Fundamental Analysis - SLI Index (Swiss Leader Index) Members & Index Analysis 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 Swiss Leader Index - SLI Index Q4-2012

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 |

Index Analysis - Financial Statements Name: SLI SWISS LEADER INDEX View

Currency: CHF Current CY 2012

Number of Member Stocks: 30 30.12.2011 31.12.2010 CY1 2011

CY1 2010

31.12.2009

31.12.2008

31.12.2007

29.12.2006

30.12.2005

31.12.2004

CY1 2009

CY1 2008

CY1 2007

CY1 2006

CY1 2005

CY1 2004

31.12.2003

31.12.2002

31.12.2001

29.12.2000

31.12.1999

31.12.1998

31.12.1997

31.12.1996

29.12.1995

30.12.1994

31.12.1993

31.12.1992

CY1 2003

CY1 2002

CY1 2001

CY1 2000

CY1 1999

CY1 1998

CY1 1997

CY1 1996

CY1 1995

CY1 1994

CY1 1993

CY1 1992

Index Summary Income Statement 50.2 37.1 51.0 57.8 707.4 31.1 127.8

62.92 120.52 119.58 126.38 1906.17 22.7593 344.7

66.94 246.97 237.65 246.97 3485.57 108.525 626.62

23.7 192.45 190.9 214.07 3235.49 115.7297 605.11

4.67 130.69 140.74 141.65 1877.49 5.2533 310.04

94.58

Book Value Per Share Enterprise Value Per Share Net Debt Per Share

571.9 1774.1 229.1

2256.82 8190 5966.83

2087.4 8979.21 5496.08

2153.91 7640.74 5117.82

Cash Flow Cash Flow Per Share Free Cash Flow Per Share

204.9 170.8

101.47 -34.58

30.77 -195.75

257.45 36.24

175.64 47.86

Price Ratios Price/EPS P/E Before XO Diluted P/E Cont Ops Price/EPS Positive Price/Book Price/Sales Price/Cash Flow Dividend Yield Price/EBITDA

19.7 26.7 19.4 17.1 1.7 1.4 4.8 3.1 7.7

11.3082 11.3082 11.7518 11.3082 1.2375 0.8013 90.7571 3.8859 4.457

15.4066 15.4066 15.5312 13.8504 1.4204 0.9164 11.5166 3.9032 4.8998

10.3113 10.3113 8.6643 9.4549 1.0755 0.6392 5.39 5.094 3.7728

Market Data Last Price Volume Index Market Cap Total Market Cap Free Float Market Cap Average Market Cap

989.7 33442140 367603.8 8.87951E+11 793699.125 29598.375

876.66 16242538992 342032.44 810940.13 719334.88 27031.34

1017.26 15768470760 407267.94 887932.69 775596.75 0

1003.34 18240397242 323058.19 882548.5 807643.81 0

789.67 25416338804 247895.07 723139.69 678381.5 0

1296.41 9816948244 417766.27 1107557.5 1039621.38 0

1313.44 0 0 0 0 0

1070.22 0 0 0 0 0

795.5 0 0 0 0 0

756.88 0 0 0 0 0

623.19 0 0 0 0 0

876.64 0 0 0 0 0

1116.81 0 0 0 0 0

1000 0 0 0 0 0

0 0 0 0 0 0

50.2 37.1 51.0 57.8 707.4 31.1 31.1 31.1 127.8 29771230.7

62.92 59.94 63.92 64.02 682.92 29.9825 29.98 29.98 138.43 28.46

66.94 67.41 70.07 67.61 687.24 25.6438 25.64 25.64 141.76 31.79

23.7 23.7 27.13 52.98 682.41 19.564 19.56 19.56 114.28 27.58

4.67 4.67 10.79 73.82 921.73 26.8883 26.89 26.89 265.63 63.58

94.58 94.58 82.6 94.58 857.4 27.3566 27.36 27.36 276.02 29.88

0 0 0 0 0 0 0 0 0 0

Asset Fields Cash & Equivalents Per Share Current Assets Total Assets

872.2 299.1 6621.2

757.72 280.37 6303.49

456.47 296.2 5202.39

625.85 328.45 4693.08

620.21 779.61 7563.06

494.73 409.72 6012.55

0 0 0

Liability Fields Current Liabilities Total Debt Net Debt Per Share Total Liabilities Total Shareholders' Equity

218.4 1590.6 229.1 6011.8 609.4

194.76 1440.89 294.15 5713.29 590.2

202.86 1350.93 561.97 4704.62 497.77

207.15 1190.6 247.93 4229.97 463.11

540.13 2292.63 782.06 6797.45 765.61

266.35 1656.43 510.69 5496.31 516.24

0 0 0 0 0

Reference Items Book Value Per Share Enterprise Value Per Share Retained Earnings Capital Expenditures Goodwill

571.9 1774.1 366.4 -30.7 154.2

549.13 1708.65 351.02 -26.69 158.17

461.58 1807.08 289.62 -26.78 151.35

416.55 1609.37 265.98 -32.49 123.46

475.42 2831.78 133.19 -69.99 232.82

480.86 2782.25 358.22 -33.76 131.7

0 0 0 0 0

170.8 -69459426.9 68575538.6

130.79 -87.17 -221.31

94.47 -33.81 -194.53

177.36 -296.87 -158.94

45.46 -314.49

-163.83 271.35

0 0

Price/EPS P/E Before XO Diluted P/E Cont Ops Price/EPS Positive Price/Book Price/Sales Price/Cash Flow Dividend Yield Dividend Yield - Gross Dividend Yield - Net Price/EBITDA Total Debt to Total Equity Total Debt to Total Assets Sales Per Employee Current Ratio EV/T12M Sales EV/T12M EBITDA Net Debt to EBITDA

19.7 26.7 19.4 17.1 1.7 #N/A Field Not Applicable 4.8 3.1 3.1 3.1 7.7 261.0 24.0 569569.7 1.4 2.5 13.9 1.8

13.934 14.6262 13.7139 13.6935 1.5965 1.2837 11.8607 3.4201 3.42 3.42 6.3329 244.14 22.86 602251.69 1.44 2.502 12.3431 2.12

0 0 0 0 0 0 0 2.5209 2.52 2.52 0 271.39 25.97 523225.09 0 0 0 0

0 0 0 0 0 0 0 1.9499 1.95 1.95 0 257.09 25.37 550140.5 0 0 0 0

0 0 0 0 0 0 0 3.405 3.41 3.41 0 299.45 30.31 704718 0 0 0 0

0 0 0 0 0 0 0 2.1102 2.11 2.11 0 320.86 27.55 662885.94 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Gross Margin Operating Margin Profit Margin EBITDA Margin Return on Assets Return on Common Equity Return on Capital

50.2 15.1 8.2 18.1 5.9 19.1 11.4

54.5 17.55 13.99 20.27 8.85 28.82 14.78

55.44 18.37 14.01 20.63 7.45 35.29 12.31

56.92 11.2 9.58 16.75 7.46 15.53 12.6

56.65 13.01 9.14 28.82 8.57 12.75 14.61

52.13 18.56 15.35 32.19 9.44 25.1 17.83

0 0 0 0 0 0 0

989.7 33442140.0 367603.8 887951250000.0 793699.1 29598.4

876.66 16242538992 342032.44 810940.13 719334.88 27031.34

1017.26 15768470760 407267.94 887932.69 775596.75 0

1003.34 18240397242 323058.19 882548.5 807643.81 0

789.67 25416338804 247895.07 723139.69 678381.5 0

1296.41 9816948244 417766.27 1107557.5 1039621.38 0

1313.44 0 0 0 0 0

1070.22 0 0 0 0 0

795.5 0 0 0 0 0

623.19 0 0 0 0 0

876.64 0 0 0 0 0

1116.81 0 0 0 0 0

1000 0 0 0 0 0

0 0 0 0 0 0

Earnings Per Share EPS Before XO Diluted EPS from Continuing Ops EPS Positive Sales Per Share Dividends Per Share EBITDA Per Share

Balance Sheet

Income Statement Earnings Per Share EPS Before XO Diluted EPS from Continuing Ops EPS Positive Sales Per Share Dividends Per Share Dividends Per Share - Gross Dividends Per Share - Net EBITDA Per Share R&D Expenditures

0 0 0 0 0 0 0 0 0 0

Balance Sheet

Cash Flow Free Cash Flow Per Share Cash from Financing Activities Cash from Investing Activities

0 0

Ratio Analysis 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Profitability 0 0 0 0 0 0 0

Market Data Last Price Volume Index Market Cap Total Market Cap Free Float Market Cap Average Market Cap

756.88 0 0 0 0 0

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

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

13481521

1956.95

1094

202

212

98.54

104.88

14.83

13.93

19.08

Euro Stoxx 50 Pr

EUR

2383019

10751

4636

758

783

153.71

305.45

27.51

14.55

13.84

20.87

NIKKEI 225

JPY

2136590

174.5647

228

5.18

7.78

0.28

0.24

0.19

0.14

FTSE 100 INDEX

GBP

2609269

13690.92

9550

1550

1643

716.56

827.47

21.33

20.15

18.47

25.87

SWISS MARKET INDEX

CHF

897747

11090.74

3969

810

791

387.36

521.09

19.75

19.44

14.68

22.39

S&P/TSX COMPOSITE INDEX

CAD

1705099

19277.86

7839

1959

1986

825.19

853.10

15.70

15.18

25.54

S&P/ASX 200 INDEX

AUD

1228513

8027.256

2887

636

713

271.05

347.69

17.41

14.67

13.57

23.50

HANG SENG INDEX

HKD

1566845

2390.676

1439

339

355

255.24

244.29

1.37

1.49

1.43

3.09

MSCI EM

USD

7368821

1359.524

971

183

184

80.57

89.36

12.48

12.91

11.25

18.92

ABB LTD-REG

CHF

44734

560

2290

52.89

40788

41312

42667

45320

6107

5856

1580

1.49

1.37

1.49

1.69

16.21

16.18

14.99

13.18

21.76

8.22

21.66

13.16

16.08

08.06.2010

ADECCO SA-REG

CHF

9642

170

9.30

22058

22218

22365

23165

1008

1037

289

2.92

2.83

2.98

3.50

15.93

15.16

12.91

10.87

1.86

17.25

0.39

4.91

BBB

12.10.2011

Baa3

20.10.2009

ACTELION LTD-REG

CHF

6669

117

5.84

1839

1809

1846

1842

468

432

141

0.97

2.64

2.86

3.26

20.78

26.89

19.17

16.81

-6.66

7.34

-20.11

9.29

27.30

JULIUS BAER GROUP LTD

CHF

6836

205

#VALUE!

2203

2167

1888

2259

1.36

1.56

2.44

2.53

24.01

15.33

14.77

-1.20

BALOISE HOLDING AG - REG

CHF

4101

3.67

8258

8734

8580

8874

1.39

1.76

9.88

10.68

50.12

50.32

8.91

8.25

-19.71

-1.65

CIE FINANCIERE RICHEMON-BR A

CHF

35818

180

522

26.15

9520

11063

12008

2527

2.97

3.02

3.64

4.06

18.28

18.64

15.18

13.61

30.77

14.79

44.07

18.36

28.50

CLARIANT AG-REG

CHF

3648

597

283

5.88

7913

8274

8372

8641

938

876

250

1.26

0.62

1.15

1.46

21.27

16.40

11.56

9.10

3.77

-0.99

-0.73

-1.39

12.73

BBB-

14.03.2011

Ba1

03.03.2009

CREDIT SUISSE GROUP AG-REG

CHF

29764

971

1220

435

376

#VALUE!

45837

42395

26038

28951

1.48

0.46

1.99

2.68

52.43

17.87

12.19

9.03

-16.32

-16.25

19.12.2008

(P)A2

21.06.2012

GEBERIT AG-REG

CHF

8707

8.41

2005

2022

2349

2466

571

582

604

10.54

10.82

11.48

12.50

22.25

22.18

20.97

19.27

-1.83

-0.99

-7.80

-1.44

30.58

A-

25.05.2010

GIVAUDAN-REG

CHF

9210

10.82

4203

4333

4507

4712

811

876

33.13

39.31

57.44

62.80

27.24

27.36

18.65

17.05

-8.21

1.53

-13.76

4.68

20.71

HOLCIM LTD-REG

CHF

22071

121

320

38.20

22272

22502

23254

24633

4250

4287

1333

0.92

1.01

3.62

4.73

71.79

20.01

15.30

-4.51

-4.86

-13.20

-8.85

20.49

BBB

22.01.2009

Baa2

09.04.2009

KUEHNE & NAGEL INTL AG-REG

CHF

13657

119

12.90

17412

17583

18382

19697

1067

929

259

5.59

4.49

5.23

6.07

27.23

23.35

20.13

-4.08

2.08

-4.55

3.79

6.58

LONZA GROUP AG-REG

CHF

2809

107

5.61

577

345

3.19

3.11

4.48

5.30

18.30

18.37

12.71

10.76

0.48

11.07

-18.25

0.61

21.42

NESTLE SA-REG

CHF

208431

928

3172

226.24

89940

93257

98887

107205

16524

16987

3.18

3.34

3.63

3.94

20.78

20.87

19.09

17.62

-5.18

-2.82

-1.52

-1.26

19.72

16.08.2007

NOVARTIS AG-REG

CHF

169537

464

2407

199.86

62880

61909

61312

62081

19130

18081

4.06

3.82

5.67

5.90

18.89

19.05

12.73

12.24

16.84

10.03

13.21

13.91

32.66

AA-

07.04.2008

Aa2

10.07.2008

TRANSOCEAN LTD

CHF

16461

#VALUE!

27.18

9815

10275

10724

11170

1989

1446

981

3.18

4.83

16.60

10.94

-3.67

21.41

-58.22

2.69

21.76

ROCHE HOLDING AG-GENUSSCHEIN

CHF

168211

184

863

189.46

45664

46471

48598

51248

16987

15787

11.79

10.70

14.58

16.16

19.47

19.55

14.30

12.90

-11.18

-0.10

-1.45

2.09

39.94

17.09.2012

SCHINDLER HOLDING-PART CERT

CHF

15302

116

13.33

8432

8610

8936

9329

976

1010

4.99

5.27

6.43

7.06

26.00

26.16

21.33

19.42

-4.37

-8.88

-17.75

1.50

12.43

SWISSCOM AG-REG

CHF

21407

31.00

12312

12203

12157

12101

4617

4580

1243

13.90

13.47

37.46

36.48

32.93

11.85

12.16

-4.67

0.97

-1.19

2.89

40.26

30.06.2009

27.06.2007

SGS SA-REG

CHF

16612

17.29

5150

5479

5934

6523

1090

1119

75.33

75.56

88.57

102.60

30.17

30.33

25.74

22.22

0.90

5.39

-22.63

5.89

22.72

SIKA AG-BR

CHF

5304

5.75

4892

4973

5159

5488

513

536

322

107.03

104.34

123.63

144.17

21.23

22.86

17.92

15.37

3.41

1.47

-18.49

-1.60

11.25

A-

02.05.2000

SWISS LIFE HOLDING AG-REG

CHF

4047

1.54

18565

19473

18912

18759

20.63

18.96

20.24

19.81

7.14

7.07

6.69

6.84

-3.33

-1.20

BBB

03.05.2012

SONOVA HOLDING AG-REG

CHF

7052

7.12

1739

1942

2111

393

220

3.98

3.99

5.21

6.01

28.50

28.65

21.87

18.94

0.21

9.44

-2.18

3.95

24.27

SWISS PRIME SITE-REG

CHF

4433

8.99

614

619

668

608

381

3.92

7.55

3.93

3.96

11.60

23.93

22.29

22.13

-5.27

39.45

-0.82

21.18

66.71

SWISS RE AG

CHF

25711

424

343

33.24

29844

31426

31232

34000

8.04

11.16

7.91

7.99

7.17

7.35

10.11

10.00

-2.59

-5.43

SULZER AG-REG

CHF

5029

5.39

3841

4187

4274

4535

517

549

347

8.77

9.05

9.69

11.08

17.41

17.54

16.26

14.22

13.29

4.00

-5.54

7.26

14.46

SYNGENTA AG-REG

CHF

35005

39.69

14245

14850

15284

16235

3102

3133

20.45

19.60

23.44

26.28

22.10

21.18

18.48

16.48

15.01

9.08

18.72

14.63

23.38

15.06.2007

UBS AG-REG

CHF

48974

2157

3747

398

332.80

43891

40302

28589

31706

18750

16181

1.08

0.74

1.09

1.51

18.52

18.98

12.61

9.11

-13.03

-23.27

-17.92

-31.20

45.87

29.11.2011

21.06.2012

SWATCH GROUP AG/THE-BR

CHF

21093

20.01

7262

7791

8325

9043

1979

2152

1162

25.21

28.47

29.59

32.97

15.21

15.23

14.64

13.14

11.53

8.68

11.98

10.27

29.25

ZURICH INSURANCE GROUP AG

CHF

37551

146

#VALUE!

47.40

56880

62067

61785

63840

27.46

29.50

30.38

32.08

9.95

10.02

9.67

9.15

-23.50

12.57

PSP SWISS PROPERTY AG-REG

CHF

4181

6.18

305

254

298

303

248

247

3.73

9.47

3.79

3.76

10.33

13.56

25.82

26.04

28.79

39.18

11.77

87.39

SWISS LIFE HOLDING AG-REG

CHF

4047

1.54

18565

19473

18912

18759

20.63

18.96

20.24

19.81

7.14

7.07

6.69

6.84

-3.33

-1.20

BBB

03.05.2012

CLARIANT AG-REG

CHF

3648

597

283

5.88

7913

8274

8372

8641

938

876

250

1.26

0.62

1.15

1.46

21.27

16.40

11.56

9.10

3.77

-0.99

-0.73

-1.39

12.73

BBB-

14.03.2011

Ba1

03.03.2009

SULZER AG-REG

CHF

5029

5.39

3841

4187

4274

4535

517

549

347

8.77

9.05

9.69

11.08

17.41

17.54

16.26

14.22

13.29

4.00

-5.54

7.26

14.46

PARTNERS GROUP HOLDING AG

CHF

5619

5.52

482

516

457

541

254

268

147

8.32

9.08

10.53

12.46

24.89

25.35

21.46

18.13

0.36

14.90

-28.32

8.17

56.51

GALENICA AG-REG

CHF

4044

5.03

3737

3807

3716

3832

429

438

37.00

39.34

40.55

42.25

16.98

17.07

16.47

15.81

1.06

7.97

-10.59

23.56

12.34

LINDT & SPRUENGLI AG-PC

CHF

7742

7.30

2672

2700

2875

3064

453

460

390

1157.50

1188.52

128.12

139.98

2.83

2.84

26.23

24.01

-3.78

-1.66

-0.36

2.22

18.20

SCHINDLER HOLDING AG-REG

CHF

15302

116

13.33

8432

8610

8936

9329

976

1010

4.99

5.27

6.43

7.06

25.93

26.09

21.27

19.37

-4.37

-8.88

-17.75

1.50

12.43

LONZA GROUP AG-REG

CHF

2809

107

5.61

2890

3718

4113

4309

577

345

3.19

3.11

4.48

5.30

18.30

18.37

12.71

10.76

0.48

11.07

-18.25

0.61

21.42

DUFRY AG-REG

CHF

3342

4.92

2832

3193

3477

3812

370

446

155

4.49

5.10

10.49

12.00

26.08

26.25

12.69

11.08

1.13

5.34

18.52

14.01

GAM HOLDING AG

CHF

2441

177

#VALUE!

872

1056

596

647

-0.56

-0.34

0.91

1.14

15.72

12.54

-16.99

HELVETIA HOLDING AG-REG

CHF

3133

2.34

8048

8113

7895

8153

34.95

33.30

40.69

43.58

11.67

9.55

8.92

1.89

6.43

BARRY CALLEBAUT AG-REG

CHF

4835

5.87

4890

4610

5118

5504

490

54.32

46.32

51.49

58.03

21.68

21.79

19.50

17.30

0.71

3.76

3.24

2.81

10.76

BBB-

13.12.2011

PARGESA HOLDING SA-BR

CHF

5836

17.29

5077

5250

6424

6550

983

1511

-0.83

1.85

5.18

6.39

39.95

40.18

14.23

11.55

2.41

-1.04

3.20

-6.04

20.78

OC OERLIKON CORP AG-REG

CHF

3223

126

323

3.32

4490

4402

4114

4128

641

717

0.74

1.06

0.86

0.90

10.07

10.09

12.48

11.95

17.32

-3.78

107.73

7.28

15.33

FLUGHAFEN ZUERICH AG-REG

CHF

2624

3.78

972

992

1015

1047

521

539

549

29.87

31.20

30.72

32.96

14.70

14.72

14.94

13.92

5.28

4.69

11.92

5.32

57.59

20.04.2012

ALLREAL HOLDING AG-REG

CHF

2362

3.87

270

609

298

309

186

205

7.75

10.43

7.65

8.09

15.25

21.76

20.80

19.66

-70.03

45.84

1.95

10.25

73.97

BANQUE CANTONALE VAUDOIS-REG

CHF

4576

#VALUE!

