Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Large 200 Index Components by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations STOXX Europe Large 200 Index March 2012

Q M S Advisors .

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

28.02.2013

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

Price/Volume 25

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2012 12/yy 21.60 14.45 1'257'514.00 21.38 -1.06% 47.96% 93.85% 2'314.7 49'489.21 10'071.00 0.0 540.0 8'481.00 55'299.32

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

20.0 M

15.0 M 10.0 M

5.0 M

0 f-12 m-12

a-12 m-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 34'912.0 0.83x 5'259.0 5.48x 3'118.0 10.76x

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

LTM-4Q 31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x

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

31.12.2012 39'336.0 1.25x 5'240.0 9.40x 2'704.0 17.40x 5'240.00 4'058.00 10.32% 9.76% 6.10% 16.55% 12.65% 0.89% 28.9% 13.8% 10.8% 6.9% 1.48 1.06 20.52% 59.57% 4.07 4.69

Price/ Cash Flow

12/yy 37'990.0 5.09x 5'688.0 7.37x 3'168.0 13.65x

LTM 12/yy 39'336.0 4.69x 5'420.0 9.09x 2'704.0 17.55x

FY+1

1.28 2'145.77 19.98% 14.03% 1.278 41 3.805 6'918'902 6'780'230 5'981'187 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 41'566.0 43'746.9 9'585.5 10'338.2 1.30x 1.19x 5.73x 5.43x 6'298.4 6'953.3 1'413.7 1'587.3 8.78x 7.95x 8.74x 3'455.2 3'961.8 737.8 849.5 15.07x 13.30x 15.30x S&P Issuer Ratings

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

08.06.2010 A STABLE 08.06.2010 A-1 17.88 13.47 0.29 1.86 59.6% 36.6% 0.89 7.24 89.90 78.02 63.02 104.90

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

ABB Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 166'330'142 88'383'685 46'622'931 35'969'759 25'109'683 24'404'999 21'512'467 14'688'361 14'044'104 12'616'326 10'421'737 9'443'400 8'568'106 8'070'678 7'074'030 6'861'907 6'064'784 6'040'300 5'600'000 3'823'948

% Out 7.19 3.82 2.01 1.55 1.08 1.05 0.93 0.63 0.61 0.55 0.45 0.41 0.37 0.35 0.31 0.3 0.26 0.26 0.24 0.17

Weighting

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

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

Latest Chg 641'066 107'985 (250'775) 742'517 (228'817) 1'127'411 (1'721'905) 442'829 1'877'700 (2'579'835) 4'651 559'620 5'064'054 1'403 (135'000) (15'000)

Target Price 21 25 26 25 25 #N/A N/A 21 #N/A N/A #N/A N/A 21 24 24 25 18 23 22 #N/A N/A 21 25 25 23 18 24 21 20 26 19 23 #N/A N/A 14 24 21 19 20 18 21 #N/A N/A 17 27

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

File Dt 04.01.2011 26.02.2013 31.12.2012 28.12.2012 31.12.2012 31.01.2013 30.11.2012 30.11.2012 31.12.2012 25.02.2013 31.01.2013 31.12.2012 27.02.2013 28.12.2012 31.01.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.10.2012

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

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

Date 28.02.2013 26.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 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 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 23.01.2013 17.01.2013 08.01.2013 21.12.2012 11.12.2012 29.11.2012 30.10.2012 08.10.2012 27.07.2012 05.08.2010

28.02.2013

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

Price/Volume 80

3.0 M

2.5 M

60 2.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (29.06.2012) 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 ADS GY EQUITY YTD Change ADS GY EQUITY YTD % CHANGE

12/2011 09/yy 72.64 54.75 129'500.00 69.56 -4.38% 27.05% 81.61% 209.2 14'553.08 1'280.00 0.0 4.0 1'371.00 14'891.08

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

1.0 M

20 .5 M

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 10'299.0 1.18x 1'167.0 10.41x 551.0 18.79x

1.5 M

31.12.2008 31.12.2009 10'799.0 10'381.0 0.69x 0.85x 1'310.0 823.0 5.69x 10.72x 642.0 245.0 8.35x 30.22x Profitability

LTM-4Q 31.12.2010 11'990.0 0.87x 1'174.0 8.91x 567.0 18.04x

31.12.2011 13'344.0 0.78x 1'264.0 8.25x 671.0 15.71x 1'264.00 1'011.00 7.58% 6.95% 7.16% 14.84% 1.30% 47.5% 9.9% 8.1% 5.0% 1.50 0.72 11.25% 24.03% 6.37 3.35

Price/ Cash Flow

LTM

09/yy 12'922.0 3.36x 1'262.0 8.22x 659.0 14.58x

09/yy 14'777.0 3.33x 1'468.0 9.35x 817.0 16.45x

FY+1

.0 M f-13

0.77 209.22 19.87% 3.31% 0.773 40 3.950 960'899 831'914 755'077 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 14'934.2 15'751.7 3'433.6 3'994.5 0.97x 0.90x 1'468.7 1'699.3 93.5 503.0 10.13x 8.75x 9.26x 9.01x 801.2 949.2 (14.9) 308.5 18.23x 15.47x 16.33x 15.53x S&P Issuer Ratings

11.70 8.76 0.23 1.13 24.0% 19.4% 1.30 15.45 57.44 109.25 63.25 77.37

Sales/Revenue/Turnover

600.00

16'000.0 14'000.0

500.00

12'000.0 400.00

10'000.0 8'000.0

300.00

6'000.0

200.00

4'000.0 100.00 0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

28.02.2013

Adidas AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK THORNBURG INVESTMENT VANGUARD GROUP INC DB PLATINUM ADVISORS DEUTSCHE BANK AG FMR LLC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB JUPITER ASSET MANAGE INVESCO LTD MANNING & NAPIER ADV BROOKSIDE CAPITAL TR DEKA INVESTMENT GMBH TRIMARK INVESTMENT M BESSEMER GROUP INCOR SEB FRANKFURT TRUST INVE ADIG INVESTMENT AMUNDI

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

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios 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 MATTHIAS EIFERT HANS-PETER WODNIOK INGBERT FAUST CHRISTOPHER SVEZIA LOUISE SINGLEHURST CHIARA BATTISTINI MICHAEL KUHN ALLEGRA PERRY VALERIE GASTALDY JULIAN EASTHOPE VOLKER BOSSE ANDREAS INDERST KELLY CHEN ANDREW MOBBS HERBERT STURM MANFRED JAISFELD ANDREAS RIEMANN CRAIG STERLING PETER FARREN CHRISTOPHER WALKER SEBASTIAN FRERICKS MITCHEL J KUMMETZ OMAR SAAD WILLIAM HUTCHINGS ERWAN RAMBOURG CHRISTIAN HAMANN BERND MUELL VOLKER SACK ROGERIO FUJIMORI ZAFER RUZGAR JOERG PHILIPP FREY WILLIAM MACK MARK JOSEFSON CEDRIC LECASBLE CHRISTOPH SCHLIENKAMP JUERGEN KOLB STEPHAN SEIP FABIO FAZZARI TEAM COVERAGE

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

Recommendation outperform reduce buy Positive Underwt/In-Line neutral buy sell hold equalweight buy outperform no rating system sell buy hold hold hold buy buy buy outperform neutral Buy/Neutral overweight hold buy hold outperform hold buy hold buy outperform hold outperform buy hold not rated

Amt Held % Out 24'832'306 11.87 13'092'430 6.26 7'035'046 3.36 5'079'560 2.43 4'875'195 2.33 4'020'990 1.92 2'695'238 1.29 2'395'061 1.14 1'745'150 0.83 1'563'123 0.75 1'556'158 0.74 1'271'690 0.61 (1'234'376) -0.59 1'162'385 0.56 1'126'329 0.54 980'376 0.47 757'244 0.36 651'800 0.31 647'738 0.31 627'633 0.3

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

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

Latest Chg (190'000) (131'765) (787'289) (630'886) 1'800'000 (4'077) (5'477) (84'641) 7'200 8'590 11'310 (104'609) (54'247) 219'000 146'586 75'000 395'273

Target Price 85 72 80 78 62 65 81 62 #N/A N/A 74 80 83 74 #N/A N/A 72 72 63 #N/A N/A 82 85 70 82 70 97 77 #N/A N/A 76 60 61 70 82 68 75 84 66 74 70 60 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 02.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.09.2012 Unclassified 31.10.2012 Investment Advisor 31.01.2013 Unclassified 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.11.2012 Mutual Fund Manager

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

Date 28.02.2013 28.02.2013 27.02.2013 25.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 14.02.2013 13.02.2013 10.02.2013 01.02.2013 23.01.2013 18.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 11.01.2013 08.01.2013 04.01.2013 04.12.2012 28.11.2012 19.11.2012 13.11.2012 09.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 25.09.2012 24.09.2012 14.09.2012 02.08.2012 24.05.2012 31.10.2011

28.02.2013

Aegon NV AEGON N.V. offers life and health insurance, and related pension, savings, and investment products in Europe and North America. The Company also offers property and casualty insurance in the Netherlands, Spain, and Hungary, and financial services including banking, equipment lease financing, and mortgage lending.

Price/Volume 6

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGN NA EQUITY YTD Change AGN NA EQUITY YTD % CHANGE

12/2012 12/yy 5.26 3.12 2'055'856.00 4.563 -13.05% 46.30% 66.50% 1'972.0 8'998.37 12'974.00 6'853.0 13.0 9'653.00 12'332.37

20.0 M 15.0 M

10.0 M 1

5.0 M

0 f-12

31.12.2009 31.12.2010 41'592.0 44'750.0 0.48x 0.44x 204.0 1'759.0 6.05x Profitability

LTM-4Q 31.12.2011 25'121.0 0.59x 869.0 -

31.12.2012 42'930.0 0.30x 1'570.0 6.96x 5.46% 4.44% 0.44% 5.42% 4.97% 0.11% 3.7% 3.54% 43.70% -

Price/ Cash Flow

a-12

m-12

j-12

LTM

12/yy 25'121.0 2.66x 0.0 0.00x 869.0 0.00x

j-12

12/yy 40'160.0 1.48x 0.0 0.00x 1'570.0 6.96x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.64 1'971.57 22.48% -5.00% 1.641 36 3.528 12'265'640 8'723'121 7'793'220 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'120.0 28'295.0 0.63x 0.67x 1'324.0 1'392.0 7.31x 6.92x 8.15x S&P Issuer Ratings

31.03.2009 ASTABLE 31.03.2009 A-2 43.7% 30.4% 0.11 -

Sales/Revenue/Turnover

9.00

50'000.0

8.00

45'000.0

7.00

40'000.0 35'000.0

6.00

30'000.0

5.00 4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 01.01.2010

m-12

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

35.0 M

Valuation Analysis

31.12.2008 3'208.0 3.74x (1'082.0) -

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Aegon NV Holdings By:

All

Holder Name DODGE & COX FMR LLC VANGUARD GROUP INC BLACKROCK ACHMEA BELEGGINSFOND ING INTERNATIONAL AD ALLIANCE BERNSTEIN FRANKLIN RESOURCES AMERIPRISE FINANCIAL THRIVENT FINANCIAL F ROBECO FUND MANAGEME TAUBE HODSON STONEX SANFORD C BERNSTEIN SNS INVESTMENT FUND BRANDES INVESTMENT P DIMENSIONAL FUND ADV STOREBRAND FUND MANA JP MORGAN STATE STREET BANQUE AMUNDI

Firm Name AlphaValue Credit Suisse RBC Capital Markets HSBC Hamburger Sparkasse Barclays ABN Amro Bank N.V. Goldman Sachs JPMorgan S&P Capital IQ Keefe, Bruyette & Woods Landesbank Baden-Wuerttemberg Oddo & Cie Exane BNP Paribas Raymond James SNS Securities(ESN) Petercam Rabobank International Bryan Garnier & Cie ING Bank Redburn Partners Morgan Stanley Deutsche Bank Ahorro Corporacion Financiera SA Main First Bank AG Day by Day Mediobanca SpA Macquarie EVA Dimensions Theodoor Gilissen Securities CA Cheuvreux Natixis Societe Generale Nomura Kepler Capital Markets DZ Bank AG Daiwa Securities Co. Ltd.

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

Analyst JEROME CASSAGNE RICHARD BURDEN GORDON AITKEN KAILESH MISTRY CHRISTIAN HAMANN CLAUDIA GASPARI JAN WILLEM WEIDEMA WILLIAM ELDERKIN ASHIK MUSADDI RODERICK WALLACE WILLIAM HAWKINS WERNER SCHIRMER NICOLAS JACOB FRANCOIS BOISSIN RAPHAEL CARUSO LEMER SALAH MATTHIAS DE WIT COR KLUIS OLIVIER PAUCHAUT ALBERT PLOEGH LANCE BURBIDGE DAVID ANDRICH ROBIN BUCKLEY VIRGINIA PEREZ REPES MICHAEL HAID VALERIE GASTALDY MARC THIELE NEIL WELCH AUSTIN BURKETT TOM MULLER HANS PLUIJGERS BENOIT VALLEAUX JASON KALAMBOUSSIS FAHAD CHANGAZI BENOIT PETRARQUE WERNER EISENMANN TIM PROUDLOVE

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

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

Amt Held 145'133'708 96'406'786 32'464'728 16'465'793 10'982'748 7'093'254 6'579'517 5'805'289 5'182'047 5'083'550 4'802'291 3'919'013 3'704'372 3'640'000 3'455'894 3'243'816 3'091'098 2'999'325 2'948'624 2'822'679

% Out 7.36 4.89 1.65 0.83 0.56 0.36 0.33 0.29 0.26 0.26 0.24 0.2 0.19 0.18 0.18 0.16 0.16 0.15 0.15 0.14

Weighting

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

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

Latest Chg 9'558'140 1'133'247 266'744 1'359 1'033'941 (340'436) 1'988 (19'659) 1'290'650 39'363 (215'630) (173'700) 716'574 (43'457) 1'923'228

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

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

File Dt Inst Type 10.02.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager

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

Date 28.02.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 11.02.2013 07.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 23.01.2013 17.01.2013 15.01.2013 10.01.2013 10.01.2013 08.11.2012 08.10.2012 17.02.2012 24.01.2012 22.06.2011

28.02.2013

Aggreko PLC Aggreko plc provides specialist power and temperature control rental services in two main product areas, mobile electricity generators and temperature control equipment. Aggreko also supplies oil-free diesel compressors used to eliminate oil based contaminants in the food, pharmaceutical and textile industries. The Group operates through approximately 118 depots in 23 countries worldwide.

Price/Volume

6.0 M

12/2011 01/yy 2'415.00 1'548.00 88'623.00 1666 -31.01% 7.62% 14.99% 268.6 4'474.35 417.70 0.0 0.0 53.20 5'152.65

4.0 M 3.0 M

1000

2.0 M

500

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 31.12.2009 946.6 1'023.9 1.65x 2.62x 318.4 403.4 4.90x 6.64x 122.7 168.4 9.74x 14.84x Profitability

31.12.2010 1'229.9 3.34x 472.9 8.69x 213.1 18.67x

31.12.2011 1'396.1 4.05x 526.9 10.72x 260.1 20.60x 526.90 337.80 24.20% 23.19% 14.91% 31.46% 21.41% 0.79% 58.7% 39.0% 24.7% 18.6% 1.22 0.66 23.57% 47.40% 4.88 3.72

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

1.31 1.01 257.86 -23.99% -4.25% 1.007 24 3.667 794'832 1'091'881 1'038'844 FY+2

12/12 Y 12/13 Y 1'590.8 1'608.5 3.19x 3.06x 624.8 628.8 8.25x 8.20x 269.5 253.3 16.37x 17.39x S&P Issuer Ratings

FQ+1

FQ+2

26.75 5.52 1.17 1.20 47.4% 32.2% 0.79 1.37 75.00 98.42 66.20

Sales/Revenue/Turnover

18.00

1'600.0

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 02.01.2009

5.0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (31.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGK LN EQUITY YTD Change AGK LN EQUITY YTD % CHANGE

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

7.0 M

2500 2000

Valuation Analysis

31.12.2007 693.2 2.38x 227.3 7.24x 80.7 17.58x

3000

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 |

28.02.2013

Aggreko PLC Holdings By:

All

Holder Name M&G INVESTMENT MANAG BAILLIE GIFFORD AND BLACKROCK CAPITAL GROUP COMPAN SALVESEN ALASTAIR ER LEGAL & GENERAL PRIVATE INDIVIDUALS FMR LLC LANSDOWNE PARTNERS VANGUARD GROUP INC NORGES BANK INVESTME UBS SPEIRS & JEFFERY STO SCOTTISH WIDOWS KIMBERLEY GRANGE INV DEUTSCHE PRIVATE BAN INVESTEC BANK (UK) L GE ASSET MANAGEMENT PEOPLES REPUBLIC OF AEGON

Firm Name

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

Analyst

RBC Capital Markets ANDREW BROOKE Panmure Gordon & Co Limited PAUL JONES Berenberg Bank SIMON MEZZANOTTE AlphaValue LIONEL PELLICER Jefferies JUSTIN JORDAN HSBC ALEX MAGNI EVA Dimensions CRAIG STERLING JPMorgan Nicholas de la Grense Peel Hunt ANDREW NUSSEY Day by Day VALERIE GASTALDY Deutsche Bank ANDY CHU Goldman Sachs CHARLES WILSON Credit Suisse DAVID RIGBY Espirito Santo Investment Bank Research DAVID BROCKTON Oriel Securities Ltd HECTOR FORSYTHE Investec JOHN LAWSON S&P Capital IQ CLIVE ROBERTS Numis Securities Ltd MIKE MURPHY WH Ireland Ltd NICK SPOLIAR Barclays PAUL CHECKETTS Canaccord Genuity Corp JULIAN CATER Arden Partners Ltd GEOFF ALLUM McCall Aitken McKenzie & Co TEAM COVERAGE

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

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

Amt Held % Out 16'146'748 6.01 13'384'025 4.98 12'600'810 4.69 12'091'039 4.5 9'995'283 3.72 9'932'162 3.7 8'517'852 3.17 7'802'230 2.91 (7'727'861) -2.88 6'806'019 2.53 6'195'331 2.31 6'128'812 2.28 5'695'595 2.12 4'943'653 1.84 4'862'100 1.81 4'287'117 1.6 3'981'801 1.48 3'904'273 1.45 3'872'491 1.44 3'297'588 1.23

Weighting

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

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

Latest Chg (619'982) (351'722) (3'930'510) (894'717) (54'102) (169'268) (634'391) (348'827) 1'888'342 143'820 (1'503'178) (44'566) 775'291 4'049'575 14'000 601'072 222'636 (3'732'303)

Target Price 2'100 1'742 1'720 2'400 2'000 1'650 #N/A N/A 1'845 1'800 #N/A N/A 1'813 2'530 1'850 1'700 #N/A N/A #N/A N/A 2'300 1'680 2'500 2'360 1'450 1'450 #N/A N/A

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

File Dt 01.11.2012 01.11.2012 26.02.2013 11.02.2013 27.12.2012 31.01.2013 01.11.2012 31.12.2012 02.01.2013 31.12.2012 01.11.2012 28.12.2012 01.11.2012 30.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 27.02.2013 27.02.2013 26.02.2013 21.02.2013 20.02.2013 08.02.2013 17.01.2013 04.01.2013 02.01.2013 20.12.2012 19.12.2012 18.12.2012 18.12.2012 18.12.2012 18.12.2012 17.12.2012 17.12.2012 17.12.2012 23.10.2012 22.10.2012 27.03.2012 30.09.2011 16.10.2009

28.02.2013

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

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 83.45 136'192.00 92.95 -7.05% 11.38% 56.97% 312.2 29'019.67 7'273.70 0.0 232.6 1'154.20 35'371.77

1.5 M

1.0 M

.5 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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

LTM

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

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

FY+1

.0 M f-13

0.77 310.66 7.84% -2.21% 0.768 35 3.486 1'102'385 834'332 690'965 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'326.4 17'510.6 3'964.3 3'952.3 2.15x 1.99x 4'096.0 4'445.6 8.64x 7.96x 1'738.0 1'922.0 16.66x 15.07x S&P Issuer Ratings

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 |

28.02.2013

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 INVESTM ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN FMR LLC SCHRODER INVESTMENT AMUNDI HARTFORD INVESTMENT LBPAM ARTISAN PARTNERS HOL HARDING LOEVNER LP

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Goldman Sachs Commerzbank Corporates & Markets Sanford C. Bernstein & Co AlphaValue Landesbank Baden-Wuerttemberg Exane BNP Paribas S&P Capital IQ Main First Bank AG Societe Generale Deutsche Bank Credit Suisse Independent Research GmbH Banco Sabadell Morgan Stanley Jefferies 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 Alembic Global Advisors Redburn Partners Natixis Canaccord Genuity Corp DZ Bank AG

RAKESH PATEL STEPHAN KIPPE JEREMY REDENIUS FABRICE FARIGOULE ULLE WORNER HEIDI VESTERINEN JOHNSON IMODE THOMAS SWOBODA PETER CLARK TIMOTHY JONES CHRIS COUNIHAN CHRISTOPH SCHOENDUBE PATRICIA GARCIA SANCHEZ PETER MACKEY LAURENCE ALEXANDER 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 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 MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 5'647'329 4'574'842 4'574'174 3'568'694 2'688'376 1'814'483 1'445'902 1'126'821 1'119'676 1'028'653 983'348 924'128 902'774 886'970 730'867 716'601 629'057 606'009 561'349 509'650

% Out 1.81 1.47 1.47 1.14 0.86 0.58 0.46 0.36 0.36 0.33 0.31 0.3 0.29 0.28 0.23 0.23 0.2 0.19 0.18 0.16

Weighting

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

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

Latest Chg 119'140 6'156 232'636 (65'449) 47'020 (10'563) 1'125 23'544 (61'527) (450'378) (92'423) 308'898 (9'134) 9'691 (7'465) 11'929 144'631

Target Price 108 105 105 98 103 96 95 105 100 99 103 100 111 104 97 112 93 106 100 100 #N/A N/A #N/A N/A 121 100 100 #N/A N/A 106 101 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 26.02.2013 30.11.2012 31.12.2012 31.12.2012 26.02.2013 31.12.2011 26.02.2013 31.10.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 31.01.2013 31.12.2012 31.12.2012 30.06.2012

Date 12 month 6 month 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 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 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 Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 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 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 15.10.2012 08.10.2012 02.08.2012 18.05.2012 27.10.2011

28.02.2013

Akzo Nobel NV Akzo Nobel N.V. produces and markets chemicals, coatings, and paints. The Company's products include surfactants, polymer chemicals, pulp and paper chemicals, as well as lacquers and varnishes.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 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 10.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKZA NA EQUITY YTD Change AKZA NA EQUITY YTD % CHANGE

12/2012 12/yy 52.84 34.85 176'386.00 49.23 -6.81% 41.28% 77.66% 239.0 11'768.31 4'050.00 0.0 465.0 1'752.00 14'531.31

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

10 0 f-12

31.12.2009 31.12.2010 13'028.0 14'640.0 1.00x 0.84x 1'414.0 2'449.0 9.19x 5.03x 285.0 754.0 42.57x 16.31x Profitability

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 15'697.0 0.71x 1'663.0 6.73x 477.0 18.59x

31.12.2012 15'390.0 0.95x 3'657.0 4.01x (2'169.0) 3'657.00 862.00 5.60% -9.73% -11.47% -26.94% 0.86% 37.6% 24.7% 5.0% -14.1% 1.39 0.35 22.55% 58.76% 5.84

Price/ Cash Flow

LTM

12/yy 15'697.0 3.02x 1'663.0 6.94x 477.0 18.59x

12/yy 16'331.0 3.32x 4'026.0 3.64x (2'169.0) 0.00x

FY+1

1.11 238.82 19.78% -1.04% 1.114 33 3.394 1'460'065 867'881 913'781 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'799.7 16'330.2 3'626.7 4'037.0 0.91x 0.87x 4.32x 3.71x 2'011.1 2'208.1 408.7 555.3 7.22x 6.58x 8.00x 823.8 970.3 127.5 222.0 13.56x 11.89x 15.63x S&P Issuer Ratings

25.02.2009 BBB+ STABLE 28.06.2000 A-2 13.70 10.60 0.57 1.01 58.8% 35.5% 0.86 4.39 62.71 47.88

Sales/Revenue/Turnover

80.00

18'000.0

70.00

16'000.0

60.00

14'000.0 12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

m-12

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

Fiscal Year Ended 31.12.2008 15'415.0 0.61x 1'310.0 7.14x (1'086.0) -

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

0.0 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 |

28.02.2013

Akzo Nobel NV Holdings By:

All

Holder Name CAPITAL GROUP COMPAN MASSACHUSETTS FINANC ONTARIO TEACHERS PEN VANGUARD GROUP INC DODGE & COX ALLIANZ ASSET MANAGE BNP PARIBAS INV PART SKAGEN AS FRANKLIN RESOURCES HARRIS ASSOCIATES LP TWEEDY BROWNE COMPAN BLACKROCK ACHMEA BELEGGINSFOND FMR LLC HARTFORD INVESTMENT FRANK RUSSELL TRUST TEMPLETON INVESTMENT CAUSEWAY CAPITAL MAN NEW YORK LIFE GROUP ING INVESTMENT MANAG

Firm Name AlphaValue Goldman Sachs Credit Suisse S&P Capital IQ Exane BNP Paribas Sanford C. Bernstein & Co Societe Generale Nomura HSBC ING Bank Deutsche Bank Kempen & Co Morgan Stanley KBC Securities Commerzbank Corporates & Markets Macquarie SNS Securities(ESN) Rabobank International Redburn Partners ABN Amro Bank N.V. Berenberg Bank Barclays Canaccord Genuity Corp Kepler Capital Markets Petercam JPMorgan Theodoor Gilissen Securities EVA Dimensions Day by Day CA Cheuvreux

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

Analyst MARTIN SCHNEE RAKESH PATEL CHRIS COUNIHAN JOHNSON IMODE JAMES KNIGHT JEREMY REDENIUS PETER CLARK JEAN DE WATTEVILLE SEBASTIAN SATZ FABIAN SMEETS MARTIN DUNWOODIE ARUN RAMBOCUS PAUL R WALSH WIM HOSTE LUTZ GRUETEN CHRISTIAN FAITZ GERT STEENS MICHA TIEKINK TONY JONES MUTLU GUNDOGAN JAIDEEP PANDYA GUNTHER ZECHMANN PAUL W SATCHELL MARKUS MAYER Roderick Verhelst NEIL C TYLER TOM MULLER CRAIG STERLING VALERIE GASTALDY MARTIN ROEDIGER

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

Recommendation reduce neutral/neutral outperform hold outperform outperform buy reduce neutral hold buy buy Overwt/In-Line hold buy outperform hold buy buy hold hold equalweight buy reduce hold neutral hold underweight hold underperform

Amt Held 8'322'900 6'995'056 5'100'000 5'075'719 4'598'291 3'217'767 3'046'145 2'565'119 2'546'361 2'474'010 2'436'793 2'256'713 1'639'488 1'496'246 1'184'020 1'170'845 1'126'384 1'054'310 1'054'117 917'981

% Out 3.48 2.93 2.13 2.12 1.92 1.35 1.27 1.07 1.07 1.03 1.02 0.94 0.69 0.63 0.5 0.49 0.47 0.44 0.44 0.38

Weighting

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

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

Latest Chg (954'000) 133'919 106'690 2'468 791'178 575'475 (69'636) (281'868) 58'893 (559'598) (55'518) 193'027 1'164'397 24'506 (9'520) 217'455 316'600 (308'457)

Target Price 47 53 56 49 57 65 60 54 51 54 58 59 60 49 65 53 38 60 #N/A N/A 42 58 53 54 45 47 50 50 #N/A N/A #N/A N/A 45

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 31.12.2012 Investment Advisor

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

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 12.02.2013 07.02.2013 04.02.2013 01.02.2013 01.02.2013 25.01.2013 24.01.2013 22.01.2013 17.01.2013 07.01.2013 17.12.2012

28.02.2013

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 31.12.2012 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

12/2012 12/yy 108.65 68.50 511'490.00 104.35 -3.82% 52.34% 87.42% 456.0 47'578.38 28'411.00 0.0 2'338.0 10'492.00 66'210.38

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

20 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

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

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

31.12.2012 106'400.0 5'169.0 9.18x 7.01% 5.45% 0.67% 9.30% 7.26% 0.14% 4.9% 4.43% 0.00% -

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 21.09% -0.43% 1.239 43 4.372 2'663'762 1'702'802 1'612'530 FY+2

FQ+1

FQ+2

12/yy 87'384.0 2.70x 0.0 0.00x 2'545.0 12.79x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 96'790.0 105'205.6 108'287.8 1.86x 0.56x 0.54x 0.0 0.00x 5'169.0 5'442.6 5'676.6 9.18x 8.58x 8.20x 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 0.0% 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

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 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 |

28.02.2013

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 DEKA INVESTMENT GMBH ADIG INVESTMENT AMUNDI CAPITAL GROUP COMPAN FRANKFURT TRUST INVE MERCURY ASSET MANAGE OPPENHEIMERFUNDS INC NATIXIS ASSET MANAGE 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

AlphaValue DIETER HEIN RBC Capital Markets GORDON AITKEN Keefe, Bruyette & Woods WILLIAM HAWKINS Berenberg Bank PETER ELIOT Equinet Institutional Services(ESN) PHILIPP HAESSLER Helvea DANIEL BISCHOF Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT Kepler Capital Markets FABRIZIO CROCE DZ Bank AG THORSTEN WENZEL Nord/LB VOLKER SACK National Bank AG MANFRED JAISFELD S&P Capital IQ RODERICK WALLACE Independent Research GmbH STEFAN BONGARDT Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Bankhaus Lampe ANDREAS SCHAEFER JPMorgan MICHAEL HUTTNER Exane BNP Paribas THOMAS JACQUET Banco Sabadell MARIO LODOS Credit Suisse RICHARD BURDEN Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID 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 Societe Generale JASON KALAMBOUSSIS 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 add outperform market perform buy hold accumulate buy sell reduce buy buy buy buy buy buy neutral buy overweight outperform buy neutral overweight outperform neutral buy buy outperform Buy/Neutral buy overweight hold buy buy market perform outperform Equalwt/In-Line buy buy buy market perform buy neutral hold

Amt Held 32'047'039 8'563'293 8'000'572 6'365'290 4'767'885 4'519'378 4'513'764 3'746'308 3'598'771 3'381'128 2'337'600 2'263'956 2'232'924 1'917'437 1'843'650 1'516'111 1'488'178 1'483'920 1'455'112 961'436

% Out 7.03 1.88 1.75 1.4 1.05 0.99 0.99 0.82 0.79 0.74 0.51 0.5 0.49 0.42 0.4 0.33 0.33 0.33 0.32 0.21

Weighting

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

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

Latest Chg 175'318 (440'475) (13'563) (131'397) 546'507 972'739 135'754 (99'900) 2'699 303'500 388'780 8'714

Target Price 110 130 135 132 105 111 120 85 73 120 113 120 133 125 118 103 122 122 125 114 113 120 120 123 133 120 130 120 #N/A N/A 128 110 120 117 100 118 110 100 #N/A N/A 100 #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 26.02.2013 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 28.12.2012 31.10.2012 30.11.2012 31.12.2012 28.12.2012 26.02.2013 30.12.2012 31.12.2012 31.12.2012

Date 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 9 month Not Provided 12 month Not Provided Not Provided 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 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 Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Unclassified

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 08.02.2013 04.02.2013 01.02.2013 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 09.11.2012 03.08.2012 15.03.2012 11.11.2011 12.05.2011

28.02.2013

Alstom SA Alstom S.A. serves the power generation market and the rail transport market. The Group offers a broad range of solutions for the rail industry, from tramways to high speed trains. Alstom also provides integrated power plants and associated services and equipment for a wide variety of energy sources, and offers technology solutions to eliminate pollutants and reduce emissions.

Price/Volume 9.0 M

8.0 M

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALO FP EQUITY YTD Change ALO FP EQUITY YTD % CHANGE

03/2012 12/yy 34.44 22.71 634'119.00 33.695 -2.08% 48.40% 86.45% 308.0 10'379.32 5'022.00 0.0 107.0 2'104.00 13'784.32

31.03.2008 16'908.0 1.13x 1'557.0 12.28x 852.0 22.77x

4.0 M

3.0 M

2.0 M

1.0 M

0 f-12

31.03.2009 31.03.2010 18'739.0 19'650.0 0.51x 0.60x 1'971.0 2'212.0 4.89x 5.34x 1'109.0 1'217.0 10.07x 10.97x Profitability

LTM-4Q 31.03.2011 20'923.0 0.67x 2'244.0 6.28x 462.0 26.58x

31.03.2012 19'934.0 0.58x 2'032.0 5.73x 732.0 11.75x 2'032.00 1'406.00 7.05% 4.63% 2.53% 18.47% 10.51% 0.66% 19.0% 10.4% 7.3% 3.7% 0.92 0.39 16.18% 116.06% 3.86 4.89

Price/ Cash Flow

a-12

m-12

j-12

LTM

12/yy 19'994.0 0.00x 0.0 0.00x 0.0 0.00x

j-12

12/yy 20'343.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.17 207.06 7.79% 11.81% 1.171 32 3.844 1'129'861 1'124'900 1'114'955 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 20'830.6 21'752.3 6'069.0 0.62x 0.58x 1'957.6 2'111.9 7.05x 6.54x 935.3 1'071.2 10.55x 9.62x S&P Issuer Ratings

12.05.2011 BBB NEG 20.01.2010 A-2 11.35 6.81 1.56 2.34 116.1% 53.1% 0.66 7.22 94.71 74.91 92.08 87.81

Sales/Revenue/Turnover

60.00

30'000.0

50.00

25'000.0

40.00

20'000.0

30.00

15'000.0

20.00

10'000.0

10.00

5'000.0

0.00 03.04.2009

m-12

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

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Alstom SA Holdings By:

All

Holder Name BOUYGUES FRANKLIN RESOURCES NATIXIS ASSET MANAGE FMR LLC NORGES BANK AMUNDI NATIXIS ASSET MANAGE VANGUARD GROUP INC UBS INVESTMENT BANK GROUPAMA ASSET MANAG FMR LLC EDMOND DE ROTHSCHILD UBS CAISSE DES DEPOTS ET CITIGROUP GLOBAL MAR TEMPLETON INVESTMENT HSBC HOLDINGS PLC BLACKROCK CREDIT SUISSE LEGAL & GENERAL

Firm Name

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

Analyst

AlphaValue LIONEL PELLICER Sanford C. Bernstein & Co MARTIN PROZESKY RBC Capital Markets ANDREW CARTER CM - CIC Securities(ESN) ARI AGOPYAN Day by Day VALERIE GASTALDY Canaccord Genuity Corp JAMES STETTLER Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Morgan Stanley BEN UGLOW Exane BNP Paribas OLIVIER ESNOU Espirito Santo Investment Bank Research ROB VIRDEE Grupo Santander JOSE MANUEL ARROYAS Societe Generale GAEL DE BRAY William Blair & Co NICHOLAS P HEYMANN Landesbank Baden-Wuerttemberg VOLKER STOLL Barclays NICK WEBSTER Goldman Sachs DANIELA COSTA Credit Suisse ANDRE KUKHNIN JPMorgan ANDREAS WILLI Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Main First Bank AG CHRISTOPHER YOUL EVA Dimensions CRAIG STERLING Natixis ARNAUD SCHMIT Berenberg Bank WILLIAM MACKIE HSBC MICHAEL HAGMANN Redburn Partners JAMES MOORE Kepler Capital Markets PIERRE BOUCHENY CA Cheuvreux ALFRED GLASER DZ Bank AG KARSTEN OBLINGER Deutsche Bank MARTIN WILKIE Independent Research GmbH ROSSEN KOEV CS Capital CHRISTOPHER PARKINSON

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

Recommendation buy market perform underperform buy buy hold buy Overwt/Cautious outperform buy underweight buy market perform sell overweight neutral/neutral neutral neutral reduce buy outperform hold buy hold overweight neutral buy select list hold buy hold buy

Amt Held 90'543'867 22'992'941 8'866'611 7'229'711 5'835'364 5'432'726 4'438'557 3'812'822 3'680'708 3'511'872 3'468'278 3'435'566 3'343'360 3'155'418 2'596'414 2'409'031 1'710'061 1'686'171 1'665'544 1'512'457

% Out 29.39 7.46 2.88 2.35 1.89 1.76 1.44 1.24 1.19 1.14 1.13 1.12 1.09 1.02 0.84 0.78 0.56 0.55 0.54 0.49

Weighting

Change 5 3 1 5 5 3 5 5 5 5 1 5 3 1 5 3 3 3 2 5 5 3 5 3 5 3 5 5 3 5 3 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 M M M M M M N

Latest Chg 744'152 4'494'482 97'141 (1'263'275) (2'546) (16'250) (32'839) -

Target Price 47 33 27 40 43 30 38 38 37 42 31 37 34 28 39 32 27 33 25 38 41 #N/A N/A 37 35 38 #N/A N/A 34 35 31 41 44 42

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

File Dt Inst Type 04.10.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.03.2012 Unclassified 31.03.2012 Government 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Bank 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 28.12.2012 Unclassified 31.03.2012 Unclassified 31.03.2012 Investment Advisor 30.11.2012 Investment Advisor 31.03.2012 Investment Advisor 26.02.2013 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Unclassified

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

Date 28.02.2013 26.02.2013 19.02.2013 14.02.2013 14.02.2013 08.02.2013 07.02.2013 04.02.2013 25.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 17.01.2013 15.01.2013 08.01.2013 29.11.2012 08.10.2012 02.10.2012 07.05.2012 23.03.2012 04.11.2011 21.07.2011 27.10.2010

28.02.2013

Anglo American PLC Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

Price/Volume 3000

7.0 M 6.0 M 5.0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAL LN EQUITY YTD Change AAL LN EQUITY YTD % CHANGE

12/2012 01/yy 2'752.00 1'662.50 752'288.00 1918 -30.29% 15.37% 26.62% 1'393.1 26'720.28 17'754.00 0.0 6'130.0 9'094.00 55'305.96

4.0 M

1000

3.0 M 2.0 M

500

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

8.0 M

2000

Valuation Analysis

31.12.2008 26'311.0 1.61x 9'986.0 4.23x 5'215.0 5.19x

9.0 M

2500

31.12.2009 31.12.2010 20'858.0 27'960.0 3.39x 2.84x 4'465.0 10'301.0 15.82x 7.71x 2'425.0 6'544.0 21.67x 9.58x Profitability

31.12.2011 30'580.0 1.77x 11'889.0 4.55x 6'169.0 7.23x

31.12.2012 28'761.0 2.00x 7'694.0 7.48x (1'493.0) 7'694.00 5'405.00 18.79% -0.83% -1.97% -3.89% 9.38% 0.38% 43.3% 26.8% 18.8% -5.2% 2.41 1.41 22.37% 47.15% 9.36 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.92 1.42 1'225.82 -25.94% 1.27% 1.418 32 3.031 3'361'866 3'079'506 3'129'120 FY+2

12/13 Y 12/14 Y 34'446.7 36'034.4 1.66x 1.61x 9'887.9 10'889.3 5.59x 5.08x 2'988.7 3'662.5 12.30x 10.19x S&P Issuer Ratings

.0 M f-13

FQ+1

FQ+2

18.04.2011 BBB+ NEG 19.04.2010 A-2 7.09 1.92 1.13 2.31 47.1% 28.8% 0.38 0.67 39.11 49.13

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Anglo American PLC Holdings By:

All

Holder Name BLACKROCK PUBLIC INVESTMENT CO LEGAL & GENERAL TARL INVESTMENT HOLD EPOCH TWO INVESTMENT NORGES BANK INVESTME SCOTTISH WIDOWS FMR LLC VANGUARD GROUP INC E OPPENHEIMER & SON OPPENHEIMERFUNDS INC UBS PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC CORONATION ASSET MAN GOVT OF SINGAPORE IN AVIVA INVESTORS STATE STREET Northern Cross Inter

Firm Name AlphaValue Exane BNP Paribas Sanford C. Bernstein & Co RBC Capital Markets EVA Dimensions Jefferies Societe Generale Independent Research GmbH Deutsche Bank Credit Suisse JPMorgan Natixis Nomura SBG Securities S&P Capital IQ BMO Capital Markets Morgan Stanley Goldman Sachs HSBC Imara Investec Redburn Partners Barclays Macquarie Liberum Capital Ltd Day by Day Standard Chartered Avior Research CA Cheuvreux Daiwa Securities Co. Ltd. Panmure Gordon & Co Limited Prosdocimi

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

Analyst SACHIN KUMAR RAPHAEL VEVERKA PAUL GAIT DES KILALEA CRAIG STERLING Christopher LaFemina ALAIN WILLIAM SVEN DIERMEIER GRANT SPORRE LIAM FITZPATRICK FRASER JAMIESON RAOUDHA BOUZEKRI SAM CATALANO PETER DAVEY JOHNSON IMODE TONY ROBSON MENNO SANDERSE EUGENE KING ANDREW KEEN STEPHEN MEINTJES ALBERT MINASSIAN SIMON TOYNE IAN ROSSOUW KIERAN DALY ASH LAZENBY VALERIE GASTALDY SUBRAMANIAM VARADA CLINTON DUNCAN JOAKIM AHLBERG SCOTT FINLAY ALISON TURNER TEAM COVERAGE

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

Recommendation add underperform outperform sector perform underweight buy sell sell buy neutral underweight neutral neutral sell hold market perform Equalwt/In-Line sell/attractive overweight hold hold sell equalweight outperform hold hold in-line outperform outperform hold hold buy

Amt Held 78'986'629 77'592'603 51'463'960 47'275'613 42'166'686 29'466'453 29'199'945 28'152'759 25'211'973 25'200'000 18'493'976 17'632'458 17'290'964 15'661'337 14'199'373 10'574'494 10'535'767 10'437'360 9'723'569 9'024'700

% Out 5.67 5.57 3.69 3.39 3.03 2.12 2.1 2.02 1.81 1.81 1.33 1.27 1.24 1.12 1.02 0.76 0.76 0.75 0.7 0.65

Weighting

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

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

Latest Chg 540'016 (2'557'012) 3'632'677 (4'622'324) 549'175 1'751'397 523'597 6'944'224 1'122'571 1'982'164 1'922'748 (639'640) 393'514 95'026

Target Price 2'191 1'700 2'225 1'700 #N/A N/A 2'450 1'900 1'800 2'290 2'100 1'640 1'900 1'800 2'000 2'100 2'200 1'970 1'550 2'240 #N/A N/A 2'259 #N/A N/A 1'970 2'250 #N/A N/A #N/A N/A 1'960 2'338 2'250 3'329 2'756 #N/A N/A

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

File Dt 26.02.2013 01.11.2012 31.01.2013 01.11.2012 01.11.2012 01.11.2012 30.11.2012 31.12.2012 31.12.2012 01.11.2012 30.12.2012 28.12.2012 01.11.2012 01.11.2012 01.11.2012 30.09.2012 01.11.2012 01.11.2012 27.02.2013 01.11.2012

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

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

Date 28.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 11.02.2013 07.02.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 10.01.2013 30.11.2012 03.10.2012 08.09.2012 27.08.2012 30.07.2012 21.04.2011 21.04.2011 10.06.2010

28.02.2013

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

8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE

12/2012 12/yy 71.74 49.79 540'520.00 71.2 -0.79% 43.00% 97.20% 1'606.8 114'403.27 44'341.00 0.0 4'299.0 13'878.00 184'756.12

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

4.0 M

3.0 M

2.0 M

1.0 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 23'507.0 4.07x 7'734.0 12.37x 1'927.0 11.99x

5.0 M

31.12.2009 31.12.2010 36'758.0 36'297.0 3.57x 3.70x 12'925.0 13'768.0 10.15x 9.76x 4'613.0 4'026.0 17.92x 22.61x Profitability

LTM-4Q 31.12.2011 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x

31.12.2012 39'758.0 4.37x 15'450.0 11.25x 7'243.0 19.15x 15'450.00 12'765.00 32.11% 28.05% 6.16% 18.42% 13.08% 0.34% 58.6% 38.9% 32.1% 18.2% 1.01 0.88 36.16% 107.78% 9.76 6.62

Price/ Cash Flow

LTM

12/yy 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x

12/yy 39'758.0 4.14x 11'768.0 0.00x 7'244.0 19.04x

FY+1

.0 M f-13

0.78 44.29% 8.31% 0.775 35 3.714 2'462'573 2'289'935 1'827'882 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 45'038.9 48'541.3 4.20x 3.78x 17'643.5 19'424.8 10.48x 9.52x 8'086.7 8'967.0 18.73x 16.66x S&P Issuer Ratings

01.05.2012 A STABLE 01.05.2012 A-1 7.48 5.90 1.97 2.87 107.8% 49.4% 0.34 2.45 37.49 55.25 306.82 -214.08

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 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 |

28.02.2013

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 INVESTM

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 HSBC LAUREN E TORRES Nomura IAN SHACKLETON Exane BNP Paribas JAVIER GONZALEZ LASTRA AlphaValue ISABELLE COMBEMALE Kempen & Co SANDER VAN OORT Jefferies DIRK VAN VLAANDEREN Sanford C. Bernstein & Co TREVOR STIRLING Bank Degroof(ESN) HANS D'HAESE Independent Research GmbH LARS LUSEBRINK KBC Securities WIM HOSTE Canaccord Genuity Corp EDDY HARGREAVES S&P Capital IQ CARL SHORT ING Bank MARCO GULPERS ABN Amro Bank N.V. ROBERT JAN VOS Rabobank International KAREL ZOETE JPMorgan MIKE J GIBBS Natixis OLIVIER DELAHOUSSE Grupo Santander ANTHONY J BUCALO Petercam KRIS KIPPERS Berenberg Bank PHILIP MORRISEY Goldman Sachs MITCHELL COLLETT Credit Suisse SANJEET AUJLA 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 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 overweight neutral underperform sell hold buy outperform hold hold hold buy hold hold reduce buy not rated neutral buy buy buy sell/attractive neutral buy buy outperform buy outperform sell 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 12'006'663 10'597'724 9'854'250 7'601'955 6'997'665 5'485'415 4'160'120 3'870'095 3'438'936 2'695'029 2'446'978 2'292'039 2'153'869 2'066'638

% Out 41.27 8.29 2.18 2.03 1.21 1.04 0.75 0.66 0.61 0.47 0.44 0.34 0.26 0.24 0.21 0.17 0.15 0.14 0.13 0.13

Weighting

Change

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

Latest Chg (3'462'946) (1'662'696) (2'422'646) 266'830 (128'959) 727'791 89'672 10'559 1'647'249 311'764 402'350 166'567 46'278

Target Price 74 78 70 63 44 68 76 81 74 73 71 85 73 68 61 76 #N/A N/A 70 71 80 64 60 70 75 #N/A N/A 69 82 72 #N/A N/A 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 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 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 27.02.2013 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.10.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 25.01.2013 21.01.2013 17.01.2013 14.09.2012 10.09.2012 07.08.2012 29.06.2012 29.06.2012 05.03.2012 07.02.2012 27.09.2011

28.02.2013

Antofagasta PLC Antofagasta plc owns and operates copper mines in Chile and conducts exploration activities in Chile and Peru. The Group also operates a rail network servicing the mining region of northern Chile, as well as operates a concession for the distribution of water in this region.

Price/Volume 1600

7.0 M

1400

6.0 M

1200

5.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANTO LN EQUITY YTD Change ANTO LN EQUITY YTD % CHANGE

12/2011 09/yy 1'392.00 972.00 312'006.00 1099 -20.98% 13.07% 34.05% 985.9 10'834.56 2'140.30 0.0 1'611.2 3'280.00 16'875.29

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

3.0 M

600 400

2.0 M

200

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 3'826.7 3.37x 2'784.2 4.64x 1'382.1 10.14x

4.0 M

800

Valuation Analysis

31.12.2008 31.12.2009 3'372.6 2'962.6 1.29x 5.22x 1'776.4 1'676.9 2.45x 9.23x 1'706.5 667.7 3.58x 23.65x Profitability

LTM-4Q 31.12.2010 4'577.1 5.42x 2'881.1 8.60x 1'051.8 23.56x

31.12.2011 6'076.0 3.14x 3'519.3 5.41x 1'236.6 15.02x 3'519.30 3'087.60 50.82% 50.63% 10.17% 19.40% 0.53% 64.8% 55.4% 47.9% 20.4% 4.79 4.05 18.29% 34.54% 6.33 3.99

Price/ Cash Flow

09/yy 4'172.9 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 6'755.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.23 1.54 345.84 -15.25% -16.99% 1.544 29 2.793 2'470'585 1'964'332 1'610'025 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 6'640.1 6'606.7 1'587.8 1'618.0 2.41x 2.41x 3'744.1 3'435.2 923.4 4.51x 4.91x 1'338.0 1'301.9 12.16x 12.53x S&P Issuer Ratings

79.09 64.11 -0.39 0.59 34.5% 21.5% 0.53 0.97 57.78 91.82 68.81 77.50

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 02.01.2009

1'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

28.02.2013

Antofagasta PLC Holdings By:

All

Holder Name METALINVEST ESTABLIS KUPFERBERG ESTABLISH BLACKROCK AUREBERG ESTABLISHME FRANKLIN RESOURCES LEGAL & GENERAL RS INVESTMENT MANAGE NORGES BANK INVESTME SCOTTISH WIDOWS RS INVESTMENT MANAGE JP MORGAN VANGUARD GROUP INC FMR LLC BAILLIE GIFFORD AND UBS MERRILL LYNCH & COMP T ROWE PRICE ASSOCIA PEOPLES REPUBLIC OF T ROWE PRICE ASSOCIA GH KLUGE & SONS LTD

Firm Name AlphaValue JPMorgan Exane BNP Paribas Societe Generale RBC Capital Markets Day by Day GMP Jefferies HSBC Goldman Sachs Canaccord Genuity Corp Nomura Macquarie Deutsche Bank Credit Suisse Fox-Davies Capital Barclays Numis Securities Ltd Morgan Stanley EVA Dimensions Liberum Capital Ltd Redburn Partners BMO Capital Markets Natixis Larrain Vial Corredores de Bolsa S&P Capital IQ Grupo Santander Daiwa Securities Co. Ltd.

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

Analyst SACHIN KUMAR FRASER JAMIESON RAPHAEL VEVERKA ABHISHEK SHUKLA TIMOTHY HUFF VALERIE GASTALDY MATHEW FERNLEY Christopher LaFemina ANDREW KEEN FAWZI HANANO PETER MALLIN-JONES PATRICK JONES ALON OLSHA GRANT SPORRE LIAM FITZPATRICK PETER ROSE IAN ROSSOUW CAILEY BARKER ALAIN GABRIEL CRAIG STERLING BEN DAVIS SIMON TOYNE TEAM COVERAGE RAOUDHA BOUZEKRI JOSE PEDRO FUENZALIDA JOHNSON IMODE RODRIGO ORDONEZ SCOTT FINLAY

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

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

Amt Held 500'026'513 98'032'110 50'278'691 41'963'110 27'996'546 14'952'806 9'420'911 8'649'755 8'488'957 7'887'165 7'412'130 7'272'901 7'259'809 7'141'508 6'973'019 6'199'759 5'776'806 5'702'125 5'539'205 5'345'800

% Out 50.72 9.94 5.1 4.26 2.84 1.52 0.96 0.88 0.86 0.8 0.75 0.74 0.74 0.72 0.71 0.63 0.59 0.58 0.56 0.54

Weighting

Change

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

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

Latest Chg 877'100 (652'086) 348'840 (310'538) 2'136'431 387'806 185'093 188'245 5'090'993 49'137 (597'020) (2'450) (4'170'287) 557'168 (1'951'983) -

Target Price 1'457 1'400 1'350 970 1'200 #N/A N/A 1'220 1'350 1'160 1'075 1'175 1'250 1'170 1'260 1'150 984 1'100 1'230 1'100 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 1'147 1'180 1'000 1'500 1'372

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

File Dt 12.03.2012 02.01.2013 26.02.2013 02.01.2013 02.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 31.12.2012 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013

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

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

Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 22.02.2013 21.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 03.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 29.01.2013 23.01.2013 17.01.2013 14.01.2013 06.12.2012 22.11.2012 20.11.2012 19.11.2012 12.10.2012 15.03.2012 09.06.2011

28.02.2013

AP Moeller - Maersk A/S A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Company's fleet includes container vessels, tankers, supply ships, special vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial, and supermarket businesses, and explores for and produces oil and gas. The Company is active worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAERSKB DC EQUITY YTD Change MAERSKB DC EQUITY YTD % CHANGE

12/2012 12/yy 47'480.00 35'000.00 1'761.00 45680 -3.79% 30.51% 83.33% 2.2 196'834.95 111'064.00 0.0 13'744.0 15'171.00 306'471.96

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

31.12.2009 31.12.2010 260'336.0 315'396.0 1.01x 0.97x 49'262.0 89'218.0 5.34x 3.44x (7'027.0) 26'455.0 8.33x Profitability

LTM-4Q 31.12.2011 322'520.0 0.84x 78'506.0 3.44x 15'189.0 10.96x

31.12.2012 342'058.0 0.85x 72'897.0 4.00x 21'673.0 8.59x 72'897.00 41'924.00 12.26% 12.43% 5.25% 10.76% 0.83% 21.3% 12.3% 6.3% 1.15 0.67 26.40% 53.19% 12.20 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.02 3.97% 7.23% 1.017 31 3.677 5'834 4'800 4'522 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 322'520.0 342'058.0 346'192.4 366'044.8 81'773.1 85'571.3 2.44x 3.40x 0.89x 0.83x 78'506.0 72'897.0 78'615.5 85'718.1 17'725.7 19'909.3 3.44x 4.06x 3.90x 3.58x 3.95x 3.78x 15'189.0 21'673.0 19'673.8 24'918.6 3'444.0 5'381.8 11.01x 8.61x 10.30x 8.27x 10.09x 9.27x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

15.68 7.80 1.32 1.52 53.2% 33.3% 0.83 1.33 30.01 -

Sales/Revenue/Turnover

9.00

400'000.0

8.00

350'000.0

7.00

300'000.0

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0

2.00

50'000.0

1.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 311'821.0 0.68x 83'945.0 2.52x 16'960.0 6.86x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 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 |

28.02.2013

AP Moeller - Maersk A/S Holdings By:

All

Holder Name AP & CHASTINE MOLLER AP MOLLER C MCKINNEY FRANKLIN RESOURCES MC-KINNEY MOLLER MAE DEN AP MOLLERSKE STO VANGUARD GROUP INC AP MOLLER - MAERSK A SKAGEN AS NORDEA INV MANAGEMEN BLACKROCK SWEDBANK ROBUR FONDE CAPITAL GROUP COMPAN MANDARINE GESTION JANUS CAPITAL MANAGE SPARINVEST ING INTERNATIONAL AD T ROWE PRICE ASSOCIA SARASIN DANSKE INVEST A/S DEUTSCHE BANK AG

Firm Name AlphaValue ABN Amro Bank N.V. Nordea Equity Research ABG Sundal Collier SEB Enskilda Carnegie Handelsbanken DNB Markets Danske Markets Clarkson Capital Markets LLC Alm Brand Markets Goldman Sachs JPMorgan Cantor Fitzgerald Fearnley Fonds Nomura Berenberg Bank Deutsche Bank RS Platou Markets Morgan Stanley Macquarie EVA Dimensions Credit Suisse HSBC SpareBank 1 Markets AS Equita SIM SpA Jyske Bank CA Cheuvreux NYKREDIT Sydbank

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

Analyst HELENE COUMES MARK VAN DER GEEST FINN BJARKE PETERSEN LARS HEINDORFF MIKKEL M NIELSEN STIG FREDERIKSEN DAN TOGO JENSEN NICOLAY DYVIK ERIK BERGOO URS M DUR JESPER CHRISTENSEN OLIVER NEAL CHRISTOPHER G COMBE ROBIN BYDE RIKARD VABO MARK MCVICAR WILLIAM FOGGON JOSE FRANCISCO RUIZ SOLERA FRODE MOERKEDAL PENNY BUTCHER ROBERT JOYNSON CRAIG STERLING NEIL GLYNN JULIA WINARSO GLENN LODDEN GIANMARCO BONACINA FRANS HOYER BEAT KEISER RICKY S RASMUSSEN JACOB PEDERSEN

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

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

Amt Held 905'933 216'483 87'574 81'758 64'615 35'821 29'729 16'835 14'480 14'105 12'536 9'054 8'206 6'963 6'719 6'527 6'428 6'199 5'990 5'839

% Out 41.22 9.85 3.98 3.72 2.94 1.63 1.35 0.77 0.66 0.64 0.57 0.41 0.37 0.32 0.31 0.3 0.29 0.28 0.27 0.27

Weighting

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

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

Latest Chg (1'148) 4'657 275 4'040 1'049 4'214 (680) (954) (406) 530 (478) (319) (43)

Target Price 41'684 52'500 50'000 52'000 45'100 #N/A N/A 57'000 51'000 55'000 42'200 42'500 56'000 45'000 50'000 38'000 59'000 57'000 53'800 50'000 60'000 45'000 #N/A N/A 38'000 56'000 50'000 60'000 37'000 40'000 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2011 Other 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 Other 31.12.2012 Investment Advisor 31.12.2011 Corporation 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 19.02.2013 08.02.2013 03.02.2013 01.02.2013 30.01.2013 17.01.2013 23.11.2012 13.11.2012 26.10.2012 17.10.2012 04.09.2012 10.08.2012 23.02.2012 18.02.2011

28.02.2013

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

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 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 16.42 10.60 2'321'167.00 11.355 -30.82% 7.17% 16.82% 1'665.4 18'910.53 25'752.00 0.0 3'474.0 4'398.00 49'621.59

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

20.0 M

15.0 M

10.0 M

5.0 M

2 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 124'936.0 0.50x 24'436.0 2.57x 9'399.0 3.49x

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

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

1.48 976.79 -25.49% -12.21% 1.477 42 3.524 11'560'490 8'518'240 8'114'582 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 0.53x 0.49x 2.34x 2.16x 7'995.0 9'529.1 1'607.3 2'168.3 6.21x 5.21x 6.52x 6.11x 1'250.1 2'590.7 33.8 557.0 20.01x 9.98x 22.97x 16.31x S&P Issuer Ratings

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 |

28.02.2013

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 ING INTERNATIONAL AD DIMENSIONAL FUND ADV HENDERSON GLOBAL INV LBPAM ACHMEA BELEGGINSFOND BNP ASSET MANAGEMENT MERCURY ASSET MANAGE SNS INVESTMENT FUND HARTFORD INVESTMENT BNP ASSET MANAGEMENT

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 BNP PARIBAS CLIQUET

Analyst

Exane BNP Paribas LUC PEZ EVA Dimensions CRAIG STERLING HSBC THORSTEN ZIMMERMANN Nomura NEIL SAMPAT AlphaValue FABRICE FARIGOULE RBC Capital Markets TIMOTHY HUFF Bankia Bolsa (ESN) INIGO RECIO PASCUAL Banco Sabadell FRANCISCO JOSE RODRIGUEZ 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 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 Grupo Santander JUAN RAMON CORREAS Theodoor Gilissen Securities TOM MULLER 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 MF-FRA

Recommendation neutral hold neutral neutral buy outperform buy buy buy buy sell buy hold buy hold sell sell hold Equalwt/Cautious neutral/neutral overweight sell hold Under Review buy buy neutral hold buy 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 13'348'667 12'923'790 11'807'964 8'527'735 6'034'275 5'391'818 4'509'672 3'648'408 3'405'847 3'040'188 2'965'210 2'897'046 2'858'279 2'539'528 2'400'895 2'277'403

% Out 38.27 2.34 2.06 1.13 0.8 0.78 0.71 0.51 0.36 0.32 0.27 0.22 0.2 0.18 0.18 0.17 0.17 0.15 0.14 0.14

Weighting

Change

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

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

Latest Chg (1'268'600) 378'014 (888'877) (458'274) (35'853) 1'244'588 (2'720) 1'632'158 383'008 (511'043) 2'297'074 (67'376) 1'952'715 2'277'403

Target Price 15 #N/A N/A 12 12 15 14 16 15 #N/A N/A 16 10 16 14 15 13 10 9 13 13 12 15 12 13 #N/A N/A 19 21 15 17 18 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 26.02.2013 31.12.2012 17.05.2012 31.12.2012 30.11.2012 31.01.2013 28.09.2012 31.07.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 26.02.2013 29.06.2012 31.01.2013 30.09.2012

Date Not Provided Not Provided Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 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 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 Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 18.02.2013 18.02.2013 15.02.2013 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 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 25.01.2013 22.01.2013 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

28.02.2013

ARM Holdings PLC ARM Holdings plc develops processors, data engines, peripherals, software, and tools. The Group's solutions are used in a variety of applications, including in the automotive, consumer entertainment, digital imaging, mass storage, networking, security, and wireless industries.

Price/Volume 1200

18.0 M 16.0 M

1000

14.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARM LN EQUITY YTD Change ARM LN EQUITY YTD % CHANGE

12/2012 12/yy 964.00 463.60 607'657.00 956.5 -0.73% 106.32% 97.20% 1'380.8 13'207.05 5.80 0.0 0.0 386.30 12'826.55

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

10.0 M 8.0 M

400

6.0 M 4.0 M

200

2.0 M

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 298.9 3.63x 90.0 12.05x 43.6 25.11x

12.0 M

600

31.12.2009 31.12.2010 305.0 406.6 7.36x 13.31x 63.1 125.6 35.55x 43.09x 40.4 86.0 55.60x 64.66x Profitability

LTM-4Q 31.12.2011 491.8 15.56x 159.3 48.06x 112.6 70.69x

31.12.2012 576.9 17.92x 225.5 45.85x 160.7 65.72x 225.50 208.10 36.07% 38.31% 11.62% 14.18% 14.14% 0.42% 94.5% 39.1% 36.1% 27.9% 2.84 2.19 0.40% 0.48% 4.73 13.38

Price/ Cash Flow

12/yy 491.8 61.30x 0.0 0.00x 112.6 70.73x

LTM 12/yy 576.8 56.03x 0.0 0.00x 160.6 65.76x

FY+1

.0 M f-13

0.47 1.05 1'373.53 69.17% 24.54% 1.051 30 3.400 3'416'629 3'835'742 4'028'982 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 666.4 781.8 157.5 159.1 18.96x 15.87x 80.91x 80.05x 337.3 419.6 74.3 72.8 38.03x 30.57x 40.59x 37.42x 263.4 338.2 62.2 62.0 51.42x 40.53x 50.61x 47.83x S&P Issuer Ratings

-1.69 0.03 0.5% 0.5% 0.42 21.31 77.44 27.36 84.05 20.76

Sales/Revenue/Turnover

80.00

700.0

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0

30.00

200.0

20.00

100.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

ARM Holdings PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BAILLIE GIFFORD AND FMR LLC BLACKROCK THORNBURG INVESTMENT LEGAL & GENERAL JANUS CAPITAL MANAGE VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK INVESTME LONE PINE CAPITAL LL FRANKLIN RESOURCES PEOPLES REPUBLIC OF VANGUARD GROUP INC APG ALGEMENE PENSIOE STANDARD LIFE INVEST WILLIAM BLAIR & COMP HARDING LOEVNER LP NATIXIS ASSET MANAGE UBS

Firm Name

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

Analyst

Exane BNP Paribas JEROME RAMEL AlphaValue LIONEL PELLICER Morgan Stanley FRANCOIS MEUNIER Societe Generale PETER KNOX BMO Capital Markets AMBRISH SRIVASTAVA Sanford C. Bernstein & Co PIERRE FERRAGU Redburn Partners SUMANT WAHI Day by Day VALERIE GASTALDY Credit Suisse JUSTIS MCEVILLY Goldman Sachs SIMON F SCHAFER Peel Hunt PAUL GILMER MORLAND RBC Capital Markets ANDREW DUNN JPMorgan SANDEEP S DESHPANDE CA Cheuvreux BERND LAUX Espirito Santo Investment Bank Research VIJAY ANAND Natixis STEPHANE HOURI S&P Capital IQ JAMES CRAWSHAW Numis Securities Ltd NICK JAMES Barclays ANDREW M GARDINER Investec JULIAN YATES Finncap LORNE DANIEL Jefferies LEE SIMPSON EVA Dimensions ANDREW S ZAMFOTIS Berenberg Bank ADNAAN AHMAD D.A. Davidson & Co AALOK K SHAH Deutsche Bank KAI KORSCHELT Liberum Capital Ltd JANARDAN MENON Merchant Securities JULIAN TOLLEY Panmure Gordon & Co Limited GEORGE O'CONNOR

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

Recommendation outperform sell Equalwt/Cautious sell outperform underperform buy buy outperform Buy/Neutral hold outperform neutral outperform neutral neutral hold hold overweight hold hold hold underweight buy neutral sell sell buy sell

Amt Held 95'690'311 81'330'184 79'925'721 67'090'522 61'899'954 49'773'219 48'892'118 44'774'427 26'857'349 26'616'977 18'045'002 16'851'701 16'092'906 15'992'665 15'841'776 14'958'679 14'519'056 9'719'233 9'530'232 9'001'166

% Out 6.93 5.89 5.79 4.86 4.48 3.6 3.54 3.24 1.95 1.93 1.31 1.22 1.17 1.16 1.15 1.08 1.05 0.7 0.69 0.65

Weighting

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

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

Latest Chg (1'388'313) 209'000 (14'018'380) (3'298'076) 93'283 713'733 619'743 7'456'490 (622'766) (3'881'989) 542'323 (722'733) 3'127'478 460'541 (630'000) 287'919

Target Price 1'000 532 911 640 1'200 550 #N/A N/A 1'090 1'130 1'250 930 960 625 1'040 920 955 1'000 920 1'075 940 900 805 #N/A N/A 1'000 655 400 440 680 265

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

File Dt Inst Type 01.02.2013 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 26.02.2013 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Government 01.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 01.12.2012 Government 01.12.2012 Investment Advisor 01.12.2012 Pension Fund (ERISA) 01.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.12.2012 Investment Advisor 01.12.2012 Investment Advisor 28.12.2012 Unclassified

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

Date 28.02.2013 28.02.2013 27.02.2013 26.02.2013 24.02.2013 21.02.2013 21.02.2013 14.02.2013 08.02.2013 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 05.02.2013 29.01.2013 17.01.2013 29.11.2012 23.10.2012 03.09.2012 27.07.2012 09.11.2011 02.09.2010

28.02.2013

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

14.0 M

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 33.59 240'082.00 54.08 -6.83% 61.02% 85.06% 419.9 22'705.63 759.49 0.0 0.0 2'697.60 20'767.51

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 2'953.7 1.71x 406.2 12.42x 322.4 17.00x

12.0 M

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

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 90.38% 12.67% 0.933 36 3.583 1'329'633 1'782'551 1'647'886 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'862.8 6'045.2 911.5 1'090.4 4.18x 3.24x 22.57x 19.12x 1'254.1 1'821.5 139.5 235.0 16.56x 11.40x 17.44x 13.83x 945.6 1'452.9 120.0 196.8 23.38x 15.24x 22.58x 18.85x S&P Issuer Ratings

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 |

28.02.2013

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 HENDERSON GLOBAL INV SARASIN BNP PARIBAS INV PART BESSEMER GROUP INCOR LBPAM

Firm Name Exane BNP Paribas AlphaValue Morgan Stanley Pacific Crest Securities Rabobank International Natixis JPMorgan ING Bank EVA Dimensions Day by Day Deutsche Bank Liberum Capital Ltd ABN Amro Bank N.V. Baader Bank Bank of Valletta Grupo Santander Societe Generale Credit Suisse Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg CA Cheuvreux Petercam S&P Capital IQ Main First Bank AG Barclays 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 n/a n/a Multiple Portfolios Multiple Portfolios

Analyst JEROME RAMEL LIONEL PELLICER FRANCOIS MEUNIER WESTON TWIGG PHILIP SCHOLTE STEPHANE HOURI SANDEEP S DESHPANDE MARC ZWARTSENBURG ANDREW S ZAMFOTIS VALERIE GASTALDY KAI KORSCHELT JANARDAN MENON ROBIN VAN DEN BROEK GUENTHER MICHAEL HOLLFELDER TEAM COVERAGE CARLOS JAVIER TREVINO PETER KNOX SATYA KUMAR PIERRE FERRAGU WALTER SCHNEIDER BERND LAUX MARCEL ACHTERBERG JAMES CRAWSHAW JUERGEN WAGNER ANDREW M GARDINER 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 ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral reduce Overwt/Cautious sector perform hold buy overweight hold underweight buy hold hold buy hold overweight hold hold outperform outperform hold outperform hold buy underperform overweight 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 3'435'506 2'964'987 1'645'738 1'523'440 1'165'173 1'104'264 905'408 855'324 846'675 846'555 842'648 809'277

% 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 0.2 0.2 0.2 0.2 0.19

Weighting

Change

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

M M M M M M M M D M U U U 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 (64'060) 1'901'140 39'872 (421'865) 516'501 2'376 (464'871) (479'776) 827'721 (247'319)

Target Price 50 53 56 #N/A N/A 52 62 65 60 #N/A N/A 63 47 45 60 52 59 43 48 60 58 50 59 57 58 40 53 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 26.02.2013 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 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 28.02.2013 28.02.2013 26.02.2013 25.02.2013 25.02.2013 21.02.2013 12.02.2013 01.02.2013 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 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

28.02.2013

Assa Abloy AB Assa Abloy AB develops, designs, and manufactures security locks. The Company markets mechanical locks, industrial locks, and electromechanical and electronic locks for doors and windows, and hotel locks, fittings, and other accessories. The Company also makes locks for parking meters, pay telephones and gambling machines. Assa Abloy primarily sells in Europe and in North America.

Price/Volume 300

3.5 M 3.0 M 2.5 M

150

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASSAB SS EQUITY YTD Change ASSAB SS EQUITY YTD % CHANGE

12/2012 12/yy 257.80 177.50 77'679.00 256.4 -0.50% 44.45% 94.89% 351.7 95'088.19 15'807.00 0.0 183.0 907.00 110'171.19

2.0 M

100

1.5 M 1.0 M

.5 M

0 f-12 m-12

31.12.2009 31.12.2010 34'963.0 36'823.0 1.74x 2.15x 5'373.0 7'093.0 11.32x 11.16x 2'626.0 4'050.0 19.20x 17.11x Profitability

LTM-4Q 31.12.2011 41'786.0 1.42x 6'223.0 9.53x 3'843.0 18.46x

31.12.2012 46'619.0 2.26x 8'465.0 12.42x 5'112.0 17.58x 8'465.00 7'431.00 15.94% 14.44% 8.87% 20.42% 0.81% 39.5% 18.2% 15.9% 11.0% 1.00 0.50 26.41% 59.55% 6.44 4.86

Price/ Cash Flow

j-12

LTM

12/yy 41'786.0 7.28x 6'223.0 9.53x 3'843.0 18.46x

j-12

12/yy 46'620.0 8.16x 8'465.0 12.42x 5'111.0 17.58x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.97 30.51% 5.56% 0.969 28 2.964 847'380 995'078 924'507 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 48'454.7 51'263.2 11'205.4 12'179.3 2.23x 2.04x 10.09x 9.45x 9'076.5 9'701.5 1'972.4 2'230.4 12.14x 11.36x 12.22x 11.90x 5'583.8 6'141.5 1'160.6 1'378.2 17.07x 15.53x 17.30x 16.82x S&P Issuer Ratings

06.04.2011 ASTABLE 21.09.2001 A-2 9.96 8.52 1.76 1.87 59.6% 37.2% 0.81 8.26 56.84 75.36 80.73

Sales/Revenue/Turnover

18.00

50'000.0

16.00

45'000.0

14.00

40'000.0 35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12 m-12

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

4.0 M

200

Valuation Analysis

31.12.2008 34'918.0 1.31x 5'122.0 8.95x 2'413.0 13.42x

4.5 M

250

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 |

28.02.2013

Assa Abloy AB Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LATOUR INVESTMENT AB BLACKROCK MELKER SCHORLING & C GOVERNMENT OF NORWAY FMR LLC VANGUARD GROUP INC SWEDBANK ROBUR FONDE OPPENHEIMERFUNDS INC SHB FUNDS AMF FONDER AB ALECTA PENSIONSFORSA FOLKSAM GROUP HARRIS ASSOCIATES LP SEB TRYGG LIV INSURA HANDELSBANKEN FONDER SEB FOLKSAM LO FOND AB SPP FONDER AB T ROWE PRICE ASSOCIA

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Credit Suisse ANDRE KUKHNIN Danske Markets OSCAR STJERNGREN Sanford C. Bernstein & Co MARTIN PROZESKY EVA Dimensions CRAIG STERLING HSBC COLIN GIBSON Nordea Equity Research ANDREAS KOSKI Erik Penser Bankaktiebolag AB MAX FRYDEN Canaccord Genuity Corp ANDREW BELL Handelsbanken JON HYLTNER Swedbank NICLAS HOGLUND DNB Markets LARS BRORSON Societe Generale SEBASTIEN GRUTER Morgan Stanley MARKUS ALMERUD ABG Sundal Collier ANDERS IDBORG JPMorgan ANDREAS WILLI SEB Enskilda STEFAN ANDERSSON Carnegie AGNIESZKA VILELA Exane BNP Paribas JONATHAN R MOUNSEY CA Cheuvreux JOAKIM HOGLUND Deutsche Bank JOHAN WETTERGREN Goldman Sachs AARON IBBOTSON Pareto Securities DAVID JACOBSSON Barclays ALLAN SMYLIE Espirito Santo Investment Bank Research ROB VIRDEE Redburn Partners JAMES MOORE

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

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

Amt Held 31'078'500 21'300'000 18'730'437 9'162'136 8'757'461 8'016'506 7'390'937 6'916'101 6'077'682 5'432'951 5'396'500 5'000'000 4'995'340 4'894'400 4'702'754 3'900'416 3'365'011 3'280'217 2'258'051 1'889'009

% Out 8.84 6.06 5.33 2.61 2.49 2.28 2.1 1.97 1.73 1.54 1.53 1.42 1.42 1.39 1.34 1.11 0.96 0.93 0.64 0.54

Weighting

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

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

Latest Chg 839'375 348'653 (455'393) 131'500 (30'981) (900'432) 429'555 (183'832) 187'106

Target Price 270 255 237 #N/A N/A 270 223 240 280 225 235 200 220 225 210 250 230 #N/A N/A 250 225 215 257 240 225 250 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 30.09.2012 Holding Company 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Pension Fund (ERISA) 30.09.2012 Insurance Company 30.09.2012 Investment Advisor 30.09.2012 Insurance Company 31.01.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 20.02.2013 20.02.2013 12.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 29.01.2013 22.01.2013 17.01.2013 16.01.2013 12.11.2012 30.10.2012 08.10.2012

28.02.2013

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

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 1'937'245.00 12.26 -16.38% 50.34% 64.13% 1'556.9 19'087.27 21'346.20 0.0 2'635.0 25'559.90 23'671.57

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

1.20

10.0 M

4 5.0 M

2 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 80'164.7 0.66x 2'915.6 14.69x

15.0 M

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 3.77% -10.77% 1.045 32 2.625 13'128'900 7'561'705 7'603'515 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 74'061.6 76'271.1 15'770.0 0.28x 0.28x 1'488.8 2'037.0 38.5 12.00x 9.18x S&P Issuer Ratings

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 |

28.02.2013

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 AMUNDI GAMMA SRL BNP PARIBAS INV PART B&D FINANCE SA FINANZIARIA ITALIA 2 ARCA SGR SPA

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

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

Recommendation reduce neutral hold market perform sell neutral neutral buy reduce hold underperform underperform equalweight outperform buy Underwt/In-Line underweight hold neutral buy neutral sell hold neutral underperform sell underperform not rated hold 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 17'558'979 1.13 14'198'684 0.91 (13'077'736) -0.84 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 3'081'151 0.2 2'958'059 0.19 2'878'740 0.18 2'693'391 0.17 2'646'685 0.17 2'543'127 0.16

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

Change 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 M M M M M

Latest Chg 460'550 117'904 1'089'811 (41'688) 946'172 45'132 (5'402)

Target Price 13 15 14 15 13 14 15 16 12 14 13 14 13 16 16 13 #N/A N/A 15 16 16 14 11 #N/A N/A 14 8 12 10 #N/A N/A #N/A N/A 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 26.02.2013 Investment Advisor 30.11.2012 Corporation 20.02.2013 Hedge Fund Manager 30.11.2012 Other 31.01.2013 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Other 30.11.2012 Corporation 30.11.2012 Mutual Fund Manager 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

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

Date 28.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 20.02.2013 15.02.2013 08.02.2013 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 10.01.2013 09.01.2013 09.01.2013 09.01.2013 08.01.2013 11.12.2012 13.11.2012 15.03.2012 21.12.2011 16.05.2011

28.02.2013

Associated British Foods PLC Associated British Foods PLC is a diversified international food, ingredients, and retail group. The Group conducts business in China, South America, Africa Europe, Australia, New Zealand, Asia, and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABF LN EQUITY YTD Change ABF LN EQUITY YTD % CHANGE

08/2012 01/yy 1'881.00 1'157.00 123'264.00 1850 -1.65% 59.90% 93.09% 791.7 14'645.97 1'452.00 0.0 387.0 391.00 16'093.97

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

30.09.2009 30.09.2010 9'255.0 10'167.0 0.88x 0.94x 1'082.0 1'304.0 7.52x 7.35x 359.0 546.0 18.89x 15.15x Profitability

30.09.2011 11'065.0 0.95x 1'296.0 8.15x 541.0 16.28x

30.09.2012 12'252.0 0.94x 1'568.0 7.36x 555.0 18.13x

1'568.00 1'052.00 8.59% 6.21% 5.43% 9.58% 8.66% 1.20% 24.2% 12.8% 8.6% 4.5% 1.20 0.53 14.18% 24.89% 12.77 -

Price/ Cash Flow

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

Market Data

Fiscal Year Ended 30.09.2008 8'235.0 0.85x 878.0 7.96x 357.0 16.50x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 f-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.54 0.60 351.15 57.67% 18.29% 0.598 22 3.364 1'012'493 1'037'641 994'103 FY+2

09/13 Y 09/14 Y 13'073.6 13'855.1 1.22x 1.13x 1'568.6 1'684.4 10.26x 9.55x 754.1 835.9 19.37x 17.45x S&P Issuer Ratings

FQ+1

FQ+2

13.75 7.61 0.68 0.93 24.9% 18.9% 1.20 2.72 28.51 54.48

Sales/Revenue/Turnover

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 18.09.2009

0.0 18.03.2010

18.09.2010

18.03.2011

18.09.2011

18.03.2012

18.09.2012

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

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

28.02.2013

Associated British Foods PLC Holdings By:

All

Holder Name WITTINGTON PROPTYS L HOWARD INVESTMENTS L CAPITAL GROUP COMPAN NEWTON INV MGMT LEGAL & GENERAL FMR LLC ASSOCIATED BRITISH F ROYAL BANK OF CANADA NORGES BANK INVESTME BLACKROCK BANK OF NEW YORK MEL ABERDEEN VANGUARD GROUP INC AEGON LAZARD ASSET MANAGEM WESTON W G GALEN GALEWEST LIMITED JP MORGAN PRIVATE BA STANDARD LIFE INVEST DIRECTOR & RELATED H

Firm Name Nomura Societe Generale Investec Credit Suisse Jefferies Sanford C. Bernstein & Co Shore Capital Stockbrokers Canaccord Genuity Corp S&P Capital IQ Panmure Gordon & Co Limited Day by Day Redburn Partners EVA Dimensions Goldman Sachs Berenberg Bank Mirabaud Securities Deutsche Bank Barclays Exane BNP Paribas JPMorgan Davy

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

Analyst DAVID HAYES WARREN L ACKERMAN MARTIN DEBOO CHARLES MILLS DIRK VAN VLAANDEREN ANDREW WOOD DARREN SHIRLEY ALICIA FORRY CARL SHORT GRAHAM JONES VALERIE GASTALDY JEREMY FIALKO AUSTIN BURKETT ROSIE EDWARDS JAMES TARGETT JULIAN LAKIN JAMES ISENWATER LIAM ROWLEY JEFF STENT ANKUR GUPTA JACK GORMAN

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

Recommendation neutral buy Under Review outperform hold market perform hold sell hold hold hold buy hold Sell/Neutral hold hold hold overweight neutral overweight outperform

Amt Held 431'515'108 28'173'893 24'295'000 15'975'514 15'915'267 15'525'679 14'299'314 14'216'679 11'741'776 11'399'202 9'051'956 8'116'099 7'447'403 5'933'442 5'847'612 5'672'560 5'258'642 4'495'143 4'293'104 3'952'713

% Out 54.51 3.56 3.07 2.02 2.01 1.96 1.81 1.8 1.48 1.44 1.14 1.03 0.94 0.75 0.74 0.72 0.66 0.57 0.54 0.5

Weighting

Change

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

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

Latest Chg (53'882) 190'351 1'548'231 (1'447'801) 228'066 (793'792) (267'454) 977'135 (137'379) (152'100) (17'444) 60'113

Target Price 1'800 1'820 #N/A N/A 1'650 1'650 1'600 #N/A N/A 1'450 1'890 1'750 #N/A N/A #N/A N/A #N/A N/A 1'510 1'700 1'520 1'500 1'700 1'450 1'340 #N/A N/A

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

File Dt Inst Type 17.09.2011 Investment Advisor 01.12.2012 Unclassified 31.12.2012 Investment Advisor 01.12.2012 Mutual Fund Manager 31.01.2013 Unclassified 31.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Bank 01.12.2012 Government 26.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 01.12.2012 Unclassified 01.12.2012 Unclassified 08.11.2011 n/a 01.12.2012 Unclassified 01.12.2012 Unclassified 01.12.2012 Investment Advisor 01.12.2012 Other

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

Date 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 20.02.2013 28.01.2013 24.01.2013 21.01.2013 21.01.2013 19.01.2013 17.01.2013 17.01.2013 06.11.2012 11.09.2012 25.01.2012

28.02.2013

AstraZeneca PLC AstraZeneca PLC is a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia, and Infection.

Price/Volume 3500

12.0 M

3000

10.0 M

2500

8.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZN LN EQUITY YTD Change AZN LN EQUITY YTD % CHANGE

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

31.12.2009 31.12.2010 32'804.0 33'269.0 2.02x 1.84x 13'235.0 14'170.0 5.00x 4.31x 7'521.0 8'053.0 9.05x 8.14x Profitability

2.0 M

500 0 f-12 m-12 a-12 m-12

LTM-4Q 31.12.2011 33'591.0 1.71x 13'276.0 4.32x 9'983.0 6.29x

31.12.2012 27'973.0 2.18x 10'666.0 5.71x 6'297.0 9.46x 10'666.00 8'148.00 29.13% 27.59% 11.84% 26.81% 21.21% 0.53% 80.7% 41.5% 32.5% 22.5% 1.37 1.16 19.26% 43.43% 3.92 2.76

Price/ Cash Flow

j-12

LTM

12/yy 33'591.0 7.33x 15'415.0 3.72x 9'983.0 6.31x

j-12

12/yy 27'973.0 8.49x 11'621.0 5.24x 6'297.0 9.47x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

6.17 0.77 1'245.93 13.06% 7.06% 0.766 37 2.595 2'398'473 2'401'776 2'249'583 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'439.8 25'645.3 6'532.1 6'363.3 2.14x 2.16x 10'157.3 9'839.0 2'403.3 2'339.7 5.77x 5.96x 5.94x 6'601.2 6'304.8 1'488.3 1'429.2 8.29x 8.63x 8.59x 8.17x S&P Issuer Ratings

27.07.2007 AASTABLE 27.07.2007 A-1+ 11.13 10.43 0.15 0.89 43.4% 30.1% 0.53 4.47 93.28 132.78 47.04

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

4.0 M

1000

Fiscal Year Ended 31.12.2008 31'601.0 2.11x 11'657.0 5.72x 6'101.0 9.74x

6.0 M

1500

12/2012 12/yy 3'171.50 2'578.50 283'817.00 2991 -5.74% 16.00% 69.48% 1'248.0 37'328.77 10'310.00 0.0 215.0 8'524.00 58'602.62

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 |

28.02.2013

AstraZeneca PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK INVESTOR AB LEGAL & GENERAL SCOTTISH WIDOWS VANGUARD GROUP INC NORGES BANK INVESTME PERPETUAL INVESTMENT SCHRODER INVESTMENT CAPITAL GROUP COMPAN THREADNEEDLE ASSET M UBS FMR LLC VANGUARD GROUP INC GMO LLC PEOPLES REPUBLIC OF M&G INVESTMENT MANAG AXA INVESTMENT MANAG STATE STREET ALLIANCE BERNSTEIN

Firm Name AlphaValue Sanford C. Bernstein & Co Helvea Nomura Jefferies Day by Day JPMorgan Berenberg Bank Kepler Capital Markets Panmure Gordon & Co Limited Landesbank Baden-Wuerttemberg Pareto Securities Redburn Partners Barclays Societe Generale Deutsche Bank ABG Sundal Collier Credit Suisse SEB Enskilda Independent Research GmbH Nordea Equity Research Bryan Garnier & Cie Exane BNP Paribas Morgan Stanley Carnegie S&P Capital IQ Shore Capital Stockbrokers Goldman Sachs Danske Markets Natixis EVA Dimensions Swedbank Liberum Capital Ltd Main First Bank AG Mirabaud Securities DZ Bank AG National Bank AG MP Advisors Pvt Ltd Edward Jones

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

Analyst ARMELLE MOULIN TIMOTHY M ANDERSON ODILE RUNDQUIST AMIT ROY JEFFREY HOLFORD VALERIE GASTALDY ALEXANDRA M HAUBER-SCHUELE ALISTAIR CAMPBELL FABIAN WENNER SAVVAS NEOPHYTOU TIMO KUERSCHNER YILMAZ MAHSHID TEAM COVERAGE MARK PURCELL STEPHEN MCGARRY MARK CLARK PETER HUGREFFE LUISA HECTOR LARS HEVRENG CHRISTOPH SCHOENDUBE PATRIK LING ERIC LE BERRIGAUD NICOLAS GUYON-GELLIN PETER VERDULT KRISTOFER LILJEBERG SHO MATSUBARA BRIAN WHITE KEYUR PAREKH MATTIAS HAGGBLOM BEATRICE MUZARD ANDREW S ZAMFOTIS JOHAN UNNERUS NARESH CHOUHAN TIM FRANKLIN NICHOLAS TURNER ELMAR KRAUS STEFFEN MANSKE BHAVITA NAGRANI LINDA BANNISTER

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

Recommendation add market perform neutral reduce hold buy underweight hold hold hold sell sell sell equalweight sell hold sell underperform hold sell sell buy neutral Equalwt/Attractive hold sell buy neutral/neutral hold reduce buy reduce neutral suspended coverage reduce buy buy underperform sell

Amt Held 87'922'954 81'345'820 51'587'810 51'380'226 41'846'600 36'823'962 28'774'269 25'266'060 18'876'288 16'945'000 13'116'741 13'107'860 12'997'614 12'996'431 12'463'433 12'453'966 12'281'102 11'823'324 11'774'477 11'498'305

% Out 7.04 6.52 4.13 4.12 3.35 2.95 2.31 2.02 1.51 1.36 1.05 1.05 1.04 1.04 1 1 0.98 0.95 0.94 0.92

Weighting

Change

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

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

Latest Chg 3'528'935 (19'539'361) (900'534) 992'701 482'103 29'422 79'350 7'945'000 (724'926) (3'125'329) (3'148'419) 692'446 (1'591'513) 18'817 (596'981) 471'855 (2'576'692)

Target Price 3'239 3'298 2'850 2'600 3'000 3'181 2'750 3'050 2'600 3'000 2'900 2'843 #N/A N/A 3'200 2'650 2'800 2'479 3'050 2'924 2'800 2'824 3'400 3'000 3'020 #N/A N/A 2'700 #N/A N/A 3'375 3'000 2'876 #N/A N/A 2'735 3'000 #N/A N/A 2'700 3'700 3'300 2'509 #N/A N/A

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

File Dt 01.11.2012 26.02.2013 01.11.2012 31.01.2013 30.11.2012 31.12.2012 01.11.2012 31.07.2012 01.11.2012 31.12.2012 01.11.2012 28.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 27.02.2013 31.12.2012

Date 6 month 12 month 12 month 12 month 12 month 3 month 9 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 25.02.2013 22.02.2013 18.02.2013 15.02.2013 14.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 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 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 28.01.2013 24.01.2013 17.01.2013 17.01.2013 26.10.2012 05.10.2012 20.07.2012 02.04.2012 02.02.2012 14.04.2010 07.01.2010 20.11.2008

28.02.2013

Atlas Copco AB Atlas Copco AB is an international industrial group. The Group develops, manufactures, and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related services. Atlas Copco also rents equipment. The Company markets to manufacturing, building, construction, and mining companies worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATCOA SS EQUITY YTD Change ATCOA SS EQUITY YTD % CHANGE

12/2012 12/yy 190.10 134.40 279'196.00 186.8 -1.63% 38.99% 93.72% 839.4 222'004.42 21'052.00 0.0 54.0 12'416.00 230'694.42

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

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 74'177.0 1.38x 15'808.0 6.48x 10'157.0 8.16x

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

31.12.2009 31.12.2010 63'762.0 69'875.0 2.15x 2.97x 11'527.0 16'400.0 11.87x 12.67x 6'244.0 9'921.0 20.51x 20.80x Profitability

LTM-4Q 31.12.2011 81'203.0 2.39x 20'061.0 9.68x 12'963.0 13.86x

31.12.2012 90'533.0 2.43x 21'892.0 10.05x 13'901.0 15.57x 21'892.00 19'228.00 21.24% 20.48% 17.79% 43.54% 1.16% 38.4% 24.2% 21.2% 15.4% 2.43 0.57 25.94% 60.01% 3.17

Price/ Cash Flow

LTM

12/yy 81'203.0 9.56x 20'076.0 9.47x 12'963.0 13.86x

12/yy 90'533.0 9.07x 21'892.0 10.28x 13'901.0 15.57x

FY+1

.0 M f-13

1.11 11.61% 4.77% 1.108 32 3.438 2'760'204 2'582'804 2'485'087 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 89'640.7 93'497.5 21'651.9 22'452.9 2.51x 2.34x 10.52x 10.28x 21'680.0 22'820.2 5'037.0 5'281.8 10.64x 10.11x 10.79x 10.92x 13'854.8 14'897.7 3'279.8 3'441.1 16.41x 15.35x 16.57x 16.23x S&P Issuer Ratings

24.02.2011 A STABLE 24.02.2011 A-1 28.78 26.30 0.39 0.96 60.0% 37.5% 1.16 10.33 115.59 131.90

Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 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 |

28.02.2013

Atlas Copco AB Holdings By:

All

Holder Name INVESTOR AB CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS VANGUARD GROUP INC SWEDBANK ROBUR FONDE SEB FJARDE AP-FONDEN WILLIAM BLAIR & COMP ALECTA PENSIONSFORSA FMR LLC FOLKSAM GROUP BAILLIE GIFFORD AND HANDELSBANKEN FONDER FORSTA AP FONDEN LANSDOWNE PARTNERS L BLACKROCK ANDRA AP FONDEN ALLIANZ ASSET MANAGE BNP PARIBAS INV PART SPP FONDER AB

Firm Name

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

Analyst

AlphaValue LIONEL PELLICER SEB Enskilda DANIEL SCHMIDT Sanford C. Bernstein & Co MARTIN PROZESKY Canaccord Genuity Corp ANDREW BELL Credit Suisse ANDRE KUKHNIN Nomura KLAS BERGELIND Societe Generale SEBASTIEN GRUTER HSBC COLIN GIBSON Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS KOSKI Handelsbanken PEDER FROLEN Pareto Securities DAVID JACOBSSON Natixis LUDOVIC DEBAILLEUX DNB Markets LARS BRORSON Exane BNP Paribas JONATHAN R MOUNSEY Barclays ALLAN SMYLIE Morgan Stanley MARKUS ALMERUD ABG Sundal Collier ANDERS IDBORG Goldman Sachs AARON IBBOTSON JPMorgan ANDREAS WILLI William Blair & Co LAWRENCE T DE MARIA Danske Markets OSCAR STJERNGREN CA Cheuvreux JOAKIM HOGLUND EVA Dimensions CRAIG STERLING Berenberg Bank ALEXANDER VIRGO Evli Bank Plc ELINA RIUTTA Espirito Santo Investment Bank Research EDWARD STACEY Redburn Partners JAMES MOORE Deutsche Bank JOHAN WETTERGREN Swedbank MATS LISS Alandsbanken Equities ANDERS ROSLUND

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

Recommendation sell hold market perform buy outperform neutral sell overweight hold buy accumulate hold neutral hold neutral overweight Equalwt/Cautious buy Buy/Neutral neutral market perform buy outperform overweight hold accumulate neutral neutral hold neutral neutral

Amt Held % Out 194'803'726 23.21 70'407'727 8.39 38'234'795 4.56 26'722'665 3.18 21'795'438 2.6 16'233'543 1.93 10'437'990 1.24 9'989'946 1.19 9'500'000 1.13 8'507'039 1.01 7'887'691 0.94 7'767'690 0.93 7'211'859 0.86 7'160'904 0.85 (6'799'092) -0.81 6'276'813 0.75 5'976'741 0.71 5'408'682 0.64 5'104'743 0.61 4'637'001 0.55

Weighting

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

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

Latest Chg (6'585'000) 257'650 (599'301) 46'733 2'127'591 (52'472) 1'031'825 101'175 1'336'585 (86'681)

Target Price 160 190 172 205 200 187 155 200 #N/A N/A 202 190 180 178 185 185 175 163 210 240 192 175 210 215 #N/A N/A 185 175 160 #N/A N/A 170 160 192

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

File Dt 30.06.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 25.02.2013 30.06.2012 31.12.2012 30.06.2012 31.12.2012 30.06.2012 30.11.2012 30.06.2012 30.06.2012 01.11.2012 26.02.2013 30.06.2012 31.12.2012 31.12.2012 31.01.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor

Date 21.02.2013 18.02.2013 12.02.2013 08.02.2013 05.02.2013 05.02.2013 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 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 15.01.2013 08.01.2013 07.11.2012 30.10.2012 08.10.2012 30.04.2012 30.11.2011 20.04.2011

28.02.2013

Aviva PLC Aviva PLC is an international insurance company that provides all classes of general and life assurance, including fire, motor, marine, aviation, and transport insurance. The Company also supplies a variety of financial services, including unit trusts, stockbroking, long-term savings, and fund management.

Price/Volume 450

35.0 M

400

30.0 M

350

25.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AV/ LN EQUITY YTD Change AV/ LN EQUITY YTD % CHANGE

12/2011 09/yy 390.40 251.10 1'545'462.00 356.4 -8.73% 41.94% 72.86% 2'946.1 10'499.93 8'450.00 1'190.0 1'530.0 23'043.00 -

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

20.0 M

200

15.0 M

150

10.0 M

100

5.0 M

50 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 40'761.0 0.42x 1'320.0 13.93x

250

31.12.2008 31.12.2009 20'484.0 59'434.0 0.23x 0.09x (915.0) 1'085.0 10.51x Profitability

LTM-4Q 31.12.2010 50'197.0 0.11x 1'463.0 14.10x

31.12.2011 35'561.0 225.0 11.69x 5.13% 2.29% -0.20% -5.59% 0.12% 0.6% 2.71% 66.84% -

Price/ Cash Flow

LTM

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

FY+1

.0 M f-13

7.30 1.53 2'943.97 4.19% -4.45% 1.535 27 3.704 9'866'538 9'948'038 9'409'141 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 34'067.5 35'166.5 772.4 1'439.9 8.08x 7.66x S&P Issuer Ratings

ASTABLE 66.8% 35.5% 0.12 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.01.2009

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 |

28.02.2013

Aviva PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK LEGAL & GENERAL M&G INVESTMENT MANAG SCOTTISH WIDOWS AVIVA PLC SHARE ACCO AVIVA PLC VANGUARD GROUP INC NORGES BANK INVESTME MAJEDIE ASSET MANAGE THREADNEEDLE ASSET M HARGREAVES LANSDOWN TD WATERHOUSE GROUP EDINBURGH PARTNERS L UBS APG ALGEMENE PENSIOE PEOPLES REPUBLIC OF VANGUARD GROUP INC BREWIN DOLPHIN LIMIT GLOBAL ASSET MANAGEM

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

Analyst

AlphaValue JEROME CASSAGNE Credit Suisse CHRIS ESSON Keefe, Bruyette & Woods GREIG N PATERSON Sanford C. Bernstein & Co EDWARD HOUGHTON Exane BNP Paribas ANDY HUGHES RBC Capital Markets GORDON AITKEN Panmure Gordon & Co Limited BARRIE CORNES JPMorgan ASHIK MUSADDI Barclays ALAN DEVLIN Macquarie NEIL WELCH Berenberg Bank MATTHEW PRESTON Goldman Sachs COLIN L SIMPSON Oriel Securities Ltd MARCUS BARNARD EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Day by Day VALERIE GASTALDY Investec KEVIN RYAN Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Deutsche Bank OLIVER STEEL Societe Generale ABID HUSSAIN Redburn Partners LANCE BURBIDGE S&P Capital IQ RODERICK WALLACE Shore Capital Stockbrokers EAMONN FLANAGAN Nomura FAHAD CHANGAZI Daiwa Securities Co. Ltd. TIM PROUDLOVE Espirito Santo Investment Bank Research JOY FERNEYHOUGH

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

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

Amt Held 211'675'498 151'238'790 117'884'648 78'598'635 76'147'776 65'413'024 61'649'544 61'037'483 54'324'031 42'870'595 41'983'449 38'102'462 37'094'970 36'444'709 33'646'794 32'720'468 32'078'780 31'828'838 28'103'629 28'057'234

% Out 7.18 5.13 4 2.67 2.58 2.22 2.09 2.07 1.84 1.46 1.43 1.29 1.26 1.24 1.14 1.11 1.09 1.08 0.95 0.95

Weighting

Change

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

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

Latest Chg 4'795'562 1'582'908 10'749'361 (8'044'005) 3'701'029 (181'106) 2'236'701 5'011'081 (1'060'681) (824'169) (2'106'276) (2'650'661) 8'421'593 294'056 1'797'329 (964'978) -

Target Price 377 455 540 410 414 350 425 443 302 384 470 416 400 #N/A N/A 425 #N/A N/A 422 444 380 #N/A N/A 343 #N/A N/A 350 #N/A N/A 540 508 605

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 26.02.2013 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 30.11.2012 Unclassified 01.11.2012 Unclassified 17.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 28.12.2012 Unclassified 01.11.2012 Pension Fund (ERISA) 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor

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

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 20.02.2013 13.02.2013 08.02.2013 04.02.2013 23.01.2013 23.01.2013 18.01.2013 17.01.2013 17.01.2013 16.01.2013 10.01.2013 07.01.2013 04.01.2013 24.12.2012 21.12.2012 11.12.2012 22.11.2012 08.11.2012 23.10.2012 31.05.2012 01.07.2011 31.05.2011

28.02.2013

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

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 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

12/2012 12/yy 14.11 8.65 1'171'984.00 13.19 -6.42% 52.49% 83.23% 2'389.0 31'510.89 10'662.00 6'059.0 2'355.0 30'546.00 13'981.89

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

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 51'235.0 0.62x 923.0 51.67x

15.0 M

31.12.2009 31.12.2010 122'704.0 117'414.0 0.36x 0.29x 3'606.0 2'749.0 10.60x 12.33x Profitability

LTM-4Q 31.12.2011 98'334.0 0.18x 4'324.0 5.88x

31.12.2012 114'689.0 0.13x 4'152.0 7.53x 5.81% 5.03% 0.56% 8.33% 7.16% 0.15% 3.6% 1.40% 19.87% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.50 2'042.80 16.75% -1.20% 1.501 34 4.059 10'954'980 6'871'367 6'405'464 FY+2

FQ+1

FQ+2

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

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 100'036.2 101'553.8 #DIV/0! 0.44x 0.50x 0.0 0.00x 0.0 4'708.3 5'056.6 0.00x 6.72x 6.30x S&P Issuer Ratings Long-Term Rating Date 18.12.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 18.12.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 19.9% Total Debt/Capital 16.0% Asset Turnover 0.15 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 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 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 |

28.02.2013

AXA SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

Amt Held % Out 342'767'775 14.35 91'682'238 3.84 80'052'305 3.35 65'131'985 2.73 50'254'088 2.1 45'115'691 1.89 33'349'652 1.4 29'871'758 1.25 21'618'306 0.9 (20'395'259) -0.85 13'116'372 0.55 12'758'066 0.53 11'972'481 0.5 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 4'299'610 0.18

Weighting

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

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

Latest Chg (20'493'797) 57'461 2'125'718 (9'366) 4'831'525 730'180 (2'926'509) (3'608'266) (7'936'172) (977'034) 255'752 496'630 (143'415) (27'579) 210'749 (52'090) (138'268)

Target Price 18 15 16 18 18 18 17 14 16 15 17 23 14 15 17 10 16 19 14 18 16 16 #N/A N/A 20 18 16 #N/A N/A 15 #N/A N/A 12 16 #N/A N/A 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 31.12.2012 31.12.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 31.12.2012 16.09.2011 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 28.09.2012 26.02.2013 31.07.2012 30.11.2012 31.12.2012

Date Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 9 month 12 month 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 Mutual Fund Manager Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 26.02.2013 26.02.2013 25.02.2013 24.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 14.02.2013 11.02.2013 08.02.2013 08.02.2013 04.02.2013 30.01.2013 24.01.2013 23.01.2013 17.01.2013 16.01.2013 10.01.2013 07.01.2013 07.01.2013 05.12.2012 22.11.2012 08.11.2012 07.11.2012 08.10.2012 20.12.2011 05.10.2011 06.06.2011 22.02.2011 17.02.2011

28.02.2013

BAE Systems PLC BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Price/Volume 400

70.0 M

350

60.0 M

300

50.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BA/ LN EQUITY YTD Change BA/ LN EQUITY YTD % CHANGE

12/2012 01/yy 367.50 268.60 1'152'782.00 353.7 -3.67% 31.68% 82.41% 3'248.9 11'491.51 2'988.00 0.0 54.0 3'355.00 11'178.51

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

30.0 M

150 100

20.0 M

10.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 16'671.0 0.81x 2'512.0 5.37x 1'745.0 7.60x

40.0 M

200

Valuation Analysis

31.12.2009 31.12.2010 20'374.0 20'980.0 0.60x 0.54x 2'379.0 2'394.0 5.12x 4.72x (67.0) 1'052.0 11.83x Profitability

31.12.2011 17'770.0 0.58x 2'282.0 4.53x 1'240.0 7.71x

31.12.2012 16'620.0 0.64x 2'199.0 4.84x 1'068.0 10.27x 2'199.00 1'530.00 9.21% 8.24% 4.71% 26.83% 0.73% 13.2% 9.2% 6.4% 0.78 0.38 13.41% 80.32% 4.79 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.51 0.96 3'247.04 20.38% 4.99% 0.962 23 3.609 8'356'961 5'821'528 5'646'299 FY+2

12/13 Y 12/14 Y 19'342.5 19'270.1 0.62x 0.64x 2'405.1 2'352.5 4.65x 4.75x 1'352.9 1'313.4 8.46x 8.61x S&P Issuer Ratings

FQ+1

FQ+2

16.10.2007 BBB+ STABLE 24.04.2006 A-2 1.38 1.15 -0.17 1.36 80.3% 44.2% 0.73 6.95 76.45 -

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 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 |

28.02.2013

BAE Systems PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK FRANKLIN RESOURCES SCOTTISH WIDOWS PERPETUAL INVESTMENT SILCHESTER INTL INVE LEGAL & GENERAL BAE SYSTEMS PLC SIP FMR LLC LLOYDS BANKING GROUP STATE STREET UBS NEWTON INV MGMT MAJEDIE ASSET MANAGE BANK OF NEW YORK MEL CAPITAL GROUP COMPAN ARTEMIS INVESTMENT M M&G INVESTMENT MANAG GRANTHAM MAYO VAN OT AVIVA INVESTORS

Firm Name

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

Analyst

AlphaValue THOMAS PICHERIT S&P Capital IQ UNAI FRANCO Exane BNP Paribas TRISTAN SANSON Societe Generale ZAFAR KHAN Deutsche Bank BEN FIDLER Morgan Stanley RUPINDER VIG Investec ANDREW GOLLAN Barclays CARTER COPELAND RBC Capital Markets ROBERT STALLARD JPMorgan DAVID H. PERRY Jefferies SANDY MORRIS Sanford C. Bernstein & Co DOUGLAS S HARNED Espirito Santo Investment Bank Research EDWARD STACEY Kepler Capital Markets CHRISTOPHE MENARD EVA Dimensions CRAIG STERLING Day by Day VALERIE GASTALDY CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX Arden Partners Ltd GRAHAM J WEBSTER CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Canaccord Genuity Corp PAUL BRANT CS Capital CHRISTOPHER PARKINSON

Source RNS-RUL8 ULT-AGG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG ULT-AGG REG REG RNS-RUL8 REG

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

Amt Held 434'657'796 151'592'177 135'967'901 117'018'010 115'758'222 114'594'189 113'064'807 104'111'765 94'399'790 90'005'845 89'340'803 87'306'549 65'214'916 64'156'833 59'681'140 55'533'283 47'629'968 41'681'313 38'552'907 37'957'321

% Out 13.38 4.67 4.18 3.6 3.56 3.53 3.48 3.2 2.91 2.77 2.75 2.69 2.01 1.97 1.84 1.71 1.47 1.28 1.19 1.17

Weighting

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

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

Latest Chg 1'632'804 35'854 (260'900) 59'046'605 342'354 720'000 (210'834) 1'967'358 9'221'859 (59'234) 12'182 198'334 849'248 (1'632'401) 2'160'526 3'414 3'672'855 (6'837'681) (33'900) 2'009'254

Target Price 379 320 360 350 375 350 325 370 315 360 350 347 425 340 #N/A N/A #N/A N/A 360 #N/A N/A 360 345 331

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 26.02.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 27.02.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Mutual Fund Manager 01.01.2013 Investment Advisor 26.02.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 08.10.2012 Investment Advisor 01.01.2013 Investment Advisor

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

Date 28.02.2013 27.02.2013 26.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 12.02.2013 17.01.2013 10.01.2013 11.10.2012 01.10.2012 03.08.2012 26.03.2012 15.08.2011

28.02.2013

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

1.20

600.0 M 500.0 M

12/2012 12/yy 7.86 4.31 6'540'944.00 7.404 -5.84% 71.79% 86.58% 5'448.9 40'343.28 227'639.00 0.0 2'373.0 63'956.00 -

400.0 M

300.0 M

200.0 M

100.0 M

1 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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

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

1.22 5'283.94 18.17% 7.77% 1.224 43 3.326 44'472'560 42'580'670 68'606'900 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 9.78x 8.33x 10.88x S&P Issuer Ratings

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 |

28.02.2013

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 AMUNDI OPPENHEIMERFUNDS INC BNP PARIBAS INV PART MERCURY ASSET MANAGE BNP ASSET MANAGEMENT NATIXIS ASSET MANAGE UMB BANK N A BNP ASSET MANAGEMENT DEKA INVESTMENT GMBH SWEDBANK ROBUR FONDE SANTANDER ASSET MGMT CREDIT SUISSE ASSET DEXIA ASSET MANAGEME

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 BNP PARIBAS CLIQUET Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Oddo & Cie JULIE LEGRAND Day by Day VALERIE GASTALDY BPI CARLOS JOAQUIM PEIXOTO AlphaValue DAVID GRINSZTAJN NMAS 1 Agencia de Valores FRANCISCO RIQUEL Banco Sabadell MARIO LODOS Exane BNP Paribas SANTIAGO LOPEZ DIAZ 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 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-FRA MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold strong buy buy strong buy buy underperform buy overweight Overwt/In-Line buy neutral hold hold hold underperform neutral sector perform outperform hold neutral neutral buy neutral sell 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 77'530'161 46'618'211 38'166'132 31'913'193 19'030'674 18'107'206 18'072'640 17'926'186 13'489'332 9'664'220 8'602'312 7'841'037 7'802'767 7'760'019 7'718'009 7'291'005 6'508'112

% Out 3.39 2.95 1.88 1.42 0.86 0.7 0.59 0.35 0.33 0.33 0.33 0.25 0.18 0.16 0.14 0.14 0.14 0.14 0.13 0.12

Weighting

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

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

Latest Chg 22'455'188 (86'470'698) 3'027'039 6'787'277 (9'207'019) 587'169 (5'874'425) 11'638'174 3'203'936 (3'037'700) (2'484'158) 8'602'312 (2'703'176) 4'703'508 1'553'396 (2'806'444) 141'375 2'342'287

Target Price 9 #N/A N/A 9 10 9 8 7 8 8 9 9 7 7 7 #N/A N/A 6 7 8 9 8 7 7 8 7 7 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 07.01.2013 24.07.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 31.12.2012 30.11.2012 30.12.2012 31.12.2012 26.02.2013 30.09.2012 31.12.2012 31.12.2012 30.09.2012 28.12.2012 31.12.2012 30.09.2012 28.12.2012 31.12.2012

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

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

Date 27.02.2013 27.02.2013 25.02.2013 21.02.2013 18.02.2013 15.02.2013 15.02.2013 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 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

28.02.2013

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 15'210'496.00 5.793 -13.31% 45.70% 66.58% 10'538.7 61'050.59 367'524.00 0.0 9'672.0 182'116.00 -

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

1.20

700.0 M

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2008 70'114.3 8'876.4 5.74x

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 43'575.0 2'205.0 26.44x 24.02% 12.39% 0.17% 2.92% 0.65% 0.03% 5.1% 28.95% 492.30% -

LTM

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

12/yy 43'575.0 0.00x 0.0 0.00x 2'205.0 25.61x

FY+1

1.17 10'340.94 5.30% -2.79% 1.170 42 2.857 77'307'830 65'165'030 74'624'020 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 9.50x 8.23x 8.98x S&P Issuer Ratings

16.10.2012 BBB NEG 30.04.2012 A-2 492.3% 81.3% 0.03 3.19 -

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 |

28.02.2013

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 BNP PARIBAS INV PART FRANKLIN RESOURCES AMUNDI LBPAM O'SHEA JAVIER BOTINFMR 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

Oddo & Cie JULIE LEGRAND Day by Day VALERIE GASTALDY NMAS 1 Agencia de Valores FRANCISCO RIQUEL EVA Dimensions AUSTIN BURKETT BPI CARLOS JOAQUIM PEIXOTO AlphaValue DAVID GRINSZTAJN Bankia Bolsa (ESN) JAVIER BERNAT Banco Sabadell MARIO LODOS Exane BNP Paribas SANTIAGO LOPEZ DIAZ 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 BBVA IGNACIO ULARGUI HSBC CARLO DIGRANDI Barclays ROHITH CHANDRA-RAJAN Redburn Partners GEORGE KARAMANOS 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 buy hold neutral buy buy buy hold buy underperform restricted Overwt/In-Line hold neutral hold underperform underperform underperform hold neutral reduce reduce neutral market perform sell sell neutral/neutral outperform neutral underweight neutral hold hold hold underperform sell hold hold buy sell buy

Amt Held 865'873'141 555'448'975 341'264'391 302'742'257 227'263'557 219'115'525 154'615'764 79'366'139 53'673'238 50'134'290 43'495'798 42'192'066 39'143'000 33'955'154 30'913'816 20'697'193 20'518'705 16'712'670 16'280'026 15'945'626

% Out 8.22 5.27 3.24 2.87 2.16 2.08 1.47 0.75 0.51 0.48 0.41 0.4 0.37 0.32 0.29 0.2 0.19 0.16 0.15 0.15

Weighting

Change

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

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 M M M M D M M M M M

Latest Chg (54'770) 86'154'727 (151'165'601) (56'807'364) 10'545'834 11'146'927 55'838 447'012 586'726 5'743'156 606'704 (3'364'606) (436'850) 937 (305'761)

Target Price 9 #N/A N/A 7 #N/A N/A 7 9 6 7 5 #N/A N/A 7 6 6 #N/A N/A 4 6 5 7 6 5 6 6 7 5 6 8 8 6 4 #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 27.02.2013 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 26.02.2013 Investment Advisor 15.02.2013 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 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 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 Not Provided Not Provided 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided 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 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 15.02.2013 15.02.2013 15.02.2013 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 14.01.2013 10.01.2013 08.01.2013 04.01.2013 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

28.02.2013

Barclays PLC Barclays PLC is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.

Price/Volume 350

250.0 M

300

200.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARC LN EQUITY YTD Change BARC LN EQUITY YTD % CHANGE

12/2012 12/yy 330.05 148.20 9'423'422.00 305.4 -7.57% 106.07% 84.47% 12'860.6 39'276.20 437'951.00 0.0 9'371.0 128'120.00 -

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

150.0 M

150

100.0 M

100 50.0 M

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2008 37'159.0 4'382.0 3.00x

200

31.12.2009 31.12.2010 41'789.0 40'058.0 9'393.0 3'564.0 11.49x 8.60x Profitability

LTM-4Q 31.12.2011 38'428.0 3'007.0 7.02x

31.12.2012 37'203.0 (1'041.0) 23.30% 0.83% -0.07% -1.91% -0.05% 0.02% -3.5% 29.39% 817.29% -

Price/ Cash Flow

LTM

12/yy 36'004.0 0.00x 0.0 0.00x 3'007.0 7.01x

12/yy 31'035.0 0.00x 0.0 0.00x (1'043.0) 0.00x

FY+1

1.96 1.84 11'271.38 27.85% 17.66% 1.835 32 4.063 65'563'970 49'456'050 43'695'510 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'334.2 30'068.1 -6.78x -7.28x 4'638.6 5'577.8 8.18x 6.92x S&P Issuer Ratings

29.11.2011 A NEG 19.12.2008 A-1 817.3% 87.4% 0.02 5.76 -

Sales/Revenue/Turnover

35.00

45'000.0

30.00

40'000.0 35'000.0

25.00

30'000.0

20.00

25'000.0

15.00

20'000.0 15'000.0

10.00

10'000.0

5.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Barclays PLC Holdings By:

All

Holder Name QATAR HOLDINGS LLC AL NAHYAN MANSOUR BI BLACKROCK CAPITAL GROUP COMPAN FMR LLC LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME UBS DODGE & COX UPPER CHANCE GROUP L DODGE & COX VANGUARD GROUP INC STANDARD LIFE INVEST BARCLAYS PERSONAL IN SUMITOMO MITSUI FINA FRANKLIN RESOURCES VANGUARD GROUP INC GOLDMAN SACHS INTERN ORBIS INVESTMENT MAN

Firm Name

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

Analyst

AlphaValue DAVID GRINSZTAJN Keefe, Bruyette & Woods MARK J PHIN Numis Securities Ltd MICHAEL J TRIPPITT Societe Generale JAMES INVINE HSBC PETER TOEMAN Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Investec IAN GORDON Sanford C. Bernstein & Co CHIRANTAN BARUA Goldman Sachs FREDERIK THOMASEN Exane BNP Paribas TOM RAYNER Macquarie EDWARD FIRTH Redburn Partners JON KIRK Mediobanca SpA CHRISTOPHER J WHEELER Shore Capital Stockbrokers GARY GREENWOOD Deutsche Bank JASON NAPIER Morgan Stanley CHRISTOPHER MANNERS RBC Capital Markets FIONA SWAFFIELD Credit Suisse CARLA ANTUNES-SILVA JPMorgan RAUL SINHA Nomura CHINTAN JOSHI S&P Capital IQ FRANK BRADEN Oriel Securities Ltd VIVEK RAJA Independent Research GmbH STEFAN BONGARDT Canaccord Genuity Corp GARETH HUNT Berenberg Bank JAMES CHAPPELL Grupo Santander ARTURO DE FRIAS EVA Dimensions AUSTIN BURKETT Day by Day VALERIE GASTALDY Liberum Capital Ltd CORMAC LEECH

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

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

Amt Held 813'964'552 758'437'618 690'750'564 492'619'694 463'904'594 432'379'416 296'473'338 284'232'353 276'792'600 266'149'298 248'872'808 248'069'617 242'608'325 239'392'965 228'555'406 194'868'102 159'046'261 140'569'309 137'591'049 137'036'940

% Out 6.33 5.9 5.37 3.83 3.61 3.36 2.31 2.21 2.15 2.07 1.94 1.93 1.89 1.86 1.78 1.52 1.24 1.09 1.07 1.07

Weighting

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

M M U M M M U U D M M M M M M M M M M M R M U M M M M M D

Latest Chg 120'690'937 5'148'776 1'245'216 37'919'535 9'484'275 1'600'000 (3'613'787) 11'028'820 (23'810'242) 8'779'917 19'599'450 4'516'290 (50'282'060) 19'446'197

Target Price 360 400 400 380 400 418 345 400 340 400 320 #N/A N/A 425 #N/A N/A 380 400 375 290 375 305 380 185 350 280 160 340 #N/A N/A #N/A N/A 230

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

File Dt 27.12.2012 21.01.2013 26.02.2013 29.01.2013 31.12.2012 01.11.2012 30.11.2012 01.11.2012 28.12.2012 01.11.2012 01.11.2012 29.01.2013 31.12.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 22.02.2013 21.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 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 11.02.2013 17.01.2013 07.01.2013 14.11.2012

28.02.2013

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

12/2012 12/yy 76.20 51.13 836'811.00 72 -5.43% 40.82% 83.61% 918.5 66'130.47 13'355.00 0.0 1'224.0 1'800.00 78'909.47

6.0 M

4.0 M

20 2.0 M

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

10.0 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

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

12.0 M

31.12.2009 31.12.2010 50'693.0 63'873.0 1.07x 1.09x 8'500.0 11'903.0 6.36x 5.85x 1'410.0 4'557.0 28.22x 12.04x Profitability

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

31.12.2012 78'729.0 0.99x 12'537.0 6.23x 4'879.0 13.40x 12'537.00 8'976.00 11.40% 10.72% 7.78% 20.03% 14.67% 1.25% 26.3% 15.9% 11.4% 6.2% 1.66 0.69 20.76% 54.33% 7.49 5.81

Price/ Cash Flow

LTM

12/yy 73'497.0 3.54x 11'855.0 5.20x 6'188.0 8.00x

12/yy 78'729.0 3.62x 12'537.0 6.23x 4'879.0 13.40x

FY+1

.0 M f-13

1.07 854.55 13.65% 1.19% 1.068 40 3.850 3'889'361 2'654'063 2'594'073 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 80'623.4 81'006.5 21'903.0 19'912.0 0.96x 0.93x 13'059.2 13'778.9 6.05x 5.73x 5'356.1 5'798.4 1'629.5 1'602.0 12.10x 11.14x 11.66x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 16.67 11.15 0.92 1.07 54.3% 34.1% 1.25 4.36 48.87 63.04 31.03 80.88

Sales/Revenue/Turnover

12.00

90'000.0 80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 6.00

40'000.0 30'000.0

4.00

20'000.0 2.00 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 |

28.02.2013

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 SWEDBANK ROBUR FONDE NATIXIS ASSET MANAGE

Firm Name Commerzbank Corporates & Markets Credit Suisse AlphaValue Societe Generale Nord/LB Goldman Sachs Baader Bank Macquarie Independent Research GmbH Bankhaus Metzler Equinet Institutional Services(ESN) DZ Bank AG Morgan Stanley Sanford C. Bernstein & Co HSBC Landesbank Baden-Wuerttemberg Nomura M.M. Warburg Investment Research Bankhaus Lampe Redburn Partners Banco Sabadell Barclays Kepler Capital Markets EVA Dimensions CA Cheuvreux Jefferies Canaccord Genuity Corp Exane BNP Paribas JPMorgan Deutsche Bank Main First Bank AG Hamburger Sparkasse National Bank AG 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 LUTZ GRUETEN CHRIS COUNIHAN MARTIN SCHNEE PETER CLARK THORSTEN STRAUSS RAKESH PATEL NORBERT BARTH CHRISTIAN FAITZ CHRISTOPH SCHOENDUBE LARS HETTCHE NADESHDA DEMIDOVA PETER SPENGLER PAUL R WALSH JEREMY REDENIUS GEOFF HAIRE ULLE WORNER JEAN DE WATTEVILLE OLIVER SCHWARZ HEIKO FEBER TONY JONES GLEN SPENCER-CHAPMAN ANDREAS HEINE MARKUS MAYER CRAIG STERLING MARTIN ROEDIGER LAURENCE ALEXANDER PAUL W SATCHELL JAMES KNIGHT NEIL C TYLER TIMOTHY JONES RONALD KOEHLER MARCO GUENTHER EKKEHARD D LINK 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 outperform reduce hold hold Buy/Neutral buy neutral buy sell accumulate buy Overwt/In-Line market perform neutral buy buy buy buy buy sell equalweight hold overweight outperform hold sell outperform neutral buy neutral buy hold 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 7'086'662 6'645'086 6'150'667 3'833'502 3'558'728 3'023'851 2'395'986 2'167'370 2'058'912 1'999'333 1'848'042 1'605'194 1'494'928 1'453'204

% Out 6.96 2.02 1.39 1.23 1.09 0.85 0.77 0.72 0.67 0.42 0.39 0.33 0.26 0.24 0.22 0.22 0.2 0.17 0.16 0.16

Weighting

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

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

Latest Chg 813'771 933'000 9'211 (1'484'793) 3'435 (813'616) (1'056'416) (1'176'953) 150'348 6'100 9'000 246'308 239'807 84'342 667 (18'792) 95'786 (1'208'057)

Target Price 83 78 76 72 73 87 85 66 84 68 85 86 85 73 75 81 88 75 80 #N/A N/A 71 80 75 #N/A N/A 78 73 45 72 60 79 65 #N/A N/A 64 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 26.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 31.01.2013 30.11.2012 31.01.2013 28.12.2012 31.10.2012 26.02.2013 28.12.2012 31.12.2012 28.09.2012 31.01.2013 27.02.2013 31.12.2012 31.12.2012 31.12.2012

Date 6 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 9 month 12 month Not Provided Not Provided Not Provided 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 Investment Advisor Mutual Fund Manager

Date 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 20.02.2013 18.02.2013 15.02.2013 04.02.2013 01.02.2013 17.01.2013 14.01.2013 04.01.2013 20.12.2012 18.12.2012 07.12.2012 06.12.2012 20.11.2012 29.10.2012 26.10.2012 25.10.2012 25.10.2012 03.10.2012 26.09.2012 27.02.2012 05.01.2012 29.10.2010

28.02.2013

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

12/2012 12/yy 76.33 47.63 1'360'076.00 75.35 -1.28% 58.22% 91.81% 826.9 62'310.52 9'532.00 0.0 100.0 2'551.00 69'391.52

6.0 M

4.0 M

20 2.0 M

10 0 f-12 m-12

31.12.2009 31.12.2010 31'168.0 35'088.0 1.80x 1.53x 7'695.0 8'900.0 7.30x 6.04x 1'359.0 1'301.0 32.92x 35.22x Profitability

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

31.12.2012 39'760.0 1.67x 6'920.0 9.61x 2'446.0 24.29x 6'920.00 3'960.00 9.96% 8.17% 4.70% 12.98% 0.76% 52.1% 17.4% 10.0% 6.2% 1.45 0.76 18.57% 51.61% 5.49 2.86

Price/ Cash Flow

j-12

LTM

12/yy 36'528.0 5.33x 8'963.0 5.36x 2'470.0 16.52x

j-12

12/yy 39'760.0 5.89x 6'920.0 9.61x 2'446.0 24.29x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.97 826.95 39.98% 4.81% 0.967 39 3.795 2'766'242 2'304'609 2'139'599 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 41'481.4 43'481.3 10'524.0 10'624.5 1.66x 1.52x 8'898.0 9'487.1 2'543.0 2'223.0 7.80x 7.31x 7.93x 4'722.1 5'185.3 1'491.0 1'289.5 12.70x 11.57x 12.80x S&P Issuer Ratings

30.04.2008 APOS 11.07.2006 A-2 1.01 1.38 51.6% 33.9% 0.76 4.04 66.70 128.16 75.11 119.75

Sales/Revenue/Turnover

16.00

45'000.0

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12 m-12

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

10.0 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

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

12.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

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 UNION INVESTMENT GMB DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS AMUNDI BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ADIG INVESTMENT MERCURY ASSET MANAGE TIAA CREF INVESTMENT FRANKFURT TRUST INVE

Firm Name Jefferies Sanford C. Bernstein & Co Bryan Garnier & Cie DZ Bank AG AlphaValue Goldman Sachs M.M. Warburg Investment Research Helvea Societe Generale Kepler Capital Markets Barclays Baader Bank Berenberg Bank Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg Credit Suisse Exane BNP Paribas Macquarie Hamburger Sparkasse Nomura Bankhaus Metzler EVA Dimensions Independent Research GmbH Equinet Institutional Services(ESN) Deutsche Bank Day by Day Redburn Partners S&P Capital IQ Main First Bank AG JPMorgan 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 n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEFFREY HOLFORD JEREMY REDENIUS ERIC LE BERRIGAUD PETER SPENGLER MARTIN SCHNEE RAKESH PATEL ULRICH HUWALD ODILE RUNDQUIST STEPHEN MCGARRY FABIAN WENNER MARK PURCELL NORBERT BARTH ALISTAIR CAMPBELL DANIEL WENDORFF ULLE WORNER JOHANNA WALTON FLORENT CESPEDES CHRISTIAN FAITZ MARCO GUENTHER JEAN DE WATTEVILLE SEBASTIAN FRERICKS ANDREW S ZAMFOTIS CHRISTOPH SCHOENDUBE EDOUARD AUBERY TIM RACE VALERIE GASTALDY TEAM COVERAGE SHO MATSUBARA RONALD KOEHLER RICHARD VOSSER 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 ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 99'286'793 64'270'632 17'541'075 15'159'999 11'899'870 9'396'803 8'564'198 7'412'616 6'165'632 5'943'255 5'795'523 5'520'569 5'225'477 5'146'630 4'784'393 3'647'992 2'990'138 2'720'564 2'555'851 2'426'162

% Out 12.01 7.77 2.12 1.83 1.44 1.14 1.04 0.9 0.75 0.72 0.7 0.67 0.63 0.62 0.58 0.44 0.36 0.33 0.31 0.29

Weighting

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

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 M M U D M M D M N M

Latest Chg (3'516'978) (556'122) (349'533) (694'567) 202'668 (2'524) (40'739) 279'416 (211'094) (424'208) (1'503'851) (638'334) 788'403 356'211 95'300 706 105'410

Target Price 79 66 75 80 72 82 75 73 72 76 66 66 80 90 77 83 73 83 #N/A N/A 83 80 #N/A N/A 76 75 86 #N/A N/A #N/A N/A 70 80 80 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 26.02.2013 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 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

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

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 12.02.2013 07.02.2013 04.02.2013 25.01.2013 15.01.2013 10.01.2013 09.01.2013 12.12.2012 11.12.2012 26.11.2012 21.11.2012 20.11.2012 16.11.2012 31.10.2012 31.10.2012 30.10.2012 12.10.2012 28.09.2012 05.03.2012 15.09.2010

28.02.2013

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 53.16 372'891.00 70.68 -7.26% 32.96% 74.61% 602.0 45'067.57 67'977.00 0.0 65.0 11'527.00 102'773.57

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

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 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

1.07 320.86 5.53% -3.09% 1.073 38 3.842 2'421'168 1'587'273 1'640'821 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 76'565.3 79'502.7 19'616.9 0.64x 0.59x 13'165.3 13'204.3 3'141.0 7.81x 7.78x 5'082.3 5'109.0 1'141.0 9.12x 9.10x S&P Issuer Ratings

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

Fiscal Year Ended 31.12.2007 56'018.0 1.18x 12'397.0 5.31x 3'126.0 8.94x

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 |

28.02.2013

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 AlphaValue Morgan Stanley Bankhaus Lampe Sanford C. Bernstein & Co Exane BNP Paribas Bankhaus Metzler Redburn Partners Commerzbank Corporates & Markets HSBC Landesbank Baden-Wuerttemberg Ahorro Corporacion Financiera SA 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 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 HANS-PETER WODNIOK STUART PEARSON CHRISTIAN LUDWIG MAX WARBURTON RABIH FREIHA JUERGEN PIEPER CHARLES WINSTON DANIEL SCHWARZ HORST SCHNEIDER FRANK BILLER VIRGINIA PEREZ REPES 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 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 add Equalwt/In-Line buy outperform neutral sell buy add neutral hold strong buy buy buy neutral sell overweight underweight neutral/attractive reduce outperform buy sell buy buy buy 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 36'438'063 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 2'667'376 1'312'460 1'310'054 1'149'062 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 0.44 0.22 0.22 0.19 0.19 0.17 0.17

Weighting

Change

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

M M M M M D 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 N M M

Latest Chg 372'565 113'170 (130'000) (642'747) 289'797 2'560'111 120'402 (48'313) 283'272 (191'841) 10'865 28'645 2'500 6'167 -

Target Price 81 79 90 90 71 64 #N/A N/A 87 82 70 83 90 83 80 62 95 #N/A N/A 92 60 80 85 57 80 84 82 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 26.02.2013 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 28.12.2012 Mutual Fund Manager 31.01.2013 Unclassified 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor

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

Date 28.02.2013 25.02.2013 25.02.2013 21.02.2013 21.02.2013 19.02.2013 12.02.2013 04.02.2013 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 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

28.02.2013

BG Group PLC BG Group plc specializes in the exploration, production, transmission and distribution of gas, oil and liquefied natural gas. The Group also develops, owns and operates gas-fired power generation plants.

