Fundamental Analysis & Recommendations - SPI Index - The Swiss Performance Index is a total rate of 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 Advisors FlexIndex SPI Top 100 The Swiss Performance Index is a total rate of return index of stocks issued by Swiss companies whose shares are traded on the Electronic Bourse System.

October 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

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

NESTLE SA-REG

CHF

224520

2623

3189

250.76

98836

101372

104158

109411

4.11

21.36

20.96

20.10

18.63

8.08

-3.17

16.08.2007

NOVARTIS AG-REG

CHF

207299

1788

2421

244.30

62285

62797

63163

64877

18369

18107

4.40

4.24

5.65

6.12

21.94

21.52

16.48

15.20

-3.55

7.45

-6.81

11.60

31.69

AA-

07.04.2008

Aa3

08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN

CHF

230733

594

863

248.03

50004

50963

51968

53911

21321

21572

15.15

14.54

16.53

17.75

20.24

19.92

17.80

16.58

7.67

1.55

9.25

2.94

46.52

17.09.2012

UBS AG-REG

CHF

79197

4804

3747

294

242.44

41492

42530

32031

32564

17067

0.58

-0.70

1.09

1.42

17.68

20.75

15.94

-8.40

-11.00

-12.18

-34.44

29.11.2011

21.06.2012

ABB LTD-REG

CHF

54695

2629

2296

64.75

43231

44737

45276

47059

5818

6304

1693

1.32

1.34

1.60

1.81

21.41

20.50

17.99

15.82

3.89

3.70

-7.61

2.73

15.49

08.06.2010

CIE FINANCIERE RICHEMON-REG

CHF

57836

681

553

43.68

11155

12127

13271

3096

1796

3.96

4.02

4.40

4.93

22.48

22.88

20.56

18.32

15.89

15.09

19.80

16.00

30.50

CREDIT SUISSE GROUP AG-REG

CHF

48050

2466

1325

363

42107

41736

29466

30450

2.42

1.78

2.81

3.29

18.76

11.20

11.91

10.16

-11.28

-12.16

A-

02.07.2013

(P)A2

21.06.2012

SYNGENTA AG-REG

CHF

38370

135

45.89

15608

15746

16531

17653

3460

3361

25.01

21.28

25.60

28.84

23.53

21.15

19.56

17.36

7.74

3.43

9.85

11.26

23.46

15.06.2007

ZURICH INSURANCE GROUP AG

CHF

38024

203

147

49.75

77422

78767

64599

65897

29.11

26.25

29.83

31.95

11.87

11.86

10.45

9.75

36.24

6.94

SWISS RE AG

CHF

30964

435

343

42.90

36395

39016

37279

39394

12.16

16.12

10.87

9.34

6.29

6.78

9.33

10.87

21.03

8.01

SWATCH GROUP AG/THE-BR

CHF

33822

32.75

8568

8926

9657

10603

2467

2499

1614

32.55

33.48

35.48

39.93

21.14

21.16

19.95

17.73

16.77

8.94

23.97

10.26

30.77

HOLCIM LTD-REG

CHF

24408

497

325

39.37

23677

22899

22814

23838

4379

4254

1423

2.11

2.70

4.40

5.82

30.33

30.09

18.65

14.09

4.24

-5.00

0.72

-11.52

20.42

BBB

22.01.2009

Baa2

09.04.2009

TRANSOCEAN LTD

CHF

16097

342

25.96

10107

10287

10467

11423

3040

3850

1008

4.40

5.88

12.33

9.23

16.01

-5.32

90.75

-4.23

41.13

SGS SA-REG

CHF

18733

19.52

6130

6357

6636

7185

1235

1303

79.69

82.87

97.70

112.08

31.76

30.78

26.94

23.48

17.89

5.02

11.80

4.84

22.54

WEATHERFORD INTL LTD

CHF

11643

22.74

16722

17125

17765

19406

2687

2757

849

0.91

1.43

20.23

12.89

18.84

13.82

0.09

2.04

17.70

SWISSCOM AG-REG

CHF

24964

34.61

12511

12484

12537

12622

4514

4366

1208

37.08

34.98

34.35

34.97

15.14

15.21

15.42

15.15

-0.80

-1.42

-4.93

-0.21

38.44

30.06.2009

27.06.2007

GIVAUDAN-REG

CHF

13466

14.80

4679

4787

4876

5102

957

1046

49.29

57.89

66.44

73.29

27.69

27.89

24.13

21.87

9.60

1.61

16.89

-0.10

24.02

JULIUS BAER GROUP LTD

CHF

10429

404

214

2230

2477

2438

2899

2.34

1.25

2.57

3.17

40.88

30.06

19.91

16.18

-1.24

0.72

GEBERIT AG-REG

CHF

10057

9.73

2110

2135

2510

2629

596

606

169

11.30

11.64

12.39

13.23

25.12

23.60

22.10

3.06

-2.06

2.15

-3.31

31.19

A-

25.05.2010

ADECCO SA-REG

CHF

13375

524

185

12.55

22570

21753

21591

22802

910

863

2.20

2.06

3.14

3.94

30.85

20.20

16.11

-0.05

1.12

-12.99

-7.34

4.36

BBB

12.10.2011

Baa3

20.10.2009

ACTELION LTD-REG

CHF

8473

304

113

7.11

1893

1917

1943

2018

553

601

145

2.83

3.19

4.05

4.33

24.29

22.91

19.12

17.88

0.58

6.51

17.08

4.75

34.43

KUEHNE & NAGEL INTL AG-REG

CHF

15931

120

15.10

18815

19121

19339

20220

1018

1102

283

4.76

5.14

5.64

6.33

28.37

26.79

25.88

23.04

6.11

0.68

-6.27

-2.13

6.34

SCHINDLER HOLDING-PART CERT

CHF

17023

116

15.00

9076

9382

9684

10303

1213

1230

6.63

5.40

6.58

7.53

30.17

30.30

24.73

21.63

5.65

-8.40

20.14

3.16

14.41

SONOVA HOLDING AG-REG

CHF

8236

8.06

1973

2127

2277

262

251

1.82

5.94

6.71

73.89

22.68

20.09

11.90

9.81

-38.36

-8.94

14.59

SIKA AG-BR

CHF

7381

7.73

5307

5412

5595

6044

625

658

144.26

157.67

143.89

166.31

20.51

22.47

19.44

6.57

1.62

21.06

-2.48

13.37

A-

02.05.2000

SWATCH GROUP AG/THE-REG

CHF

33822

32.75

8568

8926

9479

10259

2467

2499

2704

7.13

7.81

17.34

15.83

16.77

8.94

23.97

10.26

30.77

ARYZTA AG

CHF

5867

6.04

4624

4796

4871

5179

594

605

1.65

1.59

3.91

4.34

35.96

36.01

14.68

13.23

9.38

12.45

23.81

13.87

SWISS LIFE HOLDING AG-REG

CHF

6145

4.03

20965

21303

20622

19898

19.47

6.99

24.74

23.90

30.10

9.01

8.51

8.81

11.35

2.41

BBB

03.05.2012

CLARIANT AG-REG

CHF

5574

858

296

7.81

6636

7146

6788

7071

848

825

228

1.04

0.86

1.16

1.36

21.53

17.42

15.96

13.59

-19.86

-5.48

-12.83

-0.09

12.69

BBB-

14.03.2011

Ba1

03.03.2009

BALOISE HOLDING AG - REG

CHF

5578

4.38

10258

10502

9026

9317

9.98

10.85

11.31

11.58

11.30

11.61

10.84

10.59

23.47

2.73

LINDT & SPRUENGLI AG-REG

CHF

10067

9.38

2934

3043

3153

3376

503

536

430

1304.43

1359.57

1479.41

1631.53

38.07

38.08

34.99

31.73

7.99

-0.23

9.25

0.64

19.35

SWISS PRIME SITE-REG

CHF

4621

9.18

634

681

745

741

373

380

2.99

6.76

3.98

4.09

12.42

26.05

21.11

20.54

0.98

43.22

-4.82

19.49

61.38

PARTNERS GROUP HOLDING AG

CHF

6561

6.74

620

662

542

616

325

367

178

10.90

12.63

11.87

13.76

21.39

22.04

22.75

19.62

28.25

17.60

27.61

1.94

60.90

LONZA GROUP AG-REG

CHF

4330

133

7.09

4314

4072

4225

4447

703

3.86

2.74

5.38

6.54

32.86

32.78

16.71

13.76

50.34

7.44

21.08

-0.94

GALENICA AG-REG

CHF

5533

6.33

3965

3989

3906

4067

474

500

43.73

47.88

48.56

49.72

19.54

19.60

19.27

18.81

4.02

3.51

8.62

19.36

13.78

DUFRY AG-REG

CHF

4471

6.37

3466

3631

3999

4524

488

468

192

4.85

3.53

7.02

9.32

46.94

47.38

23.60

17.77

21.50

31.82

13.86

14.16

BB+

15.10.2012

LINDT & SPRUENGLI AG-PC

CHF

10067

9.38

2934

3043

3164

3391

503

536

431

146.07

159.60

30.52

27.93

7.99

-0.23

9.25

0.64

19.35

SULZER AG-REG

CHF

5238

5.44

4420

4396

4527

4816

607

563

330

9.87

8.88

8.94

11.12

18.92

19.01

18.80

15.11

13.63

2.47

16.01

2.78

14.07

PSP SWISS PROPERTY AG-REG

CHF

3980

6.08

311

302

306

193

235

3.87

8.39

3.95

3.92

11.37

25.74

24.12

24.33

-0.35

-26.57

6.32

83.22

SCHINDLER HOLDING AG-REG

CHF

17023

116

15.00

9076

9382

9684

10303

1213

1230

6.63

5.40

6.58

7.53

29.26

29.37

23.98

20.97

5.65

-8.40

20.14

3.16

14.41

GAM HOLDING AG

CHF

3160

298

165

1098

1237

743

782

0.56

1.12

1.37

1.46

17.89

18.24

14.58

13.69

25.29

HELVETIA HOLDING AG-REG

CHF

3875

3.41

8756

9030

8515

8768

41.89

44.19

44.31

45.90

11.14

11.11

10.72

6.90

11.89

FISCHER (GEORG)-REG

CHF

2499

2.98

3959

3926

4082

4268

395

397

40.88

33.74

42.79

48.81

19.85

16.16

15.65

13.72

2.85

-3.01

-4.13

-6.20

11.11

EMS-CHEMIE HOLDING AG-REG

CHF

8155

7.80

1929

1984

2068

2182

414

221

12.82

13.23

13.77

14.14

28.96

27.82

27.10

6.48

7.18

9.26

3.14

BARRY CALLEBAUT AG-REG

CHF

5411

6.51

5308

5214

5490

6734

485

50.95

49.94

46.91

55.87

21.70

21.79

23.10

19.39

9.11

-1.57

-4.07

0.33

BB+

28.03.2013

OC OERLIKON CORP AG-REG

CHF

4406

538

325

4.01

3194

2635

3201

3301

629

509

0.74

0.49

0.75

0.86

30.04

30.86

19.88

17.18

7.04

-7.40

17.61

-4.44

21.22

DKSH HOLDING LTD

CHF

5497

5.47

9709

10983

12046

352

196

3.12

3.49

3.54

3.95

26.89

30.12

26.52

23.78

22.37

18.59

3.99

PARGESA HOLDING SA-BR

CHF

6408

19.60

5402

5321

541

612

1560

1066

5.94

1.49

4.85

6.04

55.48

34.15

17.11

13.72

4.33

-2.24

60.50

0.93

22.01

FLUGHAFEN ZUERICH AG-REG

CHF

3239

4.43

1043

1056

1067

1083

430

433

575

17.05

4.44

27.42

35.85

130.58

21.15

16.17

5.27

2.34

-21.16

-1.07

45.10

20.04.2012

PANALPINA WELTTRANSPORT -REG

CHF

3472

3.12

7272

7404

7957

8316

121

-0.45

-0.40

3.78

5.15

42.52

31.20

1.98

-1.67

-90.95

-40.75

1.80

3.52

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

3.58

3.81

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

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

NOBEL BIOCARE HOLDING AG-REG

CHF

1830

205

123

1.43

638

630

626

650

111

102

0.41

0.35

0.43

0.50

37.72

33.69

30.87

26.47

2.18

-2.66

-4.05

-17.74

17.79

BUCHER INDUSTRIES AG-REG

CHF

2636

2.86

2867

2899

2963

3061

335

348

16.84

17.17

19.04

20.36

16.46

16.47

14.85

13.88

12.84

0.51

18.97

1.53

13.21

KABA HOLDING AG-REG B

CHF

1676

1.62

1060

1081

1117

165

173

23.76

24.29

25.50

28.27

19.88

20.32

18.93

17.08

1.95

-3.44

-2.65

-6.79

17.10

STRAUMANN HOLDING AG-REG

CHF

2843

2.71

754

747

749

771

105

109

2.59

3.31

7.81

8.75

60.25

60.28

25.53

22.77

-1.16

-3.22

-19.94

-18.70

15.97

TEMENOS GROUP AG-REG

CHF

1773

660

2.12

495

503

522

559

119

140

0.38

0.76

1.25

1.46

39.44

23.92

20.42

-5.40

4.46

24.06

7.20

30.61

BANQUE CANTONALE VAUDOIS-REG

CHF

4684

1452

1430

1096

1133

38.95

37.67

38.93

15.36

15.88

15.37

-2.48

-3.00

05.12.2011

18.05.2010

VALIANT HOLDING AG-REG

CHF

1525

678

682

428

424

5.97

7.64

7.65

7.52

13.89

15.87

13.87

14.12

0.39

-2.54

KUONI REISEN HLDG-REG(CAT B)

CHF

1605

1.39

6424

6423

6373

6572

188

240

-1.88

-1.84

26.08

32.18

16.91

13.71

15.79

5.30

2.76

-2.91

4.10

ALLREAL HOLDING AG-REG

CHF

2204

4.08

955

1005

306

316

189

188

211

7.15

6.47

8.08

8.75

23.47

20.77

18.80

17.36

4.86

48.39

-6.20

6.95

20.59

LOGITECH INTERNATIONAL-REG

CHF

1530

1076

159

1.34

2308

2318

2242

2282

114

-0.16

-1.22

0.36

0.53

29.70

20.27

-10.26

2.38

-52.51

-28.38

5.41

LUZERNER KANTONALBANK AG-REG

CHF

3370

753

740

469

480

21.37

22.33

23.82

24.53

19.51

19.81

18.30

17.76

-5.19

-5.49

AA+

12.09.2008

MOBIMO HOLDING AG-REG

CHF

1288

2.45

277

251

136

133

112

8.04

13.83

9.75

9.31

16.49

27.66

23.39

24.48

10.68

5.09

3.49

7.17

39.84

TECAN GROUP AG-REG

CHF

1212

1.07

430

429

447

490

4.22

4.17

4.61

5.47

27.94

28.39

25.25

21.28

4.12

0.02

4.00

-2.88

17.97

BERNER KANTONALBANK AG-REG

CHF

2439

729

735

18.24

15.20

18.92

14.49

-4.21

-8.18

BELIMO HOLDING AG-REG

CHF

1570

1.49

489

510

530

573

101

109

114

110.72

117.69

125.22

137.95

23.84

22.41

20.34

7.57

3.93

13.59

6.28

23.47

BURCKHARDT COMPRESSION HOLDI

CHF

1338

1.17

403

480

522

18.27

19.46

22.55

23.67

22.22

19.18

12.61

3.80

9.93

-2.18

25.90

AMS AG

CHF

1374

1.12

426

414

429

484

130

111

6.66

5.19

4.90

6.65

16.40

17.31

17.34

12.79

44.62

25.66

75.48

20.83

29.45

FORBO HOLDING AG-REG

CHF

1693

1.44

1320

1308

1311

1332

227

63.15

67.86

49.74

54.26

12.18

16.62

15.24

-0.25

-9.04

5.18

-2.99

ST GALLER KANTONALBANK A-REG

CHF

2242

782

774

541

512

28.58

28.34

32.21

32.92

15.60

15.72

13.73

13.43

1.34

-6.15

Aa1

02.12.2003

GRAUBUENDNER KANTONALBANK-PC

CHF

3270

543

539

425

439

69.88

65.56

84.68

89.46

21.93

19.15

16.97

16.07

MEYER BURGER TECHNOLOGY AG

CHF

897

707

0.84

709

470

351

546

-36

-105

-65

-2.13

-3.01

-1.85

-0.59

DAETWYLER HOLDING AG-BR

CHF

2117

2.17

1303

1332

1549

1656

175

234

6.62

7.26

8.27

9.96

18.84

16.55

VONTOBEL HOLDING AG-REG

CHF

2507

8.90

995

1078

970

1036

244

252

2.22

2.41

2.69

3.13

17.61

17.85

15.77

EFG INTERNATIONAL AG

CHF

2039

147

1288

1228

790

806

0.87

1.03

1.04

1.17

14.79

18.57

14.74

BASILEA PHARMACEUTICA-REG

CHF

779

0.49

-52

-45

-6.08

-4.09

-4.29

-3.37

IMPLENIA AG-REG

CHF

1121

0.89

2963

3198

3236

3416

155

164

174

4.14

4.52

4.79

5.18

14.76

13.92

HUBER & SUHNER AG-REG

CHF

1057

0.91

767

848

814

860

100

1.23

2.17

2.41

2.95

26.56

23.85

ZUGER KANTONALBANK-BR

CHF

1495

359

352

233.46

233.03

24.47

SCHWEIZERISCHE NATL-V AG-REG

CHF

1008

0.50

1749

1735

1729

1786

5.14

4.97

5.08

5.39

10.10

10.09

9.88

GATEGROUP HOLDING AG

CHF

682

0.99

3289

3345

3366

3463

-2.45

-3.22

1.39

2.03

RIETER HOLDING AG-REG

CHF

956

0.89

976

995

1068

1229

3.86

3.01

5.73

14.32

74.65

VALORA HOLDING AG-REG

CHF

785

1.11

3130

3157

3173

3216

147

167

21.09

18.01

18.05

19.47

BASELLANDS KANTONALBANK-CERT

CHF

2341

623

611

81.32

56.13

EMMI AG-REG

CHF

1576

2.19

3276

3526

3571

3650

274

285

21.80

19.01

20.31

BOSSARD HOLDING AG-BR

CHF

804

0.95

518

661

708

14.56

SCHWEITER TECHNOLOGIES AG-BR

CHF

965

0.62

740

697

737

768

29.85

U-BLOX AG

CHF

528

0.46

190

220

242

280

INFICON HOLDING AG-REG

CHF

739

0.74

327

313

337

356

SIEGFRIED HOLDING AG-REG

CHF

610

0.58

404

424

436

VZ HOLDING AG

CHF

1325

1.11

169

183

194

224

AFG ARBONIA-FORSTER HOLD-REG

CHF

629

0.90

1336

1294

1423

1437

120

BASLER KANTONALBK - PC

CHF

2698

1057

1017

8.03

7.66

INTERSHOP HOLDINGS AG-BR

CHF

756

1.35

100

104

26.59

METALL ZUG AG-SHS B-REG

CHF

1068

0.68

920

943

940

962

122

115

KUDELSKI SA-BR

CHF

727

112

0.88

928

930

962

1002

113

128

134

LEM HOLDING SA-REG

CHF

788

0.76

258

288

313

KOMAX HOLDING AG-REG

CHF

473

0.46

315

343

370

387

LIECHTENSTEIN LANDESBANK-BR

CHF

1249

642

693

500

413

ZEHNDER GROUP AG-BR

CHF

520

0.42

576

567

572

VETROPACK HOLDING AG-BR

CHF

824

0.78

664

669

674

-3.35

1.64

AA+

17.12.2010

-55.98

4.84

-24.65

13.73

14.17

3.32

-3.34

-3.69

13.55

1.75

0.19

4.32

-12.72

25.74

30.03.2009

13.07

9.58

417.01

-14.53

84.77

14.49

12.86

7.54

5.77

4.22

12.57

5.62

19.52

-8.75

2.38

-6.85

-3.68

-3.55

9.33

0.84

-4.46

23.05.2006

20.13

13.78

12.45

0.89

-66.64

1.67

BB-

11.06.2013

387.38

39.23

15.69

-12.32

-11.88

-59.79

-34.69

6.43

13.95

13.92

12.90

1.17

-0.83

13.72

6.26

5.81

21.12

14.47

-3.17

-5.91

AAA

21.11.2001

21.60

17.03

17.04

15.94

14.99

10.50

4.58

12.42

8.89

16.82

17.35

15.18

13.14

12.74

3.23

-2.78

-3.69

-0.42

13.55

25.12

27.49

33.77

29.23

30.91

26.72

21.75

-3.86

321.01

-4.52

33.94

12.17

2.99

3.55

4.21

4.93

25.93

26.25

21.84

18.67

42.68

25.38

26.89

33.00

19.63

18.09

19.25

21.20

21.67

21.89

20.36

18.49

-5.24

7.09

-5.59

8.51

7.27

8.01

10.50

13.38

22.01

22.73

16.80

13.18

13.28

6.35

35.65

-3.94

15.86

7.57

8.44

9.06

10.57

21.57

21.65

20.09

17.21

7.48

11.76

6.48

12.61

51.20

118

128

-3.12

-2.38

2.04

2.93

18.59

12.96

-4.30

-5.82

9.10

-7.13

10.05

12.36

14.34

3.07

-5.74

06.08.2013

29.15

24.09

26.11

13.57

15.04

16.42

15.15

-0.41

-3.07

4.80

3.21

67.11

152.93

276.35

151.91

173.58

9.57

17.41

15.24

-0.75

2.91

-24.67

-2.51

134

0.33

0.73

1.04

1.18

20.39

20.35

14.34

12.60

-3.75

-1.13

15.97

-7.11

15.08

31.51

31.53

35.32

43.27

24.09

21.51

17.56

-0.64

5.03

16.00

7.46

3.66

5.44

9.59

10.71

27.44

27.95

15.56

13.94

-24.74

6.19

-60.21

-15.07

12.54

3.65

1.79

3.60

3.86

24.88

12.36

11.55

5.75

-5.92

591

2.54

1.08

1.58

2.26

36.90

25.12

17.55

1.79

2.41

-19.46

0.19

9.15

696

128

140

224.18

144.78

145.20

156.65

15.27

15.22

14.11

2.80

-3.78

-10.43

-10.29

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

NESTLE SA-REG

3.33

3.17

2.94

2.77

2.22

2.16

2.05

1.94

1.83

15.24

14.95

13.72

12.57

13.09

12.73

11.92

11.19

10.27

18.59

18.29

16.95

15.58

14.45

3.27

3.40

3.61

3.84

3.83

69.14

9.1%

NOVARTIS AG-REG

2.65

2.58

2.46

2.35

2.08

3.69

3.63

3.53

3.42

3.32

12.92

12.83

12.14

10.93

10.69

13.03

13.26

12.64

11.89

11.46

14.71

15.00

13.83

12.71

12.13

3.17

3.27

3.42

3.64

3.90

74.21

6.5%

ROCHE HOLDING AG-GENUSSCHEIN

12.83

9.97

7.92

6.53

5.18

4.63

4.44

4.28

4.14

4.03

15.67

13.49

12.49

11.60

11.71

12.59

11.22

10.65

10.14

9.61

17.81

16.19

15.08

14.11

13.32

3.01

3.29

3.57

3.85

4.17

270.95

11.2%

UBS AG-REG

1.48

1.46

1.38

1.33

2.87

2.47

2.43

2.32

2.42

121.10

17.62

11.84

8.77

18.46

18.88

14.51

11.55

9.68

0.70

1.31

3.19

6.25

6.86

19.73

5.1%

ABB LTD-REG

3.28

2.99

2.69

2.42

1.40

1.34

1.29

1.22

1.15

14.54

12.86

11.03

10.16

10.66

10.99

9.61

8.72

8.02

8.22

18.19

16.37

14.40

13.04

12.92

2.99

3.23

3.40

3.60

3.95

22.56

4.9%

CIE FINANCIERE RICHEMON-REG

3.98

3.46

3.01

2.61

2.18

4.25

3.90

3.56

5.93

3.06

18.98

16.36

14.50

12.91

14.27

12.89

11.52

10.49

10.05

21.06

18.71

16.67

15.02

14.27

0.84

1.27

1.49

1.70

1.99

97.45

6.3%

CREDIT SUISSE GROUP AG-REG

1.04

1.01

0.94

0.89

0.82

1.79

1.63

1.58

1.52

1.47

17.76

10.46

8.84

7.84

11.51

10.83

9.25

8.40

8.41

2.50

2.88

3.99

4.81

5.64

29.94

8.1%

SYNGENTA AG-REG

4.57

3.88

3.50

3.14

2.71

2.57

2.40

2.27

2.16

15.62

15.55

13.73

12.57

18.74

17.80

15.80

14.41

13.55

2.25

2.62

2.91

3.13

3.35

412.22

10.0%

ZURICH INSURANCE GROUP AG

1.13

1.09

1.04

1.00

0.62

0.65

0.64

0.55

11.57

9.51

8.87

8.56

8.46

7.18

6.98

7.08

7.15

7.08

263.19

12.8%

SWISS RE AG

0.90

0.93

0.91

0.86

0.88

0.95

0.92

0.87

0.81

0.78

8.85

11.36

9.44

8.75

8.23

8.49

9.89

9.18

8.67

4.52

5.90

5.55

5.57

5.58

78.74

3.6%

SWATCH GROUP AG/THE-BR

3.47

3.13

2.74

2.42

3.98

3.51

3.19

2.94

2.74

22.07

18.42

15.66

13.77

18.13

13.94

12.00

10.62

9.57

9.16

21.31

18.15

16.13

14.48

13.38

1.16

1.32

1.51

1.70

2.00

622.00

6.1%

HOLCIM LTD-REG

1.27

1.25

1.17

1.08

1.02

1.07

1.02

0.96

0.87

7.22

6.89

6.00

5.25

4.06

8.54

8.42

7.30

6.52

5.57

19.82

16.97

12.82

10.37

7.00

1.59

1.97

2.55

3.15

3.68

73.22

7.8%

TRANSOCEAN LTD

1.04

1.01

0.95

0.88

1.68

1.70

1.56

1.48

1.45

6.31

6.49

5.20

4.72

4.65

6.94

6.81

5.67

5.24

5.11

12.85

11.22

8.40

7.56

6.86

1.11

4.10

5.09

5.24

50.55

24.4%

SGS SA-REG

7.95

7.40

6.60

5.85

3.08

2.82

2.61

2.41

2.22

18.60

16.67

14.55

13.18

12.43

15.26

13.61

11.97

10.89

10.37

26.56

24.51

21.37

19.03

17.49

2.90

2.89

3.02

3.20

WEATHERFORD INTL LTD

1.25

1.32

1.18

1.02

0.78

0.72

0.66

0.61

7.47

6.37

4.66

4.17

7.55

7.07

5.82

5.14

23.95

18.41

11.73

8.87

0.00

SWISSCOM AG-REG

4.55

4.43

4.07

3.75

2.01

1.99

1.98

1.96

1.99

6.42

6.01

6.00

5.96

GIVAUDAN-REG

3.33

3.34

3.24

3.15

2.91

2.76

2.64

2.52

2.44

17.45

14.73

13.73

12.46

JULIUS BAER GROUP LTD

1.81

1.92

1.83

1.71

5.44

4.28

3.60

3.27

3.28

21.09

20.41

13.93

11.55

GEBERIT AG-REG

6.62

5.77

5.27

4.89

4.19

4.01

3.83

3.63

3.65

18.63

16.83

15.91

15.14

14.77

16.30

15.32

14.43

ADECCO SA-REG

2.56

2.55

2.39

2.15

1.73

0.48

0.51

0.48

0.45

0.41

15.53

15.35

12.73

10.98

11.77

12.79

12.68

10.50

ACTELION LTD-REG

4.77

5.00

4.21

3.44

2.85

4.46

4.36

4.20

4.06

4.22

18.70

14.49

13.44

12.32

12.59

12.66

11.74

11.05

KUEHNE & NAGEL INTL AG-REG

5.99

5.72

5.28

4.88

4.48

0.85

0.82

0.79

0.69

0.62

20.35

17.93

16.06

14.80

14.30

15.29

13.91

12.71

11.82

SCHINDLER HOLDING-PART CERT

5.05

5.02

4.32

3.72

1.86

1.76

1.65

1.56

1.48

19.41

18.83

15.38

13.90

12.05

11.91

11.07

SONOVA HOLDING AG-REG

4.71

4.02

3.50

3.09

4.13

3.87

3.62

3.38

3.21

28.81

17.78

16.00

14.28

20.86

14.84

13.26

SIKA AG-BR

3.48

3.10

2.80

2.54

1.40

1.32

1.22

1.14

1.06

15.95

13.70

12.11

11.09

12.49

11.08

9.95

SWATCH GROUP AG/THE-REG

2.99

2.81

2.43

3.97

3.57

3.30

14.17

12.12

11.09

ARYZTA AG

1.85

1.71

1.59

1.51

1.35

1.05

0.98

0.93

0.89

0.85

10.19

8.18

7.02

6.53

10.42

9.63

8.73

SWISS LIFE HOLDING AG-REG

0.57

0.62

0.60

0.57

0.58

0.32

0.30

0.31

0.28

CLARIANT AG-REG

1.54

1.59

1.51

1.39

0.69

0.82

0.79

0.75

0.70

BALOISE HOLDING AG - REG

1.10

0.99

0.95

0.94

0.55

0.62

0.60

0.65

LINDT & SPRUENGLI AG-REG

5.66

4.73

4.35

4.21

3.42

3.18

2.97

2.78

2.55

27.15

23.68

21.28

18.48

SWISS PRIME SITE-REG

1.07

1.03

1.02

1.01

9.95

6.20

6.24

6.23

9.00

20.06

15.05

16.29

16.82

PARTNERS GROUP HOLDING AG

9.44

7.01

6.08

5.48

14.06

12.10

10.65

9.43

8.25

22.43

91.27

19.49

13.82

LONZA GROUP AG-REG

1.60

1.63

1.52

1.39

1.02

0.97

0.92

0.88

6.28

6.91

6.10

5.36

GALENICA AG-REG

3.74

3.24

2.86

2.56

1.41

1.42

1.36

1.30

1.21

17.03

14.39

14.10

12.98

DUFRY AG-REG

3.15

2.93

2.59

2.25

1.28

1.12

0.99

0.90

0.79

11.33

12.75

11.38

9.02

LINDT & SPRUENGLI AG-PC

5.14

3.97

3.64

3.33

3.42

3.17

2.96

2.77

2.56

24.10

27.85

23.89

SULZER AG-REG

2.08

1.93

1.76

1.59

1.21

1.16

1.09

1.01

0.94

10.44

12.51

PSP SWISS PROPERTY AG-REG

1.01

0.95

0.94

13.44

13.18

12.99

12.73

11.85

22.56

SCHINDLER HOLDING AG-REG

4.90

4.86

4.19

3.60

1.86

1.76

1.65

1.56

1.48

GAM HOLDING AG

1.37

1.33

1.25

1.17

5.09

4.25

4.04

3.69

3.61

HELVETIA HOLDING AG-REG

0.98

0.95

0.90

0.84

0.48

0.46

0.44

0.43

FISCHER (GEORG)-REG

1.81

2.04

1.84

1.67

0.63

0.61

0.59

0.57

EMS-CHEMIE HOLDING AG-REG

6.55

6.45

6.10

5.78

4.23

3.94

3.74

BARRY CALLEBAUT AG-REG

3.38

2.68

2.51

2.27

1.04

0.99

0.80

OC OERLIKON CORP AG-REG

2.17

2.00

1.84

1.70

1.41

1.38

1.33

DKSH HOLDING LTD

4.47

3.78

3.38

3.02

0.58

0.50

PARGESA HOLDING SA-BR

0.74

0.76

0.73

1.00

11.83

FLUGHAFEN ZUERICH AG-REG

1.60

1.51

1.40

1.31

3.12

3.03

PANALPINA WELTTRANSPORT -REG

3.79

4.03

3.70

3.31

0.48

0.44

0.91

2.23

2.58

2.90

10.26

9.35

7.32

13.07

12.10

4.08

6.35

12.58

11.38

10.53

10.07

7.40

7.29

7.19

7.04

13.07

14.03

13.78

13.50

13.62

5.02

5.03

5.11

5.25

5.42

434.84

-0.8%

12.85

12.11

11.83

24.35

21.95

19.90

18.38

16.48

1.94

3.15

3.54

3.94

4.18

1296.11

-2.3%

20.73

18.12

14.72

12.27

17.45

1.44

1.50

1.76

2.30

12.46

23.41

21.47

20.10

18.73

17.83

2.71

2.97

3.19

3.38

9.03

7.94

18.83

18.38

14.66

12.22

10.24

2.61

2.88

3.25

10.25

11.57

17.34

17.40

16.26

14.40

15.08

1.21

1.62

1.75

11.07

25.56

23.55

20.97

19.41

17.85

3.03

3.19

10.09

9.11

22.89

22.50

19.68

17.80

16.36

1.66

12.06

10.61

24.79

20.63

18.28

16.51

14.07

1.20

9.06

8.38

23.51

20.45

17.69

15.68

14.31

18.72

15.78

14.40

8.21

7.70

14.02

13.36

12.04

10.84

9.81

9.64

7.74

8.01

7.62

16.24

14.52

12.36

10.60

11.26

9.86

9.64

8.57

7.67

13.48

6.97

6.72

43.39

2.3%

2.53

235.83

-2.6%

3.79

3.87

66.03

2.7%

1.82

1.99

67.67

5.6%

3.50

3.80

4.32

114.31

-5.4%

1.64

1.90

2.10

2.08

141.78

5.2%

1.55

1.67

2.00

2.07

111.90

0.3%

1.80

2.12

2.37

2.53

2572.67

-3.9%

1.27

1.46

1.66

125.50

22.6%

1.08

1.13

1.26

1.40

1.52

64.96

11.7%

6.64

2.62

2.73

2.87

3.15

4.02

183.67

5.4%

10.00

1.87

2.31

2.67

3.09

2.62

16.14

5.6%

9.71

4.64

4.85

4.94

4.95

103.82

2.3%

1.34

1.51

1.67

1.83

39373.33

-8.1%

5.18

67.00

-3.6%

2.65

3.13

3.54

3.93

15.19

13.97

12.70

34.48

31.84

28.87

26.01

22.01

23.02

22.08

21.65

22.26

19.20

19.21

18.69

17.83

23.07

20.00

17.42

15.31

13.78

23.12

20.70

17.86

15.62

9.84

9.67

8.56

7.81

7.04

17.90

15.20

12.52

11.05

9.94

2.76

2.91

3.16

3.44

13.78

12.73

12.51

11.45

9.66

20.80

17.53

17.12

15.67

12.32

1.22

1.60

1.66

1.84

12.10

11.28

9.50

8.40

7.46

15.93

21.48

16.17

13.32

12.14

0.00

0.05

0.34

17.54

18.48

16.71

15.29

14.06

12.74

30.74

27.77

25.42

23.18

19.32

1.52

1.76

1.94

11.12

9.96

9.06

9.51

8.05

7.07

6.41

15.11

17.11

13.75

11.70

10.70

2.22

2.19

22.30

22.51

22.54

24.38

23.63

23.46

22.94

21.74

22.38

21.94

22.14

21.89

20.52

3.87

18.82

18.26

14.92

13.48

12.05

11.91

11.07

10.09

9.11

22.19

21.82

19.08

17.26

15.86

18.65

12.58

12.03

10.92

19.17

13.27

12.45

10.91

10.57

10.11

9.76

9.45

0.53

7.27

7.28

7.51

6.82

7.56

7.34

6.71

6.34

5.76

15.29

14.24

12.49

11.63

10.61

3.58

3.27

27.47

20.08

19.39

18.54

19.46

17.47

16.58

15.87

13.75

28.93

25.31

24.65

23.67

0.75

0.69

14.75

13.80

14.21

12.54

13.77

13.59

11.25

10.06

9.07

18.89

21.02

17.65

15.12

1.29

1.27

9.25

10.88

9.90

9.26

9.04

6.96

7.50

6.75

6.33

6.32

18.25

18.09

15.63

0.46

0.42

0.40

25.06

20.30

18.08

16.23

18.01

15.45

13.83

12.21

10.89

9.58

28.21

24.13

19.01

19.79

17.03

25.15

13.28

10.26

46.07

51.23

36.46

33.83

44.29

15.57

2.99

2.89

9.47

8.28

6.87

6.38

7.94

7.71

7.69

7.39

16.59

0.42

0.40

55.65

27.70

18.79

15.18

20.52

16.99

13.67

11.05

44.93

0.40

13.06

15.2%

13.83

16.58

24.22

4.3%

15.90

7.22

18.31

10.82

2272.60

15.57

8.50

17.82

2.78

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

8.69

17.82

5.18

241.67

8.1%

4.10

72.40

-2.8%

2.53

737.33

-4.8%

146.27

6.7%

2.13

4008.00

8.6%

2.55

2.92

147.82

6.3%

4.11

4.19

4.24

87.03

10.2%

1.79

1.93

2.08

2.27

143.25

9.6%

3.01

3.75

4.31

4.73

18.85

13.6%

4.17

4.30

4.45

4.68

2.15

2.65

2.92

3.20

20.26

2.37

3.13

3.35

3.49

13.28

1.59

1.75

1.91

2.11

2.59

882.14

-1.7%

14.40

14.82

1.90

2.28

2.40

2.64

2.85

13.69

11.3%

21.64

19.37

17.37

1.08

1.28

1.51

1.56

1.85

80.91

4.0%

12.48

10.82

3.32

3.90

4.08

4.35

70.10

2.1%

19.24

14.71

13.57

1.84

2.05

2.39

2.65

515.42

7.4%

38.69

28.39

21.56

0.97

1.44

1.62

2.03

119.95

-9.8%

15.02

4.26

3.25

2.71

418.67

2.7%

538.13

-3.0%

262.67

-17.2%

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

NOBEL BIOCARE HOLDING AG-REG

4.48

3.86

3.50

3.17

2.35

2.39

2.30

2.19

2.04

17.11

20.11

15.30

13.96

9.98

12.88

13.45

11.87

10.83

10.72

30.94

28.09

24.08

20.57

14.96

1.34

1.58

1.86

2.04

2.71

11.26

-16.3%

BUCHER INDUSTRIES AG-REG

2.55

2.27

2.01

1.79

0.92

0.89

0.86

0.83

0.86

10.23

9.32

8.52

8.08

8.30

8.70

7.84

7.41

7.03

6.92

15.33

13.51

12.63

11.75

11.54

1.98

2.32

2.51

2.65

2.99

250.38

7.0%

KABA HOLDING AG-REG B

2.56

2.36

2.17

1.99

1.60

1.55

1.50

1.43

1.38

13.26

12.68

11.75

8.66

10.13

9.39

8.68

7.93

7.26

19.12

17.23

15.54

13.66

11.85

2.41

2.74

2.94

3.33

3.63

388.33

-2.9%

STRAUMANN HOLDING AG-REG

3.89

3.82

3.36

3.17

3.72

3.80

3.69

3.21

2.86

24.76

19.17

16.56

14.70

18.86

16.28

14.44

11.62

10.02

31.29

23.23

20.72

17.52

15.05

1.77

2.08

2.25

2.46

2.09

160.82

-2.5%

TEMENOS GROUP AG-REG

4.55

4.10

3.58

3.08

4.02

3.76

3.51

3.23

2.95

22.64

16.81

15.86

13.46

16.52

13.94

12.15

10.74

9.75

29.56

21.76

18.58

15.81

13.39

0.00

1.36

1.50

1.69

2.50

24.23

8.2%

BANQUE CANTONALE VAUDOIS-REG

1.22

1.27

1.26

4.22

4.27

4.13

4.01

3.76

10.94

11.13

11.04

10.65

14.10

14.45

13.98

13.05

6.46

6.63

6.80

6.95

506.00

2.2%

VALIANT HOLDING AG-REG

0.72

0.68

0.62

0.57

3.59

3.57

3.59

3.43

3.29

12.07

12.62

12.84

11.81

3.64

3.96

100.00

13.8%

KUONI REISEN HLDG-REG(CAT B)

1.80

1.81

1.65

1.50

0.25

0.31

0.29

0.23

ALLREAL HOLDING AG-REG

1.05

1.02

0.99

0.97

8.19

7.21

6.98

6.87

LOGITECH INTERNATIONAL-REG

1.81

1.86

1.76

1.62

0.73

0.75

0.74

0.73

LUZERNER KANTONALBANK AG-REG

1.45

1.39

1.33

1.28

7.20

7.18

7.02

6.86

MOBIMO HOLDING AG-REG

0.98

0.95

0.94

9.53

9.48

9.69

9.06

9.30

TECAN GROUP AG-REG

3.53

3.18

2.87

2.53

2.80

2.71

2.47

2.20

1.97

BELIMO HOLDING AG-REG

5.53

4.87

4.37

3.92

3.21

2.97

2.74

2.53

2.30

BURCKHARDT COMPRESSION HOLDI

3.64

3.25

2.96

2.80

3.16

2.79

2.56

2.41

2.37

AMS AG

2.23

2.09

1.82

1.58

2.62

2.61

2.32

2.12

FORBO HOLDING AG-REG

1.76

1.59

1.47

1.35

1.30

1.29

1.27

1.24

ST GALLER KANTONALBANK A-REG

1.06

1.02

0.98

0.94

4.25

4.14

4.38

4.28

GRAUBUENDNER KANTONALBANK-PC

1.42

1.30

1.24

7.71

7.69

7.46

MEYER BURGER TECHNOLOGY AG

0.87

1.26

1.37

1.35

1.33

2.55

1.64

1.22

DAETWYLER HOLDING AG-BR

2.61

2.78

2.42

2.12

1.40

1.37

1.29

2.46

VONTOBEL HOLDING AG-REG

1.42

1.39

1.33

1.28

2.94

2.58

2.42

2.25

2.17

EFG INTERNATIONAL AG

1.58

1.46

1.32

1.24

2.33

2.58

2.53

2.28

2.17

BASILEA PHARMACEUTICA-REG

1.65

11.70

14.37

3.82

12.42

17.23

12.36

7.09

4.14

IMPLENIA AG-REG

1.91

1.73

1.57

1.45

0.38

0.35

0.33

7.51

6.32

6.24

5.83

5.66

5.13

4.83

4.69

14.95

12.67

11.70

HUBER & SUHNER AG-REG

1.60

1.53

1.46

1.38

1.30

1.23

1.18

19.23

10.11

10.66

10.08

12.58

9.17

8.15

7.64

40.17

21.71

17.76

SCHWEIZERISCHE NATL-V AG-REG

1.05

0.99

0.94

0.90

0.57

0.58

0.56

0.57

8.78

8.99

GATEGROUP HOLDING AG

1.32

2.28

1.98

1.74

0.21

0.20

0.19

5.58

5.33

4.96

4.63

5.37

5.43

4.91

4.56

15.66

18.31

RIETER HOLDING AG-REG

2.32

2.25

2.01

1.82

1.00

0.89

0.78

0.74

0.75

13.81

14.80

10.54

8.80

12.40

10.22

6.04

5.22

5.34

50.43

35.69

14.28

11.68

VALORA HOLDING AG-REG

1.26

1.21

1.16

1.11

0.25

0.24

6.96

5.86

5.68

5.19

5.71

8.88

7.08

6.77

6.29

6.12

12.65

12.67

11.74

10.00

EMMI AG-REG

1.47

1.34

1.24

1.16

0.48

0.44

0.43

0.42

6.18

6.46

6.14

5.93

7.87

7.56

7.30

7.10

14.93

14.50

13.64

12.82

BOSSARD HOLDING AG-BR

4.29

4.18

3.44

2.90

1.53

1.22

1.90

1.07

1.01

11.89

10.80

9.79

9.20

8.74

14.74

10.66

9.92

9.39

15.11

11.96

11.59

11.03

SCHWEITER TECHNOLOGIES AG-BR

1.33

1.35

1.37

1.32

1.22

1.31

1.26

1.19

10.41

12.68

12.25

12.02

7.05

7.93

7.05

6.49

15.84

24.31

19.79

U-BLOX AG

3.29

2.85

2.52

2.22

2.85

2.18

1.89

1.68

31.10

15.65

13.18

11.98

13.29

9.52

8.22

7.28

29.50

19.87

16.99

INFICON HOLDING AG-REG

3.69

4.02

3.91

3.79

2.51

2.43

2.30

2.22

13.92

15.20

13.15

11.90

12.15

11.26

10.32

10.03

19.45

18.53

SIEGFRIED HOLDING AG-REG

1.48

1.61

1.58

1.45

1.53

1.44

1.40

1.33

14.07

10.71

8.69

7.11

12.39

9.23

7.05

6.00

26.59

15.29

VZ HOLDING AG

5.20

4.48

3.67

3.14

8.15

6.83

5.92

5.20

4.10

22.06

17.31

15.02

13.25

15.42

12.18

10.50

6.50

23.51

AFG ARBONIA-FORSTER HOLD-REG

1.36

1.27

1.19

1.10

0.44

0.42

6.00

5.93

5.19

4.80

7.79

7.03

6.21

5.68

5.26

INTERSHOP HOLDINGS AG-BR

1.26

1.22

1.20

1.19

7.81

7.75

7.30

7.69

14.71

14.64

13.76

14.77

16.99

16.93

15.72

METALL ZUG AG-SHS B-REG

1.29

1.35

1.27

1.28

1.17

1.14

1.11

1.10

5.99

5.94

5.42

KUDELSKI SA-BR

1.54

1.42

1.28

1.17

0.77

0.76

1.30

1.27

6.42

6.68

6.11

5.51

8.61

6.61

LEM HOLDING SA-REG

8.53

8.54

2.99

2.74

2.52

2.37

17.09

16.54

15.16

14.49

12.82

KOMAX HOLDING AG-REG

1.68

1.58

1.45

1.34

1.51

1.28

1.22

1.19

15.06

16.31

0.66

0.64

0.61

2.50

3.02

2.91

11.69

8.77

9.16

6.97

6.21

7.07

6.13

5.39

4.87

15.94

15.39

12.47

11.19

1.05

1.09

1.83

2.15

387.75

6.2%

17.88

14.39

16.25

16.07

22.29

19.36

18.40

17.67

17.80

17.11

15.80

14.74

4.35

4.37

4.74

4.73

140.00

11.3%

13.33

14.57

11.85

10.37

11.55

10.04

8.32

7.89

41.54

27.02

18.44

15.07

4.81

2.50

2.71

2.86

6.99

-13.1%

16.46

15.96

15.14

14.67

16.71

16.65

16.16

15.64

3.05

3.33

19.44

21.85

21.73

21.38

21.90

23.14

21.86

23.91

23.99

23.30

23.69

21.29

22.28

22.76

21.90

4.77

210.00

11.2%

29.88

14.20

12.50

11.36

15.55

14.10

12.36

10.18

8.52

23.62

22.97

19.36

15.40

12.23

1.35

1.57

1.81

2.11

2.42

104.17

8.1%

18.59

15.92

14.54

13.57

14.83

13.08

11.95

10.84

9.52

23.28

20.39

18.51

17.01

2.42

2.88

3.17

3.51

3.87

2305.00

-0.8%

15.83

14.89

14.26

13.65

12.50

11.93

10.42

9.33

9.44

21.43

20.22

17.45

16.03

14.87

2.43

2.94

3.46

3.83

351.80

-1.7%

1.98

8.59

11.51

9.11

8.35

8.27

10.40

8.24

7.24

7.37

11.02

15.78

11.64

9.72

9.05

1.65

1.80

2.11

2.69

89.26

3.5%

1.24

10.08

9.21

8.58

8.05

7.89

8.27

7.83

7.54

7.31

16.60

15.12

13.87

12.98

10.98

1.78

1.91

2.02

2.26

715.00

4.5%

12.12

11.20

11.35

11.14

13.11

12.49

12.22

11.97

4.10

4.28

4.78

380.00

3.8%

1.65

1.70

1.62

15.55

15.44

14.62

3.19

3.53

182.64

22.62

6701.73

215.11

0.00

7.42

-23.4%

12.74

10.66

8.09

7.75

10.18

16.40

15.06

12.50

11.30

2.05

2.30

2.67

2.94

125.00

10.3%

13.35

10.85

9.80

9.11

17.32

14.35

12.33

11.16

3.33

3.86

4.13

4.62

34.36

-2.1%

12.52

11.00

9.30

15.54

13.41

11.89

9.94

9.37

0.91

1.86

2.65

3.76

307.71

6.62

0.00

10.97

2.21

2.72

2.90

16.25

1.15

1.83

2.17

8.49

7.60

4.51

4.62

12.54

11.59

1.94

1.05

12.58

1.25

9.62

0.70

4.15

8.39

3.31

BERNER KANTONALBANK AG-REG

1.15

3.94

9.31

44.49

10.13

8.27

7.59

2.34

13.65

7.9%

90.00

21.9%

3.17

65.00

17.8%

2.33

50.00

5.0%

4.88

5.14

46.80

12.5%

1.93

2.43

22.00

-5.0%

1.10

2.36

2.69

206.43

10.9%

4.92

6.19

6.53

7.39

194.67

-6.4%

1.34

1.42

1.51

1.56

2.65

3.10

3.36

3.58

17.20

6.58

5.35

4.56

4.61

625.00

2.8%

14.99

1.22

1.48

1.64

1.80

84.00

10.2%

16.83

16.35

4.70

5.43

5.68

5.57

316.25

7.8%

12.00

12.15

0.68

1.62

2.17

2.40

150.00

2.7%

18.28

15.66

13.52

1.68

2.06

2.39

2.65

153.00

1.5%

34.39

16.92

11.80

9.52

0.00

1.67

2.30

2.96

35.00

11.5%

16.71

15.59

14.94

13.78

14.80

5.95

6.11

5.28

20.22

15.84

13.87

13.93

2.51

2400.00

9.6%

6.15

5.92

16.25

13.04

11.46

10.71

0.90

1.34

1.56

1.71

12.38

0.7%

12.27

10.47

9.71

19.12

19.57

15.97

14.90

4.40

4.64

5.94

5.86

7.83

7.60

7.21

28.17

14.16

12.69

11.68

1.67

2.19

2.74

2.91

138.00

11.7%

11.25

10.51

8.29

4.07

4.61

5.69

12.02

22.85

15.97

12.50

2.75

1.83

2.09

2.54

37.00

-8.2%

14.50

13.85

12.84

11.79

2.51

1.89

2.03

2.15

1925.00

5.2%

5.34

90.26

7.06

5.38

ZUGER KANTONALBANK-BR

8.17

BASELLANDS KANTONALBANK-CERT

7.94

9.70

8.85

4.12

3.60

278.33

3.9%

167.50

-8.5%

BASLER KANTONALBK - PC

LIECHTENSTEIN LANDESBANK-BR ZEHNDER GROUP AG-BR

1.55

1.51

1.42

1.31

0.74

1.20

0.68

VETROPACK HOLDING AG-BR

1.18

1.12

1.05

0.97

1.24

1.22

1.18

3.09

0.66

9.87

9.79

8.66

11.57

8.02

6.64

6.35

8.85

7.02

6.07

6.26

7.67

7.18

5.95

6.39

6.13

5.51

5.10

5.99

5.58

5.20

4.85

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

5.53

7.41

2.80

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

NESTLE SA-REG

CHF

3.1

80337

-3934

60685

13388

190038

62987

89931

62664

4.66

1.00

18.6

3.4396

NOVARTIS AG-REG

CHF

2.2

62795

3953

68092

11794

152316

54997

56673

69219

5.22

1.00

16.0

3.9889

ROCHE HOLDING AG-GENUSSCHEIN

CHF

11.0

53111

11162

14334

16979

158712

48077

45499

16728

5.56

1.00

16.4

3.9946

UBS AG-REG

CHF

1.2

1252770

11614

1612

53475

1208983

37754

50249

1.0512

ABB LTD-REG

CHF

2.8

35343

9028

15215

4112

47151

31624

39336

17446

3.71

1.00

17.4

3.3111

CIE FINANCIERE RICHEMON-REG

CHF

3.3

14106

7097

9882

2434

33871

4282

10150

10215

7.62

1.00

16.7

1.3114

CREDIT SUISSE GROUP AG-REG

CHF

0.8

915648

11809

1573

28800

881996

38313

42284

27.1

3.3693

SYNGENTA AG-REG

CHF

4.2

15900

4537

5302

2550

36836

10645

14202

8756

3.87

1.00

19.7

2.5851

ZURICH INSURANCE GROUP AG

CHF

1.1

399712

26311

5872

39176

372405

70446

36862

10.1

6.8244

SWISS RE AG

CHF

0.7

211693

25144

5751

24770

181759

33116

34026

6.1

3.8099

SWATCH GROUP AG/THE-BR

CHF

2.7

10607

6623

9200

1984

24909

1878

7796

9344

11.25

1.00

15.6

1.4636

HOLCIM LTD-REG

CHF

1.3

33173

-36

7722

1816

21766

21593

21544

19838

1.74

1.00

34.8

1.719

TRANSOCEAN LTD

CHF

31268

3184

3094

1685

18525

9196

15730

1.53

1.00

SGS SA-REG

CHF

7.5

3749

1298

2052

843

15463

2876

5578

2118

6.73

1.00

27.8

2.8628

WEATHERFORD INTL LTD

CHF

18158

3319

3337

1163

13977

15215

8818

1.98

1.00

SWISSCOM AG-REG

CHF

4.9

12363

-360

3944

2157

20399

15938

11384

4156

2.56

1.00

11.6

5.5866

GIVAUDAN-REG

CHF

2.4

3895

1210

3588

608

8768

2670

4257

3680

5.27

1.00

21.3

3.7383

JULIUS BAER GROUP LTD

CHF

1.4

53232

4867

374

6922

49994

2029

4874

22.0

1.8559

GEBERIT AG-REG

CHF

5.3

1369

487

1427

462

7570

576

1920

1431

13.72

1.00

19.6

1.8868

ADECCO SA-REG

CHF

2.0

5527

1032

1962

673

7347

5915

20536

3699

5.88

1.00

19.9

ACTELION LTD-REG

CHF

3.2

2450

1171

512

421

4916

1176

1722

1519

5.57

1.00

16.7

1.8378

KUEHNE & NAGEL INTL AG-REG

CHF

5.5

5444

831

1727

706

13171

3854

17120

2425

6.26

1.00

27.1

3.1818

SCHINDLER HOLDING-PART CERT

CHF

5.5

7018

1842

2768

985

15265

5009

8258

2813

4.34

1.00

21.8

1.6667

SONOVA HOLDING AG-REG

CHF

4.8

1481

615

1604

157

7646

1046

1795

1635

7.96

1.00

68.6

1.4047

SIKA AG-BR

CHF

2.7

3520

1454

1788

429

5360

2255

4829

2007

4.72

1.00

16.1

2.4171

SWATCH GROUP AG/THE-REG

CHF

10607

6623

9200

1984

1878

7796

9344

11.25

1.00

ARYZTA AG

CHF

1.5

2685

139

1648

338

3558

3048

4208

2509

3.87

1.00

26.8

1.2527

SWISS LIFE HOLDING AG-REG

CHF

0.4

162112

8582

951

3876

153114

19076

10286

42.1

3.7068

CLARIANT AG-REG

CHF

1.2

7941

1726

1860

456

3653

6485

6038

3040

2.20

1.00

17.6

BALOISE HOLDING AG - REG

CHF

0.8

73198

4608

539

3685

68654

9333

4873

8.4

5.7325

LINDT & SPRUENGLI AG-REG

CHF

4.5

2607

1027

1705

363

7747

893

2670

1727

8.09

1.00

28.8

SWISS PRIME SITE-REG

CHF

1.2

9065

1833

200

4582

5323

577

3923

13.3

PARTNERS GROUP HOLDING AG

CHF

7.7

826

694

275

5382

169

564

696

20.8

2.9593

LONZA GROUP AG-REG

CHF

1.1

5078

661

2044

336

2563

4694

3925

2406

2.04

1.00

14.0

4.3558

GALENICA AG-REG

CHF

2.6

1895

411

1345

355

3438

1769

3608

1378

5.49

1.00

13.6

2.0735

DUFRY AG-REG

CHF

2.8

1493

449

-117

276

3509

2158

3154

1367

3.35

1.00

26.8

LINDT & SPRUENGLI AG-PC

CHF

2607

1027

1705

363

893

2670

1727

8.09

1.00

SULZER AG-REG

CHF

2.1

3147

950

2297

421

4904

2290

4022

2304

4.34

1.00

16.0

2.2207

PSP SWISS PROPERTY AG-REG

CHF

1.1

6354

2663

135

3970

2655

283

3699

10.5

SCHINDLER HOLDING AG-REG

CHF

5.5

7018

1842

2768

985

15265

5009

8258

2813

4.34

1.00

21.8

1.6667

GAM HOLDING AG

CHF

1.0

922

206

119

2032

341

999

1953

24.2

4.0486

HELVETIA HOLDING AG-REG

CHF

0.8

42160

3511

438

2984

38397

7967

4100

9.1

4.9062

FISCHER (GEORG)-REG

CHF

1.2

2619

745

1085

226

1509

1613

3602

1286

2.91

1.00

9.9

4.0761

EMS-CHEMIE HOLDING AG-REG

CHF

4.4

1645

789

1136

322

5038

526

1755

1151

10.06

1.00

18.9

3.4819

BARRY CALLEBAUT AG-REG

CHF

3.4

3050

904

1232

356

4668

2215

4830

1362

4.21

1.00

19.4

1.7156

OC OERLIKON CORP AG-REG

CHF

1.8

3221

1016

108

421

3364

2277

2906

1882

2.40

1.00

15.2

2.4155

DKSH HOLDING LTD

CHF

3.6

3225

971

1165

278

4185

2151

8834

1204

20.7

PARGESA HOLDING SA-BR

CHF

0.7

20203

2549

5282

757

5321

5929

4915

16018

1.13

1.00

12.7

4.1022

FLUGHAFEN ZUERICH AG-REG

CHF

1.4

3759

242

962

172

2594

2208

949

1860

1.69

1.00

27.2

2.2472

PANALPINA WELTTRANSPORT -REG

CHF

3.0

1823

527

738

-19

2196

1207

6617

750

5.65

1.00

2.154

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

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

NOBEL BIOCARE HOLDING AG-REG

CHF

2.4

395

168

185

789

276

580

325

5.49

1.00

17.4

2.489

BUCHER INDUSTRIES AG-REG

CHF

2.0

2097

615

878

230

1761

1341

2609

916

3.42

1.00

11.7

2.7778

KABA HOLDING AG-REG B

CHF

2.3

692

199

-34

119

1347

374

964

599

4.40

1.00

16.0

3.1052

STRAUMANN HOLDING AG-REG

CHF

2.7

697

210

611

1729

141

686

631

9.90

1.00

47.5

3.3482

TEMENOS GROUP AG-REG

CHF

3.1

466

127

1211

516

450

387

6.57

1.00

50.1

1.5978

BANQUE CANTONALE VAUDOIS-REG

CHF

1.6

39763

2249

391

4161

37189

1321

2611

13.4

VALIANT HOLDING AG-REG

CHF

0.8

25058

1048

101

1372

23441

617

1670

12.8

2.1289

KUONI REISEN HLDG-REG(CAT B)

