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 Eurostoxx 50 Index Components February 2013

Q M S Advisors .

.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures I/II Market Capitalization & Asset Liability data

Currency

Market Capitalization (in mio USD)

Daily Volume (M)

Total Preferred Common Total Debt Stock Shares (M) (USD) (USD)

Total Revenue

Minority Cash and Enterprise Interest Equivalents Value (USD) (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Rev. Growth

EBITDA Growth

Est. P/E Est. Est. Est. Est. Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

14121364

1907.672

1115

1115

203

220

220

101.35

110.66

110.66

15.03

15.03

13.77

13.77

18.69

Euro Stoxx 50 Pr

EUR

2622635

5772.872

4825

4825

811

833

833

186.71

323.03

323.03

25.21

16.93

14.57

14.57

21.45

NIKKEI 225

JPY

2425374

177.225

189

189

19

20

20

5.16

5.60

5.60

0.25

0.24

0.23

0.23

0.12

FTSE 100 INDEX

GBP

2721403

11808.59

9311

9311

1486

1673

1673

550.80

825.62

825.62

27.18

22.43

18.13

18.13

24.24

SWISS MARKET INDEX

CHF

1037093

11052.65

4174

4174

885

859

859

390.09

563.39

563.39

22.92

19.43

15.87

15.87

23.24

S&P/TSX COMPOSITE INDEX

CAD

1708660

17087.54

7873

7873

1881

2141

2141

808.30

897.53

897.53

15.25

15.25

13.74

13.74

24.97

S&P/ASX 200 INDEX

AUD

1418991

6771.435

2869

2869

582

700

700

249.20

340.41

340.41

21.64

16.73

15.84

15.84

21.87

HANG SENG INDEX

HKD

1753660

3458.521

1607

1607

359

408

408

250.93

265.84

265.84

1.54

1.63

1.46

1.46

3.13

MSCI EM

USD

7972857

1461.715

1037

1037

197

200

200

86.36

101.05

101.05

12.32

13.43

10.53

10.53

19.89

AIR LIQUIDE SA

EUR

37770

737

312

10

0

0

2

46.25

20465

20465

21835

23420

5064

5064

-

-

6.90

6.91

7.45

8.23

23.38

23.39

21.69

19.64

8.03

6.86

8.57

9.07

33.04

A

02.07.2007

-

-

ALLIANZ SE-REG

EUR

63501

1706

452

38

0

3

14

88.38

116683

125630

138147

141209

-

-

-

-

7.45

13.31

15.05

16.18

13.97

13.88

12.35

11.50

-3.51

4.95

-

-

-

AA

27.01.2012

Aa3

03.05.2004

ANHEUSER-BUSCH INBEV NV

EUR

149844

1725

1598

54

0

5

7

253.57

52138

52468

53048

59863

20426

20409

5912

5912

5.00

5.93

6.21

6.67

28.04

28.05

26.76

24.91

10.11

19.76

14.83

32.38

51.94

A

01.05.2012

A3

27.03.2012

ARCELORMITTAL

EUR

26585

9943

1549

34

0

5

6

68.65

112449

112449

117163

120913

9029

9721

2146

2146

0.01

-3.22

0.99

1.99

-

135.73

28.64

14.28

-13.87

-4.94

-42.31

-25.38

11.54

BB+

02.08.2012

Ba1

06.11.2012

ASML HOLDING NV

EUR

30862

1114

407

1

0

0

4

28.27

6318

6318

6493

8062

1794

1794

186

186

3.58

3.61

3.09

4.73

27.23

27.32

31.77

20.74

-21.73

25.07

-34.23

9.53

37.91

-

-

Baa2

11.11.2010

ASSICURAZIONI GENERALI

EUR

26942

5148

1541

29

0

4

34

33.06

98120

108842

98972

101882

-

-

-

-

1.56

1.02

1.38

1.78

22.56

-

16.70

12.99

-20.84

11.60

-

-

-

A

23.01.2013

Baa2 *-

18.12.2012

AXA SA

EUR

43703

6393

2374

22

8

3

41

36.82

131305

135495

131200

130828

-

-

-

-

1.51

1.54

2.42

2.56

15.84

31.76

10.11

9.54

-21.70

3.10

-

-

-

A-

18.12.2012

A2

19.03.2003

BANCO BILBAO VIZCAYA ARGENTA

EUR

55289

24949

5449

304

0

3

85

#VALUE!

28995

29724

31293

32941

-

-

-

-

1.00

0.42

1.01

1.19

32.37

20.67

13.40

11.43

-53.20

11.66

-

-

-

BBB-

16.10.2012

Baa3

24.10.2012

BANCO SANTANDER SA

EUR

82463

46728

10321

469

0

13

230

#VALUE!

58756

58302

59586

62359

-

-

-

-

0.41

0.32

0.81

0.94

32.85

13.71

12.83

11.11

-58.21

12.95

-

-

-

BBB

16.10.2012

(P)Baa2

24.10.2012

BASF SE

EUR

90904

2789

918

17

0

2

3

107.15

98140

103016

104132

106827

15830

17211

3647

3647

8.57

7.32

7.14

7.95

18.06

18.07

18.51

16.62

20.12

9.87

-0.54

4.11

22.31

A+

10.05.2011

A1

17.11.2010

BAYER AG-REG

EUR

80199

2207

827

16

0

0

6

89.31

48776

52195

52782

55336

11968

12751

2384

2384

7.16

3.99

7.24

7.92

32.44

16.40

17.90

16.35

5.48

6.30

0.95

16.44

32.62

A-

30.04.2008

A3

17.07.2006

BAYERISCHE MOTOREN WERKE AG

EUR

60524

1486

656

91

0

0

15

137.58

91896

99694

102240

106116

15570

15602

4194

4194

9.93

9.56

10.34

10.36

13.20

13.20

12.20

12.18

18.42

10.11

37.81

1.39

20.90

A

16.04.2012

A2

22.07.2011

BNP PARIBAS

EUR

73857

3700

1242

802

10

11

192

#VALUE!

92 K

130 K

54 K

55 K

-

-

-

-

7.41

6.89

6.82

7.72

11.52

10.71

11.64

10.28

-4.41

15.21

-

-

-

A+

25.10.2012

A2

21.06.2012

CARREFOUR SA

EUR

19688

2524

674

22

0

1

6

34.70

107431

106984

104141

106013

5200

3481

-

-

-1.00

-2.10

1.65

1.91

-

-

22.48

19.40

1.20

0.13

-14.82

1.53

4.34

BBB

15.03.2012

(P)Baa2

15.03.2012

COMPAGNIE DE SAINT-GOBAIN

EUR

22276

1825

526

15

0

1

4

35.94

56237

57192

57394

57955

6709

6563

-

-

3.51

2.59

3.14

3.44

21.62

19.96

17.86

16.29

6.65

0.23

6.67

0.54

15.32

BBB

24.07.2009

Baa2

31.07.2009

CRH PLC

EUR

15588

1039

728

7

0

0

2

21.11

24143

24707

25003

25645

2211

2203

1373

1373

1.02

1.15

0.98

1.15

24.85

37.24

29.27

24.95

7.06

-2.90

3.47

-10.60

11.91

BBB+

17.12.2007

-

-

DAIMLER AG-REGISTERED SHARES

EUR

64336

3559

1066

96

0

2

15

160.14

152620

152620

155983

165094

16312

16626

-

-

7.62

7.62

6.21

7.38

10.55

10.55

12.95

10.90

9.72

23.62

-

-9.22

14.64

A-

23.02.2012

A3

01.10.2007

DANONE

EUR

45568

2019

606

12

0

0

3

55.01

27866

27866

29439

31174

4655

4707

-

-

3.70

3.72

4.20

4.65

25.45

25.56

22.54

20.37

10.72

14.53

-

14.41

23.46

A-

25.07.2007

A3

06.11.2007

DEUTSCHE BANK AG-REGISTERED

EUR

44942

3571

929

380

0

2

238

#VALUE!

44842

62960

45467

46804

-

-

-

-

4.24

0.91

5.47

6.90

71.10

12.70

11.80

9.36

-48.38

-7.77

-

-

-

A+

25.01.2012

A2

21.06.2012

DEUTSCHE TELEKOM AG-REG

EUR

46947

21425

4321

65

0

6

8

107.62

78319

77945

77606

76899

26976

25806

5787

5787

0.66

-2.30

0.85

0.89

-

-

17.00

16.36

-8.06

-1.72

18.65

5.73

44.21

BBB+

19.05.2008

Baa1

22.12.2011

E.ON SE

EUR

34401

13142

1905

40

0

5

9

66.26

150827

167323

150300

147998

5700

6052

2721

2721

-0.01

-0.01

2.95

1.74

-

14.12

7.78

13.16

28.89

17.73

-89.70

-16.95

4.83

A-

27.07.2012

A3

05.10.2011

ENEL SPA

EUR

36413

23528

9403

87

0

21

9

136.56

103583

110101

105136

104852

22964

25842

5150

5150

0.59

0.49

0.49

0.48

10.58

-

10.55

10.88

10.45

24.26

3.42

22.44

31.34

BBB+

08.03.2012

Baa2

05.11.2012

ENI SPA

EUR

85796

8681

3634

33

0

5

11

112.38

169944

169944

161957

164874

32800

32800

10055

10055

2.58

3.20

2.67

2.87

9.86

11.08

11.82

10.99

21.54

7.91

-6.06

-1.40

25.77

A

17.01.2012

A3

16.07.2012

ESSILOR INTERNATIONAL

EUR

21189

577

209

1

0

0

1

22.34

5594

6222

6660

7176

1228

1367

-

-

3.34

3.53

3.75

4.15

37.38

37.19

35.14

31.77

10.22

15.47

2.84

12.10

29.34

-

-

-

-

FRANCE TELECOM SA

EUR

26740

18406

2633

52

0

3

11

70.58

58105

58105

56210

55370

20055

19007

4146

4146

0.98

0.41

1.49

1.47

32.56

10.51

9.07

9.19

-5.20

-4.77

-

-5.12

42.66

A-

10.02.2005

A3

23.06.2005

GDF SUEZ

EUR

46604

4026

2214

76

0

23

20

125.76

121075

127560

124907

110441

21459

22195

-

-

2.73

2.15

2.08

1.86

11.98

11.31

12.41

13.90

9.79

45.55

1.28

34.86

23.23

29.01.2013

A1

03.07.2012

IBERDROLA SA

EUR

30982

21885

6139

45

0

0

9

67.20

46402

46533

44358

45909

9605

9550

3056

3056

0.62

0.63

0.53

0.56

10.48

10.43

12.39

11.69

13.09

10.52

3.67

10.80

27.40

BBB

28.11.2012

(P)Baa1

05.11.2012

INDITEX

EUR

83774

1558

623

0

0

0

5

78.54

18417

20624

21373

23763

4292

5040

1563

1563

4.14

4.90

5.15

5.82

36.66

-

34.82

30.84

13.50

14.13

11.18

16.59

32.63

-

-

-

-

ING GROEP NV-CVA

EUR

33215

17985

3801

277

0

1

24

288.35

54457

56404

60617

62389

-

-

-

-

0.98

1.00

1.32

1.46

11.57

10.80

8.79

7.95

-30.37

-12.38

-

-

-

A

03.09.2009

A3

15.06.2012

INTESA SANPAOLO

EUR

29935

117426

16434

355

0

1

53

#VALUE!

33737

29857

23191

22437

-

-

-

-

0.19

-0.72

0.15

0.16

-

12.95

16.55

14.94

2.31

1.95

-

-

-

BBB+

10.02.2012

Baa2

16.07.2012

KONINKLIJKE PHILIPS ELECTRON

EUR

27676

2299

926

6

0

0

5

28.66

33099

33099

33107

34351

3289

3289

786

786

0.37

0.37

2.24

2.56

105.68

32.66

17.21

15.08

13.06

2.02

143.54

-4.73

13.27

A-

11.05.2005

A3

20.04.2006

L'OREAL

EUR

90741

491

598

0

0

0

2

88.64

29994

29994

31320

33158

5860

5860

-

-

6.33

6.41

6.83

7.40

31.10

31.12

29.18

26.95

13.91

7.72

14.65

6.38

26.09

-

-

-

-

LVMH MOET HENNESSY LOUIS VUI

EUR

89830

614

500

9

0

1

3

97.46

37526

37526

40278

43682

9267

9641

3771

3771

9.32

9.16

10.19

11.40

25.79

25.36

23.18

20.72

25.08

14.89

17.15

14.76

34.31

A

20.05.2011

-

-

MUENCHENER RUECKVER AG-REG

EUR

32341

541

178

7

0

0

3

37.11

81330

88314

77353

82094

-

-

-

-

5.26

24.02

21.22

21.70

10.02

9.59

11.35

11.10

-

12.27

-

-

-

AA-

22.12.2006

-

-

NOKIA OYJ

EUR

14282

21091

3711

7

0

2

13

10.86

40294

40294

39244

39704

-1305

-1305

192

192

-

-1.12

0.02

0.21

-

-

238.35

24.45

-29.30

-15.96

-

-31.68

-4.32

BB-

15.08.2012

Ba3

23.07.2012

REPSOL SA

EUR

26663

4722

1221

27

0

5

4

49.92

80280

80164

79252

81245

11362

10340

2254

2254

2.52

2.39

2.14

2.24

11.60

-

12.99

12.40

16.07

5.66

-38.20

-1.50

17.22

BBB-

19.04.2012

-

-

RWE AG

EUR

22850

2623

587

29

0

2

9

45.75

65634

66077

68182

69378

11064

10210

-

-

4.47

5.02

5.44

5.27

9.89

9.89

9.12

9.42

-4.13

8.52

-13.66

3.47

20.63

BBB+

27.07.2012

A3

19.07.2011

SANOFI

EUR

130651

2609

1326

19

0

0

9

141.71

46664

46664

47859

50367

16815

17603

-

-

6.29

5.02

8.03

8.94

26.20

21.68

16.38

14.72

6.23

6.40

-

4.60

50.81

AA-

18.02.2011

A2

18.02.2011

SAP AG

EUR

98375

2034

1229

7

0

0

4

101.88

21661

21662

24118

26589

6590

6109

1491

1491

3.17

3.16

4.66

5.30

33.79

33.86

22.93

20.18

18.66

12.95

0.73

14.35

37.66

-

-

-

-

SCHNEIDER ELECTRIC SA

EUR

41080

1551

540

11

0

0

4

49.56

29893

31325

31925

32804

5030

5200

-

-

4.71

4.73

5.12

5.53

20.89

19.60

19.29

17.87

19.14

9.76

7.17

12.32

22.16

A-

26.11.2008

A3

12.01.2009

SIEMENS AG-REG

EUR

92488

1732

856

28

0

1

15

107.93

104548

105047

104643

108627

12890

13822

2731

2731

7.48

7.58

8.20

10.08

18.48

18.70

17.10

13.90

9.15

0.15

-10.68

2.23

17.57

A+

05.06.2009

-

-

SOCIETE GENERALE

EUR

31955

4572

754

906

0

6

193

#VALUE!

58396

#VALUE!

32105

33061

-

-

-

-

1.83

1.30

4.87

5.80

41.92

14.82

11.24

9.42

-13.25

-

-

-

-

A

23.01.2012

A2

21.06.2012

TELEFONICA SA

EUR

58752

29612

4480

89

0

8

9

145.20

83906

83701

83298

80861

25894

27912

7419

7419

1.77

1.82

1.58

1.60

9.45

-

10.88

10.80

4.62

2.61

-33.08

0.37

44.53

BBB

20.12.2012

Baa2

18.10.2012

TOTAL SA

EUR

119908

4251

2258

44

0

2

23

143.33

243422

243422

239349

239885

43187

42652

11589

11589

6.30

6.32

7.03

7.15

10.71

10.74

9.62

9.46

12.63

6.01

-2.34

1.38

23.40

AA-

12.04.2011

Aa1

30.08.2005

UNIBAIL-RODAMCO SE

EUR

22123

268

92

16

0

2

0

40.07

2300

2300

2101

2337

1585

1585

-

-

23.66

21.08

13.56

14.72

14.77

13.10

22.95

21.15

-14.95

13.79

0.33

20.70

92.01

A

27.06.2007

WR

16.07.2010

UNICREDIT SPA

EUR

32715

63059

2930

447

0

4

75

#VALUE!

56040

35005

33964

33274

-

-

-

-

-0.04

-3.34

0.29

0.37

-

-

26.27

20.17

2.41

2.27

-

-

-

BBB+

10.02.2012

Baa2

16.07.2012

UNILEVER NV-CVA

EUR

120661

3602

2832

14

0

1

4

131.23

68533

68533

71410

75428

10933

10883

-

-

2.06

2.11

2.26

2.45

25.32

26.47

23.61

21.79

13.96

7.13

12.99

5.19

21.20

A+

05.10.2000

A1

11.07.2000

VINCI SA

EUR

27156

1541

536

27

0

1

9

46.40

51587

51587

51927

53173

7355

7282

-

-

4.70

4.78

4.68

4.92

13.15

13.25

13.41

12.77

3.50

5.68

1.52

4.97

18.85

BBB+

29.03.2007

Baa1

23.07.2002

VIVENDI

EUR

27340

3696

1287

21

0

4

5

50.86

38474

38101

38093

38382

11813

12537

2469

2469

3.21

1.56

2.68

2.57

17.71

13.40

10.28

10.72

-0.30

6.11

13.77

12.16

43.94

BBB

26.10.2012

Baa2

13.09.2005

VOLKSWAGEN AG-PREF

EUR

108335

540

465

125

0

8

33

235.48

212761

250079

256800

274030

28529

31192

-

-

44.09

63.57

47.00

31.65

5.07

5.08

6.86

10.18

34.16

18.99

37.72

16.71

16.66

A-

31.08.2009

A3

17.08.2009

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

A

*-


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.11

2.11

1.94

1.73

2.11

1.37

1.37

1.30

1.25

1.37

9.72

9.72

9.44

8.65

9.72

8.66

8.66

7.98

7.45

8.66

13.77

13.77

12.33

11.15

13.77

2.26

2.26

2.41

2.59

2.26

1655.3

8.7%

Euro Stoxx 50 Pr

1.12

1.12

1.06

0.99

1.12

0.73

0.73

0.71

0.68

0.73

5.33

5.33

4.93

4.73

5.33

6.93

6.93

6.53

6.20

6.93

10.91

10.91

9.75

9.02

10.91

4.34

4.34

4.69

4.98

4.34

2872.5

8.8%

NIKKEI 225

1.39

1.39

1.31

1.22

1.39

0.65

0.65

0.61

0.61

0.65

8.61

8.61

7.51

7.01

8.61

8.93

8.93

7.87

7.39

8.93

21.89

21.89

17.85

13.63

21.89

1.80

1.80

1.79

2.09

1.80

11180.5

-2.5%

FTSE 100 INDEX

1.68

1.68

1.56

1.46

1.68

1.05

1.05

1.00

1.01

1.05

7.89

7.89

7.27

5.99

7.89

7.06

7.06

6.59

6.22

7.06

11.85

11.85

10.77

9.86

11.85

3.86

3.86

4.15

4.73

3.86

6644.4

3.9%

SWISS MARKET INDEX

2.35

2.35

2.18

2.00

2.35

1.98

1.98

1.88

1.80

1.98

12.06

12.06

11.03

9.99

12.06

12.86

12.86

11.93

11.16

12.86

14.66

14.66

13.15

11.97

14.66

3.29

3.29

3.65

4.13

3.29

7866.0

3.1%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.46

1.68

1.59

1.59

1.49

1.43

1.59

8.31

8.31

7.51

7.07

8.31

7.98

7.98

7.08

6.79

7.98

13.97

13.97

12.33

11.47

13.97

3.07

3.07

3.22

3.42

3.07

14382.7

12.8%

S&P/ASX 200 INDEX

1.92

1.92

1.82

1.71

1.92

1.83

1.83

1.72

1.63

1.83

11.24

11.24

10.17

9.25

11.24

9.67

9.67

8.53

7.89

9.67

15.40

15.40

13.75

12.62

15.40

4.29

4.29

4.61

4.97

4.29

5042.4

-1.1%

HANG SENG INDEX

1.40

1.40

1.29

1.22

1.40

1.87

1.87

1.73

1.56

1.87

7.53

7.53

6.96

6.69

7.53

8.47

8.47

7.70

7.23

8.47

11.31

11.31

10.26

9.46

11.31

3.38

3.38

3.69

4.54

3.38

24953.9

7.1%

MSCI EM

1.41

1.41

1.28

1.18

1.41

1.03

1.03

0.95

0.91

1.03

6.60

6.60

6.00

5.64

6.60

7.32

7.32

6.69

6.30

7.32

10.53

10.53

9.36

8.71

10.53

2.92

2.92

3.24

3.55

2.92

1196.7

12.5%

AIR LIQUIDE SA

2.63

2.44

2.28

2.13

1.90

1.85

1.73

1.61

1.51

1.48

9.80

9.04

8.44

8.51

7.22

9.18

8.45

7.79

7.31

7.01

17.68

16.25

14.71

13.50

12.59

2.78

2.99

3.26

3.56

3.47

101.60

12.1%

ALLIANZ SE-REG

1.07

0.92

0.86

0.81

0.77

0.48

0.46

0.45

0.44

0.43

15.94

9.25

8.61

8.25

8.39

4.19

4.41

4.70

4.93

5.05

114.40

9.7%

ANHEUSER-BUSCH INBEV NV

3.77

3.49

3.17

2.91

2.59

3.84

3.77

3.34

3.11

2.97

14.87

13.30

12.37

11.36

10.31

12.44

12.27

10.79

9.84

9.48

24.27

20.04

18.66

16.66

15.42

1.46

2.04

2.39

2.78

3.27

70.98

1.6%

ARCELORMITTAL

0.46

0.47

0.46

0.43

0.41

0.32

0.30

0.29

0.29

0.28

5.17

5.34

3.93

3.21

2.36

7.39

6.43

5.39

4.73

4.31

93.33

21.45

10.70

7.45

5.91

3.53

1.26

2.06

2.32

1.57

14.18

18.6%

ASML HOLDING NV

5.34

4.54

3.87

3.28

4.88

4.75

3.83

3.21

2.59

18.73

20.88

13.74

11.05

15.45

16.89

11.65

9.21

7.65

22.14

23.79

15.53

11.56

8.63

0.83

0.99

1.14

1.27

53.37

-3.1%

ASSICURAZIONI GENERALI

1.27

1.01

0.93

0.87

0.79

0.28

0.27

0.26

0.26

0.27

17.66

12.51

9.73

8.84

7.91

2.31

2.51

3.31

3.88

4.94

13.40

3.4%

AXA SA

0.69

0.69

0.66

0.62

0.55

0.38

0.33

0.33

0.32

0.30

8.13

7.57

7.15

6.63

6.59

5.12

5.32

5.67

6.05

6.48

15.85

15.7%

BANCO BILBAO VIZCAYA ARGENTA

1.00

0.95

0.90

0.85

1.81

1.77

1.68

1.62

3.29

3.30

3.17

21.41

10.04

8.56

7.53

5.53

5.54

5.74

6.46

7.62

0.3%

BANCO SANTANDER SA

0.77

0.78

0.77

0.74

1.40

1.38

1.32

1.30

2.23

2.30

2.15

10.50

9.61

8.32

7.82

10.05

10.29

9.90

8.53

6.23

6.2%

BASF SE

2.87

2.63

2.41

2.22

1.96

0.94

0.87

0.85

0.85

0.81

7.79

8.46

7.74

7.32

7.02

6.93

6.48

6.13

5.82

5.43

11.92

13.86

12.44

11.39

10.82

3.20

3.48

3.63

3.90

3.86

76.19

2.8%

BAYER AG-REG

3.00

3.00

2.72

2.45

2.15

1.65

1.52

1.45

1.38

1.32

11.74

10.38

9.07

8.46

7.64

8.73

8.46

7.64

7.15

6.66

15.04

13.40

12.24

11.15

10.38

2.28

2.50

2.78

3.06

3.27

75.10

3.4%

BAYERISCHE MOTOREN WERKE AG

1.66

1.49

1.34

1.22

1.16

0.66

0.59

0.57

0.54

0.55

5.02

5.47

5.26

4.99

3.71

7.61

7.82

7.80

7.60

7.44

9.21

9.14

9.12

8.95

8.82

3.36

3.68

3.91

4.14

4.11

77.86

10.0%

BNP PARIBAS

0.72

0.68

0.64

0.61

1.41

1.38

1.34

1.32

5.58

4.97

4.45

5.57

8.18

8.72

7.70

7.46

3.37

3.80

4.54

5.60

52.18

17.2%

CARREFOUR SA

1.57

1.89

1.79

1.64

1.53

0.18

0.19

0.19

0.18

0.18

5.38

6.10

5.19

4.86

4.50

6.70

6.98

6.69

6.32

6.12

14.79

16.83

14.53

12.94

11.39

3.86

2.53

2.84

3.14

3.71

21.62

4.0%

COMPAGNIE DE SAINT-GOBAIN

0.90

0.92

0.90

0.86

0.82

0.40

0.39

0.38

0.37

0.35

5.36

5.92

5.72

5.21

4.55

5.44

6.15

5.97

5.45

4.74

9.50

13.37

12.20

10.15

8.15

4.01

3.71

3.95

4.22

4.87

33.36

6.2%

CRH PLC

1.10

1.07

1.05

1.02

0.97

0.65

0.62

0.61

0.57

0.51

8.57

9.03

8.43

7.14

5.70

9.65

9.87

9.12

7.90

6.56

21.03

21.92

18.68

14.53

10.81

3.91

3.93

4.01

4.16

4.36

15.21

-5.3%

DAIMLER AG-REGISTERED SHARES

1.12

1.07

1.00

0.93

0.83

0.42

0.41

0.39

0.37

0.37

5.47

5.18

4.59

3.67

3.16

9.37

9.47

8.34

7.45

6.31

9.76

9.70

8.17

7.09

7.00

4.74

4.53

5.01

5.71

46.80

3.7%

DANONE

2.54

2.38

2.24

2.12

1.86

1.64

1.55

1.46

1.37

1.30

12.52

12.12

10.59

9.75

8.70

11.41

10.91

10.20

9.31

8.73

17.58

16.88

15.25

13.91

12.57

2.75

2.89

3.11

3.46

3.90

52.34

-1.4%

DEUTSCHE BANK AG-REGISTERED

0.60

0.59

0.55

0.51

0.47

1.00

0.99

0.96

0.93

0.84

6.39

5.38

4.63

10.11

8.84

7.01

5.67

5.20

2.08

2.10

2.62

3.14

2.97

39.51

9.1%

DEUTSCHE TELEKOM AG-REG

0.93

1.21

1.20

1.19

1.28

0.60

0.60

0.61

0.61

0.60

2.38

2.66

2.58

2.57

3.98

4.33

4.48

4.61

4.63

4.52

12.02

12.73

12.25

11.72

10.38

8.60

8.59

6.67

6.35

6.92

9.33

14.7%

E.ON SE

0.62

0.65

0.64

0.62

0.62

0.27

0.23

0.23

0.23

0.22

4.02

3.15

3.81

3.70

3.76

5.41

4.65

5.21

5.13

5.09

10.41

5.83

9.86

9.24

9.47

7.77

8.54

5.74

5.90

5.73

13.34

3.6%

ENEL SPA

0.69

0.67

0.64

0.61

0.58

0.37

0.35

0.35

0.34

0.32

2.52

3.09

2.99

2.70

3.72

5.82

6.18

6.24

6.13

5.94

6.68

7.90

8.15

7.63

7.29

9.00

5.17

5.21

5.52

5.66

3.28

13.2%

ENI SPA

1.07

1.01

0.95

0.91

0.53

0.53

0.52

0.50

3.85

3.47

3.22

3.06

2.86

2.92

2.79

2.72

8.80

8.85

8.23

7.93

9.61

6.10

6.24

6.37

6.55

6.79

19.87

12.4%

ESSILOR INTERNATIONAL

5.02

4.32

3.91

3.54

2.99

3.78

3.18

2.95

2.73

2.49

21.61

19.80

17.47

15.80

17.35

18.49

15.34

14.08

12.87

11.98

29.74

26.32

23.79

21.58

19.50

1.25

1.34

1.48

1.63

1.83

81.18

9.9%

FRANCE TELECOM SA

0.73

0.71

0.69

0.63

0.68

0.46

0.48

0.48

0.49

0.49

1.98

2.13

2.20

2.65

2.21

3.87

4.08

4.20

4.30

4.31

5.87

6.79

6.89

6.91

6.81

10.62

10.44

10.33

10.22

10.61

9.51

25.7%

GDF SUEZ

0.51

0.52

0.51

0.52

0.50

0.38

0.37

0.42

0.42

0.42

2.85

2.90

3.34

3.15

3.37

5.75

5.51

6.46

6.27

5.99

9.58

9.29

10.41

9.73

9.10

10.51

10.37

10.17

10.21

8.97

17.35

19.9%

IBERDROLA SA

0.64

0.63

0.62

0.59

0.74

0.70

0.67

0.66

0.68

3.90

4.24

4.26

3.97

6.49

6.63

6.34

6.13

5.83

8.08

9.28

8.75

9.05

9.05

8.45

7.96

7.99

7.77

8.39

4.39

18.7%

INDITEX

8.78

7.33

6.38

5.60

4.55

3.92

3.53

3.17

2.89

23.69

19.39

17.43

15.58

18.25

14.72

13.12

11.72

10.75

32.66

26.08

23.10

20.61

18.68

1.79

2.22

2.56

2.90

3.26

107.88

7.2%

ING GROEP NV-CVA

0.49

0.46

0.44

0.42

0.58

0.55

0.53

0.46

8.39

6.58

5.96

5.84

0.00

0.34

3.31

4.61

8.07

24.3%

INTESA SANPAOLO

0.38

0.46

0.45

0.43

0.42

1.36

1.29

1.33

1.30

1.26

3.13

2.87

2.90

2.78

9.23

12.40

11.19

8.49

7.52

4.36

3.78

4.14

5.31

5.38

1.45

5.1%

KONINKLIJKE PHILIPS ELECTRON

1.73

1.72

1.62

1.37

1.33

0.84

0.84

0.81

0.77

0.77

10.55

8.66

7.36

6.51

6.33

7.80

6.24

5.71

5.17

5.30

18.12

12.89

11.29

10.08

9.27

3.50

3.64

3.91

4.51

4.36

23.90

10.4%

L'OREAL

3.54

3.12

2.88

2.64

2.33

3.04

2.90

2.74

2.56

2.45

18.60

17.20

15.89

14.69

13.58

14.98

13.97

12.98

11.97

11.60

23.37

21.85

20.18

18.35

17.38

1.97

2.19

2.40

2.72

2.91

110.96

-0.8%

LVMH MOET HENNESSY LOUIS VUI

2.66

2.45

2.22

2.00

1.64

2.40

2.23

2.06

1.90

1.80

13.99

13.00

11.78

11.21

11.32

10.40

9.57

8.65

7.83

7.62

18.38

17.36

15.52

13.82

12.56

2.26

2.49

2.81

3.12

2.97

153.16

15.6%

MUENCHENER RUECKVER AG-REG

0.91

0.85

0.81

0.76

0.74

0.42

0.42

0.39

0.36

0.35

4.5%

NOKIA OYJ

1.41

1.45

1.39

1.34

1.30

0.35

0.36

0.36

0.35

0.35

136.00

10.98

4.87

2.44

11.46

5.41

3.79

2.87

2.27

REPSOL SA

0.75

0.74

0.71

0.68

0.61

0.31

0.34

0.33

0.32

0.29

3.99

3.91

3.63

3.56

4.44

5.31

5.20

4.84

4.52

RWE AG

0.94

1.07

0.99

0.95

0.90

0.32

0.34

0.33

0.32

0.32

2.81

2.87

2.93

2.78

2.97

4.15

3.97

3.90

3.89

3.87

6.51

6.83

SANOFI

1.69

1.66

1.59

1.51

1.40

2.81

2.73

2.59

2.46

2.37

10.48

10.49

9.66

8.06

7.59

7.90

8.05

7.43

6.90

6.66

11.92

12.26

SAP AG

5.06

4.34

3.64

3.03

2.55

4.52

4.08

3.70

3.39

3.14

18.60

14.88

13.08

11.51

10.69

13.79

11.92

10.52

9.47

8.42

19.43

17.17

SCHNEIDER ELECTRIC SA

1.94

1.79

1.68

1.57

1.40

1.29

1.25

1.19

1.12

13.20

11.29

10.37

9.58

9.34

10.25

9.80

9.21

8.41

8.16

15.06

SIEMENS AG-REG

2.11

2.14

1.94

1.76

0.89

0.88

0.85

0.82

0.79

9.40

10.50

8.57

7.77

7.90

8.15

8.49

7.08

6.56

6.81

SOCIETE GENERALE

0.55

0.52

0.49

0.46

1.04

1.00

0.97

0.94

4.68

4.19

3.80

4.76

TELEFONICA SA

2.00

1.91

1.73

1.61

0.70

0.71

0.73

0.73

2.91

3.02

3.02

2.89

2.65

5.16

5.13

5.27

5.25

TOTAL SA

1.16

1.08

0.99

0.91

0.50

0.50

0.50

0.51

3.92

3.78

3.66

3.42

3.24

3.18

3.22

3.10

3.04

UNIBAIL-RODAMCO SE

1.32

1.20

1.10

1.01

0.85

12.51

10.53

9.47

9.05

8.16

17.50

16.95

15.67

13.97

12.18

22.83

21.48

19.85

18.50

UNICREDIT SPA

0.25

0.39

0.39

0.38

0.42

0.97

0.96

0.98

0.95

0.93

1.02

2.41

2.31

2.10

UNILEVER NV-CVA

5.43

4.94

4.35

3.85

3.44

1.77

1.69

1.60

1.51

1.44

15.09

13.92

12.91

11.83

10.98

11.93

11.17

10.44

9.68

VINCI SA

1.45

1.37

1.30

1.22

1.03

0.53

0.52

0.51

0.50

0.47

5.15

5.03

4.83

4.59

4.30

6.35

6.28

6.09

5.84

VIVENDI

0.86

0.99

0.95

0.91

0.82

0.71

0.72

0.71

0.70

0.69

3.33

3.38

3.68

3.56

3.29

4.59

4.79

4.86

VOLKSWAGEN AG-PREF

1.41

1.10

0.99

0.87

0.81

0.52

0.42

0.40

0.38

0.36

4.42

3.84

4.19

3.79

3.44

8.99

8.08

7.04

4.88

1.37

1.40

0.72

14.30

7.64

3.29

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

8.50

8.31

8.48

9.13

5.02

5.14

5.27

5.59

5.37

141.18

178.50

18.31

11.70

11.42

1.65

1.12

1.09

2.21

5.25

2.99

4.8%

9.73

9.28

8.52

8.12

7.42

5.67

5.70

5.90

6.10

18.53

19.0%

7.06

7.19

7.58

7.37

7.27

7.14

7.17

6.95

31.61

13.6%

11.02

10.00

9.33

3.76

3.99

4.42

4.95

5.41

78.78

6.8%

15.11

13.38

12.52

1.40

1.59

1.85

2.08

2.00

65.15

8.6%

14.45

13.38

11.99

11.42

3.04

3.18

3.44

3.78

3.94

56.50

2.0%

12.81

12.81

10.41

9.63

8.85

3.90

4.00

4.34

4.61

4.87

84.77

7.8%

11.07

8.41

7.06

6.46

1.65

3.38

4.37

5.32

34.11

11.2%

6.25

8.15

8.09

7.87

7.28

15.92

1.24

6.99

7.74

8.24

11.42

18.1%

6.96

7.21

7.08

6.64

6.17

6.16

6.28

6.40

6.64

6.74

44.98

18.5%

18.38

17.19

15.84

14.49

13.00

4.81

5.06

5.43

5.83

6.13

181.38

3.9%

13.22

19.67

15.11

9.14

7.69

0.14

1.44

2.06

3.57

3.74

4.17

-1.5%

9.26

18.95

17.68

16.32

15.00

13.93

3.17

3.39

3.62

3.84

4.17

31.22

4.2%

5.46

10.21

10.04

9.56

8.92

7.99

5.07

5.14

5.38

5.77

5.96

43.63

23.8%

4.76

4.65

6.90

7.70

8.03

7.60

7.19

9.10

6.52

6.46

6.76

7.82

17.84

15.3%

6.35

5.65

9.58

5.13

7.62

6.71

6.49

1.68

2.14

2.66

3.14

4.14

200.83

11.1%

5.29

17.87

9.35


20.02.2013

Air Liquide SA Air Liquide SA, through its subsidiaries, produces, markets, and sells industrial and healthcare gases worldwide. These gases include liquid nitrogen, argon, carbon dioxide, and oxygen. The Company also produces welding equipment, diving equipment, and technical-medical equipment. Air Liquide sells its products throughout Europe, the United States, Canada, Africa, and Asia.

