2'725'000 1'553'385 1'275'691 1'023'133 993'281 909'582 907'289 869'318 785'162 753'667 696'577 630'167 519'785 447'863 391'017

% Out 16.85 6.08 4.92 4.82 3.19 3.08 1.75 1.44 1.16 1.12 1.03 1.02 0.98 0.89 0.85 0.79 0.71 0.59 0.51 0.44

Weighting

Change

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

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

Latest Chg 175'046 (215'672) 556'076 24'496 (400'000) (300) 35'229 (23'630) 9'985 (1'060) (191'473) 31'618 900 (5'072) (85'021)

Target Price 57 73 57 60 #N/A N/A 60 78 70 80 68 62 78 75 70 78 55 85 48 80 54 55 76 43 #N/A N/A 61 40 55 50

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 27.09.2012 Government 10.12.2012 Investment Advisor 31.12.2012 Investment Advisor 10.01.2013 n/a 31.03.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 03.10.2012 Investment Advisor 28.12.2012 Unclassified 31.01.2013 Investment Advisor 28.09.2012 Bank 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 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 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 21.01.2013 17.01.2013 16.01.2013 13.11.2012 27.09.2012 23.04.2012


27.02.2013

Kazakhmys PLC Kazakhmys PLC is an international natural resources company with principal operations in Kazakhstan and the surrounding region. The core business is the production and sale of copper. Kazakhmys is fully integrated from mining ore through to the production of finished metal. The copper division also produces other metals as by-products, including zinc, silver and gold.

Price/Volume 1200

7.0 M 6.0 M 5.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KAZ LN EQUITY YTD Change KAZ LN EQUITY YTD % CHANGE

12/2011 01/yy 1'168.00 569.00 1'344'019.00 674 -42.34% 18.45% 16.69% 523.7 3'529.86 1'893.00 0.0 7.0 1'912.00 5'777.39

4.0 M

400

3.0 M 2.0 M

200

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

.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

8.0 M

800

Valuation Analysis

31.12.2007 5'256.0 2.33x 2'200.0 5.56x 1'416.0 8.95x

9.0 M

1000

31.12.2008 31.12.2009 3'276.0 2'404.0 1.05x 5.13x 1'937.0 580.0 1.78x 21.27x 909.0 554.0 2.02x 14.89x Profitability

31.12.2010 3'237.0 4.27x 1'404.0 9.85x 1'450.0 9.68x

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

31.12.2011 3'563.0 2.16x 1'440.0 5.34x 930.0 5.47x 1'440.00 1'204.00 33.79% 45.55% 5.85% 7.85% 7.70% 0.28% 54.6% 27.0% 19.2% 26.1% 2.70 1.73 16.14% 21.45% 16.60 2.37

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.25 1.84 255.35 -39.66% -13.37% 1.837 27 3.148 2'213'665 1'569'154 1'460'363 FY+2

12/12 Y 12/13 Y 3'330.7 3'455.1 1.89x 2.09x 1'076.8 1'138.3 5.36x 5.07x 614.8 725.3 8.77x 7.86x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

10.51 5.35 0.48 2.30 21.5% 17.7% 0.28 1.16 22.05 154.14 163.61

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 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

Kazakhmys PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H KIM VLADIMIR SERGE The State Property & MINISTRY OF FINANCE NOVACHUK OLEG NIKOLA BLACKROCK LGT BANK IN LIECHTEN LEGAL & GENERAL GOVT OF SINGAPORE IN FRANKLIN RESOURCES FMR LLC BANK FRICK & CO AG DEUTSCHE PRIVATE BAN NORGES BANK INVESTME UBS AVIVA INVESTORS OGAY EDUARD VANGUARD GROUP INC Hexam Capital Partne APG ALGEMENE PENSIOE

Firm Name Societe Generale JPMorgan Numis Securities Ltd Exane BNP Paribas Canaccord Genuity Corp Credit Suisse Visor Capital Jefferies Goldman Sachs Centras Securities Sberbank CIB Morgan Stanley EVA Dimensions Alfa-Bank Nomura Barclays Macquarie Deutsche Bank VTB Capital Redburn Partners China International Capital Corp Halyk Finance Liberum Capital Ltd Renaissance Capital GuoSen Securities Co Ltd

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

Analyst ABHISHEK SHUKLA ROGER BELL CAILEY BARKER RAPHAEL VEVERKA PETER MALLIN-JONES LIAM FITZPATRICK LEILA KULBAYEVA Christopher LaFemina FAWZI HANANO MARZHAN IBRAYEVA MIKHAIL STISKIN ALAIN GABRIEL CRAIG STERLING BARRY EHRLICH PATRICK JONES DAVID BUTLER ALON OLSHA ROBERT CLIFFORD NIKOLAY SOSNOVSKIY TIM JARRATT CAI HONGYU MARIYAM ZHUMADIL ASH LAZENBY EKATERINA GAZADZE CHENGMING GAO

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

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

Amt Held 188'084'265 149'306'795 80'286'050 80'286'050 34'923'423 24'822'588 11'797'494 8'162'380 7'513'385 7'199'448 6'920'824 6'781'344 5'766'033 5'519'205 4'349'728 4'197'976 3'834'427 3'669'643 3'299'621 3'143'312

% Out 35.91 28.51 15.33 15.33 6.67 4.74 2.25 1.56 1.43 1.37 1.32 1.29 1.1 1.05 0.83 0.8 0.73 0.7 0.63 0.6

Weighting

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

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

Latest Chg (265'966) 1'066'614 (8'448) 446'899 936'456 926'422 678'472 40'695 (8'304) 321'143 72'527 272'803 524'114

Target Price 850 635 750 620 810 800 953 800 800 1'047 610 870 #N/A N/A 995 700 765 810 735 950 #N/A N/A 750 650 #N/A N/A 1'475 1'833

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

File Dt Inst Type 02.01.2013 Other 26.03.2012 n/a 02.01.2013 Unclassified 26.03.2012 Other 26.03.2012 n/a 25.02.2013 Investment Advisor 02.01.2013 Investment Advisor 31.01.2013 Unclassified 02.01.2013 Government 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Unclassified 02.01.2013 Unclassified 02.01.2013 Government 02.01.2013 Unclassified 02.01.2013 Investment Advisor 26.03.2012 n/a 31.12.2012 Investment Advisor 02.01.2013 Unclassified 02.01.2013 Pension Fund (ERISA)

Date 12 month 12 month Not Provided Not Provided 12 month 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 12 month 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 26.02.2013 25.02.2013 18.02.2013 08.02.2013 06.02.2013 31.01.2013 28.01.2013 23.01.2013 23.01.2013 16.01.2013 16.01.2013 14.01.2013 10.01.2013 08.01.2013 21.12.2012 06.12.2012 26.11.2012 27.08.2012 18.06.2012 29.02.2012 28.02.2012


27.02.2013

KBC Groep NV KBC GROEP NV attracts deposits and offers banking and insurance services. The Bank offers mortgage and consumer loans, project financing, lease financing and factoring, and life, health, commercial, automobile, liability, industrial accident, and occupational insurance, and manages investment funds.

Price/Volume 35

9.0 M

30

8.0 M 7.0 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KBC BB EQUITY YTD Change KBC BB EQUITY YTD % CHANGE

12/2012 12/yy 30.93 11.15 1'046'903.00 27.54 -10.99% 147.00% 82.68% 393.8 10'844.66 90'344.00 3'500.0 362.0 15'789.00 -

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

5.0 M

15

4.0 M 3.0 M

10

2.0 M

5

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 31.12.2008 18'322.0 (2'484.0) -

6.0 M

20

31.12.2009 31.12.2010 11'424.0 13'607.0 (2'466.0) 1'860.0 4.66x Profitability

LTM-4Q 31.12.2011 14'592.0 13.0 3.08x

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

31.12.2012 13'889.0 612.0 16.08x 28.64% 11.59% 0.23% 5.60% 0.58% 0.05% 7.3% 35.17% 746.71% -

Price/ Cash Flow

LTM

12/yy 14'592.0 0.00x 0.0 0.00x 13.0 60.57x

12/yy 13'888.0 0.00x 0.0 0.00x 612.0 29.94x

FY+1

.0 M f-13

1.91 65.68% 5.32% 1.909 25 3.920 1'430'564 1'411'856 1'662'798 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'858.5 6'972.2 1'575.7 1'739.7 7.67x 6.66x 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

08.12.2011 BBB+ POS 18.03.2009 A-2 746.7% 85.0% 0.05 4.73 -

Sales/Revenue/Turnover

4.00

25'000.0

3.50

20'000.0

3.00 2.50

15'000.0

2.00

10'000.0

1.50 1.00

5'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

KBC Groep NV Holdings By:

All

Holder Name KBC ANCORA MRBB CERA KBC GROUP NV FMR LLC VANGUARD GROUP INC BNP PARIBAS INV PART HENDERSON GLOBAL INV BLACKROCK DEUTSCHE BANK AG DEXIA ASSET MANAGEME DEXIA ASSET MANAGEME MASSACHUSETTS FINANC CAZENOVE UNIT TRUST UBS O'CONNOR LIMITED ROYAL LONDON ASSET M CREDIT SUISSE ASSET DWS INVESTMENT S A ING ASSET MANAGEMENT T ROWE PRICE ASSOCIA

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

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

Analyst JEAN SASSUS CHRISTOPHE NIJDAM THOMAS STOEGNER RODERICK WALLACE ALBERT PLOEGH PHILIP RICHARDS FLORA BENHAKOUN ELENI PAPOULA ALEX KOAGNE FRANCOIS BOISSIN JEAN-PIERRE LAMBERT JOHANNES THORMANN MARC LEEMANS MATTHIAS DE WIT COR KLUIS DOMENICO SANTORO JAN WILLEM WEIDEMA AUSTIN BURKETT THIBAULT NARDIN BENOIT PETRARQUE HANS PLUIJGERS PAWEL DZIEDZIC JEREMY SIGEE RICCARDO ROVERE PAUL FORMANKO

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

Recommendation neutral reduce underperform hold buy hold buy buy buy outperform outperform overweight hold hold buy neutral buy buy Overwt/In-Line buy underperform not rated overweight outperform overweight

Amt Held % Out 82'216'380 20.88 46'289'864 11.76 26'127'166 6.63 18'169'054 4.61 8'386'155 2.13 4'173'986 1.06 2'247'025 0.57 2'158'275 0.55 2'055'868 0.52 1'832'280 0.47 1'730'869 0.44 1'453'615 0.37 1'416'530 0.36 860'500 0.22 (795'432) -0.2 521'955 0.13 517'865 0.13 510'933 0.13 464'000 0.12 460'561 0.12

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

Change M M M M M M M M M M M M M M M M M M M M D M M M M

Latest Chg 2'440'734 752'786 28'702 2'158'275 27'769 (27'983) 28'360 (58'610) 36'398 277'000 133'885 207'353 98'904 (5'000) (1'000) 453'787

Target Price 28 28 23 32 34 31 37 30 35 34 39 42 20 29 33 32 34 #N/A N/A 28 34 25 #N/A N/A 27 25 21

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

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Other 31.12.2011 Unclassified 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 14.06.2012 Hedge Fund Manager 30.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 17.01.2013 11.01.2013 18.12.2012 11.12.2012 07.12.2012 23.11.2012 15.10.2012 24.01.2012


27.02.2013

Kerry Group PLC Kerry Group Plc processes and distributes consumer foods and food ingredients internationally. Through its subsidiaries, the Group specializes in dairy products, food ingredients, agricultural trading, liquid milk, desserts, and fish, poultry and meat products.

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 (26.02.2013) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KYG ID EQUITY YTD Change KYG ID EQUITY YTD % CHANGE

12/2012 01/yy 42.51 31.31 200'609.00 42.2 -0.84% 34.80% 99.06% 175.6 7'411.46 1'500.10 0.0 0.0 225.40 8'686.16

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

10 5 0 f-12

31.12.2009 31.12.2010 4'520.7 4'960.0 1.04x 1.11x 502.8 603.9 9.38x 9.15x 201.2 324.2 17.89x 13.50x Profitability

31.12.2011 5'302.2 1.19x 574.8 11.00x 360.7 13.76x

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

31.12.2012 5'848.3 1.42x 645.6 12.87x 267.0 26.34x 645.60 531.30 9.08% 5.54% 5.05% 13.83% 8.86% 1.11% 9.5% 11.0% 9.1% 4.6% 1.09 0.16 28.04% 74.37% -

Price/ Cash Flow

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.85 0.68 136.32 33.12% 5.36% 0.678 14 3.500 320'910 333'185 260'265 FY+2

12/13 Y 12/14 Y 6'062.1 6'386.9 1.39x 1.27x 726.2 795.8 11.95x 10.92x 452.9 514.9 16.32x 14.46x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

12.83 9.50 1.97 2.32 74.4% 42.6% 1.11 4.84 9.18

Sales/Revenue/Turnover

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

m-12

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

Fiscal Year Ended 31.12.2008 4'790.8 0.71x 488.4 6.98x 177.0 12.93x

15

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Kerry Group PLC Holdings By:

All

Holder Name Kerry Co-operative C CAPITAL GROUP COMPAN THE GROWTH FUND OF A M&G INVESTMENT MANAG VANGUARD GROUP INC BLACKROCK THREADNEEDLE INVESTM MAWER INVESTMENT MAN PUTNAM INVESTMENT MA ALLIANZ ASSET MANAGE F&C FUND MANAGEMENT CARMIGNAC GESTION PIONEER INVESTMENT M FMR LLC PACIFIC LIFE INSURAN MASSACHUSETTS FINANC CI INVESTMENTS INC CREDIT SUISSE ASSET NORDEA FONDER AB/SWE HSBC ASSET MGMT EURO

Firm Name Societe Generale Morgan Stanley Goodbody Stockbrokers Ltd Exane BNP Paribas AlphaValue Berenberg Bank EVA Dimensions Deutsche Bank Goldman Sachs Jefferies JPMorgan Davy Bloxham Stockbrokers Merrion Stockbrokers

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

Analyst ALEX SLOANE EILEEN KHOO LIAM IGOE JEFF STENT SOPHIE CABO-BROSETA JAMES TARGETT AUSTIN BURKETT CATHERINE FARRANT FULVIO CAZZOL ALEX HOWSON ANKUR GUPTA JOHN O'REILLY JOE R GILL AOIFE WYER

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

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

Amt Held 30'057'906 9'865'824 8'723'824 5'273'494 3'549'910 1'267'362 842'915 817'000 646'484 625'842 564'836 545'683 400'505 394'171 378'982 342'021 340'000 332'297 327'607 326'227

% Out 17.11 5.62 4.97 3 2.02 0.72 0.48 0.47 0.37 0.36 0.32 0.31 0.23 0.22 0.22 0.19 0.19 0.19 0.19 0.19

Weighting

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

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

Latest Chg (242'000) (237'366) (92'479) 11'829 21'297 (183'991) 593'311 (1'249) 52'720 110'844 (15'419) 20'602 20'000 6'778 (37'955) (25'373)

Target Price 39 45 41 45 36 46 #N/A N/A 35 42 39 40 #N/A N/A #N/A N/A 33

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

File Dt Inst Type 31.12.2011 Unclassified 31.12.2012 Investment Advisor 22.06.2012 n/a 25.10.2012 Investment Advisor 31.12.2012 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 21.01.2013 17.01.2013 09.01.2013 09.01.2013 14.08.2012 10.08.2012 10.08.2012 20.03.2012 15.04.2011


27.02.2013

Klepierre Klepierre owns and manages shopping centers in continental Europe, and office buildings in the Paris metropolitan area. The Company opted for the SIIC legal status in 2003.

