Fundamental Analysis & Analyst Recommendations - QMS Smart Power FlexIndex 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 QMS Smart Power FlexIndex July 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

15048494

2009.903

1116

203

221

102.58

110.19

15.98

14.87

18.60

Euro Stoxx 50 Pr

EUR

2506637

5265.382

4538

730

761

202.56

295.84

21.64

17.13

14.82

20.16

NIKKEI 225

JPY

2707792

192.8223

190

5.33

7.82

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2620362

11452.66

10089

1401

1681

580.41

805.66

24.78

21.76

17.85

21.10

SWISS MARKET INDEX

CHF

1021027

10730.92

4064

852

824

411.99

553.08

20.52

17.03

15.28

21.91

S&P/TSX COMPOSITE INDEX

CAD

1556223

16357.37

8297

1773

1960

733.31

816.05

14.86

13.36

23.15

S&P/ASX 200 INDEX

AUD

1206178

5796.724

2668

547

680

223.58

321.54

17.86

14.48

12.42

20.10

HANG SENG INDEX

HKD

1583567

3023.299

1673

355

399

278.81

271.56

1.23

1.39

1.26

2.92

MSCI EM

USD

6946260

1281.009

971

188

179

82.45

90.53

11.13

11.30

10.14

19.19

CISCO SYSTEMS INC

USD

130829.34

11445

5298

16.33

0.00

0.02

48.72

99.70

46061

47880

48591

51210

12971

13483

3829

1.60

1.62

2.01

2.12

15.07

12.20

11.57

6.58

5.45

18.36

5.10

28.16

A+

10.02.2006

QUANTA SERVICES INC

USD

5624.39

1204

209

0.00

0.01

0.39

5.26

5920

6461

6332

6892

623

692

156

1.33

1.54

1.48

1.75

17.42

18.13

15.36

41.17

15.62

86.70

20.61

10.71

02.09.2008

SMA SOLAR TECHNOLOGY AG

EUR

969.47

0.12

0.00

0.57

0.62

1882

1634

1439

1473

223

209

2.78

1.48

-0.77

0.16

24.29

219.99

-16.34

65.04

-51.60

23.34

16.49

ITRON INC

USD

1661.66

109

0.42

0.00

0.02

0.14

1.98

2178

2054

2005

2155

262

223

2.74

2.25

2.79

3.59

18.80

15.15

11.77

-10.51

0.45

-18.86

7.06

10.84

01.06.2011

ITC HOLDINGS CORP

USD

4808.99

3.15

0.00

0.03

8.10

831

851

967

1144

538

548

170

4.14

4.33

4.93

5.61

21.25

18.66

16.40

9.66

8.93

9.10

16.60

64.39

BBB+

05.12.2011

Baa2

16.04.2010

GENERAL CABLE CORP

USD

1515.17

101

1.45

0.00

0.14

0.64

2.47

6014

6115

6799

7244

310

105

1.47

0.53

2.36

3.26

57.03

12.91

9.35

2.52

1.93

-9.31

-6.34

BB-

09.11.2006

23.07.2012

AMERICAN SUPERCONDUCTOR CORP

USD

156.30

653

0.02

0.00

0.04

0.14

#VALUE!

-37

-1.34

-1.35

14.21

-1.99

59.71

-42.06

ESCO CORP

USD

0.29

0.00

0.02

0.06

1122

134

1.22

32.12

28.53

28.01.2011

24.02.2011

TELVENT GIT SA

USD

0.38

0.00

0.07

724

730

1.06

0.62

-8.49

12.69

-15.82

23.71

WASION GROUP HOLDINGS LTD

HKD

575.16

1388

929

0.08

0.00

0.08

0.46

316

369

463

0.04

0.05

0.06

1.40

1.20

1.02

3.17

2.88

3.06

1.48

2.40

ENERNOC INC

USD

448.85

106

0.00

0.12

0.33

278

286

379

462

-24

-0.84

-0.97

1.19

1.50

12.49

9.91

-3.01

15.18

-61.38

1.25

ECHELON CORP

USD

101.60

0.02

0.00

0.06

134

119

100

117

-3

-5

-3

-0.27

-0.34

-0.23

-0.11

-14.36

2.37

34.11

-4.31

PIKE ELECTRIC CORP

USD

386.39

0.12

0.00

0.57

685

929

108

0.30

1.04

1.14

0.79

11.75

10.69

15.40

15.38

10.40

31.94

-6.82

11.99

COMVERGE INC

USD

0.03

0.00

0.02

136

150

199

-3

-0.52

-0.24

0.04

14.27

44.54

88.23

3.86

JINPAN INTERNATIONAL LTD

USD

81.03

0.05

0.00

0.03

0.10

211

203

232

252

0.84

0.67

0.85

1.03

7.38

5.81

4.80

-3.81

14.90

-33.55

-0.08

8.42

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

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

S&P 500 INDEX

2.29

2.10

1.91

2.29

1.47

1.40

1.34

1.47

10.33

9.65

9.97

10.33

9.10

8.39

7.84

9.10

14.87

13.30

12.13

14.87

2.14

2.30

2.41

2.14

1777.9

8.5%

Euro Stoxx 50 Pr

1.15

1.09

1.03

1.15

0.75

0.73

0.71

0.75

5.73

5.26

4.79

5.73

6.92

6.53

6.19

6.92

11.52

10.28

9.27

11.52

4.34

4.62

4.97

4.34

2965.8

11.9%

NIKKEI 225

1.53

1.43

1.33

1.53

0.74

0.71

0.69

0.74

9.04

8.35

7.65

9.04

8.98

8.31

7.83

8.98

17.85

15.84

14.29

17.85

1.63

1.78

1.92

1.63

14922.4

5.8%

FTSE 100 INDEX

1.69

1.57

1.46

1.69

0.95

0.93

0.95

8.32

7.61

6.94

8.32

6.81

6.42

6.04

6.81

11.95

10.89

10.07

11.95

3.92

4.22

4.57

3.92

7105.8

10.2%

SWISS MARKET INDEX

2.35

2.18

2.03

2.35

2.01

1.91

1.83

2.01

12.05

10.99

9.80

12.05

13.03

12.00

11.23

13.03

14.74

13.26

12.07

14.74

3.30

3.68

4.21

3.30

8622.8

9.7%

S&P/TSX COMPOSITE INDEX

1.63

1.52

1.41

1.63

1.39

1.43

1.48

1.39

8.20

7.40

6.10

8.20

8.34

7.38

6.79

8.34

14.13

12.48

11.35

14.13

3.30

3.45

3.61

3.30

14171.6

16.2%

S&P/ASX 200 INDEX

1.76

1.66

1.56

1.76

1.64

1.55

1.48

1.64

9.94

8.97

8.56

9.94

8.52

7.74

7.21

8.52

13.63

12.36

11.43

13.63

4.90

5.23

5.60

4.90

5201.8

8.2%

HANG SENG INDEX

1.22

1.13

1.07

1.22

1.59

1.46

1.35

1.59

7.34

6.99

6.49

7.34

7.57

6.94

6.30

7.57

9.77

8.99

8.25

9.77

3.94

4.25

4.66

3.94

24805.7

20.5%

MSCI EM

1.32

1.22

1.10

1.32

0.95

0.88

0.82

0.95

6.56

6.01

5.52

6.56

7.14

6.49

5.99

7.14

10.14

9.12

8.34

10.14

3.06

3.38

3.67

3.06

1125.3

22.6%

CISCO SYSTEMS INC

2.49

2.28

2.13

2.04

2.85

2.69

2.55

2.40

11.74

10.45

10.18

8.80

6.87

6.57

6.38

6.04

13.34

12.20

11.57

10.78

1.06

2.53

2.84

3.02

QUANTA SERVICES INC

1.50

1.40

1.29

1.16

0.91

0.89

0.82

0.69

15.65

13.93

11.99

8.70

8.47

8.04

6.89

5.65

18.81

18.13

15.36

12.10

SMA SOLAR TECHNOLOGY AG

0.91

0.97

0.96

0.93

0.51

0.67

0.66

0.62

7.02

11.82

10.00

8.02

2.67

12.98

6.06

4.78

9.00

171.06

33.95

2.89

0.03

0.59

ITRON INC

1.64

1.56

1.43

1.33

0.78

0.83

0.77

0.75

8.33

11.99

7.50

7.48

7.23

8.96

7.50

6.54

11.49

15.15

11.77

10.32

0.00

ITC HOLDINGS CORP

3.43

3.01

2.68

2.40

5.64

4.98

4.21

3.65

13.71

11.31

10.05

9.05

14.12

11.79

10.24

9.12

22.25

18.66

16.40

14.49

1.60

1.77

1.99

GENERAL CABLE CORP

0.98

0.99

0.91

0.25

0.22

0.21

11.89

60.90

11.76

6.86

5.75

4.94

14.96

12.91

9.35

1.18

2.36

0.54

2.28

12.09

%D to Spot

25.76

5.2%

33.91

26.5%

1.00

21.26

-2.1%

0.00

45.31

7.2%

2.31

95.17

3.5%

40.13

31.8%

2.88

11.2%

AMERICAN SUPERCONDUCTOR CORP ESCO CORP TELVENT GIT SA WASION GROUP HOLDINGS LTD

1.38

1.24

1.13

1.02

1.47

1.23

0.98

0.91

8.81

8.06

6.65

6.16

7.80

6.86

5.95

5.33

ENERNOC INC

1.62

1.50

1.28

1.08

1.63

1.19

0.97

0.78

21.82

6.41

5.41

4.82

27.34

5.41

4.03

2.98

ECHELON CORP

1.27

1.61

1.74

1.87

0.76

1.02

0.87

0.80

PIKE ELECTRIC CORP

1.58

1.57

1.44

0.57

0.42

0.43

0.38

0.24

0.21

COMVERGE INC

0.35

JINPAN INTERNATIONAL LTD

0.38

0.35

0.32

10.92

9.31

7.91

12.49

9.91

6.91

15.73 8.58

4.98

6.23

4.78

4.41

3.84

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

5.51

32.31

10.69

15.40

6.10

5.81

4.80

12.72

3.25

4.44

5.09

5.28

5.35

11.6%

17.25

16.2%

3.70

56.8%

15.07

23.4%

6.50

31.5%

08.07.2013

Cisco Systems Inc Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

Price/Volume 250.0 M

200.0 M

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSCO US EQUITY YTD Change CSCO US EQUITY YTD % CHANGE

