Fundamental Analysis & Analyst Recommendations - QMS Global Energy 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 Global Energy 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

16.01

14.91

18.60

Euro Stoxx 50 Pr

EUR

2508250

5268.77

4541

731

762

202.69

296.03

21.70

17.17

14.86

20.17

NIKKEI 225

JPY

2706988

192.7651

190

5.33

7.82

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2621145

11456.08

10092

1402

1681

580.59

805.90

24.86

21.83

17.91

21.11

SWISS MARKET INDEX

CHF

1021345

10734.26

4065

852

824

412.12

553.25

20.54

17.04

15.30

21.91

S&P/TSX COMPOSITE INDEX

CAD

1559319

16389.91

8313

1776

1964

734.77

817.68

14.92

13.40

23.19

S&P/ASX 200 INDEX

AUD

1208381

5807.308

2672

548

682

223.99

322.13

17.89

14.50

12.44

20.14

HANG SENG INDEX

HKD

1583607

3023.377

1673

355

399

278.81

271.57

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

EXXON MOBIL CORP

USD

411166

3765

4502

424.44

420714

406354

426521

435712

65769

64362

16176

7.56

8.00

8.19

11.56

11.29

-2.96

-1.21

15.84

AAA

16.12.1985

16.08.1993

CHEVRON CORP

USD

236904

1617

1947

234.76

222580

217734

230022

227252

48426

46203

11867

12.86

12.96

12.36

12.55

9.42

9.88

9.74

-5.80

1.45

-5.44

7.12

21.22

01.07.1987

Aa1

27.02.2009

BP PLC

GBp

130429

8691

19136

223.46

560986

554045

504433

497674

30533

33627

14698

0.33

1.76

1.24

1.39

8.73

26.01

12.37

11.08

0.03

10.62

-82.69

-17.10

9.07

24.09.2010

ROYAL DUTCH SHELL PLC-A SHS

GBp

206386

1785

6331

337.61

697764

687144

656531

659304

77840

77488

6.14

6.19

6.28

6.36

11.50

11.94

11.35

11.19

-0.96

8.86

-10.22

-1.02

16.84

03.09.2009

Aa1

20.07.2005

TOTAL SA

EUR

116543

2699

2258

144.03

234589

230933

228286

230804

41620

39025

10849

6.57

4.88

6.51

6.68

12.94

12.97

9.69

9.45

12.17

6.91

-2.25

1.33

21.75

AA-

12.04.2011

Aa1

30.08.2005

SCHLUMBERGER LTD

USD

99935

1426

1328

105.59

42149

42898

45666

50818

11020

11165

2990

4.16

4.26

4.67

5.67

17.66

16.11

13.25

14.04

13.15

12.52

5.53

26.03

A+

11.12.2002

03.06.2003

ROYAL DUTCH SHELL PLC-B SHS

GBp

206386

2241

6331

337.61

697764

687144

656531

659304

77840

77488

6.14

6.19

6.28

6.36

11.98

12.44

11.82

11.66

-0.96

8.86

-10.22

-1.02

16.84

03.09.2009

Aa1

20.07.2005

CONOCOPHILLIPS

USD

77263

1497

1220

93.92

57967

58243

50282

52171

19396

20040

5017

5.47

5.61

5.52

6.21

11.26

11.46

10.18

-9.70

-8.64

-10.41

-8.76

34.41

07.02.2012

26.04.2012

OCCIDENTAL PETROLEUM CORP

USD

73886

863

806

79.43

24172

23776

24749

25618

13701

13369

3661

7.10

6.89

7.16

7.55

13.32

12.81

12.14

0.97

5.69

-3.30

6.01

56.23

23.06.2008

19.04.2012

BG GROUP PLC

GBp

58294

1737

3614

103.32

28279

31060

29527

33473

15232

15594

2732

1.93

1.52

1.85

2.19

25.08

20.37

20.70

17.45

10.70

-4.81

9.74

9.15

74.99

ENI SPA

EUR

74077

8656

3623

99.17

163711

160739

153097

155742

31610

27473

6713

1.44

0.71

2.21

2.44

37.07

11.88

10.74

20.70

3.54

-5.84

-1.35

21.99

17.01.2012

16.07.2012

SUNCOR ENERGY INC

CAD

44856

743

1523

51.28

36192

36372

38355

39275

10519

10578

2717

2.96

2.90

2.96

3.00

9.72

9.51

9.38

-0.32

12.30

-0.59

20.45

27.55

BBB+

28.07.2009

Baa1

13.12.2012

ANADARKO PETROLEUM CORP

USD

44717

500

501

56.27

13307

13613

15219

17165

6197

6547

2213

1.47

4.74

4.28

5.45

18.81

20.85

16.37

-4.14

10.92

-18.23

2.13

48.09

BBB-

08.09.2006

Baa3

23.03.2012

HALLIBURTON CO

USD

40973

2062

929

43.79

28503

28609

29729

32759

5787

5729

1495

3.04

2.77

3.19

4.04

15.90

13.81

10.90

14.80

13.05

-5.07

7.51

20.03

20.08.2007

01.05.2007

EOG RESOURCES INC

USD

38629

526

272

43.83

11096

11788

14051

15623

5334

5768

1748

5.68

5.95

6.86

8.09

23.86

20.71

17.55

23.65

25.23

18.30

14.62

48.93

A-

12.04.2007

24.03.2006

PHILLIPS 66

USD

36602

1043

624

38.85

166089

171682

172319

171216

5457

6203

2315

8.46

9.45

7.79

7.10

6.24

7.58

8.31

-15.30

79.86

3.61

BBB

01.03.2012

Baa1

07.03.2012

ENBRIDGE INC

CAD

34527

493

805

62.36

23971

25287

26124

26473

2575

976

0.74

0.70

1.73

1.98

56.64

22.99

20.06

-6.12

16.50

-25.94

8.76

9.64

A-

18.12.2001

Baa1

26.03.2007

CANADIAN NATURAL RESOURCES

CAD

32324

1529

1092

41.14

13666

14042

15056

15925

6838

6805

1737

1.58

1.44

1.91

2.53

19.53

14.70

11.12

5.09

5.18

-2.69

1.24

45.91

BBB+

01.11.2011

Baa1

07.10.2010

APACHE CORP

USD

32438

945

392

45.90

16947

16636

17347

18793

12051

11662

2966

9.31

9.58

8.42

9.35

8.64

9.83

8.85

0.81

14.07

-2.79

10.48

70.10

A-

26.01.2001

29.11.2010

TRANSCANADA CORP

CAD

30987

999

705

54.88

7585

7837

8722

9415

3739

3834

1116

1.78

1.79

2.12

2.39

23.19

19.56

17.36

2.03

1.39

-3.09

0.53

46.35

A-

30.09.2009

PETROLEO BRASILEIRO-SPON ADR

USD

83473

4055

281379

287781

294721

314119

53158

52352

16433

4.57

4.93

6.69

6.20

15.24

9.67

-13.68

0.25

18.19

BBB

17.11.2011

NATIONAL OILWELL VARCO INC

USD

31226

849

427

33.26

20041

21045

22261

24127

4185

4136

1038

5.98

5.75

5.57

6.59

12.71

13.11

11.09

36.72

16.12

19.85

13.13

19.65

25.04.2012

14.05.2012

CNOOC LTD

HKD

75640

61422

44646

50.04

31928

33266

35801

15176

0.18

0.94

0.97

0.94

0.36

2.90

-0.15

2.45

6.13

AA-

16.12.2010

PETROCHINA CO LTD-H

HKD

237251

109171

183021

261.22

283049

269338

291246

305895

42502

0.08

0.09

0.10

1.45

1.28

1.19

1.23

2.74

0.25

0.53

MARATHON OIL CORP

USD

25737

1212

707

31.51

15688

15767

15386

15820

8648

8696

2488

2.45

2.27

2.91

3.12

16.00

12.46

11.63

6.99

-10.85

27.74

2.01

55.15

BBB

01.07.2011

Baa2

28.06.2011

KINDER MORGAN INC

USD

40194

616

1036

81.66

9973

11176

12685

13443

4019

4654

1258

0.70

0.78

1.26

1.46

49.50

30.74

26.63

25.56

59.80

41.64

SPECTRA ENERGY CORP

USD

23669

766

668

39.05

5075

5120

5477

5730

2335

2324

697

1.43

1.54

1.62

24.76

23.02

21.82

-5.16

0.21

-6.15

3.56

45.39

BBB+ *-

14.06.2013

MARATHON PETROLEUM CORP

USD

22732

1045

333

21.82

76534

79521

97149

97624

6093

6345

1794

9.45

9.93

9.58

10.05

7.05

7.31

6.97

4.09

34.95

10.93

7.98

BBB

27.01.2011

Baa2

28.06.2011

WILLIAMS COS INC

USD

22573

899

681

35.56

7486

7308

7623

8878

2368

2323

581

1.20

1.96

0.75

1.27

16.88

43.98

26.13

-5.60

-7.09

-31.97

-4.73

31.79

BBB

05.03.2012

Baa3

15.11.2007

STATOIL ASA

NOK

66365

1993

3180

71.65

114838

109538

103969

107951

43188

40282

9273

3.08

2.48

2.66

1.10

1.37

1.27

1.51

0.52

0.22

1.39

5.98

AA-

03.08.2007

Aa2

23.06.2005

CENOVUS ENERGY INC

CAD

21848

1792

756

25.83

15953

15721

16511

17179

3860

3710

1025

1.57

1.88

2.05

17.42

14.58

13.35

6.92

8.26

22.36

BBB+

14.09.2009

Baa2

14.09.2009

NOBLE ENERGY INC

USD

22422

909

358

24.84

4003

4080

5216

6269

2545

2590

882

2.48

2.36

3.53

4.32

26.63

17.76

14.53

22.23

6.02

21.08

3.31

63.48

BBB

24.02.2009

Baa2

14.10.1993

BAKER HUGHES INC

USD

21431

900

441

25.62

21361

21236

21660

23471

3760

3640

902

3.07

2.95

3.06

4.11

16.46

15.85

11.81

7.72

17.86

-11.24

6.08

17.14

05.05.2006

25.01.1995

PIONEER NATURAL RESOURCES CO

USD

20999

233

123

23.76

2812

2860

3647

4359

1410

1484

565

5.88

5.94

4.70

6.08

25.89

32.69

25.31

22.56

11.14

1.92

8.91

51.90

BBB-

11.11.2011

Baa3

30.05.2012

HESS CORP

USD

23574

480

342

30.61

37691

31475

19948

21744

7022

7191

1791

5.46

5.84

6.30

6.00

11.76

10.91

11.45

-2.01

-8.56

13.20

5.95

22.85

BBB

22.07.2010

Baa2

28.04.2008

DEVON ENERGY CORPORATION

USD

22488

755

406

28.14

9679

8977

9737

11204

5253

4509

1402

3.26

6.82

3.74

5.06

8.12

14.80

10.94

-15.50

-3.59

-23.63

-6.57

50.23

BBB+

18.03.2008

Baa1

21.09.2007

WOODSIDE PETROLEUM LTD

AUD

27220

2375

823

27.22

5795

5470

6250

3956

3947

3759

3.45

3.34

2.08

2.48

8.24

13.21

11.12

29.39

20.29

52.29

11.80

62.17

BBB+

03.12.2010

VALERO ENERGY CORP

USD

18929

2434

552

24.02

138286

136591

128007

128818

6598

7338

1638

5.59

6.46

4.95

5.30

5.37

7.02

6.55

10.54

11.39

26.54

-4.47

5.37

BBB

07.11.2006

Baa2

08.10.2008

REPSOL SA

EUR

28055

2667

1256

48.64

75826

77263

75851

78328

9030

8352

2031

2.12

2.03

2.19

13.88

12.87

12.86

20.28

1.42

27.00

-6.33

13.91

BBB-

19.04.2012

CHINA PETROLEUM & CHEMICAL-H

HKD

78727

104511

112866

102.81

352457

366575

382614

21862

0.07

0.08

0.09

0.95

0.84

0.80

1.41

2.32

-0.11

0.76

0.80

A+

16.12.2010

CAMERON INTERNATIONAL CORP

USD

15944

334

247

16.45

8502

8816

9982

11656

1317

1374

350

3.16

3.31

3.65

4.91

19.43

17.60

13.10

22.17

10.01

17.65

9.23

15.58

BBB+

18.05.2005

Baa1

07.05.1998

CABOT OIL & GAS CORP

USD

15145

407

210

16.25

1205

1306

1793

2503

712

790

305

0.47

0.58

1.51

2.55

123.39

47.65

28.29

22.93

12.59

20.50

11.69

60.52

TULLOW OIL PLC

GBp

14504

982

908

23.11

3501

4007

3885

1560

0.15

1.03

1.02

0.99

34.65

240.75

34.77

36.09

2.59

32.41

-55.59

8.53

66.56

SEADRILL LTD

NOK

19243

798

469

5.02

728

726

804

962

392

405

101

0.40

0.47

0.61

2.74

2.32

1.77

1.10

4.54

0.64

4.73

9.07

SOUTHWESTERN ENERGY CO

USD

13496

759

351

15.18

2715

2792

2978

3273

1639

1694

493

1.07

1.50

1.95

2.12

25.65

19.75

18.17

-8.06

7.36

-8.07

19.35

60.67

BBB-

06.07.2010

Baa3

22.02.2012

ENSCO PLC-CL A

USD

13486

447

232

17.76

4301

4431

5069

5760

2097

2152

602

5.56

5.62

6.54

7.80

10.31

8.86

7.43

53.72

30.65

82.27

8.90

48.56

BBB+

03.06.2011

Baa1

08.03.2011

FMC TECHNOLOGIES INC

USD

13558

354

237

15.02

6151

6401

6812

7810

751

780

218

1.98

2.02

2.17

2.97

28.30

26.32

19.24

20.64

10.19

12.06

11.42

12.18

BBB

08.08.2002

CRESCENT POINT ENERGY CORP

CAD

13033

374

376

14.65

2093

2197

2824

3070

1512

1566

460

0.23

0.22

0.69

0.87

148.08

46.59

37.06

20.54

24.51

17.62

31.86

67.50

ORIGIN ENERGY LTD

AUD

12690

2483

1090

19.47

11808

12612

13248

13594

1887

1730

995

1.03

0.60

0.64

0.70

17.73

12.71

16.37

15.03

22.87

13.57

39.48

11.43

12.52

BBB

20.02.2013

Baa2

21.02.2013

ENCANA CORP

CAD

12338

489

736

16.22

4888

4187

5537

6409

2118

1373

648

0.25

-0.07

0.78

1.17

19.28

12.86

-37.00

-25.00

-53.80

-24.63

31.07

BBB

30.01.2012

Baa2

14.07.2004

196

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

3.78

-5.62

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

16.01

14.91

18.60

Euro Stoxx 50 Pr

EUR

2508250

5268.77

4541

731

762

202.69

296.03

21.70

17.17

14.86

20.17

NIKKEI 225

JPY

2706988

192.7651

190

5.33

7.82

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2621145

11456.08

10092

1402

1681

580.59

805.90

24.86

21.83

17.91

21.11

SWISS MARKET INDEX

CHF

1021345

10734.26

4065

852

824

412.12

553.25

20.54

17.04

15.30

21.91

S&P/TSX COMPOSITE INDEX

CAD

1559319

16389.91

8313

1776

1964

734.77

817.68

14.92

13.40

23.19

S&P/ASX 200 INDEX

AUD

1208381

5807.308

2672

548

682

223.99

322.13

17.89

14.50

12.44

20.14

HANG SENG INDEX

HKD

1583607

3023.377

1673

355

399

278.81

271.57

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

RANGE RESOURCES CORP

USD

13044

15.98

2254

797

768

274

0.68

0.64

1.50

2.19

125.13

53.43

36.53

14.67

6.29

11.07

3.94

52.10

29.05.2007

INPEX CORP

JPY

16150

15.16

12037

13036

13668

7442

477.70

495.84

416.10

423.89

0.09

0.10

0.11

0.10

0.02

0.06

-0.02

0.00

0.61

01.10.2008

JX HOLDINGS INC

JPY

12049

10787

2487

39.06

111007

120811

120101

4301

0.72

0.63

0.67

0.79

0.08

0.07

0.06

0.05

-0.18

0.04

TALISMAN ENERGY INC

CAD

11975

220

1025

15.53

6926

5988

5720

6515

3329

2688

681

0.04

-0.22

0.14

0.38

74.59

27.08

-10.99

-6.24

-29.16

-2.80

42.52

BBB

25.06.2008

Baa2

24.04.2006

EQT CORP

USD

12327

319

150

14.96

1642

1750

1891

2265

970

1058

340

0.02

0.74

2.45

3.21

110.05

33.39

25.50

0.10

1.65

-2.81

18.13

60.43

BBB

25.02.2009

Baa3

21.03.2013

SANTOS LTD

AUD

11846

5460

961

13.26

2940

3202

3574

1542

1718

0.55

0.50

0.55

0.61

22.43

20.44

18.46

16.74

7.05

18.38

1.66

47.89

BBB+

15.05.2013

ECOPETROL SA-SPONSORED ADR

USD

86612

15978

2602

9312

6418956

6660.82

6880.12

12.18

11.79

4.37

25.30

-3.91

25.31

41.74

BBB

24.04.2013

Baa2

13.07.2009

MURPHY OIL CORP

USD

11856

316

191

13.03

28616

28347

27362

24036

3304

3333

959

6.18

5.85

5.62

6.56

10.62

11.06

9.46

3.75

6.46

11.29

12.99

11.76

BBB

28.02.2012

Baa3

26.11.2012

TECHNIP SA

EUR

11780

254

111

11.91

10557

10879

12139

13725

1308

1337

377

5.79

6.12

6.93

8.59

21.92

23.27

19.34

15.61

26.27

4.23

19.39

24.15

15.81

BBB+

27.05.2010

CHESAPEAKE ENERGY CORP

USD

14109

1846

664

32.90

12316

13322

11962

12295

4505

4832

1302

0.44

0.81

1.50

2.01

26.26

14.14

10.54

5.85

12.44

1.17

-2.04

36.27

BB-

15.05.2012

Ba3

17.12.2007

IMPERIAL OIL LTD

CAD

33432

101

848

36.85

28147

28616

32238

34327

5322

5072

1230

4.11

3.89

3.90

4.18

9.60

9.59

8.94

1.82

4.88

13.15

2.94

16.79

AAA

16.10.1992

15.10.2002

TENARIS SA

EUR

25643

1229

1181

33.05

13942

14020

14291

15276

3763

3793

923

1.85

1.83

1.87

2.06

19.64

19.65

19.20

17.44

11.12

4.32

24.97

-4.34

34.81

NOBLE CORP

USD

9938

391

253

15.35

3547

3720

4288

5344

1530

1649

439

2.02

2.14

2.79

4.54

18.34

14.04

8.64

31.57

5.25

35.61

-2.99

44.32

BBB+

08.12.2011

CANADIAN OIL SANDS LTD

CAD

9432

290

485

9.77

3699

3639

3562

3652

1625

1532

444

1.89

1.67

1.76

1.78

11.06

10.47

10.34

-6.27

4.54

-12.63

0.86

39.87

BBB

19.12.2006

Baa2

03.06.2004

OIL SEARCH LTD

AUD

9725

2832

1335

11.05

662

638

987

349

0.11

0.12

0.11

0.20

50.04

56.63

29.84

-1.03

-3.65

-25.04

-2.37

48.10

ARC RESOURCES LTD

CAD

8092

183

309

8.77

1131

1151

1493

1771

680

693

213

0.45

0.41

0.66

0.88

60.49

37.17

27.92

-1.96

3.68

-9.03

-0.77

57.02

HUSKY ENERGY INC

CAD

25870

147

982

28.12

21251

21098

20818

21462

5256

5253

1409

1.95

1.88

2.04

2.28

13.29

12.21

10.91

2.06

3.49

-5.23

-1.20

23.59

BBB+

27.07.2006

Baa2

05.04.2011

TESORO CORP

USD

7159

852

138

7.66

32484

33149

32605

32558

2118

2181

518

8.00

8.25

5.40

6.86

6.39

9.77

7.69

8.54

11.33

35.42

9.52

6.58

BB+

21.07.2004

Ba2

04.06.2013

HELMERICH & PAYNE

USD

7011

254

106

7.07

3152

3332

3387

3564

1278

1358

340

5.16

5.49

5.47

5.62

12.00

12.04

11.73

23.90

13.69

27.27

12.16

40.74

OMV AG

EUR

15031

113

326

21.44

54883

55408

50714

49904

6774

7064

1722

5.72

6.69

5.74

5.73

8.83

8.87

10.30

10.31

32.48

20.68

28.41

12.90

16.41

31.03.2009

DENBURY RESOURCES INC

USD

6579

1213

376

9.81

2436

2376

2485

2581

1532

1474

373

1.30

1.25

13.14

13.54

14.12

6.19

18.44

4.00

18.58

62.02

04.11.2005

CONSOL ENERGY INC

USD

6294

843

228

9.45

5021

4903

4981

5726

930

831

259

2.28

1.82

0.82

1.89

15.10

33.68

14.53

-15.81

6.53

-43.54

8.74

16.95

30.11.2011

07.12.2011

PENN WEST PETROLEUM LTD

CAD

5113

590

479

7.92

2501

2358

2541

2704

1287

1203

284

-0.20

-0.33

-0.12

0.15

66.67

-9.75

-5.65

-13.86

-0.57

48.33

QEP RESOURCES INC

USD

5292

441

179

8.71

2350

2443

2892

3224

772

842

393

0.01

-0.16

1.50

1.77

16.68

-25.62

3.12

-39.31

-4.71

34.47

BB+

02.07.2010

Ba1

02.07.2010

SUBSEA 7 SA

NOK

6154

1167

332

1.04

1025

1026

1081

1187

171

169

0.29

0.38

0.16

0.31

1.21

2.95

1.50

2.44

3.34

3.35

2.69

NABORS INDUSTRIES LTD

USD

4764

1303

290

8.53

6990

6678

6356

6828

1976

1827

385

0.38

0.59

0.98

1.39

27.27

16.58

11.64

15.33

8.36

7.28

2.55

27.36

BBB

11.04.2013

AMEC PLC

GBp

4598

320

308

4.46

6211

6315

6733

542

1.22

1.00

1.30

1.45

23.07

18.94

17.79

15.87

41.09

18.72

43.59

33.91

13.04

PETROFAC LTD

GBp

6495

309

340

9.18

9446

9644

10786

1292

2.63

2.78

2.84

3.32

15.09

15.91

14.74

12.61

13.47

27.17

19.52

35.39

20.43

BBB+

17.05.2013

Baa1

03.06.2013

SAIPEM SPA

EUR

8119

2677

439

14.51

17204

17148

17129

17043

2808

2597

-448

2.64

2.29

-0.91

1.59

10.35

DIAMOND OFFSHORE DRILLING

USD

9709

189

139

9.75

2987

2948

3048

3934

1337

1304

346

5.09

5.14

4.60

7.26

13.58

TONENGENERAL SEKIYU KK

JPY

5385

839

365

8.73

27752

28486

30761

31016

635

795

1.22

1.69

0.86

0.61

0.06

ROWAN COMPANIES PLC-A

USD

4412

362

124

5.40

1393

1453

1555

1943

541

568

156

1.95

2.03

2.19

3.68

17.51

PEABODY ENERGY CORP

USD

4098

3322

269

9.65

8078

7822

7406

8233

1876

1613

284

-0.98

-1.68

-0.11

1.02

WORLEYPARSONS LTD

AUD

4480

692

246

4.97

6746

7752

7588

7982

549

545

296

1.28

1.32

1.24

1.35

12.71

WPX ENERGY INC

USD

3870

651

199

5.45

3189

2910

3063

3562

918

751

215

-0.61

-0.86

-0.65

-0.06

NEWFIELD EXPLORATION CO

USD

3372

312

135

6.37

2567

2540

2551

2517

1476

1420

351

-1.47

-1.91

1.65

2.38

15.05

GALP ENERGIA SGPS SA

EUR

12394

724

829

16.55

23816

23399

24525

27769

1246

1078

375

0.59

0.37

0.58

0.67

51.54

52.59

32.92

ENERPLUS CORP

CAD

3059

262

199

4.13

1039

1032

1439

1539

622

497

187

0.45

0.39

0.76

1.02

36.71

18.74

CAIRN ENERGY PLC

GBp

2400

1049

603

1.26

-355

0.34

0.17

-0.20

-0.25

53.41

26.38

435

163

1409

1473

1755

68852002 67569707 66519051 67777591 29521039 28201129

1.43

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

1.34

19.69

14.92

7.93

8.81

4.96

17.64

19.49

15.19

9.62

-10.11

-1.24

-18.94

-1.61

44.23

A-

27.07.2004

28.06.2012

0.06

0.11

0.16

0.05

0.02

-0.73

0.15

0.03

11.05.2005

17.51

16.25

9.66

48.27

3.41

48.61

-7.81

39.07

03.12.1997 12.09.2006

13.62

14.86

2.30

7.30

-12.75

16.73

20.62

BB+

15.09.2008

Ba1

12.45

29.06

15.15

11.89

11.92

6.42

-17.85

-21.94

25.81

BB+

07.11.2011

Ba1

07.11.2011

10.48

3.89

13.88

-1.80

1.21

55.91

BBB-

07.07.2010

Ba1

27.09.2011

28.85

13.04

8.02

-9.52

-6.75

5.93

13.94

-1.84

-5.52

-8.60

-5.59

45.61

113.30

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

2.30

2.10

1.91

2.30

1.47

1.40

1.35

1.47

10.35

9.67

10.00

10.35

9.10

8.39

7.84

9.10

14.91

13.33

12.16

14.91

2.14

2.30

2.40

2.14

1777.9

8.2%

Euro Stoxx 50 Pr

1.16

1.10

1.03

1.16

0.75

0.73

0.71

0.75

5.74

5.27

4.80

5.74

6.92

6.53

6.19

6.92

11.54

10.30

9.29

11.54

4.33

4.61

4.96

4.33

2965.8

11.7%

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

1.58

1.46

1.69

0.96

0.93

0.95

0.96

8.34

7.63

6.96

8.34

6.81

6.42

6.04

6.81

11.99

10.92

10.10

11.99

3.90

4.20

4.55

3.90

7105.8

9.8%

SWISS MARKET INDEX

2.35

2.18

2.03

2.35

2.01

1.91

1.83

2.01

12.06

11.00

9.80

12.06

13.03

12.00

11.23

13.03

14.75

13.27

12.08

14.75

3.29

3.68

4.21

3.29

8622.8

9.6%

S&P/TSX COMPOSITE INDEX

1.63

1.52

1.41

1.63

1.39

1.43

1.48

1.39

8.22

7.41

6.11

8.22

8.34

7.38

6.79

8.34

14.15

12.49

11.36

14.15

3.29

3.44

3.61

3.29

14171.6

16.0%

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%

EXXON MOBIL CORP

2.53

2.32

2.12

1.93

1.76

0.89

0.96

0.94

0.96

0.95

7.82

7.67

7.27

6.81

6.01

4.86

5.34

5.22

4.85

4.66

11.75

11.57

11.29

10.70

9.88

2.34

2.65

2.87

3.04

3.24

95.58

3.4%

CHEVRON CORP

1.76

1.59

1.45

1.33

1.20

1.00

1.03

1.04

0.96

6.39

6.12

5.84

5.44

4.93

4.12

4.20

4.12

3.95

3.74

9.91

9.88

9.74

9.42

8.65

2.87

3.14

3.36

3.52

3.80

133.53

9.3%

BP PLC

1.11

0.99

0.93

0.88

0.89

0.36

0.39

0.41

5.13

4.85

4.20

3.97

3.87

3.99

3.66

3.68

3.56

3.70

7.57

8.28

7.42

7.15

6.41

4.92

5.25

5.59

5.86

6.05

503.48

9.2%

ROYAL DUTCH SHELL PLC-A SHS

1.07

1.05

0.97

0.92

0.87

0.44

0.47

0.41

4.51

4.48

4.31

4.22

4.14

3.81

3.69

3.58

3.46

3.55

7.62

7.59

7.49

7.48

6.94

5.40

5.59

5.75

5.90

6.26

2517.99

17.9%

TOTAL SA

1.17

1.10

1.02

0.94

0.90

0.51

0.50

0.51

0.52

3.27

3.32

3.44

3.29

3.11

2.78

6.40

6.13

6.24

6.40

6.54

6.92

45.18

18.6%

SCHLUMBERGER LTD

2.83

2.58

2.27

1.93

2.36

2.19

1.97

1.78

9.44

8.61

7.53

6.61

1.46

1.63

1.73

1.84

89.67

19.3%

ROYAL DUTCH SHELL PLC-B SHS

1.12

1.09

1.01

0.96

0.44

0.47

9.6%

CONOCOPHILLIPS

1.45

1.52

1.41

1.32

1.24

1.54

1.48

OCCIDENTAL PETROLEUM CORP

1.80

1.67

1.53

1.42

3.12

2.99

BG GROUP PLC

1.74

1.62

1.47

1.30

1.25

2.59

ENI SPA

0.96

0.90

0.87

0.82

0.76

0.48

SUNCOR ENERGY INC

1.17

1.09

0.96

0.93

ANADARKO PETROLEUM CORP

2.12

1.89

1.69

HALLIBURTON CO

2.61

2.33

EOG RESOURCES INC

2.70

PHILLIPS 66

3.94

3.80

3.57

3.35

12.47

10.76

9.00

8.36

4.70

4.67

4.49

4.40

4.32

3.81

3.69

3.58

3.46

1.58

5.72

5.18

4.83

4.65

4.41

4.03

4.31

3.98

3.96

2.88

2.86

6.57

5.99

5.71

5.24

4.82

5.65

5.27

4.92

4.83

2.95

2.60

2.11

1.59

7.18

7.40

6.22

5.12

5.21

6.19

6.49

5.50

4.45

0.48

0.46

0.51

3.45

3.52

3.15

2.96

3.05

2.62

2.90

2.70

2.56

1.25

1.17

1.14

1.09

1.30

4.86

4.85

4.62

4.46

4.39

4.68

4.58

4.32

4.42

1.50

3.35

2.94

2.61

2.44

2.31

6.01

5.52

4.87

4.16

4.32

6.72

5.76

5.07

4.63

1.98

1.65

1.45

1.38

1.25

1.16

9.97

8.64

7.18

6.54

7.27

6.98

5.72

2.54

2.19

1.91

3.44

2.75

2.47

2.51

6.83

5.76

5.06

4.39

7.22

6.03

1.74

1.55

1.39

1.23

0.19

0.21

0.24

7.27

6.62

7.34

8.00

4.43

ENBRIDGE INC

3.72

3.53

3.18

2.93

1.61

1.32

1.30

1.21

11.22

10.65

9.25

8.61

CANADIAN NATURAL RESOURCES

1.41

1.33

1.21

1.08

2.31

2.15

2.03

1.92

1.71

5.70

4.84

4.22

3.92

APACHE CORP

1.05

0.95

0.86

0.83

1.91

1.87

1.73

1.63

1.53

3.35

3.34

3.04

TRANSCANADA CORP

2.03

1.98

1.92

1.95

4.16

3.55

3.29

3.22

9.93

9.18

PETROLEO BRASILEIRO-SPON ADR

0.55

0.56

0.52

0.50

0.47

0.66

0.64

0.60

0.59

0.63

3.51

NATIONAL OILWELL VARCO INC

1.55

1.40

1.26

1.13

1.05

1.59

1.40

1.29

1.21

1.22

CNOOC LTD

1.48

1.28

1.14

1.03

1.94

1.80

1.67

1.57

PETROCHINA CO LTD-H

1.20

1.12

1.05

0.99

0.71

0.64

0.61

0.60

MARATHON OIL CORP

1.31

1.20

1.10

0.98

1.64

1.67

1.63

KINDER MORGAN INC

2.34

2.80

2.77

2.80

4.13

3.17

SPECTRA ENERGY CORP

2.58

2.62

2.54

2.52

4.66

MARATHON PETROLEUM CORP

2.07

1.71

1.43

1.19

WILLIAMS COS INC

4.36

4.38

4.08

5.00

STATOIL ASA

1.28

1.17

1.08

1.00

CENOVUS ENERGY INC

2.26

2.25

2.04

NOBLE ENERGY INC

2.79

2.03

BAKER HUGHES INC

1.24

PIONEER NATURAL RESOURCES CO

%D to Spot

6.98

7.53

7.34

7.09

17.96

16.12

13.25

11.33

3.55

7.95

7.91

7.81

7.79

7.24

5.17

5.35

5.51

5.79

5.85

2439.29

4.30

11.08

11.46

10.18

10.45

9.71

4.21

4.24

4.35

4.33

4.18

65.36

3.4%

13.22

12.81

12.14

11.82

8.53

2.40

2.69

3.07

3.25

3.62

103.80

13.2%

4.22

12.58

13.86

11.68

9.12

6.04

1.51

1.61

1.77

1.99

2.73

1429.79

24.7%

2.49

7.88

9.23

8.35

7.63

7.57

6.81

6.92

7.06

7.20

7.41

19.75

24.7%

9.77

10.04

9.90

9.46

10.38

1.57

2.28

2.77

2.99

3.18

41.88

33.3%

26.64

20.85

16.37

15.00

14.29

0.41

108.62

21.8%

5.06

14.80

13.81

10.90

9.28

0.95

1.12

1.22

1.32

51.12

16.2%

5.27

4.53

25.97

20.70

17.55

15.07

0.48

0.51

0.53

0.54

157.96

11.2%

4.48

4.93

5.18

7.40

7.58

8.31

8.27

12.02

0.76

2.15

2.45

2.60

70.29

19.1%

19.15

15.44

13.11

11.44

27.18

24.27

21.18

17.96

17.63

2.55

2.85

3.19

3.54

51.24

15.8%

5.98

5.46

4.55

4.18

19.71

15.52

11.74

11.15

14.02

1.33

1.58

1.72

38.13

21.7%

2.74

3.74

3.81

3.50

3.37

8.63

9.83

8.85

8.71

0.85

0.99

1.02

1.01

98.48

19.0%

8.42

7.92

13.54

12.06

11.06

10.31

23.91

20.65

18.32

16.94

3.80

3.98

4.19

4.43

52.53

13.5%

3.43

3.11

2.83

2.10

9.43

6.69

6.20

5.51

4.32

4.15

4.70

5.22

5.31

5.17

23.03

70.6%

12.85

10.15

8.87

8.25

7.76

7.71

6.73

6.08

6.51

12.49

13.11

11.09

9.91

9.56

0.65

0.88

0.95

1.05

1.37

82.60

13.0%

1.56

4.79

4.66

4.32

4.09

3.91

3.15

2.96

2.74

2.48

2.71

7.16

7.54

7.30

6.85

7.99

3.07

3.49

3.70

3.99

3.90

16.74

27.4%

0.66

4.54

4.16

3.85

3.77

3.55

6.11

5.52

5.09

4.81

4.78

10.81

9.93

9.21

8.78

6.46

4.22

4.48

4.80

5.30

5.26

11.01

23.8%

1.76

5.67

4.50

4.14

3.57

3.24

3.12

14.11

12.46

11.63

12.11

1.87

1.90

1.97

1.96

41.42

14.1%

2.99

3.00

25.71

24.33

15.18

30.28

19.00

17.67

16.05

53.40

30.73

26.63

21.16

3.61

4.08

4.51

4.97

42.30

9.0%

4.32

4.13

3.93

12.98

11.15

11.30

10.78

14.34

13.09

12.11

11.01

24.75

23.03

21.81

19.91

3.25

3.53

3.79

3.98

35.92

1.5%

0.28

0.23

0.24

5.66

4.81

4.74

5.21

3.51

3.43

3.37

3.49

7.22

7.31

6.96

6.86

6.54

1.75

2.20

2.47

2.65

96.20

37.4%

2.98

2.96

2.54

2.43

12.70

14.22

10.36

8.50

14.10

14.44

10.95

9.73

8.51

29.73

43.97

26.13

23.32

19.33

3.70

4.38

5.28

6.19

6.14

40.42

22.2%

0.57

0.64

0.61

0.62

3.34

3.26

3.05

3.03

1.69

1.92

1.78

1.75

1.89

7.75

8.41

7.82

7.89

7.53

5.22

5.42

5.54

5.70

5.98

152.61

19.3%

1.82

1.39

1.32

1.27

1.29

1.11

6.26

6.28

6.14

5.53

5.35

6.61

6.25

5.76

5.16

3.65

17.10

15.39

14.09

12.82

12.60

2.88

3.18

3.27

3.40

3.18

39.81

30.4%

1.77

1.52

5.22

4.30

3.58

3.16

8.16

6.34

5.28

4.70

7.85

6.54

5.42

4.88

27.41

17.76

14.53

13.06

0.71

0.91

0.95

0.97

68.34

9.0%

1.18

1.09

1.00

1.02

0.99

0.91

0.85

8.58

7.40

6.06

5.71

6.71

6.55

5.45

4.83

15.15

15.85

11.81

9.87

1.30

1.24

1.26

51.41

6.0%

3.22

2.70

2.42

2.09

6.83

5.76

4.82

3.87

10.66

9.78

8.07

6.45

12.30

10.08

8.46

6.58

41.13

32.69

25.31

18.21

0.06

0.07

156.77

2.0%

HESS CORP

1.09

0.98

0.89

0.81

0.64

1.18

1.08

1.44

4.41

4.14

4.17

3.55

4.04

4.09

4.24

4.12

11.62

10.91

11.45

11.50

0.60

1.06

1.46

80.21

16.8%

DEVON ENERGY CORPORATION

1.02

0.90

0.82

2.56

2.31

2.01

2.00

4.78

4.46

3.67

3.49

5.66

5.39

4.17

3.96

17.16

14.81

10.94

10.43

1.32

1.52

1.59

1.60

70.91

28.0%

WOODSIDE PETROLEUM LTD

1.77

1.80

1.74

1.69

4.39

4.54

3.98

4.04

6.88

8.05

7.01

7.16

7.27

6.91

7.24

6.11

6.24

12.88

14.47

12.18

12.38

13.43

4.04

6.57

6.34

5.98

VALERO ENERGY CORP

1.06

0.95

0.85

0.75

0.14

0.15

0.16

4.00

3.89

3.80

3.98

2.56

3.99

3.81

3.75

4.01

7.11

7.02

6.55

6.23

5.59

1.87

2.27

2.46

2.54

REPSOL SA

0.81

0.74

0.71

0.69

0.86

0.36

0.37

0.36

4.36

4.25

4.51

4.27

3.85

5.38

5.18

5.10

4.89

4.40

10.83

10.00

9.99

9.60

9.45

5.21

5.77

5.75

5.94

CHINA PETROLEUM & CHEMICAL-H

0.92

0.84

0.77

0.72

0.59

0.19

0.17

0.16

0.15

3.04

2.84

2.78

2.72

2.33

4.77

4.13

3.79

3.59

3.31

7.72

6.52

6.18

6.04

5.19

4.48

5.54

5.90

6.05

CAMERON INTERNATIONAL CORP

2.85

2.46

2.09

1.78

1.89

1.60

1.37

1.25

17.87

13.75

10.48

9.40

6.63

12.36

10.21

7.83

6.81

6.07

20.45

17.60

13.10

11.17

8.76

0.00

CABOT OIL & GAS CORP

7.11

5.44

4.78

4.04

12.88

8.45

6.05

4.47

22.19

13.04

9.13

6.67

20.71

12.73

9.00

6.60

118.04

47.65

28.29

21.11

0.12

TULLOW OIL PLC

2.58

2.64

2.46

2.25

6.10

5.41

5.58

5.60

4.38

9.89

9.31

10.49

10.52

8.85

8.43

8.50

9.03

20.74

23.28

24.16

28.67

20.74

1.00

SEADRILL LTD

3.25

3.14

2.91

4.39

3.89

3.26

2.81

2.70

10.31

8.98

7.41

6.20

12.76

11.34

9.01

7.67

16.00

14.28

10.88

8.76

7.82

SOUTHWESTERN ENERGY CO

3.75

3.65

3.05

2.62

5.65

4.53

4.12

3.85

8.30

6.90

6.19

5.48

9.87

7.64

6.81

5.64

27.86

19.75

18.17

14.32

ENSCO PLC-CL A

1.11

1.03

0.93

0.84

3.13

2.66

2.34

2.11

2.14

7.08

6.29

5.44

4.78

4.86

8.65

7.09

6.08

5.44

5.76

10.99

8.86

7.43

6.53

FMC TECHNOLOGIES INC

7.51

5.91

4.62

3.52

2.25

1.99

1.74

1.49

1.26

29.28

19.61

14.62

12.10

8.41

19.05

15.64

12.03

9.85

7.51

30.66

26.32

19.24

CRESCENT POINT ENERGY CORP

1.48

1.65

1.68

1.71

5.22

4.62

4.24

4.17

4.42

7.57

7.49

7.30

6.97

8.38

9.15

8.13

7.25

6.63

6.77

37.89

49.19

39.12

ORIGIN ENERGY LTD

1.04

1.03

1.01

0.98

1.05

0.96

0.93

0.91

0.88

9.46

9.32

9.03

7.71

6.69

9.32

9.65

8.91

7.99

6.40

15.59

17.93

ENCANA CORP

1.70

2.50

2.32

2.03

2.32

2.11

1.82

1.67

3.59

4.99

4.14

3.38

3.06

13.40

6.68

4.78

4.12

3.62

13.05

20.36

0.91

0.94

1.63

2.82

0.94

0.41

4.28

0.41

1.10

11.35

4.13

3.16

3.11

6.85

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

4.39

6.24

3.43

25.69

6.61

7.25

9.22

2.46

1.60

5.15

5.12

38.88

7.4%

44.85

29.2%

5.87

19.20

12.9%

6.02

7.18

36.7%

0.00

75.00

16.7%

0.13

0.15

75.60

5.0%

1.03

1.08

1.11

1.44

1289.29

20.6%

8.82

8.34

9.27

10.00

261.60

3.8%

0.00

6.85

2.63

3.42

3.62

4.02

14.94

9.89

0.00

58.65

2.7%

70.92

71.91

7.68

45.58

26.8%

16.46

14.22

9.43

3.96

3.95

4.00

5.84

14.13

11.6%

13.57

10.58

7.28

4.77

21.71

22.6%

5.18

40.92

6.5%

69.29

19.6%

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

2.30

2.10

1.91

2.30

1.47

1.40

1.35

1.47

10.35

9.67

10.00

10.35

9.10

8.39

7.84

9.10

14.91

13.33

12.16

14.91

2.14

2.30

2.40

2.14

1777.9

8.2%

Euro Stoxx 50 Pr

1.16

1.10

1.03

1.16

0.75

0.73

0.71

0.75

5.74

5.27

4.80

5.74

6.92

6.53

6.19

6.92

11.54

10.30

9.29

11.54

4.33

4.61

4.96

4.33

2965.8

11.7%

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

1.58

1.46

1.69

0.96

0.93

0.95

0.96

8.34

7.63

6.96

8.34

6.81

6.42

6.04

6.81

11.99

10.92

10.10

11.99

3.90

4.20

4.55

3.90

7105.8

9.8%

SWISS MARKET INDEX

2.35

2.18

2.03

2.35

2.01

1.91

1.83

2.01

12.06

11.00

9.80

12.06

13.03

12.00

11.23

13.03

14.75

13.27

12.08

14.75

3.29

3.68

4.21

3.29

8622.8

9.6%

S&P/TSX COMPOSITE INDEX

1.63

1.52

1.41

1.63

1.39

1.43

1.48

1.39

8.22

7.41

6.11

8.22

8.34

7.38

6.79

8.34

14.15

12.49

11.36

14.15

3.29

3.44

3.61

3.29

14171.6

16.0%

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

7.14

10.14

3.06

3.38

3.67

3.06

1125.3

22.6%

RANGE RESOURCES CORP

5.60

5.14

4.50

3.69

9.55

7.43

5.79

4.61

0.20

0.21

INPEX CORP

0.71

0.65

0.63

0.61

1.38

1.24

1.18

1.12

1.55

1.58

1.59

1.60

JX HOLDINGS INC

0.65

0.59

0.55

0.51

0.11

0.10

3.28

3.35

3.46

3.51

TALISMAN ENERGY INC

1.24

1.17

1.11

1.06

1.59

1.98

1.74

2.32

2.31

2.33

2.36

EQT CORP

3.00

2.88

2.44

1.91

8.08

6.52

1.07

0.25

0.15

SANTOS LTD

1.36

1.33

1.28

1.21

1.17

4.05

ECOPETROL SA-SPONSORED ADR

2.88

2.39

2.25

2.14

1.95

MURPHY OIL CORP

1.26

1.25

1.11

1.02

TECHNIP SA

2.37

2.13

1.88

1.67

CHESAPEAKE ENERGY CORP

1.10

1.03

0.96

IMPERIAL OIL LTD

2.16

1.83

TENARIS SA

2.16

NOBLE CORP

1.22

CANADIAN OIL SANDS LTD OIL SEARCH LTD

6.56

6.01

5.52

18.55

13.23

9.92

6.88

7.38

7.46

8.63

6.56

0.10

4.06

5.64

3.43

2.86

1.87

4.00

4.83

4.07

3.43

5.44

4.06

15.58

10.28

7.92

6.38

3.70

3.31

2.61

2.43

8.73

8.36

7.91

5.71

5.05

2.50

2.51

2.46

2.44

2.14

7.85

7.60

7.69

8.17

7.11

0.42

0.43

0.49

0.43

4.18

3.78

3.11

2.99

1.14

0.97

0.86

0.79

14.06

11.38

8.87

7.87

0.83

1.25

1.18

1.15

1.16

4.63

3.41

2.97

2.73

1.57

1.38

1.11

1.04

0.97

7.77

7.71

7.03

6.72

2.04

1.85

1.68

1.16

1.05

0.94

2.28

2.08

1.89

1.78

3.04

2.88

2.66

2.24

ARC RESOURCES LTD

2.52

2.55

2.54

HUSKY ENERGY INC

1.41

1.37

1.29

TESORO CORP

1.69

1.52

HELMERICH & PAYNE

1.86

1.61

OMV AG

0.99

DENBURY RESOURCES INC CONSOL ENERGY INC

0.55

1.34

2.36

2.31

2.16

2.05

0.91

2.81

2.32

1.86

1.64

2.60

2.65

2.58

2.38

1.98

13.40

13.92

8.99

4.07

2.38

6.25

5.42

4.57

1.22

1.19

1.24

1.21

1.30

1.09

0.23

0.22

1.43

1.24

2.23

2.07

0.87

0.80

0.74

0.29

1.34

1.22

1.13

1.05

1.66

1.55

1.42

1.29

PENN WEST PETROLEUM LTD

0.62

0.64

0.65

QEP RESOURCES INC

1.59

1.53

SUBSEA 7 SA

0.98

NABORS INDUSTRIES LTD

0.78

AMEC PLC

1.14

0.77

1.10

9.25

4.40

6.59

6.28

7.14

6.49

5.99

18.81

14.10

10.60

7.90

2.09

2.00

1.98

2.07

8.23

8.89

7.70

7.32

6.78

7.21

6.13

5.85

4.30

5.46

4.30

3.90

41.49

78.75

28.58

21.92

15.28

10.83

8.59

6.71

57.91

33.39

25.50

19.19

8.45

7.72

6.65

4.84

21.52

22.39

20.23

13.26

10.70

2.30

2.24

2.41

3.17

10.70

12.18

11.79

11.92

10.02

5.97

5.92

5.44

4.77

11.22

11.06

9.46

10.42

4.57

2.61

2.18

2.19

17.86

15.03

12.13

10.50

2.00

2.33

2.73

3.05

1.61

1.62

1.61

1.64

1.14

1.19

1.22

1.27

2.48

4.40

10.14

9.12

8.34

109.88

53.43

36.53

21.68

8.69

10.62

10.42

10.84

11.56

77.18

%D to Spot

84.29

5.4%

625875.00

40.2%

608.18

24.6%

14.23

16.5%

91.83

12.1%

4.29

15.10

12.6%

6.80

51.22

21.6%

70.10

12.9%

97.10

19.9%

1.59

2.33

3.91

3.59

3.07

3.25

9.25

7.86

6.52

5.83

9.67

6.46

5.58

4.67

43.67

14.14

10.54

9.09

6.89

7.18

6.51

6.49

10.02

10.12

9.44

9.72

8.94

8.83

8.13

7.74

13.50

14.91

13.56

12.67

2.26

2.31

2.45

2.58

15.59

-7.7%

9.87

7.87

5.76

5.01

18.45

14.04

8.64

7.02

8.27

1.41

1.93

2.48

3.05

5.10

46.29

18.0%

10.11

11.05

10.91

11.08

6.59

6.79

6.90

7.01

6.81

20.87

1.5%

61.50

62.03

32.69

11.80

0.55

0.77

2.77

2.73

9.17

15.4%

4.37

11.21

10.66

4.32

5.68

0.53

1.55

1.62

0.43

0.86

0.80

3.27

3.51

3.67

3.75

5.06

9.59

8.84

2.59

1.22

22.67

7.1%

48.18

15.7%

9.44

11.28

10.56

10.08

1.76

7.45

6.22

4.60

4.02

4.34

6.25

7.55

6.89

6.50

6.66

6.31

5.92

5.39

5.46

3.69

28.69

28.80

18.85

7.14

6.19

30.14

29.62

16.60

6.50

3.74

11.79

10.26

8.64

7.10

12.25

10.02

8.53

7.32

105.21

39.23

29.47

1.28

5.54

5.32

4.85

4.56

4.88

5.30

5.07

4.48

4.38

13.04

12.88

11.52

0.22

0.24

5.20

5.53

4.41

4.18

3.60

3.57

3.93

3.25

3.27

7.80

9.77

7.69

7.44

1.97

1.86

7.37

6.56

6.31

6.39

5.65

5.16

4.95

4.75

13.06

12.04

11.73

11.02

0.30

3.27

2.88

2.94

2.83

3.33

3.39

3.42

3.40

7.80

8.01

7.89

2.73

2.65

2.55

2.45

5.15

5.25

5.07

5.78

6.44

6.66

6.46

6.44

12.75

13.54

14.12

15.36

0.00

1.20

1.26

1.10

1.03

6.66

7.05

5.52

5.18

8.24

8.37

6.18

5.41

29.85

33.70

14.53

11.05

6.88

1.82

1.66

1.98

1.84

1.82

0.66

1.77

2.01

1.89

1.95

4.32

4.86

4.76

4.03

5.29

6.67

5.61

5.67

31.32

70.38

39.29

23.66

9.71

7.50

5.44

6.21

5.04

11.92

7.1%

1.37

1.23

2.33

1.83

1.64

1.66

4.24

3.71

3.23

2.99

6.32

5.45

4.88

4.23

23.77

19.69

16.67

12.86

0.27

37.50

27.0%

0.95

0.88

0.80

0.98

0.93

0.84

0.78

7.05

9.78

5.84

5.20

5.58

6.55

4.31

3.77

11.31

18.10

9.19

7.65

2.58

3.27

3.32

3.64

146.71

36.5%

0.76

0.71

0.65

0.69

0.75

0.70

0.64

2.99

3.34

2.95

2.69

4.35

4.95

4.39

3.87

9.44

16.58

11.64

8.72

0.00

0.34

0.28

0.20

18.15

12.2%

2.61

2.60

2.40

2.28

0.76

0.73

0.68

0.65

0.72

12.38

10.62

10.08

8.66

8.85

8.12

7.30

6.73

13.32

11.91

10.63

9.75

3.24

3.77

4.17

4.66

1216.25

17.5%

PETROFAC LTD

4.43

3.30

2.64

2.16

1.01

0.90

0.82

0.80

12.16

7.75

6.94

5.87

6.66

6.05

5.07

4.41

10.17

9.87

8.44

7.44

3.39

3.54

4.06

4.57

1651.67

31.4%

SAIPEM SPA

1.19

1.33

1.18

1.06

0.48

0.47

0.48

0.46

0.47

4.86

9.82

4.41

3.82

5.08

14.56

6.43

5.37

6.90

11.60

7.97

4.85

0.65

3.03

4.33

17.27

20.9%

DIAMOND OFFSHORE DRILLING

2.11

2.04

1.83

1.59

3.26

3.19

2.47

2.16

2.17

8.73

9.17

6.68

5.74

7.43

7.61

5.03

4.37

5.02

5.01

5.12

76.59

9.7%

TONENGENERAL SEKIYU KK

1.50

1.14

1.16

1.12

0.19

0.18

0.17

37.27

6.21

7.20

6.36

17.10

9.75

10.46

10.27

3.95

981.43

1.9%

ROWAN COMPANIES PLC-A

0.97

0.92

0.84

0.73

3.17

2.84

2.27

1.76

1.68

9.66

7.90

5.74

4.19

10.04

8.63

6.06

4.34

4.02

39.31

10.7%

PEABODY ENERGY CORP

0.68

0.84

0.81

0.76

0.51

0.55

0.50

0.47

3.08

5.16

3.55

3.38

5.40

8.33

6.24

5.25

3.10

7.52

WORLEYPARSONS LTD

2.53

2.39

2.27

2.14

0.72

0.59

0.56

0.53

15.93

12.96

11.04

10.33

8.25

8.63

7.99

7.34

6.99

13.75

WPX ENERGY INC

0.71

0.75

0.74

1.48

1.26

1.09

1.12

4.50

4.99

3.75

5.78

6.00

4.77

4.67

NEWFIELD EXPLORATION CO

0.79

1.15

1.03

0.91

1.29

1.32

1.34

1.09

2.63

2.62

2.49

2.11

4.17

4.29

4.10

3.34

GALP ENERGIA SGPS SA

1.73

1.68

1.60

1.55

0.52

0.51

0.45

0.40

13.94

11.62

9.12

7.63

12.31

10.78

9.05

7.40

ENERPLUS CORP

1.05

1.06

2.47

2.13

1.99

1.74

5.11

4.28

4.23

3.82

6.86

5.57

5.08

4.80

CAIRN ENERGY PLC

0.98

0.69

0.71

0.86

1600.57

2400.85

160.06

0.69

1.99

1.47

0.75

0.26

0.74

0.45

3.56

6.07

3.58

8.02

3.64

3.52

5.76

6.06

3.00

4.24

3.98

4.55

17.9%

1.70

68.80

30.5%

0.91

70.80

7.5%

34.96

-2.1%

23.33

32.4%

42.10

52.9%

3.62

14.95

15.19

9.62

8.24

8.68

11.05

15.74

15.92

19.43

16.25

9.66

6.21

5.49

0.00

14.86

8.58

2.76

2.25

2.26

2.29

2.33

2.24

25.68

68.9%

13.64

12.35

9.62

4.62

4.36

4.72

5.21

5.87

22.21

10.1%

14.92

8.37

6.5%

32.77

5.01

50.21 10.25

15.05

10.48

9.64

5.43

26.28

25.58

22.42

18.89

4.32

74.25

19.79

14.71

13.02

3.84

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

7.44

29.24 4.32

19.67

1.7%

34.33

37.9%

0.00

13.30

1.98

2.37

2.86

3.44

4.29

15.55

33.9%

7.91

10.20

6.80

17.94

12.9%

132.97

0.00

362.22

36.0%

08.07.2013

Exxon Mobil Corp Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (10.07.2012) 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 XOM US EQUITY YTD Change XOM US EQUITY YTD % CHANGE

12/2012 03/yy 93.67 82.83 3'765'289.00 92.4722 -1.37% 11.64% 80.63% 4'446.4 411'166.16 11'581.00 0.0 5'797.0 9'582.00 424'440.15

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

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 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

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 425'071.0 0.89x 78'669.0 4.82x 45'220.0 9.22x

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

31.12.2009 31.12.2010 275'564.0 341'578.0 1.18x 1.10x 38'156.0 54'882.0 8.54x 6.87x 19'280.0 30'460.0 17.13x 11.76x Profitability

LTM-4Q 31.12.2011 433'526.0 0.95x 69'687.0 5.91x 41'060.0 10.07x

31.12.2012 420'714.0 0.94x 65'769.0 6.04x 44'880.0 11.45x

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

65'769.00 49'881.00 11.86% 18.71% 13.12% 27.73% 26.10% 1.19% 15.6% 15.8% 11.9% 10.7% 1.01 0.69 3.47% 6.98% 11.59 21.88

Price/ Cash Flow

LTM

03/yy 442'887 3.59x 68'333.0 5.99x 39'860.0 10.47x

03/yy 406'354 4.01x 64'362.0 6.43x 44'930.0 11.26x

FY+1

2.47 0.96 4'436.05 43.89 11.94% 8.28% 0.963 29 3.552 12'619'148 13'816'058 13'457'486 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 426'521 435'712 105'381 106'388 1.00x 0.98x 4.03x 4.00x 79'465.6 81'220.2 16'175.7 17'745.2 5.34x 5.22x 5.87x 5.57x 35'530.3 35'530.9 8'618.4 8'957.1 11.57x 11.29x 11.68x 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

16.12.1985 AAA STABLE 16.12.1985 A-1+ 78.95 37.81 0.11 0.21 7.0% 6.3% 1.19 1.81 31.50 16.68 60.61 12.30

Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0 250'000.0

6.00

200'000.0 4.00

150'000.0 100'000.0

2.00 0.00 01.01.2010

50'000.0 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

Exxon Mobil Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN JP MORGAN FMR LLC BANK OF AMERICA CORP STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE TIAA CREF INVESTMENT UBS STATE FARM MUTUAL AU GOLDMAN SACHS GROUP WELLS FARGO SUN LIFE FINANCIAL I ALLIANCE BERNSTEIN

Firm Name Jefferies Barclays Raymond James Edward Jones Cowen and Company Tudor Pickering & Co Oppenheimer & Co Wells Fargo Securities, LLC ISI Group Howard Weil Inc Societe Generale Canaccord Genuity Corp Simmons & Company International VTB Capital Argus Research Corp Independent Research GmbH Ameriprise Advisor Services, Inc Morgan Stanley Credit Suisse Macquarie National Bank AG Deutsche Bank JPMorgan S&P Capital IQ Goldman Sachs EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN n/a n/a BANK OF AMERICA STATE FARM MUTUAL AU NORGES BANK T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT n/a STATE FARM MUTUAL AU n/a n/a n/a n/a

Analyst IAIN REID PAUL Y CHENG PAVEL MOLCHANOV BRIAN YOUNGBERG ASIT SEN ROBERT KESSLER FADEL GHEIT ROGER D READ DOUGLAS T TERRESON BLAKE FERNANDEZ JOHN HERRLIN GORDON GRAY JEFFREY A DIETERT COLIN SMITH JONATHAN GELCIUS SVEN DIERMEIER LEZE THAQI J EVAN CALIO EDWARD WESTLAKE JASON D GAMMEL MANFRED JAISFELD PAUL SANKEY KATHERINE LUCAS MINYARD MICHAEL KAY ARJUN N MURTI CRAIG STERLING

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

Recommendation hold equalweight outperform hold outperform hold market perform market perform neutral sector perform buy hold overweight hold hold hold buy Underwt/In-Line neutral neutral hold hold neutral strong buy neutral/attractive buy

Amt Held 249'170'751 220'488'880 187'802'516 74'266'448 69'946'768 58'160'618 48'351'495 48'014'528 43'225'229 37'062'400 36'257'449 36'121'945 30'394'776 23'064'235 21'503'666 21'387'000 20'928'822 20'926'596 20'715'547 20'082'588

% Out 5.6 4.96 4.22 1.67 1.57 1.31 1.09 1.08 0.97 0.83 0.82 0.81 0.68 0.52 0.48 0.48 0.47 0.47 0.47 0.45

Weighting

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

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

Latest Chg (77'903) 6'057'091 (5'490'947) 930'148 1'445'372 (3'571'856) (764'186) (6'314'268) 48'179 (363'986) 213'673 (455'610) 521'542 (16'109) (3'755'506) (429'094) 697'390 1'915'793

Target Price 90 102 96 #N/A N/A 102 82 #N/A N/A #N/A N/A 95 97 103 95 #N/A N/A 90 #N/A N/A 94 #N/A N/A 85 90 99 95 96 96 104 91 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 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 30.04.2013 31.05.2013 31.05.2013

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

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

Date 08.07.2013 08.07.2013 28.06.2013 25.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 18.06.2013 07.06.2013 30.05.2013 16.05.2013 15.05.2013 06.05.2013 06.05.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 12.04.2013 15.01.2013

08.07.2013

Chevron Corp Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (15.11.2012) 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 CVX US EQUITY YTD Change CVX US EQUITY YTD % CHANGE

12/2012 03/yy 127.40 100.66 1'617'422.00 122.18 -4.22% 21.38% 74.23% 1'939.0 236'904.31 12'192.00 0.0 1'308.0 21'205.00 234'759.31

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 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

18.0 M

120 100

Valuation Analysis

31.12.2008 255'112.0 0.58x 44'538.0 3.32x 23'931.0 6.50x

140

31.12.2009 31.12.2010 159'293.0 189'607.0 0.99x 0.96x 26'432.0 38'438.0 5.94x 4.71x 10'483.0 19'024.0 14.69x 9.76x Profitability

LTM-4Q 31.12.2011 236'286.0 0.87x 51'210.0 4.02x 26'895.0 7.92x

31.12.2012 222'580.0 0.91x 48'426.0 4.19x 26'179.0 8.41x

48'426.00 35'013.00 15.73% 20.82% 11.45% 19.49% 0.96% 18.6% 21.2% 14.9% 11.8% 1.63 1.23 5.23% 8.93% 9.90 25.70

Price/ Cash Flow

LTM

FY+1

2.95 1.07 1'938.50 17.66 20.13% 14.79% 1.072 29 4.241 4'780'518 6'002'805 6'367'228 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 237'117.0 217'734.0 230'022.0 227'252.1 54'642.0 55'405.5 3.35x 3.90x 1.03x 1.06x 4.30x 4.26x 52'356.0 46'203.0 55'870.1 56'908.6 11'867.3 12'289.7 3.87x 4.96x 4.20x 4.12x 4.69x 4.46x 27'155.0 25'886.0 24'084.7 24'182.5 5'849.3 6'207.4 8.01x 9.16x 9.88x 9.74x 9.98x 9.89x S&P Issuer Ratings Long-Term Rating Date 01.07.1987 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 01.07.1987 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -0.08 Total Debt/EBITDA 0.31 Reference Total Debt/Equity 8.9% Total Debt/Capital 8.1% Asset Turnover 0.96 Net Fixed Asset Turnover 1.61 Accounts receivable turnover-days 36.86 Inventory Days 14.20 Accounts Payable Turnover Day 45.35 Cash Conversion Cycle 1.75 Sales/Revenue/Turnover

8.00

300'000.0

7.00

250'000.0

6.00

200'000.0

5.00 4.00

150'000.0

3.00

100'000.0

2.00

50'000.0 1.00 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

Chevron Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL FMR LLC JP MORGAN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BANK OF AMERICA CORP NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL WELLS FARGO INVESCO LTD TIAA CREF INVESTMENT SUN LIFE FINANCIAL I

Firm Name Jefferies Barclays Edward Jones JPMorgan Morgan Stanley Raymond James Cowen and Company Tudor Pickering & Co Oppenheimer & Co Wells Fargo Securities, LLC ISI Group Howard Weil Inc Societe Generale Canaccord Genuity Corp Argus Research Corp Simmons & Company International VTB Capital Independent Research GmbH Ameriprise Advisor Services, Inc Credit Suisse Deutsche Bank Macquarie S&P Capital IQ Oracle Investment Research EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a T ROWE PRICE ASSOCIA n/a BANK OF AMERICA NORGES BANK STATE FARM MUTUAL AU GEODE CAPITAL MANAGE AMERIPRISE FINANCIAL n/a n/a TIAA-CREF INVESTMENT n/a

Analyst IAIN REID PAUL Y CHENG BRIAN YOUNGBERG KATHERINE LUCAS MINYARD J EVAN CALIO PAVEL MOLCHANOV ASIT SEN ROBERT KESSLER FADEL GHEIT ROGER D READ DOUGLAS T TERRESON BLAKE FERNANDEZ JOHN HERRLIN GORDON GRAY JONATHAN GELCIUS JEFFREY A DIETERT COLIN SMITH SVEN DIERMEIER LEZE THAQI EDWARD WESTLAKE PAUL SANKEY JASON D GAMMEL MICHAEL KAY LAURENCE BALTER CRAIG STERLING ARJUN N MURTI

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

Recommendation hold equalweight buy neutral Overwt/In-Line outperform outperform hold outperform outperform buy sector outperform hold buy buy overweight hold hold buy outperform buy outperform strong buy hold buy neutral/attractive

Amt Held 120'672'728 104'159'082 98'040'555 78'133'034 37'588'506 31'537'302 31'438'900 29'333'821 23'728'375 23'323'815 18'387'731 16'787'056 16'404'385 16'281'400 13'180'196 12'648'021 12'416'713 11'559'439 11'426'378 11'329'103

% Out 6.22 5.37 5.06 4.03 1.94 1.63 1.62 1.51 1.22 1.2 0.95 0.87 0.85 0.84 0.68 0.65 0.64 0.6 0.59 0.58

Weighting

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

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

Latest Chg 482'591 (3'271'806) 3'489'417 (2'626'304) 751'186 1'159'770 978'505 (4'658'064) (439'218) (391'890) (369'205) 14'943 234'047 (95'262) 452'568 (272'287) 1'002'097 (766'314)

Target Price 135 145 #N/A N/A 121 135 125 133 125 140 #N/A N/A 130 140 126 136 140 #N/A N/A 120 127 #N/A N/A 135 140 148 142 110 #N/A N/A 125

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

File Dt 03.07.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 30.04.2013 05.07.2013 31.03.2013 31.05.2013

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

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

Date 08.07.2013 08.07.2013 28.06.2013 28.06.2013 25.06.2013 25.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 18.06.2013 07.06.2013 30.05.2013 17.05.2013 16.05.2013 15.05.2013 06.05.2013 03.05.2013 29.04.2013 28.04.2013 27.04.2013 26.04.2013 01.02.2013 16.01.2013 13.12.2012

08.07.2013

BP PLC BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

Price/Volume

60.0 M 50.0 M 40.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 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 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP/ LN EQUITY YTD Change BP/ LN EQUITY YTD % CHANGE

12/2012 03/yy 485.00 416.35 8'691'133.00 461.15 -4.87% 10.76% 54.84% 18'935.8 87'322.28 48'797.00 0.0 1'206.0 20'114.00 149'607.76

30.0 M

200

20.0 M

100

10.0 M

0 j-12

31.12.2009 31.12.2010 239'272.0 297'107.0 0.87x 0.55x 33'392.0 38'497.0 6.24x 4.22x 16'578.0 (3'719.0) 10.95x Profitability

LTM-4Q 31.12.2011 375'517.0 0.44x 45'796.0 3.63x 25'700.0 5.25x

31.12.2012 375'580.0 0.43x 20'442.0 7.92x 11'582.0 11.34x

20'442.00 7'961.00 2.12% 5.01% 7.33% 18.17% 13.83% 1.21% 11.6% 6.1% 2.5% 3.1% 1.37 0.59 16.26% 41.21% 11.12

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

5.08 1.01 18'932.89 13.15% 11.37% 1.005 35 3.457 21'941'600 24'226'440 23'507'340 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 385'066.0 370'933.0 337'718.1 333'192.6 90'913.0 89'583.0 1.69x 1.73x 0.46x 0.47x 1.64x 1.70x 43'743.0 22'513.0 40'888.7 40'633.5 9'840.0 9'800.0 3.97x 6.79x 3.66x 3.68x 3.61x 3.49x 24'213.0 22'530.0 16'843.0 18'008.4 3'916.3 4'275.3 5.79x 5.93x 8.28x 7.42x 8.16x 7.74x S&P Issuer Ratings Long-Term Rating Date 24.09.2010 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 24.09.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 13.60 (EBITDA-Capex)/Interest Exp. -1.75 Net Debt/EBITDA 0.80 Total Debt/EBITDA 2.06 Reference Total Debt/Equity 41.2% Total Debt/Capital 29.0% Asset Turnover 1.21 Net Fixed Asset Turnover 3.01 Accounts receivable turnover-days Inventory Days 32.83 Accounts Payable Turnover Day Cash Conversion Cycle 23.17 Sales/Revenue/Turnover

18.00

400'000.0

16.00

350'000.0

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0

4.00

50'000.0

2.00 0.00 01.01.2010

.0 M a-12

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

70.0 M

500 400

Valuation Analysis

31.12.2008 361'143.0 0.47x 41'761.0 4.05x 21'157.0 6.81x

600

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

BP PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME NORGES BANK FRANKLIN RESOURCES STATE STREET UBS PEOPLES REPUBLIC OF KUWAIT INVESTMENT AU PRUDENTIAL PLC FIL LIMITED STANDARD LIFE INVEST VANGUARD GROUP INC VANGUARD GROUP INC AVIVA INVESTORS AXA SUN LIFE FINANCIAL I HSBC INVESTMENTS UK

Firm Name Jyske Bank Jefferies Sanford C. Bernstein & Co Exane BNP Paribas Natixis AlphaValue Barclays Deutsche Bank Goldman Sachs Raymond James Societe Generale EVA Dimensions Macquarie Canaccord Genuity Corp Simmons & Company International VSA Capital Ltd VTB Capital Grupo Santander HSBC Morgan Stanley Investec Credit Suisse Nomura Liberum Capital Ltd RBC Capital Markets Landesbank Baden-Wuerttemberg Independent Research GmbH S&P Capital IQ Oriel Securities Ltd Day by Day JPMorgan Tudor Pickering & Co National Bank AG

