Fundamental Analysis - SX5E Index (Eurostoxx50) Members with Tables.pdf 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 - SX5E Index April 2013

Q M S Advisors .

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

Valuation Measures I/II Market Capitalization & Asset Liability data 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

14281184

1923.576

1116

204

220

101.41

110.54

15.30

14.04

18.80

Euro Stoxx 50 Pr

EUR

2555033

5428.22

4634

740

776

230.14

308.17

19.06

16.44

14.23

19.71

NIKKEI 225

JPY

2553542

187.175

188

5.27

5.50

0.27

0.25

0.12

FTSE 100 INDEX

GBP

2684101

11617.73

9620

1448

1651

532.11

821.22

27.64

17.91

22.26

SWISS MARKET INDEX

CHF

1031986

10949.77

4120

845

836

408.90

551.91

21.14

18.80

15.66

21.93

S&P/TSX COMPOSITE INDEX

CAD

1670979

17101.32

7899

1847

2081

793.83

887.70

15.34

13.72

24.22

S&P/ASX 200 INDEX

AUD

1406910

6765.465

2874

607

705

252.31

342.22

21.52

17.41

15.86

22.41

HANG SENG INDEX

HKD

1692292

3630.113

1766

362

478

267.66

266.29

1.38

1.51

1.39

2.94

MSCI EM

USD

7658673

1544.178

1079

201

220

86.99

95.05

11.75

13.38

10.76

20.03

AIR LIQUIDE SA

EUR

38129

169

311

46.30

19722

21011

22524

4880

6.69

6.66

7.17

7.93

23.58

23.70

21.90

19.81

7.74

31.84

02.07.2007

ALLIANZ SE-REG

EUR

63690

543

453

87.98

123562

123561

134052

137749

15.06

14.70

15.60

16.33

12.23

12.02

11.52

11.01

12.72

3.88

27.01.2012

Aa3

03.05.2004

ANHEUSER-BUSCH INBEV NV

EUR

155231

463

1602

244.51

51162

57945

62722

19882

5.74

5.83

6.39

7.22

27.45

27.82

25.03

22.17

2.35

19.25

1.29

22.83

50.01

01.05.2012

27.03.2012

ARCELORMITTAL

EUR

22181

2761

1549

60.50

108368

111347

116268

8702

9201

1860

0.01

-3.10

0.87

1.85

109.16

25.36

11.91

-13.37

-4.76

-40.77

-24.46

10.93

BB+

02.08.2012

Ba1

06.11.2012

ASML HOLDING NV

EUR

27744

317

407

25.25

6089

6253

7814

1729

180

3.45

3.47

2.94

4.56

25.04

25.13

29.55

19.10

-20.94

24.16

-32.98

9.18

36.54

Baa2

11.11.2010

ASSICURAZIONI GENERALI

EUR

25464

2630

1541

31.34

104788

105575

98010

99834

0.93

0.11

1.69

1.90

191.45

12.45

11.06

13.92

11.65

23.01.2013

Baa2

21.03.2013

AXA SA

EUR

42255

1373

2389

19.70

147586

129398

131691

2.35

2.28

2.54

2.71

9.98

9.67

8.97

8.41

21.40

76.58

A-

18.12.2012

19.03.2003

BANCO BILBAO VIZCAYA ARGENTA

EUR

49356

14096

5433

291

#VALUE!

45325

29418

30027

31639

0.77

0.33

1.00

1.13

35.43

35.83

11.64

10.33

8.46

12.49

BBB-

16.10.2012

Baa3

24.10.2012

BANCO SANTANDER SA

EUR

74005

25421

10321

473

234

#VALUE!

56074

57221

60012

0.77

0.31

0.76

0.88

29.48

11.19

11.92

10.24

-56.80

12.27

BBB

16.10.2012

(P)Baa2

24.10.2012

BASF SE

EUR

82652

972

918

99.10

101311

104563

103421

16192

4513

6.44

6.83

7.68

8.27

16.95

17.99

15.07

14.00

9.16

8.45

7.90

4.79

20.57

A+

10.05.2011

17.11.2010

BAYER AG-REG

EUR

84280

511

827

93.39

51165

53456

56145

11583

11073

3237

7.19

3.81

7.58

8.38

34.43

19.95

17.30

15.66

11.39

5.58

0.55

7.97

27.85

A-

30.04.2008

17.07.2006

BAYERISCHE MOTOREN WERKE AG

EUR

57546

584

656

130.42

98891

102538

107481

15460

9.99

10.00

10.04

10.34

11.53

11.48

11.15

15.01

8.33

3.71

-0.81

20.12

16.04.2012

22.07.2011

BNP PARIBAS

EUR

64511

2076

1240

1303

180

#VALUE!

88 K

125 K

52 K

53 K

7.04

6.86

6.45

7.37

9.74

9.27

10.36

9.06

-4.25

14.66

A+

25.10.2012

21.06.2012

CARREFOUR SA

EUR

19604

417

709

26.29

98815

101617

104813

5011

3355

0.28

0.30

1.86

2.12

119.29

44.50

19.12

16.80

-5.86

-3.25

1.48

4.19

BBB

15.03.2012

(P)Baa2

15.03.2012

COMPAGNIE DE SAINT-GOBAIN

EUR

20381

553

531

31.84

55589

55342

57233

3393

1.28

1.88

3.14

3.79

26.33

38.57

15.72

13.02

3.31

0.25

-61.14

-18.58

7.86

BBB

24.07.2009

Baa2

31.07.2009

CRH PLC

EUR

16005

166

726

20.06

24011

24544

25898

2110

761

0.65

0.98

1.09

1.40

28.79

43.80

26.02

20.18

4.11

-2.37

-1.24

-13.53

11.31

BBB+

17.12.2007

DAIMLER AG-REGISTERED SHARES

EUR

60300

953

1068

109

151.95

147081

150523

159678

15620

15690

7.30

7.35

5.98

7.09

9.89

12.15

10.25

9.37

22.76

-0.82

-6.67

13.73

A-

23.02.2012

01.10.2007

DANONE

EUR

44228

360

593

52.68

26855

28432

30191

4661

3.58

3.59

4.07

4.49

24.98

25.03

22.07

19.98

10.33

14.00

5.02

14.60

22.33

A-

25.07.2007

06.11.2007

DEUTSCHE BANK AG-REGISTERED

EUR

37713

2191

929

366

229

#VALUE!

43215

60676

43528

44813

4.09

0.88

4.97

6.44

59.67

10.66

10.50

8.11

-46.62

-7.49

A+

25.01.2012

21.06.2012

DEUTSCHE TELEKOM AG-REG

EUR

46761

5001

4319

102.34

74854

74333

74043

22813

22787

5568

1.29

-1.58

0.91

0.95

10.94

15.24

14.72

-1.06

-1.78

-15.76

1.91

39.17

BBB+

19.05.2008

Baa1

22.12.2011

E.ON SE

EUR

34891

3227

1907

65.40

169982

142882

145391

10865

12298

2.33

1.47

1.68

1.79

15.30

9.64

13.33

12.51

21.80

21.06

125.82

-6.77

8.23

A-

27.07.2012

05.10.2011

EADS NV

EUR

43982

791

822

35.90

72680

75573

80604

5053

5131

1387

1.87

1.92

3.46

4.64

35.48

35.46

19.75

14.72

19.26

14.82

30.63

29.73

9.08

A-

22.09.2010

(P)A2

06.12.2012

ENEL SPA

EUR

31365

18160

9403

125.35

106420

103509

104386

20782

0.12

0.43

0.45

37.06

9.99

9.50

8.50

11.76

-7.84

13.83

25.13

BBB+

08.03.2012

Baa2

05.11.2012

ENI SPA

EUR

84179

4195

3634

109.80

163777

151612

155903

31610

9093

0.85

3.08

2.52

2.67

9.68

10.87

11.84

11.18

20.76

7.62

-5.84

-1.35

24.84

17.01.2012

16.07.2012

ESSILOR INTERNATIONAL

EUR

24159

145

215

24.81

6420

6897

7471

1410

3.61

4.00

4.42

40.03

40.09

36.14

32.74

24.55

14.95

24.64

14.67

28.25

FRANCE TELECOM SA

EUR

28193

2857

2627

70.44

55997

54170

53378

15923

3996

0.95

0.40

1.41

1.38

34.33

14.45

9.71

9.95

-5.01

-4.59

-22.66

-10.88

36.59

A-

27.02.2013

23.06.2005

GDF SUEZ

EUR

47583

1144

2357

121.74

124872

104487

104681

23679

1.72

0.92

1.76

1.83

27.67

14.77

14.44

13.86

9.03

9.21

18.66

26.59

24.40

29.01.2013

03.07.2012

IBERDROLA SA

EUR

30723

9634

6053

65.00

44011

44845

42965

44357

9237

9890

2946

0.59

0.61

0.52

0.54

10.40

10.35

12.14

11.59

10.38

10.14

3.26

10.35

28.38

BBB

28.11.2012

(P)Baa1

05.11.2012

INDITEX

EUR

82218

266

623

76.99

20520

22813

25320

5034

5035

1066

4.87

5.51

6.18

34.84

30.80

27.47

20.09

13.33

27.92

16.38

31.58

ING GROEP NV-CVA

EUR

28331

9946

3801

267

274.21

52481

54357

49358

54228

0.94

0.96

1.29

1.42

9.87

9.21

7.39

6.68

-29.26

-11.93

03.09.2009

15.06.2012

INTESA SANPAOLO

EUR

24040

91195

16434

364

#VALUE!

22922

22758

21625

22168

0.12

0.17

0.14

0.20

11.42

16.33

13.14

9.69

-37.96

-15.18

BBB+

10.02.2012

Baa2

16.07.2012

KONINKLIJKE PHILIPS ELECTRON

EUR

28957

764

915

29.90

31898

32000

33064

3169

758

0.37

0.35

2.10

2.43

110.57

79.42

18.53

16.04

12.59

1.94

138.78

-4.56

12.79

A-

11.05.2005

20.04.2006

L'OREAL

EUR

94679

222

598

92.66

28906

30170

31938

5648

6.10

6.18

6.59

7.14

32.64

32.66

30.58

28.24

13.41

7.44

14.11

6.14

25.14

LVMH MOET HENNESSY LOUIS VUI

EUR

85875

219

500

93.23

36164

38951

42288

8931

9291

3634

8.98

8.83

9.75

10.94

24.66

24.25

22.32

19.89

24.17

14.35

16.53

14.22

33.06

20.05.2011

MUENCHENER RUECKVER AG-REG

EUR

34306

205

179

38.99

84797

85105

71849

74391

23.14

21.08

21.59

10.64

11.68

11.40

10.54

9.26

AA-

22.12.2006

REPSOL SA

EUR

26801

2690

1256

44.23

75826

80225

78528

79449

9030

9411

2303

2.12

2.25

2.13

2.22

11.95

12.62

12.10

20.28

9.04

27.00

-6.33

15.09

BBB-

19.04.2012

RWE AG

EUR

23202

937

615

44.16

65334

#VALUE!

68801

69794

11652

2.51

5.03

4.58

9.63

10.59

4.24

5.28

11.94

3.94

BBB+

27.07.2012

19.07.2011

SANOFI

EUR

132583

675

1323

143.24

44971

46139

48698

15936

16335

5.61

4.84

7.74

8.64

26.59

22.92

16.63

14.90

6.00

6.17

-2.14

3.94

46.74

AA-

18.02.2011

SAP AG

EUR

97936

743

1192

101.31

20876

23174

25536

6352

5887

1432

3.06

3.05

4.46

5.05

33.64

33.71

23.01

20.30

17.99

12.48

9.07

13.84

36.29

SCHNEIDER ELECTRIC SA

EUR

40647

504

547

46.53

30815

31336

32954

4938

4.58

4.36

5.31

5.91

21.59

20.58

17.74

15.92

9.22

10.22

3.87

5.82

20.62

A-

26.11.2008

12.01.2009

SIEMENS AG-REG

EUR

97476

856

112.35

100754

101235

100661

104505

12422

13320

2632

7.21

7.31

7.84

9.70

19.48

19.71

18.17

14.68

8.82

0.14

-10.29

2.15

16.93

A+

05.06.2009

SOCIETE GENERALE

EUR

25795

5318

754

953

142

#VALUE!

56277

#VALUE!

30568

31851

5.18

1.23

4.61

5.56

34.68

12.02

9.22

7.65

-12.77

23.01.2012

21.06.2012

TELEFONICA SA

EUR

63425

110692

4551

143.64

80242

76560

76891

26811

26858

5890

1.06

1.14

1.46

1.52

15.75

12.27

11.79

-0.99

2.53

9.58

-2.33

43.07

BBB

20.12.2012

Baa2

18.10.2012

TOTAL SA

EUR

115496

1269

2258

138.07

234589

233029

231598

41620

41104

11168

6.07

6.09

6.79

6.83

10.32

10.34

9.25

9.19

12.17

5.79

-2.25

1.33

22.55

AA-

12.04.2011

Aa1

30.08.2005

UNIBAIL-RODAMCO SE

EUR

22328

39.62

2217

2030

2223

1528

22.80

20.32

13.04

14.16

14.90

13.23

23.21

21.38

-14.41

13.29

0.32

19.95

88.67

27.06.2007

16.07.2010

UNICREDIT SPA

EUR

25047

52362

5789

372

106

#VALUE!

32235

32421

31587

32630

-0.03

0.25

0.28

0.53

22.18

19.93

10.57

-51.87

-4.49

BBB+

10.02.2012

Baa2

16.07.2012

UNILEVER NV-CVA

EUR

123515

870

2832

133.70

66046

68774

72671

10537

1.96

2.03

2.17

2.36

25.77

26.76

24.10

22.18

13.45

6.87

12.52

5.00

20.53

A+

05.10.2000

11.07.2000

VINCI SA

EUR

26545

876

536

45.09

50422

49715

50113

51132

7088

7018

4.53

4.60

4.52

4.79

12.81

12.90

13.03

12.31

5.25

5.47

1.46

4.79

18.16

BBB+

29.03.2007

Baa1

23.07.2002

VIVENDI

EUR

27779

1283

1323

49.44

37311

37128

37552

5761

8404

0.37

0.18

2.30

2.45

147.16

56.38

11.72

11.03

0.81

8.98

-63.56

-8.50

28.99

BBB

26.10.2012

Baa2

13.09.2005

VOLKSWAGEN AG-PREF

EUR

90906

227

465

151

214.51

247942

262952

276740

31430

5645

59.56

59.93

27.91

32.24

4.33

4.34

9.30

8.05

26.93

15.64

18.42

12.93

16.31

A-

31.08.2009

17.08.2009

648

4880

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

6.61

8.26

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

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.15

1.98

1.79

2.15

1.39

1.33

1.27

1.39

9.94

9.64

9.43

9.94

8.74

8.08

7.57

8.74

14.04

12.58

11.37

14.04

2.22

2.38

2.58

2.22

1681.4

8.4%

Euro Stoxx 50 Pr

1.14

1.08

1.02

1.14

0.74

0.71

0.69

0.74

5.33

4.98

4.74

5.33

7.00

6.62

6.30

7.00

11.06

9.91

9.07

11.06

4.34

4.68

4.97

4.34

2895.5

9.3%

NIKKEI 225

1.50

1.41

1.32

1.50

0.70

0.66

0.65

0.70

9.45

8.14

7.61

9.45

9.55

8.32

7.80

9.55

24.05

18.83

14.59

24.05

1.65

1.66

1.94

1.65

11908.4

-4.5%

FTSE 100 INDEX

1.68

1.56

1.35

1.68

1.01

0.97

0.99

1.01

7.90

7.28

5.26

7.90

7.04

6.59

6.32

7.04

11.81

10.71

9.81

11.81

3.89

4.18

4.62

3.89

6809.6

6.5%

SWISS MARKET INDEX

2.39

2.21

2.04

2.39

1.99

1.89

1.81

1.99

12.25

11.20

9.83

12.25

13.09

12.11

11.32

13.09

14.86

13.30

12.08

14.86

3.32

3.68

4.18

3.32

8026.2

3.2%

S&P/TSX COMPOSITE INDEX

1.68

1.55

1.45

1.68

1.57

1.48

1.42

1.57

8.41

7.55

7.01

8.41

8.22

7.27

6.88

8.22

14.00

12.34

11.35

14.00

3.13

3.29

3.49

3.13

14540.6

14.7%

S&P/ASX 200 INDEX

1.88

1.78

1.68

1.88

1.80

1.70

1.61

1.80

11.09

9.90

9.04

11.09

9.59

8.44

7.83

9.59

15.15

13.47

12.37

15.15

4.39

4.70

5.07

4.39

5149.3

4.0%

HANG SENG INDEX

1.33

1.23

1.14

1.33

1.63

1.50

1.40

1.63

7.12

6.58

6.16

7.12

7.59

6.93

6.39

7.59

10.80

9.89

9.01

10.80

3.57

3.86

4.37

3.57

24932.1

11.7%

MSCI EM

1.43

1.30

1.21

1.43

0.95

0.88

0.84

0.95

6.85

6.30

5.89

6.85

7.03

6.45

6.05

7.03

10.76

9.67

8.97

10.76

3.08

3.59

6.74

3.08

1183.8

15.8%

AIR LIQUIDE SA

2.76

2.57

2.39

2.23

1.99

1.94

1.81

1.69

1.59

1.55

10.26

9.46

8.83

8.33

7.56

9.55

8.81

8.11

7.57

7.27

18.51

17.02

15.39

14.09

13.13

2.65

2.85

3.10

3.36

101.28

6.8%

ALLIANZ SE-REG

0.95

0.90

0.86

0.81

0.75

0.48

0.46

0.44

9.63

8.95

8.55

8.37

7.88

4.23

4.50

4.73

4.84

5.07

118.03

8.7%

ANHEUSER-BUSCH INBEV NV

3.61

3.36

3.12

2.87

2.52

3.91

3.45

3.19

3.01

2.96

13.79

12.79

11.87

10.79

9.46

12.31

10.82

9.78

9.08

8.95

20.66

19.45

17.23

15.45

14.31

1.97

2.41

2.75

3.28

3.88

75.39

0.4%

ARCELORMITTAL

0.39

0.40

0.39

0.36

0.34

0.26

0.25

0.24

4.32

4.63

3.35

3.15

1.97

6.77

6.19

5.06

4.54

3.94

77.90

19.70

9.26

6.57

4.93

4.23

1.61

2.33

2.63

1.88

13.80

33.4%

ASML HOLDING NV

5.10

4.40

3.75

3.03

4.55

4.44

3.55

2.98

2.42

17.88

20.62

13.34

10.82

14.34

15.88

10.80

8.30

7.10

21.13

22.96

14.84

11.06

8.24

0.87

1.04

1.19

1.36

53.78

2.4%

ASSICURAZIONI GENERALI

0.99

0.93

0.87

0.80

0.25

0.26

0.23

14.95

9.67

8.59

7.85

7.99

2.25

3.45

4.30

4.67

AXA SA

0.69

0.64

0.61

0.56

0.33

0.32

0.30

7.53

6.97

6.53

6.23

5.75

5.31

5.70

6.03

6.36

BANCO BILBAO VIZCAYA ARGENTA

0.93

0.87

0.83

0.78

1.68

1.64

1.56

1.51

3.05

2.99

2.90

3.01

19.83

9.05

8.03

7.10

5.97

6.01

6.04

6.61

BANCO SANTANDER SA

0.71

0.74

0.72

0.74

0.85

1.30

1.29

1.23

1.19

1.18

2.08

2.06

1.95

2.32

9.78

9.26

7.95

7.73

8.03

10.79

11.09

10.65

9.99

11.00

BASF SE

2.47

2.41

2.24

2.09

1.79

0.82

0.79

0.80

0.76

7.98

7.70

7.11

6.89

5.85

6.24

6.00

5.67

5.33

5.28

12.89

11.71

10.88

10.10

9.48

3.69

3.91

4.09

4.30

BAYER AG-REG

3.28

3.10

2.79

2.55

2.20

1.65

1.58

1.50

1.42

1.37

11.73

10.16

9.31

8.44

7.91

8.78

8.25

7.68

7.15

6.82

14.62

13.44

12.17

11.02

10.26

2.29

2.62

2.87

BAYERISCHE MOTOREN WERKE AG

1.46

1.34

1.23

1.10

1.05

0.58

0.56

0.54

0.51

5.39

5.22

4.98

4.80

3.35

7.72

7.96

7.69

7.93

6.69

8.96

8.92

8.67

8.30

8.19

3.75

3.95

BNP PARIBAS

0.65

0.62

0.59

0.55

1.28

1.25

1.21

1.17

5.06

4.51

4.03

3.74

7.41

8.05

7.04

6.45

3.72

CARREFOUR SA

1.95

1.85

1.70

1.56

0.20

0.19

0.18

6.43

5.49

5.04

5.26

4.64

5.54

5.29

4.98

4.74

4.51

17.12

14.85

13.06

11.57

10.67

2.44

COMPAGNIE DE SAINT-GOBAIN

0.88

0.87

0.84

0.79

0.37

0.36

0.34

5.63

5.61

5.12

4.48

5.67

5.61

5.17

4.65

4.24

12.70

12.22

10.12

8.15

6.89

CRH PLC

1.14

1.13

1.10

1.05

0.66

0.65

0.62

0.58

0.48

9.61

8.60

7.61

6.48

9.73

9.04

7.89

6.79

5.52

23.30

20.22

15.68

12.16

DAIMLER AG-REGISTERED SHARES

1.09

1.05

0.97

0.88

0.81

0.41

0.40

0.38

0.36

5.33

5.05

4.44

3.67

3.07

9.24

9.34

8.20

7.31

6.22

9.49

9.44

7.97

6.89

DANONE

2.60

2.45

2.32

2.15

1.87

1.66

1.56

1.46

1.38

1.31

12.78

12.53

11.01

9.90

9.03

11.36

10.84

10.10

9.36

8.58

17.95

17.15

15.53

DEUTSCHE BANK AG-REGISTERED

0.52

0.51

0.49

0.45

0.41

0.87

0.84

0.82

0.73

5.56

4.84

4.24

3.98

8.80

8.16

DEUTSCHE TELEKOM AG-REG

1.28

1.23

1.20

1.34

0.62

0.63

0.62

0.63

2.72

2.61

2.64

2.75

2.63

4.41

4.58

4.57

4.51

4.41

13.10

E.ON SE

0.68

0.69

0.67

0.65

0.62

0.24

0.23

0.21

3.31

4.08

4.05

3.84

3.58

4.72

5.33

5.22

5.21

5.05

6.05

EADS NV

3.42

3.39

2.72

2.32

1.99

0.62

0.58

0.55

0.52

0.51

11.18

8.67

7.76

5.61

6.90

6.37

5.09

4.35

3.96

3.85

ENEL SPA

0.60

0.59

0.57

0.54

0.56

0.30

0.29

2.71

2.68

2.46

2.61

2.71

5.87

6.03

5.97

5.84

5.71

ENI SPA

1.09

1.04

0.98

0.92

0.88

0.54

0.56

0.54

0.52

0.56

3.92

3.62

3.38

3.20

3.72

2.90

2.98

2.87

2.75

2.78

8.96

9.20

8.68

ESSILOR INTERNATIONAL

5.11

4.61

4.21

3.60

3.76

3.50

3.23

2.97

2.75

23.41

20.25

18.51

17.52

21.63

17.70

16.44

15.03

13.77

12.73

31.14

28.08

25.44

FRANCE TELECOM SA

0.80

0.82

0.81

0.78

0.80

0.50

0.52

0.53

0.54

2.17

2.22

2.29

2.38

2.34

4.02

4.25

4.37

4.46

4.49

6.42

7.55

7.73

GDF SUEZ

0.55

0.56

0.57

0.53

0.40

0.46

0.45

0.42

3.07

3.42

3.31

3.60

3.30

5.56

6.75

6.64

6.48

5.95

9.83

11.22

IBERDROLA SA

0.66

0.65

0.64

0.63

0.76

0.72

0.69

0.67

0.71

4.02

4.31

4.38

3.94

6.52

6.64

6.39

6.14

5.98

8.34

9.43

INDITEX

7.50

6.86

5.97

5.21

3.90

4.00

3.60

3.25

2.95

2.66

19.81

18.08

16.13

14.45

15.07

13.60

12.14

10.98

9.76

26.76

ING GROEP NV-CVA

0.44

0.40

0.38

0.37

0.52

0.57

0.52

0.51

7.42

INTESA SANPAOLO

0.38

0.37

0.36

1.07

1.11

1.08

1.06

2.38

2.41

2.29

2.18

11.67

10.21

KONINKLIJKE PHILIPS ELECTRON

1.88

1.77

1.63

1.45

0.91

0.90

0.88

0.84

0.83

11.46

9.40

7.98

7.49

6.87

8.47

6.82

6.21

5.64

5.59

19.67

14.40

L'OREAL

3.85

3.37

3.11

2.86

2.40

3.29

3.14

2.96

2.78

2.65

20.25

18.75

17.37

16.23

15.36

16.27

15.20

14.14

13.25

12.46

25.45

23.77

LVMH MOET HENNESSY LOUIS VUI

2.64

2.44

2.21

2.00

1.62

2.38

2.20

2.03

1.88

1.75

13.88

12.89

11.67

10.83

11.17

10.34

9.47

8.58

7.79

7.50

18.24

MUENCHENER RUECKVER AG-REG

1.00

0.93

0.89

0.84

0.82

0.48

0.46

0.45

0.38

8.42

REPSOL SA

0.77

0.73

0.70

0.66

0.58

0.34

0.36

0.39

10.33

RWE AG

1.12

1.14

1.09

1.04

0.92

0.35

0.34

0.33

0.32

0.31

3.00

SANOFI

1.78

1.74

1.67

1.60

1.48

2.96

2.87

2.72

2.58

2.49

11.04

SAP AG

5.23

4.46

3.74

3.13

2.63

4.67

4.23

3.84

3.51

3.25

19.21

SCHNEIDER ELECTRIC SA

1.84

1.76

1.64

1.54

1.32

1.30

1.23

1.16

SIEMENS AG-REG

2.31

2.34

2.12

1.93

0.97

0.93

0.90

SOCIETE GENERALE

0.46

0.44

0.41

0.39

0.87

0.84

0.81

0.78

TELEFONICA SA

2.16

2.06

1.94

1.77

1.69

0.79

0.83

0.82

TOTAL SA

1.16

1.09

1.00

0.91

0.50

0.51

UNIBAIL-RODAMCO SE

1.38

1.25

1.16

1.05

0.89

13.10

11.00

10.04

9.55

UNICREDIT SPA

0.31

0.30

0.29

0.77

0.79

0.77

0.74

UNILEVER NV-CVA

5.73

5.17

4.55

4.09

3.63

1.88

1.80

1.70

1.60

VINCI SA

1.46

1.38

1.31

1.19

1.04

0.54

0.53

0.52

0.51

VIVENDI

1.04

1.07

1.03

1.02

1.03

0.76

0.75

0.74

VOLKSWAGEN AG-PREF

0.94

0.87

0.77

0.67

0.65

0.37

0.35

0.33

0.54

1.56

1.50

4.10

13.52

6.4%

16.38

19.2%

7.86

11.7%

6.15

12.7%

4.36

77.17

10.4%

3.13

3.34

79.46

0.3%

4.25

4.41

3.88

79.43

14.1%

4.36

5.28

6.19

6.44

52.31

29.6%

2.89

3.31

3.82

3.72

22.90

6.6%

3.90

4.43

4.46

4.68

33.03

10.7%

9.94

3.69

3.74

3.84

4.02

15.81

-7.5%

6.80

4.88

4.64

5.11

5.77

47.46

8.1%

14.31

12.89

2.70

2.80

3.06

3.36

3.88

54.56

0.7%

6.30

5.28

4.53

2.39

2.45

3.09

3.61

3.41

38.64

22.5%

11.85

11.44

11.11

10.48

8.31

6.37

6.10

6.28

6.95

9.16

9.0%

10.36

9.72

9.73

9.18

8.07

5.44

5.61

5.54

5.90

13.41

-1.0%

21.36

15.34

11.44

9.45

8.80

1.49

2.32

3.13

3.79

3.66

42.96

4.2%

7.06

7.76

7.38

6.95

6.99

5.79

5.36

5.52

5.94

5.75

3.04

17.3%

8.05

9.60

5.99

6.11

6.24

6.44

6.33

20.11

11.7%

23.49

21.21

1.13

1.18

1.29

1.38

1.48

82.08

-6.1%

7.63

7.36

9.71

9.41

9.10

8.81

9.27

9.63

16.4%

10.77

10.25

8.89

9.79

9.57

9.60

8.69

9.21

16.67

8.8%

9.00

9.12

9.62

8.21

7.73

7.71

7.66

7.89

4.33

13.9%

23.94

21.35

19.17

17.09

2.22

2.45

2.79

3.12

3.55

108.25

5.6%

5.75

5.19

4.96

5.99

0.00

0.30

3.29

4.84

7.98

38.9%

7.53

6.16

7.16

4.46

4.55

6.03

6.99

7.86

1.41

23.3%

12.47

11.12

9.69

3.23

3.35

3.61

3.85

3.93

24.21

3.0%

21.94

20.12

18.98

1.81

2.02

2.20

2.45

2.62

113.54

-6.7%

17.34

15.46

13.83

12.35

2.28

2.50

2.81

3.13

3.30

152.49

16.0%

9.07

8.86

8.91

9.86

4.58

4.74

4.88

5.14

5.27

147.33

-0.9%

9.81

9.40

9.03

8.55

5.46

5.78

5.92

6.10

6.11

18.75

15.5%

3.92

3.87

3.98

4.89

4.63

4.48

4.31

4.07

3.13

3.18

3.42

2.89

3.92

3.89

3.98

4.04

4.06

7.19

7.49

8.23

8.52

8.25

6.90

6.76

6.47

6.20

6.28

30.15

3.1%

10.99

10.12

8.62

7.93

8.31

8.51

7.84

7.24

6.95

12.56

12.92

11.58

10.52

9.70

3.57

3.79

4.20

4.67

5.20

79.18

1.9%

15.31

13.57

11.82

11.04

14.28

12.28

10.88

9.61

8.72

20.07

17.88

15.77

13.89

12.93

1.36

1.54

1.78

1.98

1.94

65.45

5.7%

11.59

11.09

9.85

9.40

9.59

8.92

8.19

7.65

14.84

13.79

12.37

11.31

3.09

3.40

3.71

4.05

59.03

3.8%

10.28

11.03

9.34

8.50

8.82

9.18

7.65

7.13

14.01

14.12

11.41

10.54

3.57

3.64

3.94

4.18

3.92

3.51

3.18

2.85

9.27

7.17

5.95

5.29

1.97

3.92

5.19

6.63

0.82

3.39

3.48

3.44

3.58

4.46

5.27

5.48

5.46

5.45

5.46

8.92

9.54

9.16

8.75

8.91

1.18

6.91

7.29

6.88

8.86

11.29

4.2%

0.52

3.92

3.77

3.67

3.40

3.26

3.18

3.19

3.12

3.01

2.68

6.95

7.19

7.14

6.71

6.23

6.16

6.28

6.41

6.66

6.86

45.78

20.7%

8.56

18.33

17.75

16.41

14.75

12.76

23.45

22.02

20.34

18.95

18.27

19.24

18.04

16.61

15.19

13.85

4.59

4.83

5.19

5.60

5.90

181.68

-0.6%

1.91

1.92

1.75

1.60

23.50

15.48

8.22

5.70

1.73

2.32

3.99

5.39

3.96

18.0%

1.53

15.94

14.64

13.59

12.37

11.60

12.62

11.84

11.06

10.24

9.79

20.02

18.72

17.24

15.84

14.71

3.00

3.20

3.42

3.63

3.94

31.63

-0.1%

0.47

5.21

5.05

4.91

4.62

4.35

6.42

6.33

6.16

5.93

5.52

10.32

10.13

9.57

9.11

8.07

5.02

5.07

5.29

5.67

5.90

43.76

23.0%

0.73

0.72

3.57

3.85

3.72

3.51

3.59

4.84

4.95

4.82

4.74

4.60

8.12

9.11

8.57

8.27

8.16

6.15

6.03

6.28

6.60

7.95

17.84

9.4%

0.31

3.29

3.35

2.98

3.06

2.63

7.64

6.94

6.21

5.80

5.01

7.30

7.23

6.25

5.65

5.25

2.46

2.81

3.45

4.34

4.19

192.58

22.9%

0.87

4.16

4.80

8.64

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

7.37

9.67

4.45

86.64

0.8%

33.60

30.8%

26.03.2013

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

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AI FP EQUITY YTD Change AI FP EQUITY YTD % CHANGE

