Fundamental Analysis & Recommendations - QMS Advisors HDAX FlexIndex 110 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 HDAX FlexIndex 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

ADIDAS AG

EUR

22492

669

209

22.60

19872

21355

1969

2019

723

3.41

3.56

5.63

6.87

40.88

25.82

21.18

15.84

8.71

28.03

6.12

13.75

ADVA OPTICAL NETWORKING SE

EUR

303

114

0.25

446

430

440

474

0.47

0.23

0.20

0.29

36.47

34.48

43.22

29.21

8.32

11.74

27.17

7.30

15.85

CARL ZEISS MEDITEC AG - BR

EUR

2446

2.51

1165

1190

1207

1291

190

194

1.19

1.41

1.48

1.56

28.93

27.50

26.02

18.37

9.80

20.18

15.41

22.10

AIXTRON SE

EUR

1798

284

101

1.51

308

305

306

505

-147

-225

-3

-1.95

-2.80

-1.03

0.38

61.91

-84.79

38.10

-99.79

ALLIANZ SE-REG

EUR

72745

1035

453

83.54

129827

131187

138510

142326

15.72

32.71

17.69

18.21

6.59

12.33

12.19

11.84

13.36

4.48

27.01.2012

Aa3

03.05.2004

AAREAL BANK AG

EUR

1779

107

25.15

1601

1470

904

956

923

2.37

2.31

2.23

2.83

17.38

18.06

14.22

-16.36

-16.34

-17.87

-24.98

26.03.2012

BASF SE

EUR

89600

1467

918

107.75

97524

101517

100259

96009

13073

13327

3021

7.10

6.67

7.24

7.95

19.79

18.21

16.60

-2.52

5.34

-24.93

-2.16

17.75

A+

10.05.2011

17.11.2010

BAYER AG-REG

EUR

96615

998

827

108.69

53759

54290

55228

58268

12170

12569

2499

7.56

4.75

7.77

8.77

33.29

23.57

20.33

18.02

11.96

5.76

0.57

8.37

31.30

A-

30.04.2008

17.07.2006

BB BIOTECH AG-REG

EUR

1828

BECHTLE AG

EUR

1071

1.06

2835

2902

2985

3146

138

135

3.64

3.47

3.89

4.41

19.84

17.71

15.64

6.91

12.12

2.61

10.05

6.27

BEIERSDORF AG

EUR

22341

275

227

20.20

8167

8303

8423

8889

1272

1352

339

2.76

2.87

3.14

3.58

41.82

38.16

33.48

9.77

0.37

16.44

4.43

22.02

BAYERISCHE MOTOREN WERKE AG

EUR

69715

818

656

147.43

103905

103368

106075

111608

21975

21677

10.50

10.65

10.69

11.04

13.82

13.78

13.34

15.77

8.97

7.05

21.79

28.35

16.04.2012

22.07.2011

BRENNTAG AG

EUR

8586

10.73

13102

13221

13513

14207

951

921

253

8.77

8.25

8.82

10.09

27.33

25.55

22.33

15.74

9.46

15.70

9.42

BBB-

09.06.2011

HUGO BOSS AG -ORD

EUR

9113

9.45

3172

3217

3377

3671

712

718

260

6.17

6.02

6.73

7.71

29.09

28.35

26.00

22.69

18.85

15.04

16.77

17.39

30.18

COMMERZBANK AG

EUR

13523

28880

779

318

27044

25795

12930

13404

-0.01

-1.55

0.48

1.11

33.37

14.50

-9.20

-7.68

A-

28.05.2013

Baa1

23.04.2013

CELESIO AG

EUR

3828

238

170

6.04

30112

29411

28973

29387

828

874

196

1.18

1.27

1.46

1.75

23.94

18.67

20.79

17.43

0.72

0.39

6.40

-9.49

4.02

CANCOM SE

EUR

342

0.35

755

764

785

820

1.55

1.62

1.78

2.05

24.90

22.76

19.75

3.40

18.11

16.54

43.42

7.04

CONTINENTAL AG

EUR

34060

210

200

44.66

44262

44354

45920

48784

6666

6739

1735

12.99

13.68

14.34

16.43

16.83

16.53

16.05

14.02

9.89

10.27

20.65

19.16

20.54

24.05.2013

Baa3

19.09.2013

COMPUGROUP MEDICAL AG

EUR

1328

1.65

609

623

659

148

137

0.91

0.80