Price/Volume

3.0 M 2.5 M 2.0 M

60

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 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 07.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AI FP EQUITY YTD Change AI FP EQUITY YTD % CHANGE

12/2012 12/yy 100.00 83.45 736'929.00 90.6 -9.40% 8.56% 44.82% 312.2 28'285.98 7'273.70 0.0 232.6 1'154.20 34'638.08

1.5 M

40

1.0 M

20

.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

3.5 M

100 80

Valuation Analysis

31.12.2008 13'103.1 1.73x 2'941.8 7.71x 1'220.0 13.93x

120

31.12.2009 31.12.2010 11'976.1 13'488.0 2.25x 2.38x 2'969.0 3'374.3 9.08x 9.50x 1'230.0 1'403.6 17.67x 18.97x Profitability

LTM-4Q 31.12.2011 14'456.9 2.25x 3'563.6 9.13x 1'534.9 17.60x

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 15'326.3 2.35x 3'792.3 9.50x 1'609.4 18.38x 3'792.30 2'560.50 16.71% 14.63% 6.55% 16.12% 0.62% 24.7% 16.7% 10.5% 1.03 0.77 29.09% 71.23% 5.47 -

Price/ Cash Flow

09/yy 14'255.5 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 15'326.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.76 310.66 6.29% -4.68% 0.764 35 3.486 1'140'082 753'002 637'984 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'352.3 17'539.3 3'960.0 3'939.5 2.10x 1.94x 4'098.5 4'447.1 8.45x 7.79x 1'737.6 1'918.9 16.25x 14.71x 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

02.07.2007 A POS 06.05.2004 A-1 14.00 7.11 1.61 1.92 71.2% 41.1% 0.62 1.23 66.93 -

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Air Liquide SA Holdings By:

All

Holder Name VANGUARD GROUP INC NATIXIS ASSET MANAGE THORNBURG INVESTMENT BLACKROCK AMUNDI MASSACHUSETTS FINANC DEUTSCHE BANK AG BANK OF NEW YORK MEL AIR LIQUIDE MERCURY ASSET MANAGE THREADNEEDLE ASSET M ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN FMR LLC THREADNEEDLE INVESTM SCHRODER INVESTMENT AMUNDI HARTFORD INVESTMENT LBPAM ARTISAN PARTNERS HOL

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a THREADNEEDLE EUROPEA Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Landesbank Baden-Wuerttemberg Exane BNP Paribas Commerzbank Corporates & Markets S&P Capital IQ Main First Bank AG AlphaValue Societe Generale Deutsche Bank Credit Suisse Independent Research GmbH Banco Sabadell Morgan Stanley Jefferies Sanford C. Bernstein & Co HSBC Berenberg Bank Nomura Barclays Kepler Capital Markets EVA Dimensions Day by Day Liberum Capital Ltd JPMorgan Macquarie Hamburger Sparkasse CM - CIC Securities(ESN) CA Cheuvreux Goldman Sachs Alembic Global Advisors Redburn Partners Natixis Canaccord Genuity Corp DZ Bank AG

ULLE WORNER HEIDI VESTERINEN STEPHAN KIPPE JOHNSON IMODE THOMAS SWOBODA FABRICE FARIGOULE PETER CLARK TIMOTHY JONES CHRIS COUNIHAN CHRISTOPH SCHOENDUBE PATRICIA GARCIA SANCHEZ PETER MACKEY LAURENCE ALEXANDER JEREMY REDENIUS GEOFF HAIRE JOHN PHILIPP KLEIN JEAN DE WATTEVILLE GUNTHER ZECHMANN MARKUS MAYER CRAIG STERLING VALERIE GASTALDY ADAM COLLINS NEIL C TYLER CHRISTIAN FAITZ MARCO GUENTHER ARI AGOPYAN KLAUS RINGEL RAKESH PATEL HASSAN I AHMED TONY JONES FREDERIC WILLIAMS-GOBEAUX PAUL W SATCHELL PETER SPENGLER

Source MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG UT-UK MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 5'647'329 4'574'842 4'574'174 3'544'338 2'311'536 1'814'483 1'445'902 1'126'673 1'119'676 1'030'417 983'348 918'293 902'774 886'970 750'992 730'867 716'601 608'059 606'009 561'349

% Out 1.81 1.47 1.47 1.14 0.74 0.58 0.46 0.36 0.36 0.33 0.31 0.29 0.29 0.28 0.24 0.23 0.23 0.19 0.19 0.18

Weighting

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

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

Latest Chg 119'140 6'156 229'303 (157'627) 47'020 (10'563) 1'125 23'544 (66'890) (450'378) (92'423) 21'023 308'898 (9'134) (36'412) (7'465) 11'929

Target Price 103 96 105 95 105 97 100 99 103 100 111 104 97 105 112 93 106 100 100 #N/A N/A #N/A N/A 121 100 100 #N/A N/A 106 101 116 95 #N/A N/A 83 82 91

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

File Dt 31.12.2012 31.12.2012 31.12.2012 19.02.2013 30.11.2012 31.12.2012 31.12.2012 15.02.2013 31.12.2011 15.02.2013 31.10.2012 31.12.2012 31.12.2012 31.12.2012 31.10.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 20.02.2013 19.02.2013 18.02.2013 18.02.2013 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 04.02.2013 01.02.2013 15.01.2013 10.01.2013 13.12.2012 07.12.2012 21.11.2012 15.11.2012 05.11.2012 26.10.2012 17.10.2012 15.10.2012 08.10.2012 02.08.2012 18.05.2012 27.10.2011


20.02.2013

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

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 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 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2011 09/yy 108.65 68.50 1'705'546.00 104.3 -4.00% 52.26% 91.78% 456.0 47'555.59 28'411.00 0.0 2'338.0 10'492.00 66'187.59

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 94'767.0 2.57x 7'966.0 8.22x

40

31.12.2008 31.12.2009 76'195.0 82'711.0 0.69x 0.75x (2'444.0) 4'297.0 8.51x 8.37x Profitability

LTM-4Q 31.12.2010 89'740.0 0.67x 5'053.0 7.94x

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 87'384.0 0.61x 2'545.0 13.13x 7.01% 5.45% 0.67% 9.30% 7.26% 0.14% 2.9% 4.43% 63.26% -

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

LTM

FY+1

1.24 455.95 20.71% -0.48% 1.238 42 4.310 1'488'619 1'520'056 1'530'919 FY+2

FQ+1

FQ+2

09/yy 87'402.0 2.77x 0.0 0.00x 3'188.0 9.98x

09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 94'084.0 103'458.3 105'751.4 25'563.3 2.48x 0.60x 0.56x 0.0 0.00x 4'441.0 5'097.9 5'450.3 1'132.0 9.32x 9.25x 8.61x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook NEG Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 63.3% Total Debt/Capital 37.5% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

100'000.0 90'000.0

6.00

80'000.0

5.00

70'000.0 60'000.0

4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0 1.00 0.00 02.01.2009

10'000.0 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 |


20.02.2013

Allianz SE Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC HARBOR CAPITAL ADVIS ALLIANZ ASSET MANAGE DEUTSCHE BANK AG UNION INVESTMENT GMB MORGAN STANLEY DB PLATINUM ADVISORS THORNBURG INVESTMENT HARRIS ASSOCIATES LP ADIG INVESTMENT DEKA INVESTMENT GMBH AMUNDI CAPITAL GROUP COMPAN MERCURY ASSET MANAGE OPPENHEIMERFUNDS INC NATIXIS ASSET MANAGE FRANKFURT TRUST INVE JP MORGAN

Firm Name

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

Analyst

JPMorgan MICHAEL HUTTNER Independent Research GmbH STEFAN BONGARDT Bankhaus Metzler JOCHEN SCHMITT Exane BNP Paribas THOMAS JACQUET Banco Sabadell MARIO LODOS DZ Bank AG THORSTEN WENZEL Kepler Capital Markets FABRIZIO CROCE AlphaValue DIETER HEIN Equinet Institutional Services(ESN) PHILIPP HAESSLER Helvea DANIEL BISCHOF Keefe, Bruyette & Woods WILLIAM HAWKINS Berenberg Bank PETER ELIOT Credit Suisse RICHARD BURDEN Bryan Garnier & Cie OLIVIER PAUCHAUT Oddo & Cie NICOLAS JACOB Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID RBC Capital Markets GORDON AITKEN Mediobanca SpA MARC THIELE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Deutsche Bank ROBIN BUCKLEY Macquarie HADLEY COHEN Goldman Sachs VINIT MALHOTRA EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Landesbank Baden-Wuerttemberg WERNER SCHIRMER Natixis BENOIT VALLEAUX Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co THOMAS SEIDL CA Cheuvreux ATANASIO PANTARROTAS Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Hamburger Sparkasse CHRISTIAN HAMANN Nord/LB VOLKER SACK Nomura MICHAEL KLIEN Societe Generale JASON KALAMBOUSSIS National Bank AG MANFRED JAISFELD S&P Capital IQ RODERICK WALLACE Raymond James DANNY JACQUES Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 32'047'039 8'563'293 8'000'572 6'365'290 4'770'085 4'519'378 4'513'764 3'746'308 3'598'771 3'381'128 2'337'600 2'232'924 2'116'731 1'904'355 1'843'650 1'490'728 1'483'920 1'455'112 1'212'611 961'909

% Out 7.03 1.88 1.75 1.4 1.05 0.99 0.99 0.82 0.79 0.74 0.51 0.49 0.46 0.42 0.4 0.33 0.33 0.32 0.27 0.21

Weighting

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

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

Latest Chg 175'318 (440'475) (11'363) (131'397) 546'507 972'739 (99'900) (65'405) 64'334 388'780 (82'340) 8'661

Target Price 122 120 85 125 114 105 73 111 96 111 128 124 113 118 120 120 120 120 123 133 120 130 120 #N/A N/A 128 110 120 117 100 118 110 100 #N/A N/A 104 103 100 120 133 #N/A N/A #N/A N/A 92 106

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

File Dt 15.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 16.05.2012 31.01.2013 31.12.2012 31.12.2012 31.10.2012 30.11.2012 30.11.2012 31.12.2012 15.02.2013 30.12.2012 31.12.2012 30.11.2012 31.12.2012

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

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

Date 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 11.02.2013 08.02.2013 06.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 29.01.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 10.01.2013 07.01.2013 13.12.2012 10.12.2012 05.12.2012 26.11.2012 14.11.2012 12.11.2012 12.11.2012 09.11.2012 09.11.2012 09.11.2012 03.08.2012 15.03.2012 11.11.2011 12.05.2011


20.02.2013

Anheuser-Busch InBev NV Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, stout, and bitter beer. Anheuser-Busch InBev owns brands that are both nationally and internationally prominent. The Company has production plants in Europe, the Americas, and Asia.

Price/Volume 80

9.0 M

70

8.0 M

60

7.0 M 6.0 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (24.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE

12/2011 09/yy 71.05 48.77 1'724'592.00 69.84 -1.70% 43.22% 91.70% 1'606.8 112'218.04 40'165.00 0.0 3'552.0 5'423.00 189'902.30

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

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

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 19'780.6 2.84x 6'827.9 8.23x 3'013.0 15.83x

5.0 M

40

31.12.2008 31.12.2009 23'507.0 36'758.0 4.07x 3.57x 7'734.0 12'925.0 12.37x 10.15x 1'927.0 4'613.0 11.99x 17.92x Profitability

LTM-4Q 31.12.2010 36'297.0 3.70x 13'768.0 9.76x 4'026.0 22.61x

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 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x 15'297.00 12'607.00 32.29% 25.14% 6.19% 19.04% 13.22% 0.34% 57.4% 38.9% 32.0% 15.0% 0.63 0.49 35.73% 107.13% 6.16

Price/ Cash Flow

LTM

09/yy 38'645.0 0.00x 11'120.0 0.00x 4'973.0 16.23x

09/yy 39'345.0 7.65x 15'945.0 0.00x 7'338.0 18.54x

FY+1

.0 M f-13

0.78 43.44% 6.24% 0.776 35 3.629 2'622'819 2'149'295 1'714'784 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 39'727.8 44'831.3 10'198.3 4.63x 4.17x 15'480.0 17'605.5 4'427.1 12.27x 10.79x 7'440.7 8'064.3 1'946.8 20.04x 18.66x 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

01.05.2012 A STABLE 01.05.2012 A-1 5.53 4.31 2.36 2.61 107.1% 49.5% 0.34 2.42 59.46 277.57 -183.39

Sales/Revenue/Turnover

14.00

45'000.0

12.00

40'000.0 35'000.0

10.00

30'000.0

8.00

25'000.0

6.00

20'000.0 15'000.0

4.00

10'000.0

2.00 0.00 02.01.2009

5'000.0 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 |


20.02.2013

Anheuser-Busch InBev NV Holdings By:

All

Holder Name STICHTING INBEV EUGENIE PATRI SEBAST CAPITAL GROUP COMPAN BRC SARL FMR LLC VANGUARD GROUP INC BLACKROCK HARBOR CAPITAL ADVIS BNP PARIBAS INV PART ANHEUSER-BUSCH INBEV VOORZITTER VERHELST INBEV-BAILLET LATOUR ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA INVESCO LTD MERCURY ASSET MANAGE AMUNDI GRANTHAM MAYO VAN OT THREADNEEDLE ASSET M

Firm Name

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

Analyst

Societe Generale ANDREW HOLLAND ABN Amro Bank N.V. ROBERT JAN VOS JPMorgan MIKE J GIBBS Sanford C. Bernstein & Co TREVOR STIRLING HSBC LAUREN E TORRES Bank Degroof(ESN) HANS D'HAESE Natixis OLIVIER DELAHOUSSE S&P Capital IQ CARL SHORT Grupo Santander ANTHONY J BUCALO Jefferies DIRK VAN VLAANDEREN KBC Securities WIM HOSTE Berenberg Bank PHILIP MORRISEY ING Bank MARCO GULPERS Exane BNP Paribas JAVIER GONZALEZ LASTRA AlphaValue ISABELLE COMBEMALE Nomura IAN SHACKLETON Goldman Sachs MITCHELL COLLETT Credit Suisse SANJEET AUJLA Petercam KRIS KIPPERS Canaccord Genuity Corp EDDY HARGREAVES Rabobank International KAREL ZOETE Bryan Garnier & Cie NIKOLAAS FAES Redburn Partners CHRIS PITCHER RBC Capital Markets JAMES EDWARDES JONES Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Kempen & Co SANDER VAN OORT Independent Research GmbH LARS LUSEBRINK Espirito Santo Investment Bank Research ALEX SMITH Nord/LB WOLFGANG VASTERLING Day by Day VALERIE GASTALDY Deutsche Bank JONATHAN FELL Barclays SIMON HALES Banco Sabadell IGNACIO ROMERO Shore Capital Stockbrokers PHIL CARROLL Kepler Capital Markets TEAM COVERAGE

Source 20F 20F ULT-AGG 20F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG 20F 20F 20F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy reduce not rated outperform overweight hold neutral hold buy buy hold buy hold underperform sell reduce sell/attractive neutral buy buy hold buy buy outperform buy outperform sell hold hold neutral hold hold restricted suspended coverage buy not rated buy

Amt Held 663'074'830 133'267'604 35'079'819 32'666'460 19'379'453 16'738'779 11'944'675 10'597'724 9'105'051 7'601'955 6'997'665 5'485'415 4'160'120 3'874'886 3'438'936 2'694'181 2'451'172 2'384'500 2'153'869 2'066'638

% Out 41.27 8.29 2.18 2.03 1.21 1.04 0.74 0.66 0.57 0.47 0.44 0.34 0.26 0.24 0.21 0.17 0.15 0.15 0.13 0.13

Weighting

Change

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

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

Latest Chg (3'462'946) (1'662'696) (2'422'646) 258'591 (128'959) (436'646) 89'672 17'505 1'647'249 311'764 1'136'735 166'567 46'278

Target Price 74 61 #N/A N/A 81 78 74 70 71 71 76 67 64 68 63 42 59 60 70 80 76 66 75 #N/A N/A 69 82 72 #N/A N/A 68 69 65 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 42 #N/A N/A 50

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

File Dt Inst Type 29.08.2011 n/a 29.08.2011 Corporation 31.12.2012 Investment Advisor 29.08.2011 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 29.08.2011 Corporation 29.08.2011 Other 29.08.2011 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.10.2012 Investment Advisor

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

Date 20.02.2013 19.02.2013 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 14.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 25.01.2013 21.01.2013 17.01.2013 06.01.2013 31.10.2012 14.09.2012 10.09.2012 07.08.2012 29.06.2012 29.06.2012 05.03.2012 07.02.2012 27.09.2011


20.02.2013

ArcelorMittal ArcelorMittal produces steel. The Company manufactures cold rolled, electrogalvanized and coated steels, slabs, special quality bars, and wire rods. Arcelor Mittal has steel making operations in Europe, the Americas, Asia, and Africa.

Price/Volume 18

35.0 M

16

30.0 M

14

25.0 M

12

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 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 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MT NA EQUITY YTD Change MT NA EQUITY YTD % CHANGE

12/2012 12/yy 16.85 10.60 9'943'193.00 11.955 -29.05% 12.84% 29.74% 1'665.4 19'909.76 25'752.00 0.0 3'474.0 4'398.00 51'409.53

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

20.0 M

8

15.0 M

6

10.0 M

4

5.0 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 124'936.0 0.50x 24'436.0 2.57x 9'399.0 3.49x

10

31.12.2009 31.12.2010 61'021.0 78'025.0 1.52x 1.05x 3'656.0 8'014.0 25.37x 10.25x 157.0 2'916.0 308.59x 17.66x Profitability

LTM-4Q 31.12.2011 93'973.0 0.58x 9'898.0 5.47x 2'263.0 15.75x

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 84'213.0 0.61x 6'762.0 7.58x (3'726.0) 6'762.00 1'809.00 2.15% -6.85% -3.15% -6.87% 0.71% 6.1% 8.6% 2.8% -4.4% 1.33 0.40 22.48% 49.79% 14.60 -

Price/ Cash Flow

LTM

12/yy 93'973.0 2.92x 10'448.0 5.18x 2'263.0 15.75x

12/yy 84'213.0 2.47x 7'280.0 7.04x (3'726.0) 0.00x

FY+1

.0 M f-13

1.47 976.79 -26.26% -7.58% 1.475 42 3.500 7'005'059 9'497'878 7'627'378 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 87'743.3 90'551.9 20'688.8 22'234.8 0.55x 0.51x 2.43x 2.24x 7'995.0 9'529.1 1'607.3 2'168.3 6.43x 5.39x 6.76x 6.32x 1'250.1 2'590.7 33.8 557.0 21.45x 10.70x 24.63x 17.48x S&P Issuer Ratings

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

02.08.2012 BB+ NEG 02.08.2012 B 3.33 1.02 2.93 3.54 49.8% 31.8% 0.71 1.56 25.07 61.20

Sales/Revenue/Turnover

60.00

140'000.0

50.00

120'000.0 100'000.0

40.00

80'000.0 30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

ArcelorMittal Holdings By:

All

Holder Name HSBC TRUSTEE CI LTD STATE OF LUXEMBOURG CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK NATIXIS ASSET MANAGE ARCELOR MITTAL ING INVESTMENT MANAG AMUNDI AVIVA PLC DIMENSIONAL FUND ADV LBPAM HENDERSON GLOBAL INV ACHMEA BELEGGINSFOND BNP ASSET MANAGEMENT MERCURY ASSET MANAGE ING INTERNATIONAL AD SNS INVESTMENT FUND FORTIS INVESTMENTS ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

RBC Capital Markets TIMOTHY HUFF Bankia Bolsa (ESN) INIGO RECIO PASCUAL Banco Sabadell FRANCISCO JOSE RODRIGUEZ Nomura NEIL SAMPAT AlphaValue FABRICE FARIGOULE Hamburger Sparkasse INGO SCHMIDT Societe Generale ALAIN WILLIAM Nord/LB HOLGER FECHNER Jefferies SETH ROSENFELD Independent Research GmbH SVEN DIERMEIER Rabobank International FRANK CLAASSEN Kepler Capital Markets ROCHUS BRAUNEISER Espirito Santo Investment Bank Research RUI DIAS S&P Capital IQ JOHNSON IMODE Exane BNP Paribas LUC PEZ Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Morgan Stanley ALEXANDER HAISSL Goldman Sachs STEPHEN BENSON JPMorgan ALESSANDRO ABATE Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE ING Bank FILIP DE PAUW Banesto Bolsa SA Sociedad ROBERT JACKSON ABN Amro Bank N.V. MAARTEN BAKKER VTB Capital WIKTOR BIELSKI Macquarie JEFFREY LARGEY HSBC THORSTEN ZIMMERMANN Grupo Santander JUAN RAMON CORREAS Theodoor Gilissen Securities TOM MULLER EVA Dimensions CRAIG STERLING Petercam JUNIOR CUIGNIEZ Landesbank Baden-Wuerttemberg JENS MUENSTERMANN BBVA LUIS DE TOLEDO Natixis RAOUDHA BOUZEKRI Davy TIM CAHILL Kempen & Co DIRK VERBIESEN La Caixa ICIAR GOMEZ BOTAS Day by Day VALERIE GASTALDY National Bank AG EKKEHARD D LINK Main First Bank AG ALEXANDER HAUENSTEIN Deutsche Bank BASTIAN SYNAGOWITZ Cyrrus JIRI SIMARA Dahlman Rose & Co ANTHONY B RIZZUTO JR Daiwa Securities Co. Ltd. SCOTT FINLAY

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

Recommendation outperform buy buy neutral add buy buy sell buy hold buy hold sell sell neutral hold Equalwt/Cautious neutral/neutral overweight sell hold Under Review buy buy neutral underweight hold buy overweight hold buy underperform neutral neutral buy overweight hold buy underperform hold accumulate buy buy

Amt Held 637'338'263 38'965'330 34'288'654 18'860'993 14'036'932 12'923'790 11'807'964 8'527'735 6'157'177 5'391'818 3'648'408 3'040'188 3'022'839 2'965'210 2'897'046 2'858'279 2'745'413 2'539'528 2'019'861 1'908'313

% Out 38.27 2.34 2.06 1.13 0.84 0.78 0.71 0.51 0.37 0.32 0.22 0.18 0.18 0.18 0.17 0.17 0.16 0.15 0.12 0.11

Weighting

Change

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

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

Latest Chg (1'268'600) 378'014 (572'353) (458'274) (35'853) 1'059'726 (2'720) (511'043) 2'297'074 (190'655) (67'376) 47'693 7'855

Target Price 14 16 15 12 14 #N/A N/A 16 10 16 14 15 13 10 9 15 13 13 12 15 12 13 #N/A N/A 19 21 15 12 17 18 #N/A N/A 14 15 15 13 #N/A N/A 17 13 #N/A N/A 15 9 13 18 #N/A N/A 30

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

File Dt 31.07.2012 17.05.2012 31.12.2012 31.12.2012 19.02.2013 31.12.2012 17.05.2012 31.12.2012 30.11.2012 31.01.2013 31.07.2012 31.12.2012 30.09.2012 31.12.2012 30.09.2012 15.02.2013 31.07.2012 29.06.2012 30.09.2012 31.12.2012

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

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

Date 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 11.02.2013 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 05.02.2013 01.02.2013 30.01.2013 25.01.2013 22.01.2013 17.01.2013 14.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 06.01.2013 23.11.2012 20.11.2012 02.11.2012 02.11.2012 26.10.2012 30.01.2012 17.10.2011 08.06.2011


20.02.2013

ASML Holding NV ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment. The Company's products allow semiconductor manufacturers to choose the optimal numerical aperture and wavelength for their applications, assure uniformity, and produce more using less floor space.

Price/Volume 60

18.0 M 16.0 M

50

14.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASML NA EQUITY YTD Change ASML NA EQUITY YTD % CHANGE

12/2012 12/yy 58.09 33.59 1'114'080.00 55.05 -5.23% 63.91% 87.76% 419.9 23'112.88 759.49 0.0 0.0 2'697.60 21'174.77

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

10.0 M 8.0 M

20

6.0 M 4.0 M

10

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 2'953.7 1.71x 406.2 12.42x 322.4 17.00x

12.0 M

30

31.12.2009 31.12.2010 1'596.1 4'507.9 6.29x 2.52x (21.5) 1'402.1 8.11x (150.9) 1'021.8 12.30x Profitability

LTM-4Q 31.12.2011 5'651.0 2.02x 1'806.4 6.33x 1'467.0 9.41x

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

31.12.2012 4'731.6 3.72x 1'343.4 13.11x 1'146.3 17.78x 1'343.39 1'156.77 24.45% 24.32% 15.63% 30.52% 0.65% 42.4% 28.4% 24.4% 24.2% 2.80 1.58 10.25% 18.67% 6.37 1.57

Price/ Cash Flow

12/yy 5'651.0 7.30x 1'806.4 6.33x 1'467.0 9.41x

LTM 12/yy 4'731.5 12.93x 1'343.4 13.11x 1'146.3 17.78x

FY+1

.0 M f-13

0.93 326.78 86.73% 14.69% 0.933 36 3.583 1'090'168 1'756'965 1'762'041 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'862.3 6'037.6 911.5 1'090.4 4.26x 3.31x 23.01x 19.49x 1'253.6 1'817.2 139.5 235.0 16.89x 11.65x 17.78x 14.10x 945.2 1'449.8 120.0 196.8 23.79x 15.53x 22.99x 19.17x 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

58.97 51.43 -1.44 0.57 18.7% 15.7% 0.65 4.54 57.47 233.70 39.17 252.00

Sales/Revenue/Turnover

250.00

6'000.0 5'000.0

200.00

4'000.0 150.00

3'000.0 100.00

2'000.0

50.00

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 |


20.02.2013

ASML Holding NV Holdings By:

All

Holder Name STICHTING ADM MAKTSJ CAPITAL GROUP COMPAN FMR LLC BLACKROCK STICHT ADM TSMC ASML HOLDING NV WADDELL & REED FINAN VANGUARD GROUP INC ALLIANZ ASSET MANAGE THORNBURG INVESTMENT T ROWE PRICE ASSOCIA ING INVESTMENT MANAG NATIXIS ASSET MANAGE MERCURY ASSET MANAGE ACHMEA BELEGGINSFOND AMUNDI HENDERSON GLOBAL INV BNP PARIBAS INV PART SARASIN BESSEMER INVESTMENT

Firm Name AlphaValue JPMorgan Exane BNP Paribas ING Bank Rabobank International EVA Dimensions Day by Day Deutsche Bank Liberum Capital Ltd ABN Amro Bank N.V. Baader Bank Bank of Valletta Grupo Santander Societe Generale Morgan Stanley Credit Suisse Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg CA Cheuvreux Petercam Natixis S&P Capital IQ Main First Bank AG Barclays Pacific Crest Securities Independent Research GmbH Kepler Capital Markets Piper Jaffray Theodoor Gilissen Securities Commerzbank Corporates & Markets Kempen & Co Jefferies Goldman Sachs SNS Securities(ESN) Redburn Partners

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a OLD WESTBURY INTERNA

Analyst LIONEL PELLICER SANDEEP S DESHPANDE JEROME RAMEL MARC ZWARTSENBURG PHILIP SCHOLTE ANDREW S ZAMFOTIS VALERIE GASTALDY KAI KORSCHELT JANARDAN MENON ROBIN VAN DEN BROEK GUENTHER MICHAEL HOLLFELDER TEAM COVERAGE CARLOS JAVIER TREVINO PETER KNOX FRANCOIS MEUNIER SATYA KUMAR PIERRE FERRAGU WALTER SCHNEIDER BERND LAUX MARCEL ACHTERBERG STEPHANE HOURI JAMES CRAWSHAW JUERGEN WAGNER ANDREW M GARDINER WESTON TWIGG MARKUS FRIEBEL PETER OLOFSEN JAGADISH IYER JOS VERSTEEG THOMAS M BECKER ERWIN DUT LEE SIMPSON SIMON F SCHAFER VICTOR BARENO SUMANT WAHI

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

Recommendation reduce overweight neutral hold hold underweight buy hold hold buy hold overweight hold hold Overwt/Cautious outperform outperform hold outperform hold buy buy underperform overweight sector perform sell reduce overweight hold reduce hold hold not rated suspended coverage neutral

Amt Held 62'977'877 51'453'097 36'311'008 22'878'489 20'992'625 8'980'030 8'028'537 5'830'523 3'447'015 2'964'987 1'645'738 1'523'440 1'165'173 1'104'264 905'408 878'582 852'802 847'444 846'675 824'000

% Out 15 12.26 8.65 5.45 5 2.14 1.91 1.39 0.82 0.71 0.39 0.36 0.28 0.26 0.22 0.21 0.2 0.2 0.2 0.2

Weighting

Change

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

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

Latest Chg 191'077 28'372 (40'604) 1'901'140 39'872 (421'865) 516'501 (116'206) (199'700) (637'888) (464'871) 824'000

Target Price 53 65 50 60 52 #N/A N/A 63 47 45 60 52 59 43 48 56 60 58 50 59 57 58 58 40 53 #N/A N/A 40 40 57 50 40 50 #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 Inst Type 06.02.2013 Other 06.02.2013 Investment Advisor 06.02.2013 Investment Advisor 15.02.2013 Investment Advisor 06.02.2013 n/a 01.07.2012 Corporation 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 31.12.2012 Mutual Fund Manager 15.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Unclassified 31.10.2012 Investment Advisor

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

Date 14.02.2013 12.02.2013 04.02.2013 01.02.2013 31.01.2013 29.01.2013 28.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 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 15.01.2013 07.01.2013 06.01.2013 18.12.2012 23.11.2012 01.11.2012 11.07.2012


20.02.2013

Assicurazioni Generali SpA Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance throughout the world. The Company offers life, health, accident, automobile, marine, aviation, transport, fire, general liability, and credit insurance and reinsurance.

Price/Volume 16

30.0 M

14

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 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 G IM EQUITY YTD Change G IM EQUITY YTD % CHANGE

12/2011 09/yy 14.65 8.16 5'148'329.00 12.96 -11.54% 58.92% 76.14% 1'556.9 20'177.08 21'346.20 0.0 2'635.0 25'559.90 24'761.38

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

10.0 M

4 5.0 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 31.12.2007 80'164.7 0.66x 2'915.6 14.69x

15.0 M

6

31.12.2008 31.12.2009 62'298.4 85'790.6 0.61x 0.50x 860.9 1'309.1 30.45x 20.68x Profitability

LTM-4Q 31.12.2010 87'072.1 0.40x 1'701.9 12.92x

31.12.2011 73'481.8 0.22x 856.1 20.77x 4.66% 2.46% 0.27% 6.64% 0.19% 1.2% 5.05% 137.85% -

LTM

09/yy 79'976.9 0.85x 0.0 0.00x 3'825.2 0.00x

09/yy 81'511.6 0.46x 0.0 0.00x 1'163.8 14.58x

FY+1

.0 M f-13

1.05 1'267.12 11.08% -5.68% 1.045 30 2.600 5'846'905 7'229'142 6'852'000 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 74'120.1 76'299.8 14'345.0 0.30x 0.29x 1'564.8 2'055.4 454.0 12.51x 9.73x 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

A NEG 137.8% 54.1% 0.19 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 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 |


20.02.2013

Assicurazioni Generali SpA Holdings By:

All

Holder Name MEDIOBANCA SPA BANCA D'ITALIA DEA PARTICIPATIONS S EFFETI SPA DELFIN SARL VANGUARD GROUP INC BLACKROCK COMPASS SPA VIKING GLOBAL INVEST VM 2006 SRL DB PLATINUM ADVISORS MERCURY ASSET MANAGE PANTHEON 2000 SPA CALTAGIRONE EDITORE GAMMA SRL BNP PARIBAS INV PART B&D FINANCE SA FINANZIARIA ITALIA 2 ARCA SGR SPA AMUNDI

Firm Name Banca Akros(ESN) Mediobanca SpA Exane BNP Paribas AlphaValue Credit Suisse Oddo & Cie Barclays Main First Bank AG Equita SIM SpA Morgan Stanley EVA Dimensions Deutsche Bank HSBC Societe Generale JPMorgan Keefe, Bruyette & Woods Independent Research GmbH S&P Capital IQ Day by Day Nomura Natixis Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg CA Cheuvreux Goldman Sachs ICBPI Banca IMI Hamburger Sparkasse Kepler Capital Markets Macquarie Redburn Partners DZ Bank AG Daiwa Securities Co. Ltd.

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

Analyst MARCO CAVALLERI GIANLUCA FERRARI NICCOLO DALLA PALMA JEROME CASSAGNE RICHARD BURDEN NICOLAS JACOB CLAUDIA GASPARI FEDERICO SALERNO MATTEO GHILOTTI DAVID ANDRICH AUSTIN BURKETT ROBIN BUCKLEY KAILESH MISTRY ABID HUSSAIN ANDREAS VAN EMBDEN RALPH HEBGEN STEFAN BONGARDT RODERICK WALLACE VALERIE GASTALDY MICHAEL KLIEN BENOIT VALLEAUX THOMAS SEIDL WERNER SCHIRMER ATANASIO PANTARROTAS COLIN L SIMPSON ENRICO ESPOSTI ELENA PERINI CHRISTIAN HAMANN GIANANTONIO VILLANI HADLEY COHEN PAUL GOODHIND WERNER EISENMANN TIM PROUDLOVE

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

Recommendation hold neutral underperform reduce underperform neutral equalweight outperform buy Underwt/In-Line underweight hold neutral buy neutral market perform sell sell hold reduce neutral underperform sell underperform not rated not rated suspended coverage hold buy neutral neutral sell hold

Amt Held % Out 194'048'687 12.46 69'420'980 4.46 35'185'336 2.26 33'488'344 2.15 31'168'603 2 21'969'315 1.41 17'248'637 1.11 14'198'684 0.91 (14'167'547) -0.91 6'196'356 0.4 5'321'220 0.34 4'134'095 0.27 3'502'965 0.23 3'144'884 0.2 2'958'059 0.19 2'833'608 0.18 2'693'391 0.17 2'646'685 0.17 2'543'127 0.16 2'540'642 0.16

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

Change M M M M M M M M M M M D M M M M M M D M M M M M M M M M M M M M M

Latest Chg 460'550 79'470 (41'688) (6'015) (5'402) 409'970

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

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

File Dt Inst Type 20.11.2012 Bank 30.11.2012 Government 30.11.2012 Investment Advisor 30.11.2012 Corporation 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Corporation 01.11.2012 Hedge Fund Manager 30.11.2012 Other 31.01.2013 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Other 30.11.2012 Corporation 30.11.2012 Holding Company 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Unclassified 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager

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

Date 20.02.2013 18.02.2013 15.02.2013 14.02.2013 08.02.2013 04.02.2013 04.02.2013 25.01.2013 18.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 14.01.2013 10.01.2013 09.01.2013 09.01.2013 09.01.2013 08.01.2013 08.01.2013 28.12.2012 11.12.2012 10.12.2012 13.11.2012 15.03.2012 21.12.2011 16.05.2011


20.02.2013

AXA SA AXA SA is an insurance company which also provides related financial services. The Company offers life and non-life insurance, reinsurance, savings and pension products, and asset management services. AXA operates in both domestic and international markets.

Price/Volume 16

30.0 M

14

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CS FP EQUITY YTD Change CS FP EQUITY YTD % CHANGE

12/2011 09/yy 13.98 8.65 6'393'273.00 13.7 -1.97% 58.38% 99.15% 2'389.0 32'729.28 16'693.00 6'059.0 2'371.0 31'072.00 27'574.28

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

10.0 M

4 5.0 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 31.12.2007 115'035.0 0.57x 5'666.0 11.80x

15.0 M

6

31.12.2008 31.12.2009 51'235.0 122'704.0 0.62x 0.36x 923.0 3'606.0 51.67x 10.60x Profitability

LTM-4Q 31.12.2010 117'414.0 0.29x 2'749.0 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

31.12.2011 98'334.0 0.18x 4'324.0 5.88x 4.36% 5.58% 0.40% 6.27% 4.84% 0.14% 4.4% 2.29% 39.27% -

Price/ Cash Flow

LTM

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

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

FY+1

.0 M f-13

1.50 2'042.80 17.24% 2.62% 1.500 35 4.029 6'333'995 6'017'706 5'980'836 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 98'255.7 97'977.1 0.45x 0.45x 4'445.6 4'724.0 7.57x 7.15x 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

18.12.2012 ASTABLE 18.12.2012 A-2 39.3% 24.7% 0.14 -

Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0 100'000.0

2.00

80'000.0 1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

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 |


20.02.2013

AXA SA Holdings By:

All

Holder Name MUTUELLES AXA AMUNDI BNP PARIBAS INV PART CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS BLACKROCK FRANKLIN RESOURCES VANGUARD GROUP INC NATIXIS ASSET MANAGE FMR LLC LANSDOWNE UK EQUITY AMUNDI T ROWE PRICE ASSOCIA LBPAM AVIVA PLC AMUNDI MERCURY ASSET MANAGE DIMENSIONAL FUND ADV TEMPLETON INVESTMENT DEKA INVESTMENT GMBH

Firm Name

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

Analyst

Banco Sabadell MARIO LODOS AlphaValue JEROME CASSAGNE Keefe, Bruyette & Woods RALPH HEBGEN Bryan Garnier & Cie OLIVIER PAUCHAUT Helvea DANIEL BISCHOF Exane BNP Paribas THOMAS JACQUET Oddo & Cie NICOLAS JACOB Berenberg Bank PETER ELIOT Kepler Capital Markets FABRIZIO CROCE Credit Suisse RICHARD BURDEN Raymond James DANNY JACQUES Main First Bank AG FEDERICO SALERNO Barclays CLAUDIA GASPARI Mediobanca SpA MARC THIELE Deutsche Bank OLIVER STEEL Macquarie NEIL WELCH Goldman Sachs COLIN L SIMPSON EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Natixis BENOIT VALLEAUX Landesbank Baden-Wuerttemberg WERNER SCHIRMER Day by Day VALERIE GASTALDY CA Cheuvreux ATANASIO PANTARROTAS Morgan Stanley JON HOCKING Redburn Partners LANCE BURBIDGE JPMorgan ANDREAS VAN EMBDEN CM - CIC Securities(ESN) PIERRE CHEDEVILLE RBC Capital Markets GORDON AITKEN Independent Research GmbH STEFAN BONGARDT National Bank AG MANFRED JAISFELD S&P Capital IQ RODERICK WALLACE Hamburger Sparkasse CHRISTIAN HAMANN Nomura MICHAEL KLIEN DZ Bank AG WERNER EISENMANN Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE CS Capital CHRISTOPHER PARKINSON BBVA SILVIA RIGOL CARNEIRO

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

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

Amt Held % Out 342'767'775 14.35 91'682'238 3.84 79'994'391 3.35 65'131'985 2.73 50'254'088 2.1 44'905'493 1.88 35'536'058 1.49 33'349'652 1.4 29'871'758 1.25 21'618'306 0.9 (20'395'259) -0.85 14'093'406 0.59 12'758'066 0.53 11'629'095 0.49 10'727'164 0.45 7'008'017 0.29 6'232'941 0.26 5'917'236 0.25 5'835'130 0.24 5'477'948 0.23

Weighting

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

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

Latest Chg (20'493'797) 76'406 2'125'718 (9'366) 4'798'856 464'500 730'180 (2'926'509) (3'608'266) (7'936'172) (809'204) 255'752 (143'415) (27'579) 210'749 (52'090) (37'515)

Target Price 15 17 18 17 15 18 16 16 10 16 19 14 14 18 16 16 17 #N/A N/A 20 18 16 #N/A N/A 16 15 #N/A N/A 12 16 13 13 13 16 #N/A N/A 23 14 21 16 13 22

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

File Dt 31.12.2011 15.05.2012 30.10.2012 31.12.2012 31.12.2012 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 16.09.2011 30.11.2012 31.12.2012 31.12.2012 31.01.2013 28.09.2012 15.02.2013 31.07.2012 30.11.2012 30.11.2012

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

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

Date 15.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 04.02.2013 04.02.2013 30.01.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 10.01.2013 07.01.2013 07.01.2013 10.12.2012 05.12.2012 22.11.2012 08.11.2012 07.11.2012 05.11.2012 25.10.2012 25.10.2012 25.10.2012 08.10.2012 27.01.2012 20.12.2011 05.10.2011 06.06.2011 22.02.2011 17.02.2011


20.02.2013

Banco Bilbao Vizcaya Argentaria SA Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, wholesale, and investment banking services. The Bank offers consumer and mortgage loans, private banking, asset management, insurance, mutual funds, and securities brokerage services. It operates in Europe, Latin America, United States, China and Turkey.