07/2012 04/yy 24.98 14.96 11'445'423.00 24.48 -2.00% 63.64% 95.91% 5'344.3 130'829.34 16'328.00 0.0 15.0 48'716.00 99'699.34

31.07.2008 39'540 2.86x 11'189.0 10.09x 8'052.0 16.14x

100.0 M

50.0 M

5 0 j-12

31.07.2009 31.07.2010 36'117 40'040 2.82x 2.64x 9'153.0 11'194.0 11.13x 9.46x 6'134.0 7'767.0 20.17x 17.07x Profitability

LTM-4Q 31.07.2011 43'218 1.37x 10'959.0 5.39x 6'490.0 13.03x

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

31.07.2012 46'061 1.10x 12'971.0 3.91x 8'041.0 9.80x 12'971.00 10'369.00 22.51% 22.06% 10.23% 17.81% 14.43% 0.51% 61.2% 28.2% 22.8% 17.5% 3.49 3.20 17.79% 31.84% 5.80 12.61

Price/ Cash Flow

04/yy 45'566 6.19x 12'632.0 5.98x 7'356 14.72x

s-12

o-12

n-12

d-12

LTM 04/yy 47'880 5.75x 13'483.0 5.84x 9'630 12.72x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

2.17 0.99 5'334.68 59.50 50.38% 26.47% 0.995 51 4.353 29'023'866 35'967'072 40'781'332 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 07/13 Q4 10/13 Q1 48'591 51'210 12'396 12'444 2.00x 1.84x 7.73x 7.61x 15'193.6 15'645.5 3'829.0 3'767.0 6.57x 6.38x 6.47x 6.38x 10'796 11'264 2'742 2'714 12.20x 11.57x 11.81x 11.59x 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

10.02.2006 A+ STABLE 31.01.2011 A-1+ 21.76 19.87 -2.31 1.21 31.8% 24.1% 0.51 13.75 62.75 28.86 18.13 77.17

Sales/Revenue/Turnover

20.00

50'000.0

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 31.07.2009

.0 M a-12

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

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

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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

08.07.2013

Cisco Systems Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN BANK OF NEW YORK MEL INVESCO LTD JP MORGAN FRANKLIN RESOURCES NORTHERN TRUST CORPO FMR LLC T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT YACKTMAN ASSET MANAG AMERIPRISE FINANCIAL TIAA CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME LAZARD ASSET MANAGEM DEUTSCHE BANK AG ALLIANZ ASSET MANAGE

Firm Name Topeka Capital Markets Inc JPMorgan Deutsche Bank Wells Fargo Securities, LLC Piper Jaffray FBR Capital Markets Independent Research GmbH JMP Securities Morgan Stanley Jefferies Pacific Crest Securities Robert W. Baird & Co William Blair & Co Raymond James Stifel Lazard Capital Markets The Juda Group RBC Capital Markets Janney Montgomery Scott LLC Needham & Co Wedbush Evercore Partners Oppenheimer & Co ISI Group Nomura Barclays BMO Capital Markets Cowen and Company Edward Jones Argus Research Corp ACI Research NYKREDIT Daiwa Securities Co. Ltd. Sterne, Agee & Leach Ameriprise Advisor Services, Inc Berenberg Bank Goldman Sachs Wunderlich Securities S&P Capital IQ MKM Partners Northland Securities Inc FBN Securities Tigress Financial Partners

Portfolio Name n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a n/a n/a NORTHERN TRUST CORPO n/a T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT YACKTMAN ASSET MANAG AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT NORGES BANK FIRST EAGLE INVESTME n/a n/a n/a

Analyst BRIAN J WHITE ROD HALL BRIAN T MODOFF JESS L LUBERT TROY D JENSEN SCOTT S THOMPSON MARKUS FRIEBEL ERIK SUPPIGER EHUD A GELBLUM GEORGE C NOTTER BRENT A BRACELIN JAYSON NOLAND SR JASON NOAH ADER SIMON M LEOPOLD SANJIV R WADHWANI RYAN HUTCHINSON NATARAJAN SUBRAHMANYAN MARK SUE WILLIAM CHOI ALEXANDER HENDERSON ROHIT CHOPRA MARK A MCKECHNIE ITTAI KIDRON BRIAN MARSHALL STUART JEFFREY BENJAMIN A REITZES TIMOTHY P LONG PAUL SILVERSTEIN WILLIAM C KREHER JAMES KELLEHER EDWARD A ZABITSKY MICHAEL DROSCHNER JORGENSEN YOKO YAMADA ALEX KURTZ JUSTIN H BURGIN ADNAAN AHMAD SIMONA JANKOWSKI MATTHEW S ROBISON JAMES G MOORMAN MICHAEL GENOVESE CATHARINE TREBNICK SHEBLY SEYRAFI IVAN FEINSETH

Source ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG

Recommendation buy underweight buy outperform overweight market perform buy market perform Overwt/Attractive hold outperform outperform outperform outperform buy neutral buy outperform neutral hold outperform equalweight outperform cautious buy overweight outperform outperform hold buy sell outperform outperform buy buy sell Buy/Neutral buy buy buy outperform outperform neutral

Amt Held 285'699'560 248'500'974 231'953'211 224'204'515 120'991'753 101'584'228 94'877'178 86'807'571 85'516'392 81'881'343 77'549'877 62'486'663 52'439'220 46'236'225 44'659'307 43'095'418 42'112'414 41'609'629 38'981'530 38'678'910

% Out 5.35 4.65 4.34 4.2 2.26 1.9 1.78 1.62 1.6 1.53 1.45 1.17 0.98 0.87 0.84 0.81 0.79 0.78 0.73 0.72

Weighting

Change 5 1 5 5 5 3 5 3 5 3 5 5 5 5 5 3 5 5 3 3 5 3 5 2 5 5 5 5 3 5 1 5 5 5 5 1 5 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 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 8'851'883 15'936'699 4'691'676 40'410'203 8'008'876 (2'683'669) (3'464'088) 4'636'884 8'020'372 3'322'967 7'729'430 (7'941'844) (3'941) 5'849'630 2'290'349 (4'034'692) (5'170'786) 1'460'755 2'407'895

Target Price 29 18 26 #N/A N/A 28 19 29 #N/A N/A 24 22 28 28 #N/A N/A 26 28 #N/A N/A 27 25 22 #N/A N/A 26 26 27 #N/A N/A 27 28 27 32 #N/A N/A 29 18 #N/A N/A 26 26 #N/A N/A 16 28 26 28 28 26 27 #N/A N/A

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

File Dt Inst Type 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Hedge Fund Manager 31.03.2013 Unclassified 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 05.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 19.06.2013 13.06.2013 12.06.2013 07.06.2013 05.06.2013 30.05.2013 23.05.2013 21.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.04.2013

08.07.2013

Quanta Services Inc Quanta Services, Inc. provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities. The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers. Quanta performs projects across the United States.

Price/Volume 35

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

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PWR US EQUITY YTD Change PWR US EQUITY YTD % CHANGE

12/2012 03/yy 30.56 21.63 1'204'329.00 26.7989 -12.29% 23.93% 53.47% 209.4 5'624.39 0.01 0.0 5.4 394.70 5'262.46

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

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-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 3'780.2 0.95x 403.1 8.89x 157.6 22.76x

31.12.2009 31.12.2010 3'318.1 3'931.2 1.07x 0.93x 367.9 402.3 9.65x 9.12x 162.2 153.2 29.94x 26.89x Profitability

LTM-4Q 31.12.2011 4'193.8 0.99x 333.8 12.39x 132.5 34.82x

31.12.2012 5'920.3 0.90x 623.1 8.54x 306.6 20.48x

623.12 465.12 7.86% 7.85% 6.72% 9.14% 9.64% 1.30% 15.8% 10.7% 8.3% 5.2% 2.50 1.96 0.00% 0.00% 5.39 13.14

Price/ Cash Flow

03/yy 4'983.5 3.16x 487.4 8.59x 195.8 21.29x

LTM 03/yy 6'460.9 3.25x 692.1 8.13x 333.0 18.58x

FY+1

0.00 0.99 206.83 4.60 14.04% -1.80% 0.986 19 4.842 1'372'458 2'097'921 1'893'403 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'332.4 6'891.7 1'517.9 1'617.1 0.83x 0.76x 3.57x 3.34x 654.1 763.2 155.7 172.3 8.04x 6.89x 7.93x 7.43x 308.3 369.7 71.9 83.6 18.13x 15.36x 17.89x 16.79x S&P Issuer Ratings

02.09.2008 NR 166.34 110.43 -0.53 0.00 0.0% 0.0% 1.30 6.28 67.73 27.78 41.51 72.38

Sales/Revenue/Turnover

120.00

7'000.0

100.00

6'000.0 5'000.0

80.00

4'000.0 60.00

3'000.0

40.00

2'000.0

20.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

08.07.2013

Quanta Services Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC STATE STREET INVESCO LTD FRONTIER CAPITAL MAN GUGGENHEIM WELLS FARGO COLUMBIA WANGER ASSE ALGER MANAGEMENT INC AMERICAN CENTURY COM OPPENHEIMERFUNDS INC GOLDMAN SACHS GROUP NORTHERN TRUST CORPO HHR ASSET MANAGEMENT RAINIER INVESTMENT M CI INVESTMENTS INC ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL DELTA LLOYD NV