Price/Volume 35

3.0 M

30

2.5 M

25

2.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 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 26.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LI FP EQUITY YTD Change LI FP EQUITY YTD % CHANGE

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

31.12.2009 31.12.2010 1'092.9 1'166.8 12.63x 11.82x 848.1 916.5 16.28x 15.04x 162.1 124.6 31.54x 38.56x Profitability

31.12.2011 1'212.3 10.92x 951.4 13.92x 142.4 27.55x

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

31.12.2012 992.1 166.6 34.71x 951.38 218.18 18.00% 18.12% 1.15% 6.82% 1.86% 0.11% 52.9% 16.8% 61.77% 383.13% -

Price/ Cash Flow

.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

.0 M f-13

j-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.98 96.35 41.14% 3.18% 0.983 22 3.455 306'835 218'731 180'152 FY+2

12/13 Y 12/14 Y 976.5 1'005.2 15.07x 14.65x 837.1 858.2 18.33x 17.88x 369.4 410.1 14.96x 14.48x 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

-

-

30.10.2001 BBB+ STABLE 05.06.2001 A-2 2.27 1.52 10.10 10.42 383.1% 70.1% 0.11 -

Sales/Revenue/Turnover

9.00

1'400.0

8.00

1'200.0

7.00

1'000.0

6.00 5.00

800.0

4.00

600.0

3.00

400.0

2.00

200.0

1.00 0.00 01.01.2010

1.0 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 943.8 11.80x 763.6 14.58x 200.3 12.50x

1.5 M

15

12/2012 01/yy 31.30 22.39 249'191.00 30.975 -1.02% 38.37% 97.39% 199.5 6'178.59 8'034.98 0.0 1'326.0 201.27 15'356.64

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

Klepierre Holdings By:

All

Holder Name SIMON PROPERTY GROUP BNP PARIBAS SA KLEPIERRE BLACKROCK VANGUARD GROUP INC COHEN & STEERS CAPIT EUROPEAN INVESTORS I ING INVESTMENT MANAG ALLIANZ ASSET MANAGE MORGAN STANLEY STATE STREET BNP ASSET MANAGEMENT ABN AMRO ASSET MGMT NATIXIS ASSET MANAGE PETERCAM SA ING INVESTMENT MANAG ING INTERNATIONAL AD BNP PARIBAS INV PART BNP ASSET MANAGEMENT LBPAM

Firm Name

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

Analyst

Credit Suisse STEVE BRAMLEY-JACKSON Oddo & Cie MARINE LAFITTE AlphaValue PIERRE-LOUP ETIENNE Goldman Sachs JULIAN LIVINGSTON-BOOTH Espirito Santo Investment Bank Research JON STEWART Societe Generale MICHEL VARALDO Rabobank International MARTIJN VAN DEN EIJNDEN Petercam STEPHAN VAN WEEREN Exane BNP Paribas NICK WEBB ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG Morgan Stanley BART GYSENS Natixis SERGE DEMIRDJIAN Kepler Capital Markets SAMUEL HENRY-DIESBACH EVA Dimensions AUSTIN BURKETT Kempen & Co BOUDEWIJN SCHOON Day by Day VALERIE GASTALDY JPMorgan HARM M MEIJER Berenberg Bank KAI MALTE KLOSE HSBC STEPHANIE DOSSMANN CA Cheuvreux BRUNO DUCLOS Barclays AARON GUY Edge Capital Research KONSTANTIN BOYCHINOV Tradition Securities & Futures LAETITIA D'EPREMESNIL

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

Recommendation outperform buy reduce Buy/Neutral buy buy buy reduce neutral hold restricted buy hold sell neutral hold neutral sell neutral select list equalweight outperform hold

Amt Held 54'429'031 45'714'512 2'880'158 2'528'274 2'317'136 1'683'745 1'629'584 1'326'536 1'310'934 1'157'316 1'054'147 845'626 702'193 700'687 650'000 582'569 540'597 474'804 437'789 435'836

% Out 27.29 22.92 1.44 1.27 1.16 0.84 0.82 0.67 0.66 0.58 0.53 0.42 0.35 0.35 0.33 0.29 0.27 0.24 0.22 0.22

Weighting

Change

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

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

Latest Chg 1'656'773 3'894 117'752 (134'090) (46'313) (7'762) (5'526) (11'499) 15'739 (257'751) 102'614 115'000 (9'428) (3'916) 633 (1'739) (10'850)

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

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

File Dt Inst Type 14.03.2012 Unclassified 30.09.2012 Bank 31.12.2010 Corporation 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 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 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 17.07.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.12.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 26.02.2013 25.02.2013 21.02.2013 20.02.2013 14.02.2013 05.02.2013 05.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 29.01.2013 24.01.2013 17.01.2013 14.01.2013 10.01.2013 09.01.2013 03.01.2013 02.11.2012 11.09.2012 31.08.2012 29.09.2011 06.07.2011


27.02.2013

Koninklijke Boskalis Westminster NV Koninklijke Boskalis Westminster NV is an international group that constructs and maintains ports, waterways, coastlines, and riverbanks. The Company provides dredging services and also engages in land reclamation activities. Boskalis has positions in strategic partnerships in the Middle East (Archirodon) and in offshore services (Lamnalco). The Company operates its own fleet of vessels.

Price/Volume 1.6 M

30

1.4 M 1.2 M 1.0 M

20

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOKA NA EQUITY YTD Change BOKA NA EQUITY YTD % CHANGE

12/2011 01/yy 34.84 23.27 217'380.00 33.135 -4.88% 42.42% 86.95% 117.0 3'876.15 807.63 0.0 14.5 312.09 4'249.65

.8 M

15

.6 M

10

.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

.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

1.8 M

35 25

Valuation Analysis

31.12.2007 1'868.5 1.86x 348.1 9.98x 204.4 17.50x

40

31.12.2008 31.12.2009 2'093.8 2'175.2 0.72x 1.07x 454.6 444.9 3.30x 5.23x 249.1 227.9 5.72x 10.48x Profitability

31.12.2010 2'674.4 1.59x 621.5 6.83x 310.5 11.48x

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

31.12.2011 2'801.0 1.23x 590.5 5.84x 254.3 11.45x 590.48 354.09 12.64% 11.27% 5.31% 14.17% 0.65% 19.3% 11.4% 9.1% 0.84 0.41 17.28% 46.61% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.18 82.44 23.88% -2.54% 1.175 14 3.643 367'045 282'794 316'172 FY+2

12/12 Y 12/13 Y 3'059.6 3'297.8 1.39x 1.32x 573.3 646.9 7.39x 6.55x 239.0 279.6 14.61x 13.20x 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

-

-

9.32 4.69 0.63 1.27 46.6% 31.6% 0.65 1.34 -

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 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

Koninklijke Boskalis Westminster NV Holdings By:

All

Holder Name HAL HOLDING NV SPRUCEGROVE INVESTME MONDRIAN INVESTMENT OPPENHEIMERFUNDS INC SARASIN VANGUARD GROUP INC DELTA LLOYD FUND MAN ROYAL BANK OF CANADA IG INVESTMENT MANAGE BLACKROCK BESSEMER GROUP INCOR FORTIS FUND MANAGERS ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE DANSKE INVEST A/S AMERIPRISE FINANCIAL SCHRODER INVESTMENT CHARLES SCHWAB INVES MANDARINE GESTION BNP PARIBAS INV PART

Firm Name AlphaValue ABN Amro Bank N.V. ING Bank SNS Securities(ESN) Theodoor Gilissen Securities EVA Dimensions KBC Securities Exane BNP Paribas Kepler Capital Markets Goldman Sachs CA Cheuvreux Kempen & Co Petercam Rabobank International

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

Analyst GAETAN DUPONT THIJS BERKELDER TIJS HOLLESTELLE EDWIN DE JONG TOM MULLER CRAIG STERLING WOUTER VANDERHAEGHEN DAVID VAGMAN ANDRE MULDER WILLIAM WYMAN ROBERT VAN OVERBEEK ARUN RAMBOCUS LUUK VAN BEEK MICHEL AUPERS

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

Recommendation buy buy buy buy hold underweight accumulate neutral buy neutral/neutral underperform restricted hold hold

Amt Held 34'528'507 5'540'809 5'377'314 2'004'562 1'928'647 1'332'587 1'018'867 780'795 620'243 616'937 545'691 440'210 362'598 350'000 339'107 326'692 316'888 300'535 249'633 245'903

% Out 29.52 4.74 4.6 1.71 1.65 1.14 0.87 0.67 0.53 0.53 0.47 0.38 0.31 0.3 0.29 0.28 0.27 0.26 0.21 0.21

Weighting

Change

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

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

Latest Chg 310'642 (135'729) 33'330 39'090 172'783 2'189 41'646 (244'000) (43'928) 50'000 (2'897) (1'194) (16'313) 283'605 (87'989) (61'596)

Target Price 42 38 38 37 35 #N/A N/A 35 26 38 33 30 #N/A N/A 35 31

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

File Dt Inst Type 31.12.2011 Investment Advisor 28.01.2013 Investment Advisor 23.01.2013 Hedge Fund Manager 30.12.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Bank 28.09.2012 Investment Advisor 25.02.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 21.02.2013 19.02.2013 13.02.2013 30.01.2013 22.01.2013 15.01.2013 11.01.2013 11.01.2013 17.12.2012 30.11.2012 27.11.2012 26.11.2012 26.11.2012 13.11.2012


27.02.2013

Koninklijke Vopak NV Koninklijke Vopak NV is an independent tank terminal operator. The Company provides conditioned storage facilities for bulk liquids such as oil products, gaseous chemicals, petrochemicals, biofuels and vegetable oils.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.11.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VPK NA EQUITY YTD Change VPK NA EQUITY YTD % CHANGE

12/2011 01/yy 58.07 40.80 111'615.00 54.77 -5.70% 34.26% 79.80% 127.8 7'001.55 1'694.30 108.5 88.70 8'881.85

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

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 853.0 3.58x 361.1 8.45x 181.1 14.81x

70

31.12.2008 31.12.2009 923.5 1'001.1 2.98x 4.50x 393.7 461.7 7.00x 9.76x 213.2 251.2 7.94x 14.16x Profitability

31.12.2010 1'106.3 5.45x 510.1 11.81x 270.1 17.00x

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

31.12.2011 1'171.9 5.90x 543.1 12.72x 400.6 13.25x 543.10 372.80 31.81% 43.25% 7.92% 19.63% 12.16% 0.30% 48.5% 34.0% 34.2% 0.73 0.16 39.96% 97.98% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.75 56.41 34.98% 2.74% 0.753 17 2.941 209'156 222'996 235'078 FY+2

12/12 Y 12/13 Y 1'316.2 1'410.1 6.66x 6.18x 649.2 705.2 13.68x 12.59x 347.6 386.5 20.17x 18.02x 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

FQ+1

FQ+2

-

-

6.32 0.74 2.86 3.20 98.0% 48.0% 0.30 0.45 -

Sales/Revenue/Turnover

20.00

6'000.0

18.00

5'000.0

16.00 14.00

4'000.0

12.00

3'000.0

10.00 8.00

2'000.0

6.00 4.00

1'000.0

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

Koninklijke Vopak NV Holdings By:

All

Holder Name HAL HOLDING NV ING GROEP NV AVIVA PLC ASR NEDERLAND NV BLACKROCK JUPITER ASSET MANAGE DELTA LLOYD NV DANSKE INVEST A/S ARTISAN PARTNERS HOL VANGUARD GROUP INC OPPENHEIMERFUNDS INC DANSKE INVEST MANAGE SCHRODER INVESTMENT AMERICAN CENTURY COM COHEN & STEERS CAPIT COMMONWEALTH BANK OF DE KREIJ JACK P DEUTSCHE BANK AG GCIC LTD/CANADA ING INVESTMENT MANAG

Firm Name Rabobank International KBC Securities ABN Amro Bank N.V. Morgan Stanley Exane BNP Paribas ING Bank EVA Dimensions Kempen & Co SNS Securities(ESN) Petercam Kepler Capital Markets Theodoor Gilissen Securities Deutsche Bank JPMorgan Goldman Sachs CA Cheuvreux

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

Analyst MICHA TIEKINK MICHAEL ROEG BJORN KROOK DOUG F HAYES CHARLES-HENRI DE MORTEMART QUIRIJN MULDER CRAIG STERLING ARUN RAMBOCUS MARTIJN DEN DRIJVER LUUK VAN BEEK ANDRE MULDER JOS VERSTEEG JOSE FRANCISCO RUIZ SOLERA ELODIE RALL BENJAMIN MOORE HANS PLUIJGERS

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

Recommendation hold hold reduce Overwt/In-Line outperform hold sell hold accumulate hold reduce hold hold overweight neutral/neutral underperform

Amt Held 61'552'747 15'135'712 10'316'317 9'523'738 2'780'626 1'955'686 1'523'194 1'487'111 1'320'683 1'264'741 1'082'825 967'701 905'245 565'778 558'193 372'706 330'722 323'661 321'910 315'040

% Out 48.15 11.84 8.07 7.45 2.18 1.53 1.19 1.16 1.03 0.99 0.85 0.76 0.71 0.44 0.44 0.29 0.26 0.25 0.25 0.25

Weighting

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

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

Latest Chg (22'395) 45'889 28'066 29'345 (100'875) (338'048) (4'858) 200 1'466 17'732 14'639 (21'400) (1'647)

Target Price 49 53 52 62 59 57 #N/A N/A 51 59 59 48 55 52 66 74 53

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 31.12.2011 25.02.2013 31.07.2012 06.05.2011 31.01.2013 31.12.2012 31.12.2012 30.12.2012 29.06.2012 28.09.2012 31.12.2012 31.12.2012 31.10.2012 27.04.2012 31.12.2012 30.06.2012 31.12.2012

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

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

Date 26.02.2013 22.02.2013 13.02.2013 05.02.2013 28.01.2013 21.01.2013 17.01.2013 06.01.2013 18.12.2012 10.12.2012 10.12.2012 13.11.2012 12.11.2012 09.11.2012 31.10.2012 31.08.2012


27.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KNIN VX EQUITY YTD Change KNIN VX EQUITY YTD % CHANGE

12/2011 09/yy 124.50 93.10 75'458.00 107.5 -13.73% 15.47% 42.36% 120.0 12'900.00 87.00 0.0 23.0 851.00 12'109.00

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

.7 M

120

.6 M

100

.5 M

80

.4 M

60

.3 M

40

.2 M

20

.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 31.12.2007 17'120.0 0.71x 1'033.0 11.77x 536.0 23.90x

140

31.12.2008 31.12.2009 17'992.0 14'336.0 0.39x 0.77x 1'038.0 905.0 6.80x 12.26x 585.0 467.0 13.62x 25.44x Profitability

LTM-4Q 31.12.2010 16'858.0 0.85x 1'038.0 13.75x 601.0 25.69x

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 16'218.0 0.73x 994.0 11.92x 601.0 20.93x 994.00 771.00 4.75% 4.72% 8.20% 22.18% 2.77% 36.4% 5.2% 3.8% 3.7% 1.24 1.00 1.42% 3.65% 6.99 36.40

Price/ Cash Flow

LTM

09/yy 16'305.0 3.36x 986.0 11.72x 606.0 20.24x

09/yy 16'868.0 2.88x 872.0 13.67x 500.0 25.35x

FY+1

.0 M f-13

0.97 55.01 -6.79% -2.27% 0.971 29 3.069 185'403 168'596 149'927 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 17'096.8 17'949.7 4'679.0 4'366.0 0.70x 0.65x 2.52x 2.66x 898.5 1'029.0 249.8 253.0 13.45x 11.74x 11.76x 11.56x 561.9 650.4 151.3 153.0 22.69x 19.95x 20.13x 19.72x 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

124.25 98.38 -0.94 0.07 3.7% 3.5% 2.77 15.14 52.38 10.05 41.07 19.97

Sales/Revenue/Turnover

25.00

20'000.0 18'000.0 16'000.0

20.00

14'000.0 15.00

12'000.0

10.00

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

5.00

2'000.0 0.00 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

Kuehne + Nagel International AG Holdings By:

All

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

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

Firm Name

Analyst

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

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

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

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

Amt Held 63'900'000 3'664'427 2'936'773 2'661'224 2'131'613 1'647'050 1'606'410 1'259'719 968'594 877'480 800'153 688'958 618'396 553'829 526'255 395'829 352'378 280'657 258'233 221'491

% Out 53.25 3.05 2.45 2.22 1.78 1.37 1.34 1.05 0.81 0.73 0.67 0.57 0.52 0.46 0.44 0.33 0.29 0.23 0.22 0.18

Weighting

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

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

Latest Chg 2'180 307'524 (208'632) 115'831 (20'540) 18'094 42'469 (16'228) (6'705) (2'812) 10'008 (129'942) (21'465) 19'923 (146'225)

Target Price 120 137 123 177 128 95 125 114 110 #N/A N/A 106 103 115 125 #N/A N/A #N/A N/A #N/A N/A 105 124 100 90 110 115 112 123 120 #N/A N/A

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

File Dt 31.12.2010 21.06.2012 31.10.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012 31.12.2010 31.12.2012 30.11.2012 28.12.2012 31.10.2012 30.09.2012 25.02.2013 30.11.2012 29.06.2012 31.10.2012 31.01.2013

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

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

Date 27.02.2013 27.02.2013 27.02.2013 25.02.2013 21.02.2013 20.02.2013 19.02.2013 15.02.2013 29.01.2013 25.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 17.01.2013 10.01.2013 09.01.2013 06.12.2012 03.12.2012 20.11.2012 05.11.2012 23.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012


27.02.2013

Lagardere SCA Lagardere S.C.A. operates communications and media, and high technology businesses. The Company publishes newspapers, magazines, and books, operates radio broadcasting stations, produces movies and television programming, offers Internet access, hosts Internet websites, and manufactures airplanes, helicopters, missiles, and satellites.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MMB FP EQUITY YTD Change MMB FP EQUITY YTD % CHANGE