1451

1446

1100

1131

36.84

38.03

37.94

38.76

15.01

15.05

14.73

0.01

-5.89

05.12.2011

EMS-CHEMIE HOLDING AG-REG

CHF

4965

4.69

1780

1816

1834

1899

373

190

10.89

11.54

11.46

11.96

19.75

19.88

19.05

4.18

7.31

-1.25

2.93

22.49

FISCHER (GEORG)-REG

CHF

1488

2.04

3906

3912

3990

3995

403

385

210

42.24

40.80

39.86

41.17

9.55

9.77

9.46

5.95

-1.30

15.01

-4.91

11.07

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

%D to Spot

S&P 500 INDEX

2.16

1.96

1.80

2.16

1.34

1.29

1.23

1.34

9.54

8.65

8.30

9.54

9.23

8.60

7.98

9.23

13.93

12.53

11.21

13.93

2.15

2.33

2.52

2.15

1583.5

8.4%

Euro Stoxx 50 Pr

1.11

1.05

0.99

1.11

0.70

0.68

0.67

0.70

5.11

4.83

4.47

5.11

13.73

13.05

12.38

13.73

10.64

9.62

8.74

10.64

4.29

4.78

5.14

4.29

2699.8

8.0%

NIKKEI 225

1.08

1.01

0.94

1.08

0.50

0.47

0.50

6.33

5.77

5.53

6.33

7.10

6.49

6.14

7.10

14.53

12.79

10.54

14.53

2.30

2.35

2.72

2.30

9942.1

12.2%

FTSE 100 INDEX

1.63

1.51

1.40

1.63

0.99

0.96

0.94

0.99

7.33

6.72

6.22

7.33

8.33

7.67

7.24

8.33

11.42

10.33

9.52

11.42

4.02

4.29

4.58

4.02

6371.2

9.1%

SWISS MARKET INDEX

2.12

1.97

1.82

2.12

1.80

1.69

1.60

1.80

11.68

10.06

9.03

11.68

14.01

12.86

11.99

14.01

13.67

12.22

11.13

13.68

3.53

3.89

4.23

3.53

7034.9

6.0%

S&P/TSX COMPOSITE INDEX

1.75

1.62

1.49

1.75

1.62

1.51

1.45

1.62

8.89

7.95

7.25

8.89

9.71

8.49

7.92

9.71

14.88

13.02

11.84

14.88

2.93

3.06

3.26

2.93

14092.9

13.2%

S&P/ASX 200 INDEX

1.68

1.58

1.49

1.68

1.59

1.49

1.41

1.59

9.75

8.89

8.29

9.75

11.26

10.01

9.30

11.26

13.24

11.86

10.95

13.24

4.86

5.22

5.62

4.86

4660.4

3.7%

HANG SENG INDEX

1.37

1.26

1.16

1.37

1.88

1.74

1.61

1.88

6.69

6.22

5.94

6.69

6.74

6.13

5.64

6.74

11.09

10.27

9.26

11.09

3.49

3.74

4.09

3.49

22559.0

7.4%

MSCI EM

1.49

1.35

1.22

1.49

1.04

0.95

0.89

1.04

7.07

6.39

5.76

7.07

7.38

6.62

6.05

7.38

11.25

9.87

8.95

11.25

2.90

3.18

3.54

2.90

1138.1

13.2%

ABB LTD-REG

2.66

2.59

2.32

2.11

2.12

1.19

1.13

1.06

1.01

0.98

11.97

11.37

9.98

9.08

14.92

8.48

8.60

7.69

7.20

6.79

13.00

13.96

12.28

11.23

10.89

3.56

3.68

3.93

4.19

4.26

20.05

11.4%

ADECCO SA-REG

1.98

1.90

1.77

1.62

1.47

0.36

0.34

0.32

0.30

12.58

12.76

10.38

9.51

8.01

9.36

9.40

8.12

6.96

6.02

13.39

14.12

12.03

10.10

8.07

2.44

3.67

4.18

4.72

5.49

52.65

11.0%

ACTELION LTD-REG

3.66

3.41

3.30

2.79

2.45

3.45

3.61

3.62

3.52

3.38

25.99

13.22

11.06

10.57

8.57

24.25

11.94

11.33

10.57

9.03

17.31

17.86

15.66

13.84

12.11

1.68

1.57

1.66

1.77

2.12

51.62

8.4%

JULIUS BAER GROUP LTD

1.48

1.40

1.38

1.32

1.29

3.59

3.62

3.03

2.58

2.31

13.88

21.19

13.34

11.06

14.54

14.28

13.76

11.40

9.52

1.96

2.13

2.26

2.80

3.23

36.09

11.3%

BALOISE HOLDING AG - REG

0.91

0.86

0.82

0.77

0.71

0.43

0.48

0.46

0.43

0.40

45.10

8.30

7.68

7.29

8.95

5.72

5.96

6.06

6.18

6.54

85.22

11.5%

CIE FINANCIERE RICHEMON-BR A

3.24

2.63

2.26

1.97

1.72

3.19

2.67

2.46

2.28

2.16

16.57

12.16

10.86

9.71

9.33

11.12

8.85

8.15

7.43

7.06

19.93

14.14

12.68

11.37

10.82

0.98

1.28

1.50

1.73

1.88

68.89

18.6%

CLARIANT AG-REG

1.22

1.14

1.05

0.97

0.46

0.44

0.42

0.41

0.39

6.74

6.85

5.07

4.62

4.37

6.03

5.99

5.31

4.94

4.55

9.40

10.77

8.47

7.30

6.99

1.53

2.58

3.12

3.59

3.18

12.88

12.1%

CREDIT SUISSE GROUP AG-REG

0.74

0.76

0.74

0.70

1.03

1.14

1.03

0.98

0.95

7.27

13.68

5.83

5.22

8.90

11.36

8.41

7.58

8.55

3.39

3.81

4.27

3.93

21.18

0.9%

GEBERIT AG-REG

5.56

5.68

5.12

4.72

3.94

3.70

3.53

3.36

3.21

17.00

15.40

14.78

13.85

13.70

14.57

13.91

12.94

12.14

11.54

21.09

19.54

17.94

16.67

15.32

2.88

3.17

3.41

3.63

3.78

202.00

-3.3%

GIVAUDAN-REG

2.46

2.32

2.22

2.15

2.20

2.04

1.95

1.87

1.86

13.94

11.75

11.04

9.73

9.76

13.62

11.68

10.70

10.05

10.10

20.62

17.37

15.88

14.82

15.71

2.37

2.84

3.51

4.02

4.37

905.78

-2.5%

HOLCIM LTD-REG

1.15

1.13

1.06

1.01

0.92

1.01

0.95

0.90

0.84

0.79

7.52

6.62

5.94

5.08

4.71

9.26

8.45

7.50

6.54

5.91

25.70

18.64

14.25

10.77

9.05

2.13

1.83

2.26

2.87

3.89

62.28

-0.9%

KUEHNE & NAGEL INTL AG-REG

5.03

5.24

4.80

4.39

4.06

0.65

0.74

0.69

0.64

0.61

15.26

16.39

14.67

12.89

23.30

12.25

12.90

11.09

10.01

10.82

20.08

21.75

18.75

16.72

14.86

2.78

3.48

3.85

4.33

4.62

114.78

8.3%

LONZA GROUP AG-REG

1.05

1.06

1.00

0.93

0.87

0.99

0.68

0.65

0.63

0.61

5.07

4.22

4.42

4.08

3.79

9.14

7.92

7.12

6.69

6.34

11.48

11.84

10.02

8.87

8.17

3.93

4.06

4.04

4.29

4.64

50.60

2.3%

NESTLE SA-REG

3.22

3.18

2.98

2.79

2.68

2.33

2.11

1.94

1.84

1.77

16.15

14.59

13.64

12.66

11.50

13.31

12.12

11.08

10.34

9.66

19.55

17.78

16.41

15.29

14.00

3.23

3.46

3.70

3.92

4.09

62.22

3.3%

NOVARTIS AG-REG

2.16

2.15

2.05

1.93

1.72

2.89

2.97

2.93

2.83

2.72

10.48

10.44

10.01

9.19

8.11

11.38

10.94

10.61

10.05

9.56

11.25

11.87

11.40

10.33

9.45

3.87

4.08

4.39

4.83

60.83

4.2%

TRANSOCEAN LTD

0.69

1.02

0.93

0.83

0.71

1.82

1.65

1.58

1.44

1.40

7.64

6.83

5.35

4.47

8.88

7.53

6.11

5.26

5.32

32.30

15.46

10.19

7.60

7.37

5.20

1.35

2.20

1.13

0.00

57.26

34.2%

ROCHE HOLDING AG-GENUSSCHEIN

11.20

9.34

6.97

5.52

4.35

3.69

3.46

3.28

3.17

3.11

11.63

11.37

10.18

9.37

10.51

9.81

8.87

8.43

8.39

14.51

13.32

12.01

11.22

10.84

3.76

4.08

4.52

4.88

5.10

191.21

5.8%

SCHINDLER HOLDING-PART CERT

4.85

4.42

3.83

3.34

1.82

1.70

1.63

1.56

1.51

19.37

17.05

14.61

13.37

12.63

10.90

9.95

9.25

8.90

22.45

19.86

18.08

16.80

14.97

1.92

1.86

2.09

2.32

2.06

111.46

-6.3%

SWISSCOM AG-REG

3.58

3.81

3.40

3.09

2.96

1.74

1.76

1.77

1.79

5.02

5.28

5.39

5.18

5.27

6.28

6.51

6.56

6.57

6.66

10.19

11.03

11.33

11.31

12.23

5.70

5.73

5.95

6.13

6.34

394.83

2.6%

SGS SA-REG

7.20

7.15

6.58

5.91

5.80

3.25

2.80

2.55

2.32

2.26

19.68

16.42

13.95

12.27

11.89

15.55

13.68

11.78

10.24

9.76

27.05

23.98

20.70

17.84

16.42

3.25

3.42

3.51

3.90

5.23

1960.53

-0.9%

SIKA AG-BR

2.64

2.50

2.27

2.09

1.08

1.03

0.97

0.89

0.84

12.03

11.51

10.44

9.07

10.67

9.42

8.44

7.58

7.25

20.13

16.69

14.31

12.69

11.31

2.38

2.48

2.70

3.00

1918.57

-0.2%

SWISS LIFE HOLDING AG-REG

0.49

0.39

0.38

0.36

0.34

0.21

0.22

0.21

0.19

6.25

6.23

6.37

6.15

5.35

4.10

3.91

4.09

4.25

4.26

134.92

14.8%

SONOVA HOLDING AG-REG

4.32

3.83

3.32

2.93

2.74

4.06

3.63

3.34

3.11

2.89

19.62

17.47

14.85

12.94

12.73

17.72

14.83

12.93

11.81

10.51

24.87

20.37

17.64

15.74

13.78

1.28

1.33

1.54

1.73

2.18

98.66

-0.1%

SWISS PRIME SITE-REG

1.22

1.16

1.14

5.36

6.64

7.29

7.27

9.08

15.90

20.67

19.63

20.15

20.42

18.35

21.27

23.50

23.22

22.92

18.87

20.76

20.61

20.35

20.42

4.61

4.71

4.77

4.81

4.74

78.33

3.1%

SWISS RE AG

0.90

0.83

0.79

0.77

0.93

0.88

0.81

0.69

0.71

25.69

13.27

9.41

9.32

8.83

8.47

4.45

5.50

5.45

5.50

5.92

63.50

-1.7%

SULZER AG-REG

2.28

2.04

1.86

1.70

1.34

1.18

1.11

1.04

1.06

10.43

10.23

9.42

8.58

2.5%

SYNGENTA AG-REG

4.21

4.05

3.55

2.97

1.90

2.62

2.46

2.31

2.21

2.11

16.04

14.23

12.57

11.70

UBS AG-REG

0.87

0.81

0.76

0.71

0.72

1.62

1.71

1.54

1.48

9.47

10.63

6.94

6.35

SWATCH GROUP AG/THE-BR

2.70

2.22

1.96

1.73

1.48

2.85

2.53

2.33

2.16

2.11

15.87

13.72

11.47

10.24

ZURICH INSURANCE GROUP AG

1.17

1.14

1.08

1.02

0.93

0.61

0.65

0.63

0.61

0.56

7.93

PSP SWISS PROPERTY AG-REG

1.18

1.09

1.07

1.05

14.46

14.03

13.80

13.51

26.14

21.69

SWISS LIFE HOLDING AG-REG

0.49

0.39

0.38

0.36

0.21

0.22

0.21

0.19

CLARIANT AG-REG

1.22

1.14

1.05

0.97

0.46

0.44

0.42

0.41

0.39

6.74

6.85

5.07

4.62

6.03

5.99

5.31

4.94

SULZER AG-REG

2.28

2.04

1.86

1.70

1.34

1.18

1.11

1.04

1.06

10.43

10.23

9.42

8.58

10.24

9.06

8.10

7.40

PARTNERS GROUP HOLDING AG

9.28

7.67

6.42

5.31

14.38

12.30

10.39

8.98

7.82

22.61

17.69

16.88

13.29

22.52

19.46

16.22

14.10

GALENICA AG-REG

3.43

2.51

2.24

2.00

1.77

1.14

1.09

1.06

1.00

0.93

12.23

12.68

11.49

10.68

10.33

11.42

11.22

11.00

LINDT & SPRUENGLI AG-PC

3.99

4.06

3.68

3.34

3.28

2.89

2.69

2.52

2.37

2.21

18.59

19.15

17.21

15.78

14.74

16.12

14.78

13.71

SCHINDLER HOLDING AG-REG

4.84

4.41

3.83

3.33

1.82

1.70

1.63

1.56

1.51

19.32

17.01

14.57

13.34

12.63

10.90

LONZA GROUP AG-REG

1.05

1.06

1.00

0.93

0.87

0.99

0.68

0.65

0.63

0.61

5.07

4.22

4.42

4.08

3.79

9.14

DUFRY AG-REG

3.66

3.01

2.47

2.04

1.65

1.17

0.96

0.88

0.80

0.74

11.45

8.45

7.49

6.87

5.18

12.63

GAM HOLDING AG

0.98

1.06

0.99

0.91

3.73

4.09

3.77

3.51

3.18

13.63

14.94

12.28

10.60

HELVETIA HOLDING AG-REG

0.92

0.82

0.79

0.76

0.78

0.40

0.38

0.35

BARRY CALLEBAUT AG-REG

3.11

3.26

2.90

2.55

2.21

0.97

0.94

0.88

0.82

0.77

PARGESA HOLDING SA-BR

0.68

0.65

0.62

0.96

0.91

0.89

0.86

OC OERLIKON CORP AG-REG

1.75

1.68

1.47

1.33

0.74

0.78

0.76

0.72

FLUGHAFEN ZUERICH AG-REG

1.32

1.08

1.00

0.95

2.64

2.59

2.51

2.42

2.40

ALLREAL HOLDING AG-REG

1.19

1.14

1.11

1.08

8.46

7.92

7.65

7.45

BANQUE CANTONALE VAUDOIS-REG

1.29

1.28

1.27

1.25

4.23

4.16

4.05

3.94

EMS-CHEMIE HOLDING AG-REG

4.43

4.11

3.83

3.56

2.83

2.71

2.61

FISCHER (GEORG)-REG

1.17

1.09

1.01

0.92

0.38

0.37

0.56

0.69

0.34

0.73

9.26

8.14

22.40

25.31

25.57

13.89

14.45

13.79

11.74

11.90

17.25

13.50

11.27

6.19

6.06

6.48

6.09

11.53

10.78

24.33

4.37

13.58

5.63

10.24

9.06

8.10

7.40

3.09

17.03

15.14

13.25

11.82

1.40

2.13

2.31

2.59

2.91

21.72

140.13

12.76

11.73

10.65

10.04

9.40

19.35

17.22

15.35

14.33

13.57

2.11

2.43

2.68

2.93

3.28

363.68

3.9%

10.73

11.75

8.48

7.56

7.68

0.80

1.45

3.38

5.17

7.98

13.26

11.4%

15.82

13.64

12.24

11.12

10.26

1.64

1.80

2.06

2.32

2.56

460.01

22.4%

9.65

9.00

8.53

8.09

7.41

7.20

7.06

7.12

7.40

8.39

254.77

7.4%

24.97

24.04

24.25

23.23

3.41

3.64

3.69

3.77

88.00

3.7%

6.25

6.23

6.37

6.15

5.35

4.10

3.91

4.09

4.25

4.26

134.92

14.8%

4.55

9.40

10.77

8.47

7.30

6.99

1.53

2.58

3.12

3.59

3.18

12.88

12.1%

3.09

17.03

15.14

13.25

11.82

1.40

2.13

2.31

2.59

2.91

21.72

140.13

2.5%

12.07

22.35

19.99

16.89

14.62

2.55

3.03

3.39

3.80

189.88

-3.1%

10.18

8.42

17.72

15.34

14.73

13.62

10.87

1.38

1.64

1.77

1.91

2.20

588.17

1.5%

12.69

11.86

26.81

24.43

22.36

20.51

19.43

1.66

1.92

2.14

2.37

2.45

3027.78

3.9%

9.95

9.25

8.90

22.39

19.81

18.04

16.75

14.94

2.08

1.98

2.21

2.43

118.33

-0.2%

7.92

7.12

6.69

6.34

11.48

11.84

10.02

8.87

8.17

3.93

4.06

4.04

4.29

9.14

8.10

7.44

6.72

18.59

11.82

10.32

9.07

7.62

0.07

0.00

0.18

1.30

13.82

14.64

11.68

10.07

3.91

4.08

4.35

4.85

12.73

2.6%

10.88

8.90

8.31

7.96

7.40

4.79

4.93

5.05

5.23

5.04

390.29

15.7%

18.92

18.16

16.11

14.05

13.48

1.65

1.71

1.98

2.28

2.41

856.25

-1.7%

13.80

13.26

10.76

9.44

4.44

4.25

4.49

4.70

9.83

20.22

8.72

25.03

7.84

24.67

7.10

24.16

22.45

50.60

2.3%

134.14

16.2%

12.53

11.51

10.44

44.49

40.41

34.97

31.06

5.48

4.91

5.01

4.79

5.58

17.08

11.63

11.13

10.29

9.73

0.00

2.74

3.24

3.43

6.47

15.16

13.91

12.97

11.92

11.80

1.98

2.48

2.76

3.03

17.74

19.37

18.31

17.06

3.90

3.96

4.20

4.32

13.94

14.01

13.72

13.14

6.50

6.46

6.58

6.74

498.75

0.7%

185.00

-6.4%

418.57

23.8%

6.64

6.18

5.70

5.40

7.32

6.90

6.66

6.40

18.50

17.37

17.67

20.72

18.88

17.59

16.73

3.89

10.78

10.87

10.60

10.18

2.48

2.28

17.96

17.52

15.25

15.08

0.36

0.33

4.86

5.01

4.68

4.42

9.55

4.64

12.12

15.08

3.19

6.75

12.88

12.21

11.73

11.01

9.54

20.39

18.51

17.75

16.64

13.79

4.05

3.74

3.99

4.24

4.96

5.14

5.02

4.64

3.77

8.83

9.10

8.81

7.80

5.85

3.59

3.90

3.94

4.33

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

69.88

9.2%

3.77

10.63

14.4%

3.69

412.92

3.7%

143.46

4.0%

5.13

05.10.2012

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 (03.02.2012) 52-Week Low (15.06.2012) Daily Volume Current Price (10/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 ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2011 06/yy 19.44 14.45 560'116.00 18 -7.39% 24.57% 72.00% 2'314.7 41'665.38 3'996.00 0.0 559.0 5'767.00 49'257.38

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

20.0 M

15.0 M 10.0 M

5.0 M

0 o-11

31.12.2008 31.12.2009 34'912.0 31'795.0 0.83x 1.18x 5'259.0 4'892.0 5.48x 7.67x 3'118.0 2'901.0 10.76x 15.27x Profitability

LTM-4Q 31.12.2010 31'589.0 1.42x 4'733.0 9.49x 2'561.0 19.85x

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

31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x 5'688.00 4'693.00 12.35% 11.98% 8.34% 20.66% 18.25% 1.00% 30.1% 15.0% 12.4% 8.3% 1.44 0.82 10.08% 25.33% 5.10 5.00

Price/ Cash Flow

06/yy 35'164.0 5.70x 5'429.0 10.79x 3'022.0 19.47x

d-11

j-12

f-12 m-12

LTM 06/yy 38'478.0 4.40x 5'454.0 7.67x 2'961.0 12.71x

a-12 m-12

j-12

a-12

s-12

.0 M o-12

FY+1

1.27 2'145.69 20.38% 5.81% 1.272 41 3.902 4'873'756 5'942'701 5'843'122 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 39'739.9 42'211.1 9'818.3 11'187.6 1.18x 1.07x 4.93x 4.24x 5'722.2 6'395.7 1'471.4 1'667.7 8.60x 7.69x 7.91x 7.77x 3'171.4 3'601.1 784.8 925.5 13.96x 12.28x 12.79x 12.42x S&P Issuer Ratings

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

08.06.2010 A STABLE 08.06.2010 A-1 27.48 22.55 -0.31 0.70 25.3% 19.7% 1.00 8.19 71.60 72.95 62.20 82.35

Sales/Revenue/Turnover

18.00

40'000.0

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 02.01.2009

n-11

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

Fiscal Year Ended 31.12.2007 29'183.0 2.11x 4'682.0 13.16x 3'757.0 20.67x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

ABB Ltd Holdings By:

All

Holder Name INVESTOR AB BLACKROCK INC CREDIT SUISSE ASSET VANGUARD GROUP INC HARBOR CAPITAL ADVIS UBS FUND MANAGEMENT NORDEA FONDER AB/SWE PICTET & CIE SWEDBANK ROBUR FONDE BLACKROCK INSTITUTIO INVESCO LTD SEB FONDFORVALTNING DB PLATINUM ADVISORS SKAGEN AS SWISSCANTO FONDSLEIT FOLKSAM LO FOND AB CALAMOS ADVISORS LLC HANDELSBANKEN FONDER CAPITAL WORLD INVEST AMF FONDER AB

Firm Name

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

Analyst

ABG Sundal Collier ANDERS IDBORG Sanford C. Bernstein & Co MARTIN PROZESKY Handelsbanken HAMPUS ENGELLAU Helvea STEFAN GAECHTER AlphaValue HEINZ STEFFEN JPMorgan ANDREAS WILLI SEB Enskilda DANIEL SCHMIDT Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ SHO MATSUBARA Berenberg Bank WILLIAM MACKIE Societe Generale GAEL DE BRAY RBC Capital Markets ANDREW CARTER Nordea Equity Research ANN-SOFIE NORDH Bank Vontobel AG TAKIS SPILIOPOULOS Swedbank MATS LISS Exane BNP Paribas OLIVIER ESNOU Barclays NICK WEBSTER Goldman Sachs DANIELA COSTA HSBC COLIN GIBSON Day by Day VALERIE GASTALDY Deutsche Bank MARTIN WILKIE Hamburger Sparkasse MARCO GUENTHER EVA Dimensions TEAM COVERAGE Landesbank Baden-Wuerttemberg VOLKER STOLL Morgan Stanley BEN UGLOW Zuercher Kantonalbank RICHARD FREI CA Cheuvreux ALFRED GLASER Pareto Securities DAVID JACOBSSON Natixis ARNAUD SCHMIT Main First Bank AG CHRISTOPHER YOUL Carnegie KENNETH TOLL JOHANSSON Kepler Capital Markets CHRISTOPH LADNER ING Wholesale Banking SJOERD UMMELS Danske Markets CARL GUSTAFSSON Espirito Santo Investment Bank Research NICHOLAS J PATON Redburn Partners JAMES MOORE Credit Suisse SIMON SMITH Canaccord Genuity Corp MARK WILSON DZ Bank AG KARSTEN OBLINGER Hammer Partners SA ALBERTO ROLLA

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

Recommendation hold outperform buy buy add underweight buy hold hold hold hold sector perform buy buy buy outperform overweight Buy/Neutral neutral hold sell buy underweight buy Equalwt/In-Line outperform underperform hold neutral buy hold buy hold buy buy neutral not rated buy buy buy

Amt Held 166'330'142 69'702'100 35'317'929 32'221'644 25'109'683 21'612'577 17'911'973 12'694'706 11'519'752 11'012'336 10'403'213 9'505'171 9'149'376 8'957'636 8'203'569 5'990'852 5'984'800 5'912'615 5'600'000 4'800'000

% Out 7.19 3.01 1.53 1.39 1.08 0.93 0.77 0.55 0.5 0.48 0.45 0.41 0.4 0.39 0.35 0.26 0.26 0.26 0.24 0.21

Weighting

Change

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

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

Latest Chg 596'814 (21'756) 1'747'520 33'830 1'610'849 43'406 (3'553'790) 58'544 944'041 405'814 1'649'404 (103'580) (933'597) (2'470'000) (637'633) 110'000

Target Price 20 20 23 23 20 20 20 20 19 19 18 19 20 23 20 21 22 23 18 #N/A N/A 15 #N/A N/A #N/A N/A 23 18 #N/A N/A 15 17 18 21 #N/A N/A 21 19 20 20 #N/A N/A #N/A N/A 22 22 27

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

File Dt 04.01.2011 25.07.2011 23.08.2012 30.06.2012 30.06.2012 31.05.2012 31.07.2012 31.07.2012 30.06.2012 03.10.2012 04.10.2012 30.06.2012 30.09.2012 31.08.2012 31.07.2012 30.06.2012 31.08.2012 30.09.2012 31.03.2012 30.06.2012

Date 6 month 12 month Not Provided 12 month 6 month 15 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

