Thematic Investments: Smart GridThe New Challenge of the Power Industry 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 Smart Grid: The New Challenge of the Power Industry November 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 |

Valuation Measures I/II Market Capitalization & Asset Liability data

Currency

Market Capitalization (in mio USD)

Total Minority Daily Common Total Debt Preferred Interest Volume (M) Shares (M) (USD) Stock (USD) (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 Rating Credit Rating Date

S&P 500 INDEX

USD

13048006

1846.977

1090

202

211

98.78

104.40

14.29

13.52

19.18

Euro Stoxx 50 Pr

EUR

2376876

5492.5

4612

756

780

144.05

302.67

28.60

14.36

13.61

20.75

NIKKEI 225

JPY

2106665

169.7797

224

5.06

7.72

0.28

0.22

0.18

0.14

FTSE 100 INDEX

GBP

2578996

11327.49

9465

1558

1634

707.10

816.70

21.02

19.85

18.20

25.97

SWISS MARKET INDEX

CHF

889174

10431.85

3939

804

789

381.14

517.02

19.71

19.12

14.53

22.33

S&P/TSX COMPOSITE INDEX

CAD

1652333

16703.95

7707

1912

1949

807.45

832.04

15.20

14.75

24.91

S&P/ASX 200 INDEX

AUD

1246148

6133.202

2883

651

700

271.40

345.05

17.60

14.90

13.84

24.06

HANG SENG INDEX

HKD

1605579

3182.523

1456

346

361

257.55

246.48

1.39

1.51

1.45

3.12

MSCI EM

USD

7285669

1374.926

967

181

80.10

86.81

12.37

12.89

11.41

18.83

SCHNEIDER ELECTRIC SA

EUR

33991

1031

540

42.18

28864

30246

30895

31747

4857

5021

4.55

4.56

4.97

5.37

17.34

16.27

15.92

14.74

18.48

9.43

11.90

21.40

A-

26.11.2008

12.01.2009

GENERAL ELECTRIC CO

USD

222897

42828

10573

381

132

525.70

142237

144010

146703

150767

24882

24246

6842

1.37

1.46

1.51

1.70

14.46

13.94

12.45

-4.18

-2.78

4.78

-4.63

16.92

AA+

12.03.2009

Aa3

03.04.2012

SIEMENS AG-REG

EUR

87532

1283

874

102.43

94785

99397

100353

102675

13392

13593

3289

9.88

6.95

7.77

8.32

18.42

18.96

16.48

15.38

8.48

3.11

11.39

14.83

17.63

A+

05.06.2009

ABB LTD-REG

CHF

41904

3468

2290

49.17

40527

41483

42047

44489

6068

5812

1715

1.48

1.35

1.45

1.64

15.21

15.26

14.19

12.57

21.62

7.40

21.52

13.07

14.95

08.06.2010

EMERSON ELECTRIC CO

USD

34795

2984

739

38.50

24222

24257

24396

25113

5096

5053

1435

3.24

3.30

3.34

3.65

14.50

14.31

13.10

15.13

3.38

17.83

6.75

20.83

04.02.2002

15.02.2002

DANAHER CORP

USD

35860

4696

688

39.10

16091

18002

18045

18848

3185

3830

1009

2.83

3.10

3.16

3.52

16.70

16.37

14.71

28.21

11.74

31.89

13.39

21.28

A+

14.06.2011

15.06.2011

ATLAS COPCO AB-A SHS

SEK

28830

2395

1212

30.68

12146

13473

13499

13531

3001

3262

811

1.71

1.72

2.13

2.12

2.11

2.42

1.05

3.34

1.82

3.62

24.02.2011

03.04.1998

MITSUBISHI ELECTRIC CORP

JPY

15873

6772

2147

20.86

45602

45669

46993

4419

935

0.67

0.65

0.66

0.78

0.14

0.12

0.00

-0.02

0.05

-0.01

0.12

09.04.2008

12.08.2008

KONINKLIJKE PHILIPS ELECTRON

EUR

23669

1514

926

25.60

29112

31385

31756

32904

1530

1979

1420

-0.90

1.00

1.60

2.07

31.81

27.96

19.95

15.45

1.69

-1.20

-84.39

-12.90

8.13

A-

11.05.2005

20.04.2006

BHARAT HEAVY ELECTRICALS

INR

10271

12766

2448

9.13

8803

8979

8500

2085

0.54

0.48

0.43

0.14

0.16

0.18

0.25

0.59

0.44

SANDVIK AB

SEK

17224

1835

1186

21.22

14073

14854

14784

14674

2415

2597

724

0.98

1.18

1.21

2.10

1.74

1.70

2.07

0.53

0.86

0.27

2.61

BBB+

24.05.2011

EATON CORP

USD

15183

3109

334

18.40

16049

16184

16409

18584

2189

2269

619

3.96

4.23

4.27

4.72

10.67

10.58

9.57

17.02

7.30

27.12

8.39

14.02

A-

30.01.2009

ALSTOM

EUR

10221

903

295

14.12

26 K

27 K

28 K

2620

3.41

3.21

4.23

4.58

13.29

12.50

10.09

9.32

-6.09

8.94

-12.18

11.66

13.14

BBB

12.05.2011

Baa2

17.01.2012

FLUOR CORP

USD

9235

871

169

7.30

23381

25708

27890

30493

1187

1205

319

3.40

3.54

3.77

4.39

15.62

14.66

12.60

12.14

12.21

60.55

18.70

4.69

A-

22.01.2004

29.11.2000

LEGRAND SA

EUR

10181

582

258

12.10

5480

5629

5794

5987

1282

1302

323

2.38

2.35

2.57

2.70

21.17

20.81

19.41

18.44

11.92

2.51

-8.74

10.57

29.81

A-

22.02.2012

15.02.2006

ROCKWELL AUTOMATION INC

USD

9790

1345

142

9.81

6000

6250

6217

6455

1061

1176

301

4.79

5.15

5.09

5.46

13.47

13.63

12.70

23.54

6.33

43.23

3.89

18.82

29.06.2001

01.07.2009

ROPER INDUSTRIES INC

USD

10642

427

12.39

2797

2923

3007

3306

801

866

269

4.29

4.71

4.94

5.69

23.10

22.01

19.12

17.22

8.09

25.63

13.79

29.63

BBB

07.02.2012

Baa2

29.06.2011

SMITHS GROUP PLC

GBp

6539

189

393

7.82

4852

5021

5225

966

1.32

1.05

1.57

1.68

25.41

20.17

16.98

15.86

10.60

11.88

1.26

10.06

31.89

BBB+

15.01.2007

Baa2

06.05.2010

REXEL SA

EUR

5189

145

266

8.41

16396

16919

17570

18235

1135

1170

271

1.85

1.43

1.91

2.14

17.20

13.94

12.89

11.50

8.16

6.76

35.03

8.80

8.91

10.11.2011

Ba2

24.02.2012

FINMECCANICA SPA

EUR

2839

6572

578

10.54

22329

21806

22090

22497

392

416

-3.84

-6.09

0.57

0.91

11.07

6.97

-9.50

7.88

-107.96

-33.70

2.46

BBB-

05.12.2011

Baa3

25.10.2012

INVENSYS PLC

GBp

2968

893

813

2.58

4066

4207

4373

444

0.29

0.20

0.32

0.36

28.39

20.31

18.08

16.15

3.41

10.14

-25.31

3.71

17.47

BBB-

24.07.2009

Ba2

16.06.2008

NEXANS SA

EUR

1185

193

2.10

8922

8987

6717

7043

454

391

236

-6.45

-0.61

3.17

4.32

85.46

16.51

12.12

15.46

0.72

-24.12

-6.61

5.60

27.09.2012

ITRON INC

USD

1622

140

1.99

2434

2409

2174

2124

323

307

-2.11

-2.03

3.86

3.91

10.64

10.50

7.74

9.62

2.48

23.50

12.76

01.06.2011

EMCOR GROUP INC

USD

2101

910

1.79

5613

6253

6383

6744

270

297

1.86

2.05

2.08

2.46

15.40

15.21

12.84

15.69

2.63

2.39

14.89

4.76

BB+

28.01.2005

NISSIN ELECTRIC CO LTD

JPY

597

831

107

0.60

1257

1295

1380

129

0.43

0.51

0.68

0.16

0.14

0.10

0.14

0.00

-0.09

0.05

0.13

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

6.92

21.05.2012

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

2.09

1.91

1.74

2.09

1.29

1.25

1.19

1.29

9.25

8.75

8.56

9.25

8.76

8.18

7.58

8.76

13.52

12.24

10.98

13.52

2.24

2.43

2.61

2.24

1598.6

13.2%

Euro Stoxx 50 Pr

1.11

1.05

0.98

1.11

0.69

0.68

0.66

0.69

5.07

4.83

4.45

5.07

7.04

6.73

6.38

7.04

10.56

9.69

8.79

10.56

4.30

4.79

5.14

4.30

2717.5

9.7%

NIKKEI 225

1.09

1.02

0.96

1.09

0.50

0.47

0.48

0.50

6.41

5.87

5.59

6.41

7.15

6.53

6.17

7.15

14.49

12.73

10.86

14.49

2.32

2.34

2.66

2.32

9757.2

9.3%

FTSE 100 INDEX

1.61

1.50

1.39

1.61

0.98

0.96

0.93

0.98

7.48

6.83

6.29

7.48

6.93

6.41

6.01

6.93

11.36

10.33

9.46

11.36

4.05

4.30

4.60

4.05

6383.0

10.1%

SWISS MARKET INDEX

2.10

1.96

1.81

2.10

1.79

1.69

1.60

1.79

11.64

10.03

9.06

11.64

13.22

12.18

11.34

13.22

13.62

12.16

11.06

13.62

3.56

3.92

4.26

3.56

7150.1

8.3%

S&P/TSX COMPOSITE INDEX

1.72

1.59

1.46

1.72

1.59

1.48

1.42

1.59

8.69

7.77

7.12

8.69

8.57

7.43

6.90

8.57

14.76

12.79

11.53

14.76

2.98

3.12

3.31

2.98

14204.0

15.6%

S&P/ASX 200 INDEX

1.68

1.59

1.50

1.68

1.60

1.49

1.41

1.60

9.82

8.92

6.71

9.82

8.76

7.73

7.14

8.76

13.40

11.98

11.00

13.40

4.86

5.21

5.61

4.86

4699.9

5.0%

HANG SENG INDEX

1.39

1.28

1.18

1.39

1.91

1.76

1.63

1.91

7.14

6.63

6.28

7.14

8.82

8.01

7.36

8.82

11.26

10.42

9.41

11.26

3.43

3.67

4.01

3.43

22895.1

6.4%

MSCI EM

1.50

1.36

1.23

1.50

1.02

0.95

0.88

1.02

7.14

6.45

5.85

7.14

7.58

6.76

6.18

7.58

11.41

9.89

8.94

11.41

2.91

3.11

3.45

2.91

1137.4

14.8%

SCHNEIDER ELECTRIC SA

1.66

1.54

1.44

1.34

1.20

1.10

1.07

1.02

0.94

11.35

9.68

8.98

8.24

8.03

6.82

12.98

12.36

11.44

10.29

9.09

3.54

3.70

4.03

4.44

5.00

52.25

9.6%

GENERAL ELECTRIC CO

1.77

1.79

1.72

1.61

1.49

1.52

1.48

1.40

7.92

9.68

8.63

6.94

15.42

13.94

12.45

10.97

2.84

3.24

3.65

4.06

24.74

17.2%

SIEMENS AG-REG

2.08

2.07

1.93

1.75

1.45

0.93

0.87

0.85

0.82

0.80

8.59

11.27

8.99

7.41

ABB LTD-REG

2.49

2.44

2.20

2.01

1.85

1.11

1.06

1.01

0.96

0.93

11.21

10.80

9.51

8.53

EMERSON ELECTRIC CO

3.29

3.20

2.99

2.74

1.43

1.39

1.30

1.14

11.55

10.62

9.82

8.76

DANAHER CORP

2.10

1.88

1.66

1.46

2.20

1.99

1.90

1.80

1.44

13.70

11.09

10.58

9.87

ATLAS COPCO AB-A SHS

6.49

5.47

4.54

3.88

2.40

2.14

2.13

2.05

2.07

15.95

13.77

12.00

11.89

MITSUBISHI ELECTRIC CORP

1.11

1.04

0.95

0.87

0.35

0.34

0.33

0.36

5.54

4.71

4.40

4.11

KONINKLIJKE PHILIPS ELECTRON

1.39

1.45

1.40

1.29

0.81

0.75

0.72

0.69

0.66

12.46

8.49

7.47

6.78

BHARAT HEAVY ELECTRICALS

2.22

1.85

1.64

1.49

1.14

1.21

1.35

10.43

7.32

8.61

10.46

SANDVIK AB

3.07

2.99

2.63

2.33

1.23

1.17

1.15

1.12

11.90

10.20

8.22

EATON CORP

1.85

1.47

1.53

1.34

0.94

0.93

0.82

0.79

0.66

7.94

7.50

6.73

ALSTOM

1.65

1.46

1.31

1.16

0.40

0.37

0.36

0.34

7.35

6.30

5.35

4.44

FLUOR CORP

2.69

2.37

2.04

1.76

0.39

0.33

0.30

0.29

12.17

10.52

9.43

8.80

LEGRAND SA

2.64

2.47

2.28

2.09

1.87

1.76

1.70

1.62

1.46

12.29

11.55

11.13

10.29

ROCKWELL AUTOMATION INC

5.10

4.72

4.19

3.63

1.66

1.57

1.52

1.40

1.19

14.22

13.03

9.89

9.27

3.77

3.54

3.22

3.09

SMITHS GROUP PLC

2.71

3.00

2.55

2.53

1.37

1.30

1.25

1.20

13.16

10.79

9.51

7.80

REXEL SA

0.96

0.92

0.88

0.83

0.32

0.30

0.28

9.36

8.58

7.50

FINMECCANICA SPA

0.43

0.49

0.46

0.42

0.13

0.12

2.40

2.30

INVENSYS PLC

2.82

2.92

2.45

1.86

0.71

0.70

0.68

0.65

54.02

11.01

NEXANS SA

0.42

0.46

0.45

0.43

0.20

0.18

0.17

0.15

0.14

3.91

ITRON INC

1.58

1.64

1.45

1.29

0.68

0.75

0.76

0.72

0.65

7.62

0.37

0.33

0.31

0.28

0.47

0.46

0.43

0.42

ROPER INDUSTRIES INC

EMCOR GROUP INC NISSIN ELECTRIC CO LTD

0.79

0.75

0.70

0.65

0.98

0.26

0.46

9.03

8.56

8.06

7.42

17.41

19.64

17.68

15.01

5.95

6.79

8.12

7.86

7.05

6.33

9.88

12.79

11.94

10.63

9.42

3.97

4.00

4.13

4.34

4.79

81.79

6.1%

8.19

7.94

8.13

7.37

6.81

6.33

12.19

13.30

11.78

10.78

10.42

3.79

3.92

4.16

4.44

4.61

19.73

15.8%

7.98

7.99

7.56

7.14

6.45

14.70

14.31

13.10

11.79

10.11

2.89

3.34

3.59

3.92

4.93

54.47

13.9%

11.78

10.05

9.37

8.56

18.34

16.37

14.71

13.46

10.25

0.18

0.19

0.21

0.23

60.45

16.8%

10.31

9.47

9.52

9.13

8.89

15.38

14.16

14.10

13.40

2.97

3.36

3.58

4.07

3.69

163.29

0.5%

4.77

4.83

4.41

4.11

6.00

12.14

11.16

9.44

8.08

16.03

2.09

2.02

2.25

2.30

2.03

723.21

22.6%

7.87

6.79

5.82

5.32

4.91

20.21

15.46

11.97

10.26

9.52

3.89

3.92

4.13

4.38

4.31

5.54

5.52

6.26

8.04

8.63

8.77

9.84

11.68

3.10

2.94

2.78

2.73

8.14

8.05

7.34

7.21

6.81

6.16

13.00

11.65

11.38

10.43

9.13

3.48

4.30

4.50

4.87

6.55

7.99

7.61

7.01

6.42

5.75

11.27

10.58

9.57

8.72

7.12

3.03

3.38

3.61

3.73

5.91

5.52

5.15

4.76

4.30

8.36

7.85

7.25

6.43

5.70

3.33

3.60

4.01

4.48

6.34

5.88

5.21

4.86

16.61

14.66

12.60

11.94

0.92

1.11

1.16

1.27

9.28

9.19

8.92

8.27

7.12

15.35

15.03

14.27

13.15

11.40

3.13

3.21

3.44

3.73

9.47

8.43

7.97

7.35

6.69

15.03

13.63

12.70

11.37

9.12

2.10

2.64

2.85

3.04

15.47

13.94

12.69

10.92

25.27

22.01

19.12

17.55

0.40

0.48

0.52

115.17

5.9%

7.98

7.26

6.84

6.56

11.36

10.61

9.91

9.28

3.63

3.84

4.07

4.19

1192.31

14.8%

6.81

8.08

7.54

7.01

6.51

9.56

10.01

8.93

8.09

3.44

4.59

4.79

5.24

17.89

20.7%

1.93

16.65

4.98

4.64

4.16

8.60

5.42

4.75

0.00

2.52

4.81

5.16

3.92

3.1%

9.49

7.37

6.29

5.37

4.92

4.61

14.27

11.31

10.11

9.34

1.98

2.03

2.29

2.60

259.09

13.9%

5.47

3.72

3.68

4.22

4.47

3.92

3.66

9.08

12.77

9.38

7.61

5.96

3.76

3.23

3.87

4.36

36.43

16.0%

7.21

6.58

6.67

11.49

7.02

7.08

6.10

10.00

10.64

10.50

9.38

6.62

0.00

50.64

23.4%

11.87

10.52

9.27

8.42

6.75

6.02

5.29

4.51

17.38

15.21

12.84

10.65

0.32

0.63

0.71

35.50

12.4%

6.56

6.71

5.88

5.86

4.85

4.75

3.90

4.13

10.05

10.88

8.11

7.78

2.04

2.26

2.34

2.41

604.50

36.8%

5.52

4.16

9.89

3.28

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

6.22

3.50

4.37

6.95

9.44

20.64

7.6%

211.56

-6.8%

4.90

101.05

10.1%

3.37

52.87

17.2%

5.16

33.33

29.5%

72.67

31.4%

4.27

2.26

4.19

2.26

30.39

1.6%

78.31

12.9%

29.10.2012

Schneider Electric SA Schneider Electric SA manufactures power distribution and automation systems. The Company produces circuit breakers, remote installation management equipment, panelboards, programmable logic controllers, industrial control products, detectors, human-machine interfaces, and process controls. Schneider's products are sold various brands.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 06.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SU FP EQUITY YTD Change SU FP EQUITY YTD % CHANGE

12/2011 09/yy 53.47 35.00 1'030'620.00 47.655 -10.74% 36.16% 71.17% 553.2 26'363.65 8'037.00 0.0 192.0 2'771.00 32'715.65

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

0 o-11

.0 M 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 17'308.6 1.57x 3'075.4 8.84x 1'583.1 13.67x

31.12.2008 31.12.2009 18'311.0 15'793.0 0.95x 1.51x 3'321.0 2'575.0 5.24x 9.26x 1'682.0 824.0 7.55x 24.63x Profitability

LTM-4Q 31.12.2010 19'580.0 1.68x 3'575.0 9.20x 1'720.0 17.00x

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

31.12.2011 22'387.0 1.22x 3'767.0 7.28x 1'820.0 12.00x 3'767.00 2'998.00 13.39% 11.02% 5.70% 12.63% 9.94% 0.70% 37.7% 16.6% 13.3% 8.1% 1.44 0.89 22.40% 50.55% 4.68 4.03

Price/ Cash Flow

09/yy 21'596.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 23'861.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.25 523.71 9.18% 21.67% 1.249 29 3.517 1'521'228 1'748'038 1'710'680 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 23'962.4 24'622.7 6'586.3 5'451.0 1.32x 1.24x 3'828.4 4'064.5 8.56x 8.06x 2'097.6 2'270.9 12.36x 11.44x S&P Issuer Ratings