12/2011 09/yy 27.00 18.48 552'508.00 26.87 -0.52% 45.40% 85.74% 131.1 3'523.55 2'006.00 0.0 75.0 737.00 5'318.55

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

5 0 f-12

31.12.2008 31.12.2009 8'214.0 7'892.0 0.78x 0.70x 791.0 739.0 8.08x 7.51x 593.0 137.0 6.28x 26.31x Profitability

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2010 7'966.0 0.73x 733.0 7.94x 163.0 23.90x

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

31.12.2011 7'657.0 0.51x 641.0 6.15x (707.0) 641.00 333.00 4.35% -7.63% -7.33% -21.11% 0.77% 8.0% 4.0% -9.2% 1.01 0.57 22.47% 68.02% 6.47 -

Price/ Cash Flow

LTM

06/yy 3'720.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 7'334.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.02 97.83 27.57% 6.27% 1.024 22 3.273 309'689 332'627 371'006 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 7'382.7 7'499.9 1'990.0 0.68x 0.68x 567.6 604.8 9.36x 8.79x 253.3 290.5 14.28x 12.44x 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

5.72 3.46 2.95 4.01 68.0% 39.9% 0.77 10.93 56.56 -

Sales/Revenue/Turnover

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 02.01.2009

m-12

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

Fiscal Year Ended 31.12.2007 8'582.0 1.09x 868.0 10.75x 534.0 12.73x

10

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13

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

Lagardere SCA Holdings By:

All

Holder Name QATAR HOLDINGS LLC LAGARDERE CAPITAL & CREDIT AGRICOLE SA INTERNATIONAL VALUE LAGARDERE SCA VANGUARD GROUP INC CLASSIC FUND MGMT AG DNCA FINANCE BLACKROCK TAUBE HODSON STONEX LORD ABBETT & CO LLC JO HAMBRO CAPITAL MA AMUNDI DIMENSIONAL FUND ADV FMR LLC LEONARDO INVEST FUND AMUNDI BNP ASSET MANAGEMENT BNP ASSET MANAGEMENT COVEA FINANCE SAS

Firm Name EVA Dimensions AlphaValue CM - CIC Securities(ESN) Oddo & Cie Nomura Barclays Kepler Capital Markets S&P Capital IQ Exane BNP Paribas Day by Day Natixis Credit Suisse Societe Generale Deutsche Bank Goldman Sachs Morgan Stanley HSBC JPMorgan CA Cheuvreux

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

Analyst CRAIG STERLING VERONIQUE CABIOC'H ERIC RAVARY BRUNO HARENG MATTHEW WALKER JULIEN ROCH CONOR O'SHEA ALEXANDER WISCH CHARLES BEDOUELLE VALERIE GASTALDY PAVEL GOVCIYAN OMAR SHEIKH CHRISTOPHE CHERBLANC MARK BRALEY RICHARD JONES PATRICK WELLINGTON OLIVIER MORAL FILIPPO PIETRO LO FRANCO RICHARD HOUBRON

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

Recommendation underweight add hold neutral neutral equalweight reduce hold neutral buy buy outperform buy sell neutral/neutral Equalwt/Attractive overweight underweight outperform

Amt Held 16'820'531 12'610'893 6'938'523 3'777'230 3'765'198 2'160'493 1'771'930 1'640'000 1'458'198 871'131 768'389 667'843 410'000 349'908 327'483 320'000 289'424 286'287 255'643 235'100

% Out 12.83 9.62 5.29 2.88 2.87 1.65 1.35 1.25 1.11 0.66 0.59 0.51 0.31 0.27 0.25 0.24 0.22 0.22 0.19 0.18

Weighting

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

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

Latest Chg 3'613'638 241'400 27'182 190'000 1'238 (46'310) 182'130 114'786 60'000 (40'000) 935 (1'016) (8'200)

Target Price #N/A N/A 32 27 25 28 29 20 28 29 28 29 30 31 22 28 27 30 22 29

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

File Dt 14.03.2012 31.12.2011 01.10.2012 30.06.2012 31.12.2011 31.12.2012 28.09.2012 28.09.2012 25.02.2013 30.11.2012 31.12.2012 30.06.2012 28.09.2012 31.07.2012 31.12.2012 28.09.2012 28.09.2012 30.09.2012 30.09.2012 30.09.2011

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

Inst Type Government Corporation Investment Advisor Investment Advisor Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 22.02.2013 21.02.2013 13.02.2013 13.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 23.01.2013 21.01.2013 17.01.2013 14.01.2013 09.01.2013 08.01.2013 06.12.2012 12.09.2012 31.08.2012


27.02.2013

Lanxess AG Lanxess AG is a specialty chemicals company. The Company's core business is the development, manufacturing, and marketing of plastics, rubber, intermediates, and specialty chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (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 LXS GY EQUITY YTD Change LXS GY EQUITY YTD % CHANGE

12/2011 09/yy 69.99 45.75 367'970.00 65.11 -6.92% 42.33% 81.69% 83.2 5'417.33 2'098.00 0.0 16.0 555.00 7'065.33

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

4.0 M

70

3.5 M

60

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0 f-12

31.12.2008 31.12.2009 6'576.0 5'057.0 0.29x 0.57x 635.0 417.0 3.01x 6.95x 183.0 40.0 6.24x 54.88x Profitability

LTM-4Q 31.12.2010 7'120.0 0.82x 910.0 6.40x 379.0 12.96x

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

31.12.2011 8'775.0 0.56x 1'099.0 4.45x 506.0 6.58x 1'099.00 774.00 8.82% 7.46% 6.83% 21.46% 13.26% 1.33% 22.9% 12.1% 8.1% 5.8% 1.57 0.79 30.50% 101.94% 7.63 4.55

Price/ Cash Flow

a-12 m-12

j-12

LTM

09/yy 8'484.0 2.55x 1'134.0 3.89x 527.0 5.75x

j-12

09/yy 9'094.0 2.70x 1'102.0 6.39x 468.0 11.54x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.16 83.05 16.29% -1.75% 1.158 37 3.676 683'709 617'928 553'520 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 9'137.8 9'469.0 2'128.3 2'217.7 0.77x 0.73x 1'194.9 1'238.8 210.6 325.5 5.91x 5.70x 5.99x 5.89x 550.8 554.3 68.0 156.0 9.81x 9.66x 10.55x 9.86x S&P Issuer Ratings

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

31.07.2007 BBB STABLE 31.07.2007 A-2 10.57 4.04 1.48 1.76 101.9% 50.3% 1.33 3.53 47.97 80.47 35.62 73.35

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 02.01.2009

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 31.12.2007 6'608.0 0.47x 677.0 4.55x 112.0 25.39x

80

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

Lanxess AG Holdings By:

All

Holder Name BLACKROCK DODGE & COX NORGES BANK FMR LLC ALLIANZ GLOBAL INVES DEUTSCHE BANK AG VANGUARD GROUP INC TIAA CREF INVESTMENT ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS FRANKLIN RESOURCES THREADNEEDLE INVESTM DANSKE INVEST A/S UNION INVESTMENT GMB GENERALI ASSET MANAG DANSKE INVEST MANAGE NORDEA INV MANAGEMEN HIGHBRIDGE CAPITAL M NORDEA FONDER AB/SWE ADIG INVESTMENT

Firm Name AlphaValue Commerzbank Corporates & Markets Goldman Sachs Bank of Valletta Main First Bank AG Hauck & Aufhaeuser HSBC Bankhaus Metzler Nomura Exane BNP Paribas Barclays Kepler Capital Markets Day by Day Berenberg Bank Morgan Stanley EVA Dimensions JPMorgan Deutsche Bank Macquarie Landesbank Baden-Wuerttemberg DZ Bank AG Societe Generale Nord/LB Credit Suisse CA Cheuvreux Bankhaus Lampe National Bank AG Independent Research GmbH Equinet Institutional Services(ESN) S&P Capital IQ Silvia Quandt Research Hamburger Sparkasse M.M. Warburg Investment Research Baader Bank

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 n/a Multiple Portfolios Multiple Portfolios

Analyst MARTIN SCHNEE STEPHAN KIPPE RAKESH PATEL TEAM COVERAGE RONALD KOEHLER NILS-PETER FITZL JESKO MAYER-WEGELIN LARS HETTCHE JEAN DE WATTEVILLE JAMES KNIGHT ANDREAS HEINE MARKUS MAYER VALERIE GASTALDY JAIDEEP PANDYA PAUL R WALSH CRAIG STERLING MARTIN EVANS MARTIN DUNWOODIE CHRISTIAN FAITZ ULLE WORNER PETER SPENGLER PETER CLARK THORSTEN STRAUSS RHIAN O'CONNOR MARTIN ROEDIGER HEIKO FEBER STEFFEN MANSKE CHRISTOPH SCHOENDUBE NADESHDA DEMIDOVA SHO MATSUBARA ALBRECHT DENNINGHOFF MARCO GUENTHER OLIVER SCHWARZ NORBERT BARTH

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

Recommendation add hold neutral/neutral overweight outperform buy neutral buy buy neutral equalweight reduce hold buy Equalwt/In-Line hold neutral buy neutral buy buy buy hold underperform underperform buy hold hold accumulate hold buy hold hold buy

Amt Held % Out 13'931'366 16.74 8'262'028 9.93 4'163'746 5 2'815'126 3.38 2'467'489 2.97 2'222'212 2.67 1'489'265 1.79 1'250'215 1.5 803'493 0.97 762'547 0.92 633'214 0.76 612'360 0.74 609'860 0.73 566'255 0.68 538'587 0.65 520'745 0.63 461'811 0.56 (440'974) -0.53 417'065 0.5 354'392 0.43

Weighting

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

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

Latest Chg 539'586 1'213 (6'250) 33'689 (74'161) (1'170'958) 358'302 398'151 (1'484) (19'203) 107'400 (1'200) 63'873 (14'334) (8'320) (7'283) (157'000)

Target Price 72 65 70 81 71 77 70 75 85 66 71 59 #N/A N/A 79 70 #N/A N/A 77 80 60 73 70 80 64 60 59 80 66 68 70 68 79 #N/A N/A 63 72

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 15.02.2012 Investment Advisor 21.02.2013 Government 31.12.2012 Investment Advisor 04.10.2012 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 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 05.11.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor

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

Date 21.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 07.02.2013 06.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 29.01.2013 25.01.2013 17.01.2013 07.12.2012 06.12.2012 21.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 10.10.2012 08.10.2012 27.09.2012


27.02.2013

Lindt & Spruengli AG Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery products. The Company markets its products through its own specialty stores and boutiques, as well as through retail outlets and catalog sales. Lindt operates subsidiaries in Europe, North America and Asia and also sells its products through various distributors in other world regions.

Price/Volume 45000

.0 M

40000

.0 M

35000 30000

.0 M

25000

12/2011 01/yy 39'515.00 30'621.90 55.00 39245 -0.68% 28.16% 95.22% 0.1 8'337.97 9.50 0.0 0.0 495.90 7'922.47

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

15000

31.12.2008 31.12.2009 2'573.2 2'524.8 1.85x 2.03x 466.1 382.5 10.21x 13.41x 261.5 193.1 19.52x 29.86x Profitability

31.12.2010 2'579.3 2.42x 423.3 14.77x 241.9 28.38x

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 2'488.6 2.68x 421.9 15.83x 246.5 28.95x 421.90 328.70 13.21% 13.20% 11.31% 16.44% 1.13% 17.0% 13.3% 9.9% 2.41 1.69 0.38% 0.59% 8.61 -

Price/ Cash Flow

.0 M

5000 0 f-12 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

j-13

FY+1 -

.0 M f-13

0.65 0.13 21.07% 13.70% 0.649 12 3.167 87 122 123 FY+2

12/12 Y 12/13 Y 2'674.1 2'852.1 2.94x 2.71x 464.1 504.5 17.04x 15.68x 277.1 304.7 31.57x 28.53x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

66.97 51.21 -0.97 0.05 0.6% 0.6% 1.13 3.42 42.51 -

Sales/Revenue/Turnover

35.00

3'500.0

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 02.01.2009

.0 M

10000

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 2'946.2 3.02x 444.3 20.04x 250.5 35.41x

.0 M

20000

Valuation Analysis 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 LISN SE EQUITY YTD Change LISN SE EQUITY YTD % CHANGE

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

Lindt & Spruengli AG Holdings By:

All

Holder Name TANNER ERNST CREDIT SUISSE ASSET VANGUARD GROUP INC AXA FUNDS MANAGEMENT SPRUENGLI RUDOLF K BULGHERONI ANTONIO SWISSCANTO FONDSLEIT FIRST EAGLE INVESTME WILLIAM BLAIR & COMP BLACKROCK UBS FUND MANAGEMENT PICTET & CIE FMR LLC IAM INDEPENDENT ASSE VONTOBEL ASSET MANAG PRUDENTIAL FINANCIAL UBS ETF JULIUS BAER MULTICOO F&C FUND MANAGEMENT ZUERCHER KANTONALBAN

Firm Name Berenberg Bank EVA Dimensions HSBC Bank Vontobel AG Natixis Zuercher Kantonalbank Goldman Sachs Kepler Capital Markets GSC Research

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

Analyst JAMES TARGETT AUSTIN BURKETT FLORENCE DOHAN JEAN-PHILIPPE BERTSCHY NICOLAS LANGLET PATRIK SCHWENDIMANN ALEXIS COLOMBO JON COX MATTHIAS SCHRADE

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

Recommendation hold hold underweight hold neutral outperform neutral/neutral hold hold

Amt Held 2'803 2'239 1'901 1'400 1'014 1'000 877 707 622 609 608 516 325 255 239 234 216 189 184 174

% Out 2.05 1.64 1.39 1.02 0.74 0.73 0.64 0.52 0.46 0.45 0.44 0.38 0.24 0.19 0.17 0.17 0.16 0.14 0.13 0.13

Weighting

Change 3 3 1 3 3 5 3 3 3

M M M M M U M M U

Latest Chg (38) (12) 9 (182) (10) (5) 20 (12) 30 6 3 1 (2)

Target Price 37'500 #N/A N/A 35'500 36'000 36'000 #N/A N/A 39'400 34'000 #N/A N/A

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

File Dt 31.12.2011 28.12.2012 31.12.2012 30.06.2012 31.12.2011 31.12.2011 28.12.2012 30.09.2012 31.12.2012 25.02.2013 31.10.2012 30.11.2012 31.12.2012 31.10.2012 31.10.2012 31.12.2012 31.10.2012 31.10.2012 31.12.2012 31.10.2012

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

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

Date 21.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 15.01.2013 09.01.2013 21.08.2012 27.04.2012


27.02.2013

Lonza Group AG Lonza Group AG produces organic fine chemicals, biocides, active ingredients, and biotechnology products. The Company offers custom chemical manufacturing and fermentation processing and manufactures its products for the life sciences, pharmaceuticals, food processing, and agricultural products industries. Lonza operates production sites in Europe, the United States, and China.