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

Date 03.10.2012 28.09.2012 28.09.2012 28.09.2012 27.09.2012 21.09.2012 17.09.2012 17.09.2012 15.09.2012 14.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 07.09.2012 22.08.2012 22.08.2012 20.08.2012 06.08.2012 03.08.2012 31.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 20.07.2012 16.07.2012 10.07.2012 02.05.2012 26.03.2012 23.03.2012 05.08.2010

05.10.2012

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 ADEN VX EQUITY YTD Change ADEN VX EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 49.28 32.79 82'063.00 47.45 -3.71% 44.73% 87.39% 189.3 8'980.55 1'426.00 0.0 3.0 534.00 8'659.26

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 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

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

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

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

31.12.2011 20'545.0 0.31x 939.0 6.82x 519.0 11.89x 939.00 763.00 3.71% 3.34% 5.69% 14.08% 11.35% 2.25% 17.4% 4.6% 3.7% 2.5% 1.24 1.13 15.24% 37.45% 5.66 -

Price/ Cash Flow

LTM

06/yy 20'129.0 1.83x 904.0 10.55x 510.0 16.59x

06/yy 20'694.0 1.42x 966.0 8.14x 502.0 13.25x

FY+1

.0 M o-12

1.44 134.87 40.01% 25.85% 1.442 28 3.643 655'863 637'159 575'055 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 20'830.9 21'576.3 5'320.7 5'187.0 0.40x 0.38x 922.0 1'067.7 269.0 270.0 9.40x 8.12x 516.2 600.2 131.0 132.5 14.12x 12.03x S&P Issuer Ratings

12.10.2011 BBB STABLE 12.10.2011 A-2 13.23 11.69 0.95 1.52 37.4% 27.2% 2.25 68.03 64.54 -

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Adecco SA Holdings By:

All

Holder Name JACOBS HOLDING HARRIS ASSOCIATES L ADECCO SA AKILA FINANCE SA HARRIS ASSOCIATES L FRANKLIN RESOURCES I MFS INVESTMENT MANAG ARTISAN PARTNERS HOL TIAA CREF INVESTMENT CREDIT SUISSE ASSET MANNING & NAPIER ADV VANGUARD GROUP INC UBS FUND MANAGEMENT FIDELITY INTERNATION FIDELITY MANAGEMENT PICTET & CIE OCH-ZIFF CAPITAL MGM HENDERSON GLOBAL INV BLACKROCK INSTITUTIO LITMAN/GREGORY FUND

Firm Name Day by Day AlphaValue Berenberg Bank ING Wholesale Banking Goldman Sachs Helvea Barclays Bryan Garnier & Cie Main First Bank AG Exane BNP Paribas Morgan Stanley Jefferies Natixis Rabobank International RBC Capital Markets HSBC Deutsche Bank Kepler Capital Markets Bank Vontobel AG Credit Suisse JPMorgan S&P Capital IQ ABN Amro Bank N.V. EVA Dimensions Zuercher Kantonalbank

Portfolio Name n/a HARRIS ASSOC LP n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst VALERIE GASTALDY HEINZ STEFFEN KONRAD ZOMER MARC ZWARTSENBURG CHARLES WILSON CHRISTIAN BURGER PAUL D A SULLIVAN BRUNO DE LA ROCHEBROCHARD ALAIN-SEBASTIAN OBERHUBER LAURENT BRUNELLE DAVID HANCOCK KEAN MARDEN OLIVIER LEBRUN DAVID TAILLEUR ANDREW BROOKE MATTHEW LLOYD THOMAS SYKES MATTHIJS VAN LEIJENHORST MICHAEL FOETH ANDY GROBLER ROBERT PLANT CLIVE ROBERTS TEUN TEEUWISSE TEAM COVERAGE MARCO STRITTMATTER

Source Co File 13F EXCH Co File Co File EXCH RNS-MAJ EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy hold neutral/neutral neutral equalweight neutral buy outperform Underwt/In-Line hold neutral buy top pick overweight buy buy buy outperform neutral hold buy underweight market perform

Amt Held 35'392'275 19'625'184 18'932'705 10'163'580 9'660'727 5'764'796 5'693'009 5'595'344 2'361'911 1'578'547 1'558'120 1'521'906 1'477'757 1'242'861 1'034'106 925'240 771'687 700'069 678'209 639'800

% Out 18.7 10.37 10 5.37 5.1 3.05 3.01 2.96 1.25 0.83 0.82 0.8 0.78 0.66 0.55 0.49 0.41 0.37 0.36 0.34

Weighting

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

Latest Chg 751'684 98'057 19'900 384'324 (269) 33'510 71'136 (3'954) (380'785) 136'341 (142'823) (100'000) 3'656 150'300

Target Price #N/A N/A 60 58 48 61 52 50 45 65 53 47 49 53 55 56 60 54 52 59 48 45 45 58 #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 Private Equity 30.06.2012 Investment Advisor 10.07.2012 n/a 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 24.07.2012 Investment Advisor 27.07.2012 Investment Advisor 19.04.2012 Investment Advisor 31.07.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 30.12.2011 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 02.10.2012 n/a 30.11.2011 Investment Advisor 03.10.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 04.10.2012 04.10.2012 03.10.2012 28.09.2012 26.09.2012 25.09.2012 24.09.2012 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 20.09.2012 19.09.2012 12.09.2012 11.09.2012 17.08.2012 14.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.05.2012 03.02.2012

05.10.2012

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

Price/Volume 60

4.5 M 4.0 M

3.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (20.10.2011) Daily Volume Current Price (10/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 ATLN VX EQUITY YTD Change ATLN VX EQUITY YTD % CHANGE

12/2011 06/yy 48.72 28.53 60'987.00 47.61 -2.30% 66.89% 94.40% 130.5 6'211.41 235.58 0.0 0.0 1'336.56 5'442.15

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

2.5 M 2.0 M

1.5 M 1.0 M

10 0 o-11

.5 M n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 1'292.1 4.54x 407.3 14.40x 124.6 49.57x

3.0 M

31.12.2008 31.12.2009 1'428.9 1'698.0 4.58x 3.32x 414.2 403.4 15.80x 13.98x 306.1 311.3 22.93x 21.07x Profitability

LTM-4Q 31.12.2010 1'826.3 2.80x 536.1 9.53x 390.6 15.61x

31.12.2011 1'713.0 1.56x 435.6 6.14x (146.3) 0.00x 435.64 352.79 20.59% -4.05% -5.18% -8.85% 0.61% 88.5% 25.4% 20.6% -8.5% 3.76 3.54 8.62% 15.60% 3.36 3.19

Price/ Cash Flow

06/yy 1'783.3 10.72x 475.5 8.38x (125.9) 0.00x

LTM 06/yy 1'684.6 8.28x 402.3 10.76x 289.7 15.81x

FY+1

.0 M o-12

1.18 106.92 61.52% 50.70% 1.175 22 4.045 340'444 320'320 394'021 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'719.5 1'715.9 429.0 431.8 3.05x 3.06x 455.5 479.9 131.0 43.7 11.94x 11.33x 305.2 339.9 85.0 4.8 17.86x 15.66x S&P Issuer Ratings

10.45 8.31 -2.53 0.54 15.6% 13.5% 0.61 4.16 108.73 114.42 187.07 36.07

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Actelion Ltd Holdings By:

All

Holder Name ACTELION LTD ORBIS INVESTMENT MAN ELLIOTT ADVISORS UK BB BIOTECH AG CLOZEL JEAN-PAUL TRIDENT MERGER BANK OF NEW YORK MEL BLACKROCK INC LAZARD ASSET MANAGEM MAAG RUDOLF BARCLAYS PLC MFS INVESTMENT MANAG CREDIT SUISSE GROUP NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC PICTET & CIE UBS FUND MANAGEMENT CAWTHORN ROBERT E EATON VANCE MANAGEME

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

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

Analyst PETER WELFORD FABRICE FARIGOULE NICOLAS GUYON-GELLIN TEAM COVERAGE SAMIR DEVANI OLAV ZILIAN KEYUR PAREKH RAVI MEHROTRA MICHAEL LEUCHTEN RICHARD J PARKES JAMES D GORDON ANDREW C WEISS SIBYLLE BISCHOFBERGER FRICK PIERRE CORBY SEBASTIEN MALAFOSSE BHANU SINGHAL JACOB THRANE ADRIAN HOWD KARL BRADSHAW TEAM COVERAGE ANNIE J CHENG LILIAN MONTERO

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

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

Amt Held 10'416'758 6'591'626 6'485'357 6'302'980 5'328'720 4'083'119 4'080'183 3'883'738 3'872'560 3'840'609 3'840'609 3'840'609 3'840'609 2'809'966 2'002'131 1'421'944 1'229'397 966'539 822'887 749'896

% Out 7.98 5.05 4.97 4.83 4.08 3.13 3.13 2.98 2.97 2.94 2.94 2.94 2.94 2.15 1.53 1.09 0.94 0.74 0.63 0.57

Weighting

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

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

Latest Chg (2'573'973) (98'035) (3'542) (532'793) 2'984 6'878 10'826

Target Price 53 49 50 #N/A N/A 50 72 43 50 46 55 53 62 #N/A N/A 38 43 49 49 47 40 #N/A N/A 54 #N/A N/A

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

File Dt Inst Type 24.07.2012 Other 25.07.2011 Investment Advisor 25.05.2011 Investment Advisor 12.08.2010 Investment Advisor 31.12.2009 n/a 02.05.2012 n/a 24.08.2011 Investment Advisor 18.11.2011 Investment Advisor 04.11.2010 Investment Advisor 31.12.2009 n/a 31.12.2009 Investment Advisor 31.12.2009 Investment Advisor 31.12.2009 Investment Advisor 30.05.2011 Government 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.12.2009 n/a 31.07.2012 Investment Advisor

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

Date 04.10.2012 04.10.2012 24.09.2012 18.09.2012 11.09.2012 11.09.2012 15.08.2012 23.07.2012 23.07.2012 20.07.2012 20.07.2012 20.07.2012 19.07.2012 19.07.2012 19.07.2012 19.07.2012 19.07.2012 17.07.2012 02.05.2012 18.04.2012 30.08.2011 28.03.2011

05.10.2012

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

Price/Volume 45

3.0 M

2.5 M

35 30

2.0 M

12/2011 01/yy 38.57 29.00 42'819.00 32.42 -15.95% 11.81% 34.82% 196.4 6'366.99 9'640.60 0.0 1.9 14'289.58 -

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

1.20

1.0 M

.5 M

5 0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 2'457.4 0.00x 0.0 0.00x 393.7 0.00x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.01.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 BAER VX EQUITY YTD Change BAER VX EQUITY YTD % CHANGE

31.12.2008 31.12.2009 2'480.1 1'883.7 0.00x 0.00x 0.0 0.0 0.00x 0.00x 356.9 388.7 0.00x 19.35x Profitability

31.12.2010 2'075.2 0.00x 0.0 0.00x 352.0 25.61x

31.12.2011 2'052.0 0.00x 0.0 0.00x 257.9 28.93x 16.36% 16.36% 0.52% 5.87% 1.91% 0.04% 13.2% 18.21% 223.77% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.18 194.69 9.26% -9.24% 1.175 22 3.409 564'408 647'840 603'810 FY+2

12/12 Y 12/13 Y 1'758.2 2'104.1 461.4 512.5 14.28x 13.76x S&P Issuer Ratings

.0 M o-12

FQ+1

FQ+2

223.8% 69.1% 0.04 5.56 -

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

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 |

05.10.2012

Julius Baer Group Ltd Holdings By:

All

Holder Name MFS INVESTMENT MANAG DAVIS SELECTED ADVIS HARRIS ASSOCIATES L THORNBURG INVESTMENT BLACKROCK INC HARRIS ASSOCIATES L MERRILL LYNCH & COMP AXA MASSACHUSETTS FINANC VANGUARD GROUP INC BLACKROCK GROUP LIMI CREDIT SUISSE ASSET T ROWE PRICE ASSOCIA UBS FUND MANAGEMENT INVESCO LTD MFS INVESTMENT MANAG BAER RAYMOND J UNITED SERVICES AUTO AMERIPRISE FINANCIAL BLACKROCK INSTITUTIO

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

Portfolio Name n/a n/a HARRIS ASSOC LP n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DIETER HEIN MATTEO GHILOTTI ROBERT MURPHY KILIAN MAIER JEAN SASSUS TIM DAWSON TEAM COVERAGE HUBERT LAM MARTIN LEITGEB TERESA NIELSEN ELENI PAPOULA JON PEACE TOM VAN KEMPEN JEREMY SIGEE MATT SPICK ANDREW STIMPSON DIRK BECKER FRANK BRADEN CHRISTIAN STARK GURJIT KAMBO GIANLUCA FERRARI ANDREAS BRUN PIERS BROWN

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

Recommendation add reduce neutral buy buy neutral underweight Equalwt/In-Line not rated reduce buy buy buy equalweight hold market perform hold hold select list restricted neutral market perform outperform

Amt Held 20'704'406 17'480'966 13'255'045 10'575'402 9'715'782 8'365'759 7'375'149 6'128'304 5'667'414 3'452'736 2'790'616 2'471'162 2'122'417 2'067'738 1'951'028 1'816'412 1'328'882 1'328'285 1'050'731 1'013'737

% Out 10.54 8.9 6.75 5.38 4.95 4.26 3.76 3.12 2.89 1.76 1.42 1.26 1.08 1.05 0.99 0.92 0.68 0.68 0.54 0.52

Weighting

Change

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

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

Latest Chg 204'582 2'702'769 (2'715'494) (153'232) 332'052 (448'595) (430) 809'898 (9'719) 10'112 79'782 46'332 (7'494) 5'832

Target Price 35 32 35 38 45 34 #N/A N/A 38 #N/A N/A 27 36 40 38 36 39 35 29 38 41 #N/A N/A 37 #N/A N/A 42

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 27.04.2012 Investment Advisor 14.08.2012 Investment Advisor 19.04.2012 Investment Advisor 10.08.2012 Investment Advisor 24.09.2010 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 03.10.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 04.10.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor 03.10.2012 Investment Advisor

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

Date 04.10.2012 03.10.2012 02.10.2012 24.09.2012 14.09.2012 14.09.2012 11.09.2012 23.08.2012 23.08.2012 21.08.2012 20.08.2012 14.08.2012 14.08.2012 14.08.2012 13.08.2012 13.08.2012 13.08.2012 13.08.2012 26.07.2012 23.07.2012 18.07.2012 31.01.2012 23.09.2011

05.10.2012

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

Price/Volume 90 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BALN VX EQUITY YTD Change BALN VX EQUITY YTD % CHANGE

12/2011 12/yy 77.35 58.30 29'581.00 76.4 -1.23% 31.05% 97.64% 50.0 3'820.00 1'612.60 0.0 33.3 2'287.80 3'414.10

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

20 10 0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Market Data

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

Fiscal Year Ended 31.12.2007 9'886.4 0.54x 0.0 0.00x 786.1 7.36x

31.12.2008 31.12.2009 7'807.9 9'464.6 0.46x 0.34x 0.0 0.0 0.00x 0.00x 358.3 414.1 10.70x 9.95x Profitability

LTM-4Q 31.12.2010 9'420.2 0.37x 0.0 0.00x 433.4 9.95x

31.12.2011 7'691.1 0.31x 0.0 0.00x 60.8 49.68x 1.74% 1.16% 0.09% 1.53% 1.80% 0.11% 0.8% 2.33% 41.77% -

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M o-12

LTM

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

FY+1

1.06 47.23 22.80% 26.80% 1.060 17 3.294 199'044 202'832 183'120 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 7'991.8 8'265.4 0.20x 0.19x 423.7 453.8 8.30x 7.68x S&P Issuer Ratings

41.8% 29.3% 0.11 -

Sales/Revenue/Turnover

80.00

12'000.0

70.00

10'000.0

60.00

8'000.0

50.00 40.00

6'000.0

30.00

4'000.0

20.00

2'000.0 10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Baloise Holding AG Holdings By:

All

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

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

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

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

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

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

Amt Held 2'500'000 2'496'253 1'500'000 1'457'224 864'458 644'156 536'496 426'361 357'050 327'424 305'153 300'950 290'114 275'534 240'931 156'138 137'042 132'808 119'971 98'926

% Out 5 4.99 3 2.91 1.73 1.29 1.07 0.85 0.71 0.65 0.61 0.6 0.58 0.55 0.48 0.31 0.27 0.27 0.24 0.2

Weighting

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

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

Latest Chg (7'938) 7'783 (56'988) (1'242) 31'490 (6'186) 12'200 (2'565) 1'736 2'737 4'000 8'671 (7'588) (12'554)

Target Price 80 86 94 72 #N/A N/A 84 #N/A N/A 90 105 78 75 83 90 72 92 93 65

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

File Dt 31.12.2011 29.03.2012 31.12.2011 23.08.2012 31.05.2012 31.07.2012 30.06.2012 31.07.2012 31.07.2012 31.01.2012 30.06.2012 31.05.2012 31.08.2012 03.10.2012 31.07.2012 31.05.2012 31.08.2012 31.08.2012 30.06.2012 30.06.2012

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

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

Date 04.10.2012 20.09.2012 17.09.2012 17.09.2012 11.09.2012 10.09.2012 05.09.2012 03.09.2012 31.08.2012 31.08.2012 31.08.2012 30.08.2012 25.06.2012 28.05.2012 27.03.2012 26.03.2012 22.03.2012

05.10.2012

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 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2012 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

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

2.0 M

1.0 M

10 0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.03.2008 5'290.0 3.53x 1'428.0 13.08x 1'565.0 20.48x

3.0 M

03/2012 01/yy 64.75 41.41 180'205.00 58.1 -10.27% 40.30% 72.37% 522.0 33'361.02 851.00 0.0 9.0 4'036.00 24'358.34

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

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% 14.40% 19.81% 18.15% 0.83% 63.7% 26.5% 23.1% 17.4% 3.16 1.66 7.24% 9.89% 20.43 1.00

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-12

1.31 495.05 38.20% 23.34% 1.309 32 3.844 1'571'381 1'839'833 1'858'701 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/12 Q4 06/12 Q1 10'304.5 11'183.9 1'766.5 2.31x 2.03x 2'753.9 2'988.2 8.85x 8.15x 1'889.3 2'092.8 14.14x 12.68x S&P Issuer Ratings

78.47 63.03 -1.35 0.36 9.9% 9.0% 0.83 6.34 17.91 367.31 79.27 305.95

Sales/Revenue/Turnover

25.00

10'000.0 9'000.0 8'000.0

20.00

7'000.0 15.00

6'000.0

10.00

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

5.00

1'000.0 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

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 |

05.10.2012

Cie Financiere Richemont SA Holdings By:

All

Holder Name PUBLIC INVESTMENT CO WADDELL & REED FINAN CARMIGNAC GESTION VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE ASSET GARDNER RUSSO & GARD JANUS CAPITAL MANAGE HARRIS ASSOCIATES L UBS FUND MANAGEMENT BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA PICTET & CIE BLACKROCK INSTITUTIO FIDELITY INTERNATION ARTISAN PARTNERS HOL SWISSCANTO FONDSLEIT MASSACHUSETTS FINANC MFS INVESTMENT MANAG RCM CAPITAL MANAGEME

Firm Name AlphaValue Aurel - BGC Renaissance Capital Investec Nomura Helvea Zuercher Kantonalbank Cantor Fitzgerald JPMorgan Oddo & Cie Kepler Capital Markets Telsey Advisory Group Morgan Stanley Credit Suisse Raymond James Bryan Garnier & Cie Avior Research EVA Dimensions Deutsche Bank HSBC Bank Vontobel AG Main First Bank AG S&P Capital IQ Goldman Sachs Macquarie ISI Group Barclays Day by Day BNP Paribas Cadiz Securities CA Cheuvreux Berenberg Bank Natixis

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD Multiple Portfolios HARRIS ASSOC LP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst VIRGINIE BLIN DAVID DA MAIA REY WIUM THANE DUFF CHRISTOPHER WALKER MICHAEL HEIDER PATRIK SCHWENDIMANN ALLEGRA PERRY MELANIE A FLOUQUET LEOPOLD AUTHIE JON COX DANA TELSEY LOUISE SINGLEHURST ROGERIO FUJIMORI MARC WILLAUME LOIC MORVAN MATHEW MENEZES TEAM COVERAGE FRANCESCA DI PASQUANTONIO ERWAN RAMBOURG RENE WEBER MATTHIAS EIFERT JASON ASAEDA WILLIAM HUTCHINGS WYNAND VAN ZYL OMAR SAAD HELEN BRAND VALERIE GASTALDY SHAMIL ISMAIL THOMAS MESMIN JOHN GUY JOSEPHINE CHEVALLIER

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F 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 add hold hold buy buy neutral outperform sell neutral buy buy no rating system Equalwt/In-Line neutral strong buy buy neutral sell hold neutral buy neutral hold Buy/Neutral outperform buy overweight hold buy outperform Under Review neutral

Amt Held 26'715'742 15'453'310 12'486'909 9'606'703 9'171'423 7'444'017 6'649'307 5'639'755 5'345'360 4'855'155 3'660'962 3'606'300 2'922'415 2'550'964 1'645'497 1'633'321 1'629'627 1'486'100 1'409'936 1'397'747

% Out 5.12 2.96 2.39 1.84 1.76 1.43 1.27 1.08 1.02 0.93 0.7 0.69 0.56 0.49 0.32 0.31 0.31 0.28 0.27 0.27

Weighting

Change

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

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

Latest Chg (5'917'694) (1'175'590) 354'199 (6'260) (1'088) 386'889 (1'457'406) 423'706 (117'941) (450'832) 356'283 (57'491) 14'400 (1'233'594) (12'960) (20'312) 60'564 207'561

Target Price 64 62 66 72 66 60 #N/A N/A 54 68 69 72 68 59 64 70 72 70 #N/A N/A 65 67 70 64 63 117 68 70 79 #N/A N/A 68 70 #N/A N/A 52

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

File Dt 13.07.2011 30.06.2012 29.06.2012 30.06.2012 30.06.2012 23.08.2012 30.06.2012 30.06.2012 30.06.2012 31.05.2012 03.10.2012 30.06.2012 31.07.2012 03.10.2012 29.02.2012 31.03.2012 31.07.2012 31.08.2012 31.07.2012 31.08.2012

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

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

Date 04.10.2012 02.10.2012 02.10.2012 25.09.2012 24.09.2012 21.09.2012 13.09.2012 13.09.2012 11.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 03.09.2012 01.09.2012 13.08.2012 08.08.2012 07.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 30.07.2012 18.05.2012 17.05.2012 17.04.2012 08.09.2011

05.10.2012

Clariant AG Clariant, AG. develops, produces, markets and sales specialty chemical products. The Company provides dyes and chemicals for the textile, leather and paper industries, pigments for the use in paints, printing inks, decorative paints, plastics, cosmetics, concentrated pigment and additive preparations for engineering plastics, spin dyeing, and packaging.