CHF

1.5

1187

-612

-16

1090

1669

5845

741

3.86

1.00

1.0949

ALLREAL HOLDING AG-REG

CHF

1.2

3923

615

137

2248

2021

869

1907

22.3

LOGITECH INTERNATIONAL-REG

CHF

1.5

1008

391

704

1079

640

2100

734

3.80

1.00

3.2463

LUZERNER KANTONALBANK AG-REG

CHF

1.8

28044

1068

203

2805

26495

685

1548

16.9

3.2836

MOBIMO HOLDING AG-REG

CHF

1.1

2515

574

1357

1318

252

1201

17.8

TECAN GROUP AG-REG

CHF

2.8

381

248

292

834

118

391

303

7.93

1.00

19.6

336

0.6536

BERNER KANTONALBANK AG-REG

CHF

1.5

26357

1328

197

2327

24857

663

1514

18.5

162

2.0866

BELIMO HOLDING AG-REG

CHF

4.1

326

186

245

1076

445

261

10.61

1.00

17.5

3.4033

BURCKHARDT COMPRESSION HOLDI

CHF

3.6

569

237

331

1204

258

367

339

5.20

1.00

21.4

2.5334

AMS AG

CHF

2.8

374

116

160

1153

224

388

410

4.78

1.00

12.7

FORBO HOLDING AG-REG

CHF

1.5

1185

424

817

167

1201

517

1201

817

4.27

1.00

10.4

ST GALLER KANTONALBANK A-REG

CHF

1.1

27598

1530

179

2085

25704

712

1934

13.8

3.9894

GRAUBUENDNER KANTONALBANK-PC

CHF

3.4

19364

550

189

2879

18486

494

877

20.7

3.2958

MEYER BURGER TECHNOLOGY AG

CHF

0.5

632

149

101

-135

325

473

645

628

0.82

0.00

DAETWYLER HOLDING AG-BR

CHF

2.4

1070

342

453

107

1468

528

1186

551

4.67

1.00

14.3

3.011

VONTOBEL HOLDING AG-REG

CHF

1.1

21055

1385

158

1787

19516

905

1574

13.8

4.2553

EFG INTERNATIONAL AG

CHF

1.1

23331

-104

165

1305

22310

1172

1316

11.3

1.1236

BASILEA PHARMACEUTICA-REG

CHF

4.1

375

302

-760

-51

428

270

106

-1.43

0.00

IMPLENIA AG-REG

CHF

1.2

1916

463

552

733

1410

2696

599

2.46

1.00

10.6

HUBER & SUHNER AG-REG

CHF

1.5

653

322

538

879

146

698

575

6.63

1.00

38.8

1.1494

ZUGER KANTONALBANK-BR

CHF

1.2

932

1385

11174

327

1140

22.6

3.642

SCHWEIZERISCHE NATL-V AG-REG

CHF

1.0

6248

875

128

892

5366

1591

894

8.7

4.1975

GATEGROUP HOLDING AG

CHF

2.5

1088

100

112

626

1278

2993

255

3.29

1.00

RIETER HOLDING AG-REG

CHF

2.0

1050

407

348

737

693

889

377

2.38

1.00

24.9

3.7641

VALORA HOLDING AG-REG

CHF

1.1

949

171

567

626

1027

2848

575

4.95

1.00

11.9

6.7531

BASELLANDS KANTONALBANK-CERT

CHF

2.8

19233

651

174

2409

18373

567

868

21.5

2.973

EMMI AG-REG

CHF

1.2

2038

333

772

145

1230

1157

2981

1165

3.34

1.00

11.6

1.5652

BOSSARD HOLDING AG-BR

CHF

8.7

373

-40

404

326

471

2.55

1.00

9.3

4.291

SCHWEITER TECHNOLOGIES AG-BR

CHF

1.1

831

483

755

217

674

667

4.96

1.00

18.5

2.3238

U-BLOX AG

CHF

1.6

247

173

150

8.59

1.00

14.3

2.5543

INFICON HOLDING AG-REG

CHF

3.1

206

125

148

538

297

172

11.30

1.00

13.3

SIEGFRIED HOLDING AG-REG

CHF

1.3

470

174

309

412

161

368

316

4.18

1.00

19.8

1.0499

VZ HOLDING AG

CHF

3.8

1035

233

902

803

154

235

16.6

2.3043

AFG ARBONIA-FORSTER HOLD-REG

CHF

0.9

1048

296

187

-18

409

708

1215

436

1.96

1.00

BASLER KANTONALBK - PC

CHF

1.0

39128

2362

269

2797

35989

962

3139

12.2

3.3233

INTERSHOP HOLDINGS AG-BR

CHF

1.2

533

682

710

554

12.1

6.1586

METALL ZUG AG-SHS B-REG

CHF

1.2

940

436

338

858

263

837

692

4.14

1.00

13.9

7.2128

KUDELSKI SA-BR

CHF

1.2

723

195

-160

511

473

844

438

2.51

1.00

31.5

2.0986

LEM HOLDING SA-REG

CHF

7.7

134

671

235

11.79

1.00

20.5

5.0934

KOMAX HOLDING AG-REG

CHF

1.0

309

164

205

245

115

287

245

4.67

1.00

23.7

LIECHTENSTEIN LANDESBANK-BR

CHF

0.5

21153

1394

111

827

19639

584

1697

8.8

5.1635

ZEHNDER GROUP AG-BR

CHF

1.8

404

114

204

425

160

524

248

3.64

1.00

15.8

2.4692

VETROPACK HOLDING AG-BR

CHF

1.1

742

204

613

691

134

604

638

5.67

1.00

8.3

2.0759

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

27.09.2013

Nestle SA Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Price/Volume 80

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

12/2012 06/yy 70.00 58.30 2'622'659.00 63.35 -9.50% 8.66% 43.59% 3'224.8 204'291.08 27'416.00 0.0 1'657.0 9'296.00 228'164.08

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

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-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 103'086.0 1.64x 15'533.0 10.89x 18'039.0 20.80x

10.0 M

31.12.2009 31.12.2010 100'579.0 88'015.0 1.96x 2.08x 16'048.0 15'611.0 12.28x 11.72x 10'428.0 34'233.0 19.38x 21.06x Profitability

LTM-4Q 31.12.2011 83'770.0 2.23x 15'373.0 12.17x 9'487.0 18.18x

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

31.12.2012 89'931.0 2.33x 10'228.0 18.57x 13'388.00 14.89% 15.50% 8.61% 17.63% 0.76% 47.2% 15.1% 11.4% 0.90 0.24 21.82% 44.94% 5.03

Price/ Cash Flow

LTM

06/yy 85'516 0.00x 0.0 0.00x 0.0 0.00x

06/yy 93'257 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.77 3'218.97 9.52% 9.62% 0.770 41 3.756 4'037'156 4'146'081 4'393'399 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 94'773 99'553 24'109 25'353 2.34x 2.21x 17'916.9 19'122.3 12.73x 11.92x 10'987.1 11'836.2 18.29x 16.95x 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

16.08.2007 AA STABLE 23.11.1981 A-1+ 44.9% 30.4% 0.76 3.65 72.59 101.58 -

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

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

01.07.2013

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 |

27.09.2013

Nestle SA Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN CREDIT SUISSE AG VANGUARD GROUP INC UBS AG SUN LIFE FINANCIAL I FMR LLC PICTET FUNDS MORGAN STANLEY FIL LIMITED CARMIGNAC GESTION T ROWE PRICE ASSOCIA HARBOR CAPITAL ADVIS DEUTSCHE BANK AG SWISSCANTO FONDSLEIT FIRST EAGLE INVESTME EATON VANCE MANAGEME COVEA FINANCE SAS BANK OF NEW YORK MEL

Firm Name

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

Analyst

Morgan Stanley EILEEN KHOO JPMorgan CELINE PANNUTI AlphaValue SOPHIE CABO-BROSETA Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas JEFF STENT SNS Securities(ESN) RICHARD WITHAGEN Societe Generale WARREN L ACKERMAN Liberum Capital Ltd PABLO ZUANIC First Global Stockbroking DEVINA MEHRA Hamburger Sparkasse TINA HECKING-VELTMAN Main First Bank AG ALAIN-SEBASTIAN OBERHUBER RBC Capital Markets JAMES EDWARDES JONES Goldman Sachs MITCHELL COLLETT Espirito Santo Investment Bank Research ALEX SMITH Natixis PIERRE TEGNER Bank am Bellevue MICHAEL HEIDER Canaccord Genuity Corp EDDY HARGREAVES Nomura DAVID HAYES Credit Suisse ALEX MOLLOY Helvea ANDREAS VON ARX EVA Dimensions CRAIG STERLING Bank Vontobel AG JEAN-PHILIPPE BERTSCHY Investec MARTIN DEBOO Berenberg Bank JAMES TARGETT Redburn Partners JEREMY FIALKO Deutsche Bank HAROLD THOMPSON Jefferies ALEX HOWSON Landesbank Baden-Wuerttemberg BARBARA AMBRUS Independent Research GmbH LARS LUSEBRINK Kepler Cheuvreux JON COX S&P Capital IQ CARL SHORT Barclays LIAM ROWLEY Day by Day VALERIE GASTALDY UBS ALAN ERSKINE Mirabaud Securities JULIAN LAKIN HSBC CEDRIC BESNARD Zuercher Kantonalbank PATRIK SCHWENDIMANN National Bank AG STEFFEN MANSKE Aurel - BGC JEAN-MARIE L'HOME Nord/LB WOLFGANG VASTERLING

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

Recommendation Overwt/In-Line overweight add market perform neutral accumulate buy hold long-term outperform buy outperform outperform neutral/neutral neutral buy hold hold reduce outperform hold hold hold hold hold buy hold buy hold hold hold hold overweight hold neutral hold neutral outperform hold hold buy

Amt Held 119'317'602 82'413'972 73'166'337 43'559'622 38'099'853 35'568'651 29'540'987 22'256'091 18'952'159 18'210'070 14'542'915 13'738'810 13'012'758 11'851'701 10'626'606 10'051'508 8'153'102 7'312'412 7'202'794 5'838'510

% Out 3.7 2.56 2.27 1.35 1.18 1.1 0.92 0.69 0.59 0.56 0.45 0.43 0.4 0.37 0.33 0.31 0.25 0.23 0.22 0.18

Weighting

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

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

Latest Chg (8'914'860) (706'405) (286'474) (332'690) 1'921'300 (652'986) (255'323) (418'183) 3'878'565 1'149'170 2'709'903 (35'644) 284'489 (44'643) 197'400 (179'216) 7'056'334 264'291

Target Price 71 72 69 68 72 72 73 #N/A N/A 82 #N/A N/A 70 78 64 67 70 65 69 60 76 67 #N/A N/A 66 65 68 #N/A N/A 60 74 65 66 60 66 73 #N/A N/A 65 65 67 #N/A N/A 64 49 #N/A N/A

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

File Dt Inst Type 25.09.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 26.09.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 20.09.2013 18.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 05.09.2013 05.09.2013 02.09.2013 15.08.2013 15.08.2013 14.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 22.07.2013 13.06.2013 02.05.2013 18.04.2013 18.04.2013 24.01.2013 18.10.2012 10.09.2012

27.09.2013

Novartis AG Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 06/yy 73.75 55.20 1'788'344.00 69.7 -5.49% 26.27% 79.25% 2'706.2 188'621.64 19'726.00 0.0 126.0 8'119.00 222'290.61

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

18.0 M

70 50

Valuation Analysis

31.12.2008 41'459.0 2.76x 12'109.0 9.44x 8'195.0 13.89x

31.12.2009 31.12.2010 44'267.0 50'624.0 2.72x 3.08x 12'318.0 15'866.0 9.79x 9.81x 8'400.0 9'794.0 14.73x 13.70x Profitability

LTM-4Q 31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.85% 14.08% 11.58% 0.48% 66.9% 28.8% 20.1% 16.8% 1.16 0.76 15.88% 28.55% 5.37 2.78

Price/ Cash Flow

LTM

06/yy 57'662.0 10.61x 16'889.0 8.96x 8'534.0 15.87x

06/yy 57'139.0 12.33x 16'476.0 11.37x 9'408.0 18.37x

FY+1

.0 M s-13

0.88 2'423.83 25.58% 25.80% 0.882 30 3.933 2'962'546 3'283'748 3'168'414 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'472.1 59'032.0 14'272.3 14'646.7 3.77x 3.60x 16'751.8 17'582.2 13.26x 12.64x 12'601.5 13'437.1 3'188.0 2'975.0 15.00x 13.83x 14.97x 14.47x S&P Issuer Ratings

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.83 1.15 28.5% 22.2% 0.48 3.53 67.96 131.10 88.33 90.49

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Novartis AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NOVARTIS AG EMASAN AG NOVARTIS FOUNDATION NORGES BANK DODGE & COX WORLDWID CREDIT SUISSE AG VANGUARD GROUP INC UBS AG PICTET FUNDS HARBOR CAPITAL ADVIS BANK OF NEW YORK MEL INVESCO LTD THORNBURG INVESTMENT SWISSCANTO FONDSLEIT CARMIGNAC GESTION FMR LLC DEUTSCHE BANK AG SUN LIFE FINANCIAL I

Firm Name Sanford C. Bernstein & Co Helvea AlphaValue Bryan Garnier & Cie Natixis Exane BNP Paribas Bank Vontobel AG Barclays Jefferies Deutsche Bank Credit Suisse Societe Generale Zuercher Kantonalbank Liberum Capital Ltd Berenberg Bank Bank am Bellevue Day by Day Kepler Cheuvreux Landesbank Baden-Wuerttemberg Independent Research GmbH Hamburger Sparkasse CM - CIC Securities(ESN) S&P Capital IQ JPMorgan Redburn Partners EVA Dimensions Goldman Sachs UBS Cyrrus Mirabaud Securities National Bank AG

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

Analyst TIMOTHY M ANDERSON ODILE RUNDQUIST ARMELLE MOULIN ERIC LE BERRIGAUD BEATRICE MUZARD FLORENT CESPEDES ANDREW C WEISS MARK PURCELL JEFFREY HOLFORD TIM RACE MATTHEW WESTON STEPHEN MCGARRY MICHAEL NAWRATH NARESH CHOUHAN ALISTAIR CAMPBELL BRUNO ESCHLI VALERIE GASTALDY FABIAN WENNER TIMO KUERSCHNER CHRISTOPH SCHOENDUBE MARCO GUENTHER ARSENE GUEKAM SHO MATSUBARA RICHARD VOSSER TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH ANDREW WHITNEY TOMAS MENCIK NICHOLAS TURNER STEFFEN MANSKE

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

Recommendation outperform buy add buy neutral outperform reduce underweight buy hold outperform buy outperform buy buy hold hold hold buy hold hold hold hold overweight neutral overweight neutral/neutral buy hold accumulate buy

Amt Held 124'079'873 114'286'957 109'194'165 87'859'938 78'926'882 60'347'393 37'058'506 36'398'922 33'278'472 30'276'362 15'275'859 13'520'441 11'705'499 10'323'016 9'867'796 8'816'259 8'442'000 8'045'224 7'612'347 6'455'831

% Out 4.59 4.22 4.03 3.25 2.92 2.23 1.37 1.35 1.23 1.12 0.56 0.5 0.43 0.38 0.36 0.33 0.31 0.3 0.28 0.24

Weighting

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

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

Latest Chg (2'058'246) 4'207'764 (534'812) 884'368 (173'119) (182'751) (145) (294'812) 1'160'179 49'996 7'906'126 (224'496) 245'641 188'898

Target Price 80 76 72 76 72 79 60 64 80 74 79 82 #N/A N/A 85 83 70 #N/A N/A 66 75 75 #N/A N/A 55 69 78 #N/A N/A #N/A N/A 76 80 52 61 64

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

File Dt Inst Type 31.07.2013 Investment Advisor 25.09.2013 Investment Advisor 09.05.2012 Corporation 31.12.2011 Hedge Fund Manager 25.02.2013 n/a 31.12.2012 Government 31.03.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Unclassified 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 19.09.2013 16.09.2013 16.09.2013 10.09.2013 04.09.2013 29.08.2013 28.08.2013 20.08.2013 16.08.2013 26.07.2013 23.07.2013 22.07.2013 19.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 10.07.2013 14.06.2013 06.06.2013 17.05.2013 19.03.2013 05.04.2012 02.04.2012 21.10.2010

27.09.2013

Roche Holding AG Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 06/yy 258.60 174.20 593'725.00 243.6 -5.80% 39.84% 81.52% 702.6 209'944.28 24'590.00 0.0 2'234.0 13'991.00 225'683.27

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

50 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-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 45'617.0 2.93x 16'673.0 8.03x 8'969.0 15.58x

100

31.12.2009 31.12.2010 49'051.0 47'473.0 3.62x 2.96x 18'936.0 18'358.0 9.38x 7.65x 7'784.0 8'666.0 19.38x 13.51x Profitability

LTM-4Q 31.12.2011 42'531.0 3.65x 17'894.0 8.68x 9'343.0 14.46x

31.12.2012 45'499.0 3.77x 19'400.0 8.84x 9'539.0 16.36x 19'400.00 16'979.00 37.32% 27.08% 18.86% 95.24% 32.70% 0.78% 73.8% 42.3% 37.1% 21.0% 1.55 1.16 37.94% 169.66% 4.84 2.12

Price/ Cash Flow

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 s-13

LTM

06/yy 43'283.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 46'371.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.96 701.88 41.32% 36.94% 0.963 32 4.500 1'013'379 910'162 966'270 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 47'285.3 49'053.6 11'709.3 12'208.3 4.62x 4.34x 20'096.4 21'180.6 11.22x 10.65x 12'688.5 13'720.2 16.19x 15.08x S&P Issuer Ratings

17.09.2012 AA STABLE 01.02.2006 A-1+ 13.90 12.34 0.69 1.09 169.7% 59.5% 0.78 2.98 75.45 172.09 50.98 181.16

Sales/Revenue/Turnover

18.00

60'000.0

16.00

50'000.0

14.00

40'000.0

12.00 10.00

30'000.0

8.00

20'000.0

6.00 4.00

10'000.0

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

01.07.2013

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 |

27.09.2013

Roche Holding AG Holdings By:

All

Holder Name VANGUARD GROUP INC NORGES BANK CAPITAL GROUP COMPAN BLACKROCK PRIMECAP MANAGEMENT CREDIT SUISSE AG FRANKLIN RESOURCES PERPETUAL INVESTMENT UBS AG DODGE & COX DODGE & COX WORLDWID SUN LIFE FINANCIAL I FMR LLC HARBOR CAPITAL ADVIS PICTET FUNDS BANK OF NEW YORK MEL THORNBURG INVESTMENT DEUTSCHE BANK AG FIL LIMITED ABERDEEN

Firm Name Sanford C. Bernstein & Co Bryan Garnier & Cie Societe Generale AlphaValue Natixis Day by Day Exane BNP Paribas Helvea JPMorgan UBS Barclays Jefferies Zuercher Kantonalbank Deutsche Bank Bank am Bellevue Kepler Cheuvreux Berenberg Bank Credit Suisse Independent Research GmbH Hamburger Sparkasse Bank Vontobel AG Landesbank Baden-Wuerttemberg S&P Capital IQ Liberum Capital Ltd CM - CIC Securities(ESN) Redburn Partners EVA Dimensions Goldman Sachs Mirabaud Securities National Bank AG Cyrrus MP Advisors Pvt Ltd

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

Analyst TIMOTHY M ANDERSON ERIC LE BERRIGAUD STEPHEN MCGARRY ARMELLE MOULIN PHILIPPE LANONE VALERIE GASTALDY VINCENT MEUNIER ODILE RUNDQUIST RICHARD VOSSER ANDREW WHITNEY MARK PURCELL JEFFREY HOLFORD MICHAEL NAWRATH TIM RACE BRUNO ESCHLI FABIAN WENNER ALISTAIR CAMPBELL LUISA HECTOR CHRISTOPH SCHOENDUBE MARCO GUENTHER ANDREW C WEISS TIMO KUERSCHNER SHO MATSUBARA NARESH CHOUHAN ARSENE GUEKAM TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH NICHOLAS TURNER STEFFEN MANSKE TOMAS MENCIK VISHAL MANCHANDA

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

Recommendation outperform neutral buy add buy hold neutral buy overweight neutral overweight buy outperform buy buy buy buy outperform buy hold buy buy buy buy buy neutral overweight Buy/Neutral accumulate hold accumulate outperform

Amt Held 21'048'484 16'154'814 15'092'299 12'774'878 10'513'329 9'877'114 9'230'703 9'115'734 8'102'750 7'496'200 7'367'775 4'770'910 4'700'633 4'691'073 4'440'628 3'673'776 3'538'214 2'973'460 2'644'689 2'368'760

% Out 3 2.3 2.15 1.82 1.5 1.41 1.31 1.3 1.15 1.07 1.05 0.68 0.67 0.67 0.63 0.52 0.5 0.42 0.38 0.34

Weighting

Change 5 3 5 4 5 3 3 5 5 3 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 4 3 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 U M M M M N M M

Latest Chg 122'672 (1'202'673) 86'423 (85'966) (142'317) (674'837) 101'592 (84'788) (220'000) 102'790 1'789 (5'018) (50'098) (16'576) (347'600) 230'399 (844'094) (15'066)

Target Price 273 252 312 252 285 #N/A N/A 250 270 280 225 258 280 #N/A N/A 280 263 260 270 270 295 #N/A N/A 263 290 284 250 281 #N/A N/A #N/A N/A 310 262 210 176 160

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

File Dt 30.06.2013 31.12.2012 31.07.2013 25.09.2013 30.06.2013 30.08.2013 31.08.2013 31.08.2013 26.09.2013 30.06.2013 31.03.2013 31.07.2013 31.07.2013 30.06.2013 30.08.2013 26.09.2013 31.07.2013 31.07.2013 30.04.2013 31.08.2013

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

Inst Type Unclassified Government 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 27.09.2013 27.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 16.09.2013 10.09.2013 05.09.2013 04.09.2013 28.08.2013 27.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 28.06.2013 18.06.2013 14.06.2013 06.06.2013 17.05.2013 10.05.2013 31.01.2013 05.04.2012 14.11.2011

27.09.2013

UBS AG UBS AG is a wealth management, investment banking, and asset management firm. The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world.

Price/Volume 25

60.0 M

50.0 M 40.0 M

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

12/2012 06/yy 19.60 11.29 4'804'158.00 18.77 -4.23% 66.27% 90.86% 3'839.2 72'061.63 267'401.00 0.0 4'353.0 66'383.00 220'592.63

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

10.0 M

0 s-12

31.12.2009 31.12.2010 44'658.0 46'526.0 9.51x 8.39x 19'874.0 20'964.0 21.36x 18.62x (2'736.0) 7'534.0 7.71x Profitability

LTM-4Q 31.12.2011 40'880.0 9.20x 17'464.0 21.53x 4'159.0 10.16x

31.12.2012 37'754.0 6.86x 15'529.0 16.67x (2'511.0) 15'529.00 5.80% -4.70% -0.19% -4.68% -0.63% 0.03% -6.7% 21.24% 582.62% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 37'651.0 35.58x 12'178.0 0.00x 2'762.0 15.14x

f-13 m-13

06/yy 38'698.0 25.76x 13'651.0 0.00x (2'384.0) 0.00x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.34 3'469.49 62.98% 32.71% 1.336 43 3.628 8'036'652 8'223'609 8'596'575 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'144.9 29'630.2 6'908.0 7'276.0 37.94x 33.37x 3'832.0 4'887.6 822.0 1'034.0 18.88x 14.51x 15.05x 13.90x S&P Issuer Ratings

29.11.2011 A STABLE 19.12.2008 A-1 582.6% 84.2% 0.03 6.44 -

Sales/Revenue/Turnover

5.00

160'000.0

4.50

140'000.0

4.00

120'000.0

3.50

100'000.0

3.00 2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 67'219.0 8.31x 37'052.0 15.08x (21'292.0) -

20.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

UBS AG Holdings By:

All

Holder Name GIC PRIVATE LIMITED UBS AG NORGES BANK FMR LLC CAPITAL GROUP COMPAN FIL LIMITED CREDIT SUISSE AG HARBOR CAPITAL ADVIS BLACKROCK FRANKLIN RESOURCES ZURCHER KANTONALBANK OPPENHEIMERFUNDS INC JP MORGAN CREDIT AGRICOLE SA PICTET FUNDS WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP INVESCO LTD AXA BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a ZURCHER KANTONALBANK Multiple Portfolios n/a CREDIT AGRICOLE SA n/a WELLINGTON MANAGEMEN n/a n/a n/a BANK OF NEW YORK MEL

Analyst

RBC Capital Markets FIONA SWAFFIELD Nomura JON PEACE Exane BNP Paribas DANIEL DAVIES AlphaValue DIETER HEIN Grupo Santander AURELIA FAURE Rafferty Capital Markets RICHARD X BOVE SR Macquarie PIERS BROWN Main First Bank AG KILIAN MAIER Morgan Stanley HUW VAN STEENIS JPMorgan KIAN ABOUHOSSEIN Oddo & Cie JEAN SASSUS Hamburger Sparkasse CHRISTIAN HAMANN Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Bankhaus Lampe NEIL SMITH Kepler Cheuvreux DIRK BECKER Helvea TIM DAWSON Barclays KIRI VIJAYARAJAH Mediobanca SpA CHRISTOPHER J WHEELER Bank am Bellevue MARC DEUSTER Credit Suisse AMIT GOEL Commerzbank Corporates & Markets MICHAEL DUNST Bank Vontobel AG TAKIS SPILIOPOULOS Independent Research GmbH STEFAN BONGARDT Goldman Sachs JERNEJ OMAHEN Landesbank Baden-Wuerttemberg INGO FROMMEN Mirabaud Securities Claudia von Turk Myers Keefe, Bruyette & Woods ANDREW STIMPSON Natixis ANTOINE BURGARD Deutsche Bank MATT SPICK Bankhaus Metzler GUIDO HOYMANN S&P Capital IQ FRANK BRADEN Canaccord Genuity Corp ARUN MELMANE Redburn Partners NICHOLAS WATTS HSBC ROBERT MURPHY EVA Dimensions DOUG WALTERS Espirito Santo Investment Bank Research ANDREW LIM Societe Generale GEOFF DAWES Liberum Capital Ltd CORMAC LEECH Zuercher Kantonalbank ANDREAS VENDITTI Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

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

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

Amt Held 245'596'591 216'603'351 116'490'210 101'598'767 62'295'964 58'798'597 50'539'582 38'747'528 32'192'049 29'879'115 24'085'894 23'172'660 23'125'477 22'168'898 21'828'303 21'670'005 16'886'540 16'432'471 15'645'128 15'105'719

% Out 6.4 5.64 3.03 2.65 1.62 1.53 1.32 1.01 0.84 0.78 0.63 0.6 0.6 0.58 0.57 0.56 0.44 0.43 0.41 0.39

Weighting

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

Latest Chg (20'764'353) 14'311'401 10'743'000 (1'640'766) (401'100) 4'128'293 (5'110'753) (14'305'536) (2'534'077) 332'960 4'674'008 4'697'001 (263'056) (2'974'135) 7'764'122 4'932'798 3'097'530 752'938

Target Price 20 20 18 17 16 19 21 18 21 21 19 #N/A N/A 20 #N/A N/A 16 19 20 22 20 20 16 18 22 20 24 19 21 19 20 21 14 20 24 #N/A N/A 20 #N/A N/A 23 15 18 #N/A N/A #N/A N/A 11

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

File Dt 12.09.2013 26.09.2013 27.09.2011 30.06.2013 31.07.2013 30.06.2013 31.05.2013 30.06.2013 25.09.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013

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

Inst Type Government Unclassified 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 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 19.09.2013 18.09.2013 16.09.2013 11.09.2013 06.09.2013 02.09.2013 02.09.2013 23.08.2013 20.08.2013 20.08.2013 15.08.2013 14.08.2013 13.08.2013 08.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 16.07.2013 17.06.2013 06.06.2013 05.06.2013 29.05.2013 25.03.2013 30.10.2012 23.10.2012 03.07.2012

27.09.2013

ABB Ltd ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2012 06/yy 22.10 16.11 2'629'471.00 21.5 -2.71% 33.43% 93.32% 2'314.7 49'766.98 10'071.00 0.0 540.0 8'481.00 58'918.54

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

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 34'912.0 0.83x 5'259.0 5.48x 3'118.0 10.76x

31.12.2009 31.12.2010 31'795.0 31'589.0 1.18x 1.42x 4'892.0 4'733.0 7.67x 9.49x 2'901.0 2'561.0 15.27x 19.85x Profitability

LTM-4Q 31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x

31.12.2012 39'336.0 1.25x 5'294.0 9.31x 2'704.0 17.40x 5'294.00 4'112.00 10.45% 9.76% 6.14% 17.59% 12.54% 0.90% 28.9% 14.1% 10.9% 6.9% 1.48 0.88 20.52% 59.57% 4.56

Price/ Cash Flow

LTM

06/yy 38'478.0 4.40x 5'454.0 7.67x 2'961.0 12.71x

06/yy 40'706.0 5.03x 5'736.0 9.36x 2'790.0 17.77x

FY+1

.0 M s-13

1.31 2'129.96 24.27% 18.37% 1.311 40 3.625 4'038'883 4'178'637 4'042'708 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 41'196.7 42'819.3 10'007.0 11'297.5 1.38x 1.29x 5.68x 5.04x 6'135.8 6'763.2 1'540.7 1'687.1 9.61x 8.72x 9.27x 9.14x 3'323.7 3'812.3 844.5 959.8 16.37x 14.40x 15.82x S&P Issuer Ratings

08.06.2010 A STABLE 08.06.2010 A-1 18.07 13.66 0.60 1.42 59.6% 36.6% 0.90 7.28 80.03 60.35 89.35

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

01.07.2013

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 |

27.09.2013

ABB Ltd Holdings By:

All

Holder Name INVESTOR AB BLACKROCK NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC SWEDBANK ROBUR FONDE UBS AG HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE PICTET FUNDS SEB AMF FONDER AB SKAGEN AS CAPITAL GROUP COMPAN INVESCO LTD HANDELSBANKEN FONDER SWISSCANTO FONDSLEIT FOLKSAM LO FOND AB NEW YORK LIFE INVEST OPPENHEIMERFUNDS INC

Firm Name

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

Analyst

RBC Capital Markets ANDREW CARTER AlphaValue HEINZ STEFFEN Barclays JAMES STETTLER Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ROB VIRDEE Exane BNP Paribas OLIVIER ESNOU HSBC COLIN GIBSON Helvea STEFAN GAECHTER Goldman Sachs DANIELA COSTA EVA Dimensions TIMOTHY STANISH Hamburger Sparkasse MARCO GUENTHER Societe Generale SEBASTIEN GRUTER Morgan Stanley BEN UGLOW Bank am Bellevue MICHAEL ROOST Credit Suisse SIMON TOENNESSEN UBS FREDRIC STAHL JPMorgan ANDREAS WILLI Zuercher Kantonalbank RICHARD FREI Independent Research GmbH MARKUS FRIEBEL Nordea Equity Research ANDREAS BROCK Berenberg Bank WILLIAM MACKIE Bank Vontobel AG TAKIS SPILIOPOULOS Danske Markets CARL GUSTAFSSON Deutsche Bank MARTIN WILKIE ABG Sundal Collier ANDERS IDBORG Landesbank Baden-Wuerttemberg VOLKER STOLL SEB Enskilda DANIEL SCHMIDT Carnegie KENNETH TOLL JOHANSSON Canaccord Genuity Corp ANDREW BELL Handelsbanken HAMPUS ENGELLAU Swedbank MATS LISS Natixis ARNAUD SCHMIT Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Main First Bank AG CHRISTOPHER YOUL Baden Hill LLP NICHOLAS WOODIFIELD Kepler Cheuvreux CHRISTOPHER LADNER Redburn Partners JAMES MOORE Pareto Securities DAVID JACOBSSON

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

Recommendation sector perform reduce equalweight hold neutral underperform underweight buy neutral/neutral hold hold buy Underwt/Cautious hold outperform buy underweight outperform hold buy hold buy buy hold buy hold buy buy hold buy buy neutral buy hold outperform buy hold neutral hold

Amt Held 182'030'142 89'890'147 53'617'789 33'715'781 33'301'443 29'672'514 26'630'146 25'109'683 22'834'513 15'192'696 14'366'955 11'080'901 10'641'737 9'900'000 9'138'977 8'261'233 7'809'229 7'750'666 5'905'912 5'368'860

% Out 7.86 3.88 2.32 1.46 1.44 1.28 1.15 1.08 0.99 0.66 0.62 0.48 0.46 0.43 0.39 0.36 0.34 0.33 0.26 0.23

Weighting

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

M D M M D M D M D U 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

Latest Chg 30'384 (536'391) 1'544'794 14'183'006 (151'716) (788'859) (188'601) 2'632'729 1'637'501 655'463 248'815 25'220 1'685'882 5'427'446 463'740

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

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

File Dt 31.12.2012 25.09.2013 31.12.2012 31.05.2013 30.06.2013 30.06.2013 26.09.2013 30.06.2013 30.08.2013 31.05.2013 26.08.2013 31.03.2013 30.08.2013 30.06.2013 26.09.2013 30.08.2013 28.03.2013 31.03.2013 31.07.2013 31.07.2013

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

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

Date 26.09.2013 26.09.2013 18.09.2013 16.09.2013 09.09.2013 09.09.2013 28.08.2013 15.08.2013 01.08.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 09.07.2013 15.05.2013 17.04.2013 27.07.2012

27.09.2013

Cie Financiere Richemont SA Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CFR VX EQUITY YTD Change CFR VX EQUITY YTD % CHANGE

03/2013 03/yy 96.15 56.40 680'609.00 91.65 -4.68% 62.50% 88.05% 522.0 52'625.43 1'938.00 0.0 (1.0) 5'155.00 39'748.66

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

31.03.2010 31.03.2011 5'176.0 6'892.0 2.82x 2.72x 1'259.0 1'669.0 11.59x 11.22x 599.0 1'090.0 26.38x 20.65x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

31.03.2013 10'150.0 3.02x 2'817.0 10.88x 2'013.0 16.74x 2'817.00 2'434.00 23.98% 23.40% 15.33% 21.45% 0.77% 64.2% 27.8% 24.0% 19.8% 3.05 1.66 13.37% 18.97% 19.21 0.91

Price/ Cash Flow

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 s-13

Market Data

LTM-4Q 31.03.2012 8'868.0 2.56x 2'387.0 9.50x 1'544.0 16.70x

LTM

03/yy 6'430.0 0.00x 0.0 0.00x 0.0 0.00x

03/yy 9'697.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.42 521.72 61.38% 29.74% 1.422 37 3.919 1'133'975 1'016'041 1'001'796 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 11'034.6 12'075.7 3.52x 3.12x 3'087.4 3'455.9 12.89x 11.52x 2'246.9 2'507.9 18.71x 16.67x S&P Issuer Ratings

74.13 58.55 -1.14 0.69 19.0% 15.9% 0.77 6.12 19.01 401.84 112.06 308.78

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.04.2010

o-12

Fiscal Year Ended 31.03.2009 5'418.0 1.05x 1'345.0 4.23x 1'075.0 8.94x

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

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 |

27.09.2013

Cie Financiere Richemont SA Holdings By:

All

Holder Name NORGES BANK CARMIGNAC GESTION HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC CREDIT SUISSE AG GARDNER RUSSO & GARD UBS AG OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE HARRIS ASSOCIATES LP PICTET FUNDS SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA FMR LLC JANUS CAPITAL MANAGE FIL LIMITED CAPITAL GROUP COMPAN SWISSCANTO FONDSLEIT ALLIANCE BERNSTEIN

Firm Name Sanford C. Bernstein & Co Aurel - BGC Societe Generale Credit Suisse Nomura Exane BNP Paribas AlphaValue Renaissance Capital Cantor Fitzgerald Mirabaud Securities Deutsche Bank Telsey Advisory Group Morgan Stanley JPMorgan Zuercher Kantonalbank Independent Research GmbH Oddo & Cie Bryan Garnier & Cie S&P Capital IQ Main First Bank AG Berenberg Bank HSBC Barclays Macquarie Bank am Bellevue Day by Day Redburn Partners BNP Paribas Cadiz Securities Goldman Sachs Bank Vontobel AG Kepler Cheuvreux Natixis UBS ISI Group Investec EVA Dimensions Avior Research

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a GARDNER RUSSO & GARD n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a

Analyst MARIO ORTELLI DAVID DA MAIA THIERRY COTA ROGERIO FUJIMORI CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA VIRGINIE BLIN REY WIUM ALLEGRA PERRY ALESSANDRO MIGLIORINI FRANCESCA DI PASQUANTONIO DANA TELSEY NATASHA MOOLMAN MELANIE A FLOUQUET PATRIK SCHWENDIMANN LARS LUSEBRINK LEOPOLD AUTHIE LOIC MORVAN WILLIAM MACK MATTHIAS EIFERT JOHN GUY ERWAN RAMBOURG HELEN NORRIS WYNAND VAN ZYL SERGE MONNERAT VALERIE GASTALDY ANNABEL GLEESON JASMINE LIN WILLIAM HUTCHINGS RENE WEBER JON COX JOSEPHINE CHEVALLIER EVA QUIROGA OMAR SAAD THANE DUFF CRAIG STERLING MATHEW MENEZES

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

Recommendation outperform hold buy outperform buy outperform reduce hold hold accumulate buy no rating system Equalwt/In-Line neutral market perform hold buy buy buy underperform hold overweight overweight outperform hold hold buy hold Buy/Neutral hold buy neutral buy strong buy hold underweight neutral

Amt Held 12'658'931 11'746'169 9'166'906 8'156'154 8'091'303 7'296'213 6'797'657 6'008'746 4'474'079 3'734'915 3'662'500 3'492'016 3'136'188 3'005'205 2'208'497 2'207'609 2'077'106 1'897'534 1'535'081 1'460'368

% Out 2.43 2.25 1.76 1.56 1.55 1.4 1.3 1.15 0.86 0.72 0.7 0.67 0.6 0.58 0.42 0.42 0.4 0.36 0.29 0.28

Weighting

Change

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

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

Latest Chg (681'540) 299'861 42'933 (65'642) (528'190) (61'543) 133'758 112'100 1'093'200 (42'645) 180'971 134'902 425'944 (3'188'126) (1'092'819) 166'100 21'369 188'677

Target Price 105 96 115 100 105 110 84 89 90 110 86 97 80 95 #N/A N/A 99 100 95 105 85 86 104 107 109 72 #N/A N/A #N/A N/A 87 121 90 100 75 93 105 87 #N/A N/A 70

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

File Dt 31.12.2012 28.06.2013 30.06.2013 25.09.2013 30.06.2013 30.08.2013 30.06.2013 26.09.2013 31.07.2013 31.07.2013 30.06.2013 30.08.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.04.2013 31.07.2013 28.03.2013 30.06.2013

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

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

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 20.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 05.09.2013 28.08.2013 19.08.2013 13.08.2013 23.07.2013 17.07.2013 15.07.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 16.05.2013 25.03.2013 21.03.2013 05.09.2012

27.09.2013

Credit Suisse Group AG Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

Price/Volume 35 30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGN VX EQUITY YTD Change CSGN VX EQUITY YTD % CHANGE

12/2012 06/yy 29.32 19.27 2'465'989.00 27.71 -5.49% 43.82% 82.49% 1'577.8 43'720.66 330'510.00 0.0 6'786.0 63'708.00 -

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

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 48'697.0 (8'218.0) -

31.12.2009 31.12.2010 51'547.0 50'345.0 6'724.0 5'098.0 9.96x 9.59x Profitability

LTM-4Q 31.12.2011 42'693.0 1'953.0 16.11x

31.12.2012 38'313.0 1'349.0 27.15x 6.73% 9.34% 0.31% 6.10% 0.85% 0.04% 5.8% 35.76% 931.07% -

Price/ Cash Flow

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 s-13

LTM

06/yy 39'473.0 0.00x 0.0 0.00x 878.0 42.10x

06/yy 37'976.0 0.00x 0.0 0.00x 2'999.0 15.43x

FY+1

1.55 1'423.56 40.71% 28.00% 1.555 42 3.762 4'926'025 4'427'638 4'343'189 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'811.1 27'706.8 6'539.3 6'638.7 32.73x 31.58x 4'146.9 4'913.0 1'002.3 994.3 10.83x 9.25x 9.47x S&P Issuer Ratings

02.07.2013 ASTABLE 27.07.2012 NR 931.1% 88.7% 0.04 6.17 -

Sales/Revenue/Turnover

7.00

100'000.0 90'000.0

6.00

80'000.0

5.00

70'000.0 60'000.0

4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0 1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Credit Suisse Group AG Holdings By:

All

Holder Name CRESCENT HOLDING GMB QATAR INVESTMENT AUT DODGE & COX FRANKLIN RESOURCES DODGE & COX WORLDWID NORGES BANK CAPITAL GROUP COMPAN BLACKROCK HARRIS ASSOCIATES LP KOOR INDUSTRIES LTD VANGUARD GROUP INC CREDIT SUISSE AG UBS AG T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP PICTET FUNDS ONTARIO TEACHERS PEN OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT CREDIT SUISSE

Firm Name

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

Analyst

RBC Capital Markets FIONA SWAFFIELD Nomura JON PEACE Exane BNP Paribas DANIEL DAVIES AlphaValue DIETER HEIN Macquarie PIERS BROWN Main First Bank AG KILIAN MAIER Morgan Stanley HUW VAN STEENIS Independent Research GmbH STEFAN BONGARDT JPMorgan KIAN ABOUHOSSEIN Oddo & Cie JEAN SASSUS Bankhaus Lampe NEIL SMITH Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Helvea TIM DAWSON Barclays JEREMY SIGEE Mediobanca SpA CHRISTOPHER J WHEELER Keefe, Bruyette & Woods ANDREW STIMPSON Goldman Sachs JERNEJ OMAHEN HSBC ROBERT MURPHY Commerzbank Corporates & Markets MICHAEL DUNST Bank Vontobel AG TERESA NIELSEN EVA Dimensions DOUG WALTERS Bank am Bellevue MARC DEUSTER Natixis ANTOINE BURGARD UBS DANIELE BRUPBACHER Zuercher Kantonalbank ANDREAS VENDITTI Mirabaud Securities Claudia von Turk Myers Canaccord Genuity Corp ARUN MELMANE Bankhaus Metzler GUIDO HOYMANN Kepler Cheuvreux DIRK BECKER Deutsche Bank MATT SPICK Landesbank Baden-Wuerttemberg INGO FROMMEN S&P Capital IQ FRANK BRADEN Grupo Santander AURELIA FAURE Redburn Partners NICHOLAS WATTS Makor Capital ALBERT SAPORTA Societe Generale GEOFF DAWES Liberum Capital Ltd CORMAC LEECH Espirito Santo Investment Bank Research ANDREW LIM Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

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

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

Amt Held 88'475'201 74'953'677 65'086'135 55'202'293 46'888'695 40'786'715 40'357'258 39'533'428 37'800'423 31'060'000 22'494'902 20'576'142 16'713'467 12'867'359 8'624'475 7'471'729 6'965'852 5'379'886 4'492'368 4'392'336

% Out 5.61 4.75 4.13 3.5 2.97 2.59 2.56 2.51 2.4 1.97 1.43 1.3 1.06 0.82 0.55 0.47 0.44 0.34 0.28 0.28

Weighting

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

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

Latest Chg 5'478'521 2'707'602 254'233 273'715 (240'419) 3'918'148 147'795 382'485 72'189 (33'747'664)

Target Price 33 33 31 30 33 32 31 35 34 27 25 13 #N/A N/A 30 28 33 36 32 29 28 28 #N/A N/A 27 25 33 #N/A N/A 29 28 23 32 28 28 30 33 #N/A N/A #N/A N/A 36 24 25 #N/A N/A 21

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

File Dt Inst Type 25.02.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 12.09.2013 Investment Advisor 31.03.2013 Investment Advisor 12.03.2013 Government 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 31.12.2012 Investment Advisor 22.07.2013 Holding Company 30.06.2013 Unclassified 31.05.2013 Investment Advisor 26.09.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 05.04.2013 Investment Advisor

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

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 19.09.2013 18.09.2013 16.09.2013 12.09.2013 11.09.2013 06.09.2013 02.09.2013 02.09.2013 19.08.2013 15.08.2013 14.08.2013 13.08.2013 07.08.2013 01.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 23.07.2013 16.07.2013 04.07.2013 29.05.2013 18.04.2013 30.01.2013 23.10.2012 03.07.2012

27.09.2013

Syngenta AG Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450

.7 M

400

.6 M

350

.5 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 06/yy 416.00 341.00 135'200.00 374.9 -9.88% 9.94% 42.80% 93.1 34'912.99 3'348.00 0.0 11.0 1'599.00 41'755.79

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

.4 M

200

.3 M

150

.2 M

100

.1 M

50 0 s-12

31.12.2009 31.12.2010 10'992.0 11'641.0 2.56x 2.45x 2'368.0 2'460.0 11.86x 11.60x 1'371.0 1'397.0 19.06x 19.37x Profitability

LTM-4Q 31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x 3'148.00 2'550.00 17.96% 15.15% 8.86% 20.64% 0.71% 49.2% 21.3% 17.2% 13.2% 1.71 0.75 17.26% 38.28% 2.62 1.77

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 8'265.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 14'327.0 0.00x 0.0 0.00x 0.0 0.00x

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.83 92.99 10.67% 4.75% 0.828 30 3.933 194'843 184'917 214'747 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'041.4 16'062.4 4'062.5 2'922.4 2.66x 2.45x 3'313.7 3'662.7 12.58x 11.38x 2'171.7 2'418.5 1'867.0 17.80x 15.80x S&P Issuer Ratings

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 1.03 1.28 38.3% 27.7% 0.71 4.65 139.15 205.65 171.60 154.33

Sales/Revenue/Turnover

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 11'624.0 1.71x 2'495.0 7.99x 1'385.0 12.86x

250

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK NORGES BANK VANGUARD GROUP INC HARBOR CAPITAL ADVIS FMR LLC CREDIT SUISSE AG THORNBURG INVESTMENT UBS AG JUPITER ASSET MANAGE PICTET FUNDS MANNING & NAPIER ADV THREADNEEDLE SCHRODER INVESTMENT INVESCO LTD DWS INVESTMENTS OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA

Firm Name Sanford C. Bernstein & Co Canaccord Genuity Corp AlphaValue Credit Suisse Exane BNP Paribas Day by Day Liberum Capital Ltd JPMorgan Macquarie Goldman Sachs Deutsche Bank Bank Vontobel AG Bank am Bellevue Main First Bank AG Equita SIM SpA Kepler Cheuvreux EVA Dimensions UBS Hamburger Sparkasse Barclays Morgan Stanley Jefferies Nomura S&P Capital IQ HSBC Berenberg Bank Redburn Partners Zuercher Kantonalbank National Bank AG

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

Analyst JEREMY REDENIUS PAUL W SATCHELL FABRICE FARIGOULE CHRIS COUNIHAN JAMES KNIGHT VALERIE GASTALDY SOPHIE JOURDIER MARTIN EVANS CHRISTIAN FAITZ RAKESH PATEL VIRGINIE BOUCHER-FERTE PATRICK RAFAISZ BRUNO ESCHLI RONALD KOEHLER MASSIMO BONISOLI MARTIN ROEDIGER TIMOTHY STANISH THOMAS GILBERT MARCO GUENTHER ANDREAS HEINE PAUL RICHARD WALSH LAURENCE ALEXANDER PATRICK LAMBERT JACOB THRANE GEOFF HAIRE JOHN PHILIPP KLEIN TONY JONES MARTIN SCHREIBER STEFFEN MANSKE

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

Recommendation underperform buy buy outperform neutral hold hold neutral outperform Buy/Neutral buy hold buy outperform hold buy hold sell buy equalweight Equalwt/In-Line hold buy hold neutral buy buy outperform buy

Amt Held 4'640'124 4'634'983 4'254'126 2'118'825 1'931'441 1'664'500 1'641'455 1'370'675 1'072'410 1'046'667 646'762 573'332 536'300 517'654 442'762 374'611 307'864 296'779 282'549 281'193

% Out 4.98 4.98 4.57 2.28 2.07 1.79 1.76 1.47 1.15 1.12 0.69 0.62 0.58 0.56 0.48 0.4 0.33 0.32 0.3 0.3

Weighting

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

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

Latest Chg 346'967 74'211 (305'702) (14'655) 88'036 (10'416) (14'044) (6'267) (76'790) 100'622 172'658 (2'648) (102'869) 103'930 (310'200) 70'471

Target Price 313 430 466 420 371 #N/A N/A 400 376 430 500 430 390 435 415 390 410 #N/A N/A 330 #N/A N/A 389 380 400 488 395 420 510 #N/A N/A #N/A N/A 280

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

File Dt 25.09.2013 31.07.2013 31.08.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 31.05.2013 31.07.2013 31.08.2013 31.07.2013 31.05.2013 31.12.2012 31.05.2013 30.08.2013 26.09.2013 31.05.2013 31.07.2013 30.06.2013 30.06.2013

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

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

Date 27.09.2013 27.09.2013 19.09.2013 18.09.2013 13.09.2013 12.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 22.08.2013 19.08.2013 15.08.2013 14.08.2013 13.08.2013 05.08.2013 30.07.2013 29.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 12.07.2013 02.07.2013 01.07.2013 27.06.2013 09.02.2009

27.09.2013

Zurich Insurance Group AG Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2012 06/yy 270.90 205.94 202'984.00 233.3 -13.88% 13.29% 42.43% 148.3 34'598.42 12'521.00 0.0 2'368.0 9'098.00 45'270.01

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 s-12

31.12.2009 31.12.2010 70'123.0 67'819.0 0.50x 0.64x 3'963.0 3'428.0 7.83x 10.92x Profitability

LTM-4Q 31.12.2011 52'978.0 0.73x 3'750.0 8.80x

31.12.2012 70'446.0 0.64x 3'878.0 10.08x 8.34% 7.48% 0.89% 11.07% 8.86% 0.18% 5.5% 3.06% 36.30% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 57'825.0 2.74x 0.0 0.00x 4'006.0 8.20x

f-13 m-13

06/yy 71'670.0 2.52x 0.0 0.00x 3'505.0 10.84x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.12 148.14 5.92% 2.40% 1.122 37 3.486 415'903 544'884 427'063 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 58'779.0 59'959.4 0.90x 0.89x 4'113.7 4'370.9 973.3 948.3 9.51x 8.87x 8.58x 8.13x S&P Issuer Ratings

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

20.00

80'000.0

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 32'331.0 0.99x 3'039.0 9.86x

300

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK ABERDEEN NORGES BANK CREDIT SUISSE CREDIT SUISSE AG VANGUARD GROUP INC FRANKLIN RESOURCES UBS AG FMR LLC FIL LIMITED SUN LIFE FINANCIAL I PICTET FUNDS TWEEDY BROWNE COMPAN BANK OF NEW YORK MEL SCHRODER INVESTMENT SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV WADDELL & REED FINAN UMB BANK N A MORGAN STANLEY

Firm Name Sanford C. Bernstein & Co Berenberg Bank AlphaValue Canaccord Genuity Corp Day by Day Morgan Stanley Goldman Sachs Helvea Kepler Cheuvreux Main First Bank AG Raymond James Banca Akros(ESN) Nomura Landesbank Baden-Wuerttemberg Exane BNP Paribas Bankhaus Metzler Barclays Keefe, Bruyette & Woods HSBC Independent Research GmbH Bank am Bellevue Credit Suisse Bank Vontobel AG RBC Capital Markets Zuercher Kantonalbank Oddo & Cie Bryan Garnier & Cie S&P Capital IQ DZ Bank AG Deutsche Bank EVA Dimensions UBS Mediobanca SpA JPMorgan Societe Generale

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

Analyst THOMAS SEIDL PETER ELIOT DIETER HEIN BEN COHEN VALERIE GASTALDY MARCUS RIVALDI VINIT MALHOTRA DANIEL BISCHOF ATANASIO PANTARROTAS RENE LOCHER RAPHAEL CARUSO MARCO CAVALLERI MICHAEL KLIEN WERNER SCHIRMER NICCOLO DALLA PALMA JOCHEN SCHMITT ANDREW BROADFIELD RALPH HEBGEN DHRUV GAHLAUT STEFAN BONGARDT ANDREAS FRICK RICHARD BURDEN STEFAN SCHUERMANN GORDON AITKEN GEORG MARTI NICOLAS JACOB OLIVIER PAUCHAUT RODERICK WALLACE THORSTEN WENZEL OLIVER STEEL DOUG WALTERS JAMES SHUCK MARC THIELE MICHAEL HUTTNER JASON KALAMBOUSSIS

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

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

Amt Held 6'850'568 4'538'439 4'495'862 2'525'492 2'166'943 1'906'015 1'867'766 1'811'166 1'623'819 1'224'016 801'694 790'605 716'240 606'910 569'132 491'146 477'153 433'600 389'064 381'497

% Out 4.62 3.06 3.03 1.7 1.46 1.29 1.26 1.22 1.09 0.83 0.54 0.53 0.48 0.41 0.38 0.33 0.32 0.29 0.26 0.26

Weighting

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

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

Latest Chg (70'756) (23'127) 787 (35'608) 39'029 (35'516) 30'497 (173'068) (653'336) 31'191 (14'638) (13'585) 93'692 2'471 (4'854) 3'271 433'600 (4'502)

Target Price 250 275 312 245 #N/A N/A 246 286 265 295 265 272 245 280 230 296 290 224 265 260 270 240 273 260 290 #N/A N/A 300 308 245 235 265 #N/A N/A 250 292 240 252

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

File Dt 25.09.2013 31.08.2013 23.06.2011 23.03.2010 31.05.2013 30.06.2013 30.06.2013 26.09.2013 31.07.2013 30.04.2013 31.07.2013 31.05.2013 31.03.2012 26.09.2013 31.07.2013 28.03.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013

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

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

Date 26.09.2013 26.09.2013 26.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 12.09.2013 11.09.2013 09.09.2013 02.09.2013 02.09.2013 30.08.2013 29.08.2013 22.08.2013 21.08.2013 21.08.2013 19.08.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 25.07.2013 15.07.2013 09.07.2013 20.06.2013 07.06.2013 20.05.2013

27.09.2013

Swiss Re AG Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Price/Volume

3.0 M

2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 06/yy 76.50 54.55 435'216.00 76 -0.65% 39.33% 97.72% 370.7 28'173.73 19'898.00 0.0 24.0 10'837.00 39'038.05

1.5 M

30 20

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

3.5 M

70 50

Valuation Analysis

31.12.2008 24'011.8 1.03x (800.3) -

31.12.2009 31.12.2010 30'624.0 28'484.0 0.50x 1.13x 467.4 863.0 33.44x 21.30x Profitability

LTM-4Q 31.12.2011 27'797.0 1.02x 2'626.0 6.64x

31.12.2012 33'116.0 1.02x 4'201.0 6.09x 17.37% 16.51% 2.28% 16.76% 11.64% 0.16% 12.7% 9.22% 58.52% -

Price/ Cash Flow

LTM

06/yy 29'270.0 4.00x 0.0 0.00x 3'555.0 6.04x

06/yy 35'501.0 3.82x 0.0 0.00x 5'122.0 5.07x

FY+1

.0 M s-13

1.09 369.70 37.36% 27.14% 1.087 35 3.686 881'469 881'302 889'867 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'920.4 35'844.9 1.15x 1.08x 3'472.2 3'044.5 646.0 717.0 8.49x 9.89x S&P Issuer Ratings

58.5% 36.9% 0.16 -

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES BLACKROCK BERKSHIRE HATHAWAY I SUN LIFE FINANCIAL I DODGE & COX NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC UBS AG JP MORGAN PICTET FUNDS DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT HARTFORD INVESTMENT DB PLATINUM ADVISORS ARTISAN PARTNERS HOL SARASIN BESSEMER GROUP INCOR PRUDENTIAL FINANCIAL

Firm Name Sanford C. Bernstein & Co Berenberg Bank AlphaValue HSBC Exane BNP Paribas Canaccord Genuity Corp Morgan Stanley Oddo & Cie Goldman Sachs Bank am Bellevue JPMorgan Mediobanca SpA Commerzbank Corporates & Markets Bank Vontobel AG RBC Capital Markets Keefe, Bruyette & Woods Zuercher Kantonalbank S&P Capital IQ Main First Bank AG Helvea Bankhaus Metzler Day by Day Credit Suisse Nord/LB Societe Generale Hamburger Sparkasse DZ Bank AG Landesbank Baden-Wuerttemberg Bryan Garnier & Cie Nomura Kepler Cheuvreux Barclays EVA Dimensions

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

Analyst THOMAS SEIDL TOM CARSTAIRS DIETER HEIN THOMAS FOSSARD THOMAS JACQUET BEN COHEN MACIEJ WASILEWICZ NICOLAS JACOB VINIT MALHOTRA ANDREAS FRICK MICHAEL HUTTNER GIANLUCA FERRARI FRANK KOPFINGER STEFAN SCHUERMANN KAMRAN HOSSAIN WILLIAM HAWKINS GEORG MARTI RODERICK WALLACE RENE LOCHER DANIEL BISCHOF JOCHEN SCHMITT VALERIE GASTALDY ADAM MCINALLY JULIA SIEKMANN JASON KALAMBOUSSIS CHRISTIAN HAMANN THORSTEN WENZEL WERNER SCHIRMER OLIVIER PAUCHAUT MICHAEL KLIEN FABRIZIO CROCE ANDREW BROADFIELD DOUG WALTERS

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

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

Amt Held 27'282'124 18'277'452 15'721'173 11'262'000 11'155'812 11'104'278 6'819'188 5'185'849 4'177'389 3'688'100 2'924'453 2'278'238 1'561'670 1'376'961 1'373'191 1'365'000 1'125'402 1'015'044 819'676 800'145

% Out 7.36 4.93 4.24 3.04 3.01 3 1.84 1.4 1.13 0.99 0.79 0.61 0.42 0.37 0.37 0.37 0.3 0.27 0.22 0.22

Weighting

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

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

Latest Chg (1'396'672) (1'418'427) 57'626 (148'747) (4'846'173) (8'365) 310'278 (22'549) 3'138 (144'763) 631'716 (400'000) 1'125'402 (642'103) 42'048

Target Price 53 71 70 83 88 80 78 82 78 89 80 78 87 85 70 83 #N/A N/A 85 78 78 87 90 72 84 95 #N/A N/A 70 72 85 67 93 80 #N/A N/A

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

File Dt 29.03.2012 28.06.2013 25.09.2013 31.12.2012 31.07.2013 06.05.2013 31.12.2012 31.05.2013 30.06.2013 28.06.2013 31.07.2013 31.05.2013 31.07.2013 28.03.2013 31.08.2013 31.07.2013 31.03.2013 31.07.2013 30.04.2013 31.08.2013

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

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

Date 26.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 20.09.2013 18.09.2013 18.09.2013 13.09.2013 13.09.2013 13.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 23.08.2013 16.08.2013 13.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 06.08.2013 22.07.2013 06.06.2013

27.09.2013

Swatch Group AG/The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques.