Price/Volume 70

1.6 M

60

1.4 M 1.2 M

50

1.0 M

40

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 LONN VX EQUITY YTD Change LONN VX EQUITY YTD % CHANGE

12/2012 01/yy 60.90 32.81 149'689.00 58.1 -4.60% 77.08% 89.68% 52.9 3'074.66 2'815.00 0.0 (1.0) 431.00 5'457.66

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

31.12.2009 31.12.2010 2'690.0 2'680.0 1.91x 1.91x 517.0 647.0 9.91x 7.91x 162.0 291.0 22.88x 13.50x Profitability

31.12.2011 2'692.0 2.10x 537.0 10.50x 154.0 18.62x

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

31.12.2012 3'925.0 1.27x 182.0 14.02x 537.00 335.00 8.54% 5.63% 2.57% 7.64% 0.55% 25.6% 17.3% 8.5% 4.6% 1.48 0.31 39.26% 116.95% -

Price/ Cash Flow

.4 M

10

.2 M

0 f-12

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

j-13

FY+1 -

.0 M f-13

1.17 43.02 24.25% 17.71% 1.168 16 2.875 312'382 377'817 313'574 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 3'958.4 4'134.9 1.35x 1.27x 705.7 765.4 7.72x 7.12x 243.3 292.5 12.44x 10.52x 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

5.90 3.12 4.36 4.82 117.0% 53.9% 0.55 1.01 159.95

Sales/Revenue/Turnover

10.00

4'500.0

9.00

4'000.0

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

.6 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 31.12.2008 2'937.0 2.20x 691.0 9.36x 420.0 11.07x

.8 M

30

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Lonza Group AG Holdings By:

All

Holder Name MANNING & NAPIER ADV GRUPO PLAFIN SA FRANKLIN RESOURCES MANNING & NAPIER ADV FMR LLC HARDING LOEVNER LP CAPITAL GROUP COMPAN BLACKROCK TIAA CREF INVESTMENT THREADNEEDLE ASSET M CREDIT SUISSE ASSET VANGUARD GROUP INC SWISSCANTO FONDSLEIT LONZA GROUP AG UBS FUND MANAGEMENT TEMPLETON INVESTMENT PICTET & CIE VONTOBEL ASSET MANAG PICTET ASSET MANAGEM DIMENSIONAL FUND ADV

Firm Name AlphaValue Helvea Commerzbank Corporates & Markets Bank Vontobel AG S&P Capital IQ EVA Dimensions Credit Suisse Zuercher Kantonalbank Main First Bank AG Jefferies Deutsche Bank CA Cheuvreux Kempen & Co JPMorgan

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst FABRICE FARIGOULE OLAV ZILIAN STEPHAN KIPPE CARLA BAENZIGER JACOB THRANE ANDREW S ZAMFOTIS LUISA HECTOR MARTIN SCHREIBER BERND POMREHN PETER WELFORD HOLGER BLUM MARCEL BRAND SACHIN SONI RICHARD VOSSER

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

Recommendation add accumulate hold hold sell underweight neutral market perform underperform hold hold outperform hold neutral

Amt Held 5'282'537 4'120'364 3'999'687 2'801'813 2'673'056 2'658'885 2'512'994 2'044'573 1'541'136 1'525'377 1'117'627 931'200 706'798 442'703 441'470 276'233 208'961 196'700 170'548 152'945

% Out 9.98 7.79 7.56 5.29 5.05 5.02 4.75 3.86 2.91 2.88 2.11 1.76 1.34 0.84 0.83 0.52 0.39 0.37 0.32 0.29

Weighting

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

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

Latest Chg (1'724'233) 334'502 (816'138) 745'936 551 (129'058) (16'921) 14'898 (19'710) (48'608) 1'980 (2'645) (11'000) (4'266) -

Target Price 67 63 55 52 48 #N/A N/A 55 #N/A N/A 57 55 47 60 58 40

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

File Dt Inst Type 01.08.2012 Investment Advisor 31.12.2010 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2010 Unclassified 09.07.2012 Investment Advisor 31.12.2010 Investment Advisor 25.02.2013 Investment Advisor 22.11.2010 Investment Advisor 11.06.2008 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2010 Corporation 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 21.02.2013 20.02.2013 04.02.2013 31.01.2013 30.01.2013 30.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 22.01.2013 18.01.2013 15.01.2013 10.08.2012


27.02.2013

Lundin Petroleum AB Lundin Petroleum AB explores for and produces oil and natural gas. The Company operates in France, Ireland, Netherlands, Norway, Russia, Congo, Tunisia, Indonesia, Malaysia, and Vietnam.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 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 LUPE SS EQUITY YTD Change LUPE SS EQUITY YTD % CHANGE

12/2012 12/yy 170.80 117.40 614'546.00 146.5 -14.23% 24.79% 53.93% 317.9 46'573.90 384.19 0.0 67.6 97.43 7'593.97

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

9.0 M

160

8.0 M

140

7.0 M

120

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0 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 958.9 2.91x 459.6 6.07x 85.9 23.11x

180

31.12.2009 31.12.2010 803.9 785.2 3.59x 5.52x 357.7 489.6 8.08x 8.86x (380.3) 511.9 26.90x Profitability

LTM-4Q 31.12.2011 1'257.7 6.24x 872.0 9.00x 160.1 48.21x

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 1'319.5 5.67x 108.2 65.93x 872.04 781.02 59.19% 39.58% 3.62% 9.91% 7.23% 0.44% 86.9% 59.2% 8.2% 0.78 0.52 11.66% 32.49% 9.74 6.86

Price/ Cash Flow

12/yy 1'257.7 18.21x 0.0 0.00x 160.1 48.21x

LTM 12/yy 1'319.5 21.28x 300.3 0.00x 108.2 65.92x

FY+1

.0 M f-13

1.01 -5.91% -2.01% 1.007 26 3.885 1'223'465 1'565'301 1'303'702 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'310.2 1'482.8 326.3 322.1 6.41x 5.91x 24.01x 24.96x 983.3 1'139.7 264.8 263.0 7.72x 6.66x 6.93x 6.43x 197.8 241.2 59.2 57.7 36.21x 29.81x 31.37x 30.53x S&P Issuer Ratings

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

161.79 36.78 32.5% 23.5% 0.44 0.50 37.57 53.36 37.00 53.93

Sales/Revenue/Turnover

12.00

1'400.0

10.00

1'200.0 1'000.0

8.00

800.0 6.00

600.0

4.00

400.0

2.00

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

Lundin Petroleum AB Holdings By:

All

Holder Name LORITO HOLDINGS LTD LANDOR PARTICIPATION SWEDBANK ROBUR FONDE ZEBRA HOLDINGS SIX SIS AG AMF FONDER AB SEB AFA FORSAKRINGAR HANDELSBANKEN FONDER LUNDIN PETROLEUM AB JP MORGAN CLEARSTREAM BANKING SSB CL OMNIBUS AC OM STATE STREET CUSTODI LGT BANK IN LIECHTEN VANGUARD GROUP INC BNP PARIBAS SECURITI FJARDE AP-FONDEN LANSFORSAKRINGAR FON DANSKE CAPITAL SVERI

Firm Name Societe Generale Credit Suisse RBC Capital Markets ABG Sundal Collier Nordea Equity Research Handelsbanken SpareBank 1 Markets AS Arctic Securities ASA Danske Markets Swedbank First Securities SEB Enskilda Canaccord Genuity Corp Pareto Securities EVA Dimensions Exane BNP Paribas Macquarie Carnegie Scotia Capital TD Securities GMP Goldman Sachs Morgan Stanley Deutsche Bank Nomura CA Cheuvreux

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

Analyst DAVID MIRZAI THOMAS YOICHI ADOLFF JAMES HOSIE ANDERS HOLTE CHRISTIAN KOPFER KJETIL SORUM KRISTOFFER DAHLBERG CHRISTIAN YGGESETH ANDRE BAUSTAD BENONISEN TEODOR SVEEN NILSEN JULIAN BEER THOMAS MARTIN PETTER HJERTSTEDT CRAIG STERLING ALEX TOPOUZOGLOU MARK WILSON ALEXANDER VILVAL GAVIN WYLIE SHAHIN AMINI RITESH GAGGAR CHRISTOPHOR JOST JAMIE MADDOCK PHIL CORBETT THEEPAN JOTHILINGAM JOAKIM AHLBERG

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

Recommendation sell neutral sector perform buy buy accumulate buy hold buy buy buy buy buy underweight neutral outperform buy sector perform hold buy sell/attractive Overwt/Attractive hold buy underperform

Amt Held 76'342'895 11'538'956 10'858'863 10'844'643 9'817'821 8'974'500 7'918'360 7'113'547 7'045'002 6'882'638 6'339'192 5'957'698 4'340'188 4'248'595 4'050'383 4'030'673 3'722'727 3'590'898 2'918'807 2'730'000

% Out 24.01 3.63 3.42 3.41 3.09 2.82 2.49 2.24 2.22 2.16 1.99 1.87 1.37 1.34 1.27 1.27 1.17 1.13 0.92 0.86

Weighting

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

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

Latest Chg (38'104) (4'097) 114'962 562'201 365'000

Target Price 165 139 165 214 190 170 180 160 170 186 189 175 170 #N/A N/A 177 179 #N/A N/A 174 163 165 148 200 165 170 82

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

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Holding Company 31.12.2011 Bank 30.06.2011 Investment Advisor 31.12.2012 Unclassified 31.12.2011 Insurance Company 30.06.2011 Investment Advisor 31.12.2011 Corporation 31.10.2012 Unclassified 31.12.2011 Bank 31.12.2011 Pension Fund (ERISA) 31.12.2011 Other 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.02.2013 25.02.2013 18.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 07.02.2013 06.02.2013 04.02.2013 23.01.2013 08.01.2013 17.12.2012 14.11.2012 01.11.2012 31.07.2012 02.05.2011


27.02.2013

Luxottica Group SpA Luxottica Group S.p.A. and its subsidiaries design, manufacture, distribute, and market traditional and designer eyeglass frames and sunglasses. The Company's LensCrafter retail chain of optical stores operates in North America. Luxottica distributes its products around the world. The Company also sells sunglasses through its Sunglass Hut retail chain.

Price/Volume 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 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 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LUX IM EQUITY YTD Change LUX IM EQUITY YTD % CHANGE

12/2011 09/yy 35.10 24.61 339'358.00 34.23 -2.45% 39.09% 89.70% 473.8 16'218.51 2'936.71 0.0 12.2 905.10 18'117.60

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 31.12.2007 4'966.1 2.58x 1'066.1 12.02x 492.2 20.11x

15

31.12.2008 31.12.2009 5'201.6 5'094.3 1.68x 2.08x 1'014.7 856.5 8.64x 12.40x 379.7 299.1 15.27x 27.77x Profitability

LTM-4Q 31.12.2010 5'798.0 2.18x 1'034.2 12.25x 402.2 27.26x

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

31.12.2011 6'222.5 1.94x 1'131.0 10.66x 452.3 22.14x 1'131.03 807.14 12.97% 11.17% 6.27% 14.38% 9.59% 0.82% 65.2% 18.7% 13.6% 7.3% 1.27 0.82 33.97% 81.28% 9.19 3.56

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 6'059.9 7.62x 1'081.4 10.21x 443.1 20.71x

LTM 09/yy 6'962.9 7.78x 1'304.6 11.32x 529.3 14.95x

FY+1

0.61 133.01 37.84% 10.17% 0.610 23 3.478 903'787 689'237 843'660 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 7'100.4 7'644.1 1'643.4 2.54x 2.33x 10.94x 1'353.1 1'506.1 250.0 13.39x 12.03x 575.0 680.8 99.5 27.67x 23.25x 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

02.03.2012 BBB+ STABLE 02.03.2012 A-2 9.34 7.45 1.45 2.23 81.3% 44.8% 0.82 5.71 39.81 102.92 76.68 50.62

Sales/Revenue/Turnover

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0 6.00

2'000.0

4.00

1'000.0

2.00 0.00 02.01.2009 02.07.2009

0.0 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

Luxottica Group SpA Holdings By:

All

Holder Name DELFIN SARL ARMANI GIORGIO BLACKROCK FRANCAVILLA LUIGI BNP PARIBAS INV PART VANGUARD GROUP INC FMR LLC OPPENHEIMERFUNDS INC HARBOR CAPITAL ADVIS FILUNI SA GENERAL ELECTRIC COM BNP ASSET MANAGEMENT THREADNEEDLE INVESTM TIAA CREF INVESTMENT PRUDENTIAL FINANCIAL BNP ASSET MANAGEMENT ALLIANZ ASSET MANAGE ARCA SGR SPA AMERICAN CENTURY COM FIDEURAM GESTIONS SA

Firm Name AlphaValue Berenberg Bank Bryan Garnier & Cie Banca IMI Mediobanca SpA Raymond James Cantor Fitzgerald Banca Akros(ESN) Barclays Morgan Stanley HSBC EVA Dimensions Goldman Sachs Nomura Deutsche Bank Equita SIM SpA Kepler Capital Markets CA Cheuvreux Centrobanca Banca Profilo Redburn Partners

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

Analyst ARMELLE MOULIN BASSEL CHOUGHARI CEDRIC ROSSI GIAN LUCA PACINI CHIARA ROTELLI MARC WILLAUME ALLEGRA PERRY GIADA MARIA CABRINO JULIAN EASTHOPE LOUISE SINGLEHURST ANTOINE BELGE CRAIG STERLING WILLIAM HUTCHINGS CHRISTOPHER WALKER FRANCESCA DI PASQUANTONIO DOMENICO GHILOTTI DANIELE RIDOLFI MARCO BACCAGLIO SIMONE RAGAZZI MELANIA GRIPPO PASCAL HAUTCOEUR

Source EXCH EXCH ULT-AGG 20F ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 20F MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-FRA ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell buy buy reduce neutral outperform buy accumulate overweight Underwt/In-Line neutral hold neutral/neutral reduce hold buy hold outperform hold hold neutral

Amt Held 312'726'567 23'099'950 8'131'463 3'625'000 3'137'206 3'006'031 1'976'639 1'771'994 1'636'158 1'077'875 785'897 615'096 612'308 522'081 497'295 485'178 453'046 423'490 371'082 361'574

% Out 66 4.88 1.72 0.77 0.66 0.63 0.42 0.37 0.35 0.23 0.17 0.13 0.13 0.11 0.1 0.1 0.1 0.09 0.08 0.08

Weighting

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

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

Latest Chg 299'114 464'919 498'938 302'143 (192'527) 1'636'158 (30'643) (42'561) 76'430 (41'929) (21'705) (2'315) (1'762) 77'591

Target Price 27 36 35 28 34 38 36 37 37 28 36 #N/A N/A 35 31 32 34 28 33 30 27 #N/A N/A

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

File Dt Inst Type 19.09.2012 Investment Advisor 19.09.2012 n/a 25.02.2013 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Corporation 31.12.2012 Corporation 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 21.02.2013 15.02.2013 08.02.2013 01.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 24.01.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 20.12.2012 17.10.2012 30.08.2012 30.07.2012 29.05.2012 30.06.2009


27.02.2013

Man Group PLC Man Group PLC is a global provider of alternative investment products and solutions for private and institutional investors to deliver returns with a low correlation to equity and bond market benchmarks.

Price/Volume 160

140.0 M

140

120.0 M

120

100.0 M

100

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (06.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMG LN EQUITY YTD Change EMG LN EQUITY YTD % CHANGE

03/2011 01/yy 152.80 61.10 5'865'990.00 101.6 -33.57% 66.28% 44.49% 1'821.8 1'850.94 1'478.00 0.0 0.0 3'378.00 1'246.04

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

60.0 M

60 40

40.0 M

20

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 31.03.2007 2'214.0 8.74x 1'399.0 13.82x 1'285.0 18.24x

80.0 M

80

Valuation Analysis

31.03.2008 31.03.2009 3'222.0 2'488.0 4.80x 0.94x 2'128.0 1'500.0 7.26x 1.56x 3'471.0 503.0 11.87x 10.89x Profitability

31.03.2010 1'345.0 2.69x 624.0 5.80x 445.0 14.62x

31.03.2011 1'655.0 3.12x 592.0 8.73x 211.0 27.82x

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

592.00 420.00 25.38% 19.58% -1.34% -1.98% 0.30% 28.7% 16.7% 12.7% 4.85 4.34 21.68% 33.32% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

12.08 1.28 1'664.77 -14.32% 22.78% 1.279 22 3.091 9'707'526 11'183'110 13'902'400 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 1'156.9 1'132.0 301.0 2.01x 2.08x 289.6 307.8 4.30x 4.05x 140.8 167.7 19.26x 16.93x 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

12.02.2013 BBBNEG 12.02.2013 A-3 6.88 5.94 -3.27 1.78 33.3% 25.0% 0.30 12.88 -

Sales/Revenue/Turnover

10.00

3'500.0

9.00

3'000.0

8.00 7.00

2'500.0

6.00

2'000.0

5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 04.04.2008 04.10.200804.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 04.04.2012 04.10.2012

0.0 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

Man Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES PRUDENTIAL FINANCIAL G&S TRUSTEES LTD Point Pleasant Ventu LEGAL & GENERAL UBS ODEY ASSET MANAGEMEN ODEY ASSET MANAGEMEN BLACKROCK COLLINS STEWART LTD ROYAL BANK OF CANADA MELLON CAPITAL MANAG NORGES BANK INVESTME PRIVATE INDIVIDUALS COUTTS PRIVATE BANKI LANSDOWNE PARTNERS ODEY ASSET MGMT LTD JP MORGAN DIRECTOR & RELATED H TD WATERHOUSE GROUP

Firm Name

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

Analyst

Numis Securities Ltd DAVID MCCANN Societe Generale MICHAEL SANDERSON Shore Capital Stockbrokers OWEN JONES Macquarie NEIL WELCH Exane BNP Paribas ABHISHEK PARTHASARATHY RBC Capital Markets PETER K LENARDOS Credit Suisse GURJIT KAMBO Day by Day VALERIE GASTALDY Oriel Securities Ltd SARAH ING Morgan Stanley BRUCE HAMILTON Barclays DANIEL R GARROD Goldman Sachs CHRIS M. TURNER EVA Dimensions AUSTIN BURKETT JPMorgan RAE MAILE HSBC NITIN ARORA Jefferies JASON STREETS Canaccord Genuity Corp ARUN MELMANE Peel Hunt STUART DUNCAN Espirito Santo Investment Bank Research PHILIP DOBBIN N+1 Singer Ltd ANDREW WATSON