Price/Volume 1800 1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (19.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG/ LN EQUITY YTD Change BG/ LN EQUITY YTD % CHANGE

12/2012 12/yy 1'548.00 991.00 769'622.00 1165.5 -24.74% 17.61% 30.97% 3'402.2 39'652.83 15'507.00 0.0 57.0 4'434.00 71'257.57

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

400 200 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 23'270.8 2.83x 11'459.5 5.75x 5'790.9 10.25x

600

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

31.12.2009 31.12.2010 15'992.8 17'166.0 4.28x 4.68x 8'440.4 8'672.0 8.10x 9.27x 3'394.9 3'351.0 17.40x 20.19x Profitability

LTM-4Q 31.12.2011 21'073.0 4.20x 10'026.0 8.83x 4'234.0 17.08x

31.12.2012 18'933.0 3.54x 10'198.0 6.58x 4'519.0 16.87x 10'198.00 7'605.00 40.17% 33.62% 7.14% 14.48% 10.24% 0.34% 48.7% 36.8% 23.9% 1.49 0.54 23.77% 46.94% 3.28 -

Price/ Cash Flow

LTM

12/yy 21'073.0 16.45x 10'026.0 8.83x 4'234.0 17.08x

12/yy 21'665.0 14.69x 10'561.0 6.35x 4'519.0 16.06x

FY+1

1.48 1.19 3'260.62 -22.28% 15.11% 1.188 30 4.067 4'865'765 6'378'558 6'396'590 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 21'403.3 24'424.0 5'184.8 5'252.3 3.43x 3.14x 13.77x 13.40x 11'451.9 13'735.1 2'755.0 2'722.0 6.22x 5.19x 6.42x 6.16x 4'675.3 5'606.5 1'194.5 1'174.5 13.43x 11.26x 12.24x 11.51x S&P Issuer Ratings

15.20 0.33 1.05 1.47 46.9% 31.9% 0.34 0.53 111.74 -

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 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 |

28.02.2013

BG Group PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL VANGUARD GROUP INC FMR LLC SCOTTISH WIDOWS VANGUARD GROUP INC PEOPLES REPUBLIC OF SCHRODER INVESTMENT GOVT OF SINGAPORE IN STANDARD LIFE INVEST Northern Cross Inter STATE FARM MUTUAL AU ALECTA INVESTMENT MA HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN AXA INVESTMENT MANAG BNP PARIBAS INV PART UBS AVIVA INVESTORS

Firm Name Grupo Santander Sanford C. Bernstein & Co Societe Generale Canaccord Genuity Corp Simmons & Company International AlphaValue RBC Capital Markets HSBC Oriel Securities Ltd Liberum Capital Ltd Credit Suisse Exane BNP Paribas Independent Research GmbH Equita SIM SpA Jefferies Macquarie Nomura S&P Capital IQ Barclays Morgan Stanley Investec Goldman Sachs JPMorgan EVA Dimensions Day by Day Deutsche Bank Tudor Pickering & Co CA Cheuvreux Shore Capital Stockbrokers

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

Analyst JASON KENNEY OSWALD CLINT IRENE HIMONA GORDON GRAY JEFFREY A DIETERT ALEXANDRE ANDLAUER PETER HUTTON PAUL SPEDDING RICHARD GRIFFITH ANDREW WHITTOCK THOMAS YOICHI ADOLFF ALEJANDRO DEMICHELIS SVEN DIERMEIER MASSIMO BONISOLI BRENDAN MICHAEL WARN JASON D GAMMEL THEEPAN JOTHILINGAM CHRISTINE TISCARENO RAHIM KARIM MARTIJN P RATS STUART JOYNER MICHELE DELLA VIGNA FREDERICK G LUCAS CRAIG STERLING VALERIE GASTALDY LUCAS HERRMANN ANISH KAPADIA JEAN-CHARLES LACOSTE GERARD LANE

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

Recommendation buy outperform hold buy overweight sell outperform overweight buy hold neutral outperform hold buy buy neutral buy buy overweight Equalwt/In-Line sell Buy/Cautious overweight overweight hold hold hold suspended coverage not rated

Amt Held 253'990'367 152'363'377 120'599'210 119'324'748 106'925'266 94'496'552 64'366'135 57'396'054 48'293'192 45'954'406 42'153'440 41'754'612 40'100'800 40'085'000 39'857'836 39'552'694 38'253'142 35'453'168 33'653'753 33'087'593

% Out 7.47 4.48 3.54 3.51 3.14 2.78 1.89 1.69 1.42 1.35 1.24 1.23 1.18 1.18 1.17 1.16 1.12 1.04 0.99 0.97

Weighting

Change

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

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

Latest Chg 14'804'992 1'010'042 (4'289'039) 5'290'403 (19'309'136) 11'446'507 4'003'911 3'496'882 5'128'695 1'265'240 1'734'497 14'104'546 1'113'800 13'734'613 22'192'928 1'790'949 (4'914'552) 1'063'719 1'984'533

Target Price 1'289 1'890 1'200 1'300 #N/A N/A 938 1'360 1'815 #N/A N/A 1'268 1'150 1'470 1'200 1'415 1'700 1'300 1'500 1'400 1'420 1'110 1'000 1'580 1'600 #N/A N/A #N/A N/A 1'350 1'500 #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 26.02.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013

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

Inst Type Investment Advisor Government Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Government Investment Advisor Unclassified Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.02.2013 27.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 11.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 29.01.2013 15.01.2013 05.11.2012 02.11.2012 01.11.2012 20.09.2012 05.03.2012

28.02.2013

BHP Billiton PLC BHP Billiton Plc is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration and production. Dually-listed company with BHP AU.

Price/Volume 2500

18.0 M 16.0 M

2000

14.0 M 12.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLT LN EQUITY YTD Change BLT LN EQUITY YTD % CHANGE

06/2012 01/yy 2'251.50 1'650.50 1'976'822.00 2081 -7.57% 26.08% 74.04% 2'111.3 124'477.09 28'330.00 0.0 1'215.0 5'063.00 220'209.83

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

30.06.2009 30.06.2010 50'211.0 52'798.0 2.97x 2.83x 21'761.0 24'590.0 6.86x 6.07x 5'877.0 12'722.0 21.26x 11.48x Profitability

30.06.2011 71'739.0 3.00x 38'093.0 5.65x 23'648.0 9.18x

30.06.2012 72'226.0 2.42x 33'866.0 5.15x 15'417.0 9.78x 33'866.00 27'458.00 38.02% 31.87% 7.60% 14.89% 10.90% 0.52% 42.3% 32.2% 21.3% 0.93 0.44 21.91% 43.01% 8.49 -

Price/ Cash Flow

6.0 M 4.0 M

500

2.0 M 0 f-12 m-12 a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

3.61 1.40 2'012.24 4.19% -2.28% 1.404 31 3.871 7'393'149 5'282'239 4'999'500 FY+2

06/13 Y 06/14 Y 68'522.1 75'406.9 3.18x 2.85x 29'004.5 34'724.0 7.59x 6.34x 13'408.5 16'808.3 12.33x 10.13x S&P Issuer Ratings

FQ+1

FQ+2

15.11.2010 A+ STABLE 06.02.2008 A-1 26.69 10.27 1.07 1.25 43.0% 29.7% 0.52 0.72 43.13 -

Sales/Revenue/Turnover

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 03.07.2009

8.0 M

Fiscal Year Ended 30.06.2008 59'473.0 3.90x 28'137.0 8.24x 15'390.0 13.88x

10.0 M

1000

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

BHP Billiton PLC Holdings By:

All

Holder Name BLACKROCK GEPF EQUITY LEGAL & GENERAL NORGES BANK ABERDEEN VANGUARD GROUP INC SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES INDUSTRIAL DEVELOPME PEOPLES REPUBLIC OF BAILLIE GIFFORD AND VANGUARD GROUP INC SCHRODER INVESTMENT BNP PARIBAS INV PART STATE STREET Northern Cross Inter ALECTA INVESTMENT MA M&G INVESTMENT MANAG HARBOR CAPITAL ADVIS

Firm Name AlphaValue SBG Securities Exane BNP Paribas Sanford C. Bernstein & Co Canaccord Genuity Corp RBC Capital Markets Barclays Societe Generale Independent Research GmbH Natixis Nomura Avior Research BMO Capital Markets Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Jefferies S&P Capital IQ HSBC Day by Day Deutsche Bank Macquarie Macquarie EVA Dimensions Investec Redburn Partners Liberum Capital Ltd Standard Chartered National Bank AG

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

Analyst SACHIN KUMAR PETER DAVEY SYLVAIN BRUNET PAUL GAIT PETER MALLIN-JONES DES KILALEA DAVID BUTLER ABHISHEK SHUKLA SVEN DIERMEIER RAOUDHA BOUZEKRI SAM CATALANO CLINTON DUNCAN TONY ROBSON MENNO SANDERSE MICHELE DELLA VIGNA PAUL MCTAGGART FRASER JAMIESON Christopher LaFemina JOHNSON IMODE ANDREW KEEN VALERIE GASTALDY GRANT SPORRE JEFFREY LARGEY KIERAN DALY CRAIG STERLING ALBERT MINASSIAN SIMON TOYNE RICHARD KNIGHTS SUBRAMANIAM VARADA STEFFEN MANSKE

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

Recommendation reduce buy neutral outperform hold outperform overweight sell hold buy buy outperform outperform Overwt/In-Line buy/attractive neutral neutral buy hold neutral buy buy neutral neutral overweight hold neutral buy in-line buy

Amt Held 168'784'326 87'131'000 85'886'778 63'635'068 55'612'082 52'382'761 49'811'488 40'702'625 37'684'684 33'804'582 29'045'618 24'697'602 23'459'843 21'902'436 21'819'420 20'408'218 19'780'635 19'545'000 19'266'422 18'688'842

% Out 7.99 4.13 4.07 3.01 2.63 2.48 2.36 1.93 1.78 1.6 1.38 1.17 1.11 1.04 1.03 0.97 0.94 0.93 0.91 0.89

Weighting

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

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

Latest Chg 2'527'508 387'315 395'884 (1'247'628) 5'468'533 3'574'972 8'839'621 (1'256'810) 819'531 (1'063'116) 1'354'845 (902'635) 85'032 (4'850'000) 529'365 -

Target Price 1'973 2'500 2'000 2'450 2'155 2'100 2'300 1'585 2'300 2'400 2'350 3'042 2'500 2'310 2'500 2'400 2'300 2'600 2'200 2'250 2'516 2'380 2'175 2'063 #N/A N/A 2'306 #N/A N/A #N/A N/A 2'000 2'900

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

File Dt 26.02.2013 24.08.2012 31.01.2013 05.02.2013 31.01.2013 31.12.2012 30.11.2012 31.12.2012 31.12.2012 24.08.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 27.02.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2012

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

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

Date 28.02.2013 28.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 07.02.2013 31.01.2013 30.01.2013 23.01.2013 23.01.2013 17.01.2013 20.12.2012 06.12.2012 20.09.2012 08.09.2012 24.08.2011

28.02.2013

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

14.0 M

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 24.54 913'099.00 42.83 -10.49% 74.57% 79.64% 1'242.3 53'206.08 600'713.00 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

6.0 M 4.0 M

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

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

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.50 1'084.57 22.53% 0.58% 1.498 38 4.237 6'485'017 4'340'140 3'890'392 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 40'123.4 41'212.5 10'476.5 10'117.5 6'341.0 7'076.7 1'658.0 1'498.0 8.39x 7.41x 9.16x S&P Issuer Ratings

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

Fiscal Year Ended 31.12.2008 78'052.0 3'021.0 9.85x

12.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

BNP Paribas SA Holdings By:

All

Holder Name BELGIAN STATE AXA BLACKROCK FMR LLC VANGUARD GROUP INC NATIXIS ASSET MANAGE BNP PARIBAS INV PART CAPITAL GROUP COMPAN STATE OF LUXEMBOURG WILLIAM BLAIR & COMP FRANKLIN RESOURCES 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 WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

HSBC ROBIN DOWN AlphaValue CHRISTOPHE NIJDAM Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Oddo & Cie JEAN SASSUS 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 Independent Research GmbH STEFAN BONGARDT CM - CIC Securities(ESN) PIERRE CHEDEVILLE S&P Capital IQ WILLIAM HOWLETT Grupo Santander AURELIA FAURE Mediobanca SpA ANTONIO GUGLIELMI Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Day by Day VALERIE GASTALDY 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 Co File 13F ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

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

Amt Held 127'750'000 65'670'000 23'042'891 20'758'385 20'366'602 20'253'041 18'914'692 16'235'239 12'870'000 9'991'341 8'085'126 5'548'626 5'245'271 5'129'144 5'073'791 4'981'512 3'841'153 3'806'620 3'746'401 3'700'000

% Out 10.28 5.29 1.85 1.67 1.64 1.63 1.52 1.31 1.04 0.8 0.65 0.45 0.42 0.41 0.41 0.4 0.31 0.31 0.3 0.3

Weighting

Change 5 4 5 5 3 5 5 5 5 5 3 3 5 3 5 5 5 5 5 5 5 5 5 3 5 3 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 (954'322) (4'298'206) 476'466 267'400 38'772 760'566 215'029 (274'653) (313'400) (179'074) (17'017) 11'613 (358'290) 304'820 (204'516) (1'674'656) -

Target Price 55 48 55 55 52 50 56 56 55 55 48 48 56 #N/A N/A 48 61 #N/A N/A 55 60 53 56 50 55 47 49 #N/A N/A 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 26.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2011 31.12.2012 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 Not Provided 6 month 12 month Not Provided 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 6 month 12 month 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 Government Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 28.02.2013 27.02.2013 27.02.2013 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 15.02.2013 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 29.01.2013 28.01.2013 28.01.2013 17.01.2013 23.11.2012 23.10.2012 19.06.2012 08.05.2012

28.02.2013

BP PLC BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2012) 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 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP/ LN EQUITY YTD Change BP/ LN EQUITY YTD % CHANGE

12/2012 12/yy 512.00 389.50 2'706'638.00 445.15 -13.11% 14.29% 46.90% 19'165.2 85'314.03 48'797.00 0.0 1'206.0 20'114.00 159'254.93

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

100 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 361'143.0 0.47x 41'761.0 4.05x 21'157.0 6.81x

200

31.12.2009 31.12.2010 239'272.0 297'107.0 0.87x 0.53x 33'392.0 38'497.0 6.24x 4.06x 16'578.0 (3'719.0) 10.95x Profitability

LTM-4Q 31.12.2011 375'517.0 0.44x 45'796.0 3.63x 25'700.0 5.25x

31.12.2012 370'866.0 0.44x 21'187.0 7.64x 11'582.0 11.34x 21'187.00 7'961.00 2.15% 5.07% 3.90% 10.08% 7.70% 1.25% 11.7% 5.9% 2.4% 3.1% 1.43 0.26 16.21% 41.21% 12.20

Price/ Cash Flow

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

LTM

FY+1

5.04 1.05 19'162.36 -5.03% 6.13% 1.053 38 3.605 25'423'590 24'849'570 23'532'130 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 375'517.0 370'866.0 346'384.6 353'168.6 84'943.3 84'719.7 1.71x 1.79x 0.44x 0.44x 1.85x 1.84x 45'796.0 22'056.0 39'563.8 43'294.9 9'196.0 9'434.5 3.63x 7.34x 4.02x 3.68x 3.93x 3.69x 25'700.0 11'582.0 16'770.6 18'671.0 3'872.7 3'902.7 5.25x 11.33x 7.76x 6.94x 8.18x 7.58x S&P Issuer Ratings Long-Term Rating Date 24.09.2010 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 24.09.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 18.83 (EBITDA-Capex)/Interest Exp. -1.68 Net Debt/EBITDA 1.30 Total Debt/EBITDA 2.21 Reference Total Debt/Equity 41.2% Total Debt/Capital 29.0% Asset Turnover 1.25 Net Fixed Asset Turnover 3.09 Accounts receivable turnover-days Inventory Days 30.00 Accounts Payable Turnover Day Cash Conversion Cycle 22.04 Sales/Revenue/Turnover

12.00

400'000.0 350'000.0

10.00

300'000.0 8.00

250'000.0 200'000.0

6.00

150'000.0

4.00

100'000.0 2.00 0.00 01.01.2010

50'000.0 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 |

28.02.2013

BP PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME UBS VANGUARD GROUP INC KUWAIT INVESTMENT AU M&G INVESTMENT MANAG FRANKLIN RESOURCES FMR LLC PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC STATE STREET AVIVA INVESTORS GOVT OF SINGAPORE IN HSBC INVESTMENTS UK JP MORGAN MASSACHUSETTS FINANC

Firm Name AlphaValue Morgan Stanley Sanford C. Bernstein & Co Independent Research GmbH VSA Capital Ltd Macquarie Societe Generale Canaccord Genuity Corp Raymond James Day by Day Exane BNP Paribas RBC Capital Markets Simmons & Company International EVA Dimensions HSBC Credit Suisse Jefferies Ahorro Corporacion Financiera SA Natixis Nomura Oriel Securities Ltd Liberum Capital Ltd Barclays Investec Goldman Sachs S&P Capital IQ VTB Capital Grupo Santander JPMorgan Landesbank Baden-Wuerttemberg Deutsche Bank Tudor Pickering & Co Jyske Bank CA Cheuvreux Kepler Capital Markets CS Capital National Bank AG

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

Analyst ALEXANDRE ANDLAUER MARTIJN P RATS OSWALD CLINT SVEN DIERMEIER DOUGIE YOUNGSON JASON D GAMMEL IRENE HIMONA GORDON GRAY BERTRAND HODEE VALERIE GASTALDY ALEJANDRO DEMICHELIS PETER HUTTON JEFFREY A DIETERT CRAIG STERLING PAUL SPEDDING KIM FUSTIER IAIN REID VIRGINIA PEREZ REPES ANNE PUMIR THEEPAN JOTHILINGAM RICHARD GRIFFITH ANDREW WHITTOCK RAHIM KARIM STUART JOYNER MICHELE DELLA VIGNA CHRISTINE TISCARENO COLIN SMITH JASON KENNEY FREDERICK G LUCAS JENS MUENSTERMANN LUCAS HERRMANN ROBERT KESSLER ROBERT JAKOBSEN DOMINIQUE PATRY TEAM COVERAGE CHRISTOPHER PARKINSON MANFRED JAISFELD

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

Recommendation sell Underwt/In-Line market perform buy sell outperform hold hold market perform hold outperform sector perform overweight overweight overweight neutral hold hold neutral neutral hold hold underweight buy neutral/cautious hold hold hold overweight buy buy accumulate buy outperform buy buy buy

Amt Held 1'027'123'894 715'298'081 609'649'091 507'765'071 432'628'420 355'281'619 353'723'961 328'143'792 321'514'948 314'758'416 283'870'139 258'130'496 241'527'129 195'306'957 193'482'670 166'069'621 147'434'500 139'991'616 121'771'755 118'437'667

% Out 5.36 3.73 3.18 2.65 2.26 1.85 1.85 1.71 1.68 1.64 1.48 1.35 1.26 1.02 1.01 0.87 0.77 0.73 0.64 0.62

Weighting

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

M M M M D M M D 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

Latest Chg 19'032'430 44'846'385 4'845'711 11'374'989 5'646'262 (277'008) 34'717'581 (14'029'910) (10'962'271) 7'261'934 (658'775) (5'019'297) (6'919'062) 6'546'014 45'206'019 12'912'052

Target Price 398 442 510 540 400 550 500 500 #N/A N/A #N/A N/A 575 530 #N/A N/A #N/A N/A 550 475 450 6 490 455 #N/A N/A 445 480 495 520 595 490 520 525 480 500 500 520 500 602 500 700

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

File Dt 26.02.2013 01.11.2012 31.12.2012 30.11.2012 01.11.2012 28.12.2012 31.12.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 27.02.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012

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

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

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 15.02.2013 12.02.2013 08.02.2013 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 05.02.2013 05.02.2013 05.02.2013 23.01.2013 19.12.2012 07.12.2012 19.10.2012 15.10.2012 19.09.2012 10.08.2012 16.04.2012 15.08.2011 14.04.2010

28.02.2013

British American Tobacco PLC British American Tobacco PLC is the holding company for a group of companies that manufacture, market and sell cigarettes and other tobacco products, including cigars and roll-your-own tobacco.

Price/Volume 4000

9.0 M

3500

8.0 M

3000

7.0 M 6.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BATS LN EQUITY YTD Change BATS LN EQUITY YTD % CHANGE

12/2012 12/yy 3'514.00 2'986.50 422'695.00 3431.5 -2.43% 14.90% 81.42% 1'930.5 66'244.16 10'719.00 0.0 307.0 2'107.00 75'163.16

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

31.12.2009 31.12.2010 14'208.0 14'883.0 3.52x 3.90x 5'091.0 5'852.0 9.82x 9.93x 2'713.0 2'879.0 14.72x 16.97x Profitability

3.0 M

1000

2.0 M

500

1.0 M

0 f-12 m-12

LTM-4Q 31.12.2011 15'399.0 4.56x 6'316.0 11.12x 3'095.0 19.45x

31.12.2012 15'190.0 4.54x 6'093.0 11.31x 3'841.0 15.69x 6'093.00 5'618.00 36.98% 37.18% 14.11% 49.12% 24.11% 0.56% 40.1% 37.0% 25.3% 1.13 0.26 39.22% 143.46% -

Price/ Cash Flow

a-12 m-12

j-12

LTM

12/yy 9'866.0 8.70x 873.0 0.00x 2'130.0 18.69x

12/yy 12'122.0 7.34x 0.0 0.00x 2'457.0 14.60x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

3.93 0.75 1'929.00 12.45% 9.95% 0.748 27 4.074 2'043'506 2'347'182 2'439'279 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'926.8 16'675.3 4.66x 4.43x 6'489.4 6'939.6 11.57x 10.82x 4'316.7 4'646.4 15.28x 13.91x S&P Issuer Ratings

09.11.2012 ASTABLE 16.05.2003 A-2 12.07 10.75 1.41 1.76 143.5% 57.9% 0.56 4.86 -

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

4.0 M

1500

Fiscal Year Ended 31.12.2008 12'122.0 3.84x 3'978.0 11.69x 2'457.0 14.60x

5.0 M

2000

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 |

28.02.2013

British American Tobacco PLC Holdings By:

All

Holder Name BLACKROCK REINET INVESTMENTS S LEGAL & GENERAL CAPITAL GROUP COMPAN INVESCO LTD SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES VANGUARD GROUP INC CREDIT SUISSE PRIVAT ABERDEEN MORGAN STANLEY INVES M&G INVESTMENT MANAG UBS Northern Cross Inter VANGUARD GROUP INC MORGAN STANLEY HARBOR CAPITAL ADVIS NEWTON INV MGMT ALLAN GRAY UNIT TRUS

Firm Name JPMorgan Jefferies Nomura AlphaValue Oriel Securities Ltd Exane BNP Paribas Avior Research Day by Day Panmure Gordon & Co Limited Societe Generale Goldman Sachs Canaccord Genuity Corp Barclays Credit Suisse EVA Dimensions Renaissance Capital Redburn Partners Deutsche Bank Investec Independent Research GmbH Berenberg Bank S&P Capital IQ Natixis Afrifocus Securities Imara

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

Analyst RAE MAILE DIRK VAN VLAANDEREN DAVID HAYES ISABELLE COMBEMALE CHRIS WICKHAM JAMES BUSHNELL RICHARD TESSENDORF VALERIE GASTALDY DAMIAN MCNEELA CHAS MANSO DE ZUNIGA FULVIO CAZZOL EDDY HARGREAVES SIMON HALES ROGERIO FUJIMORI AUSTIN BURKETT REY WIUM CHRISTIAN DE ROUALLE JONATHAN FELL THANE DUFF LARS LUSEBRINK ERIK BLOOMQUIST CARL SHORT NICOLAS LANGLET TANUJA CHITRE RICHARD CLARKE

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

Recommendation overweight buy buy add hold outperform neutral hold buy hold buy/attractive hold overweight outperform overweight buy neutral buy hold hold buy hold neutral hold sell

Amt Held 132'891'526 81'313'066 70'617'321 67'664'399 62'241'180 51'036'377 45'340'822 44'798'347 39'627'587 37'965'898 35'358'765 26'280'778 24'636'075 23'121'300 22'218'678 21'639'256 21'269'629 20'358'179 16'928'208 16'512'563

% Out 6.88 4.21 3.66 3.51 3.22 2.64 2.35 2.32 2.05 1.97 1.83 1.36 1.28 1.2 1.15 1.12 1.1 1.05 0.88 0.86

Weighting

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

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

Latest Chg (3'000'000) (2'766'594) 1'948'246 3'856'239 (5'033'085) (3'167'914) 562'275 (376'548) 1'323'019 5'499'279 (427'111) (1'105'375) 245'915 1'824'714 1'855'889 260'794 (202'468) 15'454'877

Target Price 4'209 3'600 3'880 3'762 3'400 3'600 3'554 #N/A N/A 3'650 3'400 4'410 3'100 3'600 3'380 #N/A N/A 3'445 #N/A N/A 3'300 3'334 3'400 3'500 3'320 3'490 #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 26.02.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Bank 31.01.2013 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 28.12.2012 Unclassified 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Mutual Fund Manager 30.06.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 25.02.2013 25.02.2013 21.02.2013 20.02.2013 15.02.2013 08.02.2013 06.02.2013 01.02.2013 23.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 04.01.2013 30.10.2012 24.10.2012 24.10.2012 24.10.2012 20.07.2012 18.04.2012 17.05.2011

28.02.2013

British Land Co PLC British Land Company plc invests, both directly and through joint ventures, in income-producing and freehold commercial properties in order to maximize their growth and potential. The Company trades, finances, and develops property. Their portfolio consists of offices, retail superstores, shopping centers, leisure, industrial, and distribution spaces.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLND LN EQUITY YTD Change BLND LN EQUITY YTD % CHANGE

03/2012 03/yy 588.00 461.70 946'907.00 562.5 -4.34% 21.83% 77.83% 896.6 5'043.46 2'621.00 0.0 0.0 384.00 7'546.46

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

7.0 M

600

6.0 M

500

5.0 M

400

4.0 M

300

3.0 M

200

2.0 M

100

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 685.0 14.37x (1'563.0) -

700

31.03.2009 31.03.2010 515.0 407.0 12.19x 13.96x (3'881.0) 1'140.0 3.62x Profitability

LTM-4Q 31.03.2011 313.0 20.99x 840.0 5.77x

31.03.2012 348.0 18.67x 480.0 8.87x 233.00 66.95% 137.64% 3.20% 5.13% 0.04% 86.8% 66.7% 137.9% 1.30 1.11 32.13% 51.35% 1.95 -

Price/ Cash Flow

03/yy 316.0 74.40x 147.0 0.00x 840.0 5.77x

LTM 03/yy 348.0 76.19x 120.0 0.00x 480.0 8.87x

FY+1

.0 M f-13

3.52 0.98 808.37 25.75% 1.25% 0.977 22 3.864 2'993'428 2'558'323 2'266'988 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 06/12 Q1 09/12 Q2 545.7 564.2 78.0 79.0 17.79x 17.37x 394.9 408.6 19.11x 18.47x 268.1 280.2 65.3 64.9 18.69x 17.91x 17.25x 18.69x S&P Issuer Ratings

51.4% 33.9% 0.04 0.07 187.69 -

Sales/Revenue/Turnover

35.00

800.0

30.00

700.0 600.0

25.00

500.0 20.00

400.0 15.00

300.0

10.00

200.0

5.00

100.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

British Land Co PLC Holdings By:

All

Holder Name BLACKROCK APG ALGEMENE PENSIOE NORGES BANK INVESTME FMR LLC GOVT OF SINGAPORE IN CAPITAL GROUP COMPAN STICHTING PENSIOEN F LEGAL & GENERAL SCOTTISH WIDOWS STATE STREET DAIWA SB INVESTMENTS VANGUARD GROUP INC STICHTING PENSIOENFO BNP PARIBAS INV PART MORGAN STANLEY COHEN & STEERS CAPIT BREWIN DOLPHIN LIMIT NOMURA ABN AMRO ASSET MGMT PEOPLES REPUBLIC OF

Firm Name

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

Analyst

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

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

Recommendation reduce hold hold buy buy outperform overweight Overwt/Attractive buy hold buy neutral underweight overweight hold hold neutral/neutral outperform hold equalweight buy corporate

Amt Held 52'861'598 51'657'620 47'810'536 40'302'151 37'888'506 35'703'190 34'793'042 31'806'263 26'908'534 22'471'161 19'609'420 18'059'603 15'755'901 14'696'212 12'763'439 12'427'571 11'498'511 10'652'255 10'561'672 10'394'047

% Out 5.9 5.76 5.33 4.49 4.23 3.98 3.88 3.55 3 2.51 2.19 2.01 1.76 1.64 1.42 1.39 1.28 1.19 1.18 1.16

Weighting

Change

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

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

Latest Chg (15'850) 1'062'018 1'791'667 (540'057) 1'728'241 13'961'285 (868'705) 989'210 331'560 556'094 330'281 (2'768'348) 37'424 (2'391'216) 474'255 896'756 7'478'923 -

Target Price 560 538 615 600 610 590 630 570 600 #N/A N/A 740 590 #N/A N/A 650 560 511 565 605 528 609 564 #N/A N/A

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

File Dt Inst Type 26.02.2013 Investment Advisor 01.09.2012 Pension Fund (ERISA) 01.09.2012 Government 31.12.2012 Investment Advisor 01.09.2012 Government 31.12.2012 Investment Advisor 09.02.2010 Pension Fund (ERISA) 01.09.2012 Unclassified 30.11.2012 Unclassified 27.02.2013 Investment Advisor 01.09.2012 Investment Advisor 31.12.2012 Investment Advisor 01.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 01.09.2012 Investment Advisor 06.09.2012 Unclassified 17.07.2012 Investment Advisor 01.09.2012 Government

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

Date 28.02.2013 25.02.2013 25.02.2013 11.02.2013 05.02.2013 01.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 21.01.2013 17.01.2013 09.01.2013 18.12.2012 27.11.2012 21.11.2012 26.09.2012 10.08.2012 18.07.2012 22.11.2011 25.02.2010

28.02.2013

British Sky Broadcasting Group PLC British Sky Broadcasting Group plc provides a pay television broadcasting service to customers in the United Kingdom and the Republic of Ireland. The Group's channels broadcast news, movies, sports and pay-per-view events. British Sky also offers Internet services via fixed telecommunications infrastructure.

Price/Volume 900

40.0 M

800

35.0 M

700

30.0 M

600

25.0 M

500

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (05.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSY LN EQUITY YTD Change BSY LN EQUITY YTD % CHANGE

06/2012 12/yy 860.00 629.00 872'720.00 853 -0.76% 35.61% 98.60% 1'617.6 13'798.12 2'414.00 0.0 0.0 1'174.00 15'230.12

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

15.0 M

300 200

10.0 M

100

5.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 4'952.0 1.99x 970.0 10.14x (127.0) -

20.0 M

400

Valuation Analysis

30.06.2009 30.06.2010 5'359.0 5'506.0 1.83x 2.49x 1'104.0 1'182.0 8.89x 11.58x 259.0 878.0 30.57x 13.63x Profitability

LTM-4Q 30.06.2011 6'565.0 2.41x 1'406.0 11.25x 810.0 19.46x

30.06.2012 6'791.0 1.90x 1'587.0 8.13x 906.0 13.24x 1'587.00 1'243.00 18.30% 17.51% 15.48% 101.38% 29.12% 1.13% 23.4% 18.5% 13.3% 1.08 0.60 43.82% 255.72% -

Price/ Cash Flow

12/yy 6'775.0 4.36x 0.0 0.00x 844.0 15.10x

LTM 12/yy 6'960.0 3.84x 0.0 0.00x 952.0 13.46x

FY+1

.0 M f-13

3.19 0.68 935.58 31.96% 11.21% 0.683 29 3.345 2'648'720 2'768'301 2'628'278 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 7'148.3 7'477.6 1'811.0 1'820.3 2.11x 1.98x 8.02x 8.06x 1'668.6 1'712.9 428.0 415.0 9.13x 8.89x 930.3 960.4 239.7 227.7 15.04x 14.36x S&P Issuer Ratings

30.11.2009 BBB+ STABLE 14.30 12.24 0.88 1.74 255.7% 71.9% 1.13 7.31 -

Sales/Revenue/Turnover

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0 8.00

4'000.0 6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

British Sky Broadcasting Group PLC Holdings By:

All

Holder Name BSKYB HOLDCO INC BLACKROCK CAPITAL GROUP COMPAN FMR LLC FRANKLIN RESOURCES AEGON SCOTTISH WIDOWS ODEY ASSET MANAGEMEN LEGAL & GENERAL STATE STREET NOMURA INTERNATIONAL NORGES BANK INVESTME LLOYDS BANKING GROUP VANGUARD GROUP INC M&G INVESTMENT MANAG LANSDOWNE PARTNERS INVESCO LTD ODEY ASSET MGMT LTD MANNING & NAPIER ADV BRITISH SKY BROADCAS

Firm Name

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

Analyst

AlphaValue VERONIQUE CABIOC'H HSBC ADAM M RUMLEY Kepler Capital Markets CONOR O'SHEA Macquarie GUY R PEDDY Deutsche Bank LAURIE DAVISON Sanford C. Bernstein & Co CLAUDIO ASPESI Berenberg Bank SARAH SIMON Nomura MATTHEW WALKER S&P Capital IQ ALEXANDER WISCH Numis Securities Ltd PAUL RICHARDS New Street Research FRANK KNOWLES Barclays JULIEN ROCH Morgan Stanley PATRICK WELLINGTON Investec STEVEN LIECHTI Oriel Securities Ltd JOHN KARIDIS Exane BNP Paribas MICHAEL WILLIAMS Jefferies WILL SMITH Peel Hunt PATRICK YAU EVA Dimensions CRAIG STERLING Day by Day VALERIE GASTALDY Goldman Sachs VIGHNESH PADIACHY CA Cheuvreux THOMAS JORION JPMorgan MARK O'DONNELL Raymond James STEPHANE BEYAZIAN Espirito Santo Investment Bank Research GIASONE SALATI Credit Suisse OMAR SHEIKH Panmure Gordon & Co Limited ALEX DE GROOTE ING Bank SIMON WALLIS Natixis JEROME BODIN

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG RNS-RUL8 REG ULT-AGG MF-AGG REG Short REG MF-AGG REG REG

Recommendation add underweight buy outperform buy underperform sell buy hold add buy equalweight Equalwt/Attractive buy sell outperform underperform hold hold hold Buy/Neutral underperform overweight market perform buy neutral not rated buy suspended coverage

Amt Held % Out 645'652'521 39.91 144'275'740 8.92 111'340'500 6.88 87'366'381 5.4 62'089'978 3.84 44'992'780 2.78 39'916'152 2.47 37'389'881 2.31 36'978'729 2.29 36'734'089 2.27 32'111'245 1.99 29'127'229 1.8 26'756'130 1.65 22'422'420 1.39 20'388'936 1.26 (20'064'543) -1.24 16'877'130 1.04 16'648'684 1.03 15'531'610 0.96 14'532'207 0.9

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

Change M M M M M M M M M M M M M M M M M M M M M N M M M M M M M

Latest Chg (8'800'626) (20'622'800) (16'750'738) (878'881) (1'432'023) (9'115'597) (431'754) (773'923) (53'441) 3'259'976 (332'629) 7'625 865'304 (862'242) 2'448'287 2'943'999 (620'690) 4'699'330 (1'204'732)

Target Price 967 600 960 900 970 600 650 975 860 921 900 840 860 870 590 920 650 845 #N/A N/A #N/A N/A 1'040 800 910 #N/A N/A 875 610 #N/A N/A 765 #N/A N/A

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

File Dt Inst Type 01.11.2012 Unclassified 26.02.2013 Investment Advisor 06.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Unclassified 30.11.2012 Unclassified 01.11.2012 Hedge Fund Manager 01.11.2012 Unclassified 27.02.2013 Investment Advisor 11.07.2011 Investment Advisor 01.11.2012 Government 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 07.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Unclassified

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

Date 28.02.2013 21.02.2013 11.02.2013 05.02.2013 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 31.01.2013 31.01.2013 31.01.2013 24.01.2013 23.01.2013 17.01.2013 07.01.2013 01.11.2012 17.09.2012 12.09.2012 04.09.2012 04.09.2012 03.05.2012 25.07.2011 15.06.2010 16.02.2010

28.02.2013

BT Group PLC BT Group plc provides telecommunications services. The Company provides local and long-distance telephone call products and services in the UK, international telephone calls to and from the UK, broadband network solutions and web hosting to corporate customers, network ADSL, ISDN, and IP services to communication companies and narrowband and broadband internet access and related services.

Price/Volume 70.0 M

250

60.0 M 50.0 M

200

40.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BT/A LN EQUITY YTD Change BT/A LN EQUITY YTD % CHANGE

03/2012 12/yy 282.80 197.40 3'661'608.00 268.2 -5.23% 35.87% 85.01% 7'876.6 21'124.94 10'486.00 0.0 11.0 844.00 29'649.94

31.03.2008 20'704.0 1.28x 5'792.0 4.56x 1'737.0 10.09x

30.0 M

100

20.0 M

10.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

300

31.03.2009 31.03.2010 21'390.0 20'911.0 0.88x 1.01x 3'629.0 5'594.0 5.19x 3.76x (193.0) 1'028.0 9.33x Profitability

LTM-4Q 31.03.2011 20'076.0 1.23x 5'886.0 4.19x 1'502.0 9.58x

31.03.2012 19'307.0 1.46x 6'190.0 4.54x 2'002.0 8.78x 6'190.00 3'218.00 16.67% 12.66% 8.38% 26.06% 0.71% 32.5% 16.5% 10.4% 0.49 0.28 43.79% 808.48% -

Price/ Cash Flow

LTM

12/yy 19'487.0 4.93x 6'006.0 3.87x 1'842.0 8.03x

12/yy 18'107.0 6.04x 5'881.0 4.54x 2'131.0 8.47x

FY+1

.0 M f-13

3.24 0.88 7'867.00 29.57% 16.05% 0.881 27 3.667 14'447'570 15'334'320 13'784'240 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 18'130.0 17'795.2 4'690.3 1.60x 1.57x 6.10x 6'096.3 6'064.6 1'634.5 4.86x 4.89x 1'973.5 1'945.9 571.0 10.60x 10.56x S&P Issuer Ratings

19.07.2011 BBB STABLE 19.07.2011 A-2 8.95 5.22 1.45 1.82 808.5% 88.9% 0.71 1.27 -

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

BT Group PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK LEGAL & GENERAL BT GROUP PLC SHAREVI PERPETUAL INVESTMENT THREADNEEDLE ASSET M NORGES BANK INVESTME STANDARD LIFE INVEST VANGUARD GROUP INC FMR LLC AVIVA INVESTORS SCOTTISH WIDOWS ARTEMIS INVESTMENT M M&G INVESTMENT MANAG PEOPLES REPUBLIC OF ARTEMIS INVESTMENT M THREADNEEDLE INVESTM BT GROUP PLC EMPLOYE VANGUARD GROUP INC MAJEDIE ASSET MANAGE

Firm Name

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

Analyst

AlphaValue JEAN-MICHEL SALVADOR Morgan Stanley NICK DELFAS Sanford C. Bernstein & Co ROBIN BIENENSTOCK Macquarie GUY R PEDDY Nomura JAMES BRITTON Oriel Securities Ltd JOHN KARIDIS Day by Day VALERIE GASTALDY Berenberg Bank STUART GORDON Liberum Capital Ltd LAWRENCE SUGARMAN Deutsche Bank DAVID A WRIGHT Espirito Santo Investment Bank Research WILL DRAPER Barclays MAURICE PATRICK Societe Generale OTTAVIO ADORISIO Goldman Sachs ANDREW LEE JPMorgan CARL MURDOCK-SMITH Jefferies JEREMY A DELLIS S&P Capital IQ JAMES CRAWSHAW Exane BNP Paribas MICHAEL WILLIAMS Oddo & Cie ALEXANDRE IATRIDES Credit Suisse PAUL SIDNEY EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg RALPH SZYMCZAK

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

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

Amt Held 778'912'816 414'048'238 326'762'309 284'949'077 218'997'078 176'167'732 153'691'805 151'085'357 144'638'507 135'948'337 134'026'296 128'739'886 121'209'276 103'659'925 95'877'803 90'844'770 87'631'989 81'270'291 81'100'448 79'359'827

% Out 9.89 5.26 4.15 3.62 2.78 2.24 1.95 1.92 1.84 1.73 1.7 1.63 1.54 1.32 1.22 1.15 1.11 1.03 1.03 1.01

Weighting

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

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 9'808'268 56'100'337 609'027 (2'425'817) (9'615'159) 1'514'171 4'210'755 17'073'643 17'151'093 (6'162'708) 5'420'429 (857'049) 4'103'000 12'800'853 (1'560'443) (197'922) 7'324'283 702'630

Target Price 270 290 285 180 290 330 #N/A N/A 280 300 277 250 230 245 320 280 278 260 250 175 300 #N/A N/A 220 245 190

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

File Dt 01.11.2012 26.02.2013 31.01.2013 01.11.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 01.11.2012 30.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.10.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 28.02.2013 20.02.2013 20.02.2013 14.02.2013 12.02.2013 08.02.2013 08.02.2013 05.02.2013 05.02.2013 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 30.01.2013 24.01.2013 17.01.2013 20.11.2012 04.09.2012 25.07.2012

28.02.2013

Burberry Group PLC Burberry Group PLC is a global luxury brand with British heritage, core outerwear and large leather goods base. The Company designs and sources apparel and accessories, selling through a diversified network of retail, digital, wholesale and licensing channels worldwide.

Price/Volume 1800 1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.04.2012) 52-Week Low (10.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRBY LN EQUITY YTD Change BRBY LN EQUITY YTD % CHANGE

03/2012 12/yy 1'605.00 998.00 125'800.00 1368 -14.77% 37.07% 59.64% 442.1 6'047.46 208.60 0.0 24.1 546.90 5'834.96

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

400 200 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 995.4 2.02x 233.9 8.61x 135.2 14.40x

600

31.03.2009 31.03.2010 1'201.5 1'185.1 1.01x 2.41x 215.6 272.1 5.65x 10.51x (6.0) 81.4 20.36x Profitability

LTM-4Q 31.03.2011 1'501.3 3.22x 363.8 13.30x 208.4 23.81x

31.03.2012 1'857.2 3.37x 468.1 13.36x 263.3 24.78x

468.10 380.50 20.49% 19.71% 15.00% 28.54% 24.66% 1.24% 69.9% 18.5% 13.5% 14.2% 1.68 1.08 12.95% 24.05% 12.19 1.60

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

12/yy 1'751.9 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 1'950.4 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.90 1.28 440.10 -1.18% 11.58% 1.276 26 3.385 902'430 1'086'278 1'237'631 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'975.8 2'258.8 478.0 414.5 2.94x 2.52x 514.4 578.1 11.34x 10.09x 288.9 340.7 20.66x 17.88x S&P Issuer Ratings

33.92 24.78 -0.67 0.40 24.1% 19.0% 1.24 5.69 30.04 228.26 78.35 141.12

Sales/Revenue/Turnover

30.00

2'000.0 1'800.0

25.00

1'600.0 1'400.0

20.00

1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00 0.00 03.04.2009

200.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Burberry Group PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC CAPITAL GROUP COMPAN JP MORGAN AMERIPRISE FINANCIAL THORNBURG INVESTMENT LEGAL & GENERAL SCHRODER INVESTMENT JENNISON ASSOCIATES VANGUARD GROUP INC NORGES BANK INVESTME BAILLIE GIFFORD AND OPPENHEIMERFUNDS INC SCOTTISH WIDOWS OPPENHEIMERFUNDS INC WALTER SCOTT & PARTN SCHRODER INVESTMENT MERRILL LYNCH & COMP PEOPLES REPUBLIC OF CREDIT AGRICOLE GROU

Firm Name AlphaValue Telsey Advisory Group Exane BNP Paribas Cantor Fitzgerald Berenberg Bank Bryan Garnier & Cie Morgan Stanley Credit Suisse Barclays Raymond James Aurel - BGC HSBC Oddo & Cie EVA Dimensions Nomura ISI Group Deutsche Bank Day by Day Redburn Partners S&P Capital IQ JPMorgan Goldman Sachs Investec Merchant Securities Numis Securities Ltd

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

Analyst VIRGINIE BLIN DANA TELSEY LUCA GIUSEPPE SOLCA ALLEGRA PERRY JOHN GUY PETER FARREN LOUISE SINGLEHURST ROGERIO FUJIMORI JULIAN EASTHOPE MARC WILLAUME DAVID DA MAIA SOPHIE DARGNIES LEOPOLD AUTHIE CRAIG STERLING FRASER RAMZAN OMAR SAAD WARWICK OKINES VALERIE GASTALDY ANNABEL GLEESON EFRAIM LEVY MELANIE A FLOUQUET WILLIAM HUTCHINGS BETHANY HOCKING AMISHA CHOHAN ANDREW WADE

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

Recommendation reduce no rating system neutral hold buy buy Equalwt/In-Line outperform equalweight market perform hold neutral reduce sell neutral buy hold hold neutral hold neutral Buy/Neutral buy hold add

Amt Held 43'198'349 41'632'964 35'458'691 29'258'289 21'664'800 19'912'489 19'396'137 12'469'746 11'034'562 11'031'188 10'187'956 9'716'174 9'682'422 9'559'824 9'147'718 8'033'235 7'880'146 6'696'720 6'519'326 5'169'361

% Out 9.77 9.42 8.02 6.62 4.9 4.5 4.39 2.82 2.5 2.5 2.3 2.2 2.19 2.16 2.07 1.82 1.78 1.51 1.47 1.17

Weighting

Change

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

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

Latest Chg (4'063'682) 2'010'000 754'748 924'834 (935'463) (1'800'361) 243'473 143'568 4'801'296 2'322'973 6'080'394 40'235 (759'719) 27'992 477'091 769'776

Target Price 1'282 1'600 1'590 1'326 1'600 1'600 1'300 1'550 1'380 #N/A N/A 1'400 1'500 1'290 #N/A N/A 1'350 1'700 1'350 #N/A N/A #N/A N/A 1'238 1'270 1'859 1'690 #N/A N/A 1'500

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

File Dt 26.02.2013 01.11.2012 31.12.2012 01.11.2012 22.05.2012 10.01.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 30.12.2012 30.11.2012 01.11.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 28.02.2013 27.02.2013 19.02.2013 18.02.2013 15.02.2013 12.02.2013 07.02.2013 07.02.2013 28.01.2013 25.01.2013 25.01.2013 24.01.2013 22.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 20.12.2012 13.11.2012 09.11.2012 07.11.2012 26.10.2012 11.07.2012 17.04.2012 16.01.2012

28.02.2013

Cap Gemini SA Cap Gemini offers computer and management consulting services. The Company develops software and offers information systems management, project management, and education and training services. Cap Gemini serves customers in the petroleum, financial services, automotive, aerospace, and telecommunications industries in Europe, the United States, Asia, and South Africa.

Price/Volume

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

3.0 M 2.5 M

12/2012 12/yy 38.57 25.24 157'893.00 38.03 -1.34% 50.70% 98.50% 161.8 6'152.13 1'837.00 0.0 27.0 2'223.00 6'233.13

2.0 M

1.5 M

1.0 M

.5 M

5 0 f-12

31.12.2009 31.12.2010 8'371.0 8'697.0 0.43x 0.50x 778.0 763.0 4.62x 5.73x 178.0 280.0 25.99x 19.09x Profitability

LTM-4Q 31.12.2011 9'693.0 0.35x 901.0 3.72x 404.0 9.18x

31.12.2012 10'264.0 370.0 13.97x 901.00 713.00 7.36% 5.06% 4.20% 10.18% 8.71% 1.01% 23.4% 8.0% 5.9% 3.6% 1.36 1.23 16.68% 43.16% 3.53 -

Price/ Cash Flow

a-12

m-12

j-12

LTM

12/yy 9'693.0 0.00x 0.0 0.00x 0.0 0.00x

j-12

12/yy 10'264.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.09 144.26 19.55% 15.73% 1.086 25 4.440 1'291'651 795'185 789'144 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'354.7 10'683.8 2'516.0 2'575.0 0.50x 0.46x 1'043.5 1'116.0 5.97x 5.58x 492.9 549.3 12.87x 11.57x S&P Issuer Ratings

21.01.2008 BBBSTABLE 10.24 8.44 0.05 1.69 43.2% 30.0% 1.01 19.03 103.65 -

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 8'710.0 0.36x 981.0 3.24x 451.0 8.76x

3.5 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAP FP EQUITY YTD Change CAP FP EQUITY YTD % CHANGE

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 |

28.02.2013

Cap Gemini SA Holdings By:

All

Holder Name SOCIETE GENERALE AMUNDI SA CREDIT INDUSTRIEL ET KAMPF SERGE VANGUARD GROUP INC NATIXIS ASSET MANAGE MANNING & NAPIER ADV CAP GEMINI SA ALLIANZ ASSET MANAGE AVIVA PLC INVESCO LTD INTERNATIONAL VALUE BLACKROCK AMUNDI ROTHSCHILD & COMPAGN LBPAM T ROWE PRICE ASSOCIA HSBC ASSET MGMT EURO ING INTERNATIONAL AD IVY MANAGEMENT INCOR

Firm Name Landesbank Baden-Wuerttemberg JPMorgan Kepler Capital Markets Exane BNP Paribas Societe Generale Morgan Stanley Credit Suisse Jefferies HSBC Oddo & Cie Berenberg Bank Bryan Garnier & Cie Natixis S&P Capital IQ Barclays AlphaValue CM - CIC Securities(ESN) EVA Dimensions Day by Day Redburn Partners Goldman Sachs CA Cheuvreux DZ Bank AG National Bank AG

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

Analyst THOMAS HOFMANN STACY E POLLARD LAURENT DAURE BRICE PRUNAS RICHARD NGUYEN ADAM WOOD CHARLES BRENNAN MILAN RADIA ANTONIN BAUDRY ALEXANDRE IATRIDES DAUD KHAN GREGORY RAMIREZ GWENAEL GIARD JAMES CRAWSHAW GERARDUS VOS HELENE COUMES DOV LEVY ANDREW S ZAMFOTIS VALERIE GASTALDY NEIL STEER SIVA KRISHNA PRASAD BORRA MICHAEL BEUCHER THORSTEN REIGBER SVEN PAULSEN

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

Recommendation buy neutral buy outperform buy Equalwt/In-Line underperform buy overweight buy buy buy neutral sell overweight buy buy overweight buy buy Buy/Neutral select list buy buy

Amt Held 11'462'735 9'114'958 7'725'000 5'365'904 3'635'761 3'358'525 3'271'830 2'203'250 2'117'078 1'921'551 1'651'444 1'426'428 1'287'834 1'258'868 1'040'763 918'572 916'820 733'209 665'392 626'970

% Out 7.09 5.63 4.78 3.32 2.25 2.08 2.02 1.36 1.31 1.19 1.02 0.88 0.8 0.78 0.64 0.57 0.57 0.45 0.41 0.39

Weighting

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

N 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 10'639'977 2'817'161 (600'000) 62'051 51'759 301'090 688'563 (517) (231'801) (417'452) (24'595) (54'335) (2'000) (12'846) 23'018 3'504 (38'779) (7'370)

Target Price 42 41 44 43 46 36 30 42 43 40 42 47 35 30 43 46 45 #N/A N/A 40 #N/A N/A 50 43 37 46

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

File Dt Inst Type 28.09.2012 Bank 26.09.2012 Other 24.05.2012 Bank 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2011 Corporation 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 27.02.2013 Investment Advisor 30.06.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 28.01.2013 17.01.2013 16.01.2013 14.01.2013 11.01.2013 11.05.2012 08.11.2011 28.07.2011

28.02.2013

Capita PLC Capita PLC provides an integrated range of services across the United Kingdom's public and private sectors. The Company provides customer services, human resource services, software services, systems and strategic support, and property services.

Price/Volume 900

8.0 M

800

7.0 M

700

6.0 M

600

5.0 M

500

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPI LN EQUITY YTD Change CPI LN EQUITY YTD % CHANGE

12/2012 01/yy 857.50 600.00 1'351'279.00 828 -3.50% 38.00% 96.31% 655.2 5'424.79 1'732.40 0.0 0.0 74.50 6'959.39

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

3.0 M

300 200

2.0 M

100

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 2'441.4 2.25x 371.9 14.77x 165.8 27.08x

4.0 M

400

Valuation Analysis

31.12.2009 31.12.2010 2'686.8 2'744.0 2.04x 2.01x 382.1 504.0 14.34x 10.97x 188.9 235.0 24.42x 18.12x Profitability

31.12.2011 2'930.2 1.91x 567.8 9.87x 238.0 16.05x

31.12.2012 3'351.8 236.0 20.35x 567.80 429.70 14.66% 10.34% 7.14% 37.10% 12.79% 0.91% 28.5% 19.0% 14.0% 7.0% 0.83 0.49 48.97% 330.55% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

2.67 0.71 653.15 11.22% 9.67% 0.710 25 3.080 1'178'713 1'336'180 1'327'613 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 3'662.1 3'965.1 1.79x 1.61x 603.8 648.8 11.53x 10.73x 354.6 381.4 14.79x 13.66x S&P Issuer Ratings

13.39 10.98 2.58 2.91 330.5% 76.8% 0.91 9.79 -

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Capita PLC Holdings By:

All

Holder Name INVESCO LTD PERPETUAL INVESTMENT VERITAS ASSET MANAGE BLACKROCK FMR LLC LEGAL & GENERAL MARATHON ASSET MANAG LEGAL & GENERAL VANGUARD GROUP INC NORGES BANK INVESTME SCHRODER INVESTMENT HSBC INVESTMENTS UK T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA CREDIT AGRICOLE GROU HENDERSON GLOBAL INV WELLINGTON MANAGEMEN SANFORD C BERNSTEIN ALLIANCE BERNSTEIN GE ASSET MANAGEMENT

Firm Name

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

Analyst

Investec GIDEON ADLER RBC Capital Markets DAVID GREENALL Canaccord Genuity Corp JULIAN CATER HSBC ALEX MAGNI Numis Securities Ltd MIKE MURPHY Panmure Gordon & Co Limited MIKE ALLEN Barclays PAUL D A SULLIVAN Berenberg Bank SIMON MEZZANOTTE Westhouse Securities MICHAEL DONNELLY Credit Suisse DAVID RIGBY JPMorgan ROBERT PLANT Cantor Fitzgerald CAROLINE DE LA SOUJEOLE Oriel Securities Ltd HECTOR FORSYTHE Deutsche Bank THOMAS SYKES Shore Capital Stockbrokers ROBIN SPEAKMAN Peel Hunt HENRY CARVER EVA Dimensions CRAIG STERLING Goldman Sachs CHARLES WILSON S&P Capital IQ CLIVE ROBERTS Jefferies KEAN MARDEN Baden Hill LLP CRAIG FRASER Espirito Santo Investment Bank Research DAVID BROCKTON Arden Partners Ltd GEOFF ALLUM

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

Recommendation sell sector perform sell underweight add sell equalweight buy sell outperform overweight sell add hold hold buy sell Buy/Neutral strong buy buy sell sell buy

Amt Held 144'038'472 37'524'969 33'317'504 29'940'883 26'986'665 25'031'417 19'839'758 19'622'705 18'874'585 15'245'154 14'575'344 12'906'064 11'880'519 11'590'671 10'860'843 10'258'018 8'912'133 8'676'741 8'609'804 8'439'574

% Out 21.98 5.73 5.09 4.57 4.12 3.82 3.03 3 2.88 2.33 2.22 1.97 1.81 1.77 1.66 1.57 1.36 1.32 1.31 1.29

Weighting

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

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

Latest Chg 3'264'145 10'276 732'031 464'770 (1'610'100) (1'391'159) 321'057 493'951 (663'213) 2'281'733 1'249'821 124'501 (1'496'695) 2'456'307 (806'360) (221'909) (1'806'639)

Target Price 630 790 650 690 760 620 875 870 661 1'000 875 700 #N/A N/A 694 #N/A N/A 850 #N/A N/A 1'135 1'029 840 612 560 #N/A N/A

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

File Dt 03.12.2012 31.03.2012 03.12.2012 26.02.2013 31.12.2012 31.01.2013 03.12.2012 18.06.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 30.11.2012 31.12.2012 03.12.2012

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

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

Date 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 25.02.2013 25.02.2013 21.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 12.02.2013 29.01.2013 15.01.2013 18.12.2012 18.12.2012 28.11.2012 09.10.2012 25.04.2012 30.09.2011

28.02.2013

Carlsberg A/S Carlsberg A/S is an international brewing company. The Company produces branded beers and regional brands. Carlsberg makes most of its beer outside of Denmark, and it is sold in markets around the world. The Company also markets and produces soft drinks, water, and wine.

Price/Volume 700

1.6 M

600

1.4 M

500

1.2 M 1.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CARLB DC EQUITY YTD Change CARLB DC EQUITY YTD % CHANGE

12/2012 12/yy 602.50 414.10 64'170.00 581 -3.57% 40.30% 87.26% 118.9 89'376.91 40'058.00 0.0 3'389.0 5'760.00 127'063.91

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

.6 M

200

.4 M

100

.2 M

0 f-12 m-12

31.12.2009 31.12.2010 59'382.0 60'054.0 1.69x 2.08x 13'193.0 13'858.0 7.59x 9.01x 3'602.0 5'351.0 16.26x 15.92x Profitability

LTM-4Q 31.12.2011 63'561.0 1.59x 13'180.0 7.66x 5'149.0 12.00x

31.12.2012 67'201.0 1.82x 13'704.0 8.92x 5'607.0 15.07x 13'704.00 9'685.00 14.41% 12.06% 3.72% 8.24% 0.45% 49.7% 20.4% 14.4% 8.3% 0.77 0.21 26.02% 57.01% 4.05

Price/ Cash Flow

j-12

LTM

12/yy 63'561.0 6.96x 13'420.0 7.50x 6'146.0 10.02x

j-12

12/yy 67'201.0 6.86x 13'704.0 8.92x 5'607.0 15.07x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.92 33.86% 4.87% 0.916 37 3.162 341'184 361'643 324'557 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 69'169.7 72'022.2 13'218.0 20'112.3 1.73x 1.58x 14'604.2 15'511.6 1'658.7 4'770.7 8.70x 8.20x 8.49x 8.40x 6'217.1 7'053.7 96.0 2'266.7 14.22x 12.58x 14.60x 14.11x S&P Issuer Ratings

6.81 4.76 2.50 2.92 57.0% 35.2% 0.45 2.11 90.44 100.06 -28.65

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 59'944.0 1.30x 10'967.0 7.08x 2'621.0 7.76x

.8 M

300

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 |

28.02.2013

Carlsberg A/S Holdings By:

All

Holder Name CARLSBERG FOUNDATION OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE VANGUARD GROUP INC CAPITAL GROUP COMPAN MASSACHUSETTS FINANC T ROWE PRICE ASSOCIA ARTISAN PARTNERS HOL BNP PARIBAS INV PART MANNING & NAPIER ADV NORDEA INV MANAGEMEN COMMONWEALTH BANK OF FMR LLC DANSKE INVEST A/S BLACKROCK SCHRODER INVESTMENT MANDARINE GESTION NEW JERSEY DIVISION GLOBAL INVESTMENT SE SWEDBANK ROBUR FONDE

Firm Name

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

Analyst

AlphaValue ISABELLE COMBEMALE Jyske Bank JONAS GULDBORG HANSEN DNB Markets RUNE MAJLUND DAHL RBC Capital Markets JAMES EDWARDES JONES Exane BNP Paribas JAVIER GONZALEZ LASTRA Jefferies DIRK VAN VLAANDEREN Societe Generale ANDREW HOLLAND Credit Suisse SANJEET AUJLA Sanford C. Bernstein & Co TREVOR STIRLING SEB Enskilda SOREN SAMSOE Nordea Equity Research HANS GREGERSEN Handelsbanken CASPER BLOM Natixis OLIVIER DELAHOUSSE Nomura IAN SHACKLETON Barclays SAMAR CHAND Danske Markets TOBIAS CORNELIUS BJORKLUND Deutsche Bank JONATHAN FELL Alm Brand Markets STIG NYMANN ABG Sundal Collier MICHAEL K RASMUSSEN JPMorgan MATTHEW WEBB Canaccord Genuity Corp EDDY HARGREAVES Berenberg Bank PHILIP MORRISEY S&P Capital IQ CARL SHORT NYKREDIT RICKY S RASMUSSEN Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO EVA Dimensions AUSTIN BURKETT Bryan Garnier & Cie NIKOLAAS FAES Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER Carnegie LARS TOPHOLM Espirito Santo Investment Bank Research ALEX SMITH Davy BARRY GALLAGHER Kepler Capital Markets TEAM COVERAGE Equita SIM SpA FABIO FAZZARI Sydbank MORTEN IMSGARD

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

Recommendation add buy sell sector perform outperform hold sell underperform outperform hold buy accumulate neutral buy equalweight buy hold sell sell neutral buy buy strong buy neutral hold underperform hold underweight neutral sell/attractive neutral buy sell neutral buy hold overweight

Amt Held 13'663'681 7'090'243 4'431'809 2'072'807 1'873'510 1'724'123 1'604'743 1'376'106 1'296'634 1'098'850 1'064'725 1'007'821 864'037 815'182 700'034 699'089 683'810 500'000 393'300 376'660

% Out 11.5 5.97 3.73 1.74 1.58 1.45 1.35 1.16 1.09 0.92 0.9 0.85 0.73 0.69 0.59 0.59 0.58 0.42 0.33 0.32

Weighting

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

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 D M M U M M N U M

Latest Chg 755'515 44'260 (211'546) 90'734 (26'362) 66'834 368'106 190'630 (41'063) 30'657 (1'266'289) (25'586) 8'448 (331'477) 98'342 (500'000) 4'800 70'448

Target Price 680 650 520 500 700 580 530 500 760 590 635 615 550 660 525 615 575 550 540 500 650 650 630 #N/A N/A #N/A N/A 530 600 #N/A N/A 650 504 #N/A N/A #N/A N/A 460 #N/A N/A 515 480 #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 Other 30.12.2012 Investment Advisor 31.01.2013 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 31.12.2012 Investment Advisor 30.11.2012 Bank 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 14.02.2013 25.01.2013 21.01.2013 17.01.2013 17.01.2013 10.01.2013 09.01.2013 10.12.2012 15.11.2012 14.09.2012 15.08.2012 27.09.2011 08.08.2011 03.05.2011

28.02.2013

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

12.0 M 10.0 M

8.0 M

Valuation Analysis

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 12.87 474'520.00 20.905 -3.35% 62.43% 89.67% 709.2 14'826.13 11'672.00 0.0 1'009.0 4'760.00 26'072.13

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 0.30x 0.37x 4'044.0 4'599.0 6.51x 6.75x 1'269.0 276.0 14.82x 67.12x Profitability

LTM-4Q 31.12.2010 79'737.0 0.37x 4'380.0 6.81x 433.0 61.70x

31.12.2011 80'455.0 0.25x 3'894.0 5.08x 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 15.14% 8.06% 1.111 39 3.385 3'177'666 3'124'005 2'879'344 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 77'880.0 79'244.5 22'948.8 0.27x 0.26x 3'716.0 3'880.8 7.00x 6.70x 832.1 979.5 16.99x 14.67x S&P Issuer Ratings

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

Fiscal Year Ended 31.12.2007 82'148.5 0.61x 3'742.1 13.33x 2'299.4 20.00x

6.0 M

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 |

28.02.2013

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 INTERNATIONAL VALUE LBPAM MERCURY ASSET MANAGE

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue VIRGINIE BLIN Commerzbank Corporates & Markets JUERGEN ELFERS Cantor Fitzgerald MICHAEL J DENNIS Day by Day VALERIE GASTALDY JPMorgan JAIME VAZQUEZ Espirito Santo Investment Bank Research CAROLINE GULLIVER Morgan Stanley EDOUARD AUBIN Banco Sabadell MARTA DIAZ Baader Bank VOLKER BOSSE Jefferies JAMES GRZINIC Nomura NICK COULTER Oddo & Cie LAURENCE HOFMANN 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 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 MF-AGG MF-AGG MF-AGG

Recommendation add hold buy buy overweight buy Overwt/In-Line sell sell hold neutral buy outperform outperform buy hold corporate buy sell outperform equalweight sell sell 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 10'417'130 1.47 8'353'963 1.18 8'277'296 1.17 8'126'922 1.15 6'569'736 0.93 5'598'650 0.79 (5'531'875) -0.78 5'156'752 0.73 3'390'346 0.48 2'553'188 0.36 2'260'463 0.32 1'840'060 0.26

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

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

Latest Chg (14'638'655) 1'806'945 853'582 454'748 (273'062) 20'200 92'009 290'035 (393'327) 25'590 1'018'888 -

Target Price 23 22 27 24 25 25 25 22 17 17 20 25 22 25 25 22 #N/A N/A 23 18 24 19 #N/A N/A 15 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 31.10.2012 11.07.2011 30.11.2012 31.12.2012 26.02.2013 31.12.2011 17.01.2013 31.12.2011 31.12.2012 30.06.2012 31.12.2012 26.02.2013

Date 6 month 6 month Not Provided 3 month 12 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 Not Provided 12 month 12 month 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 Mutual Fund Manager Investment Advisor

Date 28.02.2013 26.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 12.02.2013 01.02.2013 01.02.2013 28.01.2013 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 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

28.02.2013

Centrica PLC Centrica PLC is an integrated energy company offering a wide range of home and business energy solutions. The Company sources, generates, processes, stores, trades, saves and supplies energy and provides a range of related services.

Price/Volume 400

35.0 M

350

30.0 M

300

25.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNA LN EQUITY YTD Change CNA LN EQUITY YTD % CHANGE

12/2012 01/yy 359.20 298.90 1'241'443.00 349.6 -2.64% 16.96% 81.09% 5'199.2 18'176.54 5'328.00 0.0 0.0 938.00 22'566.54

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

15.0 M

150 100

10.0 M

5.0 M

0 f-12 m-12

31.12.2009 31.12.2010 21'963.0 22'423.0 0.81x 0.92x 2'721.0 3'336.0 6.54x 6.19x 844.0 1'935.0 22.13x 9.11x Profitability

31.12.2011 22'824.0 0.81x 3'310.0 5.62x 421.0 33.64x

31.12.2012 23'942.0 0.91x 3'698.0 5.88x 1'273.0 13.56x 3'698.00 2'422.00 10.12% 10.20% 6.13% 22.09% 14.28% 1.15% 19.8% 15.4% 10.1% 5.3% 0.95 0.14 24.27% 89.89% 38.89

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.69 0.63 4'990.59 20.79% 4.80% 0.634 24 3.458 7'265'793 7'485'328 7'004'867 FY+2

12/13 Y 12/14 Y 24'200.4 25'043.4 0.94x 0.89x 3'892.7 4'073.8 5.80x 5.54x 1'402.3 1'517.1 12.53x 11.70x S&P Issuer Ratings

FQ+1

FQ+2

29.05.2009 ASTABLE 29.05.2009 A-2 7.44 3.83 1.19 1.44 89.9% 47.3% 1.15 3.33 9.41 19.73

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 20'872.0 0.68x 2'613.0 5.43x (137.0) 241.82x

20.0 M

200

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Centrica PLC Holdings By:

All

Holder Name INVESCO LTD ABERDEEN LEGAL & GENERAL PETRONAS BLACKROCK SCOTTISH WIDOWS NEWTON INV MGMT FMR LLC BANK OF NEW YORK MEL NORGES BANK INVESTME UBS VANGUARD GROUP INC M&G INVESTMENT MANAG BNP PARIBAS INV PART CAPITAL GROUP COMPAN PERPETUAL INVESTMENT SCHRODER INVESTMENT JP MORGAN PEOPLES REPUBLIC OF WALTER SCOTT & PARTN

Firm Name AlphaValue Societe Generale Raymond James Cantor Fitzgerald S&P Capital IQ Exane BNP Paribas RBC Capital Markets JPMorgan Nomura Credit Suisse Goldman Sachs Berenberg Bank HSBC Liberum Capital Ltd Barclays EVA Dimensions Morgan Stanley Kepler Capital Markets Deutsche Bank Redburn Partners Day by Day

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

Analyst MYRIAM COHEN ASHLEY THOMAS EMMANUEL RETIF ANGELOS ANASTASIOU CLIVE ROBERTS IAIN TURNER JOHN MUSK EDMUND REID JONATHAN CONSTABLE MARK FRESHNEY ANDREW MEAD ROBERT CHANTRY VERITY MITCHELL GUILLAUME REDGWELL PETER BISZTYGA AUSTIN BURKETT BOBBY CHADA INGO BECKER MARTIN BROUGH JAMIE TUNNICLIFFE VALERIE GASTALDY

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

Recommendation add hold underperform buy strong buy underperform sector perform overweight neutral neutral neutral/attractive hold overweight buy underweight overweight Equalwt/In-Line hold hold buy hold

Amt Held 258'200'185 244'303'902 199'643'469 199'375'000 197'118'726 192'693'150 178'317'146 171'059'340 138'923'496 115'829'394 111'040'082 108'307'589 107'778'794 94'454'857 81'472'000 77'307'596 74'363'376 73'984'809 68'473'929 67'827'517

% Out 4.97 4.7 3.84 3.83 3.79 3.71 3.43 3.29 2.67 2.23 2.14 2.08 2.07 1.82 1.57 1.49 1.43 1.42 1.32 1.3

Weighting

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

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

Latest Chg 2'192'353 (2'602'961) 11'238'419 20'183'664 15'220'210 14'285'475 (2'850'259) 2'398'382 11'871'452 1'115'563 (3'099'325) (786'991) 53'727'337 53'600 (2'361'053) (12'787'908) 16'115'286 1'389'000

Target Price 366 371 321 403 525 280 340 365 335 325 416 370 400 370 325 #N/A N/A 345 320 340 #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 23.02.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Unclassified 23.02.2012 Government 26.02.2013 Investment Advisor 30.11.2012 Unclassified 01.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 01.11.2012 Government 28.12.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Unclassified 01.11.2012 Government 01.11.2012 Investment Advisor

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

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 15.02.2013 08.02.2013 05.02.2013 04.02.2013 25.01.2013 25.01.2013 17.01.2013 11.01.2013 08.01.2013 07.01.2013 10.12.2012 22.10.2012

28.02.2013

Christian Dior SA Christian Dior SA manufactures luxury products such as upscale clothing, champagne and wines, cognac and spirits, luggage and leather goods, perfumes and cosmetics, and jewelry and watches. The Company markets its products internationally.

Price/Volume 160

.6 M

140

.5 M

120 .4 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 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDI FP EQUITY YTD Change CDI FP EQUITY YTD % CHANGE

12/2012 03/yy 136.80 98.08 19'633.00 127.75 -6.65% 30.25% 72.88% 181.7 23'215.63 8'824.00 0.0 15'309.0 2'428.00 45'598.63

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

.2 M

40 .1 M

20 0 f-12

31.12.2008 31.12.2009 17'933.0 17'745.0 1.26x 1.55x 4'294.0 4'102.0 5.24x 6.69x 796.0 695.0 9.02x 18.40x Profitability

LTM-4Q 31.12.2010 21'123.0 1.68x 5'175.0 6.85x 1'261.0 15.14x

31.12.2011 24'628.0 1.55x 6'266.0 6.08x 1'279.0 12.83x 6'266.00 5'323.00 21.61% 19.94% 66.0% 4.7% 1.33 0.43 17.23% 91.60% -

Price/ Cash Flow

a-12

m-12

j-12

LTM

03/yy 20'224.0 0.00x 0.0 0.00x 0.0 0.00x

03/yy 26'024.0 0.00x 0.0 0.00x 0.0 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.91 51.20 12.34% -0.39% 0.906 14 4.429 91'275 111'615 99'949 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 06/12 Q2 09/12 Q3 30'111.6 33'099.6 1.47x 1.23x 7'526.8 8'506.0 6.05x 5.35x 1'838.6 2'277.0 13.39x 11.28x S&P Issuer Ratings

25.79 18.23 91.6% 26.1% 229.19

Sales/Revenue/Turnover

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2007 17'245.0 1.74x 4'207.0 7.14x 880.0 18.20x

.3 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Christian Dior SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS CHRISTIAN DIOR SA FMR LLC VANGUARD GROUP INC WILLIAM BLAIR & COMP BANK OF NEW YORK MEL SCHRODER INVESTMENT BLACKROCK PICTET ASSET MANAGEM CAPITAL GROUP COMPAN NATIXIS ASSET MANAGE PALATINE ASSET MANAG MASSACHUSETTS FINANC SOCIETE GENERALE ALLIANZ ASSET MANAGE HSBC ASSET MGMT EURO LBPAM PUTNAM INVESTMENT MA DEKA INVESTMENT GMBH IG INVESTMENT MANAGE

Firm Name AlphaValue EVA Dimensions Goldman Sachs Raymond James Natixis Aurel - BGC HSBC Oddo & Cie Bryan Garnier & Cie Main First Bank AG Day by Day Kepler Capital Markets JPMorgan

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

Analyst VIRGINIE BLIN CRAIG STERLING MARKUS IWAR MARC WILLAUME OLIVIER DELAHOUSSE DAVID DA MAIA SOPHIE DARGNIES LEOPOLD AUTHIE LOIC MORVAN GAEL COLCOMBET VALERIE GASTALDY CATHERINE ROLLAND MELANIE A FLOUQUET

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

Recommendation buy underweight Buy/Neutral outperform buy buy neutral buy buy outperform buy buy overweight

Amt Held 127'874'042 2'380'206 1'334'463 1'025'475 796'326 665'717 623'742 419'022 389'442 366'000 336'771 305'010 266'791 261'707 261'234 229'000 227'680 222'041 188'200 153'104

% Out 70.37 1.31 0.73 0.56 0.44 0.37 0.34 0.23 0.21 0.2 0.19 0.17 0.15 0.14 0.14 0.13 0.13 0.12 0.1 0.08

Weighting

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

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

Latest Chg 33'750 (89'228) (75'135) (329'869) 11'342 14'325 19'665 (60) (20'922) 1'450 16'419 (10'954) (17'896) 32 30'482 4

Target Price 176 #N/A N/A 149 142 142 140 147 150 145 174 139 130 110

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

File Dt Inst Type 01.10.2012 Holding Company 30.04.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor

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

Date 28.02.2013 21.02.2013 11.02.2013 04.02.2013 04.02.2013 25.01.2013 24.01.2013 22.01.2013 16.01.2013 09.01.2013 11.12.2012 30.10.2012 15.12.2011

28.02.2013

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

12/2012 12/yy 37.39 23.90 281'883.00 30.715 -17.77% 28.51% 51.63% 531.1 16'313.52 12'669.00 0.0 412.0 4'179.00 25'215.52

6.0 M

4.0 M

10 2.0 M

5 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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

31.12.2008 43'800.0 0.56x 5'263.0 4.68x 1'378.0 9.15x

12.0 M

31.12.2009 31.12.2010 37'786.0 40'119.0 0.75x 0.69x 3'821.0 4'785.0 7.39x 5.80x 202.0 1'129.0 88.53x 17.66x Profitability

LTM-4Q 31.12.2011 42'116.0 0.57x 5'024.0 4.80x 1'284.0 12.16x

31.12.2012 43'198.0 0.60x 2'637.0 9.87x 766.0 22.07x 2'637.00 1'087.00 2.52% 2.94% 1.63% 4.35% 4.86% 0.92% 6.1% 6.1% 2.5% 1.8% 1.31 0.67 26.66% 72.65% 8.34 6.43

Price/ Cash Flow

LTM

12/yy 42'116.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 43'198.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.24 460.13 -9.85% -4.67% 1.242 30 3.500 2'600'955 2'185'841 1'898'433 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 43'250.5 44'871.7 0.57x 0.54x 4'487.1 4'884.6 5.63x 5.17x 1'297.3 1'605.4 12.25x 10.16x S&P Issuer Ratings

24.07.2009 BBB NEG 30.04.2004 A-2 8.99 5.36 3.22 4.80 72.6% 41.5% 0.92 3.09 43.88 56.89 55.34 45.44

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 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 |

28.02.2013

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 EVA Dimensions Jefferies Societe Generale Aurel - BGC Independent Research GmbH Oddo & Cie Kepler Capital Markets Bryan Garnier & Cie Natixis S&P Capital IQ Exane BNP Paribas AlphaValue Liberum Capital Ltd Sanford C. Bernstein & Co Goldman Sachs Redburn Partners HSBC Berenberg Bank Morgan Stanley CM - CIC Securities(ESN) JPMorgan Landesbank Baden-Wuerttemberg 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

CRAIG STERLING sell MICHAEL F BETTS buy MURIEL FELLOUS buy ERIC LEMARIE buy CHRISTOPH SCHOENDUBE sell VIRGINIE ROUSSEAU neutral JOSEP PUJAL hold SVEN EDELFELT neutral RAFIC EL HADDAD buy JAWAHAR HINGORANI sell PAUL ROGER underperform GAETAN DUPONT buy CHARLIE CAMPBELL hold PHIL ROSEBERG outperform WILL MORGAN neutral/neutral WILLIAM JONES buy JOHN FRASER-ANDREWS underweight MICHAEL WATTS buy ALEJANDRA PEREDA Equalwt/In-Line JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate MICHAEL MORRIS overweight HANS-PETER KUHLMANN hold 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 5'071'166 4'777'266 4'508'665 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 0.95 0.9 0.85 0.7 0.51 0.48 0.46 0.34 0.33 0.28 0.26

Weighting

Change

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

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

Latest Chg 17'861'078 180'416 (114'372) (362'065) 37'465 203'000 61'591 (11'122) -

Target Price #N/A N/A 45 38 40 27 36 30 32 38 28 32 41 28 39 34 #N/A N/A 31 35 33 37 35 33 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 26.02.2013 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 26.02.2013 Investment Advisor

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

Date 26.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 18.02.2013 12.02.2013 08.02.2013 29.01.2013 24.01.2013 18.01.2013 18.01.2013 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

28.02.2013

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

Price/Volume 90

6.0 M

5.0 M

70 60

4.0 M

03/2012 12/yy 81.45 48.13 307'570.00 74.7 -8.23% 55.20% 77.34% 522.0 42'892.74 851.00 0.0 9.0 4'036.00 32'102.78

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

2.0 M

1.0 M

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 5'290.0 3.53x 1'428.0 13.08x 1'565.0 20.48x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (12.07.2012) 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 CFR VX EQUITY YTD Change CFR VX EQUITY YTD % CHANGE

31.03.2009 31.03.2010 5'418.0 5'176.0 1.05x 2.82x 1'345.0 1'259.0 4.23x 11.59x 1'075.0 599.0 8.94x 26.38x Profitability

LTM-4Q 31.03.2011 6'892.0 2.72x 1'669.0 11.22x 1'090.0 20.65x

31.03.2012 8'867.0 2.41x 2'354.0 9.08x 1'544.0 16.70x 2'354.00 2'045.00 23.06% 20.35% 16.06% 22.64% 0.82% 63.7% 27.5% 24.1% 17.4% 3.16 1.66 7.24% 9.89% 0.95

Price/ Cash Flow

LTM

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

12/yy 7'515.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.30 495.05 35.63% 4.62% 1.295 36 3.917 1'294'923 1'430'418 1'423'546 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 10'194.2 11'058.6 2'316.2 3.07x 2.72x 2'797.8 3'062.7 11.47x 10.48x 1'944.8 2'181.2 17.63x 15.65x S&P Issuer Ratings

78.47 63.03 -1.14 0.58 9.9% 9.0% 0.82 6.66 386.45 74.31 305.95

Sales/Revenue/Turnover

30.00

10'000.0 9'000.0

25.00

8'000.0 7'000.0

20.00

6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00 0.00 03.04.2009

1'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Cie Financiere Richemont SA Holdings By:

All

Holder Name PUBLIC INVESTMENT CO CARMIGNAC GESTION VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE ASSET BLACKROCK WADDELL & REED FINAN GARDNER RUSSO & GARD JANUS CAPITAL MANAGE UBS FUND MANAGEMENT FMR LLC ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA MASSACHUSETTS FINANC PICTET & CIE HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN SWISSCANTO FONDSLEIT ALLIANCE BERNSTEIN PICTET ASSET MANAGEM

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

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

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

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

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

Amt Held 26'715'742 12'427'709 11'837'563 9'166'906 7'629'446 7'488'907 7'162'235 6'983'477 5'280'837 4'761'035 4'251'482 3'136'150 3'073'903 2'946'020 2'738'421 1'978'900 1'666'800 1'529'561 1'295'118 1'263'548

% Out 5.12 2.38 2.27 1.76 1.46 1.43 1.37 1.34 1.01 0.91 0.81 0.6 0.59 0.56 0.52 0.38 0.32 0.29 0.25 0.24

Weighting

Change

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

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

Latest Chg (5'917'694) (1'002'480) (192'369) 162'756 (5'806'400) (43'763) (46'046) (104'448) 1'299'798 40'671 (123'534) 20'428 (14'220) (809'000) (362'873) (24'262) (231'928) (276)

Target Price 75 90 105 72 84 74 80 82 86 86 90 83 85 90 89 80 74 114 72 #N/A N/A 72 83 90 86 83 #N/A N/A 88 80 72 #N/A N/A #N/A N/A 64 60 70

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

File Dt 13.07.2011 31.12.2012 31.12.2012 31.12.2012 28.12.2012 26.02.2013 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012 30.11.2012

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

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

Date 28.02.2013 21.02.2013 19.02.2013 15.02.2013 10.02.2013 08.02.2013 07.02.2013 01.02.2013 28.01.2013 25.01.2013 25.01.2013 24.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 18.01.2013 16.01.2013 16.01.2013 15.01.2013 14.01.2013 09.01.2013 08.01.2013 07.01.2013 07.01.2013 27.11.2012 02.11.2012 05.09.2012

28.02.2013

Cie Generale des Etablissements Michelin Cie Generale des Etablissements Michelin manufactures all-purpose tires, wheels, steel cables, maps, and tourist guides. The Company's tire products are used for automobiles, trucks, aircraft, bicycles, and industrial vehicles. Michelin manufactures and distributes its products worldwide.

Price/Volume 80

2.5 M

2.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 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 29.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ML FP EQUITY YTD Change ML FP EQUITY YTD % CHANGE

12/2012 12/yy 73.89 45.32 191'450.00 68.35 -7.43% 50.83% 81.10% 182.6 12'477.75 3'297.00 0.0 2.0 1'858.00 13'918.75

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

1.0 M

30 20

.5 M

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 16'408.0 0.60x 1'847.0 5.34x 360.0 15.27x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 14'807.0 17'891.0 0.73x 0.67x 1'801.0 2'706.0 6.02x 4.45x 106.0 1'085.0 75.46x 7.65x Profitability

LTM-4Q 31.12.2011 20'719.0 0.51x 2'889.0 3.62x 1'462.0 5.61x

31.12.2012 21'474.0 0.68x 3'429.0 4.23x 1'570.0 8.31x 3'429.00 2'423.00 11.28% 10.74% 7.39% 18.92% 14.34% 1.01% 31.2% 16.0% 11.3% 7.3% 1.87 0.86 15.28% 38.79% 7.31 3.27

Price/ Cash Flow

LTM

12/yy 20'719.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 21'474.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.14 182.52 37.79% -4.53% 1.144 24 4.333 773'329 884'221 696'351 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 21'474.2 22'761.6 0.63x 0.58x 3'638.4 3'952.2 3.81x 3.51x 1'578.3 1'741.7 8.01x 7.31x S&P Issuer Ratings

23.03.2012 BBB+ STABLE 04.10.2010 A-2 17.77 7.82 0.42 0.96 38.8% 27.9% 1.01 2.61 50.08 111.79 50.40 111.48

Sales/Revenue/Turnover

10.00

25'000.0

9.00

20'000.0

8.00 7.00

15'000.0

6.00 5.00

10'000.0

4.00 3.00

5'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Cie Generale des Etablissements Michelin Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FRANKLIN RESOURCES THORNBURG INVESTMENT VANGUARD GROUP INC NATIXIS ASSET MANAGE BLACKROCK DNCA FINANCE TEMPLETON INVESTMENT AVIVA PLC LBPAM PRUDENTIAL FINANCIAL SCHRODER INVESTMENT ALLIANZ ASSET MANAGE AMUNDI PIONEER INVESTMENT M HSBC ASSET MGMT EURO AMUNDI PRINCIPAL FINANCIAL DANSKE INVEST A/S SOCIETE GENERALE

Firm Name AlphaValue JPMorgan HSBC CM - CIC Securities(ESN) Main First Bank AG Exane BNP Paribas Societe Generale Goldman Sachs Barclays Macquarie Oddo & Cie Morgan Stanley Credit Suisse Kepler Capital Markets S&P Capital IQ CA Cheuvreux EVA Dimensions Day by Day Natixis Deutsche Bank Equita SIM SpA Silvia Quandt Research

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

Analyst HANS-PETER WODNIOK JOSE ASUMENDI NIELS FEHRE FLORENT COUVREUR BRUNO LAPIERRE RABIH FREIHA PHILIPPE BARRIER STEPHAN PUETTER KRISTINA CHURCH JENS SCHATTNER FRANCOIS MAURY EDOARDO SPINA ERICH HAUSER XAVIER CAROEN SHO MATSUBARA THOMAS BESSON CRAIG STERLING VALERIE GASTALDY MICHAEL FOUNDOUKIDIS GAETAN TOULEMONDE MARTINO DEAMBROGGI ALBRECHT DENNINGHOFF

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

Recommendation add neutral overweight accumulate outperform outperform buy sell/attractive equalweight outperform buy Equalwt/In-Line outperform buy buy select list buy hold buy buy buy not rated

Amt Held 16'620'491 11'549'825 4'265'411 3'318'288 2'790'202 1'463'127 1'260'500 1'195'617 1'037'142 883'666 722'498 666'771 662'378 598'817 511'459 477'378 444'830 443'830 436'925 407'102

% Out 9.1 6.33 2.34 1.82 1.53 0.8 0.69 0.65 0.57 0.48 0.4 0.37 0.36 0.33 0.28 0.26 0.24 0.24 0.24 0.22

Weighting

Change

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

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

Latest Chg (3'240'978) (699'818) (163'513) (33'355) (37'500) (14'912) 13'000 (65'931) (12'147) (24'381) 112 11'943 (4'016) (5'323) 111'214 19'554 4'163 12'741

Target Price 78 78 80 80 80 79 79 48 71 80 85 76 70 84 75 90 #N/A N/A #N/A N/A 80 90 70 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 26.02.2013 28.09.2012 30.11.2012 31.01.2013 31.12.2012 31.01.2013 31.12.2012 31.01.2013 30.11.2012 31.12.2012 31.12.2012 28.09.2012 31.01.2013 31.01.2013 31.10.2012

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

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

Date 28.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 01.02.2013 17.01.2013 14.12.2012 27.11.2012 23.10.2012 20.09.2012 18.01.2012

28.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBK GY EQUITY YTD Change CBK GY EQUITY YTD % CHANGE

12/2012 12/yy 2.04 1.12 9'877'078.00 1.416 -30.59% 26.77% 32.83% 5'829.5 8'254.59 247'823.00 2'376.0 858.0 42'259.00 -

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

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 f-12 m-12

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

LTM-4Q 31.12.2011 21'462.0 638.0 7.24x

31.12.2012 9'855.0 6.0 -

j-12

11.87% 9.18% 0.00% 0.03% 0.43% 0.03% 0.1% 0.00% 0.00% -

LTM

12/yy 21'462.0 0.00x 0.0 0.00x 638.0 37.22x

j-12

12/yy 17'595.0 0.00x 0.0 0.00x 6.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1

1.36 4'367.02 -24.92% -1.26% 1.363 34 2.324 61'450'310 51'157'400 47'919'790 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'979.9 10'354.9 2'482.0 2'530.0 664.5 1'116.9 150.0 12.42x 7.38x S&P Issuer Ratings

07.02.2013 A *07.02.2013 A-1 *0.0% 90.9% 0.03 10.92 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

a-12 m-12

Fiscal Year Ended 31.12.2008 24'181.0 3.0 1870.42x

15'000.0 10'000.0

0.40

5'000.0 0.20

0.0 0.00

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

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

28.02.2013

Commerzbank AG Holdings By:

All

Holder Name FEDERAL REPUBLIC OF BLACKROCK ALLIANZ SE VANGUARD GROUP INC MARSHALL WACE LLP FRANKFURT TRUST INVE UNION INVESTMENT GMB THRIVENT FINANCIAL F ADIG INVESTMENT DEKA INVESTMENT GMBH ETFLAB INVESTMENT GM CREDIT SUISSE ASSET DEUTSCHE BANK AG VERITAS SG INVESTMEN COMMERZBANK AG STATE STREET BANQUE DIMENSIONAL FUND ADV FMR LLC AMUNDI DWS INVESTMENT S A

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

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

Analyst DIETER HEIN JEAN SASSUS INGO FROMMEN CHRISTOPH BAST KILIAN MAIER THOMAS STOEGNER GUIDO HOYMANN OMAR KEENAN PHILIPP HAESSLER DIRK BECKER MICHAEL SEUFERT RONNY REHN STEFAN BONGARDT CHRISTIAN HAMANN ANDREAS PLAESIER NICK ANDERSON FRANK BRADEN GUILLAUME TIBERGHIEN JAIME BECERRIL TANIA GOLD JOHANNES THORMANN MARTIN LEITGEB ANKE REINGEN PHILIP RICHARDS AUSTIN BURKETT MAXENCE LE GOUVELLO KIRI VIJAYARAJAH FRANCESCA TONDI MANFRED JAISFELD ALEXANDER HENDRICKS CYRIL MEILLAND RICCARDO ROVERE ALEX KOAGNE

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

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

Amt Held % Out 1'457'378'418 25 314'718'665 5.4 158'754'249 2.72 68'996'872 1.18 (31'479'374) -0.54 22'030'550 0.38 21'236'463 0.36 11'377'900 0.2 7'263'550 0.12 6'635'014 0.11 6'276'714 0.11 5'847'747 0.1 5'575'095 0.1 5'221'900 0.09 5'113'429 0.09 4'692'099 0.08 4'365'790 0.07 4'146'582 0.07 3'993'107 0.07 3'800'900 0.07

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

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

Latest Chg 92'055 2'722'059 (4'080'660) 2'131'853 2'831'900 (340'010) (2'979'650) 1'766 286'355 516'937 (864'000) (91'050) (7'853'558) 742'413 -

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

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

File Dt 30.10.2012 26.02.2013 07.03.2012 31.12.2012 21.02.2013 28.12.2012 28.09.2012 31.10.2012 31.10.2012 28.12.2012 27.02.2013 28.12.2012 31.12.2012 30.11.2012 31.12.2011 31.01.2013 31.07.2012 31.12.2012 30.11.2012 28.12.2012

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

Inst Type Government Investment Advisor Insurance Company Investment Advisor Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Bank Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 28.02.2013 27.02.2013 22.02.2013 22.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 12.02.2013 01.02.2013 31.01.2013 28.01.2013 28.01.2013 22.01.2013 17.01.2013 15.01.2013 28.11.2012 09.11.2012 08.11.2012 01.11.2012 10.08.2012 03.08.2012 07.08.2010

28.02.2013

Compass Group PLC Compass Group PLC provides catering and support services in countries throughout the world. The Company's clients are in locations including offices, factories, hospitals and care homes, schools and universities, sports venues, military facilities, offshore platforms and other remote locations.

Price/Volume 900

14.0 M

800

12.0 M

700

10.0 M

600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPG LN EQUITY YTD Change CPG LN EQUITY YTD % CHANGE

09/2012 01/yy 814.00 611.00 357'048.00 799 -1.84% 30.77% 92.12% 1'830.1 14'622.51 1'785.00 0.0 10.0 728.00 15'689.51

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

8.0 M

400

6.0 M

300

4.0 M

200

2.0 M

100 0 f-12 m-12

30.09.2009 30.09.2010 13'444.0 14'468.0 0.60x 0.74x 1'102.0 1'228.0 7.36x 8.73x 586.0 675.0 12.96x 15.03x Profitability

30.09.2011 15'833.0 0.68x 1'331.0 8.07x 728.0 14.31x

30.09.2012 16'905.0 0.81x 1'480.0 9.29x 605.0 21.29x

1'480.00 1'143.00 6.76% 4.67% 6.49% 17.99% 13.04% 1.81% 8.8% 6.8% 3.6% 0.87 0.73 19.34% 55.25% 9.57 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

2.67 0.81 1'824.92 30.64% 12.29% 0.808 31 3.677 3'138'411 2'907'700 2'969'020 FY+2

09/13 Y 09/14 Y 17'526.2 18'444.8 0.91x 0.86x 1'542.3 1'647.7 10.17x 9.52x 841.1 925.3 17.33x 15.73x S&P Issuer Ratings

FQ+1

FQ+2

18.02.2013 A STABLE 15.74 13.19 0.71 1.21 55.2% 35.5% 1.81 25.87 38.26 -

Sales/Revenue/Turnover

16.00

18'000.0

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.10.2009

a-12 m-12

Fiscal Year Ended 30.09.2008 11'440.0 0.64x 864.0 8.53x 443.0 16.46x

500

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 |

28.02.2013

Compass Group PLC Holdings By:

All

Holder Name BLACKROCK MASSACHUSETTS FINANC LEGAL & GENERAL ARTISAN PARTNERS HOL M&G INVESTMENT MANAG SCOTTISH WIDOWS NORGES BANK INVESTME ARTISAN PARTNERS HOL INVESCO LTD VANGUARD GROUP INC STANDARD LIFE INVEST FMR LLC THREADNEEDLE ASSET M MONDRIAN INVESTMENT AVIVA INVESTORS UBS MARATHON ASSET MANAG LONGVIEW PARTNERS (G HSBC INVESTMENTS UK INVESCO LTD

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

Analyst

AlphaValue BERENICE LACROIX Goldman Sachs NICK EDELMAN Baden Hill LLP CRAIG FRASER Day by Day VALERIE GASTALDY Credit Suisse TIM RAMSKILL Natixis GEOFFREY D'HALLUIN RBC Capital Markets ANDREW BROOKE JPMorgan MIKE J GIBBS Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD Nomura TIM BARRETT Numis Securities Ltd WYN ELLIS Oriel Securities Ltd JEFFREY HARWOOD Panmure Gordon & Co Limited SIMON FRENCH Exane BNP Paribas MATTHIAS DESMARAIS Barclays VICTORIA LEE HSBC LENA THAKKAR EVA Dimensions CRAIG STERLING Raymond James JULIEN RICHER Morgan Stanley JAMIE ROLLO Espirito Santo Investment Bank Research DAVID BROCKTON Jefferies JAMES WHEATCROFT CA Cheuvreux THOMAS MESMIN Oddo & Cie GUILLAUME RASCOUSSIER Investec JAMES HOLLINS Shore Capital Stockbrokers KARL BURNS Deutsche Bank RICHARD CARTER Kepler Capital Markets CATHERINE ROLLAND Canaccord Genuity Corp JULIAN CATER

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

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

Amt Held 181'766'878 115'232'820 88'004'697 70'315'379 50'472'967 44'566'371 43'264'770 37'320'195 34'856'578 33'836'239 31'421'771 30'288'641 29'130'450 29'119'406 26'293'485 25'040'131 25'022'872 23'356'375 23'254'860 21'866'308

% Out 9.93 6.3 4.81 3.84 2.76 2.44 2.36 2.04 1.9 1.85 1.72 1.66 1.59 1.59 1.44 1.37 1.37 1.28 1.27 1.19

Weighting

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

M M R M M M M M M M M M M M M M D M M D U M M M M M D M

Latest Chg (878'115) 7'844'704 2'225'618 1'786'354 (365'885) 1'077'028 704'261 1'983'711 (963'504) 531'029 (1'471'820) (1'591'608) 5'795'071 (3'266'913) (2'083'666) 185'802 (462'367) (5'654'098) 1'359'774 125'456

Target Price 812 915 #N/A N/A #N/A N/A 912 775 575 780 730 832 850 800 820 850 815 700 #N/A N/A #N/A N/A 730 750 710 765 720 800 #N/A N/A 760 700 665

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

File Dt Inst Type 26.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 30.11.2012 Unclassified 01.11.2012 Government 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 01.11.2012 Investment Advisor 28.12.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 01.11.2012 Investment Advisor 27.02.2013 Investment Advisor

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

Date 28.02.2013 27.02.2013 21.02.2013 20.02.2013 15.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 31.01.2013 29.01.2013 28.01.2013 07.01.2013 03.01.2013 28.11.2012 22.11.2012 22.11.2012 21.11.2012 16.11.2012 15.11.2012 28.09.2012 26.07.2012

28.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CON GY EQUITY YTD Change CON GY EQUITY YTD % CHANGE

12/2011 09/yy 91.41 60.48 95'386.00 90.02 -1.54% 48.84% 93.34% 200.0 18'004.54 8'570.40 0.0 397.2 1'804.70 25'310.34

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

31.12.2008 31.12.2009 24'238.7 20'095.7 0.68x 0.77x 3'042.6 2'246.6 5.41x 6.89x (1'123.5) (1'649.2) Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2011 30'504.9 0.55x 4'277.0 3.92x 1'242.2 7.74x 4'277.00 2'645.90 8.67% 6.10% 6.70% 23.82% 12.92% 1.21% 21.0% 14.7% 9.5% 4.1% 1.06 0.69 32.91% 119.93% 5.56 7.90

Price/ Cash Flow

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

Market Data

LTM-4Q 31.12.2010 26'046.9 0.75x 3'709.8 5.25x 576.0 20.53x

LTM

09/yy 29'495.3 2.70x 4'003.5 4.40x 1'106.7 7.83x

09/yy 32'552.8 2.50x 4'799.7 4.71x 1'800.9 8.49x

FY+1

1.24 94.39 34.44% 2.77% 1.241 33 4.121 567'650 508'742 542'232 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 32'792.1 34'236.6 8'160.0 0.75x 0.70x 3.01x 4'800.5 5'109.8 1'088.0 5.26x 4.95x 2'027.6 2'104.1 469.5 8.91x 8.60x S&P Issuer Ratings

16.05.2012 BBPOS 27.01.2009 B 5.59 3.34 1.45 1.83 119.9% 53.2% 1.21 4.92 65.80 46.30 57.50 44.34

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 02.01.2009

a-12 m-12

Fiscal Year Ended 31.12.2007 16'619.4 1.53x 2'541.8 10.01x 1'020.6 13.08x

100 90 80 70 60 50 40 30 20 10 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 |

28.02.2013

Continental AG Holdings By:

All

Holder Name SCHAEFFLER GROUP BLACKROCK GOVT OF SINGAPORE IN ONTARIO TEACHERS PEN DEUTSCHE BANK AG VANGUARD GROUP INC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB FRANKLIN RESOURCES ADIG INVESTMENT UMB BANK N A DEKA INVESTMENT GMBH HENDERSON GLOBAL INV BNP PARIBAS INV PART FMR LLC TIAA CREF INVESTMENT ROYAL BANK OF CANADA GENERALI ASSET MANAG MACKAY SHIELDS LLC SWEDBANK ROBUR FONDE

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

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

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

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

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

Amt Held 99'802'992 17'610'298 5'808'371 4'600'000 2'614'228 1'945'462 1'584'929 1'491'784 947'777 941'175 870'411 777'660 648'920 624'548 616'787 542'142 449'403 436'560 402'275 382'218

% Out 49.9 8.8 2.9 2.3 1.31 0.97 0.79 0.75 0.47 0.47 0.44 0.39 0.32 0.31 0.31 0.27 0.22 0.22 0.2 0.19

Weighting

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

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

Latest Chg 574'937 (25'449) 312'212 73'110 (123'990) (517'195) (17'315) 38'685 61'716 (173'994) 16'491 541'868 56'200 140'400 (970) 42'233 (71'460)

Target Price 74 105 #N/A N/A 102 110 91 105 98 94 76 85 #N/A N/A 85 106 100 85 80 75 106 96 100 105 115 104 88 #N/A N/A 82 94 90 100

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

File Dt Inst Type 25.09.2012 Other 26.02.2013 Investment Advisor 16.03.2012 Government 31.12.2011 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Bank 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.02.2013 21.02.2013 20.02.2013 18.02.2013 15.02.2013 05.02.2013 05.02.2013 04.02.2013 28.01.2013 25.01.2013 21.01.2013 17.01.2013 15.01.2013 15.01.2013 15.01.2013 15.01.2013 14.01.2013 14.01.2013 14.01.2013 11.01.2013 11.01.2013 10.01.2013 21.12.2012 21.12.2012 13.11.2012 13.11.2012 01.11.2012 01.11.2012 04.09.2012 03.08.2012

28.02.2013

Credit Agricole SA Credit Agricole S.A. is the lead bank of the Credit Agricole Group. The Company acts as the central bank of the Group, coordinates its sales and marketing strategy and ensures the liquidity & solvency of each of the Caisses Regionales. Credit Agricole S.A., through its subsidiaries, designs and manages specialized financial products that are distributed primarily by the Caisses Regionales.

Price/Volume 9

60.0 M

50.0 M

7 6

40.0 M

12/2012 12/yy 8.00 2.84 3'498'805.00 7.099 -11.18% 149.88% 82.54% 2'498.0 17'733.45 914'619.00 2'104.0 5'505.0 428'281.00 -

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

1.20 1.00

20.0 M

10.0 M

1 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2008 55'888.0 1'024.0 15.56x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACA FP EQUITY YTD Change ACA FP EQUITY YTD % CHANGE

31.12.2009 31.12.2010 44'042.0 43'303.0 1'125.0 1'263.0 24.77x 17.60x Profitability

LTM-4Q 31.12.2011 46'292.0 (1'470.0) -

31.12.2012 39'785.0 (6'471.0) 2.71% -9.83% -0.36% -16.69% -0.69% -29.4% 49.64% 2431.01% -

12/yy 0.0 #DIV/0! 0.0 0.00x (1'470.0) 0.00x

LTM 12/yy 3'437.0 0.00x 0.0 0.00x (6'471.0) 0.00x

FY+1

1.61 1'085.72 47.68% 16.68% 1.607 30 3.000 17'212'960 13'026'280 10'915'270 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'714.3 18'161.5 -0.98x -0.95x 2'730.5 3'339.7 781.0 6.96x 5.61x S&P Issuer Ratings

23.01.2012 A NEG 20.05.2011 A-1 2431.0% 95.3% -

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 |

28.02.2013

Credit Agricole SA Holdings By:

All

Holder Name SAS RUE DE LA BOETIE VANGUARD GROUP INC NATIXIS ASSET MANAGE INTEGRATED CORE STRA TEMPLETON INVESTMENT BLACKROCK AVIVA PLC CREDIT AGRICOLE SA DNCA FINANCE FMR LLC LBPAM AMUNDI FRANKLIN RESOURCES PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV ETOILE GESTION HSBC ASSET MGMT EURO STATE STREET BANQUE AMUNDI CREDIT SUISSE ASSET

Firm Name AlphaValue Oddo & Cie Day by Day Deutsche Bank Macquarie Societe Generale RBC Capital Markets Credit Suisse JPMorgan Natixis Nomura Exane BNP Paribas Keefe, Bruyette & Woods CM - CIC Securities(ESN) S&P Capital IQ Main First Bank AG Morgan Stanley Landesbank Baden-Wuerttemberg Mediobanca SpA Berenberg Bank HSBC Goldman Sachs EVA Dimensions Kepler Capital Markets CA Cheuvreux Barclays Grupo Santander Redburn Partners Hammer Partners SA DZ Bank AG Nord/LB

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

Analyst CHRISTOPHE NIJDAM JEAN SASSUS VALERIE GASTALDY FLORA BENHAKOUN BENJIE CREELAN-SANDFORD SEBASTIEN LEMAIRE ANKE REINGEN MAXENCE LE GOUVELLO DELPHINE LEE ALEX KOAGNE JON PEACE GUILLAUME TIBERGHIEN JEAN-PIERRE LAMBERT PIERRE CHEDEVILLE WILLIAM HOWLETT FEDERICO SALERNO THIBAULT NARDIN INGO FROMMEN ANTONIO GUGLIELMI JAMES CHAPPELL ROBIN DOWN JEAN-FRANCOIS NEUEZ AUSTIN BURKETT BENOIT PETRARQUE CYRIL MEILLAND KIRI VIJAYARAJAH AURELIA FAURE GEORGE KARAMANOS ENRICO RACIOPPI SABINE BOHN MICHAEL SEUFERT

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

Recommendation reduce neutral hold hold underperform hold sector perform outperform neutral buy neutral outperform market perform buy hold outperform Overwt/In-Line sell underperform sell overweight Sell/Neutral buy reduce not rated underweight buy sell sell sell buy

Amt Held % Out 1'405'263'364 56.26 17'852'131 0.71 13'951'136 0.56 (12'864'806) -0.52 10'390'263 0.42 9'962'179 0.4 6'995'000 0.28 6'969'381 0.28 6'700'000 0.27 5'574'538 0.22 5'150'248 0.21 3'796'145 0.15 3'409'969 0.14 2'228'891 0.09 1'931'830 0.08 1'806'647 0.07 1'751'187 0.07 1'597'338 0.06 1'484'707 0.06 1'374'309 0.06

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

Latest Chg 418'476 3'126'655 (82'290) 19'658 40'000 (2'241'003) 1'930'004 1'204'832 (1'260) (37'707) 593'699 46'151 605'126 (30'708)

Target Price 7 6 #N/A N/A 8 7 8 9 10 8 10 9 10 9 10 8 8 7 6 7 3 9 7 #N/A N/A 6 #N/A N/A 6 8 #N/A N/A 4 4 #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 31.12.2012 31.12.2012 26.04.2012 30.11.2012 26.02.2013 31.08.2012 31.12.2011 28.09.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.01.2013 31.07.2012 31.10.2012 31.12.2012 31.01.2013 28.09.2012 28.12.2012

Date 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 22 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

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

Date 28.02.2013 27.02.2013 27.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 08.02.2013 06.02.2013 01.02.2013 30.01.2013 28.01.2013 17.01.2013 14.01.2013 19.12.2012 23.11.2012 06.11.2012 24.09.2012 19.06.2012 16.12.2011 21.10.2011

28.02.2013

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

Price/Volume 30

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGN VX EQUITY YTD Change CSGN VX EQUITY YTD % CHANGE

12/2012 12/yy 27.85 15.97 1'560'050.00 25.25 -9.26% 58.11% 78.11% 1'320.8 33'350.96 330'510.00 0.0 6'786.0 63'708.00 -

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

15.0 M

10.0 M

5.0 M

0 f-12 m-12

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

LTM-4Q 31.12.2011 42'693.0 1'953.0 16.11x

31.12.2012 38'313.0 1'483.0 24.46x 7.71% 10.31% 0.15% 4.28% 0.44% 0.04% 6.3% 35.76% 927.57% -

Price/ Cash Flow

j-12

LTM

12/yy 42'715.0 0.00x 0.0 0.00x 1'953.0 16.85x

j-12

12/yy 38'313.0 0.00x 0.0 0.00x 1'483.0 26.50x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.52 1'140.95 7.90% 13.43% 1.522 42 3.595 6'736'758 6'061'925 5'643'509 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'558.3 27'461.6 6'813.0 6'456.0 34.95x 33.80x 4'268.7 5'076.3 1'335.0 1'009.0 9.37x 8.10x S&P Issuer Ratings

19.12.2008 A NEG 27.07.2012 NR 927.6% 88.6% 0.04 5.98 -

Sales/Revenue/Turnover

8.00

100'000.0

7.00

90'000.0 80'000.0

6.00

70'000.0

5.00

60'000.0

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

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

20.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Credit Suisse Group AG Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 78'402'457 73'169'083 63'536'480 62'002'635 40'271'647 39'396'381 38'592'165 37'006'666 36'900'422 32'818'874 32'002'938 28'272'417 27'965'044 18'828'838 10'904'019 10'465'976 6'138'768 4'500'000 4'350'217 4'030'117

% Out 5.94 5.54 4.81 4.69 3.05 2.98 2.92 2.8 2.79 2.48 2.42 2.14 2.12 1.43 0.83 0.79 0.46 0.34 0.33 0.31

Weighting

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

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

Latest Chg 119'125 (1'140'250) 21'754'278 34'154'430 5'348'082 3'774'670 12'068'962 (26'636'525) 2'714'754 1'395'872 (8'304) 1'197'683 (117'031) (83'054) (27'793) 646'850

Target Price 34 28 25 28 24 #N/A N/A 32 31 27 27 #N/A N/A 30 30 24 32 28 27 29 30 32 13 30 23 29 25 30 31 30 33 34 25 27 #N/A N/A 23 26 24 #N/A N/A 20 21

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

File Dt 18.07.2012 21.04.2011 12.12.2012 31.12.2012 21.02.2013 17.01.2013 26.02.2013 31.12.2010 10.05.2012 28.06.2010 25.08.2009 31.12.2012 31.07.2012 28.12.2012 31.12.2012 30.11.2012 30.11.2012 31.12.2011 28.12.2012 30.11.2012

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

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

Date 27.02.2013 27.02.2013 22.02.2013 22.02.2013 19.02.2013 15.02.2013 15.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 30.01.2013 29.01.2013 29.01.2013 28.01.2013 25.01.2013 23.01.2013 23.01.2013 22.01.2013 17.01.2013 20.11.2012 09.11.2012 07.11.2012 23.10.2012 18.09.2012 03.07.2012

28.02.2013

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 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

12/2012 01/yy 16.93 12.81 292'141.00 16.59 -2.11% 29.51% 93.16% 726.5 12'051.99 4'915.00 1.0 36.0 1'799.00 15'204.99

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

4 2 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 20'887.0 0.78x 2'656.0 6.11x 1'248.0 7.66x

31.12.2009 31.12.2010 17'373.0 17'173.0 1.01x 0.86x 1'803.0 1'614.0 9.69x 9.18x 592.0 432.0 21.54x 25.28x Profitability

31.12.2011 18'081.0 0.82x 1'656.0 9.01x 590.0 18.60x

31.12.2012 18'659.0 0.76x 1'640.0 8.70x 552.0 20.01x 1'640.00 845.00 4.53% 3.61% 2.59% 5.25% 5.03% 0.88% 27.3% 8.8% 4.5% 3.0% 1.84 1.15 23.22% 46.65% 7.88 5.79

Price/ Cash Flow

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

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.77 1.43 682.70 7.83% 8.43% 1.426 32 2.594 1'860'815 1'424'135 1'279'321 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 19'130.2 20'215.4 0.79x 0.74x 1'727.0 1'977.6 8.80x 7.68x 605.5 795.7 19.45x 15.16x S&P Issuer Ratings

17.12.2007 BBB+ STABLE 07.09.2001 A-2 5.92 3.84 1.90 3.00 46.6% 31.7% 0.88 2.15 46.46 63.19 59.16 50.49

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 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 |

28.02.2013

CRH PLC Holdings By:

All

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

Firm Name Natixis AlphaValue Societe Generale Independent Research GmbH Goodbody Stockbrokers Ltd Jefferies Bryan Garnier & Cie S&P Capital IQ Exane BNP Paribas Numis Securities Ltd Merrion Stockbrokers Landesbank Baden-Wuerttemberg Sanford C. Bernstein & Co Goldman Sachs Oddo & Cie Kepler Capital Markets Deutsche Bank HSBC EVA Dimensions Raymond James Credit Suisse Day by Day Morgan Stanley JPMorgan 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 n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

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

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

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

Amt Held 28'961'677 28'914'042 27'093'488 26'862'558 22'496'003 21'999'275 21'543'277 21'114'087 13'600'947 11'276'498 7'873'476 7'703'980 5'345'457 4'922'840 3'204'946 2'811'878 2'762'000 2'746'054 2'583'993 2'523'636

% Out 3.99 3.98 3.73 3.7 3.1 3.03 2.97 2.91 1.87 1.55 1.08 1.06 0.74 0.68 0.44 0.39 0.38 0.38 0.36 0.35

Weighting

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

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

Latest Chg (9'325'971) (7'581'034) 5'009 318'307 1'580'407 1'110'441 3'376'460 2'283'455 (13'040) 1'180 92'614 342'000 850'506 89'230 -

Target Price 17 19 16 18 15 20 15 17 18 11 14 16 16 17 15 16 18 15 #N/A N/A #N/A N/A 12 #N/A N/A 16 14 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 26.02.2013 Investment Advisor 31.12.2012 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 15.02.2011 n/a 31.12.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 30.11.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 20.02.2013 19.02.2013 12.02.2013 05.02.2013 04.02.2013 30.01.2013 29.01.2013 17.01.2013 03.01.2013 17.12.2012 14.12.2012 13.12.2012 20.11.2012 14.11.2012 09.11.2012 07.11.2012 19.10.2012 14.06.2012 04.05.2011

28.02.2013

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 28.02.2013 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 32.86 608'578.00 45.495 -7.07% 38.47% 77.91% 1'067.6 48'572.58 71'860.00 0.0 1'713.0 10'910.00 120'317.58

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

a-12

s-12

o-12

n-12

d-12

j-13

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

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

1.21 944.56 5.37% 10.10% 1.210 39 3.564 4'753'721 4'223'369 4'083'692 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 106'540.0 114'297.0 116'827.6 123'652.3 3.70x 2.90x 0.48x 0.45x 12'265.0 9'551.0 12'665.1 14'379.3 8.06x 0.00x 9.49x 8.36x 5'667.0 6'095.0 4'975.8 5'972.2 6.38x 7.24x 9.76x 8.22x 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 |

28.02.2013

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 Macquarie AlphaValue Morgan Stanley Credit Suisse Sanford C. Bernstein & Co Exane BNP Paribas Commerzbank Corporates & Markets Banco Sabadell Goldman Sachs Kepler Capital Markets Redburn Partners 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 Independent Research GmbH Hamburger Sparkasse National Bank AG Natixis 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 CHRISTIAN BREITSPRECHER HANS-PETER WODNIOK STUART PEARSON ERICH HAUSER MAX WARBURTON RABIH FREIHA DANIEL SCHWARZ GLEN SPENCER-CHAPMAN STEFAN BURGSTALLER MICHAEL RAAB CHARLES WINSTON 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 ZAFER RUZGAR TINA HECKING-VELTMAN MANFRED JAISFELD GEORGES DIENG 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 outperform reduce Equalwt/In-Line neutral market perform outperform buy buy buy/attractive reduce sell hold equalweight hold neutral overweight buy sell neutral hold buy hold hold buy hold buy buy neutral hold underweight hold outperform neutral hold hold select list buy

Amt Held 112'329'268 93'445'843 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 7'252'246 6'339'832 6'214'832 3'548'162 3'244'839 3'233'619 3'200'000 2'719'961 2'340'094

% Out 10.52 8.75 6.89 4.77 3.1 3.03 1.92 1.54 1.13 0.98 0.98 0.68 0.59 0.58 0.33 0.3 0.3 0.3 0.25 0.22

Weighting

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

Latest Chg 14'642 (544'907) (2'451'600) 361'219 7'881'332 3'324 1'095'300 (488'209) 6'700 623'562 (1'704'912) (944'583)

Target Price 60 41 53 35 40 46 60 48 62 41 #N/A N/A 44 43 46 46 52 58 39 45 46 50 47 48 51 46 #N/A N/A 50 38 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 26.02.2013 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 28.12.2012 30.09.2012 30.11.2012 28.09.2012 31.07.2012 26.02.2013 31.12.2011 05.10.2012 31.12.2012

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

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 28.02.2013 27.02.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 13.02.2013 12.02.2013 12.02.2013 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 06.02.2013 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

28.02.2013

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 21.02.2013 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 45.61 211'176.00 52.59 -4.40% 15.32% 78.51% 634.4 33'361.10 9'031.00 0.0 98.0 2'141.00 40'431.10

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

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 15'220.0 2.09x 2'796.0 11.35x 1'313.0 19.75x

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

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

0.65 535.17 6.32% 5.38% 0.654 43 3.256 1'911'571 1'754'627 1'563'158 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'069.7 23'405.4 5'388.0 5'667.8 1.80x 1.66x 3'774.0 4'050.0 10.73x 10.00x 1'836.4 2'035.0 16.64x 15.06x 3.63x S&P Issuer Ratings

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 |

28.02.2013

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 AMUNDI MANNING & NAPIER ADV 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

AlphaValue SOPHIE CABO-BROSETA EVA Dimensions AUSTIN BURKETT Sanford C. Bernstein & Co ANDREW WOOD RBC Capital Markets JAMES EDWARDES JONES Berenberg Bank JAMES TARGETT Redburn Partners JEREMY FIALKO Morgan Stanley EILEEN KHOO S&P Capital IQ CARL SHORT Grupo Santander PEDRO GIL Societe Generale WARREN L ACKERMAN Goldman Sachs ALEXIS COLOMBO Hamburger Sparkasse TINA HECKING-VELTMAN 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 JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON 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 Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN 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 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 add hold market perform underperform sell buy Underwt/In-Line buy underweight hold Buy/Neutral hold reduce neutral buy neutral accumulate equalweight hold neutral hold hold sell buy underperform sell buy hold outperform underperform buy buy neutral 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 6'877'827 6'431'620 5'777'116 4'650'485 4'324'592 3'963'386 2'595'770 2'209'019

% Out 6.17 5.65 4.55 2.59 2.14 1.84 1.77 1.76 1.57 1.44 1.39 1.27 1.08 1.01 0.91 0.73 0.68 0.62 0.41 0.35

Weighting

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

M U 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 D M M M M U M M M

Latest Chg (3'844'941) (418'650) (450'547) (112'541) 681'500 (1'998'562) (35'521) 60'164 (94'425) 745'570 (265'402) 136'900 -

Target Price 62 #N/A N/A 53 47 51 #N/A N/A 45 58 46 53 65 #N/A N/A 47 54 60 54 61 51 45 56 48 55 43 59 49 56 56 #N/A N/A 53 44 56 55 56 50 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 26.02.2013 07.11.2012 31.12.2012 30.11.2012 31.12.2012 30.11.2012 28.09.2012 31.01.2013

Date 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 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 Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 28.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 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 15.02.2013 25.01.2013 25.01.2013 21.01.2013 17.01.2013 08.01.2013 20.12.2012 14.12.2012 13.12.2012 06.11.2012 22.10.2012 22.10.2012 08.10.2012 10.09.2012 27.07.2012 01.11.2011

28.02.2013

Danske Bank A/S Danske Bank A/S is a Danish banking group that encompasses Danske Bank, Realkredit Danmark, and other subsidiaries. The Group provides financial services including banking, insurance, mortgage, asset management, brokerage, credit card, real estate, and leasing services. Danske Bank serves private customers, as well as the corporate and institutional sectors worldwide.