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

26.11.2008 ASTABLE 14.03.2007 A-2 11.38 9.82 1.58 2.19 50.6% 33.3% 0.70 9.53 78.16 90.71 96.51 68.80

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

29.10.2012

Schneider Electric SA Holdings By:

All

Holder Name CAPITAL RESEARCH AND CAPITAL WORLD INVEST AMUNDI CAISSE DES DEPOTS ET VANGUARD GROUP INC HARBOR CAPITAL ADVIS DODGE & COX SCHNEIDER ELECTRIC S NATIXIS ASSET MANAGE CAPITAL RESEARCH GLO MASSACHUSETTS FINANC FIDELITY INTERNATION FIDELITY MANAGEMENT AMUNDI BLACKROCK FUND ADVIS ARTISAN PARTNERS HOL ABERDEEN ASSET MANAG BNP PARIBAS ASSET MG T ROWE PRICE ASSOCIA AVIVA PLC

Firm Name

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

Analyst

Landesbank Baden-Wuerttemberg VOLKER STOLL CM - CIC Securities(ESN) ARI AGOPYAN Berenberg Bank WILLIAM MACKIE Societe Generale GAEL DE BRAY Morgan Stanley BEN UGLOW Goldman Sachs DANIELA COSTA Credit Suisse SIMON TOENNESSEN JPMorgan ANDREAS WILLI Sanford C. Bernstein & Co MARTIN PROZESKY Independent Research GmbH MARKUS FRIEBEL Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Exane BNP Paribas OLIVIER ESNOU AlphaValue LIONEL PELLICER Barclays NICK WEBSTER Redburn Partners JAMES MOORE Deutsche Bank MARTIN WILKIE Kepler Capital Markets PIERRE BOUCHENY EVA Dimensions TEAM COVERAGE HSBC MICHAEL HAGMANN Day by Day VALERIE GASTALDY CA Cheuvreux ALFRED GLASER Natixis LUDOVIC DEBAILLEUX Banco Sabadell MARIA CEBOLLERO Espirito Santo Investment Bank Research NICHOLAS J PATON Canaccord Genuity Corp MARK WILSON

Source Co File MF-AGG Research Co File 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

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

Amt Held 51'780'765 31'953'070 27'220'485 20'349'002 11'784'085 10'997'591 10'007'024 9'164'952 8'884'884 8'846'501 5'608'513 3'741'812 3'555'599 2'898'609 2'788'422 2'723'804 2'463'716 2'405'633 2'106'509 1'936'551

% Out 9.36 5.78 4.92 3.68 2.13 1.99 1.81 1.66 1.61 1.6 1.01 0.68 0.64 0.52 0.5 0.49 0.45 0.43 0.38 0.35

Weighting

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

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

Latest Chg (1'968'800) (1'168'334) 596'155 466'221 251'300 1'293'329 (2'550'331) 200'353 (188'153) (159'243) 69'463 2'725 (14'822) (18'414) (16'590) (69'193) (7'936)

Target Price 50 51 52 58 54 54 51 60 51 50 45 53 57 60 51 #N/A N/A 51 50 #N/A N/A 55 58 56 52 44 46 47

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 30.09.2012 Investment Advisor 16.05.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2011 Corporation 29.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 27.07.2012 Mutual Fund Manager 26.10.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 29.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 19.10.2012 08.10.2012 24.09.2012 24.09.2012 11.09.2012 22.08.2012 10.08.2012 02.08.2012 02.08.2012 30.07.2012 16.07.2012 26.03.2012

29.10.2012

General Electric Co General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

Price/Volume 25

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

20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (28.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GE US EQUITY YTD Change GE US EQUITY YTD % CHANGE

12/2011 09/yy 23.18 14.68 42'828'103.00 21.11 -8.93% 43.80% 75.65% 10'558.8 222'897.20 381'070.00 0.0 1'696.0 131'875.00 525'697.20

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

0 o-11

31.12.2008 31.12.2009 180'929.0 154'272.0 3.39x 3.33x 30'781.0 20'435.0 19.94x 25.12x 17'410.0 11'025.0 8.39x 12.50x Profitability

d-11

j-12

f-12

m-12 a-12

m-12

j-12

a-12

s-12

Market Data

LTM-4Q 31.12.2010 148'442.0 3.29x 23'747.0 20.54x 11'644.0 16.04x

31.12.2011 142'237.0 3.10x 24'882.0 17.69x 14'151.0 13.07x 24'882.00 15'697.00 11.04% 14.13% 1.86% 10.82% 2.70% 0.20% 40.2% 16.9% 10.6% 9.9% 0.91 0.84 53.13% 327.27% 7.58 5.78

Price/ Cash Flow

LTM

FY+1

3.22 1.15 10'552.42 66.41 26.65% 20.85% 1.148 21 4.143 54'788'868 46'777'340 42'498'044 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 145'266.0 144'010.0 146'703.3 150'766.9 39'366.7 35'270.0 13.22x 13.16x 3.19x 3.07x 12.55x 24'145.0 18'578.0 26'764.5 29'739.6 6'841.7 17.43x 0.00x 19.64x 17.68x 14'956.0 13'360.0 15'598.4 17'593.0 4'682.9 3'796.0 11.53x 15.55x 13.94x 12.45x 12.86x 12.35x S&P Issuer Ratings Long-Term Rating Date 12.03.2009 Long-Term Rating AA+ Long-Term Outlook STABLE Short-Term Rating Date 23.11.1981 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 18.79 (EBITDA-Capex)/Interest Exp. 9.24 Net Debt/EBITDA 9.65 Total Debt/EBITDA 14.69 Reference Total Debt/Equity 327.3% Total Debt/Capital 76.3% Asset Turnover 0.20 Net Fixed Asset Turnover 2.16 Accounts receivable turnover-days 48.27 Inventory Days 63.30 Accounts Payable Turnover Day 67.77 Cash Conversion Cycle 38.37 Sales/Revenue/Turnover

8.00

200'000.0

7.00

180'000.0 160'000.0

6.00

140'000.0

5.00

120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.01.2009

n-11

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted 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 169'469.0 4.91x 35'840.0 23.20x 22'208.0 16.85x

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 |

29.10.2012

General Electric Co Holdings By:

All

Holder Name VANGUARD GROUP INC STATE STREET CORP BLACKROCK INSTITUTIO CAPITAL WORLD INVEST BANK OF NEW YORK MEL FIDELITY MANAGEMENT NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN DODGE & COX INVESCO LTD GENERAL ELECTRIC COM CAPITAL RESEARCH GLO NORGES BANK BLACKROCK FUND ADVIS GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE BLACKROCK GROUP LIMI BANK OF AMERICA CORP FRANKLIN RESOURCES I

Firm Name Argus Research Corp Hamburger Sparkasse Credit Suisse JPMorgan William Blair & Co Independent Research GmbH Nomura Barclays Morgan Stanley Oppenheimer & Co Edward Jones Hilliard Lyons Sanford C. Bernstein & Co S&P Capital IQ Langenberg & Co Deutsche Bank Ameriprise Advisor Services, Inc EVA Dimensions Gabelli & Co

Portfolio Name VANGUARD GROUP INC STATE STREET CORPORA BLACKROCK INSTITUTIO CAPITAL WORLD INVEST BANK OF NEW YORK MEL FIDELITY MANAGEMENT NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN DODGE & COX INVESCO LTD GENERAL ELECTRIC COM CAPITAL RESEARCH GLO NORGES BANK BLACKROCK FUND ADVIS GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE BLACKROCK GROUP LIMI BANK OF AMERICA FRANKLIN ADVISERS IN

Analyst NATHANIEL GABRIEL MARCO GUENTHER JULIAN MITCHELL CHARLES STEPHEN TUSA NICHOLAS P HEYMANN MARKUS FRIEBEL SHANNON O'CALLAGHAN SCOTT R DAVIS NIGEL COE CHRISTOPHER D GLYNN MATTHEW D COLLINS STEPHEN A O'NEIL STEVEN E WINOKER RICHARD TORTORIELLO BRIAN KEITH LANGENBERG JOHN G INCH FREDERICK M SCHULTZ TEAM COVERAGE ZAHID SIDDIQUE

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy hold outperform overweight market perform hold buy overweight Equalwt/In-Line outperform hold long-term buy market perform hold buy buy buy underweight buy

Amt Held 448'466'032 387'079'582 281'253'176 199'590'500 163'457'563 158'630'936 158'062'485 115'888'738 113'112'227 109'733'550 106'486'904 94'542'365 83'047'500 77'605'480 77'605'357 76'982'946 75'541'527 70'567'192 65'213'323 61'110'795

% Out 4.25 3.67 2.66 1.89 1.55 1.5 1.5 1.1 1.07 1.04 1.01 0.9 0.79 0.73 0.73 0.73 0.72 0.67 0.62 0.58

Weighting

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

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

Latest Chg 10'976'424 (6'079'541) 10'927'187 816'800 (3'210) 31'317'728 11'436'442 (1'186'934) (3'346'263) (2'749'420) 8'800'984 (107'957) 33'305'000 77'605'480 (584'178) 16'467'425 2'264'143 (9'784'093) (2'515'387) 5'014'788

Target Price 25 #N/A N/A 24 24 23 24 24 25 23 24 #N/A N/A 27 24 24 30 26 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 21.10.2012 21.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 12.10.2012 23.07.2012 16.02.2012 26.09.2011

29.10.2012

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on three major business sectors including industrial, energy, and healthcare. Siemens AG provides engineering solutions in automation and control, power, transportation, medical, information and communication, and lighting.

Price/Volume 90

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIE GR EQUITY YTD Change SIE GR EQUITY YTD % CHANGE

09/2011 06/yy 80.49 62.13 1'282'950.00 77.06 -4.36% 24.03% 82.84% 881.0 67'889.86 17'940.00 0.0 626.0 12'945.00 79'445.86

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

8.0 M

6.0 M

4.0 M

2.0 M

10 0 o-11

.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 30.09.2007 72'448.0 1.34x 8'886.0 10.91x 3'806.0 23.31x

30.09.2008 30.09.2009 77'327.0 76'651.0 0.82x 0.81x 8'175.0 9'196.0 7.77x 6.77x 5'725.0 2'292.0 34.66x 24.49x Profitability

LTM-4Q 30.09.2010 68'978.0 1.07x 9'544.0 7.72x 3'899.0 16.42x

30.09.2011 73'515.0 0.88x 10'387.0 6.25x 6'145.0 8.67x

10'387.00 7'877.00 10.71% 12.57% 4.21% 14.08% 9.87% 0.74% 30.1% 13.7% 10.0% 8.4% 1.21 0.64 17.21% 56.90% 5.17 3.32

Price/ Cash Flow

LTM

06/yy 74'453.0 4.49x 10'974.0 8.11x 4'506.0 15.07x

06/yy 77'092.0 3.69x 10'543.0 6.61x 4'416.0 12.27x

FY+1

0.96 771.34 2.67% 8.45% 0.956 39 3.436 2'736'318 3'593'217 3'631'131 FY+2

FQ+1

FQ+2

09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 77'833.9 79'634.7 21'533.0 18'474.3 1.00x 0.97x 3.65x 4.25x 9'782.1 10'110.1 2'551.3 2'224.3 8.12x 7.86x 8.20x 8.02x 5'213.4 5'659.1 1'361.8 1'345.0 12.79x 11.94x 11.96x 11.30x S&P Issuer Ratings

05.06.2009 A+ POS 18.04.2011 A-1+ 21.07 16.67 1.04 1.94 56.9% 35.8% 0.74 7.45 70.74 110.13 46.26 127.10

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 03.10.2008

10'000.0 0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

29.10.2012

Siemens AG Holdings By:

All

Holder Name SIEMENS FAMILY BLACKROCK GROUP LIMI QATAR HOLDINGS LLC SIEMENS AG BLACKROCK ASSET MANA VANGUARD GROUP INC CAPITAL WORLD INVEST AMUNDI BLACKROCK FUND ADVIS DB PLATINUM ADVISORS UNION INVESTMENT GMB FIDELITY INTERNATION THORNBURG INVESTMENT FRANKLIN RESOURCES I DEUTSCHE BANK AG DEKA INVESTMENT GMBH OPPENHEIMERFUNDS INC ADIG INVESTMENT FIDELITY MANAGEMENT MERCURY ASSET MANAGE

Firm Name

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 Multiple Portfolios Multiple Portfolios

Analyst

Landesbank Baden-Wuerttemberg VOLKER STOLL AlphaValue HEINZ STEFFEN DZ Bank AG KARSTEN OBLINGER Nomura DANIEL CUNLIFFE Credit Suisse SIMON TOENNESSEN Societe Generale GAEL DE BRAY Nord/LB WOLFGANG DONIE Sanford C. Bernstein & Co MARTIN PROZESKY Langenberg & Co BRIAN KEITH LANGENBERG Barclays NICK WEBSTER Deutsche Bank PETER REILLY HSBC MICHAEL HAGMANN Exane BNP Paribas OLIVIER ESNOU CA Cheuvreux ALFRED GLASER JPMorgan ANDREAS WILLI Redburn Partners JAMES MOORE Day by Day VALERIE GASTALDY Goldman Sachs DANIELA COSTA Independent Research GmbH MARKUS FRIEBEL Berenberg Bank WILLIAM MACKIE William Blair & Co NICHOLAS P HEYMANN RBC Capital Markets ANDREW CARTER Morgan Stanley BEN UGLOW Hamburger Sparkasse MARCO GUENTHER Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Main First Bank AG CHRISTOPHER YOUL EVA Dimensions TEAM COVERAGE National Bank AG STEFFEN MANSKE SRH AlsterResearch OLIVER DREBING Banco Sabadell FRANCISCO JOSE RODRIGUEZ Bankhaus Metzler ULRICH TRABERT Kepler Capital Markets ULRICH SCHOLZ Natixis LUDOVIC DEBAILLEUX Silvia Quandt Research EERIK KD BUDARZ S&P Capital IQ JAMES CRAWSHAW Espirito Santo Investment Bank Research NICHOLAS J PATON Canaccord Genuity Corp MARK WILSON

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

Recommendation hold add hold neutral outperform hold sell market perform buy equalweight hold neutral underperform outperform neutral neutral buy neutral/neutral buy buy market perform not rated Equalwt/In-Line buy add neutral hold hold buy buy sell buy reduce avoid hold neutral hold

Amt Held 54'852'206 29'221'858 27'758'338 26'820'674 19'600'872 13'036'658 9'188'472 7'921'770 7'338'174 6'519'487 6'475'277 5'469'799 5'222'600 5'208'187 4'485'142 4'206'414 3'494'109 3'044'562 2'938'725 2'470'214

% Out 6.23 3.32 3.15 3.04 2.22 1.48 1.04 0.9 0.83 0.74 0.73 0.62 0.59 0.59 0.51 0.48 0.4 0.35 0.33 0.28

Weighting

Change

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

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

Latest Chg (37'686) 672'898 879'400 1'541'537 4'300 235'222 (3'000) (1'580'526) (36'260) 32'120 (148'390) 6'740 20'100 (76'805) -

Target Price 79 89 73 85 88 84 68 77 100 73 75 82 78 90 84 #N/A N/A 86 84 95 84 80 #N/A N/A 80 86 76 78 #N/A N/A 70 85 89 60 82 61 58 70 69 77

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

File Dt Inst Type 10.11.2011 n/a 04.05.2012 Investment Advisor 07.05.2012 Government 08.10.2012 Corporation 25.10.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 26.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.03.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 30.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 25.10.2012 Investment Advisor

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

Date 25.10.2012 25.10.2012 23.10.2012 19.10.2012 18.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 11.10.2012 11.10.2012 11.10.2012 09.10.2012 08.10.2012 08.10.2012 05.10.2012 02.10.2012 02.10.2012 27.09.2012 24.09.2012 10.09.2012 06.09.2012 06.09.2012 31.08.2012 09.08.2012 08.08.2012 03.08.2012 31.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 16.07.2012 26.03.2012

29.10.2012

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 30.09.2012 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 09/yy 19.44 14.45 3'468'120.00 17.04 -12.69% 17.44% 53.35% 2'314.7 39'281.19 3'996.00 0.0 559.0 5'767.00 46'090.23

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

.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 29'183.0 2.11x 4'682.0 13.16x 3'757.0 20.67x

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

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% 6.72% 18.06% 13.84% 0.89% 30.1% 14.0% 11.2% 8.3% 1.44 0.82 10.08% 25.33% 4.17

Price/ Cash Flow

LTM

09/yy 36'598.0 5.37x 5'547.0 7.12x 3'038.0 13.11x

09/yy 38'886.0 4.56x 5'448.0 8.68x 2'930.0 14.80x

FY+1

1.28 2'145.77 1.36% -0.24% 1.275 40 3.925 7'094'823 5'257'009 5'760'539 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 39'414.8 41'704.5 11'083.3 9'635.0 1.13x 1.03x 4.02x 4.59x 5'665.8 6'250.1 1'608.0 1'434.2 8.13x 7.37x 7.43x 7.32x 3'097.8 3'481.7 892.4 790.6 13.30x 11.78x 11.71x 11.35x S&P Issuer Ratings

08.06.2010 A STABLE 08.06.2010 A-1 27.48 22.55 0.67 1.67 25.3% 19.7% 0.89 7.47 87.71 62.77 82.35

Sales/Revenue/Turnover

30.00

40'000.0 35'000.0

25.00

30'000.0 20.00

25'000.0 20'000.0

15.00

15'000.0

10.00

10'000.0 5.00 0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

29.10.2012

ABB Ltd Holdings By:

All

Holder Name INVESTOR AB BLACKROCK INC CREDIT SUISSE ASSET VANGUARD GROUP INC HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE UBS FUND MANAGEMENT PICTET & CIE SWEDBANK ROBUR FONDE BLACKROCK FUND ADVIS SEB FONDFORVALTNING INVESCO LTD 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

Berenberg Bank WILLIAM MACKIE Helvea STEFAN GAECHTER Societe Generale GAEL DE BRAY RBC Capital Markets ANDREW CARTER Zuercher Kantonalbank RICHARD FREI Independent Research GmbH MARKUS FRIEBEL Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS BROCK Handelsbanken HAMPUS ENGELLAU Natixis ARNAUD SCHMIT Exane BNP Paribas OLIVIER ESNOU Barclays NICK WEBSTER AlphaValue HEINZ STEFFEN Morgan Stanley BEN UGLOW ABG Sundal Collier ANDERS IDBORG Goldman Sachs DANIELA COSTA JPMorgan ANDREAS WILLI SEB Enskilda DANIEL SCHMIDT Swedbank MATS LISS Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Main First Bank AG CHRISTOPHER YOUL Bank Vontobel AG TAKIS SPILIOPOULOS Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co MARTIN PROZESKY Redburn Partners JAMES MOORE HSBC COLIN GIBSON Deutsche Bank MARTIN WILKIE Hamburger Sparkasse MARCO GUENTHER EVA Dimensions TEAM COVERAGE Landesbank Baden-Wuerttemberg VOLKER STOLL CA Cheuvreux ALFRED GLASER Pareto Securities DAVID JACOBSSON Kepler Capital Markets CHRISTOPH LADNER Danske Markets CARL GUSTAFSSON Espirito Santo Investment Bank Research NICHOLAS J PATON Credit Suisse SIMON SMITH Canaccord Genuity Corp MARK WILSON 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 buy hold sector perform outperform hold hold buy buy neutral outperform overweight add Equalwt/In-Line hold Buy/Neutral underweight buy buy neutral hold outperform buy buy outperform neutral neutral sell buy underweight buy underperform hold buy buy buy not rated buy buy

Amt Held 166'330'142 69'702'100 35'148'111 32'221'644 25'109'683 24'865'593 21'943'974 12'694'706 11'614'309 11'107'985 10'498'434 10'400'158 9'149'376 8'957'636 8'185'569 5'990'852 5'984'800 5'776'022 5'600'000 4'800'000

% Out 7.19 3.01 1.52 1.39 1.08 1.07 0.95 0.55 0.5 0.48 0.45 0.45 0.4 0.39 0.35 0.26 0.26 0.25 0.24 0.21

Weighting

Change

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

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

Latest Chg 596'814 (152'818) 1'747'520 4'872'007 331'397 43'406 (3'553'790) 14'636 1'311'266 944'041 1'649'404 (106'580) (933'597) (2'470'000) (131'593) 110'000

Target Price 19 21 18 17 #N/A N/A 19 #N/A N/A 20 23 17 21 21 20 18 19 22 19 20 20 19 19 21 23 20 20 #N/A N/A 18 15 #N/A N/A #N/A N/A 23 15 17 21 20 20 #N/A N/A 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 31.08.2012 30.06.2012 30.06.2012 28.09.2012 29.06.2012 31.07.2012 30.06.2012 26.10.2012 28.09.2012 26.10.2012 30.09.2012 28.09.2012 31.08.2012 30.06.2012 28.09.2012 30.09.2012 30.09.2012 30.06.2012

Date Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided 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 Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.10.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 16.10.2012 16.10.2012 12.10.2012 08.10.2012 22.08.2012 20.08.2012 06.08.2012 03.08.2012 31.07.2012 27.07.2012 27.07.2012 26.07.2012 20.07.2012 16.07.2012 02.05.2012 26.03.2012 05.08.2010

29.10.2012

Emerson Electric Co Emerson Electric Co. designs and manufactures electronic and electrical equipment, software, systems and services for industrial, commercial and consumer markets worldwide through its network power, process management, industrial automation, climate technologies and tools & storage divisions.