Price/Volume

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

600.0 M 500.0 M

6

12/2012 12/yy 7.86 4.31 24'948'923.00 7.599 -3.28% 76.31% 94.16% 5'448.9 41'405.81 227'639.00 0.0 2'373.0 63'956.00 -

5

400.0 M

4

300.0 M

3

200.0 M

2

100.0 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 41'508.0 5'020.0 6.41x

700.0 M

8 7

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 BBVA SQ EQUITY YTD Change BBVA SQ EQUITY YTD % CHANGE

9

31.12.2009 31.12.2010 34'467.0 32'482.0 4'210.0 4'606.0 11.37x 6.46x Profitability

LTM-4Q 31.12.2011 36'094.0 3'004.0 10.44x

31.12.2012 21'714.0 1'676.0 28.19x 13.57% 7.64% 0.27% 4.21% 0.88% 0.04% 7.7% 35.69% 549.44% -

LTM

12/yy 19'967.0 0.00x 0.0 0.00x 3'004.0 10.33x

12/yy 22'260.0 0.00x 0.0 0.00x 1'676.0 22.20x

FY+1

1.23 5'283.94 14.94% 10.60% 1.226 43 3.326 42'000'220 66'786'530 66'306'900 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'435.5 24'669.5 5'931.0 6'071.0 4'436.5 5'175.4 1'169.0 1'168.0 10.04x 8.56x 11.18x S&P Issuer Ratings

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

16.10.2012 BBBNEG 16.10.2012 A-3 549.4% 83.9% 0.04 3.29 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 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 |


20.02.2013

Banco Bilbao Vizcaya Argentaria SA Holdings By:

All

Holder Name BNP PARIBAS SA INVERAVANTE INVERSIO VANGUARD GROUP INC BLACKROCK JANUS CAPITAL MANAGE CAPITAL GROUP COMPAN FMR LLC OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE BNP PARIBAS INV PART BNP ASSET MANAGEMENT NATIXIS ASSET MANAGE UMB BANK N A SANTANDER ASSET MGMT CREDIT SUISSE ASSET DEXIA ASSET MANAGEME SWEDBANK ROBUR FONDE UNION INVESTMENT LUX AVIVA PLC STATE STREET BANQUE

Firm Name

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

Analyst

Oddo & Cie JULIE LEGRAND NMAS 1 Agencia de Valores FRANCISCO RIQUEL BPI CARLOS JOAQUIM PEIXOTO Banco Sabadell MARIO LODOS Exane BNP Paribas SANTIAGO LOPEZ DIAZ AlphaValue DAVID GRINSZTAJN Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Morgan Stanley ALVARO SERRANO Interdin Bolsa JAVIER RUIZ-CAPILLAS JPMorgan JAIME BECERRIL Bankia Bolsa (ESN) JAVIER BERNAT Ahorro Corporacion Financiera SA IRMA GARRIDO Hamburger Sparkasse CHRISTIAN HAMANN Macquarie BENJIE CREELAN-SANDFORD Mediobanca SpA ANDREA FILTRI RBC Capital Markets PATRICK LEE Keefe, Bruyette & Woods ANTONIO RAMIREZ Independent Research GmbH STEFAN BONGARDT Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Natixis FREDERIC TESCHNER Nomura DARAGH QUINN Credit Suisse IGNACIO CEREZO S&P Capital IQ WILLIAM HOWLETT Day by Day VALERIE GASTALDY Berenberg Bank NICK ANDERSON Goldman Sachs JERNEJ OMAHEN Societe Generale CARLOS GARCIA GONZALEZ Deutsche Bank CARLOS BERASTAIN GONZALEZ Landesbank Baden-Wuerttemberg INGO FROMMEN EVA Dimensions AUSTIN BURKETT HSBC CARLO DIGRANDI Barclays ROHITH CHANDRA-RAJAN Grupo Santander ARTURO DE FRIAS Redburn Partners GEORGE KARAMANOS Nord/LB MICHAEL SEUFERT CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Renta 4 SA SVB NURIA ALVAREZ Hammer Partners SA ENRICO RACIOPPI La Caixa DAVID FERNANDEZ DZ Bank AG SABINE BOHN

Source EXCH 13G MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 184'725'823 160'934'820 102'566'942 79'084'536 46'618'211 38'166'132 31'913'193 18'107'206 17'956'906 14'935'793 13'489'332 9'664'220 8'602'312 7'718'009 7'291'005 6'508'112 6'211'936 5'965'807 5'954'507 5'947'119

% Out 3.39 2.95 1.88 1.45 0.86 0.7 0.59 0.33 0.33 0.27 0.25 0.18 0.16 0.14 0.13 0.12 0.11 0.11 0.11 0.11

Weighting

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

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

Latest Chg 22'455'188 (86'470'698) 3'027'039 9'573'440 (9'207'019) 587'169 (5'874'425) (1'472'244) (3'037'700) (2'484'158) 8'602'312 (2'806'444) 141'375 2'342'287 725'981 7'394 66'787

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

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

File Dt Inst Type 07.01.2013 Bank 24.07.2012 Other 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 19.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 07.02.2013 06.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 28.01.2013 23.01.2013 22.01.2013 22.01.2013 17.01.2013 17.01.2013 10.01.2013 08.01.2013 04.01.2013 04.01.2013 23.10.2012 24.08.2012 31.07.2012 19.06.2012 16.03.2012 06.02.2012


20.02.2013

Banco Santander SA Banco Santander SA attracts deposits and offers retail, commercial and private banking, and asset management services. The Bank offers consumer credit, mortgage loans, lease financing, factoring, mutual funds, pension funds, insurance, commercial credit, investment banking services, structured finance, and advice on mergers and acquisitions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN SQ EQUITY YTD Change SAN SQ EQUITY YTD % CHANGE

12/2012 12/yy 6.68 3.98 46'728'212.00 5.86 -12.25% 47.38% 73.72% 10'538.7 61'756.68 350'972.00 0.0 9'672.0 172'273.00 -

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

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

1.20

700.0 M

6

600.0 M

5

500.0 M

4

400.0 M

3

300.0 M

2

200.0 M

1

100.0 M

0 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 70'114.3 8'876.4 5.74x

7

31.12.2009 31.12.2010 69'736.2 68'965.5 8'942.5 8'180.9 11.09x 8.39x Profitability

LTM-4Q 31.12.2011 78'009.0 5'351.0 9.74x

31.12.2012 44'002.0 2'205.0 26.44x 24.76% 12.27% 0.17% 2.92% 0.66% 0.03% 5.0% 27.64% 470.13% -

LTM

12/yy 44'219.0 0.00x 0.0 0.00x 5'351.0 9.70x

12/yy 43'662.0 0.00x 0.0 0.00x 2'205.0 25.61x

FY+1

1.17 10'341.20 1.03% -1.66% 1.174 42 2.810 50'936'640 72'917'710 70'469'670 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 44'623.9 46'700.7 11'268.0 11'390.0 6'496.6 7'591.4 1'408.0 1'407.0 9.61x 8.32x 9.09x 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

16.10.2012 BBB NEG 30.04.2012 A-2 470.1% 80.6% 0.03 3.20 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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

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


20.02.2013

Banco Santander SA Holdings By:

All

Holder Name STATE STREET BANK OF NEW YORK MEL BNP PARIBAS SA CAPITAL GROUP COMPAN BARCLAYS PLC VANGUARD GROUP INC BLACKROCK DE LOS RIOS EMILIO B DODGE & COX ASSICURAZIONI GENERA HARRIS ASSOCIATES LP BANCO SANTANDER SA CARMIGNAC GESTION MERCURY ASSET MANAGE FRANKLIN RESOURCES BNP PARIBAS INV PART AMUNDI LBPAM O'SHEA JAVIER BOTIN FMR LLC

Firm Name

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

Analyst

NMAS 1 Agencia de Valores FRANCISCO RIQUEL Oddo & Cie JULIE LEGRAND BPI CARLOS JOAQUIM PEIXOTO Bankia Bolsa (ESN) JAVIER BERNAT Banco Sabadell MARIO LODOS Exane BNP Paribas SANTIAGO LOPEZ DIAZ AlphaValue DAVID GRINSZTAJN Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Morgan Stanley ALVARO SERRANO Ahorro Corporacion Financiera SA IRMA GARRIDO JPMorgan JAIME BECERRIL Hamburger Sparkasse CHRISTIAN HAMANN Mediobanca SpA ANDREA FILTRI RBC Capital Markets PATRICK LEE Macquarie BENJIE CREELAN-SANDFORD Independent Research GmbH STEFAN BONGARDT Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Natixis FREDERIC TESCHNER Nomura DARAGH QUINN Credit Suisse IGNACIO CEREZO Keefe, Bruyette & Woods ANTONIO RAMIREZ S&P Capital IQ WILLIAM HOWLETT Berenberg Bank NICK ANDERSON Goldman Sachs JERNEJ OMAHEN EVA Dimensions AUSTIN BURKETT BBVA IGNACIO ULARGUI HSBC CARLO DIGRANDI Barclays ROHITH CHANDRA-RAJAN Redburn Partners GEORGE KARAMANOS Day by Day VALERIE GASTALDY Societe Generale CARLOS GARCIA GONZALEZ Nord/LB MICHAEL SEUFERT Deutsche Bank CARLOS BERASTAIN GONZALEZ CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Landesbank Baden-Wuerttemberg INGO FROMMEN Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE Renta 4 SA SVB NURIA ALVAREZ Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN La Caixa DAVID FERNANDEZ

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

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

Amt Held 865'848'021 555'448'975 341'264'391 302'742'257 227'263'557 219'115'525 153'423'579 79'310'301 53'673'238 50'134'290 43'495'798 42'192'066 39'143'000 34'013'342 28'023'412 25'685'427 23'883'311 16'712'670 16'280'026 15'945'626

% Out 8.22 5.27 3.24 2.87 2.16 2.08 1.46 0.75 0.51 0.48 0.41 0.4 0.37 0.32 0.27 0.24 0.23 0.16 0.15 0.15

Weighting

Change

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

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

Latest Chg (48'939) 86'154'727 (151'165'601) (56'807'364) 10'545'834 9'808'275 5'467 447'012 586'726 (1'681'830) (1'830'191) 34'326 (436'850) 937 (305'761)

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

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

File Dt Inst Type 19.02.2013 Investment Advisor 31.12.2011 Investment Advisor 14.01.2013 Bank 31.12.2012 Investment Advisor 03.05.2011 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.01.2013 n/a 29.01.2013 Investment Advisor 01.10.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2011 Bank 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.01.2013 n/a 31.12.2012 Investment Advisor

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

Date 20.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 12.02.2013 11.02.2013 06.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 28.01.2013 23.01.2013 17.01.2013 14.01.2013 10.01.2013 08.01.2013 04.01.2013 07.11.2012 05.11.2012 23.10.2012 17.10.2012 24.08.2012 22.08.2012 02.08.2012 26.07.2012 28.06.2012 23.05.2012 16.03.2012


20.02.2013

BASF SE BASF SE is a chemical company. The Company operates in six segments: Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions and Oil & Gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical / electronics, furniture and paper industries, and provides a range of system solutions and services.

Price/Volume 80

8.0 M

50 40

12/2011 09/yy 76.17 51.13 2'788'580.00 74.12 -2.69% 44.96% 90.50% 918.5 68'077.64 13'004.00 0.0 1'246.0 2'067.00 80'247.64

6.0 M

30

4.0 M

20 2.0 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 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 BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

31.12.2007 57'951.3 1.01x 10'480.0 5.59x 4'065.5 12.15x

12.0 M

70

31.12.2008 31.12.2009 62'304.0 50'693.0 0.62x 1.07x 10'238.0 8'500.0 3.74x 6.36x 2'912.0 1'410.0 8.86x 28.22x Profitability

LTM-4Q 31.12.2010 63'873.0 1.09x 11'903.0 5.85x 4'557.0 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

31.12.2011 73'497.0 0.84x 11'855.0 5.20x 6'188.0 8.00x 11'855.00 8'436.00 11.48% 12.20% 8.14% 21.53% 15.48% 1.25% 26.5% 16.7% 12.2% 8.4% 1.64 0.79 21.26% 53.87% 6.91 5.44

Price/ Cash Flow

LTM

09/yy 71'853.0 3.74x 12'468.0 4.41x 6'157.0 6.84x

09/yy 77'149.0 3.48x 12'889.0 5.63x 5'030.0 12.00x

FY+1

.0 M f-13

1.07 854.55 19.24% 4.17% 1.066 41 3.951 2'555'583 2'343'481 2'447'186 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 77'984.1 80'002.7 19'127.2 21'903.0 1.02x 0.98x 4.12x 12'355.9 13'071.2 2'731.6 3'828.0 6.48x 6.13x 6.06x 5.81x 4'894.4 5'319.1 953.8 1'587.0 13.86x 12.44x 12.71x 12.38x S&P Issuer Ratings

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

10.05.2011 A+ STABLE 12.02.2009 A-1 15.54 11.07 0.85 0.99 53.9% 33.9% 1.25 4.33 52.95 67.26 32.56 83.15

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.01.2009

10'000.0 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 |


20.02.2013

BASF SE Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN DEUTSCHE BANK AG FMR LLC UNION INVESTMENT GMB ALLIANZ ASSET MANAGE AMUNDI DB PLATINUM ADVISORS DEKA INVESTMENT GMBH ADIG INVESTMENT MERCURY ASSET MANAGE FRANKFURT TRUST INVE BNP PARIBAS INV PART UNION INVESTMENT LUX SEB ETFLAB INVESTMENT GM T ROWE PRICE ASSOCIA NATIXIS ASSET MANAGE SWEDBANK ROBUR FONDE

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

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

Analyst ULLE WORNER HEIKO FEBER LUTZ GRUETEN NADESHDA DEMIDOVA TONY JONES RAKESH PATEL JEREMY REDENIUS GLEN SPENCER-CHAPMAN MARTIN SCHNEE LARS HETTCHE NORBERT BARTH JEAN DE WATTEVILLE ANDREAS HEINE MARKUS MAYER CHRIS COUNIHAN PAUL R WALSH PETER SPENGLER CRAIG STERLING CHRISTOPH SCHOENDUBE MARTIN ROEDIGER GEOFF HAIRE LAURENCE ALEXANDER PAUL W SATCHELL JAMES KNIGHT THORSTEN STRAUSS NEIL C TYLER TIMOTHY JONES RONALD KOEHLER OLIVER SCHWARZ MARCO GUENTHER PETER CLARK EKKEHARD D LINK CHRISTIAN FAITZ JAIDEEP PANDYA JOHNSON IMODE VALERIE GASTALDY PAUL C CHRISTOPHERSON HARALD GRUBER TEAM COVERAGE OLIVER DREBING

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

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

Amt Held 63'927'154 18'561'651 12'764'100 11'265'507 10'003'820 7'816'891 7'085'402 6'797'616 6'083'185 3'676'967 3'558'728 3'029'035 2'386'986 2'165'593 2'058'912 2'039'022 1'823'939 1'605'194 1'453'204 1'425'061

% Out 6.96 2.02 1.39 1.23 1.09 0.85 0.77 0.74 0.66 0.4 0.39 0.33 0.26 0.24 0.22 0.22 0.2 0.17 0.16 0.16

Weighting

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

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

Latest Chg 813'771 933'000 9'211 (1'484'793) 3'435 (812'972) (294'573) (1'176'953) (221'248) 6'100 (189'000) (7'282) 239'807 57'931 (18'792) (1'208'057) (13'586)

Target Price 81 80 83 85 #N/A N/A 77 73 71 76 72 85 88 80 75 78 85 86 #N/A N/A 84 78 76 73 45 72 71 60 79 65 75 #N/A N/A 61 64 63 60 78 76 #N/A N/A 65 81 60

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

File Dt 15.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 31.01.2013 30.11.2012 31.01.2013 30.11.2012 31.10.2012 15.02.2013 30.11.2012 30.11.2012 28.09.2012 31.12.2012 19.02.2013 31.12.2012 31.12.2012 30.09.2012

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

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

Date 20.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 12.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 30.01.2013 25.01.2013 25.01.2013 17.01.2013 16.01.2013 14.01.2013 11.01.2013 04.01.2013 20.12.2012 18.12.2012 10.12.2012 07.12.2012 06.12.2012 20.11.2012 14.11.2012 29.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 03.10.2012 26.09.2012 27.02.2012 05.01.2012 29.10.2010


20.02.2013

Bayer AG Bayer AG produces and markets healthcare and agricultural products, and polymers. The Company manufactures products that include aspirin, antibiotics, anti-infectives, and cardiovascular, oncology, and central nervous system drugs, over-the-counter medications, diagnostics, animal health products, crop protection products, plastics, and polyurethanes.

Price/Volume 80

8.0 M

50 40

12/2011 09/yy 76.20 47.63 2'206'616.00 72.63 -4.69% 52.50% 84.57% 826.9 60'061.22 11'679.00 0.0 59.0 4'554.00 66'882.22

6.0 M

30

4.0 M

20 2.0 M

10 0 f-12 m-12

31.12.2008 31.12.2009 32'918.0 31'168.0 1.40x 1.80x 6'702.0 7'695.0 6.86x 7.30x 1'719.0 1'359.0 18.72x 32.92x Profitability

LTM-4Q 31.12.2010 35'088.0 1.53x 8'900.0 6.04x 1'301.0 35.22x

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

31.12.2011 36'528.0 1.32x 8'963.0 5.36x 2'470.0 16.52x 8'963.00 6'194.00 16.96% 9.21% 4.71% 13.14% 0.75% 50.8% 24.4% 16.5% 6.8% 1.50 0.87 22.13% 60.79% 5.23 2.82

Price/ Cash Flow

j-12

LTM

09/yy 36'349.0 5.52x 9'386.0 4.41x 1'876.0 18.28x

j-12

09/yy 39'089.0 5.52x 9'549.0 6.52x 2'469.0 22.41x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.96 826.95 30.66% 1.03% 0.965 40 3.825 2'209'786 2'055'918 2'038'600 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 39'528.5 41'441.5 9'672.3 10'467.0 1.74x 1.61x 7'910.6 8'756.4 1'785.2 2'543.0 8.46x 7.64x 7.87x 7.64x 4'545.9 4'720.9 922.7 1'491.0 13.40x 12.24x 12.65x 12.34x S&P Issuer Ratings

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

30.04.2008 APOS 11.07.2006 A-2 9.98 8.18 0.71 1.02 60.8% 37.7% 0.75 4.08 69.98 129.61 67.72 122.42

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 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

10.0 M

60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

31.12.2007 32'385.0 1.83x 6'665.0 8.90x 4'711.0 21.43x

12.0 M

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 |


20.02.2013

Bayer AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC DODGE & COX MASSACHUSETTS FINANC MORGAN STANLEY DEUTSCHE BANK AG BANK OF NEW YORK MEL DEKA INVESTMENT GMBH UNION INVESTMENT GMB AMUNDI ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ADIG INVESTMENT MERCURY ASSET MANAGE TIAA CREF INVESTMENT FRANKFURT TRUST INVE

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

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

Analyst DANIEL WENDORFF JOHANNA WALTON FLORENT CESPEDES RAKESH PATEL JEFFREY HOLFORD JEREMY REDENIUS MARTIN SCHNEE NORBERT BARTH CHRISTIAN FAITZ MARCO GUENTHER JEAN DE WATTEVILLE MARK PURCELL SEBASTIAN FRERICKS ODILE RUNDQUIST ERIC LE BERRIGAUD ANDREW S ZAMFOTIS CHRISTOPH SCHOENDUBE EDOUARD AUBERY PETER SPENGLER TIM RACE VALERIE GASTALDY PETER VERDULT ALISTAIR CAMPBELL ULLE WORNER TEAM COVERAGE ULRICH HUWALD SHO MATSUBARA RONALD KOEHLER RICHARD VOSSER FABIAN WENNER STEPHEN MCGARRY THORSTEN STRAUSS STEFFEN MANSKE CLAUDIA LAKATOS LAURENT FLAMME BEATRICE MUZARD MARTA DIAZ NARESH CHOUHAN

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

Recommendation buy outperform neutral neutral/neutral hold market perform reduce hold outperform hold neutral underweight buy accumulate buy hold hold accumulate buy buy hold Overwt/Attractive buy buy neutral hold hold outperform overweight buy hold sell hold neutral outperform buy buy overweight

Amt Held 99'286'793 64'193'338 17'541'075 15'159'999 11'899'870 9'396'803 8'564'198 7'412'616 6'165'224 6'048'177 5'943'255 5'668'209 5'520'569 5'159'156 3'953'890 3'647'992 2'990'138 2'725'226 2'555'851 2'321'752

% Out 12.01 7.76 2.12 1.83 1.44 1.14 1.04 0.9 0.75 0.73 0.72 0.69 0.67 0.62 0.48 0.44 0.36 0.33 0.31 0.28

Weighting

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

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

Latest Chg (3'516'978) (577'156) (349'533) (694'567) 202'668 (2'524) (40'739) 109'811 279'416 910'484 (421'158) (1'503'851) (446'817) 356'211 95'300 706 17'890

Target Price 90 83 73 77 79 66 71 66 83 #N/A N/A 83 66 80 73 75 #N/A N/A 76 75 80 86 #N/A N/A 60 78 77 #N/A N/A 68 70 80 80 76 66 60 65 63 73 77 #N/A N/A 76

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

File Dt Inst Type 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 03.05.2012 Investment Advisor 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

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

Date 20.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 07.02.2013 04.02.2013 04.02.2013 25.01.2013 23.01.2013 17.01.2013 15.01.2013 10.01.2013 09.01.2013 19.12.2012 12.12.2012 11.12.2012 06.12.2012 30.11.2012 28.11.2012 26.11.2012 23.11.2012 21.11.2012 20.11.2012 16.11.2012 05.11.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 12.10.2012 28.09.2012 05.03.2012 15.09.2010


20.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2011 09/yy 76.16 53.16 1'485'880.00 70.76 -7.09% 33.11% 81.00% 602.0 45'326.30 67'977.00 0.0 65.0 11'527.00 103'032.30

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

8.0 M

70

7.0 M

60

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0 f-12

31.12.2008 31.12.2009 53'197.0 50'681.0 1.19x 1.40x 11'231.0 9'311.0 5.64x 7.59x 324.0 204.0 44.10x 102.58x Profitability

LTM-4Q 31.12.2010 60'477.0 1.49x 9'087.0 9.93x 3'227.0 11.94x

31.12.2011 68'821.0 1.31x 11'660.0 7.76x 4'881.0 6.95x

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

11'660.00 8'006.00 11.63% 10.73% 3.77% 17.16% 5.63% 0.60% 21.1% 15.6% 10.6% 7.1% 1.04 0.31 55.07% 251.41% 27.97 5.55

Price/ Cash Flow

a-12 m-12

j-12

LTM

09/yy 67'218.0 5.25x 11'906.0 7.11x 5'211.0 6.26x

j-12

09/yy 74'661.0 5.05x 11'684.0 8.07x 4'693.0 7.98x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.08 320.86 1.54% -2.98% 1.076 38 3.842 1'376'601 1'485'355 1'624'471 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 76'567.8 79'470.6 19'616.9 0.65x 0.60x 13'169.8 13'207.6 3'141.0 7.82x 7.80x 5'082.3 5'105.2 1'141.0 9.14x 9.12x 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

16.04.2012 A STABLE 16.04.2012 A-1 12.36 8.46 4.93 6.02 251.4% 71.5% 0.60 2.18 13.08 65.98 38.04 41.93

Sales/Revenue/Turnover

900.00

80'000.0

800.00

70'000.0

700.00

60'000.0

600.00

50'000.0

500.00

40'000.0

400.00

30'000.0

300.00

20'000.0

200.00

10'000.0

100.00 0.00 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 56'018.0 1.18x 12'397.0 5.31x 3'126.0 8.94x

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 |


20.02.2013

Bayerische Motoren Werke AG Holdings By:

All

Holder Name QUANDT STEFAN QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK CAPITAL GROUP COMPAN WADDELL & REED FINAN FMR LLC DODGE & COX VANGUARD GROUP INC DB PLATINUM ADVISORS UNION INVESTMENT GMB DEUTSCHE BANK AG ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH SEB WILLIAM BLAIR & COMP FRANKFURT TRUST INVE DIMENSIONAL FUND ADV MASSACHUSETTS FINANC MERCURY ASSET MANAGE

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

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

Analyst MAX WARBURTON JUERGEN PIEPER CHRISTIAN LUDWIG HANS-PETER WODNIOK CHARLES WINSTON DANIEL SCHWARZ HORST SCHNEIDER FRANK BILLER VIRGINIA PEREZ REPES RABIH FREIHA ZAFER RUZGAR MICHAEL RAAB CHRISTIAN BREITSPRECHER MICHAEL PUNZET JOSE ASUMENDI CRAIG STERLING STEFAN BURGSTALLER FRANCOIS MAURY ERICH HAUSER MANFRED JAISFELD FRANK SCHWOPE VALERIE GASTALDY MARC-RENE TONN GEORGES DIENG STUART PEARSON LOTHAR LUBINETZKI TINA HECKING-VELTMAN PHILIPPE BARRIER THOMAS BESSON TIM SCHULDT KRISTINA CHURCH MARNIE COHEN JIRI SIMARA ALBRECHT DENNINGHOFF NORBERT KALLIWODA JOCHEN GEHRKE MICHAEL BROEKER

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

Recommendation outperform sell buy add buy add neutral hold strong buy neutral buy buy neutral sell overweight underweight neutral/attractive reduce outperform buy sell buy buy buy Equalwt/In-Line outperform hold buy outperform buy overweight strong buy accumulate not rated buy hold buy

Amt Held 104'747'161 100'533'195 75'851'392 36'408'213 14'833'170 8'265'500 6'648'125 6'403'800 6'371'993 4'538'672 2'992'094 2'908'511 2'821'310 2'747'933 1'337'941 1'310'054 1'146'562 1'140'397 1'009'198 994'684

% Out 17.4 16.7 12.6 6.05 2.46 1.37 1.1 1.06 1.06 0.75 0.5 0.48 0.47 0.46 0.22 0.22 0.19 0.19 0.17 0.17

Weighting

Change

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

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

Latest Chg 364'581 113'170 (130'000) (642'747) 289'797 2'560'111 120'402 (48'313) 283'793 (198'157) (45'454) 28'645 237'400 6'167 -

Target Price 90 64 90 82 #N/A N/A 87 82 70 83 71 90 83 80 62 95 #N/A N/A 92 60 80 85 57 80 84 82 76 77 #N/A N/A 72 85 88 84 83 66 #N/A N/A 81 68 100

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor

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

Date 19.02.2013 19.02.2013 18.02.2013 14.02.2013 12.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 28.01.2013 28.01.2013 23.01.2013 21.01.2013 18.01.2013 17.01.2013 10.01.2013 10.01.2013 08.01.2013 02.01.2013 18.12.2012 14.12.2012 11.12.2012 10.12.2012 28.11.2012 26.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 06.11.2012 29.10.2012 16.10.2012 06.06.2012 26.03.2012 05.01.2012


20.02.2013

BNP Paribas SA BNP Paribas S.A. attracts deposits and offers commercial, retail, investment, private and corporate banking services. The Bank also provides asset management and investment advisory services to institutions and individuals in Europe, the United States, Asia and the Emerging Markets.

Price/Volume 60

18.0 M 16.0 M

50

14.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (30.05.2012) 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 BNP FP EQUITY YTD Change BNP FP EQUITY YTD % CHANGE

12/2012 12/yy 47.92 24.54 3'699'626.00 44.525 -7.08% 81.48% 90.21% 1'242.3 55'311.71 600'713.00 7'241.0 8'536.0 143'596.00 -

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

10.0 M 8.0 M

20

6.0 M 4.0 M

10

2.0 M

0 f-12 m-12

31.12.2009 31.12.2010 70'526.0 72'848.0 5'832.0 7'843.0 10.75x 7.52x Profitability

31.12.2011 71'009.0 6'050.0 6.30x

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

31.12.2012 68'664.0 6'553.0 8.25x 22.58% 22.58% 0.34% 8.93% 0.77% 0.05% 14.3% 31.50% 763.83% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy 11'685.0 0.00x 0.0 0.00x 6'050.0 6.02x

12/yy 9'395.0 0.00x 0.0 0.00x 6'553.0 7.78x

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.51 1'084.57 25.56% 4.56% 1.506 38 4.184 4'555'480 4'038'371 3'635'101 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 40'124.0 41'220.5 10'441.0 10'074.5 6'343.1 7'062.9 1'658.0 1'498.0 8.72x 7.70x 9.59x 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

25.10.2012 A+ NEG 25.10.2012 A-1 763.8% 86.4% 0.05 4.07 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

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 78'052.0 3'021.0 9.85x

12.0 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 |


20.02.2013

BNP Paribas SA Holdings By:

All

Holder Name BELGIAN STATE AXA BLACKROCK FMR LLC VANGUARD GROUP INC NATIXIS ASSET MANAGE BNP PARIBAS INV PART FRANKLIN RESOURCES CAPITAL GROUP COMPAN STATE OF LUXEMBOURG WILLIAM BLAIR & COMP HARRIS ASSOCIATES LP AMUNDI AMUNDI AVIVA PLC LBPAM SCHRODER INVESTMENT ALLIANZ ASSET MANAGE JANUS CAPITAL MANAGE DODGE & COX

Firm Name

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

Analyst

Deutsche Bank FLORA BENHAKOUN Kepler Capital Markets BENOIT PETRARQUE Nomura JON PEACE Societe Generale SEBASTIEN LEMAIRE Morgan Stanley THIBAULT NARDIN RBC Capital Markets ANKE REINGEN JPMorgan DELPHINE LEE Landesbank Baden-Wuerttemberg INGO FROMMEN CA Cheuvreux CYRIL MEILLAND Hamburger Sparkasse CHRISTIAN HAMANN Banco Sabadell MARIO LODOS Natixis ALEX KOAGNE Redburn Partners GEORGE KARAMANOS Main First Bank AG FEDERICO SALERNO Credit Suisse MAXENCE LE GOUVELLO Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Independent Research GmbH STEFAN BONGARDT CM - CIC Securities(ESN) PIERRE CHEDEVILLE Oddo & Cie JEAN SASSUS S&P Capital IQ WILLIAM HOWLETT AlphaValue CHRISTOPHE NIJDAM Grupo Santander AURELIA FAURE Mediobanca SpA ANTONIO GUGLIELMI Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Day by Day VALERIE GASTALDY HSBC ROBIN DOWN Espirito Santo Investment Bank Research ANDREW LIM Macquarie PIERS BROWN Goldman Sachs JEAN-FRANCOIS NEUEZ Berenberg Bank JAMES CHAPPELL EVA Dimensions AUSTIN BURKETT Barclays JEREMY SIGEE Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

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

Recommendation hold buy buy buy Overwt/In-Line outperform neutral hold select list hold buy buy buy outperform outperform outperform buy buy buy buy reduce buy neutral buy hold overweight neutral underperform Buy/Neutral sell hold overweight hold buy buy

Amt Held 127'750'000 65'670'000 22'970'853 20'758'385 20'366'602 20'253'041 18'903'888 18'728'472 16'235'239 12'870'000 9'991'341 5'548'626 5'454'549 5'129'144 5'073'791 4'981'512 3'841'153 3'812'672 3'746'401 3'700'000

% Out 10.28 5.29 1.85 1.67 1.64 1.63 1.52 1.51 1.31 1.04 0.8 0.45 0.44 0.41 0.41 0.4 0.31 0.31 0.3 0.3

Weighting

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

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

Latest Chg (1'258'787) (4'298'206) 476'466 267'400 (431'573) (448'913) 760'566 215'029 (313'400) (328'298) (17'017) 11'613 (358'290) 304'820 (195'711) (1'674'656) -

Target Price 52 50 56 56 55 55 48 48 56 #N/A N/A 48 61 #N/A N/A 55 60 57 53 56 55 50 46 55 47 49 #N/A N/A 56 43 41 70 25 #N/A N/A 50 #N/A N/A 50 39

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

File Dt 31.12.2011 31.12.2011 15.02.2013 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2011 31.12.2012 31.12.2012 30.11.2012 28.09.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 29.01.2013

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

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

Date 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 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 14.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 06.02.2013 06.02.2013 31.01.2013 30.01.2013 30.01.2013 29.01.2013 28.01.2013 28.01.2013 17.01.2013 23.11.2012 23.10.2012 19.06.2012 08.05.2012


20.02.2013

Carrefour SA Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and carry, and frozen food stores in Europe, the Americas, and Asia.

Price/Volume 25

16.0 M 14.0 M

20

12.0 M 10.0 M

15

8.0 M

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (11.07.2012) 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 CA FP EQUITY YTD Change CA FP EQUITY YTD % CHANGE

12/2011 09/yy 21.63 12.87 2'524'373.00 20.79 -3.88% 61.54% 92.75% 709.2 14'744.57 16'573.00 0.0 1'009.0 4'760.00 25'990.57

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

4.0 M 2.0 M

0 f-12 m-12

31.12.2008 31.12.2009 86'341.0 84'763.0 0.36x 0.42x 4'044.0 4'599.0 7.62x 7.76x 1'269.0 276.0 14.82x 67.12x Profitability

LTM-4Q 31.12.2010 79'737.0 0.44x 4'380.0 7.95x 433.0 61.70x

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

31.12.2011 80'455.0 0.31x 3'894.0 6.34x 371.0 3'894.00 2'182.00 2.71% -1.46% 1.24% 9.48% 1.69% 19.3% 3.3% 2.6% 0.5% 0.74 0.29 34.58% 250.46% 31.35 10.19

Price/ Cash Flow

j-12

LTM

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

j-12

09/yy 0.0 #DIV/0! 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

1.11 561.21 17.89% 7.47% 1.114 39 3.333 3'195'836 3'185'590 2'841'688 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 77'991.2 79'393.2 22'948.8 0.27x 0.26x 3'723.5 3'886.4 6.98x 6.69x 836.5 982.0 16.83x 14.53x 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

15.03.2012 BBB STABLE 16.04.2010 A-2 6.25 2.51 3.99 4.96 250.5% 68.5% 1.69 5.84 11.68 35.93 69.25 -39.59

Sales/Revenue/Turnover

9.00

100'000.0

8.00

90'000.0

7.00

80'000.0 70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 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 31.12.2007 82'148.5 0.61x 3'742.1 13.33x 2'299.4 20.00x

6.0 M

5

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 |


20.02.2013

Carrefour SA Holdings By:

All

Holder Name BLUE CAPITAL SARL SOCIETE GENERALE BLUE PARTICIPATIONS AMUNDI SA COLONY BLUE INVESTOR FIRST EAGLE INVESTME NATIXIS ASSET MANAGE VANGUARD GROUP INC AMUNDI SOCIETE GEN GESTION MACKENZIE FINANCIAL MANNING & NAPIER ADV BLACKROCK CARREFOUR SA AKO CAPITAL LLP GROUPE ARNAULT SAS ALLIANZ ASSET MANAGE FRANKLIN RESOURCES INTERNATIONAL VALUE LBPAM

Firm Name

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

Analyst

JPMorgan JAIME VAZQUEZ Espirito Santo Investment Bank Research CAROLINE GULLIVER Morgan Stanley EDOUARD AUBIN Banco Sabadell MARTA DIAZ AlphaValue VIRGINIE BLIN Baader Bank VOLKER BOSSE Commerzbank Corporates & Markets JUERGEN ELFERS Jefferies JAMES GRZINIC Nomura NICK COULTER Oddo & Cie LAURENCE HOFMANN Cantor Fitzgerald MICHAEL J DENNIS Exane BNP Paribas JOHN KERSHAW Credit Suisse XAVIER LE MENE CM - CIC Securities(ESN) CHRISTIAN DEVISMES Independent Research GmbH ZAFER RUZGAR Shore Capital Stockbrokers CLIVE WILLIAM BLACK Aurel - BGC JEAN-MARIE L'HOME S&P Capital IQ WILLIAM MACK Main First Bank AG RICKIN THAKRAR Barclays NICOLAS CHAMP EVA Dimensions AUSTIN BURKETT Hammer Partners SA STEPHAN SEIP Day by Day VALERIE GASTALDY Jyske Bank ROBERT JAKOBSEN Kepler Capital Markets FABIENNE CARON Macquarie SREEDHAR MAHAMKALI HSBC JEROME SAMUEL Goldman Sachs FRANKLIN WALDING Landesbank Baden-Wuerttemberg BARBARA AMBRUS Raymond James CEDRIC LECASBLE Natixis PIERRE-EDOUARD BOUDOT Makor Capital ALBERT SAPORTA CA Cheuvreux ARNAUD JOLY Redburn Partners MARC DE SPEVILLE Deutsche Bank JAMES G COLLINS Hamburger Sparkasse CHRISTIAN HAMANN Nord/LB WOLFGANG VASTERLING DZ Bank AG CHRISTIAN DOUGLAS Equita SIM SpA FABIO FAZZARI

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

Recommendation overweight buy Overwt/In-Line sell add sell hold hold neutral buy buy outperform outperform buy hold corporate buy sell outperform equalweight sell sell hold strong buy buy outperform neutral neutral/neutral hold market perform buy buy underperform neutral hold sell sell sell hold

Amt Held % Out 64'047'813 9.03 31'310'832 4.41 25'359'996 3.58 23'161'032 3.27 15'166'770 2.14 12'514'112 1.76 11'440'585 1.61 11'120'136 1.57 10'690'192 1.51 8'353'963 1.18 8'277'296 1.17 8'126'922 1.15 6'538'390 0.92 5'598'650 0.79 (5'531'875) -0.78 5'156'752 0.73 3'390'346 0.48 2'940'480 0.41 2'553'188 0.36 2'260'463 0.32

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

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

Latest Chg (14'638'655) 1'806'945 853'582 454'748 (303'617) 20'200 84'289 290'035 (393'327) (695'610) 25'590 1'018'888

Target Price 25 25 25 22 23 17 22 17 20 25 27 22 25 25 22 #N/A N/A 23 18 24 19 #N/A N/A 15 #N/A N/A 25 26 22 19 20 19 #N/A N/A 24 35 16 #N/A N/A 16 #N/A N/A #N/A N/A 16 22

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

File Dt 31.12.2011 20.06.2012 31.12.2011 11.07.2011 31.12.2011 30.09.2012 31.12.2012 31.12.2012 28.09.2012 11.07.2011 30.11.2012 31.12.2012 19.02.2013 31.12.2011 17.01.2013 31.12.2011 31.12.2012 31.12.2012 30.06.2012 31.12.2012

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

Inst Type Other Bank Holding Company Other Other Hedge Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Holding Company Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 12.02.2013 04.02.2013 01.02.2013 01.02.2013 28.01.2013 25.01.2013 25.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 10.01.2013 09.01.2013 19.12.2012 12.12.2012 05.12.2012 26.11.2012 23.11.2012 01.11.2012 01.11.2012 29.10.2012 19.10.2012 12.10.2012 06.10.2012 03.09.2012 10.07.2012 31.01.2012 12.01.2012


20.02.2013

Cie de St-Gobain Compagnie de Saint-Gobain manufactures glass products, high-performance materials, and construction materials. The Company produces flat glass, insulation, and glass containers, high-performance ceramics, plastics, and abrasives, and building materials such as roofing, wall facings, mortars, and ductile cast iron pipe. Saint-Gobain also retails building materials.

Price/Volume 40

8.0 M

25 20

12/2011 09/yy 37.63 23.90 1'825'125.00 31.41 -16.52% 31.42% 55.96% 531.1 16'682.66 11'044.00 0.0 403.0 2'949.00 26'915.66

6.0 M

15

4.0 M

10 2.0 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

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

10.0 M

30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (02.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGO FP EQUITY YTD Change SGO FP EQUITY YTD % CHANGE

31.12.2007 43'421.0 0.78x 5'751.0 5.92x 1'487.0 15.92x

12.0 M

35

31.12.2008 31.12.2009 43'800.0 37'786.0 0.56x 0.75x 5'263.0 3'821.0 4.68x 7.39x 1'378.0 202.0 9.15x 88.53x Profitability

LTM-4Q 31.12.2010 40'119.0 0.69x 4'785.0 5.80x 1'129.0 17.66x

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 42'116.0 0.57x 5'024.0 4.80x 1'284.0 12.16x 5'024.00 3'441.00 8.17% 4.79% 2.20% 5.75% 4.86% 0.92% 24.6% 11.5% 7.5% 3.0% 1.24 0.63 23.89% 61.99% 6.65 4.94

Price/ Cash Flow

LTM

09/yy 41'741.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 43'028.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.24 460.13 -11.68% -2.51% 1.241 30 3.500 2'480'539 2'044'323 1'849'240 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 42'982.1 43'402.7 10'283.6 0.60x 0.57x 4'375.2 4'508.7 6.15x 5.97x 1'233.0 1'338.7 13.37x 12.20x 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

24.07.2009 BBB NEG 30.04.2004 A-2 8.99 5.36 2.00 2.71 62.0% 37.7% 0.92 3.10 55.05 74.02 68.60 49.80

Sales/Revenue/Turnover

12.00

50'000.0 45'000.0

10.00

40'000.0 35'000.0

8.00

30'000.0

6.00

25'000.0 20'000.0

4.00

15'000.0 10'000.0

2.00 0.00 02.01.2009

5'000.0 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 |


20.02.2013

Cie de St-Gobain Holdings By:

All

Holder Name WENDEL INVESTISSEMEN FONDS DU PLAN D EPAR AMUNDI SA CAISSE DES DEPOTS ET GROUPAMA SA VANGUARD GROUP INC NATIXIS ASSET MANAGE HARBOR CAPITAL ADVIS COGEMA AMUNDI CIE DE SAINT GOBAIN BLACKROCK PREDICA AVIVA PLC SOCIETE GEN GESTION FMR LLC DODGE & COX DIMENSIONAL FUND ADV JP MORGAN MERCURY ASSET MANAGE

Firm Name Aurel - BGC Liberum Capital Ltd Jefferies Sanford C. Bernstein & Co AlphaValue EVA Dimensions Goldman Sachs Redburn Partners Oddo & Cie Kepler Capital Markets S&P Capital IQ HSBC Berenberg Bank Bryan Garnier & Cie Natixis Morgan Stanley CM - CIC Securities(ESN) Exane BNP Paribas Societe Generale JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH Deutsche Bank Credit Suisse Day by Day Raymond James Davy Banco Sabadell CA Cheuvreux Hamburger Sparkasse

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

Analyst

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

Recommendation

ERIC LEMARIE buy CHARLIE CAMPBELL hold MICHAEL F BETTS buy PHIL ROSEBERG outperform GAETAN DUPONT buy CRAIG STERLING hold WILL MORGAN neutral/neutral WILLIAM JONES buy VIRGINIE ROUSSEAU neutral JOSEP PUJAL hold JAWAHAR HINGORANI sell JOHN FRASER-ANDREWS underweight MICHAEL WATTS buy SVEN EDELFELT neutral RAFIC EL HADDAD neutral ALEJANDRA PEREDA Equalwt/In-Line JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate PAUL ROGER underperform MURIEL FELLOUS buy MICHAEL MORRIS overweight HANS-PETER KUHLMANN hold CHRISTOPH SCHOENDUBE sell LUIS PRIETO buy HARRY GOAD neutral VALERIE GASTALDY buy ARNAUD PALLIEZ market perform TIM CAHILL outperform GLEN SPENCER-CHAPMAN buy NABIL AHMED suspended coverage INGO SCHMIDT sell

Amt Held 92'891'280 41'402'970 40'161'206 15'393'412 10'085'339 7'458'234 7'332'929 6'617'178 5'838'880 5'432'721 4'777'266 4'474'915 3'715'651 2'716'101 2'536'782 2'419'956 1'784'591 1'740'267 1'478'226 1'375'429

% Out 17.49 7.8 7.56 2.9 1.9 1.4 1.38 1.25 1.1 1.02 0.9 0.84 0.7 0.51 0.48 0.46 0.34 0.33 0.28 0.26

Weighting

Change

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

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

Latest Chg 17'861'078 180'416 (114'372) (239'462) 32'319 203'000 61'591 (11'122) -

Target Price 40 28 46 39 40 #N/A N/A 34 #N/A N/A 34 30 28 31 35 32 29 33 37 33 38 35 33 30 39 27 36 #N/A N/A #N/A N/A 44 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 31.12.2010 Investment Advisor 31.12.2010 n/a 27.06.2012 Other 31.12.2010 Government 31.12.2010 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2010 Corporation 30.11.2012 Mutual Fund Manager 31.12.2010 Corporation 19.02.2013 Investment Advisor 31.12.2010 Insurance Company 31.01.2013 Investment Advisor 15.06.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Unclassified 15.02.2013 Investment Advisor

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

Date 20.02.2013 19.02.2013 18.02.2013 18.02.2013 14.02.2013 14.02.2013 12.02.2013 08.02.2013 05.02.2013 04.02.2013 31.01.2013 29.01.2013 24.01.2013 23.01.2013 21.01.2013 18.01.2013 18.01.2013 18.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 19.12.2012 17.12.2012 14.12.2012 30.10.2012 09.08.2012 30.07.2012 12.01.2012 09.03.2009


20.02.2013

CRH PLC CRH plc manufactures cement, concrete products, aggregates, asphalt, clay bricks, chemical lime, security fencing products, and roofing, insulation and other building materials. The Group also operates some 136 builders merchant locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19 countries, including Ireland, the US, Spain, Germany and the Netherlands.