Price/Volume 120

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DANSKE DC EQUITY YTD Change DANSKE DC EQUITY YTD % CHANGE

12/2012 12/yy 113.40 75.00 430'845.00 106.3 -6.26% 41.73% 80.99% 1'008.6 107'216.31 1'622'632.00 0.0 4.0 210'924.00 -

8.0 M 6.0 M

4.0 M 20

2.0 M

0 f-12 m-12

31.12.2009 31.12.2010 128'040.0 94'291.0 1'727.0 3'661.0 47.20x 26.98x Profitability

LTM-4Q 31.12.2011 96'492.0 1'712.0 37.46x

31.12.2012 96'111.0 4'745.0 18.92x 15.80% 16.13% 0.14% 3.59% 0.29% 0.03% 8.9% 46.56% 1173.86% -

Price/ Cash Flow

j-12

LTM

12/yy 96'492.0 0.00x 0.0 0.00x 1'712.0 34.55x

j-12

12/yy 96'111.0 0.00x 0.0 0.00x 4'745.0 18.92x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.09 5.77% 11.13% 1.089 30 2.800 1'931'750 1'712'132 1'658'713 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 46'709.9 48'589.0 11'517.5 11'459.7 5.17x 5.10x 10'109.2 13'418.9 2'451.0 2'241.4 10.92x 8.04x 10.79x S&P Issuer Ratings

30.05.2012 APOS 30.05.2012 A-2 1173.9% 92.1% 0.03 13.92 -

Sales/Revenue/Turnover

1.80

180'000.0

1.60

160'000.0

1.40

140'000.0

1.20

120'000.0

1.00

100'000.0

0.80

80'000.0

0.60

60'000.0

0.40

40'000.0

0.20

20'000.0

0.00 01.01.2010

a-12 m-12

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

14.0 M

Valuation Analysis

31.12.2008 158'143.0 1'011.0 34.67x

16.0 M

100

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 |

28.02.2013

Danske Bank A/S Holdings By:

All

Holder Name AP & CHASTINE MOLLER REALDANIA CEVIAN CAPITAL VANGUARD GROUP INC DIDNER & GERGE FONDE DANSKE INVEST A/S NORDEA INV MANAGEMEN BLACKROCK SWEDBANK ROBUR FONDE SPARINVEST HANDELSBANKEN FONDER SKAGEN AS NORDEA FONDER AB/SWE FMR LLC THRIVENT FINANCIAL F JP MORGAN DIMENSIONAL FUND ADV SEB PRINCIPAL FINANCIAL AMERIPRISE FINANCIAL

Firm Name Macquarie AlphaValue Barclays EVA Dimensions Nomura ABG Sundal Collier Exane BNP Paribas Keefe, Bruyette & Woods JPMorgan Deutsche Bank Alm Brand Markets DNB Markets Carnegie Nordea Equity Research Handelsbanken Danske Markets RBC Capital Markets Credit Suisse Arctic Securities ASA Goldman Sachs Berenberg Bank NYKREDIT Societe Generale Jyske Bank Morgan Stanley Mediobanca SpA SEB Enskilda CA Cheuvreux Swedbank Sydbank LD Invest Markets

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

Analyst EDWARD FIRTH CHRISTOPHE NIJDAM CHRISTOFFER ROSQUIST AUSTIN BURKETT OMAR KEENAN JAKOB BRINK ANDREAS HAKANSSON RONNY REHN SOFIE PETERZENS JAN WOLTER STIG NYMANN HAKON FURE ASBJORN MORK SIMON CHRISTENSEN MATTI AHOKAS PER GRONBORG CLAIRE KANE MASIH YAZDI FRIDTJOF BERENTS PAWEL DZIEDZIC NICK ANDERSON MADS THINGGAARD GEOFF DAWES CHRISTIAN HEDE ALVARO SERRANO RICCARDO ROVERE CLAUS GROEN THERP MATS ANDERSON CHRISTIAN HALL BJORN SCHWARZ TORSTEN BECH

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

Recommendation underperform sell underweight underweight reduce sell underperform market perform overweight hold buy hold hold buy accumulate not rated underperform neutral hold neutral/neutral sell underperform hold strong buy Equalwt/In-Line underperform buy select list neutral overweight accumulate

Amt Held 230'368'807 101'568'034 51'174'252 12'396'501 11'250'000 6'173'728 5'323'372 4'446'048 3'897'383 2'749'608 1'929'043 1'900'000 1'890'938 1'645'251 1'171'450 993'561 954'371 926'295 798'549 674'084

% Out 22.84 10.07 5.07 1.23 1.12 0.61 0.53 0.44 0.39 0.27 0.19 0.19 0.19 0.16 0.12 0.1 0.09 0.09 0.08 0.07

Weighting

Change

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

M M M U 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

Latest Chg 369'450 1'190'000 (158'357) (823'969) 7'602 1'420'517 (282'337) 263'220 295'670 (20'996) 67'665 686'700 45'183 (175'890) 395'000 (83'639)

Target Price 98 96 101 #N/A N/A 98 100 82 125 120 115 125 110 #N/A N/A 130 125 #N/A N/A 110 117 110 125 81 #N/A N/A 100 140 115 86 119 140 72 #N/A N/A 153

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

File Dt Inst Type 30.06.2012 Other 30.06.2012 Corporation 27.02.2013 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Unclassified 31.07.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 25.02.2013 20.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 12.02.2013 11.02.2013 11.02.2013 10.02.2013 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 24.01.2013 22.01.2013 21.01.2013 16.01.2013 26.11.2012 26.11.2012 31.10.2012 02.11.2011 10.05.2011 03.11.2010

28.02.2013

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 1'693'810.00 35.03 -11.23% 58.44% 73.82% 929.5 32'560.37 284'516.00 0.0 1'270.0 177'928.00 -

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

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 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

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 2.69% 6.31% 1.341 42 3.476 8'142'228 6'622'448 6'191'376 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 34'013.5 35'073.6 8'657.0 8'714.0 2.05x 2.03x 3'960.8 5'022.3 8.60x 6.79x 7.49x S&P Issuer Ratings

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

Fiscal Year Ended 31.12.2008 58'492.0 (3'835.0) -

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 |

28.02.2013

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 AMUNDI UBS BANK OF NEW YORK MEL DEUTSCHE TELEKOM

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 Multiple Portfolios n/a BANK OF NEW YORK MEL n/a

Analyst

AlphaValue DIETER HEIN Keefe, Bruyette & Woods ANDREW STIMPSON Oddo & Cie JEAN SASSUS Espirito Santo Investment Bank Research ANDREW LIM Credit Suisse AMIT GOEL Banco Sabadell MARIO LODOS Redburn Partners NICHOLAS WATTS Exane BNP Paribas DANIEL DAVIES 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 Independent Research GmbH STEFAN BONGARDT 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 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 MF-AGG ULT-AGG 13F Research

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

Amt Held 74'132'136 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 7'115'570 6'864'207 5'993'512 5'677'666 4'653'686 4'071'299 4'067'133 3'906'432 3'832'262

% Out 7.98 4.54 2.68 2.63 1.82 1.82 1.79 1.63 1.59 1.01 0.92 0.77 0.74 0.64 0.61 0.5 0.44 0.44 0.42 0.41

Weighting

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

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

Latest Chg 1'174'201 (2'143'049) (3'091'342) 5'959'356 384'651 3'630'244 10'133'323 3'906'478 (629'994) 164'636 (4'233'794) (3'004'857) (1'925'339) 727'185 2'278'827 176'476 -

Target Price 39 44 38 30 32 40 #N/A N/A 40 46 39 39 #N/A N/A 45 40 40 41 38 37 37 37 44 41 45 38 39 44 20 44 39 45 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 26.02.2013 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 28.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor 13.11.2012 Unclassified

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

Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 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 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

28.02.2013

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

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DB1 GY EQUITY YTD Change DB1 GY EQUITY YTD % CHANGE

12/2012 12/yy 52.30 36.25 103'659.00 47.595 -9.00% 31.31% 71.97% 193.0 9'185.83 1'775.40 0.0 212.6 1'223.50 10'254.74

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

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 2'947.0 3.81x 1'627.6 6.90x 1'033.3 9.37x

31.12.2009 31.12.2010 2'267.9 2'165.7 5.55x 4.90x 1'133.7 1'090.6 11.11x 9.73x 496.1 417.8 21.72x 23.02x Profitability

LTM-4Q 31.12.2011 2'308.4 3.76x 1'229.4 7.05x 848.8 9.44x

31.12.2012 2'209.0 645.0 13.43x 1'229.40 1'138.00 49.30% 49.84% 0.25% 21.75% 0.01% 50.1% 45.5% 29.2% 1.00 0.01 0.81% 60.11% -

Price/ Cash Flow

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

12/yy 2'308.4 16.52x 1'229.4 7.05x 848.8 9.48x

LTM 12/yy 2'143.5 13.21x 856.1 0.00x 645.0 13.43x

FY+1

0.72 180.36 3.42% 3.00% 0.725 30 3.500 1'692'560 987'912 867'845 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'151.4 2'265.4 504.0 520.5 4.69x 4.39x 1'151.6 1'259.9 270.0 279.3 8.90x 8.13x 9.19x 8.94x 712.5 793.2 157.0 167.0 12.31x 11.03x 12.71x 12.28x S&P Issuer Ratings

13.02.2012 AA NEG 07.03.2005 A-1+ 14.08 13.61 0.78 1.32 60.1% 35.9% 0.01 17.63 -

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Deutsche Boerse AG Holdings By:

All

Holder Name BLACKROCK DEUTSCHE BOERSE AG DEKABANK DEUTSCHE GI CAPITAL GROUP COMPAN FMR LLC FRANKLIN RESOURCES MASSACHUSETTS FINANC DEUTSCHE BANK AG DWS INVESTMENT GMBH DODGE & COX VANGUARD GROUP INC ALLIANZ ASSET MANAGE WARBURG INVEST T ROWE PRICE ASSOCIA UNION INVESTMENT GMB INVESCO LTD BANQUE DE LUXEMBOURG ARTISAN PARTNERS HOL JP MORGAN SEB

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

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

Analyst PETER K LENARDOS DIETER HEIN STEFAN BONGARDT PHILIPP HAESSLER CHRISTOPH BAST JILLIAN MILLER RICHARD PERROTT NEIL WELCH MANFRED JAISFELD JOCHEN SCHMITT BRUCE HAMILTON JULIA SIEKMANN FRANK BRADEN DANIEL R GARROD GURJIT KAMBO INGO FROMMEN ANDREAS PLAESIER RAE MAILE CHRISTIAN HAMANN FEDERICO SALERNO JOHANNES THORMANN ALEXANDER HENDRICKS CHRIS M. TURNER AUSTIN BURKETT VALERIE GASTALDY TOM MILLS DIRK BECKER TEAM COVERAGE MARIO LODOS MICHAEL BROEKER

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

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

Amt Held 12'131'849 9'533'068 9'441'669 7'853'396 7'441'750 6'054'290 5'699'639 5'578'790 5'566'859 3'750'000 3'657'320 3'313'307 3'108'037 2'005'955 1'869'360 1'784'051 1'611'462 1'586'601 961'438 906'265

% Out 6.29 4.94 4.89 4.07 3.86 3.14 2.95 2.89 2.88 1.94 1.89 1.72 1.61 1.04 0.97 0.92 0.83 0.82 0.5 0.47

Weighting

Change

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

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

Latest Chg 312'411 (3'256'076) 1'501'230 (2'179'541) 34'215 87'717 1'353'841 (84'578) (135'714) 1'112'071 20'000 1'586'601 (113'220) (28'983)

Target Price 50 53 52 48 53 48 54 50 46 57 50 44 50 44 45 48 50 48 #N/A N/A 47 57 50 53 #N/A N/A #N/A N/A 54 55 #N/A N/A 70 #N/A N/A

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

File Dt Inst Type 26.02.2013 Investment Advisor 17.02.2012 Corporation 11.05.2012 Bank 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 19.12.2011 Investment Advisor 31.12.2012 Investment Advisor 11.09.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 21.05.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Unclassified

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

Date 28.02.2013 28.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 29.01.2013 26.01.2013 24.01.2013 17.01.2013 07.01.2013 29.10.2012 11.10.2012 27.09.2012 23.02.2012 18.02.2009

28.02.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DPW GY EQUITY YTD Change DPW GY EQUITY YTD % CHANGE

12/2011 09/yy 17.78 12.64 1'334'764.00 17.155 -3.49% 35.72% 87.34% 1'209.0 20'740.67 7'010.00 0.0 190.0 5'621.00 22'096.67

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2008 31.12.2009 54'474.0 46'201.0 0.35x 0.41x 2'052.0 2'047.0 9.39x 9.22x (1'688.0) 644.0 79.32x Profitability

LTM-4Q 31.12.2010 51'481.0 0.36x 3'495.0 5.29x 2'541.0 6.05x

31.12.2011 52'829.0 0.30x 3'667.0 4.35x 1'163.0 12.38x 3'667.00 2'393.00 4.53% 3.14% 3.59% 11.68% 1.53% 6.8% 4.4% 2.2% 0.92 0.65 18.25% 63.68% -

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

Market Data

Fiscal Year Ended 31.12.2007 54'043.0 3.99x 4'450.0 48.45x 1'383.0 29.52x

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

LTM

09/yy 52'574.0 1.22x 3'610.0 3.65x 1'475.0 7.87x

09/yy 55'061.0 1.30x 3'763.0 5.27x 1'291.0 14.41x

FY+1

0.89 900.74 36.75% 3.34% 0.892 35 3.943 3'127'560 3'410'599 3'485'712 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 56'178.3 58'423.0 14'710.2 14'062.0 0.40x 0.39x 1.50x 1.57x 3'967.2 4'217.8 1'047.0 1'038.0 5.57x 5.24x 5.29x 5.19x 1'570.0 1'701.3 495.2 480.0 13.48x 12.41x 11.97x 12.08x S&P Issuer Ratings

27.11.2012 NR 27.11.2012 NR 5.56 2.96 0.31 0.98 63.7% 38.5% 1.53 8.66 -

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 |

28.02.2013

Deutsche Post AG Holdings By:

All

Holder Name KREDITANSTALT FUER W BLACKROCK DEUTSCHE BANK AG VANGUARD GROUP INC ARTISAN PARTNERS HOL UNION INVESTMENT GMB FMR LLC ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH ARTEMIS INVESTMENT M BANK OF NEW YORK MEL FRANKFURT TRUST INVE DB PLATINUM ADVISORS HENDERSON GLOBAL INV MAINFIRST SICAV TAUBE HODSON STONEX DWS INVESTMENT S A LBBW ASSET MANAGEMEN PUTNAM INVESTMENT MA ADIG INVESTMENT

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

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

Analyst HEINZ STEFFEN ROBIN BYDE JOCHEN ROTHENBACHER ROBERT CZERWENSKY VALERIE GASTALDY JOHANNES BRAUN ANDY CHU JULIA WINARSO ZAFER RUZGAR PETER HYDE GUIDO HOYMANN MARK MCVICAR CRAIG STERLING VOLKER SACK DAVID G ROSS TOBIAS SITTIG DAVID E FINTZEN JOHN WOODMAN BERND MUELL CHRISTOPHER G COMBE BEAT KEISER INGO SCHMIDT PENNY BUTCHER DAMIAN BREWER ROBERT JOYNSON TIM MARSHALL JAMES CORRIDORE WILLIAM FOGGON NEIL GLYNN EKKEHARD D LINK STEFAN KICK ANDRE MULDER STEPHEN FURLONG DAVID P CAMPBELL

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

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

Amt Held 308'277'358 29'412'506 28'224'969 19'305'205 8'766'530 8'022'409 8'021'748 7'177'580 6'938'573 5'646'936 5'583'510 4'808'400 4'580'078 3'473'728 3'067'300 2'483'784 2'476'732 2'429'900 1'981'567 1'936'758

% Out 25.5 2.43 2.33 1.6 0.73 0.66 0.66 0.59 0.57 0.47 0.46 0.4 0.38 0.29 0.25 0.21 0.2 0.2 0.16 0.16

Weighting

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

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

Latest Chg 152'360 69'667 981'620 3'100'494 527'453 185'453 (1'073'866) 3'575'300 265'000 118'680 (21'740) 4'287'759 (1'851'194) (20'000) (150'250) 43'036 20'600 (186'635) 500'000

Target Price 20 17 17 19 #N/A N/A 22 21 17 18 14 21 22 #N/A N/A 19 19 19 19 23 20 17 18 #N/A N/A 17 18 14 #N/A N/A 17 15 18 17 19 18 #N/A N/A 19

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

File Dt 11.09.2012 26.02.2013 31.12.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012 26.02.2013 28.12.2012 31.01.2013 31.12.2012 31.10.2012 30.11.2012 28.12.2012 30.11.2012 31.12.2012 31.10.2012

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

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

Date 28.02.2013 25.02.2013 25.02.2013 25.02.2013 15.02.2013 08.02.2013 05.02.2013 01.02.2013 01.02.2013 29.01.2013 28.01.2013 21.01.2013 17.01.2013 15.01.2013 14.01.2013 09.01.2013 09.01.2013 18.12.2012 14.12.2012 11.12.2012 07.12.2012 07.12.2012 05.12.2012 04.12.2012 04.12.2012 14.11.2012 12.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 24.10.2012 10.11.2011 13.09.2010

28.02.2013

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

35.0 M

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 31.12.2012 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

12/2012 12/yy 10.06 7.69 8'446'576.00 8.157 -18.88% 6.10% 22.81% 4'321.3 35'249.00 48'318.00 0.0 4'647.0 6'122.00 80'687.00

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

25.0 M 20.0 M

15.0 M 10.0 M

5.0 M

0 f-12 m-12

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

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

31.12.2012 58'169.0 (5'255.0) 20'202.00 6'806.00 11.60% 5.15% -6.35% -24.03% 0.50% 42.2% 33.1% -10.0% -9.0% 0.65 0.52 39.43% 136.90% 36.51

Price/ Cash Flow

j-12

LTM

12/yy 58'653.0 6.25x 19'004.0 4.48x 557.0 68.19x

j-12

12/yy 58'169.0 4.39x 13'101.0 0.00x (5'255.0) 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 1.10% -5.10% 0.768 42 3.167 17'979'580 14'066'790 13'562'730 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 57'777.5 57'540.7 14'165.0 14'096.0 1.34x 1.31x 17'430.7 17'412.0 4'223.0 4'378.0 4.63x 4.64x 4.70x 2'927.3 3'085.9 816.0 997.0 11.89x 11.42x 9.17x S&P Issuer Ratings

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 01.01.2010

a-12 m-12

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

30.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

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 UNION INVESTMENT GMB DEKA INVESTMENT GMBH SCHRODER INVESTMENT NATIXIS ASSET MANAGE AMUNDI ALLIANZ ASSET MANAGE MERCURY ASSET MANAGE MASSACHUSETTS FINANC FMR LLC 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

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

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

Amt Held 734'624'287 648'197'900 251'286'399 191'700'000 55'113'797 52'043'505 27'700'000 23'207'924 14'524'559 14'083'422 11'716'763 11'491'425 11'401'203 10'747'785 9'801'405 9'211'450 7'630'916 7'058'316 5'217'805 5'213'828

% Out 17 15 5.82 4.44 1.28 1.2 0.64 0.54 0.34 0.33 0.27 0.27 0.26 0.25 0.23 0.21 0.18 0.16 0.12 0.12

Weighting

Change

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

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

Latest Chg (802'657) 15'760'085 1'150'782 156'567 442'723 7'267'197 2'200'291 4'778'409 (5'317'051) (1'992'942) (3'302'086) (7'472'121) 5'086 (1'779'584) (696'430)

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

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

File Dt 30.09.2012 30.09.2012 26.02.2013 03.08.2012 31.01.2013 31.12.2012 31.12.2011 26.02.2013 28.09.2012 28.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 27.02.2013 28.09.2012 31.12.2012

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

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

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 15.02.2013 14.02.2013 13.02.2013 30.01.2013 30.01.2013 24.01.2013 23.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 10.01.2013 08.01.2013 14.12.2012 10.12.2012 10.12.2012 10.12.2012 09.11.2012 08.11.2012 08.10.2012

28.02.2013

Diageo PLC Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Price/Volume 2500

16.0 M 14.0 M

2000

12.0 M 10.0 M

1500

8.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (23.05.2012) 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 DGE LN EQUITY YTD Change DGE LN EQUITY YTD % CHANGE

06/2012 01/yy 1'985.00 1'475.00 606'783.00 1960.5 -1.23% 32.92% 92.16% 2'509.0 49'189.74 8'629.00 0.0 1'223.0 1'076.00 58'044.74

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

4.0 M 2.0 M

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

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 30.06.2008 8'090.0 3.78x 2'516.0 12.17x 1'521.0 15.85x

6.0 M

500

30.06.2009 30.06.2010 9'311.0 9'780.0 3.27x 3.57x 2'777.0 2'984.0 10.96x 11.70x 1'605.0 1'629.0 13.51x 15.99x Profitability

30.06.2011 9'936.0 3.98x 3'232.0 12.24x 1'900.0 16.71x

30.06.2012 10'762.0 4.68x 3'826.0 13.16x 1'942.0 21.00x 3'826.00 3'415.00 31.73% 29.00% 11.04% 44.10% 19.93% 0.48% 60.4% 36.5% 32.8% 18.0% 1.52 0.59 38.61% 154.42% 3.84 1.09

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.30 0.72 2'506.14 33.63% 10.73% 0.719 34 4.265 4'008'160 3'816'437 3'564'089 FY+2

06/13 Y 06/14 Y 11'463.1 12'248.3 5.04x 4.63x 3'914.3 4'236.4 14.83x 13.70x 2'575.6 2'847.9 19.13x 17.24x S&P Issuer Ratings

FQ+1

FQ+2

01.09.2005 ASTABLE 01.09.2005 A-2 5.94 5.19 1.92 2.11 154.4% 55.9% 0.48 3.74 95.26 334.29 294.76

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 03.07.2009

2'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

28.02.2013

Diageo PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK LEGAL & GENERAL FMR LLC MASSACHUSETTS FINANC SCOTTISH WIDOWS NORGES BANK INVESTME VANGUARD GROUP INC MASSACHUSETTS FINANC UBS Northern Cross Inter HARBOR CAPITAL ADVIS PEOPLES REPUBLIC OF VANGUARD GROUP INC Cascade Investment C STATE STREET FRANKLIN RESOURCES DIAGEO PLC ESOP BREWIN DOLPHIN LIMIT M&G INVESTMENT MANAG

Firm Name

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

Analyst

AlphaValue ISABELLE COMBEMALE Sanford C. Bernstein & Co TREVOR STIRLING Exane BNP Paribas JAVIER GONZALEZ LASTRA Investec MARTIN DEBOO RBC Capital Markets JAMES EDWARDES JONES Shore Capital Stockbrokers PHIL CARROLL JPMorgan MATTHEW WEBB Societe Generale NICOLAS CERON Raymond James HERMINE DE BENTZMANN Canaccord Genuity Corp EDDY HARGREAVES Kepler Capital Markets LAETITIA DELAYE Natixis OLIVIER DELAHOUSSE Nomura IAN SHACKLETON Redburn Partners CHRIS PITCHER Barclays SIMON HALES Credit Suisse CHARLES MILLS Jefferies DIRK VAN VLAANDEREN Independent Research GmbH LARS LUSEBRINK National Bank AG STEFFEN MANSKE Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Oriel Securities Ltd CHRIS WICKHAM Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO EVA Dimensions AUSTIN BURKETT Goldman Sachs MITCHELL COLLETT Deutsche Bank JAMES ISENWATER Berenberg Bank PHILIP MORRISEY Espirito Santo Investment Bank Research ALEX SMITH Day by Day VALERIE GASTALDY HSBC ERWAN RAMBOURG Davy BARRY GALLAGHER

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

Recommendation reduce market perform neutral hold sector perform buy neutral hold outperform hold buy buy buy buy overweight outperform buy hold buy buy buy buy buy outperform buy hold buy/attractive buy buy buy buy neutral outperform

Amt Held 170'818'263 166'780'393 93'430'267 75'661'425 62'326'696 60'373'127 53'076'191 45'861'087 42'171'078 36'384'228 32'768'036 31'592'406 31'254'191 26'868'931 25'516'958 23'848'629 20'837'253 20'432'541 19'857'996 17'635'695

% Out 6.81 6.65 3.72 3.02 2.48 2.41 2.12 1.83 1.68 1.45 1.31 1.26 1.25 1.07 1.02 0.95 0.83 0.81 0.79 0.7

Weighting

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

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

Latest Chg 32'500 19'483'465 116'442 2'008'546 (1'792'375) 21'983'554 751'700 (6'773'960) 1'067'737 1'094'573 490'603 162'750 7'155'385 1'303'879 1'443'861 (161'619) 443'832 (847'762) 104'421

Target Price 1'890 2'100 1'980 1'970 1'700 #N/A N/A 1'915 1'900 2'060 1'670 2'100 2'100 2'040 #N/A N/A 2'040 1'900 1'915 1'900 2'100 1'900 2'100 2'100 2'300 1'850 2'100 #N/A N/A 2'220 2'000 1'760 1'860 1'906 1'800 #N/A N/A

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

File Dt 31.12.2012 26.02.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 31.12.2012 28.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 27.02.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012

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

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

Date 28.02.2013 22.02.2013 22.02.2013 15.02.2013 14.02.2013 12.02.2013 06.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 25.01.2013 21.01.2013 18.01.2013 17.01.2013 09.01.2013 10.11.2012 29.10.2012 02.10.2012 01.10.2012 08.08.2012 25.08.2011

28.02.2013

DNB ASA DNB ASA is a commercial bank. The Bank's services include retail, commercial, corporate, and investment banking, and life, pension, and non-life insurance. The services are provided to private customers, small businesses, and large companies. DNB offers special services to the shipping industry. The Bank operates through several subsidiaries in Norway and abroad.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DNB NO EQUITY YTD Change DNB NO EQUITY YTD % CHANGE

12/2012 12/yy 85.95 53.00 469'476.00 85.25 -0.87% 60.85% 94.69% 1'628.8 138'855.11 980'525.00 0.0 0.0 336'028.00 -

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

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 96'073.0 9'211.0 1.95x

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

31.12.2009 31.12.2010 75'333.0 75'104.0 8'585.0 14'814.0 9.76x 9.46x Profitability

LTM-4Q 31.12.2011 79'039.0 12'979.0 7.33x

31.12.2012 79'116.0 13'657.0 8.40x 38.83% 40.88% 0.62% 11.11% 1.26% 0.04% 31.6% 43.29% 765.83% -

Price/ Cash Flow

LTM

12/yy 82'252.0 0.00x 0.0 0.00x 12'979.0 7.32x

12/yy 79'445.0 0.00x 0.0 0.00x 13'657.0 8.40x

FY+1

.0 M f-13

1.14 977.50 22.20% 21.09% 1.138 32 3.938 2'347'399 3'048'556 2'784'096 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 44'351.3 46'727.1 10'628.3 11'038.4 14'654.6 16'168.8 3'369.7 3'695.0 9.47x 8.56x 9.61x 9.10x S&P Issuer Ratings

765.8% 88.5% 0.04 9.26 -

Sales/Revenue/Turnover

8.00

120'000.0

7.00

100'000.0

6.00

80'000.0

5.00 4.00

60'000.0

3.00

40'000.0

2.00

20'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

DNB ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS SPAREBANKSTIFTELSEN STATE STREET GOVERNMENT PENSION F JP MORGAN CHASE BANK BANK OF NEW YORK MEL NORTHERN TRUST CO CLEARSTREAM BANKING VANGUARD GROUP INC FMR LLC DNB NOR ASSET MANAGE HSBC BANK PLC CAPITAL GROUP COMPAN JUPITER ASSET MANAGE T ROWE PRICE ASSOCIA SCHRODER INVESTMENT MASSACHUSETTS FINANC STOREBRAND FUND MANA BNP PARIBAS INV PART RBC INVESTOR SERVICE

Firm Name AlphaValue Keefe, Bruyette & Woods Macquarie Barclays Nomura ABG Sundal Collier Exane BNP Paribas EVA Dimensions JPMorgan Nordea Equity Research Norne Securities AS DNB Markets Deutsche Bank Credit Suisse SEB Enskilda CA Cheuvreux Carnegie Handelsbanken Pareto Securities Danske Markets Morgan Stanley SpareBank 1 Markets AS Arctic Securities ASA Swedbank First Securities Goldman Sachs RBC Capital Markets Berenberg Bank Societe Generale Mediobanca SpA Fondsfinans AS

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

Analyst CHRISTOPHE NIJDAM RONNY REHN EDWARD FIRTH CHRISTOFFER ROSQUIST OMAR KEENAN RICKARD HENZE ANDREAS HAKANSSON AUSTIN BURKETT SOFIE PETERZENS THOMAS SVENDSEN ANDRIUS VALIVONIS HAKON FURE JAN WOLTER MASIH YAZDI CHRISTOFFER J ADAMS MATS ANDERSON ASBJORN MORK MATTI AHOKAS VEGARD EID MEDIAS LARS HOLM ALVARO SERRANO NILS CHRISTIAN OYEN FRIDTJOF BERENTS BENGT KIRKOEN PAWEL DZIEDZIC CLAIRE KANE NICK ANDERSON GEOFF DAWES RICCARDO ROVERE ARILD NYSAETHER

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

Recommendation add outperform neutral overweight buy hold neutral underweight neutral sell buy not rated buy neutral buy outperform hold accumulate buy hold Overwt/In-Line buy hold strong buy neutral/neutral sector perform buy buy outperform buy

Amt Held 553'791'613 162'900'397 118'954'357 96'802'281 41'841'989 41'084'067 38'027'017 27'940'153 25'809'928 21'864'481 21'317'386 16'564'894 16'512'114 12'578'994 12'226'011 10'133'470 9'499'126 9'133'670 8'575'089 8'331'759

% Out 34 10 7.3 5.94 2.57 2.52 2.33 1.72 1.58 1.34 1.31 1.02 1.01 0.77 0.75 0.62 0.58 0.56 0.53 0.51

Weighting

Change

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

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

Latest Chg 257'730 1'368'731 (237'782) (9'077'833) (334'256) 80'801 279'299 (237'411) 2'112'682 -

Target Price 95 124 82 100 90 85 79 #N/A N/A 85 76 99 #N/A N/A 103 84 94 100 #N/A N/A 86 89 85 95 90 86 95 92 83 81 85 97 95

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

File Dt 18.02.2013 18.02.2013 27.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 31.12.2012 31.12.2012 31.01.2013 18.02.2013 31.12.2012 31.08.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 18.02.2013

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

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

Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 19.02.2013 18.02.2013 15.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 10.02.2013 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 28.01.2013 28.01.2013 28.01.2013 15.01.2013 26.11.2012 25.10.2012

28.02.2013

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 2'278'625.00 12.73 -35.61% 2.50% 4.37% 2'001.0 25'472.73 29'914.00 0.0 3'876.0 6'931.00 49'331.73

40.0 M

30.0 M 20.0 M

10.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

60.0 M

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

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 -21.63% -9.65% 1.102 38 2.474 13'289'580 13'895'670 11'592'750 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 0.45x 0.44x 6'579.0 6'892.0 10'690.1 9'527.5 2'038.0 8.68x 8.59x 4.62x 5.18x 3'195.0 (356.0) 3'954.1 2'504.7 113.0 7.49x 0.00x 5.75x 9.73x 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 |

28.02.2013

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 DEUTSCHE BANK AG DB PLATINUM ADVISORS CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE AMUNDI FRANKLIN RESOURCES PICTET ASSET MANAGEM ETFLAB INVESTMENT GM ADIG INVESTMENT GRANTHAM MAYO VAN OT BNP PARIBAS INV PART

Firm Name Raymond James RBC Capital Markets Commerzbank Corporates & Markets Grupo Santander AlphaValue S&P Capital IQ Banco Sabadell Goldman Sachs 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 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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst EMMANUEL RETIF JOHN MUSK TANJA MARKLOFF OSCAR NAJAR RIOS EILEEN RYAN CLIVE ROBERTS JORGE GONZALEZ SADORNIL DEBORAH WILKENS 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 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 ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform underperform hold hold buy buy buy buy/attractive 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 equalweight outperform sell hold neutral underperform not rated

Amt Held 170'529'697 118'276'492 95'529'865 46'680'225 32'966'723 25'888'854 13'832'519 11'102'820 8'922'635 7'475'000 7'351'606 6'583'121 5'494'244 5'493'604 4'868'435 4'553'664 4'287'252 4'279'858 3'863'245 3'862'439

% Out 8.52 5.91 4.77 2.33 1.65 1.29 0.69 0.55 0.45 0.37 0.37 0.33 0.27 0.27 0.24 0.23 0.21 0.21 0.19 0.19

Weighting

Change

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

M M M M 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

Latest Chg 22'778 719'330 (329'536) (1'285'217) (105'000) (544'741) (1'936'021) (436'769) (16'120'588) (6'792'748) 2'250 (1'160'000) 254'908 139'909

Target Price #N/A N/A 11 14 16 18 15 14 21 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 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 26.02.2013 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 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 27.02.2013 Investment Advisor 31.10.2012 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 19.02.2013 15.02.2013 13.02.2013 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 25.01.2013 23.01.2013 17.01.2013 08.01.2013 14.11.2012 14.08.2012 14.03.2012

28.02.2013

European Aeronautic Defence and Space Co NV European Aeronautic Defence and Space Company manufactures airplanes and military equipment. The Company produces commercial aircraft including the Airbus, military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, and offers military and commercial aircraft conversion and maintenance services.

Price/Volume 45

25.0 M

40 20.0 M

35 30

15.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EAD FP EQUITY YTD Change EAD FP EQUITY YTD % CHANGE

12/2012 12/yy 39.19 24.26 2'807'077.00 38.97 -0.59% 60.67% 95.59% 828.3 32'279.30 5'104.00 0.0 20.0 9'556.00 30'662.30

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

5.0 M

5 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 43'265.0 0.09x 4'136.0 0.89x 1'572.0 6.17x

10.0 M

31.12.2009 31.12.2010 42'822.0 45'752.0 0.13x 0.17x 1'236.0 2'500.0 4.62x 3.02x (763.0) 553.0 25.65x Profitability

LTM-4Q 31.12.2011 49'128.0 0.31x 3'173.0 4.76x 1'033.0 19.02x

31.12.2012 56'480.0 1'228.0 19.67x 3'173.00 1'449.00 2.95% 2.84% 1.70% 16.48% 12.83% 0.60% 13.9% 7.4% 3.9% 2.2% 0.91 0.34 5.77% 57.67% 8.29 1.82

Price/ Cash Flow

LTM

12/yy 49'128.0 1.04x 3'173.0 4.76x 1'033.0 19.02x

12/yy 56'480.0 1.07x 2'710.0 0.00x 1'228.0 19.67x

FY+1

.0 M f-13

0.75 424.24 45.44% 32.10% 0.752 30 4.467 2'821'365 2'204'444 2'212'415 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 58'364.2 62'182.4 11'628.0 13'892.5 0.49x 0.45x 5'428.5 6'353.9 1'162.0 1'333.0 5.63x 4.81x 5.46x 2'088.6 2'667.9 373.0 489.0 14.77x 11.19x 14.70x 14.81x S&P Issuer Ratings

22.09.2010 APOS 02.10.2012 A-1 8.72 2.68 -0.42 1.42 57.7% 36.5% 0.60 3.80 44.13 201.38 67.97 160.41

Sales/Revenue/Turnover

50.00

60'000.0

45.00

50'000.0

40.00 35.00

40'000.0

30.00

30'000.0

25.00 20.00

20'000.0

15.00 10.00

10'000.0

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 |

28.02.2013

European Aeronautic Defence and Space Co NV Holdings By:

All

Holder Name SOGEADE DAIMLERCHRYSLER AERO SOCIEDAD ESTATAL DE FEDERAL REPUBLIC OF CAPITAL GROUP COMPAN BLACKROCK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD GROUP INC VIKING GLOBAL INVEST OLD MUTUAL OPPENHEIMERFUNDS INC STATE STREET NATIXIS ASSET MANAGE PRIMECAP MANAGEMENT DEUTSCHE BANK AG INVESCO LTD ALLIANZ ASSET MANAGE BARCLAYS CAPITAL SEC AMUNDI

Firm Name

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

Analyst

Oddo & Cie YAN DEROCLES DZ Bank AG MARKUS TURNWALD Barclays CARTER COPELAND AlphaValue THOMAS PICHERIT Societe Generale ZAFAR KHAN Commerzbank Corporates & Markets STEPHAN BOEHM Morgan Stanley RUPINDER VIG Investec ANDREW GOLLAN Nord/LB WOLFGANG DONIE RBC Capital Markets ROBERT STALLARD JPMorgan DAVID H. PERRY Jefferies SANDY MORRIS CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Kepler Capital Markets CHRISTOPHE MENARD Bankhaus Lampe SEBASTIAN HEIN Exane BNP Paribas OLIVIER BROCHET Landesbank Baden-Wuerttemberg STEFAN MAICHL Sanford C. Bernstein & Co DOUGLAS S HARNED Natixis ERIC CHADEYRAS Day by Day VALERIE GASTALDY Independent Research GmbH ZAFER RUZGAR Hamburger Sparkasse INGO SCHMIDT EVA Dimensions CRAIG STERLING Deutsche Bank BEN FIDLER Espirito Santo Investment Bank Research EDWARD STACEY S&P Capital IQ JOHNSON IMODE Gabelli & Co JAMES FOUNG

Source Research Research Research Research ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG MF-AGG 13F MF-AGG RNS-RUL8 ULT-AGG RNS-RUL8 MF-AGG

Recommendation buy buy overweight add buy buy Overwt/In-Line buy hold outperform overweight buy select list reduce buy buy outperform buy market perform buy buy buy sell overweight buy sell buy hold

Amt Held 183'337'704 122'225'136 44'690'871 22'725'182 22'700'810 22'605'402 15'584'382 15'385'347 12'117'860 11'930'093 9'429'402 9'211'702 8'700'820 7'204'777 6'266'690 4'615'311 3'879'592 2'769'956 2'644'421 2'609'047

% Out 22.13 14.76 5.4 2.74 2.74 2.73 1.88 1.86 1.46 1.44 1.14 1.11 1.05 0.87 0.76 0.56 0.47 0.33 0.32 0.31

Weighting

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

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

Latest Chg (61'096'851) 3'758 472'675 (2'721) 3'341 (1'079'438) (24'465) (9'990) 18'091 (19'787) 60'000 318'710 243'047 (833'201) 32'018

Target Price 44 42 40 42 42 44 40 43 36 43 48 45 42 27 42 40 35 40 38 41 36 40 #N/A N/A #N/A N/A 42 25 36 #N/A N/A

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

File Dt Inst Type 11.12.2012 Holding Company 11.12.2012 Corporation 11.12.2012 Holding Company 06.12.2012 Government 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 25.09.2012 Unclassified 10.10.2012 Other 09.10.2012 Investment Advisor 10.10.2012 Hedge Fund Manager 31.12.2012 Unclassified 05.10.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.09.2012 Investment Advisor 31.12.2012 Investment Advisor 10.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 22.02.2013 18.02.2013 15.02.2013 01.02.2013 28.01.2013 22.01.2013 22.01.2013 17.01.2013 12.12.2012 07.12.2012 08.11.2012 10.10.2011

28.02.2013

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

250.0 M

200.0 M

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

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

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 -2.29% -12.43% 0.970 35 3.114 54'134'760 42'051'110 40'455'780 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 79'476.8 79'116.5 19'566.8 1.07x 1.05x 4.36x 16'570.6 16'335.3 3'856.5 6.09x 6.17x 3'473.1 3'337.0 992.5 7.51x 7.76x S&P Issuer Ratings

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

Fiscal Year Ended 31.12.2007 42'734.0 2.76x 9'694.0 12.17x 3'916.0 13.46x

150.0 M

12/2011 09/yy 3.30 2.02 8'380'399.00 2.748 -16.67% 36.04% 56.72% 9'403.4 25'840.43 65'481.00 0.0 15'650.0 7'015.00 100'842.43

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 |

28.02.2013

Enel SpA Holdings By:

All

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

Firm Name

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

Analyst

Raymond James EMMANUEL RETIF AlphaValue MYRIAM COHEN Day by Day VALERIE GASTALDY 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 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 ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-FRA MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation market perform buy hold 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 hold hold sell neutral hold

Amt Held 2'937'984'993 120'746'699 105'225'009 78'166'519 24'688'850 23'430'194 19'719'027 16'612'410 12'645'186 11'206'529 9'435'950 9'331'460 9'057'798 7'912'096 7'807'081 7'543'637 7'123'096 7'000'609 6'940'014 6'929'768

% Out 31.24 1.28 1.12 0.83 0.26 0.25 0.21 0.18 0.13 0.12 0.1 0.1 0.1 0.08 0.08 0.08 0.08 0.07 0.07 0.07

Weighting

Change 3 5 3 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 1 3 3

M M D 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 D D M

Latest Chg 2'529'990 911'441 (3'333'832) 13'243'042 (6'000'000) (13'273'216) 510'545 775'170 309'230 137'675 (241'490) 2'075'741 3'250'432 57'724 288'821 45'616

Target Price #N/A N/A 4 #N/A N/A 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 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 26.02.2013 30.11.2012 31.12.2012 31.01.2013 26.02.2013 30.11.2012 28.12.2012 30.09.2012 31.01.2013 31.01.2013 28.12.2012 28.09.2012 31.12.2012 30.09.2012 28.12.2012 28.12.2012 26.02.2013 31.12.2012

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

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

Date 27.02.2013 21.02.2013 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 05.06.2012 09.03.2012 08.03.2012 16.02.2012 18.11.2011

28.02.2013

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

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 3'440'119.00 17.34 -11.49% 16.06% 52.47% 3'634.2 63'016.77 24'463.00 0.0 3'514.0 8'066.00 82'927.77

30.0 M 20.0 M

10.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

70.0 M

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

31.12.2012 127'271.0 0.68x 24'564.0 3.52x 7'788.0 16.38x 24'564.00 15'026.00 11.81% 13.04% 6.12% 15.13% 0.90% 19.3% 11.8% 6.1% 1.44 0.23 17.43% 41.32% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.86 2'532.64 6.67% -5.45% 0.858 37 4.027 16'247'390 13'960'150 12'092'730 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 108'740.0 127'271.0 120'055.6 122'018.0 32'752.0 31'600.7 3.31x 2.95x 0.67x 0.66x 2.45x 2.57x 25'213.0 24'564.0 28'717.7 29'865.0 7'530.0 7'527.0 3.60x 3.52x 2.89x 2.78x 2.76x 2.69x 6'860.0 8'673.0 7'217.5 7'779.2 1'871.0 1'838.0 8.45x 7.66x 8.71x 8.16x 9.00x 8.25x 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 |

28.02.2013

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 BNP PARIBAS SEC SERV NATIXIS ASSET MANAGE MERCURY ASSET MANAGE AMUNDI THORNBURG INVESTMENT BNP PARIBAS INV PART JP MORGAN UNION INVESTMENT LUX ALLIANZ ASSET MANAGE

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

Analyst PAUL SPEDDING DARIO MICHI ALEXANDRE ANDLAUER OSWALD CLINT ANDREA SCAURI ROBERTO RANIERI MARC B KOFLER GORDON GRAY PETER HUTTON IRENE HIMONA IAIN REID BERTRAND HODEE SVEN DIERMEIER ENRICO COCO THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS RAHIM KARIM JASON KENNEY STUART JOYNER MICHELE DELLA VIGNA KIM FUSTIER JORGE GONZALEZ SADORNIL CHRISTINE TISCARENO COLIN SMITH VALERIE GASTALDY ANNE PUMIR NITIN SHARMA CRAIG STERLING JENS MUENSTERMANN DOMENICO GHILOTTI MARTIJN P RATS 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 EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation neutral buy reduce market perform outperform add outperform sell sector perform hold buy outperform hold hold buy neutral overweight Under Review hold Buy/Cautious outperform buy buy hold buy neutral overweight buy buy hold Overwt/In-Line hold buy outperform hold hold

Amt Held 958'298'322 142'968'850 65'146'713 51'132'349 50'558'786 44'489'000 41'175'319 28'455'671 16'682'332 15'945'098 12'165'115 11'484'026 9'392'579 8'803'365 7'930'723 7'363'500 6'416'116 5'215'817 5'172'282 5'121'487

% Out 26.37 3.93 1.79 1.41 1.39 1.22 1.13 0.78 0.46 0.44 0.33 0.32 0.26 0.24 0.22 0.2 0.18 0.14 0.14 0.14

Weighting

Change

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

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 M M M U U M M D N

Latest Chg 1'485'289 (1'982'479) 999'327 1'853'508 (116'700) 2'499'767 848'857 729'051 2'261'442 55'450 (10'621) 1'009'050 (222'556)

Target Price 19 22 18 20 22 19 21 17 20 19 22 21 20 18 19 20 21 #N/A N/A 16 21 21 20 23 20 20 18 22 #N/A N/A 20 21 20 #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 26.02.2013 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 20.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 28.02.2013 27.02.2013 26.02.2013 26.02.2013 21.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 07.02.2013 06.02.2013 17.01.2013 09.01.2013 30.11.2012 27.11.2012 30.10.2012 29.08.2012 13.08.2012 24.05.2012 23.04.2010

28.02.2013

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 (28.02.2013) 52-Week Low (01.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 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

12/2012 12/yy 78.93 58.04 405'327.00 78.62 -0.30% 35.46% 80.84% 214.7 16'881.61 915.73 0.0 132.9 397.77 17'740.56

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

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 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 3'074.4 2.30x 696.7 10.16x 382.4 18.15x

31.12.2009 31.12.2010 3'268.0 3'891.6 2.68x 2.68x 754.4 900.2 11.63x 11.58x 390.7 462.0 22.09x 21.90x Profitability

LTM-4Q 31.12.2011 4'189.5 2.87x 919.3 13.09x 505.6 22.36x

31.12.2012 4'988.8 584.0 27.11x 919.35 724.97 17.30% 16.65% 9.12% 17.43% 13.69% 0.78% 55.4% 22.0% 17.3% 11.7% 1.26 0.21 14.87% 27.54% 4.32 2.77

Price/ Cash Flow

03/yy 3'333.4 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 4'518.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.55 197.12 33.20% 3.42% 0.553 22 3.636 687'876 502'127 463'294 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'369.3 5'811.8 3.21x 2.92x 1'185.9 1'297.2 14.94x 13.64x 647.1 711.8 25.38x 23.00x S&P Issuer Ratings

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

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

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 Morgan Stanley Raymond James Bryan Garnier & Cie AlphaValue Barclays Redburn Partners Berenberg Bank Exane BNP Paribas S&P Capital IQ EVA Dimensions Natixis HSBC Day by Day Societe Generale BPI Jefferies Independent Research GmbH Kepler Capital Markets 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 MICHAEL K JUNGLING MARC WILLAUME CEDRIC ROSSI ARMELLE MOULIN ALEXANDER KLEBAN PASCAL HAUTCOEUR BASSEL CHOUGHARI JULIEN DORMOIS JACOB THRANE ANDREW S ZAMFOTIS STEPHANE SUMAR SOPHIE DARGNIES VALERIE GASTALDY MARIE-LINE FORT HUBERT D'AILLIERES INGEBORG OIE CHRISTOPH SCHOENDUBE CLAIRE DERAY 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 Underwt/Attractive outperform buy reduce overweight buy hold neutral strong buy underweight buy overweight buy hold buy hold sell reduce 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 2'938'700 2'844'588 1'753'778 1'483'908 1'027'416 938'921 871'599 862'001 830'196 675'667 659'008 618'958 608'800

% Out 2.92 2.5 2.45 2.4 1.96 1.76 1.65 1.37 1.32 0.82 0.69 0.48 0.44 0.41 0.4 0.39 0.31 0.31 0.29 0.28

Weighting

Change

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

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

Latest Chg (20'616) 228'537 (284'151) (683'149) (511'731) (134'702) (27'217) 80'908 74'350 (179'060) (28'372) (364) (3'800)

Target Price 60 83 80 70 89 #N/A N/A 77 78 88 #N/A N/A 90 90 82 69 80 70 66 62 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 26.02.2013 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 31.08.2012 Investment Advisor 30.12.2012 Investment Advisor 28.12.2012 Unclassified 26.02.2013 Investment Advisor 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 25.02.2013 22.02.2013 15.02.2013 13.02.2013 08.02.2013 17.01.2013 10.01.2013 09.01.2013 11.12.2012 04.12.2012 12.11.2012 05.11.2012 31.10.2012 25.10.2012 21.05.2012 15.03.2012

28.02.2013

Experian PLC Experian PLC offers credit and marketing services. The Company manages large databases that enable credit granting and monitoring, and help minimize fraud and credit risk, offers specialist analytical solutions for credit scoring, risk management, and processing applications, processes checks and credit cards, and offers consumers credit reports and scores.

Price/Volume 7.0 M

1000

6.0 M 5.0 M

800

4.0 M

600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXPN LN EQUITY YTD Change EXPN LN EQUITY YTD % CHANGE

03/2012 01/yy 1'114.00 859.00 178'765.00 1087 -2.42% 26.54% 89.41% 1'010.2 10'981.16 2'192.00 0.0 159.0 261.00 18'909.28

31.03.2008 3'789.0 2.72x 1'086.0 9.50x 437.0 17.74x

3.0 M

400

2.0 M

200

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

1200

31.03.2009 31.03.2010 3'873.0 3'880.0 2.24x 3.07x 1'139.0 1'124.0 7.62x 10.59x 486.0 600.0 13.34x 16.47x Profitability

31.03.2011 3'885.0 3.71x 1'421.0 10.13x 581.0 25.10x

31.03.2012 4'487.0 4.04x 1'803.0 10.05x 655.0 23.33x 1'803.00 1'369.00 30.51% 15.36% 4.19% 14.08% 21.39% 0.57% 62.1% 41.1% 31.4% 14.6% 0.52 0.35 26.88% 79.08% 5.29 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.97 0.95 1'006.84 17.43% 11.64% 0.947 18 4.444 1'455'314 1'595'838 1'772'752 FY+2

03/13 Y 03/14 Y 4'751.1 5'148.4 4.18x 3.74x 1'590.5 1'745.7 11.89x 10.83x 836.0 1'010.6 19.72x 16.97x S&P Issuer Ratings

.0 M f-13

FQ+1

FQ+2

4.10 3.91 1.15 1.49 79.1% 42.8% 0.57 10.20 69.13 21.12

Sales/Revenue/Turnover

14.00

5'000.0 4'500.0

12.00

4'000.0

10.00

3'500.0 3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 03.04.2009

500.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Experian PLC Holdings By:

All

Holder Name BLACKROCK ARTISAN PARTNERS HOL LEGAL & GENERAL FMR LLC CAPITAL GROUP COMPAN VANGUARD GROUP INC SCHRODER INVESTMENT OPPENHEIMERFUNDS INC MORGAN STANLEY BNP PARIBAS INV PART WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA SCOTTISH WIDOWS JUPITER ASSET MANAGE TRIMARK INVESTMENT M HARRIS ASSOCIATES LP BANK OF NEW YORK MEL THREADNEEDLE INVESTM TAUBE HODSON STONEX SWEDBANK ROBUR FONDE

Firm Name Goldman Sachs Day by Day Canaccord Genuity Corp Barclays HSBC Jefferies Evercore Partners Nomura Oriel Securities Ltd JPMorgan Robert W. Baird & Co EVA Dimensions Credit Suisse Shore Capital Stockbrokers Deutsche Bank

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

Analyst CHARLES WILSON VALERIE GASTALDY GRAHAM BROWN PAUL D A SULLIVAN RAJESH KUMAR JUSTIN JORDAN DAVID M TOGUT MATTHEW WALKER HECTOR FORSYTHE ROBERT PLANT DANIEL R LEBEN CRAIG STERLING ANDY GROBLER ROBIN SPEAKMAN ANDY CHU

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

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

Amt Held 51'371'146 50'901'871 40'756'800 33'355'571 32'286'000 18'295'867 12'636'172 10'650'959 10'138'387 10'049'097 9'835'265 8'828'054 8'544'826 7'031'674 5'660'606 5'505'401 4'693'289 4'364'234 3'962'890 3'431'637

% Out 5.09 5.04 4.03 3.3 3.2 1.81 1.25 1.05 1 0.99 0.97 0.87 0.85 0.7 0.56 0.54 0.46 0.43 0.39 0.34

Weighting

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

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

Latest Chg 621'998 394'068 (7'204) 980'910 2'580'137 410'711 (950'546) 2'999'238 4'079'400 (244'046) (24'755) (530'350) 528'260

Target Price 1'305 1'192 898 1'250 1'200 1'200 1'400 1'215 1'152 1'210 1'140 #N/A N/A 1'230 #N/A N/A 1'200

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

File Dt 26.02.2013 09.05.2012 09.05.2012 31.12.2012 31.12.2012 31.12.2012 30.11.2012 30.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.08.2012 30.09.2012 31.12.2012 31.12.2012 31.10.2012 30.11.2012 31.12.2012

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

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

Date 25.02.2013 20.02.2013 12.02.2013 07.02.2013 04.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 17.01.2013 16.01.2013 08.01.2013 24.10.2012

28.02.2013

Fiat Industrial SpA Fiat Industrial SpA manufactures a wide range of branded trucks and tractors. The Company also manufactures powertrains for industrial, and marine applications as well as manufactures and supplies truck, bus, and diesel engines, and engineers, manufactures, markets, and distributes agricultural and construction equipment.

Price/Volume 25.0 M

20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FI IM EQUITY YTD Change FI IM EQUITY YTD % CHANGE

12/2012 12/yy 9.80 6.96 636'916.00 9.155 -6.33% 31.54% 79.58% 1'222.6 11'192.62 20'730.00 787.0 4'615.00 28'094.62

10.0 M

5.0 M

2 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 17'968.0 21'342.0 959.0 1'757.0 (464.0) 341.0 Profitability

LTM-4Q 31.12.2011 24'231.0 0.95x 2'352.0 9.83x 624.0 13.54x

31.12.2012 25'785.0 1.05x 2'798.0 9.65x 810.0 12.45x 2'798.00 2'079.00 8.06% 5.76% 2.16% 17.10% 0.70% 18.8% 14.1% 8.1% 3.1% 1.67 0.36 53.24% 420.06% 15.58 3.95

Price/ Cash Flow

LTM

12/yy 24'289.0 3.87x 2'352.0 9.83x 624.0 13.54x

12/yy 25'785.0 3.14x 3'626.0 0.00x 810.0 12.57x

FY+1

.0 M f-13

0.93 792.73 17.21% 10.90% 0.928 24 3.583 3'806'783 4'025'179 3'981'908 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'852.8 27'863.8 6'002.0 7'023.0 0.61x 0.58x 2.24x 1.95x 3'023.8 3'287.1 648.0 848.0 9.30x 8.55x 9.46x 9.34x 1'158.6 1'354.1 221.0 340.0 10.07x 8.68x 9.86x 9.55x S&P Issuer Ratings

04.11.2010 BB+ STABLE 24.02.2011 B 8.94 4.63 5.51 6.58 420.1% 78.4% 0.70 6.27 23.50 92.62 77.10 19.55

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Fiat Industrial SpA Holdings By:

All

Holder Name EXOR SPA HARRIS ASSOCIATES LP FMR LLC FIAT SPA GOVT OF SINGAPORE IN VANGUARD GROUP INC BLACKROCK ARTISAN PARTNERS HOL CAPITAL GROUP COMPAN CITADEL ADVISORS LLC LBPAM GENERALI ASSET MANAG NEW JERSEY DIVISION NATIXIS ASSET MANAGE BESSEMER GROUP INCOR CARMIGNAC GESTION ALLIANZ ASSET MANAGE SNS INVESTMENT FUND LITMAN/GREGORY FUND FEDERAL GESTION

Firm Name William Blair & Co Banca Akros(ESN) Mediobanca SpA AlphaValue Macquarie Equita SIM SpA Banca IMI Societe Generale Deutsche Bank CA Cheuvreux Kepler Capital Markets Morgan Stanley Credit Suisse Barclays EVA Dimensions Berenberg Bank Silvia Quandt Research Centrobanca Main First Bank AG JPMorgan Goldman Sachs Exane BNP Paribas Natixis

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

Analyst LAWRENCE T DE MARIA GABRIELE GAMBAROVA MASSIMO VECCHIO HANS-PETER WODNIOK JENS SCHATTNER MARTINO DEAMBROGGI MONICA BOSIO STEPHEN REITMAN PETER REILLY MARCO BACCAGLIO GIANANTONIO VILLANI LAURA LEMBKE ERICH HAUSER MICHAEL TYNDALL CRAIG STERLING ALEXANDER VIRGO ALBRECHT DENNINGHOFF MARCO CRISTOFORI CHRISTOPHER YOUL NICO DIL STEFAN BURGSTALLER RABIH FREIHA KATHLEEN GAILLIOT

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

Recommendation outperform accumulate outperform reduce underperform hold buy hold hold outperform hold Equalwt/In-Line outperform overweight underweight sell neutral buy outperform restricted not rated neutral buy

Amt Held % Out 366'929'588 30.01 61'458'536 5.03 39'099'088 3.2 34'219'702 2.8 28'449'177 2.33 24'435'812 2 22'660'155 1.85 9'198'596 0.75 8'037'500 0.66 (6'112'844) -0.5 5'010'068 0.41 4'048'366 0.33 3'889'467 0.32 3'669'863 0.3 3'574'471 0.29 2'688'654 0.22 2'656'939 0.22 2'407'813 0.2 2'163'600 0.18 1'999'999 0.16

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

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

Latest Chg (2'725'955) 143'652 (444'064) 195'478 (14'482) (9'310) 78 (298'179) (61'039) 503'719 27'500 -

Target Price 12 11 11 10 9 10 12 10 10 11 9 9 12 11 #N/A N/A 6 9 10 10 #N/A N/A #N/A N/A 9 11

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

File Dt 20.01.2013 20.01.2013 31.12.2012 20.01.2013 20.01.2013 31.12.2012 26.02.2013 31.12.2012 31.12.2012 04.12.2012 31.12.2012 31.01.2013 30.06.2012 31.12.2012 31.10.2012 31.12.2012 31.12.2012 29.06.2012 31.12.2012 30.11.2012

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

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

Date 27.02.2013 26.02.2013 21.02.2013 21.02.2013 12.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 17.01.2013 17.01.2013 08.01.2013 16.11.2012 05.11.2012 02.11.2012 13.07.2012 30.05.2012 27.04.2012 26.04.2012

28.02.2013

Fortum OYJ Fortum Oyj provides a full range of energy related products and services. The Company's activities cover the generation, distribution, and sale of electricity and heat and steam, as well as the operation of power plants, and energy-related services. Fortum operates worldwide but mainly in Northern Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FUM1V FH EQUITY YTD Change FUM1V FH EQUITY YTD % CHANGE

12/2012 12/yy 19.36 12.81 571'738.00 14.52 -25.00% 13.35% 25.04% 888.4 12'899.09 8'777.00 0.0 616.0 963.00 21'329.09

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

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 5'636.0 3.58x 2'332.0 8.64x 1'542.0 8.76x

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

31.12.2009 31.12.2010 5'435.0 6'296.0 4.28x 4.35x 2'332.0 2'390.0 9.98x 11.45x 1'312.0 1'300.0 12.84x 15.40x Profitability

LTM-4Q 31.12.2011 6'161.0 3.61x 2'395.0 9.28x 1'769.0 8.28x

31.12.2012 6'159.0 3.41x 2'360.0 8.90x 1'409.0 8.92x 2'360.00 1'696.00 27.54% 25.57% 5.92% 14.21% 9.19% 0.26% 39.0% 28.2% 22.9% 1.09 0.71 35.64% 86.01% 7.68 -

Price/ Cash Flow

LTM

12/yy 6'161.0 16.02x 2'408.0 9.23x 1'769.0 8.28x

12/yy 6'159.0 14.06x 2'403.0 8.74x 1'409.0 8.92x

FY+1

.0 M f-13

0.79 -17.45% 2.61% 0.794 35 3.343 2'588'822 3'311'906 2'522'945 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'260.0 6'460.5 1'925.5 1'300.0 3.43x 3.31x 10.74x 16.66x 2'448.0 2'450.5 802.2 478.0 8.71x 8.70x 8.59x 9.03x 1'154.4 1'137.8 443.3 178.4 11.25x 11.47x 11.13x 12.38x S&P Issuer Ratings

27.11.2012 ANEG 27.11.2012 A-2 7.87 3.13 3.25 3.65 86.0% 44.8% 0.26 0.39 47.63 -

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Fortum OYJ Holdings By:

All

Holder Name REPUBLIC OF FINLAND ILMARINEN MUTUAL PEN VANGUARD GROUP INC VARMA MUTUAL PENSION FINLAND STATE PENSIO SOCIAL INSUR INSTITU BLACKROCK CITY OF KURIKKA PICTET ASSET MANAGEM MANDATUM LIFE INSURA NORDEA INVESTMENT FU DEUTSCHE BANK AG OPPENHEIMERFUNDS INC LOCAL GOVERNMENT PEN SWISS NATIONAL BANK ING INTERNATIONAL AD BNP PARIBAS INV PART NORDEA FENNIA FUND SOCIETY OF SWEDISH L OP DELTA FUND

Firm Name Raymond James AlphaValue Pohjola Bank Plc (ESN) FIM Main First Bank AG Nomura HSBC Berenberg Bank Kepler Capital Markets Morgan Stanley Macquarie SEB Enskilda Carnegie Nordea Equity Research Handelsbanken Evli Bank Plc Danske Markets Commerzbank Corporates & Markets ABG Sundal Collier Goldman Sachs Pareto Securities S&P Capital IQ DNB Markets Exane BNP Paribas INDERES Barclays EVA Dimensions Swedbank JPMorgan Deutsche Bank CA Cheuvreux Natixis

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

Analyst EMMANUEL RETIF MYRIAM COHEN HENRI PARKKINEN SANNA KAJE ANDREAS THIELEN MARTIN YOUNG ADAM DICKENS ANDREW FISHER INGO BECKER EMMANUEL TURPIN ROBERT SCHRAMM-FUCHS JUHA ISO-HERTTUA TIMO HEINONEN PASI VAISANEN KARRI RINTA MARKKU JARVINEN ANTTI KOSKIVUORI TANJA MARKLOFF PETTER NYSTROM DEBORAH WILKENS TEEMU VAINIO CLIVE ROBERTS HAAKON LEVY BENJAMIN LEYRE JUHA KINNUNEN PETER BISZTYGA AUSTIN BURKETT PETRI KARHUNKOSKI NATHALIE F CASALI JAMES BRAND SEBASTIAN KAUFFMANN PHILIPPE OURPATIAN

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

Recommendation outperform buy buy accumulate underperform neutral underweight hold hold Underwt/In-Line outperform hold buy strong buy accumulate buy hold reduce buy buy/attractive buy hold buy outperform buy underweight underweight strong buy neutral sell underperform reduce

Amt Held 450'932'988 13'467'550 8'365'010 8'324'300 7'268'387 7'195'896 6'459'630 6'203'500 5'362'594 4'954'834 4'338'398 4'127'103 3'359'544 2'951'403 2'669'409 2'514'210 2'484'823 2'280'000 2'195'400 2'160'000

% Out 50.76 1.52 0.94 0.94 0.82 0.81 0.73 0.7 0.6 0.56 0.49 0.46 0.38 0.33 0.3 0.28 0.28 0.26 0.25 0.24

Weighting

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

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

Latest Chg (155'492) 342'018 (1'537'758) 44'185 (48'943) (317'494) (188'710) -

Target Price 16 18 18 16 15 14 13 14 14 13 16 14 #N/A N/A 18 16 17 14 13 18 23 18 14 17 17 17 14 #N/A N/A 19 14 13 15 12

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

File Dt Inst Type 31.10.2012 Government 31.10.2012 Insurance Company 31.12.2012 Investment Advisor 31.10.2012 Insurance Company 31.10.2012 Government 31.10.2012 Government 26.02.2013 Investment Advisor 31.10.2012 Government 30.11.2012 Investment Advisor 31.10.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.10.2012 Pension Fund (ERISA) 31.10.2012 Government 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 n/a 31.10.2012 Mutual Fund Manager 31.10.2012 Investment Advisor

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

Date 27.02.2013 21.02.2013 20.02.2013 19.02.2013 15.02.2013 12.02.2013 05.02.2013 05.02.2013 05.02.2013 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 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 25.01.2013 17.01.2013 07.11.2012 06.11.2012 26.10.2012 22.10.2012 20.07.2012

28.02.2013

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

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2012) 52-Week Low (26.02.2013) 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 FTE FP EQUITY YTD Change FTE FP EQUITY YTD % CHANGE

12/2012 12/yy 11.72 7.23 2'459'103.00 7.392 -36.91% 2.23% 6.15% 2'648.9 19'580.56 39'214.00 0.0 2'078.0 8'462.00 52'410.56

20.0 M 15.0 M

10.0 M 2

5.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

35.0 M

Valuation Analysis

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

40.0 M

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

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

10.55 0.85 1'919.60 -26.38% -11.36% 0.853 37 2.946 12'779'000 10'861'520 9'602'256 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 42'080.1 41'448.4 10'817.4 1.22x 1.21x 12'901.8 12'555.2 3'105.2 4.06x 4.18x 2'948.0 2'854.7 6.73x 6.88x S&P Issuer Ratings

27.02.2013 A- *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 |

28.02.2013

France Telecom SA Holdings By:

All

Holder Name FRENCH STATE SOCIETE GENERALE AMUNDI VANGUARD GROUP INC NATIXIS ASSET MANAGE AMUNDI BLACKROCK FRANKLIN RESOURCES 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

JPMorgan HANNES C WITTIG Espirito Santo Investment Bank Research WILL DRAPER Exane BNP Paribas ANTOINE PRADAYROL AlphaValue JEAN-MICHEL SALVADOR Grupo Santander CARLOS JAVIER TREVINO Societe Generale STEPHANE SCHLATTER Nord/LB WOLFGANG DONIE Macquarie GUY R PEDDY Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Oddo & Cie VINCENT MAULAY Nomura FREDERIC BOULAN Barclays JONATHAN DANN Goldman Sachs ANDREW LEE Jefferies JEREMY A DELLIS Sanford C. Bernstein & Co ROBIN BIENENSTOCK Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ ALEXANDER WISCH New Street Research RUSSELL WALLER Berenberg Bank STUART GORDON Banco Sabadell ANDRES BOLUMBURU Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Kepler Capital Markets JAVIER BORRACHERO HSBC NICOLAS COTE-COLISSON Credit Suisse JAKOB BLUESTONE 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 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 MF-AGG MF-AGG MF-AGG ULT-AGG ULT-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 underweight buy neutral buy hold hold buy outperform buy neutral neutral underweight Sell/Neutral buy underperform buy sell buy hold sell sell hold overweight neutral hold Underwt/In-Line hold hold hold hold buy underperform market perform sell buy

Amt Held 713'720'564 132'135'951 129'217'007 38'053'493 30'658'099 27'919'123 27'649'568 16'736'395 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 3'673'237 3'542'207

% Out 26.94 4.99 4.88 1.44 1.16 1.05 1.04 0.63 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 1 5 3 5 3 3 5 5 5 3 3 1 1 5 1 5 1 5 3 1 1 3 5 3 3 1 3 3 3 3 5 1 3 1 5

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

Latest Chg (27'339'807) (3'894'321) 4'937'505 1'937'969 (449'408) 168'384 1'567'332 (368'000) (527'072) (2'123) 34'665 (26'670) (9'177'060) 264'343 1'153'077

Target Price 7 12 9 15 14 9 10 12 10 11 8 9 8 12 7 10 7 10 8 11 7 9 11 9 #N/A N/A 9 #N/A N/A 9 #N/A N/A 10 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 30.11.2012 26.02.2013 31.12.2012 31.12.2011 28.09.2012 31.12.2012 31.01.2013 26.02.2013 30.09.2012 30.11.2012 31.07.2012 31.12.2012 28.09.2012 27.02.2013 31.12.2012

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

Inst Type Government Bank Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor 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 26.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 15.02.2013 07.02.2013 04.02.2013 31.01.2013 24.01.2013 15.01.2013 14.01.2013 13.12.2012 26.11.2012 06.11.2012 26.10.2012 26.10.2012 26.09.2012 07.09.2012 30.03.2012 23.10.2011

28.02.2013

Fresenius Medical Care AG & Co KGaA Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.07.2012) 52-Week Low (10.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FME GY EQUITY YTD Change FME GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 10'612.3 1.81x 2'088.1 9.19x 817.6 17.10x

1.5 M

12/2012 12/yy 60.27 47.79 119'976.00 52.83 -12.38% 10.55% 38.54% 302.7 16'168.88 8'298.48 0.0 788.0 688.04 22'532.79

31.12.2009 31.12.2010 11'247.5 12'053.5 1.84x 1.88x 2'212.7 2'427.0 9.33x 9.36x 891.1 978.5 17.72x 17.64x Profitability

LTM-4Q 31.12.2011 12'570.5 2.22x 2'632.2 10.62x 1'071.2 19.22x

31.12.2012 13'800.3 2.15x 2'821.5 10.50x 1'186.8 17.78x 2'821.47 2'218.57 16.08% 14.00% 5.67% 14.09% 9.79% 0.66% 33.3% 20.4% 16.1% 8.6% 1.93 0.26 37.17% 92.80% 110.93 9.18

Price/ Cash Flow

LTM

12/yy 12'570.5 8.84x 2'632.2 10.63x 1'071.2 19.27x

12/yy 13'800.3 8.76x 2'821.5 10.50x 1'186.8 17.78x

FY+1

.0 M f-13

0.60 193.22 1.79% 0.99% 0.596 36 3.583 1'074'365 775'201 852'300 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'702.2 15'551.1 3'530.8 3'762.0 1.99x 1.84x 8.35x 7.80x 3'104.3 3'284.1 729.5 767.0 9.53x 9.01x 9.66x 9.51x 1'207.8 1'321.3 270.0 294.0 17.55x 16.16x 18.08x 17.54x S&P Issuer Ratings

19.09.2012 BB+ STABLE 6.00 4.56 2.70 2.94 92.8% 46.0% 0.66 4.95 3.30 39.87 27.61 15.56

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Fresenius Medical Care AG & Co KGaA Holdings By:

All

Holder Name FRESENIUS SE & CO KG BLACKROCK THORNBURG JR H GARRE THORNBURG INVESTMENT FMR LLC VANGUARD GROUP INC BNP PARIBAS INV PART CAPITAL GROUP COMPAN CARMIGNAC GESTION ALLIANZ ASSET MANAGE THREADNEEDLE INVESTM DEUTSCHE BANK AG INVESCO LTD SARASIN RUFFER LLP UNION INVESTMENT GMB DB PLATINUM ADVISORS SCHRODER INVESTMENT SCOTTISH WIDOWS MASSACHUSETTS FINANC

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

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

Analyst MICHAEL K JUNGLING VERONIKA DUBAJOVA CHRISTOPH GRETLER SEBASTIAN FRERICKS TOM JONES MAJA PATAKI MATHIEU CHABERT KONRAD LIEDER MARCUS WIEPRECHT JULIEN DORMOIS JUSTIN SMITH DAVID J ADLINGTON LISA BEDELL CLIVE TIMO KUERSCHNER ULRICH HUWALD MARTIN BRUNNINGER SHO MATSUBARA SVEN OLAF KUERTEN OLAV ZILIAN SALLY TAYLOR VOLKER BRAUN MARTIN SCHNEE HOLGER BLUM ANDREW S ZAMFOTIS JAN KEPPELER MARCO GUENTHER INGEBORG OIE VALERIE GASTALDY HOLGER FECHNER OLIVER REINBERG CHRISTOPH SCHOENDUBE STEFFEN MANSKE CLAUDIA LAKATOS DAVID S MACDONALD

Source 13D ULT-AGG Research MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

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

Amt Held 94'380'382 23'468'852 15'147'822 7'854'716 4'687'680 4'453'381 2'979'900 2'947'832 2'691'210 2'319'348 1'922'027 1'871'531 1'238'875 1'201'154 1'077'120 1'031'500 1'027'208 890'437 740'707 677'140

% Out 31.17 7.75 5 2.59 1.55 1.47 0.98 0.97 0.89 0.77 0.63 0.62 0.41 0.4 0.36 0.34 0.34 0.29 0.24 0.22

Weighting

Change 5 3 3 5 5 5 5 4 1 5 5 1 5 5 5 2 3 3 5 3 3 4 3 1 3 5 3 3 3 1 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 M U M M D M M M M M

Latest Chg 376'932 (140'663) 509'822 (1'804'230) (7'348) 531'056 1'361'232 450'000 (117) 16'297 (241'975) (237'145) 11'971 (34'200) 998'292 (89'146) 6'037 116'276

Target Price 58 53 55 56 63 58 66 58 50 62 69 49 62 58 57 45 57 55 65 57 56 60 48 #N/A N/A 55 #N/A N/A 60 #N/A N/A 55 49 60 57 66 63

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

File Dt Inst Type 01.03.2012 Corporation 26.02.2013 Investment Advisor 06.02.2013 n/a 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 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 28.12.2012 Unclassified 28.09.2012 Hedge Fund Manager 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Unclassified 31.12.2012 Investment Advisor

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 20.02.2013 15.01.2013 14.01.2013 14.01.2013 05.11.2012 05.11.2012 02.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 02.11.2011

28.02.2013

Fresenius SE & Co KGaA Fresenius SE & Co KGaA i s a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators and plasma and hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (26.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRE GY EQUITY YTD Change FRE GY EQUITY YTD % CHANGE

12/2012 12/yy 96.93 68.60 104'147.00 94.08 -3.02% 37.14% 87.22% 178.2 16'766.65 11'028.00 0.0 5'523.0 885.00 32'432.65

1.5 M

1.0 M

.5 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

3.5 M

100 80

Valuation Analysis

31.12.2008 12'336.0 1.43x 2'260.0 7.82x 270.0 21.19x

120

31.12.2009 31.12.2010 14'164.0 15'972.0 1.32x 1.40x 2'616.0 3'057.0 7.17x 7.31x 494.0 622.0 14.20x 16.30x Profitability

LTM-4Q 31.12.2011 16'522.0 1.58x 3'237.0 8.08x 690.0 16.86x

31.12.2012 19'290.0 1.62x 3'759.0 8.30x 926.0 16.28x 3'759.00 2'983.00 15.46% 12.40% 3.25% 13.61% 0.68% 32.6% 19.5% 15.5% 4.8% 1.48 0.83 35.96% 144.48% 5.60 7.31

Price/ Cash Flow

LTM

12/yy 16'522.0 5.90x 3'237.0 8.08x 690.0 16.86x

12/yy 19'290.0 6.33x 3'759.0 8.30x 926.0 16.16x

FY+1

.0 M f-13

0.56 131.35 22.75% 8.01% 0.556 34 4.088 554'796 464'155 484'930 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'939.0 22'318.0 5'006.0 5'213.0 1.52x 1.38x 4'139.1 4'471.3 7.84x 7.25x 1'042.6 1'178.5 259.0 290.0 15.81x 14.10x 14.86x S&P Issuer Ratings

19.09.2012 BB+ STABLE 5.64 4.21 2.70 2.93 144.5% 45.6% 0.68 4.23 65.31 50.06 24.65 90.72

Sales/Revenue/Turnover

8.00

25'000.0

7.00

20'000.0

6.00 5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Fresenius SE & Co KGaA Holdings By:

All

Holder Name ELSE KRONER FOUNDATI BLACKROCK CAPITAL GROUP COMPAN FMR LLC ALLIANZ ASSET MANAGE VANGUARD GROUP INC DEUTSCHE BANK AG T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP JUPITER ASSET MANAGE DEKA INVESTMENT GMBH UNION INVESTMENT GMB ADIG INVESTMENT SCHRODER INVESTMENT HENDERSON GLOBAL INV MANDARINE GESTION FRANKFURT TRUST INVE GENERAL ELECTRIC COM HARDING LOEVNER LP DEKA INTERNATIONAL S

Firm Name Goldman Sachs Credit Suisse Bankhaus Metzler Kepler Capital Markets Bryan Garnier & Cie Equinet Institutional Services(ESN) Main First Bank AG Exane BNP Paribas Morgan Stanley Landesbank Baden-Wuerttemberg Berenberg Bank Nomura S&P Capital IQ DZ Bank AG Barclays Societe Generale Commerzbank Corporates & Markets AlphaValue Deutsche Bank Day by Day EVA Dimensions HSBC JPMorgan Independent Research GmbH Hamburger Sparkasse CA Cheuvreux Jefferies Nord/LB National Bank AG Silvia Quandt Research M.M. Warburg Investment Research Equita SIM SpA

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

Analyst VERONIKA DUBAJOVA CHRISTOPH GRETLER SEBASTIAN FRERICKS MAJA PATAKI MATHIEU CHABERT KONRAD LIEDER MARCUS WIEPRECHT JULIEN DORMOIS MICHAEL K JUNGLING TIMO KUERSCHNER TOM JONES MARTIN BRUNNINGER SHO MATSUBARA SVEN OLAF KUERTEN SALLY TAYLOR JUSTIN SMITH VOLKER BRAUN MARTIN SCHNEE HOLGER BLUM VALERIE GASTALDY ANDREW S ZAMFOTIS JAN KEPPELER DAVID J ADLINGTON CHRISTOPH SCHOENDUBE MARCO GUENTHER OLIVER REINBERG INGEBORG OIE HOLGER FECHNER STEFFEN MANSKE CLAUDIA LAKATOS ULRICH HUWALD GIANMARCO BONACINA

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

Recommendation Buy/Neutral outperform sell buy buy accumulate underperform outperform Equalwt/In-Line buy buy buy hold buy overweight buy add add hold buy underweight overweight neutral hold hold outperform hold buy buy buy hold not rated

Amt Held 46'871'154 12'127'306 5'557'985 3'303'719 2'725'218 2'301'340 2'287'238 1'933'823 1'834'729 1'497'170 1'082'884 1'001'527 777'427 716'923 607'480 576'078 531'790 482'594 463'268 421'034

% Out 26.3 6.8 3.12 1.85 1.53 1.29 1.28 1.09 1.03 0.84 0.61 0.56 0.44 0.4 0.34 0.32 0.3 0.27 0.26 0.24

Weighting

Change

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

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 M D

Latest Chg (797'072) 534'621 (55'167) 53'676 (2'418) 159'242 (25'274) 68'982 (466'250) (300'000) 379'506 (71'817) 75'911 (3'690) (13'082) 100'100 55'609

Target Price 109 101 84 98 103 104 92 105 95 100 105 106 97 95 97 120 97 96 91 105 #N/A N/A 100 92 98 #N/A N/A 96 93 103 100 97 99 57

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

File Dt Inst Type 31.12.2011 Other 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Corporation 30.06.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 05.02.2013 15.01.2013 14.01.2013 03.01.2013 14.12.2012 10.12.2012 03.12.2012 05.11.2012 31.10.2012 31.10.2012 31.10.2012 25.10.2012 02.03.2010

28.02.2013

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

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (21.02.2013) 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

12/2012 12/yy 20.35 14.12 2'804'577.00 14.535 -28.50% 2.94% 4.65% 2'412.8 35'070.40 57'200.00 0.0 11'500.0 14'675.00 94'349.40

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

20.0 M 15.0 M 10.0 M

5.0 M 0 f-12 m-12

31.12.2009 31.12.2010 79'908.0 84'478.0 1.32x 1.24x 13'781.0 15'918.0 7.63x 6.59x 4'477.0 4'616.0 14.77x 12.79x Profitability

LTM-4Q 31.12.2011 90'673.0 1.18x 16'071.0 6.64x 4'003.0 11.73x

31.12.2012 97'038.0 1'550.0 23.19x 16'071.00 9'520.00 9.81% 4.96% 0.74% 2.53% 5.67% 0.46% 17.4% 9.8% 1.6% 1.11 0.67 27.83% 95.81% 3.87 -

Price/ Cash Flow

j-12

LTM

09/yy 89'792.0 0.00x 0.0 0.00x 0.0 0.00x

j-12

12/yy 97'038.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

10.32 1.06 1'388.04 -19.02% -6.68% 1.056 29 3.138 6'188'922 4'480'220 5'246'540 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 80'339.6 80'535.2 - 20'325.0 1.02x 0.99x 14'175.7 14'405.3 3'489.8 6.66x 6.56x 3'252.0 3'439.5 10.59x 10.10x S&P Issuer Ratings

29.01.2013 A *29.01.2013 A-1 *6.40 2.86 2.88 3.98 95.8% 44.5% 0.46 1.07 94.62 -

Sales/Revenue/Turnover

6.00

120'000.0

5.00

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

a-12 m-12

Fiscal Year Ended 31.12.2008 67'923.8 1.64x 9'605.7 11.61x 4'857.1 11.85x

25.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

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 SOFINA SA AMUNDI BNP PARIBAS INV PART PICTET ASSET MANAGEM INTERNATIONAL VALUE LBPAM THORNBURG INVESTMENT AVIVA PLC MASSACHUSETTS FINANC DIMENSIONAL FUND ADV

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

Analyst EMMANUEL RETIF OLIVIER BAILS OSCAR NAJAR RIOS MICHEL DEBS DIETER FURNIERE MYRIAM COHEN PHILIPPE OURPATIAN BENJAMIN LEYRE JORGE GONZALEZ SADORNIL ANDREW MEAD EMMANUEL TURPIN ANDREW FISHER VIRGINIA PEREZ REPES CLIVE ROBERTS JULIE ARAV AUSTIN BURKETT NATHALIE F CASALI ERKAN AYCICEK VALERIE GASTALDY MARTIN YOUNG ATALLAH ESTEPHAN ADAM DICKENS MARTIN BROUGH HEINO HAMMANN SVEN DIERMEIER 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 Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform buy hold neutral hold buy neutral underperform buy buy/attractive Underwt/In-Line sell hold hold equalweight overweight underweight hold hold neutral outperform underweight hold hold sell 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 21'781'399 20'322'250 20'086'194 13'515'454 10'747'643 10'457'972 10'301'897 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 0.9 0.84 0.83 0.56 0.45 0.43 0.43 0.38 0.37 0.35 0.26 0.23 0.2

Weighting

Change

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

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

Latest Chg (12'226'130) 639'284 125'918 (2'547'671) (260'953) (10'873'633) 225'241 (349'199) 282'671 134'083 (3'204'400) (1'446) 350'659 -

Target Price 13 23 17 15 17 18 17 14 18 25 15 14 15 15 15 #N/A N/A 14 17 #N/A N/A 20 17 14 18 17 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 26.02.2013 Investment Advisor 31.12.2011 Holding Company 30.11.2012 Mutual Fund Manager 31.12.2012 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 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Date 28.02.2013 28.02.2013 27.02.2013 26.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 15.02.2013 08.02.2013 06.02.2013 05.02.2013 05.02.2013 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 06.12.2012 06.12.2012 06.12.2012 26.11.2012 27.02.2012 01.11.2011 31.10.2011 13.04.2011

28.02.2013

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

Price/Volume 250

1.6 M 200

1.2 M 1.0 M .8 M

100

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GEBN VX EQUITY YTD Change GEBN VX EQUITY YTD % CHANGE

12/2011 09/yy 228.00 174.60 28'504.00 224.1 -1.54% 28.35% 92.32% 38.8 8'699.79 75.60 0.0 0.0 542.00 8'316.89

.6 M .4 M

.2 M 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

1.4 M

150

Valuation Analysis

31.12.2007 2'082.9 2.88x 632.0 9.49x 463.3 7.07x

1.8 M

31.12.2008 31.12.2009 2'179.0 1'931.0 1.95x 3.57x 649.1 611.0 6.56x 11.27x 466.3 397.5 9.50x 18.03x Profitability

LTM-4Q 31.12.2010 1'900.0 4.23x 573.7 14.01x 406.8 20.95x

31.12.2011 1'867.6 3.49x 532.0 12.24x 384.0 18.43x 532.00 449.20 24.05% 23.66% 17.75% 27.44% 0.89% 28.1% 23.6% 20.6% 2.47 1.88 3.56% 5.33% -

Price/ Cash Flow

09/yy 1'872.4 15.62x 541.0 11.64x 392.3 16.90x

LTM 09/yy 1'890.4 14.82x 530.4 14.25x 377.6 20.80x

FY+1

.0 M f-13

0.98 35.02 19.46% 11.27% 0.976 15 2.467 74'538 94'405 100'223 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'186.6 2'269.3 501.0 3.81x 3.62x 542.9 582.6 15.36x 14.32x 393.0 419.7 21.67x 19.89x S&P Issuer Ratings

25.05.2010 ASTABLE 83.13 68.66 0.14 5.3% 5.1% 0.89 3.78 -

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 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 |

28.02.2013

Geberit AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BARCLAYS PLC BLACKROCK CAPITAL GROUP COS VANGUARD GROUP INC MARATHON ASSET MANAG CREDIT SUISSE FUND A GEBERIT AG WILLIAM BLAIR & COMP CREDIT SUISSE ASSET PICTET & CIE MASSACHUSETTS FINANC HANSLIN RANDOLF UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT COLUMBIA WANGER ASSE VONTOBEL ASSET MANAG CARMIGNAC GESTION UNION INVESTMENT GMB SARASIN

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

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

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

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

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

Amt Held 3'984'363 2'095'110 1'903'482 1'720'160 1'237'828 1'189'345 1'184'109 1'167'899 709'879 646'658 579'690 501'827 363'151 326'423 283'281 280'660 151'487 105'775 100'400 94'644

% Out 10.26 5.4 4.9 4.43 3.19 3.06 3.05 3.01 1.83 1.67 1.49 1.29 0.94 0.84 0.73 0.72 0.39 0.27 0.26 0.24

Weighting

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

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

Latest Chg (136'664) 71'418 11'686 (6'120) (31'671) 490'351 4'743 (8'557) (1'226) (1'383) 4'492 (26'574) (4'450) 8'282 11'700 1'911

Target Price 215 235 244 220 220 185 #N/A N/A #N/A N/A 194 #N/A N/A 200 200 220

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 14.03.2007 Investment Advisor 26.02.2013 Investment Advisor 11.05.2006 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 11.06.2012 Investment Advisor 06.12.2012 Corporation 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2011 n/a 30.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Unclassified

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

Date 25.02.2013 18.02.2013 29.01.2013 21.01.2013 16.01.2013 15.01.2013 15.01.2013 15.01.2013 29.11.2012 09.11.2012 31.10.2012 30.10.2012 13.03.2012

28.02.2013

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

Price/Volume 1200

.1 M

1000

.1 M .1 M

800

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIVN VX EQUITY YTD Change GIVN VX EQUITY YTD % CHANGE

12/2012 12/yy 1'119.00 808.95 4'788.00 1117 -0.09% 38.08% 98.06% 9.2 10'313.92 1'521.00 0.0 0.0 425.00 11'409.92

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

.1 M

400

.0 M

200

.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.1 M

600

Valuation Analysis

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

LTM-4Q 31.12.2011 3'915.0 2.44x 755.0 12.63x 252.0 32.30x

31.12.2012 4'257.0 2.32x 871.0 11.33x 411.0 21.33x 871.00 608.00 14.28% 12.07% 6.29% 11.46% 8.76% 0.65% 42.2% 20.4% 14.3% 9.7% 2.23 1.28 23.95% 41.33% 5.21 3.14

Price/ Cash Flow

12/yy 3'915.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 4'257.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.78 7.12 34.05% 15.99% 0.777 23 3.043 27'575 28'503 24'435 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'456.3 4'663.2 1'114.0 1'127.5 2.53x 2.37x 950.1 1'014.8 12.01x 11.24x 531.3 580.9 19.25x 17.54x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

4'500.0 4'000.0

20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Givaudan SA Holdings By:

All

Holder Name GATES III WILLIAM HE NESTLE SA BLACKROCK CAPITAL GROUP COMPAN HARRIS ASSOCIATES LP VANGUARD GROUP INC GIVAUDAN SAV MASSACHUSETTS FINANC CREDIT SUISSE ASSET HOFFMANN ANDRE SEREN NEW JERSEY DIVISION UBS FUND MANAGEMENT UMB BANK N A SCHRODER INVESTMENT PICTET & CIE FMR LLC CAUSEWAY CAPITAL MAN CALAMOS ADVISORS LLC SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG

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

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

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

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

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

Amt Held 950'137 926'130 281'272 211'326 152'660 150'984 144'346 130'164 123'834 86'929 80'000 72'343 72'247 46'515 40'592 37'605 36'210 30'575 29'171 28'596

% Out 10.29 10.03 3.05 2.29 1.65 1.64 1.56 1.41 1.34 0.94 0.87 0.78 0.78 0.5 0.44 0.41 0.39 0.33 0.32 0.31

Weighting

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

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

Latest Chg 9'981 4'960 3'566 3'592 (2'525) (13'567) 9'253 3'211 (16'898) (8'264) (2'712) 3'845 5'750 (288) 500

Target Price 1'088 1'060 #N/A N/A 1'219 1'030 1'050 1'120 965 1'220 1'160 1'020 1'170 960 #N/A N/A 1'030 1'130 1'200 840 900 #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 31.12.2011 26.02.2013 31.12.2012 31.12.2012 31.12.2012 25.11.2011 31.12.2012 28.12.2012 31.12.2011 30.06.2012 30.11.2012 31.12.2012 28.09.2012 30.11.2012 31.12.2012 31.12.2012 31.01.2013 28.12.2012 31.10.2012

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

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

Date 28.02.2013 27.02.2013 13.02.2013 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 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 09.10.2012 21.06.2012

28.02.2013

GlaxoSmithKline PLC GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Price/Volume 1600

1000

15.0 M

800

Latest Fiscal Year: LTM as of: 52-Week High (07.08.2012) 52-Week Low (19.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSK LN EQUITY YTD Change GSK LN EQUITY YTD % CHANGE

12/2012 12/yy 1'515.00 1'314.00 1'274'805.00 1447 -4.46% 10.12% 69.65% 4'903.8 70'957.64 18'302.00 0.0 937.0 4'265.00 85'931.64

10.0 M

600 400

5.0 M

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

20.0 M

1200

Valuation Analysis

31.12.2008 24'352.0 3.17x 9'115.0 8.47x 4'602.0 14.50x

25.0 M

1400

31.12.2009 31.12.2010 28'368.0 28'392.0 2.77x 2.61x 11'117.0 6'932.0 7.08x 10.70x 5'531.0 1'634.0 12.09x 38.59x Profitability

LTM-4Q 31.12.2011 27'387.0 3.07x 9'845.0 8.54x 5'261.0 14.06x

31.12.2012 26'431.0 3.04x 8'477.0 9.49x 4'565.0 14.36x 8'477.00 7'392.00 27.97% 25.32% 11.06% 65.96% 21.91% 0.64% 70.1% 32.1% 28.0% 17.3% 0.99 0.31 44.13% 315.01% 2.01

Price/ Cash Flow

LTM

12/yy 27'387.0 11.22x 9'455.0 8.89x 5'261.0 14.06x

12/yy 26'431.0 12.29x 8'477.0 9.49x 4'565.0 14.38x

FY+1

.0 M f-13

5.11 0.67 4'638.23 9.83% 9.99% 0.673 36 3.306 6'062'348 6'914'636 6'705'974 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'882.3 27'906.4 6'353.6 6'529.0 3.17x 3.03x 9'574.4 10'048.7 2'241.0 2'467.0 8.98x 8.55x 8.79x 5'522.0 5'942.4 1'263.3 1'367.5 12.51x 11.37x 12.48x 12.15x S&P Issuer Ratings

18.02.2008 A+ STABLE 18.02.2008 A-1 10.49 9.19 1.66 2.16 315.0% 73.1% 0.64 3.02 181.79 137.13

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

GlaxoSmithKline PLC Holdings By:

All

Holder Name BLACKROCK INVESCO LTD LEGAL & GENERAL SCOTTISH WIDOWS CAPITAL GROUP COMPAN FMR LLC NORGES BANK INVESTME VANGUARD GROUP INC M&G INVESTMENT MANAG UBS NEWTON INV MGMT FRANKLIN RESOURCES BANK OF NEW YORK MEL STANDARD LIFE INVEST SCHRODER INVESTMENT PEOPLES REPUBLIC OF PERPETUAL INVESTMENT VANGUARD GROUP INC STATE STREET THREADNEEDLE ASSET M

Firm Name AlphaValue Exane BNP Paribas Barclays Sanford C. Bernstein & Co Jefferies Berenberg Bank Leerink Swann & Co Kepler Capital Markets JPMorgan Independent Research GmbH Societe Generale Credit Suisse National Bank AG Shore Capital Stockbrokers Bryan Garnier & Cie Panmure Gordon & Co Limited Helvea Morgan Stanley Hamburger Sparkasse S&P Capital IQ Nomura Goldman Sachs EVA Dimensions Day by Day Deutsche Bank Cenkos Securities Ltd Redburn Partners Liberum Capital Ltd CA Cheuvreux Natixis Landesbank Baden-Wuerttemberg Main First Bank AG Cyrrus Mirabaud Securities MP Advisors Pvt Ltd DZ Bank AG First Global Stockbroking

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

Analyst ARMELLE MOULIN FLORENT CESPEDES MARK PURCELL TIMOTHY M ANDERSON JEFFREY HOLFORD ALISTAIR CAMPBELL SEAMUS FERNANDEZ FABIAN WENNER JAMES D GORDON CHRISTOPH SCHOENDUBE STEPHEN MCGARRY KERRY HOLFORD STEFFEN MANSKE BRIAN WHITE ERIC LE BERRIGAUD SAVVAS NEOPHYTOU ODILE RUNDQUIST PETER VERDULT MARCO GUENTHER SHO MATSUBARA AMIT ROY KEYUR PAREKH ANDREW S ZAMFOTIS VALERIE GASTALDY MARK CLARK NAVID MALIK TEAM COVERAGE NARESH CHOUHAN MARCEL BRAND PHILIPPE LANONE TIMO KUERSCHNER TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER VISHAL MANCHANDA ELMAR KRAUS KAVITA THOMAS

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

Recommendation reduce underperform overweight market perform hold buy market perform buy underweight hold buy neutral buy buy neutral buy neutral Equalwt/Attractive hold sell neutral neutral/neutral hold hold hold buy neutral underweight underperform neutral hold suspended coverage hold buy outperform buy market perform

Amt Held 264'839'621 188'613'112 179'252'802 143'125'734 137'148'963 131'086'441 115'229'583 94'804'755 85'255'473 72'393'642 71'507'300 61'140'888 59'687'279 53'010'281 52'720'290 51'503'238 51'301'508 49'644'084 44'017'059 41'392'601

% Out 5.4 3.85 3.66 2.92 2.8 2.67 2.35 1.93 1.74 1.48 1.46 1.25 1.22 1.08 1.08 1.05 1.05 1.01 0.9 0.84

Weighting

Change

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

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

Latest Chg (36'072'825) 9'906'677 (4'093'706) 24'341'047 30'057'500 9'272'321 21'497 (188'352) (1'180'943) (1'602'098) 9'684'880 (2'383'469) 4'489'459 (9'956'056) (5'398'021) 73'324 1'468'137 558'614 (2'037'428)

Target Price 1'454 1'400 1'610 1'497 1'550 1'530 #N/A N/A 1'680 1'460 1'560 1'810 1'450 1'540 #N/A N/A 1'580 1'525 1'520 1'370 #N/A N/A 1'200 1'340 1'415 #N/A N/A #N/A N/A 1'440 1'603 #N/A N/A 1'380 1'250 1'450 1'450 #N/A N/A 1'420 1'640 #N/A N/A 1'500 #N/A N/A

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

File Dt Inst Type 26.02.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Mutual Fund Manager 01.01.2013 Investment Advisor 26.02.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 27.02.2013 Investment Advisor 01.01.2013 Investment Advisor

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

Date 28.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 20.02.2013 13.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 04.02.2013 28.01.2013 17.01.2013 15.01.2013 12.12.2012 30.11.2012 26.11.2012 05.10.2012 11.09.2012 06.09.2012 03.08.2012 20.07.2012 05.04.2012 02.04.2012 13.01.2012 28.10.2011 23.08.2011

28.02.2013

Glencore International PLC Glencore International PLC, through its subsidiaries, supplies commodities and raw materials to industrial consumers. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products.

Price/Volume 450

250.0 M

400 200.0 M

350 300

150.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLEN LN EQUITY YTD Change GLEN LN EQUITY YTD % CHANGE

12/2011 06/yy 442.85 289.35 3'019'685.00 382.35 -13.64% 32.14% 62.64% 7'099.5 27'144.77 28'029.00 0.0 3'070.0 1'345.00 71'847.97

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

100

50.0 M

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 142'343.0 5'527.0 6'114.0 -

100.0 M

150

31.12.2008 31.12.2009 152'236.0 106'364.0 5'068.0 3'074.0 1'044.0 1'633.0 Profitability

LTM-4Q 31.12.2010 144'978.0 4'474.0 3'751.0 -

31.12.2011 186'152.0 0.39x 4'423.0 16.24x 4'048.0 8.50x 4'423.00 3'357.00 1.80% 2.15% 4.40% 12.82% 2.31% 2.3% 2.0% 1.4% 2.2% 1.45 0.55 32.53% 95.78% 13.40 11.72

Price/ Cash Flow

LTM

FY+1

.0 M f-13

2.66 1.38 3'360.94 -9.13% 8.84% 1.378 17 3.765 17'936'010 12'247'080 12'450'940 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4 131'129.0 167'091.0 203'968.5 213'614.0 - 39'115.0 0.00x 0.48x 0.35x 0.33x 3'708.0 5'333.0 5'648.8 7'581.8 0.00x 15.01x 12.72x 9.48x 2'136.0 4'755.0 3'329.9 4'593.3 0.00x 0.00x 12.21x 9.29x S&P Issuer Ratings Long-Term Rating Date 29.11.2012 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 29.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 3.73 (EBITDA-Capex)/Interest Exp. 1.53 Net Debt/EBITDA 6.74 Total Debt/EBITDA 7.13 Reference Total Debt/Equity 95.8% Total Debt/Capital 46.4% Asset Turnover 2.31 Net Fixed Asset Turnover 12.28 Accounts receivable turnover-days 27.31 Inventory Days 31.22 Accounts Payable Turnover Day Cash Conversion Cycle 35.54 Sales/Revenue/Turnover

70.00

200'000.0 180'000.0

60.00

160'000.0

50.00

140'000.0 120'000.0

40.00

100'000.0 80'000.0

30.00

60'000.0

20.00

40'000.0 10.00 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 |

28.02.2013

Glencore International PLC Holdings By:

All

Holder Name GLASENBERG IVAN MATE BADENE DANIEL F MISTAKIDIS ARISTOTEL PETERSON TOR BEARD ALEXANDER FRAN BLACKROCK JSC VERNY CAPITAL FEGEL GARY MAHONEY CHRIS LEGAL & GENERAL FR GALAXY HOLDINGS S CAPITAL GROUP COMPAN ABU DHABI INVESTMENT STATE STREET POPOVIC NIKOLA WOLFENSBERGER CHRIST BLUMGART STEVEN ALVAREZ LUIS CUTLER STUART DAVIDSON KEMPNER EUR

Firm Name Macquarie Exane BNP Paribas Deutsche Bank RBC Capital Markets Sanford C. Bernstein & Co BMO Capital Markets AlphaValue Redburn Partners Jefferies Societe Generale Day by Day SBG Securities EVA Dimensions Nomura Liberum Capital Ltd Standard Chartered ABN Amro Bank N.V. Credit Suisse Morgan Stanley JPMorgan

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

Analyst JEFFREY LARGEY SYLVAIN BRUNET ROBERT CLIFFORD TIMOTHY HUFF PAUL GAIT TONY ROBSON SACHIN KUMAR SIMON TOYNE Christopher LaFemina ALAIN WILLIAM VALERIE GASTALDY PETER DAVEY CRAIG STERLING SAM CATALANO ASH LAZENBY SUBRAMANIAM VARADA TEUN TEEUWISSE LIAM FITZPATRICK ALAIN GABRIEL BENJAMIN DEFAY

Source RNS-RUL8 RNS-MAJ RNS-RUL8 Co File Co File ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 Short

Recommendation outperform neutral restricted outperform outperform underperform reduce neutral buy hold hold hold sell restricted buy outperform buy restricted restricted restricted

Amt Held % Out 1'101'848'752 15.52 417'468'330 5.88 414'730'597 5.84 366'074'885 5.16 320'260'410 4.51 261'928'809 3.69 176'742'520 2.49 154'814'588 2.18 143'834'821 2.03 132'287'391 1.86 129'372'165 1.82 103'521'628 1.46 99'299'065 1.4 98'165'604 1.38 93'437'150 1.32 87'403'187 1.23 86'736'565 1.22 81'654'211 1.15 78'568'743 1.11 (72'414'452) -1.02

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

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

Latest Chg 2'700'000 3'000'000 4'464 47'852 16'875'000 (74'400) 3'072'650 (414'450) 200'000 (7'809'402)

Target Price 430 400 #N/A N/A 400 475 325 394 #N/A N/A 450 390 #N/A N/A 400 #N/A N/A #N/A N/A #N/A N/A 454 415 #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 11.06.2012 n/a 11.10.2012 n/a 24.05.2012 n/a 26.03.2012 n/a 26.03.2012 n/a 26.02.2013 Investment Advisor 11.10.2012 Investment Advisor 15.02.2012 n/a 15.02.2012 n/a 25.02.2013 Unclassified 29.01.2013 Holding Company 25.02.2013 Investment Advisor 02.02.2012 Government 27.02.2013 Investment Advisor 15.02.2012 n/a 15.02.2012 n/a 15.02.2012 n/a 15.02.2012 n/a 18.05.2012 n/a 28.11.2012 Hedge Fund Manager

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

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 11.02.2013 08.02.2013 31.01.2013 31.01.2013 29.01.2013 17.01.2013 16.01.2013 10.01.2013 22.11.2012 31.10.2012 20.03.2012 02.02.2012 02.02.2012

28.02.2013

HeidelbergCement AG HeidelbergCement AG produces and markets aggregates. The Company also manufactures building materials including cement and concrete in Europe, North America, Asia, Australia and Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEI GY EQUITY YTD Change HEI GY EQUITY YTD % CHANGE

12/2011 09/yy 52.39 32.12 117'659.00 52.18 -0.40% 62.48% 97.97% 187.5 9'783.75 9'322.90 0.0 951.6 1'932.90 18'111.25

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 f-12

31.12.2008 31.12.2009 14'187.1 11'117.0 1.11x 1.58x 2'945.6 1'953.3 5.33x 8.97x 1'808.2 42.6 7.04x 133.97x Profitability

LTM-4Q 31.12.2010 11'761.8 1.45x 2'025.2 8.43x 342.7 23.69x

31.12.2011 12'901.9 1.12x 2'368.8 6.12x 348.1 16.64x 2'368.80 1'521.60 11.79% 6.16% 1.13% 2.57% 4.60% 0.49% 18.1% 11.7% 2.7% 1.20 0.77 32.13% 73.89% 6.79 -

Price/ Cash Flow

a-12

m-12

j-12

LTM

09/yy 12'504.8 5.25x 2'294.2 5.99x 365.9 13.15x

j-12

09/yy 13'807.0 4.57x 2'502.6 6.41x 321.1 20.78x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.18 140.42 30.30% 13.86% 1.176 38 3.447 760'984 917'400 815'041 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 13'973.2 14'504.2 3'423.6 1.31x 1.22x 5.25x 2'433.3 2'612.7 643.5 7.44x 6.93x 513.2 693.5 212.4 19.24x 14.39x S&P Issuer Ratings

22.11.2012 NR 22.11.2012 NR 3.72 2.38 2.91 3.40 73.9% 40.7% 0.49 1.28 53.93 -

Sales/Revenue/Turnover

10.00

16'000.0

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 02.01.2009

m-12

Fiscal Year Ended 31.12.2007 10'862.3 2.45x 2'377.2 11.19x 2'021.8 6.64x

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 |

28.02.2013

HeidelbergCement AG Holdings By:

All

Holder Name MERCKLE LUDWIG BLACKROCK FIRST EAGLE INVESTME ARTISAN PARTNERS HOL VANGUARD GROUP INC FMR LLC SKAGEN AS MACKENZIE FINANCIAL INVESTEC ASSET MANAG MANDARINE GESTION DB PLATINUM ADVISORS ADIG INVESTMENT ROYAL BANK OF CANADA UNION INVESTMENT GMB GENERALI ASSET MANAG AMUNDI LUXEMBOURG SA NATIXIS ASSET MANAGE GENERAL ELECTRIC COM TAUBE HODSON STONEX ROTHSCHILD & COMPAGN

Firm Name AlphaValue Jefferies Hamburger Sparkasse S&P Capital IQ Main First Bank AG Landesbank Baden-Wuerttemberg Sanford C. Bernstein & Co Helvea Goldman Sachs DZ Bank AG Exane BNP Paribas Bankhaus Metzler Bryan Garnier & Cie Commerzbank Corporates & Markets BHF-Bank Nord/LB JPMorgan Independent Research GmbH Bankhaus Lampe Oddo & Cie Berenberg Bank Kepler Capital Markets HSBC CA Cheuvreux EVA Dimensions Raymond James Deutsche Bank Credit Suisse Morgan Stanley National Bank AG Silvia Quandt Research Redburn Partners Davy Natixis Day by Day Steubing AG Prosdocimi

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

Analyst GAETAN DUPONT MICHAEL F BETTS INGO SCHMIDT JAWAHAR HINGORANI CHRISTIAN KORTH HANS-PETER KUHLMANN PHIL ROSEBERG PATRICK APPENZELLER WILL MORGAN MARC NETTELBECK YASSINE TOUAHRI STEPHAN BAUER SVEN EDELFELT NORBERT KRETLOW JENS JUNG HEINO HAMMANN MICHAEL MORRIS CHRISTOPH SCHOENDUBE MARC GABRIEL VIRGINIE ROUSSEAU ROBERT MUIR JOSEP PUJAL JOHN FRASER-ANDREWS NABIL AHMED CRAIG STERLING ARNAUD PALLIEZ LUIS PRIETO HARRY GOAD YURI SEROV EKKEHARD D LINK RALF GROENEMEYER JOHN MESSENGER TIM CAHILL RAFIC EL HADDAD VALERIE GASTALDY TEAM COVERAGE TEAM COVERAGE

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

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

Amt Held 47'081'250 13'800'125 9'600'000 5'645'081 3'760'629 3'194'005 1'206'240 1'056'800 929'584 920'171 897'178 824'949 819'323 810'341 793'910 721'459 566'853 550'283 541'350 514'000

% Out 25.11 7.36 5.12 3.01 2.01 1.7 0.64 0.56 0.5 0.49 0.48 0.44 0.44 0.43 0.42 0.38 0.3 0.29 0.29 0.27

Weighting

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

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

Latest Chg 11'332 55'318 (684'546) 19'659 (48'090) 62'610 618'858 295'000 5'620 (441'209) (1'750) 20'400 (88'989) (33'560) (34'940) (1'000)

Target Price 57 56 #N/A N/A 57 65 52 63 52 55 54 50 55 44 51 45 53 46 57 53 44 50 52 66 43 #N/A N/A #N/A N/A 55 37 55 48 60 #N/A N/A #N/A N/A 42 #N/A N/A 64 #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 26.02.2013 31.12.2011 24.10.2012 31.12.2012 31.12.2012 31.01.2013 30.11.2012 31.12.2012 31.12.2012 31.01.2013 31.10.2012 28.09.2012 28.09.2012 31.01.2013 31.10.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012

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

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

Date 28.02.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 20.02.2013 19.02.2013 15.02.2013 12.02.2013 12.02.2013 12.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 29.01.2013 25.01.2013 17.01.2013 16.01.2013 19.12.2012 17.12.2012 29.11.2012 08.11.2012 08.11.2012 07.11.2012 04.10.2012 24.09.2012 23.08.2012 10.01.2011 16.04.2010

28.02.2013

Heineken NV Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

Price/Volume 60

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (19.06.2012) 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 HEIA NA EQUITY YTD Change HEIA NA EQUITY YTD % CHANGE

12/2012 12/yy 56.82 37.04 292'887.00 56.73 -0.16% 53.18% 98.35% 576.0 32'676.63 13'491.00 0.0 1'071.0 1'048.00 46'190.63

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

1.5 M

1.0 M

.5 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 14'319.0 1.42x 2'388.0 8.51x 209.0 50.93x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 14'701.0 16'133.0 1.68x 1.85x 2'713.0 3'413.0 9.13x 8.73x 1'018.0 1'447.0 15.99x 14.28x Profitability

LTM-4Q 31.12.2011 17'123.0 1.72x 3'383.0 8.70x 1'430.0 14.66x

31.12.2012 18'383.0 2.32x 5'007.0 8.51x 2'949.0 9.84x 5'007.00 3'691.00 20.08% 19.77% 9.35% 27.48% 15.66% 0.58% 27.2% 20.1% 16.0% 0.71 0.13 37.50% 115.40% -

Price/ Cash Flow

LTM

12/yy 17'123.0 0.00x 0.0 0.00x 1'430.0 14.64x

12/yy 18'383.0 0.00x 0.0 0.00x 2'949.0 9.84x

FY+1

.0 M f-13

1.87 0.73 229.43 46.04% 12.40% 0.735 36 3.167 639'122 766'311 766'367 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'527.6 21'482.6 2.19x 2.03x 4'566.3 4'907.7 10.08x 9.38x 1'874.8 2'124.5 17.23x 15.28x S&P Issuer Ratings

02.10.2012 BBB+ STABLE 02.10.2012 A-2 9.09 6.96 2.49 2.69 115.4% 51.4% 0.58 2.21 -

Sales/Revenue/Turnover

12.00

20'000.0 18'000.0

10.00

16'000.0 14'000.0

8.00

12'000.0

6.00

10'000.0 8'000.0

4.00

6'000.0 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 |

28.02.2013

Heineken NV Holdings By:

All

Holder Name HEINEKEN HOLDING NV CB EQUITY LLP CREDIT SUISSE GROUP MASSACHUSETTS FINANC MASSACHUSETTS FINANC DAVIS INVESTMENTS LL VANGUARD GROUP INC HARBOR CAPITAL ADVIS OPPENHEIMERFUNDS INC FMR LLC INVESCO LTD SKAGEN AS BLACKROCK MFS FINANCIAL SERVIC ALLIANZ ASSET MANAGE UNITED SERVICES AUTO UNIVERSAL INVEST CON FRANK RUSSELL TRUST NATIXIS ASSET MANAGE MCLEAN BUDDEN LTD

Firm Name

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

Analyst

RBC Capital Markets JAMES EDWARDES JONES AlphaValue ISABELLE COMBEMALE Societe Generale ANDREW HOLLAND Exane BNP Paribas JAVIER GONZALEZ LASTRA JPMorgan MIKE J GIBBS EVA Dimensions AUSTIN BURKETT ING Bank MARCO GULPERS KBC Securities WIM HOSTE SNS Securities(ESN) RICHARD WITHAGEN ABN Amro Bank N.V. ROBERT JAN VOS Deutsche Bank JONATHAN FELL Sanford C. Bernstein & Co TREVOR STIRLING Natixis JOSEPHINE CHEVALLIER Nomura IAN SHACKLETON Day by Day VALERIE GASTALDY Barclays SAMAR CHAND Kempen & Co SANDER VAN OORT Jefferies DIRK VAN VLAANDEREN HSBC LAUREN E TORRES Petercam KRIS KIPPERS Canaccord Genuity Corp EDDY HARGREAVES Rabobank International KAREL ZOETE Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Berenberg Bank PHILIP MORRISEY Liberum Capital Ltd PABLO ZUANIC Theodoor Gilissen Securities TOM MULLER Grupo Santander ANTHONY J BUCALO CA Cheuvreux ERIC BOROIAN Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER Espirito Santo Investment Bank Research ALEX SMITH Credit Suisse SANJEET AUJLA Davy BARRY GALLAGHER Kepler Capital Markets TEAM COVERAGE CS Capital CHRISTOPHER PARKINSON

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

Recommendation sector perform add buy outperform neutral underweight buy buy reduce hold buy outperform buy neutral buy underweight hold underperform neutral hold sell hold buy hold hold hold hold hold outperform neutral/attractive neutral neutral not rated underperform reduce sell

Amt Held 288'030'112 58'426'684 19'749'284 15'647'594 12'210'557 8'514'203 5'265'209 4'732'907 3'521'780 2'651'525 2'589'665 2'205'111 2'109'014 1'490'572 1'306'209 1'286'600 1'165'000 837'474 753'643 742'408

% Out 50 10.14 3.43 2.72 2.12 1.48 0.91 0.82 0.61 0.46 0.45 0.38 0.37 0.26 0.23 0.22 0.2 0.15 0.13 0.13

Weighting

Change

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

M M M M M D M M D 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 N N

Latest Chg 146'912 53'695 4'253'020 1'293'196 88'238 130'894 132'566 (98) (270'658) (64'810) (28'080) 160'753 (126'964)

Target Price 48 60 62 64 57 #N/A N/A 59 62 50 53 60 64 60 54 59 48 48 43 56 50 45 55 67 56 49 45 54 57 55 56 #N/A N/A 45 #N/A N/A #N/A N/A 34 38

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

File Dt Inst Type 30.07.2011 Corporation 29.06.2011 Holding Company 04.05.2010 Investment Advisor 31.12.2012 Investment Advisor 29.12.2010 Mutual Fund Manager 16.02.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 26.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 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 13.02.2013 07.02.2013 25.01.2013 22.01.2013 21.01.2013 21.01.2013 09.01.2013 10.12.2012 20.09.2012 28.08.2012 14.08.2012 27.09.2011 08.08.2011

28.02.2013

Henkel AG & Co KGaA Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume

3.0 M 2.5 M

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (08.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEN3 GY EQUITY YTD Change HEN3 GY EQUITY YTD % CHANGE

12/2011 09/yy 67.82 47.16 126'935.00 67.52 -0.41% 43.19% 97.21% 178.2 26'527.65 4'051.00 0.0 121.0 1'980.00 28'820.65

1.5 M

30 20

1.0 M

.5 M

0 f-12

31.12.2008 31.12.2009 14'131.0 13'573.0 1.00x 1.40x 2'048.0 1'938.0 6.87x 9.84x 1'221.0 602.0 8.01x 26.40x Profitability

LTM-4Q 31.12.2010 15'092.0 1.41x 2'445.0 8.71x 1'118.0 18.11x

31.12.2011 15'605.0 1.38x 2'315.0 9.31x 1'253.0 15.48x 2'315.00 1'912.00 12.25% 10.91% 7.68% 16.70% 0.86% 45.3% 15.9% 13.5% 8.0% 1.54 0.91 21.80% 46.88% 7.22 5.49

Price/ Cash Flow

a-12

m-12

j-12

LTM

09/yy 15'533.0 5.66x 2'478.0 8.01x 1'207.0 14.40x

j-12

09/yy 16'309.0 6.06x 2'599.0 10.22x 1'462.0 18.48x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.73 173.62 40.20% 8.55% 0.732 41 3.268 556'764 598'218 674'430 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 16'513.1 17'095.7 4'025.6 1.66x 1.54x 2'702.7 2'872.6 10.66x 10.03x 1'595.7 1'738.4 395.0 18.39x 16.95x S&P Issuer Ratings

18.05.2011 A STABLE 18.05.2011 A-1 15.97 13.32 0.83 1.57 46.9% 31.6% 0.86 7.25 50.68 66.64 111.66 10.06

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

m-12

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

3.5 M

70 60

Valuation Analysis

31.12.2007 13'074.0 1.43x 1'760.0 10.65x 921.0 19.26x

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 |

28.02.2013

Henkel AG & Co KGaA Holdings By:

All

Holder Name BLACKROCK HENKEL KGAA ALLIANZ ASSET MANAGE DEUTSCHE BANK AG VANGUARD GROUP INC MASSACHUSETTS FINANC ARTISAN PARTNERS HOL UNION INVESTMENT GMB FMR LLC DEKA INVESTMENT GMBH DB PLATINUM ADVISORS SWEDBANK ROBUR FONDE SCHRODER INVESTMENT TIAA CREF INVESTMENT DEKA INTERNATIONAL S ROYAL BANK OF CANADA SNS INVESTMENT FUND T ROWE PRICE ASSOCIA MORGAN STANLEY FRANKFURT TRUST INVE

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

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

Analyst ANDREAS RIEMANN ANDREW WOOD EAMONN FERRY SEBASTIAN FRERICKS JULIA SIEKMANN HEIKO FEBER GUILLAUME DELMAS ROSIE EDWARDS THOMAS MAUL WILLIAM HOUSTON EDDY HARGREAVES MARKUS MAYER HERMINE DE BENTZMANN CELINE PANNUTI VALERIE GASTALDY PABLO ZUANIC SETH PETERSON IAIN SIMPSON ALEX MOLLOY CEDRIC BESNARD AUSTIN BURKETT PEDRO GIL ZAFER RUZGAR CHRISTIAN FAITZ CHAS MANSO DE ZUNIGA STEFFEN MANSKE JOERG PHILIPP FREY GAEL COLCOMBET MARK JOSEFSON BERND MUELL MARCO GUENTHER NADESHDA DEMIDOVA CARL SHORT CHRISTIAN WEIZ MARTIN ROEDIGER ALEX HOWSON ERIK SJOGREN HAROLD THOMPSON FABIO FAZZARI

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

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

Amt Held 5'613'229 4'541'372 3'395'667 3'355'442 3'245'689 3'134'159 2'048'886 2'024'730 1'731'402 1'594'087 1'426'676 974'909 952'921 828'149 721'996 715'120 601'863 564'346 517'216 507'360

% Out 3.15 2.55 1.91 1.88 1.82 1.76 1.15 1.14 0.97 0.89 0.8 0.55 0.53 0.46 0.41 0.4 0.34 0.32 0.29 0.28

Weighting

Change

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

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

Latest Chg 4'969 (135'231) 626'478 (94'991) 84'095 45'815 2'800 280'335 (136'144) 1'422'660 90'999 563'648 (284'925) 344'567 (3'400) 85'487 (482'690) 17'806 52'000

Target Price 78 73 58 59 63 73 68 74 55 #N/A N/A 75 69 71 58 69 #N/A N/A 83 72 58 60 #N/A N/A 65 64 49 63 76 60 78 52 68 #N/A N/A 52 61 61 65 54 70 75 36

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

File Dt Inst Type 26.02.2013 Investment Advisor 05.08.2011 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 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.09.2012 Bank 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

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

Date 27.02.2013 27.02.2013 25.02.2013 22.02.2013 20.02.2013 14.02.2013 14.02.2013 07.02.2013 07.02.2013 06.02.2013 01.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 25.01.2013 23.01.2013 23.01.2013 17.01.2013 17.01.2013 17.01.2013 14.12.2012 23.11.2012 21.11.2012 19.11.2012 19.11.2012 19.11.2012 19.11.2012 19.11.2012 16.11.2012 16.11.2012 16.11.2012 16.11.2012 15.11.2012 14.11.2012 31.10.2012 26.09.2012 27.08.2012 14.12.2009

28.02.2013

Hennes & Mauritz AB Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children. The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

Price/Volume 300

14.0 M

250

12.0 M 10.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (02.08.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMB SS EQUITY YTD Change HMB SS EQUITY YTD % CHANGE

11/2012 11/yy 257.30 207.00 393'906.00 230.6 -10.34% 11.40% 46.32% 1'460.7 381'659.63 0.00 0.0 0.0 17'143.00 364'516.61

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

6.0 M

100

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.11.2008 88'532.0 2.53x 22'340.0 10.02x 15'294.0 16.12x

8.0 M

150

Valuation Analysis

30.11.2009 30.11.2010 101'393.0 108'483.0 3.15x 3.39x 24'474.0 27'720.0 13.04x 13.28x 16'384.0 18'681.0 20.82x 21.03x Profitability

LTM-4Q 30.11.2011 109'999.0 3.03x 23'641.0 14.08x 15'821.0 22.39x

30.11.2012 120'799.0 2.82x 25'459.0 13.36x 16'867.0 21.19x 25'459.00 21'754.00 18.01% 18.45% 28.03% 38.36% 38.37% 2.01% 59.5% 21.1% 18.0% 14.0% 2.66 1.38 0.00% 0.00% 53.17 3.37

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.93 1.05% 2.72% 0.930 38 2.526 2'675'624 2'839'909 2'818'975 FY+2

FQ+1

FQ+2

11/yy 11/yy 11/13 Y 11/14 Y 02/13 Q1 05/13 Q2 109'999.0 120'798.0 131'850.8 145'984.1 29'225.7 33'658.9 12.05x 11.91x 2.76x 2.49x 12.36x 10.99x 23'641.0 25'459.0 27'727.3 31'046.5 4'325.8 8'082.9 14.08x 13.36x 13.15x 11.74x 13.19x 12.89x 15'821.0 16'867.0 18'445.6 20'625.7 2'677.3 5'501.8 22.39x 21.19x 20.73x 18.51x 20.69x 20.35x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5091.80 3877.60 -0.67 0.00 0.0% 0.0% 2.01 6.61 6.88 108.59 31.06 84.41

Sales/Revenue/Turnover

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00

0.00 04.12.2009

20'000.0 0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

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

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

28.02.2013

Hennes & Mauritz AB Holdings By:

All

Holder Name PERSSON STEFAN THAM LOTTIE ALECTA PENSIONSFORSA JP MORGAN CHASE BANK SWEDBANK ROBUR FONDE SEB CLEARSTREAM BANKING AMF FORAKRING OCH FO SSB CL OMNIBUS FOLKSAM GROUP CAPITAL GROUP COMPAN VANGUARD GROUP INC FJARDE AP-FONDEN HANDELSBANKEN FONDER AFA FORSAKRINGAR BENGTSSON JAN THORNBURG INVESTMENT AMF FONDER AB NORDEA FONDER AB/SWE FORSTA AP FONDEN

Firm Name

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

Analyst

Societe Generale ANNE CRITCHLOW Carnegie NIKLAS EKMAN AlphaValue VIRGINIE BLIN Sanford C. Bernstein & Co JAMIE MERRIMAN Telsey Advisory Group DANA TELSEY Grupo Santander REBECCA MCCLELLAN Stifel Nicolaus RICHARD E JAFFE DNB Markets HAAKON ASCHEHOUG EVA Dimensions CRAIG STERLING HSBC PAUL ROSSINGTON Nomura FRASER RAMZAN Natixis JEAN BAPTISTE TEISSIER S&P Capital IQ TUNA AMOBI Redburn Partners GEOFF LOWERY Credit Suisse SIMON IRWIN SEB Enskilda NICKLAS FHARM Independent Research GmbH ZAFER RUZGAR Nordea Equity Research STEFAN STJERNHOLM Handelsbanken ERIK SANDSTEDT Bryan Garnier & Cie PETER FARREN Danske Markets ANDERS HANSSON Morgan Stanley GEOFFREY RUDDELL ABG Sundal Collier ANDREAS LUNDBERG ISI Group OMAR SAAD Deutsche Bank CHARLIE MUIR-SANDS Exane BNP Paribas SIMON BOWLER Swedbank CHRISTIAN ANDERSON Barclays CHRISTODOULOS CHAVIARAS Raymond James CEDRIC LECASBLE CA Cheuvreux DANIEL OVIN Espirito Santo Investment Bank Research CAROLINE GULLIVER Goldman Sachs FRANKLIN WALDING Sydbank SOEREN LONTOFT HANSEN Commerzbank Corporates & Markets ANNA RABEYA KHAN Pareto Securities HELENA NORDMAN-KNUTSON Hamburger Sparkasse CHRISTIAN HAMANN Evli Bank Plc TEAM COVERAGE Alandsbanken Equities ANDERS WIKLUND

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

Recommendation sell buy reduce underperform no rating system underweight hold sell hold neutral neutral neutral hold sell underperform buy sell buy buy sell hold Underwt/Cautious hold neutral hold underperform neutral equalweight underperform underperform sell neutral/neutral hold reduce hold hold Under Review neutral

Amt Held 429'449'332 88'080'400 58'985'000 42'781'365 41'731'790 35'679'414 29'408'055 27'863'730 26'950'142 17'812'084 16'296'650 16'093'787 16'007'969 15'328'521 14'856'773 14'222'030 13'523'874 12'305'880 12'175'170 12'143'279

% Out 29.4 6.03 4.04 2.93 2.86 2.44 2.01 1.91 1.85 1.22 1.12 1.1 1.1 1.05 1.02 0.97 0.93 0.84 0.83 0.83

Weighting

Change

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

M M M M M M M D U M M N 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 (1'442'033) (10'445'500) 333'637 2'337'150 1'267'016 -

Target Price 219 #N/A N/A 240 195 212 190 #N/A N/A 205 #N/A N/A 230 227 250 260 #N/A N/A 175 255 210 260 270 230 235 195 220 230 240 190 220 240 198 200 185 238 #N/A N/A 215 240 #N/A N/A #N/A N/A 230

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

File Dt Inst Type 28.09.2012 n/a 28.09.2012 n/a 28.09.2012 Pension Fund (ERISA) 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Bank 28.09.2012 n/a 28.09.2012 Other 28.09.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Pension Fund (ERISA) 28.09.2012 Investment Advisor 28.09.2012 Insurance Company 28.09.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor

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

Date 22.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 15.02.2013 15.02.2013 13.02.2013 12.02.2013 05.02.2013 05.02.2013 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 30.01.2013 30.01.2013 30.01.2013 23.01.2013 21.01.2013 14.01.2013 09.01.2013 04.12.2012 30.11.2012 19.11.2012 07.11.2012 01.10.2012 28.09.2012 28.09.2012 25.07.2012 19.12.2011 01.06.2011

28.02.2013

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

Price/Volume

3.0 M 2.5 M

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HOLN VX EQUITY YTD Change HOLN VX EQUITY YTD % CHANGE

12/2012 12/yy 75.00 49.00 415'695.00 74.45 -0.73% 51.94% 98.82% 327.1 24'351.58 13'507.00 0.0 2'889.0 3'146.00 37'601.58

1.5 M

30 20

1.0 M

.5 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

3.5 M

70 60

Valuation Analysis

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

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

LTM-4Q 31.12.2011 20'744.0 1.47x 3'958.0 7.69x 275.0 58.43x

31.12.2012 21'544.0 1.63x 3'984.0 8.79x 622.0 34.84x 3'984.00 1'816.00 8.43% 7.35% 1.48% 3.68% 4.29% 0.51% 40.8% 18.5% 8.4% 2.9% 1.00 0.70 32.60% 79.69% 7.93 6.18

Price/ Cash Flow

LTM

12/yy 20'744.0 6.51x 3'958.0 7.69x 275.0 58.43x

12/yy 21'544.0 6.27x 3'984.0 8.79x 622.0 35.21x

FY+1

.0 M f-13

1.25 227.77 28.49% 11.29% 1.254 35 3.686 985'930 906'857 808'080 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'733.9 24'295.6 5'090.0 5'948.0 1.62x 1.47x 4'787.1 5'537.2 7.86x 6.79x 1'487.7 1'947.1 16.46x 12.53x 15.84x S&P Issuer Ratings

22.01.2009 BBB STABLE 01.04.2005 A-2 5.84 3.29 2.60 3.39 79.7% 40.5% 0.51 0.96 46.17 59.24 70.03 35.39

Sales/Revenue/Turnover

9.00

30'000.0

8.00

25'000.0

7.00

20'000.0

6.00 5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Holcim Ltd Holdings By:

All

Holder Name SCHMIDHEINY THOMAS EUROCEMENT HOLDING A CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS VANGUARD GROUP INC CREDIT SUISSE ASSET COMMONWEALTH BANK OF HARRIS ASSOCIATES LP BLACKROCK TIAA CREF INVESTMENT MANNING & NAPIER ADV UBS FUND MANAGEMENT DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT PICTET & CIE MORGAN STANLEY VONTOBEL ASSET MANAG SARASIN SWISSCANTO FONDSLEIT MANDARINE GESTION

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

Analyst

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

Recommendation

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

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

Amt Held 65'774'099 33'091'556 9'685'325 8'823'981 4'797'785 3'223'358 2'681'685 2'646'500 1'967'051 1'781'784 1'735'900 1'669'158 1'488'651 1'058'833 977'599 732'217 504'170 425'499 382'570 379'517

% Out 20.11 10.12 2.96 2.7 1.47 0.99 0.82 0.81 0.6 0.54 0.53 0.51 0.46 0.32 0.3 0.22 0.15 0.13 0.12 0.12

Weighting

Change

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

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

Latest Chg (6'310'975) 98'616 (19'205) 51'437 (146'800) 99'225 51'886 221'420 (16'288) (109'012) (8'919) 21'313 (1'500) (87'067) (32'000) -

Target Price 74 83 77 80 90 71 83 75 85 80 85 61 #N/A N/A 85 68 85 78 74 73 77 70 65 #N/A N/A 73 58 60 65 #N/A N/A #N/A N/A 71 55 #N/A N/A #N/A N/A 54

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 12.09.2011 Private Equity 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Bank 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Unclassified 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 22.02.2013 21.02.2013 19.02.2013 13.02.2013 12.02.2013 04.02.2013 31.01.2013 30.01.2013 29.01.2013 25.01.2013 21.01.2013 17.01.2013 18.12.2012 17.12.2012 04.12.2012 09.11.2012 07.11.2012 07.11.2012 22.10.2012 16.10.2012 08.10.2012 14.05.2012 30.11.2011

28.02.2013

HSBC Holdings PLC HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.