Price/Volume 60

16.0 M 14.0 M

12.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMR US EQUITY YTD Change EMR US EQUITY YTD % CHANGE

09/2011 06/yy 53.78 43.59 2'984'499.00 47.84 -11.04% 9.76% 41.74% 727.3 34'795.17 5'201.00 0.0 152.0 2'052.00 38'498.17

30.09.2007 22'131.0 2.03x 4'152.0 10.82x 2'136.0 19.64x

8.0 M 6.0 M

4.0 M 10

2.0 M

0 o-11

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

10.0 M

Valuation Analysis

30.09.2008 30.09.2009 24'807.0 20'102.0 1.39x 1.66x 4'789.0 3'871.0 7.18x 8.60x 2'412.0 1'724.0 12.79x 15.84x Profitability

LTM-4Q 30.09.2010 21'039.0 2.06x 4'325.0 10.00x 2'164.0 18.74x

30.09.2011 24'222.0 1.40x 5'096.0 6.64x 2'480.0 12.75x

5'096.00 4'229.00 17.46% 14.99% 10.11% 22.91% 16.19% 1.00% 39.5% 20.8% 17.4% 10.2% 1.45 1.01 21.80% 50.01% 5.36 6.12

Price/ Cash Flow

LTM

06/yy 23'518.0 7.80x 4'858.0 9.39x 2'468.0 17.97x

06/yy 24'257.0 6.25x 5'053.0 7.46x 2'447.0 14.12x

FY+1

3.23 1.11 722.97 11.13 -0.48% 5.16% 1.113 25 4.040 3'362'332 3'532'067 3'612'448 FY+2

FQ+1

FQ+2

09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 24'396.1 25'112.6 6'693.8 5'378.5 1.53x 1.46x 5.60x 7.12x 4'817.6 5'091.2 1'434.8 940.7 7.99x 7.56x 7.70x 7.61x 2'462.2 2'670.8 779.3 459.5 14.31x 13.10x 13.34x 13.15x S&P Issuer Ratings

04.02.2002 A STABLE 04.02.2002 A-1 22.85 19.95 0.70 1.16 50.0% 33.0% 1.00 7.13 68.23 59.83 65.84 52.99

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

29.10.2012

Emerson Electric Co Holdings By:

All

Holder Name VANGUARD GROUP INC STATE STREET CORP JP MORGAN CHASE & CO BLACKROCK INSTITUTIO CAPITAL WORLD INVEST T ROWE PRICE ASSOCIA CAPITAL RESEARCH GLO BANK OF AMERICA CORP NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD ALLIANCEBERNSTEIN LP STATE FARM MUTUAL AU BLACKROCK FUND ADVIS WELLINGTON MANAGEMEN US BANCORP NORGES BANK FIDELITY MANAGEMENT GEODE CAPITAL MANAGE BLACKROCK GROUP LIMI

Firm Name Credit Suisse Robert W. Baird & Co Sanford C. Bernstein & Co Wells Fargo Securities, LLC Longbow Research MKM Partners Edward Jones Barclays Deutsche Bank Macquarie Nomura FBR Capital Markets Morgan Stanley Janney Montgomery Scott LLC Atlantic Equities LLP William Blair & Co Langenberg & Co JPMorgan Ameriprise Advisor Services, Inc Cowen and Company Argus Research Corp Oppenheimer & Co EVA Dimensions

Portfolio Name VANGUARD GROUP INC STATE STREET CORPORA JP MORGAN CHASE & CO BLACKROCK INSTITUTIO CAPITAL WORLD INVEST T ROWE PRICE ASSOCIA CAPITAL RESEARCH GLO BANK OF AMERICA NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD ALLIANCEBERNSTEIN LP STATE FARM MUTUAL AU BLACKROCK FUND ADVIS WELLINGTON MANAGEMEN US BANCORP NORGES BANK FIDELITY MANAGEMENT GEODE CAPITAL MANAGE BLACKROCK GROUP LIMI

Analyst JULIAN MITCHELL MICHAEL HALLORAN STEVEN E WINOKER RICHARD M KWAS ELI S LUSTGARTEN JOSHUA C POKRZYWINSKI MATTHEW D COLLINS SCOTT R DAVIS JOHN G INCH MICHAEL R WOOD SHANNON O'CALLAGHAN AJAY K KEJRIWAL NIGEL COE JOHN A BALIOTTI II RICHARD RADBOURNE NICHOLAS P HEYMANN BRIAN KEITH LANGENBERG CHARLES STEPHEN TUSA FREDERICK M SCHULTZ GAUTAM KHANNA NATHANIEL GABRIEL CHRISTOPHER D GLYNN TEAM COVERAGE

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

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

Amt Held 36'487'910 31'169'696 19'509'210 19'070'327 16'655'000 16'569'356 15'525'000 14'929'799 12'749'006 11'334'498 8'519'733 8'168'575 7'699'240 7'610'630 7'247'352 5'842'028 5'373'220 5'357'200 5'206'961 4'983'403

% Out 5.02 4.29 2.68 2.62 2.29 2.28 2.13 2.05 1.75 1.56 1.17 1.12 1.06 1.05 1 0.8 0.74 0.74 0.72 0.69

Weighting

Change 5 5 5 5 3 3 5 3 3 3 5 3 5 3 5 3 5 3 5 3 3 5 5

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

Latest Chg 976'180 1'425'006 67'819 (169'993) (62'000) 113'087 (1'105'000) 944'285 964'159 (165'378) (19'288) 2'112'589 (56'747) 1'879'592 26'555 5'373'220 (3'465'877) 128'367 214'510

Target Price 53 60 58 #N/A N/A #N/A N/A 52 #N/A N/A 52 53 48 57 51 58 54 57 55 60 51 #N/A N/A #N/A N/A #N/A N/A 59 #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 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012 30.06.2012

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

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

Date 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 12.10.2012 12.10.2012 11.10.2012 08.10.2012 25.09.2012 25.09.2012 24.09.2012 17.09.2012 10.09.2012 20.08.2012 09.08.2012 08.08.2012 07.08.2012 03.05.2012

29.10.2012

Danaher Corp Danaher Corporation designs, manufactures and markets professional, medical, industrial and commercial products and services in the sectors of test and measurement, environmental, life sciences, dental, and industrial technologies.

Price/Volume 60

16.0 M 14.0 M

12.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 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 12.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DHR US EQUITY YTD Change DHR US EQUITY YTD % CHANGE

12/2011 09/yy 57.15 44.39 4'696'140.00 51.77 -9.41% 16.63% 57.84% 692.7 35'860.46 5'305.19 0.0 67.0 537.00 39'100.02

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

8.0 M 6.0 M

4.0 M 10

2.0 M

0 o-11

31.12.2008 31.12.2009 12'697.5 11'184.9 1.59x 2.28x 2'208.8 1'798.9 9.17x 14.16x 1'317.6 1'151.7 13.38x 21.24x Profitability

LTM-4Q 31.12.2010 12'550.0 2.57x 2'415.1 13.34x 1'793.0 22.36x

31.12.2011 16'090.5 2.31x 3'185.4 11.67x 2'172.3 16.62x 3'185.38 2'550.45 15.85% 15.21% 7.50% 13.18% 10.62% 0.58% 50.8% 21.3% 16.7% 13.5% 1.50 0.86 17.71% 31.38% 6.01 4.57

Price/ Cash Flow

d-11

j-12

f-12

LTM

09/yy 14'806.8 10.60x 2'907.0 12.84x 2'075.4 15.89x

m-12 a-12

09/yy 18'001.9 9.66x 3'829.9 11.96x 2'332.5 17.79x

m-12

j-12

a-12

s-12

FY+1

0.19 1.10 594.43 12.56 1.99% 10.21% 1.099 22 4.636 6'623'592 4'343'897 3'368'411 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 18'045.4 18'848.0 4'736.4 4'467.3 2.14x 1.96x 8.22x 8.53x 3'889.2 4'173.3 1'008.6 977.2 10.05x 9.37x 9.52x 9.22x 2'268.4 2'493.5 595.7 574.4 16.37x 14.71x 15.33x 14.77x S&P Issuer Ratings

14.06.2011 A+ STABLE 09.05.2006 A-1 22.49 20.13 0.83 1.23 31.4% 23.8% 0.58 8.54 60.58 79.64 61.80 71.85

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

.0 M n-11

Fiscal Year Ended 31.12.2007 11'025.9 2.85x 1'994.9 15.73x 1'369.9 22.91x

10.0 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 |

29.10.2012

Danaher Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA RALES MITCHELL P RALES STEVEN M FIDELITY MANAGEMENT MASSACHUSETTS FINANC VANGUARD GROUP INC STATE STREET CORP WINSLOW CAPITAL MANA BLACKROCK INSTITUTIO NORTHERN TRUST CORPO ALLIANCEBERNSTEIN LP CAPITAL RESEARCH GLO MACKAY SHIELDS FINAN NEUBERGER BERMAN LLC BANK OF NEW YORK MEL UBS GLOBAL ASSET MAN BROWN ADVISORY LLC GENERATION INVESTMEN WELLS CAPITAL MANAGE AMERICAN CENTURY COM

Firm Name JPMorgan William Blair & Co Janney Montgomery Scott LLC Jefferies Robert W. Baird & Co FBR Capital Markets Macquarie Nomura Longbow Research Barclays EVA Dimensions Morgan Stanley Credit Suisse Sanford C. Bernstein & Co KeyBanc Capital Markets ISI Group Langenberg & Co Credit Agricole Securities (USA) Wells Fargo Securities, LLC Deutsche Bank Argus Research Corp

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a FIDELITY MANAGEMENT MASSACHUSETTS FINANC VANGUARD GROUP INC STATE STREET CORPORA WINSLOW CAPITAL MANA BLACKROCK INSTITUTIO NORTHERN TRUST CORPO ALLIANCEBERNSTEIN LP CAPITAL RESEARCH GLO MAINSTAY LARGE CAP G NEUBERGER BERMAN GRO BANK OF NEW YORK MEL UBS GLOBAL ASSET MAN BROWN ADVISORY LLC GENERATION INVESTMEN WELLS CAPITAL MANAGE AMERICAN CENTURY COM

Analyst CHARLES STEPHEN TUSA BRIAN DRAB JOHN A BALIOTTI II JON WOOD RICHARD C EASTMAN AJAY K KEJRIWAL JONATHAN P GROBERG SHANNON O'CALLAGHAN MARK DOUGLASS SCOTT R DAVIS TEAM COVERAGE NIGEL COE JULIAN MITCHELL STEVEN E WINOKER MATT J SUMMERVILLE ROSS MUKEN BRIAN KEITH LANGENBERG PAUL R KNIGHT RICHARD M KWAS JOHN G INCH NATHANIEL GABRIEL

Source 13F Form 5 13D 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-USA 13F 13F 13F 13F 13F 13F 13F

Recommendation overweight outperform buy buy outperform market perform outperform buy buy overweight overweight Overwt/In-Line neutral outperform buy market weight buy buy suspended coverage hold buy

Amt Held 75'514'143 50'956'357 43'927'878 39'572'127 27'333'313 24'432'095 21'229'737 18'723'513 15'465'110 13'162'127 10'921'592 9'969'348 9'886'500 9'083'326 8'517'427 7'457'236 6'455'412 6'277'072 5'622'068 5'597'977

% Out 10.9 7.36 6.34 5.71 3.95 3.53 3.06 2.7 2.23 1.9 1.58 1.44 1.43 1.31 1.23 1.08 0.93 0.91 0.81 0.81

Weighting

Change

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

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

Latest Chg 8'208'018 (2'424'178) (14'212'991) 559'073 455'271 704'382 992'641 (225'734) 201'228 616'881 (357'289) 2'030'368 (114'700) 842'438 349'543 (259'190) 622'725 308'196 (249'532) 1'486'327

Target Price 59 #N/A N/A 62 65 61 54 59 63 60 57 #N/A N/A 60 55 64 60 59 62 65 #N/A N/A 62 #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 31.12.2011 24.10.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.08.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

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

Inst Type Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 15.10.2012 12.10.2012 20.07.2012

29.10.2012

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

Price/Volume 180

25.0 M

160 20.0 M

140 120

15.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 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 28.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATCOA SS EQUITY YTD Change ATCOA SS EQUITY YTD % CHANGE

12/2011 09/yy 175.60 125.80 2'394'551.00 162.4 -7.52% 29.09% 72.69% 839.4 192'743.27 20'435.00 0.0 63.0 5'716.00 205'126.27

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

5.0 M

20 0 o-11

.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 63'355.0 2.16x 13'941.0 9.84x 7'439.0 15.98x

10.0 M

31.12.2008 31.12.2009 74'177.0 63'762.0 1.38x 2.15x 15'808.0 11'527.0 6.48x 11.87x 10'157.0 6'244.0 8.16x 20.51x Profitability

LTM-4Q 31.12.2010 69'875.0 2.97x 16'400.0 12.67x 9'921.0 20.80x

31.12.2011 81'203.0 2.39x 20'061.0 9.68x 12'963.0 13.86x 20'061.00 17'539.00 21.60% 21.28% 18.44% 47.99% 1.20% 38.4% 24.2% 21.2% 16.0% 1.86 0.89 27.21% 71.01% 3.12

Price/ Cash Flow

LTM

09/yy 78'314.0 10.20x 19'441.0 8.43x 12'501.0 11.96x

09/yy 90'075.0 8.73x 21'807.0 9.11x 13'866.0 13.42x

FY+1

1.13 12.70% 13.16% 1.126 32 3.156 5'446'156 3'359'801 2'895'824 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 90'245.6 90'462.9 22'282.1 21'265.4 2.24x 2.16x 9.26x 9.29x 21'649.8 21'545.8 5'419.7 4'960.3 9.47x 9.52x 9.85x 9.88x 13'984.8 14'057.4 3'462.0 3'243.3 14.16x 14.10x 14.12x 13.87x S&P Issuer Ratings

24.02.2011 A STABLE 24.02.2011 A-1 28.78 26.30 0.57 0.97 71.0% 41.5% 1.20 10.63 117.25 131.90

Sales/Revenue/Turnover

70.00

90'000.0

60.00

80'000.0 70'000.0

50.00

60'000.0

40.00

50'000.0

30.00

40'000.0 30'000.0

20.00

20'000.0

10.00 0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

29.10.2012

Atlas Copco AB Holdings By:

All

Holder Name INVESTOR AB CAPITAL RESEARCH GLO HARBOR CAPITAL ADVIS SWEDBANK ROBUR FONDE VANGUARD GROUP INC CAPITAL WORLD INVEST AP 4 SEB FONDFORVALTNING ALECTA PENSIONSFORSA WILLIAM BLAIR & COMP NORDEA FONDER AB/SWE ANDRA AP FONDEN FOLKSAM GROUP HANDELSBANKEN FONDER AP 1 FORSTA AP FONDEN SEB FONDINVEST AB AP 2 FJARDE AP-FONDEN FIDELITY MANAGEMENT

Firm Name

Portfolio Name n/a #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst

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

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

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

Amt Held 194'803'726 61'217'897 38'234'795 22'624'817 22'104'620 12'774'830 10'437'990 10'232'793 9'500'000 9'232'708 8'861'791 8'085'015 7'887'691 7'211'859 7'160'904 6'633'026 6'477'155 5'976'741 5'884'296 5'182'093

% Out 23.21 7.29 4.56 2.7 2.63 1.52 1.24 1.22 1.13 1.1 1.06 0.96 0.94 0.86 0.85 0.79 0.77 0.71 0.7 0.62

Weighting

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

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

Latest Chg (11'834'969) 6'326'375 377'940 (8'515'000) 306'281 (13'205'000) 5'219'850 (812'048) (2'356'956) 75'840 (55'155)

Target Price 165 161 140 175 #N/A N/A 165 170 165 175 131 163 195 214 180 178 165 125 160 160 170 #N/A N/A 190 #N/A N/A 146 160 151 170 210 160 192

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

File Dt 30.06.2012 19.07.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 28.09.2012 30.06.2012 30.06.2012 31.12.2010 31.12.2010 30.06.2012 30.06.2012 30.06.2012 31.12.2010 30.06.2012 30.06.2012 31.12.2010 30.09.2012

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

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

Date 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 17.10.2012 09.10.2012 08.10.2012 22.08.2012 13.08.2012 10.08.2012 23.07.2012 18.07.2012 30.04.2012 30.04.2012 30.11.2011 20.04.2011

29.10.2012

Mitsubishi Electric Corp Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment. The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

Price/Volume 900

80.0 M

800

70.0 M

700

60.0 M

600

50.0 M

500

Latest Fiscal Year: LTM as of: 52-Week High (20.01.2012) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6503 JP EQUITY YTD Change 6503 JP EQUITY YTD % CHANGE

03/2012 06/yy 790.00 564.00 6'772'000.00 590 -25.32% 4.61% 11.50% 2'147.2 1'266'848.88 571'538.00 0.0 58'555.0 395'176.00 1'664'899.92

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

30.0 M

300 200

20.0 M

100

10.0 M

0 o-11

.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 31.03.2008 4'049'818.0 0.53x 403'488.0 5.37x 157'977.0 11.71x

40.0 M

400

Valuation Analysis

31.03.2009 31.03.2010 3'665'119.0 3'353'298.0 0.40x 0.62x 287'746.0 214'064.0 5.14x 9.65x 12'167.0 28'278.0 77.78x 65.17x Profitability

LTM-4Q 31.03.2011 3'645'331.0 0.60x 339'041.0 6.40x 124'525.0 16.93x

LTM

FY+1

2.03 1.26 1'931.04 -20.03% -18.73% 1.255 19 3.947 7'725'000 8'394'300 6'964'813 FY+2

FQ+1

FQ+2

31.03.2012 06/yy 06/yy 03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 3'639'468.0 ######### ######### ######### ######### 915'486.8 897'350.0 0.50x 2.28x 2.00x 0.40x 0.38x 352'688.0 342'321.0 347'920.0 345'034.6 377'452.4 74'600.0 5.12x 6.13x 5.22x 4.83x 4.41x 112'063.0 125'468.0 115'336.0 113'996.2 133'419.9 21'269.7 29'132.5 14.02x 15.91x 12.29x 11.16x 9.44x S&P Issuer Ratings 352'688.00 Long-Term Rating Date 09.04.2008 225'444.00 Long-Term Rating A 6.19% Long-Term Outlook STABLE 6.16% Short-Term Rating Date 09.02.2007 3.33% Short-Term Rating A-1 10.27% Credit Ratios 7.26% EBITDA/Interest Exp. 51.73 1.08% (EBITDA-Capex)/Interest Exp. 28.36 Net Debt/EBITDA 0.50 27.8% Total Debt/EBITDA 1.62 9.7% Reference 6.2% Total Debt/Equity 50.5% 3.1% Total Debt/Capital 32.4% Asset Turnover 1.08 1.53 Net Fixed Asset Turnover 6.71 0.94 Accounts receivable turnover-days 87.58 16.85% Inventory Days 76.83 50.47% Accounts Payable Turnover Day 95.55 4.18 Cash Conversion Cycle 68.86 4.76