1.34

1.71

42.29

25.15

19.69

18.12

27.82

68.77

23.16

30.43

DAIMLER AG-REGISTERED SHARES

EUR

83837

1787

1068

114

178.32

154539

154402

158756

169596

16412

14676

7.67

8.48

6.49

7.49

12.50

25.40

16.33

14.14

9.84

6.13

-0.86

-7.01

12.85

A-

23.02.2012

01.10.2007

DEUTSCHE BOERSE AG

EUR

14514

282

184

15.97

2971

2948

2835

2999

1460

1342

370

4.64

4.42

4.90

5.54

23.00

23.07

20.76

18.34

-4.91

-17.52

61.58

13.02.2012

17.05.2006

DEUTSCHE BANK AG-REGISTERED

EUR

47419

8609

929

377

199

70713

66671

45052

45880

4.18

0.24

4.95

6.10

258.40

26.24

12.71

10.31

-0.93

-9.09

02.07.2013

21.06.2012

DEUTSCHE EUROSHOP AG

EUR

2358

4.36

292

271

265

277

247

228

3.02

3.39

2.67

2.72

17.42

18.49

22.11

21.75

16.08

13.71

12.23

23.85

114.06

DIALOG SEMICONDUCTOR PLC

EUR

1387

480

1.22

1046

1054

1166

1401

169

1.28

1.18

1.40

2.01

31.66

31.41

26.59

18.50

63.17

49.99

60.06

21.71

DEUTSCHE POST AG-REG

EUR

39331

4050

1209

43.69

75057

75053

77110

80392

5326

5489

1355

1.98

2.06

2.04

2.19

21.40

23.14

21.57

20.06

6.87

1.25

10.03

-3.26

9.89

27.11.2012

31.07.2006

DRILLISCH AG

EUR

1271

188

1.33

438

410

403

412

0.62

4.37

2.56

1.54

7.40

12.62

21.04

-9.84

-5.00

27.49

12.49

28.03

DRAEGERWERK AG - PREF

EUR

1931

2.18

3209

3247

3283

3401

405

390

387

10.32

9.78

9.89

10.98

18.03

18.31

17.81

16.05

7.05

6.20

11.46

14.47

16.23

DEUTSCHE TELEKOM AG-REG

EUR

63734

10287

4319

131.39

78649

78826

80111

81121

23970

23659

6082

1.36

-1.60

0.86

0.94

13.85

22.58

20.69

-1.12

0.26

-16.56

2.01

40.58

BBB+

19.05.2008

Baa1

22.12.2011

DUERR AG

EUR

2529

2.55

3245

3202

3387

3503

278

293

4.20

4.57

4.94

5.15

21.63

21.57

19.99

19.17

33.62

17.06

55.64

32.40

12.35

01.11.2010

DEUTSCHE WOHNEN AG-BR

EUR

2997

276

146

7.02

611

681

528

558

252

321

1.55

1.30

1.06

1.16

18.47

22.65

20.67

22.33

10.70

41.09

14.84

63.62

EADS NV

EUR

49616

47.71

76366

78256

79243

84362

5310

5896

1742

3.65

4.92

23.34

17.32

20.23

9.98

32.18

31.24

10.19

06.09.2013

(P)A2

06.12.2012

E.ON SE

EUR

36497

5180

1907

64.89

178601

177574

161688

164496

11416

13475

2.45

1.66

1.68

1.61

14.83

9.60

14.69

15.33

22.91

13.33

132.20

-7.11

10.26

A-

27.07.2012

05.10.2011

EVONIK INDUSTRIES AG

EUR

17563

466

20.40

18428

17875

17469

18353

3637

3194

687

3.41

3.06

2.47

2.83

16.68

16.84

20.62

18.03

-8.47

-4.08

2.25

7.87

24.16

BBB+

09.05.2012

Baa2

20.03.2013

EVOTEC AG

EUR

517

293

119

0.46

118

111

131

149

0.06

-0.03

0.08

0.13

76.38

45.35

12.04

32.50

-57.80

1.97

FIELMANN AG

EUR

4424

3.97

1497

1525

1573

1654

291

295

4.07

4.14

4.35

4.67

34.42

32.75

30.51

6.88

6.48

4.26

7.28

26.15

FRESENIUS MEDICAL CARE AG &

EUR

20409

691

307

29.04

18659

19200

19722

20591

3815

3802

952

5.23

4.49

4.86

5.11

26.69

26.85

24.63

23.42

13.23

8.50

9.72

10.47

26.77

BB+

19.09.2012

FREENET AG

EUR

3135

382

128

3.87

4177

4310