Price/Volume 8.0 M

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/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 CLN VX EQUITY YTD Change CLN VX EQUITY YTD % CHANGE

12/2011 06/yy 13.06 7.42 596'523.00 11.49 -11.97% 55.02% 72.13% 295.8 3'398.19 2'974.00 0.0 93.0 1'234.00 5'472.19

4.0 M

3.0 M

2.0 M

1.0 M

0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

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

9.0 M

14 10

Valuation Analysis

31.12.2007 8'533.0 0.46x 775.0 5.07x (2.0) 23.93x

31.12.2008 31.12.2009 8'071.0 6'614.0 0.36x 0.51x 746.0 470.0 3.85x 7.14x (45.0) (206.0) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 7'120.0 0.71x 880.0 5.76x 180.0 23.38x

31.12.2011 7'370.0 0.60x 874.0 5.10x 227.0 10.78x 874.00 616.00 8.36% 4.53% 3.03% 9.68% 7.33% 0.98% 26.7% 11.9% 8.4% 3.1% 1.24 0.75 32.75% 101.40% 6.96 5.54

Price/ Cash Flow

LTM

06/yy 6'996.0 2.93x 889.0 7.49x 295.0 12.33x

06/yy 7'706.0 2.49x 816.0 5.92x 164.0 16.08x

FY+1

.0 M o-12

1.49 224.42 43.02% 28.05% 1.486 24 3.167 2'408'978 2'086'352 2'145'283 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 7'797.3 8'048.4 1'931.5 1'985.0 0.68x 0.65x 913.8 1'031.1 232.7 249.5 5.99x 5.31x 298.8 412.5 85.5 116.0 10.77x 8.47x S&P Issuer Ratings

14.03.2011 BBBNEG 14.03.2011 A-3 7.16 4.13 1.99 3.40 101.4% 49.6% 0.98 3.54 52.47 65.91 79.15 39.24

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 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

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 |

05.10.2012

Clariant AG Holdings By:

All

Holder Name HENGELER MUELLER PRT NOW AXA CLARIANT AG UBS AG STOCKHAUSEN DOLF CREDIT SUISSE ASSET TIAA CREF INVESTMENT AMUNDI FIDELITY MANAGEMENT DIMENSIONAL FUND ADV BESTINVER GESTION SG BLACKROCK INC SCHRODER INVESTMENT JP MORGAN CHASE & CO ROYAL BANK OF SCOTLA UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT PICTET & CIE CREDIT SUISSE

Firm Name HSBC AlphaValue Berenberg Bank Bank Vontobel AG Exane BNP Paribas Zuercher Kantonalbank JPMorgan ING Wholesale Banking EVA Dimensions Kepler Capital Markets CA Cheuvreux Barclays Societe Generale Credit Suisse Nomura Main First Bank AG Morgan Stanley Deutsche Bank Canaccord Genuity Corp Macquarie Goldman Sachs

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

Analyst JESKO MAYER-WEGELIN MARTIN SCHNEE JAIDEEP PANDYA PATRICK RAFAISZ JAMES KNIGHT MARTIN SCHREIBER NEIL C TYLER FILIP DE PAUW TEAM COVERAGE MARKUS MAYER OLIVER GIRAKHOU GUNTHER ZECHMANN PETER CLARK RHIAN O'CONNOR JEAN DE WATTEVILLE BERND POMREHN PETER MACKEY TIMOTHY JONES PAUL W SATCHELL JUERGEN RECK RICHARD LOGAN

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

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

Amt Held 44'738'756 15'636'755 15'053'731 14'842'739 11'524'087 11'461'304 10'825'939 9'168'284 9'079'559 8'923'594 6'848'454 6'647'918 6'583'801 6'262'727 4'473'060 4'201'692 3'810'570 3'533'068 3'220'909 3'044'738

% Out 15.13 5.29 5.09 5.02 3.9 3.88 3.66 3.1 3.07 3.02 2.32 2.25 2.23 2.12 1.51 1.42 1.29 1.19 1.09 1.03

Weighting

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

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

Latest Chg 1'598'001 462'299 12'307 (4'670'521) (309'522) (4'791'034) 1'556'578 (2'157'177) 15'901 (6'909) 153'305 1'098'299

Target Price 12 15 14 19 13 #N/A N/A 11 10 #N/A N/A 18 10 15 10 8 15 14 11 11 9 10 11

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 19.04.2012 n/a 31.12.2011 Investment Advisor 15.05.2012 n/a 04.06.2008 Investment Advisor 31.12.2011 n/a 23.08.2012 Mutual Fund Manager 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 22.06.2012 Investment Advisor 27.07.2010 Investment Advisor 09.10.2009 Investment Advisor 18.10.2010 Investment Advisor 30.03.2012 Investment Advisor 15.03.2010 Investment Advisor 02.06.2010 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.07.2012 Mutual Fund Manager 18.09.2012 Investment Advisor

Date Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 15 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month

Date 28.09.2012 27.09.2012 12.09.2012 12.09.2012 11.09.2012 10.09.2012 06.09.2012 03.09.2012 27.08.2012 21.08.2012 20.08.2012 16.08.2012 08.08.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 03.07.2012 18.05.2012 15.05.2012 21.03.2012

05.10.2012

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 (28.10.2011) 52-Week Low (03.08.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.07.2012 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

12/2011 06/yy 26.63 15.97 970'577.00 21 -21.13% 31.50% 47.30% 1'320.1 27'721.85 405'477.00 0.0 7'411.0 349'808.00 -

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

15.0 M

10.0 M

5.0 M

0 o-11

31.12.2008 31.12.2009 48'697.0 51'547.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x (8'218.0) 6'724.0 0.00x 9.96x Profitability

LTM-4Q 31.12.2010 50'345.0 0.00x 0.0 0.00x 5'098.0 9.59x

31.12.2011 42'693.0 0.00x 0.0 0.00x 1'953.0 16.11x 12.86% 13.25% 0.19% 5.83% 0.63% 0.04% 7.5% 38.65% 1204.12% -

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 47'242.0 0.00x 0.0 0.00x 3'357.0 12.72x

06/yy 39'487.0 0.00x 0.0 0.00x 878.0 40.14x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

1.50 1'174.37 -5.56% -1.15% 1.496 43 3.209 5'491'981 6'959'084 7'860'509 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 24'251.8 26'964.6 5'808.2 6'051.5 2'575.1 4'093.9 619.0 737.3 11.36x 8.41x 8.82x 8.34x S&P Issuer Ratings

19.12.2008 A NEG 27.07.2012 NR 1204.1% 90.8% 0.04 6.13 -

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 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 93'174.0 0.00x 0.0 0.00x 7'760.0 9.18x

20.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Credit Suisse Group AG Holdings By:

All

Holder Name CRESCENT HOLDING GMB QATAR INVESTMENT AUT DODGE & COX FRANKLIN RESOURCES I HARRIS ASSOCIATES L KOOR INDUSTRIES LTD HARRIS ASSOCIATES L BLACKROCK INC CAPITAL GROUP COMPAN MORGAN STANLEY AXA NORGES BANK CAPITAL RESEARCH GLO CREDIT SUISSE ASSET VANGUARD GROUP INC CAPITAL WORLD INVEST UBS FUND MANAGEMENT DB PLATINUM ADVISORS T ROWE PRICE ASSOCIA PICTET & CIE

Firm Name

Portfolio Name n/a n/a n/a n/a HARRIS ASSOC LP 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

Analyst

RBC Capital Markets FIONA SWAFFIELD AlphaValue DIETER HEIN Exane BNP Paribas DANIEL DAVIES Natixis ANTOINE BURGARD Day by Day VALERIE GASTALDY Redburn Partners NICHOLAS WATTS Grupo Santander AURELIA FAURE Morgan Stanley HUW VAN STEENIS Oddo & Cie JEAN SASSUS Helvea TIM DAWSON JPMorgan KIAN ABOUHOSSEIN Keefe, Bruyette & Woods ANDREW STIMPSON ING Wholesale Banking TOM VAN KEMPEN EVA Dimensions TEAM COVERAGE Deutsche Bank MATT SPICK Nord/LB MICHAEL SEUFERT Macquarie PIERS BROWN Main First Bank AG KILIAN MAIER Barclays JEREMY SIGEE CA Cheuvreux CHRISTIAN STARK Goldman Sachs JERNEJ OMAHEN Berenberg Bank JAMES CHAPPELL HSBC ROBERT MURPHY Silvia Quandt Research CHRISTIAN MUSCHICK S&P Capital IQ FRANK BRADEN Commerzbank Corporates & Markets MICHAEL DUNST Kepler Capital Markets DIRK BECKER Nomura JON PEACE Espirito Santo Investment Bank Research ANDREW LIM DZ Bank AG CHRISTOPH BAST Societe Generale DIRK HOFFMANN-BECKING Mediobanca SpA CHRISTOPHER J WHEELER Zuercher Kantonalbank ANDREAS VENDITTI Bankhaus Metzler GUIDO HOYMANN Bank Vontobel AG TERESA NIELSEN Landesbank Baden-Wuerttemberg INGO FROMMEN Independent Research GmbH STEFAN BONGARDT Canaccord Genuity Corp GARETH HUNT Hammer Partners SA ENRICO RACIOPPI Rochdale Securities RICHARD X BOVE SR

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

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

Amt Held 78'402'457 73'169'083 64'676'730 57'301'266 51'906'298 37'006'666 36'900'422 34'817'495 34'048'299 32'818'874 32'002'938 27'965'044 22'270'225 17'453'270 12'878'574 12'772'871 10'534'120 9'949'146 6'947'958 6'137'735

% Out 5.94 5.54 4.9 4.34 3.93 2.8 2.8 2.64 2.58 2.49 2.42 2.12 1.69 1.32 0.98 0.97 0.8 0.75 0.53 0.46

Weighting

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

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

Latest Chg 119'125 28'750'193 21'650'518 10'091'730 (1'339'270) (2'100'216) 12'068'962 (26'636'525) 1'395'872 (300'080) 53'272 (141'100) 1'777'000 (441'614) 5'354'194 1'616'468 302'985

Target Price 22 20 19 19 26 #N/A N/A 20 25 28 18 22 24 18 #N/A N/A 23 #N/A N/A 17 21 16 24 29 13 24 20 22 19 17 24 18 16 15 22 #N/A N/A 16 21 24 19 33 21 #N/A N/A

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

File Dt Inst Type 18.07.2012 Investment Advisor 21.04.2011 Government 23.08.2012 Investment Advisor 07.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2010 Holding Company 10.05.2012 Investment Advisor 23.06.2011 Investment Advisor 30.07.2012 Investment Advisor 28.06.2010 Investment Advisor 25.08.2009 Investment Advisor 31.07.2012 Government 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager

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

Date 04.10.2012 04.10.2012 03.10.2012 02.10.2012 01.10.2012 24.09.2012 18.09.2012 17.09.2012 14.09.2012 14.09.2012 04.09.2012 04.09.2012 30.08.2012 27.08.2012 22.08.2012 21.08.2012 09.08.2012 06.08.2012 06.08.2012 02.08.2012 31.07.2012 30.07.2012 27.07.2012 26.07.2012 25.07.2012 24.07.2012 24.07.2012 24.07.2012 20.07.2012 20.07.2012 19.07.2012 19.07.2012 19.07.2012 19.07.2012 19.07.2012 18.07.2012 18.07.2012 12.07.2012 03.07.2012 04.06.2012

05.10.2012

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 (21.09.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 GEBN VX EQUITY YTD Change GEBN VX EQUITY YTD % CHANGE

12/2011 06/yy 209.60 159.24 8'748.00 208.9 -0.38% 31.18% 95.83% 38.8 8'109.71 75.60 0.0 0.0 542.00 7'833.71

.6 M .4 M

.2 M 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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% 17.89% 26.12% 25.22% 0.87% 28.5% 24.1% 20.6% 2.47 1.88 3.56% 5.33% 16.81 -

Price/ Cash Flow

06/yy 1'898.2 15.68x 557.4 12.87x 406.1 19.36x

LTM 06/yy 1'883.4 14.21x 541.9 12.63x 389.7 18.52x

FY+1

.0 M o-12

0.99 35.51 29.80% 19.48% 0.991 14 3.000 79'009 81'139 80'993 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'187.9 2'296.4 3.50x 3.27x 562.3 604.5 13.91x 12.94x 410.8 440.3 19.54x 17.94x S&P Issuer Ratings

25.05.2010 ASTABLE 83.13 68.66 -0.88 0.14 5.3% 5.1% 0.87 3.62 21.71 -

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

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 |

05.10.2012

Geberit AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BARCLAYS PLC CAPITAL WORLD INVEST CAPITAL GROUP COS BLACKROCK INC MARATHON ASSET MANAG CREDIT SUISSE FUNDS VANGUARD GROUP INC CREDIT SUISSE ASSET WILLIAM BLAIR & COMP GEBERIT AG PICTET & CIE CAPITAL RESEARCH GLO UBS FUND MANAGEMENT BLACKROCK GROUP LIMI MASSACHUSETTS FINANC HANSLIN RANDOLF SWISSCANTO FONDSLEIT COLUMBIA WANGER ASSE VONTOBEL ASSET MANAG

Firm Name Goldman Sachs Berenberg Bank Bank Vontobel AG Davy Zuercher Kantonalbank Helvea Main First Bank AG Credit Suisse CA Cheuvreux EVA Dimensions Kepler Capital Markets Morgan Stanley

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

Analyst RUDOLF DREYER MICHAEL WATTS CHRISTIAN ARNOLD FLORENCE O'DONOGHUE MARTIN HUESLER PATRICK APPENZELLER CHRISTIAN KORTH ANDRE KUKHNIN OLIVER GIRAKHOU TEAM COVERAGE CHRISTOPH LADNER ALEJANDRA PEREDA

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

Recommendation neutral/neutral buy hold neutral market perform neutral buy underperform outperform hold hold Underwt/Attractive

Amt Held 3'984'363 2'095'110 2'015'558 1'720'160 1'325'201 1'195'465 1'184'109 991'462 703'521 689'545 677'548 645'135 635'319 416'836 405'892 386'392 363'151 316'370 283'686 240'390

% Out 10.26 5.4 5.19 4.43 3.41 3.08 3.05 2.55 1.81 1.78 1.75 1.66 1.64 1.07 1.05 1 0.94 0.81 0.73 0.62

Weighting

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

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

Latest Chg (136'664) 95'000 137'680 (31'671) 13'202 (1'879) 384'169 (523'775) 7'382 (22'003) 145'688 11'216 (2'245) (500) (2'550)

Target Price 225 215 220 #N/A N/A #N/A N/A 200 210 160 220 #N/A N/A 200 176

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

File Dt Inst Type 21.07.2010 Investment Advisor 14.03.2007 Investment Advisor 30.06.2012 Investment Advisor 11.05.2006 Investment Advisor 07.09.2010 Investment Advisor 07.07.2011 Investment Advisor 11.06.2012 n/a 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 27.06.2012 n/a 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 03.10.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2011 n/a 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 24.08.2012 15.08.2012 15.08.2012 15.08.2012 14.08.2012 14.08.2012 22.06.2012 26.04.2012 13.03.2012 12.03.2012 09.03.2012 08.03.2012

05.10.2012

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 (20.07.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 GIVN VX EQUITY YTD Change GIVN VX EQUITY YTD % CHANGE

12/2011 06/yy 970.00 694.43 11'443.00 929 -4.23% 33.78% 78.23% 9.2 8'578.00 1'998.00 0.0 0.0 599.00 10'076.00

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

.1 M

400

.0 M

200

.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 4'132.0 2.73x 875.0 12.91x 94.0 82.28x

.1 M

600

Valuation Analysis

31.12.2008 31.12.2009 4'087.0 3'959.0 2.20x 2.31x 822.0 758.0 10.95x 12.04x 111.0 199.0 53.20x 32.97x Profitability

LTM-4Q 31.12.2010 4'239.0 2.47x 866.0 12.10x 340.0 26.64x

31.12.2011 3'915.0 2.44x 755.0 12.63x 252.0 32.30x 755.00 445.00 11.37% 8.12% 3.70% 7.26% 5.61% 0.57% 42.6% 19.3% 11.4% 6.4% 2.07 1.17 29.75% 57.17% 5.18 2.86

Price/ Cash Flow

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

LTM 06/yy 2'126.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-12

0.77 7.12 32.50% 6.44% 0.773 25 2.600 22'685 22'353 24'426 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 4'198.0 4'388.6 1'086.3 991.0 2.33x 2.17x 862.8 941.7 11.68x 10.70x 473.2 528.4 17.37x 15.88x S&P Issuer Ratings

10.07 7.57 1.85 2.65 57.2% 36.4% 0.57 2.92 70.48 127.73 53.90 144.30

Sales/Revenue/Turnover

25.00

4'500.0 4'000.0

20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Givaudan SA Holdings By:

All

Holder Name GATES III WILLIAM HE NESTLE SA HARRIS ASSOCIATES L GIVAUDAN SA CREDIT SUISSE ASSET MASSACHUSETTS FINANC VANGUARD GROUP INC CAPITAL WORLD INVEST HOFFMANN ANDRE SEREN ARTISAN PARTNERS HOL NEW JERSEY DIVISION UBS FUND MANAGEMENT UMB BANK N A SCHRODER INVESTMENT BLACKROCK INSTITUTIO PICTET & CIE HENDERSON GLOBAL INV JO HAMBRO CAPITAL MA CAUSEWAY CAPITAL MAN FIDELITY MANAGEMENT

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

Portfolio Name n/a n/a HARRIS ASSOC LP n/a 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 Multiple Portfolios

Analyst MARTIN SCHNEE PATRICK JNGLIN CELINE PANNUTI ANDREAS VON ARX ALICIA FORRY HEIDI VESTERINEN SEBASTIAN SATZ TEAM COVERAGE BERND POMREHN ADAM COLLINS VIRGINIE BOUCHER-FERTE GUNTHER ZECHMANN JAIDEEP PANDYA RAKESH PATEL CHRISTOPH WIRTZ ERIK SJOGREN DANIEL BUERKI JEAN DE WATTEVILLE JEAN-PHILIPPE BERTSCHY AIDEN O'DONNELL JUERGEN RECK TEAM COVERAGE

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

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

Amt Held 950'137 926'130 323'356 144'346 134'446 96'740 93'239 90'194 86'929 83'658 80'000 68'369 66'031 63'413 47'937 42'651 42'596 32'966 32'389 31'471

% Out 10.29 10.03 3.5 1.56 1.46 1.05 1.01 0.98 0.94 0.91 0.87 0.74 0.72 0.69 0.52 0.46 0.46 0.36 0.35 0.34

Weighting

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

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

Latest Chg (151'944) 653 1'405 4'840 (10'500) (116) (13'567) 507 (33'312) 304 310 (509) 1'652 37

Target Price 948 900 1'020 915 975 1'010 930 #N/A N/A 940 1'027 820 1'009 755 913 820 900 #N/A N/A 1'015 850 #N/A N/A 880 980

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 30.06.2012 Investment Advisor 25.11.2011 n/a 23.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 n/a 31.03.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 30.03.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.11.2011 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor

Date 6 month Not Provided 15 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 04.10.2012 03.10.2012 03.10.2012 03.10.2012 02.10.2012 01.10.2012 28.09.2012 05.09.2012 31.08.2012 31.08.2012 23.08.2012 16.08.2012 14.08.2012 08.08.2012 07.08.2012 06.08.2012 06.08.2012 06.08.2012 03.08.2012 21.06.2012 17.04.2012 27.03.2012

05.10.2012

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/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 HOLN VX EQUITY YTD Change HOLN VX EQUITY YTD % CHANGE

12/2011 06/yy 64.70 45.35 121'104.00 62.85 -2.86% 38.60% 87.60% 327.1 20'557.38 14'495.00 0.0 2'827.0 2'950.00 35'582.38

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

0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 27'052.0 1.77x 6'930.0 6.92x 3'865.0 8.16x

31.12.2008 31.12.2009 25'157.0 21'132.0 1.32x 2.02x 5'333.0 4'630.0 6.23x 9.20x 1'782.0 1'471.0 8.84x 16.33x Profitability

LTM-4Q 31.12.2010 21'653.0 1.71x 4'513.0 8.19x 1'182.0 19.15x

31.12.2011 20'744.0 1.47x 3'958.0 7.69x 275.0 58.43x 3'958.00 1'933.00 9.32% 5.46% 0.63% 1.57% 3.08% 0.48% 41.1% 19.1% 9.3% 1.3% 1.06 0.74 34.06% 86.13% 7.81 5.88

Price/ Cash Flow

LTM

06/yy 20'894.0 7.04x 4'068.0 8.77x 1'208.0 16.83x

06/yy 20'958.0 6.07x 3'993.0 8.05x 307.0 55.69x

FY+1

.0 M o-12

1.27 227.77 18.08% 27.36% 1.265 35 3.314 753'640 758'482 765'593 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 21'658.4 22'943.0 5'815.3 5'762.0 1.58x 1.45x 5.91x 5.91x 4'214.1 4'747.8 1'242.0 1'118.5 8.45x 7.50x 1'118.5 1'440.7 451.7 260.3 18.64x 14.25x S&P Issuer Ratings

22.01.2009 BBB STABLE 01.04.2005 A-2 5.69 3.14 2.92 3.66 86.1% 42.4% 0.48 0.90 46.71 62.12 72.37 36.45

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 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

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 |

05.10.2012

Holcim Ltd Holdings By:

All

Holder Name SCHMIDHEINY THOMAS EUROCEMENT HOLDING A CAPITAL GROUP COMPAN CAPITAL WORLD INVEST HARBOR CAPITAL ADVIS HARRIS ASSOCIATES L VANGUARD GROUP INC CREDIT SUISSE ASSET FIRST STATE INVESTME UBS FUND MANAGEMENT TIAA CREF INVESTMENT MANNING & NAPIER ADV DIMENSIONAL FUND ADV CAPITAL RESEARCH GLO BLACKROCK INSTITUTIO SWISSCANTO FONDSLEIT PICTET & CIE MORGAN STANLEY VONTOBEL ASSET MANAG MANDARINE GESTION

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

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios HARRIS ASSOC LP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Recommendation

GAETAN DUPONT add WILL MORGAN Sell/Neutral PHIL ROSEBERG market perform VALERIE GASTALDY buy NABIL AHMED underperform ROBERT MUIR buy PAUL ROGER outperform GLYNIS JOHNSON hold RAFIC EL HADDAD reduce YURI SEROV Equalwt/Attractive MICHAEL MORRIS overweight ARNAUD PALLIEZ market perform CHARLIE CAMPBELL buy PATRICK APPENZELLER buy JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate IAN OSBURN hold MICHAEL F BETTS buy SVEN EDELFELT buy TIM CAHILL neutral SERGE ROTZER hold TEAM COVERAGE underweight MURIEL FELLOUS hold HARRY GOAD neutral GUIDO HOYMANN sell SHO MATSUBARA sell MARC NETTELBECK sell VIRGINIE ROUSSEAU neutral CHRISTIAN KORTH neutral JOHN FRASER-ANDREWS overweight JOSEP PUJAL buy GIUSEPPE MAPELLI hold MARTIN HUESLER outperform MIKE BRIDGES hold

Amt Held 65'774'099 33'091'556 9'685'325 9'633'782 7'265'887 6'616'562 3'198'422 3'082'429 1'941'958 1'787'430 1'535'564 1'514'480 1'280'514 1'240'908 1'194'673 1'184'055 1'046'050 704'263 466'666 457'793

% Out 20.11 10.12 2.96 2.95 2.22 2.02 0.98 0.94 0.59 0.55 0.47 0.46 0.39 0.38 0.37 0.36 0.32 0.22 0.14 0.14

Weighting

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

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

Latest Chg (6'310'975) (1'088'273) 1'954'962 29'604 (10'050) 5'886 438'927 6'408 (104'026) (32'716) 17'679 (42'040) -