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

Analyst ROBERT JAKOBSEN IAIN REID OSWALD CLINT ALEJANDRO DEMICHELIS ANNE PUMIR ALEXANDRE ANDLAUER RAHIM KARIM LUCAS HERRMANN MICHELE DELLA VIGNA BERTRAND HODEE IRENE HIMONA DOUG WALTERS JASON D GAMMEL GORDON GRAY JEFFREY A DIETERT DOUGIE YOUNGSON COLIN SMITH JASON KENNEY PAUL SPEDDING MARTIJN P RATS NEILL MORTON KIM FUSTIER THEEPAN JOTHILINGAM ANDREW WHITTOCK PETER HUTTON JENS MUENSTERMANN SVEN DIERMEIER CHRISTINE TISCARENO RICHARD GRIFFITH VALERIE GASTALDY FREDERICK G LUCAS ROBERT KESSLER MANFRED JAISFELD

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

Recommendation buy hold market perform outperform neutral reduce underweight buy neutral/cautious market perform hold hold outperform hold overweight sell hold hold overweight Underwt/In-Line hold neutral neutral hold sector perform buy buy hold hold hold overweight accumulate buy

Amt Held 1'027'123'894 700'995'663 609'649'091 509'487'680 440'435'909 431'404'955 368'458'395 350'954'775 347'934'575 341'051'304 328'143'792 308'914'530 254'181'992 239'057'923 230'954'783 217'288'300 175'533'364 158'899'366 148'653'609 136'057'977

% Out 5.42 3.7 3.22 2.69 2.33 2.28 1.95 1.85 1.84 1.8 1.73 1.63 1.34 1.26 1.22 1.15 0.93 0.84 0.79 0.72

Weighting

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

Latest Chg (20'586'090) 6'239'196 (1'478'376) (6'873'457) 7'001'866 18'858'108 7'324'940 (868'987) 12'164'861 (1'652'884) 16'814'344 9'479'174 6'799'667 299'144 (11'905'558) 7'560'582

Target Price 540 500 490 575 490 450 475 500 490 #N/A N/A 500 #N/A N/A 550 500 #N/A N/A 400 490 530 540 452 440 485 460 445 530 530 540 595 #N/A N/A #N/A N/A 525 500 700

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

File Dt 03.07.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 31.12.2012 01.05.2013 05.07.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 31.03.2013 01.05.2013 01.05.2013 31.05.2013 31.05.2013 01.05.2013

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

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

Date 08.07.2013 08.07.2013 08.07.2013 08.07.2013 05.07.2013 04.07.2013 03.07.2013 01.07.2013 01.07.2013 28.06.2013 11.06.2013 06.06.2013 03.06.2013 30.05.2013 16.05.2013 15.05.2013 15.05.2013 07.05.2013 07.05.2013 03.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 20.02.2013 19.12.2012 15.10.2012 14.04.2010

08.07.2013

Royal Dutch Shell PLC Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 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 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSA LN EQUITY YTD Change RDSA LN EQUITY YTD % CHANGE

12/2012 03/yy 2'323.50 2'026.00 1'784'624.00 2136.5 -8.07% 5.45% 27.06% 3'821.6 138'175.75 37'754.00 0.0 1'433.0 18'550.00 226'029.76

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

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 j-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.56x 55'943.0 4.73x 30'918.0 7.39x

31.12.2012 467'153.0 0.52x 52'114.0 4.65x 26'592.0 8.12x

52'114.00 37'499.00 8.03% 10.76% 7.36% 15.05% 12.92% 1.30% 15.2% 11.3% 7.9% 5.7% 1.18 0.61 10.48% 20.03% 6.33 11.84

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

LTM

FY+1

5.45 1.01 3'820.00 2.56% 3.35% 1.008 28 3.964 3'572'032 3'527'213 3'178'446 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 480'168.0 460'043.0 439'547.7 441'403.7 117'711.7 120'345.0 2.02x 2.05x 0.53x 0.53x 1.92x 1.88x 56'226.0 51'878.0 61'246.4 63'071.9 4.33x 4.33x 3.69x 3.58x 30'875.0 26'049.0 26'560.6 27'322.5 5'824.0 6'403.0 7.04x 7.80x 7.59x 7.49x 7.94x 7.86x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.35 Total Debt/EBITDA 0.69 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.30 Net Fixed Asset Turnover 2.74 Accounts receivable turnover-days 57.68 Inventory Days 30.82 Accounts Payable Turnover Day 74.95 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

1500

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

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL NORGES BANK AXA INVESTMENT MANAG SCOTTISH WIDOWS STATE STREET PEOPLES REPUBLIC OF VANGUARD GROUP INC SUN LIFE FINANCIAL I FIL LIMITED GOVT OF SINGAPORE IN UBS VANGUARD GROUP INC FRANKLIN RESOURCES BP INVESTMENT MANAGE ABERDEEN BNP PARIBAS INV PART JP MORGAN NORTHERN TRUST GLOBA HALIFAX FUND MANAGEM

Firm Name Jefferies Sanford C. Bernstein & Co Natixis Tudor Pickering & Co Barclays Deutsche Bank AlphaValue ING Bank RBC Capital Markets EVA Dimensions Macquarie Canaccord Genuity Corp Day by Day Simmons & Company International HSBC Morgan Stanley Raymond James Independent Research GmbH Hamburger Sparkasse Investec Credit Suisse Landesbank Baden-Wuerttemberg Oriel Securities Ltd JPMorgan National Bank AG VSA Capital Ltd Theodoor Gilissen Securities VTB Capital S&P Capital IQ

Portfolio Name n/a n/a Multiple Portfolios AXA EUROPE ACTIONS n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios HALIFAX INCOME FUND

Analyst IAIN REID OSWALD CLINT ANNE PUMIR ROBERT KESSLER RAHIM KARIM LUCAS HERRMANN ALEXANDRE ANDLAUER QUIRIJN MULDER PETER HUTTON DOUG WALTERS JASON D GAMMEL GORDON GRAY VALERIE GASTALDY JEFFREY A DIETERT PAUL SPEDDING MARTIJN P RATS BERTRAND HODEE SVEN DIERMEIER INGO SCHMIDT NEILL MORTON KIM FUSTIER JENS MUENSTERMANN RICHARD GRIFFITH FREDERICK G LUCAS MANFRED JAISFELD DOUGIE YOUNGSON JOS VERSTEEG COLIN SMITH CHRISTINE TISCARENO

Source ULT-AGG ULT-AGG MF-AGG MF-PART ULT-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG MF-PART

Recommendation buy market perform buy buy equalweight hold reduce buy outperform buy outperform buy hold overweight neutral not rated market perform hold buy buy outperform buy buy underweight buy not rated buy hold hold

Amt Held 190'130'247 190'081'772 151'294'420 102'606'243 73'583'565 56'189'085 53'994'386 46'983'833 46'366'072 41'228'790 39'320'478 39'229'525 35'703'705 27'628'893 22'400'138 19'778'981 18'268'458 17'522'437 17'188'582 15'753'161

% Out 4.98 4.97 3.96 2.68 1.93 1.47 1.41 1.23 1.21 1.08 1.03 1.03 0.93 0.72 0.59 0.52 0.48 0.46 0.45 0.41

Weighting

Change

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

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

Latest Chg 13'987'593 102'606'243 (4'245'147) 4'789'487 3'837'442 3'859'578 424'380 9'532'543 (349'371) 530'743 868'999 1'219'004 621'606 612'258 (3'985'722) 895'623 15'753'161

Target Price 2'450 2'300 2'600 2'900 2'500 2'400 2'050 2'804 2'580 #N/A N/A 2'500 2'650 #N/A N/A #N/A N/A 2'550 #N/A N/A #N/A N/A 2'274 #N/A N/A 2'550 2'500 2'580 #N/A N/A 2'400 2'824 #N/A N/A 2'722 2'500 2'315

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

File Dt 03.07.2013 17.06.2013 31.12.2012 31.05.2013 01.04.2013 05.07.2013 01.04.2013 31.03.2013 31.05.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 31.03.2013 01.04.2013 31.05.2013 01.04.2013 31.05.2013 01.04.2013 30.04.2013

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

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

Date 08.07.2013 08.07.2013 05.07.2013 03.07.2013 03.07.2013 01.07.2013 27.06.2013 24.06.2013 14.06.2013 06.06.2013 03.06.2013 30.05.2013 20.05.2013 16.05.2013 14.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 15.03.2013 31.01.2013 04.12.2012 02.10.2012 27.09.2012 03.10.2011

08.07.2013

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 45

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.04.2013 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 03/yy 42.00 34.51 2'698'585.00 38.105 -9.38% 10.43% 35.78% 2'376.7 90'565.50 33'290.00 0.0 1'281.0 17'031.00 111'925.50

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

6.0 M

15 10

4.0 M

2.0 M

0 j-12

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

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% 4.99% 11.93% 8.51% 1.05% 16.9% 11.1% 5.9% 1.38 0.74 19.37% 45.66% 8.01 -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

6.19 0.89 2'045.62 12.25% 0.81% 0.886 35 3.971 4'074'461 4'946'176 4'760'806 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 171'723.0 179'458.0 177'401.4 179'357.7 42'210.7 43'918.7 2.38x 2.31x 0.62x 0.62x 2.59x 2.48x 32'831.0 30'326.0 32'532.6 34'047.2 8'431.0 9'382.0 3.19x 3.49x 3.44x 3.29x 3.09x 3.04x 11'998.0 8'569.0 11'630.2 12'028.5 2'725.3 3'193.0 7.19x 9.86x 7.53x 7.34x 7.52x 7.42x 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 0.65 Total Debt/EBITDA 1.11 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.0% Asset Turnover 1.05 Net Fixed Asset Turnover 2.64 Accounts receivable turnover-days 45.57 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

8.00

200'000.0

7.00

180'000.0 160'000.0

6.00

140'000.0

5.00

120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 160'331.0 0.62x 29'887.0 3.32x 10'590.0 8.21x

8.0 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 |

08.07.2013

Total SA Holdings By:

All

Holder Name AMUNDI TOTAL SA GROUPE BRUXELLES LAM QATAR HOLDINGS LLC NORGES BANK NATIONALE A PORTEFEU BLACKROCK VANGUARD GROUP INC AMUNDI CAPITAL GROUP COMPAN FRANKLIN RESOURCES FIRST EAGLE INVESTME NATIXIS ASSET MANAGE BANK OF NEW YORK MEL AVIVA PLC AHORRO CORP GESTION LBPAM THORNBURG INVESTMENT ALLIANZ ASSET MANAGE MERCURY ASSET MANAGE

Firm Name Jefferies Sanford C. Bernstein & Co Exane BNP Paribas Natixis Barclays Deutsche Bank AlphaValue Raymond James Oddo & Cie Tudor Pickering & Co Canaccord Genuity Corp Societe Generale EVA Dimensions JPMorgan Macquarie CM - CIC Securities(ESN) Simmons & Company International VTB Capital Morgan Stanley HSBC Grupo Santander RBC Capital Markets Independent Research GmbH Nomura Investec Credit Suisse Landesbank Baden-Wuerttemberg S&P Capital IQ Hamburger Sparkasse Day by Day Goldman Sachs Banco Sabadell

Portfolio Name n/a 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 AHORRO CORPORACION E Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst IAIN REID OSWALD CLINT ALEJANDRO DEMICHELIS ANNE PUMIR LYDIA RAINFORTH LUCAS HERRMANN ALEXANDRE ANDLAUER BERTRAND HODEE AHMED BEN SALEM ROBERT KESSLER GORDON GRAY IRENE HIMONA DOUG WALTERS NITIN SHARMA JASON D GAMMEL JEAN-LUC ROMAIN JEFFREY A DIETERT COLIN SMITH MARTIJN P RATS PAUL SPEDDING JASON KENNEY PETER HUTTON SVEN DIERMEIER THEEPAN JOTHILINGAM NEILL MORTON KIM FUSTIER JENS MUENSTERMANN CHRISTINE TISCARENO INGO SCHMIDT VALERIE GASTALDY MICHELE DELLA VIGNA JORGE GONZALEZ SADORNIL

Source 13G 20F 20F Research Research 20F ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-PART MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy outperform outperform buy underweight buy reduce market perform buy accumulate buy buy buy overweight neutral buy overweight buy Equalwt/In-Line overweight buy outperform hold neutral hold neutral buy buy hold hold Sell/Cautious buy

Amt Held 180'919'481 108'732'635 94'636'768 47'275'059 47'038'683 33'122'869 28'345'397 24'613'220 18'026'831 16'544'065 15'880'307 12'197'782 11'704'762 10'969'880 10'451'098 10'020'846 7'850'360 7'497'100 7'415'641 6'575'642

% Out 7.61 4.57 3.98 1.99 1.98 1.39 1.19 1.04 0.76 0.7 0.67 0.51 0.49 0.46 0.44 0.42 0.33 0.32 0.31 0.28

Weighting

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

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

Latest Chg 559'401 (2'333'425) 819'306 1'195'922 2'174'188 (3'190'535) (79'501) 5'052'441 (4'002'760) 274'796 9'988'607 4'635 1'013'900 826'094 103'880

Target Price 48 52 48 47 43 42 36 #N/A N/A 50 45 45 47 #N/A N/A 49 42 54 #N/A N/A 50 41 46 45 44 40 40 37 44 45 48 #N/A N/A #N/A N/A 42 47

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 31.12.2012 Corporation 31.12.2012 Holding Company 14.03.2012 Government 31.12.2011 Government 31.12.2012 Private Equity 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 05.07.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 03.07.2013 Investment Advisor

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

Date 08.07.2013 08.07.2013 08.07.2013 05.07.2013 03.07.2013 01.07.2013 27.06.2013 25.06.2013 14.06.2013 13.06.2013 12.06.2013 11.06.2013 06.06.2013 04.06.2013 03.06.2013 23.05.2013 16.05.2013 15.05.2013 03.05.2013 02.05.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 16.04.2013 04.04.2013 20.03.2013 15.02.2013

08.07.2013

Schlumberger Ltd Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

Price/Volume 90

30.0 M

25.0 M

70 60

20.0 M

12/2012 03/yy 82.00 64.19 1'426'066.00 75.17 -8.35% 17.11% 55.59% 1'329.5 99'934.76 11'630.00 0.0 107.0 6'274.00 105'594.76

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

10.0 M

5.0 M

10 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 27'162.9 1.92x 8'966.9 5.82x 5'434.8 9.41x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (12.07.2012) 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 SLB US EQUITY YTD Change SLB US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 22'702.0 27'447.0 3.47x 4.26x 6'596.0 7'133.0 11.94x 16.40x 3'134.0 4'267.0 23.41x 30.05x Profitability

LTM-4Q 31.12.2011 36'959.0 2.61x 9'794.0 9.84x 4'997.0 18.91x

31.12.2012 42'149.0 2.31x 11'020.0 8.85x 5'490.0 16.64x

11'020.00 7'520.00 17.84% 17.06% 9.25% 16.02% 12.85% 0.73% 21.6% 26.0% 17.8% 13.0% 1.95 1.43 18.90% 33.47% 3.92 6.68

Price/ Cash Flow

LTM

03/yy 38'755.0 10.40x 10'301.0 9.66x 5'355.0 18.02x

03/yy 42'898.0 9.29x 11'165.0 9.42x 5'448.0 17.59x

FY+1

1.51 1.37 1'326.11 12.38 17.18% 9.36% 1.367 39 4.590 5'202'895 6'615'820 6'900'626 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 45'666.1 50'817.5 11'123.5 11'585.8 2.28x 1.98x 9.50x 9.07x 12'245.3 14'001.1 2'989.6 3'181.2 8.61x 7.53x 8.22x 7.95x 6'223.4 7'532.9 1'480.4 1'621.9 16.12x 13.25x 15.23x 14.46x S&P Issuer Ratings

11.12.2002 A+ STABLE 11.12.2002 A-1 32.41 18.60 0.50 0.99 33.5% 25.0% 0.73 3.05 93.18 54.66 82.34 54.51

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

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 |

08.07.2013

Schlumberger Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET DODGE & COX BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA JP MORGAN FMR LLC NORTHERN TRUST CORPO THORNBURG INVESTMENT SANDS CAPITAL MANAGE MANNING & NAPIER ADV NORGES BANK SUN LIFE FINANCIAL I JENNISON ASSOCIATES WELLS FARGO GOLDMAN SACHS GROUP UBS BANK OF AMERICA CORP

Firm Name Credit Suisse Edward Jones Susquehanna Financial Group Howard Weil Inc JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group HSBC Cowen and Company Societe Generale Stephens Inc Morgan Stanley Raymond James Wells Fargo Securities, LLC Global Hunter Securities Argus Research Corp Johnson Rice & Co Macquarie Ameriprise Advisor Services, Inc Capital One Southcoast, Inc. FBR Capital Markets Guggenheim Securities LLC RS Platou Markets Deutsche Bank Sterne, Agee & Leach EVA Dimensions RBC Capital Markets William Blair & Co Barclays S&P Capital IQ Tudor Pickering & Co Goldman Sachs Oracle Investment Research

Portfolio Name n/a VANGUARD GROUP INC n/a n/a DODGE & COX BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a n/a NORTHERN TRUST CORPO THORNBURG INVESTMENT SANDS CAPITAL MANAGE MANNING & NAPIER ADV NORGES BANK n/a JENNISON ASSOCIATES n/a n/a n/a BANK OF AMERICA

Analyst JAMES WICKLUND BRIAN YOUNGBERG CHARLES P MINERVINO WILLIAM SANCHEZ J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY DAVID PHILLIPS JAMES D CRANDELL EDWARD C MUZTAFAGO JOHN KELLER OLE SLORER J MARSHALL ADKINS MATTHEW D CONLAN BRIAN UHLMER JONATHAN GELCIUS DANIEL BURKE NIGEL BROWNE LEZE THAQI LUKE M LEMOINE MEGAN REPINE MICHAEL K LAMOTTE TURNER HOLM MICHAEL W URBAN STEPHEN D GENGARO CRAIG STERLING KURT HALLEAD BRANDON DOBELL JAMES C WEST STEWART GLICKMAN JEFF TILLERY WAQAR SYED LAURENCE BALTER

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

Recommendation neutral buy Positive focus list overweight outperform outperform buy strong buy overweight outperform buy overweight Overwt/In-Line outperform outperform neutral buy equalweight outperform buy add outperform buy buy buy buy underweight outperform market perform overweight hold buy buy/attractive strong buy

Amt Held 80'904'490 61'838'785 56'261'294 55'154'695 34'238'544 28'282'914 25'578'694 24'029'890 22'606'694 21'318'603 15'399'133 14'688'324 12'743'364 12'026'446 11'961'096 11'732'150 11'649'113 11'560'502 11'175'673 10'788'080

% Out 6.09 4.65 4.23 4.15 2.58 2.13 1.92 1.81 1.7 1.6 1.16 1.1 0.96 0.9 0.9 0.88 0.88 0.87 0.84 0.81

Weighting

Change 3 5 4 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 3 5 5 4 5 5 5 5 5 1 5 3 5 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 U M M U M M M M M U U

Latest Chg 3'503'199 1'709'323 3'073'215 198'147 (557'608) 907'168 (3'130'083) 2'792'073 3'080'413 328'640 (1'103'002) 2'529'362 777'715 (231'514) 2'624'316 1'703'405 (319'145) (227'370) 99'655

Target Price 79 #N/A N/A 86 91 97 96 85 86 92 92 93 90 99 92 77 #N/A N/A 80 90 #N/A N/A 91 #N/A N/A 90 93 87 85 91 93 #N/A N/A 85 #N/A N/A 103 81 #N/A N/A 95 95

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

File Dt 03.07.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 26.06.2013 24.06.2013 14.06.2013 14.06.2013 30.05.2013 13.05.2013 10.05.2013 09.05.2013 25.04.2013 25.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 20.04.2013 19.04.2013 19.04.2013 19.04.2013 20.09.2012 12.09.2012 26.07.2012 20.07.2012

08.07.2013

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

12/2012 03/yy 2'374.50 2'092.50 2'240'579.00 2226.5 -6.25% 6.40% 35.46% 2'538.8 138'175.75 37'754.00 0.0 1'433.0 18'550.00 226'029.76

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

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 j-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.56x 55'943.0 4.73x 30'918.0 7.39x

31.12.2012 467'153.0 0.52x 52'114.0 4.65x 26'592.0 8.12x

52'114.00 37'499.00 8.03% 10.76% 7.36% 15.05% 12.92% 1.30% 15.2% 11.3% 7.9% 5.7% 1.18 0.61 10.48% 20.03% 6.33 11.84

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

LTM

FY+1

5.23 0.98 2'537.35 2.96% 5.02% 0.982 18 3.333 3'868'957 4'572'205 4'551'393 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 480'168.0 460'043.0 439'547.7 441'403.7 117'711.7 120'345.0 2.02x 2.05x 0.53x 0.53x 1.92x 1.88x 56'226.0 51'878.0 61'246.4 63'071.9 4.33x 4.33x 3.69x 3.58x 30'875.0 26'049.0 26'560.6 27'322.5 5'824.0 6'403.0 7.04x 7.80x 7.91x 7.81x 8.27x 8.19x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.35 Total Debt/EBITDA 0.69 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.30 Net Fixed Asset Turnover 2.74 Accounts receivable turnover-days 57.68 Inventory Days 30.82 Accounts Payable Turnover Day 74.95 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

1500

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

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL CREDIT SUISSE PRIVAT CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME VANGUARD GROUP INC PRUDENTIAL PLC QATAR INVESTMENT AUT STATE STREET PEOPLES REPUBLIC OF UBS VANGUARD GROUP INC AXA FRANKLIN RESOURCES ABERDEEN STANDARD LIFE INVEST BREWIN DOLPHIN LIMIT NEWTON INV MGMT BNP PARIBAS INV PART

Firm Name Sanford C. Bernstein & Co Exane BNP Paribas Barclays Deutsche Bank Goldman Sachs RBC Capital Markets EVA Dimensions Canaccord Genuity Corp VTB Capital HSBC Grupo Santander Societe Generale Nomura Liberum Capital Ltd VSA Capital Ltd JPMorgan Morgan Stanley Natixis

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

Analyst OSWALD CLINT ALEJANDRO DEMICHELIS RAHIM KARIM LUCAS HERRMANN MICHELE DELLA VIGNA PETER HUTTON DOUG WALTERS GORDON GRAY COLIN SMITH PAUL SPEDDING JASON KENNEY IRENE HIMONA THEEPAN JOTHILINGAM ANDREW WHITTOCK DOUGIE YOUNGSON FREDERICK G LUCAS MARTIJN P RATS ANNE PUMIR

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

Recommendation market perform neutral equalweight hold Sell/Cautious outperform buy buy hold neutral underweight buy buy hold not rated underweight Overwt/In-Line buy

Amt Held 176'509'095 106'994'216 75'072'197 73'734'073 73'172'568 60'910'755 52'290'668 45'067'458 44'703'170 44'512'351 42'617'883 37'761'523 37'580'492 36'571'995 36'442'167 35'674'371 32'468'572 27'054'854 25'052'674 23'233'732

% Out 6.95 4.21 2.96 2.9 2.88 2.4 2.06 1.78 1.76 1.75 1.68 1.49 1.48 1.44 1.44 1.41 1.28 1.07 0.99 0.92

Weighting

Change

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

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

Latest Chg 1'014'963 124'992 (18'228'650) (9'654'149) 1'389'920 2'700'000 (4'521'292) 3'247'205 2'719'064 2'588'793 2'841'652 2'556'347 (1'957'966) 4'236'819 (591'731) (337'523) 5'075'128 2'372'475

Target Price 2'300 2'350 2'500 2'400 2'240 2'580 #N/A N/A 2'650 2'500 2'530 2'440 2'700 2'500 2'310 #N/A N/A 2'400 2'500 2'600

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

File Dt 03.07.2013 01.04.2013 01.04.2013 16.05.2013 01.04.2013 01.04.2013 31.03.2013 01.04.2013 01.04.2013 05.07.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 31.05.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013

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

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

Date 08.07.2013 08.07.2013 03.07.2013 01.07.2013 01.07.2013 14.06.2013 07.06.2013 30.05.2013 15.05.2013 14.05.2013 07.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 15.03.2013 27.02.2013 01.02.2013

08.07.2013

ConocoPhillips ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

Price/Volume 70

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 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 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COP US EQUITY YTD Change COP US EQUITY YTD % CHANGE

12/2012 03/yy 64.77 52.84 1'496'655.00 63.1921 -2.46% 19.59% 79.39% 1'222.7 77'262.53 21'725.00 0.0 440.0 3'618.00 93'924.53

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

15.0 M

10.0 M

20 5.0 M

10 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 225'424.0 0.46x 35'740.0 2.92x (16'998.0) 4.81x

31.12.2009 31.12.2010 136'016.0 175'752.0 0.77x 0.63x 4'281.0 22'655.0 24.43x 4.91x 4'414.0 11'358.0 16.11x 12.53x Profitability

LTM-4Q 31.12.2011 64'196.0 1.72x 21'649.0 5.10x 12'436.0 11.43x

31.12.2012 57'967.0 1.54x 19'396.0 4.60x 8'428.0 10.60x

19'396.00 12'816.00 22.11% 26.61% 5.44% 13.23% 9.64% 0.42% 27.3% 34.4% 22.9% 14.5% 1.38 0.72 18.55% 45.27% 4.80 39.78

Price/ Cash Flow

LTM

03/yy 64'230.0 7.03x 20'695.0 5.84x 12'345.0 12.18x

03/yy 58'243.0 6.17x 20'040.0 4.50x 7'630.0 10.71x

FY+1

7.31 0.98 1'220.31 24.79 20.73% 11.37% 0.981 26 3.615 5'207'682 5'559'575 6'405'826 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 50'281.6 52'170.5 11'548.1 11'680.6 1.79x 1.74x 7.89x 7.97x 21'777.4 23'576.2 5'016.7 5'023.4 4.31x 3.98x 4.45x 4.37x 6'906.0 7'811.2 1'541.1 1'633.7 11.46x 10.18x 11.27x 10.74x S&P Issuer Ratings

07.02.2012 A STABLE 07.02.2012 A-1 14.65 3.95 0.81 1.08 45.3% 31.0% 0.42 0.73 76.07 9.18 125.13 -30.26

Sales/Revenue/Turnover

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0 2.00

50'000.0

1.00 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

ConocoPhillips Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET JP MORGAN BERKSHIRE HATHAWAY I BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE BARROW HANLEY MEWHIN NORTHERN TRUST CORPO IVY MANAGEMENT INCOR DIMENSIONAL FUND ADV WELLS FARGO AMERIPRISE FINANCIAL NORGES BANK LSV ASSET MANAGEMENT FEDERATED INVESTORS FIRST EAGLE INVESTME WELLINGTON MANAGEMEN GEODE CAPITAL MANAGE

Firm Name Jefferies Barclays ISI Group Tudor Pickering & Co Edward Jones Raymond James Oppenheimer & Co Howard Weil Inc Societe Generale Deutsche Bank Wells Fargo Securities, LLC Simmons & Company International EVA Dimensions Argus Research Corp Credit Suisse JPMorgan Macquarie Cowen and Company Alembic Global Advisors Goldman Sachs RBC Capital Markets Morgan Stanley S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a n/a BANK OF NEW YORK MEL n/a BARROW HANLEY MEWHIN NORTHERN TRUST CORPO IVY INVESTMENT MANAG n/a n/a AMERIPRISE FINANCIAL NORGES BANK LSV ASSET MANAGEMENT FEDERATED INVESTORS FIRST EAGLE INVESTME WELLINGTON MANAGEMEN GEODE CAPITAL MANAGE

Analyst IAIN REID PAUL Y CHENG DOUGLAS T TERRESON ROBERT KESSLER BRIAN YOUNGBERG PAVEL MOLCHANOV FADEL GHEIT BLAKE FERNANDEZ JOHN HERRLIN PAUL SANKEY ROGER D READ JEFFREY A DIETERT CRAIG STERLING JONATHAN GELCIUS EDWARD WESTLAKE KATHERINE LUCAS MINYARD JASON D GAMMEL ASIT SEN JAMES J SULLIVAN ARJUN N MURTI SCOTT HANOLD J EVAN CALIO MICHAEL KAY

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

Recommendation hold overweight buy hold hold underperform outperform sector perform buy hold outperform neutral buy buy neutral overweight neutral hold overweight neutral/attractive outperform Underwt/Attractive buy

Amt Held 73'418'110 56'668'755 54'773'394 51'097'292 25'696'739 24'123'911 22'968'900 21'672'260 21'452'195 18'451'657 15'722'388 11'119'986 10'235'079 10'126'106 9'343'737 9'078'430 8'905'301 8'851'703 8'462'585 8'296'045

% Out 6 4.63 4.48 4.18 2.1 1.97 1.88 1.77 1.75 1.51 1.29 0.91 0.84 0.83 0.76 0.74 0.73 0.72 0.69 0.68

Weighting

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

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

Latest Chg 2'241'785 2'100'148 6'268'067 (123'032) 8'632'468 359'043 8'945'813 382'162 829'790 418'657 289'253 493'057 (2'319) (161'396) 127'055 45'400 (1'327'666) 206'915

Target Price 65 80 64 61 #N/A N/A #N/A N/A 70 64 68 62 #N/A N/A #N/A N/A #N/A N/A 65 70 70 64 #N/A N/A 72 64 63 58 64

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 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 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.07.2013 08.07.2013 03.07.2013 03.07.2013 02.07.2013 28.06.2013 21.06.2013 18.06.2013 13.06.2013 06.06.2013 31.05.2013 16.05.2013 01.05.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 16.04.2013 12.04.2013 19.03.2013 31.01.2013 31.01.2013

08.07.2013

Occidental Petroleum Corp Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 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 OXY US EQUITY YTD Change OXY US EQUITY YTD % CHANGE

12/2012 03/yy 95.57 72.43 862'586.00 91.71 -4.25% 26.63% 79.52% 805.6 73'885.59 7'623.00 0.0 32.0 1'592.00 79'427.58

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

31.12.2009 31.12.2010 14'814.0 19'045.0 4.58x 4.32x 7'755.0 10'816.0 8.75x 7.61x 2'915.0 4'530.0 21.06x 17.21x Profitability

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-12

LTM-4Q 31.12.2011 23'939.0 3.26x 14'168.0 5.51x 6'771.0 11.53x

31.12.2012 24'172.0 2.80x 13'701.0 4.95x 4'598.0 10.79x

13'701.00 9'190.00 38.02% 32.07% 6.90% 11.03% 9.60% 0.37% 46.1% 56.2% 36.5% 19.0% 1.30 0.89 11.87% 19.05% 4.44 10.36

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 24'481.0 12.42x 14'451.0 5.49x 6'781.0 11.46x

d-12

03/yy 23'776.0 11.89x 13'369.0 5.14x 4'394.0 11.38x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

2.46 1.34 794.39 11.92 10.66% 21.48% 1.338 28 4.321 2'874'377 4'572'681 5'552'252 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 24'749.5 25'618.2 5'972.3 6'228.1 3.21x 3.02x 13.42x 12.83x 15'083.5 16'152.6 3'660.6 3'812.6 5.27x 4.92x 5.28x 5.24x 5'789.1 6'073.3 1'378.0 1'547.0 12.81x 12.14x 12.51x 12.36x S&P Issuer Ratings

23.06.2008 A STABLE 23.06.2008 A-1 105.39 26.73 0.41 0.57 19.0% 16.0% 0.37 0.48 82.18 35.25 142.97 -25.72

Sales/Revenue/Turnover

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

16.0 M

Fiscal Year Ended 31.12.2008 24'217.0 2.05x 14'622.0 3.39x 6'857.0 6.70x

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

Occidental Petroleum Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL BARROW HANLEY MEWHIN JP MORGAN SUN LIFE FINANCIAL I DODGE & COX NORTHERN TRUST CORPO NEUBERGER BERMAN LLC CAPITAL GROUP COMPAN DAVIS SELECTED ADVIS BANK OF AMERICA CORP IRANI RAY R INVESCO LTD ROBECO INVESTMENT MG CI INVESTMENTS INC UBS

Firm Name Sterne, Agee & Leach Spin-Off Research Raymond James Susquehanna Financial Group Edward Jones Oppenheimer & Co ISI Group Capital One Southcoast, Inc. Societe Generale JPMorgan Deutsche Bank Cowen and Company Tudor Pickering & Co Simmons & Company International Argus Research Corp Goldman Sachs Wells Fargo Securities, LLC RBC Capital Markets Barclays Morgan Stanley Credit Suisse Macquarie Howard Weil Inc S&P Capital IQ EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL BARROW HANLEY MEWHIN n/a n/a DODGE & COX NORTHERN TRUST CORPO NEUBERGER BERMAN GRO n/a DAVIS SELECTED ADVIS BANK OF AMERICA n/a n/a ROBECO INVESTMENT MA CI INVESTMENTS INC n/a

Analyst TIM A REZVAN TEAM COVERAGE PAVEL MOLCHANOV DUANE GRUBERT BRIAN YOUNGBERG FADEL GHEIT DOUGLAS T TERRESON BRIAN T VELIE JOHN HERRLIN KATHERINE LUCAS MINYARD PAUL SANKEY ASIT SEN MATTHEW PORTILLO JEFFREY A DIETERT JONATHAN GELCIUS ARJUN N MURTI ROGER D READ LEO P MARIANI THOMAS R DRISCOLL J EVAN CALIO EDWARD WESTLAKE JASON D GAMMEL PETER KISSEL MICHAEL KAY CRAIG STERLING

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

Recommendation neutral buy outperform neutral buy outperform strong buy add buy overweight buy outperform buy overweight buy buy/attractive market perform sector perform equalweight Equalwt/Attractive outperform neutral sector outperform buy overweight

Amt Held 50'740'156 42'890'499 35'510'385 25'704'377 21'641'299 15'387'271 14'439'660 14'245'580 13'241'923 11'990'361 11'418'598 9'706'558 9'073'196 8'841'942 8'539'701 7'929'622 7'807'122 7'557'583 6'527'618 6'294'783

% Out 6.3 5.32 4.41 3.19 2.69 1.91 1.79 1.77 1.64 1.49 1.42 1.2 1.13 1.1 1.06 0.98 0.97 0.94 0.81 0.78

Weighting

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

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

Latest Chg (225'049) 7'307'518 755'768 2'013'009 (6'197'393) (599'066) 278'387 (9'372'750) (561'785) (3'717'040) 452'434 770'734 (1'114'340) (2'855'914) 2'246'307 (49'245) 280'983 2'266'638 864'450 340'286

Target Price #N/A N/A 100 100 103 #N/A N/A 115 105 116 115 108 116 110 107 #N/A N/A 105 104 #N/A N/A 88 94 86 110 92 109 100 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 21.12.2012 05.07.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 03.07.2013 01.07.2013 28.06.2013 27.06.2013 25.06.2013 21.06.2013 19.06.2013 18.06.2013 13.06.2013 03.06.2013 31.05.2013 31.05.2013 28.05.2013 16.05.2013 14.05.2013 06.05.2013 06.05.2013 03.05.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 28.02.2013

08.07.2013

BG Group PLC BG Group plc specializes in the exploration, production, transmission and distribution of gas, oil and liquefied natural gas. The Group also develops, owns and operates gas-fired power generation plants.

Price/Volume 1600

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

1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (19.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG/ LN EQUITY YTD Change BG/ LN EQUITY YTD % CHANGE

12/2012 03/yy 1'357.00 991.00 1'736'931.00 1146.5 -15.48% 15.69% 38.52% 3'404.1 39'027.55 15'507.00 0.0 57.0 4'434.00 69'170.26

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

400 200 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 23'270.8 2.83x 11'459.4 5.75x 5'790.8 10.25x

600

31.12.2009 31.12.2010 15'992.8 17'166.0 4.28x 4.68x 8'440.4 8'672.0 8.10x 9.27x 3'394.9 3'351.0 17.40x 20.19x Profitability

LTM-4Q 31.12.2011 17'667.0 5.03x 9'574.0 9.29x 4'234.0 17.67x

31.12.2012 18'933.0 3.73x 10'198.0 6.92x 4'519.0 16.87x

10'198.00 7'605.00 40.17% 33.62% 6.88% 13.86% 9.86% 0.32% 50.2% 37.2% 23.9% 1.38 0.83 23.77% 46.94% -

Price/ Cash Flow

LTM

03/yy 17'755.0 19.40x 9'967.0 9.12x 4'854.0 16.82x

03/yy 20'795.0 14.75x 10'440.0 7.28x 4'505.0 16.81x

FY+1

1.53 1.14 3'262.38 -11.93% 14.22% 1.139 31 4.226 4'579'576 5'227'460 5'847'498 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 19'768.0 22'410.3 5'083.3 5'164.3 3.56x 3.31x 13.49x 13.48x 10'651.5 12'566.7 1'829.0 2'084.0 6.49x 5.50x 8.22x 7.78x 4'236.7 5'076.4 1'004.0 1'127.0 13.86x 11.68x 12.03x 11.53x S&P Issuer Ratings

15.20 0.33 1.04 1.45 46.9% 31.9% 0.32 0.49 -

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 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

BG Group PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS CAPITAL GROUP COMPAN FIL LIMITED VANGUARD GROUP INC STATE STREET PEOPLES REPUBLIC OF Northern Cross Inter SUN LIFE FINANCIAL I GOVT OF SINGAPORE IN INVESCO LTD HARBOR CAPITAL ADVIS STANDARD LIFE INVEST SCHRODER INVESTMENT AXA STATE FARM MUTUAL AU BNP PARIBAS INV PART

Firm Name Sanford C. Bernstein & Co Exane BNP Paribas Raymond James AlphaValue RBC Capital Markets Barclays Goldman Sachs Morgan Stanley Oriel Securities Ltd EVA Dimensions Macquarie Tudor Pickering & Co Canaccord Genuity Corp Grupo Santander Liberum Capital Ltd JPMorgan Independent Research GmbH Equita SIM SpA Credit Suisse Simmons & Company International Societe Generale Deutsche Bank Investec Jefferies Nomura HSBC S&P Capital IQ Day by Day Shore Capital Stockbrokers

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

Analyst OSWALD CLINT ALEJANDRO DEMICHELIS BERTRAND HODEE ALEXANDRE ANDLAUER PETER HUTTON RAHIM KARIM MICHELE DELLA VIGNA MARTIJN P RATS RICHARD GRIFFITH DOUG WALTERS JASON D GAMMEL ANISH KAPADIA GORDON GRAY JASON KENNEY ANDREW WHITTOCK FREDERICK G LUCAS SVEN DIERMEIER MASSIMO BONISOLI THOMAS YOICHI ADOLFF JEFFREY A DIETERT IRENE HIMONA LUCAS HERRMANN NEILL MORTON BRENDAN MICHAEL WARN THEEPAN JOTHILINGAM PAUL SPEDDING CHRISTINE TISCARENO VALERIE GASTALDY GERARD LANE

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

Recommendation outperform outperform outperform sell outperform overweight Buy/Cautious Overwt/In-Line buy overweight outperform hold hold buy hold overweight hold buy neutral overweight hold buy sell buy buy overweight buy hold not rated

Amt Held 253'990'367 156'228'736 121'149'352 98'517'686 89'538'698 83'090'821 79'961'405 67'672'693 59'147'877 57'420'903 47'958'757 47'589'569 47'284'593 45'704'954 45'688'719 43'646'559 42'409'707 41'017'191 40'955'200 37'595'055

% Out 7.46 4.59 3.56 2.89 2.63 2.44 2.35 1.99 1.74 1.69 1.41 1.4 1.39 1.34 1.34 1.28 1.25 1.2 1.2 1.1

Weighting

Change

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

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 14'804'992 3'865'359 550'142 4'120'430 (3'734'467) 43'538'127 (4'953'018) 3'306'558 (302'971) 24'849 6'204'145 11'772'995 1'330'187 6'017'161 5'836'954 1'493'119 (5'883'485) 1'430'856 854'400 758'843

Target Price 1'800 1'470 1'380 696 1'400 1'350 1'550 1'400 #N/A N/A #N/A N/A 1'400 1'600 1'300 1'455 1'275 1'600 1'350 1'460 1'190 #N/A N/A 1'350 1'400 1'100 1'700 1'500 1'815 1'400 #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 03.07.2013 01.04.2013 01.04.2013 31.03.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 05.07.2013 01.04.2013 01.04.2013 31.05.2013 01.04.2013 05.07.2013 31.03.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013

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

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

Date 08.07.2013 08.07.2013 05.07.2013 04.07.2013 03.07.2013 03.07.2013 01.07.2013 17.06.2013 17.06.2013 06.06.2013 03.06.2013 31.05.2013 30.05.2013 20.05.2013 20.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 14.05.2013 10.05.2013 02.05.2013 23.04.2013 05.03.2012

08.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 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 31.03.2013 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 03/yy 19.59 14.94 8'656'155.00 15.84 -19.09% 6.02% 17.42% 3'634.2 57'565.50 24'463.00 0.0 3'514.0 8'000.00 77'062.50

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

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

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M a-12

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

31.12.2012 127'220.0 0.68x 24'564.0 3.52x 7'788.0 16.38x

24'564.00 15'026.00 11.81% 13.05% 3.91% 9.53% 0.85% 17.1% 9.6% 6.1% 1.45 0.82 17.52% 41.32% -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

0.87 2'532.59 -0.46% -11.11% 0.867 36 4.000 12'763'440 17'285'890 19'223'140 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 113'436.0 124'910.0 118'971.5 121'027.4 30'814.3 31'761.0 3.20x 2.90x 0.62x 0.61x 2.52x 2.39x 26'638.0 21'349.0 26'605.2 28'574.1 5'217.0 7'420.0 3.61x 3.90x 2.90x 2.70x 2.71x 2.52x 7'930.0 5'714.0 6'152.9 6'864.6 897.0 1'627.0 8.01x 31.88x 9.23x 8.35x 9.72x 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. 25.07 (EBITDA-Capex)/Interest Exp. 13.61 Net Debt/EBITDA 0.75 Total Debt/EBITDA 1.23 Reference Total Debt/Equity 41.3% Total Debt/Capital 28.1% Asset Turnover 0.85 Net Fixed Asset Turnover 1.80 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

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 01.01.2010

70.0 M

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

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

Eni SpA Holdings By:

All

Holder Name CASSA DEPOSITI E PRE MINISTERO DELL'ECONO BLACKROCK NORGES BANK CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC ABERDEEN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BNP PARIBAS INV PART JP MORGAN THORNBURG INVESTMENT MERCURY ASSET MANAGE NATIXIS ASSET MANAGE EATON VANCE MANAGEME AMUNDI UNION INVESTMENT LUX ALLIANZ ASSET MANAGE PRUDENTIAL FINANCIAL

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

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

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

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

Recommendation buy outperform underperform outperform neutral add outperform overweight buy buy neutral/cautious hold Overwt/In-Line hold hold buy sector perform outperform hold add buy outperform sell hold hold neutral hold hold overweight buy buy buy not rated buy hold hold

Amt Held 958'298'322 142'968'850 70'594'643 67'438'543 52'189'300 41'085'108 31'719'975 16'842'250 15'358'439 15'233'598 10'411'207 10'007'852 9'058'500 7'826'609 6'500'348 5'479'966 5'421'271 5'120'940 5'015'042 4'905'049

% Out 26.37 3.93 1.94 1.86 1.44 1.13 0.87 0.46 0.42 0.42 0.29 0.28 0.25 0.22 0.18 0.15 0.15 0.14 0.14 0.13

Weighting

Change

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

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

Latest Chg 1'497'876 7'700'300 (2'363'375) 1'350'574 395'800 3'191'464 (325'718) (270'724) 435'528 2'300'000 123'648 (1'007'338) (79'393) (4'898'908) 1'015'630 119'307 225'836

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

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

File Dt 22.05.2013 22.05.2013 03.07.2013 31.12.2012 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 30.04.2013 03.07.2013 28.03.2013 30.04.2013 28.02.2013 28.09.2012 31.05.2013 31.05.2013

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

Inst Type Other Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.07.2013 08.07.2013 08.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 18.06.2013 17.06.2013 17.06.2013 17.06.2013 11.06.2013 06.06.2013 03.06.2013 30.05.2013 15.05.2013 14.05.2013 02.05.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 18.04.2013 24.05.2012 23.04.2010

08.07.2013

Suncor Energy Inc Suncor Energy, Inc. is a integrated energy company focused on developing the Athabasca oil sands basin. The Company extracts and upgrades oil sands into refinery feedstock and diesel fuel, explores for, develops and produces natural gas, refines crude oil and markets a range of petroleum and petrochemical products, and operates crude oil pipelines and retail petroleum stations.

Price/Volume 40

20.0 M

25 20

12/2012 03/yy 34.99 27.50 742'861.00 31.41 -10.29% 14.22% 47.81% 1'507.6 47'354.75 11'025.00 0.0 0.0 4'393.00 54'140.75

15.0 M

10.0 M

10 5.0 M

5 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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.11.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SU CN EQUITY YTD Change SU CN EQUITY YTD % CHANGE

31.12.2008 28'609.0 1.03x 5'083.0 5.79x 2'137.0 8.47x

30.0 M

31.12.2009 31.12.2010 24'404.0 32'003.0 2.93x 2.22x 2'859.0 8'190.0 24.98x 8.69x 1'146.0 3'829.0 29.77x 22.92x Profitability

LTM-4Q 31.12.2011 38'339.0 1.38x 11'175.0 4.72x 4'304.0 8.30x

31.12.2012 38'208.0 1.48x 11'105.0 5.08x 2'783.0 10.45x

11'105.00 4'655.00 12.18% 13.19% 3.16% 6.06% 5.44% 0.50% 36.6% 29.1% 12.1% 7.3% 1.48 1.01 14.42% 28.11% 7.28 6.28

Price/ Cash Flow

LTM

03/yy 39'035.0 5.80x 11'269.0 5.04x 4'722.0 10.90x

03/yy 38'398.0 5.60x 11'167.0 4.73x 2'420.0 9.95x

FY+1

1.66 1.52 1'506.27 25.11 9.00% -2.96% 1.523 24 4.833 4'405'073 7'317'155 7'289'413 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 40'491.7 41'462.2 9'652.6 10'083.9 1.31x 1.25x 5.59x 5.32x 11'814.8 12'538.1 2'868.4 3'011.8 4.58x 4.32x 4.50x 4.40x 4'529.1 4'680.5 1'017.5 1'177.2 10.04x 9.90x 10.08x 9.67x S&P Issuer Ratings

28.07.2009 BBB+ STABLE 17.10.2011 A-2 9.03 3.37 0.61 1.02 28.1% 21.9% 0.50 0.67 50.15 58.10 103.45 1.56

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

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 |

08.07.2013

Suncor Energy Inc Holdings By:

All

Holder Name BLACKROCK ROYAL BANK OF CANADA CAPITAL GROUP COMPAN FMR LLC CI INVESTMENTS INC TD ASSET MANAGEMENT BANK OF NEW YORK MEL BMO FINANCIAL CORP CIBC WORLD MARKETS I INVESCO LTD CIBC GLOBAL ASSET MA CAISSE DE DEPOT ET P TORONTO DOMINION BAN JARISLOWSKY FRASER L IG INVESTMENT MANAGE FIERA CAPITAL CORPOR WELLINGTON MANAGEMEN SCHRODER INVESTMENT GREAT WEST LIFE ASSU LETKO BROSSEAU & ASS

Firm Name Barclays BMO Capital Markets National Bank Financial Canaccord Genuity Corp Alta Corp Capital Inc. Credit Suisse Edward Jones FirstEnergy Capital Corp Global Hunter Securities EVA Dimensions Macquarie Goldman Sachs Peters & Co Ltd Simmons & Company International JPMorgan Scotia Capital RBC Capital Markets Raymond James TD Securities Veritas Investment Research Co Deutsche Bank Stifel S&P Capital IQ

Portfolio Name n/a n/a n/a n/a Multiple Portfolios TD ASSET MANAGEMENT BANK OF NEW YORK MEL BMO FINANCIAL CORP CIBC WORLD MARKETS I n/a CIBC GLOBAL ASSET MA CAISSE DE DEPOT ET P TORONTO DOMINION BAN JARISLOWSKY FRASER L IG INVESTMENT MANAGE FIERA CAPITAL CORPOR WELLINGTON MANAGEMEN SCHRODER INVESTMENT GREAT WEST LIFE ASSU LETKO BROSSEAU & ASS

Analyst PAUL Y CHENG RANDY J OLLENBERGER KYLE PRESTON PHILIP R SKOLNICK CHRIS COX JASON FREW LANNY PENDILL MICHAEL P DUNN SAMEER UPLENCHWAR DOUG WALTERS CHRIS FELTIN ARJUN N MURTI JEFF MARTIN JEFFREY A DIETERT KATHERINE LUCAS MINYARD MARK POLAK GREG M PARDY JUSTIN BOUCHARD MENNO HULSHOF SAM LA BELL PAUL SANKEY AMIR ARIF STEWART GLICKMAN

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

Recommendation overweight outperform outperform buy outperform outperform buy outperform buy buy outperform buy/attractive sector perform overweight overweight focus stock outperform outperform buy buy hold buy buy

Amt Held 103'659'336 66'131'193 55'917'019 52'128'071 39'917'035 38'639'296 35'648'927 33'308'430 23'398'695 23'362'484 21'775'651 20'598'912 19'394'831 18'939'647 18'685'028 16'668'656 14'681'442 13'870'146 12'944'362 12'723'054

% Out 6.88 4.39 3.71 3.46 2.65 2.56 2.36 2.21 1.55 1.55 1.44 1.37 1.29 1.26 1.24 1.11 0.97 0.92 0.86 0.84

Weighting

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

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

Latest Chg 4'501'186 (7'139'100) (16'881'199) (2'119'988) 1'664'731 140'003 (2'875'716) (454'130) (135'075) (1'372'902) 866'000 (347'958) (624'046) (1'698'175) 1'284'651 3'206'910 3'574'957 944'291 1'299'837

Target Price 48 44 42 45 40 45 #N/A N/A 39 45 #N/A N/A 43 42 40 #N/A N/A 44 42 42 38 41 43 36 36 43

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 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 Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 08.07.2013 07.07.2013 07.07.2013 05.07.2013 03.07.2013 28.06.2013 28.06.2013 21.06.2013 06.06.2013 06.06.2013 04.06.2013 02.06.2013 24.05.2013 16.05.2013 15.05.2013 08.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 15.11.2012

08.07.2013

Anadarko Petroleum Corp Anadarko Petroleum Corporation is an independent oil and gas exploration and production company with international operations. In the United States, the Company operates in Texas and surrounding states, the Rocky Mountain region, Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration and/or production operations in Africa, Asia, South America, and the Caribbean.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (10.07.2012) 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 APC US EQUITY YTD Change APC US EQUITY YTD % CHANGE

12/2012 03/yy 92.18 64.19 499'989.00 89.172 -3.32% 38.92% 86.42% 501.5 44'717.40 13'269.00 0.0 1'253.0 2'471.00 56'272.40

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

31.12.2009 31.12.2010 8'210.0 10'842.0 4.93x 4.42x 3'234.0 5'557.0 12.51x 8.62x (135.0) 761.0 39.83x Profitability

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-12

LTM-4Q 31.12.2011 13'882.0 3.71x 7'579.0 6.79x (2'649.0) 7.48x

31.12.2012 13'307.0 3.70x 6'197.0 7.95x 2'391.0 50.50x

6'197.00 2'233.00 16.78% 26.79% 1.29% 3.36% 2.79% 0.25% 40.8% 48.1% 18.3% 18.0% 1.70 0.99 25.23% 64.32% 9.62 134.02

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 14'070.0 13.83x 7'541.0 6.96x (709.0) 16.30x

d-12

03/yy 13'613.0 14.57x 6'547.0 8.46x 695.0 18.45x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.40 1.37 499.78 7.90 36.74% 20.25% 1.374 34 4.706 2'138'053 2'838'720 3'132'894 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'218.8 17'165.0 3'506.7 3'867.9 3.68x 3.16x 15.91x 14.40x 9'745.1 11'072.7 2'213.1 2'485.9 5.76x 5.07x 5.62x 5.35x 2'141.1 2'718.1 453.1 531.7 20.85x 16.37x 19.96x 18.17x S&P Issuer Ratings

08.09.2006 BBBPOS 15.09.2009 NR 6.44 -1.09 1.58 2.15 64.3% 37.7% 0.25 0.35 37.94 2.72 147.02 -

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

14.0 M

Fiscal Year Ended 31.12.2008 14'079.0 1.99x 7'935.0 3.54x 3'260.0 5.69x

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

Anadarko Petroleum Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET CARMIGNAC GESTION CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA JP MORGAN INVESCO LTD BANK OF NEW YORK MEL NORTHERN TRUST CORPO NEUBERGER BERMAN LLC AMERIPRISE FINANCIAL HIGHFIELDS CAPITAL M NORGES BANK JENNISON ASSOCIATES DIMENSIONAL FUND ADV CREDIT SUISSE AG BANK OF AMERICA CORP

Firm Name Guggenheim Securities LLC Tudor Pickering & Co Sanford C. Bernstein & Co Jefferies Raymond James ISI Group Oppenheimer & Co Howard Weil Inc Capital One Southcoast, Inc. Iberia Capital Partners LLC Societe Generale Simmons & Company International Wells Fargo Securities, LLC Canaccord Genuity Corp JPMorgan FBR Capital Markets Argus Research Corp Credit Suisse Barclays Macquarie Spin-Off Research S&P Capital IQ Global Hunter Securities Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Johnson Rice & Co Stifel Alembic Global Advisors EVA Dimensions

Portfolio Name WELLINGTON MANAGEMEN n/a n/a VANGUARD GROUP INC n/a CARMIGNAC GESTION CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO NEUBERGER BERMAN GRO AMERIPRISE FINANCIAL HIGHFIELDS CAPITAL M NORGES BANK JENNISON ASSOCIATES n/a n/a BANK OF AMERICA

Analyst ROBERT CORDRAY MATTHEW PORTILLO BOB BRACKETT SUBASH CHANDRA ANDREW COLEMAN JONATHAN WOLFF FADEL GHEIT PETER KISSEL RICHARD TULLIS ERIC FOX JOHN HERRLIN DAVID W KISTLER DAVID R TAMERON JOHN J GERDES JOSEPH D ALLMAN REHAN RASHID JONATHAN GELCIUS ARUN JAYARAM THOMAS R DRISCOLL JOSEPH MAGNER TEAM COVERAGE MICHAEL KAY JOHN MALONE STEPHEN RICHARDSON J EVAN CALIO BRIAN SINGER SCOTT HANOLD CHARLES MEADE AMIR ARIF JAMES J SULLIVAN CRAIG STERLING

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

Recommendation buy buy outperform buy outperform buy outperform focus list strong buy outperform buy overweight outperform buy neutral market perform hold outperform overweight outperform neutral buy buy buy Overwt/Attractive buy/attractive outperform overweight buy overweight hold

Amt Held 33'522'244 31'640'131 30'435'232 22'660'736 21'620'711 15'580'800 13'050'849 10'201'757 9'883'510 8'627'305 7'784'818 6'829'447 6'365'321 5'873'278 5'702'469 5'375'346 5'152'735 4'810'527 4'493'988 3'921'637

% Out 6.68 6.31 6.07 4.52 4.31 3.11 2.6 2.03 1.97 1.72 1.55 1.36 1.27 1.17 1.14 1.07 1.03 0.96 0.9 0.78

Weighting

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

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

Latest Chg (244'467) 1'715'317 3'069'451 806'410 (1'294'578) 15'580'800 139'256 63'200 (2'756'634) (819'047) 802'637 237'252 (687'942) 596'244 1'581'000 (270'527) 61'676 342'113 250'485

Target Price 120 133 100 111 105 95 100 115 139 112 103 128 #N/A N/A 127 98 90 #N/A N/A 109 102 97 86 105 110 101 101 112 100 #N/A N/A 95 108 #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 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 05.07.2013 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 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 05.07.2013 05.07.2013 03.07.2013 02.07.2013 28.06.2013 23.06.2013 21.06.2013 19.06.2013 18.06.2013 18.06.2013 13.06.2013 11.06.2013 10.06.2013 03.06.2013 30.05.2013 23.05.2013 20.05.2013 14.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 16.04.2013 27.02.2013

08.07.2013

Halliburton Co Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry. The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (12.07.2012) 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 HAL US EQUITY YTD Change HAL US EQUITY YTD % CHANGE

12/2012 03/yy 45.75 27.62 2'062'429.00 44.01 -4.02% 59.34% 88.75% 931.0 40'972.98 4'820.00 0.0 25.0 2'484.00 43'790.98

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

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 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 18'279.0 0.97x 4'686.0 3.79x 2'224.0 4.98x

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

31.12.2009 31.12.2010 14'675.0 17'973.0 1.93x 2.17x 2'920.0 4'118.0 9.71x 9.46x 1'145.0 1'835.0 22.41x 19.86x Profitability

LTM-4Q 31.12.2011 24'829.0 1.36x 6'096.0 5.54x 2'839.0 10.35x

31.12.2012 28'503.0 1.21x 5'787.0 5.98x 2'635.0 11.42x

5'787.00 4'159.00 14.59% 13.41% 7.60% 13.47% 11.27% 1.09% 15.6% 20.0% 14.1% 9.2% 2.75 1.74 17.58% 30.57% 4.96 7.89

Price/ Cash Flow

LTM

03/yy 26'415.0 5.49x 6'670.0 4.92x 2'955.0 9.12x

03/yy 28'609.0 4.83x 5'729.0 7.06x 1'990.0 14.60x

FY+1

0.90 1.64 874.80 22.99 51.95% 27.64% 1.644 34 4.471 7'440'336 8'640'121 10'491'622 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 29'729.3 32'758.6 7'267.4 7'580.1 1.46x 1.29x 6.05x 5.78x 6'280.8 7'662.1 1'495.3 1'666.8 6.98x 5.72x 6.54x 6.21x 2'973.0 3'750.1 677.6 791.3 13.81x 10.90x 12.94x 12.14x S&P Issuer Ratings

20.08.2007 A STABLE 20.08.2007 A-1 19.42 7.45 0.49 0.84 30.6% 23.4% 1.09 2.95 73.65 46.24 30.57 84.89

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

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 |

08.07.2013

Halliburton Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN FRANKLIN RESOURCES INVESCO LTD CARMIGNAC GESTION INSTITUTIONAL CAPITA NORTHERN TRUST CORPO BANK OF NEW YORK MEL DEUTSCHE BANK AG GOLDMAN SACHS GROUP VAN ECK ASSOCIATES C JP MORGAN JENNISON ASSOCIATES ROBECO INVESTMENT MG AMERIPRISE FINANCIAL NORGES BANK

Firm Name Morgan Stanley Credit Suisse Edward Jones Susquehanna Financial Group Howard Weil Inc JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group FBR Capital Markets Cowen and Company Capital One Southcoast, Inc. Stephens Inc Societe Generale Wells Fargo Securities, LLC RBC Capital Markets Barclays EVA Dimensions Argus Research Corp Raymond James Johnson Rice & Co Macquarie Guggenheim Securities LLC Global Hunter Securities Deutsche Bank Sterne, Agee & Leach RS Platou Markets Goldman Sachs Fearnley Fonds S&P Capital IQ Tudor Pickering & Co

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a WELLINGTON MANAGEMEN n/a n/a CARMIGNAC GESTION INSTITUTIONAL CAPITA NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a n/a n/a JENNISON ASSOCIATES ROBECO INVESTMENT MA AMERIPRISE FINANCIAL NORGES BANK

Analyst OLE SLORER JAMES WICKLUND BRIAN YOUNGBERG CHARLES P MINERVINO WILLIAM SANCHEZ J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY MEGAN REPINE JAMES D CRANDELL LUKE M LEMOINE MICHAEL MARINO EDWARD C MUZTAFAGO MATTHEW D CONLAN KURT HALLEAD JAMES C WEST CRAIG STERLING JONATHAN GELCIUS J MARSHALL ADKINS DAVID C SMITH NIGEL BROWNE MICHAEL K LAMOTTE BRIAN UHLMER MICHAEL W URBAN STEPHEN D GENGARO TURNER HOLM WAQAR SYED TRULS OLSEN STEWART GLICKMAN JEFF TILLERY

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

Recommendation Underwt/In-Line outperform hold Positive sector perform overweight outperform outperform buy strong buy outperform outperform add overweight buy outperform outperform overweight underweight buy market perform overweight outperform buy buy buy buy buy buy/attractive not rated hold buy

Amt Held 53'459'251 42'810'848 41'490'584 37'143'382 23'099'010 21'759'860 20'633'347 17'312'833 15'733'400 13'338'436 12'973'527 12'695'577 12'256'769 11'277'822 10'144'507 9'571'422 8'769'193 8'457'545 8'356'405 8'078'564

% Out 5.74 4.6 4.46 3.99 2.48 2.34 2.22 1.86 1.69 1.43 1.39 1.36 1.32 1.21 1.09 1.03 0.94 0.91 0.9 0.87

Weighting

Change

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

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

Latest Chg 1'213'797 2'011'692 9'825'061 3'781'682 3'950'383 (3'674'175) (1'374'263) 15'733'400 2'591'296 130'293 712'376 4'437'353 (2'527'758) (1'055'998) (1'913'319) 1'621'892 3'664'536 2'641'078 -

Target Price 40 53 #N/A N/A 49 50 53 53 56 49 50 50 57 48 56 55 #N/A N/A 50 64 #N/A N/A 48 #N/A N/A #N/A N/A 49 52 48 56 45 48 60 #N/A N/A 40 #N/A N/A

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

File Dt 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 05.07.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 05.07.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012

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

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

Date 08.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 25.06.2013 24.06.2013 17.06.2013 17.06.2013 14.06.2013 03.06.2013 23.05.2013 22.05.2013 02.05.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 21.03.2013 14.02.2013 28.01.2013 20.09.2012 05.04.2011

08.07.2013

EOG Resources Inc EOG Resources, Inc. explores for, develops, produces and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, China and, from time to time, select other international areas.

Price/Volume 160

6.0 M

140

5.0 M

120 4.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOG US EQUITY YTD Change EOG US EQUITY YTD % CHANGE

12/2012 03/yy 142.53 88.75 526'070.00 142.07 -0.34% 60.08% 99.54% 271.9 38'629.36 6'312.18 0.0 0.0 876.44 43'833.82

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

2.0 M

40 1.0 M

20 0 j-12

31.12.2009 31.12.2010 3'806.6 5'790.9 7.01x 4.78x 1'539.7 2'748.9 17.33x 10.06x 546.6 160.7 512.11x 98.47x Profitability

LTM-4Q 31.12.2011 8'974.0 3.44x 4'508.6 6.85x 1'091.1 26.74x

31.12.2012 11'096.2 3.45x 5'333.8 7.17x 570.3 21.28x

5'333.83 2'164.13 19.50% 11.54% 2.76% 5.54% 4.46% 0.44% 51.7% 48.9% 21.2% 5.1% 1.23 0.87 23.09% 47.51% 6.86 8.76

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 9'699.4 12.39x 4'752.7 7.29x 1'281.2 24.78x

d-12

03/yy 11'788.5 12.12x 5'767.6 6.94x 741.0 21.51x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.48 1.33 269.61 4.36 57.72% 17.95% 1.327 38 4.474 1'499'183 1'538'412 1'893'810 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 14'050.7 15'623.3 3'514.8 3'613.7 3.11x 2.75x 12.40x 12.06x 7'249.7 8'298.5 1'748.1 1'818.3 6.03x 5.27x 5.96x 5.77x 1'899.4 2'229.2 452.4 448.3 20.70x 17.55x 20.82x 20.02x S&P Issuer Ratings

12.04.2007 ASTABLE 04.11.1999 A-2 20.26 -7.68 0.90 1.09 47.5% 32.2% 0.44 0.51 53.17 41.67 146.90 -43.32

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 6'249.9 2.91x 4'216.8 4.31x 2'436.9 8.90x

3.0 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 |

08.07.2013

EOG Resources Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET BANK OF NEW YORK MEL ABERDEEN MACQUARIE GROUP JENNISON ASSOCIATES T ROWE PRICE ASSOCIA DAVIS SELECTED ADVIS SUN LIFE FINANCIAL I BROWN BROTHERS HARRI JP MORGAN NORTHERN TRUST CORPO PRIMECAP MANAGEMENT WELLINGTON MANAGEMEN ROBECO INVESTMENT MG TIAA CREF INVESTMENT NEUBERGER BERMAN LLC

Firm Name Guggenheim Securities LLC Sanford C. Bernstein & Co Jefferies Robert W. Baird & Co Raymond James Tudor Pickering & Co Susquehanna Financial Group Edward Jones ISI Group Oppenheimer & Co Wells Fargo Securities, LLC Simmons & Company International Capital One Southcoast, Inc. Societe Generale FBR Capital Markets US Capital Advisors Wunderlich Securities Atlantic Equities LLP Brean Capital LLC Howard Weil Inc Credit Suisse Macquarie Barclays Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Johnson Rice & Co Stifel Peters & Co Ltd Miller Tabak + Co., LLC Alembic Global Advisors JPMorgan EVA Dimensions S&P Capital IQ Finncap

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL n/a n/a JENNISON ASSOCIATES T ROWE PRICE ASSOCIA DAVIS SELECTED ADVIS n/a BROWN BROTHERS HARRI n/a NORTHERN TRUST CORPO PRIMECAP MANAGEMENT WELLINGTON MANAGEMEN ROBECO INVESTMENT MA TIAA-CREF INVESTMENT NEUBERGER BERMAN GRO

Analyst ROBERT CORDRAY BOB BRACKETT BIJU Z PERINCHERIL HSULIN PENG ANDREW COLEMAN MATTHEW PORTILLO DUANE GRUBERT BRIAN YOUNGBERG JONATHAN WOLFF FADEL GHEIT DAVID R TAMERON PEARCE W HAMMOND BRIAN T VELIE JOHN HERRLIN REHAN RASHID CAMERON HORWITZ IRENE O HAAS BARRY MACCARTHY RAYMOND DEACON PETER KISSEL ARUN JAYARAM JOSEPH MAGNER THOMAS R DRISCOLL STEPHEN RICHARDSON J EVAN CALIO BRIAN SINGER LEO P MARIANI CHARLES MEADE AMIR ARIF JEFF MARTIN ADAM MICHAEL JAMES J SULLIVAN JOSEPH D ALLMAN CRAIG STERLING MICHAEL KAY WILLIAM ARNSTEIN

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

Recommendation neutral outperform buy outperform outperform accumulate neutral buy neutral outperform outperform overweight add hold outperform buy hold overweight buy sector outperform neutral outperform overweight buy Equalwt/Attractive buy/attractive outperform overweight buy sector outperform buy overweight overweight underweight buy corporate

Amt Held 31'254'240 16'595'059 14'621'762 13'419'552 11'453'878 10'452'391 7'101'037 6'520'430 5'625'913 5'357'626 4'865'874 4'470'936 4'423'794 4'352'206 3'633'517 3'235'182 3'116'161 3'056'446 2'881'109 2'795'913

% Out 11.49 6.1 5.38 4.94 4.21 3.84 2.61 2.4 2.07 1.97 1.79 1.64 1.63 1.6 1.34 1.19 1.15 1.12 1.06 1.03

Weighting

Change

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

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 D M M

Latest Chg 308'525 1'487'855 284'465 1'155'221 (75'956) (679'462) (200'264) (85'501) 336'898 (3'149'175) (976'439) (184'119) 306'455 (880'425) 145'683 (223'400) 25'143 860'029 162'313 (595'273)

Target Price 143 165 174 163 148 144 135 #N/A N/A #N/A N/A 145 #N/A N/A 156 165 144 140 175 135 153 193 158 140 170 180 155 142 181 149 #N/A N/A 150 160 155 150 149 #N/A N/A 131 #N/A N/A

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

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 05.07.2013 03.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 26.06.2013 23.06.2013 21.06.2013 21.06.2013 20.06.2013 18.06.2013 13.06.2013 03.06.2013 20.05.2013 16.05.2013 16.05.2013 15.05.2013 14.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 07.05.2013 16.04.2013 26.02.2013 14.02.2013 28.08.2012 21.10.2011

08.07.2013

Phillips 66 Phillips 66 is a downstream energy company. The Company's operations include oil refining, marketing and transportation. Phillips 66's operations also include chemical manufacturing and power generation.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSX US EQUITY YTD Change PSX US EQUITY YTD % CHANGE

12/2012 03/yy 70.52 32.35 1'042'640.00 59.02 -16.15% 82.44% 65.21% 620.2 36'601.95 6'974.00 0.0 31.0 3'474.00 38'853.95

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

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 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

31.12.2009 31.12.2010 112'692.0 146'561.0 503.0 279.0 476.0 735.0 Profitability

LTM-4Q 31.12.2011 196'088.0 3'034.0 4'775.0 -

31.12.2012 166'089.0 0.22x 5'457.0 6.71x 4'124.0 6.27x

5'457.00 4'544.00 2.74% 3.99% 9.40% 21.16% 17.14% 3.30% 6.2% 3.6% 3.1% 2.5% 1.44 0.97 14.51% 33.57% 17.58 29.59

Price/ Cash Flow

LTM

FY+1

1.63 620.00 6.76 80.60% 12.23% 21 4.238 4'381'088 3'489'979 4'218'364 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 45'783.0 171'682.0 172'318.5 171'216.3 43'098.0 40'540.5 0.00x 0.82x 0.22x 0.22x 0.93x 0.94x 589.0 6'203.0 8'633.2 7'858.8 2'315.4 2'253.6 0.00x 7.35x 4.48x 4.93x 4.92x 4.99x 636.0 4'895.0 4'913.0 4'402.7 1'330.3 1'255.6 0.00x 7.40x 7.58x 8.31x 8.27x 8.56x S&P Issuer Ratings Long-Term Rating Date 01.03.2012 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 01.03.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 22.18 (EBITDA-Capex)/Interest Exp. 15.19 Net Debt/EBITDA 0.36 Total Debt/EBITDA 1.12 Reference Total Debt/Equity 33.6% Total Debt/Capital 25.1% Asset Turnover 3.30 Net Fixed Asset Turnover 11.40 Accounts receivable turnover-days 20.77 Inventory Days 12.34 Accounts Payable Turnover Day 26.82 Cash Conversion Cycle 3.58 Sales/Revenue/Turnover

7.00

250'000.0

6.00

200'000.0

5.00

150'000.0

4.00 3.00

100'000.0

2.00

50'000.0 1.00 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

Phillips 66 Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC BERKSHIRE HATHAWAY I STATE STREET FMR LLC T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN BANK OF NEW YORK MEL JP MORGAN ALLIANZ ASSET MANAGE NORTHERN TRUST CORPO CAPITAL GROUP COMPAN IVY MANAGEMENT INCOR EATON VANCE MANAGEME MORGAN STANLEY WELLS FARGO DIMENSIONAL FUND ADV NORGES BANK WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL

Firm Name Wells Fargo Securities, LLC Barclays JPMorgan Edward Jones Goldman Sachs Oppenheimer & Co Raymond James ISI Group Simmons & Company International Spin-Off Research EVA Dimensions Argus Research Corp Credit Suisse Deutsche Bank Morgan Stanley Howard Weil Inc S&P Capital IQ Tudor Pickering & Co

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO n/a IVY INVESTMENT MANAG EATON VANCE MANAGEME n/a n/a n/a NORGES BANK WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL

Analyst ROGER D READ PAUL Y CHENG KATHERINE LUCAS MINYARD BRIAN YOUNGBERG ARJUN N MURTI FADEL GHEIT CORY J GARCIA DOUGLAS T TERRESON JEFFREY A DIETERT TEAM COVERAGE CRAIG STERLING JONATHAN GELCIUS EDWARD WESTLAKE PAUL SANKEY J EVAN CALIO BLAKE FERNANDEZ TANJILA SHAFI BRADLEY OLSEN

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

Recommendation outperform overweight overweight hold neutral/attractive outperform market perform buy overweight neutral buy buy outperform hold Overwt/Attractive sector perform buy buy

Amt Held 36'314'310 28'027'961 27'163'918 26'208'632 19'150'576 18'130'289 17'745'072 9'600'401 9'194'088 8'291'126 8'215'639 8'061'595 7'250'822 5'944'522 5'745'263 5'646'545 5'634'057 5'060'285 4'988'084 4'348'541

% Out 5.86 4.52 4.38 4.23 3.09 2.92 2.86 1.55 1.48 1.34 1.32 1.3 1.17 0.96 0.93 0.91 0.91 0.82 0.8 0.7

Weighting

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

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

Latest Chg (3'425'400) 62'260 (377'407) (4'728'879) 9'631'813 (554'903) 434'905 2'047'100 340'997 221'511 1'011'595 (1'727'548) 538'595 398'517 316'725 16'655 (336'644) (1'449'717)

Target Price #N/A N/A 85 64 #N/A N/A 78 80 #N/A N/A 68 #N/A N/A 64 #N/A N/A 75 73 64 79 61 72 79

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

File Dt 03.07.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013

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

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

Date 08.07.2013 08.07.2013 01.07.2013 25.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 11.06.2013 08.05.2013 04.05.2013 03.05.2013 03.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 06.11.2012

08.07.2013

Enbridge Inc Enbridge Inc. provides energy transportation, distribution, and related services in North America and internationally. The Company operates a crude oil and liquids pipeline system, is involved in international energy projects, and is involved in natural gas transmission and midstream businesses. Enbridge also distributes natural gas and electricity, and provides retail energy products.