4366

4399

476

478

120

1.83

2.18

2.48

2.61

15.20

13.34

12.66

-7.35

37.19

6.34

13.88

14.99

FUCHS PETROLUB SE -PREF

EUR

5580

5.47

2460

2532

2651

417

429

123

3.95

4.03

4.19

4.46

28.34

27.26

25.60

13.72

8.40

10.70

9.86

23.59

FRAPORT AG FRANKFURT AIRPORT

EUR

6416

11.80

3302

3381

3491

3591

1153

1165

3.53

3.42

3.30

3.86

27.48

23.03

28.47

24.33

4.04

7.12

7.67

9.25

46.59

FRESENIUS SE & CO KGAA

EUR

22344

354

178

44.48

26082

27097

27857

30222

5082

5128

1317

6.54

7.25

7.91

8.99

23.38

23.62

21.42

18.85

24.21

16.37

21.80

17.73

25.59

BB+

19.09.2012

30.04.2006

GEA GROUP AG

EUR

7964

154

192

8.59

7734

7761

7974

8340

860

916

2.30

2.50

2.71

3.08

22.73

20.66

18.16

7.58

4.09

9.37

11.81

15.96

BILFINGER SE

EUR

4794

109

5.13

11505

11733

12275

935

8.66

8.42

7.45

8.41

16.72

16.26

18.90

16.74

4.95

0.88

48.82

22.12

10.99

BBB+

23.10.2012

GAGFAH SA

EUR

2809

140

195

9.55

1435

1436

1103

1116

484

457

0.38

0.13

0.60

0.91

131.92

104.24

29.23

19.33

-25.60

3.50

-4.98

29.29

43.07

GSW IMMOBILIEN AG

EUR

2206

4.63

431

479

322

344

220

236

2.37

4.33

2.61

2.65

13.65

24.24

22.61

22.31

-3.48

0.72

-0.22

66.71

GILDEMEISTER AG

EUR

2158

687

2.15

2755

2833

2825

2994

224

245

1.73

1.76

1.75

2.02

20.99

21.18

18.29

28.02

7.56

23.41

1.36

11.67

23.09.2009

GERRY WEBER INTL AG

EUR

1893

1.91

1085

1137

1161

1274

182

177

2.34

2.22

2.70

25.14

24.99

25.16

20.67

19.16

13.31

23.52

22.81

21.04

GERRESHEIMER AG

EUR

1901

257

2.64

1648

1704

1741

1854

309

316

2.60

2.51

3.66

4.40

32.55

22.38

18.62

15.36

4.80

11.86

4.21

25.08

BBB-

23.02.2011

Ba1

17.05.2011

HEIDELBERGCEMENT AG

EUR

14879

450

188

25.86

18956

18929

19407

20400

3410

3757

1193

1.61

2.29

4.74

6.18

46.95

22.61

17.36

11.72

0.60

8.74

1.61

26.84

22.11.2012

(P)Ba2

31.05.2011

HENKEL AG & CO KGAA VORZUG

EUR

41097

487

434

41.46

22323

22465

22759

23858

3761

3798

1018

4.96

4.81

5.45

5.98

28.74

27.00

25.39

23.14

7.84

4.48

18.70

12.97

22.86

18.05.2011

01.06.2011

HANNOVER RUECK SE

EUR

8984

121

12.48

18604

19185

19210

19848

9.63

9.65

9.30

9.26

10.43

10.83

10.88

18.22

18.46

AA-

10.06.2006

20123

19843

2.43

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

22.36

-6.51

-5.18

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

HOCHTIEF AG

EUR

6766

11.75

34516

35323

34898

35392

1997

2439

1.90

6.12

4.50

4.92

19.40

26.39

24.13

13.04

8.94

-15.90

44.19

9.34

INFINEON TECHNOLOGIES AG

EUR

11079

3277

1080

8.60

5279

5101

5190

5687

1191

982

349

0.53

0.34

0.32

0.54

41.00

42.70

25.75

-3.15

1.69

-26.72

3.55

26.02

JENOPTIK AG

EUR

864

0.97

791

821

883

114

110

1.10

1.04

0.85

1.09

19.61

23.97

18.74

10.38

3.93

-12.74

3.69

18.84

04.06.2008

15.11.2007

KONTRON AG

EUR

350

0.36

740

729

737

781

-0.80

-1.04

-0.23

0.20

43.11

-9.77

3.76

-106.93

-35.31

0.21

KLOECKNER & CO SE

EUR

1387

287

100

2.06

9989