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

4'500'000.0 4'000'000.0

20.00

3'500'000.0 3'000'000.0

15.00

2'500'000.0 2'000'000.0

10.00

1'500'000.0 1'000'000.0

5.00

500'000.0 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

29.10.2012

Mitsubishi Electric Corp Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF SUMITOMO MITSUI TRUS DODGE & COX MEIJI YASUDA LIFE IN NIPPON LIFE INSURANC EMPLOYEES' STOCKHOLD STATE STREET BANK OM BANK OF TOKYO-MITSUB JP MORGAN CHASE BANK MITSUBISHI HEAVY IND TOKIO MARINE & NICHI VANGUARD GROUP INC NIKKO ASSET MANAGEME MITSUBISHI CORP NOMURA ASSET MANAGEM MITSUBISHI ESTATE CO TAIYO LIFE INSURANCE FIDELITY INVESTMENTS T ROWE PRICE ASSOCIA

Firm Name Goldman Sachs Morgan Stanley Nomura Mizuho Securities SMBC Nikko Securities Inc JPMorgan Daiwa Securities Co. Ltd. Deutsche Bank Credit Suisse EVA Dimensions TIW Tokai Tokyo Securities Macquarie Mizuho Investors Mito Securities Tachibana Securities

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

Analyst IKUO MATSUHASHI YOSHINAO IBARA MASAYA YAMASAKI TAKESHI TANAKA YUKIHIKO SHIMADA YOSHIHARU IZUMI HIROSUKE TAI TAKEO MIYAMOTO HIDEYUKI MAEKAWA TEAM COVERAGE TAKAO HATTORI HARUO SATO DAMIAN THONG YUICHI ISHIDA KEITA WAKABAYASHI TSUNENORI OHMAKI

Source Co File Co File MOF-JP MF-AGG Co File Co File Co File Co File Co File Co File Co File Co File MF-AGG MOF-JP Co File MF-AGG Co File Co File MF-AGG MF-AGG

Recommendation neutral/neutral Overwt/Attractive buy buy neutral overweight neutral buy neutral hold neutral neutral outperform outperform Neutral Plus Strong Outperform

Amt Held 164'867'000 156'653'000 115'709'000 102'798'500 81'862'000 72'439'000 50'303'000 48'905'000 44'849'571 33'899'000 30'088'000 21'112'145 20'750'128 19'908'000 19'000'000 18'675'000 16'233'294 14'350'000 12'683'000 12'603'000

% Out 7.68 7.3 5.39 4.79 3.81 3.37 2.34 2.28 2.09 1.58 1.4 0.98 0.97 0.93 0.88 0.87 0.76 0.67 0.59 0.59

Weighting

Change 3 5 5 5 3 5 3 5 3 3 3 3 5 5 3 5

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

Latest Chg 6'890'000 (16'389'000) 1'930'000 1'238'000 1'847'000 1'000 1'000'200 1'799'000 1'035'000

Target Price 705 820 760 700 720 750 620 720 560 #N/A N/A #N/A N/A #N/A N/A 860 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2012 Bank 31.03.2012 Bank 13.04.2012 Bank 30.09.2012 Investment Advisor 31.03.2012 Insurance Company 31.03.2012 Insurance Company 31.03.2012 n/a 31.03.2012 Investment Advisor 31.03.2012 Bank 31.03.2012 Investment Advisor 31.03.2012 Corporation 31.03.2012 Insurance Company 30.06.2012 Investment Advisor 13.04.2012 Mutual Fund Manager 31.03.2012 Corporation 13.07.2012 Investment Advisor 31.03.2012 Corporation 31.03.2012 Insurance Company 30.11.2011 Mutual Fund Manager 30.09.2012 Investment Advisor

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

Date 26.10.2012 24.10.2012 22.10.2012 16.10.2012 15.10.2012 11.10.2012 10.10.2012 04.10.2012 04.10.2012 13.08.2012 10.08.2012 09.08.2012 31.07.2012 30.12.2011 09.12.2011 01.08.2011

29.10.2012

Koninklijke Philips Electronics NV Koninklijke Philips Electronics N.V. manufactures medical systems, domestic appliances, consumer electronics, and lighting. The Company produces imaging, ultrasound and healthcare informatics equipment, shaving and beauty and health and wellness products, displays, and peripherals, and lamps and luminaries.

Price/Volume 25

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHIA NA EQUITY YTD Change PHIA NA EQUITY YTD % CHANGE

12/2011 09/yy 20.22 13.08 1'513'721.00 19.18 -5.12% 46.64% 85.01% 957.1 18'357.81 3'860.00 0.0 34.0 3'147.00 19'857.81

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

8.0 M

6.0 M 4.0 M

2.0 M

0 o-11

31.12.2008 31.12.2009 26'385.0 20'092.0 0.51x 0.95x 1'883.0 2'055.0 7.11x 9.30x (91.0) 410.0 41.36x Profitability

LTM-4Q 31.12.2010 22'287.0 0.92x 3'436.0 5.98x 1'446.0 14.60x

31.12.2011 22'579.0 0.70x 1'187.0 13.33x (1'295.0) 1'187.00 -269.00 -1.19% -2.18% 1.49% 3.38% 0.86% 38.3% 6.3% 0.1% -5.7% 1.34 0.79 13.33% 31.24% 5.84 3.74

Price/ Cash Flow

d-11

j-12

f-12

LTM

09/yy 21'521.0 3.39x 2'927.0 4.77x (670.0) 0.00x

m-12 a-12

09/yy 24'342.0 2.68x 1'535.0 11.90x 422.0 23.33x

m-12

j-12

a-12

s-12

FY+1

1.19 924.02 30.36% 24.04% 1.192 38 3.553 4'283'966 3'158'302 3'238'008 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 24'630.3 25'520.6 7'190.1 5'879.3 0.78x 0.74x 2.74x 3.26x 2'925.4 3'411.9 1'101.5 716.0 6.79x 5.82x 5.74x 5.52x 1'104.5 1'415.0 347.4 220.5 15.46x 11.97x 13.60x 11.32x S&P Issuer Ratings

11.05.2005 ANEG 26.02.2001 A-2 3.39 1.32 0.95 3.06 31.2% 23.8% 0.86 8.22 62.68 97.95 74.46 71.66

Sales/Revenue/Turnover

40.00

40'000.0

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.01.2009

.0 M n-11

Fiscal Year Ended 31.12.2007 26'793.0 0.98x 2'950.0 8.93x 4'873.0 6.39x

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 |

29.10.2012

Koninklijke Philips Electronics NV Holdings By:

All

Holder Name BLACKROCK INC SOUTHEASTERN ASSET M DODGE & COX KONINKLIJKE PHILIPS HARRIS ASSOCIATES LP FRANKLIN RESOURCES I VANGUARD GROUP INC ING INVESTMENT MANAG FIDELITY MANAGEMENT BLACKROCK FUND ADVIS ARTISAN PARTNERS HOL ONTARIO TEACHERS PEN TEMPLETON INVESTMENT T ROWE PRICE ASSOCIA FORTIS INVESTMENTS AMERICAN CENTURY COM BLACKROCK INVESTMENT ACHMEA BELEGGINSFOND DIMENSIONAL FUND ADV BLACKROCK GROUP LIMI

Firm Name

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

Analyst

ING Wholesale Banking FABIAN SMEETS AlphaValue THOMAS PICHERIT Berenberg Bank WILLIAM MACKIE Societe Generale GAEL DE BRAY Deutsche Bank MARTIN WILKIE Kempen & Co ERWIN DUT Nord/LB WOLFGANG VASTERLING RBC Capital Markets ANDREW CARTER Sanford C. Bernstein & Co MARTIN PROZESKY Landesbank Baden-Wuerttemberg VOLKER STOLL Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse MARCO GUENTHER Petercam MARCEL ACHTERBERG Rabobank International HANS SLOB Natixis LUDOVIC DEBAILLEUX Exane BNP Paribas OLIVIER ESNOU Barclays ALLAN SMYLIE ABN Amro Bank N.V. ROBIN VAN DEN BROEK Morgan Stanley BEN UGLOW Credit Suisse SIMON TOENNESSEN JPMorgan ANDREAS WILLI SNS Securities(ESN) VICTOR BARENO Kepler Capital Markets PETER OLOFSEN Nomura DANIEL CUNLIFFE S&P Capital IQ JAMES CRAWSHAW Day by Day VALERIE GASTALDY HSBC MICHAEL HAGMANN CA Cheuvreux ANTOINE AZAR Goldman Sachs AARON IBBOTSON Theodoor Gilissen Securities JOS VERSTEEG EVA Dimensions TEAM COVERAGE Banco Sabadell GLEN SPENCER-CHAPMAN Espirito Santo Investment Bank Research ROB VIRDEE DZ Bank AG THOMAS MAUL National Bank AG STEFFEN MANSKE Jyske Bank ROBERT JAKOBSEN

Source Research 13G MF-AGG Research 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 48'717'052 48'302'038 47'067'009 32'381'240 23'595'873 18'871'478 11'390'845 6'984'199 6'514'211 5'491'146 5'456'262 4'800'000 4'240'931 3'769'957 3'715'493 3'692'188 3'493'090 3'409'575 3'404'174 3'224'991

% Out 5.09 5.05 4.92 3.38 2.47 1.97 1.19 0.73 0.68 0.57 0.57 0.5 0.44 0.39 0.39 0.39 0.36 0.36 0.36 0.34

Weighting

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

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

Latest Chg (3'464'935) (71'765'334) 1'905'573 (3'727'208) 535'591 (64'310) 775'972 6'094 839'635 (22'020) (149'934) 108'695 (1'009'997) 178'144 (18'876)

Target Price 17 20 24 23 21 23 22 22 24 19 21 #N/A N/A 20 22 23 21 19 21 22 19 23 15 23 20 20 22 20 23 21 23 #N/A N/A 16 20 17 #N/A N/A 23

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

File Dt Inst Type 18.10.2010 Investment Advisor 31.12.2011 Investment Advisor 30.09.2012 Investment Advisor 21.09.2012 Corporation 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 26.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 25.10.2012 Investment Advisor

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

Date 25.10.2012 25.10.2012 24.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 17.10.2012 12.09.2012 07.09.2012 04.09.2012 08.08.2012 30.07.2012 16.07.2012 27.06.2012 03.04.2012 29.03.2010

29.10.2012

Bharat Heavy Electricals Ltd Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

Price/Volume 350

40.0 M

300

35.0 M

250

30.0 M 25.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2011) 52-Week Low (12.09.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHEL IN EQUITY YTD Change BHEL IN EQUITY YTD % CHANGE

03/2012 01/yy 340.00 195.05 12'765'688.00 226.9 -33.26% 16.33% 21.97% 2'447.6 555'360.44 5'424.30 0.0 49.7 67'319.40 493'515.03

15.0 M

100

10.0 M

5.0 M

0 o-11

.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 31.03.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

150

31.03.2009 31.03.2010 264'914.0 331'544.8 2.41x 3.24x 37'633.0 54'935.0 16.96x 19.55x 31'151.7 43'269.2 23.74x 27.05x Profitability

31.03.2011 418'546.6 2.19x 85'525.5 10.71x 60'533.6 16.68x

31.03.2012 475'989.5 1.19x 112'739.0 5.03x 70'874.4 8.88x 112'739.00 104'679.90 21.99% 21.78% 11.16% 31.11% 30.63% 0.75% 88.4% 23.7% 22.0% 14.9% 1.68 1.14 0.80% 2.14% 2.03 0.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.82 1.06 587.57 -28.74% -2.31% 1.056 60 2.333 5'202'854 7'207'442 5'495'346 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 485'527.3 459'615.6 1.00x 0.97x 89'341.8 78'824.6 5.52x 6.26x 63'140.3 56'155.0 8.77x 9.84x S&P Issuer Ratings

422.24 362.86 -0.55 0.05 2.1% 2.1% 0.75 8.68 179.86 808.44 412.58 575.72

Sales/Revenue/Turnover

300.00

500'000.0 450'000.0

250.00

400'000.0 350'000.0

200.00

300'000.0

150.00

250'000.0 200'000.0

100.00

150'000.0 100'000.0

50.00 0.00 05.04.2009

50'000.0 0.0 05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

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

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

29.10.2012

Bharat Heavy Electricals Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP LAZARD ASSET MANAGEM COMGEST SA A/C MAGEL COMGEST GROWTH PLC VANGUARD GROUP INC UTI ASSET MANAGEMENT JF ASSET MANAGEMENT RELIANCE CAPITAL TRU BLACKROCK FUND ADVIS BANK OF NEW YORK MEL PRUDENTIAL ICICI ASS AGF INVESTMENTS INC EATON VANCE MANAGEME DSP BLACKROCK INVEST SUNDARAM ASSET MANAG LAZARD GLOBAL ACTIVE HDFC ASSET MANAGEMEN HANDELSBANKEN FONDBO DAIWA ASSET MANAGEME

Firm Name

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

Analyst

Goldman Sachs PULKIT PATNI JPMorgan SUMIT KISHORE JM Financial Institutional Securities P SUBHADIP MITRA Nomura AMAR KEDIA Ambit Capital Pvt Ltd BHARGAV BUDDHADEV Fortune Equity Brokers (India) Ltd RAVIKIRAN SURANA Enam Securities Pvt Ltd BHAVIN VITHLANI Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Deutsche Bank MANISH SAXENA Kim Eng Securities ANUBHAV GUPTA BOB Capital Markets JINAL JOSHI SBI Capital Markets RABINDRA NATH NAYAK Barclays VENUGOPAL GARRE Jefferies LAVINA QUADROS Prabhudas Lilladher Pvt Ltd KUNAL SHETH Motilal Oswal Securities Ltd SATYAM AGARWAL MF Global Equities Research ANKUR SHARMA Nirmal Bang Institutional Equities CHIRAG MUCHHALA Espirito Santo Investment Bank Research KRISHNAKANT THAKUR Anand Rathi Securities Pvt. Ltd. AMOL RAO Quant Broking Pvt Ltd ABHINEET ANAND Kotak Securities LOKESH GARG India Nivesh Ltd DALJEET SINGH KOHLI BNP Paribas Equity Research GIRISH NAIR ICICIdirect.com CHIRAG J SHAH Antique Stock Broking Limited DHIRENDRA TIWARI EVA Dimensions TEAM COVERAGE IIFL GOPAL RITOLIA Credit Suisse AMISH SHAH Batlivala & Karani Securities RENU BAID IDFC Securities Ltd SHIRISH RANE Edelweiss Capital AMIT MAHAWAR ICICI Securities PRAKASH GAURAV GOEL Techno Shares & Stocks JIGISHA JAINI Standard Chartered LAKSHMINARAYANA GANTI Morgan Stanley AKSHAY SONI HDFC Securities ABHINAV SHARMA KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE Systematix Shares & Stocks Ltd VINOD CHARI Spark Capital Advisors APURVA PATEL Avendus Capital Private Ltd DEVANG PATEL Proactive Universal VINAY PANDIT Daiwa Securities Co. Ltd. SAURABH MEHTA

Source Co File Co File MF-AGG 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 MF-AGG

Recommendation Sell/Neutral underweight sell reduce sell hold sell hold buy sell accumulate reduce underweight hold reduce neutral neutral sell sell hold sell sell buy reduce hold sell overweight sell underperform underperform underperform hold sell reduce underperform Underwt/In-Line sell buy hold reduce reduce hold underperform

Amt Held 1'657'552'000 166'373'542 36'131'839 36'100'000 26'400'000 24'200'357 15'324'583 6'776'000 6'659'443 6'535'740 6'478'266 2'416'130 2'315'475 2'188'150 1'887'153 1'853'916 1'601'985 1'539'254 1'448'510 1'387'644

% Out 67.72 6.8 1.48 1.47 1.08 0.99 0.63 0.28 0.27 0.27 0.26 0.1 0.09 0.09 0.08 0.08 0.07 0.06 0.06 0.06

Weighting

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

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

Latest Chg (765'500) 554'338 36'659 1'585'000 619'400 38'500 1'378'950 1'351'348 (17'365) 88'727 90'000 (171'856)

Target Price 200 190 190 199 207 210 179 220 300 203 260 178 201 205 214 243 225 221 190 251 220 205 274 174 205 185 #N/A N/A 218 180 183 223 204 184 #N/A N/A 186 206 185 254 230 201 181 237 192

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

File Dt Inst Type 30.09.2012 Government 30.09.2012 Government 30.09.2012 Investment Advisor 30.09.2012 n/a 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 30.09.2012 Other 26.10.2012 Investment Advisor 25.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 15.12.2011 Mutual Fund Manager

Date 12 month 9 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 18 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 19.10.2012 18.10.2012 18.10.2012 12.10.2012 10.10.2012 10.10.2012 09.10.2012 08.10.2012 08.10.2012 08.10.2012 04.10.2012 27.09.2012 26.09.2012 25.09.2012 24.09.2012 21.09.2012 14.09.2012 12.09.2012 07.09.2012 06.09.2012 05.09.2012 31.08.2012 22.08.2012 22.08.2012 21.08.2012 03.08.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012

29.10.2012

Sandvik AB Sandvik AB is a high-technology engineering group. The Company develops, manufactures, and markets tools for metalworking applications, machinery and tools for rock excavation, stainless steel products, special alloys, and resistance heating materials and process systems. Sandvik markets to industrial companies throughout the world, and tools can also be purchased online.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 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 28.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAND SS EQUITY YTD Change SAND SS EQUITY YTD % CHANGE

12/2011 09/yy 108.00 72.90 1'835'198.00 91.8 -15.05% 25.93% 53.85% 1'254.4 115'152.63 28'862.00 0.0 1'401.0 5'592.00 141'892.63

10.0 M

5.0 M

20 0 o-11

31.12.2008 31.12.2009 92'654.0 71'937.0 0.99x 1.84x 16'305.0 3'474.0 5.61x 38.19x 7'472.0 (2'652.0) 7.78x Profitability

LTM-4Q 31.12.2010 82'654.0 2.17x 15'272.0 11.73x 6'634.0 23.44x

31.12.2011 94'084.0 1.33x 16'148.0 7.73x 5'498.0 18.22x 16'148.00 10'325.00 10.97% 8.69% 8.16% 23.95% 1.00% 34.4% 17.5% 13.1% 5.8% 1.74 0.65 29.23% 88.83% 2.42

Price/ Cash Flow

d-11

j-12

f-12

LTM

09/yy 92'255.0 6.87x 17'090.0 7.33x 6'860.0 13.83x

m-12 a-12

09/yy 99'305.0 5.55x 17'359.0 7.98x 8'108.0 13.60x

m-12

j-12

a-12

s-12

FY+1

1.39 1.18% 12.20% 1.391 32 3.406 6'787'908 4'892'395 4'195'908 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 98'838.1 98'103.0 23'974.9 23'633.3 1.42x 1.38x 6.04x 5.85x 19'342.2 19'687.6 4'838.8 4'787.7 7.34x 7.21x 7.34x 7.27x 9'777.0 10'176.6 2'319.6 3'033.3 11.65x 11.38x 10.71x 10.03x S&P Issuer Ratings

24.05.2011 BBB+ STABLE 02.03.2009 A-2 8.19 5.66 1.53 2.06 88.8% 46.0% 1.00 3.91 151.08 152.13

Sales/Revenue/Turnover

18.00

100'000.0

16.00

90'000.0

14.00

80'000.0 70'000.0

12.00

60'000.0

10.00 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.01.2009

.0 M n-11

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

25.0 M

100 80

Valuation Analysis

31.12.2007 86'338.0 1.85x 17'365.0 9.22x 9'116.0 14.48x

120

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 |

29.10.2012

Sandvik AB Holdings By:

All

Holder Name INDUSTRIVARDEN AB SWEDBANK ROBUR FONDE HANDELSBANKEN PENSIO ALECTA PENSIONSFORSA JP MORGAN CHASE BANK OMNIBUS ACCOUNT W FD HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE LE LUNDBERGFORETAGEN GORANSSONSKA FOUNDAT VANGUARD GROUP INC HANDELSBANKEN FONDER FOLKSAM GROUP FOLKSAM LO FOND AB SEB FONDFORVALTNING AMF FONDER AB SPP FONDER AB LUNDBERG FREDRIK LANSFORSAKRINGAR FON BLACKROCK FUND ADVIS