12/2012 09/yy 100.00 83.45 169'244.00 94.83 -5.19% 13.63% 64.95% 312.5 29'629.93 7'273.70 0.0 232.6 1'154.20 35'982.03

1.5 M

1.0 M

.5 M

0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

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

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

3.5 M

100 80

Valuation Analysis

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

120

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

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

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

31.12.2012 15'326.3 2.34x 3'792.3 9.48x 1'609.4 18.38x 3'792.30 2'560.50 16.71% 14.63% 6.55% 16.12% 0.62% 24.7% 16.7% 10.5% 1.03 0.77 29.09% 71.23% 5.47 -

Price/ Cash Flow

09/yy 13'003.5 0.00x 0.0 0.00x 0.0 0.00x

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

FY+1

0.76 311.10 7.50% -0.23% 0.756 35 3.543 910'620 933'595 770'134 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'327.5 17'503.5 3'966.8 3'976.0 2.20x 2.03x 9.03x 4'091.5 4'441.9 1'976.0 8.81x 8.11x 1'733.8 1'918.7 879.0 17.02x 15.39x 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 13.84 6.51 1.61 1.92 71.2% 41.1% 0.62 1.23 66.93 -

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

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 |

26.03.2013

Air Liquide SA Holdings By:

All

Holder Name NATIXIS ASSET MANAGE THORNBURG INVESTMENT VANGUARD GROUP INC BLACKROCK FUND ADVIS AIR LIQUIDE AMUNDI DEUTSCHE BANK AG CAPITAL WORLD INVEST MASSACHUSETTS FINANC BLACKROCK ASSET MANA AMUNDI FIDELITY INTERNATION MERCURY ASSET MANAGE BESSEMER GROUP INCOR T ROWE PRICE ASSOCIA FIDELITY MANAGEMENT WILLIAM BLAIR & COMP BANK OF NEW YORK MEL LBPAM ROTHSCHILD & COMPAGN

Portfolio Name 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 WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Banco Sabadell EVA Dimensions AlphaValue Macquarie Exane BNP Paribas Day by Day Collins Stewart Commerzbank Corporates & Markets BHF-Bank Landesbank Baden-Wuerttemberg CA Cheuvreux Independent Research GmbH Societe Generale Hamburger Sparkasse Barclays Capital Morgan Stanley Credit Suisse Sanford C. Bernstein & Co CM - CIC Securities(ESN) Nomura Standard & Poor's Equity Research Main First Bank AG Natixis JPMorgan Goldman Sachs HSBC ING Wholesale Banking Citi Deutsche Bank DZ Bank AG Oddo & Cie Alembic Global Advisors Redburn Partners

PATRICIA GARCIA SANCHEZ TEAM COVERAGE VERONIQUE COLAS JUERGEN RECK HEIDI VESTERINEN VALERIE GASTALDY PAUL W SATCHELL STEPHAN KIPPE ANNETT WEBER ULLE WORNER KLAUS RINGEL STEFAN ROEHLE PETER CLARK MARCO GUENTHER GUNTHER ZECHMANN PETER MACKEY CHRIS COUNIHAN JEREMY REDENIUS ARI AGOPYAN JEAN DE WATTEVILLE ANKIT JAIN THOMAS SWOBODA FREDERIC WILLIAMS-GOBEAUX NEIL C TYLER RICHARD LOGAN GEOFF HAIRE FABIAN SMEETS ANDREW BENSON TIMOTHY JONES PETER SPENGLER JEAN-PIERRE DMIRDJIAN HASSAN I AHMED TONY JONES

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

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

Amt Held 4'602'821 4'158'340 2'834'874 1'442'705 1'339'624 1'178'326 1'151'189 1'055'066 1'033'942 872'830 816'304 812'698 795'418 775'161 694'738 678'737 608'046 581'653 507'326 457'871

% Out 1.62 1.46 1 0.51 0.47 0.42 0.41 0.37 0.36 0.31 0.29 0.29 0.28 0.27 0.24 0.24 0.21 0.2 0.18 0.16

Weighting

Change

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

M D M M M U 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

Latest Chg 332'555 61'554 (1'613) 111'689 (369) (452'336) (5'605) (582) (2'392) 653'801 (9'820) (31'780) (22'020) (1'432) (8'773) (993) -

Target Price 115 #N/A N/A 101 108 104 109 90 104 101 110 108 106 106 #N/A N/A 98 100 109 96 96 110 101 102 101 108 122 104 #N/A N/A 100 98 100 100 105 #N/A N/A

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

File Dt 30.06.2011 31.12.2011 31.12.2011 07.03.2012 31.12.2010 30.12.2011 31.01.2012 31.12.2011 31.12.2011 07.03.2012 30.12.2011 30.12.2011 07.03.2012 31.10.2011 31.12.2011 31.01.2012 30.09.2011 07.03.2012 30.11.2011 30.09.2011

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

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

Date 05.03.2012 02.03.2012 01.03.2012 25.02.2012 24.02.2012 22.02.2012 22.02.2012 21.02.2012 21.02.2012 21.02.2012 21.02.2012 21.02.2012 20.02.2012 20.02.2012 20.02.2012 17.02.2012 17.02.2012 17.02.2012 17.02.2012 17.02.2012 17.02.2012 09.02.2012 08.02.2012 02.02.2012 30.01.2012 26.01.2012 19.01.2012 12.12.2011 02.12.2011 27.10.2011 26.10.2011 03.01.2011 26.05.2010

26.03.2013

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

Price/Volume 120

16.0 M 14.0 M

100

12.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2012 12/yy 114.05 68.50 542'623.00 108.55 -4.91% 58.47% 86.06% 456.0 49'493.38 28'651.00 0.0 2'665.0 12'437.00 68'372.37

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

8.0 M 6.0 M

4.0 M 20

2.0 M

0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

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

10.0 M

Valuation Analysis

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

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

31.12.2012 96'020.0 0.69x 5'169.0 9.18x 10.61% 8.95% 0.77% 10.50% 8.01% 0.14% 5.4% 4.12% 53.50% -

Price/ Cash Flow

LTM

FY+1

1.25 451.47 23.80% 3.58% 1.251 43 4.279 1'585'730 1'974'630 1'710'488 FY+2

FQ+1

FQ+2

12/yy 89'413.0 2.71x 0.0 0.00x 4'966.0 8.08x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 64'190.0 104'171.7 107'045.1 2.83x 0.59x 0.57x 0.0 0.00x 2'545.0 5'440.3 5'682.2 13.15x 8.95x 8.55x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 53.5% Total Debt/Capital 33.8% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

26.03.2013

Allianz SE Holdings By:

All

Holder Name BLACKROCK INC AXA BLACKROCK ASSET MANA DEUTSCHE BANK AG DB PLATINUM ADVISORS HARBOR CAPITAL ADVIS VANGUARD GROUP INC HARRIS ASSOCIATES L UNION INVESTMENT GMB FIDELITY INTERNATION THORNBURG INVESTMENT BLACKROCK FUND ADVIS FIDELITY MANAGEMENT ADIG INVESTMENT ALLIANZ GLOBAL INVES AMUNDI DEKA INVESTMENT GMBH CAPITAL WORLD INVEST COMINVEST ASSET MANA SOCIETE GENERALE

Firm Name Bryan Garnier & Cie DZ Bank AG Main First Bank AG Keefe, Bruyette & Woods Morgan Stanley Oddo & Cie Barclays Capital Exane BNP Paribas Societe Generale Credit Suisse Commerzbank Corporates & Markets HSBC Macquarie Equinet Institutional Services(ESN) Mediobanca SpA Nord/LB JPMorgan CA Cheuvreux Hamburger Sparkasse Kepler Capital Markets Nomura Collins Stewart Independent Research GmbH Standard & Poor's Equity Research RBC Capital Markets Raymond James Landesbank Baden-Wuerttemberg National Bank AG Bankhaus Metzler WestLB Equity Markets Silvia Quandt Research Day by Day AlphaValue ING Wholesale Banking Goldman Sachs Banco Sabadell Natixis Redburn Partners Berenberg Bank EVA Dimensions Grupo Santander Deutsche Bank Jefferies

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

Analyst OLIVIER PAUCHAUT THORSTEN WENZEL MICHAEL HAID WILLIAM HAWKINS JON HOCKING NICOLAS JACOB ANDREW BROADFIELD THOMAS JACQUET EMMANUELLE CALES RICHARD BURDEN ROLAND PFAENDER KAILESH MISTRY HADLEY COHEN PHILIPP HAESSLER GIANLUCA FERRARI CONSTANTIN ROHRBACH MICHAEL HUTTNER ATANASIO PANTARROTAS CHRISTIAN HAMANN FABRIZIO CROCE NICK HOLMES BEN COHEN MATTHIAS ENGELMAYER TONY SILVERMAN JEAN-FRANCOIS TREMBLAY DANNY JACQUES WERNER SCHIRMER MANFRED JAISFELD JOCHEN SCHMITT ANDREAS SCHAEFER CHRISTIAN MUSCHICK VALERIE GASTALDY DIETER HEIN MAARTEN ALTENA VINIT MALHOTRA MARIO LODOS BENOIT VALLEAUX PAUL GOODHIND MICHAEL BROOM TEAM COVERAGE VALVANERA GOMEZ PASTOR SPENCER HORGAN JAMES SHUCK

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

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

Amt Held 22'861'350 13'449'857 11'190'894 5'848'109 5'710'817 5'061'636 4'838'347 4'712'955 4'510'090 4'305'644 3'973'507 3'756'586 3'607'698 2'536'585 2'497'805 2'321'367 2'141'056 1'894'650 1'717'202 1'713'830

% Out 5.02 2.95 2.46 1.28 1.25 1.11 1.06 1.04 0.99 0.95 0.87 0.83 0.79 0.56 0.55 0.51 0.47 0.42 0.38 0.38

Weighting

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

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

Latest Chg (9'000) (33'373) 2'479'720 (90'446) 84'632 213'077 150'583 1'036'531 282'800 (512) 217'890 54'500 (150'830) (846'227) 10'236 (1'026'500) 97'100 898'985

Target Price 100 105 105 120 108 85 109 108 100 111 100 110 110 104 110 85 109 105 #N/A N/A 73 100 100 97 109 110 95 92 120 81 #N/A N/A 88 103 104 105 110 97 106 #N/A N/A 123 #N/A N/A 104 100 85

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

File Dt Inst Type 29.06.2011 Investment Advisor 30.07.2010 Investment Advisor 07.03.2012 Investment Advisor 31.01.2012 Investment Advisor 31.01.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.03.2011 Investment Advisor 30.12.2011 Investment Advisor 31.12.2011 Investment Advisor 07.03.2012 Investment Advisor 31.01.2012 Investment Advisor 31.10.2011 Investment Advisor 31.10.2011 Investment Advisor 30.12.2011 Mutual Fund Manager 31.10.2011 Mutual Fund Manager 31.12.2011 Investment Advisor 31.10.2011 Mutual Fund Manager 30.12.2011 Bank

Date 6 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month 9 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 18 month 3 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Date 09.03.2012 09.03.2012 07.03.2012 04.03.2012 02.03.2012 02.03.2012 02.03.2012 01.03.2012 29.02.2012 29.02.2012 28.02.2012 28.02.2012 28.02.2012 28.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 24.02.2012 24.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 17.02.2012 16.02.2012 14.02.2012 08.02.2012 06.02.2012 26.01.2012 23.01.2012 09.01.2012 02.01.2012 16.12.2011 06.12.2011 14.11.2011

26.03.2013

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

Price/Volume 60

8.0 M 7.0 M

6.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE

12/2012 12/yy 76.67 52.11 463'152.00 75.07 -2.14% 44.06% 94.95% 1'606.9 120'629.63 44'341.00 0.0 4'299.0 13'878.00 190'012.32

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

4.0 M 3.0 M

2.0 M 10

1.0 M

0 m-11

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

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

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

Price/ Cash Flow

j-11

LTM

12/yy 36'297.0 0.00x 0.0 0.00x 4'026.0 19.82x

a-11

12/yy 39'045.0 0.00x 0.0 0.00x 5'855.0 16.71x

s-11

o-11

n-11

d-11

j-12

f-12

FY+1

.0 M m-12

0.76 40.10% 14.19% 0.758 34 3.794 1'883'907 2'050'414 1'945'848 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 45'029.1 48'741.1 9'508.0 10'382.0 4.34x 3.90x 17'607.4 19'483.7 10.82x 9.78x 8'000.2 8'972.7 1'593.0 1'700.0 19.45x 17.23x 20.17x S&P Issuer Ratings

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

Sales/Revenue/Turnover

10.00

45'000.0

9.00

40'000.0

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 02.01.2009

a-11 m-11

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

5.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

26.03.2013

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 BNP PARIBAS ASSET MG VOORZITTER VERHELST BLACKROCK GROUP LIMI ARTISAN PARTNERS HOL INBEV-BAILLET LATOUR DB PLATINUM ADVISORS FIDELITY INTERNATION BLACKROCK FUND ADVIS JANUS CAPITAL MANAGE BRITO CARLOS ALVES D 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

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

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

Recommendation hold hold outperform neutral neutral hold underperform buy buy Overwt/In-Line overweight buy accumulate hold accumulate buy reduce buy neutral/attractive buy underweight buy buy buy neutral not rated hold buy hold outperform buy buy hold buy overweight overwt/neutral buy buy neutral

Amt Held 663'074'830 133'467'609 33'048'460 29'310'490 22'112'718 17'347'945 12'006'309 11'090'162 9'412'565 7'083'170 6'997'665 6'587'360 5'828'515 5'485'415 5'050'061 4'307'090 3'872'837 3'356'768 2'928'172 2'619'854

% Out 41.29 8.31 2.06 1.82 1.38 1.08 0.75 0.69 0.59 0.44 0.44 0.41 0.36 0.34 0.31 0.27 0.24 0.21 0.18 0.16

Weighting

Change

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

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

Latest Chg (1'800'000) 1'706'049 906'827 (82'832) (4'572) 1'405'350 2'576'808 1'667'528 549'629 (916) (6'033'037) (1'530)

Target Price 55 51 64 54 53 54 41 63 53 60 57 59 46 55 54 56 38 53 60 42 #N/A N/A 55 55 56 52 #N/A N/A 53 #N/A N/A 50 50 52 55 #N/A N/A #N/A N/A 51 45 48 50 41

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 31.12.2011 31.01.2012 31.12.2011 21.12.2010 31.12.2011 31.12.2011 31.12.2011 21.12.2010 07.03.2012 30.09.2011 21.12.2010 31.01.2012 30.12.2011 07.03.2012 31.12.2011 30.06.2009 07.03.2012

Date 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided 9 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 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 Investment Advisor Other Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 06.03.2012 05.03.2012 05.03.2012 02.03.2012 24.02.2012 20.02.2012 13.02.2012 07.02.2012 07.02.2012 30.01.2012 27.01.2012 20.01.2012 19.01.2012 03.01.2012 14.12.2011 29.11.2011 11.11.2011 10.11.2011 04.10.2011 27.09.2011 05.09.2011

26.03.2013

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

Price/Volume 30

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.03.2012) 52-Week Low (25.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MT NA EQUITY YTD Change MT NA EQUITY YTD % CHANGE

12/2012 12/yy 15.05 10.29 2'761'156.00 10.35 -31.26% 0.58% 0.32% 1'665.4 17'236.81 25'752.00 0.0 3'474.0 4'398.00 47'011.77

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

10.0 M

5.0 M

5 0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

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

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 61'021.0 78'025.0 1.52x 1.05x 3'656.0 8'525.0 25.37x 9.63x 157.0 2'916.0 308.59x 17.66x Profitability

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

31.12.2012 84'213.0 0.61x 6'762.0 7.58x (3'726.0) 6'762.00 1'809.00 2.15% -6.85% -3.15% -6.87% 0.71% 6.1% 8.5% 2.8% -4.4% 1.33 0.40 22.48% 49.79% 14.60 3.79

Price/ Cash Flow

LTM

12/yy 74'009.0 4.31x 8'508.0 9.65x 2'879.0 19.21x

12/yy 93'973.0 2.93x 10'448.0 5.25x 2'263.0 15.75x

FY+1

1.48 976.79 -27.24% -19.98% 1.479 43 3.558 11'851'370 10'083'010 9'437'893 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 86'528.0 90'351.7 20'331.0 21'669.8 0.50x 0.46x 2.24x 2.09x 7'609.6 9'308.1 1'445.5 1'887.0 6.19x 5.06x 6.49x 5.93x 1'107.4 2'518.1 (45.8) 324.5 19.70x 9.26x 31.72x 15.76x S&P Issuer Ratings

02.08.2012 BB+ NEG 02.08.2012 B 3.33 1.02 2.99 3.60 49.8% 31.8% 0.71 1.56 25.07 96.59 59.60 61.20

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

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 |

26.03.2013

ArcelorMittal Holdings By:

All

Holder Name MITTAL LAKSHMI N MORGAN STANLEY CAPITAL RESEARCH GLO NATIXIS ASSET MANAGE CAPITAL WORLD INVEST ARCELOR MITTAL VANGUARD GROUP INC AMUNDI ING INVESTMENT MANAG AVIVA PLC BLACKROCK FUND ADVIS LBPAM BLACKROCK ASSET MANA ING INTERNATIONAL AD ACHMEA BELEGGINSFOND ALLIANZ GLOBAL INVES MERCURY ASSET MANAGE BNP PARIBAS ASSET MG UBS STRATEGY FUND MG T ROWE PRICE ASSOCIA

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

Portfolio Name 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 Multiple Portfolios

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

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

Recommendation neutral buy buy underperform outperform sell buy hold underweight buy reduce equalwt/positive buy buy overweight buy buy neutral buy hold underweight hold buy buy hold buy buy buy overweight buy accumulate neutral outperform outperform underperform underperform buy buy buy buy hold buy buy

Amt Held 637'604'863 80'449'457 23'828'254 16'290'176 13'397'736 10'520'234 10'040'989 7'661'255 7'389'184 5'425'079 4'438'009 3'725'256 3'656'473 3'626'142 2'960'275 2'632'518 2'385'544 2'364'520 2'182'687 1'915'427

% Out 40.85 5.15 1.53 1.04 0.86 0.67 0.64 0.49 0.47 0.35 0.28 0.24 0.23 0.23 0.19 0.17 0.15 0.15 0.14 0.12

Weighting

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

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

Latest Chg (7'343'500) 258'035 (3'600'400) 492'342 1'441'268 288'498 109'501 (4'958) (14'297) (1'900) 624'941 1'683 (40'000) (31'920) 2'394 26'166 163'046

Target Price 17 21 16 14 20 14 22 18 #N/A N/A 21 15 20 26 20 22 20 14 17 23 16 15 18 #N/A N/A 22 18 19 16 20 29 21 18 17 19 23 25 #N/A N/A 20 20 #N/A N/A 20 17 30 27

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

File Dt 31.12.2010 17.02.2010 31.12.2011 30.06.2011 31.12.2011 31.12.2010 31.12.2011 30.12.2011 31.12.2011 30.09.2011 07.03.2012 30.11.2011 07.03.2012 31.01.2012 31.01.2012 31.10.2011 07.03.2012 31.12.2011 30.11.2011 31.12.2011

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

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

Date 08.03.2012 08.03.2012 05.03.2012 29.02.2012 23.02.2012 23.02.2012 14.02.2012 14.02.2012 13.02.2012 10.02.2012 09.02.2012 09.02.2012 08.02.2012 08.02.2012 08.02.2012 08.02.2012 08.02.2012 08.02.2012 08.02.2012 07.02.2012 07.02.2012 07.02.2012 07.02.2012 07.02.2012 07.02.2012 07.02.2012 07.02.2012 07.02.2012 07.02.2012 06.02.2012 30.01.2012 19.01.2012 19.01.2012 19.12.2011 29.11.2011 10.11.2011 08.11.2011 27.10.2011 17.10.2011 15.09.2011 26.08.2011 08.06.2011 24.01.2011

26.03.2013

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

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASML NA EQUITY YTD Change ASML NA EQUITY YTD % CHANGE

12/2012 12/yy 58.09 34.71 317'035.00 52.54 -9.54% 51.37% 78.49% 410.4 21'560.20 759.49 0.0 0.0 2'697.60 19'622.09

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 m-12

2.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

12.0 M

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

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

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

Price/ Cash Flow

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

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

FY+1

0.89 317.30 74.47% 9.46% 0.891 36 3.583 1'397'025 1'321'925 1'524'034 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'859.4 6'072.5 911.5 1'090.4 3.98x 3.07x 21.35x 18.10x 1'238.0 1'820.4 139.5 235.0 15.88x 10.80x 16.50x 13.09x 936.3 1'453.4 120.0 196.8 22.96x 14.84x 22.01x 18.35x S&P Issuer Ratings

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

Sales/Revenue/Turnover

250.00

6'000.0 5'000.0

200.00

4'000.0 150.00

3'000.0 100.00

2'000.0

50.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

ASML Holding NV Holdings By:

All

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

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

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

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

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

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

Amt Held 62'977'877 51'453'097 36'311'008 22'878'489 20'992'625 8'980'030 8'028'537 4'226'859 3'325'708 2'855'626 2'504'815 1'645'738 1'451'319 1'245'488 1'164'538 1'036'267 1'033'023 990'324 855'324 842'648

% Out 15.35 12.54 8.85 5.58 5.12 2.19 1.96 1.03 0.81 0.7 0.61 0.4 0.35 0.3 0.28 0.25 0.25 0.24 0.21 0.21

Weighting

Change

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

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

Latest Chg 191'077 1'261'872 28'372 (621'636) 39'872 (71'809) (147'819) 700'111 130'859 291'137 1'306 2'376 827'721

Target Price 50 40 43 58 53 60 57 56 56 #N/A N/A 52 62 65 60 #N/A N/A 63 47 45 60 52 59 50 59 57 58 40 53 40 50 40 50 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 06.02.2013 Other 06.02.2013 Investment Advisor 06.02.2013 Investment Advisor 22.03.2013 Investment Advisor 06.02.2013 n/a 01.07.2012 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor

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

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 13.03.2013 05.03.2013 26.02.2013 25.02.2013 25.02.2013 21.02.2013 12.02.2013 01.02.2013 29.01.2013 28.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 17.01.2013 15.01.2013 07.01.2013 06.01.2013 18.12.2012 23.11.2012 01.11.2012 11.07.2012

26.03.2013

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

Price/Volume 16

30.0 M

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance G IM EQUITY YTD Change G IM EQUITY YTD % CHANGE

12/2012 12/yy 14.65 8.16 2'629'546.00 12.71 -13.24% 55.86% 69.98% 1'556.9 19'787.86 23'475.00 0.0 2'740.0 21'646.00 24'356.86

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

1.20

10.0 M

4 5.0 M

2 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 62'298.4 0.61x 860.9 30.45x

15.0 M

31.12.2009 31.12.2010 85'790.6 87'072.1 0.50x 0.40x 1'309.1 1'701.9 20.68x 12.92x Profitability

LTM-4Q 31.12.2011 73'481.8 0.22x 856.1 20.77x

31.12.2012 81'431.0 0.32x 90.0 171.75x 4.06% 2.01% 0.1% 5.31% 118.39% -

LTM

12/yy 76'669.1 0.65x 0.0 0.00x 3'467.1 5.21x

12/yy 82'042.4 0.26x 0.0 0.00x 90.0 160.83x

FY+1

1.04 1'267.12 5.66% -7.50% 1.043 31 2.613 9'535'383 8'866'133 8'111'964 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 76'163.8 77'581.3 0.29x 0.28x 2'005.4 2'234.7 9.67x 8.59x S&P Issuer Ratings

A NEG 118.4% 51.0% -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

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

0.20

10'000.0 0.0

0.00

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

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

26.03.2013

Assicurazioni Generali SpA Holdings By:

All

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

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

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

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

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

Amt Held % Out 194'048'687 12.46 69'420'980 4.46 35'185'336 2.26 33'488'344 2.15 31'168'603 2 16'291'345 1.05 14'198'684 0.91 12'404'560 0.8 (11'832'237) -0.76 9'564'755 0.61 6'196'356 0.4 3'707'604 0.24 3'502'965 0.23 3'499'885 0.22 3'413'330 0.22 3'144'884 0.2 2'958'059 0.19 2'693'391 0.17 2'669'743 0.17 2'646'685 0.17

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

Change D 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 M M M

Latest Chg (22'379) 460'550 1'245'499 4'969 3'499'885 (55'034) 126'616 -

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

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

File Dt Inst Type 20.11.2012 Bank 30.11.2012 Government 30.11.2012 Investment Advisor 30.11.2012 Corporation 30.11.2012 Investment Advisor 22.03.2013 Investment Advisor 30.11.2012 Corporation 31.12.2012 Investment Advisor 13.03.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Other 22.03.2013 Investment Advisor 30.11.2012 Other 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Corporation 30.11.2012 Holding Company 30.11.2012 Investment Advisor 28.02.2013 Mutual Fund Manager 30.11.2012 Unclassified

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

Date 25.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 04.03.2013 04.03.2013 22.02.2013 17.01.2013 16.01.2013 16.01.2013 15.01.2013 10.01.2013 09.01.2013 08.01.2013 11.12.2012 15.03.2012 21.12.2011 16.05.2011

26.03.2013

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

Price/Volume 16

30.0 M

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CS FP EQUITY YTD Change CS FP EQUITY YTD % CHANGE

12/2012 12/yy 14.68 8.65 1'373'483.00 13.74 -6.47% 58.84% 82.92% 2'389.8 32'836.16 10'662.00 6'059.0 2'355.0 30'546.00 15'307.16

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

10.0 M

4 5.0 M

2 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

15.0 M

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

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

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

Price/ Cash Flow

LTM

FY+1

1.51 2'045.00 14.79% 2.92% 1.512 35 4.086 6'436'833 8'224'358 6'937'233 FY+2

FQ+1

FQ+2

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

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 100'555.2 102'337.0 #DIV/0! 0.45x 0.51x 0.0 0.00x 0.0 4'700.7 5'037.4 0.00x 6.97x 6.53x S&P Issuer Ratings Long-Term Rating Date 18.12.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 18.12.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 19.9% Total Debt/Capital 16.0% Asset Turnover 0.15 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0 100'000.0

2.00

80'000.0 1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

AXA SA Holdings By:

All

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

Firm Name

Portfolio Name #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

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

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

Amt Held % Out 342'767'775 14.34 91'682'238 3.84 79'973'621 3.35 65'131'985 2.73 50'254'088 2.1 48'017'589 2.01 35'243'907 1.47 (20'395'259) -0.85 19'768'792 0.83 18'896'417 0.79 14'453'235 0.6 12'758'066 0.53 11'629'095 0.49 10'723'804 0.45 7'885'132 0.33 7'000'250 0.29 5'835'130 0.24 5'664'606 0.24 4'466'038 0.19 4'309'635 0.18

Weighting

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

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

Latest Chg (20'493'797) (78'613) 2'125'718 (9'366) 2'656'159 (323'861) (7'936'172) (2'318'038) 730'180 255'752 (143'415) (3'360) (13'091'874) (52'090) 7'582 (9'429)

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

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

File Dt Inst Type 31.12.2012 Insurance Company 15.05.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 16.09.2011 Unclassified 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.03.2013 25.03.2013 25.03.2013 25.03.2013 21.03.2013 19.03.2013 18.03.2013 08.03.2013 07.03.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 24.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 15.02.2013 11.02.2013 04.02.2013 30.01.2013 24.01.2013 23.01.2013 16.01.2013 10.01.2013 07.01.2013 05.12.2012 22.11.2012 08.11.2012 07.11.2012 20.12.2011 05.10.2011 06.06.2011 17.02.2011

26.03.2013

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

Price/Volume

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

1.20

600.0 M 500.0 M

12/2012 12/yy 7.86 4.31 14'095'962.00 7.039 -10.40% 63.32% 76.80% 5'448.9 38'354.45 226'217.00 0.0 2'372.0 63'956.00 -

400.0 M

300.0 M

200.0 M

100.0 M

1 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 41'508.0 5'020.0 6.41x

700.0 M

8 7

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBVA SQ EQUITY YTD Change BBVA SQ EQUITY YTD % CHANGE

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

LTM-4Q 31.12.2011 33'049.0 3'004.0 11.74x

31.12.2012 35'222.0 1'676.0 28.56x 5.89% 6.89% 0.27% 4.21% 0.88% 0.04% 7.0% 35.47% 546.02% -

LTM

12/yy 20'977.0 0.00x 0.0 0.00x 3'004.0 11.25x

12/yy 22'861.0 0.00x 0.0 0.00x 1'676.0 27.22x

FY+1

1.22 5'268.16 22.86% 2.45% 1.224 43 3.488 58'466'950 46'536'140 67'781'880 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'334.4 24'586.3 5'931.0 6'071.0 4'549.6 5'107.3 1'169.0 1'168.0 9.05x 8.03x 10.35x S&P Issuer Ratings

16.10.2012 BBBNEG 16.10.2012 A-3 546.0% 83.8% 0.04 3.93 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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

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

26.03.2013

Banco Bilbao Vizcaya Argentaria SA Holdings By:

All

Holder Name BNP PARIBAS SA INVERAVANTE INVERSIO BLACKROCK VANGUARD GROUP INC JANUS CAPITAL MANAGE VANGUARD GROUP INC CAPITAL GROUP COMPAN FMR LLC BNP PARIBAS INV PART OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE CORP GNRAL FINANCIER UMB BANK N A NATIXIS ASSET MANAGE DEKA INVESTMENT GMBH SWEDBANK ROBUR FONDE SANTANDER ASSET MGMT CREDIT SUISSE ASSET ALLIANZ ASSET MANAGE PIONEER INVESTMENT M

Firm Name

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

Analyst

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

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

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

Amt Held 184'725'823 160'934'820 74'694'018 59'867'255 46'627'136 42'699'687 38'166'132 34'776'596 25'945'674 18'375'918 16'143'314 10'870'987 10'811'646 9'521'867 7'802'767 7'760'019 7'718'009 7'169'179 6'810'379 6'002'218