Firm Name Johnson Rice & Co Lazard Capital Markets KeyBanc Capital Markets Stephens Inc Robert W. Baird & Co FBR Capital Markets Stifel EVA Dimensions BB&T Capital Markets Deutsche Bank Kansas City Capital Associates Credit Suisse D.A. Davidson & Co Wedbush Avondale Partners LLC Griffin Securities S&P Capital IQ Maxim Group LLC

Portfolio Name T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a FRONTIER CAPITAL MAN n/a n/a COLUMBIA WANGER ASSE FRED ALGER MANAGEMEN AMERICAN CENTURY COM OPPENHEIMER FUNDS IN n/a NORTHERN TRUST CORPO HHR ASSET MANAGEMENT RAINIER INVESTMENT M CI INVESTMENTS INC n/a BANK OF NEW YORK MEL n/a

Analyst MARTIN W MALLOY WILL GABRIELSKI TAHIRA AFZAL CHRIS GODBY ANDREW J WITTMANN ALEX J RYGIEL NOELLE C DILTS CRAIG STERLING ADAM ROBERT THALHIMER VISHAL SHAH JONATHAN P BRAATZ JAMIE L COOK JOHN B ROGERS CRAIG IRWIN DANIEL J MANNES MORRIS B AJZENMAN STEWART SCHARF WILLIAM D BREMER

Source 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG

Recommendation overweight buy buy overweight neutral outperform buy overweight buy buy outperform outperform buy outperform market outperform buy buy buy

Amt Held 22'474'039 13'854'602 13'129'808 8'514'834 6'647'257 5'303'918 5'298'463 4'217'067 3'860'000 3'809'104 3'673'232 3'324'020 3'091'063 2'816'385 2'711'500 2'589'750 2'400'700 2'380'811 2'211'246 2'110'033

% Out 10.73 6.62 6.27 4.07 3.17 2.53 2.53 2.01 1.84 1.82 1.75 1.59 1.48 1.34 1.29 1.24 1.15 1.14 1.06 1.01

Weighting

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

M M M M M M M U M M M M M M M M R M

Latest Chg (493'520) 348'541 906'768 287'775 (683'953) (154'440) 66'062 3'428'017 (30'000) (585'775) 303'544 (985'860) 81'349 103'318 (102'800) 881'110 75'400 (72'380) 7'177 (35'241)

Target Price 36 35 32 34 34 34 34 #N/A N/A 33 33 34 33 35 33 34 35 32 36

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Unclassified 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank

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

Date 08.07.2013 27.06.2013 25.06.2013 21.06.2013 17.06.2013 17.06.2013 10.06.2013 25.05.2013 17.05.2013 09.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013

08.07.2013

SMA Solar Technology AG SMA Solar Technology AG manufactures solar inverters, alternating current converters for solar generated electricity.

Price/Volume 30

1.6 M 1.4 M

1.2 M 20

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance S92 GY EQUITY YTD Change S92 GY EQUITY YTD % CHANGE

12/2012 03/yy 29.90 15.61 31'343.00 21.725 -27.34% 39.17% 36.32% 34.7 753.86 93.53 0.0 0.0 442.70 479.42

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

.8 M .6 M

.4 M 5 0 j-12

.2 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 681.6 1.64x 174.8 6.39x 119.5 10.90x

1.0 M

Valuation Analysis

31.12.2009 31.12.2010 934.3 1'920.1 3.17x 1.05x 243.4 547.2 12.16x 3.68x 161.1 365.0 20.10x 6.61x Profitability

LTM-4Q 31.12.2011 1'676.3 0.69x 289.4 3.98x 166.1 9.01x

31.12.2012 1'463.4 0.21x 173.3 1.79x 75.1 8.80x

173.29 103.36 7.06% 7.16% 2.87% 4.90% 4.31% 0.91% 23.5% 12.8% 7.1% 5.1% 3.31 2.30 7.04% 11.40% 8.33 3.89

Price/ Cash Flow

03/yy 1'825.4 3.03x 322.6 2.65x 185.3 6.30x

LTM 03/yy 1'270.7 1.59x 162.9 2.28x 39.9 16.18x

FY+1

0.77 10.12 -13.78% 17.37% 0.770 14 2.571 75'026 70'348 85'726 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'119.0 1'145.4 0.36x 0.34x 36.9 79.2 12.98x 6.06x (20.9) 7.0 171.06x S&P Issuer Ratings

161.35 93.46 -1.69 0.79 11.4% 10.2% 0.91 3.40 43.82 93.90 40.31 78.85

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 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 |

08.07.2013

SMA Solar Technology AG Holdings By:

All

Holder Name POOL SMA SOLAR TECH KLEINKAUF WERNER WETTLAUFER REINER DREWS PETER CRAMER GUENTHER GUENTHER CRAMER FOUN PETER DREWS FOUNDATI REINER WETTLAUFER FO BAILLIE GIFFORD AND RUANE CUNNIFF & GOLD VANGUARD GROUP INC ODDO ASSET MANAGEMEN BARRINGTON WILSHIRE SOTHIC CAPITAL MANAG INVESCO LTD BLACKROCK DELTA LLOYD NV CLAYMORE ADVISORS LL UNION INVESTMENT GMB GUARDIAN LIFE GROUP

Firm Name Equinet Institutional Services(ESN) Deutsche Bank Commerzbank Corporates & Markets Macquarie M.M. Warburg Investment Research Independent Research GmbH Montega EVA Dimensions Bankhaus Metzler HSBC Landesbank Baden-Wuerttemberg Main First Bank AG Natureo Finance Hammer Partners SA

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

Analyst STEFAN FREUDENREICH ALEXANDER KARNICK GEORG REMSHAGEN ROBERT SCHRAMM-FUCHS CHRISTOPHER RODLER SVEN DIERMEIER ALEXANDER DREWS ANDREW S ZAMFOTIS DANIEL SEIDENSPINNER CHRISTIAN DOMINIK RATH ERKAN AYCICEK ANDREAS THIELEN INGO QUEISER ALBERTO ROLLA

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

Recommendation sell buy sell neutral hold sell sell overweight sell overweight hold underperform buy buy

Amt Held % Out 8'744'400 25.2 2'512'280 7.24 2'446'350 7.05 2'446'350 7.05 2'439'410 7.03 1'998'720 5.76 1'998'720 5.76 1'998'720 5.76 1'045'776 3.01 1'002'885 2.89 798'814 2.3 524'878 1.51 (402'520) -1.16 (364'350) -1.05 319'611 0.92 213'081 0.61 138'970 0.4 127'411 0.37 98'000 0.28 93'147 0.27

Weighting

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

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

Latest Chg (18'158) 48'580 41'640 (4'248) (4'692) 31'910 50'000 -

Target Price 19 25 16 21 24 19 19 #N/A N/A 15 25 20 15 45 119

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 05.08.2011 n/a 31.12.2011 n/a 31.12.2011 Other 31.12.2011 Other 25.11.2011 Investment Advisor 12.07.2011 Investment Advisor 31.03.2013 Investment Advisor 30.09.2012 Investment Advisor 27.06.2013 Hedge Fund Manager 05.07.2013 Other 05.07.2013 Investment Advisor 03.07.2013 Investment Advisor 28.02.2013 Bank 05.07.2013 Investment Advisor 28.09.2012 Investment Advisor 31.03.2013 Insurance Company

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

Date 04.07.2013 03.07.2013 28.06.2013 25.06.2013 25.06.2013 24.06.2013 21.06.2013 24.05.2013 16.05.2013 15.05.2013 15.05.2013 09.11.2012 17.04.2012 04.10.2010

08.07.2013

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

Price/Volume 60

40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITRI US EQUITY YTD Change ITRI US EQUITY YTD % CHANGE

12/2012 03/yy 48.42 36.87 109'334.00 42.28 -12.68% 14.67% 48.92% 39.3 1'661.66 417.50 0.0 16.5 136.41 1'976.32

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

20 10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 1'909.6 1.68x 283.5 11.31x 19.8 20.36x

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

31.12.2009 31.12.2010 1'687.4 2'259.3 2.00x 1.19x 200.8 315.4 16.80x 8.51x (2.2) 104.8 120.63x 18.59x Profitability

LTM-4Q 31.12.2011 2'434.1 0.73x 323.2 5.46x (510.2) -

31.12.2012 2'178.2 0.94x 262.3 7.81x 108.3 16.28x

262.26 152.79 7.01% 6.25% 4.15% 8.89% 6.93% 1.00% 32.8% 10.8% 5.6% 5.0% 1.76 1.09 19.98% 42.05% 5.51 7.03

Price/ Cash Flow

03/yy 2'442.1 3.19x 309.2 6.84x (510.2) 0.00x

LTM 03/yy 2'054.1 4.01x 222.7 9.65x 85.5 20.63x

FY+1

0.00 1.31 36.88 2.08 -0.52% -5.10% 1.309 19 3.842 1'261'292 501'877 390'165 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'005.1 2'155.1 486.4 514.1 0.95x 0.82x 3.99x 3.72x 220.6 263.5 49.8 62.0 8.96x 7.50x 7.90x 7.44x 107.2 143.1 22.7 32.4 15.15x 11.77x 12.89x 11.80x S&P Issuer Ratings

01.06.2011 BB STABLE 25.93 20.93 1.33 1.79 42.0% 29.3% 1.00 8.02 66.23 51.92 59.82 48.22

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

08.07.2013

Itron Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FAIRPOINTE CAPITAL L BLACKROCK VANGUARD GROUP INC NORGES BANK EARNEST PARTNERS LLC INVESCO LTD IMPAX ASSET MANAGEME STATE STREET SAM SUSTAINABLE ASSE NORGES BANK THRIVENT FINANCIAL F DIMENSIONAL FUND ADV STERLING CAPITAL MAN PARVEST INVESTMENT M DREMAN VALUE MANAGEM SARASIN BANK OF NEW YORK MEL JP MORGAN FRONTIER CAPITAL MAN

