Fundamental Analysis - SX5E Index (Eurostoxx50) 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 Eurostoxx 50 Index - SX5E Index September 2012

Q M S Advisors .

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

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

Currency: CHF Current CY 2012

Number of Member Stocks: 30 30.12.2011 31.12.2010 CY1 2011

CY1 2010

31.12.2009

31.12.2008

31.12.2007

29.12.2006

30.12.2005

31.12.2004

CY1 2009

CY1 2008

CY1 2007

CY1 2006

CY1 2005

CY1 2004

31.12.2003

31.12.2002

31.12.2001

29.12.2000

31.12.1999

31.12.1998

31.12.1997

31.12.1996

29.12.1995

30.12.1994

31.12.1993

31.12.1992

CY1 2003

CY1 2002

CY1 2001

CY1 2000

CY1 1999

CY1 1998

CY1 1997

CY1 1996

CY1 1995

CY1 1994

CY1 1993

CY1 1992

Index Summary Income Statement 49.8 36.8 51.1 57.3 721.5 31.8 128.5

62.92 120.52 119.58 126.38 1906.17 22.7593 344.7

66.94 246.97 237.65 246.97 3485.57 108.525 626.62

23.7 192.45 190.9 214.07 3235.49 115.7297 605.11

4.67 130.69 140.74 141.65 1877.49 5.2533 310.04

94.58

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

569.8 1760.5 218.5

2256.82 8190 5966.83

2087.4 8979.21 5496.08

2153.91 7640.74 5117.82

Cash Flow Cash Flow Per Share Free Cash Flow Per Share

206.0 169.0

101.47 -34.58

30.77 -195.75

257.45 36.24

175.64 47.86

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

19.8 26.8 19.3 17.2 1.7 1.4 4.8 3.2 7.7

11.3082 11.3082 11.7518 11.3082 1.2375 0.8013 90.7571 3.8859 4.457

15.4066 15.4066 15.5312 13.8504 1.4204 0.9164 11.5166 3.9032 4.8998

10.3113 10.3113 8.6643 9.4549 1.0755 0.6392 5.39 5.094 3.7728

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

985.6 97453968 360558.2 8.79051E+11 786296.3125 29301.7

876.66 16242538992 342032.44 810940.13 719334.88 27031.34

1017.26 15768470760 407267.94 887932.69 775596.75 29597.76

1003.34 18240397242 323058.19 882548.5 807643.81 29418.28

789.67 25416338804 247895.07 723139.69 678381.5 24104.66

1296.41 9816948244 417766.27 1107557.5 1039621.38 36918.58

1313.44 0 0 0 0 0

1070.22 0 0 0 0 0

795.5 0 0 0 0 0

756.88 0 0 0 0 0

623.19 0 0 0 0 0

876.64 0 0 0 0 0

1116.81 0 0 0 0 0

1000 0 0 0 0 0

0 0 0 0 0 0

49.8 36.8 51.1 57.3 721.5 31.8 31.8 31.8 128.5 30334539.4

62.92 59.94 63.92 64.02 682.92 29.9825 29.98 29.98 138.43 28.46

66.94 67.41 70.07 67.61 687.24 25.6438 25.64 25.64 141.76 31.79

23.7 23.7 27.13 52.98 682.41 19.564 19.56 19.56 114.28 27.58

4.67 4.67 10.79 73.82 921.73 26.8883 26.89 26.89 265.63 63.58

94.58 94.58 82.6 94.58 857.4 27.3566 27.36 27.36 276.02 29.88

0 0 0 0 0 0 0 0 0 0

Asset Fields Cash & Equivalents Per Share Current Assets Total Assets

868.7 301.2 6625.4

757.72 280.37 6303.49

456.47 296.2 5202.39

625.85 328.45 4693.08

620.21 779.61 7563.06

494.73 409.72 6012.55

0 0 0

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

218.9 1570.4 218.5 6017.1 608.3

194.76 1440.89 294.15 5713.29 590.2

202.86 1350.93 561.97 4704.62 497.77

207.15 1190.6 247.93 4229.97 463.11

540.13 2292.63 782.06 6797.45 765.61

266.35 1656.43 510.69 5496.31 516.24

0 0 0 0 0

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

569.8 1760.5 367.3 -30.6 156.4

549.13 1708.65 351.02 -26.69 158.17

461.58 1807.08 289.62 -26.78 151.35

416.55 1609.37 265.98 -32.49 123.46

475.42 2831.78 133.19 -69.99 232.82

480.86 2782.25 358.22 -33.76 131.7

0 0 0 0 0

169.0 -70879676.8 66683670.0

130.79 -87.17 -221.31

94.47 -33.81 -194.53

177.36 -296.87 -158.94

45.46 -314.49

-163.83 271.35

0 0

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

19.8 26.8 19.3 17.2 1.7 #N/A Field Not Applicable 4.8 3.2 3.2 3.2 7.7 258.2 23.7 567116.1 1.4 2.4 13.7 1.7

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

15.1971 15.0895 14.5183 15.047 2.2038 1.4802 9.8504 2.5209 2.52 2.52 7.1759 271.39 25.97 523225.09 1.46 2.6295 12.7474 3.96

42.3357 42.3357 36.9768 18.9381 2.4087 1.4703 3.5695 1.9499 1.95 1.95 8.7797 257.09 25.37 550140.5 1.59 2.3583 14.0827 2.17

169.0826 169.0826 73.1902 10.6968 1.661 0.8567 2.1848 3.405 3.41 3.41 2.9729 299.45 30.31 704718 1.44 3.0722 10.6608 2.94

13.7077 13.7077 15.6945 13.7077 2.696 1.512 0 2.1102 2.11 2.11 4.6968 320.86 27.55 662885.94 1.54 3.245 10.0799 1.85

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

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

50.2 14.8 7.5 17.8 5.8 19.1 11.4

54.5 17.55 13.99 20.27 8.85 28.82 14.78

55.44 18.37 14.01 20.63 7.45 35.29 12.31

56.92 11.2 9.58 16.75 7.46 15.53 12.6

56.65 13.01 9.14 28.82 8.57 12.75 14.61

52.13 18.56 15.35 32.19 9.44 25.1 17.83

0 0 0 0 0 0 0

985.6 97453968.0 360558.2 879051000000.0 786296.3 29301.7

876.66 16242538992 342032.44 810940.13 719334.88 27031.34

1017.26 15768470760 407267.94 887932.69 775596.75 29597.76

1003.34 18240397242 323058.19 882548.5 807643.81 29418.28

789.67 25416338804 247895.07 723139.69 678381.5 24104.66

1296.41 9816948244 417766.27 1107557.5 1039621.38 36918.58

1313.44 0 0 0 0 0

1070.22 0 0 0 0 0

795.5 0 0 0 0 0

623.19 0 0 0 0 0

876.64 0 0 0 0 0

1116.81 0 0 0 0 0

1000 0 0 0 0 0

0 0 0 0 0 0

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

Balance Sheet

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

0 0 0 0 0 0 0 0 0 0

Balance Sheet

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

0 0

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

Profitability 0 0 0 0 0 0 0

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

756.88 0 0 0 0 0

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

13501320

1959.859

1088

201

209

98.32

103.52

14.85

14.10

19.05

Euro Stoxx 50 Pr

EUR

2450446

10657.55

4587

751

775

156.10

302.30

27.20

14.54

14.05

20.73

NIKKEI 225

JPY

2206653

179.5987

230

5.19

8.07

0.29

0.23

0.18

0.14

FTSE 100 INDEX

GBP

2624070

13741.02

9488

1553

1647

719.78

827.32

21.21

20.04

18.45

26.02

SWISS MARKET INDEX

CHF

888093

10957.14

3947

804

787

384.76

515.53

19.45

19.16

14.52

22.21

S&P/TSX COMPOSITE INDEX

CAD

1687438

19167.86

7808

1962

1968

829.66

848.64

15.50

15.15

25.44

S&P/ASX 200 INDEX

AUD

1228533

8059.649

2896

636

713

273.62

349.86

17.31

14.70

13.54

23.52

HANG SENG INDEX

HKD

1550090

2367.591

1452

341

357

255.24

244.73

1.35

1.46

1.41

3.09

MSCI EM

USD

7362430

1352.449

964

179

183

80.15

89.14

12.56

13.07

11.29

18.90

AIR LIQUIDE SA

EUR

39763

218

311

47.85

18652

19190

19815

21318

6.05

6.54

6.77

7.49

25.14

26.39

24.30

21.95

9.27

31.80

02.07.2007

ALLIANZ SE-REG

EUR

55187

631

452

80.99

112739

116829

124207

127817

7.20

9.59

14.32

15.45

16.31

16.57

10.92

10.12

-3.39

27.01.2012

Aa3

03.05.2004

ANHEUSER-BUSCH INBEV NV

EUR

139244

446

1598

231.31

50375

50694

51569

58800

19736

19719

5060

4.83

5.73

5.94

6.51

25.18

25.19

24.29

22.15

9.77

19.09

14.33

31.29

50.54

01.05.2012

27.03.2012

ARCELORMITTAL

EUR

24186

4584

1549

64.51

121240

118493

114292

119104

12770

11515

2148

1.62

0.53

1.27

2.28

48.74

57.34

20.31

11.30

26.37

6.72

30.33

0.11

13.59

BB+

02.08.2012

Baa3

20.05.2009

ASML HOLDING NV

EUR

26209

889

414

23.68

7291

6643

6275

7267

2331

1987

478

4.41

3.78

3.47

4.26

18.06

18.17

19.67

16.00

32.72

60.06

37.20

17.46

41.24

Baa2

11.11.2010

ASSICURAZIONI GENERALI

EUR

23440

2815

1541

29.35

94803

96239

97522

100474

1.51

0.73

1.47

1.78

26.56

13.26

10.92

-20.14

-7.16

07.06.2012

Baa2

17.07.2012

AXA SA

EUR

37393

1851

2374

30.74

126866

130915

124007

125655

1.46

0.98

2.38

2.55

20.79

27.56

8.60

8.01

-20.97

2.99

27.01.2012

19.03.2003

BANCO BILBAO VIZCAYA ARGENTA

EUR

44655

17172

4948

283

#VALUE!

46567

26864

28724

29866

1.16

0.56

0.50

0.99

19.22

12.94

21.22

10.78

14.35

8.43

BBB+

30.04.2012

Baa3 *-

25.06.2012

BANCO SANTANDER SA

EUR

78541

17351

9570

547

191

#VALUE!

100644

57448

58078

60517

1.03

0.48

0.62

0.92

21.37

11.40

16.64

11.10

16.92

13.45

A-

30.04.2012

(P)Baa2 *-

25.06.2012

BASF SE

EUR

79714

1072

918

96.19

94823

97724

98985

101682

15295

16319

3567

8.28

7.42

7.03

7.79

15.09

15.14

15.91

14.37

19.44

9.55

-0.52

3.97

20.81

A+

10.05.2011

17.11.2010

BAYER AG-REG

EUR

72389

1160

827

82.68

47127

49147

50203

52519

11564

12231

2307

6.91

4.04

6.90

7.56

27.97

15.45

16.36

14.95

5.29

5.96

0.91

15.89

31.66

A-

30.04.2008

17.07.2006

BAYERISCHE MOTOREN WERKE AG

EUR

48814

740

656

122.36

88790

93396

95071

98519

15043

2584

9.59

8.84

9.76

9.96

11.11

10.06

9.86

17.80

7.86

36.53

1.35

21.86

16.04.2012

22.07.2011

BNP PARIBAS

EUR

63107

1790

1198

1452

139

#VALUE!

92 K

91 K

50 K

52 K

9.03

6.22

7.07

7.12

10.44

8.46

9.19

9.12

-3.26

-2.94

AA-

23.01.2012

21.06.2012

CARREFOUR SA

EUR

15163

696

674

29.67

103800

103367

103873

106141

5024

3363

-0.97

-2.03

1.67

1.84

17.24

15.61

1.16

0.13

-14.32

1.48

6.24

BBB

15.03.2012

(P)Baa2

15.03.2012

COMPAGNIE DE SAINT-GOBAIN

EUR

20161

1147

526

33.36

54336

55259

55918

57501

6482

6341

3.39

2.50

3.32

3.91

19.57

18.07

14.75

12.52

6.42

0.22

6.44

0.53

15.39

BBB

24.07.2009

Baa2

31.07.2009

CRH PLC

EUR

14303

442

728

19.64

23327

23872

24458

25391

2136

2129

1442

0.98

1.11

1.03

1.21

22.93

34.36

24.75

21.04

6.82

-2.80

3.36

-10.24

11.82

BBB+

17.12.2007

DAIMLER AG-REGISTERED SHARES

EUR

54572

2200

1066

145.51

137453

143682

143097

149597

15761

15986

6.81

6.98

6.58

7.39

9.45

10.03

8.92

11.59

6.79

21.24

-8.91

14.79

A-

23.02.2012

01.10.2007

DANONE

EUR

41157

382

606

50.17

24923

25887

26922

29022

4497

4548

3.62

3.63

3.97

4.35

22.73

22.81

20.80

18.98

17.51

13.20

11.79

13.93

23.28

A-

25.07.2007

06.11.2007

DEUTSCHE BANK AG-REGISTERED

EUR

39010

2669

905

367

230

#VALUE!

67940

63587

41477

43061

7.07

4.05

4.79

5.94

13.37

9.40

11.31

9.11

18.20

-12.86

A+

25.01.2012

21.06.2012

DEUTSCHE TELEKOM AG-REG

EUR

55462

4670

4321

116.37

75672

75335

74967

73890

26064

24890

5962

0.64

0.18

0.80

0.83

91.67

86.12

20.64

19.90

-7.79

-1.90

18.02

5.54

44.44

BBB+

19.05.2008

Baa1

22.12.2011

E.ON AG

EUR

48947

2632

1905

87.87

145728

161667

143846

144172

14424

5847

2859

1.76

-0.01

2.80

2.33

20.10

11.29

13.56

27.91

17.13

-18.11

7.54

12.77

A-

27.07.2012

05.10.2011

ENEL SPA

EUR

36323

19696

9403

135.80

100081

103668

97681

98944

22188

21311

0.57

0.47

10.70

10.56

10.64

10.10

22.97

3.31

21.68

28.60

BBB+

08.03.2012

Baa1 *-

15.06.2012

ENI SPA

EUR

84537

8036

3623

125.95

141387

154067

154589

158032

33198

33747

7962

2.44

2.36

2.70

2.84

12.72

11.13

10.56

14.49

15.17

3.82

0.25

30.29

17.01.2012

16.07.2012

ESSILOR INTERNATIONAL

EUR

20136

229

209

21.24

5405

6012

6373

6917

1186

1321

3.22

3.41

3.63

4.03

35.80

35.62

33.61

30.22

9.88

14.95

2.74

11.70

28.31

FRANCE TELECOM SA

EUR

33385

3134

2633

76.48

58414

57478

55976

54710

19377

18364

4633

2.15

1.81

1.66

1.59

9.00

7.20

9.81

10.21

-0.64

-4.07

-2.29

-4.94

42.80

A-

10.02.2005

23.06.2005

GDF SUEZ

EUR

57995

1762

2214

134.47

116982

123249

121440

124536

20734

21445

2.64

2.08

2.06

2.15

15.49

14.62

15.63

15.00

9.46

44.01

1.24

33.68

22.87

11.02.2011

03.07.2012

IBERDROLA SA

EUR

29669

8376

5845

65.87

40831

43337

41671

42923

9032

8904

2191

0.61

0.66

0.58

0.55

9.41

9.54

10.70

11.34

5.16

21.31

2.68

18.26

28.54

BBB+

03.05.2012

(P)Baa1 *-

15.06.2012

INDITEX

EUR

77701

520

623

73.25

17795

19124

20400

22711

4147

4613

1462

4.00

4.47

4.89

5.53

35.97

32.93

29.10

13.04

16.69

10.81

16.03

30.07

ING GROEP NV-CVA

EUR

32379

7004

3782

310

329.37

68103

62406

47608

54924

1.20

1.02

1.35

1.51

10.67

10.02

8.11

7.23

3.45

-6.37

03.09.2009

15.06.2012

INTESA SANPAOLO

EUR

25936

59242

16434

343

#VALUE!

32597

33607

22141

21958

0.18

-0.73

0.16

0.19

10.89

12.84

10.90

2.23

24.69

BBB+

10.02.2012

Baa2

16.07.2012

KONINKLIJKE PHILIPS ELECTRON

EUR

22999

963

926

25.32

29130

30459

31559

32840

1531

1845

972

-0.91

0.95

1.66

2.09

32.72

30.26

18.71

14.85

1.69

0.94

-84.45

-12.91

6.78

A-

11.05.2005

20.04.2006

L'OREAL

EUR

75786

300

594

75.49

26246

27618

28892

30540

5103

5395

5.43

5.69

6.16

6.66

28.33

28.15

26.17

24.21

5.61

7.40

6.78

6.09

25.08

LVMH MOET HENNESSY LOUIS VUI

EUR

79750

382

498

88.65

30524

33974

36232

39424

7934

8496

8.21

8.89

9.44

10.50

22.79

21.87

21.47

19.30

21.20

15.73

26.38

13.71

33.54

20.05.2011

MUENCHENER RUECKVER AG-REG

EUR

28726

227

178

32.85

78581

82585

69306

71372

5.08

18.16

19.51

19.79

11.38

11.39

10.59

10.44

3.92

8.03

AA-

22.12.2006

NOKIA OYJ

EUR

10011

8747

3710

6.93

49876

43712

38937

38183

2037

-783

-199

-1.21

-0.41

-0.04

#VALUE!

-11.51

-11.66

-75.98

-30.61

5.27

BB-

15.08.2012

Ba3

23.07.2012

REPSOL SA

EUR

26133

1325

1221

49.14

77567

78009

71583

74884

10978

9974

2152

2.44

2.07

2.02

2.20

12.98

13.31

12.18

15.53

3.50

-36.91

-1.45

18.26

BBB-

19.04.2012

RWE AG

EUR

27540

1023

587

50.32

63415

63033

65949

67327

10690

9630

4.32

3.81

5.23

5.24

15.25

11.10

11.07

-3.99

8.10

-13.20

3.35

21.75

BBB+

27.07.2012

19.07.2011

SANOFI

EUR

116986

826

1324

132.49

43077

44694

45474

46812

16247

17008

4122

6.45

6.28

7.82

8.09

18.10

16.20

14.54

14.06

4.07

5.67

-5.52

4.45

48.66

AA-

18.02.2011

SAP AG

EUR

88635

862

1190

89.23

18363

19555

20749

23003

6332

6293

1897

3.72

3.83

3.95

4.53

24.30

24.27

23.55

20.55

18.31

13.56

24.49

15.40

44.49

SCHNEIDER ELECTRIC SA

EUR

34549

567

540

42.74

28883

30266

31113

32315

4860

5024

4.55

4.57

5.09

5.52

17.64

16.55

15.83

14.59

18.50

9.43

6.93

11.91

21.71

A-

26.11.2008

12.01.2009

SIEMENS AG-REG

EUR

89487

874

104.40

94846

99461

100364

102994

13401

12952

3292

9.88

6.95

7.73

8.39

18.84

19.61

16.97

15.62

8.49

3.11

11.40

14.84

18.23

A+

05.06.2009

SOCIETE GENERALE

EUR

23566

2327

747

903

168

#VALUE!

62636

62722

31089

31772

5.11

3.25

4.05

4.93

11.99

9.04

9.63

7.91

9.23

-6.50

23.01.2012

21.06.2012

TELEFONICA SA

EUR

65585

10218

4480

152.52

81070

81192

80907

81061

25019

23811

6993

1.71

1.23

1.60

1.69

15.07

11.58

10.98

4.46

2.54

-31.96

0.36

39.82

BBB

24.05.2012

Baa2 *-

20.06.2012

TOTAL SA

EUR

123551

4004

2254

149.56

214875

226853

248658

245937

42471

41168

10790

7.02

6.19

6.85

7.03

10.88

9.83

9.59

23.95

12.61

22.42

2.93

25.50

AA-

12.04.2011

Aa1

30.08.2005

UNIBAIL-RODAMCO SE

EUR

19120

36.15

2503

2124

1918

2041

1528

1355

18.09

16.94

12.15

13.06

15.83

16.42

22.07

20.55

16.80

59.58

-7.26

20.00

78.76

27.06.2007

16.07.2010

UNICREDIT SPA

EUR

25474

30197

2930

432

#VALUE!

54146

33290

33100

32913

-0.04

-7.72

0.34

0.48

16.85

11.85

2.33

-20.93

BBB+

10.02.2012

Baa2

16.07.2012

UNILEVER NV-CVA

EUR

108076

1308

2820

120.80

59950

63317

66138

70114

9627

9821

2.04

1.92

2.05

2.24

24.19

23.11

22.69

20.72

6.43

6.39

-2.68

4.06

20.72

A+

05.10.2000

11.07.2000

VINCI SA

EUR

25701

1128

540

46.30

48569

49369

48939

49317

7026

6480

4.46

4.53

4.41

4.51

12.73

13.05

13.07

12.78

13.82

7.75

7.00

9.27

18.66

BBB+

29.03.2007

Baa1

23.07.2002

VIVENDI

EUR

25835

884

1287

47.16

37173

36955

36508

37086

11414

12115

2398

3.11

1.25

2.55

2.60

20.48

14.46

10.05

9.87

-0.29

7.99

13.30

11.75

39.61

BBB *-

04.07.2012

Baa2

13.09.2005

VOLKSWAGEN AG-PREF

EUR

86080

428

465

121

193.27

205570

228291

240966

258634

27564

29716

4354

42.60

49.65

37.33

32.60

5.17

5.18

6.88

7.88

33.01

15.34

36.45

16.15

17.30

A-

31.08.2009

17.08.2009

1218

4598

4702

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

8.05

7.24

8.74

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

2.18

1.99

1.82

2.18

1.34

1.29

1.24

1.34

9.58

8.72

8.00

9.58

9.39

8.72

8.09

9.39

14.10

12.64

11.33

14.10

2.09

2.33

2.52

2.09

1576.6

8.0%

Euro Stoxx 50 Pr

1.14

1.08

1.02

1.14

0.72

0.70

0.68

0.72

5.28

4.99

4.61

5.28

13.75

13.08

12.43

13.75

10.89

9.84

8.95

10.89

4.19

4.67

5.04

4.19

2685.8

5.3%

NIKKEI 225

1.10

1.03

0.96

1.10

0.51

0.48

0.51

6.44

5.88

5.62

6.44

7.22

6.60

6.25

7.22

14.40

12.75

10.68

14.40

2.29

2.33

2.68

2.29

9998.9

10.3%

FTSE 100 INDEX

1.62

1.50

1.39

1.62

0.99

0.96

0.95

0.99

7.31

6.70

6.21

7.31

8.34

7.69

7.28

8.34

11.39

10.29

9.48

11.39

4.03

4.31

4.62

4.03

6346.0

9.0%

SWISS MARKET INDEX

2.12

1.97

1.82

2.12

1.78

1.67

1.58

1.78

11.65

10.09

9.08

11.65

13.92

12.78

11.90

13.92

13.62

12.15

11.06

13.62

3.55

3.91

4.27

3.55

7003.9

6.3%

S&P/TSX COMPOSITE INDEX

1.75

1.62

1.49

1.75

1.62

1.50

1.45

1.62

8.84

7.91

7.21

8.84

9.74

8.49

7.93

9.74

14.87

12.99

11.80

14.87

2.93

3.06

3.24

2.93

14041.0

13.4%

S&P/ASX 200 INDEX

1.66

1.56

1.48

1.66

1.57

1.48

1.40

1.57

9.57

8.75

8.21

9.57

11.30

10.04

9.33

11.30

13.03

11.70

10.85

13.03

4.93

5.29

5.66

4.93

4663.8

6.3%

HANG SENG INDEX

1.35

1.24

1.14

1.35

1.84

1.70

1.57

1.84

6.61

6.14

5.84

6.61

6.64

6.04

5.57

6.64

10.91

10.09

9.14

10.91

3.55

3.80

4.16

3.55

22528.5

8.9%

MSCI EM

1.50

1.36

1.23

1.50

1.04

0.96

0.89

1.04

7.10

6.37

5.72

7.10

7.38

6.62

6.07

7.38

11.29

9.94

9.01

11.29

2.90

3.11

3.46

2.90

1131.3

12.4%

AIR LIQUIDE SA

3.14

2.83

2.57

2.41

2.27

2.13

2.01

1.87

1.74

1.67

11.56

10.64

9.79

9.00

8.58

10.29

9.74

8.89

8.19

7.77

20.07

18.83

17.02

15.45

14.47

2.34

2.57

2.75

3.04

3.10

98.28

-0.5%

ALLIANZ SE-REG

0.96

0.88

0.83

0.78

0.70

0.43

0.44

0.43

0.39

14.36

8.46

7.84

7.47

7.30

4.65

4.88

5.22

5.48

5.53

99.94

6.4%

ANHEUSER-BUSCH INBEV NV

3.50

3.22

2.92

2.65

2.61

3.57

3.48

3.05

2.88

2.87

13.82

12.51

11.36

10.41

ARCELORMITTAL

0.38

0.42

0.41

0.39

0.26

0.27

0.26

5.52

4.20

3.74

3.26

ASML HOLDING NV

5.02

4.23

3.51

2.77

1.95

3.64

4.18

3.61

3.24

2.88

10.34

13.64

11.65

9.06

ASSICURAZIONI GENERALI

1.14

1.00

0.92

0.84

0.74

0.25

0.24

0.23

0.22

0.21

AXA SA

0.62

0.59

0.55

0.50

0.33

0.30

BANCO BILBAO VIZCAYA ARGENTA

0.85

0.86

0.82

0.78

0.80

1.71

1.55

1.50

1.42

1.35

2.97

2.95

BANCO SANTANDER SA

0.78

0.77

0.76

0.75

0.81

1.37

1.35

1.30

1.24

1.18

2.26

2.22

BASF SE

2.60

2.36

2.15

1.97

1.67

0.85

0.81

0.78

0.75

0.72

7.07

7.76

7.07

6.76

6.06

6.46

6.15

5.84

5.58

BAYER AG-REG

2.81

2.74

2.48

2.26

2.01

1.54

1.44

1.38

1.31

1.25

10.96

9.63

8.48

7.98

7.30

8.37

8.09

7.37

6.90

BAYERISCHE MOTOREN WERKE AG

1.39

1.24

1.12

1.02

1.01

0.55

0.51

0.50

0.48

0.50

4.19

4.58

4.36

4.21

3.20

7.00

7.40

7.21

7.24

BNP PARIBAS

0.68

0.64

0.61

0.58

0.56

1.17

1.25

1.21

1.17

1.20

2.92

4.38

4.10

3.90

CARREFOUR SA

1.31

1.61

1.53

1.39

1.30

0.14

0.15

0.14

4.48

4.85

4.22

3.92

3.62

5.93

6.09

5.84

5.52

COMPAGNIE DE SAINT-GOBAIN

0.84

0.85

0.82

0.79

0.74

0.37

0.36

0.35

0.33

0.32

5.02

5.20

4.95

4.62

4.23

5.23

5.69

5.34

CRH PLC

1.05

1.03

1.01

0.97

0.94

0.62

0.58

0.56

0.53

0.48

8.18

8.67

7.79

6.62

5.67

9.29

9.06

DAIMLER AG-REGISTERED SHARES

1.05

0.98

0.90

0.83

0.77

0.40

0.38

0.36

0.35

0.36

5.23

4.76

4.24

3.87

2.80

8.98

8.60

DANONE

2.39

2.33

2.15

1.98

1.71

1.66

1.53

1.42

1.34

1.26

11.64

10.99

10.06

9.30

8.32

11.23

10.67

DEUTSCHE BANK AG-REGISTERED

0.58

0.54

0.51

0.47

0.90

0.94

0.91

0.87

0.88

4.44

6.45

5.17

4.19

DEUTSCHE TELEKOM AG-REG

1.14

1.23

1.21

1.29

0.73

0.74

0.75

0.76

0.77

2.91

3.07

3.08

3.10

4.91

4.84

5.01

5.08

5.11

E.ON AG

0.92

0.95

0.91

0.88

0.86

0.39

0.34

0.33

0.32

5.93

4.54

4.80

4.37

4.43

7.44

6.37

6.08

ENEL SPA

0.72

0.69

0.66

0.63

0.66

0.38

0.37

0.36

0.33

2.60

3.07

2.94

2.70

2.56

5.99

6.43

6.37

ENI SPA

1.21

1.08

1.00

0.93

0.83

0.59

0.55

0.54

0.53

0.51

4.05

3.50

3.23

3.15

2.84

3.54

3.22

ESSILOR INTERNATIONAL

4.98

4.15

3.72

3.33

2.87

3.72

3.16

2.91

2.66

2.41

21.42

19.61

18.02

15.65

16.13

18.23

FRANCE TELECOM SA

0.90

0.96

0.95

0.94

0.96

0.57

0.60

0.61

0.62

2.13

2.43

2.52

2.64

2.72

3.97

GDF SUEZ

0.68

0.69

0.70

0.66

0.49

0.48

0.47

0.45

0.44

3.81

3.68

3.62

3.55

2.83

IBERDROLA SA

0.66

0.65

0.63

0.61

0.63

0.75

0.71

0.69

0.67

0.71

3.82

3.86

4.13

3.95

3.53

INDITEX

8.43

7.02

6.10

5.37

4.77

4.37

3.81

3.42

3.09

2.82

22.75

18.93

16.94

15.19

13.27

ING GROEP NV-CVA

0.56

0.51

0.48

0.45

0.38

0.48

0.68

0.59

0.75

0.55

3.85

INTESA SANPAOLO

0.34

0.40

0.38

0.37

1.22

1.17

1.18

1.15

2.80

2.57

2.54

2.42

8.28

9.95

KONINKLIJKE PHILIPS ELECTRON

1.35

1.40

1.35

1.28

1.18

0.79

0.73

0.70

0.67

0.63

12.09

8.49

7.29

6.69

5.35

7.79

6.79

5.84

5.36

4.81

19.61

14.51

L'OREAL

3.55

3.11

2.88

2.66

2.46

2.90

2.62

2.48

2.35

2.22

17.82

15.96

14.70

13.74

12.81

14.66

13.24

12.30

11.48

10.81

22.80

20.29

LVMH MOET HENNESSY LOUIS VUI

3.05

2.45

2.23

2.02

1.85

2.65

2.20

2.02

1.87

1.75

15.03

12.82

11.29

10.33

9.88

11.65

9.76

8.82

8.03

7.47

19.59

MUENCHENER RUECKVER AG-REG

1.01

0.94

0.89

0.86

0.72

0.44

0.41

0.40

0.37

36.06

NOKIA OYJ

0.60

0.92

1.04

1.08

1.22

0.20

0.26

0.25

4.77

15.70

6.73

2.14

5.39

2.87

1.93

8.32

REPSOL SA

0.78

0.77

0.73

0.70

0.67

0.31

0.37

0.35

0.36

3.41

4.33

4.03

3.67

3.53

4.52

5.65

5.24

4.94

4.67

9.68

10.32

RWE AG

1.17

1.29

1.21

1.14

1.01

0.40

0.42

0.41

0.40

0.38

3.52

3.57

3.60

3.49

3.64

4.72

4.54

4.41

4.24

4.21

8.16

SANOFI

1.65

1.55

1.48

1.41

1.33

2.72

2.57

2.50

2.39

2.31

9.09

9.94

9.45

8.54

7.55

8.18

8.03

7.65

7.11

6.58

SAP AG

5.36

4.63

3.90

3.29

2.70

4.85

4.27

3.85

3.49

3.26

17.12

16.94

14.92

12.75

11.03

13.29

12.44

10.92

9.67

SCHNEIDER ELECTRIC SA

1.69

1.55

1.45

1.35

1.26

1.22

1.11

1.07

1.02

0.97

11.53

9.77

9.05

8.11

7.79

9.19

8.50

7.99

SIEMENS AG-REG

2.12

2.13

1.98

1.79

1.48

0.95

0.89

0.87

0.84

0.81

8.79

11.39

9.14

7.53

6.73

6.94

8.30

7.90

SOCIETE GENERALE

0.41

0.40

0.38

0.36

0.37

0.72

0.76

0.74

0.72

0.73

2.04

3.08

3.04

2.79

TELEFONICA SA

2.31

2.28

2.09

1.93

1.66

0.81

0.80

0.79

3.36

3.43

3.39

3.14

3.06

5.61

5.53

TOTAL SA

1.38

1.23

1.12

1.03

0.54

0.50

4.53

4.36

4.11

3.99

3.65

UNIBAIL-RODAMCO SE

1.25

1.21

1.14

1.05

9.95

9.97

9.37

8.69

8.47

17.55

16.96

16.00

14.59

14.64

22.61

UNICREDIT SPA

0.20

0.33

0.32

0.31

0.29

0.78

0.77

0.75

0.68

0.83

1.85

1.79

1.65

UNILEVER NV-CVA

4.87

4.98

4.41

3.94

3.39

1.80

1.63

1.54

1.46

1.41

14.59

13.92

12.64

11.68

10.90

12.07

11.23

10.37

9.70

VINCI SA

1.51

1.42

1.33

1.26

1.13

0.55

0.53

0.52

0.51

0.49

5.29

5.07

4.98

4.75

4.49

6.59

6.60

6.51

VIVENDI

0.85

0.97

0.92

0.89

0.81

0.70

0.71

0.70

0.69

0.67

3.31

3.37

3.49

3.47

3.25

4.41

4.67

VOLKSWAGEN AG-PREF

1.20

0.99

0.89

0.79

0.83

0.43

0.36

0.33

0.32

0.34

3.77

3.49

3.20

3.16

7.64

6.81

9.91

11.75

11.42

10.00

9.27

8.95

22.55

18.83

17.17

15.50

14.49

1.57

2.20

2.65

3.04

3.29

69.66

3.7%

4.94

6.27

5.25

4.62

3.99

7.19

15.74

8.76

6.56

4.93

4.85

4.87

4.91

4.03

14.57

21.3%

10.35

12.51

10.79

9.28

8.01

12.52

15.24

12.40

10.32

8.19

1.11

1.26

1.40

1.37

46.52

13.4%

15.91

10.28

8.47

8.16

7.61

2.56

2.80

3.36

3.81

2.51

11.36

-2.6%

7.30

6.66

6.21

5.82

5.64

5.70

5.89

6.34

6.75

7.29

14.77

20.1%

2.79

7.70

16.45

8.35

7.14

6.89

6.20

6.19

6.39

6.69

6.48

6.49

0.9%

2.11

7.68

12.90

8.60

7.76

7.69

9.09

8.40

8.76

8.88

7.43

5.76

-6.4%

5.59

10.81

12.34

11.14

10.25

9.94

3.53

3.82

3.99

4.28

4.57

67.27

0.0%

6.51

14.04

12.68

11.58

10.54

9.70

2.44

2.66

2.96

3.25

3.55

67.55

-0.4%

7.38

7.68

7.80

7.64

7.42

8.43

4.03

4.44

4.77

5.09

4.07

72.27

22.5%

7.65

7.12

7.07

6.48

7.08

3.36

3.85

4.23

4.70

3.54

42.03

7.7%

5.40

12.30

13.36

12.10

10.57

9.55

4.64

3.16

3.47

3.93

4.79

17.70

2.3%

4.86

4.54

8.90

11.43

9.71

8.33

7.43

4.28

4.01

4.38

4.86

5.15

33.16

12.7%

8.39

7.29

6.38

20.09

19.18

16.31

12.70

10.06

4.10

4.12

4.18

4.32

4.48

14.47

-5.7%

7.75

7.17

6.17

7.81

7.77

6.92

6.14

5.92

4.99

5.52

5.96

6.56

47.64

20.2%

9.92

9.26

8.47

17.03

16.12

14.71

13.37

11.91

2.78

2.95

3.22

3.49

3.93

52.43

5.7%

6.78

8.77

7.06

5.93

5.75

2.28

2.19

2.39

2.79

3.15

33.88

4.1%

5.22

14.70

15.99

15.42

14.57

13.67

7.04

6.87

6.91

6.97

9.69

-2.5%

5.84

5.67

15.33

8.75

10.51

9.80

9.37

5.27

5.80

5.86

5.99

6.23

19.49

2.8%

6.20

5.97

6.90

8.19

8.25

7.62

8.56

8.71

4.87

4.91

5.34

6.34

3.07

2.6%

3.21

3.11

2.82

9.20

8.63

8.19

7.81

6.94

5.75

5.97

6.11

6.24

6.37

19.83

10.0%

15.60

14.28

12.94

11.41

29.48

26.05

23.43

21.23

18.77

1.26

1.36

1.51

1.65

1.89

71.54

-2.3%

4.31

4.46

4.56

4.62

6.05

7.60

7.92

8.02

7.93

14.33

11.96

11.03

10.49

11.06

12.13

24.1%

6.37

6.09

5.93

5.57

5.29

12.91

12.12

11.63

10.43

9.35

7.86

7.77

7.97

8.21

20.92

8.1%

6.58

6.52

6.50

6.25

5.87

7.63

8.29

8.80

8.29

7.60

8.78

8.27

7.47

7.66

7.47

4.29

14.4%

17.63

14.46

12.86

11.54

10.58

31.37

25.53

22.57

20.21

18.35

1.87

2.26

2.61

2.94

3.20

98.48

1.9%

4.98

6.28

5.60

5.06

4.95

0.00

0.50

3.08

5.56

6.15

7.54

15.2%

8.45

6.67

4.41

4.86

4.38

5.11

6.16

8.10

1.33

7.4%

11.51

10.27

8.90

4.01

4.04

4.19

4.45

4.63

19.29

3.6%

18.76

17.38

15.84

2.02

2.28

2.52

2.72

3.17

100.32

3.6%

16.65

14.96

13.51

12.45

2.00

2.48

2.78

3.06

3.12

145.94

19.9%

8.21

8.09

7.49

7.90

8.21

5.03

5.24

5.43

5.54

5.57

124.62

0.4%

18.84

15.35

8.83

2.80

3.81

2.94

7.24

2.07

0.1%

9.44

8.81

8.44

7.17

5.15

5.48

5.77

5.89

17.55

8.9%

8.60

8.58

8.01

7.94

5.88

5.93

6.00

6.35

6.30

34.95

0.2%

10.28

11.27

10.89

9.97

9.25

3.81

4.04

4.44

4.95

5.33

69.04

1.0%

8.51

20.21

18.25

15.93

14.12

13.04

1.28

1.54

1.73

1.89

2.06

55.67

-0.5%

7.39

6.94

13.19

12.27

11.31

10.24

9.60

3.48

3.74

4.05

4.43

4.90

51.50

6.4%

7.17

6.47

10.11

13.15

12.11

10.82

9.78

3.89

4.03

4.24

4.71

78.10

-0.8%

6.56

7.46

6.13

5.25

6.00

0.00

2.31

3.80

4.84

4.14

24.08

2.9%

5.53

5.47

5.46

7.22

8.98

8.51

8.25

8.19

13.78

0.00

6.71

8.21

8.44

11.75

5.2%

3.50

3.44

3.35

7.82

7.62

7.43

7.45

6.54

5.68

5.77

5.90

6.02

6.42

43.78

8.1%

21.49

20.22

18.65

18.06

17.11

15.93

14.75

14.64

5.01

5.19

5.43

5.77

5.97

164.73

2.2%

10.65

13.06

9.19

6.14

4.13

0.18

2.08

3.67

5.31

4.69

3.46

1.4%

8.96

17.90

17.58

16.06

14.78

13.62

3.15

3.40

3.65

3.85

4.07

28.99

3.8%

6.28

6.05

10.02

10.13

9.91

9.26

8.84

5.04

5.14

5.25

5.53

5.74

44.15

27.5%

4.66

4.60

4.48

6.87

7.79

7.65

7.37

6.92

9.15

6.56

6.71

6.97

7.99

17.34

12.6%

5.84

5.30

5.19

8.17

5.33

6.11

5.39

5.97

1.96

2.38

2.89

3.33

3.99

178.96

16.0%

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

18.18

24.09.2012

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

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AI FP EQUITY YTD Change AI FP EQUITY YTD % CHANGE