% Out 3.39 2.95 1.37 1.1 0.86 0.78 0.7 0.64 0.48 0.34 0.3 0.2 0.2 0.17 0.14 0.14 0.14 0.13 0.12 0.11

Weighting

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

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

Latest Chg 22'455'188 (86'470'698) 3'440'401 3'027'039 (9'198'725) 587'169 5'369'252 (5'617'228) 268'712 20'241 2'209'334 (3'610'744) 4'703'508 1'553'396 (2'806'444) (121'826) 2'789'705 958'831

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

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

File Dt 07.01.2013 24.07.2012 22.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.01.2013 31.01.2013 22.03.2013 19.10.2012 31.01.2013 31.01.2013 28.12.2012 31.12.2012 30.09.2012 31.01.2013 31.01.2013 31.12.2012

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

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

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 20.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 04.03.2013 04.03.2013 27.02.2013 27.02.2013 15.02.2013 12.02.2013 12.02.2013 11.02.2013 07.02.2013 06.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 28.01.2013 23.01.2013 17.01.2013 10.01.2013 08.01.2013 04.01.2013 23.10.2012 24.08.2012 19.06.2012 06.02.2012

26.03.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN SQ EQUITY YTD Change SAN SQ EQUITY YTD % CHANGE

12/2012 12/yy 6.68 3.98 25'421'288.00 5.457 -18.34% 37.25% 53.22% 10'538.7 57'509.59 367'524.00 0.0 9'672.0 182'116.00 -

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

1.20

700.0 M

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

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

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

31.12.2012 43'575.0 2'205.0 26.44x 24.02% 12.39% 0.17% 2.92% 0.65% 0.03% 5.1% 28.95% 492.30% -

LTM

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

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

FY+1

1.17 10'341.30 3.34% -8.43% 1.171 42 2.857 82'515'660 73'113'590 75'098'120 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 44'466.5 46'635.0 11'268.0 11'390.0 6'311.5 7'521.8 1'408.0 1'407.0 9.26x 7.95x 8.46x S&P Issuer Ratings

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

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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

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

26.03.2013

Banco Santander SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 866'045'236 555'448'975 341'264'391 243'314'406 227'263'557 151'615'535 138'161'167 80'954'358 79'184'471 53'673'238 50'134'290 43'495'798 42'192'066 39'434'500 39'143'000 30'578'576 27'695'932 19'224'262 16'712'670 16'280'026

% Out 8.22 5.27 3.24 2.31 2.16 1.44 1.31 0.77 0.75 0.51 0.48 0.41 0.4 0.37 0.37 0.29 0.26 0.18 0.16 0.15

Weighting

Change

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

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

Latest Chg 20'454 86'154'727 (56'807'364) 2'496'892 10'545'834 (240'126) 447'012 586'726 (3'431'125) 38'354 (2'001'686) 1'930'244 (436'850) 937

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

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2011 Investment Advisor 14.01.2013 Bank 31.12.2012 Investment Advisor 03.05.2011 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 05.03.2013 n/a 29.01.2013 Investment Advisor 01.10.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2011 Bank 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 n/a

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

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 20.03.2013 20.03.2013 19.03.2013 14.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 08.03.2013 07.03.2013 07.03.2013 27.02.2013 27.02.2013 26.02.2013 15.02.2013 13.02.2013 12.02.2013 11.02.2013 06.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 28.01.2013 23.01.2013 14.01.2013 10.01.2013 08.01.2013 04.01.2013 23.10.2012 24.08.2012 22.08.2012 28.06.2012 23.05.2012

26.03.2013

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

Price/Volume 80

8.0 M

12/2012 12/yy 76.20 51.13 972'372.00 69.93 -8.24% 36.77% 73.55% 918.5 64'229.21 13'355.00 0.0 1'224.0 1'800.00 77'008.22

6.0 M

4.0 M

20 2.0 M

10 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

10.0 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

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

12.0 M

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

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

31.12.2012 78'729.0 0.99x 12'583.0 6.21x 4'879.0 13.40x 12'583.00 9'022.00 11.46% 10.72% 7.78% 20.03% 14.67% 1.25% 26.3% 16.0% 11.5% 6.2% 1.66 0.69 20.76% 54.33% 7.49 5.81

Price/ Cash Flow

LTM

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

12/yy 78'729.0 3.62x 12'583.0 6.21x 4'879.0 13.40x

FY+1

1.07 854.55 8.46% -1.71% 1.067 40 3.800 3'709'083 3'079'755 2'651'788 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 81'255.8 80'368.4 21'598.8 20'076.0 0.95x 0.93x 3.52x 3.84x 12'846.6 13'587.8 3'507.0 3'438.0 6.00x 5.67x 6.06x 5'368.9 5'824.2 1'618.0 1'469.0 11.71x 10.88x 11.82x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 16.73 11.22 0.92 1.06 54.3% 34.1% 1.25 4.36 48.87 63.04 31.03 80.88

Sales/Revenue/Turnover

12.00

90'000.0 80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 6.00

40'000.0 30'000.0

4.00

20'000.0 2.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

BASF SE Holdings By:

All

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

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

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

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

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

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

Amt Held 63'927'154 12'764'100 11'343'571 11'072'038 7'816'891 7'728'029 7'464'197 7'218'080 6'827'084 3'833'502 3'562'928 3'382'122 2'723'078 2'394'986 2'052'900 2'000'933 1'827'520 1'605'194 1'494'928 1'446'357

% Out 6.96 1.39 1.24 1.21 0.85 0.84 0.81 0.79 0.74 0.42 0.39 0.37 0.3 0.26 0.22 0.22 0.2 0.17 0.16 0.16

Weighting

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

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

Latest Chg 933'000 813'771 (195'542) 3'435 (1'894'889) 1'313'530 (273'418) 150'348 4'200 (16'461) 3'410 (1'000) 251'750 85'942 3'283 (18'792) 95'786 (1'093'863)

Target Price 73 73 79 75 60 86 75 78 74 85 80 83 78 80 78 72 87 66 81 84 #N/A N/A 68 85 85 75 88 #N/A N/A 71 80 75 #N/A N/A 79 65 60 76 #N/A N/A 65 81 60

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

File Dt Inst Type 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 22.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 31.01.2013 Unclassified 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 25.03.2013 25.03.2013 21.03.2013 20.03.2013 20.03.2013 13.03.2013 12.03.2013 07.03.2013 06.03.2013 05.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 18.02.2013 15.02.2013 04.02.2013 01.02.2013 17.01.2013 06.12.2012 20.11.2012 25.10.2012 03.10.2012 26.09.2012 27.02.2012 05.01.2012 29.10.2010

26.03.2013

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

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

12/2012 12/yy 80.71 47.63 511'464.00 79.2 -1.93% 66.30% 95.13% 826.9 65'494.27 9'532.00 0.0 100.0 2'551.00 72'575.26

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

4.0 M

2.0 M

10 0 m-12

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

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

31.12.2012 39'760.0 1.67x 9'001.0 7.39x 2'446.0 24.29x 9'001.00 6'041.00 15.19% 8.17% 4.70% 12.98% 0.76% 52.1% 21.6% 14.2% 6.2% 1.45 0.76 18.57% 51.61% 5.49 2.86

Price/ Cash Flow

j-12

LTM

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

a-12

12/yy 39'760.0 5.89x 8'605.0 7.73x 2'446.0 24.29x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.96 826.95 51.69% 10.17% 0.964 38 3.816 2'403'161 2'420'970 2'195'789 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 41'540.8 43'629.9 10'500.3 10'590.3 1.72x 1.59x 8'798.2 9'453.7 2'515.5 2'276.0 8.25x 7.68x 8.23x 4'673.7 5'191.6 1'466.5 1'294.0 13.44x 12.17x 13.32x S&P Issuer Ratings

30.04.2008 APOS 11.07.2006 A-2 12.11 9.52 0.81 1.11 51.6% 33.9% 0.76 4.04 66.70 128.16 75.11 119.75

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12 m-12

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

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Bayer AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK FMR LLC DODGE & COX VANGUARD GROUP INC SUN LIFE FINANCIAL I MORGAN STANLEY DEUTSCHE BANK AG DB PLATINUM ADVISORS VANGUARD GROUP INC BANK OF NEW YORK MEL UNION INVESTMENT GMB DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE BNP PARIBAS INV PART T ROWE PRICE ASSOCIA CI INVESTMENTS INC ADIG INVESTMENT MERCURY ASSET MANAGE TIAA CREF INVESTMENT

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

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

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

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

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

Amt Held 99'286'793 63'671'516 15'106'150 11'899'870 11'028'402 8'812'434 8'564'198 7'534'779 7'532'781 6'512'673 6'298'642 5'937'955 5'795'523 5'770'395 5'155'549 3'647'992 3'035'802 3'035'138 2'450'000 2'406'227

% Out 12.01 7.7 1.83 1.44 1.33 1.07 1.04 0.91 0.91 0.79 0.76 0.72 0.7 0.7 0.62 0.44 0.37 0.37 0.3 0.29

Weighting

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

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

Latest Chg (3'516'978) (376'074) 12'931 (349'533) (518'224) 118'983 2'307'304 129'068 279'716 (211'094) 227'355 (1'063'717) 356'211 (32'100) 45'000 3'064 (149'624)

Target Price 82 80 76 81 90 66 79 85 90 75 79 95 75 #N/A N/A 82 74 85 #N/A N/A 84 #N/A N/A 65 83 83 90 68 76 75 75 82 76 86 #N/A N/A 80 63 #N/A N/A 76

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

File Dt Inst Type 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 03.05.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 22.03.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 15.03.2013 12.03.2013 07.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 25.02.2013 12.12.2012 26.11.2012 20.11.2012 30.10.2012 05.03.2012 15.09.2010

26.03.2013

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

Price/Volume 80

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2012 12/yy 76.16 53.16 583'961.00 69.61 -8.61% 30.94% 72.13% 602.0 44'719.00 69'507.00 0.0 107.0 12'982.00 101'351.01

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

3.0 M

30 20

2.0 M

1.0 M

0 m-12

31.12.2009 31.12.2010 50'681.0 60'477.0 1.40x 1.49x 9'311.0 9'087.0 7.59x 9.93x 204.0 3'227.0 102.58x 11.94x Profitability

LTM-4Q 31.12.2011 68'821.0 1.31x 11'677.0 7.75x 4'881.0 6.95x

31.12.2012 76'848.0 1.36x 12'014.0 8.70x 5'096.0 9.39x 12'014.00 8'298.00 10.80% 10.17% 3.99% 17.78% 5.87% 0.60% 20.2% 15.6% 10.8% 6.6% 1.04 0.32 52.72% 229.43% 26.75 6.34

Price/ Cash Flow

m-12

j-12

LTM

12/yy 68'821.0 5.13x 11'677.0 7.75x 4'881.0 6.95x

a-12

12/yy 76'848.0 5.09x 12'014.0 8.70x 5'096.0 9.39x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.08 323.27 5.09% -4.55% 1.078 38 3.895 2'238'892 1'899'492 1'704'613 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 79'682.3 83'523.6 0.60x 0.57x 12'733.7 13'186.0 7.96x 7.69x 5'108.9 5'275.6 8.92x 8.67x S&P Issuer Ratings

16.04.2012 A STABLE 16.04.2012 A-1 13.16 7.42 4.70 5.79 229.4% 69.6% 0.60 2.12 13.68 57.75 34.90 36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 53'197.0 1.19x 11'231.0 5.64x 324.0 44.10x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Bayerische Motoren Werke AG Holdings By:

All

Holder Name QUANDT STEFAN QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK CAPITAL GROUP COMPAN WADDELL & REED FINAN FMR LLC DODGE & COX VANGUARD GROUP INC DB PLATINUM ADVISORS UNION INVESTMENT GMB DEUTSCHE BANK AG DEKA INVESTMENT GMBH VANGUARD GROUP INC ALLIANZ ASSET MANAGE SEB WILLIAM BLAIR & COMP BNP PARIBAS INV PART ADIG INVESTMENT FRANKFURT TRUST INVE

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

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

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

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

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

Amt Held 104'747'161 98'125'214 75'851'392 36'141'000 14'833'170 8'265'500 7'021'307 6'403'800 3'796'472 3'474'386 2'987'994 2'917'838 2'667'376 2'575'521 2'407'518 1'314'060 1'310'054 1'212'415 1'200'968 1'149'062

% Out 17.4 16.3 12.6 6 2.46 1.37 1.17 1.06 0.63 0.58 0.5 0.48 0.44 0.43 0.4 0.22 0.22 0.2 0.2 0.19

Weighting

Change

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

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

Latest Chg (180'026) 113'170 (130'000) 204'186 289'797 (1'064'286) 120'702 6'788 (191'841) (414'675) 12'465 28'645 45'585 380'695 -

Target Price 90 65 83 74 87 80 61 95 70 90 60 84 88 82 #N/A N/A 79 80 83 #N/A N/A 87 83 90 64 #N/A N/A 82 83 92 82 77 #N/A N/A 85 84 66 #N/A N/A 81 68 100

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 31.12.2012 n/a 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 19.02.2013 12.02.2013 01.02.2013 01.02.2013 10.01.2013 10.12.2012 26.11.2012 08.11.2012 07.11.2012 07.11.2012 29.10.2012 16.10.2012 06.06.2012 26.03.2012 05.01.2012

26.03.2013

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

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (30.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNP FP EQUITY YTD Change BNP FP EQUITY YTD % CHANGE

12/2012 12/yy 47.92 24.54 2'075'750.00 40.355 -15.87% 64.48% 65.83% 1'242.3 50'131.48 1'012'615.00 7'241.0 8'536.0 139'568.00 -

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 m-12

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

31.12.2011 71'009.0 6'050.0 6.30x

31.12.2012 68'664.0 6'553.0 8.25x 22.58% 22.58% 0.34% 8.93% 0.63% 0.05% 14.3% 53.09% 1287.58% -

Price/ Cash Flow

j-12

LTM-4Q

LTM

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

12/yy 2'593.0 0.00x 0.0 0.00x 6'553.0 7.78x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.53 1'096.19 12.55% -5.24% 1.528 37 4.216 6'051'194 4'986'330 4'274'194 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 40'100.7 41'381.3 10'526.0 10'144.0 6'165.6 7'031.9 1'658.0 1'498.0 8.05x 7.04x 8.57x S&P Issuer Ratings

25.10.2012 A+ NEG 25.10.2012 A-1 1287.6% 91.5% 0.05 4.07 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

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

12.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

BNP Paribas SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 129'166'979 66'464'562 23'278'745 18'754'945 16'235'239 16'011'192 14'387'267 12'540'483 12'412'585 9'991'341 7'954'017 5'974'782 5'548'626 5'066'891 5'050'237 4'981'512 3'846'420 3'793'501 3'752'412 3'700'000

% Out 10.4 5.35 1.87 1.51 1.31 1.29 1.16 1.01 1 0.8 0.64 0.48 0.45 0.41 0.41 0.4 0.31 0.31 0.3 0.3

Weighting

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

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 N M M M M

Latest Chg 21'613 (517'367) 760'566 (4'223'421) 620'876 476'466 215'029 (227'174) (313'400) (6'900) (63'407) (358'290) 50'313 263'565 (1'668'815) -

Target Price 57 47 55 #N/A N/A 48 56 41 #N/A N/A 50 59 55 48 55 54 55 52 50 56 55 48 56 #N/A N/A 48 61 55 53 56 49 43 70 25 #N/A N/A #N/A N/A 50 39

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor

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

Date 26.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 04.03.2013 28.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 06.02.2013 30.01.2013 28.01.2013 28.01.2013 17.01.2013 23.10.2012 19.06.2012 08.05.2012

26.03.2013

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

Price/Volume 25

16.0 M 14.0 M

12.0 M 10.0 M

8.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CA FP EQUITY YTD Change CA FP EQUITY YTD % CHANGE

12/2012 09/yy 23.03 12.87 416'968.00 21.48 -6.77% 66.90% 82.68% 709.2 15'233.93 11'246.00 0.0 874.0 6'925.00 20'428.93

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

4.0 M 2.0 M

0 m-12

31.12.2009 31.12.2010 84'763.0 79'737.0 0.37x 0.37x 4'599.0 4'380.0 6.75x 6.81x 276.0 433.0 67.12x 61.70x Profitability

LTM-4Q 31.12.2011 80'455.0 0.25x 3'894.0 5.08x 371.0 -

31.12.2012 76'789.0 0.25x 1'233.0 88.09x 3'894.00 1'433.00 1.87% 0.81% 2.63% 17.48% 1.64% 19.9% 3.3% 1.9% 1.6% 0.90 0.41 35.43% 216.96% 31.18 9.84

Price/ Cash Flow

j-12

LTM

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

a-12

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

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.13 561.21 20.75% 11.04% 1.127 39 3.487 3'019'122 3'332'659 3'142'015 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 78'966.2 81'450.4 22'980.3 0.26x 0.25x 3'871.5 4'119.4 5.29x 4.98x 999.9 1'135.0 14.85x 13.06x S&P Issuer Ratings

15.03.2012 BBB STABLE 16.04.2010 A-2 6.25 2.51 3.76 4.73 217.0% 66.0% 1.64 5.84 11.74 37.20 85.80 -36.86

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 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 86'341.0 0.30x 4'044.0 6.51x 1'269.0 14.82x

6.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Carrefour SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held % Out 64'047'813 9.03 31'310'832 4.41 25'359'996 3.58 23'161'032 3.27 15'166'770 2.14 12'514'112 1.76 8'353'963 1.18 8'126'922 1.15 7'809'733 1.1 7'552'796 1.06 6'421'564 0.91 6'313'630 0.89 5'598'650 0.79 (5'531'875) -0.78 5'156'752 0.73 4'806'506 0.68 3'440'346 0.49 2'387'980 0.34 2'260'463 0.32 1'939'988 0.27

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

Change U U M M M M M U M M M M M M M M M M M M M M U M M M M M M M M M M M M M M M

Latest Chg (14'638'655) 1'806'945 10'661 (724'500) (50'861) 454'748 290'035 51'232 (947'010) 1'018'888 (214'082)

Target Price 21 24 26 26 32 20 24 #N/A N/A 25 25 24 #N/A N/A 23 27 25 24 22 25 25 20 19 20 24 25 22 17 #N/A N/A 23 #N/A N/A 26 22 19 20 16 #N/A N/A #N/A N/A 16 22

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

File Dt 31.12.2011 20.06.2012 31.12.2011 11.07.2011 31.12.2011 30.09.2012 11.07.2011 31.12.2012 31.01.2013 31.12.2012 22.03.2013 31.12.2012 31.12.2011 17.01.2013 31.12.2011 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.10.2012

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

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

Date 25.03.2013 21.03.2013 20.03.2013 18.03.2013 15.03.2013 13.03.2013 12.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 19.02.2013 18.02.2013 15.02.2013 12.02.2013 18.01.2013 17.01.2013 17.01.2013 19.12.2012 12.12.2012 05.12.2012 26.11.2012 19.10.2012 03.09.2012 10.07.2012 31.01.2012 12.01.2012

26.03.2013

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

Price/Volume 40

8.0 M

25 20

12/2012 12/yy 35.44 23.90 553'287.00 29.82 -15.91% 24.77% 50.95% 531.1 15'838.17 12'669.00 0.0 412.0 4'179.00 24'740.17

6.0 M

4.0 M

10 2.0 M

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (02.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGO FP EQUITY YTD Change SGO FP EQUITY YTD % CHANGE

31.12.2008 43'800.0 0.56x 5'263.0 4.68x 1'378.0 9.15x

12.0 M

31.12.2009 31.12.2010 37'786.0 40'119.0 0.75x 0.69x 3'821.0 4'785.0 7.39x 5.80x 202.0 1'129.0 88.53x 17.66x Profitability

LTM-4Q 31.12.2011 42'116.0 0.57x 5'024.0 4.80x 1'284.0 12.16x

31.12.2012 43'198.0 0.60x 2'637.0 9.87x 766.0 22.07x 2'637.00 1'087.00 2.52% 2.94% 1.63% 4.35% 4.86% 0.92% 6.1% 6.1% 2.5% 1.8% 1.31 0.67 26.66% 72.65% 8.34 6.43

Price/ Cash Flow

LTM

12/yy 42'116.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 43'198.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.25 460.13 -10.09% -7.45% 1.249 30 3.433 1'930'998 2'133'740 1'950'587 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 43'006.3 44'475.5 9'924.0 10'981.0 0.56x 0.53x 4'425.2 4'804.0 5.61x 5.17x 1'260.1 1'562.0 12.22x 10.12x S&P Issuer Ratings

24.07.2009 BBB NEG 30.04.2004 A-2 8.99 5.36 3.22 4.80 72.6% 41.5% 0.92 3.09 43.88 56.89 55.34 45.44

Sales/Revenue/Turnover

12.00

50'000.0 45'000.0

10.00

40'000.0 35'000.0

8.00

30'000.0

6.00

25'000.0 20'000.0

4.00

15'000.0 10'000.0

2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Cie de St-Gobain Holdings By:

All

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

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

Portfolio Name #N/A N/A n/a n/a #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

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

Recommendation

ARNAUD PALLIEZ ERIC LEMARIE CRAIG STERLING VIRGINIE ROUSSEAU PAUL ROGER VALERIE GASTALDY MICHAEL WATTS LUIS PRIETO WILLIAM JONES GAETAN DUPONT MURIEL FELLOUS HARRY GOAD PHIL ROSEBERG MICHAEL F BETTS CHRISTOPH SCHOENDUBE JOSEP PUJAL SVEN EDELFELT RAFIC EL HADDAD JAWAHAR HINGORANI CHARLIE CAMPBELL WILL MORGAN JOHN FRASER-ANDREWS ALEJANDRA PEREDA JEAN-CHRISTOPHE LEFEVRE-MOULENQ MICHAEL MORRIS HANS-PETER KUHLMANN TIM CAHILL GLEN SPENCER-CHAPMAN INGO SCHMIDT

market perform buy underweight neutral underperform hold buy buy buy buy buy neutral outperform buy sell hold neutral buy sell hold neutral/neutral underweight Equalwt/In-Line accumulate overweight hold outperform buy sell

Amt Held 91'581'114 42'844'966 40'161'206 13'924'614 10'175'679 9'104'555 6'617'178 5'891'183 4'692'443 4'217'347 4'101'338 3'240'887 3'213'372 2'716'101 2'536'782 2'316'466 1'784'591 1'671'822 1'522'906 1'334'277

% Out 17.24 8.07 7.56 2.62 1.92 1.71 1.25 1.11 0.88 0.79 0.77 0.61 0.61 0.51 0.48 0.44 0.34 0.31 0.29 0.25

Weighting

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

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

Latest Chg 17'861'078 260'564 180'416 (846'845) 203'000 (88'176) (320'096) 50'015 -

Target Price #N/A N/A 40 #N/A N/A 34 32 #N/A N/A 35 38 #N/A N/A 40 38 27 37 45 27 30 32 38 28 28 34 31 33 37 35 33 #N/A N/A 44 #N/A N/A

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 n/a 27.06.2012 Other 31.12.2011 Government 31.12.2011 Insurance Company 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.12.2011 Corporation 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2011 Insurance Company 28.02.2013 Investment Advisor 15.06.2011 Mutual Fund Manager 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Unclassified 31.07.2012 Investment Advisor

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

Date 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 19.02.2013 12.02.2013 29.01.2013 18.01.2013 18.01.2013 15.01.2013 15.01.2013 09.08.2012 30.07.2012 09.03.2009

26.03.2013

CRH PLC CRH plc manufactures cement, concrete products, aggregates, asphalt, clay bricks, chemical lime, security fencing products, and roofing, insulation and other building materials. The Group also operates some 136 builders merchant locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19 countries, including Ireland, the US, Spain, Germany and the Netherlands. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRH ID EQUITY YTD Change CRH ID EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 18.03 12.81 165'651.00 17.105 -5.10% 33.53% 86.00% 727.1 12'437.39 4'915.00 1.0 36.0 1'799.00 15'590.39

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

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

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

j-13

Market Data

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

Fiscal Year Ended 31.12.2008 20'887.0 0.78x 2'656.0 6.11x 1'248.0 7.66x

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

31.12.2009 31.12.2010 17'373.0 17'173.0 1.01x 0.86x 1'803.0 1'614.0 9.69x 9.18x 592.0 432.0 21.54x 25.28x Profitability

31.12.2011 18'081.0 0.82x 1'656.0 9.01x 590.0 18.60x

31.12.2012 18'659.0 0.76x 1'640.0 8.70x 552.0 20.01x 1'640.00 845.00 4.53% 3.61% 2.59% 5.25% 5.03% 0.88% 27.3% 8.8% 4.5% 3.0% 1.84 1.15 23.22% 46.65% 7.88 5.79

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.65 1.43 683.33 12.87% 14.74% 1.433 32 2.531 1'100'321 1'352'334 1'252'896 FY+2

12/13 Y 12/14 Y 19'073.4 20'125.6 0.81x 0.75x 1'724.8 1'974.8 9.04x 7.89x 601.1 791.3 20.22x 15.68x S&P Issuer Ratings

FQ+1

FQ+2

17.12.2007 BBB+ STABLE 07.09.2001 A-2 5.92 3.84 1.90 3.00 46.6% 31.7% 0.88 2.15 46.46 63.19 59.16 50.49

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

CRH PLC Holdings By:

All

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

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

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

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

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

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

Amt Held 46'828'488 28'961'677 27'093'488 26'645'973 21'999'275 21'543'277 21'114'087 11'276'498 8'149'088 7'954'808 7'703'980 5'646'139 5'345'457 4'922'840 4'196'785 3'206'686 2'802'622 2'762'000 2'746'054 2'586'810

% Out 6.44 3.98 3.73 3.66 3.03 2.96 2.9 1.55 1.12 1.09 1.06 0.78 0.74 0.68 0.58 0.44 0.39 0.38 0.38 0.36

Weighting

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

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

Latest Chg (10'758'929) (7'581'034) (214'912) 1'580'407 (1'338'324) 318'307 3'376'460 2'283'455 (13'040) 2'571'785 92'614 342'000 850'506 3'567

Target Price 16 16 19 #N/A N/A 17 #N/A N/A 17 13 15 18 14 17 #N/A N/A 16 18 14 20 15 17 18 11 14 16 15 16 14 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 21.01.2013 Investment Advisor 31.01.2013 Unclassified 23.03.2012 Investment Advisor 23.03.2012 Government 15.02.2011 n/a 30.09.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified

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

Date 21.03.2013 21.03.2013 21.03.2013 21.03.2013 18.03.2013 15.03.2013 08.03.2013 07.03.2013 06.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 22.02.2013 04.02.2013 29.01.2013 13.12.2012 09.11.2012 07.11.2012 19.10.2012 14.06.2012

26.03.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2012 12/yy 47.47 32.86 952'801.00 43.89 -7.57% 33.59% 76.57% 1'067.6 46'859.00 84'642.00 0.0 1'631.0 15'055.00 118'077.00

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

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 95'873.0 0.87x 11'685.0 7.14x 1'348.0 15.61x

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

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

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

31.12.2012 114'297.0 1.01x 12'138.0 9.50x 6'095.0 7.24x 12'138.00 8'071.00 7.06% 6.75% 3.92% 14.60% 6.94% 0.73% 22.3% 10.7% 7.1% 5.3% 1.13 0.38 51.93% 192.90% 14.85 5.10

Price/ Cash Flow

LTM

FY+1

1.21 944.56 -1.09% 6.22% 1.208 39 3.487 3'976'119 4'051'994 4'004'314 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 106'540.0 114'297.0 116'971.5 124'085.7 3.70x 3.91x 0.45x 0.43x 12'265.0 12'193.0 12'649.2 14'408.5 8.06x 9.46x 9.34x 8.20x 5'667.0 6'095.0 4'965.6 5'999.1 1'313.0 1'314.0 6.38x 7.24x 9.44x 7.97x 8.92x 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. 5.24 (EBITDA-Capex)/Interest Exp. 3.16 Net Debt/EBITDA 5.71 Total Debt/EBITDA 6.94 Reference Total Debt/Equity 192.9% Total Debt/Capital 65.0% Asset Turnover 0.73 Net Fixed Asset Turnover 2.58 Accounts receivable turnover-days 24.64 Inventory Days 71.73 Accounts Payable Turnover Day 37.55 Cash Conversion Cycle 58.83 Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0 140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0 60'000.0

20.00

40'000.0

10.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Daimler AG Holdings By:

All

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

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

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

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

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

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

Amt Held 92'440'565 73'577'854 50'908'791 33'056'717 32'355'918 16'448'378 13'205'464 12'065'091 10'511'692 10'428'300 7'278'602 7'252'246 6'339'832 3'548'162 3'200'000 2'911'975 2'719'961 2'556'213 2'366'939 2'327'805

% Out 8.66 6.89 4.77 3.1 3.03 1.54 1.24 1.13 0.98 0.98 0.68 0.68 0.59 0.33 0.3 0.27 0.25 0.24 0.22 0.22

Weighting

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

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

Latest Chg (897'278) (2'451'600) 361'219 17'008 3'324 1'095'300 (488'209) 6'700 (1'704'912) 3'634 338'129 (1'000)

Target Price 40 54 40 48 60 60 #N/A N/A 53 35 48 62 41 #N/A N/A 44 43 46 46 52 58 39 45 46 50 47 48 51 #N/A N/A 38 37 #N/A N/A 43 35 37 35 48 76

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

File Dt 22.03.2013 06.02.2012 31.12.2012 06.02.2012 17.09.2012 31.03.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.12.2012 30.09.2012 28.09.2012 31.12.2011 22.03.2013 05.10.2012 31.07.2012 31.01.2013 31.01.2013

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

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

Date 26.03.2013 25.03.2013 21.03.2013 07.03.2013 04.03.2013 28.02.2013 28.02.2013 26.02.2013 21.02.2013 15.02.2013 13.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 31.01.2013 17.01.2013 26.11.2012 16.11.2012 29.10.2012 28.10.2012 26.10.2012 10.01.2011

26.03.2013

Danone SA Danone 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 (08.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BN FP EQUITY YTD Change BN FP EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 55.78 45.61 360'471.00 54.18 -2.90% 18.80% 82.21% 634.4 34'369.73 9'522.00 0.0 63.0 3'017.00 40'937.73

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 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 15'220.0 2.09x 2'796.0 11.35x 1'313.0 19.75x

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

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

31.12.2012 20'869.0 1.73x 3'622.0 9.99x 1'672.0 17.95x 3'622.00 2'958.00 14.17% 11.97% 5.77% 13.77% 9.13% 0.72% 50.1% 17.4% 14.2% 8.0% 0.81 0.58 32.24% 78.11% 10.75 9.66

Price/ Cash Flow

LTM

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

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

FY+1

0.65 538.12 7.28% 8.57% 0.648 43 3.256 1'734'776 1'883'776 1'624'149 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 22'094.1 23'461.1 5'388.0 5'667.8 1.84x 1.70x 3'782.5 4'062.6 10.84x 10.10x 1'821.8 2'033.9 17.15x 15.53x 3.74x S&P Issuer Ratings

25.07.2007 ASTABLE 11.07.2007 A-2 14.78 10.80 1.80 2.63 78.1% 43.7% 0.72 5.20 34.05 37.89 98.95 -27.01

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Danone SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 55'771'157 44'051'229 20'039'020 16'433'370 15'048'614 13'584'541 12'811'179 12'721'689 9'939'780 9'783'434 9'120'390 8'533'644 7'429'890 6'674'800 6'538'555 6'431'620 5'801'340 4'580'056 4'324'592 3'969'086