9196

9130

9509

-2.65

-2.26

-0.45

0.43

43.32

5.58

5.76

-94.58

-39.67

1.08

B+

27.03.2013

KABEL DEUTSCHLAND HOLDING AG

EUR

11239

15.10

2474

2502

2657

2872

1064

1041

311

3.77

3.22

3.99

4.73

53.34

43.04

36.28

10.36

9.67

3.18

17.12

56.27

KRONES AG

EUR

2671

2.52

3602

3721

3765

3962

243

265

2.99

3.46

5.06

5.77

33.03

22.60

19.80

10.02

5.94

40.45

-0.94

9.62

KUKA AG

EUR

1461

1.36

2352

2429

2508

2623

177

191

2.22

2.29

2.60

2.95

25.49

22.42

19.72

28.59

14.52

61.24

7.68

10.63

BB-

31.07.2013

LEG IMMOBILIEN AG

EUR

3002

6.22

700

652

690

256

0.78

7.03

3.65

4.27

10.90

98.23

21.01

17.97

0.67

24.30

49.41

LEONI AG

EUR

1944

157

2.45

5150

5195

5178

5576

484

402

6.75

4.25

4.36

6.11

18.95

18.99

18.45

13.17

3.93

10.52

1.65

14.37

10.45

DEUTSCHE LUFTHANSA-REG

EUR

9036

3667

460

10.97

40745

40684

41540

42951

3337

3396

1755

1.34

2.80

1.49

2.33

9.49

20.05

17.84

11.39

6.59

7.04

-16.75

-3.14

11.29

BBB-

27.08.2009

Ba1

03.09.2009

LINDE AG

EUR

37353

306

185

50.67

20660

22057

23106

24627

4655

5118

1375

9.36

9.65

11.26

12.68

28.24

28.62

24.22

21.51

14.64

7.42

14.91

10.85

31.37

25.05.2012

28.04.2010

LPKF LASER & ELECTRONICS

EUR

408

0.43

156

182

164

181

0.82

1.14

0.90

0.98

21.69

27.69

25.21

35.57

37.54

57.32

38.59

36.07

LANXESS AG

EUR

5541

586

8.34

12296

11517

11321

12197

1705

1199

255

8.86

2.92

2.18

5.39

30.83

41.34

16.70

4.92

9.98

19.93

17.91

14.08

BBB

31.07.2007

MAN SE

EUR

17425

147

24.01

21325

21115

21306

22337

2011

1183

2.78

-2.22

1.53

5.73

104.73

27.99

-5.75

2.11

-50.12

-7.55

7.58

20.12.2012

30.04.2009

METRO AG

EUR

13164

460

327

21.72

90237

89274

69582

88256

4478

4588

0.87

0.50

0.07

2.87

108.93

100.73

789.78

18.97

09.10.2012

MORPHOSYS AG

EUR

1967

1.77

109

105

0.14

0.93

0.45

-0.03

111.03

112.66

230.06

MERCK KGAA

EUR

33772

141

217

35.62

14522

14654

15182

15292

3945

4155

1047

6.12

6.45

11.72

12.25

32.46

26.25

17.86

MTU AERO ENGINES AG

EUR

4917

166

5.61

4568

4965

5053

5437

664

663

4.64

3.52

5.84

6.73

36.37

MUENCHENER RUECKVER AG-REG

EUR

34772

461

179

37.21

89097

88606

73672

75241

24.31

23.55

22.57

22.63

11.13

AURUBIS AG

EUR

2747

102

3.05

18644

17827

17416

17535

1007

602

104

10.86

-3.87

4.15

5.71

NORDEX SE

EUR

1022

213

1.03

1454

1778

1766

1848

-1.68

-1.28

0.21

0.45

NEMETSCHEK AG

EUR

587

0.53

237

242

253

273

2.65

2.89

3.28

4.01

NORMA GROUP SE

EUR

1469

1.70

817

824

868

925

174

163

2.42

2.33

2.74

3.10

XING AG

EUR

570

0.48

104

113

128

1.93

2.08

2.55

TELEFONICA DEUTSCHLAND HOLDI

EUR

8960

1173

1117

10.43

7048

6777

6759

1733

452

0.38

OSRAM LICHT AG

EUR

5002

4.97

7301

7177

7417

535

PFEIFFER VACUUM TECHNOLOGY

EUR

1227

1.19

624

566

586

636

118

PSI AG

EUR

244

123

0.21

245

247

258

280

PROSIEBEN SAT.1 MEDIA AG-REG

EUR

9351

382

212

10.52

3186

2955

3480

3684

927

896

QIAGEN N.V.