Firm Name

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

Analyst

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

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

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

Amt Held 144'727'042 62'171'471 48'637'776 42'706'340 42'706'340 39'147'479 36'065'502 28'259'755 27'284'606 24'912'032 24'878'347 20'166'883 18'980'596 13'537'162 13'265'589 10'741'290 6'220'001 6'040'000 5'582'510 5'492'019

% Out 11.54 4.96 3.88 3.4 3.4 3.12 2.88 2.25 2.18 1.99 1.98 1.61 1.51 1.08 1.06 0.86 0.5 0.48 0.45 0.44

Weighting

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

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

Latest Chg 3'541'911 5'032'348 1'088'342 (1'192'926) (2'139'000) (141'052) 445'442 -

Target Price 85 80 105 #N/A N/A 105 90 98 100 100 94 100 110 121 96 102 105 101 115 #N/A N/A 122 #N/A N/A 100 120 93 90 110 105 88 100 142

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

File Dt Inst Type 31.12.2011 Holding Company 13.02.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 Pension Fund (ERISA) 31.12.2011 Investment Advisor 31.12.2011 n/a 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2011 Holding Company 31.12.2011 n/a 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Insurance Company 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2011 n/a 30.06.2012 Investment Advisor 26.10.2012 Investment Advisor

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

Date 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 17.10.2012 08.10.2012 02.10.2012 10.09.2012 28.08.2012 22.08.2012 10.08.2012 23.07.2012 20.07.2012 30.04.2012 26.03.2012 13.12.2011 04.05.2011

29.10.2012

Eaton Corp Eaton Corporation manufactures engineered products which serve industrial, vehicle, construction, commercial, and aerospace markets. The Company's principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (12.07.2012) 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 ETN US EQUITY YTD Change ETN US EQUITY YTD % CHANGE

12/2011 06/yy 53.06 36.38 3'108'879.00 45.12 -14.96% 24.02% 52.40% 336.5 15'182.88 3'773.00 0.0 23.0 1'084.00 18'399.88

10.0 M

5.0 M

10 0 o-11

31.12.2008 31.12.2009 15'376.0 11'873.0 0.78x 1.12x 1'826.0 1'017.0 6.54x 13.09x 1'058.0 383.0 7.30x 24.56x Profitability

LTM-4Q 31.12.2010 13'715.0 1.43x 1'722.0 11.37x 929.0 18.59x

31.12.2011 16'049.0 1.08x 2'189.0 7.89x 1'350.0 10.99x 2'189.00 1'633.00 10.18% 9.68% 7.74% 17.65% 12.52% 0.88% 29.8% 14.0% 10.6% 8.4% 1.60 0.97 21.11% 50.52% 6.10 6.41

Price/ Cash Flow

d-11

j-12

f-12

LTM

06/yy 15'127.0 5.18x 2'001.0 10.23x 1'171.0 14.98x

m-12 a-12

06/yy 16'184.0 4.23x 2'269.0 7.31x 1'420.0 9.37x

m-12

j-12

a-12

s-12

FY+1

3.19 1.35 334.51 40.05 -0.02% 7.10% 1.353 19 4.263 3'699'087 3'741'222 3'865'570 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 16'408.9 18'584.3 4'210.9 4'182.5 1.07x 0.89x 4.33x 4.29x 2'419.1 2'625.0 619.4 623.3 7.61x 7.01x 1'439.8 1'607.7 370.8 374.4 10.58x 9.57x 10.44x 10.22x S&P Issuer Ratings

30.01.2009 ANEG 30.01.2009 A-2 17.80 13.18 1.41 1.93 50.5% 33.5% 0.88 6.15 60.02 57.11 50.15 59.75

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

.0 M n-11

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

25.0 M

50 40

Valuation Analysis

31.12.2007 13'033.0 1.30x 1'646.0 10.28x 994.0 14.56x

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 |

29.10.2012

Eaton Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN CAPITAL WORLD INVEST VANGUARD GROUP INC STATE STREET CORP BANK OF NEW YORK MEL BLACKROCK INSTITUTIO MASSACHUSETTS FINANC NORTHERN TRUST CORPO BANK OF AMERICA CORP BLACKROCK FUND ADVIS CLEARBRIDGE ADVISORS CALAMOS ADVISORS LLC LORD ABBETT & CO LLC CAPITAL GUARDIAN TRU AMERIPRISE FINANCIAL CAMBIAR INVESTORS LL CORNERSTONE INVESTME CAPITAL RESEARCH GLO BLACKROCK ADVISERS RAINIER INVESTMENT M

Firm Name Stifel Nicolaus Northcoast Research MKM Partners Barclays Longbow Research Jefferies Buckingham Research Group JPMorgan Credit Suisse William Blair & Co Oppenheimer & Co Wells Fargo Securities, LLC Atlantic Equities LLP KeyBanc Capital Markets EVA Dimensions ISI Group Robert W. Baird & Co

Portfolio Name WELLINGTON MANAGEMEN CAPITAL WORLD INVEST #N/A N/A STATE STREET CORPORA BANK OF NEW YORK MEL BLACKROCK INSTITUTIO MASSACHUSETTS FINANC NORTHERN TRUST CORPO BANK OF AMERICA BLACKROCK FUND ADVIS CLEARBRIDGE ADVISORS CALAMOS ADVISORS LLC LORD ABBETT & CO LLC CAPITAL GUARDIAN TRU AMERIPRISE FINANCIAL CAMBIAR INVESTORS LL CORNERSTONE INVESTME CAPITAL RESEARCH GLO BLACKROCK ADVISORS L RAINIER INVESTMENT M

Analyst NATHAN JONES BRIAN M RAYLE JOSHUA C POKRZYWINSKI ANDY KAPLOWITZ ELI S LUSTGARTEN STEPHEN VOLKMANN EDWARD WHEELER ANN DUIGNAN JAMIE L COOK NICHOLAS P HEYMANN CHRISTOPHER D GLYNN ANDREW M CASEY RICHARD RADBOURNE JEFFREY D HAMMOND TEAM COVERAGE DAVID RASO ROBERT F MCCARTHY JR

Source 13F 13F RNS-RUL8 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy buy buy overweight buy hold buy overweight neutral market perform outperform outperform underweight buy overweight hold outperform

Amt Held 24'770'744 18'100'000 14'540'728 13'119'773 12'373'842 8'970'846 7'450'065 6'683'428 5'412'611 5'361'933 5'154'209 5'018'870 4'872'711 4'658'071 4'307'529 3'708'624 3'669'813 3'400'000 2'937'816 2'801'320

% Out 7.36 5.38 4.32 3.9 3.68 2.67 2.21 1.99 1.61 1.59 1.53 1.49 1.45 1.38 1.28 1.1 1.09 1.01 0.87 0.83

Weighting

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

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

Latest Chg 12'976'067 4'550'000 867'447 895'881 1'262'052 15'412 1'410'916 389'974 1'113'070 (148'900) 507'843 (1'037'365) (477'730) 838'379 (2'820'929) 1'506'775 725'757 (1'600'000) 550'389 201'660

Target Price 56 65 57 55 53 40 55 55 49 54 58 #N/A N/A 45 58 #N/A N/A 47 56

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 30.06.2012 Investment Advisor 26.10.2012 Investment Advisor 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 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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 29.10.2012 26.10.2012 22.10.2012 18.10.2012 17.10.2012 15.10.2012 10.10.2012 09.10.2012 02.10.2012 24.09.2012 17.09.2012 12.09.2012 05.09.2012 21.08.2012 11.08.2012 02.08.2012 24.07.2012

29.10.2012

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

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 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 04.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALO FP EQUITY YTD Change ALO FP EQUITY YTD % CHANGE

03/2012 06/yy 32.90 21.82 903'410.00 25.74 -21.85% 17.99% 41.00% 308.0 7'927.44 5'022.00 0.0 107.0 2'104.00 10'952.44

8.0 M 7.0 M 6.0 M

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 o-11

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

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

31.03.2012 19'934.0 0.58x 2'032.0 5.73x 732.0 11.75x 2'032.00 1'406.00 7.05% 4.63% 2.41% 17.46% 9.83% 0.66% 19.0% 10.2% 7.1% 3.7% 0.92 0.39 16.18% 116.06% 3.39 4.97

Price/ Cash Flow

d-11

j-12

f-12

LTM

06/yy 20'767.0 0.00x 0.0 0.00x 401.0 0.00x

m-12

06/yy 20'185.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

m-12

j-12

a-12

s-12

FY+1

1.19 207.01 -9.10% 13.66% 1.193 31 3.742 1'314'306 1'635'093 1'343'081 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 21'087.3 22'004.6 5'008.5 5'102.0 0.50x 0.46x 1'988.4 2'132.5 5.52x 5.15x 993.0 1'085.5 7.85x 7.25x S&P Issuer Ratings

12.05.2011 BBB NEG 20.01.2010 A-2 11.35 6.81 1.44 2.47 116.1% 53.1% 0.66 7.24 107.82 73.69 93.70 87.81

Sales/Revenue/Turnover

60.00

30'000.0

50.00

25'000.0

40.00

20'000.0

30.00

15'000.0

20.00

10'000.0

10.00

5'000.0

0.00 03.04.2009

.0 M n-11

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

9.0 M

30 25

Valuation Analysis

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

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

29.10.2012

Alstom SA Holdings By:

All

Holder Name BOUYGUES FRANKLIN RESOURCES I NATIXIS ASSET MANAGE FMR LLC NORGES BANK AMUNDI NATIXIS ASSET MANAGE FIDELITY MANAGEMENT UBS INVESTMENT BANK GROUPAMA ASSET MANAG EDMOND DE ROTHSCHILD CAISSE DES DEPOTS ET UBS GLOBAL ASSET MAN AMUNDI CITIGROUP GLOBAL MAR TEMPLETON INVESTMENT VANGUARD GROUP INC HSBC HOLDINGS PLC CREDIT SUISSE CAPITAL WORLD INVEST

Firm Name

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

Analyst

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

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

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

Amt Held 90'543'867 16'225'465 8'859'830 7'229'711 5'835'364 5'432'726 4'438'557 3'975'515 3'680'708 3'511'872 3'435'566 3'155'418 3'019'002 2'894'749 2'596'414 2'425'281 2'374'746 1'710'061 1'665'544 1'590'804

% Out 29.4 5.27 2.88 2.35 1.89 1.76 1.44 1.29 1.2 1.14 1.12 1.02 0.98 0.94 0.84 0.79 0.77 0.56 0.54 0.52

Weighting

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

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

Latest Chg 4'444'374 464'798 1'976'354 3'930 112'130 (1'147'196)

Target Price 41 32 25 31 27 34 29 34 #N/A N/A 31 27 35 34 34 #N/A N/A 38 34 38 38 44 22 41 36 35 46 31 #N/A N/A 41 44 42

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

File Dt Inst Type 04.10.2012 Corporation 31.03.2012 Investment Advisor 01.07.2012 Mutual Fund Manager 31.03.2012 Unclassified 31.03.2012 Government 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 n/a 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Unclassified 31.03.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 25.10.2012 24.10.2012 19.10.2012 12.10.2012 11.10.2012 11.10.2012 08.10.2012 08.10.2012 08.10.2012 02.10.2012 02.10.2012 02.10.2012 02.10.2012 02.10.2012 02.10.2012 01.10.2012 24.09.2012 24.09.2012 15.08.2012 03.08.2012 20.07.2012 19.07.2012 16.07.2012 07.05.2012 26.03.2012 23.03.2012 05.03.2012 04.11.2011 21.07.2011 27.10.2010

29.10.2012

Fluor Corp Fluor Corporation is a professional services company. The Company provides engineering, procurement, construction and maintenance as well as project management services on a global basis. Fluor also provides outsourcing of maintenance services and asset operations, equipment rental and sales, business support services, and other services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.02.2012) 52-Week Low (25.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FLR US EQUITY YTD Change FLR US EQUITY YTD % CHANGE

12/2011 06/yy 64.67 44.99 871'429.00 55.31 -14.47% 22.94% 52.44% 167.0 9'235.03 532.96 0.0 64.4 2'761.40 7'302.47

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 o-11

.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 16'691.0 0.69x 755.4 15.27x 533.3 32.38x

31.12.2008 31.12.2009 22'325.9 21'990.3 0.28x 0.27x 1'177.6 1'304.6 5.30x 4.54x 716.1 684.9 12.43x 12.01x Profitability

LTM-4Q 31.12.2010 20'849.3 0.44x 739.6 12.48x 357.5 22.01x

31.12.2011 23'381.4 0.27x 1'187.4 5.33x 593.7 14.78x 1'187.40 985.46 4.21% 4.28% 7.53% 17.17% 18.83% 3.20% 4.9% 4.7% 3.9% 2.5% 1.53 0.91 6.44% 15.70% 19.10 13.02

Price/ Cash Flow

LTM

06/yy 21'869.9 1.62x 773.6 11.80x 368.7 26.50x

06/yy 25'708.1 1.03x 1'204.8 5.23x 604.6 13.94x

FY+1

1.03 1.45 152.88 4.36 -6.18% 11.08% 1.446 22 4.864 982'732 1'274'443 1'479'144 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 27'890.1 30'493.5 7'170.3 7'303.4 0.27x 0.23x 1.09x 1.06x 1'242.6 1'400.3 319.2 312.9 5.88x 5.21x 5.66x 5.52x 638.1 738.9 163.5 158.8 14.66x 12.60x 13.76x 13.21x S&P Issuer Ratings

22.01.2004 ASTABLE 22.01.2004 A-2 76.11 54.43 -1.67 0.44 15.7% 13.3% 3.20 28.34 19.16 28.10 24.44 21.73

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 |

29.10.2012

Fluor Corp Holdings By:

All

Holder Name JP MORGAN CHASE & CO WINSLOW CAPITAL MANA VANGUARD GROUP INC STATE STREET CORP BROWN ADVISORY LLC M&G INVESTMENT MANAG CLEARBRIDGE ADVISORS FIDELITY MANAGEMENT BLACKROCK INSTITUTIO MACKAY SHIELDS LLC MASSACHUSETTS FINANC BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DEUTSCHE BANK AG RAINIER INVESTMENT M NORTHERN TRUST CORPO BLACKROCK FUND ADVIS CALAMOS ADVISORS LLC ING INVESTMENT MANAG BANK OF AMERICA CORP

Firm Name Lazard Capital Markets JPMorgan KeyBanc Capital Markets Sterne, Agee & Leach Johnson Rice & Co Stifel Nicolaus Canaccord Genuity Corp Robert W. Baird & Co Capital One Southcoast, Inc. Barclays D.A. Davidson & Co Credit Suisse FBR Capital Markets BB&T Capital Markets William Blair & Co EVA Dimensions Macquarie S&P Capital IQ Tudor Pickering & Co Simmons & Company International

Portfolio Name n/a WINSLOW CAPITAL MANA VANGUARD GROUP INC STATE STREET CORPORA BROWN ADVISORY LLC M&G INVESTMENT MANAG CLEARBRIDGE ADVISORS FIDELITY MANAGEMENT BLACKROCK INSTITUTIO Multiple Portfolios MASSACHUSETTS FINANC BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DEUTSCHE BANK AKTIEN RAINIER INVESTMENT M NORTHERN TRUST CORPO BLACKROCK FUND ADVIS CALAMOS ADVISORS LLC ING INVESTMENT MANAG BANK OF AMERICA

Analyst WILL GABRIELSKI SCOTT LEVINE TAHIRA AFZAL MICHAEL S DUDAS MARTIN W MALLOY ROBERT CONNORS YURI LYNK ANDREW J WITTMANN RANDY BHATIA ANDY KAPLOWITZ JOHN B ROGERS JAMIE L COOK ALEX J RYGIEL ROBERT F NORFLEET III CHASE JACOBSON TEAM COVERAGE SAMEER RATHOD STEWART SCHARF GEORGE O'LEARY JEFFREY A DIETERT

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

Recommendation buy overweight buy buy overweight buy buy outperform add overweight buy outperform outperform buy outperform overweight neutral buy buy overweight

Amt Held 13'069'394 7'765'575 7'132'292 6'463'272 6'316'588 5'875'800 5'678'179 4'885'887 4'490'284 4'316'532 4'011'540 2'845'067 2'455'401 2'433'076 2'382'420 2'116'203 1'892'910 1'741'433 1'678'586 1'523'119

% Out 7.83 4.65 4.27 3.87 3.78 3.52 3.4 2.93 2.69 2.59 2.4 1.7 1.47 1.46 1.43 1.27 1.13 1.04 1.01 0.91

Weighting

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

M M M M M M M M M M M M M M M U M R N M

Latest Chg (90'543) 157'070 335'999 659'526 14'100 (40'987) (4'604'765) (45'462) (45'406) (245'117) (75'483) (1'183'352) 632'465 147'680 230'803 (14'730) (14'215) 1'155'827 11'486

Target Price 78 83 70 75 75 71 66 65 75 83 65 76 72 72 72 #N/A N/A 57 70 #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 01.07.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.08.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

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

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

Date 28.10.2012 23.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 12.10.2012 24.09.2012 17.09.2012 14.09.2012 21.08.2012 15.08.2012 14.08.2012 13.08.2012 03.08.2012 20.07.2012 03.04.2012 05.05.2011

29.10.2012

Legrand SA Legrand S.A. specializes in products and systems for electrical installations and information networks. The company's products are offered for residential, commercial, and industrial use.