% Out 8.79 6.94 3.16 2.59 2.37 2.14 2.02 2.01 1.57 1.54 1.44 1.35 1.17 1.05 1.03 1.01 0.91 0.72 0.68 0.63

Weighting

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

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

Latest Chg 15'779 4'624'340 (112'541) 681'500 (278'200) (418'650) (280'973) 2'699 745'570 (54'102)

Target Price 53 63 65 46 60 48 57 63 45 63 66 59 59 58 54 43 49 #N/A N/A 51 #N/A N/A 53 65 #N/A N/A 47 54 61 51 45 56 55 49 56 #N/A N/A 53 56 56 50 56 #N/A N/A 51 #N/A N/A

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

File Dt Inst Type 31.01.2013 Investment Advisor 31.12.2012 Corporation 31.12.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Other 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 n/a 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 07.11.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.03.2013 25.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 05.03.2013 26.02.2013 26.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 25.01.2013 21.01.2013 08.01.2013 14.12.2012 13.12.2012 22.10.2012 10.09.2012 27.07.2012 01.11.2011

26.03.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

12/2012 12/yy 39.51 22.11 2'190'573.00 31.53 -20.22% 42.61% 53.19% 929.5 29'307.13 284'516.00 0.0 1'270.0 177'928.00 -

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

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

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

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

31.12.2012 33'582.0 611.0 50.69x 10.41% 4.16% 0.03% 1.13% 0.85% 0.02% 1.8% 0.00% 0.00% -

Price/ Cash Flow

j-12

LTM

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

a-12

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

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.35 889.66 -16.85% -4.31% 1.352 41 3.488 7'713'140 6'546'414 6'365'816 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'825.7 34'823.9 8'560.0 8'581.0 1.96x 1.95x 3'654.5 4'753.6 8.16x 6.30x 7.13x S&P Issuer Ratings

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

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 58'492.0 (3'835.0) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Deutsche Bank AG Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 73'721'977 49'064'352 24'888'999 24'458'657 16'957'871 16'648'807 14'797'901 9'550'425 9'379'275 8'557'620 7'334'422 7'115'570 6'857'407 5'952'018 5'677'666 4'655'730 3'906'432 3'832'262 3'758'375 3'350'113

% Out 7.93 5.28 2.68 2.63 1.82 1.79 1.59 1.03 1.01 0.92 0.79 0.77 0.74 0.64 0.61 0.5 0.42 0.41 0.4 0.36

Weighting

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

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

Latest Chg 974'954 (3'318'049) (3'091'342) 5'959'356 3'630'244 10'133'323 384'651 3'906'478 (629'994) 165'336 (4'277'134) (3'004'857) (1'922'371) 176'476 1'963'628 (1'003'376)

Target Price 40 38 42 41 39 32 35 38 44 40 42 30 38 45 41 38 39 36 37 44 30 40 #N/A N/A 46 39 #N/A N/A 45 37 37 37 44 20 44 39 #N/A N/A #N/A N/A 39 36 33

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

File Dt Inst Type 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 08.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.11.2012 Unclassified 31.01.2013 Unclassified 31.12.2012 Investment Advisor

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

Date 25.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 18.03.2013 14.03.2013 11.03.2013 08.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 28.02.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 12.02.2013 07.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 15.01.2013 05.09.2012 03.07.2012 08.02.2010

26.03.2013

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

Price/Volume 12

140.0 M

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2012 12/yy 10.06 7.69 5'000'809.00 8.409 -16.44% 9.38% 34.36% 4'321.3 36'337.98 44'614.00 0.0 4'623.0 6'046.00 79'528.97

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

60.0 M

40.0 M

20.0 M

0 m-11

31.12.2009 31.12.2010 64'602.0 62'421.0 1.46x 1.48x 17'335.0 17'726.0 5.46x 5.20x 353.0 1'695.0 128.63x 24.76x Profitability

LTM-4Q 31.12.2011 58'653.0 1.45x 20'202.0 4.22x 557.0 68.19x

31.12.2012 58'169.0 1.38x 17'728.0 4.53x (5'255.0) 17'728.00 6'720.00 11.55% -10.71% -4.56% -17.17% 0.50% 41.2% 30.4% 11.5% -9.0% 0.65 0.54 41.33% 172.12% 9.04 31.23

Price/ Cash Flow

j-11

LTM

12/yy 50'286.0 7.49x 16'185.0 5.69x 1'593.0 64.37x

a-11

12/yy 58'653.0 6.25x 19'002.0 4.48x 557.0 0.00x

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

FY+1

0.75 2'938.38 -0.58% -2.16% 0.749 43 3.209 12'207'060 17'002'280 14'106'620 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 57'764.0 57'538.6 14'049.0 13'969.0 1.38x 1.34x 17'368.0 17'397.1 4'327.0 4'436.0 4.58x 4.57x 4.60x 2'893.0 3'073.9 764.0 944.0 11.85x 11.44x 9.78x S&P Issuer Ratings

19.05.2008 BBB+ STABLE 08.04.2002 A-2 7.58 4.88 2.18 2.52 172.1% 59.4% 0.50 1.46 40.50 11.72 68.88 -16.66

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 02.01.2009

a-11 m-11

Fiscal Year Ended 31.12.2008 61'666.0 1.49x 17'535.0 5.24x 1'483.0 31.62x

80.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

26.03.2013

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 DEUTSCHE BANK AG VANGUARD GROUP INC BLACKROCK FUND ADVIS AMUNDI BANK OF NEW YORK MEL DB PLATINUM ADVISORS PICTET ASSET MANAGEM UNION INVESTMENT GMB FIDELITY INTERNATION BLACKROCK GROUP LIMI DEKA INVESTMENT GMBH NATIXIS ASSET MANAGE SCHRODER INVESTMENT MERCURY ASSET MANAGE

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Source Co File Co File Research 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

Recommendation market perform overwt/negative accumulate add buy hold hold buy neutral/neutral hold underweight buy neutral underperform hold sector perform buy Overwt/Attractive buy reduce sell reduce hold sell buy hold hold add buy buy select list neutral outperform underperform sell hold underweight hold buy hold buy sell buy

Amt Held 741'424'370 654'197'974 191'700'000 148'284'874 78'262'814 51'600'000 37'849'583 28'689'139 24'646'392 24'203'959 17'360'458 16'400'396 15'124'225 14'155'889 13'429'768 12'937'232 12'420'972 11'946'685 11'425'259 8'337'481

% Out 17.16 15.14 4.44 3.43 1.81 1.19 0.88 0.66 0.57 0.56 0.4 0.38 0.35 0.33 0.31 0.3 0.29 0.28 0.26 0.19

Weighting

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

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

Latest Chg (107'919) 6'400'000 2'072 616'256 (3'332) 6'097'908 (151'394) (9'542'126) (1'413'136) (1'331'366) 6'953'862 986'882 29'446 5'943'207 3'102'360 (102'960)

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

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

File Dt 31.12.2010 31.12.2010 01.02.2012 31.12.2010 07.03.2012 31.12.2010 31.01.2012 31.12.2011 07.03.2012 30.12.2011 07.03.2012 31.01.2012 30.12.2011 31.03.2011 30.12.2011 07.03.2012 31.10.2011 30.06.2011 25.10.2011 07.03.2012

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

Date 09.03.2012 09.03.2012 08.03.2012 08.03.2012 07.03.2012 06.03.2012 05.03.2012 05.03.2012 02.03.2012 02.03.2012 29.02.2012 29.02.2012 28.02.2012 28.02.2012 27.02.2012 27.02.2012 27.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 21.02.2012 20.02.2012 09.02.2012 31.01.2012 25.01.2012 18.01.2012 28.12.2011 13.12.2011 17.11.2011 10.11.2011 07.10.2011 28.09.2011 25.07.2011

26.03.2013

E.ON SE 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

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

12/2012 09/yy 19.74 12.42 3'227'292.00 13.55 -31.41% 9.10% 15.44% 2'001.0 27'113.55 25'944.00 0.0 3'862.0 6'097.00 50'822.55

40.0 M

30.0 M 20.0 M

10.0 M

0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

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

60.0 M

Valuation Analysis

31.12.2008 86'753.0 1.08x 5'403.0 17.28x 1'266.0 37.92x

70.0 M

31.12.2009 31.12.2010 81'817.0 92'863.0 1.11x 0.78x 12'703.0 13'006.0 7.18x 5.56x 8'396.0 5'853.0 6.50x 6.53x Profitability

LTM-4Q 31.12.2011 112'954.0 0.52x 4'269.0 13.73x (2'219.0) -

31.12.2012 132'093.0 0.38x 8'443.0 5.99x 2'217.0 12.36x 8'443.00 4'940.00 3.74% 2.51% 1.51% 6.27% 6.98% 0.90% 6.4% 3.7% 1.7% 1.20 0.61 18.48% 74.22% 7.73 -

Price/ Cash Flow

LTM

FY+1

1.10 1'787.19 -20.58% -3.83% 1.097 39 2.538 15'459'160 12'266'840 12'058'850 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 87'039.0 105'888.0 111'033.7 112'983.7 3.84x 2.46x 0.45x 0.44x 11'991.0 6'579.0 9'556.6 9'756.4 6.34x 8.68x 5.33x 5.22x 5'815.0 3'195.0 2'529.9 2'678.9 7.24x 7.49x 10.36x 9.72x 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. 2.90 (EBITDA-Capex)/Interest Exp. 0.71 Net Debt/EBITDA 2.35 Total Debt/EBITDA 3.07 Reference Total Debt/Equity 74.2% Total Debt/Capital 40.1% Asset Turnover 0.90 Net Fixed Asset Turnover 2.40 Accounts receivable turnover-days 47.34 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

100'000.0 90'000.0

10.00

80'000.0 70'000.0

8.00

60'000.0

6.00

50'000.0 40'000.0

4.00

30'000.0 20'000.0

2.00 0.00 04.01.2008

10'000.0 0.0 04.07.2008

04.01.2009

04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

26.03.2013

E.ON SE Holdings By:

All

Holder Name BLACKROCK INC E.ON AG STATKRAFT REGIONAL H BLACKROCK ASSET MANA DB PLATINUM ADVISORS FRANKLIN RESOURCES I VANGUARD GROUP INC DEUTSCHE BANK AG BLACKROCK FUND ADVIS PICTET ASSET MANAGEM UNION INVESTMENT GMB ADIG INVESTMENT FRANKFURT TRUST INVE DEKA INVESTMENT GMBH AMUNDI FIDELITY MANAGEMENT MERCURY ASSET MANAGE NATIXIS ASSET MANAGE ALLIANZ GLOBAL INVES CAPITAL RESEARCH GLO

Firm Name

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

Analyst

JPMorgan VINCENT DE BLIC WestLB Equity Markets PETER WIRTZ Macquarie MATTHIAS HECK Banco Sabadell JORGE GONZALEZ SADORNIL Goldman Sachs DEBORAH WILKENS Berenberg Bank ROBERT CHANTRY Commerzbank Corporates & Markets TANJA MARKLOFF Nomura MARTIN YOUNG Espirito Santo Investment Bank Research LAWSON STEELE Raymond James EMMANUEL RETIF Main First Bank AG ANDREAS THIELEN Baader Bank KARIN BRINKMANN AlphaValue EILEEN RYAN Landesbank Baden-Wuerttemberg BERNHARD JEGGLE HSBC ADAM DICKENS Morgan Stanley BOBBY CHADA Grupo Santander OSCAR NAJAR RIOS Bankhaus Metzler DANIEL SEIDENSPINNER Barclays Capital PETER BISZTYGA Exane BNP Paribas BENJAMIN LEYRE Equinet Institutional Services(ESN) MICHAEL SCHAEFER Oddo & Cie STEPHANE LACAZE Collins Stewart HAROLD HUTCHINSON Nord/LB HEINO HAMMANN Independent Research GmbH SVEN DIERMEIER DZ Bank AG HASIM SENGUEL Credit Suisse VINCENT GILLES Kepler Capital Markets INGO BECKER EVA Dimensions TEAM COVERAGE Day by Day VALERIE GASTALDY M.M. Warburg Investment Research STEPHAN WULF Hamburger Sparkasse ANNEMARIE SCHLUETER Dolmen Stockbrokers IAN G HUNTER Societe Generale ALBERTO PONTI National Bank AG STEFFEN MANSKE Standard & Poor's Equity Research CLIVE ROBERTS Deutsche Bank ALEXANDER KARNICK Citi SOFIA SAVVANTIDOU CA Cheuvreux SEBASTIAN KAUFFMANN Natixis CELINE CHERUBIN SEB AG STIPO BRALO BBVA DANIEL ORTEA HERNANDEZ

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

Recommendation overweight neutral outperform buy buy/attractive hold hold neutral buy underperform buy hold reduce buy underweight Equalwt/In-Line buy buy underwt/neutral outperform accumulate neutral hold hold hold buy neutral reduce hold hold buy buy buy hold buy hold buy neutral underperform reduce buy underperform

Amt Held 100'250'100 95'647'800 83'441'700 49'493'927 29'662'658 26'282'832 19'623'079 16'309'998 16'123'725 15'916'758 13'699'221 9'021'711 7'638'548 7'385'848 6'878'820 6'295'972 5'599'877 5'513'581 5'440'521 4'200'000

% Out 5.01 4.78 4.17 2.47 1.48 1.31 0.98 0.82 0.81 0.8 0.68 0.45 0.38 0.37 0.34 0.31 0.28 0.28 0.27 0.21

Weighting

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

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

Latest Chg (39'510) 6'062'932 (3'244'509) 336'487 (639'720) (1'772) (399'899) (2'198'390) 225'000 (60'000) 1'103'872 (617'388) (6'774) (69'160) (2'870'809) (8'900) (4'705'000)

Target Price 19 #N/A N/A 21 20 24 20 17 20 21 14 21 18 16 19 16 17 21 21 14 21 20 18 17 18 18 20 17 15 #N/A N/A #N/A N/A 21 #N/A N/A 19 18 20 17 23 16 15 13 27 29

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

File Dt 04.08.2011 04.08.2011 04.08.2011 07.03.2012 31.01.2012 31.12.2011 31.12.2011 31.01.2012 07.03.2012 30.12.2011 31.03.2011 31.10.2011 31.10.2011 31.10.2011 30.12.2011 31.01.2012 07.03.2012 30.06.2011 31.10.2011 31.12.2011

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

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

Date 09.03.2012 08.03.2012 06.03.2012 05.03.2012 01.03.2012 01.03.2012 27.02.2012 27.02.2012 24.02.2012 22.02.2012 14.02.2012 09.02.2012 09.02.2012 08.02.2012 06.02.2012 31.01.2012 25.01.2012 23.01.2012 23.01.2012 20.01.2012 18.01.2012 17.01.2012 16.01.2012 12.01.2012 12.01.2012 12.01.2012 11.01.2012 09.01.2012 28.12.2011 14.12.2011 16.11.2011 14.11.2011 14.11.2011 10.11.2011 10.11.2011 10.11.2011 09.11.2011 08.10.2011 12.08.2011 11.08.2011 23.11.2010 09.12.2009

26.03.2013

European Aeronautic Defence and Space Co NV European Aeronautic Defence and Space Company manufactures airplanes and military equipment. The Company produces commercial aircraft including the Airbus, military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, and offers military and commercial aircraft conversion and maintenance services.

Price/Volume 45

30.0 M

25.0 M

35 30

20.0 M

12/2012 12/yy 42.59 24.26 790'609.00 41.23 -3.18% 69.99% 93.84% 829.0 34'178.32 4'779.00 0.0 25.0 11'084.00 27'898.31

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

10.0 M

5.0 M

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 43'265.0 0.09x 4'136.0 0.89x 1'572.0 6.17x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EAD FP EQUITY YTD Change EAD FP EQUITY YTD % CHANGE

31.12.2009 31.12.2010 42'822.0 45'752.0 0.13x 0.17x 1'236.0 2'500.0 4.62x 3.02x (763.0) 553.0 25.65x Profitability

LTM-4Q 31.12.2011 49'128.0 0.31x 3'172.0 4.81x 1'033.0 19.02x

31.12.2012 56'480.0 0.32x 3'927.0 4.58x 1'228.0 19.67x 3'927.00 1'890.00 3.35% 2.97% 1.36% 12.75% 11.04% 0.63% 14.0% 7.1% 3.4% 2.2% 0.93 0.37 5.19% 45.91% 8.57 2.12

Price/ Cash Flow

LTM

12/yy 49'128.0 1.04x 3'381.0 4.51x 1'033.0 19.00x

12/yy 56'480.0 1.39x 3'987.0 4.51x 1'228.0 19.73x

FY+1

0.75 424.89 35.97% 39.76% 0.745 31 4.323 2'376'348 3'317'500 2'646'174 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 58'727.4 62'637.6 11'786.3 14'051.0 0.52x 0.48x 5'510.0 6'453.2 1'078.0 1'321.0 5.09x 4.35x 5.10x 2'109.1 2'692.3 373.0 489.0 15.34x 11.44x 15.56x 15.68x S&P Issuer Ratings

22.09.2010 APOS 02.10.2012 A-1 7.52 1.26 -1.58 1.20 45.9% 31.4% 0.63 3.83 42.72 172.57 72.71 142.58

Sales/Revenue/Turnover

45.00

60'000.0

40.00

50'000.0

35.00

40'000.0

30.00 25.00

30'000.0

20.00

20'000.0

15.00 10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

European Aeronautic Defence and Space Co NV Holdings By:

All

Holder Name SOGEADE DAIMLERCHRYSLER AERO SOCIEDAD ESTATAL DE FEDERAL REPUBLIC OF CAPITAL GROUP COMPAN BLACKROCK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD GROUP INC VIKING GLOBAL INVEST OLD MUTUAL OPPENHEIMERFUNDS INC STATE STREET PRIMECAP MANAGEMENT NATIXIS ASSET MANAGE DEUTSCHE BANK AG INVESCO LTD VANGUARD GROUP INC ALLIANZ ASSET MANAGE BARCLAYS CAPITAL SEC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a PRIMECAP MANAGEMENT Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

JPMorgan DAVID H. PERRY Sanford C. Bernstein & Co DOUGLAS S HARNED RBC Capital Markets ROBERT STALLARD Societe Generale ZAFAR KHAN Investec ANDREW GOLLAN Landesbank Baden-Wuerttemberg STEFAN MAICHL AlphaValue THOMAS PICHERIT Barclays CARTER COPELAND Jefferies SANDY MORRIS EVA Dimensions CRAIG STERLING Credit Suisse OLIVER SLEATH S&P Capital IQ UNAI FRANCO Nord/LB WOLFGANG DONIE Day by Day VALERIE GASTALDY Morgan Stanley RUPINDER VIG Independent Research GmbH ZAFER RUZGAR Espirito Santo Investment Bank Research EDWARD STACEY Exane BNP Paribas OLIVIER BROCHET Deutsche Bank BEN FIDLER Bankhaus Lampe SEBASTIAN HEIN Oddo & Cie YAN DEROCLES DZ Bank AG MARKUS TURNWALD Commerzbank Corporates & Markets STEPHAN BOEHM CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Kepler Capital Markets CHRISTOPHE MENARD Natixis ERIC CHADEYRAS Hamburger Sparkasse INGO SCHMIDT Gabelli & Co JAMES FOUNG

Source Research Research Research Research ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG 13F MF-AGG MF-AGG RNS-RUL8 MF-AGG ULT-AGG RNS-RUL8

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

Amt Held 183'337'704 122'225'136 44'690'871 22'725'182 22'700'810 22'605'402 15'584'382 15'385'347 12'117'860 11'930'093 9'406'422 9'211'702 8'702'906 6'266'690 4'821'239 4'590'746 3'879'592 3'248'935 2'739'880 2'644'421

% Out 22.12 14.74 5.39 2.74 2.74 2.73 1.88 1.86 1.46 1.44 1.13 1.11 1.05 0.76 0.58 0.55 0.47 0.39 0.33 0.32

Weighting

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

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

Latest Chg (61'096'851) 3'758 472'675 (2'721) 3'341 (1'079'438) (41'413) (9'990) 19'603 60'000 (71'788) (24'565) (144'726) (833'201)

Target Price 47 43 43 42 46 48 51 49 45 #N/A N/A 40 45 38 44 46 47 27 48 48 43 44 42 44 42 27 42 41 #N/A N/A #N/A N/A

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

File Dt Inst Type 11.12.2012 Holding Company 11.12.2012 Corporation 11.12.2012 Holding Company 06.12.2012 Government 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 25.09.2012 Government 10.10.2012 Other 09.10.2012 Investment Advisor 10.10.2012 Hedge Fund Manager 31.01.2013 Unclassified 05.10.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 13.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 10.10.2012 Investment Advisor

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

Date 26.03.2013 22.03.2013 21.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 11.03.2013 08.03.2013 08.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 01.02.2013 22.01.2013 10.10.2011

26.03.2013

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

Price/Volume 4 3 3 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENEL IM EQUITY YTD Change ENEL IM EQUITY YTD % CHANGE

12/2012 12/yy 3.30 2.02 18'159'921.00 2.592 -21.52% 28.32% 45.78% 9'403.4 24'373.50 66'539.00 0.0 16'387.0 9'891.00 97'408.50

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

1 0 m-12

31.12.2009 31.12.2010 62'498.0 71'943.0 1.85x 1.56x 15'883.0 16'768.0 7.29x 6.68x 5'586.0 4'390.0 5.90x 8.01x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 77'573.0 1.34x 17'198.0 6.03x 4'148.0 7.13x

31.12.2012 82'699.0 1.24x 16'150.0 6.35x 865.0 34.87x 16'150.00 7'735.00 9.35% 5.83% 0.51% 2.29% 0.48% 19.5% 9.4% 1.0% 1.09 0.61 38.76% 180.96% 7.10 -

Price/ Cash Flow

LTM

12/yy 77'573.0 5.64x 15'554.0 0.00x 4'148.0 7.08x

12/yy 82'699.0 4.86x 16'150.0 6.35x 865.0 34.87x

FY+1

0.97 6'465.37 -0.86% -17.40% 0.974 31 3.226 42'960'880 43'708'530 41'709'380 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 80'436.6 81'118.4 1.03x 0.98x 16'142.6 16'318.0 6.03x 5.97x 3'175.2 3'309.3 7.76x 7.38x S&P Issuer Ratings

08.03.2012 BBB+ NEG 14.12.2007 A-2 6.25 3.72 3.51 4.12 181.0% 55.6% 0.48 1.01 51.53 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 59'577.0 1.53x 13'722.0 6.63x 5'293.0 5.54x

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Enel SpA Holdings By:

All

Holder Name MINISTERO DELL'ECONO BLACKROCK PICTET ASSET MANAGEM VANGUARD GROUP INC VANGUARD GROUP INC FMR LLC MERCURY ASSET MANAGE BNP PARIBAS INV PART ALLIANZ ASSET MANAGE ARCA SGR SPA STATE STREET BANQUE AVIVA PLC CREDIT SUISSE ASSET ING INTERNATIONAL AD NATIXIS ASSET MANAGE UNION INVESTMENT LUX DEKA INVESTMENT GMBH BANK OF NEW YORK MEL JOHN HANCOCK INVESTM ING INVESTMENT MANAG

Firm Name

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

Analyst

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

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

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

Amt Held 2'937'984'993 99'017'582 78'166'519 68'602'047 52'144'652 30'181'320 17'684'685 14'302'828 13'120'169 12'861'686 9'428'887 9'331'460 8'892'727 8'055'396 7'830'955 7'754'520 7'123'096 7'000'872 6'929'768 5'732'826

% Out 31.24 1.05 0.83 0.73 0.55 0.32 0.19 0.15 0.14 0.14 0.1 0.1 0.09 0.09 0.08 0.08 0.08 0.07 0.07 0.06

Weighting

Change

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

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

Latest Chg 503'167 (3'333'832) 2'529'990 5'582'196 23'665 1'268'674 6'820'235 216'500 775'921 317'904 (165'071) 61'977 23'874 (198'780) 3'250'432 43'419 185'790

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

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

File Dt 20.11.2012 22.03.2013 30.11.2012 31.12.2012 31.12.2012 31.01.2013 22.03.2013 31.01.2013 31.01.2013 28.02.2013 28.02.2013 28.02.2013 31.01.2013 31.12.2012 31.01.2013 28.09.2012 28.12.2012 22.03.2013 31.01.2013 31.12.2012

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

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

Date 25.03.2013 25.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 07.03.2013 05.03.2013 08.02.2013 08.02.2013 06.02.2013 05.02.2013 25.01.2013 17.01.2013 30.11.2012 03.08.2012 05.06.2012 09.03.2012 08.03.2012 18.11.2011

26.03.2013

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

Price/Volume 25

60.0 M 50.0 M

40.0 M 10

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENI IM EQUITY YTD Change ENI IM EQUITY YTD % CHANGE

12/2012 12/yy 19.59 14.94 4'195'062.00 18 -8.17% 20.48% 65.38% 3'634.2 65'415.34 24'463.00 0.0 3'514.0 8'066.00 85'326.34

30.0 M 20.0 M

10.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

70.0 M

Valuation Analysis

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

80.0 M

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

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

31.12.2012 127'271.0 0.68x 24'564.0 3.52x 7'788.0 16.38x 24'564.00 15'026.00 11.81% 13.04% 6.12% 15.13% 0.90% 19.3% 11.8% 6.1% 1.44 0.23 17.43% 41.32% -

Price/ Cash Flow

LTM

FY+1

0.86 2'532.64 6.01% -1.85% 0.856 38 4.053 11'980'490 12'911'260 12'469'510 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 108'740.0 127'271.0 117'817.6 121'152.2 32'632.7 31'508.3 3.31x 2.95x 0.70x 0.68x 2.56x 2.67x 25'213.0 24'564.0 28'660.3 29'774.6 7'066.0 7'108.0 3.60x 3.52x 2.98x 2.87x 3.02x 2.95x 6'860.0 8'673.0 7'070.0 7'593.9 1'777.0 1'748.0 8.45x 7.66x 9.20x 8.68x 9.66x 8.86x S&P Issuer Ratings Long-Term Rating Date 17.01.2012 Long-Term Rating A Long-Term Outlook NEG Short-Term Rating Date 19.05.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 27.91 (EBITDA-Capex)/Interest Exp. 15.26 Net Debt/EBITDA 0.67 Total Debt/EBITDA 1.00 Reference Total Debt/Equity 41.3% Total Debt/Capital 28.1% Asset Turnover 0.90 Net Fixed Asset Turnover 1.86 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Eni SpA Holdings By:

All

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

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

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

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

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

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

Amt Held 958'298'322 142'968'850 64'340'002 52'398'608 44'489'000 41'175'319 30'369'401 28'455'671 20'189'385 15'842'800 12'165'115 11'763'842 11'484'026 10'515'376 9'054'715 7'927'747 6'754'973 5'925'800 5'679'489 5'385'693

% Out 26.37 3.93 1.77 1.44 1.22 1.13 0.84 0.78 0.56 0.44 0.33 0.32 0.32 0.29 0.25 0.22 0.19 0.16 0.16 0.15

Weighting

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

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 U M M M M U U M M N

Latest Chg 966'273 (1'337'435) 1'853'508 999'327 (245'000) 848'857 (368'082) (23'369) 250'401 9'938 1'643'290 (1'437'700) 463'987 996'578

Target Price #N/A N/A 19 18 21 #N/A N/A 21 20 19 22 21 21 20 22 23 17 20 21 21 22 20 19 22 23 19 18 16 21 20 #N/A N/A 20 20 #N/A N/A 21 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 20.11.2012 Other 20.11.2012 Government 22.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Bank 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 22.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Investment Advisor

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

Date 25.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 12.03.2013 01.03.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 17.01.2013 09.01.2013 27.11.2012 30.10.2012 29.08.2012 13.08.2012 23.04.2010

26.03.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (23.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EI FP EQUITY YTD Change EI FP EQUITY YTD % CHANGE

12/2012 12/yy 89.99 63.62 145'151.00 87.37 -2.96% 37.33% 92.53% 214.9 18'773.71 916.25 0.0 256.6 666.74 19'279.79

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

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 3'074.4 2.30x 696.7 10.16x 382.4 18.15x

100 90 80 70 60 50 40 30 20 10 0 m-12

31.12.2009 31.12.2010 3'268.0 3'891.6 2.68x 2.68x 754.4 900.2 11.63x 11.58x 390.7 462.0 22.09x 21.90x Profitability

LTM-4Q 31.12.2011 4'189.5 2.87x 919.3 13.09x 505.6 22.36x

31.12.2012 4'988.8 3.37x 1'095.4 15.36x 584.0 27.15x 1'095.35 865.73 17.35% 16.79% 8.94% 16.71% 14.08% 0.76% 55.8% 22.0% 17.4% 11.7% 1.51 0.97 13.27% 25.01% 4.32 2.78

Price/ Cash Flow

03/yy 3'333.4 0.00x 0.0 0.00x 0.0 0.00x

LTM 12/yy 4'518.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.53 197.27 34.03% 14.93% 0.531 23 3.696 753'776 678'642 542'290 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'359.5 5'805.9 3.57x 3.25x 1'177.6 1'288.3 16.44x 15.03x 642.6 707.0 28.08x 25.44x S&P Issuer Ratings

45.52 35.54 0.23 0.84 25.0% 18.9% 0.76 5.10 84.68 131.44 154.58 -

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

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 FMR LLC CARMIGNAC GESTION BLACKROCK NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE VANGUARD GROUP INC TIAA CREF INVESTMENT LBPAM OPPENHEIMERFUNDS INC JUPITER ASSET MANAGE SCHRODER INVESTMENT UMB BANK N A SARASIN BANK OF NEW YORK MEL UNION INVESTMENT GMB

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

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

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

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

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

Amt Held 6'263'487 5'363'126 5'269'233 4'201'430 3'545'168 3'360'016 2'844'588 2'822'175 2'444'465 1'795'207 1'597'663 959'216 938'921 887'486 878'922 870'680 668'435 630'495 620'910 608'800

% Out 2.91 2.5 2.45 1.96 1.65 1.56 1.32 1.31 1.14 0.84 0.74 0.45 0.44 0.41 0.41 0.41 0.31 0.29 0.29 0.28

Weighting

Change

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

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

Latest Chg (20'616) (200'059) (511'731) (652'753) 69'755 32'110 (68'200) 74'350 57'290 16'921 (179'060) 131'153 (38'746) 18'487 (3'800)

Target Price 83 77 102 92 75 94 77 83 89 73 75 85 95 78 60 70 92 #N/A N/A #N/A N/A 90 #N/A N/A

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 Corporation 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Unclassified 22.03.2013 Investment Advisor 28.09.2012 Investment Advisor

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

Date 25.03.2013 21.03.2013 18.03.2013 15.03.2013 12.03.2013 08.03.2013 06.03.2013 05.03.2013 05.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 22.02.2013 17.01.2013 10.01.2013 15.03.2012

26.03.2013

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

Price/Volume 12

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FTE FP EQUITY YTD Change FTE FP EQUITY YTD % CHANGE

12/2012 12/yy 11.59 7.20 2'856'743.00 8.271 -28.74% 14.83% 25.14% 2'648.9 21'908.93 39'214.00 0.0 2'078.0 8'462.00 54'738.93