Price/Volume 18

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

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRH ID EQUITY YTD Change CRH ID EQUITY YTD % CHANGE

12/2011 01/yy 16.93 12.81 1'038'849.00 16.069 -5.10% 25.44% 79.82% 726.5 11'673.50 4'982.00 1.0 74.0 1'324.00 15'809.50

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 31.12.2007 20'992.0 0.87x 2'858.0 6.40x 1'430.0 9.08x

6

31.12.2008 31.12.2009 20'887.0 17'373.0 0.78x 1.01x 2'656.0 1'803.0 6.11x 9.69x 1'248.0 592.0 7.66x 21.54x Profitability

31.12.2010 17'173.0 0.86x 1'614.0 9.18x 432.0 25.28x

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

31.12.2011 18'081.0 0.82x 1'656.0 9.01x 590.0 18.60x 1'656.00 871.00 4.82% 3.93% 2.91% 6.11% 5.28% 0.87% 27.1% 8.9% 4.7% 3.3% 1.70 0.94 23.29% 47.41% 5.52

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.89 1.43 682.70 1.99% 5.03% 1.428 31 2.581 1'537'401 1'310'172 1'239'614 FY+2

12/12 Y 12/13 Y 18'724.9 19'205.8 0.79x 0.77x 1'601.4 1'733.0 9.87x 9.12x 522.1 612.0 21.92x 18.68x 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

-

-

17.12.2007 BBB+ STABLE 07.09.2001 A-2 6.32 4.12 2.48 3.18 47.4% 32.0% 0.87 2.17 66.36 83.04 62.07

Sales/Revenue/Turnover

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 |


20.02.2013

CRH PLC Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN UBS LEGAL & GENERAL HARBOR CAPITAL ADVIS NORGES BANK FRANKLIN RESOURCES GRWTH FUND OF AMERIC VANGUARD GROUP INC FIRST EAGLE INVESTME MANNING & NAPIER ADV BNP PARIBAS INV PART TEMPLETON INVESTMENT INVESCO LTD MORGAN STANLEY SCOTTISH WIDOWS MACKAY SHIELDS LLC ARTISAN PARTNERS HOL LEGAL & GENERAL INVESTEC ASSET MANAG

Firm Name Landesbank Baden-Wuerttemberg Goodbody Stockbrokers Ltd Sanford C. Bernstein & Co AlphaValue Goldman Sachs Jefferies Bryan Garnier & Cie Oddo & Cie Kepler Capital Markets Deutsche Bank HSBC Natixis Exane BNP Paribas EVA Dimensions Numis Securities Ltd Raymond James Credit Suisse Day by Day Morgan Stanley Societe Generale S&P Capital IQ JPMorgan Independent Research GmbH Berenberg Bank Liberum Capital Ltd Redburn Partners Davy Nord/LB BB&T Capital Markets

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

Analyst HANS-PETER KUHLMANN ROBERT EASON PHIL ROSEBERG GAETAN DUPONT WILL MORGAN MICHAEL F BETTS SVEN EDELFELT VIRGINIE ROUSSEAU JOSEP PUJAL LUIS PRIETO JOHN FRASER-ANDREWS ABDELKADER BENCHIHA PAUL ROGER CRAIG STERLING HOWARD SEYMOUR ARNAUD PALLIEZ HARRY GOAD VALERIE GASTALDY YURI SEROV MURIEL FELLOUS JAWAHAR HINGORANI MICHAEL MORRIS CHRISTOPH SCHOENDUBE ROBERT MUIR CHARLIE CAMPBELL WILLIAM JONES BARRY DIXON HEINO HAMMANN JOHN F KASPRZAK JR

Source ULT-AGG ULT-AGG ULT-AGG RNS-MAJ 20F 20F ULT-AGG RNS-MAJ MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

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

Amt Held 28'961'677 27'093'488 26'862'565 22'496'003 21'999'275 21'543'277 21'503'171 21'114'087 13'600'947 11'276'498 7'703'980 6'589'048 4'922'840 3'203'766 2'811'878 2'792'454 2'762'000 2'746'054 2'583'993 2'523'636

% Out 3.99 3.73 3.7 3.1 3.03 2.97 2.96 2.91 1.87 1.55 1.06 0.91 0.68 0.44 0.39 0.38 0.38 0.38 0.36 0.35

Weighting

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

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

Latest Chg (7'581'034) 5'121 318'307 1'580'407 3'376'460 (1'014'146) (13'040) 27 92'614 (42'617) 342'000 850'506 89'230 7'304

Target Price 16 14 16 19 17 22 15 15 16 18 15 13 17 #N/A N/A 12 #N/A N/A 12 #N/A N/A 16 15 15 14 16 12 14 #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 Inst Type 15.02.2013 Investment Advisor 21.01.2013 Investment Advisor 28.12.2012 Unclassified 04.01.2012 Investment Advisor 23.03.2012 Investment Advisor 23.03.2012 Government 30.06.2011 Investment Advisor 15.02.2011 n/a 31.12.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 30.11.2012 Investment Advisor

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

Date 20.02.2013 20.02.2013 19.02.2013 14.02.2013 12.02.2013 08.02.2013 08.02.2013 05.02.2013 04.02.2013 30.01.2013 29.01.2013 21.01.2013 18.01.2013 17.01.2013 07.01.2013 03.01.2013 17.12.2012 14.12.2012 13.12.2012 04.12.2012 23.11.2012 20.11.2012 14.11.2012 14.11.2012 09.11.2012 07.11.2012 19.10.2012 14.06.2012 04.05.2011


20.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 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 DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2012 12/yy 48.95 32.86 3'558'783.00 45.13 -7.80% 37.36% 76.89% 1'067.6 48'181.42 71'860.00 0.0 1'713.0 10'910.00 119'926.42

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

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M 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 95'873.0 0.87x 11'685.0 7.14x 1'348.0 15.61x

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

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

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

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 114'297.0 6'095.0 7.24x 12'216.00 8'641.00 8.11% 7.93% 3.65% 14.09% 5.96% 0.74% 24.0% 11.0% 7.5% 5.3% 1.07 0.33 48.51% 181.35% 13.70 4.74

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.21 944.53 -1.97% 9.22% 1.210 39 3.564 3'429'256 4'027'904 4'048'258 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 106'540.0 114'297.0 116'815.7 123'639.1 3.70x 2.90x 0.47x 0.45x 12'265.0 9'551.0 12'663.8 14'372.6 8.06x 0.00x 9.47x 8.34x 5'667.0 6'095.0 4'978.5 5'974.7 6.38x 7.24x 9.70x 8.17x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 52.66 (EBITDA-Capex)/Interest Exp. 34.73 Net Debt/EBITDA 5.64 Total Debt/EBITDA 6.82 Reference Total Debt/Equity 181.4% Total Debt/Capital 63.5% Asset Turnover 0.74 Net Fixed Asset Turnover 2.67 Accounts receivable turnover-days 26.72 Inventory Days 77.15 Accounts Payable Turnover Day 41.35 Cash Conversion Cycle 59.49 Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0 140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0 60'000.0

20.00

40'000.0

10.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Daimler AG Holdings By:

All

Holder Name MORGAN STANLEY BLACKROCK KUWAIT INVESTMENT AU CAPITAL GROUP COMPAN AABAR INVESTMENTS PJ NORGES BANK VANGUARD GROUP INC NISSAN MOTOR CO LTD DB PLATINUM ADVISORS HARBOR CAPITAL ADVIS HARRIS ASSOCIATES LP DEKA INVESTMENT GMBH FIRST EAGLE INVESTME AMUNDI UNION INVESTMENT GMB DIMENSIONAL FUND ADV MERCURY ASSET MANAGE ONTARIO TEACHERS PEN GOLDMAN SACHS GROUP ALLIANZ ASSET MANAGE

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

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

Analyst DANIEL SCHWARZ STUART PEARSON MAX WARBURTON GLEN SPENCER-CHAPMAN HANS-PETER WODNIOK STEFAN BURGSTALLER MICHAEL RAAB CHARLES WINSTON CHRISTIAN BREITSPRECHER MICHAEL PUNZET KRISTINA CHURCH STEPHEN REITMAN JOSE ASUMENDI HORST SCHNEIDER FRANK BILLER CHRISTIAN LUDWIG FRANCOIS MAURY MARC-RENE TONN JUERGEN PIEPER TIM SCHULDT JAWAHAR HINGORANI FRANK SCHWOPE ERICH HAUSER ZAFER RUZGAR TINA HECKING-VELTMAN MANFRED JAISFELD GEORGES DIENG RABIH FREIHA VIRGINIA PEREZ REPES CRAIG STERLING VALERIE GASTALDY LOTHAR LUBINETZKI ALBRECHT DENNINGHOFF JIRI SIMARA JOCHEN GEHRKE ALEXANDER NEUBERGER TEAM COVERAGE

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

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

Amt Held 112'329'268 93'355'634 73'577'854 50'908'791 33'056'717 32'355'918 20'484'066 16'448'378 12'048'083 10'511'692 10'428'300 7'647'982 6'339'832 5'657'505 3'548'162 3'244'839 3'239'157 3'200'000 2'719'961 2'350'394

% Out 10.52 8.74 6.89 4.77 3.1 3.03 1.92 1.54 1.13 0.98 0.98 0.72 0.59 0.53 0.33 0.3 0.3 0.3 0.25 0.22

Weighting

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

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

Latest Chg 14'642 (567'857) (2'451'600) 361'219 7'881'332 3'324 1'095'300 (15'501) 6'700 165'016 (1'704'912) (931'383)

Target Price 60 53 40 48 45 62 41 #N/A N/A 55 44 43 46 46 52 58 39 45 46 50 47 48 51 35 46 #N/A N/A 50 38 46 37 #N/A N/A #N/A N/A 43 35 37 35 48 76

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

File Dt 31.12.2012 19.02.2013 06.02.2012 31.12.2012 06.02.2012 17.09.2012 31.12.2012 31.03.2012 31.01.2013 31.12.2012 31.12.2012 31.10.2012 30.09.2012 30.11.2012 28.09.2012 31.07.2012 15.02.2013 31.12.2011 05.10.2012 31.12.2012

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

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

Date 20.02.2013 20.02.2013 19.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 12.02.2013 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 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 31.01.2013 17.01.2013 29.11.2012 26.11.2012 16.11.2012 29.10.2012 28.10.2012 26.10.2012 10.01.2011


20.02.2013

Danone SA Danone is a food processing company. The Company produces dairy products, beverages, baby food and clinical/medical nutrition products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (23.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BN FP EQUITY YTD Change BN FP EQUITY YTD % CHANGE

12/2012 12/yy 54.96 45.61 2'018'731.00 53.06 -3.46% 16.35% 80.65% 643.2 34'126.18 9'031.00 0.0 98.0 2'141.00 41'196.18

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

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

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 15'220.0 2.09x 2'796.0 11.35x 1'313.0 19.75x

60

31.12.2009 31.12.2010 14'982.0 17'010.0 2.20x 2.11x 2'844.0 3'194.0 11.61x 11.23x 1'361.0 1'875.0 17.77x 15.42x Profitability

LTM-4Q 31.12.2011 19'318.0 1.89x 3'486.0 10.45x 1'671.0 17.53x

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 20'869.0 1'672.0 17.93x 3'486.00 2'747.00 13.16% 12.84% 5.89% 14.55% 9.57% 0.70% 50.6% 17.6% 14.2% 8.0% 0.88 0.59 31.77% 74.64% 8.98 9.02

Price/ Cash Flow

LTM

12/yy 19'318.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 20'868.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.65 543.97 8.10% 6.32% 0.650 43 3.233 2'329'910 1'627'420 1'504'114 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'047.1 23'346.2 5'340.0 5'635.5 1.81x 1.67x 3'775.2 4'038.7 10.91x 10.20x 1'831.4 2'035.1 1'761.0 1'944.0 16.88x 15.25x 3.67x 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

25.07.2007 ASTABLE 11.07.2007 A-2 14.46 10.79 1.99 2.78 74.6% 42.5% 0.70 5.03 40.74 40.58 107.35 -21.32

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 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 |


20.02.2013

Danone SA Holdings By:

All

Holder Name MASSACHUSETTS FINANC GROUPE DANONE AMUNDI SA EURAZEO SOFINA & HENEX GROUP CAISSE DES DEPOTS ET VANGUARD GROUP INC NATIXIS ASSET MANAGE HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN FCPE FONDS GROUPE DA FMR LLC BLACKROCK TRIAN FUND MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV AMUNDI MACKENZIE FINANCIAL AMUNDI AVIVA PLC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a 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

Analyst

Grupo Santander PEDRO GIL Societe Generale WARREN L ACKERMAN Goldman Sachs ALEXIS COLOMBO CM - CIC Securities(ESN) FRANCIS PRETRE Oddo & Cie LAURENCE HOFMANN Nomura DAVID HAYES Exane BNP Paribas JEFF STENT Helvea ANDREAS VON ARX Barclays LIAM ROWLEY Deutsche Bank JAMES ISENWATER Morgan Stanley EILEEN KHOO RBC Capital Markets JAMES EDWARDES JONES JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON Sanford C. Bernstein & Co ANDREW WOOD Independent Research GmbH LARS LUSEBRINK Canaccord Genuity Corp EDDY HARGREAVES Kepler Capital Markets JON COX Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Banco Sabadell IGNACIO ROMERO AlphaValue SOPHIE CABO-BROSETA Redburn Partners JEREMY FIALKO EVA Dimensions AUSTIN BURKETT Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Berenberg Bank JAMES TARGETT Credit Suisse ALEX MOLLOY Espirito Santo Investment Bank Research ALEX SMITH Equita SIM SpA FABIO FAZZARI Natixis PIERRE TEGNER Aurel - BGC JEAN-MARIE L'HOME S&P Capital IQ CARL SHORT Hamburger Sparkasse TINA HECKING-VELTMAN HSBC CEDRIC BESNARD Mirabaud Securities JULIAN LAKIN DZ Bank AG ROBERT CZERWENSKY Day by Day VALERIE GASTALDY Nord/LB WOLFGANG VASTERLING Landesbank Baden-Wuerttemberg BARBARA AMBRUS Gabelli & Co JOSEPH A GABELLI

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

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

Amt Held 39'168'842 35'825'460 28'864'287 16'433'370 13'584'541 11'688'114 11'254'856 11'161'518 9'939'780 9'120'390 8'804'680 8'060'999 6'829'126 6'431'620 5'778'204 4'324'592 4'032'934 3'963'386 2'595'770 2'209'019

% Out 6.09 5.57 4.49 2.56 2.11 1.82 1.75 1.74 1.55 1.42 1.37 1.25 1.06 1 0.9 0.67 0.63 0.62 0.4 0.34

Weighting

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

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

Latest Chg (3'844'941) (418'650) (450'547) (112'541) 681'500 (1'998'562) (41'689) 63'694 745'570 (234'718) (265'402) 136'900 -

Target Price 46 53 65 47 54 60 54 61 51 45 45 43 56 48 53 55 43 59 49 56 62 #N/A N/A #N/A N/A 56 #N/A N/A 53 46 44 56 55 56 50 56 #N/A N/A 55 49 56 53 #N/A N/A 51 #N/A N/A

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

File Dt 08.08.2012 31.12.2011 15.05.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2011 31.12.2012 15.02.2013 07.11.2012 31.12.2012 31.12.2012 30.11.2012 30.11.2012 28.09.2012 31.01.2013

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

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

Date 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 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 14.02.2013 01.02.2013 30.01.2013 25.01.2013 25.01.2013 21.01.2013 21.01.2013 17.01.2013 08.01.2013 20.12.2012 14.12.2012 13.12.2012 13.12.2012 11.12.2012 06.11.2012 22.10.2012 22.10.2012 08.10.2012 10.09.2012 27.07.2012 01.11.2011


20.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

12/2012 12/yy 39.51 22.11 3'570'701.00 36.21 -8.35% 63.77% 83.42% 929.5 33'657.18 284'516.00 0.0 1'270.0 177'928.00 -

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

18.0 M

40

16.0 M

35

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

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

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

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 33'582.0 611.0 50.69x 10.41% 4.16% 0.03% 1.13% 0.85% 0.02% 1.8% 0.00% 0.00% -

Price/ Cash Flow

j-12

LTM

12/yy 50'925.0 0.00x 0.0 0.00x 4'132.0 6.64x

j-12

12/yy 47'151.0 0.00x 0.0 0.00x 611.0 48.46x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.34 889.66 7.61% 9.89% 1.342 42 3.429 4'524'794 6'270'139 5'928'350 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 34'050.1 35'051.7 8'657.0 8'714.0 2.07x 2.05x 3'981.2 5'115.3 8.84x 7.01x 7.75x 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

25.01.2012 A+ NEG 19.12.2008 A-1 0.0% 83.9% 0.02 9.56 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

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 58'492.0 (3'835.0) -

45

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Deutsche Bank AG Holdings By:

All

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

Firm Name

Portfolio Name n/a n/a n/a DEKABANK DEUTSCHE GI DEUTSCHE BANK AKTIEN Multiple Portfolios CREDIT AGRICOLE SA n/a COMMERZBANK AKTIENGE n/a GOLDMAN SACHS GROUP Multiple Portfolios Multiple Portfolios n/a BANK OF AMERICA n/a n/a BANK OF NEW YORK MEL n/a Multiple Portfolios

Analyst

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

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

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

Amt Held 74'111'824 42'222'206 24'888'999 24'458'657 16'957'871 16'884'847 16'648'807 15'177'158 14'797'901 9'379'275 8'557'620 7'720'001 6'864'207 5'993'512 5'677'666 4'653'686 4'067'133 3'906'432 3'832'262 3'784'496

% Out 7.97 4.54 2.68 2.63 1.82 1.82 1.79 1.63 1.59 1.01 0.92 0.83 0.74 0.64 0.61 0.5 0.44 0.42 0.41 0.41

Weighting

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

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

Latest Chg 1'076'843 (2'143'049) (3'091'342) 5'959'356 384'651 3'630'244 10'133'323 3'906'478 9'901 164'636 (4'233'794) (3'004'857) (1'925'339) 2'278'827 176'476 (1'196'404)

Target Price 32 40 #N/A N/A 40 41 46 39 39 #N/A N/A 45 40 40 41 38 37 37 37 44 41 45 38 43 39 38 44 20 44 39 45 31 36 47 42 #N/A N/A #N/A N/A 30 39 32 36 33

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

File Dt Inst Type 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 17.12.2012 Investment Advisor 31.12.2012 Investment Advisor 08.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 13.11.2012 Unclassified 30.11.2012 Mutual Fund Manager

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

Date 19.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 12.02.2013 07.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 17.01.2013 15.01.2013 14.12.2012 05.09.2012 25.07.2012 03.07.2012 08.02.2010


20.02.2013

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

Price/Volume 12

45.0 M 40.0 M

10

35.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 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 DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2011 09/yy 10.06 7.69 21'425'264.00 8.136 -19.13% 5.83% 26.10% 4'321.3 35'158.25 48'318.00 0.0 4'647.0 6'122.00 80'596.25

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

25.0 M 20.0 M

4

15.0 M 10.0 M

2

5.0 M

0 f-12 m-12

31.12.2008 31.12.2009 61'666.0 64'602.0 1.49x 1.46x 17'535.0 17'335.0 5.24x 5.46x 1'483.0 353.0 31.62x 128.63x Profitability

LTM-4Q 31.12.2010 62'421.0 1.48x 17'726.0 5.20x 1'695.0 24.76x

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

31.12.2011 58'653.0 1.45x 20'202.0 4.22x 557.0 68.19x 20'202.00 6'806.00 11.60% 5.15% -6.35% -24.03% 0.50% 42.2% 33.1% -10.0% 0.9% 0.65 0.52 39.43% 136.90% 36.51

Price/ Cash Flow

j-12

LTM

09/yy 59'219.0 6.31x 16'653.0 5.31x 1'315.0 28.48x

j-12

09/yy 58'373.0 5.83x 19'326.0 4.49x (7'388.0) 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.77 2'938.38 -1.83% -5.34% 0.769 41 3.171 18'327'030 12'930'560 12'751'440 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 58'119.4 57'589.8 14'602.0 14'165.0 1.35x 1.34x 5.35x 18'002.6 17'490.5 4'333.6 4'223.0 4.48x 4.61x 4.63x 4.70x 2'729.6 2'819.1 374.8 816.0 12.73x 12.25x 10.12x 9.14x 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

19.05.2008 BBB+ STABLE 08.04.2002 A-2 7.79 5.26 2.11 2.36 136.9% 54.7% 0.50 1.64 10.02 51.52 -17.15

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 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 31.12.2007 62'516.0 1.72x 16'466.0 6.52x 571.0 115.62x

30.0 M

6

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 |


20.02.2013

Deutsche Telekom AG Holdings By:

All

Holder Name KREDITANSTALT FUER W FEDERAL REPUBLIC OF BLACKROCK BLACKSTONE GROUP LP DB PLATINUM ADVISORS VANGUARD GROUP INC ONTARIO TEACHERS PEN BANK OF NEW YORK MEL AMUNDI UNION INVESTMENT GMB SCHRODER INVESTMENT NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE MERCURY ASSET MANAGE MASSACHUSETTS FINANC FMR LLC DEKA INVESTMENT GMBH ETFLAB INVESTMENT GM ING INTERNATIONAL AD EATON VANCE MANAGEME

Firm Name

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

Analyst

RBC Capital Markets JONATHAN ATKIN Sanford C. Bernstein & Co ROBIN BIENENSTOCK Macquarie GUY R PEDDY DZ Bank AG KARSTEN OBLINGER Exane BNP Paribas MATHIEU ROBILLIARD Liberum Capital Ltd LAWRENCE SUGARMAN Bankhaus Lampe WOLFGANG SPECHT Commerzbank Corporates & Markets HEIKE PAULS Banco Sabadell ANDRES BOLUMBURU Berenberg Bank PAUL ANDREW MARSCH AlphaValue HEINZ STEFFEN Morgan Stanley NICK DELFAS Nomura FREDERIC BOULAN M.M. Warburg Investment Research JOCHEN REICHERT Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Oddo & Cie ALEXANDRE IATRIDES Kepler Capital Markets JAVIER BORRACHERO Goldman Sachs TIMOTHY BODDY Credit Suisse JUSTIN FUNNELL Barclays JONATHAN DANN Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Jefferies ULRICH RATHE National Bank AG MANFRED JAISFELD Deutsche Bank MATTHEW BLOXHAM Raymond James STEPHANE BEYAZIAN Equinet Institutional Services(ESN) ADRIAN PEHL EVA Dimensions ANDREW S ZAMFOTIS Steubing AG TEAM COVERAGE Day by Day VALERIE GASTALDY Hamburger Sparkasse TINA HECKING-VELTMAN JPMorgan HANNES C WITTIG HSBC DOMINIK KLARMANN Espirito Santo Investment Bank Research WILL DRAPER S&P Capital IQ ALEXANDER WISCH Societe Generale OTTAVIO ADORISIO Independent Research GmbH MARKUS FRIEBEL Grupo Santander JOHN DAVIES Bankhaus Metzler ULRICH TRABERT Silvia Quandt Research JACQUES ABRAMOWICZ Natixis JACQUES DE GRELING CA Cheuvreux PETER KURT NIELSEN

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

Recommendation sector perform outperform underperform sell neutral hold sell hold sell hold add restricted buy hold buy buy buy neutral/neutral restricted equalweight sell hold hold buy outperform accumulate sell buy buy hold not rated neutral sell sell buy hold underweight sell buy reduce select list

Amt Held 734'624'287 648'197'900 251'134'733 191'700'000 55'113'797 52'043'505 27'700'000 23'201'816 17'377'690 14'524'559 11'716'763 11'491'425 10'751'485 9'818'199 9'211'450 7'630'916 7'183'559 6'968'882 6'826'154 5'213'828

% Out 17 15 5.81 4.44 1.28 1.2 0.64 0.54 0.4 0.34 0.27 0.27 0.25 0.23 0.21 0.18 0.17 0.16 0.16 0.12

Weighting

Change

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

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

Latest Chg (1'038'985) 15'760'085 1'150'782 156'567 5'008'482 442'723 2'200'291 4'778'409 (1'985'242) (3'302'086) (7'472'121) (5'219'615) 1'080'485 (696'430)

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

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

File Dt 30.09.2012 30.09.2012 19.02.2013 03.08.2012 31.01.2013 31.12.2012 31.12.2011 15.02.2013 30.11.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2012 15.02.2013 31.12.2012 31.12.2012 31.10.2012 19.02.2013 31.07.2012 31.12.2012

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

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

Date 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 11.02.2013 04.02.2013 30.01.2013 30.01.2013 30.01.2013 25.01.2013 24.01.2013 24.01.2013 23.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 15.01.2013 15.01.2013 14.01.2013 10.01.2013 08.01.2013 14.12.2012 10.12.2012 10.12.2012 10.12.2012 07.12.2012 07.12.2012 06.12.2012 09.11.2012 08.11.2012 08.10.2012 21.02.2012


20.02.2013

E.ON SE E.ON SE operates in power generation and gas production businesses. The Company's operations include electric generation at conventional, nuclear, and renewable-source facilities, electric transmission via high-voltage wires network, regional distribution of electricity, gas, and heat, power trading and electricity, gas, and heat sales.

Price/Volume 25

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

12/2011 09/yy 19.74 12.42 13'142'179.00 12.875 -34.78% 3.66% 10.18% 2'001.0 25'762.88 29'914.00 0.0 3'876.0 6'931.00 49'621.88

15

40.0 M

10

30.0 M 20.0 M

5

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

60.0 M

20

Valuation Analysis

31.12.2007 68'731.0 1.64x 11'063.0 10.16x 7'204.0 13.80x

70.0 M

31.12.2008 31.12.2009 86'753.0 81'817.0 1.08x 1.11x 5'403.0 12'703.0 17.28x 7.18x 1'266.0 8'396.0 37.92x 6.50x Profitability

LTM-4Q 31.12.2010 92'863.0 0.78x 13'006.0 5.56x 5'853.0 6.53x

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

31.12.2011 112'954.0 0.52x 4'269.0 13.73x (2'219.0) 4'269.00 46.00 0.04% -2.58% 0.00% -0.01% 0.85% 3.6% 0.4% -2.0% 1.10 0.54 19.57% 83.71% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.10 1'787.19 -19.26% -8.62% 1.102 38 2.474 12'325'970 12'976'930 11'354'840 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 105'888.0 129'077.0 112'559.6 110'835.4 29'586.7 2.46x 1.88x 0.46x 0.44x 6'579.0 6'892.0 10'690.1 9'527.5 2'038.0 8.68x 8.59x 4.65x 5.21x 3'195.0 (356.0) 3'950.0 2'504.6 113.0 7.49x 0.00x 5.83x 9.86x S&P Issuer Ratings Long-Term Rating Date 27.07.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 27.07.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 1.37 (EBITDA-Capex)/Interest Exp. -0.62 Net Debt/EBITDA 5.86 Total Debt/EBITDA 6.87 Reference Total Debt/Equity 83.7% Total Debt/Capital 43.0% Asset Turnover 0.85 Net Fixed Asset Turnover 2.25 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0 3.00

40'000.0 2.00

20'000.0

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 |


20.02.2013

E.ON SE Holdings By:

All

Holder Name BLACKROCK GOVERNMENT OF NORWAY E.ON AG CREDIT SUISSE AG VANGUARD GROUP INC MORGAN STANLEY UNION INVESTMENT GMB PICTET ASSET MANAGEM DEUTSCHE BANK AG FRANKLIN RESOURCES DB PLATINUM ADVISORS DEKA INVESTMENT GMBH CAPITAL GROUP COMPAN MERCURY ASSET MANAGE AMUNDI ALLIANZ ASSET MANAGE ADIG INVESTMENT ETFLAB INVESTMENT GM GRANTHAM MAYO VAN OT BNP PARIBAS INV PART

Firm Name RBC Capital Markets S&P Capital IQ Commerzbank Corporates & Markets Banco Sabadell Grupo Santander Goldman Sachs AlphaValue JPMorgan Berenberg Bank Ahorro Corporacion Financiera SA Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research DZ Bank AG Societe Generale Deutsche Bank Morgan Stanley Nord/LB HSBC Macquarie Independent Research GmbH Hamburger Sparkasse National Bank AG Bankhaus Metzler Natixis Nomura Equinet Institutional Services(ESN) Day by Day Exane BNP Paribas Credit Suisse Raymond James Barclays Main First Bank AG EVA Dimensions Kepler Capital Markets Redburn Partners CA Cheuvreux Silvia Quandt Research

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

Analyst JOHN MUSK CLIVE ROBERTS TANJA MARKLOFF JORGE GONZALEZ SADORNIL OSCAR NAJAR RIOS DEBORAH WILKENS EILEEN RYAN VINCENT DE BLIC ROBERT CHANTRY VIRGINIA PEREZ REPES ERKAN AYCICEK STEPHAN WULF MARC NETTELBECK ALBERTO PONTI ALEXANDER KARNICK BOBBY CHADA HEINO HAMMANN ADAM DICKENS ROBERT SCHRAMM-FUCHS SVEN DIERMEIER ANNEMARIE SCHLUETER STEFFEN MANSKE DANIEL SEIDENSPINNER PHILIPPE OURPATIAN MARTIN YOUNG MICHAEL SCHAEFER VALERIE GASTALDY BENJAMIN LEYRE VINCENT GILLES EMMANUEL RETIF PETER BISZTYGA ANDREAS THIELEN AUSTIN BURKETT INGO BECKER AHMED FARMAN SEBASTIAN KAUFFMANN SEBASTIAN ZANK

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

Recommendation underperform buy hold buy hold buy/attractive buy underweight sell buy hold buy hold hold sell Underwt/In-Line hold underweight underperform sell hold sell sell reduce reduce suspended coverage hold underperform underperform market perform equalweight outperform sell hold neutral underperform not rated

Amt Held 170'331'307 118'276'492 95'529'865 46'680'225 32'966'723 25'888'854 13'832'519 11'346'412 11'102'820 9'927'496 8'696'670 7'750'555 7'475'000 6'594'401 6'187'963 5'535'987 4'279'858 4'232'836 3'863'245 3'692'926

% Out 8.51 5.91 4.77 2.33 1.65 1.29 0.69 0.57 0.55 0.5 0.43 0.39 0.37 0.33 0.31 0.28 0.21 0.21 0.19 0.18

Weighting

Change

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

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

Latest Chg (22'816) 719'330 (329'536) (1'472'050) (1'285'217) (16'523'208) (105'000) 141'034 1'263'252 (1'890'038) (1'160'000) 254'908 (158'932)

Target Price 11 15 14 14 16 21 18 13 12 15 13 17 14 13 13 11 13 11 12 11 #N/A N/A #N/A N/A 11 12 14 #N/A N/A #N/A N/A 12 11 #N/A N/A 15 17 #N/A N/A 14 #N/A N/A 17 #N/A N/A

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

File Dt Inst Type 15.02.2013 Investment Advisor 31.12.2011 Government 31.12.2011 Corporation 09.05.2012 Investment Advisor 31.12.2012 Investment Advisor 10.05.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 19.02.2013 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor

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

Date 20.02.2013 19.02.2013 15.02.2013 15.02.2013 13.02.2013 13.02.2013 07.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 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 25.01.2013 23.01.2013 17.01.2013 08.01.2013 14.11.2012 14.08.2012 14.03.2012


20.02.2013

Enel SpA Enel S.p.A. generates, transmits, distributes, and trades electricity. The Company operates hydroelectric, geothermal, and other generating plants. Enel, through subsidiaries, also provides fixed-line and mobile telephone services, installs public lighting systems, and operates real estate, factoring, insurance, telecommunications, and Internet service provider businesses.

Price/Volume 4

300.0 M

3

250.0 M

3

200.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENEL IM EQUITY YTD Change ENEL IM EQUITY YTD % CHANGE

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

100.0 M

1

50.0 M

1 0 f-12 m-12

31.12.2008 31.12.2009 59'577.0 62'498.0 1.53x 1.85x 13'722.0 15'883.0 6.63x 7.29x 5'293.0 5'586.0 5.54x 5.90x Profitability

LTM-4Q 31.12.2010 71'943.0 1.56x 16'768.0 6.68x 4'390.0 8.01x

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 77'573.0 1.34x 17'198.0 6.03x 4'148.0 7.13x 17'198.00 11'366.00 14.65% 10.88% 2.01% 8.93% 0.48% 23.5% 12.8% 5.3% 0.88 0.46 38.56% 168.81% 6.11 -

Price/ Cash Flow

j-12

LTM

09/yy 75'827.0 5.88x 16'725.0 6.33x 4'433.0 7.05x

j-12

09/yy 82'455.0 4.88x 19'353.0 5.21x 3'464.0 7.52x

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1

0.97 6'465.37 3.25% -7.58% 0.970 35 3.114 29'916'600 39'278'940 38'290'340 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 78'736.1 78'524.0 19'566.8 1.10x 1.08x 4.43x 16'561.4 16'393.5 3'856.5 6.18x 6.24x 3'482.8 3'372.4 992.5 7.90x 8.15x 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

08.03.2012 BBB+ NEG 14.12.2007 A-2 6.25 3.72 3.03 3.40 168.8% 54.6% 0.48 0.82 59.86 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 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 31.12.2007 42'734.0 2.76x 9'694.0 12.17x 3'916.0 13.46x

150.0 M

2

12/2011 09/yy 3.30 2.02 23'527'813.00 2.9 -12.12% 43.56% 72.03% 9'403.4 27'269.74 65'481.00 0.0 15'650.0 7'015.00 102'271.74

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 |


20.02.2013

Enel SpA Holdings By:

All

Holder Name MINISTERO DELL'ECONO VANGUARD GROUP INC BLACKROCK PICTET ASSET MANAGEM AMUNDI FMR LLC DB PLATINUM ADVISORS MERCURY ASSET MANAGE ARCA SGR SPA BNP ASSET MANAGEMENT STATE STREET BANQUE AVIVA PLC CREDIT SUISSE ASSET ING INTERNATIONAL AD UNION INVESTMENT LUX NATIXIS ASSET MANAGE SWEDBANK ROBUR FONDE UBS JOHN HANCOCK INVESTM BANK OF NEW YORK MEL

Firm Name

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 n/a Multiple Portfolios Multiple Portfolios

Analyst

Day by Day VALERIE GASTALDY AlphaValue MYRIAM COHEN Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Exane BNP Paribas PHILIP GOTTSCHALK ICBPI SIMONA PEDRAZZINI Centrobanca EDOARDO MONTALBANO Nomura JAVIER SUAREZ Grupo Santander OSCAR NAJAR RIOS Banca IMI ROBERTO RANIERI Independent Research GmbH SVEN DIERMEIER Banca Akros(ESN) DARIO MICHI Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Berenberg Bank ANDREW FISHER S&P Capital IQ CLIVE ROBERTS Societe Generale ALBERTO PONTI Barclays SUSANNA INVERNIZZI EVA Dimensions AUSTIN BURKETT Deutsche Bank VIRGINIA SANZ DE MADRID Kepler Capital Markets CLAUDIA INTROVIGNE Goldman Sachs DARIO CARRADORI Equita SIM SpA ROBERTO LETIZIA Credit Suisse STEFANO BEZZATO Morgan Stanley ANNA MARIA SCAGLIA HSBC ADAM DICKENS Natixis PHILIPPE OURPATIAN CA Cheuvreux FRANCESCA PEZZOLI Mediobanca SpA MARIA BEATRICE GEROSA Banco Sabadell JORGE GONZALEZ SADORNIL Raymond James EMMANUEL RETIF Nord/LB HEINO HAMMANN Landesbank Baden-Wuerttemberg ERKAN AYCICEK Hammer Partners SA CHRIS MOORE JPMorgan JAVIER GARRIDO DZ Bank AG HASIM SENGUEL

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

Recommendation hold buy neutral underperform neutral hold reduce buy add hold hold buy hold buy buy equalweight overweight hold hold neutral/attractive hold neutral Equalwt/In-Line underweight neutral underperform neutral sell market perform hold hold sell neutral hold

Amt Held 2'937'984'993 120'746'699 103'500'003 81'500'351 30'898'327 24'688'850 23'430'194 19'719'027 12'645'186 11'206'529 9'443'764 9'331'460 9'057'798 8'230'210 7'912'096 7'807'081 7'180'764 7'000'609 6'929'768 6'923'770

% Out 31.24 1.28 1.1 0.87 0.33 0.26 0.25 0.21 0.13 0.12 0.1 0.1 0.1 0.09 0.08 0.08 0.08 0.07 0.07 0.07

Weighting

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

D M N M 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 D D M

Latest Chg 2'529'990 726'273 (1'187'360) 16'652'294 13'243'042 (6'000'000) 510'545 782'984 309'230 137'675 (242'323) (241'490) 2'075'741 (4'995'875) 57'724 45'616 288'821

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

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

File Dt 20.11.2012 31.12.2012 15.02.2013 31.10.2012 30.11.2012 31.12.2012 31.01.2013 15.02.2013 28.12.2012 30.09.2012 31.12.2012 31.01.2013 28.12.2012 31.07.2012 28.09.2012 31.12.2012 30.09.2012 28.12.2012 31.12.2012 15.02.2013

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

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

Date 14.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 08.02.2013 08.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 04.02.2013 25.01.2013 17.01.2013 07.01.2013 21.12.2012 18.12.2012 30.11.2012 22.11.2012 14.11.2012 14.11.2012 05.11.2012 26.09.2012 21.09.2012 03.08.2012 06.06.2012 05.06.2012 09.03.2012 08.03.2012 16.02.2012 18.11.2011


20.02.2013

Eni SpA Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces natural gas and imports it for sale in Italy and elsewhere in Europe. Eni transports natural gas in pipelines. The Company generates and trades electricity, refines oil, and operates gasoline service stations.