Price/Volume 35

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 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 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LR FP EQUITY YTD Change LR FP EQUITY YTD % CHANGE

12/2011 06/yy 30.71 22.44 581'628.00 29.915 -2.46% 33.31% 89.60% 264.0 7'896.51 1'757.10 0.0 3.4 488.30 9'387.91

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

5.0 M

4.0 M 3.0 M

2.0 M

5 0 o-11

1.0 M .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 4'128.8 1.90x 877.4 8.96x 421.0 14.74x

6.0 M

31.12.2008 31.12.2009 4'202.4 3'577.5 1.28x 1.80x 859.9 904.1 6.24x 7.13x 349.9 289.8 10.01x 17.48x Profitability

LTM-4Q 31.12.2010 3'890.5 2.37x 1'066.5 8.63x 418.3 19.11x

31.12.2011 4'250.1 1.81x 994.2 7.72x 478.6 13.64x 994.20 812.30 19.11% 17.43% 7.23% 16.87% 11.69% 0.66% 52.3% 23.1% 19.0% 11.3% 1.39 0.80 26.40% 59.65% 7.34 3.37

Price/ Cash Flow

06/yy 4'088.2 8.54x 985.0 9.15x 492.1 15.51x

LTM 06/yy 4'366.0 7.38x 1'009.6 8.46x 480.9 14.65x

FY+1

0.86 239.77 15.80% 24.98% 0.858 24 3.250 650'639 855'376 873'054 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 4'493.9 4'643.8 1'116.2 1'160.7 2.03x 1.90x 8.31x 7.86x 1'024.7 1'056.1 250.7 256.5 9.19x 8.92x 8.83x 8.60x 528.2 555.3 128.2 120.7 15.03x 14.27x 14.43x 13.95x S&P Issuer Ratings

22.02.2012 ASTABLE 22.03.2007 A-2 10.23 9.13 1.47 1.78 59.6% 37.3% 0.66 7.43 49.87 108.71 83.90 71.71

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 02.01.2009

500.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

29.10.2012

Legrand SA Holdings By:

All

Holder Name MASSACHUSETTS FINANC BLACKROCK INC LEGRON BV CAPITAL RESEARCH AND MORGAN STANLEY MORGAN STANLEY INVES CAPITAL WORLD INVEST BLACKROCK GROUP LIMI CAPITAL RESEARCH GLO VANGUARD GROUP INC RCM CAPITAL MANAGEME FINANCIERE LIGHT III OPPENHEIMERFUNDS INC SCHNEPP GILLES BAZIL OLIVIER GRAPPOTTE FRANCOIS NATIXIS ASSET MANAGE LEGRAND SA ALLIANZ GLOBAL INVES MFS FINANCIAL SERVIC

Firm Name

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

Analyst

Societe Generale GAEL DE BRAY AlphaValue LIONEL PELLICER Berenberg Bank WILLIAM MACKIE Credit Suisse ANDRE KUKHNIN Sanford C. Bernstein & Co MARTIN PROZESKY Exane BNP Paribas OLIVIER ESNOU JPMorgan ANDREAS WILLI Redburn Partners PASCAL HAUTCOEUR Goldman Sachs DANIELA COSTA Day by Day VALERIE GASTALDY EVA Dimensions TEAM COVERAGE Barclays NICK WEBSTER HSBC MICHAEL HAGMANN CA Cheuvreux ANTOINE AZAR Kepler Capital Markets PIERRE BOUCHENY Natixis LUDOVIC DEBAILLEUX Morgan Stanley BEN UGLOW CM - CIC Securities(ESN) ARI AGOPYAN Espirito Santo Investment Bank Research NICHOLAS J PATON Deutsche Bank MARTIN WILKIE Aurel - BGC JULIEN GUEZ Canaccord Genuity Corp MARK WILSON

Source Research 13G Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG

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

Amt Held 28'686'661 16'105'904 14'438'048 13'121'193 12'446'230 9'643'623 6'731'090 5'372'898 5'219'500 2'785'472 2'754'974 2'659'412 2'033'390 1'929'582 1'928'845 1'916'000 1'668'071 1'315'484 1'274'668 1'231'670

% Out 10.87 6.1 5.47 4.97 4.72 3.65 2.55 2.04 1.98 1.06 1.04 1.01 0.77 0.73 0.73 0.73 0.63 0.5 0.48 0.47

Weighting

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

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

Latest Chg (2'527'557) (344'984) (1'196'723) (1'863'233) 2'251'080 (5'573'740) (515'811) (6'890'124) 243'043 (63'895) (12'730'394) 70'854 (64'563) (289)

Target Price 32 28 33 25 28 31 32 #N/A N/A 36 #N/A N/A #N/A N/A 34 30 24 31 29 29 24 32 26 29 24

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

File Dt Inst Type 08.08.2012 Investment Advisor 30.12.2011 Investment Advisor 31.07.2012 n/a 12.09.2012 Investment Advisor 06.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 25.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 08.03.2012 n/a 30.08.2012 Investment Advisor 31.12.2009 n/a 31.12.2009 n/a 31.12.2009 n/a 29.06.2012 Mutual Fund Manager 31.12.2009 n/a 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 29.10.2012 25.10.2012 24.10.2012 12.10.2012 12.10.2012 11.10.2012 08.10.2012 03.10.2012 02.10.2012 02.10.2012 27.09.2012 05.09.2012 22.08.2012 10.08.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 16.07.2012 28.06.2012 04.05.2012 26.03.2012

29.10.2012

Rockwell Automation Inc Rockwell Automation, Inc. is a global provider of industrial automation power, control, and information solutions. The Company's products include Low voltage and medium voltage electro-mechanical and electronic motor starters, motor and circuit protection devices, AC/DC variable frequency drives, contactors, push buttons, signaling devices, termination and protection devices, and relays.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (12.07.2012) 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 ROK US EQUITY YTD Change ROK US EQUITY YTD % CHANGE

09/2011 06/yy 84.71 61.20 1'344'754.00 69.36 -18.12% 13.33% 34.71% 141.1 9'790.04 905.00 0.0 0.0 988.90 9'809.44

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

4.5 M

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 o-11

.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 30.09.2007 5'003.9 2.14x 936.6 11.41x 1'487.8 18.79x

30.09.2008 30.09.2009 5'697.8 4'332.5 1.01x 1.46x 995.1 475.6 5.80x 13.28x 577.6 220.7 9.09x 27.84x Profitability

LTM-4Q 30.09.2010 4'857.0 1.82x 740.4 11.94x 464.3 20.24x

30.09.2011 6'000.4 1.31x 1'060.5 7.41x 697.8 11.69x

1'060.50 929.20 15.49% 14.46% 13.89% 38.95% 26.77% 1.17% 39.8% 18.8% 16.6% 11.6% 2.31 1.54 17.12% 51.77% 5.72 5.61

Price/ Cash Flow

06/yy 5'703.0 7.87x 958.7 12.70x 627.3 20.13x

LTM 06/yy 6'249.7 6.29x 1'175.9 7.95x 743.6 12.83x

FY+1

3.13 1.42 140.10 3.86 -0.13% -3.82% 1.423 18 4.111 1'272'869 1'110'455 1'206'814 FY+2

FQ+1

FQ+2

09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 6'217.3 6'454.9 1'615.8 1'475.8 1.57x 1.46x 6.07x 6.57x 1'163.4 1'231.5 300.9 271.0 8.43x 7.97x 8.49x 8.38x 730.9 769.8 189.0 179.3 13.63x 12.70x 13.17x 12.77x S&P Issuer Ratings

29.06.2001 A STABLE 24.01.2001 A-1 17.19 15.24 0.02 1.00 51.8% 34.1% 1.17 11.28 63.97 65.23 48.23 76.85

Sales/Revenue/Turnover

35.00

8'000.0

30.00

7'000.0 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 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

29.10.2012

Rockwell Automation Inc Holdings By:

All

Holder Name HARRIS ASSOCIATES LP VANGUARD GROUP INC STATE STREET CORP CAPITAL WORLD INVEST BLACKROCK INSTITUTIO GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT BLACKROCK ADVISERS FRANKLIN RESOURCES I CAPITAL RESEARCH GLO ARTISAN PARTNERS HOL ALLIANCEBERNSTEIN LP NORTHERN TRUST CORPO RCM CAPITAL MANAGEME NEUBERGER BERMAN LLC BANK OF NEW YORK MEL AMERIPRISE FINANCIAL BLACKROCK FUND ADVIS BANK OF AMERICA CORP APG ALL PENSIONS GRO

Firm Name Credit Suisse MKM Partners Wells Fargo Securities, LLC Barclays Deutsche Bank RBC Capital Markets Nomura Morgan Stanley Sanford C. Bernstein & Co William Blair & Co Janney Montgomery Scott LLC Langenberg & Co JPMorgan EVA Dimensions Robert W. Baird & Co Gabelli & Co Longbow Research

Portfolio Name HARRIS ASSOC LP VANGUARD GROUP INC STATE STREET CORPORA CAPITAL WORLD INVEST BLACKROCK INSTITUTIO GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT BLACKROCK ADVISORS L FRANKLIN ADVISERS IN CAPITAL RESEARCH GLO ARTISAN PARTNERS LP ALLIANCEBERNSTEIN LP NORTHERN TRUST CORPO RCM CAPITAL MANAGEME NEUBERGER BERMAN GRO BANK OF NEW YORK MEL AMERIPRISE FINANCIAL BLACKROCK FUND ADVIS BANK OF AMERICA APG ALL PENSIONS GRO

Analyst JULIAN MITCHELL JOSHUA C POKRZYWINSKI RICHARD M KWAS SCOTT R DAVIS JOHN G INCH JAMIE SULLIVAN SHANNON O'CALLAGHAN NIGEL COE STEVEN E WINOKER NICHOLAS P HEYMANN JOHN A BALIOTTI II BRIAN KEITH LANGENBERG CHARLES STEPHEN TUSA TEAM COVERAGE RICHARD C EASTMAN ZAHID SIDDIQUE MARK DOUGLASS

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

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

Amt Held 6'028'745 5'957'558 5'288'729 4'500'000 3'769'118 3'642'970 2'955'137 2'931'329 2'626'370 2'305'000 2'229'300 2'165'525 1'945'126 1'778'603 1'757'592 1'578'426 1'538'865 1'502'547 1'334'994 1'307'054

% Out 4.27 4.22 3.75 3.19 2.67 2.58 2.09 2.08 1.86 1.63 1.58 1.53 1.38 1.26 1.25 1.12 1.09 1.06 0.95 0.93

Weighting

Change 5 3 5 5 5 5 5 3 5 3 3 5 3 5 5 3 3

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

Latest Chg 44'035 163'497 284'284 500'000 118'095 1'148'138 (450'574) 1'657'639 81'030 455'000 787'300 (233'843) 194'313 387'592 (1'109'873) 32'843 (1'041'520) (34'162) 76'845 -

Target Price 78 67 #N/A N/A 83 82 80 87 72 88 73 78 85 75 #N/A N/A 79 #N/A N/A 88

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

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

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

Date 25.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 12.10.2012 12.10.2012 08.10.2012 28.09.2012 26.09.2012 17.09.2012 17.09.2012 13.09.2012 15.08.2012 26.07.2012 26.07.2012 02.07.2012

29.10.2012

Roper Industries Inc Roper Industries, Inc. manufactures industrial controls, fluid handling, and analytical instrumentation products worldwide. Roper serves selected segments of a broad range of markets such as oil & gas, scientific research, medical diagnostics, semiconductor, refrigeration, automotive, water and wastewater, power generation, agricultural irrigation, and other niche industries. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (01.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROP US EQUITY YTD Change ROP US EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 111.66 77.98 426'883.00 108.8 -2.56% 39.52% 91.51% 97.8 10'641.61 1'085.02 0.0 0.0 338.10 12'391.28

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

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 o-11

.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 2'102.0 3.00x 531.5 11.86x 250.0 23.34x

120

31.12.2008 31.12.2009 2'306.4 2'049.7 2.16x 2.87x 587.0 498.8 8.49x 11.80x 281.9 239.5 14.23x 19.40x Profitability

LTM-4Q 31.12.2010 2'386.1 3.49x 637.3 13.08x 322.6 22.88x

31.12.2011 2'797.1 3.27x 800.7 11.42x 427.2 20.25x 800.68 660.54 23.62% 21.63% 7.50% 13.87% 10.18% 0.47% 54.2% 29.6% 24.6% 15.3% 2.01 1.40 20.40% 33.96% 6.40 4.65

Price/ Cash Flow

09/yy 2'737.4 12.51x 778.4 9.73x 412.9 16.56x

LTM 09/yy 2'922.8 14.41x 865.9 14.43x 461.5 23.33x

FY+1

0.48 1.08 96.30 2.27 32.01% 25.96% 1.081 11 3.727 448'778 479'674 476'887 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'007.4 3'305.8 815.3 789.0 3.90x 3.91x 889.0 976.7 269.0 245.0 13.94x 12.69x 11.95x 11.73x 492.2 565.8 145.8 129.0 22.01x 19.12x 19.65x 19.26x S&P Issuer Ratings

07.02.2012 BBB STABLE 12.58 11.94 2.02 2.43 34.0% 25.4% 0.47 26.90 57.14 78.76 41.39 90.02

Sales/Revenue/Turnover

18.00

3'000.0

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

29.10.2012

Roper Industries Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA VANGUARD GROUP INC FIDELITY MANAGEMENT STATE STREET CORP FRANKLIN RESOURCES I JENNISON ASSOCIATES BROWN ADVISORY LLC BLACKROCK INSTITUTIO TIAA CREF INVESTMENT UBS GLOBAL ASSET MAN ARTISAN PARTNERS HOL INTECH INVESTMENT MA ING INVESTMENT MANAG JANUS CAPITAL MANAGE PICTET & CIE GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BANK OF NEW YORK MEL SWEDBANK ROBUR FONDE PICTET ASSET MANAGEM

Firm Name KeyBanc Capital Markets JPMorgan Robert W. Baird & Co Longbow Research Barclays EVA Dimensions Edward Jones Oppenheimer & Co Wells Fargo Securities, LLC Gabelli & Co

Portfolio Name T ROWE PRICE ASSOCIA VANGUARD GROUP INC FIDELITY MANAGEMENT STATE STREET CORPORA FRANKLIN ADVISORY SE JENNISON ASSOCIATES BROWN ADVISORY LLC BLACKROCK INSTITUTIO TIAA-CREF INVESTMENT UBS GLOBAL ASSET MAN ARTISAN PARTNERS LP INTECH INVESTMENT MA ING INVESTMENT MANAG JANUS CAPITAL MANAGE Multiple Portfolios GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BANK OF NEW YORK MEL Multiple Portfolios PICTET ASSET MANAGEM

Analyst MATT J SUMMERVILLE CHARLES STEPHEN TUSA RICHARD C EASTMAN MARK DOUGLASS SCOTT R DAVIS TEAM COVERAGE MATTHEW D COLLINS CHRISTOPHER D GLYNN ALLISON POLINIAK-CUSIC JAMES FOUNG

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

Recommendation buy neutral neutral neutral overweight hold buy market perform outperform hold

Amt Held 10'404'426 6'223'253 5'899'608 3'716'523 3'582'649 3'225'645 2'807'315 2'569'938 2'293'330 2'107'784 1'470'486 1'430'400 1'364'617 1'329'666 1'286'088 1'209'635 1'193'538 1'193'165 1'168'005 1'140'616

% Out 10.64 6.36 6.03 3.8 3.66 3.3 2.87 2.63 2.34 2.16 1.5 1.46 1.4 1.36 1.31 1.24 1.22 1.22 1.19 1.17

Weighting

Change 5 3 3 3 5 3 5 3 5 3

M M M M M D M M M M

Latest Chg (71'077) 175'388 (208'222) 255'085 (74'800) 25'946 268'475 26'081 (36'642) 56'709 (200'500) 833'100 89'888 (364'311) (255'956) (326'627) 130'551 (33'163) 254'087 (36'371)

Target Price 125 103 111 #N/A N/A 120 #N/A N/A #N/A N/A 120 #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 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 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 30.06.2012 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 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 29.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 03.02.2012

29.10.2012

Smiths Group PLC Smiths Group plc is a global technology company. The company delivers products and services for the threat & contraband detection, medical devices, energy and communications market worldwide.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.08.2012) 52-Week Low (22.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMIN LN EQUITY YTD Change SMIN LN EQUITY YTD % CHANGE

Price/Volume

07/2012 01/yy 1'119.00 851.50 189'238.00 1039 -7.24% 22.02% 71.21% 393.0 4'083.51 998.90 0.0 8.0 205.60 4'884.81

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

6.0 M

1000

5.0 M

800

4.0 M

600

3.0 M

400

2.0 M

200

1.0 M

0 o-11

.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 31.07.2008 2'321.2 2.08x 431.7 11.20x 268.5 16.62x

1200

31.07.2009 31.07.2010 2'664.6 2'769.6 1.38x 1.88x 544.3 580.3 6.78x 8.96x 269.5 310.0 10.17x 14.82x Profitability

31.07.2011 2'842.0 1.83x 598.7 8.67x 383.8 14.59x

31.07.2012 3'030.1 1.65x 603.4 8.27x 256.6 16.32x 603.40 461.30 15.22% 12.08% 7.10% 21.87% 14.21% 0.84% 45.7% 19.9% 15.2% 8.5% 1.56 0.97 27.71% 102.68% 5.30 3.78

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.66 1.02 391.63 10.60% 17.73% 1.023 17 3.529 807'019 1'057'613 855'010 FY+2

07/13 Y 07/14 Y 3'135.4 3'262.9 1.53x 1.41x 672.6 713.9 7.26x 6.84x 386.7 415.9 10.61x 9.91x S&P Issuer Ratings

FQ+1

FQ+2

15.01.2007 BBB+ STABLE 19.04.2000 A-2 8.37 7.67 1.31 1.66 102.7% 50.5% 0.84 10.95 69.04 96.84 42.55 123.33

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

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 |

29.10.2012

Smiths Group PLC Holdings By:

All

Holder Name M&G INVESTMENT MANAG THREADNEEDLE ASSET M MASSACHUSETTS FINANC LEGAL & GENERAL INV MORGAN STANLEY INVES HARRIS ASSOCIATES LP DWS INVESTMENT SA ARTEMIS INVESTMENT M HARRIS ASSOCIATES LP NORGES BANK INVESTME ARTEMIS INVESTMENT M DEUTSCHE BANK AG BLACKROCK INV MANAGE BNP PARIBAS ASSET MG TIAA CREF INVESTMENT CREDIT AGRICOLE GROU SCOTTISH WIDOWS INVE MARATHON ASSET MANAG RENSBURG INVESTMENT AVIVA INVESTORS

Firm Name

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

Analyst

Day by Day VALERIE GASTALDY Exane BNP Paribas JONATHAN R MOUNSEY Arden Partners Ltd DAVID LARKAM Jefferies SANDY MORRIS Investec CHRIS DYETT JPMorgan GLEN H LIDDY Morgan Stanley BEN UGLOW RBC Capital Markets ANDREW CARTER Credit Suisse ANDRE KUKHNIN Berenberg Bank ALEXANDER VIRGO Numis Securities Ltd SCOTT CAGEHIN Espirito Santo Investment Bank Research EDWARD STACEY Barclays ALLAN SMYLIE EVA Dimensions TEAM COVERAGE Deutsche Bank MARTIN WILKIE Gabelli & Co WAYNE PINSENT

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

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

Amt Held 17'340'432 17'289'790 14'103'881 13'588'394 11'740'139 11'283'624 9'346'725 9'072'999 9'068'255 8'965'785 8'788'702 8'624'144 8'544'632 8'225'329 6'797'052 5'849'202 5'622'324 5'478'248 5'052'191 4'998'904

% Out 4.41 4.4 3.59 3.46 2.99 2.87 2.38 2.31 2.31 2.28 2.24 2.19 2.17 2.09 1.73 1.49 1.43 1.39 1.29 1.27

Weighting

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

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

Latest Chg 1'089'998 946'866 (334'402) (1'537'112) 406'541 1'582'549 (574'814) (513'889) 837'780 (3'208'462) 36'757 630'362 (1'269'578) 3'780'520 (404'876) (159'799) 786'444 3'133'499

Target Price 1'163 1'230 1'150 1'600 1'175 1'330 1'125 875 1'200 1'300 1'180 960 1'100 #N/A N/A 1'150 #N/A N/A

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

File Dt 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 30.06.2012 01.10.2012 29.06.2012 01.10.2012 01.10.2012 01.10.2012 31.08.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012

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

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

Date 16.10.2012 11.10.2012 01.10.2012 29.09.2012 25.09.2012 21.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 18.09.2012 10.04.2012 20.03.2012 05.03.2012 03.10.2011 05.05.2011

29.10.2012

Rexel SA Rexel SA distributes low voltage electrical equipment. The Company distributes wires, cables, ducts, heating, light and ventilation equipment, security equipment, household appliances, and products which connect computer peripherals to networks. Rexel sells its products to electrical contractors, industrial and service sector companies, homeowners, and government agencies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 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 31.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RXL FP EQUITY YTD Change RXL FP EQUITY YTD % CHANGE

12/2011 06/yy 16.94 11.15 144'672.00 14.82 -12.25% 32.91% 67.42% 271.5 4'024.26 2'505.80 0.0 11.5 413.70 6'523.66

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 o-11

31.12.2008 31.12.2009 12'864.5 11'307.3 0.32x 0.45x 655.9 418.7 6.36x 12.04x 230.2 80.6 5.29x 32.90x Profitability

LTM-4Q 31.12.2010 11'960.1 0.54x 692.0 9.40x 228.5 18.68x

31.12.2011 12'717.1 0.44x 880.0 6.38x 318.3 11.00x 880.00 703.90 5.54% 3.21% 3.03% 7.47% 6.31% 1.33% 24.5% 6.9% 5.6% 2.5% 1.44 0.86 25.74% 60.54% 5.89 7.65

Price/ Cash Flow

d-11

j-12

f-12

LTM

06/yy 12'378.0 2.13x 764.1 9.12x 309.0 14.49x

m-12

06/yy 13'122.7 1.81x 907.2 6.75x 298.3 12.13x

a-12

m-12

j-12

a-12

s-12

FY+1

1.12 105.40 10.50% 17.49% 1.124 18 4.278 214'684 294'398 359'150 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 13'627.3 14'142.9 3'483.6 3'645.7 0.47x 0.44x 1.92x 1.78x 863.6 928.9 210.0 230.0 7.54x 7.01x 409.7 452.2 98.1 116.5 10.01x 8.93x S&P Issuer Ratings

10.11.2011 BB STABLE 12.05.2010 B 4.80 4.29 2.74 3.36 60.5% 37.6% 1.33 48.82 62.18 47.85 68.97 34.56

Sales/Revenue/Turnover

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

.0 M n-11

Fiscal Year Ended 31.12.2007 10'704.4 0.45x 655.7 7.33x 143.0 19.23x

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 |

29.10.2012

Rexel SA Holdings By:

All

Holder Name RAY INVESTMENTS BLACKROCK INC BLACKROCK GROUP LIMI REXEL SA NATIXIS ASSET MANAGE REXEL FCPE VANGUARD GROUP INC PAUZE JEAN-CHARLES GARTMORE GROUP LTD HARTFORD INVESTMENT DIMENSIONAL FUND ADV AMUNDI GARTMORE INVESTMENT DNCA FINANCE NEUBERGER BERMAN LLC HENDERSON INVESTORS ALLIANZ GLOBAL INVES BLACKROCK FUND ADVIS MARTIN PASCAL ETOILE GESTION

Firm Name Natixis Goldman Sachs Exane BNP Paribas JPMorgan Nomura Berenberg Bank HSBC EVA Dimensions Morgan Stanley Kepler Capital Markets CA Cheuvreux Societe Generale CM - CIC Securities(ESN) Main First Bank AG Deutsche Bank Aurel - BGC Redburn Partners

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

Analyst LUDOVIC DEBAILLEUX JOHN WOODMAN ARNAUD BROSSARD ANDREAS WILLI KLAS BERGELIND WILLIAM MACKIE PIERRE BOSSET TEAM COVERAGE BEN UGLOW PIERRE BOUCHENY ANTOINE AZAR PATRICK JOUSSEAUME CHRISTIAN DEVISMES EMMANUEL FOURRET MARTIN WILKIE JULIEN GUEZ PASCAL HAUTCOEUR

Source Research Research MF-AGG Co File MF-AGG Co File MF-AGG Co File 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 Buy/Neutral outperform overweight neutral hold neutral hold Overwt/In-Line buy outperform buy accumulate neutral buy buy buy

Amt Held 160'268'736 13'303'305 6'047'930 2'590'773 1'505'038 1'337'496 1'180'826 1'086'754 1'027'981 985'901 883'496 709'499 659'256 615'970 553'604 519'056 516'349 511'449 489'616 414'953

% Out 59.02 4.9 2.23 0.95 0.55 0.49 0.43 0.4 0.38 0.36 0.33 0.26 0.24 0.23 0.2 0.19 0.19 0.19 0.18 0.15

Weighting

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

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

Latest Chg (24'813'521) (1'577'323) (1'414'723) (51'640) 895'227 (1) 339'145 (52'047) 4'799 (23'600) (5'125) 565 8'292

Target Price 18 20 18 20 17 16 17 #N/A N/A 19 19 17 17 16 14 20 20 #N/A N/A

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

File Dt Inst Type 29.02.2012 Investment Advisor 28.06.2012 Investment Advisor 25.10.2012 Investment Advisor 31.12.2011 n/a 29.06.2012 Mutual Fund Manager 31.12.2011 n/a 30.06.2012 Investment Advisor 31.12.2011 n/a 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.11.2011 Investment Advisor 29.06.2012 Investment Advisor 26.10.2012 Investment Advisor 31.12.2011 n/a 29.06.2012 Investment Advisor

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

Date 23.10.2012 22.10.2012 11.10.2012 08.10.2012 03.10.2012 14.09.2012 06.09.2012 05.09.2012 04.09.2012 28.08.2012 06.08.2012 30.07.2012 30.07.2012 09.07.2012 28.06.2012 29.05.2012 07.02.2011

29.10.2012

Finmeccanica SpA Finmeccanica SpA manufactures high technology products and is very active in aerospace, defence and security. The Group focuses heavily on helicopters, defence and security electronics and aeronautics as well as a well-established position on the global transport and power generation markets.

Price/Volume 6

40.0 M 35.0 M

30.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (31.10.2011) 52-Week Low (19.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FNC IM EQUITY YTD Change FNC IM EQUITY YTD % CHANGE

12/2011 06/yy 5.18 2.56 6'571'672.00 3.808 -26.53% 48.52% 52.91% 578.2 2'201.60 5'885.00 0.0 303.0 1'371.00 8'178.60

31.12.2007 13'431.0 0.79x 1'793.0 5.93x 484.0 19.27x

20.0 M 15.0 M

10.0 M 1

5.0 M

0 o-11

31.12.2008 31.12.2009 15'037.0 18'176.0 0.70x 0.58x 1'832.0 2'119.0 5.74x 4.97x 571.0 654.0 8.42x 9.87x Profitability

LTM-4Q 31.12.2010 18'695.0 0.49x 1'869.0 4.89x 493.0 9.96x

31.12.2011 17'318.0 0.37x 304.0 21.28x (2'345.0) 304.00 -1'477.00 -8.53% -14.16% -8.90% -48.70% 0.55% 1.9% -8.4% -13.5% 0.98 0.38 19.24% 136.83% 1.80 -

Price/ Cash Flow

d-11

j-12

f-12

LTM

06/yy 18'473.0 2.20x 1'706.0 6.05x 756.0 6.38x

m-12

06/yy 16'913.0 1.79x 323.0 24.20x (2'725.0) 0.00x

a-12

m-12

j-12

a-12

s-12

FY+1

0.97 378.83 -26.91% 33.24% 0.973 19 2.947 7'434'275 7'814'742 8'995'639 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 17'133.1 17'448.9 3'773.0 0.35x 0.33x 1'641.2 1'763.2 4.98x 4.64x 244.6 403.8 14.3 90.2 8.60x 5.42x S&P Issuer Ratings

05.12.2011 BBBNEG 06.12.2010 A-3 0.94 -1.90 17.55 20.07 136.8% 56.1% 0.55 5.37 202.92 -

Sales/Revenue/Turnover

8.00

20'000.0

7.00

18'000.0 16'000.0

6.00

14'000.0

5.00

12'000.0

4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 02.01.2009

.0 M n-11

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

25.0 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 |

29.10.2012

Finmeccanica SpA Holdings By:

All

Holder Name MINISTERO DELL'ECONO TRADEWINDS GLOBAL IN GRANTHAM MAYO VAN OT LIBYAN INVESTMENT AU BLACKROCK INSTITUTIO VANGUARD GROUP INC FIDEURAM GESTIONS SA BLACKROCK ADVISORS U UBI PRAMERICA SGR SP BLACKROCK FUND ADVIS NUVEEN ASSET MANAGEM BANK OF NEW YORK MEL BLACKROCK GROUP LIMI DIMENSIONAL FUND ADV BLACKROCK ASSET JAPA JOHN HANCOCK INVESTM ARCA SGR SPA PRUDENTIAL FINANCIAL PRINCIPAL FINANCIAL FRANK RUSSELL TRUST

Firm Name

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

Analyst

Mediobanca SpA MASSIMO VECCHIO AlphaValue THOMAS PICHERIT Banca Akros(ESN) GABRIELE GAMBAROVA Oddo & Cie YAN DEROCLES Banca IMI MONICA BOSIO Societe Generale ZAFAR KHAN EVA Dimensions TEAM COVERAGE Morgan Stanley RUPINDER VIG Exane BNP Paribas TRISTAN SANSON Espirito Santo Investment Bank Research EDWARD STACEY CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX Barclays CHRISTIAN LAUGHLIN Equita SIM SpA MARTINO DEAMBROGGI Kepler Capital Markets CHRISTOPHE MENARD Deutsche Bank MILENE KERNER Hammer Partners SA ALBERTO ROLLA Centrobanca MARCO CRISTOFORI National Bank AG STEFFEN MANSKE

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

Recommendation neutral buy accumulate buy add sell underweight Equalwt/In-Line underperform neutral select list equalweight hold reduce sell buy hold buy

Amt Held 187'592'457 28'768'763 11'823'175 11'620'823 5'139'757 4'837'452 4'624'742 3'665'473 2'315'795 2'069'778 1'761'426 1'636'707 1'423'064 1'265'628 1'058'015 1'053'360 1'003'433 948'588 782'889 757'850

% Out 32.45 4.98 2.04 2.01 0.89 0.84 0.8 0.63 0.4 0.36 0.3 0.28 0.25 0.22 0.18 0.18 0.17 0.16 0.14 0.13

Weighting

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

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

Latest Chg 227'796 (42'298) 37'353 (320'759) 8'512 (655) 4'093 88'600 -

Target Price 4 6 5 4 5 3 #N/A N/A 4 3 4 5 6 4 3 2 4 10 12

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

File Dt Inst Type 29.11.2011 Government 24.09.2012 Investment Advisor 24.09.2012 Investment Advisor 24.09.2012 Other 24.09.2012 Investment Advisor 30.06.2012 Investment Advisor 01.10.2012 Investment Advisor 24.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 24.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 25.10.2012 Investment Advisor 31.07.2012 Investment Advisor 24.09.2012 n/a 31.08.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 26.10.2012 25.10.2012 24.10.2012 19.10.2012 18.10.2012 08.10.2012 06.09.2012 30.08.2012 28.08.2012 16.08.2012 01.08.2012 18.07.2012 11.07.2012 18.06.2012 01.06.2012 26.03.2012 04.03.2011 29.07.2010

29.10.2012

Invensys PLC Invensys plc offers production assets and energy resources management services. The Company offers strategies to improve productivity and reliability in its manufacturing customers' supply chains and conserve energy and water usage in commercial, industrial and residential buildings, and manufactures railroad signaling and control equipment.

Price/Volume 300

30.0 M 25.0 M

150

Latest Fiscal Year: LTM as of: 52-Week High (20.06.2012) 52-Week Low (13.01.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISYS LN EQUITY YTD Change ISYS LN EQUITY YTD % CHANGE

03/2012 03/yy 279.80 166.80 892'944.00 227.4 -18.94% 36.33% 52.39% 815.0 1'853.36 1.00 0.0 20.0 263.00 1'611.36

20.0 M 15.0 M

100

10.0 M 50

5.0 M

0 o-11

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

35.0 M

200

Valuation Analysis

31.03.2008 2'108.0 0.85x 341.0 5.25x 334.0 10.66x

40.0 M

250

31.03.2009 31.03.2010 2'284.0 2'243.0 0.49x 1.10x 309.0 316.0 3.59x 7.81x 130.0 147.0 9.56x 18.42x Profitability

LTM-4Q 31.03.2011 2'486.0 1.00x 329.0 7.55x 174.0 15.41x

31.03.2012 2'539.0 0.54x 277.0 4.97x 98.0 15.55x 277.00 209.00 8.23% 5.51% 4.86% 18.32% 19.70% 1.26% 30.4% 10.9% 8.2% 3.9% 1.38 0.77 0.05% 0.18% 4.78 11.77

Price/ Cash Flow

03/yy 1'999.0 4.68x 282.0 9.00x 207.0 152.89x

LTM 03/yy 2'269.0 4.23x 327.0 5.47x 334.0 10.32x

FY+1

1.93 1.27 812.32 -1.64% 8.93% 1.272 20 3.200 1'515'310 1'848'244 1'829'294 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 06/12 Q1 09/12 Q2 2'627.5 2'730.7 1'252.0 0.61x 0.54x 300.2 327.8 5.37x 4.92x 159.8 173.7 61.0 11.31x 10.11x S&P Issuer Ratings

24.07.2009 BBBNEG 15.11.2002 NR 17.31 14.94 -0.95 0.00 0.2% 0.2% 1.26 10.94 76.54 31.09 57.73 33.10

Sales/Revenue/Turnover

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

29.10.2012

Invensys PLC Holdings By:

All

Holder Name M&G INVESTMENT MANAG SCHRODER INVESTMENT LLOYDS BANKING GROUP SCOTTISH WIDOWS INVE SCHRODER INVESTMENT RUFFER LLP AMERIPRISE FINANCIAL STANDARD LIFE INVEST LEGAL & GENERAL INV BLACKROCK INV MANAGE NORGES BANK INVESTME UBS GLOBAL ASSET MGM CREDIT AGRICOLE GROU GLOBAL ASSET MANAGEM Black Creek Investme MARATHON ASSET MANAG VANGUARD GROUP INC HARTFORD INVESTMENTS BLACKROCK INVESTMENT JP MORGAN ASSET MGMT

Firm Name

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

Analyst

Morgan Stanley BEN UGLOW Exane BNP Paribas JONATHAN R MOUNSEY JPMorgan GLEN H LIDDY Oriel Securities Ltd HARRY PHILIPS N+1 Singer Ltd TINTIN STORMONT Credit Suisse JONATHAN HURN Goldman Sachs ADAM PINCKARD EVA Dimensions TEAM COVERAGE Barclays NICK WEBSTER Peel Hunt PAUL GILMER MORLAND Espirito Santo Investment Bank Research NICHOLAS J PATON Societe Generale GAEL DE BRAY RBC Capital Markets ANDREW CARTER Arden Partners Ltd DAVID LARKAM Canaccord Genuity Corp MARK WILSON Deutsche Bank MARTIN WILKIE Dolmen Stockbrokers IAN G HUNTER CS Capital CHRISTOPHER PARKINSON Redburn Partners ANDREW CHAMBERS

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

Recommendation Equalwt/In-Line neutral overweight buy Fairly Valued neutral neutral/neutral sell equalweight hold neutral hold underperform neutral hold hold neutral buy neutral

Amt Held 74'107'833 60'984'991 54'860'625 53'874'529 42'382'909 40'663'847 38'524'350 35'354'625 28'060'527 21'871'487 18'297'578 17'176'928 15'915'517 15'382'953 14'085'932 10'727'655 10'575'778 10'424'366 9'588'224 9'310'104

% Out 9.09 7.48 6.73 6.61 5.2 4.99 4.73 4.34 3.44 2.68 2.25 2.11 1.95 1.89 1.73 1.32 1.3 1.28 1.18 1.14

Weighting

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

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

Latest Chg 1'003'938 5'325'169 25'065'094 6'247'739 (675'307) 2'638'908 233'457 6'824'848 (163'973) 2'395'923 (54'000) (33'403'842) 58'429 8'624'366 9'138'821 381'662

Target Price 270 200 327 310 233 220 250 #N/A N/A 235 250 240 215 165 #N/A N/A 200 220 345 350 #N/A N/A

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

File Dt Inst Type 01.06.2012 Investment Advisor 01.06.2012 Investment Advisor 16.05.2012 Investment Advisor 01.06.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Hedge Fund Manager 16.05.2012 Investment Advisor 16.05.2012 Investment Advisor 01.06.2012 Investment Advisor 01.06.2012 Investment Advisor 01.06.2012 Government 01.06.2012 Investment Advisor 01.06.2012 Bank 01.06.2012 Investment Advisor 01.06.2012 Unclassified 01.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.12.2011 Investment Advisor 30.06.2012 Investment Advisor 01.06.2012 Investment Advisor

Date 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 Not Provided 12 month Not Provided Not Provided Not Provided

Date 25.10.2012 11.10.2012 08.10.2012 28.09.2012 28.09.2012 24.09.2012 07.09.2012 20.08.2012 03.08.2012 30.07.2012 16.07.2012 14.06.2012 18.05.2012 30.04.2012 26.03.2012 13.01.2012 03.11.2011 15.08.2011 14.10.2010

29.10.2012

Nexans SA Nexans S.A. manufactures cables. The Company produces power transmission and distribution cables, wire rods, bare wires, winding wires, and copper and fiber optic telecommunications cables. Nexans markets its products to the telecommunications, energy generation, aeronautics, construction, automobile, information technology, petrochemicals, and medical equipment industries.

Price/Volume 60

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NEX FP EQUITY YTD Change NEX FP EQUITY YTD % CHANGE

12/2011 09/yy 54.99 27.11 193'499.00 31.4 -42.76% 15.82% 15.53% 29.3 919.40 1'132.00 0.0 35.0 859.00 1'630.40

.8 M .6 M

.4 M 10 0 o-11

.2 M .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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

Valuation Analysis

31.12.2007 7'412.0 0.34x 530.0 4.76x 189.0 11.54x

1.6 M

31.12.2008 31.12.2009 6'799.0 5'045.0 0.26x 0.35x 368.0 381.0 4.79x 4.58x 83.0 8.0 13.26x 192.48x Profitability

LTM-4Q 31.12.2010 6'179.0 0.33x 433.0 4.66x 82.0 20.16x

31.12.2011 6'920.0 0.21x 352.0 4.15x (178.0) 352.00 216.00 3.12% -2.24% -0.25% -0.73% 1.26% 12.0% 4.3% 2.4% -2.6% 1.71 0.96 20.42% 60.05% 5.56 5.36

Price/ Cash Flow

06/yy 3'943.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 7'107.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.21 20.48 -31.57% -18.60% 1.207 20 3.000 420'777 238'379 211'341 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 5'209.7 5'462.3 0.30x 0.28x 364.6 416.1 4.47x 3.92x 81.5 111.2 12.77x 9.38x S&P Issuer Ratings

27.09.2012 BB STABLE 05.12.2006 B 4.24 2.46 2.23 3.77 60.1% 37.1% 1.26 6.00 65.85 68.30 63.40 59.88

Sales/Revenue/Turnover

30.00

8'000.0 7'000.0

25.00

6'000.0 20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0 5.00 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 |

29.10.2012

Nexans SA Holdings By:

All

Holder Name GROUPE MADECO DODGE & COX FONDS STRATEGIQUE D' DODGE & COX FRANKLIN RESOURCES I MANNING & NAPIER ADV THIRD AVENUE MANAGEM AXA FRANKLIN RESOURCES I AKO CAPITAL LLP DIMENSIONAL FUND ADV LITMAN/GREGORY FUND ALLIANZ GLOBAL INVES DEUTSCHE BANK AG FIDELITY INTERNATION FIDELITY INVESTMENT ALPHAONE SICAV OPPENHEIMERFUNDS INC BESSEMER GROUP INCOR VANGUARD GROUP INC

Firm Name

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

Analyst

AlphaValue LIONEL PELLICER Societe Generale SEBASTIEN GRUTER Goldman Sachs DANIELA COSTA CA Cheuvreux GIORGIO IANNELLA CM - CIC Securities(ESN) ARI AGOPYAN Oddo & Cie JEAN-FRANCOIS GRANJON Berenberg Bank MAGGIE PAXTON Kepler Capital Markets PIERRE BOUCHENY Natixis ARNAUD SCHMIT Exane BNP Paribas ARNAUD BROSSARD JPMorgan ANDREAS WILLI Gilbert Dupont MICKAEL CHANE-DU EVA Dimensions TEAM COVERAGE Morgan Stanley ALLEN WELLS Equita SIM SpA LUIGI DE BELLIS HSBC CHRISTOPHE QUARANTE Espirito Santo Investment Bank Research NICHOLAS J PATON Aurel - BGC JULIEN GUEZ

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

Recommendation buy buy Sell/Neutral underperform reduce reduce buy reduce neutral neutral underweight add underweight Equalwt/No Rating hold overweight buy hold

Amt Held % Out 5'761'842 19.68 1'690'258 5.77 1'620'000 5.53 1'522'132 5.2 1'499'407 5.12 1'486'819 5.08 1'486'586 5.08 1'270'214 4.34 874'059 2.99 (802'863) -2.74 643'322 2.2 374'389 1.28 234'825 0.8 200'000 0.68 (183'203) -0.63 (175'046) -0.6 (162'202) -0.55 150'000 0.51 147'323 0.5 138'313 0.47

Weighting

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

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

Latest Chg 57'783 298'926 (167'460) 12'319 (103'066) 48'557 (10'272) 10'391 4'303

Target Price 42 40 22 35 33 34 44 34 38 34 38 38 #N/A N/A 43 46 60 38 46

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

File Dt Inst Type 08.05.2012 n/a 30.09.2012 Investment Advisor 31.01.2012 Investment Advisor 09.07.2012 n/a 13.09.2012 Unclassified 31.01.2012 Investment Advisor 19.07.2012 Hedge Fund Manager 21.05.2012 Investment Advisor 28.09.2012 Investment Advisor 18.10.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor 26.09.2012 Investment Advisor 15.08.2012 Investment Advisor 25.04.2012 Investment Advisor 30.08.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 25.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 05.09.2012 04.09.2012 30.07.2012 26.07.2012 16.07.2012 26.04.2012

29.10.2012

Itron Inc Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data. The Company sells its products to the utility industry. Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems.