Price/Volume 60

40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENB CN EQUITY YTD Change ENB CN EQUITY YTD % CHANGE

12/2012 03/yy 49.17 37.73 493'073.00 44.25 -10.01% 17.28% 57.36% 823.7 36'450.05 21'917.00 3'707.0 4'258.0 1'776.00 65'833.05

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 16'131.3 1.76x 2'026.7 13.99x 1'327.7 17.50x

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

31.12.2009 31.12.2010 12'466.0 15'127.0 2.66x 2.47x 2'025.0 2'370.0 16.35x 15.77x 1'562.0 970.0 18.01x 21.81x Profitability

LTM-4Q 31.12.2011 27'053.0 2.00x 3'743.0 14.46x 833.0 26.82x

31.12.2012 25'306.0 2.48x 2'718.0 23.08x 715.0 55.15x

2'718.00 1'512.00 5.97% 4.23% 1.60% 8.73% 4.26% 0.59% 17.0% 10.2% 5.5% 2.8% 0.93 0.82 46.46% 322.64% 6.51 35.00

Price/ Cash Flow

LTM

03/yy 27'149.0 7.02x 3'605.0 15.28x 743.0 32.55x

03/yy 26'696.0 9.18x 2'718.0 24.91x 725.0 63.92x

FY+1

2.63 0.63 812.11 32.97 13.08% 4.29% 0.626 19 4.368 2'264'871 4'147'794 3'091'765 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 27'579.3 27'947.3 6'337.5 6'166.0 2.60x 2.70x 10.61x 11.36x 4'263.4 5'022.3 1'030.9 994.1 15.44x 13.11x 14.36x 13.98x 1'453.9 1'724.9 324.8 300.8 24.27x 21.18x 24.02x 23.33x S&P Issuer Ratings

18.12.2001 ASTABLE 2.57 -2.60 7.62 8.11 322.6% 59.8% 0.59 0.83 56.10 10.43 80.21 69.52

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 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

Enbridge Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN ROYAL BANK OF CANADA FMR LLC CAISSE DE DEPOT ET P THE BANK OF NOVA SCO TD ASSET MANAGEMENT BANK OF NOVA SCOTIA BMO FINANCIAL CORP TORONTO DOMINION BAN JARISLOWSKY FRASER L BLACKROCK CIBC WORLD MARKETS I DEUTSCHE BANK AG IG INVESTMENT MANAGE GREAT WEST LIFE ASSU WELLINGTON MANAGEMEN ENBRIDGE INCOME FUND GREYSTONE MANAGED IN BMO INVESTMENTS INC FRANKLIN RESOURCES

Firm Name Canaccord Genuity Corp National Bank Financial Edward Jones Desjardins Securities Accountability Research Corp Goldman Sachs CIBC World Markets Scotia Capital Macquarie FirstEnergy Capital Corp EVA Dimensions BMO Capital Markets Deutsche Bank TD Securities RBC Capital Markets Veritas Investment Research Co Credit Suisse Barclays

Portfolio Name n/a n/a n/a n/a THE BANK OF NOVA SCO TD ASSET MANAGEMENT n/a BMO FINANCIAL CORP TORONTO DOMINION BAN JARISLOWSKY FRASER L n/a CIBC WORLD MARKETS I n/a IG INVESTMENT MANAGE GREAT WEST LIFE ASSU WELLINGTON MANAGEMEN n/a GREYSTONE MANAGED IN Multiple Portfolios n/a

Analyst JUAN PLESSIS PATRICK KENNY LANNY PENDILL PIERRE LACROIX KEVIN CHU THEODORE DURBIN PAUL LECHEM MATTHEW AKMAN ROBERT CATELLIER STEVEN I PAGET DOUG WALTERS CARL L KIRST CURTIS N LAUNER LINDA EZERGAILIS ROBERT KWAN DARRYL MCCOUBREY ANDREW M KUSKE RICHARD GROSS

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

Recommendation buy outperform buy buy hold buy/attractive sector outperform sector outperform outperform outperform sell outperform buy buy outperform sell outperform overweight

Amt Held 67'792'351 66'156'764 34'667'857 31'900'000 30'521'107 29'766'479 23'634'047 20'431'707 17'246'431 15'743'116 13'723'809 11'869'030 9'296'719 8'979'407 8'512'655 8'375'700 7'909'000 7'568'843 7'419'528 7'003'809

% Out 8.23 8.03 4.21 3.87 3.71 3.61 2.87 2.48 2.09 1.91 1.67 1.44 1.13 1.09 1.03 1.02 0.96 0.92 0.9 0.85

Weighting

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

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

Latest Chg 24'700'970 (3'495'042) 3'321'101 (15'000'000) 220'409 486'687 (841'261) (2'437'671) (115'630) (786'209) 1'085'001 140'292 1'771'506 (1'065'618) 1'489'141 437'108 (354'050) (583'722) (651'605)

Target Price 50 53 #N/A N/A 51 47 54 52 54 54 50 #N/A N/A 54 54 53 56 40 52 49

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

File Dt 31.03.2013 31.03.2013 31.03.2013 28.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 24.10.2011 31.03.2013 05.07.2013 30.04.2013

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

Inst Type Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor

Date 05.07.2013 02.07.2013 28.06.2013 26.06.2013 24.06.2013 18.06.2013 11.06.2013 10.06.2013 08.06.2013 07.06.2013 06.06.2013 31.05.2013 29.05.2013 27.05.2013 24.05.2013 09.05.2013 08.05.2013 15.02.2013

08.07.2013

Canadian Natural Resources Ltd Canadian Natural Resources Ltd. acquires, explores for, develops, and produces natural gas, crude oil, and related products. The Company operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan. Canadian Natural also operates in areas which have access for exploration activities and where pipeline systems already exist.

Price/Volume

30.0 M

25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNQ CN EQUITY YTD Change CNQ CN EQUITY YTD % CHANGE

12/2012 03/yy 33.97 25.58 1'529'115.00 31.34 -7.86% 22.52% 67.10% 1'088.8 34'124.22 8'736.00 0.0 0.0 37.00 43'428.22

15.0 M

15 10

10.0 M

5.0 M

0 j-12

31.12.2009 31.12.2010 11'395.0 13'011.0 4.50x 4.37x 6'564.0 7'242.0 7.81x 7.85x 1'580.0 1'673.0 16.81x 21.63x Profitability

LTM-4Q 31.12.2011 13'691.0 3.68x 7'430.0 6.78x 2'643.0 17.50x

31.12.2012 14'427.0 2.77x 7'219.0 5.54x 1'892.0 17.15x

7'219.00 2'891.00 20.04% 18.08% 3.46% 7.03% 5.90% 0.31% 21.5% 48.5% 18.1% 13.1% 0.48 0.31 17.84% 35.98% 10.63 18.08

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 14'243.0 13.41x 7'476.0 5.97x 3'024.0 12.48x

d-12

03/yy 14'824.0 11.13x 7'184.0 6.25x 1'678.0 21.43x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.40 1.43 1'044.12 9.31 19.70% 10.31% 1.428 26 4.346 4'897'501 4'940'650 5'074'526 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'895.1 16'812.4 3'506.1 3'893.1 2.79x 2.62x 12.50x 11.19x 7'948.3 9'553.5 1'833.3 2'061.3 5.46x 4.55x 5.38x 5.25x 2'256.2 3'113.2 469.4 667.5 15.52x 11.74x 13.54x 12.02x S&P Issuer Ratings

01.11.2011 BBB+ STABLE 08.03.2013 A-2 15.59 2.41 1.30 1.30 36.0% 26.5% 0.31 0.32 34.34 20.19 16.57 43.36

Sales/Revenue/Turnover

10.00

16'000.0

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

.0 M a-12

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

35.0 M

35 25

Valuation Analysis

31.12.2008 12'296.0 3.20x 7'710.0 5.11x 4'985.0 7.39x

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

Canadian Natural Resources Ltd Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN ROYAL BANK OF CANADA DAVIS SELECTED ADVIS FMR LLC INVESCO LTD BMO FINANCIAL CORP EDWARDS NORMAN MURRA HIGHFIELDS CAPITAL M JARISLOWSKY FRASER L TD ASSET MANAGEMENT WELLINGTON MANAGEMEN CIBC GLOBAL ASSET MA CIBC WORLD MARKETS I BEUTEL GOODMAN & COM ONTARIO TEACHERS PEN NWQ INVESTMENT MANAG TORONTO DOMINION BAN IG INVESTMENT MANAGE FIRST EAGLE INVESTME

Firm Name BMO Capital Markets Cormark Securities Inc. Credit Suisse Edward Jones Canaccord Genuity Corp FirstEnergy Capital Corp JPMorgan TD Securities RBC Capital Markets Scotia Capital GMP Global Hunter Securities Peters & Co Ltd National Bank Financial Barclays Societe Generale Accountability Research Corp EVA Dimensions Macquarie Goldman Sachs Veritas Investment Research Co Deutsche Bank Raymond James Stifel

Portfolio Name n/a n/a n/a DAVIS SELECTED ADVIS n/a n/a BMO FINANCIAL CORP n/a HIGHFIELDS CAPITAL M JARISLOWSKY FRASER L TD ASSET MANAGEMENT WELLINGTON MANAGEMEN CIBC GLOBAL ASSET MA CIBC WORLD MARKETS I BEUTEL, GOODMAN & CO ONTARIO TEACHERS PEN NWQ INVESTMENT MANAG TORONTO DOMINION BAN IG INVESTMENT MANAGE FIRST EAGLE INVESTME

Analyst RANDY J OLLENBERGER TODD KEPLER JASON FREW LANNY PENDILL PHILIP R SKOLNICK MICHAEL P DUNN KATHERINE LUCAS MINYARD MENNO HULSHOF GREG M PARDY MARK POLAK RYAN SAVAGE SAMEER UPLENCHWAR JEFF MARTIN KYLE PRESTON THOMAS R DRISCOLL JOHN HERRLIN MICHAEL RUGGIRELLO DOUG WALTERS CHRIS FELTIN ARJUN N MURTI SAM LA BELL PAUL SANKEY JUSTIN BOUCHARD AMIR ARIF

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

Recommendation market perform buy outperform buy hold top pick neutral buy outperform sector outperform buy accumulate sector outperform outperform overweight buy buy underweight outperform sell/attractive buy hold outperform buy

Amt Held 58'880'287 54'419'500 50'620'259 38'472'066 34'792'710 31'551'230 21'830'632 21'368'882 19'544'266 19'233'855 18'007'836 17'495'728 17'150'281 15'594'449 15'487'827 14'801'355 14'687'838 13'951'404 12'335'714 12'023'600

% Out 5.41 5 4.65 3.53 3.2 2.9 2 1.96 1.79 1.77 1.65 1.61 1.58 1.43 1.42 1.36 1.35 1.28 1.13 1.1

Weighting

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

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

Latest Chg 3'775'000 1'718'840 (1'125'323) 6'106'583 9'511'904 (1'501'148) 132'342 1'700'000 (890'019) 2'223'846 (382'296) (587'923) 128'777 1'692'615 (2'173'616) 330'753 (134'136) (1'842'575) 2'225'400

Target Price 36 40 40 #N/A N/A 36 39 44 40 38 38 41 40 39 40 35 37 40 #N/A N/A 40 29 36 32 38 38

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 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 15.02.2013 n/a 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 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 07.07.2013 05.07.2013 28.06.2013 28.06.2013 27.06.2013 25.06.2013 24.06.2013 21.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 19.06.2013 19.06.2013 17.06.2013 13.06.2013 10.06.2013 06.06.2013 04.06.2013 02.06.2013 06.05.2013 05.05.2013 03.05.2013 03.05.2013

08.07.2013

Apache Corp Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The Company has operations in the United States, Canada, Egypt, Australia, offshore the United Kingdom in the North Sea, and Argentina.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (22.04.2013) 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 APA US EQUITY YTD Change APA US EQUITY YTD % CHANGE

12/2012 03/yy 94.87 67.91 944'928.00 82.78 -12.92% 21.90% 52.89% 391.9 32'437.88 12'345.00 1'227.0 0.0 160.00 45'895.87

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

31.12.2009 31.12.2010 8'614.8 12'183.0 4.38x 4.50x 2'963.7 8'792.0 12.73x 6.24x (284.4) 3'032.0 19.64x 13.32x Profitability

10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-12

LTM-4Q 31.12.2011 16'810.0 2.55x 12'397.0 3.46x 4'584.0 7.53x

31.12.2012 16'947.0 2.61x 12'051.0 3.66x 2'001.0 8.43x

12'051.00 4'942.00 29.16% 28.78% 3.34% 6.23% 4.87% 0.29% 32.3% 70.1% 29.2% 11.8% 0.90 0.59 20.33% 41.01% 5.31 15.09

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 17'389.0 10.60x 12'798.0 3.71x 4'247.0 8.19x

d-12

03/yy 16'636.0 10.80x 11'662.0 3.75x 1'921.0 8.05x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.86 1.43 389.86 8.67 -2.36% 5.97% 1.434 35 4.171 4'692'647 3'842'119 3'783'650 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'347.3 18'793.2 4'275.6 4'391.9 2.59x 2.37x 10.64x 10.32x 12'029.2 13'110.0 2'965.7 3'074.9 3.81x 3.50x 3.71x 3.62x 3'379.7 3'840.4 821.3 857.1 9.83x 8.85x 9.58x 9.27x S&P Issuer Ratings

26.01.2001 ASTABLE 05.05.2000 A-2 24.15 5.05 1.05 1.07 41.0% 28.3% 0.29 0.33 68.77 24.18 36.15 58.11

Sales/Revenue/Turnover

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

12.0 M

Fiscal Year Ended 31.12.2008 12'327.8 2.27x 8'988.1 3.11x 712.0 35.66x

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

Apache Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET FRANKLIN RESOURCES FMR LLC NORTHERN TRUST CORPO NWQ INVESTMENT MANAG EAGLE CAPITAL MANAGE BANK OF NEW YORK MEL JP MORGAN SUN LIFE FINANCIAL I INVESCO LTD DEUTSCHE BANK AG NORGES BANK GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN WELLS FARGO LAZARD ASSET MANAGEM

Firm Name Argus Research Corp Guggenheim Securities LLC Tudor Pickering & Co Sanford C. Bernstein & Co Raymond James RBC Capital Markets Clarkson Capital Markets LLC Susquehanna Financial Group Edward Jones ISI Group Oppenheimer & Co Capital One Southcoast, Inc. Societe Generale Simmons & Company International Deutsche Bank Credit Suisse Atlantic Equities LLP Barclays Stifel FBR Capital Markets Wells Fargo Securities, LLC Morgan Stanley Goldman Sachs Macquarie Peters & Co Ltd EVA Dimensions Howard Weil Inc Johnson Rice & Co Global Hunter Securities JPMorgan Alembic Global Advisors S&P Capital IQ

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a n/a NORTHERN TRUST CORPO NWQ INVESTMENT MANAG EAGLE CAPITAL MANAGE BANK OF NEW YORK MEL n/a n/a n/a n/a NORGES BANK GEODE CAPITAL MANAGE WELLINGTON MANAGEMEN n/a n/a

Analyst JONATHAN GELCIUS ROBERT CORDRAY MATTHEW PORTILLO BOB BRACKETT JOHN FREEMAN LEO P MARIANI BRIAN W FOOTE DUANE GRUBERT BRIAN YOUNGBERG JONATHAN WOLFF FADEL GHEIT RICHARD TULLIS JOHN HERRLIN PEARCE W HAMMOND STEPHEN RICHARDSON ARUN JAYARAM BARRY MACCARTHY THOMAS R DRISCOLL AMIR ARIF REHAN RASHID DAVID R TAMERON J EVAN CALIO BRIAN SINGER JOSEPH MAGNER JEFF MARTIN CRAIG STERLING PETER KISSEL CHARLES MEADE CURTIS R TRIMBLE JOSEPH D ALLMAN JAMES J SULLIVAN MICHAEL KAY

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

Recommendation buy buy accumulate outperform outperform sector perform outperform Positive hold strong buy market perform add buy overweight buy outperform overweight overweight buy market perform outperform Equalwt/Attractive neutral/attractive neutral sector perform overweight sector outperform equalweight neutral neutral neutral strong buy

Amt Held 26'828'098 21'772'472 17'824'561 17'684'349 16'982'859 10'786'671 8'496'464 6'117'480 5'223'542 5'013'596 4'984'105 4'080'546 3'710'086 3'036'215 2'985'347 2'808'677 2'642'867 2'608'986 2'556'942 2'537'961

% Out 6.85 5.56 4.55 4.51 4.33 2.75 2.17 1.56 1.33 1.28 1.27 1.04 0.95 0.77 0.76 0.72 0.67 0.67 0.65 0.65

Weighting

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

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

Latest Chg (2'487'100) (1'948'907) 5'682'668 553'677 (37'611) 1'582'385 (23'050) 211'636 455'918 434'797 (1'313'173) 546'488 (81'933) 478'161 (190'295) 52'071 (503'473) 39'298 (142'748)

Target Price 95 95 103 103 100 94 110 98 #N/A N/A 88 #N/A N/A 112 100 116 105 100 105 111 90 100 #N/A N/A 87 97 96 90 #N/A N/A 97 #N/A N/A 88 77 92 116

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

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 05.07.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 05.07.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 30.04.2013 31.03.2013

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

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

Date 05.07.2013 05.07.2013 05.07.2013 03.07.2013 03.07.2013 01.07.2013 01.07.2013 27.06.2013 26.06.2013 23.06.2013 21.06.2013 18.06.2013 13.06.2013 11.06.2013 05.06.2013 05.06.2013 29.05.2013 28.05.2013 24.05.2013 23.05.2013 23.05.2013 14.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 09.05.2013 09.05.2013 09.05.2013 18.04.2013 16.04.2013 15.02.2013

08.07.2013

TransCanada Corp TransCanada Corporation is the parent company of TransCanada PipeLines Limited. The Company is focused on natural gas transmission and power services. TransCanada's network of pipeline transports the majority of Western Canada's natural gas production to markets in Canada and the United States. The Company also has interests in power plants in Canada and the United States.

Price/Volume 60

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRP CN EQUITY YTD Change TRP CN EQUITY YTD % CHANGE

12/2012 03/yy 51.22 42.25 999'221.00 46.27 -9.67% 9.51% 37.78% 707.0 32'713.45 22'182.00 1'224.0 1'425.0 551.00 57'939.45

4.0 M

3.0 M 2.0 M

1.0 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

8.0 M

Valuation Analysis

31.12.2008 8'619.0 4.70x 4'142.0 9.77x 1'440.0 14.81x

9.0 M

31.12.2009 31.12.2010 8'181.0 8'064.0 5.60x 6.19x 4'137.0 3'787.0 11.08x 13.19x 1'380.0 1'272.0 17.83x 19.48x Profitability

LTM-4Q 31.12.2011 7'839.0 7.01x 4'080.0 13.46x 1'581.0 20.06x

31.12.2012 8'007.0 7.18x 3'947.0 14.56x 1'354.0 25.01x

3'947.00 2'572.00 32.12% 24.20% 3.02% 8.85% 5.76% 0.17% 45.2% 48.9% 32.0% 16.9% 0.48 0.27 45.89% 141.40% 7.89 19.63

Price/ Cash Flow

LTM

03/yy 7'800.0 27.61x 4'084.0 13.18x 1'522.0 20.11x

03/yy 8'273.0 27.34x 4'048.0 14.69x 1'449.0 25.66x

FY+1

3.85 0.60 706.11 27.27 11.27% 0.35% 0.598 16 4.000 2'111'739 2'322'505 2'088'924 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'207.8 9'939.3 2'157.3 2'262.0 6.40x 6.03x 25.72x 24.92x 4'802.6 5'241.0 1'178.7 1'217.8 12.06x 11.06x 11.69x 11.49x 1'601.2 1'792.6 362.0 400.0 20.65x 18.32x 19.61x 18.90x S&P Issuer Ratings

30.09.2009 ASTABLE 3.09 1.06 5.43 5.54 141.4% 54.7% 0.17 0.25 46.28 18.59 163.12 -128.57

Sales/Revenue/Turnover

12.00

10'000.0 9'000.0

10.00

8'000.0 7'000.0

8.00

6'000.0

6.00

5'000.0 4'000.0

4.00

3'000.0 2'000.0

2.00 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

TransCanada Corp Holdings By:

All

Holder Name ROYAL BANK OF CANADA BLACKROCK TD ASSET MANAGEMENT BMO FINANCIAL CORP BANK OF NOVA SCOTIA THE BANK OF NOVA SCO IG INVESTMENT MANAGE FMR LLC TORONTO DOMINION BAN FRANKLIN RESOURCES DEUTSCHE BANK AG CIBC WORLD MARKETS I JARISLOWSKY FRASER L NORGES BANK GREAT WEST LIFE ASSU VANGUARD GROUP INC BMO INVESTMENTS INC GREYSTONE MANAGED IN TREASURY GROUP INV S CIBC GLOBAL ASSET MA

Firm Name Canaccord Genuity Corp Edward Jones Desjardins Securities TD Securities CIBC World Markets EVA Dimensions National Bank Financial Veritas Investment Research Co FirstEnergy Capital Corp BMO Capital Markets Credit Suisse Deutsche Bank RBC Capital Markets Scotia Capital Goldman Sachs

Portfolio Name n/a n/a TD ASSET MANAGEMENT BMO FINANCIAL CORP n/a THE BANK OF NOVA SCO IG INVESTMENT MANAGE n/a TORONTO DOMINION BAN n/a n/a CIBC WORLD MARKETS I JARISLOWSKY FRASER L NORGES BANK GREAT WEST LIFE ASSU Multiple Portfolios Multiple Portfolios GREYSTONE MANAGED IN TG RARE INFRASTRUCTU CIBC GLOBAL ASSET MA

Analyst JUAN PLESSIS LANNY PENDILL PIERRE LACROIX LINDA EZERGAILIS PAUL LECHEM DOUG WALTERS PATRICK KENNY DARRYL MCCOUBREY STEVEN I PAGET CARL L KIRST ANDREW M KUSKE CURTIS N LAUNER ROBERT KWAN MATTHEW AKMAN THEODORE DURBIN

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F MF-AGG MF-AGG 13F MF-PART 13F

Recommendation buy buy hold hold sector outperform hold sector perform buy market perform outperform outperform hold outperform sector outperform neutral/attractive

Amt Held 61'070'171 37'084'896 23'929'883 22'298'420 17'655'287 16'778'035 14'426'410 13'932'098 13'510'650 12'105'806 11'709'082 11'356'574 9'985'501 7'150'772 6'108'106 6'056'991 5'587'095 5'488'440 5'041'524 4'776'761

% Out 8.64 5.25 3.38 3.15 2.5 2.37 2.04 1.97 1.91 1.71 1.66 1.61 1.41 1.01 0.86 0.86 0.79 0.78 0.71 0.68

Weighting

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

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

Latest Chg (445'569) 530'004 (2'229'848) (1'369'779) 157'700 (503'620) (4'220'674) (151'652) 115'321 2'558'180 6'796 (1'616'164) 85'198 307'752 (147'100) (1'037'731) (123'581)

Target Price 51 #N/A N/A 50 51 54 #N/A N/A 50 50 52 55 54 52 54 57 48

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

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.05.2013 31.03.2013

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

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

Date 05.07.2013 01.07.2013 26.06.2013 20.06.2013 13.06.2013 06.06.2013 02.06.2013 21.05.2013 17.05.2013 15.05.2013 07.05.2013 06.05.2013 03.05.2013 29.04.2013 13.02.2013

08.07.2013

Petroleo Brasileiro SA Petroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural gas. The Company refines, markets, and supplies oil products. Petrobras operates oil tankers, distribution pipelines, marine, river and lake terminals, thermal power plants, fertilizer plants, and petrochemical units. The Company operates in South America and elsewhere around the world.

Price/Volume 25

40.0 M 20

12/2012 03/yy 23.88 13.20 4'054'779.00 13.5 -43.59% 2.27% 2.34% 2'801.0 83'473.24 196'350.31 2'354.0 49'302.76 -

25.0 M 20.0 M 15.0 M 10.0 M

5.0 M 0 j-12

31.12.2008 217'266.2

31.12.2009 183'481.6

57'362.2

58'032.9

34'685.2

30'964.7

31.12.2010 211'841.9 2.07x 59'315.3 7.39x 35'189.4 -

LTM-4Q 31.12.2011 244'176.1 1.60x 61'582.3 6.35x 33'313.1 -

31.12.2012 281'379.5 1.44x 53'158.1 7.60x 21'182.4 -

Profitability

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

53'158.09 31'391.99 11.16% 9.86% 3.00% 5.85% 5.03% 0.44% 25.2% 18.2% 10.1% 7.5% 1.70 1.03 28.97% 57.23% 16.87 7.13

LTM

FY+1

1.22 9.19 -25.69% -27.46% 1.219 10 3.800 12'793'450 8'168'222 7'988'791 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 255'048.0 287'780.8 294'720.7 314'119.3 75'473.5 80'645.0 6.02x 5.52x 1.30x 1.34x 4.79x 4.52x 62'822.2 52'352.0 69'068.6 78'196.8 16'433.0 6.48x 7.48x 31'542.4 19'661.4 28'691.2 33'171.3 (936.5) 12'490.0 0.00x 0.00x 6.69x 6.20x 6.71x 6.14x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.04 (EBITDA-Capex)/Interest Exp. -1.47 Net Debt/EBITDA 2.87 Total Debt/EBITDA 3.76 Reference Total Debt/Equity 57.2% Total Debt/Capital 36.2% Asset Turnover 0.44 Net Fixed Asset Turnover 0.73 Accounts receivable turnover-days 21.63 Inventory Days 51.17 Accounts Payable Turnover Day 36.89 Cash Conversion Cycle 37.20 Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

.0 M a-12

Fiscal Year Ended

Price/ Cash Flow

30.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PBR/A US EQUITY YTD Change PBR/A US EQUITY YTD % CHANGE

35.0 M

Valuation Analysis

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

45.0 M

150'000.0 100'000.0

0.40

50'000.0 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 |

08.07.2013

Petroleo Brasileiro SA Holdings By:

All

Holder Name ABERDEEN BANK OF NEW YORK MEL DIMENSIONAL FUND ADV VANGUARD GROUP INC FRANKLIN RESOURCES OPPENHEIMERFUNDS INC JP MORGAN BLACKROCK CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA DODGE & COX ALLIANCE BERNSTEIN MANNING & NAPIER ADV BRANDES INVESTMENT P MORGAN STANLEY STATE STREET CREDIT AGRICOLE SA BANK OF AMERICA CORP AMERIPRISE FINANCIAL SCHRODER INVESTMENT

Firm Name

Portfolio Name n/a BANK OF NEW YORK MEL n/a VANGUARD GROUP INC n/a OPPENHEIMER FUNDS IN n/a n/a n/a T ROWE PRICE ASSOCIA DODGE & COX n/a MANNING & NAPIER ADV BRANDES INVESTMENT P n/a n/a CREDIT AGRICOLE SA BANK OF AMERICA AMERIPRISE FINANCIAL SCHRODER INVESTMENT

Analyst

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

Recommendation

Barclays PAUL Y CHENG Itau BBA Securities PAULA KOVARSKY JPMorgan CAIO M CARVALHAL HSBC LUIZ CARVALHO Howard Weil Inc RICHARD ROBERTS JR Espirito Santo Investment Bank Research OSWALDO ALCANTARA TELLES FILHO Goldman Sachs FELIPE MATTAR Banco BTG Pactual SA GUSTAVO GATTASS Bradesco Corretora AURO ROZENBAUM

equalweight market perform neutral neutral sector perform buy Buy/Neutral neutral buy

Amt Held 123'066'148 50'168'472 40'663'251 37'639'608 34'128'304 29'464'402 29'403'463 28'104'985 26'935'150 25'479'577 23'654'700 23'455'588 23'388'906 11'979'961 10'639'189 7'782'945 7'155'973 6'257'435 5'992'102 5'967'077

% Out 4.39 1.79 1.45 1.34 1.22 1.05 1.05 1 0.96 0.91 0.84 0.84 0.84 0.43 0.38 0.28 0.26 0.22 0.21 0.21

Weighting

Change 3 3 3 3 3 5 5 3 5

Latest Chg (13'394'421) (8'009'753) 3'886'585 199'730 929'052 11'715'300 4'011'394 (4'765'964) 2'510'000 2'961'100 2'457'200 (471'788) 1'892'685 360'069 (1'009'741) (129'648) (558'185) (4'276'463) 882'305 (3'100'700)

Target Price

M M M M M M M M M

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

21 22 21 19 20 36 25 21 73

File Dt 30.04.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.05.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 08.07.2013 02.07.2013 24.06.2013 21.06.2013 18.06.2013 30.04.2013 28.04.2013 26.04.2013 20.10.2008

08.07.2013

National Oilwell Varco Inc National Oilwell Varco Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.

Price/Volume 90

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2012) 52-Week Low (18.04.2013) 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 NOV US EQUITY YTD Change NOV US EQUITY YTD % CHANGE

12/2012 03/yy 89.95 63.08 848'539.00 73.081 -18.78% 15.85% 32.64% 427.3 31'226.14 3'149.00 0.0 117.0 3'319.00 33'264.14

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

8.0 M

6.0 M

4.0 M

2.0 M

10 0 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 13'431.4 0.72x 3'319.1 2.90x 1'952.0 4.81x

31.12.2009 31.12.2010 12'712.0 12'156.0 1.32x 2.14x 2'952.0 2'954.0 5.70x 8.80x 1'469.0 1'667.0 11.37x 16.57x Profitability

LTM-4Q 31.12.2011 14'658.0 1.77x 3'492.0 7.42x 1'994.0 14.16x

31.12.2012 20'041.0 1.45x 4'185.0 6.96x 2'491.0 11.44x

4'185.00 3'557.00 17.75% 17.49% 7.98% 12.25% 11.02% 0.70% 26.6% 19.7% 16.5% 12.4% 2.78 1.35 10.00% 15.56% 5.53 2.45

Price/ Cash Flow

LTM

03/yy 15'815.0 6.69x 3'785.0 8.21x 2'193.0 15.30x

03/yy 21'045.0 5.83x 4'136.0 7.80x 2'387.0 12.31x

FY+1

0.68 1.50 426.28 6.53 10.62% 7.53% 1.501 35 4.543 3'148'961 3'427'784 3'743'189 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'261.3 24'126.7 5'434.7 5'604.6 1.41x 1.21x 6.00x 5.73x 4'312.5 4'935.9 1'038.0 1'097.3 7.71x 6.73x 7.46x 7.16x 2'376.2 2'791.7 570.1 609.6 13.11x 11.09x 12.57x 12.00x S&P Issuer Ratings

25.04.2012 A STABLE 85.41 73.51 0.46 1.05 15.6% 13.4% 0.70 7.33 65.98 148.92 23.47 193.26

Sales/Revenue/Turnover

90.00

25'000.0

80.00

20'000.0

70.00 60.00

15'000.0

50.00 40.00

10'000.0

30.00

5'000.0

20.00 10.00 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

National Oilwell Varco Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC SANDS CAPITAL MANAGE NORTHERN TRUST CORPO BANK OF NEW YORK MEL OPPENHEIMERFUNDS INC SUN LIFE FINANCIAL I BERKSHIRE HATHAWAY I HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN CLEARBRIDGE INVESTME ALLIANCE BERNSTEIN DEUTSCHE BANK AG JANUS CAPITAL MANAGE JP MORGAN EPOCH INVESTMENT PAR WADDELL & REED FINAN VAN ECK ASSOCIATES C

Firm Name Wells Fargo Securities, LLC Fearnley Fonds Credit Suisse JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group Cowen and Company Societe Generale Edward Jones Guggenheim Securities LLC Morgan Stanley Goldman Sachs Johnson Rice & Co Susquehanna Financial Group Macquarie Raymond James William Blair & Co HSBC Iberia Capital Partners LLC Sterne, Agee & Leach Global Hunter Securities Argus Research Corp Howard Weil Inc RS Platou Markets EVA Dimensions Capital One Southcoast, Inc. RBC Capital Markets Barclays S&P Capital IQ Tudor Pickering & Co

Portfolio Name n/a VANGUARD GROUP INC n/a n/a SANDS CAPITAL MANAGE NORTHERN TRUST CORPO BANK OF NEW YORK MEL OPPENHEIMER FUNDS IN n/a n/a HARRIS ASSOC LP WELLINGTON MANAGEMEN CLEARBRIDGE INVESTME n/a n/a n/a n/a EPOCH INVESTMENT PAR WADDELL & REED FINAN n/a

Analyst THOMAS PATRICK CURRAN TRULS OLSEN JAMES WICKLUND J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY JAMES D CRANDELL EDWARD C MUZTAFAGO BRIAN YOUNGBERG MICHAEL K LAMOTTE OLE SLORER WAQAR SYED DAVID C SMITH CHARLES P MINERVINO NIGEL BROWNE J MARSHALL ADKINS BRANDON DOBELL DAVID PHILLIPS TREY STOLZ STEPHEN D GENGARO BRIAN UHLMER JONATHAN GELCIUS WILLIAM SANCHEZ GORAN ANDREASSEN CRAIG STERLING JOSEPH D GIBNEY KURT HALLEAD JAMES C WEST STEWART GLICKMAN JEFF TILLERY

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

Recommendation outperform buy neutral overweight market perform outperform buy buy outperform buy buy buy Equalwt/In-Line buy/attractive equalweight Positive outperform outperform outperform overweight outperform buy buy buy sector perform buy hold add sector perform overweight strong buy buy

Amt Held 28'951'192 19'747'022 18'512'793 15'573'621 10'199'065 8'346'234 8'078'111 7'885'877 7'849'536 7'484'300 6'616'862 5'974'258 4'934'555 4'260'914 4'186'718 4'184'336 4'182'789 3'971'605 3'549'221 3'520'288

% Out 6.78 4.62 4.33 3.64 2.39 1.95 1.89 1.85 1.84 1.75 1.55 1.4 1.15 1 0.98 0.98 0.98 0.93 0.83 0.82

Weighting

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

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

Latest Chg (1'704'407) 468'948 (106'335) (2'095'624) 776'187 128'683 431'962 (453'994) 476'087 2'189'500 1'411'178 1'041'360 (325'804) (938'713) 1'627'892 (427'166) (2'706'698) 421'704 (768'906) (343'629)

Target Price #N/A N/A 81 74 85 75 88 85 77 90 79 #N/A N/A 85 80 86 #N/A N/A 76 84 85 #N/A N/A 88 93 80 80 85 85 84 #N/A N/A 88 78 84 95 #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 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 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor

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

Date 08.07.2013 04.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 19.06.2013 12.06.2013 10.06.2013 30.05.2013 23.05.2013 22.05.2013 16.05.2013 14.05.2013 13.05.2013 08.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 26.04.2013 26.04.2013 01.02.2013 12.09.2012

08.07.2013

CNOOC Ltd CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas. The Group's core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Internationally, the Group has oil and gas assets in Asia, Africa, North America, South America and Oceania.

Price/Volume 18

160.0 M

140.0 M

120.0 M

100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 883 HK EQUITY YTD Change 883 HK EQUITY YTD % CHANGE

12/2012 01/yy 17.38 12.04 61'421'640.00 13.14 -24.40% 9.14% 19.48% 44'646.3 586'652.50 57'886.00 0.0 0.0 133'709.00 388'124.07

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

60.0 M

6 4

40.0 M

20.0 M

0 j-12

31.12.2009 31.12.2010 105'195.1 180'036.0 4.24x 3.71x 56'272.8 97'993.0 7.93x 6.82x 29'485.6 54'410.0 16.28x 12.81x Profitability

31.12.2011 240'944.0 1.79x 119'044.0 3.62x 70'255.0 7.02x

31.12.2012 247'627.0 2.13x 117'702.0 4.48x 63'691.0 9.44x

s-12

o-12

117'702.00 84'799.00 34.24% 36.41% 15.16% 22.24% 0.59% 47.5% 34.2% 25.7% 2.07 1.91 12.69% 18.69% 11.18 -

LTM-4Q

LTM

01/yy

01/yy -

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

FY+1 -

3.63 1.24 15'873.58 -12.34% -19.87% 1.242 34 4.382 54'085'540 59'332'020 57'685'770 FY+2

12/13 Y 12/14 Y 258'004.2 277'672.6 1.95x 1.78x 131'012.2 141'501.0 2.96x 2.74x 62'165.5 64'716.5 7.54x 7.30x S&P Issuer Ratings

FQ+1

FQ+2

16.12.2010 AASTABLE 71.42 33.25 -0.64 0.49 18.7% 15.7% 0.59 1.05 32.73 -

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

.0 M a-12

Fiscal Year Ended 31.12.2008 125'977.4 1.95x 65'262.9 3.77x 44'375.3 6.44x

80.0 M

Valuation Analysis

150'000.0 100'000.0

0.40

50'000.0 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 |

08.07.2013

CNOOC Ltd Holdings By:

All

Holder Name CHINA NATIONAL OFFSH FRANKLIN RESOURCES VANGUARD GROUP INC BLACKROCK JP MORGAN THORNBURG INVESTMENT OPPENHEIMERFUNDS INC FIL LIMITED SCHRODER INVESTMENT STATE STREET T ROWE PRICE ASSOCIA COMMONWEALTH BANK OF LAZARD ASSET MANAGEM INVESCO LTD HANG SENG INVESTMENT ABERDEEN SHINHAN BNP PARIBAS BARING INTERNATIONAL BANK OF NEW YORK MEL CAPITAL GROUP COMPAN

Firm Name Mizuho Securities JPMorgan China Merchants Securities Credit Suisse Macquarie Deutsche Bank Sanford C. Bernstein & Co BNP Paribas Equity Research Standard Chartered Goldman Sachs Jefferies EVA Dimensions CIMB VTB Capital Bank of China International China International Capital Corp UOB Kay Hian BOCOM International Holdings Morgan Stanley Nomura Guotai Junan SWS Research Co Ltd Mirae Asset Securities ICBC International Securities Ji Asia HSBC Daiwa Securities Co. Ltd. Citic Securities Co., Ltd JF Apex Securities Bhd AMTD Financial Planning Limited Capital Securities Corp Industrial Securities

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

Analyst ANDREW S F CHAN SCOTT DARLING MICHAEL YUK DAVID HEWITT JAMES HUBBARD DAVID HURD NEIL BEVERIDGE POR YONG LIANG DUKE SUTTIKULPANICH ARTHUR YAN LABAN YU DOUG WALTERS JIMMY WONG COLIN SMITH LAWRENCE LAU BIN GUAN YAN SHI WU FEI ANDY MENG SONIA SONG GRACE LIU ALBERT MIAO GORDON KWAN ANNA YU SAMUEL THAWLEY THOMAS C HILBOLDT ADRIAN LOH HUANG LILI TEAM COVERAGE KENNY TANG SING HING TEAM COVERAGE FANG LEI

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

Recommendation buy neutral buy outperform outperform hold outperform buy outperform Buy/Neutral hold buy outperform buy buy buy sell buy Overwt/Attractive neutral accumulate outperform buy hold sell overweight buy overweight hold buy hold buy

Amt Held 28'772'727'273 533'376'247 526'136'260 522'969'601 254'212'499 253'090'302 223'917'992 223'058'491 223'042'588 192'495'980 157'408'000 139'327'500 118'973'400 89'985'090 86'312'291 79'549'000 78'661'957 72'577'000 70'811'109 68'538'000

% Out 64.45 1.19 1.18 1.17 0.57 0.57 0.5 0.5 0.5 0.43 0.35 0.31 0.27 0.2 0.19 0.18 0.18 0.16 0.16 0.15

Weighting

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

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

Latest Chg (6'209'000) 1'160'536 671'000 (42'310'501) (12'718'678) 33'120'992 (46'619'833) (9'710'434) (8'133'101) 3'472'000 1'297'000 6'582'000 (11'098'378) 2'950'000 8'004'000 (4'311'000) 7'140'000 -

Target Price 15 17 17 20 18 14 22 16 18 17 13 #N/A N/A 18 17 17 18 14 17 17 15 19 19 16 15 10 18 20 19 #N/A N/A 16 #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 31.12.2012 30.04.2013 31.03.2013 03.07.2013 06.06.2013 30.04.2013 30.04.2013 31.12.2012 31.05.2013 05.07.2013 10.05.2013 28.02.2013 31.05.2013 05.07.2013 30.06.2012 31.05.2013 31.12.2012 31.05.2013 05.07.2013 31.03.2013

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

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

Date 03.07.2013 02.07.2013 02.07.2013 26.06.2013 26.06.2013 25.06.2013 19.06.2013 17.06.2013 13.06.2013 13.06.2013 10.06.2013 06.06.2013 28.05.2013 15.05.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 02.04.2013 27.03.2013 25.03.2013 25.03.2013 21.03.2013 07.03.2013 30.01.2013 18.12.2012 25.07.2012 24.07.2012 29.03.2012 20.07.2009

08.07.2013

PetroChina Co Ltd PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products, produces and sells chemicals, and transmits, markets and sells natural gas.

Price/Volume 12

350.0 M

300.0 M 250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 857 HK EQUITY YTD Change 857 HK EQUITY YTD % CHANGE

12/2012 03/yy 11.32 7.73 109'171'280.00 8.9 -21.38% 15.14% 34.54% 21'098.9 1'840'092.25 444'826.00 0.0 116'738.0 46'245.00 2'025'971.84

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

150.0 M

100.0 M

2 0 j-12

50.0 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 1'072'604.0 1.78x 256'680.0 7.45x 114'453.0 9.49x

200.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'019'275.0 1'465'415.0 2.57x 1.54x 237'168.0 303'643.0 11.04x 7.43x 103'387.0 139'992.0 14.65x 11.33x Profitability

LTM-4Q 31.12.2011 2'003'843.0 1.04x 323'368.0 6.43x 132'961.0 10.74x

LTM

FY+1

0.96 20'807.38 -6.42% -17.49% 0.962 32 4.188 ######### ######### 87'481'620 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'195'296.0 ######### ######### ######### ######### 0.99x 4.13x 3.96x 0.92x 0.90x 329'642.0 157'781.0 157'238.0 367'349.0 398'294.1 6.57x 0.00x 0.00x 5.52x 5.09x 115'326.0 135'143.0 112'190.0 129'673.0 139'101.0 14.02x 12.20x 13.04x 9.93x 9.21x S&P Issuer Ratings 329'642.00 Long-Term Rating Date 177'667.00 Long-Term Rating 8.09% Long-Term Outlook 7.60% Short-Term Rating Date 5.18% Short-Term Rating 10.46% Credit Ratios - EBITDA/Interest Exp. 0.96% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference 8.4% Total Debt/Equity 5.3% Total Debt/Capital Asset Turnover 0.72 Net Fixed Asset Turnover 0.21 Accounts receivable turnover-days 20.51% Inventory Days 41.81% Accounts Payable Turnover Day 23.88 Cash Conversion Cycle -

Price/ Cash Flow

17.62 0.96 41.8% 27.4% 0.96 2.65 15.29 -

Sales/Revenue/Turnover

10.00

2'500'000.0

9.00

2'000'000.0

8.00 7.00

1'500'000.0

6.00 5.00

1'000'000.0

4.00 3.00

500'000.0

2.00 1.00 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

PetroChina Co Ltd Holdings By:

All

Holder Name ABERDEEN FRANKLIN RESOURCES BLACKROCK JP MORGAN VANGUARD GROUP INC HARBOR CAPITAL ADVIS CHINA NATIONAL PETRO HANG SENG INVESTMENT STATE STREET FIL LIMITED BANK OF NEW YORK MEL MANULIFE FUNDS DIREC PICTET FUNDS DANSKE INVEST A/S SHINHAN BNP PARIBAS BARING INTERNATIONAL HARVEST FUND MANAGEM SCHRODER INVESTMENT GRANTHAM MAYO VAN OT VERITAS ASSET MANAGE

Firm Name Sanford C. Bernstein & Co Guotai Junan Goldman Sachs Mizuho Securities Standard Chartered Credit Suisse JPMorgan Jefferies HSBC UOB Kay Hian China Merchants Securities Morgan Stanley BNP Paribas Equity Research Deutsche Bank Macquarie Bank of China International Ji Asia EVA Dimensions VTB Capital China International Capital Corp Nomura Mirae Asset Securities BOCOM International Holdings ICBC International Securities Daiwa Securities Co. Ltd. Masterlink Securities Capital Securities Corp Citic Securities Co., Ltd Everbright Securities Co., Ltd SWS Research Co Ltd Industrial Securities

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

Analyst NEIL BEVERIDGE GRACE LIU ARTHUR YAN ANDREW S F CHAN DUKE SUTTIKULPANICH DAVID HEWITT SCOTT DARLING LABAN YU THOMAS C HILBOLDT YAN SHI MICHAEL YUK ANDY MENG POR YONG LIANG DAVID HURD JAMES HUBBARD LAWRENCE LAU SAMUEL THAWLEY DOUG WALTERS COLIN SMITH BIN GUAN SONIA SONG GORDON KWAN WU FEI ANNA YU ADRIAN LOH LI XIN TEAM COVERAGE HUANG LILI VIVIAN CHEUNG YE RONG FANG LEI

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 20F MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform accumulate neutral/neutral underperform outperform outperform overweight buy overweight buy buy Overwt/Attractive buy hold neutral buy buy buy sell accumulate neutral buy long-term buy hold outperform hold hold overweight not rated neutral strong buy

Amt Held 1'956'185'923 1'577'005'761 1'434'922'739 1'178'532'553 602'735'554 350'420'000 291'518'000 277'448'830 227'378'512 188'319'862 114'922'000 66'938'000 64'059'164 59'416'335 58'757'243 54'140'000 50'652'000 45'818'620 45'153'121 42'766'000

% Out 9.27 7.47 6.8 5.59 2.86 1.66 1.38 1.31 1.08 0.89 0.54 0.32 0.3 0.28 0.28 0.26 0.24 0.22 0.21 0.2

Weighting

Change

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

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

Latest Chg 3'448'000 420'000 44'157'000 (9'512'632) (35'015'194) 508'000 484'406 1'066'000 (10'296'000) (3'968'000) (9'282'000) 15'626'620 -

Target Price 12 10 11 7 13 11 11 16 11 10 11 10 10 9 8 12 12 #N/A N/A 9 11 11 13 11 10 12 12 #N/A N/A 11 #N/A N/A 10 #N/A N/A

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

File Dt 30.04.2013 16.05.2013 03.07.2013 24.06.2013 31.03.2013 31.03.2013 31.03.2012 30.06.2012 05.07.2013 31.12.2012 05.07.2013 30.06.2012 31.03.2013 31.05.2013 31.12.2012 31.05.2013 31.12.2012 31.05.2013 31.05.2012 30.09.2012

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

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

Date 08.07.2013 08.07.2013 07.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 26.06.2013 26.06.2013 20.06.2013 18.06.2013 06.06.2013 15.05.2013 26.04.2013 25.04.2013 08.04.2013 22.03.2013 22.03.2013 11.12.2012 28.11.2012 31.10.2012 24.08.2012 31.05.2012 28.10.2011 20.07.2009

08.07.2013

Marathon Oil Corp Marathon Oil Corporation is an independent international energy company engaged in exploration and production, oil sands mining and integrated gas. The Company's operations are focused in North America, Africa and Europe.

Price/Volume 40

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (10.07.2012) 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 MRO US EQUITY YTD Change MRO US EQUITY YTD % CHANGE

12/2012 03/yy 36.68 23.93 1'211'731.00 36.31 -1.15% 51.77% 91.69% 708.8 25'737.15 6'896.00 0.0 0.0 684.00 31'513.15

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

6.0 M

15 10

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 31.12.2008 71'471.0 0.35x 8'726.0 2.89x 3'528.0 4.36x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 48'291.0 11'690.0 0.59x 2.59x 5'491.0 5'544.0 5.20x 5.45x 1'463.0 2'568.0 19.77x 13.91x Profitability

LTM-4Q 31.12.2011 14'663.0 1.70x 6'770.0 3.68x 2'946.0 9.11x

31.12.2012 15'688.0 1.78x 8'648.0 3.22x 1'582.0 12.53x

8'648.00 6'170.00 39.33% 38.97% 4.62% 8.58% 6.79% 0.47% 47.5% 55.2% 38.3% 10.1% 0.74 0.60 19.53% 37.72% 6.76 23.95

Price/ Cash Flow

LTM

03/yy 14'803.0 7.10x 6'768.0 3.93x 2'367.0 10.11x

03/yy 15'767.0 6.79x 8'696.0 3.41x 1'548.0 14.86x

FY+1

1.87 1.39 706.75 9.34 48.61% 19.58% 1.385 28 4.571 3'648'355 4'801'523 5'090'371 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'386.3 15'819.6 3'679.5 3'698.5 2.02x 1.93x 8.69x 8.59x 9'705.8 10'092.7 2'487.8 2'498.6 3.24x 3.12x 3.15x 3.14x 2'135.0 2'306.1 502.2 520.2 12.46x 11.63x 12.27x 12.10x S&P Issuer Ratings

01.07.2011 BBB STABLE 29.08.2008 A-2 30.13 12.92 0.66 0.75 37.7% 27.4% 0.47 0.59 53.98 15.24 98.12 -25.94

Sales/Revenue/Turnover

7.00

80'000.0

6.00

70'000.0 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 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

Marathon Oil Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FRANKLIN RESOURCES FMR LLC ALLIANZ ASSET MANAGE BARROW HANLEY MEWHIN INSTITUTIONAL CAPITA BANK OF NEW YORK MEL NORTHERN TRUST CORPO JENNISON ASSOCIATES BANK OF AMERICA CORP PUTNAM INVESTMENT MA LSV ASSET MANAGEMENT MACQUARIE GROUP PIONEER INVESTMENT M WELLINGTON MANAGEMEN EATON VANCE MANAGEME DIMENSIONAL FUND ADV MACKAY SHIELDS LLC

Firm Name Raymond James Susquehanna Financial Group Societe Generale RBC Capital Markets Wells Fargo Securities, LLC Atlantic Equities LLP Global Hunter Securities Capital One Southcoast, Inc. ISI Group Oppenheimer & Co Credit Suisse Howard Weil Inc Tudor Pickering & Co Argus Research Corp Simmons & Company International Barclays JPMorgan Deutsche Bank Morgan Stanley Macquarie S&P Capital IQ Ameriprise Advisor Services, Inc Goldman Sachs Stifel EVA Dimensions BOE Securities

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a n/a BARROW HANLEY MEWHIN INSTITUTIONAL CAPITA BANK OF NEW YORK MEL NORTHERN TRUST CORPO JENNISON ASSOCIATES BANK OF AMERICA PUTNAM INVESTMENT MA LSV ASSET MANAGEMENT n/a PIONEER INVESTMENT M WELLINGTON MANAGEMEN EATON VANCE MANAGEME n/a Multiple Portfolios

Analyst PAVEL MOLCHANOV DUANE GRUBERT JOHN HERRLIN SCOTT HANOLD ROGER D READ BARRY MACCARTHY MICHAEL KELLY RICHARD TULLIS JONATHAN WOLFF FADEL GHEIT EDWARD WESTLAKE BLAKE FERNANDEZ MATTHEW PORTILLO JONATHAN GELCIUS JEFFREY A DIETERT THOMAS R DRISCOLL KATHERINE LUCAS MINYARD PAUL SANKEY J EVAN CALIO JASON D GAMMEL MICHAEL KAY LEZE THAQI ARJUN N MURTI AMIR ARIF CRAIG STERLING PRIYANKA VYAS

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

Recommendation market perform neutral buy sector perform outperform overweight buy add buy outperform outperform focus list accumulate hold overweight overweight overweight buy Equalwt/Attractive outperform buy buy buy/attractive buy buy buy

Amt Held 73'013'359 31'870'569 31'293'940 22'872'814 20'233'126 20'134'395 13'604'214 12'932'129 11'063'748 9'943'849 9'601'819 9'303'237 9'242'498 8'921'330 8'586'037 8'370'782 7'632'699 6'954'115 6'447'937 6'090'308

% Out 10.3 4.5 4.41 3.23 2.85 2.84 1.92 1.82 1.56 1.4 1.35 1.31 1.3 1.26 1.21 1.18 1.08 0.98 0.91 0.86

Weighting

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

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

Latest Chg 998'314 (138'194) (1'993'495) 1'726'420 8'211'103 717'966 455'284 58'827 469'845 2'954'791 657'140 (615'229) (414'100) 450'760 (712'391) (491'884) 5'303'688 14'943 255'620

Target Price #N/A N/A 41 43 38 #N/A N/A 41 45 46 39 45 43 44 39 #N/A N/A #N/A N/A 41 38 40 34 41 40 #N/A N/A 43 37 #N/A N/A 26

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

File Dt 31.03.2013 31.03.2013 05.07.2013 30.04.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013

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

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

Date 28.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 24.06.2013 23.06.2013 21.06.2013 18.06.2013 18.06.2013 17.06.2013 21.05.2013 16.05.2013 16.05.2013 14.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 15.04.2013 12.04.2013 12.03.2013 15.01.2013 15.10.2010

08.07.2013

Kinder Morgan Inc/DE Kinder Morgan Inc. is a pipeline transportation and energy storage company. The Company owns and operates pipelines that transport natural gas, gasoline, crude oil, carbon dioxide and other products, and terminals that store petroleum products and chemicals and handle bulk materials like coal and petroleum coke.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 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 KMI US EQUITY YTD Change KMI US EQUITY YTD % CHANGE

12/2012 03/yy 41.49 31.93 616'220.00 38.81 -6.51% 21.57% 68.11% 1'035.7 40'194.32 31'858.00 0.0 10'234.0 714.00 81'662.32

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

45.0 M

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 j-12

31.12.2009 31.12.2010 7'185.2 8'190.6 2'477.4 2'359.5 495.0 (41.3) Profitability

LTM-4Q 31.12.2011 7'943.0 5.90x 2'515.0 18.63x 594.0 36.27x

31.12.2012 9'973.0 7.82x 4'019.0 19.40x 315.0 50.22x

4'019.00 2'593.00 26.00% 13.47% 1.45% 8.52% 6.38% 0.23% 52.3% 41.6% 27.7% 3.2% 0.71 0.41 46.72% 229.77% 10.90 13.95

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 7'868.0 23.69x 2'691.0 19.66x 460.0 41.70x

d-12

03/yy 11'176.0 28.77x 4'654.0 17.52x 715.0 49.33x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

3.76 0.74 664.98 11.64 22.50% 12.02% 0.741 16 4.125 4'483'818 4'047'885 3'580'292 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'685.0 13'443.0 3'167.0 3'206.0 6.00x 5.71x 26.30x 26.11x 4'297.7 4'621.7 1'257.7 1'245.7 19.00x 17.67x 16.03x 16.15x 1'338.0 1'564.7 325.8 322.8 30.73x 26.63x 28.31x 27.84x S&P Issuer Ratings

2.82 -2.08 6.63 6.86 229.8% 56.9% 0.23 0.46 33.49 26.17 70.47 -7.56

Sales/Revenue/Turnover

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 12'094.8 2'479.6 (3'599.3) -

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

Kinder Morgan Inc/DE Holdings By:

All

Holder Name KINDER RICHARD D CAPITAL GROUP COMPAN HIGHSTAR CAPITAL LP BLACKROCK VANGUARD GROUP INC STATE STREET SAROFIM FAYEZ SHALAB MACQUARIE GROUP LONE PINE CAPITAL LL SHAPER C PARK NEUBERGER BERMAN LLC MARSICO CAPITAL MANA AMERIPRISE FINANCIAL NORTHERN TRUST CORPO SUN LIFE FINANCIAL I ALLIANCE BERNSTEIN BANK OF NEW YORK MEL KAYNE ANDERSON CAPIT FAYEZ SAROFIM KEAN STEVEN J

Firm Name JPMorgan US Capital Advisors Barclays Deutsche Bank RBC Capital Markets Raymond James Wells Fargo Securities, LLC Credit Suisse Simmons & Company International S&P Capital IQ EVA Dimensions Morgan Stanley Tudor Pickering & Co Goldman Sachs

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a LONE PINE CAPITAL LL n/a NEUBERGER BERMAN GRO MARSICO CAPITAL MANA AMERIPRISE FINANCIAL NORTHERN TRUST CORPO n/a n/a BANK OF NEW YORK MEL KAYNE ANDERSON CAPIT FAYEZ SAROFIM n/a

Analyst JEREMY TONET REBECCA G FOLLOWILL RICHARD GROSS CURTIS N LAUNER ELVIRA SCOTTO DARREN HOROWITZ MICHAEL J BLUM JOHN EDWARDS MARK L REICHMAN TANJILA SHAFI CRAIG STERLING STEPHEN J MARESCA BRADLEY OLSEN THEODORE DURBIN

Source Form 4 ULT-AGG PROXY ULT-AGG 13F ULT-AGG Form 4 ULT-AGG 13F Form 4 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F Form 5

Recommendation overweight hold overweight buy outperform outperform market perform outperform overweight buy underweight Equalwt/Attractive hold buy/attractive

Amt Held 241'372'511 103'024'612 68'866'536 38'521'997 30'398'893 25'091'196 23'995'208 19'842'913 13'817'738 10'663'504 10'629'558 10'311'757 9'699'710 9'450'171 9'434'084 8'567'055 8'497'440 7'792'324 7'669'813 7'085'560

% Out 23.31 9.95 6.65 3.72 2.94 2.42 2.32 1.92 1.33 1.03 1.03 1 0.94 0.91 0.91 0.83 0.82 0.75 0.74 0.68

Weighting

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

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

Latest Chg 500'000 96'096 (13'247'917) 2'051'333 1'190'940 (40'292) 1'150'515 (1'211'644) 4'748'239 135'768 475'288 348'863 316'785 (214'170) 1'235'085 17'523 (28'847) (2'202'527) -

Target Price 42 34 43 48 46 42 #N/A N/A 45 43 42 #N/A N/A 42 37 41

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

File Dt Inst Type 24.06.2013 n/a 31.03.2013 Investment Advisor 15.03.2013 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 26.10.2012 n/a 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 02.01.2013 n/a 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 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 n/a

Date 6 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 12 month

Date 20.06.2013 18.06.2013 06.06.2013 14.05.2013 13.05.2013 13.05.2013 29.04.2013 18.04.2013 18.04.2013 18.04.2013 28.03.2013 31.01.2013 23.01.2013 17.01.2013

08.07.2013

Spectra Energy Corp Spectra Energy Corporation transmits, stores, distributes, gathers, and processes natural gas. The Company provides transportation and storage of natural gas to customers in various regions of the northeastern and southeastern United States, the Maritime Provinces in Canada and the Pacific Northwest in the United States and Canada, and the province of Ontario, Canada.

Price/Volume 40

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (28.12.2012) 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 SE US EQUITY YTD Change SE US EQUITY YTD % CHANGE

12/2012 03/yy 35.37 26.55 766'140.00 35.37 -0.03% 33.22% 98.87% 669.2 23'669.48 12'833.00 258.0 871.0 94.00 39'051.48

10.0 M

15 10

5.0 M

5 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

20.0 M

Valuation Analysis

31.12.2008 5'074.0 3.97x 2'061.0 9.77x 1'129.0 8.60x

25.0 M

31.12.2009 31.12.2010 4'552.0 4'945.0 5.23x 5.73x 2'062.0 2'328.0 11.54x 12.18x 849.0 1'049.0 17.58x 16.00x Profitability

LTM-4Q 31.12.2011 5'351.0 6.10x 2'488.0 13.13x 1'184.0 17.45x

31.12.2012 5'075.0 6.34x 2'335.0 13.77x 940.0 19.17x

2'335.00 1'575.00 31.03% 27.88% 3.11% 10.93% 6.62% 0.17% 31.0% 45.4% 30.5% 18.5% 0.44 0.28 41.96% 143.03% 5.29 18.44

Price/ Cash Flow

LTM

03/yy 5'283.0 23.45x 2'456.0 13.60x 1'160.0 18.10x

03/yy 5'120.0 25.86x 2'324.0 15.47x 947.0 21.53x

FY+1

3.31 0.84 667.67 11.94 26.46% 31.81% 0.838 14 4.000 2'883'807 4'420'362 4'079'934 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'477.3 5'729.8 1'232.8 1'200.0 7.23x 6.98x 31.74x 32.87x 2'982.4 3'223.1 697.4 671.0 13.09x 12.11x 12.99x 12.91x 1'037.2 1'074.4 227.7 205.5 23.03x 21.81x 22.51x 22.30x S&P Issuer Ratings

14.06.2013 BBB+ *3.74 0.50 6.13 6.21 143.0% 56.0% 0.17 0.26 68.97 19.79 49.12 54.84

Sales/Revenue/Turnover

14.00

10'000.0 9'000.0

12.00

8'000.0

10.00

7'000.0 6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0 2.00 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

Spectra Energy Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CAPITAL GROUP COMPAN FRANKLIN RESOURCES T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN DEUTSCHE BANK AG NORTHERN TRUST CORPO BANK OF AMERICA CORP TIAA CREF INVESTMENT BANK OF NEW YORK MEL LAZARD ASSET MANAGEM CLEARBRIDGE INVESTME PICTET FUNDS STATE FARM MUTUAL AU STERLING CAPITAL MAN SUN LIFE FINANCIAL I NORGES BANK PARNASSUS INVESTMENT

Firm Name Edward Jones Atlantic Equities LLP US Capital Advisors Scotia Capital Argus Research Corp BMO Capital Markets Deutsche Bank Morgan Stanley Goldman Sachs Tudor Pickering & Co Barclays EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA BARROW HANLEY MEWHIN n/a NORTHERN TRUST CORPO BANK OF AMERICA TIAA-CREF INVESTMENT BANK OF NEW YORK MEL n/a CLEARBRIDGE INVESTME n/a STATE FARM MUTUAL AU STERLING CAPITAL MAN n/a NORGES BANK PARNASSUS INVESTMENT

Analyst ANDREW PUSATERI NATHAN JUDGE REBECCA G FOLLOWILL MATTHEW AKMAN MICHAEL BURKE CARL L KIRST CURTIS N LAUNER STEPHEN J MARESCA THEODORE DURBIN BRADLEY OLSEN RICHARD GROSS CRAIG STERLING

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

Recommendation buy overweight overweight sector perform buy market perform buy Overwt/Attractive neutral/attractive buy equalweight underweight

Amt Held 39'882'802 30'379'517 30'030'926 29'681'520 17'231'536 12'787'373 12'581'631 11'946'959 11'673'082 9'863'169 8'879'472 7'831'190 7'197'244 7'167'227 6'641'031 5'999'500 5'798'716 5'729'693 5'433'215 4'668'041

% Out 5.96 4.54 4.49 4.44 2.57 1.91 1.88 1.79 1.74 1.47 1.33 1.17 1.08 1.07 0.99 0.9 0.87 0.86 0.81 0.7

Weighting

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

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

Latest Chg 2'418'256 1'140'268 978'674 403'000 669'421 (15'888'166) (18'128'564) 1'869'986 (2'109'446) 1'639'599 5'357'007 11'928 (405'007) 937'218 486'135 360'600 5'798'716 (938'740) 25'000

Target Price #N/A N/A 40 35 34 38 33 36 40 34 42 33 #N/A N/A

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

File Dt 03.07.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 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 31.12.2012 31.03.2013

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

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

Date 28.06.2013 20.06.2013 18.06.2013 17.06.2013 13.06.2013 12.06.2013 12.06.2013 12.06.2013 12.06.2013 12.06.2013 12.06.2013 15.01.2013

08.07.2013

Marathon Petroleum Corp Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (12.07.2012) 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 MPC US EQUITY YTD Change MPC US EQUITY YTD % CHANGE

12/2012 03/yy 92.73 42.60 1'045'132.00 69.99 -24.68% 64.30% 52.64% 324.8 22'731.87 3'361.00 0.0 411.0 4'860.00 21'822.87

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

31.12.2009 31.12.2010 40'606.0 57'279.0 1'215.0 1'834.0 449.0 623.0 Profitability

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 73'524.0 0.16x 4'515.0 2.68x 2'389.0 4.97x

31.12.2012 76'534.0 0.26x 6'093.0 3.26x 3'389.0 6.67x

6'093.00 5'098.00 6.66% 6.84% 12.55% 33.16% 25.57% 2.84% 8.6% 8.0% 6.7% 4.4% 1.59 1.15 12.35% 28.74% 13.98 17.61

Price/ Cash Flow

LTM

03/yy 75'776.0 0.72x 4'685.0 3.38x 2'456.0 6.27x

03/yy 79'521.0 1.05x 6'345.0 4.47x 3'518.0 9.02x

FY+1

1.86 1.19 323.87 6.03 60.74% 12.07% 1.187 21 4.333 4'081'420 2'991'112 3'348'405 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 97'149.3 97'624.1 25'231.4 25'754.0 0.22x 0.21x 0.86x 0.83x 6'374.2 6'468.5 1'793.6 1'862.4 3.43x 3.37x 3.41x 3.39x 3'195.4 3'200.1 947.2 953.7 7.31x 6.96x 7.43x 7.10x S&P Issuer Ratings

27.01.2011 BBB STABLE 27.01.2011 A-2 28.88 22.39 -0.21 0.54 28.7% 21.7% 2.84 6.09 26.11 20.72 41.12 2.73

Sales/Revenue/Turnover

8.00

90'000.0

7.00

80'000.0

6.00

70'000.0 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 01.01.2010

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

Fiscal Year Ended 31.12.2008 59'874.0 2'142.0 1'215.0 -

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

Marathon Petroleum Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC JP MORGAN BANK OF NEW YORK MEL LSV ASSET MANAGEMENT DEUTSCHE BANK AG GOLDMAN SACHS GROUP BARROW HANLEY MEWHIN NORTHERN TRUST CORPO AMERIPRISE FINANCIAL ALLIANCE BERNSTEIN JANUS CAPITAL MANAGE ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV AJO, LP D E SHAW & COMPANY I WELLINGTON MANAGEMEN INVESCO LTD

Firm Name Wells Fargo Securities, LLC Barclays Tudor Pickering & Co JPMorgan Cowen and Company Goldman Sachs Oppenheimer & Co Raymond James ISI Group Simmons & Company International Macquarie Credit Suisse Morgan Stanley Imperial Capital LLC Howard Weil Inc S&P Capital IQ Deutsche Bank EVA Dimensions Spin-Off Research RBC Capital Markets

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL LSV ASSET MANAGEMENT n/a n/a BARROW HANLEY MEWHIN NORTHERN TRUST CORPO AMERIPRISE FINANCIAL n/a n/a ACADIAN ASSET MANAGE n/a AJO, LP D E SHAW & CO WELLINGTON MANAGEMEN n/a

Analyst ROGER D READ PAUL Y CHENG ROBERT KESSLER KATHERINE LUCAS MINYARD SAM MARGOLIN ARJUN N MURTI FADEL GHEIT CORY J GARCIA DOUGLAS T TERRESON JEFFREY A DIETERT CHI CHOW EDWARD WESTLAKE J EVAN CALIO ANN L KOHLER BLAKE FERNANDEZ TANJILA SHAFI PAUL SANKEY CRAIG STERLING TEAM COVERAGE JACQUES ROUSSEAU

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

Recommendation outperform overweight buy underweight outperform buy/attractive outperform outperform neutral overweight outperform outperform Overwt/Attractive outperform sector perform buy hold buy buy outperform

Amt Held 35'003'307 15'731'080 14'262'639 14'139'160 9'201'659 6'225'825 5'014'852 4'823'501 4'578'310 4'573'966 4'564'442 4'252'157 4'095'577 3'535'846 3'348'694 3'302'145 3'270'810 3'128'021 3'036'847 2'915'740

% Out 10.78 4.84 4.39 4.35 2.83 1.92 1.54 1.49 1.41 1.41 1.41 1.31 1.26 1.09 1.03 1.02 1.01 0.96 0.94 0.9

Weighting

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

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

Latest Chg 580'903 (286'474) (704'335) (7'764'249) 322'501 886'203 (416'270) (686'618) (994'831) (79'210) 126'565 291'528 3'330'743 1'925'900 153'275 (9'224) (873'750) (480'988) (748'499) 944'778

Target Price #N/A N/A 120 111 75 100 120 90 87 82 #N/A N/A 110 110 97 81 73 99 80 #N/A N/A 81 47

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 31.05.2013 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 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 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor

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

Date 08.07.2013 08.07.2013 03.07.2013 01.07.2013 27.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 11.06.2013 10.06.2013 03.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 16.04.2013 02.03.2013 31.01.2013 15.02.2012

08.07.2013

Williams Cos Inc/The The Williams Companies, Inc. is an integrated natural gas company that produces, gathers, processes and transports natural gas. The Company's operations are concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern Seaboard, and the province of Alberta in Canada.