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

12/2012 01/yy 602.00 367.50 57'313.00 586 -2.66% 59.46% 92.11% 30.8 30'774.45 135.00 0.0 19.0 1'967.00 29'796.45

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

100 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.26x

200

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 15.56x 2'245.00 1'984.00 25.45% 25.87% 16.22% 11.29% 0.80% 28.0% 24.5% 20.5% 6.50 2.51 1.20% 1.45% 8.12 -

Price/ Cash Flow

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.30 30.22 58.39% 28.61% 1.297 32 4.094 101'668 113'976 124'049 FY+2

12/13 Y 12/14 Y 8'786.8 9'648.1 3.35x 2.96x 2'486.0 2'808.0 12.00x 10.62x 1'751.5 1'978.3 18.15x 16.13x S&P Issuer Ratings

FQ+1

FQ+2

748.33 602.33 -0.44 0.04 1.4% 1.4% 0.80 4.21 44.94 -

Sales/Revenue/Turnover

25.00

9'000.0 8'000.0

20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

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

01.07.2013

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 |

27.09.2013

Swatch Group AG/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NORGES BANK VANGUARD GROUP INC SWATCH GROUP AG CREDIT SUISSE AG PICTET FUNDS BLACKROCK UBS AG THORNBURG INVESTMENT FMR LLC SCHRODER INVESTMENT WINTERGREEN ADVISERS HARBOR CAPITAL ADVIS BNP PARIBAS THREADNEEDLE CALAMOS ADVISORS LLC ROYAL BANK OF CANADA GRETHER ESTHER NORDEA INV MANAGEMEN PIONEER

Firm Name Sanford C. Bernstein & Co Societe Generale Credit Suisse Kepler Cheuvreux Nomura Exane BNP Paribas AlphaValue Renaissance Capital Day by Day Mirabaud Securities Cantor Fitzgerald Zuercher Kantonalbank S&P Capital IQ Deutsche Bank Bank Vontobel AG Bank am Bellevue Aurel - BGC JPMorgan Oddo & Cie Berenberg Bank Bryan Garnier & Cie ISI Group Main First Bank AG Barclays Morgan Stanley Goldman Sachs Redburn Partners HSBC EVA Dimensions UBS

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

Analyst MARIO ORTELLI THIERRY COTA ROGERIO FUJIMORI JON COX CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA VERONIQUE CABIOC'H REY WIUM VALERIE GASTALDY ALESSANDRO MIGLIORINI ALLEGRA PERRY PATRIK SCHWENDIMANN WILLIAM MACK FRANCESCA DI PASQUANTONIO RENE WEBER SERGE MONNERAT DAVID DA MAIA MELANIE A FLOUQUET LEOPOLD AUTHIE JOHN GUY LOIC MORVAN OMAR SAAD MATTHIAS EIFERT HELEN NORRIS LOUISE SINGLEHURST WILLIAM HUTCHINGS ANNABEL GLEESON ANTOINE BELGE CRAIG STERLING EVA QUIROGA

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

Recommendation market perform buy outperform buy buy outperform add hold hold neutral buy outperform buy buy buy buy hold neutral buy hold buy strong buy outperform equalweight Overwt/In-Line Buy/Neutral neutral neutral underweight neutral

Amt Held 1'507'171 935'958 517'099 505'000 418'044 367'043 331'443 276'560 255'065 242'152 204'583 184'025 163'944 154'115 147'935 147'780 120'149 114'000 112'727 92'485

% Out 4.89 3.03 1.68 1.64 1.36 1.19 1.07 0.9 0.83 0.79 0.66 0.6 0.53 0.5 0.48 0.48 0.39 0.37 0.37 0.3

Weighting

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

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

Latest Chg 120'340 22'434 (15'735) (1'428) (4'173) (2'216) 3'742 48'114 158'622 2'237 (51'478) (80'360) 1'148 3'834 (748)

Target Price 620 660 630 700 650 735 612 550 #N/A N/A 610 600 #N/A N/A 650 600 630 625 550 530 590 575 595 650 650 550 602 770 #N/A N/A 590 #N/A N/A 510

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

File Dt Inst Type 31.07.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Unclassified 31.12.2012 Corporation 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 25.09.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.04.2013 Unclassified 31.05.2013 Unclassified 31.07.2013 Investment Advisor 30.04.2013 Bank 31.12.2012 n/a 31.07.2013 Investment Advisor 31.07.2013 Unclassified

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

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 16.09.2013 03.09.2013 02.09.2013 30.08.2013 13.08.2013 02.08.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 17.05.2013 08.05.2013 27.03.2013 17.01.2013 14.01.2013

27.09.2013

Holcim Ltd Holcim Ltd. produces building materials. The Company produces and markets ready-mixed concrete, cement, clinker, and admixtures. The Company also provides consulting and engineering services in all areas of the cement manufacturing process. Holcim, through subsidiaries, operates cement manufacturing facilities around the world.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HOLN VX EQUITY YTD Change HOLN VX EQUITY YTD % CHANGE

12/2012 06/yy 79.10 58.80 496'973.00 67.9 -14.16% 15.47% 47.77% 327.1 22'209.17 13'507.00 0.0 2'889.0 3'146.00 35'824.17

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

.5 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 25'157.0 1.32x 5'333.0 6.23x 1'782.0 8.84x

1.0 M

31.12.2009 31.12.2010 21'132.0 21'653.0 2.02x 1.71x 4'630.0 4'513.0 9.20x 8.19x 1'471.0 1'182.0 16.33x 19.15x Profitability

LTM-4Q 31.12.2011 20'744.0 1.47x 3'958.0 7.69x 275.0 58.43x

31.12.2012 21'544.0 1.63x 3'984.0 8.79x 622.0 34.84x 3'984.00 1'816.00 8.43% 7.35% 1.93% 4.85% 4.75% 0.50% 40.8% 18.6% 8.4% 2.9% 1.00 0.70 32.60% 79.69% 6.53 5.65

Price/ Cash Flow

LTM

06/yy 20'767.0 6.12x 3'943.0 8.12x 305.0 56.29x

06/yy 20'836.0 6.85x 3'871.0 9.08x 803.0 26.77x

FY+1

.0 M s-13

1.29 227.82 13.28% 3.20% 1.294 33 3.515 683'924 881'490 881'225 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'758.4 21'689.8 5'530.5 5'230.3 1.68x 1.56x 6.46x 6.67x 4'247.5 4'897.1 1'295.0 1'003.0 8.42x 7.30x 1'305.1 1'708.8 507.0 281.5 16.97x 12.82x S&P Issuer Ratings

22.01.2009 BBB STABLE 01.04.2005 A-2 5.84 3.29 2.83 3.51 79.7% 40.5% 0.50 0.96 55.86 64.56 60.73 35.39

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00 7.00

20'000.0

6.00

15'000.0

5.00 4.00

10'000.0

3.00 2.00

5'000.0

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

01.07.2013

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 |

27.09.2013

Holcim Ltd Holdings By:

All

Holder Name SCHMIDHEINY H C THOM EUROCEMENT HOLDING A HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS NORGES BANK VANGUARD GROUP INC CREDIT SUISSE AG T ROWE PRICE ASSOCIA UBS AG BLACKROCK ARTISAN PARTNERS HOL MANNING & NAPIER ADV TIAA CREF INVESTMENT DIMENSIONAL FUND ADV PICTET FUNDS COMMONWEALTH BANK OF MORGAN STANLEY SWISSCANTO FONDSLEIT JP MORGAN

Firm Name Raymond James Sanford C. Bernstein & Co HSBC Natixis UBS Zuercher Kantonalbank Bryan Garnier & Cie AlphaValue CM - CIC Securities(ESN) Oddo & Cie Exane BNP Paribas Bank Vontobel AG Credit Suisse Jefferies Davy Kepler Cheuvreux Day by Day Societe Generale Helvea Deutsche Bank Bank am Bellevue Cantor Fitzgerald EVA Dimensions S&P Capital IQ Equita SIM SpA Goldman Sachs Morgan Stanley JPMorgan Bankhaus Metzler Berenberg Bank Main First Bank AG Aurel - BGC Redburn Partners Societe Generale

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

Analyst

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

Recommendation

ARNAUD PALLIEZ PHIL ROSEBERG JOHN FRASER-ANDREWS RAFIC EL HADDAD GREGOR KUGLITSCH MARTIN HUESLER SVEN EDELFELT GAETAN DUPONT JEAN-CHRISTOPHE LEFEVRE-MOULENQ VIRGINIE ROUSSEAU PAUL ROGER CHRISTIAN ARNOLD HARRY GOAD MICHAEL F BETTS ROBERT GARDINER JOSEP PUJAL VALERIE GASTALDY MURIEL FELLOUS PATRICK APPENZELLER GLYNIS JOHNSON MICHAEL ROOST IAN OSBURN TIMOTHY STANISH JAWAHAR HINGORANI GIUSEPPE MAPELLI WILL MORGAN YURI SEROV ELODIE RALL STEPHAN BAUER ROBERT MUIR CHRISTIAN KORTH ERIC LEMARIE JOHN MESSENGER MIKE BRIDGES

market perform market perform neutral neutral neutral outperform buy buy accumulate buy neutral hold neutral buy neutral buy sell buy hold hold hold buy underweight hold hold neutral/neutral Equalwt/In-Line neutral buy buy outperform not rated neutral hold

Amt Held 65'775'590 33'091'556 16'711'883 9'685'325 8'823'981 5'637'149 3'237'868 3'042'480 2'114'202 2'040'142 1'865'184 1'839'810 1'735'900 1'238'442 1'184'183 1'005'903 974'493 720'850 669'882 579'135

% Out 20.11 10.12 5.11 2.96 2.7 1.72 0.99 0.93 0.65 0.62 0.57 0.56 0.53 0.38 0.36 0.31 0.3 0.22 0.2 0.18

Weighting

Change

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

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

Latest Chg 6'766'859 (6'310'975) 9'756 (69'178) 598'920 (14'741) (287'081) 1'839'810 221'420 (184'591) (1'712) (15'333) (31'294) (11'993) (332'827) (78'261)

Target Price #N/A N/A 71 72 72 70 #N/A N/A 79 84 79 79 69 72 62 78 #N/A N/A 84 56 94 70 73 75 82 #N/A N/A 75 61 74 71 64 82 80 85 #N/A N/A #N/A N/A 54

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

File Dt 31.12.2012 12.09.2011 05.09.2013 31.07.2013 30.06.2013 31.12.2012 30.06.2013 31.05.2013 30.06.2013 28.06.2013 25.09.2013 31.03.2013 31.12.2012 31.07.2013 30.04.2013 31.05.2013 31.05.2013 30.06.2013 28.03.2013 31.07.2013

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

Inst Type n/a Private Equity Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 16.09.2013 12.09.2013 11.09.2013 09.09.2013 03.09.2013 03.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 20.08.2013 15.08.2013 14.08.2013 09.08.2013 25.07.2013 23.07.2013 06.06.2013 13.03.2013 25.02.2013 07.11.2012 07.11.2012 30.11.2011

27.09.2013

Transocean Ltd Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (27.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIGN VX EQUITY YTD Change RIGN VX EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 54.70 40.18 342'132.00 40.64 -25.70% 1.14% 5.72% 360.4 14'647.09 12'459.00 0.0 (15.0) 5'134.00 23'617.58

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

1.20 1.00

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 12'674.0 2.17x 6'430.0 4.27x 4'031.0 -

31.12.2009 31.12.2010 11'556.0 9'466.0 3.22x 3.17x 5'926.0 4'048.0 6.28x 7.42x 3'181.0 961.0 Profitability

LTM-4Q 31.12.2011 8'027.0 2.87x 1'515.0 15.22x (5'754.0) -

31.12.2012 9'196.0 2.54x 2'766.0 8.45x (219.0) 2'766.00 1'685.00 18.32% 9.42% 2.11% 4.49% 4.71% 0.28% 21.4% 37.4% 25.8% -2.4% 1.58 1.34 36.37% 79.13% 4.43 9.83

LTM

06/yy 8'563.0 11.67x 1'166.0 21.40x (6'491.0) 0.00x

06/yy 9'360.0 10.53x 3'503.0 7.05x 703.0 0.00x

FY+1

.0 M s-13

1.25 339.96 -3.95% 3.07% 1.249 45 3.667 754'615 633'092 515'919 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'523.9 10'393.7 2'488.6 2'433.6 2.56x 2.38x 9.56x 10.03x 3'473.0 4'169.1 917.0 838.9 6.81x 5.67x 6.29x 6.16x 1'429.3 1'941.3 394.4 340.8 11.22x 8.40x 9.88x 9.67x S&P Issuer Ratings

3.56 1.88 2.12 3.08 79.1% 44.2% 0.28 0.43 82.46 37.14 50.31 67.67

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

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 |

27.09.2013

Transocean Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES ICAHN ASSOCIATES COR ICAHN ASSOCIATES COR CAPITAL GROUP COMPAN BLACKROCK NORGES BANK PRIMECAP MANAGEMENT WENTWORTH HAUSER AND FIL LIMITED UBS AG CREDIT SUISSE AG DAVIS SELECTED ADVIS CARLSON CAPITAL LP OMEGA ADVISORS FMR LLC EARNEST PARTNERS LLC OPPENHEIMERFUNDS INC LAZARD ASSET MANAGEM DEUTSCHE BANK AG APPALOOSA MANAGEMENT

Firm Name Sanford C. Bernstein & Co Raymond James Guggenheim Securities LLC Fearnley Fonds Morgan Stanley UBS ISI Group Wells Fargo Securities, LLC Goldman Sachs Credit Suisse Howard Weil Inc Capital One Southcoast, Inc. Johnson Rice & Co Wunderlich Securities Cowen and Company DNB Markets Susquehanna Financial Group Global Hunter Securities Iberia Capital Partners LLC Clarkson Capital Markets LLC Swedbank First Securities RBC Capital Markets BMO Capital Markets JPMorgan Macquarie Argus Research Corp Jefferies Edward Jones Zuercher Kantonalbank HSBC EVA Dimensions Barclays RS Platou Markets Deutsche Bank S&P Capital IQ Arctic Securities ASA FBR Capital Markets Main First Bank AG Bank Vontobel AG Pareto Securities Nordea Equity Research Tudor Pickering & Co

Portfolio Name n/a ICAHN ASSOCIATES COR n/a n/a n/a NORGES BANK PRIMECAP MANAGEMENT WENTWORTH HAUSER AND n/a n/a n/a DAVIS SELECTED ADVIS CARLSON CAPITAL LP OMEGA ADVISORS INC n/a EARNEST PARTNERS LLC OPPENHEIMER FUNDS IN n/a n/a APPALOOSA MANAGEMENT

Analyst SCOTT GRUBER J MARSHALL ADKINS DARREN GACICIA TRULS OLSEN OLE SLORER ANGELINE M SEDITA JUDSON E BAILEY MATTHEW D CONLAN WAQAR SYED GREGORY LEWIS DAVID T WILSON LUKE M LEMOINE DAVID C SMITH TODD P SCHOLL J B LOWE MARTIN HUSEBY KARLSEN CHARLES P MINERVINO BRIAN UHLMER TREY STOLZ JEFFREY SPITTEL BJORN THORESEN KURT HALLEAD ALAN D LAWS J DAVID ANDERSON NIGEL BROWNE JONATHAN GELCIUS BRAD HANDLER ROB DESAI MARTIN SCHREIBER DAVID PHILLIPS CRAIG STERLING JAMES C WEST ANDERS BERGLAND MICHAEL W URBAN STEWART GLICKMAN KRISTOFFER RIIS IDEN MEGAN REPINE BERND POMREHN FABIAN HAECKI FRANK HARESTAD DAVID BHATTI BYRON POPE

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

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

Amt Held 22'163'261 21'477'900 20'154'035 19'705'570 18'727'289 7'568'140 6'674'100 6'619'399 6'183'976 5'949'855 4'747'652 4'097'278 3'517'737 3'481'645 3'419'235 3'157'404 3'147'593 3'012'335 2'574'198 2'560'167

% Out 6.15 5.96 5.59 5.47 5.2 2.1 1.85 1.84 1.72 1.65 1.32 1.14 0.98 0.97 0.95 0.88 0.87 0.84 0.71 0.71

Weighting

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

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

Latest Chg 1'323'865 1'297'393 264'426 3'240'800 (232'509) (645'983) 648'665 (66'475) (1'071'687) 1'486'414 307'100 449'370 45'920 14'660 81'143 (570'570) -

Target Price 49 #N/A N/A 53 44 49 45 #N/A N/A #N/A N/A 48 55 55 48 #N/A N/A 46 53 46 47 46 54 51 48 53 50 49 48 52 52 #N/A N/A #N/A N/A 62 #N/A N/A 68 60 41 53 48 57 45 52 70 62 #N/A N/A

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

File Dt 18.07.2013 30.06.2013 19.04.2013 30.06.2013 25.09.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013

Date 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 18 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 15 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided

Inst Type Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Hedge Fund Manager

Date 27.09.2013 27.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 15.09.2013 11.09.2013 05.09.2013 03.09.2013 03.09.2013 27.08.2013 20.08.2013 13.08.2013 13.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 24.07.2013 15.07.2013 14.06.2013 06.06.2013 10.05.2013 18.04.2013 04.02.2013

27.09.2013

SGS SA SGS SA provides industrial inspection, analysis, testing, and verification services. The Company inspects, samples, analyzes, and monitors raw materials, petroleum, food, crops, chemicals, consumer goods, and production machinery for compliance with industrial standards and local regulatory requirements, including tax and duty. SGS serves business worldwide.

Price/Volume 3000

.0 M .0 M .0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGSN VX EQUITY YTD Change SGSN VX EQUITY YTD % CHANGE

12/2012 01/yy 2'421.16 1'909.26 7'672.00 2179 -10.00% 14.13% 49.76% 7.8 17'045.09 1'323.00 0.0 58.0 989.00 17'760.09

.0 M

1000

.0 M .0 M

500

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

.0 M

2000

Valuation Analysis

31.12.2008 4'818.0 1.66x 1'024.0 7.82x 692.0 12.08x

.0 M

2500

31.12.2009 31.12.2010 4'712.0 4'757.0 2.06x 2.46x 1'223.0 1'286.0 7.93x 9.09x 566.0 588.0 17.90x 20.21x Profitability

31.12.2011 4'797.0 2.48x 1'015.0 11.73x 534.0 22.05x

31.12.2012 5'578.0 2.84x 1'124.0 14.11x 556.0 27.76x 1'124.00 843.00 15.11% 14.49% 11.95% 30.61% 1.20% 20.5% 15.4% 10.0% 2.06 1.60 26.49% 64.22% 6.00 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.89 4.86 14.55% 10.25% 0.892 27 3.407 11'776 11'091 13'435 FY+2

12/13 Y 12/14 Y 6'038.2 6'537.6 2.90x 2.67x 1'304.7 1'483.6 13.61x 11.97x 677.1 784.0 24.51x 21.37x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

29.58 19.39 0.54 1.09 64.2% 38.4% 1.20 5.73 60.80 -

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

SGS SA Holdings By:

All

Holder Name SERENA SARL VON FINCK AUGUST VON FINCK AUGUST FRA BANK OF NEW YORK MEL SGS GROUP CAPITAL GROUP COMPAN NORGES BANK CREDIT SUISSE AG UBS AG VANGUARD GROUP INC FMR LLC JUPITER ASSET MANAGE PICTET FUNDS BLACKROCK WILLIAM BLAIR & COMP THREADNEEDLE ALLIANZ ASSET MANAGE VIRTUS INVESTMENT AD SCHRODER INVESTMENT VONTOBEL ASSET MANAG

Firm Name AlphaValue Bank am Bellevue HSBC Deutsche Bank Credit Suisse Bryan Garnier & Cie Helvea Societe Generale RBC Capital Markets Kepler Cheuvreux Berenberg Bank EVA Dimensions UBS Jefferies Oddo & Cie Bank Vontobel AG Natixis S&P Capital IQ Exane BNP Paribas Barclays Morgan Stanley JPMorgan Zuercher Kantonalbank Main First Bank AG Goldman Sachs Redburn Partners

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

Analyst HEINZ STEFFEN ROLF KUNZ RAJESH KUMAR THOMAS SYKES ANDY GROBLER BRUNO DE LA ROCHEBROCHARD CHRISTIAN BURGER PATRICK JOUSSEAUME ANDREW BROOKE BEAT KEISER SIMON MEZZANOTTE TIMOTHY STANISH WILLIAM VANDERPUMP WILLIAM KIRKNESS GUILLAUME RASCOUSSIER JEAN-PHILIPPE BERTSCHY OLIVIER LEBRUN JOHNSON IMODE LAURENT BRUNELLE PAUL D A SULLIVAN ALLEN WELLS ROBERT PLANT DANIEL BUERKI MOURAD LAHMIDI JOHN WOODMAN PASCAL HAUTCOEUR

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

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

Amt Held 1'173'400 1'156'933 439'515 234'021 190'084 177'461 131'155 86'739 60'793 60'212 56'084 51'539 50'834 45'666 39'054 32'540 30'954 22'559 21'531 21'000

% Out 15 14.79 5.62 2.99 2.43 2.27 1.68 1.11 0.78 0.77 0.72 0.66 0.65 0.58 0.5 0.42 0.4 0.29 0.28 0.27

Weighting

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

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

Latest Chg (1'646) (17'000) (623) (121) 1'191 (2'035) (1'796) 625 61 295 6'202 659 2'118 (10) 929

Target Price 1'952 1'850 2'200 2'122 2'100 2'400 2'350 2'300 1'700 2'350 2'140 #N/A N/A 2'300 1'950 2'800 2'500 2'140 2'140 2'450 2'450 2'400 1'994 #N/A N/A 2'450 2'650 #N/A N/A

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

File Dt 02.06.2013 31.12.2012 31.12.2012 20.03.2013 31.12.2012 30.06.2013 31.12.2012 31.05.2013 30.06.2013 30.06.2013 31.07.2013 31.05.2013 31.05.2013 25.09.2013 30.06.2013 31.05.2013 31.07.2013 28.06.2013 28.03.2013 30.04.2013

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

Inst Type n/a n/a n/a Investment Advisor Corporation Investment Advisor Government Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 26.09.2013 23.09.2013 19.09.2013 09.09.2013 03.09.2013 02.09.2013 02.09.2013 19.08.2013 06.08.2013 05.08.2013 29.07.2013 29.07.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 08.07.2013 08.05.2013 15.05.2012

27.09.2013

Weatherford International Ltd/Switzerland Weatherford International Ltd. is a Swiss-based, multinational oilfield service company. The Company provides mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry.

Price/Volume 16

1.2 M

1.0 M

12 .8 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WFT SE EQUITY YTD Change WFT SE EQUITY YTD % CHANGE

12/2012 06/yy 14.85 8.43 21'003.00 13.8 -7.07% 63.70% 87.54% 767.7 10'594.41 8'634.00 0.0 32.0 300.00 20'691.00

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

1.20 1.00

.4 M

4 .2 M

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 9'600.6 1.41x 2'710.4 5.00x 1'393.2 -

.6 M

31.12.2009 31.12.2010 8'833.0 10'221.0 2.22x 2.27x 1'596.8 1'829.0 12.28x 12.67x 170.1 (152.0) Profitability

LTM-4Q 31.12.2011 12'988.0 1.40x 2'443.0 7.46x 189.0 -

31.12.2012 15'215.0 1.11x 2'445.0 6.90x (778.0) 2'445.00 1'163.00 7.64% -1.89% -0.67% -1.74% -2.45% 0.70% 22.1% 16.1% 7.4% -5.1% 1.58 0.73 37.88% 98.27% 4.19 3.61

LTM

06/yy 14'418.0 5.06x 2'630.0 7.16x (618.0) 0.00x

06/yy 15'582.0 4.84x 2'509.0 8.17x (148.0) 0.00x

FY+1

.0 M s-13

1.42 682.12 15.00% 42.27% 1.424 34 3.824 74'213 73'217 60'997 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'164.2 17'657.1 4'107.6 4'367.9 1.26x 1.12x 4.98x 4.61x 2'933.7 3'564.5 772.4 886.1 7.07x 5.82x 6.21x 5.90x 627.6 1'007.2 167.9 243.9 18.41x 11.73x 14.10x 12.58x S&P Issuer Ratings

5.03 0.55 3.56 3.68 98.3% 49.5% 0.70 1.94 87.20 101.20 53.35 136.67

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

27.09.2013

Weatherford International Ltd/Switzerland Holdings By:

All

Holder Name WEATHERFORD INTL LTD INVESCO LTD CLEARBRIDGE INVESTME ORBIS HOLDINGS LIMIT ORBIS INVESTMENT MAN DODGE & COX LEGG MASON INC DODGE & COX WENTWORTH HAUSER AND VANGUARD GROUP INC BLACKROCK MANNING & NAPIER ADV GAMCO ROBECO THRIVENT FINANCIAL F WELLS FARGO & COMPAN SOUND SHORE MANAGEME VAN ECK ASSOCIATES C UBS AG SKAGEN AS

Firm Name Cowen and Company Sanford C. Bernstein & Co UBS ISI Group JPMorgan Wells Fargo Securities, LLC BMO Capital Markets Credit Suisse Howard Weil Inc Capital One Southcoast, Inc. Raymond James FBR Capital Markets Macquarie Guggenheim Securities LLC Global Hunter Securities Iberia Capital Partners LLC Sterne, Agee & Leach Jefferies RBC Capital Markets Barclays Societe Generale Deutsche Bank Johnson Rice & Co Susquehanna Financial Group Morgan Stanley EVA Dimensions S&P Capital IQ Goldman Sachs Main First Bank AG Tudor Pickering & Co Oracle Investment Research

Portfolio Name n/a n/a CLEARBRIDGE INVESTME ORBIS HOLDINGS LIMIT n/a n/a n/a DODGE & COX WENTWORTH HAUSER AND n/a n/a MANNING & NAPIER ADV n/a n/a THRIVENT FINANCIAL F n/a SOUND SHORE MANAGEME n/a n/a Multiple Portfolios

Analyst JAMES D CRANDELL SCOTT GRUBER ANGELINE M SEDITA JUDSON E BAILEY J DAVID ANDERSON MATTHEW D CONLAN ALAN D LAWS JAMES WICKLUND WILLIAM SANCHEZ LUKE M LEMOINE J MARSHALL ADKINS MEGAN REPINE NIGEL BROWNE Michael K LaMotte BRIAN UHLMER ROBERT J MACKENZIE STEPHEN D GENGARO BRAD HANDLER KURT HALLEAD JAMES C WEST EDWARD C MUZTAFAGO MICHAEL W URBAN DANIEL BURKE CHARLES P MINERVINO OLE SLORER CRAIG STERLING STEWART GLICKMAN WAQAR SYED BERND POMREHN BYRON POPE LAURENCE BALTER

Source EXCH ULT-AGG 13F 13F Research EXCH EXCH 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG MF-AGG

Recommendation outperform market perform neutral neutral overweight outperform underperform outperform sector perform add market perform outperform neutral buy neutral outperform buy hold sector perform overweight hold buy overweight neutral Overwt/In-Line underweight hold neutral/attractive underperform accumulate buy

Amt Held 73'798'060 65'707'943 54'682'486 54'206'792 51'981'039 43'667'302 41'878'236 35'976'902 26'120'664 23'554'303 20'578'026 18'849'173 16'497'744 16'170'277 13'838'638 10'367'684 9'621'899 9'531'371 8'334'989 7'932'630

% Out 9.61 8.56 7.12 7.06 6.77 5.69 5.45 4.69 3.4 3.07 2.68 2.46 2.15 2.11 1.8 1.35 1.25 1.24 1.09 1.03

Weighting

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

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

Latest Chg (4'082'191) 7'598'478 406'228 7'690'400 35'976'902 (958'227) 322'693 438'242 (1'294'416) 1'610'144 (2'556'442) 611'600 107'418 590'637 148'953 210'338 150'500

Target Price 18 14 14 #N/A N/A 18 #N/A N/A 12 18 12 18 #N/A N/A 16 15 17 14 20 15 14 15 22 15 19 #N/A N/A 14 16 #N/A N/A 14 15 9 #N/A N/A 17

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

File Dt 23.03.2013 26.09.2013 30.06.2013 30.06.2013 29.08.2013 29.07.2013 12.07.2012 30.06.2013 30.06.2013 30.06.2013 25.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 26.09.2013 30.06.2013 30.08.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 26.09.2013 24.09.2013 23.09.2013 23.09.2013 18.09.2013 18.09.2013 15.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 03.09.2013 15.08.2013 12.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 03.06.2013 29.05.2013 23.05.2013 27.02.2013 04.02.2013 13.11.2012

27.09.2013

Swisscom AG Swisscom AG operates public telecommunications networks and offers network application services. The Company provides local, long-distance, and mobile telephone services, integrated voice and data digital services, network solutions to national and international telecommunications operators, and Internet access services, and owns and operates pay telephones.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCMN VX EQUITY YTD Change SCMN VX EQUITY YTD % CHANGE

12/2012 06/yy 446.30 370.50 74'503.00 438.5 -1.75% 18.35% 93.14% 51.8 22'715.15 8'783.00 0.0 24.0 578.00 31'490.15

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

.3 M .2 M .2 M .1 M .1 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 12'198.0 2.35x 4'496.0 6.37x 1'756.0 10.01x

500 450 400 350 300 250 200 150 100 50 0 s-12

31.12.2009 31.12.2010 12'001.0 11'988.0 2.53x 2.54x 4'402.0 4'348.0 6.89x 7.01x 1'926.0 1'813.0 10.64x 11.75x Profitability

LTM-4Q 31.12.2011 11'467.0 2.35x 4'300.0 6.26x 683.0 26.98x

31.12.2012 11'384.0 2.51x 4'107.0 6.97x 1'755.0 11.62x 4'107.00 2'157.00 18.95% 19.04% 8.35% 38.30% 13.97% 0.58% 35.0% 17.6% 15.4% 0.91 0.72 43.71% 212.56% -

Price/ Cash Flow

LTM

06/yy 11'366.0 9.79x 4'254.0 6.74x 629.0 31.40x

06/yy 11'359.0 10.39x 3'973.0 7.60x 1'649.0 12.99x

FY+1

.0 M s-13

0.73 22.31 20.80% 17.27% 0.729 26 3.346 99'061 107'495 99'276 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'407.8 11'484.9 2'838.0 2'982.5 2.69x 2.66x 10.97x 10.33x 4'257.4 4'322.6 1'099.0 1'056.0 7.40x 7.29x 1'611.8 1'633.4 409.0 369.5 14.03x 13.78x S&P Issuer Ratings

30.06.2009 A STABLE 15.38 5.79 2.20 2.25 212.6% 67.9% 0.58 1.33 -

Sales/Revenue/Turnover

7.00

16'000.0

6.00

14'000.0 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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Swisscom AG Holdings By:

All

Holder Name SWISS CONFEDERATION THORNBURG INVESTMENT BLACKROCK CREDIT SUISSE AG VANGUARD GROUP INC UBS AG NORGES BANK PICTET FUNDS INVESCO LTD ALLIANCE BERNSTEIN EPOCH INVESTMENT PAR MORGAN STANLEY SWISSCANTO FONDSLEIT JOHN HANCOCK INVESTM SANFORD C BERNSTEIN ALLIANZ ASSET MANAGE SCHRODER INVESTMENT DANSKE INVEST A/S DJE INVESTMENT SA FMR LLC

Firm Name

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

Analyst

AlphaValue HEINZ STEFFEN Credit Suisse JAKOB BLUESTONE Nomura FREDERIC BOULAN Deutsche Bank CAROLA BARDELLI Bank am Bellevue SANDRA DIETSCHY Macquarie ALEX GRANT JPMorgan HANNES C WITTIG EVA Dimensions ANDREW S ZAMFOTIS Exane BNP Paribas MICHAEL WILLIAMS Makor Capital ALBERT SAPORTA Zuercher Kantonalbank ANDREAS MUELLER Natixis JACQUES DE GRELING Barclays MICHAEL BISHOP Societe Generale STEPHANE SCHLATTER Morgan Stanley LUIS PROTA HSBC NICOLAS COTE-COLISSON Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Berenberg Bank USMAN GHAZI S&P Capital IQ ALEXANDER WISCH New Street Research JAKUB DUBANIEWICZ Goldman Sachs TIMOTHY BODDY UBS VIKRAM KARNANY Bank Vontobel AG ANDY SCHNYDER Espirito Santo Investment Bank Research ANDREW HOGLEY Gabelli & Co EVAN D MILLER

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

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

Amt Held 29'475'281 447'000 433'637 321'932 256'038 246'321 216'190 123'480 109'173 107'042 87'955 74'252 73'282 71'963 65'720 58'547 56'002 51'486 50'403 49'010

% Out 56.9 0.86 0.84 0.62 0.49 0.48 0.42 0.24 0.21 0.21 0.17 0.14 0.14 0.14 0.13 0.11 0.11 0.1 0.1 0.09

Weighting

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

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

Latest Chg 743 (3'738) (956) 4'039 (9'971) (8'971) 40'700 2'000 13'683 (28'484) (1'044) 65'720 3'350 (958) (1) (9'100) (111'089)

Target Price 450 355 450 464 388 460 460 #N/A N/A 480 #N/A N/A #N/A N/A 400 445 440 430 500 430 408 450 364 515 415 410 300 #N/A N/A

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

File Dt Inst Type 31.12.2011 Government 31.07.2013 Investment Advisor 25.09.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 28.06.2013 Unclassified 31.12.2012 Government 31.05.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 26.09.2013 20.09.2013 10.09.2013 05.09.2013 03.09.2013 30.08.2013 23.08.2013 20.08.2013 16.08.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 11.07.2013 09.07.2013 12.02.2013 09.11.2012 14.10.2011

27.09.2013

Givaudan SA Givaudan SA manufactures and markets fragrances and flavors from natural and synthetic ingredients. The Company sells its products to manufacturers of perfumes, beverages, prepared foods, and consumer goods. Givaudan operates worldwide.

Price/Volume 1600

.1 M

1400

.1 M

1200 .1 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIVN VX EQUITY YTD Change GIVN VX EQUITY YTD % CHANGE

12/2012 06/yy 1'369.00 861.91 8'707.00 1327 -3.07% 53.96% 93.49% 9.2 12'252.97 1'521.00 0.0 0.0 425.00 13'469.97

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

.0 M

400 .0 M

200 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 4'087.0 2.20x 822.0 10.95x 111.0 53.20x

.1 M

600

31.12.2009 31.12.2010 3'959.0 4'239.0 2.31x 2.47x 758.0 866.0 12.04x 12.10x 199.0 340.0 32.97x 26.64x Profitability

LTM-4Q 31.12.2011 3'915.0 2.44x 755.0 12.63x 252.0 32.30x

31.12.2012 4'257.0 2.32x 871.0 11.33x 411.0 21.33x 871.00 608.00 14.28% 12.07% 7.48% 14.12% 10.36% 0.68% 42.2% 21.9% 15.8% 9.7% 2.23 1.28 23.95% 41.33% 4.73 3.13

Price/ Cash Flow

06/yy 4'036.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 4'356.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

0.77 7.27 53.55% 42.07% 0.773 22 3.409 19'751 18'291 21'419 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'437.1 4'642.6 1'152.5 1'066.5 2.95x 2.76x 972.8 1'046.5 13.83x 12.85x 549.7 609.4 21.95x 19.90x S&P Issuer Ratings

12.10 9.93 1.28 1.74 41.3% 29.2% 0.68 3.17 77.21 116.54 55.34 130.87

Sales/Revenue/Turnover

25.00

4'500.0 4'000.0

20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Givaudan SA Holdings By:

All

Holder Name GATES III WILLIAM HE NESTLE SA BLACKROCK CAPITAL GROUP COMPAN NORGES BANK SUN LIFE FINANCIAL I CREDIT SUISSE AG HARRIS ASSOCIATES LP VANGUARD GROUP INC UBS AG HOFFMANN ANDRE SEREN NEW JERSEY DIVISION UMB BANK N A UNIGESTION ASSET MAN SCHRODER INVESTMENT PICTET FUNDS CAUSEWAY CAPITAL MAN FMR LLC VONTOBEL ASSET MANAG JUPITER ASSET MANAGE

Firm Name JPMorgan Exane BNP Paribas AlphaValue Nomura Bank am Bellevue Goldman Sachs Deutsche Bank EVA Dimensions Helvea Kepler Cheuvreux UBS Zuercher Kantonalbank Main First Bank AG Barclays Morgan Stanley HSBC Berenberg Bank Bank Vontobel AG Credit Suisse Liberum Capital Ltd Davy

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

Analyst CELINE PANNUTI HEIDI VESTERINEN MARTIN SCHNEE PATRICK LAMBERT ROLF KUNZ RAKESH PATEL VIRGINIE BOUCHER-FERTE TIMOTHY STANISH ANDREAS VON ARX CHRISTOPHER LADNER JOE DEWHURST DANIEL BUERKI BERND POMREHN GUNTHER ZECHMANN ERIK SJOGREN SEBASTIAN SATZ JAIDEEP PANDYA JEAN-PHILIPPE BERTSCHY PATRICK JNGLIN ADAM COLLINS JACK GORMAN

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

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

Amt Held 950'137 926'130 456'343 230'326 164'285 161'053 120'205 98'200 92'447 87'140 86'929 80'000 75'076 51'364 46'630 39'459 35'448 35'174 24'554 22'149

% Out 10.29 10.03 4.94 2.49 1.78 1.74 1.3 1.06 1 0.94 0.94 0.87 0.81 0.56 0.51 0.43 0.38 0.38 0.27 0.24

Weighting

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

Latest Chg 1'182 6'860 (1'192) (14'500) 865 63 (13'567) 115 (1'170) 990 462 (400) -

Target Price 1'340 1'360 1'203 1'480 1'260 1'200 1'230 #N/A N/A 1'350 1'450 1'425 #N/A N/A 1'400 1'230 1'220 1'060 900 1'250 1'425 1'236 #N/A N/A

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Corporation 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 28.06.2013 Unclassified 31.12.2012 n/a 30.06.2012 Pension Fund (ERISA) 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 27.09.2013 26.09.2013 26.09.2013 24.09.2013 16.09.2013 30.08.2013 22.08.2013 16.08.2013 15.08.2013 07.08.2013 02.08.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 03.07.2013 18.04.2013 21.06.2012

27.09.2013

Julius Baer Group Ltd Julius Baer Group Ltd. offers private banking services. The bank advises on wealth management, financial planning and investments, and offers mortgage and other lending, foreign exchange, securities trading, custody and execution services.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAER VX EQUITY YTD Change BAER VX EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 45.14 30.34 404'419.00 42.4 -6.07% 39.73% 82.23% 223.8 9'489.52 8'190.75 0.0 2.3 15'606.04 -

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

1.20

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'480.1 356.9 -

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

31.12.2009 31.12.2010 1'883.7 2'075.2 388.7 352.0 19.35x 25.61x Profitability

31.12.2011 2'052.0 257.9 28.93x

31.12.2012 2'028.9 297.4 21.99x 19.37% 19.37% 0.39% 5.37% 1.53% 0.04% 15.4% 14.93% 168.13% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.09 213.52 32.97% 33.32% 1.089 28 3.107 522'463 584'070 589'480 FY+2

12/13 Y 12/14 Y 2'218.7 2'637.9 -0.32x -1.15x 511.1 634.7 18.12x 14.72x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

168.1% 62.7% 0.04 6.13 -

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 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 |

27.09.2013

Julius Baer Group Ltd Holdings By:

All

Holder Name SUN LIFE FINANCIAL I DAVIS SELECTED ADVIS BLACKROCK HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN THORNBURG INVESTMENT BANK OF AMERICA CORP BOFA MERRILL LYNCH AXA NORGES BANK VANGUARD GROUP INC UBS AG CREDIT SUISSE AG JULIUS BAER GROUP LT INVESCO LTD HARTFORD INVESTMENT T ROWE PRICE ASSOCIA PICTET FUNDS UNITED SERVICES AUTO SCHRODER INVESTMENT

Firm Name AlphaValue Keefe, Bruyette & Woods HSBC Main First Bank AG Societe Generale Makor Capital Oddo & Cie Mediobanca SpA Morgan Stanley Credit Suisse Berenberg Bank Bank am Bellevue Helvea Barclays Zuercher Kantonalbank Bank Vontobel AG UBS JPMorgan Mirabaud Securities Natixis Deutsche Bank Kepler Cheuvreux Nomura S&P Capital IQ EVA Dimensions Goldman Sachs Equita SIM SpA

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

Analyst DIETER HEIN ANDREW STIMPSON ROBERT MURPHY KILIAN MAIER PHILIP RICHARDS ALBERT SAPORTA JEAN SASSUS ALEVIZOS ALEVIZAKOS HUBERT LAM GURJIT KAMBO ELENI PAPOULA MARC DEUSTER TIM DAWSON JEREMY SIGEE ANDREAS BRUN TERESA NIELSEN DANIELE BRUPBACHER KIAN ABOUHOSSEIN Claudia von Turk Myers ANTOINE BURGARD MATT SPICK DIRK BECKER JON PEACE FRANK BRADEN DOUG WALTERS MARTIN LEITGEB MATTEO GHILOTTI

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

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

Amt Held 21'941'670 18'333'412 12'661'334 11'935'580 11'212'921 11'095'398 8'148'183 7'375'149 6'132'638 5'706'091 4'032'080 2'935'700 2'818'896 2'599'046 2'543'840 2'457'632 2'281'821 1'987'059 1'233'808 1'040'686

% Out 9.8 8.19 5.66 5.33 5.01 4.96 3.64 3.3 2.74 2.55 1.8 1.31 1.26 1.16 1.14 1.1 1.02 0.89 0.55 0.46

Weighting

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

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

Latest Chg 21'339 2'798 (2'711'160) 134'635 (3'900) (4'983) 53'753 115'243 (286'191) (15'984) (33'366) 214'183

Target Price 48 43 43 45 45 #N/A N/A 44 43 50 47 39 46 43 43 #N/A N/A 38 45 43 42 44 47 30 45 46 #N/A N/A 51 31

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

File Dt 31.07.2013 31.12.2012 25.09.2013 30.08.2013 02.09.2013 31.12.2012 31.12.2012 10.08.2012 30.06.2013 31.12.2012 30.06.2013 31.07.2013 31.05.2013 31.12.2012 26.09.2013 31.08.2013 30.06.2013 31.05.2013 31.05.2013 30.08.2013

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

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

Date 26.09.2013 24.09.2013 19.09.2013 18.09.2013 17.09.2013 11.09.2013 06.09.2013 05.09.2013 05.09.2013 02.09.2013 02.09.2013 16.08.2013 15.08.2013 14.08.2013 07.08.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 06.06.2013 05.06.2013 03.10.2012

27.09.2013

Geberit AG Geberit AG manufactures and supplies water supply pipes and fittings, installation systems, drainage and flushing systems such as visible cisterns, and other sanitary systems for the commercial and residential construction markets. The Company sells its products in Germany, Italy, Switzerland, Austria, the Netherlands, France, and Belgium.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GEBN VX EQUITY YTD Change GEBN VX EQUITY YTD % CHANGE

12/2012 06/yy 260.30 183.67 53'363.00 242.1 -6.99% 31.81% 79.12% 37.8 9'151.00 14.70 0.0 0.0 423.10 8'851.60

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

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 M

0 s-12

31.12.2009 31.12.2010 1'931.0 1'900.0 3.57x 4.23x 611.0 573.7 11.27x 14.01x 397.5 406.8 18.03x 20.95x Profitability

LTM-4Q 31.12.2011 1'867.6 3.49x 532.0 12.24x 384.0 18.43x

31.12.2012 1'919.6 3.73x 542.4 13.20x 392.3 19.57x 542.40 462.30 24.08% 23.71% 19.58% 28.83% 0.95% 28.4% 24.2% 20.4% 2.79 1.99 0.73% 1.03% 9.63 -

Price/ Cash Flow

06/yy 1'883.4 7.09x 539.0 12.70x 387.3 18.63x

n-12

d-12

j-13

LTM 06/yy 1'942.6 8.07x 551.3 15.44x 399.5 22.12x

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.87 35.41 22.23% 23.81% 0.874 15 2.733 113'262 98'693 99'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'284.1 2'392.3 505.0 474.0 3.79x 3.57x 577.7 613.4 154.0 114.0 15.32x 14.43x 426.2 451.8 21.47x 20.10x S&P Issuer Ratings

25.05.2010 ASTABLE 91.93 77.36 -0.54 0.02 1.0% 1.0% 0.95 3.81 37.89 -

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 2'179.0 1.95x 649.1 6.56x 466.3 9.50x

300

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Geberit AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BARCLAYS PLC BLACKROCK CAPITAL GROUP COS MARATHON ASSET MANAG AKO CAPITAL LLP CREDIT SUISSE FUND A VANGUARD GROUP INC NORGES BANK WILLIAM BLAIR & COMP PICTET FUNDS SUN LIFE FINANCIAL I CREDIT SUISSE AG UBS AG NEW YORK LIFE INVEST GEBERIT AG SWISSCANTO FONDSLEIT MARKETFIELD ASSET MA COLUMBIA WANGER ASSE COMGEST GROWTH PLC

Firm Name Bank am Bellevue Main First Bank AG Credit Suisse Berenberg Bank Morgan Stanley UBS Zuercher Kantonalbank Bank Vontobel AG Goldman Sachs HSBC Helvea Kepler Cheuvreux EVA Dimensions Davy

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

Analyst MICHAEL ROOST CHRISTIAN KORTH ANDRE KUKHNIN MICHAEL WATTS ALEJANDRA PEREDA TORSTEN WYSS MARTIN HUESLER CHRISTIAN ARNOLD DANIELA COSTA TOBIAS LOSKAMP PATRICK APPENZELLER OLIVER GIRAKHOU TIMOTHY STANISH FLORENCE O'DONOGHUE

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

Recommendation hold outperform neutral hold Underwt/In-Line neutral market perform hold neutral/neutral neutral hold hold hold underperform

Amt Held 3'773'401 2'095'110 1'836'863 1'720'160 1'189'345 1'173'254 1'164'630 1'016'780 911'384 679'484 634'666 622'126 617'200 421'737 419'725 194'044 192'619 183'003 156'860 128'000

% Out 9.98 5.54 4.86 4.55 3.15 3.1 3.08 2.69 2.41 1.8 1.68 1.65 1.63 1.12 1.11 0.51 0.51 0.48 0.41 0.34

Weighting

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

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

Latest Chg 2'904 (6'120) 15'232 (4'469) (16'316) 24'301 (4'299) (526) 113'921 (83'388) 183'003 (76'960) -

Target Price 211 275 240 225 207 240 #N/A N/A 230 233 244 250 250 #N/A N/A #N/A N/A

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

File Dt 30.06.2013 14.03.2007 25.09.2013 11.05.2006 29.01.2013 22.05.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 30.08.2013 31.07.2013 31.05.2013 28.06.2013 31.07.2013 27.06.2013 28.03.2013 31.12.2012 31.07.2013 31.12.2012

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

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

Date 20.09.2013 13.09.2013 11.09.2013 06.09.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 31.07.2013 06.06.2013 09.11.2012

27.09.2013

Adecco SA Adecco SA is a personnel and temporary employment company. The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations. Adecco conducts its placement services internationally.

Price/Volume 70

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (30.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADEN VX EQUITY YTD Change ADEN VX EQUITY YTD % CHANGE

12/2012 06/yy 64.90 41.78 523'934.00 64.3 -0.92% 53.91% 92.00% 189.3 12'169.64 2'077.00 0.0 3.0 1'105.00 11'421.16

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

1.5 M

1.0 M

20 .5 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 19'965.0 0.24x 992.0 4.84x 495.0 8.51x

31.12.2009 31.12.2010 14'797.0 18'656.0 0.46x 0.50x 380.0 809.0 17.88x 11.58x 8.0 423.0 959.73x 22.41x Profitability

LTM-4Q 31.12.2011 20'545.0 0.31x 939.0 6.82x 519.0 11.89x

31.12.2012 20'536.0 0.41x 828.0 10.05x 377.0 19.90x 828.00 673.00 3.28% 2.84% 3.72% 9.63% 7.33% 2.13% 17.9% 4.0% 3.2% 1.8% 1.27 1.19 21.60% 56.20% 5.22 -

Price/ Cash Flow

LTM

06/yy 20'694.0 1.42x 966.0 8.14x 502.0 13.25x

06/yy 19'793.0 1.79x 785.0 12.44x 346.0 23.40x

FY+1

.0 M s-13

1.45 144.78 45.14% 38.71% 1.454 26 3.538 506'160 503'946 559'329 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 19'645.6 20'747.3 5'130.0 5'060.3 0.56x 0.52x 2.22x 2.23x 901.9 1'088.9 12.68x 10.50x 506.7 629.8 159.3 144.0 18.38x 14.66x S&P Issuer Ratings

12.10.2011 BBB STABLE 12.10.2011 A-2 10.89 9.74 1.89 2.36 56.2% 36.0% 2.13 68.37 69.94 -

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Adecco SA Holdings By:

All

Holder Name JACOBS HOLDING AKILA FINANCE SA HARRIS ASSOCIATES LP ADECCO SA ARTISAN PARTNERS HOL BLACKROCK SUN LIFE FINANCIAL I FRANKLIN RESOURCES NORGES BANK TIAA CREF INVESTMENT MANNING & NAPIER ADV VANGUARD GROUP INC CREDIT SUISSE AG UBS AG PICTET FUNDS Alliance Trust Savin SEB MFS FINANCIAL SERVIC AMERICAN CENTURY COM THRIVENT FINANCIAL F

Firm Name Goldman Sachs Exane BNP Paribas Credit Suisse AlphaValue Bryan Garnier & Cie Zuercher Kantonalbank Natixis Day by Day RBC Capital Markets Helvea Deutsche Bank Rabobank International Bank am Bellevue Jefferies Bank Vontobel AG JPMorgan S&P Capital IQ Main First Bank AG ABN Amro Bank N.V. Kepler Cheuvreux HSBC EVA Dimensions Barclays UBS

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

Analyst CHARLES WILSON LAURENT BRUNELLE ANDY GROBLER HEINZ STEFFEN BRUNO DE LA ROCHEBROCHARD MARCO STRITTMATTER OLIVIER LEBRUN VALERIE GASTALDY ANDREW BROOKE CHRISTIAN BURGER THOMAS SYKES DAVID TAILLEUR ROLF KUNZ KEAN MARDEN MICHAEL FOETH ROBERT PLANT CLIVE ROBERTS ALAIN-SEBASTIAN OBERHUBER TEUN TEEUWISSE HANS PLUIJGERS MATTHEW LLOYD TIMOTHY STANISH PAUL D A SULLIVAN WILLIAM VANDERPUMP

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

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

Amt Held 34'873'579 10'163'580 9'858'136 9'525'701 6'284'378 5'727'044 5'694'349 5'630'710 3'607'208 2'291'711 2'236'720 1'961'300 1'678'915 1'675'725 1'269'128 674'973 501'890 466'817 457'501 381'600

% Out 18.43 5.37 5.21 5.03 3.32 3.03 3.01 2.98 1.91 1.21 1.18 1.04 0.89 0.89 0.67 0.36 0.27 0.25 0.24 0.2

Weighting

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

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

Latest Chg 2'126'436 689'034 19'900 (11'989) 678'600 12'157 (24'353) 25'105 (10'753) 55'378 161'600 (844) (850)

Target Price 79 70 68 54 58 #N/A N/A 68 #N/A N/A 70 62 66 68 73 61 70 70 63 75 58 62 54 #N/A N/A 59 52

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

File Dt 26.08.2013 31.12.2012 30.06.2013 21.06.2013 12.03.2013 25.09.2013 31.07.2013 28.06.2013 31.12.2012 31.07.2013 31.12.2012 30.06.2013 31.05.2013 28.06.2013 31.05.2013 30.06.2013 31.03.2013 31.07.2013 30.06.2013 28.06.2013

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

Inst Type Private Equity Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 19.09.2013 18.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 11.09.2013 15.08.2013 13.08.2013 13.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 18.07.2013 03.07.2013 06.06.2013 08.05.2013 07.02.2013

27.09.2013

Actelion Ltd Actelion Ltd. is a pharmaceutical company that develops and markets synthetic small-molecule drugs against diseases related to the endothelium. The Company's drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary conditions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATLN VX EQUITY YTD Change ATLN VX EQUITY YTD % CHANGE

12/2012 06/yy 66.25 42.06 304'339.00 64.1 -3.25% 52.42% 86.98% 120.3 7'709.69 235.43 0.0 0.0 1'123.02 6'464.95

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

31.12.2008 1'428.9

31.12.2009 1'698.0

414.2

403.4

306.1

311.3

31.12.2010 1'826.3 2.80x 536.1 9.53x 390.6 15.61x

LTM-4Q 31.12.2011 1'713.0 1.56x 435.6 6.14x (146.3) -

31.12.2012 1'722.1 2.34x 503.4 8.00x 303.2 16.68x

06/yy 1'684.6 7.68x 402.3 9.34x 289.7 15.81x

LTM 06/yy 1'744.4 11.01x 546.5 9.20x 328.9 19.62x

Profitability 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

503.36 421.47 24.47% 20.82% 12.23% 22.22% 19.69% 0.65% 88.6% 31.3% 26.8% 17.6% 3.54 3.34 8.74% 15.50% 3.71 3.48

Price/ Cash Flow

FY+1

.0 M s-13

1.10 100.59 37.94% 49.99% 1.103 21 4.000 253'491 267'709 335'465 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'767.5 1'835.8 428.7 423.3 3.95x 3.63x 15.89x 15.97x 551.2 585.9 132.0 116.5 11.74x 11.05x 421.1 430.8 88.4 63.3 17.40x 16.26x S&P Issuer Ratings

6.02 5.56 -2.28 0.43 15.5% 13.4% 0.65 4.33 98.39 104.86 211.09 26.24

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

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

01.07.2013

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 |

27.09.2013

Actelion Ltd Holdings By:

All

Holder Name ACTELION LTD ORBIS INVESTMENT MAN CLOZEL JEAN-PAUL BLACKROCK TRIDENT MERGER MAAG RUDOLF BB BIOTECH AG LAZARD ASSET MANAGEM VANGUARD GROUP INC NORGES BANK CREDIT SUISSE AG UBS AG ALLIANCE BERNSTEIN PICTET FUNDS SANFORD C BERNSTEIN CAWTHORN ROBERT E CLOSE INVESTMENT LTD FIL LIMITED INVESCO LTD EATON VANCE MANAGEME

Firm Name AlphaValue Exane BNP Paribas Helvea Barclays Bryan Garnier & Cie Deutsche Bank Credit Suisse Bank Vontobel AG Bank am Bellevue UBS EVA Dimensions Nomura Code Securities Jefferies Goldman Sachs Zuercher Kantonalbank Berenberg Bank Kepler Cheuvreux JPMorgan S&P Capital IQ Redburn Partners

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

Analyst FABRICE FARIGOULE NICOLAS GUYON-GELLIN OLAV ZILIAN MICHAEL LEUCHTEN ERIC LE BERRIGAUD RICHARD J PARKES RAVI MEHROTRA ANDREW C WEISS STEPHEN LEVENTHAL GUILLAUME VAN RENTERGHEM TIMOTHY STANISH SAMIR DEVANI PETER WELFORD KEYUR PAREKH SIBYLLE BISCHOFBERGER FRICK ALISTAIR CAMPBELL FABIAN WENNER JAMES D GORDON JACOB THRANE TEAM COVERAGE

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

Recommendation reduce neutral buy equalweight buy buy outperform buy buy buy overweight buy buy neutral/neutral market perform hold buy neutral hold neutral

Amt Held 10'010'167 6'311'593 5'262'883 4'514'052 4'083'119 3'803'190 3'803'190 3'799'517 3'602'141 2'581'512 1'837'651 1'516'306 1'110'302 1'043'577 580'200 507'552 485'726 452'765 430'637 419'716

% Out 8.32 5.25 4.38 3.75 3.39 3.16 3.16 3.16 2.99 2.15 1.53 1.26 0.92 0.87 0.48 0.42 0.4 0.38 0.36 0.35

Weighting

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

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

Latest Chg 753'893 (57) (23'288) (259'840) (16'918) (141'496) 82'430 4'483 310'042 101'169 543

Target Price 65 62 85 51 67 69 66 72 72 82 #N/A N/A 70 71 58 #N/A N/A 62 68 60 65 #N/A N/A

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

File Dt 28.06.2013 04.07.2013 31.12.2012 25.09.2013 02.05.2012 31.12.2012 31.12.2012 11.04.2013 30.06.2013 31.12.2012 31.05.2013 30.06.2013 30.06.2013 31.05.2013 31.03.2013 04.05.2012 31.08.2013 30.04.2013 26.09.2013 30.06.2013

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

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

Date 26.09.2013 19.09.2013 19.09.2013 16.09.2013 11.09.2013 04.09.2013 27.08.2013 26.08.2013 13.08.2013 08.08.2013 07.08.2013 01.08.2013 30.07.2013 29.07.2013 24.07.2013 23.07.2013 23.07.2013 19.07.2013 19.07.2013 18.04.2012

27.09.2013

Kuehne + Nagel International AG Kuehne + Nagel International AG transports freight worldwide. The Company operates sea, land, and rail freight transportation businesses and warehousing and distribution facilities. Kuehne + Nagel also provides related special services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KNIN VX EQUITY YTD Change KNIN VX EQUITY YTD % CHANGE

12/2012 06/yy 123.20 98.50 71'471.00 120.8 -1.95% 22.64% 88.26% 120.0 14'496.00 68.00 0.0 29.0 1'083.00 13'741.00

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

.7 M

120

.6 M

100

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 17'992.0 0.39x 1'021.0 6.91x 585.0 13.62x

140

31.12.2009 31.12.2010 14'336.0 16'858.0 0.77x 0.85x 887.0 1'008.0 12.51x 14.16x 467.0 601.0 25.44x 25.69x Profitability

LTM-4Q 31.12.2011 16'218.0 0.71x 982.0 11.81x 601.0 20.93x

31.12.2012 17'120.0 0.71x 926.0 13.16x 485.0 27.09x 926.00 706.00 4.12% 3.77% 9.05% 25.42% 2.82% 35.6% 5.8% 4.5% 2.8% 1.26 1.08 1.08% 2.84% 6.91 38.11

Price/ Cash Flow

LTM

06/yy 16'377.0 2.93x 869.0 12.95x 500.0 24.09x

06/yy 17'398.0 2.71x 1'003.0 11.63x 559.0 22.16x

FY+1

.0 M s-13

0.86 55.01 16.14% 13.39% 0.855 28 2.750 144'204 131'670 159'144 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'596.8 18'398.3 4'574.5 4'608.0 0.76x 0.72x 2.90x 2.83x 986.2 1'079.0 257.7 265.7 13.91x 12.71x 13.05x 12.80x 608.0 686.9 165.0 162.0 23.55x 20.97x 21.96x 21.57x S&P Issuer Ratings

185.20 152.60 -0.77 0.06 2.8% 2.7% 2.82 15.34 52.83 9.58 43.66 16.55

Sales/Revenue/Turnover

30.00

20'000.0 18'000.0

25.00

16'000.0 14'000.0

20.00

12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00 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

01.07.2013

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 |

27.09.2013

Kuehne + Nagel International AG Holdings By:

All

Holder Name KUEHNE KLAUS-MICHAEL HARRIS ASSOCIATES LP DAVIS SELECTED ADVIS SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN NORGES BANK CREDIT SUISSE AG KUEHNE & NAGEL INTL PICTET FUNDS T ROWE PRICE ASSOCIA UBS AG SWISSCANTO FONDSLEIT VANGUARD GROUP INC BLACKROCK FIRST EAGLE INVESTME JANUS CAPITAL MANAGE THREADNEEDLE FIL LIMITED DANSKE INVEST MANAGE DEUTSCHE BANK AG

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

Firm Name

Analyst

Commerzbank Corporates & Markets Thompson, Davis & Company Bank am Bellevue Zuercher Kantonalbank Helvea AlphaValue Deutsche Bank Credit Suisse Cantor Fitzgerald Stifel Macquarie Main First Bank AG HSBC Kepler Cheuvreux JPMorgan Morgan Stanley Bankhaus Metzler Bank Vontobel AG Nomura RBC Capital Markets UBS Goldman Sachs EVA Dimensions Equita SIM SpA Davy Barclays

FRANK SKODZIK DAVID P CAMPBELL ROLF KUNZ MARCO STRITTMATTER CHRISTIAN BURGER HEINZ STEFFEN JOSE FRANCISCO RUIZ SOLERA NEIL GLYNN ROBIN BYDE DAVID G ROSS ROBERT JOYNSON TOBIAS SITTIG JULIA WINARSO BEAT KEISER CHRISTOPHER G COMBE PENNY BUTCHER GUIDO HOYMANN MICHAEL FOETH MARK MCVICAR DAMIAN BREWER TORSTEN WYSS NICK EDELMAN TIMOTHY STANISH GIANMARCO BONACINA STEPHEN FURLONG DAVID E FINTZEN

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

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

Amt Held 63'900'000 3'664'427 2'775'192 2'361'775 1'647'050 1'404'587 1'255'724 877'480 834'328 717'847 704'894 597'788 583'424 539'613 526'255 435'743 346'593 317'507 307'949 201'737

% Out 53.25 3.05 2.31 1.97 1.37 1.17 1.05 0.73 0.7 0.6 0.59 0.5 0.49 0.45 0.44 0.36 0.29 0.26 0.26 0.17

Weighting

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

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

Latest Chg (9'710) 51'870 (13'612) (1'344) (102'155) (6'665) (29'959) (2'428) (53'982) 135'332 73'564 (1'193'480) 15'663 (20'500)

Target Price 125 173 110 #N/A N/A 115 138 114 111 100 110 115 115 90 124 126 95 134 115 110 110 110 122 #N/A N/A 113 #N/A N/A 105

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

File Dt Inst Type 31.12.2010 n/a 21.06.2012 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 31.12.2010 Corporation 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Unclassified 28.03.2013 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.05.2013 Unclassified 31.12.2012 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 13.09.2013 10.09.2013 02.09.2013 22.08.2013 05.08.2013 01.08.2013 29.07.2013 16.07.2013 16.07.2013 16.07.2013 15.07.2013 15.07.2013 10.06.2013 06.06.2013 15.04.2013 25.01.2013 09.01.2013

27.09.2013

Schindler Holding AG Schindler Holding AG manufactures and installs elevators, escalators, and moving walkways internationally. The Company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings. Schindler also offers maintenance services.