12/2011 06/yy 100.00 74.96 217'685.00 98.76 -1.26% 31.74% 97.96% 312.1 30'820.04 7'036.00 0.0 237.1 1'761.10 37'089.94

1.5 M

1.0 M

.5 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

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

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

3.5 M

100 80

Valuation Analysis

31.12.2007 11'801.2 2.45x 2'730.0 10.57x 1'123.1 21.70x

120

31.12.2008 31.12.2009 13'103.1 11'976.1 1.73x 2.25x 2'941.8 2'969.0 7.71x 9.08x 1'220.0 1'230.0 13.93x 17.67x Profitability

LTM-4Q 31.12.2010 13'488.0 2.38x 3'374.3 9.50x 1'403.6 18.97x

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

31.12.2011 14'456.9 2.25x 3'563.6 9.13x 1'534.9 17.60x 3'563.60 2'408.70 16.66% 15.02% 6.58% 16.45% 10.88% 0.62% 24.6% 16.7% 10.6% 1.16 0.90 29.17% 72.10% 5.33 -

Price/ Cash Flow

03/yy 13'879.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 14'702.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.77 310.52 32.15% 16.64% 0.772 35 3.314 976'594 733'800 847'641 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 15'358.8 16'524.0 3'852.8 4'061.0 2.39x 2.20x 8.79x 3'810.2 4'173.9 1'938.0 9.74x 8.89x 1'624.1 1'804.1 807.5 18.83x 17.02x S&P Issuer Ratings

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

02.07.2007 A POS 06.05.2004 A-1 14.00 7.11 1.48 1.97 72.1% 41.3% 0.62 1.25 68.43 -

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Air Liquide SA Holdings By:

All

Holder Name NATIXIS ASSET MANAGE THORNBURG INVESTMENT VANGUARD GROUP INC BLACKROCK INSTITUTIO MASSACHUSETTS FINANC DEUTSCHE BANK AG BLACKROCK ASSET MANA AIR LIQUIDE CAPITAL WORLD INVEST MERCURY ASSET MANAGE FIDELITY INTERNATION T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL HARTFORD INVESTMENT LBPAM HARDING LOEVNER LP UNION INVESTMENT GMB MFS INVESTMENT MANAG UNITED SERVICES AUTO ARTISAN PARTNERS HOL

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

Firm Name

Analyst

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

VERONIQUE COLAS MARCO GUENTHER JEREMY REDENIUS HEIDI VESTERINEN LAURENCE ALEXANDER NEIL C TYLER RAKESH PATEL THOMAS SWOBODA TIMOTHY JONES MARKUS MAYER GUNTHER ZECHMANN TEAM COVERAGE VALERIE GASTALDY GEOFF HAIRE JUERGEN RECK ULLE WORNER PETER CLARK CHRIS COUNIHAN JEAN DE WATTEVILLE JOHNSON IMODE PETER MACKEY CHRISTOPH SCHOENDUBE PATRICIA GARCIA SANCHEZ ARI AGOPYAN STEPHAN KIPPE TONY JONES KLAUS RINGEL PAUL W SATCHELL ADAM COLLINS ANNETT WEBER FREDERIC WILLIAMS-GOBEAUX FABIAN SMEETS PETER SPENGLER HASSAN I AHMED

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

Recommendation reduce sell outperform neutral hold neutral neutral/neutral sell hold hold underweight underweight hold neutral outperform buy buy outperform reduce hold Equalwt/In-Line hold buy hold add buy outperform hold buy market weight neutral not rated buy neutral

Amt Held 4'881'147 4'574'174 3'516'031 1'650'107 1'477'098 1'412'488 1'126'682 1'119'676 1'055'066 907'316 812'698 800'775 713'037 670'065 631'581 509'650 470'821 464'229 460'862 431'324

% Out 1.56 1.47 1.13 0.53 0.47 0.45 0.36 0.36 0.34 0.29 0.26 0.26 0.23 0.21 0.2 0.16 0.15 0.15 0.15 0.14

Weighting

Change

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

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

Latest Chg 176'968 424'253 1'385 74'778 62 7'662 (172'981) 653'801 139'128 (59'101) (14'068) 1'189 144'631 8'124 67'552 -

Target Price 98 #N/A N/A 105 98 97 100 120 86 94 100 92 #N/A N/A #N/A N/A 98 100 100 102 105 100 93 97 97 100 91 94 #N/A N/A 96 82 121 92 83 #N/A N/A 91 95

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

File Dt Inst Type 30.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.12.2011 Corporation 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.12.2011 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 31.03.2012 Investment Advisor

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

Date 20.09.2012 19.09.2012 18.09.2012 11.09.2012 10.09.2012 06.09.2012 04.09.2012 28.08.2012 23.08.2012 21.08.2012 16.08.2012 08.08.2012 07.08.2012 03.08.2012 03.08.2012 02.08.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 26.07.2012 25.06.2012 04.06.2012 18.05.2012 02.05.2012 25.04.2012 08.02.2012 19.01.2012 27.10.2011 03.01.2011

24.09.2012

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

Price/Volume 120

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/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 ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2011 06/yy 97.33 57.50 630'681.00 93.95 -3.47% 63.39% 94.10% 455.3 42'775.43 28'411.00 0.0 2'338.0 10'492.00 62'778.43

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

20 0 s-11

31.12.2008 31.12.2009 76'195.0 82'711.0 0.69x 0.75x 0.0 0.0 0.00x 0.00x (2'444.0) 4'297.0 8.51x 8.37x Profitability

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Market Data

LTM-4Q 31.12.2010 89'740.0 0.67x 0.0 0.00x 5'053.0 7.94x

31.12.2011 87'384.0 0.61x 0.0 0.00x 2'545.0 13.13x 7.01% 5.45% 0.40% 5.69% 4.92% 0.14% 2.9% 4.43% 63.26% -

Price/ Cash Flow

LTM

06/yy 89'734.0 2.78x 0.0 0.00x 4'256.0 10.12x

06/yy 90'554.0 2.48x 0.0 0.00x 3'293.0 10.65x

FY+1

1.26 455.30 68.14% 34.27% 1.262 44 4.205 2'794'859 2'231'256 2'372'830 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 96'273.2 99'071.1 21'847.0 21'847.0 0.60x 0.52x 5'003.8 5'367.1 1'227.0 1'227.0 8.46x 7.84x 8.34x 8.16x S&P Issuer Ratings

27.01.2012 AA NEG 23.03.2009 A-1+ 63.3% 37.5% 0.14 -

Sales/Revenue/Turnover

8.00

100'000.0

7.00

90'000.0 80'000.0

6.00

70'000.0

5.00

60'000.0

4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

o-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 94'767.0 2.57x 0.0 0.00x 7'966.0 8.22x

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 |

24.09.2012

Allianz SE Holdings By:

All

Holder Name BLACKROCK INC AXA BLACKROCK ASSET MANA HARBOR CAPITAL ADVIS VANGUARD GROUP INC DB PLATINUM ADVISORS HARRIS ASSOCIATES L FIDELITY INTERNATION DEUTSCHE BANK AG UNION INVESTMENT GMB BLACKROCK INSTITUTIO THORNBURG INVESTMENT MORGAN STANLEY FIDELITY MANAGEMENT ALLIANZ GLOBAL INVES ADIG INVESTMENT DEKA INVESTMENT GMBH CAPITAL WORLD INVEST OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE

Firm Name

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

Analyst

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

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

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

Amt Held 30'030'982 13'449'857 11'426'436 5'739'619 5'300'998 5'121'772 4'859'640 4'784'769 4'403'327 3'964'257 3'851'561 3'791'607 3'746'308 3'532'456 2'374'508 2'332'786 2'139'539 1'936'650 1'476'149 1'312'723

% Out 6.6 2.95 2.51 1.26 1.16 1.12 1.07 1.05 0.97 0.87 0.85 0.83 0.82 0.78 0.52 0.51 0.47 0.43 0.32 0.29

Weighting

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

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

Latest Chg 452 198'538 405'119 133'585 1'053'725 (285'610) (3'000) (14'025) 88'551 3'247 (718) -

Target Price 104 120 100 100 99 90 109 98 85 73 92 107 113 #N/A N/A #N/A N/A 86 105 110 105 100 112 105 96 100 108 100 97 #N/A N/A 86 120 100 95 101 75 91 107 110 #N/A N/A 110 106 100 92 106

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

File Dt Inst Type 30.12.2011 Investment Advisor 30.07.2010 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.03.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 16.05.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 30.04.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 20.09.2012 17.09.2012 14.09.2012 14.09.2012 11.09.2012 11.09.2012 07.09.2012 06.09.2012 05.09.2012 31.08.2012 29.08.2012 29.08.2012 28.08.2012 13.08.2012 10.08.2012 08.08.2012 07.08.2012 07.08.2012 07.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 31.07.2012 30.07.2012 27.07.2012 19.07.2012 16.07.2012 03.07.2012 15.03.2012 08.02.2012 26.01.2012 06.12.2011 11.11.2011 12.05.2011

24.09.2012

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

Price/Volume 80

6.0 M

5.0 M

60 4.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/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 ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE

12/2011 06/yy 71.05 37.24 446'109.00 67.19 -5.45% 80.42% 88.46% 1'606.3 107'928.27 40'165.00 0.0 3'552.0 5'423.00 179'285.89

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

2.0 M

20 1.0 M

10 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 19'780.7 2.84x 6'828.0 8.23x 3'013.0 15.83x

3.0 M

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

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

31.12.2011 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x 15'297.00 12'607.00 32.29% 25.14% 5.16% 16.10% 12.37% 0.34% 57.4% 39.2% 32.3% 15.0% 0.63 0.49 35.73% 107.13% 8.92 6.82

Price/ Cash Flow

LTM

06/yy 37'751.0 0.00x 0.0 0.00x 4'816.0 18.16x

06/yy 39'294.0 7.66x 4'239.0 0.00x 7'090.0 17.44x

FY+1

0.75 81.07% 45.13% 0.755 36 3.722 2'091'273 1'679'055 2'032'497 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 39'971.1 45'576.2 10'413.0 10'187.5 4.33x 3.86x 15'700.8 17'930.7 3'922.0 4'511.0 11.42x 10.00x 7'425.3 8'219.3 1'818.0 2'003.0 18.83x 17.17x S&P Issuer Ratings

01.05.2012 A STABLE 01.05.2012 A-1 5.53 4.31 2.27 2.63 107.1% 49.5% 0.34 2.45 40.94 53.49 277.81 -183.39

Sales/Revenue/Turnover

14.00

45'000.0

12.00

40'000.0 35'000.0

10.00

30'000.0

8.00

25'000.0

6.00

20'000.0 15'000.0

4.00

10'000.0

2.00 0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Anheuser-Busch InBev NV Holdings By:

All

Holder Name STICHTING INBEV EPS BRC SARL CAPITAL WORLD INVEST FIDELITY MANAGEMENT VANGUARD GROUP INC ANHEUSER-BUSCH INBEV HARBOR CAPITAL ADVIS CAPITAL RESEARCH GLO VOORZITTER VERHELST BNP PARIBAS ASSET MG INBEV-BAILLET LATOUR ARTISAN PARTNERS HOL BLACKROCK GROUP LIMI FIDELITY INTERNATION BLACKROCK INSTITUTIO FIRST STATE INVESTME BRITO CARLOS ALVES D MANNING & NAPIER ADV BLACKROCK ASSET MANA

Firm Name

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

Analyst

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

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

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

Amt Held 663'074'830 133'467'609 33'048'460 28'717'188 20'809'911 16'789'722 12'006'309 10'882'616 10'611'548 6'997'665 6'793'840 5'485'415 5'002'588 4'598'549 4'073'744 3'902'673 3'052'876 2'928'172 2'747'770 2'564'934

% Out 41.28 8.31 2.06 1.79 1.3 1.05 0.75 0.68 0.66 0.44 0.42 0.34 0.31 0.29 0.25 0.24 0.19 0.18 0.17 0.16

Weighting

Change

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

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

Latest Chg (1'086'000) (316'057) (1'574'251) (49'930) 71'000 (453'912) (2'577) (760'224) 457'122 3'562 33'063 740

Target Price 59 70 42 75 74 82 65 #N/A N/A 76 74 80 58 67 73 60 73 59 64 71 #N/A N/A 76 #N/A N/A 70 71 71 62 60 #N/A N/A 66 #N/A N/A 60 #N/A N/A #N/A N/A 64 #N/A N/A 42 #N/A N/A 50

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

File Dt 21.12.2010 21.12.2010 21.12.2010 30.06.2012 31.07.2012 30.06.2012 21.12.2010 30.06.2012 30.06.2012 21.12.2010 31.07.2012 21.12.2010 31.03.2012 20.09.2012 29.02.2012 20.09.2012 31.05.2012 30.06.2009 31.07.2012 20.09.2012

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

Inst Type n/a n/a Other Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Other Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 21.09.2012 20.09.2012 20.09.2012 19.09.2012 18.09.2012 18.09.2012 14.09.2012 10.09.2012 10.09.2012 07.09.2012 04.09.2012 03.09.2012 29.08.2012 29.08.2012 21.08.2012 20.08.2012 20.08.2012 09.08.2012 08.08.2012 08.08.2012 07.08.2012 07.08.2012 06.08.2012 02.08.2012 01.08.2012 01.08.2012 01.08.2012 31.07.2012 31.07.2012 27.07.2012 02.07.2012 29.06.2012 29.06.2012 29.06.2012 29.06.2012 05.03.2012 07.02.2012 27.09.2011

24.09.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (9/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 MT NA EQUITY YTD Change MT NA EQUITY YTD % CHANGE

12/2011 06/yy 17.96 10.60 4'583'620.00 12.01 -33.13% 13.36% 24.30% 1'560.9 18'746.58 25'789.00 0.0 3'787.0 3'821.00 49'999.35

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

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 105'216.0 1.31x 19'400.0 7.09x 10'368.0 10.43x

20 18 16 14 12 10 8 6 4 2 0 s-11

31.12.2008 31.12.2009 124'936.0 61'021.0 0.50x 1.52x 24'436.0 3'656.0 2.57x 25.37x 9'399.0 157.0 3.49x 308.59x Profitability

LTM-4Q 31.12.2010 78'025.0 1.05x 8'014.0 10.25x 2'916.0 17.66x

31.12.2011 93'973.0 0.58x 9'898.0 5.47x 2'263.0 15.75x 9'898.00 4'898.00 5.21% 2.85% 1.79% 3.80% 4.00% 0.74% 9.0% 10.5% 5.2% 2.4% 1.49 0.43 21.16% 45.49% 15.43 4.14

Price/ Cash Flow

LTM

06/yy 83'737.0 3.89x 9'893.0 8.41x 3'137.0 18.08x

06/yy 91'844.0 2.34x 8'925.0 5.57x 629.0 37.37x

FY+1

4.90 1.51 872.65 9.52% -12.07% 1.515 44 3.727 10'976'840 8'416'633 8'551'057 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 88'587.7 92'317.2 20'221.3 20'700.0 0.57x 0.53x 2.46x 2.39x 7'984.9 9'532.7 1'665.0 1'921.8 6.27x 5.25x 6.22x 5.80x 1'490.4 2'489.8 431.6 454.8 15.74x 8.76x 11.44x 9.60x S&P Issuer Ratings

02.08.2012 BB+ NEG 02.08.2012 B 5.09 2.60 2.22 2.61 45.5% 29.9% 0.74 1.73 23.65 88.08 54.34 57.38

Sales/Revenue/Turnover

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00

0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

ArcelorMittal Holdings By:

All

Holder Name HSBC TRUSTEE CI LTD MORGAN STANLEY STATE OF LUXEMBOURG CAPITAL RESEARCH GLO NATIXIS ASSET MANAGE CAPITAL WORLD INVEST ARCELOR MITTAL VANGUARD GROUP INC ING INVESTMENT MANAG AVIVA PLC BLACKROCK INSTITUTIO LBPAM ACHMEA BELEGGINSFOND BLACKROCK ASSET MANA HENDERSON GLOBAL INV BNP PARIBAS ASSET MG ING INTERNATIONAL AD BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA MERCURY ASSET MANAGE

Firm Name HSBC AlphaValue Nomura Kepler Capital Markets Banco Sabadell Exane BNP Paribas Goldman Sachs Jefferies National Bank AG ING Wholesale Banking Morgan Stanley EVA Dimensions Societe Generale RBC Capital Markets Bankia Bolsa (ESN) JPMorgan La Caixa Grupo Santander Commerzbank Corporates & Markets Macquarie Rabobank International Main First Bank AG ABN Amro Bank N.V. BHF-Bank Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH Hamburger Sparkasse Petercam Ahorro Corporacion Financiera SA S&P Capital IQ Day by Day Banesto Bolsa SA Sociedad Natixis Deutsche Bank Kempen & Co BBVA Theodoor Gilissen Securities Barclays Cyrrus Davy Dahlman Rose & Co Daiwa Securities Co. Ltd.

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

Analyst THORSTEN ZIMMERMANN VERONIQUE COLAS NEIL SAMPAT ROCHUS BRAUNEISER FRANCISCO JOSE RODRIGUEZ LUC PEZ STEPHEN BENSON SETH ROSENFELD MANFRED JAISFELD TIJS HOLLESTELLE ALEXANDER HAISSL TEAM COVERAGE ALAIN WILLIAM TIMOTHY HUFF INIGO RECIO PASCUAL ALESSANDRO ABATE ICIAR GOMEZ BOTAS JUAN RAMON CORREAS INGO-MARTIN SCHACHEL JEFFREY LARGEY FRANK CLAASSEN ALEXANDER HAUENSTEIN MAARTEN BAKKER HERMANN REITH HOLGER FECHNER ACHIM WITTMANN SVEN DIERMEIER INGO SCHMIDT ALAN VANDENBERGHE CESAR SANCHEZ-GRANDE JOHNSON IMODE VALERIE GASTALDY ROBERT JACKSON RAOUDHA BOUZEKRI BASTIAN SYNAGOWITZ SANDER VAN OORT LUIS DE TOLEDO TOM MULLER VINCENT LEPINE JIRI SIMARA TIM CAHILL ANTHONY B RIZZUTO JR SCOTT FINLAY

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

Recommendation neutral buy neutral reduce buy neutral neutral/neutral buy buy hold Equalwt/Cautious overweight hold outperform buy overweight buy hold hold outperform buy sell buy market weight sell buy buy buy hold buy sell sell Under Review buy hold buy underperform buy equalweight accumulate underperform buy buy

Amt Held 637'338'263 80'449'457 38'965'330 29'376'754 13'674'876 12'987'736 11'807'964 10'967'755 7'247'141 5'519'718 5'149'560 3'517'449 3'148'939 3'115'103 3'022'839 3'015'083 2'932'632 2'679'227 2'586'678 2'492'536

% Out 40.83 5.15 2.5 1.88 0.88 0.83 0.76 0.7 0.46 0.35 0.33 0.23 0.2 0.2 0.19 0.19 0.19 0.17 0.17 0.16

Weighting

Change

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

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

Latest Chg (495'000) (120'362) (410'000) 490'059 (48'532) (5'382) (36'678) 920 2'629'222 1'353 1'342'391 647'493 394'803 -

Target Price 14 19 15 10 19 12 14 15 15 13 14 #N/A N/A 13 16 19 15 15 18 12 15 15 10 18 14 10 16 14 #N/A N/A 14 15 11 7 #N/A N/A 13 16 19 15 20 19 18 #N/A N/A #N/A N/A 30

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

File Dt Inst Type 31.07.2012 Unclassified 17.02.2010 Investment Advisor 17.05.2012 Government 30.06.2012 Investment Advisor 30.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 17.05.2012 Corporation 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 24.09.2012 20.09.2012 18.09.2012 11.09.2012 10.09.2012 10.09.2012 09.09.2012 04.09.2012 03.09.2012 03.09.2012 30.08.2012 08.08.2012 03.08.2012 03.08.2012 03.08.2012 02.08.2012 02.08.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 29.06.2012 27.06.2012 10.06.2012 21.05.2012 15.05.2012 14.05.2012 30.01.2012 10.11.2011 17.10.2011 08.06.2011

24.09.2012

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

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.07.2012) 52-Week Low (03.10.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASML NA EQUITY YTD Change ASML NA EQUITY YTD % CHANGE

12/2011 06/yy 48.34 24.45 888'599.00 41.005 -15.13% 67.74% 71.62% 495.4 20'314.94 736.37 0.0 0.0 2'731.78 18'354.94

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

10.0 M 8.0 M

6.0 M 4.0 M

10 0 s-11

2.0 M .0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 3'808.7 2.30x 951.7 9.21x 687.8 14.54x

12.0 M

31.12.2008 31.12.2009 2'953.7 1'596.1 1.71x 6.29x 406.2 (21.5) 12.42x 0.00x 322.4 (150.9) 17.00x 0.00x Profitability

LTM-4Q 31.12.2010 4'507.9 2.52x 1'402.1 8.11x 1'021.8 12.30x

31.12.2011 5'651.0 2.02x 1'806.4 6.33x 1'467.0 9.41x 1'806.40 1'641.22 29.04% 29.17% 21.83% 47.18% 39.06% 0.84% 43.3% 32.0% 29.0% 26.0% 2.56 1.62 10.14% 21.38% 5.64 2.05

Price/ Cash Flow

06/yy 5'679.0 7.11x 1'928.2 4.64x 1'502.4 7.14x

LTM 06/yy 5'149.0 9.58x 1'540.5 9.65x 1'213.8 13.67x

FY+1

0.94 420.65 59.61% 27.79% 0.941 37 3.514 2'900'949 1'957'526 2'233'902 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 4'863.6 5'632.8 1'216.5 1'169.2 3.72x 3.10x 15.20x 15.53x 1'470.1 1'705.0 370.3 341.3 12.51x 10.79x 12.60x 12.01x 1'114.7 1'351.7 278.1 263.1 15.24x 12.40x 14.36x 13.31x S&P Issuer Ratings

53.54 44.62 -1.10 0.41 21.4% 17.6% 0.84 6.28 64.72 177.95 54.80 187.87

Sales/Revenue/Turnover

250.00

6'000.0 5'000.0

200.00

4'000.0 150.00

3'000.0 100.00

2'000.0

50.00

0.00 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 |

24.09.2012

ASML Holding NV Holdings By:

All

Holder Name STICHTING ADM MAKTSJ CAPITAL WORLD INVEST FIDELITY MANAGEMENT WADDELL & REED FINAN ASML HOLDING NV VANGUARD GROUP INC FIDELITY INTERNATION CAPITAL RESEARCH GLO WILLIAM BLAIR & COMP ING INVESTMENT MANAG BLACKROCK INSTITUTIO T ROWE PRICE ASSOCIA BNP PARIBAS ASSET MG BLACKROCK ASSET MANA RCM CAPITAL MANAGEME HENDERSON GLOBAL INV ACHMEA BELEGGINSFOND MERCURY ASSET MANAGE DEUTSCHE BANK AG BLACKROCK GROUP LIMI

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

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

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

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

Recommendation hold buy neutral hold Overwt/Cautious buy add overweight outperform hold outperform hold buy hold hold hold overweight sell outperform reduce hold sell neutral hold sell neutral/neutral overweight reduce hold hold hold outperform neutral hold neutral

Amt Held 62'977'877 29'487'334 18'100'162 14'204'440 11'662'377 4'798'201 4'736'057 3'821'625 2'784'161 2'524'195 2'139'867 1'924'110 1'617'713 1'431'386 1'403'112 1'366'887 1'182'452 1'132'870 1'128'745 1'049'974

% Out 12.71 5.95 3.65 2.87 2.35 0.97 0.96 0.77 0.56 0.51 0.43 0.39 0.33 0.29 0.28 0.28 0.24 0.23 0.23 0.21

Weighting

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

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

Latest Chg 2'393'989 (16'595'564) (330'640) 158'443 (3'331'764) (130'875) (30'878) (69'119) 1'864 (241'251) (277'103) 416 71'142 1'261'131 (14'539) 110'000 (28'434)

Target Price 47 52 48 42 58 50 46 44 58 45 47 47 48 47 45 48 54 35 55 31 #N/A N/A 35 43 #N/A N/A 29 57 49 28 30 45 48 51 #N/A N/A 40 35

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

File Dt Inst Type 12.09.2012 n/a 30.06.2012 Investment Advisor 31.05.2011 Investment Advisor 31.03.2012 Investment Advisor 01.07.2012 n/a 30.06.2012 Investment Advisor 31.05.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 19.09.2012 14.09.2012 13.09.2012 10.09.2012 07.09.2012 05.09.2012 04.09.2012 03.09.2012 29.08.2012 29.08.2012 27.08.2012 27.08.2012 27.08.2012 20.08.2012 16.08.2012 09.08.2012 06.08.2012 27.07.2012 19.07.2012 19.07.2012 18.07.2012 18.07.2012 18.07.2012 18.07.2012 11.07.2012 11.07.2012 24.04.2012 07.07.2011

24.09.2012

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

Price/Volume 16

30.0 M

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (31.05.2012) Daily Volume Current Price (9/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 G IM EQUITY YTD Change G IM EQUITY YTD % CHANGE

12/2011 06/yy 13.70 8.16 2'814'865.00 11.67 -14.74% 43.10% 66.46% 1'556.9 18'168.71 21'346.20 0.0 2'635.0 25'559.90 22'753.01

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

1.20

10.0 M

4 5.0 M

2 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 80'164.7 0.66x 0.0 0.00x 2'915.6 14.69x

15.0 M

31.12.2008 31.12.2009 62'298.4 85'790.6 0.61x 0.50x 0.0 0.0 0.00x 0.00x 860.9 1'309.1 30.45x 20.68x Profitability

LTM-4Q 31.12.2010 87'072.1 0.40x 0.0 0.00x 1'701.9 12.92x

31.12.2011 73'481.8 0.22x 0.0 0.00x 856.1 20.77x 4.66% 2.46% 0.20% 5.19% 4.92% 0.17% 1.2% 5.05% 137.85% -

LTM

06/yy 83'452.1 0.81x 0.0 0.00x 1'634.5 0.00x

06/yy 74'595.1 0.50x 0.0 0.00x 892.2 18.80x

FY+1

1.05 1'261.96 10.07% 2.69% 1.051 34 2.500 9'368'201 6'647'992 7'478'569 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 75'589.6 77'877.1 20'676.0 24'038.0 0.23x 0.23x 1'788.2 2'122.4 323.0 571.0 10.28x 8.47x 9.26x 8.65x S&P Issuer Ratings

137.8% 54.1% 0.17 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

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

0.20

10'000.0 0.0

0.00

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

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

24.09.2012

Assicurazioni Generali SpA Holdings By:

All

Holder Name MEDIOBANCA SPA BANCA D'ITALIA DEA PARTICIPATIONS S EFFETI SPA DELFIN SARL BLACKROCK ADVISORS U COMPASS SPA VANGUARD GROUP INC BLACKROCK INSTITUTIO VM 2006 SRL BLACKROCK FUND ADVIS DB PLATINUM ADVISORS BLACKROCK ASSET MANA MERCURY ASSET MANAGE PANTHEON 2000 SPA CALTAGIRONE EDITORE BLACKROCK ASSET JAPA GAMMA SRL BNP PARIBAS ASSET MG BLACKROCK GROUP LIMI

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

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

Analyst JEROME CASSAGNE GIANLUCA FERRARI THOMAS SEIDL NICCOLO DALLA PALMA MICHAEL KLIEN NICOLAS JACOB MARCO CAVALLERI CHRISTIAN MUSCHICK STEFAN BONGARDT ENRICO ESPOSTI RODERICK WALLACE TEAM COVERAGE VALERIE GASTALDY CLAUDIA GASPARI WILLIAM ELDERKIN HADLEY COHEN RALPH HEBGEN KAILESH MISTRY MATTEO GHILOTTI ROBIN BUCKLEY FEDERICO SALERNO RICHARD BURDEN WERNER SCHIRMER ANDREAS VAN EMBDEN FAROOQ HANIF CHRISTIAN HAMANN MAARTEN ALTENA COLIN L SIMPSON ATANASIO PANTARROTAS GIANANTONIO VILLANI BENOIT VALLEAUX PAUL GOODHIND WERNER EISENMANN TIM PROUDLOVE

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

Recommendation sell neutral underperform underperform reduce buy hold neutral sell not rated sell sell buy equalweight buy neutral underperform neutral buy hold neutral underperform sell neutral Underwt/In-Line hold sell neutral/neutral underperform buy neutral neutral sell hold

Amt Held 194'048'687 69'420'980 35'185'336 34'360'194 31'168'603 18'775'892 14'198'684 13'775'163 13'575'935 6'196'356 5'495'763 5'348'542 3'701'081 3'605'103 3'502'965 3'144'884 3'020'334 2'958'059 2'837'133 2'737'997

% Out 12.46 4.46 2.26 2.21 2 1.21 0.91 0.88 0.87 0.4 0.35 0.34 0.24 0.23 0.23 0.2 0.19 0.19 0.18 0.18

Weighting

Change

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

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

Latest Chg 651'927 1'332 (420'433) (23'627)

Target Price 9 15 6 11 12 14 12 11 10 #N/A N/A 11 #N/A N/A 13 11 12 13 11 10 13 12 10 13 8 11 11 #N/A N/A 10 12 10 14 12 #N/A N/A 10 16

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

File Dt 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 30.06.2012 29.08.2012 29.08.2012 29.08.2012 31.08.2012 20.09.2012 20.09.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 31.07.2012 20.09.2012

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

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

Date 20.09.2012 17.09.2012 17.09.2012 17.09.2012 14.09.2012 11.09.2012 10.09.2012 10.09.2012 07.09.2012 06.09.2012 06.09.2012 05.09.2012 03.09.2012 10.08.2012 09.08.2012 07.08.2012 06.08.2012 06.08.2012 06.08.2012 03.08.2012 03.08.2012 02.08.2012 02.08.2012 26.07.2012 24.07.2012 12.07.2012 03.07.2012 25.06.2012 22.06.2012 14.05.2012 14.05.2012 15.03.2012 21.12.2011 16.05.2011

24.09.2012

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

Price/Volume 14

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CS FP EQUITY YTD Change CS FP EQUITY YTD % CHANGE

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

10.0 M

5.0 M

2 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 115'035.0 0.57x 0.0 0.00x 5'666.0 11.80x

15.0 M

12/2011 03/yy 13.25 8.00 1'850'509.00 12.295 -7.13% 53.69% 85.05% 2'357.3 28'983.45 16'693.00 6'059.0 2'371.0 31'072.00 23'828.44

31.12.2008 31.12.2009 51'235.0 122'704.0 0.62x 0.36x 0.0 0.0 0.00x 0.00x 923.0 3'606.0 51.67x 10.60x Profitability

LTM-4Q 31.12.2010 117'414.0 0.29x 0.0 0.00x 2'749.0 12.33x

31.12.2011 98'334.0 0.18x 0.0 0.00x 4'324.0 7.63x 4.36% 4.67% 0.59% 9.38% 6.89% 0.13% 4.4% 2.29% 39.27% -

Price/ Cash Flow

LTM

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

FY+1

1.54 2'011.14 58.72% 31.14% 1.538 40 4.300 9'702'669 8'761'883 10'101'770 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 96'117.9 97'395.5 0.42x 0.42x 4'355.6 4'613.0 2'213.0 6.66x 6.21x S&P Issuer Ratings

27.01.2012 A NEG 27.01.2012 A-1 39.3% 24.7% 0.13 -

Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0 100'000.0

2.00

80'000.0 1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

AXA SA Holdings By:

All

Holder Name MUTUELLES AXA BNP PARIBAS ASSET MG AMUNDI CAPITAL WORLD INVEST HARBOR CAPITAL ADVIS FRANKLIN RESOURCES I NATIXIS ASSET MANAGE VANGUARD GROUP INC LANSDOWNE UK EQUITY WILLIAM BLAIR & COMP FIDELITY MANAGEMENT FIDELITY INTERNATION BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA AVIVA PLC LBPAM BLACKROCK INSTITUTIO BLACKROCK ASSET MANA TEMPLETON INVESTMENT BLACKROCK INVESTMENT

Firm Name

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

Analyst

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

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

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

Amt Held % Out 342'767'775 14.54 131'539'770 5.58 91'682'238 3.89 44'849'873 1.9 37'453'130 1.59 34'298'640 1.45 33'746'063 1.43 21'706'586 0.92 (20'395'259) -0.87 16'895'575 0.72 14'608'697 0.62 14'543'995 0.62 14'276'690 0.61 12'575'092 0.53 10'979'810 0.47 10'561'453 0.45 9'182'545 0.39 5'921'227 0.25 5'827'761 0.25 5'730'473 0.24

Weighting

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

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

Latest Chg (20'493'797) (3'089'167) 14'659 851'392 3'474'030 1'287'112 (7'936'172) 5'686'416 (21'097) 288'801 62'297 924'515 47'782 (3'613'338) 1'876 (23'060) 660'660

Target Price 14 15 18 13 13 19 14 16 11 13 #N/A N/A #N/A N/A 15 12 14 15 18 13 18 19 16 16 13 14 11 16 16 23 10 17 10 16 12 15 14 #N/A N/A 14 21 16 13 22

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

File Dt Inst Type 31.12.2011 Insurance Company 11.09.2012 Investment Advisor 15.05.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 16.09.2011 Unclassified 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 20.09.2012 19.09.2012 18.09.2012 17.09.2012 13.09.2012 10.09.2012 10.09.2012 05.09.2012 21.08.2012 20.08.2012 16.08.2012 14.08.2012 10.08.2012 08.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 31.07.2012 30.07.2012 09.07.2012 03.07.2012 03.07.2012 25.06.2012 22.06.2012 15.03.2012 20.12.2011 05.10.2011 06.06.2011 22.02.2011 17.02.2011

24.09.2012

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

Price/Volume

12/2011 06/yy 7.20 4.31 17'171'782.00 6.431 -10.64% 49.21% 77.62% 5'382.1 34'612.34 219'679.00 1'893.0 57'046.00 -

Price/ Cash Flow

1.20

500.0 M 400.0 M 300.0 M

3 2

200.0 M

100.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended

600.0 M

6 4

Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBVA SQ EQUITY YTD Change BBVA SQ EQUITY YTD % CHANGE

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

700.0 M

7 5

Valuation Analysis

31.12.2007 35'719.0 0.00x 0.0 0.00x 6'126.0 9.86x

31.12.2008 31.12.2009 41'508.0 34'467.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 5'020.0 4'210.0 6.41x 11.37x Profitability

LTM-4Q 31.12.2010 32'482.0 0.00x 0.0 0.00x 4'606.0 6.46x

31.12.2011 36'094.0 0.00x 0.0 0.00x 3'004.0 10.44x 21.06% 15.04% 0.52% 8.11% 1.47% 0.06% 12.0% 36.75% 575.60% -