Price/Volume 40

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (12.07.2012) 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 WMB US EQUITY YTD Change WMB US EQUITY YTD % CHANGE

12/2012 03/yy 38.57 28.47 899'388.00 33.065 -14.31% 16.14% 41.68% 682.7 22'573.25 10'736.00 0.0 2'675.0 839.00 35'557.25

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

10 5 0 j-12

31.12.2009 31.12.2010 8'255.0 6'638.0 2.33x 3.64x 2'970.0 2'902.0 6.49x 8.32x 285.0 (1'097.0) 27.26x 29.54x Profitability

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 7'930.0 3.61x 3'481.0 8.23x 376.0 20.00x

31.12.2012 7'486.0 4.66x 2'368.0 14.72x 859.0 27.33x

2'368.00 1'612.00 21.53% 17.22% 2.80% 17.73% 7.51% 0.34% 43.2% 31.8% 20.9% 11.5% 1.24 0.99 44.13% 225.93% 10.43 26.80

Price/ Cash Flow

LTM

03/yy 8'078.0 13.33x 3'356.0 8.26x 478.0 26.40x

03/yy 7'308.0 18.58x 2'323.0 16.59x 597.0 19.12x

FY+1

3.86 1.12 681.21 15.12 18.91% 3.06% 1.124 16 4.375 4'800'659 8'371'893 7'410'986 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'622.5 8'878.4 1'790.3 1'948.8 5.00x 4.55x 20.15x 19.05x 2'462.9 3'248.3 580.6 587.4 14.44x 10.95x 13.65x 12.52x 497.0 861.2 101.0 117.1 43.97x 26.13x 38.99x 32.32x S&P Issuer Ratings

05.03.2012 BBB STABLE 19.03.2007 NR 4.17 -0.28 4.27 4.57 225.9% 59.1% 0.34 0.50 34.99 13.62 58.30 -22.04

Sales/Revenue/Turnover

16.00

18'000.0

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 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 11'890.0 1.28x 3'843.0 3.97x 1'418.0 6.55x

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

Williams Cos Inc/The Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC JP MORGAN MORGAN STANLEY SOROBAN CAPITAL PART NORTHERN TRUST CORPO INVESCO LTD KAYNE ANDERSON CAPIT BANK OF NEW YORK MEL TORTOISE CAPITAL ADV PRINCIPAL FINANCIAL DEUTSCHE BANK AG WELLS FARGO AMERIPRISE FINANCIAL VIKING GLOBAL INVEST GOLDMAN SACHS GROUP SUN LIFE FINANCIAL I

Firm Name Credit Suisse Raymond James Tudor Pickering & Co Deutsche Bank Howard Weil Inc Goldman Sachs US Capital Advisors Wells Fargo Securities, LLC Barclays Argus Research Corp BMO Capital Markets JPMorgan EVA Dimensions Morgan Stanley

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a VANGUARD GROUP INC n/a n/a n/a SOROBAN CAPITAL PART NORTHERN TRUST CORPO n/a KAYNE ANDERSON CAPIT BANK OF NEW YORK MEL TORTOISE CAPITAL ADV n/a n/a n/a AMERIPRISE FINANCIAL VIKING GLOBAL INVEST n/a n/a

Analyst JOHN EDWARDS DARREN HOROWITZ BRADLEY OLSEN CURTIS N LAUNER HOLLY STEWART THEODORE DURBIN REBECCA G FOLLOWILL SHARON LUI RICHARD GROSS MICHAEL BURKE CARL L KIRST JEREMY TONET CRAIG STERLING STEPHEN J MARESCA

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

Recommendation outperform outperform hold hold sector outperform buy/attractive hold outperform overweight buy outperform overweight underweight Overwt/Attractive

Amt Held 35'981'653 34'069'219 33'870'156 32'171'940 31'688'507 30'240'979 16'523'750 12'347'856 10'781'600 10'675'203 10'302'336 8'832'780 7'634'884 7'607'242 7'419'862 7'202'012 6'968'573 6'478'991 6'476'036 6'268'229

% Out 5.27 4.99 4.96 4.71 4.64 4.43 2.42 1.81 1.58 1.56 1.51 1.29 1.12 1.11 1.09 1.05 1.02 0.95 0.95 0.92

Weighting

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

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

Latest Chg (1'993'905) 4'199'202 788'667 838'930 2'338'474 11'567'509 3'155'377 2'651'882 387'604 (3'367'011) 473'073 (1'851'454) 4'668'694 2'176'866 5'014'266 976'562 891'799 (12'965'802) 2'153'316 (158'830)

Target Price 46 38 37 34 42 40 35 #N/A N/A 43 45 41 41 #N/A N/A 42

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

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

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

Date 28.06.2013 26.06.2013 26.06.2013 24.06.2013 24.06.2013 18.06.2013 18.06.2013 14.06.2013 20.05.2013 15.05.2013 10.05.2013 02.04.2013 05.03.2013 12.12.2012

08.07.2013

Statoil ASA Statoil ASA explores for, produces, transports, refines, and trades oil and natural gas. The Company explores for oil in Europe, Africa, the Middle East, Asia, and the Americas.

Price/Volume 160

9.0 M

140

8.0 M

120

7.0 M 6.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STL NO EQUITY YTD Change STL NO EQUITY YTD % CHANGE

12/2012 03/yy 155.00 122.90 1'993'006.00 127.9 -17.48% 4.07% 11.21% 3'188.6 407'827.97 119'400.00 0.0 700.0 80'100.00 440'327.97

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

4.0 M

3.0 M

2.0 M

1.0 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 31.12.2008 651'977.0 0.63x 240'545.0 1.71x 43'265.0 8.39x

5.0 M

31.12.2009 31.12.2010 462'292.0 526'950.0 1.16x 0.98x 173'918.0 186'787.0 3.08x 2.77x 18'313.0 38'082.0 25.17x 11.58x Profitability

LTM-4Q 31.12.2011 645'599.0 0.88x 261'920.0 2.16x 78'787.0 6.20x

31.12.2012 705'700.0 0.68x 265'400.0 1.82x 68'900.0 6.42x

265'400.00 204'900.00 29.04% 29.29% 7.57% 19.32% 0.85% 48.5% 36.8% 27.8% 9.8% 1.12 0.83 15.22% 37.41% 14.18

Price/ Cash Flow

LTM

FY+1

0.86 945.70 -4.68% -3.24% 0.863 37 3.865 2'431'572 2'883'080 3'309'124 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 694'752.0 673'133.0 638'910.2 663'379.7 161'440.1 156'122.6 2.89x 2.90x 0.73x 0.72x 2.88x 2.94x 272'388.0 247'542.0 229'758.4 247'335.6 56'983.2 56'313.0 1.97x 1.95x 1.92x 1.78x 1.79x 1.76x 77'924.0 60'193.0 48'814.4 53'195.3 11'949.8 12'065.9 6.31x 7.46x 8.41x 7.82x 8.20x 8.17x S&P Issuer Ratings Long-Term Rating Date 03.08.2007 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 03.08.2007 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 88.47 (EBITDA-Capex)/Interest Exp. 56.47 Net Debt/EBITDA 0.13 Total Debt/EBITDA 0.47 Reference Total Debt/Equity 37.4% Total Debt/Capital 27.2% Asset Turnover 0.85 Net Fixed Asset Turnover 1.55 Accounts receivable turnover-days Inventory Days 25.74 Accounts Payable Turnover Day Cash Conversion Cycle 34.61 Sales/Revenue/Turnover

6.00

800'000.0 700'000.0

5.00

600'000.0 4.00

500'000.0 400'000.0

3.00

300'000.0

2.00

200'000.0 1.00 0.00 01.01.2010

100'000.0 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

Statoil ASA Holdings By:

All

Holder Name MINISTRY OF PETROLEU DEUTSCHE BANK TRUST GOVERNMENT PENSION F STATE STREET CLEARSTREAM BANKING BANK OF NEW YORK MEL NORTHERN TRUST CO JP MORGAN CHASE BANK VANGUARD GROUP INC DNB NOR ASSET MANAGE WILLIAM BLAIR & COMP SIX SIS AG HSBC BANK PLC FRANKLIN RESOURCES KLP AKSJENORGE EUROCLEAR BANK SA STOREBRAND FUND MANA UBS BLACKROCK SWEDBANK ROBUR FONDE

Firm Name Sanford C. Bernstein & Co Exane BNP Paribas Carnegie AlphaValue Tudor Pickering & Co Barclays Deutsche Bank Goldman Sachs SpareBank 1 Markets AS Fearnley Fonds Jefferies SEB Enskilda Grupo Santander RBC Capital Markets Danske Markets ABG Sundal Collier Swedbank First Securities EVA Dimensions Macquarie HSBC Credit Suisse Canaccord Genuity Corp Norne Securities AS Morgan Stanley Handelsbanken Simmons & Company International Societe Generale Landesbank Baden-Wuerttemberg Nordea Equity Research Pareto Securities Nomura S&P Capital IQ DNB Markets Arctic Securities ASA JPMorgan Fondsfinans AS

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

Analyst OSWALD CLINT ALEJANDRO DEMICHELIS MARTIN VOLD ALEXANDRE ANDLAUER ROBERT KESSLER RAHIM KARIM MARK BLOOMFIELD MICHELE DELLA VIGNA ODDVAR BJORGAN OLE-JACOB STORVIK BRENDAN MICHAEL WARN LARS HENRIK ROREN JASON KENNEY PETER HUTTON ANDRE BAUSTAD BENONISEN JOHN A SCHJ OLAISEN TEODOR SVEEN NILSEN DOUG WALTERS MARC B KOFLER PAUL SPEDDING KIM FUSTIER GORDON GRAY IRMANTAS VASKELA HAYTHEM RASHED ANNE GJOEN JEFFREY A DIETERT IRENE HIMONA JENS MUENSTERMANN KELLY CHEN SIGURD-ERIK NISSEN-MEYER THEEPAN JOTHILINGAM CHRISTINE TISCARENO HELGE ANDRE MARTINSEN TROND OMDAL NITIN SHARMA MORTEN EVJENTH LINDBACK

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

Recommendation market perform neutral buy reduce accumulate equalweight hold neutral/cautious buy buy buy hold underweight top pick hold buy buy buy neutral overweight neutral buy buy Equalwt/In-Line accumulate overweight hold buy hold buy reduce hold buy buy neutral Under Review

Amt Held 2'136'393'559 114'440'927 106'280'038 86'525'433 67'277'878 44'374'367 28'073'252 26'082'280 19'899'173 17'549'007 15'094'815 12'509'942 12'126'355 10'569'795 9'789'874 9'409'929 9'159'334 8'509'240 8'382'657 5'525'850

% Out 67 3.59 3.33 2.71 2.11 1.39 0.88 0.82 0.62 0.55 0.47 0.39 0.38 0.33 0.31 0.3 0.29 0.27 0.26 0.17

Weighting

Change

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

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

Latest Chg (20'549) 1'302'433 60'222 3'903'771 (585'270) (63'218) (213'056) (2'869'819) 897'557

Target Price 133 145 #N/A N/A 131 160 150 150 150 150 148 200 135 150 175 133 155 155 #N/A N/A 155 160 149 170 150 136 140 #N/A N/A 150 160 147 170 145 155 155 160 165 #N/A N/A

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

File Dt 01.07.2013 01.07.2013 01.07.2013 05.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 31.03.2013 27.03.2013 31.03.2013 01.07.2013 01.07.2013 31.03.2013 01.07.2013 01.07.2013 30.06.2013 01.07.2013 03.07.2013 31.03.2013

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

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

Date 08.07.2013 08.07.2013 05.07.2013 04.07.2013 03.07.2013 03.07.2013 01.07.2013 01.07.2013 28.06.2013 26.06.2013 24.06.2013 24.06.2013 19.06.2013 18.06.2013 18.06.2013 16.06.2013 07.06.2013 06.06.2013 03.06.2013 31.05.2013 30.05.2013 30.05.2013 27.05.2013 23.05.2013 23.05.2013 16.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 16.04.2013 08.05.2012

08.07.2013

Cenovus Energy Inc Cenovus Energy Inc. is an integrated oil company. The Company comprises natural gas, crude oil, and natural gas liquids reserves. Cenovus Energy has established natural gas and crude oil production in Alberta and Saskatchewan as well as refineries in Illinois and Texas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVE CN EQUITY YTD Change CVE CN EQUITY YTD % CHANGE

12/2012 03/yy 36.25 28.32 1'791'878.00 30.525 -15.82% 7.79% 27.74% 755.6 23'064.53 5'065.00 0.0 0.0 1'160.00 27'264.53

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

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 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

31.12.2009 31.12.2010 11'517.0 12'641.0 2.06x 2.26x 3'235.0 2'780.0 7.34x 10.26x 818.0 1'081.0 24.31x 28.44x Profitability

LTM-4Q 31.12.2011 15'696.0 1.84x 3'748.0 7.72x 1'478.0 19.33x

31.12.2012 16'842.0 1.73x 4'075.0 7.13x 993.0 20.05x

4'075.00 2'490.00 14.78% 10.55% 3.15% 7.56% 6.74% 0.71% 90.6% 23.6% 13.7% 5.9% 1.40 0.80 20.92% 51.65% 10.37 1.29

Price/ Cash Flow

LTM

03/yy 16'760.0 7.08x 4'351.0 7.07x 1'857.0 18.70x

03/yy 16'597.0 6.91x 3'917.0 7.14x 738.0 18.95x

FY+1

2.95 1.24 754.42 6.62 -4.79% -6.86% 1.242 25 4.520 2'297'216 2'667'462 2'993'827 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'430.9 18'135.8 4'479.3 4'575.5 1.54x 1.51x 6.00x 5.95x 4'365.7 4'734.4 1'081.7 1'083.0 6.25x 5.76x 6.37x 6.48x 1'481.1 1'683.7 368.3 381.2 15.39x 14.09x 15.01x 14.63x S&P Issuer Ratings

14.09.2009 BBB+ STABLE 8.96 1.38 1.07 1.32 51.7% 34.1% 0.71 1.08 35.19 283.54 622.01 -275.93

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 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

Cenovus Energy Inc Holdings By:

All

Holder Name BLACKROCK ROYAL BANK OF CANADA FMR LLC HARRIS ASSOCIATES LP TD ASSET MANAGEMENT BMO FINANCIAL CORP JARISLOWSKY FRASER L IG INVESTMENT MANAGE CAPITAL GROUP COMPAN INVESCO LTD CI INVESTMENTS INC BANK OF NOVA SCOTIA CIBC WORLD MARKETS I TORONTO DOMINION BAN FIRST EAGLE INVESTME THE BANK OF NOVA SCO POWER CORP OF CANADA BEUTEL GOODMAN & COM GREAT WEST LIFE ASSU IA CLARINGTON INVEST

Firm Name Barclays BMO Capital Markets Cormark Securities Inc. Alta Corp Capital Inc. Credit Suisse Edward Jones Canaccord Genuity Corp FirstEnergy Capital Corp RBC Capital Markets JPMorgan TD Securities Global Hunter Securities Peters & Co Ltd Scotia Capital National Bank Financial Societe Generale EVA Dimensions Macquarie Goldman Sachs Tudor Pickering & Co Accountability Research Corp Raymond James Stifel Veritas Investment Research Co

Portfolio Name n/a n/a n/a HARRIS ASSOC LP TD ASSET MANAGEMENT BMO FINANCIAL CORP JARISLOWSKY FRASER L IG INVESTMENT MANAGE n/a n/a Multiple Portfolios n/a CIBC WORLD MARKETS I TORONTO DOMINION BAN FIRST EAGLE INVESTME THE BANK OF NOVA SCO n/a BEUTEL, GOODMAN & CO GREAT WEST LIFE ASSU Multiple Portfolios

Analyst PAUL Y CHENG RANDY J OLLENBERGER TODD KEPLER DIRK M LEVER JASON FREW LANNY PENDILL PHILIP R SKOLNICK MICHAEL P DUNN GREG M PARDY KATHERINE LUCAS MINYARD MENNO HULSHOF SAMEER UPLENCHWAR JEFF MARTIN MARK POLAK KYLE PRESTON JOHN HERRLIN DOUG WALTERS CHRIS FELTIN ARJUN N MURTI MATTHEW PORTILLO MICHAEL RUGGIRELLO JUSTIN BOUCHARD AMIR ARIF SAM LA BELL

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

Recommendation overweight outperform buy outperform neutral buy buy outperform outperform overweight action list buy buy sector outperform sector perform outperform buy hold outperform neutral/attractive hold buy outperform hold buy

Amt Held 42'455'518 41'686'978 26'742'921 26'097'463 24'403'307 22'174'292 19'053'673 17'641'168 16'785'441 16'204'902 13'209'012 11'482'424 10'829'922 10'165'186 9'881'696 9'856'828 9'113'638 8'341'512 8'339'315 8'186'230

% Out 5.62 5.52 3.54 3.45 3.23 2.93 2.52 2.33 2.22 2.14 1.75 1.52 1.43 1.35 1.31 1.3 1.21 1.1 1.1 1.08

Weighting

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

Latest Chg 332'129 (6'440'057) (1'388'979) 2'567'897 (1'977'655) (754'885) 1'426'800 2'592'844 1'013'956 1'087'810 (1'596'895) (171'981) 25'253 207'300 280'800 (1'050'435) 255'215 (43'732) 108'600

Target Price 44 41 38 42 38 #N/A N/A 40 38 40 49 41 44 36 40 42 37 #N/A N/A 39 37 40 40 41 #N/A N/A 35

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 Bank 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 05.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Holding Company 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.12.2012 Investment Advisor

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

Date 08.07.2013 07.07.2013 05.07.2013 03.07.2013 28.06.2013 28.06.2013 27.06.2013 25.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 18.06.2013 18.06.2013 18.06.2013 07.06.2013 06.06.2013 04.06.2013 02.06.2013 28.05.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013

08.07.2013

Noble Energy Inc Noble Energy, Inc. is an independent energy exploration and production company. The Company explores for and produces crude oil, natural gas, and natural gas liquids. Noble Energy operates primarily in the Rocky Mountains, Mid-continent, and deepwater Gulf of Mexico areas in the US, with key international operations offshore Israel, the North Sea and West Africa.

Price/Volume 70

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

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NBL US EQUITY YTD Change NBL US EQUITY YTD % CHANGE

12/2012 03/yy 62.76 41.17 909'207.00 62.71 -0.25% 52.34% 99.77% 357.5 22'421.80 4'064.00 0.0 0.0 1'387.00 24'839.80

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

10 0 j-12

31.12.2009 31.12.2010 2'725.0 2'991.0 4.95x 5.46x 1'774.0 1'835.0 7.60x 8.91x (131.0) 725.0 67.83x 19.79x Profitability

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

LTM-4Q 31.12.2011 3'275.0 6.04x 2'102.0 9.41x 453.0 19.19x

31.12.2012 4'003.0 5.22x 2'545.0 8.21x 1'027.0 20.55x

2'545.00 1'142.00 28.53% 33.87% 5.90% 12.77% 9.79% 0.23% 49.0% 63.5% 27.7% 25.7% 1.09 0.93 23.15% 49.21% 4.81 -

Price/ Cash Flow

03/yy 3'536.0 20.51x 2'353.0 8.69x 702.0 17.68x

LTM 03/yy 4'080.0 20.14x 2'590.0 8.97x 1'025.0 24.56x

FY+1

0.73 1.26 350.90 6.64 48.84% 23.86% 1.259 33 4.424 1'934'163 1'854'020 2'228'856 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'215.8 6'268.8 1'194.8 1'390.4 4.94x 4.22x 21.31x 18.55x 3'791.5 4'569.9 881.8 1'042.9 6.54x 5.42x 6.01x 5.70x 1'256.6 1'564.2 266.4 335.0 17.76x 14.53x 16.70x 15.61x S&P Issuer Ratings

24.02.2009 BBB STABLE 5.96 -2.59 0.93 1.44 49.2% 33.0% 0.23 0.30 75.82 242.28 -158.97

Sales/Revenue/Turnover

10.00

4'500.0

9.00

4'000.0

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 3'645.0 2.64x 2'469.0 3.89x 1'350.0 6.97x

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

Noble Energy Inc Holdings By:

All

Holder Name FMR LLC CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET EAGLE CAPITAL MANAGE PRIMECAP MANAGEMENT JENNISON ASSOCIATES OPPENHEIMERFUNDS INC NORTHERN TRUST CORPO ALLIANCE BERNSTEIN WELLINGTON MANAGEMEN SUN LIFE FINANCIAL I ARTISAN PARTNERS HOL BANK OF NEW YORK MEL EDELMAN THOMAS J NORGES BANK AMERIPRISE FINANCIAL COLUMBUS CIRCLE INVE STATE FARM MUTUAL AU

Firm Name RBC Capital Markets BMO Capital Markets Guggenheim Securities LLC Tudor Pickering & Co Sanford C. Bernstein & Co Sterne, Agee & Leach Raymond James Iberia Capital Partners LLC ISI Group Oppenheimer & Co Capital One Southcoast, Inc. Global Hunter Securities Simmons & Company International Howard Weil Inc Johnson Rice & Co Societe Generale Wunderlich Securities Credit Suisse Barclays EVA Dimensions Deutsche Bank Macquarie Morgan Stanley Goldman Sachs Argus Research Corp FBR Capital Markets Stifel Wells Fargo Securities, LLC S&P Capital IQ JPMorgan

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a EAGLE CAPITAL MANAGE PRIMECAP MANAGEMENT JENNISON ASSOCIATES OPPENHEIMER FUNDS IN NORTHERN TRUST CORPO n/a WELLINGTON MANAGEMEN n/a ARTISAN PARTNERS LP BANK OF NEW YORK MEL n/a NORGES BANK AMERIPRISE FINANCIAL COLUMBUS CIRCLE INVE STATE FARM MUTUAL AU

Analyst LEO P MARIANI DAN MCSPIRIT ROBERT CORDRAY MATTHEW PORTILLO BOB BRACKETT TIM A REZVAN JOHN FREEMAN PATRICK RIGAMER JONATHAN WOLFF FADEL GHEIT RICHARD TULLIS MICHAEL KELLY DAVID W KISTLER PETER KISSEL CHARLES MEADE JOHN HERRLIN IRENE O HAAS ARUN JAYARAM THOMAS R DRISCOLL CRAIG STERLING STEPHEN RICHARDSON JOSEPH MAGNER J EVAN CALIO BRIAN SINGER JONATHAN GELCIUS REHAN RASHID AMIR ARIF DAVID R TAMERON MICHAEL KAY JOSEPH D ALLMAN

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

Recommendation outperform market perform buy buy market perform neutral market perform outperform strong buy market perform add buy overweight sector outperform focus list hold buy outperform overweight overweight buy outperform Overwt/Attractive buy/attractive hold outperform buy market perform hold overweight

Amt Held 53'618'818 37'003'466 24'056'502 16'834'762 15'443'427 13'243'388 10'545'000 9'954'958 7'463'740 7'025'998 6'726'492 4'298'500 4'168'568 4'105'400 3'987'920 3'960'244 3'882'002 3'854'364 3'272'838 3'212'800

% Out 15 10.35 6.73 4.71 4.32 3.7 2.95 2.78 2.09 1.97 1.88 1.2 1.17 1.15 1.12 1.11 1.09 1.08 0.92 0.9

Weighting

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

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 U M D M

Latest Chg 273'484 537'250 642'270 799'658 20'488 (8'758) (834'800) 58'360 (887'760) 151'044 (156'214) (311'396) 15'532 106'200 (264'564) (8'000) (781'126) (58'450) -

Target Price 67 62 72 74 65 #N/A N/A #N/A N/A 68 67 #N/A N/A 68 65 78 65 #N/A N/A 61 67 68 70 #N/A N/A 62 64 70 77 #N/A N/A 78 #N/A N/A #N/A N/A 60 59

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 05.07.2013 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 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 19.06.2013 n/a 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Insurance Company

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

Date 08.07.2013 07.07.2013 05.07.2013 05.07.2013 03.07.2013 03.07.2013 28.06.2013 26.06.2013 23.06.2013 21.06.2013 18.06.2013 18.06.2013 17.06.2013 14.06.2013 14.06.2013 13.06.2013 05.06.2013 03.06.2013 03.06.2013 03.06.2013 30.05.2013 30.05.2013 29.05.2013 29.05.2013 29.05.2013 23.05.2013 15.05.2013 13.05.2013 07.02.2013 14.01.2013

08.07.2013

Baker Hughes Inc Baker Hughes Incorporated supplies reservoir-centered products, services, and systems to the worldwide oil and gas industry. The Company provides products and services for oil and gas exploration, drilling, completion, and production. Baker Hughes also manufactures and markets a variety of roller cutter bits and fixed cutter diamond bits.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHI US EQUITY YTD Change BHI US EQUITY YTD % CHANGE

12/2012 03/yy 50.97 38.14 900'434.00 48.505 -4.83% 27.18% 77.55% 441.8 21'430.84 4'916.00 0.0 199.0 1'015.00 25'615.84

10.0 M

5.0 M

10 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

25.0 M

50 40

Valuation Analysis

31.12.2008 11'864.0 0.87x 3'075.0 3.35x 1'635.0 5.88x

31.12.2009 31.12.2010 9'664.0 14'414.0 1.33x 1.88x 1'461.0 2'620.0 8.78x 10.33x 421.0 812.0 29.18x 25.18x Profitability

LTM-4Q 31.12.2011 19'831.0 1.24x 4'236.0 5.78x 1'739.0 10.73x

31.12.2012 21'361.0 1.04x 3'760.0 5.88x 1'311.0 13.32x

3'760.00 2'192.00 10.26% 9.28% 4.55% 7.18% 6.20% 0.81% 18.7% 17.1% 9.5% 6.1% 2.53 1.41 18.42% 28.80% 4.19 4.63

Price/ Cash Flow

LTM

03/yy 20'547.0 5.10x 4'232.0 5.27x 1'737.0 9.32x

03/yy 21'236.0 4.40x 3'640.0 6.78x 1'199.0 15.75x

FY+1

1.24 1.47 440.21 10.68 22.05% 19.54% 1.467 33 3.515 2'687'592 3'128'177 3'367'140 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21'659.7 23'470.5 5'244.8 5'514.9 1.17x 1.05x 4.82x 4.57x 3'911.9 4'703.1 902.4 1'023.2 6.55x 5.45x 6.20x 5.92x 1'358.8 1'836.6 285.2 360.3 15.85x 11.81x 14.64x 13.59x S&P Issuer Ratings

05.05.2006 A STABLE 05.05.2006 A-1 17.90 4.05 1.10 1.40 28.8% 22.2% 0.81 2.57 87.16 78.83 40.90 120.65

Sales/Revenue/Turnover

40.00

25'000.0

35.00

20'000.0

30.00 25.00

15'000.0

20.00

10'000.0

15.00 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 |

08.07.2013

Baker Hughes Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FRANKLIN RESOURCES WELLINGTON MANAGEMEN DODGE & COX BLACKROCK VANGUARD GROUP INC STATE STREET HARRIS ASSOCIATES LP PZENA INVESTMENT MAN BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE MANNING & NAPIER ADV NORTHERN TRUST CORPO SKAGEN AS T ROWE PRICE ASSOCIA INVESCO LTD UBS PLATINUM INVESTMENT ALTRINSIC GLOBAL ADV TIAA CREF INVESTMENT

Firm Name Raymond James Credit Suisse Howard Weil Inc JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies Susquehanna Financial Group ISI Group Barclays Cowen and Company Societe Generale RBC Capital Markets Wells Fargo Securities, LLC Morgan Stanley Argus Research Corp Macquarie Capital One Southcoast, Inc. Johnson Rice & Co FBR Capital Markets Guggenheim Securities LLC Global Hunter Securities Deutsche Bank Sterne, Agee & Leach RS Platou Markets EVA Dimensions Goldman Sachs Tudor Pickering & Co S&P Capital IQ Fox-Davies Capital

Portfolio Name n/a n/a WELLINGTON MANAGEMEN DODGE & COX n/a VANGUARD GROUP INC n/a HARRIS ASSOC LP PZENA INVESTMENT MAN BANK OF NEW YORK MEL GREENHAVEN ASSOCIATE MANNING & NAPIER ADV NORTHERN TRUST CORPO Multiple Portfolios T ROWE PRICE ASSOCIA n/a n/a PLATINUM INVESTMENT ALTRINSIC GLOBAL ADV TIAA-CREF INVESTMENT

Analyst J MARSHALL ADKINS JAMES WICKLUND WILLIAM SANCHEZ J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER CHARLES P MINERVINO JUDSON E BAILEY JAMES C WEST JAMES D CRANDELL EDWARD C MUZTAFAGO KURT HALLEAD MATTHEW D CONLAN OLE SLORER JONATHAN GELCIUS NIGEL BROWNE LUKE M LEMOINE DANIEL BURKE MEGAN REPINE MICHAEL K LAMOTTE BRIAN UHLMER MICHAEL W URBAN STEPHEN D GENGARO TURNER HOLM CRAIG STERLING WAQAR SYED BYRON POPE STEWART GLICKMAN PAUL SINGER

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

Recommendation market perform outperform sector perform neutral outperform market perform buy neutral strong buy overweight market perform buy sector perform market perform Underwt/In-Line sell neutral neutral overweight market perform neutral neutral buy neutral neutral underweight neutral/attractive accumulate hold hold

Amt Held 47'039'100 31'533'014 30'365'452 25'083'169 22'117'370 19'903'469 18'548'372 10'826'131 8'978'261 8'743'941 7'864'914 7'792'753 6'602'469 5'958'071 5'086'856 4'727'821 3'876'264 3'745'420 3'224'499 3'101'486

% Out 10.65 7.14 6.87 5.68 5.01 4.5 4.2 2.45 2.03 1.98 1.78 1.76 1.49 1.35 1.15 1.07 0.88 0.85 0.73 0.7

Weighting

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

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 D M M M M

Latest Chg 3'079'007 3'324'165 1'962'118 (200'139) 914'925 671'618 (193'175) 39'110 1'469'141 (142'727) 831'275 (2'713) 186'112 (213'200) (1'078'279) (655'310) 408'335 1'544'379 36'992 (438'919)

Target Price #N/A N/A 54 51 52 63 43 54 48 55 54 50 54 50 #N/A N/A 46 #N/A N/A 48 51 #N/A N/A 48 50 45 59 47 49 #N/A N/A 55 #N/A N/A 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 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 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 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 24.06.2013 14.06.2013 14.06.2013 03.06.2013 30.05.2013 01.05.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 21.03.2013 25.02.2013 14.02.2013 04.02.2013 15.01.2013 28.07.2011

08.07.2013

Pioneer Natural Resources Co Pioneer Natural Resources Company is an independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations primarily in the United States.

Price/Volume 180

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

160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PXD US EQUITY YTD Change PXD US EQUITY YTD % CHANGE

12/2012 03/yy 157.81 82.18 233'053.00 153.75 -2.97% 87.09% 93.05% 136.6 20'998.88 3'721.19 0.0 178.0 229.40 23'763.30

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

40 20 0 j-12

31.12.2009 31.12.2010 1'459.7 1'718.3 5.72x 7.34x 825.7 841.0 10.11x 14.99x (52.1) 605.2 38.04x Profitability

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 2'294.1 5.69x 1'383.9 9.44x 834.5 18.02x

31.12.2012 2'811.7 5.98x 1'410.4 11.92x 192.3 18.11x

1'410.41 600.22 21.35% 9.96% 0.61% 1.23% 3.03% 0.22% 41.5% 51.9% 21.2% 6.8% 1.02 0.53 28.47% 65.41% 8.76 6.75

Price/ Cash Flow

03/yy 2'520.3 20.69x 1'529.7 10.59x 700.5 25.06x

LTM 03/yy 2'859.7 23.36x 1'484.3 13.29x 78.3 20.92x

FY+1

0.05 1.55 134.71 6.18 78.57% 44.29% 1.551 38 4.289 1'341'880 1'337'657 1'506'340 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'646.5 4'358.8 892.9 944.4 6.43x 5.39x 25.96x 24.73x 2'337.4 2'787.8 565.0 599.9 10.08x 8.46x 9.72x 9.31x 633.8 823.5 151.4 167.8 32.69x 25.31x 30.48x 28.22x S&P Issuer Ratings

11.11.2011 BBBSTABLE 6.56 -7.65 1.74 2.03 65.4% 38.8% 0.22 0.26 41.66 54.07 169.59 -70.21

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 2'227.6 2.16x 1'297.3 3.71x 210.0 7.07x

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

Pioneer Natural Resources Co Holdings By:

All

Holder Name CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BLACKROCK FMR LLC NEUBERGER BERMAN LLC SPO ADVISORY CORP VANGUARD GROUP INC STATE STREET GOLDMAN SACHS GROUP WELLS FARGO PAULSON & CO SOROS FUND MANAGEMEN VAN ECK ASSOCIATES C NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD INGALLS & SNYDER SUN LIFE FINANCIAL I AMERIPRISE FINANCIAL

Firm Name Guggenheim Securities LLC Sterne, Agee & Leach Robert W. Baird & Co Stephens Inc Topeka Capital Markets Inc Raymond James Tudor Pickering & Co Iberia Capital Partners LLC Susquehanna Financial Group Alembic Global Advisors ISI Group Oppenheimer & Co Capital One Southcoast, Inc. Simmons & Company International Societe Generale Deutsche Bank Goldman Sachs SunTrust Robinson Humphrey Stifel KeyBanc Capital Markets FBR Capital Markets Howard Weil Inc Wells Fargo Securities, LLC Global Hunter Securities RBC Capital Markets Johnson Rice & Co US Capital Advisors Macquarie Barclays Credit Suisse Morgan Stanley S&P Capital IQ JPMorgan Oracle Investment Research EVA Dimensions

Portfolio Name n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN n/a n/a NEUBERGER BERMAN GRO SPO ADVISORY CORP VANGUARD GROUP INC n/a n/a n/a PAULSON & CO SOROS FUND MANAGEMEN n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a INGALLS & SNYDER LLC n/a AMERIPRISE FINANCIAL

Analyst ROBERT CORDRAY TIM A REZVAN MAGGIE SAVAGE WILL GREEN GABRIELE SORBARA JOHN FREEMAN MATTHEW PORTILLO ELI KANTOR DUANE GRUBERT JAMES J SULLIVAN JONATHAN WOLFF DANIEL KATZENBERG RICHARD TULLIS DAVID W KISTLER JOHN HERRLIN STEPHEN RICHARDSON BRIAN SINGER RYAN OATMAN AMIR ARIF JACK N AYDIN REHAN RASHID BRIAN CORALES GORDON DOUTHAT MICHAEL KELLY LEO P MARIANI CHARLES MEADE CAMERON HORWITZ JOSEPH MAGNER THOMAS R DRISCOLL ARUN JAYARAM J EVAN CALIO MICHAEL KAY JOSEPH D ALLMAN LAURENCE BALTER CRAIG STERLING

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

Recommendation neutral buy outperform overweight buy outperform buy outperform neutral overweight strong buy outperform add overweight sell hold buy/attractive buy hold buy outperform sector outperform outperform neutral outperform overweight buy neutral equalweight outperform Equalwt/Attractive strong buy overweight hold sell

Amt Held 16'635'059 11'295'963 8'534'471 7'874'596 7'817'221 6'891'647 6'605'789 6'407'905 6'252'592 5'257'308 4'335'844 2'544'000 2'322'781 1'956'625 1'799'777 1'721'088 1'656'884 1'291'407 1'278'103 1'105'990

% Out 12.18 8.27 6.25 5.77 5.72 5.05 4.84 4.69 4.58 3.85 3.17 1.86 1.7 1.43 1.32 1.26 1.21 0.95 0.94 0.81

Weighting

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

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

Latest Chg 2'400'000 1'610'721 3'543'507 642'710 1'325'310 1'346'614 (1'197'200) (798'330) 368'567 (423'194) (161'347) 1'544'000 234'084 33'085 183'309 (183'875) (400'910) (75'352) 394'838 133'440

Target Price 150 174 141 158 174 148 182 161 140 178 179 170 165 164 123 145 179 170 #N/A N/A 161 225 150 #N/A N/A 140 145 #N/A N/A 166 126 116 150 118 124 158 120 #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 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 05.07.2013 03.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 25.06.2013 23.06.2013 21.06.2013 18.06.2013 14.06.2013 13.06.2013 04.06.2013 30.05.2013 24.05.2013 24.05.2013 23.05.2013 23.05.2013 22.05.2013 22.05.2013 22.05.2013 21.05.2013 21.05.2013 20.05.2013 14.05.2013 06.05.2013 03.05.2013 28.04.2013 25.04.2013 03.04.2013 19.02.2013 15.01.2013

08.07.2013

Hess Corp Hess Corporation is a global integrated energy company that explores, develops, produces, purchases, transports and sells crude oil and natural gas. The Company also manufactures refined petroleum products and purchases, markets and trades refined petroleum products, natural gas and electricity.

Price/Volume 80

30.0 M

25.0 M

60 20.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.04.2013) 52-Week Low (10.07.2012) 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 HES US EQUITY YTD Change HES US EQUITY YTD % CHANGE

12/2012 03/yy 74.48 41.94 479'627.00 68.67 -7.89% 63.73% 80.49% 343.3 23'574.26 8'111.00 0.0 113.0 642.00 30'613.26

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

10.0 M

20 5.0 M

10 0 j-12

31.12.2009 31.12.2010 29'614.0 33'862.0 0.78x 0.88x 4'181.0 5'770.0 5.51x 5.19x 740.0 2'125.0 26.54x 28.28x Profitability

LTM-4Q 31.12.2011 38'466.0 0.65x 6'203.0 4.05x 1'703.0 9.88x

31.12.2012 37'691.0 0.68x 7'022.0 3.66x 2'025.0 9.71x

7'022.00 4'073.00 10.81% 9.92% 7.10% 14.21% 11.49% 0.76% 18.8% 22.8% 13.5% 5.4% 1.00 0.59 18.67% 38.46% 34.82 23.44

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 31'147.0 3.32x 5'929.0 4.52x 1'319.0 10.91x

d-12

03/yy 31'475.0 3.35x 7'191.0 4.40x 2'948.0 12.26x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.58 1.44 291.22 6.65 59.57% 30.04% 1.439 25 4.040 2'094'740 2'894'591 3'184'930 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 19'948.2 21'744.0 6'114.5 6'093.2 1.39x 1.29x 4.79x 4.86x 7'476.2 7'203.0 1'791.3 1'581.7 4.09x 4.24x 4.49x 4.52x 2'296.4 2'110.1 478.1 492.6 10.91x 11.45x 12.13x 12.04x S&P Issuer Ratings

22.07.2010 BBB STABLE 31.08.2005 NR 15.71 -1.73 0.96 1.03 38.5% 27.7% 0.76 1.22 10.48 15.57 34.14 22.24

Sales/Revenue/Turnover

8.00

45'000.0

7.00

40'000.0

6.00

35'000.0 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 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 41'134.0 0.50x 7'064.0 2.91x 2'360.0 7.33x

15.0 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 |

08.07.2013

Hess Corp Holdings By:

All

Holder Name BLACKROCK T ROWE PRICE ASSOCIA ELLIOTT MANAGEMENT C ELLIOTT MANAGEMENT C VANGUARD GROUP INC STATE STREET MANNING & NAPIER ADV FMR LLC LEON LESS ANNUITY TR HESS JOHN B RELATIONAL INVESTORS JOMARCO LTD PART HESS FOUNDATION INC UBS BANK OF NEW YORK MEL NORTHERN TRUST CORPO CAPITAL GROUP COMPAN CORNERSTONE INVESTME WELLS FARGO ARTISAN PARTNERS HOL

Firm Name Barclays Credit Suisse Capital One Southcoast, Inc. Edward Jones Oppenheimer & Co ISI Group Howard Weil Inc Clarkson Capital Markets LLC Societe Generale Argus Research Corp Simmons & Company International Deutsche Bank Raymond James JPMorgan Wells Fargo Securities, LLC Morgan Stanley Cowen and Company Global Hunter Securities Tudor Pickering & Co Goldman Sachs EVA Dimensions S&P Capital IQ

Portfolio Name n/a T ROWE PRICE ASSOCIA n/a ELLIOTT MANAGEMENT C VANGUARD GROUP INC n/a MANNING & NAPIER ADV n/a n/a n/a RELATIONAL INVESTORS n/a n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a CORNERSTONE INVESTME n/a ARTISAN PARTNERS LP

Analyst PAUL Y CHENG EDWARD WESTLAKE RICHARD TULLIS BRIAN YOUNGBERG FADEL GHEIT DOUGLAS T TERRESON BLAKE FERNANDEZ BRIAN W FOOTE JOHN HERRLIN JONATHAN GELCIUS JEFFREY A DIETERT PAUL SANKEY PAVEL MOLCHANOV KATHERINE LUCAS MINYARD ROGER D READ J EVAN CALIO ASIT SEN JOHN MALONE ROBERT KESSLER ARJUN N MURTI CRAIG STERLING STEWART GLICKMAN

Source ULT-AGG 13F PROXY 13F 13F ULT-AGG 13F ULT-AGG 13G 13G 13F 13G 13G ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F

Recommendation overweight neutral neutral buy outperform buy sector perform outperform buy hold overweight buy market perform neutral market perform Overwt/Attractive hold accumulate accumulate neutral/attractive buy hold

Amt Held 16'913'113 15'963'352 15'500'000 15'000'000 13'670'383 13'250'590 13'019'088 12'248'001 10'079'037 9'896'586 9'157'227 8'817'802 6'436'881 4'622'257 4'454'241 4'343'477 4'280'100 3'671'141 3'556'479 3'512'700

% Out 4.93 4.65 4.52 4.37 3.98 3.86 3.79 3.57 2.94 2.88 2.67 2.57 1.88 1.35 1.3 1.27 1.25 1.07 1.04 1.02

Weighting

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

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

Latest Chg 1'194'022 500'000 13'786'500 369'771 (3'059) (492'631) 1'172'672 (1'928'853) (484'897) 174'825 166'263 100 (320'642) (675'955) (8'200)

Target Price 86 85 76 #N/A N/A 85 80 69 90 80 #N/A N/A #N/A N/A 80 #N/A N/A 73 #N/A N/A 80 #N/A N/A 75 80 80 #N/A N/A 75

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

File Dt Inst Type 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 02.04.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 n/a 31.03.2013 Hedge Fund Manager 31.12.2012 Other 31.12.2012 Other 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.07.2013 27.06.2013 27.06.2013 26.06.2013 21.06.2013 19.06.2013 18.06.2013 14.06.2013 13.06.2013 12.06.2013 22.05.2013 16.05.2013 16.05.2013 14.05.2013 14.05.2013 25.04.2013 25.04.2013 25.04.2013 23.04.2013 12.04.2013 31.01.2013 29.01.2013

08.07.2013

Devon Energy Corp Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (22.04.2013) 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 DVN US EQUITY YTD Change DVN US EQUITY YTD % CHANGE

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

4.0 M

2.0 M

10 0 j-12

31.12.2009 31.12.2010 8'015.0 9'940.0 4.92x 3.69x 4'270.0 5'859.0 9.24x 6.25x (2'479.0) 4'550.0 22.88x 13.09x Profitability

LTM-4Q 31.12.2011 11'454.0 2.42x 6'878.0 4.04x 4'704.0 7.75x

31.12.2012 9'679.0 2.66x 5'253.0 4.91x (206.0) 15.99x

5'253.00 2'442.00 25.23% -3.28% -4.60% -9.34% 0.21% 32.4% 50.2% 18.6% -2.1% 1.49 1.37 26.88% 54.72% 7.25 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 11'804.0 10.12x 7'068.0 4.59x 4'681.0 12.37x

d-12

03/yy 8'977.0 12.21x 4'509.0 6.33x (1'938.0) 8.27x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.44 1.34 379.91 8.13 -1.82% 7.25% 1.340 33 3.939 2'933'974 3'180'893 3'380'424 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'737.2 11'203.9 2'436.9 2'549.4 3.18x 2.88x 12.49x 12.12x 5'209.7 6'732.4 1'402.3 1'525.5 5.39x 4.17x 4.58x 4.45x 1'487.9 2'065.9 357.8 416.8 14.81x 10.94x 12.69x 11.75x S&P Issuer Ratings

18.03.2008 BBB+ STABLE 29.08.2000 A-2 11.57 -6.55 1.25 2.70 54.7% 35.4% 0.21 0.34 50.34 -

Sales/Revenue/Turnover

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 13'615.0 2.56x 8'952.0 3.89x (2'148.0) 8.29x

6.0 M

12/2012 03/yy 63.95 50.81 754'733.00 55.39 -13.51% 9.01% 28.54% 406.0 22'488.34 11'644.00 0.0 0.0 6'980.00 28'139.34

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

Devon Energy Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK MITCHELL GEORGE PHYD VANGUARD GROUP INC HARRIS ASSOCIATES LP STATE STREET FRANKLIN RESOURCES FIDUCIARY MANAGEMENT GOLDMAN SACHS GROUP FIRST EAGLE INVESTME JP MORGAN INTERNATIONAL VALUE NORTHERN TRUST CORPO DAVIS SELECTED ADVIS LAZARD ASSET MANAGEM BANK OF NEW YORK MEL WELLINGTON MANAGEMEN GREENHAVEN ASSOCIATE THIRD AVENUE MANAGEM TWEEDY BROWNE COMPAN

Firm Name Guggenheim Securities LLC Sanford C. Bernstein & Co Jefferies Credit Suisse Robert W. Baird & Co Raymond James Tudor Pickering & Co Susquehanna Financial Group Edward Jones FBR Capital Markets ISI Group Oppenheimer & Co Capital One Southcoast, Inc. Simmons & Company International Societe Generale Howard Weil Inc Johnson Rice & Co Peters & Co Ltd Wells Fargo Securities, LLC JPMorgan Argus Research Corp EVA Dimensions Barclays Ameriprise Advisor Services, Inc Macquarie Morgan Stanley Deutsche Bank RBC Capital Markets Alembic Global Advisors Goldman Sachs

Portfolio Name n/a n/a n/a VANGUARD GROUP INC HARRIS ASSOC LP n/a n/a FIDUCIARY MANAGEMENT n/a FIRST EAGLE INVESTME n/a INTERNATIONAL VALUE NORTHERN TRUST CORPO DAVIS SELECTED ADVIS n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN GREENHAVEN ASSOCIATE THIRD AVENUE MANAGEM TWEEDY BROWNE COMPAN

Analyst ROBERT CORDRAY BOB BRACKETT BIJU Z PERINCHERIL ARUN JAYARAM HSULIN PENG ANDREW COLEMAN MATTHEW PORTILLO DUANE GRUBERT BRIAN YOUNGBERG REHAN RASHID JONATHAN WOLFF FADEL GHEIT BRIAN T VELIE DAVID W KISTLER JOHN HERRLIN PETER KISSEL CHARLES MEADE DAN GRAGER DAVID R TAMERON JOSEPH D ALLMAN JONATHAN GELCIUS CRAIG STERLING THOMAS R DRISCOLL LEZE THAQI JOSEPH MAGNER J EVAN CALIO STEPHEN RICHARDSON SCOTT HANOLD JAMES J SULLIVAN BRIAN SINGER

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

Recommendation buy market perform buy outperform outperform outperform hold Positive hold outperform neutral outperform neutral overweight buy sector outperform equalweight sector outperform market perform neutral hold sell equalweight buy neutral Equalwt/Attractive hold outperform overweight buy/attractive

Amt Held 25'694'470 23'504'164 23'372'374 17'266'232 16'856'315 16'055'426 8'864'663 8'484'949 8'309'964 7'963'435 6'727'612 5'646'771 5'348'351 5'327'043 4'577'765 4'575'289 4'427'287 4'018'843 3'891'422 3'741'710

% Out 6.33 5.79 5.76 4.25 4.15 3.95 2.18 2.09 2.05 1.96 1.66 1.39 1.32 1.31 1.13 1.13 1.09 0.99 0.96 0.92

Weighting

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

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

Latest Chg (664'000) (1'597'618) 561'394 886'200 (191'691) 136'109 137'512 279'672 2'636'725 (816'722) 66'479 116'814 (1'804'296) (732'189) 178'808 (1'668'225) (522'090) 368'286 4'210

Target Price 74 66 71 75 68 70 79 75 #N/A N/A 77 #N/A N/A 67 78 83 65 69 #N/A N/A 75 #N/A N/A 63 #N/A N/A #N/A N/A 61 #N/A N/A 61 58 66 72 70 73

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 07.03.2012 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 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 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 18 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month

Date 05.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 26.06.2013 26.06.2013 23.06.2013 21.06.2013 18.06.2013 14.06.2013 13.06.2013 06.06.2013 06.06.2013 06.06.2013 28.05.2013 23.05.2013 22.05.2013 11.05.2013 06.05.2013 03.05.2013 03.05.2013 02.05.2013 01.05.2013 01.05.2013 16.04.2013 04.04.2013

08.07.2013

Woodside Petroleum Ltd Woodside Petroleum Limited explores for and produces oil and gas from offshore and onshore facilities located in Western Australia and Northern Territory. The Company operates numerous oil and gas fields and pipelines throughout Australia, United States and Mauritania and its products include liquefied natural gas, domestic gas, condensate, crude oil and liquefied petroleum gas.

Price/Volume 45

12.0 M

10.0 M

35 30

8.0 M

12/2012 01/yy 38.69 29.61 2'375'318.00 36.19 -6.46% 22.20% 69.15% 823.9 29'817.33 4'340.00 0.0 679.0 2'422.00 29'816.34

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

4.0 M

2.0 M

5 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 5'103.2 4.75x 3'818.5 6.35x 1'521.6 14.06x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPL AU EQUITY YTD Change WPL AU EQUITY YTD % CHANGE

31.12.2009 31.12.2010 3'487.0 4'193.0 10.26x 9.20x 2'482.0 2'887.0 14.42x 13.37x 1'474.0 1'575.0 20.18x 21.34x Profitability

31.12.2011 4'802.0 6.44x 2'755.0 11.23x 1'507.0 16.53x

31.12.2012 6'348.0 4.97x 4'333.0 7.28x 2'983.0 9.61x

4'333.00 3'116.00 49.09% 57.62% 12.42% 21.46% 0.26% 58.8% 68.1% 48.9% 47.0% 1.39 1.21 17.49% 28.65% 16.11 12.01

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.94 1.13 633.47 1.61 20.46% 10.40% 1.133 15 3.533 2'325'263 2'531'551 2'729'509 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 5'991.8 6'845.8 5.12x 4.37x 4'117.3 4'879.3 7.24x 6.11x 1'886.3 2'222.3 14.47x 12.18x S&P Issuer Ratings

03.12.2010 BBB+ POS 25.04.2001 NR 0.44 1.00 28.7% 21.5% 0.26 0.30 22.72 30.48 41.97 11.22

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

Woodside Petroleum Ltd Holdings By:

All

Holder Name SHELL ENERGY HOLDING VANGUARD GROUP INC BLACKROCK NORGES BANK BANK OF NEW YORK MEL VANGUARD INVESTMENTS FRANKLIN RESOURCES AUSTRALIAN FOUNDATIO ONTARIO TEACHERS PEN CAPITAL GROUP COMPAN DEUTSCHE BANK AG STATE FARM MUTUAL AU ARGO INVESTMENTS LTD MACQUARIE GROUP DB PLATINUM ADVISORS AUSTRALIAN UNITED IN CREDIT SUISSE ASSET DIVERSIFIED UNITED I MELLON GLOBAL MANAGE FMR LLC

Firm Name Deutsche Bank Shaw Stockbroking Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Macquarie Commonwealth Bank Goldman Sachs EVA Dimensions Sanford C. Bernstein & Co CIMB Hartleys

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a STATE FARM MUTUAL AU Multiple Portfolios n/a Multiple Portfolios AUSTRALIAN UNITED IN Multiple Portfolios DIVERSIFIED UNITED I Multiple Portfolios n/a

Analyst JOHN HIRJEE VINCENT PISANI STUART BAKER ANDREW WILLIAMS PAUL MCTAGGART BENJAMIN X. WILSON ADRIAN WOOD LUKE SMITH MARK WISEMAN DOUG WALTERS NEIL BEVERIDGE MARK SAMTER DAVID WALL

Source EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Research ULT-AGG ULT-AGG Sch-D MF-AGG ULT-AGG MF-AGG MF-PART MF-AGG MF-PART MF-AGG ULT-AGG

Recommendation buy buy Equalwt/Attractive sector perform neutral overweight neutral underweight neutral/neutral buy outperform underperform buy

Amt Held 190'119'364 9'448'908 6'662'198 6'381'348 5'877'176 3'323'100 3'213'500 3'121'000 2'900'000 2'878'844 2'606'480 2'580'656 1'700'873 1'539'993 1'131'021 1'089'294 1'084'184 1'054'089 970'908 969'894

% Out 23.08 1.15 0.81 0.77 0.71 0.4 0.39 0.38 0.35 0.35 0.32 0.31 0.21 0.19 0.14 0.13 0.13 0.13 0.12 0.12

Weighting

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

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

Latest Chg 217'258 18'263 222'261 117'359 3'000'000 584'133 1'131'021 239'294 (6'113) 154'089 7'608 12'737

Target Price 39 39 41 40 39 43 40 37 43 #N/A N/A 43 30 55

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

File Dt Inst Type 04.04.2012 Corporation 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.12.2012 Government 05.07.2013 Investment Advisor 30.09.2012 Investment Advisor 31.03.2013 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Insurance Company 30.06.2011 Investment Advisor 31.08.2011 Investment Advisor 31.05.2013 Investment Advisor 15.03.2013 Investment Advisor 29.04.2013 Investment Advisor 08.05.2013 Unclassified 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 05.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 25.06.2013 06.06.2013 05.06.2013 02.05.2013 23.03.2012

08.07.2013

Valero Energy Corp Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba. The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (10.07.2012) 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 VLO US EQUITY YTD Change VLO US EQUITY YTD % CHANGE

12/2012 03/yy 44.73 21.44 2'433'871.00 34.709 -22.47% 61.90% 53.28% 545.4 18'929.09 7'049.00 0.0 63.0 1'723.00 24'016.09

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

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 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 112'320.0 0.15x 6'046.0 2.78x (1'131.0) 4.22x

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

31.12.2009 31.12.2010 63'726.0 81'342.0 0.25x 0.22x 1'832.0 3'351.0 8.75x 5.41x (1'982.0) 324.0 14.25x Profitability

LTM-4Q 31.12.2011 125'095.0 0.15x 5'214.0 3.54x 2'090.0 5.70x

31.12.2012 138'286.0 0.18x 6'598.0 3.67x 2'083.0 6.10x

6'598.00 5'024.00 3.63% 2.68% 7.19% 18.48% 13.71% 3.10% 4.6% 5.4% 4.2% 1.5% 1.38 0.83 15.85% 39.09% 18.12 19.79

Price/ Cash Flow

LTM

FY+1

2.02 1.54 543.22 17.88 57.99% 12.38% 1.539 25 3.880 8'155'951 7'256'355 8'479'353 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 133'934.0 136'591.0 128'007.3 128'817.9 30'842.8 33'227.6 0.54x 0.70x 0.18x 0.16x 0.74x 0.67x 5'356.0 7'338.0 6'271.6 6'377.5 1'637.7 1'878.9 3.80x 4.09x 3.81x 3.75x 3.90x 3.80x 1'560.0 3'169.0 2'781.5 2'882.9 761.0 878.9 7.54x 7.04x 7.02x 6.55x 7.24x 6.71x S&P Issuer Ratings Long-Term Rating Date 07.11.2006 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 12.36 (EBITDA-Capex)/Interest Exp. 6.87 Net Debt/EBITDA 0.68 Total Debt/EBITDA 0.94 Reference Total Debt/Equity 39.1% Total Debt/Capital 28.0% Asset Turnover 3.10 Net Fixed Asset Turnover 5.30 Accounts receivable turnover-days 20.14 Inventory Days 18.44 Accounts Payable Turnover Day 27.69 Cash Conversion Cycle 12.37 Sales/Revenue/Turnover

6.00

160'000.0 140'000.0

5.00

120'000.0 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0 1.00 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 |

08.07.2013

Valero Energy Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN FMR LLC ALLIANCE BERNSTEIN LSV ASSET MANAGEMENT DEUTSCHE BANK AG JANUS CAPITAL MANAGE NORTHERN TRUST CORPO INVESTEC ASSET MANAG LORD ABBETT & CO LLC BANK OF AMERICA CORP VIKING GLOBAL INVEST CARMIGNAC GESTION ARROWSTREET CAP LIMI RR PARTNERS LP

Firm Name Wells Fargo Securities, LLC Barclays JPMorgan Raymond James Cowen and Company Goldman Sachs Tudor Pickering & Co Oppenheimer & Co Edward Jones ISI Group Simmons & Company International Macquarie Morgan Stanley EVA Dimensions Spin-Off Research Credit Suisse Argus Research Corp Howard Weil Inc Imperial Capital LLC S&P Capital IQ Deutsche Bank Johnson Rice & Co

Portfolio Name n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN n/a n/a LSV ASSET MANAGEMENT n/a n/a NORTHERN TRUST CORPO INVESTEC ASSET MANAG LORD ABBETT & CO LLC BANK OF AMERICA VIKING GLOBAL INVEST Multiple Portfolios ARROWSTREET CAPITAL RR PARTNERS LP

Analyst ROGER D READ PAUL Y CHENG KATHERINE LUCAS MINYARD CORY J GARCIA SAM MARGOLIN ARJUN N MURTI ROBERT KESSLER FADEL GHEIT BRIAN YOUNGBERG DOUGLAS T TERRESON JEFFREY A DIETERT CHI CHOW J EVAN CALIO CRAIG STERLING TEAM COVERAGE EDWARD WESTLAKE JONATHAN GELCIUS BLAKE FERNANDEZ ANN L KOHLER TANJILA SHAFI PAUL SANKEY DANIEL BURKE

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

Recommendation outperform overweight underweight strong buy market perform neutral/attractive buy outperform buy neutral overweight neutral Overwt/Attractive buy neutral neutral hold sector perform in-line strong buy hold equalweight

Amt Held 36'947'800 27'699'435 26'116'720 22'445'931 14'896'543 14'034'069 9'682'937 9'625'460 8'690'952 8'440'239 7'843'930 7'573'410 7'317'509 7'204'331 7'074'567 6'958'552 6'716'807 6'696'675 6'695'025 5'585'600

% Out 6.77 5.08 4.79 4.12 2.73 2.57 1.78 1.76 1.59 1.55 1.44 1.39 1.34 1.32 1.3 1.28 1.23 1.23 1.23 1.02

Weighting

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

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

Latest Chg 1'606'135 1'250'398 101'971 6'377'052 535'006 2'355'477 (6'932'540) (10'455'423) 6'633'597 (661'960) 3'325'827 2'176'267 281'931 (2'547'260) 2'548'838 2'799'846 6'716'807 6'142'675 (88'704) 640'000

Target Price #N/A N/A 66 39 46 40 44 54 52 #N/A N/A 41 #N/A N/A 41 50 #N/A N/A 39 45 #N/A N/A 41 40 48 42 #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 05.07.2013 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 31.05.2013 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 Hedge Fund Manager 29.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager

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

Date 08.07.2013 08.07.2013 01.07.2013 27.06.2013 27.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 11.06.2013 10.06.2013 20.05.2013 13.05.2013 08.05.2013 03.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 16.04.2013 31.01.2013

08.07.2013

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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2013) 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 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REP SM EQUITY YTD Change REP SM EQUITY YTD % CHANGE

12/2012 03/yy 18.55 10.90 2'667'413.00 17 -8.36% 55.96% 74.77% 1'282.4 21'801.62 19'090.00 0.0 770.0 6'318.00 37'794.62

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

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 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 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 j-12

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

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% 2.73% 7.03% 0.86% 10.8% 7.1% 3.5% 1.51 0.93 29.40% 71.49% 6.96 -

Price/ Cash Flow

LTM

03/yy 55'655.0 3.28x 6'025.0 7.53x 2'220.0 12.22x

03/yy 60'041.0 2.32x 6'490.0 5.60x 1'902.0 10.05x

FY+1

1.07 960.45 46.87% 14.14% 1.068 41 4.195 8'871'984 15'572'750 11'372'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 58'943.8 60'868.5 13'451.0 13'450.5 0.55x 0.52x 2.43x 2.45x 7'305.4 7'409.1 1'578.0 1'626.0 5.18x 5.10x 4.87x 4.82x 2'217.9 2'237.4 470.5 488.0 10.00x 9.99x 10.73x 10.53x S&P Issuer Ratings

19.04.2012 BBBSTABLE 19.04.2012 A-3 8.88 4.55 2.34 3.37 71.5% 41.0% 0.86 1.85 52.46 -

Sales/Revenue/Turnover

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00

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 |

08.07.2013

Repsol SA Holdings By:

All

Holder Name CAIXABANK SACYR VALLEHERMOSO S PETROLEOS MEXICANOS TEMASEK HOLDINGS PRI BLACKROCK BNP PARIBAS SA AHORRO CORP GESTION NORGES BANK VANGUARD GROUP INC AHORRO CORP GESTION NATIXIS ASSET MANAGE AHORRO CORP GESTION FRANKLIN RESOURCES AMUNDI OPPENHEIMERFUNDS INC FMR LLC UNION INVESTMENT GMB SCHRODER INVESTMENT JP MORGAN STATE STREET

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a AHORRO CORPORACION I Multiple Portfolios Multiple Portfolios CAJABURGOS BOLSA FI Multiple Portfolios CAJASOL BOLSA I FI n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Sanford C. Bernstein & Co OSWALD CLINT Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO NMAS 1 Agencia de Valores FERNANDO LAFUENTE Exane BNP Paribas ALEJANDRO DEMICHELIS Raymond James BERTRAND HODEE Natixis ANNE PUMIR Banco Sabadell JORGE GONZALEZ SADORNIL AlphaValue ALEXANDRE ANDLAUER Barclays LYDIA RAINFORTH BPI BRUNO ALMEIDA DA SILVA Deutsche Bank MARK BLOOMFIELD Credit Suisse THOMAS YOICHI ADOLFF Societe Generale IRENE HIMONA Grupo Santander JASON KENNEY Canaccord Genuity Corp GORDON GRAY Morgan Stanley HAYTHEM RASHED Independent Research GmbH SVEN DIERMEIER Equita SIM SpA MASSIMO BONISOLI HSBC PAUL SPEDDING EVA Dimensions DOUG WALTERS RBC Capital Markets PETER HUTTON Macquarie MARC B KOFLER Tudor Pickering & Co ANISH KAPADIA Espirito Santo Investment Bank Research FILIPE ROSA La Caixa FERNANDO MURILLO GUIRAO Kepler Cheuvreux NATALIA BOBO BJOERK Investec NEILL MORTON Landesbank Baden-Wuerttemberg JENS MUENSTERMANN Nomura THEEPAN JOTHILINGAM Jefferies BRENDAN MICHAEL WARN S&P Capital IQ CHRISTINE TISCARENO Intermoney Valores ALVARO NAVARRO JPMorgan NITIN SHARMA Interdin Bolsa ALEJANDRO MIRANDA FOURNIER BBVA LUIS DE TOLEDO Day by Day VALERIE GASTALDY Banesto Bolsa SA Sociedad ROBERT JACKSON Goldman Sachs HENRY MORRIS Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS

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

Recommendation outperform buy strong buy neutral outperform buy buy add overweight buy hold outperform hold buy hold Underwt/In-Line hold buy overweight buy sector perform neutral trim buy overweight buy buy hold neutral hold buy buy neutral buy outperform buy overweight not rated overweight

Amt Held 159'023'605 122'208'433 118'484'231 80'700'000 45'308'809 39'542'937 34'883'414 15'794'475 14'063'562 10'095'385 9'214'637 8'486'595 7'750'536 5'179'947 4'380'685 4'192'548 3'787'114 3'493'116 3'483'698 3'429'476

% Out 12.4 9.53 9.24 6.29 3.53 3.08 2.72 1.23 1.1 0.79 0.72 0.66 0.6 0.4 0.34 0.33 0.3 0.27 0.27 0.27

Weighting

Change

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

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

Latest Chg 26'646 682'896 34'820'859 757'164 10'056'688 925'028 8'464'689 (243'266) 137'967 (11'583) 50'698 316'718 961'423 272'914 57'229

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

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

File Dt 26.03.2013 17.01.2013 31.12.2012 04.03.2013 03.07.2013 10.06.2013 03.03.2013 31.12.2012 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 28.02.2013 30.04.2013 31.05.2013 28.09.2012 31.03.2013 31.05.2013 05.07.2013

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

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

Date 08.07.2013 08.07.2013 08.07.2013 08.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 24.06.2013 24.06.2013 10.06.2013 07.06.2013 06.06.2013 05.06.2013 04.06.2013 31.05.2013 21.05.2013 17.05.2013 15.05.2013 13.05.2013 10.05.2013 10.05.2013 09.05.2013 09.05.2013 09.05.2013 07.05.2013 16.04.2013 15.04.2013 10.04.2013 03.04.2013 27.02.2013 29.01.2013

08.07.2013

China Petroleum & Chemical Corp China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades petroleum and petrochemical products such as gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. Also, The company explores for and produces crude oil and natural gas in China.