Price/Volume

12/2011 12/yy 739.90 501.20 6'289'476.00 737.1 -0.46% 47.07% 95.32% 18'480.6 136'220.48 274'441.00 2'712.0 7'368.0 273'607.00 -

Price/ Cash Flow

1.20 1.00

70.0 M 60.0 M 50.0 M 40.0 M

300

30.0 M

200

20.0 M

100

10.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended

80.0 M

600 400

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSBA LN EQUITY YTD Change HSBA LN EQUITY YTD % CHANGE

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

90.0 M

700 500

Valuation Analysis

31.12.2007 136'800.0 19'133.0 10.07x

800

31.12.2008 31.12.2009 126'036.0 97'533.0 5'728.0 5'834.0 19.90x 31.93x Profitability

LTM-4Q 31.12.2010 91'171.0 13'159.0 13.43x

31.12.2011 94'799.0 16'797.0 8.03x 19.94% 30.19% 0.49% 7.70% 3.51% 0.03% 23.2% 10.74% 175.91% -

LTM

12/yy 85'228.0 0.00x 0.0 0.00x 16'797.0 8.03x

12/yy 62'793.0 0.00x 0.0 0.00x 10'936.0 0.00x

FY+1

.0 M f-13

3.67 1.08 18'470.21 38.88% 13.94% 1.082 44 3.955 18'156'360 18'394'800 18'568'740 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 68'047.3 69'574.4 17'524.3 1.63x 1.09x 16'186.9 18'695.1 4'793.3 12.67x 11.20x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 175.9% 62.3% 0.03 -

Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 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 |

28.02.2013

HSBC Holdings PLC Holdings By:

All

Holder Name JP MORGAN BLACKROCK LEGAL & GENERAL NORGES BANK INVESTME SCOTTISH WIDOWS VANGUARD GROUP INC CAPITAL GROUP COMPAN FMR LLC ABERDEEN DZ BANK AG FRANKLIN RESOURCES STANDARD LIFE INVEST M&G INVESTMENT MANAG VANGUARD GROUP INC STATE STREET UBS HSBC INVESTMENTS UK BNP PARIBAS INV PART MASSACHUSETTS FINANC STATE STREET GLOBAL

Firm Name

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

Analyst

AlphaValue DAVID GRINSZTAJN Investec IAN GORDON S&P Capital IQ FRANK BRADEN BOCOM International Holdings LI SHANSHAN Societe Generale JAMES INVINE RBC Capital Markets PATRICK LEE JPMorgan RAUL SINHA BNP Paribas Equity Research DOMINIC CHAN Exane BNP Paribas TOM RAYNER Credit Suisse AMIT GOEL CCB International Securities Ltd ADAM CHAN Macquarie THOMAS STOEGNER Sanford C. Bernstein & Co CHIRANTAN BARUA Nomura CHINTAN JOSHI Morgan Stanley CHRISTOPHER MANNERS Citic Securities Co., Ltd STEVEN CHAN Day by Day VALERIE GASTALDY Keefe, Bruyette & Woods MARK J PHIN Goldman Sachs FREDERIK THOMASEN Numis Securities Ltd MICHAEL J TRIPPITT Landesbank Baden-Wuerttemberg WERNER SCHIRMER Redburn Partners JON KIRK Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Berenberg Bank JAMES CHAPPELL Barclays ROHITH CHANDRA-RAJAN DBS Vickers ALEXANDER LEE EVA Dimensions AUSTIN BURKETT Daniel Stewart & Co SIMON WILLIS Shore Capital Stockbrokers GARY GREENWOOD Mediobanca SpA CHRISTOPHER J WHEELER Deutsche Bank JASON NAPIER Oriel Securities Ltd VIVEK RAJA Liberum Capital Ltd CORMAC LEECH Independent Research GmbH STEFAN BONGARDT JF Apex Securities Bhd TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Mizuho Securities JIM ANTOS Canaccord Genuity Corp GARETH HUNT Grupo Santander ARTURO DE FRIAS China International Capital Corp SALLY NG

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

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

Amt Held 1'318'990'036 1'079'549'015 668'561'943 473'549'078 427'379'460 353'780'532 292'327'351 290'142'793 196'475'077 196'388'333 194'617'832 191'301'312 190'942'240 181'319'415 171'700'357 162'209'150 150'546'283 124'863'778 118'997'834 116'018'196

% Out 7.14 5.84 3.62 2.56 2.31 1.91 1.58 1.57 1.06 1.06 1.05 1.04 1.03 0.98 0.93 0.88 0.81 0.68 0.64 0.63

Weighting

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

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

Latest Chg 528'619 2'427'110 7'173'910 47'522'456 5'636'526 50'440'600 20'868'374 (3'186'700) 231'999 7'963'598 (2'968'273) 7'208'914 (1'258'480) (10'821'116) 7'191'544 7'443'423 (1'803'378) (5'981'610)

Target Price 674 735 785 626 700 700 755 853 850 760 706 800 750 900 737 833 830 800 890 652 720 #N/A N/A 800 680 730 796 #N/A N/A 650 #N/A N/A 685 715 550 665 650 #N/A N/A 676 709 700 632 668

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

File Dt 31.12.2012 26.02.2013 01.11.2012 01.11.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 27.02.2013 28.12.2012 01.11.2012 31.12.2012 01.11.2012 30.06.2012

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

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

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 23.02.2013 22.02.2013 22.02.2013 18.02.2013 18.02.2013 14.02.2013 08.02.2013 07.02.2013 06.02.2013 04.02.2013 31.01.2013 29.01.2013 28.01.2013 22.01.2013 21.01.2013 17.01.2013 09.01.2013 21.12.2012 13.12.2012 13.12.2012 11.12.2012 07.12.2012 06.12.2012 06.12.2012 06.12.2012 19.11.2012 09.11.2012 18.09.2012 12.07.2012

28.02.2013

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 5 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 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 4.42 2.63 6'088'537.00 3.728 -15.63% 41.75% 59.34% 6'281.2 23'416.25 33'373.00 0.0 325.0 6'575.00 50'539.25

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

1 1 0 f-12 m-12

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

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

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 5'366.09 -8.47% -8.04% 1.049 36 3.417 36'236'130 30'323'830 39'157'620 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'228.7 34'381.4 1.57x 1.48x 7'608.4 7'937.2 2'289.0 1'696.0 6.64x 6.37x 6.61x 2'474.2 2'690.7 916.0 440.0 9.32x 8.86x S&P Issuer Ratings

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

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

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

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 |

28.02.2013

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 SWEDBANK ROBUR FONDE

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 Multiple Portfolios

Analyst

BPI GONZALO SANCHEZ-BORDONA NMAS 1 Agencia de Valores FERNANDO LAFUENTE Landesbank Baden-Wuerttemberg ERKAN AYCICEK Independent Research GmbH SVEN DIERMEIER Grupo Santander BOSCO MUGUIRO 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 Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS BCP Investimento VANDA MESQUITA 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 MF-AGG

Recommendation buy neutral hold hold 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 underweight buy buy neutral underperform hold hold select list sell hold

Amt Held 496'946'224 394'672'404 314'887'559 309'430'747 298'846'609 263'493'736 192'447'747 72'833'378 65'490'156 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 7'034'262

% Out 7.91 6.28 5.01 4.93 4.76 4.19 3.06 1.16 1.04 0.3 0.29 0.23 0.23 0.21 0.21 0.15 0.13 0.13 0.11 0.11

Weighting

Change 5 3 3 3 5 3 5 1 2 1 3 5 3 5 3 3 5 3 3 5 5 5 1 3 5 1 5 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) 21'813'155 1'993'873 2'388'677 9'908'640 (1'477'915) 2'045'672 (262'879) 464'328 7'602'990 (3'963'637) 1'796'471 8'200'000 10'895 1'750'634

Target Price 5 4 4 4 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 4 5 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 26.02.2013 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 26.02.2013 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 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 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 25.02.2013 22.02.2013 20.02.2013 20.02.2013 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 14.01.2013 20.12.2012 29.10.2012 25.10.2012 19.10.2012 21.09.2012 05.06.2012 07.05.2012 24.02.2012 10.03.2011

28.02.2013

Imperial Tobacco Group PLC Imperial Tobacco Group plc is an international tobacco company that manufactures, markets, and sells a range of cigarettes, tobaccos, rolling papers, and cigars.

Price/Volume 3000

7.0 M

2500

6.0 M 5.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (10.07.2012) 52-Week Low (10.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMT LN EQUITY YTD Change IMT LN EQUITY YTD % CHANGE

09/2012 01/yy 2'629.00 2'235.00 666'765.00 2378 -9.55% 6.40% 36.80% 981.1 23'329.84 9'587.00 0.0 49.0 631.00 32'334.84

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

30.09.2009 30.09.2010 14'748.0 15'018.0 2.00x 1.93x 3'158.0 3'307.0 9.34x 8.75x 663.0 1'505.0 27.61x 12.78x Profitability

30.09.2011 15'186.0 2.05x 3'260.0 9.53x 1'796.0 12.26x

30.09.2012 14'672.0 2.16x 4'509.0 7.03x 678.0 33.65x

4'509.00 2'747.00 18.72% 7.37% 2.33% 9.91% 9.83% 0.50% 37.4% 30.7% 18.7% 4.6% 0.78 0.38 34.69% 158.86% 5.25 2.97

Price/ Cash Flow

2.0 M

500

1.0 M

0 f-12 m-12

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

.0 M f-13

4.44 0.56 980.40 -0.33% 3.34% 0.560 26 3.731 1'904'831 2'101'558 1'929'714 FY+2

09/13 Y 09/14 Y 8'039.9 8'313.2 3.98x 3.81x 3'454.6 3'598.8 9.36x 8.98x 2'086.7 2'202.4 11.16x 10.38x S&P Issuer Ratings

FQ+1

FQ+2

20.05.2008 BBB STABLE 20.05.2008 A-2 3.06 2.86 1.99 2.13 158.9% 61.2% 0.50 7.22 69.69 123.36 43.60 149.45

Sales/Revenue/Turnover

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.10.2009

3.0 M

1000

Fiscal Year Ended 30.09.2008 10'116.0 2.96x 1'958.0 15.29x 428.0 35.54x

4.0 M

1500

Valuation Analysis

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 |

28.02.2013

Imperial Tobacco Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES INVESCO LTD BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS FMR LLC Northern Cross Inter VANGUARD GROUP INC CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS CEDAR ROCK CAPITAL L PERPETUAL INVESTMENT STANDARD LIFE INVEST UBS M&G INVESTMENT MANAG THREADNEEDLE ASSET M ALLIANZ ASSET MANAGE MORGAN STANLEY VANGUARD GROUP INC ARTISAN PARTNERS HOL

Firm Name Societe Generale Nomura Panmure Gordon & Co Limited Day by Day Exane BNP Paribas Credit Suisse Oriel Securities Ltd AlphaValue JPMorgan Investec Berenberg Bank Goldman Sachs Canaccord Genuity Corp Natixis Morgan Stanley Jefferies Independent Research GmbH S&P Capital IQ Barclays EVA Dimensions Renaissance Capital Redburn Partners Deutsche Bank

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

Analyst CHAS MANSO DE ZUNIGA DAVID HAYES DAMIAN MCNEELA VALERIE GASTALDY JAMES BUSHNELL ROGERIO FUJIMORI CHRIS WICKHAM ISABELLE COMBEMALE RAE MAILE MARTIN DEBOO ERIK BLOOMQUIST FULVIO CAZZOL EDDY HARGREAVES NICOLAS LANGLET MATTHEW GRAINGER DIRK VAN VLAANDEREN LARS LUSEBRINK CARL SHORT SIMON HALES AUSTIN BURKETT REY WIUM CHRISTIAN DE ROUALLE JONATHAN FELL

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

Recommendation buy reduce buy hold underperform outperform buy buy neutral hold hold neutral/attractive buy buy Overwt/Attractive hold buy hold equalweight overweight hold sell buy

Amt Held 66'383'270 61'000'000 53'000'000 42'095'053 30'498'871 30'059'966 22'902'506 22'530'279 20'453'291 17'630'376 16'997'045 15'439'779 13'734'190 13'384'603 13'022'970 12'498'191 11'599'057 11'504'109 11'373'592 9'608'003

% Out 6.77 6.22 5.4 4.29 3.11 3.06 2.33 2.3 2.08 1.8 1.73 1.57 1.4 1.36 1.33 1.27 1.18 1.17 1.16 0.98

Weighting

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

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

Latest Chg 198'642 (976'269) 1'083'885 (183'449) 4'070'578 465'216 (4'970'335) 595'616 26'099 (606'667) (482'373) 306'789 2'126'754 1'384'744 (598'834) 311'401 166'724

Target Price 2'700 2'450 2'900 #N/A N/A 2'450 2'700 2'900 2'966 3'067 2'450 2'800 2'440 2'900 2'900 2'680 2'500 2'850 2'450 2'650 #N/A N/A 2'700 #N/A N/A 3'000

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

File Dt 31.12.2012 30.10.2012 26.02.2013 31.01.2013 01.12.2012 31.12.2012 01.12.2012 31.12.2012 31.12.2012 31.12.2012 01.12.2012 31.07.2012 01.12.2012 28.12.2012 01.12.2012 01.12.2012 31.01.2013 01.12.2012 01.12.2012 01.12.2012

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 10 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

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

Date 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 07.02.2013 06.02.2013 01.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 17.01.2013 16.01.2013 16.01.2013 01.05.2012

28.02.2013

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

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 63.97 182'983.00 101.8 -8.99% 59.14% 78.05% 623.3 63'455.04 25.11 0.0 40.8 3'517.44 59'536.04

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

1.20 1.00

15.0 M

10.0 M

5.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

20.0 M

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 50.14% -3.51% 0.699 41 3.488 1'294'387 1'152'940 1'479'209 FY+2

FQ+1

FQ+2

01/13 Y 01/14 Y 01/13 Q4 04/13 Q1 15'995.7 17'769.9 4'595.9 3'809.0 3.69x 3.26x 3'987.4 4'469.9 1'165.5 882.0 14.93x 13.32x 13.70x 13.10x 2'401.1 2'706.2 728.6 503.0 26.43x 23.47x 24.96x 24.09x S&P Issuer Ratings

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 |

28.02.2013

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

AlphaValue VIRGINIE BLIN Nomura FRASER RAMZAN S&P Capital IQ WILLIAM MACK BPI JOSE RITO Barclays CHRISTODOULOS CHAVIARAS Societe Generale ANNE CRITCHLOW Sanford C. Bernstein & Co JAMIE MERRIMAN NMAS 1 Agencia de Valores FRANCISCO RIQUEL BBVA ISABEL CARBALLO Banco Sabadell IGNACIO ROMERO Exane BNP Paribas BEN SPRUNTULIS Grupo Santander REBECCA MCCLELLAN Telsey Advisory Group DANA TELSEY ISI Group OMAR SAAD 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 HSBC PAUL ROSSINGTON Espirito Santo Investment Bank Research FILIPE ROSA 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 sell buy buy neutral equalweight buy outperform neutral market perform buy outperform buy no rating system strong buy buy sell underperform Equalwt/Cautious hold hold sell hold overweight neutral 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 3'752'254 2'887'450 2'594'242 2'398'392 1'835'758 1'265'424 1'073'500 871'124 753'341 738'925 729'020 660'155

% Out 50.01 9.28 5.86 3.02 1.31 1.22 1.12 0.77 0.6 0.46 0.42 0.38 0.29 0.2 0.17 0.14 0.12 0.12 0.12 0.11

Weighting

Change

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

M M U M M M M M M M M M M M N M M M M M M M M D 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 (726'832) (43'431) (346'060) (62'631) 61'061 56'242 (53'921) (54'094) 496'579 (65'107) 8'902

Target Price 86 121 115 105 89 138 115 112 107 115 115 125 122 110 125 82 105 90 98 #N/A N/A 100 #N/A N/A 120 110 115 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 26.02.2013 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 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor

Date 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 6 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 28.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 20.02.2013 20.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 10.02.2013 07.02.2013 01.02.2013 30.01.2013 28.01.2013 27.01.2013 17.01.2013 17.01.2013 16.01.2013 18.12.2012 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

28.02.2013

Infineon Technologies AG Infineon Technologies AG designs, manufactures, and markets semiconductors and related products. The Company's products include microprocessors, memory components, microcontrollers, integrated circuits, digital and analog sensors, and fiber optics. Infineon markets its products to the communications, automotive, industrial, and consumer electronics sectors.

Price/Volume

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (28.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFX GY EQUITY YTD Change IFX GY EQUITY YTD % CHANGE

09/2012 12/yy 7.99 4.87 2'276'894.00 6.458 -18.99% 32.74% 50.42% 1'080.4 6'977.24 295.00 0.0 0.0 2'235.00 5'209.24

20.0 M

15.0 M

10.0 M

5.0 M

1 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

35.0 M

8 7

Valuation Analysis

30.09.2008 3'903.0 0.85x 702.0 4.73x (2'935.0) -

30.09.2009 30.09.2010 2'184.0 3'295.0 1.66x 1.27x 292.0 687.0 12.43x 6.07x (626.0) 659.0 17.47x Profitability

LTM-4Q 30.09.2011 3'997.0 0.91x 1'098.0 3.33x 1'119.0 8.17x

30.09.2012 3'904.0 0.88x 881.0 3.89x 427.0 12.42x

881.00 453.00 11.60% 11.04% 6.18% 9.94% 0.67% 36.6% 21.2% 9.5% 10.9% 2.09 1.65 5.00% 8.25% 7.65 4.40

Price/ Cash Flow

12/yy 4'021.0 4.86x 1'074.0 3.96x 983.0 9.09x

LTM 12/yy 3'809.0 4.86x 808.0 6.00x 350.0 19.15x

FY+1

.0 M f-13

1.03 1'076.22 -13.57% 5.37% 1.033 37 3.351 7'503'749 7'487'140 7'298'764 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 3'658.4 4'023.0 888.1 943.8 1.39x 1.23x 6.03x 5.52x 720.1 948.4 166.0 188.0 7.26x 5.51x 6.69x 6.08x 196.3 391.9 34.4 55.5 35.47x 18.18x 30.16x 25.02x S&P Issuer Ratings

14.68 -0.15 -2.19 0.39 8.3% 7.6% 0.67 2.38 47.85 83.24 76.20 34.53

Sales/Revenue/Turnover

14.00

9'000.0

12.00

8'000.0 7'000.0

10.00

6'000.0

8.00

5'000.0

6.00

4'000.0 3'000.0

4.00

2'000.0

2.00 0.00 02.10.2009

1'000.0 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 |

28.02.2013

Infineon Technologies AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK DODGE & COX VANGUARD GROUP INC UBS ODEY ASSET MANAGEMEN SUSQUEHANNA INTERNAT DEUTSCHE BANK AG ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH ODEY ASSET MGMT LTD AQR CAPITAL MANAGEME T ROWE PRICE ASSOCIA NORDEA INV MANAGEMEN UNION INVESTMENT GMB SCHRODER INVESTMENT UBS INSTITUTIONAL FU COHEN & STEERS INC CAZENOVE UNIT TRUST FMR LLC

Firm Name Exane BNP Paribas AlphaValue Deutsche Bank M.M. Warburg Investment Research Morgan Stanley Baader Bank Liberum Capital Ltd Societe Generale DZ Bank AG HSBC Commerzbank Corporates & Markets Hamburger Sparkasse Grupo Santander JPMorgan Jefferies Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg CA Cheuvreux Natixis Barclays Nord/LB Independent Research GmbH Hauck & Aufhaeuser National Bank AG Kepler Capital Markets S&P Capital IQ Bankhaus Lampe Bankhaus Metzler Main First Bank AG EVA Dimensions Goldman Sachs Redburn Partners Silvia Quandt Research Berenberg Bank CM - CIC Securities(ESN)

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

Analyst JEROME RAMEL LIONEL PELLICER KAI KORSCHELT MALTE SCHAUMANN FRANCOIS MEUNIER GUENTHER MICHAEL HOLLFELDER JANARDAN MENON PETER KNOX HARALD SCHNITZER CHRISTIAN DOMINIK RATH THOMAS M BECKER MARCO GUENTHER CARLOS JAVIER TREVINO SANDEEP S DESHPANDE LEE SIMPSON PIERRE FERRAGU THOMAS HOFMANN BERND LAUX STEPHANE HOURI ANDREW M GARDINER WOLFGANG DONIE MARKUS FRIEBEL TIM OLIVER WUNDERLICH STEFFEN MANSKE SEBASTIEN SZTABOWICZ JAMES CRAWSHAW KARSTEN ILTGEN ULRICH TRABERT JUERGEN WAGNER ANDREW S ZAMFOTIS SIMON F SCHAFER SUMANT WAHI EERIK KD BUDARZ ADNAAN AHMAD FRANCOIS GOBRON

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

Recommendation outperform add hold buy Equalwt/Cautious hold hold hold buy underweight buy hold underweight overweight buy outperform sell underperform neutral overweight hold hold hold buy buy sell sell sell outperform overweight Buy/Neutral buy avoid hold suspended coverage

Amt Held % Out 193'337'736 17.89 128'865'653 11.93 108'178'569 10.01 34'885'086 3.23 33'642'487 3.11 31'138'315 2.88 (19'445'513) -1.8 9'809'768 0.91 9'374'215 0.87 8'661'702 0.8 8'257'375 0.76 (7'562'813) -0.7 7'377'971 0.68 6'779'273 0.63 6'461'925 0.6 6'010'923 0.56 5'461'515 0.51 4'184'893 0.39 3'531'100 0.33 3'468'464 0.32

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

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

Latest Chg 2'820'000 2'651'848 433'059 324'259 1'080'306 (204'136) (1'431'608) (725'888) 324'735 (108'182) 1'230'721 4'299'267 545'400 605'018 (214'910) 1'226'168

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

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

File Dt Inst Type 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Unclassified 04.04.2012 Investment Advisor 22.11.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 03.01.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 25.09.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.02.2013 28.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 14.02.2013 14.02.2013 13.02.2013 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 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 17.01.2013 16.01.2013 15.01.2013 09.01.2013 21.11.2012 14.11.2012 04.09.2012 23.09.2008

28.02.2013

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

60.0 M

50.0 M

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 6'338'927.00 6.081 -22.97% 36.96% 46.75% 3'831.6 23'299.72 207'649.00 0.0 1'081.0 17'657.00 214'372.72

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

1.20

40.0 M

30.0 M

20.0 M

10.0 M

1 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 64'680.0 4.40x (729.0) -

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 -8.67% -13.88% 1.773 30 3.900 31'487'600 20'689'220 17'642'570 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 45'396.2 46'723.3 1.51x 1.75x 3'708.7 4'100.2 6.23x 5.58x S&P Issuer Ratings

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 |

28.02.2013

ING Groep NV Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FRANKLIN RESOURCES FMR LLC CARMIGNAC GESTION MASSACHUSETTS FINANC ING INVESTMENT MANAG ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS CAPITAL GROUP COMPAN DEUTSCHE BANK AG BNP PARIBAS INV PART ARTISAN PARTNERS HOL ACHMEA BELEGGINSFOND UNION INVESTMENT GMB SCHRODER INVESTMENT TEMPLETON INVESTMENT NATIXIS ASSET MANAGE MERCURY ASSET MANAGE AMUNDI

Firm Name AlphaValue Macquarie Day by Day HSBC Morgan Stanley Hamburger Sparkasse Main First Bank AG Independent Research GmbH SNS Securities(ESN) Rabobank International Societe Generale Deutsche Bank JPMorgan Keefe, Bruyette & Woods Nomura S&P Capital IQ Credit Suisse Petercam Oddo & Cie Exane BNP Paribas ABN Amro Bank N.V. Berenberg Bank EVA Dimensions Kepler Capital Markets Goldman Sachs RBC Capital Markets Barclays Mediobanca SpA Landesbank Baden-Wuerttemberg CA Cheuvreux DZ Bank AG Theodoor Gilissen Securities Daiwa Securities Co. Ltd. Natixis

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

Analyst JEROME CASSAGNE THOMAS STOEGNER VALERIE GASTALDY STEVEN HAYWOOD DAVID ANDRICH CHRISTIAN HAMANN FEDERICO SALERNO STEFAN BONGARDT LEMER SALAH COR KLUIS PHILIP RICHARDS DAVID LOCK MICHAEL HUTTNER WILLIAM HAWKINS DOMENICO SANTORO RODERICK WALLACE RICHARD BURDEN MATTHIAS DE WIT NICOLAS JACOB FRANCOIS BOISSIN JAN WILLEM WEIDEMA JAMES CHAPPELL AUSTIN BURKETT BENOIT PETRARQUE MARTIN LEITGEB GORDON AITKEN KIRI VIJAYARAJAH ALAIN TCHIBOZO WERNER SCHIRMER HANS PLUIJGERS WERNER EISENMANN TOM MULLER TIM PROUDLOVE BENOIT VALLEAUX

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

Recommendation add neutral hold neutral Equalwt/In-Line hold outperform hold buy buy buy hold not rated market perform buy hold outperform hold reduce neutral buy buy overweight reduce Rating Suspended outperform equalweight outperform hold outperform buy hold outperform suspended coverage

Amt Held 247'285'183 90'073'181 78'003'891 40'930'087 39'943'572 31'337'900 30'654'369 30'253'616 29'191'916 25'314'880 23'645'980 23'264'866 23'087'088 19'699'641 18'894'298 18'175'184 15'020'303 13'099'026 12'705'244 10'837'716

% Out 6.45 2.35 2.04 1.07 1.04 0.82 0.8 0.79 0.76 0.66 0.62 0.61 0.6 0.51 0.49 0.47 0.39 0.34 0.33 0.28

Weighting

Change

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

M U 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

Latest Chg (1'141'937) 599'105 2'363'316 (35'661'908) 1'701'096 665'045 (22'538) (1'501'706) 191'764 3'963'556 526'814 1'256'401 3'885'289 201'990 (143'690) 574'476 4'084'330

Target Price 7 7 #N/A N/A 7 7 #N/A N/A 7 7 9 10 9 7 #N/A N/A 8 9 8 9 8 7 8 10 8 #N/A N/A 7 #N/A N/A 8 7 9 7 8 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 26.02.2013 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 31.12.2012 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 26.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager

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

Date 28.02.2013 26.02.2013 26.02.2013 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 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 28.01.2013 17.01.2013 18.12.2012 07.12.2012 07.12.2012 23.11.2012 20.11.2012 08.11.2012 05.10.2012 13.01.2012 27.10.2011 17.06.2011 17.03.2009

28.02.2013

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 49'400'667.00 1.242 -21.70% 45.52% 55.02% 15'501.5 20'242.25 266'182.00 0.0 718.0 39'926.00 -

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

1.20 1.00

0 0 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 32'566.0 7'250.0 21.37x

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 -10.67% -4.46% 1.386 36 3.111 ######### ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 17'396.9 16'811.7 4'206.8 1'757.9 2'015.0 119.0 11.61x 10.10x S&P Issuer Ratings

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 |

28.02.2013

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 INA ASSITALIA SPA GENERALI VIE SA DB PLATINUM ADVISORS AMUNDI MERCURY ASSET MANAGE MANDARINE GESTION NATIXIS ASSET MANAGE TEMPLETON INVESTMENT MAINFIRST SICAV GENERALI VERSICHERUN

Firm Name Keefe, Bruyette & Woods Oddo & Cie HSBC Kepler Capital Markets Exane BNP Paribas ICBPI AlphaValue Banca Akros(ESN) Nomura Intermonte Securities SpA Day by Day Berenberg Bank Goldman Sachs RBC Capital Markets Equita SIM SpA Macquarie Independent Research GmbH Societe Generale Morgan Stanley Deutsche Bank EVA Dimensions Credit Suisse Landesbank Baden-Wuerttemberg Centrobanca JPMorgan Grupo Santander Barclays 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst RONNY REHN JEAN SASSUS CARLO DIGRANDI ANNA MARIA BENASSI ANDREA VERCELLONE LUCA COMI DAVID GRINSZTAJN LUIGI TRAMONTANA DOMENICO SANTORO CHRISTIAN CARRESE VALERIE GASTALDY ELENI PAPOULA JEAN-FRANCOIS NEUEZ PATRICK LEE MATTEO GHILOTTI BENJIE CREELAN-SANDFORD STEFAN BONGARDT CARLO TOMMASELLI FRANCESCA TONDI PAOLA SABBIONE AUSTIN BURKETT IGNACIO CEREZO INGO FROMMEN GUGLIELMO MARCO OPIPARI MARTA BASTONI TANIA GOLD ANTONIO RIZZO 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 EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH

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

Amt Held 1'532'766'787 725'460'008 647'953'597 523'633'314 422'874'979 286'308'683 223'228'447 212'362'489 205'236'977 193'171'300 85'877'104 82'931'860 61'718'552 60'101'856 43'225'303 38'348'489 38'026'097 37'525'547 37'116'000 34'722'872

% Out 9.89 4.68 4.18 3.38 2.73 1.85 1.44 1.37 1.32 1.25 0.55 0.53 0.4 0.39 0.28 0.25 0.25 0.24 0.24 0.22

Weighting

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

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

Latest Chg (1'503'139) 21'857'253 19'137'900 (15'000'000) 6'956'978 3'963'559 (4'773'898) (363'082) 27'900'000 -

Target Price 1 1 1 2 2 2 2 1 2 2 #N/A N/A 2 2 1 2 1 2 1 2 2 #N/A N/A 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 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Insurance Company 31.12.2012 Investment Advisor 20.11.2012 Insurance Company 20.11.2012 Other 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.10.2012 Investment Advisor 20.11.2012 Holding Company

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

Date 27.02.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 19.02.2013 14.02.2013 08.02.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 24.01.2013 22.01.2013 22.01.2013 17.01.2013 17.01.2013 15.01.2013 15.01.2013 11.01.2013 07.01.2013 11.12.2012 30.11.2012 14.11.2012 13.11.2012 06.11.2012 23.10.2012 02.10.2012 19.06.2012 06.02.2012 29.07.2011

28.02.2013

Investor AB Investor AB is an industrial holding company. The Company owns significant shareholdings in major public multinational companies and conducts private equity activities in Europe, North America, and Asia. Investor takes an active ownership role in many of the companies it owns.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INVEB SS EQUITY YTD Change INVEB SS EQUITY YTD % CHANGE

12/2012 12/yy 189.00 122.80 228'963.00 188 -0.53% 53.09% 98.04% 455.5 142'919.81 46'488.00 0.0 0.0 10'368.00 179'039.81

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

31.12.2009 31.12.2010 37'862.0 37'002.0 3.15x 4.01x 36'963.0 33'587.0 3.23x 4.42x 31'379.0 30'713.0 3.23x 3.57x Profitability

LTM-4Q 31.12.2011 2'470.0 57.24x (11'416.0) (9'229.0) -

31.12.2012 42'007.0 3.96x 24'226.0 5.34x -11'416.00 60.27% 56.08% 10.93% 14.63% 11.34% 0.19% 57.7% 20.24% 26.55% -

Price/ Cash Flow

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12 m-12

j-12

LTM

12/yy 2'470.0 227.89x 0.0 0.00x (9'229.0) 0.00x

j-12

12/yy 42'007.0 14.21x 0.0 0.00x 24'226.0 5.34x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.96 33.39% 10.59% 0.958 10 4.600 1'324'897 1'395'161 1'517'276 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'034.0 11.85x 5'571.0 9'740.0 32.15x 18.39x 6'756.5 7'531.5 18.24x 21.61x S&P Issuer Ratings

16.12.1997 AASTABLE 16.12.1997 A-1+ 26.5% 21.0% 0.19 10.30 -

Sales/Revenue/Turnover

180.00

60'000.0

160.00

50'000.0

140.00

40'000.0

120.00

30'000.0

100.00

20'000.0

80.00

10'000.0

60.00

0.0

40.00

-10'000.0

20.00

-20'000.0

0.00 01.01.2010

7.0 M

Fiscal Year Ended 31.12.2008 (29'455.0) (30'301.0) (36'708.0) -

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

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

-30'000.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

-40'000.0

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

28.02.2013

Investor AB Holdings By:

All

Holder Name ALECTA PENSIONSFORSA AMF PENSION SEB FOUNDATION HARBOR CAPITAL ADVIS FIRST EAGLE INVESTME SKANDIA LIV THIRD AVENUE MANAGEM SEB SWEDBANK ROBUR FONDE VANGUARD GROUP INC CARNEGIE FONDER AB/S AMF FONDER AB FOLKSAM LO FOND AB INVESCO LTD FOUTH AP-FUND BLACKROCK SPP FONDER AB NORTHERN CROSS INVES CATELLA FONDFORVALTN SKANDIA FONDER AB

Firm Name AlphaValue CA Cheuvreux SEB Enskilda Nordea Equity Research Handelsbanken ABG Sundal Collier Goldman Sachs EVA Dimensions Swedbank Evli Bank Plc Carnegie

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

Analyst PIERRE-YVES GAUTHIER BJORN GUSTAFSSON SVANTE KROKFORS CATRIN JANSSON ELIAS PORSE RICKARD HENZE MARKUS IWAR AUSTIN BURKETT NICLAS HOGLUND TEAM COVERAGE JOHAN SJOBERG

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

Recommendation add outperform buy buy accumulate buy Buy/Neutral buy buy Under Review buy

Amt Held 38'515'000 29'552'521 21'407'757 20'602'145 12'753'557 12'753'557 12'298'073 10'116'122 7'743'231 7'404'635 6'512'142 5'550'736 4'929'208 4'239'435 4'099'358 3'781'096 3'386'822 2'732'905 2'676'420 2'497'024

% Out 8.46 6.49 4.7 4.52 2.8 2.8 2.7 2.22 1.7 1.63 1.43 1.22 1.08 0.93 0.9 0.83 0.74 0.6 0.59 0.55

Weighting

Change

4 5 5 5 4 5 5 5 5 #N/A N/A 5

M M M M M M M M M M U

Latest Chg (611'890) 141'614 (351) (489'224) 632'753 59'398 147'309 (218'634) 333'065 192'003

Target Price 222 194 200 200 185 202 222 #N/A N/A 180 #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 12.12.2012 20.12.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 31.12.2012 28.12.2012 31.12.2012 31.12.2012 31.01.2013 30.09.2012 26.02.2013 31.01.2013 30.09.2012 31.12.2012 31.12.2012

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

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

Date 28.02.2013 01.02.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 25.01.2013 17.01.2013 05.12.2012 23.03.2012 20.11.2011

28.02.2013

Johnson Matthey PLC Johnson Matthey PLC is a specialty chemicals company which manufactures catalysts, pharmaceutical materials, and pollution control systems. The Company also refines platinum, gold and silver, and produces color and coating materials for the glass, ceramics, tile, plastics, paint, ink, and construction industries. Johnson Matthey has operations around the world.

Price/Volume 2.5 M

2500

2.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JMAT LN EQUITY YTD Change JMAT LN EQUITY YTD % CHANGE

03/2012 01/yy 2'579.00 2'013.30 93'722.00 2289 -11.28% 13.69% 46.62% 204.9 4'690.57 499.30 0.0 0.4 150.70 5'400.97

31.03.2008 7'498.7 0.66x 374.4 13.16x 186.2 22.71x

1.0 M

1000

.5 M

500 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2009 31.03.2010 7'847.8 7'839.4 0.36x 0.54x 401.2 402.2 7.05x 10.53x 174.1 164.2 12.84x 22.50x Profitability

31.03.2011 9'984.8 0.46x 520.5 8.76x 181.5 21.60x

31.03.2012 12'023.2 0.45x 580.2 9.33x 315.9 15.86x

580.20 433.40 3.60% 3.40% 9.66% 22.91% 15.80% 3.40% 6.3% 5.1% 3.8% 2.6% 1.74 0.90 15.29% 32.60% 15.48

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.42 1.22 204.63 1.67% -3.66% 1.219 16 3.375 533'598 601'221 564'705 FY+2

03/13 Y 03/14 Y 10'293.0 9'471.0 0.52x 0.56x 543.3 567.6 9.94x 9.52x 297.6 312.7 15.72x 14.83x S&P Issuer Ratings

.0 M f-13

FQ+1

FQ+2

16.39 12.13 1.26 1.43 32.6% 24.6% 3.40 12.33 23.65 31.18

Sales/Revenue/Turnover

45.00

14'000.0

40.00

12'000.0

35.00

10'000.0

30.00 25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 03.04.2009

1.5 M

1500

Valuation Analysis

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

3000

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

28.02.2013

Johnson Matthey PLC Holdings By:

All

Holder Name FMR LLC BLACKROCK LLOYDS BANKING GROUP THREADNEEDLE ASSET M SCOTTISH WIDOWS LEGAL & GENERAL NORGES BANK INVESTME BAILLIE GIFFORD AND M&G INVESTMENT MANAG STANDARD LIFE INVEST MANNING & NAPIER ADV JOHNSON MATTHEY PLC THREADNEEDLE INVESTM WILLIAM BLAIR & COMP MANNING & NAPIER ADV VANGUARD GROUP INC AVIVA INVESTORS WILLIAM BLAIR & COMP ARTISAN PARTNERS HOL AXA FRAMLINGTON INV

Firm Name AlphaValue Morgan Stanley Numis Securities Ltd Deutsche Bank Goldman Sachs JPMorgan HSBC Liberum Capital Ltd Credit Suisse EVA Dimensions Day by Day S&P Capital IQ Redburn Partners

Portfolio Name 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 WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MARTIN SCHNEE PAUL R WALSH CHARLES PICK MARTIN DUNWOODIE RAKESH PATEL MARTIN EVANS GEOFF HAIRE ADAM COLLINS RHIAN O'CONNOR CRAIG STERLING VALERIE GASTALDY SHO MATSUBARA TONY JONES

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

Recommendation reduce Underwt/In-Line add buy Buy/Neutral neutral neutral buy outperform hold hold hold neutral

Amt Held 25'259'807 20'164'605 10'470'589 10'363'251 7'570'675 7'398'405 5'551'656 5'278'231 5'222'338 5'110'819 4'967'991 4'463'881 4'018'232 3'965'899 3'851'250 3'732'589 3'569'501 3'361'546 3'121'157 2'858'947

% Out 12.33 9.84 5.11 5.06 3.69 3.61 2.71 2.58 2.55 2.49 2.42 2.18 1.96 1.94 1.88 1.82 1.74 1.64 1.52 1.4

Weighting

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

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

Latest Chg (1'271'286) (8'683) (282'632) 2'399'232 (94'073) 5'428'717 131'579 (1'054'394) 1'308'506 (999'339) (210'338) (50) 32'197 325'169 88'799 (161'440) (951'213) 235'699 (66'217)

Target Price 2'413 2'200 2'515 2'550 2'900 2'150 2'300 3'000 2'400 #N/A N/A #N/A N/A 2'350 #N/A N/A

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

File Dt 31.12.2012 26.02.2013 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.10.2012 31.12.2012 31.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012

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

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

Date 28.02.2013 22.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 12.02.2013 17.01.2013 07.01.2013 27.11.2012 05.10.2012

28.02.2013

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

Price/Volume 40

3.0 M

2.5 M

30 2.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAER VX EQUITY YTD Change BAER VX EQUITY YTD % CHANGE

12/2012 01/yy 37.97 29.34 432'337.00 35.35 -6.87% 20.50% 68.96% 223.8 7'911.66 8'190.75 0.0 2.3 15'606.04 -

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

1.20

1.0 M

10 .5 M

5 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 2'480.1 356.9 -

1.5 M

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

31.12.2011 2'052.0 257.9 28.93x

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

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.19 213.52 4.99% 9.34% 1.188 23 3.609 868'450 742'384 686'222 FY+2

12/13 Y 12/14 Y 2'131.9 2'551.7 -1.30x -2.10x 456.1 597.7 16.96x 12.96x S&P Issuer Ratings

FQ+1

FQ+2

168.1% 62.7% 0.04 5.59 -

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

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

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

28.02.2013

Julius Baer Group Ltd Holdings By:

All

Holder Name MFS INVESTMENT MANAG DAVIS SELECTED ADVIS BLACKROCK THORNBURG INVESTMENT HARRIS ASSOCIATES LP BANK OF AMERICA CORP MASSACHUSETTS FINANC BOFA MERRILL LYNCH WELLINGTON MANAGEMEN AXA VANGUARD GROUP INC CREDIT SUISSE ASSET JULIUS BAER GROUP LT INVESCO LTD T ROWE PRICE ASSOCIA UBS FUND MANAGEMENT PICTET & CIE HARTFORD INVESTMENT UNITED SERVICES AUTO CLERICAL MEDICAL INV

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

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

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

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

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

Amt Held 21'714'041 18'333'412 12'775'138 11'095'398 8'776'634 8'148'183 7'676'732 7'375'149 6'696'246 6'128'304 5'153'699 2'971'249 2'599'046 2'424'707 2'242'726 2'185'490 1'611'017 1'265'435 1'240'011 871'961

% Out 9.7 8.19 5.71 4.96 3.92 3.64 3.43 3.3 2.99 2.74 2.3 1.33 1.16 1.08 1 0.98 0.72 0.57 0.55 0.39

Weighting

Change

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

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

Latest Chg (1'542'891) (173'099) (2'715'494) (36'537) 11'294 233'612 363'424 177'591 13'149 104'513 140'522 -

Target Price 42 44 44 26 39 #N/A N/A #N/A N/A 41 39 40 41 39 39 40 39 29 43 43 41 35 31 #N/A N/A 36

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 10.08.2012 Investment Advisor 31.12.2012 Investment Advisor 24.09.2010 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Bank 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor

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

Date 28.02.2013 27.02.2013 22.02.2013 22.02.2013 12.02.2013 12.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 23.01.2013 23.01.2013 04.12.2012 03.10.2012 23.08.2012 18.07.2012

28.02.2013

K+S AG K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Price/Volume 45 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.07.2012) 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 SDF GY EQUITY YTD Change SDF GY EQUITY YTD % CHANGE

12/2011 09/yy 41.50 30.14 311'066.00 35.715 -13.94% 18.50% 45.35% 191.4 6'835.85 770.60 0.0 3.1 757.80 7'254.35

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

10 5 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 3'344.1 2.21x 418.5 17.66x (93.3) -

31.12.2008 31.12.2009 4'794.4 3'573.8 1.40x 2.35x 1'464.3 460.2 4.57x 18.24x 870.9 96.4 7.57x 68.95x Profitability

LTM-4Q 31.12.2010 4'632.7 2.34x 972.2 11.14x 448.6 23.58x

31.12.2011 5'150.9 1.30x 1'194.5 5.61x 564.3 10.18x 1'194.50 952.50 18.49% 17.23% 11.12% 21.96% 19.13% 0.73% 38.3% 24.9% 19.6% 11.0% 2.56 1.66 12.72% 25.01% 5.83 4.14

Price/ Cash Flow

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

09/yy 4'452.6 8.83x 1'136.1 6.86x 536.5 12.28x

LTM 09/yy 4'501.8 6.48x 1'121.5 6.93x 681.6 12.43x

FY+1

0.88 172.26 -1.17% 2.04% 0.885 40 3.600 1'557'172 1'502'719 1'561'501 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'010.4 4'127.2 941.8 1'095.3 1.73x 1.79x 7.73x 1'060.3 1'085.7 238.3 322.0 6.84x 6.68x 6.67x 6.64x 573.9 560.3 112.0 181.0 12.05x 12.10x 12.86x 12.61x S&P Issuer Ratings

08.09.2011 BBB+ STABLE 30.11.2009 A-2 10.18 8.01 0.37 1.13 25.0% 20.0% 0.73 2.04 62.81 88.33 48.44 86.19

Sales/Revenue/Turnover

20.00

6'000.0

18.00

5'000.0

16.00 14.00

4'000.0

12.00

3'000.0

10.00 8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

28.02.2013

K+S AG Holdings By:

All

Holder Name MERITUS TRUST CO LTD BLACKROCK VANGUARD GROUP INC PRUDENTIAL PLC VIKING GLOBAL INVEST DWS INVESTMENT S A POINTSTATE CAPITAL DEUTSCHE BANK AG CAPITAL GROUP COMPAN UNION INVESTMENT GMB ALLIANZ ASSET MANAGE UNIVERSAL INVEST CON AQR CAPITAL MANAGEME MARSHALL WACE LLP DEKA INVESTMENT GMBH ING INTERNATIONAL AD SCHRODER INVESTMENT UNIVERSAL INVESTMENT HIGHBRIDGE CAPITAL M FRANKFURT TRUST INVE

Firm Name AlphaValue Sanford C. Bernstein & Co HSBC Equinet Institutional Services(ESN) Hauck & Aufhaeuser Hamburger Sparkasse Berenberg Bank Scotia Capital Exane BNP Paribas M.M. Warburg Investment Research DZ Bank AG Main First Bank AG Commerzbank Corporates & Markets Kepler Capital Markets Nomura Barclays Morgan Stanley JPMorgan EVA Dimensions BMO Capital Markets Bankhaus Lampe Liberum Capital Ltd Landesbank Baden-Wuerttemberg Equita SIM SpA Macquarie Nord/LB National Bank AG Bankhaus Metzler Deutsche Bank Independent Research GmbH S&P Capital IQ Silvia Quandt Research Societe Generale Baader Bank CA Cheuvreux Day by Day PingAn Securities Redburn Partners Solventis WPH-Bank GmbH

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

Analyst EILEEN RYAN JEREMY REDENIUS JESKO MAYER-WEGELIN MICHAEL SCHAEFER NILS-PETER FITZL MARCO GUENTHER GUNNAR COHRS BEN ISAACSON HEIDI VESTERINEN OLIVER SCHWARZ HEINZ MUELLER THOMAS SWOBODA LUTZ GRUETEN TEAM COVERAGE JEAN DE WATTEVILLE ANDREAS HEINE AMY WALKER NEIL C TYLER CRAIG STERLING JOEL JACKSON MARC GABRIEL SOPHIE JOURDIER ULLE WORNER MASSIMO BONISOLI CHRISTIAN FAITZ THORSTEN STRAUSS EKKEHARD D LINK LARS HETTCHE VIRGINIE BOUCHER-FERTE CHRISTOPH SCHOENDUBE JOHNSON IMODE STEFAN KICK PETER CLARK NORBERT BARTH MARTIN ROEDIGER VALERIE GASTALDY YAN ZHUBING TONY JONES KLAUS SOER

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

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

Amt Held % Out 18'910'319 9.88 16'320'340 8.53 7'766'246 4.06 5'742'000 3 (4'172'520) -2.18 3'238'562 1.69 (2'296'800) -1.2 1'560'824 0.82 1'410'000 0.74 1'118'064 0.58 1'044'250 0.55 1'020'000 0.53 (995'280) -0.52 (861'300) -0.45 859'133 0.45 793'493 0.41 746'471 0.39 614'324 0.32 (612'480) -0.32 460'200 0.24

Weighting

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

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

Latest Chg (427'918) 47'053 (210'540) (36'597) (191'400) (24'919) (3'160'400) (213'500) (581'230) 729'000 (57'420) 114'840 38'183 229'436 (47'951) 111'056 478'500 -

Target Price 40 27 47 52 42 #N/A N/A 45 37 30 40 58 37 41 40 38 37 33 28 #N/A N/A 34 37 31 41 43 56 44 52 40 32 40 30 40 41 44 41 #N/A N/A #N/A N/A #N/A N/A 25

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

File Dt 30.11.2011 26.02.2013 31.12.2012 30.11.2011 25.02.2013 28.12.2012 18.01.2013 31.12.2012 31.12.2012 28.09.2012 31.12.2012 31.01.2013 08.02.2013 20.02.2013 28.12.2012 28.09.2012 31.12.2012 02.10.2012 19.02.2013 28.12.2012

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

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

Date 28.02.2013 22.02.2013 22.02.2013 18.02.2013 15.02.2013 13.02.2013 13.02.2013 11.02.2013 11.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 25.01.2013 22.01.2013 17.01.2013 07.01.2013 07.01.2013 07.01.2013 03.01.2013 07.12.2012 21.11.2012 14.11.2012 14.11.2012 14.11.2012 13.11.2012 13.11.2012 13.11.2012 13.11.2012 12.11.2012 10.11.2012 02.11.2012 22.10.2012 09.10.2012 30.03.2011 19.03.2010

28.02.2013

Kingfisher PLC Kingfisher plc sells a wide range of home improvement consumer goods. The Company conducts retail operations through stores located throughout the world.

Price/Volume 350

25.0 M

300

20.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 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 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KGF LN EQUITY YTD Change KGF LN EQUITY YTD % CHANGE

01/2012 10/yy 317.00 252.00 1'159'809.00 275.9 -12.90% 9.48% 38.15% 2'372.2 6'545.03 742.00 0.0 8.0 587.00 6'588.03

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

15.0 M

150

10.0 M

100 5.0 M

50 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.01.2008 9'050.0 0.57x 602.0 8.56x 274.0 13.83x

200

LTM-4Q

31.01.2009 31.01.2010 10'026.0 10'503.0 0.44x 0.50x 672.0 833.0 6.60x 6.36x 209.0 388.0 695.50x 12.87x Profitability

31.01.2011 10'450.0 0.58x 915.0 6.66x 494.0 12.17x

31.01.2012 10'831.0 0.57x 1'031.0 6.02x 640.0 9.30x

1'031.00 794.00 7.33% 7.36% 5.93% 10.32% 9.50% 1.09% 37.7% 9.2% 6.9% 5.9% 0.97 0.21 7.70% 12.97% 3.42

Price/ Cash Flow

LTM

04/yy 10'032.0 0.00x 0.0 0.00x 0.0 0.00x

10/yy 10'997.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

3.43 0.96 2'369.77 0.36% -2.89% 0.958 26 3.769 7'696'422 6'997'722 6'092'267 FY+2

FQ+1

FQ+2

01/13 Y 01/14 Y 07/12 Q2 10/12 Q3 10'567.1 11'003.3 2'846.5 2'719.0 0.62x 0.59x 979.8 1'055.5 6.72x 6.24x 522.3 578.6 12.54x 11.40x S&P Issuer Ratings

30.04.2008 BBBPOS 30.04.2008 A-3 32.22 18.16 0.04 0.67 13.0% 11.5% 1.09 2.89 106.24 29.64

Sales/Revenue/Turnover

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0 6.00

4'000.0 4.00

2'000.0

2.00 0.00 06.02.2009

0.0 06.08.2009

06.02.2010

06.08.2010

06.02.2011

06.08.2011

06.02.2012

06.08.2012

06.02.2013

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 |

28.02.2013

Kingfisher PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES TEMPLETON GLOBAL ADV THORNBURG INVESTMENT BLACKROCK THORNBURG INVESTMENT FMR LLC CAPITAL GROUP COMPAN LEGAL & GENERAL BNP PARIBAS INV PART APG ALGEMENE PENSIOE NORGES BANK INVESTME STANDARD LIFE INVEST HSBC INVESTMENTS UK SCOTTISH WIDOWS VANGUARD GROUP INC JP MORGAN BANK OF NEW YORK MEL PEOPLES REPUBLIC OF UBS MAJEDIE ASSET MANAGE

Firm Name

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

Analyst

Societe Generale ANNE CRITCHLOW Natixis JEAN BAPTISTE TEISSIER Nomura SUNITA ENTWISLE Numis Securities Ltd ANDREW WADE Oriel Securities Ltd EITHNE O'LEARY Exane BNP Paribas BEN SPRUNTULIS Credit Suisse SIMON IRWIN Jefferies JAMES GRZINIC Sanford C. Bernstein & Co JAMIE MERRIMAN HSBC PAUL ROSSINGTON Cantor Fitzgerald FREDDIE GEORGE S&P Capital IQ WILLIAM MACK Panmure Gordon & Co Limited PHILIP DORGAN AlphaValue VIRGINIE BLIN Espirito Santo Investment Bank Research CAROLINE GULLIVER Morgan Stanley GEOFFREY RUDDELL Day by Day VALERIE GASTALDY Redburn Partners GEOFF LOWERY Goldman Sachs ROBERT JOYCE Deutsche Bank WARWICK OKINES EVA Dimensions CRAIG STERLING Shore Capital Stockbrokers CLIVE WILLIAM BLACK Barclays CHRISTODOULOS CHAVIARAS N+1 Singer Ltd MATTHEW MCEACHRAN Investec DAVID JEARY Prosdocimi TEAM COVERAGE ING Bank PETER BROCKWELL

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

Recommendation hold neutral neutral add reduce outperform outperform buy outperform overweight sell sell buy buy buy Equalwt/Cautious hold buy Buy/Neutral hold overweight corporate overweight hold Under Review buy not rated

Amt Held 322'532'365 197'406'849 186'101'763 142'191'093 104'001'992 102'864'559 96'465'249 94'535'986 70'145'235 59'959'956 54'135'204 53'890'493 52'795'729 50'291'639 42'725'080 41'952'797 34'602'970 30'928'345 26'940'804 26'266'422

% Out 13.6 8.32 7.84 5.99 4.38 4.34 4.07 3.99 2.96 2.53 2.28 2.27 2.23 2.12 1.8 1.77 1.46 1.3 1.14 1.11

Weighting

Change

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

M D 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 61'496'760 29'308'160 (2'483'548) 11'771'600 (2'064'388) (1'240'339) 6'082'195 20'742'949 (4'093'498) 9'600'632 994'862 1'730'371 10'730'078 (78'010) (1'688'639)

Target Price 296 300 270 310 240 350 320 330 355 335 240 260 350 329 300 270 #N/A N/A #N/A N/A 340 290 #N/A N/A #N/A N/A 325 280 #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 02.01.2013 Investment Advisor 15.02.2012 Investment Advisor 15.02.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 02.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 02.01.2013 Investment Advisor 02.01.2013 Pension Fund (ERISA) 02.01.2013 Government 02.01.2013 Investment Advisor 02.01.2013 Investment Advisor 02.01.2013 Unclassified 31.12.2012 Investment Advisor 02.01.2013 Unclassified 02.01.2013 Investment Advisor 02.01.2013 Government 02.01.2013 Unclassified 02.01.2013 Investment Advisor

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

Date 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 13.02.2013 31.01.2013 25.01.2013 24.01.2013 23.01.2013 17.01.2013 05.12.2012 30.11.2012 30.11.2012 12.09.2012 07.01.2011 12.10.2010

28.02.2013

Kone OYJ Kone Oyj provides solutions for the installation, maintenance, and modernization of elevators and escalators and the maintenance of automatic building doors.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (10.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KNEBV FH EQUITY YTD Change KNEBV FH EQUITY YTD % CHANGE

12/2012 12/yy 65.40 38.88 83'867.00 61.65 -5.66% 58.55% 85.10% 222.4 16'062.05 112.00 0.0 21.3 249.60 15'945.75

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

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 4'602.8 0.88x 623.2 6.47x 417.3 9.37x

31.12.2009 31.12.2010 4'743.7 4'986.6 1.62x 2.11x 664.5 761.9 11.53x 13.80x 465.6 535.3 16.27x 19.82x Profitability

LTM-4Q 31.12.2011 5'225.2 1.97x 791.0 13.04x 643.6 15.91x

31.12.2012 6'276.8 2.30x 907.3 15.90x 601.2 23.76x 907.30 821.30 13.08% 12.82% 12.22% 30.75% 1.28% 14.5% 13.1% 9.6% 1.12 0.09 2.19% 5.95% -

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13

12/yy 5'225.2 7.75x 791.0 12.79x 643.6 16.20x

LTM 12/yy 6'276.8 8.10x 907.3 15.64x 601.2 24.15x

FY+1

0.85 50.97% 13.63% 0.849 28 2.500 765'532 499'290 369'061 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'777.5 7'159.7 1'347.8 1'678.0 2.23x 2.08x 1'002.5 1'102.0 163.5 248.5 15.91x 14.47x 16.11x 15.29x 724.7 805.2 113.0 176.8 22.19x 20.01x 22.39x 21.04x S&P Issuer Ratings

648.07 567.07 -0.15 0.12 5.9% 5.6% 1.28 25.45 -

Sales/Revenue/Turnover

20.00

7'000.0

18.00

6'000.0

16.00 14.00

5'000.0

12.00

4'000.0

10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

Kone OYJ Holdings By:

All

Holder Name HERLIN ANTTI CAPITAL GROUP COMPAN HOLDINGS MANUTAS OY TOSHIBA ELEV & BLDG D SIJOITUS OY WIPUNEN VARAINHALLIN MARIATORP OY BLACKROCK KONE FOUNDATION SECURITY TRADING OY KONE OYJ ILMARINEN MUTUAL PEN MORGAN STANLEY VANGUARD GROUP INC BLABERG OLLI FINLAND STATE PENSIO VARMA MUTUAL PENSION WILLIAM BLAIR & COMP TWEEDY BROWNE COMPAN BLABERG KAROLINA

Firm Name

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

Analyst

AlphaValue LIONEL PELLICER Credit Suisse ANDRE KUKHNIN Goldman Sachs AARON IBBOTSON Canaccord Genuity Corp JAMES STETTLER Danske Markets ANTTI SUTTELIN Evli Bank Plc ELINA RIUTTA EVA Dimensions CRAIG STERLING Deutsche Bank JOHAN WETTERGREN ABG Sundal Collier ERIK PETTERSSON-GOLRANG Pohjola Bank Plc (ESN) PEKKA SPOLANDER SEB Enskilda TOMI RAILO Carnegie TIMO HEINONEN Nordea Equity Research JAN KAIJALA Handelsbanken TOM SKOGMAN Exane BNP Paribas ALEXIS DENAUD Helvea VOLKAN GOCMEN JPMorgan GLEN H LIDDY Pareto Securities JARI HARJUNPAA FIM SANNA KAJE DNB Markets LARS BRORSON INDERES PYRY KANGAS CA Cheuvreux JOHAN ELIASON HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE Swedbank ERKKI VESOLA ICECAPITAL Markets LAURI LEINO

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

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

Amt Held 20'477'932 16'093'800 14'313'972 12'093'360 8'735'964 8'300'000 8'000'000 5'483'788 4'929'816 4'494'008 4'160'339 3'731'917 3'727'528 2'857'366 1'900'000 1'774'000 1'746'560 1'365'772 1'216'000 1'205'980

% Out 9.21 7.24 6.44 5.44 3.93 3.73 3.6 2.47 2.22 2.02 1.87 1.68 1.68 1.28 0.85 0.8 0.79 0.61 0.55 0.54

Weighting

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

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

Latest Chg 1'864'128 382'473 (568'081) 66'896 (11'456) (741'731) -

Target Price 49 62 61 50 81 65 #N/A N/A 49 56 58 59 #N/A N/A 60 67 60 52 43 54 62 58 50 50 62 51 45 33

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

File Dt 31.10.2012 31.12.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 26.02.2013 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.12.2012 31.12.2012 31.10.2012 31.10.2012 31.10.2012 31.12.2012 31.03.2012 31.10.2012

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

Inst Type n/a Investment Advisor Investment Advisor Other Unclassified Investment Advisor Other Investment Advisor Other Private Equity Corporation Insurance Company Investment Advisor Investment Advisor n/a Government Insurance Company Investment Advisor Investment Advisor n/a

Date 28.02.2013 20.02.2013 18.02.2013 08.02.2013 30.01.2013 29.01.2013 29.01.2013 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 17.12.2012 29.11.2012 30.10.2012 24.10.2012 21.07.2010

28.02.2013

Koninklijke Ahold NV Koninklijke Ahold NV retails food through supermarkets, convenience stores and online food retail businesses in the United States and Europe. The Company also retails health and beauty supplies, prescriptions drugs, and wine and liquor Ahold retails food over the Internet in the Netherlands and the United States.

Price/Volume 12

14.0 M

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.02.2013) 52-Week Low (08.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AH NA EQUITY YTD Change AH NA EQUITY YTD % CHANGE

12/2012 12/yy 11.24 9.01 2'237'395.00 11.08 -2.40% 22.99% 83.83% 1'038.5 11'506.66 3'597.00 0.0 0.0 1'929.00 13'174.66

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

6.0 M

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 25'648.0 0.47x 1'876.0 6.40x 1'077.0 11.62x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 27'925.0 29'530.0 0.43x 0.42x 2'068.0 2'148.0 5.76x 5.71x 894.0 853.0 11.29x 13.35x Profitability

LTM-4Q 31.12.2011 30'271.0 0.40x 2'144.0 5.69x 1'017.0 11.19x

31.12.2012 32'841.0 0.37x 2'155.0 5.66x 827.0 12.67x 2'155.00 1'187.00 3.61% 3.17% 5.50% 13.93% 11.82% 2.18% 26.0% 6.6% 3.6% 2.5% 1.00 0.44 23.85% 60.00% 16.44

Price/ Cash Flow

LTM

12/yy 30'271.0 1.52x 2'144.0 5.69x 1'017.0 11.19x

12/yy 32'841.0 1.49x 2'155.0 5.66x 827.0 12.67x

FY+1

.0 M f-13

0.73 835.74 11.07% 9.32% 0.732 36 4.250 3'368'873 2'949'306 2'737'148 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'992.6 35'189.7 0.36x 0.34x 2'320.3 2'415.7 5.61x 5.38x 1'126.5 1'123.5 11.00x 10.32x S&P Issuer Ratings

24.06.2009 BBB STABLE 24.06.2009 A-2 9.13 5.27 0.77 1.67 60.0% 37.5% 2.18 5.46 22.26 38.36 -11.33

Sales/Revenue/Turnover

8.00

70'000.0

7.00

60'000.0

6.00

50'000.0

5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

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 |

28.02.2013

Koninklijke Ahold NV Holdings By:

All

Holder Name STICHTING ADMINIS PR DELTAFORT BELEGGINGE ING GROEP NV BLACKROCK MONDRIAN INVESTMENT CAPITAL GROUP COMPAN FRANKLIN RESOURCES VANGUARD GROUP INC BNP PARIBAS INV PART ING INVESTMENT MANAG ARTISAN PARTNERS HOL HARRIS ASSOCIATES LP MANNING & NAPIER ADV T ROWE PRICE ASSOCIA ACHMEA BELEGGINSFOND UNION INVESTMENT GMB INVESCO LTD ALLIANCE BERNSTEIN FORTIS INVESTMENTS DB PLATINUM ADVISORS

Firm Name JPMorgan Jefferies Raymond James SNS Securities(ESN) AlphaValue Rabobank International Exane BNP Paribas Credit Suisse Cantor Fitzgerald KBC Securities Natixis ING Bank Day by Day Kepler Capital Markets ABN Amro Bank N.V. Deutsche Bank Baader Bank National Bank AG Oddo & Cie Kempen & Co Goldman Sachs HSBC Petercam Nomura S&P Capital IQ Barclays Theodoor Gilissen Securities Shore Capital Stockbrokers EVA Dimensions Hammer Partners SA Redburn Partners Morgan Stanley Macquarie Aurel - BGC CA Cheuvreux DZ Bank AG

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

Analyst JAIME VAZQUEZ JAMES GRZINIC CEDRIC LECASBLE RICHARD WITHAGEN VIRGINIE BLIN PATRICK ROQUAS JOHN KERSHAW ANDREW KASOULIS MICHAEL J DENNIS PASCALE WEBER ANTOINE PARISON MARCO GULPERS VALERIE GASTALDY FABIENNE CARON ROBERT JAN VOS JAMES G COLLINS VOLKER BOSSE STEFFEN MANSKE LAURENCE HOFMANN ERWIN DUT FRANKLIN WALDING JEROME SAMUEL FERNAND DE BOER NICK COULTER WILLIAM MACK JAMES ANSTEAD TOM MULLER CLIVE WILLIAM BLACK AUSTIN BURKETT STEPHAN SEIP MARC DE SPEVILLE EDOUARD AUBIN SREEDHAR MAHAMKALI JEAN-MARIE L'HOME ARNAUD JOLY CHRISTIAN DOUGLAS

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

Recommendation overweight hold outperform hold buy buy underperform outperform buy accumulate buy buy hold buy buy hold buy buy buy buy not rated overweight buy buy buy overweight buy corporate hold buy sell Equalwt/In-Line neutral hold select list buy

Amt Held 202'343'136 123'629'674 101'942'189 70'055'666 56'654'977 33'853'597 25'279'167 18'578'797 16'492'014 10'254'521 8'669'935 7'655'500 7'582'580 5'740'464 4'994'944 4'306'700 4'023'767 3'577'210 3'463'611 3'371'031

% Out 19.48 11.9 9.82 6.75 5.46 3.26 2.43 1.79 1.59 0.99 0.83 0.74 0.73 0.55 0.48 0.41 0.39 0.34 0.33 0.32

Weighting

Change

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

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

Latest Chg (914'624) (929'632) 363'240 96'017 2'938'987 9'058 (91'761) (4'434'000) (1'447) 568'948 2'313'500 (303'837) (56'153) 2'800'729

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

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

File Dt Inst Type 29.02.2012 Corporation 29.02.2012 Unclassified 29.02.2012 Investment Advisor 26.02.2013 Investment Advisor 27.09.2012 Hedge Fund Manager 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 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Investment Advisor

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

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 20.02.2013 19.02.2013 19.02.2013 14.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 22.01.2013 18.01.2013 17.01.2013 17.01.2013 03.12.2012 16.11.2012 21.09.2012 23.08.2012 10.05.2012 25.11.2011

28.02.2013

Koninklijke DSM NV Koninklijke DSM is a global science-based company active in health, nutrition and materials. The Company provides solutions that nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, pharmaceuticals, medical devices, automotive, paints, electrical and electronics, life protection, alternative energy and bio-based materials.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 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 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DSM NA EQUITY YTD Change DSM NA EQUITY YTD % CHANGE

12/2012 12/yy 47.42 36.42 383'192.00 44.86 -5.30% 23.17% 68.55% 181.4 8'533.85 2'564.00 0.0 168.0 1'195.00 10'070.85

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

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 9'079.0 0.51x 1'220.0 3.80x 577.0 6.43x

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

31.12.2009 31.12.2010 7'732.0 9'050.0 0.83x 0.80x 860.0 1'226.0 7.50x 5.94x 337.0 507.0 14.06x Profitability

LTM-4Q 31.12.2011 9'048.0 0.67x 1'291.0 4.67x 814.0 8.83x

31.12.2012 9'131.0 1.01x 941.0 9.84x 288.0 27.26x 941.00 441.00 4.83% 3.82% 2.49% 4.77% 0.79% 27.9% 13.3% 4.8% 3.2% 1.53 0.87 21.43% 43.65% 5.85 -

Price/ Cash Flow

LTM

12/yy 9'048.0 3.02x 1'476.0 4.09x 814.0 8.75x

12/yy 9'131.0 3.41x 774.0 0.00x 288.0 27.26x

FY+1

.0 M f-13

1.01 181.35 11.45% -2.03% 1.008 34 4.000 1'289'020 857'712 780'299 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'993.3 10'554.7 2'394.3 2'519.7 1.04x 0.96x 1'376.0 1'535.6 311.7 342.0 7.33x 6.57x 7.47x 581.0 694.3 136.7 153.7 12.63x 10.74x 13.28x 12.41x S&P Issuer Ratings

10.11.2010 A STABLE 10.11.2010 A-1 12.78 8.59 0.70 1.83 43.6% 29.8% 0.79 2.53 62.53 69.32

Sales/Revenue/Turnover

12.00

10'000.0 9'000.0

10.00

8'000.0 7'000.0

8.00

6'000.0

6.00

5'000.0 4'000.0

4.00

3'000.0 2'000.0

2.00 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 |

28.02.2013

Koninklijke DSM NV Holdings By:

All

Holder Name CAPITAL GROUP COMPAN VANGUARD GROUP INC ALLIANZ ASSET MANAGE BLACKROCK FRANKLIN RESOURCES TRIMARK INVESTMENT M ALLIANCE BERNSTEIN ROBECO FUND MANAGEME T ROWE PRICE ASSOCIA GENERALI ASSET MANAG UBS CLERICAL MEDICAL INV LBBW ASSET MANAGEMEN SANFORD C BERNSTEIN SPARINVEST DEUTSCHE BANK AG UBS INSTITUTIONAL FU UNION INVESTMENT GMB SNS INVESTMENT FUND ACHMEA BELEGGINSFOND

Firm Name Goldman Sachs ING Bank AlphaValue ABN Amro Bank N.V. Credit Suisse Equita SIM SpA KBC Securities Nomura Exane BNP Paribas Barclays Kempen & Co Morgan Stanley Jefferies HSBC Macquarie SNS Securities(ESN) Petercam Rabobank International S&P Capital IQ Berenberg Bank Bank of Valletta Commerzbank Corporates & Markets Canaccord Genuity Corp Kepler Capital Markets EVA Dimensions Theodoor Gilissen Securities CA Cheuvreux JPMorgan Deutsche Bank Day by Day Hamburger Sparkasse

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

Analyst RAKESH PATEL FABIAN SMEETS MARTIN SCHNEE MUTLU GUNDOGAN CHRIS COUNIHAN MASSIMO BONISOLI WIM HOSTE JEAN DE WATTEVILLE JAMES KNIGHT ANDREAS HEINE SACHIN SONI PETER MACKEY LAURENCE ALEXANDER SEBASTIAN SATZ CHRISTIAN FAITZ GERT STEENS FERNAND DE BOER MICHA TIEKINK SHO MATSUBARA JAIDEEP PANDYA TEAM COVERAGE STEPHAN KIPPE PAUL W SATCHELL MARKUS MAYER CRAIG STERLING TOM MULLER MARTIN ROEDIGER NEIL C TYLER MARTIN DUNWOODIE VALERIE GASTALDY MARCO GUENTHER

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

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

Amt Held 7'840'979 2'863'204 1'924'676 1'526'288 1'412'672 1'145'435 1'086'782 908'480 901'858 803'696 795'818 754'353 750'000 746'835 711'948 678'330 677'204 650'000 591'484 570'145

% Out 4.32 1.58 1.06 0.84 0.78 0.63 0.6 0.5 0.5 0.44 0.44 0.42 0.41 0.41 0.39 0.37 0.37 0.36 0.33 0.31

Weighting

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

U 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 U M

Latest Chg 62'172 (96'885) (196'754) (73'951) (146'966) 3'317 9'092 (1'810) 7'807 25'000 (23'325) (3'480) 3'956 132'937 -

Target Price 53 58 58 38 40 49 53 64 62 70 52 45 51 49 61 55 54 46 47 51 54 52 49 54 #N/A N/A 51 51 44 43 50 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 26.02.2013 31.12.2012 30.09.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 28.12.2012 30.11.2012 30.11.2012 30.11.2012 31.01.2013 31.12.2012 30.11.2012 28.09.2012 29.06.2012 31.12.2012

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

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

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 15.02.2013 13.02.2013 01.02.2013 01.02.2013 17.01.2013 15.01.2013 10.01.2013 07.12.2012 06.12.2012 23.11.2012 16.11.2012

28.02.2013

Koninklijke KPN NV Koninklijke (Royal) KPN NV provides telecommunications services throughout the Netherlands. The Company provides local, long distance, international, and mobile telecommunications services, voice-mail, call forwarding, ISDN Internet lines, faxing, and communications services for businesses and individuals. KPN offers mobile telecommunications through E-Plus in Germany and BASE in Belgium.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (28.02.2013) 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 KPN NA EQUITY YTD Change KPN NA EQUITY YTD % CHANGE

12/2012 12/yy 8.59 2.61 4'140'765.00 2.614 -69.44% 0.15% 0.50% 1'431.5 3'742.00 13'896.00 0.0 51.0 1'286.00 16'403.00

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

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 f-12

31.12.2009 31.12.2010 13'451.0 13'324.0 2.23x 2.17x 5'192.0 5'476.0 5.77x 5.28x 2'178.0 1'793.0 8.90x 9.50x Profitability

LTM-4Q 31.12.2011 13'022.0 1.95x 5'138.0 4.93x 1'549.0 8.72x

31.12.2012 12'409.0 1.45x 4'528.0 3.97x 691.0 7.58x 4'528.00 1'820.00 14.67% 7.76% 3.08% 25.88% 0.55% 36.5% 14.7% 5.6% 0.53 0.22 62.00% 576.60% -

Price/ Cash Flow

a-12

m-12

j-12

LTM

12/yy 13'022.0 8.48x 5'138.0 4.93x 1'549.0 8.80x

j-12

12/yy 12'409.0 7.04x 4'528.0 3.97x 691.0 7.58x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

0.82 1'024.25 -64.66% -29.66% 0.823 38 2.868 15'562'400 18'056'150 15'724'380 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'031.7 11'946.9 1.22x 1.22x 4'136.2 4'068.6 1'018.0 1'031.0 3.97x 4.04x 3.93x 838.3 808.3 5.23x 5.92x S&P Issuer Ratings

08.02.2013 BBBSTABLE 08.02.2013 A-3 6.19 3.75 2.78 3.07 576.6% 85.0% 0.55 1.61 -

Sales/Revenue/Turnover

4.50

16'000.0

4.00

14'000.0

3.50

12'000.0

3.00

10'000.0

2.50

8'000.0

2.00

6'000.0

1.50

4'000.0

1.00

2'000.0

0.50 0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 14'427.0 1.99x 5'058.0 5.67x 1'332.0 13.48x

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 |

28.02.2013

Koninklijke KPN NV Holdings By:

All

Holder Name AMERICA MOVIL SAB DE CAPITAL INCOME BUILD MORGAN STANLEY BLACKROCK VANGUARD GROUP INC KONINKLIJKE KPN NV MARSHALL WACE LLP BANK OF NEW YORK MEL DEUTSCHE BANK AG ING INTERNATIONAL AD ING INVESTMENT MANAG GLG PARTNERS LP FMR LLC RUFFER LLP ARROWGRASS CAPITAL P STATE STREET ALLIANZ ASSET MANAGE SCHRODER INVESTMENT FRANKLIN RESOURCES ACHMEA BELEGGINSFOND

Firm Name

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

Analyst

Macquarie GUY R PEDDY Barclays JONATHAN DANN Societe Generale STEPHANE SCHLATTER AlphaValue JEAN-MICHEL SALVADOR ABN Amro Bank N.V. MARC HESSELINK Grupo Santander NAHUM SANCHEZ DE LAMADRID Morgan Stanley LUIS PROTA JPMorgan AKHIL DATTANI Jefferies ULRICH RATHE Sanford C. Bernstein & Co ROBIN BIENENSTOCK Petercam STEFAAN GENOE Nomura FREDERIC BOULAN ING Bank EMMANUEL CARLIER HSBC LUIGI MINERVA Kepler Capital Markets JAVIER BORRACHERO Rabobank International FRANK CLAASSEN New Street Research RUSSELL WALLER Exane BNP Paribas MICHAEL ZORKO Oddo & Cie ALEXANDRE IATRIDES Berenberg Bank STUART GORDON Credit Suisse PAUL SIDNEY Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Natixis JACQUES DE GRELING Kempen & Co SANDER VAN OORT Goldman Sachs TIMOTHY BODDY S&P Capital IQ JAMES CRAWSHAW Day by Day VALERIE GASTALDY Makor Capital Albert Saporta CA Cheuvreux PETER KURT NIELSEN Deutsche Bank MATTHEW BLOXHAM Theodoor Gilissen Securities JOS VERSTEEG EVA Dimensions ANDREW S ZAMFOTIS SNS Securities(ESN) VICTOR BARENO Raymond James STEPHANE BEYAZIAN Espirito Santo Investment Bank Research WILL DRAPER Gabelli & Co EVAN D MILLER

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

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

Amt Held % Out 393'283'000 27.47 70'631'406 4.93 33'158'475 2.32 20'914'146 1.46 19'414'671 1.36 13'271'699 0.93 (13'026'854) -0.91 12'900'730 0.9 11'299'898 0.79 10'691'486 0.75 10'626'528 0.74 (9'591'200) -0.67 8'998'088 0.63 8'520'000 0.6 (7'300'765) -0.51 6'997'386 0.49 6'994'538 0.49 5'434'844 0.38 5'016'067 0.35 4'444'284 0.31

Weighting

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

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

Latest Chg (37'172'923) 3'878'406 462'248 (429'456) 360'542 (2'359'072) 2'961'352 2'362'757 (1'717'826) (1'642'391) 5'826'500 (168'399) (3'079'895) 4'998'492 (586'359)

Target Price 3 4 3 6 3 5 4 #N/A N/A 3 3 5 3 4 3 3 3 3 3 3 2 4 4 3 4 4 4 #N/A N/A #N/A N/A 5 5 4 #N/A N/A 6 #N/A N/A 5 #N/A N/A

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

File Dt 28.06.2012 17.05.2012 11.05.2012 26.02.2013 31.12.2012 31.12.2011 26.02.2013 31.12.2012 31.12.2012 28.09.2012 31.12.2012 25.02.2013 31.12.2012 28.09.2012 22.02.2013 27.02.2013 31.12.2012 31.12.2012 30.09.2012 31.12.2012

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

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

Date 27.02.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 15.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 16.01.2013 15.01.2013 15.01.2013 17.12.2012 09.11.2012 24.10.2012 17.11.2011

28.02.2013

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

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 31.12.2012 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 13.57 767'829.00 21.505 -8.21% 58.47% 81.30% 957.1 20'583.14 4'534.00 0.0 34.0 3'834.00 21'317.14

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

8.0 M

6.0 M 4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 26'385.0 0.51x 1'883.0 7.11x (91.0) -

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 1'185.0 13.35x (1'295.0) -

31.12.2012 24'788.0 0.76x 2'463.0 7.69x 226.0 71.05x 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 0.82 15.59% 40.70% 5.81 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 2.75x 2'463.0 7.69x 226.0 72.71x

FY+1

.0 M f-13

1.17 908.50 43.71% 8.09% 1.175 41 3.659 3'823'697 3'484'632 2'952'107 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'833.3 25'725.3 5'575.0 5'840.0 0.86x 0.79x 3.71x 3.74x 3'439.0 3'760.5 589.0 713.0 6.20x 5.67x 6.71x 8.24x 1'474.5 1'686.4 214.0 304.3 12.81x 11.24x 12.97x 12.16x S&P Issuer Ratings

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 63.03 84.72 74.10 76.69

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 |

28.02.2013

Koninklijke Philips Electronics NV Holdings By:

All

Holder Name BLACKROCK KONINKLIJKE PHILIPS DODGE & COX SOUTHEASTERN ASSET M VANGUARD GROUP INC 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 FRANKLIN RESOURCES FORTIS INVESTMENTS MERCURY ASSET MANAGE BARCLAYS PLC AMERICAN CENTURY COM

Firm Name

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

Analyst

Morgan Stanley BEN UGLOW Nord/LB WOLFGANG VASTERLING Sanford C. Bernstein & Co MARTIN PROZESKY AlphaValue THOMAS PICHERIT Societe Generale GAEL DE BRAY RBC Capital Markets ANDREW CARTER Nomura DANIEL CUNLIFFE Banco Sabadell GLEN SPENCER-CHAPMAN Day by Day VALERIE GASTALDY 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 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 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 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 Research 13G 13G MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Research MF-AGG

Recommendation Equalwt/Cautious buy outperform add hold outperform buy sell hold buy neutral hold hold underweight neutral buy hold outperform sell buy buy equalweight hold buy neutral hold hold hold buy buy neutral/neutral buy neutral buy hold buy buy sell sell

Amt Held 48'728'999 47'895'476 46'061'138 41'502'897 18'911'287 9'437'496 6'865'214 6'475'487 5'481'917 4'800'000 3'988'162 3'920'784 3'472'591 3'404'174 3'396'481 3'171'131 3'003'859 2'961'527 2'911'837 2'442'077

% Out 5.09 5 4.81 4.34 1.98 0.99 0.72 0.68 0.57 0.5 0.42 0.41 0.36 0.36 0.35 0.33 0.31 0.31 0.3 0.26

Weighting

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

M M M M D M M M D 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 D M

Latest Chg 15'514'236 (6'799'141) 498'208 586'900 6'240 74'068 282'727 53'525 153'795 (768'340) (653'525) (19'794) (339'267)

Target Price 24 24 27 26 24 27 25 20 #N/A N/A 28 25 20 23 #N/A N/A 23 #N/A N/A 25 25 #N/A N/A 26 26 21 23 23 24 24 23 23 27 23 23 25 22 24 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 26.02.2013 08.02.2013 31.12.2012 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 31.12.2012 31.10.2012 26.02.2013 04.05.2012 31.12.2012

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

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

Date 26.02.2013 26.02.2013 26.02.2013 21.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 12.02.2013 11.02.2013 08.02.2013 06.02.2013 05.02.2013 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 24.01.2013 17.01.2013 08.01.2013 29.11.2012 30.10.2012 22.10.2012 04.09.2012 27.06.2012 03.04.2012 29.03.2010

28.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (01.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 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 115.90 85.27 84'972.00 113.8 -1.81% 33.46% 92.00% 609.4 69'348.68 248.00 0.0 4.8 1'823.20 67'778.28

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

3.5 M

120

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.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

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

0.69 233.59 35.83% 8.48% 0.689 39 3.308 748'039 601'434 527'477 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'448.7 24'825.6 5'755.0 5'663.0 2.85x 2.63x 4'735.3 5'082.6 14.30x 13.32x 3'090.7 3'347.9 22.24x 20.54x S&P Issuer Ratings

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

Fiscal Year Ended 31.12.2008 17'541.8 2.28x 3'441.7 11.63x 1'948.3 18.82x

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

28.02.2013

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 BLACKROCK AMUNDI 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 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

AlphaValue ARMELLE MOULIN Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas EAMONN FERRY RBC Capital Markets JAMES EDWARDES JONES Stifel Nicolaus MARK S ASTRACHAN Landesbank Baden-Wuerttemberg BERND MUELL Nomura GUILLAUME DELMAS Main First Bank AG GAEL COLCOMBET Barclays IAIN SIMPSON 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 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 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 ULT-AGG MF-AGG Short ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce underperform outperform outperform hold hold reduce outperform overweight hold neutral outperform buy sell buy sell hold hold hold buy/attractive overweight buy hold buy buy hold no rating system neutral buy overweight underweight suspended coverage hold hold not rated Underwt/In-Line sell sell buy

Amt Held % Out 185'661'879 30.47 178'381'021 29.27 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 2'557'662 0.42 2'473'079 0.41 (2'309'774) -0.38 1'482'647 0.24 1'392'571 0.23 1'069'068 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 2 1 5 5 3 3 2 5 5 3 3 5 5 1 5 1 3 3 3 5 5 5 3 5 5 3 #N/A N/A 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) (34'247) (109'936) 729'403 (234'507) (71'418) 51'217 306'745 29'230 2'736 -

Target Price 110 95 114 114 #N/A N/A 105 97 120 121 105 99 120 120 94 118 #N/A N/A 112 113 105 143 120 106 111 #N/A N/A 125 115 #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 26.02.2013 30.11.2012 30.01.2013 31.12.2012 31.12.2012 26.02.2013 31.12.2012 28.09.2012 27.02.2013 26.02.2013 30.06.2012 31.08.2012

Date 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month 6 month 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 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 Investment Advisor Mutual Fund Manager 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 28.02.2013 27.02.2013 25.02.2013 22.02.2013 22.02.2013 19.02.2013 18.02.2013 18.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 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 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

28.02.2013

Lafarge SA Lafarge SA supplies a wide range of building materials to contractors, wholesalers, and manufacturers. The Company produces cement, aggregates and concrete and gypsum products. Lafarge markets its products in Europe, Africa, Asia, North America, and Latin America.

Price/Volume 60

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LG FP EQUITY YTD Change LG FP EQUITY YTD % CHANGE

12/2012 12/yy 52.17 27.54 330'058.00 51.93 -0.46% 88.60% 99.83% 287.3 14'917.18 15'206.00 0.0 2'197.0 3'171.00 29'297.18

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

1.5 M

1.0 M

.5 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 19'033.0 1.43x 4'618.0 5.89x 1'598.0 5.24x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 15'884.0 14'834.0 2.02x 1.99x 3'507.0 3'416.0 9.16x 8.63x 736.0 827.0 20.87x 16.64x Profitability

LTM-4Q 31.12.2011 15'284.0 1.44x 2'772.0 7.95x 593.0 76.98x

31.12.2012 15'816.0 432.0 32.15x 2'772.00 1'638.00 10.72% 4.42% 0.79% 2.07% 1.98% 0.36% 23.9% 17.0% 9.9% 2.7% 1.32 0.68 37.34% 95.01% 6.59 6.88

Price/ Cash Flow

LTM

12/yy 14'933.0 6.91x 2'737.0 8.05x 593.0 85.45x

12/yy 15'816.0 4.81x 2'166.0 0.00x 432.0 32.76x

FY+1

.0 M f-13

1.20 178.42 50.87% 7.67% 1.199 33 4.061 1'346'747 1'016'073 837'782 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'233.3 17'203.2 3'387.0 4'302.0 1.67x 1.52x 8.75x 6.79x 3'786.0 4'160.3 521.0 1'030.0 7.74x 7.05x 8.49x 1'015.0 1'333.8 14.73x 11.24x 14.04x S&P Issuer Ratings

17.03.2011 BB+ NEG 17.03.2011 B 2.94 1.80 4.77 6.11 95.0% 45.5% 0.36 0.97 55.52 53.22 60.80 29.36

Sales/Revenue/Turnover

12.00

20'000.0 18'000.0

10.00

16'000.0 14'000.0

8.00

12'000.0

6.00

10'000.0 8'000.0

4.00

6'000.0 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 |

28.02.2013

Lafarge SA Holdings By:

All

Holder Name GROUPE BRUXELLES LAM NNS HOLDING DODGE & COX SOUTHEASTERN ASSET M BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE FMR LLC MANDARINE GESTION JP MORGAN TIAA CREF INVESTMENT STATE FARM MUTUAL AU AGF INVESTMENTS INC AMUNDI DIMENSIONAL FUND ADV ACTIVEST MUNICH ING ASSET MANAGEMENT AMUNDI LBPAM STOREBRAND FUND MANA

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

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios STATE FARM MUTUAL AU Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Recommendation

GAETAN DUPONT MICHAEL MORRIS MICHAEL F BETTS ALEJANDRA PEREDA SVEN EDELFELT CHRISTIAN KORTH HANS-PETER KUHLMANN GLYNIS JOHNSON WILL MORGAN NABIL AHMED YASSINE TOUAHRI PATRICK APPENZELLER MURIEL FELLOUS VIRGINIE ROUSSEAU JOSEP PUJAL JAWAHAR HINGORANI PHIL ROSEBERG CHARLIE CAMPBELL JEAN-CHRISTOPHE LEFEVRE-MOULENQ JOHN FRASER-ANDREWS VALERIE GASTALDY RAFIC EL HADDAD CRAIG STERLING HARRY GOAD ROBERT MUIR GIUSEPPE MAPELLI JOHN MESSENGER MARC NETTELBECK ARNAUD PALLIEZ TIM CAHILL

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

Amt Held 60'293'256 48'120'866 17'214'899 14'297'439 5'338'171 3'455'130 3'438'697 1'598'645 1'044'731 854'877 837'127 468'856 458'248 397'483 380'564 349'216 310'000 301'345 294'119 261'408

% Out 20.99 16.75 5.99 4.98 1.86 1.2 1.2 0.56 0.36 0.3 0.29 0.16 0.16 0.14 0.13 0.12 0.11 0.1 0.1 0.09

Weighting

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

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

Latest Chg (548'579) 1'668'523 69'604 218'017 (22'694) 35'923 32'674 (343'177) (190'174) (20'530) 99'848 (45'189) (45'584) (70'200)

Target Price 59 49 60 57 60 60 52 64 60 56 54 42 50 52 56 52 42 48 55 56 #N/A N/A 55 #N/A N/A 55 47 46 #N/A N/A 39 51 #N/A N/A

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

File Dt 15.03.2012 01.10.2012 31.12.2011 16.08.2012 26.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 28.09.2012 31.10.2012 31.07.2012 30.11.2012 28.09.2012 28.09.2012 31.12.2012 31.01.2013

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

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

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 29.01.2013 24.01.2013 21.01.2013 17.01.2013 17.12.2012 27.11.2012 13.11.2012 07.11.2012 16.10.2012 19.09.2012 31.08.2012

28.02.2013

Land Securities Group PLC Land Securities Group plc is a property investment and management company. The Group invests in real estate, including offices, shops and shopping centres, out of town retail locations, supermarkets and industrial/warehouse facilities throughout the United Kingdom. Land Securities' portfolio also consists of a small percentage of hotel, leisure and residential properties.

Price/Volume

6.0 M

03/2012 01/yy 850.00 673.00 243'308.00 824.5 -2.94% 22.51% 80.51% 781.6 6'444.03 3'235.90 0.0 0.2 29.70 9'620.73

500

4.0 M

400

3.0 M

300

2.0 M

200

1.0 M

100 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2009 31.03.2010 821.2 833.4 4.96x 10.25x 519.1 445.7 7.84x 19.16x (5'191.3) 1'088.9 4.71x Profitability

31.03.2011 701.9 12.87x 437.6 20.65x 1'241.6 4.52x

31.03.2012 671.5 13.20x 436.5 20.30x 522.9 10.70x

436.50 431.90 64.32% 76.80% 2.47% 3.75% 5.35% 0.06% 64.3% 65.0% 64.3% 77.9% 2.37 0.13 29.91% 45.22% 1.58

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

3.57 0.93 705.29 26.89% 1.35% 0.929 22 3.409 1'539'578 1'594'792 1'491'604 FY+2

03/13 Y 03/14 Y 552.2 591.7 18.60x 17.60x 444.3 481.3 21.65x 19.99x 270.8 313.4 23.29x 21.58x S&P Issuer Ratings

FQ+1

FQ+2

2.02 0.11 7.68 7.73 45.2% 31.1% 0.06 0.07 231.09 202.47

Sales/Revenue/Turnover

50.00

2'000.0

45.00

1'800.0

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 03.04.2009

5.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (01.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LAND LN EQUITY YTD Change LAND LN EQUITY YTD % CHANGE

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

7.0 M

800 700

Valuation Analysis

31.03.2008 818.0 15.24x 546.4 22.81x (830.8) -

900

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Land Securities Group PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME M&G INVESTMENT MANAG APG ALGEMENE PENSIOE ALBRIGHT INVESTMENTS LEGAL & GENERAL PEEL HOLDINGS PLC STATE STREET SCOTTISH WIDOWS VANGUARD GROUP INC COHEN & STEERS CAPIT MORGAN STANLEY BNP PARIBAS INV PART EUROPEAN INVESTORS I NOMURA AXA INVESTMENT MANAG UBS COHEN & STEERS CAPIT PEOPLES REPUBLIC OF ING INV MANAGEMENT E

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue PIERRE-LOUP ETIENNE Jefferies MICHAEL PREW Numis Securities Ltd CHRISTOPHER SPEARING Morgan Stanley CHRISTOPHER FREMANTLE Barclays AARON GUY Exane BNP Paribas NICK WEBB EVA Dimensions AUSTIN BURKETT Panmure Gordon & Co Limited MARK HUGHES Investec ALAN CARTER Oriel Securities Ltd MIRANDA COCKBURN Day by Day VALERIE GASTALDY Deutsche Bank MARTIN ALLEN Kempen & Co RYAN PALECEK JPMorgan HARM M MEIJER Societe Generale MARC MOZZI Espirito Santo Investment Bank Research MICHAEL BURT Peel Hunt KEITH CRAWFORD Goldman Sachs JULIAN LIVINGSTON-BOOTH Credit Suisse STEVE BRAMLEY-JACKSON Liberum Capital Ltd ALISON WATSON

Source ULT-AGG REG REG RNS-MAJ RNS-MAJ ULT-AGG REG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Research ULT-AGG REG ULT-AGG REG REG REG

Recommendation reduce hold hold Overwt/Attractive overweight neutral overweight hold hold hold hold buy underweight neutral hold neutral hold neutral/neutral outperform hold

Amt Held 50'151'233 40'749'193 31'294'639 31'221'316 31'088'858 28'211'488 24'525'117 20'984'824 20'953'672 16'374'356 12'276'292 12'078'981 10'396'373 10'180'350 9'987'499 9'787'418 9'542'361 9'333'062 9'176'759 8'913'024

% Out 6.42 5.21 4 3.99 3.98 3.61 3.14 2.68 2.68 2.1 1.57 1.55 1.33 1.3 1.28 1.25 1.22 1.19 1.17 1.14

Weighting

Change 2 3 3 5 5 3 5 3 3 3 3 5 1 3 3 3 3 3 5 3

M M M M U M U M M M D M D M M M M M M D

Latest Chg 7'761'689 (1'221'618) (1'683'597) (6'060'943) 927'739 4'492'452 531'785 (1'866'135) 635'620 (2'594'377) (15'872) 4'726'670 (132'066) 334'652 3'728'602 2'879'547 (409'523)

Target Price 811 788 870 830 935 860 #N/A N/A 820 825 #N/A N/A #N/A N/A 970 800 920 830 800 840 855 865 773

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Investment Advisor 01.10.2012 Government 01.10.2012 Investment Advisor 19.02.2013 Pension Fund (ERISA) 29.11.2011 Investment Advisor 01.10.2012 Unclassified 01.10.2012 Holding Company 27.02.2013 Investment Advisor 30.11.2012 Unclassified 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.10.2012 Unclassified 01.10.2012 Investment Advisor 30.11.2012 Unclassified 01.10.2012 Investment Advisor 01.10.2012 Government 01.10.2012 Investment Advisor

Date 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 25.02.2013 25.02.2013 11.02.2013 08.02.2013 01.02.2013 29.01.2013 25.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 14.01.2013 09.01.2013 18.12.2012 18.12.2012 03.12.2012 08.11.2012 26.09.2012 20.07.2012

28.02.2013

Legal & General Group PLC Legal & General Group plc is a holding company. The Company, through its subsidiaries, provides savings, risk and investment management services such as annuities, long-term savings, life assurance and financial protection products. Legal & General Group's products are sold through bank, building society relationships, Independent Financial Advisers and directly to customers.

Price/Volume 180

60.0 M

160

50.0 M

140 120

40.0 M

100

12/2011 09/yy 161.30 105.30 1'695'336.00 157.8 -2.17% 49.86% 93.39% 5'912.9 9'330.50 3'250.00 0.0 66.0 14'113.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

10.0 M

20 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 18'202.0 0.13x 724.0 11.62x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LGEN LN EQUITY YTD Change LGEN LN EQUITY YTD % CHANGE

31.12.2008 31.12.2009 (31'644.0) 43'790.0 (1'067.0) 863.0 2.72x Profitability

LTM-4Q 31.12.2010 38'440.0 820.0 6.88x

31.12.2011 18'317.0 726.0 8.25x 6.12% 5.22% 0.23% 15.45% 10.79% 0.06% 4.0% 0.99% 62.50% -

Price/ Cash Flow

LTM

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

4.25 1.37 5'906.47 37.94% 8.38% 1.374 27 3.519 12'616'970 11'376'690 10'220'880 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 5'859.3 6'387.3 436.5 1.50x 1.37x 843.1 882.8 11.27x 10.66x S&P Issuer Ratings

09.02.2010 A STABLE 25.02.2009 A-1 62.5% 38.2% 0.06 -

Sales/Revenue/Turnover

12.00

50'000.0 40'000.0

10.00

30'000.0 8.00

20'000.0

6.00

10'000.0 0.0

4.00

-10'000.0

0.00 02.01.2009

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-20'000.0

2.00

-30'000.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

-40'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Legal & General Group PLC Holdings By:

All

Holder Name SCHRODER INVESTMENT BLACKROCK CAPITAL GROUP COMPAN FMR LLC THREADNEEDLE ASSET M SCHRODER INVESTMENT SWISS REINSURANCE STANDARD LIFE INVEST AXA INVESTMENT MANAG SCOTTISH WIDOWS THREADNEEDLE INVESTM ARTEMIS INVESTMENT M AVIVA INVESTORS VANGUARD GROUP INC NORGES BANK INVESTME ARTEMIS INVESTMENT M PEOPLES REPUBLIC OF LEGAL & GENERAL GROU F&C ASSET MANAGEMENT JUPITER ASSET MANAGE

Firm Name Sanford C. Bernstein & Co Keefe, Bruyette & Woods JPMorgan Oriel Securities Ltd Day by Day RBC Capital Markets Credit Suisse Barclays Deutsche Bank Macquarie Goldman Sachs EVA Dimensions HSBC Investec Societe Generale Redburn Partners Morgan Stanley Canaccord Genuity Corp Panmure Gordon & Co Limited Shore Capital Stockbrokers Berenberg Bank S&P Capital IQ Exane BNP Paribas Nomura Daiwa Securities Co. Ltd.

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst EDWARD HOUGHTON GREIG N PATERSON ASHIK MUSADDI MARCUS BARNARD VALERIE GASTALDY GORDON AITKEN CHRIS ESSON ALAN DEVLIN OLIVER STEEL NEIL WELCH COLIN L SIMPSON AUSTIN BURKETT KAILESH MISTRY KEVIN RYAN ABID HUSSAIN LANCE BURBIDGE JON HOCKING BEN COHEN BARRIE CORNES EAMONN FLANAGAN MATTHEW PRESTON RODERICK WALLACE ANDY HUGHES FAHAD CHANGAZI TIM PROUDLOVE

Source REG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG REG REG REG ULT-AGG MF-AGG REG REG MF-AGG REG MF-AGG REG REG REG REG

Recommendation market perform underperform neutral buy hold sector perform neutral overweight buy outperform neutral/neutral hold overweight hold hold neutral Equalwt/In-Line hold buy buy buy hold underperform buy outperform

Amt Held 386'066'239 291'921'424 290'344'506 240'966'463 238'287'407 215'079'841 169'171'985 162'792'629 154'548'532 146'965'053 118'694'862 114'033'951 112'000'485 108'308'669 101'018'107 93'648'888 81'906'572 72'641'394 70'631'364 65'293'473

% Out 6.53 4.94 4.91 4.08 4.03 3.64 2.86 2.75 2.61 2.49 2.01 1.93 1.89 1.83 1.71 1.58 1.39 1.23 1.19 1.1

Weighting

Change 3 1 3 5 3 3 3 5 5 5 3 3 5 3 3 3 3 3 5 5 5 3 1 5 5

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

Latest Chg (10'233'954) (1'707'207) 245'672 11'184'585 98'290 418'703 13'696'488 (2'209'633) 46'947'806 673'846 21'870'538 (16'190'706) 2'913'807 6'951'655 37'648'888 (2'070'035) 403'808 1'547'523

Target Price 165 110 144 165 #N/A N/A 150 160 166 170 175 165 #N/A N/A 180 153 144 #N/A N/A 157 150 154 #N/A N/A 170 150 116 185 137

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.12.2012 26.02.2013 31.12.2012 31.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.10.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012

Date 12 month 12 month Not Provided Not Provided 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 Not Provided Not Provided 12 month Not Provided Not Provided 6 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Government Unclassified Investment Advisor Investment Advisor

Date 27.02.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 04.02.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 07.01.2013 11.12.2012 10.12.2012 05.12.2012 26.11.2012 16.11.2012 08.11.2012 01.11.2012 01.11.2012 01.11.2012 17.09.2012 01.07.2011

28.02.2013

Legrand SA Legrand S.A. specializes in products and systems for electrical installations and information networks. The company's products are offered for residential, commercial, and industrial use.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LR FP EQUITY YTD Change LR FP EQUITY YTD % CHANGE

12/2012 12/yy 35.44 23.50 68'123.00 35.255 -0.48% 50.02% 98.49% 264.2 9'314.06 1'576.80 0.0 5.5 494.30 10'402.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 4'202.4 1.28x 859.9 6.24x 349.9 10.01x

31.12.2009 31.12.2010 3'577.5 3'890.5 1.80x 2.37x 904.1 1'066.5 7.13x 8.63x 289.8 418.3 17.48x 19.11x Profitability

LTM-4Q 31.12.2011 4'250.1 1.81x 994.2 7.72x 478.6 13.64x

31.12.2012 4'466.7 2.13x 953.2 9.98x 505.6 16.60x 953.20 848.00 18.98% 16.89% 7.55% 16.49% 12.16% 0.67% 51.7% 22.8% 19.0% 11.3% 1.58 0.88 23.42% 49.51% 8.71 3.59

Price/ Cash Flow

12/yy 4'250.1 7.78x 1'011.2 7.59x 478.6 13.66x

LTM 12/yy 4'466.7 7.96x 1'016.5 9.36x 505.6 16.62x

FY+1

.0 M f-13

0.89 240.00 34.32% 10.60% 0.891 24 3.292 1'025'216 734'727 598'451 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'585.5 4'803.9 1'106.0 1'185.0 2.23x 2.07x 9.49x 8.89x 1'038.4 1'103.3 246.5 276.5 10.02x 9.43x 9.93x 9.85x 551.3 602.9 128.0 147.0 16.89x 15.55x 16.40x 15.67x S&P Issuer Ratings

22.02.2012 ASTABLE 22.03.2007 A-2 9.30 8.40 1.06 1.55 49.5% 33.1% 0.67 7.55 42.01 101.84 74.31 69.54

Sales/Revenue/Turnover

14.00

5'000.0 4'500.0

12.00

4'000.0 10.00

3'500.0 3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Legrand SA Holdings By:

All

Holder Name MASSACHUSETTS FINANC BLACKROCK CAPITAL GROUP COMPAN MORGAN STANLEY LEGRON BV ALLIANZ ASSET MANAGE HARBOR CAPITAL ADVIS VANGUARD GROUP INC FINANCIERE LIGHT III OPPENHEIMERFUNDS INC SCHNEPP GILLES BAZIL OLIVIER GRAPPOTTE FRANCOIS FIRST EAGLE INVESTME FMR LLC NATIXIS ASSET MANAGE LEGRAND SA MFS FINANCIAL SERVIC T ROWE PRICE ASSOCIA UNITED SERVICES AUTO

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co MARTIN PROZESKY AlphaValue LIONEL PELLICER Credit Suisse ANDRE KUKHNIN Deutsche Bank MARTIN WILKIE Natixis LUDOVIC DEBAILLEUX Societe Generale GAEL DE BRAY CA Cheuvreux ANTOINE AZAR Exane BNP Paribas OLIVIER ESNOU Barclays NICK WEBSTER Morgan Stanley BEN UGLOW JPMorgan ANDREAS WILLI CM - CIC Securities(ESN) ARI AGOPYAN Canaccord Genuity Corp JAMES STETTLER Berenberg Bank WILLIAM MACKIE Kepler Capital Markets PIERRE BOUCHENY Goldman Sachs DANIELA COSTA EVA Dimensions CRAIG STERLING Day by Day VALERIE GASTALDY HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE Redburn Partners PASCAL HAUTCOEUR

Source Research ULT-AGG ULT-AGG ULT-AGG Research ULT-AGG MF-AGG MF-AGG Research MF-AGG Co File Co File Co File MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation market perform reduce underperform hold neutral buy underperform neutral overweight Equalwt/Cautious neutral reduce buy hold reduce Buy/Neutral hold hold neutral buy buy

Amt Held 28'686'661 23'364'992 22'771'783 17'160'497 14'422'556 4'930'258 4'471'384 4'376'976 2'659'412 2'025'190 1'929'582 1'928'845 1'916'000 1'680'883 1'501'737 1'470'336 1'315'484 1'167'547 1'104'268 946'225

% Out 10.86 8.84 8.62 6.5 5.46 1.87 1.69 1.66 1.01 0.77 0.73 0.73 0.73 0.64 0.57 0.56 0.5 0.44 0.42 0.36

Weighting

Change 3 2 1 3 3 5 1 3 5 3 3 2 5 3 2 5 3 3 3 5 5

M M M M M M M M M M M M M M M M M D M M M

Latest Chg (2'490'304) (3'496'723) (6'792'589) (15'492) 128'255 2'885'734 70'518 (12'730'394) 2'800 31'210 (135'692) (65'612) (6'014) 8'522

Target Price 33 33 30 30 37 37 26 37 34 33 33 29 37 36 32 37 #N/A N/A #N/A N/A 32 34 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.08.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 08.03.2012 Other 30.12.2012 Investment Advisor 31.12.2009 n/a 31.12.2009 n/a 31.12.2009 n/a 30.09.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2009 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 9 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 26.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 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 17.01.2013 17.01.2013 15.01.2013 29.11.2012 30.10.2012 03.10.2012

28.02.2013

Linde AG Linde AG is a gases and engineering company. The Gases Division offers a wide range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

Price/Volume 4.0 M

120

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (10.07.2012) 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 LIN GY EQUITY YTD Change LIN GY EQUITY YTD % CHANGE

12/2011 09/yy 138.90 109.80 108'516.00 137.85 -0.79% 25.55% 95.02% 185.2 25'533.32 7'814.00 0.0 540.0 2'073.00 35'254.32

2.0 M

1.5 M

1.0 M

.5 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.5 M

140 100

Valuation Analysis

31.12.2007 12'306.0 1.78x 2'340.9 9.37x 952.0 15.66x

160

31.12.2008 31.12.2009 12'663.0 11'211.0 1.34x 1.86x 2'468.0 2'320.0 6.86x 8.97x 717.0 591.0 14.02x 23.98x Profitability

LTM-4Q 31.12.2010 12'868.0 1.97x 2'847.0 8.92x 1'005.0 19.12x

31.12.2011 13'787.0 1.88x 3'101.0 8.37x 1'174.0 16.71x 3'101.00 1'801.00 13.06% 11.74% 4.05% 10.41% 0.49% 36.4% 22.5% 12.7% 8.5% 0.89 0.63 27.02% 67.34% 6.35 8.11

Price/ Cash Flow

LTM

09/yy 13'672.0 7.33x 3'072.0 7.70x 1'163.0 14.78x

09/yy 14'641.0 8.09x 3'287.0 10.52x 1'222.0 19.14x

FY+1

.0 M f-13

0.81 185.21 12.69% 4.43% 0.810 43 4.000 527'878 477'054 478'213 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 15'178.1 16'955.3 4'111.5 4'021.0 2.25x 1.97x 8.46x 3'492.2 3'973.2 983.9 947.0 10.10x 8.87x 9.00x 8.91x 1'318.4 1'531.4 352.8 360.5 17.80x 16.12x 16.67x 16.26x S&P Issuer Ratings

25.05.2012 A STABLE 25.05.2012 A-1 7.93 4.49 2.79 3.20 67.3% 39.2% 0.49 1.58 57.62 45.11 102.46 -15.95

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Linde AG Holdings By:

All

Holder Name BLACKROCK ADVISORS L BLACKROCK CAPITAL GROUP COMPAN FMR LLC HARBOR CAPITAL ADVIS MASSACHUSETTS FINANC DEUTSCHE BANK AG VANGUARD GROUP INC ARTISAN PARTNERS HOL DB PLATINUM ADVISORS ALLIANZ ASSET MANAGE FRANKLIN RESOURCES UNION INVESTMENT GMB BNP PARIBAS INV PART DEKA INVESTMENT GMBH ADIG INVESTMENT DODGE & COX FRANKFURT TRUST INVE MFS FINANCIAL SERVIC OPPENHEIMERFUNDS INC

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Commerzbank Corporates & Markets Goldman Sachs Sanford C. Bernstein & Co AlphaValue Bankhaus Metzler Bankhaus Lampe Societe Generale Exane BNP Paribas Credit Suisse Berenberg Bank Nomura Barclays Kepler Capital Markets Equinet Institutional Services(ESN) Morgan Stanley EVA Dimensions HSBC Jefferies Equita SIM SpA Day by Day Liberum Capital Ltd JPMorgan Deutsche Bank Natixis Landesbank Baden-Wuerttemberg DZ Bank AG Macquarie Main First Bank AG M.M. Warburg Investment Research Nord/LB CA Cheuvreux National Bank AG Independent Research GmbH Hamburger Sparkasse S&P Capital IQ Silvia Quandt Research Baader Bank Alembic Global Advisors Redburn Partners Canaccord Genuity Corp Donner & Reuschel

STEPHAN KIPPE RAKESH PATEL JEREMY REDENIUS HANS-PETER WODNIOK LARS HETTCHE HEIKO FEBER PETER CLARK HEIDI VESTERINEN CHRIS COUNIHAN JOHN PHILIPP KLEIN JEAN DE WATTEVILLE GUNTHER ZECHMANN MARKUS MAYER NADESHDA DEMIDOVA PETER MACKEY CRAIG STERLING SEBASTIAN SATZ LAURENCE ALEXANDER MASSIMO BONISOLI VALERIE GASTALDY ADAM COLLINS NEIL C TYLER TIMOTHY JONES FREDERIC WILLIAMS-GOBEAUX ULLE WORNER PETER SPENGLER CHRISTIAN FAITZ THOMAS SWOBODA EGGERT KULS THORSTEN STRAUSS KLAUS RINGEL EKKEHARD D LINK CHRISTOPH SCHOENDUBE MARCO GUENTHER JOHNSON IMODE RALF GROENEMEYER NORBERT BARTH HASSAN I AHMED TONY JONES PAUL W SATCHELL MARKUS NEUBURGER

Source Research ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy Buy/Neutral market perform add buy buy buy neutral underperform buy neutral equalweight buy buy Equalwt/In-Line sell overweight buy buy hold buy overweight buy buy buy hold outperform outperform buy buy select list hold hold hold hold buy buy neutral neutral hold buy

Amt Held 9'252'936 8'946'666 6'880'592 4'839'818 4'801'614 4'270'688 4'054'644 3'252'066 2'572'241 2'504'264 1'882'931 1'815'526 1'580'518 1'561'563 1'230'595 831'040 820'205 687'970 677'654 665'092

% Out 5 4.83 3.71 2.61 2.59 2.31 2.19 1.76 1.39 1.35 1.02 0.98 0.85 0.84 0.66 0.45 0.44 0.37 0.37 0.36

Weighting

Change 5 5 3 4 5 5 5 3 1 5 3 3 5 5 3 1 5 5 5 3 5 5 5 5 5 3 5 5 5 5 5 3 3 3 3 5 5 3 3 3 5

M M M M M M M M D M M M M M M M M M M M M M M M M D M M M M M M M M M M M M M M M

Latest Chg 474'456 (174'285) (687'774) 77'090 (37'869) 67'654 61'948 1'428'093 (69'285) (1'249) 127'709 244'879 (17'345) (15'000) (78) -

Target Price 180 167 135 145 145 160 155 131 130 160 158 139 147 155 150 #N/A N/A 156 149 150 #N/A N/A 156 160 160 141 148 141 150 140 158 150 153 140 139 #N/A N/A 132 160 153 120 #N/A N/A 114 155

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 14.01.2013 Investment Advisor 26.02.2013 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 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 29.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor

Date 6 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 9 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

Date 27.02.2013 27.02.2013 22.02.2013 21.02.2013 15.02.2013 12.02.2013 11.02.2013 07.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 29.01.2013 25.01.2013 17.01.2013 11.01.2013 02.01.2013 20.12.2012 20.12.2012 13.12.2012 07.12.2012 06.12.2012 03.12.2012 30.11.2012 28.11.2012 21.11.2012 20.11.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 25.10.2012 15.10.2012 08.10.2012 18.05.2012 17.03.2011

28.02.2013

Lloyds Banking Group PLC Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

Price/Volume 60

700.0 M

600.0 M 500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLOY LN EQUITY YTD Change LLOY LN EQUITY YTD % CHANGE

12/2011 09/yy 56.10 24.75 41'930'316.00 54.42 -2.98% 119.92% 92.35% 70'343.3 38'390.89 267'954.00 0.0 674.0 94'236.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

300.0 M

200.0 M

100.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2007 22'081.0 3'289.0 8.09x

400.0 M

Valuation Analysis

31.12.2008 31.12.2009 20'413.0 44'007.0 772.0 2'827.0 18.90x 6.76x Profitability

LTM-4Q 31.12.2010 43'432.0 (320.0) -

31.12.2011 35'780.0 (2'787.0) 12.27% -15.98% -0.11% -2.20% -0.32% 0.04% -12.6% 27.61% 583.52% -

LTM

09/yy 26'601.0 0.00x 0.0 0.00x (2'824.0) 0.00x

09/yy 35'485.0 0.00x 0.0 0.00x (1'016.0) 0.00x

FY+1

0.00 1.68 42'726.59 55.78% 13.58% 1.676 33 3.394 ######### ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 18'424.7 18'345.1 4'553.9 1'598.7 2'901.3 644.5 23.65x 13.95x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 583.5% 85.2% 0.04 -

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 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 |

28.02.2013

Lloyds Banking Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER FMR LLC BLACKROCK LEGAL & GENERAL UBS SCOTTISH WIDOWS DEUTSCHE PRIVATE BAN NORGES BANK INVESTME HALIFAX SHARE DEALIN FRANKLIN RESOURCES VANGUARD GROUP INC SCHRODER INVESTMENT STANDARD LIFE INVEST TD WATERHOUSE GROUP ALECTA INVESTMENT MA HARRIS ASSOCIATES LP BNP PARIBAS INV PART SELFTRADE SCHRODER INVESTMENT PRIVATE INDIVIDUALS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue DAVID GRINSZTAJN Shore Capital Stockbrokers GARY GREENWOOD Nomura CHINTAN JOSHI Societe Generale JAMES INVINE Numis Securities Ltd MICHAEL J TRIPPITT Investec IAN GORDON Sanford C. Bernstein & Co CHIRANTAN BARUA Credit Suisse CARLA ANTUNES-SILVA Barclays ROHITH CHANDRA-RAJAN Exane BNP Paribas TOM RAYNER Keefe, Bruyette & Woods MARK J PHIN Morgan Stanley CHRISTOPHER MANNERS Liberum Capital Ltd CORMAC LEECH Redburn Partners JON KIRK Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA RBC Capital Markets CLAIRE KANE Berenberg Bank JAMES CHAPPELL EVA Dimensions AUSTIN BURKETT Macquarie EDWARD FIRTH JPMorgan RAUL SINHA HSBC PETER TOEMAN Day by Day VALERIE GASTALDY Grupo Santander ARTURO DE FRIAS Deutsche Bank JASON NAPIER Goldman Sachs FREDERIK THOMASEN Mediobanca SpA CHRISTOPHER J WHEELER Canaccord Genuity Corp GARETH HUNT S&P Capital IQ FRANK BRADEN Oriel Securities Ltd VIVEK RAJA Daniel Stewart & Co SIMON WILLIS Prosdocimi TEAM COVERAGE

Source RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG MF-AGG REG REG REG REG REG ULT-AGG REG MF-AGG REG

Recommendation sell buy reduce buy buy sell outperform neutral underweight outperform underperform Equalwt/In-Line buy buy sell outperform sell sell underperform neutral overweight buy buy buy neutral/neutral neutral hold hold buy sell buy

Amt Held 27'608'563'642 2'484'724'574 2'339'209'568 1'661'814'988 1'115'530'386 1'090'319'837 1'075'638'770 1'075'023'992 1'052'501'056 808'147'076 777'777'333 742'242'002 739'647'720 724'279'567 675'500'000 609'121'200 605'694'180 597'593'904 594'532'401 456'479'052

% Out 39.25 3.53 3.33 2.36 1.59 1.55 1.53 1.53 1.5 1.15 1.11 1.06 1.05 1.03 0.96 0.87 0.86 0.85 0.85 0.65

Weighting

Change 1 5 2 5 5 1 5 3 1 5 1 3 5 5 1 5 1 1 1 3 5 5 5 5 3 3 3 3 5 1 5

M M M M M M M M M M M M M M D M M M D U M M M M D M M M M N M

Latest Chg 395'879'107 55'209'103 10'480'503 (47'847'264) 462'591'455 41'049'793 (14'804'023) (38'913'754) (82'767'266) 17'836'770 (128'253'574) 19'888'448 (36'378'354) (40'000'000) (225'724'735) 35'224'216 (17'125'603) (1'298'271) (1'330'422)

Target Price 46 #N/A N/A 42 52 64 46 60 45 40 63 51 50 62 #N/A N/A 48 69 24 #N/A N/A 48 55 65 59 66 66 57 40 35 47 49 26 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.03.2012 31.12.2012 26.02.2013 31.01.2013 28.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 01.12.2012 31.12.2012 01.12.2012

Date 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 9 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Government Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Unclassified Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 15.02.2013 11.02.2013 05.02.2013 04.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 17.01.2013 16.01.2013 14.01.2013 10.01.2013 10.01.2013 07.01.2013 13.12.2012 16.11.2012 07.11.2012 01.11.2012 01.11.2012 01.11.2012 02.07.2012 25.11.2010

28.02.2013

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 143.40 111.00 109'699.00 131.85 -8.12% 18.78% 62.96% 507.7 66'943.38 6'812.00 0.0 1'102.0 2'196.00 72'661.38

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

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 17'193.0 1.60x 4'323.0 6.34x 2'026.0 11.16x

1.5 M

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

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

2.20 0.93 254.99 6.79% -5.01% 0.928 38 4.316 862'484 737'215 690'358 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'681.7 32'725.6 2.38x 2.10x 7'467.8 8'431.5 9.74x 8.63x 3'864.8 4'312.6 17.30x 15.45x S&P Issuer Ratings

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 |

28.02.2013

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 BNP PARIBAS INV PART AVIVA PLC LBPAM AMUNDI

Firm Name Cantor Fitzgerald AlphaValue Aurel - BGC Main First Bank AG Exane BNP Paribas Banco Sabadell Berenberg Bank 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 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 n/a Multiple Portfolios Multiple Portfolios 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 ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation

ALLEGRA PERRY hold VIRGINIE BLIN buy DAVID DA MAIA hold MATTHIAS EIFERT outperform LUCA GIUSEPPE SOLCA neutral IGNACIO ROMERO buy JOHN GUY 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 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 3'438'401 2'895'464 1'691'030 1'561'592 1'528'000 1'404'172 1'401'021 1'364'068 1'357'226 1'150'592 949'292

% Out 46.46 1.88 1.07 1.03 0.87 0.83 0.83 0.83 0.8 0.68 0.57 0.33 0.31 0.3 0.28 0.28 0.27 0.27 0.23 0.19

Weighting

Change

3 5 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 3 1 3 5 3 5 5 5 5 5 #N/A N/A

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 D N M M M M N M M

Latest Chg (147'143) 134'015 161'263 4'700 157'656 (43'581) (105'173) (41'343) (14'605) 17'212 202'014 43'392 (36'062)

Target Price 141 171 145 157 135 144 140 140 152 198 160 148 165 160 142 163 123 155 158 155 160 155 160 151 168 151 150 #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 26.02.2013 30.11.2012 30.12.2012 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 28.09.2012

Date Not Provided 6 month Not Provided 12 month Not Provided 12 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 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 Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 22.02.2013 21.02.2013 20.02.2013 20.02.2013 19.02.2013 15.02.2013 15.02.2013 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 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

28.02.2013

Marks & Spencer Group PLC Marks & Spencer Group PLC is a holding company. The Company, through its subsidiaries, provides retail of clothing, food and home products.