LTM

06/yy 23'277.0 0.00x 0.0 0.00x 4'417.0 7.77x

06/yy 20'822.0 0.00x 0.0 0.00x 2'175.0 13.04x

FY+1

1.25 5'378.16 19.90% 1.86% 1.254 44 3.045 ######### 68'513'300 86'387'260 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 22'264.0 23'148.8 5'512.0 5'764.0 2'190.4 4'400.5 1'026.0 1'082.0 16.45x 8.35x 10.81x 9.90x S&P Issuer Ratings

30.04.2012 BBB+ NEG 30.04.2012 A-2 575.6% 84.6% 0.06 6.64 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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 |

24.09.2012

Banco Bilbao Vizcaya Argentaria SA Holdings By:

All

Holder Name BNP PARIBAS SA INVERAVANTE INVERSIO JANUS CAPITAL MANAGE VANGUARD GROUP INC CAPITAL WORLD INVEST BLACKROCK INSTITUTIO BLACKROCK ASSET MANA FIDELITY MANAGEMENT OPPENHEIMERFUNDS INC FIDELITY INTERNATION BNP PARIBAS ASSET MG MERCURY ASSET MANAGE NATIXIS ASSET MANAGE SANTANDER ASSET MGMT CAPITAL RESEARCH GLO CREDIT SUISSE ASSET BLACKROCK GROUP LIMI LBPAM UNION INVESTMENT LUX AVIVA PLC

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

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

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

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

Amt Held 161'614'301 160'934'820 58'006'801 53'795'703 28'502'890 28'177'991 24'360'232 23'301'237 17'768'556 17'556'967 15'399'813 14'926'580 10'963'336 10'404'958 8'695'531 6'343'622 6'132'364 5'976'014 5'972'440 5'773'679

% Out 3 2.99 1.08 1 0.53 0.52 0.45 0.43 0.33 0.33 0.29 0.28 0.2 0.19 0.16 0.12 0.11 0.11 0.11 0.11

Weighting

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

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

Latest Chg 5'428'836 (86'470'698) (2'785'201) 3'353'895 203'081 350 133'868 (115'432) 101'341 (3'451'559) (737'051) 3'545'078 2'747'836 181'156 (2'275) 137'439 (31'599) 14'027 78'565

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

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

File Dt 05.01.2012 24.07.2012 30.06.2012 30.06.2012 30.06.2012 20.09.2012 20.09.2012 31.07.2012 31.07.2012 29.02.2012 31.07.2012 20.09.2012 01.04.2012 30.06.2012 30.06.2012 23.08.2012 20.09.2012 31.07.2012 30.03.2012 30.05.2012

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

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

Date 24.09.2012 20.09.2012 19.09.2012 19.09.2012 18.09.2012 17.09.2012 17.09.2012 14.09.2012 13.09.2012 12.09.2012 10.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 03.09.2012 28.08.2012 24.08.2012 21.08.2012 02.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 30.07.2012 26.07.2012 20.07.2012 06.07.2012 26.06.2012 19.06.2012 05.06.2012 29.05.2012 22.05.2012 15.05.2012 16.03.2012 06.02.2012

24.09.2012

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

Price/Volume 7

600.0 M

500.0 M

400.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN SQ EQUITY YTD Change SAN SQ EQUITY YTD % CHANGE

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

1.20

200.0 M

100.0 M

1 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 60'110.4 0.00x 0.0 0.00x 9'060.3 11.35x

300.0 M

12/2011 06/yy 6.33 3.98 17'351'217.00 6.15 -2.84% 54.68% 96.60% 9'898.8 60'877.38 424'081.00 0.0 6'445.0 148'250.00 -

31.12.2008 31.12.2009 70'114.3 69'736.2 0.00x 0.00x 0.0 0.0 0.00x 0.00x 8'876.4 8'942.5 5.74x 11.09x Profitability

LTM-4Q 31.12.2010 68'965.5 0.00x 0.0 0.00x 8'180.9 8.39x

31.12.2011 78'009.0 0.00x 0.0 0.00x 5'351.0 9.74x 21.87% 16.55% 0.43% 7.07% 1.24% 0.06% 11.2% 33.89% 554.98% -

LTM

06/yy 43'302.0 0.00x 0.0 0.00x 7'239.0 9.60x

06/yy 44'528.0 0.00x 0.0 0.00x 3'554.0 13.63x

FY+1

1.20 9'735.76 15.38% 12.55% 1.200 43 3.186 94'430'520 62'979'760 ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 45'016.3 46'906.7 10'897.0 11'118.0 4'513.3 7'318.0 1'227.0 1'139.0 12.90x 8.60x 11.12x 11.39x S&P Issuer Ratings

30.04.2012 ANEG 30.04.2012 A-2 555.0% 83.7% 0.06 7.87 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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 |

24.09.2012

Banco Santander SA Holdings By:

All

Holder Name BNP PARIBAS SA CAPITAL RESEARCH AND BARCLAYS PLC VANGUARD GROUP INC HARRIS ASSOCIATES L DE LOS RIOS EMILIO B BLACKROCK INSTITUTIO CAPITAL WORLD INVEST ASSICURAZIONI GENERA DODGE & COX BLACKROCK ASSET MANA FRANKLIN RESOURCES I MERCURY ASSET MANAGE BNP PARIBAS ASSET MG CAPITAL RESEARCH GLO LBPAM LATIMER INVERSIONES BLACKROCK GROUP LIMI BNP ASSET MANAGEMENT PUENTEPUMAR SL

Firm Name

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

Analyst

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

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

Recommendation neutral hold buy buy underperform neutral neutral Overwt/In-Line hold buy hold underweight overweight underperform buy buy hold underperform underperform sell hold neutral hold Buy/Neutral neutral buy outperform underperform reduce reduce buy neutral hold hold hold restricted hold neutral buy not rated sell buy

Amt Held 255'109'664 243'314'406 227'263'557 131'449'224 85'945'996 79'095'580 52'997'249 51'924'531 50'134'290 49'090'437 46'371'488 29'921'253 27'166'773 25'227'953 20'927'139 20'137'533 20'087'855 14'346'451 14'086'697 13'757'649

% Out 2.58 2.46 2.3 1.33 0.87 0.8 0.54 0.52 0.51 0.5 0.47 0.3 0.27 0.25 0.21 0.2 0.2 0.14 0.14 0.14

Weighting

Change

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

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

Latest Chg 19'731'602 (153'006'242) (56'807'364) 12'707'663 (1'992'003) 8'975 18'358'960 1'963'618 243'644 1'154'049 (631'594) (8'893'158) (2'588'035) 332'468 9'829'423 -

Target Price #N/A N/A 6 10 9 4 6 6 7 6 6 6 4 #N/A N/A 4 5 7 5 5 7 5 #N/A N/A 5 5 7 6 8 7 4 4 7 7 4 #N/A N/A 6 5 #N/A N/A 7 5 6 #N/A N/A 4 7

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

File Dt Inst Type 05.08.2011 Bank 08.05.2011 Investment Advisor 03.05.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 03.08.2012 n/a 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 01.10.2011 Insurance Company 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 11.07.2011 n/a 20.09.2012 Investment Advisor 30.04.2012 Investment Advisor 11.07.2011 n/a

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

Date 24.09.2012 20.09.2012 20.09.2012 19.09.2012 17.09.2012 14.09.2012 13.09.2012 12.09.2012 12.09.2012 10.09.2012 05.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 03.09.2012 31.08.2012 28.08.2012 24.08.2012 22.08.2012 21.08.2012 21.08.2012 02.08.2012 31.07.2012 31.07.2012 30.07.2012 29.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 18.07.2012 17.07.2012 06.07.2012 28.06.2012 22.06.2012 23.05.2012 16.03.2012

24.09.2012

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

Price/Volume 80

8.0 M

12/2011 06/yy 68.63 43.03 1'072'082.00 67.27 -2.03% 56.33% 97.15% 918.5 61'786.06 13'004.00 0.0 1'246.0 2'067.00 74'556.06

6.0 M

4.0 M

20 2.0 M

10 0 s-11

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

LTM-4Q 31.12.2010 63'873.0 1.09x 11'903.0 5.85x 4'557.0 12.04x

31.12.2011 73'497.0 0.84x 11'855.0 5.20x 6'188.0 8.00x 11'855.00 8'436.00 11.48% 12.20% 10.26% 27.17% 18.83% 1.22% 26.5% 16.1% 11.5% 8.4% 1.64 0.79 21.26% 53.87% 6.98 5.76

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 70'027.0 3.84x 12'710.0 5.93x 6'210.0 9.97x

f-12

06/yy 75'746.0 3.31x 12'649.0 4.98x 5'276.0 9.52x

m-12

a-12 m-12

j-12

a-12

FY+1

1.07 918.48 58.06% 29.85% 1.068 44 4.159 4'012'749 2'984'423 3'325'162 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 76'723.4 78'814.0 18'252.3 18'558.7 0.95x 0.90x 4.05x 3.91x 12'139.5 12'780.3 2'765.2 2'465.8 6.15x 5.84x 6.42x 6.45x 5'059.6 5'558.8 1'138.8 781.5 12.34x 11.14x 12.11x 11.87x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 15.54 11.07 0.92 1.10 53.9% 33.9% 1.22 4.18 52.28 63.37 32.50 83.15

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 02.01.2009

.0 M o-11

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

10.0 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (04.10.2011) Daily Volume Current Price (9/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 BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

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

12.0 M

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 |

24.09.2012

BASF SE Holdings By:

All

Holder Name BLACKROCK INC BLACKROCK ASSET MANA DEUTSCHE BANK AG VANGUARD GROUP INC BLACKROCK INSTITUTIO UNION INVESTMENT GMB DB PLATINUM ADVISORS CAPITAL WORLD INVEST FIDELITY MANAGEMENT ALLIANZ GLOBAL INVES BLACKROCK GROUP LIMI FIDELITY INTERNATION DEKA INVESTMENT GMBH ADIG INVESTMENT CAPITAL RESEARCH GLO FRANKFURT TRUST INVE MERCURY ASSET MANAGE UNION INVESTMENT LUX ETFLAB INVESTMENT GM DEKA INTERNATIONAL S

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

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

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

Source 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 MF-AGG MF-AGG MF-AGG

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

Amt Held 63'927'154 22'809'500 12'244'261 11'895'706 8'149'811 7'813'456 7'708'426 7'324'300 6'686'250 4'816'961 4'515'375 4'449'760 3'863'614 3'692'429 3'497'000 2'734'637 2'667'339 1'800'862 1'783'841 1'637'011

% Out 6.96 2.48 1.33 1.3 0.89 0.85 0.84 0.8 0.73 0.52 0.49 0.48 0.42 0.4 0.38 0.3 0.29 0.2 0.19 0.18

Weighting

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

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

Latest Chg 22'520 104'500 (468'312) 4'081 (84'376) 358'038 (52'638) (40'866) (2'925'604) (36'410) (50'000) (104'150) (15'043) 36'546 (434'628)

Target Price 76 61 80 75 67 66 72 68 67 59 72 #N/A N/A 74 80 73 57 70 74 67 #N/A N/A 68 67 51 55 67 68 63 68 80 80 78 #N/A N/A 64 45 53 65 64 82 78 65 81 60

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

File Dt Inst Type 01.02.2012 Investment Advisor 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 20.09.2012 Investment Advisor 30.12.2011 Investment Advisor 29.02.2012 Mutual Fund Manager 30.04.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2011 Mutual Fund Manager

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

Date 21.09.2012 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 17.09.2012 11.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 05.09.2012 04.09.2012 03.09.2012 28.08.2012 23.08.2012 21.08.2012 20.08.2012 16.08.2012 06.08.2012 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 27.07.2012 26.07.2012 26.07.2012 26.07.2012 24.07.2012 27.06.2012 22.05.2012 27.04.2012 27.02.2012 05.01.2012 29.10.2010

24.09.2012

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

Price/Volume 80

8.0 M

50 40

12/2011 06/yy 68.47 38.82 1'160'411.00 67.85 -0.91% 74.78% 97.45% 826.9 56'108.41 11'679.00 0.0 59.0 4'554.00 64'086.41

6.0 M

4.0 M

20 2.0 M

10 0 s-11

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

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

31.12.2011 36'528.0 1.32x 8'963.0 5.36x 2'470.0 16.52x 8'963.00 6'194.00 16.96% 9.21% 4.74% 12.98% 10.16% 0.70% 50.8% 24.5% 17.0% 6.8% 1.50 0.87 22.13% 60.79% 5.32 2.88

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 36'260.0 5.82x 8'911.0 5.93x 1'519.0 29.89x

f-12

06/yy 38'094.0 5.11x 9'480.0 5.77x 2'583.0 18.06x

m-12

a-12 m-12

j-12

a-12

FY+1

0.97 826.95 77.46% 41.61% 0.969 41 3.951 4'244'900 2'591'817 2'706'851 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 38'912.5 40'707.4 9'315.0 9'539.6 1.63x 1.52x 7.04x 6.69x 7'930.2 8'701.3 1'787.8 1'739.6 8.09x 7.37x 7.63x 7.41x 4'407.1 4'846.2 950.0 921.2 12.68x 11.58x 12.16x 11.90x S&P Issuer Ratings

30.04.2008 APOS 11.07.2006 A-2 9.98 8.18 0.79 1.30 60.8% 37.7% 0.70 3.72 68.59 126.63 72.80 122.42

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 02.01.2009

.0 M o-11

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

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2012) 52-Week Low (04.10.2011) Daily Volume Current Price (9/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 BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

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

12.0 M

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 |

24.09.2012

Bayer AG Holdings By:

All

Holder Name CAPITAL RESEARCH AND BLACKROCK INC CAPITAL WORLD INVEST CAPITAL RESEARCH GLO BLACKROCK ASSET MANA DODGE & COX VANGUARD GROUP INC FIDELITY MANAGEMENT MORGAN STANLEY BANK OF NEW YORK MEL BLACKROCK INSTITUTIO DEUTSCHE BANK AG MASSACHUSETTS FINANC DEKA INVESTMENT GMBH DB PLATINUM ADVISORS UNION INVESTMENT GMB FIDELITY INTERNATION BNP PARIBAS ASSET MG ALLIANZ GLOBAL INVES WILLIAM BLAIR & COMP

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

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

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

Source EXCH Research 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 MF-AGG MF-AGG 13F

Recommendation buy buy buy neutral market perform reduce accumulate hold hold buy buy buy neutral buy buy neutral/neutral select list buy hold hold outperform hold sell buy accumulate Overwt/Cautious outperform buy hold hold hold neutral buy equalweight hold neutral buy buy buy

Amt Held 82'446'697 33'192'862 25'372'485 23'350'427 20'512'953 16'199'870 12'660'841 11'062'794 8'564'198 8'182'023 7'135'144 6'996'761 6'837'229 5'940'541 5'880'000 5'663'539 4'522'236 4'335'847 3'847'739 3'103'791

% Out 9.97 4.01 3.07 2.82 2.48 1.96 1.53 1.34 1.04 0.99 0.86 0.85 0.83 0.72 0.71 0.68 0.55 0.52 0.47 0.38

Weighting

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

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

Latest Chg 276'000 (714'974) 17'246 (270'000) 822'988 93'680 (333'517) 1'833 127'000 (36'255) (142'582) 5'000'000 (300) 353'581 (203'494) (227'103) 24'439

Target Price 71 69 #N/A N/A 65 62 61 69 58 66 72 68 72 70 70 75 77 68 71 65 #N/A N/A 66 62 #N/A N/A 70 70 60 71 72 65 65 64 63 69 57 #N/A N/A 62 #N/A N/A 64 57

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

File Dt Inst Type 04.08.2011 Investment Advisor 19.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 03.05.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.03.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 24.09.2012 24.09.2012 21.09.2012 20.09.2012 20.09.2012 10.09.2012 06.09.2012 04.09.2012 03.09.2012 03.09.2012 28.08.2012 27.08.2012 13.08.2012 11.08.2012 08.08.2012 07.08.2012 07.08.2012 06.08.2012 06.08.2012 02.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 31.07.2012 24.07.2012 19.07.2012 15.05.2012 27.04.2012 05.03.2012 27.10.2011 15.09.2010

24.09.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (04.10.2011) Daily Volume Current Price (9/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 BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2011 06/yy 73.95 43.49 740'092.00 58.99 -20.19% 35.64% 53.51% 602.0 37'835.65 67'977.00 0.0 65.0 11'527.00 94'840.65

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-11

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

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

31.12.2011 68'821.0 1.31x 11'660.0 7.76x 4'881.0 6.95x 11'660.00 8'006.00 11.63% 10.73% 4.18% 19.16% 6.10% 0.59% 21.1% 16.9% 11.6% 7.1% 1.04 0.31 55.07% 251.41% 24.86 6.24

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 66'611.0 5.28x 10'105.0 0.00x 4'977.0 8.96x

f-12

06/yy 72'391.0 5.07x 10'366.0 0.00x 4'489.0 8.30x

m-12

a-12

m-12

j-12

a-12

FY+1

1.07 320.86 17.20% 18.15% 1.067 39 4.103 3'022'897 2'494'908 2'576'127 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 73'689.4 76'362.2 17'891.8 18'871.3 0.56x 0.52x 1.43x 1.31x 12'817.5 13'153.1 2'003.0 1'955.0 7.40x 7.21x 11.68x 11.79x 4'932.9 5'089.9 1'205.7 1'224.7 7.80x 7.64x 7.51x 7.53x S&P Issuer Ratings

16.04.2012 A STABLE 16.04.2012 A-1 12.36 8.46 4.84 5.83 251.4% 71.5% 0.59 2.11 14.68 58.52 31.27 41.93

Sales/Revenue/Turnover

45.00

80'000.0

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 02.01.2009

.0 M o-11

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Bayerische Motoren Werke AG Holdings By:

All

Holder Name QUANDT STEFAN QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK FINANCIAL CAPITAL WORLD INVEST BLACKROCK ASSET MANA WADDELL & REED FINAN DODGE & COX FIDELITY INTERNATION VANGUARD GROUP INC CAPITAL RESEARCH GLO DEUTSCHE BANK AG WILLIAM BLAIR & COMP DEKA INVESTMENT GMBH UNION INVESTMENT GMB BLACKROCK INSTITUTIO DB PLATINUM ADVISORS FIDELITY MANAGEMENT ALLIANZ GLOBAL INVES MASSACHUSETTS FINANC

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

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 WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MAX WARBURTON CHARLES WINSTON HANS-PETER WODNIOK STEFAN BURGSTALLER TEAM COVERAGE DANIEL SCHWARZ ARNDT ELLINGHORST HORST SCHNEIDER STUART PEARSON RABIH FREIHA FRANK SCHWOPE MICHAEL PUNZET TINA HECKING-VELTMAN ALBRECHT DENNINGHOFF JUERGEN PIEPER PHILIPPE BARRIER JOSE ASUMENDI CHRISTIAN BREITSPRECHER FRANCOIS MAURY MARC-RENE TONN GEORGES DIENG TIM SCHULDT KRISTINA CHURCH FRANK BILLER ZAFER RUEZGAR CHRISTIAN LUDWIG MANFRED JAISFELD MARNIE COHEN VALERIE GASTALDY MICHAEL RAAB BERNARD DONGES ALEXANDER NEUBERGER NORBERT KALLIWODA JOCHEN GEHRKE LOTHAR LUBINETZKI MICHAEL BROEKER JAN ROH

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

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

Amt Held 104'747'161 100'533'195 75'851'392 23'951'672 8'542'000 8'133'471 7'898'600 6'303'800 4'363'668 4'031'964 3'748'100 3'210'189 3'128'161 2'907'590 2'871'392 2'792'528 2'564'531 2'194'368 2'030'402 1'826'584

% Out 17.4 16.7 12.6 3.98 1.42 1.35 1.31 1.05 0.72 0.67 0.62 0.53 0.52 0.48 0.48 0.46 0.43 0.36 0.34 0.3

Weighting

Change

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

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

Latest Chg 2'722'000 320 (132'600) (1'270'000) (542'160) 91'471 (7'600) 198'600 212'014 (533'989) (300) 1'475 1'798'319 60'637 150'530 16'662

Target Price 75 #N/A N/A 72 118 #N/A N/A 68 80 60 62 71 59 58 #N/A N/A #N/A N/A 50 70 90 60 55 70 72 88 85 62 70 80 75 83 71 71 87 80 81 68 87 100 68

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 12.03.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 30.03.2012 Investment Advisor 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 20.09.2012 12.09.2012 11.09.2012 05.09.2012 05.09.2012 05.09.2012 04.09.2012 03.09.2012 31.08.2012 22.08.2012 21.08.2012 17.08.2012 08.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 30.07.2012 20.07.2012 18.07.2012 17.07.2012 06.06.2012 26.03.2012 18.03.2012 05.01.2012 11.10.2011

24.09.2012

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

Price/Volume 45

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNP FP EQUITY YTD Change BNP FP EQUITY YTD % CHANGE

12/2011 06/yy 40.60 24.00 1'789'519.00 39.015 -3.86% 62.56% 94.40% 1'253.7 48'914.18 1'125'331.00 7'261.0 10'256.0 107'751.00 -

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

10 5 0 s-11

31.12.2008 31.12.2009 78'052.0 70'526.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 3'021.0 5'832.0 9.85x 10.75x Profitability

31.12.2010 72'848.0 0.00x 0.0 0.00x 7'843.0 7.52x

31.12.2011 71'009.0 0.00x 0.0 0.00x 6'050.0 6.30x 20.22% 20.16% 0.31% 8.56% 0.56% 0.04% 12.6% 57.26% 1652.25% -

Price/ Cash Flow

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Market Data

LTM-4Q

LTM

06/yy 45'449.0 0.00x 0.0 0.00x 8'199.0 7.76x

06/yy 0.0 #DIV/0! 0.0 0.00x 6'021.0 6.02x

FY+1

1.54 1'096.03 61.53% 34.73% 1.540 36 4.139 7'021'354 5'552'382 6'492'596 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 39'133.5 40'427.6 9'934.9 9'384.5 6'839.9 6'949.3 1'585.4 1'350.0 7.12x 7.07x 7.48x 7.46x S&P Issuer Ratings

23.01.2012 AANEG 23.01.2012 A-1+ 1652.3% 92.9% 0.04 2.40 -

Sales/Revenue/Turnover

4.50

90'000.0

4.00

80'000.0

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 02.01.2009

o-11

Fiscal Year Ended 31.12.2007 85'022.0 0.00x 0.0 0.00x 7'822.0 8.74x

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 |

24.09.2012

BNP Paribas SA Holdings By:

All

Holder Name BELGIAN STATE AXA NATIXIS ASSET MANAGE FRANKLIN RESOURCES I BNP PARIBAS ASSET MG HARRIS ASSOCIATES L STATE OF LUXEMBOURG VANGUARD GROUP INC FIDELITY MANAGEMENT FIDELITY INTERNATION WILLIAM BLAIR & COMP CAPITAL RESEARCH GLO CAPITAL WORLD INVEST BLACKROCK GROUP LIMI JANUS CAPITAL MANAGE LBPAM AVIVA PLC BLACKROCK INSTITUTIO BLACKROCK ASSET MANA BLACKROCK INVESTMENT

Firm Name

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

Analyst

Macquarie PIERS BROWN Nomura JON PEACE Redburn Partners GEORGE SOSEI KARAMANOS Landesbank Baden-Wuerttemberg INGO FROMMEN Oddo & Cie JEAN SASSUS AlphaValue CHRISTOPHE NIJDAM Grupo Santander AURELIA FAURE Societe Generale SEBASTIEN LEMAIRE HSBC ROBIN DOWN Day by Day VALERIE GASTALDY RBC Capital Markets ANKE REINGEN Kepler Capital Markets BENOIT PETRARQUE CA Cheuvreux PASCAL DECQUE ING Wholesale Banking TOM VAN KEMPEN Hamburger Sparkasse CHRISTIAN HAMANN Nord/LB MICHAEL SEUFERT Goldman Sachs JEAN-FRANCOIS NEUEZ EVA Dimensions TEAM COVERAGE Barclays JEREMY SIGEE Mediobanca SpA ANTONIO GUGLIELMI Deutsche Bank FLORA-A BENHAKOUN JPMorgan DELPHINE LEE Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Independent Research GmbH STEFAN BONGARDT Morgan Stanley THIBAULT NARDIN Credit Suisse MAXENCE LE GOUVELLO CM - CIC Securities(ESN) PIERRE CHEDEVILLE S&P Capital IQ JAWAHAR HINGORANI Banco Sabadell MARIO LODOS Espirito Santo Investment Bank Research ANDREW LIM Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN Natixis ALEX KOAGNE

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

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

Amt Held 127'750'000 65'670'000 20'433'396 18'678'257 16'480'000 15'884'611 12'870'000 12'148'721 11'541'390 10'324'661 9'212'735 8'412'793 8'001'090 6'257'655 6'158'310 5'476'523 4'933'579 4'890'346 4'224'954 3'657'130

% Out 10.19 5.24 1.63 1.49 1.31 1.27 1.03 0.97 0.92 0.82 0.73 0.67 0.64 0.5 0.49 0.44 0.39 0.39 0.34 0.29

Weighting

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

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

Latest Chg 403'818 5'706'053 4'962'220 (544'098) 1'050'096 2'035'150 2'576'039 (874'543) (1'459'214) 141'389 (18'408) (23'687) (308'481) 25'983 1'175'634

Target Price 35 43 #N/A N/A 40 55 45 52 42 45 #N/A N/A 43 45 43 43 #N/A N/A #N/A N/A 54 #N/A N/A 36 35 42 43 40 31 35 45 48 40 48 28 50 39 40

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

File Dt Inst Type 31.12.2011 Government 31.12.2011 Investment Advisor 30.03.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 24.09.2012 24.09.2012 21.09.2012 20.09.2012 20.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 18.09.2012 16.09.2012 13.09.2012 30.08.2012 23.08.2012 21.08.2012 08.08.2012 08.08.2012 07.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 30.07.2012 16.07.2012 19.06.2012 08.05.2012 07.05.2012

24.09.2012

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

Price/Volume 25

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.11.2011) 52-Week Low (11.07.2012) Daily Volume Current Price (9/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 CA FP EQUITY YTD Change CA FP EQUITY YTD % CHANGE

12/2011 06/yy 20.51 12.87 696'182.00 17.3 -15.75% 34.42% 59.55% 679.3 11'752.51 16'573.00 0.0 1'009.0 4'760.00 22'998.51

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

8.0 M

6.0 M 4.0 M

2.0 M

0 s-11

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

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

31.12.2011 80'455.0 0.31x 3'894.0 6.34x 371.0 0.00x 3'894.00 2'182.00 2.71% -1.46% 0.73% 4.58% 1.58% 19.3% 4.8% 2.7% 0.5% 0.74 0.29 34.58% 250.46% 30.15 9.38

Price/ Cash Flow

n-11

d-11

j-12

LTM

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

f-12

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

m-12

a-12 m-12

j-12

a-12

FY+1

1.06 531.33 15.88% 1.80% 1.061 40 3.000 2'802'319 2'968'368 3'456'579 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 80'511.8 82'269.8 22'379.2 21'639.0 0.24x 0.23x 3'778.6 3'937.9 6.09x 5.84x 882.9 1'008.2 13.36x 12.10x S&P Issuer Ratings

15.03.2012 BBB STABLE 16.04.2010 A-2 6.25 2.51 3.03 4.26 250.5% 68.5% 1.58 5.34 12.11 38.91 90.61 -39.59

Sales/Revenue/Turnover

9.00

100'000.0

8.00

90'000.0

7.00

80'000.0 70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 82'148.5 0.61x 3'742.1 13.33x 2'299.4 20.00x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

24.09.2012

Carrefour SA Holdings By:

All

Holder Name BLUE CAPITAL SARL SOCIETE GENERALE BLUE PARTICIPATIONS AMUNDI SA COLONY BLUE INVESTOR NATIXIS ASSET MANAGE MACKENZIE FINANCIAL SOCIETE GEN GESTION MANNING & NAPIER ADV VANGUARD GROUP INC AKO CAPITAL LLP CARREFOUR SA FIRST EAGLE INVESTME GROUPE ARNAULT SAS ONTARIO TEACHERS PEN BLACKROCK INSTITUTIO FRANKLIN RESOURCES I SOUTHEASTERN ASSET M INTERNATIONAL VALUE ALLIANZ GLOBAL INV O

Firm Name

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

Analyst

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

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

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

Amt Held % Out 64'047'813 9.43 31'310'832 4.61 25'359'996 3.73 23'161'032 3.41 15'166'770 2.23 9'378'215 1.38 8'917'923 1.31 8'353'963 1.23 8'126'922 1.2 6'721'507 0.99 (6'202'338) -0.91 5'598'650 0.82 5'480'075 0.81 5'156'752 0.76 3'200'000 0.47 3'113'327 0.46 3'102'990 0.46 2'859'000 0.42 2'553'188 0.38 2'251'678 0.33

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

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

Latest Chg (14'638'655) 98 791'000 98'150 303'667 (543'469) 1'234'760 (1'254'000) 25'590 (53'643)

Target Price 20 22 21 20 17 20 18 18 18 17 #N/A N/A 24 #N/A N/A 20 22 20 19 15 20 17 15 16 14 17 18 16 14 17 #N/A N/A 19 18 15 15 #N/A N/A 13 17 #N/A N/A 16 22

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

File Dt Inst Type 31.12.2011 Other 20.06.2012 Bank 31.12.2011 n/a 11.07.2011 Other 31.12.2011 n/a 30.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 11.07.2011 n/a 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 09.07.2012 Investment Advisor 31.12.2011 Corporation 31.03.2012 Hedge Fund Manager 31.12.2011 Holding Company 31.12.2010 Pension Fund (ERISA) 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 20.09.2012 20.09.2012 19.09.2012 17.09.2012 17.09.2012 14.09.2012 12.09.2012 10.09.2012 10.09.2012 06.09.2012 05.09.2012 03.09.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 28.08.2012 27.08.2012 30.07.2012 20.07.2012 19.07.2012 13.07.2012 10.07.2012 06.07.2012 13.06.2012 04.04.2012 31.01.2012 12.01.2012

24.09.2012

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

Price/Volume 40

8.0 M

25 20

12/2011 06/yy 37.63 23.90 1'146'532.00 29.425 -21.79% 23.12% 46.56% 531.1 15'626.58 11'044.00 0.0 403.0 2'949.00 25'859.59

6.0 M

4.0 M

10 2.0 M

5 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

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

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (02.08.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGO FP EQUITY YTD Change SGO FP EQUITY YTD % CHANGE

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

12.0 M

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

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

31.12.2011 42'116.0 0.57x 5'024.0 4.80x 1'284.0 12.16x 5'024.00 3'441.00 8.17% 4.79% 2.85% 7.20% 6.05% 0.93% 24.6% 11.9% 8.2% 3.0% 1.24 0.63 23.89% 61.99% 8.12 5.16

Price/ Cash Flow

LTM

06/yy 41'465.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 42'831.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.24 460.07 12.46% 3.76% 1.238 30 4.000 2'405'869 2'000'285 2'280'260 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 43'342.0 44'569.3 11'025.0 10'534.0 0.56x 0.54x 4'549.0 4'848.4 5.69x 5.34x 1'349.3 1'601.1 11.43x 9.71x S&P Issuer Ratings

24.07.2009 BBB STABLE 30.04.2004 A-2 8.99 5.36 1.61 2.20 62.0% 37.7% 0.93 3.01 44.98 70.78 65.95 49.80

Sales/Revenue/Turnover

12.00

50'000.0 45'000.0

10.00

40'000.0 35'000.0

8.00

30'000.0

6.00

25'000.0 20'000.0

4.00

15'000.0 10'000.0

2.00 0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Cie de St-Gobain Holdings By:

All

Holder Name WENDEL INVESTISSEMEN FONDS DU PLAN D EPAR AMUNDI SA CAISSE DES DEPOTS ET GROUPAMA SA NATIXIS ASSET MANAGE HARBOR CAPITAL ADVIS COGEMA CIE DE SAINT GOBAIN VANGUARD GROUP INC PREDICA AVIVA PLC SOCIETE GEN GESTION LBPAM BLACKROCK INSTITUTIO MERCURY ASSET MANAGE BLACKROCK ASSET MANA UNION INVESTMENT LUX UNION INVESTMENT GMB ALLIANZ GLOBAL INVES

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

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

Analyst

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

Recommendation

HANS-PETER KUHLMANN hold GAETAN DUPONT buy SVEN EDELFELT neutral PHIL ROSEBERG outperform PAUL ROGER neutral VIRGINIE ROUSSEAU buy MICHAEL F BETTS buy MURIEL FELLOUS buy HARRY GOAD neutral ALEJANDRA PEREDA Overwt/Attractive ARNAUD PALLIEZ outperform WILL MORGAN Buy/Neutral TIM CAHILL outperform IAN OSBURN buy MICHAEL MORRIS overweight VALERIE GASTALDY sell CHRISTOPH SCHOENDUBE hold MICHAEL WATTS buy RAFIC EL HADDAD neutral TEAM COVERAGE sell GLEN SPENCER-CHAPMAN buy LUIS PRIETO buy JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy JAWAHAR HINGORANI hold CHARLIE CAMPBELL hold JOSEP PUJAL hold JOHN FRASER-ANDREWS overweight NABIL AHMED suspended coverage INGO SCHMIDT sell

Amt Held 92'891'280 41'402'970 40'161'206 15'393'412 10'085'339 8'000'693 6'617'178 5'838'880 4'777'266 4'694'392 3'715'651 2'567'079 2'536'782 2'389'190 2'119'603 1'181'925 1'174'257 1'132'100 1'081'092 1'012'926

% Out 17.49 7.8 7.56 2.9 1.9 1.51 1.25 1.1 0.9 0.88 0.7 0.48 0.48 0.45 0.4 0.22 0.22 0.21 0.2 0.19

Weighting

Change

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

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

Latest Chg 17'861'078 237'423 203'626 (1'249) (118'684) 436 (2'100)

Target Price 32 41 31 35 31 39 48 34 30 38 32 33 #N/A N/A 33 33 20 26 35 28 #N/A N/A 44 35 36 32 30 30 38 52 #N/A N/A

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

File Dt Inst Type 31.12.2010 Investment Advisor 31.12.2010 n/a 27.06.2012 Other 31.12.2010 Government 31.12.2010 Insurance Company 30.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2010 Corporation 31.12.2010 Corporation 30.06.2012 Investment Advisor 31.12.2010 Insurance Company 31.08.2012 Investment Advisor 15.06.2011 n/a 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 30.03.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 24.09.2012 20.09.2012 19.09.2012 13.09.2012 07.09.2012 06.09.2012 29.08.2012 17.08.2012 17.08.2012 15.08.2012 15.08.2012 09.08.2012 09.08.2012 07.08.2012 02.08.2012 02.08.2012 01.08.2012 01.08.2012 31.07.2012 31.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 05.03.2012 12.01.2012 09.03.2009

24.09.2012

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

Price/Volume 18

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRH ID EQUITY YTD Change CRH ID EQUITY YTD % CHANGE

12/2011 01/yy 16.93 10.44 441'832.00 15.345 -9.37% 47.05% 80.27% 722.5 11'086.46 4'982.00 1.0 74.0 1'324.00 15'222.46

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

3.0 M

6 4

2.0 M

1.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

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

4.0 M

Valuation Analysis

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

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

31.12.2011 18'081.0 0.82x 1'656.0 9.01x 590.0 18.60x 1'656.00 871.00 4.82% 3.93% 2.75% 5.66% 5.21% 0.84% 27.1% 9.2% 4.8% 3.3% 1.70 0.94 23.29% 47.41% 8.96 5.89

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.07 1.45 678.71 49.93% 4.15% 1.446 32 2.594 1'564'556 1'280'651 1'268'695 FY+2

12/12 Y 12/13 Y 18'957.1 19'680.9 0.75x 0.71x 1'680.8 1'815.3 9.06x 8.39x 570.9 676.7 19.18x 16.31x S&P Issuer Ratings

FQ+1

FQ+2

17.12.2007 BBB+ STABLE 07.09.2001 A-2 6.32 4.12 2.21 3.01 47.4% 32.0% 0.84 2.03 40.75 61.94 40.62 62.07

Sales/Revenue/Turnover

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0 4.00

5'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

CRH PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN CAPITAL RESEARCH GLO BLACKROCK INC UBS AG HARBOR CAPITAL ADVIS LEGAL & GENERAL NORGES BANK FRANKLIN RESOURCES I GRWTH FUND OF AMERIC CAPITAL WORLD INVEST VANGUARD GROUP INC BNP PARIBAS ASSET MG FIRST EAGLE INVESTME BLACKROCK GROUP LIMI TEMPLETON INVESTMENT MANNING & NAPIER ADV FIDELITY MANAGEMENT BLACKROCK INSTITUTIO INVESCO LTD MORGAN STANLEY

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

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

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

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

Recommendation reduce buy market perform hold market perform add underperform reduce sell neutral/neutral hold sell hold underperform reduce neutral hold outperform sell sell hold hold Underwt/Attractive buy reduce overweight hold hold neutral suspended coverage buy hold

Amt Held 48'014'852 37'933'711 28'961'677 26'380'604 24'762'889 22'496'003 21'543'277 21'503'171 21'114'087 19'246'611 8'406'014 7'138'291 5'867'675 5'279'577 4'929'016 4'327'520 3'865'122 3'598'952 3'075'033 2'698'668

% Out 6.65 5.25 4.01 3.65 3.43 3.11 2.98 2.98 2.92 2.66 1.16 0.99 0.81 0.73 0.68 0.6 0.53 0.5 0.43 0.37