Price/Volume 25

60.0 M 50.0 M

15

40.0 M 10

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENI IM EQUITY YTD Change ENI IM EQUITY YTD % CHANGE

12/2012 12/yy 19.59 14.94 8'681'130.00 17.68 -9.75% 18.34% 62.37% 3'634.2 64'252.40 24'463.00 0.0 3'514.0 8'066.00 84'163.40

30.0 M 20.0 M

5

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

70.0 M

20

Valuation Analysis

31.12.2008 108'082.0 0.74x 26'939.0 2.98x 8'825.0 6.89x

80.0 M

31.12.2009 31.12.2010 83'227.0 98'523.0 1.10x 0.91x 20'817.0 24'992.0 4.39x 3.58x 4'367.0 6'318.0 14.71x 9.39x Profitability

LTM-4Q 31.12.2011 109'589.0 0.83x 25'732.0 3.53x 6'860.0 8.47x

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 127'271.0 0.68x 24'564.0 3.52x 8'673.0 7.66x 24'564.00 15'026.00 11.81% 13.04% 6.12% 15.13% 0.90% 19.3% 11.8% 6.8% 1.44 0.23 17.43% 41.32% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.86 2'532.64 7.83% -3.60% 0.858 37 4.027 12'423'000 12'818'300 11'387'400 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 108'740.0 127'271.0 121'289.6 123'474.0 32'752.0 31'600.7 3.31x 2.95x 0.67x 0.65x 2.49x 2.61x 25'213.0 24'564.0 28'813.8 30'201.0 7'530.0 7'527.0 3.60x 3.52x 2.92x 2.79x 2.80x 2.73x 6'860.0 8'673.0 7'204.6 7'866.4 1'871.0 1'838.0 8.45x 7.66x 8.85x 8.23x 9.17x 8.41x S&P Issuer Ratings Long-Term Rating Date 17.01.2012 Long-Term Rating A Long-Term Outlook NEG Short-Term Rating Date 19.05.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 27.91 (EBITDA-Capex)/Interest Exp. 15.26 Net Debt/EBITDA 0.67 Total Debt/EBITDA 1.00 Reference Total Debt/Equity 41.3% Total Debt/Capital 28.1% Asset Turnover 0.90 Net Fixed Asset Turnover 1.86 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Eni SpA Holdings By:

All

Holder Name CASSA DEPOSITI E PRE MINISTERO DELL'ECONO BLACKROCK FMR LLC VANGUARD GROUP INC CAPITAL GROUP COMPAN BNP PARIBAS ARBITRAG BNP PARIBAS SA ABERDEEN DB PLATINUM ADVISORS T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BNP PARIBAS SEC SERV NATIXIS ASSET MANAGE MERCURY ASSET MANAGE THORNBURG INVESTMENT BNP PARIBAS INV PART JP MORGAN UNION INVESTMENT LUX ALLIANZ ASSET MANAGE

Firm Name RBC Capital Markets Societe Generale Mediobanca SpA Banca IMI Jefferies Macquarie Independent Research GmbH Kepler Capital Markets Nomura Exane BNP Paribas Barclays Grupo Santander Investec Goldman Sachs Credit Suisse Sanford C. Bernstein & Co Raymond James Banco Sabadell Banca Akros(ESN) Canaccord Genuity Corp S&P Capital IQ Day by Day AlphaValue Natixis JPMorgan EVA Dimensions ICBPI VTB Capital Landesbank Baden-Wuerttemberg Equita SIM SpA Morgan Stanley HSBC Hamburger Sparkasse Deutsche Bank CA Cheuvreux National Bank AG Pareto Securities

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

Analyst PETER HUTTON IRENE HIMONA ANDREA SCAURI ROBERTO RANIERI IAIN REID MARC B KOFLER SVEN DIERMEIER ENRICO COCO THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS RAHIM KARIM JASON KENNEY STUART JOYNER MICHELE DELLA VIGNA KIM FUSTIER OSWALD CLINT BERTRAND HODEE JORGE GONZALEZ SADORNIL DARIO MICHI GORDON GRAY CHRISTINE TISCARENO VALERIE GASTALDY ALEXANDRE ANDLAUER ANNE PUMIR NITIN SHARMA CRAIG STERLING LUCA ARENA COLIN SMITH JENS MUENSTERMANN DOMENICO GHILOTTI MARTIJN P RATS PAUL SPEDDING INGO SCHMIDT MARK BLOOMFIELD DOMINIQUE PATRY MANFRED JAISFELD THOMAS AARRESTAD

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

Recommendation sector perform hold outperform add buy outperform hold hold buy neutral overweight Under Review hold Buy/Cautious outperform market perform outperform buy buy sell buy buy reduce neutral overweight buy not rated hold buy hold Overwt/In-Line neutral hold buy outperform hold hold

Amt Held 958'298'322 142'968'850 64'627'091 51'132'349 50'558'786 44'489'000 41'175'319 28'455'671 16'682'332 15'721'526 12'165'115 12'114'762 11'484'026 9'392'579 8'818'449 7'363'500 6'429'858 5'215'817 5'172'282 5'137'062

% Out 26.37 3.93 1.78 1.41 1.39 1.22 1.13 0.78 0.46 0.43 0.33 0.33 0.32 0.26 0.24 0.2 0.18 0.14 0.14 0.14

Weighting

Change

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

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

Latest Chg 1'551'514 (1'982'479) 999'327 1'853'508 (116'700) 2'499'767 848'857 (10'744) 729'051 (923'913) (10'621) 1'009'050 (199'897)

Target Price 20 19 22 19 22 21 20 18 19 20 21 #N/A N/A 16 21 21 20 21 20 22 17 23 20 18 18 22 #N/A N/A #N/A N/A 21 20 21 20 19 #N/A N/A 21 21 17 #N/A N/A

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

File Dt Inst Type 20.11.2012 Other 20.11.2012 Government 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 20.11.2012 Bank 31.01.2013 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 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 15.02.2013 15.02.2013 15.02.2013 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 07.02.2013 06.02.2013 17.01.2013 16.01.2013 16.01.2013 09.01.2013 30.11.2012 27.11.2012 14.11.2012 30.10.2012 29.08.2012 13.08.2012 24.05.2012 23.04.2010


20.02.2013

Cie Generale d'Optique Essilor International SA Essilor International SA manufactures and sells plastic and glass ophthalmic lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and Crizal lenses. Essilor sells its products internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (22.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EI FP EQUITY YTD Change EI FP EQUITY YTD % CHANGE

12/2011 09/yy 78.55 57.96 576'686.00 73.9 -5.92% 27.50% 74.21% 214.7 15'868.11 915.73 0.0 132.9 397.77 16'727.07

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

9.0 M

80

8.0 M

70

7.0 M

60

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0 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 2'908.1 3.05x 638.5 13.87x 366.7 24.52x

90

31.12.2008 31.12.2009 3'074.4 3'268.0 2.30x 2.68x 696.7 754.4 10.16x 11.63x 382.4 390.7 18.15x 22.09x Profitability

LTM-4Q 31.12.2010 3'891.6 2.68x 900.2 11.58x 462.0 21.90x

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 4'189.5 2.87x 919.3 13.09x 505.6 22.36x 919.35 724.97 17.30% 16.65% 9.12% 17.43% 13.69% 0.78% 55.4% 22.0% 17.3% 12.1% 1.26 0.21 14.87% 27.54% 4.32 2.77

Price/ Cash Flow

12/yy 2'427.6 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 4'194.7 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.55 197.12 28.82% -2.79% 0.550 22 3.545 481'716 442'596 441'729 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'988.0 5'374.1 1'228.5 3.30x 3.02x 1'090.3 1'188.0 15.34x 14.08x 589.1 648.6 26.32x 23.79x 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

66.12 51.40 0.59 1.15 27.5% 20.9% 0.78 5.02 84.68 132.29 132.66 -

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 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 |


20.02.2013

Cie Generale d'Optique Essilor International SA Holdings By:

All

Holder Name FCPE VALOPTEC INTERN CIE GENERALE D'OPTIQ FCPE GROUPE ESSILOR VANGUARD GROUP INC HARBOR CAPITAL ADVIS NATIXIS ASSET MANAGE FMR LLC BLACKROCK CARMIGNAC GESTION ALLIANZ ASSET MANAGE AMUNDI TIAA CREF INVESTMENT LBPAM SCHRODER INVESTMENT JUPITER ASSET MANAGE OPPENHEIMERFUNDS INC SARASIN MERCURY ASSET MANAGE PICTET ASSET MANAGEM UNION INVESTMENT GMB

Firm Name Raymond James Berenberg Bank AlphaValue Exane BNP Paribas S&P Capital IQ Bryan Garnier & Cie Morgan Stanley EVA Dimensions Natixis HSBC Day by Day Barclays Societe Generale BPI Jefferies Independent Research GmbH Kepler Capital Markets Redburn Partners Goldman Sachs CA Cheuvreux

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

Analyst MARC WILLAUME BASSEL CHOUGHARI ARMELLE MOULIN JULIEN DORMOIS JACOB THRANE CEDRIC ROSSI MICHAEL K JUNGLING ANDREW S ZAMFOTIS STEPHANE SUMAR SOPHIE DARGNIES VALERIE GASTALDY ALEXANDER KLEBAN MARIE-LINE FORT HUBERT D'AILLIERES INGEBORG OIE CHRISTOPH SCHOENDUBE CLAIRE DERAY PASCAL HAUTCOEUR WILLIAM HUTCHINGS THOMAS MESMIN

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

Recommendation outperform hold reduce neutral strong buy buy Underwt/Attractive underweight buy overweight buy overweight hold buy hold sell reduce neutral neutral/neutral suspended coverage

Amt Held 6'263'487 5'363'126 5'269'233 5'142'831 4'201'430 3'780'077 3'548'248 2'921'838 2'844'588 1'753'915 1'415'758 1'027'416 938'921 871'599 862'001 830'196 675'667 659'008 619'321 608'800

% Out 2.92 2.5 2.45 2.4 1.96 1.76 1.65 1.36 1.32 0.82 0.66 0.48 0.44 0.41 0.4 0.39 0.31 0.31 0.29 0.28

Weighting

Change

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

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

Latest Chg (20'616) 228'537 (284'151) (685'535) (511'731) (133'708) (116'127) 80'908 74'350 (179'060) (28'372) (979) (3'800)

Target Price 83 77 70 78 88 80 60 #N/A N/A 90 90 82 89 69 80 70 66 62 #N/A N/A 74 #N/A N/A

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 Corporation 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.12.2012 Investment Advisor 28.12.2012 Unclassified 15.02.2013 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 19.02.2013 15.02.2013 14.02.2013 13.02.2013 08.02.2013 31.01.2013 24.01.2013 17.01.2013 10.01.2013 09.01.2013 11.12.2012 07.12.2012 04.12.2012 12.11.2012 05.11.2012 31.10.2012 25.10.2012 25.06.2012 21.05.2012 15.03.2012


20.02.2013

France Telecom SA France Telecom SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals.

Price/Volume 12

30.0 M 25.0 M

6

Latest Fiscal Year: LTM as of: 52-Week High (23.02.2012) 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 FTE FP EQUITY YTD Change FTE FP EQUITY YTD % CHANGE

12/2012 12/yy 11.79 7.43 18'405'987.00 7.56 -35.85% 1.71% 6.62% 2'648.9 20'025.57 39'214.00 0.0 2'078.0 8'462.00 52'855.57

20.0 M 15.0 M

4

10.0 M 2

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

8

Valuation Analysis

31.12.2008 46'712.0 1.92x 17'300.0 5.18x 4'073.0 14.20x

40.0 M

10

31.12.2009 31.12.2010 44'845.0 45'503.0 1.82x 1.64x 14'480.0 15'291.0 5.64x 4.89x 3'018.0 4'880.0 16.37x 10.83x Profitability

LTM-4Q 31.12.2011 45'277.0 1.42x 15'019.0 4.29x 3'895.0 8.26x

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 43'515.0 1.26x 820.0 26.90x 15'019.00 6'045.00 13.89% 5.37% 0.88% 3.16% 2.88% 0.47% 31.9% 13.9% 1.9% 0.65 0.53 43.58% 161.33% 9.12 -

Price/ Cash Flow

LTM

12/yy 45'277.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 43'515.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

10.32 0.85 2'277.13 -24.84% -9.34% 0.854 35 2.829 9'571'507 10'497'500 8'969'291 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 42'095.6 41'466.7 10'817.4 1.23x 1.22x 12'942.8 12'588.0 3'105.2 4.08x 4.20x 2'991.0 2'899.3 6.79x 6.89x S&P Issuer Ratings

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

10.02.2005 ANEG 14.05.2003 A-2 7.27 4.02 2.23 2.75 161.3% 59.8% 0.47 1.84 40.12 -

Sales/Revenue/Turnover

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0 1.50

20'000.0 1.00

10'000.0

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 |


20.02.2013

France Telecom SA Holdings By:

All

Holder Name FRENCH STATE SOCIETE GENERALE AMUNDI FRANKLIN RESOURCES VANGUARD GROUP INC NATIXIS ASSET MANAGE BLACKROCK AMUNDI FRANCE TELECOM SA DNCA FINANCE LBPAM AVIVA PLC MERCURY ASSET MANAGE BNP ASSET MANAGEMENT TEMPLETON INVESTMENT DIMENSIONAL FUND ADV CAPITAL GROUP COMPAN AMUNDI STATE STREET MORGAN STANLEY

Firm Name

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

Analyst

Grupo Santander CARLOS JAVIER TREVINO Societe Generale STEPHANE SCHLATTER Jefferies JEREMY A DELLIS Sanford C. Bernstein & Co ROBIN BIENENSTOCK Independent Research GmbH MARKUS FRIEBEL Oddo & Cie VINCENT MAULAY Nomura FREDERIC BOULAN Berenberg Bank STUART GORDON Banco Sabadell ANDRES BOLUMBURU AlphaValue JEAN-MICHEL SALVADOR Macquarie GUY R PEDDY S&P Capital IQ ALEXANDER WISCH Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Kepler Capital Markets JAVIER BORRACHERO Goldman Sachs ANDREW LEE JPMorgan HANNES C WITTIG HSBC NICOLAS COTE-COLISSON Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Credit Suisse JAKOB BLUESTONE Barclays JONATHAN DANN Exane BNP Paribas ANTOINE PRADAYROL EVA Dimensions ANDREW S ZAMFOTIS Morgan Stanley NICK DELFAS Hamburger Sparkasse TINA HECKING-VELTMAN CM - CIC Securities(ESN) JEAN-MICHEL KOSTER Day by Day VALERIE GASTALDY Deutsche Bank MATTHEW BLOXHAM Espirito Santo Investment Bank Research WILL DRAPER Natixis BENOIT MAYNARD CA Cheuvreux PETER KURT NIELSEN Raymond James STEPHANE BEYAZIAN National Bank AG MANFRED JAISFELD Fincorp SAOG GAURAV RAMAIYA

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

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

Amt Held 356'194'433 132'135'951 129'217'007 39'956'515 38'053'493 30'658'099 27'549'306 21'101'112 15'456'045 13'910'873 7'761'976 7'460'542 5'987'536 5'931'576 5'174'475 4'642'622 4'580'800 3'776'349 3'631'219 3'542'207

% Out 13.45 4.99 4.88 1.51 1.44 1.16 1.04 0.8 0.58 0.53 0.29 0.28 0.23 0.22 0.2 0.18 0.17 0.14 0.14 0.13

Weighting

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

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

Latest Chg (27'339'807) (3'894'321) 618'498 4'937'505 1'937'969 47'132 (23'738'395) (368'000) (527'072) (2'123) 34'665 (26'670) (9'177'060) 264'343 1'153'077

Target Price 14 9 12 7 10 11 8 8 11 20 12 7 7 9 8 8 11 11 9 9 10 #N/A N/A 9 #N/A N/A 9 #N/A N/A 10 13 14 12 14 #N/A N/A 15

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

File Dt 31.12.2011 16.05.2012 11.06.2012 31.12.2012 31.12.2012 31.12.2012 19.02.2013 30.11.2012 31.12.2011 28.09.2012 31.12.2012 31.01.2013 15.02.2013 30.09.2012 30.11.2012 31.07.2012 31.12.2012 28.09.2012 19.02.2013 31.12.2012

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

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

Date 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 07.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 25.01.2013 24.01.2013 24.01.2013 21.01.2013 15.01.2013 14.01.2013 13.12.2012 26.11.2012 06.11.2012 26.10.2012 26.10.2012 26.10.2012 26.09.2012 07.09.2012 30.03.2012 23.10.2011


20.02.2013

GDF Suez GDF Suez offers a full range of electricity, gas and associated energy and environment services throughout the world. The Company produces, trades, transports, stores and distributes natural gas, and offers energy management and climatic and thermal engineering services.

Price/Volume 25

45.0 M 40.0 M

20

35.0 M 30.0 M

15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (20.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSZ FP EQUITY YTD Change GSZ FP EQUITY YTD % CHANGE

12/2011 09/yy 20.35 14.42 4'025'959.00 14.465 -28.92% 0.35% 4.37% 2'412.8 34'901.50 57'272.00 0.0 17'340.0 14'675.00 94'180.50

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

20.0 M 15.0 M 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 47'475.4 1.46x 7'194.1 9.65x 3'923.5 12.35x

25.0 M

10

31.12.2008 31.12.2009 67'923.8 79'908.0 1.64x 1.32x 9'605.7 13'781.0 11.61x 7.63x 4'857.1 4'477.0 11.85x 14.77x Profitability

LTM-4Q 31.12.2010 84'478.0 1.24x 15'918.0 6.59x 4'616.0 12.79x

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 90'673.0 1.18x 16'071.0 6.64x 4'003.0 11.73x 16'071.00 8'978.00 9.90% 8.32% 1.71% 5.73% 5.67% 0.45% 17.4% 9.6% 4.4% 1.11 0.67 26.84% 91.01% 3.87 -

Price/ Cash Flow

LTM

06/yy 87'856.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 90'657.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

10.37 1.06 1'388.04 -21.03% -7.13% 1.058 30 3.067 3'935'260 4'120'725 5'068'425 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 93'543.0 82'709.4 - 20'325.0 1.02x 1.07x 17'089.4 14'590.0 3'489.8 5.51x 6.46x 3'594.8 3'296.8 9.29x 10.41x 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

29.01.2013 A *29.01.2013 A-1 *6.40 2.86 2.88 3.98 91.0% 41.6% 0.45 1.07 94.62 -

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.01.2009

10'000.0 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 |


20.02.2013

GDF Suez Holdings By:

All

Holder Name FRENCH STATE CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM CAISSE DES DEPOTS ET GDF SUEZ CNP ASSURANCES VANGUARD GROUP INC FRANKLIN RESOURCES NATIXIS ASSET MANAGE BLACKROCK AMUNDI SOFINA SA PICTET ASSET MANAGEM BNP PARIBAS INV PART INTERNATIONAL VALUE LBPAM THORNBURG INVESTMENT AVIVA PLC MASSACHUSETTS FINANC DIMENSIONAL FUND ADV

Firm Name Natixis Exane BNP Paribas Raymond James Banco Sabadell AlphaValue Goldman Sachs Morgan Stanley Berenberg Bank Ahorro Corporacion Financiera SA KBC Securities CM - CIC Securities(ESN) S&P Capital IQ Barclays EVA Dimensions JPMorgan Landesbank Baden-Wuerttemberg Day by Day Nomura Macquarie Grupo Santander HSBC Deutsche Bank Nord/LB Independent Research GmbH Credit Suisse Societe Generale Hamburger Sparkasse DZ Bank AG Kepler Capital Markets National Bank AG

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

Analyst PHILIPPE OURPATIAN BENJAMIN LEYRE EMMANUEL RETIF JORGE GONZALEZ SADORNIL MYRIAM COHEN ANDREW MEAD EMMANUEL TURPIN ANDREW FISHER VIRGINIA PEREZ REPES DIETER FURNIERE OLIVIER BAILS CLIVE ROBERTS JULIE ARAV AUSTIN BURKETT NATHALIE F CASALI ERKAN AYCICEK VALERIE GASTALDY MARTIN YOUNG ATALLAH ESTEPHAN OSCAR NAJAR RIOS ADAM DICKENS MARTIN BROUGH HEINO HAMMANN SVEN DIERMEIER MICHEL DEBS ALBERTO PONTI ANNEMARIE SCHLUETER HASIM SENGUEL TEAM COVERAGE STEFFEN MANSKE

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

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

Amt Held 810'927'246 209'718'616 116'911'820 45'051'514 38'293'787 24'778'333 23'983'907 23'674'699 20'322'250 19'629'973 19'051'276 13'515'454 10'651'096 10'260'991 9'286'222 8'811'951 8'527'900 6'360'558 5'624'332 4'925'079

% Out 33.61 8.69 4.85 1.87 1.59 1.03 0.99 0.98 0.84 0.81 0.79 0.56 0.44 0.43 0.38 0.37 0.35 0.26 0.23 0.2

Weighting

Change

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

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

Latest Chg (12'226'130) 639'284 126'008 (2'547'671) (819'719) (67'679) 350'943 (459'586) 282'671 134'083 (3'204'400) (1'446) 350'659 -

Target Price 17 14 15 18 18 25 15 14 15 17 23 15 15 #N/A N/A 14 17 #N/A N/A 20 17 20 14 18 17 16 16 25 #N/A N/A 22 #N/A N/A 31

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

File Dt Inst Type 31.12.2011 Government 31.12.2012 Investment Advisor 15.03.2012 Holding Company 31.12.2011 Government 31.12.2011 Corporation 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 19.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2011 Holding Company 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 20.02.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 08.02.2013 06.02.2013 05.02.2013 05.02.2013 31.01.2013 31.01.2013 28.01.2013 25.01.2013 17.01.2013 10.01.2013 20.12.2012 20.12.2012 12.12.2012 10.12.2012 07.12.2012 07.12.2012 06.12.2012 06.12.2012 06.12.2012 03.12.2012 26.11.2012 27.02.2012 01.11.2011 31.10.2011 13.04.2011


20.02.2013

Iberdrola SA Iberdrola S.A. generates, distributes, trades, and markets electricity in the United Kingdom, United States, Spain, Portugal, and Latin America. The Company specializes in clean energy and more specifically wind power.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2012) 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 03.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBE SQ EQUITY YTD Change IBE SQ EQUITY YTD % CHANGE

12/2012 12/yy 4.59 2.63 21'885'017.00 3.694 -19.50% 40.46% 57.54% 6'281.2 23'202.69 33'373.00 0.0 325.0 6'575.00 50'325.69

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

31.12.2009 31.12.2010 25'891.9 30'431.0 2.39x 1.90x 6'197.0 6'857.9 10.00x 8.42x 2'824.3 2'870.9 12.54x 10.95x Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 31'648.0 1.76x 7'000.4 7.95x 2'804.5 10.04x

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 34'750.1 1.52x 7'193.0 7.35x 2'840.7 9.07x 7'193.00 4'377.00 12.60% 8.85% 2.93% 8.52% 0.36% 38.2% 20.5% 12.4% 8.2% 1.10 0.86 34.47% 98.85% 6.31 10.71

Price/ Cash Flow

LTM

12/yy 32'095.3 8.28x 7'004.8 7.94x 2'804.6 10.09x

12/yy 34'848.9 5.94x 7'151.9 7.39x 2'840.7 8.91x

FY+1

1.05 5'366.11 -15.18% -8.88% 1.050 37 3.351 40'691'530 31'406'650 37'886'470 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'220.0 34'381.4 1.56x 1.47x 7'591.3 7'937.2 2'289.0 1'696.0 6.63x 6.34x 6.58x 2'456.1 2'690.7 916.0 440.0 9.28x 8.75x 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

28.11.2012 BBB STABLE 26.11.2007 A-2 4.73 2.00 3.75 4.67 98.9% 49.5% 0.36 58.03 34.18 104.73 -12.35

Sales/Revenue/Turnover

9.00

40'000.0

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

a-12 m-12

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M f-13

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

Fiscal Year Ended 31.12.2008 24'889.3 2.53x 6'105.6 10.31x 2'553.7 11.20x

5 5 4 4 3 3 2 2 1 1 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 |


20.02.2013

Iberdrola SA Holdings By:

All

Holder Name QATAR INVESTMENT AUT ACS ACTIVIDADES CONS BANCAJA (VALENCIA CA BILBAO BIZKAIA KUTXA NATIXIS BLACKROCK SOCIETE GENERALE VANGUARD GROUP INC AMUNDI DEUTSCHE BANK AG FMR LLC ALLIANZ ASSET MANAGE MERCURY ASSET MANAGE DE URRUTIA VAL VICTO UNION INVESTMENT LUX MASSACHUSETTS FINANC INVERCAIXA GESTION S MAINFIRST SICAV MACQUARIE GROUP LTD JP MORGAN

Firm Name

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

Analyst

Landesbank Baden-Wuerttemberg ERKAN AYCICEK Independent Research GmbH SVEN DIERMEIER NMAS 1 Agencia de Valores FERNANDO LAFUENTE Grupo Santander BOSCO MUGUIRO BPI GONZALO SANCHEZ-BORDONA Goldman Sachs FRED BARASI Bankia Bolsa (ESN) VICTOR PEIRO PEREZ Banco Sabadell JORGE GONZALEZ SADORNIL Nomura JAVIER SUAREZ Exane BNP Paribas MANUEL PALOMO Morgan Stanley CAROLINA DORES Credit Suisse STEFANO BEZZATO S&P Capital IQ CLIVE ROBERTS Banesto Bolsa SA Sociedad ANTONIO CRUZ BBVA ISIDORO DEL ALAMO JPMorgan JAVIER GARRIDO Societe Generale JORGE ALONSO SUILS HSBC ADAM DICKENS Berenberg Bank ANDREW FISHER Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA La Caixa FERNANDO MURILLO GUIRAO Barclays MONICA GIRARDI Day by Day VALERIE GASTALDY EVA Dimensions AUSTIN BURKETT BCP Investimento VANDA MESQUITA Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Deutsche Bank VIRGINIA SANZ DE MADRID Natixis PHILIPPE OURPATIAN Macquarie SHAI HILL Renta 4 SA SVB NATALIA AGUIRRE Nord/LB HEINO HAMMANN CA Cheuvreux JOSE PORTA SAUDAN Hamburger Sparkasse ANNEMARIE SCHLUETER National Bank AG STEFFEN MANSKE

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

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

Amt Held 496'946'224 394'672'404 314'887'559 309'430'747 298'846'609 265'724'144 192'447'747 72'833'378 55'560'544 18'850'297 18'260'832 14'653'115 14'296'206 13'465'535 13'214'700 9'446'268 8'289'915 8'200'000 7'184'315 6'254'192

% Out 7.91 6.28 5.01 4.93 4.76 4.23 3.06 1.16 0.88 0.3 0.29 0.23 0.23 0.21 0.21 0.15 0.13 0.13 0.11 0.1

Weighting

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

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

Latest Chg (492'545'762) (13'299'908) (14'204'256) 25'674'073 1'993'873 2'388'677 8'920'353 (1'477'915) 2'045'672 (255'879) 464'328 7'602'990 (3'963'637) 1'796'471 8'200'000 10'895 247'007

Target Price 4 4 4 5 5 5 5 4 4 4 4 5 4 6 4 4 4 4 4 5 5 5 4 #N/A N/A #N/A N/A 5 4 5 4 3 5 #N/A N/A 5 #N/A N/A 7

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

File Dt Inst Type 31.12.2011 Government 13.07.2012 Corporation 31.12.2011 Bank 24.01.2013 Bank 28.08.2012 Investment Advisor 19.02.2013 Investment Advisor 10.01.2013 Bank 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor 24.01.2013 n/a 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified

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

Date 20.02.2013 20.02.2013 18.02.2013 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 14.02.2013 12.02.2013 07.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 28.01.2013 25.01.2013 15.01.2013 15.01.2013 20.12.2012 30.10.2012 29.10.2012 25.10.2012 19.10.2012 21.09.2012 05.06.2012 07.05.2012 24.02.2012 10.03.2011


20.02.2013

Inditex SA Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs, manufactures and distributes apparel. The Company operates retail chains in Europe, the Americas, Asia, and Africa.

Price/Volume 120

35.0 M

100

30.0 M 25.0 M

80

Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 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 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITX SQ EQUITY YTD Change ITX SQ EQUITY YTD % CHANGE

01/2012 10/yy 111.80 63.97 1'557'920.00 100.65 -9.97% 57.34% 80.45% 623.3 62'738.21 25.11 0.0 40.8 3'517.44 58'819.21

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

15.0 M

40

10.0 M

20

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 31.01.2008 9'434.7 2.10x 2'148.8 9.24x 1'250.3 16.70x

20.0 M

60

Valuation Analysis

31.01.2009 31.01.2010 10'407.0 11'083.5 1.68x 2.36x 2'186.9 2'353.1 7.97x 11.09x 1'253.5 1'314.4 14.82x 21.63x Profitability

LTM-4Q 31.01.2011 12'526.6 2.48x 2'966.2 10.46x 1'731.8 19.86x

31.01.2012 13'792.6 2.76x 3'214.6 11.86x 1'932.3 21.51x 3'214.63 2'522.01 18.29% 18.55% 19.31% 31.43% 1.31% 59.3% 24.4% 19.6% 14.0% 2.01 1.50 0.23% 0.34% 20.30 3.60

LTM

10/yy 13'369.6 10.48x 3'121.2 12.14x 1'854.8 22.09x

10/yy 15'445.6 11.86x 3'774.6 15.22x 2'285.3 26.85x

FY+1

.0 M f-13

0.70 216.72 48.40% -4.60% 0.701 41 3.439 1'148'124 1'086'309 1'432'551 FY+2

FQ+1

FQ+2

01/13 Y 01/14 Y 01/13 Q4 04/13 Q1 16'005.9 17'795.8 4'591.6 3'809.0 3.64x 3.21x 3'997.1 4'484.4 1'170.3 882.0 14.72x 13.12x 13.52x 12.94x 2'406.8 2'717.7 733.2 503.0 26.08x 23.10x 24.71x 23.82x 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

875.44 573.53 -1.05 0.00 0.3% 0.3% 1.31 3.60 18.03 101.74 213.24 -64.26

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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


20.02.2013

Inditex SA Holdings By:

All

Holder Name GARTLER SL PARTLER 2006 SL ROSP CORUNNA JP MORGAN FMR LLC CAPITAL GROUP COMPAN VANGUARD GROUP INC CARMIGNAC GESTION BLACKROCK HARBOR CAPITAL ADVIS OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE WILLIAM BLAIR & COMP UMB BANK N A BAILLIE GIFFORD AND PRUDENTIAL FINANCIAL JENNISON ASSOCIATES NATIXIS ASSET MANAGE MASSACHUSETTS FINANC BANK OF NEW YORK MEL

Firm Name

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

Analyst

Sanford C. Bernstein & Co JAMIE MERRIMAN Societe Generale ANNE CRITCHLOW NMAS 1 Agencia de Valores FRANCISCO RIQUEL BPI JOSE RITO BBVA ISABEL CARBALLO Banco Sabadell IGNACIO ROMERO Exane BNP Paribas BEN SPRUNTULIS Grupo Santander REBECCA MCCLELLAN AlphaValue VIRGINIE BLIN Telsey Advisory Group DANA TELSEY ISI Group OMAR SAAD Nomura FRASER RAMZAN Natixis JEAN BAPTISTE TEISSIER Ahorro Corporacion Financiera SA GERMAN GARCIA BOU Credit Suisse SIMON IRWIN Morgan Stanley GEOFFREY RUDDELL Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ EVA Dimensions CRAIG STERLING Bryan Garnier & Cie PETER FARREN Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ WILLIAM MACK HSBC PAUL ROSSINGTON Espirito Santo Investment Bank Research FILIPE ROSA Barclays CHRISTODOULOS CHAVIARAS Commerzbank Corporates & Markets ANNA RABEYA KHAN La Caixa ANTONIO JOSE CASTELL NEYRA Interdin Bolsa SOFIA REBUELTA VILLEGAS Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO Raymond James CEDRIC LECASBLE Intermoney Valores ANTONIO PAUSA RODRIGUEZ Deutsche Bank WARWICK OKINES Day by Day VALERIE GASTALDY Goldman Sachs FRANKLIN WALDING Independent Research GmbH ZAFER RUZGAR CA Cheuvreux DANIEL OVIN Kepler Capital Markets NATALIA BOBO BJOERK Renta 4 SA SVB IVAN SAN FELIX Redburn Partners GEOFF LOWERY Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ Link Securities PAULA SAMPEDRO

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

Recommendation outperform buy neutral neutral market perform buy outperform buy sell no rating system strong buy buy buy sell underperform Equalwt/Cautious hold hold sell hold hold overweight neutral equalweight buy underweight sell neutral market perform hold hold buy Buy/Neutral sell outperform buy hold buy underweight accumulate

Amt Held 311'727'598 57'872'465 36'550'000 18'825'977 8'191'912 7'598'170 6'989'503 4'779'721 3'777'882 2'887'450 2'594'242 2'396'942 1'835'758 1'265'424 1'073'500 871'124 786'649 738'925 729'020 659'891

% Out 50.01 9.28 5.86 3.02 1.31 1.22 1.12 0.77 0.61 0.46 0.42 0.38 0.29 0.2 0.17 0.14 0.13 0.12 0.12 0.11

Weighting

Change

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

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

Latest Chg (125) (179'487) 759'500 86'426 893'049 (729'721) (43'431) (346'060) (63'415) 61'061 56'242 (52'642) (20'786) 496'579 (65'107) 8'902

Target Price 115 138 112 105 107 115 115 125 86 122 110 121 125 82 105 90 98 #N/A N/A 100 #N/A N/A 110 120 110 87 115 99 80 105 #N/A N/A 93 99 114 125 83 110 108 81 #N/A N/A 67 47

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

File Dt Inst Type 31.01.2011 Unclassified 31.01.2011 Corporation 31.01.2011 Unclassified 31.10.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 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 15.02.2013 Investment Advisor

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

Date 20.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 10.02.2013 07.02.2013 05.02.2013 01.02.2013 30.01.2013 28.01.2013 27.01.2013 17.01.2013 17.01.2013 16.01.2013 18.12.2012 18.12.2012 13.12.2012 13.12.2012 13.12.2012 12.12.2012 12.12.2012 12.12.2012 12.12.2012 04.12.2012 04.12.2012 30.11.2012 23.11.2012 07.11.2012 26.09.2012 20.09.2012 20.09.2012 12.09.2012 11.07.2012 21.03.2012 26.11.2009


20.02.2013

ING Groep NV ING Groep N.V. offers financial services to individuals, corporations, and other institutions. The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance. ING Groep has offices throughout the world.

Price/Volume 9

70.0 M

8

60.0 M

7

50.0 M

6

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 INGA NA EQUITY YTD Change INGA NA EQUITY YTD % CHANGE

12/2012 12/yy 7.91 4.44 17'984'799.00 6.492 -17.87% 46.22% 65.25% 3'831.6 24'874.49 207'649.00 0.0 1'081.0 17'657.00 215'947.49

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

40.0 M

4

30.0 M

3

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 64'680.0 4.40x (729.0) -

5

31.12.2009 31.12.2010 46'025.0 51'411.0 5.41x 4.99x (935.0) 2'810.0 12.77x Profitability

LTM-4Q 31.12.2011 52'787.0 4.38x 5'766.0 6.70x

31.12.2012 40'783.0 5.34x 3'894.0 10.31x 15.18% 8.66% 0.32% 7.33% 1.55% 0.03% 9.5% 17.77% 366.83% -

LTM

12/yy 46'023.0 22.59x 0.0 0.00x 5'766.0 6.43x

12/yy 42'241.0 22.26x 0.0 0.00x 3'894.0 9.42x

FY+1

.0 M f-13

1.77 -6.59% -8.06% 1.771 30 3.833 18'033'430 18'075'770 16'247'150 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 45'396.2 46'723.3 1.55x 1.78x 3'708.7 4'100.2 6.58x 5.96x 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

03.09.2009 A NEG 31.03.2009 A-1 366.8% 78.3% 0.03 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

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

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


20.02.2013

ING Groep NV Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES VANGUARD GROUP INC FMR LLC CARMIGNAC GESTION MASSACHUSETTS FINANC ING INVESTMENT MANAG ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS CAPITAL GROUP COMPAN DEUTSCHE BANK AG ARTISAN PARTNERS HOL BNP PARIBAS INV PART ACHMEA BELEGGINSFOND UNION INVESTMENT GMB SCHRODER INVESTMENT TEMPLETON INVESTMENT NATIXIS ASSET MANAGE MERCURY ASSET MANAGE ROYAL BANK OF CANADA

Firm Name Morgan Stanley Main First Bank AG Independent Research GmbH SNS Securities(ESN) Rabobank International Day by Day Societe Generale Deutsche Bank JPMorgan Keefe, Bruyette & Woods Macquarie Nomura S&P Capital IQ AlphaValue Credit Suisse Oddo & Cie Exane BNP Paribas ABN Amro Bank N.V. HSBC Berenberg Bank Petercam EVA Dimensions Kepler Capital Markets Goldman Sachs RBC Capital Markets Barclays Mediobanca SpA Landesbank Baden-Wuerttemberg CA Cheuvreux Hamburger Sparkasse DZ Bank AG Theodoor Gilissen Securities Daiwa Securities Co. Ltd. Natixis

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

Analyst DAVID ANDRICH FEDERICO SALERNO STEFAN BONGARDT LEMER SALAH COR KLUIS VALERIE GASTALDY PHILIP RICHARDS DAVID LOCK MICHAEL HUTTNER WILLIAM HAWKINS THOMAS STOEGNER DOMENICO SANTORO RODERICK WALLACE JEROME CASSAGNE RICHARD BURDEN NICOLAS JACOB FRANCOIS BOISSIN JAN WILLEM WEIDEMA STEVEN HAYWOOD JAMES CHAPPELL MATTHIAS DE WIT AUSTIN BURKETT BENOIT PETRARQUE MARTIN LEITGEB GORDON AITKEN KIRI VIJAYARAJAH ALAIN TCHIBOZO WERNER SCHIRMER HANS PLUIJGERS CHRISTIAN HAMANN WERNER EISENMANN TOM MULLER TIM PROUDLOVE BENOIT VALLEAUX

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

Recommendation Equalwt/In-Line outperform hold buy buy hold buy hold not rated market perform underperform buy hold add outperform reduce neutral buy neutral buy hold overweight reduce Rating Suspended outperform equalweight outperform hold outperform hold buy hold outperform suspended coverage

Amt Held 246'973'598 156'283'553 90'073'181 40'930'087 39'943'572 31'337'900 30'654'369 30'275'998 29'191'916 25'314'880 23'645'980 23'087'088 23'055'437 19'699'641 18'894'298 18'175'184 15'020'303 13'099'026 12'727'018 9'741'760

% Out 6.45 4.08 2.35 1.07 1.04 0.82 0.8 0.79 0.76 0.66 0.62 0.6 0.6 0.51 0.49 0.47 0.39 0.34 0.33 0.25

Weighting

Change

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

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

Latest Chg (1'190'681) (1'525'614) 599'105 (35'661'908) 1'701'096 665'045 (22'538) (1'469'145) 191'764 3'963'556 1'256'401 (6'597'312) 3'885'289 201'990 (143'690) 574'476 (549'162)

Target Price 7 7 7 9 10 #N/A N/A 9 7 #N/A N/A 8 7 9 8 8 9 7 8 10 7 8 8 #N/A N/A 7 #N/A N/A 8 7 9 7 8 #N/A N/A 8 10 9 #N/A N/A

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

File Dt Inst Type 15.02.2013 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 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 15.02.2013 Investment Advisor 28.09.2012 Bank

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

Date 19.02.2013 19.02.2013 18.02.2013 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 13.02.2013 13.02.2013 13.02.2013 13.02.2013 11.02.2013 28.01.2013 17.01.2013 17.01.2013 18.12.2012 07.12.2012 07.12.2012 23.11.2012 20.11.2012 08.11.2012 05.10.2012 21.08.2012 13.01.2012 27.10.2011 17.06.2011 17.03.2009


20.02.2013

Intesa Sanpaolo SpA Intesa Sanpaolo attracts deposits and offers banking and financial services. The Bank offers consumer credit, asset management, Internet banking, merchant banking, securities brokerage, factoring, and lease financing services, and manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and offices elsewhere in Europe, Asia, and the United States.