20.0 M 15.0 M

10.0 M 2

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

35.0 M

Valuation Analysis

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

40.0 M

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

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

31.12.2012 43'515.0 1.26x 12'374.0 4.42x 820.0 26.90x 12'374.00 6'045.00 13.89% 5.37% 0.88% 3.16% 2.88% 0.47% 28.4% 13.9% 1.9% 0.65 0.53 43.58% 161.33% 9.12 -

Price/ Cash Flow

LTM

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

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

FY+1

16.68 0.86 2'273.08 -17.99% -0.82% 0.861 37 3.108 11'081'960 12'972'720 11'050'580 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 42'095.4 41'480.3 10'817.4 1.28x 1.27x 12'899.7 12'533.7 3'105.2 4.25x 4.37x 2'939.5 2'842.5 7.55x 7.73x S&P Issuer Ratings

27.02.2013 A- *14.05.2003 A-2 6.99 3.17 2.49 3.17 161.3% 59.8% 0.47 1.84 40.12 -

Sales/Revenue/Turnover

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0 1.50

20'000.0 1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

France Telecom SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 360'248'428 132'135'951 129'217'007 39'954'280 28'552'290 23'340'657 19'392'378 15'456'045 14'712'836 13'910'873 11'401'463 8'637'978 7'761'976 7'460'542 5'369'828 5'174'475 4'580'800 4'211'079 3'773'787 3'716'633

% Out 13.6 4.99 4.88 1.51 1.08 0.88 0.73 0.58 0.56 0.53 0.43 0.33 0.29 0.28 0.2 0.2 0.17 0.16 0.14 0.14

Weighting

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

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

Latest Chg (27'339'807) (3'894'321) 638'687 (76'123) 4'937'505 1'826'645 (368'000) (255'991) (20'132) (527'072) 7'189 (26'670) (9'177'060) (59'716)

Target Price 8 11 12 9 10 8 10 16 8 8 #N/A N/A 7 12 14 10 12 10 9 8 10 7 10 11 7 11 9 #N/A N/A 9 #N/A N/A 10 14 12 14 15

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

File Dt 08.03.2013 16.05.2012 11.06.2012 31.12.2012 22.03.2013 31.12.2012 31.01.2013 31.12.2011 31.12.2012 28.09.2012 31.12.2012 31.01.2013 31.12.2012 28.02.2013 22.03.2013 31.12.2012 31.12.2012 31.07.2012 25.03.2013 31.10.2012

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

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

Date 25.03.2013 22.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 28.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 15.02.2013 07.02.2013 31.01.2013 24.01.2013 13.12.2012 26.11.2012 06.11.2012 26.10.2012 26.10.2012 26.09.2012 07.09.2012 23.10.2011

26.03.2013

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

Price/Volume 25

45.0 M 40.0 M

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSZ FP EQUITY YTD Change GSZ FP EQUITY YTD % CHANGE

12/2012 12/yy 20.35 14.05 1'144'412.00 15.325 -24.74% 9.07% 18.57% 2'412.8 36'976.53 57'552.00 0.0 11'462.0 11'383.00 94'607.53

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

20.0 M 15.0 M 10.0 M

5.0 M 0 m-12

31.12.2009 31.12.2010 79'908.0 84'478.0 1.32x 1.24x 13'781.0 15'918.0 7.63x 6.59x 4'477.0 4'616.0 14.77x 12.79x Profitability

LTM-4Q 31.12.2011 90'673.0 1.18x 16'071.0 6.64x 4'003.0 11.73x

31.12.2012 97'038.0 0.97x 18'401.0 5.13x 1'550.0 22.90x 18'401.00 9'520.00 9.81% 4.96% 0.74% 2.53% 3.13% 0.46% 19.0% 9.8% 1.6% 1.07 0.65 28.01% 96.33% 4.03 -

Price/ Cash Flow

j-12

LTM

09/yy 89'792.0 0.00x 0.0 0.00x 0.0 0.00x

a-12

12/yy 97'038.0 0.00x 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

9.79 1.04 1'388.04 -15.48% -1.61% 1.042 29 3.414 6'257'538 5'130'060 4'586'809 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 81'196.9 81'347.5 - 20'325.0 1.03x 1.00x 14'045.7 14'265.5 3'489.8 6.75x 6.64x 3'241.7 3'399.5 11.22x 10.77x S&P Issuer Ratings

29.01.2013 A *29.01.2013 A-1 *7.47 3.74 2.51 3.13 96.3% 44.7% 0.46 1.10 91.09 -

Sales/Revenue/Turnover

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 67'923.8 1.64x 9'605.7 11.61x 4'857.1 11.85x

25.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

GDF Suez Holdings By:

All

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

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

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

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

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

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

Amt Held 810'927'246 209'718'616 116'911'820 45'051'514 38'293'787 24'778'333 22'829'438 20'930'063 13'515'454 13'452'139 12'881'757 12'536'267 10'531'768 10'301'897 9'130'000 8'811'951 7'777'965 6'360'558 4'948'780 4'229'692

% Out 33.61 8.69 4.85 1.87 1.59 1.03 0.95 0.87 0.56 0.56 0.53 0.52 0.44 0.43 0.38 0.37 0.32 0.26 0.21 0.18

Weighting

Change

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

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

Latest Chg (12'226'130) (392'875) 1'377'303 639'284 (1'633'213) 357'707 (349'199) 602'100 134'083 124'302 (698'442) (10'748'086)

Target Price 14 17 18 17 25 19 17 15 15 15 13 17 23 13 18 15 17 18 14 15 #N/A N/A 14 #N/A N/A 18 17 25 #N/A N/A 22 #N/A N/A

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

File Dt Inst Type 31.12.2011 Government 31.12.2012 Investment Advisor 15.03.2012 Holding Company 31.12.2011 Government 31.12.2011 Corporation 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.12.2011 Holding Company 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 25.03.2013 22.03.2013 21.03.2013 12.03.2013 12.03.2013 12.03.2013 05.03.2013 04.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 26.02.2013 20.02.2013 15.02.2013 05.02.2013 05.02.2013 17.01.2013 10.01.2013 20.12.2012 06.12.2012 06.12.2012 26.11.2012 27.02.2012 01.11.2011 31.10.2011

26.03.2013

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

Price/Volume 5 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBE SQ EQUITY YTD Change IBE SQ EQUITY YTD % CHANGE

12/2012 12/yy 4.29 2.63 9'634'402.00 3.801 -11.47% 44.52% 71.04% 6'281.2 23'874.78 32'884.10 0.0 324.8 6'575.55 50'508.15

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

1 1 0 m-12

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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

31.12.2012 34'201.2 1.52x 7'177.7 7.25x 2'840.7 9.14x 7'177.74 3'828.04 11.19% 8.99% 2.93% 8.52% 0.36% 36.8% 22.1% 12.4% 8.3% 1.11 0.92 33.97% 97.41% 5.91 10.71

Price/ Cash Flow

LTM

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

12/yy 34'848.9 5.91x 7'685.6 6.77x 2'840.7 8.92x

FY+1

1.05 5'243.95 -4.70% -6.24% 1.052 36 3.361 60'229'120 44'789'910 39'169'240 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'387.7 34'470.0 1.57x 1.49x 7'606.5 7'904.4 2'289.0 1'696.0 6.64x 6.39x 6.60x 2'497.0 2'695.0 916.0 440.0 9.43x 9.00x S&P Issuer Ratings

28.11.2012 BBB STABLE 26.11.2007 A-2 4.82 2.20 3.42 4.28 97.4% 49.1% 0.36 61.92 34.18 104.74 -6.92

Sales/Revenue/Turnover

9.00

40'000.0

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

a-12 m-12

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

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Iberdrola SA Holdings By:

All

Holder Name QATAR INVESTMENT AUT ACS ACTIVIDADES CONS BANCAJA (VALENCIA CA BILBAO BIZKAIA KUTXA NATIXIS BLACKROCK SOCIETE GENERALE IBERDROLA SA AMUNDI VANGUARD GROUP INC VANGUARD GROUP INC FMR LLC DEUTSCHE BANK AG DE URRUTIA VAL VICTO MERCURY ASSET MANAGE UNION INVESTMENT LUX SUN LIFE FINANCIAL I INVERCAIXA GESTION S MAINFIRST SICAV MACQUARIE GROUP

Firm Name

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

Analyst

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

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

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

Amt Held 514'250'814 415'111'949 314'887'559 309'430'747 277'971'800 266'516'245 182'216'094 83'188'438 60'811'776 41'196'587 31'636'791 26'238'031 17'171'395 14'465'535 13'973'808 13'214'700 8'811'697 8'353'126 8'200'000 7'236'945

% Out 8.19 6.61 5.01 4.93 4.43 4.24 2.9 1.32 0.97 0.66 0.5 0.42 0.27 0.23 0.22 0.21 0.14 0.13 0.13 0.12

Weighting

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

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

Latest Chg (13'299'908) 1'839'249 9'929'612 2'388'677 6'809'180 (1'721'294) 1'000'000 18'723 7'602'990 (673'854) 1'181'206 263'277

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

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Corporation 31.12.2012 Bank 24.01.2013 Bank 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 17.01.2013 Bank 31.12.2012 Corporation 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 27.02.2013 n/a 22.03.2013 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 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 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 Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 11.03.2013 07.03.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 12.02.2013 05.02.2013 05.02.2013 04.02.2013 28.01.2013 25.01.2013 15.01.2013 14.01.2013 20.12.2012 29.10.2012 25.10.2012 19.10.2012 05.06.2012 07.05.2012 24.02.2012

26.03.2013

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

Price/Volume 120

35.0 M

100

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITX SQ EQUITY YTD Change ITX SQ EQUITY YTD % CHANGE

01/2013 01/yy 111.80 63.97 266'308.00 102.5 -8.32% 60.23% 77.21% 623.3 63'891.37 6.00 0.0 36.0 4'104.00 59'829.37

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

1.20

15.0 M

10.0 M

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.01.2009 10'407.0 1.68x 2'186.9 7.97x 1'253.5 14.82x

20.0 M

Valuation Analysis

31.01.2010 31.01.2011 11'083.5 12'526.6 2.36x 2.48x 2'353.1 2'966.2 11.09x 10.46x 1'314.4 1'731.8 21.63x 19.86x Profitability

LTM-4Q 31.01.2012 13'792.6 2.76x 3'214.6 11.86x 1'932.3 21.51x

31.01.2013 15'946.0 3.78x 3'912.0 15.40x 2'361.0 27.24x 3'912.00 3'116.00 19.54% 19.64% 19.79% 29.76% 1.34% 59.8% 24.5% 19.5% 14.8% 1.92 1.42 0.05% 0.07% 23.13 4.49

LTM

01/yy 13'792.6 10.68x 3'214.6 11.86x 1'932.3 21.51x

01/yy 15'946.0 12.87x 3'913.0 15.40x 2'360.0 27.26x

FY+1

0.69 221.78 45.36% -2.84% 0.692 40 3.450 1'107'449 1'297'963 1'178'268 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 17'727.9 19'675.9 3'773.5 4'227.9 3.32x 2.94x 4'399.6 4'927.6 828.8 934.0 13.60x 12.14x 13.85x 13.50x 2'668.6 2'992.9 472.0 550.9 23.94x 21.35x 24.24x 23.56x S&P Issuer Ratings

875.44 573.53 -1.05 0.00 0.1% 0.1% 1.34 3.62 15.83 81.50 160.21 -62.88

Sales/Revenue/Turnover

18'000.0 16'000.0

1.00 0.80

14'000.0 12'000.0 10'000.0

0.60

8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

26.03.2013

Inditex SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 311'727'598 57'872'465 31'494'806 18'823'336 7'598'170 6'649'493 5'244'417 4'779'721 3'112'524 2'887'450 2'657'118 2'349'841 1'835'758 1'745'086 1'192'900 1'105'737 871'054 753'341 737'364 703'033

% Out 50.01 9.28 5.05 3.02 1.22 1.07 0.84 0.77 0.5 0.46 0.43 0.38 0.29 0.28 0.19 0.18 0.14 0.12 0.12 0.11

Weighting

Change

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

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

Latest Chg (2'766) 759'500 (1'464'302) 86'426 893'049 (620'282) (43'431) 62'876 (75'362) 61'061 119'400 (159'687) (53'921) (54'094) 518'290 (36'531)

Target Price 110 #N/A N/A 115 125 100 102 84 131 112 95 106 96 107 112 110 118 103 #N/A N/A 120 98 115 82 100 121 115 94 105 #N/A N/A 110 87 115 89 125 #N/A N/A 114 125 108 67

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

File Dt Inst Type 31.01.2013 Unclassified 31.01.2013 Corporation 31.01.2013 Unclassified 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor

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

Date 24.03.2013 21.03.2013 20.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 07.03.2013 06.03.2013 22.02.2013 01.02.2013 18.12.2012 23.11.2012 07.11.2012 20.09.2012 21.03.2012

26.03.2013

ING Groep NV ING Groep N.V. offers financial services to individuals, corporations, and other institutions. The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance. ING Groep has offices throughout the world.

Price/Volume 9

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INGA NA EQUITY YTD Change INGA NA EQUITY YTD % CHANGE

12/2012 12/yy 7.91 4.44 9'946'024.00 5.746 -27.40% 29.41% 37.69% 3'831.6 22'016.15 207'649.00 0.0 1'081.0 17'657.00 213'089.15

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

1.20

40.0 M

30.0 M

20.0 M

10.0 M

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 64'680.0 4.40x (729.0) -

31.12.2009 31.12.2010 46'025.0 51'411.0 5.41x 4.99x (935.0) 2'810.0 12.77x Profitability

LTM-4Q 31.12.2011 52'787.0 4.38x 5'766.0 6.70x

31.12.2012 40'783.0 5.34x 3'894.0 10.31x 15.18% 8.66% 0.32% 7.33% 1.55% 0.03% 9.5% 17.77% 366.83% -

LTM

12/yy 46'023.0 22.59x 0.0 0.00x 5'766.0 6.43x

12/yy 42'241.0 22.26x 0.0 0.00x 3'894.0 9.42x

FY+1

1.80 -14.75% -18.62% 1.803 30 3.900 27'909'460 23'402'670 20'065'100 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 38'356.4 42'140.7 0.80x 0.73x 3'713.0 4'145.3 5.75x 5.19x S&P Issuer Ratings

03.09.2009 A NEG 31.03.2009 A-1 366.8% 78.3% 0.03 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

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

0.20

10'000.0 0.0

0.00

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

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

26.03.2013

ING Groep NV Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES VANGUARD GROUP INC CARMIGNAC GESTION FMR LLC SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE VANGUARD GROUP INC DB PLATINUM ADVISORS ING INVESTMENT MANAG BNP PARIBAS INV PART CAPITAL GROUP COMPAN DEUTSCHE BANK AG ARTISAN PARTNERS HOL ACHMEA BELEGGINSFOND UNION INVESTMENT GMB SCHRODER INVESTMENT TEMPLETON INVESTMENT MERCURY ASSET MANAGE ROYAL BANK OF CANADA

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

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

Analyst ALAIN TCHIBOZO JEROME CASSAGNE COR KLUIS BENOIT PETRARQUE MICHAEL HUTTNER FRANCOIS BOISSIN JAMES CHAPPELL JAN WILLEM WEIDEMA NICOLAS JACOB KIRI VIJAYARAJAH RICHARD BURDEN THOMAS STOEGNER VALERIE GASTALDY STEVEN HAYWOOD DAVID ANDRICH CHRISTIAN HAMANN FEDERICO SALERNO STEFAN BONGARDT LEMER SALAH PHILIP RICHARDS DAVID LOCK WILLIAM HAWKINS DOMENICO SANTORO RODERICK WALLACE MATTHIAS DE WIT AUSTIN BURKETT MARTIN LEITGEB GORDON AITKEN WERNER SCHIRMER HANS PLUIJGERS WERNER EISENMANN TOM MULLER TIM PROUDLOVE BENOIT VALLEAUX

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

Recommendation outperform add buy reduce overweight neutral buy buy reduce equalweight restricted neutral hold neutral Equalwt/In-Line hold outperform hold buy buy hold market perform buy hold hold overweight Rating Suspended outperform hold outperform buy hold outperform suspended coverage

Amt Held 246'341'958 155'242'498 59'837'974 39'943'572 33'982'940 32'439'848 30'409'081 30'235'207 30'159'946 30'118'916 26'517'755 25'314'880 24'042'650 23'087'088 19'206'527 18'861'119 17'785'056 14'894'179 11'441'515 11'184'560

% Out 6.43 4.05 1.56 1.04 0.89 0.85 0.79 0.79 0.79 0.79 0.69 0.66 0.63 0.6 0.5 0.49 0.46 0.39 0.3 0.29

Weighting

Change

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

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

Latest Chg (1'827'221) (2'936'906) 599'105 1'701'096 (5'732'380) 1'170'048 122'201 968'030 (541'144) (2'920'368) 1'817'067 1'256'401 (493'114) 3'877'089 (81'806) (269'814) 14'365 -

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

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

File Dt Inst Type 22.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 30.11.2012 Bank

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

Date 25.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 05.03.2013 04.03.2013 01.03.2013 26.02.2013 26.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 17.01.2013 07.12.2012 07.12.2012 08.11.2012 05.10.2012 13.01.2012 27.10.2011 17.06.2011 17.03.2009

26.03.2013

Intesa Sanpaolo SpA Intesa Sanpaolo attracts deposits and offers banking and financial services. The Bank offers consumer credit, asset management, Internet banking, merchant banking, securities brokerage, factoring, and lease financing services, and manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and offices elsewhere in Europe, Asia, and the United States.

Price/Volume 2 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISP IM EQUITY YTD Change ISP IM EQUITY YTD % CHANGE

12/2012 12/yy 1.54 0.85 91'194'557.00 1.145 -25.81% 34.15% 42.63% 15'501.5 18'681.26 283'077.00 0.0 586.0 39'926.00 -

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

1.20 1.00

0 0 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 33'216.0 2'553.0 23.67x

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

31.12.2009 31.12.2010 27'022.0 24'836.0 2'805.0 2'705.0 15.27x 12.90x Profitability

LTM-4Q 31.12.2011 25'266.0 (8'190.0) -

31.12.2012 17'813.0 1'605.0 12.56x 21.90% 17.87% 0.24% 3.32% 0.51% 0.03% 9.0% 42.03% 570.57% -

LTM

12/yy 23'133.0 0.00x 0.0 0.00x (8'190.0) 0.00x

12/yy 17'685.0 0.00x 0.0 0.00x 1'605.0 10.08x

FY+1

1.39 13'656.70 -17.59% -11.92% 1.388 35 3.171 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'804.9 17'226.7 1'847.7 2'481.0 10.21x 7.53x 9.70x 8.95x S&P Issuer Ratings

10.02.2012 BBB+ NEG 10.02.2012 A-2 570.6% 84.9% 0.03 1.37 -

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

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 |

26.03.2013

Intesa Sanpaolo SpA Holdings By:

All

Holder Name COMPAGNIA DI SAN PAO FOND CR PROVINCIE LO FONDAZIONE CASSA RIS ENTE CASSA DI RISP F FONDAZIONE CASSA RIS ALLEANZA TORO SPA BLACKROCK ASSICURAZIONI GENERA HARRIS ASSOCIATES LP FRANKLIN RESOURCES VANGUARD GROUP INC INA ASSITALIA SPA GENERALI VIE SA VANGUARD GROUP INC ALLIANZ ASSET MANAGE MERCURY ASSET MANAGE MANDARINE GESTION TEMPLETON INVESTMENT NATIXIS ASSET MANAGE GENERALI VERSICHERUN

Firm Name Mediobanca SpA Barclays Macquarie Exane BNP Paribas Berenberg Bank Societe Generale Morgan Stanley Landesbank Baden-Wuerttemberg Independent Research GmbH Equita SIM SpA Oddo & Cie Banca Akros(ESN) ICBPI Kepler Capital Markets Natixis Nomura S&P Capital IQ Credit Suisse Keefe, Bruyette & Woods Goldman Sachs AlphaValue Grupo Santander HSBC Intermonte Securities SpA Day by Day RBC Capital Markets Deutsche Bank EVA Dimensions Centrobanca CA Cheuvreux Nord/LB Hammer Partners SA Banco Sabadell Main First Bank AG

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

Analyst ANDREA FILTRI ANTONIO RIZZO BENJIE CREELAN-SANDFORD ANDREA VERCELLONE ELENI PAPOULA CARLO TOMMASELLI FRANCESCA TONDI INGO FROMMEN STEFAN BONGARDT MATTEO GHILOTTI JEAN SASSUS LUIGI TRAMONTANA LUCA COMI ANNA MARIA BENASSI STEVEN GOULD DOMENICO SANTORO WILLIAM HOWLETT IGNACIO CEREZO RONNY REHN JEAN-FRANCOIS NEUEZ DAVID GRINSZTAJN TANIA GOLD CARLO DIGRANDI CHRISTIAN CARRESE VALERIE GASTALDY PATRICK LEE PAOLA SABBIONE AUSTIN BURKETT GUGLIELMO MARCO OPIPARI ALDO COMI MICHAEL SEUFERT ENRICO RACIOPPI MARIO LODOS ALBERTO SEGAFREDO

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

Recommendation neutral underweight underperform neutral hold sell Equalwt/In-Line hold hold buy reduce accumulate neutral buy buy buy hold outperform underperform neutral/neutral buy underweight neutral outperform hold underperform buy overweight sell outperform hold sell buy neutral

Amt Held 1'532'766'787 725'460'008 647'953'597 523'633'314 422'874'979 286'308'683 206'391'083 205'236'977 193'171'300 144'797'677 131'567'493 85'877'104 82'931'860 80'794'996 57'605'428 38'765'931 38'252'534 37'525'547 35'693'662 34'722'872

% Out 9.89 4.68 4.18 3.38 2.73 1.85 1.33 1.32 1.25 0.93 0.85 0.55 0.53 0.52 0.37 0.25 0.25 0.24 0.23 0.22

Weighting

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

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

Latest Chg (2'426'868) 19'137'900 (3'852'992) 21'857'253 24'865'982 51'882 (1'421'878) (363'082) (6'397'175) -

Target Price 1 1 1 1 1 1 2 1 1 2 1 1 2 2 1 2 1 2 1 2 2 1 1 2 #N/A N/A 1 2 #N/A N/A 1 2 #N/A N/A 1 #N/A N/A 2

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

File Dt Inst Type 20.11.2012 Other 20.11.2012 Bank 20.11.2012 Bank 20.11.2012 Bank 20.11.2012 Other 20.11.2012 Insurance Company 22.03.2013 Investment Advisor 20.11.2012 Insurance Company 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Insurance Company 20.11.2012 Other 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 22.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 20.11.2012 Holding Company

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

Date 25.03.2013 25.03.2013 21.03.2013 18.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 07.03.2013 06.03.2013 25.02.2013 19.02.2013 14.02.2013 28.01.2013 17.01.2013 17.01.2013 11.01.2013 06.11.2012 23.10.2012 19.06.2012 06.02.2012 29.07.2011

26.03.2013

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

Price/Volume 25

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (07.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHIA NA EQUITY YTD Change PHIA NA EQUITY YTD % CHANGE

12/2012 12/yy 24.16 13.57 764'432.00 23.51 -2.69% 73.25% 93.96% 957.1 22'502.20 4'534.00 0.0 34.0 3'834.00 23'236.20

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

8.0 M

6.0 M 4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 26'385.0 0.51x 1'883.0 7.11x (91.0) -

31.12.2009 31.12.2010 20'092.0 22'287.0 0.95x 0.92x 2'055.0 3'436.0 9.30x 5.98x 410.0 1'446.0 41.36x 14.60x Profitability

LTM-4Q 31.12.2011 22'579.0 0.70x 1'185.0 13.35x (1'295.0) -

31.12.2012 24'788.0 0.76x 2'463.0 7.69x 226.0 71.05x 2'463.00 1'030.00 4.16% 2.30% 0.78% 1.92% 2.46% 0.85% 38.0% 9.9% 4.2% 0.9% 1.26 0.82 15.59% 40.70% 5.81 4.32

Price/ Cash Flow

LTM

12/yy 22'582.0 3.02x 1'186.0 13.34x (1'295.0) 0.00x

12/yy 24'788.0 2.75x 2'463.0 7.69x 226.0 72.71x

FY+1

1.19 908.50 60.88% 18.17% 1.188 41 3.756 4'440'591 3'671'441 3'306'995 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'867.4 25'694.2 5'551.7 5'823.8 0.94x 0.87x 4.08x 4.09x 3'417.1 3'749.6 589.0 713.0 6.82x 6.21x 7.33x 9.00x 1'435.0 1'670.2 221.4 310.4 14.40x 12.47x 13.94x 13.09x S&P Issuer Ratings

11.05.2005 ANEG 26.02.2001 A-2 7.00 5.08 0.28 1.84 40.7% 28.9% 0.85 8.30 63.03 84.72 74.10 76.69

Sales/Revenue/Turnover

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Koninklijke Philips Electronics NV Holdings By:

All

Holder Name KONINKLIJKE PHILIPS DODGE & COX BLACKROCK SOUTHEASTERN ASSET M FRANKLIN RESOURCES VANGUARD GROUP INC FMR LLC HARRIS ASSOCIATES LP VANGUARD GROUP INC ING INVESTMENT MANAG ARTISAN PARTNERS HOL ONTARIO TEACHERS PEN ACHMEA BELEGGINSFOND T ROWE PRICE ASSOCIA DB PLATINUM ADVISORS FORTIS INVESTMENTS BARCLAYS PLC TEMPLETON INVESTMENT DIMENSIONAL FUND ADV MERCURY ASSET MANAGE

Firm Name

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

Analyst

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

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

Recommendation hold hold outperform buy add outperform neutral buy buy Equalwt/Cautious neutral buy neutral buy neutral buy buy buy buy sell hold hold hold outperform sell buy equalweight hold buy hold hold hold neutral/neutral buy hold buy buy sell

Amt Held 47'895'476 46'061'138 45'264'486 41'502'897 13'434'710 10'760'946 9'615'086 9'437'496 8'150'341 6'622'250 5'481'917 4'800'000 4'020'057 3'920'784 3'875'475 2'924'969 2'911'837 2'860'801 2'569'692 2'523'231

% Out 5 4.81 4.73 4.34 1.4 1.12 1 0.99 0.85 0.69 0.57 0.5 0.42 0.41 0.4 0.31 0.3 0.3 0.27 0.26

Weighting

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

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

Latest Chg 15'514'236 (6'799'141) (5'070'179) 498'208 2'767'369 586'900 (220'702) 282'727 623'576 153'795 2'263'827 (78'890) (687'730) 3'398

Target Price 20 24 27 28 27 27 23 27 28 24 25 23 25 25 24 27 #N/A N/A #N/A N/A 24 20 #N/A N/A 23 25 25 #N/A N/A 26 21 23 23 24 23 23 23 25 15 23 17 23

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

File Dt Inst Type 08.02.2013 Corporation 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 04.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 22.03.2013 Investment Advisor

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

Date 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 14.03.2013 12.03.2013 08.03.2013 08.03.2013 08.03.2013 05.03.2013 26.02.2013 15.02.2013 15.02.2013 06.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013 08.01.2013 22.10.2012 04.09.2012 27.06.2012 29.03.2010

26.03.2013

L'Oreal SA L'Oreal SA manufactures, markets, and distributes health and beauty aids. The Company produces colorants, styling, and hair care products for professional hairdressers, hair care, cosmetics, and skin care products and perfumes for consumers, luxury cosmetics and perfumes sold through department stores, perfumeries and travel stores, and dermatological and pharmaceutical products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OR FP EQUITY YTD Change OR FP EQUITY YTD % CHANGE

12/2012 12/yy 123.70 86.80 222'002.00 121.75 -1.62% 40.26% 95.26% 604.3 73'575.18 248.00 0.0 4.8 1'823.20 72'004.78

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 m-12

31.12.2009 31.12.2010 17'472.6 19'495.8 2.72x 2.52x 3'368.7 3'757.5 14.12x 13.05x 1'792.2 2'239.7 25.41x 21.75x Profitability

LTM-4Q 31.12.2011 20'343.1 2.33x 3'955.1 12.00x 2'438.4 19.64x

31.12.2012 22'462.7 2.72x 4'388.9 13.94x 2'867.7 21.90x 4'388.90 3'697.30 16.46% 17.25% 10.17% 14.87% 14.49% 0.80% 70.7% 19.5% 16.5% 12.8% 1.29 0.79 0.84% 1.18% 7.24 3.22

Price/ Cash Flow

j-12

LTM

12/yy 20'343.1 0.00x 0.0 0.00x 0.0 0.00x

a-12

12/yy 22'462.7 0.00x 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.68 226.70 39.42% 16.06% 0.680 39 3.308 777'020 681'386 584'061 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'444.8 24'818.8 5'755.0 5'663.0 3.04x 2.81x 4'745.7 5'099.7 15.20x 14.14x 3'090.1 3'346.8 23.77x 21.94x S&P Issuer Ratings

05.06.2006 A-1+ 127.21 99.53 -0.36 0.06 1.2% 1.2% 0.80 7.69 50.55 113.50 182.89 -18.84

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.12.2008 17'541.8 2.28x 3'441.7 11.63x 1'948.3 18.82x

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

L'Oreal SA Holdings By:

All

Holder Name BETTENCOURT FAMILY NESTLE SA L'OREAL SA CAPITAL GROUP COMPAN VANGUARD GROUP INC HARBOR CAPITAL ADVIS OWEN-JONES LINDSAY NATIXIS ASSET MANAGE BLACKROCK BALYASNY ASSET MANAG VANGUARD GROUP INC FMR LLC ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL LBPAM AMUNDI INVESCO LTD NEW JERSEY DIVISION MERCURY ASSET MANAGE AVIVA PLC

Firm Name

Portfolio Name n/a #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co ANDREW WOOD Stifel MARK S ASTRACHAN AlphaValue ARMELLE MOULIN Jefferies ALEX HOWSON JPMorgan CELINE PANNUTI Kepler Capital Markets CATHERINE ROLLAND Grupo Santander PEDRO GIL RBC Capital Markets JAMES EDWARDES JONES Berenberg Bank SETH PETERSON Day by Day VALERIE GASTALDY Liberum Capital Ltd PABLO ZUANIC Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Exane BNP Paribas EAMONN FERRY Landesbank Baden-Wuerttemberg BERND MUELL Nomura GUILLAUME DELMAS Main First Bank AG GAEL COLCOMBET Barclays IAIN SIMPSON Raymond James HERMINE DE BENTZMANN Oddo & Cie LEOPOLD AUTHIE Bryan Garnier & Cie LOIC MORVAN Redburn Partners WILLIAM HOUSTON Societe Generale CHAS MANSO DE ZUNIGA Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Goldman Sachs ROSIE EDWARDS Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ CARL SHORT Telsey Advisory Group DAVID WU Natixis PIERRE TEGNER HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT CA Cheuvreux THOMAS MESMIN Aurel - BGC DAVID DA MAIA Morgan Stanley ERIK SJOGREN Espirito Santo Investment Bank Research ALEX SMITH Banco Sabadell IGNACIO ROMERO DZ Bank AG THOMAS MAUL

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

Recommendation underperform hold reduce buy overweight buy hold outperform hold hold buy neutral sell outperform hold reduce outperform overweight outperform buy buy sell hold hold hold buy/attractive hold buy hold no rating system neutral overweight underweight suspended coverage not rated Underwt/In-Line sell sell buy

Amt Held % Out 185'661'879 30.72 178'381'021 29.52 10'454'165 1.73 5'729'800 0.95 5'647'487 0.93 4'446'174 0.74 2'998'095 0.5 2'784'467 0.46 2'524'547 0.42 (2'309'774) -0.38 1'948'992 0.32 1'794'714 0.3 1'415'058 0.23 1'085'268 0.18 1'056'948 0.17 831'525 0.14 805'008 0.13 725'628 0.12 661'487 0.11 511'365 0.08

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

Change M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M M M M M M

Latest Chg (1'345'900) 95'322 (516'711) (3'385) 729'403 313'136 20'420 15'098 306'745 2'576 1'825 887 -

Target Price 95 #N/A N/A 115 106 120 125 105 134 113 #N/A N/A 130 117 94 114 105 97 120 121 120 120 118 #N/A N/A 112 113 105 143 111 #N/A N/A 115 #N/A N/A 96 121 #N/A N/A #N/A N/A #N/A N/A 91 87 92 97

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 22.03.2013 30.01.2013 31.12.2012 31.01.2013 31.01.2013 22.03.2013 31.12.2012 31.10.2012 21.03.2013 30.06.2012 22.03.2013 31.08.2012

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

Inst Type n/a Corporation Corporation Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor

Date 25.03.2013 21.03.2013 21.03.2013 20.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 05.03.2013 25.02.2013 19.02.2013 18.02.2013 18.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 08.02.2013 17.01.2013 17.01.2013 14.01.2013 07.11.2012 06.11.2012 30.10.2012 30.07.2012 30.07.2012

26.03.2013

LVMH Moet Hennessy Louis Vuitton SA LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Company produces and sells champagne, cognac, perfumes, cosmetics, luggage, watches and jewelry.