Weighting

Change

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

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

Latest Chg (2'078'763) (3'407'139) 1'658'701 1'356'470 437'973 (313'031) (3'000) 47'369 (316'150) 10'053 (321'262) 69'419

Target Price 13 22 #N/A N/A 16 15 17 16 12 #N/A N/A 17 15 12 16 12 13 14 16 #N/A N/A 13 15 15 16 17 18 13 16 16 #N/A N/A 15 17 19 #N/A N/A

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

File Dt Inst Type 06.09.2012 Investment Advisor 30.06.2012 Investment Advisor 27.02.2012 Investment Advisor 27.02.2012 Investment Advisor 30.06.2012 Investment Advisor 04.01.2012 Investment Advisor 27.02.2012 Government 30.06.2011 Investment Advisor 15.02.2011 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Hedge Fund Manager 20.09.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor 21.09.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 20.09.2012 19.09.2012 18.09.2012 13.09.2012 13.09.2012 07.09.2012 05.09.2012 05.09.2012 03.09.2012 30.08.2012 30.08.2012 17.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 15.08.2012 15.08.2012 14.08.2012 14.08.2012 14.08.2012 07.08.2012 29.06.2012 28.06.2012 21.06.2012 15.06.2012 14.06.2012 28.02.2012 12.01.2012 16.08.2011 04.05.2011

24.09.2012

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

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2011 06/yy 48.95 29.02 2'199'847.00 39.635 -19.03% 36.60% 56.13% 1'067.2 42'298.65 71'860.00 0.0 1'713.0 10'910.00 112'787.65

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 99'399.0 1.12x 15'839.0 7.04x 3'979.0 14.18x

12.0 M

31.12.2008 31.12.2009 95'873.0 78'924.0 0.87x 1.15x 11'685.0 3'032.0 7.14x 29.84x 1'348.0 (2'640.0) 15.61x 0.00x Profitability

LTM-4Q 31.12.2010 97'761.0 1.10x 10'489.0 10.26x 4'498.0 11.85x

31.12.2011 106'540.0 0.93x 12'216.0 8.09x 5'667.0 6.38x 12'216.00 8'641.00 8.11% 7.93% 3.99% 14.91% 6.59% 0.75% 24.0% 11.5% 8.1% 5.3% 1.07 0.33 48.51% 181.35% 14.17 5.12

Price/ Cash Flow

LTM

FY+1

1.23 911.86 28.59% 22.85% 1.228 38 3.842 8'607'380 5'080'391 5'110'779 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 102'534.0 111'368.0 110'914.8 115'952.8 26'797.0 28'386.7 3.98x 3.69x 0.32x 0.31x 1.24x 1.16x 11'924.0 12'391.0 13'130.6 14'558.8 1'974.0 8.30x 8.73x 8.60x 7.75x 5'249.0 5'766.0 5'457.6 6'179.1 1'282.3 1'336.0 10.46x 6.53x 7.77x 6.92x 7.11x 6.48x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 8.18 (EBITDA-Capex)/Interest Exp. 5.40 Net Debt/EBITDA 4.99 Total Debt/EBITDA 5.88 Reference Total Debt/Equity 181.4% Total Debt/Capital 63.5% Asset Turnover 0.75 Net Fixed Asset Turnover 2.68 Accounts receivable turnover-days 25.76 Inventory Days 71.23 Accounts Payable Turnover Day 37.50 Cash Conversion Cycle 59.49 Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0 140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0 60'000.0

20.00

40'000.0

10.00 0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Daimler AG Holdings By:

All

Holder Name MORGAN STANLEY & CO KUWAIT INVESTMENT AU BLACKROCK INC RENAULT SA AABAR INVESTMENTS PJ NORGES BANK CAPITAL RESEARCH AND SOCIETE GENERALE BLACKROCK ASSET MANA HARRIS ASSOCIATES L NISSAN MOTOR CO LTD CAPITAL RESEARCH GLO CAPITAL WORLD INVEST VANGUARD GROUP INC DB PLATINUM ADVISORS HARBOR CAPITAL ADVIS BLACKROCK INSTITUTIO DEKA INVESTMENT GMBH FIRST EAGLE INVESTME UNION INVESTMENT GMB

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

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

Analyst MAX WARBURTON JUERGEN PIEPER STEPHEN REITMAN DANIEL SCHWARZ MANFRED JAISFELD MARC-RENE TONN GEORGES DIENG TIM SCHULDT MICHAEL PUNZET CHARLES WINSTON ALBRECHT DENNINGHOFF FRANK SCHWOPE ARNDT ELLINGHORST CHRISTIAN BREITSPRECHER MARNIE COHEN HANS-PETER WODNIOK BERNARD DONGES RABIH FREIHA STEFAN BURGSTALLER MICHAEL RAAB ZAFER RUEZGAR TEAM COVERAGE TINA HECKING-VELTMAN KRISTINA CHURCH GLEN SPENCER-CHAPMAN JOSE ASUMENDI FRANK BILLER CHRISTIAN LUDWIG STUART PEARSON ALEXANDER NEUBERGER HORST SCHNEIDER FRANCOIS MAURY VALERIE GASTALDY LOTHAR LUBINETZKI JOCHEN GEHRKE JAN ROH TEAM COVERAGE

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

Recommendation market perform sell hold buy hold buy neutral buy buy neutral neutral hold neutral outperform hold add restricted outperform buy/attractive buy hold underweight buy equalweight buy hold buy hold Equalwt/In-Line select list neutral buy hold buy hold accumulate buy

Amt Held 112'072'933 73'210'039 56'740'419 32'928'533 32'750'100 32'355'918 31'825'311 29'715'538 22'390'799 19'872'840 16'448'378 16'386'075 16'278'208 12'241'260 10'555'488 10'508'368 7'755'581 7'642'633 6'037'440 5'253'074

% Out 10.5 6.86 5.32 3.09 3.07 3.03 2.98 2.78 2.1 1.86 1.54 1.54 1.53 1.15 0.99 0.98 0.73 0.72 0.57 0.49

Weighting

Change

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

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

Latest Chg 888 2'798'375 (1'711'159) (1'304'917) 976'723 (915'116) 227'946 (19'400) -

Target Price 40 30 40 56 45 50 38 53 50 #N/A N/A 35 40 40 55 40 47 #N/A N/A 53 98 47 43 #N/A N/A #N/A N/A 48 61 40 48 42 44 51 38 50 #N/A N/A 53 42 40 76

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

File Dt Inst Type 16.04.2012 Investment Advisor 23.06.2011 Government 04.05.2012 Investment Advisor 23.06.2011 Corporation 01.02.2012 Corporation 17.09.2012 Government 17.08.2012 Investment Advisor 13.06.2011 Bank 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Corporation 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 31.05.2012 Hedge Fund Manager 30.03.2012 Investment Advisor

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

Date 24.09.2012 24.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 13.09.2012 13.09.2012 12.09.2012 10.09.2012 05.09.2012 08.08.2012 06.08.2012 31.07.2012 30.07.2012 26.07.2012 26.07.2012 26.07.2012 25.07.2012 17.07.2012 13.07.2012 27.06.2012 07.05.2012 16.04.2012 10.02.2012 11.10.2011 10.01.2011

24.09.2012

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BN FP EQUITY YTD Change BN FP EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 54.96 43.01 381'592.00 49.6 -9.78% 15.32% 58.58% 643.2 31'900.83 9'031.00 0.0 98.0 2'141.00 38'888.83

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

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 12'776.0 3.17x 2'116.0 19.16x 4'180.0 33.03x

31.12.2008 31.12.2009 15'220.0 14'982.0 2.09x 2.20x 2'796.0 2'844.0 11.35x 11.61x 1'313.0 1'361.0 19.75x 17.77x Profitability

LTM-4Q 31.12.2010 17'010.0 2.11x 3'194.0 11.23x 1'875.0 15.42x

31.12.2011 19'318.0 1.89x 3'486.0 10.45x 1'671.0 17.53x 3'486.00 2'843.00 14.72% 12.84% 5.92% 14.02% 9.58% 0.68% 50.6% 18.0% 14.7% 8.6% 0.88 0.59 31.77% 74.64% 9.89 9.38

Price/ Cash Flow

LTM

06/yy 18'092.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 20'065.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.66 522.40 16.61% 4.84% 0.660 42 3.381 2'249'127 1'677'556 1'969'827 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 20'867.1 22'495.2 5'273.6 5'188.5 1.82x 1.65x 3'645.6 3'922.6 10.67x 9.92x 1'857.0 2'034.1 16.12x 14.71x S&P Issuer Ratings

25.07.2007 ASTABLE 11.07.2007 A-2 14.46 10.79 1.98 2.59 74.6% 42.5% 0.68 5.00 36.89 38.91 97.12 -21.32

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 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 |

24.09.2012

Danone SA Holdings By:

All

Holder Name MASSACHUSETTS FINANC GROUPE DANONE AMUNDI SA LEGENDRE HOLDING 22 EURAZEO SOFINA & HENEX GROUP NATIXIS ASSET MANAGE CAISSE DES DEPOTS ET CAPITAL WORLD INVEST HARBOR CAPITAL ADVIS FCPE FONDS GROUPE DA VANGUARD GROUP INC CAPITAL RESEARCH GLO FIDELITY MANAGEMENT MACKENZIE FINANCIAL FIDELITY INTERNATION MANNING & NAPIER ADV MFS INVESTMENT MANAG BLACKROCK INSTITUTIO SOCIETE GEN GESTION

Firm Name

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

Analyst

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

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

Recommendation Equalwt/Attractive add market perform hold underperform neutral overweight underperform buy hold hold sell Buy/Neutral buy hold buy underweight hold underperform sell sell accumulate overweight hold hold hold hold hold buy strong buy buy neutral neutral outperform buy hold buy buy buy buy

Amt Held 39'168'842 35'825'460 28'864'287 17'581'174 16'433'370 13'584'541 11'846'372 11'688'114 10'421'035 9'947'996 8'804'680 8'565'679 4'819'241 4'134'489 3'603'166 3'590'633 3'579'022 3'306'850 3'010'991 2'950'943

% Out 6.09 5.57 4.49 2.73 2.56 2.11 1.84 1.82 1.62 1.55 1.37 1.33 0.75 0.64 0.56 0.56 0.56 0.51 0.47 0.46

Weighting

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

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

Latest Chg (3'844'941) (667'100) (82'000) 1'066'084 1'885'823 (310'000) (1'019'016) (203'100) 1'609'010 28'275 2'562 -

Target Price 51 58 53 54 48 47 58 49 #N/A N/A 51 #N/A N/A 43 69 59 #N/A N/A 58 46 53 48 48 56 60 52 49 48 51 53 51 57 58 55 48 48 53 56 #N/A N/A 62 53 #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 08.08.2012 Investment Advisor 31.12.2011 Corporation 15.05.2012 Other 13.07.2010 Holding Company 31.12.2011 Investment Advisor 31.12.2011 n/a 29.06.2012 Mutual Fund Manager 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor 13.05.2011 n/a

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

Date 22.09.2012 20.09.2012 19.09.2012 17.09.2012 14.09.2012 14.09.2012 12.09.2012 11.09.2012 10.09.2012 09.09.2012 05.09.2012 04.09.2012 29.08.2012 10.08.2012 07.08.2012 02.08.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 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 27.07.2012 25.07.2012 28.06.2012 20.06.2012 17.05.2012 11.05.2012 15.12.2011 01.11.2011 22.07.2011

24.09.2012

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

Price/Volume 45

30.0 M

25.0 M

35 30

20.0 M

12/2011 06/yy 39.51 22.11 2'669'077.00 32.53 -17.69% 47.13% 63.13% 929.5 30'236.62 284'516.00 0.0 1'270.0 177'928.00 -

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

10.0 M

5.0 M

5 0 s-11

31.12.2008 31.12.2009 58'492.0 45'167.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x (3'835.0) 4'973.0 0.00x 6.24x Profitability

LTM-4Q 31.12.2010 46'151.0 0.00x 0.0 0.00x 2'310.0 12.74x

31.12.2011 52'660.0 0.00x 0.0 0.00x 4'132.0 6.61x 15.94% 15.30% 0.20% 8.08% 1.30% 0.03% 11.7% 13.15% 532.90% -

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 51'733.6 0.00x 0.0 0.00x 2'648.0 16.07x

f-12

06/yy 49'286.0 0.00x 0.0 0.00x 2'903.0 9.08x

m-12

a-12 m-12

j-12

a-12

FY+1

1.33 893.49 44.62% 13.57% 1.333 44 3.273 9'306'328 7'969'399 7'855'214 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 32'148.5 33'376.4 7'431.2 7'533.5 3'508.7 4'451.3 736.0 745.5 8.77x 7.06x 8.47x 7.63x S&P Issuer Ratings

25.01.2012 A+ NEG 19.12.2008 A-1 532.9% 83.9% 0.03 9.31 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 92'159.0 0.00x 0.0 0.00x 6'474.0 6.55x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (9/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 DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Deutsche Bank AG Holdings By:

All

Holder Name BLACKROCK INVESTMENT CAPITAL RESEARCH AND DEUTSCHE BANK AG BLACKROCK ASSET MANA DEKABANK DEUTSCHE GI DEUTSCHE BANK AG CREDIT AGRICOLE SA CAPITAL WORLD INVEST BANK OF AMERICA CORP VANGUARD GROUP INC RCM CAPITAL MANAGEME CREDIT SUISSE GROUP CAPITAL RESEARCH GLO DEKA INVESTMENT GMBH JANUS CAPITAL MANAGE GOLDMAN SACHS GROUP JP MORGAN CHASE & CO UNION INVESTMENT GMB ALLIANCEBERNSTEIN LP AXA

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios DEKABANK DEUTSCHE GI DEUTSCHE BANK AKTIEN CREDIT AGRICOLE SA Multiple Portfolios BANK OF AMERICA Multiple Portfolios RCM CAPITAL MANAGEME n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios GOLDMAN SACHS GROUP JP MORGAN CHASE & CO Multiple Portfolios ALLIANCEBERNSTEIN LP AXA

Analyst

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

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

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

Amt Held 47'776'278 27'789'959 24'888'999 23'749'465 22'986'901 20'619'693 20'445'898 16'980'552 11'476'162 10'867'004 10'244'520 9'379'275 9'089'861 7'643'250 6'979'932 6'929'849 6'920'324 6'698'871 4'814'003 4'270'550

% Out 5.14 2.99 2.68 2.56 2.47 2.22 2.2 1.83 1.23 1.17 1.1 1.01 0.98 0.82 0.75 0.75 0.74 0.72 0.52 0.46

Weighting

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

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

Latest Chg 24'241 963'886 (13'529'580) 4'462'906 (3'183'236) 3'014'593 573'418 10'244'520 (13'500) (268'096) 28'713 (939'901) 1'987'772 (700) 357'570 (149'705)

Target Price #N/A N/A 36 44 32 27 35 40 28 30 35 27 35 33 38 29 36 34 33 35 34 42 44 20 37 39 35 37 #N/A N/A #N/A N/A 24 #N/A N/A 31 29 28 36 43 41 32 39 36 34 33

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 06.01.2012 Investment Advisor 31.12.2011 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 08.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 18.09.2012 18.09.2012 18.09.2012 14.09.2012 14.09.2012 14.09.2012 14.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 12.09.2012 12.09.2012 11.09.2012 10.09.2012 05.09.2012 04.09.2012 30.08.2012 27.08.2012 23.08.2012 10.08.2012 10.08.2012 06.08.2012 03.08.2012 01.08.2012 01.08.2012 31.07.2012 30.07.2012 25.07.2012 12.07.2012 03.07.2012 17.11.2011 08.02.2010

24.09.2012

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

Price/Volume 12

45.0 M 40.0 M

35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (9/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 DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2011 06/yy 10.06 7.69 4'669'804.00 9.948 -1.07% 29.40% 99.16% 4'321.3 42'988.48 48'318.00 0.0 4'647.0 6'122.00 90'196.48

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

25.0 M 20.0 M

15.0 M 10.0 M

5.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 62'516.0 1.72x 16'466.0 6.52x 571.0 115.62x

30.0 M

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

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

31.12.2011 58'653.0 1.45x 20'202.0 4.22x 557.0 68.19x 20'202.00 6'806.00 11.60% 5.15% 0.44% 1.52% 1.37% 0.47% 42.2% 34.4% 11.6% 0.9% 0.65 0.52 39.43% 136.90% 8.80 28.31

Price/ Cash Flow

LTM

06/yy 60'150.0 6.33x 16'746.0 5.80x 1'281.0 37.19x

06/yy 58'392.0 5.86x 19'292.0 4.38x 581.0 61.67x

FY+1

0.75 2'923.70 31.40% 21.84% 0.748 41 3.341 22'689'560 13'228'170 14'048'550 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 58'107.0 57'272.4 14'563.8 14'561.7 1.50x 1.49x 6.24x 6.15x 18'005.4 17'778.5 4'621.3 4'353.0 5.01x 5.08x 5.02x 5.07x 2'645.0 2'754.9 647.0 472.5 15.99x 15.42x 16.50x 17.45x S&P Issuer Ratings

19.05.2008 BBB+ STABLE 08.04.2002 A-2 7.79 5.26 2.09 2.39 136.9% 54.7% 0.47 1.36 41.45 12.89 71.49 -17.15

Sales/Revenue/Turnover

4.00

70'000.0

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 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 |

24.09.2012

Deutsche Telekom AG Holdings By:

All

Holder Name KREDITANSTALT FUER W FEDERAL REPUBLIC OF BLACKSTONE GROUP LP BLACKROCK INC BLACKROCK ASSET MANA ONTARIO TEACHERS PEN VANGUARD GROUP INC BLACKROCK INSTITUTIO BANK OF NEW YORK MEL UNION INVESTMENT GMB BLACKROCK GROUP LIMI NATIXIS ASSET MANAGE FIDELITY INTERNATION DEKA INVESTMENT GMBH SCHRODER INVESTMENT BLACKROCK INVESTMENT MERCURY ASSET MANAGE DEUTSCHE BANK AG ETFLAB INVESTMENT GM FRANKFURT TRUST INVE

Firm Name

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

Analyst

Barclays JONATHAN DANN Grupo Santander STEPHANE SCHLATTER Equinet Institutional Services(ESN) ADRIAN PEHL AlphaValue HEINZ STEFFEN Landesbank Baden-Wuerttemberg STEFAN BORSCHEID JPMorgan HANNES C WITTIG Oddo & Cie ALEXANDRE IATRIDES Morgan Stanley NICK DELFAS Bankhaus Metzler ULRICH TRABERT Nomura FREDERIC BOULAN Sanford C. Bernstein & Co ROBIN BIENENSTOCK Silvia Quandt Research JACQUES ABRAMOWICZ Deutsche Bank MATTHEW BLOXHAM Commerzbank Corporates & Markets HEIKE PAULS Credit Suisse JUSTIN FUNNELL Nord/LB JAN CHRISTIAN GOEHMANN EVA Dimensions TEAM COVERAGE National Bank AG MANFRED JAISFELD Goldman Sachs HUGH I MCCAFFREY RBC Capital Markets JONATHAN ATKIN Macquarie GUY R PEDDY Espirito Santo Investment Bank Research WILL DRAPER Natixis JACQUES DE GRELING DZ Bank AG JOERI SELS Exane BNP Paribas MATHIEU ROBILLIARD Societe Generale OTTAVIO ADORISIO Jefferies ULRICH RATHE Independent Research GmbH MARKUS FRIEBEL M.M. Warburg Investment Research JOCHEN REICHERT Berenberg Bank PAUL ANDREW MARSCH S&P Capital IQ ALEXANDER WISCH ING Wholesale Banking JEFFREY VONK Day by Day VALERIE GASTALDY Hamburger Sparkasse TINA HECKING-VELTMAN Main First Bank AG MARK DIETHELM Kepler Capital Markets THOMAS KARLOVITS Banco Sabadell ANDRES BOLUMBURU HSBC DOMINIK KLARMANN CA Cheuvreux PETER KURT NIELSEN Steubing AG TEAM COVERAGE

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

Recommendation overweight underweight hold add hold neutral neutral Overwt/In-Line buy buy outperform buy hold hold neutral hold hold hold neutral/neutral sector perform underperform sell reduce sell neutral buy buy hold hold hold hold hold hold hold suspended coverage buy sell neutral select list buy

Amt Held 741'424'370 654'197'974 191'700'000 127'933'931 77'552'127 51'600'000 32'341'492 25'734'937 21'439'004 14'081'836 13'696'938 13'621'398 13'570'258 12'409'226 9'877'368 8'997'430 8'645'909 7'243'381 6'853'599 6'473'513

% Out 17.16 15.14 4.44 2.96 1.79 1.19 0.75 0.6 0.5 0.33 0.32 0.32 0.31 0.29 0.23 0.21 0.2 0.17 0.16 0.15

Weighting

Change

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

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

Latest Chg 2'968 6'400'000 1'523'414 (660'448) 193'883 3'434'137 6'978'052 (41'616) (2'281'624) 966'903 141'283 734'600

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

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

File Dt 31.12.2010 31.12.2010 03.08.2012 25.07.2012 20.09.2012 31.12.2010 30.06.2012 20.09.2012 20.09.2012 30.03.2012 20.09.2012 01.04.2012 31.03.2012 29.02.2012 30.03.2012 30.06.2012 20.09.2012 19.06.2012 31.08.2012 31.07.2012

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

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

Date 24.09.2012 20.09.2012 20.09.2012 20.09.2012 19.09.2012 18.09.2012 18.09.2012 17.09.2012 17.09.2012 17.09.2012 14.09.2012 13.09.2012 07.09.2012 30.08.2012 29.08.2012 22.08.2012 21.08.2012 15.08.2012 13.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 07.08.2012 16.05.2012 04.05.2012 24.04.2012 17.04.2012 11.04.2012 21.02.2012 04.01.2010

24.09.2012

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

Price/Volume 25

30.0 M 25.0 M

20.0 M 10

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (9/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 EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

12/2011 06/yy 19.74 14.05 2'632'109.00 18.96 -3.95% 34.95% 88.75% 2'001.0 37'938.96 29'914.00 0.0 3'876.0 6'931.00 68'108.96

15.0 M 10.0 M

5.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

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

35.0 M

Valuation Analysis

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

40.0 M

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

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

31.12.2011 112'954.0 0.52x 11'180.0 5.24x (2'219.0) 0.00x 11'180.00 4'099.00 3.63% -2.58% -1.45% -5.73% 0.74% 9.9% 3.6% -2.0% 1.10 0.54 19.57% 83.71% 6.67 -

Price/ Cash Flow

LTM

FY+1

1.10 1'821.91 38.42% 20.90% 1.096 41 3.732 9'138'119 6'967'868 7'997'155 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 101'064.0 125'308.0 111'495.1 111'747.8 26'877.0 49'333.5 2.77x 1.92x 0.56x 0.55x 7'433.0 8'585.0 10'716.6 11'218.8 2'216.0 2'038.0 8.43x 7.27x 6.37x 6.08x 2'633.0 (4.0) 4'108.5 3'464.8 842.0 113.0 10.70x 0.00x 8.75x 10.51x S&P Issuer Ratings Long-Term Rating Date 27.07.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 27.07.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 3.58 (EBITDA-Capex)/Interest Exp. 1.59 Net Debt/EBITDA 2.06 Total Debt/EBITDA 2.68 Reference Total Debt/Equity 83.7% Total Debt/Capital 43.0% Asset Turnover 0.74 Net Fixed Asset Turnover 1.94 Accounts receivable turnover-days 54.75 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 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 |

24.09.2012

E.ON AG Holdings By:

All

Holder Name BLACKROCK INC E.ON AG STATKRAFT REGIONAL H BLACKROCK ASSET MANA CREDIT SUISSE AG FRANKLIN RESOURCES I MORGAN STANLEY DB PLATINUM ADVISORS DEUTSCHE BANK AG VANGUARD GROUP INC BLACKROCK INSTITUTIO UNION INVESTMENT GMB PICTET ASSET MANAGEM ADIG INVESTMENT DEKA INVESTMENT GMBH ALLIANZ GLOBAL INVES MERCURY ASSET MANAGE FRANKFURT TRUST INVE CAPITAL RESEARCH GLO LBPAM

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

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

Analyst JOHN MUSK MARTIN YOUNG AHMED FARMAN EILEEN RYAN ANNEMARIE SCHLUETER VALERIE GASTALDY INGO BECKER ROBERT CHANTRY ANDREAS THIELEN ALBERTO PONTI BENJAMIN LEYRE EMMANUEL RETIF PETER BISZTYGA TANJA MARKLOFF MICHAEL SCHAEFER TEAM COVERAGE DEBORAH WILKENS ERKAN AYCICEK OSCAR NAJAR RIOS KARIN BRINKMANN SVEN DIERMEIER BOBBY CHADA HEINO HAMMANN MATTHIAS HECK SEBASTIAN KAUFFMANN STEPHAN WULF DANIEL SEIDENSPINNER CLIVE ROBERTS HASIM SENGUEL VINCENT GILLES STEFFEN MANSKE JORGE GONZALEZ SADORNIL VINCENT DE BLIC ADAM DICKENS PHILIPPE OURPATIAN STEPHANE LACAZE SEBASTIAN ZANK ALEXANDER KARNICK IAN G HUNTER

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

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

Amt Held 108'526'159 95'647'800 83'441'700 49'509'257 46'680'225 29'246'572 25'888'854 25'104'987 23'094'035 21'420'467 16'360'965 14'121'055 11'193'681 8'464'949 7'890'770 6'265'891 5'807'067 4'727'449 4'200'000 4'192'368

% Out 5.42 4.78 4.17 2.47 2.33 1.46 1.29 1.25 1.15 1.07 0.82 0.71 0.56 0.42 0.39 0.31 0.29 0.24 0.21 0.21

Weighting

Change

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

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

Latest Chg 1'992 252'960 1'405'038 (162'000) 967'343 (9'542) (41'000) 440'315 (77'361) 761'294 (68'255) (409'000) 1'271'320

Target Price 19 22 #N/A N/A 23 #N/A N/A #N/A N/A 17 19 21 21 22 18 16 18 20 #N/A N/A 26 21 22 19 19 18 20 19 17 21 21 21 21 18 20 20 19 20 15 18 #N/A N/A 21 19

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

File Dt Inst Type 04.05.2012 Investment Advisor 04.08.2011 Corporation 04.08.2011 n/a 20.09.2012 Investment Advisor 09.05.2012 Investment Advisor 30.06.2012 Investment Advisor 10.05.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 30.04.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.07.2012 Mutual Fund Manager

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

Date 21.09.2012 21.09.2012 20.09.2012 20.09.2012 18.09.2012 18.09.2012 14.09.2012 13.09.2012 10.09.2012 07.09.2012 07.09.2012 04.09.2012 03.09.2012 30.08.2012 29.08.2012 27.08.2012 23.08.2012 23.08.2012 16.08.2012 16.08.2012 16.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 13.08.2012 13.08.2012 30.07.2012 19.07.2012 11.07.2012 04.07.2012 09.05.2012 14.03.2012 12.03.2012 14.11.2011

24.09.2012

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

Price/Volume 4

200.0 M

12/2011 06/yy 3.62 2.02 19'695'619.00 2.994 -17.20% 48.22% 60.15% 9'403.4 28'153.65 65'481.00 0.0 15'650.0 7'015.00 105'261.65

150.0 M

100.0 M

1 50.0 M

1 0 s-11

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

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

31.12.2011 77'573.0 1.34x 17'198.0 6.03x 4'148.0 7.13x 17'198.00 11'366.00 14.65% 10.88% 2.46% 10.82% 5.93% 0.46% 22.2% 14.7% 5.3% 0.88 0.46 38.56% 168.81% 6.44 -

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 74'892.0 6.06x 16'836.0 6.81x 4'517.0 9.39x

f-12

06/yy 80'353.0 5.07x 16'518.0 6.12x 3'417.0 7.04x

m-12

a-12 m-12

j-12

a-12

FY+1

0.96 6'465.37 13.97% 1.99% 0.956 35 3.086 56'920'140 51'358'410 55'031'240 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 75'712.4 76'691.3 - 20'178.0 1.16x 1.12x 16'365.0 16'518.7 4'206.0 6.43x 6.37x 3'407.1 3'503.2 1'162.0 8.19x 8.25x S&P Issuer Ratings

08.03.2012 BBB+ STABLE 14.12.2007 A-2 6.25 3.72 3.40 3.81 168.8% 54.6% 0.46 0.98 56.64 -

Sales/Revenue/Turnover

5.00

90'000.0

4.50

80'000.0

4.00

70'000.0

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 02.01.2009

.0 M o-11

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

250.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.10.2011) 52-Week Low (24.07.2012) Daily Volume Current Price (9/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 ENEL IM EQUITY YTD Change ENEL IM EQUITY YTD % CHANGE

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

300.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

24.09.2012

Enel SpA Holdings By:

All

Holder Name MINISTERO DELL'ECONO BLACKROCK ADVISORS U BLACKROCK INSTL TRUS VANGUARD GROUP INC DB PLATINUM ADVISORS PICTET ASSET MANAGEM BLACKROCK INSTITUTIO BLACKROCK FUND ADVIS BLACKROCK ASSET MANA BLACKROCK ASSET MGMT MERCURY ASSET MANAGE BLACKROCK GROUP LIMI GRANTHAM MAYO VAN OT THORNBURG INVESTMENT ARCA SGR SPA PARVEST INVESTMENT M BLACKROCK INVESTMENT SWEDBANK ROBUR FONDE CREDIT SUISSE ASSET FIDEURAM GESTIONS SA

Firm Name Mediobanca SpA Goldman Sachs Banca IMI Independent Research GmbH ICBPI. Societe Generale AlphaValue Nomura Day by Day Morgan Stanley Credit Suisse Banca Akros(ESN) Exane BNP Paribas EVA Dimensions Barclays Grupo Santander S&P Capital IQ Raymond James Banco Sabadell HSBC CA Cheuvreux Nord/LB Equita SIM SpA Natixis Kepler Capital Markets Oddo & Cie Centrobanca Deutsche Bank Landesbank Baden-Wuerttemberg Hammer Partners SA JPMorgan DZ Bank AG

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

Analyst MARIA BEATRICE GEROSA DARIO CARRADORI ROBERTO RANIERI SVEN DIERMEIER SIMONA PEDRAZZINI ALBERTO PONTI MYRIAM COHEN JAVIER SUAREZ VALERIE GASTALDY ANNA MARIA SCAGLIA STEFANO BEZZATO DARIO MICHI JOSE JAVIER RUIZ FERNANDEZ TEAM COVERAGE SUSANNA INVERNIZZI OSCAR NAJAR RIOS CLIVE ROBERTS EMMANUEL RETIF JORGE GONZALEZ SADORNIL ADAM DICKENS FRANCESCA PEZZOLI HEINO HAMMANN ROBERTO LETIZIA PHILIPPE OURPATIAN CLAUDIA INTROVIGNE STEPHANE LACAZE EDOARDO MONTALBANO VIRGINIA SANZ DE MADRID ERKAN AYCICEK CHRIS MOORE JAVIER GARRIDO HASIM SENGUEL

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

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

Amt Held 2'937'984'993 105'881'805 76'825'430 75'856'497 73'068'938 68'635'815 42'620'730 33'569'986 18'964'320 18'148'480 17'195'872 16'536'590 15'142'919 13'067'856 12'310'175 11'614'926 11'001'928 10'059'637 9'176'619 8'859'641

% Out 31.24 1.13 0.82 0.81 0.78 0.73 0.45 0.36 0.2 0.19 0.18 0.18 0.16 0.14 0.13 0.12 0.12 0.11 0.1 0.09

Weighting

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

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

Latest Chg 3'521'476 4'810'049 2'688'666 (30'856) 6'344 (127'499) (10'229'000) 288'595 11'598'871 5'904'498 (3'158) 1'176'853

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

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

File Dt Inst Type 29.08.2012 Government 29.08.2012 Investment Advisor 29.08.2012 n/a 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor 29.08.2012 Investment Advisor 20.09.2012 Investment Advisor 29.08.2012 n/a 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 30.04.2012 Investment Advisor 29.08.2012 Investment Advisor 31.03.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor

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

Date 21.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 18.09.2012 18.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 11.09.2012 03.09.2012 10.08.2012 07.08.2012 03.08.2012 03.08.2012 18.07.2012 14.06.2012 05.06.2012 05.06.2012 11.05.2012 10.05.2012 21.03.2012 14.03.2012 09.03.2012 09.03.2012 08.03.2012 16.02.2012 18.11.2011

24.09.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENI IM EQUITY YTD Change ENI IM EQUITY YTD % CHANGE

12/2011 06/yy 18.72 12.15 8'035'810.00 18.03 -3.63% 48.40% 97.56% 3'634.2 65'524.36 29'597.00 0.0 4'921.0 1'762.00 97'626.36

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

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 87'256.0 1.25x 25'897.0 4.20x 10'011.0 9.18x

20 18 16 14 12 10 8 6 4 2 0 s-11

31.12.2008 31.12.2009 108'082.0 83'227.0 0.74x 1.10x 26'939.0 20'817.0 2.98x 4.39x 8'825.0 4'367.0 6.89x 14.71x Profitability

LTM-4Q 31.12.2010 98'523.0 0.91x 24'992.0 3.58x 6'318.0 9.39x

31.12.2011 109'589.0 0.83x 25'732.0 3.53x 6'860.0 8.47x 25'732.00 17'435.00 15.91% 16.86% 4.99% 12.86% 9.44% 0.80% 23.5% 15.9% 6.3% 1.08 0.55 20.71% 53.35% 6.27 -

Price/ Cash Flow

LTM

FY+1

0.85 2'532.63 55.20% 19.91% 0.846 36 3.917 39'746'380 19'413'940 16'139'000 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 103'343.0 119'417.0 119'821.7 122'490.3 30'833.0 31'261.0 3.49x 3.07x 0.74x 0.69x 2.50x 2.35x 24'420.0 26'157.0 30'310.6 30'456.3 6'171.5 7'143.0 3.93x 3.80x 3.22x 3.21x 3.60x 3.51x 6'073.0 6'903.0 7'657.4 7'919.7 1'683.5 2'098.3 9.48x 9.18x 8.63x 8.19x 8.61x 8.35x S&P Issuer Ratings Long-Term Rating Date 17.01.2012 Long-Term Rating A Long-Term Outlook NEG Short-Term Rating Date 19.05.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 27.91 (EBITDA-Capex)/Interest Exp. 15.26 Net Debt/EBITDA 1.08 Total Debt/EBITDA 1.15 Reference Total Debt/Equity 53.4% Total Debt/Capital 32.9% Asset Turnover 0.80 Net Fixed Asset Turnover 1.55 Accounts receivable turnover-days 58.17 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0 3.00

40'000.0 2.00

20'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Eni SpA Holdings By:

All

Holder Name CASSA DEPOSITI E PRE MINISTERO DELL'ECONO BANCA IMI FIDELITY MANAGEMENT BLACKROCK ADVISORS U BNP PARIBAS ARBITRAG CAPITAL RESEARCH GLO VANGUARD GROUP INC BLACKROCK INSTITUTIO BNP PARIBAS SA BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA FRANKLIN RESOURCES I BLACKROCK FUND ADVIS NATIXIS ASSET MANAGE BNP PAR SEC SER SA THORNBURG INVESTMENT ABERDEEN ASSET MANAG BLACKROCK ASSET MANA BNP PARIBAS ASSET MG

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

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

Analyst ALEXANDRE ANDLAUER ROBERTO RANIERI OSWALD CLINT SVEN DIERMEIER DARIO MICHI ANDREA SCAURI NITIN SHARMA LUCA ARENA JASON KENNEY IAIN REID GORDON GRAY ROBERTO MASCARELLO THEEPAN JOTHILINGAM RAHIM KARIM MARK BLOOMFIELD TEAM COVERAGE CHARLES RIOU INGO SCHMIDT DOMINIQUE PATRY PAUL SPEDDING ACHIM WITTMANN IRENE HIMONA PETER HUTTON KIM FUSTIER JASON D GAMMEL CHRISTINE TISCARENO JORGE GONZALEZ SADORNIL ANNE PUMIR STUART JOYNER MARTIJN P RATS VALERIE GASTALDY MICHELE DELLA VIGNA MANFRED JAISFELD DOMENICO GHILOTTI THOMAS AARRESTAD

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

Recommendation add buy market perform hold buy outperform overweight not rated buy hold sell hold buy equalweight buy buy underperform sell outperform neutral buy buy sector perform outperform neutral buy buy buy sell Equalwt/In-Line buy buy/attractive hold hold hold

Amt Held 958'298'322 142'968'850 83'077'476 38'593'855 35'687'700 35'542'332 33'395'000 32'155'070 28'819'089 28'455'671 24'276'415 13'446'429 12'907'094 12'319'888 11'962'183 11'484'026 11'151'200 11'132'300 9'919'066 7'881'912

% Out 26.37 3.93 2.29 1.06 0.98 0.98 0.92 0.88 0.79 0.78 0.67 0.37 0.36 0.34 0.33 0.32 0.31 0.31 0.27 0.22

Weighting

Change

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

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

Latest Chg (36'136'406) 454'252 1'520'000 1'368'094 (351'727) (1'150'443) (562'284) 1'040'259 737'900 2'636 (610'917)

Target Price 20 21 20 18 22 22 22 #N/A N/A 21 20 17 18 19 21 21 #N/A N/A 19 #N/A N/A 21 19 20 20 19 21 19 23 20 21 15 19 18 25 17 21 #N/A N/A