Price/Volume 2 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISP IM EQUITY YTD Change ISP IM EQUITY YTD % CHANGE

12/2011 09/yy 1.59 0.85 117'425'614.00 1.376 -13.19% 61.22% 73.75% 15'501.5 22'418.30 266'182.00 0.0 718.0 39'926.00 -

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

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

1.20 1.00

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 32'566.0 7'250.0 21.37x

1

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M f-13

31.12.2008 31.12.2009 33'216.0 27'022.0 2'553.0 2'805.0 23.67x 15.27x Profitability

LTM-4Q 31.12.2010 24'836.0 2'705.0 12.90x

31.12.2011 25'266.0 (8'190.0) 4.75% -54.51% -1.26% -15.80% -2.50% 0.03% -46.8% 41.64% 565.86% -

LTM

09/yy 18'533.0 0.00x 0.0 0.00x 2'434.0 7.68x

09/yy 22'360.0 0.00x 0.0 0.00x (8'431.0) 0.00x

FY+1

1.39 13'656.70 -7.60% 5.85% 1.387 35 3.000 ######### ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 17'368.1 16'802.8 4'206.8 1'785.3 2'024.7 119.0 12.40x 11.19x 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

10.02.2012 BBB+ NEG 10.02.2012 A-2 565.9% 84.8% 0.03 3.84 -

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

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 |


20.02.2013

Intesa Sanpaolo SpA Holdings By:

All

Holder Name COMPAGNIA DI SAN PAO FOND CR PROVINCIE LO FONDAZIONE CASSA RIS ENTE CASSA DI RISP F FONDAZIONE CASSA RIS ALLEANZA TORO SPA BLACKROCK VANGUARD GROUP INC ASSICURAZIONI GENERA HARRIS ASSOCIATES LP FRANKLIN RESOURCES INA ASSITALIA SPA GENERALI VIE SA DB PLATINUM ADVISORS MERCURY ASSET MANAGE AMUNDI MANDARINE GESTION NATIXIS ASSET MANAGE TEMPLETON INVESTMENT MAINFIRST SICAV

Firm Name Banca Akros(ESN) Nomura Exane BNP Paribas Day by Day AlphaValue Berenberg Bank Goldman Sachs RBC Capital Markets Equita SIM SpA Macquarie Independent Research GmbH ICBPI Societe Generale Morgan Stanley Oddo & Cie Deutsche Bank EVA Dimensions Credit Suisse Landesbank Baden-Wuerttemberg Centrobanca Kepler Capital Markets JPMorgan Grupo Santander Keefe, Bruyette & Woods Barclays HSBC Mediobanca SpA S&P Capital IQ CA Cheuvreux Nord/LB Natixis Hammer Partners SA Banco Sabadell Main First Bank AG

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LUIGI TRAMONTANA DOMENICO SANTORO ANDREA VERCELLONE VALERIE GASTALDY DAVID GRINSZTAJN ELENI PAPOULA JEAN-FRANCOIS NEUEZ PATRICK LEE MATTEO GHILOTTI BENJIE CREELAN-SANDFORD STEFAN BONGARDT LUCA COMI CARLO TOMMASELLI FRANCESCA TONDI JEAN SASSUS PAOLA SABBIONE AUSTIN BURKETT IGNACIO CEREZO INGO FROMMEN GUGLIELMO MARCO OPIPARI ANNA MARIA BENASSI MARTA BASTONI TANIA GOLD RONNY REHN ANTONIO RIZZO CARLO DIGRANDI ANDREA FILTRI FRANK BRADEN ALDO COMI MICHAEL SEUFERT STEVEN GOULD ENRICO RACIOPPI MARIO LODOS ALBERTO SEGAFREDO

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

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

Amt Held 1'532'766'787 725'460'008 647'953'597 523'633'314 422'874'979 286'308'683 220'531'825 212'362'489 205'236'977 193'171'300 146'583'704 85'877'104 82'931'860 61'718'552 43'225'303 39'418'514 38'348'489 38'026'097 37'525'547 37'116'000

% Out 9.89 4.68 4.18 3.38 2.73 1.85 1.42 1.37 1.32 1.25 0.95 0.55 0.53 0.4 0.28 0.25 0.25 0.25 0.24 0.24

Weighting

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

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

Latest Chg (1'876'036) 21'857'253 19'137'900 (1'857'397) (15'000'000) (73'707) 3'963'559 (4'773'898) (363'082) 27'900'000

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

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

File Dt Inst Type 20.11.2012 Other 20.11.2012 Bank 20.11.2012 Bank 20.11.2012 Bank 20.11.2012 Other 20.11.2012 Insurance Company 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Insurance Company 20.11.2012 Other 31.01.2013 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor

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

Date 20.02.2013 20.02.2013 15.02.2013 14.02.2013 14.02.2013 08.02.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 24.01.2013 24.01.2013 22.01.2013 22.01.2013 18.01.2013 17.01.2013 17.01.2013 15.01.2013 15.01.2013 11.01.2013 09.01.2013 07.01.2013 11.12.2012 03.12.2012 30.11.2012 27.11.2012 14.11.2012 13.11.2012 06.11.2012 23.10.2012 02.10.2012 19.06.2012 06.02.2012 29.07.2011


20.02.2013

Koninklijke Philips Electronics NV Koninklijke Philips Electronics N.V. manufactures medical systems, domestic appliances, consumer electronics, and lighting. The Company produces imaging, ultrasound and healthcare informatics equipment, shaving and beauty and health and wellness products, displays, and peripherals, and lamps and luminaries.

Price/Volume 25

14.0 M 12.0 M

20

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHIA NA EQUITY YTD Change PHIA NA EQUITY YTD % CHANGE

12/2012 12/yy 23.44 13.57 2'299'047.00 21.655 -7.60% 59.58% 84.79% 957.1 20'726.71 4'534.00 0.0 34.0 3'834.00 21'460.71

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

8.0 M

10

6.0 M 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 26'385.0 0.51x 1'883.0 7.11x (91.0) -

15

31.12.2009 31.12.2010 20'092.0 22'287.0 0.95x 0.92x 2'055.0 3'436.0 9.30x 5.98x 410.0 1'446.0 41.36x 14.60x Profitability

LTM-4Q 31.12.2011 22'579.0 0.70x 1'187.0 13.33x (1'295.0) -

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 24'788.0 0.77x 2'463.0 7.78x 226.0 70.14x 2'463.00 1'030.00 4.16% 2.30% 0.78% 1.92% 2.46% 0.85% 38.0% 9.9% 4.2% 0.9% 1.26 0.85 15.59% 40.70% 5.65 4.32

Price/ Cash Flow

LTM

12/yy 22'582.0 3.02x 1'186.0 13.34x (1'295.0) 0.00x

12/yy 24'788.0 2.76x 2'463.0 7.78x 226.0 72.71x

FY+1

.0 M f-13

1.18 908.50 38.89% 8.85% 1.175 41 3.659 3'358'643 3'280'158 2'808'190 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'793.8 25'725.3 5'575.0 5'840.0 0.87x 0.80x 3.74x 3.76x 3'438.5 3'761.1 589.0 713.0 6.24x 5.71x 6.76x 8.29x 1'476.1 1'688.8 214.0 304.3 12.89x 11.29x 13.06x 12.25x 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

11.05.2005 ANEG 26.02.2001 A-2 7.00 5.08 0.28 1.84 40.7% 28.9% 0.85 8.30 64.78 84.72 74.15 75.35

Sales/Revenue/Turnover

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Koninklijke Philips Electronics NV Holdings By:

All

Holder Name BLACKROCK SOUTHEASTERN ASSET M KONINKLIJKE PHILIPS DODGE & COX VANGUARD GROUP INC FRANKLIN RESOURCES HARRIS ASSOCIATES LP ING INVESTMENT MANAG FMR LLC ARTISAN PARTNERS HOL ONTARIO TEACHERS PEN AMUNDI T ROWE PRICE ASSOCIA TEMPLETON INVESTMENT DIMENSIONAL FUND ADV ACHMEA BELEGGINSFOND FORTIS INVESTMENTS MERCURY ASSET MANAGE BARCLAYS PLC AMERICAN CENTURY COM

Firm Name

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

Analyst

Societe Generale GAEL DE BRAY RBC Capital Markets ANDREW CARTER Nomura DANIEL CUNLIFFE Banco Sabadell GLEN SPENCER-CHAPMAN Day by Day VALERIE GASTALDY AlphaValue THOMAS PICHERIT ABN Amro Bank N.V. ROBIN VAN DEN BROEK Exane BNP Paribas OLIVIER ESNOU Canaccord Genuity Corp JAMES STETTLER Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES EVA Dimensions CRAIG STERLING Sanford C. Bernstein & Co MARTIN PROZESKY Credit Suisse SIMON TOENNESSEN Redburn Partners PHILIP WILSON Landesbank Baden-Wuerttemberg VOLKER STOLL CA Cheuvreux ANTOINE AZAR Hamburger Sparkasse MARCO GUENTHER Rabobank International HANS SLOB Natixis LUDOVIC DEBAILLEUX Barclays DAVID VOS Deutsche Bank MARTIN WILKIE Kempen & Co ERWIN DUT Morgan Stanley BEN UGLOW JPMorgan ANDREAS WILLI Independent Research GmbH MARKUS FRIEBEL Petercam MARCEL ACHTERBERG S&P Capital IQ JAMES CRAWSHAW ING Bank FABIAN SMEETS Kepler Capital Markets PETER OLOFSEN Goldman Sachs AARON IBBOTSON Berenberg Bank WILLIAM MACKIE HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE Nord/LB WOLFGANG VASTERLING SNS Securities(ESN) VICTOR BARENO Theodoor Gilissen Securities JOS VERSTEEG DZ Bank AG THOMAS MAUL National Bank AG STEFFEN MANSKE Jyske Bank ROBERT JAKOBSEN

Source ULT-AGG 13G Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG

Recommendation hold outperform buy sell hold add buy neutral hold hold underweight outperform neutral buy hold outperform sell buy buy equalweight hold buy Equalwt/Cautious neutral hold hold hold buy buy neutral/neutral buy neutral buy buy hold buy buy sell sell

Amt Held 48'728'999 48'302'038 47'895'476 45'967'009 18'911'287 13'778'135 9'437'496 6'865'214 6'475'487 5'481'917 4'800'000 3'947'831 3'920'784 3'472'591 3'404'174 3'396'481 3'023'653 2'961'527 2'911'837 2'442'077

% Out 5.09 5.05 5 4.8 1.98 1.44 0.99 0.72 0.68 0.57 0.5 0.41 0.41 0.36 0.36 0.35 0.32 0.31 0.3 0.26

Weighting

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

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

Latest Chg 15'514'236 498'208 (5'093'449) 586'900 6'240 74'068 282'727 1'703'022 153'795 (768'340) (95'303) (339'267)

Target Price 24 27 25 20 #N/A N/A 26 28 25 20 23 #N/A N/A 27 23 #N/A N/A 25 25 #N/A N/A 26 26 21 23 23 24 24 24 23 23 27 23 23 25 22 24 22 15 23 17 #N/A N/A 23

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

File Dt 15.02.2013 31.12.2011 08.02.2013 29.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2011 30.11.2012 31.12.2012 30.11.2012 31.07.2012 31.12.2012 30.09.2012 15.02.2013 04.05.2012 31.12.2012

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

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

Date 19.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 12.02.2013 11.02.2013 08.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 24.01.2013 17.01.2013 08.01.2013 29.11.2012 30.10.2012 23.10.2012 22.10.2012 04.09.2012 27.06.2012 03.04.2012 29.03.2010


20.02.2013

L'Oreal SA L'Oreal SA manufactures, markets, and distributes health and beauty aids. The Company produces colorants, styling, and hair care products for professional hairdressers, hair care, cosmetics, and skin care products and perfumes for consumers, luxury cosmetics and perfumes sold through department stores, perfumeries and travel stores, and dermatological and pharmaceutical products.

Price/Volume

3.0 M 2.5 M 2.0 M

60

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (21.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OR FP EQUITY YTD Change OR FP EQUITY YTD % CHANGE

12/2012 12/yy 114.50 84.21 490'521.00 111.8 -2.36% 32.76% 90.76% 607.8 67'955.98 248.00 0.0 4.8 1'823.20 66'385.59

1.5 M

40

1.0 M

20

.5 M

0 f-12 m-12

31.12.2009 31.12.2010 17'472.6 19'495.8 2.72x 2.52x 3'368.7 3'757.5 14.12x 13.05x 1'792.2 2'239.7 25.41x 21.75x Profitability

LTM-4Q 31.12.2011 20'343.1 2.33x 3'955.1 12.00x 2'438.4 19.64x

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 22'462.7 2.72x 4'388.9 13.94x 2'867.7 21.90x 4'388.90 3'697.30 16.46% 17.25% 10.17% 14.87% 14.49% 0.80% 70.7% 19.5% 16.5% 12.8% 1.29 0.79 0.84% 1.18% 7.24 3.22

Price/ Cash Flow

j-12

LTM

12/yy 20'343.1 0.00x 0.0 0.00x 0.0 0.00x

j-12

12/yy 22'462.7 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

0.69 232.04 33.47% 6.58% 0.690 39 3.308 514'963 546'444 505'204 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'455.6 24'831.7 5'755.0 5'663.0 2.79x 2.58x 4'753.3 5'114.3 13.97x 12.98x 3'090.7 3'347.2 21.85x 20.18x S&P Issuer Ratings

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

05.06.2006 A-1+ 127.21 99.53 -0.36 0.06 1.2% 1.2% 0.80 7.69 50.55 113.50 182.89 -18.84

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

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

3.5 M

100 80

Valuation Analysis

31.12.2008 17'541.8 2.28x 3'441.7 11.63x 1'948.3 18.82x

120

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 |


20.02.2013

L'Oreal SA Holdings By:

All

Holder Name BETTENCOURT FAMILY NESTLE SA L'OREAL SA VANGUARD GROUP INC CAPITAL GROUP COMPAN NATIXIS ASSET MANAGE HARBOR CAPITAL ADVIS OWEN-JONES LINDSAY AMUNDI BLACKROCK BALYASNY ASSET MANAG FMR LLC ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL LBPAM AMUNDI INVESCO LTD MERCURY ASSET MANAGE NEW JERSEY DIVISION AVIVA PLC

Firm Name

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Landesbank Baden-Wuerttemberg BERND MUELL Nomura GUILLAUME DELMAS Main First Bank AG GAEL COLCOMBET Sanford C. Bernstein & Co ANDREW WOOD Barclays IAIN SIMPSON AlphaValue ARMELLE MOULIN Grupo Santander PEDRO GIL Credit Suisse ALEX MOLLOY Raymond James HERMINE DE BENTZMANN Oddo & Cie LEOPOLD AUTHIE Canaccord Genuity Corp EDDY HARGREAVES Bryan Garnier & Cie LOIC MORVAN Redburn Partners WILLIAM HOUSTON Exane BNP Paribas EAMONN FERRY Societe Generale CHAS MANSO DE ZUNIGA Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Goldman Sachs ROSIE EDWARDS JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse CHRISTIAN HAMANN Kepler Capital Markets CATHERINE ROLLAND S&P Capital IQ CARL SHORT Telsey Advisory Group DAVID WU RBC Capital Markets JAMES EDWARDES JONES Stifel Nicolaus MARK S ASTRACHAN Natixis PIERRE TEGNER Liberum Capital Ltd PABLO ZUANIC HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT CA Cheuvreux THOMAS MESMIN Berenberg Bank SETH PETERSON Day by Day VALERIE GASTALDY Aurel - BGC DAVID DA MAIA Morgan Stanley ERIK SJOGREN Espirito Santo Investment Bank Research ALEX SMITH Banco Sabadell IGNACIO ROMERO DZ Bank AG THOMAS MAUL

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

Recommendation hold reduce outperform underperform overweight reduce hold neutral outperform buy sell buy sell outperform hold hold hold buy/attractive overweight buy hold buy buy hold no rating system outperform hold neutral buy overweight underweight suspended coverage hold hold not rated Underwt/In-Line sell sell buy

Amt Held % Out 185'661'879 30.54 178'381'021 29.35 8'597'659 1.41 7'596'479 1.25 5'729'800 0.94 4'487'451 0.74 4'446'174 0.73 3'029'005 0.5 2'579'205 0.42 2'537'853 0.42 (2'309'774) -0.38 1'482'647 0.24 1'392'163 0.23 1'068'868 0.18 1'056'948 0.17 828'949 0.14 796'394 0.13 737'576 0.12 725'628 0.12 511'365 0.08

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

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

Latest Chg 95'322 (1'345'900) (327'559) (137'398) (36'277) 729'403 (234'507) (71'188) 51'217 306'745 29'230 2'736 -

Target Price 105 97 120 95 121 110 105 99 120 120 94 118 #N/A N/A 114 112 113 105 143 120 106 111 #N/A N/A 125 115 #N/A N/A 111 #N/A N/A 96 130 121 #N/A N/A #N/A N/A 103 #N/A N/A #N/A N/A 91 87 92 97

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 31.12.2012 31.12.2012 31.12.2011 30.11.2012 15.02.2013 30.01.2013 31.12.2012 31.12.2012 15.02.2013 31.12.2012 28.09.2012 19.02.2013 15.02.2013 30.06.2012 31.08.2012

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

Inst Type n/a Corporation Corporation Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor n/a Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor

Date 19.02.2013 18.02.2013 18.02.2013 14.02.2013 14.02.2013 14.02.2013 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 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 25.01.2013 17.01.2013 17.01.2013 14.01.2013 11.01.2013 14.12.2012 07.11.2012 06.11.2012 30.10.2012 30.07.2012 30.07.2012


20.02.2013

LVMH Moet Hennessy Louis Vuitton SA LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Company produces and sells champagne, cognac, perfumes, cosmetics, luggage, watches and jewelry.

Price/Volume 160

3.0 M

140

2.5 M

120 2.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (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 MC FP EQUITY YTD Change MC FP EQUITY YTD % CHANGE

12/2012 12/yy 143.40 111.00 613'914.00 132.5 -7.60% 19.37% 70.37% 507.7 67'273.39 6'812.00 0.0 1'102.0 2'196.00 72'991.39

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

1.0 M

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 17'193.0 1.60x 4'323.0 6.34x 2'026.0 11.16x

1.5 M

60

31.12.2009 31.12.2010 17'053.0 20'320.0 2.41x 3.08x 4'055.0 5'106.0 10.13x 12.27x 1'755.0 3'032.0 21.13x 19.36x Profitability

LTM-4Q 31.12.2011 23'659.0 2.56x 6'150.0 9.84x 3'065.0 17.45x

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

31.12.2012 28'103.0 2.67x 6'940.0 10.82x 3'424.0 20.23x 6'940.00 5'921.00 21.07% 20.39% 7.06% 14.57% 12.72% 0.58% 64.7% 25.7% 21.1% 12.2% 1.51 0.44 13.64% 27.73% 14.55 1.27

Price/ Cash Flow

LTM

12/yy 23'659.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 28'103.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

2.19 0.93 254.99 6.52% -4.54% 0.931 38 4.316 649'343 700'863 674'585 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'163.9 32'713.6 2.35x 2.11x 7'630.7 8'433.8 9.57x 8.65x 3'854.9 4'295.5 17.36x 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

20.05.2011 A POS 20.05.2011 A-1 41.81 31.51 0.64 0.94 27.7% 21.0% 0.58 3.35 25.15 287.68 106.20 206.64

Sales/Revenue/Turnover

20.00

30'000.0

18.00

25'000.0

16.00 14.00

20'000.0

12.00

15'000.0

10.00 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 |


20.02.2013

LVMH Moet Hennessy Louis Vuitton SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS LVMH MOET HENNESSY L VANGUARD GROUP INC QATAR HOLDINGS LLC FMR LLC CARMIGNAC GESTION MASSACHUSETTS FINANC NATIXIS ASSET MANAGE THORNBURG INVESTMENT BLACKROCK AMUNDI OPPENHEIMERFUNDS INC TRAPANI FRANCESCO CAPITAL GROUP COMPAN DEUTSCHE BANK AG ALLIANZ ASSET MANAGE AVIVA PLC LBPAM BNP PARIBAS INV PART AMUNDI

Firm Name Aurel - BGC Exane BNP Paribas Banco Sabadell Berenberg Bank AlphaValue Cantor Fitzgerald Telsey Advisory Group Morgan Stanley Goldman Sachs Bryan Garnier & Cie Credit Suisse Independent Research GmbH Ahorro Corporacion Financiera SA JPMorgan Raymond James Hamburger Sparkasse National Bank AG Oddo & Cie Natixis ISI Group Nomura S&P Capital IQ Main First Bank AG Barclays Kepler Capital Markets Day by Day HSBC EVA Dimensions Deutsche Bank Equita SIM SpA Renaissance Capital Redburn Partners CA Cheuvreux Landesbank Baden-Wuerttemberg Societe Generale DZ Bank AG Helvea

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

Analyst

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

Recommendation

DAVID DA MAIA hold LUCA GIUSEPPE SOLCA neutral IGNACIO ROMERO buy JOHN GUY hold VIRGINIE BLIN buy ALLEGRA PERRY hold DANA TELSEY no rating system LOUISE SINGLEHURST Overwt/In-Line WILLIAM HUTCHINGS Buy/Neutral CEDRIC ROSSI buy ROGERIO FUJIMORI neutral LARS LUSEBRINK buy VIRGINIA PEREZ REPES strong buy MELANIE A FLOUQUET neutral MARC WILLAUME strong buy CHRISTIAN HAMANN buy MANFRED JAISFELD buy LEOPOLD AUTHIE buy OLIVIER DELAHOUSSE buy OMAR SAAD buy CHRISTOPHER WALKER buy MICHAEL SOUERS strong buy MATTHIAS EIFERT outperform JULIAN EASTHOPE overweight CATHERINE ROLLAND buy VALERIE GASTALDY buy ANTOINE BELGE neutral CRAIG STERLING sell WARWICK OKINES hold FABIO FAZZARI buy REY WIUM hold ANNABEL GLEESON buy THOMAS MESMIN outperform BARBARA AMBRUS buy EMMANUEL BRULEY DES VARANNES buy THOMAS MAUL buy TIM DAWSON suspended coverage

Amt Held 235'886'503 9'536'678 5'434'092 5'230'723 4'433'130 4'200'037 4'199'287 4'191'889 4'085'056 3'418'810 2'146'106 1'691'030 1'561'592 1'528'000 1'404'172 1'400'912 1'357'226 1'150'592 1'146'030 949'292

% Out 46.46 1.88 1.07 1.03 0.87 0.83 0.83 0.83 0.8 0.67 0.42 0.33 0.31 0.3 0.28 0.28 0.27 0.23 0.23 0.19

Weighting

Change

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

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

Latest Chg (147'143) 134'015 161'263 4'700 157'656 (43'581) (107'474) (15'671) (14'605) 17'725 43'392 (150'175) (36'062)

Target Price 145 135 144 140 170 141 140 152 198 160 148 165 160 142 163 123 155 158 155 160 155 160 157 151 168 151 150 #N/A N/A 145 178 152 #N/A N/A 140 150 150 147 #N/A N/A

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

File Dt 01.10.2012 31.12.2011 31.12.2012 15.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 19.02.2013 30.11.2012 30.12.2012 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 30.11.2012 28.09.2012

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

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

Date 20.02.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 10.02.2013 08.02.2013 08.02.2013 08.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 28.01.2013 24.01.2013 17.01.2013 14.01.2013 10.12.2012 03.12.2012 19.10.2012 17.10.2012 30.07.2012 31.05.2012 02.05.2012 02.04.2012


20.02.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 160

3.5 M

140

3.0 M

120

2.5 M

100

Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 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 MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 12/yy 139.75 95.85 540'878.00 135.05 -3.36% 40.90% 92.48% 179.3 24'220.03 5'562.00 0.0 247.0 2'490.00 27'793.03

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

1.5 M

60 40

1.0 M

20

.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 47'151.0 0.56x 1'555.0 14.34x

2.0 M

80

Valuation Analysis

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

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 3'200.0 7.62x 0.74% 0.26% 1.32% 13.69% 12.08% 0.26% 1.2% 2.25% 0.00% -

Price/ Cash Flow

LTM

12/yy 61'764.0 1.29x 0.0 0.00x 702.0 23.74x

12/yy 49'754.0 1.45x 0.0 0.00x 3'200.0 7.56x

FY+1

.0 M f-13

0.95 178.94 28.24% -0.70% 0.947 41 3.366 585'120 640'086 612'388 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 57'929.3 61'480.0 0.52x 2'825.2 2'880.4 8.50x 8.31x 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

AASTABLE 0.0% 19.3% 0.26 -

Sales/Revenue/Turnover

5.00

70'000.0

4.50

60'000.0

4.00 3.50

50'000.0

3.00

40'000.0

2.50

30'000.0

2.00

20'000.0

1.50 1.00

10'000.0

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 |


20.02.2013

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK PEOPLES BANK OF CHIN VANGUARD GROUP INC CREDIT SUISSE AG ALLIANZ ASSET MANAGE FRANKLIN RESOURCES ARTISAN PARTNERS HOL DEUTSCHE BANK AG DEKA INVESTMENT GMBH DB PLATINUM ADVISORS NATIXIS ASSET MANAGE MACKENZIE FINANCIAL TWEEDY BROWNE COMPAN UNION INVESTMENT GMB DIMENSIONAL FUND ADV BNP PARIBAS INV PART T ROWE PRICE ASSOCIA SARASIN FRANKFURT TRUST INVE

Firm Name

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

Analyst

Societe Generale JASON KALAMBOUSSIS CA Cheuvreux FRANK KOPFINGER Credit Suisse ADAM MCINALLY Day by Day VALERIE GASTALDY AlphaValue DIETER HEIN Raymond James DANNY JACQUES HSBC THOMAS FOSSARD Nord/LB JULIA SIEKMANN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ RODERICK WALLACE Goldman Sachs VINIT MALHOTRA Keefe, Bruyette & Woods WILLIAM HAWKINS Independent Research GmbH STEFAN BONGARDT Oddo & Cie NICOLAS JACOB Kepler Capital Markets FABRIZIO CROCE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG THORSTEN WENZEL Exane BNP Paribas THOMAS JACQUET Helvea DANIEL BISCHOF Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID Morgan Stanley MACIEJ WASILEWICZ Mediobanca SpA MARC THIELE JPMorgan MICHAEL HUTTNER RBC Capital Markets GORDON AITKEN EVA Dimensions AUSTIN BURKETT Natixis BENOIT VALLEAUX Canaccord Genuity Corp BEN COHEN Bankhaus Metzler JOCHEN SCHMITT Sanford C. Bernstein & Co THOMAS SEIDL Macquarie HADLEY COHEN Berenberg Bank TOM CARSTAIRS National Bank AG MANFRED JAISFELD Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

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

Amt Held 18'292'803 17'592'856 5'380'236 3'304'459 3'097'431 2'375'402 2'243'480 1'798'228 1'606'533 1'583'488 1'155'674 1'059'394 953'106 909'100 836'088 674'788 638'641 619'738 571'730 549'131

% Out 10.2 9.81 3 1.84 1.73 1.32 1.25 1 0.9 0.88 0.64 0.59 0.53 0.51 0.47 0.38 0.36 0.35 0.32 0.31

Weighting

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

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

Latest Chg (349'177) 75'261 (45'342) (338'920) 263'657 (448) 62'941 1'135'418 698'268 2'470 (376'953) 4'122 (84'166) 6'554 195'044 6'600

Target Price 133 157 140 #N/A N/A 137 #N/A N/A 135 145 140 #N/A N/A 150 165 160 145 125 153 147 136 128 125 154 145 130 157 145 152 164 150 115 #N/A N/A 137 142 150 100 140 140 145 #N/A N/A 118 119

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 19.02.2013 Investment Advisor 31.12.2011 Unclassified 31.12.2012 Investment Advisor 25.04.2012 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 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.03.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 30.11.2012 Mutual Fund Manager

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

Date 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 29.01.2013 28.01.2013 17.01.2013 10.01.2013 09.01.2013 08.01.2013 13.12.2012 27.11.2012 09.11.2012 07.11.2012 15.03.2012 02.02.2012 10.05.2011


20.02.2013

Nokia OYJ Nokia Oyj is a global mobile communications company that operates a network of production facilities for mobile products and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.

Price/Volume 5

250.0 M

4 200.0 M

4 3

150.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.02.2012) 52-Week Low (18.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOK1V FH EQUITY YTD Change NOK1V FH EQUITY YTD % CHANGE

12/2012 12/yy 4.39 1.33 21'091'127.00 2.856 -34.88% 114.74% 53.34% 3'745.0 10'695.59 5'549.00 0.0 1'386.0 9'494.00 8'136.59

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

1

50.0 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 50'710.0 0.81x 6'581.0 6.23x 3'988.0 10.42x

100.0 M

2

31.12.2009 31.12.2010 40'984.0 42'446.0 0.77x 0.58x 3'889.0 3'841.0 8.14x 6.37x 891.0 1'850.0 37.09x 15.52x Profitability

LTM-4Q 31.12.2011 38'659.0 0.28x 1'579.0 6.90x (1'164.0) -

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 30'176.0 0.28x (977.0) (3'106.0) -977.00 -2'303.00 -7.63% -8.76% -9.39% -31.16% 0.91% 27.8% -3.2% -7.6% -10.3% 1.43 1.03 18.53% 68.84% 4.74 11.26

Price/ Cash Flow

LTM

12/yy 38'659.0 1.47x 1'579.0 6.90x (1'164.0) 0.00x

12/yy 30'176.0 0.99x (977.0) 0.00x (3'106.0) 0.00x

FY+1

1.30 -25.96% -2.39% 1.296 49 2.571 20'653'340 41'588'090 40'570'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'389.7 29'734.6 6'614.7 7'138.7 0.30x 0.28x 1.26x 1.16x 1'504.0 2'149.5 143.9 320.8 5.41x 3.79x 5.08x 4.37x (31.3) 484.6 (199.7) (55.1) 178.50x 18.31x 57.12x 25.73x 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

15.08.2012 BBNEG 27.04.2012 B 6.19 3.85 -5.68 68.8% 37.0% 0.91 18.44 77.21 32.49 86.52 23.18

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Nokia OYJ Holdings By:

All

Holder Name CAPITAL GROUP COMPAN DODGE & COX VIKING GLOBAL INVEST ILMARINEN MUTUAL PEN VARMA MUTUAL PENSION VANGUARD GROUP INC FEST N.V. BLUE RIDGE CAPITAL L DISCOVERY CAPITAL MA BLACKROCK MAVERICK CAPITAL LTD NOKIA OYJ LONE PINE CAPITAL LL MASSACHUSETTS FINANC FINLAND STATE PENSIO MACKENZIE FINANCIAL KEVA FORE RESEARCH AND MA SAC CAPITAL ADVISORS SWISS NATIONAL BANK

Firm Name Pohjola Bank Plc (ESN) Societe Generale Barclays Exane BNP Paribas Nordea Equity Research AlphaValue Ahorro Corporacion Financiera SA Independent Research GmbH Daiwa Securities Co. Ltd. Grupo Santander ABG Sundal Collier Goldman Sachs Credit Suisse JPMorgan SEB Enskilda Carnegie Oddo & Cie Wunderlich Securities Handelsbanken Kepler Capital Markets Swedbank FIM Nomura Evli Bank Plc Main First Bank AG Danske Markets Morgan Stanley Nord/LB Pacific Crest Securities Sanford C. Bernstein & Co S&P Capital IQ INDERES EVA Dimensions Landesbank Baden-Wuerttemberg Jyske Bank Berenberg Bank Natixis Canaccord Genuity Corp Day by Day Liberum Capital Ltd HSBC Deutsche Bank Pareto Securities

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

Analyst HANNU RAUHALA ANDY PERKINS ANDREW M GARDINER ALEXANDER PETERC SAMI SARKAMIES JEAN-MICHEL SALVADOR VIRGINIA PEREZ REPES MARKUS FRIEBEL YOKO YAMADA CARLOS JAVIER TREVINO PER LINDBERG SIMON F SCHAFER KULBINDER GARCHA SANDEEP S DESHPANDE ARTEM BELETSKI MATTI RIIKONEN VINCENT MAULAY MATTHEW S ROBISON FREDRIK LITHELL SEBASTIEN SZTABOWICZ HAKAN WRANNE MICHAEL SCHROEDER STUART JEFFREY MIKKO ERVASTI JUERGEN WAGNER ILKKA RAUVOLA FRANCOIS MEUNIER WOLFGANG DONIE JAMES FAUCETTE PIERRE FERRAGU JAMES CRAWSHAW MIKAEL RAUTANEN ANDREW S ZAMFOTIS MIRKO MAIER ROBERT JAKOBSEN ADNAAN AHMAD ERIC BEAUDET T MICHAEL WALKLEY VALERIE GASTALDY JANARDAN MENON RICHARD DINEEN KAI KORSCHELT HELENA NORDMAN-KNUTSON

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

Recommendation reduce buy underweight underperform strong buy buy strong sell sell underperform hold buy Sell/Neutral underperform underweight buy buy neutral hold reduce reduce neutral accumulate neutral accumulate underperform sell Underwt/In-Line sell sector perform underperform strong sell reduce overweight buy buy sell reduce hold buy buy underweight sell buy

Amt Held % Out 196'142'860 5.24 142'687'625 3.81 (102'611'796) -2.74 71'219'299 1.9 70'294'113 1.88 67'928'503 1.81 (61'417'279) -1.64 (56'174'341) -1.5 (56'174'341) -1.5 38'809'609 1.04 (34'828'091) -0.93 33'972'481 0.91 (31'457'631) -0.84 28'848'633 0.77 28'000'000 0.75 26'363'420 0.7 23'744'945 0.63 (23'593'223) -0.63 (22'469'736) -0.6 21'956'277 0.59

Weighting

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

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

Latest Chg 5'617'434 1'492'793 6'366'426 (3'744'956) (1'497'983) 145'603 5'991'930 (4'868'443) 2'262'678 307'100 (3'744'956) (1'123'486) -

Target Price 3 5 3 2 4 6 3 2 3 6 5 3 3 2 4 #N/A N/A 4 3 3 3 3 4 3 4 3 2 3 2 #N/A N/A 1 3 3 #N/A N/A 4 4 2 3 3 4 4 2 2 3

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

File Dt 31.12.2012 29.01.2013 07.02.2013 31.12.2012 31.12.2012 31.12.2012 06.02.2013 10.01.2013 04.02.2013 15.02.2013 14.01.2013 30.09.2012 11.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 25.01.2013 05.02.2013 31.12.2012

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

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager Insurance Company Insurance Company Investment Advisor Other Hedge Fund Manager Hedge Fund Manager Investment Advisor Hedge Fund Manager Corporation Hedge Fund Manager Investment Advisor Government Investment Advisor Pension Fund (ERISA) Hedge Fund Manager Hedge Fund Manager Government

Date 20.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 04.02.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 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 15.01.2013 14.01.2013 11.01.2013 11.01.2013 11.01.2013 10.01.2013 04.01.2013 27.11.2012 06.11.2012 19.10.2012 19.10.2012


20.02.2013

Repsol SA Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG). The Company retails gasoline and other products through its chain of gasoline filling stations. Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

Price/Volume 25 20 15

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 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 27.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REP SQ EQUITY YTD Change REP SQ EQUITY YTD % CHANGE

12/2011 09/yy 21.09 10.90 4'721'905.00 15.57 -26.16% 42.84% 47.57% 1'282.4 19'967.72 20'122.00 0.0 3'505.0 3'351.00 37'386.72

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

0 f-12 m-12

31.12.2008 31.12.2009 58'475.0 45'827.0 0.48x 0.87x 8'009.0 6'686.0 3.49x 5.99x 2'555.0 1'559.0 7.19x 14.63x Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2010 53'663.0 0.73x 11'919.0 3.30x 4'693.0 5.43x

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 60'122.0 0.82x 8'509.0 5.79x 2'193.0 13.19x 8'509.00 4'990.00 8.30% 6.75% 3.12% 7.93% 0.90% 12.9% 8.1% 3.6% 1.19 0.58 28.36% 85.49% 6.97 -

Price/ Cash Flow

LTM

09/yy 42'544.0 3.06x 9'231.0 0.00x 4'229.0 0.00x

09/yy 60'035.0 2.74x 7'744.0 4.70x 2'088.0 8.42x

FY+1

1.06 976.27 -20.15% 1.53% 1.065 43 4.093 7'427'219 9'272'799 11'491'340 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 59'352.0 60'844.4 13'404.5 14'063.0 0.63x 0.60x 2.58x 2.38x 7'045.3 7'189.9 1'688.0 1'743.0 5.31x 5.20x 5.24x 5.15x 1'976.9 2'127.1 454.1 571.0 9.73x 9.28x 8.70x 8.42x 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

19.04.2012 BBBSTABLE 19.04.2012 A-3 10.88 3.83 2.15 2.89 85.5% 42.7% 0.90 1.93 52.48 -

Sales/Revenue/Turnover

7.00

70'000.0

6.00

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 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 52'098.0 0.75x 9'030.0 4.33x 3'188.0 9.34x

5

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

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 |


20.02.2013

Repsol SA Holdings By:

All

Holder Name CAIXABANK SACYR VALLEHERMOSO S PETROLEOS MEXICANOS REPSOL YPF SA BLACKROCK BNP PARIBAS SA VANGUARD GROUP INC NATIXIS ASSET MANAGE FMR LLC FRANKLIN RESOURCES DEUTSCHE BANK AG AMUNDI OPPENHEIMERFUNDS INC UNION INVESTMENT GMB UNION INVESTMENT LUX SOCIETE GENERALE SCHRODER INVESTMENT MERCURY ASSET MANAGE STATE STREET ING INTERNATIONAL AD

Firm Name

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

Analyst

RBC Capital Markets PETER HUTTON BPI BRUNO ALMEIDA DA SILVA Banco Sabadell JORGE GONZALEZ SADORNIL AlphaValue ALEXANDRE ANDLAUER EVA Dimensions CRAIG STERLING Tudor Pickering & Co ANISH KAPADIA Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO NMAS 1 Agencia de Valores FERNANDO LAFUENTE Exane BNP Paribas ALEJANDRO DEMICHELIS Grupo Santander JASON KENNEY Natixis ANNE PUMIR JPMorgan NITIN SHARMA Macquarie MARC B KOFLER Espirito Santo Investment Bank Research FILIPE ROSA Sanford C. Bernstein & Co OSWALD CLINT BBVA LUIS DE TOLEDO Banesto Bolsa SA Sociedad ROBERT JACKSON Barclays LYDIA RAINFORTH Societe Generale IRENE HIMONA Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Jefferies BRENDAN MICHAEL WARN Raymond James BERTRAND HODEE Canaccord Genuity Corp GORDON GRAY Morgan Stanley HAYTHEM RASHED Day by Day VALERIE GASTALDY Credit Suisse THOMAS YOICHI ADOLFF Nomura THEEPAN JOTHILINGAM Goldman Sachs HENRY MORRIS Landesbank Baden-Wuerttemberg JENS MUENSTERMANN HSBC PAUL SPEDDING Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Independent Research GmbH SVEN DIERMEIER Investec STUART JOYNER Kepler Capital Markets NATALIA BOBO BJOERK La Caixa FERNANDO MURILLO GUIRAO S&P Capital IQ CHRISTINE TISCARENO Deutsche Bank MARK BLOOMFIELD CA Cheuvreux DOMINIQUE PATRY Equita SIM SpA MASSIMO BONISOLI Intermoney Valores ALVARO NAVARRO

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

Recommendation sector perform neutral buy add buy hold buy strong buy neutral hold neutral neutral underperform buy outperform outperform overweight overweight buy overweight hold outperform hold Underwt/In-Line buy outperform neutral neutral/cautious buy overweight buy hold hold buy buy buy hold outperform buy buy

Amt Held 157'399'192 122'208'433 115'884'040 67'582'415 47'466'038 42'053'943 19'815'858 9'914'377 8'850'756 7'798'803 5'411'492 5'096'632 4'263'085 3'787'114 3'583'153 2'710'556 2'527'453 2'411'002 2'192'210 1'992'834

% Out 12.27 9.53 9.04 5.27 3.7 3.28 1.55 0.77 0.69 0.61 0.42 0.4 0.33 0.3 0.28 0.21 0.2 0.19 0.17 0.16

Weighting

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

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

Latest Chg 55'454 931'065 285'878 (683'303) 84'364 1'072'608 (15'141) 22'523 316'718 368'473 1'984'591 716'936 68'421 (990'531)

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

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

File Dt Inst Type 08.10.2012 Investment Advisor 17.01.2013 Corporation 08.10.2012 Unclassified 08.10.2012 Holding Company 19.02.2013 Investment Advisor 18.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 30.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Bank 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor 19.02.2013 Investment Advisor 31.07.2012 Investment Advisor

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

Date 19.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 04.02.2013 01.02.2013 01.02.2013 30.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 22.01.2013 21.01.2013 14.01.2013 11.01.2013 09.01.2013 27.12.2012 27.12.2012 21.12.2012 14.12.2012 26.11.2012 14.11.2012 08.11.2012 25.10.2012 23.10.2012 30.07.2012 06.06.2012


20.02.2013

RWE AG RWE AG generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume 40

14.0 M

35

12.0 M

30

10.0 M

25

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RWE GY EQUITY YTD Change RWE GY EQUITY YTD % CHANGE

12/2011 09/yy 37.12 26.36 2'623'377.00 27.84 -25.00% 5.63% 18.63% 575.7 17'112.21 21'923.00 0.0 1'344.0 7'004.00 34'259.21