EUR

4982

154

236

5.48

1696

1717

1770

1866

546

QSC AG

EUR

628

630

124

0.70

651

643

616

635

105

RATIONAL AG

EUR

3431

3.29

588

597

618

678

RHOEN-KLINIKUM AG

EUR

3495

255

138

4.61

3874

4031

4103

3764

RHEINMETALL AG

EUR

2263

2.82

6360

6102

6371

6620

648

437

RTL GROUP

EUR

15487

16.35

8110

8061

8280

1673

1736

RWE AG

EUR

20713

1943

615

48.69

68647

70383

72705

72014

12243

14331

SMA SOLAR TECHNOLOGY AG

EUR

1164

0.80

1979

1475

1440

1497

234

SAP AG

EUR

93018

1833

1192

95.12

21935

22496

23334

25416

STADA ARZNEIMITTEL AG

EUR

2959

124

4.92

2485

2605

2713

STRATEC BIOMEDICAL AG

EUR

491

0.48

166

167

179

K+S AG-REG

EUR

5099

3998

191

5.59

5321

4943

5330

4988

1460

1375

SIEMENS AG-REG

EUR

107469

1267

856

125.54

105863

104232

103545

106699

13052

11766

SKY DEUTSCHLAND AG

EUR

8037

640

779

8.50

1803

1930

2106

2454

-69

SOFTWARE AG

EUR

3061

101

3.18

1416

1348

1352

1422

394

AXEL SPRINGER AG

EUR

5396

6.47

4476

4485

4576

4214

SARTORIUS AG-VORZUG

EUR

2008

2.57

1143

1169

1221

SYMRISE AG

EUR

5177

102

118

5.93

2346

2431

SALZGITTER AG

EUR

2542

150

2.47

14058

SUEDZUCKER AG

EUR

5984

731

204

9.01

10653

02.08.2013

25.07.2013

1.67

-1.11

-14.28

1.56

6.95

BBB-

11.10.2012

Baa3

-49.68

34.74

-63.13

-7.90

44.97

17.09

11.40

11.96

11.46

12.02

38.34

29.05.2013

04.07.2013

21.87

18.98

20.59

11.02

22.52

6.19

18.04

11.05.2010

Baa3

08.06.2012

11.61

11.59

11.07

9.16

AA-

22.12.2006

19.88

14.47

4.60

9.31

38.71

20.08

4.40

87.42

41.99

23.37

18.40

-20.89

5.58

28.50

25.14

20.54

9.13

5.99

6.94

4.54

31.58

26.81

22.73

20.10

5.41

22.96

26.70

3.61

66.29

68.05

54.18

38.19

14.58

26.96

-74.23

37.19

46.84

0.09

0.14

28.65

125.34

80.22

4.76

14.95

33.24

1.97

3.01

32.86

21.47

9.91

-55.45

9.90

6.21

4.92

5.26

7.01

34.15

31.95

23.99

-15.14

42.86

6.76

12.57

23.54

0.81

0.59

0.74

1.13

35.47

28.30

18.52

9.05

10.09

20.98

26.00

12.34

195

2.08

2.15

2.50

2.75

26.88

27.05

23.10

21.01

9.65

-5.65

-0.45

7.55

40.99

01.08.2007

416

133

0.93

0.99

1.53

1.64

39.34

25.42

23.66

9.79

10.41

50.69

23.83

32.80

108

107

0.19

0.26

0.24

0.31

26.69

29.14

22.24

0.97

3.72

-4.94

24.29

22.77

176

11.09

10.78

11.15

12.65

37.86

36.59

32.26

14.94

6.02

27.58

7.69

394

450

115

0.88

1.10

1.27

38.90

38.69

31.10

26.93

12.12

9.99

-25.23

4.24

15.09

Baa3

03.12.2012

6.82

2.87

2.35

5.25

26.96

32.86

14.73

7.59

4.73

-10.90

4.61

9.68

12.12.2008

Baa3 *-

01.08.2013

1712

6.17

6.39

21.92

21.18

5.46

-0.65

-2.99

10.37

29.12

BBB+

23.05.2011

31.08.2005

2.63

1.65

5.28

3.92

27.75

14.23

8.67

11.69

4.45

2.88

41.92

4.14

27.53

BBB+

27.07.2012

Baa1

21.06.2013

150

2.92

0.03

-0.89

0.11

1677.93

394.81

-17.18

36.58

-54.25

24.54

13.75

6763

6931

2018

3.22

3.38

4.59

5.14

30.29

30.10

22.28

19.92

18.90

10.48

9.83

14.94

41.66

2940

433

467

124

1.95

2.39

3.79

4.63

28.11

27.95

17.67

14.47

9.63

4.82

59.60

0.27

24.23

203

1.61

1.54

1.81

2.19

36.67

36.35

31.20

25.85

6.80

17.91

-20.37

6.72

22.49

222

4.06

3.65

3.22

1.56

9.87

9.79

11.20

23.11

-2.08

-3.68

-5.13

28.22

37.61

BBB+ *-

05.08.2013

Baa2 *-

07.08.2013

2231

7.57

7.37

7.40

9.44

22.38

22.59

22.29

17.46

9.26

0.28

-10.81

1.13

15.26

A+

05.06.2009

-0.34

-0.23

-0.18

-0.03

23.09

11.90

90.66

0.85

361

2.56

2.31

2.58

2.86

20.60

18.46

16.68

-6.28

12.11