Target Price 72 65 61 63 68 68 65 58 55 72 70 #N/A N/A 71 75 66 58 76 65 #N/A N/A 61 #N/A N/A 60 51 41 50 50 59 58 71 65 63 #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 20.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 30.06.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 04.10.2012 03.10.2012 02.10.2012 01.10.2012 28.09.2012 27.09.2012 26.09.2012 24.09.2012 24.09.2012 19.09.2012 19.09.2012 19.09.2012 12.09.2012 07.09.2012 06.09.2012 05.09.2012 04.09.2012 31.08.2012 31.08.2012 28.08.2012 27.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 24.07.2012 28.06.2012 22.06.2012 21.06.2012 12.06.2012 15.05.2012 14.05.2012 30.11.2011

05.10.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (10/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 KNIN VX EQUITY YTD Change KNIN VX EQUITY YTD % CHANGE

12/2011 06/yy 125.00 93.10 8'634.00 106 -15.20% 13.86% 40.13% 120.0 12'720.00 87.00 0.0 23.0 851.00 12'016.00

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

.7 M

120

.6 M

100

.5 M

.4 M

.3 M

.2 M

.1 M

0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 17'120.0 0.71x 1'033.0 11.77x 536.0 23.90x

140

31.12.2008 31.12.2009 17'992.0 14'336.0 0.39x 0.77x 1'038.0 905.0 6.80x 12.26x 585.0 467.0 13.62x 25.44x Profitability

LTM-4Q 31.12.2010 16'858.0 0.85x 1'038.0 13.75x 601.0 25.69x

31.12.2011 16'218.0 0.73x 994.0 11.92x 601.0 20.93x 994.00 771.00 4.75% 4.72% 9.95% 25.32% 24.61% 2.68% 36.4% 6.1% 4.8% 3.7% 1.24 1.00 1.42% 3.65% 7.45 26.46

Price/ Cash Flow

LTM

06/yy 16'739.0 3.37x 1'031.0 14.27x 632.0 23.99x

06/yy 16'377.0 2.94x 865.0 13.01x 500.0 23.97x

FY+1

.0 M o-12

1.03 55.01 6.62% 4.20% 1.027 30 3.433 119'223 137'285 143'586 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 17'120.6 18'345.6 4'345.0 4'511.0 0.69x 0.63x 2.75x 2.63x 931.6 1'083.6 241.2 266.4 12.90x 11.09x 11.61x 11.26x 596.2 709.0 148.2 160.0 21.75x 18.75x 20.33x 19.58x S&P Issuer Ratings

124.25 98.38 -0.77 0.09 3.7% 3.5% 2.68 14.55 49.01 13.79 42.83 19.97

Sales/Revenue/Turnover

25.00

20'000.0 18'000.0 16'000.0

20.00

14'000.0 15.00

12'000.0

10.00

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

5.00

2'000.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Kuehne + Nagel International AG Holdings By:

All

Holder Name KUEHNE KLAUS-MICHAEL HARRIS ASSOCIATES L DAVIS SELECTED ADVIS FIDELITY INTERNATION CREDIT SUISSE ASSET CAPITAL RESEARCH GLO KUEHNE & NAGEL INTL T ROWE PRICE ASSOCIA FIDELITY MANAGEMENT SWISSCANTO FONDSLEIT PICTET & CIE VANGUARD GROUP INC SANFORD C BERNSTEIN UBS FUND MANAGEMENT MASSACHUSETTS FINANC FIRST EAGLE INVESTME CAPITAL WORLD INVEST DANSKE INVEST A/S DANSKE INVEST MANAGE HENDERSON GLOBAL INV

Portfolio Name n/a HARRIS ASSOC LP 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

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

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

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

Recommendation buy sector perform add hold buy neutral buy buy hold Equalwt/In-Line outperform underperform sell underweight underweight underweight outperform buy outperform hold neutral hold hold neutral/neutral buy outperform buy

Amt Held 63'900'000 4'835'400 2'934'593 1'646'864 1'304'490 1'229'050 877'480 715'803 697'102 628'357 610'302 602'101 568'548 539'711 531'993 526'255 418'000 331'556 302'122 296'266

% Out 53.25 4.03 2.45 1.37 1.09 1.02 0.73 0.6 0.58 0.52 0.51 0.5 0.47 0.45 0.44 0.44 0.35 0.28 0.25 0.25

Weighting

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

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

Latest Chg 2'074'000 496'750 (674'723) 7'105 113'096 (96'670) 5'447 942 30'608 (27'231) 8'130 (1'257) 67'915 -

Target Price 120 115 123 #N/A N/A 178 125 137 123 #N/A N/A 110 120 103 100 #N/A N/A 105 96 120 120 #N/A N/A 110 109 108 114 105 127 #N/A N/A 135

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

File Dt 31.12.2010 30.06.2012 31.07.2012 31.03.2012 23.08.2012 30.06.2012 31.12.2010 30.06.2012 31.08.2012 31.07.2012 31.07.2012 30.06.2012 31.07.2012 31.05.2012 31.08.2012 31.03.2012 30.06.2012 31.08.2012 30.03.2012 30.11.2011

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

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

Date 02.10.2012 02.10.2012 27.09.2012 24.09.2012 24.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 19.09.2012 19.09.2012 18.09.2012 14.09.2012 05.09.2012 16.08.2012 30.07.2012 20.07.2012 20.07.2012 17.07.2012 17.07.2012 17.07.2012 16.07.2012 16.07.2012 03.07.2012 29.06.2012 22.03.2012 14.12.2011

05.10.2012

Lonza Group AG Lonza Group AG produces organic fine chemicals, biocides, active ingredients, and biotechnology products. The Company offers custom chemical manufacturing and fermentation processing and manufactures its products for the life sciences, pharmaceuticals, food processing, and agricultural products industries. Lonza operates production sites in Europe, the United States, and China.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (04.06.2012) Daily Volume Current Price (10/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 LONN VX EQUITY YTD Change LONN VX EQUITY YTD % CHANGE

12/2011 01/yy 59.49 32.81 107'240.00 49.44 -16.85% 50.75% 66.69% 52.9 2'616.37 2'901.00 0.0 (1.0) 196.00 5'225.37

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

10 0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 2'870.0 2.88x 668.0 12.38x 301.0 21.71x

31.12.2008 31.12.2009 2'937.0 2'690.0 2.20x 1.91x 691.0 517.0 9.36x 9.91x 420.0 162.0 11.07x 22.88x Profitability

31.12.2010 2'680.0 1.91x 647.0 7.91x 291.0 13.50x

31.12.2011 2'692.0 2.10x 537.0 10.50x 154.0 18.62x 537.00 261.00 9.70% 6.50% 2.61% 6.49% 5.18% 0.46% 26.0% 19.9% 9.7% 5.7% 1.99 0.94 41.32% 123.08% 4.55 3.14

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 o-12

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.16 43.02 -4.03% -6.54% 1.157 17 3.353 232'458 323'202 319'061 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 3'831.3 4'013.2 1.33x 1.24x 661.5 735.8 7.92x 7.12x 202.2 244.9 11.84x 10.02x S&P Issuer Ratings

5.90 3.12 5.04 5.40 123.1% 55.2% 0.46 1.04 80.20 116.17 36.42 159.95

Sales/Revenue/Turnover

30.00

3'500.0

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Lonza Group AG Holdings By:

All

Holder Name MANNING & NAPIER ADV GRUPO PLAFIN SA MANNING & NAPIER ADV FRANKLIN RESOURCES I FMR LLC HARDING LOEVNER LP CAPITAL GROUP COMPAN BLACKROCK INC TIAA CREF INVESTMENT THREADNEEDLE ASSET M CREDIT SUISSE ASSET SWISSCANTO FONDSLEIT VANGUARD GROUP INC LONZA GROUP AG TEMPLETON INVESTMENT BLACKROCK INSTITUTIO UBS FUND MANAGEMENT PICTET & CIE PICTET ASSET MANAGEM VONTOBEL ASSET MANAG

Firm Name AlphaValue Helvea Jefferies JPMorgan Goldman Sachs Commerzbank Corporates & Markets Zuercher Kantonalbank Credit Suisse Bank Vontobel AG S&P Capital IQ Kempen & Co Deutsche Bank CA Cheuvreux Main First Bank AG EVA Dimensions Equita SIM SpA

Portfolio Name n/a n/a Multiple Portfolios 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

Analyst FABRICE FARIGOULE OLAV ZILIAN PETER WELFORD RICHARD VOSSER RICHARD LOGAN STEPHAN KIPPE MARTIN SCHREIBER LUISA HECTOR CARLA BAENZIGER JACOB THRANE SACHIN SONI HOLGER BLUM MARCEL BRAND BERND POMREHN TEAM COVERAGE MASSIMO BONISOLI

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

Recommendation buy neutral hold neutral neutral/neutral hold market perform neutral hold hold buy hold outperform neutral sell not rated

Amt Held 5'282'537 4'120'364 3'617'951 3'356'289 2'673'056 2'658'885 2'512'994 1'620'468 1'541'136 1'525'377 1'113'099 729'966 596'192 442'703 401'453 287'961 276'946 214'041 204'982 175'700

% Out 9.98 7.79 6.84 6.34 5.05 5.02 4.75 3.06 2.91 2.88 2.1 1.38 1.13 0.84 0.76 0.54 0.52 0.4 0.39 0.33

Weighting

Change

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

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

Latest Chg (1'724'233) (841'120) (1'911'647) 745'936 (129'058) 7'883 (89'264) 53'271 (17'577) 1'920 1'870 (3'380) (103'421) (22'000)

Target Price 64 51 55 40 54 45 #N/A N/A 50 46 50 55 43 50 40 #N/A N/A #N/A N/A

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

File Dt Inst Type 01.08.2012 Investment Advisor 31.12.2010 n/a 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 31.12.2010 Unclassified 09.07.2012 Investment Advisor 31.12.2010 Investment Advisor 22.06.2012 Investment Advisor 22.11.2010 Investment Advisor 11.06.2008 Investment Advisor 23.08.2012 Mutual Fund Manager 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2010 n/a 31.03.2012 Investment Advisor 03.10.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 04.10.2012 02.10.2012 18.09.2012 10.08.2012 08.08.2012 01.08.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 18.07.2012 17.07.2012 22.06.2012 20.06.2012 05.03.2012 02.12.2010

05.10.2012

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 (09.08.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 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 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 107'552.0 2.04x 18'173.0 12.05x 10'649.0 18.70x

15.0 M

12/2011 06/yy 61.80 49.71 928'019.00 60.2 -2.67% 21.10% 84.70% 3'224.8 194'132.97 22'307.00 0.0 1'477.0 7'988.00 210'720.96

31.12.2008 31.12.2009 103'086.0 100'579.0 1.64x 1.96x 15'533.0 16'048.0 10.89x 12.28x 18'039.0 10'428.0 20.80x 19.38x Profitability

LTM-4Q 31.12.2010 88'015.0 2.08x 15'611.0 11.72x 34'233.0 21.06x

31.12.2011 83'770.0 2.23x 15'390.0 12.16x 9'487.0 18.18x 15'390.00 12'465.00 14.88% 15.42% 8.41% 15.99% 12.50% 0.74% 47.3% 18.4% 14.9% 11.3% 0.95 0.50 19.55% 39.27% 9.09 5.14

Price/ Cash Flow

LTM

06/yy 96'297.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 86'735.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-12

0.74 2'924.59 25.03% 15.40% 0.741 41 3.488 4'915'682 4'344'495 4'272'243 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 92'103.7 99'850.8 23'173.9 24'675.0 2.29x 2.12x 17'379.7 19'001.9 12.12x 11.08x 10'811.2 11'654.5 17.78x 16.41x S&P Issuer Ratings

16.08.2007 AA STABLE 23.11.1981 A-1+ 29.20 20.13 0.93 1.45 39.3% 27.7% 0.74 3.69 40.17 71.05 105.09 6.13

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 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

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 |

05.10.2012

Nestle SA Holdings By:

All

Holder Name FOOD PRODUCTS HOLDIN BLACKROCK INC NESTLE SA CAPITAL WORLD INVEST CREDIT SUISSE ASSET VANGUARD GROUP INC UBS FUND MANAGEMENT FIDELITY MANAGEMENT PICTET & CIE BLACKROCK INSTITUTIO CAPITAL RESEARCH GLO MASSACHUSETTS FINANC CARMIGNAC GESTION MORGAN STANLEY INVES HARBOR CAPITAL ADVIS THORNBURG INVESTMENT SWISSCANTO FONDSLEIT DEUTSCHE BANK AG FIDELITY INTERNATION DB PLATINUM ADVISORS

Firm Name

Analyst

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

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

Recommendation market perform reduce buy buy Overwt/Attractive sector perform hold equalweight outperform buy reduce buy hold buy hold neutral market perform neutral buy underweight hold buy neutral/neutral hold hold hold neutral hold neutral neutral buy hold hold hold outperform hold overweight hold restricted

Amt Held 182'846'786 135'084'038 111'955'165 57'090'140 44'592'931 40'189'847 29'799'219 27'254'738 18'346'090 16'968'410 16'964'580 16'807'371 12'523'640 12'498'252 12'268'459 11'907'500 10'538'666 10'361'489 10'290'645 10'141'426

% Out 5.67 4.19 3.47 1.77 1.38 1.25 0.92 0.85 0.57 0.53 0.53 0.52 0.39 0.39 0.38 0.37 0.33 0.32 0.32 0.31

Weighting

Change

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

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

Latest Chg 2'649'550 (72'219) 1'907'209 30'386 (558'054) (475'650) 83'544 (2'913'000) (210'596) 85'000 2'099'616 (110'095) (64'323) (57'093) 1'065'022 10'141'426

Target Price 60 62 69 #N/A N/A 68 57 60 62 63 #N/A N/A 60 70 49 65 64 58 #N/A N/A 67 #N/A N/A #N/A N/A 61 66 65 59 63 59 62 62 57 61 69 62 65 61 64 #N/A N/A 58 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 08.01.2010 n/a 01.12.2009 Investment Advisor 22.06.2011 Corporation 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 03.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 05.10.2012 04.10.2012 02.10.2012 01.10.2012 28.09.2012 27.09.2012 27.09.2012 27.09.2012 26.09.2012 26.09.2012 26.09.2012 21.09.2012 20.09.2012 18.09.2012 17.09.2012 14.09.2012 13.09.2012 12.09.2012 10.09.2012 05.09.2012 04.09.2012 03.09.2012 29.08.2012 17.08.2012 16.08.2012 14.08.2012 13.08.2012 10.08.2012 10.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 08.08.2012 25.07.2012 25.04.2012 23.04.2012

05.10.2012

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

12/2011 06/yy 59.05 47.12 464'255.00 58.35 -1.19% 23.83% 92.88% 2'706.2 157'906.36 20'229.00 0.0 96.0 5'075.00 186'151.73

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

15.0 M

10.0 M

20 5.0 M

10 0 o-11

31.12.2008 31.12.2009 41'459.0 44'267.0 2.76x 2.72x 11'978.0 12'318.0 9.55x 9.79x 8'195.0 8'400.0 13.89x 14.73x Profitability

LTM-4Q 31.12.2010 50'624.0 3.08x 15'866.0 9.81x 9'794.0 13.70x

31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x 17'818.00 12'030.00 20.54% 18.39% 7.57% 14.12% 11.05% 0.49% 67.6% 30.4% 20.5% 15.6% 1.04 0.67 17.22% 30.72% 5.80 3.16

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 55'719.0 11.19x 17'286.0 9.85x 9'918.0 14.29x

06/yy 57'662.0 10.61x 16'841.0 8.99x 8'650.0 15.65x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

0.92 2'390.35 20.42% 13.58% 0.922 36 4.056 3'508'536 4'099'602 3'773'878 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 57'105.9 57'822.1 14'411.5 14'682.5 3.16x 3.03x 17'012.5 17'553.8 10.94x 10.61x 12'754.6 12'857.4 3'437.7 3'032.0 11.87x 11.40x 12.07x 11.95x S&P Issuer Ratings

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.73 20.84 0.85 1.14 30.7% 23.5% 0.49 3.72 62.93 115.59 94.81 83.71

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 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 38'072.0 3.09x 10'121.0 11.61x 11'946.0 19.60x

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.08.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/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 NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

25.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Novartis AG Holdings By:

All

Holder Name NOVARTIS FOUNDATION NOVARTIS AG EMASAN AG BLACKROCK INC CAPITAL RESEARCH GLO CAPITAL WORLD INVEST CREDIT SUISSE ASSET VANGUARD GROUP INC UBS FUND MANAGEMENT PICTET & CIE BLACKROCK INSTITUTIO THORNBURG INVESTMENT HARBOR CAPITAL ADVIS BANK OF NEW YORK MEL SWISSCANTO FONDSLEIT FRANKLIN RESOURCES I DEUTSCHE BANK AG GRANTHAM MAYO VAN OT HARRIS ASSOCIATES L ABERDEEN ASSET MANAG

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

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios HARRIS ASSOC LP Multiple Portfolios

Analyst NARESH CHOUHAN JEFFREY HOLFORD ARMELLE MOULIN AMIT ROY ALISTAIR CAMPBELL ODILE RUNDQUIST MARTIN VOEGTLI ERIC LE BERRIGAUD FLORENT CESPEDES MATTHEW WESTON TIMOTHY M ANDERSON ALEXANDRA M HAUBER-SCHUELE MARK PURCELL PIERRE CORBY ANDREW C WEISS KEYUR PAREKH TEAM COVERAGE VALERIE GASTALDY PETER VERDULT STEPHEN MCGARRY TIM RACE MICHAEL NAWRATH ARSENE GUEKAM BEATRICE MUZARD TIM FRANKLIN TIMO KUERSCHNER CHRISTOPH SCHOENDUBE SHO MATSUBARA MARCO GUENTHER TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS IAN G HUNTER TEAM COVERAGE LILIAN MONTERO STEFFEN MANSKE SUBITA SRIMAL MARCEL BRAND

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

Recommendation overweight buy buy buy buy buy hold buy outperform outperform outperform neutral equalweight sell reduce neutral/neutral overweight hold Overwt/Cautious buy buy outperform hold neutral suspended coverage buy hold hold buy hold accumulate buy buy buy buy buy outperform underperform

Amt Held 112'570'545 109'194'165 87'859'938 77'862'831 74'444'901 44'839'285 35'394'960 33'405'411 23'224'692 14'095'061 12'153'558 11'076'196 10'194'959 8'797'638 8'712'636 6'309'373 6'007'512 5'330'073 4'581'265 4'225'500

% Out 4.16 4.03 3.25 2.88 2.75 1.66 1.31 1.23 0.86 0.52 0.45 0.41 0.38 0.33 0.32 0.23 0.22 0.2 0.17 0.16

Weighting

Change

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

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 U M M M

Latest Chg (1'265'860) 3'447'000 545'000 (52'726) 1'184'387 (13'582) (313'804) 57'120 (765'000) 6'008 (90'974) (102'200) 449'334 133'426 (178'056) 43'200

Target Price 70 70 72 65 65 69 59 61 64 61 63 63 58 46 50 55 #N/A N/A #N/A N/A 59 61 62 #N/A N/A 55 55 #N/A N/A 60 60 59 #N/A N/A 52 61 56 61 #N/A N/A 65 64 71 48

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 09.05.2012 Corporation 31.12.2011 n/a 28.02.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 03.10.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor

Date Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month 15 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 05.10.2012 04.10.2012 04.10.2012 03.10.2012 01.10.2012 01.10.2012 26.09.2012 24.09.2012 24.09.2012 14.09.2012 12.09.2012 07.09.2012 06.09.2012 30.08.2012 27.08.2012 15.08.2012 08.08.2012 26.07.2012 23.07.2012 20.07.2012 20.07.2012 20.07.2012 20.07.2012 20.07.2012 20.07.2012 19.07.2012 19.07.2012 19.07.2012 25.04.2012 05.04.2012 02.04.2012 30.01.2012 18.01.2012 13.01.2012 14.03.2011 21.10.2010 05.05.2010 17.07.2009

05.10.2012

Transocean Ltd Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.