Price/Volume 160

3.0 M

140

2.5 M

120 2.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MC FP EQUITY YTD Change MC FP EQUITY YTD % CHANGE

12/2012 12/yy 143.40 111.00 219'495.00 131.45 -8.44% 18.42% 57.56% 507.7 66'733.20 6'812.00 0.0 1'102.0 2'196.00 72'451.20

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

1.0 M

40 .5 M

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 17'193.0 1.60x 4'323.0 6.34x 2'026.0 11.16x

1.5 M

31.12.2009 31.12.2010 17'053.0 20'320.0 2.41x 3.08x 4'055.0 5'106.0 10.13x 12.27x 1'755.0 3'032.0 21.13x 19.36x Profitability

LTM-4Q 31.12.2011 23'659.0 2.56x 6'150.0 9.84x 3'065.0 17.45x

31.12.2012 28'103.0 2.67x 6'940.0 10.82x 3'424.0 20.23x 6'940.00 5'921.00 21.07% 20.39% 7.06% 14.57% 12.72% 0.58% 64.7% 25.7% 21.1% 12.2% 1.51 0.44 13.64% 27.73% 14.55 1.27

Price/ Cash Flow

LTM

12/yy 23'659.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 28'103.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.21 0.93 254.93 3.68% -5.30% 0.927 39 4.231 880'641 798'440 723'102 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'269.1 32'861.8 2.33x 2.09x 7'658.7 8'459.6 9.47x 8.58x 3'849.4 4'302.2 17.34x 15.46x S&P Issuer Ratings

20.05.2011 A POS 20.05.2011 A-1 41.81 31.51 0.64 0.94 27.7% 21.0% 0.58 3.35 25.15 287.68 106.20 206.64

Sales/Revenue/Turnover

20.00

30'000.0

18.00

25'000.0

16.00 14.00

20'000.0

12.00

15'000.0

10.00 8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

LVMH Moet Hennessy Louis Vuitton SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS LVMH MOET HENNESSY L QATAR HOLDINGS LLC SUN LIFE FINANCIAL I CARMIGNAC GESTION THORNBURG INVESTMENT FMR LLC BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE VANGUARD GROUP INC BNP PARIBAS INV PART OPPENHEIMERFUNDS INC TRAPANI FRANCESCO CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE DEUTSCHE BANK AG AVIVA PLC LBPAM AMUNDI

Firm Name ISI Group Sanford C. Bernstein & Co Nomura Exane BNP Paribas Oddo & Cie Day by Day Societe Generale Renaissance Capital AlphaValue Cantor Fitzgerald Aurel - BGC Main First Bank AG Banco Sabadell Berenberg Bank Telsey Advisory Group Morgan Stanley Goldman Sachs Bryan Garnier & Cie Credit Suisse Independent Research GmbH Ahorro Corporacion Financiera SA JPMorgan Raymond James Hamburger Sparkasse Natixis S&P Capital IQ Barclays Kepler Capital Markets HSBC EVA Dimensions Deutsche Bank Equita SIM SpA Redburn Partners CA Cheuvreux Landesbank Baden-Wuerttemberg DZ Bank AG Helvea

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

Analyst OMAR SAAD MARIO ORTELLI CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA LEOPOLD AUTHIE VALERIE GASTALDY THIERRY COTA REY WIUM VIRGINIE BLIN ALLEGRA PERRY DAVID DA MAIA MATTHIAS EIFERT IGNACIO ROMERO JOHN GUY DANA TELSEY LOUISE SINGLEHURST WILLIAM HUTCHINGS CEDRIC ROSSI ROGERIO FUJIMORI LARS LUSEBRINK VIRGINIA PEREZ REPES MELANIE A FLOUQUET MARC WILLAUME CHRISTIAN HAMANN OLIVIER DELAHOUSSE MICHAEL SOUERS JULIAN EASTHOPE CATHERINE ROLLAND ANTOINE BELGE CRAIG STERLING WARWICK OKINES FABIO FAZZARI ANNABEL GLEESON THOMAS MESMIN BARBARA AMBRUS THOMAS MAUL TIM DAWSON

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

Recommendation buy outperform buy neutral buy hold hold hold buy hold hold outperform buy hold no rating system Overwt/In-Line Buy/Neutral buy neutral buy strong buy neutral strong buy buy buy strong buy overweight buy neutral sell hold buy buy outperform buy buy suspended coverage

Amt Held 235'886'503 9'536'678 5'230'723 4'275'828 4'200'037 4'085'056 3'878'869 3'385'819 3'326'140 2'724'161 2'107'952 1'969'659 1'732'620 1'561'592 1'528'000 1'422'781 1'387'002 1'355'126 1'150'592 1'042'404

% Out 46.46 1.88 1.03 0.84 0.83 0.8 0.76 0.67 0.66 0.54 0.42 0.39 0.34 0.31 0.3 0.28 0.27 0.27 0.23 0.21

Weighting

Change

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

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

Latest Chg (147'143) 74'218 4'700 (478'859) (55'514) 134'015 49'222 (230'305) 41'590 19'742 (18'102) (2'100) 43'392 (14'807)

Target Price 160 165 155 135 160 #N/A N/A 145 152 172 141 145 157 144 140 140 152 198 160 148 165 160 142 163 123 155 160 151 168 150 #N/A N/A 145 178 #N/A N/A 140 150 147 #N/A N/A

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

File Dt Inst Type 01.10.2012 Holding Company 31.12.2011 Holding Company 15.03.2012 Government 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager

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

Date 24.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 14.03.2013 07.03.2013 22.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 10.02.2013 08.02.2013 08.02.2013 08.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 24.01.2013 17.01.2013 14.01.2013 10.12.2012 19.10.2012 17.10.2012 30.07.2012 02.05.2012 02.04.2012

26.03.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 160

2.5 M

140

2.0 M

120 100

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 12/yy 152.00 95.85 205'088.00 148.65 -2.24% 55.09% 91.81% 179.3 26'659.07 6'256.00 0.0 242.0 2'860.00 30'297.07

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

1.0 M

60 40

.5 M

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

31.12.2012 65'896.0 0.43x 3'195.0 7.56x 6.64% 6.19% 1.26% 12.72% 11.01% 0.26% 4.8% 2.42% 23.02% -

Price/ Cash Flow

LTM

12/yy 61'764.0 1.29x 0.0 0.00x 702.0 23.74x

12/yy 66'135.0 1.52x 0.0 0.00x 3'195.0 7.56x

FY+1

0.95 178.94 33.99% 9.30% 0.951 41 3.415 654'843 716'320 668'270 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 55'834.1 57'808.9 0.59x 2'915.2 2'963.9 773.0 713.0 9.07x 8.86x 8.93x S&P Issuer Ratings

AASTABLE 23.0% 18.6% 0.26 -

Sales/Revenue/Turnover

5.00

70'000.0

4.50

60'000.0

4.00 3.50

50'000.0

3.00

40'000.0

2.50

30'000.0

2.00

20'000.0

1.50 1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK PEOPLES BANK OF CHIN CREDIT SUISSE AG FRANKLIN RESOURCES ALLIANZ ASSET MANAGE VANGUARD GROUP INC ARTISAN PARTNERS HOL DEUTSCHE BANK AG VANGUARD GROUP INC DEKA INVESTMENT GMBH MACKENZIE FINANCIAL NATIXIS ASSET MANAGE TWEEDY BROWNE COMPAN UNION INVESTMENT GMB BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ADIG INVESTMENT SARASIN FRANKFURT TRUST INVE

Firm Name

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

Analyst

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

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

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

Amt Held 20'086'215 17'474'218 5'380'236 3'097'431 2'261'723 2'242'202 1'886'892 1'798'228 1'713'886 1'417'567 1'374'140 1'050'506 925'403 909'100 834'488 800'481 619'738 590'450 574'580 539'431

% Out 11.2 9.74 3 1.73 1.26 1.25 1.05 1 0.96 0.79 0.77 0.59 0.52 0.51 0.47 0.45 0.35 0.33 0.32 0.3

Weighting

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

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

Latest Chg (21'768) (397'577) (130'604) 75'261 263'657 107'059 (234'487) 97'400 715'207 (376'953) 5'222 (33'787) 6'554 131'232 196'794 (10'900)

Target Price 155 150 141 #N/A N/A 135 170 150 165 145 133 171 140 155 175 167 150 125 140 142 106 150 136 125 #N/A N/A 145 157 140 #N/A N/A 135 #N/A N/A 153 147 157 145 152 164 142 #N/A N/A 118 119

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

File Dt Inst Type 31.12.2012 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Unclassified 25.04.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.03.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Mutual Fund Manager

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

Date 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 12.03.2013 12.03.2013 12.03.2013 11.03.2013 20.02.2013 18.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 09.01.2013 15.03.2012 02.02.2012 10.05.2011

26.03.2013

Repsol SA Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG). The Company retails gasoline and other products through its chain of gasoline filling stations. Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REP SQ EQUITY YTD Change REP SQ EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 19.33 10.90 2'690'080.00 16.24 -15.96% 48.99% 61.90% 1'282.4 20'826.96 19'090.00 0.0 770.0 6'318.00 34'368.96

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

31.12.2009 31.12.2010 45'827.0 53'663.0 0.87x 0.79x 6'686.0 11'919.0 5.99x 3.56x 1'559.0 4'693.0 14.63x 5.43x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.12.2011 50'903.0 0.91x 5'800.0 8.03x 2'193.0 18.27x

31.12.2012 58'924.0 0.56x 7'017.0 4.68x 2'060.0 9.83x 7'017.00 4'430.00 7.52% 6.02% 3.03% 8.20% 0.92% 11.7% 7.6% 3.5% 1.51 0.93 29.40% 71.49% 9.87 -

Price/ Cash Flow

LTM

12/yy 43'336.0 3.17x 5'544.0 0.00x 1'614.0 0.00x

12/yy 62'343.0 2.38x 7'313.0 4.49x 2'060.0 8.77x

FY+1

1.07 963.15 -8.17% 5.90% 1.068 42 4.119 8'670'876 11'955'540 10'658'080 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 61'024.3 61'739.6 13'710.0 13'710.0 0.55x 0.53x 2.37x 2.36x 7'428.1 7'678.0 1'790.0 1'931.0 4.63x 4.48x 3.87x 3.84x 2'142.2 2'245.2 574.0 654.0 9.81x 9.40x 9.40x 9.48x S&P Issuer Ratings

19.04.2012 BBBSTABLE 19.04.2012 A-3 8.88 4.55 1.75 2.61 71.5% 41.0% 0.92 1.92 37.09 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

a-12 m-12

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

Fiscal Year Ended 31.12.2008 58'475.0 0.48x 8'009.0 3.49x 2'555.0 7.19x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Repsol SA Holdings By:

All

Holder Name CAIXABANK SACYR VALLEHERMOSO S PETROLEOS MEXICANOS TEMASEK HOLDINGS PRI BLACKROCK BNP PARIBAS SA VANGUARD GROUP INC NATIXIS ASSET MANAGE FMR LLC FRANKLIN RESOURCES VANGUARD GROUP INC AMUNDI DEUTSCHE BANK AG OPPENHEIMERFUNDS INC UNION INVESTMENT GMB UNION INVESTMENT LUX SCHRODER INVESTMENT STATE STREET MERCURY ASSET MANAGE ING INTERNATIONAL AD

Firm Name

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

Analyst

Grupo Santander JASON KENNEY Societe Generale IRENE HIMONA Jefferies BRENDAN MICHAEL WARN Exane BNP Paribas ALEJANDRO DEMICHELIS Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO NMAS 1 Agencia de Valores FERNANDO LAFUENTE Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co OSWALD CLINT HSBC PAUL SPEDDING Independent Research GmbH SVEN DIERMEIER Banco Sabadell JORGE GONZALEZ SADORNIL BPI BRUNO ALMEIDA DA SILVA AlphaValue ALEXANDRE ANDLAUER Landesbank Baden-Wuerttemberg JENS MUENSTERMANN Credit Suisse THOMAS YOICHI ADOLFF Equita SIM SpA MASSIMO BONISOLI Banesto Bolsa SA Sociedad ROBERT JACKSON Morgan Stanley HAYTHEM RASHED Raymond James BERTRAND HODEE Macquarie MARC B KOFLER Natixis ANNE PUMIR S&P Capital IQ CHRISTINE TISCARENO Barclays LYDIA RAINFORTH Investec STUART JOYNER Goldman Sachs HENRY MORRIS Canaccord Genuity Corp GORDON GRAY Espirito Santo Investment Bank Research FILIPE ROSA Nomura THEEPAN JOTHILINGAM Intermoney Valores ALVARO NAVARRO RBC Capital Markets PETER HUTTON EVA Dimensions CRAIG STERLING Tudor Pickering & Co ANISH KAPADIA JPMorgan NITIN SHARMA BBVA LUIS DE TOLEDO Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Kepler Capital Markets NATALIA BOBO BJOERK La Caixa FERNANDO MURILLO GUIRAO Deutsche Bank MARK BLOOMFIELD CA Cheuvreux DOMINIQUE PATRY

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

Recommendation hold buy hold neutral buy strong buy hold outperform overweight hold buy buy reduce hold outperform buy overweight Underwt/In-Line outperform neutral buy buy overweight hold not rated hold buy neutral buy sector perform buy hold neutral outperform overweight buy buy buy hold outperform

Amt Held 157'399'192 122'208'433 115'884'040 80'700'000 45'722'245 43'098'518 13'306'398 9'049'194 8'114'042 7'489'178 6'509'460 6'131'360 5'411'419 4'392'268 3'787'114 3'414'500 2'520'157 2'274'691 2'207'512 2'071'360

% Out 12.27 9.53 9.04 6.29 3.57 3.36 1.04 0.71 0.63 0.58 0.51 0.48 0.42 0.34 0.3 0.27 0.2 0.18 0.17 0.16

Weighting

Change

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

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

Latest Chg (14'830) 4'142'554 285'878 71'919 (716'980) (203'525) 5'796'040 (12'479) 129'183 316'718 217'966 783'547 70'648 2'941 211'035

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

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

File Dt Inst Type 08.10.2012 Investment Advisor 17.01.2013 Corporation 08.10.2012 Unclassified 04.03.2013 Government 22.03.2013 Investment Advisor 13.03.2013 Bank 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 12.03.2013 12.03.2013 11.03.2013 07.03.2013 07.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 22.02.2013 19.02.2013 14.02.2013 13.02.2013 06.02.2013 01.02.2013 29.01.2013 27.12.2012 26.11.2012 14.11.2012 25.10.2012 23.10.2012

26.03.2013

RWE AG RWE AG generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume 40

12.0 M

10.0 M

30 8.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RWE GY EQUITY YTD Change RWE GY EQUITY YTD % CHANGE

12/2012 12/yy 36.90 26.36 937'112.00 29.255 -20.78% 11.00% 26.42% 575.7 18'030.57 19'946.00 0.0 1'613.0 5'276.00 34'313.57

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

4.0 M

10 2.0 M

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 47'500.0 0.88x 7'903.0 5.30x 2'558.0 10.69x

6.0 M

31.12.2009 31.12.2010 46'191.0 50'722.0 1.10x 0.85x 9'655.0 9'230.0 5.28x 4.68x 3'571.0 3'308.0 10.33x 8.05x Profitability

LTM-4Q 31.12.2011 49'153.0 0.65x 8'286.0 3.88x 1'806.0 8.10x

31.12.2012 50'771.0 0.70x 9'055.0 3.92x 1'306.0 14.67x 9'055.00 3'699.00 7.29% 4.39% 2.6% 1.02 0.55 22.61% 134.55% -

Price/ Cash Flow

LTM

12/yy 49'153.0 2.84x 6'912.0 4.66x 1'806.0 8.13x

12/yy 39'773.0 3.72x 7'228.0 0.00x 1'033.0 0.00x

FY+1

1.04 482.66 -14.92% -6.35% 1.045 40 2.600 3'676'317 3'645'634 3'425'636 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'465.5 54'236.9 0.65x 0.64x 8'830.9 8'611.2 3.89x 3.98x 2'432.1 2'216.3 7.49x 8.23x S&P Issuer Ratings

27.07.2012 BBB+ STABLE 08.06.2011 A-2 7.25 3.18 134.6% 54.8% -

Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU BLACKROCK CREDIT SUISSE GROUP MONDRIAN INVESTMENT SOCIETE GENERALE SA CAPITAL GROUP COMPAN DB PLATINUM ADVISORS VANGUARD GROUP INC VANGUARD GROUP INC UNION INVESTMENT GMB PICTET ASSET MANAGEM DEKA INVESTMENT GMBH MERCURY ASSET MANAGE ETFLAB INVESTMENT GM ALLIANZ ASSET MANAGE BNP PARIBAS INV PART FMR LLC DEKA INTERNATIONAL S NUVEEN ASSET MANAGEM MACQUARIE GROUP

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

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

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

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

Recommendation neutral hold sector perform underweight buy buy underweight underweight reduce buy neutral/neutral underperform buy sell hold sell Overwt/In-Line hold sell hold hold buy reduce underperform sell hold underperform sell hold underweight neutral buy hold sell neutral outperform not rated

Amt Held 86'361'823 28'787'275 28'008'409 17'272'365 6'421'155 5'726'000 5'509'049 5'122'429 3'936'323 2'919'473 2'882'791 2'349'710 1'358'033 1'146'153 1'066'091 1'043'715 986'543 928'678 900'000 845'432

% Out 15 5 4.86 3 1.12 0.99 0.96 0.89 0.68 0.51 0.5 0.41 0.24 0.2 0.19 0.18 0.17 0.16 0.16 0.15

Weighting

Change

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

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

Latest Chg 4'226'000 3'963'686 196'272 78'546 (977'126) (446'152) 1'819 8'720 (298'847) (165'420) (1'416'019) 79'174 900'000 (13'576)

Target Price 32 29 28 23 #N/A N/A #N/A N/A #N/A N/A 28 25 34 36 25 35 25 #N/A N/A 24 33 31 25 29 30 34 27 29 37 #N/A N/A 28 25 34 27 30 60 35 27 34 38 #N/A N/A

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

File Dt Inst Type 31.12.2012 Other 22.03.2013 Investment Advisor 04.05.2012 Investment Advisor 16.05.2012 Hedge Fund Manager 19.02.2013 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 22.03.2013 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 18.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 11.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 15.02.2013 14.02.2013 06.02.2013 05.02.2013 28.01.2013 25.01.2013 22.01.2013 14.01.2013 11.01.2013 07.01.2013 05.11.2012 14.06.2012 06.03.2012

26.03.2013

Sanofi Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

12/2012 12/yy 79.18 53.20 675'203.00 77.68 -1.91% 46.02% 91.42% 1'326.3 103'030.32 14'531.00 0.0 134.0 6'381.00 111'314.32

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

4.0 M

2.0 M

10 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 27'568.0 2.22x 9'940.0 6.16x 3'851.0 15.94x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN FP EQUITY YTD Change SAN FP EQUITY YTD % CHANGE

31.12.2009 31.12.2010 29'306.0 32'367.0 2.61x 1.99x 12'805.0 13'156.0 5.97x 4.90x 5'265.0 5'467.0 14.13x 11.42x Profitability

LTM-4Q 31.12.2011 33'389.0 2.59x 12'593.0 6.88x 5'693.0 13.17x

31.12.2012 34'947.0 2.94x 12'384.0 8.30x 4'967.0 18.99x 12'384.00 7'787.00 22.28% 17.94% 4.94% 8.75% 7.62% 0.35% 68.2% 36.3% 22.3% 14.2% 1.65 1.00 14.47% 25.34% 4.50 1.79

Price/ Cash Flow

LTM

12/yy 33'389.0 5.23x 2'463.0 0.00x 5'693.0 13.17x

12/yy 34'947.0 5.54x 2'704.0 0.00x 4'967.0 18.99x

FY+1

0.75 1'187.62 40.26% 8.81% 0.751 39 3.974 3'180'044 2'872'180 2'589'380 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 35'854.9 37'843.3 8'383.8 8'735.3 3.03x 2.77x 13'111.6 14'230.3 8.51x 7.84x 7'943.2 8'778.0 1'813.3 1'803.7 12.92x 11.58x 13.10x 12.65x S&P Issuer Ratings

18.02.2011 AASTABLE 18.02.2011 A-1+ 29.70 25.83 0.64 1.14 25.3% 20.2% 0.35 3.28 81.42 204.60 101.89 184.13

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Sanofi Holdings By:

All

Holder Name L'OREAL SA FMR LLC BLACKROCK VANGUARD GROUP INC SANOFI EMP SAVINGS P DODGE & COX NATIXIS ASSET MANAGE FRANKLIN RESOURCES VANGUARD GROUP INC MORGAN STANLEY AVIVA PLC FIRST EAGLE INVESTME DEUTSCHE BANK AG WADDELL & REED FINAN ALLIANZ ASSET MANAGE LBPAM AMUNDI GRANTHAM MAYO VAN OT WILLIAM BLAIR & COMP AMUNDI

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

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

Analyst TIMOTHY M ANDERSON SEBASTIEN MALAFOSSE ODILE RUNDQUIST NICHOLAS TURNER VINCENT MEUNIER ARMELLE MOULIN RICHARD VOSSER JEFFREY HOLFORD ANDREW S ZAMFOTIS STEPHEN MCGARRY ERIC LE BERRIGAUD PETER VERDULT MARTA DIAZ ALISTAIR CAMPBELL MARK PURCELL SEAMUS FERNANDEZ ARSENE GUEKAM MARK CLARK LUISA HECTOR TIMO KUERSCHNER CHRISTOPH SCHOENDUBE FABIAN WENNER VIRGINIA PEREZ REPES AMIT ROY SHO MATSUBARA KEYUR PAREKH PHILIPPE LANONE THORSTEN STRAUSS VALERIE GASTALDY TEAM COVERAGE MARCO GUENTHER LAURENT FLAMME NARESH CHOUHAN TIM FRANKLIN ROBERT JAKOBSEN TOMAS MENCIK VISHAL MANCHANDA ELMAR KRAUS

Source 20F ULT-AGG ULT-AGG MF-AGG 20F MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation outperform buy accumulate neutral outperform add overweight buy hold buy buy Overwt/Attractive buy hold equalweight outperform hold buy neutral buy hold hold buy neutral buy neutral/neutral buy hold buy neutral sell outperform underweight suspended coverage sell hold market perform buy

Amt Held 118'227'307 33'173'565 20'821'207 18'032'467 17'191'116 16'748'982 13'821'204 10'580'043 9'481'860 6'697'049 6'413'305 5'954'817 5'830'361 5'643'800 5'093'172 4'869'438 4'547'746 4'234'244 4'068'709 4'037'006

% Out 8.91 2.5 1.57 1.36 1.3 1.26 1.04 0.8 0.71 0.5 0.48 0.45 0.44 0.43 0.38 0.37 0.34 0.32 0.31 0.3

Weighting

Change

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

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

Latest Chg 325'750 (50'070) 1'487'319 1'647'107 (1'806'061) 490'404 (10'030) 249'926 597'970 630'744 (67'746) (42'392) (345'054) 8'077 (16'108)

Target Price 76 82 82 83 85 83 99 85 #N/A N/A 92 80 81 80 76 77 #N/A N/A 66 82 78 78 75 73 81 65 81 73 84 #N/A N/A 78 #N/A N/A #N/A N/A 77 65 #N/A N/A 57 60 52 55

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

File Dt 31.01.2013 31.01.2013 22.03.2013 31.12.2012 31.01.2013 29.01.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 30.09.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.05.2012 31.12.2012 31.10.2012

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

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

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 08.03.2013 19.02.2013 18.02.2013 15.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 28.01.2013 11.12.2012 11.12.2012 10.12.2012 28.11.2012 29.10.2012 05.10.2012 20.07.2012 11.07.2012 05.04.2012 08.02.2012 20.12.2011

26.03.2013

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAP GY EQUITY YTD Change SAP GY EQUITY YTD % CHANGE

12/2012 12/yy 65.00 43.62 742'543.00 61.95 -4.72% 42.02% 86.95% 1'228.5 76'105.84 5'248.00 0.0 8.0 2'631.00 78'730.84

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 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

12.0 M

31.12.2009 31.12.2010 10'672.0 12'464.0 3.65x 3.71x 3'301.0 4'125.0 11.81x 11.20x 1'748.0 1'811.0 22.45x 25.07x Profitability

LTM-4Q 31.12.2011 14'233.0 3.31x 4'611.0 10.21x 3'438.0 14.13x

31.12.2012 16'223.0 4.62x 4'936.0 15.19x 2'823.0 25.61x 4'936.00 4'073.00 25.11% 23.57% 11.29% 21.05% 16.33% 0.65% 68.8% 28.2% 22.9% 17.4% 1.00 0.93 19.56% 37.05% 4.38 -

Price/ Cash Flow

LTM

12/yy 14'233.0 13.42x 4'611.0 10.21x 3'438.0 14.13x

12/yy 16'223.0 15.96x 4'575.0 16.39x 2'827.0 25.61x

FY+1

0.82 912.18 19.42% 2.08% 0.815 44 4.114 3'002'560 2'821'254 2'931'982 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'008.2 19'843.9 3'814.2 4'343.7 4.18x 3.64x 20.21x 17.78x 6'414.1 7'242.7 1'112.5 1'483.0 12.28x 10.88x 12.14x 12.15x 3'998.9 4'574.4 672.2 919.8 17.88x 15.77x 17.82x 17.52x S&P Issuer Ratings

28.21 25.11 0.57 1.15 37.1% 27.0% 0.65 9.96 83.59 -

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS BLACKROCK HOPP DIETMAR SAP AG FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS DEUTSCHE BANK AG ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN UNION INVESTMENT GMB DEKA INVESTMENT GMBH VANGUARD GROUP INC THORNBURG INVESTMENT OPPENHEIMERFUNDS INC MORGAN STANLEY DB PLATINUM ADVISORS CREDIT SUISSE AG BNP PARIBAS INV PART

Firm Name Jefferies Independent Research GmbH Baader Bank Credit Suisse AlphaValue Bryan Garnier & Cie JMP Securities Day by Day Nomura Societe Generale Deutsche Bank HSBC Morgan Stanley William Blair & Co Berenberg Bank Pacific Crest Securities Banco Sabadell Commerzbank Corporates & Markets Redburn Partners EVA Dimensions Exane BNP Paribas Nord/LB JPMorgan Macquarie Hamburger Sparkasse Bankhaus Metzler Ahorro Corporacion Financiera SA Barclays Grupo Santander Goldman Sachs Landesbank Baden-Wuerttemberg Kepler Capital Markets S&P Capital IQ DZ Bank AG Wells Fargo Securities, LLC M.M. Warburg Investment Research Natixis Cross Research Sanford C. Bernstein & Co Jyske Bank Evercore Partners CA Cheuvreux FBR Capital Markets

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

Analyst ROSS MACMILLAN MARKUS FRIEBEL KNUT WOLLER PHILIP WINSLOW HEINZ STEFFEN GREGORY RAMIREZ PATRICK WALRAVENS VALERIE GASTALDY RICHARD G SHERLUND RICHARD NGUYEN KAI KORSCHELT ANTONIN BAUDRY ADAM WOOD LAURA J LEDERMAN DAUD KHAN BRENDAN BARNICLE ANDRES BOLUMBURU THOMAS M BECKER NEIL STEER ANDREW S ZAMFOTIS JOSEP BORI WOLFGANG DONIE STACY E POLLARD BRAD A ZELNICK MARCO GUENTHER ULRICH TRABERT VIRGINIA PEREZ REPES GERARDUS VOS CARLOS JAVIER TREVINO MOHAMMED MOAWALLA MIRKO MAIER LAURENT DAURE JAMES CRAWSHAW OLIVER FINGER JASON MAYNARD ANDREAS WOLF GWENAEL GIARD RICHARD T WILLIAMS MARK L MOERDLER ROBERT JAKOBSEN STEWART KIRK MATERNE III MICHAEL BEUCHER DAVID M HILAL

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

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

Amt Held 121'324'707 93'079'595 66'743'066 65'273'200 36'642'744 16'796'313 11'671'329 11'235'667 11'142'018 11'106'305 8'459'500 8'270'322 7'820'713 7'208'549 7'081'368 6'576'011 5'863'076 5'264'797 4'582'686 4'476'501

% Out 9.88 7.58 5.43 5.31 2.98 1.37 0.95 0.91 0.91 0.9 0.69 0.67 0.64 0.59 0.58 0.54 0.48 0.43 0.37 0.36

Weighting

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

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

Latest Chg (2'035'409) 35'104 (632'162) (155'226) 972'000 (346'827) (171'398) (461'445) 176'532 337'221 (406'504) (928'550)

Target Price 62 69 63 65 72 70 #N/A N/A 66 68 71 70 74 67 #N/A N/A 71 70 67 65 #N/A N/A #N/A N/A 63 70 65 64 #N/A N/A 69 70 55 57 86 57 66 70 66 #N/A N/A 67 53 45 69 65 65 46 55

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

File Dt Inst Type 31.12.2012 n/a 08.03.2012 n/a 22.03.2013 Investment Advisor 31.12.2012 n/a 12.06.2012 Corporation 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 06.06.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 24.02.2013 15.02.2013 04.02.2013 01.02.2013 29.01.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 09.01.2013 24.10.2012 02.02.2012 26.01.2012

26.03.2013

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

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SU FP EQUITY YTD Change SU FP EQUITY YTD % CHANGE

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

2.0 M

1.0 M

10 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 18'311.0 0.95x 3'321.0 5.24x 1'682.0 7.55x

3.0 M

12/2012 12/yy 60.71 39.40 503'502.00 56.87 -6.41% 44.36% 78.33% 555.4 31'586.56 8'132.00 0.0 174.0 3'737.00 36'155.56