Price/Volume 450

25.0 M

400 20.0 M

350 300

15.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MKS LN EQUITY YTD Change MKS LN EQUITY YTD % CHANGE

03/2012 01/yy 399.60 310.60 777'401.00 370.2 -7.38% 19.19% 66.18% 1'612.8 5'970.67 2'275.80 0.0 (11.4) 456.60 8'040.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100

5.0 M

50 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.03.2008 9'022.0 0.96x 1'493.9 5.80x 821.7 8.05x

10.0 M

150

31.03.2009 31.03.2010 9'062.1 9'536.6 0.75x 0.85x 1'138.1 1'268.9 5.96x 6.37x 508.0 526.3 8.21x 11.10x Profitability

31.03.2011 9'740.3 0.74x 1'289.4 5.60x 612.0 8.73x

31.03.2012 9'934.3 0.79x 1'162.8 6.79x 513.1 11.67x

1'162.80 683.10 6.88% 6.62% 6.52% 19.11% 11.51% 1.33% 37.8% 11.5% 6.7% 5.2% 0.73 0.28 31.29% 81.56% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.59 0.80 1'611.05 7.02% -3.17% 0.800 28 2.893 5'505'292 4'347'828 4'710'803 FY+2

03/13 Y 03/14 Y 10'038.3 10'425.1 0.84x 0.81x 1'303.0 1'388.2 6.17x 5.79x 517.7 563.7 11.39x 10.64x S&P Issuer Ratings

FQ+1

FQ+2

07.01.2009 BBBSTABLE 03.07.2008 A-3 8.50 4.38 1.83 2.07 81.6% 45.0% 1.33 2.10 -12.05

Sales/Revenue/Turnover

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0 3.00

4'000.0 2.00

2'000.0

1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Marks & Spencer Group PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK BRANDES INVESTMENT P CAPITAL GROUP COMPAN LEGAL & GENERAL WELLCOME TRUST Marks & Spencer Grou MAJEDIE ASSET MANAGE NORGES BANK INVESTME UBS VANGUARD GROUP INC SCOTTISH WIDOWS BARCLAYS PRIVATE BAN MANNING & NAPIER ADV STANDARD LIFE INVEST JP MORGAN BREWIN DOLPHIN LIMIT VANGUARD GROUP INC BARCLAYS PERSONAL IN MANNING & NAPIER ADV

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue VIRGINIE BLIN Shore Capital Stockbrokers CLIVE WILLIAM BLACK Sanford C. Bernstein & Co JAMIE MERRIMAN Espirito Santo Investment Bank Research CAROLINE GULLIVER Barclays CHRISTODOULOS CHAVIARAS Cantor Fitzgerald FREDDIE GEORGE Nomura FRASER RAMZAN Oriel Securities Ltd EITHNE O'LEARY Redburn Partners GEOFF LOWERY Morgan Stanley GEOFFREY RUDDELL S&P Capital IQ WILLIAM MACK Exane BNP Paribas BEN SPRUNTULIS EVA Dimensions CRAIG STERLING Societe Generale ANNE CRITCHLOW Peel Hunt JOHN STEVENSON Grupo Santander REBECCA MCCLELLAN Deutsche Bank CHARLIE MUIR-SANDS Investec BETHANY HOCKING HSBC PAUL ROSSINGTON Numis Securities Ltd MATTHEW TAYLOR Panmure Gordon & Co Limited JEAN ROCHE N+1 Singer Ltd MATTHEW MCEACHRAN Day by Day VALERIE GASTALDY Goldman Sachs ROBERT JOYCE CA Cheuvreux DANIEL OVIN Merchant Securities AMISHA CHOHAN Equita SIM SpA FABIO FAZZARI

Source ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG REG REG REG REG ULT-AGG MF-AGG ULT-AGG REG REG REG ULT-AGG REG REG REG MF-AGG

Recommendation reduce buy market perform sell underweight hold buy buy sell Equalwt/Cautious strong buy underperform underweight buy hold underweight hold sell neutral hold hold hold buy Sell/Neutral underperform hold buy

Amt Held 109'838'583 79'693'916 74'959'501 63'140'887 57'724'119 52'000'000 49'210'479 37'836'860 37'616'041 35'547'910 29'522'643 29'154'880 28'620'596 28'160'460 26'255'350 21'358'626 18'684'348 17'020'916 16'346'525 15'413'990

% Out 6.81 4.94 4.65 3.91 3.58 3.22 3.05 2.35 2.33 2.2 1.83 1.81 1.77 1.75 1.63 1.32 1.16 1.06 1.01 0.96

Weighting

Change 2 5 3 1 1 3 5 5 1 3 5 1 1 5 3 1 3 1 3 3 3 3 5 1 1 3 5

M M M M M M M M M M U M M M M M M M D M M M M D M M M

Latest Chg 5'002'787 (7'164'012) 337'328 (1'911'522) (906'737) 3'038'362 679'747 6'867'592 5'859 795'530 (1'444'607) 1'023'354 (1'047'530) 697'213 (388'883) (5'382'540)

Target Price 339 #N/A N/A 370 310 320 350 420 525 #N/A N/A 355 430 310 #N/A N/A 445 350 337 365 #N/A N/A 390 385 379 345 418 360 320 #N/A N/A 425

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 26.02.2013 21.05.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 28.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012

Date 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 3 month 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Investment Advisor Government Unclassified Investment Advisor Unclassified Bank Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 27.02.2013 20.02.2013 15.02.2013 12.02.2013 11.02.2013 07.02.2013 07.02.2013 01.02.2013 27.01.2013 25.01.2013 22.01.2013 17.01.2013 11.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 10.01.2013 10.01.2013 10.01.2013 10.01.2013 07.01.2013 06.12.2012 07.03.2012 10.01.2012 29.11.2011

28.02.2013

Merck KGaA Merck KGaA is a global pharmaceutical and chemicals company. The Company researches drugs in the areas oncology and neurodegenerative as well as autoimmune and inflammatory diseases. Also, it markets cardiovascular, fertility, endocrinology, and over-the-counter products as well as products for flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRK GY EQUITY YTD Change MRK GY EQUITY YTD % CHANGE

12/2011 09/yy 107.05 71.95 39'390.00 106.8 -0.23% 48.44% 95.72% 64.6 23'217.17 5'539.30 0.0 46.3 2'054.90 25'396.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M

100

1.0 M

.8 M

.6 M

.4 M

.2 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 6'775.1 2.92x 1'905.7 10.37x 3'500.1 -

120

31.12.2008 31.12.2009 7'201.6 7'377.7 2.02x 1.96x 2'436.5 1'675.8 5.98x 8.64x 367.1 366.3 38.17x 38.79x Profitability

LTM-4Q 31.12.2010 8'928.9 1.96x 2'497.0 7.02x 632.1 20.57x

31.12.2011 9'905.9 2.05x 2'685.3 7.55x 617.5 27.12x 2'685.30 1'087.90 10.98% 8.59% 1.94% 4.13% 0.47% 71.9% 27.1% 14.0% 6.2% 1.47 1.00 25.04% 53.02% 4.63 1.85

Price/ Cash Flow

LTM

09/yy 9'927.3 7.27x 3'095.8 5.44x 522.8 25.58x

09/yy 10'553.2 8.02x 2'861.4 8.07x 432.2 48.37x

FY+1

.0 M f-13

0.72 64.62 40.12% 6.98% 0.715 33 2.667 201'741 247'682 248'573 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 11'076.8 11'218.4 2'785.3 2.33x 2.18x 2'763.7 3'078.8 785.0 9.19x 8.25x 1'637.3 1'764.7 450.5 14.18x 12.88x S&P Issuer Ratings

30.11.2012 ASTABLE 09.01.2007 A-2 11.82 10.21 0.74 1.77 53.0% 34.6% 0.47 3.51 79.05 197.83 149.15 155.77

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 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 |

28.02.2013

Merck KGaA Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN TEMPLETON GLOBAL ADV BANKHAUS LAMPE MFS INSTITUTIONAL AD CREDIT SUISSE GROUP MASSACHUSETTS FINANC VANGUARD GROUP INC GOLDMAN SACHS GROUP FRANKLIN RESOURCES UNION INVESTMENT GMB TEMPLETON INVESTMENT UMB BANK N A ARTEMIS INVESTMENT M MFS FINANCIAL SERVIC THREADNEEDLE INVESTM UNITED SERVICES AUTO TIAA CREF INVESTMENT PUTNAM INVESTMENT MA

Firm Name AlphaValue Credit Suisse Bryan Garnier & Cie S&P Capital IQ Helvea Deutsche Bank Commerzbank Corporates & Markets Barclays Bankhaus Metzler EVA Dimensions Exane BNP Paribas Nomura Main First Bank AG Mirabaud Securities Independent Research GmbH Equinet Institutional Services(ESN) DZ Bank AG JPMorgan Landesbank Baden-Wuerttemberg Redburn Partners Nord/LB Berenberg Bank Hamburger Sparkasse National Bank AG M.M. Warburg Investment Research Silvia Quandt Research Jefferies Kepler Capital Markets Societe Generale Cyrrus Equita SIM SpA

Portfolio Name n/a 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 Multiple Portfolios

Analyst MARTIN SCHNEE MATTHEW WESTON MARTIAL DESCOUTURES JACOB THRANE ODILE RUNDQUIST HOLGER BLUM DANIEL WENDORFF MICHAEL LEUCHTEN SEBASTIAN FRERICKS ANDREW S ZAMFOTIS VINCENT MEUNIER AMIT ROY MARCUS WIEPRECHT NICHOLAS TURNER CHRISTOPH SCHOENDUBE EDOUARD AUBERY PETER SPENGLER RICHARD VOSSER TIMO KUERSCHNER TEAM COVERAGE HOLGER FECHNER ADRIAN HOWD MARCO GUENTHER STEFFEN MANSKE ULRICH HUWALD CLAUDIA LAKATOS JEFFREY HOLFORD MARTIN VOEGTLI STEPHEN MCGARRY TOMAS MENCIK GIANMARCO BONACINA

Source ULT-AGG Co File ULT-AGG Research Research Research Research MF-AGG MF-AGG Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce neutral neutral hold neutral buy hold underweight sell buy neutral neutral underperform reduce sell hold hold neutral hold buy hold hold sell sell hold neutral hold reduce hold sell not rated

Amt Held 6'738'761 6'175'369 3'555'422 3'222'248 2'332'640 1'884'389 1'860'448 1'628'646 1'547'818 1'226'407 702'817 697'789 634'542 613'123 483'289 382'476 372'457 346'510 343'619 317'039

% Out 10.43 9.56 5.5 4.99 3.61 2.92 2.88 2.52 2.4 1.9 1.09 1.08 0.98 0.95 0.75 0.59 0.58 0.54 0.53 0.49

Weighting

Change

2 3 3 3 3 5 3 1 1 5 3 3 1 2 1 3 3 3 3 5 3 3 1 1 3 3 3 2 3 1 #N/A N/A

M M M M M M M M M U M D D D M M M M M M M M M M M M M M M M M

Latest Chg (232'080) (201'724) 54'432 97'771 (19'220) 123'800 (7'170) 472'289 (669) 6'477 (9'901) (2'595)

Target Price 98 110 100 112 96 118 100 87 85 #N/A N/A 108 95 100 89 94 113 105 97 96 #N/A N/A 98 92 71 #N/A N/A 93 92 88 84 83 77 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 31.12.2011 31.12.2012 30.01.2013 23.04.2012 12.03.2012 12.08.2011 31.12.2012 31.12.2012 27.04.2012 31.12.2012 28.09.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.10.2012 30.11.2012 31.12.2012 31.12.2012

Date 6 month Not Provided 6 month 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 9 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 09.02.2013 04.02.2013 04.02.2013 25.01.2013 23.01.2013 22.01.2013 04.01.2013 04.01.2013 24.12.2012 20.12.2012 19.12.2012 19.12.2012 06.12.2012 06.12.2012 26.11.2012 16.11.2012 16.11.2012 15.11.2012 15.11.2012 15.11.2012 15.11.2012 10.10.2012 26.09.2012 19.07.2012 05.04.2012 23.02.2010

28.02.2013

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 75'317.00 135.45 -3.08% 41.31% 89.52% 179.3 24'291.77 5'562.00 0.0 247.0 2'490.00 27'864.77

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

60 40

1.0 M

.5 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

2.0 M

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

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 30.79% -0.40% 0.947 42 3.357 785'748 660'764 637'189 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 57'842.6 60'912.0 0.52x 2'830.5 2'888.2 8.53x 8.33x S&P Issuer Ratings

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 |

28.02.2013

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 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 AMUNDI SARASIN FRANKFURT TRUST INVE

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

AlphaValue DIETER HEIN Bankhaus Lampe ANDREAS SCHAEFER Societe Generale JASON KALAMBOUSSIS CA Cheuvreux FRANK KOPFINGER Credit Suisse ADAM MCINALLY Day by Day VALERIE GASTALDY 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 MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation reduce hold hold outperform neutral hold 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 17'610'971 5'380'236 3'304'459 3'097'431 2'373'209 1'798'228 1'606'533 1'374'140 1'155'674 1'059'394 953'106 909'100 836'088 674'788 644'557 619'738 597'168 571'730 550'331

% Out 10.2 9.82 3 1.84 1.73 1.32 1 0.9 0.77 0.64 0.59 0.53 0.51 0.47 0.38 0.36 0.35 0.33 0.32 0.31

Weighting

Change 2 3 3 5 3 3 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 M M D 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 (345'123) 75'261 (49'867) 263'657 (448) (234'487) 1'135'418 698'268 2'470 (376'953) 4'122 9'816 6'554 208'331 195'044 1'200

Target Price 137 145 133 157 140 #N/A N/A #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 31.12.2011 26.02.2013 31.12.2011 31.12.2012 25.04.2012 31.01.2013 31.12.2012 31.12.2012 28.12.2012 31.01.2013 31.12.2012 30.11.2012 31.03.2012 28.09.2012 31.07.2012 31.12.2012 31.12.2012 30.11.2012 30.11.2012 28.12.2012

Date 6 month Not Provided 12 month Not Provided Not Provided Not Provided 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 Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor 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 Unclassified Mutual Fund Manager

Date 28.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 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

28.02.2013

National Grid PLC National Grid PLC is an investor-owned utility company which distributes gas. The PLC owns and operates the electricity transmission network in England and Wales, the gas transmission network in Great Britain, and electricity transmission networks in the Northeastern United States. National Grid also operates the electricity transmission networks in Scotland.

Price/Volume 800

20.0 M

600 500

15.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (30.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NG/ LN EQUITY YTD Change NG/ LN EQUITY YTD % CHANGE

03/2012 01/yy 735.00 622.50 4'851'732.00 732 -0.41% 17.59% 99.50% 3'664.7 26'825.57 23'025.00 0.0 7.0 2'723.00 47'760.57

31.03.2008 11'423.0 3.20x 3'589.0 10.20x 3'190.0 11.47x

10.0 M

300 200

5.0 M

100 0 f-12 m-12

31.03.2009 31.03.2010 15'624.0 14'007.0 2.41x 2.84x 4'037.0 4'309.0 9.34x 9.24x 944.0 1'386.0 14.32x 13.25x Profitability

31.03.2011 14'343.0 2.90x 4'845.0 8.58x 2'159.0 9.30x

31.03.2012 13'832.0 3.16x 4'777.0 9.14x 2'036.0 11.04x 4'777.00 3'495.00 25.27% 18.50% 4.79% 26.24% 12.28% 0.28% 36.7% 27.0% 14.7% 0.94 0.61 48.64% 249.22% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

5.44 0.48 3'554.83 21.02% 4.13% 0.484 23 3.217 7'828'332 7'191'993 6'787'165 FY+2

03/13 Y 03/14 Y 14'377.7 14'862.6 3.36x 3.35x 5'102.9 5'379.7 9.36x 8.88x 1'941.5 2'004.9 13.66x 13.36x S&P Issuer Ratings

FQ+1

FQ+2

24.08.2007 ASTABLE 24.08.2007 A-2 2.04 0.70 4.19 4.83 249.2% 71.3% 0.28 0.40 -

Sales/Revenue/Turnover

8.00

18'000.0

7.00

16'000.0

6.00

14'000.0 12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 03.04.2009

a-12 m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

700

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

National Grid PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK CRESCENT HOLDING GMB LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME VANGUARD GROUP INC FMR LLC M&G INVESTMENT MANAG BREWIN DOLPHIN LIMIT VANGUARD GROUP INC STOCK LENDING ACCOUN STATE STREET AXA INVESTMENT MANAG DEUTSCHE BANK PROP T PEOPLES REPUBLIC OF HSBC INVESTMENTS UK NOMURA GOVT OF SINGAPORE IN FEDERATED INVESTORS

Firm Name RBC Capital Markets Nomura AlphaValue Societe Generale Redburn Partners Goldman Sachs HSBC Berenberg Bank JPMorgan S&P Capital IQ Liberum Capital Ltd Barclays Exane BNP Paribas EVA Dimensions Deutsche Bank Day by Day Morgan Stanley Credit Suisse Independent Research GmbH CA Cheuvreux

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst JOHN MUSK JONATHAN CONSTABLE MYRIAM COHEN ASHLEY THOMAS JAMIE TUNNICLIFFE ANDREW MEAD VERITY MITCHELL LAWSON STEELE EDMUND REID CLIVE ROBERTS GUILLAUME REDGWELL PETER BISZTYGA IAIN TURNER AUSTIN BURKETT MARTIN BROUGH VALERIE GASTALDY BOBBY CHADA MARK FRESHNEY SVEN DIERMEIER FRANCESCA PEZZOLI

Source ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG REG REG REG REG ULT-AGG REG REG REG REG ULT-AGG ULT-AGG MF-AGG

Recommendation sector perform buy reduce sell buy sell/attractive neutral hold underweight hold hold overweight outperform underweight sell buy Overwt/In-Line outperform hold underperform

Amt Held 399'638'038 182'630'798 149'414'285 132'427'487 94'750'614 90'428'903 88'790'677 72'787'936 69'496'919 44'812'821 43'614'734 42'803'435 37'930'391 34'695'562 34'419'117 33'236'568 28'398'916 26'894'630 24'997'793 24'687'411

% Out 10.91 4.98 4.08 3.61 2.59 2.47 2.42 1.99 1.9 1.22 1.19 1.17 1.04 0.95 0.94 0.91 0.77 0.73 0.68 0.67

Weighting

Change 3 5 2 1 5 1 3 3 1 3 3 5 5 1 1 5 5 5 3 1

M M M M M M D N M M N M U M M M M M M M

Latest Chg (35'637'904) 2'720'054 15'922'916 1'757'999 3'422'249 (11'690'925) (1'736'674) (2'034'154) 4'093'896 18'660'830 (1'276'968) (2'110'950) 19'219'117 14'402'655 5'959'620 1'333'083 1'812'745

Target Price 720 735 682 634 #N/A N/A 604 780 700 640 727 730 785 780 #N/A N/A 600 786 775 770 710 700

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.02.2013 26.02.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 27.02.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

Date 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 3 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Other Government Investment Advisor Unclassified Government Investment Advisor

Date 28.02.2013 28.02.2013 28.02.2013 21.02.2013 12.02.2013 08.02.2013 06.02.2013 05.02.2013 30.01.2013 29.01.2013 25.01.2013 25.01.2013 22.01.2013 17.01.2013 07.01.2013 04.01.2013 13.12.2012 13.12.2012 21.11.2012 18.05.2012

28.02.2013

Nestle SA Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Price/Volume 70

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 103'086.0 1.64x 15'533.0 10.89x 18'039.0 20.80x

15.0 M

12/2012 12/yy 64.95 53.80 1'204'311.00 64.9 -0.15% 20.63% 95.07% 3'224.8 209'289.53 27'577.00 0.0 1'657.0 9'425.00 229'098.52

31.12.2009 31.12.2010 100'579.0 88'015.0 1.96x 2.08x 16'048.0 15'611.0 12.28x 11.72x 10'428.0 34'233.0 19.38x 21.06x Profitability

LTM-4Q 31.12.2011 83'770.0 2.23x 15'390.0 12.16x 9'487.0 18.18x

31.12.2012 92'324.0 2.27x 16'887.0 12.43x 10'611.0 17.90x 16'887.00 13'903.00 15.06% 15.72% 8.83% 18.02% 13.46% 0.77% 47.6% 18.3% 15.1% 11.5% 0.91 0.50 21.85% 45.25% 9.49 5.27

Price/ Cash Flow

LTM

12/yy 83'642.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 92'186.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.75 2'924.59 21.48% 8.89% 0.750 42 3.667 4'421'274 4'733'470 4'410'439 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 98'213.2 103'856.6 22'958.6 24'413.6 2.33x 2.18x 18'619.8 20'009.4 12.30x 11.44x 11'454.8 12'388.3 17.86x 16.48x S&P Issuer Ratings

16.08.2007 AA STABLE 23.11.1981 A-1+ 29.73 20.28 1.07 1.63 45.2% 30.6% 0.77 3.63 38.56 69.50 106.31 1.76

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Nestle SA Holdings By:

All

Holder Name FOOD PRODUCTS HOLDIN BLACKROCK NESTLE SA CAPITAL GROUP COMPAN VANGUARD GROUP INC CREDIT SUISSE ASSET FMR LLC UBS FUND MANAGEMENT MASSACHUSETTS FINANC MORGAN STANLEY PICTET & CIE CARMIGNAC GESTION HARBOR CAPITAL ADVIS DEUTSCHE BANK AG SWISSCANTO FONDSLEIT T ROWE PRICE ASSOCIA EATON VANCE MANAGEME FIRST EAGLE INVESTME THORNBURG INVESTMENT ARTISAN PARTNERS HOL

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue SOPHIE CABO-BROSETA Sanford C. Bernstein & Co ANDREW WOOD Kepler Capital Markets JON COX RBC Capital Markets JAMES EDWARDES JONES Landesbank Baden-Wuerttemberg BARBARA AMBRUS Main First Bank AG ALAIN-SEBASTIAN OBERHUBER EVA Dimensions AUSTIN BURKETT Societe Generale WARREN L ACKERMAN Redburn Partners JEREMY FIALKO Grupo Santander PEDRO GIL Berenberg Bank JAMES TARGETT Bank Vontobel AG JEAN-PHILIPPE BERTSCHY Nomura DAVID HAYES Exane BNP Paribas JEFF STENT Helvea ANDREAS VON ARX Barclays LIAM ROWLEY Deutsche Bank JAMES ISENWATER Morgan Stanley EILEEN KHOO Goldman Sachs ALEXIS COLOMBO JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse TINA HECKING-VELTMAN SNS Securities(ESN) RICHARD WITHAGEN Canaccord Genuity Corp EDDY HARGREAVES S&P Capital IQ CARL SHORT Natixis PIERRE TEGNER Liberum Capital Ltd PABLO ZUANIC National Bank AG STEFFEN MANSKE CA Cheuvreux ERIC BOROIAN Credit Suisse ALEX MOLLOY Mirabaud Securities JULIAN LAKIN Aurel - BGC JEAN-MARIE L'HOME Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ALEX SMITH Zuercher Kantonalbank PATRIK SCHWENDIMANN HSBC CEDRIC BESNARD Nord/LB WOLFGANG VASTERLING DZ Bank AG ROBERT CZERWENSKY

Source EXCH ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce market perform hold sector perform hold outperform sell buy buy buy hold hold reduce outperform neutral overweight hold Overwt/In-Line neutral/neutral overweight buy hold buy hold buy hold buy hold hold outperform neutral hold hold buy neutral market perform neutral buy hold

Amt Held 182'846'786 167'651'110 111'955'165 73'718'620 60'566'111 46'249'257 34'299'444 28'911'702 22'985'548 18'248'184 17'724'477 12'537'390 11'887'345 10'655'609 10'247'647 9'789'155 8'962'561 7'902'742 6'043'739 5'524'912

% Out 5.67 5.2 3.47 2.29 1.88 1.43 1.06 0.9 0.71 0.57 0.55 0.39 0.37 0.33 0.32 0.3 0.28 0.25 0.19 0.17

Weighting

Change 2 3 3 3 3 5 1 5 5 5 3 3 2 5 3 5 3 5 3 5 5 3 5 3 5 3 5 3 3 5 3 3 3 5 3 3 3 5 3

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 U M M M M M M U M D D M D

Latest Chg 858'421 2'250'900 (997'394) (403'539) (1'781'638) (348'860) 752'438 1'074'770 (67'190) 22'050 (187'731) (27'109) (30'385) 3'003'499 (365'938) 11'764 (3'314'361) 121'371

Target Price 68 66 60 60 65 70 #N/A N/A 71 #N/A N/A 69 68 66 66 66 65 70 63 68 70 72 74 67 #N/A N/A 61 69 65 72 #N/A N/A 64 63 62 62 49 65 58 #N/A N/A 67 #N/A N/A 63

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.01.2010 26.02.2013 22.06.2011 31.12.2012 31.12.2012 28.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012 31.12.2012

Date 6 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 6 month 3 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Holding Company Investment Advisor Corporation Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor

Date 28.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 20.02.2013 19.02.2013 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 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 11.02.2013 25.01.2013 24.01.2013 21.01.2013 17.01.2013 22.10.2012 18.10.2012 18.09.2012 14.09.2012 13.09.2012 12.09.2012 10.09.2012 16.08.2012

28.02.2013

Next PLC Next Plc conducts retailing, home shopping, and customer services management operations. The Company's retail stores sell ladies wear, mens wear, childrens wear, and housewares.

Price/Volume 4500

3.5 M

4000

3.0 M

3500

2.5 M

3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NXT LN EQUITY YTD Change NXT LN EQUITY YTD % CHANGE

01/2012 01/yy 4'260.00 2'699.00 61'586.00 4177 -1.95% 54.76% 94.55% 161.2 6'734.75 660.20 0.0 0.0 56.40 7'291.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

2000

1.5 M

1500

1.0 M

1000

.5 M

500 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.01.2008 3'329.1 1.05x 644.8 5.42x 354.1 8.15x

2500

31.01.2009 31.01.2010 3'271.5 3'406.5 0.86x 1.23x 624.6 672.8 4.49x 6.21x 302.4 364.1 7.03x 10.43x Profitability

31.01.2011 3'297.7 1.26x 691.2 6.02x 401.1 9.16x

31.01.2012 3'441.1 1.46x 722.5 6.95x 474.9 10.16x 722.50 602.80 17.52% 16.84% 24.72% 337.94% 57.93% 1.92% 30.4% 21.2% 17.9% 13.8% 1.54 0.88 35.61% 296.45% 6.25

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.24 0.67 152.38 55.07% 12.62% 0.665 28 3.321 415'851 353'952 385'537 FY+2

01/13 Y 01/14 Y 3'579.6 3'709.8 2.04x 1.95x 769.1 803.3 9.48x 9.08x 469.1 497.5 14.77x 13.35x S&P Issuer Ratings

.0 M f-13

FQ+1

FQ+2

13.05.2003 BBB STABLE 09.03.2010 A-2 25.00 20.64 0.75 0.89 296.5% 74.8% 1.92 6.21 58.55 87.25

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0 3'000.0

10.00

2'500.0 8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 30.01.2009

0.0 30.07.2009

30.01.2010

30.07.2010

30.01.2011

30.07.2011

30.01.2012

30.07.2012

30.01.2013

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 |

28.02.2013

Next PLC Holdings By:

All

Holder Name FMR LLC BLACKROCK NEXT PLC ESOT NEXT PLC ESOP LEGAL & GENERAL SCHRODER INVESTMENT CAPITAL GROUP COMPAN SCHRODER INVESTMENT NORGES BANK INVESTME INVESCO LTD SCOTTISH WIDOWS VANGUARD GROUP INC INVESCO LTD PEOPLES REPUBLIC OF AXA FRAMLINGTON INV JP MORGAN DIRECTOR & RELATED H RWC PARTNERS LTD VANGUARD GROUP INC STATE STREET

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

AlphaValue VIRGINIE BLIN Nomura FRASER RAMZAN Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co JAMIE MERRIMAN Espirito Santo Investment Bank Research CAROLINE GULLIVER HSBC PAUL ROSSINGTON Cantor Fitzgerald KATE CALVERT Morgan Stanley GEOFFREY RUDDELL Peel Hunt JOHN STEVENSON Exane BNP Paribas SIMON BOWLER EVA Dimensions CRAIG STERLING Goldman Sachs ROBERT JOYCE Barclays CHRISTODOULOS CHAVIARAS Shore Capital Stockbrokers CLIVE WILLIAM BLACK Oriel Securities Ltd EITHNE O'LEARY Societe Generale ANNE CRITCHLOW Deutsche Bank CHARLIE MUIR-SANDS Credit Suisse SIMON IRWIN S&P Capital IQ WILLIAM MACK Numis Securities Ltd ANDREW WADE Panmure Gordon & Co Limited JEAN ROCHE N+1 Singer Ltd MATTHEW MCEACHRAN Redburn Partners GEOFF LOWERY Grupo Santander REBECCA MCCLELLAN Investec BETHANY HOCKING CA Cheuvreux DANIEL OVIN Merchant Securities AMISHA CHOHAN Equita SIM SpA FABIO FAZZARI ING Bank PETER BROCKWELL

Source ULT-AGG ULT-AGG RNS-MAJ REG ULT-AGG REG ULT-AGG MF-AGG REG REG ULT-AGG MF-AGG MF-AGG REG REG ULT-AGG REG REG REG ULT-AGG

Recommendation reduce buy hold market perform neutral overweight hold Equalwt/Cautious hold neutral overweight neutral/neutral underweight corporate hold hold buy outperform strong sell hold hold hold neutral buy hold underperform hold reduce not rated

Amt Held 46'878'698 20'161'727 6'881'904 6'848'103 6'462'327 5'323'399 4'781'673 4'183'189 3'928'845 3'662'215 3'082'953 3'011'847 2'562'857 2'515'304 2'500'000 2'043'972 1'885'527 1'880'135 1'741'105 1'625'169

% Out 29.07 12.5 4.27 4.25 4.01 3.3 2.97 2.59 2.44 2.27 1.91 1.87 1.59 1.56 1.55 1.27 1.17 1.17 1.08 1.01

Weighting

Change

2 5 3 3 3 5 3 3 3 3 5 3 1 #N/A N/A 3 3 5 5 1 3 3 3 3 5 3 1 3 2 #N/A N/A

M M M M M U M M M U M M M M M M M M M M M M M M M M M N M

Latest Chg (10'641) (1'961'350) 1'329'986 (100'456) (431'900) (616'873) (95'552) (1'311'244) 220'294 42'307 (652'880) 168'796 (100'000) (769'517) 13'576 144'042 36'949 (59'491)

Target Price 4'136 4'450 #N/A N/A 3'800 3'550 4'965 3'500 3'920 4'000 4'000 #N/A N/A 4'100 3'100 #N/A N/A 3'700 4'143 4'200 4'450 3'400 3'750 3'848 3'500 #N/A N/A 4'040 3'680 3'000 #N/A N/A 2'090 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.12.2012 26.02.2013 26.10.2012 01.12.2012 31.01.2013 01.12.2012 31.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 27.02.2013 01.12.2012 01.12.2012 31.12.2012 01.12.2012 01.12.2012 01.12.2012 27.02.2013

Date 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor n/a Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Unclassified Other Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 26.02.2013 21.02.2013 20.02.2013 15.02.2013 13.02.2013 11.02.2013 28.01.2013 23.01.2013 21.01.2013 17.01.2013 11.01.2013 09.01.2013 08.01.2013 07.01.2013 04.01.2013 03.01.2013 03.01.2013 03.01.2013 03.01.2013 03.01.2013 03.01.2013 23.11.2012 31.10.2012 22.10.2012 03.09.2012 04.01.2012 28.09.2011 12.08.2010

28.02.2013

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 (28.03.2012) 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 27.02.2013 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 4.17 1.33 12'226'043.00 2.758 -33.85% 107.37% 53.81% 3'745.0 10'328.59 5'549.00 0.0 1'386.0 9'494.00 7'769.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50.0 M

1 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2008 50'710.0 0.81x 6'581.0 6.23x 3'988.0 10.42x

100.0 M

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) -

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 -24.15% -5.74% 1.296 49 2.571 31'219'900 33'523'930 38'605'170 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'349.0 29'727.6 6'606.4 7'120.9 0.29x 0.26x 1.20x 1.12x 1'528.3 2'154.7 161.4 330.1 5.09x 3.61x 4.87x 4.24x (3.2) 481.9 (195.9) (50.3) 138.00x 17.57x 51.07x 24.21x S&P Issuer Ratings

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

20.00

50'000.0 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 |

28.02.2013

Nokia OYJ Holdings By:

All

Holder Name CAPITAL GROUP COMPAN DODGE & COX VIKING GLOBAL INVEST ILMARINEN MUTUAL PEN VARMA MUTUAL PENSION VANGUARD GROUP INC DISCOVERY CAPITAL MA FEST N.V. BLUE RIDGE CAPITAL L BLACKROCK MAVERICK CAPITAL LTD NOKIA OYJ LONE PINE CAPITAL LL MASSACHUSETTS FINANC FINLAND STATE PENSIO MACKENZIE FINANCIAL KEVA FORE RESEARCH AND MA SWISS NATIONAL BANK SAC CAPITAL ADVISORS

Firm Name Exane BNP Paribas Morgan Stanley Societe Generale SEB Enskilda ABG Sundal Collier Evli Bank Plc Jyske Bank AlphaValue Pohjola Bank Plc (ESN) Barclays Nordea Equity Research Ahorro Corporacion Financiera SA Independent Research GmbH Daiwa Securities Co. Ltd. Grupo Santander Goldman Sachs Credit Suisse JPMorgan Carnegie Oddo & Cie Wunderlich Securities Handelsbanken Kepler Capital Markets Swedbank FIM Nomura Main First Bank AG Danske Markets Nord/LB Pacific Crest Securities Sanford C. Bernstein & Co S&P Capital IQ INDERES EVA Dimensions Landesbank Baden-Wuerttemberg 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 ALEXANDER PETERC FRANCOIS MEUNIER ANDY PERKINS ARTEM BELETSKI PER LINDBERG MIKKO ERVASTI ROBERT JAKOBSEN JEAN-MICHEL SALVADOR HANNU RAUHALA ANDREW M GARDINER SAMI SARKAMIES VIRGINIA PEREZ REPES MARKUS FRIEBEL YOKO YAMADA CARLOS JAVIER TREVINO SIMON F SCHAFER KULBINDER GARCHA SANDEEP S DESHPANDE MATTI RIIKONEN VINCENT MAULAY MATTHEW S ROBISON FREDRIK LITHELL SEBASTIEN SZTABOWICZ HAKAN WRANNE MICHAEL SCHROEDER STUART JEFFREY JUERGEN WAGNER ILKKA RAUVOLA WOLFGANG DONIE JAMES FAUCETTE PIERRE FERRAGU JAMES CRAWSHAW MIKAEL RAUTANEN ANDREW S ZAMFOTIS MIRKO MAIER 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 Research Short

Recommendation underperform Underwt/In-Line buy buy buy accumulate buy buy reduce underweight strong buy strong sell sell underperform hold Sell/Neutral underperform underweight buy neutral hold reduce reduce neutral accumulate neutral underperform sell sell sector perform underperform strong sell reduce overweight buy sell reduce hold buy buy underweight sell buy

Amt Held % Out 197'142'860 5.26 142'687'625 3.81 (104'858'770) -2.8 71'219'299 1.9 70'294'113 1.88 67'928'503 1.81 (63'664'253) -1.7 (57'672'323) -1.54 (56'174'341) -1.5 39'062'135 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 21'956'277 0.59 (20'971'754) -0.56

Weighting

Change 1 1 5 5 5 4 5 5 2 1 5 1 1 1 3 1 1 1 5 3 3 2 2 3 4 3 1 1 1 3 1 1 2 5 5 1 2 3 5 5 1 1 5

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 D M M M D M M U M M M M U M M M

Latest Chg (2'246'974) 1'492'793 (1'123'487) 3'744'956 (3'744'956) 150'168 5'991'930 (4'868'443) 2'262'678 307'100 (3'744'956) (1'497'982)

Target Price 2 3 5 4 5 4 4 6 3 3 4 3 2 3 6 3 3 2 #N/A N/A 4 3 3 3 3 4 3 3 2 2 #N/A N/A 1 3 3 #N/A N/A 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 21.02.2013 31.12.2012 31.12.2012 31.12.2012 25.02.2013 20.02.2013 10.01.2013 26.02.2013 14.01.2013 30.09.2012 11.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 25.01.2013 31.12.2012 26.02.2013

Date Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 3 month Not Provided Not Provided 18 month 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 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 Hedge Fund Manager Other Hedge Fund Manager Investment Advisor Hedge Fund Manager Corporation Hedge Fund Manager Investment Advisor Government Investment Advisor Pension Fund (ERISA) Hedge Fund Manager Government Hedge Fund Manager

Date 28.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 15.02.2013 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 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 10.01.2013 04.01.2013 27.11.2012 06.11.2012 19.10.2012 19.10.2012

28.02.2013

Nordea Bank AB Nordea Bank AB is a financial services group that provides banking services, financial solutions, and related advisory services. The Group attracts deposits and offers credit, investment banking, securities trading, and insurance products to private individuals, companies, institutions, and the public sector. Nordea services the Scandinavian countries and the Baltic Sea region.

Price/Volume 80

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDA SS EQUITY YTD Change NDA SS EQUITY YTD % CHANGE

12/2012 12/yy 75.35 51.35 1'607'541.00 73.95 -1.73% 44.01% 94.58% 4'050.0 299'493.94 247'563.00 0.0 5.0 54'634.00 -

10.0 M

30 20

5.0 M

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

Valuation Analysis

31.12.2008 20'485.0 2'671.0 4.84x

25.0 M

31.12.2009 31.12.2010 15'492.0 14'595.0 2'314.0 2'657.0 11.79x 12.35x Profitability

LTM-4Q 31.12.2011 16'685.0 2'627.0 9.15x

31.12.2012 17'457.0 3'119.0 9.30x 36.77% 37.62% 0.45% 11.50% 1.14% 0.03% 28.5% 36.54% 877.54% -

Price/ Cash Flow

LTM

12/yy 16'686.0 0.00x 0.0 0.00x 2'627.0 9.15x

12/yy 17'456.0 0.00x 0.0 0.00x 3'119.0 9.31x

FY+1

.0 M f-13

1.16 20.27% 19.08% 1.155 30 4.000 7'564'277 8'548'666 7'201'778 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'424.4 10'857.8 2'556.4 2'582.1 3'277.5 3'665.1 778.8 807.7 10.67x 9.51x 10.71x 10.36x S&P Issuer Ratings

29.11.2005 AANEG 29.11.2005 A-1+ 877.5% 89.8% 0.03 37.02 -

Sales/Revenue/Turnover

50.00

25'000.0

45.00

20'000.0

40.00 35.00

15'000.0

30.00 25.00

10'000.0

20.00 15.00

5'000.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Nordea Bank AB Holdings By:

All

Holder Name SAMPO OYJ GOVERNMENT OF SWEDEN NORDEA FONDER AB/SWE SWEDBANK ROBUR FONDE AMF PENSION NORWEGIAN PETROLEUM SHB FUNDS SEB SEB FUNDS VANGUARD GROUP INC FJARDE AP-FONDEN HANDELSBANKEN FONDER NORDEA FUNDS AFA INSURANCE ABERDEEN VARMA MUTUAL PENSION SKANDIA LIV AMF FONDER AB FORSTA AP FONDEN ALECTA PENSIONSFORSA

Firm Name AlphaValue Keefe, Bruyette & Woods DNB Markets Barclays Jyske Bank Pareto Securities Nomura ABG Sundal Collier EVA Dimensions Exane BNP Paribas RBC Capital Markets Credit Suisse JPMorgan Macquarie SEB Enskilda Carnegie Handelsbanken SpareBank 1 Markets AS Alm Brand Markets S&P Capital IQ Arctic Securities ASA Danske Markets Goldman Sachs Berenberg Bank Morgan Stanley Societe Generale Mediobanca SpA NYKREDIT Evli Bank Plc Nordea Equity Research Swedbank CA Cheuvreux Sydbank LD Invest Markets

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst CHRISTOPHE NIJDAM RONNY REHN HAKON FURE CHRISTOFFER ROSQUIST CHRISTIAN HEDE JON DAVID GJERTSEN OMAR KEENAN MAGNUS ANDERSSON AUSTIN BURKETT ANDREAS HAKANSSON CLAIRE KANE MASIH YAZDI SOFIE PETERZENS EDWARD FIRTH BENGT CLAESSON ASBJORN MORK PETER GRABE NILS CHRISTIAN OYEN STIG NYMANN FRANK BRADEN FRIDTJOF BERENTS PER GRONBORG PAWEL DZIEDZIC NICK ANDERSON ALVARO SERRANO GEOFF DAWES RICCARDO ROVERE MADS THINGGAARD KIMMO RAMA MATHS LILJEDAHL CHRISTIAN HALL MATS ANDERSON BJORN SCHWARZ TORSTEN BECH

Source Research Research Research Research Research Research Research ULT-AGG Research MF-AGG Research MF-AGG Research Research ULT-AGG Research Research MF-AGG Research Research

Recommendation reduce outperform buy overweight strong buy buy buy buy overweight underperform outperform outperform neutral neutral buy buy reduce buy sell buy buy hold Buy/Neutral buy Equalwt/In-Line buy underperform underperform buy not rated buy outperform neutral reduce

Amt Held 860'400'000 544'200'000 158'200'000 127'800'000 79'700'000 72'400'000 58'900'000 52'450'681 51'700'000 48'495'879 44'400'000 42'501'413 41'100'000 40'900'000 32'718'700 30'400'000 30'400'000 28'499'330 27'000'000 23'500'000

% Out 21.24 13.44 3.91 3.16 1.97 1.79 1.45 1.3 1.28 1.2 1.1 1.05 1.01 1.01 0.81 0.75 0.75 0.7 0.67 0.58

Weighting

Change

2 5 5 5 5 5 5 5 5 1 5 5 3 3 5 5 2 5 1 5 5 3 5 5 3 5 1 1 5 #N/A N/A 5 5 3 2

M M M M M U M M U M U U M M M M M M M U M M M M M M M M U M M M M M

Latest Chg (271'123) 1'287'716 689'571 (169'700) (862'000) -

Target Price 74 71 77 88 90 82 82 83 #N/A N/A 68 81 82 76 75 83 #N/A N/A 70 76 60 78 76 72 85 80 70 75 58 #N/A N/A 86 #N/A N/A 65 80 #N/A N/A 75

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012

Date 6 month 12 month Not Provided Not Provided Not Provided 6 month 12 month 6 month Not Provided Not Provided 12 month Not Provided 18 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 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

Inst Type Insurance Company Government Investment Advisor Investment Advisor Pension Fund (ERISA) n/a n/a Unclassified n/a Investment Advisor Pension Fund (ERISA) Investment Advisor n/a Insurance Company Unclassified Insurance Company Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA)

Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 22.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 12.02.2013 04.02.2013 04.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 28.01.2013 16.01.2013 15.01.2013 26.11.2012 08.10.2012 29.05.2012 16.04.2012 27.10.2011 16.08.2011 29.04.2011 27.10.2010

28.02.2013

Novartis AG Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 12/yy 65.00 48.29 838'610.00 62.95 -3.15% 30.36% 84.74% 2'706.2 170'354.84 19'726.00 0.0 126.0 8'119.00 194'761.67

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 41'459.0 2.76x 11'978.0 9.55x 8'195.0 13.89x

31.12.2009 31.12.2010 44'267.0 50'624.0 2.72x 3.08x 12'318.0 15'866.0 9.79x 9.81x 8'400.0 9'794.0 14.73x 13.70x Profitability

LTM-4Q 31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.86% 14.09% 11.69% 0.47% 66.9% 29.1% 20.3% 16.8% 1.16 0.76 15.88% 28.55% 5.56 2.96

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

LTM

12/yy 58'566.0 10.66x 17'818.0 8.58x 9'113.0 14.94x

12/yy 56'673.0 11.16x 16'465.0 9.96x 9'505.0 16.05x

FY+1

0.91 2'423.83 32.43% 13.62% 0.908 33 4.000 6'140'722 5'391'543 4'530'214 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 56'970.9 59'309.5 13'655.0 14'048.3 3.35x 3.12x 16'864.2 17'930.1 11.55x 10.86x 12'506.4 14'252.9 2'981.0 3'123.0 13.04x 11.77x 13.07x 12.97x S&P Issuer Ratings

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.70 1.20 28.5% 22.2% 0.47 3.48 65.79 123.66 98.95 90.49

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Novartis AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVARTIS AG BLACKROCK EMASAN AG NOVARTIS FOUNDATION VANGUARD GROUP INC CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE HARBOR CAPITAL ADVIS THORNBURG INVESTMENT BANK OF NEW YORK MEL SWISSCANTO FONDSLEIT INVESCO LTD DEUTSCHE BANK AG FMR LLC ABERDEEN GRANTHAM MAYO VAN OT ARTISAN PARTNERS HOL TWEEDY BROWNE COMPAN

Firm Name AlphaValue Societe Generale Sanford C. Bernstein & Co Bryan Garnier & Cie Helvea Zuercher Kantonalbank Jefferies Kepler Capital Markets Barclays Hamburger Sparkasse Goldman Sachs Landesbank Baden-Wuerttemberg Credit Suisse JPMorgan Berenberg Bank Bank Vontobel AG Day by Day Exane BNP Paribas Morgan Stanley Independent Research GmbH S&P Capital IQ Natixis Nomura EVA Dimensions Deutsche Bank Redburn Partners CM - CIC Securities(ESN) Liberum Capital Ltd Main First Bank AG Cyrrus Mirabaud Securities DZ Bank AG Neue Zuercher Bank National Bank AG CA Cheuvreux

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ARMELLE MOULIN STEPHEN MCGARRY TIMOTHY M ANDERSON ERIC LE BERRIGAUD ODILE RUNDQUIST MICHAEL NAWRATH JEFFREY HOLFORD MARTIN VOEGTLI MARK PURCELL MARCO GUENTHER KEYUR PAREKH TIMO KUERSCHNER MATTHEW WESTON ALEXANDRA M HAUBER-SCHUELE ALISTAIR CAMPBELL ANDREW C WEISS VALERIE GASTALDY FLORENT CESPEDES PETER VERDULT CHRISTOPH SCHOENDUBE SHO MATSUBARA BEATRICE MUZARD AMIT ROY ANDREW S ZAMFOTIS TIM RACE TEAM COVERAGE ARSENE GUEKAM NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS LILIAN MONTERO STEFFEN MANSKE MARCEL BRAND

Source ULT-AGG EXCH ULT-AGG Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy outperform buy buy outperform buy hold equalweight hold neutral/neutral buy outperform neutral buy reduce buy outperform Equalwt/Attractive hold hold neutral buy overweight hold buy hold overweight suspended coverage hold accumulate buy buy buy underperform

Amt Held 120'887'981 109'194'165 103'241'179 87'859'938 78'926'882 49'018'874 38'588'261 23'887'421 14'521'288 13'520'586 12'686'196 10'335'364 8'876'212 6'963'050 6'410'533 6'356'678 6'089'697 5'092'802 3'857'938 3'817'080

% Out 4.47 4.03 3.81 3.25 2.92 1.81 1.43 0.88 0.54 0.5 0.47 0.38 0.33 0.26 0.24 0.23 0.23 0.19 0.14 0.14

Weighting

Change

4 5 5 5 5 5 5 3 3 3 3 5 5 3 5 2 5 5 3 3 3 3 5 5 3 5 3 5 #N/A N/A 3 4 5 5 5 1

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 U M M

Latest Chg (515'205) 3'576'587 1'041'632 (347'066) (272'579) (78'620) 1'410'638 1'488'500 249'698 20'625 893'297 231'333 (1'719'293) (7'000) (237'271) 219'112 862'650

Target Price 72 72 71 70 68 #N/A N/A 78 59 65 #N/A N/A 60 70 70 63 69 53 69 71 61 63 63 62 65 #N/A N/A 63 #N/A N/A 55 70 #N/A N/A 52 61 56 65 64 48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 09.05.2012 26.02.2013 31.12.2011 25.02.2013 31.12.2012 28.12.2012 30.11.2012 30.11.2012 31.12.2012 31.12.2012 26.02.2013 28.12.2012 27.02.2013 31.12.2012 31.12.2012 31.01.2013 31.05.2012 31.12.2012 31.03.2012

Date 6 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided Not Provided 3 month Not Provided 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 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Corporation Investment Advisor Hedge Fund Manager n/a Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 18.02.2013 15.02.2013 14.02.2013 04.02.2013 29.01.2013 28.01.2013 25.01.2013 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 18.01.2013 18.01.2013 17.01.2013 12.12.2012 10.12.2012 25.10.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 30.01.2012 14.03.2011 21.10.2010 17.07.2009

28.02.2013

Novo Nordisk A/S Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

Price/Volume

6.0 M 5.0 M 4.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (30.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVOB DC EQUITY YTD Change NOVOB DC EQUITY YTD % CHANGE

12/2012 12/yy 1'100.00 763.50 88'907.00 998.5 -9.18% 30.78% 67.90% 452.5 559'160.00 500.00 0.0 0.0 16'105.00 543'554.98

3.0 M

400

2.0 M

200

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

1000 800

Valuation Analysis

31.12.2008 45'553.0 3.45x 14'815.0 10.60x 9'645.0 17.30x

1200

31.12.2009 31.12.2010 51'078.0 60'776.0 3.47x 5.98x 17'484.0 21'358.0 10.13x 17.02x 10'768.0 14'403.0 18.47x 25.35x Profitability

LTM-4Q 31.12.2011 66'346.0 5.52x 24'864.0 14.73x 17'097.0 21.83x

31.12.2012 78'026.0 6.38x 32'047.0 15.53x 21'432.0 23.45x 32'047.00 29'474.00 37.77% 35.64% 32.88% 54.90% 1.20% 82.7% 41.1% 37.8% 27.5% 1.86 1.19 0.76% 1.23% 8.22 1.42

Price/ Cash Flow

LTM

12/yy 66'346.0 19.15x 24'864.0 14.08x 17'097.0 21.82x

12/yy 78'026.0 23.42x 32'047.0 15.03x 21'432.0 23.44x

FY+1

.0 M f-13

1.08 29.85% 8.95% 1.084 37 3.622 673'639 897'518 681'714 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 83'697.6 91'297.2 19'420.5 20'952.0 6.49x 5.94x 34'360.4 38'100.9 7'730.3 8'612.3 15.82x 14.27x 16.02x 15.72x 24'949.1 27'062.2 5'745.4 6'486.2 21.65x 19.53x 21.71x 21.66x S&P Issuer Ratings

24.06.2011 A+ STABLE 13.06.2007 A-1 552.53 494.40 -0.49 0.02 1.2% 1.2% 1.20 3.67 44.53 257.90 96.39 206.05

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 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 |

28.02.2013

Novo Nordisk A/S Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVO AS NOVO-NORDISK A/S FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS CARMIGNAC GESTION BLACKROCK THORNBURG INVESTMENT SWEDBANK ROBUR FONDE CALAMOS ADVISORS LLC T ROWE PRICE ASSOCIA JUPITER ASSET MANAGE NORDEA INV MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV DANSKE INVEST A/S WILLIAM BLAIR & COMP HANDELSBANKEN FONDER SEB

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a

Firm Name

Analyst

ABG Sundal Collier Nordea Equity Research Danske Markets Nomura AlphaValue Jefferies Exane BNP Paribas Deutsche Bank Jyske Bank Credit Suisse SEB Enskilda Handelsbanken Berenberg Bank Kepler Capital Markets S&P Capital IQ DNB Markets Helvea Barclays Societe Generale Morgan Stanley Alm Brand Markets Goldman Sachs JPMorgan Bryan Garnier & Cie Natixis Commerzbank Corporates & Markets CA Cheuvreux Carnegie EVA Dimensions Redburn Partners Mirabaud Securities Swedbank NYKREDIT Main First Bank AG Cyrrus Sydbank MP Advisors Pvt Ltd

PETER HUGREFFE MICHAEL NOVOD MARTIN PARKHOI AMIT ROY KAMLA SINGH JEFFREY HOLFORD VINCENT MEUNIER TIM RACE FRANK HOERNING ANDERSEN LUISA HECTOR LARS HEVRENG PETER SEHESTED ALISTAIR CAMPBELL MARTIN VOEGTLI JACOB THRANE RUNE MAJLUND DAHL OLAV ZILIAN BRIAN BOURDOT STEPHEN MCGARRY PETER VERDULT MICHAEL FRIIS JORGENSEN KEYUR PAREKH RICHARD VOSSER ERIC LE BERRIGAUD PHILIPPE LANONE DANIEL WENDORFF LAURENT FLAMME CARSTEN LONBORG MADSEN ANDREW S ZAMFOTIS TEAM COVERAGE NICHOLAS TURNER JOHAN UNNERUS KRESTEN JOHNSEN TIM FRANKLIN TOMAS MENCIK SOEREN LONTOFT HANSEN VISHAL MANCHANDA

Source ULT-AGG 20F 20F ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG

Recommendation buy strong buy buy buy add hold neutral sell buy neutral buy buy hold hold hold buy accumulate underweight sell Equalwt/Attractive neutral Buy/Neutral neutral neutral neutral buy underperform buy hold neutral reduce strong buy outperform suspended coverage sell overweight market perform

Amt Held 41'565'020 35'312'800 18'442'009 15'690'397 8'334'761 7'777'930 5'142'771 5'047'303 4'529'170 2'512'028 1'831'462 1'806'460 1'696'726 1'309'817 1'172'071 1'163'920 1'119'121 936'874 863'445 766'779

% Out 9.19 7.8 4.08 3.47 1.84 1.72 1.14 1.12 1 0.56 0.4 0.4 0.37 0.29 0.26 0.26 0.25 0.21 0.19 0.17

Weighting

Change

5 5 5 5 4 3 3 1 5 3 5 5 3 3 3 5 4 1 1 3 3 5 3 3 3 5 1 5 3 3 2 5 5 #N/A N/A 1 5 3

M M M M M M M M M M M M M M M M M M M M D M M M D M M M M M D U M M M U M

Latest Chg (2'160'000) (5'100'000) (7'565'294) (356'504) 207'091 (74'744) 591 (184'470) 23'700 758'793 (146'100) 43'470 25'157 (73'201) 1'109'960 7'930 21'995 13'635 (27'697)

Target Price 1'200 1'225 1'100 1'000 1'023 900 950 850 1'075 1'040 1'050 1'099 920 920 985 1'100 1'100 870 753 1'040 1'015 1'200 800 920 1'010 1'400 925 #N/A N/A #N/A N/A #N/A N/A 819 1'150 #N/A N/A #N/A N/A 627 #N/A N/A 648

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.12.2011 31.01.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.08.2012 31.12.2012 31.01.2013 31.12.2012 31.01.2013 31.12.2012 31.01.2013 31.12.2012

Date 6 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month 6 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Holding Company Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 15.02.2013 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 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 04.02.2013 01.02.2013 01.02.2013 17.01.2013 26.11.2012 23.11.2012 09.11.2012 23.07.2012 20.07.2012 05.04.2012 02.02.2012 15.04.2011

28.02.2013

Old Mutual PLC Old Mutual PLC is an international long-term savings, protection and investment Group. The Company provides life assurance, asset management, banking and general insurance to customers in Africa, the Americas, Asia and Europe.

Price/Volume 250

35.0 M 30.0 M

200

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OML LN EQUITY YTD Change OML LN EQUITY YTD % CHANGE

12/2011 09/yy 203.10 136.60 1'067'715.00 201.7 -0.69% 47.66% 96.09% 4'893.3 9'869.77 3'656.00 718.0 1'652.0 3'624.00 11'727.77

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

100

15.0 M 10.0 M

5.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 15'618.0 0.62x 956.0 9.05x

150

31.12.2008 31.12.2009 (2'414.0) 18'013.0 0.50x 495.0 (275.0) 5.93x Profitability

LTM-4Q 31.12.2010 17'356.0 0.55x (220.0) 13.41x

31.12.2011 7'689.0 1.33x 729.0 14.26x 13.72% 12.93% 0.72% 12.87% 0.06% 9.5% 2.25% 43.07% -

Price/ Cash Flow

LTM

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

2.85 1.17 4'096.99 30.91% 13.19% 1.171 21 3.524 10'123'100 7'756'106 6'832'377 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/11 Q3 12/11 Q4 3'219.5 4'376.0 353.0 865.3 998.3 11.73x 10.24x S&P Issuer Ratings

43.1% 25.2% 0.06 -

Sales/Revenue/Turnover

6.00

20'000.0

5.00

15'000.0

4.00

10'000.0 3.00 2.00

5'000.0

1.00

0.0

0.00 02.01.2009

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

-5'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Old Mutual PLC Holdings By:

All

Holder Name CEVIAN CAPITAL SANLAM ASSET MANAGEM PUBLIC INVESTMENT CO OLD MUTUAL BLACKROCK LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS SCHRODER INVESTMENT ALLAN GRAY UNIT TRUS NORGES BANK INVESTME VANGUARD GROUP INC SCHRODER INVESTMENT PEOPLES REPUBLIC OF DIMENSIONAL FUND ADV APG ALGEMENE PENSIOE STATE STREET COLLINS STEWART LTD JP MORGAN Education SPV Ltd

Firm Name AlphaValue Sanford C. Bernstein & Co SBG Securities Keefe, Bruyette & Woods Oriel Securities Ltd Barclays JPMorgan RBC Capital Markets Investec Nedgroup Securities Deutsche Bank Avior Research EVA Dimensions Day by Day Morgan Stanley Credit Suisse S&P Capital IQ Goldman Sachs Imara Nomura Shore Capital Stockbrokers

Portfolio Name Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst JEROME CASSAGNE EDWARD HOUGHTON RISTO KETOLA GREIG N PATERSON MARCUS BARNARD ALAN DEVLIN FRANCOIS DU TOIT GORDON AITKEN MARK SALMON DAVID S DANILOWITZ LARISSA VAN-DEVENTER HARRY BOTHA AUSTIN BURKETT VALERIE GASTALDY JON HOCKING BRIAN MUSHONGA RODERICK WALLACE COLIN L SIMPSON ADDMORE T CHAKURIRA BEN BATHURST EAMONN FLANAGAN

Source REG REG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG MF-AGG REG REG MF-AGG REG REG REG ULT-AGG REG ULT-AGG REG

Recommendation reduce market perform buy underperform buy equalweight neutral sector perform sell not rated buy outperform sell buy Equalwt/In-Line underperform hold Buy/Neutral buy buy hold

Amt Held 410'748'581 305'691'719 268'811'081 246'193'595 241'406'155 185'451'357 90'701'902 78'294'908 75'182'544 67'667'765 56'099'783 52'018'689 47'821'797 44'880'947 39'313'687 37'242'823 36'924'811 35'758'032 34'417'472 33'740'000

% Out 8.39 6.25 5.49 5.03 4.93 3.79 1.85 1.6 1.54 1.38 1.15 1.06 0.98 0.92 0.8 0.76 0.75 0.73 0.7 0.69

Weighting

Change

2 3 5 1 5 3 3 3 1 #N/A N/A 5 5 1 5 3 1 3 5 5 5 3

M M M M M M D M M M M U M U M M M M M M M

Latest Chg 1'758'324 11'251'775 2'583'390 27'971'120 (3'111'564) 67'667'765 2'178'786 609'391 (637'028) (4'748'190) 3'225'107 (686'845) 12'260'831 -

Target Price 199 175 260 133 230 183 209 190 182 201 205 217 #N/A N/A 203 171 156 175 216 #N/A N/A 202 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.12.2012 Other 03.12.2012 Investment Advisor 08.03.2012 Government 03.12.2012 Unclassified 26.02.2013 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 30.06.2012 Investment Advisor 03.12.2012 Government 03.12.2012 Investment Advisor 31.10.2012 Investment Advisor 03.12.2012 Government 03.12.2012 Investment Advisor 03.12.2012 Pension Fund (ERISA) 27.02.2013 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Unclassified 03.12.2012 Unclassified

Date 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 3 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 21.02.2013 20.02.2013 05.02.2013 04.02.2013 24.01.2013 22.01.2013 17.01.2013 20.12.2012 05.12.2012 05.12.2012 20.11.2012 19.11.2012 16.08.2012 11.07.2012 31.10.2011

28.02.2013

Pearson PLC Pearson plc is an international media and education company with its principal operations in the education, business information and consumer publishing markets. The Company creates and manages intellectual property to inform, educate and entertain. The Company's content is delivered through books books, newspapers and online services.

Price/Volume 1400

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

1200 1000 800

Valuation Analysis

600

Latest Fiscal Year: LTM as of: 52-Week High (26.07.2012) 52-Week Low (20.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSON LN EQUITY YTD Change PSON LN EQUITY YTD % CHANGE

12/2012 01/yy 1'302.00 1'105.00 591'223.00 1151 -11.75% 4.16% 20.30% 817.5 9'408.97 2'272.00 0.0 24.0 1'068.00 10'636.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 5'140.0 5'663.0 1.66x 1.53x 821.0 948.0 10.39x 9.16x 425.0 1'297.0 18.96x 15.27x Profitability

31.12.2011 5'862.0 1.77x 1'038.0 10.00x 957.0 10.12x

31.12.2012 5'059.0 2.16x 956.0 11.44x 326.0 33.75x 956.00 639.00 12.63% 8.58% 2.89% 5.61% 5.04% 0.45% 56.0% 18.9% 12.6% 6.4% 1.74 0.43 20.02% 39.96% 6.66

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

FY+1 -

3.91 0.76 789.41 -0.42% -3.11% 0.759 27 3.222 4'450'200 2'790'288 2'245'848 FY+2

12/13 Y 12/14 Y 6'280.3 6'266.2 1.58x 1.54x 1'061.4 1'152.0 10.02x 9.23x 651.2 727.1 13.93x 12.63x S&P Issuer Ratings

FQ+1

FQ+2

25.11.1998 BBB+ STABLE 25.11.1998 A-2 8.46 7.77 1.26 2.38 40.0% 28.5% 0.45 14.25 54.97 72.21 55.93

Sales/Revenue/Turnover

14.00

7'000.0

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

j-12

Market Data

Fiscal Year Ended 31.12.2008 4'811.0 1.45x 847.0 8.21x 292.0 13.38x

400

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 |

28.02.2013

Pearson PLC Holdings By:

All

Holder Name FMR LLC BLACKROCK LEGAL & GENERAL LIBYAN INVESTMENT AU THORNBURG INVESTMENT MASSACHUSETTS FINANC Northern Cross Inter HARBOR CAPITAL ADVIS THORNBURG INVESTMENT ABERDEEN VANGUARD GROUP INC AVIVA INVESTORS NORGES BANK INVESTME THREADNEEDLE ASSET M MACKENZIE FINANCIAL SARASIN MACKENZIE FINANCIAL SCOTTISH WIDOWS UBS DWS INVESTMENT SA

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Numis Securities Ltd GARETH R DAVIES AlphaValue VERONIQUE CABIOC'H Societe Generale CHRISTOPHE CHERBLANC Deutsche Bank MARK BRALEY Investec STEVEN LIECHTI Macquarie TIMOTHY W NOLLEN Berenberg Bank SARAH SIMON Natixis PAVEL GOVCIYAN Nomura MATTHEW WALKER S&P Capital IQ ALEXANDER WISCH Exane BNP Paribas SAMI KASSAB Barclays NICK DEMPSEY Morgan Stanley PATRICK WELLINGTON Goldman Sachs VIGHNESH PADIACHY Sanford C. Bernstein & Co CLAUDIO ASPESI Espirito Santo Investment Bank Research GIASONE SALATI Liberum Capital Ltd IAN WHITTAKER Jefferies DAVID REYNOLDS Credit Suisse JOSEPH BARNET-LAMB EVA Dimensions CRAIG STERLING HSBC DAN GRAHAM Panmure Gordon & Co Limited ALEX DE GROOTE JPMorgan MARK O'DONNELL Day by Day VALERIE GASTALDY CA Cheuvreux NIKLAS KRISTOFFERSSONN

Source ULT-AGG ULT-AGG ULT-AGG REG REG REG REG MF-AGG MF-AGG ULT-AGG MF-AGG REG REG REG MF-AGG ULT-AGG REG ULT-AGG ULT-AGG REG

Recommendation hold add sell hold hold neutral hold buy reduce hold outperform equalweight Underwt/Attractive Buy/Neutral outperform buy sell hold outperform underweight underweight hold overweight hold underperform

Amt Held 47'469'661 38'923'069 32'385'175 26'572'179 23'537'352 19'904'294 19'350'761 19'130'761 16'108'031 15'978'648 14'972'747 14'855'998 14'432'921 14'384'173 12'272'596 11'932'117 11'851'900 11'664'238 11'426'009 10'946'232

% Out 5.81 4.76 3.96 3.25 2.88 2.43 2.37 2.34 1.97 1.95 1.83 1.82 1.77 1.76 1.5 1.46 1.45 1.43 1.4 1.34

Weighting

Change 3 4 1 3 3 3 3 5 2 3 5 3 1 5 5 5 1 3 5 1 1 3 5 3 1

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 (3'473'668) (52'750) 2'321'910 10'177'539 4'434'586 407'712 374'401 (1'303'670) (212'960) (160'200) 621'527 (397'000) 2'054'671 24'963 709'947

Target Price 1'192 1'354 1'040 1'225 1'150 1'100 1'200 1'420 1'195 1'300 1'400 1'175 1'140 1'370 1'400 1'570 1'050 1'290 1'210 #N/A N/A 1'000 1'125 1'490 #N/A N/A 1'150

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 26.02.2013 31.12.2011 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 01.11.2012 01.11.2012 01.11.2012 30.11.2012 28.12.2012 01.11.2012 30.11.2012 28.12.2012 01.11.2012

Date Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 9 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Unclassified Other Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Unclassified

Date 28.02.2013 28.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 21.02.2013 22.01.2013 21.01.2013 17.01.2013 29.11.2012 31.10.2012 29.10.2012 07.08.2012 28.02.2012

28.02.2013

Pernod-Ricard SA Pernod Ricard SA produces wines and spirits. The Company produces wines, bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and white spirits and rums. Pernod Ricard markets its products worldwide.

Price/Volume 120

4.5 M 4.0 M

100

3.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RI FP EQUITY YTD Change RI FP EQUITY YTD % CHANGE

06/2012 12/yy 98.65 74.85 63'615.00 98.2 -0.51% 31.20% 98.19% 265.3 26'053.50 10'176.00 0.0 169.0 787.00 35'429.50

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

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.06.2008 6'589.0 3.09x 1'689.0 12.05x 840.0 16.65x

3.0 M

30.06.2009 30.06.2010 7'203.0 7'081.0 3.11x 3.87x 2'187.0 2'063.0 10.26x 13.28x 945.0 951.0 11.26x 17.67x Profitability

LTM-4Q 30.06.2011 7'643.0 3.54x 2'111.0 12.82x 1'045.0 17.08x

30.06.2012 8'215.0 3.86x 2'295.0 13.82x 1'146.0 19.33x 2'295.00 2'113.00 25.72% 17.29% 4.23% 10.97% 7.86% 0.30% 61.4% 28.8% 25.8% 14.0% 1.76 0.56 35.86% 94.20% 4.74 0.78

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 12/yy 8'508.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.61 0.72 189.25 28.84% 12.31% 0.716 34 3.529 565'738 562'468 474'765 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 8'809.5 9'353.8 4'874.0 3.95x 3.65x 2'490.3 2'697.3 14.23x 13.14x 1'324.8 1'508.2 19.73x 17.43x S&P Issuer Ratings

03.10.2011 BBBSTABLE 03.10.2011 A-3 4.40 3.88 3.76 4.12 94.2% 48.1% 0.30 4.54 77.28 472.24 245.15 323.06

Sales/Revenue/Turnover

80.00

9'000.0

70.00

8'000.0

60.00

7'000.0 6'000.0

50.00

5'000.0 40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Pernod-Ricard SA Holdings By:

All

Holder Name SOCIETE PAUL RICARD CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM FRANKLIN RESOURCES MFS INVESTMENT MANAG HARBOR CAPITAL ADVIS CREDIT AGRICOLE ASSE AMUNDI ASSET MANAGEM NORGES BANK INVESTME CAISSE DES DEPOTS ET BLACKROCK NATIXIS ASSET MANAGE VANGUARD GROUP INC GARDNER RUSSO & GARD ARTISAN PARTNERS HOL JANUS CAPITAL MANAGE MASSACHUSETTS FINANC NATIXIS ASSET MANAGE T ROWE PRICE ASSOCIA CITIGROUP GLOBAL MAR

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

AlphaValue ISABELLE COMBEMALE RBC Capital Markets JAMES EDWARDES JONES Sanford C. Bernstein & Co TREVOR STIRLING Exane BNP Paribas JAVIER GONZALEZ LASTRA Berenberg Bank PHILIP MORRISEY Day by Day VALERIE GASTALDY Shore Capital Stockbrokers PHIL CARROLL EVA Dimensions AUSTIN BURKETT Canaccord Genuity Corp EDDY HARGREAVES Societe Generale NICOLAS CERON Investec MARTIN DEBOO JPMorgan MIKE J GIBBS Raymond James HERMINE DE BENTZMANN Natixis JOSEPHINE CHEVALLIER Nomura IAN SHACKLETON Barclays SIMON HALES Credit Suisse ALEX MOLLOY CM - CIC Securities(ESN) FRANCIS PRETRE Kepler Capital Markets LAETITIA DELAYE Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Deutsche Bank JAMES ISENWATER Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO Goldman Sachs MITCHELL COLLETT Aurel - BGC JEAN-MARIE L'HOME Redburn Partners CHRIS PITCHER Jefferies DIRK VAN VLAANDEREN Espirito Santo Investment Bank Research ALEX SMITH HSBC ERWAN RAMBOURG Equita SIM SpA FABIO FAZZARI Davy BARRY GALLAGHER CS Capital CHRISTOPHER PARKINSON

Source Co File ULT-AGG Co File ULT-AGG Co File MF-AGG Co File Co File Co File Co File ULT-AGG MF-AGG MF-AGG 13F Co File ULT-AGG MF-AGG Co File MF-AGG Co File

Recommendation reduce outperform market perform outperform buy hold hold sell sell buy hold overweight outperform buy neutral overweight outperform accumulate hold neutral buy sell sell underperform buy buy/attractive hold neutral hold buy neutral hold outperform neutral

Amt Held 34'866'200 31'984'252 19'890'770 11'042'098 6'674'776 5'904'879 5'615'014 5'468'037 5'310'761 5'270'298 4'851'901 4'260'468 3'960'944 3'711'633 3'710'368 3'408'168 3'120'159 3'110'259 2'934'500 2'898'012

% Out 13.14 12.06 7.5 4.16 2.52 2.23 2.12 2.06 2 1.99 1.83 1.61 1.49 1.4 1.4 1.28 1.18 1.17 1.11 1.09

Weighting

Change 2 5 3 5 5 3 3 1 1 5 3 5 5 5 3 5 5 4 3 3 5 1 1 1 5 5 3 3 3 5 3 3 5 3

M M M M M M D D M M M M M M M M M M M D M D M M M M M M M M M U M M

Latest Chg 2'110'090 (910'162) (96'556) (114'043) 1'196'974 91'680 70'829 11'347 83'016 859'128 -

Target Price 97 95 103 104 95 #N/A N/A #N/A N/A #N/A N/A 72 110 93 101 104 107 98 105 96 98 97 91 107 75 62 91 103 139 75 #N/A N/A 82 96 93 66 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.08.2012 Corporation 31.12.2012 Investment Advisor 29.08.2012 Holding Company 31.12.2012 Investment Advisor 29.08.2012 Investment Advisor 31.12.2012 Investment Advisor 29.08.2012 Investment Advisor 29.08.2012 Other 29.08.2012 Government 29.08.2012 Government 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 29.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.08.2012 Investment Advisor 31.12.2012 Investment Advisor 29.08.2012 Unclassified

Date 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 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 14.02.2013 08.02.2013 25.01.2013 21.01.2013 14.01.2013 09.01.2013 14.12.2012 10.12.2012 26.10.2012 14.09.2012 08.08.2012 12.01.2012 26.07.2011 04.08.2010

28.02.2013

Petrofac Ltd Petrofac Limited is an international provider of facilities solutions to the oil and gas production and processing industry. The Company's solutions include designing and building oil and gas facilities, operating and managing facilities, and training personnel.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFC LN EQUITY YTD Change PFC LN EQUITY YTD % CHANGE

12/2012 01/yy 1'784.00 1'324.00 712'233.00 1459 -18.33% 10.20% 37.61% 345.9 5'046.56 349.00 0.0 1.0 699.00 7'303.35

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

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 3'329.5 0.34x 420.9 2.69x 265.0 6.46x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 f-12 m-12

31.12.2009 31.12.2010 3'655.4 4'354.2 1.20x 1.69x 550.2 637.7 7.94x 11.56x 353.6 557.8 16.07x 15.03x Profitability

31.12.2011 5'800.7 1.05x 764.0 7.96x 539.4 14.05x

31.12.2012 6'324.0 1.36x 859.0 10.04x 632.0 14.18x 859.00 729.00 11.53% 12.10% 12.36% 47.52% 41.04% 1.24% 17.1% 13.6% 11.5% 10.0% 1.03 0.59 6.55% 22.53% 6.03 8.03

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.89 1.19 246.99 -6.33% -10.10% 1.186 24 3.750 1'688'379 1'066'217 889'816 FY+2

12/13 Y 12/14 Y 6'782.7 7'369.9 1.09x 0.99x 1'070.2 1'253.6 6.82x 5.83x 697.1 787.0 10.87x 9.52x S&P Issuer Ratings

.0 M f-13

FQ+1

FQ+2

171.80 92.40 -0.41 0.41 22.5% 18.4% 1.24 8.44 60.66 45.56 85.61 20.61

Sales/Revenue/Turnover

90.00

7'000.0

80.00

6'000.0

70.00

5'000.0

60.00 50.00

4'000.0

40.00

3'000.0

30.00

2'000.0

20.00

1'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Petrofac Ltd Holdings By:

All

Holder Name ASFARI AYMAN SEMAAN MAROUN LANSDOWNE PARTNERS VANGUARD GROUP INC BLACKROCK ROBERTS KEITH STEPHE LEGAL & GENERAL ROYAL LONDON ASSET M GLOBAL INVESTMENT SE GLG PARTNERS LP FMR LLC ROYAL BANK OF CANADA CAUSEWAY CAPITAL MAN CHEDID MARWAN JYSKE INVEST VERMA RAJESH KUMAR SCOTTISH WIDOWS BESSEMER GROUP INCOR PUTNAM INVESTMENT MA HSBC INVESTMENT FUND

Firm Name Societe Generale RBC Capital Markets Natixis Nomura Barclays Morgan Stanley Goldman Sachs JPMorgan Canaccord Genuity Corp S&P Capital IQ Exane BNP Paribas Numis Securities Ltd Day by Day Oriel Securities Ltd EVA Dimensions Liberum Capital Ltd Investec VSA Capital Ltd Macquarie Deutsche Bank HSBC Fox-Davies Capital

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GUILLAUME DELABY KATHERINE TONKS ALAIN PARENT CHRISTYAN MALEK MICK PICKUP ROBERT PULLEYN HENRY TARR ANDREW DOBBING JAMES EVANS CHRISTINE TISCARENO ALEXANDRE MARIE SANJEEV BAHL VALERIE GASTALDY DAVID ROUND CRAIG STERLING ANDREW WHITTOCK KEITH ADAM MORRIS DOUGIE YOUNGSON MARK WILSON SEBASTIAN YOSHIDA PHILLIP LINDSAY PAUL SINGER

Source RNS-DIR RNS-DIR Short MF-AGG ULT-AGG RNS-DIR ULT-AGG MF-AGG MF-AGG Short ULT-AGG ULT-AGG MF-AGG RNS-DIR MF-AGG RNS-DIR ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold sector perform buy buy underweight Overwt/Attractive neutral/neutral overweight buy strong buy neutral hold hold hold overweight hold buy not rated underperform hold neutral buy

Amt Held % Out 62'900'835 18.19 28'217'864 8.16 (6'917'830) -2 6'114'265 1.77 2'940'256 0.85 2'120'000 0.61 1'881'840 0.54 1'829'459 0.53 1'818'800 0.53 (1'660'279) -0.48 1'532'632 0.44 1'500'320 0.43 1'374'940 0.4 1'321'913 0.38 1'269'304 0.37 1'253'092 0.36 1'225'865 0.35 1'132'000 0.33 1'119'872 0.32 1'017'795 0.29

Weighting 3 3 5 5 1 5 3 5 5 5 3 3 3 3 5 3 5 #N/A N/A 1 3 3 5

Change D D M M M M M M M M M M D U M M M M D N M M

Latest Chg 62'867 82'476 (207'535) 401'496 3'426 232'961 403'000 345'892 (20'366) 37'902 498'326 38'148 7'856 55'018 678'758 400'000 988'627 16'036

Target Price 1'580 1'600 1'990 1'740 1'800 2'100 1'800 2'215 1'950 2'200 1'840 1'508 #N/A N/A #N/A N/A #N/A N/A 1'703 2'000 #N/A N/A 1'350 1'600 1'510 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 19.03.2012 n/a 19.03.2012 n/a 07.02.2013 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 21.03.2011 n/a 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 21.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Bank 31.12.2012 Investment Advisor 19.03.2012 n/a 31.12.2012 Investment Advisor 21.03.2011 n/a 30.11.2012 Unclassified 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 20.02.2013 20.02.2013 11.02.2013 17.01.2013 20.12.2012 18.12.2012 05.12.2012 27.10.2012 05.10.2012 14.08.2012 06.03.2012

28.02.2013

Porsche Automobil Holding SE Porsche Automobil Holding SE is a holding company. The Company, through its subsidiaries, offers development, production, and sale of automobiles along with financial services. Porsche operates worldwide.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PAH3 GY EQUITY YTD Change PAH3 GY EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.07.2007 7'367.9 3.55x (1'589.5) 4'197.0 -

1.5 M

12/2011 01/yy 67.10 37.69 149'230.00 60.92 -9.21% 61.63% 79.19% 153.1 18'681.25 5'871.00 345.0 469.00 24'310.25

31.07.2008 31.07.2009 7'467.0 0.0 3.07x (10'868.0) (49'337.0) 6'291.0 (2'524.0) 2.65x Profitability

31.07.2010 0.0 3'985.0 4.36x (379.0) 1.19x

31.12.2011 0.0 37.0 318.08x -4'447.00 3.15% 4.69% 0.00% 2.13 1.42 17.81% 27.56% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.11 149.49 27.14% -1.26% 1.115 25 3.800 641'211 450'638 487'115 FY+2

12/12 Y 12/13 Y 0.0 0.0 #DIV/0! #DIV/0! 2'134.8 351.8 11.39x 69.13x 6'627.6 3'313.8 2.97x 5.84x S&P Issuer Ratings

FQ+1

FQ+2

27.6% 21.3% 0.00 -

Sales/Revenue/Turnover

250.00

8'000.0 7'000.0

200.00

6'000.0 5'000.0

150.00

4'000.0 100.00

3'000.0 2'000.0

50.00

1'000.0

0.00 01.08.2008 01.02.2009 01.08.2009 01.02.2010 01.08.2010 01.02.2011 01.08.2011 01.02.2012 01.08.2012 01.02.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Porsche Automobil Holding SE Holdings By:

All

Holder Name VANGUARD GROUP INC AHONER ALPHA BETEILI DEKA INVESTMENT GMBH DB PLATINUM ADVISORS BLACKROCK SEB MAINFIRST SICAV UNION INVESTMENT GMB FRANKLIN RESOURCES DEUTSCHE BANK AG BAILLIE GIFFORD AND INVESCO LTD DEKA INTERNATIONAL S GRANTHAM MAYO VAN OT FRANKFURT TRUST INVE AMUNDI FMR LLC ADIG INVESTMENT UNION INVESTMENT LUX JOHN HANCOCK INVESTM

Firm Name AlphaValue Commerzbank Corporates & Markets Sanford C. Bernstein & Co Societe Generale HSBC Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) DZ Bank AG Kepler Capital Markets Independent Research GmbH Macquarie Credit Suisse Morgan Stanley Bankhaus Metzler JPMorgan Nord/LB Goldman Sachs M.M. Warburg Investment Research Silvia Quandt Research Deutsche Bank Barclays Exane BNP Paribas EVA Dimensions Hamburger Sparkasse Oddo & Cie CA Cheuvreux Redburn Partners

Portfolio Name Multiple Portfolios 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HANS-PETER WODNIOK DANIEL SCHWARZ MAX WARBURTON STEPHEN REITMAN HORST SCHNEIDER FRANK BILLER TIM SCHULDT MICHAEL PUNZET MICHAEL RAAB ZAFER RUZGAR CHRISTIAN BREITSPRECHER ERICH HAUSER STUART PEARSON JUERGEN PIEPER JOSE ASUMENDI FRANK SCHWOPE STEFAN BURGSTALLER MARC-RENE TONN ALBRECHT DENNINGHOFF JOCHEN GEHRKE MICHAEL TYNDALL RABIH FREIHA TEAM COVERAGE TINA HECKING-VELTMAN FRANCOIS MAURY ALEXANDER NEUBERGER CHARLES WINSTON

Source MF-AGG Research 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 MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy market perform buy neutral buy hold sell reduce hold outperform outperform Overwt/In-Line buy neutral buy neutral/attractive hold not rated buy overweight outperform hold sell reduce outperform neutral

Amt Held 4'552'893 3'633'723 1'921'050 1'726'000 1'693'679 1'368'171 1'159'500 753'753 615'890 542'145 456'197 415'094 407'656 344'522 330'000 311'291 280'456 262'375 220'565 217'971

% Out 2.97 2.37 1.25 1.13 1.11 0.89 0.76 0.49 0.4 0.35 0.3 0.27 0.27 0.22 0.22 0.2 0.18 0.17 0.14 0.14

Weighting

Change

4 5 3 5 3 5 3 1 2 3 5 5 5 5 3 5 3 3 #N/A N/A 5 5 5 3 1 2 5 3

M M M M M M U M M M M M M M N M M M M M M M U M M M M

Latest Chg 72'904 (69'629) (519'745) 3'872 (141'367) 29'353 (2'179) (51'432) (700) (57'132) (1'313'369) (417'733) 39'365 (4'692)

Target Price 72 70 60 70 71 96 64 42 52 70 77 89 75 71 88 56 71 55 #N/A N/A 60 54 66 #N/A N/A #N/A N/A 50 57 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 27.11.2012 28.12.2012 31.01.2013 26.02.2013 31.01.2013 31.10.2012 28.09.2012 31.12.2012 31.12.2012 30.11.2012 27.02.2013 28.09.2012 31.05.2012 28.12.2012 30.11.2012 31.12.2012 31.10.2012 28.09.2012 31.12.2012

Date 6 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 28.02.2013 25.02.2013 21.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 28.01.2013 25.01.2013 23.01.2013 08.01.2013 07.01.2013 03.01.2013 19.12.2012 18.12.2012 02.11.2012 02.11.2012 16.10.2012 02.08.2012 19.06.2012 16.05.2012 09.04.2012 10.11.2011 15.09.2011 31.03.2011 20.10.2010

28.02.2013

PPR PPR retails consumer and household products, sporting goods, personal computers and lingerie, and luxury goods.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PP FP EQUITY YTD Change PP FP EQUITY YTD % CHANGE

12/2012 12/yy 175.05 106.35 51'114.00 171.05 -2.40% 60.84% 91.63% 126.1 21'572.26 4'584.00 0.0 704.9 2'081.00 24'780.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 17'207.0 0.75x 1'860.6 6.94x 921.1 15.69x

200 180 160 140 120 100 80 60 40 20 0 f-12 m-12

31.12.2009 31.12.2010 13'584.3 11'007.8 1.20x 1.83x 1'584.1 1'714.9 10.32x 11.77x 950.9 964.5 33.97x 21.23x Profitability

31.12.2011 8'062.3 2.26x 1'815.5 10.03x 986.3 14.41x

31.12.2012 9'736.3 2.15x 2'074.4 10.10x 1'048.2 13.41x 2'074.40 1'791.50 18.40% 17.00% 4.18% 9.38% 7.63% 0.39% 61.2% 21.2% 18.4% 10.8% 1.25 0.70 18.15% 40.16% 9.39 1.92

Price/ Cash Flow

LTM-4Q

LTM

09/yy 15'203.4 0.00x 0.0 0.00x 0.0 0.00x

12/yy 9'736.3 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.92 74.52 39.13% 22.61% 0.916 28 3.893 343'097 316'650 273'032 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'307.5 11'170.9 2.29x 2.06x 2'287.1 2'564.5 10.83x 9.67x 1'326.5 1'540.5 16.08x 13.89x S&P Issuer Ratings

23.03.2012 BBB STABLE 23.03.2012 A-2 9.41 7.40 1.21 2.22 40.2% 27.4% 0.39 7.09 38.96 190.89 122.74 107.11

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 |

28.02.2013

PPR Holdings By:

All

Holder Name ARTEMIS SA FMR LLC VANGUARD GROUP INC OPPENHEIMERFUNDS INC HARRIS ASSOCIATES LP NATIXIS ASSET MANAGE BAILLIE GIFFORD AND BLACKROCK T ROWE PRICE ASSOCIA LBPAM PICTET ASSET MANAGEM ING INVESTMENT MANAG SNS INVESTMENT FUND AMUNDI JP MORGAN ING INTERNATIONAL AD LBBW ASSET MANAGEMEN GLOBAL INVESTMENT SE DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE

Firm Name CM - CIC Securities(ESN) Aurel - BGC Cantor Fitzgerald Equita SIM SpA Nomura AlphaValue Credit Suisse Kepler Capital Markets ISI Group Exane BNP Paribas Raymond James CA Cheuvreux Oddo & Cie Bryan Garnier & Cie Natixis EVA Dimensions Deutsche Bank Morgan Stanley JPMorgan Main First Bank AG Barclays HSBC Renaissance Capital Day by Day Goldman Sachs

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CHRISTIAN DEVISMES DAVID DA MAIA ALLEGRA PERRY FABIO FAZZARI CHRISTOPHER WALKER VIRGINIE BLIN ROGERIO FUJIMORI CATHERINE ROLLAND OMAR SAAD LUCA GIUSEPPE SOLCA MARC WILLAUME THOMAS MESMIN LEOPOLD AUTHIE LOIC MORVAN JEAN BAPTISTE TEISSIER CRAIG STERLING WARWICK OKINES LOUISE SINGLEHURST MELANIE A FLOUQUET MATTHIAS EIFERT HELEN NORRIS ANTOINE BELGE REY WIUM VALERIE GASTALDY WILLIAM HUTCHINGS

Source Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation hold hold buy hold buy add neutral hold neutral outperform market perform outperform buy neutral buy underweight buy Underwt/In-Line overweight underperform overweight overweight buy buy neutral/neutral

Amt Held 51'572'650 2'811'629 2'768'907 1'764'181 1'581'400 1'401'477 1'123'116 1'090'235 516'791 428'475 260'342 196'744 194'869 170'885 170'147 167'180 165'000 164'700 151'589 144'859

% Out 40.89 2.23 2.2 1.4 1.25 1.11 0.89 0.86 0.41 0.34 0.21 0.16 0.15 0.14 0.13 0.13 0.13 0.13 0.12 0.11

Weighting

Change 3 3 5 3 5 4 3 3 3 5 3 5 5 3 5 1 5 1 5 1 5 5 5 5 3

M M M U M U M M M M M M M M M D M M M M M M M U M

Latest Chg (627'382) (236'088) 86'140 (48'400) 68'968 (145'158) 431'790 17'154 (8'458) (54) 33'654 (16'646) 2'526 (4'662) 949 4'700 39'739 3'780

Target Price 170 185 190 185 184 185 166 165 180 192 #N/A N/A 170 195 166 192 #N/A N/A 182 135 182 182 200 186 163 165 152

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 30.12.2012 31.12.2012 31.12.2012 30.11.2012 26.02.2013 31.12.2012 31.12.2012 30.11.2012 31.12.2012 29.06.2012 30.11.2012 31.12.2012 28.09.2012 30.11.2012 31.10.2012 28.12.2012 31.12.2012

Date 12 month 6 month Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 3 month 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 24.01.2013 03.12.2012 23.11.2012 26.10.2012

28.02.2013

Prudential PLC Prudential plc is an international company which provides a wide assortment of insurance and investment products and services. Insurance products include life, accident and health, property and casualty insurance, as well as fixed and variable annuities. Financial and investment services include personal and group pensions, equity plans, mortgages and deposit accounts.

Price/Volume 1200

12.0 M 10.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU LN EQUITY YTD Change PRU LN EQUITY YTD % CHANGE

12/2011 09/yy 989.00 654.50 496'451.00 975 -1.37% 48.97% 95.22% 2'557.3 24'933.44 7'923.00 43.0 7'257.00 24'627.43

8.0 M 6.0 M

400

4.0 M 200

2.0 M

0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 (10'269.0) 48'099.0 0.38x (396.0) 676.0 23.20x Profitability

LTM-4Q 31.12.2010 47'646.0 0.39x 1'431.0 11.78x

31.12.2011 36'506.0 0.47x 1'490.0 10.85x 6.05% 5.32% 0.57% 17.77% 11.06% 0.14% 4.1% 2.90% 86.90% -

LTM

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00

FY+1

.0 M f-13

2.63 1.33 2'447.67 41.40% 12.65% 1.327 27 4.111 3'343'742 3'617'767 3'782'261 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 54'089.0 57'898.0 933.1 0.34x 0.33x 1'735.1 1'944.9 14.15x 12.73x S&P Issuer Ratings

Price/ Cash Flow

17.08.2010 A+ NEG 17.08.2010 A-1 86.9% 46.4% 0.14 -

30'000.0

8.00

20'000.0

6.00

10'000.0

4.00

0.0

2.00

-10'000.0 0.00 02.01.2009 02.07.2009

j-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

800

Valuation Analysis

31.12.2007 32'870.0 0.59x 947.0 24.66x

16.0 M

1000

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

-20'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Prudential PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL BAILLIE GIFFORD AND SCOTTISH WIDOWS VANGUARD GROUP INC FMR LLC M&G INVESTMENT MANAG JP MORGAN UBS JANUS CAPITAL MANAGE SCHRODER INVESTMENT PEOPLES REPUBLIC OF VANGUARD GROUP INC LANSDOWNE PARTNERS L LAZARD ASSET MANAGEM AEGON HSBC INVESTMENTS UK AVIVA INVESTORS

Firm Name AlphaValue JPMorgan Keefe, Bruyette & Woods Sanford C. Bernstein & Co Day by Day RBC Capital Markets Credit Suisse Morgan Stanley Macquarie Barclays Deutsche Bank EVA Dimensions HSBC Investec S&P Capital IQ Exane BNP Paribas Shore Capital Stockbrokers Panmure Gordon & Co Limited Societe Generale Berenberg Bank Redburn Partners Oriel Securities Ltd Goldman Sachs Nomura Daiwa Securities Co. Ltd.

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst JEROME CASSAGNE ASHIK MUSADDI GREIG N PATERSON EDWARD HOUGHTON VALERIE GASTALDY GORDON AITKEN CHRIS ESSON JON HOCKING NEIL WELCH ALAN DEVLIN OLIVER STEEL AUSTIN BURKETT KAILESH MISTRY KEVIN RYAN RODERICK WALLACE ANDY HUGHES EAMONN FLANAGAN BARRIE CORNES ABID HUSSAIN MATTHEW PRESTON LANCE BURBIDGE MARCUS BARNARD COLIN L SIMPSON FAHAD CHANGAZI TIM PROUDLOVE

Source ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG REG Short ULT-AGG ULT-AGG REG REG

Recommendation reduce underweight market perform outperform buy outperform outperform Overwt/In-Line neutral overweight buy sell overweight hold strong buy underperform buy buy buy buy buy buy Buy/Neutral reduce outperform

Amt Held % Out 256'652'047 10.04 128'527'550 5.03 109'343'285 4.28 104'285'746 4.08 88'407'117 3.46 73'996'286 2.89 73'253'657 2.86 62'496'567 2.44 47'303'661 1.85 46'509'713 1.82 41'867'106 1.64 39'310'345 1.54 33'734'493 1.32 32'116'464 1.26 29'093'870 1.14 (26'336'610) -1.03 25'634'525 1 24'499'349 0.96 24'085'771 0.94 23'132'403 0.9

Weighting

Change 2 1 3 5 5 5 5 5 3 5 5 1 5 3 5 1 5 5 5 5 5 5 5 2 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

Latest Chg 1'911'502 (136'942) 401'633 3'700'201 (685'857) 8'839'032 (3'596'819) 5'620'946 (4'272'531) (7'205'386) (3'852'887) 1'381'546 (2'301'258) (142'717) (6'815'149) (189'080) 2'472'324

Target Price 894 781 950 1'055 1'035 910 1'080 1'135 1'000 1'023 1'060 #N/A N/A 1'095 831 1'100 745 #N/A N/A 1'085 900 1'080 #N/A N/A 900 1'081 680 812

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.01.2013 Investment Advisor 26.02.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Unclassified 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Investment Advisor 20.12.2012 Hedge Fund Manager 31.01.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor

Date 6 month 9 month 12 month 12 month 3 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 20.02.2013 15.02.2013 11.02.2013 05.02.2013 04.02.2013 24.01.2013 17.01.2013 16.01.2013 07.01.2013 21.12.2012 17.12.2012 06.12.2012 04.12.2012 03.12.2012 03.12.2012 22.11.2012 14.11.2012 11.10.2012 15.08.2012 01.07.2011

28.02.2013

Publicis Groupe SA Publicis Groupe offers advertising services. The Company develops advertising campaigns and sells advertising on billboards and urban furniture, in newspapers and magazines, on radio, and in movie theaters. Publicis offers direct marketing, customer relationship marketing, sales promotion, public relations and human resources services, and operates retail drugstores. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PUB FP EQUITY YTD Change PUB FP EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 51.60 35.11 53'514.00 50.49 -2.17% 43.83% 91.69% 210.0 10'603.34 1'109.00 0.0 44.0 1'314.00 10'442.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 4'704.0 0.85x 889.0 4.49x 447.0 8.32x

31.12.2009 31.12.2010 4'524.0 5'418.0 1.28x 1.30x 751.0 980.0 7.71x 7.19x 403.0 526.0 14.32x 15.00x Profitability

LTM-4Q 31.12.2011 5'816.0 1.16x 1'055.0 6.42x 600.0 12.01x

31.12.2012 6'610.0 1.26x 1'229.0 6.79x 737.0 12.33x 1'229.00 1'058.00 16.01% 15.82% 4.46% 17.32% 13.60% 0.40% 18.6% 16.0% 11.1% 0.86 0.78 6.68% 24.04% 0.99 -

Price/ Cash Flow

12/yy 5'816.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 6'610.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.81 149.38 25.36% 11.58% 0.814 29 3.862 506'091 574'747 518'133 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'005.0 7'357.4 1'638.0 1'799.0 1.48x 1.34x 1'279.0 1'373.2 8.17x 7.61x 768.7 828.4 14.32x 13.24x S&P Issuer Ratings

23.11.2009 BBB+ STABLE 15.01.2007 A-2 17.31 15.58 -0.17 0.90 24.0% 19.2% 0.40 13.19 367.85 -

Sales/Revenue/Turnover

12.00

7'000.0

10.00

6'000.0 5'000.0

8.00

4'000.0 6.00

3'000.0 4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Publicis Groupe SA Holdings By:

All

Holder Name BADINTER ELISABETH THORNBURG INVESTMENT PUBLICIS GROUPE HARRIS ASSOCIATES LP ARTISAN PARTNERS LP LEVY MAURICE VANGUARD GROUP INC DENTSU INC SEP DENTSU BADINTER BLACKROCK AMUNDI SA NATIXIS ASSET MANAGE FMR LLC DULAC SOPHIE MASSACHUSETTS FINANC ARTISAN PARTNERS HOL INVESCO LTD BNP PARIBAS ARBITRAG INTERNATIONAL VALUE T ROWE PRICE ASSOCIA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue VERONIQUE CABIOC'H EVA Dimensions CRAIG STERLING Pivotal Research Group LLC BRIAN WIESER HSBC OLIVIER MORAL Nomura MATTHEW WALKER Natixis JEROME BODIN Macquarie TIMOTHY W NOLLEN BMO Capital Markets DANIEL SALMON Societe Generale CHRISTOPHE CHERBLANC CM - CIC Securities(ESN) EMMANUEL CHEVALIER Kepler Capital Markets CONOR O'SHEA Espirito Santo Investment Bank Research GIASONE SALATI Exane BNP Paribas CHARLES BEDOUELLE Barclays JULIEN ROCH Deutsche Bank PATRICK KIRBY Morgan Stanley JULIEN ROSSI Jefferies WILL SMITH Sanford C. Bernstein & Co CLAUDIO ASPESI Oddo & Cie BRUNO HARENG S&P Capital IQ ALEXANDER WISCH Credit Suisse NICK BERTOLOTTI Liberum Capital Ltd IAN WHITTAKER Day by Day VALERIE GASTALDY JPMorgan FILIPPO PIETRO LO FRANCO CA Cheuvreux THOMAS JORION Goldman Sachs RICHARD JONES WYT Ltd ANTHONY DE LARRINAGA

Source Research Co File Co File Research Research Co File MF-AGG Co File Co File ULT-AGG Research MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG

Recommendation add overweight hold neutral neutral neutral outperform market perform hold hold hold buy outperform overweight sell Overwt/Attractive buy outperform buy hold outperform hold buy overweight select list Buy/Neutral hold

Amt Held % Out 19'172'340 9.13 14'876'062 7.08 13'579'916 6.47 9'169'600 4.37 8'497'130 4.05 4'922'854 2.34 3'948'756 1.88 3'875'139 1.85 3'772'485 1.8 3'260'272 1.55 3'067'032 1.46 2'531'229 1.21 2'377'254 1.13 2'369'460 1.13 2'150'961 1.02 2'060'574 0.98 1'814'309 0.86 (1'638'068) -0.78 1'277'306 0.61 1'242'453 0.59

Weighting

Change 4 5 3 3 3 3 5 3 3 3 3 5 5 5 1 5 5 5 5 3 5 3 5 5 5 5 3

M U M M M M M M M M M M M M M M M M M U M M M M U M M

Latest Chg (65'800) 61'926 (185'555) (88'988) 150'166 (31'728) 118'754 21'106 105'004 (243'790) 12'360

Target Price 56 #N/A N/A 53 52 55 45 56 48 53 49 52 64 62 55 43 56 48 47 54 54 47 42 54 54 53 54 43

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.08.2012 n/a 29.02.2012 Investment Advisor 29.02.2012 Corporation 07.06.2012 Investment Advisor 04.08.2011 Unclassified 31.12.2011 n/a 31.12.2012 Investment Advisor 31.03.2012 Corporation 31.12.2011 Other 26.02.2013 Investment Advisor 05.07.2011 Other 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 29.01.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month 9 month Not Provided 12 month 12 month

Date 28.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 12.02.2013 28.01.2013 12.12.2012 07.12.2012 26.10.2012 18.03.2012

28.02.2013

Randgold Resources Ltd Randgold Resources Ltd. provides mining services. The Company offers acquisition, development, and exploration of gold and other precious metal in Africa.

Price/Volume 9000

3.5 M

8000

3.0 M

7000

2.5 M

6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RRS LN EQUITY YTD Change RRS LN EQUITY YTD % CHANGE

12/2012 12/yy 7'875.00 4'480.00 83'088.00 5485 -30.29% 22.43% 33.87% 92.1 5'052.54 18.02 0.0 166.1 390.76 7'454.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

4000

1.5 M

3000

1.0 M

2000

.5 M

1000 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 338.6 9.01x 97.3 31.34x 41.6 78.87x

5000

31.12.2009 31.12.2010 432.8 484.6 15.50x 14.79x 142.3 164.3 47.15x 43.62x 69.4 103.5 94.26x 72.03x Profitability

LTM-4Q 31.12.2011 1'127.1 7.97x 569.8 15.77x 377.1 24.74x

31.12.2012 1'317.8 6.59x 699.2 12.43x 431.8 20.57x 699.18 567.44 43.06% 43.12% 15.26% 17.98% 20.11% 0.47% 52.8% 53.1% 43.1% 32.8% 4.10 1.66 0.58% 0.69% -

Price/ Cash Flow

12/yy 1'127.1 28.36x 569.8 15.77x 377.1 24.75x

LTM 12/yy 1'317.8 26.72x 699.2 12.43x 431.8 20.57x

FY+1

.0 M f-13

0.00 0.69 82.98 -23.43% -7.82% 0.686 23 4.174 431'791 353'601 322'874 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'640.4 2'116.9 4.59x 3.34x 931.3 1'279.9 8.00x 5.82x 564.4 752.6 14.16x 10.24x 16.06x S&P Issuer Ratings

582.65 114.09 -0.53 0.03 0.7% 0.6% 0.47 0.87 138.94

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0 60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C PACIFIC CENTURY GROU FMR LLC CARMIGNAC GESTION WELLS FARGO LEGAL & GENERAL MASSACHUSETTS MUTUAL FRANKLIN RESOURCES COMGEST SA STATE STREET VANGUARD GROUP INC INVESTEC ASSET MANAG BRISTOW D MARK SCOTTISH WIDOWS COMGEST GROWTH PLC ALLIANZ ASSET MANAGE DWS INVESTMENT SA ROYAL LONDON ASSET M IG INVESTMENT MANAGE

Firm Name Societe Generale CIBC World Markets SBG Securities Barclays Deutsche Bank Morgan Stanley RBC Capital Markets GMP Fox-Davies Capital Clarus Securities Canaccord Genuity Corp JPMorgan Numis Securities Ltd Liberum Capital Ltd Investec Day by Day EVA Dimensions Davy Nomura Goldman Sachs BMO Capital Markets

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 n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BRUCE ALWAY LEON ESTERHUIZEN MICHAEL STARKE IAN ROSSOUW GRANT SPORRE ALAIN GABRIEL JONATHAN GUY BROCK SALIER PETER ROSE NANA SANGMUAH TIM DUDLEY ALLAN COOKE CAILEY BARKER KATE CRAIG HUNTER HILLCOAT VALERIE GASTALDY CRAIG STERLING BART JAWORSKI TYLER BRODA EUGENE KING ANDREW BREICHMANAS

Source ULT-AGG 13G Co File ULT-AGG Co File ULT-AGG ULT-AGG Co File ULT-AGG Co File ULT-AGG MF-AGG MF-AGG RNS-DIR ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy sector perform hold overweight buy Overwt/In-Line outperform buy buy buy buy overweight buy buy buy buy underweight outperform reduce neutral/attractive market perform

Amt Held 13'581'998 6'334'035 6'249'762 5'072'898 4'555'052 4'350'752 3'817'502 2'386'554 2'215'042 2'041'700 1'894'010 1'573'483 742'722 706'065 519'961 350'000 309'408 235'369 179'857 170'831

% Out 14.74 6.88 6.78 5.51 4.94 4.72 4.14 2.59 2.4 2.22 2.06 1.71 0.81 0.77 0.56 0.38 0.34 0.26 0.2 0.19

Weighting

Change 5 3 3 5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 2 3 3

M M M M M M M M M M M M M U M U M M M M M

Latest Chg 319'685 (3'943'449) (33) (143'741) 161 36'786 35'612 (31'665) 232'006 (19'130) 35'000 2

Target Price 8'000 6'500 6'500 6'500 7'360 6'800 7'500 7'800 7'008 7'671 8'300 7'560 8'000 #N/A N/A 6'882 7'530 #N/A N/A #N/A N/A 7'075 7'800 7'823

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Corporation 04.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Unclassified 31.12.2011 Insurance Company 31.12.2011 Investment Advisor 31.12.2011 Unclassified 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 14.01.2013 n/a 30.11.2012 Unclassified 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 9 month Not Provided Not Provided 12 month 3 month Not Provided Not Provided 12 month 12 month Not Provided

Date 22.02.2013 20.02.2013 11.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 29.01.2013 23.01.2013 15.01.2013 08.01.2013 29.11.2012 11.11.2012 07.11.2012

28.02.2013

Reckitt Benckiser Group PLC Reckitt Benckiser Group PLC manufactures and distributes a wide range of household, toiletry, pharmaceutical and food products on a global basis. The Company's products include fabric treatments , disinfectant spray and cleaners, dishwashing detergent, personal care, food, and prescription drugs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RB/ LN EQUITY YTD Change RB/ LN EQUITY YTD % CHANGE

12/2012 12/yy 4'636.00 3'274.00 145'574.00 4439 -4.31% 35.58% 83.70% 718.8 31'909.22 3'274.00 0.0 1.0 891.00 34'293.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 6'563.0 2.96x 1'612.0 12.05x 1'120.0 16.36x

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 f-12 m-12

31.12.2009 31.12.2010 7'753.0 8'453.0 3.10x 3.28x 2'030.0 2'375.0 11.84x 11.66x 1'418.0 1'568.0 16.87x 16.28x Profitability

LTM-4Q 31.12.2011 9'485.0 2.65x 2'644.0 9.49x 1'745.0 13.26x

31.12.2012 9'567.0 3.23x 2'718.0 11.36x 1'829.0 15.36x 2'718.00 2'570.00 26.86% 25.30% 12.52% 31.45% 21.32% 0.66% 57.9% 28.4% 26.9% 19.1% 0.47 0.14 21.71% 55.29% 5.40

Price/ Cash Flow

LTM

12/yy 9'485.0 5.53x 0.0 0.00x 1'745.0 13.26x

12/yy 9'567.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

3.02 0.68 639.03 31.75% 16.38% 0.682 35 2.829 1'455'132 1'123'002 971'886 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'077.7 10'580.2 2'452.0 2'473.0 3.36x 3.12x 2'760.3 2'917.0 12.42x 11.75x 1'923.6 2'031.0 16.84x 15.91x S&P Issuer Ratings

16.12.2003 A+ STABLE 01.05.1990 A-1 66.29 62.24 0.88 1.20 55.3% 35.6% 0.66 13.03 67.80 23.86

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00 10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Reckitt Benckiser Group PLC Holdings By:

All

Holder Name JAB INVESTMENTS BV MASSACHUSETTS FINANC INVESCO LTD BLACKROCK FMR LLC LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME MORGAN STANLEY THORNBURG INVESTMENT MORGAN STANLEY INVES MORGAN STANLEY INVES VANGUARD GROUP INC PERPETUAL INVESTMENT WALTER SCOTT & PARTN CEDAR ROCK CAPITAL L PEOPLES REPUBLIC OF VANGUARD GROUP INC UBS FIRST MANHATTAN CO A

Firm Name

Portfolio Name Multiple Portfolios 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 FIRST MANHATTAN COMP

Analyst

AlphaValue ARMELLE MOULIN Credit Suisse CHARLES MILLS Sanford C. Bernstein & Co ANDREW WOOD Societe Generale CHAS MANSO DE ZUNIGA Oriel Securities Ltd CHRIS WICKHAM Investec MARTIN DEBOO JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON Exane BNP Paribas EAMONN FERRY RBC Capital Markets JAMES EDWARDES JONES Berenberg Bank SETH PETERSON Independent Research GmbH LARS LUSEBRINK Grupo Santander PEDRO GIL Raymond James HERMINE DE BENTZMANN HSBC CEDRIC BESNARD Nomura GUILLAUME DELMAS Barclays IAIN SIMPSON Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Shore Capital Stockbrokers DARREN SHIRLEY Canaccord Genuity Corp EDDY HARGREAVES S&P Capital IQ CARL SHORT Panmure Gordon & Co Limited GRAHAM JONES Goldman Sachs ROSIE EDWARDS Day by Day VALERIE GASTALDY Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Morgan Stanley ERIK SJOGREN Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH Mirabaud Securities JULIAN LAKIN

Source REG RNS-MAJ RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG REG REG MF-AGG MF-AGG REG REG REG REG ULT-AGG 13F

Recommendation reduce neutral outperform sell add sell neutral hold underperform underperform hold hold hold outperform neutral buy underweight hold buy hold sell hold hold neutral/attractive hold sell underperform hold Equalwt/In-Line sell sell hold

Amt Held 76'659'342 35'974'048 35'939'131 31'438'890 28'350'600 24'932'096 16'359'039 15'260'822 13'463'507 13'054'020 12'921'988 12'791'415 12'172'426 11'262'286 10'715'075 8'962'334 7'394'843 7'286'409 7'010'308 6'769'218

% Out 10.66 5 5 4.37 3.94 3.47 2.28 2.12 1.87 1.82 1.8 1.78 1.69 1.57 1.49 1.25 1.03 1.01 0.98 0.94

Weighting

Change 2 3 5 1 4 1 3 3 1 1 3 3 3 5 3 5 1 3 5 3 1 3 3 3 3 1 1 3 3 1 1 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D

Latest Chg 93'124 (3'521'895) (1'160'262) (368'967) 1'501'589 6'346'254 154'056 93'068 131'837 1'135'192 307'932 2'130'744 3'028'426 294'364 (659'855) 26'600

Target Price 4'411 4'250 5'000 4'000 4'700 4'260 4'300 3'640 4'000 3'700 4'490 4'700 4'200 4'630 4'700 4'900 3'700 4'300 4'800 #N/A N/A 3'425 4'600 3'975 4'300 #N/A N/A 3'100 3'750 #N/A N/A 3'800 #N/A N/A 3'140 3'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.12.2012 15.01.2013 11.02.2013 26.02.2013 31.12.2012 31.01.2013 03.12.2012 03.12.2012 31.12.2012 31.12.2012 03.12.2012 03.12.2012 31.12.2012 31.03.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 28.12.2012 31.12.2012

Date 6 month Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 18.02.2013 15.02.2013 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 28.01.2013 25.01.2013 21.01.2013 17.01.2013 19.11.2012 24.09.2012 14.09.2012 03.05.2012

28.02.2013

Reed Elsevier NV Reed Elsevier NV is a holding company. The Company is a publisher and information provider. Reed Elsevier, through its subsidiaries, publishes information for the scientific and medical professions, legal, and business to business sector.

Price/Volume 14 12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REN NA EQUITY YTD Change REN NA EQUITY YTD % CHANGE

12/2012 01/yy 11.83 8.10 1'942'631.00 11.635 -1.73% 43.73% 89.41% 726.9 8'958.20 5'124.19 0.0 1'326.1 868.79 14'627.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2007 6'699.0 2.16x 1'810.7 7.99x 855.5 28.15x

31.12.2008 31.12.2009 6'691.8 6'816.8 2.19x 1.73x 1'681.1 1'715.7 8.71x 6.86x 294.8 219.2 24.91x 27.14x Profitability

31.12.2010 7'061.7 1.72x 1'924.3 6.30x 376.3 18.07x

31.12.2011 6'917.4 1.70x 2'001.9 5.87x 437.2 14.59x 2'001.93 1'354.21 19.58% 15.79% 4.42% 44.91% 18.61% 0.57% 64.6% 30.0% 20.6% 8.7% 0.59 0.46 37.23% 393.26% 10.81

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-4Q

LTM

01/yy

01/yy -

FY+1 -

3.76 0.82 726.11 31.95% 4.02% 0.817 30 3.867 2'599'840 2'053'609 2'011'569 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 7'395.2 7'551.6 1.87x 1.74x 2'225.1 2'294.3 6.58x 6.38x 1'175.4 1'247.3 12.26x 11.67x S&P Issuer Ratings

12.12.2008 BBB+ STABLE 12.07.2001 A-2 6.89 6.56 1.86 2.09 393.3% 66.1% 0.57 22.29 33.87 -105.83

Sales/Revenue/Turnover

6.00

8'000.0 7'000.0

5.00

6'000.0 4.00

5'000.0 4'000.0

3.00

3'000.0

2.00

2'000.0 1.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Reed Elsevier NV Holdings By:

All

Holder Name MONDRIAN INVESTMENT ING GROEP NV BANK OF NEW YORK MEL JUPITER ASSET MANAGE BLACKROCK VANGUARD GROUP INC ALLIANZ ASSET MANAGE FMR LLC ING INVESTMENT MANAG BESSEMER GROUP INCOR ACHMEA BELEGGINSFOND CAUSEWAY CAPITAL MAN FRANKLIN RESOURCES BNP PARIBAS INV PART NATIXIS ASSET MANAGE DEKA INVESTMENT GMBH HIRTLE CALLAGHAN & C JUPITER GLOBAL ACTIV JO HAMBRO CAPITAL MA ING INTERNATIONAL AD

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co CLAUDIO ASPESI SNS Securities(ESN) JOHAN VAN DEN HOOVEN Natixis PAVEL GOVCIYAN Exane BNP Paribas SAMI KASSAB Liberum Capital Ltd IAN WHITTAKER KBC Securities MARGO JORIS Rabobank International HANS SLOB HSBC DAN GRAHAM Day by Day VALERIE GASTALDY Barclays NICK DEMPSEY Credit Suisse JOSEPH BARNET-LAMB ING Bank FABIAN SMEETS ABN Amro Bank N.V. MAURITS HELDRING Societe Generale CHRISTOPHE CHERBLANC EVA Dimensions CRAIG STERLING Theodoor Gilissen Securities JOS VERSTEEG Goldman Sachs VIGHNESH PADIACHY Kempen & Co SANDER VAN OORT Kepler Capital Markets PETER OLOFSEN Deutsche Bank MARK BRALEY Nomura MATTHEW WALKER JPMorgan MARK O'DONNELL Petercam KRIS KIPPERS S&P Capital IQ ALEXANDER WISCH Espirito Santo Investment Bank Research GIASONE SALATI CA Cheuvreux ANDREA BENEVENTI Berenberg Bank SARAH SIMON Morgan Stanley PATRICK WELLINGTON

Source 20F 13G MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform hold reduce outperform buy accumulate buy overweight hold overweight neutral buy hold buy overweight buy neutral/neutral hold hold buy buy overweight buy hold sell outperform hold Overwt/Attractive

Amt Held 37'022'687 36'233'523 16'681'983 13'575'627 11'979'445 11'373'008 9'497'343 8'329'651 7'508'220 7'309'000 4'744'134 4'486'170 4'387'325 3'225'743 2'999'065 2'581'715 2'335'178 2'284'705 2'269'268 2'222'917

% Out 5.09 4.98 2.29 1.87 1.65 1.56 1.31 1.15 1.03 1.01 0.65 0.62 0.6 0.44 0.41 0.36 0.32 0.31 0.31 0.31

Weighting

Change 1 3 2 5 5 4 5 5 3 5 3 5 3 5 5 5 3 3 3 5 5 5 5 3 1 5 3 5

M M M M M M M M D M M M M M M M M M M M M M M R M M D M

Latest Chg (908'469) 530'035 248'456 1'750'000 9'017 228'684 3'370'196 (1'002'963) (39'320) 1'940'000 (589'798) 294'955 137'218 (1'574'086) (253'558) 116'798 1'550'000 (89'364) 12'228

Target Price 9 10 8 14 13 13 12 13 #N/A N/A 14 12 13 11 14 #N/A N/A 13 13 12 10 14 14 13 13 12 8 13 12 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.07.2012 09.01.2012 26.02.2013 31.08.2012 26.02.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.10.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.12.2012 30.09.2011 31.08.2012 30.11.2012 28.09.2012

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 28.02.2013 25.02.2013 25.02.2013 21.02.2013 19.02.2013 19.02.2013 12.02.2013 05.02.2013 24.01.2013 21.01.2013 21.01.2013 18.01.2013 17.01.2013 17.01.2013 15.01.2013 09.01.2013 06.01.2013 30.12.2012 10.12.2012 05.12.2012 30.11.2012 08.11.2012 08.11.2012 12.10.2012 19.09.2012 06.08.2012 09.12.2011

28.02.2013

Reed Elsevier PLC Reed Elsevier PLC is a holding company. The Company is a publisher and information provider. Reed Elsevier, through its subsidiaries, publishes information for the scientific and medical professions, legal, and business to business sector.

Price/Volume 800

12.0 M

700

10.0 M

600 8.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REL LN EQUITY YTD Change REL LN EQUITY YTD % CHANGE

12/2012 01/yy 725.00 466.10 1'814'791.00 709 -2.21% 52.11% 89.96% 1'193.6 8'462.59 4'282.00 0.0 1'048.0 726.00 12'971.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

200 2.0 M

100 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 4'584.0 2.31x 1'239.0 8.53x 624.0 27.10x

6.0 M

300

31.12.2008 31.12.2009 5'334.0 6'071.0 2.20x 1.80x 1'337.0 1'528.0 8.76x 7.16x 241.0 195.0 24.70x 29.68x Profitability

31.12.2010 6'055.0 1.77x 1'650.0 6.51x 327.0 19.86x

31.12.2011 6'002.0 1.81x 1'737.0 6.24x 389.0 16.04x 1'737.00 1'175.00 19.58% 15.79% 4.54% 43.71% 18.61% 0.57% 64.6% 30.0% 20.6% 9.0% 0.59 0.46 37.23% 372.67% 10.81

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

0.00 0.91 1'193.18 34.20% 10.44% 0.912 29 3.690 3'058'674 3'048'637 3'138'257 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 6'171.3 6'260.2 2.04x 1.91x 1'925.3 1'986.6 6.74x 6.53x 1'136.3 1'180.9 14.18x 13.53x S&P Issuer Ratings

12.12.2008 BBB+ STABLE 12.07.2001 A-2 6.89 6.56 1.86 2.09 372.7% 66.1% 0.57 22.29 33.87 -105.83

Sales/Revenue/Turnover

6.00

7'000.0

5.00

6'000.0 5'000.0

4.00

4'000.0 3.00

3'000.0 2.00

2'000.0

1.00

1'000.0

0.00 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 |

28.02.2013

Reed Elsevier PLC Holdings By:

All

Holder Name FRANKLIN RESOURCES FMR LLC SCOTTISH WIDOWS LLOYDS BANKING GROUP BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL INVESCO LTD ARTISAN PARTNERS HOL NEWTON INV MGMT BANK OF NEW YORK MEL SCHRODER INVESTMENT ARTEMIS INVESTMENT M ARTISAN PARTNERS HOL THREADNEEDLE ASSET M NORGES BANK INVESTME VANGUARD GROUP INC UBS ARTEMIS INVESTMENT M INVESCO LTD

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Investec STEVEN LIECHTI Jefferies DAVID REYNOLDS Sanford C. Bernstein & Co CLAUDIO ASPESI Nomura MATTHEW WALKER AlphaValue VERONIQUE CABIOC'H Numis Securities Ltd GARETH R DAVIES Exane BNP Paribas SAMI KASSAB Liberum Capital Ltd IAN WHITTAKER HSBC DAN GRAHAM Deutsche Bank MARK BRALEY Barclays NICK DEMPSEY Peel Hunt PATRICK YAU Credit Suisse JOSEPH BARNET-LAMB Societe Generale CHRISTOPHE CHERBLANC EVA Dimensions CRAIG STERLING Goldman Sachs VIGHNESH PADIACHY Morgan Stanley PATRICK WELLINGTON Panmure Gordon & Co Limited ALEX DE GROOTE JPMorgan MARK O'DONNELL Macquarie TIMOTHY W NOLLEN Petercam KRIS KIPPERS S&P Capital IQ ALEXANDER WISCH Espirito Santo Investment Bank Research GIASONE SALATI CA Cheuvreux ANDREA BENEVENTI Day by Day VALERIE GASTALDY Berenberg Bank SARAH SIMON N+1 Singer Ltd JOHNATHAN BARRETT

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG MF-AGG REG REG MF-AGG REG REG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy underperform buy reduce add outperform buy neutral buy overweight sell neutral buy hold neutral/neutral Overwt/Attractive buy overweight underperform buy hold sell outperform hold hold not rated

Amt Held 201'919'186 81'129'406 63'278'995 60'901'076 57'666'566 46'952'528 42'367'910 42'254'826 36'357'666 34'080'964 31'060'014 30'756'657 29'906'301 25'067'088 24'449'279 23'946'229 23'646'802 23'539'529 22'365'700 21'443'285

% Out 16.92 6.8 5.3 5.1 4.83 3.93 3.55 3.54 3.05 2.86 2.6 2.58 2.51 2.1 2.05 2.01 1.98 1.97 1.87 1.8

Weighting

Change

5 5 1 5 2 4 5 5 3 5 5 1 3 5 3 3 5 5 5 1 5 3 1 5 3 3 #N/A N/A

M M M M M M M M D M M M M M M M M M M M M R M M M D M

Latest Chg (6'875'734) 15'972'370 (13'309'322) (11'099'237) (1'953'468) 1'935'549 4'271'265 2'629'644 2'531'677 1'206'189 2'212'191 4'146'817 1'292'810 (3'082'095) 677'485 (138'429) (2'639'089) 244'530

Target Price 780 760 500 750 683 801 750 700 720 740 790 556 620 750 #N/A N/A 700 750 650 685 500 730 650 390 700 #N/A N/A 650 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 31.01.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Mutual Fund Manager 26.02.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 31.12.2012 Investment Advisor 01.01.2013 Unclassified 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 9 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 25.02.2013 21.02.2013 11.02.2013 06.02.2013 24.01.2013 23.01.2013 21.01.2013 17.01.2013 17.01.2013 09.01.2013 08.01.2013 11.12.2012 30.11.2012 09.11.2012 08.11.2012 08.11.2012 12.10.2012 19.09.2012 06.09.2012 06.08.2012 16.02.2012

28.02.2013

Renault SA Renault SA designs, produces, and markets passenger cars and light commercial vehicles. The Company produces the Twingo, Clio, Kangoo, Megane, Scenic, Laguna, Espace, Avantime and Vel Satis automobiles, and vans of up to seven tons capacity. Renault manufactures Dacia automobiles in Romania, and Samsung cars in South Korea. The Company finances vehicles for dealers and customers.