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

File Dt Inst Type 19.09.2012 Other 19.09.2012 Government 19.09.2012 Investment Advisor 31.07.2012 Investment Advisor 19.09.2012 Investment Advisor 19.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 19.09.2012 Investment Advisor 19.09.2012 Bank 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 19.09.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 19.09.2012 n/a 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 20.09.2012 18.09.2012 17.09.2012 05.09.2012 03.09.2012 03.09.2012 30.08.2012 29.08.2012 27.08.2012 16.08.2012 14.08.2012 13.08.2012 08.08.2012 06.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 01.08.2012 30.07.2012 13.07.2012 02.07.2012 01.07.2012 29.06.2012 01.06.2012 24.05.2012 04.05.2012 23.04.2010

24.09.2012

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

Price/Volume 80

9.0 M

8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2012) 52-Week Low (13.10.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EI FP EQUITY YTD Change EI FP EQUITY YTD % CHANGE

12/2011 09/yy 75.52 50.30 229'422.00 73.25 -3.02% 45.63% 95.36% 213.1 15'607.52 915.73 0.0 132.9 397.77 16'466.48

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

4.0 M

3.0 M

2.0 M

1.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 2'908.1 3.05x 638.5 13.87x 366.7 24.52x

5.0 M

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

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

31.12.2011 4'189.5 2.87x 919.3 13.09x 505.6 22.36x 919.35 724.97 17.30% 16.65% 8.89% 15.99% 13.04% 0.74% 55.4% 21.9% 17.3% 12.1% 1.26 0.21 14.87% 27.54% 2.67

Price/ Cash Flow

09/yy 1'628.1 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 3'765.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.51 195.47 40.11% 35.95% 0.507 21 3.286 691'588 596'393 643'380 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 4'939.8 5'361.4 1'657.0 3.26x 2.96x 1'057.4 1'154.9 15.60x 14.28x 590.7 655.7 295.0 26.05x 23.43x S&P Issuer Ratings

66.12 51.40 0.56 1.00 27.5% 20.9% 0.74 4.57 136.66 154.50 -

Sales/Revenue/Turnover

25.00

4'500.0 4'000.0

20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

24.09.2012

Cie Generale d'Optique Essilor International SA Holdings By:

All

Holder Name FCPE VALOPTEC INTERN CIE GENERALE D'OPTIQ FCPE GROUPE ESSILOR HARBOR CAPITAL ADVIS VANGUARD GROUP INC NATIXIS ASSET MANAGE CARMIGNAC GESTION FIDELITY MANAGEMENT FIDELITY INTERNATION BLACKROCK INVESTMENT WILLIAM BLAIR & COMP BLACKROCK INSTITUTIO SCHRODER INVESTMENT JUPITER ASSET MANAGE ARTIO GLOBAL MANAGEM CAPITAL WORLD INVEST BLACKROCK GROUP LIMI LBPAM RCM CAPITAL MANAGEME OPPENHEIMERFUNDS INC

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

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

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

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

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

Amt Held 6'263'487 5'363'126 5'269'233 4'201'430 4'005'730 3'815'611 3'406'341 2'046'775 1'556'378 1'205'578 1'192'024 1'100'604 1'059'442 1'033'903 1'018'613 1'002'000 907'217 862'182 859'258 723'686

% Out 2.94 2.52 2.47 1.97 1.88 1.79 1.6 0.96 0.73 0.57 0.56 0.52 0.5 0.49 0.48 0.47 0.43 0.4 0.4 0.34

Weighting

Change

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

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

Latest Chg 124'607 165'246 (349'985) (27'190) (654'922) (22'383) (1'040'596) 890 (170'923) (820) (380'619) (39'002) 41'199 13'810

Target Price 67 72 68 74 45 69 72 75 76 62 66 79 80 #N/A N/A 74 65 #N/A N/A #N/A N/A 58

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 Corporation 31.12.2011 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Investment Advisor 30.04.2012 Investment Advisor 31.03.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 20.09.2012 18.09.2012 11.09.2012 10.09.2012 05.09.2012 03.09.2012 03.09.2012 03.09.2012 03.09.2012 02.09.2012 31.08.2012 31.08.2012 02.07.2012 25.06.2012 21.05.2012 24.04.2012 03.04.2012 15.03.2012 30.01.2012

24.09.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (08.06.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FTE FP EQUITY YTD Change FTE FP EQUITY YTD % CHANGE

12/2011 06/yy 13.60 9.45 3'133'737.00 9.769 -28.13% 3.38% 10.00% 2'648.9 25'876.96 39'373.00 0.0 2'019.0 8'992.00 59'281.96

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

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 52'959.0 2.00x 19'247.0 5.49x 6'300.0 10.17x

31.12.2008 31.12.2009 46'712.0 44'845.0 1.92x 1.82x 17'300.0 14'480.0 5.18x 5.64x 4'073.0 3'018.0 14.20x 16.37x Profitability

LTM-4Q 31.12.2010 45'503.0 1.64x 15'291.0 4.89x 4'880.0 10.83x

31.12.2011 45'277.0 1.42x 15'019.0 4.29x 3'895.0 8.26x 15'019.00 8'284.00 18.30% 13.06% 4.09% 13.75% 7.56% 0.48% 33.2% 18.3% 8.6% 0.76 0.51 40.98% 142.80% 8.62 -

Price/ Cash Flow

LTM

06/yy 46'336.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 44'551.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

14.13 0.83 1'934.51 -3.09% -8.16% 0.833 36 3.250 15'198'070 9'461'248 9'363'793 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 43'386.9 42'405.7 10'814.6 10'729.5 1.35x 1.36x 5.36x 5.32x 13'759.6 13'310.9 3'591.0 3'617.0 4.31x 4.46x 4.36x 4.41x 3'443.0 3'343.5 882.0 819.0 7.60x 7.92x 8.01x 8.01x S&P Issuer Ratings

10.02.2005 ANEG 14.05.2003 A-2 7.27 4.02 2.02 2.62 142.8% 57.1% 0.48 1.87 42.33 -

Sales/Revenue/Turnover

4.00

60'000.0

3.50

50'000.0

3.00

40'000.0

2.50 2.00

30'000.0

1.50

20'000.0

1.00

10'000.0 0.50 0.00 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 |

24.09.2012

France Telecom SA Holdings By:

All

Holder Name FONDS STRATEGIQUE D' FRENCH STATE SOCIETE GENERALE AMUNDI DEUTSCHE BANK AG FRANKLIN RESOURCES I NATIXIS ASSET MANAGE CAPITAL WORLD INVEST VANGUARD GROUP INC CAPITAL RESEARCH GLO DNCA FINANCE BLACKROCK INSTITUTIO LBPAM BLACKROCK ASSET MANA AVIVA PLC THORNBURG INVESTMENT MERCURY ASSET MANAGE TEMPLETON INVESTMENT EATON VANCE MANAGEME FEDERAL GESTION

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

Analyst

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

Source Co File Co File 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

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

Amt Held 357'526'133 356'757'953 132'135'951 129'217'007 86'041'367 40'128'528 31'378'742 21'452'300 21'092'208 15'632'060 15'295'873 11'574'998 8'243'944 8'232'870 7'431'868 6'002'800 5'538'866 5'201'145 4'593'965 4'267'912

% Out 13.5 13.47 4.99 4.88 3.25 1.51 1.18 0.81 0.8 0.59 0.58 0.44 0.31 0.31 0.28 0.23 0.21 0.2 0.17 0.16

Weighting

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

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

Latest Chg (27'339'807) (3'894'321) 552'620 1'266'990 (4'018'380) 981'498 (991'500) 2'487'048 1'900 3'121 1'934'700 (11'710) 109'913 (1'553)

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

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

File Dt Inst Type 31.12.2010 Investment Advisor 31.12.2010 Government 16.05.2012 Bank 11.06.2012 Investment Advisor 31.08.2010 Investment Advisor 30.06.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor

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

Date 20.09.2012 20.09.2012 19.09.2012 18.09.2012 18.09.2012 18.09.2012 16.09.2012 13.09.2012 07.09.2012 07.09.2012 07.09.2012 29.08.2012 28.08.2012 08.08.2012 07.08.2012 31.07.2012 31.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 25.06.2012 07.05.2012 30.03.2012 29.03.2012 23.10.2011 24.08.2011

24.09.2012

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

Price/Volume 30

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.10.2011) 52-Week Low (01.06.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSZ FP EQUITY YTD Change GSZ FP EQUITY YTD % CHANGE

12/2011 06/yy 24.13 15.62 1'762'481.00 19.35 -19.79% 23.92% 45.59% 2'323.1 44'951.62 57'272.00 0.0 17'340.0 14'675.00 104'230.62

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 s-11

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

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

31.12.2011 90'673.0 1.18x 16'071.0 6.64x 4'003.0 11.73x 16'071.00 8'978.00 9.90% 8.32% 2.01% 6.40% 5.64% 0.46% 17.7% 9.9% 4.4% 1.13 0.68 26.84% 91.01% 4.16 -

Price/ Cash Flow

n-11

d-11

j-12

LTM

03/yy 86'178.0 0.00x 0.0 0.00x 0.0 0.00x

f-12

06/yy 90'449.0 0.00x 0.0 0.00x 0.0 0.00x

m-12

a-12 m-12

j-12

a-12

FY+1

7.75 1.06 1'298.30 3.61% -4.93% 1.064 32 3.469 6'421'989 4'618'060 5'050'075 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 94'127.8 96'527.6 - 20'168.0 1.14x 1.11x 17'123.0 17'588.3 6.09x 5.93x 3'688.6 3'902.1 12.12x 11.63x S&P Issuer Ratings

11.02.2011 A STABLE 11.02.2011 A-1 6.40 2.86 2.65 3.56 91.0% 41.6% 0.46 1.07 87.59 -

Sales/Revenue/Turnover

40.00

100'000.0

35.00

90'000.0 80'000.0

30.00

70'000.0

25.00

60'000.0

20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 47'475.4 1.46x 7'194.1 9.65x 3'923.5 12.35x

12.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

24.09.2012

GDF Suez Holdings By:

All

Holder Name FRENCH STATE GROUPE BRUXELLES LAM CAPITAL RESEARCH AND CAPITAL RESEARCH GLO CAISSE DES DEPOTS ET CAPITAL WORLD INVEST GDF SUEZ FRANKLIN RESOURCES I CNP ASSURANCES NATIXIS ASSET MANAGE VANGUARD GROUP INC SOFINA SA THORNBURG INVESTMENT PICTET ASSET MANAGEM INTERNATIONAL VALUE LBPAM BLACKROCK INSTITUTIO BNP PARIBAS ASSET MG AVIVA PLC FIDELITY MANAGEMENT

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

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

Analyst OSCAR NAJAR RIOS MARTIN YOUNG OLIVIER BAILS ROBERT CHANTRY MICHEL DEBS ADAM DICKENS MYRIAM COHEN EMMANUEL RETIF BENJAMIN LEYRE ANDREW MEAD ATALLAH ESTEPHAN EMMANUEL TURPIN JULIE ARAV BERTRAND LECOURT TEAM COVERAGE DIETER FURNIERE VALERIE GASTALDY ALBERTO PONTI STEPHANE LACAZE PHILIPPE OURPATIAN CLIVE ROBERTS SVEN DIERMEIER JORGE GONZALEZ SADORNIL HEINO HAMMANN VINCENT DE BLIC ANNEMARIE SCHLUETER ARNAUD JOAN ERKAN AYCICEK HASIM SENGUEL TEAM COVERAGE STEFFEN MANSKE

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

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

Amt Held 810'927'246 116'911'820 112'275'349 65'838'206 45'051'514 44'469'038 38'293'787 24'812'981 24'778'333 24'365'507 14'452'572 13'515'454 12'060'000 11'510'317 9'003'551 8'794'474 7'826'886 7'192'050 6'259'203 4'881'720

% Out 34.91 5.03 4.83 2.83 1.94 1.91 1.65 1.07 1.07 1.05 0.62 0.58 0.52 0.5 0.39 0.38 0.34 0.31 0.27 0.21

Weighting

Change

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

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

Latest Chg 3'795'574 6'138'659 452'323 (58'473) 313'802 1'890'904 452'968 1'033 (6'866) (506'142) 177'218 355'397

Target Price 22 23 25 24 16 16 24 20 18 27 24 19 20 23 #N/A N/A 20 21 25 20 19 19 19 23 #N/A N/A 22 #N/A N/A 19 23 22 #N/A N/A 31

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

File Dt Inst Type 31.12.2011 Government 15.03.2012 Holding Company 18.11.2011 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 31.12.2011 Corporation 30.06.2012 Investment Advisor 31.12.2011 Insurance Company 01.04.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2011 Holding Company 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 18.09.2012 17.09.2012 13.09.2012 13.09.2012 13.09.2012 11.09.2012 11.09.2012 10.09.2012 07.09.2012 05.09.2012 03.09.2012 30.08.2012 27.08.2012 08.08.2012 06.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 02.08.2012 30.07.2012 05.06.2012 01.06.2012 27.02.2012 10.02.2012 09.02.2012 01.11.2011 31.10.2011 13.04.2011

24.09.2012

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

Price/Volume 6

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

5 4 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (26.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBE SQ EQUITY YTD Change IBE SQ EQUITY YTD % CHANGE

12/2011 06/yy 5.49 2.63 8'376'376.00 3.746 -31.75% 42.43% 40.19% 6'138.9 22'996.29 33'228.50 0.0 319.9 6'208.66 51'054.29

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

1 0 s-11

31.12.2008 31.12.2009 24'889.3 25'891.9 2.53x 2.39x 6'105.6 6'197.0 10.31x 10.00x 2'553.7 2'824.3 11.20x 12.54x Profitability

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Market Data

LTM-4Q 31.12.2010 30'431.0 1.90x 6'857.9 8.42x 2'870.9 10.95x

31.12.2011 31'648.0 1.76x 7'000.4 7.95x 2'804.5 10.04x 7'000.41 3'855.03 12.18% 10.92% 2.94% 9.05% 6.39% 0.33% 38.0% 22.1% 12.2% 8.9% 1.11 0.83 34.29% 101.04% 5.66 9.61

Price/ Cash Flow

LTM

06/yy 30'656.0 8.77x 7'056.7 9.04x 2'967.4 11.64x

06/yy 33'590.6 6.73x 6'901.2 7.28x 3'041.4 7.24x

FY+1

0.00 1.05 5'722.93 -20.28% -21.93% 1.053 37 3.676 54'642'600 37'238'550 76'173'820 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 32'299.0 33'269.5 1.67x 1.59x 7'832.7 7'849.8 1'698.0 2'049.0 6.52x 6.50x 2'722.7 2'576.2 581.0 673.5 8.29x 8.80x S&P Issuer Ratings

03.05.2012 BBB+ STABLE 26.11.2007 A-2 4.73 2.00 3.86 4.75 101.0% 50.0% 0.33 64.49 37.98 113.14 -10.67

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 02.01.2009

o-11

Fiscal Year Ended 31.12.2007 17'280.0 4.24x 4'875.1 15.04x 1'658.3 19.81x

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 |

24.09.2012

Iberdrola SA Holdings By:

All

Holder Name QATAR INVESTMENT AUT ACS ACTIVIDADES CONS BILBAO BIZKAIA KUTXA BANCAJA (VALENCIA CA NATIXIS SOCIETE GENERALE VANGUARD GROUP INC PICTET ASSET MANAGEM BLACKROCK INSTITUTIO MASSACHUSETTS FINANC DE URRUTIA VAL VICTO BLACKROCK ASSET MANA MERCURY ASSET MANAGE INVERCAIXA GESTION S DELAWARE MANAGEMENT LBPAM BLACKROCK GROUP LIMI UNION INVESTMENT LUX SANTANDER ASSET MGMT CREDIT SUISSE ASSET

Firm Name

Analyst

BPI BRUNO ALMEIDA DA SILVA Goldman Sachs FRED BARASI Renta 4 SA SVB NATALIA AGUIRRE Macquarie SHAI HILL Bankia Bolsa (ESN) VICTOR PEIRO PEREZ Banco Sabadell JORGE GONZALEZ SADORNIL Nomura JAVIER SUAREZ Grupo Santander JOAQUIN FERRER Societe Generale JORGE ALONSO SUILS Morgan Stanley CAROLINA DORES Credit Suisse STEFANO BEZZATO HSBC JOSE A LOPEZ Independent Research GmbH SVEN DIERMEIER Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Interdin Bolsa ALEJANDRO MIRANDA FOURNIER NMAS 1 Agencia de Valores FERNANDO LAFUENTE Exane BNP Paribas JOSE JAVIER RUIZ FERNANDEZ EVA Dimensions TEAM COVERAGE BBVA ISIDORO DEL ALAMO Day by Day VALERIE GASTALDY Barclays MONICA GIRARDI Oddo & Cie STEPHANE LACAZE Natixis PHILIPPE OURPATIAN S&P Capital IQ CLIVE ROBERTS Deutsche Bank VIRGINIA SANZ DE MADRID Banesto Bolsa SA Sociedad ANTONIO CRUZ Inverseguros Sociedad de Valores MIGUEL SANCHEZ BCP Investimento VANDA MESQUITA Nord/LB HEINO HAMMANN CA Cheuvreux JOSE PORTA SAUDAN Landesbank Baden-Wuerttemberg ERKAN AYCICEK Hamburger Sparkasse ANNEMARIE SCHLUETER JPMorgan JAVIER GARRIDO La Caixa FERNANDO MURILLO GUIRAO National Bank AG STEFFEN MANSKE

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG RNS-RUL8 MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 496'946'224 394'672'404 322'730'655 314'887'559 298'846'609 187'839'595 44'428'114 36'832'520 22'900'430 15'408'452 13'001'207 11'391'678 10'301'670 7'760'670 7'492'900 6'645'259 6'487'377 5'611'710 5'332'705 5'314'216

% Out 8.1 6.43 5.26 5.13 4.87 3.06 0.72 0.6 0.37 0.25 0.21 0.19 0.17 0.13 0.12 0.11 0.11 0.09 0.09 0.09

Weighting

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

U 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 U D M M M M

Latest Chg (492'545'762) 10'349'931 (14'204'256) 2'451'686 19'200 (18'528) (711'152) 590'963 3'800 770'379 540'304 4'150'000 195'088 (2'320'000) 1'332'588 25'412

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

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

File Dt Inst Type 31.12.2011 Government 13.07.2012 Corporation 01.01.2012 Bank 31.12.2011 Bank 28.08.2012 Investment Advisor 17.07.2012 Bank 30.06.2012 Investment Advisor 18.04.2007 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 24.07.2012 n/a 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 23.08.2012 Mutual Fund Manager

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

Date 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 18.09.2012 18.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 16.09.2012 06.09.2012 03.09.2012 26.07.2012 26.07.2012 26.07.2012 25.07.2012 25.07.2012 29.06.2012 15.06.2012 05.06.2012 07.05.2012 28.02.2012 24.02.2012 27.01.2012 25.10.2011 10.03.2011

24.09.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (9/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 ITX SQ EQUITY YTD Change ITX SQ EQUITY YTD % CHANGE

01/2012 07/yy 99.69 59.50 520'424.00 96.62 -3.03% 62.39% 99.23% 623.3 60'226.18 25.11 0.0 40.8 3'517.44 56'775.18

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

1.20 1.00

30.0 M

100

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

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

120

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

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

31.01.2012 13'792.6 2.76x 3'214.6 11.86x 1'932.3 21.51x 3'214.63 2'522.01 18.29% 18.55% 18.59% 28.00% 28.01% 1.33% 59.3% 23.3% 18.3% 14.0% 2.01 1.50 0.23% 0.34% 27.23 4.50

LTM

07/yy 13'210.0 10.34x 3'071.8 11.88x 1'820.2 21.63x

07/yy 14'822.9 11.04x 3'575.5 13.65x 2'159.5 24.19x

FY+1

0.70 216.72 56.13% 54.72% 0.704 41 3.634 1'750'597 1'360'988 1'306'039 FY+2

FQ+1

FQ+2

01/13 Y 01/14 Y 10/12 Q3 01/13 Q4 15'812.3 17'603.5 4'034.4 4'566.9 3.53x 3.10x 3'927.8 4'416.5 1'133.5 1'164.5 14.46x 12.86x 2'357.4 2'662.5 708.6 769.6 25.53x 22.57x 24.76x 24.49x S&P Issuer Ratings

875.44 573.53 -1.09 0.01 0.3% 0.3% 1.33 3.70 13.40 81.02 158.68 -64.26

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

24.09.2012

Inditex SA Holdings By:

All

Holder Name GARTLER SL PARTLER 2006 SL ROSP CORUNNA FIDELITY MANAGEMENT VANGUARD GROUP INC CARMIGNAC GESTION OPPENHEIMERFUNDS INC HARBOR CAPITAL ADVIS FIDELITY INTERNATION CAPITAL WORLD INVEST WILLIAM BLAIR & COMP CAPITAL RESEARCH GLO PRUDENTIAL FINANCIAL BLACKROCK GROUP LIMI ALLIANCEBERNSTEIN LP RCM CAPITAL MANAGEME UMB BANK N A BLACKROCK INSTITUTIO MASSACHUSETTS FINANC EATON VANCE MANAGEME

Firm Name

Analyst

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

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

Recommendation neutral buy buy hold outperform hold buy buy neutral outperform sell Overwt/In-Line neutral outperform underweight outperform buy sell buy buy neutral neutral equalweight neutral buy hold underweight overweight buy hold sell buy hold hold hold Buy/Neutral buy underweight accumulate

Amt Held 311'727'598 57'872'465 36'550'000 5'779'945 5'491'817 3'999'766 3'064'214 2'864'400 2'837'839 2'578'000 2'179'831 1'758'300 1'567'709 1'527'165 1'284'321 1'164'014 1'156'548 1'111'931 927'410 702'352

% Out 50.01 9.28 5.86 0.93 0.88 0.64 0.49 0.46 0.46 0.41 0.35 0.28 0.25 0.25 0.21 0.19 0.19 0.18 0.15 0.11

Weighting

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

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

Latest Chg (23'444) 335'403 1'904'511 14'825 89'007 1'450'682 (3'598'650) 270'466 (859'600) 131'186 182'487 1'700 56'678 971 (596'408) 357

Target Price 105 114 115 95 110 78 108 116 92 105 83 80 98 100 89 105 105 62 110 110 101 93 87 72 110 81 #N/A N/A 100 100 #N/A N/A 83 #N/A N/A #N/A N/A 80 72 115 78 67 47

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

File Dt 31.01.2011 31.01.2011 31.01.2011 31.07.2012 30.06.2012 29.06.2012 31.07.2012 30.06.2012 29.02.2012 30.06.2012 30.06.2012 30.06.2012 31.07.2012 20.09.2012 31.07.2012 31.07.2012 29.06.2012 20.09.2012 31.07.2012 31.07.2012

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

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

Date 21.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 19.09.2012 18.09.2012 13.09.2012 12.09.2012 05.09.2012 03.09.2012 27.08.2012 07.08.2012 03.08.2012 11.07.2012 20.06.2012 14.06.2012 14.06.2012 13.06.2012 24.04.2012 21.03.2012 26.11.2009

24.09.2012

ING Groep NV ING Groep N.V. offers financial services to individuals, corporations, and other institutions. The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance. ING Groep has offices throughout the world.

Price/Volume 8

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

7 6 5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.02.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/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 INGA NA EQUITY YTD Change INGA NA EQUITY YTD % CHANGE

12/2011 06/yy 7.58 4.41 7'003'977.00 6.55 -13.52% 48.39% 71.48% 3'831.6 25'096.72 240'636.00 0.0 777.0 31'194.00 255'291.72

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

1.20

2 1 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Market Data

Fiscal Year Ended 31.12.2007 73'142.0 4.30x 0.0 0.00x 9'241.0 6.50x

31.12.2008 31.12.2009 64'680.0 46'025.0 4.40x 5.41x 0.0 0.0 0.00x 0.00x (729.0) (935.0) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 51'411.0 4.99x 0.0 0.00x 2'810.0 12.77x

31.12.2011 52'787.0 4.38x 0.0 0.00x 5'766.0 6.70x 11.25% 9.95% 0.46% 12.07% 2.16% 0.04% 10.9% 18.81% 484.54% -

LTM

06/yy 46'381.0 23.15x 0.0 0.00x 3'257.0 14.54x

06/yy 48'371.0 20.14x 0.0 0.00x 4'729.0 6.65x

FY+1

1.80 43.33% 17.81% 1.796 33 3.909 25'125'970 27'312'480 27'684'510 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 36'900.8 42'571.9 3'415.0 3'585.0 1.05x 0.90x 3'855.8 4'380.1 928.7 1'004.5 6.28x 5.60x 6.82x 6.55x S&P Issuer Ratings

03.09.2009 A STABLE 31.03.2009 A-1 484.5% 82.7% 0.04 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

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

0.20

10'000.0 0.0

0.00

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

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

24.09.2012

ING Groep NV Holdings By:

All

Holder Name BLACKROCK INC FRANKLIN RESOURCES I VANGUARD GROUP INC FIDELITY INTERNATION DB PLATINUM ADVISORS HARTFORD INVESTMENT ING INVESTMENT MANAG MASSACHUSETTS FINANC CAPITAL WORLD INVEST BNP PARIBAS ASSET MG DEUTSCHE BANK AG FIDELITY MANAGEMENT ACHMEA BELEGGINSFOND BLACKROCK INSTITUTIO SCHRODER INVESTMENT UNION INVESTMENT GMB ARTISAN PARTNERS HOL NATIXIS ASSET MANAGE TEMPLETON INVESTMENT MERCURY ASSET MANAGE

Firm Name SNS Securities(ESN) AlphaValue Morgan Stanley RBC Capital Markets Deutsche Bank Kepler Capital Markets Macquarie Rabobank International Exane BNP Paribas Landesbank Baden-Wuerttemberg CA Cheuvreux Independent Research GmbH KBC Securities Oddo & Cie ABN Amro Bank N.V. HSBC Day by Day Nomura S&P Capital IQ Credit Suisse EVA Dimensions Hamburger Sparkasse Petercam Barclays Societe Generale Main First Bank AG Keefe, Bruyette & Woods JPMorgan Kempen & Co Goldman Sachs DZ Bank AG Theodoor Gilissen Securities Daiwa Securities Co. Ltd. Natixis

Analyst LEMER SALAH JEROME CASSAGNE DAVID ANDRICH GORDON AITKEN SPENCER HORGAN BENOIT PETRARQUE THOMAS STOEGNER COR KLUIS FRANCOIS BOISSIN WERNER SCHIRMER HANS PLUIJGERS STEFAN BONGARDT DIRK PEETERS NICOLAS JACOB JAN WILLEM WEIDEMA KAILESH MISTRY VALERIE GASTALDY TARIK EL MEJJAD RODERICK WALLACE RICHARD BURDEN TEAM COVERAGE CHRISTIAN HAMANN MATTHIAS DE WIT KIRI VIJAYARAJAH PHILIP RICHARDS FEDERICO SALERNO WILLIAM HAWKINS MICHAEL HUTTNER FREDERIC VAN DAELE JERNEJ OMAHEN WERNER EISENMANN TOM MULLER TIM PROUDLOVE BENOIT VALLEAUX

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

Recommendation buy buy Overwt/In-Line outperform hold reduce neutral buy neutral hold outperform hold accumulate neutral buy neutral buy buy hold outperform hold hold buy equalweight hold buy outperform restricted sell neutral/neutral buy hold outperform suspended coverage

Amt Held 189'941'686 158'006'271 64'528'382 44'638'466 32'183'884 28'725'202 27'707'655 26'155'586 25'314'880 24'772'185 22'681'400 20'377'537 20'353'528 19'415'265 17'047'121 15'017'209 15'016'060 14'703'712 12'294'812 11'207'322

% Out 4.96 4.12 1.68 1.17 0.84 0.75 0.72 0.68 0.66 0.65 0.59 0.53 0.53 0.51 0.44 0.39 0.39 0.38 0.32 0.29

Weighting

Change

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

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

Latest Chg 37'710'724 2'307'347 (2'900'726) 4'630'524 (7'399) (99'813) 895'934 (3'471'719) (10'325'465) (715'008) (224'442) (1'175'197) 8'200 68'877 (2'610'049) (78'840) -

Target Price 10 8 7 8 8 6 7 9 7 6 8 7 9 7 7 7 8 8 6 9 #N/A N/A #N/A N/A 8 6 6 8 8 #N/A N/A 4 9 8 10 9 #N/A N/A

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

File Dt Inst Type 31.01.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 31.03.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 21.09.2012 20.09.2012 18.09.2012 18.09.2012 17.09.2012 16.09.2012 11.09.2012 10.09.2012 10.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 05.09.2012 03.09.2012 03.09.2012 30.08.2012 30.08.2012 29.08.2012 27.08.2012 21.08.2012 16.08.2012 15.08.2012 09.08.2012 09.08.2012 08.08.2012 03.08.2012 10.06.2012 22.05.2012 13.01.2012 27.10.2011 17.06.2011 17.03.2009

24.09.2012

Intesa Sanpaolo SpA Intesa Sanpaolo attracts deposits and offers banking and financial services. The Bank offers consumer credit, asset management, Internet banking, merchant banking, securities brokerage, factoring, and lease financing services, and manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and offices elsewhere in Europe, Asia, and the United States.

Price/Volume 2

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

2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (9/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 ISP IM EQUITY YTD Change ISP IM EQUITY YTD % CHANGE

12/2011 06/yy 1.65 0.85 59'241'824.00 1.234 -25.15% 44.58% 50.53% 15'501.3 20'103.04 266'182.00 0.0 718.0 39'926.00 -

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

1.20 1.00

0 0 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Market Data

Fiscal Year Ended 31.12.2007 32'566.0 0.00x 0.0 0.00x 7'250.0 21.37x

31.12.2008 31.12.2009 33'216.0 27'022.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 2'553.0 2'805.0 23.67x 15.27x Profitability

LTM-4Q 31.12.2010 24'836.0 0.00x 0.0 0.00x 2'705.0 12.90x

31.12.2011 25'266.0 0.00x 0.0 0.00x (8'190.0) 0.00x 4.75% -54.51% -1.26% -16.29% -2.54% 0.04% -46.8% 41.64% 565.86% -

LTM

06/yy 19'435.0 0.00x 0.0 0.00x 2'417.0 11.38x

06/yy 26'049.0 0.00x 0.0 0.00x (8'318.0) 0.00x

FY+1

1.41 13'656.47 28.27% 0.21% 1.414 35 3.286 ######### ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 17'161.6 17'019.9 4'129.3 4'211.3 1'981.7 2'343.7 493.5 413.0 9.95x 8.45x 10.92x 10.92x S&P Issuer Ratings

10.02.2012 BBB+ NEG 10.02.2012 A-2 565.9% 84.8% 0.04 4.60 -

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

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

24.09.2012

Intesa Sanpaolo SpA Holdings By:

All

Holder Name COMPAGNIA DI SAN PAO FOND CR PROVINCIE LO FONDAZIONE CASSA RIS ENTE CASSA DI RISP F FONDAZIONE CASSA RIS HARRIS ASSOCIATES L ALLEANZA TORO SPA ASSICURAZIONI GENERA BLACKROCK ADVISORS U BLACKROCK INSTITUTIO FRANKLIN RESOURCES I VANGUARD GROUP INC INA ASSITALIA SPA GENERALI VIE SA DB PLATINUM ADVISORS BLACKROCK GROUP LIMI BLACKROCK ASSET MANA BLACKROCK FUND ADVIS FIDELITY MANAGEMENT NATIXIS ASSET MANAGE

Firm Name Credit Suisse AlphaValue ICBPI. Grupo Santander Oddo & Cie Banca Akros(ESN) Exane BNP Paribas HSBC Societe Generale Mediobanca SpA EVA Dimensions Barclays CA Cheuvreux Keefe, Bruyette & Woods Macquarie Nomura Day by Day Goldman Sachs JPMorgan Nord/LB Independent Research GmbH Morgan Stanley Landesbank Baden-Wuerttemberg Equita SIM SpA Berenberg Bank Natixis Kepler Capital Markets S&P Capital IQ ING Wholesale Banking Deutsche Bank Hammer Partners SA Banco Sabadell Main First Bank AG

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

Analyst IGNACIO CEREZO DAVID GRINSZTAJN LUCA COMI TANIA GOLD JEAN SASSUS LUIGI TRAMONTANA ANDREA VERCELLONE CARLO DIGRANDI CARLO TOMMASELLI ANDREA FILTRI TEAM COVERAGE JEREMY SIGEE ALDO COMI RONNY REHN BENJIE CREELAN-SANDFORD DOMENICO SANTORO VALERIE GASTALDY JEAN-FRANCOIS NEUEZ KIAN ABOUHOSSEIN MICHAEL SEUFERT STEFAN BONGARDT FRANCESCA TONDI INGO FROMMEN MATTEO GHILOTTI MARCO TROIANO STEVEN GOULD ANNA MARIA BENASSI FRANK BRADEN ALEXANDER PELTESHKI PAOLA SABBIONE ENRICO RACIOPPI MARIO LODOS ALBERTO SEGAFREDO

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

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

Amt Held 1'532'766'787 725'460'008 647'953'597 523'633'314 422'874'979 307'619'116 286'308'683 205'236'977 183'690'194 181'520'015 148'101'905 123'651'390 85'877'104 82'931'860 74'398'983 71'253'990 61'377'693 46'813'872 43'564'982 41'310'760

% Out 9.89 4.68 4.18 3.38 2.73 1.98 1.85 1.32 1.18 1.17 0.96 0.8 0.55 0.53 0.48 0.46 0.4 0.3 0.28 0.27

Weighting

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

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

Latest Chg 80'746'488 16'692'387 (6'432'782) 30'787'408 66'426 363'591 209'075 (11'532'302)

Target Price 1 2 1 1 1 1 1 1 1 1 #N/A N/A 1 2 1 1 1 2 2 2 #N/A N/A 1 1 1 1 2 1 2 1 1 2 1 #N/A N/A 2

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

File Dt Inst Type 12.09.2012 Other 12.09.2012 Bank 12.09.2012 Bank 12.09.2012 Bank 12.09.2012 Other 30.06.2012 Investment Advisor 12.09.2012 Insurance Company 12.09.2012 Insurance Company 12.09.2012 Investment Advisor 12.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 12.09.2012 n/a 12.09.2012 n/a 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 12.09.2012 Investment Advisor 31.07.2012 Investment Advisor 01.04.2012 Mutual Fund Manager

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

Date 24.09.2012 20.09.2012 19.09.2012 18.09.2012 14.09.2012 14.09.2012 14.09.2012 13.09.2012 11.09.2012 11.09.2012 11.09.2012 10.09.2012 07.09.2012 05.09.2012 04.09.2012 03.09.2012 03.09.2012 23.08.2012 23.08.2012 21.08.2012 07.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 03.08.2012 03.08.2012 01.08.2012 20.07.2012 19.06.2012 06.02.2012 29.07.2011

24.09.2012

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 (07.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2012 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 06/yy 19.56 12.23 962'809.00 18.625 -4.73% 52.35% 90.79% 957.1 17'826.60 3'860.00 0.0 34.0 3'147.00 19'627.60

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

8.0 M

6.0 M 4.0 M

2.0 M

0 s-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 0.00x 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) 0.00x 1'187.00 -269.00 -1.19% -2.18% -4.23% -9.45% 0.74% 38.3% 5.3% -1.2% -5.7% 1.34 0.79 13.33% 31.24% 5.43 3.72

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 21'587.0 3.74x 3'202.0 5.44x (220.0) 703.73x

f-12

06/yy 23'609.0 2.58x 1'430.0 11.40x 327.0 21.20x

m-12

a-12 m-12

j-12

a-12

FY+1

1.21 924.02 57.31% 20.45% 1.208 38 3.605 3'347'319 3'103'134 3'508'018 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 24'461.0 25'454.0 5'926.5 7'316.0 0.77x 0.72x 3.15x 2.46x 2'895.9 3'365.7 753.5 1'114.5 6.79x 5.84x 5.33x 4.99x 1'174.4 1'452.3 224.3 480.2 14.51x 11.51x 12.49x 11.05x S&P Issuer Ratings

11.05.2005 ANEG 26.02.2001 A-2 3.39 1.32 0.60 3.25 31.2% 23.8% 0.74 7.33 67.20 98.11 93.65 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 o-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 |

24.09.2012

Koninklijke Philips Electronics NV Holdings By:

All

Holder Name BLACKROCK INC SOUTHEASTERN ASSET M DODGE & COX KONINKLIJKE PHILIPS HARRIS ASSOCIATES L FRANKLIN RESOURCES I VANGUARD GROUP INC ING INVESTMENT MANAG FIDELITY MANAGEMENT BLACKROCK INSTITUTIO ARTISAN PARTNERS HOL TEMPLETON INVESTMENT T ROWE PRICE ASSOCIA AMERICAN CENTURY COM FORTIS INVESTMENTS BLACKROCK INVESTMENT ACHMEA BELEGGINSFOND BLACKROCK GROUP LIMI BNP PARIBAS ASSET MG BLACKROCK ASSET MANA

Firm Name

Portfolio Name n/a n/a Multiple Portfolios #N/A N/A 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 Multiple Portfolios

Analyst

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

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

Amt Held 48'717'052 48'302'038 47'067'009 32'381'240 23'595'873 22'598'686 11'390'845 6'462'123 5'546'639 5'275'845 4'616'627 4'240'931 3'919'891 3'692'188 3'606'798 3'493'090 3'409'575 3'206'110 3'088'972 3'025'397

% Out 5.09 5.05 4.92 3.38 2.47 2.36 1.19 0.68 0.58 0.55 0.48 0.44 0.41 0.39 0.38 0.36 0.36 0.33 0.32 0.32

Weighting

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

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

Latest Chg (3'464'935) 2'387'491 (71'765'334) 1'905'573 (1'621) 535'591 (444'162) 398'042 (29'758) (1'420) 190'369 (1'009'997) (103'911) 178'144 (40'327) 50'603 (74'895) 920

Target Price 19 21 20 20 22 21 20 19 20 24 23 20 20 18 15 21 23 17 20 23 #N/A N/A #N/A N/A 16 #N/A N/A 19 21 21 19 18 17 19 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 30.06.2012 Investment Advisor 21.09.2012 Corporation 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 23.09.2012 21.09.2012 20.09.2012 14.09.2012 13.09.2012 13.09.2012 12.09.2012 12.09.2012 12.09.2012 12.09.2012 12.09.2012 12.09.2012 12.09.2012 12.09.2012 11.09.2012 07.09.2012 04.09.2012 03.09.2012 22.08.2012 10.08.2012 08.08.2012 02.08.2012 30.07.2012 26.07.2012 24.07.2012 24.07.2012 24.07.2012 23.07.2012 23.07.2012 23.07.2012 23.07.2012 23.07.2012 16.07.2012 27.06.2012 03.04.2012 29.03.2010

24.09.2012

L'Oreal SA L'Oreal SA manufactures, markets, and distributes health and beauty aids. The Company produces colorants, styling, and hair care products for professional hairdressers, hair care, cosmetics, and skin care products and perfumes for consumers, luxury cosmetics and perfumes sold through department stores, perfumeries and travel stores, and dermatological and pharmaceutical products.