31.12.2009 31.12.2010 15'793.0 19'580.0 1.51x 1.68x 2'575.0 3'575.0 9.26x 9.20x 824.0 1'720.0 24.63x 17.00x Profitability

LTM-4Q 31.12.2011 22'345.0 1.23x 3'725.0 7.36x 1'793.0 12.18x

31.12.2012 23'946.0 1.44x 3'837.0 9.01x 1'840.0 16.17x 3'837.00 3'030.00 12.65% 10.42% 5.11% 11.32% 9.07% 0.67% 37.8% 16.0% 12.7% 7.7% 1.51 1.01 22.49% 48.86% 4.48 4.63

Price/ Cash Flow

LTM

12/yy 22'387.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 23'946.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.28 525.90 17.17% 3.72% 1.281 31 3.516 1'829'300 1'577'389 1'340'359 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'351.1 25'608.7 5'390.0 6'012.0 1.46x 1.34x 4'069.6 4'431.2 8.92x 8.19x 2'291.4 2'548.3 13.79x 12.37x S&P Issuer Ratings

26.11.2008 ASTABLE 14.03.2007 A-2 9.97 8.74 1.15 2.12 48.9% 32.6% 0.67 9.22 81.70 79.13 103.63 57.20

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Schneider Electric SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN AMUNDI CAISSE DES DEPOTS ET VANGUARD GROUP INC HARBOR CAPITAL ADVIS DODGE & COX SCHNEIDER ELECTRIC S FMR LLC BLACKROCK SUN LIFE FINANCIAL I NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE VANGUARD GROUP INC BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ARTISAN PARTNERS HOL ABERDEEN AVIVA PLC LBPAM INVESCO LTD

Firm Name

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

Analyst

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

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

Recommendation overweight hold neutral buy market perform add hold outperform overweight neutral hold equalweight neutral hold hold outperform outperform hold neutral Equalwt/Cautious reduce hold buy Buy/Neutral hold hold hold buy

Amt Held 82'567'657 27'220'485 20'349'002 11'778'760 10'849'337 10'102'524 9'164'952 8'946'790 7'588'214 6'092'778 6'029'853 4'494'386 4'146'970 3'310'741 2'485'819 2'452'160 2'357'130 1'839'691 1'775'165 1'725'770

% Out 14.87 4.9 3.66 2.12 1.95 1.82 1.65 1.61 1.37 1.1 1.09 0.81 0.75 0.6 0.45 0.44 0.42 0.33 0.32 0.31

Weighting

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

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

Latest Chg (10'012'679) (1'168'334) 477'308 (52'247) 95'500 1'797'130 (201'120) 223'109 1'063'472 46'843 (411'467) 551'587 (404'495) (10'400) 3'134 (144'907) 28'032

Target Price 65 60 52 64 55 67 #N/A N/A 66 70 60 #N/A N/A 54 58 60 55 65 62 65 61 57 57 61 48 65 53 58 60 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 16.05.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2011 Corporation 31.01.2013 Investment Advisor 22.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 28.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 21.03.2013 Investment Advisor

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

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 19.03.2013 14.03.2013 08.03.2013 08.03.2013 04.03.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 30.01.2013 24.01.2013 21.01.2013 08.01.2013 08.10.2012

26.03.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIE GY EQUITY YTD Change SIE GY EQUITY YTD % CHANGE

09/2012 12/yy 88.25 62.13 647'699.00 85.98 -2.58% 38.39% 92.69% 881.0 75'748.38 20'706.00 0.0 569.0 11'415.00 87'309.38

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

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

100 90 80 70 60 50 40 30 20 10 0 m-12

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.07x 9'196.0 9'544.0 6.77x 7.72x 2'292.0 3'899.0 24.49x 16.42x Profitability

LTM-4Q 30.09.2011 73'275.0 0.89x 10'492.0 6.19x 6'145.0 8.24x

30.09.2012 78'296.0 0.98x 9'653.0 7.93x 4'458.0 13.50x

9'653.00 6'909.00 8.82% 9.30% 4.00% 13.31% 9.71% 0.75% 28.4% 13.2% 9.7% 5.7% 1.22 0.62 19.12% 67.37% 4.95 3.49

Price/ Cash Flow

LTM

12/yy 73'702.0 4.28x 9'978.0 7.27x 5'793.0 9.79x

12/yy 78'670.0 3.87x 10'351.0 7.81x 4'215.0 14.47x

FY+1

0.96 771.11 15.63% 8.46% 0.959 43 3.465 3'359'016 2'604'380 2'429'859 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 78'224.0 81'211.0 18'927.1 19'267.1 1.09x 1.03x 4.72x 4.66x 9'514.8 11'411.5 2'045.0 2'134.7 9.18x 7.65x 9.22x 8.74x 5'148.9 6'465.0 1'193.3 1'117.5 14.12x 11.41x 13.48x 12.94x S&P Issuer Ratings

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.07 2.14 67.4% 39.8% 0.75 7.41 73.95 104.73 44.53 120.05

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.10.2009

10'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

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

26.03.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG VANGUARD GROUP INC CAPITAL GROUP COMPAN VANGUARD GROUP INC UBS UNION INVESTMENT GMB THORNBURG INVESTMENT FRANKLIN RESOURCES FMR LLC DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE DEUTSCHE BANK AG OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE LBPAM FRANKFURT TRUST INVE ADIG INVESTMENT

Firm Name

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

Analyst

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

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

Recommendation hold hold market perform Overwt/Cautious buy reduce buy buy buy underperform neutral neutral sector perform buy hold hold hold outperform outperform buy buy reduce underperform equalweight hold hold neutral market perform hold hold neutral buy neutral/neutral hold sell neutral avoid buy

Amt Held 57'425'832 54'852'206 27'758'338 26'820'674 12'302'553 9'880'200 6'515'351 6'246'478 5'386'486 5'203'888 4'877'843 4'583'145 4'175'468 3'641'584 3'543'486 2'963'579 2'464'495 2'013'201 1'647'039 1'634'951

% Out 6.52 6.23 3.15 3.04 1.4 1.12 0.74 0.71 0.61 0.59 0.55 0.52 0.47 0.41 0.4 0.34 0.28 0.23 0.19 0.19

Weighting

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

M M M M U 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 D M M M

Latest Chg (593'681) (179'474) (890'272) (142'559) (1'084'091) (551'912) (330'620) (417'782) 70'846 152'571 452'193 57'030 3'108 (38'813) (87'700) (5'200)

Target Price 80 88 73 99 92 84 96 86 88 88 87 81 86 90 77 85 85 95 94 93 94 75 86 84 83 76 90 79 85 85 #N/A N/A 92 90 #N/A N/A 65 85 58 100

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

File Dt Inst Type 22.03.2013 Investment Advisor 10.11.2011 n/a 07.05.2012 Government 08.10.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 30.11.2012 Investment Advisor

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

Date 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 15.03.2013 14.03.2013 08.03.2013 08.03.2013 19.02.2013 15.02.2013 05.02.2013 04.02.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 17.01.2013 20.11.2012 16.11.2012 08.11.2012 12.10.2012

26.03.2013

Societe Generale SA Societe Generale attracts deposits and offers commercial, retail, investment, and private banking services. The Bank offers consumer credit, vehicle lease financing, information technology equipment leasing, life and non-life insurance, custodian services, trade and project financing, currency exchange, treasury services, and financial and commodities futures brokerage services.

Price/Volume

12/2012 12/yy 34.40 15.10 5'317'981.00 25.69 -25.41% 70.13% 55.34% 780.3 20'045.24 740'837.00 5'270.0 4'288.0 110'225.00 -

Price/ Cash Flow

1.20 1.00

14.0 M 12.0 M 10.0 M 8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended

16.0 M

30 20

Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLE FP EQUITY YTD Change GLE FP EQUITY YTD % CHANGE

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

18.0 M

35 25

Valuation Analysis

31.12.2008 57'829.0 2'010.0 10.65x

31.12.2009 31.12.2010 43'984.0 45'306.0 678.0 3'917.0 108.78x 8.11x Profitability

LTM-4Q 31.12.2011 48'549.0 2'385.0 5.38x

31.12.2012 43'733.0 774.0 27.51x 8.87% 6.13% 0.06% 1.79% 0.16% 3.1% 59.23% 1663.34% -

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 2'385.0 5.37x

12/yy 0.0 #DIV/0! 0.0 0.00x 774.0 29.73x

FY+1

1.86 697.56 7.81% -9.35% 1.863 36 3.556 7'843'566 5'963'971 5'217'242 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 23'754.3 24'751.5 6'146.7 5'918.3 2'728.6 3'343.5 675.0 679.0 7.17x 5.95x 8.62x S&P Issuer Ratings

23.01.2012 A NEG 07.05.2009 A-1 1663.3% 93.2% -

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

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

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

26.03.2013

Societe Generale SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LYXOR INTERNATIONAL BLACKROCK INC CAISSE DES DEPOTS ET GROUPAMA SA MEIJI YASUDA LIFE IN SOCIETE GENERALE CNP ASSURANCES NATIXIS ASSET MANAGE BLACKROCK VANGUARD GROUP INC JANUS CAPITAL MANAGE VANGUARD GROUP INC AVIVA PLC LBPAM BARCLAYS ASSET MANAG FRANKLIN RESOURCES AMUNDI ALLIANZ ASSET MANAGE FMR LLC

Firm Name

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

Analyst

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

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

Recommendation underperform add underperform outperform overweight neutral hold buy equalweight outperform outperform hold overweight buy hold Equalwt/In-Line sector perform buy buy neutral/neutral buy hold underperform underperform hold neutral sell buy hold accumulate buy hold buy buy hold

Amt Held 73'717'333 50'619'422 39'030'082 19'567'063 15'059'288 11'069'312 8'987'016 8'976'936 8'824'619 8'734'688 8'070'350 6'424'772 5'566'924 4'302'319 3'648'601 2'612'606 2'540'017 2'444'229 2'378'561 2'327'738

% Out 9.45 6.49 5 2.51 1.93 1.42 1.15 1.15 1.13 1.12 1.03 0.82 0.71 0.55 0.47 0.33 0.33 0.31 0.3 0.3

Weighting

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

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

Latest Chg (479'358) (7'089'130) (698'471) (1'096'256) 320'629 (1'837'066) (15'194) 219'286 376'954 200 364'433 13'288 (754'413)

Target Price 28 34 29 38 37 34 31 34 31 36 41 #N/A N/A 40 41 31 35 36 37 36 42 38 34 31 35 20 31 16 36 #N/A N/A 38 #N/A N/A #N/A N/A 32 36 18

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

File Dt 31.12.2012 26.09.2011 24.01.2013 31.12.2011 21.02.2013 31.12.2011 31.12.2011 31.12.2011 31.01.2013 22.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2012 31.12.2012 31.10.2012 31.01.2013 31.01.2013

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

Inst Type Investment Advisor Investment Advisor n/a Government Insurance Company Insurance Company Bank Insurance Company Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 25.03.2013 21.03.2013 19.03.2013 18.03.2013 11.03.2013 08.03.2013 06.03.2013 05.03.2013 04.03.2013 27.02.2013 26.02.2013 20.02.2013 19.02.2013 18.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 07.02.2013 07.02.2013 30.01.2013 28.01.2013 17.01.2013 17.01.2013 16.01.2013 16.11.2012 23.10.2012 30.07.2012 19.06.2012 06.01.2012

26.03.2013

Telefonica SA Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEF SQ EQUITY YTD Change TEF SQ EQUITY YTD % CHANGE

12/2012 12/yy 12.42 7.90 110'692'163.00 10.83 -12.79% 37.09% 73.92% 4'551.0 49'287.60 66'853.00 0.0 7'200.0 11'719.00 111'621.60

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

31.12.2009 31.12.2010 56'731.0 60'737.0 2.42x 2.29x 22'603.0 25'777.0 6.07x 5.39x 7'776.0 10'167.0 11.43x 7.54x Profitability

300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M a-11 m-11

LTM-4Q 31.12.2011 62'837.0 1.99x 19'392.0 6.46x 5'402.9 11.18x

31.12.2012 62'356.0 1.74x 20'835.0 5.22x 3'928.0 11.71x 20'835.00 10'402.00 16.68% 9.40% 3.03% 18.66% 0.48% 33.5% 16.7% 6.3% 0.81 0.71 51.52% 326.73% 6.28 -

Price/ Cash Flow

j-11

LTM

12/yy 60'737.0 8.93x 25'777.0 5.39x 10'167.0 7.57x

a-11

12/yy 62'837.3 8.47x 19'393.1 6.62x 5'402.7 11.28x

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

FY+1

0.96 4'396.29 -6.84% 6.28% 0.956 43 3.279 35'930'200 32'181'820 28'506'770 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 59'494.5 59'752.1 1.76x 1.71x 20'357.6 20'460.6 4'577.0 4'846.0 5.48x 5.46x 5.55x 5'168.8 5'347.4 9.54x 9.16x S&P Issuer Ratings

20.12.2012 BBB NEG 20.12.2012 A-2 7.26 3.86 2.64 3.20 326.7% 70.7% 0.48 1.77 58.28 -

Sales/Revenue/Turnover

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

350.0 M

Fiscal Year Ended 31.12.2008 57'946.0 2.10x 22'919.0 5.31x 7'592.0 9.72x

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

26.03.2013

Telefonica SA Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA CAIXABANK BLACKROCK INVESTMENT BNP PARIBAS SA VANGUARD GROUP INC CHINA UNICOM HONG KO FRANKLIN RESOURCES I BLACKROCK FUND ADVIS T ROWE PRICE ASSOCIA CAPITAL WORLD INVEST HARBOR CAPITAL ADVIS DODGE & COX BLACKROCK ASSET MANA UNION INVESTMENT GMB MERCURY ASSET MANAGE LBPAM BNP ASSET MANAGEMENT NATIXIS ASSET MANAGE UNION INVESTMENT LUX BNP PARIBAS ASSET MG

Firm Name

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Barclays Capital JONATHAN DANN BPI PEDRO OLIVEIRA Banco Sabadell ANDRES BOLUMBURU Berenberg Bank PAUL ANDREW MARSCH NMAS 1 Agencia de Valores JOSE RAMON OCINA Day by Day VALERIE GASTALDY Bankia Bolsa (ESN) DAVID CABEZA JARENO Nomura JAMES BRITTON JPMorgan TORSTEN ACHTMANN Exane BNP Paribas MATHIEU ROBILLIARD Morgan Stanley LUIS PROTA Jefferies JEREMY A DELLIS Macquarie GUY R PEDDY Oddo & Cie ALEXANDRE IATRIDES Deutsche Bank KEVAL KHIROYA Goldman Sachs TIMOTHY BODDY Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Independent Research GmbH MARKUS FRIEBEL Espirito Santo Investment Bank Research NUNO MATIAS Natixis BENOIT MAYNARD Standard & Poor's Equity Research ALEXANDER WISCH National Bank AG STEFFEN MANSKE Ahorro Corporacion Financiera SA GERMAN GARCIA BOU Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO WestLB Equity Markets WOLFGANG SPECHT Banesto Bolsa SA Sociedad MARTA GOMEZ Grupo Santander NAHUM SANCHEZ DE LAMADRID HSBC LUIGI MINERVA AlphaValue JEAN-MICHEL SALVADOR Credit Suisse JUSTIN FUNNELL EVA Dimensions TEAM COVERAGE Kepler Capital Markets JAVIER BORRACHERO CA Cheuvreux GIOVANNI MONTALTI Investec MORTEN SINGLETON La Caixa BORJA PAGOAGA BBVA IVON LEAL BCP Investimento ALEXANDRA DELGADO Citi GEORGIOS IERODIACONOU Hamburger Sparkasse TINA HECKING-VELTMAN DZ Bank AG THORSTEN REIGBER Renta 4 SA SVB IVAN SAN FELIX Nord/LB JAN CHRISTIAN GOEHMANN

Source Co File Co File Co File EXCH 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 market perform underwt/negative hold buy sell buy hold buy reduce neutral underperform Underwt/Attractive hold outperform reduce hold Sell/Neutral buy hold sell neutral buy buy Under Review overweight buy overweight hold neutral buy neutral sell buy underperform Under Review buy outperform buy neutral hold buy overweight buy

Amt Held 286'574'224 229'351'192 177'257'649 127'368'869 41'828'945 40'462'971 25'344'732 22'640'496 18'398'895 18'366'000 17'998'024 14'866'500 13'019'831 11'254'545 11'137'657 9'037'559 8'296'864 7'745'375 7'271'800 6'840'605

% Out 6.28 5.03 3.88 2.79 0.92 0.89 0.56 0.5 0.4 0.4 0.39 0.33 0.29 0.25 0.24 0.2 0.18 0.17 0.16 0.15

Weighting

Change

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

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

Latest Chg (15'605'969) 1'035'757 (4'937'543) (4'574) 53'777 (3'880'000) (321'604) (44'506) (310'515) (137'540) 5'389'156 6'527'134 226'799 (1'218'594) (120'081)

Target Price 13 13 14 #N/A N/A 12 17 #N/A N/A 18 14 17 14 15 13 16 12 14 12 17 14 12 14 15 18 #N/A N/A 19 18 18 16 15 24 16 #N/A N/A 17 12 #N/A N/A 18 16 21 13 #N/A N/A 16 19 20

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

File Dt Inst Type 31.12.2010 Bank 31.12.2010 Investment Advisor 31.12.2010 Investment Advisor 12.05.2011 Bank 31.12.2011 Investment Advisor 21.10.2009 n/a 31.12.2011 Investment Advisor 07.03.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 07.03.2012 Investment Advisor 31.03.2011 Investment Advisor 07.03.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 31.10.2011 Investment Advisor 30.06.2011 Mutual Fund Manager 31.10.2011 Investment Advisor 31.12.2011 Investment Advisor

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

Date 09.03.2012 09.03.2012 07.03.2012 07.03.2012 06.03.2012 06.03.2012 06.03.2012 05.03.2012 05.03.2012 02.03.2012 02.03.2012 01.03.2012 29.02.2012 29.02.2012 29.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 22.02.2012 20.02.2012 09.02.2012 31.01.2012 31.01.2012 20.01.2012 13.01.2012 15.12.2011 15.12.2011 15.12.2011 15.12.2011 24.11.2011 15.11.2011 15.11.2011 04.10.2011 06.07.2011

26.03.2013

Total SA Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FP FP EQUITY YTD Change FP FP EQUITY YTD % CHANGE

12/2012 12/yy 42.00 33.42 1'269'058.00 37.935 -9.69% 13.51% 51.08% 2'365.9 89'751.70 33'290.00 0.0 1'281.0 17'031.00 107'291.70

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

31.12.2009 31.12.2010 112'153.0 140'476.0 1.03x 0.74x 22'234.0 28'045.0 5.22x 3.72x 8'447.0 10'571.0 11.87x 8.38x Profitability

50.0 M 40.0 M 30.0 M 20.0 M 10.0 M

a-11 m-11

LTM-4Q 31.12.2011 166'550.0 0.65x 32'919.0 3.28x 12'276.0 7.23x

31.12.2012 182'299.0 0.58x 32'343.0 3.27x 10'694.0 8.23x 32'343.00 21'862.00 11.99% 13.11% 6.37% 15.17% 10.66% 1.09% 17.5% 12.0% 5.9% 1.38 0.74 19.37% 45.66% 9.29 -

Price/ Cash Flow

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

LTM

FY+1

6.17 0.88 2'033.04 -1.74% -1.27% 0.883 36 4.111 4'803'269 4'998'052 4'393'484 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 140'476.0 166'550.0 181'086.9 179'975.2 45'543.3 46'396.7 2.94x 2.50x 0.60x 0.61x 2.36x 2.31x 28'045.0 32'606.0 33'666.7 34'402.9 8'679.0 9'163.0 3.72x 3.31x 3.19x 3.12x 2.97x 2.93x 10'571.0 12'276.0 12'042.0 12'327.5 2'587.0 2'917.0 8.38x 7.23x 7.19x 7.14x 7.29x 7.32x S&P Issuer Ratings Long-Term Rating Date 12.04.2011 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 13.09.1999 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 48.20 (EBITDA-Capex)/Interest Exp. 18.54 Net Debt/EBITDA 0.51 Total Debt/EBITDA 1.04 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.0% Asset Turnover 1.09 Net Fixed Asset Turnover 2.73 Accounts receivable turnover-days 39.41 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

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

60.0 M

Fiscal Year Ended 31.12.2008 160'331.0 0.62x 29'887.0 3.32x 10'590.0 8.21x

50 45 40 35 30 25 20 15 10 5 0 m-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

26.03.2013

Total SA Holdings By:

All

Holder Name TOTAL SA GROUPE BRUXELLES LAM AMUNDI NATIXIS ASSET MANAGE NATIONALE A PORTEFEU AMUNDI VANGUARD GROUP INC CAPITAL WORLD INVEST FRANKLIN RESOURCES I BLACKROCK FUND ADVIS AVIVA PLC LBPAM GRANTHAM MAYO VAN OT DODGE & COX BANK OF NEW YORK MEL BLACKROCK ASSET MANA MERCURY ASSET MANAGE BLACKROCK GROUP LIMI DNCA FINANCE CAPITAL RESEARCH GLO

Firm Name Sanford C. Bernstein & Co Goldman Sachs AlphaValue Collins Stewart Banco Sabadell Natixis Landesbank Baden-Wuerttemberg RBC Capital Markets Morgan Stanley HSBC Day by Day Credit Suisse The Benchmark Company LLC Societe Generale Jefferies Macquarie Independent Research GmbH Hamburger Sparkasse CM - CIC Securities(ESN) Oddo & Cie Berenberg Bank Nomura Exane BNP Paribas Barclays Capital Standard & Poor's Equity Research JPMorgan Kepler Capital Markets CA Cheuvreux Tudor Pickering & Co EVA Dimensions Citi Jyske Bank Grupo Santander Simmons & Company International Deutsche Bank Investec SEB AG National Bank AG

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

Analyst OSWALD CLINT MICHELE DELLA VIGNA ALEXANDRE ANDLAUER GORDON GRAY JORGE GONZALEZ SADORNIL ANNE PUMIR ACHIM WITTMANN PETER HUTTON MARTIJN P RATS PAUL SPEDDING VALERIE GASTALDY KIM FUSTIER MARK GILMAN AYMERIC DE-VILLARET IAIN REID JASON D GAMMEL SVEN DIERMEIER INGO SCHMIDT JEAN-LUC ROMAIN JEAN-PIERRE DMIRDJIAN NEILL MORTON THEEPAN JOTHILINGAM ALEXANDRE MARIE LUCY HASKINS CHRISTINE TISCARENO NITIN SHARMA BERTRAND HODEE DOMINIQUE PATRY ROBERT KESSLER TEAM COVERAGE ALASTAIR R SYME ROBERT JAKOBSEN JASON KENNEY JEFFREY A DIETERT LUCAS HERRMANN STUART JOYNER STIPO BRALO MANFRED JAISFELD

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

Recommendation outperform sell/attractive add sell buy buy buy outperform Underwt/In-Line overweight hold neutral buy buy buy neutral hold buy buy neutral buy reduce neutral equalwt/neutral buy overweight buy outperform accumulate buy sell buy hold overweight hold hold buy buy

Amt Held 112'487'679 93'960'557 78'390'326 43'126'363 37'584'223 25'010'168 23'451'862 17'317'500 13'955'042 11'620'249 10'281'667 8'255'964 7'502'817 7'108'600 7'078'782 6'962'041 6'214'427 5'957'284 5'792'450 5'634'000

% Out 4.76 3.98 3.32 1.82 1.59 1.06 0.99 0.73 0.59 0.49 0.43 0.35 0.32 0.3 0.3 0.29 0.26 0.25 0.25 0.24

Weighting

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

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

Latest Chg (243'098) 1'780'812 293'005 (1'384'950) (3'481'765) (12'332) 177'299 (21'969) 600'753 (75'281) (4'566) (76'740) 808'291 (96'000) (979'000)

Target Price 51 47 46 41 48 50 47 43 38 48 #N/A N/A 45 46 47 46 47 43 #N/A N/A 54 45 47 40 48 47 51 49 47 47 48 #N/A N/A 36 50 39 #N/A N/A 46 43 46 46

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

File Dt Inst Type 31.12.2010 Corporation 31.12.2010 Holding Company 06.01.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 31.12.2010 Private Equity 30.12.2011 Mutual Fund Manager 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.01.2012 Investment Advisor 07.03.2012 Investment Advisor 30.09.2011 Investment Advisor 30.11.2011 Mutual Fund Manager 30.11.2011 Investment Advisor 31.12.2011 Investment Advisor 07.03.2012 Investment Advisor 07.03.2012 Investment Advisor 07.03.2012 Investment Advisor 07.03.2012 Investment Advisor 30.09.2011 Investment Advisor 31.12.2011 Investment Advisor

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

Date 09.03.2012 08.03.2012 08.03.2012 07.03.2012 05.03.2012 05.03.2012 22.02.2012 21.02.2012 20.02.2012 20.02.2012 17.02.2012 14.02.2012 14.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 13.02.2012 10.02.2012 03.02.2012 24.01.2012 20.01.2012 11.01.2012 28.12.2011 12.12.2011 07.12.2011 28.09.2011 01.08.2011 29.07.2011 20.07.2011 09.11.2010 19.05.2010

26.03.2013

Unibail-Rodamco SE Unibail-Rodamco leases and rents building space, finances real estate investments, and renovates real estate for sale. The Company's properties, mainly shopping centers, office buildings, and convention-exhibition centers, are primarily located in city centers or near major access routes. The Company opted for the SIIC legal status in 2003.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.12.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UL NA EQUITY YTD Change UL NA EQUITY YTD % CHANGE

12/2012 01/yy 188.50 130.50 50'681.00 182.85 -3.00% 40.11% 90.52% 94.9 17'351.00 11'919.00 0.0 1'583.1 63.10 30'790.00

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13 m-13

j-13

Fiscal Year Ended 31.12.2008 1'642.5 11.17x 1'309.7 14.01x (1'116.0) -

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

31.12.2009 31.12.2010 1'363.3 1'716.4 17.14x 14.60x 931.4 1'254.8 25.09x 19.97x (1'467.8) 2'187.6 6.19x Profitability

31.12.2011 1'939.9 12.81x 1'184.2 20.99x 1'327.8 9.61x

31.12.2012 1'722.7 17.56x 1'187.1 25.48x 1'458.6 11.52x 1'187.10 1'184.80 30.90% 105.67% 5.21% 11.89% 6.71% 0.06% 68.9% 84.7% 40.31% 92.38% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.97 91.67 27.09% 0.49% 0.969 31 3.355 296'366 341'260 314'623 FY+2

12/13 Y 12/14 Y 1'577.9 1'727.4 19.60x 18.21x 1'399.9 1'515.4 22.02x 20.34x 965.1 1'050.9 18.04x 16.61x S&P Issuer Ratings

FQ+1

FQ+2

27.06.2007 A STABLE 27.06.2007 A-1 1.82 -0.27 9.99 10.04 92.4% 45.1% 0.06 -

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Unibail-Rodamco SE Holdings By:

All

Holder Name APG ASSET MANAGEMENT AMUNDI STATE STREET COHEN & STEERS INC NORTHERN CROSS LLC BLACKROCK HARBOR CAPITAL ADVIS COMMERZBANK AKTIENGE SOCIETE GENERALE UBS NATIXIS COHEN & STEERS CAPIT VANGUARD GROUP INC MORGAN STANLEY ARTISAN PARTNERS HOL VANGUARD GROUP INC WILLIAM BLAIR & COMP LASALLE INVESTMENT M ABN AMRO ASSET MGMT NATIXIS ASSET MANAGE

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

Analyst

Jefferies ROBERT DUNCAN Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN AlphaValue PIERRE-LOUP ETIENNE Petercam STEPHAN VAN WEEREN Espirito Santo Investment Bank Research MICHAEL BURT JPMorgan HARM M MEIJER Exane BNP Paribas VALERIE GUEZI CA Cheuvreux BRUNO DUCLOS Oddo & Cie MARINE LAFITTE Morgan Stanley BART GYSENS Banco Sabadell IGNACIO ROMERO Goldman Sachs JULIAN LIVINGSTON-BOOTH Independent Research GmbH STEFAN BONGARDT Rabobank International MARTIJN VAN DEN EIJNDEN Societe Generale MICHEL VARALDO Kepler Capital Markets SAMUEL HENRY-DIESBACH Deutsche Bank MARTIN ALLEN HSBC STEPHANIE DOSSMANN Bank Degroof(ESN) DRIES DURY Berenberg Bank KAI MALTE KLOSE Natixis SERGE DEMIRDJIAN S&P Capital IQ WILLIAM HOWLETT ING Bank JAAP KUIN ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG EVA Dimensions AUSTIN BURKETT Kempen & Co BOUDEWIJN SCHOON Credit Suisse STEVE BRAMLEY-JACKSON Day by Day VALERIE GASTALDY Barclays AARON GUY

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

Recommendation hold hold reduce hold buy overweight underperform underperform neutral Equalwt/Attractive buy Buy/Neutral sell hold buy hold buy neutral hold buy neutral hold hold hold underweight neutral outperform buy equalweight

Amt Held 8'485'804 3'873'953 3'871'648 3'642'122 3'320'531 2'951'583 2'943'120 2'585'395 2'351'985 2'142'521 1'858'269 1'274'254 1'057'085 958'952 929'896 839'245 830'851 823'883 798'051 789'706

% Out 8.94 4.08 4.08 3.84 3.5 3.11 3.1 2.72 2.48 2.26 1.96 1.34 1.11 1.01 0.98 0.88 0.88 0.87 0.84 0.83

Weighting

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

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

Latest Chg (361) (27'121) (3'161'695) (5'617) (255'967) 57'491 (14'564) 19'761 169'706 13'769 92'667 (13'496)

Target Price 185 175 166 180 209 210 172 145 194 163 141 208 165 190 210 178 206 183 180 185 164 180 185 163 #N/A N/A 175 186 190 176

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

File Dt Inst Type 31.10.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 25.03.2013 Investment Advisor 01.03.2012 Corporation 31.10.2012 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.03.2012 Bank 21.05.2012 Bank 31.01.2013 Unclassified 01.03.2012 Investment Advisor 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.08.2012 Investment Advisor 17.07.2012 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 25.03.2013 25.03.2013 21.03.2013 15.03.2013 11.03.2013 06.03.2013 05.03.2013 28.02.2013 19.02.2013 18.02.2013 15.02.2013 12.02.2013 08.02.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 14.01.2013 11.01.2013 29.11.2012 31.08.2012

26.03.2013

UniCredit SpA UniCredit SpA attracts deposits and offers commercial banking services. The Bank offers consumer credit, mortgages, life insurance, business loan, investment banking, asset management, and other services. UniCredit operates worldwide.