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

6.0 M

15 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 31.12.2007 41'053.0 1.35x 7'787.0 7.13x 2'667.0 18.45x

8.0 M

20

Valuation Analysis

31.12.2008 31.12.2009 47'500.0 46'191.0 0.88x 1.10x 7'903.0 9'655.0 5.30x 5.28x 2'558.0 3'571.0 10.69x 10.33x Profitability

LTM-4Q 31.12.2010 50'722.0 0.85x 9'230.0 4.68x 3'308.0 8.05x

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

31.12.2011 49'153.0 0.65x 8'286.0 3.88x 1'806.0 8.10x 8'286.00 4'843.00 9.85% 6.15% 2.54% 15.27% 9.63% 0.55% 15.5% 8.6% 3.7% 0.93 0.46 23.66% 139.30% 6.96 -

Price/ Cash Flow

LTM

09/yy 50'324.0 2.96x 8'371.0 3.89x 2'087.0 7.12x

09/yy 49'485.0 2.92x 7'646.0 5.06x 2'270.0 9.32x

FY+1

.0 M f-13

1.06 489.09 -12.42% -10.88% 1.056 40 2.600 3'333'634 3'503'936 3'033'010 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 51'061.5 51'956.9 12'271.0 0.73x 0.69x 8'631.3 8'783.1 3.97x 3.90x 2'522.4 2'445.6 6.83x 7.06x 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

27.07.2012 BBB+ STABLE 08.06.2011 A-2 7.79 1.82 2.04 2.73 139.3% 56.2% 0.55 1.41 52.61 -

Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 02.01.2009

10'000.0 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 |


20.02.2013

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU BLACKROCK CREDIT SUISSE GROUP MONDRIAN INVESTMENT VANGUARD GROUP INC CAPITAL GROUP COMPAN PICTET ASSET MANAGEM AMUNDI UNION INVESTMENT GMB DEKA INVESTMENT GMBH FMR LLC DB PLATINUM ADVISORS MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE BNP PARIBAS INV PART ETFLAB INVESTMENT GM DEKA INTERNATIONAL S MACQUARIE GROUP LTD MAINFIRST SICAV BARCLAYS ASSET MANAG

Firm Name RBC Capital Markets Commerzbank Corporates & Markets Banco Sabadell Day by Day AlphaValue HSBC Morgan Stanley Credit Suisse National Bank AG Berenberg Bank M.M. Warburg Investment Research Societe Generale Ahorro Corporacion Financiera SA S&P Capital IQ Barclays Landesbank Baden-Wuerttemberg Macquarie Independent Research GmbH Bankhaus Metzler EVA Dimensions JPMorgan Steubing AG Exane BNP Paribas Equinet Institutional Services(ESN) Kepler Capital Markets Deutsche Bank Nord/LB Goldman Sachs Nomura Hamburger Sparkasse DZ Bank AG Grupo Santander Natixis Redburn Partners Main First Bank AG CA Cheuvreux Raymond James Silvia Quandt Research

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

Analyst JOHN MUSK TANJA MARKLOFF JORGE GONZALEZ SADORNIL VALERIE GASTALDY EILEEN RYAN ADAM DICKENS BOBBY CHADA VINCENT GILLES STEFFEN MANSKE LAWSON STEELE STEPHAN WULF ALBERTO PONTI VIRGINIA PEREZ REPES CLIVE ROBERTS PETER BISZTYGA ERKAN AYCICEK ROBERT SCHRAMM-FUCHS SVEN DIERMEIER DANIEL SEIDENSPINNER AUSTIN BURKETT VINCENT DE BLIC MICHAEL BROEKER BENJAMIN LEYRE MICHAEL SCHAEFER INGO BECKER ALEXANDER KARNICK HEINO HAMMANN DEBORAH WILKENS MARTIN YOUNG ANNEMARIE SCHLUETER MARC NETTELBECK OSCAR NAJAR RIOS PHILIPPE OURPATIAN AHMED FARMAN ANDREAS THIELEN SEBASTIAN KAUFFMANN EMMANUEL RETIF SEBASTIAN ZANK

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

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

Amt Held 86'361'823 48'692'024 28'008'409 17'188'015 9'058'752 5'726'000 3'859'917 3'670'703 2'919'473 2'866'610 2'395'739 1'545'363 1'514'247 1'381'508 1'336'324 1'136'118 928'678 853'442 786'597 774'677

% Out 15 8.46 4.86 2.99 1.57 0.99 0.67 0.64 0.51 0.5 0.42 0.27 0.26 0.24 0.23 0.2 0.16 0.15 0.14 0.13

Weighting

Change

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

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

Latest Chg 9'110 196'272 4'226'000 (55'956) (1'745'321) 78'546 (51'980) (2'133) (5'801'852) 145'187 (7'910) 79'174 (7'746) (6'600) 774'677

Target Price 30 29 37 #N/A N/A 38 26 33 28 30 25 34 25 34 34 27 26 30 30 27 #N/A N/A 28 60 32 35 29 27 31 40 32 #N/A N/A 38 41 34 #N/A N/A 37 38 #N/A N/A #N/A N/A

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

File Dt 31.12.2011 15.02.2013 04.05.2012 16.05.2012 31.12.2012 31.12.2012 31.10.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.01.2013 15.02.2013 31.01.2013 30.11.2012 19.02.2013 31.10.2012 31.12.2012 31.10.2012 30.12.2011

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

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

Date 20.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 08.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 30.01.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 24.01.2013 22.01.2013 17.01.2013 17.01.2013 17.01.2013 15.01.2013 14.01.2013 14.01.2013 11.01.2013 08.01.2013 07.01.2013 28.12.2012 18.12.2012 12.12.2012 27.11.2012 22.11.2012 14.11.2012 05.11.2012 24.10.2012 13.09.2012 14.06.2012 06.06.2012 06.03.2012


20.02.2013

Sanofi Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price/Volume 80

12.0 M

70

10.0 M

60 8.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 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 SAN FP EQUITY YTD Change SAN FP EQUITY YTD % CHANGE

12/2012 12/yy 74.29 53.20 2'608'715.00 73.77 -0.70% 38.67% 99.10% 1'326.3 97'844.31 14'531.00 0.0 134.0 6'381.00 106'128.32

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

4.0 M

20 2.0 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 27'568.0 2.22x 9'940.0 6.16x 3'851.0 15.94x

6.0 M

30

31.12.2009 31.12.2010 29'306.0 32'367.0 2.61x 1.99x 12'805.0 13'156.0 5.97x 4.90x 5'265.0 5'467.0 14.13x 11.42x Profitability

LTM-4Q 31.12.2011 33'389.0 2.59x 12'593.0 6.88x 5'693.0 13.17x

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

31.12.2012 34'947.0 2.95x 4'967.0 18.99x 12'593.00 7'787.00 22.28% 17.94% 4.95% 8.75% 9.69% 0.35% 68.2% 38.1% 22.3% 14.2% 1.65 0.46 14.47% 25.34% 4.36 1.72

Price/ Cash Flow

LTM

12/yy 33'389.0 5.23x 2'463.0 0.00x 5'693.0 13.17x

12/yy 34'947.0 5.54x 2'704.0 0.00x 4'967.0 18.99x

FY+1

.0 M f-13

0.76 1'152.78 38.37% 3.33% 0.759 39 4.000 2'714'785 2'576'065 2'280'068 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 35'841.5 37'719.8 8'383.5 8'718.8 2.87x 2.63x 13'185.5 14'275.7 8.05x 7.43x 7'959.4 8'760.6 1'813.0 1'792.3 12.26x 11.02x 12.49x 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

18.02.2011 AASTABLE 18.02.2011 A-1+ 29.63 25.44 0.90 1.23 25.3% 20.2% 0.35 3.28 84.01 212.88 102.81 159.20

Sales/Revenue/Turnover

12.00

40'000.0 35'000.0

10.00

30'000.0 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Sanofi Holdings By:

All

Holder Name L'OREAL SA TOTAL SA FMR LLC VANGUARD GROUP INC BLACKROCK NATIXIS ASSET MANAGE SANOFI AVENTIS DODGE & COX AMUNDI FRANKLIN RESOURCES AVIVA PLC MORGAN STANLEY FIRST EAGLE INVESTME WADDELL & REED FINAN DEUTSCHE BANK AG ALLIANZ ASSET MANAGE LBPAM GRANTHAM MAYO VAN OT WILLIAM BLAIR & COMP AMUNDI

Firm Name Oddo & Cie Bryan Garnier & Cie Morgan Stanley AlphaValue Societe Generale Jefferies Banco Sabadell National Bank AG Berenberg Bank Exane BNP Paribas EVA Dimensions JPMorgan Helvea Barclays Sanford C. Bernstein & Co Leerink Swann & Co CM - CIC Securities(ESN) Deutsche Bank Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Kepler Capital Markets Ahorro Corporacion Financiera SA Nomura S&P Capital IQ Goldman Sachs Natixis Nord/LB Day by Day Redburn Partners Hamburger Sparkasse CA Cheuvreux Liberum Capital Ltd Main First Bank AG Jyske Bank Cyrrus Mirabaud Securities MP Advisors Pvt Ltd DZ Bank AG

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

Analyst SEBASTIEN MALAFOSSE ERIC LE BERRIGAUD PETER VERDULT ARMELLE MOULIN STEPHEN MCGARRY JEFFREY HOLFORD MARTA DIAZ STEFFEN MANSKE ALISTAIR CAMPBELL VINCENT MEUNIER ANDREW S ZAMFOTIS RICHARD VOSSER ODILE RUNDQUIST MARK PURCELL TIMOTHY M ANDERSON SEAMUS FERNANDEZ ARSENE GUEKAM MARK CLARK LUISA HECTOR TIMO KUERSCHNER CHRISTOPH SCHOENDUBE FABIAN WENNER VIRGINIA PEREZ REPES AMIT ROY SHO MATSUBARA KEYUR PAREKH PHILIPPE LANONE THORSTEN STRAUSS VALERIE GASTALDY TEAM COVERAGE MARCO GUENTHER LAURENT FLAMME NARESH CHOUHAN TIM FRANKLIN ROBERT JAKOBSEN TOMAS MENCIK NICHOLAS TURNER VISHAL MANCHANDA ELMAR KRAUS

Source 20F Research ULT-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation buy buy Overwt/Attractive add buy buy buy buy hold outperform hold overweight accumulate equalweight outperform outperform hold buy neutral buy hold hold buy neutral buy neutral/neutral buy hold buy neutral sell outperform underweight suspended coverage sell hold accumulate market perform buy

Amt Held 118'227'307 37'975'811 32'799'143 27'514'327 20'786'461 20'193'712 17'225'803 16'748'982 11'550'921 10'758'974 6'423'335 6'318'259 5'954'817 5'643'800 5'573'977 5'097'623 4'869'438 4'234'244 4'068'709 4'056'614

% Out 8.91 2.86 2.47 2.07 1.57 1.52 1.3 1.26 0.87 0.81 0.48 0.48 0.45 0.43 0.42 0.38 0.37 0.32 0.31 0.31

Weighting

Change

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

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

Latest Chg (29'735'080) (222'743) 1'487'319 339'106 1'062'104 (524'353) (1'906'737) (25'407) 4'308'695 597'970 111'905 547'955 (67'746) (345'054) 8'077 (101'144)

Target Price 82 80 81 81 88 83 80 78 76 85 #N/A N/A 80 82 77 76 #N/A N/A 66 82 78 78 75 73 81 65 81 73 84 #N/A N/A 78 #N/A N/A #N/A N/A 77 65 #N/A N/A 57 60 63 52 55

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

File Dt 31.01.2012 15.02.2012 31.12.2012 31.12.2012 19.02.2013 31.12.2012 31.12.2011 29.01.2013 30.11.2012 31.12.2012 31.01.2013 31.12.2012 30.09.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.05.2012 31.12.2012 28.09.2012

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

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

Date 19.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 28.01.2013 11.12.2012 11.12.2012 10.12.2012 28.11.2012 29.10.2012 05.10.2012 20.07.2012 11.07.2012 05.04.2012 02.04.2012 08.02.2012 20.12.2011


20.02.2013

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

18.0 M

60

16.0 M 14.0 M

50

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

12/2012 12/yy 62.79 43.62 2'034'157.00 59.97 -4.49% 37.48% 84.40% 1'228.5 73'673.40 5'247.00 0.0 8.0 2'629.00 76'299.40

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

10.0 M

30

8.0 M 6.0 M

20

4.0 M

10

2.0 M

0 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 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

12.0 M

40

31.12.2009 31.12.2010 10'672.0 12'464.0 3.65x 3.71x 3'301.0 4'125.0 11.81x 11.20x 1'748.0 1'811.0 22.45x 25.07x Profitability

LTM-4Q 31.12.2011 14'233.0 3.31x 4'908.0 9.60x 3'438.0 14.13x

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

31.12.2012 16'222.0 4.76x 4'935.0 15.64x 2'826.0 25.61x 4'935.00 4'072.00 25.10% 23.56% 11.29% 21.05% 16.33% 0.65% 69.2% 28.2% 22.9% 17.4% 0.99 0.92 19.53% 37.04% 4.34 -

Price/ Cash Flow

LTM

12/yy 14'233.0 13.42x 4'892.0 9.63x 3'438.0 14.18x

12/yy 16'223.0 16.09x 4'575.0 16.87x 2'827.0 25.61x

FY+1

.0 M f-13

0.82 902.18 23.74% -1.19% 0.816 44 4.114 2'208'468 3'064'833 2'784'249 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'061.8 19'912.7 3'816.4 4'342.3 4.01x 3.49x 19.49x 17.16x 6'384.8 7'233.5 1'116.5 1'487.5 11.92x 10.52x 11.69x 11.69x 4'064.7 4'629.0 698.5 948.8 17.17x 15.11x 16.95x 16.66x 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

28.20 25.10 0.57 1.15 37.0% 27.0% 0.65 9.95 84.26 -

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS HOPP DIETMAR BLACKROCK SAP AG FMR LLC VANGUARD GROUP INC DEUTSCHE BANK AG ALLIANZ ASSET MANAGE HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN UNION INVESTMENT GMB DEKA INVESTMENT GMBH THORNBURG INVESTMENT OPPENHEIMERFUNDS INC DB PLATINUM ADVISORS MORGAN STANLEY CREDIT SUISSE AG AMUNDI FRANKLIN RESOURCES

Firm Name Banco Sabadell Morgan Stanley AlphaValue Baader Bank Commerzbank Corporates & Markets Bryan Garnier & Cie Redburn Partners EVA Dimensions Exane BNP Paribas Societe Generale Nord/LB Credit Suisse JPMorgan Macquarie Hamburger Sparkasse Bankhaus Metzler Berenberg Bank Ahorro Corporacion Financiera SA Barclays Grupo Santander Goldman Sachs Jefferies Pacific Crest Securities William Blair & Co Landesbank Baden-Wuerttemberg Independent Research GmbH National Bank AG Kepler Capital Markets Nomura S&P Capital IQ DZ Bank AG Wells Fargo Securities, LLC M.M. Warburg Investment Research Natixis Cross Research Sanford C. Bernstein & Co Jyske Bank Day by Day Deutsche Bank HSBC Evercore Partners CA Cheuvreux FBR Capital Markets

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

Analyst ANDRES BOLUMBURU ADAM WOOD HEINZ STEFFEN KNUT WOLLER THOMAS M BECKER GREGORY RAMIREZ NEIL STEER ANDREW S ZAMFOTIS JOSEP BORI RICHARD NGUYEN WOLFGANG DONIE PHILIP WINSLOW STACY E POLLARD BRAD A ZELNICK MARCO GUENTHER ULRICH TRABERT DAUD KHAN VIRGINIA PEREZ REPES GERARDUS VOS CARLOS JAVIER TREVINO MOHAMMED MOAWALLA ROSS MACMILLAN BRENDAN BARNICLE LAURA J LEDERMAN MIRKO MAIER MARKUS FRIEBEL STEFFEN MANSKE LAURENT DAURE RICHARD G SHERLUND JAMES CRAWSHAW OLIVER FINGER JASON MAYNARD ANDREAS WOLF GWENAEL GIARD RICHARD T WILLIAMS MARK L MOERDLER ROBERT JAKOBSEN VALERIE GASTALDY KAI KORSCHELT ANTONIN BAUDRY STEWART KIRK MATERNE III MICHAEL BEUCHER DAVID M HILAL

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

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

Amt Held 121'324'707 93'079'595 75'273'200 66'743'066 36'642'744 19'051'555 18'879'878 11'764'147 11'270'478 11'235'667 8'459'500 8'277'322 7'978'903 7'542'813 6'399'479 5'671'301 5'601'418 4'582'686 4'343'552 3'656'723

% Out 9.88 7.58 6.13 5.43 2.98 1.55 1.54 0.96 0.92 0.91 0.69 0.67 0.65 0.61 0.52 0.46 0.46 0.37 0.35 0.3

Weighting

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

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

Latest Chg (1'795'675) 35'104 (73'364) (390'416) 972'000 (339'827) 222'509 1'699'948 547'634 328'729 (638'663)

Target Price 67 67 71 63 65 70 #N/A N/A #N/A N/A 63 71 70 65 65 64 #N/A N/A 69 71 70 55 57 86 62 70 #N/A N/A 57 63 64 66 68 70 66 #N/A N/A 67 53 45 69 65 66 73 62 65 46 55

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

File Dt Inst Type 31.12.2012 n/a 08.03.2012 n/a 08.03.2012 n/a 15.02.2013 Investment Advisor 12.06.2012 Corporation 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 28.09.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 06.06.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 15.02.2013 14.02.2013 14.02.2013 11.02.2013 04.02.2013 01.02.2013 01.02.2013 29.01.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 09.01.2013 09.01.2013 07.01.2013 29.10.2012 24.10.2012 02.02.2012 26.01.2012


20.02.2013

Schneider Electric SA Schneider Electric SA manufactures power distribution and automation systems. The Company produces circuit breakers, remote installation management equipment, panelboards, programmable logic controllers, industrial control products, detectors, human-machine interfaces, and process controls. Schneider's products are sold various brands. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 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 29.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SU FP EQUITY YTD Change SU FP EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 57.17 39.40 1'550'904.00 55.39 -3.11% 40.60% 90.38% 555.4 30'764.55 8'037.00 0.0 192.0 2'771.00 37'116.55

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

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 17'308.6 1.57x 3'075.4 8.84x 1'583.1 13.67x

60

31.12.2008 31.12.2009 18'311.0 15'793.0 0.95x 1.51x 3'321.0 2'575.0 5.24x 9.26x 1'682.0 824.0 7.55x 24.63x Profitability

LTM-4Q 31.12.2010 19'580.0 1.68x 3'575.0 9.20x 1'720.0 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 22'387.0 1.22x 3'767.0 7.28x 1'820.0 12.00x 3'767.00 2'998.00 13.39% 11.02% 5.70% 12.63% 9.94% 0.70% 37.7% 16.6% 13.3% 8.1% 1.44 0.89 22.40% 50.55% 4.68 4.03

Price/ Cash Flow

LTM

09/yy 21'596.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 23'861.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.27 525.90 16.42% 1.02% 1.266 31 3.516 1'085'091 1'145'547 1'189'325 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 23'908.3 24'566.7 6'485.8 5'390.0 1.50x 1.41x 3'786.1 4'031.7 9.80x 9.21x 2'095.0 2'308.6 14.45x 13.38x S&P Issuer Ratings

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

26.11.2008 ASTABLE 14.03.2007 A-2 11.38 9.82 1.58 2.19 50.6% 33.3% 0.70 9.53 78.16 90.71 96.51 68.80

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 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 |


20.02.2013

Schneider Electric SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN AMUNDI CAISSE DES DEPOTS ET VANGUARD GROUP INC HARBOR CAPITAL ADVIS DODGE & COX SCHNEIDER ELECTRIC S NATIXIS ASSET MANAGE BLACKROCK FMR LLC MASSACHUSETTS FINANC ALLIANZ ASSET MANAGE AMUNDI ABERDEEN T ROWE PRICE ASSOCIA ARTISAN PARTNERS HOL BNP PARIBAS INV PART JUPITER ASSET MANAGE AVIVA PLC LBPAM

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

Analyst

RBC Capital Markets ANDREW CARTER Banco Sabadell MARIA CEBOLLERO Kepler Capital Markets PIERRE BOUCHENY Canaccord Genuity Corp JAMES STETTLER AlphaValue LIONEL PELLICER Societe Generale GAEL DE BRAY Sanford C. Bernstein & Co MARTIN PROZESKY Goldman Sachs DANIELA COSTA S&P Capital IQ JAWAHAR HINGORANI Exane BNP Paribas OLIVIER ESNOU Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES CM - CIC Securities(ESN) ARI AGOPYAN Morgan Stanley BEN UGLOW Independent Research GmbH MARKUS FRIEBEL EVA Dimensions CRAIG STERLING JPMorgan ANDREAS WILLI Day by Day VALERIE GASTALDY Berenberg Bank WILLIAM MACKIE Credit Suisse SIMON TOENNESSEN HSBC MICHAEL HAGMANN CA Cheuvreux ALFRED GLASER Nomura DANIEL CUNLIFFE Espirito Santo Investment Bank Research ROB VIRDEE Landesbank Baden-Wuerttemberg VOLKER STOLL Barclays NICK WEBSTER Redburn Partners JAMES MOORE Deutsche Bank MARTIN WILKIE Natixis LUDOVIC DEBAILLEUX

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

Recommendation outperform buy reduce hold add buy market perform Buy/Neutral hold outperform hold hold Equalwt/Cautious hold underweight overweight buy hold neutral overweight outperform neutral neutral hold equalweight buy hold neutral

Amt Held 82'567'657 27'220'485 20'349'002 15'925'730 10'849'337 10'102'524 9'164'952 8'967'731 7'724'733 7'269'961 5'926'032 4'454'139 3'696'653 2'531'916 2'485'819 2'452'160 2'294'863 1'943'144 1'836'557 1'775'165

% Out 14.87 4.9 3.66 2.87 1.95 1.82 1.65 1.61 1.39 1.31 1.07 0.8 0.67 0.46 0.45 0.44 0.41 0.35 0.33 0.32

Weighting

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

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

Latest Chg (10'012'679) (1'168'334) 477'308 (52'247) 95'500 1'005'966 960'863 (188'094) 185'126 56'751 (179'812) (25'700) 551'587 (404'495) (300'058) (2'705) (144'907)

Target Price 65 48 50 60 63 64 51 65 59 64 53 58 54 57 #N/A N/A 60 58 60 51 62 55 45 52 50 51 #N/A N/A 51 52

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 16.05.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2011 Corporation 31.12.2012 Mutual Fund Manager 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 19.02.2013 15.02.2013 13.02.2013 08.02.2013 07.02.2013 04.02.2013 04.02.2013 30.01.2013 29.01.2013 25.01.2013 24.01.2013 21.01.2013 17.01.2013 17.01.2013 17.01.2013 14.01.2013 10.01.2013 08.01.2013 07.01.2013 29.11.2012 29.11.2012 27.11.2012 30.10.2012 29.10.2012 19.10.2012 08.10.2012 24.09.2012 02.08.2012


20.02.2013

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on three major business sectors including industrial, energy, and healthcare. Siemens AG provides engineering solutions in automation and control, power, transportation, medical, information and communication, and lighting.

Price/Volume 90

14.0 M

80

12.0 M

70

10.0 M

60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIE GY EQUITY YTD Change SIE GY EQUITY YTD % CHANGE

09/2012 12/yy 84.75 62.13 1'731'671.00 78.62 -7.23% 26.54% 74.58% 881.0 69'264.22 20'706.00 0.0 569.0 11'415.00 80'825.22

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

8.0 M

40

6.0 M

30

4.0 M

20

2.0 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 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

50

LTM-4Q

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.07x 9'196.0 9'544.0 6.77x 7.72x 2'292.0 3'899.0 24.49x 16.42x Profitability

30.09.2011 73'275.0 0.89x 10'492.0 6.19x 6'145.0 8.24x

30.09.2012 78'296.0 0.98x 9'653.0 7.93x 4'458.0 13.50x

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

9'653.00 6'909.00 8.82% 9.30% 4.00% 13.31% 9.71% 0.75% 28.4% 13.2% 9.7% 5.7% 1.22 0.62 19.12% 67.37% 4.95 3.49

Price/ Cash Flow

LTM

12/yy 73'702.0 4.28x 9'978.0 7.27x 5'793.0 9.79x

12/yy 78'670.0 3.87x 10'351.0 7.81x 4'215.0 14.47x

FY+1

.0 M f-13

0.96 771.11 8.55% -0.82% 0.960 42 3.286 2'183'711 2'407'760 2'287'993 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 78'366.8 81'351.0 18'915.5 19'281.4 1.01x 0.95x 4.38x 4.31x 9'509.1 11'396.4 2'045.0 2'134.7 8.49x 7.08x 8.53x 8.08x 5'186.8 6'438.8 1'218.2 1'148.2 12.81x 10.41x 12.14x 11.69x 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

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.07 2.14 67.4% 39.8% 0.75 7.41 73.95 104.73 44.53 120.05

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.10.2009

10'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

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


20.02.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG VANGUARD GROUP INC CAPITAL GROUP COMPAN UBS THORNBURG INVESTMENT UNION INVESTMENT GMB FMR LLC FRANKLIN RESOURCES AMUNDI DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE DEUTSCHE BANK AG OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE LBPAM FRANKFURT TRUST INVE ADIG INVESTMENT

Firm Name

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

Analyst

Sanford C. Bernstein & Co MARTIN PROZESKY RBC Capital Markets ANDREW CARTER Canaccord Genuity Corp JAMES STETTLER Banco Sabadell FRANCISCO JOSE RODRIGUEZ AlphaValue HEINZ STEFFEN DZ Bank AG JASKO TERZIC Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES HSBC MICHAEL HAGMANN Landesbank Baden-Wuerttemberg VOLKER STOLL Hamburger Sparkasse MARCO GUENTHER Day by Day VALERIE GASTALDY Kepler Capital Markets ULRICH SCHOLZ Exane BNP Paribas OLIVIER ESNOU Societe Generale GAEL DE BRAY Credit Suisse SIMON TOENNESSEN CA Cheuvreux ALFRED GLASER Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Natixis LUDOVIC DEBAILLEUX Spin-Off Research TEAM COVERAGE Main First Bank AG CHRISTOPHER YOUL Barclays NICK WEBSTER Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Morgan Stanley BEN UGLOW Nord/LB WOLFGANG DONIE JPMorgan ANDREAS WILLI William Blair & Co NICHOLAS P HEYMANN Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ JAMES CRAWSHAW Redburn Partners JAMES MOORE SRH AlsterResearch OLIVER DREBING Goldman Sachs DANIELA COSTA EVA Dimensions CRAIG STERLING National Bank AG EKKEHARD D LINK Deutsche Bank PETER REILLY Nomura DANIEL CUNLIFFE Silvia Quandt Research EERIK KD BUDARZ Espirito Santo Investment Bank Research ROB VIRDEE Langenberg & Co BRIAN KEITH LANGENBERG

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

Recommendation market perform sector perform hold buy reduce hold hold neutral buy buy hold hold underperform hold outperform outperform buy buy reduce hold underperform equalweight hold Equalwt/Cautious hold neutral market perform hold hold neutral buy neutral/neutral hold hold sell neutral avoid neutral buy

Amt Held 58'408'768 54'852'206 27'758'338 26'820'674 18'817'904 9'880'200 6'389'139 5'755'800 5'391'186 5'108'440 5'061'910 4'815'059 4'116'900 3'941'987 3'090'203 2'906'549 2'741'396 2'013'201 1'782'339 1'640'151

% Out 6.63 6.23 3.15 3.04 2.14 1.12 0.73 0.65 0.61 0.58 0.57 0.55 0.47 0.45 0.35 0.33 0.31 0.23 0.2 0.19

Weighting

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

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

Latest Chg (539'029) (179'474) (890'272) 7'991 (1'087'091) (3'157'683) (146'277) 203'444 (125'755) (160'547) (880) (274'619) (38'813) (149'080) (19'800)

Target Price 72 86 80 90 82 77 85 82 96 86 #N/A N/A 85 88 88 95 94 93 94 75 85 86 84 83 90 76 90 79 85 85 #N/A N/A 92 90 #N/A N/A 70 65 85 58 74 100

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

File Dt 15.02.2013 10.11.2011 07.05.2012 08.10.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 28.09.2012 31.12.2012 31.12.2012 30.11.2012 30.11.2012 31.01.2013 31.12.2012 30.12.2012 15.02.2013 31.12.2012 30.11.2012 31.10.2012

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

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

Date 20.02.2013 19.02.2013 19.02.2013 15.02.2013 07.02.2013 05.02.2013 04.02.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 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 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 17.01.2013 30.11.2012 20.11.2012 16.11.2012 08.11.2012 30.10.2012 12.10.2012


20.02.2013

Societe Generale SA Societe Generale attracts deposits and offers commercial, retail, investment, and private banking services. The Bank offers consumer credit, vehicle lease financing, information technology equipment leasing, life and non-life insurance, custodian services, trade and project financing, currency exchange, treasury services, and financial and commodities futures brokerage services.

Price/Volume

12/2012 12/yy 34.40 15.10 4'571'762.00 30.67 -10.84% 103.11% 83.19% 780.3 23'931.00 678'631.00 0.0 4'288.0 144'795.00 -

Price/ Cash Flow

1.20 1.00

14.0 M 12.0 M 10.0 M 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

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

16.0 M

30 20

Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLE FP EQUITY YTD Change GLE FP EQUITY YTD % CHANGE

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

18.0 M

35 25

Valuation Analysis

31.12.2008 57'829.0 2'010.0 10.65x

40

31.12.2009 31.12.2010 43'984.0 45'306.0 678.0 3'917.0 108.78x 8.11x Profitability

LTM-4Q 31.12.2011 48'549.0 2'385.0 5.38x

31.12.2012 43'733.0 774.0 44.28x 8.87% 6.13% 0.06% 1.69% 0.17% 3.1% 54.26% 1362.47% -

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 2'385.0 5.37x

12/yy 0.0 #DIV/0! 0.0 0.00x 774.0 29.01x

FY+1

.0 M f-13

1.82 729.50 26.92% 8.22% 1.824 37 3.432 6'252'020 5'035'328 4'402'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'043.5 24'759.7 6'068.0 5'887.0 2'792.1 3'378.4 675.0 679.0 8.41x 7.06x 9.29x 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 07.05.2009 A-1 1362.5% 92.6% -

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

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

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


20.02.2013

Societe Generale SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LYXOR INTERNATIONAL GROUPAMA SA CAISSE DES DEPOTS ET VANGUARD GROUP INC NATIXIS ASSET MANAGE MEIJI YASUDA LIFE IN BLACKROCK SOCIETE GENERALE CNP ASSURANCES JANUS CAPITAL MANAGE AVIVA PLC LBPAM FMR LLC DIMENSIONAL FUND ADV BARCLAYS ASSET MANAG AMUNDI FRANKLIN RESOURCES MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

HSBC ROBIN DOWN AlphaValue CHRISTOPHE NIJDAM Kepler Capital Markets BENOIT PETRARQUE JPMorgan DELPHINE LEE Day by Day VALERIE GASTALDY Exane BNP Paribas GUILLAUME TIBERGHIEN Deutsche Bank FLORA BENHAKOUN Morgan Stanley THIBAULT NARDIN RBC Capital Markets ANKE REINGEN Landesbank Baden-Wuerttemberg INGO FROMMEN Natixis ALEX KOAGNE Nomura JON PEACE Goldman Sachs JEAN-FRANCOIS NEUEZ Credit Suisse MAXENCE LE GOUVELLO Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Independent Research GmbH STEFAN BONGARDT Oddo & Cie JEAN SASSUS S&P Capital IQ WILLIAM HOWLETT Main First Bank AG FEDERICO SALERNO CA Cheuvreux CYRIL MEILLAND Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Mediobanca SpA ANTONIO GUGLIELMI Espirito Santo Investment Bank Research ANDREW LIM Macquarie PIERS BROWN Berenberg Bank JAMES CHAPPELL Grupo Santander AURELIA FAURE EVA Dimensions AUSTIN BURKETT CM - CIC Securities(ESN) PIERRE CHEDEVILLE Barclays KIRI VIJAYARAJAH Redburn Partners GEORGE KARAMANOS Nord/LB MICHAEL SEUFERT Hamburger Sparkasse CHRISTIAN HAMANN Banco Sabadell MARIO LODOS Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

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

Recommendation overweight add buy overweight hold outperform hold Equalwt/In-Line sector perform sell neutral buy neutral/neutral outperform outperform buy neutral hold underperform underperform hold underperform neutral underperform sell buy hold accumulate equalweight buy hold hold buy buy hold

Amt Held 73'717'333 50'619'422 22'148'418 19'567'063 13'637'274 12'867'036 11'069'312 9'171'044 8'987'016 8'976'936 6'418'786 4'317'513 3'648'601 3'086'419 2'714'129 2'612'606 2'609'967 2'540'017 2'401'374 2'359'115

% Out 9.45 6.49 2.84 2.51 1.75 1.65 1.42 1.18 1.15 1.15 0.82 0.55 0.47 0.4 0.35 0.33 0.33 0.33 0.31 0.3

Weighting

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

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

Latest Chg (479'358) (8'266'079) 320'629 (994'135) (992'476) (1'842'824) (11'097) 219'286 (3'557'123) 376'954 (2'581) (5'263) (250'313)

Target Price 40 35 41 37 #N/A N/A 38 31 35 36 29 37 36 42 41 44 38 34 34 31 35 20 28 31 29 16 36 #N/A N/A 38 28 #N/A N/A #N/A N/A #N/A N/A 32 36 18

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

File Dt 31.12.2012 26.09.2011 20.12.2012 31.12.2011 31.12.2012 31.12.2012 31.12.2011 15.02.2013 31.12.2011 31.12.2011 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.07.2012 31.03.2012 30.11.2012 31.12.2012 15.02.2013 31.12.2012

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

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

Date 19.02.2013 19.02.2013 18.02.2013 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 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 07.02.2013 07.02.2013 06.02.2013 30.01.2013 29.01.2013 28.01.2013 17.01.2013 17.01.2013 16.01.2013 23.11.2012 16.11.2012 23.10.2012 27.08.2012 30.07.2012 19.06.2012 06.01.2012


20.02.2013

Telefonica SA Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 14

600.0 M

12

500.0 M

10

400.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2012) 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 TEF SQ EQUITY YTD Change TEF SQ EQUITY YTD % CHANGE

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

200.0 M

4

100.0 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

.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 31.12.2007 56'441.0 2.74x 22'824.0 6.77x 8'906.0 11.87x

300.0 M

6

12/2011 09/yy 12.98 7.90 29'612'018.00 9.668 -25.50% 22.38% 37.32% 4'551.0 43'999.31 66'311.00 0.0 5'747.0 6'760.00 108'738.31

31.12.2008 31.12.2009 57'946.0 56'731.0 2.10x 2.42x 22'919.0 22'603.0 5.31x 6.07x 7'592.0 7'776.0 9.72x 11.43x Profitability

LTM-4Q 31.12.2010 60'737.0 2.29x 25'777.0 5.39x 10'167.0 7.54x

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 62'837.0 1.99x 19'392.0 6.46x 5'402.9 11.18x 19'392.00 9'246.00 14.71% 10.32% 4.82% 31.55% 0.49% 33.3% 16.8% 8.6% 0.64 0.49 51.16% 306.48% 5.43 -

Price/ Cash Flow

LTM

09/yy 63'129.3 8.60x 23'357.5 5.42x 4'064.9 16.16x

09/yy 62'684.0 7.53x 20'903.0 5.36x 6'124.9 7.59x

FY+1

0.94 4'396.29 -21.07% -5.12% 0.943 43 3.116 27'958'040 27'003'300 31'559'720 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 62'381.6 60'556.9 15'677.2 14'886.0 1.63x 1.62x 6.34x 21'180.0 20'637.6 5'555.8 5.13x 5.27x 5'307.0 5'428.6 1'430.5 8.15x 8.09x 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

20.12.2012 BBB NEG 20.12.2012 A-2 7.26 3.86 2.84 3.32 306.5% 70.8% 0.49 1.82 67.37 -

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 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 |


20.02.2013

Telefonica SA Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA CAIXABANK BLACKROCK BNP PARIBAS SA TELEFONICA SA VANGUARD GROUP INC CHINA UNICOM HONG KO FRANKLIN RESOURCES AMUNDI NATIXIS ASSET MANAGE MERCURY ASSET MANAGE T ROWE PRICE ASSOCIA FMR LLC UNION INVESTMENT GMB CREDIT SUISSE ASSET INVERCAIXA GESTION S WELLCOME TRUST LIMIT BBVA PATRIMONIOS GES UNION INVESTMENT LUX AVIVA PLC

Firm Name

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

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Macquarie GUY R PEDDY Bankia Bolsa (ESN) DAVID CABEZA JARENO Nomura FREDERIC BOULAN NMAS 1 Agencia de Valores JOSE RAMON OCINA Ahorro Corporacion Financiera SA GERMAN GARCIA BOU Independent Research GmbH MARKUS FRIEBEL Banco Sabadell ANDRES BOLUMBURU BPI PEDRO OLIVEIRA AlphaValue JEAN-MICHEL SALVADOR Grupo Santander NAHUM SANCHEZ DE LAMADRID Interdin Bolsa BORJA MIJANGOS BLANCO S&P Capital IQ ALEXANDER WISCH Banesto Bolsa SA Sociedad MARTA GOMEZ Morgan Stanley LUIS PROTA EVA Dimensions ANDREW S ZAMFOTIS BBVA IVON LEAL Oddo & Cie ALEXANDRE IATRIDES Credit Suisse JUSTIN FUNNELL Exane BNP Paribas MATHIEU ROBILLIARD Barclays JONATHAN DANN JPMorgan TORSTEN ACHTMANN Jefferies JEREMY A DELLIS Raymond James STEPHANE BEYAZIAN La Caixa BORJA PAGOAGA BCP Investimento ALEXANDRA DELGADO Hamburger Sparkasse TINA HECKING-VELTMAN Kepler Capital Markets JAVIER BORRACHERO Espirito Santo Investment Bank Research NUNO MATIAS National Bank AG STEFFEN MANSKE Berenberg Bank PAUL ANDREW MARSCH Goldman Sachs TIMOTHY BODDY Day by Day VALERIE GASTALDY CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Deutsche Bank KEVAL KHIROYA Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Renta 4 SA SVB IVAN SAN FELIX HSBC LUIGI MINERVA Natixis BENOIT MAYNARD Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO DZ Bank AG THORSTEN REIGBER

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

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

Amt Held 258'217'137 246'898'917 177'257'649 127'368'869 84'209'364 74'723'845 62'526'753 20'486'243 18'382'082 14'333'965 13'115'754 8'058'783 6'146'690 5'972'644 5'642'281 5'312'877 5'200'000 4'866'264 4'645'859 4'607'391

% Out 5.67 5.43 3.89 2.8 1.85 1.64 1.37 0.45 0.4 0.31 0.29 0.18 0.14 0.13 0.12 0.12 0.11 0.11 0.1 0.1

Weighting

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

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

Latest Chg (15'605'969) 2'181'969 (623'363) 3'582'987 7'266'063 (3'474'417) (564'279) (295'222) 189'186 748'202 (70'160) (658'342) -

Target Price 8 9 15 9 12 13 9 15 11 18 13 12 9 14 13 #N/A N/A 13 10 14 11 9 15 8 10 13 17 #N/A N/A 12 9 13 10 9 #N/A N/A 12 11 12 19 10 14 19 16

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

File Dt Inst Type 19.10.2012 Bank 19.10.2012 Investment Advisor 15.02.2013 Investment Advisor 12.05.2011 Bank 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 14.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 31.01.2013 30.01.2013 24.01.2013 24.01.2013 24.01.2013 21.01.2013 21.01.2013 15.01.2013 27.11.2012 27.11.2012 26.11.2012 19.11.2012 08.11.2012 07.11.2012 07.11.2012 31.10.2012 03.10.2012 26.09.2012 07.09.2012 26.07.2012 23.07.2012 12.06.2012 14.05.2012 24.02.2012 15.11.2011


20.02.2013

Total SA Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Price/Volume

30.0 M 25.0 M

30

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FP FP EQUITY YTD Change FP FP EQUITY YTD % CHANGE