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (09.08.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OR FP EQUITY YTD Change OR FP EQUITY YTD % CHANGE

12/2011 06/yy 102.50 70.12 299'991.00 96.83 -5.51% 38.09% 83.38% 606.6 58'741.43 1'148.30 0.0 3.1 1'652.20 58'509.73

1.5 M

1.0 M

.5 M

0 s-11

31.12.2008 31.12.2009 17'541.8 17'472.6 2.28x 2.72x 3'441.7 3'368.7 11.63x 14.12x 1'948.3 1'792.2 18.82x 25.41x Profitability

LTM-4Q 31.12.2010 19'495.8 2.52x 3'757.5 13.05x 2'239.7 21.75x

31.12.2011 20'343.1 2.33x 3'955.1 12.00x 2'438.4 19.64x 3'955.10 3'292.60 16.19% 17.04% 9.58% 15.01% 14.04% 0.80% 71.2% 19.4% 16.2% 12.0% 1.08 0.65 4.28% 6.51% 7.16 3.03

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 18'370.0 0.00x 0.0 0.00x 0.0 0.00x

f-12

06/yy 21'311.0 0.00x 0.0 0.00x 0.0 0.00x

m-12

a-12 m-12

j-12

a-12

FY+1

0.68 230.85 38.93% 22.61% 0.680 40 3.225 997'413 756'905 768'096 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 22'393.8 23'671.8 5'456.0 5'677.0 2.56x 2.37x 4'430.6 4'766.0 13.24x 12.30x 2'880.5 3'118.3 20.29x 18.76x S&P Issuer Ratings

05.06.2006 A-1+ 82.23 64.23 -0.13 0.29 6.5% 6.1% 0.80 7.32 50.97 120.45 191.72 -20.30

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.01.2009

.0 M o-11

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

3.5 M

100 80

Valuation Analysis

31.12.2007 17'062.6 3.64x 3'475.9 17.88x 2'656.0 22.17x

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 |

24.09.2012

L'Oreal SA Holdings By:

All

Holder Name BETTENCOURT FAMILY NESTLE SA L'OREAL SA VANGUARD GROUP INC NATIXIS ASSET MANAGE HARBOR CAPITAL ADVIS CAPITAL WORLD INVEST OWEN-JONES LINDSAY CAPITAL RESEARCH GLO FIDELITY MANAGEMENT BLACKROCK INSTITUTIO BANK OF NEW YORK MEL BLACKROCK ASSET MANA LBPAM BLACKROCK GROUP LIMI INVESCO LTD NEW JERSEY DIVISION MERCURY ASSET MANAGE WILLIAM BLAIR & COMP RCM CAPITAL MANAGEME

Firm Name

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

Analyst

Redburn Partners WILLIAM HOUSTON Credit Suisse ALEX MOLLOY Exane BNP Paribas EAMONN FERRY AlphaValue ARMELLE MOULIN Independent Research GmbH LARS LUSEBRINK Societe Generale CHAS MANSO DE ZUNIGA Espirito Santo Investment Bank Research MARTIN DOLAN HSBC CEDRIC BESNARD Sanford C. Bernstein & Co ANDREW WOOD Raymond James HERMINE DE BENTZMANN Morgan Stanley ERIK SJOGREN Canaccord Genuity Corp EDDY HARGREAVES Bryan Garnier & Cie LOIC MORVAN Grupo Santander PEDRO GIL JPMorgan CELINE PANNUTI Landesbank Baden-Wuerttemberg BERND MUELL Oddo & Cie LEOPOLD AUTHIE Kepler Capital Markets CATHERINE ROLLAND Main First Bank AG MATTHIAS EIFERT Barclays IAIN SIMPSON Commerzbank Corporates & Markets ANDREAS RIEMANN Goldman Sachs ROSIE EDWARDS Jefferies ALEX HOWSON Hamburger Sparkasse CHRISTIAN HAMANN Nomura GUILLAUME DELMAS S&P Capital IQ CARL SHORT Telsey Advisory Group DANA TELSEY RBC Capital Markets JAMES EDWARDES JONES Stifel Nicolaus MARK S ASTRACHAN EVA Dimensions TEAM COVERAGE Banco Sabadell IGNACIO ROMERO DZ Bank AG THOMAS MAUL Natixis PIERRE TEGNER Liberum Capital Ltd PABLO ZUANIC Deutsche Bank HAROLD THOMPSON Berenberg Bank SETH PETERSON ING Wholesale Banking MARCO GULPERS Day by Day VALERIE GASTALDY CA Cheuvreux THOMAS MESMIN Macquarie SREEDHAR MAHAMKALI

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

Recommendation sell neutral outperform reduce hold buy sell neutral underperform outperform Underwt/In-Line sell buy hold overweight hold buy buy neutral overweight add buy/attractive buy buy reduce hold no rating system outperform hold underweight sell buy neutral buy hold hold sell hold suspended coverage outperform

Amt Held 185'661'879 178'381'021 8'597'659 5'135'638 5'050'746 4'000'965 3'195'000 3'029'005 3'010'000 1'411'248 1'282'910 1'006'298 833'553 775'156 769'913 751'170 725'628 643'171 628'781 620'065

% Out 30.6 29.4 1.42 0.85 0.83 0.66 0.53 0.5 0.5 0.23 0.21 0.17 0.14 0.13 0.13 0.12 0.12 0.11 0.1 0.1

Weighting

Change

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

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

Latest Chg 953'594 560'936 600'000 (794'000) (16'482) 1'072 (125'162) 236 (17'000) (158'531) 42'490 628'781 30'588

Target Price #N/A N/A 96 107 104 107 112 87 105 92 108 91 90 104 100 108 94 106 112 90 110 105 136 106 #N/A N/A 85 107 97 107 #N/A N/A #N/A N/A 92 97 86 130 95 95 82 #N/A N/A #N/A N/A 90

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 Corporation 31.12.2011 Corporation 30.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 n/a 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 21.09.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 20.09.2012 20.09.2012 19.09.2012 18.09.2012 14.09.2012 12.09.2012 11.09.2012 11.09.2012 06.09.2012 04.09.2012 31.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 28.08.2012 28.08.2012 08.08.2012 30.07.2012 30.07.2012 27.07.2012 26.07.2012 20.07.2012 11.07.2012 11.07.2012 31.05.2012 19.12.2011 02.09.2011

24.09.2012

LVMH Moet Hennessy Louis Vuitton SA LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Company produces and sells champagne, cognac, perfumes, cosmetics, luggage, watches and jewelry.

Price/Volume 160

3.5 M

140

3.0 M

120

2.5 M

100

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (04.10.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MC FP EQUITY YTD Change MC FP EQUITY YTD % CHANGE

12/2011 06/yy 136.80 94.16 382'155.00 121.7 -11.00% 29.25% 66.58% 507.9 61'813.84 7'266.00 0.0 1'061.0 2'303.00 68'713.84

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

1.5 M

60 40

1.0 M

.5 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 16'481.0 2.63x 4'109.0 10.55x 2'025.0 19.36x

2.0 M

Valuation Analysis

31.12.2008 31.12.2009 17'193.0 17'053.0 1.60x 2.41x 4'323.0 4'055.0 6.34x 10.13x 2'026.0 1'755.0 11.16x 21.13x Profitability

LTM-4Q 31.12.2010 20'320.0 3.08x 5'106.0 12.27x 3'032.0 19.36x

31.12.2011 23'659.0 2.56x 6'150.0 9.84x 3'065.0 17.45x 6'150.00 5'263.00 22.25% 20.79% 7.28% 15.46% 13.27% 0.56% 65.8% 26.0% 22.2% 13.0% 1.38 0.44 15.44% 32.36% 13.74 1.20

Price/ Cash Flow

LTM

06/yy 19'391.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 26'333.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.38 0.90 255.04 17.93% 12.87% 0.902 34 4.294 1'114'713 831'115 897'554 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 28'083.4 30'557.5 6'732.5 8'105.0 2.38x 2.12x 7'064.6 7'814.6 9.76x 8.82x 3'656.2 4'073.0 16.65x 14.96x S&P Issuer Ratings

20.05.2011 A POS 20.05.2011 A-1 32.03 22.92 0.81 1.18 32.4% 23.6% 0.56 3.21 26.56 304.49 99.69 231.36

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 |

24.09.2012

LVMH Moet Hennessy Louis Vuitton SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS LVMH MOET HENNESSY L QATAR HOLDINGS LLC NATIXIS ASSET MANAGE CARMIGNAC GESTION THORNBURG INVESTMENT VANGUARD GROUP INC MASSACHUSETTS FINANC FIDELITY MANAGEMENT FIDELITY INTERNATION OPPENHEIMERFUNDS INC TRAPANI FRANCESCO CAPITAL WORLD INVEST DEUTSCHE BANK AG AVIVA PLC BLACKROCK INSTITUTIO LBPAM BNP PARIBAS ASSET MG BNP ASSET MANAGEMENT MFS INVESTMENT MANAG

Firm Name Redburn Partners AlphaValue Raymond James Aurel - BGC Cantor Fitzgerald Renaissance Capital Nomura Barclays HSBC Bryan Garnier & Cie Day by Day S&P Capital IQ Kepler Capital Markets EVA Dimensions Credit Suisse Landesbank Baden-Wuerttemberg Banco Sabadell Berenberg Bank Main First Bank AG JPMorgan CA Cheuvreux Independent Research GmbH Oddo & Cie ISI Group Societe Generale Hamburger Sparkasse Morgan Stanley DZ Bank AG Telsey Advisory Group Deutsche Bank Helvea Goldman Sachs Natixis

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

Analyst

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

Recommendation

ANNABEL GLEESON buy VIRGINIE BLIN buy MARC WILLAUME outperform DAVID DA MAIA hold ALLEGRA PERRY hold REY WIUM hold CHRISTOPHER WALKER neutral JULIAN EASTHOPE overweight ANTOINE BELGE neutral LOIC MORVAN buy VALERIE GASTALDY hold MARNIE COHEN strong buy CATHERINE ROLLAND buy TEAM COVERAGE sell ROGERIO FUJIMORI outperform BARBARA AMBRUS buy IGNACIO ROMERO buy JOHN GUY buy MATTHIAS EIFERT buy MELANIE A FLOUQUET neutral THOMAS MESMIN outperform LARS LUSEBRINK buy LEOPOLD AUTHIE buy OMAR SAAD buy EMMANUEL BRULEY DES VARANNES buy CHRISTIAN HAMANN buy LOUISE SINGLEHURST Overwt/In-Line THOMAS MAUL buy DANA TELSEY no rating system WARWICK OKINES buy TIM DAWSON suspended coverage WILLIAM HUTCHINGS neutral/neutral OLIVIER DELAHOUSSE buy

Amt Held 236'033'646 9'536'678 5'230'723 4'374'445 4'165'744 3'940'056 3'706'291 3'018'380 2'200'987 2'122'078 1'623'450 1'561'592 1'528'000 1'445'911 1'395'468 1'319'260 1'286'619 1'202'380 1'051'543 965'220

% Out 46.47 1.88 1.03 0.86 0.82 0.78 0.73 0.59 0.43 0.42 0.32 0.31 0.3 0.28 0.27 0.26 0.25 0.24 0.21 0.19

Weighting

Change

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

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

Latest Chg (62'039) 27'750 140'652 119'165 (181'280) (6'937) (69'550) 143'000 (2'815) (13'176) 1'128 5'184 (55'895) 558'972 20'282

Target Price #N/A N/A 155 145 130 129 142 147 160 145 139 #N/A N/A 155 150 #N/A N/A 138 150 148 150 140 120 142 150 150 160 150 123 150 147 149 140 #N/A N/A 192 147

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

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Holding Company 15.03.2012 Government 29.06.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 24.09.2012 20.09.2012 18.09.2012 17.09.2012 13.09.2012 11.09.2012 07.09.2012 03.09.2012 01.09.2012 31.08.2012 07.08.2012 06.08.2012 03.08.2012 02.08.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 31.05.2012 09.05.2012 03.05.2012 02.05.2012 19.04.2012 16.04.2012 02.04.2012 07.03.2012 03.02.2012

24.09.2012

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/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 MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2011 06/yy 125.85 78.61 227'107.00 124.15 -1.35% 57.93% 98.09% 179.3 22'265.21 5'562.00 0.0 247.0 2'490.00 25'465.21

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

3.5 M

120

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-11

31.12.2008 31.12.2009 47'151.0 53'891.0 0.56x 0.44x 0.0 0.0 0.00x 0.00x 1'555.0 2'521.0 14.34x 8.39x Profitability

LTM-4Q 31.12.2010 59'111.0 0.42x 0.0 0.00x 2'422.0 8.69x

31.12.2011 60'908.0 0.33x 0.0 0.00x 702.0 24.03x 0.74% 0.26% 0.29% 3.06% 0.25% 1.2% 2.25% 24.12% -

Price/ Cash Flow

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

LTM

06/yy 59'610.0 1.47x 0.0 0.00x 1'020.0 18.72x

06/yy 64'012.0 1.33x 0.0 0.00x 2'501.0 7.88x

FY+1

0.97 178.99 64.05% 38.43% 0.968 44 3.773 979'069 675'152 750'314 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 53'719.1 55'320.1 15'175.0 14'051.0 0.53x 0.51x 2'701.5 2'731.3 743.0 688.0 8.21x 8.09x 8.45x 8.32x S&P Issuer Ratings

AASTABLE 24.1% 19.3% 0.25 -

Sales/Revenue/Turnover

4.50

70'000.0

4.00

60'000.0

3.50

50'000.0

3.00 2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 47'323.0 0.69x 0.0 0.00x 3'854.0 7.41x

140

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 |

24.09.2012

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK ASSET MANA PEOPLES BANK OF CHIN BLACKROCK ASSET MANA CREDIT SUISSE AG FRANKLIN RESOURCES I VANGUARD GROUP INC ALLIANZ GLOBAL INVES BLACKROCK INSTITUTIO DEKA INVESTMENT GMBH DEUTSCHE BANK AG NATIXIS ASSET MANAGE DB PLATINUM ADVISORS MACKENZIE FINANCIAL TWEEDY BROWNE COMPAN UNION INVESTMENT GMB ARTISAN PARTNERS HOL BNP PARIBAS ASSET MG T ROWE PRICE ASSOCIA DEKA INTERNATIONAL S

Firm Name

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

Analyst

Day by Day VALERIE GASTALDY Canaccord Genuity Corp BEN COHEN Helvea DANIEL BISCHOF AlphaValue DIETER HEIN Sanford C. Bernstein & Co THOMAS SEIDL Independent Research GmbH STEFAN BONGARDT Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG THORSTEN WENZEL Silvia Quandt Research CHRISTIAN MUSCHICK Oddo & Cie NICOLAS JACOB Kepler Capital Markets FABRIZIO CROCE Landesbank Baden-Wuerttemberg WERNER SCHIRMER Morgan Stanley MACIEJ WASILEWICZ Macquarie HADLEY COHEN Barclays ANDREW BROADFIELD Societe Generale JASON KALAMBOUSSIS HSBC THOMAS FOSSARD Exane BNP Paribas THOMAS JACQUET Nord/LB VOLKER SACK JPMorgan MICHAEL HUTTNER Raymond James DANNY JACQUES Hamburger Sparkasse CHRISTIAN HAMANN Bankhaus Metzler JOCHEN SCHMITT Natixis BENOIT VALLEAUX Commerzbank Corporates & Markets ROLAND PFAENDER Credit Suisse RICHARD BURDEN Keefe, Bruyette & Woods WILLIAM HAWKINS National Bank AG MANFRED JAISFELD Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN S&P Capital IQ RODERICK WALLACE Main First Bank AG MICHAEL HAID RBC Capital Markets GORDON AITKEN EVA Dimensions TEAM COVERAGE Jefferies JAMES SHUCK Goldman Sachs VINIT MALHOTRA CA Cheuvreux FRANK KOPFINGER Redburn Partners PAUL GOODHIND Deutsche Bank SPENCER HORGAN Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

Recommendation buy hold neutral reduce underperform hold hold buy neutral reduce buy hold Overwt/In-Line neutral equalweight buy neutral outperform hold overweight outperform buy buy neutral buy outperform outperform buy hold neutral buy hold neutral sector perform overweight buy neutral/neutral outperform neutral hold neutral outperform

Amt Held 18'292'803 11'119'155 5'380'236 4'096'601 3'097'431 2'883'576 2'149'606 1'686'504 1'533'948 1'461'662 1'393'982 1'169'152 1'156'678 994'136 909'100 830'866 698'490 670'275 615'171 591'914

% Out 10.2 6.2 3 2.28 1.73 1.61 1.2 0.94 0.86 0.82 0.78 0.65 0.64 0.55 0.51 0.46 0.39 0.37 0.34 0.33

Weighting

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

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

Latest Chg 160 12'970 131'893 (72'237) 279 (55'045) 19'128 541'643 466'377 (376'953) (1'100) (67'287) 100'829 (16'949)

Target Price 133 105 122 125 98 125 110 130 123 110 143 120 121 115 137 135 125 135 116 146 126 #N/A N/A 134 117 135 131 150 135 136 117 125 125 115 120 #N/A N/A 131 131 133 #N/A N/A 120 118 119

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 n/a 20.09.2012 Investment Advisor 25.04.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.04.2012 Investment Advisor 20.09.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.03.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2011 Mutual Fund Manager

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

Date 19.09.2012 14.09.2012 14.09.2012 13.09.2012 11.09.2012 11.09.2012 10.09.2012 10.09.2012 10.09.2012 05.09.2012 04.09.2012 29.08.2012 15.08.2012 14.08.2012 13.08.2012 10.08.2012 09.08.2012 09.08.2012 08.08.2012 08.08.2012 08.08.2012 08.08.2012 08.08.2012 08.08.2012 07.08.2012 07.08.2012 07.08.2012 07.08.2012 07.08.2012 07.08.2012 07.08.2012 07.08.2012 31.07.2012 03.07.2012 15.05.2012 20.04.2012 29.03.2012 16.03.2012 15.03.2012 14.02.2012 02.02.2012 10.05.2011

24.09.2012

Nokia OYJ Nokia Oyj is a global mobile communications company that operates a network of production facilities for mobile products and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.

Price/Volume 6

160.0 M 140.0 M

120.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (18.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOK1V FH EQUITY YTD Change NOK1V FH EQUITY YTD % CHANGE

12/2011 06/yy 5.19 1.33 8'747'438.00 2.072 -60.04% 55.79% 20.34% 3'745.0 7'759.55 5'321.00 0.0 2'043.0 10'469.00 5'372.55

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

80.0 M 60.0 M

40.0 M 1

20.0 M

0 s-11

31.12.2008 31.12.2009 50'710.0 40'984.0 0.81x 0.77x 6'587.0 3'889.0 6.22x 8.14x 3'988.0 891.0 10.42x 37.09x Profitability

LTM-4Q 31.12.2010 42'446.0 0.58x 3'841.0 6.37x 1'850.0 15.52x

31.12.2011 38'659.0 0.28x 1'579.0 6.90x (1'164.0) 0.00x 1'579.00 17.00 0.04% -3.10% -3.09% -8.87% 1.03% 29.3% 4.1% 0.0% -3.0% 1.46 1.01 14.70% 44.82% 5.24 11.27

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 42'595.0 1.94x 2'903.0 5.13x 1'250.0 13.27x

f-12

06/yy 33'881.0 1.18x (607.0) 0.00x (3'479.0) 0.00x

m-12

a-12 m-12

j-12

a-12

FY+1

1.19 -42.75% -40.48% 1.193 48 2.563 23'669'350 40'710'790 42'487'410 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 30'180.0 29'595.7 7'048.5 8'067.0 0.22x 0.25x 0.76x 0.70x (732.2) 996.6 (154.1) 77.8 5.39x 15.25x (1'260.9) (250.4) (359.6) (241.0) S&P Issuer Ratings

15.08.2012 BBNEG 27.04.2012 B 6.19 3.85 -3.26 3.37 44.8% 27.7% 1.03 20.37 69.64 32.39 78.20 23.83

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 51'058.0 1.91x 9'191.0 10.63x 7'205.0 14.30x

100.0 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 |

24.09.2012

Nokia OYJ Holdings By:

All

Holder Name CAPITAL RESEARCH GLO DODGE & COX ILMARINEN MUTUAL PEN VANGUARD GROUP INC CAPITAL WORLD INVEST VARMA MUTUAL PENSION FINLAND STATE PENSIO MACKENZIE FINANCIAL BLACKROCK INSTITUTIO SVENSKA LITTERATURSA SWEDBANK ROBUR FONDE OP DELTA FUND DNB NOR ASSET MANAGE BLACKROCK ASSET MANA MERCURY ASSET MANAGE SIGRID JUSELIUS FOUN SELIGSON & CO FUND M MASSACHUSETTS FINANC FENNIA MUTUAL INSURA GYLLENBERG RAHASTOYH

Firm Name Pohjola Bank Plc (ESN) AlphaValue Jyske Bank Sanford C. Bernstein & Co Pareto Securities Evli Bank Plc Exane BNP Paribas Day by Day INDERES Pacific Crest Securities Grupo Santander Societe Generale Deutsche Bank Credit Suisse SEB Enskilda Independent Research GmbH Daiwa Securities Co. Ltd. Oddo & Cie Nordea Equity Research Nomura S&P Capital IQ Barclays Jefferies EVA Dimensions Berenberg Bank ABG Sundal Collier Swedbank Landesbank Baden-Wuerttemberg Wunderlich Securities Handelsbanken Nord/LB Goldman Sachs Liberum Capital Ltd Hamburger Sparkasse Morgan Stanley JPMorgan Carnegie Kepler Capital Markets FIM Main First Bank AG Avian Securities, LLC HSBC CA Cheuvreux

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

Analyst HANNU RAUHALA JEAN-MICHEL SALVADOR ROBERT JAKOBSEN PIERRE FERRAGU HELENA NORDMAN-KNUTSON MIKKO ERVASTI ALEXANDER PETERC VALERIE GASTALDY MIKAEL RAUTANEN JAMES FAUCETTE CARLOS JAVIER TREVINO ANDY PERKINS KAI KORSCHELT KULBINDER GARCHA MATS NYSTROM MARKUS FRIEBEL YOKO YAMADA VINCENT MAULAY SAMI SARKAMIES STUART JEFFREY JAMES CRAWSHAW ANDREW M GARDINER LEE SIMPSON TEAM COVERAGE ADNAAN AHMAD PER LINDBERG HAKAN WRANNE MIRKO MAIER MATTHEW S ROBISON FREDRIK LITHELL JAN CHRISTIAN GOEHMANN SIMON F SCHAFER JANARDAN MENON ANNEMARIE SCHLUETER FRANCOIS MEUNIER SANDEEP S DESHPANDE MATTI RIIKONEN SEBASTIEN SZTABOWICZ MICHAEL SCHROEDER JUERGEN WAGNER BLAINE R CARROLL RICHARD DINEEN ODON DE LAPORTE

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

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

Amt Held 172'926'000 141'887'625 79'889'000 42'118'678 41'408'200 40'002'000 23'000'000 19'361'693 18'274'047 14'226'000 13'037'768 12'600'000 12'218'621 10'346'794 10'104'926 9'400'000 9'113'788 9'000'388 8'181'000 7'945'000

% Out 4.62 3.79 2.13 1.12 1.11 1.07 0.61 0.52 0.49 0.38 0.35 0.34 0.33 0.28 0.27 0.25 0.24 0.24 0.22 0.21

Weighting

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

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

Latest Chg 408'000 (3'498'925) 2'361'147 252'229 (6'093'604) 3'728 1'653'918 8'781'583 (1'320'000)

Target Price 2 4 3 1 3 3 2 3 2 #N/A N/A 6 2 2 2 2 1 2 3 3 2 2 2 1 #N/A N/A 2 5 2 2 3 3 1 1 2 #N/A N/A 2 1 #N/A N/A 1 4 2 3 2 2

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

File Dt Inst Type 30.12.2011 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Insurance Company 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Insurance Company 31.12.2011 Government 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 31.12.2011 n/a 31.03.2012 Investment Advisor 31.12.2011 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 31.12.2011 Other 31.08.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2011 Insurance Company 29.06.2012 Mutual Fund Manager

Date 12 month 6 month Not Provided 12 month 6 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided 18 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 20.09.2012 20.09.2012 19.09.2012 19.09.2012 13.09.2012 13.09.2012 13.09.2012 11.09.2012 10.09.2012 09.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 05.09.2012 04.09.2012 03.09.2012 30.08.2012 28.08.2012 27.08.2012 21.08.2012 16.08.2012 02.08.2012 27.07.2012 24.07.2012 23.07.2012 20.07.2012 20.07.2012 20.07.2012 20.07.2012 20.07.2012 02.07.2012 19.06.2012 15.06.2012

24.09.2012

Repsol SA Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG). The Company retails gasoline and other products through its chain of gasoline filling stations. Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (9/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 REP SQ EQUITY YTD Change REP SQ EQUITY YTD % CHANGE

12/2011 06/yy 24.23 10.90 1'325'038.00 16.125 -33.45% 47.94% 40.51% 1'256.2 20'255.88 20'122.00 0.0 3'505.0 3'351.00 38'090.88

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

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 52'098.0 0.75x 9'030.0 4.33x 3'188.0 9.34x

31.12.2008 31.12.2009 58'475.0 45'827.0 0.54x 0.96x 8'009.0 6'686.0 3.93x 6.58x 2'555.0 1'559.0 7.19x 14.63x Profitability

LTM-4Q 31.12.2010 53'663.0 0.73x 11'919.0 3.30x 4'693.0 5.43x

31.12.2011 60'122.0 0.82x 8'509.0 5.79x 2'193.0 13.19x 8'509.00 4'990.00 8.30% 6.75% 3.16% 9.20% 6.57% 0.87% 14.2% 8.3% 3.6% 1.19 0.58 28.36% 85.49% 9.74 -

Price/ Cash Flow

LTM

06/yy 56'831.0 3.11x 11'472.0 4.10x 4'699.0 6.23x

06/yy 60'465.0 2.85x 7'731.0 4.36x 1'885.0 7.89x

FY+1

1.03 1'076.46 -11.54% -30.40% 1.029 42 4.119 8'080'418 7'408'603 12'432'490 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 55'484.3 58'042.5 9'891.0 9'672.5 0.68x 0.64x 3.45x 3.56x 6'746.0 7'263.3 1'668.0 1'668.5 5.65x 5.24x 5.54x 5.44x 1'917.3 2'181.3 500.5 433.3 10.32x 9.44x 10.19x 9.95x S&P Issuer Ratings

19.04.2012 BBBSTABLE 19.04.2012 A-3 10.88 3.83 1.97 2.36 85.5% 42.7% 0.87 1.71 37.49 -

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

24.09.2012

Repsol SA Holdings By:

All

Holder Name CAIXABANK SACYR VALLEHERMOSO S PETROLEOS MEXICANOS BNP PARIBAS SA BLACKROCK INC VANGUARD GROUP INC NATIXIS ASSET MANAGE FIDELITY MANAGEMENT HSBC BANK PLC DEUTSCHE BANK AG BLACKROCK INSTITUTIO FRANKLIN RESOURCES I OPPENHEIMERFUNDS INC UNION INVESTMENT GMB HARTFORD INVESTMENT ING INTERNATIONAL AD FIDEURAM GESTIONS SA BLACKROCK ASSET MANA UNION INVESTMENT LUX MERCURY ASSET MANAGE

Firm Name

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

Analyst

Credit Suisse THOMAS YOICHI ADOLFF AlphaValue ALEXANDRE ANDLAUER Sanford C. Bernstein & Co OSWALD CLINT JPMorgan NITIN SHARMA Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Grupo Santander JASON KENNEY Jefferies BRENDAN MICHAEL WARN NMAS 1 Agencia de Valores FERNANDO LAFUENTE Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO Banco Sabadell JORGE GONZALEZ SADORNIL Macquarie MARC B KOFLER Canaccord Genuity Corp GORDON GRAY Nomura THEEPAN JOTHILINGAM Tudor Pickering & Co ANISH KAPADIA Barclays LYDIA RAINFORTH Independent Research GmbH SVEN DIERMEIER Inverseguros Sociedad de Valores LUIS ROSE RBC Capital Markets PETER HUTTON EVA Dimensions TEAM COVERAGE Goldman Sachs HENRY MORRIS Day by Day VALERIE GASTALDY S&P Capital IQ CHRISTINE TISCARENO HSBC PAUL SPEDDING Landesbank Baden-Wuerttemberg ACHIM WITTMANN Equita SIM SpA MASSIMO BONISOLI Societe Generale IRENE HIMONA Natixis ANNE PUMIR Exane BNP Paribas ALEXANDRE MARIE BPI BRUNO ALMEIDA DA SILVA Espirito Santo Investment Bank Research FILIPE ROSA Banesto Bolsa SA Sociedad ROBERT JACKSON Deutsche Bank MARK BLOOMFIELD Investec STUART JOYNER Morgan Stanley HAYTHEM RASHED BBVA LUIS DE TOLEDO Intermoney Valores ALVARO NAVARRO CA Cheuvreux DOMINIQUE PATRY Kepler Capital Markets NATALIA BOBO BJOERK La Caixa FERNANDO MURILLO GUIRAO

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

Recommendation outperform add outperform neutral buy buy hold strong buy buy buy underperform hold neutral buy overweight sell neutral sector perform buy neutral/attractive hold buy overweight buy buy buy neutral outperform buy buy overweight hold hold Equalwt/In-Line outperform buy select list hold buy

Amt Held % Out 156'794'359 12.48 122'208'433 9.73 57'026'535 4.54 41'122'878 3.27 37'475'651 2.98 14'022'327 1.12 9'046'002 0.72 8'380'501 0.67 (6'795'927) -0.54 5'275'789 0.42 4'828'896 0.38 4'773'954 0.38 4'250'294 0.34 3'470'396 0.28 3'359'277 0.27 2'983'365 0.24 2'748'000 0.22 2'244'197 0.18 2'215'187 0.18 2'043'416 0.16

Weighting

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

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

Latest Chg 590'450 612'696 7'169'801 (140'418) (618'358) 9'737 1'122'437 4'250'294 1'736'350 (313'090) (1'293'215) 752 (515'993) -

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

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 10.07.2012 Corporation 10.07.2012 Unclassified 15.06.2012 Bank 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 23.07.2012 Bank 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.03.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.05.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 24.09.2012 24.09.2012 21.09.2012 20.09.2012 19.09.2012 18.09.2012 17.09.2012 17.09.2012 14.09.2012 14.09.2012 10.09.2012 05.09.2012 05.09.2012 04.09.2012 30.08.2012 23.08.2012 21.08.2012 20.08.2012 13.08.2012 08.08.2012 07.08.2012 02.08.2012 01.08.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 24.07.2012 02.07.2012 01.07.2012 25.06.2012 06.06.2012 30.05.2012 30.05.2012 23.04.2012

24.09.2012

RWE AG RWE AG generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume 40

25.0 M

20.0 M

30 25

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/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 RWE GY EQUITY YTD Change RWE GY EQUITY YTD % CHANGE

12/2011 06/yy 37.12 23.67 1'023'405.00 34.89 -6.07% 47.43% 84.32% 575.7 21'346.08 21'923.00 0.0 1'344.0 7'004.00 39'000.08

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

10.0 M

15 10

5.0 M

5 0 s-11

31.12.2008 31.12.2009 47'500.0 46'191.0 0.88x 1.10x 7'903.0 9'655.0 5.30x 5.28x 2'558.0 3'571.0 10.69x 10.33x Profitability

LTM-4Q 31.12.2010 50'722.0 0.85x 9'230.0 4.68x 3'308.0 8.05x

31.12.2011 49'153.0 0.65x 8'286.0 3.88x 1'806.0 8.10x 8'286.00 4'843.00 9.85% 6.15% 1.94% 11.26% 7.69% 0.53% 16.9% 9.9% 3.7% 0.93 0.46 23.66% 139.30% 5.80 -

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 50'837.0 3.12x 9'060.0 4.08x 2'855.0 12.28x

f-12

06/yy 48'857.0 2.83x 7'464.0 5.00x 1'800.0 10.86x

m-12

a-12 m-12

j-12

a-12

FY+1

1.06 489.09 53.52% 36.07% 1.063 40 2.950 3'320'433 2'552'753 2'766'967 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 51'116.9 52'185.5 0.84x 0.79x 8'594.4 8'839.5 4.54x 4.41x 2'502.2 2'512.7 8.60x 8.58x S&P Issuer Ratings

27.07.2012 BBB+ STABLE 08.06.2011 A-2 7.79 1.82 1.80 2.65 139.3% 56.2% 0.53 1.47 62.94 -

Sales/Revenue/Turnover

8.00

100'000.0

7.00

90'000.0 80'000.0

6.00

70'000.0

5.00

60'000.0

4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 41'053.0 1.35x 7'787.0 7.13x 2'667.0 18.45x

15.0 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 |

24.09.2012

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU BLACKROCK INC CREDIT SUISSE GROUP MONDRIAN INVESTMENT BLACKROCK ASSET MANA DB PLATINUM ADVISORS VANGUARD GROUP INC BLACKROCK INSTITUTIO FIDELITY MANAGEMENT DEKA INVESTMENT GMBH UNION INVESTMENT GMB NATIXIS ASSET MANAGE CAPITAL RESEARCH GLO BNP PARIBAS ASSET MG MERCURY ASSET MANAGE FRANKFURT TRUST INVE PICTET ASSET MANAGEM ETFLAB INVESTMENT GM SEB INVEST GMBH DWS INVESTMENT SA

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

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 JOHN MUSK MARTIN YOUNG AHMED FARMAN EILEEN RYAN TANJA MARKLOFF ROBERT CHANTRY ANDREAS THIELEN BENJAMIN LEYRE BOBBY CHADA ALEXANDER KARNICK TEAM COVERAGE PETER BISZTYGA ERKAN AYCICEK DEBORAH WILKENS MICHAEL SCHAEFER SVEN DIERMEIER KARIN BRINKMANN MATTHIAS HECK OSCAR NAJAR RIOS HASIM SENGUEL ALBERTO PONTI DANIEL SEIDENSPINNER INGO BECKER CLIVE ROBERTS EMMANUEL RETIF STEFFEN MANSKE STEPHAN WULF VINCENT GILLES JORGE GONZALEZ SADORNIL ADAM DICKENS VALERIE GASTALDY SEBASTIAN KAUFFMANN HEINO HAMMANN PHILIPPE OURPATIAN STEPHANE LACAZE ANNEMARIE SCHLUETER SEBASTIAN ZANK VINCENT DE BLIC TEAM COVERAGE

Source Co File 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 top pick neutral buy reduce reduce sell neutral outperform Overwt/In-Line hold hold equalweight hold neutral/attractive hold hold sell outperform underweight buy hold sell reduce buy market perform hold buy neutral sell underweight hold outperform hold neutral reduce hold not rated neutral buy

Amt Held 86'361'823 29'737'096 28'008'409 17'188'015 12'453'917 9'652'893 5'641'626 4'925'880 3'013'572 2'899'541 2'840'927 2'177'143 1'500'000 1'479'266 1'320'474 1'126'370 958'639 940'551 938'462 933'025

% Out 15 5.16 4.86 2.99 2.16 1.68 0.98 0.86 0.52 0.5 0.49 0.38 0.26 0.26 0.23 0.2 0.17 0.16 0.16 0.16

Weighting

Change

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

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

Latest Chg 488 2'994'901 268'546 (2'332) 521'850 (205'217) 1'897'532 (140'725) (400'200) 35'552 18'324 (4'329)

Target Price 42 33 #N/A N/A 32 28 28 37 40 40 31 #N/A N/A 32 38 40 35 34 29 38 41 38 32 27 29 38 37 36 40 37 36 29 #N/A N/A 38 34 34 31 #N/A N/A #N/A N/A 32 #N/A N/A