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

Recommendation sell hold corporate outperform underperform sector perform neutral hold buy Equalwt/In-Line equalweight neutral/neutral underweight neutral underweight hold hold hold neutral buy

Amt Held % Out 106'350'146 5.84 101'226'938 5.56 63'942'242 3.51 63'942'242 3.51 62'765'760 3.45 60'621'432 3.33 55'337'105 3.04 55'298'497 3.04 46'743'171 2.57 46'463'132 2.55 40'839'122 2.24 39'254'663 2.15 38'094'907 2.09 38'026'382 2.09 37'549'973 2.06 (33'338'762) -1.83 33'104'008 1.82 28'232'953 1.55 27'257'500 1.5 26'477'262 1.45

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

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

Latest Chg 96'448'316 10'236'082 (220'251) (2'198'059) (9'910'260) 133'806 38'547'597 (509'914) 1'099'773 (2'458'843) 735'478 963'477 27'459'429 (2'411'696) (2'550'506) 2'393'847 (11'260'002) (876'281) 1'406'084

Target Price 64 88 #N/A N/A 121 70 95 104 #N/A N/A 110 90 91 111 #N/A N/A 57 84 75 75 100 78 85

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 01.12.2012 Investment Advisor 06.11.2012 n/a 01.12.2012 Unclassified 31.01.2013 Unclassified 28.12.2012 Unclassified 06.11.2012 Investment Advisor 01.12.2012 Hedge Fund Manager 25.02.2013 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Bank 01.12.2012 Investment Advisor 01.12.2012 Government 01.12.2012 Other 01.12.2012 Unclassified 06.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Unclassified 01.12.2012 Other 01.12.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 15.02.2013 11.02.2013 05.02.2013 05.02.2013 24.01.2013 17.01.2013 14.01.2013 14.01.2013 03.01.2013 11.12.2012 03.12.2012 19.10.2012 04.10.2012


27.02.2013

MAN SE MAN SE manufactures vehicles, engines, turbines and defense products, and offers engineering services. The Company manufactures trucks, buses, diesel engines, compressors, turbines, and aerospace and defense systems, and offers industrial plant design and project management services.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAN GY EQUITY YTD Change MAN GY EQUITY YTD % CHANGE

12/2012 12/yy 103.00 70.39 133'195.00 87.44 -15.14% 24.22% 53.79% 141.0 12'822.55 5'299.00 0.0 69.0 1'367.00 16'823.55

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 31.12.2008 14'945.0 0.49x 1'803.0 4.09x 1'233.0 4.99x

40

31.12.2009 31.12.2010 12'026.0 14'675.0 0.89x 1.02x 974.0 1'194.0 10.97x 12.50x (270.0) 713.0 16.79x Profitability

LTM-4Q 31.12.2011 16'472.0 0.75x 2'363.0 5.24x 238.0 14.87x

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

31.12.2012 15'772.0 1.00x 1'487.0 10.65x 177.0 67.29x 1'487.00 781.00 4.95% 1.97% 0.92% 3.20% 4.29% 0.82% 20.8% 9.4% 5.0% 1.1% 1.02 0.44 26.60% 95.48% 7.05 3.63

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13

LTM

12/yy 16'472.0 3.24x 2'363.0 5.24x 238.0 14.87x

12/yy 15'772.0 4.07x 1'487.0 10.68x 177.0 67.29x

FY+1

1.06 35.20 5.76% 8.28% 1.064 30 2.967 153'493 151'440 148'912 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'979.2 16'698.7 1.01x 0.96x 1'501.7 1'785.1 11.21x 9.43x 595.3 761.9 24.58x 18.40x S&P Issuer Ratings

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

20.12.2012 NR 20.12.2012 NR 3.87 1.91 2.64 3.56 95.5% 48.5% 0.82 3.45 51.89 100.82 64.11 88.59

Sales/Revenue/Turnover

40.00

18'000.0

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0 20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

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

MAN SE Holdings By:

All

Holder Name VOLKSWAGEN AG BLACKROCK FIDEURAM GESTIONS SA DEKA INVESTMENT GMBH VANGUARD GROUP INC GENERALI ASSET MANAG DEUTSCHE BANK AG ALLIANZ ASSET MANAGE UNION INVESTMENT GMB DWS INVESTMENT SA MAINFIRST SICAV DEKA INTERNATIONAL S FRANKFURT TRUST INVE IG INVESTMENT MANAGE LEGAL & GENERAL CREDIT SUISSE ASSET DIMENSIONAL FUND ADV METZLER ASSET MANAGE FMR LLC STATE STREET BANQUE

Firm Name AlphaValue Landesbank Baden-Wuerttemberg Independent Research GmbH Macquarie Hamburger Sparkasse M.M. Warburg Investment Research Natixis Societe Generale Commerzbank Corporates & Markets Nord/LB JPMorgan Berenberg Bank S&P Capital IQ DZ Bank AG Equinet Institutional Services(ESN) Day by Day Barclays EVA Dimensions Makor Capital Morgan Stanley Goldman Sachs Credit Suisse Silvia Quandt Research Main First Bank AG BHF-Bank National Bank AG Deutsche Bank Bankhaus Metzler Exane BNP Paribas

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

Analyst HANS-PETER WODNIOK FRANK BILLER ZAFER RUZGAR CHRISTIAN BREITSPRECHER TINA HECKING-VELTMAN MARC-RENE TONN KATHLEEN GAILLIOT ALASDAIR LESLIE SASCHA GOMMEL FRANK SCHWOPE ALEXANDER WHIGHT FREDERIK BITTER JOHNSON IMODE MICHAEL PUNZET TIM SCHULDT VALERIE GASTALDY MICHAEL TYNDALL CRAIG STERLING ALBERT SAPORTA LAURA LEMBKE STEFAN BURGSTALLER GEORGE GALLIERS ALBRECHT DENNINGHOFF CHRISTOPHER YOUL HERMANN REITH MANFRED JAISFELD JOCHEN GEHRKE JUERGEN PIEPER RABIH FREIHA

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

Recommendation sell hold hold neutral hold buy reduce hold hold sell neutral hold sell buy hold buy equalweight sell buy not rated neutral/attractive restricted neutral outperform market weight sell buy sell neutral

Amt Held 105'773'020 5'115'815 997'719 892'050 749'322 619'012 508'162 348'865 327'150 156'869 146'458 125'830 100'000 82'307 75'391 57'359 53'085 52'100 44'577 42'831

% Out 75.03 3.63 0.71 0.63 0.53 0.44 0.36 0.25 0.23 0.11 0.1 0.09 0.07 0.06 0.05 0.04 0.04 0.04 0.03 0.03

Weighting

Change

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

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

Latest Chg (257) (234'145) (269'150) 8'923 (1'400) (1'200) 90'885 (122'475) 8'000 (2'000) (60'920) (9'597) 152 14'500 (396'744) (1'407)

Target Price 69 87 95 83 #N/A N/A 100 65 85 91 80 79 95 66 95 85 95 83 #N/A N/A 93 #N/A N/A 91 #N/A N/A 70 90 90 #N/A N/A 94 66 80

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

File Dt 30.09.2012 25.02.2013 31.01.2013 28.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 28.09.2012 28.12.2012 31.10.2012 28.09.2012 28.12.2012 28.09.2012 28.12.2012 28.12.2012 31.07.2012 31.08.2012 31.12.2012 31.01.2013

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

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

Date 21.02.2013 15.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 30.01.2013 22.01.2013 17.01.2013 17.01.2013 16.01.2013 14.01.2013 10.01.2013 10.01.2013 16.11.2012 31.10.2012 30.10.2012 23.10.2012 10.10.2012 31.07.2012 04.05.2012


27.02.2013

Meggitt PLC Meggitt plc operates an engineering group, which specializes in aerospace, defense and electronics products. The Company manufactures aircraft instruments and valves, water injection systems, compact heat exchangers, smoke detection systems and defense systems, including aerial target systems and surveillance drones. Meggitt markets its products internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGGT LN EQUITY YTD Change MGGT LN EQUITY YTD % CHANGE

12/2011 01/yy 462.60 362.50 431'745.00 450.1 -2.68% 24.17% 87.31% 785.1 3'533.67 883.00 0.0 0.0 94.60 4'326.57

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 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 878.2 3.42x 217.1 13.85x 89.3 22.83x

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

31.12.2008 31.12.2009 1'162.6 1'150.5 1.82x 2.25x 290.1 379.3 7.29x 6.83x 99.1 138.8 10.67x 12.67x Profitability

31.12.2010 1'162.0 2.84x 362.5 9.11x 138.8 18.43x

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 1'455.3 2.43x 425.5 8.31x 184.9 14.69x 425.50 281.40 19.34% 15.53% 5.12% 11.14% 9.61% 0.41% 42.3% 29.1% 19.1% 12.7% 1.48 0.78 22.15% 49.24% 3.14

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

2.42 1.02 742.96 18.40% 17.73% 1.016 16 4.188 955'094 1'523'927 1'305'589 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 1'605.5 1'689.7 2.66x 2.46x 465.1 500.8 9.31x 8.64x 255.2 279.8 13.29x 12.30x 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

5.80 5.43 1.73 1.86 49.2% 33.0% 0.41 7.03 116.63 104.66

Sales/Revenue/Turnover

14.00

1'600.0

12.00

1'400.0 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 02.01.2009 02.07.2009

0.0 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

Meggitt PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BAILLIE GIFFORD AND M&G INVESTMENT MANAG VANGUARD GROUP INC LEGAL & GENERAL BLACKROCK NORGES BANK INVESTME MASSACHUSETTS FINANC JP MORGAN AXA FRAMLINGTON INV HSBC INVESTMENTS UK AEGON ARTISAN PARTNERS HOL SCOTTISH WIDOWS STANDARD LIFE INVEST UBS THREADNEEDLE ASSET M IGNIS ASSET MANAGEME AVIVA INVESTORS

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a 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 Barclays CHRISTIAN LAUGHLIN EVA Dimensions CRAIG STERLING Espirito Santo Investment Bank Research EDWARD STACEY Deutsche Bank BEN FIDLER Credit Suisse OLIVER SLEATH Arden Partners Ltd GRAHAM J WEBSTER Liberum Capital Ltd BENJAMIN BOURNE

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

Recommendation buy add top pick neutral hold hold overweight overweight buy buy neutral buy hold

Amt Held 86'993'907 80'851'778 65'315'756 59'444'016 31'753'192 27'293'479 24'984'372 18'196'691 17'580'029 16'703'377 15'417'435 14'566'634 14'545'180 14'432'822 13'694'913 13'570'174 13'357'924 13'022'072 12'370'395 11'150'663

% Out 11.08 10.3 8.32 7.57 4.04 3.48 3.18 2.32 2.24 2.13 1.96 1.86 1.85 1.84 1.74 1.73 1.7 1.66 1.58 1.42

Weighting

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

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

Latest Chg 7'799'047 3'205'658 (955'419) (92'827) (1'164'246) 28'115 (3'102'449) 326'524 2'476'063 2'007'887 394'338 (551'886) 1'923'956 (1'090'142) (5'827'575) 1'234'019 773'039 (3'341'188) 3'146'468

Target Price 480 489 455 480 450 365 520 #N/A N/A 495 445 400 #N/A N/A 430

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

File Dt 08.02.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 25.02.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013

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

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

Date 22.02.2013 21.02.2013 20.02.2013 11.02.2013 28.01.2013 21.01.2013 18.01.2013 17.01.2013 08.01.2013 12.12.2012 02.11.2012 01.10.2012 08.08.2012


27.02.2013

Melrose Industries PLC Melrose Industries PLC is an international engineering group with worldwide interests in the design, development and manufacture of specialist components for a wide range of markets, including aerospace, IT, telecommunications, consumer electronics, automotive, medical and consumer durables.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 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 05.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRO LN EQUITY YTD Change MRO LN EQUITY YTD % CHANGE

12/2011 01/yy 261.50 198.20 1'878'996.00 257.1 -1.68% 29.72% 81.99% 1'266.6 3'256.50 486.30 0.0 0.1 195.60 3'563.00

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

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

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 288.6 0.65x 33.5 5.59x 214.8 18.16x

100

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

31.12.2008 31.12.2009 895.3 1'298.5 1.09x 0.94x 103.6 156.6 9.45x 7.78x (48.3) 79.5 21.16x 16.36x Profitability

31.12.2010 1'035.4 1.77x 147.2 12.47x 141.1 14.95x

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 1'153.9 1.40x 180.2 8.99x 286.4 13.49x 180.20 157.10 13.61% 8.44% 13.82% 34.31% 0.61% 29.6% 15.8% 14.0% 24.8% 1.57 0.99 27.30% 75.01% 5.40 3.79

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.43 1.22 1'222.14 18.93% 15.03% 1.217 12 4.500 2'968'461 2'329'874 2'532'162 FY+2

12/12 Y 12/13 Y 1'545.7 2'358.2 2.74x 1.77x 274.0 424.5 13.00x 8.39x 153.8 219.2 16.07x 14.95x 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

-

-

6.09 4.82 1.66 2.30 75.0% 42.9% 0.61 5.47 67.75 96.51 91.55

Sales/Revenue/Turnover

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00

0.00 02.01.2009 02.07.2009

200.0 0.0 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

Melrose Industries PLC Holdings By:

All

Holder Name BLACKROCK THREADNEEDLE ASSET M LLOYDS BANKING GROUP SCOTTISH WIDOWS LEGAL & GENERAL ARTEMIS INVESTMENT M SCHRODER INVESTMENT F&C ASSET MANAGEMENT THREADNEEDLE INVESTM STANDARD LIFE INVEST ARTEMIS INVESTMENT M AVIVA PLC IGNIS ASSET MANAGEME DIRECTOR & RELATED H CREDIT SUISSE AG AEGON JUPITER ASSET MANAGE NORGES BANK INVESTME AVIVA INVESTORS FUND SCHRODER INVESTMENT

Firm Name Investec RBC Capital Markets Oriel Securities Ltd Credit Suisse EVA Dimensions Arden Partners Ltd Barclays JPMorgan Liberum Capital Ltd

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

Analyst CHRIS DYETT ANDREW CARTER HARRY PHILIPS JONATHAN HURN CRAIG STERLING DAVID LARKAM RICHARD PAIGE ANDREW J WILSON BENJAMIN BOURNE

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

Recommendation buy outperform buy neutral hold neutral overweight overweight buy

Amt Held 203'390'829 89'682'464 70'905'404 66'564'094 64'947'570 63'280'471 52'535'820 50'985'934 42'797'072 42'783'443 42'631'153 38'617'671 36'463'359 35'747'369 30'037'368 29'204'177 25'186'105 20'365'865 17'955'909 15'138'648

% Out 16.06 7.08 5.6 5.26 5.13 5 4.15 4.03 3.38 3.38 3.37 3.05 2.88 2.82 2.37 2.31 1.99 1.61 1.42 1.2

Weighting

Change 5 5 5 3 3 3 5 5 5

M M M M M U M M M

Latest Chg (52'846'118) 60'843'195 2'964'910 45'275'521 937'557 49'404'951 36'435'203 (593'619) 16'955'892 24'803'979 18'621'495 16'503'951 27'819'892 24'932'501 16'720'051 11'217'085 550'838 11'200'214

Target Price 260 245 270 245 #N/A N/A 220 270 255 250

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 01.10.2012 Investment Advisor 31.01.2013 Investment Advisor 01.10.2012 Unclassified 31.01.2013 Unclassified 26.09.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor 31.10.2012 Investment Advisor 01.10.2012 Investment Advisor 31.12.2012 Investment Advisor 17.10.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Other 01.08.2012 Investment Advisor 01.10.2012 Unclassified 01.10.2012 Investment Advisor 01.10.2012 Government 31.01.2013 Mutual Fund Manager 31.10.2012 Investment Advisor

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

Date 22.02.2013 19.02.2013 01.02.2013 17.01.2013 17.01.2013 27.11.2012 23.11.2012 16.11.2012 16.11.2012


27.02.2013

Metro AG Metro AG operates retail stores and markets products over the Internet. The Company operates cash and carry stores, supermarkets and hypermarkets, consumer electronics stores, department stores, theme stores, and online sales services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MEO GY EQUITY YTD Change MEO GY EQUITY YTD % CHANGE

12/2011 12/yy 32.15 19.52 547'850.00 23.425 -27.15% 20.01% 30.17% 324.1 7'653.94 7'441.00 0.0 73.0 3'474.00 15'372.94

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

7.0 M

30

6.0 M

25

5.0 M

20

4.0 M

15

3.0 M

10

2.0 M

5

1.0 M

0 f-12

31.12.2008 31.12.2009 67'955.0 65'529.0 0.21x 0.28x 3'246.0 3'005.0 4.37x 6.11x 401.0 383.0 11.25x 36.38x Profitability