Price/Volume 60

3.0 M

12/2011 06/yy 54.30 36.02 37'966.00 42.66 -21.44% 18.43% 35.28% 359.4 15'331.54 13'536.00 0.0 106.0 4'017.00 25'319.53

Price/ Cash Flow

1.20 1.00

2.0 M 1.5 M

1.0 M 10

.5 M

0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (28.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIGN VX EQUITY YTD Change RIGN VX EQUITY YTD % CHANGE

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

3.5 M

Valuation Analysis

31.12.2007 6'377.0 9.63x 3'366.0 18.25x 3'131.0 0.00x

4.0 M

31.12.2008 31.12.2009 12'674.0 11'556.0 2.17x 3.22x 6'430.0 5'926.0 4.27x 6.27x 4'031.0 3'181.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 9'466.0 3.17x 4'048.0 7.42x 961.0 0.00x

31.12.2011 9'142.0 2.52x 1'853.0 12.44x (5'725.0) 0.00x 1'853.00 449.00 4.91% -59.44% -15.93% -30.88% 0.25% 8.1% 20.3% 4.9% -62.6% 1.42 1.16 38.58% 86.21% 4.55 14.73

LTM

06/yy 8'886.0 13.45x 3'137.0 9.05x 3.0 0.00x

06/yy 9'570.0 10.44x 1'347.0 18.51x (6'452.0) 0.00x

FY+1

.0 M o-12

1.12 344.50 6.32% 19.50% 1.120 47 4.170 524'973 550'663 446'673 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 9'988.1 10'403.6 2'539.7 2'535.5 2.47x 2.25x 9.87x 9.75x 3'370.7 4'152.7 913.5 940.3 7.53x 6.11x 6.40x 6.09x 929.7 1'644.7 280.4 309.8 15.46x 10.19x 11.91x 10.67x S&P Issuer Ratings

2.81 1.26 5.14 7.30 86.2% 46.1% 0.25 0.42 80.23 24.77 36.68 68.33

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

0.20

0.0 0.00

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 |

05.10.2012

Transocean Ltd Holdings By:

All

Holder Name CAPITAL WORLD INVEST CAPITAL GROUP COMPAN CAPITAL GROUP COMPAN TRANSOCEAN LTD FRANKLIN RESOURCES I WENTWORTH HAUSER AND ALLIANCEBERNSTEIN LP NORGES BANK ONTARIO TEACHERS PEN DAVIS SELECTED ADVIS UBS AG FIDELITY INTERNATION CREDIT SUISSE ASSET DEUTSCHE BANK AG SAC CAPITAL ADVISORS GOLDMAN SACHS GROUP OPPENHEIMERFUNDS INC UBS FUND MANAGEMENT MASSACHUSETTS FINANC TAUBE HODSON STONEX

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

Portfolio Name CAPITAL WORLD INVEST #N/A N/A n/a n/a FRANKLIN MUTUAL ADVI WENTWORTH HAUSER AND ALLIANCEBERNSTEIN LP NORGES BANK ONTARIO TEACHERS PEN DAVIS SELECTED ADVIS UBS AG FIDELITY INTERNATION Multiple Portfolios DEUTSCHE BANK AKTIEN SAC CAPITAL ADVISORS GOLDMAN SACHS GROUP OPPENHEIMER FUNDS IN Multiple Portfolios MASSACHUSETTS FINANC TAUBE HODSON STONEX

Analyst MICHAEL W URBAN MATTHEW D CONLAN BRIAN UHLMER J DAVID ANDERSON ANDREA SHARKEY JUSTIN SANDER DAVID T WILSON BRAD HANDLER LUKE M LEMOINE J MARSHALL ADKINS DAVID S HAVENS TREY STOLZ BRIAN YOUNGBERG GREGORY LEWIS LAURENCE BALTER TODD P SCHOLL WAQAR SYED DARREN GACICIA JUDSON E BAILEY JAMES D CRANDELL CHARLES P MINERVINO JOHN KELLER MARTIN HUSEBY KARLSEN JAMES C WEST BJORN THORESEN PHILIP H WEISS DAVID PHILLIPS MARTIN SCHREIBER BERND POMREHN ALAN D LAWS OLE SLORER SCOTT GRUBER ROBERT J MACKENZIE DAVID BHATTI FABIAN HAECKI TRULS OLSEN JOE HILL NIGEL BROWNE DAVID C SMITH ANDERS BERGLAND HIROKAZU KABEYA KEVIN SIMPSON FRANK HARESTAD

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

Recommendation hold outperform buy neutral buy outperform market outperform buy add market perform outperform outperform hold neutral strong buy market perform neutral/attractive neutral buy buy Positive equalweight buy overweight strong buy hold overweight market perform neutral outperform Overwt/Attractive outperform outperform buy hold buy hold neutral overweight buy neutral neutral buy

Amt Held 19'982'400 18'408'177 18'323'120 14'606'469 9'331'753 8'506'169 6'857'849 6'269'394 6'045'594 5'757'524 5'570'306 5'368'041 4'911'257 4'591'975 3'497'012 3'217'455 3'118'933 2'981'493 2'800'964 2'578'600

% Out 5.56 5.12 5.1 4.06 2.6 2.37 1.91 1.74 1.68 1.6 1.55 1.49 1.37 1.28 0.97 0.9 0.87 0.83 0.78 0.72

Weighting

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

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

Latest Chg (250'000) 5'390'147 185'058 488'078 (673'646) 6'269'394 (346'250) (675'160) (161'827) (636'384) (1'551) (1'434'168) 524'894 2'213'851 29'282 233'004 35'259 509'200

Target Price 49 #N/A N/A 53 52 #N/A N/A 51 63 53 56 #N/A N/A 50 69 #N/A N/A 53 70 52 51 47 61 58 52 53 56 68 59 #N/A N/A 69 #N/A N/A 47 61 65 63 56 60 50 57 #N/A N/A 51 #N/A N/A 62 #N/A N/A 69 71

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

File Dt Inst Type 30.06.2012 Investment Advisor 27.09.2012 Investment Advisor 24.01.2012 Investment Advisor 06.05.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 05.10.2012 03.10.2012 03.10.2012 02.10.2012 02.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 28.09.2012 27.09.2012 27.09.2012 27.09.2012 26.09.2012 24.09.2012 23.09.2012 21.09.2012 20.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 17.09.2012 14.09.2012 13.09.2012 13.09.2012 12.09.2012 11.09.2012 11.09.2012 11.09.2012 11.09.2012 04.09.2012 03.09.2012 28.08.2012 08.08.2012 06.08.2012 16.04.2012 13.04.2012 05.04.2012 28.02.2012

05.10.2012

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (24.11.2011) Daily Volume Current Price (10/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 ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2011 06/yy 181.40 133.00 184'014.00 180.8 -0.39% 35.94% 99.79% 702.6 156'671.33 26'853.00 0.0 2'387.0 11'287.00 176'464.34

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

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 46'133.0 3.51x 17'004.0 9.53x 9'761.0 17.22x

200 180 160 140 120 100 80 60 40 20 0 o-11

31.12.2008 31.12.2009 45'617.0 49'051.0 2.93x 3.62x 16'541.0 17'705.0 8.09x 10.03x 8'969.0 7'784.0 15.58x 19.38x Profitability

LTM-4Q 31.12.2010 47'473.0 2.96x 16'038.0 8.76x 8'666.0 13.51x

31.12.2011 42'531.0 3.65x 15'822.0 9.81x 9'343.0 14.46x 15'822.00 13'454.00 31.63% 27.94% 15.24% 86.65% 25.77% 0.69% 71.9% 37.2% 31.6% 22.0% 1.74 1.30 43.61% 222.02% 4.43 2.38

Price/ Cash Flow

LTM

06/yy 44'508.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 43'283.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-12

0.92 701.88 30.25% 18.47% 0.921 35 4.400 1'117'170 1'043'352 1'010'105 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 45'264.3 47'732.1 11'038.0 11'788.5 3.79x 3.47x 17'975.1 19'884.9 9.81x 8.87x 11'474.5 12'803.9 13.32x 12.01x S&P Issuer Ratings

17.09.2012 AA STABLE 01.02.2006 A-1+ 10.98 9.62 0.98 1.70 222.0% 65.0% 0.69 2.58 82.40 153.31 62.52 173.19

Sales/Revenue/Turnover

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

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 |

05.10.2012

Roche Holding AG Holdings By:

All

Holder Name VANGUARD GROUP INC FRANKLIN RESOURCES I CAPITAL WORLD INVEST PRIMECAP MANAGEMENT CREDIT SUISSE ASSET DODGE & COX UBS FUND MANAGEMENT FIDELITY MANAGEMENT HARBOR CAPITAL ADVIS PICTET & CIE BLACKROCK INSTITUTIO MASSACHUSETTS FINANC BANK OF NEW YORK MEL FIDELITY INTERNATION DB PLATINUM ADVISORS DEUTSCHE BANK AG SWISSCANTO FONDSLEIT CAPITAL RESEARCH GLO INVESCO LTD ABERDEEN ASSET MANAG

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

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios PRIMECAP MANAGEMENT Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

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

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

Recommendation neutral buy buy neutral neutral accumulate outperform buy overweight buy buy outperform hold buy buy outperform outperform buy overweight hold buy buy hold outperform buy suspended coverage buy Equalwt/Cautious accumulate accumulate Buy/Neutral buy outperform

Amt Held 19'912'416 11'618'075 11'151'307 10'365'917 9'970'034 7'704'200 6'437'169 5'151'866 4'425'583 4'140'709 3'545'998 3'485'989 3'258'301 2'799'474 2'743'994 2'512'740 2'327'444 2'014'000 1'960'882 1'951'000

% Out 2.83 1.65 1.59 1.48 1.42 1.1 0.92 0.73 0.63 0.59 0.5 0.5 0.46 0.4 0.39 0.36 0.33 0.29 0.28 0.28

Weighting

Change

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

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

Latest Chg 1'554'612 (1'917'398) 280'000 247'102 (24'997) (315'000) 3'262 (179'454) (39'732) (77'491) 17'592 94'804 (84'696) 1'906'780 (570'929) 84'287 (10'509) (1'388'000) 37'235 15'400

Target Price 190 213 186 130 #N/A N/A 188 195 205 210 190 206 197 181 205 182 195 180 190 200 #N/A N/A #N/A N/A 195 #N/A N/A #N/A N/A 187 #N/A N/A 180 148 176 178 220 170 160

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

File Dt Inst Type 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 03.10.2012 Investment Advisor 31.08.2012 Investment Advisor 03.10.2012 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 04.10.2012 Investment Advisor 31.08.2012 Investment Advisor

Date Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month 15 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Date 05.10.2012 04.10.2012 04.10.2012 02.10.2012 02.10.2012 02.10.2012 01.10.2012 27.09.2012 27.09.2012 26.09.2012 24.09.2012 21.09.2012 13.09.2012 06.09.2012 06.09.2012 04.09.2012 03.09.2012 30.08.2012 22.08.2012 13.08.2012 08.08.2012 07.08.2012 06.08.2012 30.07.2012 27.07.2012 20.07.2012 27.06.2012 11.06.2012 05.04.2012 02.04.2012 16.03.2012 03.02.2012 14.11.2011

05.10.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 SCHP VX EQUITY YTD Change SCHP VX EQUITY YTD % CHANGE

12/2011 03/yy 119.00 93.45 15'107.00 118.9 -0.08% 27.23% 95.69% 48.6 14'252.45 788.00 0.0 35.0 2'662.00 12'413.45

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

.4 M

120

.3 M

100

.3 M

.2 M

.1 M

0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 13'835.0 0.61x 958.0 8.86x 254.0 35.10x

140

31.12.2008 31.12.2009 14'027.0 8'281.0 0.34x 0.95x 1'018.0 996.0 4.70x 7.86x 615.0 625.0 9.34x 15.44x Profitability

LTM-4Q 31.12.2010 8'187.0 1.35x 1'089.0 10.16x 677.0 20.11x

31.12.2011 7'854.0 1.39x 909.0 11.99x 586.0 23.38x 909.00 790.00 10.06% 10.06% 7.77% 21.32% 18.71% 1.04% 11.6% 10.1% 7.5% 1.52 1.21 10.31% 28.32% 5.91 -

Price/ Cash Flow

LTM

12/yy 5'985.0 0.00x 0.0 0.00x 677.0 19.43x

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

FY+1

.0 M o-12

0.87 48.60 27.36% 10.71% 0.873 11 3.000 93'171 73'779 71'473 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 8'322.5 8'688.7 2'074.8 2'071.0 1.42x 1.33x 1'129.5 1'237.2 10.90x 9.95x 701.8 773.7 173.8 177.0 19.86x 18.08x S&P Issuer Ratings

41.32 35.68 -2.06 0.87 28.3% 21.9% 1.04 17.06 61.72 -

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 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

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 |

05.10.2012

Schindler Holding AG Holdings By:

All

Holder Name FRANKLIN RESOURCES I CREDIT SUISSE ASSET FIDELITY MANAGEMENT MASSACHUSETTS FINANC UBS FUND MANAGEMENT WINTERGREEN ADVISERS FIDELITY INTERNATION PICTET & CIE VANGUARD GROUP INC RBC GLOBAL ASSET MAN SWISSCANTO FONDSLEIT BNP PARIBAS ASSET MG VONTOBEL ASSET MANAG BLACKROCK INSTITUTIO ABERDEEN ASSET MANAG INTERNATIONAL VALUE NATCAN INVESTMENT MA BLACKROCK GROUP LIMI GAM INTERNATIONAL MA MFS INVESTMENT MANAG

Firm Name

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Goldman Sachs RUDOLF DREYER Bank Vontobel AG SERGE ROTZER Kepler Capital Markets CHRISTOPH LADNER Credit Suisse ANDRE KUKHNIN Helvea VOLKAN GOCMEN Espirito Santo Investment Bank Research NICHOLAS J PATON Main First Bank AG TOBIAS FAHRENHOLZ Exane BNP Paribas ALEXIS DENAUD EVA Dimensions TEAM COVERAGE Zuercher Kantonalbank MARTIN HUESLER

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

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

Amt Held 2'713'984 1'533'040 1'432'799 1'145'521 578'903 522'668 510'455 508'410 506'976 491'393 479'829 445'571 265'240 264'531 262'200 176'160 163'921 152'905 146'754 137'787

% Out 5.58 3.15 2.95 2.36 1.19 1.08 1.05 1.05 1.04 1.01 0.99 0.92 0.55 0.54 0.54 0.36 0.34 0.31 0.3 0.28

Weighting

Change 3 3 3 5 3 1 3 5 1 3

M M D M M M M M D D

Latest Chg (332'913) (23'296) (1'657) (58'351) (42'113) (806'629) 44'113 24'957 14'700 (5'243) (9'627) 1'592 (2'400) 1'780 110'812 (11)

Target Price 150 115 120 120 99 95 120 124 #N/A N/A #N/A N/A

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

File Dt 30.06.2012 23.08.2012 31.08.2012 31.08.2012 31.05.2012 30.06.2012 30.12.2011 31.07.2012 30.06.2012 31.05.2012 31.07.2012 31.07.2012 31.05.2012 03.10.2012 31.08.2012 31.03.2012 31.08.2012 03.10.2012 31.08.2012 31.07.2012

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

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

Date 20.08.2012 15.08.2012 15.08.2012 14.08.2012 14.08.2012 16.07.2012 22.06.2012 05.04.2012 05.03.2012 27.10.2011

05.10.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.08.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/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 SCMN VX EQUITY YTD Change SCMN VX EQUITY YTD % CHANGE

12/2011 06/yy 397.70 328.10 18'093.00 384.9 -3.22% 17.31% 79.60% 51.8 19'938.57 8'831.00 0.0 24.0 387.00 28'876.57

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

.5 M

400

.4 M

350

.4 M

300

.3 M

250

.3 M

200

.2 M

150

.2 M

100

.1 M

0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 11'089.0 3.11x 4'147.0 8.33x 2'068.0 11.07x

450

31.12.2008 31.12.2009 12'198.0 12'001.0 2.35x 2.53x 4'496.0 4'402.0 6.37x 6.89x 1'756.0 1'926.0 10.01x 10.64x Profitability

LTM-4Q 31.12.2010 11'988.0 2.54x 4'348.0 7.01x 1'813.0 11.75x

31.12.2011 11'467.0 2.35x 4'300.0 6.26x 683.0 26.98x 4'300.00 842.00 7.34% 7.37% 3.37% 14.23% 6.65% 0.57% 37.5% 7.3% 6.0% 1.01 0.76 45.40% 206.72% 4.62 -

Price/ Cash Flow

LTM

06/yy 11'764.0 10.21x 4'330.0 6.84x 1'879.0 10.63x

06/yy 11'366.0 9.77x 4'266.0 6.72x 650.0 30.37x

FY+1

.0 M o-12

0.67 22.31 10.91% 15.15% 0.670 25 3.360 86'490 81'761 87'070 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 11'322.8 11'271.3 2'798.4 2'893.4 2.50x 2.48x 10.27x 9.72x 4'431.8 4'399.2 1'157.3 1'036.0 6.51x 6.56x 6.50x 6.55x 1'801.1 1'734.1 484.8 385.3 11.03x 11.33x 11.51x 11.76x S&P Issuer Ratings

30.06.2009 A STABLE 14.38 7.37 1.96 2.05 206.7% 67.3% 0.57 1.42 79.05 -

Sales/Revenue/Turnover

7.00

16'000.0

6.00

14'000.0 12'000.0

5.00

10'000.0 4.00

8'000.0 3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 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

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 |

05.10.2012

Swisscom AG Holdings By:

All

Holder Name SWISS CONFEDERATION CREDIT SUISSE ASSET THORNBURG INVESTMENT FIDELITY INTERNATION VANGUARD GROUP INC BLACKROCK INSTITUTIO UBS FUND MANAGEMENT FIDELITY MANAGEMENT PICTET & CIE BLACKROCK INVESTMENT PICTET ASSET MANAGEM SWISSCANTO FONDSLEIT INVESCO LTD VONTOBEL ASSET MANAG DJE INVESTMENT SA DANSKE INVEST A/S JOHN HANCOCK INVESTM BLACKROCK GROUP LIMI EPOCH INVESTMENT PAR FRANKFURT TRUST INVE

Firm Name

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

Analyst

Goldman Sachs TIMOTHY BODDY AlphaValue HEINZ STEFFEN Berenberg Bank USMAN GHAZI Morgan Stanley LUIS PROTA Macquarie ALEX GRANT Main First Bank AG MARK DIETHELM Deutsche Bank CAROLA BARDELLI EVA Dimensions TEAM COVERAGE Societe Generale THIERRY COTA JPMorgan HANNES C WITTIG Espirito Santo Investment Bank Research ANDREW HOGLEY Natixis JACQUES DE GRELING Nomura VIKRAM KARNANY S&P Capital IQ ALEXANDER WISCH Barclays MICHAEL BISHOP Zuercher Kantonalbank MICHAEL INAUEN Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Exane BNP Paribas MICHAEL ZORKO Credit Suisse JAKOB BLUESTONE HSBC NICOLAS COTE-COLISSON Bank Vontobel AG SERGE ROTZER Gabelli & Co EVAN D MILLER CA Cheuvreux PETER KURT NIELSEN

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

Recommendation neutral/neutral add hold Underwt/In-Line underperform neutral hold hold buy neutral sell neutral neutral hold overweight outperform buy outperform underperform overweight hold buy underperform

Amt Held 29'475'281 317'431 275'200 264'023 256'714 195'920 185'589 161'195 122'185 120'493 103'837 102'945 102'453 74'165 59'153 58'618 58'238 53'930 51'300 45'000

% Out 56.9 0.61 0.53 0.51 0.5 0.38 0.36 0.31 0.24 0.23 0.2 0.2 0.2 0.14 0.11 0.11 0.11 0.1 0.1 0.09

Weighting

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

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 (12) 190'615 12'498 1'192 1'117 (2'332) (3'281) 40 3'858 (7'072) (4'066) 1'335 4'900 281 (1'651) 247 1'300 16'083

Target Price 374 426 390 450 345 380 432 #N/A N/A 440 400 300 351 410 410 425 #N/A N/A 415 440 355 410 380 #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 23.08.2012 30.06.2012 30.12.2011 30.06.2012 03.10.2012 31.05.2012 31.08.2012 31.07.2012 30.06.2012 31.07.2012 31.07.2012 04.10.2012 31.05.2012 31.07.2012 31.08.2012 31.07.2012 03.10.2012 31.07.2012 31.07.2012

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

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

Date 28.09.2012 27.09.2012 26.09.2012 17.09.2012 17.09.2012 14.09.2012 07.09.2012 05.09.2012 29.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 08.08.2012 08.08.2012 08.08.2012 13.07.2012 19.06.2012 14.06.2012 14.10.2011 17.08.2010

05.10.2012

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

12/2011 01/yy 1'996.00 1'376.98 924.00 1978 -0.90% 43.65% 98.69% 7.8 15'472.78 1'305.00 0.0 50.0 1'211.00 16'101.78

.0 M

500

.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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 (05.10.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 SGSN VX EQUITY YTD Change SGSN VX EQUITY YTD % CHANGE

31.12.2007 4'372.0 2.28x 906.0 10.98x 500.0 20.60x

2500

31.12.2008 31.12.2009 4'818.0 4'712.0 1.66x 2.06x 1'024.0 1'223.0 7.82x 7.93x 692.0 566.0 12.08x 17.90x Profitability

31.12.2010 4'757.0 2.46x 1'286.0 9.09x 588.0 20.21x

31.12.2011 4'797.0 2.48x 1'015.0 11.73x 534.0 22.05x 1'015.00 790.00 16.47% 15.93% 12.22% 26.28% 19.27% 1.10% 21.2% 16.5% 11.1% 2.38 1.92 27.42% 65.41% 5.85 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.98 4.57 45.96% 32.07% 0.977 26 3.346 8'724 8'615 10'009 FY+2

12/12 Y 12/13 Y 5'527.2 6'075.7 2.87x 2.61x 1'176.9 1'367.4 13.68x 11.78x 626.6 729.9 23.98x 20.70x S&P Issuer Ratings

.0 M o-12

FQ+1

FQ+2

40.60 26.80 0.09 1.29 65.4% 39.0% 1.10 5.84 62.39 -

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 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

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 |

05.10.2012

SGS SA Holdings By:

All

Holder Name EXOR GROUP SA FINCK AUGUST VON VON FINCK AUGUST FRA BANK OF NEW YORK MEL SGS INVESTMENT LTD CAPITAL GROUP INTERN SGS GROUP CAPITAL RESEARCH GLO CREDIT SUISSE ASSET CAPITAL WORLD INVEST VANGUARD GROUP INC UBS FUND MANAGEMENT FIDELITY MANAGEMENT PICTET & CIE JUPITER ASSET MANAGE BLACKROCK INSTITUTIO WILLIAM BLAIR & COMP SCHRODER INVESTMENT CLERICAL MEDICAL INV VONTOBEL ASSET MANAG

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

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 WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HEINZ STEFFEN GUILLAUME RASCOUSSIER JOHN WOODMAN CHRISTIAN BURGER PATRICK JOUSSEAUME JEAN-PHILIPPE BERTSCHY WILLIAM KIRKNESS RAJESH KUMAR LAURENT BRUNELLE TEAM COVERAGE DAVID RIGBY BETTINA EDMONDSTON ANDREW BROOKE ROBERT PLANT KONRAD ZOMER OLIVIER LEBRUN JESSICA R ALSFORD JOHNSON IMODE PASCAL HAUTCOEUR THOMAS SYKES BEAT KEISER MOURAD LAHMIDI DANIEL BUERKI FABIO FAZZARI

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

Recommendation sell buy Buy/Neutral accumulate hold buy hold neutral neutral underweight neutral hold underperform neutral hold buy Underwt/In-Line hold buy hold select list neutral outperform not rated

Amt Held 1'173'360 1'171'013 439'515 252'681 235'364 234'342 228'873 160'407 88'899 61'935 61'307 59'837 49'125 42'669 41'142 30'179 27'712 22'819 19'782 16'997

% Out 15 14.97 5.62 3.23 3.01 3 2.93 2.05 1.14 0.79 0.78 0.76 0.63 0.55 0.53 0.39 0.35 0.29 0.25 0.22

Weighting

Change

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

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

Latest Chg (5'279) (40'224) (30'048) (55) 3'503 17 111 (4'240) 192 (6'829) 6'555 (597) (120)

Target Price 1'462 2'147 2'541 2'030 2'140 2'050 2'000 2'100 1'900 #N/A N/A 1'800 1'800 1'500 1'900 1'740 2'070 1'670 1'800 #N/A N/A 1'799 1'975 1'900 #N/A N/A 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 09.01.2012 Investment Advisor 29.03.2011 n/a 29.06.2011 Investment Advisor 30.01.2012 n/a 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.03.2012 Investment Advisor 03.10.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 04.10.2012 03.10.2012 26.09.2012 26.09.2012 25.09.2012 19.09.2012 14.09.2012 13.09.2012 28.08.2012 13.08.2012 25.07.2012 18.07.2012 17.07.2012 17.07.2012 17.07.2012 11.07.2012 05.07.2012 21.06.2012 15.05.2012 27.04.2012 18.04.2012 13.04.2012 17.01.2012 21.05.2009

05.10.2012

Sika AG Sika AG manufactures construction materials and offers related services. The Company produces concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, acoustic materials for automobiles, and waterproof membranes. Sika also offers specialized contracting services.