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

File Dt 31.12.2011 04.05.2012 04.05.2012 16.05.2012 20.09.2012 31.08.2012 30.06.2012 20.09.2012 31.07.2012 29.02.2012 30.03.2012 01.04.2012 30.06.2012 31.07.2012 20.09.2012 31.07.2012 31.07.2012 31.08.2012 31.07.2012 31.07.2012

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

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

Date 21.09.2012 21.09.2012 20.09.2012 20.09.2012 18.09.2012 13.09.2012 13.09.2012 07.09.2012 06.09.2012 05.09.2012 05.09.2012 03.09.2012 28.08.2012 23.08.2012 23.08.2012 21.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 14.08.2012 14.08.2012 14.08.2012 06.08.2012 30.07.2012 11.07.2012 20.06.2012 14.06.2012 05.06.2012 11.05.2012 10.05.2012 02.05.2012 06.03.2012 25.01.2012 04.01.2010

24.09.2012

Sanofi Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price/Volume 80

12.0 M

10.0 M

60 8.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN FP EQUITY YTD Change SAN FP EQUITY YTD % CHANGE

12/2011 06/yy 69.24 46.20 826'391.00 68.34 -1.31% 47.94% 99.18% 1'326.8 90'675.49 15'439.00 0.0 170.0 4'124.00 102'696.49

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

4.0 M

20 2.0 M

10 0 s-11

31.12.2008 31.12.2009 27'568.0 29'306.0 2.22x 2.61x 9'940.0 12'805.0 6.16x 5.97x 3'851.0 5'265.0 15.94x 14.13x Profitability

LTM-4Q 31.12.2010 32'367.0 1.99x 13'156.0 4.90x 5'467.0 11.42x

31.12.2011 33'389.0 2.59x 12'593.0 6.88x 5'693.0 13.17x 12'593.00 7'499.00 22.46% 20.94% 6.14% 10.42% 9.44% 0.36% 67.3% 37.7% 22.5% 17.1% 1.53 0.90 15.41% 27.46% 4.59 2.26

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 32'290.0 4.72x 2'463.0 0.00x 4'270.0 16.95x

f-12

06/yy 34'642.0 5.12x 2'704.0 0.00x 6'467.0 12.24x

m-12

a-12 m-12

j-12

a-12

FY+1

0.75 1'153.26 52.34% 26.16% 0.751 37 4.000 2'983'657 2'634'541 2'944'310 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 35'247.2 36'284.2 9'071.0 8'802.4 2.83x 2.66x 12'799.7 13'429.4 3'195.0 2'769.0 8.03x 7.65x 7'984.1 8'163.5 1'953.7 1'718.8 11.27x 10.89x 12.34x 12.05x S&P Issuer Ratings

18.02.2011 AASTABLE 18.02.2011 A-1+ 29.63 25.44 0.90 1.23 27.5% 21.5% 0.36 3.53 79.52 161.39 81.71 159.20

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 28'052.0 3.14x 10'650.0 8.27x 5'263.0 16.11x

6.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Sanofi Holdings By:

All

Holder Name L'OREAL SA TOTAL SA NATIXIS ASSET MANAGE DODGE & COX SANOFI AVENTIS FIDELITY INTERNATION FIDELITY MANAGEMENT VANGUARD GROUP INC FRANKLIN RESOURCES I AVIVA PLC BLACKROCK INSTITUTIO FIRST EAGLE INVESTME DEUTSCHE BANK AG LBPAM GRANTHAM MAYO VAN OT BLACKROCK GROUP LIMI BLACKROCK ASSET MANA DNCA FINANCE T ROWE PRICE ASSOCIA MERCURY ASSET MANAGE

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

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

Analyst TEAM COVERAGE VINCENT MEUNIER ARMELLE MOULIN CHRISTOPH SCHOENDUBE PETER VERDULT AMIT ROY STEPHEN MCGARRY LUISA HECTOR SEAMUS FERNANDEZ ARSENE GUEKAM ALISTAIR CAMPBELL ERIC LE BERRIGAUD ODILE RUNDQUIST TIMOTHY M ANDERSON TEAM COVERAGE PHILIPPE LANONE FABIAN WENNER MARK CLARK PIERRE CORBY JEFFREY HOLFORD KEYUR PAREKH MARCO GUENTHER TIMO KUERSCHNER LAURENT FLAMME RICHARD VOSSER SHO MATSUBARA VALERIE GASTALDY TIM FRANKLIN MARK PURCELL ROBERT JAKOBSEN TOMAS MENCIK NICHOLAS TURNER VISHAL MANCHANDA MARTA DIAZ ELMAR KRAUS NARESH CHOUHAN STEFFEN MANSKE

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

Recommendation neutral outperform add hold Overwt/Cautious neutral buy neutral outperform hold buy buy accumulate outperform buy buy buy buy buy hold Sell/Neutral sell hold outperform overweight hold hold suspended coverage overweight sell hold accumulate market perform buy buy hold buy

Amt Held 118'227'307 37'975'811 20'869'370 17'238'982 17'225'803 17'225'454 16'741'409 15'976'022 13'607'933 6'541'712 6'334'321 5'954'817 5'337'613 5'247'988 4'579'298 4'055'668 4'038'446 3'813'040 3'570'153 3'497'329

% Out 8.91 2.86 1.57 1.3 1.3 1.3 1.26 1.2 1.03 0.49 0.48 0.45 0.4 0.4 0.35 0.31 0.3 0.29 0.27 0.26

Weighting

Change

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

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

Latest Chg (29'735'080) (288'078) (150'000) 6'926'803 477'245 1'198'896 (528'919) 7'833 (3'300) 250'659 178'840 166'138 1'200 (161'950) 308'886 -

Target Price #N/A N/A 75 76 70 74 47 77 72 #N/A N/A 57 71 70 64 71 #N/A N/A 75 72 76 63 68 54 #N/A N/A 65 70 74 66 #N/A N/A #N/A N/A 69 57 60 63 52 #N/A N/A 55 56 61

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

File Dt Inst Type 31.12.2011 Corporation 15.02.2012 Corporation 01.04.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2011 Corporation 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.05.2012 Hedge Fund Manager 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 29.02.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 20.09.2012 19.09.2012 18.09.2012 14.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 13.09.2012 12.09.2012 05.09.2012 04.09.2012 03.09.2012 28.08.2012 27.08.2012 16.08.2012 15.08.2012 15.08.2012 31.07.2012 31.07.2012 30.07.2012 26.07.2012 26.07.2012 20.07.2012 17.07.2012 11.07.2012 05.04.2012 02.04.2012 08.02.2012 06.02.2012 20.12.2011 09.09.2011 08.09.2011

24.09.2012

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/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 SAP GY EQUITY YTD Change SAP GY EQUITY YTD % CHANGE

12/2011 06/yy 56.82 35.30 862'209.00 55.93 -1.58% 58.45% 97.58% 1'228.3 68'701.03 4'256.00 0.0 8.0 5'782.00 69'164.03

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 s-11

31.12.2008 31.12.2009 11'575.0 10'672.0 2.71x 3.65x 3'300.0 3'301.0 9.49x 11.81x 1'847.0 1'748.0 16.28x 22.45x Profitability

LTM-4Q 31.12.2010 12'464.0 3.71x 4'125.0 11.20x 1'811.0 25.07x

31.12.2011 14'233.0 3.31x 4'908.0 9.60x 3'438.0 14.13x 4'908.00 4'184.00 29.40% 33.50% 15.60% 30.55% 22.66% 0.65% 69.4% 34.5% 29.4% 24.2% 1.45 1.40 18.33% 33.51% 4.23 -

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 13'385.0 14.28x 4'380.0 11.29x 1'923.0 25.69x

f-12

06/yy 15'157.0 13.90x 4'878.0 11.53x 3'553.0 15.76x

m-12

a-12 m-12

j-12

a-12

FY+1

0.81 901.83 59.84% 40.18% 0.812 47 3.979 3'779'604 2'662'182 3'281'357 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 16'082.7 17'829.3 3'882.0 5'062.7 4.22x 3.68x 17.33x 13.16x 5'570.6 6'344.0 1'470.0 2'182.7 12.44x 10.92x 10.91x 10.54x 3'597.8 4'064.5 900.0 1'431.4 18.25x 15.93x 16.65x 16.21x S&P Issuer Ratings

30.48 27.72 -0.31 0.87 33.5% 25.1% 0.65 9.49 86.19 -

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 10'256.0 4.01x 2'962.0 13.89x 1'906.0 22.46x

12.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

24.09.2012

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS HOPP DIETMAR BLACKROCK INC CAPITAL RESEARCH AND SAP AG BLACKROCK ASSET MANA VANGUARD GROUP INC FIDELITY INTERNATION DEUTSCHE BANK AG HARBOR CAPITAL ADVIS THORNBURG INVESTMENT UNION INVESTMENT GMB DB PLATINUM ADVISORS BLACKROCK INSTITUTIO DEKA INVESTMENT GMBH FIDELITY MANAGEMENT FRANKLIN RESOURCES I OPPENHEIMERFUNDS INC CAPITAL WORLD INVEST

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

Firm Name

Analyst

Wells Fargo Securities, LLC Bryan Garnier & Cie AlphaValue Landesbank Baden-Wuerttemberg Nomura Morgan Stanley Redburn Partners Exane BNP Paribas DZ Bank AG Commerzbank Corporates & Markets Baader Bank Pacific Crest Securities EVA Dimensions Nord/LB Berenberg Bank Independent Research GmbH Day by Day Jyske Bank Banco Sabadell Grupo Santander Macquarie Bankhaus Metzler Barclays Societe Generale Credit Suisse Jefferies Sanford C. Bernstein & Co William Blair & Co National Bank AG Oddo & Cie ThinkEquity LLC M.M. Warburg Investment Research Evercore Partners Kepler Capital Markets S&P Capital IQ Hamburger Sparkasse JPMorgan Cross Research HSBC Natixis Goldman Sachs CA Cheuvreux FBR Capital Markets

JASON MAYNARD GREGORY RAMIREZ HEINZ STEFFEN MIRKO MAIER RICHARD G SHERLUND ADAM WOOD NEIL STEER JOSEP BORI OLIVER FINGER THOMAS M BECKER KNUT WOLLER BRENDAN BARNICLE TEAM COVERAGE JAN CHRISTIAN GOEHMANN DAUD KHAN MARKUS FRIEBEL VALERIE GASTALDY ROBERT JAKOBSEN ANDRES BOLUMBURU CARLOS JAVIER TREVINO BRAD A ZELNICK ULRICH TRABERT GERARDUS VOS RICHARD NGUYEN PHILIP WINSLOW ROSS MACMILLAN MARK L MOERDLER LAURA J LEDERMAN STEFFEN MANSKE SEBASTIEN THEVOUX-CHABUEL YUN S KIM ANDREAS WOLF S KIRK MATERNE LAURENT DAURE JAMES CRAWSHAW MARCO GUENTHER STACY E POLLARD RICHARD T WILLIAMS ANTONIN BAUDRY GWENAEL GIARD MOHAMMED MOAWALLA MICHAEL BEUCHER DAVID M HILAL

Source Co File Co File Co File 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

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

Amt Held 121'515'102 93'079'595 75'273'200 62'597'732 36'654'795 36'642'744 21'996'699 14'504'494 12'373'764 11'324'207 11'235'667 9'373'405 8'624'149 8'445'217 7'787'853 7'734'945 7'316'615 6'998'219 6'419'515 6'216'000

% Out 9.89 7.58 6.13 5.1 2.98 2.98 1.79 1.18 1.01 0.92 0.91 0.76 0.7 0.69 0.63 0.63 0.6 0.57 0.52 0.51

Weighting

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

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

Latest Chg 920 (502'261) (804'055) (487'678) 1'720'000 7'000 1'645'608 4'089 (321'272) 44'792 (631'627) 36'901 600'000

Target Price #N/A N/A 60 57 #N/A N/A 58 61 #N/A N/A 47 58 60 53 60 #N/A N/A 55 61 53 #N/A N/A 55 57 49 60 45 55 56 58 52 65 #N/A N/A 50 46 54 59 65 55 58 #N/A N/A 53 45 52 46 77 46 55

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

File Dt Inst Type 08.03.2012 n/a 08.03.2012 n/a 08.03.2012 n/a 20.06.2012 Investment Advisor 13.10.2010 Investment Advisor 12.06.2012 Corporation 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.12.2011 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 20.09.2012 19.09.2012 17.09.2012 14.09.2012 11.09.2012 10.09.2012 04.09.2012 30.08.2012 27.08.2012 20.08.2012 20.08.2012 16.08.2012 10.08.2012 06.08.2012 06.08.2012 01.08.2012 30.07.2012 25.07.2012 25.07.2012 25.07.2012 25.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 13.07.2012 12.07.2012 12.07.2012 24.05.2012 16.04.2012 23.03.2012 02.02.2012 26.01.2012

24.09.2012

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

6.0 M 5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (9/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 06/yy 53.47 35.00 566'722.00 48.405 -9.46% 38.30% 75.93% 553.2 26'778.56 8'037.00 0.0 192.0 2'771.00 33'130.56

3.0 M

2.0 M

1.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

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

7.0 M

50 40

Valuation Analysis

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

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% 5.44% 11.86% 9.55% 0.67% 37.7% 16.8% 13.4% 8.1% 1.44 0.89 22.40% 50.55% 4.51 4.30

Price/ Cash Flow

LTM

06/yy 21'345.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 23'459.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.24 523.71 33.75% 23.59% 1.237 32 3.625 2'401'913 1'572'858 1'779'094 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 24'115.5 25'047.4 6'048.0 6'586.3 1.32x 1.23x 3'914.5 4'164.5 8.50x 7.99x 2'147.5 2'326.7 12.27x 11.31x S&P Issuer Ratings

26.11.2008 ASTABLE 14.03.2007 A-2 11.38 9.82 1.40 2.13 50.6% 33.3% 0.67 9.12 80.91 84.83 96.94 68.80

Sales/Revenue/Turnover

20.00

25'000.0

18.00

20'000.0

16.00 14.00

15'000.0

12.00 10.00

10'000.0

8.00 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 |

24.09.2012

Schneider Electric SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 51'780'765 34'112'870 27'220'485 20'349'002 11'784'085 11'396'832 10'997'591 9'755'724 9'164'952 8'651'505 3'957'355 3'741'812 3'342'042 2'738'626 2'702'976 2'373'440 2'171'849 2'076'730 2'014'188 1'922'209

% Out 9.36 6.17 4.92 3.68 2.13 2.06 1.99 1.76 1.66 1.56 0.72 0.68 0.6 0.5 0.49 0.43 0.39 0.38 0.36 0.35

Weighting

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

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

Latest Chg (745'000) (1'168'334) 596'155 1'838'800 466'221 96'600 1'423'201 140'469 (188'153) 234'375 2'315 (105'324) (67'677) 42'100 (928'996) 422

Target Price 60 60 54 57 55 52 56 #N/A N/A 51 58 53 55 58 #N/A N/A 52 51 60 56 52 52 45 44 50 49 44 46 51 47 56

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 30.06.2012 Investment Advisor 16.05.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Corporation 30.03.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 21.09.2012 20.09.2012 18.09.2012 18.09.2012 17.09.2012 14.09.2012 13.09.2012 11.09.2012 10.09.2012 07.09.2012 04.09.2012 22.08.2012 10.08.2012 06.08.2012 03.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 01.08.2012 01.08.2012 01.08.2012 30.07.2012 16.07.2012 28.06.2012 26.03.2012 23.03.2012

24.09.2012

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 (21.09.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (9/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 GY EQUITY YTD Change SIE GY EQUITY YTD % CHANGE

09/2011 06/yy 80.36 62.13 1'217'660.00 78.73 -1.99% 26.72% 93.36% 881.0 69'361.13 17'940.00 0.0 626.0 12'945.00 80'917.13

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 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-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 7'749.00 10.54% 12.57% 5.94% 20.53% 13.51% 0.71% 30.1% 14.1% 10.5% 8.4% 1.21 0.64 17.21% 56.90% 4.84 3.42

Price/ Cash Flow

LTM

06/yy 74'453.0 4.49x 9'907.0 8.98x 4'506.0 15.07x

06/yy 77'092.0 3.69x 10'039.0 6.94x 4'416.0 12.27x

FY+1

0.97 785.54 25.05% 10.82% 0.975 40 3.675 4'782'028 3'521'622 3'484'488 FY+2

FQ+1

FQ+2

09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 77'791.8 79'830.3 21'436.2 18'502.3 1.01x 0.98x 3.71x 4.26x 9'776.2 10'273.3 2'551.3 2'224.3 8.30x 7.90x 8.37x 8.19x 5'200.6 5'730.8 1'362.5 1'333.7 13.15x 12.11x 12.40x 11.79x S&P Issuer Ratings

05.06.2009 A+ POS 18.04.2011 A-1+ 21.07 16.67 0.48 1.73 56.9% 35.8% 0.71 6.62 75.34 106.87 55.11 127.10

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

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 |

24.09.2012

Siemens AG Holdings By:

All

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

Firm Name

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

Analyst

JPMorgan ANDREAS WILLI Langenberg & Co BRIAN KEITH LANGENBERG Exane BNP Paribas OLIVIER ESNOU AlphaValue HEINZ STEFFEN RBC Capital Markets ANDREW CARTER Credit Suisse SIMON TOENNESSEN Goldman Sachs DANIELA COSTA Independent Research GmbH MARKUS FRIEBEL Societe Generale GAEL DE BRAY Morgan Stanley BEN UGLOW Hamburger Sparkasse MARCO GUENTHER Berenberg Bank WILLIAM MACKIE Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL HSBC MICHAEL HAGMANN Day by Day VALERIE GASTALDY Main First Bank AG CHRISTOPHER YOUL EVA Dimensions TEAM COVERAGE CA Cheuvreux ALFRED GLASER Sanford C. Bernstein & Co MARTIN PROZESKY National Bank AG STEFFEN MANSKE DZ Bank AG KARSTEN OBLINGER Barclays NICK WEBSTER William Blair & Co NICHOLAS P HEYMANN Landesbank Baden-Wuerttemberg VOLKER STOLL 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 Nord/LB WOLFGANG DONIE Oddo & Cie DELPHINE BRAULT S&P Capital IQ JAMES CRAWSHAW ING Wholesale Banking SJOERD UMMELS Espirito Santo Investment Bank Research NICHOLAS J PATON Redburn Partners JAMES MOORE Deutsche Bank PETER REILLY Canaccord Genuity Corp MARK WILSON

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

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

Amt Held 54'852'206 29'221'858 27'758'338 19'844'153 13'036'658 12'627'830 8'309'072 7'004'366 6'475'277 6'284'265 5'469'799 5'250'967 5'222'600 4'452'572 4'206'414 3'487'369 3'283'303 2'949'262 2'560'684 2'513'720

% Out 6.23 3.32 3.15 2.25 1.48 1.43 0.94 0.8 0.73 0.71 0.62 0.6 0.59 0.51 0.48 0.4 0.37 0.33 0.29 0.29

Weighting

Change

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

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

Latest Chg 880 672'898 (100'000) (3'000) 438'196 (1'580'526) 85'403 (73'550) (148'390) (94'244) (114'335) 250'100 (59'761)

Target Price 84 100 78 89 #N/A N/A 88 86 90 84 80 86 84 76 82 77 78 #N/A N/A 81 69 70 73 73 80 82 85 89 60 82 61 58 70 71 70 79 69 #N/A N/A 85 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 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 03.09.2012 Corporation 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 30.04.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 21.09.2012 17.09.2012 13.09.2012 13.09.2012 10.09.2012 10.09.2012 07.09.2012 07.09.2012 06.09.2012 06.09.2012 06.09.2012 04.09.2012 31.08.2012 15.08.2012 10.08.2012 09.08.2012 08.08.2012 06.08.2012 03.08.2012 03.08.2012 03.08.2012 03.08.2012 02.08.2012 31.07.2012 31.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 20.07.2012 16.07.2012 10.07.2012 25.05.2012 26.03.2012

24.09.2012

Societe Generale SA Societe Generale attracts deposits and offers commercial, retail, investment, and private banking services. The Bank offers consumer credit, vehicle lease financing, information technology equipment leasing, life and non-life insurance, custodian services, trade and project financing, currency exchange, treasury services, and financial and commodities futures brokerage services.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLE FP EQUITY YTD Change GLE FP EQUITY YTD % CHANGE

12/2011 06/yy 25.97 14.88 2'327'252.00 23.41 -9.82% 57.33% 80.42% 780.3 18'266.15 699'891.00 5'228.0 4'045.0 130'403.00 -

10.0 M

5.0 M

5 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

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

25.0 M

25 20

Valuation Analysis

31.12.2007 55'860.0 0.00x 0.0 0.00x 947.0 49.96x

31.12.2008 31.12.2009 57'829.0 43'984.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 2'010.0 678.0 10.65x 108.78x Profitability

LTM-4Q 31.12.2010 45'306.0 0.00x 0.0 0.00x 3'917.0 8.11x

31.12.2011 48'549.0 0.00x 0.0 0.00x 2'385.0 5.38x 15.10% 14.49% 0.21% 5.84% 0.39% 0.04% 8.4% 59.24% 1672.82% -

Price/ Cash Flow

LTM

06/yy 6'503.0 0.00x 0.0 0.00x 3'433.0 8.74x

06/yy 0.0 #DIV/0! 0.0 0.00x 1'887.0 7.57x

FY+1

1.87 721.23 40.64% 36.07% 1.866 35 3.343 6'838'139 6'543'335 7'442'591 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 24'097.0 24'626.8 5'705.8 5'841.5 2'444.0 3'013.2 558.3 440.8 7.46x 6.13x 6.96x 6.61x S&P Issuer Ratings

23.01.2012 A STABLE 07.05.2009 A-1 1672.8% 93.2% 0.04 3.30 -

Sales/Revenue/Turnover

8.00

70'000.0

7.00

60'000.0

6.00

50'000.0

5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 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 |

24.09.2012

Societe Generale SA Holdings By:

All

Holder Name LYXOR INTL ASSET MGM CAPITAL RESEARCH AND BLACKROCK INC GROUPAMA SA CAPITAL RESEARCH GLO CAISSE DES DEPOTS ET CAPITAL WORLD INVEST NATIXIS ASSET MANAGE MEIJI YASUDA LIFE IN VANGUARD GROUP INC SOCIETE GENERALE CNP ASSURANCES JANUS CAPITAL MANAGE AVIVA PLC BLACKROCK INSTITUTIO LBPAM BLACKROCK ASSET MANA BARCLAYS ASSET MANAG FRANKLIN RESOURCES I BNP ASSET MANAGEMENT

Firm Name

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

Analyst

Macquarie PIERS BROWN Redburn Partners GEORGE SOSEI KARAMANOS Oddo & Cie JEAN SASSUS AlphaValue CHRISTOPHE NIJDAM HSBC ROBIN DOWN Grupo Santander AURELIA FAURE RBC Capital Markets ANKE REINGEN Kepler Capital Markets BENOIT PETRARQUE Exane BNP Paribas GUILLAUME TIBERGHIEN CA Cheuvreux PASCAL DECQUE JPMorgan DELPHINE LEE Morgan Stanley THIBAULT NARDIN ING Wholesale Banking TOM VAN KEMPEN Hamburger Sparkasse CHRISTIAN HAMANN Nord/LB MICHAEL SEUFERT Deutsche Bank FLORA-A BENHAKOUN Goldman Sachs JEAN-FRANCOIS NEUEZ Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT EVA Dimensions TEAM COVERAGE Landesbank Baden-Wuerttemberg INGO FROMMEN Barclays KIRI VIJAYARAJAH Mediobanca SpA ANTONIO GUGLIELMI Independent Research GmbH STEFAN BONGARDT Natixis ALEX KOAGNE Nomura JON PEACE Credit Suisse MAXENCE LE GOUVELLO CM - CIC Securities(ESN) PIERRE CHEDEVILLE S&P Capital IQ JAWAHAR HINGORANI Banco Sabadell MARIO LODOS Espirito Santo Investment Bank Research ANDREW LIM Day by Day VALERIE GASTALDY Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

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

Recommendation underperform buy neutral buy neutral underweight sector perform hold outperform underperform overweight restricted hold hold hold hold neutral/neutral outperform overweight hold equalweight underperform hold buy reduce neutral accumulate hold buy sell buy buy hold

Amt Held 50'619'422 37'656'875 37'098'903 30'414'497 20'949'975 19'567'063 17'401'254 13'524'369 11'069'312 9'424'136 8'987'016 8'976'936 7'019'208 4'450'722 3'655'273 3'450'409 3'236'600 2'612'606 2'546'731 2'541'447

% Out 6.49 4.83 4.75 3.9 2.68 2.51 2.23 1.73 1.42 1.21 1.15 1.15 0.9 0.57 0.47 0.44 0.41 0.33 0.33 0.33

Weighting

Change

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

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

Latest Chg (3'487'617) (3'781'872) 837'696 (1'007'504) 43'164 861'193 20'200 376'954 4'280 10'872

Target Price 19 #N/A N/A 34 30 27 20 22 24 27 24 27 #N/A N/A 22 #N/A N/A #N/A N/A 25 28 26 #N/A N/A 20 18 21 19 22 26 30 28 20 32 16 24 36 18

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

File Dt Inst Type 26.09.2011 n/a 09.01.2012 Investment Advisor 12.07.2010 Investment Advisor 31.12.2011 Insurance Company 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 31.12.2011 Insurance Company 30.06.2012 Investment Advisor 31.12.2011 Bank 31.12.2011 Insurance Company 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.04.2012 Investment Advisor

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

Date 24.09.2012 24.09.2012 20.09.2012 20.09.2012 19.09.2012 18.09.2012 18.09.2012 17.09.2012 14.09.2012 13.09.2012 04.09.2012 30.08.2012 30.08.2012 27.08.2012 21.08.2012 10.08.2012 09.08.2012 09.08.2012 08.08.2012 07.08.2012 07.08.2012 02.08.2012 02.08.2012 02.08.2012 02.08.2012 01.08.2012 01.08.2012 01.08.2012 30.07.2012 16.07.2012 29.06.2012 19.06.2012 06.01.2012

24.09.2012

Telefonica SA Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 18

600.0 M

500.0 M

14 12

400.0 M

12/2011 06/yy 15.96 7.90 10'218'426.00 11.17 -30.01% 41.39% 42.80% 4'551.0 50'834.95 66'311.00 0.0 5'747.0 6'760.00 118'218.94

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

200.0 M

100.0 M

2 0 s-11

31.12.2008 31.12.2009 57'946.0 56'731.0 2.10x 2.42x 22'919.0 22'603.0 5.31x 6.07x 7'592.0 7'776.0 9.72x 11.43x Profitability

LTM-4Q 31.12.2010 60'737.0 2.29x 25'777.0 5.39x 10'167.0 7.54x

31.12.2011 62'837.0 1.99x 19'392.0 6.46x 5'402.9 11.18x 19'392.00 9'246.00 14.71% 10.32% 4.17% 23.45% 9.37% 0.48% 30.9% 14.7% 8.6% 0.64 0.49 51.16% 306.48% 6.60 -

Price/ Cash Flow

n-11

d-11

j-12

LTM

06/yy 62'570.3 9.00x 26'070.6 5.27x 9'553.9 7.98x

f-12 m-12

06/yy 62'932.0 7.73x 18'456.2 6.19x 4'315.9 10.84x

a-12 m-12

j-12

a-12

FY+1

0.93 4'459.35 -7.89% -12.09% 0.930 43 3.419 39'391'150 23'128'030 26'205'880 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 62'710.9 62'830.4 15'525.0 15'947.7 1.78x 1.74x 7.27x 6.82x 21'375.6 21'358.7 5'420.0 5'557.0 5.53x 5.53x 5.48x 5.47x 5'555.6 5'964.3 1'442.3 1'327.7 8.98x 8.51x 8.66x 8.59x S&P Issuer Ratings

24.05.2012 BBB NEG 31.10.2005 A-2 7.26 3.86 3.07 3.42 306.5% 70.8% 0.48 1.76 55.33 -

Sales/Revenue/Turnover

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

.0 M o-11

Fiscal Year Ended 31.12.2007 56'441.0 2.74x 22'824.0 6.77x 8'906.0 11.87x

300.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (26.07.2012) Daily Volume Current Price (9/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 TEF SQ EQUITY YTD Change TEF SQ EQUITY YTD % CHANGE

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Telefonica SA Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA CAIXABANK BLACKROCK INVESTMENT BNP PARIBAS SA TELEFONICA SA VANGUARD GROUP INC BLACKROCK INSTITUTIO FRANKLIN RESOURCES I T ROWE PRICE ASSOCIA DODGE & COX BLACKROCK ASSET MANA CAPITAL WORLD INVEST MERCURY ASSET MANAGE BNP ASSET MANAGEMENT NATIXIS ASSET MANAGE UNION INVESTMENT GMB CREDIT SUISSE ASSET UNION INVESTMENT LUX DEKA INVESTMENT GMBH BLACKROCK GROUP LIMI

Firm Name

Analyst

Barclays JONATHAN DANN NMAS 1 Agencia de Valores JOSE RAMON OCINA Grupo Santander NAHUM SANCHEZ DE LAMADRID Espirito Santo Investment Bank Research NUNO MATIAS AlphaValue JEAN-MICHEL SALVADOR Bankia Bolsa (ESN) DAVID CABEZA JARENO Banco Sabadell ANDRES BOLUMBURU Oddo & Cie ALEXANDRE IATRIDES Day by Day VALERIE GASTALDY Morgan Stanley LUIS PROTA Sanford C. Bernstein & Co ROBIN BIENENSTOCK Nomura FREDERIC BOULAN Ahorro Corporacion Financiera SA GERMAN GARCIA BOU EVA Dimensions TEAM COVERAGE Deutsche Bank KEVAL KHIROYA Nord/LB JAN CHRISTIAN GOEHMANN JPMorgan TORSTEN ACHTMANN Credit Suisse JUSTIN FUNNELL Exane BNP Paribas MATHIEU ROBILLIARD Kepler Capital Markets JAVIER BORRACHERO Banesto Bolsa SA Sociedad MARTA GOMEZ Independent Research GmbH MARKUS FRIEBEL BPI PEDRO OLIVEIRA Goldman Sachs TIMOTHY BODDY Landesbank Baden-Wuerttemberg RALPH SZYMCZAK BBVA IVON LEAL National Bank AG STEFFEN MANSKE Berenberg Bank PAUL ANDREW MARSCH S&P Capital IQ ALEXANDER WISCH Jefferies JEREMY A DELLIS Renta 4 SA SVB IVAN SAN FELIX BCP Investimento ALEXANDRA DELGADO Hamburger Sparkasse TINA HECKING-VELTMAN HSBC LUIGI MINERVA Macquarie GUY R PEDDY Inverseguros Sociedad de Valores MIGUEL SANCHEZ Natixis BENOIT MAYNARD La Caixa BORJA PAGOAGA Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO CA Cheuvreux GIOVANNI MONTALTI DZ Bank AG THORSTEN REIGBER

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

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

Amt Held 258'217'137 246'898'917 177'257'649 127'368'869 84'209'364 46'609'978 24'381'973 24'058'799 15'670'612 15'369'423 14'799'216 13'214'000 11'549'663 8'207'615 7'298'558 6'272'566 5'512'629 5'292'957 5'053'871 5'029'703

% Out 5.67 5.43 3.89 2.8 1.85 1.02 0.54 0.53 0.34 0.34 0.33 0.29 0.25 0.18 0.16 0.14 0.12 0.12 0.11 0.11

Weighting

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

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

Latest Chg (15'605'969) 2'033'566 (1'668'347) (3'041'744) 502'923 3'964 (3'952'000) 6'484'893 (3'026'525) 4'700 (1'971) 9'756 (90'936) (699'521)

Target Price 9 13 13 9 17 15 16 10 #N/A N/A 13 7 11 12 #N/A N/A 11 8 15 14 10 13 14 10 14 9 12 12 13 10 9 11 19 17 #N/A N/A 10 10 15 14 16 19 12 16

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

File Dt Inst Type 31.12.2011 Bank 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 12.05.2011 Bank 31.12.2011 Corporation 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 31.03.2012 Investment Advisor 20.09.2012 Investment Advisor 30.04.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 30.03.2012 Investment Advisor 23.08.2012 Mutual Fund Manager 30.03.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 20.09.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 20.09.2012 20.09.2012 20.09.2012 18.09.2012 18.09.2012 18.09.2012 18.09.2012 17.09.2012 14.09.2012 14.09.2012 10.09.2012 10.09.2012 07.09.2012 22.08.2012 20.08.2012 17.08.2012 06.08.2012 01.08.2012 31.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 25.07.2012 23.07.2012 05.07.2012 21.06.2012 12.06.2012 02.06.2012 22.05.2012 14.05.2012 24.04.2012 24.02.2012 13.01.2012 15.11.2011

24.09.2012

Total SA Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Price/Volume

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FP FP EQUITY YTD Change FP FP EQUITY YTD % CHANGE

12/2011 06/yy 42.97 30.25 4'003'563.00 40.49 -5.77% 33.85% 82.94% 2'365.1 95'764.29 32'232.00 0.0 1'352.0 14'725.00 115'924.29

20.0 M

15.0 M

10.0 M

5.0 M

5 0 s-11

31.12.2008 31.12.2009 160'331.0 112'153.0 0.62x 1.03x 29'887.0 22'234.0 3.32x 5.22x 10'590.0 8'447.0 8.21x 11.87x Profitability

LTM-4Q 31.12.2010 140'476.0 0.74x 28'045.0 3.72x 10'571.0 8.38x

31.12.2011 166'550.0 0.65x 32'919.0 3.28x 12'276.0 7.23x 32'919.00 24'290.00 14.58% 16.00% 7.98% 19.11% 13.36% 1.08% 19.8% 14.6% 7.4% 1.36 0.74 19.65% 47.37% 8.72 -

Price/ Cash Flow

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

LTM

FY+1

7.09 0.88 2'126.55 39.24% 7.08% 0.884 33 3.788 7'177'980 4'637'267 5'441'371 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 153'055.0 175'834.0 192'734.6 190'626.1 42'608.0 45'033.0 2.76x 2.29x 0.60x 0.61x 2.55x 2.51x 30'721.0 31'909.0 33'138.7 33'729.6 8'363.5 9'159.5 3.58x 3.14x 3.50x 3.44x 3.30x 3.23x 11'529.0 10'851.0 12'067.3 12'449.5 2'633.3 2'947.5 7.76x 7.40x 7.62x 7.43x 7.50x 7.34x S&P Issuer Ratings Long-Term Rating Date 12.04.2011 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 13.09.1999 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 46.17 (EBITDA-Capex)/Interest Exp. 20.99 Net Debt/EBITDA 0.53 Total Debt/EBITDA 0.98 Reference Total Debt/Equity 47.4% Total Debt/Capital 31.7% Asset Turnover 1.08 Net Fixed Asset Turnover 2.79 Accounts receivable turnover-days 41.87 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

180'000.0

8.00

160'000.0

7.00

140'000.0

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.01.2009

.0 M o-11

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

35.0 M

40 35

Valuation Analysis

31.12.2007 136'824.0 1.03x 31'249.0 4.50x 13'181.0 9.73x

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 |

24.09.2012

Total SA Holdings By:

All

Holder Name TOTAL SA GROUPE BRUXELLES LAM AMUNDI NATIXIS ASSET MANAGE CIE NATIONALE A PORT VANGUARD GROUP INC CAPITAL WORLD INVEST FRANKLIN RESOURCES I BLACKROCK INSTITUTIO AVIVA PLC BANK OF NEW YORK MEL LBPAM GRANTHAM MAYO VAN OT BLACKROCK ASSET MANA MERCURY ASSET MANAGE BLACKROCK GROUP LIMI WADDELL & REED FINAN DODGE & COX CAPITAL RESEARCH GLO THORNBURG INVESTMENT

Firm Name AlphaValue Societe Generale Credit Suisse Jefferies Sanford C. Bernstein & Co JPMorgan Nomura RBC Capital Markets Grupo Santander Canaccord Genuity Corp Barclays Tudor Pickering & Co Macquarie HSBC Hamburger Sparkasse CM - CIC Securities(ESN) Landesbank Baden-Wuerttemberg Independent Research GmbH Banco Sabadell Natixis Morgan Stanley S&P Capital IQ Exane BNP Paribas Deutsche Bank Investec Goldman Sachs Day by Day CA Cheuvreux Kepler Capital Markets EVA Dimensions Simmons & Company International National Bank AG

Analyst ALEXANDRE ANDLAUER IRENE HIMONA KIM FUSTIER IAIN REID OSWALD CLINT NITIN SHARMA THEEPAN JOTHILINGAM PETER HUTTON JASON KENNEY GORDON GRAY LYDIA RAINFORTH ROBERT KESSLER JASON D GAMMEL PAUL SPEDDING INGO SCHMIDT JEAN-LUC ROMAIN ACHIM WITTMANN SVEN DIERMEIER JORGE GONZALEZ SADORNIL ANNE PUMIR MARTIJN P RATS CHRISTINE TISCARENO ALEXANDRE MARIE LUCAS HERRMANN STUART JOYNER MICHELE DELLA VIGNA VALERIE GASTALDY DOMINIQUE PATRY BERTRAND HODEE TEAM COVERAGE JEFFREY A DIETERT MANFRED JAISFELD