Price/Volume

600.0 M

500.0 M 400.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2012 03/yy 7.36 4.91 104'510'967.00 5.25 -28.68% 6.97% 16.80% 25'513.4 610'597.63 284'546.00 0.0 37'122.0 10'864.00 797'345.82

300.0 M

3 2

200.0 M

100.0 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

700.0 M

7 5

Valuation Analysis

31.12.2008 1'413'203.0 0.40x 79'798.0 7.01x 28'525.0 12.55x

31.12.2009 31.12.2010 1'315'915.0 1'876'758.0 0.53x 0.36x 151'557.0 178'098.0 4.59x 3.77x 63'147.0 71'782.0 8.36x 7.62x Profitability

LTM-4Q 31.12.2011 2'463'767.0 0.29x 170'962.0 4.20x 73'225.0 7.84x

LTM

FY+1

5.56 0.82 23'926.92 7.70% -19.61% 0.825 30 4.300 ######### ######### ######### FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'733'618.0 ######### ######### ######### ######### 732'951.0 722'780.0 0.34x 1.39x 1.32x 0.28x 0.28x 169'557.0 0.0 0.0 193'204.1 210'303.0 5.45x 0.00x 0.00x 4.13x 3.79x 63'879.0 64'025.0 66'501.0 74'793.0 80'223.6 18'164.0 18'745.0 9.60x 9.29x 9.60x 6.52x 6.18x S&P Issuer Ratings 169'557.00 Long-Term Rating Date 16.12.2010 99'101.00 Long-Term Rating A+ 3.63% Long-Term Outlook STABLE 3.32% Short-Term Rating Date 5.30% Short-Term Rating 12.99% Credit Ratios 9.42% EBITDA/Interest Exp. 14.05 2.27% (EBITDA-Capex)/Interest Exp. 1.98 Net Debt/EBITDA 1.61 - Total Debt/EBITDA 1.68 6.2% Reference 3.6% Total Debt/Equity 55.7% 2.3% Total Debt/Capital 34.2% Asset Turnover 2.27 0.71 Net Fixed Asset Turnover 3.65 0.22 Accounts receivable turnover-days 12.59 22.46% Inventory Days 55.69% Accounts Payable Turnover Day 29.06 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

5.00

3'000'000.0

4.50

2'500'000.0

4.00 3.50

2'000'000.0

3.00

1'500'000.0

2.50 2.00

1'000'000.0

1.50 1.00

500'000.0

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 |

08.07.2013

China Petroleum & Chemical Corp Holdings By:

All

Holder Name JP MORGAN BLACKROCK FRANKLIN RESOURCES GOVT OF SINGAPORE IN CITIGROUP INCORPORAT VANGUARD GROUP INC CREDIT SUISSE AG CHINA PETROLEUM SHEN SCHRODER INVESTMENT HANG SENG INVESTMENT NORGES BANK STATE STREET DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE GRANTHAM MAYO VAN OT ROBECO INVESTOR SERV BANK OF NEW YORK MEL FIL LIMITED SCHRODER KOREA LTD CAPITAL GROUP COMPAN

Firm Name

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

Analyst

Sanford C. Bernstein & Co NEIL BEVERIDGE Mizuho Securities ANDREW S F CHAN JPMorgan SCOTT DARLING China Merchants Securities MICHAEL YUK Nomura SONIA SONG Deutsche Bank DAVID HURD Credit Suisse DAVID HEWITT Macquarie JAMES HUBBARD Guotai Junan GRACE LIU BNP Paribas Equity Research POR YONG LIANG UOB Kay Hian YAN SHI Standard Chartered DUKE SUTTIKULPANICH Goldman Sachs ARTHUR YAN VTB Capital COLIN SMITH Morgan Stanley ANDY MENG Jefferies LABAN YU HSBC THOMAS C HILBOLDT Daiwa Securities Co. Ltd. ADRIAN LOH EVA Dimensions DOUG WALTERS Bank of China International LAWRENCE LAU ICBC International Securities ANNA YU Masterlink Securities LI XIN BOCOM International Holdings WU FEI Mirae Asset Securities GORDON KWAN SWS Research Co Ltd ALBERT MIAO Capital Securities Corp TEAM COVERAGE Yuanta Securities Investment ConsultingTEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Citic Securities Co., Ltd YIN XIAODONG China International Capital Corp BIN GUAN China Galaxy Securities LI GUOHONG Industrial Securities FANG LEI

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

Recommendation market perform buy overweight neutral buy buy neutral outperform accumulate buy buy in-line Buy/Neutral hold Overwt/Attractive hold underweight hold buy buy buy buy buy buy buy buy Under Review buy buy buy buy strong buy

Amt Held 2'589'568'064 1'847'590'105 1'543'096'113 1'032'397'800 788'219'226 732'578'352 558'613'478 553'150'000 375'205'861 292'036'736 251'263'472 249'994'151 192'740'975 187'045'495 135'862'156 118'289'074 110'360'420 109'051'378 103'253'800 93'745'600

% Out 10.15 7.24 6.05 4.05 3.09 2.87 2.19 2.17 1.47 1.14 0.98 0.98 0.76 0.73 0.53 0.46 0.43 0.43 0.4 0.37

Weighting

Change

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

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

Latest Chg (1'019'200) 151'127'600 50'473'661 (9'637'967) 117'000 69'066'400 5'198'352 (640'000) (191'134'118) 2'553'200 (8'499'400)

Target Price 8 6 8 9 8 7 7 6 7 7 7 7 7 7 8 6 5 6 #N/A N/A 8 8 9 8 8 8 8 #N/A N/A 8 8 8 #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 26.06.2013 03.07.2013 23.05.2013 15.01.2013 04.06.2013 31.03.2013 07.02.2013 09.01.2012 31.05.2013 30.06.2012 31.12.2012 05.07.2013 29.03.2013 31.05.2013 31.05.2012 30.04.2013 05.07.2013 31.12.2012 31.12.2012 31.03.2013

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

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

Date 08.07.2013 03.07.2013 02.07.2013 02.07.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 24.06.2013 18.06.2013 13.06.2013 13.06.2013 11.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 06.06.2013 26.04.2013 12.04.2013 01.04.2013 26.03.2013 25.03.2013 06.03.2013 29.10.2012 15.06.2012 08.02.2012 11.01.2012 29.08.2011 30.10.2009 20.07.2009

08.07.2013

Cameron International Corp Cameron International Corporation manufactures oil and gas pressure control equipment, including valves, wellheads, chokes, and assembled systems. The Company's equipment is used for oil and gas drilling, production, and transmission in onshore, offshore, and subsea applications. Cameron also produces gas turbines, centrifugal gas and air compressors, and other products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAM US EQUITY YTD Change CAM US EQUITY YTD % CHANGE

12/2012 03/yy 67.42 41.26 333'760.00 64.28 -4.75% 55.79% 83.73% 248.0 15'944.39 2'076.20 0.0 0.0 1'702.80 16'448.19

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

31.12.2009 31.12.2010 5'223.2 6'134.8 1.84x 1.93x 967.5 1'060.1 9.94x 11.16x 475.5 562.9 17.23x 20.79x Profitability

LTM-4Q 31.12.2011 6'959.0 1.77x 1'119.1 11.03x 521.9 18.36x

31.12.2012 8'502.1 1.68x 1'316.6 10.86x 750.5 17.89x

1'316.60 1'061.90 12.49% 11.03% 7.50% 14.51% 11.78% 0.86% 26.1% 15.6% 12.6% 8.8% 2.18 1.16 18.61% 37.30% 4.99 2.37

Price/ Cash Flow

03/yy 7'262.0 6.67x 1'158.0 11.75x 546.4 18.99x

s-12

o-12

n-12

d-12

LTM 03/yy 8'815.5 6.44x 1'373.6 12.11x 764.8 19.71x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.00 1.44 245.99 4.11 50.12% 13.85% 1.445 29 4.586 1'882'246 1'730'723 2'000'717 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'981.9 11'656.2 2'352.6 2'654.2 1.62x 1.33x 7.02x 6.22x 1'614.0 2'104.6 349.7 448.7 10.21x 7.83x 9.44x 8.66x 909.5 1'222.0 193.6 250.3 17.60x 13.10x 16.33x 14.77x S&P Issuer Ratings

18.05.2005 BBB+ STABLE 14.56 9.84 0.37 1.54 37.3% 27.2% 0.86 5.26 73.20 154.27 38.75 72.01

Sales/Revenue/Turnover

180.00

9'000.0

160.00

8'000.0

140.00

7'000.0

120.00

6'000.0

100.00

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 M a-12

Fiscal Year Ended 31.12.2008 5'848.9 0.72x 1'026.5 4.10x 580.7 7.82x

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

Cameron International Corp Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET JENNISON ASSOCIATES T ROWE PRICE ASSOCIA MONTAG & CALDWELL IN AMERICAN CENTURY COM GOLDMAN SACHS GROUP INVESCO LTD VAN ECK ASSOCIATES C NEUBERGER BERMAN LLC JP MORGAN BANK OF NEW YORK MEL AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I NORTHERN TRUST CORPO ALLIANZ ASSET MANAGE MANNING & NAPIER ADV ING INVESTMENT MANAG

Firm Name Morgan Stanley Wells Fargo Securities, LLC RBC Capital Markets JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies Global Hunter Securities ISI Group Societe Generale Lazard Capital Markets Capital One Southcoast, Inc. Cowen and Company Howard Weil Inc Johnson Rice & Co Susquehanna Financial Group Goldman Sachs Guggenheim Securities LLC Raymond James Macquarie HSBC Iberia Capital Partners LLC Deutsche Bank Barclays Sterne, Agee & Leach EVA Dimensions Credit Suisse Tudor Pickering & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a JENNISON ASSOCIATES T ROWE PRICE ASSOCIA MONTAG & CALDWELL IN AMERICAN CENTURY COM n/a n/a n/a NEUBERGER BERMAN GRO n/a BANK OF NEW YORK MEL AMERIPRISE FINANCIAL n/a NORTHERN TRUST CORPO n/a MANNING & NAPIER ADV ING INVESTMENT MANAG

Analyst OLE SLORER THOMAS PATRICK CURRAN KURT HALLEAD J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER BRIAN UHLMER JUDSON E BAILEY EDWARD C MUZTAFAGO WILL GABRIELSKI JOSEPH D GIBNEY JAMES D CRANDELL WILLIAM SANCHEZ DAVID C SMITH CHARLES P MINERVINO WAQAR SYED MICHAEL K LAMOTTE J MARSHALL ADKINS NIGEL BROWNE DAVID PHILLIPS TREY STOLZ MICHAEL W URBAN JAMES C WEST STEPHEN D GENGARO CRAIG STERLING JAMES WICKLUND JEFF TILLERY

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

Recommendation Overwt/In-Line outperform top pick neutral outperform outperform buy buy strong buy buy buy add outperform sector outperform overweight Positive buy/attractive buy outperform outperform neutral outperform buy overweight buy underweight not rated buy

Amt Held 18'009'109 17'247'328 11'465'525 11'251'623 6'553'626 6'301'546 6'071'012 4'739'111 4'629'869 4'347'778 4'287'109 4'088'025 4'076'904 3'827'800 3'592'051 3'463'399 3'272'151 3'200'119 3'128'500 3'080'229

% Out 7.26 6.95 4.62 4.54 2.64 2.54 2.45 1.91 1.87 1.75 1.73 1.65 1.64 1.54 1.45 1.4 1.32 1.29 1.26 1.24

Weighting

Change

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

Latest Chg 2'969'355 (301'591) 351'156 174'263 176'184 (1'217'600) (108'285) 3'191'036 (663'842) (1'249'190) 1'569'071 407'239 (1'474'679) (777'471) 1'260'062 (379'871) 105'528 (1'096'216) 722'850 (700'535)

Target Price 85 #N/A N/A 70 69 78 70 75 82 78 79 75 76 74 72 #N/A N/A 72 80 78 77 75 68 68 71 89 70 #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 03.07.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 05.07.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013

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

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

Date 08.07.2013 08.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 25.06.2013 24.06.2013 20.06.2013 14.06.2013 13.06.2013 23.05.2013 14.05.2013 13.05.2013 13.05.2013 02.05.2013 02.05.2013 29.04.2013 26.04.2013 25.04.2013 20.02.2013 31.01.2013 20.12.2011

08.07.2013

Cabot Oil & Gas Corp Cabot Oil & Gas Corporation is an independent oil and gas company that develops, exploits, and explores oil and gas properties located in North America. The Company holds interests Appalachian Basin, onshore Gulf Coast, including south and east Texas and north Louisiana, the Rocky Mountains and the Anadarko Basin as well as in the deep gas basin of Western Canada.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 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 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COG US EQUITY YTD Change COG US EQUITY YTD % CHANGE

12/2012 03/yy 74.23 37.60 406'914.00 72 -3.10% 91.49% 92.41% 210.3 15'144.84 1'087.00 0.0 0.0 30.74 16'251.38

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 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 945.8 3.73x 540.1 6.53x 211.3 12.50x

31.12.2009 31.12.2010 879.3 863.1 6.01x 5.63x 524.5 531.5 10.07x 9.14x 148.3 103.4 28.20x 60.28x Profitability

LTM-4Q 31.12.2011 979.9 9.02x 591.0 14.95x 122.4 95.41x

31.12.2012 1'204.5 9.55x 712.2 16.15x 131.7 104.87x

712.17 255.50 21.21% 19.75% 3.44% 7.36% 6.08% 0.29% 34.4% 60.5% 22.6% 10.9% 0.61 0.46 23.55% 51.00% 9.75 71.33

Price/ Cash Flow

03/yy 1'042.0 30.63x 632.5 11.87x 127.8 59.45x

LTM 03/yy 1'305.7 35.58x 790.2 19.40x 156.2 115.87x

FY+1

0.11 1.16 206.87 3.57 82.52% 44.85% 1.155 30 3.733 2'103'484 1'763'189 2'043'706 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'792.9 2'503.4 425.9 469.6 8.97x 6.16x 38.22x 34.55x 1'272.6 1'799.4 304.8 329.3 12.73x 9.00x 11.24x 10.32x 331.8 552.5 80.8 89.8 47.65x 28.29x 38.94x 34.63x S&P Issuer Ratings

10.43 -3.16 1.40 1.43 51.0% 33.8% 0.29 0.31 37.43 5.12 111.78 -72.00

Sales/Revenue/Turnover

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00

0.00 01.01.2010

200.0 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

Cabot Oil & Gas Corp Holdings By:

All

Holder Name NEUBERGER BERMAN LLC BLACKROCK VANGUARD GROUP INC FMR LLC CAPITAL GROUP COMPAN STATE STREET WELLINGTON MANAGEMEN UBS WINSLOW CAPITAL MANA SUN LIFE FINANCIAL I BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA CITADEL ADVISORS LLC JP MORGAN RS INVESTMENT MANAGE NORTHERN TRUST CORPO JANUS CAPITAL MANAGE MACKAY SHIELDS LLC LUTHER KING CAPITAL PIONEER INVESTMENT M

Firm Name Sanford C. Bernstein & Co Brean Capital LLC Jefferies Robert W. Baird & Co KeyBanc Capital Markets Topeka Capital Markets Inc Raymond James ISI Group Oppenheimer & Co Capital One Southcoast, Inc. Societe Generale Simmons & Company International Tudor Pickering & Co Macquarie Goldman Sachs KLR Group Howard Weil Inc Ladenburg Thalmann & Co Johnson Rice & Co Stifel Global Hunter Securities Iberia Capital Partners LLC Deutsche Bank Wells Fargo Securities, LLC JPMorgan S&P Capital IQ EVA Dimensions

Portfolio Name NEUBERGER BERMAN GRO n/a VANGUARD GROUP INC n/a n/a n/a WELLINGTON MANAGEMEN n/a WINSLOW CAPITAL MANA n/a BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA CITADEL ADVISORS LLC n/a RS INVESTMENT MANAGE NORTHERN TRUST CORPO n/a Multiple Portfolios LUTHER KING CAPITAL PIONEER INVESTMENT M

Analyst BOB BRACKETT RAYMOND DEACON BIJU Z PERINCHERIL MAGGIE SAVAGE JACK N AYDIN GABRIELE SORBARA ANDREW COLEMAN JONATHAN WOLFF DANIEL KATZENBERG BRIAN T VELIE BOB PARIJA PEARCE W HAMMOND MATTHEW PORTILLO JOSEPH MAGNER BRIAN SINGER GAIL A NICHOLSON PETER KISSEL MICHAEL SCHMITZ CHARLES MEADE AMIR ARIF CURTIS R TRIMBLE PATRICK RIGAMER STEPHEN RICHARDSON GORDON DOUTHAT JOSEPH D ALLMAN MICHAEL KAY CRAIG STERLING

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

Recommendation outperform hold buy outperform buy hold outperform neutral market perform add hold overweight hold neutral buy/attractive accumulate sector perform buy equalweight hold neutral sector perform hold outperform overweight sell underweight

Amt Held 14'274'112 13'723'816 13'546'582 11'552'461 11'214'700 10'540'078 9'320'129 5'351'826 4'486'932 4'472'083 4'155'059 4'073'850 3'980'014 3'949'994 3'410'767 2'851'406 2'784'000 2'673'865 2'396'785 2'349'121

% Out 6.79 6.52 6.44 5.49 5.33 5.01 4.43 2.54 2.13 2.13 1.98 1.94 1.89 1.88 1.62 1.36 1.32 1.27 1.14 1.12

Weighting

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

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

Latest Chg (1'943'036) 121'698 698'142 195'767 1'221'900 400'433 (456'514) (1'497'583) (768'223) (766'927) (212'879) 3'145'670 1'303'099 3'457'050 (274'374) 30'850 1'403'900 (49'122) 116'460 255'168

Target Price 79 #N/A N/A 84 78 82 74 77 #N/A N/A #N/A N/A 79 73 83 64 45 88 82 65 80 #N/A N/A #N/A N/A 73 66 75 #N/A N/A 82 42 #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 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 23.06.2013 21.06.2013 18.06.2013 14.06.2013 11.06.2013 28.05.2013 02.05.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 23.04.2013 15.01.2013 15.01.2013

08.07.2013

Tullow Oil PLC Tullow Oil plc explores for and produces oil and gas. The Group's assets are in Africa, Europe, South America and Asia.

Price/Volume 1600

12.0 M

1400

10.0 M

1200 8.0 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLW LN EQUITY YTD Change TLW LN EQUITY YTD % CHANGE

12/2012 01/yy 1'485.00 931.00 981'994.00 1069 -28.15% 14.82% 21.12% 908.3 9'710.15 1'205.20 0.0 92.4 330.20 15'473.39

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

4.0 M

400 2.0 M

200 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 1'280.9 7.60x 478.0 20.36x 413.4 21.37x

6.0 M

600

31.12.2009 31.12.2010 911.8 1'089.8 19.23x 17.80x 486.2 628.7 36.06x 30.86x 23.6 71.0 688.29x 243.62x Profitability

31.12.2011 2'304.2 9.77x 1'663.8 13.54x 649.0 30.01x

31.12.2012 2'344.1 8.34x 1'044.6 18.72x 624.3 29.75x

1'044.60 482.70 20.59% 47.60% 6.24% 12.59% 9.76% 0.23% 57.4% 44.6% 20.6% 26.6% 1.05 0.27 12.85% 23.05% 5.13

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.75 1.21 898.76 -26.22% -14.54% 1.211 35 3.771 1'915'181 1'868'564 2'205'154 FY+2

12/13 Y 12/14 Y 2'682.5 2'600.8 6.08x 6.56x 1'835.1 1'820.4 8.43x 8.50x 649.1 632.1 23.28x 24.16x S&P Issuer Ratings

FQ+1

FQ+2

17.71 6.64 0.84 1.15 23.0% 18.5% 0.23 0.59 71.31 26.61 -

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 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

Tullow Oil PLC Holdings By:

All

Holder Name BLACKROCK PRUDENTIAL PLC GENESIS ASSET MANAGE GENESIS INVESTMENT M IFG INTL TRUST CO LT LEGAL & GENERAL BAILLIE GIFFORD AND OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC UBS STANDARD LIFE INVEST LANSDOWNE PARTNERS NORGES BANK INVESTME NORGES BANK T ROWE PRICE ASSOCIA CARMIGNAC GESTION S SCOTTISH WIDOWS CARMIGNAC GESTION STATE STREET T ROWE PRICE ASSOCIA

Firm Name FirstEnergy Capital Corp Exane BNP Paribas Macquarie Liberum Capital Ltd AlphaValue Societe Generale Morgan Stanley Investec RBC Capital Markets Credit Suisse Jefferies Sanford C. Bernstein & Co Goodbody Stockbrokers Ltd Canaccord Genuity Corp Numis Securities Ltd Barclays Nomura Goldman Sachs GMP Oriel Securities Ltd EVA Dimensions Deutsche Bank Tudor Pickering & Co SBG Securities Day by Day HSBC WH Ireland Ltd JPMorgan Merrion Stockbrokers Mirabaud Securities N+1 Singer Ltd Davy Westhouse Securities CAL Brokers Limited

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

Analyst GERRY F DONNELLY ALEJANDRO DEMICHELIS MARK WILSON ANDREW WHITTOCK ALEXANDRE ANDLAUER DAVID MIRZAI JAMIE MADDOCK BRIAN GALLAGHER AL STANTON THOMAS YOICHI ADOLFF BRENDAN MICHAEL WARN OSWALD CLINT GERRY F HENNIGAN THOMAS MARTIN SANJEEV BAHL RAHIM KARIM THEEPAN JOTHILINGAM HENRY MORRIS TEAM COVERAGE RICHARD GRIFFITH DOUG WALTERS PHIL CORBETT ANISH KAPADIA LIONEL THEROND VALERIE GASTALDY PETER HITCHENS ANGUS B MCPHAIL JAMES THOMPSON MUNA MULEYA TEAM COVERAGE SIMON HAWKINS JOB LANGBROEK PETER BASSETT NANA AGYEI OPOKU-AGYEMANG

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

Recommendation outperform outperform underperform buy sell buy Overwt/Attractive sell outperform neutral buy outperform buy hold hold overweight neutral Buy/Cautious buy add sell hold trim hold hold neutral buy overweight buy neutral buy outperform not rated buy

Amt Held % Out 88'501'424 9.74 43'736'289 4.81 41'820'113 4.6 39'665'070 4.37 38'960'366 4.29 36'159'134 3.98 28'752'593 3.17 28'617'088 3.15 26'952'187 2.97 23'362'424 2.57 22'286'430 2.45 (20'346'810) -2.24 20'232'059 2.23 20'152'180 2.22 18'690'723 2.06 16'994'926 1.87 16'820'350 1.85 16'429'260 1.81 16'105'716 1.77 15'272'225 1.68

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

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

Latest Chg (10'253'392) (5'467'904) 7'772'308 8'287'686 (2'017'264) 3'137'522 1'998'320 3'119'740 765'987 (1'585'399) (1'095'706) (409'559) 2'314'372 (425'927) 61'883 390'068 1'144'436

Target Price 1'300 1'540 880 1'683 875 1'200 1'730 930 1'250 1'270 1'500 1'760 1'365 1'050 1'084 1'560 1'250 1'330 1'310 #N/A N/A #N/A N/A 980 900 1'150 #N/A N/A 1'381 1'515 1'500 1'780 #N/A N/A 1'370 #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 03.07.2013 01.03.2013 26.04.2013 01.03.2013 13.03.2012 28.03.2013 01.03.2013 30.04.2013 01.03.2013 31.03.2013 01.03.2013 03.07.2013 01.03.2013 31.12.2012 01.03.2013 01.03.2013 01.03.2013 29.03.2013 05.07.2013 31.03.2013

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

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

Date 05.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 01.07.2013 07.06.2013 07.06.2013 07.06.2013 06.06.2013 13.05.2013 18.04.2013 18.04.2013 15.04.2013 01.03.2013 13.02.2013 08.02.2013 11.01.2013 12.12.2012 27.11.2012 26.11.2012 04.07.2012 30.08.2011

08.07.2013

Seadrill Ltd Seadrill Ltd. provides offshore deepwater drilling. The Company operates a fleet for operations in shallow to ultra-deepwater areas in harsh and benign environments. Seadrill's fleet includes semi-submersible rigs, deepwater drillships, jack-ups, semi-tender rigs, and tender rigs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (16.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDRL NO EQUITY YTD Change SDRL NO EQUITY YTD % CHANGE

12/2012 03/yy 256.00 201.10 797'595.00 252 -1.56% 25.31% 91.62% 469.3 118'251.23 11'827.00 0.0 521.0 651.00 30'865.41

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

3.0 M

250

2.5 M

200

2.0 M

150

1.5 M

100

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 2'031.3 5.24x 801.8 13.28x (164.4) -

300

31.12.2009 31.12.2010 3'210.9 4'015.0 5.30x 5.88x 1'697.1 2'079.0 10.02x 11.35x 1'261.2 1'117.0 8.06x 12.24x Profitability

LTM-4Q 31.12.2011 4'191.0 6.18x 2'315.0 11.19x 1'401.0 10.97x

31.12.2012 4'475.0 6.43x 2'406.0 11.96x 1'108.0 15.40x

2'406.00 1'791.00 40.02% 32.11% 5.72% 19.03% 8.99% 0.22% 55.7% 41.0% 24.8% 0.65 0.43 60.24% 214.92% 5.28 -

Price/ Cash Flow

03/yy 4'040.0 25.40x 2'317.0 12.15x 957.0 18.05x

LTM 03/yy 4'464.0 25.49x 2'487.0 11.49x 1'141.0 14.84x

FY+1

6.27 0.96 319.53 27.67% 26.71% 0.956 41 3.756 833'735 1'059'772 992'173 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'941.3 5'909.4 1'134.5 1'181.7 6.38x 5.53x 26.62x 26.30x 2'722.1 3'423.9 622.3 666.8 11.34x 9.01x 10.88x 10.13x 1'405.7 1'848.3 297.9 327.2 14.28x 10.88x 13.62x 12.33x S&P Issuer Ratings

7.08 2.50 4.42 4.68 214.9% 66.3% 0.22 0.30 69.09 -

Sales/Revenue/Turnover

14.00

5'000.0 4'500.0

12.00

4'000.0

10.00

3'500.0 3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 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

Seadrill Ltd Holdings By:

All

Holder Name HEMEN HOLDING LTD STATE STREET GOVERNMENT PENSION F BARROW HANLEY MEWHIN VANGUARD GROUP INC CITIBANK NA MORGAN STANLEY CLEARSTREAM BANKING CAPITAL GROUP COMPAN FARAHEAD INVESTMENT JP MORGAN CHASE BANK ALLIANCE BERNSTEIN DNB NORBANK ASA ALLIANZ ASSET MANAGE RENAISSANCE TECHNOLO BANK OF NEW YORK MEL BANK OF AMERICA CORP GEVERAN TRADING CO L DNB LIVSFORSIKRING A AMERIPRISE FINANCIAL

Firm Name ABN Amro Bank N.V. Deutsche Bank DNB Markets Cowen and Company Exane BNP Paribas Sanford C. Bernstein & Co Nomura BMO Capital Markets Societe Generale ISI Group Credit Suisse Fearnley Fonds Goldman Sachs Norne Securities AS Wells Fargo Securities, LLC Clarkson Capital Markets LLC SEB Enskilda ABG Sundal Collier Nordea Equity Research Danske Markets Morgan Stanley Howard Weil Inc Carnegie Fondsfinans AS Pareto Securities Natixis Spin-Off Research Guggenheim Securities LLC SpareBank 1 Markets AS Barclays Swedbank First Securities Johnson Rice & Co Handelsbanken Arctic Securities ASA EVA Dimensions HSBC RBC Capital Markets JPMorgan RS Platou Markets

Portfolio Name n/a n/a n/a BARROW HANLEY MEWHIN Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a RENAISSANCE TECHNOLO n/a BANK OF AMERICA n/a n/a AMERIPRISE FINANCIAL

Analyst THIJS BERKELDER MICHAEL W URBAN MARTIN HUSEBY KARLSEN J B LOWE ALEJANDRO DEMICHELIS SCOTT GRUBER CHRISTYAN MALEK ALAN D LAWS GUILLAUME DELABY JUDSON E BAILEY GREGORY LEWIS TRULS OLSEN HENRY TARR VILIS EIZENTAS MATTHEW D CONLAN HAITHUM NOKTA LUKAS DAUL OYVIND HAGEN DAVID BHATTI JO HENRIK ERIKSEN OLE SLORER DAVID T WILSON FREDERIK H LUNDE IVAR ANDREAS LEMMECHEN GJUL FRANK HARESTAD JULIEN LAURENT TEAM COVERAGE DARREN GACICIA JANNE KVERNLAND JAMES C WEST BJORN THORESEN DAVID C SMITH KNUT ERIK LOVSTAD KRISTOFFER RIIS IDEN CRAIG STERLING DAVID PHILLIPS KATHERINE TONKS ANDREW DOBBING ANDERS BERGLAND

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

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

Amt Held 115'097'583 28'136'687 23'736'823 18'699'079 17'589'473 16'424'550 12'303'858 7'590'854 6'938'342 6'550'000 6'063'475 5'472'938 5'431'494 5'366'672 4'652'166 4'631'602 3'722'397 3'500'000 3'386'997 3'329'822

% Out 24.53 6 5.06 3.98 3.75 3.5 2.62 1.62 1.48 1.4 1.29 1.17 1.16 1.14 0.99 0.99 0.79 0.75 0.72 0.71

Weighting

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

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

Latest Chg 1'352 3'974'095 3'269'367 1'262'231 (1'340'197) (605'999) 1'281'623 1'898'366 401'575 161'634

Target Price 294 238 265 262 200 236 310 280 245 #N/A N/A 290 240 268 285 #N/A N/A 266 250 237 275 285 291 277 #N/A N/A 280 274 229 260 289 255 283 208 #N/A N/A 210 267 #N/A N/A 255 230 290 312

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

File Dt Inst Type 31.12.2012 Holding Company 30.04.2013 Investment Advisor 24.04.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.10.2011 Bank 31.03.2013 Investment Advisor 03.10.2011 Bank 31.03.2013 Investment Advisor 03.10.2011 Corporation 03.10.2011 Investment Advisor 31.05.2013 Investment Advisor 03.10.2011 Bank 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 03.10.2011 Investment Advisor 31.03.2013 Investment Advisor 03.10.2011 Corporation 03.10.2011 Insurance Company 31.03.2013 Investment Advisor

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

Date 08.07.2013 07.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 21.06.2013 13.06.2013 13.06.2013 11.06.2013 09.06.2013 05.06.2013 04.06.2013 04.06.2013 31.05.2013 30.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 28.05.2013 28.05.2013 28.05.2013 22.05.2013 05.03.2013 01.03.2013 29.01.2013 09.02.2012

08.07.2013

Southwestern Energy Co Southwestern Energy Company is an independent energy company primarily focused on natural gas and crude oil exploration, development and production (E&P) within the United States. The Company operations also include natural gas gathering, transmission, and marketing, as well as natural gas distribution.

Price/Volume 45

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SWN US EQUITY YTD Change SWN US EQUITY YTD % CHANGE

12/2012 03/yy 40.34 30.13 758'624.00 38.44 -4.69% 27.58% 76.20% 351.1 13'496.18 1'668.27 0.0 0.0 53.58 15'182.08

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

8.0 M

6.0 M

31.12.2009 31.12.2010 2'145.8 2'610.7 8.23x 5.40x 1'368.1 1'613.2 12.91x 8.73x (35.7) 604.1 31.14x 35.17x Profitability

2.0 M

5 0 j-12

.0 M a-12

LTM-4Q 31.12.2011 2'952.9 4.22x 1'782.8 7.00x 637.8 20.07x

31.12.2012 2'715.0 4.91x 1'638.9 8.14x (707.1) 31.09x

1'638.87 824.16 30.36% -42.36% -11.13% -23.81% 0.36% 45.8% 60.7% 32.0% -26.0% 1.05 0.56 24.76% 54.95% 8.13 43.92

Price/ Cash Flow

03/yy 2'931.4 18.29x 1'764.2 6.89x 608.9 20.09x

s-12

o-12

n-12

d-12

LTM 03/yy 2'792.2 19.61x 1'694.2 8.73x (861.0) 24.87x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.00 1.31 344.83 9.69 20.50% 15.06% 1.307 37 3.622 3'263'247 2'776'689 3'726'634 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'978.1 3'273.2 737.6 762.7 5.10x 4.64x 20.64x 19.95x 1'975.4 2'216.3 492.6 513.1 7.64x 6.81x 7.21x 7.02x 707.0 787.7 177.4 187.5 19.75x 18.17x 18.99x 18.86x S&P Issuer Ratings

06.07.2010 BBBSTABLE 16.77 -4.80 1.00 1.01 55.0% 35.5% 0.36 0.42 44.88 8.31 131.32 -64.88

Sales/Revenue/Turnover

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 2'311.6 4.54x 1'302.9 8.06x 567.9 18.81x

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

Southwestern Energy Co Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE VANGUARD GROUP INC STATE STREET RS INVESTMENT MANAGE BROWN BROTHERS HARRI GOLDMAN SACHS GROUP INSTITUTIONAL CAPITA BANK OF NEW YORK MEL ARTISAN PARTNERS HOL TOUCHSTONE ADVISORS NORTHERN TRUST CORPO JP MORGAN MACKAY SHIELDS LLC NORGES BANK JANUS CAPITAL MANAGE JOHN W BRISTOL & COM

Firm Name BMO Capital Markets Tudor Pickering & Co Sanford C. Bernstein & Co Sterne, Agee & Leach Jefferies Robert W. Baird & Co Stephens Inc Raymond James ISI Group Oppenheimer & Co Simmons & Company International Capital One Southcoast, Inc. Brean Capital LLC Societe Generale Clarkson Capital Markets LLC KeyBanc Capital Markets FBR Capital Markets US Capital Advisors Howard Weil Inc Barclays Iberia Capital Partners LLC Credit Suisse Macquarie Global Hunter Securities RBC Capital Markets Ladenburg Thalmann & Co Johnson Rice & Co Stifel Cowen and Company Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan EVA Dimensions

Portfolio Name n/a n/a WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE VANGUARD GROUP INC n/a RS INVESTMENT MANAGE BROWN BROTHERS HARRI n/a INSTITUTIONAL CAPITA BANK OF NEW YORK MEL ARTISAN PARTNERS LP Multiple Portfolios NORTHERN TRUST CORPO n/a Multiple Portfolios NORGES BANK n/a JOHN W BRISTOL & COM

Analyst DAN MCSPIRIT MATTHEW PORTILLO BOB BRACKETT TIM A REZVAN BIJU Z PERINCHERIL HSULIN PENG WILL GREEN ANDREW COLEMAN JONATHAN WOLFF FADEL GHEIT DAVID W KISTLER BRIAN T VELIE RAYMOND DEACON BOB PARIJA BRIAN W FOOTE JACK N AYDIN REHAN RASHID CAMERON HORWITZ PETER KISSEL THOMAS R DRISCOLL ERIC FOX ARUN JAYARAM JOSEPH MAGNER MICHAEL KELLY SCOTT HANOLD MICHAEL SCHMITZ CHARLES MEADE AMIR ARIF NICHOLAS P POPE STEPHEN RICHARDSON J EVAN CALIO BRIAN SINGER JOSEPH D ALLMAN CRAIG STERLING

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

Recommendation outperform accumulate outperform neutral hold neutral equalweight outperform neutral market perform neutral neutral buy buy outperform hold market perform hold sector perform equalweight outperform underperform neutral neutral outperform buy equalweight hold hold hold Underwt/Attractive buy/attractive overweight hold

Amt Held 38'980'389 22'182'243 18'233'929 18'208'915 18'096'000 16'336'271 15'067'349 14'026'825 13'530'760 9'350'621 8'906'158 6'262'152 6'013'413 5'061'611 4'567'701 4'446'357 3'470'697 2'777'124 2'769'700 2'723'865

% Out 11.1 6.32 5.19 5.19 5.15 4.65 4.29 4 3.85 2.66 2.54 1.78 1.71 1.44 1.3 1.27 0.99 0.79 0.79 0.78

Weighting

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

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

Latest Chg (6'360'000) 682'676 (389'703) 220'670 7'085'191 578'951 (3'283) 307'638 945'721 1'919'641 (141'705) 284'068 (46'800) 44'120 118'697 1'176'010 28'735 2'507'575 (101'944)

Target Price 42 44 44 #N/A N/A 33 38 37 48 #N/A N/A #N/A N/A 45 44 48 47 50 #N/A N/A 37 39 41 34 45 33 37 33 44 44 #N/A N/A #N/A N/A #N/A N/A 38 37 51 41 #N/A N/A

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

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.05.2013 30.04.2013 31.12.2012 31.03.2013 31.03.2013

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

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

Date 07.07.2013 05.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 23.06.2013 21.06.2013 20.06.2013 18.06.2013 17.06.2013 14.06.2013 14.06.2013 23.05.2013 23.05.2013 20.05.2013 14.05.2013 08.05.2013 07.05.2013 06.05.2013 06.05.2013 06.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 28.04.2013 04.04.2013 03.04.2013 15.01.2013

08.07.2013

Ensco PLC Ensco PLC is an international offshore contract drilling company. The Company's operations are concentrated in the geographic regions of Asia Pacific (which includes Asia, the Middle East, Australia and New Zealand), Europe/Africa and North and South America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (10.07.2012) 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 ESV US EQUITY YTD Change ESV US EQUITY YTD % CHANGE

12/2012 03/yy 65.82 45.95 446'968.00 57.95 -12.03% 26.12% 59.79% 232.7 13'485.50 4'845.90 0.0 5.7 487.10 17'761.01

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

31.12.2009 31.12.2010 1'888.9 1'696.8 2.56x 4.03x 1'146.9 874.0 4.21x 7.83x 779.4 579.5 7.56x 14.05x Profitability

LTM-4Q 31.12.2011 2'797.7 5.53x 1'150.3 13.44x 600.4 14.90x

31.12.2012 4'300.7 4.22x 2'096.7 8.65x 1'169.7 10.66x

2'096.70 1'565.20 36.39% 34.10% 6.69% 10.56% 8.43% 0.24% 39.9% 48.6% 36.3% 27.2% 1.74 1.31 26.10% 40.91% 5.65 -

Price/ Cash Flow

03/yy 3'473.6 18.24x 1'477.9 11.60x 801.2 14.27x

s-12

o-12

n-12

d-12

LTM 03/yy 4'431.0 15.66x 2'151.7 8.48x 1'221.4 10.68x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

2.80 1.25 231.15 5.59 26.37% -0.57% 1.250 40 4.450 1'576'251 1'603'425 2'035'268 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'069.1 5'760.1 1'236.0 1'316.3 3.53x 3.04x 14.40x 13.56x 2'506.2 2'921.8 602.5 662.6 7.09x 6.08x 6.71x 6.49x 1'517.8 1'802.9 361.7 411.5 8.86x 7.43x 8.26x 7.89x S&P Issuer Ratings

03.06.2011 BBB+ STABLE 06.05.2011 A-2 6.26 0.88 1.98 2.25 40.9% 29.0% 0.24 0.34 64.64 62.20 -

Sales/Revenue/Turnover

18.00

5'000.0

16.00

4'500.0

14.00

4'000.0 3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 2'393.6 1.47x 1'620.3 2.18x 1'150.8 3.53x

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

Ensco PLC Holdings By:

All

Holder Name FMR LLC CAPITAL GROUP COMPAN VANGUARD GROUP INC ALLIANZ ASSET MANAGE STATE STREET WELLINGTON MANAGEMEN JP MORGAN CARMIGNAC GESTION FRANKLIN RESOURCES ARTISAN PARTNERS HOL MHR FUND MANAGEMENT BANK OF NEW YORK MEL BLACKROCK NEUBERGER BERMAN LLC AMERIPRISE FINANCIAL VAN ECK ASSOCIATES C NORTHERN TRUST CORPO OPPENHEIMERFUNDS INC PIONEER INVESTMENT M FIRST PACIFIC ADVISO

Firm Name EVA Dimensions RBC Capital Markets Fearnley Fonds Iberia Capital Partners LLC JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group Societe Generale Johnson Rice & Co Cowen and Company Barclays Guggenheim Securities LLC Howard Weil Inc Capital One Southcoast, Inc. Raymond James Global Hunter Securities Swedbank First Securities Credit Suisse Stephens Inc Wells Fargo Securities, LLC Clarkson Capital Markets LLC FBR Capital Markets Morgan Stanley Goldman Sachs Macquarie Nordea Equity Research Williams Financial Group Deutsche Bank DNB Markets Ameriprise Advisor Services, Inc Tudor Pickering & Co S&P Capital IQ RS Platou Markets Arctic Securities ASA Pareto Securities

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN n/a CARMIGNAC GESTION n/a ARTISAN PARTNERS LP MHR FUND MANAGEMENT BANK OF NEW YORK MEL n/a NEUBERGER BERMAN GRO AMERIPRISE FINANCIAL n/a NORTHERN TRUST CORPO OPPENHEIMER FUNDS IN PIONEER INVESTMENT M FIRST PACIFIC ADVISO

Analyst CRAIG STERLING KURT HALLEAD TRULS OLSEN TREY STOLZ J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY EDWARD C MUZTAFAGO DAVID C SMITH J B LOWE JAMES C WEST DARREN GACICIA DAVID T WILSON LUKE M LEMOINE J MARSHALL ADKINS RYAN FITZGIBBON BJORN THORESEN GREGORY LEWIS JOHN KELLER MATTHEW D CONLAN HAITHUM NOKTA MEGAN REPINE OLE SLORER WAQAR SYED NIGEL BROWNE DAVID BHATTI MATTHEW BEEBY MICHAEL W URBAN MARTIN HUSEBY KARLSEN LEZE THAQI BYRON POPE STEWART GLICKMAN ANDERS BERGLAND KRISTOFFER RIIS IDEN FRANK HARESTAD

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

Recommendation overweight sector perform reduce outperform overweight outperform outperform buy buy buy overweight market perform overweight buy focus list add outperform buy neutral neutral overweight outperform market perform outperform Equalwt/In-Line neutral/attractive outperform hold buy hold buy buy buy buy buy buy buy

Amt Held 15'399'344 11'021'692 10'874'448 9'997'263 9'403'090 8'495'856 8'087'740 6'148'100 4'544'176 4'231'723 4'084'628 4'081'301 3'671'009 3'271'947 3'163'441 2'923'381 2'888'726 2'856'270 2'543'713 2'452'000

% Out 6.62 4.74 4.67 4.3 4.04 3.65 3.48 2.64 1.95 1.82 1.76 1.75 1.58 1.41 1.36 1.26 1.24 1.23 1.09 1.05

Weighting

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

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

Latest Chg 1'393'763 4'931'084 603'403 3'887'505 248'647 (6'502'501) 188'644 6'148'100 34'475 (36'300) (2'546'500) 170'606 (146'357) 93'790 (311'059) 111'982 80'452 (985'790) (780'107) (1'964'477)

Target Price #N/A N/A 64 61 80 76 73 69 72 70 76 #N/A N/A 61 75 73 75 67 70 72 62 64 72 #N/A N/A 63 70 75 75 70 61 74 58 65 #N/A N/A #N/A N/A 68 74 70 66

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 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 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 31.03.2013 Investment Advisor

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

Date 04.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 25.06.2013 24.06.2013 24.06.2013 24.06.2013 21.06.2013 18.06.2013 18.06.2013 18.06.2013 18.06.2013 18.06.2013 17.06.2013 17.06.2013 11.06.2013 09.06.2013 05.06.2013 30.05.2013 23.05.2013 18.05.2013 06.05.2013 01.05.2013 30.04.2013 29.04.2013 22.02.2013 04.02.2013 26.11.2012 02.11.2012 01.11.2012 19.01.2012

08.07.2013

FMC Technologies Inc FMC Technologies, Inc. designs, manufactures, and services systems and products used in offshore, particularly deepwater, exploration and production of crude oil and natural gas. The Company also provides advanced handling and processing systems to industrial customers. FMC Technologies' subsea products include drilling and production systems, subsea tree systems, and fluid control systems.

Price/Volume 70

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

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (12.07.2012) 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 FTI US EQUITY YTD Change FTI US EQUITY YTD % CHANGE

12/2012 03/yy 59.27 39.01 354'173.00 57.09 -3.78% 46.35% 85.54% 237.5 13'557.67 1'640.80 0.0 16.3 342.10 15'019.37

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

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 4'550.9 0.69x 603.4 5.20x 361.3 8.76x

31.12.2009 31.12.2010 4'405.4 4'125.6 1.59x 2.60x 623.1 652.9 11.26x 16.40x 361.8 375.5 20.15x 32.16x Profitability

LTM-4Q 31.12.2011 5'099.0 2.49x 670.2 18.97x 399.8 30.92x

31.12.2012 6'151.4 1.87x 751.0 15.28x 430.0 21.61x

751.00 604.80 9.83% 9.77% 8.20% 25.30% 1.21% 21.4% 12.2% 9.6% 7.0% 1.77 1.07 27.80% 89.32% 3.98 5.65

Price/ Cash Flow

03/yy 5'413.7 8.34x 524.0 0.00x 413.4 27.96x

LTM 03/yy 6'400.8 7.52x 779.5 18.43x 433.6 26.96x

FY+1

1.25 234.73 9.80 39.82% 33.29% 1.251 33 3.909 1'607'966 1'394'576 1'643'583 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'811.6 7'809.8 1'637.2 1'686.6 2.15x 1.91x 9.08x 8.74x 958.2 1'245.7 218.0 255.7 15.64x 12.03x 14.48x 13.56x 521.3 711.0 113.3 139.0 26.32x 19.24x 24.17x 22.21x S&P Issuer Ratings

08.08.2002 BBB STABLE 11.10.2010 A-2 27.21 12.51 1.85 2.16 89.3% 47.0% 1.21 6.06 91.73 64.65 42.37 112.37

Sales/Revenue/Turnover

300.00

7'000.0

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

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

FMC Technologies Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK SANDS CAPITAL MANAGE T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET AMERIPRISE FINANCIAL BROWN ADVISORY INC UBS JENNISON ASSOCIATES WINSLOW CAPITAL MANA COLUMBIA WANGER ASSE FMR LLC FRANKLIN RESOURCES MACKAY SHIELDS LLC TOUCHSTONE ADVISORS NORTHERN TRUST CORPO JP MORGAN BANK OF NEW YORK MEL EDGEWOOD MANAGEMENT

Firm Name Credit Suisse Howard Weil Inc Global Hunter Securities JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group Lazard Capital Markets Goldman Sachs Raymond James Sterne, Agee & Leach Barclays Iberia Capital Partners LLC Cowen and Company Macquarie Morgan Stanley Wells Fargo Securities, LLC Guggenheim Securities LLC HSBC Societe Generale FBR Capital Markets Susquehanna Financial Group RBC Capital Markets Capital One Southcoast, Inc. William Blair & Co Stifel Tudor Pickering & Co EVA Dimensions BOE Securities

Portfolio Name n/a n/a SANDS CAPITAL MANAGE T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a AMERIPRISE FINANCIAL n/a n/a JENNISON ASSOCIATES WINSLOW CAPITAL MANA COLUMBIA WANGER ASSE n/a n/a Multiple Portfolios Multiple Portfolios NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL EDGEWOOD MANAGEMENT

Analyst JAMES WICKLUND WILLIAM SANCHEZ BRIAN UHLMER J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY WILL GABRIELSKI WAQAR SYED J MARSHALL ADKINS STEPHEN D GENGARO JAMES C WEST TREY STOLZ JAMES D CRANDELL NIGEL BROWNE OLE SLORER THOMAS PATRICK CURRAN DARREN GACICIA DAVID PHILLIPS EDWARD C MUZTAFAGO MEGAN REPINE CHARLES P MINERVINO KURT HALLEAD JOSEPH D GIBNEY BRANDON DOBELL ROBERT V CONNORS BYRON POPE CRAIG STERLING PRIYANKA VYAS

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

Recommendation neutral sector outperform buy overweight market perform market perform hold strong buy buy sell/attractive outperform buy equalweight sector perform outperform outperform Overwt/In-Line market perform neutral neutral hold outperform neutral outperform neutral outperform hold buy sell hold

Amt Held 55'786'600 18'216'618 13'890'826 13'196'834 11'564'947 11'108'122 8'683'985 8'649'263 8'584'912 7'227'405 5'800'667 5'629'441 4'359'195 3'739'294 3'468'441 3'335'000 3'219'195 2'738'964 2'713'918 2'692'608

% Out 23.49 7.67 5.85 5.56 4.87 4.68 3.66 3.64 3.62 3.04 2.44 2.37 1.84 1.57 1.46 1.4 1.36 1.15 1.14 1.13

Weighting

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

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

Latest Chg 808'400 4'962'565 936'769 (1'045'473) (2'867'432) (64'478) 876'389 718'429 (291'618) 5'430'740 178'971 (4'410) (387'514) (162'576) (68'928) 27'000 140'681 (609'511) (228'642) 2'692'608

Target Price 53 65 63 63 57 48 55 63 62 57 60 63 48 56 67 63 65 #N/A N/A 58 54 57 62 55 58 54 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 43

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

File Dt 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 30.04.2013 30.04.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013

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

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

Date 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 26.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 24.06.2013 13.06.2013 30.05.2013 24.05.2013 14.05.2013 02.05.2013 30.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 04.02.2013 15.01.2013 06.11.2012

08.07.2013

Crescent Point Energy Corp Crescent Point Energy Corp is an oil and gas exploration and production company. The Company owns assets located in the Western Canadian Sedimentary Basin.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPG CN EQUITY YTD Change CPG CN EQUITY YTD % CHANGE

12/2012 03/yy 45.70 34.53 374'354.00 35.955 -21.40% 4.13% 12.35% 382.7 13'758.92 1'474.59 0.0 0.0 15'463.57

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

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 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 838.9 4.70x 612.8 6.44x 464.1 11.00x

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

31.12.2009 31.12.2010 934.4 1'253.3 9.40x 10.21x 675.3 857.4 13.01x 14.93x (31.1) 50.9 54.85x 96.07x Profitability

LTM-4Q 31.12.2011 1'815.5 7.75x 1'345.8 10.46x 201.1 48.80x

31.12.2012 2'209.2 7.08x 1'596.1 9.79x 190.7 156.75x

1'596.12 152.14 6.89% 9.45% 1.69% 2.48% 2.84% 0.20% 12.6% 71.3% 6.4% 8.6% 0.47 0.43 12.15% 17.04% 6.78 -

Price/ Cash Flow

03/yy 1'910.6 28.66x 1'443.7 10.46x 299.5 44.27x

LTM 03/yy 2'319.3 27.23x 1'652.8 9.91x 192.9 166.74x

FY+1

7.68 1.00 377.79 10.86 0.33% -0.88% 1.000 23 4.565 1'467'415 1'645'799 1'666'684 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'981.2 3'241.2 739.3 760.5 5.25x 4.83x 21.32x 20.96x 1'903.2 2'134.0 485.5 499.0 8.13x 7.25x 7.62x 7.33x 271.2 365.5 103.5 106.6 49.19x 39.12x 36.50x 35.42x S&P Issuer Ratings

22.31 -24.73 1.03 1.03 17.0% 14.6% 0.20 0.23 53.87 120.51 -

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

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

Crescent Point Energy Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BANK OF NOVA SCOTIA BLACKROCK FMR LLC CI INVESTMENTS INC BMO INVESTMENTS INC ROYAL BANK OF CANADA POWER CORP OF CANADA IG INVESTMENT MANAGE IA CLARINGTON INVEST NORGES BANK VANGUARD GROUP INC CIBC GLOBAL ASSET MA MD MANAGEMENT LTD GUARDIAN CAPITAL INC AGF INVESTMENTS INC FRANKLIN RESOURCES TD ASSET MANAGEMENT MCLEAN BUDDEN LTD SAXBERG SCOTT

Firm Name RBC Capital Markets Scotia Capital BMO Capital Markets Cormark Securities Inc. Alta Corp Capital Inc. Veritas Investment Research Co Credit Suisse FirstEnergy Capital Corp Accountability Research Corp TD Securities Dundee Securities Corp National Bank Financial Haywood Securities Inc. EVA Dimensions Peters & Co Ltd CIBC World Markets Raymond James Macquarie Stifel Salman Partners Barclays Desjardins Securities

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

Analyst MICHAEL HARVEY PATRICK BRYDEN GORDON TAIT JONATHAN FLEMING DON RAWSON SAM LA BELL JASON FREW CODY R KWONG MICHAEL RUGGIRELLO TRAVIS WOOD BRIAN KRISTJANSEN KYLE PRESTON ALAN KNOWLES DOUG WALTERS JEFF MARTIN JEREMY KALIEL KRISTOPHER ZACK CRISTINA LOPEZ KURT B MOLNAR GORDON CURRIE GRANT HOFER ALLAN G STEPA

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

Recommendation outperform sector outperform outperform buy outperform buy neutral top pick buy buy buy outperform buy sell sector outperform sector outperform outperform outperform hold buy overweight hold

Amt Held 36'268'900 19'128'813 8'405'527 6'543'623 6'541'997 4'883'720 4'196'748 3'111'032 2'931'835 2'644'875 2'537'335 2'277'271 2'229'651 1'879'500 1'656'500 1'633'466 1'579'131 1'316'239 1'164'186 1'118'669

% Out 9.48 5 2.2 1.71 1.71 1.28 1.1 0.81 0.77 0.69 0.66 0.6 0.58 0.49 0.43 0.43 0.41 0.34 0.3 0.29

Weighting

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

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

Latest Chg 3'216'500 4'125'193 (298'069) (852'319) 2'528'547 511'300 (140'651) 46'805 (241'610) 192'000 290'506 91'297 (7'900) 51'200 (486'556) 318'900 (991'146) (428'850) (15'000)

Target Price 46 50 48 45 44 43 41 48 46 44 49 48 43 #N/A N/A 45 45 44 50 #N/A N/A 41 44 42

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

File Dt 31.03.2013 31.03.2013 03.07.2013 31.05.2013 31.12.2012 05.07.2013 28.03.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.01.2013 28.03.2013 31.03.2013 31.12.2012 31.05.2013 19.06.2013

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

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

Date 08.07.2013 08.07.2013 07.07.2013 05.07.2013 03.07.2013 02.07.2013 28.06.2013 21.06.2013 21.06.2013 17.06.2013 13.06.2013 13.06.2013 07.06.2013 06.06.2013 21.05.2013 12.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 11.01.2013

08.07.2013

Origin Energy Ltd Origin Energy Limited is an integrated energy company. The Company focuses on gas and oil exploration and production, electricity and renewable power generation and energy retailing. Origin also invests in renewable energy technologies, including geothermal, wind, hydro and solar.

Price/Volume 16

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

14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 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 03.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORG AU EQUITY YTD Change ORG AU EQUITY YTD % CHANGE

06/2012 01/yy 13.80 9.84 2'483'079.00 12.66 -8.26% 28.66% 70.96% 1'098.0 13'900.22 5'879.00 0.0 1'364.0 368.00 21'322.22

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

4 2 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 30.06.2008 8'275.0 2.25x 1'260.0 14.75x 517.0 27.32x

30.06.2009 30.06.2010 8'042.0 8'534.0 1.70x 1.99x 655.0 1'209.0 20.87x 14.06x 6'941.0 612.0 1.85x 21.43x Profitability

30.06.2011 10'344.0 2.14x 1'443.0 15.34x 186.0 80.56x

30.06.2012 12'935.0 1.56x 2'067.0 9.76x 980.0 13.47x

2'067.00 1'453.00 11.23% 10.51% 2.49% 5.37% 5.62% 0.49% 13.7% 9.0% 7.6% 0.92 0.29 21.01% 44.90% 6.11 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.95 0.97 1'068.28 17.23 5.45% 11.26% 0.966 14 3.714 3'031'482 3'324'426 3'249'124 FY+2

06/13 Y 06/14 Y 14'511.8 14'891.0 1.50x 1.57x 2'209.8 2'394.3 9.65x 8.91x 769.4 846.7 17.93x 16.46x S&P Issuer Ratings

FQ+1

FQ+2

20.02.2013 BBB STABLE 31.03.2011 A-2 6.34 2.12 3.18 3.33 44.9% 28.9% 0.49 1.18 59.93 -

Sales/Revenue/Turnover

40.00

14'000.0

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 03.07.2009

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

Origin Energy Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B BLACKROCK VANGUARD GROUP INC NORGES BANK AMP LIFE LTD BOND STREET CUSTODIA AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD QUEENSLAND INVESTMEN EASTSPRING INVESTMEN PERPETUAL TRUSTEE CO VANGUARD INVESTMENTS MACQUARIE GROUP INVIA CUSTODIAN PTY BT PORTFOLIO SERVICE NAVIGATOR AUSTRALIA BNP PARIBAS PUTNAM INVESTMENT MA FIL LIMITED FMR LLC

Firm Name Deutsche Bank Morgan Stanley JPMorgan Macquarie Credit Suisse Commonwealth Bank EVA Dimensions RBC Capital Markets Goldman Sachs Shaw Stockbroking

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

Analyst JOHN HIRJEE STUART BAKER JASON HARLEY STEED IAN MYLES SANDRA MCCULLAGH WILLIAM ALLOTT DOUG WALTERS PAUL A JOHNSTON ANDREW MCCUSKER VINCENT PISANI

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

Recommendation hold Underwt/In-Line overweight outperform neutral overweight hold outperform neutral/neutral hold

Amt Held 50'870'668 11'302'292 11'137'063 9'417'340 8'813'495 7'919'254 7'202'045 6'689'947 6'365'263 6'022'949 5'854'160 5'750'794 5'000'332 3'759'261 3'015'651 2'950'639 2'934'059 2'290'085 2'088'909 2'025'044

% Out 4.63 1.03 1.01 0.86 0.8 0.72 0.66 0.61 0.58 0.55 0.53 0.52 0.46 0.34 0.27 0.27 0.27 0.21 0.19 0.18

Weighting

Change 3 1 5 5 3 5 3 5 3 3

M M M M M M M M M M

Latest Chg (3'151'593) 36'356 453'163 1'017'011 134'049 (57'332) (42'425) 195'978 (16'283)

Target Price 14 11 14 15 14 14 #N/A N/A 15 14 14

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

File Dt 14.09.2011 03.07.2013 31.03.2013 31.12.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 14.09.2012 22.08.2012 30.09.2012 31.08.2011 22.08.2012 22.08.2012 22.08.2012 22.08.2012 31.03.2013 31.12.2012 31.05.2013

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

Inst Type Bank Investment Advisor Investment Advisor Government Investment Advisor Other Investment Advisor Investment Advisor Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.07.2013 01.07.2013 01.07.2013 01.07.2013 19.06.2013 06.06.2013 06.06.2013 22.05.2013 30.04.2013 02.04.2013

08.07.2013

Encana Corp Encana Corporation explores for, develops, produces, and markets natural gas, crude oil, and natural gas liquids. The Company operates in North America.

Price/Volume 25

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ECA CN EQUITY YTD Change ECA CN EQUITY YTD % CHANGE

12/2012 03/yy 23.86 17.40 489'174.00 17.71 -25.86% 1.78% 2.79% 735.5 13'024.93 7'675.00 0.0 0.0 3'179.00 17'119.30

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

8.0 M

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 31.12.2008 21'053.0 2.08x 13'938.0 3.14x 5'944.0 7.07x

31.12.2009 31.12.2010 11'114.0 8'870.0 2.50x 3.22x 6'028.0 5'521.0 4.60x 5.17x 1'862.0 1'170.0 7.01x 17.84x Profitability

LTM-4Q 31.12.2011 8'467.0 2.48x 5'175.0 4.06x 5.0 8.81x

31.12.2012 5'160.0 3.69x 2'236.0 8.52x (2'794.0) 76.00x

2'236.00 280.00 5.43% -93.62% -15.68% -49.14% 0.21% 14.1% 32.8% -7.1% -54.1% 2.10 1.69 41.04% 144.95% 5.15 -

Price/ Cash Flow

LTM

03/yy 8'599.0 10.99x 5'430.0 3.63x 378.0 12.26x

03/yy 4'420.0 18.32x 1'450.0 13.16x (3'237.0) 0.00x

FY+1

4.77 1.20 734.68 11.08 -9.99% -7.94% 1.204 27 2.889 2'121'562 3'637'503 4'057'467 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'845.7 6'765.8 1'461.8 1'568.6 3.06x 2.77x 11.92x 10.99x 2'563.1 3'582.7 684.0 790.3 6.68x 4.78x 5.22x 4.73x 457.7 881.2 89.8 151.7 20.36x 13.57x 17.66x 15.57x S&P Issuer Ratings

30.01.2012 BBB NEG 4.28 -2.38 3.30 5.28 144.9% 59.2% 0.21 0.36 70.85 163.77 -

Sales/Revenue/Turnover

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0 4.00

5'000.0

2.00 0.00 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

Encana Corp Holdings By:

All

Holder Name ROYAL BANK OF CANADA CAPITAL GROUP COMPAN IG INVESTMENT MANAGE MANNING & NAPIER ADV WELLINGTON MANAGEMEN POWER CORP OF CANADA JARISLOWSKY FRASER L INVESCO LTD INSTITUTIONAL CAPITA BMO FINANCIAL CORP HARRIS ASSOCIATES LP TD ASSET MANAGEMENT CIBC WORLD MARKETS I CONNOR CLARK & LUNN THE BANK OF NOVA SCO TORONTO DOMINION BAN BEUTEL GOODMAN & COM PRIMECAP MANAGEMENT IA CLARINGTON INVEST MACKAY SHIELDS LLC

Firm Name BMO Capital Markets Cormark Securities Inc. Tudor Pickering & Co Alta Corp Capital Inc. Sanford C. Bernstein & Co Credit Suisse Canaccord Genuity Corp ISI Group FirstEnergy Capital Corp Societe Generale RBC Capital Markets Edward Jones Deutsche Bank Raymond James Scotia Capital National Bank Financial Macquarie TD Securities Veritas Investment Research Co Barclays CIBC World Markets Peters & Co Ltd Goldman Sachs Accountability Research Corp EVA Dimensions

Portfolio Name n/a n/a IG INVESTMENT MANAGE MANNING & NAPIER ADV WELLINGTON MANAGEMEN n/a JARISLOWSKY FRASER L n/a INSTITUTIONAL CAPITA BMO FINANCIAL CORP HARRIS ASSOC LP TD ASSET MANAGEMENT CIBC WORLD MARKETS I CONNOR CLARK & LUNN THE BANK OF NOVA SCO TORONTO DOMINION BAN BEUTEL, GOODMAN & CO PRIMECAP MANAGEMENT Multiple Portfolios Multiple Portfolios

Analyst RANDY J OLLENBERGER TODD KEPLER MATTHEW PORTILLO DIRK M LEVER BOB BRACKETT JASON FREW PHILIP R SKOLNICK JONATHAN WOLFF MICHAEL P DUNN JOHN HERRLIN GREG M PARDY LANNY PENDILL STEPHEN RICHARDSON KRISTOPHER ZACK MARK POLAK KYLE PRESTON CHRIS FELTIN MENNO HULSHOF SAM LA BELL THOMAS R DRISCOLL ANDREW POTTER JEFF MARTIN BRIAN SINGER MICHAEL RUGGIRELLO CRAIG STERLING

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

Recommendation outperform buy hold outperform market perform neutral hold cautious market perform buy sector perform hold sell market perform sector perform sector perform neutral hold sell equalweight sector perform sector perform sell/attractive hold sell

Amt Held 47'113'556 27'032'803 22'535'210 22'429'720 20'679'728 20'066'988 19'896'767 18'769'802 17'594'744 16'739'210 16'149'247 11'816'412 11'176'674 10'515'194 10'308'174 9'923'789 8'111'412 7'098'902 6'809'234 5'417'750

% Out 6.41 3.68 3.06 3.05 2.81 2.73 2.71 2.55 2.39 2.28 2.2 1.61 1.52 1.43 1.4 1.35 1.1 0.97 0.93 0.74

Weighting

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

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

Latest Chg 1'294'930 (8'276'823) 584'547 3'640'670 (4'516'379) 3'643'365 (921'783) (361'066) 1'354'357 (1'367'006) (1'799'700) 49'216 (412'480) (2'838'257) 117'813 (157'325) 236'380 (506'400) (31'996) 247'100

Target Price 28 23 21 26 18 20 21 18 22 23 22 #N/A N/A 17 21 23 22 23 23 19 20 28 20 18 21 #N/A N/A

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 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 31.12.2012 30.04.2013

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

Inst Type Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 07.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 28.06.2013 27.06.2013 23.06.2013 21.06.2013 13.06.2013 12.06.2013 12.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 04.04.2013 25.03.2013 15.01.2013

08.07.2013

Range Resources Corp Range Resources Corporation is an independent oil and gas company that explore, develops, and acquires oil and gas properties. The Company conducts operations primarily in the Southwestern, Appalachian and Gulf Coast regions of the United States.

Price/Volume 90

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

80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RRC US EQUITY YTD Change RRC US EQUITY YTD % CHANGE

12/2012 03/yy 83.15 56.50 434'658.00 79.99 -3.84% 41.58% 79.25% 163.1 13'044.18 2'878.19 0.0 0.0 0.25 15'980.49

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 1'303.0 5.47x 970.1 7.35x 351.0 15.28x

31.12.2009 31.12.2010 906.9 860.5 10.57x 10.63x 546.1 490.9 17.56x 18.64x (53.9) (239.3) 74.23x 95.48x Profitability

LTM-4Q 31.12.2011 1'228.4 9.73x 717.9 16.65x 58.0 83.91x

31.12.2012 1'408.6 9.29x 797.4 16.41x 13.0 92.16x 797.40 316.62 22.48% 1.78% -0.32% -0.89% 0.22% 40.3% 52.1% 18.5% 0.9% 0.72 0.37 42.77% 122.09% 11.27 55.10

Price/ Cash Flow

03/yy 1'253.3 36.07x 741.4 15.76x 41.3 64.97x

LTM 03/yy 1'473.4 38.07x 767.7 21.03x (20.8) 126.77x

FY+1

0.20 1.09 158.58 6.88 31.85% 27.45% 1.093 36 3.806 1'572'211 1'463'358 1'618'083 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'754.8 2'254.3 425.4 459.9 9.13x 7.18x 37.51x 34.91x 1'131.2 1'504.2 273.9 302.0 14.10x 10.60x 12.73x 11.85x 242.6 373.1 57.8 67.6 53.43x 36.53x 48.66x 44.49x S&P Issuer Ratings

29.05.2007 BB STABLE 4.72 -4.18 3.82 3.83 122.1% 55.0% 0.22 0.25 32.40 6.62 140.61 -71.44

Sales/Revenue/Turnover

25.00

1'600.0 1'400.0

20.00

1'200.0 1'000.0

15.00

800.0 10.00

600.0 400.0

5.00

0.00 01.01.2010

200.0 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

Range Resources Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC STATE STREET NEUBERGER BERMAN LLC MORGAN STANLEY FIRST MANHATTAN CO A WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP BLUE RIDGE CAPITAL L RS INVESTMENT MANAGE BANK OF NEW YORK MEL RUANE CUNNIFF & GOLD FMR LLC GOLDMAN SACHS GROUP WELLS FARGO MANNING & NAPIER ADV NORTHERN TRUST CORPO ING INVESTMENT MANAG

Firm Name BMO Capital Markets Sanford C. Bernstein & Co Brean Capital LLC Jefferies Robert W. Baird & Co Stephens Inc KeyBanc Capital Markets Raymond James Tudor Pickering & Co Macquarie ISI Group Oppenheimer & Co Capital One Southcoast, Inc. Societe Generale Simmons & Company International Johnson Rice & Co RBC Capital Markets SunTrust Robinson Humphrey FBR Capital Markets Stifel Wells Fargo Securities, LLC Barclays Credit Suisse Morgan Stanley Howard Weil Inc Ladenburg Thalmann & Co Cowen and Company Global Hunter Securities Deutsche Bank Goldman Sachs BNP Paribas Equity Research JPMorgan EVA Dimensions S&P Capital IQ

Portfolio Name T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a NEUBERGER BERMAN GRO n/a FIRST MANHATTAN COMP WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN HARRIS ASSOC LP BLUE RIDGE CAPITAL L RS INVESTMENT MANAGE BANK OF NEW YORK MEL RUANE CUNNIFF & GOLD n/a n/a n/a MANNING & NAPIER ADV NORTHERN TRUST CORPO ING INVESTMENT MANAG

Analyst DAN MCSPIRIT BOB BRACKETT RAYMOND DEACON BIJU Z PERINCHERIL HSULIN PENG WILL GREEN JACK N AYDIN ANDREW COLEMAN MATTHEW PORTILLO JOSEPH MAGNER JONATHAN WOLFF DANIEL KATZENBERG BRIAN T VELIE BOB PARIJA DAVID W KISTLER RONALD E MILLS LEO P MARIANI NEAL DINGMANN REHAN RASHID MICHAEL S SCIALLA DAVID R TAMERON THOMAS R DRISCOLL MARK LEAR J EVAN CALIO PETER KISSEL MICHAEL SCHMITZ NICHOLAS P POPE CURTIS R TRIMBLE STEPHEN RICHARDSON BRIAN SINGER DANIEL BRAZILLER JOSEPH D ALLMAN CRAIG STERLING MICHAEL KAY

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

Recommendation outperform outperform buy hold outperform equalweight hold market perform hold outperform strong buy market perform add buy overweight overweight outperform neutral market perform hold market perform equalweight outperform Overwt/Attractive sector perform buy hold neutral hold neutral/attractive suspended coverage overweight sell sell

Amt Held 24'025'891 11'327'752 10'155'900 7'315'833 7'078'652 6'811'778 4'270'624 4'223'173 3'982'654 3'756'500 3'198'000 3'005'353 2'749'698 2'504'085 2'455'834 2'357'470 2'234'263 2'163'670 2'151'553 2'067'753

% Out 14.73 6.95 6.23 4.49 4.34 4.18 2.62 2.59 2.44 2.3 1.96 1.84 1.69 1.54 1.51 1.45 1.37 1.33 1.32 1.27

Weighting

Change

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

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 M M M

Latest Chg 354'800 (18'774) 342'724 (61'225) 110'802 (179'428) (43'047) (582'691) (48'105) (2'600) (112'000) (765'372) 976'866 841'355 161'547 (255'020) 217'110 (95'880) 52'108 (41'479)

Target Price 84 90 104 81 88 87 #N/A N/A #N/A N/A 69 91 91 #N/A N/A 88 92 94 #N/A N/A 88 60 75 #N/A N/A #N/A N/A 65 91 85 73 90 #N/A N/A 89 83 96 #N/A N/A 87 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 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 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 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 07.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 23.06.2013 21.06.2013 18.06.2013 14.06.2013 11.06.2013 04.06.2013 03.06.2013 03.06.2013 23.05.2013 20.05.2013 14.05.2013 08.05.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 04.04.2013 27.03.2013 04.03.2013 16.01.2013 09.11.2012

08.07.2013

Inpex Corp INPEX CORPORATION is a holding company established through the reorganization of INPEX Corp and Teikoku Oil. The Company manages subsidiaries that explores, produces, and sells oil and natural gas.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1605 JP EQUITY YTD Change 1605 JP EQUITY YTD % CHANGE

Price/Volume

03/2013 03/yy 542'000.00 398'000.00 11'713.00 446500 -17.62% 12.19% 35.07% 3.7 1'632'318.75 475'664.00 0.0 189'691.0 765'456.00 1'532'217.72

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

.1 M

500000

.1 M

400000

.0 M

300000

.0 M

200000

.0 M

100000

.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

Fiscal Year Ended 31.03.2009 1'076'164.0 1.48x 712'992.0 2.24x 145'062.0 11.09x

600000

31.03.2010 31.03.2011 840'427.0 943'080.0 1.93x 2.50x 508'780.0 590'747.0 3.19x 3.99x 107'210.0 128'699.0 15.06x 15.45x Profitability

LTM-4Q 31.03.2012 1'186'731.0 1.53x 764'143.0 2.38x 194'000.0 10.52x

LTM

FY+1

j-13

1.03 2.18 -0.03% -1.74% 1.029 17 4.529 14'412 21'933 23'131 FY+2

FQ+1

FQ+2

31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 1'216'533.0 ######### ######### ######### ######### 313'000.0 314'000.0 1.42x 6.32x 5.19x 1.50x 1.58x 752'122.0 571'337.0 752'122.0 766'530.1 775'138.3 2.29x 0.00x 2.29x 2.00x 1.98x 182'961.0 194'000.0 182'961.0 153'429.5 160'132.1 9.98x 10.52x 9.98x 10.62x 10.42x 10.52x S&P Issuer Ratings 752'122.00 Long-Term Rating Date 01.10.2008 693'447.00 Long-Term Rating A 57.00% Long-Term Outlook STABLE 59.03% Short-Term Rating Date 01.10.2008 5.48% Short-Term Rating A-1 7.85% Credit Ratios 6.55% EBITDA/Interest Exp. 495.47 0.36% (EBITDA-Capex)/Interest Exp. 370.86 Net Debt/EBITDA -0.39 65.0% Total Debt/EBITDA 0.63 61.8% Reference 57.0% Total Debt/Equity 19.2% 15.0% Total Debt/Capital 15.1% Asset Turnover 0.36 2.67 Net Fixed Asset Turnover 2.51 2.09 Accounts receivable turnover-days 31.34 13.15% Inventory Days 11.72 19.17% Accounts Payable Turnover Day 30.42 11.64 Cash Conversion Cycle 12.65 31.13

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

1'400'000.0

7.00

1'200'000.0

6.00

1'000'000.0

5.00

800'000.0

4.00

600'000.0

3.00

400'000.0

2.00

200'000.0

1.00 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

Inpex Corp Holdings By:

All

Holder Name MINISTER OF ECON TRA JAPAN PETROLEUM EXPL MITSUI OIL EXPLORATI JAPAN TRUSTEE SERVIC JP MORGAN MASTER TRUST BANK OF MITSUBISHI CORP JX HOLDINGS INC JP MORGAN CHASE BANK NORGES BANK CAPITAL GROUP COMPAN ORBIS INVESTMENT MAN VANGUARD GROUP INC SUN LIFE FINANCIAL I OKAYAMA PAPER INDUST BLACKROCK BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA MARUBENI CORP GLG PARTNERS INVESTM

Firm Name

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 Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Macquarie POLINA DIYACHKINA Mizuho Securities NORIMASA SHINYA Credit Suisse DAVID HEWITT Sanford C. Bernstein & Co NEIL BEVERIDGE JPMorgan SCOTT DARLING EVA Dimensions DOUG WALTERS Barclays KAZUHISA MORI SMBC Nikko Securities Inc HIDETOSHI SHIODA Daiwa Securities Co. Ltd. TAKAHIRO YANO Nomura SHIGEKI MATSUMOTO Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO Okasan Securities SHINICHI YAMAZAKI Goldman Sachs HISAAKI YOKOO Morgan Stanley LALITA GUPTA Tachibana Securities HISAYUKI SHIMOKAWA

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

Recommendation outperform buy outperform market perform suspended coverage buy overweight outperform outperform buy neutral neutral Buy/Neutral Overwt/In-Line Strong Outperform

Amt Held 692'307 267'233 164'760 147'118 132'323 124'985 114'500 109'527 105'150 89'988 80'778 58'062 58'026 55'145 55'000 49'983 32'562 28'479 23'223 22'740

% Out 18.94 7.31 4.51 4.02 3.62 3.42 3.13 3 2.88 2.46 2.21 1.59 1.59 1.51 1.5 1.37 0.89 0.78 0.64 0.62

Weighting

Change

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

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

Latest Chg 8'491 16'530 (22'357) (1'571) 1'494 1'540 1'405 646 (23'223) 3'593

Target Price 670'000 740'000 697'000 490'000 #N/A N/A #N/A N/A 699'000 600'000 690'000 684'000 540'000 490'000 670'000 642'000 #N/A N/A

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.05.2013 30.09.2012 31.03.2013 30.09.2012 30.09.2012 31.12.2012 31.03.2013 30.09.2012 31.03.2013 31.05.2013 31.05.2012 03.07.2013 05.07.2013 31.03.2013 31.03.2012 31.05.2013

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

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

Date 02.07.2013 28.06.2013 25.06.2013 13.06.2013 12.06.2013 06.06.2013 05.06.2013 30.05.2013 29.05.2013 28.05.2013 23.05.2013 21.05.2013 12.05.2013 23.04.2013 17.05.2012

08.07.2013

JX Holdings Inc JX Holdings, Inc. is a holding company which was established through the integration of Nippon Oil Corporation and Nippon Mining Holdings, Inc. Through subsidiaries, the company explores, produces, refines and distributes petroleum and petro chemical products. JX Holdings also provides non-ferrous metals and electronic materials.