LTM-4Q 31.12.2010 67'258.0 0.32x 3'333.0 6.37x 850.0 20.72x

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 66'702.0 0.20x 3'201.0 4.14x 631.0 14.61x 3'201.00 1'885.00 2.83% 2.21% 1.21% 6.33% 4.86% 2.13% 21.0% 4.2% 2.0% 0.9% 0.79 0.21 21.89% 116.92% 127.82 7.86

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 66'702.0 1.15x 3'201.0 4.14x 631.0 14.65x

j-12

12/yy 47'380.0 1.01x 1'540.0 0.00x (25.0) 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.89 143.42 -14.89% 11.55% 0.886 41 3.195 1'144'726 1'319'795 1'321'860 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/13 Q1 06/13 Q2 66'844.4 66'485.2 15'699.0 15'768.0 0.18x 0.18x 3'287.0 3'360.7 381.0 643.0 4.68x 4.57x 4.65x 736.0 832.6 9.90x 9.50x S&P Issuer Ratings

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

11.10.2012 BBBSTABLE 11.10.2012 A-3 4.49 2.51 2.76 3.52 116.9% 53.6% 2.13 5.45 2.86 46.58 71.47 -43.85

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.01.2009 02.07.2009

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 31.12.2007 64'210.0 0.36x 3'127.0 7.45x 825.0 22.24x

35

0.0 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

Metro AG Holdings By:

All

Holder Name FRANZ HANIEL & CIE G SCHMIDT-RUTHENBECK BEISHEIM OTTO FRANKLIN RESOURCES AKO CAPITAL LLP DEUTSCHE BANK AG DEKA INVESTMENT GMBH BLACKROCK DWS INVESTMENT S A VANGUARD GROUP INC ING INTERNATIONAL AD FIDEURAM GESTIONS SA FMR LLC WELLS FARGO SCHRODER INVESTMENT ALLIANZ ASSET MANAGE UNION INVESTMENT GMB ADELPHI CAPITAL LLP PETERCAM SA THRIVENT FINANCIAL F

Firm Name Nord/LB Commerzbank Corporates & Markets JPMorgan Exane BNP Paribas AlphaValue Baader Bank Cantor Fitzgerald Jefferies Nomura Oddo & Cie Credit Suisse Shore Capital Stockbrokers Independent Research GmbH Bankhaus Metzler EVA Dimensions Hammer Partners SA Landesbank Baden-Wuerttemberg National Bank AG DZ Bank AG Steubing AG M.M. Warburg Investment Research Barclays Morgan Stanley HSBC BHF-Bank Goldman Sachs Main First Bank AG Redburn Partners Silvia Quandt Research Hamburger Sparkasse Kepler Capital Markets Bankhaus Lampe Deutsche Bank Raymond James CA Cheuvreux Natixis Day by Day Macquarie Dr. Kalliwoda Equity Research Equita SIM SpA CS Capital Prosdocimi

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

Analyst WOLFGANG VASTERLING JUERGEN ELFERS JAIME VAZQUEZ JOHN KERSHAW EILEEN RYAN VOLKER BOSSE MICHAEL J DENNIS JAMES GRZINIC NICK COULTER LAURENCE HOFMANN XAVIER LE MENE CLIVE WILLIAM BLACK ZAFER RUZGAR STEFAN WIMMER AUSTIN BURKETT STEPHAN SEIP BARBARA AMBRUS STEFFEN MANSKE HERBERT STURM TOBIAS SCHMIDT THILO KLEIBAUER JAMES ANSTEAD EDOUARD AUBIN JEROME SAMUEL PETER STEINER FRANKLIN WALDING MATTHIAS EIFERT MARC DE SPEVILLE MARK JOSEFSON CHRISTIAN HAMANN FABIENNE CARON CHRISTOPH SCHLIENKAMP JAMES G COLLINS CEDRIC LECASBLE JUERGEN KOLB PIERRE-EDOUARD BOUDOT VALERIE GASTALDY SREEDHAR MAHAMKALI NORBERT KALLIWODA FABIO FAZZARI CHRISTOPHER PARKINSON TEAM COVERAGE

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

Recommendation hold add underweight underperform add buy buy hold neutral reduce underperform corporate hold buy hold buy hold buy hold buy hold equalweight Equalwt/In-Line underweight market weight not rated outperform buy neutral buy hold hold hold underperform underperform reduce hold underperform buy buy buy buy

Amt Held % Out 97'265'288 30.01 51'112'077 15.77 32'313'726 9.97 18'921'633 5.84 (4'764'411) -1.47 3'774'948 1.16 3'504'950 1.08 2'953'479 0.91 2'924'513 0.9 2'433'381 0.75 1'051'814 0.32 1'009'670 0.31 934'388 0.29 699'866 0.22 681'915 0.21 612'347 0.19 612'276 0.19 (550'986) -0.17 526'000 0.16 498'600 0.15

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

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

Latest Chg (13'709'836) 3'192'967 21'651 (445'700) (20'017) 48'000 60'548 (209'670) (264'728) (425'110) 69'810 43'415 249'604 (499'000) 181'500 258'150

Target Price 24 25 24 21 26 30 30 22 23 21 21 #N/A N/A 25 27 #N/A N/A 32 22 27 23 37 23 23 23 20 24 #N/A N/A 26 #N/A N/A 22 #N/A N/A 20 23 23 21 22 20 #N/A N/A 22 31 40 52 #N/A N/A

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

File Dt Inst Type 06.02.2013 Holding Company 08.02.2013 n/a 17.10.2012 n/a 31.12.2012 Investment Advisor 02.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 18.01.2013 Investment Advisor 30.12.2011 Mutual Fund Manager 31.10.2012 Investment Advisor

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

Date 19.02.2013 18.02.2013 18.02.2013 15.02.2013 14.02.2013 12.02.2013 06.02.2013 01.02.2013 01.02.2013 28.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 14.01.2013 10.01.2013 04.01.2013 24.12.2012 05.12.2012 03.12.2012 03.12.2012 03.12.2012 02.11.2012 02.11.2012 30.10.2012 22.10.2012 19.10.2012 12.10.2012 08.10.2012 08.10.2012 08.10.2012 05.10.2012 21.09.2012 16.08.2012 09.08.2012 11.07.2011 06.01.2011


27.02.2013

Metso OYJ Metso Corporation is a global supplier of process industry machinery and systems. The Company's core businesses are divided between Metso Paper (fiber and paper technology), Metso Minerals (rock and mineral processing), and Metso Automation (automation and control technology). Metso's main market areas are Europe and North America. The Company also invests in venture companies.

Price/Volume

3.0 M

12/2012 12/yy 37.27 24.88 551'490.00 32.55 -12.69% 30.83% 61.02% 150.3 4'893.84 1'290.00 0.0 20.0 732.00 5'471.84

2.0 M 1.5 M

15 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 31.12.2009 31.12.2010 5'016.0 5'552.0 0.89x 1.22x 416.0 580.0 10.77x 11.72x 150.0 257.0 23.23x 24.35x Profitability

LTM-4Q 31.12.2011 6'646.0 0.70x 745.0 6.24x 356.0 12.04x

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 7'504.0 0.72x 764.0 7.04x 373.0 12.86x 764.00 598.00 7.97% 7.33% 5.63% 17.26% 1.13% 24.0% 10.2% 8.0% 5.0% 1.48 0.25 19.42% 58.45% 3.56

Price/ Cash Flow

12/yy 6'646.0 3.16x 745.0 6.24x 356.0 12.03x

LTM 12/yy 7'504.0 2.62x 764.0 7.04x 373.0 12.86x

FY+1

.0 M f-13

1.35 -1.87% 1.59% 1.353 30 3.833 644'283 626'109 734'597 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'217.1 7'188.5 1'677.6 1'822.1 0.73x 0.71x 3.22x 3.00x 796.2 811.4 168.4 206.1 6.88x 6.74x 6.77x 6.60x 416.1 427.6 85.8 104.7 11.97x 11.61x 11.87x 11.41x 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

15.05.2007 BBB POS 12.08.2010 A-2 9.93 7.75 0.73 1.69 58.5% 36.7% 1.13 8.90 102.88 113.33

Sales/Revenue/Turnover

16.00

8'000.0

14.00

7'000.0

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

2.5 M

25 20

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MEO1V FH EQUITY YTD Change MEO1V FH EQUITY YTD % CHANGE

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

3.5 M

35 30

Valuation Analysis

31.12.2008 6'400.0 0.37x 767.0 3.05x 389.0 3.10x

40

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

Metso OYJ Holdings By:

All

Holder Name SOLIDIUM OY CEVIAN CAPITAL AB ILMARINEN MUTUAL PEN VARMA MUTUAL PENSION LANSDOWNE PARTNERS VANGUARD GROUP INC BLACKROCK FINLAND STATE PENSIO NORDEA INVESTMENT FU SWEDBANK ROBUR FONDE LOCAL GOVERNMENT PEN OP FUND MANAGEMENT C MANDATUM LIFE INSURA SVENSKA LITTERATURSA ODIN FORVALTNING AS NORDEA FONDER AB/SWE KYNIKOS ASSOCIATES L ODIN FONDER SEB NORDEA FENNIA FUND

Firm Name

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

Analyst

AlphaValue LIONEL PELLICER Credit Suisse ANDRE KUKHNIN SEB Enskilda TOMI RAILO Deutsche Bank ANETTE LUOMANPERA Pohjola Bank Plc (ESN) PEKKA SPOLANDER Pareto Securities JARI HARJUNPAA FIM SANNA KAJE Exane BNP Paribas ALEXIS DENAUD ABG Sundal Collier JOHANNES GRUNSELIUS HSBC COLIN GIBSON Carnegie TIMO HEINONEN Nordea Equity Research JAN KAIJALA Handelsbanken TOM SKOGMAN DNB Markets SAMPSA KARHUNEN Barclays ALLAN SMYLIE Danske Markets ANTTI SUTTELIN Morgan Stanley MARKUS ALMERUD Goldman Sachs AARON IBBOTSON JPMorgan ALEXANDER WHIGHT Nomura KLAS BERGELIND Evli Bank Plc ELINA RIUTTA INDERES JUHA KINNUNEN CA Cheuvreux JOHAN ELIASON EVA Dimensions CRAIG STERLING Berenberg Bank ALEXANDER VIRGO Espirito Santo Investment Bank Research EDWARD STACEY Swedbank ERKKI VESOLA ICECAPITAL Markets LAURI LEINO

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

Recommendation add outperform buy hold accumulate hold accumulate outperform hold underweight buy buy buy buy equalweight hold Overwt/Cautious Buy/Neutral underweight reduce buy accumulate outperform overweight buy buy buy buy

Amt Held % Out 16'695'287 11.1 7'790'060 5.18 6'341'943 4.22 3'908'465 2.6 (2'751'374) -1.83 2'437'302 1.62 2'129'448 1.42 1'940'000 1.29 1'746'811 1.16 1'609'591 1.07 1'462'871 0.97 1'405'973 0.94 1'400'000 0.93 1'174'876 0.78 1'001'386 0.67 905'101 0.6 (856'985) -0.57 840'020 0.56 787'645 0.52 775'000 0.52

Weighting

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

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

Latest Chg (240'557) 65'270 (9'133) 85'856 277'893 (29'027) 70'856 100'643 258'093 -

Target Price 38 38 38 30 38 34 37 38 36 26 #N/A N/A 38 41 40 32 36 40 40 32 26 35 35 39 #N/A N/A 38 40 30 34

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

File Dt 31.10.2012 03.08.2012 31.10.2012 31.10.2012 03.01.2013 31.12.2012 25.02.2013 31.10.2012 31.12.2012 31.12.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.01.2013 31.01.2013 01.11.2012 31.10.2012 31.12.2012 31.10.2012

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

Inst Type Holding Company Venture Capital Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Insurance Company Other Mutual Fund Manager Investment Advisor Hedge Fund Manager Mutual Fund Manager Unclassified n/a

Date 21.02.2013 20.02.2013 18.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 18.01.2013 17.01.2013 08.01.2013 17.12.2012 26.10.2012 01.07.2010


27.02.2013

Mondi PLC Mondi Plc is is an integrated paper and packaging group. The Company manufactures packaging paper, converted packaging products and office paper. Mondi has operations and interests in Western Europe, Emerging Europe And South Africa. Dually-listed company with MND SJ.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 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 02.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MNDI LN EQUITY YTD Change MNDI LN EQUITY YTD % CHANGE

12/2012 01/yy 862.00 494.20 636'040.00 840 -2.55% 69.97% 91.84% 367.2 4'081.10 1'921.00 0.0 304.0 57.00 6'885.37

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

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 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 6'345.0 0.50x 801.0 3.94x (211.0) -

1000 900 800 700 600 500 400 300 200 100 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 5'257.0 5'610.0 0.74x 0.87x 654.0 803.0 5.94x 6.11x (33.0) 224.0 15.85x Profitability

31.12.2011 5'739.0 0.68x 960.0 4.09x 330.0 9.47x

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

31.12.2012 5'807.0 1.06x 923.0 6.69x 244.0 16.32x 923.00 568.00 9.78% 6.39% 3.98% 9.46% 8.25% 0.95% 38.5% 15.9% 9.8% 4.2% 1.29 0.04 29.04% 74.69% 5.05

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.88 1.28 355.36 47.68% 25.47% 1.280 10 4.000 2'206'190 1'655'835 1'217'327 FY+2

12/13 Y 12/14 Y 6'668.8 6'799.6 1.00x 0.96x 1'050.1 1'085.4 6.56x 6.34x 388.3 417.3 12.24x 11.57x S&P Issuer Ratings

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

FQ+1

FQ+2

-

-

8.03 5.43 2.02 2.08 74.7% 40.0% 0.95 1.64 72.54 65.43

Sales/Revenue/Turnover

8.00

7'000.0

7.00

6'000.0

6.00

5'000.0

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

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

Mondi PLC Holdings By:

All

Holder Name INVESTEC ASSET MANAG Investec Asset Manag ALLAN GRAY INVESTMEN CORONATION ASSET MAN DIMENSIONAL FUND ADV LEGAL & GENERAL ALLAN GRAY UNIT TRUS SANLAM ASSET MANAGEM SANLAM INVESTMENT MA BLACKROCK CAPITAL GROUP COMPAN ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV NORGES BANK INVESTME JP MORGAN LSV ASSET MANAGEMENT SCOTTISH WIDOWS PRINCIPAL GLOBAL INV VANGUARD GROUP INC STANDARD LIFE INVEST

Firm Name Deutsche Bank BNP Paribas Cadiz Securities Jefferies Credit Suisse EVA Dimensions Goldman Sachs Davy

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

Analyst MATTHIAS PFEIFENBERGER BRIAN MORGAN JUSTIN JORDAN LARS KJELLBERG CRAIG STERLING ESHAN TOORABALLY BARRY DIXON

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

Recommendation buy buy buy outperform overweight neutral/neutral outperform

Amt Held 17'789'698 17'789'698 17'301'819 15'928'065 14'848'618 14'787'841 10'993'007 10'936'128 10'936'128 10'663'874 10'511'712 9'133'239 8'788'214 8'128'992 7'994'656 7'907'246 6'880'353 4'400'317 4'160'662 3'752'268

% Out 4.84 4.84 4.71 4.34 4.04 4.03 2.99 2.98 2.98 2.9 2.86 2.49 2.39 2.21 2.18 2.15 1.87 1.2 1.13 1.02

Weighting

Change 5 5 5 5 5 3 5

M M M U D M M

Latest Chg 1'775'247 (398'863) 591'858 1'009'276 390'890 (133'180) (77'109) (1'377'800) 1'299'107 1'379'193 57'614 677'963

Target Price 950 939 960 980 #N/A N/A 750 #N/A N/A

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

File Dt Inst Type 31.12.2011 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 30.09.2012 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Unclassified 28.01.2013 Investment Advisor 01.11.2012 Investment Advisor 31.12.2011 Mutual Fund Manager 25.02.2013 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.07.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Corporation 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor

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

Date 22.02.2013 22.02.2013 21.02.2013 11.02.2013 04.02.2013 22.01.2013 31.10.2012


27.02.2013

MTU Aero Engines Holding AG MTU Aero Engines Holding AG develops and manufactures engines and offers commercial engine services and support. The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

Price/Volume

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 MTX GY EQUITY YTD Change MTX GY EQUITY YTD % CHANGE

12/2012 12/yy 73.85 55.34 81'145.00 70.86 -4.09% 28.04% 82.12% 52.0 3'684.72 261.60 0.0 0.0 242.90 4'109.22

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

.4 M

70

.4 M

60

.3 M

50

.3 M

40

.2 M

30

.2 M

20

.1 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 2'724.3 0.45x 407.5 2.99x 179.7 5.38x