Firm Name Brean Capital LLC Argus Research Corp Janney Montgomery Scott LLC Needham & Co Wedbush Deutsche Bank EVA Dimensions Jefferies Macquarie Canaccord Genuity Corp Lazard Capital Markets Divine Capital Markets Credit Suisse JPMorgan Robert W. Baird & Co Stifel

Portfolio Name n/a FAIRPOINTE CAPITAL L n/a VANGUARD GROUP INC n/a EARNEST PARTNERS LLC n/a IMPAX ASSET MANAGEME n/a SAM SUSTAINABLE ASSE NORGES BANK THRIVENT FINANCIAL F n/a STERLING CAPITAL MAN Multiple Portfolios DREMAN VALUE MANAGEM n/a BANK OF NEW YORK MEL n/a FRONTIER CAPITAL MAN

Analyst MICHAEL E GAUGLER MICHAEL BURKE RYAN M CONNORS SEAN K F HANNAN CRAIG IRWIN VISHAL SHAH ANDREW S ZAMFOTIS SCOTT REYNOLDS ANDREW WEISEL JOHN S QUEALY SANJAY K SHRESTHA STEVEN CHAREST PATRICK JOBIN PAUL T COSTER BEN KALLO JEFFREY D OSBORNE

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

Recommendation hold buy buy hold outperform hold overweight hold neutral buy buy hold neutral neutral outperform sell

Amt Held 4'236'714 3'090'373 2'940'700 2'074'873 1'944'948 1'518'030 1'106'444 1'051'464 1'033'763 858'100 846'036 718'949 628'283 476'620 463'947 460'775 452'580 425'659 416'306 408'163

% Out 10.78 7.86 7.48 5.28 4.95 3.86 2.82 2.68 2.63 2.18 2.15 1.83 1.6 1.21 1.18 1.17 1.15 1.08 1.06 1.04

Weighting

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

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

Latest Chg 238'700 209'682 (177'561) (65'290) (504'013) (3'407) 123'532 267'265 (90'839) 260'141 165'349 39'421 104'330 (16'000) 146'118 (21'800) 10'637 (61'927) 240'143

Target Price #N/A N/A 49 48 #N/A N/A 45 41 #N/A N/A 40 40 48 52 41 47 41 48 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 17.02.2012 Government 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Unclassified 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 08.07.2013 25.06.2013 11.06.2013 31.05.2013 13.05.2013 09.05.2013 07.05.2013 01.05.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013

08.07.2013

ITC Holdings Corp ITC Holdings Corporation is a holding company. Through subsidiaries, the Company transmits electricity from electricity generating stations to local electricity distribution facilities. ITC invests in electricity transmission infrastructure improvements as a means to improve electricity reliability and reduce congestion.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.04.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITC US EQUITY YTD Change ITC US EQUITY YTD % CHANGE

12/2012 03/yy 93.69 69.52 56'237.00 91.92 -1.89% 32.22% 87.05% 52.3 4'808.99 3'147.23 0.0 0.0 26.19 8'102.25

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

31.12.2009 31.12.2010 621.0 696.8 8.00x 7.96x 412.8 444.3 12.04x 12.48x 130.9 145.7 20.06x 21.60x Profitability

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12

LTM-4Q 31.12.2011 757.4 8.56x 492.7 13.15x 171.7 22.59x

31.12.2012 830.5 8.60x 537.6 13.28x 187.9 18.58x

537.57 431.06 51.90% 35.70% 3.56% 13.98% 6.53% 0.16% 64.4% 51.5% 22.6% 0.20 0.10 56.56% 222.44% 11.07 -

Price/ Cash Flow

03/yy 774.7 33.40x 500.6 13.43x 175.7 22.14x

s-12

o-12

n-12

d-12

LTM 03/yy 851.1 33.48x 548.0 14.53x 192.0 20.64x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.62 0.66 51.46 2.57 33.38% 20.58% 0.659 12 4.167 193'551 238'452 258'288 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 966.5 1'143.5 240.0 249.0 9.14x 8.16x 30.39x 29.27x 687.3 790.8 170.3 177.3 11.79x 10.24x 11.46x 11.14x 257.6 328.6 63.1 66.9 18.66x 16.40x 18.11x 17.71x S&P Issuer Ratings

05.12.2011 BBB+ STABLE 3.45 -1.70 6.01 6.13 222.4% 69.0% 0.16 0.22 32.98 -

Sales/Revenue/Turnover

16.00

900.0

14.00

800.0

12.00

700.0 600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 01.01.2010

1.6 M

Fiscal Year Ended 31.12.2008 617.9 7.05x 382.4 11.40x 109.2 19.95x

100 90 80 70 60 50 40 30 20 10 0 j-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 |

08.07.2013

ITC Holdings Corp Holdings By:

All

Holder Name BAMCO INC FMR LLC BLACKROCK VANGUARD GROUP INC NEUBERGER BERMAN LLC BANK OF NOVA SCOTIA CANADA PENSION PLAN W H REAVES & COMPANY JENNISON ASSOCIATES MUNDER CAPITAL MANAG SUN LIFE FINANCIAL I COMMONWEALTH BANK OF FIRST EAGLE INVESTME RAINIER INVESTMENT M STATE STREET LORD ABBETT & CO LLC ENERGY INCOME PARTNE SANTA BARBARA ASSET D E SHAW & COMPANY I GENEVA INVESTMENT MA

Firm Name Credit Suisse Wunderlich Securities Wells Fargo Securities, LLC ISI Group Edward Jones D.A. Davidson & Co Deutsche Bank Argus Research Corp US Capital Advisors Barclays Ameriprise Advisor Services, Inc S&P Capital IQ JPMorgan

Portfolio Name BAMCO INC n/a n/a VANGUARD GROUP INC NEUBERGER BERMAN GRO n/a CANADA PENSION PLAN W H REAVES & COMPANY JENNISON ASSOCIATES MUNDER CAPITAL MANAG n/a COMMONWEALTH BANK OF FIRST EAGLE INVESTME RAINIER INVESTMENT M n/a LORD ABBETT & CO LLC ENERGY INCOME PARTNE SANTA BARBARA ASSET D E SHAW & CO GENEVA INVESTMENT MA

Analyst KEVIN COLE JAMES L DOBSON NEIL A KALTON GREG GORDON ANDREW PUSATERI MICHAEL BATES JONATHAN ARNOLD GARY F HOVIS DANIEL M FIDELL DANIEL F FORD LEZE THAQI CHRISTOPHER MUIR CHRISTOPHER TURNURE

Source 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F

Recommendation neutral buy outperform neutral buy buy hold hold hold suspended coverage buy strong buy restricted

Amt Held 5'089'181 4'642'042 3'646'068 2'637'959 2'614'256 2'270'139 2'195'445 1'423'110 1'356'336 1'225'606 1'020'926 955'908 788'270 757'635 747'250 734'969 715'932 684'639 673'025 629'529

% Out 9.73 8.87 6.97 5.04 5 4.34 4.2 2.72 2.59 2.34 1.95 1.83 1.51 1.45 1.43 1.4 1.37 1.31 1.29 1.2

Weighting

Change

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

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

Latest Chg 170'845 573'432 77'995 140'893 231'992 (779'900) 73'794 (110'723) (35'367) (422'048) 129'897 97'072 217'090 28'822 214'848 142'751 67'042 (134'383) 79'040

Target Price 94 107 #N/A N/A 88 #N/A N/A 105 93 #N/A N/A 93 #N/A N/A #N/A N/A 108 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor

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

Date 05.07.2013 03.07.2013 03.07.2013 24.06.2013 21.06.2013 15.05.2013 03.05.2013 01.05.2013 29.04.2013 24.04.2013 16.04.2013 11.04.2013 27.03.2012

08.07.2013

General Cable Corp General Cable Corporation designs, develops, manufactures, markets, and distributes copper, aluminum, and fiber optic wire and cable products for the communications, electrical, and energy markets. The Company operates around the world.

Price/Volume 40

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BGC US EQUITY YTD Change BGC US EQUITY YTD % CHANGE

12/2012 03/yy 37.14 24.49 100'998.00 30.45 -18.01% 24.34% 46.96% 49.8 1'515.17 1'450.10 3.8 136.0 638.20 2'466.87

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

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 6'230.1 0.32x 514.5 3.91x 189.0 4.64x

2.5 M

31.12.2009 31.12.2010 4'385.2 4'864.9 0.48x 0.51x 281.6 323.7 7.46x 7.67x 56.6 69.5 16.16x 13.39x Profitability

LTM-4Q 31.12.2011 5'866.7 0.34x 341.5 5.78x 66.0 14.56x

31.12.2012 6'014.3 0.41x 309.7 7.95x 4.0 20.71x

309.70 194.80 3.24% 1.40% -1.32% 1.30% 10.2% 2.9% 0.1% 1.64 0.92 29.47% 107.45% 5.09 4.19

Price/ Cash Flow

03/yy 5'851.6 0.72x 122.6 0.00x 50.6 17.82x

LTM 03/yy 6'114.9 1.14x 235.7 0.00x (62.2) 68.60x

FY+1

1.85 48.41 4.36 12.92% 0.67% 1.849 7 4.143 1'232'162 680'701 690'271 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'798.7 7'244.3 1'701.0 1'787.8 429.2 499.6 105.3 126.3 5.75x 4.94x 5.31x 5.06x 101.7 165.0 26.8 40.5 12.91x 9.35x 11.40x 10.42x S&P Issuer Ratings

09.11.2006 BBSTABLE 2.90 1.88 107.5% 49.3% 1.30 5.51 86.41

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 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 |

08.07.2013

General Cable Corp Holdings By:

All

Holder Name CADIAN CAPITAL MANAG BLACKROCK DIMENSIONAL FUND ADV FMR LLC VANGUARD GROUP INC GUGGENHEIM ALLIANCE BERNSTEIN T ROWE PRICE ASSOCIA STATE STREET WEDGE CAPITAL MANAGE EAGLE ASSET MANAGEME DREMAN VALUE MANAGEM DEUTSCHE BANK AG BANK OF NEW YORK MEL AQR CAPITAL MANAGEME WELLINGTON MANAGEMEN AXA MONUMENTAL LIFE INSU HHR ASSET MANAGEMENT DNB NOR ASSET MANAGE