Price/Volume 160

.6 M

140

.5 M

120 .4 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCHP VX EQUITY YTD Change SCHP VX EQUITY YTD % CHANGE

12/2012 06/yy 146.90 115.00 63'004.00 134.8 -8.24% 17.22% 63.32% 46.2 15'488.99 754.00 0.0 33.0 2'626.00 13'649.99

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

.2 M

40 .1 M

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 14'027.0 0.34x 1'018.0 4.70x 615.0 9.34x

.3 M

31.12.2009 31.12.2010 8'281.0 8'187.0 0.95x 1.35x 996.0 1'089.0 7.86x 10.16x 625.0 677.0 15.44x 20.11x Profitability

LTM-4Q 31.12.2011 7'854.0 1.39x 933.0 11.68x 576.0 23.83x

31.12.2012 8'258.0 1.63x 1'104.0 12.16x 702.0 21.78x 1'104.00 985.00 11.93% 11.90% 7.11% 22.24% 1.07% 13.1% 11.7% 8.5% 1.55 1.22 9.64% 27.12% -

Price/ Cash Flow

LTM

06/yy 7'824.0 0.00x 0.0 0.00x 655.0 0.00x

06/yy 8'537.0 0.00x 0.0 0.00x 596.0 27.53x

FY+1

.0 M s-13

0.85 46.16 18.25% 3.74% 0.852 11 3.545 107'038 114'287 112'508 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'811.5 9'375.0 1.53x 1.40x 1'146.8 1'233.5 11.91x 11.07x 680.8 783.6 22.50x 19.68x S&P Issuer Ratings

25.67 22.60 27.1% 21.1% 1.07 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

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

01.07.2013

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 |

27.09.2013

Schindler Holding AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I FMR LLC CREDIT SUISSE AG NORGES BANK UBS AG PICTET FUNDS VANGUARD GROUP INC ROYAL BANK OF CANADA BLACKROCK FIL LIMITED WINTERGREEN ADVISERS BNP PARIBAS SWISSCANTO FONDSLEIT FRANKLIN RESOURCES VONTOBEL ASSET MANAG ABERDEEN GAM INTERNATIONAL MA INTERNATIONAL VALUE MIRABAUD ASSET MANAG NATCAN INVESTMENT MA

Firm Name

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

Analyst

Helvea PATRICK APPENZELLER Espirito Santo Investment Bank Research ROB VIRDEE Kepler Cheuvreux OLIVER GIRAKHOU Credit Suisse ANDRE KUKHNIN Main First Bank AG TOBIAS FAHRENHOLZ Bank am Bellevue MICHAEL ROOST Goldman Sachs AARON IBBOTSON UBS TORSTEN WYSS Zuercher Kantonalbank MARTIN HUESLER Canaccord Genuity Corp ANDREW BELL Bank Vontobel AG ANDY SCHNYDER

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

Recommendation buy sell buy outperform outperform hold neutral/neutral neutral market perform hold hold

Amt Held 1'518'648 1'379'374 1'269'263 1'118'218 797'808 682'039 630'260 626'818 598'812 579'098 522'668 521'555 449'103 293'124 249'100 204'930 201'392 168'524 157'000 153'558

% Out 3.29 2.99 2.75 2.42 1.73 1.48 1.37 1.36 1.3 1.25 1.13 1.13 0.97 0.63 0.54 0.44 0.44 0.36 0.34 0.33

Weighting

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

M M M M M M M M M M M

Latest Chg 25'702 3'965 (13'253) 9'636 499 (13'863) 68'784 (24'878) 8'212 1'073 (22'826) (586'955) (1'000) (22'625) (7'000) -

Target Price 155 118 155 155 155 118 140 135 #N/A N/A 145 145

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

File Dt Inst Type 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Unclassified 31.05.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Bank 25.09.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.04.2013 Unclassified 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 23.09.2013 09.09.2013 05.09.2013 02.09.2013 15.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 21.06.2013

27.09.2013

Sonova Holding AG Sonova Holding AG provides hearing healthcare solutions. The Company develops and manufactures hearing systems, such as wireless communication systems for audio applications and cochlear implant systems. Sonova also provides solutions for hearing protection.

Price/Volume 140

.9 M

120

.8 M .7 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (12.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOON VX EQUITY YTD Change SOON VX EQUITY YTD % CHANGE

03/2013 01/yy 115.80 89.89 50'889.00 111.6 -3.63% 24.15% 86.88% 67.2 7'494.14 248.97 0.0 28.4 439.41 7'332.15

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

.5 M

.4 M .3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 1'249.2 3.42x 366.0 11.68x 284.8 15.82x

.6 M

31.03.2010 31.03.2011 1'500.3 1'616.7 5.84x 3.43x 459.6 373.7 19.05x 14.82x 217.2 231.0 39.46x 23.39x Profitability

31.03.2012 1'619.8 4.16x 366.1 18.39x 246.8 27.04x

31.03.2013 1'795.3 4.17x 238.3 31.40x 110.9 68.61x

238.33 156.68 8.73% 8.35% 4.47% 7.20% 0.72% 69.1% 13.3% 8.7% 6.2% 2.36 1.73 9.29% 15.49% 5.29 3.01

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.75 49.65 17.92% 11.76% 0.746 21 3.429 179'282 141'704 120'393 FY+2

03/14 Y 03/15 Y 1'935.2 2'072.3 3.69x 3.34x 494.5 553.6 14.84x 13.26x 362.4 410.0 20.63x 18.28x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

40.28 26.37 -0.80 1.04 15.5% 13.2% 0.72 7.31 69.04 121.16 44.23 145.97

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.09.2013

Sonova Holding AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I DIETHELM BEDA RIHS ANDREAS E RIHS HANS-UELI AKO CAPITAL LLP HARDING LOEVNER LP CAPITAL GROUP COMPAN CREDIT SUISSE FUND A T ROWE PRICE ASSOCIA CREDIT SUISSE AG NORGES BANK MACKENZIE FINANCIAL OPPENHEIMERFUNDS INC PICTET FUNDS VANGUARD GROUP INC UBS AG SWISSCANTO FONDSLEIT BLACKROCK MFS FINANCIAL SERVIC VONTOBEL ASSET MANAG

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

Firm Name

Analyst

AlphaValue JPMorgan Commerzbank Corporates & Markets Morgan Stanley Bank am Bellevue Credit Suisse Zuercher Kantonalbank Exane BNP Paribas Main First Bank AG Sanford C. Bernstein & Co UBS Kepler Cheuvreux Goldman Sachs Societe Generale EVA Dimensions Bank Vontobel AG Barclays Deutsche Bank HSBC Jefferies SEB Enskilda

FABRICE FARIGOULE DAVID J ADLINGTON OLIVER METZGER MICHAEL K JUNGLING GINA FRANCIOLI CHRISTOPH GRETLER SIBYLLE BISCHOFBERGER FRICK ROMAIN ZANA STEPHAN VOLLERT LISA BEDELL CLIVE MARTIN WALES MAJA PATAKI VERONIKA DUBAJOVA JUSTIN SMITH TIMOTHY STANISH CARLA BAENZIGER SALLY TAYLOR YI-DAN WANG HENDRIK LOFRUTHE INGEBORG OIE NIELS GRANHOLM-LETH

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

Recommendation add neutral buy Overwt/Attractive hold outperform market perform underperform underperform underperform buy buy neutral/neutral hold underweight buy equalweight hold neutral hold not rated

Amt Held 6'982'442 6'647'719 4'560'498 4'166'000 2'031'623 2'010'767 1'995'523 1'994'034 1'386'198 1'282'096 1'218'792 1'003'486 989'640 872'723 738'158 666'334 624'506 443'668 253'532 240'520

% Out 10.4 9.9 6.79 6.2 3.03 2.99 2.97 2.97 2.06 1.91 1.81 1.49 1.47 1.3 1.1 0.99 0.93 0.66 0.38 0.36

Weighting

Change

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

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

Latest Chg 333'562 (9'050) 121'199 (18'179) (16'300) 85'436 40'774 125'413 (7'119) (16'994) (85'968) (20'000)

Target Price 126 120 133 115 110 125 #N/A N/A 93 111 92 130 125 107 111 #N/A N/A 120 105 93 112 85 #N/A N/A

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

File Dt 31.07.2013 31.03.2013 31.03.2013 31.03.2013 05.02.2013 01.06.2012 31.07.2013 12.04.2013 30.06.2013 31.05.2013 31.12.2012 30.06.2013 31.07.2013 31.05.2013 30.06.2013 31.07.2013 28.03.2013 25.09.2013 31.07.2013 30.04.2013

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

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

Date 26.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 11.09.2013 06.09.2013 30.08.2013 29.07.2013 08.07.2013 06.06.2013 30.05.2013 22.05.2013 21.05.2013 21.05.2013 30.07.2012 22.10.2010

27.09.2013

Sika AG Sika AG manufactures construction materials and offers related services. The Company produces concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, acoustic materials for automobiles, and waterproof membranes. Sika also offers specialized contracting services.

Price/Volume 3000

.0 M

2500

.0 M .0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIK VX EQUITY YTD Change SIK VX EQUITY YTD % CHANGE

12/2012 06/yy 2'730.00 1'851.00 1'820.00 2677 -1.94% 44.62% 93.17% 2.2 6'715.65 1'097.00 0.0 14.9 994.20 7'036.55

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

.0 M

1000

.0 M

500

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 4'624.5 0.59x 556.1 4.89x 266.7 8.41x

.0 M

1500

Valuation Analysis

31.12.2009 31.12.2010 4'154.9 4'416.0 1.89x 1.21x 560.0 576.7 14.00x 9.27x 225.9 310.5 17.74x 14.13x Profitability

LTM-4Q 31.12.2011 4'556.4 1.05x 477.4 9.99x 213.3 17.84x

31.12.2012 4'828.9 1.13x 568.9 9.63x 279.5 16.08x 568.90 428.80 8.88% 8.14% 7.27% 15.60% 11.76% 1.22% 12.2% 9.2% 5.8% 2.39 1.79 25.74% 55.06% 4.73 -

Price/ Cash Flow

06/yy 4'631.9 0.00x 0.0 0.00x 55.8 0.00x

LTM 06/yy 4'924.4 0.00x 0.0 0.00x 97.6 0.00x

FY+1

.0 M s-13

0.98 1.00 43.08% 30.00% 0.983 10 4.000 4'635 3'658 4'204 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'091.3 5'499.6 1'395.0 1'297.0 1.34x 1.22x 636.1 708.1 11.08x 9.95x 328.3 377.7 20.45x 17.69x S&P Issuer Ratings

02.05.2000 ASTABLE 02.05.2000 A-2 18.59 14.49 0.51 1.42 55.1% 35.3% 1.22 5.61 77.11 -

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 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

01.07.2013

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 |

27.09.2013

Sika AG Holdings By:

All

Holder Name SCHENKER WINKLER HOL THREADNEEDLE CREDIT SUISSE AG OPPENHEIMERFUNDS INC UBS AG SWISSCANTO FONDSLEIT NORGES BANK ODDO ASSET MANAGEMEN FIL LIMITED PICTET FUNDS BLACKROCK VANGUARD GROUP INC ALLIANZ ASSET MANAGE COLUMBIA WANGER ASSE VONTOBEL ASSET MANAG SARASIN LOMBARD ODIER ASSET SUN LIFE FINANCIAL I JUPITER ASSET MANAGE DELTA LLOYD FUND MAN

Firm Name Bank Vontobel AG Helvea Bank am Bellevue Credit Suisse Kepler Cheuvreux Main First Bank AG UBS EVA Dimensions Zuercher Kantonalbank Goldman Sachs

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

Analyst PATRICK RAFAISZ PATRICK APPENZELLER MICHAEL ROOST PATRICK LAAGER CHRISTOPHER LADNER BERND POMREHN TORSTEN WYSS TIMOTHY STANISH MARTIN HUESLER BENJAMIN MOORE

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

Recommendation hold hold hold neutral buy outperform buy buy market perform Buy/Neutral

Amt Held 1'140'136 176'577 54'978 49'810 48'461 35'461 31'086 28'322 27'832 26'076 25'821 23'219 19'205 16'800 14'285 12'832 11'358 11'184 10'430 10'065

% Out 53 8.21 2.56 2.32 2.25 1.65 1.45 1.32 1.29 1.21 1.2 1.08 0.89 0.78 0.66 0.6 0.53 0.52 0.48 0.47

Weighting

Change 3 3 3 3 5 5 5 5 3 5

M M M M M M M M M M

Latest Chg 964 385 3'869 52 (3'642) (149) (5'239) (118) (1'504) 2'962 858 700 124 (6) 325 -

Target Price 2'500 2'700 2'286 2'300 2'900 2'750 2'900 #N/A N/A #N/A N/A 3'100

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

File Dt 31.12.2011 30.06.2013 31.05.2013 31.07.2013 31.07.2013 28.03.2013 31.12.2012 30.08.2013 30.04.2013 31.05.2013 25.09.2013 30.06.2013 31.07.2013 31.07.2013 30.04.2013 30.04.2013 31.05.2013 31.07.2013 31.05.2013 31.05.2013

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

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

Date 19.08.2013 15.08.2013 08.08.2013 08.08.2013 07.08.2013 29.07.2013 21.06.2013 06.06.2013 14.05.2013 03.04.2013

27.09.2013

Price/Volume 120

.7 M

100

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHRN SE EQUITY YTD Change UHRN SE EQUITY YTD % CHANGE

12/2012 01/yy 104.40 63.95 64'849.00 102.4 -1.92% 60.13% 94.07% 124.0 30'774.45 135.00 0.0 19.0 1'967.00 29'796.45

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

1.20

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 -

.4 M

Valuation Analysis

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 -

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 2'245.00 1'984.00 25.45% 25.87% 16.22% 11.29% 0.80% 28.0% 24.5% 20.5% 6.50 2.51 1.20% 1.45% 8.12 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.30 56.71 59.28% 31.88% 1.297 3 5.000 79'502 79'915 89'518 FY+2

12/13 Y 12/14 Y 8'625.0 9'335.0 3.36x 3.01x 2'460.0 2'690.0 12.12x 11.09x 15.78x 14.40x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

748.33 602.33 -0.44 0.04 1.4% 1.4% 0.80 4.21 44.94 -

Sales/Revenue/Turnover

9'000.0 8'000.0

1.00 0.80

7'000.0 6'000.0 5'000.0

0.60

4'000.0 3'000.0

0.40 0.20

2'000.0 1'000.0 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 |

27.09.2013

Swatch Group AG/The Holdings By:

All

Holder Name HAYEK SR NICOLAS G GRETHER ESTHER CREDIT SUISSE AG CAPITAL GROUP COMPAN UBS AG PICTET FUNDS SWISSCANTO FONDSLEIT VANGUARD GROUP INC BNP PARIBAS BLACKROCK FMR LLC LOMBARD ODIER ASSET WINTERGREEN ADVISERS MIRABAUD ASSET MANAG TIAA CREF INVESTMENT PIONEER IST FUND MANAGERS AMERIPRISE FINANCIAL JULIUS BAER MULTICOO VONTOBEL ASSET MANAG

Firm Name Zuercher Kantonalbank Bank Vontobel AG Bank am Bellevue

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

Analyst PATRIK SCHWENDIMANN RENE WEBER SERGE MONNERAT

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

Recommendation outperform buy buy

Amt Held 55'704'144 10'935'000 1'602'358 1'158'192 993'149 848'479 755'520 492'966 454'735 435'261 330'792 322'291 288'249 225'000 211'543 208'323 205'137 202'929 185'274 169'000

% Out 44.91 8.82 1.29 0.93 0.8 0.68 0.61 0.4 0.37 0.35 0.27 0.26 0.23 0.18 0.17 0.17 0.17 0.16 0.15 0.14

Weighting

Change 5 5 5

M M M

Latest Chg 56'247 124'200 13'711 (2'048) (23'300) (27'272) (22'922) 39'958 200'166 (1'183) 35'000 (16'130) 399 (30'339) 859 10'000

Target Price #N/A N/A 126 125

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Unclassified 25.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Unclassified 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor

Date Not Provided Not Provided Not Provided

Date 16.09.2013 30.08.2013 24.07.2013

27.09.2013

Aryzta AG Aryzta AG produces and retails specialty bakery products. The Company produces French breads, pastries, continental breads, confections, artisan breads, homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and sweet baked goods. Aryzta operates in North America, South America, Europe, South East Asia, Australia and New Zealand.

Price/Volume 70

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARYN SE EQUITY YTD Change ARYN SE EQUITY YTD % CHANGE

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

.2 M

.1 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.07.2008 2'660.9 232.4 129.8 -

.3 M

07/2012 04/yy 61.70 44.22 87'487.00 58.15 -5.75% 31.49% 81.98% 91.8 5'338.78 1'591.57 0.0 86.2 547.47 5'500.11

31.07.2009 31.07.2010 3'212.3 3'009.7 0.83x 1.31x 342.7 340.5 7.74x 11.62x 54.0 151.7 35.77x 16.43x Profitability

LTM-4Q 31.07.2011 3'876.9 1.10x 485.1 8.80x 212.7 14.81x

31.07.2012 4'207.7 1.11x 540.0 8.68x 146.3 26.80x 540.04 337.87 8.03% 4.45% 2.58% 5.87% 0.83% 28.1% 12.6% 7.9% 3.5% 1.11 0.88 28.64% 65.68% 11.15 9.34

Price/ Cash Flow

04/yy 4'046.2 0.00x 0.0 0.00x 0.0 0.00x

LTM 04/yy 4'366.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

0.76 86.71 29.33% 25.60% 0.765 14 4.286 212'809 168'424 165'469 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 07/13 Q4 10/13 Q1 4'431.9 4'712.3 1'185.3 1'168.0 1.25x 1.13x 571.4 629.8 9.63x 8.73x 314.6 329.8 13.36x 12.04x S&P Issuer Ratings

1.93 2.89 65.7% 38.8% 0.83 4.36 32.83 39.17 88.32 -30.71

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 31.07.2009

500.0 0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

31.07.2013

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 |

27.09.2013

Aryzta AG Holdings By:

All

Holder Name ARYZTA AG ARI LTIP TRUSTEE LTD INVESCO LTD FIL LIMITED OPPENHEIMERFUNDS INC MASSACHUSETTS MUTUAL FMR LLC CREDIT SUISSE AG UBS AG NORGES BANK ROYAL BANK OF CANADA SWISSCANTO FONDSLEIT ODDO ASSET MANAGEMEN PICTET FUNDS BLACKROCK VANGUARD GROUP INC KILLIAN OWEN DWS INVESTMENTS MANDARINE GESTION INVESTEC ASSET MANAG

Firm Name Societe Generale Helvea Credit Suisse Rabobank International Main First Bank AG Goodbody Stockbrokers Ltd Zuercher Kantonalbank Bank Vontobel AG Berenberg Bank UBS EVA Dimensions Goldman Sachs Kepler Cheuvreux Davy

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

Analyst ALEX SLOANE ANDREAS VON ARX CHARLES MILLS PATRICK ROQUAS ALAIN-SEBASTIAN OBERHUBER LIAM IGOE PATRIK SCHWENDIMANN JEAN-PHILIPPE BERTSCHY FINTAN RYAN JOERN IFFERT CRAIG STERLING FULVIO CAZZOL CHRISTOPHER LADNER JOHN O'REILLY

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

Recommendation hold buy neutral buy outperform buy market perform hold buy buy hold Buy/Neutral buy outperform

Amt Held 3'772'859 3'772'859 3'251'936 2'852'652 2'822'140 2'799'110 2'364'980 2'330'735 2'150'771 1'783'949 1'168'807 1'117'425 1'067'550 981'985 975'430 968'180 823'731 810'188 787'457 756'196

% Out 4.11 4.11 3.54 3.11 3.07 3.05 2.58 2.54 2.34 1.94 1.27 1.22 1.16 1.07 1.06 1.05 0.9 0.88 0.86 0.82

Weighting

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

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

Latest Chg (49'502) (36'300) 369'892 15'925 900 (9'673) (33'795) 6'147 (44'039) (27'164) 1'668 (1'496) (27'746) (73'608) 241'490 (10'890)

Target Price 63 67 61 69 65 68 #N/A N/A 54 73 65 #N/A N/A 72 65 #N/A N/A

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

File Dt 21.11.2011 31.07.2012 26.09.2013 05.04.2013 31.07.2013 02.05.2013 31.07.2013 31.05.2013 31.07.2013 31.12.2012 31.07.2013 28.03.2013 30.08.2013 31.05.2013 25.09.2013 30.06.2013 26.09.2011 31.05.2013 30.08.2013 31.05.2013

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

Inst Type Corporation Other Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 25.09.2013 20.09.2013 20.09.2013 20.09.2013 18.09.2013 17.09.2013 17.09.2013 05.09.2013 14.08.2013 11.07.2013 12.06.2013 15.05.2013 31.10.2012

27.09.2013

Swiss Life Holding AG Swiss Life Holding is a financial services company. The Company provides life and property insurance, institutional investment management, and private banking services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLHN VX EQUITY YTD Change SLHN VX EQUITY YTD % CHANGE

12/2012 09/yy 187.00 108.05 75'165.00 174.3 -6.79% 61.32% 84.29% 32.1 5'591.73 2'768.00 0.0 33.0 6'480.00 3'667.73

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

.7 M .6 M .5 M .4 M .3 M .2 M .1 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 15'356.0 350.0 -

200 180 160 140 120 100 80 60 40 20 0 s-12

31.12.2009 31.12.2010 17'816.0 17'844.0 278.0 557.0 12.74x 7.74x Profitability

LTM-4Q 31.12.2011 17'291.0 0.02x 605.0 4.55x

31.12.2012 19'076.0 0.01x 92.0 42.10x 4.99% 1.21% 0.13% 2.19% 2.24% 0.12% 0.5% 1.69% 27.00% -

Price/ Cash Flow

LTM

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

FY+1

.0 M s-13

1.30 32.02 58.59% 48.01% 1.302 19 3.211 107'396 130'950 128'581 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 18'764.4 18'105.6 -0.05x -0.05x 721.3 711.1 140.0 7.74x 8.01x S&P Issuer Ratings

03.05.2012 BBB STABLE 27.0% 21.2% 0.12 -

Sales/Revenue/Turnover

4.50

25'000.0

4.00

20'000.0

3.50 3.00

15'000.0

2.50 2.00

10'000.0

1.50

5'000.0

1.00 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

01.07.2013

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 |

27.09.2013

Swiss Life Holding AG Holdings By:

All

Holder Name TALANX BETEILIGUNGSDODGE & COX BLACKROCK NORGES BANK CREDIT SUISSE AG DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT VANGUARD GROUP INC UBS AG T ROWE PRICE ASSOCIA VONTOBEL ASSET MANAG PICTET FUNDS LOMBARD ODIER ASSET PRUDENTIAL FINANCIAL RAIFFEISEN SCHWEIZ L IST FUND MANAGERS MIRABAUD ASSET MANAG SCHRODER INVESTMENT LLB FONDSLEITUNG AG HOTTINGER CAPITAL CO

Firm Name Berenberg Bank AlphaValue Morgan Stanley Goldman Sachs EVA Dimensions Main First Bank AG Credit Suisse JPMorgan Bank Vontobel AG Bank am Bellevue HSBC Mediobanca SpA Keefe, Bruyette & Woods Zuercher Kantonalbank Kepler Cheuvreux Nomura Helvea Bankhaus Metzler

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

Analyst PETER ELIOT DIETER HEIN DAVID ANDRICH WILLIAM ELDERKIN DOUG WALTERS RENE LOCHER RICHARD BURDEN MICHAEL HUTTNER STEFAN SCHUERMANN ANDREAS FRICK DHRUV GAHLAUT MARC THIELE RALPH HEBGEN GEORG MARTI FABRIZIO CROCE MICHAEL KLIEN DANIEL BISCHOF JOCHEN SCHMITT

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

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

Amt Held 1'614'988 1'590'600 1'221'611 737'441 683'900 417'453 375'932 335'589 270'777 220'892 205'610 193'420 156'126 135'001 129'800 107'602 104'465 75'443 71'000 61'300

% Out 5.03 4.96 3.81 2.3 2.13 1.3 1.17 1.05 0.84 0.69 0.64 0.6 0.49 0.42 0.4 0.34 0.33 0.24 0.22 0.19

Weighting

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

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

Latest Chg (1'359'700) 7'626 6'871 411 1'313 (732) (5'483) 13'514 8'850 (24'366) (42'410) (5'461) 18'300 208 (2'000) (20'031) 15'000 -

Target Price 195 214 194 179 #N/A N/A 215 175 224 210 161 195 200 183 #N/A N/A 163 190 195 145

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

File Dt 16.04.2013 30.06.2013 25.09.2013 31.12.2012 31.05.2013 31.07.2013 28.03.2013 30.06.2013 31.05.2013 30.06.2013 30.04.2013 31.05.2013 31.05.2013 31.08.2013 30.04.2013 30.04.2013 31.03.2013 31.07.2013 30.06.2013 30.06.2013

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

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

Date 26.09.2013 26.09.2013 17.09.2013 17.09.2013 10.09.2013 09.09.2013 02.09.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013

27.09.2013

Clariant AG Clariant, AG. develops, produces, markets and sales specialty chemical products. The Company provides dyes and chemicals for the textile, leather and paper industries, pigments for the use in paints, printing inks, decorative paints, plastics, cosmetics, concentrated pigment and additive preparations for engineering plastics, spin dyeing, and packaging.

Price/Volume

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLN VX EQUITY YTD Change CLN VX EQUITY YTD % CHANGE

12/2012 06/yy 16.55 9.37 857'537.00 15.28 -7.67% 63.08% 84.96% 331.9 5'072.03 3'476.00 0.0 86.0 1'667.00 7'103.03

8.0 M

6.0 M

4.0 M

2.0 M

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

14.0 M

16 14

Valuation Analysis

31.12.2008 8'071.0 0.36x 746.0 3.85x (45.0) -

31.12.2009 31.12.2010 6'614.0 7'120.0 0.51x 0.71x 470.0 880.0 7.14x 5.76x (206.0) 180.0 23.38x Profitability

LTM-4Q 31.12.2011 7'370.0 0.60x 874.0 5.10x 227.0 10.78x

31.12.2012 6'038.0 0.92x 772.0 7.19x 217.0 17.64x 772.00 456.00 7.55% 4.07% 2.86% 8.83% 0.73% 28.9% 11.6% 6.9% 3.6% 1.55 0.80 36.49% 117.67% 5.90 4.20

Price/ Cash Flow

LTM

06/yy 6'823.0 2.82x 744.0 6.49x 159.0 17.59x

06/yy 6'502.0 3.61x 751.0 8.61x 254.0 17.13x

FY+1

.0 M s-13

1.45 250.02 37.99% 26.82% 1.448 22 3.682 1'559'392 1'414'635 1'550'479 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'176.2 6'433.7 1'532.8 1'592.5 1.02x 0.95x 830.5 928.7 207.7 228.0 8.57x 7.67x 332.1 399.6 76.0 118.3 14.52x 12.36x 12.03x 11.32x S&P Issuer Ratings

14.03.2011 BBBSTABLE 14.03.2011 A-3 4.98 2.97 2.59 3.39 117.7% 53.3% 0.73 2.84 61.86 86.90 104.13 33.53

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

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

01.07.2013

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 |

27.09.2013

Clariant AG Holdings By:

All

Holder Name SHAREHOLDER GROUP CLARIANT AG STOCKHAUSEN DOLF WINTERSTEIN KONSTANT FIL LIMITED UBS AG CREDIT SUISSE AG NORGES BANK TIAA CREF INVESTMENT SCHRODER INVESTMENT PICTET FUNDS VANGUARD GROUP INC SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG SPARINVEST BLACKROCK JPMORGAN ASSET MANAG IST FUND MANAGERS ALPINE WOODS CAPITAL

Firm Name UBS AlphaValue Morgan Stanley Goldman Sachs Nomura JPMorgan Macquarie Deutsche Bank Exane BNP Paribas Societe Generale Kepler Cheuvreux Bank Vontobel AG Barclays Credit Suisse Berenberg Bank Main First Bank AG HSBC Zuercher Kantonalbank EVA Dimensions Canaccord Genuity Corp

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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JEAN-FRANCOIS MEYMANDI MARTIN SCHNEE PETER MACKEY MICHAEL RAE PATRICK LAMBERT MARTIN EVANS CHRISTIAN FAITZ TIMOTHY JONES JAMES KNIGHT PETER CLARK MARKUS MAYER PATRICK RAFAISZ GUNTHER ZECHMANN CHRIS COUNIHAN JAIDEEP PANDYA BERND POMREHN JESKO MAYER-WEGELIN MARTIN SCHREIBER TIMOTHY STANISH PAUL W SATCHELL

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

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

Amt Held 44'738'756 13'197'597 11'776'204 11'018'080 10'319'502 9'963'262 9'281'323 8'964'927 8'830'526 7'025'013 4'918'416 3'912'297 3'777'671 3'773'453 2'403'710 1'722'966 1'406'371 1'173'151 1'056'698 962'500

% Out 13.48 3.98 3.55 3.32 3.11 3 2.8 2.7 2.66 2.12 1.48 1.18 1.14 1.14 0.72 0.52 0.42 0.35 0.32 0.29

Weighting

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

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

Latest Chg 1'598'001 (2'155'824) (124'364) (58'651) (79'786) 701'274 14'266 840'604 90'512 17'246 290'000 (35'873) 284 342'505 88'000

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

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

File Dt 31.12.2011 13.03.2013 31.12.2012 14.01.2013 24.09.2013 31.07.2013 31.05.2013 18.02.2013 24.05.2013 30.08.2013 31.05.2013 30.06.2013 28.03.2013 31.07.2013 30.04.2013 31.07.2013 25.09.2013 28.06.2013 30.04.2013 31.07.2013

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

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

Date 25.09.2013 19.09.2013 17.09.2013 11.09.2013 05.09.2013 04.09.2013 04.09.2013 22.08.2013 22.08.2013 14.08.2013 13.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 12.07.2013 27.06.2013 06.06.2013 17.04.2013

27.09.2013

Baloise Holding AG Baloise Holding AG offers group and individual life, health, accident, liability property, and transportation insurance to customers in Europe. The Company also offers private banking and asset management services.

Price/Volume 120

.5 M .4 M

100

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BALN VX EQUITY YTD Change BALN VX EQUITY YTD % CHANGE

12/2012 12/yy 104.50 73.65 75'318.00 101.5 -2.87% 37.81% 88.33% 50.0 5'075.00 2'017.60 0.0 42.1 2'923.70 3'980.90

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

.3 M .2 M

.2 M .1 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 7'807.9 0.46x 358.3 10.70x

.3 M

31.12.2009 31.12.2010 9'464.6 9'420.2 0.34x 0.37x 414.1 433.4 9.95x 9.95x Profitability

LTM-4Q 31.12.2011 7'691.1 0.31x 60.8 49.68x

31.12.2012 9'333.4 0.30x 436.6 8.42x 5.78% 5.30% 0.64% 10.74% 8.63% 0.13% 4.7% 2.74% 41.77% -

Price/ Cash Flow

LTM

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

FY+1

.0 M s-13

1.11 44.93 42.17% 35.56% 1.111 16 3.000 117'290 149'140 154'829 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'213.2 8'477.6 0.27x 0.26x 473.8 492.0 9.86x 9.64x S&P Issuer Ratings

41.8% 29.3% 0.13 -

Sales/Revenue/Turnover

80.00

12'000.0

70.00

10'000.0

60.00

8'000.0

50.00 40.00

6'000.0

30.00

4'000.0

20.00

2'000.0 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

01.07.2013

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 |

27.09.2013

Baloise Holding AG Holdings By:

All

Holder Name BLACKROCK SIGNAL IDUNA GRUPPE BALOISE HOLDING AG LSV ASSET MANAGEMENT UBS AG CREDIT SUISSE AG NORGES BANK PICTET FUNDS SWISSCANTO FONDSLEIT VANGUARD GROUP INC KEMPEN CAPITAL MANAG DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG IG INVESTMENT MANAGE DANSKE INVEST A/S SARASIN PRUDENTIAL FINANCIAL MIRABAUD ASSET MANAG IST FUND MANAGERS BARING FUND MANAGERS

Firm Name Berenberg Bank AlphaValue Goldman Sachs Main First Bank AG Bank am Bellevue HSBC Credit Suisse Helvea JPMorgan Zuercher Kantonalbank Bank Vontobel AG Kepler Cheuvreux Keefe, Bruyette & Woods Nomura Mediobanca SpA EVA Dimensions

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

Analyst PETER ELIOT DIETER HEIN WILLIAM ELDERKIN RENE LOCHER ANDREAS FRICK DHRUV GAHLAUT RICHARD BURDEN DANIEL BISCHOF MICHAEL HUTTNER GEORG MARTI STEFAN SCHUERMANN FABRIZIO CROCE RALPH HEBGEN MICHAEL KLIEN MARC THIELE DOUG WALTERS

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

Recommendation buy sell Sell/Neutral underperform buy neutral neutral hold neutral market perform hold hold market perform buy neutral hold

Amt Held 2'950'000 2'500'000 2'264'287 1'862'547 1'650'911 1'348'296 1'033'406 615'109 610'984 525'908 457'630 399'544 336'800 305'153 267'545 252'201 187'032 176'989 168'856 133'453

% Out 5.9 5 4.53 3.73 3.3 2.7 2.07 1.23 1.22 1.05 0.92 0.8 0.67 0.61 0.54 0.5 0.37 0.35 0.34 0.27

Weighting

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

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

Latest Chg (8'336) 7'401 (7'472) (36'919) 18'368 41'285 3'042 3'700 1'693 (3'288) 7'800 41'000 323 -

Target Price 115 84 100 100 119 103 97 102 109 #N/A N/A 107 93 106 100 96 #N/A N/A

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

File Dt 25.09.2013 31.12.2012 31.12.2012 02.07.2013 31.07.2013 31.05.2013 31.12.2012 31.05.2013 28.03.2013 30.06.2013 30.06.2013 30.04.2013 30.04.2013 30.06.2013 31.05.2013 30.04.2013 31.08.2013 31.03.2013 30.04.2013 31.05.2013

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

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

Date 26.09.2013 26.09.2013 17.09.2013 09.09.2013 06.09.2013 05.09.2013 03.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 20.06.2013 06.06.2013

27.09.2013

Lindt & Spruengli AG Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery products. The Company markets its products through its own specialty stores and boutiques, as well as through retail outlets and catalog sales. Lindt operates subsidiaries in Europe, North America and Asia and also sells its products through various distributors in other world regions. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LISN SE EQUITY YTD Change LISN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 43'515.00 33'075.92 32.00 42855 -1.52% 29.57% 90.61% 0.1 9'159.83 12.00 0.0 0.0 555.00 8'531.83

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

31.12.2009 31.12.2010 2'524.8 2'579.3 2.03x 2.42x 382.5 423.3 13.41x 14.77x 193.1 241.9 29.86x 28.38x Profitability

31.12.2011 2'488.6 2.68x 421.9 15.83x 246.5 28.95x

31.12.2012 2'669.5 2.70x 457.4 15.75x 271.9 28.80x 457.40 362.50 13.58% 13.55% 10.34% 15.04% 1.01% 17.6% 13.7% 10.2% 2.50 1.77 0.46% 0.69% 9.27 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

FY+1 -

.0 M s-13

0.60 0.10 27.52% 25.87% 0.598 11 2.818 147 117 113 FY+2

12/13 Y 12/14 Y 2'869.0 3'072.1 2.99x 2.77x 512.5 559.3 16.58x 15.19x 306.7 337.7 31.84x 28.87x S&P Issuer Ratings

FQ+1

FQ+2

117.28 81.85 -1.29 0.05 0.7% 0.7% 1.01 3.51 39.36 -

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 2'573.2 1.85x 466.1 10.21x 261.5 19.52x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 s-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Lindt & Spruengli AG Holdings By:

All

Holder Name LINDT & SPRUENGLI AG NORGES BANK TANNER ERNST CREDIT SUISSE AG AXA FUNDS MANAGEMENT CAISSE DE DEPOT ET P VANGUARD GROUP INC SPRUENGLI RUDOLF K BULGHERONI ANTONIO BLACKROCK SWISSCANTO FONDSLEIT UBS AG FIRST EAGLE INVESTME PICTET FUNDS FMR LLC VONTOBEL ASSET MANAG JULIUS BAER MULTICOO IAM INDEPENDENT ASSE F&C ASSET MANAGEMENT ZUERCHER KANTONALBAN

Firm Name Goldman Sachs Bank am Bellevue UBS Berenberg Bank Bank Vontobel AG Natixis Kepler Cheuvreux HSBC EVA Dimensions Zuercher Kantonalbank GSC Research

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

Analyst FULVIO CAZZOL GINA FRANCIOLI JOERN IFFERT JAMES TARGETT JEAN-PHILIPPE BERTSCHY NICOLAS LANGLET JON COX FLORENCE DOHAN CRAIG STERLING PATRIK SCHWENDIMANN MATTHIAS SCHRADE

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

Recommendation Sell/Neutral hold buy hold not rated neutral hold underweight hold outperform hold

Amt Held 29'144 4'630 2'803 2'239 1'400 1'285 1'166 1'014 1'000 861 857 799 639 540 325 319 241 175 170 166

% Out 21.32 3.39 2.05 1.64 1.02 0.94 0.85 0.74 0.73 0.63 0.63 0.58 0.47 0.4 0.24 0.23 0.18 0.13 0.12 0.12

Weighting

Change

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

M M M M M M M M M U U

Latest Chg (21) 24 (19) (22) (32) (68) (11) 20 (14) (8)

Target Price 41'600 24'760 47'500 43'000 #N/A N/A 40'000 40'000 35'500 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 16.03.2013 Corporation 31.12.2012 Government 31.12.2011 n/a 31.05.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Unclassified 31.12.2011 n/a 31.12.2011 n/a 25.09.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Unclassified 30.06.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 12.09.2013 03.09.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 14.08.2013 06.06.2013 15.01.2013 27.04.2012

27.09.2013

Swiss Prime Site AG Swiss Prime Site AG is a real estate investment company. The Company owns business and mixed-use business/residential buildings in commercial centers in Switzerland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (09.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPSN VX EQUITY YTD Change SPSN VX EQUITY YTD % CHANGE

12/2012 01/yy 78.85 66.65 45'844.00 69.5 -11.86% 4.28% 29.10% 60.5 4'204.63 4'125.09 0.0 0.0 199.36 8'352.48

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

.9 M

.8 M

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

31.12.2009 31.12.2010 293.7 601.1 25.52x 13.23x 171.5 357.9 43.70x 22.22x 187.4 235.0 9.52x 16.07x Profitability

31.12.2011 571.6 13.78x 355.2 22.17x 355.1 10.80x

31.12.2012 576.7 14.75x 339.6 25.05x 316.3 13.26x 339.59 316.80 34.64% 71.33% 3.95% 9.67% 4.50% 0.07% 55.8% 54.8% 44.61% 105.14% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M s-13

0.55 56.68 -4.33% -4.51% 0.550 6 3.000 126'302 115'505 115'773 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/10 Q2 09/10 Q3 678.0 674.0 12.41x 12.77x 362.5 378.0 23.02x 22.08x 223.0 230.0 19.21x 18.69x S&P Issuer Ratings

2.90 0.53 11.98 12.32 105.1% 51.3% 0.07 -

Sales/Revenue/Turnover

180.00

700.0

160.00

600.0

140.00

500.0

120.00 100.00

400.0

80.00

300.0

60.00

200.0

40.00

100.0

20.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 209.6 16.31x 158.8 21.53x 116.4 10.26x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Swiss Prime Site AG Holdings By:

All

Holder Name CREDIT SUISSE AG BLACKROCK WECKEN KLAUS RUDOLF STATE STREET CORP UBS AG FUST WALTER NORGES BANK SANLAM ASSET MANAGEM SWISSCANTO FONDSLEIT VANGUARD GROUP INC BNP PARIBAS PICTET FUNDS SCOTTISH WIDOWS VONTOBEL ASSET MANAG MORGAN STANLEY ING INTERNATIONAL AD MIRABAUD ASSET MANAG SEB AMUNDI PETERCAM SA

Firm Name UBS EVA Dimensions ABN Amro Bank N.V. Zuercher Kantonalbank Bank Vontobel AG Kempen & Co

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

Analyst ANDRE RUDOLF VON ROHR DOUG WALTERS RUUD VAN MAANEN MARKUS WAEBER STEFAN SCHUERMANN ROBERT WOERDEMAN

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

Recommendation neutral hold sell outperform hold neutral

Amt Held 3'325'716 3'061'591 2'070'000 2'037'272 1'707'673 1'619'979 1'591'970 726'335 699'611 693'588 315'738 304'241 222'747 207'810 178'103 152'800 140'000 137'255 131'662 125'910

% Out 5.5 5.06 3.42 3.37 2.82 2.68 2.63 1.2 1.16 1.15 0.52 0.5 0.37 0.34 0.29 0.25 0.23 0.23 0.22 0.21

Weighting

Change 3 3 1 5 3 3

M U M U M M

Latest Chg 11'533 (2'047) (11'128) (717'875) 13'700 (68'492) 20'478 (2'164) (16'419) 10'051 (11'832) (700) (17'826) 15'992 451 -

Target Price 73 #N/A N/A 61 #N/A N/A 75 78

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

File Dt 31.05.2013 25.09.2013 31.12.2012 26.09.2013 30.06.2013 31.07.2012 31.12.2012 31.07.2013 28.03.2013 30.06.2013 30.04.2013 31.05.2013 28.02.2013 30.04.2013 30.06.2013 28.03.2013 31.03.2013 28.03.2013 30.04.2013 30.04.2013

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

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

Date 17.09.2013 17.09.2013 13.09.2013 12.09.2013 23.05.2013 25.04.2013

27.09.2013

Partners Group Holding AG Partners Group Holding AG is a global private markets asset management firm in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions.

Price/Volume

.3 M .3 M .2 M

150

Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PGHN SE EQUITY YTD Change PGHN SE EQUITY YTD % CHANGE

12/2012 01/yy 273.50 183.80 35'025.00 223.6 -18.24% 21.65% 42.81% 26.7 5'970.12 0.00 0.0 0.9 234.65 6'133.67

.2 M

100

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

.4 M

250 200

Valuation Analysis

31.12.2008 270.7 6.16x 182.5 9.14x 170.8 10.90x

300

31.12.2009 31.12.2010 329.4 447.3 9.30x 9.31x 231.9 320.8 13.21x 12.98x 204.8 296.3 15.75x 14.86x Profitability

31.12.2011 448.8 9.06x 236.2 17.21x 202.1 20.51x

31.12.2012 564.2 9.12x 295.5 17.42x 257.3 20.81x 295.53 48.95% 49.76% 34.49% 47.31% 40.53% 0.71% 55.4% 45.6% 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.65 16.10 19.37% 8.63% 0.647 12 3.500 74'221 77'084 65'895 FY+2

12/13 Y 12/14 Y 493.6 560.7 11.63x 10.21x 306.5 351.9 20.00x 17.42x 288.1 330.8 20.70x 17.86x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

0.49 0.62 0.0% 0.0% 0.71 33.37 -

Sales/Revenue/Turnover

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0 15.00

200.0 10.00

100.0

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

01.07.2013

1999 2000 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 |

27.09.2013

Partners Group Holding AG Holdings By:

All

Holder Name GANTNER ALFRED WIETLISBACH URS ERNI MARCEL BLACKROCK PARTNERS GROUP WILLIAM BLAIR & COMP MEISTER STEFFEN CREDIT SUISSE AG NORGES BANK FMR LLC HALDNER FELIX COLUMBIA WANGER ASSE PICTET FUNDS VANGUARD GROUP INC ROYCE AND ASSOCIATES ALLIANCE BERNSTEIN SWISSCANTO FONDSLEIT UBS AG WENGER JUERG PRUDENTIAL FINANCIAL

Firm Name Goldman Sachs Main First Bank AG Helvea Bank am Bellevue Mediobanca SpA Morgan Stanley Zuercher Kantonalbank Bank Vontobel AG Credit Suisse UBS EVA Dimensions

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

Analyst CHRIS M. TURNER KILIAN MAIER TIM DAWSON MARC DEUSTER ALEVIZOS ALEVIZAKOS BRUCE HAMILTON GEORG MARTI TERESA NIELSEN GURJIT KAMBO DANIELE BRUPBACHER DOUG WALTERS

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

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

Amt Held 2'673'659 2'673'659 2'673'659 1'548'675 1'218'791 729'025 534'000 506'447 360'910 352'189 347'100 319'621 283'127 207'899 201'303 193'408 190'583 178'166 140'333 133'413

% Out 10.01 10.01 10.01 5.8 4.56 2.73 2 1.9 1.35 1.32 1.3 1.2 1.06 0.78 0.75 0.72 0.71 0.67 0.53 0.5

Weighting

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

U M M M M M M M M M M

Latest Chg (3'297) 358 4'143 6'828 190 2'912 9'636 (137'985) (28'089) (11'505) (2'465) 14'478

Target Price 240 210 248 235 282 250 #N/A N/A 220 255 250 #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 31.12.2012 31.12.2012 25.09.2013 31.12.2012 30.06.2013 31.12.2012 31.05.2013 31.12.2012 31.07.2013 31.12.2012 31.07.2013 31.05.2013 30.06.2013 30.06.2013 30.06.2013 28.03.2013 31.05.2013 31.12.2012 31.08.2013

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

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

Date 20.09.2013 18.09.2013 18.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 17.06.2013 06.06.2013

27.09.2013

Lonza Group AG Lonza Group AG produces organic fine chemicals, biocides, active ingredients, and biotechnology products. The Company offers custom chemical manufacturing and fermentation processing and manufactures its products for the life sciences, pharmaceuticals, food processing, and agricultural products industries. Lonza operates production sites in Europe, the United States, and China.

Price/Volume

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

1.2 M 1.0 M

12/2012 01/yy 77.90 40.11 133'132.00 74.45 -4.43% 85.61% 91.14% 52.9 3'939.90 2'815.00 0.0 (1.0) 429.00 6'454.90

.8 M

.6 M

.4 M

.2 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'937.0 2.20x 691.0 9.36x 420.0 11.07x

1.4 M

80 70

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LONN VX EQUITY YTD Change LONN VX EQUITY YTD % CHANGE

31.12.2009 31.12.2010 2'690.0 2'680.0 1.91x 1.91x 517.0 647.0 9.91x 7.91x 162.0 291.0 22.88x 13.50x Profitability

31.12.2011 2'692.0 2.07x 537.0 10.37x 154.0 18.62x

31.12.2012 3'925.0 1.26x 640.0 7.73x 182.0 14.02x 640.00 336.00 8.56% 5.63% 1.84% 5.73% 0.53% 25.6% 7.6% 4.6% 1.51 0.81 39.65% 116.95% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M s-13

1.27 50.70 55.04% 56.33% 1.267 16 3.125 170'327 200'147 203'028 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 3'844.6 4'046.8 1.61x 1.48x 668.3 754.8 9.67x 8.56x 228.2 305.5 15.20x 12.52x S&P Issuer Ratings

5.00 2.69 117.0% 53.9% 0.53 0.75 121.14

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 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

01.07.2013

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 |

27.09.2013

Lonza Group AG Holdings By:

All

Holder Name FRANKLIN RESOURCES MANNING & NAPIER ADV HARDING LOEVNER LP MANNING & NAPIER ADV BLACKROCK AFFILIATED MANAGING TIAA CREF INVESTMENT NORGES BANK FMR LLC CREDIT SUISSE AG SWISSCANTO FONDSLEIT VANGUARD GROUP INC UBS AG PICTET FUNDS PRINCIPAL FINANCIAL DIMENSIONAL FUND ADV SCHRODER INVESTMENT PRUDENTIAL FINANCIAL VONTOBEL ASSET MANAG OPPENHEIMERFUNDS INC

Firm Name AlphaValue Main First Bank AG Helvea EVA Dimensions Bank am Bellevue Jefferies Kepler Cheuvreux S&P Capital IQ Credit Suisse Zuercher Kantonalbank Bank Vontobel AG Kempen & Co Commerzbank Corporates & Markets UBS Deutsche Bank JPMorgan

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

Analyst FABRICE FARIGOULE BERND POMREHN OLAV ZILIAN TIMOTHY STANISH BRUNO ESCHLI PETER WELFORD AITANA PEIRE JACOB THRANE LUISA HECTOR MARTIN SCHREIBER CARLA BAENZIGER SACHIN SONI STEPHAN KIPPE MARTIN WALES HOLGER BLUM RICHARD VOSSER

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

Recommendation reduce outperform buy hold hold hold reduce hold neutral market perform hold hold hold neutral hold neutral

Amt Held 3'594'879 2'801'813 2'658'885 2'642'891 2'091'802 1'912'949 1'566'236 1'400'896 1'280'490 1'113'830 645'001 593'447 448'208 393'091 174'983 173'931 173'386 156'525 156'410 144'892

% Out 6.79 5.29 5.02 4.99 3.95 3.61 2.96 2.65 2.42 2.1 1.22 1.12 0.85 0.74 0.33 0.33 0.33 0.3 0.3 0.27

Weighting

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

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

Latest Chg (93'632) (816'138) 455 (44'662) 3'681 (11'765) (26'029) 19'759 (7'030) 16'864 10'223 57 59'181 (52'442) (16'100) -

Target Price 73 85 83 #N/A N/A 74 75 56 74 70 #N/A N/A 69 63 55 71 47 40

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

File Dt 28.06.2013 31.12.2012 31.12.2012 08.03.2013 25.09.2013 31.12.2012 09.08.2013 31.12.2012 31.07.2013 31.05.2013 28.03.2013 30.06.2013 31.07.2013 31.05.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.04.2013 31.07.2013

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

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

Date 26.09.2013 09.09.2013 15.08.2013 09.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 12.07.2013 10.05.2013 22.01.2013 10.08.2012

27.09.2013

Galenica AG Galenica AG manufactures and distributes pharmaceuticals and offers related services. The Company produces prescription and over-the-counter drugs, toiletries and hygiene products, and operates pharmacies.

Price/Volume 900

.1 M

800

.1 M

700 600

.1 M

500

12/2012 01/yy 775.50 479.25 17'197.00 774.5 -0.13% 61.61% 98.08% 6.5 5'034.25 1'038.04 0.0 32.3 356.88 5'757.52

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

300

31.12.2009 31.12.2010 3'279.1 3'446.6 1.14x 1.37x 401.6 443.7 9.28x 10.65x 210.2 230.4 11.55x 15.91x Profitability

31.12.2011 3'480.6 1.26x 399.9 10.99x 223.1 15.89x

31.12.2012 3'608.0 1.15x 431.3 9.62x 253.5 13.55x 431.34 355.28 9.85% 8.90% 9.11% 21.84% 1.17% 40.6% 12.5% 10.4% 7.0% 1.45 0.93 32.99% 77.14% 6.25

Price/ Cash Flow

.0 M

100 0 s-12

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.89 4.55 40.59% 48.67% 0.887 14 2.857 28'072 21'533 23'723 FY+2

12/13 Y 12/14 Y 3'554.4 3'700.6 1.56x 1.45x 452.7 460.3 12.73x 12.51x 279.3 284.5 17.53x 17.12x S&P Issuer Ratings

FQ+1

FQ+2

11.56 10.35 1.54 1.98 77.1% 43.0% 1.17 8.28 58.37 46.11

Sales/Revenue/Turnover

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

.0 M

200

Fiscal Year Ended 31.12.2008 3'128.1 0.94x 470.1 6.26x 188.2 11.80x

.1 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GALN SE EQUITY YTD Change GALN SE EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Galenica AG Holdings By:

All

Holder Name ALLIANCE BOOTS LTD CREDIT SUISSE AG ALECTA PENSIONSFORSA PATINEX AG NORGES BANK CREDIT SUISSE AG UBS AG JORNOD ETIENNE VONTOBEL ASSET MANAG SWISSCANTO FONDSLEIT LB SWISS INVESTMENT PICTET FUNDS VANGUARD GROUP INC IST FUND MANAGERS LOMBARD ODIER ASSET SARASIN GALENICA AG DWS INVESTMENTS SCHW JULIUS BAER MULTICOO HIRSBRUNNER FRITZ

Firm Name AlphaValue UBS EVA Dimensions Helvea Deutsche Bank Bank Vontobel AG Kepler Cheuvreux Credit Suisse Bank am Bellevue Zuercher Kantonalbank Main First Bank AG Berenberg Bank Goldman Sachs

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

Analyst ARMELLE MOULIN GUILLAUME VAN RENTERGHEM TIMOTHY STANISH OLAV ZILIAN HOLGER BLUM CARLA BAENZIGER MAJA PATAKI CHRISTOPH GRETLER STEPHEN LEVENTHAL SIBYLLE BISCHOFBERGER FRICK MARCUS WIEPRECHT ALISTAIR CAMPBELL VERONIKA DUBAJOVA

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

Recommendation sell buy buy buy buy hold hold neutral hold market perform underperform sell Sell/Neutral

Amt Held 1'656'172 379'607 210'000 196'758 124'460 102'457 95'726 47'261 42'675 39'944 39'208 30'647 29'685 26'466 23'740 21'306 20'075 19'785 16'068 13'032

% Out 25.48 5.84 3.23 3.03 1.91 1.58 1.47 0.73 0.66 0.61 0.6 0.47 0.46 0.41 0.37 0.33 0.31 0.3 0.25 0.2

Weighting

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

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

Latest Chg 116'645 (37'419) (845) 3'752 3'000 (1'616) 1'950 1'605 1'827 (2'353) 1'849 (86) 1'000 351 -

Target Price 665 890 #N/A N/A 860 870 751 710 780 595 #N/A N/A 660 500 454

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

File Dt Inst Type 10.05.2013 Corporation 12.03.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 06.09.2013 Private Equity 31.12.2012 Government 31.05.2013 Investment Advisor 31.07.2013 Unclassified 31.12.2012 n/a 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Unclassified 31.12.2012 Corporation 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 n/a

Date 6 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

Date 26.09.2013 23.09.2013 10.09.2013 05.09.2013 03.09.2013 30.08.2013 27.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 03.05.2013 30.01.2013

27.09.2013

Dufry AG Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico, France, Russia, the United Arab Emirates, Singapore, the Caribbean and the United States.

Price/Volume 160

1.2 M

140

1.0 M

120 .8 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DUFN VX EQUITY YTD Change DUFN VX EQUITY YTD % CHANGE

12/2012 06/yy 139.00 111.10 73'043.00 137.1 -1.37% 23.40% 93.19% 29.7 4'068.28 1'385.30 0.0 128.4 434.00 5'799.58

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

.4 M

40 .2 M

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'113.5 0.79x 277.3 6.02x 95.0 8.62x

.6 M

31.12.2009 31.12.2010 2'378.7 2'610.2 0.95x 1.56x 288.1 328.0 7.85x 12.43x 38.5 116.6 34.88x 27.17x Profitability

LTM-4Q 31.12.2011 2'637.7 1.43x 344.3 10.94x 111.9 20.78x

31.12.2012 3'153.6 1.45x 444.0 10.33x 122.4 26.82x 444.00 275.70 8.74% 6.26% 2.27% 7.93% 6.67% 0.84% 58.9% 12.9% 7.6% 3.9% 1.75 0.83 39.29% 111.83% 52.69 2.78

Price/ Cash Flow

06/yy 2'973.8 5.59x 414.9 10.99x 127.8 24.11x

LTM 06/yy 3'303.6 5.67x 425.6 12.06x 89.0 35.70x

FY+1

.0 M s-13

1.14 23.74 20.69% 14.63% 1.144 13 4.154 113'832 104'280 124'561 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'638.6 4'116.5 1'061.5 960.5 1.54x 1.33x 515.1 611.6 174.5 149.5 11.28x 9.50x 175.6 235.3 65.9 41.5 21.48x 16.17x S&P Issuer Ratings

15.10.2012 BB+ STABLE 5.58 4.53 3.69 4.45 111.8% 50.3% 0.84 11.82 6.93 131.41 75.29 48.44

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

01.07.2013

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 |

27.09.2013

Dufry AG Holdings By:

All

Holder Name TRAVEL RETAIL INVEST FRANKLIN RESOURCES HUDSON MEDIA INC ARTIO GLOBAL MANAGEM T ROWE PRICE ASSOCIA UBS AG NORGES BANK CREDIT SUISSE AG BTG PACTUAL GLOBAL A SCHRODER INVESTMENT NUCLEO CAPITAL LTDA SWISSCANTO FONDSLEIT PICTET FUNDS JUPITER ASSET MANAGE INVESCO LTD VANGUARD GROUP INC COHEN JAMES DEUTSCHE BANK AG NORDEA INV MANAGEMEN DNB NOR ASSET MANAGE

Firm Name Mirabaud Securities UBS Deutsche Bank Bank am Bellevue Grupo Santander Kepler Cheuvreux Bank Vontobel AG Natixis Main First Bank AG Exane BNP Paribas EVA Dimensions Credit Suisse

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

Analyst THOMAS BAUMANN JOERN IFFERT CHARLIE MUIR-SANDS MICHAEL HEIDER REBECCA MCCLELLAN BEAT KEISER RENE WEBER ANDRE JUILLARD GAEL COLCOMBET ROBERTA CIACCIA CRAIG STERLING PATRICK JNGLIN

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

Recommendation accumulate buy hold buy buy buy buy buy outperform neutral sell outperform

Amt Held 4'060'445 1'508'287 1'506'687 804'639 714'317 545'215 522'095 469'027 425'495 335'552 277'641 218'875 198'646 188'742 182'340 178'975 177'010 167'134 161'800 161'292

% Out 13.68 5.08 5.08 2.71 2.41 1.84 1.76 1.58 1.43 1.13 0.94 0.74 0.67 0.64 0.61 0.6 0.6 0.56 0.55 0.54

Weighting

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

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

Latest Chg 598'288 (492'317) (27'119) 4'149 (468) (46'493) 133'461 7'320 (31'443) 55'569 (3'948) 38'927 (81'900) 11'048 1'742

Target Price 145 138 135 154 160 142 150 160 150 135 #N/A N/A 145

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

File Dt 25.09.2013 26.07.2013 05.04.2013 20.03.2012 30.06.2013 31.05.2013 31.12.2012 31.05.2013 31.05.2013 30.08.2013 31.05.2013 28.03.2013 31.05.2013 31.05.2013 26.09.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 31.05.2013

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

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

Date 26.09.2013 23.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 06.08.2013 04.06.2013

27.09.2013

Price/Volume 4000

1.20 1.00

.0 M

2500

12/2012 01/yy 3'811.00 2'793.29 686.00 3691 -3.15% 32.14% 85.46% 0.9 9'159.83 12.00 0.0 0.0 555.00 8'531.83

.0 M

1500

.0 M

1000 .0 M

500 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

.0 M

3000 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LISP SE EQUITY YTD Change LISP SE EQUITY YTD % CHANGE

31.12.2008 2'573.2 1.85x 466.1 10.21x 261.5 -

.0 M

3500

31.12.2009 31.12.2010 2'524.8 2'579.3 2.03x 2.42x 382.5 423.3 13.41x 14.77x 193.1 241.9 Profitability

31.12.2011 2'488.6 2.68x 421.9 15.83x 246.5 -

31.12.2012 2'669.5 2.70x 457.4 15.75x 271.9 457.40 362.50 13.58% 13.55% 10.34% 15.04% 1.01% 17.6% 13.7% 10.2% 2.50 1.77 0.46% 0.69% 9.27 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.56 0.88 26.27% 25.84% 0.559 9 3.667 1'630 1'756 1'646 FY+2

12/13 Y 12/14 Y 2'878.6 3'085.6 2.95x 2.72x 508.4 555.8 16.71x 15.29x 305.6 336.8 27.77x 25.42x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

117.28 81.85 -1.29 0.05 0.7% 0.7% 1.01 3.51 39.36 -

Sales/Revenue/Turnover

3'500.0 3'000.0 2'500.0

0.80

2'000.0 0.60

1'500.0

0.40

1'000.0 500.0

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 |

27.09.2013

Lindt & Spruengli AG Holdings By:

All

Holder Name PICTET FUNDS ALLIANZ ASSET MANAGE CREDIT SUISSE AG UBS AG BLACKROCK SWISSCANTO FONDSLEIT VANGUARD GROUP INC VONTOBEL ASSET MANAG VIRTUS INVESTMENT AD COMGEST GROWTH PLC NATIXIS ASSET MANAGE LOMBARD ODIER ASSET IST FUND MANAGERS VONTOBEL ASSET MANAG FIRST EAGLE INVESTME TANNER ERNST SOCIETE GENERALE SARASIN KLINGLER HANSJUERG RAIFFEISEN SCHWEIZ L

Firm Name AlphaValue Main First Bank AG Helvea Berenberg Bank Bank Vontobel AG S&P Capital IQ Credit Suisse Zuercher Kantonalbank Jefferies

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

Analyst SOPHIE CABO-BROSETA ALAIN-SEBASTIAN OBERHUBER ANDREAS VON ARX JAMES TARGETT JEAN-PHILIPPE BERTSCHY CARL SHORT PATRICK JNGLIN PATRIK SCHWENDIMANN DIRK VAN VLAANDEREN

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

Recommendation sell outperform hold buy hold hold neutral outperform buy

Amt Held 35'617 19'046 18'456 16'439 14'979 11'189 10'029 7'770 7'657 7'000 6'649 5'429 4'986 4'555 4'175 3'580 2'918 2'660 2'650 2'185

% Out 3.98 2.13 2.06 1.84 1.67 1.25 1.12 0.87 0.86 0.78 0.74 0.61 0.56 0.51 0.47 0.4 0.33 0.3 0.3 0.24

Weighting

Change 1 5 3 5 3 3 3 5 5

M M M M M M M U M

Latest Chg 271 482 (171) 234 (175) (534) 550 200 900 277 (5) 10 125 725 (38) 205

Target Price 2'885 4'200 3'800 4'300 3'850 3'890 3'300 #N/A N/A 3'470

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 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Unclassified 25.09.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 28.06.2013 Insurance Company 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 19.11.2009 Hedge Fund Manager 31.12.2010 n/a 30.04.2013 Bank 30.04.2013 Unclassified 31.12.2010 n/a 30.04.2013 Investment Advisor

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

Date 26.09.2013 18.09.2013 22.08.2013 21.08.2013 21.08.2013 20.08.2013 04.04.2013 15.01.2013 31.10.2012

27.09.2013

Sulzer AG Sulzer AG manufactures machinery and equipment, and operates in a surfacing technology business. The Company provides pumping and surface technology solution and services, services and repair of thermal turbo machinery, and service for separation columns and static mixing.