-5.88

17.81

36.17

825

803

214

3.26

3.16

3.58

3.50

23.31

22.86

20.61

21.06

5.32

4.85

9.48

11.09

24.22

1301

243

261

234

3.20

4.20

5.40

6.19

34.75

27.06

23.59

20.77

11.03

29.28

24.17

30.12

2492

2625

458

481

134

1.80

1.92

2.21

2.44

30.85

31.07

26.74

24.30

12.92

10.07

9.81

6.07

26.77

13515

13361

13764

563

501

-2.08

-9.87

-7.18

1.53

37.30

7.66

-3.32

-41.87

-30.39

5.02

10847

10773

10791

1688

1646

4.02

3.52

3.01

2.96

11.27

11.82

13.38

17.15

9.27

29.20

29.39

20.52

BBB+

05.06.2012

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

13.16

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

TAG IMMOBILIEN AG

EUR

1619

297

131

4.69

535

444

361

377

388

289

1.93

1.07

0.75

0.93

15.68

20.37

22.19

18.00

127.45

43.00

192.65

79.37

88.11

THYSSENKRUPP AG

EUR

12654

6134

514

18.21

54251

49144

50192

52007

3483

3015

695

-0.51

-0.72

-0.21

1.49

22.28

-8.23

-7.72

-49.06

-17.60

8.30

06.06.2012

Ba1

24.01.2013

TALANX AG

EUR

8502

132

208

16.96

35746

37600

37243

38720

3.88

3.95

3.84

4.04

11.53

12.11

11.84

11.25

17.41

A-

20.06.2006

TUI AG

EUR

3100

385

252

3.51

24784

24870

24707

25453

1296

1146

1577

-0.16

-0.72

0.37

0.81

44.51

20.54

6.57

25.68

6.23

23.08.2013

Caa1

14.01.2011

UNITED INTERNET AG-REG SHARE

EUR

7093

146

194

7.46

3240

3402

3578

3917

527

563

135

0.98

1.23

1.41

1.82

40.18

40.62

34.99

27.16

19.54

13.14

6.92

6.46

22.38

VOLKSWAGEN AG-PREF

EUR

108527

498

465

159

236.42

260514

264988

271085

284555

33023

33548

62.58

51.08

28.57

33.04

6.29

6.31

11.25

9.72

28.29

17.14

19.36

13.58

17.12

A-

31.08.2009

17.08.2009

WACKER CHEMIE AG

EUR

5189

111

6.40

6267

6010

6171

6581

1167

1050

235

2.96

0.81

0.60

2.66

165.83

223.09

50.58

-7.57

2.40

-32.32

-3.81

23.63

WIRECARD AG

EUR

3779

107

112

3.40

534

585

641

757

148

157

0.89

0.92

1.02

1.30

49.53

44.55

34.97

29.06

26.24

39.81

29.72

36.25

WINCOR NIXDORF AG

EUR

2133

2.30

3168

3353

3334

3467

224

251

104

2.84

3.72

3.96

4.89

23.45

22.00

17.82

0.86

1.21

-32.18

-6.71

10.13

ELRINGKLINGER AG

EUR

2774

3.22

1524

1551

1613

1718

291

284

1.80

1.85

2.14

2.50

31.96

27.71

23.68

12.35

17.37

-7.14

5.90

24.78

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%

ADIDAS AG

2.86

2.83

2.53

2.25

1.77

1.11

1.13

1.05

0.99

0.93

17.63

14.93

13.04

10.98

9.39

11.43

10.63

8.92

7.70

6.88

20.98

19.10

15.66

13.15

11.93

1.53

2.00

2.50

3.05

3.27

91.46

15.0%

ADVA OPTICAL NETWORKING SE

1.49

1.36

1.28

1.19

0.68

0.69

0.64

0.60

0.13

6.41

16.67

8.14

9.33

4.49

4.74

4.11

3.73

14.95

31.97

21.61

18.82

4.43

-5.1%

CARL ZEISS MEDITEC AG - BR

2.83

2.54

2.38

2.22

2.06

2.10

2.03

1.89

1.80

1.73

20.17

20.38

17.14

15.89

13.91

13.00

12.46

11.36

10.49

10.11

24.45

20.34

19.25

17.63

16.12

1.56

2.31

2.19

2.42

2.47

23.81

7.0%

AIXTRON SE

2.64

3.49

3.27

2.83

2.64

6.04

5.87

3.56

2.66

2.29

59.11

18.66

14.95

22.04

10.20

9.56

45.79

19.07

19.70

0.32

0.00

0.58

1.59

1.38

11.52

-11.4%

ALLIANZ SE-REG

1.04

1.03

0.97

0.91

1.10

0.52

0.53

0.51

0.50

0.48

AAREAL BANK AG

0.73

0.70

0.67

0.65

0.64

2.06

1.97

1.86

1.78

1.71

0.65

3.50

1.10

0.95

BASF SE

2.55

2.48

2.34

2.13

1.85

0.85

0.89

0.93

0.89

0.86

8.24

8.75

8.07

7.86

6.47

6.43

7.84

7.32

6.81

BAYER AG-REG

3.58

3.48

3.09

2.72

2.46

1.80

1.75

1.66

1.58

1.50

12.80

11.65

10.44