Firm Name CL King & Associates Sidoti & Company LLC Longbow Research Stifel BB&T Capital Markets D.A. Davidson & Co EVA Dimensions

Portfolio Name CADIAN CAPITAL MANAG n/a n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA n/a WEDGE CAPITAL MANAGE EAGLE ASSET MANAGEME DREMAN VALUE MANAGEM n/a BANK OF NEW YORK MEL AQR CAPITAL MANAGEME WELLINGTON MANAGEMEN n/a MONUMENTAL LIFE INSU HHR ASSET MANAGEMENT DNB NOR ASSET MANAGE

Analyst GARY A FARBER RICHARD H WESOLOWSKI SHAWN M HARRISON NOELLE C DILTS MATTHEW S MCCALL BRENT THIELMAN CRAIG STERLING

Source 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG Sch-D 13F 13F

Recommendation buy buy neutral buy buy buy underweight

Amt Held % Out 4'945'000 9.94 3'681'695 7.4 3'326'601 6.69 3'112'788 6.26 2'623'879 5.27 2'309'270 4.64 2'008'715 4.04 1'524'592 3.06 1'501'932 3.02 1'459'175 2.93 1'226'431 2.46 1'149'281 2.31 1'012'229 2.03 915'346 1.84 855'070 1.72 762'335 1.53 734'200 1.48 (729'011) -1.47 717'500 1.44 707'438 1.42

Weighting

Change 5 5 3 5 5 5 1

M M M M M M M

Latest Chg (50'769) 141'635 432'378 (29'021) 33'966 (18'911) 136'900 169'718 (47'595) 55'375 (27'242) (205'616) 8'070 (144'900) (86'595) 650 (729'011) (69'200) (133'413)

Target Price 41 42 #N/A N/A 40 38 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 31.03.2013 Hedge Fund Manager 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Unclassified 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 03.07.2013 28.06.2013 21.05.2013 21.05.2013 02.05.2013 15.01.2013

08.07.2013

American Superconductor Corp American Superconductor Corporation is an energy technologies company that offers solutions based upon its programmable power electronic converters and high temperature superconductor (HTS) wires. The Company serves the utility, industrial and wind power markets.

Price/Volume 6

4.0 M 3.5 M

3.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (13.07.2012) 52-Week Low (18.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMSC US EQUITY YTD Change AMSC US EQUITY YTD % CHANGE

03/2013 03/yy 4.88 2.12 653'302.00 2.585 -47.03% 21.93% 18.48% 60.5 156.30 18.02 0.0 0.0 39.24 135.07

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

2.0 M 1.5 M

1.0 M 1

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.03.2009 182.8 3.50x 1.2 517.02x (16.6) -

2.5 M

Valuation Analysis

31.03.2010 31.03.2011 316.0 286.6 3.63x 3.56x 48.9 (116.7) 23.45x 16.2 (186.3) 78.11x Profitability

LTM-4Q 31.03.2012 76.5 2.12x (91.2) (136.8) -

31.03.2013 87.4 1.60x (36.8) (66.1) -36.77 -49.82 -56.99% -75.95% -28.03% -45.61% 0.37% 17.7% -42.1% -57.0% -75.6% 1.51 0.73 8.31% 14.40% 4.62 2.29

Price/ Cash Flow

03/yy 76.5 9.14x (91.2) 0.00x (136.8) 0.00x

LTM 03/yy 87.4 7.69x (36.8) 0.00x (66.1) 0.00x

0.00 1.46 43.40 4.59 -46.03% -1.34% 1.464 4 3.000 1'294'338 814'802 625'690

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

06/13 Q1

09/13 Q2

S&P Issuer Ratings

-2.46 -2.56 -0.49 14.4% 12.6% 0.37 1.06 79.04 159.14 36.75 201.43

Sales/Revenue/Turnover

120.00

350.0

100.00

300.0 250.0

80.00

200.0 60.00

150.0

40.00

100.0

20.00

50.0

0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

08.07.2013

American Superconductor Corp Holdings By:

All

Holder Name DOUGLAS KEVIN BLACKROCK VANGUARD GROUP INC CAPITAL VENTURES INT SUSQUEHANNA INTERNAT IRONWOOD INVESTMENT STATE STREET NORTHERN TRUST CORPO INVESCO LTD MCGAHN DANIEL P JACOBS LEVY EQUITY M DIMENSIONAL FUND ADV CALIFORNIA PUBLIC EM HENRY DAVID A GEODE CAPITAL MANAGE FMR LLC FRANK RUSSELL TRUST SCOPIA MANAGEMENT IN BANK OF NEW YORK MEL MAGUIRE JAMES F

Firm Name Ascendiant Capital Markets Ardour Capital EVA Dimensions Needham & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a SUSQUEHANNA INTERNAT IRONWOOD INVESTMENT n/a NORTHERN TRUST CORPO n/a n/a JACOBS LEVY EQUITY M n/a CALIFORNIA PUBLIC EM n/a GEODE CAPITAL MANAGE n/a FRANK RUSSELL COMPAN SCOPIA MANAGEMENT IN BANK OF NEW YORK MEL n/a

Analyst CARTER W DRISCOLL JINMING LIU CRAIG STERLING JAMES RICCHIUTI

Source Form 4 ULT-AGG 13F 13G 13F 13F ULT-AGG 13F ULT-AGG Form 4 13F ULT-AGG 13F Form 4 13F ULT-AGG 13F 13F 13F Form 4

Recommendation buy hold underweight hold

Amt Held 13'792'507 3'216'232 1'835'511 1'617'384 1'476'330 875'380 772'864 662'488 643'088 542'911 479'803 463'997 377'290 261'491 249'856 247'538 238'894 219'367 218'302 216'136

% Out 22.81 5.32 3.04 2.67 2.44 1.45 1.28 1.1 1.06 0.9 0.79 0.77 0.62 0.43 0.41 0.41 0.4 0.36 0.36 0.36

Weighting

Change 5 3 1 3

N M M M

Latest Chg 221'635 (660'905) (401'934) 190'673 (30'115) (16'655) (158'098) (8'520) 20'500 (600) 51'000 (4'683) (897) 2'268 16'545 219'367 (3'042) 187'906

Target Price 3 3 #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 13.02.2013 n/a 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Venture Capital 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 23.05.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 08.05.2013 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 25.10.2012 n/a

Date 12 month 12 month Not Provided Not Provided

Date 27.06.2013 17.06.2013 15.01.2013 12.10.2012

08.07.2013

Esco Corp ESCO Corporation manufactures and distributes engineered parts and replacement products. The Company markets its products to companies in surface mining, industrial applications, infrastructure, power generation, and aerospace services throughout the world.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (#N/A Field Not Applicable) 52-Week Low (#N/A Field Not Applicable) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ESCO US EQUITY YTD Change ESCO US EQUITY YTD % CHANGE

Price/Volume

12/2010 12/yy 0.00 290.58 0.0 20.6 56.82 -

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

.0 M

Fiscal Year Ended 31.12.2006 690.9 16.9 -

31.12.2007 31.12.2008 790.5 939.9 108.2 24.1 31.2 Profitability

LTM-4Q 31.12.2009 680.4 87.6 18.4 -

31.12.2010 849.5 103.9 23.9 133.57 98.84 8.81% 7.33% 0.01% 0.00% 26.6% 8.8% 4.3% 2.21 1.19 34.02% 1153.35% 0.02 0.02

12/yy 849.5 0.00x 24.8 0.00x 24.1 0.00x

FY+1

FY+2

FQ+1

FQ+2

12/11 Y

12/12 Y

03/11 Q1

06/11 Q2

S&P Issuer Ratings

28.01.2011 NR 9.33 5.64 1153.4% 86.4% 0.00 0.01 22795.07 23400.14 -114.95 84.13

Sales/Revenue/Turnover

1.20

1'200.0

1.00

1'000.0

0.80

800.0

0.60

LTM 12/yy 1'122.3 0.00x 65.8 0.00x 48.5 0.00x

0 -

600.0 400.0

0.40

200.0 0.20

0.0 0.00

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

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

08.07.2013

Esco Corp Holdings By:

All

Holder Name

Portfolio Name

Source

Amt Held

% Out

Latest Chg

File Dt

Inst Type

Firm Name

Analyst

Recommendation

Weighting

Change

Target Price

Date

#N/A N/A

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

08.07.2013

Telvent GIT SA Telvent GIT SA operates as information technology company. The Company provides value added real time products and services solutions, as well as provides systems integration, consulting, design and engineering services, and software. Telvent operates internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (#N/A Field Not Applicable) 52-Week Low (#N/A Field Not Applicable) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2011 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLVTF US EQUITY YTD Change TLVTF US EQUITY YTD % CHANGE

12/2011 03/yy 0.00 34.1 375.36 0.0 0.5 72.47 -

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

.0 M

Fiscal Year Ended 31.12.2007 624.3 0.98x 52.3 11.65x 24.9 20.73x

31.12.2008 31.12.2009 724.6 791.1 0.85x 1.44x 78.2 109.3 7.85x 10.45x 30.2 39.1 9.52x 23.86x Profitability

LTM-4Q 31.12.2010 723.9 1.35x 92.0 10.62x 46.4 18.65x

31.12.2011 92.03 56.56 7.81% 5.28% 3.68% 14.11% 0.59% 36.5% 7.7% 6.4% 1.22 0.41 29.97% 106.61% 6.08 1.24