Price/Volume 14

300.0 M

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UCG IM EQUITY YTD Change UCG IM EQUITY YTD % CHANGE

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

100.0 M

50.0 M

2 0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

Fiscal Year Ended 31.12.2008 65'266.9 4'011.8 5.74x

150.0 M

12/2012 09/yy 4.88 2.25 52'361'707.00 3.36 -31.19% 49.07% 42.65% 5'787.1 19'463.85 288'748.00 0.0 3'669.0 82'045.00 -

31.12.2009 31.12.2010 47'278.6 41'223.4 1'702.3 1'323.3 23.66x 24.19x Profitability

LTM-4Q 31.12.2011 41'968.2 (9'206.4) -

31.12.2012 25'050.0 865.0 24.50x 1.86% -1.28% 0.09% 1.51% 0.33% 0.03% 3.5% 31.15% 459.91% -

Price/ Cash Flow

LTM

09/yy 35'972.0 28.19x 0.0 0.00x 1'374.2 27.63x

09/yy 25'850.5 41.67x 0.0 0.00x (8'999.3) 0.00x

FY+1

1.47 4'425.69 -15.37% -9.34% 1.469 41 2.780 ######### 98'350'170 ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 24'546.3 25'357.1 6'407.0 6'245.0 1'165.5 2'332.5 15.48x 8.22x S&P Issuer Ratings

10.02.2012 BBB+ NEG 10.02.2012 A-2 459.9% 81.3% 0.03 2.10 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 04.01.2008

0.0 04.07.2008

04.01.2009

04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

26.03.2013

UniCredit SpA Holdings By:

All

Holder Name AABAR LUX SARL CENTRAL BANK OF LIBY FONDAZIONE CASSA RIS FONDAZIONE CASSA RIS CARIMONTE HOLDING SP CAPITAL RESEARCH & M ALLIANZ SPA BLACKROCK INSTITUTIO DEUTSCHE BANK AG ALLIANZ FINANCE IV L LIBYAN FOREIGN BANK DODGE & COX FRANKLIN RESOURCES I BLACKROCK AM IRELAND BLACKROCK FUND ADVIS CAPITAL WORLD INVEST BLACKROCK AM DEUTSCH BLACKROCK ASSET MANA VANGUARD GROUP INC MERCURY ASSET MANAGE

Firm Name AlphaValue Hammer Partners SA Kepler Capital Markets Societe Generale Banco Sabadell Barclays Capital Centrosim SpA Nomura Day by Day Exane BNP Paribas Natixis Banca IMI Banca Akros(ESN) Sanford C. Bernstein & Co Grupo Santander ING Wholesale Banking Oddo & Cie Macquarie Goldman Sachs Morgan Stanley Keefe, Bruyette & Woods Citi Independent Research GmbH Equita SIM SpA DZ Bank AG Deutsche Bank Redburn Partners Centrobanca CA Cheuvreux Standard & Poor's Equity Research WestLB Equity Markets RBC Capital Markets Credit Suisse JPMorgan Berenberg Bank EVA Dimensions Landesbank Baden-Wuerttemberg Hamburger Sparkasse Nord/LB Mediobanca SpA HSBC SEB AG

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

Analyst DAVID GRINSZTAJN ENRICO RACIOPPI ANNA MARIA BENASSI CARLO TOMMASELLI MARIO LODOS JEREMY SIGEE LUCA COMI DOMENICO SANTORO VALERIE GASTALDY ANDREA VERCELLONE STEVEN GOULD MANUELA MERONI LUIGI TRAMONTANA MARCELLO ZANARDO A CARLOS GARCIA GONZALEZ ALEXANDER PELTESHKI JULIE LEGRAND BENJIE CREELAN-SANDFORD DOMENICO VINCI FRANCESCA TONDI RONNY REHN AZZURRA GUELFI STEFAN BONGARDT MATTEO GHILOTTI MATTHIAS DUERR PAOLA SABBIONE GEORGE SOSEI KARAMANOS ELENA PERINI SILVIA BENZI FRANK BRADEN CHRISTOPH BOSSMANN ANKE REINGEN IGNACIO CEREZO EUGENIO M CICCONETTI PEDRO FONSECA TEAM COVERAGE WERNER SCHIRMER CHRISTIAN HAMANN MICHAEL SEUFERT ANTONIO GUGLIELMI CARLO DIGRANDI MANFRED JAKOB

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

Recommendation add sell hold buy Under Review equalwt/neutral neutral neutral buy neutral neutral add hold market perform buy hold reduce neutral neutral/neutral Equalwt/In-Line market perform buy hold buy sell buy sell hold underperform sell neutral sector perform restricted neutral buy hold sell hold sell neutral restricted buy

Amt Held 376'214'711 234'490'388 223'147'812 204'513'581 173'379'368 158'101'614 68'981'378 54'976'769 52'205'250 42'129'566 32'465'229 28'368'829 27'192'996 21'527'745 21'354'135 20'173'747 18'171'269 18'026'251 13'730'246 12'786'699

% Out 6.5 4.05 3.86 3.53 3 2.73 1.19 0.95 0.9 0.73 0.56 0.49 0.47 0.37 0.37 0.35 0.31 0.31 0.24 0.22

Weighting

Change

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

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

Latest Chg 52'095'792 (2'135'847) 1'846'721 20'173'747 (10'142) 255'203 (171'120)

Target Price 4 4 4 5 #N/A N/A 4 3 5 6 5 4 4 4 5 7 4 6 5 5 5 4 5 4 5 3 5 #N/A N/A 3 4 2 #N/A N/A 4 #N/A N/A 4 5 #N/A N/A 3 #N/A N/A #N/A N/A 8 #N/A N/A 13

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

File Dt 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 31.01.2012 01.03.2012 01.03.2012 31.12.2011 31.12.2011 01.03.2012 01.03.2012 31.12.2011 01.03.2012 07.03.2012 31.12.2011 07.03.2012

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

Inst Type n/a Government Corporation Bank Unclassified Investment Advisor Insurance Company Investment Advisor Investment Advisor n/a Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 08.03.2012 07.03.2012 06.03.2012 05.03.2012 05.03.2012 02.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 29.02.2012 23.02.2012 23.02.2012 22.02.2012 16.02.2012 13.02.2012 10.02.2012 09.02.2012 08.02.2012 06.02.2012 01.02.2012 30.01.2012 30.01.2012 25.01.2012 18.01.2012 17.01.2012 16.01.2012 12.01.2012 11.01.2012 11.01.2012 11.01.2012 10.01.2012 10.01.2012 10.01.2012 10.01.2012 10.01.2012 09.01.2012 05.01.2012 23.12.2011 10.11.2011 13.09.2011 23.11.2010

26.03.2013

Unilever NV Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (13.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNA NA EQUITY YTD Change UNA NA EQUITY YTD % CHANGE

12/2012 12/yy 32.00 24.51 869'786.00 31.645 -1.14% 29.14% 97.13% 1'714.7 95'983.55 10'221.00 0.0 557.0 2'866.00 103'895.56

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

5 0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

Market Data

Fiscal Year Ended 31.12.2008 40'523.0 1.41x 6'793.0 8.39x 5'027.0 9.69x

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-12 m-12

31.12.2009 31.12.2010 39'823.0 44'262.0 1.77x 1.64x 6'887.0 7'620.0 10.25x 9.54x 3'370.0 4'244.0 18.80x 15.43x Profitability

LTM-4Q 31.12.2011 46'467.0 1.82x 7'462.0 11.30x 4'252.0 17.60x

31.12.2012 51'324.0 1.75x 8'188.0 10.94x 4'480.0 18.25x 8'188.00 6'989.00 13.62% 13.02% 9.56% 30.42% 19.56% 1.10% 40.2% 16.0% 13.6% 8.7% 0.77 0.36 22.14% 67.43% 18.04 -

Price/ Cash Flow

LTM

12/yy 39'823.0 6.07x 6'920.0 10.21x 3'370.0 18.80x

12/yy 44'262.0 6.40x 7'620.0 9.54x 4'244.0 15.43x

FY+1

3.00 0.60 28.02% 10.66% 0.597 45 3.533 4'180'722 4'141'979 3'756'147 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'444.2 56'472.4 12'678.3 13'837.2 1.92x 1.79x 8'778.1 9'393.8 11.84x 11.06x 4'914.8 5'355.1 18.72x 17.24x S&P Issuer Ratings

05.10.2000 A+ STABLE 05.10.2000 A-1 15.57 11.81 0.90 1.25 67.4% 39.4% 1.10 5.63 20.29 -8.85

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

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 |

26.03.2013

Unilever NV Holdings By:

All

Holder Name FOUNDATION UNILEVER UNILEVER NV CAPITAL WORLD INVEST VANGUARD GROUP INC ING GROEP NV GRANTHAM MAYO VAN OT FIDELITY INTERNATION WILLIAM BLAIR & COMP BLACKROCK FUND ADVIS AMUNDI ACHMEA BELEGGINSFOND ING INVESTMENT MANAG DEUTSCHE BANK AG ELMA EN UNITED HOLDS UNION INVESTMENT GMB ONTARIO TEACHERS PEN MORGAN STANLEY MACKENZIE FINANCIAL BLACKROCK ASSET MANA JANUS CAPITAL MANAGE

Firm Name

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

Analyst

Goldman Sachs ALEXIS COLOMBO EVA Dimensions TEAM COVERAGE Societe Generale WARREN L ACKERMAN Sanford C. Bernstein & Co ANDREW WOOD Collins Stewart EDDY HARGREAVES Mirabaud Securities JULIAN LAKIN Jefferies SIMON MARSHALL-LOCKYER Aurel - BGC JEAN-MARIE L'HOME Berenberg Bank PHILIP MORRISEY Theodoor Gilissen Securities TOM MULLER Banco Sabadell IGNACIO ROMERO Barclays Capital JANE GELFAND Kempen & Co ERWIN DUT JPMorgan CELINE PANNUTI Kepler Capital Markets JON COX Natixis PIERRE TEGNER DZ Bank AG ROBERT CZERWENSKY Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Helvea ANDREAS VON ARX ABN Amro Bank N.V. ROBERT JAN VOS Grupo Santander PEDRO GIL Deutsche Bank HAROLD THOMPSON Morgan Stanley MICHAEL STEIB Credit Suisse CHARLES MILLS Landesbank Baden-Wuerttemberg BARBARA AMBRUS Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse TINA HECKING-VELTMAN SNS Securities(ESN) RICHARD WITHAGEN Petercam FERNAND DE BOER Nomura DAVID HAYES Standard & Poor's Equity Research CARL SHORT ING Wholesale Banking MARCO GULPERS Citi ROBERT DICKINSON HSBC CEDRIC BESNARD Rabobank International KAREL ZOETE CA Cheuvreux XAVIER CROQUEZ Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research MARTIN DOLAN Liberum Capital Ltd PABLO ZUANIC Equita SIM SpA FABIO FAZZARI Redburn Partners JEREMY FIALKO Keijser Securities NV NICO VAN GEEST

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

Recommendation Buy/Neutral overweight hold outperform buy hold buy hold hold buy sell overwt/neutral hold overweight buy neutral sell buy accumulate reduce buy hold Equalwt/Attractive underperform hold hold hold hold hold reduce hold hold neutral overweight hold outperform hold buy buy buy neutral hold

Amt Held 1'268'224'230 141'560'629 41'837'700 17'715'385 11'809'050 11'022'061 9'324'254 9'039'866 8'270'859 7'955'184 7'365'962 7'326'095 6'926'072 6'428'550 5'835'000 5'800'000 5'389'684 5'346'873 5'159'787 4'998'754

% Out 73.96 8.26 2.44 1.03 0.69 0.64 0.54 0.53 0.48 0.46 0.43 0.43 0.4 0.37 0.34 0.34 0.31 0.31 0.3 0.29

Weighting

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

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

Latest Chg 4'190'000 337'392 8'927'201 9'039'866 (1'958) 3'809'311 (88'837) (213'068) 44'120 799'409 (96'450) (45'500) (3'194) 3'388'018

Target Price 36 #N/A N/A 23 31 29 27 30 24 27 29 24 26 25 28 30 24 22 29 27 24 30 26 26 24 24 27 #N/A N/A 23 27 23 26 25 27 30 29 28 #N/A N/A 28 35 28 #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 28.02.2011 Other 31.12.2010 n/a 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2010 Investment Advisor 30.11.2011 Investment Advisor 30.12.2011 Investment Advisor 30.09.2011 Investment Advisor 07.03.2012 Investment Advisor 30.12.2011 Mutual Fund Manager 31.01.2012 Mutual Fund Manager 31.12.2011 Investment Advisor 31.01.2012 Investment Advisor 19.10.2011 n/a 31.03.2011 Investment Advisor 31.12.2010 Pension Fund (ERISA) 31.12.2011 Investment Advisor 31.10.2011 Investment Advisor 07.03.2012 Investment Advisor 31.12.2011 Investment Advisor

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

Date 06.03.2012 05.03.2012 02.03.2012 02.03.2012 02.03.2012 01.03.2012 24.02.2012 14.02.2012 13.02.2012 07.02.2012 06.02.2012 06.02.2012 03.02.2012 03.02.2012 03.02.2012 03.02.2012 03.02.2012 03.02.2012 03.02.2012 03.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012 24.01.2012 17.01.2012 06.01.2012 03.01.2012 14.12.2011 06.12.2011 09.11.2011 10.06.2011 24.11.2010 05.08.2010

26.03.2013

Vinci SA Vinci SA builds roads, offers electrical, mechanical, and civil engineering and construction services, and operates toll roads. The Company builds and maintains roads and produces road construction materials, builds electricity and communications networks, installs fire protection and power and ventilation systems, and operates toll highways, bridges, parking garages, and a stadium.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DG FP EQUITY YTD Change DG FP EQUITY YTD % CHANGE

12/2012 09/yy 39.93 31.23 875'726.00 35.59 -10.96% 13.96% 44.39% 579.6 20'628.29 20'193.80 0.0 735.4 6'516.10 35'041.39

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

31.12.2009 31.12.2010 31'177.7 34'002.8 1.09x 1.07x 4'813.1 5'165.6 7.03x 7.01x 1'596.0 1'775.9 12.07x 12.14x Profitability

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-11 m-11

LTM-4Q 31.12.2011 37'646.1 0.86x 5'445.9 5.93x 1'904.3 9.59x

31.12.2012 39'183.2 0.86x 5'507.8 6.12x 1'916.7 10.07x 5'507.80 3'568.90 9.11% 7.64% 3.14% 14.62% 7.32% 0.63% 14.1% 9.3% 4.9% 0.87 0.46 32.79% 151.44% 6.49 -

Price/ Cash Flow

j-11

LTM

09/yy 23'994.8 0.00x 0.0 0.00x 0.0 0.00x

a-11

09/yy 33'699.5 0.00x 0.0 0.00x 0.0 0.00x

s-11

o-11

n-11

d-11

j-12

f-12

FY+1

.0 M m-12

3.09 1.10 506.38 -4.79% -1.03% 1.099 31 4.290 2'020'412 1'710'911 1'571'583 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 38'942.5 39'734.8 10'174.8 0.87x 0.82x 5'540.9 5'701.2 6.33x 6.16x 1'936.2 2'025.9 10.13x 9.57x S&P Issuer Ratings

29.03.2007 BBB+ STABLE 24.04.2001 A-2 7.58 4.83 2.51 3.70 151.4% 58.9% 0.63 8.40 56.37 -

Sales/Revenue/Turnover

8.00

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

7.0 M

Fiscal Year Ended 31.12.2008 33'930.3 0.90x 5'009.2 6.09x 1'591.4 8.85x

50 45 40 35 30 25 20 15 10 5 0 m-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

26.03.2013

Vinci SA Holdings By:

All

Holder Name COMET LUXEMBOURG HLD AMUNDI ARTEMIS SA VINCI SA CREDIT AGRICOLE SA CREDIT SUISSE AG NATIXIS ASSET MANAGE AMUNDI BNP PARIBAS ASSET MG VANGUARD GROUP INC FRANKLIN RESOURCES I LBPAM AVIVA PLC DNCA FINANCE PICTET ASSET MANAGEM ARTISAN PARTNERS HOL BLACKROCK FUND ADVIS DEUTSCHE BANK AG FRANKLIN MUTUAL ADVI AMUNDI

Firm Name Aurel - BGC Bryan Garnier & Cie Oddo & Cie AlphaValue BPI Goldman Sachs EVA Dimensions DZ Bank AG Day by Day JPMorgan Raymond James Hamburger Sparkasse Landesbank Baden-Wuerttemberg Independent Research GmbH Natixis Societe Generale Credit Suisse CM - CIC Securities(ESN) Kepler Capital Markets Standard & Poor's Equity Research Deutsche Bank RBC Capital Markets Exane BNP Paribas CA Cheuvreux ING Wholesale Banking Barclays Capital Nord/LB Banco Sabadell National Bank AG

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

Analyst

Source Co File Co File Co File Co File Co File Co File 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

ERIC LEMARIE SVEN EDELFELT OLIVIER BECKER GAETAN DUPONT FILIPE MARTINS LEITE WILL MORGAN TEAM COVERAGE MARC NETTELBECK VALERIE GASTALDY ELODIE RALL ARNAUD PALLIEZ INGO SCHMIDT HANS-PETER KUHLMANN STEFAN ROEHLE GREGOIRE THIBAULT MURIEL FELLOUS ROBERT CRIMES JEAN-CHRISTOPHE LEFEVRE-MOULENQ JOSEP PUJAL JAWAHAR HINGORANI LUIS PRIETO OLIVIA PETERS NICOLAS MORA BORJA CASTRO PEREZ MANZUCO IAN OSBURN SUSANNA INVERNIZZI HEINO HAMMANN MARIA CEBOLLERO STEFFEN MANSKE

not rated buy buy buy buy Buy/Neutral sell buy buy overweight outperform buy buy hold buy buy outperform buy buy buy buy outperform neutral outperform hold overwt/positive hold buy hold

Amt Held 31'499'000 21'535'986 20'987'172 11'360'406 10'491'891 8'283'072 8'269'323 6'544'966 6'074'253 4'681'116 4'450'178 3'248'042 2'822'361 2'791'000 2'551'506 2'267'690 2'241'567 2'076'773 1'644'283 1'533'916

% Out 5.56 3.8 3.7 2 1.85 1.46 1.46 1.15 1.07 0.83 0.79 0.57 0.5 0.49 0.45 0.4 0.4 0.37 0.29 0.27

Weighting

Change

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

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

Latest Chg (223'192) 1'562'761 166'072 26 73'604 53'764 (39'358) 207'191 (196'336) (2'687) (101'500) (6'171)

Target Price #N/A N/A 43 49 46 51 49 #N/A N/A 47 41 54 43 #N/A N/A 43 40 49 44 57 46 52 45 47 52 40 43 36 48 #N/A N/A 49 43

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

File Dt 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 30.06.2011 30.12.2011 31.12.2010 31.12.2011 31.12.2011 30.11.2011 30.09.2011 30.09.2011 30.12.2011 30.06.2011 07.03.2012 31.01.2012 31.12.2011 30.12.2011

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

Inst Type n/a Investment Advisor Holding Company Corporation Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 09.03.2012 09.03.2012 08.03.2012 08.03.2012 07.03.2012 05.03.2012 05.03.2012 29.02.2012 21.02.2012 17.02.2012 14.02.2012 14.02.2012 09.02.2012 09.02.2012 09.02.2012 08.02.2012 08.02.2012 08.02.2012 08.02.2012 08.02.2012 07.02.2012 07.02.2012 06.02.2012 01.02.2012 18.01.2012 12.01.2012 10.01.2012 18.11.2011 27.07.2011

26.03.2013

Vivendi SA Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications. The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price/Volume 25

25.0 M

12/2012 12/yy 17.44 12.01 1'282'815.00 16.305 -6.48% 35.71% 77.86% 1'324.0 21'587.21 17'757.00 0.0 2'971.0 3'894.00 38'421.21

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

20.0 M

15.0 M 10.0 M

5.0 M

0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

Fiscal Year Ended 31.12.2008 25'392.0 1.55x 6'774.0 5.82x 2'603.0 10.43x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.12.2012) 52-Week Low (19.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIV FP EQUITY YTD Change VIV FP EQUITY YTD % CHANGE

35.0 M

31.12.2009 31.12.2010 27'132.0 28'878.0 1.44x 1.29x 7'682.0 8'020.0 5.07x 4.64x 830.0 2'198.0 30.14x 11.35x Profitability

LTM-4Q 31.12.2011 28'813.0 1.24x 8'847.0 4.03x 2'681.0 7.83x

31.12.2012 28'994.0 1.35x 4'477.0 8.77x 164.0 130.38x 4'477.00 3'230.00 11.14% 7.27% 0.28% 0.87% 6.63% 0.50% 50.5% 22.5% 11.6% 0.6% 0.69 0.19 29.84% 96.17% 18.62

Price/ Cash Flow

LTM

12/yy 28'878.0 5.23x 8'020.0 4.64x 2'198.0 11.35x

12/yy 28'813.0 5.01x 5'018.0 7.20x 2'681.0 7.80x

FY+1

0.82 1'147.24 29.37% -3.81% 0.823 34 4.000 5'663'165 4'770'851 4'103'820 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'852.4 29'182.0 6'982.0 6'523.0 1.29x 1.24x 7'762.4 7'972.9 4.95x 4.82x 2'301.6 2'370.3 9.11x 8.57x S&P Issuer Ratings

26.10.2012 BBB NEG 26.10.2012 A-2 16.72 10.36 2.12 2.72 96.2% 45.3% 0.50 3.06 19.66 360.74 -282.51

Sales/Revenue/Turnover

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

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 |

26.03.2013

Vivendi SA Holdings By:

All

Holder Name CAPITAL RESEARCH AND CAISSE DES DEPOTS ET EMIRATES INTL INVEST ALLIANCEBERNSTEIN LP PEG VIVENDI NATIXIS ASSET MANAGE FRANKLIN RESOURCES I NATIXIS ASSET MANAGE BANK OF AMERICA CORP WADDELL & REED FINAN DEUTSCHE BANK AG BNP PARIBAS ASSET MG VANGUARD GROUP INC CAPITAL WORLD INVEST DNCA FINANCE CNP ASSURANCES CREDIT SUISSE SECURI CDG MAROC PRUDENTIAL PLC INTERNATIONAL VALUE

Firm Name

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

Analyst

AlphaValue JEAN-MICHEL SALVADOR Sanford C. Bernstein & Co CLAUDIO ASPESI Macquarie GUY R PEDDY Independent Research GmbH LARS LUSEBRINK EVA Dimensions TEAM COVERAGE Grupo Santander STEPHANE SCHLATTER Societe Generale CHRISTOPHE CHERBLANC JPMorgan FILIPPO PIETRO LO FRANCO CA Cheuvreux RICHARD HOUBRON CM - CIC Securities(ESN) ERIC RAVARY Oddo & Cie BRUNO HARENG Natixis JEROME BODIN Nomura MATTHEW WALKER Standard & Poor's Equity Research ALEXANDER WISCH Exane BNP Paribas CHARLES BEDOUELLE Barclays Capital JULIEN ROCH Deutsche Bank PATRICK KIRBY Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg MIRKO MAIER National Bank AG STEFFEN MANSKE Espirito Santo Investment Bank Research WILL DRAPER HSBC NICOLAS COTE-COLISSON Jefferies WILL SMITH Banco Sabadell ANDRES BOLUMBURU Goldman Sachs RICHARD JONES Kepler Capital Markets CONOR O'SHEA Liberum Capital Ltd IAN WHITTAKER Morgan Stanley PATRICK WELLINGTON DZ Bank AG HARALD HEIDER Citi THOMAS A SINGLEHURST Day by Day VALERIE GASTALDY Hamburger Sparkasse ANNEMARIE SCHLUETER Credit Suisse OMAR SHEIKH Nord/LB JAN CHRISTIAN GOEHMANN

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

Recommendation buy market perform outperform hold hold buy buy neutral outperform hold neutral buy neutral hold underperform equalwt/positive hold market perform buy buy buy overweight hold buy neutral/neutral buy buy Equalwt/Attractive buy withheld hold buy outperform buy

Amt Held 57'398'503 46'636'819 34'711'040 30'890'180 24'821'769 24'118'458 20'331'138 20'267'149 18'697'470 16'412'700 15'747'896 15'372'179 13'779'534 13'000'000 12'384'516 12'358'565 12'258'330 12'170'496 11'051'279 10'638'119

% Out 4.6 3.74 2.78 2.48 1.99 1.93 1.63 1.62 1.5 1.32 1.26 1.23 1.1 1.04 0.99 0.99 0.98 0.98 0.89 0.85

Weighting

Change

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

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

Latest Chg (1'776'629) (79'095) 16'084'820 1'486'176 262'380 3'319'765

Target Price 23 14 22 16 #N/A N/A 22 18 16 18 17 16 18 17 16 15 19 17 17 17 17 19 23 18 21 18 20 30 23 23 #N/A N/A #N/A N/A #N/A N/A 21 22

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 31.12.2010 Other 31.12.2010 Investment Advisor 31.12.2010 n/a 31.12.2010 Investment Advisor 31.12.2011 Investment Advisor 30.06.2011 Mutual Fund Manager 31.12.2010 Investment Advisor 30.09.2011 Investment Advisor 31.01.2012 Investment Advisor 31.12.2010 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2010 Investment Advisor 31.12.2010 Insurance Company 31.12.2010 Investment Advisor 31.12.2010 n/a 31.12.2010 Investment Advisor 30.09.2011 Investment Advisor

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

Date 09.03.2012 06.03.2012 06.03.2012 05.03.2012 05.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 02.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 27.02.2012 14.02.2012 10.02.2012 06.02.2012 03.02.2012 13.01.2012 21.12.2011 14.12.2011 06.12.2011 11.11.2011 14.09.2011 12.09.2011 18.08.2011 20.12.2010

26.03.2013

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 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

12/2012 12/yy 187.40 115.95 226'831.00 156.7 -16.44% 35.14% 54.93% 170.1 70'642.78 117'663.00 0.0 4'310.0 25'921.00 166'694.78

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

8.0 M

140

7.0 M

120

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-11

31.12.2009 31.12.2010 105'187.0 126'875.0 0.97x 0.83x 10'896.0 16'659.0 9.35x 6.29x 960.0 6'835.0 32.35x 6.98x Profitability

LTM-4Q 31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x

31.12.2012 192'676.0 0.90x 24'424.0 7.10x 21'717.0 3.51x 24'424.00 11'310.00 5.87% 13.23% 7.71% 32.16% 0.68% 18.2% 12.7% 5.9% 11.3% 1.03 0.33 38.00% 151.79% 18.73 5.60

Price/ Cash Flow

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M f-12 m-12

LTM

FY+1

1.16 143.79 20.92% -8.97% 1.160 39 4.615 1'182'855 1'219'617 971'756 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 126'875.0 159'337.0 204'339.9 215'054.3 54'027.0 53'617.0 2.92x 2.10x 0.34x 0.30x 1.26x 1.28x 16'659.0 16'212.0 24'020.7 26'849.2 4'387.0 4'225.0 6.29x 0.00x 6.94x 6.21x 6'835.0 15'073.0 10'013.6 11'624.4 2'360.0 2'247.0 7.05x 3.20x 7.23x 6.25x 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. 17.46 (EBITDA-Capex)/Interest Exp. 9.96 Net Debt/EBITDA 3.76 Total Debt/EBITDA 4.82 Reference Total Debt/Equity 151.8% Total Debt/Capital 59.0% Asset Turnover 0.68 Net Fixed Asset Turnover 3.54 Accounts receivable turnover-days 19.54 Inventory Days 65.32 Accounts Payable Turnover Day 38.75 Cash Conversion Cycle 46.11 Sales/Revenue/Turnover

10.00

180'000.0

9.00

160'000.0

8.00

140'000.0

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

a-11 m-11

Fiscal Year Ended 31.12.2008 113'808.0 1.22x 14'854.0 9.34x 4'753.0 20.97x

160

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

26.03.2013

Volkswagen AG Holdings By:

All

Holder Name QATAR HOLDINGS LLC WADDELL & REED FINAN FIDELITY MANAGEMENT CAPITAL WORLD INVEST BLACKROCK ASSET MANA THORNBURG INVESTMENT DEUTSCHE BANK AG VANGUARD GROUP INC FIDELITY INTERNATION BLACKROCK FUND ADVIS DB PLATINUM ADVISORS UNION INVESTMENT GMB FRANKLIN RESOURCES I ADIG INVESTMENT ALLIANZ GLOBAL INVES FRANKFURT TRUST INVE CAPITAL RESEARCH GLO UMB BANK N A AMUNDI MERCURY ASSET MANAGE

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

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 ADAM HULL HANS-PETER WODNIOK FRANK BILLER CHRISTIAN LUDWIG CHARLES WINSTON THIERRY HUON JOCHEN GEHRKE VALERIE GASTALDY MICHAEL PUNZET MAX WARBURTON ARNDT ELLINGHORST ZAFER RUEZGAR STEFFEN MANSKE JUERGEN PIEPER TIM SCHULDT STEPHEN REITMAN DANIEL SCHWARZ FRANK SCHWOPE CHRISTIAN BREITSPRECHER FRANCOIS MAURY MARC-RENE TONN STUART PEARSON ALBRECHT DENNINGHOFF PHILIP WATKINS RANJIT A UNNITHAN HORST SCHNEIDER GEORGES DIENG MICHAEL RAAB MIKE TYNDALL STEFAN BURGSTALLER ALEXANDER NEUBERGER LOTHAR LUBINETZKI TINA HECKING-VELTMAN MARNIE COHEN JAN ROH DAVID CRAMER STIPO BRALO

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 buy reduce buy buy buy outperform buy buy buy market perform outperform hold buy buy buy buy buy hold neutral neutral buy Overwt/In-Line buy neutral overweight overweight buy buy overwt/neutral buy/attractive outperform buy buy strong buy buy buy buy

Amt Held 26'355'116 7'308'991 7'039'656 4'221'575 3'375'767 2'925'675 2'625'040 1'626'974 1'496'660 1'185'419 1'083'486 982'000 651'286 617'787 550'875 484'973 425'000 412'797 390'424 371'525

% Out 15.49 4.3 4.14 2.48 1.98 1.72 1.54 0.96 0.88 0.7 0.64 0.58 0.38 0.36 0.32 0.29 0.25 0.24 0.23 0.22

Weighting

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

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

Latest Chg 29'870 136'181 2'000'575 (296) 15'235 79'824 (904'374) (164) 271'278 703'500 (21'175) (5'000) 150'000 22'000 425'000 114'341 (185'050) (4'980)

Target Price 155 148 157 180 #N/A N/A 165 180 187 150 140 155 150 150 170 170 160 160 140 125 135 171 165 157 140 187 170 170 159 185 218 160 207 #N/A N/A 170 149 155 125

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

File Dt Inst Type 10.03.2011 Government 30.09.2011 Investment Advisor 31.01.2012 Investment Advisor 31.12.2011 Investment Advisor 07.03.2012 Investment Advisor 31.12.2011 Investment Advisor 31.01.2012 Investment Advisor 31.12.2011 Investment Advisor 30.12.2011 Investment Advisor 07.03.2012 Investment Advisor 31.01.2012 Investment Advisor 31.03.2011 Investment Advisor 31.12.2011 Investment Advisor 31.10.2011 Investment Advisor 31.10.2011 Investment Advisor 31.10.2011 Mutual Fund Manager 31.12.2011 Investment Advisor 31.01.2012 Investment Advisor 30.12.2011 Mutual Fund Manager 07.03.2012 Investment Advisor

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

Date 09.03.2012 08.03.2012 06.03.2012 06.03.2012 06.03.2012 02.03.2012 01.03.2012 01.03.2012 29.02.2012 28.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 24.02.2012 23.02.2012 22.02.2012 21.02.2012 14.02.2012 06.02.2012 27.01.2012 19.01.2012 19.01.2012 16.01.2012 02.01.2012 16.12.2011 15.12.2011 28.10.2011 11.10.2011 16.09.2011 28.10.2010