Price/Volume 2500

.0 M .0 M

2000

.0 M .0 M

1500

.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (10/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 SIK VX EQUITY YTD Change SIK VX EQUITY YTD % CHANGE

12/2011 09/yy 2'007.76 1'495.44 430.00 1922 -4.27% 28.52% 83.07% 2.2 4'939.79 796.00 0.0 13.0 536.00 5'356.79

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

31.12.2008 31.12.2009 4'624.5 4'154.9 0.59x 1.89x 556.1 560.0 4.89x 14.00x 266.7 225.9 8.41x 17.74x Profitability

.0 M

0 o-11

n-11

LTM-4Q 31.12.2010 4'416.0 1.21x 576.7 9.27x 310.5 14.13x

31.12.2011 4'556.4 1.05x 477.4 9.99x 213.3 17.84x 477.40 348.50 7.65% 6.92% 5.49% 11.91% 8.70% 1.17% 10.5% 7.6% 4.7% 2.50 1.72 20.78% 43.59% 5.50 -

Price/ Cash Flow

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

d-11

j-12

f-12 m-12

LTM 09/yy 1'193.3 0.00x 0.0 0.00x 55.8 0.00x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

1.09 1.00 27.76% 11.16% 1.089 10 3.400 3'220 4'088 4'114 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 4'804.8 5'111.1 1'075.0 1.07x 0.99x 568.3 634.6 9.42x 8.44x 288.0 335.9 16.69x 14.31x S&P Issuer Ratings

02.05.2000 ASTABLE 02.05.2000 A-2 14.29 11.16 0.54 1.67 43.6% 30.2% 1.17 5.43 66.34 -

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.01.2009

.0 M

Fiscal Year Ended 31.12.2007 4'573.2 1.23x 637.8 8.85x 341.6 15.78x

.0 M

500

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Sika AG Holdings By:

All

Holder Name SCHENKER WINKLER HOL THREADNEEDLE ASSET M CREDIT SUISSE ASSET FIDELITY INTERNATION SWISSCANTO FONDSLEIT UBS FUND MANAGEMENT OPPENHEIMERFUNDS INC PICTET & CIE HARRIS ASSOCIATES L VANGUARD GROUP INC COLUMBIA WANGER ASSE BANQUE DE LUXEMBOURG VONTOBEL ASSET MANAG SARASIN INVESTMENT F DEUTSCHE BANK AG WILLIAM BLAIR & COMP LOMBARD ODIER DARIER IST FUND MANAGERS JUPITER ASSET MANAGE BLACKROCK INSTITUTIO

Firm Name CA Cheuvreux Bank Vontobel AG Main First Bank AG Zuercher Kantonalbank Goldman Sachs Helvea Credit Suisse Kepler Capital Markets EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios HARRIS ASSOC LP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OLIVER GIRAKHOU SERGE ROTZER BERND POMREHN MARTIN HUESLER BENJAMIN MOORE PATRICK APPENZELLER PATRICK LAAGER CHRISTOPH LADNER TEAM COVERAGE

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

Recommendation underperform hold neutral market perform Buy/Neutral neutral neutral buy hold

Amt Held 1'140'136 129'571 61'426 54'677 38'395 34'524 22'519 22'017 21'850 21'791 17'279 16'427 15'520 13'829 11'486 11'211 10'149 8'978 8'647 8'609

% Out 53 6.02 2.86 2.54 1.78 1.6 1.05 1.02 1.02 1.01 0.8 0.76 0.72 0.64 0.53 0.52 0.47 0.42 0.4 0.4

Weighting

Change 1 3 3 3 5 3 3 5 3

M M M M M M M M U

Latest Chg 335 5'233 312 (3'125) 566 (1'486) (50) 1'817 249 (57) (4'076) (17) 3'146 48

Target Price 1'720 1'900 1'850 #N/A N/A 2'800 1'800 1'960 2'200 #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 03.11.2011 23.08.2012 31.03.2012 31.07.2012 31.05.2012 31.07.2012 31.07.2012 30.06.2012 30.06.2012 31.08.2012 30.09.2012 31.05.2012 31.07.2012 31.08.2012 30.06.2012 30.06.2012 31.08.2012 30.03.2012 03.10.2012

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

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

Date 17.09.2012 04.09.2012 07.08.2012 30.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.03.2012

05.10.2012

Swiss Life Holding AG Swiss Life Holding is a financial services company. The Company provides life and property insurance, institutional investment management, and private banking services.

Price/Volume 140

.6 M

120

.5 M

100

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/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 SLHN VX EQUITY YTD Change SLHN VX EQUITY YTD % CHANGE

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

.2 M

.1 M

20 0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 18'971.0 0.44x 0.0 0.00x 1'345.0 13.29x

.3 M

12/2011 09/yy 119.10 74.35 12'985.00 117.5 -1.34% 58.04% 97.09% 32.1 3'769.52 2'624.00 0.0 35.0 5'084.00 1'438.52

31.12.2008 31.12.2009 15'356.0 17'816.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 350.0 278.0 0.00x 12.74x Profitability

LTM-4Q 31.12.2010 17'844.0 0.00x 0.0 0.00x 557.0 7.74x

31.12.2011 17'291.0 0.02x 0.0 0.00x 605.0 4.55x 4.11% 3.38% 0.40% 7.32% 0.12% 3.5% 1.73% 28.75% -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-12

1.48 32.02 24.54% 42.55% 1.475 21 3.762 136'410 145'553 162'443 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 17'614.3 17'471.7 -0.07x -0.07x 600.9 588.0 6.23x 6.37x S&P Issuer Ratings

03.05.2012 BBB STABLE 28.7% 22.3% 0.12 -

Sales/Revenue/Turnover

1.60

30'000.0

1.40

25'000.0

1.20

20'000.0

1.00 0.80

15'000.0

0.60

10'000.0

0.40

5'000.0 0.20 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

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 |

05.10.2012

Swiss Life Holding AG Holdings By:

All

Holder Name TALANX BETEILIGUNGSDODGE & COX BLACKROCK GROUP LIMI LETKO BROSSEAU & ASS CREDIT SUISSE ASSET SWISSCANTO FONDSLEIT VANGUARD GROUP INC PICTET & CIE LANDESBANK BERLIN IN T ROWE PRICE ASSOCIA LOMBARD ODIER DARIER UBS FUND MANAGEMENT DIMENSIONAL FUND ADV BLACKROCK INSTITUTIO PRUDENTIAL FINANCIAL IST FUND MANAGERS LB SWISS INVESTMENT VONTOBEL ASSET MANAG CAZENOVE UNIT TRUST LLB FONDSLEITUNG AG

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

Analyst DIETER HEIN MICHAEL KLIEN RENE LOCHER JOCHEN SCHMITT DANIEL BISCHOF DAVID ANDRICH MARC THIELE GEORG MARTI TEAM COVERAGE RALPH HEBGEN SPENCER HORGAN MICHAEL HUTTNER PETER ELIOT STEFAN SCHUERMANN VINIT MALHOTRA RICHARD BURDEN EMMANUELLE CALES DHRUV GAHLAUT FABRIZIO CROCE FRANK KOPFINGER

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

Recommendation buy buy buy sell buy Underwt/In-Line outperform outperform buy market perform buy neutral hold buy neutral/neutral neutral hold neutral hold suspended coverage

Amt Held 2'974'688 1'645'000 962'959 956'604 878'207 394'342 349'600 213'636 197'794 196'714 165'202 160'394 158'553 155'511 131'089 128'199 126'200 111'800 63'100 61'000

% Out 9.27 5.13 3 2.98 2.74 1.23 1.09 0.67 0.62 0.61 0.51 0.5 0.49 0.48 0.41 0.4 0.39 0.35 0.2 0.19

Weighting

Change

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

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

Latest Chg 617 (10'500) 21'182 2'138 18'347 (4'011) 8'526 26'342 307 928 11'594 39'684 29'443 -

Target Price 184 190 140 90 144 110 184 #N/A N/A #N/A N/A 137 120 127 173 130 105 148 102 96 133 #N/A N/A

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

File Dt 22.10.2010 31.12.2010 21.09.2012 15.04.2011 23.08.2012 31.07.2012 30.06.2012 31.07.2012 28.09.2012 30.06.2012 30.06.2012 31.05.2012 31.01.2012 03.10.2012 31.08.2012 31.08.2012 29.06.2012 31.05.2012 31.08.2012 29.06.2012

Date 6 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 15 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

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

Date 04.10.2012 03.10.2012 03.10.2012 25.09.2012 21.09.2012 18.09.2012 17.09.2012 11.09.2012 05.09.2012 21.08.2012 20.08.2012 20.08.2012 20.08.2012 20.08.2012 17.08.2012 27.06.2012 31.05.2012 28.05.2012 26.03.2012 24.01.2012

05.10.2012

Sonova Holding AG Sonova Holding AG provides hearing healthcare solutions. The Company develops and manufactures hearing systems, such as wireless communication systems for audio applications and cochlear implant systems. Sonova also provides solutions for hearing protection.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2012) 52-Week Low (18.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOON VX EQUITY YTD Change SOON VX EQUITY YTD % CHANGE

03/2012 01/yy 103.25 73.84 52'506.00 98.75 -4.36% 33.74% 90.98% 66.5 6'568.30 257.81 0.0 1.8 198.74 6'629.12

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

20 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.03.2008 1'204.8 4.75x 364.3 15.72x 274.5 22.29x

31.03.2009 31.03.2010 1'249.2 1'500.3 3.42x 5.84x 366.0 459.6 11.68x 19.05x 284.8 217.2 15.82x 39.46x Profitability

31.03.2011 1'616.7 3.43x 373.7 14.82x 231.0 23.39x

31.03.2012 1'619.8 4.16x 366.1 18.39x 246.8 27.04x

366.11 287.80 17.77% 17.40% 11.07% 17.54% 14.95% 0.73% 68.3% 22.6% 17.8% 15.2% 1.80 1.26 11.27% 17.49% 4.91 3.10

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 o-12

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.02 47.92 32.04% 1.81% 1.023 20 3.400 196'624 200'883 155'571 FY+2

03/13 Y 03/14 Y 1'808.4 1'965.9 3.57x 3.19x 447.8 513.4 14.83x 12.93x 320.3 372.2 20.37x 17.64x S&P Issuer Ratings

FQ+1

FQ+2

61.25 47.78 0.16 0.70 17.5% 14.9% 0.73 6.83 74.56 118.18 47.11 145.63

Sales/Revenue/Turnover

30.00

1'800.0 1'600.0

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00 0.00 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

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

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

05.10.2012

Sonova Holding AG Holdings By:

All

Holder Name MFS INVESTMENT MANAG DIETHELM BEDA RIHS ANDREAS E RIHS HANS-UELI CAPITAL GROUP COMPAN CAPITAL WORLD INVEST HARDING LOEVNER LP LONE PINE CAPITAL LL MASSACHUSETTS FINANC BLACKROCK INVESTMENT FIDELITY MANAGEMENT CREDIT SUISSE ASSET MACKENZIE FINANCIAL UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT T ROWE PRICE ASSOCIA VANGUARD GROUP INC OPPENHEIMERFUNDS INC PICTET & CIE VONTOBEL ASSET MANAG

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

Firm Name

Analyst

AlphaValue Commerzbank Corporates & Markets Morgan Stanley Goldman Sachs Credit Suisse Bank Vontobel AG Main First Bank AG Exane BNP Paribas Helvea JPMorgan HSBC Kepler Capital Markets EVA Dimensions Jefferies CA Cheuvreux Deutsche Bank Zuercher Kantonalbank SEB Enskilda

FABRICE FARIGOULE OLIVER METZGER MICHAEL K JUNGLING VERONIKA DUBAJOVA CHRISTOPH GRETLER CARLA BAENZIGER STEPHAN VOLLERT ROMAIN ZANA SIMON GOETSCHMANN DAVID J ADLINGTON JAN KEPPELER MAJA PATAKI TEAM COVERAGE INGEBORG OIE DANIEL JELOVCAN YI-DAN WANG SIBYLLE BISCHOFBERGER FRICK NIELS GRANHOLM-LETH

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

Recommendation reduce add Equalwt/Attractive neutral/neutral outperform buy neutral underperform neutral overweight overweight hold underweight hold select list hold market perform not rated

Amt Held 6'663'961 6'638'137 5'604'598 4'217'013 3'356'321 2'660'000 2'010'767 1'940'832 1'826'214 1'825'036 1'650'388 1'495'828 1'110'472 731'986 643'451 617'840 560'615 483'884 404'087 269'390

% Out 10.02 9.98 8.43 6.34 5.05 4 3.02 2.92 2.75 2.74 2.48 2.25 1.67 1.1 0.97 0.93 0.84 0.73 0.61 0.41

Weighting

Change

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

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

Latest Chg 22'266 1'252'163 190'000 (87'717) (161'510) (300'078) 2'804 (40'331) 3'852 (2'366) 28'526 12'159 35'954 (4'085)

Target Price 93 110 92 115 120 107 96 84 81 98 105 93 #N/A N/A 85 111 85 #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 17.08.2012 31.03.2012 31.03.2012 31.03.2012 09.11.2011 31.03.2012 01.06.2012 20.09.2011 31.08.2012 07.12.2010 17.03.2011 23.08.2012 30.06.2012 31.05.2012 31.07.2012 30.06.2012 30.06.2012 31.07.2012 31.07.2012 31.05.2012

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

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

Date 04.10.2012 01.10.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 26.09.2012 17.08.2012 13.08.2012 13.08.2012 30.07.2012 28.05.2012 22.05.2012 22.05.2012 22.10.2010

05.10.2012

Swiss Prime Site AG Swiss Prime Site AG is a real estate investment company. The Company owns business and mixed-use business/residential buildings in commercial centers in Switzerland.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2011 01/yy 83.30 63.01 8'967.00 75.95 -8.82% 20.54% 65.01% 54.4 4'129.30 4'162.70 0.0 0.0 209.91 8'375.42

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

1.0 M

.5 M

10 0 o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 204.8 17.15x 150.1 23.39x 198.9 7.07x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/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 SPSN VX EQUITY YTD Change SPSN VX EQUITY YTD % CHANGE

31.12.2008 31.12.2009 209.6 293.7 15.65x 25.04x 158.8 171.5 20.65x 42.87x 116.4 187.4 10.26x 9.52x Profitability

31.12.2010 601.1 13.01x 357.9 21.86x 235.0 16.07x

31.12.2011 571.6 13.63x 355.2 21.93x 355.1 10.80x 355.18 207.32 36.27% 83.10% 4.19% 10.58% 4.72% 0.07% 62.1% 62.1% 48.33% 120.88% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-12

0.56 49.51 9.21% 12.85% 0.557 5 2.600 124'328 154'889 130'397 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/10 Q2 09/10 Q3 621.8 566.3 13.35x 14.82x 393.3 356.0 21.27x 23.50x 227.7 201.3 20.76x 20.61x S&P Issuer Ratings

2.70 1.13 11.13 11.72 120.9% 54.7% 0.07 -

Sales/Revenue/Turnover

200.00

700.0

180.00

600.0

160.00 140.00

500.0

120.00

400.0

100.00

300.0

80.00

200.0

60.00 40.00

100.0

20.00 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

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 |

05.10.2012

Swiss Prime Site AG Holdings By:

All

Holder Name CREDIT SUISSE ASSET BLACKROCK INC WECKEN KLAUS RUDOLF FUST WALTER FRANKLIN RESOURCES I UBS FUND MANAGEMENT SWISS FURNISHING INS SWISSCANTO FONDSLEIT SANLAM ASSET MANAGEM BLACKROCK GROUP LIMI VANGUARD GROUP INC STATE STREET CORP JELMOLI HOLDING AG BNP PARIBAS ASSET MG BLACKROCK INSTITUTIO PICTET & CIE SCOTTISH WIDOWS INVE VONTOBEL ASSET MANAG IAM INDEPENDENT ASSE ING INTERNATIONAL AD

Firm Name Bank Vontobel AG Zuercher Kantonalbank Kempen & Co EVA Dimensions Edge Capital Research

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

Analyst STEFAN SCHUERMANN MARKUS WAEBER ROBERT WOERDEMAN TEAM COVERAGE MARIYA PANAYOTOVA

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

Recommendation hold market perform neutral underweight neutral

Amt Held 2'718'435 2'642'117 1'690'665 1'619'979 1'596'908 1'085'892 861'000 769'966 641'304 624'821 617'371 554'265 532'478 504'237 455'516 280'063 246'456 223'420 142'332 134'500

% Out 5 4.86 3.11 2.98 2.94 2 1.58 1.42 1.18 1.15 1.14 1.02 0.98 0.93 0.84 0.52 0.45 0.41 0.26 0.25

Weighting

Change 3 3 3 1 3

M D U D N

Latest Chg (65'249) (627'896) (717'875) (45'898) (8'513) 1'247 224'998 20'496 2'888 (9'221) 7'543 105'000 6'000

Target Price 80 #N/A N/A 78 #N/A N/A 74

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

File Dt Inst Type 31.12.2011 Mutual Fund Manager 17.09.2012 Investment Advisor 09.09.2012 n/a 31.07.2012 n/a 04.01.2010 Investment Advisor 31.05.2012 Investment Advisor 29.09.2009 n/a 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 03.10.2012 Investment Advisor 30.06.2012 Investment Advisor 03.10.2012 Investment Advisor 21.04.2010 n/a 31.07.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month

Date 21.09.2012 14.09.2012 13.09.2012 27.08.2012 08.08.2011

05.10.2012

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 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2011 06/yy 65.60 40.33 424'299.00 64.6 -1.52% 60.16% 99.21% 370.7 23'947.67 20'668.00 0.0 1'697.0 11'407.00 30'957.02

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

1.5 M

1.0 M

.5 M

0 o-11

31.12.2008 31.12.2009 24'011.7 30'624.0 1.03x 0.50x 0.0 0.0 0.00x 0.00x (800.3) 467.4 0.00x 33.44x Profitability

LTM-4Q 31.12.2010 28'484.0 1.13x 0.0 0.00x 863.0 21.30x

31.12.2011 27'797.0 1.02x 0.0 0.00x 2'626.0 6.64x 12.38% 10.34% 1.16% 9.56% 6.71% 0.12% 9.4% 9.15% 69.85% -

Price/ Cash Flow

d-11

j-12

f-12

LTM

06/yy 29'205.0 3.70x 0.0 0.00x 188.0 101.94x

m-12

06/yy 29'270.0 4.00x 0.0 0.00x 3'555.0 6.04x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

1.23 370.21 55.51% 42.36% 1.229 38 3.105 1'226'077 882'552 879'014 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 29'089.4 31'668.1 6'669.0 6'175.0 1.59x 1.15x 2'624.1 2'636.6 897.5 615.0 9.41x 9.32x 8.91x 8.88x S&P Issuer Ratings

69.8% 39.8% 0.12 -

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 35'418.9 1.24x 0.0 0.00x 3'471.5 6.78x

2.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES I DODGE & COX MFS INVESTMENT MANAG BERKSHIRE HATHAWAY I BLACKROCK INC VANGUARD GROUP INC CREDIT SUISSE ASSET MASSACHUSETTS FINANC UBS FUND MANAGEMENT PICTET & CIE BLACKROCK INSTITUTIO TEMPLETON INVESTMENT SWISSCANTO FONDSLEIT HARTFORD INVESTMENT DIMENSIONAL FUND ADV SARASIN INVESTMENT M JP MORGAN CHASE & CO SARASIN INVESTMENT F FIDELITY MANAGEMENT

Firm Name

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

Analyst

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

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

Recommendation overweight buy reduce reduce neutral neutral buy neutral buy underperform neutral outperform neutral sell overweight hold Equalwt/In-Line market perform outperform hold outperform sell hold underperform buy sell neutral hold neutral sector perform underperform suspended coverage hold Sell/Neutral hold neutral

Amt Held 27'282'124 18'277'452 12'639'368 11'485'890 11'262'000 11'134'246 11'131'837 5'483'282 3'944'882 2'640'849 2'015'182 1'791'927 1'618'592 1'570'880 1'423'139 1'238'106 1'028'022 988'161 925'573 774'179

% Out 7.36 4.93 3.41 3.1 3.04 3 3 1.48 1.06 0.71 0.54 0.48 0.44 0.42 0.38 0.33 0.28 0.27 0.25 0.21

Weighting

Change

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

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

Latest Chg (1'396'672) (341'599) 541'784 (9'991) 137'230 26'984 (37'547) 10'208 (19'645) (29'251) (122'420) 49 (44'607) (45'130) 1'498

Target Price 67 72 60 58 66 68 75 59 64 45 67 #N/A N/A 63 58 #N/A N/A 62 62 76 70 58 70 53 62 63 #N/A N/A 60 58 60 67 62 57 #N/A N/A 53 59 #N/A N/A 48

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

File Dt 29.03.2012 02.08.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2011 30.06.2012 23.08.2012 31.08.2012 31.05.2012 31.07.2012 03.10.2012 31.03.2012 31.07.2012 31.08.2012 30.04.2012 31.08.2012 31.08.2012 31.07.2012 31.08.2012

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

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

Date 04.10.2012 04.10.2012 04.10.2012 04.10.2012 03.10.2012 03.10.2012 02.10.2012 01.10.2012 28.09.2012 25.09.2012 20.09.2012 11.09.2012 11.09.2012 10.09.2012 07.09.2012 29.08.2012 15.08.2012 15.08.2012 14.08.2012 10.08.2012 10.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 06.07.2012 03.07.2012 03.07.2012 31.05.2012 04.05.2012 29.03.2012 16.03.2012 12.01.2012

05.10.2012

Sulzer AG Sulzer AG manufactures machinery and equipment, and operates in a surfacing technology business. The Company provides pumping and surface technology solution and services, services and repair of thermal turbo machinery, and service for separation columns and static mixing.