Price/ Cash Flow

03/yy 766.3 4.91x 54.9 0.00x 38.7 16.47x

LTM 03/yy 729.8 4.91x 66.5 0.00x 45.8 33.09x

0.12 0 -

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

06/11 Q2

09/11 Q3

S&P Issuer Ratings

3.08 2.62 106.6% 51.6% 0.59 9.10 59.99 293.41 171.54 113.52

Sales/Revenue/Turnover

140.00

900.0

120.00

800.0 700.0

100.00

600.0

80.00

500.0

60.00

400.0 300.0

40.00

200.0

20.00

100.0

0.00 04.01.200804.07.200804.01.200904.07.200904.01.201004.07.201004.01.201104.07.201104.01.201204.07.201204.01.2013

0.0 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 |

08.07.2013

Telvent GIT SA Holdings By:

All

Holder Name SCHNEIDER ELECTRIC S GONZALEZ-DOMINGU IGN JARDINE DAVID PEREZ JOSE MONTOYA DEL BARRIO JOSE IGNA STACK LARRY SZNAIDER RONALD J VILLAZAN BERNARDO LEIFERMAN JOHN

Firm Name Jefferies

Portfolio Name

Source

n/a n/a n/a n/a n/a n/a n/a n/a n/a

13D 20F 20F 20F 20F 20F 20F 20F 20F

Analyst ELAINE S KWEI

Recommendation buy

Amt Held 33'483'146 120'000 108'000 106'620 82'500 72'000 4'000 600 400

% Out 98.21 0.35 0.32 0.31 0.24 0.21 0.01 0 0

Weighting

Change 5

Latest Chg 1'333'318 -

Target Price

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

File Dt 29.09.2011 16.03.2011 16.03.2011 16.03.2011 16.03.2011 16.03.2011 16.03.2011 16.03.2011 16.03.2011

Date 12 month

Inst Type Corporation n/a n/a n/a n/a n/a n/a n/a n/a

Date 21.10.2011

08.07.2013

Wasion Group Holdings Ltd Wasion Group Holdings Ltd. manufactures electronic power meters and data collection terminals. The Company produces three-phase and single phase electronic power meters used to measure the transfer of electricity between power stations, power companies, and end users. Wasion also develops power management software.

Price/Volume

12.0 M 10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3393 HK EQUITY YTD Change 3393 HK EQUITY YTD % CHANGE

12/2012 01/yy 5.30 2.57 1'388'000.00 4.79 -9.62% 86.38% 81.32% 931.3 4'461.02 605.56 0.0 0.4 585.99 3'547.85

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

14.0 M

5 4

Valuation Analysis

31.12.2008 1'059.4 1.16x 363.4 3.39x 261.5 4.68x

31.12.2009 31.12.2010 1'078.2 1'330.8 5.96x 3.00x 352.8 282.0 18.21x 14.17x 262.0 191.2 23.04x 20.75x Profitability

31.12.2011 1'968.7 0.93x 369.4 4.97x 247.5 6.91x

31.12.2012 2'452.3 1.11x 457.1 5.98x 323.1 8.34x

457.09 353.85 14.43% 14.49% 7.42% 12.98% 11.16% 0.56% 32.8% 18.6% 14.4% 13.2% 1.75 1.00 14.20% 23.32% 2.55 4.31

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.80 1.39 439.77 59.88% 36.98% 1.385 9 4.556 988'826 2'103'093 2'249'760 FY+2

12/13 Y 12/14 Y 2'863.5 3'593.1 1.03x 0.81x 517.2 596.6 6.86x 5.95x 379.3 446.1 9.31x 7.91x S&P Issuer Ratings

FQ+1

FQ+2

7.29 4.42 0.04 1.32 23.3% 18.9% 0.56 2.62 143.30 84.97 187.77 40.50

Sales/Revenue/Turnover

40.00

3'000.0

35.00

2'500.0

30.00

2'000.0

25.00 20.00

1'500.0

15.00

1'000.0

10.00

500.0 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 |

08.07.2013

Wasion Group Holdings Ltd Holdings By:

All

Holder Name WEI JI JP MORGAN HANDELSBANKEN FONDER POWER CORP OF CANADA ALLIANZ ASSET MANAGE ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV NOMURA LA FRANCAISE AM INTE NORGES BANK SCHRODER INVESTMENT NESTOR INVESTMENT MA AMERIPRISE FINANCIAL BANK OF NOVA SCOTIA VANGUARD GROUP INC HEARTLAND ADVISORS I XUE XIN WANG NATIXIS ASSET MANAGE HARDING LOEVNER LP STATE STREET

Firm Name

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

Analyst

DBS Vickers PATRICIA YEUNG Ji Asia TAY HER LIM EVA Dimensions ANDREW S ZAMFOTIS KGI Securities JERRY WENG Macquarie SAIYI HE RHB Research Institute Sdn Bhd JOE CHAN UOB Kay Hian MARK PO First Shanghai Securities Ltd XIAOXIA CHEN Essence Securities PATRICK CHOI GuoSen Securities Co Ltd VIVIAN FU Yuanta Securities Investment ConsultingTEAM COVERAGE Hua Tai Securities Co., Ltd YUNFENG FAN SWS Research Co Ltd TITUS WU

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

Recommendation buy buy overweight neutral neutral buy buy buy buy buy Under Review neutral underperform

Amt Held 486'888'888 46'767'028 27'300'000 17'500'000 11'882'000 10'912'000 9'291'291 8'718'000 6'676'000 6'327'369 4'294'796 3'888'000 3'320'000 2'464'000 2'284'000 2'000'000 1'462'000 1'428'000 1'366'000 1'275'000

% Out 52.28 5.02 2.93 1.88 1.28 1.17 1 0.94 0.72 0.68 0.46 0.42 0.36 0.26 0.25 0.21 0.16 0.15 0.15 0.14

Weighting

Change

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

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

Latest Chg 84'000 (1'232'028) (466'000) 2'290'000 202'796 1'050'000 1'770'000 (1'954'000) 950'000 900'000 194'000 -

Target Price 6 6 #N/A N/A 4 4 6 6 4 4 4 #N/A N/A 3 2

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

File Dt 18.09.2012 19.03.2013 30.06.2013 28.02.2013 31.05.2013 19.04.2012 29.03.2013 27.04.2012 31.01.2013 31.12.2012 31.12.2012 28.03.2013 31.05.2013 31.12.2012 31.03.2013 28.03.2013 24.04.2013 28.03.2013 30.06.2012 05.07.2013

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

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

Date 03.07.2013 21.06.2013 03.06.2013 30.05.2013 27.05.2013 20.05.2013 25.03.2013 16.11.2012 22.08.2012 09.05.2012 04.05.2012 22.08.2011 29.03.2011

08.07.2013

EnerNOC Inc EnerNOC, Inc. develops and provides clean and intelligent power solutions to commercial, institutional and industrial customers, as well as electric power grid operators and utilities. The Company, through its network centers remotely manages electricity consumption across a network of end-use customer sites.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENOC US EQUITY YTD Change ENOC US EQUITY YTD % CHANGE

12/2012 03/yy 19.08 6.04 105'602.00 14.84 -22.22% 145.70% 64.95% 30.2 448.85 0.00 0.0 0.0 115.04 334.02

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

31.12.2009 31.12.2010 190.7 280.2 3.23x 1.60x 7.0 27.1 88.13x 16.55x (6.8) 9.6 64.62x Profitability

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12

LTM-4Q 31.12.2011 286.6 0.73x 12.5 16.75x (13.4) -

31.12.2012 278.0 0.81x 4.8 46.78x (22.3) -

4.83 -20.39 -7.33% -7.38% -7.72% -11.44% 0.88% 44.4% 1.2% -7.8% -8.0% 2.12 1.52 0.00% 0.00% 10.31 7.12

Price/ Cash Flow

03/yy 279.3 2.99x 4.3 28.64x (21.8) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 286.4 3.64x 3.6 113.52x (25.1) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.00 1.23 23.77 0.94 114.76% 26.30% 1.234 10 3.700 311'275 437'999 327'369 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 378.8 461.5 35.3 252.6 0.78x 0.51x 10.94x 1.49x 61.6 82.6 (23.8) 113.1 5.41x 4.03x 4.41x 3.51x 28.0 40.9 (30.0) 110.3 12.49x 9.91x 13.74x 11.51x S&P Issuer Ratings

3.04 -6.93 -32.08 0.00 0.0% 0.0% 0.88 7.36 35.40 51.29 12.03 166.01

Sales/Revenue/Turnover

140.00

350.0

120.00

300.0

100.00

250.0

80.00

200.0

60.00

150.0

40.00

100.0

20.00

50.0

0.00 01.01.2010

3.5 M

Fiscal Year Ended 31.12.2008 106.1 0.87x (28.1) (36.7) -

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

08.07.2013

EnerNOC Inc Holdings By:

All

Holder Name BLACKROCK BROWN CAPITAL MANAGE BREWSTER DAVID B FOUNDATION CAPITAL HEALY TIMOTHY G P SCHOENFELD ASSET M DNB NOR ASSET MANAGE VANGUARD GROUP INC DRAPER TIMOTHY C ADAGE CAPITAL PARTNE RENAISSANCE TECHNOLO DIMENSIONAL FUND ADV STATE STREET NEW YORK STATE COMMO MORGAN STANLEY DIXON GREGG M DELTA LLOYD NV SAMUELS DAVID M LORD ABBETT & CO LLC NORTHERN TRUST CORPO

Firm Name Raymond James JPMorgan Needham & Co Credit Suisse Robert W. Baird & Co Wedbush Canaccord Genuity Corp Macquarie Ardour Capital EVA Dimensions Jefferies

Portfolio Name n/a BROWN CAPITAL MGMT I n/a n/a n/a P SCHOENFELD ASSET M DNB NOR ASSET MANAGE VANGUARD GROUP INC n/a ADAGE CAPITAL PARTNE RENAISSANCE TECHNOLO n/a n/a NEW YORK STATE COMMO n/a n/a n/a n/a LORD ABBETT & CO LLC NORTHERN TRUST CORPO

Analyst PAVEL MOLCHANOV PAUL T COSTER SEAN K F HANNAN PATRICK JOBIN BEN KALLO CRAIG IRWIN JOHN S QUEALY ANDREW WEISEL WALTER V NASDEO CRAIG STERLING ELAINE S KWEI