Price/Volume 180

.8 M

160

.7 M

140

.6 M

120

.5 M

100

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUN SE EQUITY YTD Change SUN SE EQUITY YTD % CHANGE

12/2012 01/yy 171.00 130.30 85'225.00 139.1 -18.65% 6.75% 23.83% 34.3 4'765.90 609.00 0.0 6.8 513.10 4'948.30

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

.3 M

60 40

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 3'713.5 0.47x 575.3 3.06x 322.9 6.26x

.4 M

Valuation Analysis

31.12.2009 31.12.2010 3'350.4 3'183.7 0.62x 1.34x 471.2 508.0 4.38x 8.38x 270.4 300.4 10.06x 15.98x Profitability

31.12.2011 3'577.9 1.04x 481.8 7.76x 279.8 12.17x

31.12.2012 4'021.6 1.25x 552.0 9.07x 307.1 15.96x 552.00 420.60 10.46% 10.30% 5.96% 12.75% 10.41% 0.87% 31.0% 12.8% 9.4% 7.6% 1.66 1.07 13.26% 26.51% 4.01 4.08

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M s-13

1.26 23.18 3.64% -1.54% 1.261 14 3.071 124'580 95'757 118'479 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'119.4 4'382.4 1.15x 1.03x 520.8 614.8 9.51x 8.05x 274.6 344.0 17.11x 13.75x S&P Issuer Ratings

24.53 18.94 0.34 1.23 26.5% 20.9% 0.87 6.20 91.07 89.42 52.92 123.92

Sales/Revenue/Turnover

35.00

4'500.0

30.00

4'000.0 3'500.0

25.00

3'000.0

20.00

2'500.0

15.00

2'000.0 1'500.0

10.00

1'000.0

5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Sulzer AG Holdings By:

All

Holder Name RENOVA GROUP BLACKROCK NORGES BANK CREDIT SUISSE AG THREADNEEDLE PICTET FUNDS SULZER LTD DANSKE INVEST A/S UBS AG SWISSCANTO FONDSLEIT NORDEA INV MANAGEMEN DANSKE INVEST MANAGE VANGUARD GROUP INC VONTOBEL ASSET MANAG ODDO ASSET MANAGEMEN SARASIN NEUBERGER BERMAN LLC DEUTSCHE BANK AG SWISSCANTO FONDSLEIT PRUDENTIAL FINANCIAL

Firm Name Bank am Bellevue Goldman Sachs Barclays HSBC Berenberg Bank Helvea UBS Kepler Cheuvreux EVA Dimensions Zuercher Kantonalbank Bank Vontobel AG Main First Bank AG Credit Suisse Mirabaud Securities

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

Analyst MICHAEL ROOST WILLIAM WYMAN RIZK MAIDI JOERG-ANDRE FINKE ALEXANDER VIRGO VOLKAN GOCMEN TORSTEN WYSS OLIVER GIRAKHOU TIMOTHY STANISH ARMIN RECHBERGER FABIAN HAECKI BERND POMREHN PATRICK LAAGER THOMAS BAUMANN

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

Recommendation reduce Buy/Neutral equalweight underweight hold buy neutral buy hold market perform hold underperform not rated neutral

Amt Held 10'579'797 1'034'389 863'020 776'310 656'137 638'482 457'863 368'254 359'265 354'956 338'812 297'486 262'061 238'560 183'675 157'958 151'717 129'728 116'121 105'272

% Out 30.88 3.02 2.52 2.27 1.92 1.86 1.34 1.07 1.05 1.04 0.99 0.87 0.76 0.7 0.54 0.46 0.44 0.38 0.34 0.31

Weighting

Change

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

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

Latest Chg 27'354 (6'456) 166'417 (7) 9'938 1'600 (57'253) (123) 10'946 5'662 9'000 6'855 2'355 (25'068) (1'600) 37'612

Target Price 121 182 135 132 143 190 145 160 #N/A N/A #N/A N/A 155 150 #N/A N/A 150

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

File Dt 26.07.2013 25.09.2013 31.12.2012 31.05.2013 31.05.2013 31.05.2013 31.12.2011 31.05.2013 28.06.2013 28.03.2013 31.07.2013 28.06.2013 30.06.2013 30.04.2013 30.09.2012 30.04.2013 31.07.2013 31.07.2013 28.03.2013 31.07.2013

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

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

Date 23.09.2013 22.09.2013 05.09.2013 23.08.2013 20.08.2013 15.08.2013 06.08.2013 29.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013

27.09.2013

PSP Swiss Property AG PSP Swiss Property AG owns and manages real estate. The Company owns a portfolio of office and business premises at exclusive locations in Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and Lausanne.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (18.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSPN SE EQUITY YTD Change PSPN SE EQUITY YTD % CHANGE

12/2012 06/yy 91.25 77.45 80'382.00 78.95 -13.48% 1.94% 17.03% 45.9 3'621.27 1'808.29 0.0 0.0 33.60 5'532.52

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

.3 M .3 M .2 M .2 M .1 M .1 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 205.7 20.75x 147.4 28.96x 224.0 9.96x

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

31.12.2009 31.12.2010 271.1 270.4 17.16x 19.18x 214.0 215.8 21.74x 24.04x 231.2 280.8 10.73x 11.52x Profitability

LTM-4Q 31.12.2011 284.2 18.75x 231.3 23.04x 404.0 8.36x

31.12.2012 283.3 20.28x 175.4 32.75x 368.6 10.54x 175.39 174.82 47.81% 165.05% 5.50% 9.67% 6.31% 0.04% 75.7% 130.1% 28.46% 48.89% -

Price/ Cash Flow

06/yy 235.4 93.01x 184.9 30.67x 384.7 9.48x

LTM 06/yy 282.8 80.88x 214.1 26.45x 348.4 10.72x

FY+1

.0 M s-13

0.64 38.59 -4.22% -5.27% 0.643 12 3.167 97'493 89'088 81'653 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 274.8 278.9 69.1 66.8 19.93x 19.95x 234.0 235.8 60.6 57.0 23.63x 23.46x 167.3 166.0 43.2 42.9 21.94x 22.14x 22.08x 21.57x S&P Issuer Ratings

3.84 1.80 8.93 9.10 48.9% 32.8% 0.04 -

Sales/Revenue/Turnover

40.00

350.0

35.00

300.0

30.00

250.0

25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

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

01.07.2013

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 |

27.09.2013

PSP Swiss Property AG Holdings By:

All

Holder Name HETZ NATHAN BLACKROCK CREDIT SUISSE AG NORGES BANK UBS AG STATE STREET CORP VANGUARD GROUP INC MORGAN STANLEY SWISSCANTO FONDSLEIT BNP PARIBAS ING INVESTMENT MANAG SCOTTISH WIDOWS T ROWE PRICE ASSOCIA SNS INVESTMENT FUND ING INTERNATIONAL AD IAM INDEPENDENT ASSE PICTET FUNDS KEMPEN CAPITAL MANAG GABRIEL LUCIANO VONTOBEL ASSET MANAG

Firm Name Goldman Sachs ABN Amro Bank N.V. UBS JPMorgan Exane BNP Paribas Morgan Stanley Bank Vontobel AG Deutsche Bank Berenberg Bank EVA Dimensions Zuercher Kantonalbank Kempen & Co

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

Analyst JULIAN LIVINGSTON-BOOTH RUUD VAN MAANEN ANDRE RUDOLF VON ROHR TIM LECKIE VALERIE GUEZI BIANCA RIEMER STEFAN SCHUERMANN MARKUS SCHEUFLER KAI MALTE KLOSE DOUG WALTERS MARKUS WAEBER ROBERT WOERDEMAN

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

Recommendation Sell/Neutral hold neutral neutral outperform Equalwt/Attractive hold hold hold buy market perform neutral

Amt Held 5'600'000 2'152'934 1'541'748 1'422'715 677'452 536'473 532'083 438'128 356'061 308'548 304'897 200'621 171'133 159'359 158'208 158'001 157'534 153'366 152'294 144'160

% Out 12.21 4.69 3.36 3.1 1.48 1.17 1.16 0.96 0.78 0.67 0.66 0.44 0.37 0.35 0.34 0.34 0.34 0.33 0.33 0.31

Weighting

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

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

Latest Chg 220 11'569 (2'576) (2'019) 143'339 (58'226) (40'310) (10'791) (69'900) (30'004) 16'060 (8'917) 2'200 (2'709) 50'993 5'500

Target Price 78 85 84 87 86 90 90 93 90 #N/A N/A #N/A N/A 90

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

File Dt 31.12.2012 25.09.2013 31.05.2013 11.09.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 28.03.2013 30.04.2013 30.06.2013 28.02.2013 30.06.2013 28.03.2013 28.03.2013 30.04.2013 31.05.2013 30.06.2013 31.12.2012 30.04.2013

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

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

Date 26.09.2013 09.09.2013 06.09.2013 02.09.2013 02.09.2013 28.08.2013 21.08.2013 16.08.2013 16.08.2013 06.06.2013 13.05.2013 13.01.2013

27.09.2013

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCHN SE EQUITY YTD Change SCHN SE EQUITY YTD % CHANGE

12/2011 06/yy 142.00 115.00 17'088.00 130.7 -7.96% 13.65% 58.89% 70.9 15'488.99 754.00 0.0 33.0 2'626.00 13'649.99

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

40 20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 14'027.0 0.34x 1'018.0 4.70x 615.0 9.34x

31.12.2009 31.12.2010 8'281.0 8'187.0 0.95x 1.35x 996.0 1'089.0 7.86x 10.16x 625.0 677.0 15.44x 20.11x Profitability

LTM-4Q 31.12.2011 7'854.0 1.39x 933.0 11.68x 576.0 23.83x

31.12.2012 8'258.0 1.63x 1'104.0 12.16x 702.0 21.78x 1'104.00 985.00 11.93% 11.90% 7.11% 22.24% 1.07% 13.1% 11.7% 8.5% 1.55 1.22 9.64% 27.12% -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M s-13

LTM

06/yy 7'824.0 0.00x 0.0 0.00x 655.0 0.00x

06/yy 8'537.0 0.00x 0.0 0.00x 596.0 27.53x

FY+1

0.82 18.45 15.50% 2.33% 0.819 8 3.375 26'086 31'629 31'643 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'811.5 9'375.0 1.53x 1.40x 1'146.8 1'233.5 11.91x 11.07x 680.8 783.6 21.82x 19.08x S&P Issuer Ratings

25.67 22.60 27.1% 21.1% 1.07 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

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

01.07.2013

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 |

27.09.2013

Schindler Holding AG Holdings By:

All

Holder Name SCHINDLER FAMILY SCHINDLER HOLDING AG FIL LIMITED FMR LLC VANGUARD GROUP INC PICTET FUNDS FRANKLIN RESOURCES SWISSCANTO FONDSLEIT CREDIT SUISSE AG FIDELITY INVESTMENT BLACKROCK UBS AG ABERDEEN VONTOBEL ASSET MANAG IST FUND MANAGERS TWEEDY BROWNE COMPAN TINGGREN JUERGEN RODRIGUEZ MIGUEL A SAASTOPANKKI FUND MA SWISSCANTO ANLAGESTI

Firm Name AlphaValue Exane BNP Paribas HSBC EVA Dimensions Bank am Bellevue Zuercher Kantonalbank Bank Vontobel AG Helvea

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

Analyst EILEEN RYAN ALEXIS DENAUD MICHAEL HAGMANN TIMOTHY STANISH MICHAEL ROOST MARTIN HUESLER ANDY SCHNYDER VOLKAN GOCMEN

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

Recommendation add outperform overweight sell hold market perform hold neutral

Amt Held 51'033'236 1'327'102 831'839 826'810 280'141 274'351 264'990 219'896 213'289 194'593 147'913 127'751 106'700 90'000 43'199 25'000 20'097 19'841 19'400 18'259

% Out 71.99 1.87 1.17 1.17 0.4 0.39 0.37 0.31 0.3 0.27 0.21 0.18 0.15 0.13 0.06 0.04 0.03 0.03 0.03 0.03

Weighting

Change 4 5 5 1 3 3 3 3

M M M D M M M M

Latest Chg (83'395) (117'302) 26'718 (2'060) (189'039) (13'641) 5'205 (6'648) (1'720) 4'000 78 -

Target Price 140 155 170 #N/A N/A 118 #N/A N/A 145 90

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

File Dt 31.12.2010 31.12.2010 30.04.2013 31.07.2013 30.06.2013 31.05.2013 28.06.2013 28.03.2013 31.05.2013 31.12.2012 25.09.2013 31.05.2013 30.06.2013 30.04.2013 30.04.2013 31.03.2012 31.12.2010 31.12.2010 30.08.2013 28.03.2013

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

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

Date 26.09.2013 16.09.2013 28.08.2013 20.08.2013 19.08.2013 13.08.2013 21.06.2013 16.12.2011

27.09.2013

GAM Holding AG GAM Holding AG is an independent, well-diversified asset management business, with a focus on the manufacturing and distribution of investment products and services.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAM SE EQUITY YTD Change GAM SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 17.95 10.54 298'170.00 16.6 -7.52% 57.42% 83.12% 173.2 2'875.61 23.40 0.0 2.0 504.00 -

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

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.12.2008 4'144.8 661.2 12.53x

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

31.12.2009 31.12.2010 1'020.2 964.9 3'636.9 10.2 0.96x 309.00x Profitability

31.12.2011 812.2 (95.0) -

31.12.2012 999.1 86.7 24.22x 11.87% 11.99% 7.45% 8.79% 8.83% 0.50% 8.7% 1.02% 1.20% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.48 142.99 40.66% 38.95% 1.480 11 3.727 663'687 501'721 511'662 FY+2

12/13 Y 12/14 Y 676.5 711.9 3.48x 3.08x 201.6 208.4 13.27x 12.45x S&P Issuer Ratings

FQ+1

FQ+2

1.2% 1.2% 0.50 50.57 -

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

GAM Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE BLACKROCK GLOBAL ASSET MANAGEM GAM HOLDING LTD LAZARD ASSET MANAGEM CREDIT SUISSE FUNDS FMR LLC T ROWE PRICE ASSOCIA FIL LIMITED CREDIT SUISSE AG NORGES BANK VANGUARD GROUP INC FARALLON CAPITAL MAN PICTET FUNDS UBS AG DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT PACIFIC LIFE INSURAN THORNBURG INVESTMENT FIDELITY INVESTMENT

Firm Name Main First Bank AG Credit Suisse RBC Capital Markets Bank Vontobel AG Helvea UBS Zuercher Kantonalbank Bank am Bellevue Goldman Sachs EVA Dimensions

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

Analyst KILIAN MAIER GURJIT KAMBO PETER K LENARDOS TERESA NIELSEN TIM DAWSON DANIELE BRUPBACHER ANDREAS VENDITTI MARC DEUSTER CHRIS M. TURNER DOUG WALTERS

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

Recommendation underperform outperform outperform hold buy buy market perform buy neutral/neutral hold

Amt Held 18'500'519 17'397'230 12'175'617 9'759'133 9'437'266 8'269'310 5'684'005 5'610'663 5'573'602 5'479'829 4'870'611 3'427'876 3'194'408 2'941'005 2'869'078 2'521'472 2'284'036 2'091'929 2'033'682 1'605'355

% Out 10.68 10.04 7.03 5.63 5.45 4.77 3.28 3.24 3.22 3.16 2.81 1.98 1.84 1.7 1.66 1.46 1.32 1.21 1.17 0.93

Weighting

Change 1 5 5 3 5 5 3 5 3 3

M M M M M U M M M M

Latest Chg (122'660) (4'785'293) (10'119'694) 3'618'228 610'422 (2'537) 527'601 (19'368) (125'339) 39'106 (257'178) 177'410 -

Target Price 17 20 20 19 21 19 #N/A N/A 20 18 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.09.2013 Investment Advisor 27.06.2012 Investment Advisor 27.06.2013 Investment Advisor 31.08.2013 Unclassified 31.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Unclassified 23.04.2012 Hedge Fund Manager 31.05.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 31.08.2013 Insurance Company 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 18.09.2013 02.09.2013 19.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 03.07.2013 06.06.2013

27.09.2013

Helvetia Holding AG Helvetia Holding AG provides a broad range of life, casualty, liability, accident and transportation insurance. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings during transportation. Helvetia and subsidiaries operate in Switzerland, in other European countries, and North America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HELN SE EQUITY YTD Change HELN SE EQUITY YTD % CHANGE

12/2012 01/yy 430.00 308.00 22'127.00 407.5 -5.23% 32.31% 86.07% 8.7 3'526.05 179.90 300.0 39.6 1'565.20 3'102.85

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

31.12.2009 31.12.2010 7'279.3 7'366.2 0.36x 0.36x 323.4 339.0 8.54x 9.14x Profitability

31.12.2011 7'496.2 0.24x 288.2 9.02x

31.12.2012 7'967.0 0.24x 339.6 9.09x 5.50% 5.39% 0.85% 10.26% 9.54% 0.20% 4.3% 0.42% 4.78% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.20 6.00 29.66% 22.93% 1.198 12 3.000 12'685 16'041 13'520 FY+2

12/13 Y 12/14 Y 7'748.3 7'978.0 0.30x 0.29x 351.0 364.1 10.11x 9.76x S&P Issuer Ratings

FQ+1

FQ+2

4.8% 4.2% 0.20 -

Sales/Revenue/Turnover

90.00

9'000.0

80.00

8'000.0

70.00

7'000.0

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 5'559.2 0.35x 230.6 8.52x

500 450 400 350 300 250 200 150 100 50 0 s-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Helvetia Holding AG Holdings By:

All

Holder Name PATRIA GENOSSENSCHAF VONTOBEL ASSET MANAG RAIFFEISEN SWITZERLA UBS AG CREDIT SUISSE AG DIMENSIONAL FUND ADV VANGUARD GROUP INC SCHRODER INVESTMENT SWISSCANTO FONDSLEIT DJE INVESTMENT SA BNP PARIBAS VONTOBEL ASSET MANAG NORGES BANK HELVETIA HOLDING AG PICTET FUNDS DEUTSCHE BANK AG JPMORGAN ASSET MANAG LB SWISS INVESTMENT BLACKROCK PARVEST INVESTMENT M

Firm Name Berenberg Bank Goldman Sachs Credit Suisse Bankhaus Metzler Main First Bank AG Bank am Bellevue Bank Vontobel AG Nomura Helvea Zuercher Kantonalbank Kepler Cheuvreux Mediobanca SpA EVA Dimensions

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

Analyst PETER ELIOT WILLIAM ELDERKIN RICHARD BURDEN JOCHEN SCHMITT RENE LOCHER ANDREAS FRICK STEFAN SCHUERMANN MICHAEL KLIEN DANIEL BISCHOF GEORG MARTI FABRIZIO CROCE MARC THIELE DOUG WALTERS

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

Recommendation hold neutral/neutral underperform sell underperform hold not rated buy hold outperform hold neutral buy

Amt Held 2'604'515 346'115 346'115 186'111 140'796 134'192 102'263 93'978 77'255 59'744 54'400 46'623 44'328 40'436 37'124 36'200 34'754 33'737 31'941 30'624

% Out 30.1 4 4 2.15 1.63 1.55 1.18 1.09 0.89 0.69 0.63 0.54 0.51 0.47 0.43 0.42 0.4 0.39 0.37 0.35

Weighting

Change

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

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

Latest Chg 1'313 (834) 114 3'256 (529) (3'670) 5'277 4'990 12'914 2'150 (9'024) 5'300

Target Price 450 450 421 400 400 402 #N/A N/A 430 412 #N/A N/A 403 404 #N/A N/A

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

File Dt 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.05.2013 30.04.2013 30.06.2013 30.08.2013 28.03.2013 31.05.2013 30.04.2013 30.04.2013 31.12.2012 31.12.2012 31.05.2013 30.06.2013 31.07.2013 28.03.2013 25.09.2013 30.04.2013

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

Inst Type n/a Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 17.09.2013 16.09.2013 12.09.2013 09.09.2013 06.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 26.08.2013 20.06.2013 06.06.2013

27.09.2013

Georg Fischer AG Georg Fischer AG produces automobile parts, piping systems, plastics processing equipment, and tool and mold making machinery. The Company manufactures cast and machined components for road vehicles and machinery, plastic and metal pipes and fittings, electric discharge machines, milling centers, automation equipment, and plastics factories and compounding systems.

Price/Volume

.1 M

12/2012 01/yy 570.00 294.65 9'431.00 554.5 -2.72% 88.19% 94.19% 4.1 2'273.95 640.00 0.0 44.0 338.00 2'711.95

.0 M .0 M

200

.0 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2009 31.12.2010 2'906.0 3'447.0 0.53x 0.72x 111.0 357.0 13.90x 6.97x (246.0) 99.0 21.98x Profitability

31.12.2011 3'511.0 0.46x 373.0 4.34x 160.0 8.23x

31.12.2012 3'602.0 0.52x 359.0 5.17x 121.0 9.95x 359.00 226.00 6.27% 5.25% 4.29% 11.47% 8.71% 1.24% 10.1% 6.5% 3.4% 1.89 1.03 22.08% 51.53% 5.50 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M s-13

1.39 3.86 72.49% 56.32% 1.387 11 3.909 17'993 23'386 24'617 FY+2

12/13 Y 12/14 Y 3'714.5 3'883.0 0.71x 0.65x 369.8 404.6 7.34x 6.71x 159.2 181.9 14.24x 12.49x S&P Issuer Ratings

FQ+1

FQ+2

10.56 6.68 1.10 1.87 51.5% 33.2% 1.24 3.76 66.32 -

Sales/Revenue/Turnover

10.00

5'000.0

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00 4.00

2'500.0 2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

.1 M

300

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FI/N SE EQUITY YTD Change FI/N SE EQUITY YTD % CHANGE

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

.1 M

500 400

Valuation Analysis

31.12.2008 4'465.0 0.34x 390.0 3.87x 56.0 17.14x

600

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Georg Fischer AG Holdings By:

All

Holder Name LSV ASSET MANAGEMENT NORGES BANK UBS AG BLACKROCK CREDIT SUISSE AG SWISSCANTO FONDSLEIT SARASIN RUFFER LLP JPMORGAN ASSET MANAG SWISSCANTO FONDSLEIT NEW JERSEY DIVISION VONTOBEL ASSET MANAG PICTET FUNDS IST FUND MANAGERS VANGUARD GROUP INC BNP PARIBAS PRUDENTIAL FINANCIAL SCHRODER INVESTMENT ASN FUND MANAGEMENT LANDESBANK BERLIN IN

Firm Name Bank Vontobel AG Bank am Bellevue EVA Dimensions Goldman Sachs Credit Suisse Helvea Mirabaud Securities UBS Main First Bank AG Kepler Cheuvreux Zuercher Kantonalbank

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

Analyst FABIAN HAECKI ALESSANDRO FOLETTI TIMOTHY STANISH WILLIAM WYMAN PATRICK LAAGER VOLKAN GOCMEN THOMAS BAUMANN TORSTEN WYSS TOBIAS FAHRENHOLZ CHRISTOPHER LADNER ARMIN RECHBERGER

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

Recommendation hold buy buy neutral/neutral outperform sell neutral buy outperform buy market perform

Amt Held 212'993 205'756 135'932 107'186 93'123 68'526 51'418 43'215 33'688 32'697 31'189 28'500 26'804 26'025 25'623 23'857 23'100 21'218 19'994 19'565

% Out 5.19 5.02 3.31 2.61 2.27 1.67 1.25 1.05 0.82 0.8 0.76 0.69 0.65 0.63 0.62 0.58 0.56 0.52 0.49 0.48

Weighting

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

M M U M M M D M U M M

Latest Chg 82'443 (759) (10'739) (254) (11'925) 1'348 (1'300) (600) 1'657 (4'349) 3'095 3'000 799 (3'860)

Target Price 625 560 #N/A N/A 490 580 370 530 570 520 550 #N/A N/A

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

File Dt Inst Type 02.07.2013 Investment Advisor 10.09.2013 Government 31.05.2013 Unclassified 25.09.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Unclassified 28.02.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Unclassified 31.08.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor

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

Date 13.09.2013 03.09.2013 02.09.2013 27.08.2013 16.08.2013 15.08.2013 08.08.2013 19.07.2013 19.07.2013 18.07.2013 17.07.2013

27.09.2013

EMS-Chemie Holding AG Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade chemical intermediates, fine chemicals, and protective bonding, coating and sealing products. The Company supplies its products to the automotive, transportation, and textile industries.

Price/Volume 350

.6 M

300

.5 M

250

.4 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMSN SE EQUITY YTD Change EMSN SE EQUITY YTD % CHANGE

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

.2 M

100

.1 M

50 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'503.9 1.16x 283.2 6.15x 211.8 9.57x

.3 M

150

12/2012 03/yy 328.89 186.52 13'657.00 317.25 -3.54% 70.09% 91.83% 23.4 7'420.17 119.10 0.0 14.7 461.04 7'092.96

31.12.2009 31.12.2010 1'197.7 1'595.6 2.02x 2.17x 272.2 351.4 8.91x 9.88x 216.1 225.9 12.82x 17.08x Profitability

LTM-4Q 31.12.2011 1'657.7 2.09x 347.3 9.98x 237.1 15.69x

31.12.2012 1'755.4 2.68x 376.5 12.51x 267.0 18.86x 376.52 322.21 18.36% 18.30% 15.65% 23.00% 1.01% 18.7% 15.2% 3.59 2.33 7.10% 10.48% 4.97 -

Price/ Cash Flow

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

LTM 03/yy 254.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

0.87 7.08 71.60% 51.92% 0.869 5 2.800 43'254 22'479 22'016 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 1'881.5 1'985.8 434.0 3.79x 3.57x 407.8 429.5 17.47x 16.58x 292.3 300.3 25.31x 24.65x S&P Issuer Ratings

183.58 162.01 10.5% 9.4% 1.01 3.55 73.39 -

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

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

01.07.2013

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 |

27.09.2013

EMS-Chemie Holding AG Holdings By:

All

Holder Name EMESTA HOLDING AG BLOCHER MIRIAM NORGES BANK VANGUARD GROUP INC UBS AG LOMBARD ODIER ASSET SWISSCANTO FONDSLEIT CREDIT SUISSE AG BLACKROCK SANFORD C BERNSTEIN IST FUND MANAGERS ALLIANCE BERNSTEIN PICTET FUNDS VONTOBEL ASSET MANAG LUXEMBOURGER KAPITAL BNP PARIBAS SEB DIGITAL FUNDS ROBECO GOLDMAN SACHS GROUP

Firm Name Bank Vontobel AG Main First Bank AG UBS Zuercher Kantonalbank EVA Dimensions

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

Analyst PATRICK RAFAISZ BERND POMREHN THOMAS GILBERT MARTIN SCHREIBER TIMOTHY STANISH

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

Recommendation reduce underperform neutral market perform overweight

Amt Held 14'224'143 2'079'000 391'357 88'149 77'507 76'985 69'048 66'015 63'831 59'090 54'601 51'190 39'121 24'500 21'300 15'612 15'605 15'413 14'339 11'025

% Out 60.82 8.89 1.67 0.38 0.33 0.33 0.3 0.28 0.27 0.25 0.23 0.22 0.17 0.1 0.09 0.07 0.07 0.07 0.06 0.05

Weighting

Change 2 1 3 3 5

M M M M M

Latest Chg (1'101) 2'734 (4'067) (1'378) 22 3'102 59'090 (13'844) (8'180) (872) (8'397) 5'855 1'194 5'996

Target Price 200 300 288 #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 31.12.2012 31.12.2012 30.06.2013 28.06.2013 31.05.2013 28.03.2013 31.05.2013 25.09.2013 31.03.2013 30.04.2013 30.06.2013 31.05.2013 30.04.2013 28.06.2013 30.04.2013 28.03.2013 31.05.2013 30.04.2013 30.06.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided

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

Date 19.08.2013 23.07.2013 15.07.2013 15.07.2013 06.06.2013

27.09.2013

Barry Callebaut AG Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally. Barry Callebaut also offers product development, processing, training, and marketing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARN SE EQUITY YTD Change BARN SE EQUITY YTD % CHANGE

08/2012 05/yy 934.00 841.50 5'038.00 897 -3.96% 6.60% 60.00% 5.5 4'923.51 997.47 0.0 4.7 54.56 5'921.71

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

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.08.2008 4'815.4 0.99x 422.6 11.30x 204.6 17.93x

1000 900 800 700 600 500 400 300 200 100 0 s-12

31.08.2009 31.08.2010 4'880.2 4'524.5 0.80x 0.99x 448.1 443.2 8.72x 10.15x 226.9 251.2 13.05x 15.32x Profitability

LTM-4Q 31.08.2011 4'459.9 1.06x 458.3 10.34x 177.6 14.94x

31.08.2012 4'829.5 1.16x 441.3 12.72x 142.1 19.40x

441.32 356.44 7.38% 5.76% 4.36% 12.05% 1.28% 13.9% 7.5% 2.9% 1.73 0.30 27.89% 73.50% 3.59

Price/ Cash Flow

05/yy 4'018.9 0.93x 110.4 0.00x 56.8 0.00x

LTM 05/yy 4'777.1 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

0.60 2.12 4.29% 3.69% 0.595 12 3.000 7'804 6'845 6'725 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 4'995.0 6'127.1 1'491.0 1.29x 1.05x 436.6 527.2 13.59x 11.25x 230.1 270.7 21.02x 17.65x S&P Issuer Ratings

28.03.2013 BB+ NEG 6.01 3.58 73.5% 42.3% 1.28 6.00 101.81 71.62

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00 20.00

3'000.0

15.00

2'000.0

10.00

1'000.0 5.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

04.09.2013

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 |

27.09.2013

Barry Callebaut AG Holdings By:

All

Holder Name JACOBS HOLDINGS AG JACOBS RENATA JACOBS NICOLAS JACOBS NATHALIE OPPENHEIMERFUNDS INC CREDIT SUISSE AG NORGES BANK FINANCIERE DE L'ECHI BLACKROCK SWISSCANTO FONDSLEIT VANGUARD GROUP INC PICTET FUNDS UBS AG ABERDEEN SARASIN SCHMID ANDREAS JULIUS BAER MULTICOO MANNING & NAPIER ADV FIL LIMITED ALLIANZ ASSET MANAGE

Firm Name Rabobank International Main First Bank AG Berenberg Bank Helvea Societe Generale UBS Zuercher Kantonalbank Bank Vontobel AG Kepler Cheuvreux EVA Dimensions Equita SIM SpA Goldman Sachs Credit Suisse GSC Research

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

Analyst KAREL ZOETE ALAIN-SEBASTIAN OBERHUBER JAMES TARGETT ANDREAS VON ARX ALEX SLOANE JOERN IFFERT DANIEL BUERKI JEAN-PHILIPPE BERTSCHY JON COX CRAIG STERLING FABIO FAZZARI BENJAMIN MOORE PATRICK JNGLIN MATTHIAS SCHRADE

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

Recommendation hold underperform hold hold hold neutral market perform hold buy underweight buy neutral/neutral not rated sell

Amt Held 2'590'687 438'416 158'999 158'999 121'710 52'432 52'423 40'314 24'673 23'133 19'915 15'040 14'862 14'060 10'282 8'790 6'579 5'790 5'501 5'320

% Out 47.2 7.99 2.9 2.9 2.22 0.96 0.96 0.73 0.45 0.42 0.36 0.27 0.27 0.26 0.19 0.16 0.12 0.11 0.1 0.1

Weighting

Change

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

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

Latest Chg 5'385 (154) 2'077 826 (457) 295 (1'139) (790) 2'060 61 751 (4'221) (79)

Target Price 900 800 900 890 875 910 #N/A N/A 900 1'000 #N/A N/A 1'100 1'081 #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 31.08.2012 31.08.2012 18.06.2013 18.06.2013 31.07.2013 31.05.2013 31.12.2012 30.08.2013 25.09.2013 28.03.2013 30.06.2013 31.05.2013 31.05.2013 31.07.2013 30.04.2013 31.08.2012 31.05.2013 31.12.2012 30.04.2013 30.06.2013

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

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

Date 20.09.2013 18.09.2013 27.08.2013 26.08.2013 09.07.2013 05.07.2013 05.07.2013 04.07.2013 18.06.2013 06.06.2013 07.05.2013 06.02.2013 13.12.2012 17.03.2011

27.09.2013

OC Oerlikon Corp AG OC Oerlikon Corporation AG manufactures industrial equipment. The Company produces vacuum pumps, equipment to supply PVD coatings for tools and precision components, man-made textile machines, and transmission driveline equipment. OC Oerlikon operates in Switzerland.

Price/Volume 14

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OERL SE EQUITY YTD Change OERL SE EQUITY YTD % CHANGE

12/2012 09/yy 12.75 8.39 537'588.00 12.3 -3.53% 46.65% 88.54% 326.0 4'009.36 322.00 0.0 24.0 654.00 3'645.36

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

5.0 M

4.0 M 3.0 M

2.0 M

2 0 s-12

1.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 4'632.0 0.55x 512.0 4.97x (425.0) -

6.0 M

31.12.2009 31.12.2010 2'877.0 3'601.0 0.73x 0.53x (71.0) 298.0 6.36x (592.0) 3.0 490.00x Profitability

LTM-4Q 31.12.2011 2'731.0 0.64x 493.0 3.55x 220.0 10.48x

31.12.2012 2'906.0 1.05x 572.0 5.34x 382.0 15.22x 572.00 421.00 14.49% 11.49% 9.33% 23.33% 0.54% 28.5% 19.3% 13.6% 13.1% 1.75 0.83 7.74% 17.33% 4.02 3.25

Price/ Cash Flow

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

LTM 09/yy 957.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

1.14 175.02 40.03% 21.63% 1.137 13 4.000 756'668 1'061'313 1'112'326 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'912.2 3'003.3 710.8 721.0 1.04x 0.96x 485.8 540.0 7.50x 6.75x 190.3 252.6 18.09x 15.63x S&P Issuer Ratings

13.95 9.54 -0.84 0.67 17.3% 14.6% 0.54 3.12 90.79 112.24 90.39 82.99

Sales/Revenue/Turnover

160.00

6'000.0

140.00

5'000.0

120.00

4'000.0

100.00 80.00

3'000.0

60.00

2'000.0

40.00

1'000.0 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

01.07.2013

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 |

27.09.2013

OC Oerlikon Corp AG Holdings By:

All

Holder Name VEKSELBERG VIKTOR BLACKROCK NORGES BANK CREDIT SUISSE AG UBS AG PICTET FUNDS SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG MIRABAUD ASSET MANAG SCHRODER INVESTMENT BARING FUND MANAGERS VANGUARD GROUP INC CAZENOVE UNIT TRUST OC OERLIKON CORP IST FUND MANAGERS DIMENSIONAL FUND ADV LOMBARD ODIER ASSET PRINCIPAL FINANCIAL JP MORGAN ACATIS

Firm Name AlphaValue Main First Bank AG Helvea Bank Vontobel AG Bank am Bellevue Mirabaud Securities Zuercher Kantonalbank Berenberg Bank Credit Suisse Kepler Cheuvreux Societe Generale EVA Dimensions UBS

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 n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst PIERRE-YVES GAUTHIER MICHAEL INAUEN RETO AMSTALDEN MICHAEL FOETH ALESSANDRO FOLETTI THOMAS BAUMANN ARMIN RECHBERGER BENJAMIN GLAESER PATRICK LAAGER CHRISTOPHER LADNER JEAN-BAPTISTE ROUSSILLE TIMOTHY STANISH ANDRE RUDOLF VON ROHR

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

Recommendation add outperform hold buy hold neutral outperform buy outperform buy hold sell buy

Amt Held 149'435'408 15'625'151 6'219'474 5'912'184 4'901'472 4'839'132 2'284'599 1'310'000 1'185'027 1'041'586 1'030'840 1'018'378 922'120 902'248 767'805 724'918 722'648 715'128 678'625 625'000

% Out 45.84 4.79 1.91 1.81 1.5 1.48 0.7 0.4 0.36 0.32 0.32 0.31 0.28 0.28 0.24 0.22 0.22 0.22 0.21 0.19

Weighting

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

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

Latest Chg 5'793'428 74'320 42'245 14'305 (151'391) 260'000 230'000 213'350 21'970 4'414 1'443 6'293 24'630 555'822 57'929 (220'506)

Target Price 14 14 13 15 12 13 #N/A N/A 14 15 15 12 #N/A N/A 14

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

File Dt 26.07.2013 25.09.2013 31.12.2012 31.05.2013 31.05.2013 31.05.2013 28.03.2013 30.04.2013 31.03.2013 31.05.2013 31.05.2013 30.06.2013 28.02.2013 31.12.2012 30.04.2013 30.04.2013 31.05.2013 31.07.2013 31.07.2013 28.03.2013

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

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

Date 12.09.2013 09.09.2013 06.09.2013 04.09.2013 03.09.2013 28.08.2013 27.08.2013 15.08.2013 07.08.2013 07.08.2013 06.08.2013 06.06.2013 13.03.2013

27.09.2013

DKSH Holding AG DKSH Holding Limited is an international marketing and services group. The Company offers a comprehensive package of services that includes organizing and running the entire value chain for any product: from sourcing, research and analysis, marketing, sales, distribution and logistics to after-sales services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DKSH SE EQUITY YTD Change DKSH SE EQUITY YTD % CHANGE

12/2012 01/yy 88.47 56.20 72'623.00 77.8 -12.07% 38.44% 67.24% 64.3 5'001.52 199.40 0.0 33.4 253.60 4'980.62

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

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008

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

31.12.2009 31.12.2010 6'356.4 7'295.4 168.3 241.6 72.7 128.4 Profitability

31.12.2011 7'340.0 274.3 147.1 -

31.12.2012 8'834.1 0.47x 320.7 12.98x 201.2 20.72x 320.70 278.00 3.15% 3.26% 6.26% 18.57% 16.03% 2.75% 3.6% 3.1% 2.3% 1.48 0.94 5.94% 17.03% 5.64 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 28.69 36.85% 19.41% 12 3.167 155'291 146'529 115'025 FY+2

12/13 Y 12/14 Y 9'993.6 10'960.4 0.49x 0.44x 359.0 406.6 13.83x 12.21x 207.1 231.8 24.13x 21.64x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

34.12 29.04 -0.17 0.62 17.0% 14.2% 2.75 60.61 64.95 -

Sales/Revenue/Turnover

30.00

10'000.0 9'000.0

25.00

8'000.0 7'000.0

20.00

6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 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

01.07.2013

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 |

27.09.2013

DKSH Holding AG Holdings By:

All

Holder Name DIETHELM KELLER HOLD FFP INVEST SAS FREY RAINER-MARC BLACKROCK MATTHEWS INTERNATION CAPITAL GROUP COMPAN CREDIT SUISSE AG RUFFER LLP VIRTUS INVESTMENT AD FIL LIMITED PICTET FUNDS UBS AG VANGUARD GROUP INC LOMBARD ODIER ASSET WASATCH ADVISORS INC VONTOBEL ASSET MANAG BMO INVESTMENTS INC HOTTINGER CAPITAL CO SWISSCANTO FONDSLEIT BARING FUND MANAGERS

Firm Name Credit Suisse EVA Dimensions Kepler Cheuvreux Helvea Zuercher Kantonalbank Bank Vontobel AG Main First Bank AG Deutsche Bank Berenberg Bank Religare Capital Markets HSBC UBS

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

Analyst ANDY GROBLER TIMOTHY STANISH BEAT KEISER CHRISTIAN BURGER MARCO STRITTMATTER JEAN-PHILIPPE BERTSCHY ALAIN-SEBASTIAN OBERHUBER ANDY CHU SIMON MEZZANOTTE PETER WILLIAMSON RAJESH KUMAR WILLIAM VANDERPUMP

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

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

Amt Held 29'267'730 3'820'000 2'509'666 1'445'646 1'219'665 851'629 652'003 394'500 378'230 340'293 305'887 254'559 250'179 240'180 214'293 212'908 181'950 157'000 132'468 126'906

% Out 45.53 5.94 3.9 2.25 1.9 1.32 1.01 0.61 0.59 0.53 0.48 0.4 0.39 0.37 0.33 0.33 0.28 0.24 0.21 0.2

Weighting

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

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

Latest Chg (8'721'650) (11'632) 668'787 (448'796) (5'391) 154'577 332'247 (1'683) 5'412 201'649 82'440 119'605 124'869 4'000 157'000 4'118 44'277

Target Price 83 #N/A N/A 81 78 #N/A N/A 75 88 89 72 85 50 79

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

File Dt 21.09.2013 21.09.2013 21.09.2013 25.09.2013 28.06.2013 30.06.2013 31.05.2013 28.02.2013 28.06.2013 31.10.2012 31.07.2013 31.08.2013 30.06.2013 31.05.2013 30.06.2013 30.04.2013 31.05.2013 30.06.2013 28.03.2013 31.05.2013

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

Inst Type Corporation Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 21.08.2013 20.08.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 24.04.2013 22.04.2013 13.03.2013

27.09.2013

Pargesa Holding SA Pargesa Holding SA acquires, sells, operates and manages investments in the financial, commercial, and industrial sectors in Switzerland and other European countries. The Company has a portfolio of a limited number of major long-term holdings. Pargesa seeks to exercise control over or influence the activities of its holdings as a strategic shareholder.

Price/Volume 80

.4 M

50 40

12/2012 06/yy 70.40 60.25 65'615.00 68.65 -2.49% 13.94% 77.34% 77.2 5'830.87 4'022.50 0.0 8'781.4 2'050.40 17'837.37

.3 M

.2 M

20 .1 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PARG SE EQUITY YTD Change PARG SE EQUITY YTD % CHANGE

31.12.2008 5'475.2 3.64x 799.9 24.95x (520.8) -

.6 M

31.12.2009 31.12.2010 4'189.5 4'625.4 5.31x 4.21x 1'077.2 888.7 20.64x 21.93x 791.7 465.9 4.83x 14.44x Profitability

LTM-4Q 31.12.2011 4'729.1 3.66x 915.2 18.92x (64.9) -

31.12.2012 4'915.4 3.27x 1'419.0 11.33x 417.9 12.68x 1'419.00 757.20 15.40% 23.69% 0.51% 1.62% 0.21% 20.0% 4.9% 8.5% 2.51 1.62 18.33% 55.59% 6.24 -

Price/ Cash Flow

12/yy 5'912.1 0.00x 0.0 0.00x 709.0 0.00x

LTM 06/yy 2'523.8 0.00x 0.0 0.00x 519.0 0.00x

FY+1

.0 M s-13

1.09 37.40 14.44% 13.90% 1.093 7 3.714 165'709 73'464 63'179 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 492.0 557.0 34.82x 30.13x 348.0 489.0 51.23x 36.46x 333.5 460.0 15.57x 12.48x S&P Issuer Ratings

7.84 6.02 3.54 5.32 55.6% 20.1% 0.21 2.06 58.53 -

Sales/Revenue/Turnover

8.00

6'000.0

7.00

5'000.0

6.00

4'000.0 5.00

3'000.0

4.00 3.00

2'000.0

2.00

1'000.0

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

01.07.2013

-1'000.0

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 |

27.09.2013

Pargesa Holding SA Holdings By:

All

Holder Name PARJOINTCO NV BNP PARIBAS SA FIRST EAGLE INVESTME ARTISAN PARTNERS HOL NORGES BANK CREDIT SUISSE AG UBS AG THIRD AVENUE MANAGEM PARGESA HOLDING SA VANGUARD GROUP INC BLACKROCK TRANSAMERICA INVESTM FRERE GERALD AMUNDI LUXEMBOURG SA SWISSCANTO FONDSLEIT PICTET FUNDS SCHRODER INVESTMENT LUXEMBOURGER KAPITAL SCHOELLERBANK INVEST ZUERCHER KANTONALBAN

Firm Name AlphaValue Bank Vontobel AG Goldman Sachs Petercam Zuercher Kantonalbank KBC Securities UBS EVA Dimensions

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

Analyst PIERRE-YVES GAUTHIER RENE WEBER MARKUS IWAR MARC DEBROUWER DANIEL BUERKI JAN-WILLEM BILLIET DENIS MOREAU DOUG WALTERS

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

Recommendation add hold neutral/neutral not rated market perform hold buy buy

Amt Held 39'301'000 9'586'556 6'871'239 1'351'855 892'349 583'417 504'034 447'872 297'800 278'931 238'735 227'651 216'654 208'884 164'086 121'126 111'274 89'000 57'310 50'000

% Out 50.9 12.42 8.9 1.75 1.16 0.76 0.65 0.58 0.39 0.36 0.31 0.29 0.28 0.27 0.21 0.16 0.14 0.12 0.07 0.06

Weighting

Change

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

M M M M M M M M

Latest Chg (6'949) (429) (21'773) 8'149 85 (13'780) 1'271 62'936 -

Target Price 73 70 73 #N/A N/A #N/A N/A 68 79 #N/A N/A

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

File Dt Inst Type 01.03.2013 Holding Company 14.03.2013 Bank 30.06.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 30.06.2013 Unclassified 28.06.2013 Hedge Fund Manager 12.03.2012 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 n/a 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 26.09.2013 16.08.2013 05.08.2013 01.08.2013 31.07.2013 31.07.2013 17.06.2013 06.06.2013

27.09.2013

Flughafen Zuerich AG Flughafen Zuerich AG operates the Zurich Airport. The Company constructs, leases, and maintains airport structures and equipment.

Price/Volume 600

.0 M .0 M

500

.0 M 400

Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FHZN SE EQUITY YTD Change FHZN SE EQUITY YTD % CHANGE

12/2012 01/yy 508.50 380.75 9'556.00 480 -5.60% 26.07% 78.47% 6.1 2'947.38 1'354.22 0.0 0.0 368.71 4'033.41

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

31.12.2009 31.12.2010 820.2 863.0 3.56x 3.83x 402.9 437.1 7.24x 7.57x 190.6 138.5 9.98x 16.93x Profitability

31.12.2011 905.4 3.48x 484.6 6.50x 169.8 11.78x

31.12.2012 948.8 3.77x 391.3 9.15x 94.7 27.24x 391.32 171.94 18.12% 12.37% 0.65% 1.32% 2.14% 0.25% 41.0% 17.9% 10.0% 1.60 1.17 33.29% 72.82% 8.49 -

Price/ Cash Flow

.0 M .0 M

100

.0 M

0 s-12

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.75 3.61 27.96% 16.08% 0.752 18 3.833 7'879 10'922 11'032 FY+2

12/13 Y 12/14 Y 971.3 985.7 3.98x 3.85x 523.1 524.4 7.71x 7.69x 132.5 203.1 19.24x 14.71x S&P Issuer Ratings

FQ+1

FQ+2

20.04.2012 A STABLE 6.75 3.38 2.75 3.36 72.8% 42.1% 0.25 0.33 42.98 -

Sales/Revenue/Turnover

8.00

1'000.0

7.00

900.0 800.0

6.00

700.0

5.00

600.0

4.00

500.0 400.0

3.00

300.0

2.00

200.0

1.00

100.0

0.00 01.01.2010

.0 M

200

Fiscal Year Ended 31.12.2008 855.1 3.14x 421.0 6.37x 121.3 12.61x

.0 M

300

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Flughafen Zuerich AG Holdings By:

All

Holder Name CANTON OF ZURICH UNIVERSITIES SUPERAN CITY OF ZURICH CREDIT SUISSE AG LAZARD ASSET MANAGEM ARTIO GLOBAL MANAGEM TAUBE HODSON STONEX NORGES BANK COMMONWEALTH BANK OF DIMENSIONAL FUND ADV PICTET FUNDS DEUTSCHE BANK AG UBS AG SWISSCANTO FONDSLEIT CREDIT SUISSE AG BLACKROCK FRANK RUSSELL TRUST CAPITAL GROUP COMPAN VONTOBEL ASSET MANAG MIRABAUD ASSET MANAG

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

Firm Name

Analyst

HSBC Morgan Stanley RBC Capital Markets Nomura Helvea Bank am Bellevue Bank Vontobel AG Commerzbank Corporates & Markets Zuercher Kantonalbank Goldman Sachs JPMorgan UBS Kepler Cheuvreux Main First Bank AG EVA Dimensions Credit Suisse Barclays

JOSEPH P THOMAS DANIEL RUIVO ANDREW JONES PETER LARKIN RETO AMSTALDEN MICHAEL HEIDER PASCAL FURGER JOHANNES BRAUN ARMIN RECHBERGER NICK EDELMAN ELODIE RALL ALEX BRIGNALL RUXANDRA HARADAU-DOESER TOBIAS SITTIG TIMOTHY STANISH PATRICK JNGLIN SUSANNA INVERNIZZI

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

Recommendation neutral Overwt/In-Line sector perform reduce buy hold hold buy outperform neutral/neutral overweight buy buy outperform sell outperform underweight

Amt Held 2'046'595 342'593 309'476 224'630 185'229 183'681 174'707 79'876 76'001 59'364 58'286 53'400 51'704 44'850 43'468 41'287 36'922 35'400 33'920 31'300

% Out 33.33 5.58 5.04 3.66 3.02 2.99 2.85 1.3 1.24 0.97 0.95 0.87 0.84 0.73 0.71 0.67 0.6 0.58 0.55 0.51

Weighting

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

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

Latest Chg 24'918 1'900 (122'936) (104'647) 361 164 1'803 10'600 (428) (4'128) (3'378) (5'488) (3'746) 400 4'000

Target Price 510 550 470 440 550 501 500 530 #N/A N/A 493 538 540 556 540 #N/A N/A 500 430

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

File Dt 31.12.2012 19.07.2012 31.12.2012 12.07.2013 17.08.2012 22.02.2012 21.05.2008 31.12.2012 31.05.2013 30.04.2013 31.05.2013 31.07.2013 31.05.2013 28.03.2013 31.05.2013 25.09.2013 31.05.2012 30.06.2013 30.04.2013 31.03.2013

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

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

Date 03.09.2013 02.09.2013 30.08.2013 30.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 23.08.2013 09.08.2013 19.07.2013 13.07.2013 28.06.2013 06.06.2013 15.05.2013 23.01.2013

27.09.2013

Panalpina Welttransport Holding AG Panalpina Welttransport Holding AG offers freight shipping and supply chain management services. The Company transports freight by air and ship, and offers warehousing and distribution services. Panalpina operates worldwide.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PWTN SE EQUITY YTD Change PWTN SE EQUITY YTD % CHANGE

12/2012 06/yy 144.80 81.25 28'850.00 133 -8.15% 63.69% 79.07% 23.8 3'158.75 1.87 0.0 9.2 393.06 2'837.74

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

40 20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 8'877.6 0.12x 239.9 4.42x 112.7 12.55x

31.12.2009 31.12.2010 5'957.9 7'164.2 0.17x 0.33x 79.2 62.1 13.06x 37.55x 8.5 (27.4) 182.78x Profitability

LTM-4Q 31.12.2011 6'499.6 0.26x 212.2 7.99x 126.3 18.02x

31.12.2012 6'616.6 0.27x 36.6 49.57x (70.5) 36.60 -19.25 -0.29% -0.63% -0.41% -1.09% 3.21% 22.1% 1.6% 0.8% -1.1% 1.49 1.34 0.10% 0.25% 6.25 58.79

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M s-13

LTM

06/yy 6'426.3 0.95x 109.7 13.31x 36.1 55.89x

06/yy 6'737.2 1.07x 110.1 19.01x (8.6) 0.00x

FY+1

0.76 9.82 51.06% 46.18% 0.755 23 2.348 33'259 36'200 39'137 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'240.0 7'566.9 1'790.7 1'791.0 0.39x 0.36x 1.52x 1.51x 166.4 206.9 46.2 38.5 16.99x 13.67x 15.79x 15.39x 79.5 109.2 24.6 19.4 38.69x 28.39x 33.00x 31.97x S&P Issuer Ratings

25.03 -9.66 -3.00 0.03 0.3% 0.2% 3.21 55.06 58.41 6.21 44.07 20.39

Sales/Revenue/Turnover

300.00

10'000.0 9'000.0

250.00

8'000.0 7'000.0

200.00

6'000.0

150.00

5'000.0 4'000.0

100.00

3'000.0 2'000.0

50.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Panalpina Welttransport Holding AG Holdings By:

All

Holder Name ERNST GOEHNER FOUNDA CEVIAN CAPITAL AB ARTISAN PARTNERS HOL BESTINVER GESTION SG NORGES BANK HARRIS ASSOCIATES LP FRANKLIN RESOURCES FIL LIMITED SWISSCANTO FONDSLEIT CREDIT SUISSE AG PANALPINA WELTTRANSP VANGUARD GROUP INC HOTTINGER CAPITAL CO PICTET FUNDS ERIE INSURANCE GROUP UBS AG AMERIPRISE FINANCIAL BRANDES INVESTMENT P RIBAR MONIKA SENTINEL ASSET MANAG

Firm Name EVA Dimensions Thompson, Davis & Company Stifel Macquarie Main First Bank AG HSBC Helvea Kepler Cheuvreux RBC Capital Markets UBS Deutsche Bank Morgan Stanley Bank am Bellevue Cantor Fitzgerald Bank Vontobel AG Nomura Credit Suisse Zuercher Kantonalbank Goldman Sachs Davy Barclays

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

Analyst TIMOTHY STANISH DAVID P CAMPBELL DAVID G ROSS ROBERT JOYNSON TOBIAS SITTIG JULIA WINARSO CHRISTIAN BURGER BEAT KEISER DAMIAN BREWER TORSTEN WYSS JOSE FRANCISCO RUIZ SOLERA PENNY BUTCHER ROLF KUNZ ROBIN BYDE MICHAEL FOETH MARK MCVICAR NEIL GLYNN MARCO STRITTMATTER NICK EDELMAN JOSHUA GOLDMAN DAVID E FINTZEN

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

Recommendation hold hold hold underperform underperform underweight sell hold sector perform neutral hold Overwt/In-Line hold sell hold reduce underperform market perform neutral/neutral underperform equalweight

Amt Held 10'910'750 2'842'875 2'357'490 1'263'500 475'224 433'200 194'550 133'473 120'216 112'564 99'750 80'653 75'600 68'944 67'419 64'046 45'362 36'291 35'596 35'000

% Out 45.94 11.97 9.93 5.32 2 1.82 0.82 0.56 0.51 0.47 0.42 0.34 0.32 0.29 0.28 0.27 0.19 0.15 0.15 0.15

Weighting

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

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

Latest Chg (37'138) 34'300 (2'340) (39'477) (6'794) (464) 75'600 (14'573) 1'537 (572) 6'772 (16'925) -

Target Price #N/A N/A 139 #N/A N/A 110 140 125 125 119 125 130 120 150 118 100 130 90 103 #N/A N/A 99 #N/A N/A 95

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

File Dt 31.12.2012 31.12.2012 20.09.2013 31.12.2012 31.12.2012 30.06.2013 28.06.2013 30.04.2013 28.03.2013 31.05.2013 31.12.2012 30.06.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 31.07.2013 31.08.2013 31.12.2012 30.06.2013

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

Inst Type Other Venture Capital Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Unclassified Investment Advisor Investment Advisor Insurance Company Unclassified Investment Advisor Investment Advisor n/a Insurance Company

Date 26.09.2013 23.09.2013 13.09.2013 10.09.2013 02.09.2013 22.08.2013 15.08.2013 05.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 10.06.2013 25.01.2013 09.01.2013

27.09.2013

Nobel Biocare Holding AG Nobel Biocare Holding AG develops and produces dental implants and dental prosthetics. The Company manufactures permanent replacements for tooth roots, and dental crowns and bridges. Nobel Biocare sells under the brand names Branemark System, Steri-Oss/Replace, and Procera on the global market.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOBN SE EQUITY YTD Change NOBN SE EQUITY YTD % CHANGE

12/2012 06/yy 14.80 6.94 204'834.00 13.45 -9.12% 93.69% 81.54% 123.8 1'664.90 99.51 0.0 0.0 154.94 1'304.25

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 619.2 2.93x 161.1 11.26x 109.7 15.96x

31.12.2009 31.12.2010 581.4 576.6 4.95x 3.02x 169.4 114.5 16.98x 15.22x 105.8 45.7 27.21x 38.35x Profitability

LTM-4Q 31.12.2011 569.2 1.97x 104.6 10.71x 39.8 28.05x

31.12.2012 580.5 1.26x 100.7 7.29x 45.8 17.37x 100.72 68.69 11.83% 10.51% 6.66% 12.52% 10.52% 0.97% 75.4% 16.2% 11.1% 7.9% 2.24 1.86 16.57% 30.61% 5.13 6.22

Price/ Cash Flow

06/yy 579.3 7.41x 109.9 9.23x 38.2 27.17x

LTM 06/yy 573.3 6.41x 92.8 11.88x 39.4 29.21x

FY+1

.0 M s-13

1.49 104.94 46.91% 77.01% 1.486 23 2.000 258'302 498'057 355'626 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 569.9 591.6 126.2 152.7 2.25x 2.10x 10.28x 8.46x 96.6 109.4 20.6 25.4 13.45x 11.87x 13.52x 13.22x 48.0 55.9 8.4 15.2 28.09x 24.08x 27.18x 26.53x S&P Issuer Ratings

19.81 18.32 -0.59 1.07 30.6% 23.4% 0.97 8.00 71.21 58.66 38.06 76.25

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

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

01.07.2013

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 |

27.09.2013

Nobel Biocare Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE FRANKLIN RESOURCES INVESCO LTD GIC PRIVATE LIMITED GOVERNANCE FOR OWNER NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC NEW JERSEY DIVISION UNION INVESTMENT GMB UNION INVESTMENT LUX SWISSCANTO FONDSLEIT CAPITAL GROUP COMPAN MASON STREET ADVISOR NOBEL BIOCARE HOLDIN HOTTINGER CAPITAL CO UBS AG PICTET FUNDS VALIC CO I INVERCAIXA GESTION S

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

Firm Name

Analyst

Sanford C. Bernstein & Co Jefferies Commerzbank Corporates & Markets Bank am Bellevue Main First Bank AG Berenberg Bank Goldman Sachs Credit Suisse UBS Zuercher Kantonalbank Bank Vontobel AG Kepler Cheuvreux Barclays EVA Dimensions Deutsche Bank Morgan Stanley JPMorgan HSBC S&P Capital IQ Exane BNP Paribas Northcoast Research

LISA BEDELL CLIVE INGEBORG OIE OLIVER METZGER GINA FRANCIOLI STEPHAN VOLLERT TOM JONES VERONIKA DUBAJOVA CHRISTOPH GRETLER MARTIN WALES SIBYLLE BISCHOFBERGER FRICK CARLA BAENZIGER MAJA PATAKI ALEXANDER KLEBAN TIMOTHY STANISH YI-DAN WANG MICHAEL K JUNGLING DAVID J ADLINGTON HENDRIK LOFRUTHE JACOB THRANE JULIEN DORMOIS EDWIN SNYDER

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

Recommendation outperform hold hold hold underperform buy Sell/Neutral neutral sell underperform hold reduce underweight sell sell Underwt/Attractive underweight underweight sell underperform sell

Amt Held 12'626'019 12'531'783 12'078'949 9'820'991 3'961'104 3'768'834 2'499'268 2'387'283 2'183'120 2'029'700 1'538'091 1'352'481 1'350'000 1'135'410 981'139 965'000 820'654 671'925 568'017 464'892

% Out 10.2 10.12 9.76 7.93 3.2 3.04 2.02 1.93 1.76 1.64 1.24 1.09 1.09 0.92 0.79 0.78 0.66 0.54 0.46 0.38

Weighting

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

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

Latest Chg 5'144'302 (79'559) (30'377) 128'963 29'700 214'244 36'625 (578'990) (318'000) (41'243) (11'942) 464'892

Target Price 17 13 13 12 11 16 9 14 11 #N/A N/A 15 10 7 #N/A N/A 7 7 10 12 13 10 7

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 28.06.2013 Investment Advisor 26.09.2013 Investment Advisor 22.07.2013 Government 31.12.2012 Other 05.02.2013 Government 31.05.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2012 Pension Fund (ERISA) 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Unclassified 30.06.2013 Investment Advisor 31.07.2013 Unclassified 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 26.09.2013 13.09.2013 09.09.2013 06.09.2013 30.08.2013 29.08.2013 27.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 24.07.2013

27.09.2013

Bucher Industries AG Bucher Industries AG manufactures food processing machinery, vehicles, and hydraulic components. The Company produces fruit and vegetable juice processing machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers, spreaders, tractors, street sweepers, and snow blowers. Bucher operates worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BUCN SE EQUITY YTD Change BUCN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 09/yy 242.50 163.00 6'750.00 234 -3.51% 43.56% 89.94% 10.3 2'398.50 499.70 0.0 35.4 480.30 2'598.70

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

.1 M

250

.1 M

200

.0 M

150

.0 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'788.9 0.42x 262.3 4.45x 143.3 7.30x

300

31.12.2009 31.12.2010 2'142.1 2'033.7 0.58x 0.86x 113.1 151.6 11.08x 11.50x (26.0) 95.4 18.33x Profitability

LTM-4Q 31.12.2011 2'336.0 0.73x 260.1 6.57x 124.7 13.12x

31.12.2012 2'609.0 0.70x 305.0 5.95x 149.9 11.73x 305.00 229.80 8.81% 8.30% 6.78% 17.90% 1.14% 12.0% 9.0% 5.7% 1.68 0.98 22.15% 56.76% 5.40 -

Price/ Cash Flow

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

LTM 09/yy 550.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

1.16 7.87 44.33% 33.10% 1.158 12 3.667 13'431 10'194 11'629 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'696.5 2'785.0 575.0 669.3 0.90x 0.84x 331.3 350.5 7.84x 7.41x 170.0 181.8 67.4 13.51x 12.63x S&P Issuer Ratings

18.05 12.50 0.52 1.71 56.8% 35.3% 1.14 5.34 67.64 -

Sales/Revenue/Turnover

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0 6.00

1'000.0 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Bucher Industries AG Holdings By:

All

Holder Name HAUSER MICHAEL BUCHER INDUSTRIES AG BUCHER BETEILIGUNGSHAUSER ANITA BLACKROCK NORGES BANK UBS AG SARASIN SWISSCANTO FONDSLEIT HARRIS ASSOCIATES LP LOMBARD ODIER ASSET PICTET FUNDS IST FUND MANAGERS VONTOBEL ASSET MANAG NEW JERSEY DIVISION CREDIT SUISSE AG MOSIMANN PHILIP NEUBERGER BERMAN LLC SCHRODER INVESTMENT ODIN FORVALTNING AS

Firm Name Helvea Goldman Sachs Main First Bank AG Bank am Bellevue UBS Kepler Cheuvreux Credit Suisse Mirabaud Securities Bank Vontobel AG Berenberg Bank EVA Dimensions Zuercher Kantonalbank

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

Analyst STEFAN GAECHTER ESHAN TOORABALLY TOBIAS FAHRENHOLZ MICHAEL ROOST ANDRE RUDOLF VON ROHR CHRISTOPHER LADNER PATRICK LAAGER THOMAS BAUMANN FABIAN HAECKI FREDERIK BITTER TIMOTHY STANISH ARMIN RECHBERGER

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

Recommendation buy neutral/neutral underperform hold neutral buy neutral buy hold hold overweight outperform

Amt Held 604'008 465'073 440'750 438'779 339'067 307'917 190'771 118'600 106'859 100'520 95'405 83'990 79'719 79'653 60'000 58'567 52'478 51'016 49'020 46'069

% Out 5.89 4.54 4.3 4.28 3.31 3 1.86 1.16 1.04 0.98 0.93 0.82 0.78 0.78 0.59 0.57 0.51 0.5 0.48 0.45

Weighting

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

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

Latest Chg (9'216) 7'421 (7'847) 2'370 (536) 154 (3'972) 13'317 (128) 990 38'558 -

Target Price 265 216 235 238 240 270 230 270 255 220 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Corporation 31.12.2012 Corporation 31.12.2012 n/a 25.09.2013 Investment Advisor 08.08.2013 Government 31.08.2013 Unclassified 30.04.2013 Unclassified 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.05.2013 Investment Advisor 31.12.2012 n/a 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 30.08.2013 Investment Advisor

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

Date 09.09.2013 21.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 10.06.2013 06.06.2013 14.03.2013

27.09.2013

Kaba Holding AG Kaba Holding AG provides mechanical and electronic security systems. The Company offers individually tailored "Total Access Control" including high-security locking devices for heavy safes, modular access and time management applications, as well as no-contact identification technology.