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

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

Amt Held 108'732'635 94'077'367 78'390'326 42'512'221 35'456'294 26'046'448 16'161'000 14'052'905 11'937'219 10'488'732 9'578'452 8'443'176 8'009'376 6'792'249 6'444'341 6'098'570 6'073'948 5'868'600 5'634'000 5'556'800

% Out 4.6 3.98 3.31 1.8 1.5 1.1 0.68 0.59 0.5 0.44 0.4 0.36 0.34 0.29 0.27 0.26 0.26 0.25 0.24 0.23

Weighting

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

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

Latest Chg 1'631'323 1'274'137 109'000 128'778 (6'399) (172'678) 247'012 2'212 746'764 5'699'400 (1'240'000) 582'900

Target Price 41 40 45 42 51 49 39 43 45 40 45 48 42 45 #N/A N/A 54 45 39 48 46 40 49 48 42 38 45 #N/A N/A 44 47 #N/A N/A #N/A N/A 46

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

File Dt Inst Type 31.12.2011 Corporation 15.03.2012 Holding Company 06.01.2012 Investment Advisor 01.04.2012 Mutual Fund Manager 31.12.2011 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 29.02.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 19.09.2012 18.09.2012 05.09.2012 30.08.2012 27.08.2012 03.08.2012 02.08.2012 01.08.2012 01.08.2012 31.07.2012 31.07.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 03.07.2012 02.07.2012 01.06.2012 03.05.2012 30.04.2012 16.04.2012 28.12.2011 01.08.2011 19.05.2010

24.09.2012

Unibail-Rodamco SE Unibail-Rodamco leases and rents building space, finances real estate investments, and renovates real estate for sale. The Company's properties, mainly shopping centers, office buildings, and convention-exhibition centers, are primarily located in city centers or near major access routes. The Company opted for the SIIC legal status in 2003.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.08.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UL FP EQUITY YTD Change UL FP EQUITY YTD % CHANGE

12/2011 01/yy 165.85 123.30 76'267.00 161.15 -2.77% 30.70% 92.01% 92.0 14'819.57 10'755.20 0.0 1'419.4 80.00 28'020.07

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

.5 M

20 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 1'005.5 20.72x (522.9) 0.00x 944.8 10.14x

1.0 M

31.12.2008 31.12.2009 1'642.5 1'363.3 11.17x 17.14x 1'309.7 931.4 14.01x 25.09x (1'116.0) (1'467.8) 0.00x 0.00x Profitability

31.12.2010 1'716.4 14.60x 1'254.8 19.97x 2'187.6 6.19x

31.12.2011 1'939.9 12.81x 1'184.2 20.99x 1'327.8 9.61x 1'184.20 798.90 41.18% 84.65% 5.17% 11.72% 6.56% 0.08% 61.0% 68.4% 40.73% 92.43% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.88 91.65 34.29% 22.69% 0.883 30 3.433 326'258 314'089 331'168 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 1'486.6 1'581.9 18.35x 17.63x 1'305.0 1'386.9 21.49x 20.22x 879.5 955.9 17.11x 15.93x S&P Issuer Ratings

27.06.2007 A STABLE 27.06.2007 A-1 3.09 -0.16 9.01 9.08 92.4% 45.2% 0.08 -

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 0.00 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 |

24.09.2012

Unibail-Rodamco SE Holdings By:

All

Holder Name BLACKROCK INC AMUNDI COHEN & STEERS INC HARBOR CAPITAL ADVIS COMMERZBANK AKTIENGE SOCIETE GENERALE UBS AG COHEN & STEERS CAPIT BNP PARIBAS ASSET MG LASALLE INVESTMENT M NATIXIS ASSET MANAGE CREDIT SUISSE BLACKROCK GROUP LIMI VANGUARD GROUP INC FIDELITY INTERNATION BNP PARIBAS ASSET MG MORGAN STANLEY STATE STREET CORP EUROPEAN INVESTORS I ARTISAN PARTNERS HOL

Firm Name Societe Generale AlphaValue Natixis Jefferies Oddo & Cie Kepler Capital Markets Bank Degroof(ESN) ABN Amro Bank N.V. JPMorgan Petercam Exane BNP Paribas Kempen & Co ING Wholesale Banking Barclays Morgan Stanley Day by Day EVA Dimensions Rabobank International Banco Sabadell Goldman Sachs Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Berenberg Bank S&P Capital IQ CA Cheuvreux HSBC Edge Capital Research Tradition Securities & Futures

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

Analyst MICHEL VARALDO PIERRE-LOUP ETIENNE SERGE DEMIRDJIAN ROBERT DUNCAN MARINE LAFITTE SAMUEL HENRY-DIESBACH JEAN-MARIE CAUCHETEUX JAN WILLEM VAN KRANENBURG HARM M MEIJER STEPHAN VAN WEEREN VALERIE GUEZI BOUDEWIJN SCHOON ARJAN KNIBBE AARON GUY BART GYSENS VALERIE GASTALDY TEAM COVERAGE MARTIJN VAN DEN EIJNDEN IGNACIO ROMERO JULIAN LIVINGSTON-BOOTH JONATHAN KOWNATOR HANS-PETER KUHLMANN STEFAN BONGARDT KAI MALTE KLOSE JACOB THRANE BRUNO DUCLOS STEPHANIE DOSSMANN KONSTANTIN BOYCHINOV LAETITIA D'EPREMESNIL

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

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

Amt Held 4'892'280 4'248'948 3'671'829 2'994'173 2'585'395 2'351'985 2'055'821 2'044'686 1'907'603 1'684'899 1'578'397 1'381'467 1'222'332 1'143'348 984'762 981'619 976'620 963'439 871'804 832'632

% Out 5.32 4.62 3.99 3.26 2.81 2.56 2.24 2.22 2.07 1.83 1.72 1.5 1.33 1.24 1.07 1.07 1.06 1.05 0.95 0.91

Weighting

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

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

Latest Chg (2'990) (11'919) (3'161'695) (171'959) 158'757 21'842 (262) 53'928 539'910 (30'383) 12'446 2'170 123'217 -

Target Price 189 146 177 164 167 156 160 163 185 160 160 160 158 176 163 176 #N/A N/A 169 141 182 165 150 155 163 162 145 160 160 150

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

File Dt Inst Type 10.03.2011 Investment Advisor 17.02.2012 Investment Advisor 10.03.2011 Corporation 30.06.2012 Investment Advisor 16.05.2011 Investment Advisor 21.05.2012 Bank 10.03.2011 Investment Advisor 20.09.2012 Investment Advisor 10.03.2011 Investment Advisor 22.08.2011 Investment Advisor 30.03.2012 Mutual Fund Manager 10.03.2011 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 21.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor

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

Date 20.09.2012 20.09.2012 19.09.2012 12.09.2012 12.09.2012 12.09.2012 11.09.2012 10.09.2012 04.09.2012 04.09.2012 04.09.2012 03.09.2012 03.09.2012 31.08.2012 29.08.2012 08.08.2012 08.08.2012 07.08.2012 30.07.2012 25.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 24.07.2012 02.02.2012 19.01.2012 29.09.2011 06.07.2011

24.09.2012

UniCredit SpA UniCredit SpA attracts deposits and offers commercial banking services. The Bank offers consumer credit, mortgages, life insurance, business loan, investment banking, asset management, and other services. UniCredit operates worldwide.

Price/Volume 8

300.0 M

250.0 M

6 200.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.10.2011) 52-Week Low (09.01.2012) Daily Volume Current Price (9/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 UCG IM EQUITY YTD Change UCG IM EQUITY YTD % CHANGE

12/2011 06/yy 7.01 2.20 30'196'653.00 3.408 -51.41% 54.91% 26.17% 5'787.1 19'744.79 334'658.25 0.0 3'318.2 56'215.54 -

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

1.20 1.00

100.0 M

2 50.0 M

1 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 55'285.3 0.00x 0.0 0.00x 5'901.3 10.65x

150.0 M

31.12.2008 31.12.2009 65'266.9 47'278.6 0.00x 0.00x 0.0 0.0 0.00x 0.00x 4'011.8 1'702.3 5.74x 23.66x Profitability

LTM-4Q 31.12.2010 41'223.4 0.00x 0.0 0.00x 1'323.3 24.19x

31.12.2011 41'968.2 0.00x 0.0 0.00x (9'206.4) 0.00x 10.75% -23.82% -0.99% -15.91% -2.23% 0.05% -33.1% 36.11% 650.08% -

LTM

06/yy 26'547.5 0.00x 0.0 0.00x 1'975.7 12.90x

06/yy 25'803.4 0.00x 0.0 0.00x (9'444.2) 0.00x

FY+1

1.50 4'531.19 -23.79% -19.40% 1.501 39 2.923 ######### 81'212'490 99'000'190 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 25'656.0 25'510.9 6'126.0 6'283.0 1'399.4 2'043.1 194.0 95.9 13.06x 9.19x 11.44x 9.85x S&P Issuer Ratings

10.02.2012 BBB+ NEG 10.02.2012 A-2 650.1% 85.9% 0.05 3.38 -

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

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

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

24.09.2012

UniCredit SpA Holdings By:

All

Holder Name AABAR LUX SARL PGFF LUX SARL CENTRAL BANK OF LIBY FONDAZIONE CASSA RIS FONDAZIONE CASSA RIS CARIMONTE HOLDING SP CAPITAL RESEARCH AND CAPITAL WORLD INVEST DODGE & COX DELFIN SARL FRANKLIN RESOURCES I ALLIANZ SPA VANGUARD GROUP INC BLACKROCK INSTITUTIO ALLIANZ FINANCE IV L LIBYAN FOREIGN BANK CAPITAL RESEARCH GLO BLACKROCK GROUP LIMI BLACKROCK ASSET MANA BLACKROCK AM IRELAND

Firm Name Credit Suisse Redburn Partners AlphaValue Grupo Santander RBC Capital Markets Oddo & Cie Exane BNP Paribas HSBC Banca Akros(ESN) Banca IMI Societe Generale CA Cheuvreux Keefe, Bruyette & Woods Macquarie Nomura ICBPI. Hamburger Sparkasse Goldman Sachs JPMorgan Nord/LB EVA Dimensions Day by Day Barclays Mediobanca SpA Berenberg Bank DZ Bank AG Deutsche Bank Morgan Stanley Landesbank Baden-Wuerttemberg Independent Research GmbH Equita SIM SpA Natixis S&P Capital IQ Kepler Capital Markets ING Wholesale Banking Hammer Partners SA Banco Sabadell

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

Analyst IGNACIO CEREZO GEORGE SOSEI KARAMANOS DAVID GRINSZTAJN TANIA GOLD ANKE REINGEN JULIE LEGRAND ANDREA VERCELLONE CARLO DIGRANDI LUIGI TRAMONTANA MANUELA MERONI CARLO TOMMASELLI ALDO COMI RONNY REHN BENJIE CREELAN-SANDFORD DOMENICO SANTORO LUCA COMI CHRISTIAN HAMANN JEAN-FRANCOIS NEUEZ KIAN ABOUHOSSEIN MICHAEL SEUFERT TEAM COVERAGE VALERIE GASTALDY JEREMY SIGEE ANDREA FILTRI MARCO TROIANO CHRISTOPH BAST PAOLA SABBIONE FRANCESCA TONDI WERNER SCHIRMER STEFAN BONGARDT GIOVANNI RAZZOLI STEVEN GOULD FRANK BRADEN ANNA MARIA BENASSI ALEXANDER PELTESHKI ENRICO RACIOPPI MARIO LODOS

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

Recommendation neutral neutral buy underweight sector perform reduce neutral underweight hold buy hold underperform underperform outperform neutral sell hold neutral/neutral neutral sell hold hold equalweight outperform buy sell buy Equalwt/In-Line sell hold hold neutral sell buy hold sell Under Review

Amt Held 376'220'171 289'992'198 234'493'791 223'151'050 204'516'549 173'381'885 158'103'908 127'901'060 124'135'987 116'031'602 103'435'984 68'982'379 60'368'355 54'977'567 42'130'178 32'465'700 31'599'342 24'374'142 22'688'035 21'528'058

% Out 6.5 5.01 4.05 3.86 3.53 3 2.73 2.21 2.15 2 1.79 1.19 1.04 0.95 0.73 0.56 0.55 0.42 0.39 0.37

Weighting

Change

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

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

Latest Chg 107'727'313 39'829'500 3'072'472 16'205'131 13'180'000 (8'962'667) 140'656 -

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

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

File Dt 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 31.03.2012 30.06.2012 24.08.2012 30.06.2012 24.08.2012 30.06.2012 24.08.2012 24.08.2012 24.08.2012 30.06.2012 20.09.2012 20.09.2012 24.08.2012

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

Inst Type Other n/a Government Corporation Bank Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Other Government Investment Advisor Investment Advisor Investment Advisor n/a

Date 24.09.2012 24.09.2012 20.09.2012 18.09.2012 18.09.2012 14.09.2012 14.09.2012 13.09.2012 13.09.2012 12.09.2012 11.09.2012 07.09.2012 05.09.2012 04.09.2012 03.09.2012 27.08.2012 24.08.2012 23.08.2012 23.08.2012 21.08.2012 13.08.2012 10.08.2012 10.08.2012 08.08.2012 07.08.2012 07.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 06.08.2012 04.08.2012 01.08.2012 19.06.2012 05.03.2012

24.09.2012

Unilever NV Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Price/Volume 35

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2012) 52-Week Low (26.09.2011) Daily Volume Current Price (9/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 UNA NA EQUITY YTD Change UNA NA EQUITY YTD % CHANGE

12/2011 06/yy 28.83 22.52 1'308'042.00 27.94 -3.09% 24.07% 86.85% 1'714.7 83'769.35 13'718.00 0.0 628.0 4'937.00 93'634.35

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

10.0 M

8.0 M 6.0 M

4.0 M

2.0 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 40'187.0 2.00x 6'766.0 11.88x 3'888.0 19.05x

12.0 M

31.12.2008 31.12.2009 40'523.0 39'823.0 1.41x 1.77x 6'793.0 6'887.0 8.39x 10.25x 5'027.0 3'370.0 9.69x 18.80x Profitability

LTM-4Q 31.12.2010 44'262.0 1.64x 7'620.0 9.54x 4'244.0 15.43x

31.12.2011 46'467.0 1.82x 7'462.0 11.30x 4'252.0 17.60x 7'462.00 6'433.00 13.84% 13.44% 9.59% 29.55% 18.86% 1.05% 39.9% 16.1% 13.8% 9.2% 0.80 0.44 28.87% 95.98% 17.09 6.27

Price/ Cash Flow

LTM

06/yy 45'155.0 3.13x 3'852.0 0.00x 4'444.0 0.00x

06/yy 49'077.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.36 0.60 26.75% 8.01% 0.599 44 3.477 4'979'198 3'908'529 4'645'924 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 51'263.7 54'345.6 13'292.7 12'655.6 1.81x 1.68x 8'343.0 9'030.5 11.23x 10.37x 4'669.2 5'147.0 1'185.0 1'975.0 17.58x 16.06x S&P Issuer Ratings

05.10.2000 A+ STABLE 05.10.2000 A-1 13.82 10.42 1.18 1.84 96.0% 47.9% 1.05 5.59 21.36 58.22 82.67 -3.09

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 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 |

24.09.2012

Unilever NV Holdings By:

All

Holder Name FOUNDATION UNILEVER UNILEVER NV CAPITAL WORLD INVEST VANGUARD GROUP INC GRANTHAM MAYO VAN OT FIDELITY INTERNATION WILLIAM BLAIR & COMP BLACKROCK INSTITUTIO ARTISAN PARTNERS HOL ACHMEA BELEGGINSFOND DEUTSCHE BANK AG ING INVESTMENT MANAG ELMA EN UNITED HOLDS DB PLATINUM ADVISORS UNION INVESTMENT GMB MORGAN STANLEY BLACKROCK ASSET MANA MACKENZIE FINANCIAL FIDELITY MANAGEMENT MERCURY ASSET MANAGE

Firm Name

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

Analyst

Redburn Partners JEREMY FIALKO Helvea ANDREAS VON ARX Berenberg Bank JAMES TARGETT Espirito Santo Investment Bank Research MARTIN DOLAN RBC Capital Markets JAMES EDWARDES JONES HSBC CEDRIC BESNARD Sanford C. Bernstein & Co ANDREW WOOD EVA Dimensions TEAM COVERAGE Mirabaud Securities JULIAN LAKIN Exane BNP Paribas JEFF STENT Canaccord Genuity Corp EDDY HARGREAVES ING Wholesale Banking MARCO GULPERS Goldman Sachs ALEXIS COLOMBO Day by Day VALERIE GASTALDY Nomura DAVID HAYES Rabobank International KAREL ZOETE Kempen & Co ERWIN DUT SNS Securities(ESN) RICHARD WITHAGEN Grupo Santander PEDRO GIL Petercam FERNAND DE BOER Banco Sabadell IGNACIO ROMERO Societe Generale WARREN L ACKERMAN Credit Suisse CHARLES MILLS Aurel - BGC JEAN-MARIE L'HOME Kepler Capital Markets JON COX Natixis PIERRE TEGNER Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Barclays LIAM ROWLEY Deutsche Bank HAROLD THOMPSON Morgan Stanley EILEEN KHOO Jefferies SIMON MARSHALL-LOCKYER Landesbank Baden-Wuerttemberg BARBARA AMBRUS Independent Research GmbH LARS LUSEBRINK S&P Capital IQ CARL SHORT ABN Amro Bank N.V. ROBERT JAN VOS JPMorgan CELINE PANNUTI Liberum Capital Ltd PABLO ZUANIC Theodoor Gilissen Securities TOM MULLER DZ Bank AG ROBERT CZERWENSKY Hamburger Sparkasse TINA HECKING-VELTMAN CA Cheuvreux XAVIER CROQUEZ Equita SIM SpA FABIO FAZZARI

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

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

Amt Held 1'268'224'230 141'560'629 39'902'700 19'535'161 11'822'117 9'675'894 9'528'812 8'458'704 7'883'923 7'122'587 6'858'359 6'585'821 6'428'550 6'127'538 5'718'344 5'611'560 5'595'861 5'358'673 5'246'792 4'506'515

% Out 73.96 8.26 2.33 1.14 0.69 0.56 0.56 0.49 0.46 0.42 0.4 0.38 0.37 0.36 0.33 0.33 0.33 0.31 0.31 0.26

Weighting

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

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

Latest Chg 2'655'000 854'241 9'278'841 3'460'016 7'239 (85'329) (585'902) (526'890) 6'127'538 (600) 392'742 1'544 (10'900) 7'407 -

Target Price #N/A N/A 31 34 29 23 33 31 #N/A N/A 28 29 30 27 38 #N/A N/A 25 31 27 28 30 30 26 27 25 24 31 25 33 27 29 26 31 29 28 29 28 28 37 29 22 #N/A N/A 28 28

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

File Dt Inst Type 28.02.2011 Other 31.12.2011 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 19.10.2011 n/a 31.08.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 20.09.2012 Investment Advisor

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

Date 24.09.2012 18.09.2012 17.09.2012 14.09.2012 13.09.2012 12.09.2012 11.09.2012 11.09.2012 06.09.2012 05.09.2012 04.09.2012 03.09.2012 29.08.2012 13.08.2012 10.08.2012 01.08.2012 31.07.2012 31.07.2012 30.07.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 25.07.2012 16.07.2012 01.05.2012 03.02.2012 02.02.2012 03.01.2012 10.06.2011

24.09.2012

Vinci SA Vinci SA builds roads, offers electrical, mechanical, and civil engineering and construction services, and operates toll roads. The Company builds and maintains roads and produces road construction materials, builds electricity and communications networks, installs fire protection and power and ventilation systems, and operates toll highways, bridges, parking garages, and a stadium.

Price/Volume 45

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DG FP EQUITY YTD Change DG FP EQUITY YTD % CHANGE

12/2011 06/yy 40.85 28.46 1'127'995.00 34.62 -15.25% 21.64% 55.55% 575.4 19'920.71 20'870.80 0.0 725.4 7'542.00 35'884.11

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

10 5 0 s-11

31.12.2008 31.12.2009 33'930.3 31'177.7 0.90x 1.09x 5'009.2 4'813.1 6.09x 7.03x 1'591.4 1'596.0 8.85x 12.07x Profitability

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Market Data

LTM-4Q 31.12.2010 34'002.8 1.07x 5'165.6 7.01x 1'775.9 12.14x

31.12.2011 37'646.1 0.86x 5'445.9 5.93x 1'904.3 9.59x 5'445.90 3'550.50 9.43% 7.91% 3.26% 15.12% 7.39% 0.64% 14.5% 9.4% 5.1% 0.91 0.52 34.45% 161.92% 6.44 -

Price/ Cash Flow

LTM

06/yy 32'330.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 37'205.8 0.00x 0.0 0.00x 0.0 0.00x

FY+1

5.20 1.09 518.32 18.66% 6.37% 1.085 32 4.250 2'594'955 1'749'292 2'104'986 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 37'932.4 38'225.9 9'959.0 10'195.0 0.90x 0.87x 5'448.0 5'526.8 6.60x 6.51x 1'884.1 1'929.4 10.13x 9.91x S&P Issuer Ratings

29.03.2007 BBB+ STABLE 24.04.2001 A-2 7.34 4.83 2.45 3.83 161.9% 60.5% 0.64 8.46 56.68 -

Sales/Revenue/Turnover

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 02.01.2009

o-11

Fiscal Year Ended 31.12.2007 30'874.3 1.32x 4'587.6 8.90x 1'455.0 16.18x

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 |

24.09.2012

Vinci SA Holdings By:

All

Holder Name COMET LUXEMBOURG HLD SOCIETE GENERALE VINCI SA ARTEMIS SA NATIXIS ASSET MANAGE VANGUARD GROUP INC CAPITAL RESEARCH GLO FRANKLIN RESOURCES I AVIVA PLC FIDELITY INTERNATION LBPAM BLACKROCK INSTITUTIO PICTET ASSET MANAGEM DNCA FINANCE DEUTSCHE BANK AG COHEN & STEERS CAPIT MERCURY ASSET MANAGE BLACKROCK ASSET MANA UNION INVESTMENT LUX SCHRODER INVESTMENT

Firm Name AlphaValue HSBC JPMorgan Aurel - BGC DZ Bank AG Societe Generale EVA Dimensions Raymond James Exane BNP Paribas RBC Capital Markets Hamburger Sparkasse Goldman Sachs Day by Day Independent Research GmbH Landesbank Baden-Wuerttemberg CM - CIC Securities(ESN) Oddo & Cie Kepler Capital Markets Bryan Garnier & Cie Natixis S&P Capital IQ Credit Suisse Banco Sabadell BPI Barclays Morgan Stanley Nord/LB Deutsche Bank CA Cheuvreux ING Wholesale Banking National Bank AG

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

Source Co File Research 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 MF-AGG

Recommendation

GAETAN DUPONT PIERRE BOSSET ELODIE RALL ERIC LEMARIE MARC NETTELBECK MURIEL FELLOUS TEAM COVERAGE ARNAUD PALLIEZ NICOLAS MORA OLIVIA PETERS INGO SCHMIDT WILL MORGAN VALERIE GASTALDY CHRISTOPH SCHOENDUBE HANS-PETER KUHLMANN JEAN-CHRISTOPHE LEFEVRE-MOULENQ OLIVIER BECKER JOSEP PUJAL SVEN EDELFELT GREGOIRE THIBAULT JAWAHAR HINGORANI ROBERT CRIMES MARIA CEBOLLERO FILIPE MARTINS LEITE SUSANNA INVERNIZZI JAIME ROWBOTHAM HEINO HAMMANN LUIS PRIETO BORJA CASTRO PEREZ MANZUCO IAN OSBURN STEFFEN MANSKE

buy neutral overweight hold buy buy underweight outperform neutral sector perform buy Buy/Neutral hold hold hold buy buy buy buy buy strong buy outperform buy buy overweight Equalwt/In-Line buy buy outperform hold hold

Amt Held 31'499'000 25'572'494 25'021'501 15'712'512 8'281'623 8'040'124 7'390'600 7'154'601 2'905'421 2'741'309 2'464'130 2'322'214 2'306'986 2'231'500 1'730'651 1'463'565 1'433'119 1'423'469 1'404'470 1'321'419

% Out 5.47 4.44 4.35 2.73 1.44 1.4 1.28 1.24 0.5 0.48 0.43 0.4 0.4 0.39 0.3 0.25 0.25 0.25 0.24 0.23

Weighting

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

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

Latest Chg (5'663'109) 45'512 681'282 1'866'600 606'010 (1'531) 40'860 745 86'953 (471'000) 14'600 528 (485'761)

Target Price 46 39 49 40 41 47 #N/A N/A 42 39 40 #N/A N/A 47 #N/A N/A 36 37 44 49 50 44 44 45 54 47 51 48 44 #N/A N/A 47 43 36 43

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

File Dt Inst Type 31.12.2011 n/a 14.05.2012 Bank 31.12.2011 Corporation 31.12.2011 Holding Company 30.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 20.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 20.09.2012 19.09.2012 17.09.2012 17.09.2012 17.09.2012 13.09.2012 05.09.2012 30.08.2012 28.08.2012 15.08.2012 13.08.2012 09.08.2012 08.08.2012 03.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 31.07.2012 30.07.2012 26.07.2012 13.07.2012 03.07.2012 14.06.2012 07.02.2012 01.02.2012 18.01.2012 27.07.2011

24.09.2012

Vivendi SA Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications. The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price/Volume

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

30.0 M 25.0 M

12/2011 06/yy 17.06 12.01 883'527.00 15.39 -9.77% 28.10% 72.90% 1'301.1 20'024.35 15'710.00 0.0 2'623.0 3'782.00 36'553.35

20.0 M

15.0 M

10.0 M

5.0 M

2 0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 21'657.0 2.01x 6'301.0 6.92x 2'625.0 13.89x

35.0 M

16 14

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2012) 52-Week Low (19.04.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIV FP EQUITY YTD Change VIV FP EQUITY YTD % CHANGE

31.12.2008 31.12.2009 25'392.0 27'132.0 1.55x 1.44x 6'774.0 7'682.0 5.82x 5.07x 2'603.0 830.0 10.43x 30.14x Profitability

LTM-4Q 31.12.2010 28'878.0 1.29x 8'020.0 4.64x 2'198.0 11.35x

31.12.2011 28'813.0 1.24x 8'847.0 4.03x 2'681.0 7.83x 8'847.00 6'240.00 21.66% 17.72% 4.67% 12.33% 10.55% 0.50% 50.1% 30.7% 21.7% 9.3% 0.71 0.46 28.20% 80.78% 6.40 18.51

Price/ Cash Flow

LTM

06/yy 29'149.0 5.13x 8'152.0 4.90x 3'489.0 6.80x

06/yy 28'644.0 4.82x 9'390.0 3.77x 1'283.0 15.09x

FY+1

0.86 1'164.56 16.03% 1.22% 0.860 34 4.000 5'181'678 3'736'745 4'755'484 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 28'297.1 28'745.0 6'622.8 7'557.5 1.26x 1.22x 5.59x 4.85x 7'835.6 7'857.7 1'859.0 1'665.0 4.67x 4.66x 4.63x 4.60x 2'482.3 2'509.0 649.8 384.3 7.79x 7.65x 7.97x 8.06x S&P Issuer Ratings

04.07.2012 BBB *04.07.2012 A-2 *16.72 10.36 1.35 1.78 80.8% 41.6% 0.50 3.35 57.03 19.72 359.26 -282.51

Sales/Revenue/Turnover

6.00

70'000.0

5.00

60'000.0 50'000.0

4.00

40'000.0 3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

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 |

24.09.2012

Vivendi SA Holdings By:

All

Holder Name BLACKROCK INC SOCIETE GENERALE AMUNDI NATIXIS ASSET MANAGE GROUPE SOCIETE GENER CAISSE DES DEPOTS ET FRANKLIN RESOURCES I PEG VIVENDI THE BAUPOST GROUP NORGES BANK INVSTMNT QATAR HOLDINGS LLC NATIXIS ASSET MANAGE BANK OF AMERICA CORP CREDIT SUISSE SECURI UBS AG VANGUARD GROUP INC GROUPE BOLLORE HSBC HOLDINGS PLC BNP PARIBAS ASSET MG INTERNATIONAL VALUE

Firm Name

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

Analyst

Societe Generale CHRISTOPHE CHERBLANC Morgan Stanley PATRICK WELLINGTON CM - CIC Securities(ESN) ERIC RAVARY Natixis JEROME BODIN Nomura MATTHEW WALKER Grupo Santander STEPHANE SCHLATTER Oddo & Cie BRUNO HARENG Sanford C. Bernstein & Co CLAUDIO ASPESI Barclays JULIEN ROCH AlphaValue JEAN-MICHEL SALVADOR JPMorgan FILIPPO PIETRO LO FRANCO Macquarie GUY R PEDDY Credit Suisse OMAR SHEIKH Raymond James STEPHANE BEYAZIAN Goldman Sachs RICHARD JONES Espirito Santo Investment Bank Research WILL DRAPER S&P Capital IQ ALEXANDER WISCH Exane BNP Paribas CHARLES BEDOUELLE Jefferies WILL SMITH Landesbank Baden-Wuerttemberg MIRKO MAIER Independent Research GmbH LARS LUSEBRINK EVA Dimensions TEAM COVERAGE Liberum Capital Ltd IAN WHITTAKER Day by Day VALERIE GASTALDY Banco Sabadell ANDRES BOLUMBURU CA Cheuvreux ANDREA BENEVENTI Kepler Capital Markets CONOR O'SHEA HSBC NICOLAS COTE-COLISSON National Bank AG STEFFEN MANSKE Hamburger Sparkasse ANNEMARIE SCHLUETER Deutsche Bank PATRICK KIRBY DZ Bank AG HARALD HEIDER

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

Recommendation buy Equalwt/Attractive hold buy buy buy buy market perform overweight buy overweight outperform outperform market perform Buy/Neutral sell strong buy neutral buy buy hold buy buy hold buy outperform buy neutral sell hold hold buy

Amt Held 63'140'035 62'157'815 57'756'435 57'389'860 56'295'063 48'191'364 33'989'778 33'192'445 26'349'991 25'862'423 25'789'649 20'816'134 19'320'712 17'995'960 17'829'054 15'019'289 14'021'059 13'811'784 12'967'029 11'147'456

% Out 4.85 4.78 4.44 4.41 4.33 3.7 2.61 2.55 2.03 1.99 1.98 1.6 1.48 1.38 1.37 1.15 1.08 1.06 1 0.86

Weighting

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

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

Latest Chg (36'465'062) (5'812'102) 29'924'444 5'011'458 (280'703) 957'648 95'137

Target Price 17 16 16 22 18 22 19 14 18 24 19 15 18 #N/A N/A 20 14 18 16 18 17 17 #N/A N/A 20 #N/A N/A 18 17 18 16 16 #N/A N/A 16 23

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

File Dt Inst Type 31.12.2011 Investment Advisor 30.04.2012 Bank 14.05.2012 Investment Advisor 10.05.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 Government 30.06.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 Government 30.03.2012 Mutual Fund Manager 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Holding Company 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.03.2012 Investment Advisor

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

Date 24.09.2012 21.09.2012 21.09.2012 21.09.2012 21.09.2012 20.09.2012 20.09.2012 18.09.2012 14.09.2012 13.09.2012 12.09.2012 11.09.2012 07.09.2012 07.09.2012 05.09.2012 04.09.2012 31.08.2012 31.08.2012 30.08.2012 30.08.2012 30.08.2012 27.08.2012 21.08.2012 07.08.2012 30.07.2012 24.07.2012 09.07.2012 16.05.2012 04.04.2012 08.03.2012 01.03.2012 06.12.2011

24.09.2012

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (04.10.2011) Daily Volume Current Price (9/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 VOW3 GY EQUITY YTD Change VOW3 GY EQUITY YTD % CHANGE

12/2011 06/yy 155.35 86.40 427'921.00 154.3 -0.74% 78.59% 99.56% 170.1 66'720.61 93'533.00 0.0 5'815.0 24'437.00 149'806.61

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

4.5 M

160

4.0 M

140

3.5 M

120

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-11

.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

Fiscal Year Ended 31.12.2007 108'897.0 0.89x 15'133.0 6.43x 4'120.0 14.94x

180

31.12.2008 31.12.2009 113'808.0 105'187.0 1.22x 0.97x 14'854.0 10'896.0 9.34x 9.35x 4'753.0 960.0 20.97x 32.35x Profitability

LTM-4Q 31.12.2010 126'875.0 0.83x 16'659.0 6.29x 6'835.0 6.98x

31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x 21'365.00 11'032.00 6.92% 11.88% 6.80% 29.77% 11.86% 0.70% 17.6% 13.4% 6.9% 9.7% 1.01 0.66 36.88% 162.56% 3.92 5.82

Price/ Cash Flow

LTM

FY+1

1.15 143.79 52.28% 36.56% 1.150 39 4.410 1'264'451 921'505 1'072'474 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 142'833.0 176'948.0 186'772.5 200'467.2 46'353.3 51'128.3 2.97x 2.83x 0.34x 0.29x 1.36x 1.27x 19'438.0 23'033.0 21'997.4 25'638.8 3'375.0 5'205.0 6.18x 5.99x 6.81x 5.84x 8.09x 7.50x 11'428.0 17'916.0 14'452.3 11'867.8 13'093.0 1'620.0 5.13x 3.06x 5.33x 6.11x 3.59x 7.60x S&P Issuer Ratings Long-Term Rating Date 31.08.2009 Long-Term Rating ALong-Term Outlook POS Short-Term Rating Date 15.06.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 18.64 (EBITDA-Capex)/Interest Exp. 11.59 Net Debt/EBITDA 3.23 Total Debt/EBITDA 4.38 Reference Total Debt/Equity 162.6% Total Debt/Capital 59.6% Asset Turnover 0.70 Net Fixed Asset Turnover 3.67 Accounts receivable turnover-days 93.10 Inventory Days 62.77 Accounts Payable Turnover Day 37.29 Cash Conversion Cycle 118.57 Sales/Revenue/Turnover

12.00

180'000.0 160'000.0

10.00

140'000.0 120'000.0

8.00

100'000.0 6.00

80'000.0 60'000.0

4.00

40'000.0 2.00 0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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 |

24.09.2012

Volkswagen AG Holdings By:

All

Holder Name QATAR HOLDINGS LLC WADDELL & REED FINAN FIDELITY MANAGEMENT CAPITAL WORLD INVEST BLACKROCK ASSET MANA THORNBURG INVESTMENT VANGUARD GROUP INC DB PLATINUM ADVISORS FIDELITY INTERNATION DEUTSCHE BANK AG BLACKROCK INSTITUTIO UNION INVESTMENT GMB ADIG INVESTMENT BLACKROCK INVESTMENT FRANKLIN RESOURCES I ALLIANZ GLOBAL INVES INVESCO LTD FRANKFURT TRUST INVE CAPITAL RESEARCH GLO UMB BANK N A

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

Analyst MAX WARBURTON DANIEL SCHWARZ FRANCOIS MAURY MANFRED JAISFELD ALBRECHT DENNINGHOFF FRANK SCHWOPE CHRISTIAN BREITSPRECHER HANS-PETER WODNIOK STEFAN BURGSTALLER JUERGEN PIEPER TIM SCHULDT MICHAEL PUNZET STUART PEARSON MARC-RENE TONN ZAFER RUEZGAR RABIH FREIHA HORST SCHNEIDER CHARLES WINSTON TEAM COVERAGE JOCHEN GEHRKE CHRISTIAN LUDWIG STEPHEN REITMAN JOSE ASUMENDI BERNARD DONGES MICHAEL RAAB MICHAEL TYNDALL FRANK BILLER MARNIE COHEN VALERIE GASTALDY ARNDT ELLINGHORST TINA HECKING-VELTMAN LOTHAR LUBINETZKI ALEXANDER NEUBERGER GEORGES DIENG ALBERTO ROLLA JAN ROH

Source 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 MF-AGG

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

Amt Held 26'355'116 8'635'513 5'220'807 4'221'575 3'483'754 2'925'675 1'916'970 1'665'165 1'509'276 1'347'722 1'205'321 999'611 779'880 764'353 725'630 674'323 646'061 487'413 425'000 412'797

% Out 15.49 5.08 3.07 2.48 2.05 1.72 1.13 0.98 0.89 0.79 0.71 0.59 0.46 0.45 0.43 0.4 0.38 0.29 0.25 0.24

Weighting

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

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

Latest Chg 2'543'205 237'234 144 125'827 (901'565) 719'050 421 2'794 (66'313) (152'170) 189'513 1'720 -

Target Price 140 180 140 170 120 140 150 158 300 175 190 188 177 215 145 165 186 #N/A N/A #N/A N/A 200 200 190 165 213 175 195 174 170 #N/A N/A 195 #N/A N/A 207 200 180 168 149

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

File Dt Inst Type 10.03.2011 Government 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 20.09.2012 Investment Advisor 30.03.2012 Investment Advisor 30.04.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.04.2012 Investment Advisor 21.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor

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

Date 24.09.2012 19.09.2012 19.09.2012 18.09.2012 18.09.2012 14.09.2012 14.09.2012 13.09.2012 12.09.2012 12.09.2012 07.09.2012 07.09.2012 05.09.2012 05.09.2012 03.09.2012 03.09.2012 31.08.2012 08.08.2012 08.08.2012 02.08.2012 02.08.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 11.07.2012 05.07.2012 19.06.2012 30.04.2012 27.04.2012 12.03.2012 11.10.2011