Source ULT-AGG 13F Form 4 13G Form 4 13F 13F 13F 13G 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG Form 4 ULT-AGG Form 4 13F 13F

Recommendation strong buy overweight buy neutral outperform underperform buy neutral accumulate sell hold

Amt Held 2'081'285 1'540'957 1'310'822 1'269'259 1'162'877 1'136'765 1'027'381 852'222 827'682 800'284 724'738 590'343 447'843 416'272 400'314 392'262 389'298 385'688 379'341 347'843

% Out 6.88 5.09 4.33 4.2 3.84 3.76 3.4 2.82 2.74 2.65 2.4 1.95 1.48 1.38 1.32 1.3 1.29 1.28 1.25 1.15

Weighting

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

M U M D M M M M M M M

Latest Chg (3'975) 10'900 (10'000) (10'000) 236'765 42'205 (338'784) (250'000) (65'314) 220'400 46'138 (144'258) (6'712) (6'500) (15'000) 379'341 8'671

Target Price 20 19 18 18 21 5 20 16 20 #N/A N/A 10

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

File Dt 03.07.2013 31.03.2013 20.05.2013 31.12.2011 18.06.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 01.05.2013 31.03.2013 27.02.2013 31.03.2013 31.03.2013

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

Inst Type Investment Advisor Investment Advisor n/a Venture Capital n/a Hedge Fund Manager Investment Advisor Investment Advisor n/a Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor n/a Bank n/a Investment Advisor Investment Advisor

Date 03.07.2013 14.06.2013 29.05.2013 28.05.2013 28.05.2013 28.05.2013 28.05.2013 09.05.2013 06.05.2013 15.01.2013 27.02.2012

08.07.2013

Echelon Corp Echelon Corporation develops, markets, and supports a family of software products and services that enables original equipment manufacturers and systems integrators to design and implement open, interoperable, distributed control networks. The Company's products allow groups of computer nodes to be linked together and implemented across a variety of systems.

Price/Volume

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.10.2012) 52-Week Low (15.01.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELON US EQUITY YTD Change ELON US EQUITY YTD % CHANGE

12/2012 03/yy 4.19 2.07 40'011.00 2.36 -43.68% 14.01% 14.15% 43.1 101.60 20.24 0.0 1.6 61.86 63.72

4.0 M

3.0 M

2.0 M

1.0 M

1 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

7.0 M

4 4

Valuation Analysis

31.12.2008 134.0 2.01x (19.6) (25.8) -

31.12.2009 31.12.2010 103.3 111.0 4.06x 3.49x (24.1) (21.9) (32.0) (31.3) Profitability

LTM-4Q 31.12.2011 156.5 1.09x (5.3) (13.0) -

31.12.2012 134.0 0.49x (3.5) (12.8) -

-3.48 -10.06 -7.51% -9.67% -14.99% -23.90% 0.91% 42.1% -4.3% -9.6% -9.6% 4.60 3.85 16.38% 24.62% 5.83 4.70

Price/ Cash Flow

03/yy 168.4 5.55x 1.1 136.30x (6.2) 0.00x

LTM 03/yy 118.9 3.08x (5.1) 0.00x (19.5) 0.00x

FY+1

0.00 1.21 31.31 1.62 -31.40% -3.67% 1.208 7 3.571 1'298'304 370'935 264'447 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 99.8 117.3 24.4 25.1 0.51x 0.50x (15.4) (7.7) (2.7) (3.2) (10.0) (6.9) (2.8) (2.9) S&P Issuer Ratings

-2.56 -3.39 -3.86 24.6% 19.5% 0.91 5.03 62.59 77.70 73.22 60.59

Sales/Revenue/Turnover

140.00

180.0

120.00

160.0 140.0

100.00

120.0

80.00

100.0

60.00

80.0 60.0

40.00

40.0

20.00 0.00 01.01.2010

20.0 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 |

08.07.2013

Echelon Corp Holdings By:

All

Holder Name OSHMAN BARBARA S ENEL SPA BLACKROCK MARKKULA JR ARMAS CL VANGUARD GROUP INC ROYCE AND ASSOCIATES RENAISSANCE TECHNOLO STATE STREET STANFIELD OLIVER R ROCK POINT ADVISORS NORTHERN TRUST CORPO OS VENTURES PARTNERS NORGES BANK DIMENSIONAL FUND ADV MAXFIELD ROBERT R UBS INVESCO LTD LEVIN CAPITAL STRATE SEGE RONALD ALEXAND BANK OF NEW YORK MEL

Firm Name Raymond James EVA Dimensions Credit Suisse JPMorgan Needham & Co Wedbush Canaccord Genuity Corp

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC ROYCE & ASSOCIATES L RENAISSANCE TECHNOLO n/a n/a ROCK POINT ADVISORS NORTHERN TRUST CORPO n/a Multiple Portfolios n/a n/a n/a n/a LEVIN CAPITAL STRATE n/a BANK OF NEW YORK MEL

Analyst PAVEL MOLCHANOV ANDREW S ZAMFOTIS PATRICK JOBIN PAUL T COSTER SEAN K F HANNAN CRAIG IRWIN JOHN S QUEALY

Source 13G/PRXY PROXY ULT-AGG PROXY 13F 13F 13F ULT-AGG Form 4 13F 13F Form 4 MF-AGG ULT-AGG Form 4 ULT-AGG ULT-AGG 13F Form 4 13F

Recommendation outperform hold neutral neutral buy neutral hold

Amt Held 4'588'064 3'000'000 2'696'147 1'777'038 1'303'012 1'119'686 661'700 660'613 621'201 615'206 532'462 488'428 395'789 381'606 373'983 373'645 276'167 226'386 225'352 185'406

% Out 10.66 6.97 6.26 4.13 3.03 2.6 1.54 1.53 1.44 1.43 1.24 1.13 0.92 0.89 0.87 0.87 0.64 0.53 0.52 0.43

Weighting

Change 5 3 3 3 5 3 3

M D M M M M M

Latest Chg 332'417 (644'541) 304'500 87'200 (13'300) (23'600) 615'206 (20'124) (832) (8'950) 17'944 35'003 (168'944) 5'918 (2'446)

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

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

File Dt Inst Type 27.03.2013 n/a 27.03.2013 Corporation 03.07.2013 Investment Advisor 27.03.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 03.01.2012 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.08.2011 Corporation 31.12.2012 Government 31.03.2013 Investment Advisor 06.02.2012 n/a 31.03.2013 Unclassified 05.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 11.06.2013 n/a 31.03.2013 Investment Advisor

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

Date 02.07.2013 04.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013

08.07.2013

Pike Electric Corp Pike Electric Corporation is a third-party provider of outsourced electric distribution and transmission services in the United States. The Company's core activities consist of the maintenance, upgrade, and extension of electric distribution and sub-500 kilovolt transmission power lines for electric utilities, cooperatives, and municipalities.

Price/Volume 18

6.0 M

5.0 M

14 12

4.0 M

06/2012 03/yy 15.95 6.79 78'781.00 12.215 -23.42% 79.97% 59.29% 31.6 386.39 123.00 0.0 0.0 1.60 571.42

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

2.0 M

1.0 M

2 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.06.2008 552.0 1.23x 86.0 7.91x 20.2 25.55x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PIKE US EQUITY YTD Change PIKE US EQUITY YTD % CHANGE

30.06.2009 30.06.2010 613.5 504.1 0.81x 0.83x 96.6 31.4 5.18x 13.34x 31.6 (13.5) 12.29x Profitability

LTM-4Q 30.06.2011 593.9 0.67x 48.3 8.20x 1.4 176.80x

30.06.2012 685.2 0.57x 63.7 6.15x 10.9 25.73x

63.73 25.47 3.72% 2.75% 6.34% 13.33% 9.52% 1.54% 13.4% 12.0% 7.5% 1.6% 2.44 1.17 22.86% 44.42% 8.51 9.52

Price/ Cash Flow

03/yy 669.3 2.29x 65.7 6.20x 11.6 25.72x

LTM 03/yy 897.1 2.35x 107.6 6.39x 36.9 13.68x

FY+1

8.19 1.22 27.56 0.40 58.28% 27.91% 1.215 8 4.250 376'803 322'785 401'506 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 929.3 898.2 210.8 228.0 114.6 91.7 19.9 23.4 4.98x 6.23x 6.63x 6.36x 39.3 26.0 3.9 6.9 10.69x 15.40x 17.38x 15.66x S&P Issuer Ratings

8.72 4.09 1.72 1.78 44.4% 30.8% 1.54 5.16 42.87 38.36 12.93 75.19

Sales/Revenue/Turnover

25.00

800.0 700.0

20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00

0.00 03.07.2009

100.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

08.07.2013

Pike Electric Corp Holdings By:

All

Holder Name TAKUAN LLC LINDSAY GOLDBERG & B DIMENSIONAL FUND ADV WELLINGTON MANAGEMEN WELLS FARGO T ROWE PRICE ASSOCIA BLACKROCK INVESCO LTD ROYCE AND ASSOCIATES VANGUARD GROUP INC PIKE J ERIC FMR LLC AMERICAN CENTURY COM TEACHERS ADVISORS IN MCKINLEY CAPITAL MAN STATE STREET NORTHERN TRUST CORPO TECHNICAL FINANCIAL CITADEL ADVISORS LLC VALIC CO I

Firm Name Avondale Partners LLC EVA Dimensions Janney Montgomery Scott LLC FBR Capital Markets Stifel BB&T Capital Markets KeyBanc Capital Markets Ameriprise Advisor Services, Inc Sidoti & Company LLC

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN n/a T ROWE PRICE ASSOCIA n/a n/a ROYCE & ASSOCIATES L VANGUARD GROUP INC n/a n/a AMERICAN CENTURY COM TEACHERS ADVISORS IN MCKINLEY CAPITAL MAN n/a NORTHERN TRUST CORPO TFS CAPITAL LLC CITADEL ADVISORS LLC Multiple Portfolios