80

31.12.2009 31.12.2010 2'610.8 2'707.4 0.77x 0.95x 368.3 398.9 5.48x 6.43x 141.0 142.2 13.21x 17.39x Profitability

LTM-4Q 31.12.2011 2'932.1 0.83x 419.2 5.80x 158.2 15.26x

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

31.12.2012 3'378.6 173.9 20.06x 419.20 283.80 9.68% 7.87% 5.16% 20.00% 0.85% 18.6% 12.8% 8.6% 5.1% 0.99 0.45 7.00% 28.87% 5.96 3.52

Price/ Cash Flow

12/yy 2'932.1 3.32x 419.2 5.80x 158.2 15.26x

LTM 12/yy 3'378.6 2.90x 349.7 0.00x 173.9 20.06x

FY+1

.0 M f-13

0.83 50.63 26.50% 2.99% 0.833 28 3.429 149'243 127'596 119'252 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'767.3 4'083.9 1.07x 0.98x 545.3 605.9 7.54x 6.78x 252.1 286.9 63.9 62.1 14.10x 12.59x 13.71x S&P Issuer Ratings

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

11.05.2010 NR 25.56 18.63 0.99 1.45 28.9% 22.4% 0.85 5.84 61.44 103.93 65.31 113.41

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 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

MTU Aero Engines Holding AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK GOLDMAN SACHS GROUP UBS GRYPHON INTERNATIONA AMERIPRISE FINANCIAL INVESTEC ASSET MANAG WILLIAM BLAIR & COMP DEUTSCHE BANK AG MTU AERO ENGINES HOL VANGUARD GROUP INC ALLIANZ ASSET MANAGE SCHRODER INVESTMENT FRANKFURT TRUST INVE THREADNEEDLE INVESTM DJE INVESTMENT SA PRINCIPAL FINANCIAL DEKA INVESTMENT GMBH PUTNAM INVESTMENT MA

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

Firm Name

Analyst

Independent Research GmbH Berenberg Bank AlphaValue Societe Generale Commerzbank Corporates & Markets Deutsche Bank Nord/LB JPMorgan Bankhaus Lampe Oddo & Cie Natixis DZ Bank AG Main First Bank AG Exane BNP Paribas Barclays Morgan Stanley HSBC Landesbank Baden-Wuerttemberg Kepler Capital Markets Equinet Institutional Services(ESN) EVA Dimensions Credit Suisse Bankhaus Metzler Silvia Quandt Research CA Cheuvreux National Bank AG Steubing AG

ZAFER RUZGAR FREDERIK BITTER HEINZ STEFFEN ZAFAR KHAN STEPHAN BOEHM BEN FIDLER WOLFGANG DONIE DAVID H. PERRY SEBASTIAN HEIN YAN DEROCLES ERIC CHADEYRAS MARKUS TURNWALD CHLOE LEMARIE OLIVIER BROCHET CHRISTIAN LAUGHLIN RUPINDER VIG RICHARD SCHRAMM STEFAN MAICHL CHRISTOPHE MENARD ADRIAN PEHL CRAIG STERLING OLIVER SLEATH HELENA WUESTENFELD EERIK KD BUDARZ ANTOINE BOIVIN-CHAMPEAUX STEFFEN MANSKE MICHAEL BROEKER

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

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

Amt Held 14'035'694 4'147'075 2'237'398 1'966'413 1'886'923 1'570'400 1'565'370 1'559'657 1'443'132 1'382'150 1'367'315 1'251'845 1'091'546 810'999 430'000 418'966 373'415 325'178 304'401 292'040

% Out 26.99 7.98 4.3 3.78 3.63 3.02 3.01 3 2.78 2.66 2.63 2.41 2.1 1.56 0.83 0.81 0.72 0.63 0.59 0.56

Weighting

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

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

Latest Chg (127'129) 500 (285) (11'107) (3'500) (51'783) 1'915 (55'600) 2'823 (13'328)

Target Price 77 72 67 73 83 78 81 84 76 79 76 88 61 67 67 60 73 66 79 80 #N/A N/A 77 82 51 75 53 #N/A N/A

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

File Dt Inst Type 16.01.2013 Investment Advisor 05.02.2013 Investment Advisor 25.02.2013 Investment Advisor 11.05.2012 Investment Advisor 11.05.2012 Unclassified 31.12.2011 Investment Advisor 29.10.2012 Investment Advisor 29.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.01.2012 Other 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 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 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 17.01.2013 16.01.2013 11.01.2013 23.10.2012 26.07.2012 06.10.2010 18.02.2009


27.02.2013

Natixis Natixis attracts deposits and offers commercial banking services. The Bank lends to medium-sized and large businesses in France. Natixis offers investment banking, underwriting, bond and equity brokerage, asset management, insurance, and venture capital services and manages mutual funds. The Bank makes real estate loans and owns and manages real estate.

Price/Volume 4

40.0 M

3

12/2012 12/yy 3.69 1.76 2'881'907.00 3.187 -13.91% 81.08% 73.47% 3'086.2 9'835.77 372'871.00 0.0 520.0 54'210.00 -

30.0 M

2

20.0 M

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

50.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 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 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KN FP EQUITY YTD Change KN FP EQUITY YTD % CHANGE

31.12.2008 18'885.0 (2'799.0) -

60.0 M

4

31.12.2009 31.12.2010 10'750.0 11'546.0 (1'707.0) 1'732.0 7.45x Profitability

LTM-4Q 31.12.2011 13'021.0 1'562.0 4.52x

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

31.12.2012 6'132.0 901.0 8.70x 18.75% 25.33% 0.24% 7.11% 0.33% 0.03% 18.7% 73.44% 1804.01% -

Price/ Cash Flow

LTM

12/yy 5'180.0 0.00x 0.0 0.00x 1'563.0 3.77x

12/yy 4'728.0 0.00x 0.0 0.00x 902.0 8.70x

FY+1

.0 M f-13

1.34 1'000.92 31.36% 24.98% 1.343 14 3.429 6'395'753 5'898'824 4'563'964 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'834.9 7'211.3 1'697.0 1'641.5 997.5 1'161.6 201.0 166.0 9.93x 8.50x 9.96x 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

23.01.2012 A NEG 27.10.2008 A-1 1804.0% 94.6% 0.03 9.69 -

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 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

Natixis Holdings By:

All

Holder Name BPCE SA VANGUARD GROUP INC BLACKROCK NATIXIS ASSET MANAGE FEDERAL GESTION NATIXIS HSBC ASSET MGMT EURO BANQUE DEGROOF LBPAM MMA FINANCE DIMENSIONAL FUND ADV COLUMBIA MANAGEMENT AMUNDI STATE STREET BANQUE KBC GROUP NV COVEA FINANCE SAS CREDIT SUISSE ASSET AMUNDI KBL RICHELIEU GESTIO SCHRODER INVESTMENT

Firm Name Oddo & Cie Keefe, Bruyette & Woods AlphaValue JPMorgan CA Cheuvreux Nomura Exane BNP Paribas Societe Generale Morgan Stanley Credit Suisse CM - CIC Securities(ESN) Goldman Sachs HSBC EVA Dimensions Natixis Kepler Capital Markets

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEAN SASSUS JEAN-PIERRE LAMBERT CHRISTOPHE NIJDAM DELPHINE LEE CYRIL MEILLAND JON PEACE GUILLAUME TIBERGHIEN SEBASTIEN LEMAIRE THIBAULT NARDIN MAXENCE LE GOUVELLO PIERRE CHEDEVILLE JEAN-FRANCOIS NEUEZ ROBIN DOWN AUSTIN BURKETT ALEX KOAGNE TEAM COVERAGE

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

Recommendation buy outperform add restricted underperform reduce neutral buy not rated neutral buy neutral/neutral neutral underweight not rated hold

Amt Held 2'080'441'556 16'685'137 8'546'630 8'198'096 7'970'000 4'653'020 4'342'981 2'486'398 1'862'031 1'801'949 1'773'362 1'637'446 1'548'402 1'479'714 1'407'374 1'396'250 1'269'052 1'224'464 1'160'000 1'145'951

% Out 67.41 0.54 0.28 0.27 0.26 0.15 0.14 0.08 0.06 0.06 0.06 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04

Weighting

Change

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

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

Latest Chg 279'531 8'639 (126'233) 800'000 (3'941) 80'000 4'869 128'649 3'897 (28'414) 367'995 (3'750) (8'163) 648'713 560'000 (94'684)

Target Price 5 4 4 #N/A N/A 3 3 4 4 4 3 3 4 3 #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 01.03.2011 31.12.2012 25.02.2013 31.12.2012 30.11.2012 31.12.2010 31.12.2012 01.02.2013 31.12.2012 29.06.2012 31.07.2012 31.12.2012 30.11.2012 31.01.2013 31.01.2013 30.09.2011 28.12.2012 28.09.2012 30.11.2012 31.12.2012

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

Inst Type Bank Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Bank Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 27.02.2013 25.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 30.01.2013 15.01.2013 23.05.2012 27.03.2012


27.02.2013

Nokian Renkaat OYJ Nokian Renkaat Oyj develops, manufactures, and markets summer and winter tires for cars and bicycles and tires for heavy machinery. The Company primarily operates in the tire replacement market. Nokian also runs the Vianor tire chain which owns retail outlets in Scandinavia and the Baltic states. The Company produces in Europe, the United States, and Asia.

Price/Volume 4.0 M

30

3.5 M 3.0 M 2.5 M

20

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 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 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NRE1V FH EQUITY YTD Change NRE1V FH EQUITY YTD % CHANGE

12/2012 12/yy 38.20 26.92 361'500.00 34.45 -9.71% 27.97% 66.76% 132.0 4'545.92 365.10 0.0 0.3 430.30 4'481.02

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

4.5 M

35 25

Valuation Analysis

31.12.2008 1'080.9 1.21x 302.9 4.32x 139.9 7.05x

40

31.12.2009 31.12.2010 798.5 1'058.1 2.99x 3.31x 164.1 291.7 14.54x 12.02x 58.3 169.7 36.41x 20.50x Profitability

LTM-4Q 31.12.2011 1'456.8 2.21x 452.2 7.12x 308.9 10.40x

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 1'612.4 2.42x 496.9 7.86x 330.9 11.94x 496.90 415.00 25.74% 24.04% 16.99% 25.24% 0.83% 44.1% 30.8% 25.7% 20.5% 5.48 3.65 18.08% 25.41% 4.54 2.82

Price/ Cash Flow

12/yy 1'456.8 10.39x 263.4 0.00x 308.9 10.36x

LTM 12/yy 1'612.5 11.00x 497.0 7.86x 331.0 11.88x

FY+1

.0 M f-13

1.16 7.05% 14.45% 1.162 22 3.455 509'983 756'676 626'116 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'740.3 1'931.8 368.0 438.8 2.56x 2.26x 12.40x 10.34x 543.1 600.5 101.6 137.2 8.25x 7.46x 8.54x 8.46x 361.9 406.7 69.3 96.6 12.84x 11.49x 13.16x 12.12x 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

33.75 21.82 -0.13 0.73 25.4% 20.3% 0.83 2.57 80.69 129.83 33.64 176.88

Sales/Revenue/Turnover

140.00

1'800.0

120.00

1'600.0 1'400.0

100.00

1'200.0

80.00

1'000.0

60.00

800.0 600.0

40.00

400.0

20.00 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

Nokian Renkaat OYJ Holdings By:

All

Holder Name VARMA MUTUAL PENSION JP MORGAN CAPITAL GROUP COMPAN ILMARINEN MUTUAL PEN FMR LLC OP INVESTMENT FUNDS VANGUARD GROUP INC NORDEA FONDER AB SWEDBANK ROBUR FONDE NORDEA INVESTMENT FU FINLAND STATE PENSIO AQR CAPITAL MANAGEME WILLIAM BLAIR & COMP ETON PARK INTERNATIO LOCAL GOVERNMENT PEN BLACKROCK ODIN FORVALTNING AS TAPIOLA MUTUAL PENSI NEW JERSEY DIVISION MANDATUM LIFE INSURA

Firm Name HSBC Pohjola Bank Plc (ESN) INDERES Goldman Sachs SEB Enskilda Carnegie Nordea Equity Research Handelsbanken Natixis Evli Bank Plc Danske Markets ABG Sundal Collier EVA Dimensions Morgan Stanley Swedbank FIM CA Cheuvreux Aton LLC Deutsche Bank

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

Analyst NIELS FEHRE JARI RAISANEN SAULI VILEN STEPHAN PUETTER ARTEM BELETSKI TOMMY ILMONI RAULI JUVA TOM SKOGMAN MICHAEL FOUNDOUKIDIS MIKA KARPPINEN KALLE KARPPINEN ERIK PETTERSSON-GOLRANG CRAIG STERLING EDOARDO SPINA TOMI TIILOLA MARTIN SUNDMAN THOMAS BESSON MIKHAIL PAK GAETAN TOULEMONDE

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

Recommendation neutral accumulate accumulate neutral/attractive hold hold buy buy reduce buy buy buy underweight Underwt/In-Line buy accumulate underperform buy hold

Amt Held % Out 9'000'000 6.82 6'900'869 5.23 6'206'000 4.7 4'320'023 3.27 4'155'456 3.15 2'344'000 1.78 2'129'711 1.61 2'081'274 1.58 1'812'179 1.37 1'393'673 1.06 1'360'042 1.03 (1'332'767) -1.01 1'260'326 0.96 (1'253'302) -0.95 1'000'867 0.76 918'932 0.7 804'061 0.61 800'000 0.61 750'000 0.57 736'404 0.56

Weighting

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

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

Latest Chg (31'604) (92'717) 58'996 332'654 (242'432) (145'429) (12'644) 1'244 (250'000) -

Target Price 36 39 35 38 34 #N/A N/A 38 43 29 40 37 37 #N/A N/A 32 37 33 30 43 35

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

File Dt 31.10.2012 31.10.2012 31.12.2012 31.10.2012 31.12.2012 31.10.2012 31.12.2012 31.10.2012 31.12.2012 31.12.2012 31.10.2012 11.02.2013 31.12.2012 01.11.2012 31.10.2012 25.02.2013 31.01.2013 31.10.2012 30.06.2012 31.10.2012

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

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

Date 21.02.2013 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 06.02.2013 17.01.2013 20.12.2012 01.11.2012 30.10.2012 23.10.2012 27.07.2012 16.04.2012


27.02.2013

Norsk Hydro ASA Norsk Hydro ASA is a supplier of aluminum and aluminum products. The company provides automotive and transport products, building systems, casthouse products, extruded products, rolled products, and wire rod.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (26.07.2012) 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 NHY NO EQUITY YTD Change NHY NO EQUITY YTD % CHANGE

12/2012 12/yy 34.23 22.97 7'162'180.00 26.01 -24.01% 13.23% 29.93% 2'069.0 53'814.64 9'630.00 0.0 5'835.0 11'377.00 57'902.65

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

14.0 M

30

12.0 M

25

10.0 M

20

8.0 M

15

6.0 M

10

4.0 M

5

2.0 M

0 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 88'643.0 0.35x 8'041.0 3.90x (3'925.0) -

35

31.12.2009 31.12.2010 67'409.0 75'754.0 0.86x 0.76x 3'859.0 6'767.0 14.96x 8.53x 299.0 1'888.0 196.37x 32.03x Profitability

LTM-4Q 31.12.2011 91'444.0 0.68x 17'386.0 3.55x 6'705.0 8.13x

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 64'181.0 0.95x 6'429.0 9.47x (1'233.0) 6'429.00 885.00 1.38% 0.13% -0.99% -1.69% 0.63% 7.9% 0.8% -1.9% 1.89 0.54 8.26% 14.16% -

Price/ Cash Flow

LTM

12/yy 91'444.0 3.53x 17'475.0 3.53x 6'705.0 7.53x

12/yy 77'941.0 3.23x 6'185.0 9.85x (1'233.0) 0.00x

FY+1

.0 M f-13

1.11 780.68 -20.64% -6.71% 1.113 27 3.444 5'701'876 5'804'389 4'891'950 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 70'890.8 78'565.6 17'162.6 18'070.8 0.86x 0.75x 3.30x 3.19x 7'887.7 9'846.3 1'813.0 1'963.4 7.34x 5.88x 7.07x 6.10x 2'199.8 3'649.6 434.7 579.6 24.17x 14.69x 23.58x 16.72x 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