Price/Volume 60

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (16.02.2012) 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 31.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITRI US EQUITY YTD Change ITRI US EQUITY YTD % CHANGE

12/2011 06/yy 50.35 31.47 139'958.00 41.04 -18.49% 30.41% 50.69% 39.5 1'621.80 452.50 0.0 0.0 133.09 1'989.56

2.0 M

1.5 M 1.0 M

10 0 o-11

.5 M .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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

Valuation Analysis

31.12.2007 1'464.0 3.03x 186.4 23.81x (16.1) 35.16x

4.5 M

31.12.2008 31.12.2009 1'909.6 1'687.4 1.68x 2.00x 283.5 200.8 11.31x 16.80x 19.8 (2.2) 20.36x 35.38x Profitability

LTM-4Q 31.12.2010 2'259.3 1.19x 315.4 8.51x 104.8 23.70x

31.12.2011 2'434.1 0.72x 323.2 5.42x (510.2) 323.21 193.75 7.96% -20.78% -20.56% -40.51% 0.96% 30.5% 12.8% 7.8% -21.0% 1.65 0.99 21.92% 49.89% 6.24 7.39

Price/ Cash Flow

06/yy 2'370.4 4.54x 333.1 7.11x 115.8 16.84x

LTM 06/yy 2'408.8 3.08x 307.3 6.50x (514.7) 0.00x

FY+1

0.00 1.27 37.10 1.77 10.26% 14.73% 1.269 22 4.091 227'229 267'013 309'579 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'174.3 2'124.5 522.5 499.9 0.86x 0.82x 3.64x 3.67x 283.3 281.1 71.2 65.7 7.02x 7.08x 7.27x 7.33x 154.9 156.8 38.1 34.2 10.64x 10.50x 11.37x 11.04x S&P Issuer Ratings

01.06.2011 BB STABLE 8.78 7.15 1.15 1.48 49.9% 33.3% 0.96 8.70 58.64 49.54 57.38 46.20

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

1'000.0

5.00

0.00 02.01.2009

500.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

29.10.2012

Itron Inc Holdings By:

All

Holder Name FAIRPOINTE CAPITAL L CAPITAL RESEARCH GLO VANGUARD GROUP INC NORGES BANK EARNEST PARTNERS LLC INVESCO LTD BLACKROCK INSTITUTIO STATE STREET CORP IMPAX ASSET MANAGEME BLACKROCK FUND ADVIS BLACKROCK GROUP LIMI THRIVENT FINANCIAL F OPUS CAPITAL GROUP L LORD ABBETT & CO LLC SAM SUSTAINABLE ASSE SARASIN INVESTMENT F DIMENSIONAL FUND ADV CS MCKEE LP PARVEST INVESTMENT M JACOBS LEVY EQUITY M

Firm Name Brean Murray Carret & Co JPMorgan Wedbush Lazard Capital Markets Canaccord Genuity Corp Janney Montgomery Scott LLC Stifel Nicolaus Pacific Crest Securities Robert W. Baird & Co Stephens Inc Piper Jaffray Morgan Stanley Jefferies Barclays Cantor Fitzgerald EVA Dimensions Credit Suisse Needham & Co Macquarie Argus Research Corp Deutsche Bank Divine Capital Markets Janco Partners Inc

Portfolio Name FAIRPOINTE CAPITAL L CAPITAL RESEARCH GLO VANGUARD GROUP INC n/a EARNEST PARTNERS LLC INVESCO LTD BLACKROCK INSTITUTIO STATE STREET CORPORA IMPAX ASSET MANAGEME BLACKROCK FUND ADVIS BLACKROCK GROUP LIMI THRIVENT FINANCIAL F OPUS CAPITAL GROUP L LORD ABBETT & CO LLC SAM SUSTAINABLE ASSE Multiple Portfolios DIMENSIONAL FUND ADV C S MCKEE LP Multiple Portfolios JACOBS LEVY EQUITY M

Analyst MICHAEL E GAUGLER PAUL T COSTER CRAIG IRWIN SANJAY K SHRESTHA JOHN S QUEALY RYAN M CONNORS JEFFREY D OSBORNE BEN SCHUMAN BEN KALLO ZACHARY LARKIN AHMAR M ZAMAN SMITTIPON SRETHAPRAMOTE JESSE W PICHEL AMIR ROZWADOWSKI DALE R PFAU TEAM COVERAGE PATRICK JOBIN SEAN K F HANNAN ANDREW WEISEL GARY F HOVIS VISHAL SHAH STEVEN CHAREST VIJAY K SINGH

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

Recommendation buy overweight outperform buy buy buy sell outperform outperform overweight neutral Overwt/In-Line Rating Suspended equalweight hold buy neutral buy neutral hold hold buy market perform

Amt Held 2'934'578 2'670'500 2'015'651 1'944'948 1'699'784 1'160'355 1'090'746 929'452 826'111 765'301 683'204 529'600 508'653 503'707 493'750 475'580 461'455 453'471 445'362 431'729

% Out 7.43 6.76 5.1 4.92 4.3 2.94 2.76 2.35 2.09 1.94 1.73 1.34 1.29 1.27 1.25 1.2 1.17 1.15 1.13 1.09

Weighting

Change

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

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

Latest Chg 193'250 2'315'500 57'551 156'278 72'312 (31'324) (33'351) (1'839) (50'965) (22'805) 205 6'700 8'398 114'100 276'568 14'800 137'568 (21'440) (23'100) 15'600

Target Price 47 46 60 63 55 65 #N/A N/A 54 53 53 42 51 #N/A N/A 42 42 #N/A N/A 47 50 43 #N/A N/A 38 82 67

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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 17.02.2012 Government 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 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 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 29.10.2012 29.10.2012 23.10.2012 23.10.2012 21.10.2012 18.10.2012 16.10.2012 15.10.2012 15.10.2012 15.10.2012 09.10.2012 03.10.2012 03.10.2012 03.10.2012 04.09.2012 11.08.2012 02.08.2012 02.08.2012 02.08.2012 28.03.2012 09.01.2012 01.11.2010 18.02.2010

29.10.2012

EMCOR Group Inc EMCOR Group, Inc. provides mechanical and electrical construction and facilities services around the world. The Company specializes in the design, installation, integration, and start-up of distribution systems for electrical power, lighting systems, low-voltage systems such as fire and security alarms, voice and data communication systems, ventilation systems, and plumbing and piping systems.

Price/Volume 35

12/2011 09/yy 32.25 23.17 909'525.00 31.57 -2.11% 36.25% 92.51% 66.5 2'100.67 154.86 0.0 10.4 511.32 1'792.99

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

1.5 M

1.0 M

31.12.2008 31.12.2009 6'785.2 5'547.9 0.19x 0.23x 352.9 314.2 3.58x 4.00x 182.2 160.8 7.82x 10.19x Profitability

0 o-11

.0 M n-11

LTM-4Q 31.12.2010 4'852.0 0.28x 263.3 5.25x (86.7) 25.88x

31.12.2011 5'613.5 0.26x 269.6 5.32x 130.8 14.41x 269.60 215.83 3.84% 3.59% 4.60% 10.70% 10.01% 2.10% 13.1% 4.8% 3.8% 2.3% 1.46 1.28 5.14% 12.54% 5.19 36.03

Price/ Cash Flow

09/yy 5'396.2 1.07x 272.0 3.86x 134.1 10.59x

d-11

j-12

f-12

m-12

LTM 09/yy 6'252.8 0.99x 297.5 5.35x 136.8 13.92x

a-12

m-12

j-12

a-12

s-12

FY+1

1.28 64.72 1.95 23.39% 18.60% 1.276 9 4.111 536'893 319'966 297'266 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'382.8 6'743.9 1'646.7 1'621.3 298.0 339.3 83.6 73.5 6.02x 5.29x 5.41x 5.28x 140.1 164.3 40.1 34.9 15.21x 12.84x 13.22x 12.68x S&P Issuer Ratings

28.01.2005 BB+ STABLE 23.94 21.31 -1.07 0.52 12.5% 11.1% 2.10 58.56 70.52 10.16 28.87 51.39

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

.5 M

Fiscal Year Ended 31.12.2007 5'927.2 0.26x 237.8 6.37x 126.8 12.64x

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 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 22.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EME US EQUITY YTD Change EME US EQUITY YTD % CHANGE

2.5 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 |

29.10.2012

EMCOR Group Inc Holdings By:

All

Holder Name ROYCE AND ASSOCIATES ARTISAN PARTNERS HOL VANGUARD GROUP INC BLACKROCK FUND ADVIS ADAGE CAPITAL PARTNE LORD ABBETT & CO LLC BANK OF NEW YORK MEL LSV ASSET MANAGEMENT BLACKROCK INSTITUTIO RUANE CUNNIFF & GOLD NORTHERN TRUST CORPO STATE STREET CORP STADIUM CAPITAL MANA FRANKLIN RESOURCES I AMERIPRISE FINANCIAL PYRAMIS GLOBAL ADVIS DIMENSIONAL FUND ADV FIDELITY MANAGEMENT SILVERCREST ASSET MA THRIVENT FINANCIAL F

Firm Name Thompson Research Group KeyBanc Capital Markets FBR Capital Markets Stifel Nicolaus D.A. Davidson & Co Imperial Capital LLC Sidoti & Company LLC BB&T Capital Markets EVA Dimensions

Portfolio Name ROYCE & ASSOCIATES L ARTISAN PARTNERS LP VANGUARD GROUP INC BLACKROCK FUND ADVIS ADAGE CAPITAL PARTNE LORD ABBETT & CO LLC BANK OF NEW YORK MEL LSV ASSET MANAGEMENT BLACKROCK INSTITUTIO RUANE CUNNIFF & GOLD NORTHERN TRUST CORPO STATE STREET CORPORA STADIUM CAPITAL MANA FRANKLIN ADVISORY SE AMERIPRISE FINANCIAL PYRAMIS GLOBAL ADVIS DIMENSIONAL FUND ADV FIDELITY MANAGEMENT SILVERCREST ASSET MA THRIVENT FINANCIAL F

Analyst NICHOLAS A COPPOLA TAHIRA AFZAL ALEX J RYGIEL NOELLE C DILTS JOHN B ROGERS RICHARD PAGET RICHARD H WESOLOWSKI ADAM ROBERT THALHIMER TEAM COVERAGE

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation hold hold market perform buy buy in-line buy buy overweight

Amt Held 4'131'224 3'872'462 3'684'684 2'870'251 2'736'220 2'097'890 1'793'047 1'790'600 1'761'425 1'756'497 1'578'202 1'514'535 1'262'609 1'166'155 1'147'318 1'140'207 1'059'244 1'059'200 1'014'113 1'000'337

% Out 6.21 5.82 5.54 4.31 4.11 3.15 2.69 2.69 2.65 2.64 2.37 2.28 1.9 1.75 1.72 1.71 1.59 1.59 1.52 1.5

Weighting

Change 3 3 3 5 5 3 5 5 5

M M M M M M M M U

Latest Chg 64'839 (107'000) 141'270 (75'800) 2'541'364 19'100 9'305 (250'631) (1'401) (342'216) 206'495 (93'436) 218'876 (2'100) (617'588) 6'626 42'409 (136'400) 81'279 (104'900)

Target Price #N/A N/A #N/A N/A 30 40 38 32 40 33 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge 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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge 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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 29.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 28.09.2012 09.04.2012

29.10.2012

Nissin Electric Co Ltd Nissin Electric Co., Ltd., an affiliate of Sumitomo Electric Industries, Ltd., manufactures and markets substation equipment, power distribution equipment, reactive power compensation equipment, supervisory control systems, ion doping systems, and photovoltaic system.

Price/Volume 700

1.6 M

600

1.4 M

500

1.2 M 1.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6641 JP EQUITY YTD Change 6641 JP EQUITY YTD % CHANGE

03/2012 06/yy 595.00 384.00 831'000.00 442 -25.71% 15.10% 27.49% 107.8 47'661.94 6'705.00 0.0 2'621.0 7'703.00 47'544.94

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

.6 M

200

.4 M

100

.2 M

0 o-11

31.03.2009 31.03.2010 109'673.0 87'176.0 0.38x 0.62x 10'455.0 8'789.0 4.00x 6.17x 3'770.0 2'791.0 8.68x 18.88x Profitability

LTM-4Q 31.03.2011 90'430.0 0.72x 11'029.0 5.94x 4'529.0 16.23x

31.03.2012 100'341.0 0.55x 10'258.0 5.38x 3'701.0 14.46x 10'258.00 7'652.00 7.63% 6.92% 3.34% 6.53% 6.42% 0.91% 28.0% 10.2% 7.6% 3.7% 1.80 1.04 5.97% 11.52% 2.81 2.66

Price/ Cash Flow

d-11

j-12

f-12

m-12 a-12

m-12

j-12

a-12

s-12

LTM

FY+1

2.04 1.38 42.29 -10.84% 4.92% 1.383 5 4.400 414'200 366'100 373'703 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 95'355.0 101'515.0 103'375.0 110'137.5 25'880.3 23'134.0 2.42x 2.12x 0.48x 0.42x 9'680.0 10'214.0 10'000.0 12'190.0 0.00x 5.53x 4.75x 3.90x 5'017.0 3'518.0 4'357.3 5'840.5 908.0 770.3 16.21x 16.10x 10.88x 8.11x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

42.92 19.73 -0.10 0.65 11.5% 9.9% 0.91 5.03 130.25 137.68 101.12 166.82

Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 03.04.2009

.0 M n-11

Fiscal Year Ended 31.03.2008 105'274.0 0.59x 10'023.0 6.21x 3'700.0 13.61x

.8 M

300

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

29.10.2012

Nissin Electric Co Ltd Holdings By:

All

Holder Name SUMITOMO ELECTRIC IN JAPAN TRUSTEE SERVIC KANSAI ELECTRIC POWE MASTER TRUST BANK OF DAIHEN CORP SUMITOMO LIFE INSURA SUMITOMO MITSUI TRUS NISSIN ELECTRIC CO L HANSAINVEST GMBH JP MORGAN ASSET MGMT NIPPON ELECTRIC GLAS FIDELITY INVESTMENTS EMPLOYEES' STOCKHOLD UEDA YAGI TANSHI CO BANK OF KYOTO LTD/TH DAIWA SECURITIES GRO NISSHA PRINTING CO L BARCLAYS CAPITAL SEC GOLDMAN SACHS ASSET DAIWA SB INVESTMENTS

Firm Name

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

Analyst

Mitsubishi UFJ Morgan Stanley SecuritieYOSHIHITO HASEGAWA JPMorgan YOSHIHARU IZUMI Tokai Tokyo Securities HARUO SATO EVA Dimensions TEAM COVERAGE Ichiyoshi Research Institute MOTOHISA WATANABE

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

Recommendation outperform overweight above average hold buy

Amt Held % Out 54'791'000 50.81 6'279'000 5.82 4'565'000 4.23 3'816'000 3.54 2'874'000 2.67 1'653'000 1.53 1'196'000 1.11 949'000 0.88 940'000 0.87 797'000 0.74 757'000 0.7 673'000 0.62 668'000 0.62 632'000 0.59 611'000 0.57 585'000 0.54 340'000 0.32 (311'486) -0.29 (306'000) -0.28 289'000 0.27

Weighting

Change 5 5 4 3 5

M U D U M

Latest Chg 2'869'000 (2'274'000) 399 590'000 398'000 (21'000) (3'000) 3'000 (31'000) 36'000

Target Price 559 650 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2012 Corporation 31.03.2012 Bank 31.03.2012 Corporation 31.03.2012 Bank 31.03.2012 Corporation 31.03.2012 Insurance Company 31.03.2012 Bank 31.03.2012 Corporation 30.03.2012 Mutual Fund Manager 18.05.2012 Mutual Fund Manager 31.03.2012 Corporation 30.11.2011 Mutual Fund Manager 31.03.2012 n/a 30.09.2011 Bank 31.03.2012 Bank 13.07.2012 Holding Company 31.03.2012 Corporation 25.10.2012 Other 22.10.2012 Investment Advisor 20.04.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided Not Provided

Date 18.10.2012 17.10.2012 16.10.2012 11.09.2012 27.07.2012

29.10.2012

#N/A Invalid Security #N/A Invalid Security

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (#N/A Invalid Security) 52-Week Low (#N/A Invalid Security) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A Invalid Security Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 0 YTD Change 0 YTD % CHANGE

01/yy -

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

1.20 1.00

.0 M

#N/A Invalid Security

Fiscal Year Ended #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Profitability

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

LTM-4Q #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! -

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

Sales/Revenue/Turnover

1.0 0.8

0.80 0.60 0.40

0.6 0.4 0.2 0.0

0.20 0.00

#N/A Invalid Security

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

FY+1

FY+2

FQ+1

S&P Issuer Ratings

1.2

FQ+2 -

29.10.2012

#N/A Invalid Security Holdings By:

All

Holder Name #N/A Invalid Security

Firm Name

Portfolio Name

Source

Amt Held

% Out

Latest Chg

File Dt

Inst Type

Analyst

Recommendation

Weighting

Change

Target Price

Date

#N/A Invalid Security

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

29.10.2012

#N/A Invalid Security #N/A Invalid Security

Price/Volume

01/yy -

1.20 1.00

.0 M

#N/A Invalid Security

Fiscal Year Ended #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Profitability

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

LTM-4Q #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! -

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

Sales/Revenue/Turnover

1.0 0.8

0.80 0.60 0.40

0.6 0.4 0.2 0.0

0.20 0.00

#N/A Invalid Security

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

FY+1

FY+2

FQ+1

S&P Issuer Ratings

1.2

FQ+2 -

29.10.2012

#N/A Invalid Security Holdings By:

All

Holder Name #N/A Invalid Security

Firm Name

Portfolio Name

Source

Amt Held

% Out

Latest Chg

File Dt

Inst Type

Analyst

Recommendation

Weighting

Change

Target Price

Date

#N/A Invalid Security

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

29.10.2012

#N/A Invalid Security #N/A Invalid Security

Price/Volume

01/yy -

1.20 1.00

.0 M

#N/A Invalid Security

Fiscal Year Ended #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Profitability

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

LTM-4Q #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! -

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

Sales/Revenue/Turnover

1.0 0.8

0.80 0.60 0.40

0.6 0.4 0.2 0.0

0.20 0.00

#N/A Invalid Security

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

FY+1

FY+2

FQ+1

S&P Issuer Ratings

1.2

FQ+2 -

29.10.2012

#N/A Invalid Security Holdings By:

All

Holder Name #N/A Invalid Security

Firm Name

Portfolio Name

Source

Amt Held

% Out

Latest Chg

File Dt

Inst Type

Analyst

Recommendation

Weighting

Change

Target Price

Date

#N/A Invalid Security

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

29.10.2012

#N/A Invalid Security #N/A Invalid Security

Price/Volume

01/yy -

1.20 1.00

.0 M

#N/A Invalid Security

Fiscal Year Ended #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Profitability

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

LTM-4Q #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! -

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

Sales/Revenue/Turnover

1.0 0.8

0.80 0.60 0.40

0.6 0.4 0.2 0.0

0.20 0.00

#N/A Invalid Security

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

FY+1

FY+2

FQ+1

S&P Issuer Ratings

1.2

FQ+2 -

29.10.2012

#N/A Invalid Security Holdings By:

All

Holder Name #N/A Invalid Security

Firm Name

Portfolio Name

Source

Amt Held

% Out

Latest Chg

File Dt

Inst Type

Analyst

Recommendation

Weighting

Change

Target Price

Date

#N/A Invalid Security

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

29.10.2012

#N/A Invalid Security #N/A Invalid Security

Price/Volume

01/yy -

1.20 1.00

.0 M

#N/A Invalid Security

Fiscal Year Ended #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Profitability

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

LTM-4Q #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! -

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

Sales/Revenue/Turnover

1.0 0.8

0.80 0.60 0.40

0.6 0.4 0.2 0.0

0.20 0.00

#N/A Invalid Security

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

FY+1

FY+2

FQ+1

S&P Issuer Ratings

1.2

FQ+2 -

29.10.2012

#N/A Invalid Security Holdings By:

All

Holder Name #N/A Invalid Security

Firm Name

Portfolio Name

Source

Amt Held

% Out

Latest Chg

File Dt

Inst Type

Analyst

Recommendation

Weighting

Change

Target Price

Date

#N/A Invalid Security

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