Analyst DANIEL J MANNES CRAIG STERLING LIAM D BURKE ALEX J RYGIEL NOELLE C DILTS ADAM ROBERT THALHIMER TAHIRA AFZAL LEZE THAQI RICHARD H WESOLOWSKI

Source Form 4 Form 4 ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F Form 4 ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F MF-AGG

Recommendation market perform buy neutral outperform buy buy hold buy buy

Amt Held 1'549'253 1'449'766 1'444'971 1'389'555 1'389'190 1'337'670 1'084'207 898'404 796'872 752'448 504'726 494'083 453'697 365'336 321'626 317'893 309'768 296'579 289'876 230'899

% Out 4.9 4.58 4.57 4.39 4.39 4.23 3.43 2.84 2.52 2.38 1.6 1.56 1.43 1.15 1.02 1 0.98 0.94 0.92 0.73

Weighting

Change 3 5 3 5 5 5 3 5 5

N U M M U M M M M

Latest Chg (11'661'327) 166'504 (204'300) 234'020 26'484 (667'706) (88'342) (320'630) 423'637 (16'712) 343'550 186'871 39'783 (3'920) 195'052 231'470 (71'551)

Target Price 12 #N/A N/A 14 17 #N/A N/A 17 #N/A N/A #N/A N/A 14

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

File Dt Inst Type 02.02.2013 Other 21.05.2013 Private Equity 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.02.2013 n/a 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor

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

Date 21.06.2013 31.05.2013 20.05.2013 17.05.2013 17.05.2013 17.05.2013 07.05.2013 08.03.2013 26.06.2009

08.07.2013

Comverge Inc Comverge Inc. provides environmentally responsible peak electric demand reduction achieved through Demand Response solutions and technologies. The Company implements both integrated and outsourced solution-based models for direct and price responsive load management, remote meter reading, and distributed generation monitoring.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (#N/A Field Not Applicable) 52-Week Low (#N/A Field Not Applicable) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.05.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COMV US EQUITY YTD Change COMV US EQUITY YTD % CHANGE

12/2011 03/yy 0.00 27.5 26.25 0.0 0.0 23.64 -

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

.0 M

Fiscal Year Ended 31.12.2007 55.2 11.08x (2.0) (6.6) -

31.12.2008 31.12.2009 77.2 98.8 1.13x 2.47x (12.3) (8.9) (94.1) (31.7) Profitability

LTM-4Q 31.12.2010 119.4 1.38x (21.7) (31.4) -

31.12.2011 136.4 0.26x (2.6) (12.8) -

-2.56 -10.07 -7.38% -9.35% -5.64% -15.64% 1.47% 40.6% 3.9% -1.5% -9.4% 1.47 0.85 24.90% 70.98% 14.90 8.76

Price/ Cash Flow

03/yy 124.6 5.03x (20.6) 0.00x (31.0) 0.00x

LTM 03/yy 150.4 1.33x 5.8 6.84x (5.8) 0.00x

FY+1

24.10 0 FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y 06/12 Q2 09/12 Q3 198.5 33.6 51.9 16.0 (3.2) 2.4 (8.2) 2.8 (5.2) 0.1 S&P Issuer Ratings

-0.94 -4.77 -1.88 4.51 71.0% 41.5% 1.47 5.89 24.57 41.77 33.67 114.71

Sales/Revenue/Turnover

90.00

160.0

80.00

140.0

70.00

120.0

60.00

100.0

50.00

80.0

40.00

60.0

30.00

40.0

20.00

20.0

10.00 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

08.07.2013

Comverge Inc Holdings By:

All

Holder Name STEPHENS INVESTMENT ENERTECH CAPITAL PARTNERS FOR GROWTH MAGNOTTI FRANK A PICCHI MICHAEL D MYSZKA EDWARD J SCHAEFER MARK CAMINO CHRISTOPHER GUTIERREZ THOMAS WILMINGTON FUNDS MAN WATERWORTH JOHN DIMENSIONAL FUND ADV ALLARDING GREG HUNT GEORGE NAYLOR TERESA MOFFITT STEVEN ELLIS DAVID SMITH MATTHEW H BLOCK BENJAMIN I VOS IV ARTHUR

Firm Name Needham & Co Pacific Crest Securities Jefferies Ardour Capital

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

Analyst SEAN K F HANNAN BEN SCHUMAN ELAINE S KWEI WALTER V NASDEO

Source 13G Form 4 13G Form 4 Form 4 Form 4 Form 4 Form 4 Form 4 MF-AGG Form 4 ULT-AGG Form 4 Form 4 Form 4 Form 4 Form 4 Form 4 13D Form 4

Recommendation hold sector perform hold hold

Amt Held 2'418'443 1'580'679 1'346'154 174'998 142'526 103'575 35'563 28'232 6'116 4'328 4'322 1'158 -

% Out 8.79 5.74 4.89 0.64 0.52 0.38 0.13 0.1 0.02 0.02 0.02 0 0 0 0 0 0 0 0 0

Weighting

Change 3 3 3 3

M M M D

Latest Chg 339'597 (77'791) 4'132 (183) (204) 3'232 (116) 4'328 (21) (27'000) (32'765) (23'977) (93'246) (29'993) (56'573) (2'500) (92'243)

Target Price #N/A N/A #N/A N/A 2 2

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

File Dt Inst Type 31.12.2011 Hedge Fund Manager 14.09.2011 Venture Capital 24.02.2012 Other 12.11.2009 n/a 03.03.2011 n/a 12.11.2011 n/a 11.09.2009 n/a 03.03.2011 n/a 25.01.2010 n/a 31.05.2011 Investment Advisor 12.08.2011 n/a 31.01.2012 Investment Advisor 15.05.2012 n/a 15.05.2012 n/a 15.05.2012 n/a 15.05.2012 n/a 15.05.2012 n/a 15.05.2012 n/a 14.05.2012 n/a 15.05.2012 n/a

Date Not Provided Not Provided 12 month 12 month

Date 11.05.2012 26.04.2012 26.03.2012 16.03.2012

08.07.2013

Jinpan International Ltd Jinpan International Limited (Jinpan) designs and manufactures cast resin transformers for voltage distribution equipment. The Company markets its products under the JST trademark.

Price/Volume 9

.3 M

7 6

.2 M

12/2012 03/yy 8.09 4.32 12'955.00 4.942 -38.90% 14.48% 15.73% 16.4 81.03 49.97 0.0 0.0 29.65 104.64

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

.1 M

1 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 154.0 0.75x 24.3 4.74x 19.8 5.97x

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.07.2012) 52-Week Low (23.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JST US EQUITY YTD Change JST US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 158.9 143.8 2.36x 1.29x 34.9 18.8 10.74x 9.89x 29.0 13.4 13.39x 13.00x Profitability

LTM-4Q 31.12.2011 218.9 0.66x 30.3 4.80x 23.9 5.59x

31.12.2012 210.5 0.55x 20.1 5.71x 14.1 6.87x

20.13 14.89 7.07% 7.76% 3.83% 5.95% 5.45% 0.69% 32.7% 8.4% 5.6% 6.7% 2.41 1.96 16.16% 25.91% 1.56 3.58

Price/ Cash Flow

03/yy 231.7 2.90x 32.1 5.12x 25.1 5.74x

LTM 03/yy 203.0 2.42x 17.1 6.44x 11.2 7.85x

FY+1

2.83 0.90 12.09 0.02 -37.41% -13.35% 0.900 1 5.000 16'292 38'722 33'055 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 232.0 252.0 60.2 66.5 23.6 27.1 5.6 7.0 4.41x 3.84x 14.3 17.4 3.4 4.4 5.81x 4.80x S&P Issuer Ratings

11.40 6.42 1.38 2.92 25.9% 20.6% 0.69 3.39 234.00 101.95 73.82 255.00

Sales/Revenue/Turnover

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0 40.00

50.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

08.07.2013

Jinpan International Ltd Holdings By:

All

Holder Name ZHIYUAN LI FIRST WILSHIRE SECUR YUQING JING XIANGSHENG LING FMR LLC WEDBUSH SECURITIES I TECHNICAL FINANCIAL RENAISSANCE TECHNOLO WELLS FARGO ROYCE AND ASSOCIATES CALIFORNIA PUBLIC EM TWO SIGMA ADVISERS L ROYAL BANK OF CANADA MORGAN STANLEY HANSON & DOREMUS INV DEUTSCHE BANK AG TWO SIGMA INVESTMENT BLACKROCK PRESCOTT GROUP CAPIT ZURCHER KANTONALBANK

Portfolio Name n/a FIRST WILSHIRE SECUR n/a n/a n/a WEDBUSH MORGAN SECUR TFS CAPITAL LLC RENAISSANCE TECHNOLO n/a ROYCE & ASSOCIATES L CALIFORNIA PUBLIC EM TWO SIGMA ADVISERS L n/a n/a HANSON & DOREMUS INV n/a TWO SIGMA INVESTMENT n/a PRESCOTT GROUP CAPIT ZURCHER KANTONALBANK

Firm Name Roth Capital Partners

Analyst JOE BESS

Source 13G 13F 13G 20F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F

Recommendation buy

Amt Held 2'584'527 1'397'701 1'106'694 612'992 382'640 103'673 81'147 78'852 61'589 35'000 31'700 27'075 26'000 24'401 23'175 21'565 19'891 14'023 11'669 8'364

% Out 15.76 8.52 6.75 3.74 2.33 0.63 0.49 0.48 0.38 0.21 0.19 0.17 0.16 0.15 0.14 0.13 0.12 0.09 0.07 0.05

Weighting

Change 5

Latest Chg (10'100) 37'404 38'982 14'188 27'438 4'700 1'164 (165) (4'789) (10'609) 13'099 (23'936)

Target Price

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

File Dt 31.12.2011 31.03.2013 31.12.2011 20.04.2011 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 7

12 month

Inst Type n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor

Date 15.05.2013