Price/Volume

6.0 M 5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RNO FP EQUITY YTD Change RNO FP EQUITY YTD % CHANGE

12/2012 12/yy 49.32 29.01 295'680.00 48.265 -2.11% 66.37% 92.22% 295.7 14'273.04 33'021.00 0.0 255.0 12'169.00 35'380.04

3.0 M

2.0 M

1.0 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

50 40

Valuation Analysis

31.12.2008 37'791.0 0.86x 2'839.0 11.42x 571.0 8.32x

31.12.2009 31.12.2010 33'712.0 38'971.0 1.03x 0.86x 2'288.0 3'706.0 15.13x 9.02x (3'125.0) 3'420.0 3.43x Profitability

LTM-4Q 31.12.2011 42'628.0 0.70x 3'922.0 7.63x 2'092.0 3.49x

31.12.2012 41'270.0 0.80x 4'260.0 7.78x 1'772.0 6.25x 4'260.00 953.00 2.31% 5.53% 2.39% 7.33% 3.65% 0.56% 17.4% 10.3% 2.3% 4.3% 1.04 0.33 43.79% 135.93% 34.12 8.22

Price/ Cash Flow

LTM

12/yy 42'628.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 41'270.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.29 179.05 25.91% 18.63% 1.289 33 3.970 1'436'043 1'352'881 1'275'136 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 42'128.5 44'323.4 8'972.8 9'915.0 0.33x 0.30x 4'108.3 4'546.6 8.60x 7.77x 2'177.3 2'663.1 6.18x 5.01x S&P Issuer Ratings

03.11.2010 BB+ STABLE 19.06.2009 B 9.45 3.13 4.89 7.75 135.9% 57.4% 0.56 3.61 10.73 44.52 69.65 -14.41

Sales/Revenue/Turnover

7.00

45'000.0

6.00

40'000.0 35'000.0

5.00

30'000.0

4.00

25'000.0

3.00

20'000.0 15'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Renault SA Holdings By:

All

Holder Name FRENCH STATE NISSAN FINANCIAL SER NORGES BANK CAPITAL GROUP COMPAN DAIMLER AG BLACKROCK VANGUARD GROUP INC RENAULT SA NATIXIS ASSET MANAGE JANUS CAPITAL MANAGE AMUNDI FIRST PACIFIC ADVISO SKAGEN AS SARASIN HENDERSON GLOBAL INV MACKENZIE FINANCIAL BESSEMER GROUP INCOR INVESCO LTD CLASSIC FUND MGMT AG DNCA FINANCE

Firm Name AlphaValue Macquarie Sanford C. Bernstein & Co Redburn Partners Exane BNP Paribas Barclays Kepler Capital Markets Societe Generale Commerzbank Corporates & Markets Goldman Sachs JPMorgan CA Cheuvreux CM - CIC Securities(ESN) Oddo & Cie Natixis S&P Capital IQ Day by Day Main First Bank AG Morgan Stanley Nord/LB Credit Suisse Landesbank Baden-Wuerttemberg Bankhaus Metzler HSBC Deutsche Bank EVA Dimensions Silvia Quandt Research Hamburger Sparkasse Cyrrus Hammer Partners SA DZ 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HANS-PETER WODNIOK JENS SCHATTNER MAX WARBURTON CHARLES WINSTON RABIH FREIHA KRISTINA CHURCH XAVIER CAROEN PHILIPPE BARRIER SASCHA GOMMEL STEFAN BURGSTALLER JOSE ASUMENDI THOMAS BESSON FLORENT COUVREUR FRANCOIS MAURY GEORGES DIENG RODERICK BRIDGE VALERIE GASTALDY BRUNO LAPIERRE LAURA LEMBKE FRANK SCHWOPE ERICH HAUSER Fabian Suessenguth JUERGEN PIEPER HORST SCHNEIDER GAETAN TOULEMONDE CRAIG STERLING ALBRECHT DENNINGHOFF TINA HECKING-VELTMAN JIRI SIMARA ALBERTO ROLLA MICHAEL PUNZET

Source Co File Co File Research ULT-AGG Co File ULT-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce outperform market perform buy outperform overweight buy buy hold neutral/attractive overweight select list accumulate buy buy hold hold outperform Overwt/In-Line sell neutral hold sell neutral buy hold neutral hold buy buy sell

Amt Held 44'387'915 44'358'343 14'484'228 12'509'353 9'167'391 4'890'613 4'341'107 4'059'255 3'160'363 2'188'494 2'111'277 2'084'000 1'779'079 1'647'253 1'535'672 1'390'938 984'635 896'387 832'000 819'300

% Out 15.01 15 4.9 4.23 3.1 1.65 1.47 1.37 1.07 0.74 0.71 0.7 0.6 0.56 0.52 0.47 0.33 0.3 0.28 0.28

Weighting

Change 2 5 3 5 5 5 5 5 3 3 5 5 4 5 5 3 3 5 5 1 3 3 1 3 5 3 3 3 5 5 1

M M M M M M M M M M U M U M M M D M M M M N D D M M M M M M M

Latest Chg 280'408 (183'160) 501'993 (98'271) 1'797'486 (70'267) 134'000 1'647'253 (138'292) 1'026'700 9'508 (5'562) 19'300

Target Price 45 60 45 #N/A N/A 47 54 57 55 46 49 55 60 52 55 57 46 #N/A N/A 59 50 38 50 45 40 47 60 #N/A N/A #N/A N/A #N/A N/A 43 43 28

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 04.10.2011 31.12.2012 31.12.2011 26.02.2013 31.12.2012 31.12.2011 31.12.2012 31.12.2012 31.10.2012 31.12.2012 31.01.2013 30.11.2011 31.12.2012 30.11.2012 31.10.2012 27.02.2013 28.09.2012 28.09.2012

Date 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 6 month 12 month 9 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Government Other Government Investment Advisor Corporation Investment Advisor Investment Advisor Corporation Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 28.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 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 04.02.2013 04.02.2013 01.02.2013 22.01.2013 17.01.2013 16.11.2012 08.11.2012 29.10.2012 17.10.2012 19.01.2012

28.02.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 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

Price/Volume

12/2012 12/yy 20.75 10.90 3'346'978.00 16.21 -21.98% 48.72% 52.74% 1'282.4 20'788.49 22'059.00 0.0 770.0 6'318.00 37'299.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 45'827.0 53'663.0 0.87x 0.73x 6'686.0 11'919.0 5.99x 3.30x 1'559.0 4'693.0 14.63x 5.43x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 60'122.0 0.82x 8'509.0 5.79x 2'193.0 13.19x

31.12.2012 59'593.0 0.61x 6'873.0 5.26x 2'060.0 9.83x 6'873.00 4'286.00 7.19% 5.95% 3.03% 8.20% 0.92% 11.7% 7.6% 3.5% 1.51 1.06 33.98% 82.61% 8.70 -

Price/ Cash Flow

LTM

12/yy 44'474.0 3.15x 6'157.0 0.00x 1'614.0 0.00x

12/yy 62'343.0 2.43x 7'313.0 4.95x 2'060.0 8.77x

FY+1

1.07 976.27 -10.87% 5.71% 1.068 42 4.167 9'749'347 7'677'978 11'824'160 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 61'711.5 62'128.9 0.56x 0.54x 7'223.6 7'691.9 1'743.0 1'857.0 5.16x 4.85x 5.14x 5.05x 2'125.7 2'289.2 571.0 658.0 9.67x 9.09x 8.76x 8.62x S&P Issuer Ratings

19.04.2012 BBBSTABLE 19.04.2012 A-3 10.88 3.83 2.15 3.02 82.6% 44.5% 0.92 1.92 42.08 -

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 01.01.2010

a-12 m-12

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

Fiscal Year Ended 31.12.2008 58'475.0 0.48x 8'009.0 3.49x 2'555.0 7.19x

20 18 16 14 12 10 8 6 4 2 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 |

28.02.2013

Repsol SA Holdings By:

All

Holder Name CAIXABANK SACYR VALLEHERMOSO S PETROLEOS MEXICANOS REPSOL YPF SA BLACKROCK BNP PARIBAS SA VANGUARD GROUP INC AMUNDI NATIXIS ASSET MANAGE FMR LLC DEUTSCHE BANK AG FRANKLIN RESOURCES OPPENHEIMERFUNDS INC UNION INVESTMENT GMB UNION INVESTMENT LUX SOCIETE GENERALE SCHRODER INVESTMENT MERCURY ASSET MANAGE STATE STREET PIONEER INVESTMENT M

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Investec STUART JOYNER Sanford C. Bernstein & Co OSWALD CLINT Raymond James BERTRAND HODEE Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO AlphaValue ALEXANDRE ANDLAUER Grupo Santander JASON KENNEY Societe Generale IRENE HIMONA Morgan Stanley HAYTHEM RASHED BPI BRUNO ALMEIDA DA SILVA Goldman Sachs HENRY MORRIS Macquarie MARC B KOFLER Canaccord Genuity Corp GORDON GRAY Espirito Santo Investment Bank Research FILIPE ROSA Nomura THEEPAN JOTHILINGAM NMAS 1 Agencia de Valores FERNANDO LAFUENTE Exane BNP Paribas ALEJANDRO DEMICHELIS Credit Suisse THOMAS YOICHI ADOLFF Banco Sabadell JORGE GONZALEZ SADORNIL Intermoney Valores ALVARO NAVARRO Banesto Bolsa SA Sociedad ROBERT JACKSON RBC Capital Markets PETER HUTTON EVA Dimensions CRAIG STERLING Tudor Pickering & Co ANISH KAPADIA Natixis ANNE PUMIR JPMorgan NITIN SHARMA BBVA LUIS DE TOLEDO Barclays LYDIA RAINFORTH Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Jefferies BRENDAN MICHAEL WARN Day by Day VALERIE GASTALDY Landesbank Baden-Wuerttemberg JENS MUENSTERMANN HSBC PAUL SPEDDING Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Independent Research GmbH SVEN DIERMEIER 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

Source Research EXCH Research Research ULT-AGG EXCH MF-AGG MF-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

Recommendation hold outperform outperform buy add hold buy Underwt/In-Line neutral not rated neutral hold buy neutral strong buy neutral outperform buy buy overweight sector perform buy hold neutral neutral outperform overweight overweight hold buy buy overweight buy hold buy buy buy hold outperform buy

Amt Held 157'399'192 122'208'433 115'884'040 67'582'415 47'557'287 42'053'943 19'815'858 10'892'672 9'914'377 8'850'756 5'411'492 4'686'610 4'263'085 3'787'114 3'583'153 2'727'151 2'527'453 2'411'002 2'214'010 1'902'975

% Out 12.27 9.53 9.04 5.27 3.71 3.28 1.55 0.85 0.77 0.69 0.42 0.37 0.33 0.3 0.28 0.21 0.2 0.19 0.17 0.15

Weighting

Change

3 5 5 5 4 3 5 1 3 #N/A N/A 3 3 5 3 5 3 5 5 5 5 3 5 3 3 3 5 5 5 3 5 5 5 5 3 5 5 5 3 5 5

M M M M M M M M M M U M M M M M M M M M M U M M M M M N M M M M M M M M M M D M

Latest Chg 66'282 931'065 285'878 5'796'040 (683'303) 84'364 (15'141) 1'100'898 316'718 368'473 2'025'708 716'936 67'533 97'655

Target Price 15 21 19 20 17 19 19 16 20 #N/A N/A 15 18 20 16 21 19 21 19 19 19 16 #N/A N/A 22 17 16 19 20 20 16 18 17 19 22 18 20 20 20 16 18 18

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 26.02.2013 Investment Advisor 18.12.2012 Bank 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Bank 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 27.02.2013 Investment Advisor 30.11.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 3 month Not Provided Not Provided 12 month 12 month 3 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 19.02.2013 14.02.2013 13.02.2013 07.02.2013 06.02.2013 01.02.2013 30.01.2013 29.01.2013 28.01.2013 22.01.2013 09.01.2013 27.12.2012 27.12.2012 21.12.2012 26.11.2012 14.11.2012 08.11.2012 25.10.2012 23.10.2012 30.07.2012

28.02.2013

Rio Tinto PLC Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

Price/Volume 4000

25.0 M

3500

20.0 M

3000 2500

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIO LN EQUITY YTD Change RIO LN EQUITY YTD % CHANGE

12/2012 06/yy 3'838.00 2'649.50 1'149'243.00 3509 -8.55% 32.44% 74.51% 1'411.4 69'291.77 26'819.00 0.0 11'156.0 7'615.00 135'430.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

1500 1000

5.0 M

500 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 54'264.0 1.53x 18'964.0 4.38x 3'676.0 6.19x

15.0 M

2000

Valuation Analysis

31.12.2009 31.12.2010 41'825.0 55'171.0 5.29x 2.71x 10'920.0 22'752.0 20.24x 6.57x 4'872.0 14'238.0 18.14x 9.63x Profitability

LTM-4Q 31.12.2011 60'537.0 1.80x 26'657.0 4.09x 5'826.0 16.07x

31.12.2012 50'967.0 2.67x 18'580.0 7.31x (2'990.0) 18'580.00 14'139.00 27.74% -5.04% -2.52% -6.02% 5.92% 0.43% 36.5% 27.7% -5.9% 1.46 0.94 22.81% 57.23% 11.32 -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 46'038.0 8.17x 13'532.0 0.00x 9'402.0 0.00x

FY+1

.0 M f-13

3.14 1.51 1'227.06 -0.60% -0.07% 1.514 31 4.452 5'287'556 4'204'871 4'237'773 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 58'687.2 62'542.1 2.30x 2.12x 22'053.7 24'226.2 6.14x 5.59x 11'193.4 12'311.6 8.78x 7.80x S&P Issuer Ratings

18.04.2011 ANEG 08.07.2009 A-2 26.85 1.62 1.03 1.44 57.2% 31.6% 0.43 0.73 32.07 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0 4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Rio Tinto PLC Holdings By:

All

Holder Name SHINING PROSPECT PTE BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS ABERDEEN BNP PARIBAS INV PART UBS VANGUARD GROUP INC PEOPLES REPUBLIC OF STANDARD LIFE INVEST M&G INVESTMENT MANAG MASSACHUSETTS FINANC AVIVA INVESTORS VANGUARD GROUP INC JP MORGAN GOVT OF SINGAPORE IN SCHRODER INVESTMENT AXA INVESTMENT MANAG FMR LLC

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

AlphaValue SACHIN KUMAR Credit Suisse PAUL MCTAGGART Exane BNP Paribas LUC PEZ Sanford C. Bernstein & Co PAUL GAIT BMO Capital Markets TONY ROBSON RBC Capital Markets DES KILALEA Jefferies Christopher LaFemina Societe Generale ABHISHEK SHUKLA Deutsche Bank ROBERT CLIFFORD JPMorgan FRASER JAMIESON Independent Research GmbH SVEN DIERMEIER Espirito Santo Investment Bank Research NICK MELLOR Natixis RAOUDHA BOUZEKRI Morgan Stanley MENNO SANDERSE Canaccord Genuity Corp PETER MALLIN-JONES Nomura SAM CATALANO S&P Capital IQ JOHNSON IMODE Day by Day VALERIE GASTALDY Macquarie JEFFREY LARGEY SBG Securities PETER DAVEY HSBC ANDREW KEEN Redburn Partners SIMON TOYNE Goldman Sachs MICHELE DELLA VIGNA EVA Dimensions CRAIG STERLING Barclays DAVID BUTLER Liberum Capital Ltd RICHARD KNIGHTS Standard Chartered SUBRAMANIAM VARADA Axiom Capital GORDON L JOHNSON Dahlman Rose & Co ANTHONY B RIZZUTO JR Prosdocimi TEAM COVERAGE

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG REG REG REG REG ULT-AGG ULT-AGG REG REG ULT-AGG

Recommendation add outperform outperform outperform outperform outperform buy buy buy overweight buy sell neutral Equalwt/In-Line buy buy strong buy buy neutral buy overweight buy neutral/attractive buy overweight buy outperform sell buy buy

Amt Held 182'550'329 128'626'019 53'285'839 41'031'494 32'751'832 30'049'694 28'496'806 27'872'369 25'576'279 22'584'269 20'134'091 15'566'865 14'813'304 14'066'647 13'772'088 13'410'654 13'197'558 13'004'093 10'777'320 10'501'623

% Out 12.93 9.11 3.78 2.91 2.32 2.13 2.02 1.97 1.81 1.6 1.43 1.1 1.05 1 0.98 0.95 0.94 0.92 0.76 0.74

Weighting

Change 4 5 5 5 5 5 5 5 5 5 5 1 3 3 5 5 5 5 3 5 5 5 3 5 5 5 5 1 5 5

M M M M M M M M M M U D M M M M M M M M M M M M M U M N M M

Latest Chg 113'019 10'311'357 534'514 6'199'929 (340'045) 559'905 2'505'810 (1'535'852) 777'762 821'355 (18'708) 509'965 917'301 (667'279) 3'648'560 605'414 (400'858)

Target Price 3'925 4'000 4'700 4'750 4'500 4'000 4'300 3'900 4'720 4'400 4'500 2'910 3'500 3'870 4'200 3'700 4'200 4'461 4'050 4'300 4'180 #N/A N/A 3'750 #N/A N/A 4'000 #N/A N/A 3'430 2'059 #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 03.12.2012 26.02.2013 31.01.2013 31.12.2012 03.12.2012 31.01.2013 31.12.2012 28.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

Date 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 3 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Holding Company Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 20.02.2013 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 11.02.2013 11.02.2013 07.02.2013 21.01.2013 17.01.2013 17.01.2013 14.01.2013 30.11.2012 22.11.2012 30.07.2012 20.10.2011 10.06.2010

28.02.2013

Roche Holding AG Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 12/yy 215.20 148.40 553'775.00 212.3 -1.35% 43.06% 95.06% 702.6 183'266.06 24'590.00 0.0 2'234.0 13'991.00 196'099.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 45'617.0 2.93x 16'541.0 8.09x 8'969.0 15.58x

31.12.2009 31.12.2010 49'051.0 47'473.0 3.62x 2.96x 17'705.0 16'038.0 10.03x 8.76x 7'784.0 8'666.0 19.38x 13.51x Profitability

LTM-4Q 31.12.2011 42'531.0 3.65x 15'822.0 9.81x 9'343.0 14.46x

31.12.2012 45'499.0 3.77x 16'546.0 10.37x 9'539.0 16.36x 16'546.00 14'125.00 31.04% 27.08% 15.10% 71.75% 26.33% 0.72% 73.2% 36.4% 31.0% 21.0% 1.55 1.16 37.94% 169.66% 4.72 2.30

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13

LTM

12/yy 42'531.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 45'499.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.95 701.88 40.61% 15.38% 0.947 34 4.206 1'555'499 1'447'017 1'291'201 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 47'520.2 49'333.4 11'542.0 11'641.0 4.04x 3.77x 19'848.8 20'839.4 9.89x 9.42x 12'682.6 13'665.8 14.25x 13.30x S&P Issuer Ratings

17.09.2012 AA STABLE 01.02.2006 A-1+ 11.85 10.30 0.64 1.49 169.7% 59.5% 0.72 2.88 77.48 159.36 57.80 179.03

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 |

28.02.2013

Roche Holding AG Holdings By:

All

Holder Name VANGUARD GROUP INC CAPITAL GROUP COMPAN PRIMECAP MANAGEMENT CREDIT SUISSE ASSET BLACKROCK DODGE & COX FMR LLC UBS FUND MANAGEMENT FRANKLIN RESOURCES HARBOR CAPITAL ADVIS MASSACHUSETTS FINANC PICTET & CIE PERPETUAL INVESTMENT BANK OF NEW YORK MEL ABERDEEN DEUTSCHE BANK AG SWISSCANTO FONDSLEIT INVESCO LTD ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC

Firm Name Societe Generale Sanford C. Bernstein & Co Natixis Nomura Exane BNP Paribas Morgan Stanley S&P Capital IQ Kepler Capital Markets Bryan Garnier & Cie Helvea Jefferies EVA Dimensions Zuercher Kantonalbank Hamburger Sparkasse Deutsche Bank Barclays Berenberg Bank Credit Suisse JPMorgan CM - CIC Securities(ESN) National Bank AG Bank Vontobel AG Independent Research GmbH Goldman Sachs CA Cheuvreux Day by Day Landesbank Baden-Wuerttemberg Redburn Partners Liberum Capital Ltd Main First Bank AG Cyrrus Mirabaud Securities DZ Bank AG MP Advisors Pvt Ltd

Portfolio Name Multiple Portfolios n/a PRIMECAP MANAGEMENT Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst STEPHEN MCGARRY TIMOTHY M ANDERSON PHILIPPE LANONE AMIT ROY VINCENT MEUNIER PETER VERDULT SHO MATSUBARA MARTIN VOEGTLI ERIC LE BERRIGAUD ODILE RUNDQUIST JEFFREY HOLFORD ANDREW S ZAMFOTIS MICHAEL NAWRATH MARCO GUENTHER TIM RACE MARK PURCELL ALISTAIR CAMPBELL LUISA HECTOR ALEXANDRA M HAUBER-SCHUELE ARSENE GUEKAM STEFFEN MANSKE ANDREW C WEISS CHRISTOPH SCHOENDUBE KEYUR PAREKH MARCEL BRAND VALERIE GASTALDY TIMO KUERSCHNER TEAM COVERAGE NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS VISHAL MANCHANDA

Source MF-AGG ULT-AGG 13F MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy outperform buy neutral neutral Overwt/Attractive buy buy neutral accumulate buy overweight outperform hold buy overweight buy outperform overweight hold hold buy hold Buy/Neutral outperform hold buy neutral neutral suspended coverage accumulate accumulate buy outperform

Amt Held 25'319'338 11'953'300 10'676'417 10'414'196 8'146'530 7'596'200 7'564'291 6'393'548 6'179'700 4'696'091 4'453'902 4'139'677 4'098'284 3'468'434 2'804'378 2'786'673 2'283'469 2'052'175 1'999'062 1'976'916

% Out 3.6 1.7 1.52 1.48 1.16 1.08 1.08 0.91 0.88 0.67 0.63 0.59 0.58 0.49 0.4 0.4 0.33 0.29 0.28 0.28

Weighting

Change

5 5 5 3 3 5 5 5 3 4 5 5 5 3 5 5 5 5 5 3 3 5 3 5 5 3 5 3 3 #N/A N/A 4 4 5 5

M M M M M M M M M M M D M M M M M M M D N M M M M M M M M M M M M M

Latest Chg 336'935 102'700 (95'118) 1'346'081 235'712 (76'203) (1'557'447) 336'221 95'553 (2'362) 98'690 (11'400) 26'056 (2'504) (28'044) 5'523 (16'698)

Target Price 246 222 240 140 213 230 222 225 202 220 230 #N/A N/A #N/A N/A #N/A N/A 215 230 210 227 225 206 210 225 215 245 220 #N/A N/A 220 #N/A N/A 190 #N/A N/A 176 178 220 160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 29.01.2013 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 Investment Advisor 30.11.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 27.02.2013 Investment Advisor 31.01.2013 Investment Advisor 30.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 9 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 18.02.2013 18.02.2013 15.02.2013 13.02.2013 07.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 28.01.2013 28.01.2013 25.01.2013 11.12.2012 26.11.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 03.02.2012 14.11.2011

28.02.2013

Rolls-Royce Holdings PLC Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

Price/Volume 1200

14.0 M

1000

12.0 M 10.0 M

800

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RR/ LN EQUITY YTD Change RR/ LN EQUITY YTD % CHANGE

12/2012 01/yy 1'064.00 775.78 921'951.00 1021 -3.85% 31.61% 84.73% 1'872.3 19'116.34 1'383.00 0.0 17.0 2'596.00 17'920.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

400

4.0 M

200

2.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2008 9'082.0 0.56x 1'096.0 4.61x (1'340.0) -

8.0 M

600

Valuation Analysis

31.12.2009 31.12.2010 10'414.0 11'085.0 0.70x 0.93x 1'396.0 1'404.0 5.26x 7.36x 2'221.0 539.0 4.02x 21.34x Profitability

31.12.2011 11'124.0 1.25x 1'480.0 9.36x 850.0 16.25x

31.12.2012 12'161.0 1.25x 1'687.0 8.99x 2'281.0 7.09x 1'687.00 1'200.00 9.87% 22.24% 13.21% 43.01% 40.90% 0.70% 22.6% 13.9% 9.9% 18.8% 1.33 0.36 7.63% 22.72% 3.56

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.91 1.02 1'868.09 28.17% 16.89% 1.018 25 3.360 3'541'991 4'378'616 4'008'670 FY+2

12/13 Y 12/14 Y 15'200.0 16'110.8 1.17x 1.08x 2'213.6 2'373.2 8.10x 7.55x 1'240.8 1'349.7 15.61x 14.30x S&P Issuer Ratings

FQ+1

FQ+2

13.04.2012 A STABLE 13.04.2012 A-1 3.52 2.61 -0.72 0.82 22.7% 18.5% 0.70 4.96 102.75 95.47

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Rolls-Royce Holdings PLC Holdings By:

All

Holder Name FMR LLC INVESCO LTD SANTANDER ASSET MANA BLACKROCK LEGAL & GENERAL BAILLIE GIFFORD AND VANGUARD GROUP INC Northern Cross Inter NORGES BANK INVESTME SCOTTISH WIDOWS HARBOR CAPITAL ADVIS DEUTSCHE PRIVATE BAN ABERDEEN UBS PERPETUAL INVESTMENT M&G INVESTMENT MANAG SCHRODER INVESTMENT THREADNEEDLE ASSET M T ROWE PRICE ASSOCIA STANDARD LIFE INVEST

Firm Name

Portfolio Name n/a Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue THOMAS PICHERIT Investec ANDREW GOLLAN RBC Capital Markets ROBERT STALLARD S&P Capital IQ UNAI FRANCO Morgan Stanley RUPINDER VIG CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Natixis ERIC CHADEYRAS Exane BNP Paribas OLIVIER BROCHET Societe Generale ZAFAR KHAN Deutsche Bank BEN FIDLER JPMorgan DAVID H. PERRY Kepler Capital Markets CHRISTOPHE MENARD Barclays CARTER COPELAND Jefferies SANDY MORRIS Sanford C. Bernstein & Co DOUGLAS S HARNED Day by Day VALERIE GASTALDY Liberum Capital Ltd BENJAMIN BOURNE EVA Dimensions CRAIG STERLING Credit Suisse OLIVER SLEATH Espirito Santo Investment Bank Research EDWARD STACEY Arden Partners Ltd GRAHAM J WEBSTER CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX

Source ULT-AGG REG MF-AGG ULT-AGG ULT-AGG REG MF-AGG REG REG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG MF-AGG REG REG REG REG REG

Recommendation reduce add outperform hold Overwt/In-Line sell neutral outperform sell hold overweight hold overweight buy market perform hold buy underweight neutral neutral add underperform

Amt Held 169'053'839 112'822'192 102'989'922 93'986'631 75'786'766 58'757'257 51'232'824 45'853'311 45'308'048 43'402'486 43'022'491 41'865'846 40'333'837 37'795'310 36'150'309 30'897'478 27'706'884 26'924'567 25'928'040 25'368'833

% Out 9.03 6.03 5.5 5.02 4.05 3.14 2.74 2.45 2.42 2.32 2.3 2.24 2.15 2.02 1.93 1.65 1.48 1.44 1.38 1.35

Weighting

Change 2 4 5 3 5 1 3 5 1 3 5 3 5 5 3 3 5 1 3 3 4 1

M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 60'869'295 (3'289'064) 98'650'606 1'193'881 3'025'904 759'881 5'797'601 1'065'936 2'538'998 699'470 2'652'399 17'831'114 15'796'505 16'496 (5'380'217) 803'995 (428'418) (8'010'744) 941'008

Target Price 970 1'080 1'170 1'100 1'200 800 1'100 1'075 900 930 1'225 1'050 1'200 950 880 #N/A N/A 1'030 #N/A N/A 900 800 #N/A N/A 800

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 01.11.2012 31.12.2012 26.02.2013 01.11.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 30.11.2012 31.12.2012 01.11.2012 31.01.2013 28.12.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012

Date 6 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 10 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Government Unclassified Investment Advisor Unclassified Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 22.02.2013 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 04.02.2013 17.01.2013 16.01.2013 16.10.2012 01.10.2012 27.07.2012

28.02.2013

Royal Bank of Scotland Group PLC Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and offers commercial banking services. The bank offers business term loans, commercial mortgages, professional practice loans, asset finance and invoice finance loans, residential mortgages, consumer loans, credit cards, financial planning services, and life, personal lines, and income protection insurance.

Price/Volume 400

40.0 M

250 200

12/2012 12/yy 369.60 193.30 9'070'603.00 339.8 -8.17% 75.79% 87.07% 6'071.7 37'961.41 386'556.00 0.0 1'234.0 123'139.00 -

30.0 M

150

20.0 M

100 10.0 M

50 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RBS LN EQUITY YTD Change RBS LN EQUITY YTD % CHANGE

31.12.2008 54'331.0 (23'710.0) -

60.0 M

350

31.12.2009 31.12.2010 40'844.0 37'526.0 (2'672.0) (1'001.0) Profitability

LTM-4Q 31.12.2011 34'247.0 (1'997.0) -

31.12.2012 (5'971.0) 0.30% -3.00% -0.35% -6.89% -1.08% 0.02% -34.3% 25.65% 516.65% -

Price/ Cash Flow

LTM

12/yy 36'158.0 0.00x 0.0 0.00x (1'997.0) 0.00x

12/yy 20'271.0 0.00x 0.0 0.00x (5'971.0) 0.00x

FY+1

.0 M f-13

1.67 2'106.11 0.30 21.70% 4.71% 1.674 32 2.969 10'049'100 9'622'547 9'510'974 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'999.5 22'027.0 2'733.5 3'691.0 12.36x 9.57x S&P Issuer Ratings

29.11.2011 ASTABLE 29.11.2011 A-2 516.7% 83.6% 0.02 1.96 -

Sales/Revenue/Turnover

4.00

60'000.0

3.50

50'000.0

3.00

40'000.0

2.50 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 |

28.02.2013

Royal Bank of Scotland Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER SCHRODER INVESTMENT LEGAL & GENERAL BLACKROCK TD WATERHOUSE GROUP SCHRODER INVESTMENT VANGUARD GROUP INC ROYAL BANK OF SCOTLA MAJEDIE ASSET MANAGE SCOTTISH WIDOWS EDINBURGH PARTNERS L THORNBURG INVESTMENT JUPITER ASSET MANAGE THORNBURG INVESTMENT UBS NORGES BANK INVESTME AEGON FMR LLC STANDARD LIFE INVEST HALIFAX SHARE DEALIN

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley CHRISTOPHER MANNERS Investec IAN GORDON RBC Capital Markets CLAIRE KANE Keefe, Bruyette & Woods MARK J PHIN Canaccord Genuity Corp GARETH HUNT Nomura CHINTAN JOSHI AlphaValue DAVID GRINSZTAJN Numis Securities Ltd MICHAEL J TRIPPITT Societe Generale JAMES INVINE Credit Suisse CARLA ANTUNES-SILVA JPMorgan RAUL SINHA Sanford C. Bernstein & Co CHIRANTAN BARUA Deutsche Bank JASON NAPIER Exane BNP Paribas TOM RAYNER Redburn Partners JON KIRK Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Goldman Sachs FREDERIK THOMASEN Berenberg Bank JAMES CHAPPELL EVA Dimensions AUSTIN BURKETT Macquarie EDWARD FIRTH HSBC PETER TOEMAN Shore Capital Stockbrokers GARY GREENWOOD Day by Day VALERIE GASTALDY Mediobanca SpA CHRISTOPHER J WHEELER Barclays ROHITH CHANDRA-RAJAN Liberum Capital Ltd CORMAC LEECH Oriel Securities Ltd VIVEK RAJA S&P Capital IQ FRANK BRADEN Grupo Santander ARTURO DE FRIAS Prosdocimi TEAM COVERAGE

Source RNS-MAJ REG ULT-AGG ULT-AGG REG MF-AGG MF-AGG REG REG ULT-AGG REG MF-AGG REG REG ULT-AGG REG ULT-AGG ULT-AGG REG REG

Recommendation Equalwt/In-Line sell sector perform market perform hold reduce sell hold buy underperform overweight outperform hold neutral neutral sell Sell/Neutral sell sell underperform overweight hold buy underperform overweight hold hold hold buy buy

Amt Held 3'964'483'519 115'934'748 82'966'979 71'561'099 71'118'734 63'047'414 57'798'161 51'198'748 42'522'122 42'508'260 38'927'617 37'649'457 35'702'617 34'960'450 34'509'871 31'657'868 29'646'943 29'213'820 28'636'513 27'224'892

% Out 65.29 1.91 1.37 1.18 1.17 1.04 0.95 0.84 0.7 0.7 0.64 0.62 0.59 0.58 0.57 0.52 0.49 0.48 0.47 0.45

Weighting

Change 3 1 3 3 3 2 1 3 5 1 5 5 3 3 3 1 1 1 1 1 5 3 5 1 5 3 3 3 5 5

M M M M M M M M M M M M M M M D D M M M U M U M M D M D M M

Latest Chg 10'352'052 1'989'170 142'628 (7'539'103) (11'121) 2'764'445 (257'198) 699'701 12'912'812 6'388'807 (323'651) (20'882) (2'048'761) 1'056'050 (6'124'662) (2'236'467) (3'161'145)

Target Price 329 290 379 370 275 300 284 348 330 260 415 450 325 350 #N/A N/A 320 340 190 #N/A N/A 310 480 #N/A N/A 368 255 330 290 205 300 400 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.01.2013 03.12.2012 31.01.2013 26.02.2013 03.12.2012 31.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 28.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 9 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Unclassified Investment Advisor Investment Advisor Corporation

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 15.02.2013 15.02.2013 31.01.2013 29.01.2013 28.01.2013 28.01.2013 17.01.2013 16.01.2013 10.01.2013 07.01.2013 20.12.2012 13.12.2012 27.11.2012 14.11.2012 05.11.2012 02.11.2012 22.05.2012 09.07.2010

28.02.2013

Royal Dutch Shell PLC Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.08.2012) 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 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSA NA EQUITY YTD Change RDSA NA EQUITY YTD % CHANGE

12/2011 12/yy 28.99 24.30 1'123'772.00 25.03 -13.59% 3.03% 13.11% 3'772.4 161'646.05 37'754.00 0.0 1'433.0 18'550.00 232'587.30

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 f-12 m-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.55x 55'943.0 4.60x 30'918.0 7.39x

31.12.2012 467'153.0 0.51x 52'114.0 4.57x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 7.54% 14.86% 12.75% 1.32% 15.2% 11.2% 8.0% 5.7% 1.18 0.19 10.48% 20.03% 6.22 13.25

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

5.24 0.81 3'771.09 -3.86% -2.40% 0.811 33 3.485 4'970'235 5'083'996 4'274'340 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 470'171.0 467'153.0 457'395.1 465'234.3 110'179.5 113'283.3 2.10x 2.04x 0.52x 0.51x 2.08x 2.02x 55'943.0 52'114.0 61'062.5 62'298.6 10'357.0 10'835.0 4.60x 4.57x 3.81x 3.73x 5.21x 5.12x 30'918.0 26'592.0 26'628.6 27'156.4 6'859.0 7'011.0 7.38x 8.11x 7.76x 7.71x 7.71x 7.73x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 29.66 (EBITDA-Capex)/Interest Exp. 11.12 Net Debt/EBITDA 0.37 Total Debt/EBITDA 0.72 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.88 Accounts receivable turnover-days 58.88 Inventory Days 27.61 Accounts Payable Turnover Day 72.92 Cash Conversion Cycle 23.58 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00

250'000.0

4.00

200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

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 |

28.02.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS VANGUARD GROUP INC PEOPLES REPUBLIC OF FMR LLC GOVT OF SINGAPORE IN UBS VANGUARD GROUP INC MASSACHUSETTS FINANC STATE STREET FRANKLIN RESOURCES BP INVESTMENT MANAGE ABERDEEN JP MORGAN MASSACHUSETTS FINANC BNP PARIBAS INV PART NORTHERN TRUST GLOBA SOCIETE GENERALE PRO STANDARD LIFE INVEST

Firm Name AlphaValue Grupo Santander Sanford C. Bernstein & Co ING Bank Tudor Pickering & Co Canaccord Genuity Corp Simmons & Company International Petercam CA Cheuvreux Day by Day Credit Suisse Hamburger Sparkasse Investec Jefferies Raymond James HSBC Independent Research GmbH Barclays Goldman Sachs National Bank AG S&P Capital IQ Oriel Securities Ltd Ahorro Corporacion Financiera SA RBC Capital Markets Landesbank Baden-Wuerttemberg VSA Capital Ltd Deutsche Bank JPMorgan Theodoor Gilissen Securities VTB Capital Kepler Capital Markets Morgan Stanley

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ALEXANDRE ANDLAUER JASON KENNEY OSWALD CLINT QUIRIJN MULDER ROBERT KESSLER GORDON GRAY JEFFREY A DIETERT LUUK VAN BEEK DOMINIQUE PATRY VALERIE GASTALDY KIM FUSTIER INGO SCHMIDT STUART JOYNER IAIN REID BERTRAND HODEE PAUL SPEDDING SVEN DIERMEIER RAHIM KARIM MICHELE DELLA VIGNA MANFRED JAISFELD CHRISTINE TISCARENO RICHARD GRIFFITH VIRGINIA PEREZ REPES PETER HUTTON JENS MUENSTERMANN DOUGIE YOUNGSON LUCAS HERRMANN FREDERICK G LUCAS JOS VERSTEEG COLIN SMITH TEAM COVERAGE MARTIJN P RATS

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG REG REG

Recommendation reduce underweight market perform buy buy buy overweight add outperform hold outperform buy hold buy market perform neutral hold equalweight Sell/Cautious buy sell buy hold sector perform buy not rated hold neutral buy hold hold not rated

Amt Held 190'130'247 148'916'543 77'887'769 70'248'299 50'156'944 47'161'630 39'669'849 38'811'729 34'834'706 29'163'178 25'722'173 25'127'871 22'400'138 19'216'437 18'860'833 18'043'180 17'283'611 16'292'959 16'129'705 14'890'316

% Out 5.04 3.95 2.06 1.86 1.33 1.25 1.05 1.03 0.92 0.77 0.68 0.67 0.59 0.51 0.5 0.48 0.46 0.43 0.43 0.39

Weighting

Change

2 1 3 5 5 5 5 4 5 3 5 5 3 5 3 3 3 3 1 5 1 5 3 3 5 #N/A N/A 3 3 5 3 3 #N/A N/A

M M M M M M M M D D M M M M M M M M M M D M M M M M D M M N M M

Latest Chg 13'987'593 2'525'344 16'866'612 1'675'222 3'594'333 (5'532'784) 1'602'657 (1'487'355) 5'779'775 2'404'996 (1'317'683) 333'102 288'938 (271'479) 5'111'499 589'935 (1'405'434) 35'052 12'387'795 (803'892)

Target Price 24 29 28 33 32 31 #N/A N/A 30 28 #N/A N/A 29 #N/A N/A 25 28 #N/A N/A 29 28 29 26 33 24 #N/A N/A 30 30 32 #N/A N/A 31 31 34 31 28 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 27.02.2013 31.12.2012 01.01.2013 31.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013

Date 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 15.02.2013 06.02.2013 05.02.2013 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 31.01.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 24.01.2013 09.01.2013 04.12.2012 03.12.2012 02.10.2012 02.10.2012 27.09.2012 18.05.2012 03.05.2012

28.02.2013

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

12.0 M

10.0 M

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 1'555'187.00 28.015 -24.60% 6.30% 11.75% 575.7 17'217.11 21'923.00 0.0 1'344.0 7'004.00 34'364.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

15 10

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 41'053.0 1.35x 7'787.0 7.13x 2'667.0 18.45x

8.0 M

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

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

1.06 482.66 -13.26% -10.32% 1.056 40 2.600 3'465'085 3'462'767 3'114'181 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 51'055.4 51'953.6 11'815.0 0.74x 0.70x 8'642.1 8'793.3 1'948.5 3.98x 3.91x 2'522.8 2'436.7 612.0 6.87x 7.12x S&P Issuer Ratings

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 50'000.0

3.00

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 |

28.02.2013

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU BLACKROCK CREDIT SUISSE GROUP MONDRIAN INVESTMENT VANGUARD GROUP INC SOCIETE GENERALE SA CAPITAL GROUP COMPAN UNION INVESTMENT GMB PICTET ASSET MANAGEM FMR LLC DEKA INVESTMENT GMBH AMUNDI DB PLATINUM ADVISORS MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE ETFLAB INVESTMENT GM BNP PARIBAS INV PART DEKA INTERNATIONAL S MACQUARIE GROUP LTD MAINFIRST SICAV

Firm Name Morgan Stanley Societe Generale Commerzbank Corporates & Markets Raymond James RBC Capital Markets Exane BNP Paribas AlphaValue Banco Sabadell Day by Day HSBC Credit Suisse National Bank AG Berenberg Bank M.M. Warburg Investment Research Ahorro Corporacion Financiera SA S&P Capital IQ Barclays Landesbank Baden-Wuerttemberg Macquarie Independent Research GmbH Bankhaus Metzler EVA Dimensions JPMorgan Steubing AG 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 Silvia Quandt Research

Portfolio Name n/a n/a n/a n/a Multiple Portfolios #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst BOBBY CHADA ALBERTO PONTI TANJA MARKLOFF EMMANUEL RETIF JOHN MUSK BENJAMIN LEYRE EILEEN RYAN JORGE GONZALEZ SADORNIL VALERIE GASTALDY ADAM DICKENS VINCENT GILLES STEFFEN MANSKE LAWSON STEELE STEPHAN WULF VIRGINIA PEREZ REPES CLIVE ROBERTS PETER BISZTYGA ERKAN AYCICEK ROBERT SCHRAMM-FUCHS SVEN DIERMEIER DANIEL SEIDENSPINNER AUSTIN BURKETT VINCENT DE BLIC MICHAEL BROEKER 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 SEBASTIAN ZANK

Source Co File ULT-AGG Research Research MF-AGG Research ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation Overwt/In-Line sell hold underperform sector perform neutral buy sell hold underweight underperform hold sell buy hold hold underweight sell neutral hold sell overweight underweight buy hold reduce sell hold neutral/attractive reduce hold buy underweight neutral buy neutral outperform not rated

Amt Held 86'361'823 48'747'999 28'008'409 17'188'015 9'058'752 6'421'155 5'726'000 2'919'473 2'882'791 2'395'739 2'349'710 1'804'867 1'545'363 1'514'247 1'377'562 1'148'445 986'564 928'678 853'442 786'597

% Out 15 8.47 4.86 2.99 1.57 1.12 0.99 0.51 0.5 0.42 0.41 0.31 0.27 0.26 0.24 0.2 0.17 0.16 0.15 0.14

Weighting

Change

5 1 3 1 3 3 5 1 3 1 1 3 1 5 3 3 1 1 3 3 1 5 1 5 3 2 1 3 3 2 3 5 1 3 5 3 5 #N/A N/A

U M M D M M M M M D M M N M M M M D D M M M D M M M D D M D M M M M M M D M

Latest Chg 12'850 196'272 4'226'000 78'546 (977'126) (2'133) (446'152) (1'865'836) (5'801'852) 139'508 228 (355'069) 79'174 (7'746) (6'600)

Target Price 33 25 29 25 30 32 37 37 #N/A N/A 26 28 30 25 34 34 34 27 26 30 30 27 #N/A N/A 28 60 35 29 27 31 40 32 #N/A N/A 38 41 34 #N/A N/A 37 38 #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 26.02.2013 04.05.2012 16.05.2012 31.12.2012 19.02.2013 31.12.2012 28.09.2012 30.11.2012 31.12.2012 28.12.2012 31.10.2012 31.01.2013 26.02.2013 31.01.2013 27.02.2013 31.12.2012 31.10.2012 31.12.2012 31.10.2012

Date 12 month 12 month 6 month Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month 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

Inst Type Other Investment Advisor Investment Advisor Hedge Fund Manager 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 Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 21.02.2013 15.02.2013 14.02.2013 08.02.2013 06.02.2013 06.02.2013 05.02.2013 30.01.2013 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 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 06.03.2012

28.02.2013

Ryanair Holdings PLC Ryanair Holdings PLC provides low fare passenger airline services to destinations in Europe.

Price/Volume 7

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (30.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RYA ID EQUITY YTD Change RYA ID EQUITY YTD % CHANGE

03/2012 12/yy 5.99 3.44 118'185.00 5.663 -5.51% 64.71% 85.44% 1'446.8 8'193.21 3'625.20 0.0 0.0 3'480.50 8'660.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10.0 M

2 5.0 M

1 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.03.2008 2'713.8 1.68x 713.0 6.40x 390.7 10.84x

31.03.2009 31.03.2010 2'942.0 2'988.1 1.59x 1.89x 348.7 637.5 13.41x 8.87x (169.2) 305.3 17.80x Profitability

LTM-4Q 31.03.2011 3'629.5 1.59x 765.9 7.51x 374.6 13.32x

31.03.2012 4'390.2 1.52x 992.4 6.71x 560.4 11.77x

992.40 683.20 15.56% 14.42% 7.34% 18.99% 10.42% 0.59% 21.9% 15.3% 12.8% 2.14 1.95 40.28% 109.63% 88.20 -

Price/ Cash Flow

12/yy 4'258.4 5.29x 927.9 6.32x 519.3 10.35x

LTM 12/yy 4'908.3 5.25x 1'076.8 6.79x 615.7 11.02x

FY+1

.0 M f-13

0.00 0.68 1'260.55 47.77% 19.80% 0.681 29 4.069 1'181'611 2'430'157 2'172'430 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'875.7 5'183.5 816.0 1.67x 1.41x 1'021.9 1'097.3 8.48x 7.89x 555.7 621.4 (58.0) 112.0 14.86x 13.29x 14.41x 13.78x S&P Issuer Ratings

9.09 6.18 0.43 3.33 109.6% 52.3% 0.59 1.01 4.15 -

Sales/Revenue/Turnover

14.00

5'000.0 4'500.0

12.00

4'000.0 10.00

3'500.0 3'000.0

8.00

2'500.0 6.00

2'000.0 1'500.0

4.00

1'000.0 2.00 0.00 03.04.2009

500.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Ryanair Holdings PLC Holdings By:

All

Holder Name BLACKROCK EUROPACIFIC GROWTH F GIFFORD BAILLE O'LEARY MICHAEL BAILLIE GIFFORD AND MANNING & NAPIER ADV BONDERMAN DAVID SCOTTISH WIDOWS ALLIANZ ASSET MANAGE ING INVESTMENT MANAG PIONEER INVESTMENT M HSBC INVESTMENT FUND FMR LLC ROBECO FUND MANAGEME DEXIA ASSET MANAGEME GAM INTERNATIONAL MA VANGUARD GROUP INC THREADNEEDLE INVESTM ODEY ASSET MANAGEMEN MM ASSET MANAGEMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue HELENE COUMES Cantor Fitzgerald ROBIN BYDE Main First Bank AG LOIC SABATIER Oddo & Cie YAN DEROCLES RBC Capital Markets DAMIAN BREWER Panmure Gordon & Co Limited GERT ZONNEVELD Oriel Securities Ltd EDWARD STANFORD Nomura ANDREW EVANS Commerzbank Corporates & Markets JOHANNES BRAUN Goldman Sachs OLIVER NEAL Deutsche Bank GEOF COLLYER HSBC ANDREW DAVID LOBBENBERG Goodbody Stockbrokers Ltd DONAL O'NEILL Espirito Santo Investment Bank Research GERALD KHOO Redburn Partners TIM MARSHALL Barclays DAVID E FINTZEN Investec JAMES HOLLINS Credit Suisse NEIL GLYNN Macquarie SAM DOBSON Liberum Capital Ltd ALEXIA DOGANI EVA Dimensions CRAIG STERLING CA Cheuvreux BEAT KEISER JPMorgan DAVID PITURA Davy STEPHEN FURLONG Raymond James JAMES D PARKER DZ Bank AG ROBERT CZERWENSKY Bloxham Stockbrokers JOE R GILL Numis Securities Ltd WYN ELLIS

Source ULT-AGG RNS-MAJ 20F Co File RNS-MAJ 13G Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce hold outperform buy sector perform buy buy neutral hold Buy/Neutral buy underweight buy buy buy equalweight hold outperform outperform buy overweight outperform underweight outperform market perform buy overweight reduce

Amt Held 82'425'662 71'927'100 52'883'746 51'081'256 31'915'383 15'629'581 9'230'671 7'870'582 7'448'070 6'305'245 5'738'911 5'091'691 4'741'437 4'370'092 3'736'808 2'733'425 2'221'442 2'174'926 1'993'845 1'834'019

% Out 5.7 4.97 3.66 3.53 2.21 1.08 0.64 0.54 0.51 0.44 0.4 0.35 0.33 0.3 0.26 0.19 0.15 0.15 0.14 0.13

Weighting

Change 2 3 5 5 3 5 5 3 3 5 5 1 5 5 5 3 3 5 5 5 5 5 1 5 3 5 5 2

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 D

Latest Chg (417'800) (1'555'311) (12'601) 199'803 (250'350) 4'435'963 67'417 (38'043) 11'841 (253'890) 35'420

Target Price 6 6 6 7 6 7 #N/A N/A 6 6 7 7 5 6 6 #N/A N/A 6 6 7 6 6 #N/A N/A 7 5 #N/A N/A #N/A N/A 5 #N/A N/A 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 22.10.2012 30.06.2012 31.03.2012 10.01.2013 31.12.2012 31.03.2012 30.11.2012 31.10.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.10.2012 28.09.2012 31.01.2013

Date 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor n/a n/a n/a Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 26.02.2013 18.02.2013 15.02.2013 12.02.2013 12.02.2013 08.02.2013 07.02.2013 04.02.2013 01.02.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 25.01.2013 15.01.2013 11.01.2013 06.11.2012 06.11.2012 23.10.2012 18.10.2012 20.03.2012 02.02.2010

28.02.2013

SABMiller PLC SABMiller plc is an international beer company. The Company bottles and distributes beer through breweries worldwide. SABMiller also bottles and distributes a number of soft drinks.

Price/Volume 3500

25.0 M

3000

20.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 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 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAB LN EQUITY YTD Change SAB LN EQUITY YTD % CHANGE

03/2012 01/yy 3'287.00 2'342.00 321'834.00 3272.5 -0.49% 39.73% 96.19% 1'596.8 52'255.29 19'226.00 0.0 940.0 746.00 98'106.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

1500

10.0 M

1000

31.03.2009 31.03.2010 14'883.0 14'195.0 2.25x 4.08x 3'663.0 4'212.0 9.13x 13.74x 1'881.0 1'910.0 11.84x 23.94x Profitability

31.03.2011 15'145.0 4.42x 4'682.0 14.30x 2'408.0 23.21x

31.03.2012 16'713.0 5.16x 5'154.0 16.73x 4'221.0 15.05x

5'154.00 3'972.00 23.77% 33.52% 9.47% 18.88% 15.36% 0.37% 31.7% 24.4% 25.3% 0.68 0.32 34.55% 76.68% 8.96 -

Price/ Cash Flow

0 f-12 m-12 a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

1.88 0.98 802.32 31.17% 15.84% 0.977 37 3.541 2'155'658 2'048'454 2'023'109 FY+2

03/13 Y 03/14 Y 24'584.4 26'249.6 3.92x 3.59x 6'388.7 6'983.5 15.35x 14.05x 3'842.6 4'337.3 20.61x 18.30x S&P Issuer Ratings

FQ+1

FQ+2

04.08.2003 BBB+ POS 16.10.2006 A-2 4.72 3.37 3.29 3.43 76.7% 42.5% 0.37 1.91 40.84 -

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 03.04.2009

5.0 M

500

Fiscal Year Ended 31.03.2008 17'057.0 2.50x 4'569.0 9.35x 2'023.0 16.26x

2000

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

SABMiller PLC Holdings By:

All

Holder Name ALTRIA GROUP INC BEVCO INTERNATIONAL PUBLIC INVESTMENT CO KULCZYK HOLDING KULCZYK INVESTMENT H BLACKROCK LEGAL & GENERAL FMR LLC NORGES BANK INVESTME CAPITAL GROUP COMPAN ABERDEEN SCOTTISH WIDOWS VANGUARD GROUP INC ALLAN GRAY UNIT TRUS OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC GARDNER RUSSO & GARD BNP PARIBAS INV PART

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD n/a

Analyst

HSBC LAUREN E TORRES Barclays SIMON HALES Exane BNP Paribas JAVIER GONZALEZ LASTRA Morgan Stanley VIKHYAT SHARMA AlphaValue ISABELLE COMBEMALE Oriel Securities Ltd CHRIS WICKHAM Investec MARTIN DEBOO Grupo Santander ANTHONY J BUCALO Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co TREVOR STIRLING Canaccord Genuity Corp EDDY HARGREAVES SBG Securities BRENDAN GRUNDLINGH Liberum Capital Ltd PABLO ZUANIC Espirito Santo Investment Bank Research ALEX SMITH Natixis OLIVIER DELAHOUSSE Societe Generale ANDREW HOLLAND Deutsche Bank JONATHAN FELL Credit Suisse SANJEET AUJLA JPMorgan MATTHEW WEBB Jefferies DIRK VAN VLAANDEREN Renaissance Capital REY WIUM Shore Capital Stockbrokers PHIL CARROLL Berenberg Bank PHILIP MORRISEY Bryan Garnier & Cie NIKOLAAS FAES Nomura IAN SHACKLETON S&P Capital IQ CARL SHORT CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Macquarie WYNAND VAN ZYL Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER RBC Capital Markets JAMES EDWARDES JONES Avior Research DE WET SCHUTTE Afrifocus Securities TANUJA CHITRE

Source RNS-MAJ Co File Co File Co File REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG REG REG REG 13F ULT-AGG

Recommendation neutral equalweight outperform Equalwt/In-Line reduce add buy buy hold market perform hold hold sell neutral neutral hold hold outperform overweight buy hold hold buy neutral neutral hold outperform sell outperform buy/attractive buy sector perform underperform hold

Amt Held 430'000'000 225'000'000 67'663'248 60'000'000 60'000'000 35'505'767 35'286'280 30'286'716 29'568'406 21'708'108 19'381'504 19'161'032 17'780'239 17'129'363 12'499'774 12'259'520 10'980'964 9'864'730 9'330'377 8'874'676

% Out 26.93 14.09 4.24 3.76 3.76 2.22 2.21 1.9 1.85 1.36 1.21 1.2 1.11 1.07 0.78 0.77 0.69 0.62 0.58 0.56

Weighting

Change 3 3 5 3 2 4 5 5 3 3 3 3 1 3 3 3 3 5 5 5 3 3 5 3 3 3 5 1 5 5 5 3 1 3

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 U M M M M M

Latest Chg (1'161'886) (739'579) 1'206'973 (755'600) 361'800 (4'245'434) (1'401'802) 17'129'363 1'220'540 2'453'239 (324'670) 182'666 265'826 1'751'807

Target Price 3'350 3'350 3'333 3'300 2'933 2'850 2'950 3'675 #N/A N/A 3'180 2'750 3'200 2'600 2'860 3'000 2'970 2'900 3'300 3'645 3'200 3'100 #N/A N/A 3'400 2'633 2'840 3'100 2'950 #N/A N/A 3'292 3'520 #N/A N/A 2'800 2'641 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.06.2012 Corporation 08.06.2012 Corporation 08.06.2012 Government 08.06.2012 Holding Company 01.11.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Government 31.12.2012 Investment Advisor 31.01.2013 Unclassified 30.11.2012 Unclassified 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.12.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 15 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 11.02.2013 11.02.2013 07.02.2013 01.02.2013 30.01.2013 25.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 09.01.2013 10.12.2012 22.11.2012 19.10.2012 24.08.2012

28.02.2013

Safran SA Safran SA manufactures propulsion, communications, defense, security, and aerospace equipment. The Company produces engines for airplanes, helicopters, missiles and launch vehicles, mobile telephones, printing terminals, broadband networks, landing gear, wheels and brakes, aircraft wiring, inertial navigation systems, optronics, avionics, and fingerprint biometric equipment.

Price/Volume 40

4.0 M

12/2012 12/yy 35.55 24.52 340'866.00 35.245 -0.83% 43.77% 93.20% 417.0 14'698.21 3'175.00 0.0 165.0 2'193.00 15'845.21

3.0 M

2.0 M

10 1.0 M

5 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAF FP EQUITY YTD Change SAF FP EQUITY YTD % CHANGE

31.12.2008 10'281.0 0.45x 1'153.0 4.01x (205.0) 148.66x

6.0 M

31.12.2009 31.12.2010 10'559.0 11'028.0 0.58x 0.98x 1'269.0 1'526.0 4.82x 7.05x 641.0 207.0 8.45x 50.00x Profitability

LTM-4Q 31.12.2011 11'658.0 0.91x 1'591.0 6.70x 478.0 19.79x

31.12.2012 13'615.0 1.08x 1'999.0 7.36x 1'302.0 10.38x 1'999.00 1'278.00 9.39% 12.99% 5.97% 23.61% 16.48% 0.62% 14.7% 9.4% 9.6% 1.13 0.61 13.84% 52.37% 2.99 -

Price/ Cash Flow

LTM

12/yy 11'658.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 13'615.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.88 254.71 43.42% 8.13% 0.877 22 4.045 1'057'092 723'529 634'567 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'448.5 15'592.7 1.10x 0.98x 2'296.5 2'516.6 6.88x 6.28x 938.0 1'091.9 15.08x 13.30x S&P Issuer Ratings

20.61 16.29 0.49 1.59 52.4% 33.8% 0.62 5.35 122.47 -

Sales/Revenue/Turnover

12.00

16'000.0 14'000.0

10.00

12'000.0 8.00

10'000.0 8'000.0

6.00

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 |

28.02.2013

Safran SA Holdings By:

All

Holder Name FRENCH STATE NATIXIS ASSET MANAGE CLUB SAGEM SAFRAN SA ASTON CAPITAL PARTNE VANGUARD GROUP INC BLACKROCK HARTFORD INVESTMENT FRANKLIN RESOURCES FMR LLC AMUNDI ALLIANCE BERNSTEIN GENERAL ELECTRIC COM NATIXIS ASSET MANAGE SCHRODER INVESTMENT DEUTSCHE BANK AG ALLIANZ ASSET MANAGE CLERICAL MEDICAL INV AMUNDI SANFORD C BERNSTEIN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue THOMAS PICHERIT EVA Dimensions CRAIG STERLING Societe Generale ZAFAR KHAN Deutsche Bank MILENE KERNER Morgan Stanley RUPINDER VIG Oddo & Cie YAN DEROCLES Natixis ERIC CHADEYRAS Barclays CARTER COPELAND RBC Capital Markets ROBERT STALLARD Jefferies SANDY MORRIS Sanford C. Bernstein & Co DOUGLAS S HARNED Exane BNP Paribas TRISTAN SANSON JPMorgan DAVID H. PERRY Kepler Capital Markets CHRISTOPHE MENARD Credit Suisse OLIVER SLEATH CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX Day by Day VALERIE GASTALDY CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Espirito Santo Investment Bank Research EDWARD STACEY

Source Co File Research Research Co File Form 4 MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce overweight buy buy Overwt/In-Line buy neutral overweight outperform hold outperform neutral neutral buy outperform underperform buy buy neutral

Amt Held 125'940'227 25'706'000 20'754'407 7'758'797 7'619'047 7'326'715 4'612'408 4'596'376 4'285'111 3'792'923 2'090'530 1'827'899 1'260'699 1'244'528 1'115'186 1'104'613 983'707 971'280 924'268 903'160

% Out 30.2 6.16 4.98 1.86 1.83 1.76 1.11 1.1 1.03 0.91 0.5 0.44 0.3 0.3 0.27 0.26 0.24 0.23 0.22 0.22

Weighting

Change 2 5 5 5 5 5 3 5 5 3 5 3 3 5 5 1 5 5 3

M D M M M M M M M M M M N M M M M M M

Latest Chg 1'164'679 1'409'145 773 2'591'520 (1'151'250) 19'975 85'543 (83'834) (77'835) 468'167 (2'956) (40'423) (33'333) -

Target Price 34 #N/A N/A 39 40 37 39 35 36 40 30 36 36 37 40 39 30 39 37 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Government 30.01.2012 Investment Advisor 05.09.2012 n/a 31.12.2011 Corporation 25.07.2011 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 30.11.2012 Investment Advisor

Date 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month Not Provided Not Provided Not Provided 3 month 12 month Not Provided

Date 28.02.2013 26.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 11.02.2013 05.02.2013 16.01.2013 10.01.2013 20.12.2012 17.10.2012 16.10.2012

28.02.2013

Saipem SpA Saipem S.p.A. offers construction and offshore and onshore drilling services. The Company installs sub-sea pipelines, installs fixed platforms, manages complete onshore construction projects, and drills for oil mainly in Italy, Algeria, Nigeria, and the Arabian peninsula.

Price/Volume 45

12/2012 12/yy 40.12 18.61 507'881.00 20.49 -48.90% 10.10% 9.95% 441.3 9'045.02 4'278.00 0.0 148.0 1'029.00 13'572.02

40.0 M

25 20

30.0 M

20.0 M

10.0 M

5 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (30.01.2013) 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 SPM IM EQUITY YTD Change SPM IM EQUITY YTD % CHANGE

31.12.2008 10'094.0 0.74x 1'437.0 5.19x 914.0 5.63x

60.0 M

31.12.2009 31.12.2010 10'292.0 11'160.0 1.31x 1.75x 1'601.0 1'833.0 8.42x 10.64x 732.0 844.0 14.35x 19.09x Profitability

LTM-4Q 31.12.2011 12'593.0 1.41x 2'101.0 8.46x 921.0 15.64x

31.12.2012 13'369.0 2'207.0 902.0 14.33x 2'207.00 1'481.00 11.08% 10.09% 6.97% 17.84% 1.03% 16.4% 11.1% 6.7% 0.84 0.48 42.58% 79.15% -

Price/ Cash Flow

LTM

12/yy 12'593.0 5.72x 2'101.0 8.46x 921.0 15.64x

12/yy 13'369.0 3.03x 2'186.0 0.00x 902.0 14.28x

FY+1

.0 M f-13

0.88 251.64 -44.86% -30.07% 0.877 29 3.000 2'526'863 5'625'828 4'186'920 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'566.9 14'063.2 3'309.7 3'400.3 0.98x 0.88x 4.20x 4.18x 1'540.5 1'973.7 395.0 405.5 8.81x 6.88x 8.39x 7.94x 443.9 768.3 113.0 118.5 20.42x 12.39x 19.58x 17.33x S&P Issuer Ratings

18.11 8.63 1.96 1.96 79.1% 43.5% 1.03 3.05 -

Sales/Revenue/Turnover

70.00

16'000.0

60.00

14'000.0 12'000.0

50.00

10'000.0

40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

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 |

28.02.2013

Saipem SpA Holdings By:

All

Holder Name ENI SPA FMR LLC BLACKROCK ALLIANZ ASSET MANAGE VANGUARD GROUP INC OPPENHEIMERFUNDS INC MFS INSTITUTIONAL AD MFS FINANCIAL SERVIC UMB BANK N A SCHRODER INVESTMENT T ROWE PRICE ASSOCIA SARASIN MFS INVESTMENT MGMT DEUTSCHE BANK AG MFS INTERNATIONAL UK MASSACHUSETTS FINANC SNS INVESTMENT FUND UNION INVESTMENT GMB AMERICAN CENTURY COM MFS INVESTMENT MANAG

Firm Name AlphaValue Mediobanca SpA Canaccord Genuity Corp ICBPI Equita SIM SpA Societe Generale Banca IMI HSBC Macquarie Banca Akros(ESN) S&P Capital IQ Liberum Capital Ltd Barclays ABN Amro Bank N.V. Morgan Stanley Goldman Sachs RBC Capital Markets Exane BNP Paribas JPMorgan Natixis Nomura Day by Day EVA Dimensions Deutsche Bank CA Cheuvreux Kepler Capital Markets Ricerca Finanza

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ALEXANDRE ANDLAUER ANDREA SCAURI JAMES EVANS LUCA ARENA LUIGI DE BELLIS GUILLAUME DELABY ROBERTO RANIERI PHILLIP LINDSAY DAVID FARRELL DARIO MICHI CHRISTINE TISCARENO ANDREW WHITTOCK MICK PICKUP MARK VAN DER GEEST ROBERT PULLEYN HENRY TARR KATHERINE TONKS ALEXANDRE MARIE ANDREW DOBBING ANNE PUMIR CHRISTYAN MALEK VALERIE GASTALDY CRAIG STERLING SEBASTIAN YOSHIDA GEOFFROY STERN ENRICO COCO FRANCESCO MANZI

Source Research ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Research Research MF-AGG MF-AGG MF-AGG ULT-AGG Research MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG Research

Recommendation reduce underperform hold sell hold buy reduce overweight underperform hold buy hold equalweight hold Equalwt/Attractive neutral/neutral sector perform neutral neutral neutral neutral hold hold hold outperform hold outperform

Amt Held 189'447'556 21'088'746 7'691'076 5'186'029 5'054'648 2'662'857 2'590'416 2'255'030 2'187'281 1'513'680 1'414'646 1'222'030 1'204'742 1'061'416 992'919 990'749 952'030 948'419 908'676 856'117

% Out 42.93 4.78 1.74 1.18 1.15 0.6 0.59 0.51 0.5 0.34 0.32 0.28 0.27 0.24 0.23 0.22 0.22 0.21 0.21 0.19

Weighting

Change 2 1 3 1 3 5 2 5 1 3 5 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3 5

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 N

Latest Chg (1'638'416) (295'722) (105'883) 124'129 4'881 97'214 1'311'599 535'767 (55'854) 120'134 16'834 (107'051) 412'019 (131'277) -

Target Price 20 19 23 21 23 25 16 26 18 20 30 20 22 21 25 23 22 21 26 22 22 #N/A N/A #N/A N/A 21 30 25 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 06.02.2013 31.01.2013 26.02.2013 31.12.2012 31.12.2012 30.12.2012 06.02.2013 06.02.2013 31.12.2012 28.09.2012 31.12.2012 28.12.2012 06.02.2013 31.12.2012 06.02.2013 31.12.2012 29.06.2012 28.09.2012 31.12.2012 06.02.2013

Date 6 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 21.02.2013 20.02.2013 18.02.2013 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 12.02.2013 07.02.2013 06.02.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 01.06.2010

28.02.2013

Sampo Sampo Oyj offers multi-line insurance. The Company offers life and pension and property/casualty insurance.

Price/Volume 35

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAMAS FH EQUITY YTD Change SAMAS FH EQUITY YTD % CHANGE

12/2012 12/yy 28.74 17.91 113'988.00 28.29 -1.57% 57.96% 95.66% 558.8 15'842.40 2'378.00 0.0 0.0 1'034.00 17'186.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

10 .5 M

5 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 4'634.0 1.78x 675.0 11.22x

31.12.2009 31.12.2010 5'655.0 6'305.0 1.92x 2.05x 641.0 1'104.0 14.93x 10.18x Profitability

LTM-4Q 31.12.2011 5'342.0 1'038.0 10.36x

31.12.2012 6'415.0 2.33x 1'404.0 9.71x 15.46% 25.19% 4.52% 14.75% 0.21% 21.9% 7.42% 23.51% -

Price/ Cash Flow

12/yy 5'342.0 7.10x 0.0 0.00x 1'038.0 5.18x

LTM 12/yy 6'416.0 8.71x 0.0 0.00x 1'404.0 7.91x

FY+1

.0 M f-13

0.93 41.90% 16.23% 0.934 26 3.308 975'729 963'976 837'227 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'502.6 5'652.4 1'349.4 1'424.7 313.7 668.8 11.83x 11.18x 11.63x 10.99x S&P Issuer Ratings

NR 23.5% 19.0% 0.21 -

Sales/Revenue/Turnover

120.00

7'000.0

100.00

6'000.0 5'000.0

80.00

4'000.0 60.00

3'000.0 40.00

2'000.0

20.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Sampo Holdings By:

All

Holder Name SOLIDIUM OY VARMA MUTUAL PENSION CAPITAL GROUP COMPAN WAHLROOS BJORN VANGUARD GROUP INC DEUTSCHE BANK AG ILMARINEN MUTUAL PEN KALEVA MUTUAL INSURA UMB BANK N A BNP PARIBAS INV PART FMR LLC FINLAND STATE PENSIO THREADNEEDLE INVESTM BLACKROCK LOCAL GOVERNMENT PEN SWISS NATIONAL BANK UBS SWEDBANK ROBUR FONDE NORDEA INVESTMENT FU FOLKETRYGDFONDET

Firm Name AlphaValue Barclays Berenberg Bank Deutsche Bank Pohjola Bank Plc (ESN) Macquarie Carnegie Nordea Equity Research Handelsbanken DNB Markets ABG Sundal Collier Goldman Sachs Credit Suisse Evli Bank Plc Danske Markets Keefe, Bruyette & Woods Mediobanca SpA EVA Dimensions Sanford C. Bernstein & Co SEB Enskilda Morgan Stanley CA Cheuvreux Societe Generale JPMorgan

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst JEROME CASSAGNE CLAUDIA GASPARI PETER ELIOT JAN WOLTER ANTTI SAARI HADLEY COHEN GIANANDREA ROBERTI PAAVO AHONEN MATTI AHOKAS HAKON FURE JAKOB BRINK VINIT MALHOTRA CHRIS ESSON KIMMO RAMA PER GRONBORG KARL MORRIS SIMONETTA CHIRIOTTI AUSTIN BURKETT THOMAS SEIDL MIKA KOSKINEN JON HOCKING HANS PLUIJGERS EMMANUELLE CALES ANDREAS VAN EMBDEN

Source Research Research ULT-AGG Research MF-AGG MF-AGG Research Research MF-AGG ULT-AGG ULT-AGG Research MF-AGG ULT-AGG Research Research ULT-AGG MF-AGG MF-AGG Research

Recommendation sell equalweight hold hold reduce outperform buy hold accumulate hold buy neutral/neutral outperform buy sell underperform neutral hold market perform hold Equalwt/In-Line outperform hold underweight

Amt Held 79'280'080 47'709'421 22'872'997 11'761'383 9'111'481 7'096'795 5'850'422 5'668'476 5'350'770 5'100'009 5'050'788 4'260'000 4'231'895 3'335'757 2'552'530 2'457'137 2'170'127 2'128'943 1'949'210 1'848'262

% Out 14.19 8.54 4.09 2.1 1.63 1.27 1.05 1.01 0.96 0.91 0.9 0.76 0.76 0.6 0.46 0.44 0.39 0.38 0.35 0.33

Weighting

Change 1 3 3 3 2 5 5 3 4 3 5 3 5 5 1 1 3 3 3 3 3 5 3 1

M D M M D M M M M M M M M M M M M M M M M M M M

Latest Chg 382'597 (545'761) 237'817 998'823 (325'137) 105'058 34'469 (340'986) 388'386 (18'522) -

Target Price 24 28 30 26 27 29 #N/A N/A 29 29 29 31 27 30 27 27 23 28 #N/A N/A 22 23 22 25 22 20

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Holding Company 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 31.01.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Insurance Company 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Government 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Pension Fund (ERISA) 31.01.2013 Government 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Other

Date 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 28.02.2013 20.02.2013 19.02.2013 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 11.02.2013 30.01.2013 17.01.2013 13.12.2012 10.12.2012 05.12.2012 09.08.2012 31.05.2012 23.02.2012

28.02.2013

Sandvik AB Sandvik AB is a high-technology engineering group. The Company develops, manufactures, and markets tools for metalworking applications, machinery and tools for rock excavation, stainless steel products, special alloys, and resistance heating materials and process systems. Sandvik markets to industrial companies throughout the world, and tools can also be purchased online.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAND SS EQUITY YTD Change SAND SS EQUITY YTD % CHANGE

12/2012 12/yy 109.00 81.65 953'877.00 104.4 -4.13% 27.86% 82.45% 1'254.4 130'957.89 37'203.00 0.0 107.0 13'829.00 154'438.89

10.0 M

5.0 M

20 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

100 80

Valuation Analysis

31.12.2008 92'654.0 0.99x 16'305.0 5.61x 7'472.0 7.78x

120

31.12.2009 31.12.2010 71'937.0 82'654.0 1.84x 2.17x 3'474.0 15'272.0 38.19x 11.73x (2'652.0) 6'634.0 23.44x Profitability

LTM-4Q 31.12.2011 94'084.0 1.33x 16'148.0 7.73x 5'498.0 18.22x

31.12.2012 98'529.0 1.56x 17'812.0 8.61x 8'105.0 15.91x 17'812.00 13'490.00 13.69% 11.69% 7.99% 23.62% 0.97% 35.2% 18.1% 13.7% 8.2% 2.27 0.52 35.75% 102.98% 2.47

Price/ Cash Flow

LTM

12/yy 94'083.0 6.16x 15'970.0 7.82x 5'498.0 18.22x

12/yy 98'529.0 5.88x 17'811.0 8.61x 8'105.0 15.88x

FY+1

.0 M f-13

1.36 6.59% 0.87% 1.359 30 3.633 4'558'221 4'108'293 3'951'066 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 94'171.5 97'301.5 22'961.5 23'643.6 1.59x 1.49x 6.49x 6.31x 18'600.7 20'350.7 3'997.4 4'596.7 8.30x 7.59x 8.41x 8.01x 9'228.7 10'496.9 1'976.4 2'326.4 14.08x 12.35x 14.09x 13.33x S&P Issuer Ratings

24.05.2011 BBB+ STABLE 02.03.2009 A-2 8.19 5.66 1.31 2.09 103.0% 50.7% 0.97 3.85 147.90 152.13

Sales/Revenue/Turnover

18.00

120'000.0

16.00

100'000.0

14.00

80'000.0

12.00 10.00

60'000.0

8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Sandvik AB Holdings By:

All

Holder Name INDUSTRIVARDEN AB SWEDBANK ROBUR FONDE HANDELSBANKEN PENSIO ALECTA PENSIONSFORSA JP MORGAN CHASE BANK OMNIBUS ACCOUNT W FD HARBOR CAPITAL ADVIS VANGUARD GROUP INC NORDEA FONDER AB/SWE LE LUNDBERGFORETAGEN GORANSSONSKA FOUNDAT HANDELSBANKEN FONDER FOLKSAM GROUP SEB FOLKSAM LO FOND AB AMF FONDER AB LANSDOWNE PARTNERS BLACKROCK ALLIANZ ASSET MANAGE FMR LLC

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 Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst

AlphaValue LIONEL PELLICER HSBC COLIN GIBSON SEB Enskilda DANIEL SCHMIDT Sanford C. Bernstein & Co MARTIN PROZESKY Canaccord Genuity Corp ANDREW BELL Evli Bank Plc ELINA RIUTTA Societe Generale SEBASTIEN GRUTER Morgan Stanley MARKUS ALMERUD Credit Suisse ANDRE KUKHNIN Nordea Equity Research ANDREAS KOSKI Handelsbanken PEDER FROLEN Pareto Securities DAVID JACOBSSON DNB Markets LARS BRORSON Exane BNP Paribas JONATHAN R MOUNSEY Barclays ALLAN SMYLIE Danske Markets OSCAR STJERNGREN ABG Sundal Collier ANDERS IDBORG Goldman Sachs AARON IBBOTSON JPMorgan ANDREAS WILLI CA Cheuvreux JOAKIM HOGLUND Carnegie KENNETH TOLL JOHANSSON Nomura KLAS BERGELIND EVA Dimensions CRAIG STERLING Berenberg Bank ALEXANDER VIRGO Deutsche Bank JOHAN WETTERGREN Espirito Santo Investment Bank Research EDWARD STACEY Redburn Partners JAMES MOORE Swedbank MATS LISS Alandsbanken Equities ANDERS ROSLUND

Source Co File Research Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG Co File Co File Co File Co File ULT-AGG MF-AGG MF-AGG Short ULT-AGG ULT-AGG ULT-AGG

Recommendation add overweight buy outperform sell reduce sell Underwt/Cautious underperform buy reduce buy hold outperform overweight buy buy Buy/Neutral neutral underperform buy buy hold buy buy neutral neutral buy buy

Amt Held % Out 144'727'042 11.54 62'171'471 4.96 48'637'776 3.88 42'706'340 3.4 42'706'340 3.4 39'147'479 3.12 36'065'502 2.88 34'552'637 2.75 28'722'871 2.29 27'284'606 2.18 24'912'032 1.99 20'166'883 1.61 18'980'596 1.51 13'685'328 1.09 12'905'096 1.03 11'367'560 0.91 (7'651'754) -0.61 7'574'592 0.6 6'828'824 0.54 6'636'816 0.53

Weighting

Change 4 5 5 5 1 2 1 1 1 5 2 5 3 5 5 5 5 5 3 1 5 5 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 D M M M M M U M D M M

Latest Chg 53'926 1'303'025 (671'980) (101'448) (2'000'730) (752'632) 16'660 248'394 (11'929)

Target Price 112 135 120 118 90 95 95 91 95 116 100 115 105 120 100 130 120 118 108 110 #N/A N/A 130 #N/A N/A 118 115 95 #N/A N/A 100 142

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Holding Company 13.02.2012 Investment Advisor 31.12.2011 Other 31.12.2011 Pension Fund (ERISA) 31.12.2011 Investment Advisor 31.12.2011 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 Holding Company 31.12.2011 Other 31.12.2011 Investment Advisor 31.12.2011 Insurance Company 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 6 month 12 month 9 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Date 28.02.2013 27.02.2013 18.02.2013 12.02.2013 08.02.2013 06.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 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 15.01.2013 08.01.2013 04.12.2012 30.10.2012 08.10.2012 13.12.2011 04.05.2011

28.02.2013

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

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 53.20 371'982.00 71.3 -3.98% 34.02% 86.39% 1'326.3 94'568.26 14'531.00 0.0 134.0 6'381.00 102'852.26

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

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 27'568.0 2.22x 9'940.0 6.16x 3'851.0 15.94x

6.0 M

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

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 34.56% -0.13% 0.762 39 4.000 3'492'259 2'898'773 2'429'587 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 35'791.9 37'714.9 8'360.8 8'695.8 2.79x 2.55x 13'144.9 14'251.7 7.83x 7.22x 7'942.1 8'760.6 1'813.3 1'792.3 11.88x 10.65x 12.07x 11.64x S&P Issuer Ratings

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 |

28.02.2013

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 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 MERCURY ASSET MANAGE

Firm Name AlphaValue Societe Generale Sanford C. Bernstein & Co Jefferies Oddo & Cie Bryan Garnier & Cie Morgan Stanley Banco Sabadell National Bank AG Berenberg Bank Exane BNP Paribas EVA Dimensions JPMorgan Helvea Barclays 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst ARMELLE MOULIN STEPHEN MCGARRY TIMOTHY M ANDERSON JEFFREY HOLFORD SEBASTIEN MALAFOSSE ERIC LE BERRIGAUD PETER VERDULT MARTA DIAZ STEFFEN MANSKE ALISTAIR CAMPBELL VINCENT MEUNIER ANDREW S ZAMFOTIS RICHARD VOSSER ODILE RUNDQUIST MARK PURCELL 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 MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG

Recommendation add buy outperform buy buy buy Overwt/Attractive buy buy hold outperform hold overweight accumulate equalweight 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 20'886'012 20'193'712 17'225'803 16'748'982 12'833'468 6'423'335 6'318'259 5'954'817 5'643'800 5'573'977 5'092'500 4'869'438 4'234'244 4'068'709 4'056'614 3'964'720

% Out 8.91 2.86 2.47 2.07 1.57 1.52 1.3 1.26 0.97 0.48 0.48 0.45 0.43 0.42 0.38 0.37 0.32 0.31 0.31 0.3

Weighting

Change

4 5 5 5 5 5 5 5 5 3 5 3 5 4 3 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 M D 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) 1'487'319 355'666 1'062'104 (170'838) (25'407) 4'308'695 597'970 111'905 540'232 (67'746) (345'054) 8'077 (101'144) -

Target Price 81 88 76 85 82 80 81 80 78 76 85 #N/A N/A 80 82 77 #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 26.02.2013 31.12.2012 31.12.2011 29.01.2013 30.11.2012 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 26.02.2013

Date 6 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 9 month 12 month Not Provided 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 Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 28.02.2013 25.02.2013 25.02.2013 22.02.2013 19.02.2013 19.02.2013 18.02.2013 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 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

28.02.2013

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

16.0 M 14.0 M

12.0 M

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 43.62 421'340.00 59.61 -5.02% 36.66% 82.79% 1'228.5 73'231.14 5'247.00 0.0 8.0 2'629.00 75'857.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

10.0 M 8.0 M

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

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

0.82 912.18 20.49% -1.78% 0.816 44 4.114 2'995'705 2'864'451 2'824'906 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 4.00x 3.48x 19.40x 17.09x 6'384.8 7'233.5 1'116.5 1'487.5 11.87x 10.48x 11.64x 11.65x 4'064.7 4'629.0 698.5 948.8 17.04x 15.02x 16.85x 16.56x S&P Issuer Ratings

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 |

28.02.2013

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS BLACKROCK HOPP DIETMAR 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 BNP PARIBAS INV PART

Firm Name AlphaValue Pacific Crest Securities Nomura Banco Sabadell Morgan Stanley 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 William Blair & Co Landesbank Baden-Wuerttemberg Independent Research GmbH National Bank AG Kepler Capital Markets 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 HEINZ STEFFEN BRENDAN BARNICLE RICHARD G SHERLUND ANDRES BOLUMBURU ADAM WOOD 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 LAURA J LEDERMAN MIRKO MAIER MARKUS FRIEBEL STEFFEN MANSKE LAURENT DAURE 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 ULT-AGG 13G 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 add outperform buy buy Overwt/In-Line hold add buy buy underweight neutral buy buy outperform overweight outperform buy buy buy buy equalweight underweight buy/attractive hold outperform hold hold 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 66'743'066 65'273'200 36'642'744 19'051'555 18'879'878 11'764'147 11'271'403 11'235'667 8'459'500 8'277'322 7'820'713 7'542'813 6'399'479 5'671'301 5'601'418 4'582'686 4'346'379 4'026'820

% Out 9.88 7.58 5.43 5.31 2.98 1.55 1.54 0.96 0.92 0.91 0.69 0.67 0.64 0.61 0.52 0.46 0.46 0.37 0.35 0.33

Weighting

Change 4 5 5 5 5 3 4 5 5 1 3 5 5 5 5 5 5 5 5 5 3 1 5 3 5 3 3 5 5 5 5 3 5 3 3 5 2 5 5 3 3 1 3

M M 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 U M M M M M M M M M M M M M M M

Latest Chg (1'795'675) 35'104 (73'364) (392'073) 972'000 (339'827) (171'398) 1'699'948 547'634 (371'742) 993'621

Target Price 72 70 68 67 67 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 #N/A N/A 57 63 64 66 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 26.02.2013 Investment Advisor 31.12.2012 n/a 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 28.12.2012 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 6 month 12 month 12 month 12 month 12 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 Not Provided Not Provided 12 month Not Provided Not Provided 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 28.02.2013 24.02.2013 22.02.2013 15.02.2013 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 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

28.02.2013

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.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 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

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.0 M

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 18'311.0 0.95x 3'321.0 5.24x 1'682.0 7.55x

3.0 M

12/2012 12/yy 60.00 39.40 285'996.00 58.63 -2.20% 48.83% 90.00% 555.4 32'564.10 8'132.00 0.0 174.0 3'737.00 37'133.10

31.12.2009 31.12.2010 15'793.0 19'580.0 1.51x 1.68x 2'575.0 3'575.0 9.26x 9.20x 824.0 1'720.0 24.63x 17.00x Profitability

LTM-4Q 31.12.2011 22'345.0 1.23x 3'725.0 7.36x 1'793.0 12.18x

31.12.2012 23'946.0 1.44x 3'837.0 9.01x 1'840.0 16.17x 3'837.00 3'030.00 12.65% 10.42% 5.11% 11.32% 9.07% 0.67% 37.8% 16.0% 12.7% 7.7% 1.51 1.01 22.49% 48.86% 4.48 4.63

Price/ Cash Flow

LTM

12/yy 22'387.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 23'946.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.27 525.90 19.38% 6.93% 1.274 30 3.600 2'551'024 1'416'742 1'301'488 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'383.6 25'633.7 5'390.0 6'012.0 1.50x 1.38x 4'043.1 4'421.6 9.21x 8.42x 2'298.4 2'562.1 14.28x 12.80x S&P Issuer Ratings

26.11.2008 ASTABLE 14.03.2007 A-2 9.97 8.74 1.15 2.12 48.9% 32.6% 0.67 9.22 81.70 79.13 103.63 57.20

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

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 AMUNDI ALLIANZ ASSET MANAGE BNP PARIBAS INV PART ABERDEEN T ROWE PRICE ASSOCIA ARTISAN PARTNERS HOL 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 Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue LIONEL PELLICER Barclays NICK WEBSTER Sanford C. Bernstein & Co MARTIN PROZESKY EVA Dimensions CRAIG STERLING Credit Suisse SIMON TOENNESSEN Landesbank Baden-Wuerttemberg VOLKER STOLL Exane BNP Paribas OLIVIER ESNOU Societe Generale GAEL DE BRAY Deutsche Bank MARTIN WILKIE RBC Capital Markets ANDREW CARTER CA Cheuvreux ALFRED GLASER Independent Research GmbH MARKUS FRIEBEL Natixis LUDOVIC DEBAILLEUX Morgan Stanley BEN UGLOW JPMorgan ANDREAS WILLI Kepler Capital Markets PIERRE BOUCHENY S&P Capital IQ JAWAHAR HINGORANI Banco Sabadell MARIA CEBOLLERO Canaccord Genuity Corp JAMES STETTLER Goldman Sachs DANIELA COSTA Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES CM - CIC Securities(ESN) ARI AGOPYAN Day by Day VALERIE GASTALDY Berenberg Bank WILLIAM MACKIE HSBC MICHAEL HAGMANN Nomura DANIEL CUNLIFFE Espirito Santo Investment Bank Research ROB VIRDEE Redburn Partners JAMES MOORE

Source ULT-AGG Research Research MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add equalweight market perform hold neutral hold outperform buy hold outperform outperform hold neutral Equalwt/Cautious overweight reduce hold buy hold Buy/Neutral hold hold buy hold overweight neutral neutral buy

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 7'556'416 7'269'961 5'926'032 4'706'688 4'454'343 2'683'041 2'531'916 2'485'819 2'452'160 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 1.36 1.31 1.07 0.85 0.8 0.48 0.46 0.45 0.44 0.35 0.33 0.32

Weighting

Change 4 3 3 3 3 3 5 5 3 5 5 3 3 3 5 2 3 5 3 5 3 3 5 3 5 3 3 5

M M M U M M M M M M M M M M M M M M M U M M M M U M M M

Latest Chg (10'012'679) (1'168'334) 477'308 (52'247) 95'500 1'005'966 756'342 (188'094) 185'126 (70'229) 55'617 408'459 (25'700) 551'587 (404'495) (2'705) (144'907)

Target Price 65 54 53 #N/A N/A 58 60 66 64 55 65 62 65 61 57 65 57 61 48 60 65 53 58 58 60 62 45 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 31.12.2012 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 26.02.2013 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 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

Date 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 9 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 3 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 08.02.2013 30.01.2013 24.01.2013 21.01.2013 10.01.2013 08.01.2013 29.11.2012 27.11.2012 30.10.2012 08.10.2012

28.02.2013

Seadrill Ltd Seadrill Ltd. provides offshore deepwater drilling. The Company operates a fleet for operations in shallow to ultra-deepwater areas in harsh and benign environments. Seadrill's fleet includes semi-submersible rigs, deepwater drillships, jack-ups, semi-tender rigs, and tender rigs.

Price/Volume 250

6.0 M

200

5.0 M 4.0 M

150

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDRL NO EQUITY YTD Change SDRL NO EQUITY YTD % CHANGE

100

12/2011 09/yy 246.90 188.50 248'168.00 209.3 -15.23% 11.03% 34.76% 469.3 98'214.22 10'428.00 0.0 325.0 507.00 28'160.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 1'465.1 9.01x 671.7 19.66x 502.0 19.15x

2.0 M

31.12.2008 31.12.2009 2'031.3 3'210.9 5.24x 5.30x 801.8 1'697.1 13.28x 10.02x (164.4) 1'261.2 8.06x Profitability

LTM-4Q 31.12.2010 4'015.0 5.88x 2'079.0 11.35x 1'117.0 12.24x

31.12.2011 4'191.0 6.18x 2'315.0 11.19x 1'401.0 10.97x 2'315.00 1'752.00 41.80% 39.87% 5.41% 16.27% 8.32% 0.22% 56.6% 42.5% 33.4% 0.71 0.44 56.97% 174.47% 5.51 -

Price/ Cash Flow

09/yy 4'364.0 22.25x 2'311.0 9.79x 1'783.0 7.00x

LTM 09/yy 4'208.0 26.26x 2'382.0 12.29x 1'022.0 17.89x

FY+1

.0 M f-13

9.03 0.95 318.39 1.10% 2.95% 0.947 37 3.514 1'050'764 994'030 994'827 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'377.9 5'030.5 1'118.0 1'155.4 6.49x 5.95x 25.45x 24.47x 2'418.4 2'892.7 595.7 645.8 11.64x 9.73x 10.88x 10.27x 1'256.9 1'479.7 290.2 322.0 14.31x 11.95x 13.68x 12.40x S&P Issuer Ratings

7.85 -0.77 4.41 4.73 174.5% 62.3% 0.22 0.30 66.41 -

Sales/Revenue/Turnover

12.00

4'500.0 4'000.0

10.00

3'500.0 3'000.0

8.00

2'500.0 6.00

2'000.0 1'500.0

4.00

1'000.0 2.00 0.00 02.01.2009 02.07.2009

500.0 0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Seadrill Ltd Holdings By:

All

Holder Name HEMEN HOLDING LTD STATE STREET GOVERNMENT PENSION F VANGUARD GROUP INC CITIBANK NA BARROW HANLEY MEWHIN MORGAN STANLEY CAPITAL GROUP COMPAN CLEARSTREAM BANKING FARAHEAD INVESTMENT ALLIANCE BERNSTEIN JP MORGAN CHASE BANK DNB NORBANK ASA BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE VAN ECK ASSOCIATES C GEVERAN TRADING CO L DNB LIVSFORSIKRING A BANK OF AMERICA CORP EUROCLEAR BANK SA

Firm Name DNB Markets Nordea Equity Research Clarkson Capital Markets LLC Pareto Securities Guggenheim Securities LLC SpareBank 1 Markets AS Exane BNP Paribas Carnegie Norne Securities AS Swedbank First Securities Danske Markets Sanford C. Bernstein & Co Arctic Securities ASA Fearnley Fonds Wells Fargo Securities, LLC Credit Suisse ISI Group Dahlman Rose & Co SEB Enskilda ABG Sundal Collier Howard Weil Inc Barclays ABN Amro Bank N.V. JPMorgan Nomura RBC Capital Markets EVA Dimensions Societe Generale Spin-Off Research BMO Capital Markets Deutsche Bank Handelsbanken Natixis Morgan Stanley Goldman Sachs HSBC Johnson Rice & Co Fondsfinans AS RS Platou Markets

Portfolio Name n/a n/a n/a Multiple Portfolios n/a BARROW HANLEY MEWHIN n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a BANK OF AMERICA n/a

Analyst MARTIN HUSEBY KARLSEN DAVID BHATTI TODD P SCHOLL FRANK HARESTAD DARREN GACICIA JANNE KVERNLAND ALEXANDRE MARIE FREDERIK H LUNDE VILIS EIZENTAS BJORN THORESEN ENDRE STORLOKKEN SCOTT GRUBER KRISTOFFER RIIS IDEN TRULS OLSEN MATTHEW D CONLAN GREGORY LEWIS JUDSON E BAILEY DOUG GARBER LUKAS DAUL OYVIND HAGEN DAVID T WILSON JAMES C WEST THIJS BERKELDER ANDREW DOBBING CHRISTYAN MALEK KATHERINE TONKS CRAIG STERLING GUILLAUME DELABY TEAM COVERAGE ALAN D LAWS MICHAEL W URBAN KNUT ERIK LOVSTAD JULIEN LAURENT OLE SLORER HENRY TARR DAVID PHILLIPS DAVID C SMITH IVAR ANDREAS LEMMECHEN GJUL ANDERS BERGLAND

Source 424B ULT-AGG Co File MF-AGG EXCH 13F ULT-AGG ULT-AGG EXCH EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG MF-AGG EXCH EXCH 13F EXCH

Recommendation buy hold outperform buy buy neutral underperform hold buy neutral buy market perform hold Under Review market perform outperform neutral hold hold hold sector perform overweight buy overweight buy sector perform sell hold neutral market perform hold reduce neutral restricted not rated neutral equalweight Under Review buy

Amt Held 115'097'583 27'697'257 23'736'823 17'105'468 16'424'550 14'724'984 11'047'487 8'278'539 7'590'854 6'550'000 6'078'937 6'063'475 5'431'494 4'631'602 4'599'493 4'110'598 3'500'000 3'386'997 3'320'822 3'264'503

% Out 24.53 5.9 5.06 3.65 3.5 3.14 2.35 1.76 1.62 1.4 1.3 1.29 1.16 0.99 0.98 0.88 0.75 0.72 0.71 0.7

Weighting

Change

5 3 5 5 5 3 1 3 5 3 5 3 3 #N/A N/A 3 5 3 3 3 3 3 5 5 5 5 3 1 3 3 3 3 2 3 #N/A N/A #N/A N/A 3 3 #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 M M M N M M M M M M D M M M M D M M M

Latest Chg (3'559) 2'000'218 2'099'255 (205'652) (3'749'740) 957'941 448'062 47'020 17'815 -

Target Price 250 225 263 275 278 225 200 #N/A N/A 270 210 235 217 225 #N/A N/A #N/A N/A 263 #N/A N/A #N/A N/A 245 207 256 261 230 290 310 222 #N/A N/A 208 213 258 210 225 217 #N/A N/A #N/A N/A 262 #N/A N/A #N/A N/A 283

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.10.2012 31.12.2012 24.04.2012 31.12.2012 03.10.2011 31.12.2012 31.12.2012 31.12.2012 03.10.2011 03.10.2011 31.12.2012 03.10.2011 03.10.2011 03.10.2011 31.12.2012 26.02.2013 03.10.2011 03.10.2011 31.12.2012 03.10.2011

Date Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month

Inst Type Holding Company Investment Advisor Government Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Bank Corporation Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Corporation Insurance Company Investment Advisor Bank

Date 27.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 13.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 04.02.2013 03.02.2013 01.02.2013 01.02.2013 01.02.2013 29.01.2013 29.01.2013 17.01.2013 17.01.2013 11.01.2013 26.12.2012 16.12.2012 28.11.2012 27.11.2012 27.11.2012 26.11.2012 05.11.2012 10.09.2012 28.08.2012 02.03.2012 09.02.2012

28.02.2013

SES SA SES, through subsidiaries, offers global satellite broadband communications services. The Company offers feeds for cable television networks, Internet access, corporate networks, network facilities, telecommunications services, and audiovisual broadcasting.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 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 28.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SESG FP EQUITY YTD Change SESG FP EQUITY YTD % CHANGE

12/2012 12/yy 24.10 17.54 137'104.00 23.48 -2.61% 33.90% 87.81% 337.6 9'382.19 4'196.60 0.0 83.1 218.00 13'480.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 1'630.3 5.52x 1'100.0 8.19x 387.5 17.78x

31.12.2009 31.12.2010 1'620.3 1'735.7 6.98x 7.27x 1'193.7 1'296.4 9.48x 9.74x 476.5 487.3 8.85x 9.58x Profitability

LTM-4Q 31.12.2011 1'733.1 7.67x 1'274.6 10.43x 617.7 14.74x

31.12.2012 1'828.0 649.1 11.22x 1'274.60 808.20 46.63% 37.00% 7.39% 28.32% 0.21% 92.2% 73.8% 46.1% 35.5% 0.41 0.24 47.31% 165.60% -

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13

09/yy 1'730.0 0.00x 0.0 0.00x 601.1 10.81x

LTM 12/yy 1'828.0 0.00x 0.0 0.00x 649.1 11.22x

FY+1

0.54 36.09% 8.18% 0.541 23 3.783 866'733 509'889 462'953 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'914.8 2'027.1 6.99x 6.47x 1'415.4 1'501.9 9.50x 8.96x 599.2 655.3 15.80x 14.15x S&P Issuer Ratings

10.05.2007 BBB STABLE 29.06.2009 A-2 7.56 2.61 3.07 3.25 165.6% 61.6% 0.21 0.37 -1010.13

Sales/Revenue/Turnover

12.00

2'000.0 1'800.0

10.00

1'600.0 1'400.0

8.00

1'200.0 1'000.0

6.00

800.0 4.00

600.0 400.0

2.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

SES SA Holdings By:

All

Holder Name ETAT DU GRAND-DUCHE BANQUE ET CAISSE D'E SOC NATIONALE DE CRE SOFINA SA CAPITAL GROUP COMPAN LUXEMPART SA SANTANDER TELECOM S VANGUARD GROUP INC SARASIN BANK OF NEW YORK MEL DEUTSCHE BANK AG BLACKROCK LBPAM OPPENHEIMERFUNDS INC COHEN & STEERS CAPIT UNIVERSAL INVEST CON AKO CAPITAL LLP FMR LLC BANQUE DE LUXEMBOURG BNP ASSET MANAGEMENT

Firm Name ABN Amro Bank N.V. Societe Generale JPMorgan Exane BNP Paribas Barclays Deutsche Bank Morgan Stanley Goldman Sachs Jefferies HSBC Oddo & Cie Nomura ING Bank CA Cheuvreux Credit Suisse EVA Dimensions Natixis Berenberg Bank CM - CIC Securities(ESN) Main First Bank AG Equita SIM SpA

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst MAURITS HELDRING PETER KNOX TORSTEN ACHTMANN MATHIEU ROBILLIARD NICK DEMPSEY LAURIE DAVISON JULIEN ROSSI MARK WALKER GILES THORNE OLIVIER MORAL VINCENT MAULAY HENRIK NYBLOM EMMANUEL CARLIER DAVID CERDAN PAUL SIDNEY CRAIG STERLING ERIC BEAUDET SARAH SIMON JEAN-MICHEL KOSTER LOIC SABATIER FABIO FAZZARI

Source Co File Co File Co File Co File ULT-AGG Co File Co File MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG MF-AGG

Recommendation buy buy overweight neutral equalweight hold Equalwt/Attractive Buy/Neutral buy neutral neutral neutral buy outperform outperform underweight neutral hold hold neutral buy

Amt Held % Out 57'825'830 17.13 54'336'756 16.1 54'329'979 16.09 18'800'000 5.57 17'666'293 5.23 11'538'264 3.42 9'000'000 2.67 5'528'819 1.64 3'915'438 1.16 3'109'818 0.92 2'917'088 0.86 2'472'822 0.73 1'888'821 0.56 1'888'570 0.56 1'825'167 0.54 1'736'000 0.51 (1'620'480) -0.48 1'584'092 0.47 1'225'340 0.36 1'143'572 0.34

Weighting

Change 5 5 5 3 3 3 3 5 5 3 3 3 5 5 5 1 3 3 3 3 5

M M M D M M M M M D M M M M M M M D M M M

Latest Chg (4'233'285) 118'032 39'446 (25'197) 780'908 (99'501) (21'262) (570'800) (371'360) 1'326 (109'783)

Target Price 24 27 23 25 24 23 23 32 26 25 22 24 24 27 24 #N/A N/A 21 23 22 19 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.01.2011 Government 28.01.2011 Unclassified 28.01.2011 Bank 28.01.2011 Holding Company 31.12.2012 Investment Advisor 28.01.2011 Holding Company 28.01.2011 Holding Company 31.12.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 22.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month

Date 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 23.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 14.02.2013 21.01.2013 17.01.2013 11.12.2012 09.11.2012 02.10.2012 27.07.2012 21.12.2011

28.02.2013

SGS SA SGS SA provides industrial inspection, analysis, testing, and verification services. The Company inspects, samples, analyzes, and monitors raw materials, petroleum, food, crops, chemicals, consumer goods, and production machinery for compliance with industrial standards and local regulatory requirements, including tax and duty. SGS serves business worldwide.

Price/Volume

2000

.1 M .0 M

1500 1000

12/2012 01/yy 2'391.00 1'617.91 1'805.00 2365 -1.09% 46.18% 95.08% 7.8 18'500.06 1'323.00 0.0 58.0 989.00 18'892.06

.0 M

500

.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGSN VX EQUITY YTD Change SGSN VX EQUITY YTD % CHANGE

31.12.2008 4'818.0 1.66x 1'024.0 7.82x 692.0 12.08x

2500

31.12.2009 31.12.2010 4'712.0 4'757.0 2.06x 2.46x 1'223.0 1'286.0 7.93x 9.09x 566.0 588.0 17.90x 20.21x Profitability

31.12.2011 4'797.0 2.48x 1'015.0 11.73x 534.0 22.05x

31.12.2012 5'578.0 2.84x 1'124.0 14.11x 556.0 27.76x 1'124.00 843.00 15.11% 14.49% 11.40% 27.42% 1.14% 20.2% 15.1% 10.0% 2.06 1.60 26.49% 64.22% 6.05 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.99 4.57 44.86% 16.73% 0.985 25 3.440 11'427 13'175 12'600 FY+2

12/13 Y 12/14 Y 6'163.0 6'756.5 3.06x 2.78x 1'371.2 1'572.5 13.77x 12.00x 724.7 851.1 25.00x 21.42x S&P Issuer Ratings

.0 M f-13

FQ+1

FQ+2

29.58 19.39 0.30 1.18 64.2% 38.4% 1.14 5.85 60.53 -

Sales/Revenue/Turnover

25.00

6'000.0

20.00

5'000.0 4'000.0

15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

SGS SA Holdings By:

All

Holder Name EXOR GROUP SA VON FINCK AUGUST VON FINCK AUGUST FRA SGS INVESTMENT LTD CAPITAL GROUP INTERN BANK OF NEW YORK MEL SGS GROUP CAPITAL GROUP COMPAN VANGUARD GROUP INC CREDIT SUISSE ASSET FMR LLC UBS FUND MANAGEMENT PICTET & CIE BLACKROCK JUPITER ASSET MANAGE WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE THREADNEEDLE INVESTM SCHRODER INVESTMENT

Firm Name AlphaValue Credit Suisse Main First Bank AG Exane BNP Paribas Bank Vontobel AG Helvea CA Cheuvreux Zuercher Kantonalbank Oddo & Cie Goldman Sachs Societe Generale Jefferies Kepler Capital Markets Natixis RBC Capital Markets JPMorgan EVA Dimensions Berenberg Bank S&P Capital IQ HSBC Redburn Partners Deutsche Bank Equita SIM SpA

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst HEINZ STEFFEN DAVID RIGBY MOURAD LAHMIDI LAURENT BRUNELLE JEAN-PHILIPPE BERTSCHY CHRISTIAN BURGER BEAT KEISER DANIEL BUERKI GUILLAUME RASCOUSSIER JOHN WOODMAN PATRICK JOUSSEAUME WILLIAM KIRKNESS BETTINA EDMONDSTON OLIVIER LEBRUN ANDREW BROOKE ROBERT PLANT CRAIG STERLING KONRAD ZOMER JOHNSON IMODE RAJESH KUMAR PASCAL HAUTCOEUR THOMAS SYKES FABIO FAZZARI

Source Co File Co File Co File EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation sell neutral outperform neutral buy accumulate outperform outperform buy Buy/Neutral hold hold hold neutral underperform neutral underweight hold hold neutral buy hold not rated

Amt Held 1'173'360 1'171'013 439'515 235'364 234'342 233'686 228'873 200'461 97'783 90'443 58'037 54'613 42'975 42'489 39'988 38'389 34'848 26'958 25'988 21'541

% Out 15 14.97 5.62 3.01 3 2.99 2.93 2.56 1.25 1.16 0.74 0.7 0.55 0.54 0.51 0.49 0.45 0.34 0.33 0.28

Weighting

Change

1 3 5 3 5 4 5 5 5 5 3 3 3 3 1 3 1 3 3 3 5 3 #N/A N/A

M M U M M M M M M M M M M M M M M M M D U M M

Latest Chg (40'224) (21'372) (30'048) (16'153) 1'868 (654) (212) (774) 18 102 11'026 33'733 536 (37) (5'515)

Target Price 1'815 2'250 2'550 2'400 2'550 2'450 2'325 #N/A N/A 2'300 2'750 2'240 2'000 2'000 2'200 1'500 1'860 #N/A N/A 1'740 2'040 2'100 #N/A N/A 1'799 1'426

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 n/a 31.12.2011 n/a 29.03.2011 Holding Company 29.06.2011 Investment Advisor 16.01.2013 Investment Advisor 30.01.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor

Date 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 9 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 28.02.2013 21.02.2013 18.02.2013 12.02.2013 07.02.2013 07.02.2013 05.02.2013 30.01.2013 29.01.2013 28.01.2013 22.01.2013 18.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 14.01.2013 21.11.2012 13.09.2012 15.05.2012 27.04.2012 21.05.2009

28.02.2013

Shire PLC Shire PLC markets, licenses and develops prescription medicines. The Group focuses its operations on attention deficit and hyperactivity disorders, human genetic therapies, gastrointestinal, and renal diseases.

Price/Volume 2500 2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (09.03.2012) 52-Week Low (26.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHP LN EQUITY YTD Change SHP LN EQUITY YTD % CHANGE

12/2012 12/yy 2'270.00 1'682.00 770'923.00 2067 -8.94% 22.89% 71.43% 557.4 11'521.56 1'100.00 0.0 0.0 1'482.20 17'088.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 2'999.7 3.06x 867.6 10.59x 156.0 45.95x

500

31.12.2009 31.12.2010 2'986.2 3'456.3 3.89x 4.07x 876.3 1'075.4 13.26x 13.09x 491.6 588.0 20.96x 22.34x Profitability

LTM-4Q 31.12.2011 4'233.7 4.74x 1'448.0 13.85x 865.0 22.17x

31.12.2012 4'648.3 3.56x 1'214.5 13.61x 745.4 22.84x 1'214.50 905.90 19.49% 19.63% 10.88% 21.31% 16.89% 0.68% 86.1% 26.8% 20.1% 16.0% 1.95 1.40 15.03% 28.88% 5.57 1.66

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13

12/yy 4'233.7 17.44x 1'423.9 14.08x 865.0 22.15x

LTM 12/yy 4'648.3 14.44x 1'244.7 13.28x 745.4 22.83x

FY+1

0.55 0.74 556.92 1.62 -5.53% 9.54% 0.738 22 4.682 1'366'813 1'366'456 1'529'514 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'045.6 5'446.5 1'249.5 1'247.3 3.20x 2.72x 13.40x 13.19x 1'770.4 1'996.2 467.0 484.0 9.66x 8.56x 8.49x 1'285.6 1'485.3 334.7 330.0 13.90x 12.21x 13.98x S&P Issuer Ratings

31.79 27.88 -0.31 0.88 28.9% 22.4% 0.68 4.92 65.72 220.31 117.50

Sales/Revenue/Turnover

25.00

5'000.0 4'500.0

20.00

4'000.0 3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Shire PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC LEGAL & GENERAL VANGUARD GROUP INC CAPITAL GROUP INTERN SCHRODER INVESTMENT SCOTTISH WIDOWS ALLIANZ ASSET MANAGE SWEDBANK ROBUR FONDE ROYAL LONDON ASSET M JANUS CAPITAL MANAGE INVESCO LTD SEB ALLIANCE BERNSTEIN ROYAL BANK OF CANADA F&C FUND MANAGEMENT BARING FUND MANAGERS PRINCIPAL FINANCIAL BANK OF NEW YORK MEL BNP PARIBAS INV PART

Firm Name AlphaValue Morgan Stanley Jefferies JPMorgan Societe Generale Deutsche Bank Credit Suisse Bryan Garnier & Cie S&P Capital IQ Panmure Gordon & Co Limited Exane BNP Paribas Barclays Shore Capital Stockbrokers Goldman Sachs Day by Day EVA Dimensions Berenberg Bank Redburn Partners Cenkos Securities Ltd

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst KAMLA SINGH PETER VERDULT PETER WELFORD JAMES D GORDON STEPHEN MCGARRY MARK CLARK KERRY HOLFORD MARTIAL DESCOUTURES JACOB THRANE SAVVAS NEOPHYTOU NICOLAS GUYON-GELLIN BRIAN BOURDOT BRIAN WHITE KEYUR PAREKH VALERIE GASTALDY ANDREW S ZAMFOTIS ADRIAN HOWD TEAM COVERAGE NAVID MALIK

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG RNS-MAJ MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation add Overwt/Attractive buy overweight buy buy outperform buy buy hold outperform overweight buy Buy/Neutral buy overweight buy neutral buy

Amt Held 54'260'621 34'572'784 22'275'321 13'355'630 9'789'761 6'086'202 4'551'120 3'730'220 2'825'300 2'345'173 2'184'994 1'950'261 1'944'312 1'820'467 1'554'741 1'431'243 1'370'039 1'261'321 1'184'401 1'099'487

% Out 9.73 6.2 4 2.4 1.76 1.09 0.82 0.67 0.51 0.42 0.39 0.35 0.35 0.33 0.28 0.26 0.25 0.23 0.21 0.2

Weighting

Change 4 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 3 5

M M M M M M M M M M M M M M M M M M M

Latest Chg 20'903'890 (5'400'836) 694'811 241'426 2'001'575 124'161 394'229 1'623 843'065 (498'275) 349'830 (37'620) (151'823) 16'787 392'307 59'246 (476) 63'774

Target Price 2'344 2'400 2'400 2'340 2'397 2'325 2'350 2'250 2'300 2'150 2'400 2'350 #N/A N/A 2'675 2'273 #N/A N/A 2'150 #N/A N/A 2'343

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Investment Advisor 30.09.2012 Investment Advisor 23.02.2012 Unclassified 31.12.2012 Investment Advisor 19.01.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 28.09.2012 Bank 31.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 3 month Not Provided Not Provided Not Provided Not Provided

Date 28.02.2013 21.02.2013 20.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 13.02.2013 28.01.2013 24.01.2013 17.01.2013 14.12.2012 26.11.2012 26.06.2012

28.02.2013

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

12.0 M

10.0 M

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 62.13 550'345.00 79.59 -6.17% 28.10% 74.45% 881.0 70'118.79 20'706.00 0.0 569.0 11'415.00 81'679.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

4.0 M

2.0 M

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

8.0 M

50 40

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

LTM-4Q 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

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 10.24% 0.40% 0.960 43 3.326 2'655'786 2'524'859 2'301'306 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 1.02x 0.96x 4.44x 4.37x 9'509.1 11'396.4 2'045.0 2'134.7 8.60x 7.18x 8.65x 8.19x 5'186.8 6'438.8 1'218.2 1'148.2 12.96x 10.54x 12.29x 11.83x S&P Issuer Ratings

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 6.00

40'000.0 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 |

28.02.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG VANGUARD GROUP INC CAPITAL GROUP COMPAN UBS THORNBURG INVESTMENT AMUNDI UNION INVESTMENT GMB FMR LLC DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE DEUTSCHE BANK AG OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE LBPAM FRANKFURT TRUST INVE ADIG INVESTMENT ETFLAB INVESTMENT GM

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Baader Bank GUENTHER MICHAEL HOLLFELDER Sanford C. Bernstein & Co MARTIN PROZESKY AlphaValue HEINZ STEFFEN RBC Capital Markets ANDREW CARTER Canaccord Genuity Corp JAMES STETTLER Banco Sabadell FRANCISCO JOSE RODRIGUEZ 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 MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy market perform reduce sector perform hold buy 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 58'443'400 54'852'206 27'758'338 26'820'674 18'817'904 9'880'200 6'382'759 5'755'800 5'430'391 5'391'186 5'108'440 4'175'468 3'937'998 3'090'203 2'906'549 2'736'704 2'013'201 1'734'739 1'640'151 1'613'031

% Out 6.63 6.23 3.15 3.04 2.14 1.12 0.72 0.65 0.62 0.61 0.58 0.47 0.45 0.35 0.33 0.31 0.23 0.2 0.19 0.18

Weighting

Change 5 3 2 3 3 5 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

N 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 (528'569) (179'474) (890'272) 1'611 132'554 (1'087'091) (3'157'683) 70'846 (166'351) (880) (274'619) (38'813) (47'600) (19'800) 383

Target Price 88 72 84 86 80 90 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 26.02.2013 10.11.2011 07.05.2012 08.10.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 30.11.2012 28.09.2012 31.12.2012 28.12.2012 31.01.2013 31.12.2012 30.12.2012 26.02.2013 31.12.2012 28.12.2012 31.10.2012 27.02.2013

Date 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 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 Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.02.2013 26.02.2013 21.02.2013 19.02.2013 19.02.2013 15.02.2013 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

28.02.2013

Skandinaviska Enskilda Banken AB Skandinaviska Enskilda Banken AB (SEB) is a North European financial banking group. The Bank offers corporate, institutional, and private banking services including savings account, investment banking, securities brokerage services, loans, pensions, and insurance products. SEB has branches throughout Sweden, in Germany and the Baltic States, and is represented in many countries worldwide.

Price/Volume 80

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SEBA SS EQUITY YTD Change SEBA SS EQUITY YTD % CHANGE

12/2012 12/yy 67.90 38.87 1'016'802.00 67.05 -1.25% 72.50% 96.38% 2'170.0 147'057.64 856'788.00 0.0 90.0 317'468.00 -

10.0 M

30 20

5.0 M

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

Valuation Analysis

31.12.2008 124'731.0 10'041.0 4.14x

25.0 M

31.12.2009 31.12.2010 86'567.0 71'481.0 1'114.0 6'745.0 46.82x 14.43x Profitability

LTM-4Q 31.12.2011 82'396.0 11'107.0 7.17x

31.12.2012 79'698.0 11'632.0 9.99x 32.69% 32.69% 0.49% 10.78% 1.23% 0.03% 26.7% 34.92% 783.01% -

Price/ Cash Flow

LTM

12/yy 81'835.0 0.00x 0.0 0.00x 11'107.0 7.13x

12/yy 79'698.0 0.00x 0.0 0.00x 11'765.0 9.89x

FY+1

.0 M f-13

1.20 40.47% 21.36% 1.197 31 2.903 6'136'295 6'152'145 5'413'619 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 40'019.3 41'656.4 9'873.1 10'001.4 12'541.9 13'542.5 3'113.2 3'217.2 11.76x 10.94x 11.58x 11.59x S&P Issuer Ratings

01.12.2011 A+ NEG 16.12.2003 A-1 783.0% 88.7% 0.03 7.33 -

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 20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Skandinaviska Enskilda Banken AB Holdings By:

All

Holder Name INVESTOR AB TRYGG FOUNDATION ALECTA PENSIONSFORSA SEB SWEDBANK ROBUR FONDE GOVERNMENT OF NORWAY NORDEA FONDER AB/SWE NORDEA FONDER AB SHB FUNDS AMF FONDER AB WALLENBERG FOUNDATIO AMF INSURANCE & FUND VANGUARD GROUP INC HANDELSBANKEN FONDER FJARDE AP-FONDEN FORSTA AP FONDEN ANDRA AP FONDEN SEB AB FOLKSAM LO FOND AB TREDJE AP-FONDEN

Firm Name AlphaValue Barclays Nordea Equity Research Nomura ABG Sundal Collier Exane BNP Paribas Credit Suisse Macquarie Societe Generale Deutsche Bank CA Cheuvreux Carnegie Handelsbanken Pareto Securities DNB Markets RBC Capital Markets JPMorgan Keefe, Bruyette & Woods Berenberg Bank SpareBank 1 Markets AS Evli Bank Plc Arctic Securities ASA Danske Markets Goldman Sachs EVA Dimensions NYKREDIT Morgan Stanley Mediobanca SpA SEB Enskilda Swedbank Sydbank CS Capital

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a

Analyst CHRISTOPHE NIJDAM CHRISTOFFER ROSQUIST PAWEL WYSZYNSKI OMAR KEENAN MAGNUS ANDERSSON ANDREAS HAKANSSON MASIH YAZDI EDWARD FIRTH GEOFF DAWES JAN WOLTER MATS ANDERSON ASBJORN MORK PETER GRABE JON DAVID GJERTSEN HAKON FURE CLAIRE KANE SOFIE PETERZENS RONNY REHN NICK ANDERSON NILS CHRISTIAN OYEN KIMMO RAMA FRIDTJOF BERENTS LARS HOLM PAWEL DZIEDZIC AUSTIN BURKETT MADS THINGGAARD ALVARO SERRANO RICCARDO ROVERE HAMPUS BRODEN CHRISTIAN HALL BJORN SCHWARZ CHRISTOPHER PARKINSON

Source Research Research Research ULT-AGG Research Research MF-AGG Research Research MF-AGG Research Research MF-AGG MF-AGG Research Research Research Research Research Research

Recommendation reduce overweight buy buy buy outperform neutral neutral sell hold outperform hold accumulate sell hold sector perform neutral underperform hold neutral reduce hold sell Sell/Neutral underweight underperform Equalwt/In-Line outperform not rated neutral neutral neutral

Amt Held 453'364'264 177'447'478 138'540'000 81'128'347 74'100'115 62'703'227 50'370'323 47'259'297 40'057'481 28'092'620 27'187'979 27'113'930 26'645'217 24'854'086 23'304'878 18'853'903 16'875'614 14'374'972 13'938'763 12'524'415

% Out 20.89 8.18 6.38 3.74 3.41 2.89 2.32 2.18 1.85 1.29 1.25 1.25 1.23 1.15 1.07 0.87 0.78 0.66 0.64 0.58

Weighting

Change

2 5 5 5 5 5 3 3 1 3 5 3 4 1 3 3 3 1 3 3 2 3 1 1 1 1 3 5 #N/A N/A 3 3 3

M M U M M M D M M M M M D M M M M M D M M M M D D M M M M M M M

Latest Chg (2'725'000) 4'568'818 273'104 968'690 560'512 1'076'405 -

Target Price 59 78 74 73 73 70 68 60 57 61 75 #N/A N/A 70 54 62 67 65 56 60 58 53 67 62 66 #N/A N/A #N/A N/A 65 66 #N/A N/A 45 #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 28.09.2012 Investment Advisor 28.09.2012 n/a 28.09.2012 Pension Fund (ERISA) 31.12.2012 Unclassified 28.09.2012 Investment Advisor 28.09.2012 Government 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Other 28.09.2012 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Pension Fund (ERISA) 28.09.2012 Investment Advisor 28.09.2012 Pension Fund (ERISA) 28.09.2012 Bank 28.09.2012 Investment Advisor 28.09.2012 Government

Date 6 month Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month 18 month 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 25.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 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 28.01.2013 28.01.2013 21.01.2013 16.01.2013 26.11.2012 16.12.2011 28.10.2011 03.05.2011 06.10.2010

28.02.2013

SKF AB SKF AB develops, produces, and markets products, solutions, and services in the rolling bearing and seal business. The Company's product line includes ball and roller bearings, specialty bearings, sealing systems, linear motion products, tools for mounting and dismounting bearings, and measuring and monitoring instruments. SKF markets to industrial companies worldwide.

Price/Volume

12.0 M 10.0 M

120

8.0 M

100 80

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKFB SS EQUITY YTD Change SKFB SS EQUITY YTD % CHANGE

12/2012 12/yy 172.40 126.20 342'575.00 158.8 -7.89% 25.83% 70.78% 412.7 72'275.63 15'675.00 0.0 1'128.0 8'244.00 80'834.63

6.0 M

4.0 M

2.0 M

20 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

160 140

Valuation Analysis

31.12.2008 63'361.0 0.74x 9'694.0 4.85x 4'616.0 7.62x

180

31.12.2009 31.12.2010 56'227.0 61'029.0 1.13x 1.61x 5'459.0 10'516.0 11.67x 9.32x 1'642.0 5'138.0 34.28x 16.98x Profitability

LTM-4Q 31.12.2011 66'216.0 1.15x 10'681.0 7.13x 6'051.0 10.96x

31.12.2012 64'575.0 1.28x 9'166.0 9.04x 4'724.0 15.74x 9'166.00 7'335.00 11.36% 10.08% 7.86% 22.09% 1.08% 25.5% 14.2% 11.4% 7.3% 2.51 1.32 25.80% 73.45% 6.21 3.56

Price/ Cash Flow

LTM

12/yy 66'216.0 5.06x 11'293.0 6.74x 6'051.0 10.96x

12/yy 64'575.0 4.83x 9'166.0 9.04x 4'724.0 15.74x

FY+1

.0 M f-13

1.17 -1.76% -2.70% 1.166 30 2.800 2'628'151 2'780'358 2'272'159 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 65'231.1 68'542.0 15'732.2 16'615.2 1.26x 1.16x 5.40x 5.19x 9'897.1 11'286.1 2'145.8 2'383.3 8.17x 7.16x 8.61x 8.02x 5'131.4 6'165.8 1'063.9 1'322.8 14.24x 11.95x 14.14x 12.82x S&P Issuer Ratings

12.05.2003 ANEG 19.60 16.22 0.81 1.71 73.5% 41.1% 1.08 4.94 58.94 102.90 34.77 127.06

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 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 |

28.02.2013

SKF AB Holdings By:

All

Holder Name FOUNDATION ASSET MAN SWEDBANK ROBUR FONDE SEB AMF PENSION ALECTA PENSIONSFORSA GOVERNMENT OF NORWAY VANGUARD GROUP INC SHB FUNDS FIRST MANHATTAN CO A TIAA CREF INVESTMENT HANDELSBANKEN FONDER ANDRA AP FONDEN CAPITAL GROUP COMPAN AMF FONDER AB FOLKSAM LO FOND AB FJARDE AP-FONDEN AFA INSURANCE LANSFORSAKRINGAR FON FORSTA AP FONDEN MARSHALL WACE LLP

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a FIRST MANHATTAN COMP Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a

Analyst

Sanford C. Bernstein & Co MARTIN PROZESKY Canaccord Genuity Corp ANDREW BELL Exane BNP Paribas ARNAUD BROSSARD Societe Generale SEBASTIEN GRUTER Credit Suisse ANDRE KUKHNIN SEB Enskilda DANIEL SCHMIDT Carnegie AGNIESZKA VILELA Nordea Equity Research ANDREAS KOSKI Handelsbanken PEDER FROLEN Pareto Securities DAVID JACOBSSON S&P Capital IQ SHO MATSUBARA DNB Markets LARS BRORSON Danske Markets OSCAR STJERNGREN Morgan Stanley MARKUS ALMERUD ABG Sundal Collier ERIK PETTERSSON-GOLRANG JPMorgan ANDREAS WILLI HSBC COLIN GIBSON Evli Bank Plc ELINA RIUTTA CA Cheuvreux JOAKIM HOGLUND Deutsche Bank JOHAN WETTERGREN Nomura KLAS BERGELIND Goldman Sachs AARON IBBOTSON EVA Dimensions CRAIG STERLING Berenberg Bank ALEXANDER VIRGO Main First Bank AG CHRISTOPHER YOUL Redburn Partners JAMES MOORE Espirito Santo Investment Bank Research EDWARD STACEY Swedbank MATS LISS Alandsbanken Equities ANDERS ROSLUND Sydbank SOEREN LONTOFT HANSEN

Source Research Research ULT-AGG Research Research Research MF-AGG Research 13F MF-AGG MF-AGG Research ULT-AGG MF-AGG MF-AGG Research Research Research Research Short

Recommendation underperform hold outperform hold underperform hold hold hold accumulate sell sell hold buy Equalwt/Cautious hold neutral overweight reduce underperform buy neutral neutral/neutral hold hold neutral neutral sell buy buy overweight

Amt Held % Out 37'850'000 9.17 16'635'592 4.03 15'366'899 3.72 15'250'390 3.7 14'357'148 3.48 10'125'697 2.45 7'809'488 1.89 6'745'596 1.63 5'672'780 1.37 5'601'453 1.36 5'219'845 1.26 5'171'265 1.25 4'820'000 1.17 4'783'090 1.16 4'680'801 1.13 4'573'158 1.11 4'100'089 0.99 3'869'356 0.94 3'431'804 0.83 (3'301'615) -0.8

Weighting

Change 1 3 5 3 1 3 3 3 4 1 1 3 5 3 3 3 5 2 1 5 3 3 3 3 3 3 1 5 5 5

M M M M M M M U D M M M M M M M M M M M D M M M M M M M M M

Latest Chg (563'435) 190'212 (734) (14'261) (325'688) (1'162'300) (22'499) 80'173 (165'081)

Target Price 133 170 195 160 140 170 #N/A N/A 170 180 150 128 165 190 166 160 170 185 150 125 175 175 172 #N/A N/A 150 152 #N/A N/A 115 165 220 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.09.2012 28.09.2012 31.01.2013 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 31.01.2013 28.09.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 11.02.2013

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Other Investment Advisor Unclassified Pension Fund (ERISA) Pension Fund (ERISA) Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Insurance Company Insurance Company Investment Advisor Hedge Fund Manager

Date 12.02.2013 08.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 22.01.2013 22.01.2013 17.01.2013 15.01.2013 08.01.2013 21.12.2012 20.11.2012 30.10.2012 20.12.2011 19.04.2011 19.10.2010

28.02.2013

Smith & Nephew PLC Smith & Nephew plc develops and markets advanced medical devices. The Group is involved in orthopaedics, endoscopy, and advanced wound management.

Price/Volume 800

6.0 M

700

5.0 M

600 4.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SN/ LN EQUITY YTD Change SN/ LN EQUITY YTD % CHANGE

12/2012 12/yy 738.00 567.50 216'830.00 705 -4.47% 24.23% 79.18% 904.8 6'378.60 468.00 0.0 0.0 178.00 9'962.19

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

200 1.0 M

100 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 3'801.0 1.83x 1'049.0 6.65x 377.0 15.00x

3.0 M

300

31.12.2009 31.12.2010 3'772.0 3'962.0 2.68x 2.49x 1'169.0 1'223.0 8.64x 8.08x 472.0 615.0 19.34x 15.23x Profitability

LTM-4Q 31.12.2011 4'270.0 2.06x 1'208.0 7.29x 582.0 14.85x

31.12.2012 4'137.0 2.48x 1'271.0 8.06x 729.0 13.58x 1'271.00 947.00 22.89% 26.59% 14.03% 20.62% 18.75% 0.80% 74.1% 29.9% 22.0% 17.6% 2.31 1.34 8.29% 12.05% 4.21 1.22

Price/ Cash Flow

12/yy 4'270.0 8.99x 1'208.0 7.29x 582.0 14.85x

LTM 12/yy 4'137.0 9.12x 1'236.0 8.29x 729.0 13.54x

FY+1

.0 M f-13

0.93 0.87 903.59 16.42% 3.75% 0.867 24 3.417 1'474'454 1'798'672 1'597'196 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'407.9 4'598.7 1'074.3 1'112.7 2.15x 1.99x 9.15x 8.75x 1'254.4 1'363.6 314.0 322.5 7.94x 7.30x 7.61x 690.8 749.2 166.0 172.5 13.69x 12.59x 13.45x S&P Issuer Ratings

105.92 83.83 0.23 0.38 12.0% 10.8% 0.80 5.25 86.92 301.01 198.30 189.63

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Smith & Nephew PLC Holdings By:

All

Holder Name INVESCO LTD CAPITAL GROUP COMPAN BLACKROCK LEGAL & GENERAL WALTER SCOTT & PARTN SCOTTISH WIDOWS LEGAL & GENERAL ARTEMIS INVESTMENT M VANGUARD GROUP INC NORGES BANK INVESTME AVIVA INVESTORS PERPETUAL INVESTMENT M&G INVESTMENT MANAG ARTEMIS INVESTMENT M THORNBURG INVESTMENT FMR LLC AXA INVESTMENT MANAG UBS JO HAMBRO CAPITAL MA BANK OF NEW YORK MEL

Firm Name AlphaValue Numis Securities Ltd S&P Capital IQ Sanford C. Bernstein & Co Jefferies EVA Dimensions Barclays Societe Generale Berenberg Bank Panmure Gordon & Co Limited Exane BNP Paribas Morgan Stanley Credit Suisse JPMorgan Nomura Shore Capital Stockbrokers Goldman Sachs Day by Day Deutsche Bank Investec Cenkos Securities Ltd Daniel Stewart & Co Equita SIM SpA

Portfolio Name 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 n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst KAMLA SINGH CHARLES WESTON JACOB THRANE LISA BEDELL CLIVE INGEBORG OIE ANDREW S ZAMFOTIS SALLY TAYLOR JUSTIN SMITH TOM JONES SAVVAS NEOPHYTOU JULIEN DORMOIS MICHAEL K JUNGLING CHRISTOPH GRETLER DAVID J ADLINGTON MARTIN BRUNNINGER BRIAN WHITE VERONIKA DUBAJOVA VALERIE GASTALDY YI-DAN WANG SEBASTIEN JANTET NAVID MALIK VADIM K ALEXANDRE FABIO FAZZARI

Source REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ REG MF-AGG REG REG MF-AGG REG MF-AGG RNS-MAJ ULT-AGG REG ULT-AGG REG MF-AGG

Recommendation reduce add hold market perform buy hold equalweight sell buy hold outperform Equalwt/Attractive neutral neutral neutral sell neutral/neutral buy hold buy buy buy buy

Amt Held 107'823'255 45'423'030 44'811'205 37'195'269 32'053'564 27'648'521 27'146'459 21'472'113 21'124'490 20'961'946 20'885'005 20'140'592 18'269'229 15'864'866 14'783'322 13'119'927 12'948'806 11'793'896 11'748'075 11'708'294

% Out 11.92 5.02 4.95 4.11 3.54 3.06 3 2.37 2.33 2.32 2.31 2.23 2.02 1.75 1.63 1.45 1.43 1.3 1.3 1.29

Weighting

Change 2 4 3 3 5 3 3 1 5 3 5 3 3 3 3 1 3 5 3 5 5 5 5

M M M M M D M M M M M M M M M M M M M U M M M

Latest Chg 12'568'680 (690'970) 436'571 458'500 3'478'352 (613'011) 1'030'208 229'678 (294'422) 23'505 (97'189) 46'000 6'475'027 (1'062'565) 15'343 498'476 (763'589)

Target Price 722 800 750 690 800 #N/A N/A 717 585 805 720 775 696 725 709 596 #N/A N/A 700 766 638 730 790 766 680

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Unclassified 25.01.2013 Investment Advisor 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Government 01.01.2013 Investment Advisor 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 12.01.2011 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Mutual Fund Manager 26.02.2013 Investment Advisor

Date 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 3 month 12 month 12 month Not Provided 12 month 12 month

Date 28.02.2013 20.02.2013 15.02.2013 14.02.2013 12.02.2013 12.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 30.01.2013 28.01.2013 08.01.2013 10.12.2012 06.07.2012 07.02.2012 23.11.2011

28.02.2013

Snam SpA Snam S.p.A. owns and operates Italy's natural-gas distribution network. The Company transports gas on behalf of importers, distributors, and companies supplying Italian households. Snam owns a network of high-and medium-pressure pipes, including trunk lines connected to production and importation sites in Italy.