Price/Volume 450

.1 M

400

.1 M

350

.1 M

300

.1 M

250

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KABN SE EQUITY YTD Change KABN SE EQUITY YTD % CHANGE

06/2013 01/yy 412.25 338.25 10'205.00 399.75 -3.03% 18.18% 86.82% 3.8 1'525.06 86.10 0.0 0.9 142.30 1'469.76

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

.0 M

150 100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 30.06.2009 1'166.1 0.94x 174.6 6.25x 70.7 10.86x

.0 M

200

Valuation Analysis

30.06.2010 30.06.2011 952.1 945.2 1.40x 1.50x 166.8 122.7 7.96x 11.59x 86.9 221.6 13.94x 25.54x Profitability

30.06.2012 947.5 1.43x 153.7 8.83x 88.2 16.00x

30.06.2013 964.3 1.34x 150.0 8.61x 85.4 16.03x 150.00 118.60 12.30% 11.93% 8.86% 14.85% 1.00% 15.6% 12.3% 8.9% 1.67 1.07 8.86% 14.41% 5.65 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.79 2.98 11.59% 3.16% 0.792 7 3.571 11'463 10'079 7'922 FY+2

06/14 Y 06/15 Y 983.7 1'016.3 1.47x 1.37x 157.0 169.8 9.39x 8.68x 89.8 98.8 17.23x 15.54x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

34.09 29.05 -0.37 0.57 14.4% 12.6% 1.00 6.06 64.56 -

Sales/Revenue/Turnover

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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 |

27.09.2013

Kaba Holding AG Holdings By:

All

Holder Name FORRER KARIN GEKLA AG BREMI ULRICH BLACKROCK KUENZLE CREED PICTET FUNDS HARRIS ASSOCIATES LP NG KIN SHEK COLLEGE RETIREMENT E NORGES BANK UBS AG SARASIN SWISSCANTO FONDSLEIT DUBS-KUENZLE KARINA CREDIT SUISSE AG LOMBARD ODIER ASSET IST FUND MANAGERS VONTOBEL ASSET MANAG VANGUARD GROUP INC ABERDEEN

Firm Name Main First Bank AG Credit Suisse Helvea EVA Dimensions Bank Vontobel AG UBS Zuercher Kantonalbank

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst TOBIAS FAHRENHOLZ PATRICK LAAGER STEFAN GAECHTER TIMOTHY STANISH ANDY SCHNYDER TORSTEN WYSS ANDREAS MUELLER

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

Recommendation outperform neutral hold overweight hold neutral market perform

Amt Held 153'020 140'000 138'228 130'405 127'452 113'290 113'000 112'815 101'785 93'398 78'816 65'800 51'269 35'744 33'447 31'412 27'234 25'500 23'312 19'100

% Out 4.01 3.67 3.62 3.42 3.34 2.97 2.96 2.96 2.67 2.45 2.07 1.72 1.34 0.94 0.88 0.82 0.71 0.67 0.61 0.5

Weighting

Change 5 3 3 5 3 3 3

M M M U M D D

Latest Chg 117 853 (60'274) (15'539) 3'170 (5'489) (1'003) (60) 51 (1'100) 5'874 1'010

Target Price 430 350 385 #N/A N/A 360 370 #N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 25.09.2013 30.06.2012 31.05.2013 07.09.2011 27.07.2009 08.10.2009 31.12.2012 31.05.2013 30.04.2013 28.03.2013 30.06.2012 31.05.2013 31.05.2013 30.04.2013 30.04.2013 30.06.2013 31.07.2013

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

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

Date 23.09.2013 16.09.2013 16.09.2013 20.08.2013 23.04.2013 18.03.2013 13.03.2013

27.09.2013

Straumann Holding AG Straumann Holding AG develops, produces and sells dental implants. The Company manufactures metal devices implantable in the jaw, in place of missing teeth, to which prosthetic teeth are attached. Straumann has subsidiaries throughout Europe and North America. The Company sells its products worldwide.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STMN SE EQUITY YTD Change STMN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 182.00 97.90 21'866.00 165 -9.34% 68.54% 80.38% 15.7 2'586.63 0.06 0.0 0.0 146.74 2'461.92

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

.6 M .5 M .4 M .3 M .2 M .1 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 778.7 3.59x 101.0 27.70x 8.1 356.73x

200 180 160 140 120 100 80 60 40 20 0 s-12

31.12.2009 31.12.2010 736.4 737.6 5.86x 4.07x 217.9 211.3 19.81x 14.20x 146.4 131.1 31.18x 25.57x Profitability

LTM-4Q 31.12.2011 693.6 3.07x 116.7 18.26x 71.0 35.70x

31.12.2012 686.3 2.31x 95.6 16.56x 36.4 47.46x 95.56 60.97 8.88% 8.15% 5.23% 7.43% 0.77% 77.5% 14.5% 9.5% 5.3% 2.96 2.23 0.01% 0.01% 5.88 2.44

Price/ Cash Flow

06/yy 558.1 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 679.3 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

0.97 7.55 34.58% 52.00% 0.974 21 2.905 34'411 52'091 40'522 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 681.5 701.6 179.4 175.8 3.52x 3.32x 150.9 170.1 16.28x 14.44x 105.8 121.3 23.23x 20.72x S&P Issuer Ratings

131.27 110.59 -1.26 2.02 0.0% 0.0% 0.77 6.84 62.03 149.52 146.52

Sales/Revenue/Turnover

25.00

900.0 800.0

20.00

700.0 600.0

15.00

500.0 400.0

10.00

300.0 200.0

5.00

100.0 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

01.07.2013

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 |

27.09.2013

Straumann Holding AG Holdings By:

All

Holder Name STRAUMANN THOMAS GIC PRIVATE LIMITED MAAG RUDOLF PARVUS ASSET MANAGEM DE MOURA CUNHA SIMON STRAUMANN GABRIELLA SPRUCEGROVE INVESTME MANNING & NAPIER ADV BAILLIE GIFFORD AND NORGES BANK UBS AG CREDIT SUISSE AG CARMIGNAC GESTION HENDERSON GLOBAL INV HENDERSON GLOBAL INV OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT PICTET FUNDS BLACKROCK ALLIANZ ASSET MANAGE

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 HENDERSON EUROPEAN F Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Firm Name

Analyst

Morgan Stanley Jefferies Commerzbank Corporates & Markets Sanford C. Bernstein & Co Exane BNP Paribas Goldman Sachs HSBC Zuercher Kantonalbank Bank am Bellevue Credit Suisse Berenberg Bank Bank Vontobel AG Kepler Cheuvreux Main First Bank AG Barclays Northcoast Research Deutsche Bank UBS EVA Dimensions

MICHAEL K JUNGLING INGEBORG OIE OLIVER METZGER LISA BEDELL CLIVE JULIEN DORMOIS VERONIKA DUBAJOVA HENDRIK LOFRUTHE SIBYLLE BISCHOFBERGER FRICK GINA FRANCIOLI CHRISTOPH GRETLER TOM JONES CARLA BAENZIGER MAJA PATAKI STEPHAN VOLLERT ALEXANDER KLEBAN EDWIN SNYDER YI-DAN WANG MARTIN WALES TIMOTHY STANISH

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

Recommendation Underwt/Attractive hold reduce outperform underperform Sell/Neutral neutral market perform hold outperform buy hold reduce underperform underweight neutral buy neutral sell

Amt Held 2'712'936 2'165'138 1'912'533 1'579'616 767'700 533'001 474'035 465'447 461'120 215'259 186'982 177'549 125'454 97'000 97'000 63'087 60'038 59'474 53'080 45'600

% Out 17.31 13.81 12.2 10.08 4.9 3.4 3.02 2.97 2.94 1.37 1.19 1.13 0.8 0.62 0.62 0.4 0.38 0.38 0.34 0.29

Weighting

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

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

Latest Chg (1'566'749) 1'084'312 (4'939) 15'288 (1'221) (1'228) (779) (779) (1'097) (6'821) 11'193 (1'300)

Target Price 123 165 145 205 145 118 170 #N/A N/A 150 185 190 183 130 130 127 #N/A N/A 190 143 #N/A N/A

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

File Dt 27.11.2012 22.07.2013 31.12.2011 25.07.2013 05.07.2013 31.12.2011 23.08.2012 22.06.2012 18.01.2013 31.12.2012 31.07.2013 31.05.2013 28.06.2013 31.03.2013 31.03.2013 31.07.2013 28.03.2013 31.05.2013 25.09.2013 31.05.2013

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

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

Date 17.09.2013 13.09.2013 09.09.2013 09.09.2013 05.09.2013 27.08.2013 26.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 26.07.2013 06.06.2013

27.09.2013

Temenos Group AG Temenos Group AG provides integrated software for the banking sector. The Company develops, distributes, implements, and supports its process-oriented, real-time enterprise software designed for the management of administrative tasks at banks and financial services companies. Temenos operates offices in Europe, North America, Asia, and the Middle East.

Price/Volume 30

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEMN SE EQUITY YTD Change TEMN SE EQUITY YTD % CHANGE

12/2012 06/yy 25.85 13.28 660'157.00 22.4 -13.35% 68.72% 66.99% 72.0 1'613.32 215.84 0.0 0.0 117.73 1'931.38

.8 M .6 M

.4 M 5 0 s-12

.2 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

1.4 M

Valuation Analysis

31.12.2008 406.9 2.23x 100.2 9.04x 64.7 11.83x

1.6 M

31.12.2009 31.12.2010 370.3 448.0 4.56x 6.65x 127.4 123.1 13.25x 24.19x 68.6 61.6 22.14x 42.37x Profitability

LTM-4Q 31.12.2011 473.5 2.61x 88.5 13.95x (28.3) -

31.12.2012 450.2 2.91x 107.9 12.13x 24.2 50.07x 107.92 48.12 10.69% 8.17% 5.61% 13.43% 9.37% 0.54% 68.3% 27.9% 15.1% 5.4% 1.27 1.27 23.91% 55.81% 1.85 -

Price/ Cash Flow

06/yy 453.9 11.49x 116.4 11.61x (7.1) 0.00x

LTM 06/yy 457.8 17.60x 127.5 28.73x 47.8 35.39x

FY+1

.0 M s-13

1.39 62.12 64.42% 41.81% 1.395 17 3.471 451'718 336'539 308'725 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 474.7 508.9 117.5 143.0 3.95x 3.59x 16.58x 13.09x 139.1 159.6 34.0 56.2 13.94x 12.15x 12.92x 12.36x 70.0 83.5 19.0 37.5 21.76x 18.58x 20.33x 19.58x S&P Issuer Ratings

15.41 14.62 1.16 1.69 55.8% 35.8% 0.54 34.02 197.05 -

Sales/Revenue/Turnover

35.00

500.0 450.0

30.00

400.0

25.00

350.0 300.0

20.00

250.0 200.0

15.00

150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Temenos Group AG Holdings By:

All

Holder Name MASSACHUSETTS MUTUAL OPPENHEIMERFUNDS INC PATINEX AG ALKEN LUXEMBOURG SAR TEMENOS GROUP AG BLACKROCK UBS AG ODDO ASSET MANAGEMEN CREDIT SUISSE AG AVIVA PLC STANDARD LIFE INVEST ZADIG GESTION LUXEMB CLASSIC FUND MGMT AG PICTET FUNDS NORGES BANK ZUERCHER KANTONALBAN VONTOBEL ASSET MANAG YORK CAPITAL MANAGME BAILLIE GIFFORD AND ANDREADES ANDREAS

Firm Name Credit Suisse Bryan Garnier & Cie Goldman Sachs Morgan Stanley Bank am Bellevue Main First Bank AG Baader Bank Mirabaud Securities Zuercher Kantonalbank Berenberg Bank Bank Vontobel AG Exane BNP Paribas Barclays UBS Kepler Cheuvreux Bankhaus Metzler EVA Dimensions

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

Analyst FELIX REMMERS GREGORY RAMIREZ MOHAMMED MOAWALLA ADAM WOOD SANDRA DIETSCHY CHANDRAMOULI SRIRAMAN KNUT WOLLER MARK DIETHELM ANDREAS MUELLER DAUD KHAN TAKIS SPILIOPOULOS BRICE PRUNAS GERARDUS VOS MICHAEL BRIEST XAVIER CAROEN ULRICH TRABERT ANDREW S ZAMFOTIS

Source EXCH MF-AGG Co File Co File EXCH ULT-AGG ULT-AGG Co File ULT-AGG Co File RNS-RUL8 EXCH MF-AGG ULT-AGG RNS-RUL8 RNS-RUL8 MF-AGG RNS-RUL8 RNS-RUL8 Co File

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

Amt Held 7'170'920 6'846'210 3'722'992 3'638'595 3'618'030 2'311'427 2'283'476 2'189'949 2'177'404 2'170'741 2'038'000 1'875'000 1'477'099 1'420'462 1'331'523 1'083'505 1'005'500 975'000 948'495 929'982

% Out 9.96 9.51 5.17 5.05 5.02 3.21 3.17 3.04 3.02 3.01 2.83 2.6 2.05 1.97 1.85 1.5 1.4 1.35 1.32 1.29

Weighting

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

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

Latest Chg (74'429) 137'240 1'167'530 (12'895) (94'634) (1'254'000) 178'223 7'394 (6'000) (98'000) 105'000 (10'682) -

Target Price 18 28 32 24 26 28 16 25 #N/A N/A 18 31 25 27 27 27 17 #N/A N/A

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

File Dt Inst Type 12.09.2013 Insurance Company 31.07.2013 Investment Advisor 27.03.2013 Private Equity 27.03.2013 Investment Advisor 08.08.2013 Corporation 25.09.2013 Investment Advisor 31.05.2013 Unclassified 27.03.2013 Investment Advisor 31.05.2013 Investment Advisor 27.03.2013 Investment Advisor 08.03.2012 Investment Advisor 16.04.2013 Other 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 10.02.2012 Government 28.02.2012 Investment Advisor 30.04.2013 Investment Advisor 09.02.2012 Hedge Fund Manager 24.02.2012 Investment Advisor 31.12.2012 n/a

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

Date 26.09.2013 25.09.2013 11.09.2013 04.09.2013 03.09.2013 28.08.2013 14.08.2013 13.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 28.06.2013 06.06.2013

27.09.2013

Banque Cantonale Vaudoise Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. The Bank offers consumer loans, treasury management, pension funds, and investment management services, trades in commodities, advises on mergers and acquisitions, and offers securities brokerage services. BCV operates primarily in the Canton of Vaud.

Price/Volume 600

12/2012 12/yy 549.04 445.00 6'203.00 495.25 -9.80% 11.29% 47.58% 8.6 4'262.22 8'415.00 0.0 1.0 6'742.00 -

Price/ Cash Flow

1.20

.0 M .0 M .0 M

200

.0 M .0 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended

.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCVN SE EQUITY YTD Change BCVN SE EQUITY YTD % CHANGE

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

.0 M

400

Valuation Analysis

31.12.2008 1'565.7 356.3 7.68x

.0 M

500

31.12.2009 31.12.2010 1'371.2 1'351.6 300.6 313.2 11.77x 13.49x Profitability

LTM-4Q 31.12.2011 1'351.7 302.1 13.00x

31.12.2012 1'321.2 311.0 13.43x 36.52% 37.66% 0.76% 10.80% 2.70% 0.03% 29.1% 21.14% 322.41% -

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

LTM 12/yy 1'229.4 0.00x 0.0 0.00x 311.0 13.74x

FY+1

.0 M s-13

0.69 2.81 6.79% 8.39% 0.686 7 3.000 7'187 6'782 6'753 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 997.2 1'030.8 252.0 247.0 295.0 296.6 14.45x 13.98x S&P Issuer Ratings

05.12.2011 AA STABLE 02.12.2008 A-1+ 322.4% 76.3% 0.03 2.15 -

Sales/Revenue/Turnover

2'000.0 1'800.0

1.00

1'600.0 1'400.0

0.80 0.60 0.40

1'200.0 1'000.0 800.0 600.0 400.0

0.20

200.0 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 |

27.09.2013

Banque Cantonale Vaudoise Holdings By:

All

Holder Name CANTON OF VAUD NORGES BANK UBS AG CREDIT SUISSE AG THORNBURG INVESTMENT BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT SWISSCANTO FONDSLEIT PICTET FUNDS NEW JERSEY DIVISION BNP PARIBAS VONTOBEL ASSET MANAG SCHRODER INVESTMENT JUPITER ASSET MANAGE ALLIANZ ASSET MANAGE PARVEST INVESTMENT M SARASIN KIENER PASCAL STEIMER OLIVIER

Firm Name Main First Bank AG Bank am Bellevue Helvea Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions UBS

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

Analyst KILIAN MAIER MARC DEUSTER TIM DAWSON ANDREAS VENDITTI TERESA NIELSEN DOUG WALTERS DANIELE BRUPBACHER

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

Recommendation outperform hold buy market perform hold underweight sell

Amt Held 5'766'154 87'516 82'814 51'100 44'400 34'594 34'516 32'073 27'261 25'388 24'618 18'151 16'900 16'170 16'000 12'154 10'780 9'201 8'355 8'074

% Out 67 1.02 0.96 0.59 0.52 0.4 0.4 0.37 0.32 0.29 0.29 0.21 0.2 0.19 0.19 0.14 0.13 0.11 0.1 0.09

Weighting

Change 5 3 5 3 3 1 1

M M M M M M N

Latest Chg 3'820 (742) 1'279 (1'714) 1'235 (1'710) 378 596 (1'200) 4'000 (34) 988 -

Target Price 500 490 519 #N/A N/A 515 #N/A N/A 430

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Government 31.05.2013 Unclassified 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 25.09.2013 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.04.2013 Unclassified 30.04.2013 Investment Advisor 28.09.2012 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Unclassified 31.12.2012 n/a 31.12.2012 n/a

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

Date 18.09.2013 10.09.2013 27.08.2013 23.08.2013 23.08.2013 06.06.2013 07.03.2013

27.09.2013

Valiant Holding Valiant Holding AG, through its subsidiaries, provides financial services in Switzerland. The company offers a range of products and services in the areas of retail banking, business banking, private banking, and asset management.

Price/Volume 120

.5 M .4 M

100

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.11.2012) 52-Week Low (13.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VATN SE EQUITY YTD Change VATN SE EQUITY YTD % CHANGE

12/2012 01/yy 100.66 76.90 24'087.00 87.85 -12.73% 14.24% 49.45% 15.8 1'387.37 6'510.11 0.0 0.0 1'814.22 -

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

1.20 1.00

.3 M .2 M

.2 M .1 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 731.7 148.6 21.96x

.3 M

31.12.2009 31.12.2010 731.2 707.1 148.5 122.5 22.77x 16.88x Profitability

31.12.2011 614.6 112.6 16.68x

31.12.2012 616.8 107.6 12.76x 26.59% 33.34% 0.43% 5.84% 1.32% 0.02% 28.3% 25.93% 389.86% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.63 14.97 10.68% 4.95% 0.625 3 3.000 17'663 17'883 17'368 FY+2

12/13 Y 12/14 Y 389.0 386.0 109.0 107.0 12.62x 12.84x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

389.9% 79.6% 0.02 3.45 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 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 |

27.09.2013

Valiant Holding Holdings By:

All

Holder Name UBS AG HIGHCLERE INTL INVES NORGES BANK VALIANT HOLDING AG CREDIT SUISSE AG VANGUARD GROUP INC DIMENSIONAL FUND ADV PICTET FUNDS VONTOBEL ASSET MANAG BLACKROCK SWISSCANTO FONDSLEIT HAEUSERRMANN MARKUS STREIT KURT BEYELER ROLF HOBMEIER MICHAEL BANK OF NEW YORK MEL NYFFELER PAUL ZGRAGGEN EDUARD GAFNER MARTIN GERIFONDS SA

Firm Name Main First Bank AG Zuercher Kantonalbank EVA Dimensions

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

Analyst KILIAN MAIER ANDREAS BRUN DOUG WALTERS

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

Recommendation outperform market perform underweight

Amt Held 503'446 482'652 475'013 145'350 131'899 96'993 69'696 66'001 53'000 48'267 39'554 36'272 31'598 27'445 26'149 19'831 19'638 16'576 15'430 14'015

% Out 3.19 3.06 3.01 0.92 0.84 0.61 0.44 0.42 0.34 0.31 0.25 0.23 0.2 0.17 0.17 0.13 0.12 0.1 0.1 0.09

Latest Chg

Weighting

Change

Target Price

5 3 1

M N M

64 (253) 7'501 518 (469) (1'876) 204 (71)

100 #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 27.03.2013 11.06.2013 28.06.2011 31.05.2013 30.06.2013 30.04.2013 31.05.2013 30.04.2013 25.09.2013 28.03.2013 31.12.2010 31.12.2010 31.12.2010 31.12.2010 26.09.2013 31.12.2010 31.12.2010 31.12.2010 31.03.2013

Date 12 month Not Provided Not Provided

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

Date 18.09.2013 12.08.2013 06.06.2013

27.09.2013

Kuoni Reisen Holding AG Kuoni Reisen Holding AG is a global travel-related service provider with activities in three primary areas: Destination Management Services, Tour Operating and Visa Services. The Company focuses on the B2B travel industry in providing hotel databases transactions and destination services for travel agencies, online portals and tour operators.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (07.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KUNN SE EQUITY YTD Change KUNN SE EQUITY YTD % CHANGE

12/2012 12/yy 371.00 237.31 3'777.00 365.25 -1.55% 53.91% 92.71% 3.7 1'460.42 233.54 0.0 8.1 334.55 1'267.02

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

100 50 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 4'855.0 0.14x 199.6 3.39x 150.7 7.26x

150

31.12.2009 31.12.2010 3'893.6 3'983.6 0.17x 0.24x 67.5 113.2 9.80x 8.54x 0.2 21.3 4362.50x 61.14x Profitability

LTM-4Q 31.12.2011 5'111.3 0.16x 167.0 5.01x 31.8 24.40x

31.12.2012 5'845.5 0.17x 171.2 5.82x (14.8) 171.19 64.70 1.11% 0.13% -0.44% -1.79% 2.14% 18.9% 3.7% 1.9% -0.3% 0.60 0.48 9.69% 31.85% 11.91 -

Price/ Cash Flow

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

12/yy 5'298.2 0.13x 270.7 0.00x 254.7 0.00x

LTM 12/yy 5'338.4 0.12x 89.7 0.00x 87.4 0.00x

FY+1

0.94 3.33 41.35% 34.77% 0.936 17 3.882 7'719 11'968 11'173 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'798.6 5'979.5 0.26x 0.24x 206.9 235.6 6.13x 5.39x 82.2 109.4 15.39x 12.47x S&P Issuer Ratings

14.67 12.33 -0.92 1.07 31.8% 24.0% 2.14 31.59 30.65 -

Sales/Revenue/Turnover

30.00

7'000.0

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0

10.00

2'000.0

5.00

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

01.07.2013

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 |

27.09.2013

Kuoni Reisen Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE MIGROS GENOSSEN PICTET FUNDS UBS AG KUONI REISEN HOLDING VONTOBEL ASSET MANAG VANGUARD GROUP INC SCHRODER INVESTMENT NORGES BANK SPARINVEST SWISSCANTO FONDSLEIT INVESCO LTD CREDIT SUISSE AG LOMBARD ODIER ASSET FIL LIMITED T ROWE PRICE ASSOCIA JULIUS BAER MULTICOO MIRABAUD ASSET MANAG LLB FONDSLEITUNG AG JULIUS BAER ASSET MA

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

Firm Name

Analyst

Main First Bank AG Zuercher Kantonalbank AlphaValue Commerzbank Corporates & Markets Goldman Sachs Bank am Bellevue UBS Bank Vontobel AG Natixis Exane BNP Paribas Helvea JPMorgan Deutsche Bank Kepler Cheuvreux EVA Dimensions Credit Suisse

ALAIN-SEBASTIAN OBERHUBER MARCO STRITTMATTER BERENICE LACROIX JOHANNES BRAUN NICK EDELMAN ROLF KUNZ ALEX BRIGNALL JEAN-PHILIPPE BERTSCHY GEOFFREY D'HALLUIN MATTHIAS DESMARAIS CHRISTIAN BURGER JAAFAR MESTARI GEOF COLLYER BEAT KEISER CRAIG STERLING PATRICK JNGLIN

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

Recommendation outperform market perform reduce buy Buy/Neutral buy neutral buy neutral neutral buy neutral buy buy sell neutral

Amt Held 757'704 284'656 220'080 162'588 107'742 97'020 91'095 74'797 73'959 64'369 60'349 46'949 30'916 30'000 25'976 23'657 22'531 18'400 18'000 13'639

% Out 20.21 7.59 5.87 4.34 2.87 2.59 2.43 2 1.97 1.72 1.61 1.25 0.82 0.8 0.69 0.63 0.6 0.49 0.48 0.36

Weighting

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

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

Latest Chg 8'144 23 10'300 1'141 6'653 (1'108) (1'229) 37'571 (52) 5'068 1'499 23'643 (309) 17'800 5'000 (82)

Target Price 450 #N/A N/A 348 460 410 425 340 420 350 330 410 350 398 385 #N/A N/A 300

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

File Dt 31.12.2012 31.12.2012 31.05.2013 31.05.2013 31.12.2012 30.04.2013 30.06.2013 30.08.2013 31.12.2012 31.07.2013 28.03.2013 26.09.2013 31.05.2013 31.05.2013 30.04.2013 30.06.2013 31.05.2013 31.03.2013 30.06.2013 30.06.2013

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

Inst Type Investment Advisor Other Investment Advisor Unclassified Other Investment Advisor Unclassified 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

Date 17.09.2013 12.09.2013 12.09.2013 05.09.2013 28.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 19.08.2013 15.08.2013 06.08.2013 22.05.2013 25.03.2013

27.09.2013

Allreal Holding AG Allreal Holding AG develops and manages real estate. The Company operates as a general contractor offering planning, architect, and construction management services. Allreal also provides renovation services and manages a portfolio of apartment, office, and commercial buildings.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (29.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALLN SE EQUITY YTD Change ALLN SE EQUITY YTD % CHANGE

12/2012 01/yy 139.50 125.10 8'678.00 125.8 -9.82% 0.56% 9.03% 15.9 2'005.48 1'563.60 0.0 0.0 26.10 3'713.68

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

40 20 0 s-12

31.12.2009 31.12.2010 215.8 656.0 13.28x 4.84x 137.9 170.3 20.78x 18.66x 88.6 116.4 15.75x 15.48x Profitability

31.12.2011 831.8 4.16x 182.6 18.93x 146.8 12.93x

31.12.2012 868.6 4.36x 172.3 21.97x 98.0 22.29x 172.30 171.20 15.75% 14.76% 2.33% 4.92% 2.66% 0.23% 18.7% 11.3% 39.80% 81.98% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.52 15.30 -5.03% -7.18% 0.524 4 2.500 20'636 15'183 13'751 FY+2

12/13 Y 12/14 Y 278.0 287.3 12.98x 12.67x 191.7 201.7 19.36x 18.40x 122.0 135.0 17.11x 15.80x S&P Issuer Ratings

FQ+1

FQ+2

3.92 -0.79 9.97 10.30 82.0% 45.0% 0.23 -

Sales/Revenue/Turnover

50.00

1'000.0

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00 20.00

500.0 400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 207.9 12.02x 136.9 18.25x 90.7 13.39x

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Allreal Holding AG Holdings By:

All

Holder Name HELVETIA PATRIA GRUP BVK PERSONALVORSORGE SCHWEIZERISCHE MOBIL CREDIT SUISSE AG NORGES BANK BLACKROCK DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG SWISSCANTO FONDSLEIT RAIFFEISEN SCHWEIZ L VANGUARD GROUP INC UBS AG PICTET FUNDS IAM INDEPENDENT ASSE JULIUS BAER ASSET MA SEI INVESTMENT MANAG KBC GROUP NV ALLREAL HOLDING AG VONTOBEL ASSET MANAG JULIUS BAER MULTICOO

Firm Name UBS Bank Vontobel AG EVA Dimensions Zuercher Kantonalbank

Portfolio Name 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ANDRE RUDOLF VON ROHR STEFAN SCHUERMANN DOUG WALTERS MARKUS WAEBER

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

Recommendation neutral hold sell market perform

Amt Held 6'737'352 603'490 445'814 378'370 223'408 174'032 172'768 152'430 144'358 99'505 91'267 88'587 82'597 36'897 28'506 25'943 15'727 15'496 14'300 11'525

% Out 42.26 3.79 2.8 2.37 1.4 1.09 1.08 0.96 0.91 0.62 0.57 0.56 0.52 0.23 0.18 0.16 0.1 0.1 0.09 0.07

Weighting

Change 3 3 1 3

M M M D

Latest Chg 382'059 (4'718) 118 1'088 (7'251) 5'935 (855) 8'667 (152) 1 (33'906) (2'100) -

Target Price 135 145 #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 20.09.2012 31.12.2009 11.05.2010 31.05.2013 31.12.2012 25.09.2013 30.04.2013 30.04.2013 28.03.2013 30.04.2013 30.06.2013 30.06.2013 31.05.2013 30.04.2013 30.06.2013 30.04.2013 31.07.2013 16.05.2012 30.04.2013 31.05.2013

Date 12 month Not Provided Not Provided Not Provided

Inst Type Other Investment Advisor Holding Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Investment Advisor

Date 27.08.2013 27.08.2013 06.06.2013 16.01.2013

27.09.2013

Logitech International SA Logitech International S.A. manufactures personal computer input devices. The Company produces computer mice which help the user move the cursor around the computer screen quickly, trackballs, game controllers, keyboards, PC video cameras, and multimedia speakers. The Company sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LOGN SE EQUITY YTD Change LOGN SE EQUITY YTD % CHANGE

03/2013 06/yy 8.92 5.73 1'075'589.00 8.04 -9.87% 40.31% 72.73% 173.1 1'391.78 0.00 0.0 0.0 333.82 1'219.87

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 2'208.8 0.61x 182.4 7.44x 107.0 17.19x

31.03.2010 31.03.2011 1'966.7 2'362.9 1.31x 1.17x 151.0 218.6 17.02x 12.61x 65.0 128.5 44.61x 24.74x Profitability

LTM-4Q 31.03.2012 2'316.2 0.35x 144.5 5.56x 71.5 19.02x

31.03.2013 2'099.9 0.36x 75.5 9.88x (228.1) -

75.45 7.96 0.38% -12.08% -11.21% -20.51% 1.35% 33.7% 4.9% -8.2% -10.9% 1.86 1.13 0.00% 0.00% 9.75 4.78

Price/ Cash Flow

06/yy 2'304.4 2.00x 160.0 10.64x 49.7 41.40x

LTM 06/yy 2'109.2 1.91x 103.9 7.48x (174.9) 0.00x

FY+1

.0 M s-13

0.64 140.80 -1.39% 19.10% 0.645 18 3.111 757'831 1'242'869 981'019 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 2'040.3 2'076.3 502.4 596.7 0.57x 0.53x 2.47x 1.96x 122.1 147.4 29.7 55.6 10.04x 8.32x 9.15x 8.72x 50.5 74.0 9.5 32.4 27.02x 18.44x 29.05x 26.78x S&P Issuer Ratings

-3.07 0.00 0.0% 0.0% 1.35 23.40 37.43 76.37 73.25 31.85

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 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 |

27.09.2013

Logitech International SA Holdings By:

All

Holder Name LOGITECH INTERNATION BOREL DANIEL FMR LLC DNB NOR ASSET MANAGE FRANKLIN RESOURCES MARATHON ASSET MANAG NORGES BANK CAPITAL GROUP COMPAN UBS AG CREDIT SUISSE AG CREDIT AGRICOLE SA NEW JERSEY DIVISION ALLIANZ ASSET MANAGE DEUTSCHE BANK AG LOMBARD ODIER ASSET VALINOR MANAGEMENT L ROYCE AND ASSOCIATES SKANDIA FONDER AB COATUE MANAGEMENT LL VANGUARD GROUP INC

Firm Name AlphaValue Goldman Sachs EVA Dimensions Raymond James Helvea Bank am Bellevue Exane BNP Paribas Mirabaud Securities Avondale Partners LLC Credit Suisse Morgan Stanley Bank Vontobel AG Barclays JPMorgan Pacific Crest Securities Wedge Partners S&P Capital IQ UBS Zuercher Kantonalbank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a CREDIT AGRICOLE SA Multiple Portfolios n/a n/a Multiple Portfolios VALINOR MANAGEMENT L ROYCE & ASSOCIATES L Multiple Portfolios COATUE MANAGEMENT LL n/a

Analyst HEINZ STEFFEN ALEXANDER DUVAL ANDREW S ZAMFOTIS TAVIS C MCCOURT STEFAN GAECHTER SANDRA DIETSCHY ALEXANDER PETERC MARK DIETHELM JOHN F BRIGHT FELIX REMMERS ANDREW HUMPHREY MICHAEL FOETH ANDREW M GARDINER PAUL T COSTER ANDY HARGREAVES KIRK ADAMS ANGELO ZINO JOERN IFFERT ANDREAS MUELLER

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

Recommendation add neutral/neutral overweight market perform hold hold outperform neutral market underperform neutral Equalwt/No Rating hold underweight underweight sector perform no rating system hold neutral outperform

Amt Held 15'111'187 10'366'743 9'800'000 6'038'748 5'700'247 5'358'296 5'293'034 4'830'000 4'547'270 3'486'208 2'570'310 2'400'000 2'160'545 1'643'834 1'335'783 1'298'319 1'287'100 1'276'157 1'125'376 1'084'473

% Out 8.73 5.99 5.66 3.49 3.29 3.1 3.06 2.79 2.63 2.01 1.48 1.39 1.25 0.95 0.77 0.75 0.74 0.74 0.65 0.63

Weighting

Change

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

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

Latest Chg (25'743) (3'415'705) 611'104 1'789'440 2'433'282 (50'977) 15'284 900'000 (218'911) 291'799 111'421 861'526 (71'800) 541'398 734'057 57'799

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

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

File Dt Inst Type 04.01.2013 Unclassified 05.09.2013 n/a 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 05.04.2013 Investment Advisor 25.04.2013 Government 06.08.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Unclassified

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

Date 26.09.2013 11.09.2013 11.09.2013 04.09.2013 04.09.2013 03.09.2013 02.09.2013 22.08.2013 02.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 09.07.2013 05.06.2013 27.05.2013 23.05.2013

27.09.2013

Luzerner Kantonalbank AG Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans including mortgage loans, investment counseling and asset management. Luzerner Kantonalbank serves the Canton of Lucerne through numerous full and secondary branches.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LUKN SE EQUITY YTD Change LUKN SE EQUITY YTD % CHANGE

12/2012 06/yy 380.05 325.05 807.00 360.75 -5.08% 10.98% 59.91% 8.5 3'066.38 5'639.41 0.0 0.0 2'920.51 -

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

1.20

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 871.3 143.3 14.72x

400

31.12.2009 31.12.2010 754.2 730.0 140.7 149.4 16.61x 17.69x Profitability

LTM-4Q 31.12.2011 719.4 158.6 16.73x

31.12.2012 685.4 168.3 16.92x 44.91% 43.49% 0.63% 9.71% 2.42% 0.02% 37.2% 20.11% 364.20% -

06/yy 704.4 0.00x 0.0 0.00x 165.1 16.98x

LTM 06/yy 673.1 0.00x 0.0 0.00x 172.7 17.16x

FY+1

.0 M s-13

0.46 3.25 11.52% 10.86% 0.460 2 2.000 956 1'428 1'746 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 427.0 437.0 183.0 188.0 16.65x 16.16x S&P Issuer Ratings

12.09.2008 AA+ NEG 29.08.2002 A-1+ 364.2% 78.5% 0.02 4.22 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 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 |

27.09.2013

Luzerner Kantonalbank AG Holdings By:

All

Holder Name CANTON OF LUCERNE CREDIT SUISSE AG SWISSCANTO FONDSLEIT UBS AG PICTET FUNDS SCHRODER INVESTMENT DIMENSIONAL FUND ADV KOBLER BERNARD FELDER JOSEF ANTON SCHRODER INVESTMENT SWISSCANTO ANLAGESTI HURSCHLER MARCEL IST FUND MANAGERS BACHMANN MARK SALZMANN DANIEL SKANDIA GLOBAL FUNDS HODEL BEAT GRUETER LEO JULIUS BAER ASSET MA BESSEMER GROUP INCOR

Firm Name EVA Dimensions Zuercher Kantonalbank

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

Analyst DOUG WALTERS ANDREAS VENDITTI

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

Recommendation underweight market perform

Amt Held 5'225'800 25'981 19'230 16'885 13'496 9'092 5'958 5'740 4'155 3'240 2'722 2'688 2'293 2'167 2'014 1'942 1'723 1'629 1'448 1'434

% Out 61.48 0.31 0.23 0.2 0.16 0.11 0.07 0.07 0.05 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change 1 3

U M

Latest Chg (910) (559) (261) 35 2 (34) -

Target Price #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 31.05.2013 28.03.2013 31.05.2013 31.05.2013 28.09.2012 30.04.2013 31.12.2012 31.12.2012 31.12.2012 28.03.2013 31.12.2012 30.04.2013 31.12.2012 31.12.2012 28.06.2013 31.12.2012 31.12.2012 30.06.2013 30.04.2013

Date Not Provided Not Provided

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

Date 13.09.2013 21.08.2013

27.09.2013

Mobimo Holding AG Mobimo Holding AG builds and renovates residential real estate and invests in commercial real estate.

Price/Volume 250

.1 M

200

.1 M .0 M

150

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.12.2012) 52-Week Low (03.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOBN SE EQUITY YTD Change MOBN SE EQUITY YTD % CHANGE

100

12/2012 01/yy 215.38 185.10 5'641.00 188.8 -12.34% 2.00% 15.52% 6.2 1'172.24 1'062.91 0.0 3.5 97.65 2'229.05

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

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 197.2 6.14x 69.3 17.48x 45.0 13.65x

.0 M

31.12.2009 31.12.2010 258.7 177.3 6.61x 10.81x 74.4 69.6 22.97x 27.52x 62.5 66.0 12.50x 15.35x Profitability

31.12.2011 230.0 9.10x 81.1 25.80x 80.5 13.45x

31.12.2012 252.4 9.22x 83.7 27.78x 76.3 17.75x 83.72 81.44 21.39% 37.11% 3.09% 6.64% 3.44% 0.09% 36.3% 30.2% 42.20% 88.76% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.56 5.58 -8.28% -9.95% 0.559 5 2.600 14'810 10'646 10'569 FY+2

12/13 Y 12/14 Y 123.7 121.0 18.08x 19.88x 102.0 93.3 21.86x 23.91x 53.0 53.7 21.29x 22.28x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

3.05 -1.29 12.74 13.65 88.8% 47.0% 0.09 -

Sales/Revenue/Turnover

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

01.07.2013

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 |

27.09.2013

Mobimo Holding AG Holdings By:

All

Holder Name PENSIONSKASSE DES KA MIGROS COOPERATIVE A CREDIT SUISSE AG BLACKROCK NORGES BANK MEILI ALFRED UBS AG SWISSCANTO FONDSLEIT VANGUARD GROUP INC REICHMUTH & CO LEDERMANN URS DIMENSIONAL FUND ADV PICTET FUNDS MORGAN STANLEY FIL LIMITED IAM INDEPENDENT ASSE SARASIN STATE STREET CORP JULIUS BAER MULTICOO KBC GROUP NV

Firm Name Kempen & Co EVA Dimensions Bank Vontobel AG UBS Zuercher Kantonalbank

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

Analyst ROBERT WOERDEMAN DOUG WALTERS STEFAN SCHUERMANN ANDRE RUDOLF VON ROHR MARKUS WAEBER

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

Recommendation underweight underweight hold buy market perform

Amt Held 209'861 204'894 198'783 185'034 172'512 134'560 84'972 77'266 53'754 41'500 34'650 30'442 26'232 22'435 22'084 21'534 20'315 16'523 15'670 12'688

% Out 3.38 3.3 3.2 2.98 2.78 2.17 1.37 1.24 0.87 0.67 0.56 0.49 0.42 0.36 0.36 0.35 0.33 0.27 0.25 0.2

Weighting

Change 1 1 3 5 3

M U M M D

Latest Chg (745) (13'762) (744) (4'541) 3'444 390 (427) 666 446 100 (410) -

Target Price 200 #N/A N/A 210 220 #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 31.12.2012 31.05.2013 25.09.2013 31.12.2012 01.02.2011 30.06.2013 28.03.2013 30.06.2013 09.07.2010 31.12.2012 30.04.2013 31.05.2013 30.06.2013 30.04.2013 30.04.2013 30.04.2013 26.09.2013 31.05.2013 31.07.2013

Date 12 month Not Provided Not Provided 12 month Not Provided

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

Date 23.09.2013 28.08.2013 16.08.2013 15.08.2013 16.01.2013

27.09.2013

Tecan Group AG Tecan AG develops, manufactures and distributes laboratory automation components and systems. The Company produces robotic sample processors, stand-alone separation and detection devices, laser scanners, integrated systems, and pumps and valves for high precision liquid handling. The products are mainly used by research and diagnostic laboratories.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TECN SE EQUITY YTD Change TECN SE EQUITY YTD % CHANGE

12/2012 12/yy 103.40 64.98 38'785.00 96.35 -6.82% 48.28% 87.25% 11.4 1'102.68 4.90 0.0 0.0 144.53 974.63

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

.1 M

100

.1 M

.0 M

0 s-12

31.12.2009 31.12.2010 356.2 370.5 2.14x 2.11x 68.7 64.7 11.08x 12.07x 49.3 16.2 17.03x 17.33x Profitability

LTM-4Q 31.12.2011 377.0 1.50x 60.4 9.38x 47.6 15.19x

31.12.2012 391.1 1.77x 62.6 11.09x 42.2 19.62x 62.57 52.31 13.37% 13.42% 10.03% 14.12% 0.95% 50.7% 16.3% 13.6% 10.8% 3.39 2.19 1.16% 1.62% 6.09 1.68

Price/ Cash Flow

09/yy 307.7 0.00x 0.0 0.00x 8.4 0.00x

n-12

d-12

j-13

LTM 12/yy 405.9 2.10x 0.0 0.00x 40.6 21.60x

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.49 10.10 43.15% 28.18% 0.485 9 4.111 15'655 22'306 21'429 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 406.9 446.1 2.34x 2.00x 69.6 79.3 14.10x 12.36x 45.7 55.1 22.97x 19.36x S&P Issuer Ratings

744.86 636.63 -2.00 0.15 1.6% 1.6% 0.95 21.73 55.20 200.55 13.66 222.57

Sales/Revenue/Turnover

450.00

450.0

400.00

400.0

350.00

350.0

300.00

300.0

250.00

250.0

200.00

200.0

150.00

150.0

100.00

100.0

50.00

50.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 396.0 0.93x 56.7 6.53x 25.6 16.60x

120

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Tecan Group AG Holdings By:

All

Holder Name ING GROEP NV UBS AG PICTET FUNDS TECAN GROUP AG CREDIT SUISSE AG SUVA NORGES BANK FMR LLC TIAA CREF INVESTMENT INVESCO LTD ARTISAN PARTNERS HOL SWISSCANTO FONDSLEIT FINANCIERE DE L'ECHI HARRIS ASSOCIATES LP JUPITER ASSET MANAGE MIRABAUD ASSET MANAG SCHRODER INVESTMENT ODDO ASSET MANAGEMEN OPPENHEIMERFUNDS INC KEMPEN CAPITAL MANAG

Firm Name Credit Suisse Zuercher Kantonalbank Berenberg Bank Bank Vontobel AG Main First Bank AG Bank am Bellevue HSBC EVA Dimensions UBS

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

Analyst CHRISTOPH GRETLER SIBYLLE BISCHOFBERGER FRICK SCOTT BARDO CARLA BAENZIGER STEPHAN VOLLERT GINA FRANCIOLI JAN KEPPELER TIMOTHY STANISH IAN DOUGLAS-PENNANT

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

Recommendation outperform market perform buy hold outperform hold neutral overweight buy

Amt Held 1'052'903 663'356 574'091 572'230 368'034 366'227 354'783 343'921 343'338 221'092 214'179 195'395 188'335 173'100 151'500 147'431 140'550 100'761 98'488 97'765

% Out 9.2 5.8 5.02 5 3.22 3.2 3.1 3.01 3 1.93 1.87 1.71 1.65 1.51 1.32 1.29 1.23 0.88 0.86 0.85

Weighting

Change 5 3 5 3 5 3 3 5 5

M M M M M M M U U

Latest Chg 3'052 6'289 26'922 (925) 132'071 214'179 (15'626) (9'242) 21'600 17'000 27'582 -

Target Price 105 #N/A N/A 110 104 120 88 98 #N/A N/A 100

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

File Dt 31.12.2012 31.07.2013 29.08.2013 31.12.2012 31.05.2013 31.12.2012 31.12.2012 12.04.2013 31.12.2012 26.09.2013 31.03.2013 28.03.2013 31.07.2013 30.06.2013 31.05.2013 31.03.2013 30.08.2013 30.09.2012 31.07.2013 30.06.2013

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

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

Date 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 14.08.2013 05.08.2013 08.03.2013

27.09.2013

Berner Kantonalbank AG Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional banking services such as mortgage loans and various types of deposits. Berner Kantonalbank operates through a network of branches.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEKN SE EQUITY YTD Change BEKN SE EQUITY YTD % CHANGE

12/2012 01/yy 259.34 225.00 836.00 238.1 -8.19% 5.82% 38.44% 9.3 2'219.09 1'661.67 0.0 0.0 2'671.52 -

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

1.20

50 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 829.2 112.7 18.51x

100

31.12.2009 31.12.2010 947.6 869.1 119.0 125.0 17.99x 18.05x Profitability

31.12.2011 689.7 130.1 17.92x

31.12.2012 663.3 128.1 18.49x 38.82% 32.14% 0.49% 8.73% 4.00% 0.03% 25.3% 6.30% 109.74% -

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

0.39 4.33 -1.81% -2.39% 0.394 1 1.000 1'773 1'750 2'250

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

109.7% 52.3% 0.03 3.11 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 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 |

27.09.2013

Berner Kantonalbank AG Holdings By:

All

Holder Name KANTON BERN BERNER KANTONALBANK SWISSCANTO FONDSLEIT CREDIT SUISSE AG UBS AG PICTET FUNDS DIMENSIONAL FUND ADV NOBILI JEAN-CLAUDE STARCAP AG DJE INVESTMENT SA SWISSCANTO ANLAGESTI JONES HEWARD INVESTM IST FUND MANAGERS RIEBEN JUERG RUFER THOMAS RUEFENACHT HANSPETER WEHRLI RUDOLF ANDEREGG-DIETRICH KA GERBER STEFAN HOPF JOHANNES

Firm Name EVA Dimensions

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

Analyst DOUG WALTERS

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

Recommendation sell

Amt Held 4'799'800 160'349 53'220 36'239 24'247 18'923 8'544 7'283 7'136 4'100 3'780 3'645 3'226 2'876 2'781 2'700 2'352 2'301 2'250 2'220

% Out 51.5 1.72 0.57 0.39 0.26 0.2 0.09 0.08 0.08 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

Change 1

Latest Chg (1'674) 135 (96) (1'163) (19) 2 -

Target Price #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 31.12.2012 28.03.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.12.2012 30.06.2013 28.06.2013 28.03.2013 26.09.2013 30.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided

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

Date 06.06.2013

27.09.2013

Belimo Holding AG Belimo Holding AG manufactures heating, ventilation and air conditioning equipment (HVAC). The Company develops and manufactures damper actuators for general purposes, special motorized fire and smoke dampers and air-volume controls for HVAC systems. Belimo offers sales and consulting services worldwide.

Price/Volume

.0 M .0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEAN SE EQUITY YTD Change BEAN SE EQUITY YTD % CHANGE

12/2012 01/yy 2'447.00 1'559.00 78.00 2323 -5.07% 49.01% 85.47% 0.6 1'428.65 21.20 0.0 0.0 105.69 1'352.52

.0 M

1000

.0 M

500 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

.0 M

2500 2000

Valuation Analysis

31.12.2008 403.8 1.15x 78.6 5.91x 46.1 9.88x

3000

31.12.2009 31.12.2010 385.9 426.4 1.76x 2.29x 74.9 96.6 9.08x 10.11x 49.3 61.3 14.14x 16.72x Profitability

31.12.2011 416.0 2.35x 81.8 11.96x 51.6 20.03x

31.12.2012 444.6 2.23x 91.9 10.79x 61.4 17.50x 91.90 76.30 17.16% 16.86% 19.33% 27.42% 1.37% 21.4% 17.8% 13.8% 5.17 3.55 6.17% 8.11% 6.97 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.65 0.45 43.33% 35.37% 0.650 6 4.000 290 233 242 FY+2

12/13 Y 12/14 Y 481.8 521.4 2.78x 2.58x 103.4 113.2 13.08x 11.95x 69.6 77.1 20.39x 18.51x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

141.17 115.54 -0.77 0.21 8.1% 7.5% 1.37 4.86 52.38 -

Sales/Revenue/Turnover

25.00

500.0 450.0 400.0

20.00

350.0 15.00

300.0

10.00

250.0 200.0 150.0 100.0

5.00

50.0 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

01.07.2013

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 |

27.09.2013

Belimo Holding AG Holdings By:

All

Holder Name GROUPE LINSI CAPITAL GROUP COMPAN RONER WERNER AMERIPRISE FINANCIAL THREADNEEDLE MONTANARO ASSET MGMT SARASIN LOMBARD ODIER DARIER IST FUND MANAGERS VONTOBEL ASSET MANAG PICTET FUNDS LINSI WALTER LOMBARD ODIER ASSET LB SWISS INVESTMENT NORGES BANK UBS AG CREDIT SUISSE AG SWISSCANTO FONDSLEIT SCHRODER INVESTMENT STATE STREET CORP

Firm Name EVA Dimensions Helvea Zuercher Kantonalbank Bank Vontobel AG UBS Main First Bank AG

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

Analyst TIMOTHY STANISH PATRICK APPENZELLER RICHARD FREI CHRISTIAN ARNOLD TORSTEN WYSS TOBIAS FAHRENHOLZ

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

Recommendation overweight buy market perform hold neutral outperform

Amt Held 118'572 61'377 34'994 28'413 25'272 19'822 18'300 17'385 10'825 10'653 10'607 10'187 8'358 7'005 5'810 5'585 5'393 4'990 3'072 2'095

% Out 19.28 9.98 5.69 4.62 4.11 3.22 2.98 2.83 1.76 1.73 1.72 1.66 1.36 1.14 0.94 0.91 0.88 0.81 0.5 0.34

Latest Chg -

Weighting

Change

Target Price

5 5 3 3 3 5

U M M M M M

76 (703) 21 300 614 5 (1'150) 54 (49) (149) 450 -

#N/A N/A 2'500 #N/A N/A 2'200 2'150 2'370

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

File Dt 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.05.2013 07.01.2013 31.08.2012 05.06.2013 30.04.2013 30.04.2013 31.05.2013 31.12.2012 31.05.2013 28.03.2013 31.12.2012 31.05.2013 31.05.2013 28.03.2013 31.12.2012 26.09.2013

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

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

Date 20.08.2013 15.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013

27.09.2013

Burckhardt Compression Holding AG Burckhardt Compression Holding AG manufactures reciprocating compressors. The Company produces compressors for oil refining, the chemical and petrochemical industries, industrial gases, and gas transport and storage.

Price/Volume 450

.0 M

400 .0 M

350 300

.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCHN SE EQUITY YTD Change BCHN SE EQUITY YTD % CHANGE

03/2013 01/yy 399.25 255.50 6'086.00 358 -10.33% 40.12% 74.78% 3.4 1'217.20 39.16 0.0 0.0 189.99 1'066.36

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

100

.0 M

50 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 424.5 0.55x 102.1 2.29x 72.8 4.94x

.0 M

150

31.03.2010 31.03.2011 343.2 355.6 1.83x 2.43x 83.7 71.7 7.50x 12.06x 56.0 45.1 12.47x 21.33x Profitability

31.03.2012 328.9 2.09x 79.3 8.67x 50.5 16.26x

31.03.2013 366.7 2.87x 86.4 12.19x 55.5 21.37x

86.42 75.35 20.55% 19.89% 9.85% 17.86% 0.65% 37.1% 23.6% 20.5% 15.1% 2.22 1.53 6.56% 11.55% 3.80 2.18

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.79 2.74 36.85% 22.14% 0.792 11 3.000 8'747 3'630 4'324 FY+2

03/14 Y 03/15 Y 436.9 474.6 2.36x 2.12x 89.4 102.3 11.93x 10.42x 60.1 69.1 20.22x 17.45x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

65.67 53.15 -1.75 0.45 11.5% 10.4% 0.65 2.81 95.97 167.54 29.48 234.02

Sales/Revenue/Turnover

60.00

450.0 400.0

50.00

350.0 300.0

40.00

250.0 30.00

200.0 150.0

20.00

100.0 10.00 0.00 02.04.2010

50.0 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 |

27.09.2013

Burckhardt Compression Holding AG Holdings By:

All

Holder Name ING GROEP NV THREADNEEDLE ALLIANZ ASSET MANAGE VOGT VALENTIN BLACKROCK COLLEGE RETIREMENT E TIAA CREF INVESTMENT DEUTSCHE BANK AG WILLIAM BLAIR & COMP AMERIPRISE FINANCIAL WILLIAM BLAIR & COMP MONDRIAN INVESTMENT UBS AG HARRIS ASSOCIATES LP ROYCE & ASSOCIATES NORGES BANK BURCKHARDT COMPRESSI KELLER LEONHARD HELLER MARTIN PAWLICEK MARCEL

Firm Name Bank am Bellevue Zuercher Kantonalbank Goldman Sachs UBS Main First Bank AG Helvea Kepler Cheuvreux Baden Hill LLP Berenberg Bank Bank Vontobel AG EVA Dimensions

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

Analyst MICHAEL ROOST ARMIN RECHBERGER WILLIAM WYMAN TORSTEN WYSS BERND POMREHN VOLKAN GOCMEN OLIVER GIRAKHOU ANTOINE HNEIN FREDERIK BITTER FABIAN HAECKI TIMOTHY STANISH

Source Co File ULT-AGG ULT-AGG Co File ULT-AGG #N/A N/A Co File ULT-AGG 13F Co File EXCH EXCH ULT-AGG EXCH EXCH MF-AGG Co File Co File Co File Co File

Recommendation hold market perform Buy/Neutral neutral underperform hold hold buy hold hold underweight

Amt Held 241'400 224'283 210'675 202'633 191'247 176'332 166'600 112'200 111'243 108'800 107'548 104'968 102'404 99'988 99'450 81'201 76'255 71'563 57'500 52'045

% Out 7.1 6.6 6.2 5.96 5.62 5.19 4.9 3.3 3.27 3.2 3.16 3.09 3.01 2.94 2.92 2.39 2.24 2.1 1.69 1.53

Weighting

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

M M M M M M N M M M D

Latest Chg 4'089 (12'956) 6'992 13'982 6 (5'475) (3'468) -

Target Price 344 #N/A N/A 475 360 350 350 355 #N/A N/A 345 355 #N/A N/A

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

File Dt Inst Type 31.03.2012 Investment Advisor 31.05.2013 Unclassified 31.08.2013 Investment Advisor 31.03.2012 n/a 25.09.2013 Investment Advisor 30.04.2012 Other 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2013 Investment Advisor 31.03.2012 Investment Advisor 12.04.2013 Investment Advisor 10.07.2013 Hedge Fund Manager 31.05.2013 Unclassified 30.04.2012 Investment Advisor 06.12.2011 Unclassified 31.12.2012 Government 31.03.2012 Corporation 31.03.2012 n/a 31.03.2012 n/a 31.03.2012 n/a

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

Date 26.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 15.08.2013 31.07.2013 09.07.2013 10.06.2013 10.06.2013 10.06.2013

27.09.2013

ams AG AMS AG develops and manufactures high-performance analog semiconductors. ams' product range includes sensor, sensor interfaces, power management ICs and wireless ICs for customers in the consumer, industrial, medical, mobile communications and automotive markets. The Company is based in Austria.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (23.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMS SE EQUITY YTD Change AMS SE EQUITY YTD % CHANGE

12/2012 06/yy 122.00 62.50 33'002.00 86.25 -29.30% 38.00% 41.09% 14.5 1'249.79 80.84 0.0 0.0 86.85 1'022.57

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

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 184.7 0.66x 48.2 2.52x 12.3 7.48x

31.12.2009 31.12.2010 137.2 209.4 1.36x 1.77x 4.0 49.7 47.09x 7.45x (16.7) 23.1 16.01x Profitability

LTM-4Q 31.12.2011 275.7 1.65x 69.9 6.53x 35.3 10.38x

31.12.2012 387.6 2.96x 117.9 9.73x 81.9 12.74x 117.87 84.57 21.82% 21.51% 10.14% 15.91% 0.62% 52.3% 26.8% 17.6% 21.1% 2.43 1.60 12.75% 19.74% 6.78 3.30

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M s-13

06/yy 349.5 7.06x 98.3 7.77x 60.2 10.90x

LTM 06/yy 376.9 11.48x 101.0 8.16x 61.8 12.02x

FY+1

1.34 11.26 -7.53% -10.26% 1.336 16 4.125 123'577 123'925 131'447 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 390.7 440.7 99.1 115.0 2.55x 2.11x 10.29x 8.60x 98.5 124.3 24.1 33.0 10.40x 8.24x 9.16x 8.23x 61.8 82.9 19.7 24.4 15.78x 11.64x 13.07x 11.50x S&P Issuer Ratings

22.24 16.61 0.02 0.77 19.7% 16.5% 0.62 2.80 53.84 110.53 61.80 108.89

Sales/Revenue/Turnover

14.00

450.0

12.00

400.0 350.0

10.00

300.0

8.00

250.0

6.00

200.0 150.0

4.00

100.0

2.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

ams AG Holdings By:

All

Holder Name TWILIGHT S LLC NORGES BANK BLACKROCK PICTET FUNDS UBS AG ODIN FORVALTNING AS SWISSCANTO FONDSLEIT PIONEER INVESTMENTS CREDIT SUISSE AG DEUTSCHE BANK AG BARING FUND MANAGERS VONTOBEL ASSET MANAG MIRABAUD ASSET MANAG 3 BANKEN-GENERALI IN OEKOWORLD LUX SA ACTIVEST MUNICH GROUPAMA ASSET MANAG DWS INVESTMENTS LANDESBANK BERLIN IN VANGUARD GROUP INC

Firm Name Goldman Sachs Jefferies Bank Vontobel AG Natixis EVA Dimensions Raiffeisenbank AG HSBC Baader Bank Mirabaud Securities Erste Group UBS Hauck & Aufhaeuser Berenberg Bank Main First Bank AG Kepler Cheuvreux Zuercher Kantonalbank

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

Analyst SIMON F SCHAFER LEE SIMPSON MICHAEL FOETH MAXIME MALLET ANDREW S ZAMFOTIS DANIEL DAMASKA CHRISTIAN DOMINIK RATH GUENTHER MICHAEL HOLLFELDER MARK DIETHELM DANIEL LION DAVID MULHOLLAND TIM OLIVER WUNDERLICH ALI FARID KHWAJA JUERGEN WAGNER CHRISTOPHER LADNER ANDREAS MUELLER

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

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

Amt Held 2'715'684 459'183 432'315 409'168 324'299 295'747 172'311 165'210 153'459 152'500 124'401 115'000 110'000 101'090 88'729 79'341 72'820 72'610 63'756 62'797

% Out 18.74 3.17 2.98 2.82 2.24 2.04 1.19 1.14 1.06 1.05 0.86 0.79 0.76 0.7 0.61 0.55 0.5 0.5 0.44 0.43

Weighting

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

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

Latest Chg (495'872) (15'147) 58'498 2'890 5'905 15'915 (42'289) 33'196 10'000 21'800 2'452 19'270 (24'947) 15'381

Target Price 90 89 75 70 #N/A N/A 83 100 90 89 107 100 80 80 92 105 #N/A N/A

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

File Dt 31.12.2011 25.05.2013 25.09.2013 31.05.2013 31.05.2013 30.08.2013 28.03.2013 28.03.2013 31.05.2013 31.07.2013 31.05.2013 30.04.2013 31.03.2013 31.07.2013 31.03.2013 30.04.2013 28.03.2013 31.05.2013 30.08.2013 30.06.2013

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

Inst Type Other Government 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 Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 11.09.2013 11.09.2013 11.09.2013 11.09.2013 06.09.2013 16.08.2013 16.08.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 15.07.2013 23.04.2013

27.09.2013

Forbo Holding AG Forbo Holding AG produces floor coverings, adhesives, and belts for conveying and power transmission. Forbo operates worldwide.