Price/Volume 160

.6 M

140

.5 M

120 .4 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 SUN VX EQUITY YTD Change SUN VX EQUITY YTD % CHANGE

12/2011 01/yy 142.60 87.65 6'224.00 136.7 -4.14% 55.96% 89.26% 34.3 4'683.67 767.60 0.0 6.0 430.70 5'015.87

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

31.12.2008 31.12.2009 3'713.5 3'350.4 0.47x 0.62x 575.3 471.2 3.06x 4.38x 322.9 270.4 6.26x 10.06x Profitability

31.12.2010 3'183.7 1.34x 508.0 8.38x 300.4 15.98x

31.12.2011 3'577.9 1.04x 481.8 7.76x 279.8 12.17x 481.80 363.10 10.15% 10.32% 6.97% 14.02% 11.89% 0.89% 30.6% 13.5% 10.1% 7.8% 1.51 0.94 16.91% 36.59% 4.12 4.10

Price/ Cash Flow

.1 M

20 0 o-11

n-11

d-11

LTM-4Q

LTM

01/yy

01/yy -

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

FY+1 -

.0 M o-12

1.31 23.06 50.67% 39.56% 1.308 13 3.615 82'058 77'858 91'562 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/11 Q1 06/11 Q2 3'980.5 4'224.3 1.22x 1.10x 554.3 620.5 9.06x 8.10x 301.8 346.5 15.14x 13.25x S&P Issuer Ratings

32.55 25.03 0.70 1.59 36.6% 26.7% 0.89 6.22 88.68 88.93 46.70 130.91

Sales/Revenue/Turnover

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 02.01.2009

.2 M

Fiscal Year Ended 31.12.2007 3'537.0 1.53x 487.1 11.11x 284.1 19.95x

.3 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Sulzer AG Holdings By:

All

Holder Name LIWET HOLDING AG BLACKROCK INC THREADNEEDLE ASSET M CREDIT SUISSE ASSET SULZER LTD SWISSCANTO FONDSLEIT PICTET & CIE DANSKE INVEST A/S VONTOBEL ASSET MANAG DANSKE INVEST MANAGE UBS FUND MANAGEMENT NORDEA INV MANAGEMEN VANGUARD GROUP INC DEUTSCHE BANK AG SWISSCANTO FONDSLEIT NEUBERGER BERMAN LLC LOMBARD ODIER DARIER RAIFFEISEN SCHWEIZ L SARASIN INVESTMENT F BLACKROCK INSTITUTIO

Firm Name Credit Suisse Helvea HSBC EVA Dimensions Goldman Sachs Barclays Berenberg Bank CA Cheuvreux Bank Vontobel AG Zuercher Kantonalbank Main First Bank AG Kepler Capital Markets

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

Analyst PATRICK LAAGER VOLKAN GOCMEN JOERG-ANDRE FINKE TEAM COVERAGE WILLIAM WYMAN NICK WEBSTER ALEXANDER VIRGO OLIVER GIRAKHOU FABIAN HAECKI ARMIN RECHBERGER THOMAS BAUMANN CHRISTOPH LADNER

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

Recommendation neutral neutral neutral sell Buy/Neutral underweight buy outperform buy market perform neutral buy

Amt Held 10'699'797 1'011'148 1'000'794 911'378 457'863 420'033 393'614 389'020 302'890 298'669 277'192 275'804 271'943 197'059 139'660 133'964 128'328 127'005 115'219 108'945

% Out 31.23 2.95 2.92 2.66 1.34 1.23 1.15 1.14 0.88 0.87 0.81 0.8 0.79 0.58 0.41 0.39 0.37 0.37 0.34 0.32

Weighting

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

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

Latest Chg (22'570) (27'416) 23'821 (16'590) 59'194 (4'541) 55'075 11'319 (45'223) 8'423 11'484 7'300 8'590 (30'324) 600

Target Price 120 135 140 #N/A N/A 165 115 146 160 145 #N/A N/A #N/A N/A 160

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

File Dt 02.08.2011 06.09.2012 02.02.2011 23.08.2012 31.12.2011 31.07.2012 31.07.2012 31.08.2012 31.05.2012 30.03.2012 31.05.2012 30.03.2012 30.06.2012 31.08.2012 31.07.2012 31.07.2012 30.06.2012 31.05.2012 31.07.2012 03.10.2012

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

Inst Type Other Investment Advisor Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Mutual Fund Manager 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

Date 04.10.2012 03.10.2012 01.10.2012 27.09.2012 24.08.2012 03.08.2012 02.08.2012 26.07.2012 24.07.2012 23.07.2012 20.07.2012 26.03.2012

05.10.2012

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 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.07.2012 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

12/2011 03/yy 359.30 232.60 32'605.00 350.1 -2.56% 50.52% 91.32% 93.1 32'603.46 2'921.00 0.0 9.0 1'666.00 36'962.66

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

100 50 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 9'240.0 2.79x 1'933.0 13.34x 1'109.0 22.14x

150

31.12.2008 31.12.2009 11'624.0 10'992.0 1.68x 2.56x 2'495.0 2'368.0 7.84x 11.86x 1'385.0 1'371.0 12.86x 19.06x Profitability

LTM-4Q 31.12.2010 11'641.0 2.45x 2'460.0 11.60x 1'397.0 19.37x

31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x 2'889.00 2'282.00 17.20% 14.33% 9.26% 21.42% 16.11% 0.77% 49.2% 21.8% 17.2% 12.1% 1.73 0.78 16.94% 38.98% 5.02 1.68

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 o-12

LTM

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

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

FY+1

0.95 93.08 50.29% 30.50% 0.952 33 3.758 281'567 212'339 200'946 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 14'235.9 15'121.0 2'663.0 2.54x 2.34x 3'150.6 3'469.8 11.73x 10.65x 2'019.9 2'232.8 17.22x 15.35x S&P Issuer Ratings

15.06.2007 A STABLE 15.06.2007 A-1 19.01 15.86 0.43 1.01 39.0% 28.0% 0.77 4.43 72.76 217.63 140.97 149.43

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

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

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 |

05.10.2012

Syngenta AG Holdings By:

All

Holder Name CAPITAL WORLD INVEST BLACKROCK INC BANK OF NEW YORK CAPITAL RESEARCH GLO HARBOR CAPITAL ADVIS VANGUARD GROUP INC FIDELITY MANAGEMENT CREDIT SUISSE ASSET VAN ECK ASSOCIATES C UBS FUND MANAGEMENT BANK OF NEW YORK MEL THORNBURG INVESTMENT BLACKROCK GROUP LIMI MANNING & NAPIER ADV JUPITER ASSET MANAGE WILLIAM BLAIR & COMP BLACKROCK INSTITUTIO PICTET & CIE INVESCO LTD DWS INVESTMENT S A

Firm Name AlphaValue Societe Generale Day by Day Morgan Stanley Credit Suisse Liberum Capital Ltd Sanford C. Bernstein & Co HSBC Nomura Jefferies Zuercher Kantonalbank Exane BNP Paribas JPMorgan ING Wholesale Banking DZ Bank AG Bank Vontobel AG Deutsche Bank Barclays Goldman Sachs EVA Dimensions Euro Pacific Capital Inc Hamburger Sparkasse Kepler Capital Markets CA Cheuvreux Berenberg Bank S&P Capital IQ Main First Bank AG Canaccord Genuity Corp Macquarie Equita SIM SpA Dolmen Stockbrokers Redburn Partners National Bank AG

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

Analyst FABRICE FARIGOULE PATRICK LAMBERT VALERIE GASTALDY AMY WALKER CHRIS COUNIHAN SOPHIE JOURDIER JEREMY REDENIUS GEOFF HAIRE JEAN DE WATTEVILLE LUCY WATSON MARTIN SCHREIBER JAMES KNIGHT NEIL C TYLER FABIAN SMEETS HEINZ MUELLER PATRICK RAFAISZ VIRGINIE BOUCHER-FERTE GUNTHER ZECHMANN RICHARD LOGAN TEAM COVERAGE DAVID KRATOCHVIL MARCO GUENTHER BETTINA EDMONDSTON MARTIN ROEDIGER JAIDEEP PANDYA JOHNSON IMODE RONALD KOEHLER PAUL W SATCHELL JUERGEN RECK MASSIMO BONISOLI IAN G HUNTER TONY JONES STEFFEN MANSKE

Source 13G EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy buy Underwt/In-Line not rated buy underperform overweight neutral hold market perform neutral underweight sell buy hold buy equalweight Buy/Neutral overweight neutral hold buy select list hold hold buy buy outperform buy buy buy buy

Amt Held 4'755'300 4'657'342 3'641'218 2'275'150 1'664'500 1'656'226 1'501'176 1'422'462 1'108'753 890'522 802'673 786'530 693'826 613'090 602'317 577'302 496'244 490'242 371'135 362'325

% Out 5.11 5 3.91 2.44 1.79 1.78 1.61 1.53 1.19 0.96 0.86 0.84 0.75 0.66 0.65 0.62 0.53 0.53 0.4 0.39

Weighting

Change

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

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

Latest Chg 4'338'791 646'990 (250'000) (8'900) 51'885 297'938 (2'760) 400 10'249 (23'211) 55'004 250'165 2'736 (25'500) 2'798 4'643

Target Price 417 450 410 304 #N/A N/A 400 280 400 400 355 #N/A N/A 328 310 278 400 355 400 320 440 #N/A N/A 350 #N/A N/A 400 376 350 320 360 310 330 340 340 #N/A N/A 280

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

File Dt Inst Type 30.12.2011 Investment Advisor 22.08.2012 Investment Advisor 01.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 03.10.2012 Investment Advisor 31.05.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 04.10.2012 Investment Advisor 31.08.2012 Mutual Fund Manager

Date 6 month 12 month 3 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 15 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 04.10.2012 03.10.2012 03.10.2012 02.10.2012 02.10.2012 02.10.2012 01.10.2012 28.09.2012 24.09.2012 21.09.2012 19.09.2012 11.09.2012 06.09.2012 03.09.2012 31.08.2012 29.08.2012 23.08.2012 16.08.2012 08.08.2012 08.08.2012 31.07.2012 30.07.2012 26.07.2012 17.07.2012 17.07.2012 13.07.2012 27.06.2012 18.05.2012 26.04.2012 21.02.2012 14.10.2011 21.01.2011 09.02.2009

05.10.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.02.2012) 52-Week Low (24.07.2012) Daily Volume Current Price (10/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 UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

12/2011 06/yy 13.48 9.69 2'156'884.00 11.9 -11.72% 22.87% 59.94% 3'833.1 45'614.21 370'365.00 0.0 4'406.0 40'638.00 309'970.21

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

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 o-11

31.12.2008 31.12.2009 67'219.0 44'432.0 8.31x 9.56x 37'052.0 19'648.0 15.08x 21.61x (21'292.0) (2'736.0) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 46'526.0 8.39x 20'964.0 18.62x 7'534.0 7.71x

31.12.2011 40'880.0 9.20x 17'464.0 21.53x 4'159.0 10.16x 17'464.00 17.99% 13.09% 0.30% 8.30% 1.06% 0.03% 42.7% 10.2% 26.10% 692.97% -

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 42'944.0 39.12x 18'643.0 21.83x 6'149.0 9.40x

06/yy 37'537.0 35.68x 15'071.0 20.29x 2'589.0 16.01x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

1.35 3'464.00 14.32% 7.37% 1.353 41 3.829 7'825'788 9'777'910 10'005'150 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 26'627.4 29'530.6 6'664.0 6'807.0 3'787.9 5'277.2 967.5 797.0 11.75x 8.48x 8.81x 8.22x S&P Issuer Ratings

29.11.2011 A STABLE 19.12.2008 A-1 13.02 21.21 693.0% 86.5% 0.03 7.33 -

Sales/Revenue/Turnover

5.00

160'000.0

4.50

140'000.0

4.00

120'000.0

3.50

100'000.0

3.00 2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 140'444.0 7.02x 101'764.0 9.69x (5'247.0) 0.00x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

UBS AG Holdings By:

All

Holder Name GOVT OF SINGAPORE IN NORGES BANK UBS AG FIDELITY INTERNATION CREDIT SUISSE ASSET CAPITAL RESEARCH GLO FIDELITY MANAGEMENT WELLINGTON MANAGEMEN FRANKLIN RESOURCES I HARBOR CAPITAL ADVIS UBS FUND MANAGEMENT FRANKLIN RESOURCES I GOLDMAN SACHS GROUP ZURCHER KANTONALBANK PICTET & CIE CAPITAL WORLD INVEST DB PLATINUM ADVISORS PYRAMIS GLOBAL ADVIS FRANKLIN RESOURCES I CREDIT AGRICOLE SA

Firm Name

Portfolio Name #N/A N/A n/a UBS AG FIDELITY INTERNATION Multiple Portfolios CAPITAL RESEARCH GLO FIDELITY MANAGEMENT WELLINGTON MANAGEMEN FRANKLIN MUTUAL ADVI Multiple Portfolios Multiple Portfolios TEMPLETON GLOBAL ADV GOLDMAN SACHS GROUP ZURCHER KANTONALBANK Multiple Portfolios Multiple Portfolios Multiple Portfolios PYRAMIS GLOBAL ADVIS TEMPLETON INVESTMENT CREDIT AGRICOLE SA

Analyst

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

Source 13G EXCH 13F 13F MF-AGG 13F 13F 13F 13F MF-AGG MF-AGG 13F 13F 13F MF-AGG MF-AGG MF-AGG 13F 13F 13F

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

Amt Held 245'895'789 116'490'210 96'700'388 60'207'075 50'563'151 40'193'892 37'036'146 36'694'265 35'750'351 34'401'830 31'663'560 26'593'399 24'265'461 21'990'076 20'105'450 19'194'295 18'926'564 15'827'099 15'465'065 15'372'251

% Out 6.42 3.04 2.52 1.57 1.32 1.05 0.97 0.96 0.93 0.9 0.83 0.69 0.63 0.57 0.52 0.5 0.49 0.41 0.4 0.4

Weighting

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

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

Latest Chg (787'839) 22'239'614 9'201'325 (801'894) (4'080'860) (5'254'033) (3'730'838) 398'080 (47'815) 38'367 855'240 10'424'782 11'300'028 (1'268'990) (511'400) 12'627'252 (10'923'050) 1'718'380 (1'694'696)

Target Price 14 14 15 13 14 11 #N/A N/A 11 14 11 17 17 13 13 13 16 12 #N/A N/A #N/A N/A #N/A N/A 15 13 12 12 14 13 #N/A N/A 12 11 18 13 13 10 10 14 #N/A N/A 13 11 12 13 19

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

File Dt Inst Type 31.12.2011 Government 27.09.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 04.10.2012 04.10.2012 03.10.2012 02.10.2012 02.10.2012 01.10.2012 24.09.2012 18.09.2012 18.09.2012 18.09.2012 17.09.2012 14.09.2012 14.09.2012 06.09.2012 04.09.2012 04.09.2012 30.08.2012 27.08.2012 21.08.2012 15.08.2012 13.08.2012 10.08.2012 08.08.2012 06.08.2012 03.08.2012 03.08.2012 02.08.2012 01.08.2012 01.08.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 20.07.2012 03.07.2012 02.05.2012 04.10.2011 03.10.2011

05.10.2012

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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (05.10.2011) Daily Volume Current Price (10/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 UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 439.70 307.30 37'804.00 375.8 -14.53% 22.29% 51.13% 30.8 19'646.39 91.00 0.0 17.0 2'169.00 18'635.39

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

31.12.2008 31.12.2009 5'677.0 5'142.0 1.29x 2.54x 1'421.0 1'123.0 5.17x 11.63x 834.0 759.0 9.25x 18.10x Profitability

31.12.2010 6'108.0 3.33x 1'658.0 12.26x 1'074.0 20.56x

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x 1'843.00 1'614.00 23.86% 23.82% 13.78% 16.76% 16.63% 0.73% 27.2% 23.9% 18.8% 6.17 2.66 0.93% 1.13% 8.40 -

Price/ Cash Flow

.5 M .4 M .3 M .2 M .1 M

n-11

d-11

LTM-4Q

LTM

01/yy

01/yy -

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

FY+1 -

.0 M o-12

1.13 30.22 20.47% 8.51% 1.131 29 3.931 191'608 169'955 175'646 FY+2

12/12 Y 12/13 Y 7'754.1 8'422.7 2.22x 1.94x 2'133.9 2'372.8 8.72x 7.84x 1'483.3 1'655.2 13.64x 12.24x S&P Issuer Ratings

FQ+1

FQ+2

614.33 492.67 -1.13 0.05 1.1% 1.1% 0.73 4.29 43.44 -

Sales/Revenue/Turnover

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 02.01.2009

.6 M

Fiscal Year Ended 31.12.2007 5'646.0 3.10x 1'437.0 12.18x 1'011.0 18.45x

500 450 400 350 300 250 200 150 100 50 0 o-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Swatch Group AG/The Holdings By:

All

Holder Name CAPITAL WORLD INVEST THORNBURG INVESTMENT SWATCH GROUP AG VANGUARD GROUP INC CREDIT SUISSE ASSET CAPITAL RESEARCH GLO ARTISAN PARTNERS HOL FIDELITY MANAGEMENT BLACKROCK GROUP LIMI CALAMOS ADVISORS LLC UBS FUND MANAGEMENT PICTET & CIE WINTERGREEN ADVISERS BLACKROCK INSTITUTIO BNP PARIBAS ASSET MG SCHRODER INVESTMENT PICTET ASSET MANAGEM FIDELITY INTERNATION GRETHER ESTHER ROTHSCHILD & COMPAGN

Firm Name AlphaValue Aurel - BGC Nomura Day by Day Helvea Zuercher Kantonalbank Cantor Fitzgerald Credit Suisse JPMorgan Renaissance Capital S&P Capital IQ EVA Dimensions HSBC Bank Vontobel AG Raymond James Berenberg Bank Bryan Garnier & Cie Goldman Sachs Oddo & Cie ISI Group Main First Bank AG Barclays Morgan Stanley Kepler Capital Markets CA Cheuvreux Deutsche Bank

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

Analyst VERONIQUE CABIOC'H DAVID DA MAIA CHRISTOPHER WALKER VALERIE GASTALDY MICHAEL HEIDER PATRIK SCHWENDIMANN ALLEGRA PERRY PATRICK JNGLIN MELANIE A FLOUQUET REY WIUM WILLIAM MACK TEAM COVERAGE ANTOINE BELGE RENE WEBER MARC WILLAUME JOHN GUY LOIC MORVAN WILLIAM HUTCHINGS LEOPOLD AUTHIE OMAR SAAD MATTHIAS EIFERT HELEN BRAND LOUISE SINGLEHURST JON COX THOMAS MESMIN FRANCESCA DI PASQUANTONIO

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

Recommendation buy hold buy hold accumulate outperform hold outperform neutral hold buy underweight overweight buy outperform buy buy Buy/Neutral buy hold neutral equalweight Underwt/In-Line buy select list buy

Amt Held 1'611'375 510'260 505'000 449'153 442'054 425'550 351'507 313'311 256'665 234'332 232'375 206'936 184'025 145'190 138'956 132'815 131'877 115'399 114'000 100'000

% Out 5.22 1.65 1.64 1.46 1.43 1.38 1.14 1.02 0.83 0.76 0.75 0.67 0.6 0.47 0.45 0.43 0.43 0.37 0.37 0.32

Weighting

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

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

Latest Chg 519'822 17'699 (962) 47'014 (91'257) (57'283) 23'887 945 3'390 848 (8'107) (14'125) 9'665 (80'099) -

Target Price 469 405 500 #N/A N/A 450 #N/A N/A 400 480 426 438 450 #N/A N/A 500 500 510 500 440 691 486 430 400 470 323 475 530 440

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

File Dt Inst Type 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 Corporation 30.06.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 03.10.2012 Investment Advisor 31.08.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Hedge Fund Manager 03.10.2012 Investment Advisor 31.07.2012 Investment Advisor 30.03.2012 Investment Advisor 31.07.2012 Investment Advisor 31.10.2011 Investment Advisor 31.12.2011 n/a 31.08.2012 Investment Advisor

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

Date 04.10.2012 28.09.2012 24.09.2012 24.09.2012 20.09.2012 13.09.2012 13.09.2012 12.09.2012 11.09.2012 11.09.2012 06.09.2012 05.09.2012 01.09.2012 29.08.2012 23.08.2012 23.08.2012 23.08.2012 31.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 24.07.2012 24.04.2012 27.03.2012 07.02.2012

05.10.2012

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

Price/Volume 300

1.8 M 1.6 M

250

1.4 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (24.11.2011) Daily Volume Current Price (10/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 ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2011 06/yy 244.00 169.25 60'746.00 237.3 -2.70% 40.21% 93.04% 147.4 34'974.66 12'240.00 2'380.0 8'768.00 44'148.19

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

1.0 M .8 M

100

.6 M .4 M

.2 M

0 o-11

31.12.2008 31.12.2009 32'331.0 70'123.0 0.99x 0.50x 0.0 0.0 0.00x 0.00x 3'039.0 3'963.0 9.86x 7.83x Profitability

LTM-4Q 31.12.2010 67'819.0 0.64x 0.0 0.00x 3'428.0 10.92x

31.12.2011 52'978.0 0.73x 0.0 0.00x 3'766.0 8.76x 10.53% 9.43% 0.99% 11.94% 9.24% 0.14% 7.1% 3.17% 38.69% -

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 67'085.0 2.58x 0.0 0.00x 3'756.0 9.78x

06/yy 57'809.0 2.77x 0.0 0.00x 4'013.0 8.18x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

1.22 147.23 0.42 36.36% 20.00% 1.222 42 3.833 337'961 346'916 363'695 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 57'546.9 59'460.3 11'980.0 11'980.0 0.91x 0.88x 4'149.9 4'373.8 954.7 992.7 9.00x 8.53x 8.80x 8.39x S&P Issuer Ratings

38.7% 26.5% 0.14 -

Sales/Revenue/Turnover

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 55'044.0 0.74x 0.0 0.00x 5'626.0 7.54x

1.2 M

150

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

05.10.2012

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK INC NORGES BANK ABERDEEN ASSET MANAG CREDIT SUISSE CREDIT SUISSE ASSET VANGUARD GROUP INC FRANKLIN RESOURCES I FIDELITY MANAGEMENT FIDELITY INTERNATION UBS FUND MANAGEMENT BLACKROCK INSTITUTIO PICTET & CIE TWEEDY BROWNE COMPAN SWISSCANTO FONDSLEIT SCHRODER INVESTMENT MASSACHUSETTS FINANC DIMENSIONAL FUND ADV BANK OF NEW YORK MEL ABERDEEN LIFE & PENS PRINCIPAL FINANCIAL

Firm Name

Analyst

AlphaValue DIETER HEIN Macquarie HADLEY COHEN Oddo & Cie NICOLAS JACOB Canaccord Genuity Corp BEN COHEN Exane BNP Paribas THOMAS JACQUET Helvea DANIEL BISCHOF Morgan Stanley DAVID ANDRICH Mediobanca SpA MARC THIELE Sanford C. Bernstein & Co THOMAS SEIDL Credit Suisse RICHARD BURDEN Silvia Quandt Research CHRISTIAN MUSCHICK Deutsche Bank SPENCER HORGAN Landesbank Baden-Wuerttemberg WERNER SCHIRMER EVA Dimensions TEAM COVERAGE Bankhaus Metzler JOCHEN SCHMITT Bank Vontobel AG STEFAN SCHUERMANN Banca Akros(ESN) MARCO CAVALLERI S&P Capital IQ RODERICK WALLACE Keefe, Bruyette & Woods RALPH HEBGEN Societe Generale JASON KALAMBOUSSIS JPMorgan MICHAEL HUTTNER Nomura MICHAEL KLIEN Barclays ANDREW BROADFIELD Commerzbank Corporates & Markets ROLAND PFAENDER Raymond James DANNY JACQUES Independent Research GmbH STEFAN BONGARDT Kepler Capital Markets FABRIZIO CROCE Bryan Garnier & Cie OLIVIER PAUCHAUT Main First Bank AG RENE LOCHER RBC Capital Markets GORDON AITKEN CA Cheuvreux ATANASIO PANTARROTAS HSBC THOMAS FOSSARD ING Wholesale Banking MAARTEN ALTENA Day by Day VALERIE GASTALDY Redburn Partners PAUL GOODHIND Zuercher Kantonalbank GEORG MARTI Goldman Sachs VINIT MALHOTRA Espirito Santo Investment Bank Research JOY FERNEYHOUGH DZ Bank AG WERNER EISENMANN Daiwa Securities Co. Ltd. TIM PROUDLOVE CS Capital CHRISTOPHER PARKINSON

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

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

Amt Held 4'966'387 4'495'862 4'377'801 2'525'492 2'173'627 2'117'556 1'909'772 1'737'680 1'651'294 1'411'727 791'942 748'791 716'240 516'773 507'834 423'602 412'819 395'459 303'857 275'602

% Out 3.37 3.05 2.97 1.71 1.47 1.44 1.3 1.18 1.12 0.96 0.54 0.51 0.49 0.35 0.34 0.29 0.28 0.27 0.21 0.19

Weighting

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

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

Latest Chg (23'819) 787 (2'900) 94'183 3'992 (31'670) 678'359 3'143 4'328 (18'486) (13'585) (567) (70'866) 17'961 (1'056) 61'457 22'677

Target Price 263 250 260 260 240 248 265 286 263 251 210 245 190 #N/A N/A 300 260 245 300 297 266 256 290 253 230 258 240 213 230 235 300 278 237 246 #N/A N/A #N/A N/A #N/A N/A 283 260 240 216 #N/A N/A

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

File Dt Inst Type 31.12.2010 Investment Advisor 23.06.2011 Government 31.01.2012 Investment Advisor 23.03.2010 Investment Advisor 23.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.05.2012 Investment Advisor 03.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.04.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor

Date 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 15 month 12 month Not Provided 6 month 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month Not Provided

Date 04.10.2012 03.10.2012 03.10.2012 28.09.2012 27.09.2012 21.09.2012 18.09.2012 17.09.2012 12.09.2012 10.09.2012 10.09.2012 31.08.2012 29.08.2012 28.08.2012 23.08.2012 22.08.2012 21.08.2012 21.08.2012 19.08.2012 17.08.2012 17.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 03.07.2012 22.06.2012 28.05.2012 10.05.2012 07.05.2012 15.03.2012 16.02.2012 30.01.2012 09.01.2012 05.12.2011 06.05.2011 05.08.2010