Price/Volume 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 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 SRG IM EQUITY YTD Change SRG IM EQUITY YTD % CHANGE

12/2012 12/yy 3.81 3.07 2'589'135.00 3.604 -5.20% 17.55% 73.78% 3'381.6 12'187.42 12'554.00 0.0 1.0 15.00 24'727.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 1 0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 1'902.0 6.95x 1'511.0 8.74x 530.0 13.20x

31.12.2009 31.12.2010 2'438.0 3'475.0 8.89x 6.59x 1'887.0 2'530.0 11.48x 9.05x 732.0 1'106.0 12.39x 11.27x Profitability

LTM-4Q 31.12.2011 3'539.0 6.42x 2'621.0 8.66x 790.0 14.81x

31.12.2012 3'730.0 6.55x 2'813.0 8.68x 779.0 15.28x 2'813.00 2'111.00 56.60% 36.78% 3.51% 13.40% 0.17% 76.2% 56.5% 20.9% 1.05 0.01 55.59% 211.74% -

Price/ Cash Flow

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13

12/yy 3'539.0 26.16x 2'621.0 8.66x 790.0 14.81x

LTM 12/yy 3'730.0 18.99x 2'032.0 0.00x 779.0 15.18x

FY+1

0.69 1'683.21 6.64% 2.56% 0.685 25 3.640 11'990'030 9'271'406 9'302'350 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'599.6 3'736.1 7.07x 7.07x 2'797.1 2'919.2 8.85x 8.48x 938.8 1'021.4 13.03x 12.03x S&P Issuer Ratings

13.06.2012 ANEG 13.06.2012 A-2 10.00 5.58 4.61 4.61 211.7% 67.9% 0.17 0.26 -

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Snam SpA Holdings By:

All

Holder Name CDP RETI SRL ENI SPA CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK DEUTSCHE BANK AG PICTET ASSET MANAGEM FMR LLC HARTFORD INVESTMENT ALLIANZ ASSET MANAGE THORNBURG INVESTMENT GENERALI ASSET MANAG PIONEER INVESTMENT M CI INVESTMENTS INC NATIXIS ASSET MANAGE UBI PRAMERICA SGR SP PRINCIPAL FINANCIAL FIDEURAM GESTIONS SA COHEN & STEERS CAPIT CAUSEWAY CAPITAL MAN

Firm Name AlphaValue Banca IMI ICBPI Societe Generale Exane BNP Paribas Kepler Capital Markets Goldman Sachs Morgan Stanley Banca Akros(ESN) Berenberg Bank Nomura JPMorgan Barclays EVA Dimensions Credit Suisse Deutsche Bank Equita SIM SpA CA Cheuvreux Macquarie Mediobanca SpA Centrobanca Hammer Partners SA Renta 4 SA SVB

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MYRIAM COHEN ROBERTO RANIERI SIMONA PEDRAZZINI ALBERTO PONTI OLIVIER VAN DOOSSELAERE CLAUDIA INTROVIGNE FRED BARASI ANNA MARIA SCAGLIA DARIO MICHI LAWSON STEELE JAVIER SUAREZ SARAH L LAITUNG MONICA GIRARDI AUSTIN BURKETT STEFANO BEZZATO VIRGINIA SANZ DE MADRID STEFANO GAMBERINI FRANCESCA PEZZOLI ATALLAH ESTEPHAN MARIA BEATRICE GEROSA EDOARDO MONTALBANO CHRIS MOORE NATALIA AGUIRRE

Source EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce add neutral buy neutral hold sell/attractive Overwt/In-Line hold hold buy overweight overweight underweight neutral hold buy outperform outperform outperform buy sell hold

Amt Held 1'014'491'455 683'936'323 47'421'588 29'918'163 28'778'313 22'238'136 18'427'871 17'127'028 16'451'498 12'328'364 10'440'000 10'259'170 8'751'869 7'980'710 7'874'489 6'670'218 6'367'537 5'837'232 5'388'995 5'092'401

% Out 30 20.22 1.4 0.88 0.85 0.66 0.54 0.51 0.49 0.36 0.31 0.3 0.26 0.24 0.23 0.2 0.19 0.17 0.16 0.15

Weighting

Change 2 4 3 5 3 3 1 5 3 3 5 5 5 1 3 3 5 5 5 5 5 1 3

M M M M M M M M M N M M M M M D M M M M U D M

Latest Chg 17'421'245 1'062'521 1'077'108 (83'886) (771'135) 7'426'348 753'730 1'568'324 (23'200) (548'644) 3'667'174 1'563'525 4'076'110 371'915 1'044'592 92'700 933'442

Target Price 4 4 4 4 4 4 4 4 3 4 4 4 4 #N/A N/A 4 4 4 4 4 4 4 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 07.11.2012 Other 07.11.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 22.02.2013 20.02.2013 08.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 01.02.2013 25.01.2013 17.01.2013 08.01.2013 07.01.2013 20.12.2012 13.12.2012 23.10.2012 11.09.2012 07.06.2012 19.04.2012 19.04.2011

28.02.2013

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 1'390'136.00 29.38 -14.56% 94.57% 72.93% 780.3 22'924.45 678'631.00 0.0 4'288.0 144'795.00 -

Price/ Cash Flow

14.0 M 12.0 M 10.0 M 8.0 M

6.0 M

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended

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

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

1.82 736.59 21.15% 3.67% 1.820 37 3.432 7'133'454 5'077'754 4'682'536 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'982.4 24'789.7 6'068.0 5'887.0 2'762.7 3'361.9 675.0 679.0 8.13x 6.79x 8.89x S&P Issuer Ratings

23.01.2012 A NEG 07.05.2009 A-1 1362.5% 92.6% -

Sales/Revenue/Turnover

1.20

70'000.0

1.00

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 |

28.02.2013

Societe Generale SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LYXOR INTERNATIONAL CAISSE DES DEPOTS ET GROUPAMA SA 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 MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE BNP ASSET MANAGEMENT AMUNDI

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 Multiple Portfolios

Analyst

AlphaValue CHRISTOPHE NIJDAM Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Oddo & Cie JEAN SASSUS Credit Suisse MAXENCE LE GOUVELLO Exane BNP Paribas GUILLAUME TIBERGHIEN Hamburger Sparkasse CHRISTIAN HAMANN HSBC ROBIN DOWN Kepler Capital Markets BENOIT PETRARQUE JPMorgan DELPHINE LEE Day by Day VALERIE GASTALDY 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 Independent Research GmbH STEFAN BONGARDT 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 Banco Sabadell MARIO LODOS Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

Source ULT-AGG Research Co File Research 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 MF-AGG

Recommendation add outperform neutral outperform outperform hold overweight buy overweight hold hold Equalwt/In-Line sector perform sell neutral buy neutral/neutral buy hold underperform underperform hold underperform neutral underperform sell buy hold accumulate equalweight buy hold buy buy hold

Amt Held 73'717'333 50'619'422 19'567'063 15'059'288 13'637'274 12'867'036 11'069'312 9'229'110 8'987'016 8'976'936 6'418'786 4'317'513 3'648'601 3'086'419 2'714'129 2'612'606 2'401'374 2'357'561 2'191'661 2'089'496

% Out 9.45 6.49 2.51 1.93 1.75 1.65 1.42 1.18 1.15 1.15 0.82 0.55 0.47 0.4 0.35 0.33 0.31 0.3 0.28 0.27

Weighting

Change 4 5 3 5 5 3 5 5 5 3 3 3 3 1 3 5 3 5 3 1 1 3 1 3 1 1 5 3 4 3 5 3 5 5 3

M M M M M M U M M D M M M D M M M M M M M M M U M N M M M M M M M M M

Latest Chg (479'358) (7'089'130) 320'629 (994'135) (983'605) (1'842'824) (11'097) 219'286 (3'557'123) 376'954 (253'562) 4'217 (214'916)

Target Price 34 36 34 41 38 #N/A N/A 40 41 37 #N/A N/A 31 35 36 29 37 36 42 38 34 31 35 20 28 31 29 16 36 #N/A N/A 38 28 #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 31.12.2011 21.02.2013 31.12.2012 31.12.2012 31.12.2011 26.02.2013 31.12.2011 31.12.2011 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.07.2012 31.03.2012 26.02.2013 31.12.2012 30.09.2012 28.09.2012

Date 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 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 12 month

Inst Type Investment Advisor Investment Advisor Government Insurance Company 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 Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 20.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 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 30.07.2012 19.06.2012 06.01.2012

28.02.2013

Sodexo Sodexo designs, manages and delivers comprehensive on-site service solutions for its clients. The Company offers food, construction management, reception, technical maintenance and housekeeping services, maintains scanners and laboratory equipment, and operates river and harbor cruises and correctional facilities. Sodexo also designs employee benefit and incentive programs.

Price/Volume 80

.8 M

50 40

08/2012 11/yy 71.00 56.61 21'568.00 70.72 -0.14% 24.92% 99.57% 157.1 11'112.38 2'701.00 0.0 35.0 1'451.00 12'397.38

.6 M

.4 M

20 .2 M

10 0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 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 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SW FP EQUITY YTD Change SW FP EQUITY YTD % CHANGE

31.08.2008 13'611.0 0.59x 894.0 9.05x 376.0 19.12x

1.2 M

31.08.2009 31.08.2010 14'681.0 15'256.0 0.53x 0.55x 957.0 1'000.0 8.09x 8.37x 393.0 409.0 15.82x 17.18x Profitability

LTM-4Q 31.08.2011 16'047.0 0.55x 1'095.0 8.06x 451.0 17.57x

31.08.2012 18'236.0 0.59x 1'320.0 8.15x 525.0 18.07x 1'320.00 984.00 5.40% 4.58% 4.34% 18.85% 12.32% 1.51% 15.6% 7.2% 5.4% 2.9% 0.94 0.71 21.12% 89.02% 5.89 56.19

Price/ Cash Flow

LTM

05/yy 14'825.0 0.00x 0.0 0.00x 0.0 0.00x

11/yy 17'734.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

0.63 85.28 25.42% 13.71% 0.628 26 3.769 173'737 216'916 196'858 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 02/13 Q2 05/13 Q3 18'741.7 19'711.4 0.61x 0.57x 1'308.1 1'433.2 9.49x 8.67x 496.6 597.1 20.52x 17.89x S&P Issuer Ratings

28.11.2002 BBB+ POS 28.11.2002 A-2 7.63 5.85 0.95 2.05 89.0% 46.8% 1.51 33.55 62.12 6.51 77.60 -8.97

Sales/Revenue/Turnover

12.00

20'000.0 18'000.0

10.00

16'000.0 14'000.0

8.00

12'000.0 10'000.0

6.00

8'000.0 4.00

6'000.0 4'000.0

2.00 0.00 04.09.2009

2'000.0 0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Sodexo Holdings By:

All

Holder Name BELLON SA SODEXO SA FIRST EAGLE INVESTME ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE INTERNATIONAL VALUE VANGUARD GROUP INC HENDERSON GLOBAL INV JP MORGAN BLACKROCK ALLIANCE BERNSTEIN SANFORD C BERNSTEIN MASSACHUSETTS FINANC NATIXIS ASSET MANAGE BNP ASSET MANAGEMENT UNION INVESTMENT GMB DEXIA ASSET MANAGEME BELLON BERNARD BNP ASSET MANAGEMENT LBPAM

Firm Name AlphaValue Credit Suisse Exane BNP Paribas Day by Day HSBC Goldman Sachs Raymond James CM - CIC Securities(ESN) Oddo & Cie Kepler Capital Markets EVA Dimensions Bryan Garnier & Cie Natixis BPI JPMorgan Nomura Morgan Stanley Barclays Redburn Partners Deutsche Bank Jefferies RBC Capital Markets CA Cheuvreux

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a BNP PARIBAS MIDCAP F Multiple Portfolios

Analyst BERENICE LACROIX TIM RAMSKILL MATTHIAS DESMARAIS VALERIE GASTALDY LENA THAKKAR NICK EDELMAN JULIEN RICHER ANNICK THEVENON GUILLAUME RASCOUSSIER CATHERINE ROLLAND CRAIG STERLING BRUNO DE LA ROCHEBROCHARD GEOFFREY D'HALLUIN HUBERT D'AILLIERES MIKE J GIBBS TIM BARRETT JAMIE ROLLO VICTORIA LEE PASCAL HAUTCOEUR RICHARD CARTER JAMES WHEATCROFT ANDREW BROOKE THOMAS MESMIN

Source Co File Co File Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-FRA MF-AGG

Recommendation add outperform outperform buy overweight Buy/Neutral outperform accumulate neutral buy hold buy neutral buy neutral neutral Underwt/In-Line underweight buy hold hold underperform select list

Amt Held 59'252'063 6'499'322 5'604'372 2'330'299 1'977'772 1'947'516 1'752'851 956'113 831'593 729'132 701'271 626'184 402'168 401'192 376'488 369'482 365'059 319'782 312'848 309'945

% Out 37.71 4.14 3.57 1.48 1.26 1.24 1.12 0.61 0.53 0.46 0.45 0.4 0.26 0.26 0.24 0.24 0.23 0.2 0.2 0.2

Weighting

Change 4 5 5 5 5 5 5 4 3 5 3 5 3 5 3 3 1 1 5 3 3 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

Latest Chg 120'275 70'419 (1'438'323) 35'286 193'335 (26'883) 1'975 (330) 113'424 30'506 (81'078) 816 12'944 (1'243) (2'791)

Target Price 75 79 70 70 74 81 70 70 68 70 #N/A N/A 72 63 71 63 60 63 63 #N/A N/A 63 60 43 70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.08.2012 Holding Company 31.08.2012 Corporation 31.08.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.08.2012 n/a 30.09.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Date 6 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 28.02.2013 15.02.2013 11.02.2013 05.02.2013 31.01.2013 29.01.2013 28.01.2013 22.01.2013 22.01.2013 22.01.2013 17.01.2013 15.01.2013 10.01.2013 09.01.2013 09.01.2013 09.01.2013 07.01.2013 21.12.2012 19.12.2012 13.11.2012 09.11.2012 08.11.2012 11.07.2012

28.02.2013

Solvay SA Solvay SA manufactures chemicals and plastics. The Company produces soda ash, sodium bicarbonate, hydrogen peroxide, fluorinated products, disinfectants, chlorine, caustic soda, salt, specialty polymers, vinyls, polyvinyl chloride, fuel systems, and pipes and fittings.

Price/Volume 140

2.5 M

120

2.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOLB BB EQUITY YTD Change SOLB BB EQUITY YTD % CHANGE

12/2012 12/yy 119.50 71.13 62'633.00 109.9 -7.95% 54.51% 80.05% 84.7 9'308.65 3'652.00 0.0 444.0 2'526.00 10'878.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

40 .5 M

20 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 6'791.0 0.92x 918.0 6.81x 405.0 32.59x

31.12.2009 31.12.2010 5'694.0 5'959.0 1.40x 1.28x 742.0 1'132.0 10.72x 6.73x 516.0 1'776.0 29.43x 129.63x Profitability

LTM-4Q 31.12.2011 8'109.0 0.97x 1'143.0 6.90x 247.0 18.15x

31.12.2012 12'831.0 0.84x 1'839.0 5.89x 584.0 14.41x 1'839.00 1'045.00 8.14% 7.16% 3.09% 9.49% 6.92% 0.70% 20.0% 14.1% 8.1% 4.6% 1.91 1.18 19.93% 59.36% 6.68 7.09

Price/ Cash Flow

LTM

12/yy 8'109.0 3.46x 993.0 7.95x 247.0 18.11x

12/yy 13'245.0 3.06x 1'863.0 5.81x 584.0 15.42x

FY+1

.0 M f-13

1.10 22.75% 1.61% 1.098 30 2.900 316'906 272'746 235'088 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'022.5 13'584.0 3'060.0 3'254.0 0.86x 0.81x 2'094.5 2'270.2 469.0 538.0 5.19x 4.78x 5.55x 662.9 786.3 155.0 192.5 13.21x 11.25x 14.02x 13.33x S&P Issuer Ratings

07.09.2011 BBB+ NEG 24.08.2010 A-2 10.75 6.16 0.60 1.96 59.4% 35.6% 0.70 2.40 54.82 51.63 67.23 40.41

Sales/Revenue/Turnover

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 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 |

28.02.2013

Solvay SA Holdings By:

All

Holder Name SOLVAC SA SOLVAY SA SOLVAY ST OPTION MGM VANGUARD GROUP INC JP MORGAN BLACKROCK ADAGE CAPITAL PARTNE BNP PARIBAS INV PART SCHRODER INVESTMENT LBPAM CAPITAL GROUP COMPAN JP MORGAN INVESTMENT ALLIANZ ASSET MANAGE ING ASSET MANAGEMENT KBC GROUP NV FRANKFURT TRUST INVE PUTNAM INVESTMENT MA GROUPAMA ASSET MGMT NATIXIS ASSET MANAGE DIMENSIONAL FUND ADV

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

AlphaValue Goldman Sachs Nomura Morgan Stanley KBC Securities ING Bank EVA Dimensions Barclays Deutsche Bank Petercam Oddo & Cie ABN Amro Bank N.V. Credit Suisse HSBC Berenberg Bank Exane BNP Paribas Macquarie Bank Degroof(ESN) Rabobank International Commerzbank Corporates & Markets Natixis Kepler Capital Markets Day by Day Kempen & Co Main First Bank AG JPMorgan CA Cheuvreux S&P Capital IQ Equita SIM SpA

MARTIN SCHNEE RAKESH PATEL JEAN DE WATTEVILLE PETER MACKEY WIM HOSTE FILIP DE PAUW CRAIG STERLING ANDREAS HEINE TIMOTHY JONES MARC DEBROUWER EMMANUEL MATOT MUTLU GUNDOGAN CHRIS COUNIHAN GEOFF HAIRE JAIDEEP PANDYA HEIDI VESTERINEN CHRISTIAN FAITZ BERNARD HANSSENS MICHA TIEKINK STEPHAN KIPPE FREDERIC WILLIAMS-GOBEAUX MARKUS MAYER VALERIE GASTALDY ARUN RAMBOCUS HOLGER OCHS NEIL C TYLER KLAUS RINGEL SHO MATSUBARA MASSIMO BONISOLI

Source Co File Co File Co File MF-AGG ULT-AGG ULT-AGG Short ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce Sell/Neutral reduce Overwt/In-Line accumulate hold hold underweight hold hold neutral hold outperform neutral sell underperform underperform hold Under Review buy neutral hold buy hold underperform neutral outperform sell not rated

Amt Held % Out 25'410'331 30 3'499'125 4.13 2'380'101 2.81 1'044'935 1.23 558'342 0.66 485'963 0.57 (431'976) -0.51 430'855 0.51 388'276 0.46 287'271 0.34 240'000 0.28 195'372 0.23 191'519 0.23 180'000 0.21 160'893 0.19 155'000 0.18 148'084 0.17 145'338 0.17 143'757 0.17 139'251 0.16

Weighting 2 1 2 5 4 3 3 1 3 3 3 3 5 3 1 1 1 3 #N/A N/A 5 3 3 5 3 1 3 5 1 #N/A N/A

Change M M M M M M U D M M D M M M M M M M M M M D M M M M M M M

Latest Chg 22'509 37'565 1'224 42'834 97'438 (9'751) (19'138) (1'000) 366 133'038 90'820 23'804 -

Target Price 103 90 120 145 120 110 #N/A N/A 120 105 117 120 115 125 123 99 90 82 120 #N/A N/A 138 107 120 130 111 108 93 103 80 94

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 17.02.2012 31.12.2012 31.12.2012 26.02.2013 25.01.2013 31.12.2012 31.07.2012 31.12.2012 31.12.2012 31.12.2011 31.12.2012 28.09.2012 31.01.2013 28.12.2012 31.12.2012 28.09.2012 31.12.2012 31.07.2012

Date 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided 3 month 12 month 12 month 9 month Not Provided 12 month 12 month

Inst Type Holding Company Corporation Other Investment Advisor Unclassified Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 28.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 06.02.2013 04.02.2013 01.02.2013 28.01.2013 06.01.2013 13.12.2012 07.12.2012 31.10.2012 27.07.2012 23.02.2011

28.02.2013

SSE PLC SSE PLC generates, transmits, distributes and supplies electricity to industrial, commercial and domestic customers in the United Kingdom and Ireland. The Company also stores and distributes natural gas, and operates a telecommunications network that offers bandwidth and capacity to companies, public sector organizations, Internet service providers, and others.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.12.2012) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SSE LN EQUITY YTD Change SSE LN EQUITY YTD % CHANGE

03/2012 01/yy 1'470.00 1'279.00 158'976.00 1438 -2.18% 12.43% 82.72% 958.4 13'781.76 6'245.60 0.0 0.0 189.20 19'028.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

1400

7.0 M

1200

6.0 M

1000

5.0 M

800

4.0 M

600

3.0 M

400

2.0 M

200

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.03.2008 15'256.3 1.04x 1'559.9 10.18x 872.9 13.88x

1600

31.03.2009 31.03.2010 25'424.2 21'550.4 0.60x 0.74x 1'784.1 1'773.4 8.58x 8.97x 112.3 1'235.3 87.20x 8.22x Profitability

31.03.2011 28'334.2 0.60x 1'856.3 9.13x 1'504.5 7.77x

31.03.2012 31'723.9 0.59x 1'946.8 9.56x 197.8 63.01x

1'946.80 1'371.50 4.32% 0.85% 1.24% 4.70% 6.42% 1.69% 7.1% 6.6% 4.7% 0.6% 1.00 0.51 31.73% 136.24% 75.49

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.65 0.61 957.77 18.43% 3.26% 0.605 22 3.091 1'814'990 2'071'821 1'733'890 FY+2

03/13 Y 03/14 Y 31'653.8 33'025.4 0.66x 0.64x 2'167.9 2'301.3 8.78x 8.27x 1'058.9 1'090.9 12.66x 12.35x S&P Issuer Ratings

FQ+1

FQ+2

21.08.2009 ANEG 21.08.2009 A-2 3.88 0.89 2.53 2.96 136.2% 57.7% 1.69 3.40 4.85 45.98 2.21

Sales/Revenue/Turnover

30.00

35'000.0

25.00

30'000.0 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 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

SSE PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK LEGAL & GENERAL BANK OF NEW YORK MEL FMR LLC BREWIN DOLPHIN LIMIT VANGUARD GROUP INC SCOTTISH WIDOWS CLEARSTREAM BANKING RATHBONE UNIT TRUST PERPETUAL INVESTMENT FEDERATED INVESTORS RENSBURG INVESTMENT VANGUARD GROUP INC UBS MORGAN STANLEY INVES T ROWE PRICE ASSOCIA TD WATERHOUSE GROUP HARGREAVES LANSDOWN BNP PARIBAS INV PART

Firm Name AlphaValue Raymond James RBC Capital Markets Societe Generale Goldman Sachs Exane BNP Paribas Credit Suisse HSBC Berenberg Bank S&P Capital IQ Day by Day Liberum Capital Ltd Barclays Morgan Stanley EVA Dimensions Nomura JPMorgan Redburn Partners Deutsche Bank

Portfolio Name n/a n/a 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 MYRIAM COHEN EMMANUEL RETIF JOHN MUSK ASHLEY THOMAS ANDREW MEAD IAIN TURNER MARK FRESHNEY VERITY MITCHELL ROBERT CHANTRY CLIVE ROBERTS VALERIE GASTALDY GUILLAUME REDGWELL PETER BISZTYGA BOBBY CHADA AUSTIN BURKETT JONATHAN CONSTABLE EDMUND REID JAMIE TUNNICLIFFE MARTIN BROUGH

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG MF-AGG ULT-AGG REG REG MF-AGG MF-AGG REG REG ULT-AGG REG MF-AGG REG REG ULT-AGG

Recommendation add underperform outperform sell sell/attractive outperform outperform neutral hold hold hold buy overweight Underwt/In-Line sell reduce underweight buy hold

Amt Held 85'895'986 45'295'508 29'848'688 24'838'720 23'626'124 18'976'901 17'345'950 13'858'241 11'911'626 11'195'816 10'670'380 9'783'770 8'732'939 8'656'546 8'499'334 7'231'304 6'788'561 6'244'569 6'238'761 5'860'128

% Out 8.96 4.73 3.11 2.59 2.47 1.98 1.81 1.45 1.24 1.17 1.11 1.02 0.91 0.9 0.89 0.75 0.71 0.65 0.65 0.61

Weighting

Change 4 1 5 1 1 5 5 3 3 3 3 5 5 1 1 2 1 5 3

M M M M M M M U M M M M M M M M M M D

Latest Chg (9'487'100) (525'540) (547'003) (393'803) 6'865'338 14'632 410'077 5'769'622 551'675 30'177 765'375 (78'985) 481'312 3'749'692 (356'830) 70'228 343'533 381'297 41'930

Target Price 1'500 1'270 1'550 1'249 1'154 1'620 1'600 1'470 1'430 1'500 #N/A N/A 1'600 1'585 1'185 #N/A N/A 1'265 1'190 #N/A N/A 1'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 26.02.2013 01.02.2013 26.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 31.03.2012 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013

Date 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 3 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 27.02.2013 26.02.2013 21.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 05.02.2013 05.02.2013 28.01.2013 25.01.2013 25.01.2013 24.01.2013 17.01.2013 12.12.2012 23.11.2012 16.10.2012 06.08.2012

28.02.2013

Standard Chartered PLC Standard Chartered plc is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STAN LN EQUITY YTD Change STAN LN EQUITY YTD % CHANGE

12/2011 01/yy 1'802.50 1'092.00 1'165'005.00 1797.5 -0.28% 64.61% 98.70% 2'413.0 43'374.31 101'003.00 0.0 661.0 107'639.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 21'345.0 2'841.0 20.56x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 f-12 m-12 a-12 m-12

31.12.2008 31.12.2009 22'429.0 20'558.0 3'241.0 3'380.0 6.41x 14.69x Profitability

31.12.2010 21'355.0 4'332.0 13.38x

31.12.2011 24'343.0 4'849.0 10.66x 37.66% 37.82% 0.86% 12.11% 3.55% 0.04% 27.1% 16.86% 248.08% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

2.88 1.17 1'978.89 14.95% 14.24% 1.169 42 3.833 3'942'044 3'382'733 3'337'594 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 19'125.1 20'825.4 32.42x 31.34x 5'082.3 5'742.4 1'900.0 12.67x 11.48x S&P Issuer Ratings

01.12.2011 A+ NEG 10.01.2008 A-1 248.1% 70.9% 0.04 5.00 -

Sales/Revenue/Turnover

25.00

30'000.0

20.00

25'000.0 20'000.0

15.00

15'000.0 10.00

10'000.0

5.00

0.00 02.01.2009 02.07.2009

5'000.0 0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Standard Chartered PLC Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI BLACKROCK ABERDEEN LEGAL & GENERAL VANGUARD GROUP INC NORGES BANK INVESTME FMR LLC SCOTTISH WIDOWS BNP PARIBAS INV PART VANGUARD GROUP INC MASSACHUSETTS FINANC BAILLIE GIFFORD AND THORNBURG INVESTMENT JP MORGAN PEOPLES REPUBLIC OF DODGE & COX UBS Standard Chartered B THORNBURG INVESTMENT WALTER SCOTT & PARTN

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue DAVID GRINSZTAJN Societe Generale JAMES INVINE RBC Capital Markets PATRICK LEE JPMorgan RAUL SINHA Exane BNP Paribas TOM RAYNER Investec IAN GORDON Credit Suisse AMIT GOEL Nomura CHINTAN JOSHI CCB International Securities Ltd ADAM CHAN Sanford C. Bernstein & Co CHIRANTAN BARUA Keefe, Bruyette & Woods MARK J PHIN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Morgan Stanley CHRISTOPHER MANNERS Citic Securities Co., Ltd STEVEN CHAN Day by Day VALERIE GASTALDY Deutsche Bank JASON NAPIER Numis Securities Ltd MICHAEL J TRIPPITT China International Capital Corp SALLY NG Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Goldman Sachs FREDERIK THOMASEN Macquarie THOMAS STOEGNER Berenberg Bank JAMES CHAPPELL EVA Dimensions AUSTIN BURKETT Redburn Partners JON KIRK Shore Capital Stockbrokers GARY GREENWOOD Barclays ROHITH CHANDRA-RAJAN Grupo Santander ARTURO DE FRIAS Oriel Securities Ltd VIVEK RAJA Mizuho Securities JIM ANTOS Liberum Capital Ltd CORMAC LEECH Canaccord Genuity Corp GARETH HUNT Independent Research GmbH STEFAN BONGARDT Mediobanca SpA CHRISTOPHER J WHEELER HSBC PETER TOEMAN S&P Capital IQ FRANK BRADEN BNP Paribas Equity Research DOMINIC CHAN Daniel Stewart & Co SIMON WILLIS JM Financial Institutional Securities P PUNEET GULATI IIFL SACHIN NIKHARE AMTD Financial Planning Limited KENNY TANG SING HING

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG REG REG ULT-AGG REG MF-AGG ULT-AGG REG MF-AGG REG

Recommendation reduce buy sector perform overweight neutral buy underperform buy outperform underperform market perform hold Overwt/In-Line hold buy hold add hold buy neutral/neutral outperform hold hold neutral buy overweight buy buy neutral buy sell hold neutral neutral hold buy buy buy add buy

Amt Held 432'746'145 165'824'190 157'962'325 85'747'646 68'031'356 54'789'154 51'411'716 46'720'870 44'970'788 39'082'703 34'484'510 30'412'658 30'132'593 29'028'080 28'340'249 27'346'560 24'356'981 24'000'000 23'401'106 20'631'586

% Out 17.93 6.87 6.55 3.55 2.82 2.27 2.13 1.94 1.86 1.62 1.43 1.26 1.25 1.2 1.17 1.13 1.01 0.99 0.97 0.86

Weighting

Change 2 5 3 5 3 5 1 5 5 1 3 3 5 3 5 3 4 3 5 3 5 3 3 3 5 5 5 5 3 5 1 3 3 3 3 5 5 5 4 5

M M M M M M M M M M M M U M U M N M M M M M M M M M M M M M M M M D M M M M M N

Latest Chg (595'713) 264'016 (92'936) 900'637 2'664'042 23'142'351 (253'869) 2'474'481 3'222'072 194'259 (60'464) 5'340'545 5'884'182 106'661 4'339'697 (437'402)

Target Price 1'765 1'900 1'780 1'940 1'700 1'900 1'400 2'050 1'958 1'010 1'850 1'800 1'924 1'736 1'854 1'710 1'864 1'712 1'970 1'950 1'857 1'450 #N/A N/A #N/A N/A #N/A N/A 1'600 1'960 1'800 1'609 1'700 1'325 1'600 1'400 1'500 1'740 2'075 1'900 1'800 1'700 1'636

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.02.2012 26.02.2013 02.01.2013 31.01.2013 31.12.2012 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 29.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013

Date 6 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 6 month 3 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Government Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor

Date 28.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 14.02.2013 11.02.2013 06.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 17.01.2013 04.01.2013 21.12.2012 17.12.2012 11.12.2012 11.12.2012 07.12.2012 07.12.2012 06.12.2012 05.11.2012 31.10.2012 31.10.2012 31.10.2012 09.08.2012 08.08.2012 02.08.2012 01.03.2012 04.08.2011

28.02.2013

Standard Life PLC Standard Life PLC is a group holding company for a wide variety of insurance and financial services companies.

Price/Volume

Valuation Analysis 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 SL/ LN EQUITY YTD Change SL/ LN EQUITY YTD % CHANGE

12/2011 09/yy 356.60 199.00 589'561.00 346.5 -2.80% 74.12% 90.67% 2'358.0 8'170.44 1'356.00 0.0 358.0 9'187.00 61.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

350

14.0 M

300

12.0 M

250

10.0 M

200

8.0 M

150

6.0 M

100

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

31.12.2008 31.12.2009 (16'225.0) 17'167.0 100.0 213.0 29.28x 29.06x Profitability

LTM-4Q 31.12.2010 18'569.0 0.08x 432.0 11.75x

31.12.2011 9'086.0 298.0 15.93x 5.67% 4.16% 0.22% 8.87% 0.07% 3.3% 0.85% 34.23% -

LTM

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Sales/Revenue/Turnover

10.00

25'000.0

9.00

FY+1

.0 M f-13

4.07 1.25 2'354.66 57.65% 4.34% 1.252 26 2.769 4'251'395 4'229'162 4'367'725 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 19'553.8 20'809.0 0.44x 622.6 517.9 12.12x 14.74x S&P Issuer Ratings

Price/ Cash Flow

13.01.2004 ASTABLE 13.01.2004 NR 34.2% 23.9% 0.07 -

20'000.0

8.00

15'000.0

7.00

10'000.0

6.00

5'000.0

5.00 4.00

0.0

3.00

-5'000.0

2.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-10'000.0

1.00 0.00 02.01.2009 02.07.2009

j-12

Fiscal Year Ended 31.12.2007 10'113.0 0.45x 465.0 5.82x

400

-15'000.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

-20'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Standard Life PLC Holdings By:

All

Holder Name PRIVATE INDIVIDUALS BLACKROCK LEGAL & GENERAL ARTEMIS INVESTMENT M VANGUARD GROUP INC SCOTTISH WIDOWS NEWTON INV MGMT ARTEMIS INVESTMENT M BANK OF NEW YORK MEL FMR LLC VANGUARD GROUP INC PEOPLES REPUBLIC OF HENDERSON GLOBAL INV JUPITER ASSET MANAGE SCHRODER INVESTMENT STATE STREET MAJEDIE ASSET MANAGE NORGES BANK INVESTME RWC PARTNERS LTD JO HAMBRO CAPITAL MA

Firm Name Credit Suisse Sanford C. Bernstein & Co Panmure Gordon & Co Limited RBC Capital Markets JPMorgan Macquarie Barclays Societe Generale Exane BNP Paribas Deutsche Bank Goldman Sachs EVA Dimensions HSBC Oriel Securities Ltd Day by Day Investec Morgan Stanley Shore Capital Stockbrokers Redburn Partners Keefe, Bruyette & Woods Berenberg Bank S&P Capital IQ Nomura Daiwa Securities Co. Ltd.

Portfolio Name Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CHRIS ESSON EDWARD HOUGHTON BARRIE CORNES GORDON AITKEN ASHIK MUSADDI NEIL WELCH ALAN DEVLIN ABID HUSSAIN ANDY HUGHES OLIVER STEEL COLIN L SIMPSON AUSTIN BURKETT KAILESH MISTRY MARCUS BARNARD VALERIE GASTALDY KEVIN RYAN JON HOCKING EAMONN FLANAGAN LANCE BURBIDGE GREIG N PATERSON MATTHEW PRESTON RODERICK WALLACE BEN BATHURST TIM PROUDLOVE

Source REG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG REG MF-AGG MF-AGG ULT-AGG REG REG REG REG REG ULT-AGG REG REG REG REG

Recommendation underperform underperform buy sector perform overweight outperform underweight hold outperform hold Sell/Neutral sell underweight add buy buy Underwt/In-Line hold buy market perform sell hold reduce hold

Amt Held 1'036'519'084 113'806'452 100'697'051 57'307'886 43'435'987 36'285'342 35'876'476 32'962'353 31'630'714 28'613'149 24'632'319 21'579'330 20'953'671 19'988'853 19'615'519 18'856'790 18'729'100 18'271'783 17'317'577 16'422'300

% Out 43.96 4.83 4.27 2.43 1.84 1.54 1.52 1.4 1.34 1.21 1.04 0.92 0.89 0.85 0.83 0.8 0.79 0.77 0.73 0.7

Weighting

Change 1 1 5 3 5 5 1 3 5 3 1 1 1 4 5 5 1 3 5 3 1 3 2 3

M M M M M N M M M M M M D M M M M M M M M M M M

Latest Chg (15'953'109) 1'507'414 (1'811'120) 1'234'991 1'100'647 (2'379'780) (4'707'169) (7'065'125) (1'701'444) 8'042'660 3'322'539 1'752'700 (1'018'790) (730'058) 8'107'695 1'969'970 1'451'606 4'361'865 1'178'977 476'348

Target Price 321 300 375 260 349 378 301 330 371 360 300 #N/A N/A 310 260 364 373 285 #N/A N/A #N/A N/A 282 290 325 260 223

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.10.2012 Other 26.02.2013 Investment Advisor 31.01.2013 Unclassified 03.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 03.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 03.10.2012 Investment Advisor 03.10.2012 Government 03.10.2012 Investment Advisor 03.10.2012 Investment Advisor 03.10.2012 Investment Advisor 27.02.2013 Investment Advisor 03.10.2012 Investment Advisor 03.10.2012 Government 03.10.2012 Investment Advisor 03.10.2012 Mutual Fund Manager

Date Not Provided 12 month Not Provided 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 3 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month

Date 27.02.2013 27.02.2013 26.02.2013 20.02.2013 11.02.2013 07.02.2013 04.02.2013 30.01.2013 29.01.2013 24.01.2013 18.01.2013 17.01.2013 16.01.2013 15.01.2013 09.01.2013 07.01.2013 05.12.2012 26.11.2012 22.11.2012 31.10.2012 31.10.2012 31.10.2012 21.03.2012 01.07.2011

28.02.2013

Statoil ASA Statoil ASA explores for, produces, transports, refines, and trades oil and natural gas. The Company explores for oil in Europe, Africa, the Middle East, Asia, and the Americas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STL NO EQUITY YTD Change STL NO EQUITY YTD % CHANGE

12/2012 12/yy 162.80 133.20 731'131.00 143.2 -12.04% 7.51% 33.11% 3'188.6 456'614.25 119'385.00 0.0 674.0 80'101.00 496'572.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

160

8.0 M

140

7.0 M

120

6.0 M

100 80

5.0 M 4.0 M

3.0 M

2.0 M

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 651'977.0 0.63x 240'545.0 1.71x 43'265.0 8.39x

180

31.12.2009 31.12.2010 462'292.0 526'950.0 1.16x 0.98x 173'918.0 186'787.0 3.08x 2.77x 18'313.0 38'082.0 25.17x 11.58x Profitability

LTM-4Q 31.12.2011 645'599.0 0.88x 261'870.0 2.16x 78'787.0 6.20x

31.12.2012 705'734.0 0.68x 267'081.0 1.81x 68'908.0 6.42x 267'081.00 206'556.00 29.27% 29.29% 8.87% 23.04% 0.91% 48.5% 37.7% 29.2% 9.8% 1.12 0.49 15.22% 37.40% 13.69

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.90 935.30 -6.43% 3.02% 0.903 39 3.564 2'917'851 3'048'952 2'846'002 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 645'671.0 705'734.0 640'330.2 655'023.6 166'675.2 164'664.0 3.11x 2.84x 0.80x 0.81x 2.89x 3.04x 261'697.0 266'261.0 243'821.9 248'621.9 62'353.0 59'818.4 2.16x 1.81x 2.04x 2.00x 2.02x 1.98x 78'787.0 68'908.0 53'086.5 54'408.6 13'919.2 13'505.3 6.20x 6.42x 8.63x 8.33x 8.36x 8.14x S&P Issuer Ratings Long-Term Rating Date 03.08.2007 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 03.08.2007 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 95.12 (EBITDA-Capex)/Interest Exp. 64.22 Net Debt/EBITDA 0.15 Total Debt/EBITDA 0.45 Reference Total Debt/Equity 37.4% Total Debt/Capital 27.2% Asset Turnover 0.91 Net Fixed Asset Turnover 1.67 Accounts receivable turnover-days Inventory Days 26.74 Accounts Payable Turnover Day Cash Conversion Cycle 41.00 Sales/Revenue/Turnover

7.00

800'000.0

6.00

700'000.0 600'000.0

5.00

500'000.0

4.00

400'000.0 3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

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 |

28.02.2013

Statoil ASA Holdings By:

All

Holder Name MINISTRY OF PETROLEU GOVERNMENT PENSION F DEUTSCHE BANK TRUST STATE STREET CLEARSTREAM BANKING NORTHERN TRUST CO BANK OF NEW YORK MEL VANGUARD GROUP INC JP MORGAN CHASE BANK DNB NOR ASSET MANAGE BLACKROCK SIX SIS AG WADDELL & REED FINAN WILLIAM BLAIR & COMP EUROCLEAR BANK SA STOREBRAND FUND MANA HSBC BANK PLC KLP AKSJE NORGE INDE DANSKE BANK A/S SWEDBANK ROBUR FONDE

Firm Name AlphaValue Sanford C. Bernstein & Co Tudor Pickering & Co RBC Capital Markets Macquarie Canaccord Genuity Corp HSBC Simmons & Company International Credit Suisse Jefferies Exane BNP Paribas Societe Generale Morgan Stanley SEB Enskilda Carnegie Nordea Equity Research Handelsbanken Pareto Securities Fearnley Fonds Nomura SpareBank 1 Markets AS Barclays Norne Securities AS Danske Markets ABG Sundal Collier Investec S&P Capital IQ DNB Markets Arctic Securities ASA Swedbank First Securities JPMorgan Grupo Santander EVA Dimensions Goldman Sachs Landesbank Baden-Wuerttemberg Deutsche Bank Fondsfinans AS CA Cheuvreux

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 Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst ALEXANDRE ANDLAUER OSWALD CLINT ROBERT KESSLER PETER HUTTON MARC B KOFLER GORDON GRAY PAUL SPEDDING JEFFREY A DIETERT KIM FUSTIER BRENDAN MICHAEL WARN ALEJANDRO DEMICHELIS IRENE HIMONA HAYTHEM RASHED LARS HENRIK ROREN MARTIN VOLD KELLY CHEN ANNE GJOEN SIGURD-ERIK NISSEN-MEYER OLE-JACOB STORVIK THEEPAN JOTHILINGAM ODDVAR BJORGAN RAHIM KARIM IRMANTAS VASKELA ENDRE STORLOKKEN JOHN A SCHJ OLAISEN STUART JOYNER CHRISTINE TISCARENO ESPEN HENNIE TROND OMDAL TEODOR SVEEN NILSEN NITIN SHARMA JASON KENNEY CRAIG STERLING MICHELE DELLA VIGNA JENS MUENSTERMANN MARK BLOOMFIELD MORTEN EVJENTH LINDBACK DOMINIQUE PATRY

Source EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH MF-AGG EXCH MF-AGG ULT-AGG EXCH MF-AGG 13F EXCH MF-AGG EXCH EXCH EXCH MF-AGG

Recommendation reduce market perform accumulate top pick neutral buy neutral overweight underperform buy outperform hold Underwt/In-Line sell buy hold accumulate buy buy reduce buy equalweight hold hold buy buy hold hold buy neutral neutral underperform buy neutral/cautious buy hold Under Review underperform

Amt Held 2'136'393'559 107'826'097 98'860'553 93'592'619 65'504'645 43'133'145 33'350'690 27'562'585 24'655'169 17'293'339 12'672'489 12'235'193 11'465'900 11'191'044 9'575'465 9'248'710 8'993'818 8'918'789 7'926'283 5'615'268

% Out 67 3.38 3.1 2.94 2.05 1.35 1.05 0.86 0.77 0.54 0.4 0.38 0.36 0.35 0.3 0.29 0.28 0.28 0.25 0.18

Weighting

Change

2 3 4 5 3 5 3 5 1 5 5 3 1 1 5 3 4 5 5 2 5 3 3 3 5 5 3 3 5 3 3 1 5 3 5 3 #N/A N/A 1

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 D M M M M M M M M

Latest Chg (13'620) 1'378'710 53'357 (244'216) (56'821) 147'632 812'787

Target Price 140 135 160 175 160 170 160 #N/A N/A 158 200 170 150 136 140 #N/A N/A 147 160 170 167 145 165 160 160 145 170 163 177 150 165 160 165 155 #N/A N/A 160 170 160 #N/A N/A 155

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.02.2013 18.02.2013 18.02.2013 27.02.2013 18.02.2013 18.02.2013 18.02.2013 31.12.2012 18.02.2013 31.01.2013 26.02.2013 18.02.2013 31.12.2012 31.12.2012 18.02.2013 31.01.2013 18.02.2013 18.02.2013 18.02.2013 31.12.2012

Date 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 3 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Government Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Bank Investment Advisor Bank n/a Bank Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 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 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 17.01.2013 17.01.2013 11.01.2013 09.01.2013 03.12.2012 08.05.2012 16.11.2011

28.02.2013

Subsea 7 SA Subsea 7 SA offers oilfield services. The Company designs, fabricates, builds and installs equipment for the offshore oil industry. Subsea 7 builds flexible flowlines, risers, umbilicals and other equipment. The Company operates in the Gulf of Mexico, the Asia Pacific region, the North Sea and the Mediterranean, and offshore Africa, the Middle East, and South America.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (25.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUBC NO EQUITY YTD Change SUBC NO EQUITY YTD % CHANGE

12/2011 09/yy 148.39 106.91 200'754.00 136.7 -7.67% 27.87% 72.79% 351.8 48'090.20 893.40 0.0 51.5 803.40 8'783.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40 20 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 30.11.2007 2'406.3 1.60x 411.3 9.38x 127.3 34.04x

30.11.2008 30.11.2009 2'522.4 2'208.8 0.36x 1.01x 513.8 420.3 1.76x 5.29x 301.4 245.0 3.34x 10.92x Profitability

LTM-4Q 30.11.2010 2'369.0 1.55x 479.1 7.69x 265.4 17.08x

31.12.2011 5'476.5 1.17x 870.8 7.39x 423.7 14.74x 870.80 536.80 9.80% 11.45% 8.50% 13.40% 12.17% 0.66% 17.3% 17.2% 11.8% 7.7% 1.28 0.69 9.66% 15.45% 5.79 83.82

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13

09/yy 3'979.6 5.76x 742.1 0.00x 447.3 0.00x

LTM 09/yy 6'103.3 5.15x 1'050.1 8.07x 789.9 10.78x

FY+1

2.51 1.24 262.22 6.24% 3.48% 1.239 31 4.548 1'240'444 1'410'999 1'206'336 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'245.7 6'753.4 1'562.2 1'475.5 1.39x 1.26x 5.86x 6.11x 1'141.2 1'274.8 284.4 256.6 7.70x 6.89x 7.08x 6.90x 637.6 581.0 115.5 105.9 14.39x 14.81x 15.56x 15.31x S&P Issuer Ratings

21.55 4.91 0.30 0.86 15.5% 13.3% 0.66 1.75 63.17 4.37 106.35 -36.78

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 05.12.2008 05.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 05.12.2012

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Subsea 7 SA Holdings By:

All

Holder Name SIEM INDUSTRIES INC STATE STREET GOVERNMENT PENSION F JP MORGAN CHASE BANK CAPITAL GROUP COMPAN DNB NOR ASSET MANAGE T ROWE PRICE ASSOCIA VANGUARD GROUP INC SWEDBANK ROBUR FONDE BLACKROCK ODIN FORVALTNING AS STOREBRAND FUND MANA DANSKE CAPITAL NORGE FMR LLC DEUTSCHE BANK AG NORDEA FONDENE AS NORDEA FONDER AB/SWE THREADNEEDLE INVESTM ING INVESTMENT MANAG ALFRED BERG KAPITALF

Firm Name RBC Capital Markets Fondsfinans AS Fearnley Fonds ABN Amro Bank N.V. Danske Markets Canaccord Genuity Corp Exane BNP Paribas HSBC Natixis Arctic Securities ASA JPMorgan Nomura Barclays EVA Dimensions RS Platou Markets ABG Sundal Collier Societe Generale Goldman Sachs DNB Markets SEB Enskilda Nordea Equity Research SpareBank 1 Markets AS CA Cheuvreux Carnegie Handelsbanken Pareto Securities Morgan Stanley Swedbank First Securities

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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KATHERINE TONKS PETTER NARVESTAD TRULS OLSEN MARK VAN DER GEEST ENDRE STORLOKKEN JAMES EVANS ALEXANDRE MARIE PHILLIP LINDSAY ANNE PUMIR KJETIL GARSTAD ANDREW DOBBING CHRISTYAN MALEK MICK PICKUP CRAIG STERLING GORAN ANDREASSEN HAAKON AMUNDSEN GUILLAUME DELABY HENRY TARR EIRIK RONOLD MATHISEN TERJE FATNES ANNE SCHULT ULRIKSEN ERIK TONNE GEOFFROY STERN FREDERIK H LUNDE DANIEL RAVIK KRISTIAN DIESEN ROBERT PULLEYN EIVIND TONNESSEN

Source 13D ULT-AGG 20F 20F ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sector perform buy buy hold buy buy outperform overweight buy hold overweight buy overweight underweight buy buy hold Buy/Neutral buy buy buy buy outperform buy buy buy Overwt/Attractive strong buy

Amt Held 69'681'932 31'704'893 19'570'200 17'360'683 13'430'000 7'711'570 7'047'394 5'231'706 4'474'769 4'235'405 3'601'607 2'997'547 2'716'830 2'615'058 2'527'098 2'257'274 2'037'525 1'639'324 1'498'986 1'440'515

% Out 19.81 9.01 5.56 4.93 3.82 2.19 2 1.49 1.27 1.2 1.02 0.85 0.77 0.74 0.72 0.64 0.58 0.47 0.43 0.41

Weighting

Change 3 5 5 3 5 5 5 5 5 3 5 5 5 1 5 5 3 5 5 5 5 5 5 5 5 5 5 5

M M M N M M U M M M M M M M M M M U M M D M M M M M M M

Latest Chg 7'232'000 68'537 617'802 (186'066) (672'724) 906'455 607 (153'168) (21'700) 28'980 (4'370) (69'034) 49'755 47'455 (1'422) 63'100

Target Price 150 180 155 135 160 160 175 165 146 150 170 155 195 #N/A N/A 164 170 138 158 165 178 165 180 140 #N/A N/A 175 149 185 172

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 12.01.2011 Corporation 27.02.2013 Investment Advisor 29.01.2010 Government 29.01.2010 Investment Advisor 31.12.2010 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 9 month 12 month Not Provided Not Provided 6 month 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided

Date 27.02.2013 27.02.2013 27.02.2013 26.02.2013 22.02.2013 12.02.2013 12.02.2013 08.02.2013 07.02.2013 30.01.2013 29.01.2013 29.01.2013 25.01.2013 17.01.2013 15.01.2013 10.01.2013 08.01.2013 08.01.2013 08.01.2013 07.01.2013 07.01.2013 11.12.2012 20.11.2012 20.11.2012 20.11.2012 20.11.2012 19.11.2012 19.11.2012

28.02.2013

Svenska Cellulosa AB Svenska Cellulosa AB (SCA) is a global hygiene and forest company that develops and produces personal care products, tissue and forest products. The Company sells its branded products globally.

Price/Volume 180 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCAB SS EQUITY YTD Change SCAB SS EQUITY YTD % CHANGE

12/2012 12/yy 160.20 98.75 396'810.00 157.6 -1.62% 59.59% 92.68% 611.8 111'144.02 33'714.00 0.0 458.0 2'017.00 143'299.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40 20 0 f-12 m-12

31.12.2009 31.12.2010 110'857.0 82'731.0 0.96x 1.33x 16'441.0 14'723.0 6.49x 7.47x 4'765.0 5'552.0 14.07x 15.45x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 81'337.0 1.31x 13'582.0 7.86x 548.0 -

31.12.2012 85'408.0 1.54x 13'413.0 9.78x 4'956.0 22.24x 13'413.00 8'487.00 9.94% 5.56% 3.66% 8.23% 0.63% 24.5% 15.7% 9.9% 5.8% 1.00 0.94 25.63% 56.47% 4.26 -

Price/ Cash Flow

LTM

12/yy 68'900.0 5.92x 11'738.0 9.07x 549.0 0.00x

12/yy 85'408.0 5.34x 13'413.0 9.78x 4'956.0 22.24x

FY+1

0.77 38.22% 11.77% 0.768 19 3.474 1'730'972 2'193'216 1'919'576 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 92'127.2 94'512.6 22'437.2 22'986.7 1.53x 1.45x 15'189.6 16'849.2 3'424.5 3'682.7 9.43x 8.50x 9.54x 6'551.3 7'789.2 1'526.0 1'688.7 16.57x 14.22x 16.04x S&P Issuer Ratings

17.10.2006 BBB+ POS 13.08.1990 A-2 9.91 5.60 2.36 2.51 56.5% 35.9% 0.63 1.46 85.89 56.42

Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 110'449.0 0.85x 14'728.0 6.38x 5'578.0 8.40x

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 |

28.02.2013

Svenska Cellulosa AB Holdings By:

All

Holder Name NORGES BANK INDUSTRIVARDEN AB CAPITAL GROUP COMPAN AMF PENSION INSURANC SEB SWEDBANK ROBUR FONDE HANDELSBANKEN FONDER VANGUARD GROUP INC SKAGEN FUNDS HANDELSBANKEN FONDER MASSACHUSETTS FINANC TREDJE AP-FONDEN ANDRA AP FONDEN AMF FONDER AB BLACKROCK FOLKSAM LO FOND AB UMB BANK N A DEUTSCHE BANK AG SPP FONDER AB SKAGEN AS

Firm Name AlphaValue Carnegie CA Cheuvreux Morgan Stanley JPMorgan SEB Enskilda Nordea Equity Research Handelsbanken DNB Markets Evli Bank Plc Danske Markets ABG Sundal Collier Pareto Securities S&P Capital IQ Goldman Sachs Swedbank EVA Dimensions Deutsche Bank Credit Suisse Alandsbanken Equities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SACHIN KUMAR JOHAN SJOBERG MIKAEL JAFS ERIK SJOGREN CELINE PANNUTI LINUS LARSSON HARRI TAITTONEN KARRI RINTA HAAKON ASCHEHOUG MARKKU JARVINEN OSKAR LINDSTROM MARTIN MELBYE SERGEJ KAZATCHENKO JOHNSON IMODE ESHAN TOORABALLY OLA SODERMARK AUSTIN BURKETT HAROLD THOMPSON LARS KJELLBERG PER HANSSON

Source Research Research ULT-AGG Research ULT-AGG Research Research MF-AGG Research MF-AGG MF-AGG Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce hold outperform Overwt/In-Line overweight hold buy reduce buy reduce hold buy sell strong buy neutral/neutral buy underweight not rated restricted buy

Amt Held 44'156'511 27'700'000 18'439'259 16'590'914 15'800'992 14'082'623 10'200'840 10'144'115 9'804'910 7'114'648 6'814'460 6'225'558 5'728'729 5'727'560 5'366'199 4'997'357 4'984'411 4'359'609 4'008'838 3'901'917

% Out 7.22 4.53 3.01 2.71 2.58 2.3 1.67 1.66 1.6 1.16 1.11 1.02 0.94 0.94 0.88 0.82 0.81 0.71 0.66 0.64

Weighting

Change

2 3 5 5 5 3 5 2 5 2 3 5 1 5 3 5 1 #N/A N/A #N/A N/A 5

M M M M M M M M M D M M D M M M M M M M

Latest Chg (40'469) 162'847 449'461 107'970 (323'000) 1'370'761 553'422 221'534 38'216 (243'019) (1'438'973)

Target Price 164 #N/A N/A 170 180 190 141 170 145 175 150 150 160 130 160 160 160 #N/A N/A #N/A N/A #N/A N/A 108

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.06.2012 Government 29.06.2012 Holding Company 31.12.2012 Investment Advisor 29.06.2012 Insurance Company 31.12.2012 Unclassified 29.06.2012 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 29.06.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Government 31.03.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager

Date 6 month Not Provided Not Provided 12 month 9 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month 6 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month

Date 28.02.2013 21.02.2013 30.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 22.01.2013 16.01.2013 15.01.2013 07.01.2013 10.11.2011 02.05.2011

28.02.2013

Svenska Handelsbanken AB Svenska Handelsbanken AB attracts deposits and offers commercial banking services. The Bank offers corporate finance, securities brokerage, commodity trading, structured products, custody services, and institutional asset management services. Svenska Handelsbanken operates in Europe, Asia, and the United States.

Price/Volume 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 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 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHBA SS EQUITY YTD Change SHBA SS EQUITY YTD % CHANGE

12/2012 12/yy 277.90 197.90 331'983.00 276.4 -0.47% 39.67% 98.61% 621.2 174'835.30 1'368'832.00 0.0 2.0 279'185.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.5 M

200

3.0 M

150

2.5 M 2.0 M

100

1.5 M 1.0 M

.5 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 95'178.0 12'131.0 6.58x

4.5 M

250

31.12.2009 31.12.2010 62'858.0 54'609.0 10'244.0 11'025.0 12.47x 12.37x Profitability

LTM-4Q 31.12.2011 72'050.0 12'323.0 9.27x

31.12.2012 73'168.0 14'547.0 10.06x 48.19% 48.21% 0.60% 14.44% 0.98% 0.03% 39.9% 57.32% 1280.54% -

Price/ Cash Flow

LTM

12/yy 72'050.0 0.00x 0.0 0.00x 12'323.0 9.27x

12/yy 72'834.0 0.00x 0.0 0.00x 14'547.0 10.06x

FY+1

.0 M f-13

0.92 30.28% 18.93% 0.922 31 2.484 1'626'464 1'508'766 1'331'269 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 36'093.6 37'724.7 8'852.3 8'996.8 13'703.6 14'463.6 3'314.3 3'461.7 12.83x 12.16x 12.87x 12.78x S&P Issuer Ratings

11.11.2004 AANEG 11.11.2004 A-1+ 1280.5% 92.8% 0.03 25.48 -

Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0 50'000.0

3.00

40'000.0 2.00

30'000.0 20'000.0

1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Svenska Handelsbanken AB Holdings By:

All

Holder Name INDUSTRIVARDEN AB OKTOGONEN FOUNDATION SWEDBANK ROBUR FONDE VANGUARD GROUP INC LUNDBERGS ALECTA PENSIONSFORSA AMF PENSION HANDELSBANKEN FONDER FMR LLC SEB FOLKSAM GROUP SEB FONDER AB BLACKROCK AMF FONDER AB FJARDE AP-FONDEN AFA FOLKSAM LO FOND AB ANDRA AP FONDEN TREDJE AP-FONDEN 3RD NAT SWED PENSION

Firm Name AlphaValue RBC Capital Markets Barclays Nomura ABG Sundal Collier EVA Dimensions Exane BNP Paribas Macquarie Societe Generale JPMorgan SEB Enskilda CA Cheuvreux Nordea Equity Research Berenberg Bank SpareBank 1 Markets AS DNB Markets Danske Markets Credit Suisse Keefe, Bruyette & Woods Carnegie Pareto Securities Evli Bank Plc Arctic Securities ASA Goldman Sachs Morgan Stanley Deutsche Bank Mediobanca SpA NYKREDIT Shore Capital Stockbrokers Swedbank Sydbank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a

Analyst CHRISTOPHE NIJDAM CLAIRE KANE CHRISTOFFER ROSQUIST OMAR KEENAN MAGNUS ANDERSSON AUSTIN BURKETT ANDREAS HAKANSSON EDWARD FIRTH GEOFF DAWES SOFIE PETERZENS BENGT CLAESSON MATS ANDERSON PAWEL WYSZYNSKI NICK ANDERSON NILS CHRISTIAN OYEN HAKON FURE LARS HOLM MASIH YAZDI RONNY REHN ASBJORN MORK JON DAVID GJERTSEN KIMMO RAMA FRIDTJOF BERENTS PAWEL DZIEDZIC ALVARO SERRANO JAN WOLTER RICCARDO ROVERE MADS THINGGAARD GARY GREENWOOD CHRISTIAN HALL BJORN SCHWARZ

Source Research Research Research MF-AGG Research Research Research Research ULT-AGG ULT-AGG Research Research ULT-AGG MF-AGG Research Research MF-AGG Research Research Research

Recommendation reduce outperform equalweight neutral hold underweight neutral neutral hold underweight hold underperform sell hold neutral hold buy neutral market perform hold sell reduce hold neutral/neutral Equalwt/In-Line sell underperform underperform corporate buy underweight

Amt Held 67'990'927 64'300'000 20'222'986 16'136'338 15'025'000 11'615'000 10'549'000 9'261'325 9'099'332 7'808'702 7'012'965 6'853'353 6'741'761 6'441'950 6'352'971 5'692'076 5'296'540 5'015'573 4'454'380 4'454'380

% Out 10.94 10.35 3.26 2.6 2.42 1.87 1.7 1.49 1.46 1.26 1.13 1.1 1.09 1.04 1.02 0.92 0.85 0.81 0.72 0.72

Weighting

Change

2 5 3 3 3 1 3 3 3 1 3 1 1 3 3 3 5 3 3 3 1 2 3 3 3 1 1 1 #N/A N/A 5 1

M M M M M D 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

Latest Chg 1'497'098 (60'622) (246'668) (479'637) 418'500 (39'750) -

Target Price 267 285 287 255 265 #N/A N/A 245 258 245 220 267 250 245 260 250 245 285 255 256 #N/A N/A 226 236 250 290 250 207 250 #N/A N/A #N/A N/A 210 #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 31.12.2011 31.12.2011 31.12.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.12.2011 31.12.2011 26.02.2013 31.12.2012 31.12.2011 31.12.2011 31.12.2012 31.12.2011 31.12.2011 31.12.2011

Date 6 month 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month 18 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Other Investment Advisor Investment Advisor Corporation Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor Investment Advisor Unclassified Insurance Company Mutual Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Other Investment Advisor Pension Fund (ERISA) Government Pension Fund (ERISA)

Date 28.02.2013 27.02.2013 25.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 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 28.01.2013 16.01.2013 15.01.2013 26.11.2012 08.10.2012 30.05.2012 27.10.2011 26.04.2011

28.02.2013

Swatch Group AG/The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (16.07.2012) 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 UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

12/2012 01/yy 546.50 341.70 19'720.00 524 -4.30% 53.35% 86.08% 30.8 27'745.96 91.00 0.0 17.0 1'520.00 26'734.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 0 f-12

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

31.12.2012 7'796.0 2'245.0 1'600.0 15.56x 2'245.00 1'984.00 25.45% 25.87% 15.22% 18.39% 0.74% 28.8% 25.4% 20.5% 6.50 2.14 0.00% 0.00% 7.98 -

Price/ Cash Flow

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.13 30.22 29.65% 13.62% 1.134 30 4.100 133'513 167'469 173'416 FY+2

12/13 Y 12/14 Y 8'908.8 9'802.6 2.94x 2.57x 2'542.3 2'851.0 10.52x 9.38x 1'780.1 1'993.3 15.93x 14.24x S&P Issuer Ratings

FQ+1

FQ+2

614.33 492.67 -0.51 0.05 0.0% 1.1% 0.74 4.32 45.87 -

Sales/Revenue/Turnover

45.00

9'000.0

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.25x

200

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M 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 |

28.02.2013

Swatch Group AG/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN VANGUARD GROUP INC FMR LLC THORNBURG INVESTMENT SWATCH GROUP AG CREDIT SUISSE ASSET BLACKROCK CALAMOS ADVISORS LLC UBS FUND MANAGEMENT PICTET & CIE BNP PARIBAS INV PART THREADNEEDLE INVESTM WINTERGREEN ADVISERS PICTET ASSET MANAGEM SCHRODER INVESTMENT ARTISAN PARTNERS HOL GRETHER ESTHER NORDEA INV MANAGEMEN ROYAL BANK OF CANADA SOCIETE GENERALE

Firm Name AlphaValue ISI Group Nomura Cantor Fitzgerald Bryan Garnier & Cie Exane BNP Paribas Berenberg Bank Day by Day National Bank AG Main First Bank AG Credit Suisse Raymond James CA Cheuvreux Renaissance Capital Oddo & Cie Bank Vontobel AG Kepler Capital Markets Morgan Stanley JPMorgan Aurel - BGC S&P Capital IQ Barclays HSBC Deutsche Bank EVA Dimensions Goldman Sachs Zuercher Kantonalbank

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst VERONIQUE CABIOC'H OMAR SAAD CHRISTOPHER WALKER ALLEGRA PERRY LOIC MORVAN LUCA GIUSEPPE SOLCA JOHN GUY VALERIE GASTALDY MANFRED JAISFELD MATTHIAS EIFERT PATRICK JNGLIN MARC WILLAUME THOMAS MESMIN REY WIUM LEOPOLD AUTHIE RENE WEBER JON COX LOUISE SINGLEHURST MELANIE A FLOUQUET DAVID DA MAIA WILLIAM MACK HELEN NORRIS ANTOINE BELGE FRANCESCA DI PASQUANTONIO CRAIG STERLING WILLIAM HUTCHINGS PATRIK SCHWENDIMANN

Source ULT-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG

Recommendation add strong buy buy buy buy outperform buy buy hold outperform outperform outperform select list hold buy buy buy Overwt/In-Line neutral hold sell equalweight neutral buy underweight Buy/Neutral outperform

Amt Held 1'445'313 707'162 520'396 510'260 505'000 459'002 366'697 290'805 231'023 230'614 228'083 185'140 184'025 157'207 154'625 154'414 114'000 108'996 90'208 85'146

% Out 4.69 2.29 1.69 1.65 1.64 1.49 1.19 0.94 0.75 0.75 0.74 0.6 0.6 0.51 0.5 0.5 0.37 0.35 0.29 0.28

Weighting

Change 4 5 5 5 5 5 5 5 3 5 5 5 5 3 5 5 5 5 3 3 1 3 3 5 1 5 5

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 U

Latest Chg (70'942) 63'157 117'818 (5'561) 79'037 (23'735) (1'910) 2'647 84'593 10'413 (136) 21'810 (69'287) (4'941) (10'000) (5'256)

Target Price 574 650 620 600 555 706 625 580 515 650 600 600 580 537 590 600 630 558 505 550 480 550 550 600 #N/A N/A 680 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Corporation 28.12.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.11.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 28.09.2012 Bank 31.10.2012 Bank

Date 6 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided 3 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 9 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 28.02.2013 25.02.2013 25.02.2013 21.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 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 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 24.01.2013 22.01.2013 17.01.2013 15.01.2013 13.09.2012

28.02.2013

Swedbank AB Swedbank AB offers retail banking, asset management, financial, and other services. The Bank attracts deposits and offers mortgage and other loans, credit and smart cards, lease financing, installment loans on equipment and recreational vehicles, securities trading, export and import services, insurance, and real estate brokerage services.

Price/Volume

14.0 M

140

12.0 M 10.0 M

100 80

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SWEDA SS EQUITY YTD Change SWEDA SS EQUITY YTD % CHANGE

12/2012 12/yy 158.00 96.45 454'464.00 154.7 -2.03% 60.39% 95.94% 951.1 175'211.72 903'963.00 0.0 154.0 215'538.00 -

8.0 M 6.0 M

60 40

4.0 M

2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

160 120

Valuation Analysis

31.12.2008 98'334.0 10'887.0 2.28x

180

31.12.2009 31.12.2010 73'122.0 63'534.0 (10'511.0) 7'444.0 14.60x Profitability

LTM-4Q 31.12.2011 70'899.0 11'736.0 9.38x

31.12.2012 70'712.0 14'438.0 11.01x 46.61% 47.41% 0.77% 13.17% 1.39% 0.04% 37.0% 48.94% 852.23% -

Price/ Cash Flow

LTM

12/yy 70'899.0 0.00x 0.0 0.00x 11'736.0 9.44x

12/yy 70'712.0 0.00x 0.0 0.00x 14'438.0 10.37x

FY+1

.0 M f-13

1.16 43.59% 21.81% 1.165 32 3.781 2'929'472 4'036'355 3'096'689 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 36'714.3 38'003.2 9'012.0 9'105.8 14'578.4 15'245.4 3'512.7 3'572.7 11.70x 11.14x 12.03x 12.06x S&P Issuer Ratings

01.12.2011 A+ NEG 23.12.1998 A-1 852.2% 89.5% 0.04 15.68 -

Sales/Revenue/Turnover

70.00

120'000.0

60.00

100'000.0

50.00

80'000.0

40.00

60'000.0 30.00

40'000.0 20.00

20'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Swedbank AB Holdings By:

All

Holder Name FOLKSAM GROUP SPARBANKS-GRUPPEN ME SWEDBANK AB SWEDBANK ROBUR FONDE JP MORGAN CHASE BANK ALECTA PENSIONSFORSA SEB STATE STREET CUSTODI UBS AMF PENSION NORDEA INVESTMENT FU SPARBANKSTIFFELSERFSPA RESULTATANDELSS HANDELSBANKEN FONDER VANGUARD GROUP INC NORDEA FONDER AB/SWE AMF FONDER AB FMR LLC INVESCO LTD DEUTSCHE BANK AG

Firm Name AlphaValue Barclays Nomura ABG Sundal Collier Exane BNP Paribas Mediobanca SpA Credit Suisse CA Cheuvreux Deutsche Bank Macquarie Societe Generale Morgan Stanley RBC Capital Markets JPMorgan SEB Enskilda Carnegie Nordea Equity Research NYKREDIT Handelsbanken Pareto Securities SpareBank 1 Markets AS DNB Markets EVA Dimensions Keefe, Bruyette & Woods Evli Bank Plc Arctic Securities ASA Danske Markets Goldman Sachs Berenberg Bank Swedbank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CHRISTOPHE NIJDAM CHRISTOFFER ROSQUIST OMAR KEENAN MAGNUS ANDERSSON ANDREAS HAKANSSON RICCARDO ROVERE MASIH YAZDI MATS ANDERSON JAN WOLTER EDWARD FIRTH GEOFF DAWES ALVARO SERRANO CLAIRE KANE SOFIE PETERZENS BENGT CLAESSON ASBJORN MORK PAWEL WYSZYNSKI MADS THINGGAARD PETER GRABE JON DAVID GJERTSEN NILS CHRISTIAN OYEN HAKON FURE AUSTIN BURKETT RONNY REHN KIMMO RAMA FRIDTJOF BERENTS PER GRONBORG PAWEL DZIEDZIC NICK ANDERSON CHRISTIAN HALL

Source Co File Research Co File Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG Co File Co File Research Co File Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation reduce equalweight buy hold outperform outperform outperform outperform buy outperform hold Overwt/In-Line outperform overweight buy buy hold neutral accumulate sell neutral hold hold market perform accumulate sell buy Sell/Neutral buy not rated

Amt Held 91'306'986 54'280'235 51'637'671 39'283'238 38'125'010 35'229'440 31'846'758 30'500'008 28'965'825 26'446'209 20'751'588 18'624'380 16'794'308 16'118'675 15'951'077 13'799'838 9'955'210 7'451'731 6'907'174 6'863'001

% Out 9.6 5.71 5.43 4.13 4.01 3.7 3.35 3.21 3.05 2.78 2.18 1.96 1.77 1.69 1.68 1.45 1.05 0.78 0.73 0.72

Weighting

Change

2 3 5 3 5 5 5 5 5 5 3 5 5 5 5 5 3 3 4 1 3 3 3 3 4 1 5 1 5 #N/A N/A

M M M M M U M U U M U M M M M M M M M D M U D M M M M D M M

Latest Chg (38'669'144) 1'122'268 (266'848) 511'961 (1'104) (504'500) 105'172 1'375'617 197'524

Target Price 161 162 164 165 165 190 165 200 164 156 142 165 175 157 163 #N/A N/A 153 #N/A N/A 155 144 142 155 #N/A N/A 134 130 139 170 150 140 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Insurance Company 31.10.2012 n/a 31.12.2011 Bank 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2012 Unclassified 31.12.2011 Other 28.12.2012 Unclassified 31.12.2011 Pension Fund (ERISA) 31.12.2011 Mutual Fund Manager 31.10.2012 n/a 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month Not Provided 12 month 6 month Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 18 month Not Provided Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 28.02.2013 25.02.2013 19.02.2013 18.02.2013 15.02.2013 11.02.2013 05.02.2013 04.02.2013 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 30.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 28.01.2013 11.10.2011

28.02.2013

Swedish Match AB Swedish Match AB manufactures and markets smokeless tobacco products. The Company's products include snus, moist snuff, and chewing tobacco. Swedish Match also manufactures and markets machine made cigars, as well as matches and lighters.

Price/Volume 350

6.0 M

300

5.0 M

250

4.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.07.2012) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SWMA SS EQUITY YTD Change SWMA SS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

100

1.0 M

50 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 12'611.0 2.81x 3'233.0 10.95x 2'261.0 13.46x

3.0 M

150

12/2012 12/yy 294.50 198.90 190'013.00 211.9 -28.12% 6.54% 12.24% 206.0 43'651.40 10'357.00 0.0 2.0 2'824.00 51'186.40

31.12.2009 31.12.2010 14'204.0 13'606.0 3.03x 3.55x 3'862.0 3'876.0 11.14x 12.46x 3'146.0 2'957.0 16.23x 14.84x Profitability

LTM-4Q 31.12.2011 11'665.0 4.90x 3'664.0 15.60x 2'538.0 20.12x

31.12.2012 12'486.0 4.09x 3'990.0 12.79x 2'906.0 15.23x 3'990.00 3'694.00 29.59% 28.11% 20.13% 0.86% 50.8% 32.0% 29.6% 23.3% 1.37 0.66 72.07% -

Price/ Cash Flow

LTM

12/yy 11'664.0 18.83x 3'663.0 15.61x 2'537.0 20.19x

12/yy 12'486.0 19.02x 3'993.0 12.78x 2'906.0 15.23x

FY+1

.0 M f-13

0.49 -14.11% -2.89% 0.493 24 3.542 1'204'423 1'174'400 1'012'186 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'665.3 13'123.3 2'964.6 3'240.4 4.15x 4.03x 4'031.3 4'221.2 972.3 1'061.3 12.70x 12.13x 12.33x 12.21x 2'766.9 2'919.8 645.4 703.4 15.05x 13.78x 15.19x S&P Issuer Ratings

25.10.2007 BBB STABLE 26.03.1997 A-2 6.79 6.33 1.89 2.59 124.7% 0.86 6.11 83.49

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Swedish Match AB Holdings By:

All

Holder Name MORGAN STANLEY INVES SWEDISH MATCH MORGAN STANLEY FMR LLC AMF FONDER AB SWEDBANK ROBUR FONDE GAMCO SEB STANDARD LIFE INVEST VANGUARD GROUP INC CAPITAL GROUP COMPAN ANDRA AP FONDEN FJARDE AP-FONDEN DEUTSCHE BANK AG HANDELSBANKEN FONDER SHB FUNDS TREDJE AP-FONDEN INVESTEC ASSET MANAG CLERICAL MEDICAL INV XACT FONDER AB

Firm Name AlphaValue Societe Generale SEB Enskilda Nomura Redburn Partners EVA Dimensions ABG Sundal Collier CA Cheuvreux Nordea Equity Research Swedbank Natixis DNB Markets Exane BNP Paribas Danske Markets Deutsche Bank JPMorgan Carnegie Berenberg Bank Credit Suisse Goldman Sachs Handelsbanken S&P Capital IQ

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ISABELLE COMBEMALE CHAS MANSO DE ZUNIGA STEFAN NELSON DAVID HAYES CHRISTIAN DE ROUALLE AUSTIN BURKETT ANDREAS LUNDBERG DANIEL OVIN STELLAN HELLSTROM CHRISTIAN ANDERSON NICOLAS LANGLET HAAKON ASCHEHOUG JAMES BUSHNELL ANDERS HANSSON JONATHAN FELL RAE MAILE NIKLAS EKMAN ERIK BLOOMQUIST JIMMIE BORK FULVIO CAZZOL PETER WALLIN ESTHER KWON

Source Research Co File ULT-AGG ULT-AGG Research Research ULT-AGG ULT-AGG Research MF-AGG ULT-AGG Research Research MF-AGG MF-AGG Research Research MF-AGG MF-AGG MF-AGG

Recommendation add sell buy neutral sell buy buy outperform hold reduce buy buy outperform buy hold underweight sell hold neutral buy/attractive reduce suspended coverage

Amt Held 13'144'520 8'827'859 8'623'498 8'436'119 6'029'700 5'383'395 4'802'000 4'330'368 4'284'355 3'718'024 3'179'000 2'689'541 2'546'773 2'503'268 2'466'518 2'295'859 2'016'192 1'048'627 951'786 942'973

% Out 6.38 4.29 4.19 4.1 2.93 2.61 2.33 2.1 2.08 1.8 1.54 1.31 1.24 1.22 1.2 1.11 0.98 0.51 0.46 0.46

Weighting

Change

4 1 5 3 1 5 5 5 3 2 5 5 5 5 3 1 1 3 3 5 2 #N/A N/A

M M M U N U M D M M M M M M M M M M M M M M

Latest Chg 860'532 161'929 (6'000) (1'591'031) 57'331 434'081 401'270 44'845 (3'232)

Target Price 230 190 230 205 #N/A N/A #N/A N/A 260 245 225 195 250 280 260 260 225 250 #N/A N/A 260 235 279 220 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Unclassified 31.12.2012 Unclassified 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Pension Fund (ERISA) 30.09.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Government 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 6 month 12 month 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 9 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 17.01.2013 09.01.2013 18.12.2012 08.03.2012

28.02.2013

Swiss Re AG Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (01.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 12/yy 76.75 50.52 558'051.00 74.5 -2.93% 47.45% 88.75% 370.7 27'617.67 19'898.00 1'102.0 24.0 10'837.00 39'859.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 f-12 m-12

31.12.2009 31.12.2010 30'624.0 28'484.0 0.50x 1.13x 467.4 863.0 33.44x 21.30x Profitability

LTM-4Q 31.12.2011 27'797.0 1.02x 2'626.0 6.64x

31.12.2012 33'116.0 1.12x 4'201.0 6.09x 17.37% 16.51% 1.89% 13.38% 9.38% 0.15% 12.7% 9.22% 60.48% -

Price/ Cash Flow

j-12

LTM

12/yy 27'797.0 3.93x 0.0 0.00x 2'626.0 6.64x

j-12

12/yy 33'116.0 3.91x 0.0 0.00x 4'180.0 5.97x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.16 370.21 46.35% 13.05% 1.164 37 3.243 2'085'186 1'297'778 1'077'138 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 32'138.0 34'701.5 1.54x 2'938.1 3'059.7 754.0 696.0 9.77x 9.39x 10.27x S&P Issuer Ratings

60.5% 36.9% 0.15 -

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 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 24'011.7 1.03x (800.3) -

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 |

28.02.2013

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC DODGE & COX MFS INVESTMENT MANAG BERKSHIRE HATHAWAY I CREDIT SUISSE ASSET MASSACHUSETTS FINANC UBS FUND MANAGEMENT PICTET & CIE SARASIN SWISSCANTO FONDSLEIT TEMPLETON INVESTMENT DIMENSIONAL FUND ADV JP MORGAN HARTFORD INVESTMENT FMR LLC BESSEMER GROUP INCOR VONTOBEL ASSET MANAG

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

RBC Capital Markets GORDON AITKEN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Bank Vontobel AG STEFAN SCHUERMANN Barclays ANDREW BROADFIELD Morgan Stanley MACIEJ WASILEWICZ Kepler Capital Markets FABRIZIO CROCE S&P Capital IQ RODERICK WALLACE JPMorgan MICHAEL HUTTNER Zuercher Kantonalbank GEORG MARTI Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT Nomura MICHAEL KLIEN Helvea DANIEL BISCHOF Societe Generale JASON KALAMBOUSSIS Nord/LB JULIA SIEKMANN Goldman Sachs VINIT MALHOTRA Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Main First Bank AG RENE LOCHER Exane BNP Paribas NICCOLO DALLA PALMA AlphaValue DIETER HEIN CA Cheuvreux FRANK KOPFINGER Credit Suisse ADAM MCINALLY Day by Day VALERIE GASTALDY Keefe, Bruyette & Woods WILLIAM HAWKINS Mediobanca SpA GIANLUCA FERRARI EVA Dimensions AUSTIN BURKETT HSBC THOMAS FOSSARD Canaccord Genuity Corp BEN COHEN Sanford C. Bernstein & Co THOMAS SEIDL Macquarie HADLEY COHEN Hamburger Sparkasse CHRISTIAN HAMANN DZ Bank AG THORSTEN WENZEL Raymond James DANNY JACQUES Espirito Santo Investment Bank Research JOY FERNEYHOUGH

Source EXCH ULT-AGG ULT-AGG MF-AGG Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation sector perform hold buy overweight Equalwt/In-Line buy hold overweight market perform buy buy reduce neutral buy buy neutral/neutral sell sell underperform neutral sell select list neutral hold market perform neutral buy neutral buy underperform neutral buy sell underperform neutral

Amt Held 27'282'124 19'016'988 15'119'311 13'188'586 12'639'368 11'485'890 11'262'000 5'610'148 5'482'330 2'874'140 2'174'002 1'986'440 1'464'844 1'299'889 1'238'106 1'214'600 1'025'505 833'022 819'676 635'477

% Out 7.36 5.13 4.08 3.56 3.41 3.1 3.04 1.51 1.48 0.78 0.59 0.54 0.4 0.35 0.33 0.33 0.28 0.22 0.22 0.17

Weighting

Change 3 3 5 5 3 5 3 5 3 5 5 2 3 5 5 3 1 1 1 3 1 5 3 3 3 3 5 3 5 1 3 5 1 1 3

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 D M M M M

Latest Chg (1'396'672) (465'989) 749'509 (222'639) (9'893) 154'354 (20'431) (7'637) 4'568 (30'255) (264'683) (801) (194'918) (181'060) 145'000 (6'100)

Target Price 80 76 85 77 76 83 83 74 #N/A N/A 82 82 67 75 75 84 75 66 70 72 68 64 86 68 #N/A N/A 79 75 #N/A N/A 75 70 50 72 #N/A N/A 58 63 48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.03.2012 Unclassified 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 28.12.2012 Unclassified 28.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 30.04.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 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 6 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 14.02.2013 12.02.2013 30.01.2013 17.01.2013 16.01.2013 09.01.2013 13.12.2012 27.11.2012 14.11.2012 10.09.2012 09.08.2012 12.01.2012

28.02.2013

Swisscom AG Swisscom AG operates public telecommunications networks and offers network application services. The Company provides local, long-distance, and mobile telephone services, integrated voice and data digital services, network solutions to national and international telecommunications operators, and Internet access services, and owns and operates pay telephones.

Price/Volume 450

.4 M

400

.4 M

350

.3 M

300

.3 M

250

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (12.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCMN VX EQUITY YTD Change SCMN VX EQUITY YTD % CHANGE

12/2012 12/yy 424.40 334.40 34'226.00 423.9 -0.16% 26.76% 98.21% 51.8 21'958.84 8'783.00 0.0 24.0 578.00 30'187.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

150 100

.1 M

0 f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 12'198.0 2.35x 4'496.0 6.37x 1'756.0 10.01x

.2 M

200

Valuation Analysis

31.12.2009 31.12.2010 12'001.0 11'988.0 2.53x 2.54x 4'402.0 4'348.0 6.89x 7.01x 1'926.0 1'813.0 10.64x 11.75x Profitability

LTM-4Q 31.12.2011 11'467.0 2.35x 4'300.0 6.26x 683.0 26.98x

31.12.2012 11'384.0 2.51x 4'107.0 6.97x 1'755.0 11.62x 4'107.00 2'157.00 18.95% 19.04% 8.88% 41.77% 15.19% 0.58% 36.1% 18.9% 15.4% 0.91 0.72 43.71% 212.56% 4.54 -

Price/ Cash Flow

LTM

12/yy 11'467.0 10.03x 4'300.0 6.26x 683.0 27.00x

12/yy 11'384.0 9.90x 4'107.0 6.97x 1'755.0 11.64x

FY+1

.0 M f-13

0.69 22.31 25.23% 7.64% 0.691 24 3.458 97'540 104'448 89'743 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'298.5 11'310.0 2.67x 2.64x 4'325.3 4'350.8 6.99x 6.94x 1'671.7 1'663.9 13.04x 13.05x S&P Issuer Ratings

30.06.2009 A STABLE 15.38 5.79 2.00 2.14 212.6% 67.9% 0.58 1.36 80.65 -

Sales/Revenue/Turnover

6.00

16'000.0 14'000.0

5.00

12'000.0 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0 1.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Swisscom AG Holdings By:

All

Holder Name SWISS CONFEDERATION VANGUARD GROUP INC BLACKROCK CREDIT SUISSE ASSET THORNBURG INVESTMENT RUFFER LLP UBS FUND MANAGEMENT FMR LLC PICTET & CIE INVESCO LTD SWISSCANTO FONDSLEIT JOHN HANCOCK INVESTM EPOCH INVESTMENT PAR VONTOBEL ASSET MANAG MORGAN STANLEY DANSKE INVEST A/S DJE INVESTMENT SA SCHRODER INVESTMENT ALLIANZ ASSET MANAGE NATIXIS ASSET MANAGE

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID AlphaValue HEINZ STEFFEN EVA Dimensions ANDREW S ZAMFOTIS Macquarie ALEX GRANT JPMorgan HANNES C WITTIG Bank Vontobel AG SERGE ROTZER Barclays MICHAEL BISHOP Goldman Sachs TIMOTHY BODDY Zuercher Kantonalbank MICHAEL INAUEN Natixis JACQUES DE GRELING Societe Generale STEPHANE SCHLATTER Morgan Stanley LUIS PROTA Nomura VIKRAM KARNANY S&P Capital IQ ALEXANDER WISCH New Street Research JAKUB DUBANIEWICZ Berenberg Bank USMAN GHAZI Exane BNP Paribas MICHAEL ZORKO Credit Suisse JAKOB BLUESTONE Deutsche Bank CAROLA BARDELLI HSBC NICOLAS COTE-COLISSON Espirito Santo Investment Bank Research ANDREW HOGLEY Gabelli & Co EVAN D MILLER CA Cheuvreux PETER KURT NIELSEN

Source Co File MF-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 ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold reduce hold outperform overweight hold overweight Buy/Neutral outperform neutral buy Underwt/In-Line neutral hold neutral hold outperform underperform hold overweight sell buy underperform

Amt Held 29'475'281 414'320 402'984 331'367 276'400 192'800 192'618 178'385 119'907 116'790 103'584 79'409 72'255 71'974 60'743 57'614 52'753 42'543 40'089 38'954

% Out 56.9 0.8 0.78 0.64 0.53 0.37 0.37 0.34 0.23 0.23 0.2 0.15 0.14 0.14 0.12 0.11 0.1 0.08 0.08 0.08

Weighting

Change 3 2 3 5 5 3 5 5 5 3 5 1 3 3 3 3 5 1 3 5 1 5 1

M M U U M M M M M M M M M M M M M M M M M M M

Latest Chg 9'902 (7'144) (1'822) 15'400 (1'489) (255'087) (1'068) 14'200 689 (2'173) (1'500) (1'150) 56'467 105 8'924 20'522 8'981

Target Price 430 418 #N/A N/A 450 450 410 420 476 #N/A N/A 394 440 430 415 420 374 390 420 355 440 430 300 #N/A N/A 415

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2012 26.02.2013 28.12.2012 31.12.2012 28.09.2012 30.11.2012 31.12.2012 30.11.2012 27.02.2013 28.12.2012 31.12.2012 31.12.2012 31.10.2012 31.12.2012 31.01.2013 30.11.2012 31.12.2012 31.01.2013 31.12.2012

Date Not Provided 6 month Not Provided 12 month 9 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 Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date 27.02.2013 21.02.2013 20.02.2013 19.02.2013 12.02.2013 12.02.2013 11.02.2013 10.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 30.01.2013 24.01.2013 16.01.2013 09.11.2012 09.11.2012 14.10.2011 17.08.2010

28.02.2013

Syngenta AG Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 12/yy 404.70 283.50 64'495.00 393.7 -2.62% 38.87% 89.60% 93.1 36'663.77 3'348.00 11.0 1'599.00 41'151.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 50 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 11'624.0 1.68x 2'495.0 7.84x 1'385.0 12.86x

150

31.12.2009 31.12.2010 10'992.0 11'641.0 2.56x 2.45x 2'368.0 2'460.0 11.86x 11.60x 1'371.0 1'397.0 19.06x 19.37x Profitability

LTM-4Q 31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x 3'148.00 2'550.00 17.96% 15.15% 10.22% 23.06% 0.78% 49.2% 22.2% 18.0% 13.2% 1.71 0.75 17.26% 38.28% 4.79 1.62

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M f-13

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 14'202.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.90 92.99 36.81% 7.39% 0.902 33 3.909 201'849 209'520 199'460 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 15'313.5 16'202.5 3'295.9 4'596.0 2.63x 2.44x 3'514.5 3'807.1 1'048.0 11.72x 10.82x 2'295.0 2'507.4 518.0 16.90x 15.43x S&P Issuer Ratings

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 0.56 1.06 38.3% 27.7% 0.78 4.57 76.37 226.25 148.30 154.33

Sales/Revenue/Turnover

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0

20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK VANGUARD GROUP INC FMR LLC HARBOR CAPITAL ADVIS CREDIT SUISSE ASSET VAN ECK ASSOCIATES C THORNBURG INVESTMENT BANK OF NEW YORK MEL UBS FUND MANAGEMENT WILLIAM BLAIR & COMP JUPITER ASSET MANAGE MANNING & NAPIER ADV PICTET & CIE INVESCO LTD DWS INVESTMENT S A THREADNEEDLE INVESTM SCHRODER INVESTMENT SWISSCANTO FONDSLEIT

Firm Name Goldman Sachs Sanford C. Bernstein & Co AlphaValue EVA Dimensions Bank Vontobel AG Redburn Partners Exane BNP Paribas Equita SIM SpA Barclays Credit Suisse Macquarie CA Cheuvreux Bankhaus Metzler Nomura Morgan Stanley Jefferies HSBC Hamburger Sparkasse Kepler Capital Markets JPMorgan Deutsche Bank DZ Bank AG Main First Bank AG Societe Generale Liberum Capital Ltd Day by Day Zuercher Kantonalbank Berenberg Bank S&P Capital IQ Canaccord Genuity Corp National Bank AG

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RAKESH PATEL JEREMY REDENIUS FABRICE FARIGOULE CRAIG STERLING PATRICK RAFAISZ TONY JONES JAMES KNIGHT MASSIMO BONISOLI ANDREAS HEINE CHRIS COUNIHAN CHRISTIAN FAITZ MARTIN ROEDIGER DANIEL SEIDENSPINNER JEAN DE WATTEVILLE AMY WALKER LAURENCE ALEXANDER GEOFF HAIRE MARCO GUENTHER BETTINA EDMONDSTON NEIL C TYLER VIRGINIE BOUCHER-FERTE HEINZ MUELLER RONALD KOEHLER PETER CLARK SOPHIE JOURDIER VALERIE GASTALDY MARTIN SCHREIBER JAIDEEP PANDYA JOHNSON IMODE PAUL W SATCHELL STEFFEN MANSKE

Source ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Buy/Neutral underperform buy hold hold buy neutral hold equalweight outperform outperform select list buy neutral Equalwt/In-Line hold overweight sell buy neutral buy buy outperform buy buy buy market perform hold hold buy buy

Amt Held 5'198'082 4'634'983 3'865'136 2'490'512 2'191'088 1'664'500 1'439'692 1'033'942 932'280 919'039 860'085 645'945 598'755 536'300 488'894 370'024 356'424 314'234 248'343 246'080

% Out 5.58 4.98 4.15 2.67 2.35 1.79 1.55 1.11 1 0.99 0.92 0.69 0.64 0.58 0.52 0.4 0.38 0.34 0.27 0.26

Weighting

Change 5 1 5 3 3 5 3 3 3 5 5 5 5 3 3 3 5 1 5 3 5 5 5 5 5 5 3 3 3 5 5

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 D M M M M

Latest Chg 32'386 74'818 69'566 (18'855) (5'313) 12'626 (28'238) 13'889 (76'790) (639) 2'505 (2'270) 12'005 9'906 (9'249)

Target Price 476 307 494 #N/A N/A 390 #N/A N/A 376 390 403 450 430 426 450 440 406 365 430 #N/A N/A 440 375 430 400 415 450 400 410 #N/A N/A 350 320 310 280

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 31.12.2012 04.12.2012 31.12.2012 31.12.2012 31.12.2012 28.12.2012 26.02.2013 31.12.2012 26.02.2013 30.11.2012 31.12.2012 31.08.2012 31.12.2012 30.11.2012 27.02.2013 28.12.2012 31.10.2012 31.12.2012 28.12.2012

Date 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided 3 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager 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

Date 27.02.2013 22.02.2013 21.02.2013 13.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 06.12.2012 30.11.2012 20.11.2012 25.10.2012 23.10.2012 03.10.2012 19.09.2012 17.07.2012 13.07.2012 18.05.2012 09.02.2009

28.02.2013

Technip SA Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity. Technip builds offshore facilities for the petroleum industry. The Company operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEC FP EQUITY YTD Change TEC FP EQUITY YTD % CHANGE

12/2012 12/yy 92.36 69.21 118'303.00 84.01 -9.04% 21.38% 61.08% 112.9 9'487.56 2'087.90 0.0 21.7 2'808.70 9'317.06

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

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 7'481.4 0.09x 808.0 0.86x 448.0 5.11x

100 90 80 70 60 50 40 30 20 10 0 f-12 m-12

31.12.2009 31.12.2010 6'456.0 6'081.9 0.54x 1.00x 831.0 765.9 4.21x 7.97x 170.4 417.6 30.88x 17.63x Profitability

LTM-4Q 31.12.2011 6'813.0 1.06x 883.5 8.15x 507.3 15.48x

31.12.2012 8'203.9 539.7 17.99x 883.50 709.50 10.41% 10.44% 5.14% 14.73% 0.75% 18.9% 12.8% 10.1% 6.6% 1.00 0.70 18.26% 57.18% -

Price/ Cash Flow

12/yy 6'813.0 3.92x 965.7 7.45x 507.3 16.32x

LTM 12/yy 8'203.9 3.28x 727.6 0.00x 539.7 0.00x

FY+1

.0 M f-13

1.09 100.24 4.63% -3.26% 1.089 29 4.138 691'986 601'911 493'870 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'403.5 10'588.7 2'136.6 2'345.8 0.96x 0.81x 4.72x 4.34x 1'193.7 1'442.1 249.5 298.8 7.79x 6.45x 7.79x 7.63x 668.9 834.9 136.5 170.8 15.30x 12.37x 14.30x 14.01x S&P Issuer Ratings

27.05.2010 BBB+ STABLE 15.11.2001 A-2 22.89 14.10 -0.18 2.08 57.2% 36.2% 0.75 1.57 -47.01

Sales/Revenue/Turnover

250.00

9'000.0 8'000.0

200.00

7'000.0 6'000.0

150.00

5'000.0 4'000.0

100.00

3'000.0 2'000.0

50.00

1'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Technip SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK CAISSE DES DEPOTS ET BNP PARIBAS INV PART AMUNDI NATIXIS OPPENHEIMERFUNDS INC IFP ENERGIES NOUVELL NORGES BANK INVESTME VANGUARD GROUP INC NATIXIS ASSET MANAGE AXA INVESTMENT MANAG CAUSEWAY CAPITAL MAN CREDIT SUISSE ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA ALLIANCE BERNSTEIN GRYPHON WILLIAM BLAIR & COMP FMR LLC

Firm Name AlphaValue RBC Capital Markets Macquarie Societe Generale Raymond James CA Cheuvreux CM - CIC Securities(ESN) Oddo & Cie Nomura DNB Markets Exane BNP Paribas Liberum Capital Ltd Barclays RS Platou Markets ABN Amro Bank N.V. Morgan Stanley Goldman Sachs JPMorgan HSBC Canaccord Genuity Corp S&P Capital IQ Main First Bank AG Natixis Day by Day EVA Dimensions Kepler Capital Markets Fox-Davies Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a

Analyst GAETAN DUPONT KATHERINE TONKS DAVID FARRELL GUILLAUME DELABY BERTRAND HODEE GEOFFROY STERN JEAN-LUC ROMAIN JEAN-FRANCOIS GRANJON CHRISTYAN MALEK EIRIK RONOLD MATHISEN ALEXANDRE MARIE ANDREW WHITTOCK MICK PICKUP GORAN ANDREASSEN MARK VAN DER GEEST ROBERT PULLEYN HENRY TARR ANDREW DOBBING PHILLIP LINDSAY JAMES EVANS CHRISTINE TISCARENO BERND POMREHN ANNE PUMIR VALERIE GASTALDY CRAIG STERLING TEAM COVERAGE PAUL SINGER

Source ULT-AGG ULT-AGG Co File ULT-AGG Research Co File Co File Co File Co File MF-AGG MF-AGG Co File Co File Co File ULT-AGG Co File ULT-AGG Co File 13F ULT-AGG

Recommendation reduce outperform outperform buy underperform outperform buy buy neutral buy neutral hold overweight buy hold Overwt/Attractive neutral/neutral overweight overweight buy buy outperform buy hold sell buy hold

Amt Held 10'888'250 8'643'000 5'929'398 4'239'384 4'146'278 3'361'789 3'219'635 2'830'917 2'750'873 2'152'163 1'816'844 1'673'439 1'596'029 1'326'090 1'310'743 1'259'670 1'190'548 1'132'066 950'406 757'901

% Out 9.64 7.65 5.25 3.75 3.67 2.98 2.85 2.51 2.44 1.91 1.61 1.48 1.41 1.17 1.16 1.12 1.05 1 0.84 0.67

Weighting

Change 2 5 5 5 1 5 5 5 3 5 3 3 5 5 3 5 3 5 5 5 5 5 5 3 1 5 3

M M M M M M M M M M M M M M M M M M M M M M M M M N M

Latest Chg (1'555'250) 315'855 277'419 601'110 139'045 (203'806) (5'231) 158'316 (53'277)

Target Price 80 105 89 107 78 107 98 93 90 100 93 76 113 100 83 121 94 114 106 107 96 100 95 #N/A N/A #N/A N/A 101 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 15.05.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Corporation 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month 9 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 28.02.2013 25.02.2013 23.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 07.02.2013 24.01.2013 17.01.2013 27.04.2012 02.08.2011

28.02.2013

Telecom Italia SpA Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile telephone and data transmission services in Italy and abroad. The Company offers local and long-distance telephone, satellite communications, Internet access, and teleconferencing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.02.2013) 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 TIT IM EQUITY YTD Change TIT IM EQUITY YTD % CHANGE

12/2012 09/yy 0.93 0.54 28'698'762.00 0.5615 -39.77% 3.41% 2.96% 13'416.8 10'487.56 41'951.00 0.0 3'904.0 8'183.00 47'277.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

600.0 M 500.0 M 400.0 M 300.0 M 200.0 M 100.0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2008 29'000.0 2.07x 11'090.0 5.42x 2'177.0 10.27x

1 1 1 1 1 1 0 0 0 0 0 f-12 m-12

31.12.2009 31.12.2010 27'163.0 27'571.0 2.15x 2.06x 11'115.0 11'412.0 5.26x 4.98x 1'581.0 3'121.0 9.69x 5.96x Profitability

LTM-4Q 31.12.2011 29'957.0 1.79x 12'246.0 4.38x (4'726.0) -

31.12.2012 12'246.00 6'752.00 22.54% -8.76% -1.94% -6.43% 0.37% 39.9% 22.2% -15.8% 0.95 0.83 50.03% 184.07% 4.75 -

Price/ Cash Flow

LTM

09/yy 29'731.0 7.48x 12'081.0 4.38x 67.0 206.11x

09/yy 29'959.0 7.11x 11'941.0 4.34x (1'594.0) 0.00x

FY+1

0.89 9'732.99 -31.22% -17.79% 0.891 32 3.750 ######### ######### 89'758'000 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'773.6 28'737.8 4'144.0 4'293.0 1.44x 1.37x 11'430.5 11'333.9 2'051.0 2'073.0 4.14x 4.17x 5.63x 2'248.3 2'292.4 4.84x 4.72x S&P Issuer Ratings

14.02.2013 BBB *14.02.2013 A-2 *6.16 4.63 2.76 3.43 184.1% 61.1% 0.37 1.96 77.10 -

Sales/Revenue/Turnover

4.00

33'000.0

3.50

32'000.0

3.00

31'000.0 30'000.0

2.50

29'000.0 2.00

28'000.0

1.50

27'000.0

1.00

26'000.0

0.50

25'000.0

0.00 02.01.2009

24'000.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Telecom Italia SpA Holdings By:

All

Holder Name TELCO SPA FINDIM GROUP SA DODGE & COX BRANDES INVESTMENT P BLACKROCK ALLIANCE BERNSTEIN VANGUARD GROUP INC BLACKROCK ADVISORS U PICTET ASSET MANAGEM DB PLATINUM ADVISORS ROYAL BANK OF CANADA INTESA SANPAOLO SPA FMR LLC BLACKROCK ASSET MANA UBS ROTHSCHILD & COMPAGN ARCA SGR SPA SANLAM ASSET MANAGEM LANDESBANK BERLIN IN MASSACHUSETTS FINANC

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Day by Day VALERIE GASTALDY ICBPI STEFANO VULPIANI Banca Akros(ESN) ANDREA DEVITA AlphaValue JEAN-MICHEL SALVADOR Banca IMI LAURA CARMIGNANI Sanford C. Bernstein & Co ROBIN BIENENSTOCK Independent Research GmbH MARKUS FRIEBEL Societe Generale OTTAVIO ADORISIO Berenberg Bank PAUL ANDREW MARSCH Goldman Sachs TIMOTHY BODDY JPMorgan TORSTEN ACHTMANN Centrobanca ORIANA CARDANI Nomura JAMES BRITTON Exane BNP Paribas MATHIEU ROBILLIARD Deutsche Bank CAROLA BARDELLI HSBC LUIGI MINERVA CA Cheuvreux MARCO BACCAGLIO Equita SIM SpA STEFANO LUSTIG Kepler Capital Markets ENRICO COCO Espirito Santo Investment Bank Research NUNO MATIAS Natixis BENOIT MAYNARD Barclays SAN DHILLON Mediobanca SpA FABIO PAVAN Morgan Stanley NICK DELFAS Oddo & Cie ALEXANDRE IATRIDES S&P Capital IQ ALEXANDER WISCH New Street Research JAMES RATZER Grupo Santander NAHUM SANCHEZ DE LAMADRID Credit Suisse JUSTIN FUNNELL Macquarie ALEX GRANT EVA Dimensions ANDREW S ZAMFOTIS Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Banco Sabadell ANDRES BOLUMBURU DZ Bank AG THORSTEN REIGBER

Source 13D EXCH MF-AGG 13G ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG 13D ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold not rated accumulate buy no rating system market perform hold buy hold neutral/neutral neutral buy reduce outperform buy neutral underperform hold buy buy buy overweight not rated restricted neutral hold buy hold neutral outperform overweight buy sell sell

Amt Held 3'011'678'040 670'707'824 442'523'245 377'412'907 354'313'952 277'594'416 179'875'527 161'807'089 97'020'263 51'279'106 39'952'893 31'565'888 26'728'403 26'028'669 23'753'573 22'500'000 21'293'844 20'085'469 19'377'935 17'528'851

% Out 22.45 5 3.3 2.81 2.64 2.07 1.34 1.21 0.72 0.38 0.3 0.24 0.2 0.19 0.18 0.17 0.16 0.15 0.14 0.13

Weighting

Change

3 #N/A N/A 4 5 #N/A N/A 3 3 5 3 3 3 5 2 5 5 3 1 3 5 5 5 5 #N/A N/A #N/A N/A 3 3 5 3 3 5 5 5 1 1

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 (13'871'309) 3'965'978 (4'125'936) 48'790'617 (1'070'655) 4'021'086 419'038 380'000 1'257'400 (109'973) 1'592'692

Target Price #N/A N/A #N/A N/A 1 1 #N/A N/A 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 #N/A N/A #N/A N/A 1 1 1 1 1 1 #N/A N/A 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 24.08.2012 Holding Company 24.08.2012 Holding Company 29.01.2013 Investment Advisor 31.12.2011 Investment Advisor 26.02.2013 Investment Advisor 24.08.2012 Investment Advisor 31.12.2012 Investment Advisor 24.08.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Bank 31.05.2012 Bank 31.12.2012 Investment Advisor 24.08.2012 Investment Advisor 28.12.2012 Unclassified 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month

Date 26.02.2013 25.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 24.01.2013 24.01.2013 17.01.2013 22.08.2012 02.05.2012 14.11.2011

28.02.2013

Telefonaktiebolaget LM Ericsson Telefonaktiebolaget LM Ericsson develops and manufactures products for wired and mobile communications in public and private networks. The Company produces mobile telephones through its Sony Ericsson joint venture. Ericsson manufactures and installs wired and wireless communications systems, wireless microwave links, call center equipment, microelectronics, and radar systems.

Price/Volume 90

40.0 M

35.0 M

70 60

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ERICB SS EQUITY YTD Change ERICB SS EQUITY YTD % CHANGE

12/2012 12/yy 79.90 55.90 1'921'925.00 78.4 -1.75% 40.25% 98.95% 3'043.3 258'605.63 28'667.00 0.0 1'600.0 76'708.00 212'164.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

30 20

10.0 M

5.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 208'930.0 0.71x 23'592.0 6.26x 11'273.0 16.60x

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 206'477.0 203'348.0 0.81x 0.98x 25'441.0 25'925.0 6.57x 7.72x 3'672.0 11'146.0 57.25x 22.42x Profitability

LTM-4Q 31.12.2011 226'921.0 0.81x 29'647.0 6.17x 12'194.0 18.51x

31.12.2012 227'779.0 0.72x 32'078.0 5.09x 5'775.0 36.25x 32'078.00 22'189.00 9.74% 4.47% 2.08% 4.13% 0.82% 31.6% 14.1% 9.7% 2.5% 1.98 1.44 10.42% 20.94% 3.55 5.03

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.93 22.71% 20.43% 0.931 38 4.079 7'596'848 9'987'104 9'411'732 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 226'921.0 227'779.0 235'388.5 245'650.3 52'842.7 56'667.1 3.56x 2.95x 0.92x 0.85x 4.19x 3.98x 30'714.0 32'078.0 30'949.5 35'121.7 5'850.1 6'978.9 5.82x 5.09x 6.86x 6.05x 6.77x 12'194.0 5'775.0 16'175.0 19'758.1 2'649.3 3'470.2 18.50x 36.15x 15.45x 12.77x 15.85x S&P Issuer Ratings Long-Term Rating Date 15.06.2007 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date 15.06.2007 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 17.38 (EBITDA-Capex)/Interest Exp. 14.45 Net Debt/EBITDA -1.50 Total Debt/EBITDA 0.89 Reference Total Debt/Equity 20.9% Total Debt/Capital 17.2% Asset Turnover 0.82 Net Fixed Asset Turnover 20.45 Accounts receivable turnover-days 102.98 Inventory Days 72.72 Accounts Payable Turnover Day 58.50 Cash Conversion Cycle 117.20 Sales/Revenue/Turnover

40.00

250'000.0

35.00

200'000.0

30.00 25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

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 |

28.02.2013

Telefonaktiebolaget LM Ericsson Holdings By:

All

Holder Name SWEDBANK ROBUR FONDE BLACKROCK SEB AMF FONDER AB NORGES BANK INVESTME OPPENHEIMERFUNDS INC VANGUARD GROUP INC ABERDEEN ASSET MANAG INVESTOR AB DODGE & COX HANDELSBANKEN FONDER FOLKSAM LO FOND AB MASSACHUSETTS FINANC NORDEA FONDER AB/SWE JANUS CAPITAL MANAGE ABERDEEN LANSFORSAKRINGAR FON SPP FONDER AB AFA FORSAKRINGAR XACT FONDER AB

Firm Name JPMorgan Exane BNP Paribas AlphaValue Morgan Stanley ABG Sundal Collier Kepler Capital Markets HSBC EVA Dimensions Grupo Santander Societe Generale Pohjola Bank Plc (ESN) Goldman Sachs Credit Suisse Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg SEB Enskilda Independent Research GmbH Carnegie Oddo & Cie Nordea Equity Research Handelsbanken Pareto Securities Natixis Nomura Liberum Capital Ltd Barclays Danske Markets National Bank AG S&P Capital IQ Day by Day Deutsche Bank Swedbank Berenberg Bank CA Cheuvreux Jyske Bank DZ Bank AG Sydbank Alandsbanken Equities Silvia Quandt Research Evli Bank Plc

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst SANDEEP S DESHPANDE ALEXANDER PETERC JEAN-MICHEL SALVADOR FRANCOIS MEUNIER PER LINDBERG SEBASTIEN SZTABOWICZ RICHARD DINEEN ANDREW S ZAMFOTIS CARLOS JAVIER TREVINO ANDY PERKINS HANNU RAUHALA SIMON F SCHAFER ACHAL SULTANIA PIERRE FERRAGU MIRKO MAIER ANDREAS JOELSSON MARKUS FRIEBEL LENA OSTERBERG VINCENT MAULAY DANIEL DJURBERG MARTIN NILSSON ERIK PAULSSON ERIC BEAUDET STUART JEFFREY JANARDAN MENON ANDREW M GARDINER ILKKA RAUVOLA MANFRED JAISFELD JAMES CRAWSHAW VALERIE GASTALDY KAI KORSCHELT HAKAN WRANNE ADNAAN AHMAD ODON DE LAPORTE ROBERT JAKOBSEN OLIVER FINGER MORTEN IMSGARD LARS SOEDERFJELL JACQUES ABRAMOWICZ TEAM COVERAGE

Source Co File ULT-AGG ULT-AGG Co File Co File Co File MF-AGG Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG

Recommendation overweight outperform add Overwt/In-Line buy buy overweight underweight buy hold accumulate Buy/Neutral neutral outperform buy buy buy buy neutral buy reduce hold buy buy buy equalweight buy buy buy hold buy buy sell outperform sell buy neutral reduce buy Under Review

Amt Held 141'913'401 105'910'178 92'362'246 75'600'000 69'572'027 67'628'249 59'565'375 58'953'636 58'709'995 54'067'771 54'063'621 33'508'867 32'640'723 22'536'842 21'439'425 19'324'400 17'556'069 17'481'941 15'779'975 13'717'623

% Out 4.66 3.48 3.03 2.48 2.29 2.22 1.96 1.94 1.93 1.78 1.78 1.1 1.07 0.74 0.7 0.63 0.58 0.57 0.52 0.45

Weighting

Change

5 5 4 5 5 5 5 1 5 3 4 5 3 5 5 5 5 5 3 5 2 3 5 5 5 3 5 5 5 3 5 5 1 5 1 5 3 2 5 #N/A N/A

M M M M M M M D M M D U U M M U M M M M M M M M M M U M M M U M M M D M U M M M

Latest Chg 144'033 (1'169'250) 1'538'718 (65'425) 2'125'087 (7'570) 1'401'156 (643'800) 488'086 (321'500) (51'014)

Target Price 90 100 87 84 90 85 90 #N/A N/A 85 70 83 105 70 85 84 84 88 #N/A N/A 80 83 55 75 80 85 90 65 90 80 85 #N/A N/A 80 72 51 70 70 72 #N/A N/A 87 92 #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 26.02.2013 31.12.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.01.2013 31.12.2012 31.01.2013 31.12.2011 31.01.2013

Date 12 month Not Provided 6 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 28.02.2013 28.02.2013 28.02.2013 26.02.2013 13.02.2013 06.02.2013 05.02.2013 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 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 31.01.2013 31.01.2013 29.01.2013 14.01.2013 29.11.2012 19.09.2012 26.03.2012 25.01.2012 28.04.2011 28.04.2011 26.01.2011 02.12.2010

28.02.2013

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

500.0 M

400.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 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

100.0 M

2 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 56'731.0 60'737.0 2.42x 2.29x 22'603.0 25'777.0 6.07x 5.39x 7'776.0 10'167.0 11.43x 7.54x Profitability

LTM-4Q 31.12.2011 62'837.0 1.99x 19'392.0 6.46x 5'402.9 11.18x

31.12.2012 62'356.0 1.74x 20'835.0 5.22x 3'928.0 11.71x 20'835.00 10'402.00 16.68% 9.40% 3.03% 18.66% 0.48% 33.5% 16.7% 6.3% 0.81 0.71 51.52% 326.73% 6.28 -

Price/ Cash Flow

LTM

12/yy 62'837.3 8.42x 19'392.5 6.46x 5'402.7 11.25x

j-12

12/yy 62'356.0 7.30x 20'871.0 5.21x 3'928.0 11.52x

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1

0.95 4'396.29 -15.65% -2.01% 0.945 42 3.119 30'343'580 25'226'970 32'947'040 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 60'056.8 60'113.9 14'886.0 14'791.0 1.68x 1.63x 20'449.0 20'497.5 5.27x 5.26x 5'347.9 5'392.4 8.47x 8.22x S&P Issuer Ratings

20.12.2012 BBB NEG 20.12.2012 A-2 7.26 3.86 2.64 3.20 326.7% 70.7% 0.48 1.77 58.28 -

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 57'946.0 2.10x 22'919.0 5.31x 7'592.0 9.72x

300.0 M

12/2012 12/yy 12.79 7.90 13'149'491.00 9.985 -21.98% 26.39% 38.83% 4'551.0 45'441.98 66'853.00 0.0 7'200.0 11'719.00 107'775.98

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 |

28.02.2013

Telefonica SA Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA CAIXABANK BLACKROCK BNP PARIBAS SA TELEFONICA SA VANGUARD GROUP INC CHINA UNICOM HONG KO 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 DEKA INVESTMENT GMBH 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Jefferies JEREMY A DELLIS Sanford C. Bernstein & Co ROBIN BIENENSTOCK Raymond James STEPHANE BEYAZIAN Bankia Bolsa (ESN) DAVID CABEZA JARENO Banesto Bolsa SA Sociedad MARTA GOMEZ BPI PEDRO OLIVEIRA Grupo Santander NAHUM SANCHEZ DE LAMADRID Espirito Santo Investment Bank Research NUNO MATIAS Interdin Bolsa BORJA MIJANGOS BLANCO NMAS 1 Agencia de Valores JOSE RAMON OCINA Exane BNP Paribas MATHIEU ROBILLIARD Banco Sabadell ANDRES BOLUMBURU Ahorro Corporacion Financiera SA GERMAN GARCIA BOU Goldman Sachs TIMOTHY BODDY AlphaValue JEAN-MICHEL SALVADOR Morgan Stanley LUIS PROTA Macquarie GUY R PEDDY Nomura FREDERIC BOULAN Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ ALEXANDER WISCH EVA Dimensions ANDREW S ZAMFOTIS BBVA IVON LEAL Oddo & Cie ALEXANDRE IATRIDES Credit Suisse JUSTIN FUNNELL Barclays JONATHAN DANN JPMorgan TORSTEN ACHTMANN La Caixa BORJA PAGOAGA BCP Investimento ALEXANDRA DELGADO Hamburger Sparkasse TINA HECKING-VELTMAN Kepler Capital Markets JAVIER BORRACHERO National Bank AG STEFFEN MANSKE Berenberg Bank PAUL ANDREW MARSCH 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 MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform market perform underperform buy buy reduce buy sell buy buy underperform buy buy Sell/Neutral buy Equalwt/In-Line underperform reduce sell sell overweight outperform reduce neutral underweight neutral buy buy hold buy buy sell 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 30'222'416 14'333'965 13'093'320 8'058'783 6'146'690 5'972'644 5'642'281 5'312'877 5'200'000 4'961'960 4'866'264 4'645'859 4'607'391

% Out 5.67 5.43 3.89 2.8 1.85 1.64 1.37 0.66 0.31 0.29 0.18 0.14 0.13 0.12 0.12 0.11 0.11 0.11 0.1 0.1

Weighting

Change 1 3 1 5 5 2 5 1 5 5 1 5 5 1 5 3 1 2 1 1 5 5 2 3 1 3 5 5 3 5 5 1 3 1 3 5 3 3 3 5 5

M M M M M M M M M M M M M M M M M M D M U 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 11'840'334 7'266'063 (3'474'417) (564'279) (295'222) 189'186 748'202 829'681 (70'160) (658'342) -

Target Price 8 10 10 14 12 9 13 9 12 12 11 15 13 9 17 13 9 9 9 9 #N/A N/A 13 10 14 9 15 13 17 #N/A N/A 12 13 10 #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 19.10.2012 19.10.2012 26.02.2013 12.05.2011 31.12.2011 31.12.2012 31.12.2011 30.11.2012 31.12.2012 26.02.2013 31.12.2012 31.12.2012 28.09.2012 28.12.2012 30.11.2012 31.01.2013 28.12.2012 30.09.2012 28.09.2012 31.08.2012

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Bank Investment Advisor Investment Advisor Bank Corporation Investment Advisor Corporation Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 12.02.2013 11.02.2013 31.01.2013 30.01.2013 24.01.2013 24.01.2013 21.01.2013 27.11.2012 27.11.2012 26.11.2012 19.11.2012 07.11.2012 07.11.2012 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

28.02.2013

Telenor ASA Telenor ASA researches, develops and provides telecommunications, information and media services. The Company offers telephone services, as well as installs and operates complete IT (information technology) systems. Telenor provides phone card, mobile telephone, satellite communications, paging and mobile data services. The Company operates in Norway and internationally.