Price/Volume 800

.0 M

700

.0 M

600 .0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FORN SE EQUITY YTD Change FORN SE EQUITY YTD % CHANGE

12/2012 01/yy 700.00 541.88 6'229.00 684.5 -2.21% 26.32% 89.88% 2.3 1'540.13 135.10 0.0 0.0 393.40 1'313.93

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

.0 M

200 .0 M

100 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'918.7 0.44x 198.7 4.22x 16.0 28.43x

.0 M

300

31.12.2009 31.12.2010 1'782.4 1'291.2 0.58x 1.10x 188.2 227.7 5.45x 6.25x 76.1 163.3 10.10x 9.01x Profitability

31.12.2011 1'203.8 0.94x 197.2 5.74x 146.5 8.37x

31.12.2012 1'201.1 0.78x 206.5 4.56x 197.2 10.44x 206.50 167.10 13.91% 13.08% 9.18% 14.99% 0.84% 36.5% 14.2% 16.4% 2.12 1.43 10.13% 16.53% 5.07 3.16

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.94 1.22 25.62% 19.39% 0.937 7 3.857 6'509 5'382 5'159 FY+2

12/13 Y 12/14 Y 1'193.0 1'211.8 1.01x 0.96x 159.0 168.0 8.27x 7.83x 94.4 100.4 15.12x 13.87x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

23.20 19.53 16.5% 14.2% 0.84 2.38 72.02 115.50 37.83 111.20

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Forbo Holding AG Holdings By:

All

Holder Name PIEPER MICHAEL W FORBO HOLDING AG UBS AG SCHNEIDER THIS E NORGES BANK VANGUARD GROUP INC SCHRODER INVESTMENT CREDIT SUISSE AG SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV RAIFFEISEN SCHWEIZ L SARASIN VONTOBEL ASSET MANAG PUTNAM INVESTMENT MA SWEDBANK ROBUR FONDE PICTET FUNDS LORD ABBETT & CO LLC GNAGI ALBERT GOLDMAN SACHS GROUP BARING FUND MANAGERS

Firm Name EVA Dimensions UBS Bank Vontobel AG Credit Suisse Zuercher Kantonalbank Main First Bank AG Helvea

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

Analyst CRAIG STERLING TORSTEN WYSS CHRISTIAN ARNOLD PATRICK LAAGER MARTIN HUESLER TOBIAS FAHRENHOLZ PATRICK APPENZELLER

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

Recommendation hold neutral buy neutral outperform outperform hold

Amt Held 681'628 196'117 99'613 77'653 67'741 42'113 31'136 20'368 19'562 18'345 11'500 8'519 7'500 6'703 6'421 6'408 6'009 4'903 4'581 4'152

% Out 30.29 8.72 4.43 3.45 3.01 1.87 1.38 0.91 0.87 0.82 0.51 0.38 0.33 0.3 0.29 0.28 0.27 0.22 0.2 0.18

Weighting

Change 3 3 5 3 5 5 3

D M M D M M M

Latest Chg (179'360) 2 7'113 5'609 2'259 (669) 138 (1'500) (2'807) (1'300) (210) 789 2'877 -

Target Price #N/A N/A 675 740 710 #N/A N/A 800 650

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

File Dt 31.12.2012 22.01.2013 31.07.2013 31.12.2012 21.05.2013 30.06.2013 30.08.2013 31.05.2013 28.03.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.06.2013 31.03.2013 31.05.2013 28.06.2013 31.12.2012 30.06.2013 31.05.2013

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

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

Date 10.09.2013 09.09.2013 09.09.2013 22.08.2013 22.08.2013 21.08.2013 20.08.2013

27.09.2013

St Galler Kantonalbank AG St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and commercial banking as well as private and institutional banking. SGKB also provides asset management and financial planning services. The Bank offers its services in the Canton of St. Gall through a network of branches.

Price/Volume 450

.0 M

400

.0 M

350 300

.0 M

250

12/2012 01/yy 414.00 322.50 2'023.00 366 -11.59% 13.49% 53.01% 5.6 2'039.87 5'469.21 0.0 0.0 2'748.50 -

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

1.20

150

.0 M

100

.0 M

50 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 928.6 171.1 12.44x

.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (18.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGKN SE EQUITY YTD Change SGKN SE EQUITY YTD % CHANGE

31.12.2009 31.12.2010 795.9 731.9 168.1 146.3 15.24x 17.82x Profitability

31.12.2011 702.9 135.7 14.45x

31.12.2012 711.5 151.4 13.78x 34.63% 36.54% 0.52% 7.59% 1.87% 0.03% 29.2% 19.79% 282.78% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.64 2.47 8.49% 0.99% 0.639 4 4.000 2'649 1'887 2'068 FY+2

12/13 Y 12/14 Y 492.5 465.5 162.5 166.0 12.49x 12.22x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

282.8% 73.9% 0.03 3.99 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 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 |

27.09.2013

St Galler Kantonalbank AG Holdings By:

All

Holder Name KANTON ST GALLEN THORNBURG INVESTMENT NORGES BANK SWISSCANTO FONDSLEIT ST GALLER KANTONALBA CREDIT SUISSE AG VANGUARD GROUP INC SCHRODER INVESTMENT UBS AG DIMENSIONAL FUND ADV PICTET FUNDS VONTOBEL ASSET MANAG SCHRODER INVESTMENT LLB FONDSLEITUNG AG LEDERGERBER ROLAND OESCH FRANZ PETER BUSCHOR FELIX IST FUND MANAGERS SWISSCANTO ANLAGESTI KOLLER ALBERT

Firm Name EVA Dimensions Bank Vontobel AG UBS Zuercher Kantonalbank Helvea

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

Analyst DOUG WALTERS TERESA NIELSEN DANIELE BRUPBACHER ANDREAS BRUN TIM DAWSON

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

Recommendation overweight hold neutral outperform suspended coverage

Amt Held 3'054'223 78'741 40'745 33'748 28'226 20'097 14'782 14'030 13'046 12'076 10'633 10'400 9'100 6'712 5'871 2'955 2'760 2'558 2'105 2'015

% Out 54.8 1.41 0.73 0.61 0.51 0.36 0.27 0.25 0.23 0.22 0.19 0.19 0.16 0.12 0.11 0.05 0.05 0.05 0.04 0.04

Weighting

Change

5 3 3 5 #N/A N/A

U M U U M

Latest Chg (2'055) (68) 716 11'030 (389) (63) 3 -

Target Price #N/A N/A 400 360 #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 31.07.2013 31.12.2012 28.03.2013 31.12.2012 31.05.2013 30.06.2013 31.12.2012 31.05.2013 30.04.2013 31.05.2013 30.04.2013 28.09.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.04.2013 28.03.2013 31.12.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided

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

Date 09.09.2013 05.09.2013 07.08.2013 19.06.2013 19.04.2012

27.09.2013

Graubuendner Kantonalbank Graubuendner Kantonalbank is a Swiss bank which provides standard banking services such as deposits and real estate mortgage loans, along with other financial services. The Bank serves the Canton of Graubuenden through numerous branches.

Price/Volume 1400

.0 M

1200

.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.10.2012) 52-Week Low (12.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRKP SE EQUITY YTD Change GRKP SE EQUITY YTD % CHANGE

12/2012 01/yy 1'203.00 1'123.00 119.00 1190 -1.08% 5.97% 82.50% 0.8 2'975.00 2'869.60 0.0 30.5 1'847.61 -

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

1.20 1.00

.0 M

600

.0 M

400 .0 M

200 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 618.9 121.5 19.22x

800

31.12.2009 31.12.2010 548.9 509.9 141.6 149.5 20.45x 20.36x Profitability

31.12.2011 509.8 149.6 19.59x

31.12.2012 494.3 153.3 20.69x 46.98% 40.18% 0.82% 10.84% 3.77% 0.03% 38.1% 14.82% 338.91% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.35 0.75 5.09% 6.63% 0.345 2 3.000 95 120 128 FY+2

12/13 Y 12/14 Y 387.0 399.0 191.0 202.0 15.44x 14.62x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

17.12.2010 AA+ NEG 02.09.2002 A-1+ 338.9% 76.6% 0.03 4.00 -

Sales/Revenue/Turnover

700.0 600.0 500.0

0.80

400.0 0.60

300.0

0.40

200.0 100.0

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 |

27.09.2013

Graubuendner Kantonalbank Holdings By:

All

Holder Name CREDIT SUISSE AG UBS AG PICTET FUNDS IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS JULIUS BAER ASSET MA JULIUS BAER MULTICOO SWISSCANTO FONDSLEIT KBC GROUP NV

Firm Name Zuercher Kantonalbank EVA Dimensions

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

Analyst ANDREAS BRUN DOUG WALTERS

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

Recommendation market perform hold

Amt Held 6'032 3'752 3'094 721 626 498 309 105 20 7

% Out 0.8 0.5 0.41 0.1 0.08 0.07 0.04 0.01 0 0

Weighting

Change 3 3

M D

Latest Chg (119) (87) 1 16 1 -

Target Price #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 31.05.2013 31.05.2013 31.05.2013 30.04.2013 28.03.2013 28.06.2013 30.06.2013 31.05.2013 28.03.2013 31.07.2013

Date Not Provided Not Provided

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

Date 31.07.2013 26.07.2013

27.09.2013

Meyer Burger Technology AG Meyer Burger Technology AG supplies systems and production equipment to the photovoltaic, semiconductor and optoelectronic industries. The company produces equipment for solar production from wafers to building integrated solar systems.

Price/Volume 12

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (29.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBTN SE EQUITY YTD Change MBTN SE EQUITY YTD % CHANGE

12/2012 01/yy 10.90 4.65 707'150.00 9.68 -11.19% 107.97% 73.26% 84.3 816.38 133.81 0.0 12.7 134.59 767.37

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

31.12.2009 31.12.2010 420.9 826.0 1.98x 1.13x 63.7 191.7 13.08x 4.88x 29.2 97.9 27.79x 13.13x Profitability

31.12.2011 1'315.0 0.36x 280.4 1.70x 40.8 16.90x

31.12.2012 645.2 0.52x (32.7) (111.1) -32.75 -134.95 -20.91% -22.41% -12.86% -23.09% 0.35% 75.5% -22.4% -43.6% -17.2% 1.61 0.71 12.16% 21.75% 10.84 0.66

Price/ Cash Flow

2.0 M

2 0 s-12

1.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.30 76.57 -7.20% 72.28% 1.299 14 2.643 1'069'925 1'108'170 837'079 FY+2

12/13 Y 12/14 Y 319.6 496.9 2.35x 1.46x (73.8) 17.2 44.49x (121.7) (40.7) S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

-5.89 -16.58 -1.71 21.7% 17.6% 0.35 2.68 33.66 549.13 258.41 331.07

Sales/Revenue/Turnover

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 448.4 0.80x 82.7 4.35x 35.0 10.36x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Meyer Burger Technology AG Holdings By:

All

Holder Name NORGES BANK GENERATION INVESTMEN PAULI PETER PLATINUM INVESTMENT CREDIT SUISSE AG UBS AG WILLIAM BLAIR & COMP VONTOBEL ASSET MANAG PICTET FUNDS CLAYMORE ADVISORS LL HOTTINGER CAPITAL CO SWISSCANTO FONDSLEIT VANGUARD GROUP INC DIMENSIONAL FUND ADV MEYER BURGER TECHNOL LOMBARD ODIER DARIER MIRABAUD ASSET MANAG VONTOBEL ASSET MANAG IFM - INDEPENDENT FU SARASIN

Firm Name Helvea EVA Dimensions Bank am Bellevue Macquarie Credit Suisse UBS Bank Vontobel AG HSBC Zuercher Kantonalbank Landesbank Baden-Wuerttemberg Kepler Cheuvreux Natureo Finance Axiom Capital Nomura Code Securities

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

Analyst STEFAN GAECHTER TIMOTHY STANISH MICHAEL ROOST ROBERT SCHRAMM-FUCHS FELIX REMMERS JEAN-FRANCOIS MEYMANDI MICHAEL FOETH CHRISTIAN DOMINIK RATH RICHARD FREI ERKAN AYCICEK OLIVER GIRAKHOU INGO QUEISER GORDON L JOHNSON JOHN-MARC BUNCE

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

Recommendation sell sell hold outperform neutral neutral hold neutral market perform hold reduce hold sell neutral

Amt Held 4'348'270 2'896'102 2'890'882 2'547'892 1'653'476 1'423'488 1'339'622 892'543 808'644 788'175 663'000 639'211 479'902 444'066 336'795 295'345 263'800 223'000 212'000 163'911

% Out 5.16 3.43 3.43 3.02 1.96 1.69 1.59 1.06 0.96 0.93 0.79 0.76 0.57 0.53 0.4 0.35 0.31 0.26 0.25 0.19

Weighting

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

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

Latest Chg 156'728 1'106'815 599'302 487'645 (129'899) (200'000) 116'324 351'000 (224'780) 217'541 136'852 30'648 60'000 58'500 (17'288)

Target Price 6 #N/A N/A 8 15 8 8 8 8 #N/A N/A 6 6 8 3 12

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

File Dt Inst Type 20.09.2013 Government 31.12.2012 Investment Advisor 07.05.2013 n/a 09.01.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.05.2013 Unclassified 19.04.2012 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 31.12.2012 Unclassified 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Unclassified

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

Date 18.09.2013 05.09.2013 22.08.2013 22.08.2013 19.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 06.08.2013 06.08.2013 11.07.2013 10.07.2013 01.06.2012

27.09.2013

Daetwyler Holding AG Daetwyler Holding AG manufactures rubber components and sealing solutions for the automotive, pharmaceutical and civil engineering industries. The company also distributes electronic, automation, engineering and IT components and accessories.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAE SE EQUITY YTD Change DAE SE EQUITY YTD % CHANGE

12/2012 01/yy 115.80 76.20 20'130.00 113.3 -2.16% 48.69% 94.44% 12.6 1'926.10 304.90 0.0 0.0 248.50 1'970.20

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

20 0 s-12

31.12.2009 31.12.2010 1'122.2 1'319.5 0.76x 0.88x 134.0 176.6 6.35x 6.57x 63.7 98.2 14.04x 12.19x Profitability

31.12.2011 1'050.5 0.73x 164.4 4.68x 96.2 9.28x

31.12.2012 1'185.9 1.29x 159.4 9.56x 127.5 14.34x 159.40 107.30 9.05% 8.87% 13.95% 22.22% 1.23% 24.9% 9.9% 10.8% 2.18 1.47 28.26% 55.35% 6.40 -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.92 4.46 47.23% 34.62% 0.917 4 4.000 10'272 12'685 9'880 FY+2

12/13 Y 12/14 Y 1'409.7 1'507.0 1.40x 1.25x 213.0 239.7 9.31x 8.27x 116.0 140.3 15.06x 12.50x S&P Issuer Ratings

FQ+1

FQ+2

79.70 42.20 55.3% 35.6% 1.23 3.21 57.06 92.84

Sales/Revenue/Turnover

14.00

1'400.0

12.00

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

o-12

Fiscal Year Ended 31.12.2008 1'294.9 0.53x 197.3 3.50x 109.6 6.03x

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Daetwyler Holding AG Holdings By:

All

Holder Name PEMA HOLDINGS AG DAETWYLER HOLDING AG SARASIN TWEEDY BROWNE COMPAN UBS AG VONTOBEL ASSET MANAG DIMENSIONAL FUND ADV BLACKROCK CREDIT SUISSE AG SWISSCANTO FONDSLEIT OPPENHEIMERFUNDS INC PICTET FUNDS LB SWISS INVESTMENT LUXEMBOURGER KAPITAL SCHRODER INVESTMENT NORGES BANK JULIUS BAER MULTICOO VANGUARD GROUP INC HAELG PAUL J DEKA INVESTMENT GMBH

Firm Name Helvea EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a DEKA-SCHWEIZ

Analyst STEFAN GAECHTER TIMOTHY STANISH ANDY SCHNYDER RICHARD FREI

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

Recommendation buy sell buy outperform

Amt Held 6'633'900 1'415'347 461'500 343'783 277'143 260'860 160'660 160'427 117'862 83'123 79'271 68'631 63'000 58'000 52'211 43'201 34'818 34'560 24'500 23'971

% Out 52.65 11.23 3.66 2.73 2.2 2.07 1.28 1.27 0.94 0.66 0.63 0.54 0.5 0.46 0.41 0.34 0.28 0.27 0.19 0.19

Weighting

Change 5 1 5 5

M M M U

Latest Chg (8'500) 44'546 (11'000) (7'560) 6'402 (5'148) 6'059 (30'184) 5'000 (528) 30'543 2'500

Target Price 125 #N/A N/A 125 #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 31.12.2012 30.04.2013 31.03.2012 31.05.2013 30.04.2013 30.04.2013 31.05.2013 31.05.2013 28.03.2013 31.07.2013 31.05.2013 28.03.2013 28.06.2013 31.12.2012 31.12.2012 31.05.2013 30.06.2013 31.12.2012 28.12.2012

Date 12 month Not Provided Not Provided Not Provided

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

Date 16.08.2013 06.06.2013 18.03.2013 30.10.2012

27.09.2013

Vontobel Holding AG Vontobel Holding AG offers wealth management services for private and institutional clients, and investment banking services. The bank offers portfolio management services, derivative and structured products, securities brokerage, capital market transactions, custodian services, institutional asset management and investment funds.

Price/Volume 40

.2 M

Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VONN SE EQUITY YTD Change VONN SE EQUITY YTD % CHANGE

12/2012 01/yy 36.70 23.50 15'972.00 35.1 -4.36% 49.36% 87.12% 65.0 2'281.50 8'900.30 0.0 0.0 4'216.70 8'095.60

.1 M

15 10

.1 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

.2 M

Valuation Analysis

31.12.2008 931.8 8.69x 256.0 31.63x 112.8 12.36x

.3 M

31.12.2009 31.12.2010 903.3 951.8 11.08x 10.99x 232.9 242.8 42.96x 43.08x 138.9 147.8 13.62x 15.41x Profitability

31.12.2011 890.7 6.50x 213.9 27.06x 113.7 11.80x

31.12.2012 904.9 7.15x 222.3 29.11x 130.6 13.76x 222.30 17.58% 17.27% 0.72% 9.08% 1.62% 0.05% 23.4% 14.4% 42.20% 565.60% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.07 20.74 52.55% 29.56% 1.067 12 3.167 33'282 40'038 43'750 FY+2

12/13 Y 12/14 Y 882.6 942.7 154.9 184.2 14.35x 12.33x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

30.03.2009 A NEG 30.03.2009 A-1 25.31 31.08 565.6% 85.0% 0.05 5.29 -

Sales/Revenue/Turnover

6.00

1'400.0

5.00

1'200.0 1'000.0

4.00

800.0 3.00

600.0

2.00

400.0

1.00

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

01.07.2013

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 |

27.09.2013

Vontobel Holding AG Holdings By:

All

Holder Name VONTOBEL HANS RAIFFEISEN SCHWEIZ VONTRUST AG VONTOBEL FOUNDATION DE LA COUR-VONTOBEL PELLEGRINUS HOLDING VONTOBEL HOLDING AG FRANKLIN RESOURCES UBS AG NORGES BANK SCHEIDT HERBERT JULI CLASSIC FUND MGMT AG BLACKROCK ALLIANZ ASSET MANAGE CREDIT SUISSE AG VANGUARD GROUP INC SWISSCANTO FONDSLEIT STAUB ZENO LLB FONDSLEITUNG AG STUDER ROGER

Firm Name Main First Bank AG Mediobanca SpA Berenberg Bank Helvea Mirabaud Securities Zuercher Kantonalbank Bank am Bellevue UBS Keefe, Bruyette & Woods EVA Dimensions Goldman Sachs

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

Analyst KILIAN MAIER ALEVIZOS ALEVIZAKOS ELENI PAPOULA TIM DAWSON Claudia von Turk Myers ANDREAS VENDITTI MARC DEUSTER DANIELE BRUPBACHER ANDREW STIMPSON DOUG WALTERS MARTIN LEITGEB

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

Recommendation outperform outperform hold sell neutral market perform hold neutral underperform underweight Buy/Neutral

Amt Held 11'765'000 8'125'000 8'125'000 7'085'000 3'575'000 2'730'000 1'625'000 930'719 732'542 707'829 618'025 531'506 328'490 224'400 221'921 197'380 174'284 167'453 165'000 138'583

% Out 18.1 12.5 12.5 10.9 5.5 4.2 2.5 1.43 1.13 1.09 0.95 0.82 0.51 0.35 0.34 0.3 0.27 0.26 0.25 0.21

Weighting

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

M N M D M M M M M D M

Latest Chg (76'298) 21'817 (6'000) (1'362) 44'897 (8'286) 25'000 -

Target Price 35 39 28 32 38 #N/A N/A 40 33 30 #N/A N/A 41

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.06.2013 31.05.2013 31.12.2012 31.12.2012 30.06.2013 25.09.2013 31.05.2013 31.05.2013 30.06.2013 28.03.2013 31.12.2012 30.06.2013 31.12.2012

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

Inst Type n/a Investment Advisor Other Other n/a Other Bank Investment Advisor Unclassified Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor n/a Investment Advisor n/a

Date 18.09.2013 09.09.2013 02.09.2013 15.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 31.07.2013 29.07.2013 05.06.2013

27.09.2013

EFG International AG EFG International AG is a bank holding company. The Bank offers private banking and asset management services.

Price/Volume 16

.6 M

.5 M

12 .4 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EFGN SE EQUITY YTD Change EFGN SE EQUITY YTD % CHANGE

12/2012 01/yy 13.95 7.63 3'808.00 12.65 -9.32% 65.89% 81.82% 146.7 1'855.38 2'075.10 0.0 104.3 4'757.70 -

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

1.20

.2 M

4 .1 M

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'621.3 221.9 14.06x

.3 M

31.12.2009 31.12.2010 1'106.6 596.9 101.1 (721.8) 25.09x Profitability

31.12.2011 1'078.2 (294.1) -

31.12.2012 1'172.2 111.0 11.27x 17.16% 14.99% 0.64% 13.23% 6.75% 0.05% 11.6% 8.78% 171.20% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.45 44.41 61.62% 43.28% 1.451 13 3.308 32'621 36'599 41'672 FY+2

12/13 Y 12/14 Y 719.1 733.4 138.9 156.9 13.41x 11.89x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

171.2% 61.2% 0.05 38.40 -

Sales/Revenue/Turnover

1'800.0 1'600.0

1.00 0.80

1'400.0 1'200.0 1'000.0

0.60

800.0 600.0

0.40 0.20

400.0 200.0 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 |

27.09.2013

EFG International AG Holdings By:

All

Holder Name EFG BANK EUROPEAN FI HOWELL LAWRENCE D CUONI JEAN-PIERRE NORGES BANK CLASSIC FUND MGMT AG UBS AG SWISSCANTO FONDSLEIT BARING FUND MANAGERS DIMENSIONAL FUND ADV LLB FONDSLEITUNG AG OPPENHEIMERFUNDS INC HENDERSON GLOBAL INV EUROPEAN ASSETS TRUS THRIVENT FINANCIAL F PRUDENTIAL FINANCIAL MAINFIRST SICAV CREDIT SUISSE AG LORD ABBETT & CO LLC JP MORGAN VANGUARD GROUP INC

Firm Name AlphaValue Main First Bank AG Mediobanca SpA Berenberg Bank Helvea UBS Nomura Deutsche Bank Mirabaud Securities EVA Dimensions Goldman Sachs Bank Vontobel AG

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios TR EUROPEAN GROWTH T Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst DIETER HEIN KILIAN MAIER ALEVIZOS ALEVIZAKOS ELENI PAPOULA TIM DAWSON DANIELE BRUPBACHER JON PEACE MATT SPICK Claudia von Turk Myers DOUG WALTERS MARTIN LEITGEB TERESA NIELSEN

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

Recommendation reduce outperform neutral buy hold buy reduce hold neutral sell neutral/neutral buy

Amt Held 82'545'117 8'052'705 6'909'500 4'379'472 3'382'667 2'255'884 1'086'063 959'252 894'332 540'000 539'072 477'352 449'995 436'535 389'161 370'796 348'253 309'566 305'723 291'867

% Out 56.28 5.49 4.71 2.99 2.31 1.54 0.74 0.65 0.61 0.37 0.37 0.33 0.31 0.3 0.27 0.25 0.24 0.21 0.21 0.2

Weighting

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

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

Latest Chg (1'147'415) 76'184 (17'395) 150'000 (21'781) 9'181 (1'862) 19'344 78'929 6'894

Target Price 12 15 14 14 14 15 13 12 13 #N/A N/A 14 15

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 02.02.2012 30.06.2013 31.05.2013 28.03.2013 31.05.2013 30.04.2013 30.06.2013 31.07.2013 30.08.2013 31.08.2013 28.06.2013 31.07.2013 28.02.2013 31.05.2013 28.06.2013 31.05.2013 30.06.2013

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

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

Date 26.09.2013 18.09.2013 09.09.2013 02.09.2013 15.08.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 06.06.2013 05.06.2013 29.05.2013

27.09.2013

Basilea Pharmaceutica Basilea Pharmaceutica AG is a biotechnology company conducting research into the development of drugs for the treatment of infectious diseases and dermatological problems. The Company develops anti-bacterial and anti-fungal compounds which destroy infectious organisms.

Price/Volume 90

.3 M

70 60

.2 M

12/2012 01/yy 84.20 37.76 39'374.00 73.85 -12.29% 95.56% 76.53% 9.6 708.78 0.00 0.0 0.0 343.96 446.03

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

.1 M

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 12.0 94.50x (148.4) (143.5) -

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSLN SE EQUITY YTD Change BSLN SE EQUITY YTD % CHANGE

31.12.2009 31.12.2010 26.8 116.2 2.93x (116.2) 111.7 3.04x (120.7) 107.6 5.79x Profitability

31.12.2011 66.7 2.18x (54.4) (57.6) -

31.12.2012 57.9 1.45x (47.2) (53.0) -47.21 -50.85 -87.85% -90.43% -14.87% -43.50% 0.20% 92.4% -71.9% -91.6% 6.14 6.00 0.00% 0.00% 4.48 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.36 7.18 65.96% 80.47% 1.357 5 4.600 29'307 52'203 42'421 FY+2

12/13 Y 12/14 Y 41.1 57.4 10.52x 7.72x (40.6) (31.2) (45.0) (39.3) S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

0.0% 0.0% 0.20 3.32 81.56 -1229.73

Sales/Revenue/Turnover

12.00

140.0

10.00

120.0 100.0

8.00

80.0 6.00

60.0

4.00

40.0

2.00

20.0

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

01.07.2013

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 |

27.09.2013

Basilea Pharmaceutica Holdings By:

All

Holder Name HBM PARTNERS LIMITED HBM HEALTHCARE INVES MORGAN STANLEY SECUR ROCHE HOLDING AG CREDIT SUISSE AG FRANKLIN RESOURCES NORGES BANK DEKA INVESTMENT GMBH OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT MASON STREET ADVISOR BLACKROCK BARING FUND MANAGERS DWS INVESTMENTS SCHW HOTTINGER CAPITAL CO DEKA INVESTMENT GMBH OPPENHEIM PRAMERICA UBS AG DEKA INVESTMENT GMBH VANGUARD GROUP INC

Firm Name Helvea Bank Vontobel AG EVA Dimensions Kepler Cheuvreux

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios DEKA-EUROPAPOTENTIAL Multiple Portfolios n/a DEKA-SCHWEIZ n/a

Analyst OLAV ZILIAN ANDREW C WEISS TIMOTHY STANISH FABIAN WENNER

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

Recommendation buy hold buy buy

Amt Held 1'997'342 1'914'770 861'389 479'380 451'830 351'012 180'774 101'450 95'191 94'985 87'430 86'523 68'846 68'799 63'800 56'960 54'201 48'571 44'490 40'901

% Out 20.81 19.95 8.98 4.99 4.71 3.66 1.88 1.06 0.99 0.99 0.91 0.9 0.72 0.72 0.66 0.59 0.56 0.51 0.46 0.43

Weighting

Change 5 3 5 5

M M M M

Latest Chg 291'630 3'000 (120) (12'489) 6'500 10'945 63'800 1'419 972

Target Price 105 75 #N/A N/A 110

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

File Dt 30.06.2013 12.09.2013 16.09.2013 31.12.2012 31.05.2013 28.06.2013 31.12.2012 28.12.2012 31.07.2013 28.03.2013 30.06.2013 25.09.2013 31.05.2013 28.06.2013 30.06.2013 28.12.2012 31.01.2013 31.07.2013 28.12.2012 30.06.2013

Date 12 month Not Provided Not Provided Not Provided

Inst Type Unclassified Venture Capital Investment Advisor Corporation 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 Unclassified Investment Advisor Unclassified

Date 13.09.2013 22.08.2013 06.06.2013 08.02.2013

27.09.2013

Implenia AG Implenia AG provides construction, civil and underground engineering services. The Company's projects include residential and industrial buildings, tunnels, bridges and roads. Implenia also provides real estate and facilities management and marketing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.08.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMPN SE EQUITY YTD Change IMPN SE EQUITY YTD % CHANGE

12/2012 01/yy 55.90 35.10 26'713.00 55.2 -1.25% 57.28% 93.51% 18.5 1'019.65 212.90 0.0 12.5 500.95 812.51

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

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'326.4 0.22x 85.2 5.88x 41.0 12.95x

31.12.2009 31.12.2010 2'279.8 2'388.4 0.18x 0.19x 100.4 105.4 4.11x 4.21x 45.9 51.5 11.33x 11.09x Profitability

31.12.2011 2'522.6 0.10x 135.4 1.92x 60.3 7.15x

31.12.2012 2'695.8 0.17x 140.6 3.25x 69.1 10.58x 140.61 98.94 3.67% 3.45% 3.57% 15.54% 11.23% 1.38% 5.1% 3.6% 2.6% 1.42 0.86 10.60% 36.27% 4.95 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.57 11.66 49.19% 42.09% 0.566 4 5.000 28'888 52'670 33'279 FY+2

12/13 Y 12/14 Y 2'944.5 3'108.3 0.22x 0.20x 158.0 167.7 5.13x 4.83x 79.6 84.8 12.67x 11.70x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

70.66 52.40 -1.53 1.44 36.3% 26.2% 1.38 12.38 73.72 -

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 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

01.07.2013

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 |

27.09.2013

Implenia AG Holdings By:

All

Holder Name PARMINO HOLDING AG CREDIT SUISSE AG MAAG RUDOLF AMMANN GROUP HOLDING SCHRODERS PLC VONTOBEL ASSET MANAG CAZENOVE UNIT TRUST DIMENSIONAL FUND ADV JP MORGAN AFFENTRANGER ANTON IMPLENIA AG MIRABAUD ASSET MANAG UBS AG SWISSCANTO FONDSLEIT CREDIT SUISSE AG PICTET FUNDS ZUERCHER KANTONALBAN CAZENOVE FUND MANAGE LLB FONDSLEITUNG AG THRIVENT FINANCIAL F

Firm Name Bank Vontobel AG Zuercher Kantonalbank Helvea EVA Dimensions

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

Analyst CHRISTIAN ARNOLD MARTIN HUESLER PATRICK APPENZELLER TIMOTHY STANISH

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

Recommendation buy outperform buy overweight

Amt Held 2'936'950 2'032'412 2'000'000 1'362'000 864'964 568'544 392'839 300'222 241'676 224'422 211'017 195'939 193'148 180'687 101'398 89'144 83'500 71'842 58'363 53'894

% Out 15.9 11 10.83 7.37 4.68 3.08 2.13 1.63 1.31 1.21 1.14 1.06 1.05 0.98 0.55 0.48 0.45 0.39 0.32 0.29

Weighting

Change 5 5 5 5

M M M M

Latest Chg 479 1'244 (158) (1'098) 445 (24'655) 39'703 2'500 2'737 18'000 17'556

Target Price 65 #N/A N/A 65 #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 02.09.2013 31.12.2012 02.09.2013 02.07.2013 03.09.2013 28.02.2013 30.04.2013 31.05.2013 31.12.2012 31.12.2010 31.03.2013 31.05.2013 28.03.2013 31.05.2013 31.05.2013 31.05.2013 28.02.2013 30.06.2013 28.06.2013

Date Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Investment Advisor n/a Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Corporation Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 04.09.2013 02.09.2013 30.08.2013 06.06.2013

27.09.2013

Huber & Suhner AG Huber & Suhner AG manufactures telecommunications products and polymer systems. The Company produces antenna systems, lightning protection, fiber optic cables and connectors, and hybrid cables.

Price/Volume 60

.0 M .0 M

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUBN SE EQUITY YTD Change HUBN SE EQUITY YTD % CHANGE

12/2012 01/yy 50.00 39.15 5'635.00 47.6 -4.80% 21.58% 79.72% 20.2 961.52 0.00 0.0 0.0 84.84 830.59

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

31.12.2009 31.12.2010 631.1 799.5 0.93x 1.32x 80.8 142.3 7.26x 7.40x 48.4 79.0 15.94x 15.80x Profitability

31.12.2011 758.5 0.78x 76.4 7.73x 49.8 15.43x

31.12.2012 698.1 1.14x 21.8 38.84x 76.36 24.46 3.50% 3.04% 5.33% 6.67% 1.07% 30.7% 5.8% 3.1% 3.97 2.22 0.00% 0.00% 6.03 3.23

Price/ Cash Flow

.0 M .0 M .0 M

.0 M

0 s-12

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.80 12.94 14.06% 10.65% 0.796 4 3.000 12'604 12'997 9'566 FY+2

12/13 Y 12/14 Y 740.3 782.3 1.07x 1.00x 90.6 102.0 9.17x 8.15x 42.0 52.2 21.71x 17.76x S&P Issuer Ratings

FQ+1

FQ+2

1908.98 977.93 0.0% 0.0% 1.07 4.30 60.51 112.96 146.81

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 760.2 0.76x 114.3 5.06x 60.2 11.97x

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Huber & Suhner AG Holdings By:

All

Holder Name BODMER HENRY CARL MA METROHM AG HOFFMAN-SUHNER SYLVI LODH SWISS CAP HUBER & SUHNER AG HUWA FINANZ UND BETE EGS BETEILIGUNGEN AG SARASIN LOMBARD ODIER ASSET IST FUND MANAGERS NORGES BANK LB SWISS INVESTMENT SWISSCANTO FONDSLEIT CREDIT SUISSE AG MAINFIRST SICAV PICTET FUNDS VANGUARD GROUP INC UBS AG ZUERCHER KANTONALBAN KAUFMANN URS

Firm Name EVA Dimensions Zuercher Kantonalbank Helvea UBS Bank Vontobel AG

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

Analyst TIMOTHY STANISH RICHARD FREI RETO AMSTALDEN ANDRE RUDOLF VON ROHR ANDY SCHNYDER

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

Recommendation hold market perform buy sell not rated

Amt Held 2'399'760 2'145'240 1'268'560 959'500 746'663 640'340 607'195 582'487 350'000 313'062 278'369 171'114 148'308 112'119 111'198 80'279 77'364 74'401 51'000 45'800

% Out 11.88 10.62 6.28 4.75 3.7 3.17 3.01 2.88 1.73 1.55 1.38 0.85 0.73 0.56 0.55 0.4 0.38 0.37 0.25 0.23

Latest Chg -

Weighting

Change

Target Price

3 3 5 1 #N/A N/A

U M M M M

(7) (9'396) (34'625) 2'497 1'800 (1'962) 2'000 -

#N/A N/A #N/A N/A 50 40 #N/A N/A

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

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 04.06.2012 30.04.2013 31.05.2013 30.04.2013 31.12.2012 28.03.2013 28.03.2013 31.05.2013 28.02.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 31.12.2011

Date Not Provided Not Provided 12 month 12 month Not Provided

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

Date 29.08.2013 22.08.2013 20.08.2013 13.03.2013 27.09.2012

27.09.2013

Zuger Kantonalbank AG Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking and other financial services. Zuger Kantonalbank emphasizes mortgage lending and corporate finance. The Bank operates through a number of branches in the Canton Zug.

Price/Volume 6000

.0 M

5000

.0 M

4000

Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (19.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZG SE EQUITY YTD Change ZG SE EQUITY YTD % CHANGE

12/2012 01/yy 5'075.00 4'644.00 20.00 4720 -7.00% 1.64% 15.31% 0.3 1'360.72 2'706.64 0.0 0.0 1'022.47 -

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

1.20

.0 M

2000

.0 M

1000 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 376.5 61.3 17.40x

.0 M

3000

Valuation Analysis

31.12.2009 31.12.2010 336.9 334.9 61.4 61.1 19.96x 23.56x Profitability

31.12.2011 338.0 61.0 23.81x

31.12.2012 326.6 61.2 22.62x 44.74% 33.87% 0.49% 5.47% 1.60% 0.03% 28.2% 21.98% 237.42% -

0.40 0.14 0.74% 1.68% 0.404 1 1.000 24 39 40

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

.0 M s-13

FQ+2 -

237.4% 70.4% 0.03 2.84 -

Sales/Revenue/Turnover

450.0 400.0

1.00 0.80

350.0 300.0 250.0

0.60

200.0 150.0

0.40 0.20

100.0 50.0 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 |

27.09.2013

Zuger Kantonalbank AG Holdings By:

All

Holder Name KANTON ZUG CREDIT SUISSE AG UBS AG PICTET FUNDS DIMENSIONAL FUND ADV IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS JULIUS BAER ASSET MA JULIUS BAER MULTICOO JOHN HANCOCK INVESTM PRINCIPAL FINANCIAL BESSEMER GROUP INCOR FLEXSHARES TRUST SWISSCANTO FONDSLEIT

Firm Name EVA Dimensions

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

Analyst DOUG WALTERS

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

Recommendation underweight

Amt Held 144'438 1'143 745 594 186 164 115 67 63 42 32 31 31 4 4

% Out 50.1 0.4 0.26 0.21 0.06 0.06 0.04 0.02 0.02 0.01 0.01 0.01 0.01 0 0

Weighting

Change 1

Latest Chg (27) 1 (2) 31 -

Target Price #N/A N/A

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

File Dt 31.12.2011 31.05.2013 31.05.2013 31.05.2013 30.04.2013 30.04.2013 28.03.2013 28.06.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 30.04.2013 31.08.2013 28.03.2013

Date Not Provided

Inst Type Government 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 Investment Advisor

Date 06.06.2013

27.09.2013

Schweizerische National-Versicherungs-Gesellschaft AG Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products in Europe. The Company's products include reinsurance, health, transport, legal, technical, life, accident, travel, automobile, fire and theft insurance. Schweizerische National has a network of offices in Switzerland and subsidiaries located throughout Europe. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NATN SE EQUITY YTD Change NATN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 47.70 36.05 7'395.00 41.6 -12.79% 15.40% 47.21% 22.1 917.28 0.00 0.0 8.3 525.81 450.65

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

31.12.2009 31.12.2010 1'585.5 1'653.6 0.18x 76.2 91.6 10.13x 8.81x Profitability

31.12.2011 1'579.1 0.07x 164.5 4.47x

31.12.2012 1'591.1 0.24x 103.0 8.65x

.1 M .1 M .0 M .0 M

o-12

n-12

8.01% 8.07% 1.58% 11.77% 11.71% 0.25% 6.5% 0.00% 0.00% -

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.63 18.25 17.91% 6.70% 0.626 7 3.429 10'045 9'420 8'782 FY+2

12/13 Y 12/14 Y 1'573.3 1'625.3 103.2 108.7 8.99x 8.49x S&P Issuer Ratings

FQ+1

FQ+2

NR 0.0% 0.0% 0.25 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

.1 M

LTM-4Q

1.20

0.80

.1 M

Fiscal Year Ended 31.12.2008 1'853.9 0.06x 64.5 9.31x

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

1'500.0 1'000.0

0.40

500.0 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 |

27.09.2013

Schweizerische National-Versicherungs-Gesellschaft AG Holdings By:

All

Holder Name HELVETIA HOLDING AG SCHWEIZERISCHE MOBIL BALOISE HOLDING AG METZLER INVESTMENT G NUERNBERGER BETEILIG GEBAUDEVERSICHERUNG DIMENSIONAL FUND ADV ODIN FORVALTNING AS SWISSCANTO FONDSLEIT ROYAL BANK OF CANADA LB SWISS INVESTMENT PICTET FUNDS JP MORGAN AMUNDI CREDIT SUISSE AG VONTOBEL ASSET MANAG BARING FUND MANAGERS VANGUARD GROUP INC UBS AG KUENZLE HANS

Firm Name Main First Bank AG Bank Vontobel AG Kepler Cheuvreux Nomura Helvea Zuercher Kantonalbank EVA Dimensions

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 Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst RENE LOCHER STEFAN SCHUERMANN FABRIZIO CROCE MICHAEL KLIEN DANIEL BISCHOF GEORG MARTI DOUG WALTERS

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

Recommendation underperform hold buy reduce buy market perform buy

Amt Held 2'657'780 2'503'137 2'210'000 2'055'323 1'435'833 1'189'000 418'291 308'195 160'519 146'224 141'000 118'059 115'632 104'723 85'829 75'000 74'198 67'968 54'031 45'430

% Out 12.05 11.35 10.02 9.32 6.51 5.39 1.9 1.4 0.73 0.66 0.64 0.54 0.52 0.47 0.39 0.34 0.34 0.31 0.25 0.21

Weighting

Change 1 3 5 2 5 3 5

M M M M M M M

Latest Chg (10'624) 18'202 (373) (18'481) 8'742 832 -

Target Price 45 44 53 42 50 #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 31.12.2012 17.06.2013 31.12.2012 31.12.2012 31.12.2012 30.04.2013 30.08.2013 28.03.2013 30.04.2013 28.03.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 30.04.2013 31.05.2013 30.06.2013 31.05.2013 31.12.2012

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

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

Date 09.09.2013 06.09.2013 06.09.2013 06.09.2013 06.09.2013 05.09.2013 06.06.2013

27.09.2013

Gategroup Holding AG Gategroup Holding AG, through its subsidiaries, provides a wide range of services for airlines. The Company specializes in catering and hospitality, provisioning and logistics, and onboard solutions to companies that serve people on the move. Gategroups customers include airlines, railroads and hotels around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GATE SE EQUITY YTD Change GATE SE EQUITY YTD % CHANGE

12/2012 06/yy 26.70 16.55 34'195.00 23.15 -13.30% 39.88% 60.59% 26.8 620.10 429.10 0.0 8.2 170.60 899.10

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

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008

31.12.2009 31.12.2010 2'712.3 2'700.0 0.42x 0.56x 158.5 188.1 7.15x 8.05x 35.5 49.5 18.52x 21.05x Profitability

LTM-4Q 31.12.2011 2'688.1 0.28x 166.9 4.48x 49.6 12.04x

31.12.2012 2'992.5 0.30x 65.7 13.58x (58.8) 65.70 15.70 0.52% -1.41% -4.81% -24.94% 1.91% 1.5% 0.1% -2.0% 1.17 0.80 28.00% 174.15% 9.88 -

Price/ Cash Flow

06/yy 2'783.3 1.34x 137.8 0.00x 34.7 20.30x

LTM 06/yy 3'044.0 1.09x 104.7 0.00x (76.8) 0.00x

FY+1

.0 M s-13

0.90 23.81 -1.07% -3.54% 0.903 7 3.286 28'326 85'471 69'017 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'062.7 3'150.7 0.28x 0.26x 165.7 183.2 5.43x 4.91x 22.6 40.2 18.31x 12.54x S&P Issuer Ratings

11.06.2013 BBSTABLE 1.49 0.25 5.85 9.44 174.1% 62.8% 1.91 9.31 36.96 -

Sales/Revenue/Turnover

40.00

3'500.0

35.00

3'000.0

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Gategroup Holding AG Holdings By:

All

Holder Name PICTET FUNDS RAINER-MARC FREY HARRIS ASSOCIATES LP CREDIT SUISSE AG H21 GLOBAL OPPORTUNI KEMPEN CAPITAL MANAG SCHRODER INVESTMENT VANGUARD GROUP INC GATEGROUP HOLDING AG JANUS CAPITAL MANAGE SILVER POINT CAPITAL UBS AG NORGES BANK SWISSCANTO FONDSLEIT WARBURG INVEST LUXEM SCHMID ANDREAS LLB FONDSLEITUNG AG FIL LIMITED HARTFORD INVESTMENT BROWN NEIL GRAEME

Firm Name Bank Vontobel AG Helvea Mirabaud Securities Kepler Cheuvreux EVA Dimensions Credit Suisse UBS

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

Analyst RENE WEBER ANDREAS VON ARX THOMAS BAUMANN BEAT KEISER TIMOTHY STANISH PATRICK JNGLIN ALEX BRIGNALL

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

Recommendation hold hold accumulate reduce hold neutral buy

Amt Held 1'445'460 1'429'415 1'416'081 1'344'057 1'337'000 812'656 796'280 772'555 719'537 705'009 631'153 607'229 555'213 446'696 300'000 247'067 229'251 205'028 131'693 100'000

% Out 5.4 5.34 5.29 5.02 4.99 3.03 2.97 2.88 2.69 2.63 2.36 2.27 2.07 1.67 1.12 0.92 0.86 0.77 0.49 0.37

Weighting

Change 3 3 4 2 3 3 5

M M M M M M M

Latest Chg 626'591 4'890 (491'265) (7'424) 52'656 (434'373) (5'963) (336) 120'000 70'000 43'890 13'797 -

Target Price 22 23 24 19 #N/A N/A 20 27

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

File Dt Inst Type 17.07.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 Investment Advisor 03.09.2013 Investment Advisor 26.03.2013 n/a 09.07.2013 Unclassified 04.01.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Holding Company 22.05.2012 Investment Advisor 04.01.2013 Hedge Fund Manager 31.05.2013 Unclassified 31.12.2012 Government 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 n/a 30.06.2013 Investment Advisor 31.10.2012 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 n/a

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

Date 23.08.2013 23.08.2013 22.08.2013 06.08.2013 06.06.2013 17.05.2013 12.02.2013

27.09.2013

Rieter Holding AG Rieter Holding AG manufactures spinning systems and chemical fiber systems. The Company's spinning and chemical fiber systems are used to process cotton and man-made fibers. Rieter produces its products throughout Europe and sells internationally.

Price/Volume 250

.2 M .1 M

200

.1 M .1 M

150

.1 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIEN SE EQUITY YTD Change RIEN SE EQUITY YTD % CHANGE

12/2012 01/yy 196.40 139.60 5'886.00 186.1 -5.24% 33.31% 83.10% 4.7 869.53 256.30 0.0 5.0 351.90 809.33

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

31.12.2009 31.12.2010 1'882.7 812.1 0.58x 2.02x (45.7) 115.6 14.19x (223.9) 26.5 19.03x Profitability

31.12.2011 1'000.7 0.50x 146.5 3.43x 267.2 5.46x

31.12.2012 888.5 0.73x 66.8 9.67x 29.5 24.91x 66.80 33.60 3.78% 3.95% 1.17% 3.45% 0.84% 5.9% 2.1% 3.3% 2.33 1.44 23.95% 68.93% 7.76 -

Price/ Cash Flow

.0 M

0 s-12

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

1.24 2.96 18.88% 18.80% 1.237 10 2.900 6'044 11'363 15'295 FY+2

12/13 Y 12/14 Y 971.9 1'118.3 0.81x 0.67x 79.4 134.4 10.22x 6.04x 18.6 57.0 35.69x 14.28x S&P Issuer Ratings

FQ+1

FQ+2

4.34 -0.96 -1.19 4.90 68.9% 40.5% 0.84 3.68 47.05 -

Sales/Revenue/Turnover

100.00

4'000.0

90.00

3'500.0

80.00

3'000.0

70.00

2'500.0

60.00 50.00

2'000.0

40.00

1'500.0

30.00

1'000.0

20.00

500.0

10.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 3'011.9 0.26x 281.9 2.79x (405.9) -

.1 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Rieter Holding AG Holdings By:

All

Holder Name SPUHLER PETER PIEPER MICHAEL W SPARINVEST SCHRODERS PLC FIRST EAGLE INVESTME CAZENOVE UNIT TRUST VONTOBEL ASSET MANAG NORGES BANK VONTOBEL ASSET MANAG NIHON TOKUSHU TORYO BLACKROCK RIETER HOLDING AG JP MORGAN KEMPEN CAPITAL MANAG UBS AG FIL LIMITED CREDIT SUISSE AG PICTET FUNDS DWS INVESTMENTS SCHW BANK OF NOVA SCOTIA

Firm Name Bank Vontobel AG Main First Bank AG Helvea Bank am Bellevue Kepler Cheuvreux Mirabaud Securities Credit Suisse Zuercher Kantonalbank EVA Dimensions UBS

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

Analyst FABIAN HAECKI MICHAEL INAUEN VOLKAN GOCMEN ALESSANDRO FOLETTI CHRISTOPHER LADNER THOMAS BAUMANN PATRICK LAAGER ARMIN RECHBERGER TIMOTHY STANISH ANDRE RUDOLF VON ROHR

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

Recommendation buy underperform buy hold hold accumulate neutral underperform sell neutral

Amt Held 896'561 538'695 270'036 251'734 183'274 161'532 141'028 140'652 103'028 53'495 53'323 50'938 46'442 45'873 42'434 40'899 37'407 36'770 36'237 29'588

% Out 19.19 11.53 5.78 5.39 3.92 3.46 3.02 3.01 2.21 1.14 1.14 1.09 0.99 0.98 0.91 0.88 0.8 0.79 0.78 0.63

Weighting

Change 5 1 5 3 3 4 3 1 1 3

U N M M M M M M M M

Latest Chg 30'104 21'750 10'388 (639) 13'207 7'847 6'845 1'500 29'588

Target Price 235 180 260 185 185 210 190 #N/A N/A #N/A N/A 160

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 31.07.2013 Investment Advisor 02.07.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.07.2013 Investment Advisor 27.06.2013 Investment Advisor 27.03.2013 Government 30.04.2013 Investment Advisor 31.03.2013 Corporation 25.09.2013 Investment Advisor 31.12.2012 Corporation 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Unclassified 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Bank

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

Date 16.09.2013 16.09.2013 13.09.2013 03.09.2013 07.08.2013 29.07.2013 26.07.2013 26.07.2013 06.06.2013 17.04.2013

27.09.2013

Valora Holding AG Valora Holding AG is a holding company. The company owns and operates kiosks, self-service stores, food, coffee and snack shops and restaurants, and wholesale outlets. Valora also owns and manages commercial real estate in Switzerland.

Price/Volume 250

.0 M

200

.0 M .0 M

150

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALN SE EQUITY YTD Change VALN SE EQUITY YTD % CHANGE

100

12/2012 01/yy 208.90 160.99 6'102.00 208 -0.43% 29.20% 98.12% 3.4 714.60 511.71 0.0 5.1 147.15 1'006.19

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

31.12.2009 31.12.2010 2'897.0 2'877.7 0.24x 0.32x 101.7 122.8 6.87x 7.51x 54.0 63.4 13.46x 14.60x Profitability

31.12.2011 2'817.9 0.21x 118.7 4.95x 56.3 9.71x

31.12.2012 2'847.9 0.35x 133.5 7.46x 45.4 11.87x 133.48 78.03 2.74% 1.88% 3.97% 10.05% 2.03% 33.0% 5.3% 3.1% 1.6% 1.37 0.68 31.94% 89.73% 17.45 7.89

Price/ Cash Flow

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.89 2.54 32.27% 20.26% 0.891 8 2.375 5'382 7'155 5'316 FY+2

12/13 Y 12/14 Y 2'886.9 2'926.1 0.38x 0.37x 142.1 148.6 7.08x 6.77x 54.7 61.6 12.67x 11.74x S&P Issuer Ratings

FQ+1

FQ+2

9.36 5.81 1.89 2.61 89.7% 47.1% 2.03 12.37 20.91 46.25 46.37 13.36

Sales/Revenue/Turnover

20.00

3'200.0

18.00

3'100.0

16.00

3'000.0

14.00

2'900.0

12.00 10.00

2'800.0

8.00

2'700.0

6.00

2'600.0

4.00

2'500.0

2.00 0.00 01.01.2010

.0 M

0 s-12

Fiscal Year Ended 31.12.2008 2'931.1 0.15x 100.4 4.38x 38.6 19.90x

.0 M

2'400.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Valora Holding AG Holdings By:

All

Holder Name DITSCH ERNST PETER UBS AG CREDIT SUISSE AG NORGES BANK ETHENEA INDEPENDENT BLACKROCK PICTET FUNDS LOMBARD ODIER ASSET VALORA HOLDING AG DIMENSIONAL FUND ADV IST FUND MANAGERS VONTOBEL ASSET MANAG BENEDICK ROLANDO WARBURG INVEST LUXEM VANGUARD GROUP INC SWISSCANTO FONDSLEIT BERGER ANDREAS MUELLER MICHAEL MINDER ALEX SEB

Firm Name Main First Bank AG Bank Vontobel AG EVA Dimensions Berenberg Bank Kepler Cheuvreux Credit Suisse UBS Zuercher Kantonalbank GSC Research

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

Analyst STEPHAN VOLLERT RENE WEBER CRAIG STERLING ANNA PATRICE CHRISTOPHER LADNER PATRICK JNGLIN JEAN-FRANCOIS MEYMANDI MARCO STRITTMATTER MATTHIAS WAHLER

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

Recommendation underperform hold hold hold reduce neutral sell market perform buy

Amt Held 635'599 170'937 151'034 120'741 106'431 92'738 82'205 66'355 51'011 42'987 39'894 36'000 29'772 27'500 17'291 15'431 12'145 12'000 11'618 9'423

% Out 18.5 4.98 4.4 3.51 3.1 2.7 2.39 1.93 1.48 1.25 1.16 1.05 0.87 0.8 0.5 0.45 0.35 0.35 0.34 0.27

Weighting

Change 1 3 3 3 2 3 1 3 5

M M U M M M M D N

Latest Chg (53'334) (2'119) 241 79 675 568 2'644

Target Price 185 200 #N/A N/A 199 170 175 170 #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 24.06.2013 31.05.2013 27.03.2013 05.08.2013 25.09.2013 22.08.2012 31.05.2013 19.04.2013 30.04.2013 30.04.2013 30.04.2013 31.12.2012 28.03.2013 30.06.2013 28.03.2013 31.12.2012 31.12.2012 31.12.2012 28.03.2013

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

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

Date 26.09.2013 02.09.2013 20.08.2013 30.07.2013 15.05.2013 14.05.2013 04.04.2013 26.03.2013 18.03.2009

27.09.2013

Basellandschaftliche Kantonalbank Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts deposits and offers universal banking services. The Bank offers mortgage loans, consumer loans, and loans to small and medium-sized companies, investment advice, asset management, securities brokerage, and financial planning services.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 52-Week Low (20.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLKB SE EQUITY YTD Change BLKB SE EQUITY YTD % CHANGE

12/2012 01/yy 1'225.00 940.00 25.00 981.5 -19.88% 4.41% 17.54% 0.6 2'129.85 3'711.32 0.0 0.0 775.55 -

1.20 1.00

.0 M .0 M .0 M

800

.0 M

600

.0 M .0 M

400

.0 M

200

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

.0 M

1200 1000

Valuation Analysis

31.12.2008 688.4 96.1 22.03x

1400

31.12.2009 31.12.2010 621.0 595.2 106.3 108.9 21.15x 25.51x Profitability

31.12.2011 584.1 109.0 25.88x

31.12.2012 567.3 111.9 21.53x 47.06% 30.33% 0.57% 8.69% 2.16% 0.03% 30.3% 19.29% 427.56% -

0.51 0.57 -15.73% -8.90% 0.509 1 3.000 141 185 154

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

.0 M s-13

FQ+2 -

21.11.2001 AAA NEG 21.11.2001 A-1+ 427.6% 81.0% 0.03 3.46 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 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 |

27.09.2013

Basellandschaftliche Kantonalbank Holdings By:

All

Holder Name CREDIT SUISSE AG UBS AG PICTET FUNDS IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS BAUMANN URS DANIEL SCHENK DANIEL L SCHUDEL HANS ULRICH JULIUS BAER ASSET MA GREINER DORIS SCHIRMER-MOSSET ELIS BALLMER ADRIAN JANIAK CLAUDE HANSEN WILHELM VOELLMIN DIETER FORTUNA INVESTMENT A AXA ROSENBERG INTL STATE STREET CORP SWISSCANTO FONDSLEIT

Firm Name EVA Dimensions

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

Analyst DOUG WALTERS

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

Recommendation hold

Amt Held 4'567 3'107 2'455 759 457 413 410 380 290 261 260 240 227 160 140 130 100 62 18 14

% Out 0.8 0.55 0.43 0.13 0.08 0.07 0.07 0.07 0.05 0.05 0.05 0.04 0.04 0.03 0.02 0.02 0.02 0.01 0 0

Weighting

Change 3

Latest Chg (40) 1 (7) 62 -

Target Price #N/A N/A

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

File Dt 31.05.2013 31.05.2013 31.05.2013 30.04.2013 28.03.2013 28.06.2013 31.12.2011 31.12.2011 31.12.2011 30.06.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 30.08.2013 31.12.2012 26.09.2013 28.03.2013

Date Not Provided

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

Date 27.08.2013

27.09.2013

Emmi AG Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk, cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also produces a variety of fruit juices and iced tea.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMMN SE EQUITY YTD Change EMMN SE EQUITY YTD % CHANGE

12/2012 01/yy 297.00 200.34 1'308.00 268 -9.76% 33.77% 68.70% 5.3 1'433.75 599.02 0.0 177.3 182.83 1'991.72

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

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'670.8 0.34x 188.7 4.85x 58.7 9.02x

350

31.12.2009 31.12.2010 2'619.3 2'683.7 0.38x 0.54x 211.8 231.9 4.67x 6.25x 75.3 86.1 9.13x 13.04x Profitability

31.12.2011 2'721.3 0.55x 224.1 6.73x 83.0 12.57x

31.12.2012 2'981.2 0.61x 249.4 7.31x 106.2 11.58x 249.42 145.48 4.88% 5.10% 4.29% 9.50% 1.49% 8.1% 4.6% 3.6% 1.51 0.94 25.79% 60.64% 9.00 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.61 1.93 31.13% 18.02% 0.605 6 3.000 1'139 2'937 2'310 FY+2

12/13 Y 12/14 Y 3'249.2 3'321.2 0.61x 0.57x 262.4 272.0 7.56x 7.30x 95.0 99.9 14.50x 13.64x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

17.28 8.61 1.45 2.28 60.6% 34.0% 1.49 3.61 40.54 -

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

01.07.2013

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 |

27.09.2013

Emmi AG Holdings By:

All

Holder Name ZMP ZENTRALSCHWEIZER MIL MIBA MILCHVERBAND NO CAPITAL GROUP COMPAN LOMBARD ODIER ASSET IST FUND MANAGERS BLACKROCK BAER STEPHAN DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT RUFFER LLP DJE INVESTMENT SA NORGES BANK EMMI WOHLFAHRTSFONDS CREDIT SUISSE AG UBS AG HOTTINGER CAPITAL CO VANGUARD GROUP INC CB-ACCENT LUX SICAV PICTET FUNDS

Firm Name UBS Bank Vontobel AG Helvea EVA Dimensions Kepler Cheuvreux Zuercher Kantonalbank

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

Analyst JOERN IFFERT RENE WEBER ANDREAS VON ARX CRAIG STERLING CHRISTOPHER LADNER PATRIK SCHWENDIMANN

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

Recommendation neutral hold buy hold hold underperform

Amt Held 2'904'941 251'441 192'593 164'100 152'470 80'272 55'827 49'000 43'656 40'900 35'280 32'700 20'999 16'049 15'988 12'129 12'050 11'981 9'000 8'556

% Out 54.3 4.7 3.6 3.07 2.85 1.5 1.04 0.92 0.82 0.76 0.66 0.61 0.39 0.3 0.3 0.23 0.23 0.22 0.17 0.16

Weighting

Change 3 3 5 3 3 1

M M M U M D

Latest Chg (1'344) (3'586) (576) (1'174) (384) 4'250 10'736 1'000 (5'500)

Target Price 270 260 305 #N/A N/A 290 #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 31.12.2012 31.12.2012 30.06.2013 11.09.2013 30.04.2013 31.05.2013 31.12.2012 30.04.2013 28.03.2013 28.02.2013 28.06.2013 31.12.2012 31.12.2012 31.05.2013 31.07.2013 30.06.2013 30.06.2013 30.08.2013 31.05.2013

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

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

Date 30.08.2013 29.08.2013 29.08.2013 20.08.2013 15.05.2013 28.03.2013

27.09.2013

Bossard Holding AG Bossard Holding AG supplies fastening devices, industrial adhesives, and tools. The Company offers its customers engineering assistance in solving fastening problems. Bossard markets its products in Europe, the United States, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOS SE EQUITY YTD Change BOS SE EQUITY YTD % CHANGE

12/2012 03/yy 186.60 108.89 9'927.00 183 -1.93% 68.06% 99.19% 3.3 732.00 227.81 0.0 3.4 25.63 865.44

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

31.12.2009 31.12.2010 379.9 458.7 0.57x 0.78x 30.5 57.8 7.15x 6.22x 15.1 44.3 11.77x 7.39x Profitability

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-12

LTM-4Q 31.12.2011 457.7 0.74x 60.1 5.67x 44.3 6.85x

31.12.2012 471.2 1.29x 58.1 10.50x 42.9 9.32x 58.08 47.63 10.11% 10.42% 12.12% 34.38% 16.95% 1.33% 39.8% 12.3% 10.1% 9.1% 1.43 0.57 60.54% 488.02% 5.70 1.84

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

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

LTM 03/yy 156.1 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

2.89 0.85 1.17 64.53% 53.48% 0.853 5 4.600 6'128 6'891 5'883 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 601.5 644.5 1.40x 1.28x 81.2 87.2 10.66x 9.92x 52.4 57.5 11.96x 11.59x S&P Issuer Ratings

25.72 16.21 3.48 3.92 488.0% 82.0% 1.33 6.24 64.19 199.43 44.61 219.01

Sales/Revenue/Turnover

18.00

700.0

16.00

600.0

14.00

500.0

12.00 10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 542.8 0.44x 57.0 4.19x 32.1 4.27x

200 180 160 140 120 100 80 60 40 20 0 s-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Bossard Holding AG Holdings By:

All

Holder Name BOSSARD FAMILIES KOLIN HOLDING AG SARASIN BOSSARD HOLDING AG UBS AG SWISSCANTO FONDSLEIT JP MORGAN MIRABAUD ASSET MANAG ANLAGESTIFTUNG WINTE REICHMUTH & CO INVES CREDIT SUISSE AG JULIUS BAER MULTICOO ZUERCHER KANTONALBAN DIMENSIONAL FUND ADV JULIUS BAER ASSET MA LOMBARD ODIER ASSET PICTET FUNDS WETTER-BOSSARD HELEN GROB BEATRICE DEAN DAVID

Firm Name EVA Dimensions Bank Vontobel AG Helvea Zuercher Kantonalbank Berenberg Bank

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

Analyst TIMOTHY STANISH PATRICK RAFAISZ STEFAN GAECHTER ARMIN RECHBERGER FREDERIK BITTER

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

Recommendation overweight hold buy outperform buy

Amt Held 1'502'900 407'455 267'737 185'000 92'745 66'106 27'717 27'440 26'705 25'048 24'598 15'400 14'000 13'650 13'620 11'640 11'602 10'555 10'038 8'600

% Out 45.2 12.25 8.05 5.56 2.79 1.99 0.83 0.83 0.8 0.75 0.74 0.46 0.42 0.41 0.41 0.35 0.35 0.32 0.3 0.26

Weighting

Change 5 3 5 5 5

U M U M M

Latest Chg 2'310 14'288 (5'140) 3'940 (8'295) 42 5'000 (378) (78) (91) 95 747 -

Target Price #N/A N/A 150 185 #N/A N/A 170

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

File Dt 31.12.2012 22.03.2013 30.04.2013 31.12.2012 31.05.2013 28.03.2013 31.05.2013 31.03.2013 28.06.2013 30.08.2013 31.05.2013 30.04.2013 31.05.2013 30.04.2013 30.06.2013 31.05.2013 31.05.2013 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided

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

Date 10.09.2013 28.08.2013 28.08.2013 07.05.2013 01.05.2013

27.09.2013

Schweiter Technologies AG Schweiter Technologies AG, through its wholly owned subsidiaries, is a core material, composite construction company. The Company also manufactures textile machinery used primarily in the production and treatment of yarn, thread, and textile samples. Schweiter also produces machines for the assembly and packaging of semiconductor devices.