9.57

8.86

9.71

9.42

8.56

7.89

0.00

10.47

9.02

8.76

8.41

8.33

3.89

4.37

4.55

4.76

5.04

132.57

12.3%

14.47

13.36

10.52

9.36

7.33

0.26

1.96

3.45

5.65

9.10

23.02

4.7%

6.22

13.29

13.47

12.27

11.16

9.86

3.58

3.72

3.91

4.14

4.40

74.75

3.6%

7.32

15.95

15.04

13.33

11.97

10.87

2.10

2.40

2.69

2.97

3.26

92.40

6.9%

116.49

12.0%

BB BIOTECH AG-REG BECHTLE AG

1.76

1.60

1.48

1.35

1.20

0.38

0.36

0.34

0.32

0.31

10.82

10.63

10.09

9.23

7.33

7.85

7.53

6.83

6.39

5.65

13.84

13.10

11.57

10.54

9.24

2.44

2.68

2.97

3.22

3.67

40.63

7.7%

BEIERSDORF AG

4.64

4.21

3.76

3.40

3.08

2.74

2.65

2.52

2.37

2.24

24.87

21.99

20.44

19.04

17.21

17.03

15.62

14.13

12.88

11.98

30.77

28.25

24.78

22.32

19.85

1.20

1.22

1.36

1.48

1.66

68.77

4.9%

BAYERISCHE MOTOREN WERKE AG

1.70

1.57

1.42

1.29

1.15

0.67

0.66

0.62

0.60

0.57

6.24

5.23

5.05

4.67

3.73

8.31

8.58

8.29

7.80

6.90

10.37

10.19

9.87

9.45

8.89

3.24

3.35

3.62

3.90

4.23

81.79

1.5%

BRENNTAG AG

3.29

2.95

2.66

2.40

2.12

0.66

0.64

0.60

0.57

0.55

15.43

14.30

13.24

12.11

11.02

11.13

11.07

10.18

9.45

9.09

18.97

18.89

16.52

14.87

13.84

1.88

1.94

2.20

2.42

2.58

124.47

0.9%

HUGO BOSS AG -ORD

10.81

8.75

7.16

6.00

4.61

2.92

2.70

2.48

2.30

2.19

17.65

15.17

13.63

12.13

10.97

13.41

12.21

10.83

9.72

8.96

21.06

19.23

16.78

14.83

13.51

3.36

3.69

4.22

4.78

5.45

98.36

2.7%

COMMERZBANK AG

0.29

0.38

0.37

0.36

0.35

1.00

1.05

1.01

0.98

0.96

9.87

9.06

7.26

10.36

24.69

10.73

7.18

4.81

0.00

0.67

2.56

7.00

8.70

-1.0%

CELESIO AG

1.14

1.23

1.16

1.08

0.90

0.13

0.12

11.94

8.54

7.49

7.20

13.98

15.37

12.88

11.31

10.82

1.98

2.07

2.49

2.85

2.90

16.48

-1.0%

CANCOM SE

3.14

2.90

2.53

2.20

0.45

0.44

0.42

0.40

13.79

14.08

11.97

10.63

19.96

16.83

14.61

12.83

1.43

1.73

1.89

2.04

27.50

24.4%

CONTINENTAL AG

2.91

2.61

2.20

1.87

0.77

0.74

0.70

0.66

0.63

7.64

6.58

5.93

5.51

6.88

-1.6%

COMPUGROUP MEDICAL AG

4.72

4.59

3.86

3.32

2.17

2.13

2.02

1.93

1.83

12.68

11.34

10.92

10.24

9.92

11.61

DAIMLER AG-REGISTERED SHARES

1.44

1.34

1.26

1.16

1.05

0.55

0.53

0.49

0.47

0.51

7.03

6.91

5.81

5.14

3.65

10.30

DEUTSCHE BOERSE AG

3.32

3.13

2.81

2.48

2.19

5.12

4.84

4.59

4.35

13.50

12.00

11.51

10.50

9.99

10.67

DEUTSCHE BANK AG-REGISTERED

0.57

0.60

0.58

0.54

1.04

1.05

1.03

1.01

0.95

6.07

7.71

6.12

4.54

DEUTSCHE EUROSHOP AG

1.23

1.25

1.20

1.18

1.19

8.30

8.91

8.53

8.58

8.25

16.71

15.67

14.29

13.92

15.89

17.55

18.70

18.01

17.63

DIALOG SEMICONDUCTOR PLC

3.81

3.06

2.55

2.05

1.85

1.81

1.61

1.34

1.18

1.11

20.68

16.47

11.52

8.85

7.46

10.91

9.15

6.87

5.62

DEUTSCHE POST AG-REG

2.61

2.77

2.51

2.30

1.75

0.52

0.51

0.49

0.47

0.45

15.28

9.77

9.11

8.29

6.97

8.20

7.62

7.07

DRILLISCH AG

6.89

4.18

4.09

3.99

2.83

3.16

3.09

2.98

2.93

44.41

24.72

13.53

12.46

10.52

16.34

14.03

DRAEGERWERK AG - PREF

2.12

1.94

1.67

1.46

1.49

0.60

0.59

0.57

0.55

0.52

9.16

12.21

8.98

8.67

8.19

5.60

5.64

DEUTSCHE TELEKOM AG-REG

1.61

1.66

1.58

1.52

1.65

0.81

0.80

0.79

0.78

0.79

3.43

3.37

3.32

3.34

3.31

5.39

5.65

DUERR AG

4.25

3.67

3.14

2.73

2.30

0.78

0.75

0.72

0.70

23.27

12.01

11.54

11.24

11.54

9.74

8.40

7.95

DEUTSCHE WOHNEN AG-BR

1.14

1.08

1.02

0.97

0.98

5.44

5.68

5.37

4.99

5.74

23.42

19.57

17.82

17.94

21.26

26.58

18.90

17.17

EADS NV

3.87

3.73