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEL NO EQUITY YTD Change TEL NO EQUITY YTD % CHANGE

12/2012 12/yy 124.90 86.90 327'937.00 123.4 -1.12% 42.00% 94.47% 1'559.9 192'497.56 50'101.00 0.0 3'057.0 8'805.00 236'850.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 96'167.0 1.37x 30'133.0 4.36x 13'065.0 5.81x

4.0 M

31.12.2009 31.12.2010 90'748.0 94'843.0 1.89x 1.94x 33'071.0 29'262.0 5.18x 6.28x 8'653.0 14'334.0 14.43x 10.60x Profitability

LTM-4Q 31.12.2011 98'516.0 1.82x 34'352.0 5.22x 7'165.0 22.04x

31.12.2012 101'718.0 2.16x 39'711.0 5.52x 9'490.0 18.51x 39'711.00 17'486.00 17.19% 11.25% 5.66% 12.04% 9.77% 0.61% 39.0% 17.2% 9.3% 0.68 0.20 29.68% 68.05% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.78 623.73 25.64% 9.98% 0.778 35 3.971 1'553'085 1'755'816 1'750'627 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 98'515.0 101'719.0 102'827.1 105'992.2 25'315.3 25'646.2 7.22x 8.10x 2.22x 2.14x 8.26x 8.71x 34'382.0 39'711.0 35'459.6 37'360.0 8'474.0 8'753.0 5.22x 5.52x 6.68x 6.34x 6.70x 6.59x 7'937.0 9'490.0 15'598.8 17'216.8 4'161.0 4'402.2 19.98x 18.45x 12.27x 10.94x 11.96x 11.75x S&P Issuer Ratings Long-Term Rating Date 12.04.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 25.09.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 14.12 (EBITDA-Capex)/Interest Exp. 10.54 Net Debt/EBITDA 1.04 Total Debt/EBITDA 1.26 Reference Total Debt/Equity 68.0% Total Debt/Capital 39.5% Asset Turnover 0.61 Net Fixed Asset Turnover 2.18 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Telenor ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS STATE STREET GOVERNMENT PENSION F JP MORGAN CHASE BANK BANK OF NEW YORK MEL NORTHERN TRUST CO CLEARSTREAM BANKING EUROCLEAR BANK SA TELENOR ASA FMR LLC DNB NOR ASSET MANAGE FRANKLIN RESOURCES VANGUARD GROUP INC MANNING & NAPIER ADV WILLIAM BLAIR & COMP RBC DEXIA INVESTOR S BLACKROCK STOREBRAND FUND MANA NORDEA FONDENE AS UNIVERSAL INVEST CON

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue JEAN-MICHEL SALVADOR Berenberg Bank BARRY ZEITOUNE Exane BNP Paribas MAXIME REY ABG Sundal Collier OLE PETTER KJERKREIT Landesbank Baden-Wuerttemberg RALPH SZYMCZAK EVA Dimensions ANDREW S ZAMFOTIS Nordea Equity Research STEFAN GAUFFIN Handelsbanken THOMAS HEATH Nomura JAMES BRITTON SpareBank 1 Markets AS TORE A TONSETH DNB Markets CHRISTER ROTH Barclays MAURICE PATRICK Norne Securities AS VILIS EIZENTAS Danske Markets ERIK STRANDIN PERS Swedbank First Securities SVEN SKOLD Morgan Stanley TERENCE TSUI Goldman Sachs ANDREW LEE Jefferies ULRICH RATHE HSBC DOMINIK KLARMANN SEB Enskilda HARALD HORNES OYEN Pareto Securities THOMAS NIELSEN S&P Capital IQ ALEXANDER WISCH New Street Research RUSSELL WALLER Arctic Securities ASA MARKUS BJERKE Credit Suisse JAKOB BLUESTONE Sanford C. Bernstein & Co ROBIN BIENENSTOCK Carnegie ESPEN TORGERSEN JPMorgan AKHIL DATTANI Grupo Santander JOHN DAVIES Deutsche Bank KEVAL KHIROYA Espirito Santo Investment Bank Research ANDREW HOGLEY Societe Generale THIERRY COTA CA Cheuvreux PETER KURT NIELSEN Evli Bank Plc TEAM COVERAGE

Source EXCH ULT-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F EXCH ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy neutral hold hold hold buy accumulate buy sell hold overweight sell buy buy Equalwt/In-Line Buy/Neutral buy overweight sell sell strong buy buy hold outperform outperform hold overweight buy buy buy buy outperform Under Review

Amt Held 841'829'056 94'937'234 76'298'571 50'998'962 39'505'589 31'379'602 29'248'614 20'648'266 18'037'374 16'891'943 15'595'967 13'641'901 12'878'142 12'089'340 7'950'745 6'964'711 5'293'394 4'629'965 4'208'273 4'150'000

% Out 53.97 6.09 4.89 3.27 2.53 2.01 1.87 1.32 1.16 1.08 1 0.87 0.83 0.77 0.51 0.45 0.34 0.3 0.27 0.27

Weighting

Change

4 5 3 3 3 3 5 4 5 1 3 5 1 5 5 3 5 5 5 1 1 5 5 3 5 5 3 5 5 5 5 5 5 #N/A N/A

M M M M M D M M M D M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (777'683) (196'938) (783'351) 152'459 (3'550) 1'433'184 (18'025) 58'041 (48'232) 320'000

Target Price 145 140 133 128 112 #N/A N/A 135 125 134 121 123 140 100 135 128 137 164 128 142 110 105 140 125 125 120 140 #N/A N/A 130 133 135 145 115 105 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 18.02.2013 Government 27.02.2013 Investment Advisor 18.02.2013 Government 18.02.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Bank 18.02.2013 Bank 18.02.2013 Government 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 31.12.2012 Investment Advisor 18.02.2013 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 31.01.2013 Investment Advisor

Date 6 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 26.02.2013 25.02.2013 22.02.2013 22.02.2013 20.02.2013 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 13.02.2013 13.02.2013 13.02.2013 24.01.2013 23.01.2013 22.01.2013 21.01.2013 15.01.2013 26.11.2012 16.11.2012 24.10.2012 30.12.2011 02.12.2010

28.02.2013

TeliaSonera AB TeliaSonera AB offers telecommunication services. The Company offers mobile communications services as well as operates fixed networks throughout Eurasia.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (23.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLSN SS EQUITY YTD Change TLSN SS EQUITY YTD % CHANGE

12/2012 12/yy 49.65 41.03 1'247'791.00 44.41 -10.59% 8.24% 39.79% 4'330.1 192'299.06 91'587.00 0.0 3'956.0 29'805.00 258'037.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 103'585.0 2.31x 31'663.0 7.57x 19'011.0 9.19x

31.12.2009 31.12.2010 109'161.0 106'979.0 2.65x 2.77x 35'329.0 37'677.0 8.19x 7.86x 18'854.0 21'257.0 12.35x 11.26x Profitability

LTM-4Q 31.12.2011 104'354.0 2.66x 36'843.0 7.52x 18'341.0 11.14x

31.12.2012 104'898.0 2.45x 34'962.0 7.34x 19'886.0 9.59x 34'962.00 14'420.00 13.75% 23.34% 7.81% 17.55% 0.41% 44.3% 33.3% 13.7% 19.0% 1.61 0.84 36.01% 83.69% 37.69

Price/ Cash Flow

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13

LTM

FY+1

0.78 -1.82% 0.79% 0.781 37 3.243 10'195'670 9'918'570 8'708'274 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 104'558.0 104'898.0 103'942.6 104'986.9 25'506.0 26'112.3 10.61x 10.39x 2.40x 2.35x 9.91x 9.85x 36'997.0 34'963.0 35'390.1 36'536.5 8'585.5 8'772.0 7.28x 7.34x 7.29x 7.06x 7.26x 7.17x 18'341.0 19'838.0 18'155.8 19'100.9 4'382.8 4'510.7 11.22x 9.62x 10.53x 10.09x 10.48x 10.38x S&P Issuer Ratings Long-Term Rating Date 28.10.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 28.10.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 12.27 (EBITDA-Capex)/Interest Exp. 6.53 Net Debt/EBITDA 1.77 Total Debt/EBITDA 2.62 Reference Total Debt/Equity 83.7% Total Debt/Capital 44.7% Asset Turnover 0.41 Net Fixed Asset Turnover 1.72 Accounts receivable turnover-days Inventory Days 9.71 Accounts Payable Turnover Day Cash Conversion Cycle -3.18 Sales/Revenue/Turnover

10.00

120'000.0

9.00

100'000.0

8.00 7.00

80'000.0

6.00

60'000.0

5.00 4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

TeliaSonera AB Holdings By:

All

Holder Name GOVERNMENT OF SWEDEN REPUBLIC OF FINLAND CAPITAL GROUP COMPAN ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE AMF PENSION SEB SHB FUNDS FJARDE AP-FONDEN GOVERNMENT OF NORWAY AFA INSURANCE VANGUARD GROUP INC HANDELSBANKEN FONDER AMF FONDER AB FORSTA AP FONDEN BANK OF NEW YORK MEL FOLKSAM LO FOND AB SKANDIA LIV BLACKROCK SPP

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 Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst

AlphaValue JEAN-MICHEL SALVADOR HSBC DOMINIK KLARMANN ABG Sundal Collier KRISTOFER ERIKSSON SEB Enskilda ANDREAS JOELSSON CA Cheuvreux PETER KURT NIELSEN Exane BNP Paribas MAXIME REY INDERES MIKAEL RAUTANEN Grupo Santander JOHN DAVIES Evli Bank Plc MIKKO ERVASTI EVA Dimensions ANDREW S ZAMFOTIS Berenberg Bank BARRY ZEITOUNE Nomura JAMES BRITTON Deutsche Bank KEVAL KHIROYA Pohjola Bank Plc (ESN) KIMMO STENVALL Carnegie LENA OSTERBERG Nordea Equity Research STEFAN GAUFFIN Handelsbanken THOMAS HEATH Swedbank SVEN SKOLD Barclays MAURICE PATRICK Danske Markets ERIK STRANDIN PERS Societe Generale THIERRY COTA Morgan Stanley TERENCE TSUI Goldman Sachs ANDREW LEE Jefferies ULRICH RATHE Pareto Securities THOMAS NIELSEN S&P Capital IQ ALEXANDER WISCH DNB Markets CHRISTER ROTH New Street Research RUSSELL WALLER Credit Suisse JAKOB BLUESTONE JPMorgan AKHIL DATTANI Espirito Santo Investment Bank Research ANDREW HOGLEY Natixis JACQUES DE GRELING SpareBank 1 Markets AS TORE A TONSETH Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Alandsbanken Equities LARS SOEDERFJELL

Source Research Research ULT-AGG Research Research Research ULT-AGG Research Research Research Research MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG Research ULT-AGG Research

Recommendation add overweight sell buy outperform outperform accumulate underweight accumulate buy sell neutral hold reduce buy buy reduce buy equalweight hold sell Equalwt/In-Line neutral/neutral hold hold buy buy neutral neutral overweight sell neutral sell buy buy

Amt Held 1'614'513'748 505'123'642 135'101'977 113'772'322 100'536'059 81'560'451 57'463'604 55'103'337 51'218'385 45'514'625 40'936'185 38'860'067 35'879'472 32'908'480 31'821'766 31'415'931 29'888'500 28'199'595 27'312'303 24'185'095

% Out 37.29 11.67 3.12 2.63 2.32 1.88 1.33 1.27 1.18 1.05 0.95 0.9 0.83 0.76 0.73 0.73 0.69 0.65 0.63 0.56

Weighting

Change 4 5 1 5 5 5 4 1 4 5 1 3 3 2 5 5 2 5 3 3 1 3 3 3 3 5 5 3 3 5 1 3 1 5 5

M M M U D M M M D U M M M M M M M M M M M M M M D M M M M M M M D M U

Latest Chg (89'000'000) 45'896 (1'638'000) 866'212 355'917 (913'000) 5'689'862 2'212'625 374'688 -

Target Price 51 52 42 49 50 53 50 45 49 #N/A N/A 42 46 46 43 #N/A N/A 51 44 51 45 45 42 53 54 43 46 52 51 49 45 55 33 46 44 56 61

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 31.01.2013 31.12.2012 30.09.2012 26.02.2013 31.12.2012 30.09.2012 26.02.2013 30.09.2012

Date 6 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 9 month Not Provided Not Provided 6 month Not Provided 12 month

Inst Type Government Government Investment Advisor Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Unclassified n/a Pension Fund (ERISA) Government Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor n/a

Date 28.02.2013 27.02.2013 22.02.2013 22.02.2013 11.02.2013 11.02.2013 11.02.2013 07.02.2013 05.02.2013 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 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 24.01.2013 21.01.2013 30.10.2012 18.10.2012 17.10.2012 18.07.2012 21.02.2011

28.02.2013

Tenaris SA Tenaris S.A. manufactures seamless steel pipe products on a global basis. The Company also provides pipe handling, stocking, and distribution services to the oil and gas, energy, and mechanical industries. In addition, Tenaris supplies welded steel pipes for gas pipelines in South America.

Price/Volume 18

8.0 M

7.0 M

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEN IM EQUITY YTD Change TEN IM EQUITY YTD % CHANGE

12/2012 12/yy 17.08 12.00 388'780.00 15.84 -7.26% 32.00% 77.76% 1'180.5 18'699.70 1'744.19 0.0 172.3 1'472.87 24'961.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.0 M

6 4

2.0 M

1.0 M

0 f-12

m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 12'131.8 1.16x 3'560.8 3.94x 2'124.8 7.06x

5.0 M

10 8

31.12.2009 31.12.2010 8'149.3 7'711.6 3.15x 3.77x 2'318.5 2'080.4 11.08x 13.99x 1'161.6 1'127.4 21.37x 25.49x Profitability

LTM-4Q 31.12.2011 9'972.5 2.23x 2'449.1 9.06x 1'331.2 16.38x

31.12.2012 10'834.0 2.29x 2'924.3 8.47x 1'699.0 14.31x 2'924.26 2'356.61 21.75% 20.70% 11.02% 15.52% 13.72% 0.70% 38.7% 27.3% 21.8% 15.7% 2.47 1.25 10.93% 15.32% 5.46 2.29

Price/ Cash Flow

LTM

12/yy 9'972.5 9.50x 2'449.1 9.06x 1'331.2 16.38x

12/yy 10'834.0 8.64x 2'952.6 8.39x 1'699.0 14.30x

FY+1

.0 M f-13

0.83 463.52 10.88% 1.67% 0.828 12 2.583 3'659'074 1'773'244 1'705'819 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'351.4 11'876.9 2'718.0 2'773.5 2.13x 1.95x 9.04x 8.82x 3'090.1 3'266.3 722.0 746.0 8.08x 7.64x 8.50x 1'859.1 1'995.2 431.0 453.0 13.15x 12.35x 12.38x S&P Issuer Ratings

52.68 38.46 0.09 0.59 15.3% 13.1% 0.70 2.55 67.08 159.70 47.92 178.86

Sales/Revenue/Turnover

60.00

14'000.0

50.00

12'000.0 10'000.0

40.00

8'000.0 30.00

6'000.0 20.00

4'000.0

10.00

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 |

28.02.2013

Tenaris SA Holdings By:

All

Holder Name SAN FAUSTIN NV ABERDEEN VANGUARD GROUP INC BLACKROCK HINOJOSA GUILLERMO AMUNDI VOGEL GUILLERMO ARCA SGR SPA FIDEURAM GESTIONS SA WADDELL & REED FINAN UNION INVESTMENT GMB DNB NOR ASSET MANAGE CREDIT SUISSE ASSET SCOTTISH WIDOWS TD ASSET MANAGEMENT STATE STREET BANQUE GEODE CAPITAL MANAGE FMR LLC LBPAM MEDIOLANUM INTERNATI

Firm Name AlphaValue Equita SIM SpA Exane BNP Paribas EVA Dimensions CA Cheuvreux Banca Akros(ESN) Kepler Capital Markets Natixis Mediobanca SpA Banca IMI Credit Suisse Goldman Sachs Simmons & Company International

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios GEODE CAPITAL MANAGE n/a Multiple Portfolios Multiple Portfolios

Analyst FABRICE FARIGOULE ROBERTO LETIZIA RAPHAEL VEVERKA CRAIG STERLING GEOFFROY STERN FRANCESCO SALA FILIPPO PRINI JULIEN LAURENT ANDREA SCAURI BRUNO PERMUTTI MICHAEL SHILLAKER HENRY TARR STEPHEN WILLIAMS

Source 20F ULT-AGG MF-AGG ULT-AGG 20F MF-AGG 20F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F ULT-AGG MF-AGG MF-AGG

Recommendation add hold outperform hold underperform hold hold neutral underperform hold underperform Sell/Neutral overweight

Amt Held 713'605'187 59'184'400 7'401'869 5'980'370 1'915'446 1'345'503 1'325'446 1'184'224 766'267 759'370 735'000 712'897 620'846 552'807 537'821 485'327 449'230 432'595 371'083 363'294

% Out 60.45 5.01 0.63 0.51 0.16 0.11 0.11 0.1 0.06 0.06 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.03 0.03

Weighting

Change 4 3 5 3 1 3 3 3 1 3 1 1 5

M M M D M D M M M M M M U

Latest Chg 84'755 18'147 823'413 (7'423) (5'146) (95'920) 20'000 5'582 (62'086) 129'036 (5'138) 1'163 (211'652) (4'041) (4'984)

Target Price 17 16 18 #N/A N/A 16 17 14 15 14 16 15 15 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.03.2012 31.12.2012 26.02.2013 30.04.2008 30.11.2012 31.03.2012 28.12.2012 31.01.2013 31.12.2012 28.09.2012 31.01.2013 28.12.2012 30.11.2012 31.12.2011 31.01.2013 31.12.2012 31.12.2012 31.12.2012 29.06.2012

Date 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided

Inst Type Other Unclassified Investment Advisor Investment Advisor n/a Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 25.01.2013 08.01.2013 13.01.2010

28.02.2013

Tesco PLC Tesco plc is a food retailer. The Group operates stores in the United Kingdom, Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan, Malaysia, South Korea, China, Thailand, and the United States.

Price/Volume 400

120.0 M

350

100.0 M

300 80.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSCO LN EQUITY YTD Change TSCO LN EQUITY YTD % CHANGE

02/2012 01/yy 376.50 294.50 2'107'537.00 365.3 -2.99% 24.04% 84.51% 8'043.7 29'383.55 11'749.00 0.0 26.0 3'548.00 37'498.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

100 20.0 M

50 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

.0 M f-13

Fiscal Year Ended 29.02.2008 47'298.0 0.79x 3'595.0 10.42x 2'124.0 14.85x

60.0 M

150

28.02.2009 28.02.2010 53'898.0 56'910.0 0.70x 0.75x 4'122.0 4'464.0 9.09x 9.57x 2'133.0 2'327.0 12.28x 14.31x Profitability

28.02.2011 60'455.0 0.67x 4'905.0 8.23x 2'655.0 11.79x

29.02.2012 64'539.0 0.52x 5'107.0 6.62x 2'806.0 8.66x

5'107.00 3'609.00 5.59% 5.94% 5.38% 15.74% 10.57% 1.29% 8.2% 7.6% 5.2% 4.3% 0.67 0.18 23.14% 66.10% 16.61

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.04 0.72 7'632.58 21.03% 8.72% 0.720 32 3.375 15'263'970 14'016'360 16'597'940 FY+2

FQ+1

FQ+2

02/13 Y 02/14 Y 08/11 Q2 11/11 Q3 66'180.6 68'883.0 0.54x 0.51x 4'976.5 5'245.5 7.53x 7.15x 2'577.7 2'730.1 11.60x 10.97x S&P Issuer Ratings

29.07.2008 ANEG 29.07.2008 A-2 9.17 3.11 1.64 2.55 66.1% 39.8% 1.29 2.54 21.92 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 06.03.2009

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Tesco PLC Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I NORGES BANK BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS VANGUARD GROUP INC THORNBURG INVESTMENT MONDRIAN INVESTMENT UBS WALTER SCOTT & PARTN PEOPLES REPUBLIC OF GEICO CORP FMR LLC ALECTA INVESTMENT MA VANGUARD GROUP INC M&G INVESTMENT MANAG ABERDEEN BNP PARIBAS INV PART GENERAL REINSURANCE

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

AlphaValue VIRGINIE BLIN Cantor Fitzgerald MICHAEL J DENNIS Shore Capital Stockbrokers CLIVE WILLIAM BLACK Jefferies JAMES GRZINIC Nomura NICK COULTER Oriel Securities Ltd JONATHAN PRITCHARD Exane BNP Paribas JOHN KERSHAW JPMorgan JAIME VAZQUEZ Redburn Partners MARC DE SPEVILLE Panmure Gordon & Co Limited PHILIP DORGAN Baader Bank VOLKER BOSSE Macquarie SREEDHAR MAHAMKALI EVA Dimensions AUSTIN BURKETT Independent Research GmbH ZAFER RUZGAR Credit Suisse ANDREW KASOULIS HSBC JEROME SAMUEL Aurel - BGC JEAN-MARIE L'HOME S&P Capital IQ WILLIAM MACK Espirito Santo Investment Bank Research CAROLINE GULLIVER Day by Day VALERIE GASTALDY Barclays JAMES ANSTEAD Morgan Stanley EDOUARD AUBIN Investec DAVID MCCARTHY CA Cheuvreux ARNAUD JOLY Natixis PIERRE-EDOUARD BOUDOT Deutsche Bank JAMES G COLLINS Kepler Capital Markets FABIENNE CARON Goldman Sachs FRANKLIN WALDING Merchant Securities AMISHA CHOHAN

Source ULT-AGG Research ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG ULT-AGG REG REG REG ULT-AGG REG REG REG ULT-AGG ULT-AGG REG

Recommendation reduce buy hold buy buy buy neutral overweight neutral buy buy outperform hold buy neutral overweight sell buy sell hold equalweight Underwt/In-Line sell underperform reduce buy hold neutral/neutral hold

Amt Held 408'516'187 402'082'861 398'866'198 320'862'123 177'215'327 156'851'265 153'673'032 118'983'981 107'931'324 102'773'538 93'280'218 91'096'868 90'000'000 89'854'295 86'150'000 86'139'561 82'014'793 75'560'486 73'553'666 72'862'000

% Out 5.08 5 4.96 3.99 2.2 1.95 1.91 1.48 1.34 1.28 1.16 1.13 1.12 1.12 1.07 1.07 1.02 0.94 0.91 0.91

Weighting

Change 2 5 3 5 5 5 3 5 3 5 5 5 3 5 3 5 1 5 1 3 3 1 1 1 2 5 3 3 3

M M M M M M M N M M U M M M M M M M M M M M M M D M N M M

Latest Chg 28'980'943 8'207'810 (26'435) (10'782'161) (4'771'387) 22'917'650 13'328'095 947'214 (12'497'042) (5'000'000) 12'538'776 1'643'553 4'159'400 (4'036'198) -

Target Price 370 443 #N/A N/A 440 430 400 375 425 #N/A N/A 440 410 400 #N/A N/A 420 355 410 300 380 275 #N/A N/A 360 310 295 320 300 394 298 375 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.12.2012 Investment Advisor 03.12.2012 Government 26.02.2013 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Unclassified 31.12.2012 Investment Advisor 01.10.2012 Investment Advisor 01.10.2012 Hedge Fund Manager 28.12.2012 Unclassified 01.10.2012 Investment Advisor 01.10.2012 Government 01.10.2012 Unclassified 31.12.2012 Investment Advisor 01.10.2012 Unclassified 01.10.2012 Investment Advisor 01.10.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 01.10.2012 Insurance Company

Date 6 month Not Provided Not Provided 12 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 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 19.02.2013 18.02.2013 15.02.2013 13.02.2013 12.02.2013 23.01.2013 17.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 10.01.2013 08.01.2013 07.01.2013 04.01.2013 03.01.2013 04.10.2012 04.10.2012 04.10.2012 24.09.2012 28.06.2012 01.05.2012 18.04.2012

28.02.2013

ThyssenKrupp AG ThyssenKrupp AG manufactures industrial components. The Company produces flat rolled and cast steel, automobile parts, elevators and escalators, machine tools, bearings, nonferrous metals and plastics, develops and manages real estate, and designs and constructs factories.

Price/Volume 25

16.0 M 14.0 M

12.0 M 10.0 M

8.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TKA GY EQUITY YTD Change TKA GY EQUITY YTD % CHANGE

09/2012 12/yy 20.90 11.45 536'655.00 17.195 -17.76% 50.24% 61.90% 514.5 8'846.64 7'185.00 0.0 967.0 2'510.00 13'955.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 2.0 M

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 30.09.2008 53'426.0 0.21x 4'842.0 2.31x 2'195.0 4.66x

6.0 M

30.09.2009 30.09.2010 40'563.0 37'711.0 0.34x 0.44x 876.0 2'412.0 15.54x 6.80x (1'857.0) 824.0 12.19x Profitability

LTM-4Q 30.09.2011 42'725.0 0.32x 4'043.0 3.41x (1'291.0) 5.15x

30.09.2012 40'124.0 0.35x 2'576.0 5.52x (4'668.0) -

2'576.00 1'115.00 2.78% 0.79% -10.38% -69.93% 0.97% 14.4% 6.3% 3.2% -11.6% 1.26 0.38 18.77% 201.88% 8.01 4.33

Price/ Cash Flow

LTM

12/yy 42'301.0 1.77x 4'049.0 3.92x (1'893.0) 5.28x

12/yy 39'065.0 1.50x 2'455.0 5.80x (4'173.0) 0.00x

FY+1

.0 M f-13

1.16 371.32 -15.11% -3.18% 1.158 35 3.514 2'766'102 2'699'501 3'353'538 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 38'529.0 40'042.1 9'530.8 9'952.5 0.40x 0.38x 1.61x 1.56x 2'179.7 2'722.3 508.0 601.0 6.41x 5.13x 5.85x 5.63x 240.5 723.5 36.8 93.0 28.46x 11.96x 26.09x 18.42x S&P Issuer Ratings

06.06.2012 BB NEG 17.11.2009 B 5.41 3.20 1.71 3.56 201.9% 61.4% 0.97 4.11 45.67 84.49 45.89 76.56

Sales/Revenue/Turnover

450.00

60'000.0

400.00

50'000.0

350.00

40'000.0

300.00 250.00

30'000.0

200.00

20'000.0

150.00 100.00

10'000.0

50.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

ThyssenKrupp AG Holdings By:

All

Holder Name ALFRIED KRUPP VON BO FRANKLIN RESOURCES BLACKROCK NORGES BANK JANUS CAPITAL MANAGE VANGUARD GROUP INC DEKA INVESTMENT GMBH UNION INVESTMENT GMB ALLIANZ ASSET MANAGE ADIG INVESTMENT UBS ING INTERNATIONAL AD INSTITUTIONAL CAPITA GLOBAL INVESTMENT SE JO HAMBRO CAPITAL MA FRANKFURT TRUST INVE DEKA INTERNATIONAL S UBS INSTITUTIONAL FU AMUNDI LAZARD GLOBAL ACTIVE

Firm Name AlphaValue Exane BNP Paribas JPMorgan Nomura RBC Capital Markets Societe Generale Nord/LB Credit Suisse Jefferies Macquarie M.M. Warburg Investment Research Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ DZ Bank AG Commerzbank Corporates & Markets BHF-Bank Baader Bank Independent Research GmbH Bankhaus Lampe Steubing AG Kepler Capital Markets HSBC Day by Day EVA Dimensions Deutsche Bank Landesbank Baden-Wuerttemberg Hamburger Sparkasse National Bank AG Silvia Quandt Research VTB Capital Main First Bank AG Davy Goldman Sachs Cyrrus CS Capital Prosdocimi

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HANS-PETER WODNIOK SYLVAIN BRUNET ALESSANDRO ABATE NEIL SAMPAT TIMOTHY HUFF ALAIN WILLIAM HOLGER FECHNER MICHAEL SHILLAKER SETH ROSENFELD JEFFREY LARGEY BJOERN VOSS LARS HETTCHE STEFAN FREUDENREICH JOHNSON IMODE DIRK SCHLAMP INGO-MARTIN SCHACHEL HERMANN REITH CHRISTIAN OBST SVEN DIERMEIER MARC GABRIEL MICHAEL BROEKER ROCHUS BRAUNEISER THORSTEN ZIMMERMANN VALERIE GASTALDY CRAIG STERLING BASTIAN SYNAGOWITZ JENS MUENSTERMANN INGO SCHMIDT STEFFEN MANSKE EERIK KD BUDARZ WIKTOR BIELSKI ALEXANDER HAUENSTEIN TIM CAHILL STEPHEN BENSON JIRI SIMARA CHRISTOPHER PARKINSON TEAM COVERAGE

Source Co File ULT-AGG ULT-AGG Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell neutral overweight buy sector perform hold sell outperform buy outperform buy sell buy hold hold buy market weight buy hold hold buy hold neutral hold overweight hold hold sell buy buy hold buy outperform not rated accumulate sell sell

Amt Held 130'320'067 48'953'656 27'051'217 12'848'471 8'571'525 7'045'848 4'004'958 2'866'850 2'865'290 2'220'852 1'503'260 1'433'236 1'360'630 1'248'400 940'166 902'800 766'250 696'924 683'779 638'210

% Out 25.33 9.52 5.26 2.5 1.67 1.37 0.78 0.56 0.56 0.43 0.29 0.28 0.26 0.24 0.18 0.18 0.15 0.14 0.13 0.12

Weighting

Change

1 3 5 5 3 3 1 5 5 5 5 1 5 3 3 5 3 5 3 3 5 3 3 3 5 3 3 1 5 5 3 5 5 #N/A N/A 4 1 1

M M M M U M M M M M M M M M M M M M M U M M M D M M M M M M M U M M M M M

Latest Chg 361'802 8'065 641'656 168'534 (40'892) 1'035'310 366'562 (80'000) (51'122) 91'678 270'900 23'400 154'180 (1'898'800) (16'159) (2'803)

Target Price 13 17 22 20 18 18 16 25 21 23 21 15 22 18 17 24 19 25 20 18 22 18 19 #N/A N/A #N/A N/A 19 18 #N/A N/A 19 22 17 22 #N/A N/A #N/A N/A 24 29 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 31.12.2012 26.02.2013 12.01.2012 31.12.2012 31.12.2012 28.12.2012 28.09.2012 31.12.2012 31.10.2012 28.12.2012 28.09.2012 31.12.2012 31.10.2012 30.11.2012 28.12.2012 28.09.2012 30.11.2012 28.09.2012 31.01.2013

Date 6 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 28.02.2013 27.02.2013 25.02.2013 22.02.2013 18.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 05.02.2013 29.01.2013 29.01.2013 17.01.2013 15.01.2013 09.01.2013 12.12.2012 11.12.2012 11.12.2012 15.10.2012 14.10.2012 03.10.2012 09.09.2012 30.01.2012 11.07.2011 10.06.2010

28.02.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 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 33.42 789'970.00 37.93 -11.69% 13.49% 48.01% 2'365.9 89'739.86 33'290.00 0.0 1'281.0 17'031.00 107'279.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

30.0 M

35 30

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

5 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 160'331.0 0.62x 29'887.0 3.32x 10'590.0 8.21x

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

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

LTM

FY+1

.0 M f-13

6.17 0.89 2'033.04 -4.22% -2.77% 0.892 36 4.111 6'343'054 4'834'411 4'410'172 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 166'550.0 182'299.0 180'947.3 179'727.1 45'141.7 45'995.0 2.49x 2.27x 0.60x 0.61x 2.38x 2.33x 32'919.0 31'942.0 33'520.2 34'351.4 8'679.0 9'163.0 3.28x 3.31x 3.20x 3.13x 2.97x 2.92x 12'276.0 10'694.0 12'089.0 12'398.3 2'587.0 2'917.0 7.25x 8.25x 7.25x 7.12x 7.28x 7.32x 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

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 |

28.02.2013

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 ONTARIO TEACHERS PEN BANK OF NEW YORK MEL AVIVA PLC GRANTHAM MAYO VAN OT LBPAM WADDELL & REED FINAN MERCURY ASSET MANAGE FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE

Firm Name AlphaValue Sanford C. Bernstein & Co HSBC Tudor Pickering & Co Exane BNP Paribas Canaccord Genuity Corp RBC Capital Markets Banco Sabadell Societe Generale Credit Suisse JPMorgan Jefferies Raymond James Macquarie Hamburger Sparkasse CM - CIC Securities(ESN) Nomura Barclays Goldman Sachs Independent Research GmbH S&P Capital IQ VTB Capital Natixis Ahorro Corporacion Financiera SA Day by Day Grupo Santander EVA Dimensions Simmons & Company International Landesbank Baden-Wuerttemberg Deutsche Bank Morgan Stanley Investec CA Cheuvreux

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ALEXANDRE ANDLAUER OSWALD CLINT PAUL SPEDDING ROBERT KESSLER ALEJANDRO DEMICHELIS GORDON GRAY PETER HUTTON JORGE GONZALEZ SADORNIL IRENE HIMONA KIM FUSTIER NITIN SHARMA IAIN REID BERTRAND HODEE JASON D GAMMEL INGO SCHMIDT JEAN-LUC ROMAIN THEEPAN JOTHILINGAM LYDIA RAINFORTH MICHELE DELLA VIGNA SVEN DIERMEIER CHRISTINE TISCARENO COLIN SMITH ANNE PUMIR VIRGINIA PEREZ REPES VALERIE GASTALDY JASON KENNEY CRAIG STERLING JEFFREY A DIETERT JENS MUENSTERMANN LUCAS HERRMANN MARTIJN P RATS STUART JOYNER DOMINIQUE PATRY

Source Co File Research Research Research Research MF-AGG MF-AGG Co File ULT-AGG ULT-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation reduce outperform overweight accumulate outperform buy outperform buy buy neutral overweight buy market perform neutral buy buy neutral underweight Sell/Cautious hold buy buy buy buy buy buy buy overweight buy buy Equalwt/In-Line hold outperform

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 28'896'868 19'734'600 16'537'673 11'200'000 10'460'975 10'451'098 8'031'246 7'707'489 7'573'598 7'305'630 7'054'684 6'910'405

% Out 4.6 3.98 3.31 2 1.99 1.7 1.59 1.5 1.22 0.83 0.7 0.47 0.44 0.44 0.34 0.33 0.32 0.31 0.3 0.29

Weighting

Change 2 5 5 4 5 5 5 5 5 3 5 5 3 3 5 5 3 1 1 3 5 5 5 5 5 5 5 5 5 5 3 3 5

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 U M M M

Latest Chg 287'390 (1'584'992) 545'153 (2'024'000) (246'519) (194'580) (9'605) 21'870 (194'720) (6'360) 492'571

Target Price 37 51 46 46 48 45 44 47 47 44 49 48 #N/A N/A 42 #N/A N/A 54 40 44 41 42 48 50 47 49 45 46 #N/A N/A #N/A N/A 45 44 42 38 44

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 26.02.2013 31.12.2012 30.11.2012 31.12.2011 26.02.2013 31.01.2013 31.05.2012 31.12.2012 31.12.2012 26.02.2013 30.09.2012 31.01.2013

Date 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 3 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 3 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided

Inst Type Corporation Holding Company Investment Advisor Government Government Investment Advisor Mutual Fund Manager Corporation Investment Advisor Investment Advisor Mutual Fund Manager Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 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 09.01.2013 03.12.2012 27.11.2012 02.07.2012 30.04.2012

28.02.2013

Tullow Oil PLC Tullow Oil plc explores for and produces oil and gas. The Group's assets are in Africa, Europe, South America and Asia.

Price/Volume 1800

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

1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (12.12.2012) 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 TLW LN EQUITY YTD Change TLW LN EQUITY YTD % CHANGE

12/2012 01/yy 1'599.00 1'098.00 196'894.00 1203 -24.77% 9.56% 20.36% 907.8 10'920.39 1'173.60 0.0 92.4 330.20 17'494.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400 200 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 1'280.9 7.60x 478.0 20.36x 413.4 21.37x

600

31.12.2009 31.12.2010 911.8 1'089.8 19.23x 17.80x 486.2 628.7 36.06x 30.86x 23.6 71.0 688.29x 243.62x Profitability

31.12.2011 2'304.2 9.77x 1'663.8 13.54x 649.0 30.01x

31.12.2012 2'344.1 8.33x 1'044.6 18.69x 624.3 29.75x 1'044.60 482.70 20.59% 47.60% 6.24% 12.59% 9.78% 0.23% 57.4% 44.6% 20.6% 26.6% 1.05 0.27 12.51% 22.44% 5.13

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.66 1.24 898.18 -17.77% -4.60% 1.241 36 3.528 1'691'860 2'231'262 2'817'588 FY+2

12/13 Y 12/14 Y 2'737.6 2'667.9 6.73x 7.17x 1'881.8 1'886.6 9.30x 9.27x 736.0 698.7 24.29x 26.36x S&P Issuer Ratings

FQ+1

FQ+2

17.71 6.64 0.81 1.12 22.4% 18.1% 0.23 0.58 71.31 -

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Tullow Oil PLC Holdings By:

All

Holder Name BLACKROCK M&G INVESTMENT MANAG IFG INTL TRUST CO LT LEGAL & GENERAL GENESIS ASSET MANAGE OPPENHEIMERFUNDS INC BAILLIE GIFFORD AND STANDARD LIFE INVEST OPPENHEIMERFUNDS INC UBS GENESIS INVESTMENT M NORGES BANK INVESTME FMR LLC VANGUARD GROUP INC SCOTTISH WIDOWS CARMIGNAC GESTION S T ROWE PRICE ASSOCIA CARMIGNAC GESTION LANSDOWNE PARTNERS T ROWE PRICE ASSOCIA

Firm Name Sanford C. Bernstein & Co Goodbody Stockbrokers Ltd Societe Generale Numis Securities Ltd Morgan Stanley Jefferies FirstEnergy Capital Corp Oriel Securities Ltd AlphaValue Barclays Liberum Capital Ltd RBC Capital Markets EVA Dimensions Tudor Pickering & Co SBG Securities Deutsche Bank Investec Exane BNP Paribas Credit Suisse Canaccord Genuity Corp Nomura WH Ireland Ltd Global Hunter Securities JPMorgan Macquarie Merrion Stockbrokers Day by Day Goldman Sachs Mirabaud Securities HSBC N+1 Singer Ltd Davy Renaissance Capital Westhouse Securities CAL Brokers Limited Prosdocimi

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst OSWALD CLINT GERRY F HENNIGAN DAVID MIRZAI SANJEEV BAHL JAMIE MADDOCK BRENDAN MICHAEL WARN GERRY F DONNELLY RICHARD GRIFFITH ALEXANDRE ANDLAUER RAHIM KARIM ANDREW WHITTOCK AL STANTON CRAIG STERLING ANISH KAPADIA LIONEL THEROND PHIL CORBETT BRIAN GALLAGHER ALEJANDRO DEMICHELIS THOMAS YOICHI ADOLFF THOMAS MARTIN THEEPAN JOTHILINGAM ANGUS B MCPHAIL JOHN MALONE JAMES THOMPSON MARK WILSON MUNA MULEYA VALERIE GASTALDY CHRISTOPHOR JOST TEAM COVERAGE PETER HITCHENS SIMON HAWKINS JOB LANGBROEK DRAGAN TRAJKOV PETER BASSETT NANA AGYEI OPOKU-AGYEMANG TEAM COVERAGE

Source ULT-AGG REG Co File ULT-AGG RNS-MAJ MF-AGG REG REG REG ULT-AGG REG REG ULT-AGG MF-AGG ULT-AGG REG REG MF-AGG Short MF-AGG

Recommendation outperform buy hold hold Overwt/Attractive buy outperform add reduce overweight buy outperform sell trim sell hold sell outperform neutral sell reduce buy neutral overweight underperform buy hold Buy/Cautious neutral neutral buy outperform hold not rated buy hold

Amt Held % Out 88'501'424 9.75 49'204'193 5.42 38'960'366 4.29 34'592'411 3.81 34'047'805 3.75 26'618'768 2.93 25'615'071 2.82 23'871'829 2.63 23'832'447 2.63 22'689'046 2.5 21'305'475 2.35 20'641'618 2.27 18'228'689 2.01 17'794'843 1.96 17'499'691 1.93 16'994'926 1.87 16'376'351 1.8 16'367'377 1.8 (16'158'187) -1.78 14'127'789 1.56

Weighting 5 5 3 3 5 5 5 4 2 5 5 5 1 1 1 3 1 5 3 1 2 5 3 5 1 5 3 5 3 3 5 5 3 #N/A N/A 5 3

Change M M M M M M M M M M M M D M D M M M M M M M M M M M M U U U M M M M M N

Latest Chg (10'253'392) (827'789) 247'443 2'960'620 1'542'288 (193'985) 627'730 (2'373) (1'255'509) (2'131'038) 665'817 4'756'712 (79'832) 291'947 (239'378) (2'087'856) 685'886

Target Price 1'800 1'470 1'340 1'225 1'780 1'800 1'480 #N/A N/A 1'220 1'720 1'683 1'500 #N/A N/A 900 1'250 1'075 1'000 1'650 1'350 1'100 1'330 1'515 1'300 1'500 1'006 1'780 #N/A N/A 1'453 #N/A N/A 1'381 1'370 #N/A N/A 1'300 #N/A N/A #N/A N/A 1'120

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 03.12.2012 13.03.2012 03.12.2012 14.01.2013 30.12.2012 03.12.2012 03.12.2012 03.12.2012 28.12.2012 03.12.2012 03.12.2012 31.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012 11.01.2013 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Government Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 08.02.2013 08.02.2013 11.01.2013 20.12.2012 12.12.2012 12.12.2012 03.12.2012 27.11.2012 26.11.2012 07.08.2012 04.07.2012 30.08.2011 02.12.2009

28.02.2013

UBS AG UBS AG is a wealth management, investment banking, and asset management firm. The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world.

Price/Volume 18

60.0 M

50.0 M

14 12

40.0 M

12/2012 12/yy 16.39 9.69 3'240'399.00 14.75 -9.95% 52.30% 77.03% 3'835.9 56'578.91 267'400.00 0.0 4'353.0 66'383.00 261'948.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

10.0 M

2 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 67'219.0 8.31x 37'052.0 15.08x (21'292.0) -

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 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 05.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

31.12.2009 31.12.2010 44'432.0 46'526.0 9.56x 8.39x 19'648.0 20'964.0 21.61x 18.62x (2'736.0) 7'534.0 7.71x Profitability

LTM-4Q 31.12.2011 40'880.0 9.20x 17'464.0 21.53x 4'159.0 10.16x

31.12.2012 37'392.0 6.92x (2'511.0) 17'464.00 4.56% -4.74% -0.21% -5.66% -0.68% 0.03% 47.0% -6.7% 21.24% 582.62% -

Price/ Cash Flow

LTM

12/yy 40'870.0 36.80x 17'455.0 21.54x 4'159.0 10.07x

12/yy 37'470.0 31.94x 14'464.0 0.00x (2'810.0) 0.00x

FY+1

.0 M f-13

1.36 3'466.99 17.62% 3.36% 1.357 42 3.833 12'501'790 10'967'070 10'963'170 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 26'730.4 27'411.1 6'498.0 6'586.0 42.17x 36.73x 3'648.5 4'789.2 563.0 786.0 16.03x 12.22x S&P Issuer Ratings

29.11.2011 A STABLE 19.12.2008 A-1 9.52 18.43 582.6% 84.2% 0.03 6.41 -

Sales/Revenue/Turnover

6.00

160'000.0 140'000.0

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 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 |

28.02.2013

UBS AG Holdings By:

All

Holder Name GOVT OF SINGAPORE IN FMR LLC NORGES BANK UBS FRANKLIN RESOURCES CAPITAL GROUP COMPAN CREDIT SUISSE ASSET WELLINGTON MANAGEMEN HARBOR CAPITAL ADVIS UBS FUND MANAGEMENT ZURCHER KANTONALBANK BLACKROCK PICTET & CIE OPPENHEIMERFUNDS INC CREDIT AGRICOLE SA ALLIANCE BERNSTEIN BANK OF NEW YORK MEL PZENA INVESTMENT MAN SWISSCANTO FONDSLEIT ONTARIO TEACHERS PEN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios WELLINGTON MANAGEMEN Multiple Portfolios Multiple Portfolios ZURCHER KANTONALBANK n/a Multiple Portfolios Multiple Portfolios CREDIT AGRICOLE SA n/a BANK OF NEW YORK MEL PZENA INVESTMENT MAN Multiple Portfolios ONTARIO TEACHERS PEN

Analyst

AlphaValue DIETER HEIN Keefe, Bruyette & Woods ANDREW STIMPSON Oddo & Cie JEAN SASSUS DZ Bank AG CHRISTOPH BAST Credit Suisse AMIT GOEL Redburn Partners NICHOLAS WATTS Exane BNP Paribas DANIEL DAVIES Mediobanca SpA CHRISTOPHER J WHEELER Barclays KIRI VIJAYARAJAH RBC Capital Markets FIONA SWAFFIELD Independent Research GmbH STEFAN BONGARDT Bankhaus Metzler GUIDO HOYMANN Berenberg Bank JAMES CHAPPELL Kepler Capital Markets DIRK BECKER Natixis ANTOINE BURGARD Nomura JON PEACE S&P Capital IQ FRANK BRADEN Helvea TIM DAWSON Main First Bank AG KILIAN MAIER Commerzbank Corporates & Markets MICHAEL DUNST Canaccord Genuity Corp ARUN MELMANE Espirito Santo Investment Bank Research ANDREW LIM Macquarie PIERS BROWN Day by Day VALERIE GASTALDY Societe Generale DIRK HOFFMANN-BECKING Bank Vontobel AG TERESA NIELSEN Goldman Sachs JERNEJ OMAHEN JPMorgan KIAN ABOUHOSSEIN Morgan Stanley HUW VAN STEENIS Liberum Capital Ltd CORMAC LEECH EVA Dimensions AUSTIN BURKETT Deutsche Bank MATT SPICK HSBC ROBERT MURPHY Landesbank Baden-Wuerttemberg INGO FROMMEN Grupo Santander AURELIA FAURE CA Cheuvreux CHRISTIAN STARK Hamburger Sparkasse CHRISTIAN HAMANN Zuercher Kantonalbank ANDREAS VENDITTI Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

Source ULT-AGG ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG 13F ULT-AGG MF-AGG MF-AGG 13F ULT-AGG 13F 13F MF-AGG 13F

Recommendation reduce market perform neutral sell neutral buy neutral neutral overweight sector perform hold sell buy reduce buy buy buy accumulate outperform hold buy buy outperform buy hold buy Buy/Neutral overweight Overwt/In-Line buy sell hold overweight hold underweight outperform hold outperform hold buy

Amt Held 245'633'960 134'865'238 116'490'210 102'638'914 65'053'578 60'336'139 53'621'392 40'980'253 34'619'235 31'344'866 25'446'748 22'428'443 21'021'319 18'487'668 16'622'115 16'537'648 14'956'720 14'066'648 12'476'987 9'167'333

% Out 6.4 3.52 3.04 2.68 1.7 1.57 1.4 1.07 0.9 0.82 0.66 0.58 0.55 0.48 0.43 0.43 0.39 0.37 0.33 0.24

Weighting

Change 2 3 3 1 3 5 3 3 5 3 3 1 5 2 5 5 5 4 5 3 5 5 5 5 3 5 5 5 5 5 1 3 5 3 1 5 3 5 3 5

M D M D D M M M M D M M M M M M M M M M N M M M M M M M M M M M M D M U M U M M

Latest Chg (261'829) 12'874'066 2'353'834 (4'846'844) 6'015'804 (1'146'234) 1'928'515 217'405 (360'997) 435'986 11'685'142 567'494 651'957 1'350'143 4'242'564 1'002'642 (1'222'625) (303'453) 5'013'106

Target Price 15 18 18 13 15 #N/A N/A 16 17 19 16 17 13 17 14 18 18 18 18 18 16 24 20 19 17 16 18 21 21 17 18 #N/A N/A 16 18 17 11 17 #N/A N/A #N/A N/A #N/A N/A 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 27.09.2011 31.12.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 26.02.2013 30.11.2012 30.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.12.2012 31.12.2012

Date 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 3 month 12 month Not Provided 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Government Unclassified Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Mutual Fund Manager Pension Fund (ERISA)

Date 28.02.2013 27.02.2013 27.02.2013 22.02.2013 19.02.2013 15.02.2013 15.02.2013 12.02.2013 12.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 04.02.2013 30.01.2013 29.01.2013 29.01.2013 25.01.2013 25.01.2013 24.01.2013 23.01.2013 18.01.2013 18.01.2013 17.01.2013 07.01.2013 20.12.2012 20.12.2012 11.12.2012 09.11.2012 07.11.2012 30.10.2012 23.10.2012 03.07.2012

28.02.2013

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 188.50 130.50 279'781.00 174 -7.69% 33.33% 75.00% 94.9 16'511.21 11'919.00 0.0 1'583.1 63.10 29'950.20

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 .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

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 -

0.89 88.74 26.90% -4.37% 0.892 30 3.433 315'287 288'556 310'107 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'573.4 1'750.3 19.02x 17.40x 1'397.1 1'511.6 21.44x 19.81x 965.1 1'050.9 17.18x 15.84x S&P Issuer Ratings

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 16.00

2'000.0

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 |

28.02.2013

Unibail-Rodamco SE Holdings By:

All

Holder Name APG ASSET MANAGEMENT AMUNDI STATE STREET COHEN & STEERS INC NORTHERN CROSS LLC BLACKROCK HARBOR CAPITAL ADVIS COMMERZBANK AKTIENGE SOCIETE GENERALE UBS VANGUARD GROUP INC NATIXIS NATIXIS ASSET MANAGE COHEN & STEERS CAPIT FMR LLC MORGAN STANLEY ARTISAN PARTNERS HOL WILLIAM BLAIR & COMP LASALLE INVESTMENT M ABN AMRO ASSET MGMT

Firm Name

Portfolio Name #N/A N/A #N/A N/A n/a n/a #N/A N/A n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue PIERRE-LOUP ETIENNE Jefferies ROBERT DUNCAN Oddo & Cie MARINE LAFITTE Morgan Stanley BART GYSENS Banco Sabadell IGNACIO ROMERO Espirito Santo Investment Bank Research MICHAEL BURT Goldman Sachs JULIAN LIVINGSTON-BOOTH 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 Research ULT-AGG Co File Research ULT-AGG MF-AGG Co File Research ULT-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG

Recommendation reduce hold neutral Equalwt/Attractive buy buy Buy/Neutral 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 8'485'804 3'873'953 3'848'029 3'642'122 3'320'531 2'951'583 2'943'120 2'585'395 2'351'985 2'148'338 1'896'330 1'858'269 1'323'509 1'273'487 1'014'174 960'011 929'896 830'851 823'883 798'051

% Out 8.94 4.08 4.06 3.84 3.5 3.11 3.1 2.72 2.48 2.26 2 1.96 1.39 1.34 1.07 1.01 0.98 0.88 0.87 0.84

Weighting

Change 2 3 3 3 5 5 5 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 M M U M M M M M M M M M M M M M M M M M M M M M M M M D N M

Latest Chg 8'104 (27'121) (3'161'695) 2'135 57'491 (160'832) (255'705) (438'874) (14'564) 19'761 169'706 13'769 92'667

Target Price 164 185 194 163 141 209 208 165 184 190 210 178 164 206 183 180 185 164 180 185 163 #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 31.10.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 27.02.2013 Investment Advisor 01.03.2012 Corporation 31.10.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 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 26.02.2013 Investment Advisor 31.12.2012 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

Date 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 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 28.02.2013 26.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 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

28.02.2013

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

200.0 M

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 25'214'373.00 3.884 -20.45% 72.32% 62.76% 5'787.1 22'496.90 334'658.25 0.0 3'318.2 56'215.54 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M

50.0 M

1 0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2007 55'285.3 5'901.3 10.65x

150.0 M

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 -0.56% 4.80% 1.470 41 2.707 ######### ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 25'418.7 24'910.3 5'999.4 6'466.0 1'088.7 1'615.5 (418.8) 19.22x 14.07x S&P Issuer Ratings

10.02.2012 BBB+ NEG 10.02.2012 A-2 650.1% 85.9% 0.03 2.17 -

Sales/Revenue/Turnover

1.20

70'000.0

1.00

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 |

28.02.2013

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 ALLIANZ SPA BLACKROCK LUXEMBOURG ALLIANZ FINANCE IV L CARMIGNAC GESTION FRANKLIN RESOURCES BLACKROCK ADVISORS L TEMPLETON INVESTMENT MASSACHUSETTS FINANC

Firm Name Keefe, Bruyette & Woods Oddo & Cie Banca IMI Kepler Capital Markets Exane BNP Paribas Equita SIM SpA AlphaValue ICBPI Nomura Banca Akros(ESN) Day by Day Berenberg Bank Mediobanca SpA Ahorro Corporacion Financiera SA RBC Capital Markets Goldman Sachs Macquarie Morgan Stanley Independent Research GmbH Societe Generale Deutsche Bank EVA Dimensions Credit Suisse Intermonte Securities SpA JPMorgan DZ Bank AG Grupo Santander Barclays 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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst RONNY REHN JULIE LEGRAND MANUELA MERONI ANNA MARIA BENASSI ANDREA VERCELLONE GIOVANNI RAZZOLI DAVID GRINSZTAJN LUCA COMI DOMENICO SANTORO LUIGI TRAMONTANA VALERIE GASTALDY ELENI PAPOULA ANDREA FILTRI VIRGINIA PEREZ REPES ANKE REINGEN JEAN-FRANCOIS NEUEZ BENJIE CREELAN-SANDFORD FRANCESCA TONDI STEFAN BONGARDT CARLO TOMMASELLI PAOLA SABBIONE AUSTIN BURKETT IGNACIO CEREZO CHRISTIAN CARRESE MARTA BASTONI CHRISTOPH BAST TANIA GOLD ANTONIO RIZZO 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 Research Research Research MF-AGG ULT-AGG Research MF-AGG MF-AGG

Recommendation underperform reduce hold hold neutral buy add sell neutral hold hold hold outperform sell underperform Buy/Neutral outperform Overwt/In-Line hold hold buy hold neutral outperform neutral sell underweight equalweight underweight hold sell neutral sell underperform sell neutral sell sell Under Review

Amt Held 474'411'339 376'220'171 292'971'557 290'000'000 289'992'198 204'516'549 173'381'885 152'258'925 145'082'905 126'635'987 116'031'602 109'307'635 68'982'379 55'961'376 42'130'178 41'185'296 21'465'800 19'271'084 18'946'908 18'229'636

% Out 8.2 6.5 5.06 5.01 5.01 3.53 3 2.63 2.51 2.19 2 1.89 1.19 0.97 0.73 0.71 0.37 0.33 0.33 0.32

Weighting

Change

1 2 3 3 3 5 4 1 3 3 3 3 5 1 1 5 5 5 3 3 5 3 3 5 3 1 1 3 1 3 1 3 1 1 1 3 1 1 #N/A N/A

M M M M M M M M M M D M M N M U M M M M M M M M M M M M M M M M M M N M M M M

Latest Chg (341'905) (44'865'281) 14'322'490 (30'552'663) 504'704 (111'154) 583'732

Target Price 3 3 4 4 4 6 5 4 5 4 #N/A N/A 5 6 3 3 6 5 6 5 5 5 #N/A N/A 4 5 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 27.02.2013 11.02.2013 11.02.2013 27.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 29.01.2013 11.02.2013 31.12.2012 11.02.2013 11.02.2013 11.02.2013 31.12.2012 31.12.2012 11.02.2013 30.11.2012 31.12.2012

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 9 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Other Investment Advisor Other Other Bank Unclassified Government Corporation Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.02.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 08.02.2013 30.01.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 23.01.2013 22.01.2013 21.01.2013 17.01.2013 17.01.2013 16.01.2013 15.01.2013 07.01.2013 12.12.2012 11.12.2012 10.12.2012 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

28.02.2013

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

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 24.51 628'685.00 29.625 -1.94% 20.89% 88.85% 1'714.7 89'673.30 10'221.00 0.0 557.0 2'866.00 97'585.30

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

0 f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 40'523.0 1.41x 6'793.0 8.39x 5'027.0 9.69x

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

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

3.31 0.60 23.05% 3.60% 0.599 45 3.533 4'602'513 4'000'279 3'520'013 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'472.9 56'491.4 12'678.3 13'837.2 1.80x 1.68x 8'805.2 9'418.8 11.08x 10.36x 4'921.2 5'362.1 17.49x 16.15x S&P Issuer Ratings

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 |

28.02.2013

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 NATIXIS ASSET MANAGE

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

Sanford C. Bernstein & Co ANDREW WOOD Rabobank International KAREL ZOETE Banco Sabadell IGNACIO ROMERO Morgan Stanley EILEEN KHOO Day by Day VALERIE GASTALDY 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 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 outperform buy sell Equalwt/In-Line buy hold overweight hold hold hold neutral underperform buy buy sell hold Buy/Neutral accumulate 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 21'048'243 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 5'429'859 5'387'703 5'175'330 3'948'044

% Out 73.96 8.26 1.97 1.8 1.23 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 0.23

Weighting

Change 5 5 1 3 5 3 5 3 3 3 3 1 5 5 1 3 5 4 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 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

Latest Chg (1'842'700) 903'626 (317'944) (247'678) (188'682) (57'347) (23'642) 8'028'108 (2'441) (789'445) 126'290 153'674 (625'317) (537'200) 53'454

Target Price 34 34 26 27 30 31 35 32 32 #N/A N/A 29 25 35 37 28 30 37 35 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 26.02.2013 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 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

Date 12 month 12 month 12 month 12 month 3 month Not Provided 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 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 25.02.2013 25.02.2013 15.02.2013 11.02.2013 11.02.2013 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 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

28.02.2013

Unilever PLC Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with UNA NA.

Price/Volume 3000 2500 2000 1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ULVR LN EQUITY YTD Change ULVR LN EQUITY YTD % CHANGE

12/2012 12/yy 2'671.00 1'993.00 301'167.00 2619 -1.95% 31.41% 90.86% 1'283.5 77'538.26 10'221.00 0.0 557.0 2'866.00 97'585.30

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

500 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 40'523.0 1.35x 6'793.0 8.04x 5'027.0 9.21x

1000

31.12.2009 31.12.2010 39'823.0 44'262.0 1.75x 1.62x 6'887.0 7'620.0 10.14x 9.40x 3'370.0 4'244.0 18.57x 15.17x Profitability

LTM-4Q 31.12.2011 46'467.0 1.77x 7'921.0 10.40x 4'252.0 17.14x

31.12.2012 51'324.0 1.76x 8'261.0 10.94x 4'480.0 18.39x 8'261.00 7'062.00 13.76% 13.02% 9.56% 30.42% 19.56% 1.10% 39.9% 16.1% 13.8% 8.7% 0.77 0.46 22.14% 67.43% 14.00 -

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

12/yy 46'467.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 51'324.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.90 0.58 1'212.16 33.45% 11.58% 0.583 28 3.786 2'356'724 2'280'724 2'063'392 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'472.9 56'491.4 12'678.3 13'837.2 1.80x 1.68x 8'805.2 9'418.8 11.08x 10.35x 4'921.2 5'362.1 17.88x 16.52x S&P Issuer Ratings

05.10.2000 A+ STABLE 05.10.2000 A-1 15.71 11.63 0.89 1.24 67.4% 39.4% 1.10 5.63 26.15 -3.18

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 |

28.02.2013

Unilever PLC Holdings By:

All

Holder Name BLACKROCK The Leverhulme Trust LEGAL & GENERAL M&G INVESTMENT MANAG NORGES BANK INVESTME VANGUARD GROUP INC SCOTTISH WIDOWS MORGAN STANLEY INVES THREADNEEDLE ASSET M CAPITAL GROUP COMPAN OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF MORGAN STANLEY OPPENHEIMERFUNDS INC FMR LLC UBS SCHRODER INVESTMENT BREWIN DOLPHIN LIMIT VANGUARD GROUP INC CEDAR ROCK CAPITAL L

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue SOPHIE CABO-BROSETA Sanford C. Bernstein & Co ANDREW WOOD Investec MARTIN DEBOO Shore Capital Stockbrokers DARREN SHIRLEY Morgan Stanley EILEEN KHOO Day by Day VALERIE GASTALDY Goldman Sachs ALEXIS COLOMBO Barclays IAIN SIMPSON HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT JPMorgan CELINE PANNUTI Berenberg Bank JAMES TARGETT Deutsche Bank HAROLD THOMPSON Credit Suisse CHARLES MILLS Jefferies ALEX HOWSON S&P Capital IQ CARL SHORT Oriel Securities Ltd CHRIS WICKHAM Panmure Gordon & Co Limited GRAHAM JONES Exane BNP Paribas JEFF STENT RBC Capital Markets JAMES EDWARDES JONES Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH Mirabaud Securities JULIAN LAKIN Nord/LB WOLFGANG VASTERLING Liberum Capital Ltd PABLO ZUANIC Nomura DAVID HAYES

Source ULT-AGG REG ULT-AGG REG REG MF-AGG ULT-AGG REG REG ULT-AGG REG REG ULT-AGG MF-AGG ULT-AGG ULT-AGG REG REG REG REG

Recommendation sell outperform buy buy Equalwt/In-Line buy Buy/Neutral overweight overweight overweight overweight buy hold neutral buy hold hold buy neutral underperform neutral neutral hold hold buy reduce

Amt Held 74'570'243 70'566'764 43'844'579 33'695'100 29'379'103 27'329'696 23'502'768 20'988'391 18'808'791 18'578'700 17'496'650 17'373'510 17'029'358 16'974'653 15'910'328 15'205'740 14'967'376 14'171'028 14'055'878 13'353'349

% Out 5.81 5.5 3.42 2.63 2.29 2.13 1.83 1.64 1.47 1.45 1.36 1.35 1.33 1.32 1.24 1.18 1.17 1.1 1.1 1.04

Weighting

Change 1 5 5 5 3 5 5 5 5 5 5 5 3 3 5 3 3 5 3 1 3 3 3 3 5 2

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

Latest Chg (19'403) 521'877 82'924 7'368'008 7'492'327 938'955 7'437'850 313'701 4'229'196 4'937'225 464'019 1'467'294 (1'476'109) (1'475'510) (201'301) 931'645 (229'486)

Target Price 2'364 2'700 2'900 #N/A N/A 2'200 2'740 3'100 2'900 2'940 #N/A N/A 2'850 2'800 2'520 2'400 2'460 2'600 2'320 2'600 2'500 1'900 #N/A N/A 2'280 2'200 #N/A N/A 3'000 1'870

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 30.12.2012 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013

Date 6 month 12 month 12 month Not Provided 12 month 3 month 12 month Not Provided Not Provided Not Provided 9 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 25.02.2013 20.02.2013 12.02.2013 11.02.2013 11.02.2013 07.02.2013 31.01.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 10.10.2012 24.09.2012 14.09.2012 06.09.2012 03.07.2012 12.06.2012 17.01.2012

28.02.2013

United Utilities Group PLC United Utilities Group PLC manages and operates the regulated electricity distribution, water and wastewater networks in North West England. The Company also manages other infrastructure assets in the United Kingdom and overseas.

Price/Volume 800

25.0 M

700

20.0 M

600 500

Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (12.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UU/ LN EQUITY YTD Change UU/ LN EQUITY YTD % CHANGE

03/2012 01/yy 816.00 590.00 232'455.00 737 -9.68% 24.92% 64.60% 681.9 5'025.52 5'855.20 0.0 0.0 321.20 10'852.32

31.03.2008 2'362.9 3.78x 905.7 9.87x 909.2 14.60x

10.0 M

300 200

5.0 M

100 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

400

Valuation Analysis

31.03.2009 31.03.2010 2'427.2 1'573.1 3.57x 5.71x 998.8 1'105.7 8.69x 8.13x 179.1 403.5 18.25x 10.98x Profitability

31.03.2011 1'513.3 6.01x 899.6 10.10x 458.2 11.38x

31.03.2012 1'564.9 6.16x 900.0 10.71x 316.5 13.16x

900.00 602.20 38.48% 17.92% 3.30% 18.54% 0.16% 56.7% 37.2% 20.2% 1.09 0.76 58.37% 331.81% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.45 0.63 661.17 26.51% 9.43% 0.629 18 3.167 1'858'217 2'795'405 2'755'093 FY+2

03/13 Y 03/14 Y 1'643.6 1'700.2 6.43x 6.37x 964.3 1'008.2 11.25x 10.76x 293.8 308.5 18.24x 17.02x S&P Issuer Ratings

FQ+1

FQ+2

28.01.2010 A-3 2.85 1.26 6.44 6.61 331.8% 76.8% 0.16 0.19 -

Sales/Revenue/Turnover

10.00

3'000.0

9.00

2'500.0

8.00 7.00

2'000.0

6.00

1'500.0

5.00 4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

United Utilities Group PLC Holdings By:

All

Holder Name BLACKROCK PICTET ASSET MANAGEM LEGAL & GENERAL M&G INVESTMENT MANAG NORGES BANK INVESTME NOMURA FRANKLIN RESOURCES BANK OF NEW YORK MEL VANGUARD GROUP INC NEWTON INV MGMT BARCLAYS PERSONAL IN STANDARD LIFE INVEST SCOTTISH WIDOWS EPOCH INVESTMENT PAR TD WATERHOUSE GROUP PEOPLES REPUBLIC OF HARGREAVES LANSDOWN AXA INVESTMENT MANAG CO-OPERATIVE INSURAN VANGUARD GROUP INC

Firm Name RBC Capital Markets Nomura AlphaValue JPMorgan Goldman Sachs Exane BNP Paribas S&P Capital IQ HSBC Barclays EVA Dimensions Societe Generale Day by Day Credit Suisse Morgan Stanley Deutsche Bank

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOHN MUSK JONATHAN CONSTABLE MYRIAM COHEN EDMUND REID ANDREW MEAD IAIN TURNER CLIVE ROBERTS VERITY MITCHELL HARRY WYBURD AUSTIN BURKETT ASHLEY THOMAS VALERIE GASTALDY GUY MACKENZIE BOBBY CHADA JAMES BRAND

Source ULT-AGG Co File ULT-AGG REG REG ULT-AGG ULT-AGG MF-AGG MF-AGG REG REG REG ULT-AGG REG REG REG REG REG REG REG

Recommendation outperform neutral reduce neutral neutral/attractive neutral sell neutral equalweight sell buy hold underperform Overwt/In-Line buy

Amt Held 34'976'790 34'090'439 25'417'099 21'148'243 20'495'921 16'048'587 14'000'000 13'381'200 12'605'407 12'112'597 10'780'410 10'763'202 10'653'109 10'464'744 9'861'003 8'614'636 7'984'072 7'974'775 7'613'884 7'470'989

% Out 5.13 5 3.73 3.1 3.01 2.35 2.05 1.96 1.85 1.78 1.58 1.58 1.56 1.53 1.45 1.26 1.17 1.17 1.12 1.1

Weighting

Change 5 3 2 3 3 3 1 3 3 1 5 3 1 5 5

M M M M M M M M M M M M M M M

Latest Chg 585'034 188'493 2'341'984 2'009'113 8'287'383 (4'285'114) 7'365'597 677'916 (1'644'175) 3'592'473 4'081'154 248'244 (556'329) 527'792 (277'460) 822'884 24'089

Target Price 790 765 749 720 829 740 603 770 700 #N/A N/A 779 #N/A N/A 610 700 770

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Investment Advisor 23.05.2012 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Unclassified 01.01.2013 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Mutual Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Hedge Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Government 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Insurance Company 01.01.2013 Investment Advisor

Date 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Date 26.02.2013 21.02.2013 21.02.2013 13.02.2013 08.02.2013 08.02.2013 30.01.2013 25.01.2013 25.01.2013 17.01.2013 15.01.2013 20.12.2012 13.12.2012 04.09.2012 11.05.2012

28.02.2013

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 31.23 317'854.00 35.65 -12.69% 14.15% 45.45% 577.3 20'582.43 20'193.80 0.0 735.4 6'516.10 34'995.53

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 33'930.3 0.90x 5'009.2 6.09x 1'591.4 8.85x

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

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

LTM-4Q 31.12.2011 37'646.1 0.86x 5'445.9 5.93x 1'904.3 9.59x

31.12.2012 39'183.2 0.86x 5'507.8 6.12x 1'916.7 10.07x 5'507.80 3'568.90 9.11% 7.64% 3.14% 14.62% 7.32% 0.63% 14.1% 9.3% 4.9% 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

3.09 1.10 504.12 -3.79% -0.86% 1.100 31 4.323 2'202'170 1'676'025 1'546'418 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 38'950.1 39'785.2 10'174.8 0.87x 0.82x 5'537.3 5'692.7 6.33x 6.15x 1'934.0 2'022.1 10.15x 9.72x S&P Issuer Ratings

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

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 |

28.02.2013

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 AMUNDI BLACKROCK FMR LLC AVIVA PLC PICTET ASSET MANAGEM LBPAM ALLIANZ ASSET MANAGE COHEN & STEERS CAPIT DEUTSCHE BANK AG MERCURY ASSET MANAGE UNION INVESTMENT LUX DNCA FINANCE COMMONWEALTH BANK OF

Firm Name BPI Bryan Garnier & Cie EVA Dimensions AlphaValue Aurel - BGC Banco Sabadell Day by Day Raymond James Societe Generale Hamburger Sparkasse Natixis HSBC Independent Research GmbH CM - CIC Securities(ESN) Ahorro Corporacion Financiera SA S&P Capital IQ Exane BNP Paribas Deutsche Bank RBC Capital Markets Barclays Morgan Stanley Goldman Sachs 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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Research Research ULT-AGG MF-AGG Research ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

FILIPE MARTINS LEITE SVEN EDELFELT CRAIG STERLING GAETAN DUPONT ERIC LEMARIE MARIA CEBOLLERO VALERIE GASTALDY ARNAUD PALLIEZ MURIEL FELLOUS INGO SCHMIDT GREGOIRE THIBAULT PIERRE BOSSET CHRISTOPH SCHOENDUBE JEAN-CHRISTOPHE LEFEVRE-MOULENQ VIRGINIA PEREZ REPES JAWAHAR HINGORANI NICOLAS MORA LUIS PRIETO OLIVIA PETERS SUSANNA INVERNIZZI JAIME ROWBOTHAM WILL MORGAN NABIL AHMED ELODIE RALL MARC NETTELBECK HANS-PETER KUHLMANN OLIVIER BECKER JOSEP PUJAL HEINO HAMMANN STEFFEN MANSKE

accumulate buy underweight buy hold buy hold outperform buy buy buy neutral hold buy strong buy strong buy neutral buy sector perform overweight Overwt/In-Line Buy/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 5'182'624 5'132'665 4'648'541 2'633'758 2'141'244 1'945'486 1'697'463 1'663'965 1'622'179 1'566'679 1'457'470 1'325'000 1'235'358

% Out 7.09 5.49 2.28 1.57 1.4 1.34 1.29 0.9 0.89 0.81 0.46 0.37 0.34 0.29 0.29 0.28 0.27 0.25 0.23 0.21

Weighting

Change 4 5 1 5 3 5 3 5 5 5 5 3 3 5 5 5 3 5 3 5 5 5 5 5 5 3 5 5 5 3

M 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 D

Latest Chg 2'679'200 176'206 194'046 (349'909) (53'325) (461'536) 997'150 (491) (84'252) 19'058 (92'463) 133'200 (25'511) 53'000 (180'000) 106'285

Target Price 48 45 #N/A N/A 51 37 43 #N/A N/A 45 48 #N/A N/A 48 40 40 44 45 45 41 47 40 45 42 46 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 30.11.2012 Mutual Fund Manager 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Bank

Date Not Provided 6 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 25.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 15.02.2013 15.02.2013 13.02.2013 11.02.2013 11.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 01.02.2013 30.01.2013 29.01.2013 23.01.2013 15.01.2013 14.01.2013 21.11.2012 17.09.2012 17.09.2012 01.08.2012 01.08.2012 01.08.2012 14.06.2012 27.07.2011

28.02.2013

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

12/2012 12/yy 17.44 12.01 713'136.00 16.005 -8.23% 33.21% 75.56% 1'324.0 21'190.02 17'757.00 0.0 2'971.0 3'894.00 38'024.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 25'392.0 1.55x 6'774.0 5.82x 2'603.0 10.43x

20 18 16 14 12 10 8 6 4 2 0 f-12 m-12

31.12.2009 31.12.2010 27'132.0 28'878.0 1.44x 1.29x 7'682.0 8'020.0 5.07x 4.64x 830.0 2'198.0 30.14x 11.35x Profitability

LTM-4Q 31.12.2011 28'813.0 1.24x 8'847.0 4.03x 2'681.0 7.83x

31.12.2012 28'994.0 1.35x 4'477.0 8.77x 164.0 130.38x 4'477.00 3'230.00 11.14% 7.27% 0.28% 0.87% 6.63% 0.50% 50.5% 22.5% 11.6% 0.6% 0.69 0.19 29.84% 96.17% 18.62

Price/ Cash Flow

LTM

12/yy 28'813.0 5.00x 9'585.0 3.72x 2'681.0 7.83x

12/yy 28'994.0 4.98x 6'531.0 6.01x 164.0 118.88x

FY+1

.0 M f-13

0.83 1'147.24 10.49% -5.58% 0.829 35 4.029 6'432'485 4'068'563 3'785'556 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'781.9 29'176.1 6'974.0 6'515.0 1.28x 1.23x 7'858.2 8'059.4 4.84x 4.72x 2'303.0 2'435.8 8.59x 8.09x S&P Issuer Ratings

26.10.2012 BBB NEG 26.10.2012 A-2 16.72 10.36 2.12 2.72 96.2% 45.3% 0.50 3.06 19.66 360.74 -282.51

Sales/Revenue/Turnover

4.00

70'000.0

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 |

28.02.2013

Vivendi SA Holdings By:

All

Holder Name BLACKROCK CIE DE CORNOUAILLE S SOCIETE GENERALE AMUNDI NATIXIS ASSET MANAGE CAISSE DES DEPOTS ET PEG VIVENDI BAUPOST GROUP LLC NORGES BANK INVESTME QATAR HOLDINGS LLC FRANKLIN RESOURCES VANGUARD GROUP INC AMUNDI NATIXIS ASSET MANAGE 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 Societe Generale CHRISTOPHE CHERBLANC CA Cheuvreux ANDREA BENEVENTI Nomura MATTHEW WALKER S&P Capital IQ ALEXANDER WISCH Exane BNP Paribas CHARLES BEDOUELLE Barclays JULIEN ROCH Goldman Sachs RICHARD JONES Jefferies WILL SMITH Independent Research GmbH LARS LUSEBRINK CM - CIC Securities(ESN) ERIC RAVARY Oddo & Cie BRUNO HARENG Kepler Capital Markets CONOR O'SHEA New Street Research RUSSELL WALLER JPMorgan FILIPPO PIETRO LO FRANCO AlphaValue JEAN-MICHEL SALVADOR Credit Suisse OMAR SHEIKH Banco Sabadell ANDRES BOLUMBURU Macquarie ANGUS TWEEDIE Day by Day VALERIE GASTALDY HSBC NICOLAS COTE-COLISSON Grupo Santander CARLOS JAVIER TREVINO EVA Dimensions ANDREW S ZAMFOTIS Morgan Stanley PATRICK WELLINGTON Espirito Santo Investment Bank Research WILL DRAPER 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 Co File Co File Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG ULT-AGG Co File Co File Co File

Recommendation market perform buy outperform buy strong buy neutral overweight neutral/neutral buy hold hold buy buy neutral overweight buy outperform buy outperform hold neutral buy overweight Equalwt/Attractive buy buy outperform hold buy sell hold hold buy

Amt Held 79'112'687 66'174'684 62'157'815 57'756'435 57'389'860 48'191'364 33'192'445 26'349'991 25'862'423 25'789'649 24'281'481 23'528'321 22'982'134 22'217'556 19'320'712 19'020'187 18'735'055 17'995'960 14'021'059 13'811'784

% Out 5.98 5 4.69 4.36 4.33 3.64 2.51 1.99 1.95 1.95 1.83 1.78 1.74 1.68 1.46 1.44 1.42 1.36 1.06 1.04

Weighting

Change 3 5 5 5 5 3 5 3 5 3 3 5 5 3 5 5 5 5 5 3 3 5 5 3 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 M M U M U D M D D M M

Latest Chg 35'583 (36'465'062) (5'812'102) 29'924'444 244'439 673'572 (76'393) 1'009'420 203'260 312'743 -

Target Price 18 17 17 18 18 19 18 18 19 17 17 19 19 17 20 24 19 18 17 #N/A N/A 18 22 #N/A N/A 17 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 26.02.2013 Investment Advisor 14.11.2012 Unclassified 30.04.2012 Bank 14.05.2012 Investment Advisor 10.05.2012 Investment Advisor 31.12.2011 Government 31.12.2011 Other 31.12.2011 Hedge Fund Manager 31.12.2011 Government 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 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 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 9 month 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 15.02.2013 15.02.2013 05.02.2013 05.02.2013 31.01.2013 23.01.2013 17.01.2013 08.01.2013 15.11.2012 24.10.2012 22.10.2012 15.10.2012 21.09.2012 04.04.2012 08.03.2012 01.03.2012 06.12.2011

28.02.2013

Vodafone Group PLC Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications. The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (31.12.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOD LN EQUITY YTD Change VOD LN EQUITY YTD % CHANGE

03/2012 12/yy 191.75 154.20 16'076'617.00 164.9 -14.03% 6.94% 29.03% 48'934.8 80'693.39 34'620.00 0.0 1'267.0 8'461.00 109'638.39

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

Fiscal Year Ended 31.03.2008 35'478.0 2.93x 13'123.0 7.93x 6'660.0 12.01x

200 180 160 140 120 100 80 60 40 20 0 f-12 m-12 a-12 m-12

31.03.2009 31.03.2010 41'017.0 44'472.0 2.36x 2.54x 14'520.0 14'820.0 6.67x 7.62x 3'078.0 8'645.0 21.03x 9.25x Profitability

LTM-4Q 31.03.2011 45'884.0 2.67x 14'668.0 8.34x 7'968.0 11.61x

31.03.2012 46'417.0 2.43x 18'214.0 6.20x 6'957.0 12.54x

18'214.00 10'355.00 22.31% 20.57% -1.22% -2.22% -3.70% 0.32% 32.0% 31.1% 14.3% 15.0% 0.83 0.51 24.80% 45.00% 3.76 53.11

Price/ Cash Flow

LTM

12/yy 46'525.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 44'447.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

5.91 0.68 48'908.93 3.18% 6.77% 0.678 33 3.879 ######### ######### 95'358'460 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 44'393.5 45'197.5 2.44x 2.38x 13'210.1 13'303.9 8.30x 8.24x 7'216.4 7'718.7 11.29x 10.18x S&P Issuer Ratings

30.05.2006 ASTABLE 30.05.2006 A-2 9.43 6.96 2.01 2.55 45.0% 30.7% 0.32 2.41 97.36 6.89 -14.42

Sales/Revenue/Turnover

7.00

50'000.0 45'000.0

6.00

40'000.0 5.00

35'000.0 30'000.0

4.00

25'000.0 3.00

20'000.0 15'000.0

2.00

10'000.0 1.00 0.00 03.04.2009

5'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Vodafone Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS NORGES BANK INVESTME FMR LLC VANGUARD GROUP INC UBS ABERDEEN CAPITAL GROUP COMPAN PEOPLES REPUBLIC OF MASSACHUSETTS FINANC STANDARD LIFE INVEST VANGUARD GROUP INC STATE STREET M&G INVESTMENT MANAG JP MORGAN DODGE & COX DODGE & COX INVESCO LTD

Firm Name

Portfolio Name 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 n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue JEAN-MICHEL SALVADOR Sanford C. Bernstein & Co ROBIN BIENENSTOCK JPMorgan AKHIL DATTANI Berenberg Bank PAUL ANDREW MARSCH Barclays MAURICE PATRICK Jefferies JEREMY A DELLIS Espirito Santo Investment Bank Research WILL DRAPER Exane BNP Paribas ANTOINE PRADAYROL Oddo & Cie VINCENT MAULAY Banca Akros(ESN) ANDREA DEVITA Nomura JAMES BRITTON Oriel Securities Ltd JOHN KARIDIS Credit Suisse JUSTIN FUNNELL Hamburger Sparkasse TINA HECKING-VELTMAN Deutsche Bank DAVID A WRIGHT Macquarie GUY R PEDDY Grupo Santander JOHN DAVIES Societe Generale OTTAVIO ADORISIO Goldman Sachs TIMOTHY BODDY Independent Research GmbH MARKUS FRIEBEL National Bank AG MANFRED JAISFELD S&P Capital IQ JAMES CRAWSHAW New Street Research JAMES RATZER Morgan Stanley NICK DELFAS Day by Day VALERIE GASTALDY Liberum Capital Ltd LAWRENCE SUGARMAN EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Natixis BENOIT MAYNARD Landesbank Baden-Wuerttemberg RALPH SZYMCZAK DZ Bank AG JOERI SELS Northland Capital Partners Ltd DAVID JOHNSON

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG REG ULT-AGG REG ULT-AGG REG MF-AGG REG

Recommendation add underperform overweight hold overweight hold buy underperform buy hold neutral buy outperform hold hold outperform buy sell Buy/Neutral sell buy buy buy Overwt/In-Line buy buy buy overweight neutral sell buy not rated

Amt Held 3'213'888'547 1'840'749'892 1'617'376'657 1'308'057'080 1'168'679'699 1'118'656'840 1'014'873'623 907'329'162 835'948'614 785'130'474 619'899'347 557'175'102 526'399'681 517'367'935 515'101'502 508'998'599 467'494'340 413'470'000 409'583'000 387'646'663

% Out 6.57 3.76 3.31 2.67 2.39 2.29 2.07 1.85 1.71 1.6 1.27 1.14 1.08 1.06 1.05 1.04 0.96 0.84 0.84 0.79

Weighting

Change

4 1 5 3 5 3 5 1 5 3 3 5 5 3 3 5 5 1 5 1 5 5 5 5 5 5 5 5 3 1 5 #N/A N/A

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 (25'141'828) (40'318'864) 141'890'605 (11'916'154) (188'657'981) 72'066'899 106'653'335 17'653'065 100'485'000 99'016'155 (39'924'984) (24'829'446) 44'104'574 (15'293'137) (96'292'120) (59'478'393) 15'508'600 2'613'000 (365'214'247)

Target Price 191 135 220 185 200 155 200 170 200 184 195 225 180 #N/A N/A 173 195 200 100 200 150 200 190 245 205 188 210 #N/A N/A 205 190 135 190 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.02.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.12.2012 31.12.2012 28.12.2012 31.01.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 27.02.2013 03.12.2012 31.12.2012 03.12.2012 29.01.2013 03.12.2012

Date 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 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 Not Provided

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Government Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 21.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 29.01.2013 28.01.2013 18.01.2013 17.01.2013 07.12.2012 02.10.2012 20.07.2012 08.11.2011 13.04.2010

28.02.2013

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 12/yy 187.40 115.95 308'507.00 167 -10.89% 44.03% 71.38% 170.1 74'833.73 93'533.00 0.0 5'815.0 24'437.00 170'051.73

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

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 113'808.0 1.22x 14'854.0 9.34x 4'753.0 20.97x

200 180 160 140 120 100 80 60 40 20 0 f-12 m-12

31.12.2009 31.12.2010 105'187.0 126'875.0 0.97x 0.83x 10'896.0 16'659.0 9.35x 6.29x 960.0 6'835.0 32.35x 6.98x Profitability

LTM-4Q 31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x

31.12.2012 192'676.0 21'717.0 3.51x 21'365.00 11'032.00 6.92% 11.88% 8.24% 33.69% 0.70% 17.6% 12.5% 5.8% 11.3% 1.01 0.33 36.88% 162.56% 5.71

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.15 143.79 21.89% -2.99% 1.155 39 4.564 1'852'924 895'230 834'907 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 159'337.0 192'676.0 204'343.2 214'664.0 54'027.0 53'617.0 2.87x 2.22x 0.36x 0.33x 1.34x 1.35x 21'365.0 18'207.0 24'443.1 27'016.9 4'387.0 4'225.0 5.76x 0.00x 6.96x 6.29x 15'409.0 21'717.0 10'445.6 12'134.3 2'360.0 2'247.0 3.13x 3.51x 7.29x 6.41x 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

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0 6.00

100'000.0 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

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 HSBC Bankhaus Lampe Kepler Capital Markets Societe Generale Commerzbank Corporates & Markets Morgan Stanley Goldman Sachs JPMorgan Sanford C. Bernstein & Co Macquarie Independent Research GmbH National Bank AG Oddo & Cie M.M. Warburg Investment Research Bankhaus Metzler Natixis Equinet Institutional Services(ESN) S&P Capital IQ DZ Bank AG Barclays Landesbank Baden-Wuerttemberg Redburn Partners Exane BNP Paribas AlphaValue Nord/LB EVA Dimensions Ahorro Corporacion Financiera SA Day by Day Credit Suisse Hamburger Sparkasse Main First Bank AG Silvia Quandt Research Cyrrus Hammer Partners SA 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 HORST SCHNEIDER CHRISTIAN LUDWIG MICHAEL RAAB STEPHEN REITMAN DANIEL SCHWARZ STUART PEARSON STEFAN BURGSTALLER JOSE ASUMENDI MAX WARBURTON CHRISTIAN BREITSPRECHER ZAFER RUZGAR MANFRED JAISFELD FRANCOIS MAURY MARC-RENE TONN JUERGEN PIEPER GEORGES DIENG TIM SCHULDT MARNIE COHEN MICHAEL PUNZET MICHAEL TYNDALL FRANK BILLER CHARLES WINSTON RABIH FREIHA HANS-PETER WODNIOK FRANK SCHWOPE CRAIG STERLING VIRGINIA PEREZ REPES VALERIE GASTALDY ERICH HAUSER TINA HECKING-VELTMAN LOTHAR LUBINETZKI ALBRECHT DENNINGHOFF JIRI SIMARA ALBERTO ROLLA 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 overweight buy buy buy buy Overwt/In-Line buy/attractive overweight market perform neutral buy buy neutral buy buy buy buy buy buy overweight buy buy outperform reduce buy hold buy buy outperform buy outperform neutral buy buy buy outperform

Amt Held % Out 26'355'116 15.49 6'687'487 3.93 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 1'005'971 0.59 898'443 0.53 768'556 0.45 689'860 0.41 545'030 0.32 527'664 0.31 466'852 0.27 445'028 0.26 442'029 0.26

Weighting

Change 5 5 5 5 5 5 5 5 3 3 5 5 3 5 5 5 5 5 5 5 5 5 5 2 5 3 5 5 5 5 5 3 5 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M U D M M M M M M M M M M

Latest Chg 458'177 (887'122) 592'800 (276'124) (51'122) 1'011'201 7'303 (153'129) 187'225 106'070 (30'044) 31'000 7'057 (1'230) 643 82'856 19'646

Target Price 207 205 194 215 195 210 235 207 170 175 220 210 160 215 200 195 185 181 188 192 213 #N/A N/A 194 183 198 #N/A N/A 181 202 195 #N/A N/A 207 141 170 168 200 200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 10.03.2011 Government 26.02.2013 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 27.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Unclassified 28.12.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 12.02.2013 12.02.2013 05.02.2013 28.01.2013 08.01.2013 06.12.2012 30.11.2012 16.11.2012 29.10.2012 18.10.2012 02.08.2012 30.04.2012

28.02.2013

Volvo AB Volvo AB manufactures trucks, buses, construction equipment, drive systems for marine and industrial uses, and aircraft engine components. The Company also offers repair and maintenance, lease financing, insurance, and financial services to its customers.

Price/Volume 120

40.0 M 35.0 M

100

30.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 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 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOLVB SS EQUITY YTD Change VOLVB SS EQUITY YTD % CHANGE

12/2012 12/yy 100.60 73.60 1'841'856.00 97.1 -3.43% 31.93% 86.48% 1'581.9 206'669.59 131'842.00 0.0 1'266.0 28'889.00 310'888.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M 15.0 M

10.0 M 20

5.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2008 304'642.0 0.69x 30'239.0 6.94x 9'942.0 8.75x

25.0 M

Valuation Analysis

31.12.2009 31.12.2010 218'361.0 264'749.0 1.12x 1.29x 2'157.0 33'711.0 113.19x 10.14x (14'718.0) 10'866.0 22.11x Profitability

LTM-4Q 31.12.2011 310'367.0 0.80x 42'597.0 5.80x 17'751.0 8.60x

31.12.2012 303'647.0 0.94x 32'391.0 8.78x 11'039.0 16.31x 32'391.00 17'691.00 5.83% 5.06% 3.19% 12.97% 6.01% 0.88% 22.6% 10.7% 5.8% 3.6% 1.08 0.40 38.92% 153.93% 11.03 5.53

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.28 3.90% 9.35% 1.283 33 3.636 7'495'713 8'727'916 7'902'262 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 310'367.0 303'646.0 299'460.1 319'413.9 69'176.1 76'177.7 3.61x 3.78x 0.84x 0.75x 3.34x 3.09x 42'597.0 32'392.0 34'377.7 41'517.5 5'751.0 8'372.8 5.80x 8.78x 9.04x 7.49x 9.99x 9.07x 17'751.0 11'038.0 13'530.8 19'163.8 1'688.1 3'518.3 8.60x 16.31x 14.73x 10.63x 15.78x 13.46x S&P Issuer Ratings Long-Term Rating Date 15.04.2011 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 15.04.2011 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 13.08 (EBITDA-Capex)/Interest Exp. 5.29 Net Debt/EBITDA 3.18 Total Debt/EBITDA 4.07 Reference Total Debt/Equity 153.9% Total Debt/Capital 60.3% Asset Turnover 0.88 Net Fixed Asset Turnover 3.74 Accounts receivable turnover-days 33.18 Inventory Days 66.17 Accounts Payable Turnover Day 82.55 Cash Conversion Cycle 16.80 Sales/Revenue/Turnover

60.00

350'000.0

50.00

300'000.0 250'000.0

40.00

200'000.0 30.00

150'000.0 20.00

100'000.0

10.00

50'000.0

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 |

28.02.2013

Volvo AB Holdings By:

All

Holder Name VOLVO AB SWEDBANK ROBUR FONDE NORGES BANK ALECTA PENSIONSFORSA CAPITAL GROUP COMPAN AMF FORSAKRING HARBOR CAPITAL ADVIS SEB FONDER AB AMF FONDER AB SEB SHB FUNDS VANGUARD GROUP INC NORDEA FONDER AB/SWE FOLKSAM LO FOND AB HANDELSBANKEN FONDER BLACKROCK DIDNER & GERGE FONDE FJARDE AP-FONDEN ANDRA AP FONDEN LANSFORSAKRINGAR FON

Firm Name AlphaValue Goldman Sachs Robert W. Baird & Co Morgan Stanley Credit Suisse Societe Generale Canaccord Genuity Corp Evli Bank Plc Deutsche Bank JPMorgan Macquarie SEB Enskilda Carnegie Nordea Equity Research Handelsbanken Pareto Securities Natixis DNB Markets Barclays Danske Markets ABG Sundal Collier HSBC S&P Capital IQ EVA Dimensions Berenberg Bank Silvia Quandt Research Prime Predictions Main First Bank AG Exane BNP Paribas CA Cheuvreux Swedbank Sydbank

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst HANS-PETER WODNIOK ASHIK KURIAN DAVID LEIKER LAURA LEMBKE GEORGE GALLIERS ALASDAIR LESLIE ANDREW BELL ANTTI KANSANEN PETER REILLY ALEXANDER WHIGHT JENS SCHATTNER ANDERS TRAPP KENNETH TOLL JOHANSSON ANDREAS BROCK HAMPUS ENGELLAU DAVID JACOBSSON KATHLEEN GAILLIOT CHRISTER MAGNERGARD MICHAEL TYNDALL BJORN ENARSON ERIK PETTERSSON-GOLRANG COLIN GIBSON JAWAHAR HINGORANI CRAIG STERLING ALEXANDER VIRGO ALBRECHT DENNINGHOFF PETER LJUNGGREN CHRISTOPHER YOUL RABIH FREIHA ALEXANDER NEUBERGER FREDRIK NILHOV MORTEN IMSGARD

Source Research Research Research Research ULT-AGG Research MF-AGG Research MF-AGG ULT-AGG Research MF-AGG Research MF-AGG MF-AGG ULT-AGG MF-AGG Research Research MF-AGG

Recommendation reduce buy/attractive outperform Overwt/In-Line underperform hold sell buy hold overweight outperform buy buy buy buy hold buy sell overweight buy buy underweight hold underweight buy neutral hold neutral neutral outperform buy overweight

Amt Held 80'013'209 78'657'058 71'955'474 66'910'000 60'488'880 42'544'960 41'696'882 35'329'637 31'934'960 27'630'008 27'578'727 25'377'814 23'592'830 23'301'799 19'792'028 14'005'708 13'240'000 12'895'181 11'526'751 9'898'756

% Out 5.06 4.97 4.55 4.23 3.82 2.69 2.64 2.23 2.02 1.75 1.74 1.6 1.49 1.47 1.25 0.89 0.84 0.82 0.73 0.63

Weighting

Change 2 5 5 5 1 3 1 5 3 5 5 5 5 5 5 3 5 1 5 5 5 1 3 1 5 3 3 3 3 5 5 5

M M M M M D M M D M M M M D M D M M M M M M M M M M D M M M M M

Latest Chg 5'950'000 2'523'000 2'148'404 619'858 294'923 (724'856) 294'338 600'000 (819'640)

Target Price 91 127 103 115 75 100 80 115 100 120 108 115 #N/A N/A 112 120 95 117 87 103 124 110 85 95 #N/A N/A 116 90 92 96 100 109 105 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.12.2012 28.12.2012 28.12.2012 28.12.2012 31.12.2012 28.12.2012 31.12.2012 28.12.2012 31.12.2012 31.01.2013 28.12.2012 31.12.2012 28.12.2012 31.12.2012 31.01.2013 26.02.2013 31.12.2012 28.12.2012 28.12.2012 31.12.2012

Date 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation Investment Advisor Government Pension Fund (ERISA) Investment Advisor Other Investment Advisor Mutual Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor

Date 28.02.2013 22.02.2013 20.02.2013 18.02.2013 15.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 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 15.01.2013 08.01.2013 16.11.2012 13.11.2012 05.11.2012 27.04.2012 22.03.2012 14.02.2012 17.05.2011

28.02.2013

WM Morrison Supermarkets PLC William Morrison Supermarkets plc retails groceries through a chain of supermarkets in England. Approximately half of the Group's stores contain petrol filling stations. William Morrison has its own fresh food manufacturing and processing operations, thus allowing them to market a number of own label brands.

Price/Volume 350

30.0 M

300

25.0 M

250

20.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2012) 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 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRW LN EQUITY YTD Change MRW LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

100

5.0 M

50 0 f-12 m-12

31.01.2009 31.01.2010 14'528.0 15'410.0 0.54x 0.56x 961.0 1'209.0 8.16x 7.10x 460.0 598.0 15.57x 12.68x Profitability

31.01.2011 16'479.0 0.48x 1'224.0 6.40x 632.0 11.03x

31.01.2012 17'663.0 0.50x 1'314.0 6.76x 690.0 10.97x 1'314.00 974.00 5.51% 5.36% 7.09% 13.03% 10.66% 1.83% 6.9% 7.5% 5.5% 3.9% 0.57 0.19 17.40% 31.78% 24.22

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

4.24 0.50 2'182.47 -6.76% -1.14% 0.503 26 2.462 5'349'544 6'861'014 6'795'425 FY+2

01/13 Y 01/14 Y 18'024.2 18'193.8 0.46x 0.47x 1'327.1 1'316.3 5.83x 5.87x 654.3 623.3 9.81x 9.85x S&P Issuer Ratings

FQ+1

FQ+2

22.27 10.00 1.25 1.48 31.8% 24.1% 1.83 2.27 15.03 -11.40

Sales/Revenue/Turnover

10.00

20'000.0

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 06.02.2009

a-12 m-12

Fiscal Year Ended 31.01.2008 12'969.0 0.66x 872.0 9.88x 554.0 14.38x

15.0 M

150

01/2012 01/yy 308.20 247.50 611'483.00 260 -15.64% 5.05% 18.95% 2'328.0 6'052.92 1'715.00 0.0 0.0 243.00 7'732.92

0.0 06.08.2009

06.02.2010

06.08.2010

06.02.2011

06.08.2011

06.02.2012

06.08.2012

06.02.2013

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 |

28.02.2013

WM Morrison Supermarkets PLC Holdings By:

All

Holder Name INVESCO LTD BRANDES INVESTMENT P AMERIPRISE FINANCIAL WALTER SCOTT & PARTN BLACKROCK LEGAL & GENERAL ZURICH FINANCIAL SER KERNIGHAN ELEANOR MA DUNCAN MORRISON WILL LANSDOWNE PARTNERS PRIVATE INDIVIDUALS BANK OF NEW YORK MEL SELFTRADE NORGES BANK INVESTME FIRST EAGLE INVESTME SCHRODER INVESTMENT FMR LLC PERPETUAL INVESTMENT SCOTTISH WIDOWS MACKENZIE FINANCIAL

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

AlphaValue VIRGINIE BLIN Shore Capital Stockbrokers DARREN SHIRLEY Jefferies JAMES GRZINIC Nomura NICK COULTER Oriel Securities Ltd JONATHAN PRITCHARD JPMorgan JAIME VAZQUEZ Cantor Fitzgerald MICHAEL J DENNIS Exane BNP Paribas JOHN KERSHAW Redburn Partners JAMES TRACEY Goldman Sachs FRANKLIN WALDING Deutsche Bank SALLY RONALD EVA Dimensions AUSTIN BURKETT Day by Day VALERIE GASTALDY Macquarie SREEDHAR MAHAMKALI Credit Suisse ANDREW KASOULIS HSBC JEROME SAMUEL Espirito Santo Investment Bank Research CAROLINE GULLIVER S&P Capital IQ WILLIAM MACK Panmure Gordon & Co Limited PHILIP DORGAN Barclays JAMES ANSTEAD Morgan Stanley EDOUARD AUBIN Natixis PIERRE-EDOUARD BOUDOT Investec DAVID MCCARTHY Numis Securities Ltd ANDREW WADE CA Cheuvreux ARNAUD JOLY

Source REG Co File Co File Co File ULT-AGG ULT-AGG Co File RNS-MAJ RNS-MAJ Short REG MF-AGG REG REG MF-AGG REG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation add sell buy neutral sell underweight sell underperform neutral Sell/Neutral hold overweight hold underperform neutral neutral sell buy sell underweight Underwt/In-Line reduce hold buy outperform

Amt Held % Out 178'765'850 7.68 132'155'077 5.68 131'284'252 5.64 107'775'155 4.63 98'122'989 4.21 90'833'557 3.9 81'286'130 3.49 74'193'360 3.19 70'375'701 3.02 (65'860'713) -2.83 63'707'505 2.74 63'257'394 2.72 63'228'203 2.72 58'507'279 2.51 55'292'475 2.38 50'536'377 2.17 48'801'103 2.1 45'400'762 1.95 43'813'435 1.88 42'278'475 1.82

Weighting

Change 4 1 5 3 1 1 1 1 3 1 3 5 3 1 3 3 1 5 1 1 1 2 3 5 5

M M M M M N M M M M M M D M M M M M M M M M M M M

Latest Chg 100'000 (20'901'802) (5'870'538) (1'635'173) (444'000) (2'235'095) 332'099 4'133'865 5'969'579 (4'269'618) 21'451'999 513'676

Target Price 272 #N/A N/A 310 270 225 245 229 230 #N/A N/A 250 235 #N/A N/A #N/A N/A 230 265 265 230 310 240 240 255 245 260 360 350

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.12.2012 Investment Advisor 07.03.2012 Investment Advisor 07.03.2012 Investment Advisor 07.03.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Unclassified 07.03.2012 Insurance Company 06.01.2012 n/a 01.02.2013 n/a 01.02.2013 Investment Advisor 03.12.2012 Other 26.02.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Government 30.09.2012 Hedge Fund Manager 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 03.12.2012 Unclassified 30.11.2012 Investment Advisor

Date 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 28.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 18.02.2013 18.02.2013 13.02.2013 31.01.2013 23.01.2013 18.01.2013 17.01.2013 10.01.2013 08.01.2013 07.01.2013 07.01.2013 07.01.2013 07.01.2013 07.01.2013 07.01.2013 03.01.2013 09.11.2012 05.11.2012 03.01.2012 26.05.2011

28.02.2013

Wolseley PLC Wolseley plc distributes bathroom materials, heating and plumbing supplies, and industrial pipes, valves, and fittings, to customers in the United Kingdom, Europe, and the United States. Wolseley also distributes building materials and lumber products, as well as operates tool hire centers.

Price/Volume 3500

3.0 M

3000

2.5 M

2500

2.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WOS LN EQUITY YTD Change WOS LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

1000

.5 M

500 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.07.2008 13'079.0 0.38x 1'152.0 4.35x 74.0 2.55x

1.5 M

1500

07/2012 10/yy 3'150.00 2'111.32 163'556.00 3085 -2.10% 46.12% 92.30% 274.0 8'452.95 840.00 0.0 0.0 819.00 8'473.95

31.07.2009 31.07.2010 13'301.0 13'203.0 0.36x 0.34x 1'140.0 840.0 4.23x 5.36x (1'173.0) (340.0) Profitability

LTM-4Q 31.07.2011 13'558.0 0.42x 863.0 6.63x 271.0 18.26x

31.07.2012 13'421.0 0.49x 829.0 7.98x 57.0 108.63x 829.00 291.00 2.17% 1.48% 0.76% 1.75% 1.60% 1.79% 27.5% 5.9% 1.9% 0.4% 1.71 0.95 11.76% 26.81% 8.23 6.07

Price/ Cash Flow

LTM

10/yy 10'288.0 0.00x 0.0 0.00x 0.0 0.00x

10/yy 13'105.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

1.94 1.29 273.76 0.01 29.57% 6.38% 1.292 25 3.720 990'234 797'117 835'189 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 04/12 Q3 07/12 Q4 13'203.6 14'074.5 3'157.3 0.66x 0.61x 847.2 977.8 235.0 10.01x 8.67x 493.0 598.3 16.96x 14.33x S&P Issuer Ratings

25.91 22.06 0.03 1.06 26.8% 21.1% 1.79 10.98 44.46 60.26 74.28 30.45

Sales/Revenue/Turnover

40.00

18'000.0

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0 20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Wolseley PLC Holdings By:

All

Holder Name BLACKROCK FMR LLC CEVIAN CAPITAL AXA LEGAL & GENERAL CAPITAL GROUP COMPAN VANGUARD GROUP INC ONTARIO TEACHERS PEN THREADNEEDLE INVESTM BANK OF NEW YORK MEL WILLIAM BLAIR & COMP OPPENHEIMERFUNDS INC MACKAY SHIELDS LLC SCOTTISH WIDOWS HARRIS ASSOCIATES LP TAUBE HODSON STONEX MARKETFIELD ASSET MA TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA CAZENOVE UNIT TRUST

Firm Name Goldman Sachs JPMorgan Goodbody Stockbrokers Ltd Oddo & Cie Liberum Capital Ltd Redburn Partners Exane BNP Paribas EVA Dimensions Panmure Gordon & Co Limited Deutsche Bank Jefferies Numis Securities Ltd Credit Suisse Berenberg Bank RBC Capital Markets Barclays Oriel Securities Ltd Day by Day HSBC Raymond James Shore Capital Stockbrokers Davy CA Cheuvreux

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOHN WOODMAN EMILY BIDDULPH ROBERT EASON VIRGINIE ROUSSEAU CHARLIE CAMPBELL JOHN MESSENGER PAUL ROGER CRAIG STERLING ANDY BROWN THOMAS SYKES SAM CULLEN HOWARD SEYMOUR HARRY GOAD MICHAEL WATTS OLIVIA PETERS PAUL CHECKETTS MARK HOWSON VALERIE GASTALDY RAJESH KUMAR ARNAUD PALLIEZ JON BELL FLORENCE O'DONOGHUE NABIL AHMED

Source ULT-AGG ULT-AGG Co File Co File ULT-AGG ULT-AGG MF-AGG Research MF-AGG MF-AGG 13F MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral/neutral overweight buy buy hold neutral neutral buy sell buy underperform hold outperform buy outperform overweight hold buy neutral market perform hold neutral suspended coverage

Amt Held 32'249'493 16'905'532 14'051'392 12'497'175 10'746'374 8'364'048 6'050'004 3'730'435 3'643'569 3'296'815 2'718'151 1'831'454 1'580'365 1'509'620 1'134'017 1'113'866 922'087 787'668 777'848 768'000

% Out 11.77 6.17 5.13 4.56 3.92 3.05 2.21 1.36 1.33 1.2 0.99 0.67 0.58 0.55 0.41 0.41 0.34 0.29 0.28 0.28

Weighting

Change

3 5 5 5 3 3 3 5 1 5 1 3 5 5 5 5 3 5 3 3 3 3 #N/A N/A

M M M M D D M M D M M M M M M M M M M D M D M

Latest Chg (2'168'377) (44'560) 123'755 (1'916) (252) 1'981'218 28'913 210'626 662'678 (1'424'679) (55'239) 301'305 (655'718) (62'731) (299'956)

Target Price 3'440 3'350 3'555 3'410 3'150 #N/A N/A 3'250 #N/A N/A 2'500 3'197 2'500 2'980 3'348 3'032 3'241 3'293 #N/A N/A 3'157 3'139 #N/A N/A #N/A N/A #N/A N/A 2'300

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Other 31.07.2012 Investment Advisor 31.07.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Unclassified 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 9 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 28.02.2013 25.02.2013 21.02.2013 05.02.2013 31.01.2013 18.01.2013 18.01.2013 17.01.2013 11.01.2013 09.01.2013 07.01.2013 07.01.2013 17.12.2012 14.12.2012 10.12.2012 05.12.2012 04.12.2012 20.11.2012 05.11.2012 05.10.2012 20.08.2012 18.07.2012 12.01.2012

28.02.2013

WPP PLC WPP plc operates a communications services group. The Company's operations encompass advertising, media investment management, information and consultancy, public relations and public affairs, healthcare and specialist communications, and branding and identity services.

Price/Volume 1200

16.0 M 14.0 M

1000

12.0 M 800

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPP LN EQUITY YTD Change WPP LN EQUITY YTD % CHANGE

12/2011 09/yy 1'071.00 733.00 443'710.00 1040 -2.99% 41.88% 88.76% 1'265.1 13'157.10 4'411.40 0.0 231.0 1'946.60 16'254.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M 6.0 M

400

4.0 M 200

2.0 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Fiscal Year Ended 31.12.2007 6'185.9 1.47x 988.1 9.22x 465.9 16.34x

10.0 M

600

Valuation Analysis

31.12.2008 31.12.2009 7'476.9 8'684.3 1.11x 1.21x 1'107.6 1'135.8 7.51x 9.23x 439.1 437.7 10.48x 16.97x Profitability

LTM-4Q 31.12.2010 9'331.0 1.29x 1'358.4 8.89x 586.0 16.61x

31.12.2011 10'021.8 1.12x 1'576.7 7.14x 840.1 9.99x 1'576.70 1'193.20 11.91% 10.06% 3.67% 13.13% 11.03% 0.43% 92.2% 15.7% 11.9% 8.4% 0.93 0.70 17.86% 66.20% 1.77 1.85

Price/ Cash Flow

LTM

03/yy 8'374.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 9'924.3 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M f-13

2.49 1.11 1'245.34 33.71% 17.12% 1.112 33 4.091 3'470'600 3'146'467 2'999'680 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 10'341.3 10'831.5 2'905.2 2'464.0 1.54x 1.42x 1'764.9 1'830.1 9.21x 8.88x 966.0 1'025.6 14.25x 13.16x S&P Issuer Ratings

10.11.2008 BBB STABLE 05.04.2011 A-2 5.31 4.58 1.77 2.61 66.2% 39.0% 0.43 14.43 206.51 197.72 3370.54 -3250.40

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

WPP PLC Holdings By:

All

Holder Name MASSACHUSETTS FINANC BLACKROCK VANGUARD GROUP INC LEGAL & GENERAL CAPITAL GROUP COMPAN FMR LLC T ROWE PRICE ASSOCIA SORRELL MARTIN STUAR D E SHAW & CO UK LTD SCOTTISH WIDOWS FIRST PACIFIC ADVISO ARTISAN PARTNERS HOL INVESCO LTD SUSQUEHANNA INTERNAT ROYAL BANK OF CANADA JO HAMBRO CAPITAL MA ALLIANZ ASSET MANAGE UNITED SERVICES AUTO HARTFORD INVESTMENT MFS FINANCIAL SERVIC

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue VERONIQUE CABIOC'H Deutsche Bank PATRICK KIRBY Investec STEVEN LIECHTI Liberum Capital Ltd IAN WHITTAKER Numis Securities Ltd PAUL RICHARDS Pivotal Research Group LLC BRIAN WIESER Nomura MATTHEW WALKER S&P Capital IQ ALEXANDER WISCH Morgan Stanley PATRICK WELLINGTON Sanford C. Bernstein & Co CLAUDIO ASPESI Exane BNP Paribas CHARLES BEDOUELLE Jefferies WILL SMITH Barclays JULIEN ROCH Oddo & Cie BRUNO HARENG Credit Suisse NICK BERTOLOTTI Societe Generale LAURENT PICARD EVA Dimensions CRAIG STERLING BMO Capital Markets DANIEL SALMON Goldman Sachs RICHARD JONES Macquarie TIMOTHY W NOLLEN Day by Day VALERIE GASTALDY JPMorgan FILIPPO PIETRO LO FRANCO Natixis JEROME BODIN HSBC DAN GRAHAM Panmure Gordon & Co Limited ALEX DE GROOTE Berenberg Bank SARAH SIMON Kepler Capital Markets CONOR O'SHEA Espirito Santo Investment Bank Research GIASONE SALATI CA Cheuvreux THOMAS JORION WYT Ltd ANTHONY DE LARRINAGA N+1 Singer Ltd JOHNATHAN BARRETT Wells Fargo Securities, LLC PETER STABLER

Source 13G ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG RNS-DIR Short ULT-AGG MF-AGG MF-AGG MF-AGG Short ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce hold buy buy buy hold buy hold Equalwt/Attractive outperform outperform buy overweight neutral outperform buy buy market perform Buy/Neutral outperform buy overweight reduce overweight hold hold hold buy outperform hold not rated outperform

Amt Held % Out 70'850'166 5.6 61'390'681 4.85 51'018'216 4.03 44'740'301 3.54 41'585'000 3.29 35'458'169 2.8 27'110'460 2.14 18'089'989 1.43 (15'560'800) -1.23 15'428'314 1.22 10'134'960 0.8 9'291'280 0.73 9'198'258 0.73 (6'323'542) -0.5 6'255'247 0.49 5'535'125 0.44 4'664'339 0.37 4'239'326 0.34 3'964'993 0.31 3'713'747 0.29

Weighting 2 3 5 5 5 3 5 3 3 5 5 5 5 3 5 5 5 3 5 5 5 5 2 5 3 3 3 5 5 3 #N/A N/A 5

Change M M M M M M M U M M M U M M M M M M M M M M M M M M D M M M M M

Latest Chg 13'537'605 (1'528'975) 21'688'538 (2'192'056) (2'314'398) 84'314 (6'452'270) 2'697'345 176'552 904'965 90'826 120'937 (38'920) (325'574) (51'588) 168'491 63'834 -

Target Price 1'000 1'030 1'150 1'180 1'224 980 1'030 1'150 1'090 1'050 1'230 1'150 1'100 950 950 1'110 #N/A N/A 800 1'105 1'100 1'070 1'054 820 960 820 850 940 1'360 1'000 844 #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 26.02.2013 31.12.2012 20.04.2012 31.12.2012 31.12.2012 31.12.2012 12.11.2012 13.02.2013 30.11.2012 31.12.2012 31.12.2012 27.02.2013 12.12.2012 28.09.2012 30.11.2012 31.12.2012 30.11.2012 31.01.2013 31.12.2012

Date 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 3 month 9 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Other Unclassified Investment Advisor Investment Advisor Investment Advisor Other Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.02.2013 26.02.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 14.02.2013 14.02.2013 05.02.2013 30.01.2013 25.01.2013 22.01.2013 21.01.2013 17.01.2013 17.01.2013 15.01.2013 09.01.2013 03.01.2013 02.01.2013 12.12.2012 07.12.2012 12.11.2012 26.10.2012 25.10.2012 11.10.2012 04.09.2012 31.08.2012 18.03.2012 01.03.2012 08.02.2012

28.02.2013

Xstrata PLC Xstrata plc, a diversified mining group, explores for and mines copper, coking coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The Group conducts operations in Australia, South Africa, Germany, Argentina, and the United Kingdom.

Price/Volume 1400

60.0 M

1200

50.0 M

1000

40.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XTA LN EQUITY YTD Change XTA LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

400

10.0 M

200 0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

Fiscal Year Ended 31.12.2007 28'542.0 2.82x 10'904.0 7.38x 5'543.0 12.31x

30.0 M

600

12/2011 01/yy 1'209.40 760.47 470'780.00 1144 -5.33% 50.43% 87.44% 3'002.7 34'350.80 10'370.00 0.0 2'037.0 1'948.00 65'924.83

31.12.2008 31.12.2009 27'952.0 22'732.0 0.96x 2.83x 9'645.0 6'476.0 2.78x 9.93x 3'595.0 661.0 2.49x 72.41x Profitability

31.12.2010 30'499.0 2.59x 10'393.0 7.61x 4'688.0 14.58x

31.12.2011 33'877.0 1.64x 11'648.0 4.76x 5'713.0 7.70x 11'648.00 8'431.00 24.89% 24.05% 6.26% 10.70% 9.03% 0.43% 43.2% 30.1% 20.3% 16.9% 1.33 0.59 13.86% 23.75% 8.67 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.36 1.75 1'520.54 -2.38% 8.03% 1.750 21 3.429 5'692'638 4'439'979 4'927'597 FY+2

12/12 Y 12/13 Y 30'644.3 34'287.1 2.17x 1.97x 7'704.7 9'905.1 8.56x 6.66x 3'461.3 4'017.2 14.90x 13.41x S&P Issuer Ratings

FQ+1

FQ+2

29.11.2012 BBB+ *29.11.2012 A-2 *25.77 7.83 1.17 1.34 23.7% 18.5% 0.43 0.62 42.23 85.13

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0

8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Xstrata PLC Holdings By:

All

Holder Name GLENCORE INTERNATION QATAR HOLDINGS LLC BLACKROCK UBS NORGES BANK INVESTME STATE STREET LEGAL & GENERAL JP MORGAN BANK OF NEW YORK MEL SCOTTISH WIDOWS Xstrata Plc Employee STANDARD LIFE INVEST FMR LLC GOVT OF SINGAPORE IN SAFE INVESTMENT COMP PEOPLES REPUBLIC OF LLOYDS BANKING GROUP NORTHERN CROSS LLC HSBC Prop Trading/Ma Northern Cross Inter

Firm Name AlphaValue Macquarie Exane BNP Paribas RBC Capital Markets Sanford C. Bernstein & Co S&P Capital IQ BMO Capital Markets CA Cheuvreux Redburn Partners SBG Securities Jefferies HSBC Day by Day Societe Generale EVA Dimensions Nomura Liberum Capital Ltd Landesbank Baden-Wuerttemberg Natixis Standard Chartered Credit Suisse Bank Vontobel AG Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst SACHIN KUMAR JEFFREY LARGEY SYLVAIN BRUNET TIMOTHY HUFF PAUL GAIT JOHNSON IMODE TONY ROBSON JOAKIM AHLBERG SIMON TOYNE PETER DAVEY Christopher LaFemina ANDREW KEEN VALERIE GASTALDY ALAIN WILLIAM CRAIG STERLING SAM CATALANO ASH LAZENBY JENS MUENSTERMANN RAOUDHA BOUZEKRI SUBRAMANIAM VARADA LIAM FITZPATRICK PATRICK RAFAISZ ROBERT CLIFFORD ALAIN GABRIEL EUGENE KING BENJAMIN DEFAY

Source REG RNS-RUL8 ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 REG ULT-AGG RNS-RUL8 REG REG

Recommendation reduce outperform neutral sector perform outperform sell underperform outperform neutral sell buy neutral hold hold underweight restricted buy buy neutral outperform restricted buy restricted restricted not rated restricted

Amt Held 1'010'403'999 350'410'601 145'371'174 96'161'768 88'851'173 66'279'935 62'799'829 57'934'396 54'135'734 42'918'648 42'642'114 42'357'678 32'546'951 31'744'376 31'187'938 30'417'938 29'719'950 28'945'439 25'475'000 25'223'487

% Out 33.65 11.67 4.84 3.2 2.96 2.21 2.09 1.93 1.8 1.43 1.42 1.41 1.08 1.06 1.04 1.01 0.99 0.96 0.85 0.84

Weighting

Change

2 5 3 3 5 1 1 5 3 1 5 3 3 3 1 #N/A N/A 5 5 3 5 #N/A N/A 5 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

M M M M M D M M M D M D D D M M M M M U M M M M M M

Latest Chg (6'037) 16'463'856 (219'524) 571 8'344'175 (634'892) (192'461) (6'795'572) (228'412) 131'350 (99'639) (610'124) (3'925'000) 2'450'000 (757'180)

Target Price 1'147 1'200 1'050 1'050 1'575 1'000 975 1'300 #N/A N/A 1'220 1'350 1'250 #N/A N/A 1'190 #N/A N/A #N/A N/A #N/A N/A 1'250 1'017 1'080 #N/A N/A 1'103 #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 02.01.2013 14.01.2013 26.02.2013 26.02.2013 02.01.2013 27.02.2013 25.02.2013 26.02.2013 02.01.2013 02.01.2013 02.01.2013 26.02.2013 26.02.2013 25.02.2013 02.02.2012 02.01.2013 31.01.2013 14.09.2012 02.01.2013 02.01.2013

Date 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Government Investment Advisor Unclassified Government Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Government Unclassified Government Investment Advisor Investment Advisor Unclassified Unclassified

Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 08.02.2013 07.02.2013 05.02.2013 31.01.2013 17.01.2013 16.01.2013 10.01.2013 09.01.2013 20.11.2012 08.09.2012 21.02.2012 07.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012

28.02.2013

Yara International ASA Yara International ASA produces, distributes, and sells nitrogen-based mineral fertilizers and related industrial products. The Company also distributes and sells a range of phosphate and potash-based mineral fertilizers, as well as complex and specialty mineral fertilizer products.

Price/Volume 350

4.0 M

300

3.5 M

250

3.0 M 2.5 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YAR NO EQUITY YTD Change YAR NO EQUITY YTD % CHANGE

12/2012 12/yy 305.50 221.70 295'943.00 277.2 -9.26% 25.03% 66.83% 287.7 79'738.29 10'895.00 0.0 1'745.0 9'941.00 82'437.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

100

1.0 M

.5 M

0 f-12 m-12

31.12.2009 31.12.2010 60'867.0 64'006.0 1.52x 1.67x 3'698.0 9'907.0 25.03x 10.80x 3'782.0 8'729.0 20.16x 11.16x Profitability

LTM-4Q 31.12.2011 77'726.0 0.95x 15'917.0 4.66x 12'066.0 5.72x

31.12.2012 83'997.0 0.96x 14'756.0 5.46x 10'602.0 7.30x 14'756.00 11'332.00 13.49% 15.78% 13.66% 22.85% 19.86% 1.08% 17.6% 13.5% 12.6% 2.30 1.27 13.41% 22.62% 10.04 -

Price/ Cash Flow

j-12

LTM

12/yy 77'726.0 4.24x 15'915.0 4.66x 12'066.0 5.72x

j-12

12/yy 83'997.0 3.90x 14'759.0 5.46x 10'601.0 7.31x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.05 163.14 3.88% 1.24% 1.046 31 3.742 1'071'734 1'000'236 984'281 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 85'116.4 86'125.0 21'995.0 21'375.2 0.95x 0.91x 3.70x 3.89x 14'781.2 14'243.7 4'200.8 3'775.3 5.58x 5.79x 5.65x 5.61x 9'156.8 8'740.7 2'672.3 2'300.1 8.42x 8.70x 8.98x 9.10x S&P Issuer Ratings

15.03.2010 BBB STABLE 15.03.2010 A-2 12.29 9.31 0.06 0.74 22.6% 17.9% 1.08 3.23 36.44 -

Sales/Revenue/Turnover

18.00

100'000.0

16.00

90'000.0

14.00

80'000.0 70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 87'926.0 0.77x 14'376.0 4.73x 8'228.0 5.26x

2.0 M

150

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 |

28.02.2013

Yara International ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS STATE STREET GOVERNMENT PENSION F CLEARSTREAM BANKING BANK OF NEW YORK MEL JP MORGAN CHASE BANK FMR LLC VAN ECK ASSOCIATES C DNB NOR ASSET MANAGE YARA INTERNATIONAL A DWS INVESTMENT S A VANGUARD GROUP INC SWEDBANK ROBUR FONDE STOREBRAND FUND MANA DWP BANK ODIN FORVALTNING AS STATOILS PENSJONSKAS BLACKROCK UNIVERSAL INVEST CON ALLIANZ ASSET MANAGE

Firm Name Sanford C. Bernstein & Co AlphaValue Scotia Capital SEB Enskilda Carnegie Fondsfinans AS Nordea Equity Research Handelsbanken DNB Markets Exane BNP Paribas Norne Securities AS Swedbank First Securities BMO Capital Markets Morgan Stanley ABG Sundal Collier Macquarie Pareto Securities Nomura Arctic Securities ASA Liberum Capital Ltd JPMorgan EVA Dimensions HSBC Main First Bank AG Credit Suisse SpareBank 1 Markets AS Deutsche Bank Societe Generale Redburn Partners Equita SIM SpA

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst JEREMY REDENIUS FABRICE FARIGOULE BEN ISAACSON TRULS KOLSRUD ENGENE BENGT JONASSEN PER HAAGENSEN ANDRE HOLO ADOLFSEN ANNE GJOEN KNUT-IVAR BAKKEN HEIDI VESTERINEN TOMAS SKEIVYS HANS-ERIK JACOBSEN JOEL JACKSON AMY WALKER MARTIN MELBYE CHRISTIAN FAITZ EIRIK VEGEM DAHLE JEAN DE WATTEVILLE THOMAS LORCK SOPHIE JOURDIER NEIL C TYLER CRAIG STERLING YONAH WEISZ THOMAS SWOBODA LARS KJELLBERG HENRIK SCHULTZ VIRGINIE BOUCHER-FERTE PETER CLARK TONY JONES MASSIMO BONISOLI

Source EXCH ULT-AGG EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH ULT-AGG MF-AGG ULT-AGG

Recommendation outperform buy sector perform sell sell buy buy accumulate hold neutral sell neutral market perform Equalwt/In-Line buy outperform buy buy sell buy overweight buy neutral outperform restricted neutral hold buy neutral buy

Amt Held 102'915'622 20'886'005 17'834'822 11'288'663 11'144'718 8'909'011 5'054'930 4'219'070 3'683'785 3'639'677 3'496'842 3'425'872 2'404'252 2'271'516 2'070'520 1'722'699 1'419'283 1'397'411 1'340'000 1'253'280

% Out 35.78 7.26 6.2 3.92 3.87 3.1 1.76 1.47 1.28 1.27 1.22 1.19 0.84 0.79 0.72 0.6 0.49 0.49 0.47 0.44

Weighting

Change

5 5 3 1 1 5 5 4 3 3 1 3 3 3 5 5 5 5 1 5 5 5 3 5 #N/A N/A 3 3 5 3 5

M M M M M M M M D M D M M M M M M M M M M M D U M D M M M M

Latest Chg (1'855) (21'813) (55'672) (48'600) 74'219 358'301 27'390 150'000 38'821 470'000 95'840

Target Price 350 369 315 265 #N/A N/A 350 350 320 315 280 280 300 286 316 320 400 400 375 260 350 365 #N/A N/A 305 320 #N/A N/A 290 300 370 #N/A N/A 320

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 18.02.2013 Government 27.02.2013 Investment Advisor 18.02.2013 Government 18.02.2013 Bank 18.02.2013 Investment Advisor 18.02.2013 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 18.02.2013 Corporation 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 18.02.2013 Bank 31.01.2013 Mutual Fund Manager 18.02.2013 Pension Fund (ERISA) 26.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month 6 month 12 month Not Provided Not Provided 9 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month

Date 25.02.2013 21.02.2013 20.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 28.01.2013 22.01.2013 15.01.2013 11.01.2013 07.12.2012 05.12.2012 05.12.2012 29.10.2012 23.10.2012 15.10.2012 30.04.2012

28.02.2013

Zurich Insurance Group AG Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Price/Volume 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2012 12/yy 264.00 192.50 118'015.00 254 -3.75% 31.95% 83.64% 148.3 37'668.23 12'521.00 0.0 2'368.0 9'098.00 46'261.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M 1.4 M

200

1.2 M

150

1.0 M .8 M

100

.6 M .4 M

.2 M

0 f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

.0 M f-13

Fiscal Year Ended 31.12.2008 32'331.0 0.99x 3'039.0 9.86x

1.8 M

250

31.12.2009 31.12.2010 70'123.0 67'819.0 0.50x 0.64x 3'963.0 3'428.0 7.83x 10.92x Profitability

LTM-4Q 31.12.2011 52'978.0 0.73x 3'750.0 8.80x

31.12.2012 70'446.0 0.64x 3'878.0 10.08x 8.34% 7.48% 0.97% 11.74% 9.17% 0.18% 5.5% 3.06% 36.30% -

Price/ Cash Flow

LTM

12/yy 52'980.0 3.11x 0.0 0.00x 3'750.0 8.80x

12/yy 70'446.0 2.48x 0.0 0.00x 3'872.0 10.07x

FY+1

1.20 148.14 0.42 19.82% 4.35% 1.197 39 3.436 536'046 462'316 417'827 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 60'114.2 62'244.6 0.92x 4'318.0 4'541.8 1'175.0 945.0 9.51x 9.01x S&P Issuer Ratings

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

28.02.2013

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK ABERDEEN FMR LLC VANGUARD GROUP INC CREDIT SUISSE CREDIT SUISSE ASSET FRANKLIN RESOURCES UBS FUND MANAGEMENT PICTET & CIE TWEEDY BROWNE COMPAN MASSACHUSETTS FINANC SCHRODER INVESTMENT DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT BANK OF NEW YORK MEL UMB BANK N A MORGAN STANLEY DANSKE INVEST A/S ALLIANZ ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

AlphaValue DIETER HEIN Morgan Stanley MARCUS RIVALDI Bank Vontobel AG STEFAN SCHUERMANN Berenberg Bank PETER ELIOT Credit Suisse RICHARD BURDEN Independent Research GmbH STEFAN BONGARDT Zuercher Kantonalbank GEORG MARTI Keefe, Bruyette & Woods RALPH HEBGEN JPMorgan MICHAEL HUTTNER Macquarie HADLEY COHEN Bankhaus Metzler JOCHEN SCHMITT Kepler Capital Markets FABRIZIO CROCE Nomura MICHAEL KLIEN S&P Capital IQ RODERICK WALLACE Main First Bank AG RENE LOCHER Exane BNP Paribas THOMAS JACQUET Helvea DANIEL BISCHOF Oddo & Cie NICOLAS JACOB Bryan Garnier & Cie OLIVIER PAUCHAUT Banca Akros(ESN) MARCO CAVALLERI CA Cheuvreux ATANASIO PANTARROTAS Barclays ANDREW BROADFIELD Mediobanca SpA MARC THIELE RBC Capital Markets GORDON AITKEN Deutsche Bank ROBIN BUCKLEY Sanford C. Bernstein & Co THOMAS SEIDL HSBC THOMAS FOSSARD Day by Day VALERIE GASTALDY EVA Dimensions AUSTIN BURKETT Espirito Santo Investment Bank Research JOY FERNEYHOUGH Raymond James DANNY JACQUES Canaccord Genuity Corp BEN COHEN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Societe Generale JASON KALAMBOUSSIS Goldman Sachs VINIT MALHOTRA Redburn Partners PAUL GOODHIND DZ Bank AG WERNER EISENMANN Daiwa Securities Co. Ltd. TIM PROUDLOVE CS Capital CHRISTOPHER PARKINSON

Source ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG EXCH MF-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

Recommendation add Equalwt/In-Line hold hold outperform hold market perform market perform neutral neutral buy hold buy sell underperform neutral neutral buy sell hold select list equalweight neutral sector perform hold outperform neutral buy buy buy outperform buy sell hold Buy/Neutral neutral buy underperform neutral

Amt Held 6'478'263 4'495'862 4'377'801 3'587'304 3'087'350 2'525'492 2'266'979 1'902'944 1'415'888 756'303 716'240 601'051 559'536 540'678 487'809 420'245 329'296 313'506 297'808 281'822

% Out 4.37 3.03 2.95 2.42 2.08 1.7 1.53 1.28 0.95 0.51 0.48 0.41 0.38 0.36 0.33 0.28 0.22 0.21 0.2 0.19

Weighting

Change 4 3 3 3 5 3 3 3 3 3 5 3 5 1 1 3 3 5 1 3 5 3 3 3 3 5 3 5 5 5 5 5 1 3 5 3 5 1 3

M M M M M M M D 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

Latest Chg (221) (23'819) 168'230 22'537 787 (85) (1'964) (15'345) (4'300) (13'585) 20'468 16'355 (6'860) 10'384 32'803 56'299 16'869 7'978

Target Price 281 261 270 290 282 270 #N/A N/A 300 263 270 290 213 290 230 265 245 255 300 252 245 300 260 292 280 265 250 254 270 #N/A N/A 300 262 260 200 252 292 #N/A N/A 240 216 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.02.2013 Investment Advisor 23.06.2011 Government 31.01.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.03.2010 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided 3 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided

Date 28.02.2013 26.02.2013 26.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 17.02.2013 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 13.02.2013 04.02.2013 04.02.2013 30.01.2013 28.01.2013 24.01.2013 17.01.2013 16.01.2013 15.01.2013 15.01.2013 08.01.2013 19.12.2012 18.12.2012 30.11.2012 15.11.2012 11.10.2012 15.03.2012 05.12.2011 06.05.2011 05.08.2010