12/2012 12/yy 42.97 33.42 4'250'584.00 37.955 -11.67% 13.57% 51.10% 2'365.9 89'799.02 33'290.00 0.0 1'281.0 17'031.00 107'339.02

25

20.0 M

20

15.0 M

15

10.0 M

10

5.0 M

5 0 f-12 m-12

31.12.2009 31.12.2010 112'153.0 140'476.0 1.03x 0.74x 22'234.0 28'045.0 5.22x 3.72x 8'447.0 10'571.0 11.87x 8.38x Profitability

LTM-4Q 31.12.2011 166'550.0 0.65x 32'919.0 3.28x 12'276.0 7.23x

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

31.12.2012 182'299.0 0.58x 32'343.0 3.27x 10'694.0 8.23x 32'343.00 21'862.00 11.99% 13.11% 6.37% 15.17% 10.66% 1.09% 17.5% 12.0% 5.9% 1.38 0.74 19.37% 45.66% 9.29 -

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

6.17 0.89 2'033.04 -4.15% -2.70% 0.890 36 4.056 5'769'023 4'317'463 4'154'487 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 166'550.0 182'299.0 179'248.7 179'649.8 45'141.7 45'995.0 2.49x 2.27x 0.61x 0.61x 2.37x 2.32x 32'919.0 31'942.0 33'338.2 34'580.9 8'679.0 9'163.0 3.28x 3.31x 3.22x 3.10x 2.96x 2.92x 12'276.0 10'694.0 12'035.8 12'444.4 2'587.0 2'917.0 7.25x 8.25x 7.21x 7.08x 7.29x 7.33x S&P Issuer Ratings Long-Term Rating Date 12.04.2011 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 13.09.1999 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 48.20 (EBITDA-Capex)/Interest Exp. 18.54 Net Debt/EBITDA 0.51 Total Debt/EBITDA 1.04 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.0% Asset Turnover 1.09 Net Fixed Asset Turnover 2.73 Accounts receivable turnover-days 39.41 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

8.00

200'000.0

7.00

180'000.0 160'000.0

6.00

140'000.0

5.00

120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

a-12 m-12

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

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

35.0 M

40 35

Valuation Analysis

31.12.2008 160'331.0 0.62x 29'887.0 3.32x 10'590.0 8.21x

45

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Total SA Holdings By:

All

Holder Name TOTAL SA GROUPE BRUXELLES LAM AMUNDI QATAR HOLDINGS LLC NORGES BANK VANGUARD GROUP INC NATIXIS ASSET MANAGE CIE NATIONALE A PORT BLACKROCK CAPITAL GROUP COMPAN AMUNDI FRANKLIN RESOURCES ONTARIO TEACHERS PEN BANK OF NEW YORK MEL AVIVA PLC GRANTHAM MAYO VAN OT LBPAM WADDELL & REED FINAN MERCURY ASSET MANAGE FIRST EAGLE INVESTME

Firm Name RBC Capital Markets Sanford C. Bernstein & Co Banco Sabadell AlphaValue Societe Generale Credit Suisse JPMorgan Jefferies Macquarie CM - CIC Securities(ESN) Nomura Exane BNP Paribas Barclays Goldman Sachs Independent Research GmbH Canaccord Genuity Corp S&P Capital IQ Tudor Pickering & Co VTB Capital Natixis Ahorro Corporacion Financiera SA Day by Day Grupo Santander EVA Dimensions Raymond James Simmons & Company International Landesbank Baden-Wuerttemberg Deutsche Bank Morgan Stanley HSBC Hamburger Sparkasse Investec CA Cheuvreux National Bank AG

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PETER HUTTON OSWALD CLINT JORGE GONZALEZ SADORNIL ALEXANDRE ANDLAUER IRENE HIMONA KIM FUSTIER NITIN SHARMA IAIN REID JASON D GAMMEL JEAN-LUC ROMAIN THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS LYDIA RAINFORTH MICHELE DELLA VIGNA SVEN DIERMEIER GORDON GRAY CHRISTINE TISCARENO ROBERT KESSLER COLIN SMITH ANNE PUMIR VIRGINIA PEREZ REPES VALERIE GASTALDY JASON KENNEY CRAIG STERLING BERTRAND HODEE JEFFREY A DIETERT JENS MUENSTERMANN LUCAS HERRMANN MARTIJN P RATS PAUL SPEDDING INGO SCHMIDT STUART JOYNER DOMINIQUE PATRY MANFRED JAISFELD

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

Recommendation outperform outperform buy reduce buy neutral overweight buy neutral buy neutral outperform underweight Sell/Cautious hold hold buy accumulate buy buy buy buy buy buy market perform overweight buy buy Equalwt/In-Line overweight buy hold outperform buy

Amt Held 108'732'635 94'077'367 78'390'326 47'275'059 47'038'683 40'249'545 37'542'094 35'456'294 28'714'933 19'734'600 14'433'514 13'467'760 11'200'000 10'458'427 10'451'098 8'031'246 7'707'489 7'573'598 7'318'146 7'054'684

% Out 4.6 3.98 3.31 2 1.99 1.7 1.59 1.5 1.21 0.83 0.61 0.57 0.47 0.44 0.44 0.34 0.33 0.32 0.31 0.3

Weighting

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

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

Latest Chg 287'390 (1'584'992) 525'890 (2'024'000) (81'020) (210'659) (194'792) (9'605) 21'870 (194'720) (6'360) -

Target Price 44 51 47 38 47 44 49 48 42 54 40 48 44 41 42 39 48 40 50 47 49 45 46 #N/A N/A #N/A N/A #N/A N/A 45 44 42 45 #N/A N/A 38 44 46

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

File Dt 31.12.2011 15.03.2012 06.01.2012 14.03.2012 31.12.2011 31.12.2012 31.12.2012 31.12.2011 19.02.2013 31.12.2012 30.11.2012 31.12.2012 31.12.2011 15.02.2013 31.01.2013 31.05.2012 31.12.2012 31.12.2012 15.02.2013 30.09.2012

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

Inst Type Corporation Holding Company Investment Advisor Government Government Investment Advisor Mutual Fund Manager Corporation Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager

Date 19.02.2013 19.02.2013 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 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 07.02.2013 06.02.2013 05.02.2013 17.01.2013 17.01.2013 15.01.2013 15.01.2013 09.01.2013 03.12.2012 27.11.2012 06.11.2012 01.08.2012 02.07.2012 30.04.2012 19.05.2010


20.02.2013

Unibail-Rodamco SE Unibail-Rodamco leases and rents building space, finances real estate investments, and renovates real estate for sale. The Company's properties, mainly shopping centers, office buildings, and convention-exhibition centers, are primarily located in city centers or near major access routes. The Company opted for the SIIC legal status in 2003.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.12.2012) 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 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UL FP EQUITY YTD Change UL FP EQUITY YTD % CHANGE

12/2012 01/yy 188.50 130.50 267'561.00 174.6 -7.37% 33.79% 80.17% 94.9 16'568.14 11'919.00 0.0 1'583.1 63.10 30'007.14

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 31.12.2008 1'642.5 11.17x 1'309.7 14.01x (1'116.0) -

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

31.12.2009 31.12.2010 1'363.3 1'716.4 17.14x 14.60x 931.4 1'254.8 25.09x 19.97x (1'467.8) 2'187.6 6.19x Profitability

31.12.2011 1'939.9 12.81x 1'184.2 20.99x 1'327.8 9.61x

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 1'722.7 17.56x 1'187.1 25.48x 1'458.6 11.52x 1'187.10 532.30 30.90% 105.67% 5.21% 11.89% 6.71% 0.06% 68.9% 84.7% 40.31% 92.38% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

0.89 94.52 25.61% -4.04% 0.891 30 3.433 286'423 291'766 303'085 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'573.4 1'750.3 19.11x 17.44x 1'397.1 1'511.6 21.48x 19.85x 965.1 1'050.9 17.19x 15.84x 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

27.06.2007 A STABLE 27.06.2007 A-1 1.82 -0.27 9.99 10.04 92.4% 45.1% 0.06 -

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Unibail-Rodamco SE Holdings By:

All

Holder Name AMUNDI COHEN & STEERS INC HARBOR CAPITAL ADVIS BLACKROCK COMMERZBANK AKTIENGE SOCIETE GENERALE UBS VANGUARD GROUP INC NATIXIS NATIXIS ASSET MANAGE COHEN & STEERS CAPIT FMR LLC STATE STREET MORGAN STANLEY ARTISAN PARTNERS HOL WILLIAM BLAIR & COMP LASALLE INVESTMENT M ABN AMRO ASSET MGMT EUROPEAN INVESTORS I ING INVESTMENT MANAG

Firm Name

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

Analyst

Oddo & Cie MARINE LAFITTE Morgan Stanley BART GYSENS Banco Sabadell IGNACIO ROMERO Espirito Santo Investment Bank Research MICHAEL BURT AlphaValue PIERRE-LOUP ETIENNE Goldman Sachs JULIAN LIVINGSTON-BOOTH Jefferies ROBERT DUNCAN Independent Research GmbH STEFAN BONGARDT Petercam STEPHAN VAN WEEREN Rabobank International MARTIJN VAN DEN EIJNDEN Societe Generale MICHEL VARALDO Kepler Capital Markets SAMUEL HENRY-DIESBACH Exane BNP Paribas NICK WEBB Deutsche Bank MARTIN ALLEN HSBC STEPHANIE DOSSMANN Bank Degroof(ESN) DRIES DURY Berenberg Bank KAI MALTE KLOSE Natixis SERGE DEMIRDJIAN S&P Capital IQ WILLIAM HOWLETT ING Bank JAAP KUIN ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG EVA Dimensions AUSTIN BURKETT Kempen & Co BOUDEWIJN SCHOON Credit Suisse STEVE BRAMLEY-JACKSON JPMorgan HARM M MEIJER Day by Day VALERIE GASTALDY Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN Barclays AARON GUY CA Cheuvreux BRUNO DUCLOS Edge Capital Research KONSTANTIN BOYCHINOV Tradition Securities & Futures LAETITIA D'EPREMESNIL

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

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

Amt Held 4'248'948 3'642'122 2'943'120 2'911'422 2'585'395 2'351'985 2'148'338 1'896'330 1'858'269 1'323'509 1'273'033 1'014'174 990'860 960'011 929'896 830'851 823'883 798'051 777'640 631'232

% Out 4.48 3.84 3.1 3.07 2.72 2.48 2.26 2 1.96 1.39 1.34 1.07 1.04 1.01 0.98 0.88 0.87 0.84 0.82 0.67

Weighting

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

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

Latest Chg (2'990) (27'121) 40'412 (3'161'695) 1'135 57'491 (160'832) (255'982) (438'874) (1'638) (14'564) 19'761 169'706 13'769 92'667 (186'289) (124'346)

Target Price 194 163 141 209 162 208 167 165 184 190 210 178 164 206 183 180 185 164 180 185 163 #N/A N/A 175 186 195 190 175 176 145 160 150

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

File Dt Inst Type 17.02.2012 Investment Advisor 01.03.2012 Corporation 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 01.03.2012 Investment Advisor 21.05.2012 Bank 28.12.2012 Unclassified 31.12.2012 Investment Advisor 01.03.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.08.2012 Investment Advisor 17.07.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 19.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 12.02.2013 12.02.2013 08.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 14.01.2013 11.01.2013 09.01.2013 29.11.2012 06.11.2012 31.08.2012 02.02.2012 29.09.2011 06.07.2011


20.02.2013

UniCredit SpA UniCredit SpA attracts deposits and offers commercial banking services. The Bank offers consumer credit, mortgages, life insurance, business loan, investment banking, asset management, and other services. UniCredit operates worldwide.

Price/Volume 6

250.0 M

5

200.0 M

4

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UCG IM EQUITY YTD Change UCG IM EQUITY YTD % CHANGE

12/2011 09/yy 4.88 2.25 63'058'562.00 4.23 -13.32% 87.67% 79.13% 5'787.1 24'500.59 334'658.25 0.0 3'318.2 56'215.54 -

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

100.0 M

2

50.0 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 31.12.2007 55'285.3 5'901.3 10.65x

150.0 M

3

Valuation Analysis

31.12.2008 31.12.2009 65'266.9 47'278.6 4'011.8 1'702.3 5.74x 23.66x Profitability

LTM-4Q 31.12.2010 41'223.4 1'323.3 24.19x

31.12.2011 41'968.2 (9'206.4) 10.75% -23.82% 0.16% 2.67% 0.50% 0.03% -33.1% 36.11% 650.08% -

LTM

09/yy 25'850.5 0.00x 0.0 0.00x (8'999.3) 0.00x

09/yy 26'215.4 0.00x 0.0 0.00x 1'531.9 0.00x

FY+1

1.47 4'387.84 -1.17% 14.14% 1.470 40 2.650 59'555'440 ######### 97'651'660 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 25'435.7 24'919.2 5'949.0 6'466.0 1'196.7 1'574.4 113.5 19.67x 15.11x 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

10.02.2012 BBB+ NEG 10.02.2012 A-2 650.1% 85.9% 0.03 2.17 -

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

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 |


20.02.2013

UniCredit SpA Holdings By:

All

Holder Name BLACKROCK AABAR LUX SARL CAPITAL GROUP COMPAN PGFF LUX SARL PGFF LUX SARL FONDAZIONE CASSA RIS CARIMONTE HOLDING SP CENTRAL BANK OF LIBY FONDAZIONE CASSA RIS DODGE & COX DELFIN SARL VANGUARD GROUP INC FRANKLIN RESOURCES ALLIANZ SPA BLACKROCK LUXEMBOURG ALLIANZ FINANCE IV L CARMIGNAC GESTION BLACKROCK ADVISORS L TEMPLETON INVESTMENT MASSACHUSETTS FINANC

Firm Name Banca IMI ICBPI Nomura Banca Akros(ESN) Day by Day Exane BNP Paribas AlphaValue Berenberg Bank Mediobanca SpA Ahorro Corporacion Financiera SA RBC Capital Markets Goldman Sachs Equita SIM SpA Macquarie Morgan Stanley Independent Research GmbH Societe Generale Oddo & Cie Deutsche Bank EVA Dimensions Credit Suisse Kepler Capital Markets JPMorgan DZ Bank AG Grupo Santander Barclays Keefe, Bruyette & Woods HSBC Hamburger Sparkasse Landesbank Baden-Wuerttemberg Natixis S&P Capital IQ CA Cheuvreux Centrobanca Redburn Partners Nord/LB Hammer Partners SA Banco Sabadell

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

Analyst MANUELA MERONI LUCA COMI DOMENICO SANTORO LUIGI TRAMONTANA VALERIE GASTALDY ANDREA VERCELLONE DAVID GRINSZTAJN ELENI PAPOULA ANDREA FILTRI VIRGINIA PEREZ REPES ANKE REINGEN JEAN-FRANCOIS NEUEZ GIOVANNI RAZZOLI BENJIE CREELAN-SANDFORD FRANCESCA TONDI STEFAN BONGARDT CARLO TOMMASELLI JULIE LEGRAND PAOLA SABBIONE AUSTIN BURKETT IGNACIO CEREZO ANNA MARIA BENASSI MARTA BASTONI CHRISTOPH BAST TANIA GOLD ANTONIO RIZZO RONNY REHN CARLO DIGRANDI CHRISTIAN HAMANN WERNER SCHIRMER STEVEN GOULD FRANK BRADEN ALDO COMI GUGLIELMO MARCO OPIPARI GEORGE KARAMANOS MICHAEL SEUFERT ENRICO RACIOPPI MARIO LODOS

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

Recommendation hold sell neutral hold hold neutral add hold outperform sell underperform Buy/Neutral buy outperform Overwt/In-Line hold hold reduce buy hold neutral hold neutral sell underweight equalweight underperform underweight hold sell neutral sell underperform sell neutral sell sell Under Review

Amt Held 473'528'375 376'220'171 292'971'557 290'000'000 289'992'198 204'516'549 173'381'885 152'258'925 145'082'905 126'635'987 116'031'602 109'307'635 104'076'572 68'982'379 55'961'376 42'130'178 41'185'296 19'271'084 18'946'908 18'229'636

% Out 8.18 6.5 5.06 5.01 5.01 3.53 3 2.63 2.51 2.19 2 1.89 1.8 1.19 0.97 0.73 0.71 0.33 0.33 0.32

Weighting

Change

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

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

Latest Chg (478'031) (44'865'281) 14'322'490 386'064 (30'552'663) (111'154) 583'732

Target Price 4 4 5 4 #N/A N/A 4 5 5 6 3 3 6 6 5 6 5 5 3 5 #N/A N/A 4 4 3 3 3 3 3 3 #N/A N/A 3 3 3 3 3 #N/A N/A #N/A N/A 2 #N/A N/A

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

File Dt 20.02.2013 11.02.2013 11.02.2013 20.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 29.01.2013 11.02.2013 31.12.2012 31.12.2012 11.02.2013 11.02.2013 11.02.2013 31.12.2012 11.02.2013 30.11.2012 31.12.2012

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

Inst Type Investment Advisor Other Investment Advisor Other Other Bank Unclassified Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 20.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 08.02.2013 30.01.2013 30.01.2013 29.01.2013 28.01.2013 28.01.2013 25.01.2013 23.01.2013 22.01.2013 21.01.2013 18.01.2013 17.01.2013 17.01.2013 16.01.2013 10.01.2013 07.01.2013 12.12.2012 11.12.2012 10.12.2012 03.12.2012 27.11.2012 16.11.2012 15.11.2012 14.11.2012 13.11.2012 06.11.2012 05.11.2012 02.11.2012 23.10.2012 19.06.2012 05.03.2012


20.02.2013

Unilever NV Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Price/Volume 35

18.0 M

30

16.0 M 14.0 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (13.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNA NA EQUITY YTD Change UNA NA EQUITY YTD % CHANGE

12/2012 12/yy 30.20 24.51 3'602'126.00 29.955 -0.81% 22.24% 93.42% 1'714.7 90'362.81 10'221.00 0.0 557.0 2'866.00 98'274.81

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

10.0 M

15

8.0 M 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 40'523.0 1.41x 6'793.0 8.39x 5'027.0 9.69x

12.0 M

20

31.12.2009 31.12.2010 39'823.0 44'262.0 1.77x 1.64x 6'887.0 7'620.0 10.25x 9.54x 3'370.0 4'244.0 18.80x 15.43x Profitability

LTM-4Q 31.12.2011 46'467.0 1.82x 7'462.0 11.30x 4'252.0 17.60x

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 51'324.0 1.75x 8'188.0 10.94x 4'480.0 18.25x 8'188.00 6'989.00 13.62% 13.02% 9.56% 30.42% 19.56% 1.10% 39.9% 15.9% 13.5% 8.7% 0.77 0.18 22.14% 67.43% -

Price/ Cash Flow

LTM

12/yy 46'467.0 0.00x 0.0 0.00x 2'235.0 0.00x

12/yy 51'324.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

3.27 0.60 21.40% 4.75% 0.600 45 3.533 3'969'878 3'691'435 3'324'571 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'478.9 56'487.8 12'678.3 13'837.2 1.82x 1.69x 8'800.9 9'408.6 11.17x 10.44x 4'930.7 5'367.7 17.68x 16.32x 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

05.10.2000 A+ STABLE 05.10.2000 A-1 15.57 11.49 0.90 1.25 67.4% 39.4% 1.10 5.63 -3.09

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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


20.02.2013

Unilever NV Holdings By:

All

Holder Name FOUNDATION UNILEVER UNILEVER NV CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK FMR LLC GRANTHAM MAYO VAN OT ARTISAN PARTNERS HOL DEUTSCHE BANK AG WILLIAM BLAIR & COMP ACHMEA BELEGGINSFOND ONTARIO TEACHERS PEN ELMA EN UNITED HOLDS ING INVESTMENT MANAG UNION INVESTMENT GMB MORGAN STANLEY ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL MERCURY ASSET MANAGE AMUNDI

Firm Name

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

Analyst

Banco Sabadell IGNACIO ROMERO Morgan Stanley EILEEN KHOO Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co ANDREW WOOD Canaccord Genuity Corp EDDY HARGREAVES HSBC CEDRIC BESNARD Landesbank Baden-Wuerttemberg BARBARA AMBRUS Jefferies ALEX HOWSON Hamburger Sparkasse TINA HECKING-VELTMAN Espirito Santo Investment Bank Research ALEX SMITH RBC Capital Markets JAMES EDWARDES JONES Berenberg Bank JAMES TARGETT Liberum Capital Ltd PABLO ZUANIC Societe Generale WARREN L ACKERMAN Deutsche Bank HAROLD THOMPSON Goldman Sachs ALEXIS COLOMBO SNS Securities(ESN) RICHARD WITHAGEN Rabobank International KAREL ZOETE Kepler Capital Markets JON COX Nomura DAVID HAYES Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Helvea ANDREAS VON ARX ABN Amro Bank N.V. ROBERT JAN VOS Grupo Santander PEDRO GIL Credit Suisse CHARLES MILLS Aurel - BGC JEAN-MARIE L'HOME Independent Research GmbH LARS LUSEBRINK Petercam FERNAND DE BOER National Bank AG MANFRED JAISFELD Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES S&P Capital IQ CARL SHORT Exane BNP Paribas JEFF STENT Barclays IAIN SIMPSON CA Cheuvreux ERIC BOROIAN Natixis PIERRE TEGNER ING Bank MARCO GULPERS EVA Dimensions AUSTIN BURKETT Theodoor Gilissen Securities TOM MULLER Kempen & Co ERWIN DUT JPMorgan CELINE PANNUTI Redburn Partners JEREMY FIALKO Mirabaud Securities JULIAN LAKIN DZ Bank AG ROBERT CZERWENSKY

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

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

Amt Held 1'268'224'230 141'560'629 33'770'000 30'880'146 20'911'044 16'489'726 11'633'435 9'447'002 8'231'402 8'028'108 7'244'584 7'200'000 6'428'550 6'163'468 5'845'234 5'815'114 5'428'364 5'387'703 5'184'198 4'296'381

% Out 73.96 8.26 1.97 1.8 1.22 0.96 0.68 0.55 0.48 0.47 0.42 0.42 0.37 0.36 0.34 0.34 0.32 0.31 0.3 0.25

Weighting

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

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

Latest Chg (1'842'700) 903'626 (333'696) (247'678) (188'682) (57'347) (23'642) 8'028'108 (2'441) (789'445) 126'290 153'674 (623'877) (537'200) 1'079'286

Target Price 26 27 30 34 31 35 32 32 #N/A N/A 29 25 35 37 28 30 37 35 34 33 30 36 33 30 33 30 26 32 30 30 30 31 30 34 30 27 29 #N/A N/A 33 29 30 #N/A N/A 28 22

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

File Dt Inst Type 28.02.2011 Other 31.12.2011 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2011 Pension Fund (ERISA) 19.10.2011 Other 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 15.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager

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

Date 15.02.2013 11.02.2013 11.02.2013 04.02.2013 01.02.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 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 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 21.01.2013 21.01.2013 21.01.2013 17.01.2013 15.01.2013 06.01.2013 26.10.2012 24.09.2012 06.09.2012 03.02.2012


20.02.2013

Vinci SA Vinci SA builds roads, offers electrical, mechanical, and civil engineering and construction services, and operates toll roads. The Company builds and maintains roads and produces road construction materials, builds electricity and communications networks, installs fire protection and power and ventilation systems, and operates toll highways, bridges, parking garages, and a stadium.

Price/Volume 45 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 04.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DG FP EQUITY YTD Change DG FP EQUITY YTD % CHANGE

12/2012 09/yy 40.85 31.23 1'541'464.00 35.225 -13.76% 12.79% 47.63% 577.3 20'337.06 20'193.80 0.0 735.4 6'516.10 34'750.16

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

10 5 0 f-12 m-12

31.12.2009 31.12.2010 31'177.7 34'002.8 1.09x 1.07x 4'813.1 5'165.6 7.03x 7.01x 1'596.0 1'775.9 12.07x 12.14x Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 37'646.1 0.86x 5'445.9 5.93x 1'904.3 9.59x

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 38'633.6 0.87x 5'507.8 6.12x 1'916.7 10.07x 5'507.80 3'568.90 9.24% 7.75% 3.14% 14.62% 7.32% 0.63% 14.1% 9.3% 5.0% 0.87 0.46 32.79% 151.44% 6.49 -

Price/ Cash Flow

LTM

09/yy 33'699.5 0.00x 0.0 0.00x 0.0 0.00x

09/yy 37'494.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.12 1.10 504.12 -4.30% -2.04% 1.098 31 4.323 1'506'225 1'503'842 1'452'926 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 38'887.8 39'821.3 10'174.8 0.86x 0.82x 5'533.1 5'706.6 6.28x 6.09x 1'929.3 2'031.8 10.04x 9.56x 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

29.03.2007 BBB+ STABLE 24.04.2001 A-2 7.58 4.83 2.51 3.70 151.4% 58.9% 0.63 8.40 56.37 -

Sales/Revenue/Turnover

8.00

45'000.0

7.00

40'000.0

6.00

35'000.0 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

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 33'930.3 0.90x 5'009.2 6.09x 1'591.4 8.85x

15

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

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 |


20.02.2013

Vinci SA Holdings By:

All

Holder Name VINCI SA COMET LUXEMBOURG HLD CAPITAL GROUP COMPAN VANGUARD GROUP INC ARTEMIS SA FRANKLIN RESOURCES NATIXIS ASSET MANAGE BLACKROCK FMR LLC AMUNDI AVIVA PLC PICTET ASSET MANAGEM LBPAM ALLIANZ ASSET MANAGE COHEN & STEERS CAPIT DEUTSCHE BANK AG MERCURY ASSET MANAGE UNION INVESTMENT LUX DNCA FINANCE UNION INVESTMENT GMB

Firm Name Aurel - BGC BPI Banco Sabadell Day by Day AlphaValue Raymond James EVA Dimensions Societe Generale Hamburger Sparkasse Natixis Independent Research GmbH CM - CIC Securities(ESN) Ahorro Corporacion Financiera SA S&P Capital IQ Bryan Garnier & Cie Exane BNP Paribas Deutsche Bank RBC Capital Markets Barclays Morgan Stanley Goldman Sachs HSBC CA Cheuvreux JPMorgan DZ Bank AG Landesbank Baden-Wuerttemberg Oddo & Cie Kepler Capital Markets Nord/LB National Bank AG

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

Analyst

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

Recommendation

ERIC LEMARIE FILIPE MARTINS LEITE MARIA CEBOLLERO VALERIE GASTALDY GAETAN DUPONT ARNAUD PALLIEZ CRAIG STERLING MURIEL FELLOUS INGO SCHMIDT GREGOIRE THIBAULT CHRISTOPH SCHOENDUBE JEAN-CHRISTOPHE LEFEVRE-MOULENQ VIRGINIA PEREZ REPES JAWAHAR HINGORANI SVEN EDELFELT NICOLAS MORA LUIS PRIETO OLIVIA PETERS SUSANNA INVERNIZZI JAIME ROWBOTHAM WILL MORGAN PIERRE BOSSET NABIL AHMED ELODIE RALL MARC NETTELBECK HANS-PETER KUHLMANN OLIVIER BECKER JOSEP PUJAL HEINO HAMMANN STEFFEN MANSKE

hold accumulate buy hold buy outperform sell buy buy buy hold buy strong buy strong buy buy neutral buy sector perform overweight Overwt/In-Line Buy/Neutral neutral outperform overweight buy hold buy buy buy hold

Amt Held 40'940'297 31'714'315 13'142'000 9'091'318 8'072'735 7'751'826 7'426'360 5'094'544 4'648'541 3'963'458 2'633'758 2'225'496 1'945'486 1'697'463 1'663'965 1'622'179 1'566'679 1'457'470 1'325'000 1'201'107

% Out 7.09 5.49 2.28 1.57 1.4 1.34 1.29 0.88 0.81 0.69 0.46 0.39 0.34 0.29 0.29 0.28 0.27 0.25 0.23 0.21

Weighting

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

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

Latest Chg 2'679'200 176'206 194'046 (349'909) (468'130) 997'150 (53'772) (491) (29'311) 19'058 (91'713) 133'200 (25'511) 53'000 (180'000) (1'758)

Target Price 37 48 43 #N/A N/A 50 45 #N/A N/A 48 #N/A N/A 48 40 44 45 45 45 41 47 40 45 42 46 40 43 49 41 37 49 50 #N/A N/A 43

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Holding Company 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 15.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 11.02.2013 11.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 01.02.2013 30.01.2013 29.01.2013 23.01.2013 15.01.2013 14.01.2013 04.01.2013 21.11.2012 17.09.2012 17.09.2012 01.08.2012 01.08.2012 01.08.2012 14.06.2012 27.07.2011


20.02.2013

Vivendi SA Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications. The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.12.2012) 52-Week Low (19.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIV FP EQUITY YTD Change VIV FP EQUITY YTD % CHANGE

12/2011 09/yy 17.44 12.01 3'696'099.00 15.465 -11.30% 28.72% 70.39% 1'324.0 20'475.08 15'710.00 0.0 2'623.0 3'782.00 38'090.08

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

31.12.2008 31.12.2009 25'392.0 27'132.0 1.55x 1.44x 6'774.0 7'682.0 5.82x 5.07x 2'603.0 830.0 10.43x 30.14x Profitability

LTM-4Q 31.12.2010 28'878.0 1.29x 8'020.0 4.64x 2'198.0 11.35x

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 28'813.0 1.24x 8'847.0 4.03x 2'681.0 7.83x 8'847.00 6'240.00 21.66% 17.72% 2.76% 7.87% 6.63% 0.51% 50.1% 32.9% 20.6% 9.3% 0.71 0.46 28.20% 80.78% 20.97

Price/ Cash Flow

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

LTM

09/yy 29'039.0 5.01x 8'081.0 4.31x 3'358.0 5.66x

09/yy 28'534.0 4.94x 9'389.0 4.01x 1'533.0 13.02x

FY+1

.0 M f-13

0.83 1'147.24 3.83% -8.76% 0.833 33 4.030 3'782'277 3'502'575 3'554'012 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 28'528.1 28'744.4 7'810.4 6'978.0 1.29x 1.25x 7'946.3 7'834.0 1'849.0 4.79x 4.86x 2'494.0 2'390.2 447.5 7.70x 8.03x 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

26.10.2012 BBB NEG 26.10.2012 A-2 16.72 10.36 1.59 1.97 80.8% 41.6% 0.51 3.17 17.46 314.48 -282.51

Sales/Revenue/Turnover

4.50

70'000.0

4.00

60'000.0

3.50

50'000.0

3.00 2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 02.01.2009

35.0 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 31.12.2007 21'657.0 2.01x 6'301.0 6.92x 2'625.0 13.89x

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

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 |


20.02.2013

Vivendi SA Holdings By:

All

Holder Name BLACKROCK CIE DE CORNOUAILLE S SOCIETE GENERALE AMUNDI NATIXIS ASSET MANAGE CAISSE DES DEPOTS ET FRANKLIN RESOURCES PEG VIVENDI BAUPOST GROUP LLC NORGES BANK INVESTME QATAR HOLDINGS LLC VANGUARD GROUP INC NATIXIS ASSET MANAGE AMUNDI BANK OF AMERICA CORP FMR LLC UBS CREDIT SUISSE SECURI GROUPE BOLLORE HSBC HOLDINGS PLC

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

Analyst

Sanford C. Bernstein & Co CLAUDIO ASPESI Credit Suisse OMAR SHEIKH Banco Sabadell ANDRES BOLUMBURU CM - CIC Securities(ESN) ERIC RAVARY Oddo & Cie BRUNO HARENG Macquarie ANGUS TWEEDIE Day by Day VALERIE GASTALDY Exane BNP Paribas CHARLES BEDOUELLE Goldman Sachs RICHARD JONES HSBC NICOLAS COTE-COLISSON AlphaValue JEAN-MICHEL SALVADOR Barclays JULIEN ROCH Grupo Santander CARLOS JAVIER TREVINO CA Cheuvreux ANDREA BENEVENTI Kepler Capital Markets CONOR O'SHEA Societe Generale CHRISTOPHE CHERBLANC EVA Dimensions ANDREW S ZAMFOTIS Morgan Stanley PATRICK WELLINGTON Nomura MATTHEW WALKER Independent Research GmbH LARS LUSEBRINK JPMorgan FILIPPO PIETRO LO FRANCO Jefferies WILL SMITH Espirito Santo Investment Bank Research WILL DRAPER S&P Capital IQ ALEXANDER WISCH Liberum Capital Ltd IAN WHITTAKER Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg MIRKO MAIER Natixis JEROME BODIN National Bank AG STEFFEN MANSKE Hamburger Sparkasse ANNEMARIE SCHLUETER Deutsche Bank PATRICK KIRBY DZ Bank AG HARALD HEIDER

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

Recommendation market perform outperform buy hold buy outperform hold neutral neutral/neutral neutral buy overweight buy outperform buy buy overweight Equalwt/Attractive buy hold overweight buy buy strong buy buy outperform hold buy sell hold hold buy

Amt Held 78'997'975 66'174'684 62'157'815 57'756'435 57'389'860 48'191'364 33'886'570 33'192'445 26'349'991 25'862'423 25'789'649 23'528'321 22'217'556 21'195'055 19'320'712 19'020'187 18'735'055 17'995'960 14'021'059 13'811'784

% Out 5.97 5 4.69 4.36 4.33 3.64 2.56 2.51 1.99 1.95 1.95 1.78 1.68 1.6 1.46 1.44 1.42 1.36 1.06 1.04

Weighting

Change 3 5 5 3 5 5 3 3 3 3 5 5 5 5 5 5 5 3 5 3 5 5 5 5 5 5 3 5 1 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 U M M U D M D D M M

Latest Chg 22'931 (36'465'062) (5'812'102) 29'924'444 227'729 673'572 1'009'420 (397'584) 203'260 312'743 -

Target Price 18 19 18 17 19 17 #N/A N/A 19 19 18 24 18 22 16 19 17 #N/A N/A 17 18 18 20 19 18 18 20 19 17 22 16 #N/A N/A 16 23

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

File Dt Inst Type 19.02.2013 Investment Advisor 14.11.2012 Unclassified 30.04.2012 Bank 14.05.2012 Investment Advisor 10.05.2012 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2011 Other 31.12.2011 Hedge Fund Manager 31.12.2011 Government 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2011 Investment Advisor 31.12.2011 Holding Company 31.12.2011 Investment Advisor

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

Date 18.02.2013 15.02.2013 15.02.2013 08.02.2013 08.02.2013 05.02.2013 05.02.2013 05.02.2013 01.02.2013 31.01.2013 31.01.2013 24.01.2013 23.01.2013 23.01.2013 22.01.2013 21.01.2013 17.01.2013 08.01.2013 04.12.2012 03.12.2012 26.11.2012 15.11.2012 15.11.2012 14.11.2012 24.10.2012 22.10.2012 15.10.2012 21.09.2012 04.04.2012 08.03.2012 01.03.2012 06.12.2011


20.02.2013

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOW3 GY EQUITY YTD Change VOW3 GY EQUITY YTD % CHANGE

12/2011 09/yy 187.40 115.95 540'029.00 180.7 -3.58% 55.84% 91.04% 170.1 81'131.92 93'533.00 0.0 5'815.0 24'437.00 176'349.92

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 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 108'897.0 0.89x 15'133.0 6.43x 4'120.0 14.94x

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

31.12.2008 31.12.2009 113'808.0 105'187.0 1.22x 0.97x 14'854.0 10'896.0 9.34x 9.35x 4'753.0 960.0 20.97x 32.35x Profitability

LTM-4Q 31.12.2010 126'875.0 0.83x 16'659.0 6.29x 6'835.0 6.98x

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

31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x 21'365.00 11'032.00 6.92% 11.88% 8.24% 33.69% 0.70% 17.6% 12.5% 5.8% 9.7% 1.01 0.33 36.88% 162.56% 5.71

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.16 143.79 28.46% 4.97% 1.159 39 4.564 622'424 716'483 750'532 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 150'607.0 187'284.0 192'317.8 205'221.3 49'541.3 54'027.0 2.91x 2.94x 0.43x 0.39x 1.46x 20'601.0 23'360.0 21'827.0 25'036.4 4'387.0 5.06x 6.67x 8.08x 7.04x 16'363.0 22'166.0 17'629.9 10'963.5 2'539.7 2'360.0 2.65x 2.74x 5.13x 7.62x 9.31x S&P Issuer Ratings Long-Term Rating Date 31.08.2009 Long-Term Rating ALong-Term Outlook POS Short-Term Rating Date 15.06.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 18.64 (EBITDA-Capex)/Interest Exp. 11.59 Net Debt/EBITDA 3.89 Total Debt/EBITDA 4.98 Reference Total Debt/Equity 162.6% Total Debt/Capital 59.6% Asset Turnover 0.70 Net Fixed Asset Turnover 3.85 Accounts receivable turnover-days Inventory Days 64.15 Accounts Payable Turnover Day 36.84 Cash Conversion Cycle 45.36 Sales/Revenue/Turnover

14.00

180'000.0

12.00

160'000.0 140'000.0

10.00

120'000.0

8.00

100'000.0

6.00

80'000.0 60'000.0

4.00

40'000.0

2.00 0.00 02.01.2009

20'000.0 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 |


20.02.2013

Volkswagen AG Holdings By:

All

Holder Name QATAR HOLDINGS LLC BLACKROCK WADDELL & REED FINAN CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC THORNBURG INVESTMENT CARMIGNAC GESTION DEUTSCHE BANK AG BG MASTER FUND PLC UNION INVESTMENT GMB AMUNDI ALLIANZ ASSET MANAGE ADIG INVESTMENT INVESCO LTD FRANKFURT TRUST INVE JP MORGAN UBS MERCURY ASSET MANAGE UMB BANK N A

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

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

Analyst MAX WARBURTON STUART PEARSON FRANK BILLER HANS-PETER WODNIOK FRANK SCHWOPE CHARLES WINSTON CRAIG STERLING MARC-RENE TONN JUERGEN PIEPER VIRGINIA PEREZ REPES DANIEL SCHWARZ HORST SCHNEIDER RABIH FREIHA MANFRED JAISFELD MICHAEL RAAB VALERIE GASTALDY ZAFER RUZGAR CHRISTIAN BREITSPRECHER MICHAEL PUNZET JOSE ASUMENDI STEPHEN REITMAN CHRISTIAN LUDWIG STEFAN BURGSTALLER FRANCOIS MAURY ERICH HAUSER TINA HECKING-VELTMAN LOTHAR LUBINETZKI ALBRECHT DENNINGHOFF MICHAEL TYNDALL TIM SCHULDT JIRI SIMARA MARNIE COHEN ALBERTO ROLLA GEORGES DIENG JOCHEN GEHRKE ALEXANDER NEUBERGER

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

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

Amt Held % Out 26'355'116 15.49 6'739'221 3.96 6'373'641 3.75 5'769'375 3.39 4'851'809 2.85 2'664'085 1.57 2'561'075 1.51 1'823'701 1.07 1'646'609 0.97 (1'208'014) -0.71 1'186'836 0.7 992'796 0.58 898'792 0.53 768'556 0.45 689'434 0.41 546'260 0.32 527'752 0.31 466'852 0.27 445'028 0.26 442'029 0.26

Weighting

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

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

Latest Chg 527'001 (887'122) 592'800 (276'124) (51'122) 1'011'201 7'303 (153'129) 187'225 492'492 (29'313) 31'000 6'943 (4'652) 313 82'856 19'646

Target Price 170 220 213 181 198 #N/A N/A #N/A N/A 223 216 181 205 218 194 210 203 202 220 175 188 230 215 200 240 160 195 #N/A N/A 207 141 197 190 170 181 168 175 200 200

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

File Dt Inst Type 10.03.2011 Government 15.02.2013 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 31.12.2012 Investment Advisor 07.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 19.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Unclassified 28.12.2012 Unclassified 15.02.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 19.02.2013 15.02.2013 14.02.2013 14.02.2013 12.02.2013 12.02.2013 12.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 25.01.2013 23.01.2013 23.01.2013 18.01.2013 14.01.2013 11.01.2013 10.01.2013 10.01.2013 08.01.2013 06.12.2012 30.11.2012 16.11.2012 13.11.2012 06.11.2012 29.10.2012 24.10.2012 18.10.2012 10.10.2012 02.08.2012 30.04.2012

Fundamental Equity Analysis & Analyst Recommendations - SX5E Eurostoxx 50 Index Components  

Fundamental Equity Analysis & Analyst Recommendations - SX5E Eurostoxx 50 Index Components

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