Price/Volume 700

30.0 M

600

25.0 M

500

20.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.05.2013) 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 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5020 JP EQUITY YTD Change 5020 JP EQUITY YTD % CHANGE

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

31.03.2010 -

10.0 M

200

5.0 M

100 0 j-12

.0 M a-12

Profitability

31.03.2011 9'634'396.0 0.38x 545'515.0 6.79x 311'736.0 4.47x

LTM-4Q 31.03.2012 10'723'889.0 0.34x 529'385.0 6.91x 170'595.0 7.48x

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

1.03 2'291.20 29.05% 2.52% 1.034 13 4.538 11'379'480 14'049'810 14'644'010 FY+2

FQ+1

FQ+2

31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 11'219'474.0 ######### ######### ######### ######### 0.36x 1.32x 1.31x 0.32x 0.31x 434'706.0 529'385.0 434'706.0 443'890.5 512'663.4 9.26x 6.91x 9.26x 8.89x 7.70x 159'477.0 170'595.0 159'477.0 168'203.1 200'254.1 8.12x 7.48x 8.12x 7.21x 6.13x S&P Issuer Ratings 434'706.00 Long-Term Rating Date 251'467.00 Long-Term Rating 2.24% Long-Term Outlook 2.42% Short-Term Rating Date 2.28% Short-Term Rating 8.65% Credit Ratios 4.51% EBITDA/Interest Exp. 1.61% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 7.0% Total Debt/EBITDA 3.9% Reference 2.2% Total Debt/Equity 1.4% Total Debt/Capital Asset Turnover 1.13 Net Fixed Asset Turnover 0.47 Accounts receivable turnover-days 35.46% Inventory Days 132.80% Accounts Payable Turnover Day 8.49 Cash Conversion Cycle 5.94

Price/ Cash Flow

17.22 4.86 5.36 5.93 132.8% 52.6% 1.61 5.43 43.00 61.47 31.31 73.17

Sales/Revenue/Turnover

12.00

12'000'000.0

10.00

10'000'000.0

8.00

8'000'000.0

6.00

6'000'000.0

4.00

4'000'000.0

2.00

2'000'000.0

0.00 02.04.2010

s-12

Fiscal Year Ended 31.03.2009

15.0 M

300

03/2013 03/yy 592.00 346.00 10'786'500.00 488 -17.57% 41.04% 60.98% 2'495.5 1'217'797.13 2'579'942.00 0.0 384'678.0 234'208.00 3'948'209.13

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

JX Holdings Inc Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF MITSUBISHI UFJ FINAN SUMITOMO MITSUI TRUS MIZUHO FINANCIAL GRO SUMITOMO MITSUI FINA STATE STREET CUSTODI MITSUBISHI CORP VANGUARD GROUP INC INPEX CORP GOVT OF SINGAPORE IN FIL LIMITED SOMPO JAPAN INSURANC TOKIO MARINE & NICHI BLACKROCK NOMURA NIKKO ASSET MANAGEME HARTFORD INVESTMENT MITSUI SUMITOMO INSU NORGES BANK

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 n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Morgan Stanley LALITA GUPTA Macquarie POLINA DIYACHKINA Nomura SHIGEKI MATSUMOTO JPMorgan YUJI NISHIYAMA EVA Dimensions DOUG WALTERS SMBC Nikko Securities Inc HIDETOSHI SHIODA Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO Okasan Securities SHINICHI YAMAZAKI Daiwa Securities Co. Ltd. TAKAHIRO YANO Mizuho Securities NORIMASA SHINYA

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

Recommendation Overwt/In-Line outperform buy overweight overweight underperform neutral buy outperform buy

Amt Held 236'675'000 168'175'000 144'138'650 114'318'460 69'641'400 65'398'360 51'895'000 48'615'792 34'192'413 33'265'000 32'117'000 29'796'402 26'849'980 26'253'456 25'215'162 23'907'361 22'161'980 19'319'879 17'091'839 17'057'749

% Out 9.48 6.74 5.78 4.58 2.79 2.62 2.08 1.95 1.37 1.33 1.29 1.19 1.08 1.05 1.01 0.96 0.89 0.77 0.68 0.68

Weighting

Change 5 5 5 5 5 1 3 5 5 5

M M M N U D M M M M

Latest Chg 7'738'000 19'085'000 47'144 (94'739'700) 1'580'900 360 (5'338'000) (208) 1'501'600 8'080'097 (1'666'700) (492'000) 2'160'827 187'700 (1'096'159) -

Target Price 700 660 620 600 #N/A N/A 400 550 700 630 620

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

File Dt 30.09.2012 30.09.2012 08.04.2013 15.04.2013 11.03.2013 31.03.2013 30.09.2012 31.03.2013 31.03.2013 30.09.2012 30.09.2012 26.03.2013 31.03.2012 31.03.2013 03.07.2013 28.06.2013 15.04.2013 31.05.2013 31.03.2012 31.12.2012

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

Inst Type Bank Bank Holding Company Bank Bank Bank Other Corporation Investment Advisor Corporation Government Investment Advisor Insurance Company Insurance Company Investment Advisor Unclassified Unclassified Investment Advisor Insurance Company Government

Date 08.07.2013 05.07.2013 01.07.2013 17.06.2013 10.06.2013 04.06.2013 30.05.2013 21.05.2013 20.05.2013 17.05.2013

08.07.2013

Talisman Energy Inc Talisman Energy Inc. is an independent oil and gas producer. The Company has operations in North America, the North Sea, and Indonesia. Talisman is also conducting exploration in Southeast Asia, Algeria, Qatar, Colombia and Trinidad.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (07.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLM CN EQUITY YTD Change TLM CN EQUITY YTD % CHANGE

12/2012 03/yy 14.70 10.62 219'946.00 12.22 -17.01% 15.07% 37.50% 1'034.6 12'642.27 4'442.00 191.0 0.0 721.00 16'399.82

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

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 j-12

31.12.2009 31.12.2010 5'336.9 6'982.0 3.65x 3.61x 2'490.1 3'801.0 7.82x 6.64x 384.8 945.0 26.25x 74.16x Profitability

LTM-4Q 31.12.2011 8'272.0 2.14x 5'077.0 3.49x 776.0 19.64x

31.12.2012 7'312.0 2.12x 3'514.0 4.41x 132.0 282.69x

3'514.00 1'013.00 13.85% -2.38% -1.70% -3.82% 0.29% 29.2% 44.9% 8.2% 1.8% 0.87 0.78 20.32% 45.70% 5.11 30.26

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 8'273.0 9.09x 4'914.0 3.48x 1'393.0 33.04x

d-12

03/yy 6'322.0 10.59x 2'838.0 5.99x (372.0) 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

2.92 1.33 1'033.23 29.19 8.03% 9.87% 1.333 24 3.667 1'908'196 4'473'350 4'894'668 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'038.1 6'878.4 1'393.7 1'515.0 2.90x 2.59x 11.91x 11.05x 3'004.6 3'814.7 718.8 772.5 5.46x 4.30x 5.14x 4.83x 121.5 478.9 (18.5) 76.5 78.75x 28.58x 42.87x 32.61x S&P Issuer Ratings

25.06.2008 BBB STABLE 07.11.2011 A-2 6.90 -0.50 1.49 1.60 45.7% 31.0% 0.29 0.39 71.48 12.06 175.98 -92.60

Sales/Revenue/Turnover

9.00

10'000.0

8.00

9'000.0

7.00

8'000.0 7'000.0

6.00

6'000.0

5.00 4.00

5'000.0 4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 8'851.9 1.74x 5'724.6 2.69x 3'318.8 5.27x

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

Talisman Energy Inc Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK CI INVESTMENTS INC JARISLOWSKY FRASER L ROYAL BANK OF CANADA NWQ INVESTMENT MANAG CAISSE DE DEPOT ET P LETKO BROSSEAU & ASS ALTRINSIC GLOBAL ADV BEUTEL GOODMAN & COM BMO FINANCIAL CORP FMR LLC CIBC GLOBAL ASSET MA T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I TORONTO DOMINION BAN TD ASSET MANAGEMENT IA CLARINGTON INVEST OMERS ADMINISTRATION SCHEER ROWLETT & ASS

Firm Name BMO Capital Markets Cormark Securities Inc. Sanford C. Bernstein & Co FirstEnergy Capital Corp Credit Suisse Edward Jones Canaccord Genuity Corp Societe Generale Tudor Pickering & Co Peters & Co Ltd GMP Scotia Capital Goldman Sachs RBC Capital Markets Macquarie TD Securities Veritas Investment Research Co Barclays Deutsche Bank JPMorgan Global Hunter Securities Raymond James EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios JARISLOWSKY FRASER L n/a NWQ INVESTMENT MANAG CAISSE DE DEPOT ET P LETKO BROSSEAU & ASS ALTRINSIC GLOBAL ADV BEUTEL, GOODMAN & CO BMO FINANCIAL CORP n/a CIBC GLOBAL ASSET MA T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I TORONTO DOMINION BAN TD ASSET MANAGEMENT Multiple Portfolios OMERS ADMINISTRATION SCHEER ROWLETT & ASS

Analyst RANDY J OLLENBERGER TODD KEPLER BOB BRACKETT MICHAEL P DUNN JASON FREW LANNY PENDILL PHILIP R SKOLNICK JOHN HERRLIN MATTHEW PORTILLO JEFF MARTIN RYAN SAVAGE MARK POLAK BRIAN SINGER GREG M PARDY CHRIS FELTIN MENNO HULSHOF PAWEL RAJSZEL THOMAS R DRISCOLL STEPHEN RICHARDSON KATHERINE LUCAS MINYARD JOHN MALONE RAFI KHOURI CRAIG STERLING

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

Recommendation market perform buy outperform market perform outperform buy buy hold buy sector perform hold sector perform neutral/attractive outperform neutral hold buy equalweight hold neutral neutral Under Review hold

Amt Held 81'316'114 56'906'785 37'955'031 37'575'085 35'956'027 35'924'850 31'599'551 28'769'529 21'851'435 19'385'051 18'479'619 17'627'751 16'502'141 16'318'000 14'491'885 13'133'575 12'615'222 11'990'693 11'609'100 11'060'756

% Out 7.86 5.5 3.67 3.63 3.48 3.47 3.05 2.78 2.11 1.87 1.79 1.7 1.6 1.58 1.4 1.27 1.22 1.16 1.12 1.07

Weighting

Change

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

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

Latest Chg 10'768'293 (4'332'615) (1'872'039) 3'765'651 (1'793'734) 6'594'700 1'985'790 139'190 472'020 401'565 2'594'229 1'216'369 3'235'300 130'743 138'576 1'275'749 635'900 2'611'700 (62'800)

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

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

File Dt Inst Type 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 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 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor

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

Date 07.07.2013 05.07.2013 03.07.2013 02.07.2013 28.06.2013 28.06.2013 27.06.2013 13.06.2013 11.06.2013 04.06.2013 30.05.2013 08.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 23.04.2013 18.04.2013 15.01.2013

08.07.2013

EQT Corp EQT Corporation is an integrated energy company with emphasis on Appalachian area natural-gas supply, transmission and distribution. The Company, through its subsidiaries, offer natural gas products to wholesale and retail customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (12.07.2012) 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 EQT US EQUITY YTD Change EQT US EQUITY YTD % CHANGE

12/2012 03/yy 84.00 52.20 319'111.00 81.94 -2.38% 56.97% 87.23% 150.4 12'326.66 2'526.17 0.0 285.0 182.06 14'961.10

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

4.5 M

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

31.12.2009 31.12.2010 1'269.8 1'374.4 6.07x 6.32x 552.9 740.8 13.94x 11.73x 156.9 227.7 36.51x 28.56x Profitability

LTM-4Q 31.12.2011 1'639.9 6.16x 997.7 10.13x 479.8 31.07x

31.12.2012 1'641.6 6.99x 969.6 11.84x 183.4 2460.68x

969.65 470.53 28.66% 18.38% 2.40% 5.76% 5.52% 0.20% 41.2% 60.4% 29.5% 11.2% 1.49 0.68 28.54% 70.10% 9.97 19.06

Price/ Cash Flow

03/yy 1'678.9 23.07x 981.4 9.38x 429.5 23.31x

s-12

o-12

n-12

d-12

LTM 03/yy 1'750.3 26.14x 1'057.7 12.13x 211.6 90.99x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

1.13 137.76 3.00 53.18% 39.05% 1.132 19 4.053 1'431'185 1'243'781 1'480'934 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'891.1 2'265.0 441.7 455.3 7.97x 6.62x 34.29x 33.32x 1'373.7 1'731.1 340.2 347.8 10.83x 8.59x 9.56x 8.95x 382.0 514.5 84.6 83.4 33.39x 25.50x 31.52x 28.62x S&P Issuer Ratings

25.02.2009 BBB STABLE 01.11.2011 A-2 4.84 -2.14 2.22 2.37 70.1% 39.4% 0.20 0.24 36.59 19.15 86.44 -28.68

Sales/Revenue/Turnover

16.00

1'800.0

14.00

1'600.0

12.00

1'400.0 1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 1'576.5 3.78x 593.8 10.04x 255.6 16.37x

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

EQT Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET WELLINGTON MANAGEMEN SAC CAPITAL ADVISORS RS INVESTMENT MANAGE SOROS FUND MANAGEMEN SUN LIFE FINANCIAL I JP MORGAN POINTSTATE CAPITAL WESTWOOD MANAGEMENT JANUS CAPITAL MANAGE BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD CITADEL ADVISORS LLC NORGES BANK GERBER MURRY S

Firm Name BMO Capital Markets Brean Capital LLC Edward Jones ISI Group US Capital Advisors Societe Generale SunTrust Robinson Humphrey Howard Weil Inc Deutsche Bank Wells Fargo Securities, LLC Barclays JPMorgan RBC Capital Markets Ladenburg Thalmann & Co Stifel BNP Paribas Equity Research EVA Dimensions Spin-Off Research Tudor Pickering & Co

Portfolio Name T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN SAC CAPITAL ADVISORS RS INVESTMENT MANAGE SOROS FUND MANAGEMEN n/a n/a POINTSTATE CAPITAL L WESTWOOD MANAGEMENT n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a CITADEL ADVISORS LLC NORGES BANK n/a

Analyst PHILLIP JUNGWIRTH RAYMOND DEACON BRIAN YOUNGBERG JONATHAN WOLFF REBECCA G FOLLOWILL BOB PARIJA NEAL DINGMANN HOLLY STEWART STEPHEN RICHARDSON GORDON DOUTHAT RICHARD GROSS JOSEPH D ALLMAN SCOTT HANOLD MICHAEL SCHMITZ AMIR ARIF DANIEL BRAZILLER CRAIG STERLING TEAM COVERAGE DAVID M HEIKKINEN

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

Recommendation outperform buy hold strong buy buy hold neutral sector outperform buy market perform overweight overweight outperform buy hold suspended coverage underweight hold suspended coverage

Amt Held 15'207'751 10'415'763 9'243'703 6'863'923 6'382'631 4'599'369 4'261'671 3'428'626 3'085'411 2'963'898 2'638'777 2'253'600 2'131'291 1'973'400 1'939'232 1'925'804 1'591'618 1'462'968 1'121'388 1'115'832

% Out 10.11 6.92 6.14 4.56 4.24 3.06 2.83 2.28 2.05 1.97 1.75 1.5 1.42 1.31 1.29 1.28 1.06 0.97 0.75 0.74

Weighting

Change

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

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

Latest Chg 2'321'710 204'401 (1'636'849) 234'595 1'627'755 2'863'547 395'831 1'013'332 (126'020) (266'130) 561'700 (73'734) 1'422'800 46'730 92'776 134'994 46'243 (38'690)

Target Price 110 102 #N/A N/A 94 90 85 64 100 110 #N/A N/A 95 85 77 84 #N/A N/A #N/A N/A #N/A N/A 59 #N/A N/A

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.12.2012 17.11.2011

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

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

Date 07.07.2013 02.07.2013 26.06.2013 23.06.2013 18.06.2013 14.06.2013 10.06.2013 06.06.2013 31.05.2013 31.05.2013 06.05.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 27.03.2013 15.01.2013 26.10.2012 19.05.2010

08.07.2013

Santos Ltd Santos Limited explores for and produces natural gas, crude oil, condensate, naphtha and liquid petroleum gas. The Company conducts major onshore and offshore petroleum exploration activities at oil and gas fields in Australia (Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and Papua New Guinea. The Company also transports crude oil by pipeline.

Price/Volume 16

8.0 M

10 8

12/2012 01/yy 13.54 10.04 5'459'929.00 13.41 -0.96% 33.57% 90.86% 967.6 12'975.64 3'704.00 0.0 (5.0) 2'151.00 14'523.64

6.0 M

4.0 M

4 2.0 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 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 (11.03.2013) 52-Week Low (18.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STO AU EQUITY YTD Change STO AU EQUITY YTD % CHANGE

31.12.2008 2'761.8 3.69x 1'737.8 5.86x 1'650.1 5.45x

12.0 M

31.12.2009 31.12.2010 2'181.0 2'228.0 5.15x 4.64x 1'151.0 1'194.0 9.76x 8.66x 434.0 500.0 27.04x 21.99x Profitability

31.12.2011 2'721.0 4.22x 1'406.0 8.17x 753.0 14.43x

31.12.2012 3'220.0 3.79x 1'689.0 7.23x 519.0 20.40x

1'689.00 916.00 28.45% 28.42% 3.16% 5.66% 4.16% 0.20% 35.1% 52.5% 28.4% 16.1% 2.49 1.91 21.74% 39.53% 9.66 6.92

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.24 1.19 967.36 4.46 28.50% 22.18% 1.194 15 4.200 4'542'060 4'006'772 3'615'789 FY+2

12/13 Y 12/14 Y 3'507.8 3'915.3 4.95x 4.72x 1'882.4 2'184.3 7.72x 6.65x 583.2 659.6 22.39x 20.23x S&P Issuer Ratings

FQ+1

FQ+2

15.05.2013 BBB+ NEG 12.01.2011 A-2 8.57 -7.14 0.92 2.19 39.5% 28.3% 0.20 0.27 37.91 52.91 133.36 -42.54

Sales/Revenue/Turnover

12.00

3'500.0

10.00

3'000.0 2'500.0

8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

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

Santos Ltd Holdings By:

All

Holder Name EM INDUSTRIES INCORP VANGUARD GROUP INC BLACKROCK NORGES BANK T ROWE PRICE ASSOCIA AUSTRALIAN FOUNDATIO MORGAN STANLEY VANGUARD INVESTMENTS BANK OF NEW YORK MEL ARGO INVESTMENTS LTD MACQUARIE GROUP NEW JERSEY DIVISION DJERRIWARRH INVESTME CREDIT SUISSE ASSET DAIWA SB INVESTMENTS MILTON CORP LTD MELLON GLOBAL MANAGE CAISSE DE DEPOT ET P FMR LLC DIMENSIONAL FUND ADV

Firm Name Deutsche Bank Nomura Credit Suisse Goldman Sachs JPMorgan Macquarie EVA Dimensions Sanford C. Bernstein & Co Morgan Stanley Commonwealth Bank RBC Capital Markets Shaw Stockbroking CIMB

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

Analyst JOHN HIRJEE RICHARD J JOHNSON PAUL MCTAGGART MARK WISEMAN BENJAMIN X. WILSON ADRIAN WOOD DOUG WALTERS NEIL BEVERIDGE STUART BAKER LUKE SMITH ANDREW WILLIAMS VINCENT PISANI MARK SAMTER

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

Recommendation buy suspended coverage neutral Buy/Neutral overweight outperform hold market perform Overwt/Attractive overweight underperform buy neutral

Amt Held 28'425'292 9'859'698 9'828'447 8'627'280 7'856'989 7'788'000 5'655'593 5'027'889 4'619'261 3'648'136 3'197'182 2'200'000 1'810'000 1'484'875 1'458'700 1'407'057 1'234'364 1'191'750 1'036'477 1'007'038

% Out 2.94 1.02 1.02 0.89 0.81 0.8 0.58 0.52 0.48 0.38 0.33 0.23 0.19 0.15 0.15 0.15 0.13 0.12 0.11 0.1

Weighting

Change

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

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

Latest Chg 368'333 23'253 1'440'698 55'517 146'425 (726'475) (1'180'080) (2'172'657) (250'000) 8'575 26'367

Target Price 15 #N/A N/A 14 16 17 17 #N/A N/A 13 15 14 14 15 14

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

File Dt Inst Type 02.03.2012 Unclassified 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 29.06.2012 Investment Advisor 31.03.2013 Investment Advisor 30.09.2012 Investment Advisor 05.07.2013 Investment Advisor 30.06.2011 Investment Advisor 28.02.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2011 Investment Advisor 29.04.2013 Investment Advisor 24.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 29.03.2013 Investment Advisor

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

Date 05.07.2013 05.07.2013 04.07.2013 25.06.2013 20.06.2013 17.06.2013 06.06.2013 05.06.2013 24.05.2013 01.05.2013 19.04.2013 19.04.2013 11.03.2013

08.07.2013

Ecopetrol SA Ecopetrol SA is an integrated oil company. The Company owns interests in oil producing fields in the central area, south, west and north of Colombia as well as refineries, ports for fuel exports and imports on both coasts and the transportation network of pipelines and polyducts throughout the Colombian territory.

Price/Volume 70

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EC US EQUITY YTD Change EC US EQUITY YTD % CHANGE

12/2012 03/yy 63.60 39.72 37'238.00 42.13 -33.87% 6.07% 9.04% 2'055.8 86'612.33 15'977'669.00 0.0 2'602'167.0 9'312'249.00 -

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

1.20 1.00

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 33'896'669.0 2.24x 14'155'420.0 5.36x 11'629'677.0 -

31.12.2009 31.12.2010 30'404'390.0 41'968'311.0 3.41x 4.08x 11'265'800.0 17'103'936.0 9.20x 10.01x 5'132'054.0 8'146'471.0 Profitability

LTM-4Q 31.12.2011 65'967'514.0 2.71x 30'720'740.0 5.83x 15'452'334.0 -

LTM

FY+1

0.83 8.25 -19.74% -25.02% 0.831 14 2.714 490'300 520'881 607'046 FY+2

FQ+1

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 68'852'002.0 ######### ######### ######### ######### ######### 3.40x 10.34x 13.01x 2.82x 2.85x 12.17x 29'521'039.0 ######### ######### ######### ######### ######### 7.92x 7.00x 7.68x 14'778'947.0 ######### ######### ######### ######### ######### 0.00x 0.00x 12.18x 11.79x 11.81x S&P Issuer Ratings 29'521'039.00 Long-Term Rating Date 24'206'290.00 Long-Term Rating 35.16% Long-Term Outlook 32.43% Short-Term Rating Date 12.84% Short-Term Rating 27.04% Credit Ratios 22.25% EBITDA/Interest Exp. 0.62% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 41.1% Total Debt/EBITDA 41.7% Reference 33.7% Total Debt/Equity 21.5% Total Debt/Capital Asset Turnover 0.99 Net Fixed Asset Turnover 0.63 Accounts receivable turnover-days 14.03% Inventory Days 24.68% Accounts Payable Turnover Day 12.99 Cash Conversion Cycle 12.08

FQ+2 09/13 Q3 ######### ######### ######### 11.76x 24.04.2013 BBB STABLE 175.84 117.15 0.22 0.51 24.7% 19.2% 0.62 1.96 28.10 30.21 185.06 -18.85

Sales/Revenue/Turnover

80'000'000.0 70'000'000.0 60'000'000.0

0.80 0.60

50'000'000.0 40'000'000.0 30'000'000.0

0.40 0.20

20'000'000.0 10'000'000.0 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 |

08.07.2013

Ecopetrol SA Holdings By:

All

Holder Name VANGUARD GROUP INC VONTOBEL ASSET MANAG SCHRODER INVESTMENT BLACKROCK FISHER INVESTMENTS I CREDIT SUISSE AG STATE STREET SCOUT INVESTMENT ADV FMR LLC UMB BANK N A VONTOBEL ASSET MANAG NEUBERGER BERMAN LLC DIMENSIONAL FUND ADV HARDING LOEVNER LP FRANKLIN RESOURCES GLOBAL X MANAGEMENT ALLIANCE BERNSTEIN RENAISSANCE TECHNOLO APG ALL PENSIONS GRO FRANK RUSSELL TRUST

Firm Name Goldman Sachs Larrain Vial Corredores de Bolsa JPMorgan EVA Dimensions Morgan Stanley Itau BBA Securities Grupo Santander Tudor Pickering & Co Deutsche Bank RBC Capital Markets Banco BTG Pactual SA Corredores Asociados

Portfolio Name VANGUARD GROUP INC VONTOBEL ASSET MANAG SCHRODER INVESTMENT n/a FISHER INVESTMENTS n/a n/a SCOUT INVESTMENT ADV n/a Multiple Portfolios Multiple Portfolios NEUBERGER BERMAN GRO n/a HARDING LOEVNER LP n/a GLOBAL X MANAGEMENT n/a RENAISSANCE TECHNOLO APG ALL PENSIONS GRO FRANK RUSSELL COMPAN

Analyst FELIPE MATTAR JOHANNA CASTRO CASTRO CAIO M CARVALHAL DOUG WALTERS BRUNO MONTANARI PAULA KOVARSKY CHRISTIAN AUDI ANISH KAPADIA MARCUS SEQUEIRA NATHAN PIPER GUSTAVO GATTASS SEBASTIAN GALLEGO

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

Recommendation neutral/neutral hold neutral overweight Underwt/No Rating underperform hold sell hold sector perform neutral buy

Amt Held 3'683'562 3'617'522 2'734'350 2'233'905 2'080'965 1'689'085 1'093'947 1'010'190 1'006'900 989'775 984'367 965'866 864'552 720'725 676'978 560'304 546'723 541'800 493'273 452'326

% Out 0.18 0.18 0.13 0.11 0.1 0.08 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.02

Weighting

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

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

Latest Chg (16'094) (1'058'233) 69'800 (34'804) (1'073'454) 802'025 16'923 4'234 (115'420) 37'298 (268'830) 75'616 37'595 218'182 131'774 (6'380) (25'200) 137'543 20'501

Target Price 57 46 49 #N/A N/A 44 58 50 41 64 61 50 53

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 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.01.2013 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 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 19.06.2013 19.06.2013 11.06.2013 06.06.2013 03.06.2013 24.05.2013 15.05.2013 09.05.2013 07.05.2013 07.05.2013 05.05.2013 23.04.2013

08.07.2013

Murphy Oil Corp Murphy Oil Corporation is a worldwide oil and gas exploration and production company with refining and marketing operations in the United States and the United Kingdom. The Company also has exploration and production activities in countries that include United States, Canada, the United Kingdom, Malaysia, and Ecuador. Murphy Oil has retail operations as well in the United States.

Price/Volume 70

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

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (10.07.2012) 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 MUR US EQUITY YTD Change MUR US EQUITY YTD % CHANGE

12/2012 03/yy 66.28 46.35 315'753.00 62.08 -6.47% 33.93% 76.46% 191.0 11'855.65 2'245.25 0.0 0.0 1'062.92 13'030.36

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

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 27'360.6 0.31x 3'526.3 2.38x 1'740.0 5.14x

31.12.2009 31.12.2010 18'918.2 20'225.8 0.56x 0.70x 2'241.3 2'694.7 4.74x 5.26x 837.6 798.1 17.34x 18.25x Profitability

LTM-4Q 31.12.2011 27'582.4 0.38x 2'969.0 3.49x 872.7 11.58x

31.12.2012 28'616.3 0.44x 3'304.1 3.79x 970.9 9.63x

3'304.11 1'928.53 6.74% 5.67% 6.37% 11.41% 9.87% 1.73% 9.3% 11.8% 6.7% 3.4% 1.21 0.86 12.81% 25.11% 17.93 39.69

Price/ Cash Flow

LTM

03/yy 28'326.9 1.46x 3'121.7 3.23x 893.9 10.79x

03/yy 28'347.3 1.61x 3'333.4 4.00x 1'041.4 10.90x

FY+1

5.98 1.32 180.91 8.71 32.00% 5.30% 1.316 17 3.824 1'259'936 1'509'878 1'560'624 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 27'361.9 24'036.1 7'251.3 6'109.8 0.55x 0.63x 1.95x 2.38x 3'625.8 4'231.3 959.2 868.8 3.59x 3.07x 3.51x 3.46x 1'068.4 1'307.3 292.0 266.0 11.06x 9.46x 10.43x 10.08x S&P Issuer Ratings

28.02.2012 BBB STABLE 61.07 -6.85 0.35 0.75 25.1% 20.1% 1.73 2.33 20.35 9.20 39.51 -1.55

Sales/Revenue/Turnover

6.00

35'000.0

5.00

30'000.0 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 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

Murphy Oil Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC SOUTHEASTERN ASSET M BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET BANCORPSOUTH INC INVESCO LTD MURPHY ROBERT MADISO FRANKLIN RESOURCES AJO, LP HOTCHKIS & WILEY CAP LSV ASSET MANAGEMENT NORTHERN TRUST CORPO DEMING CLAIBORNE P THIRD POINT LLC BANK OF NEW YORK MEL PANAGORA ASSET MANAG ORBIS HOLDINGS LIMIT

Firm Name Barclays Oppenheimer & Co Howard Weil Inc Societe Generale Brean Capital LLC Cowen and Company RBC Capital Markets Spin-Off Research Raymond James JPMorgan Simmons & Company International Wells Fargo Securities, LLC Deutsche Bank Morgan Stanley Goldman Sachs EVA Dimensions

Portfolio Name T ROWE PRICE ASSOCIA n/a SOUTHEASTERN ASSET M n/a VANGUARD GROUP INC n/a n/a BANCORPSOUTH INC n/a n/a n/a AJO, LP HOTCHKIS AND WILEY LSV ASSET MANAGEMENT NORTHERN TRUST CORPO n/a THIRD POINT LLC BANK OF NEW YORK MEL PANAGORA ASSET MANAG ORBIS HOLDINGS LIMIT

Analyst PAUL Y CHENG FADEL GHEIT BLAKE FERNANDEZ JOHN HERRLIN RAYMOND DEACON ASIT SEN LEO P MARIANI TEAM COVERAGE PAVEL MOLCHANOV KATHERINE LUCAS MINYARD JEFFREY A DIETERT ROGER D READ PAUL SANKEY J EVAN CALIO ARJUN N MURTI CRAIG STERLING

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

Recommendation equalweight outperform sector perform hold buy market perform outperform buy market perform neutral overweight outperform hold Equalwt/Attractive neutral/attractive buy

Amt Held 12'269'617 11'220'261 10'481'403 10'247'672 9'743'669 9'308'000 8'680'505 5'556'431 5'412'718 4'876'260 4'602'902 3'421'090 3'030'600 2'760'986 2'746'489 2'598'516 2'500'000 2'036'914 1'934'871 1'872'256

% Out 6.42 5.88 5.49 5.37 5.1 4.87 4.55 2.91 2.83 2.55 2.41 1.79 1.59 1.45 1.44 1.36 1.31 1.07 1.01 0.98

Weighting

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

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

Latest Chg (2'035'428) 1'595'280 4'365'676 (795'622) 260'060 (1'000'000) 24'863 33'000 69'265 4'797 26'491 (247'100) (58'725) 838'050 23'242 30'000 (3'715'000) 12'027 1'253'971 (752'375)

Target Price 70 75 71 70 77 68 70 75 #N/A N/A 62 #N/A N/A #N/A N/A 68 63 69 #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 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Bank 05.07.2013 Investment Advisor 01.02.2013 n/a 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 10.05.2013 n/a 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.07.2013 21.06.2013 18.06.2013 13.06.2013 13.06.2013 10.06.2013 07.06.2013 31.05.2013 24.05.2013 22.05.2013 16.05.2013 09.05.2013 08.05.2013 08.05.2013 12.04.2013 15.01.2013

08.07.2013

Technip SA Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity. Technip builds offshore facilities for the petroleum industry. The Company operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 52-Week Low (19.04.2013) 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 TEC FP EQUITY YTD Change TEC FP EQUITY YTD % CHANGE

12/2012 03/yy 92.36 74.74 253'962.00 80.98 -12.39% 8.35% 38.65% 113.0 9'154.02 2'106.10 0.0 13.2 2'289.30 9'259.02

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

31.12.2009 31.12.2010 6'456.0 6'081.9 0.54x 1.00x 831.0 765.9 4.21x 7.97x 170.4 417.6 30.88x 17.63x Profitability

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

LTM-4Q 31.12.2011 6'813.0 1.07x 883.5 8.22x 507.3 15.48x

31.12.2012 8'203.9 1.15x 1'016.6 9.29x 539.7 17.69x

1'016.60 821.70 10.02% 9.12% 4.66% 14.12% 0.72% 18.9% 12.3% 9.8% 6.6% 0.97 0.66 18.19% 52.64% -

Price/ Cash Flow

03/yy 7'142.1 4.04x 909.2 10.01x 515.2 18.11x

s-12

o-12

n-12

d-12

LTM 03/yy 8'454.4 4.30x 1'038.8 8.80x 543.7 16.82x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.06 98.41 1.64% -4.80% 1.060 30 4.267 455'585 428'270 426'000 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'432.9 10'665.8 2'336.4 2'468.2 0.94x 0.79x 4.10x 3.80x 1'177.0 1'419.3 293.0 326.2 7.86x 6.52x 7.54x 7.11x 651.6 812.3 163.9 186.4 15.03x 12.13x 13.89x 12.71x S&P Issuer Ratings

27.05.2010 BBB+ STABLE 15.11.2001 A-2 20.92 10.56 0.09 2.19 52.6% 34.4% 0.72 1.49 -46.85

Sales/Revenue/Turnover

200.00

9'000.0

180.00

8'000.0

160.00

7'000.0

140.00

6'000.0

120.00

5'000.0

100.00

4'000.0

80.00

3'000.0

60.00

2'000.0

40.00

1'000.0

20.00 0.00 01.01.2010

2.5 M

Fiscal Year Ended 31.12.2008 7'481.4 0.09x 808.0 0.86x 448.0 5.11x

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

Technip SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK CAISSE DES DEPOTS ET BNP PARIBAS INV PART AMUNDI NORGES BANK INVESTME OPPENHEIMERFUNDS INC IFP ENERGIES NOUVELL TECHNIP SA CAUSEWAY CAPITAL MAN ALLIANCE BERNSTEIN VANGUARD GROUP INC NATIXIS AXA ALLIANZ ASSET MANAGE WILLIAM BLAIR & COMP NATIXIS ASSET MANAGE AMUNDI FMR LLC SKAGEN AS

Firm Name DNB Markets Raymond James AlphaValue BPI Natixis Nomura Oddo & Cie Fearnley Fonds CM - CIC Securities(ESN) RBC Capital Markets ABN Amro Bank N.V. Kepler Cheuvreux EVA Dimensions Morgan Stanley Day by Day Credit Suisse Societe Generale JPMorgan HSBC Macquarie Barclays Deutsche Bank S&P Capital IQ Main First Bank AG Exane BNP Paribas Liberum Capital Ltd Goldman Sachs RS Platou Markets Fox-Davies Capital

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

Analyst EIRIK RONOLD MATHISEN BERTRAND HODEE GAETAN DUPONT ALEXANDRE LEROY ALAIN PARENT CHRISTYAN MALEK JEAN-FRANCOIS GRANJON TRULS OLSEN JEAN-LUC ROMAIN KATHERINE TONKS MARK VAN DER GEEST GEOFFROY STERN DOUG WALTERS ROBERT PULLEYN VALERIE GASTALDY DAVID J THOMAS GUILLAUME DELABY ANDREW DOBBING PHILLIP LINDSAY DAVID FARRELL MICK PICKUP SEBASTIAN YOSHIDA CHRISTINE TISCARENO BERND POMREHN ALEJANDRO DEMICHELIS ANDREW WHITTOCK HENRY TARR GORAN ANDREASSEN PAUL SINGER

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

Recommendation buy outperform reduce buy buy neutral buy accumulate buy outperform hold buy underweight Overwt/In-Line hold outperform buy overweight overweight outperform overweight buy buy outperform neutral hold neutral/neutral buy hold

Amt Held 13'856'250 7'475'677 5'929'398 3'912'849 3'695'224 3'397'847 3'219'635 2'830'917 2'357'211 2'350'626 2'058'959 1'944'940 1'688'544 1'619'347 1'113'111 977'558 706'308 603'839 567'110 530'720

% Out 12.26 6.61 5.25 3.46 3.27 3.01 2.85 2.5 2.09 2.08 1.82 1.72 1.49 1.43 0.98 0.86 0.62 0.53 0.5 0.47

Weighting

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

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

Latest Chg 2'968'000 (109'930) (16'898) (6'642) 602'821 (272'917) 27'152 (9'691) 124'791 (6'324) -

Target Price 100 96 82 99 99 90 93 93 98 105 87 107 #N/A N/A 104 #N/A N/A 100 92 114 106 92 113 100 96 100 93 76 86 100 #N/A N/A

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

File Dt 31.03.2013 03.07.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.05.2013 31.03.2013 31.12.2012 31.12.2012 31.05.2013 31.03.2013 28.03.2013 28.02.2013 31.05.2013 31.05.2013

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

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

Date 08.07.2013 05.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 28.06.2013 28.06.2013 26.06.2013 19.06.2013 19.06.2013 17.06.2013 06.06.2013 30.05.2013 06.05.2013 30.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 27.03.2013 22.02.2013 02.08.2011

08.07.2013

Chesapeake Energy Corp Chesapeake Energy Corporation produces oil and natural gas. The Company's operations are focused on discovering, developing and acquiring conventional and unconventional natural gas reserves onshore in the United States.

Price/Volume 25

80.0 M 70.0 M

60.0 M 50.0 M

40.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (31.12.2012) 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 CHK US EQUITY YTD Change CHK US EQUITY YTD % CHANGE

12/2012 03/yy 22.97 16.23 1'846'423.00 21.17 -8.05% 30.44% 71.37% 666.5 14'108.98 12'620.00 3'062.0 2'327.0 287.00 32'900.98

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

20.0 M 10.0 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 31.12.2008 10'832.0 2.07x 5'634.0 3.98x 604.0 4.59x

30.0 M

31.12.2009 31.12.2010 7'702.0 9'366.0 3.91x 3.48x 3'872.0 4'303.0 7.78x 7.57x (5'830.0) 1'774.0 9.29x 8.97x Profitability

LTM-4Q 31.12.2011 11'635.0 2.52x 4'453.0 6.60x 1'742.0 7.83x

31.12.2012 12'316.0 2.34x 4'505.0 6.38x (769.0) 37.50x

4'505.00 1'694.00 13.75% -7.91% -1.55% -6.54% 0.30% 61.3% 36.3% 14.1% -6.2% 0.47 0.40 30.33% 100.90% 5.35 -

Price/ Cash Flow

LTM

03/yy 12'441.0 10.20x 4'909.0 6.81x 1'876.0 10.30x

03/yy 13'322.0 9.48x 4'832.0 6.71x (682.0) 25.32x

FY+1

1.24 1.40 595.32 72.40 7.61% 28.59% 1.398 34 3.265 8'296'091 12'102'490 11'345'414 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 11'962.0 12'295.0 2'923.9 2'881.1 2.97x 2.98x 11.97x 12.05x 5'086.5 5'885.8 1'301.5 1'313.9 6.46x 5.58x 6.08x 5.95x 1'042.9 1'440.5 282.6 278.3 14.14x 10.54x 13.20x 12.97x S&P Issuer Ratings

15.05.2012 BBNEG 11.12.2007 NR 4.26 -9.68 2.78 2.78 100.9% 41.4% 0.30 0.34 68.19 176.43 -

Sales/Revenue/Turnover

6.00

14'000.0

5.00

12'000.0 10'000.0

4.00

8'000.0 3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 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

Chesapeake Energy Corp Holdings By:

All

Holder Name SOUTHEASTERN ASSET M ICAHN ASSOCIATES COR ICAHN ASSOCIATES COR BLACKROCK VANGUARD GROUP INC STATE STREET FRANKLIN RESOURCES BANK OF AMERICA CORP WELLINGTON MANAGEMEN FAIRHOLME CAPITAL MA BRANDES INVESTMENT P OLDFIELD PARTNERS LL CREDIT SUISSE AG NORTHERN TRUST CORPO POWER CORP OF CANADA JP MORGAN DIMENSIONAL FUND ADV BANK OF NEW YORK MEL CORTLAND ADVISERS LL NORGES BANK

Firm Name BMO Capital Markets Wunderlich Securities Brean Capital LLC Howard Weil Inc Sanford C. Bernstein & Co Raymond James Johnson Rice & Co Macquarie Sterne, Agee & Leach Wells Fargo Securities, LLC Global Hunter Securities Jefferies Capital One Southcoast, Inc. Susquehanna Financial Group Argus Research Corp ISI Group Oppenheimer & Co Simmons & Company International Deutsche Bank Goldman Sachs Tudor Pickering & Co FBR Capital Markets JPMorgan Barclays Credit Suisse SunTrust Robinson Humphrey RBC Capital Markets Ladenburg Thalmann & Co Stifel Alembic Global Advisors CRT Capital Group EVA Dimensions

Portfolio Name SOUTHEASTERN ASSET M ICAHN ASSOCIATES COR n/a n/a VANGUARD GROUP INC n/a n/a BANK OF AMERICA WELLINGTON MANAGEMEN FAIRHOLME CAPITAL MA BRANDES INVESTMENT P OLDFIELD PARTNERS LL n/a NORTHERN TRUST CORPO n/a n/a n/a BANK OF NEW YORK MEL CORTLAND ADVISERS LL NORGES BANK

Analyst DAN MCSPIRIT JASON A WANGLER RAYMOND DEACON PETER KISSEL BOB BRACKETT JOHN FREEMAN CHARLES MEADE JOSEPH MAGNER TIM A REZVAN DAVID R TAMERON MICHAEL KELLY BIJU Z PERINCHERIL BRIAN T VELIE DUANE GRUBERT JONATHAN GELCIUS JONATHAN WOLFF FADEL GHEIT DAVID W KISTLER STEPHEN RICHARDSON BRIAN SINGER MATTHEW PORTILLO REHAN RASHID JOSEPH D ALLMAN JEFFREY W ROBERTSON ARUN JAYARAM NEAL DINGMANN SCOTT HANOLD MICHAEL SCHMITZ AMIR ARIF JAMES J SULLIVAN DAVID EPSTEIN CRAIG STERLING

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

Recommendation market perform buy hold sector outperform market perform market perform equalweight neutral underperform market perform buy buy add Positive hold cautious outperform neutral hold neutral/attractive trim market perform neutral equalweight neutral neutral sector perform neutral buy neutral not rated underweight

Amt Held 89'428'818 59'698'689 59'698'689 30'204'965 26'435'316 24'249'027 22'636'667 18'010'456 16'910'888 13'373'700 12'049'061 11'776'611 7'727'733 7'441'807 7'093'161 6'551'741 6'453'883 6'038'383 4'868'900 4'503'302

% Out 13.42 8.96 8.96 4.53 3.97 3.64 3.4 2.7 2.54 2.01 1.81 1.77 1.16 1.12 1.06 0.98 0.97 0.91 0.73 0.68

Weighting

Change

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

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

Latest Chg 3'947'487 1'102'822 779'095 (630'068) (2'770'565) 1'934'177 (6'870'145) 13'373'700 (691'831) 2'636'211 5'186'833 191'384 2'035'279 3'662'140 208'690 (756'116) -

Target Price 22 30 #N/A N/A 23 23 #N/A N/A #N/A N/A 19 20 #N/A N/A 27 26 24 26 #N/A N/A 15 24 18 24 26 20 25 20 23 22 19 21 20 25 19 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 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 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 Holding Company 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government

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

Date 07.07.2013 05.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 27.06.2013 26.06.2013 23.06.2013 21.06.2013 11.06.2013 04.06.2013 30.05.2013 28.05.2013 23.05.2013 15.05.2013 07.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 16.04.2013 18.03.2013 15.01.2013

08.07.2013

Imperial Oil Ltd Imperial Oil Ltd. produces and refines natural gas and petroleum products and manufactures petrochemicals. The Company's oil and gas operations are concentrated in Canada.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (23.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMO CN EQUITY YTD Change IMO CN EQUITY YTD % CHANGE

12/2012 03/yy 48.32 38.58 101'293.00 41.64 -13.82% 7.93% 27.52% 847.6 35'294.02 1'647.00 0.0 0.0 482.00 38'899.02

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

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 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 29'928.0 1.12x 5'665.0 5.89x 3'878.0 9.92x

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

31.12.2009 31.12.2010 20'024.0 23'630.0 1.70x 1.48x 2'880.0 3'562.0 11.84x 9.80x 1'579.0 2'210.0 22.59x 16.23x Profitability

LTM-4Q 31.12.2011 29'154.0 1.32x 4'933.0 7.80x 3'371.0 12.04x

31.12.2012 29'715.0 1.26x 5'618.0 6.66x 3'766.0 9.85x

5'618.00 4'857.00 16.35% 16.80% 11.90% 22.79% 1.01% 20.3% 17.7% 15.2% 12.7% 0.69 0.42 5.61% 10.06% 13.80 17.10

Price/ Cash Flow

LTM

03/yy 29'795.0 4.97x 5'216.0 7.40x 3'605.0 11.11x

03/yy 30'210.0 5.03x 5'355.0 7.25x 3'549.0 10.10x

FY+1

1.15 1.07 257.43 11.46 -1.60% -1.99% 1.072 16 3.500 1'301'541 1'169'974 1'162'816 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 34'033.4 36'239.2 8'698.0 9'143.7 1.20x 1.14x 4.58x 4.33x 5'419.6 5'973.8 1'298.0 1'300.0 7.18x 6.51x 7.33x 7.39x 3'440.0 3'754.1 813.3 813.0 10.12x 9.44x 9.80x 9.67x S&P Issuer Ratings

29.07.2002 AAA STABLE 24.07.1989 A-1+ 0.67 0.73 10.1% 9.1% 1.01 1.28 26.45 21.35 67.86 -23.31

Sales/Revenue/Turnover

25.00

35'000.0 30'000.0

20.00

25'000.0 15.00

20'000.0 15'000.0

10.00

10'000.0 5.00

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 |

08.07.2013

Imperial Oil Ltd Holdings By:

All

Holder Name EXXON MOBIL CORP ROYAL BANK OF CANADA ARTISAN PARTNERS HOL FMR LLC TD ASSET MANAGEMENT MANUFACTURERS LIFE I BMO FINANCIAL CORP AMERICAN CENTURY COM WELLINGTON MANAGEMEN BLACKROCK JARISLOWSKY FRASER L TORONTO DOMINION BAN HARDING LOEVNER LP CIBC WORLD MARKETS I CI INVESTMENTS INC GREAT WEST LIFE ASSU NORGES BANK MANULIFE ASSET MANAG TROY ASSET MANAGEMEN POWER CORP OF CANADA

Firm Name Barclays BMO Capital Markets Alta Corp Capital Inc. Credit Suisse Canaccord Genuity Corp FirstEnergy Capital Corp Edward Jones RBC Capital Markets Scotia Capital TD Securities Peters & Co Ltd EVA Dimensions Macquarie Raymond James Veritas Investment Research Co

Portfolio Name n/a n/a ARTISAN PARTNERS LP n/a TD ASSET MANAGEMENT MANUFACTURERS LIFE I BMO FINANCIAL CORP AMERICAN CENTURY COM WELLINGTON MANAGEMEN n/a JARISLOWSKY FRASER L TORONTO DOMINION BAN HARDING LOEVNER LP CIBC WORLD MARKETS I Multiple Portfolios GREAT WEST LIFE ASSU NORGES BANK Multiple Portfolios Multiple Portfolios n/a

Analyst PAUL Y CHENG RANDY J OLLENBERGER CHRIS COX JASON FREW PHILIP R SKOLNICK MICHAEL P DUNN LANNY PENDILL GREG M PARDY MARK POLAK MENNO HULSHOF JEFF MARTIN DOUG WALTERS CHRIS FELTIN JUSTIN BOUCHARD SAM LA BELL

Source PROXY ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG MF-AGG ULT-AGG

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

Amt Held 589'928'303 13'772'209 11'961'374 8'136'438 7'430'713 6'470'706 5'458'213 5'119'739 5'040'932 4'995'609 3'931'294 3'885'169 3'747'128 3'608'142 3'118'769 2'830'184 2'772'908 2'633'732 2'623'100 2'327'824

% Out 69.6 1.62 1.41 0.96 0.88 0.76 0.64 0.6 0.59 0.59 0.46 0.46 0.44 0.43 0.37 0.33 0.33 0.31 0.31 0.27

Weighting

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

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

Latest Chg (1'071'936) 11'961'374 3'804'316 (102'817) (9'185) 253'484 1'001'844 (692'870) 153'491 (4'698'198) (71'614) 389'737 30'281 326'731 149'167 (231'198) 276'800 9'800

Target Price 55 47 43 50 47 49 #N/A N/A 48 46 51 45 #N/A N/A 47 48 49

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

File Dt 13.02.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 28.12.2012 31.03.2013

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

Inst Type Corporation Bank Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Government Investment Advisor Investment Advisor Holding Company

Date 08.07.2013 07.07.2013 03.07.2013 28.06.2013 27.06.2013 25.06.2013 19.06.2013 13.06.2013 13.06.2013 13.06.2013 12.06.2013 06.06.2013 04.06.2013 26.04.2013 26.04.2013

08.07.2013

Tenaris SA Tenaris S.A. manufactures seamless steel pipe products on a global basis. The Company also provides pipe handling, stocking, and distribution services to the oil and gas, energy, and mechanical industries. In addition, Tenaris supplies welded steel pipes for gas pipelines in South America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.07.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEN IM EQUITY YTD Change TEN IM EQUITY YTD % CHANGE

12/2012 03/yy 17.78 13.80 1'228'782.00 16.88 -5.01% 22.32% 70.10% 1'180.5 19'927.46 1'744.19 0.0 172.3 1'472.87 25'686.36

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 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 12'131.8 1.16x 3'560.8 3.94x 2'124.8 7.06x

31.12.2009 31.12.2010 8'149.3 7'711.6 3.15x 3.77x 2'318.5 2'080.4 11.08x 13.99x 1'161.6 1'127.4 21.37x 25.49x Profitability

LTM-4Q 31.12.2011 9'972.5 2.23x 2'449.1 9.06x 1'331.2 16.38x

31.12.2012 10'834.0 2.29x 2'924.3 8.47x 1'699.0 14.31x

2'924.26 2'356.61 21.75% 20.70% 10.52% 14.79% 12.98% 0.68% 38.7% 27.1% 21.5% 15.7% 2.47 1.25 10.93% 15.32% 5.40 2.32

Price/ Cash Flow

LTM

03/yy 10'265.9 8.60x 2'582.6 8.88x 1'455.6 15.38x

03/yy 10'895.0 8.69x 2'947.2 8.15x 1'680.0 14.28x

FY+1

0.85 463.52 22.22% 9.86% 0.847 11 2.364 3'111'318 1'951'069 2'057'882 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 11'105.3 11'871.3 2'783.0 2'736.0 2.26x 2.06x 2'908.3 3'161.8 717.0 754.0 8.83x 8.13x 1'733.1 1'911.9 14.91x 13.56x S&P Issuer Ratings

52.68 38.46 -0.04 0.55 15.3% 13.1% 0.68 2.51 67.57 157.53 47.07 178.86

Sales/Revenue/Turnover

50.00

14'000.0

45.00

12'000.0

40.00 35.00

10'000.0

30.00

8'000.0

25.00

6'000.0

20.00

4'000.0

15.00 10.00

2'000.0

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 |

08.07.2013

Tenaris SA Holdings By:

All

Holder Name SAN FAUSTIN NV ABERDEEN BLACKROCK VANGUARD GROUP INC COMGEST S A AMUNDI HINOJOSA GUILLERMO VOGEL GUILLERMO ARCA SGR SPA FIDEURAM GESTIONS SA UNION INVESTMENT GMB STATE STREET CREDIT SUISSE ASSET CAISSE DE DEPOT ET P DNB NOR ASSET MANAGE TD ASSET MANAGEMENT WADDELL & REED FINAN FMR LLC AMUNDI INTERFUND ADVISORY C

Firm Name Banca Akros(ESN) Exane BNP Paribas AlphaValue Natixis Kepler Cheuvreux EVA Dimensions Credit Suisse Mediobanca SpA Equita SIM SpA Goldman Sachs Banca IMI Simmons & Company International

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

Analyst FRANCESCO SALA RAPHAEL VEVERKA FABRICE FARIGOULE JULIEN LAURENT GEOFFROY STERN DOUG WALTERS MICHAEL SHILLAKER ANDREA SCAURI ROBERTO LETIZIA HENRY TARR BRUNO PERMUTTI STEPHEN WILLIAMS

Source 20F ULT-AGG ULT-AGG MF-AGG MF-PART MF-AGG 20F 20F MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation reduce neutral reduce neutral reduce overweight underperform underperform hold Sell/Neutral hold overweight

Amt Held 713'605'187 59'184'400 6'357'904 4'574'741 3'874'938 2'704'540 1'915'446 1'325'446 1'256'452 920'914 735'000 640'059 635'328 582'661 548'697 504'066 484'410 467'843 444'886 412'739

% Out 60.45 5.01 0.54 0.39 0.33 0.23 0.16 0.11 0.11 0.08 0.06 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.03

Weighting

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

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

Latest Chg 28'832 312'395 3'874'938 1'920'925 18'028 13'000 20'000 (5'429) (15'375) (31'904) (274'960) 5'149 58'379 55'000

Target Price 16 17 16 15 16 #N/A N/A 15 14 16 15 16 #N/A N/A

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

File Dt 31.03.2012 31.03.2012 03.07.2013 31.03.2013 31.05.2013 28.02.2013 30.04.2008 31.03.2012 28.03.2013 01.07.2013 28.09.2012 05.07.2013 29.04.2013 31.12.2012 27.03.2013 31.12.2012 31.03.2013 31.05.2013 28.02.2013 01.07.2013

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

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

Date 04.07.2013 04.07.2013 04.07.2013 02.07.2013 17.06.2013 06.06.2013 24.05.2013 17.05.2013 03.05.2013 02.05.2013 30.04.2013 13.01.2010

08.07.2013

Noble Corp Noble Corporation provides diversified services for the oil and gas industry. The Company provides contract drilling services with its fleet of offshore drilling units located in markets worldwide. Noble also provides labor contract drilling services, well site and project management services, and engineering services.

Price/Volume 45

12.0 M

10.0 M

35 30

8.0 M

12/2012 03/yy 42.34 31.98 390'698.00 39.24 -7.44% 22.70% 63.90% 253.3 9'938.47 4'634.38 0.0 765.1 282.09 15'350.91

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

31.12.2009 31.12.2010 3'640.8 2'807.2 2.93x 4.25x 2'449.9 1'455.9 4.36x 8.20x 1'678.6 773.4 6.28x 11.84x Profitability

2.0 M

5 0 j-12

.0 M a-12

LTM-4Q 31.12.2011 2'695.8 4.52x 1'127.9 10.80x 370.9 21.43x

31.12.2012 3'547.0 3.93x 1'529.6 9.11x 522.3 17.24x

1'529.55 770.93 21.73% 19.83% 3.84% 7.14% 5.29% 0.26% 24.6% 44.3% 23.0% 14.7% 0.84 0.66 31.73% 60.01% 4.57 -

Price/ Cash Flow

03/yy 2'914.6 18.02x 1'219.5 11.83x 436.6 22.99x

s-12

o-12

n-12

d-12

LTM 03/yy 3'720.3 15.17x 1'649.0 9.16x 552.2 17.83x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.35 1.30 251.57 4.92 20.09% 13.46% 1.299 43 4.256 2'017'144 2'489'039 3'234'598 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'288.1 5'344.3 1'016.4 1'091.0 3.85x 3.10x 15.56x 14.81x 1'947.7 2'661.6 438.8 496.3 7.87x 5.76x 7.09x 6.51x 722.4 1'163.6 147.6 186.4 14.04x 8.64x 12.02x 10.31x S&P Issuer Ratings

08.12.2011 BBB+ STABLE 19.09.2012 A-2 6.90 -1.18 2.81 2.94 60.0% 35.3% 0.26 0.29 79.79 46.55 -

Sales/Revenue/Turnover

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 3'446.5 1.80x 2'238.6 2.77x 1'561.0 3.82x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NE US EQUITY YTD Change NE US 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 |

08.07.2013

Noble Corp Holdings By:

All

Holder Name FIR TREE INCORPORATE FRANKLIN RESOURCES FMR LLC WENTWORTH HAUSER AND BLACKROCK VANGUARD GROUP INC STATE STREET ALTRINSIC GLOBAL ADV NORTHERN TRUST CORPO UBS T ROWE PRICE ASSOCIA ADAGE CAPITAL PARTNE FIR TREE INCORPORATE SANDERS CAPITAL LLC VALINOR MANAGEMENT L VAN ECK ASSOCIATES C WELLS FARGO INVESCO LTD POWER CORP OF CANADA OMERS ADMINISTRATION

Firm Name Fearnley Fonds RBC Capital Markets JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group Johnson Rice & Co Cowen and Company Barclays Iberia Capital Partners LLC Susquehanna Financial Group DNB Markets Swedbank First Securities Wells Fargo Securities, LLC Guggenheim Securities LLC Clarkson Capital Markets LLC Howard Weil Inc Capital One Southcoast, Inc. Stephens Inc Raymond James Global Hunter Securities Credit Suisse FBR Capital Markets Morgan Stanley Goldman Sachs Societe Generale Macquarie Deutsche Bank Nordea Equity Research Argus Research Corp Ameriprise Advisor Services, Inc Spin-Off Research RS Platou Markets S&P Capital IQ Tudor Pickering & Co Pareto Securities EVA Dimensions Arctic Securities ASA

Portfolio Name n/a n/a n/a WENTWORTH HAUSER AND n/a VANGUARD GROUP INC n/a ALTRINSIC GLOBAL ADV NORTHERN TRUST CORPO n/a T ROWE PRICE ASSOCIA ADAGE CAPITAL PARTNE FIR TREE INCORPORATE SANDERS CAPITAL LLC VALINOR MANAGEMENT L n/a n/a n/a n/a OMERS ADMINISTRATION

Analyst TRULS OLSEN KURT HALLEAD J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY DAVID C SMITH J B LOWE JAMES C WEST TREY STOLZ CHARLES P MINERVINO MARTIN HUSEBY KARLSEN BJORN THORESEN MATTHEW D CONLAN DARREN GACICIA HAITHUM NOKTA DAVID T WILSON LUKE M LEMOINE JOHN KELLER J MARSHALL ADKINS RYAN FITZGIBBON GREGORY LEWIS MEGAN REPINE OLE SLORER WAQAR SYED EDWARD C MUZTAFAGO NIGEL BROWNE MICHAEL W URBAN DAVID BHATTI JONATHAN GELCIUS LEZE THAQI TEAM COVERAGE ANDERS BERGLAND STEWART GLICKMAN BYRON POPE FRANK HARESTAD CRAIG STERLING KRISTOFFER RIIS IDEN

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

Recommendation reduce outperform neutral outperform outperform hold strong buy overweight outperform overweight outperform Positive hold neutral outperform buy market perform sector outperform add equalweight outperform buy outperform outperform Overwt/In-Line neutral/attractive buy outperform buy hold buy buy buy buy hold accumulate hold sell hold

Amt Held 21'000'000 17'498'165 13'155'482 13'045'131 11'726'064 11'243'450 9'097'293 6'717'548 5'594'039 5'272'376 4'946'587 4'655'473 4'641'000 4'459'596 4'103'361 3'814'414 2'930'944 2'886'024 2'759'000 2'590'000

% Out 8.29 6.91 5.19 5.15 4.63 4.44 3.59 2.65 2.21 2.08 1.95 1.84 1.83 1.76 1.62 1.51 1.16 1.14 1.09 1.02

Weighting

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

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

Latest Chg 16'359'000 1'107'010 (1'567'645) (1'771'671) (604'694) 325'446 (679'869) 36'019 185'057 797'437 681'010 (236'651) 4'641'000 277'063 177'565 230'024 1'960'465 (110'823) (1'046'000) 188'050

Target Price 41 40 43 52 45 41 45 #N/A N/A 48 57 50 44 40 44 #N/A N/A 48 42 45 51 42 52 56 55 50 50 49 45 43 42 39 50 #N/A N/A 40 44 41 #N/A N/A 41 #N/A N/A 40

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

File Dt 10.04.2013 30.04.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 30.04.2013 05.07.2013 31.03.2013 31.03.2013

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

Inst Type Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Holding Company Pension Fund (ERISA)

Date 08.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 24.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 17.06.2013 14.06.2013 11.06.2013 11.06.2013 09.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 06.06.2013 05.06.2013 30.05.2013 23.05.2013 07.05.2013 03.05.2013 02.05.2013 30.04.2013 19.04.2013 19.04.2013 19.04.2013 15.04.2013 15.02.2013 04.02.2013 25.01.2013 15.01.2013 19.10.2012

08.07.2013

Canadian Oil Sands Ltd Canadian Oil Sands Ltd. is an oil and and gas exploration and production company. The Company is focused on the Syncrude Project, and runs the day-to-day operations involving mining and upgrading bitumen from the Athabasca oil sands.

Price/Volume 25

18.0 M 16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COS CN EQUITY YTD Change COS CN EQUITY YTD % CHANGE

12/2012 03/yy 22.34 18.62 290'280.00 20.55 -7.97% 10.37% 46.77% 484.6 9'957.73 1'794.00 0.0 0.0 1'553.00 10'318.73

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

8.0 M 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 31.12.2008 4'543.0 2.45x 2'101.0 5.31x 1'523.0 5.89x

10.0 M

31.12.2009 31.12.2010 2'779.0 3'460.0 5.59x 4.04x 885.0 1'351.0 17.55x 10.34x 432.0 1'189.0 45.32x 11.11x Profitability

LTM-4Q 31.12.2011 4'182.0 2.80x 1'980.0 5.90x 1'144.0 9.73x

31.12.2012 3'905.0 2.57x 1'716.0 5.84x 981.0 10.14x

1'716.00 1'313.00 33.62% 33.27% 8.48% 18.76% 13.96% 0.39% 42.3% 42.1% 30.9% 25.1% 1.80 1.67 17.64% 39.73% 12.01 15.55

Price/ Cash Flow

03/yy 4'077.0 11.38x 1'974.0 5.22x 1'138.0 8.80x

LTM 03/yy 3'842.0 10.62x 1'617.0 6.50x 837.0 11.90x

FY+1

6.81 1.32 482.66 13.06 11.54% 5.35% 1.324 18 2.889 1'613'895 2'755'055 2'821'679 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'760.3 3'855.4 952.3 886.3 2.97x 3.00x 11.47x 12.62x 1'742.6 1'913.4 468.3 397.3 5.92x 5.39x 5.84x 5.88x 938.6 1'028.0 245.0 197.0 11.05x 10.91x 10.37x 10.19x S&P Issuer Ratings

19.12.2006 BBB STABLE 16.34 6.00 0.22 1.13 39.7% 28.4% 0.39 0.50 30.40 23.48 84.10 -24.68

Sales/Revenue/Turnover

25.00

5'000.0 4'500.0 4'000.0

20.00

3'500.0 15.00

3'000.0

10.00

2'500.0 2'000.0 1'500.0 1'000.0

5.00

500.0 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

Canadian Oil Sands Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES TD ASSET MANAGEMENT BLACKROCK DEUTSCHE BANK AG VANGUARD GROUP INC IA CLARINGTON INVEST NORGES BANK THORNBURG INVESTMENT ROYAL BANK OF CANADA MD MANAGEMENT LTD DWS INVESTMENT SA STATE STREET NEUBERGER BERMAN LLC COUTU MARCEL R POWER CORP OF CANADA IG INVESTMENT MANAGE SCHRODER INVESTMENT UBS INSTITUTIONAL FU CIBC GLOBAL ASSET MA CLARINGTON CAPITAL M

Firm Name BMO Capital Markets Canaccord Genuity Corp National Bank Financial Alta Corp Capital Inc. Credit Suisse FirstEnergy Capital Corp Macquarie GMP Global Hunter Securities EVA Dimensions Barclays Scotia Capital RBC Capital Markets Raymond James Peters & Co Ltd TD Securities Veritas Investment Research Co

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

Analyst RANDY J OLLENBERGER PHILIP R SKOLNICK KYLE PRESTON CHRIS COX JASON FREW MICHAEL P DUNN CHRIS FELTIN RYAN SAVAGE SAMEER UPLENCHWAR DOUG WALTERS THOMAS R DRISCOLL MARK POLAK GREG M PARDY JUSTIN BOUCHARD JEFF MARTIN MENNO HULSHOF SAM LA BELL

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

Recommendation market perform hold sector perform sector perform underperform market perform neutral hold neutral overweight equalweight sector perform sector perform market perform sector underperform hold buy

Amt Held 29'212'700 25'672'452 10'962'910 9'411'927 5'920'648 4'547'940 3'420'274 3'282'400 3'264'622 2'928'400 2'861'670 2'310'692 1'600'000 1'339'858 1'253'774 1'143'800 1'045'134 1'005'000 986'105 930'045

% Out 6.03 5.3 2.26 1.94 1.22 0.94 0.71 0.68 0.67 0.6 0.59 0.48 0.33 0.28 0.26 0.24 0.22 0.21 0.2 0.19

Weighting

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

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

Latest Chg (750'800) 555'256 800'000 292'630 (166'500) (69'540) 50'827 (5'100) (75'000) 11'500 48'966 500 (77'287) (45'000)

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

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

File Dt 31.03.2013 30.04.2013 03.07.2013 30.04.2013 31.03.2013 31.12.2012 31.12.2012 30.04.2013 28.03.2013 31.03.2013 30.04.2013 05.07.2013 30.04.2013 20.06.2012 28.02.2013 28.02.2013 31.03.2013 28.03.2013 31.12.2012 31.12.2012

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

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

Date 07.07.2013 04.07.2013 04.07.2013 04.07.2013 28.06.2013 21.06.2013 13.06.2013 10.06.2013 06.06.2013 06.06.2013 28.05.2013 08.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013

08.07.2013

Oil Search Ltd Oil Search Limited explores for and produces gas and oil through operations in Papua New Guinea. The Company's activities are located in the Papuan Highlands which include the Kutubu, Hides, and Gobe oil and gas projects.