19.11.2010 BBB STABLE 19.11.2010 A-2 16.36 8.07 -0.28 1.56 14.2% 11.5% 0.63 1.34 -

Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0 10.00

150'000.0

8.00 6.00

100'000.0

4.00

50'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


27.02.2013

Norsk Hydro ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS VALE AUSTRIA HOLDING STATE STREET GOVERNMENT PENSION F NORTHERN TRUST CO CLEARSTREAM BANKING DODGE & COX RASMUSSENGRUPPEN NORSK HYDRO ASA EUROCLEAR BANK SA BANK OF NEW YORK MEL VANGUARD GROUP INC SKAGEN AS DNB NOR ASSET MANAGE ODIN FORVALTNING AS STOREBRAND FUND MANA RBC DEXIA INVESTOR S STATOILS PENSJONSKAS JP MORGAN CHASE BANK KLP AKSJENORGE

Firm Name Exane BNP Paribas Nomura AlphaValue Fondsfinans AS Deutsche Bank SEB Enskilda Carnegie Nordea Equity Research Handelsbanken DNB Markets Norne Securities AS Swedbank First Securities ABG Sundal Collier JPMorgan HSBC Pareto Securities S&P Capital IQ Arctic Securities ASA BMO Capital Markets EVA Dimensions Goldman Sachs SpareBank 1 Markets AS CA Cheuvreux Dahlman Rose & Co Redburn Partners

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

Analyst LUC PEZ NEIL SAMPAT SACHIN KUMAR ARNE EGIL ROENNING ROBERT CLIFFORD TRULS KOLSRUD ENGENE BENGT JONASSEN ANDRE HOLO ADOLFSEN ANNE GJOEN KNUT-IVAR BAKKEN IRMANTAS VASKELA HANS-ERIK JACOBSEN MARTIN MELBYE BENJAMIN DEFAY THORSTEN ZIMMERMANN EIRIK VEGEM DAHLE CHRISTINE TISCARENO THOMAS LORCK TONY ROBSON CRAIG STERLING EUGENE KING HENRIK SCHULTZ JOAKIM AHLBERG ANTHONY B RIZZUTO JR TIM JARRATT

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

Recommendation underperform reduce buy neutral hold buy buy buy accumulate buy buy buy buy underweight neutral buy hold buy underperform underweight sell/attractive buy outperform hold buy

Amt Held 708'865'253 447'834'465 81'942'929 67'406'116 60'341'671 45'155'654 34'026'190 32'377'000 31'430'114 22'140'587 20'758'626 17'876'339 16'641'557 14'069'696 11'633'670 9'476'260 9'469'743 9'331'983 9'208'597 8'529'457

% Out 34.26 21.64 3.96 3.26 2.92 2.18 1.64 1.56 1.52 1.07 1 0.86 0.8 0.68 0.56 0.46 0.46 0.45 0.45 0.41

Weighting

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

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

Latest Chg 313'149 (239'828) 255'837 -

Target Price 22 22 35 29 32 35 #N/A N/A 33 30 38 35 35 40 20 28 40 28 35 20 #N/A N/A 20 33 35 #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 18.02.2013 Government 18.02.2013 Other 26.02.2013 Investment Advisor 18.02.2013 Government 18.02.2013 Investment Advisor 18.02.2013 Bank 29.01.2013 Investment Advisor 18.02.2013 Corporation 18.02.2013 Corporation 18.02.2013 Bank 18.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Pension Fund (ERISA) 18.02.2013 Investment Advisor 18.02.2013 Investment Advisor

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

Date 27.02.2013 26.02.2013 21.02.2013 18.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 29.01.2013 17.01.2013 15.01.2013 30.11.2012 25.07.2012 25.07.2012 24.07.2012


27.02.2013

Novozymes A/S Novozymes A/S is a biotechnology based company. The Company researches, develops, produces, and sells enzymes for industrial use. Novozymes works within three main segments: the technical enzyme market, the food enzyme market, and the animal feed enzyme market. The Company has a worldwide distribution network, as well as operates sales and service centers online.

Price/Volume

200

2.5 M 2.0 M

150 100

12/2012 12/yy 199.00 144.40 309'800.00 199 -0.25% 37.81% 98.67% 271.3 64'675.00 2'035.00 0.0 13.0 535.00 66'188.00

1.0 M

50

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

3.0 M

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.08.2012) 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 NZYMB DC EQUITY YTD Change NZYMB DC EQUITY YTD % CHANGE

31.12.2008 8'146.0 3.39x 2'060.0 13.39x 1'062.0 24.35x

250

31.12.2009 31.12.2010 8'448.0 9'724.0 3.73x 4.55x 2'252.0 2'732.0 13.99x 16.19x 1'194.0 1'613.0 28.06x 30.17x Profitability

LTM-4Q 31.12.2011 10'510.0 5.43x 3'096.0 18.43x 1'826.0 30.60x

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

31.12.2012 11'234.0 4.92x 3'448.0 16.03x 2'015.0 24.81x 3'448.00 2'745.00 24.43% 23.00% 13.91% 21.93% 0.78% 57.2% 24.4% 17.9% 1.87 1.00 13.47% 21.30% 5.55 -

Price/ Cash Flow

LTM

12/yy 10'510.0 18.65x 0.0 0.00x 1'826.0 29.11x

12/yy 11'234.0 16.70x 0.0 0.00x 2'014.0 24.82x

FY+1

.0 M f-13

0.72 22.31% 25.00% 0.717 21 2.810 485'949 675'681 536'260 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'978.9 12'919.4 2'917.3 2'990.8 5.43x 4.97x 3'697.3 4'031.9 924.3 929.5 17.90x 16.42x 17.58x 2'212.4 2'418.5 539.5 547.0 28.65x 26.21x 28.31x 27.74x 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

43.10 29.08 21.3% 17.5% 0.78 1.65 65.99 133.87

Sales/Revenue/Turnover

25.00

12'000.0

20.00

10'000.0 8'000.0

15.00

6'000.0 10.00

4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 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

Novozymes A/S Holdings By:

All

Holder Name BAILLIE GIFFORD AND NOVOZYMES A/S VANGUARD GROUP INC JUPITER ASSET MANAGE BLACKROCK STATE FARM MUTUAL AU SARASIN COLUMBIA WANGER ASSE OPPENHEIMERFUNDS INC AQR CAPITAL MANAGEME DANSKE INVEST A/S NORDEA INV MANAGEMEN LORING WOLCOTT AND C STATE FARM LIFE INSU THORNBURG INVESTMENT NEUBERGER BERMAN LLC JUPITER GLOBAL ACTIV WCM INVESTMENT MANAG EDINBURGH FUND MANAG GUARDIAN INVESTOR SE

Firm Name AlphaValue Jyske Bank NYKREDIT EVA Dimensions Danske Markets DNB Markets Kempen & Co Handelsbanken Goldman Sachs JPMorgan S&P Capital IQ Credit Suisse SEB Enskilda Nordea Equity Research ABG Sundal Collier Jefferies Carnegie Alm Brand Markets Deutsche Bank CA Cheuvreux Sydbank

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a STATE FARM MUTUAL AU n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios LORING WOLCOTT & COO STATE FARM LIFE INSU Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KAMLA SINGH JONAS GULDBORG HANSEN KLAUS KEHL CRAIG STERLING TOBIAS CORNELIUS BJORKLUND RUNE MAJLUND DAHL DENIS LEPADATU CASPER BLOM FULVIO CAZZOL JEFFREY J ZEKAUSKAS ALEXANDER WISCH RHIAN O'CONNOR SOREN SAMSOE HANS GREGERSEN MICHAEL K RASMUSSEN LAURENCE ALEXANDER LARS TOPHOLM MICHAEL FRIIS JORGENSEN CATHERINE FARRANT RICHARD KOCH MORTEN IMSGARD

Source Research Co File MF-AGG MF-AGG ULT-AGG Sch-D ULT-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG 13F Sch-D MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce buy neutral hold buy sell hold reduce Buy/Neutral neutral hold underperform buy sell buy hold sell neutral hold underperform underweight

Amt Held % Out 24'845'307 9.16 12'749'051 4.7 7'895'543 2.91 6'858'103 2.53 6'600'467 2.43 5'388'500 1.99 3'044'187 1.12 2'162'377 0.8 1'500'000 0.55 (1'410'533) -0.52 938'146 0.35 799'280 0.29 598'765 0.22 545'000 0.2 530'100 0.2 529'025 0.2 483'199 0.18 346'710 0.13 336'500 0.12 304'585 0.11

Weighting

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

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

Latest Chg 88'350 (224'851) 5'388'500 17'564 217'005 74'485 171'425 37'616 545'000 (25'840) 26'150 127'700

Target Price 177 215 #N/A N/A #N/A N/A 225 150 180 161 225 168 185 150 200 150 200 171 #N/A N/A 170 170 160 #N/A N/A

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

File Dt Inst Type 12.09.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 25.02.2013 Investment Advisor 30.09.2012 Insurance Company 28.12.2012 Unclassified 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 12.11.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 14.02.2013 08.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 25.01.2013 25.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 04.01.2013 25.10.2012 17.10.2012 20.01.2012 29.04.2011


27.02.2013

OMV AG OMV AG explores for and refines crude oil and natural gas. The Company sells refined products through gas stations and distributors. The Company also manufactures plastics such as polyolefins and technical plastics. Customers are in the automotive, electrical, and construction industries.

Price/Volume 35

1.6 M

30

1.4 M 1.2 M

25

1.0 M

20

Valuation Analysis 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OMV AV EQUITY YTD Change OMV AV EQUITY YTD % CHANGE

12/2012 12/yy 33.27 21.21 167'067.00 32.66 -1.82% 53.98% 96.89% 327.3 10'688.73 5'440.71 0.0 2'627.5 1'704.47 17'052.48

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

.6 M

10

.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 25'542.6 0.43x 3'786.1 2.93x 1'374.4 4.07x

.8 M

15

31.12.2009 31.12.2010 17'917.3 23'323.4 0.82x 0.72x 2'842.2 3'961.3 5.14x 4.22x 571.7 920.6 16.07x 10.10x Profitability

LTM-4Q 31.12.2011 34'053.2 0.44x 4'290.9 3.48x 1'063.4 6.93x

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

31.12.2012 42'649.2 0.36x 5'137.4 2.98x 1'363.4 6.54x 5'137.43 3'103.72 7.28% 6.70% 4.63% 11.92% 1.45% 12.5% 12.0% 7.3% 3.2% 1.30 0.76 17.83% 45.71% 11.59 11.76

Price/ Cash Flow

LTM

12/yy 34'053.2 1.87x 4'290.9 3.48x 1'063.4 6.94x

12/yy 42'649.2 1.44x 5'137.5 2.98x 1'363.4 6.54x

FY+1

.0 M f-13

0.94 21.41% 19.39% 0.935 25 3.160 460'601 259'779 265'988 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 38'921.3 38'151.1 8'009.0 7'480.0 0.42x 0.42x 1.84x 2.05x 4'897.7 5'025.5 1'418.0 1'452.0 3.48x 3.39x 2.93x 2.93x 1'452.5 1'528.4 353.0 369.0 7.49x 7.13x 6.88x 6.83x S&P Issuer Ratings

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

9.92 4.23 0.73 1.06 45.7% 27.2% 1.45 3.01 31.59 31.13 37.80 24.93

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

OMV AG Holdings By:

All

Holder Name OESTERR INDUSTRIE AG INTERNATIONAL PETROL FIRST EAGLE INVESTME VANGUARD GROUP INC BLACKROCK SKAGEN AS RINGTURM KAG PIONEER INVESTMENTS SPARINVEST OMV AG TEMPLETON INVESTMENT LEGG MASON TFI SA ERSTE SPARINVEST KAG SWEDBANK ROBUR FONDE SNS INVESTMENT FUND BZ WBK TOWARZYSTWO F PRUDENTIAL FINANCIAL LBBW ASSET MANAGEMEN SCHRODER INVESTMENT CREDIT SUISSE ASSET

Firm Name Landesbank Baden-Wuerttemberg Nomura Credit Suisse Societe Generale Morgan Stanley Natixis Barclays Canaccord Genuity Corp Kepler Capital Markets AlphaValue JPMorgan Raymond James Macquarie KBC Securities Erste Bank EVA Dimensions Raiffeisenbank AG Goldman Sachs Deutsche Bank CA Cheuvreux Jefferies Wood & Company HSBC Concorde Securities Rt

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

Analyst JENS MUENSTERMANN MATTHEW LOFTING THOMAS YOICHI ADOLFF MEHDI ENNEBATI HAYTHEM RASHED ANNE PUMIR LYDIA RAINFORTH GORDON GRAY THOMAS NEUHOLD ALEXANDRE ANDLAUER NITIN SHARMA BERTRAND HODEE MARC B KOFLER PETER CSASZAR TAMAS PLETSER CRAIG STERLING OLEG GALBUR HENRY MORRIS MARK BLOOMFIELD JEAN-CHARLES LACOSTE BRENDAN MICHAEL WARN BRAM BURING PAUL SPEDDING ATTILA VAGO

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

Recommendation hold neutral underperform buy Equalwt/In-Line neutral underweight sell hold reduce neutral underperform neutral buy accumulate buy buy neutral/cautious hold suspended coverage hold buy neutral equalweight

Amt Held 103'090'902 81'490'904 6'045'875 2'876'843 2'277'178 2'092'000 1'650'000 1'014'800 1'003'021 981'818 790'855 752'823 670'699 650'818 613'884 571'471 564'110 481'187 450'460 380'836

% Out 31.5 24.9 1.85 0.88 0.7 0.64 0.5 0.31 0.31 0.3 0.24 0.23 0.2 0.2 0.19 0.17 0.17 0.15 0.14 0.12

Weighting

Change

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

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

Latest Chg 3'700 69'035 2'116 (100'000) 7'000 (50'320) (3'256) 152'195 (43'423) (43'554) (1'094)

Target Price 30 29 27 36 29 34 29 26 31 27 27 30 27 34 35 #N/A N/A 32 31 30 #N/A N/A 25 34 29 32

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

File Dt 30.06.2012 30.06.2012 30.09.2012 31.12.2012 25.02.2013 31.01.2013 31.10.2012 31.05.2011 31.01.2013 30.06.2012 30.09.2012 30.06.2012 31.10.2012 31.12.2012 29.06.2012 30.06.2012 31.12.2012 30.11.2012 31.12.2012 28.12.2012

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

Inst Type Other Government Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor n/a 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 27.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 12.02.2013 06.02.2013 30.01.2013 28.01.2013 17.01.2013 23.11.2012 17.10.2012 04.10.2012 19.09.2012 17.09.2012 13.08.2012 10.08.2012 13.07.2012


27.02.2013

Orkla ASA Orkla ASA manufactures branded consumer goods to the Nordic grocery market, and operates in the branded consumer goods, materials, renewable energy and financial investment sectors.

Price/Volume 60

9.0 M 8.0 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 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 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORK NO EQUITY YTD Change ORK NO EQUITY YTD % CHANGE

12/2012 12/yy 49.98 39.21 1'014'452.00 47.26 -5.44% 20.53% 76.97% 1'018.9 48'154.68 12'991.00 0.0 258.0 7'201.00 54'202.68

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

6.0 M

30

5.0 M 4.0 M

20

3.0 M 2.0 M

10

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 31.12.2008 65'579.0 1.19x 7'070.0 10.99x (2'828.0) -

7.0 M

40

31.12.2009 31.12.2010 50'233.0 57'338.0 1.69x 1.38x 8'395.0 6'871.0 10.12x 11.51x 2'591.0 (917.0) 26.75x Profitability

LTM-4Q 31.12.2011 61'009.0 0.94x 5'257.0 10.91x (776.0) -

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

31.12.2012 30'001.0 1.84x 3'795.0 14.51x 1'583.0 15.16x 3'795.00 2'846.00 9.49% 12.91% 2.55% 4.88% 0.74% 10.3% 7.2% 5.3% 2.44 0.52 22.52% 42.15% -

Price/ Cash Flow

LTM

12/yy 53'346.0 4.74x 4'699.0 12.20x (776.0) 0.00x

12/yy 45'617.0 4.86x 4'697.0 11.73x 1'583.0 14.85x

FY+1

.0 M f-13

0.82 837.45 8.15% -2.56% 0.820 16 3.125 1'413'409 1'508'855 1'512'582 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 32'557.2 33'250.8 7'357.3 7'622.6 1.71x 1.63x 7.31x 8.07x 4'617.9 5'118.9 919.7 1'012.4 11.74x 10.59x 11.77x 9.98x 2'876.5 3'328.0 566.0 574.8 16.65x 14.67x 16.75x 12.62x S&P Issuer Ratings

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

8.93 4.34 1.23 2.77 42.1% 29.5% 0.74 3.26 -

Sales/Revenue/Turnover

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

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

Orkla ASA Holdings By:

All

Holder Name STATE STREET TVIST 5 AS GOVERNMENT PENSION F CLEARSTREAM BANKING FIRST PACIFIC ADVISO JP MORGAN CHASE BANK INTERNATIONAL VALUE BANK OF NEW YORK MEL CANICA AS VANGUARD GROUP INC UNIVERSAL INVES