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SWTQ SE EQUITY YTD Change SWTQ SE EQUITY YTD % CHANGE

12/2012 01/yy 614.00 420.75 625.00 608 -0.98% 44.50% 96.90% 1.4 877.75 5.59 0.0 0.0 382.60 560.35

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

100 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 147.8 16.9 450.7 -

200

31.12.2009 31.12.2010 129.9 932.1 3.53x 0.81x (16.2) 100.3 7.55x (20.4) 49.6 20.67x Profitability

31.12.2011 698.0 0.57x 83.8 4.75x 47.5 16.51x

31.12.2012 673.5 0.56x 80.4 4.70x 60.8 18.46x 80.37 52.02 7.72% 7.55% 6.18% 8.45% 0.73% 11.1% 6.9% 9.0% 5.47 4.19 0.63% 0.84% 6.07 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.55 0.77 43.17% 23.80% 0.551 5 3.800 499 781 844 FY+2

12/13 Y 12/14 Y 670.5 699.0 0.73x 0.73x 70.4 79.2 7.93x 7.05x 35.2 43.8 24.31x 19.79x S&P Issuer Ratings

FQ+1

FQ+2

29.88 23.31 -4.52 0.09 0.8% 0.8% 0.73 3.69 60.18 -

Sales/Revenue/Turnover

120.00

1'000.0 900.0

100.00

800.0 700.0

80.00

600.0

60.00

500.0 400.0

40.00

300.0 200.0

20.00 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

01.07.2013

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 |

27.09.2013

Schweiter Technologies AG Holdings By:

All

Holder Name KWE BETEILIGUNGEN AG WIDMER HANS SIEGRIST BEAT BANK OF NOVA SCOTIA UBS AG LOMBARD ODIER ASSET CREDIT SUISSE FUNDS SCHWEITER TECHNOLOGI SARASIN VONTOBEL ASSET MANAG PICTET FUNDS CREDIT SUISSE AG IST FUND MANAGERS SCHRODER INVESTMENT LOMBARD ODIER ASSET LLB FONDSLEITUNG AG SWISSCANTO FONDSLEIT VANGUARD GROUP INC MIRABAUD ASSET MANAG NORGES BANK

Firm Name Helvea UBS Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions Main First Bank AG

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst RETO AMSTALDEN JOERN IFFERT ANDREAS MUELLER PATRICK RAFAISZ TIMOTHY STANISH BERND POMREHN

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

Recommendation buy neutral outperform hold hold suspended coverage

Amt Held 364'973 181'906 83'916 74'585 60'700 46'485 46'198 43'311 29'700 28'800 27'099 26'321 22'305 20'923 13'335 10'581 10'414 5'578 4'021 3'808

% Out 25.28 12.6 5.81 5.17 4.2 3.22 3.2 3 2.06 1.99 1.88 1.82 1.55 1.45 0.92 0.73 0.72 0.39 0.28 0.26

Weighting

Change

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

M D M M M M

Latest Chg (300) (700) 516 1'723 44 (535) (25) 2'322 (335) 533 -

Target Price 710 595 #N/A N/A 570 #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 31.12.2012 31.12.2012 31.07.2013 31.08.2013 14.06.2013 31.12.2012 31.12.2012 30.04.2013 30.04.2013 31.05.2013 31.05.2013 30.04.2013 31.12.2012 31.05.2013 30.06.2013 28.03.2013 30.06.2013 31.03.2013 31.12.2012

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

Inst Type Other n/a n/a Bank Unclassified Investment Advisor n/a n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government

Date 02.09.2013 19.08.2013 19.08.2013 19.08.2013 06.06.2013 19.10.2012

27.09.2013

U-Blox AG U-Blox AG develops global positioning systems (GPS) for a range of markets. The Company develops systems for navigation, automatic vehicle location, security, traffic navigation, security, traffic control, location based services, timing, and surveying.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBXN SE EQUITY YTD Change UBXN SE EQUITY YTD % CHANGE

12/2012 12/yy 76.95 36.51 10'292.00 76.2 -0.97% 108.72% 95.80% 6.3 480.44 2.83 0.0 0.0 60.59 418.88

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

.2 M

.1 M

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 74.5 0.47x 12.9 2.71x 8.8 13.68x

31.12.2009 31.12.2010 73.5 112.8 1.35x 2.12x 14.1 30.7 7.04x 7.79x 3.3 12.9 49.53x 24.30x Profitability

LTM-4Q 31.12.2011 124.7 1.41x 29.8 5.91x 16.5 15.61x

31.12.2012 173.1 1.09x 37.1 5.10x 17.2 14.29x 37.08 24.84 14.35% 12.44% 10.81% 13.46% 1.06% 46.9% 13.6% 9.9% 4.00 3.08 1.47% 1.89% 7.94 4.70

Price/ Cash Flow

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

LTM 12/yy 112.8 0.00x 0.0 0.00x 12.9 0.00x

FY+1

.0 M s-13

0.78 5.27 88.27% 98.61% 0.781 4 4.000 16'509 26'876 21'965 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 220.5 254.5 1.89x 1.60x 43.9 50.8 9.52x 8.22x 25.2 29.5 19.87x 16.99x S&P Issuer Ratings

1612.00 1423.78 1.9% 1.9% 1.06 25.36 45.99 77.74 40.64 91.18

Sales/Revenue/Turnover

35.00

200.0 180.0

30.00

160.0

25.00

140.0 120.0

20.00

100.0 80.0

15.00

60.0

10.00

40.0 5.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

U-Blox AG Holdings By:

All

Holder Name DUBACH WERNER BLACKROCK LB SWISS INVESTMENT UBS AG CREDIT SUISSE AG SWISS REINSURANCE MIRABAUD ASSET MANAG SEILER THOMAS THIEL ANDREAS WYSS JEAN-PIERRE AMMANN DANIEL MUELLER HANS-ULRICH DWS INVESTMENTS SCHW TROSTER GERHARD ZUERCHER KANTONALBAN CB-ACCENT LUX SICAV PICTET FUNDS BELGRAVE CAPITAL MAN FAHRNI FRITZ DIMENSIONAL FUND ADV

Firm Name EVA Dimensions Credit Suisse Zuercher Kantonalbank Bank Vontobel AG

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

Analyst ANDREW S ZAMFOTIS FELIX REMMERS ANDREAS MUELLER MICHAEL FOETH

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

Recommendation hold outperform outperform hold

Amt Held 638'000 315'330 308'717 198'341 190'424 174'786 133'413 104'552 68'164 67'914 53'804 51'090 38'151 35'760 33'100 25'000 21'518 15'000 12'422 9'271

% Out 10.12 5 4.9 3.15 3.02 2.77 2.12 1.66 1.08 1.08 0.85 0.81 0.61 0.57 0.52 0.4 0.34 0.24 0.2 0.15

Weighting

Change 3 5 5 3

U M M M

Latest Chg 16'886 11'100 3'000 10'000 -

Target Price #N/A N/A 84 #N/A N/A 52

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

File Dt 09.06.2013 25.09.2013 05.09.2013 31.05.2013 31.05.2013 29.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.06.2013 31.12.2012 31.05.2013 30.08.2013 31.05.2013 30.06.2013 31.12.2012 30.04.2013

Date Not Provided Not Provided Not Provided Not Provided

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

Date 10.09.2013 06.09.2013 06.09.2013 22.03.2013

27.09.2013

Inficon Holding AG Inficon Holding AG develops, manufactures and markets vacuum instruments used to monitor and control production processes. The Company's products help semiconductor manufacturers to monitor and control their manufacturing processes and prepare computer chips for packaging. Inficon also manufactures refrigerant and helium leak detectors, and vacuum control products.

Price/Volume

12/2012 06/yy 305.00 177.66 596.00 293.5 -3.77% 65.20% 90.97% 2.3 672.62 2.32 0.0 0.0 92.24 675.56

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

1.20 1.00

.0 M .0 M .0 M

200

.0 M

150

.0 M .0 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 256.5 0.53x 42.0 3.27x 24.3 7.33x

.0 M

300 250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFCN SE EQUITY YTD Change IFCN SE EQUITY YTD % CHANGE

350

31.12.2009 31.12.2010 181.7 265.4 1.18x 1.32x 12.9 48.4 16.60x 7.21x 2.3 27.1 106.96x 15.25x Profitability

LTM-4Q 31.12.2011 312.1 0.92x 59.9 4.78x 40.3 8.90x

31.12.2012 297.2 1.51x 56.9 7.88x 39.9 13.32x 56.86 50.11 16.86% 17.90% 1.29% 1.66% 1.03% 49.5% 13.4% 4.12 3.21 1.08% 1.35% 6.43 -

06/yy 304.7 0.00x 0.0 0.00x 41.6 10.75x

LTM 06/yy 284.6 0.00x 0.0 0.00x 37.0 18.00x

FY+1

.0 M s-13

0.85 1.45 52.12% 41.64% 0.846 6 4.333 4'076 3'682 3'280 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 306.4 324.0 2.13x 2.00x 60.1 65.5 11.26x 10.32x 40.0 43.6 10.2 9.6 18.53x 16.83x S&P Issuer Ratings

148.85 131.45 1.4% 1.3% 1.03 6.71 56.75 107.02

Sales/Revenue/Turnover

350.0 300.0 250.0

0.80

200.0 0.60

150.0

0.40

100.0 50.0

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 |

27.09.2013

Inficon Holding AG Holdings By:

All

Holder Name KWE BETEILIGUNGEN AG 7 INDUSTRIES HOLDING BLACKROCK WETHMEIMER RUTH UBS AG DONALDSON LUFKIN & J CREDIT SUISSE AG POLAR CAPITAL LLP PICTET FUNDS LOMBARD ODIER ASSET CREDIT SUISSE AG SWISSCANTO FONDSLEIT IST FUND MANAGERS WIRZ GUSTAV A HENDERSON GLOBAL INV VONTOBEL ASSET MANAG JP MORGAN FISCHER RICHARD LLB FONDSLEITUNG AG PETERCAM SA

Firm Name UBS Bank am Bellevue Helvea Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a TR EUROPEAN GROWTH T Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst JOERN IFFERT SANDRA DIETSCHY RETO AMSTALDEN ALEXANDER KOLLER MICHAEL FOETH ANDREW S ZAMFOTIS

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

Recommendation buy buy hold market perform buy overweight

Amt Held 440'482 225'736 162'485 111'458 110'616 79'711 67'713 59'066 55'791 51'306 35'780 33'219 30'965 25'938 25'019 22'000 21'791 21'000 16'510 15'899

% Out 19.22 9.85 7.09 4.86 4.83 3.48 2.95 2.58 2.43 2.24 1.56 1.45 1.35 1.13 1.09 0.96 0.95 0.92 0.72 0.69

Weighting

Change 5 5 3 3 5 5

M M M M M U

Latest Chg 30'065 4 880 366 1'787 (713) 889 (312) (1'750) 9'233 4'855 2'499

Target Price 320 350 285 #N/A N/A 310 #N/A N/A

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

File Dt 29.04.2013 31.12.2012 25.09.2013 09.03.2011 31.05.2013 31.12.2012 04.10.2012 14.08.2012 31.05.2013 31.05.2013 31.05.2013 28.03.2013 30.04.2013 31.12.2012 30.08.2013 30.04.2013 31.05.2013 31.12.2012 30.06.2013 30.04.2013

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

Inst Type Other Holding Company Investment Advisor n/a Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 11.09.2013 03.09.2013 15.08.2013 09.08.2013 09.08.2013 03.04.2013

27.09.2013

Siegfried Holding AG Siegfried Holding AG provides development services and the production of active pharmaceutical ingredients (API), intermediates, controlled & standard substances, and complex formulations. The Company operates in Switzerland, Malta and the United States.

Price/Volume 160

.0 M

140

.0 M

120

.0 M .0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.08.2013) 52-Week Low (10.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SFZN SE EQUITY YTD Change SFZN SE EQUITY YTD % CHANGE

12/2012 01/yy 146.90 105.95 4'146.00 146 -0.61% 37.81% 96.58% 3.8 554.80 47.51 0.0 0.0 73.31 530.02

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

31.12.2009 31.12.2010 283.0 314.4 1.14x 0.68x 32.8 36.7 9.81x 5.85x (35.3) (16.2) Profitability

31.12.2011 328.1 0.82x 37.1 7.28x 9.7 34.00x

31.12.2012 367.8 1.05x 49.1 7.86x 20.9 19.84x 49.09 21.65 5.89% 4.12% 5.53% 8.23% 0.81% 22.5% 14.4% 7.3% 5.7% 3.06 1.53 9.95% 15.02% 5.76 2.62

Price/ Cash Flow

.0 M

0 s-12

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.33 2.81 28.21% 29.00% 0.333 3 4.333 3'438 5'982 4'948 FY+2

12/13 Y 12/14 Y 386.0 396.5 1.42x 1.42x 57.6 75.4 9.23x 7.05x 34.2 42.6 15.29x 12.00x S&P Issuer Ratings

FQ+1

FQ+2

-0.45 0.96 15.0% 13.1% 0.81 2.05 63.38 139.23 42.50 153.21

Sales/Revenue/Turnover

18.00

450.0

16.00

400.0

14.00

350.0

12.00

300.0

10.00

250.0

8.00

200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 289.3 1.12x 117.2 2.76x (74.9) -

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Siegfried Holding AG Holdings By:

All

Holder Name TWEEDY BROWNE COMPAN FREY RAINER-MARC SE SWISS EQUITIES AG SIEGFRIED HOLDING AG BAYERNINVEST CAPITAL KREISSPARKASSE BIBER UNIVERSAL INVESTMENT DIMENSIONAL FUND ADV CREDIT SUISSE AG HANKO RUDOLF NORGES BANK ACHERMANN GILBERT VANGUARD GROUP INC PICTET FUNDS UBS AG IFM - INDEPENDENT FU ROYAL BANK OF CANADA SEI INVESTMENT MANAG SPAENE MARIANNE SIF SWISS INVESTMENT

Firm Name EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank Solventis WPH-Bank GmbH

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

Analyst TIMOTHY STANISH CARLA BAENZIGER MARTIN SCHREIBER KLAUS SOER

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

Recommendation buy hold outperform buy

Amt Held 376'200 359'431 224'200 191'429 137'178 136'800 89'295 37'492 23'592 17'830 15'869 15'850 15'845 14'923 14'631 9'541 6'600 6'538 6'531 6'000

% Out 9.9 9.46 5.9 5.04 3.61 3.6 2.35 0.99 0.62 0.47 0.42 0.42 0.42 0.39 0.39 0.25 0.17 0.17 0.17 0.16

Weighting

Change 5 3 5 5

U M U M

Latest Chg 39'295 30 (903) (25) 1'887 717 (1'000)

Target Price #N/A N/A 150 #N/A N/A 130

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

File Dt 31.12.2012 28.08.2013 31.12.2012 07.03.2013 19.04.2012 31.12.2012 28.09.2012 30.04.2013 31.05.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 30.04.2013 31.12.2012 30.04.2012

Date Not Provided Not Provided Not Provided 12 month

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

Date 04.09.2013 27.08.2013 19.04.2013 13.07.2011

27.09.2013

VZ Holding AG VZ Holding AG provides independent financial advice to private individuals and companies. The Company consults on investment, tax and inheritance planning and provides advice regarding insurance products and coverage.

Price/Volume 160

.0 M

140

.0 M

120

.0 M .0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VZN SE EQUITY YTD Change VZN SE EQUITY YTD % CHANGE

12/2012 01/yy 152.20 104.10 300.00 150.7 -0.99% 44.76% 94.39% 8.0 1'205.60 29.87 0.0 0.1 233.24 1'006.99

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

31.12.2009 31.12.2010 110.3 133.1 2.37x 5.15x 49.0 63.9 5.35x 10.71x 37.6 49.3 16.50x 19.14x Profitability

31.12.2011 143.8 2.76x 66.4 5.99x 51.0 14.89x

31.12.2012 153.6 4.55x 70.3 9.95x 54.3 16.62x 70.30 43.52% 43.49% 5.45% 26.95% 23.12% 0.15% 46.6% 35.4% 2.88% 12.72% -

Price/ Cash Flow

.0 M

0 s-12

o-12

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.52 2.51 45.05% 33.69% 0.517 6 3.333 1'255 1'706 1'595 FY+2

12/13 Y 12/14 Y 176.5 203.8 82.7 95.9 12.18x 10.50x 65.0 76.0 18.28x 15.66x S&P Issuer Ratings

FQ+1

FQ+2

-2.56 0.89 12.7% 11.3% 0.15 25.70 -

Sales/Revenue/Turnover

200.00

180.0

180.00

160.0

160.00

140.0

140.00

120.0

120.00

100.0

100.00

80.0

80.00

60.0

60.00

40.0

40.00

20.0

20.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 104.7 0.50x 45.2 1.17x 34.3 9.29x

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2000 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 |

27.09.2013

VZ Holding AG Holdings By:

All

Holder Name REINHART MATTHIAS DEUTSCHE BANK AG UBS AG FIL LIMITED CAPITAL GROUP COMPAN MIGROS GENOSSEN BLACKROCK KINDLE FRED STOCKER PETER VONTOBEL ASSET MANAG JUPITER ASSET MANAGE PICTET FUNDS SCHRODER INVESTMENT FMR LLC FRIESS TOM HEIM LORENZ MAWER INVESTMENT MAN DWS INVESTMENTS CREDIT SUISSE AG THURNHERR STEFAN

Firm Name Helvea EVA Dimensions Bank am Bellevue Bank Vontobel AG Zuercher Kantonalbank UBS

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

Analyst TIM DAWSON DOUG WALTERS MARC DEUSTER TERESA NIELSEN ANDREAS BRUN DANIELE BRUPBACHER

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

Recommendation buy underweight buy hold market perform neutral

Amt Held 4'860'415 489'800 266'625 240'000 240'000 238'732 93'572 90'960 80'943 79'000 74'341 74'077 60'091 51'930 50'825 50'373 43'210 41'990 41'397 31'639

% Out 60.76 6.12 3.33 3 3 2.98 1.17 1.14 1.01 0.99 0.93 0.93 0.75 0.65 0.64 0.63 0.54 0.52 0.52 0.4

Weighting

Change 5 1 5 3 3 3

M U U M D M

Latest Chg 4'274 (8'500) (13'170) 13'000 -

Target Price 165 #N/A N/A 150 147 #N/A N/A 150

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

File Dt 31.12.2012 31.12.2012 31.05.2013 31.12.2012 30.06.2013 25.06.2013 31.05.2013 31.12.2012 31.12.2012 30.04.2013 31.05.2013 31.05.2013 31.12.2012 30.04.2013 31.12.2012 31.12.2012 31.08.2013 31.05.2013 31.05.2013 31.12.2012

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

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

Date 27.08.2013 27.08.2013 19.08.2013 19.08.2013 15.08.2013 07.08.2013

27.09.2013

AFG Arbonia-Forster Holding AG AFG Arbonia-Forster Holding AG has positions as an integrated construction industry supplier, and in selected areas of technology. The Company is comprised of five divisions: Heating Technology and Sanitary Equipment, Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface Technology. AFG has a presence in countries worldwide.

Price/Volume 35 30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFGN SE EQUITY YTD Change AFGN SE EQUITY YTD % CHANGE

12/2012 01/yy 31.85 17.55 18'333.00 31.4 -1.41% 78.92% 96.85% 18.2 572.28 395.19 0.0 0.8 264.06 821.78

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

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'570.6 0.44x 153.2 4.55x 48.0 5.31x

31.12.2009 31.12.2010 1'384.2 1'413.5 0.49x 0.49x 106.0 121.1 6.38x 5.77x (22.5) 14.1 36.25x Profitability

31.12.2011 1'265.0 0.38x 101.2 4.73x (70.2) -

31.12.2012 1'215.5 0.45x 109.6 4.94x (74.5) 109.62 -17.80 -1.46% -4.18% -5.09% -14.05% 0.98% 9.1% -1.5% -6.1% 2.04 1.29 34.56% 90.84% -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.37 14.21 78.92% 35.93% 1.366 6 4.000 24'087 23'284 27'650 FY+2

12/13 Y 12/14 Y 1'294.6 1'307.2 0.55x 0.53x 116.8 132.2 7.03x 6.21x 32.8 46.1 16.92x 11.80x S&P Issuer Ratings

FQ+1

FQ+2

5.98 2.94 2.31 3.70 90.8% 47.6% 0.98 2.37 -

Sales/Revenue/Turnover

12.00

1'800.0 1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 6.00

800.0 600.0

4.00

400.0 2.00 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

01.07.2013

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 |

27.09.2013

AFG Arbonia-Forster Holding AG Holdings By:

All

Holder Name OEHLER EDGAR LOMBARD ODIER DARIER UBS AG AFG ARBONIA FORSTER NORGES BANK LOMBARD ODIER ASSET IST FUND MANAGERS VONTOBEL ASSET MANAG DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT LLB FONDSLEITUNG AG CREDIT SUISSE AG PETERCAM SA VANGUARD GROUP INC IFM - INDEPENDENT FU PICTET FUNDS VONTOBEL ASSET MANAG ZUERCHER KANTONALBAN SIF SWISS INVESTMENT FRUTIG DANIEL

Firm Name Helvea Bank Vontobel AG Zuercher Kantonalbank UBS Main First Bank AG EVA Dimensions

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

Analyst PATRICK APPENZELLER CHRISTIAN ARNOLD MARTIN HUESLER TORSTEN WYSS TOBIAS FAHRENHOLZ TIMOTHY STANISH

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

Recommendation buy buy outperform buy underperform hold

Amt Held 3'353'893 716'266 552'097 546'768 409'483 390'785 344'168 309'221 295'490 284'558 220'725 118'756 95'000 83'509 77'600 63'480 60'000 60'000 55'000 48'145

% Out 18.4 3.93 3.03 3 2.25 2.14 1.89 1.7 1.62 1.56 1.21 0.65 0.52 0.46 0.43 0.35 0.33 0.33 0.3 0.26

Weighting

Change 5 5 5 5 1 3

M M M M M M

Latest Chg (508'459) 9'750 680 (9'367) 97'500 (111'500) (726) (2'500) (951) (13'000) -

Target Price 40 35 #N/A N/A 35 30 #N/A N/A

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

File Dt 19.04.2013 31.12.2012 31.05.2013 31.12.2012 31.12.2012 31.05.2013 30.04.2013 30.04.2013 30.04.2013 28.03.2013 30.06.2013 31.05.2013 30.04.2013 30.06.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 30.04.2012 31.12.2012

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

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

Date 15.08.2013 13.08.2013 12.08.2013 09.08.2013 08.08.2013 06.06.2013

27.09.2013

Basler Kantonalbank Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and offers mortgage and other loans, portfolio management, foreign currency trading, precious metals trading and other banking services. Basler Kantonalbank operates through a network of branches in the Canton of Basel.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSKP SE EQUITY YTD Change BSKP SE EQUITY YTD % CHANGE

12/2012 01/yy 104.30 68.85 1'574.00 78.4 -24.83% 13.87% 26.94% 5.9 2'454.84 8'006.26 0.0 346.0 5'276.57 -

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

1.20 1.00

20 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'154.9 145.6 23.63x

31.12.2009 31.12.2010 1'076.0 1'001.4 222.7 194.9 16.05x 21.86x Profitability

31.12.2011 935.8 182.1 22.07x

31.12.2012 961.9 228.7 12.23x 37.84% 38.90% 0.51% 7.34% 1.98% 0.02% 32.2% 20.46% 286.67% -

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-13

0.56 5.57 -21.70% -18.30% 0.563 1 5.000 2'284 2'930 3'227

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

06.08.2013 AA STABLE 18.10.2001 A-1+ 286.7% 71.8% 0.02 4.66 -

Sales/Revenue/Turnover

1'400.0 1'200.0 1'000.0

0.80

800.0 0.60

600.0

0.40

400.0 200.0

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 |

27.09.2013

Basler Kantonalbank Holdings By:

All

Holder Name BASLER KANTONALBANK NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC UBS AG SKANDIA GLOBAL FUNDS PICTET FUNDS DIMENSIONAL FUND ADV SWISSCANTO ANLAGESTI FIRST TRUST BESSEMER GROUP INCOR JULIUS BAER ASSET MA SEI INVESTMENT MANAG JULIUS BAER MULTICOO CHARLES SCHWAB INVES BAYERNINVEST KAPITAL ALASKA PERMANENT FUN SWISSCANTO FONDSLEIT ALLSTATE CORP

Firm Name EVA Dimensions

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

Analyst DOUG WALTERS

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

Recommendation overweight

Amt Held 330'400 91'768 47'374 34'612 30'128 25'947 24'576 9'099 4'744 3'831 2'881 2'729 2'216 1'330 1'101 930 335 149 -

% Out 5.6 1.56 0.8 0.59 0.51 0.44 0.42 0.15 0.08 0.06 0.05 0.05 0.04 0.02 0.02 0.02 0.01 0 0

Weighting

Change 5

Latest Chg 29'278 (37) (1'191) (70) (837) 1 (837)

Target Price #N/A N/A

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

File Dt 31.12.2010 31.12.2012 31.05.2013 30.06.2013 31.05.2013 28.06.2013 31.05.2013 30.04.2013 28.03.2013 26.09.2013 30.04.2013 30.06.2013 30.04.2013 31.05.2013 26.09.2013 30.04.2013 30.06.2013 28.03.2013 30.06.2013

Date Not Provided

Inst Type Bank Government Investment Advisor Unclassified Unclassified 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 Insurance Company

Date 10.09.2013

27.09.2013

Intershop Holdings AG Intershop Holding AG invests in Swiss property, primarily commercial real estate. The Company's portfolio includes properties in Zurich, Berne and Geneva and other business centers. Intershop also develops and buys and sells real estate.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IS SE EQUITY YTD Change IS SE EQUITY YTD % CHANGE

12/2012 01/yy 339.00 310.00 793.00 327.5 -3.39% 5.65% 62.07% 2.1 687.75 538.86 0.0 0.0 23.78 1'228.50

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

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 s-12

31.12.2009 31.12.2010 89.4 143.4 12.81x 7.97x 65.6 85.3 17.47x 13.39x 50.6 57.6 12.38x 11.06x Profitability

31.12.2011 89.6 12.99x 66.6 17.48x 55.0 12.22x

31.12.2012 89.3 13.40x 69.5 17.22x 56.1 12.15x 69.52 69.52 60.19% 77.06% 4.49% 10.43% 5.22% 0.07% 61.1% 62.8% 42.62% 97.21% -

Price/ Cash Flow

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.33 1.11 7.43% 7.18% 0.330 3 2.333 429 1'416 1'506 FY+2

12/13 Y 12/14 Y 88.7 94.3 13.96x 12.89x 72.7 78.3 16.93x 15.72x 46.4 49.9 14.94x 13.78x S&P Issuer Ratings

FQ+1

FQ+2

4.41 0.22 9.74 9.86 97.2% 49.3% 0.07 -

Sales/Revenue/Turnover

20.00

160.0

18.00

140.0

16.00

120.0

14.00

100.0

12.00 10.00

80.0

8.00

60.0

6.00

40.0

4.00

20.0

2.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 115.9 9.77x 65.9 17.18x 58.9 10.16x

350

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Intershop Holdings AG Holdings By:

All

Holder Name PATINEX AG CPV/CAP PENSIONSKASS RELAG HOLDING AG GENERAL ORIENTAL INV GRAPAL HOLDING AG CREDIT SUISSE AG DIMENSIONAL FUND ADV UBS AG IAM INDEPENDENT ASSE SCHNEUWLY CYRILL M PICTET FUNDS LLB FONDSLEITUNG AG MARMET DIETER WIRZ ANDREAS JP MORGAN VANGUARD GROUP INC SKANDIA GLOBAL FUNDS IFM - INDEPENDENT FU JULIUS BAER ASSET MA KEPLER-FONDS KAGMBH

Firm Name EVA Dimensions Zuercher Kantonalbank UBS

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

Analyst DOUG WALTERS MARKUS WAEBER ANDRE RUDOLF VON ROHR

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

Recommendation underweight market perform neutral

Amt Held 745'500 210'000 92'400 71'400 65'100 36'269 11'829 11'440 6'400 6'331 4'925 3'950 3'000 2'668 2'636 1'984 1'955 1'700 1'370 1'315

% Out 35.5 10 4.4 3.4 3.1 1.73 0.56 0.54 0.3 0.3 0.23 0.19 0.14 0.13 0.13 0.09 0.09 0.08 0.07 0.06

Weighting

Change 1 3 3

D M M

Latest Chg 634 261 (234) 2'636 (4'075) (13) 53

Target Price #N/A N/A #N/A N/A 330

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

File Dt Inst Type 31.12.2012 Private Equity 31.12.2012 Pension Fund (ERISA) 31.12.2012 Holding Company 31.12.2012 Unclassified 31.12.2012 Unclassified 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Unclassified 30.04.2013 Investment Advisor 31.12.2012 n/a 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 n/a 31.05.2013 Investment Advisor 30.06.2013 Unclassified 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor

Date Not Provided Not Provided 12 month

Date 17.09.2013 29.08.2013 21.05.2013

27.09.2013

Metall Zug AG Metall Zug AG operates as a holding company. The Company, through its subsidiaries, manufactures appliances, sterilization equipment, wires and cables, and operates resorts. Metall Zug provides its products in Switzerland.

Price/Volume 2500

.0 M .0 M

2000

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (12.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance METN SE EQUITY YTD Change METN SE EQUITY YTD % CHANGE

12/2012 01/yy 2'300.00 1'868.00 192.00 2190 -4.78% 17.24% 75.23% 0.3 971.86 31.32 0.0 0.0 380.93 622.25

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

1.20

.0 M

1000

.0 M .0 M

500

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 787.8 0.86x 127.0 5.31x 31.8 28.34x

1500

31.12.2009 31.12.2010 770.1 832.1 1.15x 1.62x 104.7 153.0 8.48x 8.80x 71.7 92.3 15.23x 16.94x Profitability

31.12.2011 842.5 1.72x 143.7 10.06x 63.4 25.78x

31.12.2012 836.8 0.61x 111.4 4.57x 61.5 13.95x 111.41 66.58 7.96% 8.96% 5.27% 7.95% 0.72% 8.0% 7.4% 3.00 2.26 3.28% 4.53% 7.40 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.49 0.19 16.66% 20.14% 0.487 2 4.000 121 206 198 FY+2

12/13 Y 12/14 Y 855.0 875.0 0.67x 0.60x 105.0 115.0 5.94x 5.42x 55.6 64.0 15.84x 13.87x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

31.62 8.93 4.5% 4.3% 0.72 2.09 49.46 -

Sales/Revenue/Turnover

900.0 800.0

1.00 0.80

700.0 600.0 500.0

0.60

400.0 300.0

0.40 0.20

200.0 100.0 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 |

27.09.2013

Metall Zug AG Holdings By:

All

Holder Name WEBER WERNER O STOECKLI URSULA VONTOBEL ASSET MANAG METALL ZUG AG UBS AG CREDIT SUISSE AG DORMANN JUERGEN PICTET FUNDS SCHRODER INVESTMENT BUHOFER HEINZ M LB SWISS INVESTMENT DIMENSIONAL FUND ADV WIPFLI MARTIN ALLIANZ GLOBAL INVES IFM - INDEPENDENT FU DEKA INVESTMENT GMBH DEKA INVESTMENT GMBH NEXTAM PARTNERS SGR SWISSCANTO ANLAGESTI JULIUS BAER ASSET MA

Firm Name Bank Vontobel AG EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios #N/A N/A n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios DEKA-SCHWEIZ Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CHRISTIAN ARNOLD CRAIG STERLING

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

Recommendation hold overweight

Amt Held 41'600 17'006 6'075 5'950 2'654 2'586 1'364 836 624 604 300 285 266 256 220 176 176 175 158 98

% Out 16.31 6.67 2.38 2.33 1.04 1.01 0.53 0.33 0.24 0.24 0.12 0.11 0.1 0.1 0.09 0.07 0.07 0.07 0.06 0.04

Weighting

Change 3 5

M U

Latest Chg (207) 600 (386) 45 (325) (325) 18 (2)

Target Price 2'400 #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 31.12.2012 30.04.2013 31.12.2012 31.05.2013 31.05.2013 31.12.2012 31.05.2013 30.06.2013 31.12.2012 28.03.2013 30.04.2013 31.12.2012 21.06.2012 31.05.2013 28.12.2012 28.12.2012 31.05.2013 28.03.2013 30.06.2013

Date Not Provided Not Provided

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

Date 03.09.2013 17.04.2013

27.09.2013

Kudelski SA Kudelski SA designs and manufactures digital security products. The Company produces digital security systems for digital television operators and content providers, smart cards for e-commerce, electronic voting and health cards, software for pay-per-view and video-on-demand television, encryption technology for digital television, digital recorders, and ticketing and access systems.

Price/Volume 14

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KUD SE EQUITY YTD Change KUD SE EQUITY YTD % CHANGE

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

.2 M

.1 M

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'027.5 0.85x 100.6 8.72x (14.6) -

.3 M

12/2012 01/yy 12.90 8.23 112'303.00 12.3 -4.65% 49.40% 87.14% 49.2 661.57 268.76 0.0 9.4 110.09 800.62

31.12.2009 31.12.2010 1'052.3 1'035.2 1.46x 1.25x 139.6 177.2 11.02x 7.32x 49.0 65.7 25.33x 16.24x Profitability

31.12.2011 873.9 0.79x 89.5 7.76x (18.1) -

31.12.2012 844.1 0.80x 102.5 6.63x 16.3 31.48x 102.48 38.69 4.58% 2.76% 3.61% 8.69% 5.66% 0.85% 13.7% 6.8% 1.9% 1.82 1.29 29.50% 62.75% 4.97 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.23 34.69 17.51% 31.32% 1.234 7 3.571 73'158 91'911 69'557 FY+2

12/13 Y 12/14 Y 875.2 911.8 0.90x 0.81x 122.0 131.0 6.61x 6.15x 51.3 56.6 13.04x 11.46x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

6.51 4.82 1.11 1.82 62.7% 38.0% 0.85 5.47 73.43 -

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0 6.00

400.0 4.00

200.0

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

01.07.2013

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 |

27.09.2013

Kudelski SA Holdings By:

All

Holder Name KUDELSKI ANDRE NORGES BANK PICTET FUNDS SWISSCANTO FONDSLEIT CREDIT SUISSE AG DIMENSIONAL FUND ADV VANGUARD GROUP INC VONTOBEL ASSET MANAG JP MORGAN UBS AG SALADINI MAURO FORWARD MANAGEMENT L DEKA INVESTMENT GMBH DIGITAL FUNDS 1741 ASSET MANAGEMEN BLACKROCK DEKA INVESTMENT GMBH STATE STREET CORP DEKA INVESTMENT GMBH ROY PIERRE

Firm Name EVA Dimensions Helvea Credit Suisse UBS Zuercher Kantonalbank Bank Vontobel AG Exane BNP Paribas

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a DEKA-EUROPAPOTENTIAL n/a DEKA-SCHWEIZ n/a

Analyst ANDREW S ZAMFOTIS RETO AMSTALDEN FELIX REMMERS JOERN IFFERT ANDREAS MUELLER MICHAEL FOETH ALEXANDRE FAURE

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

Recommendation overweight buy neutral neutral market perform hold neutral

Amt Held 14'234'423 1'175'484 461'261 278'370 276'681 256'185 242'345 200'000 192'584 181'583 159'783 154'960 141'000 130'579 117'750 83'067 76'500 69'517 64'500 52'880

% Out 28.96 2.39 0.94 0.57 0.56 0.52 0.49 0.41 0.39 0.37 0.33 0.32 0.29 0.27 0.24 0.17 0.16 0.14 0.13 0.11

Latest Chg -

Weighting

Change

Target Price

5 5 3 3 3 3 3

U M M M M M M

53 10'588 12'738 (1'974) 5'902 (3'329) 40'000 33'000 40'000 -

#N/A N/A 15 12 12 #N/A N/A 13 11

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

File Dt 16.03.2013 31.12.2012 31.05.2013 28.03.2013 31.05.2013 30.04.2013 30.06.2013 30.04.2013 31.05.2013 31.05.2013 31.12.2012 30.06.2013 28.12.2012 31.05.2013 31.05.2013 25.09.2013 28.12.2012 26.09.2013 28.12.2012 31.12.2012

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

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

Date 28.08.2013 26.08.2013 23.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013

27.09.2013

LEM Holding SA Lem Holding SA manufactures electrical components. The Company produces transducers and sensors which measure high voltage currents, variable speed drives, uninterrupted power supplies, and testers for semiconductors. Lem's components are used in locomotives, trams, trolleys, and the French TGV high-speed trains. The Company sells its products internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (17.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEHN SE EQUITY YTD Change LEHN SE EQUITY YTD % CHANGE

03/2013 06/yy 631.00 453.00 92.00 629 -0.32% 38.85% 99.44% 1.1 717.06 0.00 0.0 0.0 27.63 689.43

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

.0 M

600

.0 M

500

.0 M

400

.0 M

300

.0 M

200

.0 M

100

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 196.8 0.74x 38.8 3.73x 23.8 7.17x

700

31.03.2010 31.03.2011 185.5 296.2 1.94x 2.09x 24.1 62.4 14.95x 9.91x 10.5 39.6 36.96x 16.43x Profitability

LTM-4Q 31.03.2012 236.3 2.30x 42.5 12.78x 28.5 19.69x

31.03.2013 235.0 2.74x 48.7 13.20x 32.6 20.54x

48.70 41.04 17.47% 16.83% 23.95% 39.09% 1.73% 42.0% 17.5% 13.9% 2.06 1.47 0.00% 0.00% 5.51 5.43

Price/ Cash Flow

06/yy 231.8 0.00x 0.0 0.00x 32.0 17.07x

LTM 06/yy 233.6 0.00x 0.0 0.00x 31.7 21.84x

FY+1

.0 M s-13

0.46 0.61 36.09% 30.70% 0.458 3 3.000 322 316 364 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 262.0 284.5 2.66x 2.41x 56.3 66.0 12.27x 10.47x 40.6 44.7 19.57x 15.97x S&P Issuer Ratings

918.87 783.40 0.0% 0.0% 1.73 9.48 66.19 67.24 47.40 86.04

Sales/Revenue/Turnover

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00

0.00 02.04.2010

50.0 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 |

27.09.2013

LEM Holding SA Holdings By:

All

Holder Name WEBER WERNER O 7 INDUSTRIES HOLDING STUDER ERWIN SARASIN THREADNEEDLE MONTANARO GROUP IMPAX ASSET MANAGEME WAMPFLER UELI MONTANARO ASSET MGMT UBS AG RUFFER LLP KEMPEN CAPITAL MANAG BANQUE DE LUXEMBOURG CREDIT SUISSE AG PARVEST INVESTMENT M PICTET FUNDS DIMENSIONAL FUND ADV RUTISHAUSER PETER COLOMBEL LUC BARCLAYS MULTI-MANAG

Firm Name Berenberg Bank Kepler Cheuvreux EVA Dimensions Bank Vontobel AG

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

Analyst FREDERIK BITTER CHRISTOPHER LADNER ANDREW S ZAMFOTIS ANDY SCHNYDER

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

Recommendation hold hold hold not rated

Amt Held 398'000 144'581 97'000 90'320 76'432 69'071 34'112 28'000 15'370 9'640 8'711 7'879 6'100 5'583 3'992 3'767 3'368 2'606 2'100 2'000

% Out 34.91 12.68 8.51 7.92 6.7 6.06 2.99 2.46 1.35 0.85 0.76 0.69 0.54 0.49 0.35 0.33 0.3 0.23 0.18 0.18

Weighting

Change

3 3 3 #N/A N/A

M M M M

Latest Chg (1'353) 1'260 (63) 200 (424) (43) -

Target Price 600 600 #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 31.03.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 14.08.2012 31.03.2013 31.08.2013 31.05.2013 28.02.2013 30.06.2013 31.07.2013 31.05.2013 30.04.2013 31.05.2013 30.04.2013 31.03.2013 31.03.2013 28.06.2013

Date Not Provided Not Provided Not Provided Not Provided

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

Date 11.06.2013 24.04.2013 17.01.2013 27.09.2012

27.09.2013

Komax Holding AG Komax Holding AG manufactures wire processing machines. The Company produces machines for cutting and stripping round and flat wire, crimping and insertion machines for processing single wires, and equipment for processing wire harnesses. Komax also manufactures automatic assembly systems for the telecommunications, medical products, and automotive industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KOMN SE EQUITY YTD Change KOMN SE EQUITY YTD % CHANGE

12/2012 01/yy 129.50 59.38 7'157.00 123.6 -4.56% 108.14% 90.59% 3.5 430.77 56.77 0.0 0.9 57.70 422.40

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

.1 M

120

.1 M

100

.1 M

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 341.9 0.48x 39.1 4.17x 23.2 7.71x

140

31.12.2009 31.12.2010 208.4 339.1 1.20x 0.99x (11.9) 36.9 9.07x (19.8) 17.8 19.21x Profitability

31.12.2011 370.0 0.62x 54.3 4.22x 39.4 5.89x

31.12.2012 286.7 0.85x 24.5 9.96x 10.2 23.75x 24.54 15.97 5.57% 3.82% 4.75% 6.83% 0.87% 58.8% 11.4% 8.2% 3.5% 4.04 2.68 15.76% 23.23% 3.02 2.23

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.02 3.08 78.83% 77.70% 1.019 7 4.714 10'799 18'021 11'940 FY+2

12/13 Y 12/14 Y 336.7 352.2 1.22x 1.09x 54.0 55.6 7.83x 7.60x 28.1 34.3 14.16x 12.69x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

13.57 9.72 -0.26 1.08 23.2% 18.8% 0.87 4.49 120.87 163.44 41.72 259.89

Sales/Revenue/Turnover

140.00

400.0

120.00

350.0 300.0

100.00

250.0 80.00

200.0 60.00

150.0

40.00

100.0

20.00

50.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Komax Holding AG Holdings By:

All

Holder Name KOCH MAX SARASIN STEINER LEO UBS AG CREDIT SUISSE AG SWISSCANTO FONDSLEIT REICHMUTH & CO INVES VONTOBEL ASSET MANAG KOMAX HOLDING AG COMINVEST ASSET MANA VONTOBEL ASSET MANAG DIMENSIONAL FUND ADV JULIUS BAER MULTICOO UNION BANCAIRE PRIVE SEB SIF SWISS INVESTMENT MEESCHAERT FCP PICTET FUNDS LEHNER MELK M VON DER CRONE HANS C

Firm Name UBS Bank Vontobel AG Credit Suisse Zuercher Kantonalbank Kepler Cheuvreux Helvea EVA Dimensions

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

Analyst ANDRE RUDOLF VON ROHR FABIAN HAECKI PATRICK LAAGER RICHARD FREI CHRISTOPHER LADNER STEFAN GAECHTER TIMOTHY STANISH

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

Recommendation buy buy outperform market perform buy buy overweight

Amt Held 231'401 144'919 118'650 46'081 41'581 40'924 32'895 29'000 27'483 22'000 15'000 14'862 13'975 13'380 13'000 13'000 11'600 11'207 11'000 9'300

% Out 6.64 4.16 3.4 1.32 1.19 1.17 0.94 0.83 0.79 0.63 0.43 0.43 0.4 0.38 0.37 0.37 0.33 0.32 0.32 0.27

Weighting

Change 5 5 5 3 5 5 5

M M M M M M M

Latest Chg 4'255 11'958 (1'946) (3'461) 2'671 13'380 (4) -

Target Price 140 140 150 #N/A N/A 140 120 #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 31.12.2012 31.08.2013 31.05.2013 28.03.2013 30.08.2013 30.04.2013 31.12.2012 31.05.2013 30.04.2013 30.04.2013 31.05.2013 28.06.2013 28.03.2013 30.04.2012 31.05.2013 31.05.2013 31.12.2012 31.12.2012

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

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

Date 06.09.2013 23.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 06.06.2013

27.09.2013

Liechtensteinische Landesbank AG Liechtensteinische Landesbank AG attracts deposits and offers corporate and private banking services. The Bank offers business start-up loans, corporate financing, home mortgages, asset management services, and investment funds. Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLB SE EQUITY YTD Change LLB SE EQUITY YTD % CHANGE

12/2012 01/yy 42.15 25.50 4'809.00 36.9 -12.46% 44.71% 69.97% 30.8 1'136.52 1'960.37 0.0 100.4 7'897.57 -

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

.2 M

.1 M

.0 M

0 s-12

31.12.2009 31.12.2010 720.4 605.5 174.2 102.8 11.27x 20.22x Profitability

31.12.2011 555.0 11.0 109.21x

31.12.2012 584.0 94.2 8.75x 22.35% 22.35% 0.22% 2.94% 1.18% 0.03% 19.0% 9.19% 122.75% -

Price/ Cash Flow

n-12

LTM-4Q

LTM

01/yy

01/yy -

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

0.70 13.07 16.25% 31.86% 0.703 2 3.000 3'545 4'433 5'615 FY+2

12/13 Y 12/14 Y 455.0 376.0 93.2 99.6 11.25x 10.51x S&P Issuer Ratings

FQ+1

FQ+2

122.7% 53.6% 0.03 3.50 -

Sales/Revenue/Turnover

12.00

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

o-12

Fiscal Year Ended 31.12.2008 980.8 144.7 9.94x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

27.09.2013

Liechtensteinische Landesbank AG Holdings By:

All

Holder Name PRINCIPALITY OF LIEC THORNBURG INVESTMENT LLB FONDSLEITUNG AG SWISSCANTO FONDSLEIT NORGES BANK SCHRODER INVESTMENT CREDIT SUISSE AG UBS AG VANGUARD GROUP INC PICTET FUNDS SCHRODER INVESTMENT DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG IFM - INDEPENDENT FU JULIUS BAER ASSET MA MUELLER URS SWISSCANTO ANLAGESTI MATT ROLAND MAEDER KURT FORTUNA INVESTMENT A

Firm Name EVA Dimensions Zuercher Kantonalbank Main First Bank AG

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

Analyst DOUG WALTERS ANDREAS VENDITTI KILIAN MAIER

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

Recommendation sell outperform suspended coverage

Amt Held 17'710'000 1'324'400 261'100 149'239 135'862 94'670 85'600 55'581 54'278 46'172 30'715 23'489 20'000 18'136 12'919 8'983 8'707 5'768 4'275 4'150

% Out 57.5 4.3 0.85 0.48 0.44 0.31 0.28 0.18 0.18 0.15 0.1 0.08 0.06 0.06 0.04 0.03 0.03 0.02 0.01 0.01

Weighting

Change

1 5 #N/A N/A

D U M

Latest Chg 44'080 (4'736) 46'830 1'577 9'000 (1'500) (1'455) -

Target Price #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 31.12.2012 31.12.2012 30.06.2013 28.03.2013 31.12.2012 28.09.2012 31.05.2013 31.05.2013 30.06.2013 31.05.2013 31.12.2012 30.04.2013 30.04.2013 31.05.2013 30.06.2013 31.12.2012 28.03.2013 31.12.2012 31.12.2012 30.08.2013

Date Not Provided Not Provided Not Provided

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

Date 10.09.2013 26.03.2013 30.03.2012

27.09.2013

Zehnder Group AG Zehnder Group AG, through its subsidiaries, manufactures a variety of radiators. The Company produces bathroom radiators, electric and aluminum radiators, as well as steel radiators. Zehnder sells its products to the construction industry.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (02.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZEH SE EQUITY YTD Change ZEH SE EQUITY YTD % CHANGE

12/2012 01/yy 57.65 34.05 12'974.00 40.3 -30.10% 18.36% 26.69% 9.8 472.96 27.20 0.0 9.5 53.50 382.66

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

10 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 454.1 0.40x 34.3 5.32x 2.5 64.00x

31.12.2009 31.12.2010 436.5 475.9 0.60x 1.06x 62.0 68.0 4.23x 7.41x 32.8 37.4 8.35x 14.27x Profitability

31.12.2011 515.4 0.92x 68.9 6.87x 40.0 12.38x

31.12.2012 523.8 0.78x 56.7 7.19x 27.1 15.78x 56.70 38.50 7.35% 7.24% 2.68% 4.84% 1.21% 8.3% 4.8% 5.2% 1.98 1.21 6.68% 11.42% 5.41 -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.82 9.58 -26.19% -6.40% 0.818 5 2.400 15'497 18'625 16'323 FY+2

12/13 Y 12/14 Y 520.3 537.8 0.71x 0.68x 49.9 53.3 7.67x 7.18x 23.3 26.9 22.85x 15.97x S&P Issuer Ratings

FQ+1

FQ+2

6.37 2.18 -0.31 0.97 11.4% 9.9% 1.21 3.07 67.48 -

Sales/Revenue/Turnover

14.00

600.0

12.00

500.0

10.00

400.0

8.00

300.0 6.00

200.0 4.00

100.0

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

01.07.2013

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 |

27.09.2013

Zehnder Group AG Holdings By:

All

Holder Name ALECTA PENSIONSFORSA BESTINVER GESTION SG BLACKROCK COLUMBIA WANGER ASSE UBS AG FMR LLC SCHRODER INVESTMENT NORGES BANK CREDIT SUISSE AG LUXEMBOURGER KAPITAL IST FUND MANAGERS SWISSCANTO FONDSLEIT MIRABAUD ASSET MANAG ZEHNDER HANS-PETER FIL LIMITED AMERIPRISE FINANCIAL VANGUARD GROUP INC REICHMUTH & CO INVES PICTET FUNDS JULIUS BAER MULTICOO

Firm Name Bank Vontobel AG EVA Dimensions Main First Bank AG Helvea Zuercher Kantonalbank

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

Analyst CHRISTIAN ARNOLD TIMOTHY STANISH TOBIAS FAHRENHOLZ PATRICK APPENZELLER MARTIN HUESLER

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

Recommendation reduce hold underperform hold market perform

Amt Held 950'000 584'320 499'661 417'840 253'373 236'980 228'553 224'999 157'653 131'000 121'630 112'279 110'189 108'550 84'646 60'735 56'822 56'247 54'257 53'919

% Out 9.74 5.99 5.12 4.28 2.6 2.43 2.34 2.31 1.62 1.34 1.25 1.15 1.13 1.11 0.87 0.62 0.58 0.58 0.56 0.55

Weighting

Change 2 3 1 3 3

M D M M D

Latest Chg (6'225) 35'000 75'500 10'600 (23'577) (5'363) (44'466) (19'707) 1'982 14'447 (603) -

Target Price 34 #N/A N/A 35 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 31.12.2012 Pension Fund (ERISA) 16.02.2011 Investment Advisor 25.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 n/a 31.10.2012 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month Not Provided

Date 11.09.2013 29.08.2013 16.08.2013 16.08.2013 12.11.2012

27.09.2013

Vetropack Holding AG Vetropack Holding AG designs and manufactures glass bottles and containers. The Company produces beverage bottles, jars, and other glass containers for the food, chemical, and pharmaceutical industries. Vetropack also offers production plant engineering, glass packaging design, and recycling services.

Price/Volume 2500

.0 M .0 M

2000

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (22.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VET SE EQUITY YTD Change VET SE EQUITY YTD % CHANGE

12/2012 01/yy 1'990.00 1'581.00 49.00 1830 -8.04% 15.75% 60.88% 0.2 750.00 14.80 0.0 4.5 58.90 710.40

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

1.20 1.00

.0 M

1000

.0 M .0 M

500

.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 697.8 0.86x 198.3 3.01x 78.5 6.85x

1500

31.12.2009 31.12.2010 671.5 642.6 1.10x 1.11x 158.1 139.2 4.68x 5.13x 78.4 38.7 9.36x 19.45x Profitability

31.12.2011 589.4 1.09x 128.5 4.99x 59.0 11.39x

31.12.2012 604.4 1.08x 116.3 5.60x 83.6 8.27x 116.30 61.50 10.18% 17.80% 6.86% 8.77% 0.77% 9.9% 13.8% 3.18 1.68 1.92% 2.34% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.58 0.21 11.22% 10.50% 0.584 4 3.500 92 207 175 FY+2

12/13 Y 12/14 Y 613.0 633.7 1.18x 1.13x 127.3 136.7 5.58x 5.20x 54.6 60.8 13.85x 12.84x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

96.92 12.92 2.3% 2.3% 0.77 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 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 |

27.09.2013

Vetropack Holding AG Holdings By:

All

Holder Name CORNAZ LTD HOLDING O THREADNEEDLE LB SWISS INVESTMENT SWISSCANTO FONDSLEIT LUXEMBOURGER KAPITAL NORGES BANK CREDIT SUISSE AG VONTOBEL ASSET MANAG ALLIANZ ASSET MANAGE UBS AG IST FUND MANAGERS VANGUARD GROUP INC OPPENHEIM PRAMERICA JULIUS BAER MULTICOO PEAR TREE ADVISORS I 1741 ASSET MANAGEMEN LLB FONDSLEITUNG AG PICTET FUNDS PIONEER INVESTMENTS JULIUS BAER ASSET MA

Firm Name EVA Dimensions Bank Vontobel AG Helvea Zuercher Kantonalbank

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

Analyst TIMOTHY STANISH CHRISTIAN ARNOLD RETO AMSTALDEN MARTIN HUESLER

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

Recommendation hold hold buy market perform

Amt Held 19'853 11'579 10'004 7'462 3'150 3'086 2'700 2'500 2'334 1'652 1'639 1'318 1'300 1'134 1'086 950 950 949 789 744

% Out 8.49 4.95 4.28 3.19 1.35 1.32 1.15 1.07 1 0.71 0.7 0.56 0.56 0.48 0.46 0.41 0.41 0.41 0.34 0.32

Weighting

Change 3 3 5 3

U M M M

Latest Chg (144) (461) (284) (166) (15) 7 37 (88) 600 (9) (7)

Target Price #N/A N/A 1'750 2'100 #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 31.05.2013 28.03.2013 28.03.2013 28.06.2013 31.12.2012 31.05.2013 30.04.2013 31.05.2013 31.08.2013 30.04.2013 30.06.2013 31.01.2013 30.04.2013 30.06.2013 30.08.2013 30.06.2013 31.05.2013 28.03.2013 30.06.2013

Date Not Provided Not Provided 12 month Not Provided

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

Date 04.09.2013 27.08.2013 27.08.2013 26.08.2013