Price/Volume 9

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OSH AU EQUITY YTD Change OSH AU EQUITY YTD % CHANGE

12/2012 01/yy 8.46 6.31 2'831'709.00 7.95 -6.03% 25.99% 77.21% 1'340.0 10'653.15 2'866.05 0.0 0.0 488.27 12'102.71

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

6.0 M

3 2

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 31.12.2008 814.3 3.85x 572.7 5.47x 313.4 11.71x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 512.2 583.6 11.45x 15.63x 281.7 338.4 20.81x 26.95x 133.7 185.6 47.73x 50.72x Profitability

31.12.2011 732.9 12.54x 526.1 17.47x 202.5 41.75x

31.12.2012 724.6 16.69x 381.8 31.67x 175.8 55.06x

381.81 332.35 45.87% 47.97% 2.75% 5.65% 3.29% 0.11% 71.0% 52.7% 45.9% 24.3% 1.90 1.24 40.35% 89.33% 9.50 2.48

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.55 1.12 1'138.80 11.63 19.62% 13.69% 1.125 17 4.529 4'254'442 6'185'226 5'575'677 FY+2

12/13 Y 12/14 Y 698.7 1'081.2 19.79x 13.17x 408.6 729.3 29.62x 16.60x 158.8 326.1 62.03x 32.69x S&P Issuer Ratings

FQ+1

FQ+2

85.53 54.85 6.23 7.51 89.3% 47.2% 0.11 0.14 38.55 147.33 570.90 -385.02

Sales/Revenue/Turnover

60.00

900.0 800.0

50.00

700.0 600.0

40.00

500.0 30.00

400.0 300.0

20.00

200.0 10.00 0.00 01.01.2010

100.0 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

Oil Search Ltd Holdings By:

All

Holder Name INDEPENDENT PUBLIC B CAPITAL GROUP COMPAN COMMONWEALTH BANK OF NATIONAL AUSTRALIA B RS INVESTMENT MANAGE AUSTRALIAN FOUNDATIO NORGES BANK BLACKROCK WILLIAM BLAIR & COMP VANGUARD GROUP INC FIL LIMITED VANGUARD INVESTMENTS MACQUARIE GROUP BANK OF NEW YORK MEL DJERRIWARRH INVESTME JP MORGAN SUN LIFE FINANCIAL I JENNISON ASSOCIATES JOHN HANCOCK INVESTM BOTTEN PETER ROBERT

Firm Name Deutsche Bank Nomura Octa Phillip Securities Ltd Credit Suisse Goldman Sachs JPMorgan Macquarie Canaccord Genuity Corp Morgan Stanley RBC Capital Markets EVA Dimensions Sanford C. Bernstein & Co BBY Limited Commonwealth Bank CIMB

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

Analyst JOHN HIRJEE RICHARD J JOHNSON LAWRENCE GRECH PAUL MCTAGGART MARK WISEMAN BENJAMIN X. WILSON ADRIAN WOOD PHILIPP M-O KIN STUART BAKER ANDREW WILLIAMS DOUG WALTERS NEIL BEVERIDGE SCOTT ASHTON LUKE SMITH MARK SAMTER

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

Recommendation buy suspended coverage buy outperform Buy/Neutral neutral outperform buy Overwt/Attractive outperform sell outperform strong buy overweight outperform

Amt Held 196'604'177 139'071'016 97'543'667 49'109'365 23'848'876 15'246'000 11'857'010 8'276'920 8'195'742 6'337'712 6'191'840 5'823'203 5'664'238 5'065'500 4'987'000 4'231'941 3'618'926 3'567'701 2'960'699 2'192'082

% Out 14.67 10.38 7.28 3.66 1.78 1.14 0.88 0.62 0.61 0.47 0.46 0.43 0.42 0.38 0.37 0.32 0.27 0.27 0.22 0.16

Weighting

Change

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

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

Latest Chg (13'472'089) 17'603'610 (28'984'641) 4'615'134 (29'785) 127'440 1'073'255 (257'458) 169'872 (185'534) 12'763 115'280 (254'945)

Target Price 9 #N/A N/A 9 9 10 9 10 9 8 10 #N/A N/A 9 10 9 9

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

File Dt 28.02.2013 08.04.2013 20.05.2013 14.09.2012 31.03.2013 29.06.2012 31.12.2012 03.07.2013 31.03.2013 31.03.2013 31.12.2012 30.09.2012 31.08.2011 31.01.2013 30.06.2011 28.02.2013 31.05.2013 31.05.2013 31.05.2013 24.05.2013

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

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

Date 05.07.2013 05.07.2013 28.06.2013 26.06.2013 25.06.2013 20.06.2013 17.06.2013 17.06.2013 14.06.2013 13.06.2013 06.06.2013 05.06.2013 23.05.2013 23.04.2013 11.03.2013

08.07.2013

ARC Resources Ltd ARC Resources Ltd. explores for oil and natural gas. The Company operates in western Canada.

Price/Volume 35

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARX CN EQUITY YTD Change ARX CN EQUITY YTD % CHANGE

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

2.0 M

1.0 M

5 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 1'398.7 3.76x 1'045.0 5.03x 533.0 8.04x

3.0 M

12/2012 03/yy 28.90 21.50 182'641.00 27.46 -4.84% 27.72% 78.65% 311.1 8'542.42 787.40 0.0 0.0 196.30 9'255.92

31.12.2009 31.12.2010 830.4 1'020.9 6.74x 7.86x 523.0 624.3 10.71x 12.85x 222.8 212.2 20.77x 31.76x Profitability

LTM-4Q 31.12.2011 1'218.9 6.57x 794.0 10.09x 287.0 32.60x

31.12.2012 1'193.7 6.82x 718.3 11.33x 139.2 52.00x

718.30 147.20 12.33% 15.78% 2.65% 4.45% 0.22% 21.5% 60.2% 12.9% 11.7% 1.08 0.97 13.99% 23.18% 7.56 -

Price/ Cash Flow

03/yy 1'248.5 24.40x 807.5 9.31x 262.8 23.13x

LTM 03/yy 1'215.1 26.87x 731.4 12.36x 145.2 62.42x

FY+1

4.37 1.04 308.94 6.98 30.52% 14.93% 1.045 19 3.947 632'061 1'107'851 1'042'700 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'576.3 1'869.8 389.3 407.0 6.06x 5.18x 24.17x 23.37x 923.5 1'085.8 225.0 232.0 10.02x 8.53x 9.65x 9.37x 233.4 325.6 54.6 48.9 39.23x 29.47x 36.61x 35.52x S&P Issuer Ratings

15.86 1.70 0.98 1.10 23.2% 18.8% 0.22 0.26 48.29 120.40 -

Sales/Revenue/Turnover

14.00

1'600.0

12.00

1'400.0 1'200.0

10.00

1'000.0 8.00

800.0 6.00

600.0

4.00

400.0

2.00

200.0

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

ARC Resources Ltd Holdings By:

All

Holder Name ROYAL BANK OF CANADA RS INVESTMENT MANAGE CI INVESTMENTS INC BLACKROCK FMR LLC BMO INVESTMENTS INC POWER CORP OF CANADA TD ASSET MANAGEMENT GUARDIAN CAPITAL INC MD MANAGEMENT LTD NORGES BANK IG INVESTMENT MANAGE FRANKLIN RESOURCES VANGUARD GROUP INC AGF INVESTMENTS INC NEUBERGER BERMAN LLC BANK OF NOVA SCOTIA MIDDLEFIELD SECURITI MCLEAN BUDDEN LTD CIBC GLOBAL ASSET MA

Firm Name RBC Capital Markets BMO Capital Markets Alta Corp Capital Inc. Credit Suisse TD Securities Canaccord Genuity Corp EVA Dimensions National Bank Financial CIBC World Markets Scotia Capital FirstEnergy Capital Corp Raymond James Macquarie Stifel Peters & Co Ltd Salman Partners Veritas Investment Research Co Barclays

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

Analyst MICHAEL HARVEY GORDON TAIT DIRK M LEVER JASON FREW TRAVIS WOOD STEVE TOTH DOUG WALTERS KYLE PRESTON JEREMY KALIEL PATRICK BRYDEN KATRINA L KARKKAINEN KRISTOPHER ZACK CRISTINA LOPEZ KURT B MOLNAR JEFF MARTIN GORDON CURRIE SAM LA BELL GRANT HOFER

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

Recommendation outperform outperform sector perform outperform hold buy sell outperform sector outperform sector outperform outperform market perform neutral hold sector outperform hold buy equalweight

Amt Held 19'549'208 6'242'790 6'099'577 5'749'012 5'045'698 4'451'734 4'154'139 4'080'434 2'738'500 2'315'700 2'140'742 2'068'277 2'013'700 1'792'718 1'451'362 1'365'500 1'297'081 1'285'000 1'225'170 1'061'056

% Out 6.28 2.01 1.96 1.85 1.62 1.43 1.34 1.31 0.88 0.74 0.69 0.66 0.65 0.58 0.47 0.44 0.42 0.41 0.39 0.34

Weighting

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

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

Latest Chg (211'809) 430'370 758'060 (2'439) 771'988 1'300 45'772 1'083'906 85'000 15'900 24'961 (59'340) 141'480 (96'700) 222'605 (410'000) (201'860) 1'248

Target Price 30 29 30 30 28 30 #N/A N/A 30 29 30 33 26 30 #N/A N/A 32 27 29 28

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

File Dt 28.03.2013 31.03.2013 31.12.2012 03.07.2013 31.05.2013 05.07.2013 28.03.2013 31.12.2012 31.01.2013 31.03.2013 31.12.2012 28.02.2013 31.03.2013 31.03.2013 28.03.2013 30.04.2013 28.02.2013 31.05.2013 31.05.2013 31.12.2012

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

Inst Type Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor

Date 08.07.2013 07.07.2013 04.07.2013 28.06.2013 28.06.2013 27.06.2013 06.06.2013 16.05.2013 12.05.2013 08.05.2013 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

Husky Energy Inc Husky Energy Inc. is involved in the exploration, development, and production of crude oil and natural gas in Canada and in international areas. The Company also conducts upgrading operations, pipeline operations, commodity trading, and energy infrastructure projects. In addition, Husky manufactures and markets refined products and operates a retail network.

Price/Volume 35

8.0 M

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSE CN EQUITY YTD Change HSE CN EQUITY YTD % CHANGE

12/2012 03/yy 32.35 24.52 146'748.00 27.78 -14.11% 13.30% 40.00% 983.1 27'311.35 3'918.00 291.0 0.0 2'025.00 29'686.35

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

3.0 M

2.0 M

1.0 M

0 j-12

31.12.2009 31.12.2010 15'074.0 17'107.0 1.88x 1.61x 3'943.0 3'504.0 7.20x 7.87x 1'416.0 947.0 20.19x 25.29x Profitability

LTM-4Q 31.12.2011 21'957.0 1.16x 5'873.0 4.34x 2'224.0 10.32x

31.12.2012 22'435.0 1.38x 5'549.0 5.60x 2'022.0 14.27x

5'549.00 2'969.00 13.23% 12.64% 5.71% 10.52% 9.22% 0.65% 76.9% 24.9% 13.1% 9.0% 1.78 1.09 11.15% 20.76% 19.05 2.80

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 22'908.0 4.48x 5'909.0 4.48x 2'189.0 11.08x

d-12

03/yy 22'273.0 5.25x 5'546.0 5.60x 1'966.0 14.73x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

4.32 1.07 298.40 27.07 13.21% -3.66% 1.074 18 3.333 1'216'318 1'626'488 1'519'918 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21'977.1 22'657.9 5'956.3 5'420.8 1.37x 1.33x 5.02x 5.55x 5'854.5 6'624.3 1'487.0 1'444.5 5.07x 4.48x 4.96x 4.84x 2'141.2 2'533.8 530.3 562.3 12.88x 11.52x 12.55x 12.06x S&P Issuer Ratings

27.07.2006 BBB+ STABLE 13.44 2.05 0.38 0.72 20.8% 17.0% 0.65 0.83 19.16 130.43 204.34 146.34

Sales/Revenue/Turnover

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

.0 M a-12

Fiscal Year Ended 31.12.2008 24'701.0 1.10x 6'744.0 4.04x 3'751.0 6.19x

4.0 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 |

08.07.2013

Husky Energy Inc Holdings By:

All

Holder Name KA-SHING LI HUTCHISON WHAMPOA LT IG INVESTMENT MANAGE CAPITAL GROUP COMPAN ROYAL BANK OF CANADA BLACKROCK BANK OF NEW YORK MEL THORNBURG INVESTMENT IA CLARINGTON INVEST NORGES BANK VANGUARD GROUP INC FRANKLIN RESOURCES TD ASSET MANAGEMENT MD MANAGEMENT LTD PRINCIPAL FINANCIAL NATCAN INVESTMENT MA CI INVESTMENTS INC CIBC GLOBAL ASSET MA TAUBE HODSON STONEX MANULIFE ASSET MANAG

Firm Name Barclays BMO Capital Markets Alta Corp Capital Inc. Credit Suisse Edward Jones Canaccord Genuity Corp FirstEnergy Capital Corp TD Securities EVA Dimensions Macquarie Goldman Sachs JPMorgan RBC Capital Markets Raymond James Scotia Capital Veritas Investment Research Co Peters & Co Ltd

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

Analyst PAUL Y CHENG RANDY J OLLENBERGER CHRIS COX JASON FREW LANNY PENDILL PHILIP R SKOLNICK MICHAEL P DUNN MENNO HULSHOF DOUG WALTERS CHRIS FELTIN ARJUN N MURTI KATHERINE LUCAS MINYARD GREG M PARDY JUSTIN BOUCHARD MARK POLAK SAM LA BELL JEFF MARTIN

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

Recommendation overweight market perform outperform neutral hold hold market perform hold buy neutral sell/attractive neutral sector perform market perform sector perform buy sector perform

Amt Held 349'869'015 334'141'932 23'381'052 19'047'150 16'733'190 6'614'076 3'824'000 3'198'500 2'825'900 2'266'674 2'136'626 2'000'430 1'669'757 1'361'400 1'270'300 1'074'465 956'050 829'538 732'494 698'998

% Out 35.59 33.99 2.38 1.94 1.7 0.67 0.39 0.33 0.29 0.23 0.22 0.2 0.17 0.14 0.13 0.11 0.1 0.08 0.07 0.07

Weighting

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

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

Latest Chg 4'227'003 4'036'993 1'700 (1'471'200) (1'236'524) (6'255) 5'657 (748'400) 140'500 (588'600) (42'651) (637'500) 740'545 (122'000) 205'900 (70'787) (1'874'077)

Target Price 40 33 34 32 #N/A N/A 34 32 30 #N/A N/A 34 27 32 34 30 35 32 32

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

File Dt 06.07.2012 06.07.2012 28.02.2013 31.03.2013 28.03.2013 03.07.2013 05.07.2013 30.04.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.05.2013 28.03.2013 31.12.2012 31.12.2012 31.03.2012 28.02.2013

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

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

Date 08.07.2013 07.07.2013 03.07.2013 28.06.2013 28.06.2013 27.06.2013 21.06.2013 06.06.2013 06.06.2013 04.06.2013 02.06.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 07.05.2013

08.07.2013

Tesoro Corp Tesoro Corporation refines and markets petroleum products, and provides transporting services. The Company operates refineries, as well as a network of retail and refueling stations in the western United States. Tesoro also markets gasoline and diesel fuel to independent marketers and commercial end users.

Price/Volume 70

16.0 M

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 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 29.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSO US EQUITY YTD Change TSO US EQUITY YTD % CHANGE

12/2012 03/yy 65.75 25.22 852'388.00 52.71 -20.05% 109.00% 64.30% 135.8 7'158.82 1'590.00 0.0 486.0 1'639.00 7'660.82

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

6.0 M

4.0 M

2.0 M

0 j-12

31.12.2009 31.12.2010 16'589.0 20'253.0 0.20x 0.20x 443.0 561.0 7.52x 7.13x (140.0) (29.0) Profitability

LTM-4Q 31.12.2011 29'927.0 0.15x 1'564.0 2.80x 546.0 5.22x

31.12.2012 32'484.0 0.20x 2'118.0 3.08x 743.0 5.51x

2'118.00 1'673.00 5.15% 3.73% 7.32% 19.59% 14.71% 3.11% 10.9% 6.6% 5.2% 2.3% 1.61 0.99 14.86% 37.40% 24.28 17.99

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

03/yy 31'411.0 0.56x 1'482.0 3.40x 495.0 6.76x

03/yy 33'149.0 0.77x 2'181.0 3.90x 780.0 7.09x

FY+1

0.89 1.32 135.17 6.59 106.22% 20.49% 1.321 21 4.333 2'773'640 3'234'493 3'722'710 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 32'604.7 32'558.1 7'645.0 9'150.0 0.24x 0.22x 1.13x 0.97x 1'937.2 2'339.8 518.4 695.1 3.93x 3.25x 3.56x 3.30x 778.2 943.0 223.3 295.5 9.77x 7.69x 8.88x 7.93x S&P Issuer Ratings

21.07.2004 BB+ STABLE 11.12.2007 NR 11.57 8.68 -0.17 0.73 37.4% 25.1% 3.11 6.32 15.03 20.29 30.49 6.42

Sales/Revenue/Turnover

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 28'031.0 0.12x 914.0 3.73x 278.0 7.93x

8.0 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 |

08.07.2013

Tesoro Corp Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET WESTFIELD CAPITAL MG GOLDMAN SACHS GROUP ACADIAN ASSET MANAGE FMR LLC DIMENSIONAL FUND ADV WELLINGTON MANAGEMEN BMO FINANCIAL CORP JANUS CAPITAL MANAGE BANK OF NEW YORK MEL ODEY ASSET MANAGEMEN LSV ASSET MANAGEMENT VAN ECK ASSOCIATES C DISCOVERY CAPITAL MA NORTHERN TRUST CORPO DEUTSCHE BANK AG AMERIPRISE FINANCIAL STEADFAST CAPITAL MG

Firm Name Wells Fargo Securities, LLC Barclays JPMorgan Raymond James Cowen and Company Goldman Sachs Oppenheimer & Co ISI Group Howard Weil Inc Tudor Pickering & Co Simmons & Company International Macquarie Morgan Stanley Imperial Capital LLC Credit Suisse Deutsche Bank Johnson Rice & Co EVA Dimensions Knight

Portfolio Name VANGUARD GROUP INC n/a n/a WESTFIELD CAPITAL MA n/a ACADIAN ASSET MANAGE n/a n/a WELLINGTON MANAGEMEN BMO FINANCIAL CORP n/a BANK OF NEW YORK MEL ODEY ASSET MGMT GROU LSV ASSET MANAGEMENT n/a DISCOVERY CAPITAL MA NORTHERN TRUST CORPO n/a AMERIPRISE FINANCIAL STEADFAST CAPITAL MG

Analyst ROGER D READ PAUL Y CHENG KATHERINE LUCAS MINYARD CORY J GARCIA SAM MARGOLIN ARJUN N MURTI FADEL GHEIT DOUGLAS T TERRESON BLAKE FERNANDEZ ROBERT KESSLER JEFFREY A DIETERT CHI CHOW J EVAN CALIO ANN L KOHLER EDWARD WESTLAKE PAUL SANKEY DANIEL BURKE CRAIG STERLING TEAM COVERAGE

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

Recommendation outperform overweight overweight market perform outperform neutral/attractive outperform neutral sector outperform buy overweight outperform Equalwt/Attractive outperform outperform hold equalweight buy buy

Amt Held 9'464'050 8'389'004 7'049'700 4'999'364 4'216'185 3'926'974 3'382'556 3'058'922 3'053'750 2'644'867 2'634'794 2'592'699 2'247'416 1'809'560 1'764'019 1'637'100 1'472'701 1'423'903 1'315'578 1'282'849

% Out 6.97 6.18 5.19 3.68 3.1 2.89 2.49 2.25 2.25 1.95 1.94 1.91 1.65 1.33 1.3 1.21 1.08 1.05 0.97 0.94

Weighting

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

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

Latest Chg 160'578 1'733'916 51'346 (1'111'565) 1'739'538 (94'678) (5'617'542) (28'651) (3'802'517) (798'376) 1'285'000 307'916 1'553'316 (204'900) (17'181) 1'022'200 19'060 (276'893) (730'197) 1'282'849

Target Price #N/A N/A 120 65 #N/A N/A 65 66 75 58 56 71 #N/A N/A 81 65 69 74 55 #N/A N/A #N/A N/A 31

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

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

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

Date 08.07.2013 08.07.2013 01.07.2013 28.06.2013 27.06.2013 24.06.2013 21.06.2013 19.06.2013 18.06.2013 12.06.2013 11.06.2013 10.06.2013 03.06.2013 20.05.2013 13.05.2013 16.04.2013 07.02.2013 07.02.2013 10.05.2012

08.07.2013

Helmerich & Payne Inc Helmerich & Payne, Inc. provides contract drilling of oil and gas wells in the Gulf of Mexico and South America. The Company operates land rigs and platform rigs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (12.07.2012) 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 HP US EQUITY YTD Change HP US EQUITY YTD % CHANGE

09/2012 03/yy 69.38 41.82 254'344.00 65.88 -5.04% 57.53% 85.85% 106.4 7'010.58 235.00 0.0 0.0 96.10 7'072.58

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

4.0 M

3.5 M

3.0 M

2.5 M

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 30.09.2008 2'036.5 2.46x 891.0 5.62x 461.7 10.64x

30.09.2009 30.09.2010 1'843.7 1'875.2 2.49x 2.44x 830.5 709.5 5.52x 6.45x 353.5 156.3 11.22x 15.39x Profitability

LTM-4Q 30.09.2011 2'543.9 1.70x 1'004.1 4.32x 434.2 10.40x

30.09.2012 3'151.8 1.64x 1'277.9 4.05x 581.0 9.23x 1'277.93 890.38 28.25% 28.64% 10.79% 15.89% 14.87% 0.58% 44.5% 40.7% 27.9% 18.4% 2.35 1.88 4.11% 6.13% 5.98 29.89

Price/ Cash Flow

03/yy 2'847.4 8.27x 1'128.8 5.16x 505.3 11.99x

LTM 03/yy 3'332.1 6.73x 1'357.6 4.80x 617.7 11.06x

FY+1

0.67 1.54 101.21 7.21 50.88% 18.18% 1.535 26 4.077 976'548 1'160'437 1'240'067 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 3'387.0 3'564.4 843.0 859.9 2.04x 1.86x 8.21x 7.99x 1'371.4 1'427.1 339.6 344.0 5.16x 4.95x 5.15x 5.09x 591.6 603.9 145.6 145.4 12.04x 11.73x 12.24x 12.13x S&P Issuer Ratings

59.29 8.36 0.05 0.17 6.1% 5.8% 0.58 0.78 61.04 12.21 16.16 49.55

Sales/Revenue/Turnover

12.00

3'500.0

10.00

3'000.0 2'500.0

8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Helmerich & Payne Inc Holdings By:

All

Holder Name STATE FARM MUTUAL AU STATE FARM MUTUAL AU VANGUARD GROUP INC BLACKROCK STATE STREET ROYCE AND ASSOCIATES HELMERICH HANS C BAMCO INC BMO FINANCIAL CORP HELMERICH III WALTER JANUS CAPITAL MANAGE LSV ASSET MANAGEMENT FMR LLC ALLIANCE BERNSTEIN IMPALA ASSET MANAGEM NORTHERN TRUST CORPO INVESTEC ASSET MANAG WELLS FARGO WILLIAM BLAIR & COMP FINDLAY PARK PARTNER

Firm Name Goldman Sachs Credit Suisse Howard Weil Inc Sanford C. Bernstein & Co BMO Capital Markets Jefferies Susquehanna Financial Group ISI Group Cowen and Company Clarkson Capital Markets LLC Capital One Southcoast, Inc. Global Hunter Securities Stephens Inc Wells Fargo Securities, LLC Guggenheim Securities LLC Barclays Morgan Stanley RBC Capital Markets Macquarie Johnson Rice & Co Argus Research Corp Tudor Pickering & Co EVA Dimensions

Portfolio Name STATE FARM MUTUAL AU STATE FARM MUTUAL AU VANGUARD GROUP INC n/a n/a ROYCE & ASSOCIATES L n/a BAMCO INC BMO FINANCIAL CORP n/a n/a LSV ASSET MANAGEMENT n/a n/a IMPALA ASSET MANAGEM NORTHERN TRUST CORPO INVESTEC ASSET MANAG n/a WILLIAM BLAIR & COMP FINDLAY PARK PARTNER

Analyst WAQAR SYED JAMES WICKLUND DAVID T WILSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER CHARLES P MINERVINO JUDSON E BAILEY JAMES D CRANDELL JEFFREY SPITTEL LUKE M LEMOINE BRIAN UHLMER JOHN KELLER THOMAS PATRICK CURRAN MICHAEL K LAMOTTE JAMES C WEST OLE SLORER KURT HALLEAD NIGEL BROWNE DANIEL BURKE JONATHAN GELCIUS BYRON POPE CRAIG STERLING

Source Sch-D 13F 13F ULT-AGG ULT-AGG 13F Form 4 13F 13F Form 4 ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F

Recommendation neutral/attractive neutral sector outperform market perform outperform buy neutral neutral outperform outperform neutral neutral overweight outperform buy equalweight Underwt/In-Line outperform neutral overweight buy buy buy

Amt Held 8'284'218 8'257'200 7'814'570 5'893'744 4'743'852 3'307'034 2'762'247 2'333'237 2'280'978 2'099'915 2'014'881 1'949'200 1'881'623 1'581'602 1'494'271 1'477'808 1'463'808 1'396'426 1'347'863 1'315'115

% Out 7.78 7.76 7.34 5.54 4.46 3.11 2.6 2.19 2.14 1.97 1.89 1.83 1.77 1.49 1.4 1.39 1.38 1.31 1.27 1.24

Weighting

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

Latest Chg 790 121'751 144'018 18'113 (245'198) (50'000) (29'236) 2'169'925 (1'285) 231'937 1'918'300 (69'719) (1'705'190) (433'769) 114'860 22'128 37'325 32'804 328'500

Target Price 68 64 74 67 75 74 66 #N/A N/A 71 78 71 66 79 #N/A N/A 80 73 59 72 68 #N/A N/A 75 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Insurance Company 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 27.03.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 09.12.2011 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 24.06.2013 20.06.2013 18.06.2013 18.06.2013 17.06.2013 07.06.2013 06.06.2013 06.06.2013 30.05.2013 23.05.2013 13.05.2013 01.05.2013 30.04.2013 04.02.2013 15.01.2013

08.07.2013

OMV AG OMV AG explores for and refines crude oil and natural gas. The Company sells refined products through gas stations and distributors. The Company also manufactures plastics such as polyolefins and technical plastics. Customers are in the automotive, electrical, and construction industries.

Price/Volume 45

1.2 M

1.0 M

35 30

.8 M

12/2012 03/yy 39.69 22.90 112'613.00 35.69 -10.10% 55.85% 75.64% 327.3 11'680.36 5'440.71 0.0 2'627.5 1'704.47 16'657.78

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

.4 M

.2 M

5 0 j-12

31.12.2009 31.12.2010 17'917.3 23'323.4 0.82x 0.72x 2'842.2 3'961.3 5.14x 4.22x 571.7 920.6 16.07x 10.10x Profitability

LTM-4Q 31.12.2011 34'053.2 0.44x 4'311.7 3.46x 1'079.0 6.83x

31.12.2012 42'649.2 0.36x 5'263.7 2.90x 1'363.4 6.54x

5'263.70 3'227.89 7.57% 6.70% 5.51% 14.06% 1.40% 12.5% 12.7% 8.0% 3.2% 1.30 0.76 17.83% 45.71% 10.13 13.97

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 36'350.0 1.69x 4'523.9 3.41x 1'165.9 7.40x

d-12

03/yy 43'057.8 1.43x 5'489.4 2.88x 1'697.4 6.38x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.95 50.88% 34.61% 0.955 26 3.000 230'275 304'728 313'847 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 39'409.5 38'780.6 9'755.5 10'499.0 0.43x 0.43x 1.65x 1.52x 4'912.9 4'867.3 1'338.0 1'415.0 3.39x 3.42x 3.06x 3.05x 1'458.4 1'489.6 334.0 377.0 8.01x 8.01x 8.15x 8.13x S&P Issuer Ratings

11.58 6.12 0.40 0.99 45.7% 27.2% 1.40 3.03 36.03 26.12 43.00 24.93

Sales/Revenue/Turnover

5.00

45'000.0

4.50

40'000.0

4.00

35'000.0

3.50

30'000.0

3.00

25'000.0

2.50

20'000.0

2.00

15'000.0

1.50

10'000.0

1.00

5'000.0

0.50 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 25'542.6 0.43x 3'786.1 2.93x 1'374.4 4.07x

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 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 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OMV AV EQUITY YTD Change OMV AV 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 |

08.07.2013

OMV AG Holdings By:

All

Holder Name OESTERR INDUSTRIEHOL INTERNATIONAL PETROL FIRST EAGLE INVESTME NORGES BANK BLACKROCK SKAGEN AS VANGUARD GROUP INC RINGTURM KAG ING OFE RAIFFEISEN KAPITALAN OMV AG FRANKLIN RESOURCES SPARINVEST LEGG MASON TFI SA PRUDENTIAL FINANCIAL SWEDBANK ROBUR FONDE SCHRODER INVESTMENT STATE STREET BZ WBK TOWARZYSTWO F ERSTE SPARINVEST KAG

Firm Name Raymond James Natixis AlphaValue Barclays Deutsche Bank Goldman Sachs Societe Generale HSBC Erste Group Concorde Securities Rt EVA Dimensions Macquarie Canaccord Genuity Corp Raiffeisenbank AG Credit Suisse JPMorgan Landesbank Baden-Wuerttemberg Nomura Jefferies Morgan Stanley Kepler Cheuvreux KBC Securities Wood & Company

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

Analyst BERTRAND HODEE ANNE PUMIR ALEXANDRE ANDLAUER LYDIA RAINFORTH MARK BLOOMFIELD HENRY MORRIS MEHDI ENNEBATI PAUL SPEDDING TAMAS PLETSER ATTILA VAGO DOUG WALTERS MARC B KOFLER GORDON GRAY OLEG GALBUR THOMAS YOICHI ADOLFF NITIN SHARMA JENS MUENSTERMANN MATTHEW LOFTING BRENDAN MICHAEL WARN HAYTHEM RASHED THOMAS NEUHOLD PETER CSASZAR BRAM BURING

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

Recommendation underperform buy sell underweight hold Sell/Cautious hold neutral buy equalweight buy neutral sell hold underperform neutral hold neutral hold Equalwt/In-Line hold buy buy

Amt Held 103'090'902 81'490'904 6'069'175 3'086'036 2'165'880 2'142'000 1'737'669 1'600'000 1'248'838 1'089'093 981'818 888'367 877'302 742'823 719'897 698'625 586'962 563'728 472'285 452'805

% Out 31.5 24.9 1.85 0.94 0.66 0.65 0.53 0.49 0.38 0.33 0.3 0.27 0.27 0.23 0.22 0.21 0.18 0.17 0.14 0.14

Weighting

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

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

Latest Chg (150) 56'973 (210'000) (27'911) 400 (49'434) (10'000) 73'897 29'134 131'948 19'043 (99'186) 23'456

Target Price 26 46 31 31 33 33 43 38 43 37 #N/A N/A 27 26 39 31 32 36 31 28 29 31 34 34

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

File Dt Inst Type 31.12.2012 Other 31.12.2012 Government 30.04.2013 Hedge Fund Manager 31.12.2012 Government 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 31.12.2012 Corporation 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 05.07.2013 05.07.2013 04.07.2013 03.07.2013 01.07.2013 01.07.2013 27.06.2013 24.06.2013 10.06.2013 06.06.2013 06.06.2013 03.06.2013 30.05.2013 27.05.2013 20.05.2013 15.05.2013 14.05.2013 18.04.2013 22.03.2013 22.02.2013 21.02.2013 30.01.2013 13.08.2012

08.07.2013

Denbury Resources Inc Denbury Resources Inc. produces petroleum products. The Company acquires, develops, operates, and explores oil and gas properties. Denbury Resources markets its services to customers in the Gulf Coast region of the United States.

Price/Volume 25

18.0 M 16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (12.07.2012) 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 DNR US EQUITY YTD Change DNR US EQUITY YTD % CHANGE

12/2012 03/yy 19.65 13.31 1'212'672.00 17.63 -10.53% 32.46% 66.09% 373.2 6'578.89 3'141.43 0.0 0.0 98.51 9'813.16

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

31.12.2009 31.12.2010 1'026.9 1'812.5 5.03x 5.29x 537.5 1'048.6 9.60x 9.15x (75.2) 271.7 21.00x 31.58x Profitability

6.0 M 4.0 M

2.0 M 0 j-12

.0 M a-12

LTM-4Q 31.12.2011 2'294.2 3.68x 1'473.5 5.73x 573.3 10.64x

31.12.2012 2'436.3 3.75x 1'532.4 5.96x 525.4 11.31x

1'532.40 1'024.86 42.07% 35.17% 4.61% 9.92% 0.22% 50.1% 62.0% 41.0% 21.6% 2.50 0.29 28.20% 61.42% 19.60 -

Price/ Cash Flow

03/yy 2'428.2 14.53x 1'578.0 6.20x 701.0 11.78x

s-12

o-12

n-12

d-12

LTM 03/yy 2'376.2 15.79x 1'473.7 6.92x 499.5 13.90x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.67 363.93 14.59 20.34% 8.83% 1.673 22 4.636 4'341'254 4'204'325 4'592'972 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'484.8 2'581.0 633.2 634.2 3.82x 3.62x 14.85x 14.82x 1'470.7 1'514.8 372.8 371.9 6.66x 6.46x 6.65x 6.70x 496.0 460.7 129.6 124.6 13.54x 14.12x 13.81x 14.32x S&P Issuer Ratings

04.11.2005 BB STABLE 2.19 2.24 61.4% 38.0% 0.22 0.28 18.62 163.25 -

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

8.0 M

Fiscal Year Ended 31.12.2008 1'303.3 2.72x 867.4 4.09x 388.4 7.09x

10.0 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 |

08.07.2013

Denbury Resources Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK RS INVESTMENT MANAGE STATE STREET WELLINGTON MANAGEMEN FMR LLC JENNISON ASSOCIATES NEUBERGER BERMAN LLC PUBLIC SECTOR PENSIO TIAA CREF INVESTMENT TIMESSQUARE CAPITAL WASATCH ADVISORS INC WESTFIELD CAPITAL MG NORTHERN TRUST CORPO BANK OF NEW YORK MEL OSLO ASSET MANAGEMEN OMEGA ADVISORS MUNDER CAPITAL MANAG GREENE RONALD G

Firm Name BMO Capital Markets Sterne, Agee & Leach Robert W. Baird & Co Raymond James Susquehanna Financial Group Capital One Southcoast, Inc. Simmons & Company International KeyBanc Capital Markets Credit Suisse SunTrust Robinson Humphrey EVA Dimensions Barclays RBC Capital Markets Ladenburg Thalmann & Co Wunderlich Securities Johnson Rice & Co Stifel Cowen and Company JPMorgan S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a RS INVESTMENT MANAGE n/a WELLINGTON MANAGEMEN n/a JENNISON ASSOCIATES NEUBERGER BERMAN GRO PUBLIC SECTOR PENSIO TIAA-CREF INVESTMENT TIMESSQUARE CAPITAL WASATCH ADVISORS INC WESTFIELD CAPITAL MA NORTHERN TRUST CORPO BANK OF NEW YORK MEL OSLO ASSET MANAGEMEN OMEGA ADVISORS INC MUNDER CAPITAL MANAG n/a

Analyst PHILLIP JUNGWIRTH TIM A REZVAN HSULIN PENG ANDREW COLEMAN DUANE GRUBERT RICHARD TULLIS PEARCE W HAMMOND DAVID DECKELBAUM ARUN JAYARAM RYAN OATMAN CRAIG STERLING JEFFREY W ROBERTSON SCOTT HANOLD NOEL A PARKS JASON A WANGLER MICHAEL GLICK MICHAEL S SCIALLA NICHOLAS P POPE JOSEPH D ALLMAN MICHAEL KAY

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

Recommendation market perform buy outperform outperform Positive add overweight buy outperform buy overweight overweight outperform buy buy overweight buy buy overweight buy

Amt Held 52'674'100 24'023'242 21'941'128 20'327'279 18'100'493 16'489'383 15'111'161 14'616'186 13'014'245 11'953'243 10'332'113 6'772'116 5'362'065 4'942'998 4'924'734 4'818'318 4'287'874 4'200'227 3'779'390 3'695'061

% Out 14.12 6.44 5.88 5.45 4.85 4.42 4.05 3.92 3.49 3.2 2.77 1.81 1.44 1.32 1.32 1.29 1.15 1.13 1.01 0.99

Weighting

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

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

Latest Chg (80'000) 1'028'738 (59'246) 608'140 (570'462) (687'293) 2'390'727 703'305 39'221 (5'100) 31'873 10'500 (523'775) 28'267 47'917 (163'000) 35'500 (124'928) 1'227

Target Price 18 22 22 24 23 22 27 23 24 25 #N/A N/A 21 23 29 24 #N/A N/A 25 22 27 20

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 05.07.2013 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 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.06.2013 n/a

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

Date 07.07.2013 03.07.2013 01.07.2013 28.06.2013 27.06.2013 18.06.2013 11.06.2013 05.06.2013 29.05.2013 24.05.2013 21.05.2013 16.05.2013 06.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 09.10.2012 20.09.2012

08.07.2013

CONSOL Energy Inc CONSOL Energy Inc. is a diversified fuel producer in the Eastern, U.S.. The Company owns and operates mining complexes in serveral states that contain coal reserves. CONSOL also explores, develops and produces natural gas, including methane and shale beds.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNX US EQUITY YTD Change CNX US EQUITY YTD % CHANGE

12/2012 03/yy 37.39 26.25 843'393.00 27.53 -26.77% 4.88% 2.33% 228.6 6'294.16 3'213.14 0.0 (0.0) 21.88 9'454.69

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 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 4'486.3 1.40x 929.5 6.76x 442.5 13.61x

31.12.2009 31.12.2010 4'508.7 5'138.5 2.25x 2.82x 1'143.3 1'208.5 8.86x 11.98x 539.7 346.8 17.12x 25.33x Profitability

LTM-4Q 31.12.2011 5'963.6 1.87x 1'647.9 6.77x 632.5 11.90x

31.12.2012 5'020.6 2.09x 930.4 11.30x 388.5 14.07x

930.41 307.63 6.13% 9.90% 2.30% 7.48% 6.43% 0.39% 9.1% 16.9% 4.1% 7.7% 1.11 0.32 25.36% 81.27% 8.21 18.16

Price/ Cash Flow

03/yy 5'895.3 7.93x 1'483.6 7.19x 537.5 12.78x

LTM 03/yy 4'902.6 8.37x 830.9 13.06x 289.7 18.45x

FY+1

1.82 1.39 227.13 11.04 -10.03% -13.94% 1.389 26 4.615 2'359'109 2'409'294 2'360'565 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'980.6 5'726.2 1'197.5 1'227.6 1.89x 1.68x 8.19x 7.65x 1'123.6 1'520.3 259.5 274.5 8.37x 6.18x 7.91x 7.27x 194.6 466.2 34.5 45.4 33.70x 14.53x 26.86x 21.39x S&P Issuer Ratings

30.11.2011 BB STABLE 06.11.2003 NR 3.60 -2.50 3.80 3.83 81.3% 44.8% 0.39 0.50 44.45 20.10 38.04 22.86

Sales/Revenue/Turnover

12.00

7'000.0

10.00

6'000.0 5'000.0

8.00

4'000.0 6.00

3'000.0

4.00

2'000.0

2.00

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

CONSOL Energy Inc Holdings By:

All

Holder Name SOUTHEASTERN ASSET M WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC STATE STREET LAZARD ASSET MANAGEM BANK OF NEW YORK MEL SASCO CAPITAL INCORP VAN ECK ASSOCIATES C JENNISON ASSOCIATES SAC CAPITAL ADVISORS GAMCO NORTHERN TRUST CORPO WESTWOOD MANAGEMENT WESTFIELD CAPITAL MG PASSPORT CAPITAL LLC FRANK RUSSELL TRUST

Firm Name Nomura Jefferies Raymond James Barclays Stifel JPMorgan Davenport & Co Iberia Capital Partners LLC Howard Weil Inc Cowen and Company Sterne, Agee & Leach Deutsche Bank FBR Capital Markets BB&T Capital Markets Tudor Pickering & Co Clarkson Capital Markets LLC Brean Capital LLC Goldman Sachs Morgan Stanley BMO Capital Markets Simmons & Company International EVA Dimensions Johnson Rice & Co

Portfolio Name SOUTHEASTERN ASSET M WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA n/a n/a n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL SASCO CAPITAL INCORP n/a JENNISON ASSOCIATES SAC CAPITAL ADVISORS n/a NORTHERN TRUST CORPO WESTWOOD MANAGEMENT WESTFIELD CAPITAL MA PASSPORT CAPITAL LLC FRANK RUSSELL COMPAN

Analyst CURTIS WOODWORTH PETER D WARD JAMES M ROLLYSON DAVID GAGLIANO PAUL FORWARD JOHN BRIDGES J CHRISTOPHER HABERLIN DAVID E BEARD HOLLY STEWART DANIEL W SCOTT MICHAEL S DUDAS DAVID S MARTIN MITESH B THAKKAR MARK A LEVIN BRANDON BLOSSMAN JEREMY SUSSMAN LUCAS PIPES BRIAN SINGER EVAN L KURTZ MEREDITH H BANDY CALEB DORFMAN CRAIG STERLING WILLIAM BURNS

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

Recommendation buy buy outperform overweight buy overweight buy outperform sector outperform outperform buy buy outperform hold buy outperform buy neutral/neutral Overwt/In-Line outperform overweight hold suspended coverage

Amt Held 24'488'141 19'332'041 19'124'154 18'098'226 15'813'436 15'313'202 14'361'266 10'393'823 6'940'497 4'753'467 4'203'526 4'111'653 3'786'436 3'240'916 3'123'371 2'964'530 2'339'431 1'934'505 1'750'499 1'704'358

% Out 10.71 8.46 8.36 7.92 6.92 6.7 6.28 4.55 3.04 2.08 1.84 1.8 1.66 1.42 1.37 1.3 1.02 0.85 0.77 0.75

Weighting

Change

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

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

Latest Chg (511'600) (4'337'431) (3'725'893) 354'577 177'881 670'039 (397'278) 1'943'344 (352'424) (108'550) 39'709 548'043 1'696'914 75'002 127'810 1'177'489 1'114'455 265'699 592'219

Target Price 42 46 40 40 43 48 40 40 39 41 60 40 40 #N/A N/A 46 46 46 37 44 40 39 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 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 05.07.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Unclassified 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 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided

Date 05.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 26.06.2013 26.06.2013 24.06.2013 19.06.2013 19.06.2013 17.06.2013 14.06.2013 13.06.2013 04.06.2013 04.06.2013 04.06.2013 29.05.2013 07.05.2013 02.05.2013 25.04.2013 10.04.2013 15.01.2013 04.01.2013

08.07.2013

Penn West Petroleum Ltd Penn West Petroleum Ltd. explores for oil and natural gas. The Company primarily operates in the Western Canadian Sedimentary Basin.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PWT CN EQUITY YTD Change PWT CN EQUITY YTD % CHANGE

12/2012 03/yy 16.15 8.82 590'377.00 11.13 -31.21% 26.19% 29.06% 485.0 5'398.13 2'690.00 0.0 0.0 8'360.13

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

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 j-12

31.12.2009 31.12.2010 2'364.0 2'489.0 4.79x 5.51x 1'183.0 1'163.0 9.56x 11.79x (144.0) 1'110.0 9.61x Profitability

LTM-4Q 31.12.2011 2'943.0 4.33x 1'592.0 8.00x 638.0 14.85x

31.12.2012 2'640.0 2.98x 1'359.0 5.79x 174.0 -

1'359.00 -166.00 -6.29% 8.98% 0.12% 0.20% 1.10% 0.16% 2.5% 51.0% -8.9% 6.6% 0.78 0.40 18.56% 30.31% 5.42 -

Price/ Cash Flow

03/yy 3'028.0 16.26x 1'705.0 7.40x 406.0 25.64x

s-12

o-12

n-12

d-12

LTM 03/yy 2'489.0 14.81x 1'270.0 6.48x 18.0 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

9.70 1.43 455.45 18.78 -10.56% 8.12% 1.431 23 3.174 2'154'477 2'920'103 2'950'334 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'682.4 2'854.5 661.3 705.2 3.16x 2.99x 12.97x 12.16x 1'253.9 1'488.4 300.3 341.0 6.67x 5.61x 6.21x 5.89x (67.7) 102.3 (13.2) 7.2 70.38x 114.74x 59.47x S&P Issuer Ratings

6.83 -1.97 2.33 2.33 30.3% 23.3% 0.16 0.21 67.38 159.76 -

Sales/Revenue/Turnover

10.00

4'500.0

9.00

4'000.0

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 4'049.0 2.32x 2'992.0 3.14x 1'221.0 4.21x

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

Penn West Petroleum Ltd Holdings By:

All

Holder Name FIRST EAGLE INVESTME CHINA INVESTMENT COR ROYAL BANK OF CANADA BMO FINANCIAL CORP TD ASSET MANAGEMENT WEST FACE CAPITAL IN CIBC GLOBAL ASSET MA CIBC WORLD MARKETS I TORONTO DOMINION BAN CI INVESTMENTS INC EDGE ASSET MANAGEMEN FMR LLC MANUFACTURERS LIFE I NORGES BANK DEPRINCE RACE & ZOLL CAPITAL GROUP COMPAN MARKIN ALLAN P SCHEER ROWLETT & ASS PCJ INVESTMENT COUNS PUBLIC SECTOR PENSIO

Firm Name RBC Capital Markets BMO Capital Markets Dundee Securities Corp Cormark Securities Inc. National Bank Financial Alta Corp Capital Inc. TD Securities Credit Suisse CIBC World Markets Salman Partners FirstEnergy Capital Corp Macquarie Stifel Peters & Co Ltd Scotia Capital Desjardins Securities EVA Dimensions Deutsche Bank Veritas Investment Research Co Accountability Research Corp Barclays JPMorgan

Portfolio Name FIRST EAGLE INVESTME n/a n/a BMO FINANCIAL CORP TD ASSET MANAGEMENT WEST FACE CAPITAL IN CIBC GLOBAL ASSET MA CIBC WORLD MARKETS I TORONTO DOMINION BAN Multiple Portfolios EDGE ASSET MANAGEMEN n/a MANUFACTURERS LIFE I NORGES BANK DEPRINCE RACE & ZOLL n/a n/a SCHEER ROWLETT & ASS PCJ INVESTMENT COUNS PUBLIC SECTOR PENSIO

Analyst GREG M PARDY GORDON TAIT BRIAN KRISTJANSEN JONATHAN FLEMING KYLE PRESTON DIRK M LEVER TRAVIS WOOD JASON FREW JEREMY KALIEL GORDON CURRIE KATRINA L KARKKAINEN CRISTINA LOPEZ MICHAEL A ZUK ADAM R TWA PATRICK BRYDEN ALLAN G STEPA DOUG WALTERS STEPHEN RICHARDSON SAM LA BELL MICHAEL RUGGIRELLO GRANT HOFER KATHERINE LUCAS MINYARD

Source 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F MF-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG SEDI 13F 13F 13F

Recommendation sector perform market perform sell buy sector perform outperform hold underperform sector perform hold market perform neutral hold sector underperform sector perform buy overweight hold buy buy underweight overweight

Amt Held 36'465'302 24'054'154 18'572'169 10'134'418 8'761'993 8'000'000 7'789'648 6'977'459 6'128'954 5'800'000 5'399'829 4'026'219 3'619'954 3'597'390 3'518'967 3'217'000 3'105'400 2'922'703 2'750'100 2'238'239

% Out 7.52 4.96 3.83 2.09 1.81 1.65 1.61 1.44 1.26 1.2 1.11 0.83 0.75 0.74 0.73 0.66 0.64 0.6 0.57 0.46

Weighting

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

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

Latest Chg 3'127'179 349'720 935'354 188'251 337'165 5'000'000 (1'005'214) 189'027 (109'624) 770'984 (2'581'686) 2'631'070 784'967 (3'092'900) 411'200 112'510 38'300 58'300

Target Price 13 12 10 13 13 15 12 10 11 11 13 10 #N/A N/A 8 14 17 #N/A N/A 13 11 15 9 15

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 31.12.2012 Government 31.03.2013 Bank 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 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 08.07.2013 07.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 03.07.2013 28.06.2013 11.06.2013 11.06.2013 07.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 06.06.2013 05.06.2013 05.06.2013 05.06.2013 05.06.2013 02.05.2013

08.07.2013

QEP Resources Inc QEP Resources Inc. is an independent natural gas and oil exploration and production company. The Company's operations are focused in the Rocky Mountain and Midcontinent regions of the United States. QEP also gathers, compresses, treats, and processes natural gas.

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 (17.09.2012) 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 QEP US EQUITY YTD Change QEP US EQUITY YTD % CHANGE

12/2012 03/yy 33.50 25.99 440'846.00 29.52 -11.97% 13.58% 44.07% 179.3 5'291.89 3'206.90 0.0 47.7 8'706.19

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

Fiscal Year Ended 31.12.2008 2'530.1 1'441.2 585.5 -

31.12.2009 31.12.2010 1'972.5 2'300.6 3.47x 1'145.8 1'191.1 6.70x 293.5 326.2 19.92x Profitability

LTM-4Q 31.12.2011 3'159.2 2.19x 1'271.3 5.44x 267.2 12.78x

31.12.2012 2'349.8 3.68x 771.6 11.22x 128.3 2520.82x

771.60 -133.30 -5.67% 8.45% -0.37% -0.94% 0.29% 11.8% 34.5% -4.8% 5.5% 0.85 0.51 35.21% 98.19% 6.64 40.97

Price/ Cash Flow

03/yy 3'144.5 9.39x 1'191.3 6.00x 349.2 15.60x

LTM 03/yy 2'443.1 13.81x 842.1 10.83x (31.2) 0.00x

FY+1

0.27 1.47 177.69 6.58 1.88% -2.34% 1.474 21 4.381 1'092'695 1'397'854 1'810'647 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'891.5 3'224.1 705.8 730.7 2.99x 2.70x 12.09x 11.61x 1'600.5 1'786.9 393.4 413.6 5.45x 4.88x 5.24x 5.11x 262.2 323.0 62.8 73.5 19.69x 16.67x 17.96x 17.26x S&P Issuer Ratings

02.07.2010 BB+ STABLE 6.11 -16.06 4.00 4.00 98.2% 49.2% 0.29 0.33 54.96 8.91 74.35 -32.93

Sales/Revenue/Turnover

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 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

QEP Resources Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC INVESCO LTD STATE STREET JANA PARTNERS LLC JP MORGAN PERKINS INVESTMENT M WELLS FARGO T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL SUN LIFE FINANCIAL I SUNTRUST BANKS INC NORTHERN TRUST CORPO OPPENHEIMERFUNDS INC RS INVESTMENT MANAGE WEDGE CAPITAL MANAGE ATLANTA CAPITAL MANA NATIONAL RURAL ELECT DIMENSIONAL FUND ADV

Firm Name BMO Capital Markets Guggenheim Securities LLC Sterne, Agee & Leach Jefferies Robert W. Baird & Co Stephens Inc Raymond James Tudor Pickering & Co Susquehanna Financial Group Capital One Southcoast, Inc. Iberia Capital Partners LLC Societe Generale Wells Fargo Securities, LLC Howard Weil Inc Goldman Sachs Barclays Deutsche Bank JPMorgan EVA Dimensions S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a JANA PARTNERS LLC n/a PERKINS INVESTMENT M n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO OPPENHEIMER FUNDS IN RS INVESTMENT MANAGE WEDGE CAPITAL MANAGE ATLANTA CAPITAL MANA NATIONAL RURAL ELECT n/a

Analyst DAN MCSPIRIT ROBERT CORDRAY TIM A REZVAN SUBASH CHANDRA HSULIN PENG BEN WYATT ANDREW COLEMAN MATTHEW PORTILLO DUANE GRUBERT BRIAN T VELIE ELI KANTOR BOB PARIJA DAVID R TAMERON BRIAN CORALES BRIAN SINGER THOMAS R DRISCOLL STEPHEN RICHARDSON JOSEPH D ALLMAN CRAIG STERLING MICHAEL KAY

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

Recommendation outperform buy buy hold outperform overweight outperform buy neutral add outperform buy outperform sector outperform neutral/attractive overweight buy neutral underweight buy

Amt Held 14'959'381 11'323'444 9'733'371 7'706'975 7'458'253 5'794'668 5'029'272 5'026'080 4'477'832 2'994'355 2'930'149 2'915'607 2'382'629 2'284'268 2'046'280 1'949'963 1'640'479 1'623'125 1'612'100 1'560'711

% Out 8.34 6.32 5.43 4.3 4.16 3.23 2.81 2.8 2.5 1.67 1.63 1.63 1.33 1.27 1.14 1.09 0.92 0.91 0.9 0.87

Weighting

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

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

Latest Chg (770'931) 551'451 363'311 156'929 (1'358'439) 1'328'888 381'665 318'015 (1'117'990) 281'182 (156'328) 161'940 (181'082) 28'564 877'200 (1'980'426) 101'135 (2'674) 228'083

Target Price 35 45 36 31 37 38 38 46 33 39 35 36 #N/A N/A 43 35 36 37 38 #N/A N/A 40

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 05.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 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 31.05.2013 Bank 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 Pension Fund (ERISA) 31.03.2013 Investment Advisor

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

Date 07.07.2013 05.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 27.06.2013 18.06.2013 17.06.2013 14.06.2013 04.06.2013 10.05.2013 06.05.2013 02.05.2013 01.05.2013 12.02.2013 15.01.2013 24.10.2012

08.07.2013

Subsea 7 SA Subsea 7 SA offers oilfield services. The Company designs, fabricates, builds and installs equipment for the offshore oil industry. Subsea 7 builds flexible flowlines, risers, umbilicals and other equipment. The Company operates in the Gulf of Mexico, the Asia Pacific region, the North Sea and the Mediterranean, and offshore Africa, the Middle East, and South America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUBC NO EQUITY YTD Change SUBC NO EQUITY YTD % CHANGE

12/2012 03/yy 142.38 96.76 1'167'130.00 107.5 -24.50% 11.10% 23.54% 351.8 37'817.82 1'535.40 0.0 43.8 1'287.90 6'377.84

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

16.0 M

140

14.0 M

120

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

30.11.2009 30.11.2010 2'208.8 2'369.0 1.01x 1.55x 420.3 479.1 5.29x 7.69x 245.0 265.4 10.92x 17.08x Profitability

LTM-4Q 31.12.2011 5'476.5 1.17x 870.8 7.39x 423.7 14.74x

31.12.2012 6'296.6 1.29x 1'049.6 7.75x 830.4 13.42x 1'049.60 721.90 11.46% 16.97% 8.82% 14.33% 12.87% 0.64% 17.4% 16.5% 11.2% 13.2% 1.33 0.83 14.63% 24.28% 6.71 80.67

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

03/yy 5'642.7 5.74x 935.8 10.10x 475.6 20.37x

LTM 03/yy 6'305.7 4.90x 1'041.2 7.70x 872.2 9.90x

FY+1

1.26 262.22 -5.06% -15.77% 1.260 33 4.273 1'737'904 1'830'328 1'506'686 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'641.4 7'291.7 1'663.5 1'828.1 1.01x 0.89x 4.01x 3.77x 974.3 1'480.7 181.4 346.5 6.55x 4.31x 5.51x 4.71x 403.8 703.7 31.5 163.2 18.10x 9.19x 14.18x 10.41x S&P Issuer Ratings

23.43 7.61 0.18 1.33 24.3% 19.4% 0.64 1.75 54.43 4.52 104.87 -35.67

Sales/Revenue/Turnover

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 04.12.2009

.0 M a-12

Fiscal Year Ended 30.11.2008 2'522.4 0.36x 513.8 1.76x 301.4 3.34x

160

0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

Subsea 7 SA Holdings By:

All

Holder Name SIEM INDUSTRIES INC STATE STREET GOVERNMENT PENSION F JP MORGAN CHASE BANK CAPITAL GROUP COMPAN DNB NOR ASSET MANAGE T ROWE PRICE ASSOCIA SWEDBANK ROBUR FONDE ODIN FORVALTNING AS THREADNEEDLE INVESTM DANSKE CAPITAL NORGE VANGUARD GROUP INC STOREBRAND FUND MANA NORDEA FONDENE AS DEUTSCHE BANK AG BG MASTER FUND PLC BLACKROCK NORDEA FONDER AB/SWE FMR LLC NORDEA INV MANAGEMEN

Firm Name RBC Capital Markets Fearnley Fonds ABN Amro Bank N.V. Morgan Stanley Swedbank First Securities HSBC Carnegie Nomura Deutsche Bank Pareto Securities Societe Generale Goldman Sachs Credit Suisse SEB Enskilda Nordea Equity Research Natixis DNB Markets Barclays Danske Markets ABG Sundal Collier JPMorgan Exane BNP Paribas RS Platou Markets Kepler Cheuvreux EVA Dimensions Fondsfinans AS S&P Capital IQ SpareBank 1 Markets AS Handelsbanken Arctic Securities ASA

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

Analyst KATHERINE TONKS TRULS OLSEN MARK VAN DER GEEST ROBERT PULLEYN EIVIND TONNESSEN PHILLIP LINDSAY FREDERIK H LUNDE CHRISTYAN MALEK SEBASTIAN YOSHIDA KRISTIAN DIESEN GUILLAUME DELABY HENRY TARR DAVID J THOMAS TERJE FATNES ANNE SCHULT ULRIKSEN ALAIN PARENT EIRIK RONOLD MATHISEN MICK PICKUP JO HENRIK ERIKSEN HAAKON AMUNDSEN ANDREW DOBBING ALEJANDRO DEMICHELIS GORAN ANDREASSEN GEOFFROY STERN DOUG WALTERS PETTER NARVESTAD CHRISTINE TISCARENO ERIK TONNE DANIEL RAVIK KJETIL GARSTAD

Source 13D ULT-AGG 20F 20F ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Short ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation sector perform buy buy Equalwt/In-Line strong buy overweight hold buy hold buy hold Buy/Neutral neutral buy buy buy buy overweight buy hold overweight neutral buy buy hold buy hold buy buy hold

Amt Held % Out 69'681'932 19.81 32'040'856 9.11 19'570'200 5.56 17'360'683 4.93 13'430'000 3.82 7'861'861 2.23 6'944'241 1.97 4'476'696 1.27 3'591'184 1.02 3'417'246 0.97 3'409'130 0.97 2'998'805 0.85 2'826'275 0.8 2'502'412 0.71 2'210'294 0.63 (2'110'762) -0.6 1'998'527 0.57 1'921'843 0.55 1'678'424 0.48 1'569'739 0.45

Weighting

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

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

Latest Chg (4'309) 7'232'000 10'552 (103'153) 1'927 2'491 (307'126) 692'300 (10'458) (230'051) 84'966 (30'002) (35'179) (1'818'022) 161'986 (163'218) 102'497

Target Price 120 155 134 135 140 150 #N/A N/A 165 140 170 117 146 124 162 132 119 157 180 160 119 170 104 162 170 #N/A N/A 180 136 180 185 145

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

File Dt 12.01.2011 05.07.2013 29.01.2010 29.01.2010 31.12.2010 27.03.2013 31.03.2013 31.03.2013 31.05.2013 28.02.2013 31.12.2012 31.03.2013 30.06.2013 27.03.2013 31.05.2013 30.05.2013 03.07.2013 31.05.2013 31.05.2013 31.05.2013

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

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

Date 08.07.2013 08.07.2013 08.07.2013 05.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 17.06.2013 06.06.2013 21.05.2013 21.05.2013 20.05.2013 16.05.2013 16.05.2013

08.07.2013

Nabors Industries Ltd Nabors Industries Ltd, is a land drilling contractor, and also performs well servicing and workovers. The Company conducts oil, gas, and geothermal land drilling operations. Nabors' well-site services include oilfield management, well logging, and other support services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 29.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NBR US EQUITY YTD Change NBR US EQUITY YTD % CHANGE

12/2012 03/yy 18.24 12.75 1'303'298.00 16.17 -11.24% 26.80% 62.28% 294.6 4'763.98 4'379.70 69.2 12.2 778.20 8'533.76

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

31.12.2009 31.12.2010 3'683.4 4'134.5 2.47x 2.52x 1'256.8 1'427.8 7.23x 7.30x (85.5) 94.7 21.68x Profitability

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 6'060.4 1.51x 1'842.4 4.97x 243.7 10.64x

31.12.2012 6'989.6 1.13x 1'976.5 3.99x 164.0 37.87x

1'976.50 918.17 13.14% 3.89% 1.00% 2.19% 0.52% 20.8% 27.4% 11.1% 2.3% 2.77 1.91 34.61% 73.67% 4.24 20.09

Price/ Cash Flow

03/yy 6'577.2 5.61x 1'978.2 4.77x 294.9 10.43x

LTM 03/yy 6'677.8 4.96x 1'827.2 4.68x 129.1 27.36x

FY+1

1.92 277.38 10.49 16.15% 12.45% 1.918 28 3.750 3'316'133 3'546'658 4'052'501 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'355.8 6'828.4 1'531.5 1'645.7 1.33x 1.19x 5.59x 5.19x 1'719.6 1'938.8 384.8 435.1 4.95x 4.39x 4.81x 4.62x 291.4 433.8 42.9 77.1 16.58x 11.64x 14.86x 13.35x S&P Issuer Ratings

11.04.2013 BBB STABLE 11.04.2013 A-2 7.29 1.69 2.02 2.40 73.7% 42.1% 0.52 0.77 86.14 18.17 42.11 52.27

Sales/Revenue/Turnover

9.00

8'000.0

8.00

7'000.0

7.00

6'000.0

6.00

5'000.0

5.00

4'000.0

4.00

3'000.0

3.00

2'000.0

2.00

1'000.0

1.00 0.00 01.01.2010

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

Fiscal Year Ended 31.12.2008 5'511.9 1.21x 1'921.6 3.46x 475.7 4.45x

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

Nabors Industries Ltd Holdings By:

All

Holder Name PAMPLONA CAPITAL MAN WENTWORTH HAUSER AND VANGUARD GROUP INC BLACKROCK STATE STREET SASCO CAPITAL INCORP ISENBERG EUGENE M PETRELLO ANTHONY G LSV ASSET MANAGEMENT SPRUCEGROVE INVESTME NORTHERN TRUST CORPO WELLS FARGO AQR CAPITAL MANAGEME PRINCIPAL FINANCIAL TCW GROUP INC EARNEST PARTNERS LLC DIMENSIONAL FUND ADV BANK OF NEW YORK MEL PUTNAM INVESTMENT MA NORDEA INV MANAGEMEN

Firm Name Credit Suisse Sanford C. Bernstein & Co BMO Capital Markets Jefferies Susquehanna Financial Group ISI Group Cowen and Company Argus Research Corp Deutsche Bank Morgan Stanley Johnson Rice & Co Guggenheim Securities LLC Macquarie Wells Fargo Securities, LLC Goldman Sachs Capital One Southcoast, Inc. Barclays Global Hunter Securities RBC Capital Markets Howard Weil Inc Raymond James S&P Capital IQ FBR Capital Markets EVA Dimensions Tudor Pickering & Co Oracle Investment Research

Portfolio Name n/a WENTWORTH HAUSER AND VANGUARD GROUP INC n/a n/a SASCO CAPITAL INCORP n/a n/a LSV ASSET MANAGEMENT SPRUCEGROVE INVESTME NORTHERN TRUST CORPO n/a AQR CAPITAL MANAGEME n/a TCW GROUP INCORPORAT EARNEST PARTNERS LLC n/a BANK OF NEW YORK MEL PUTNAM INVESTMENT MA NORDEA INVESTMENT MA

Analyst JAMES WICKLUND SCOTT GRUBER ALAN D LAWS BRAD HANDLER CHARLES P MINERVINO JUDSON E BAILEY JAMES D CRANDELL JONATHAN GELCIUS MICHAEL W URBAN OLE SLORER DANIEL BURKE MICHAEL K LAMOTTE NIGEL BROWNE THOMAS PATRICK CURRAN WAQAR SYED LUKE M LEMOINE JAMES C WEST BRIAN UHLMER KURT HALLEAD DAVID T WILSON J MARSHALL ADKINS TANJILA SHAFI MEGAN REPINE CRAIG STERLING BYRON POPE LAURENCE BALTER

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

Recommendation underperform outperform outperform hold Positive neutral outperform hold buy Equalwt/In-Line overweight neutral neutral market perform buy/attractive add equalweight neutral sector perform sector perform market perform buy market perform overweight accumulate buy

Amt Held 25'602'322 18'187'454 17'668'425 15'929'903 14'735'523 12'159'957 8'082'484 6'293'222 4'781'172 4'703'200 4'486'586 4'112'261 3'920'250 3'892'058 3'833'115 3'831'915 3'706'378 3'449'399 3'256'695 2'732'000

% Out 8.69 6.17 6 5.41 5 4.13 2.74 2.14 1.62 1.6 1.52 1.4 1.33 1.32 1.3 1.3 1.26 1.17 1.11 0.93

Weighting

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

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

Latest Chg (2'404'979) 596'269 78'486 264'436 1'289'400 500'473 (363'700) (43'400) 246'512 3'563'462 835'650 1'040'508 401'741 405'090 232'116 323'095 1'233'550 (138'154)

Target Price 12 19 20 14 18 #N/A N/A 20 #N/A N/A 24 18 #N/A N/A 17 16 #N/A N/A 22 19 16 18 18 18 #N/A N/A 19 18 #N/A N/A #N/A N/A 17

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

File Dt Inst Type 05.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 20.01.2012 n/a 07.03.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 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 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 24.06.2013 03.06.2013 30.05.2013 30.05.2013 22.05.2013 14.05.2013 13.05.2013 09.05.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 16.04.2013 20.02.2013 04.02.2013 03.05.2012

08.07.2013

AMEC PLC AMEC PLC provides consulting, engineering and project management services to the world's energy, power and process industries. The Company project manages the delivery of major industrial and infrastructure projects, such as power networks, and supplies engineering, procurement and construction management services in the energy and mining industries.

Price/Volume 1200

3.5 M 3.0 M 2.5 M

600

Latest Fiscal Year: LTM as of: 52-Week High (25.09.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMEC LN EQUITY YTD Change AMEC LN EQUITY YTD % CHANGE

12/2012 01/yy 1'174.00 961.00 319'573.00 1035 -11.84% 7.70% 29.11% 297.4 3'078.13 176.00 0.0 4.0 275.00 2'983.13

2.0 M

400

1.5 M 1.0 M

200

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

4.0 M

800

Valuation Analysis

31.12.2008 2'606.4 0.35x 209.8 4.31x 199.7 7.64x

4.5 M

1000

31.12.2009 31.12.2010 2'539.1 2'951.0 0.76x 1.07x 155.6 238.0 12.45x 13.23x 171.7 231.0 16.64x 15.75x Profitability

31.12.2011 3'261.0 0.78x 281.0 9.06x 232.0 14.34x

31.12.2012 4'158.0 0.72x 363.0 8.25x 216.0 14.97x

363.00 308.00 7.41% 6.33% 8.69% 17.62% 16.97% 1.67% 12.8% 8.7% 7.4% 5.2% 1.13 1.05 6.99% 16.31% 4.89 906.25

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.53 1.12 294.86 5.00% 5.66% 1.123 20 3.700 767'848 940'549 935'310 FY+2

12/13 Y 12/14 Y 4'228.0 4'507.7 0.69x 0.63x 367.5 408.7 8.12x 7.30x 253.9 285.5 11.91x 10.63x S&P Issuer Ratings

FQ+1

FQ+2

45.38 43.00 -0.27 0.48 16.3% 14.0% 1.67 106.62 74.78 0.40 54.27 20.91

Sales/Revenue/Turnover

25.00

5'000.0 4'500.0 4'000.0

20.00

3'500.0 15.00

3'000.0

10.00

2'500.0 2'000.0 1'500.0 1'000.0

5.00

500.0 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

AMEC PLC Holdings By:

All

Holder Name BLACKROCK FIL LIMITED MONDRIAN INVESTMENT ABERDEEN LEGAL & GENERAL SCOTTISH WIDOWS THREADNEEDLE ASSET M NORGES BANK INVESTME SUN LIFE FINANCIAL I NORGES BANK AVIVA INVESTORS INVESTEC WEALTH & IN VANGUARD GROUP INC AMEC PLC ESOP JUPITER ASSET MANAGE PEOPLES REPUBLIC OF ALLIANCE BERNSTEIN RATHBONE UNIT TRUST UBS SCHRODER INVESTMENT

Firm Name Nomura EVA Dimensions S&P Capital IQ Oriel Securities Ltd Morgan Stanley Credit Suisse Deutsche Bank Exane BNP Paribas Societe Generale RBC Capital Markets Goldman Sachs Liberum Capital Ltd HSBC Barclays Investec JPMorgan Arden Partners Ltd Shore Capital Stockbrokers Fox-Davies Capital

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 n/a Multiple Portfolios n/a Multiple Portfolios

Analyst CHRISTYAN MALEK DOUG WALTERS CHRISTINE TISCARENO DAVID ROUND ROBERT PULLEYN DAVID J THOMAS SEBASTIAN YOSHIDA ALEJANDRO DEMICHELIS GUILLAUME DELABY KATHERINE TONKS HENRY TARR ANDREW WHITTOCK PHILLIP LINDSAY MICK PICKUP KEITH ADAM MORRIS ANDREW DOBBING BEN THEFAUT JON BELL PAUL SINGER

Source ULT-AGG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG MF-AGG REG REG MF-AGG REG MF-AGG REG ULT-AGG REG ULT-AGG REG

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

Amt Held 33'121'639 23'358'550 15'309'947 13'998'411 11'764'506 9'285'047 8'904'543 7'311'080 7'284'798 6'284'363 6'010'842 5'944'436 5'547'715 5'121'984 5'107'488 4'714'375 4'361'613 4'144'269 4'047'787 3'762'080

% Out 11.14 7.85 5.15 4.71 3.96 3.12 2.99 2.46 2.45 2.11 2.02 2 1.87 1.72 1.72 1.59 1.47 1.39 1.36 1.26

Weighting

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

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

Latest Chg 2'534'525 712'410 (633'229) (275'297) 805'591 785'057 386'809 1'165'752 (3'243'708) (60'698) (1'225'956) 1'314'914 189'879 (1'058'265) (6'027'168)

Target Price 1'300 #N/A N/A 1'300 #N/A N/A 1'100 1'250 1'250 1'110 1'320 1'150 1'244 1'135 1'200 1'350 1'300 1'301 1'395 #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 03.07.2013 Investment Advisor 01.05.2013 Investment Advisor 31.05.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Unclassified 01.05.2013 Investment Advisor 01.05.2013 Government 31.05.2013 Investment Advisor 31.12.2012 Government 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor 31.03.2013 Investment Advisor 01.05.2013 Unclassified 31.03.2013 Investment Advisor 01.05.2013 Government 31.05.2013 Investment Advisor 01.05.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Investment Advisor

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

Date 02.07.2013 24.06.2013 12.06.2013 11.06.2013 30.05.2013 21.05.2013 22.04.2013 22.04.2013 15.04.2013 04.04.2013 27.03.2013 15.03.2013 15.02.2013 15.02.2013 14.02.2013 08.02.2013 01.11.2012 01.12.2011 20.06.2011

08.07.2013

Petrofac Ltd Petrofac Limited is an international provider of facilities solutions to the oil and gas production and processing industry. The Company's solutions include designing and building oil and gas facilities, operating and managing facilities, and training personnel.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFC LN EQUITY YTD Change PFC LN EQUITY YTD % CHANGE

12/2012 01/yy 1'752.00 1'160.00 308'617.00 1257 -28.31% 8.36% 13.01% 345.9 4'348.12 349.00 0.0 1.0 699.00 6'146.66

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

4.5 M

1600

4.0 M

1400

3.5 M

1200

3.0 M

1000

2.5 M

800

2.0 M

600

1.5 M

400

1.0 M

200

.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 3'329.5 0.34x 420.9 2.69x 265.0 6.46x

1800

31.12.2009 31.12.2010 3'655.4 4'354.2 1.20x 1.69x 550.2 637.7 7.94x 11.56x 353.6 557.8 16.07x 15.03x Profitability

31.12.2011 5'801.0 1.05x 765.0 7.95x 540.0 14.03x

31.12.2012 6'324.0 1.36x 865.0 9.97x 632.0 14.18x

865.00 735.00 11.62% 12.10% 12.36% 47.50% 41.03% 1.24% 17.1% 13.7% 11.6% 10.0% 1.03 0.59 6.55% 22.53% 6.03 8.03

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.41 1.21 246.81 -8.87% -20.84% 1.212 24 3.833 711'147 971'953 1'102'369 FY+2

12/13 Y 12/14 Y 6'456.6 7'221.3 1.03x 0.93x 1'016.2 1'212.4 6.05x 5.07x 655.6 769.4 9.87x 8.44x S&P Issuer Ratings

FQ+1

FQ+2

17.05.2013 BBB+ STABLE 17.05.2013 A-2 173.00 93.60 -0.40 0.40 22.5% 18.4% 1.24 8.44 60.65 45.58 85.63 20.59

Sales/Revenue/Turnover

80.00

7'000.0

70.00

6'000.0

60.00

5'000.0

50.00

4'000.0

40.00

3'000.0

30.00

2'000.0

20.00

1'000.0

10.00 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

Petrofac Ltd Holdings By:

All

Holder Name ASFARI AYMAN SEMAAN MAROUN LANSDOWNE PARTNERS VANGUARD GROUP INC NORGES BANK BLACKROCK JP MORGAN ROBERTS KEITH STEPHE ROYAL LONDON ASSET M HSBC INVESTMENT FUND AKO CAPITAL LLP PUTNAM INVESTMENT MA OYSTER ASSET MANAGEM ROYAL BANK OF CANADA GLG PARTNERS LP CAISSE DE DEPOT ET P FMR LLC STATE STREET BESSEMER GROUP INCOR CAUSEWAY CAPITAL MAN

Firm Name Nomura Day by Day Deutsche Bank Natixis S&P Capital IQ Liberum Capital Ltd RBC Capital Markets Societe Generale Numis Securities Ltd Exane BNP Paribas Investec Goldman Sachs JPMorgan ABN Amro Bank N.V. Oriel Securities Ltd Macquarie Credit Suisse EVA Dimensions Morgan Stanley Barclays HSBC VSA Capital Ltd Fox-Davies Capital

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

Analyst CHRISTYAN MALEK VALERIE GASTALDY SEBASTIAN YOSHIDA ALAIN PARENT CHRISTINE TISCARENO ANDREW WHITTOCK KATHERINE TONKS GUILLAUME DELABY SANJEEV BAHL ALEJANDRO DEMICHELIS KEITH ADAM MORRIS HENRY TARR ANDREW DOBBING MARK VAN DER GEEST DAVID ROUND MARK WILSON DAVID J THOMAS DOUG WALTERS ROBERT PULLEYN MICK PICKUP PHILLIP LINDSAY DOUGIE YOUNGSON PAUL SINGER

Source RNS-DIR RNS-DIR Short MF-AGG MF-AGG ULT-AGG ULT-AGG RNS-DIR MF-AGG MF-AGG Short MF-AGG MF-AGG ULT-AGG Short MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy hold hold buy strong buy buy sector perform buy hold neutral buy neutral/neutral overweight buy hold underperform outperform hold Overwt/In-Line underweight underweight not rated buy

Amt Held % Out 62'950'678 18.2 28'288'813 8.18 (6'398'993) -1.85 4'165'342 1.2 4'138'407 1.2 2'487'410 0.72 2'377'396 0.69 2'120'000 0.61 1'885'715 0.55 1'841'893 0.53 (1'798'636) -0.52 1'690'909 0.49 1'689'634 0.49 1'682'742 0.49 (1'660'279) -0.48 1'622'551 0.47 1'500'245 0.43 1'471'712 0.43 1'405'000 0.41 1'381'320 0.4

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

Latest Chg 49'843 70'949 415'070 (36'538) (571'547) (75'669) 69'000 9'351 569'406 (167'166) 150'224 345'892 (287'600) (6'589) 273'000 6'380

Target Price 1'740 #N/A N/A 1'450 1'500 2'200 1'550 1'600 1'580 1'350 1'600 1'500 1'545 2'215 1'650 #N/A N/A 1'130 1'950 #N/A N/A 1'700 1'800 1'275 #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 16.05.2013 n/a 16.05.2013 n/a 06.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 21.03.2011 n/a 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 21.05.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Bank 21.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 05.07.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 24.06.2013 21.06.2013 10.06.2013 06.06.2013 30.05.2013 28.05.2013 17.05.2013 05.12.2012 06.03.2012

08.07.2013

Saipem SpA Saipem S.p.A. offers construction and offshore and onshore drilling services. The Company installs sub-sea pipelines, installs fixed platforms, manages complete onshore construction projects, and drills for oil mainly in Italy, Algeria, Nigeria, and the Arabian peninsula.

Price/Volume 45

60.0 M

50.0 M

35 30

40.0 M

12/2012 03/yy 40.12 12.13 2'676'758.00 14.29 -64.36% 17.81% 7.07% 441.3 6'309.12 5'683.00 0.0 148.0 1'325.00 11'273.12

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

20.0 M

10.0 M

5 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 10'094.0 0.74x 1'437.0 5.19x 914.0 5.63x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPM IM EQUITY YTD Change SPM IM EQUITY YTD % CHANGE

31.12.2009 31.12.2010 10'292.0 11'160.0 1.31x 1.75x 1'601.0 1'833.0 8.42x 10.64x 732.0 844.0 14.35x 19.09x Profitability

LTM-4Q 31.12.2011 12'593.0 1.41x 2'101.0 8.46x 921.0 15.64x

31.12.2012 13'369.0 1.30x 2'182.0 7.97x 902.0 14.29x

2'182.00 1'481.00 11.08% 10.09% 7.91% 15.00% 1.35% 15.1% 9.8% 6.7% 1.03 0.51 33.05% 105.14% -

Price/ Cash Flow

LTM

03/yy 12'771.0 4.08x 2'150.0 0.00x 939.0 18.09x

03/yy 13'326.0 5.51x 2'018.0 7.71x 781.0 13.51x

FY+1

0.95 249.65 -57.37% -49.69% 0.954 28 2.821 5'838'533 5'256'986 4'071'549 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 13'311.2 13'244.3 3'288.8 3'387.8 0.87x 0.81x 3.92x 3.73x 774.0 1'753.9 (348.5) 379.0 14.56x 6.43x 12.96x 6.70x (329.8) 546.1 (638.0) 96.5 11.60x 16.95x S&P Issuer Ratings

15.59 8.43 2.40 2.40 105.1% 50.6% 1.35 1.61 -

Sales/Revenue/Turnover

70.00

16'000.0

60.00

14'000.0 12'000.0

50.00

10'000.0 40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

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 |

08.07.2013

Saipem SpA Holdings By:

All

Holder Name ENI SPA FIL LIMITED THORNBURG INVESTMENT FMR LLC NORGES BANK ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC BLACKROCK VANGUARD GROUP INC MFS INSTITUTIONAL AD DEUTSCHE BANK AG MFS FINANCIAL SERVIC SAIPEM SPA T ROWE PRICE ASSOCIA FIDEURAM GESTIONS SA MFS INVESTMENT MGMT MFS INTERNATIONAL UK UNION INVESTMENT GMB SCHRODER INVESTMENT SUN LIFE FINANCIAL I

Firm Name Societe Generale AlphaValue Mediobanca SpA Deutsche Bank ICBPI ABN Amro Bank N.V. JPMorgan Nomura Banca Akros(ESN) Exane BNP Paribas Day by Day S&P Capital IQ Kepler Cheuvreux EVA Dimensions Morgan Stanley Goldman Sachs RBC Capital Markets Banca IMI Credit Suisse HSBC Macquarie Equita SIM SpA Natixis Liberum Capital Ltd Barclays

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

Analyst GUILLAUME DELABY ALEXANDRE ANDLAUER ANDREA SCAURI SEBASTIAN YOSHIDA LUCA ARENA MARK VAN DER GEEST ANDREW DOBBING CHRISTYAN MALEK DARIO MICHI ALEJANDRO DEMICHELIS VALERIE GASTALDY JAWAHAR HINGORANI GEOFFROY STERN DOUG WALTERS ROBERT PULLEYN HENRY TARR KATHERINE TONKS ROBERTO RANIERI DAVID J THOMAS PHILLIP LINDSAY DAVID FARRELL LUIGI DE BELLIS ANNE PUMIR ANDREW WHITTOCK MICK PICKUP

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

Recommendation hold add neutral hold sell hold neutral neutral hold underperform hold hold hold hold Overwt/In-Line neutral/neutral sector perform reduce underperform overweight underperform hold reduce hold equalweight

Amt Held 189'447'556 11'463'775 9'952'466 8'513'747 8'116'332 5'902'329 5'289'142 4'152'257 2'968'077 2'590'416 2'386'001 2'255'030 1'996'482 1'797'242 1'489'877 1'204'742 992'919 948'419 927'902 892'545

% Out 42.93 2.6 2.26 1.93 1.84 1.34 1.2 0.94 0.67 0.59 0.54 0.51 0.45 0.41 0.34 0.27 0.23 0.21 0.21 0.2

Weighting

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

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

Latest Chg (348'075) 557'626 (115'514) 64'953 458'786 63'936 (42'200) 382'317 821'766 412'019 (591'808) (348)

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

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

File Dt 06.02.2013 31.12.2012 30.04.2013 31.03.2013 31.12.2012 31.03.2013 30.04.2013 03.07.2013 31.03.2013 06.02.2013 31.05.2013 06.02.2013 31.12.2012 31.03.2013 01.07.2013 06.02.2013 06.02.2013 28.09.2012 28.03.2013 31.05.2013

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

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

Date 08.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 26.06.2013 26.06.2013 20.06.2013 19.06.2013 18.06.2013 18.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013 17.06.2013

08.07.2013

Diamond Offshore Drilling Inc Diamond Offshore Drilling, Inc. is a global offshore oil and gas drilling contractor. The Company is a deep water driller that serves markets that include the deep water, harsh environment, conventional semisubmersible and jack-up markets.

Price/Volume 80

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 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 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DO US EQUITY YTD Change DO US EQUITY YTD % CHANGE

12/2012 03/yy 75.25 55.82 188'720.00 69.83 -7.28% 25.11% 69.12% 139.0 9'708.85 1'496.07 0.0 0.0 1'485.59 9'746.70

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

31.12.2009 31.12.2010 3'631.3 3'323.0 3.97x 2.92x 2'251.5 1'774.0 6.40x 5.48x 1'376.2 955.5 9.94x 9.97x Profitability

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

LTM-4Q 31.12.2011 3'322.4 2.39x 1'649.3 4.82x 962.5 8.01x

31.12.2012 2'986.5 3.17x 1'336.9 7.08x 720.5 13.34x

1'336.88 943.97 31.61% 30.74% 9.95% 15.75% 12.36% 0.41% 33.7% 44.2% 31.1% 24.1% 4.39 4.09 20.68% 32.69% 5.56 70.20

Price/ Cash Flow

03/yy 3'284.7 10.83x 1'574.0 5.96x 897.1 10.56x

s-12

o-12

n-12

d-12

LTM 03/yy 2'947.6 12.45x 1'303.6 7.45x 711.3 13.53x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

5.01 1.11 68.90 6.95 24.59% 5.24% 1.114 39 3.282 788'226 841'112 919'295 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'048.2 3'934.1 766.1 753.1 3.65x 2.97x 13.53x 14.04x 1'278.0 1'934.6 345.8 293.8 7.61x 5.03x 7.06x 6.50x 643.4 1'016.6 172.6 137.2 15.19x 9.62x 14.63x 13.27x S&P Issuer Ratings

27.07.2004 ASTABLE 15.94 7.57 0.03 1.15 32.7% 24.6% 0.41 0.62 65.68 5.20 15.10 -

Sales/Revenue/Turnover

9.00

4'000.0

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

2.0 M

Fiscal Year Ended 31.12.2008 3'544.1 2.25x 2'233.0 3.56x 1'310.5 6.14x

2.5 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 |

08.07.2013

Diamond Offshore Drilling Inc Holdings By:

All

Holder Name LOEWS CORPORATION LOEWS CORPORATION T ROWE PRICE ASSOCIA VANGUARD GROUP INC BLACKROCK ALLIANCE BERNSTEIN CAPITAL GROUP COMPAN STATE STREET VAN ECK ASSOCIATES C RENAISSANCE TECHNOLO EPOCH INVESTMENT PAR PPM AMERICA INC SCHAFER CULLEN CAPIT FMR LLC BANK OF NEW YORK MEL WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL BANK OF AMERICA CORP NORTHERN TRUST CORPO BURGUNDY ASSET MANAG

Firm Name RBC Capital Markets Fearnley Fonds Iberia Capital Partners LLC JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group Johnson Rice & Co Cowen and Company Barclays Guggenheim Securities LLC Stephens Inc Deutsche Bank Credit Suisse Capital One Southcoast, Inc. Raymond James Susquehanna Financial Group Global Hunter Securities Clarkson Capital Markets LLC Swedbank First Securities Wells Fargo Securities, LLC FBR Capital Markets Morgan Stanley Howard Weil Inc Goldman Sachs Macquarie Williams Financial Group EVA Dimensions Nordea Equity Research DNB Markets RS Platou Markets Tudor Pickering & Co Arctic Securities ASA S&P Capital IQ Pareto Securities

Portfolio Name LOEWS CORPORATION n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a n/a n/a n/a RENAISSANCE TECHNOLO EPOCH INVESTMENT PAR PPM AMERICA INC SCHAFER CULLEN CAPIT n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL BANK OF AMERICA NORTHERN TRUST CORPO BURGUNDY ASSET MANAG

Analyst KURT HALLEAD TRULS OLSEN TREY STOLZ J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY DAVID C SMITH J B LOWE JAMES C WEST DARREN GACICIA JOHN KELLER MICHAEL W URBAN GREGORY LEWIS LUKE M LEMOINE J MARSHALL ADKINS CHARLES P MINERVINO RYAN FITZGIBBON HAITHUM NOKTA BJORN THORESEN MATTHEW D CONLAN MEGAN REPINE OLE SLORER DAVID T WILSON WAQAR SYED NIGEL BROWNE MATTHEW BEEBY CRAIG STERLING DAVID BHATTI MARTIN HUSEBY KARLSEN ANDERS BERGLAND BYRON POPE KRISTOFFER RIIS IDEN STEWART GLICKMAN FRANK HARESTAD

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

Recommendation sector perform reduce outperform overweight market perform underperform hold neutral equalweight market perform underweight neutral equalweight hold neutral add market perform neutral neutral market perform neutral outperform market perform Equalwt/In-Line sector outperform neutral/attractive neutral buy hold hold hold buy accumulate hold hold hold

Amt Held 70'104'620 70'104'620 5'460'196 4'447'829 4'073'759 3'925'350 3'264'141 3'255'926 2'513'749 2'459'800 2'208'480 1'511'200 1'459'956 1'411'508 1'338'885 1'321'865 1'320'200 1'161'353 905'885 883'821

% Out 50.42 50.42 3.93 3.2 2.93 2.82 2.35 2.34 1.81 1.77 1.59 1.09 1.05 1.02 0.96 0.95 0.95 0.84 0.65 0.64

Weighting

Change 3 2 5 5 3 1 3 3 3 3 1 3 3 3 3 4 3 3 3 3 3 5 3 3 5 3 3 5 3 3 3 5 4 3 3 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 U M M D D M U M D D M

Latest Chg (197'095) 202'839 140'634 (144'106) (350'000) (6'696) 54'965 931'800 97'364 203'300 1'459'956 (258'432) 168'934 (510'316) 618'994 40'254 32'544 36'050

Target Price 76 #N/A N/A 92 79 75 58 74 #N/A N/A #N/A N/A 78 82 73 75 68 77 78 #N/A N/A 75 75 73 76 #N/A N/A 74 85 83 85 76 87 #N/A N/A 74 71 80 #N/A N/A 80 73 73

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

File Dt Inst Type 31.03.2013 Corporation 31.03.2013 Corporation 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 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 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 24.06.2013 24.06.2013 24.06.2013 21.06.2013 20.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 19.06.2013 11.06.2013 05.06.2013 30.05.2013 29.05.2013 23.05.2013 22.05.2013 22.05.2013 04.05.2013 29.04.2013 24.04.2013 15.04.2013 04.02.2013 18.10.2012 21.08.2012 31.01.2012

08.07.2013

TonenGeneral Sekiyu KK TonenGeneral Sekiyu K.K., imports, transports, refines, and markets crude oil, oil products, and petrochemicals.

Price/Volume 1200

4.5 M 4.0 M

1000

3.5 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 5012 JP EQUITY YTD Change 5012 JP EQUITY YTD % CHANGE

12/2012 03/yy 1'099.00 616.00 839'000.00 963 -12.37% 56.33% 74.12% 565.2 544'270.25 333'575.00 0.0 821.0 13'369.00 882'505.27

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

2.5 M 2.0 M

400

1.5 M 1.0 M

200

.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 3'272'429.0 0.18x 151'195.0 3.83x 79'285.0 6.38x

3.0 M

600

31.12.2009 31.12.2010 2'111'753.0 2'398'718.0 0.25x 0.23x (3'327.0) 61'662.0 8.99x (21'718.0) 42'873.0 11.69x Profitability

LTM-4Q 31.12.2011 2'677'115.0 0.20x 243'184.0 2.21x 132'779.0 3.57x

LTM

FY+1

0.72 362.75 44.52% 31.71% 0.725 9 2.778 1'017'600 1'770'900 1'659'825 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'804'929.0 ######### ######### ######### ######### 0.21x 0.81x 0.85x 0.27x 64'196.0 82'104.0 80'351.0 90'492.5 84'347.6 9.24x 6.02x 8.40x 9.75x 10.46x 54'770.0 43'820.0 55'440.0 32'635.0 23'487.1 6.10x 9.81x 5.40x 11.05x 15.74x S&P Issuer Ratings 64'196.00 Long-Term Rating Date 11.05.2005 27'298.00 Long-Term Rating NR 0.97% Long-Term Outlook 1.38% Short-Term Rating Date 4.27% Short-Term Rating 16.32% Credit Ratios - EBITDA/Interest Exp. 28.36 2.22% (EBITDA-Capex)/Interest Exp. 22.54 Net Debt/EBITDA 4.20 3.3% Total Debt/EBITDA 4.86 2.8% Reference 1.4% Total Debt/Equity 116.0% 2.0% Total Debt/Capital 53.6% Asset Turnover 2.22 0.95 Net Fixed Asset Turnover 13.80 0.35 Accounts receivable turnover-days 43.82 24.08% Inventory Days 53.88 116.00% Accounts Payable Turnover Day 39.07 8.33 Cash Conversion Cycle 53.26 6.77

Price/ Cash Flow

Sales/Revenue/Turnover

80.00

3'500'000.0

70.00

3'000'000.0

60.00

2'500'000.0

50.00

2'000'000.0

40.00

1'500'000.0

30.00

1'000'000.0

20.00

500'000.0

10.00 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

TonenGeneral Sekiyu KK Holdings By:

All

Holder Name TONENGENERAL SEKIYU EXXON MOBILE BAY LTD JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF KOCHI SHINKIN BANK BLACKROCK BARCLAYS CAPITAL SEC STATE STREET CUSTODI NIPPON LIFE INSURANC STATE STREET VANGUARD GROUP INC NOMURA MITSUBISHI UFJ FINAN NORGES BANK TD ASSET MANAGEMENT SEB SAN-AI OIL CO LTD NIKKO ASSET MANAGEME DAIWA SECURITIES GRO SUMITOMO MITSUI TRUS

Firm Name

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 Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a

Analyst

Daiwa Securities Co. Ltd. TAKAHIRO YANO JPMorgan YUJI NISHIYAMA EVA Dimensions DOUG WALTERS Mizuho Securities NORIMASA SHINYA Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO SMBC Nikko Securities Inc HIDETOSHI SHIODA

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

Recommendation neutral neutral underweight neutral neutral outperform

Amt Held 200'628'000 80'000'000 16'815'000 9'724'000 8'509'000 6'844'000 6'000'000 5'558'000 4'223'000 3'354'956 2'890'148 2'608'410 2'204'000 2'086'214 2'055'200 1'721'100 1'222'000 886'000 772'000 521'000

% Out 35.5 14.15 2.98 1.72 1.51 1.21 1.06 0.98 0.75 0.59 0.51 0.46 0.39 0.37 0.36 0.3 0.22 0.16 0.14 0.09

Latest Chg

Weighting

Change

Target Price

3 3 1 3 3 5

N N M M D M

34 5'487'000 (483'000) 20'000 (374'000) 340'000 146'000 98'144 (3'000) 766'000 20'000 (238'000) (42'000)

950 1'000 #N/A N/A 950 950 1'000

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 03.07.2013 31.12.2012 31.12.2012 20.02.2013 05.07.2013 31.03.2013 28.06.2013 30.04.2013 31.12.2012 30.04.2013 28.03.2013 31.03.2012 05.07.2013 30.04.2013 01.04.2013

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

Inst Type Corporation Corporation Bank Bank Bank Investment Advisor Investment Advisor Other Insurance Company Investment Advisor Investment Advisor Unclassified Holding Company Government Investment Advisor Unclassified Corporation Unclassified Holding Company Bank

Date 18.06.2013 17.06.2013 06.06.2013 28.05.2013 28.05.2013 14.03.2013

08.07.2013

Rowan Cos Plc Rowan Companies plc provides international and domestic contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.

Price/Volume 40

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

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2012) 52-Week Low (28.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDC US EQUITY YTD Change RDC US EQUITY YTD % CHANGE

12/2012 03/yy 39.40 30.05 361'635.00 35.52 -10.00% 18.20% 48.98% 124.2 4'411.56 2'009.60 0.0 0.0 1'024.01 5'401.98

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

10 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

Fiscal Year Ended 31.12.2008 2'212.7 0.90x 731.7 2.73x 427.6 3.97x

31.12.2009 31.12.2010 1'770.2 1'017.7 1.58x 5.07x 666.7 570.5 4.18x 9.04x 367.5 280.0 7.59x 15.50x Profitability

LTM-4Q 31.12.2011 939.2 4.73x 363.9 12.21x 736.8 25.96x

31.12.2012 1'392.6 3.50x 540.7 9.01x 180.6 16.00x

540.72 292.82 21.03% 13.07% 2.78% 4.43% 0.20% 28.2% 39.1% 21.6% 13.0% 5.28 4.92 26.10% 44.35% 3.66 -

Price/ Cash Flow

03/yy 1'066.8 17.56x 405.7 12.00x 754.3 23.09x

LTM 03/yy 1'453.4 13.99x 567.8 9.48x 199.2 17.43x

FY+1

0.00 1.36 123.12 3.00 8.59% 13.59% 1.356 40 3.975 792'133 975'032 1'045'879 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'555.3 1'942.9 395.8 386.4 3.92x 3.45x 13.87x 14.66x 626.3 892.6 155.6 163.3 8.63x 6.06x 8.38x 7.82x 273.1 459.2 67.8 74.9 16.25x 9.66x 16.07x 14.59x S&P Issuer Ratings

6.43 -1.72 1.74 3.54 44.3% 30.7% 0.20 0.25 99.84 -

Sales/Revenue/Turnover

120.00

2'500.0

100.00

2'000.0

80.00

1'500.0

60.00

1'000.0 40.00

500.0

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

Rowan Cos Plc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FIRST PACIFIC ADVISO STATE STREET FRANKLIN RESOURCES NEUBERGER BERMAN LLC SASCO CAPITAL INCORP FMR LLC DIMENSIONAL FUND ADV JENNISON ASSOCIATES ING INVESTMENT MANAG CITADEL ADVISORS LLC COLUMBIA WANGER ASSE WESTFIELD CAPITAL MG NORTHERN TRUST CORPO GAMCO TIMESSQUARE CAPITAL BANK OF NEW YORK MEL PINNACLE ASSOCIATES QVT FINANCIAL LP

Firm Name Fearnley Fonds RBC Capital Markets JPMorgan Sanford C. Bernstein & Co BMO Capital Markets Jefferies ISI Group Societe Generale Johnson Rice & Co Cowen and Company Capital One Southcoast, Inc. Guggenheim Securities LLC Susquehanna Financial Group Iberia Capital Partners LLC Swedbank First Securities Credit Suisse Howard Weil Inc Stephens Inc Barclays Global Hunter Securities Clarkson Capital Markets LLC Wells Fargo Securities, LLC Morgan Stanley Goldman Sachs Macquarie FBR Capital Markets Williams Financial Group Deutsche Bank Raymond James Nordea Equity Research RS Platou Markets EVA Dimensions Tudor Pickering & Co DNB Markets S&P Capital IQ Pareto Securities Arctic Securities ASA

Portfolio Name n/a VANGUARD GROUP INC FIRST PACIFIC ADVISO n/a n/a NEUBERGER BERMAN GRO SASCO CAPITAL INCORP n/a n/a JENNISON ASSOCIATES ING INVESTMENT MANAG CITADEL ADVISORS LLC COLUMBIA WANGER ASSE WESTFIELD CAPITAL MA NORTHERN TRUST CORPO n/a TIMESSQUARE CAPITAL BANK OF NEW YORK MEL PINNACLE ASSOCIATES QVT FINANCIAL LP

Analyst TRULS OLSEN KURT HALLEAD J DAVID ANDERSON SCOTT GRUBER ALAN D LAWS BRAD HANDLER JUDSON E BAILEY EDWARD C MUZTAFAGO DAVID C SMITH J B LOWE LUKE M LEMOINE DARREN GACICIA CHARLES P MINERVINO TREY STOLZ BJORN THORESEN GREGORY LEWIS DAVID T WILSON JOHN KELLER JAMES C WEST BRIAN UHLMER HAITHUM NOKTA MATTHEW D CONLAN OLE SLORER WAQAR SYED NIGEL BROWNE MEGAN REPINE MATTHEW BEEBY MICHAEL W URBAN J MARSHALL ADKINS DAVID BHATTI ANDERS BERGLAND CRAIG STERLING BYRON POPE MARTIN HUSEBY KARLSEN STEWART GLICKMAN FRANK HARESTAD KRISTOFFER RIIS IDEN

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

Recommendation buy sector perform neutral market perform market perform buy neutral hold overweight market perform add neutral neutral outperform buy outperform sector outperform equalweight overweight neutral outperform outperform Equalwt/In-Line neutral/attractive outperform market perform buy hold market perform buy buy underweight hold buy buy buy hold

Amt Held 10'041'135 7'834'069 7'229'876 6'346'236 5'091'005 4'899'799 4'749'670 4'347'107 2'623'209 2'376'253 2'094'540 2'085'914 2'051'747 1'864'730 1'581'260 1'454'400 1'416'000 1'304'397 1'199'940 1'121'854

% Out 8.08 6.31 5.82 5.11 4.1 3.95 3.82 3.5 2.11 1.91 1.69 1.68 1.65 1.5 1.27 1.17 1.14 1.05 0.97 0.9

Weighting

Change 5 3 3 3 3 5 3 3 5 3 4 3 3 5 5 5 5 3 5 3 5 5 3 3 5 3 5 3 3 5 5 1 3 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 U M M M M D

Latest Chg 369'617 (49'400) (35'073) 3'450 1'194'435 (43'450) (864'505) (11'262) (88'621) (111'623) 1'099'516 736'493 224'185 38'679 (19'000) 253'400 51'280 (20'465) -

Target Price 43 38 34 37 38 39 #N/A N/A 36 #N/A N/A 37 38 36 37 42 42 45 44 38 40 31 38 #N/A N/A 42 39 40 35 41 32 #N/A N/A 50 42 #N/A N/A #N/A N/A 40 38 47 38

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 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 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 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 04.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 25.06.2013 24.06.2013 24.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 21.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 11.06.2013 30.05.2013 23.05.2013 22.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 18.04.2013 15.04.2013 05.03.2013 04.02.2013 08.01.2013 19.11.2012 01.11.2012 01.11.2011

08.07.2013

Peabody Energy Corp Peabody Energy Corporation mines and markets predominantly low sulfur coal, primarily for use by electric utilities. The Company also trades coal and emission allowances. Peabody owns and operates mines in Arizona, Colorado, New Mexico and Wyoming, Illinois, Indiana, and Australia. The Company also a minority interest in a Venezuelan mine through a joint venture.

Price/Volume 35

40.0 M

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.11.2012) 52-Week Low (05.07.2013) 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 BTU US EQUITY YTD Change BTU US EQUITY YTD % CHANGE

12/2012 03/yy 29.84 14.34 3'322'097.00 15.2 -49.40% 6.00% 2.00% 269.6 4'098.36 6'252.90 0.0 33.9 558.80 9'650.66

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

31.12.2009 31.12.2010 6'012.4 6'739.9 2.31x 2.79x 1'336.0 1'810.4 10.40x 10.37x 448.2 774.0 28.50x 21.08x Profitability

10.0 M

5.0 M

0 j-12

.0 M a-12

LTM-4Q 31.12.2011 7'895.9 1.88x 2'150.1 6.91x 957.7 11.31x

31.12.2012 8'077.5 1.59x 1'876.0 6.86x (585.7) -

1'876.00 1'212.60 15.01% -2.58% -4.82% -14.76% 0.48% 18.3% 20.6% 11.8% -7.3% 1.54 0.77 39.55% 127.48% 11.10 12.27

Price/ Cash Flow

03/yy 8'211.6 6.83x 2'221.5 6.15x 954.0 10.45x

s-12

o-12

n-12

d-12

LTM 03/yy 7'821.9 6.18x 1'612.6 6.98x (781.8) 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

2.24 1.66 268.16 16.64 -37.95% -42.45% 1.659 26 4.038 5'846'555 7'940'182 8'024'423 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'406.2 8'233.2 1'831.2 1'888.3 1.31x 1.13x 5.21x 5.10x 1'158.0 1'545.5 284.1 300.6 8.33x 6.24x 7.35x 6.70x 2.4 293.1 (4.3) 11.3 14.86x 75.62x 33.26x S&P Issuer Ratings

15.09.2008 BB+ STABLE 4.63 1.51 3.42 3.81 127.5% 55.9% 0.48 0.66 32.90 29.74 81.81 29.91

Sales/Revenue/Turnover

20.00

9'000.0

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

15.0 M

Fiscal Year Ended 31.12.2008 6'561.0 1.28x 1'725.8 4.87x 952.9 7.15x

20.0 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 |

08.07.2013

Peabody Energy Corp Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET SYSTEMATIC FINANCIAL DEUTSCHE BANK AG BARCLAYS PLC BANK OF NEW YORK MEL MORGAN STANLEY WELLINGTON MANAGEMEN NORTHERN TRUST CORPO PACIFIC HEIGHTS ASSE UBS JP MORGAN FRANKLIN RESOURCES PERRY CORP GOLDMAN SACHS GROUP T ROWE PRICE ASSOCIA TRADEWINDS GLOBAL IN BALYASNY ASSET MANAG

Firm Name Nomura Jefferies Raymond James Simmons & Company International Barclays Stifel Iberia Capital Partners LLC JPMorgan Davenport & Co FBR Capital Markets Cowen and Company Howard Weil Inc Tudor Pickering & Co Sterne, Agee & Leach Brean Capital LLC BB&T Capital Markets Clarkson Capital Markets LLC Deutsche Bank Goldman Sachs BMO Capital Markets Morgan Stanley EVA Dimensions Johnson Rice & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a SYSTEMATIC FINANCIAL n/a n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO PACIFIC HEIGHTS ASSE n/a n/a n/a PERRY CORPORATION n/a T ROWE PRICE ASSOCIA TRADEWINDS GLOBAL IN BALYASNY ASSET MANAG

Analyst CURTIS WOODWORTH PETER D WARD JAMES M ROLLYSON CALEB DORFMAN DAVID GAGLIANO PAUL FORWARD DAVID E BEARD JOHN BRIDGES J CHRISTOPHER HABERLIN MITESH B THAKKAR DANIEL W SCOTT HOLLY STEWART BRANDON BLOSSMAN MICHAEL S DUDAS LUCAS PIPES MARK A LEVIN JEREMY SUSSMAN DAVID S MARTIN BRIAN SINGER MEREDITH H BANDY EVAN L KURTZ CRAIG STERLING WILLIAM BURNS

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

Recommendation neutral buy market perform overweight overweight buy outperform overweight buy outperform market perform sector outperform accumulate buy hold buy market perform buy neutral/neutral market perform Equalwt/In-Line overweight suspended coverage

Amt Held 19'885'091 16'899'720 16'749'373 12'590'022 5'177'543 5'092'372 5'068'508 3'865'087 3'762'237 3'635'534 3'616'442 3'535'000 3'360'742 3'349'140 3'202'980 3'161'000 3'126'129 2'545'442 2'462'199 2'379'249

% Out 7.37 6.27 6.21 4.67 1.92 1.89 1.88 1.43 1.4 1.35 1.34 1.31 1.25 1.24 1.19 1.17 1.16 0.94 0.91 0.88

Weighting

Change

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

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

Latest Chg (3'860'999) 3'076'526 910'215 (300'498) 435'652 3'583'121 4'395'832 218'780 2'582'182 (9'208'359) 86'089 15'000 792'588 (7'408'618) 76'441 3'161'000 67'129 (60'990) 730'728 (89'491)

Target Price 16 40 #N/A N/A 22 35 30 30 29 21 24 20 27 29 35 #N/A N/A 30 21 26 22 20 17 #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 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 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 Unclassified 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

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

Date 05.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 27.06.2013 26.06.2013 26.06.2013 25.06.2013 24.06.2013 19.06.2013 19.06.2013 17.06.2013 07.06.2013 04.06.2013 04.06.2013 10.05.2013 07.05.2013 24.04.2013 18.04.2013 15.01.2013 04.01.2013

08.07.2013

WorleyParsons Ltd WorleyParsons Limited provides professional services through alliance and integrated service contracts to the energy, resource and complex process industries. The Company provides its services to industrial sectors such as oil and gas refining, petrochemicals and chemicals, minerals and metals, power and water and industrial and infrastructure.

Price/Volume 30

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (13.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WOR AU EQUITY YTD Change WOR AU EQUITY YTD % CHANGE

06/2012 01/yy 28.40 18.61 692'150.00 20.18 -28.94% 8.44% 15.73% 243.2 4'907.47 736.80 0.0 22.5 195.90 5'444.47

30.06.2008 4'607.1 2.12x 542.3 18.05x 343.9 26.57x

4.0 M 3.0 M

2.0 M 5 0 j-12

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

8.0 M

30.06.2009 30.06.2010 5'794.7 5'059.7 1.09x 1.21x 641.8 460.0 9.86x 13.26x 390.5 291.1 14.78x 18.74x Profitability

30.06.2011 5'605.1 1.33x 532.1 14.04x 364.2 19.04x

30.06.2012 7'389.5 0.91x 601.4 11.19x 353.2 17.47x

601.40 498.40 6.74% 6.68% 8.38% 18.50% 14.81% 2.00% 7.0% 5.8% 4.8% 1.50 0.74 16.78% 37.64% 10.29 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.58 1.04 212.58 5.23 -16.37% -12.26% 1.038 16 3.875 1'010'408 1'211'308 1'303'553 FY+2

06/13 Y 06/14 Y 8'312.2 8'743.4 0.66x 0.62x 630.8 681.7 8.63x 7.99x 332.1 363.4 14.92x 13.64x S&P Issuer Ratings

FQ+1

FQ+2

11.77 10.61 0.85 1.58 37.6% 27.1% 2.00 68.06 35.57 -

Sales/Revenue/Turnover

35.00

8'000.0

30.00

7'000.0 6'000.0

25.00

5'000.0 20.00

4'000.0 15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 03.07.2009

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

WorleyParsons Ltd Holdings By:

All

Holder Name WILACI PTY LTD COMMONWEALTH BANK OF INVESCO LTD BANK OF NEW YORK MEL GRILL JOHN MICHAEL VANGUARD GROUP INC BLACKROCK MORGAN STANLEY VERITAS ASSET MANAGE NORGES BANK JUHA PTY LTD HAJU PTY LTD BENKE LARRY MAX VANGUARD INVESTMENTS EVENROSE PTY LTD JOHALIUS PTY LTD AMERIPRISE FINANCIAL GREEN JOHN M MAJLIS PTY LTD T ROWE PRICE ASSOCIA

Firm Name Credit Suisse Macquarie EVA Dimensions Commonwealth Bank Shaw Stockbroking Morgan Stanley Deutsche Bank Goldman Sachs JPMorgan CIMB Moelis & Company Paterson Securities

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

Analyst EMMA ALCOCK JOHN PURTELL DOUG WALTERS BEN BROWNETTE DANNY YOUNIS NICHOLAS ROBISON CRAIG WONGPAN NATHAN REILLY ANTHONY PASSE-DE SILVA MARK SAMTER SIMON FITZGERALD GEORGE GALANOPOULOS

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

Recommendation outperform outperform hold overweight hold Overwt/Cautious hold buy/attractive underweight outperform hold buy

Amt Held 16'891'039 11'730'163 4'817'719 3'959'345 3'932'055 2'210'016 2'112'451 1'913'444 1'837'962 1'673'192 1'500'000 1'500'000 1'133'383 1'089'858 1'053'136 1'053'136 908'553 891'869 609'376 582'143

% Out 6.95 4.82 1.98 1.63 1.62 0.91 0.87 0.79 0.76 0.69 0.62 0.62 0.47 0.45 0.43 0.43 0.37 0.37 0.25 0.24

Weighting

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

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

Latest Chg (400'860) 2'451 576'930 75'822 1'903 33'570 3'188 23'386 (171'313) (6'661)

Target Price 23 25 #N/A N/A 23 22 22 19 23 19 26 21 28

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

File Dt 01.03.2013 29.03.2012 05.07.2013 05.07.2013 01.03.2013 31.03.2013 03.07.2013 31.03.2013 30.09.2012 31.12.2012 01.03.2013 01.03.2013 02.10.2012 30.09.2012 09.02.2011 01.03.2013 31.05.2013 29.08.2012 20.05.2013 31.03.2013

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

Inst Type Unclassified Bank Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Other Other n/a Investment Advisor Unclassified Other Investment Advisor n/a Other Investment Advisor

Date 19.06.2013 19.06.2013 06.06.2013 04.06.2013 20.05.2013 19.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 11.12.2012

08.07.2013

WPX Energy Inc WPX Energy Inc. is an independent natural gas and oil exploration and production company. The Company is focused on its natural gas reserve base and related NGLs in the Piceance Basin of the Rocky Mountain region, the Bakken Shale oil play in North Dakota, and the Marcellus Shale natural gas play in Pennsylvania.

Price/Volume 25

8.0 M 7.0 M

6.0 M 5.0 M

4.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (28.02.2013) 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 WPX US EQUITY YTD Change WPX US EQUITY YTD % CHANGE

12/2012 03/yy 21.12 14.03 650'792.00 19.33 -8.45% 37.78% 69.30% 200.2 3'870.42 1'508.00 0.0 103.0 153.00 5'453.42

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

31.12.2009 31.12.2010 3'700.0 4'034.0 1'260.0 1'226.0 140.0 (1'291.0) Profitability

0 j-12

1.0 M .0 M a-12

LTM-4Q 31.12.2011 3'882.0 1.20x 1'176.0 3.95x (302.0) 42.11x

31.12.2012 3'189.0 1.39x 918.0 4.82x (223.0) -

918.00 -55.00 -1.72% -10.79% -3.01% -5.49% 0.30% 41.5% 25.8% -7.5% -7.0% 1.06 0.82 15.95% 28.63% 7.05 32.24

Price/ Cash Flow

03/yy 1'880.0 5.03x 554.0 0.00x (381.0) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 2'910.0 6.28x 751.0 6.38x (296.0) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.00 198.71 13.53 23.59% 29.91% 12 3.250 2'159'628 2'368'377 2'728'839 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'062.7 3'561.7 770.7 812.0 1.80x 1.59x 7.07x 6.75x 905.5 1'138.8 214.7 226.3 6.00x 4.77x 5.89x 5.67x (142.3) (21.4) (32.0) (24.2) S&P Issuer Ratings

07.11.2011 BB+ STABLE 9.00 -5.91 1.97 2.12 28.6% 21.9% 0.30 0.35 51.74 11.32 103.95 -50.95

Sales/Revenue/Turnover

7.00

7'000.0

6.00

6'000.0

5.00

5'000.0

4.00

4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 01.01.2010

2.0 M

Fiscal Year Ended 31.12.2008 6'226.0 2'071.0 728.0 -

3.0 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 |

08.07.2013

WPX Energy Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FRANKLIN RESOURCES TACONIC CAPITAL ADVI VANGUARD GROUP INC SHAPIRO CAPITAL MANA BLACKROCK DONALD SMITH & CO IN STATE STREET WELLINGTON MANAGEMEN SCOUT INVESTMENT ADV HORIZON KINETICS LEVIN CAPITAL STRATE FMR LLC POWER CORP OF CANADA MILLENNIUM MANAGEMEN RIVER ROAD ASSET MAN STEADFAST CAPITAL MG BRENNER WEST CAPITAL BANK OF NEW YORK MEL NORTHERN TRUST CORPO

Firm Name BMO Capital Markets Tudor Pickering & Co Robert W. Baird & Co Susquehanna Financial Group Capital One Southcoast, Inc. Barclays EVA Dimensions Deutsche Bank Howard Weil Inc Cowen and Company BNP Paribas Equity Research JPMorgan Spin-Off Research

Portfolio Name n/a n/a n/a VANGUARD GROUP INC SHAPIRO CAPITAL MANA n/a DONALD SMITH & CO IN n/a WELLINGTON MANAGEMEN SCOUT INVESTMENT ADV n/a LEVIN CAPITAL STRATE n/a n/a MILLENNIUM MANAGEMEN RIVER ROAD ASSET MAN STEADFAST CAPITAL MG BRENNER WEST CAPITAL BANK OF NEW YORK MEL NORTHERN TRUST CORPO

Analyst PHILLIP JUNGWIRTH MATTHEW PORTILLO HSULIN PENG DUANE GRUBERT BRIAN T VELIE THOMAS R DRISCOLL CRAIG STERLING STEPHEN RICHARDSON BRIAN CORALES NICHOLAS P POPE DANIEL BRAZILLER JOSEPH D ALLMAN TEAM COVERAGE

Source 13G ULT-AGG 13D 13F 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F

Recommendation market perform hold neutral neutral add equalweight hold hold sector perform buy suspended coverage neutral neutral

Amt Held 20'495'469 13'538'010 12'800'000 12'211'845 9'953'871 9'633'551 8'627'243 8'194'883 6'180'992 5'740'192 5'524'558 4'130'696 3'925'427 3'507'933 2'981'532 2'790'685 2'519'232 2'311'265 2'158'596 2'135'348

% Out 10.24 6.76 6.39 6.1 4.97 4.81 4.31 4.09 3.09 2.87 2.76 2.06 1.96 1.75 1.49 1.39 1.26 1.15 1.08 1.07

Weighting

Change

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

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

Latest Chg 1'197'800 (1'135'363) 2'900'000 408'529 1'242'372 452'306 1'745'471 56'686 (3'534'998) 2'532'054 2'511'583 344'299 (625'832) (2'278'600) 2'592'101 2'381'172 2'519'232 (1'010'649) (1'099'014) 88'075

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

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

File Dt 30.04.2013 31.03.2013 17.05.2013 31.03.2013 31.03.2013 03.07.2013 31.03.2013 05.07.2013 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 Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Holding Company Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor

Date 07.07.2013 05.07.2013 01.07.2013 27.06.2013 18.06.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 19.04.2013 27.03.2013 29.01.2013 02.11.2012

08.07.2013

Newfield Exploration Co Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company's domestic areas of operation include the Mid-Continent, the Rocky Mountains and onshore Texas. Newfield has international operations in Malaysia and China.

Price/Volume 40

25.0 M

20.0 M

30 25

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NFX US EQUITY YTD Change NFX US EQUITY YTD % CHANGE

12/2012 03/yy 35.65 19.57 311'719.00 24.892 -30.29% 27.19% 30.72% 135.4 3'371.53 3'045.00 0.0 0.0 88.00 6'372.53

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

10.0 M

15 10

5.0 M

5 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 1'968.0 2.44x 1'401.0 3.42x (373.0) 6.11x

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'338.0 1'883.0 6.26x 6.34x 864.0 1'265.0 9.69x 9.44x (542.0) 523.0 9.31x 15.97x Profitability

LTM-4Q 31.12.2011 2'471.0 3.24x 1'503.0 5.33x 539.0 9.47x

31.12.2012 2'567.0 2.56x 1'476.0 4.46x (1'184.0) -

1'476.00 521.00 20.30% -38.49% -15.42% -38.34% 0.30% 29.4% 55.9% 18.5% -46.1% 0.90 0.56 38.49% 109.53% 5.71 16.70

Price/ Cash Flow

03/yy 2'604.0 13.77x 1'582.0 4.78x 672.0 8.93x

LTM 03/yy 2'540.0 10.56x 1'420.0 4.25x (1'308.0) 0.00x

FY+1

0.00 1.51 133.32 7.56 -14.90% -7.05% 1.512 24 3.833 1'312'723 2'139'058 2'586'453 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'550.7 2'517.3 628.5 633.6 2.43x 2.67x 10.35x 10.48x 1'480.9 1'551.3 350.6 354.6 4.29x 4.10x 4.66x 4.77x 208.1 322.7 52.9 52.0 15.05x 10.48x 13.98x 12.24x S&P Issuer Ratings

07.07.2010 BBBNEG 7.20 -1.53 2.11 2.14 109.5% 52.3% 0.30 0.34 63.88 21.86 12.92 65.79

Sales/Revenue/Turnover

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0 3.00

1'000.0 2.00

500.0

1.00 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

Newfield Exploration Co Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP STATE STREET T ROWE PRICE ASSOCIA JENNISON ASSOCIATES HERNDON CAPITAL MANA SOUTHERNSUN ASSET MA CORTLAND ADVISERS LL VAN ECK ASSOCIATES C CLEARBRIDGE INVESTME OSLO ASSET MANAGEMEN FIRST PACIFIC ADVISO INVESCO LTD LEGG MASON INC FMR LLC NORTHERN TRUST CORPO WELLS FARGO EARNEST PARTNERS LLC

Firm Name BMO Capital Markets Jefferies Raymond James Tudor Pickering & Co FBR Capital Markets ISI Group Capital One Southcoast, Inc. Stifel Howard Weil Inc Societe Generale Simmons & Company International Macquarie Wells Fargo Securities, LLC KeyBanc Capital Markets Deutsche Bank JPMorgan Barrington Research Barclays KLR Group RBC Capital Markets BNP Paribas Equity Research Goldman Sachs EVA Dimensions Johnson Rice & Co

Portfolio Name VANGUARD GROUP INC n/a n/a HARRIS ASSOC LP n/a T ROWE PRICE ASSOCIA JENNISON ASSOCIATES HERNDON CAPITAL MANA SOUTHERNSUN ASSET MA CORTLAND ADVISERS LL n/a CLEARBRIDGE INVESTME OSLO ASSET MANAGEMEN FIRST PACIFIC ADVISO n/a Multiple Portfolios n/a NORTHERN TRUST CORPO n/a EARNEST PARTNERS LLC

Analyst DAN MCSPIRIT SUBASH CHANDRA ANDREW COLEMAN MATTHEW PORTILLO REHAN RASHID JONATHAN WOLFF RICHARD TULLIS AMIR ARIF PETER KISSEL JOHN HERRLIN DAVID W KISTLER JOSEPH MAGNER DAVID R TAMERON JACK N AYDIN STEPHEN RICHARDSON JOSEPH D ALLMAN RUDOLF A HOKANSON THOMAS R DRISCOLL GAIL A NICHOLSON LEO P MARIANI DANIEL BRAZILLER BRIAN SINGER CRAIG STERLING KENNETH CARROLL

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

Recommendation market perform buy market perform buy outperform neutral add buy sector outperform buy neutral neutral market perform hold hold overweight outperform overweight accumulate outperform suspended coverage neutral/attractive underweight suspended coverage

Amt Held 8'429'771 7'472'288 7'339'038 7'082'738 6'001'594 4'900'995 3'926'777 3'834'811 3'604'128 3'300'000 3'226'184 3'186'508 2'587'100 2'524'300 2'410'894 2'279'796 2'110'678 2'074'377 2'046'889 2'017'825

% Out 6.22 5.52 5.42 5.23 4.43 3.62 2.9 2.83 2.66 2.44 2.38 2.35 1.91 1.86 1.78 1.68 1.56 1.53 1.51 1.49

Weighting

Change

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

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

Latest Chg 441'401 311'699 (1'435'062) 354'500 (102'855) (2'918'827) 159'138 2'167'102 1'456'404 (46'354) 157'073 89'900 639'457 8'766 638'774 199'629 (112'404) (13'123)

Target Price 23 32 #N/A N/A 48 35 #N/A N/A 41 #N/A N/A 41 35 43 28 #N/A N/A #N/A N/A 27 29 41 29 38 30 #N/A N/A 28 #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 31.03.2013 03.07.2013 30.04.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013

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

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

Date 07.07.2013 02.07.2013 28.06.2013 28.06.2013 25.06.2013 23.06.2013 18.06.2013 18.06.2013 17.06.2013 13.06.2013 11.06.2013 06.06.2013 29.05.2013 23.05.2013 19.05.2013 02.05.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 27.03.2013 21.02.2013 21.02.2013 09.11.2012

08.07.2013

Galp Energia SGPS SA Galp Energia, SGPS, S.A. is an integrated energy company with diversified activities Worldwide. The Company is focused in the prolific South Atlantic area, including Brazil's pre-salt Santos basin and the Angolan offshore, and in the world class Rovuma basin in Mozambique. Downstream activities are centred in Iberia and comprise the Refining & Marketing and the Gas & Power businesses.

Price/Volume 14

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 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 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GALP PL EQUITY YTD Change GALP PL EQUITY YTD % CHANGE

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

4.0 M

2.0 M

2 0 j-12

31.12.2009 31.12.2010 12'008.3 14'063.7 1.00x 1.05x 766.3 969.9 15.62x 15.22x 347.3 441.4 28.76x 27.06x Profitability

LTM-4Q 31.12.2011 16'803.9 0.77x 1'045.6 12.43x 432.7 21.88x

31.12.2012 18'507.0 0.69x 968.3 13.16x 343.3 28.68x

968.29 541.82 2.93% 3.03% 1.61% 4.19% 1.25% 4.6% 2.2% 1.9% 1.67 0.90 25.76% 66.34% 13.02 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 17'803.9 3.19x 1'047.6 11.74x 413.7 24.68x

d-12

03/yy 18'183.0 2.75x 838.0 15.95x 233.0 42.14x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.94 310.91 14.30% -0.29% 0.938 30 4.467 1'510'821 1'572'161 1'451'063 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 19'058.7 21'579.3 3'402.0 3'553.3 0.68x 0.62x 3.81x 3.74x 1'194.4 1'422.0 291.3 340.0 10.78x 9.05x 9.53x 8.77x 363.2 432.1 94.0 102.5 25.58x 22.42x 23.46x 21.79x S&P Issuer Ratings

3.99 0.68 2.23 4.90 66.3% 34.8% 1.25 4.07 28.04 -

Sales/Revenue/Turnover

45.00

20'000.0

40.00

18'000.0

35.00

16'000.0 14'000.0

30.00

12'000.0

25.00 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 15'085.8 0.52x 407.0 19.26x 117.0 51.29x

6.0 M

12/2012 03/yy 13.29 9.99 723'851.00 11.615 -12.76% 16.25% 47.02% 829.3 9'631.75 3'582.92 0.0 1'304.8 1'894.07 12'863.75

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

Galp Energia SGPS SA Holdings By:

All

Holder Name AMORIM ENERGIA ENI SPA PARPUBLICA - PARTICI FRANKLIN RESOURCES TEMPLETON GLOBAL ADV JP MORGAN SECURITIES VANGUARD GROUP INC CAIXA GERAL DE DEPOS NORGES BANK SCHRODER INVESTMENT LBPAM ALLIANZ ASSET MANAGE HARTFORD INVESTMENTS ING INTERNATIONAL AD NEW JERSEY DIVISION BLACKROCK DELTA LLOYD FUND MAN INVESCO LTD MASON STREET ADVISOR HARTFORD INVESTMENT

Firm Name

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co OSWALD CLINT NMAS 1 Agencia de Valores FERNANDO LAFUENTE Exane BNP Paribas ALEJANDRO DEMICHELIS Credit Suisse THOMAS YOICHI ADOLFF Equita SIM SpA MASSIMO BONISOLI Nomura MATTHEW LOFTING AlphaValue ALEXANDRE ANDLAUER Morgan Stanley HAYTHEM RASHED Espirito Santo Investment Bank Research FILIPE ROSA Barclays LYDIA RAINFORTH BPI BRUNO ALMEIDA DA SILVA Deutsche Bank MARK BLOOMFIELD Societe Generale MEHDI ENNEBATI Grupo Santander JASON KENNEY Caixa Banco de Investimento(ESN) CARLOS JESUS BBVA LUIS DE TOLEDO EVA Dimensions DOUG WALTERS Macquarie MARC B KOFLER Tudor Pickering & Co ANISH KAPADIA Canaccord Genuity Corp GORDON GRAY Investec NEILL MORTON BCP Investimento VANDA MESQUITA JPMorgan NITIN SHARMA Banco de Investimento Global SA JOAO LAMPREIA Jefferies BRENDAN MICHAEL WARN Goldman Sachs HENRY MORRIS Day by Day VALERIE GASTALDY

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

Recommendation outperform buy outperform outperform hold buy sell Overwt/In-Line buy overweight buy buy buy buy buy outperform sell outperform buy buy hold buy overweight buy buy Buy/Cautious hold

Amt Held 317'934'637 135'497'095 58'079'514 20'598'627 16'870'865 11'928'253 8'863'512 6'590'294 6'100'641 4'359'559 3'685'941 3'558'068 2'385'000 2'053'695 2'000'000 1'985'522 1'854'715 1'689'488 1'618'820 1'600'982

% Out 38.34 16.34 7 2.48 2.03 1.44 1.07 0.79 0.74 0.53 0.44 0.43 0.29 0.25 0.24 0.24 0.22 0.2 0.2 0.19

Weighting

Change 5 5 5 5 3 5 1 5 5 5 5 5 5 5 5 5 1 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 N M M M M M D

Latest Chg (4'810'350) 1'112'147 (1'232'701) 3'444'941 (323'223) 315'000 676'641 6'284 526'224 492'770 9'999

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

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

File Dt Inst Type 31.05.2013 Other 31.05.2013 Corporation 22.01.2013 Other 31.03.2013 Investment Advisor 12.04.2013 Investment Advisor 24.09.2012 Investment Advisor 31.03.2013 Investment Advisor 26.11.2012 Government 31.12.2012 Government 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.12.2011 Investment Advisor 28.02.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 08.07.2013 08.07.2013 08.07.2013 04.07.2013 04.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 28.06.2013 27.06.2013 26.06.2013 10.06.2013 06.06.2013 03.06.2013 31.05.2013 30.05.2013 13.05.2013 24.04.2013 16.04.2013 15.04.2013 11.04.2013 20.03.2013 19.03.2013

08.07.2013

Enerplus Corp Enerplus Corp. is an oil and gas exploration and production company that owns a large, diversified portfolio of income generating crude oil and natural gas properties. The Company invests in mature crude oil and natural gas producing properties located primarily in western Canada with predictable production profiles.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 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 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ERF CN EQUITY YTD Change ERF CN EQUITY YTD % CHANGE

12/2012 03/yy 16.95 11.53 262'397.00 15.89 -6.43% 37.81% 73.43% 200.0 3'229.15 1'069.57 0.0 0.0 5.20 4'354.91

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

31.12.2009 31.12.2010 1'051.7 1'103.7 4.54x 5.57x 609.8 688.0 7.83x 8.94x 89.1 (179.3) 83.48x 37.86x Profitability

LTM-4Q 31.12.2011 1'118.5 4.99x 722.2 7.73x 109.4 31.14x

31.12.2012 1'096.7 3.31x 656.7 5.52x (155.7) 27.45x

656.65 145.90 13.30% -19.78% -2.25% -3.91% 0.19% 21.9% 48.1% 0.5% -14.2% 0.63 0.44 19.76% 35.07% 7.92 -

Price/ Cash Flow

03/yy 1'131.5 19.64x 719.7 7.35x 46.1 31.03x

s-12

o-12

n-12

d-12

LTM 03/yy 1'090.0 14.49x 524.8 7.79x (127.2) 36.20x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

8.50 1.36 198.41 7.00 29.40% 28.73% 1.360 18 4.000 572'003 718'093 851'619 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'519.0 1'624.4 362.5 376.0 2.94x 2.83x 12.03x 11.55x 781.8 857.8 197.0 204.5 5.57x 5.08x 5.33x 5.20x 147.4 201.5 45.5 45.0 19.79x 14.71x 15.10x 14.80x S&P Issuer Ratings

9.36 -5.61 2.15 2.17 35.1% 26.0% 0.19 0.21 46.11 132.26 -

Sales/Revenue/Turnover

10.00

2'000.0

9.00

1'800.0

8.00

1'600.0

7.00

1'400.0

6.00

1'200.0

5.00 4.00

1'000.0 800.0

3.00

600.0

2.00

400.0

1.00

200.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 1'901.9 2.43x 1'476.0 3.13x 888.9 4.15x

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

Enerplus Corp Holdings By:

All

Holder Name ROYAL BANK OF CANADA BMO FINANCIAL CORP CIBC WORLD MARKETS I TORONTO DOMINION BAN IG INVESTMENT MANAGE INTACT INVESTMENT MA GUGGENHEIM NORGES BANK GREAT WEST LIFE ASSU UBS TD ASSET MANAGEMENT AGF INVESTMENTS INC VANGUARD GROUP INC SCOTIA CAPITAL INC MORGAN STANLEY WOITAS CLAYTON H PUBLIC SECTOR PENSIO MIDDLEFIELD SECURITI THE BANK OF NOVA SCO ONTARIO TEACHERS PEN

Firm Name RBC Capital Markets Scotia Capital BMO Capital Markets Accountability Research Corp Alta Corp Capital Inc. FirstEnergy Capital Corp TD Securities Credit Suisse Macquarie Barclays CIBC World Markets Peters & Co Ltd National Bank Financial Raymond James EVA Dimensions Salman Partners Veritas Investment Research Co

Portfolio Name n/a BMO FINANCIAL CORP CIBC WORLD MARKETS I TORONTO DOMINION BAN IG INVESTMENT MANAGE INTACT INVESTEMENT M n/a NORGES BANK GREAT WEST LIFE ASSU n/a TD ASSET MANAGEMENT AGF INVESTMENTS INC Multiple Portfolios Multiple Portfolios n/a n/a PUBLIC SECTOR PENSIO Multiple Portfolios THE BANK OF NOVA SCO ONTARIO TEACHERS PEN

Analyst GREG M PARDY PATRICK BRYDEN GORDON TAIT MICHAEL RUGGIRELLO DIRK M LEVER KATRINA L KARKKAINEN AARON BILKOSKI JASON FREW CRISTINA LOPEZ GRANT HOFER JEREMY KALIEL ADAM R TWA KYLE PRESTON KRISTOPHER ZACK DOUG WALTERS GORDON CURRIE SAM LA BELL

Source ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F MF-AGG MF-AGG ULT-AGG SEDI 13F MF-AGG 13F 13F

Recommendation sector perform sector outperform market perform hold sector perform outperform buy outperform outperform overweight sector perform sector perform outperform outperform sell buy buy

Amt Held 7'037'592 4'566'049 2'924'670 2'503'795 2'411'995 2'023'203 1'725'998 1'557'823 1'501'397 1'266'413 1'264'536 1'151'657 1'136'186 1'113'573 1'047'636 1'022'487 924'821 795'000 739'200 673'597

% Out 3.52 2.28 1.46 1.25 1.21 1.01 0.86 0.78 0.75 0.63 0.63 0.58 0.57 0.56 0.52 0.51 0.46 0.4 0.37 0.34

Weighting

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

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

Latest Chg 641'584 284'553 12'382 (206'746) 205'930 (1'232'000) 291'381 43'805 46'371 (169'386) 812'900 92'200 (14) (220'859) (200'000) 25'914 (25'000) 58'262 25'304

Target Price 18 18 17 16 20 20 19 17 19 17 16 17 20 17 #N/A N/A 17 22

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

File Dt Inst Type 31.03.2013 Bank 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 Unclassified 31.12.2012 Government 31.03.2013 Insurance Company 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 25.04.2013 Investment Advisor 31.03.2013 Investment Advisor 10.01.2012 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA)

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

Date 08.07.2013 08.07.2013 07.07.2013 05.07.2013 04.07.2013 02.07.2013 02.07.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 17.06.2013 06.06.2013 13.05.2013 13.05.2013

08.07.2013

Cairn Energy PLC Cairn Energy PLC is oil and gas exploration and development company. The Company operates in North West Europe, North Atlantic, Mediterranean, and South Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNE LN EQUITY YTD Change CNE LN EQUITY YTD % CHANGE

12/2012 01/yy 309.60 250.70 1'048'677.00 266.4 -14.05% 6.26% 18.00% 603.3 1'607.10 29.60 0.0 0.0 1'588.60 841.85

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

7.0 M

300

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

1.0 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 31.12.2008 299.3 12.26x 111.9 32.80x 348.8 10.93x

350

31.12.2009

31.12.2010

11.3 687.86x 19.0 Profitability

31.12.2011

(108.9) 794.3 -

31.12.2012

(984.9) 4'101.1 -

LTM

01/yy

(237.8) 72.6 38.64x -237.80 -241.30 1.24% 1.38% 11.32 10.42 0.68% 0.81% -

Price/ Cash Flow

LTM-4Q -

FY+1 -

0.00 1.24 577.51 -3.86% 0.60% 1.239 30 4.067 860'472 1'640'017 1'949'420 FY+2

12/13 Y 12/14 Y 1.5 1.0 712.97x 1611.85x (100.0) (111.3) (89.9) (105.6) S&P Issuer Ratings

FQ+1

FQ+2

-182.92 -182.92 -0.12 0.8% 0.8% 164.80 -

Sales/Revenue/Turnover

80.00

350.0

70.00

300.0

60.00

250.0

50.00

200.0

40.00

150.0

30.00

100.0

20.00

50.0

10.00 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

Cairn Energy PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I FRANKLIN RESOURCES BLACKROCK A ROTHSCHILD FOUNDAT The Bat Hanadiv Foun AVIVA INVESTORS SCOTTISH WIDOWS LEGAL & GENERAL BANK OF NEW YORK MEL SCHRODER INVESTMENT CAPITAL GROUP INTERN NORGES BANK INVESTME GOVT OF SINGAPORE IN ACADIAN ASSET MANAGE HSBC Investment Fund CREDIT SUISSE AG STATE STREET APG ALGEMENE PENSIOE OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC

Firm Name Finncap Tudor Pickering & Co AlphaValue Jefferies FirstEnergy Capital Corp Sanford C. Bernstein & Co Merrion Stockbrokers JPMorgan Societe Generale Goldman Sachs GMP Barclays Investec Exane BNP Paribas Deutsche Bank Morgan Stanley Oriel Securities Ltd RBC Capital Markets Numis Securities Ltd HSBC Macquarie Nomura Day by Day Liberum Capital Ltd Canaccord Genuity Corp N+1 Singer Ltd Davy S&P Capital IQ Arden Partners Ltd

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

Analyst WILLIAM ARNSTEIN ANISH KAPADIA ALEXANDRE ANDLAUER LAURA LOPPACHER STEPHANE FOUCAUD OSWALD CLINT MUNA MULEYA JAMES THOMPSON DAVID MIRZAI RUTH BROOKER TEAM COVERAGE ALESSANDRO POZZI JERRY HO ALEJANDRO DEMICHELIS PHIL CORBETT JAMIE MADDOCK RICHARD GRIFFITH NATHAN PIPER SANJEEV BAHL PETER HITCHENS MARK WILSON TOM ROBINSON VALERIE GASTALDY ANDREW WHITTOCK THOMAS MARTIN SIMON HAWKINS JOB LANGBROEK CHRISTINE TISCARENO DANIEL SLATER

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

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

Amt Held 50'818'374 47'425'431 39'804'509 28'920'203 26'030'203 24'642'111 23'301'633 22'960'303 16'558'954 15'977'552 14'751'661 14'005'695 13'673'200 13'584'098 12'630'724 11'788'837 9'924'149 8'498'861 8'046'068 7'792'935

% Out 8.42 7.86 6.6 4.79 4.31 4.08 3.86 3.81 2.74 2.65 2.45 2.32 2.27 2.25 2.09 1.95 1.65 1.41 1.33 1.29

Weighting

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

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

Latest Chg 2'153'581 17'173'501 2'443'483 (153'203) (1'107'086) (1'195'380) (1'942'309) (326'800) (3'485'322) (16'584'354) 3'170'694 (54'340) 2'986'350 4'713'733

Target Price 315 370 264 385 330 330 329 340 300 390 400 355 310 323 370 365 #N/A N/A 440 433 330 361 400 #N/A N/A 360 330 390 #N/A N/A 1'015 #N/A N/A

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

File Dt Inst Type 31.05.2013 Investment Advisor 01.05.2013 Investment Advisor 03.07.2013 Investment Advisor 10.05.2012 Other 01.05.2013 Unclassified 01.05.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Unclassified 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor 23.03.2012 Investment Advisor 01.05.2013 Government 01.05.2013 Government 01.05.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Investment Advisor 05.07.2013 Investment Advisor 01.05.2013 Pension Fund (ERISA) 30.04.2013 Investment Advisor 01.05.2013 Investment Advisor

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

Date 05.07.2013 04.07.2013 04.07.2013 21.06.2013 21.06.2013 19.06.2013 19.06.2013 13.06.2013 07.06.2013 07.06.2013 07.06.2013 07.06.2013 03.06.2013 21.05.2013 17.05.2013 07.05.2013 07.05.2013 01.05.2013 01.05.2013 02.04.2013 26.03.2013 22.03.2013 21.03.2013 20.03.2013 18.03.2013 24.10.2012 10.10.2012 20.10.2011 29.09.2010