3.02

2.43

2.02

0.67

0.63

0.59

0.55

0.54

12.64

11.86

8.89

6.26

6.66

8.00

6.36

5.39

E.ON SE

0.68

0.71

0.69

0.67

0.64

0.24

0.23

0.22

0.21

3.30

3.81

4.11

4.07

4.34

4.45

5.13

5.25

EVONIK INDUSTRIES AG

1.63

7.06

7.80

8.00

7.39

6.96

9.48

8.53

7.70

6.94

6.70

6.50

5.95

5.48

5.33

11.69

11.88

10.37

9.20

8.94

1.58

1.98

2.38

2.78

3.10

123.96

12.39

10.64

9.79

9.26

25.81

18.60

14.57

12.67

10.67

1.86

1.88

2.12

2.33

3.03

18.80

1.9%

9.45

9.33

8.31

6.40

12.54

12.08

10.46

8.97

8.24

3.69

3.78

3.87

4.32

4.31

57.03

-1.6%

10.98

9.75

9.04

7.79

15.61

15.35

13.56

12.26

10.52

4.01

3.82

4.11

4.37

4.58

54.88

-1.3%

9.61

9.40

7.63

6.21

5.88

2.19

2.39

3.00

4.39

3.27

40.45

17.6%

17.66

19.37

16.35

16.08

15.53

14.43

3.56

3.89

4.09

4.28

4.48

33.37

3.2%

5.45

17.72

19.67

13.68

10.65

9.77

0.00

6.49

6.03

18.66

15.95

14.83

13.26

11.87

3.07

3.18

3.43

3.76

4.09

12.06

11.07

12.30

39.45

9.34

15.56

14.03

11.98

5.23

7.36

7.46

7.24

5.11

4.69

4.19

12.32

13.17

11.87

10.54

9.03

0.91

0.95

2.08

2.30

5.51

5.39

5.25

16.50

16.70

15.30

14.37

11.83

6.60

4.99

4.81

7.63

7.47

18.17

14.79

14.18

13.56

12.60

1.76

2.39

16.66

18.78

20.59

16.75

15.29

15.02

16.81

1.94

2.49

4.82

4.83

24.15

17.26

12.81

10.73

10.33

1.32

5.31

5.44

6.02

10.86

11.33

11.30

12.16

8.10

15.79

4.8%

23.50

-2.3%

6.99

18.40

4.1%

2.52

103.45

7.3%

4.97

5.49

10.08

-4.8%

2.57

2.61

2.90

54.97

1.7%

2.91

3.12

3.07

14.86

13.3%

2.06

2.79

3.38

3.34

50.52

8.4%

5.09

4.81

4.83

4.43

12.66

-6.2%

3.70

4.11

29.82

7.0%

3.60

11.8%

1.92

1.79

1.66

1.51

1.01

0.96

0.90

0.83

6.81

8.79

7.94

6.93

7.54

6.97

6.33

5.49

15.25

13.34

11.92

9.60

3.26

3.43

EVOTEC AG

2.44

2.41

2.25

2.01

1.87

4.29

3.95

3.47

2.95

2.77

23.33

30.09

21.90

17.13

12.63

29.40

22.46

16.42

11.11

8.45

41.28

56.49

33.54

19.17

18.61

0.00

FIELMANN AG

5.91

5.53

5.32

5.13

4.72

2.94

2.81

2.67

2.54

2.43

20.11

18.78

18.51

17.64

15.69

13.51

12.86

12.12

11.49

10.62

25.78

24.22

22.57

21.23

19.01

3.44

3.67

3.90

4.16

4.50

74.70

-4.1%

FRESENIUS MEDICAL CARE AG &

2.28

2.06

1.90

1.77

1.56

1.49

1.40

1.34

1.26

1.18

11.49

11.61

10.68

9.79

9.06

9.88

9.92

9.58

8.83

7.90

17.65

18.22

17.32

15.34

13.35

1.37

1.45

1.49

1.62

1.79

52.33

7.9%

FREENET AG

2.01

1.83

1.73

1.65

1.57

0.76

0.72

0.71

0.72

8.64

8.86

8.57

8.79

8.68

8.22

8.01

7.86

7.83

7.88

12.71

9.87

9.36

9.08

8.73

6.51

7.87

8.31

8.58

9.35

19.49

7.6%

FUCHS PETROLUB SE -PREF

5.75

5.00

4.45

3.97

2.26

2.20

2.10

2.01

1.96

21.39

19.52

18.34

16.79

18.64

12.66

11.96

11.30

10.69

10.32

21.53

20.16

18.94

17.86

17.98

1.82

2.29

2.52

2.71

3.03

59.26

-5.1%

FRAPORT AG FRANKFURT AIRPORT

1.60

1.56

1.48

1.40

1.30

1.92

1.84

1.79

1.71

1.64

8.11

8.00

7.47

6.92

6.32

10.26

9.82

9.41

8.75

8.07

19.44

21.06

18.00

15.45

13.34

2.44

2.55

2.78

3.03

52.10

1.3%

FRESENIUS SE & CO KGAA

2.11

1.93

1.82

1.65

1.41

0.86

0.80

0.74

0.69

0.65

8.66

7.87

6.80

6.25

6.78

8.66

8.29

7.67

7.08

6.63

17.18

15.84

13.94

12.25

10.91

1.15

1.29

1.43

1.62

1.83

106.40

14.8%

GEA GROUP AG

2.47

2.38

2.12

1.93

1.68

1.03

1.00

0.95

0.91

0.89

13.69

12.17

10.44

9.80

8.68

9.98

9.08

8.18

7.68

7.32

16.58

15.28

13.43

12.28

11.60

1.87

2.09

2.38

2.55

2.97

32.98

7.8%

BILFINGER SE

1.72

1.65

1.56

1.48

1.32

0.42

0.41

0.39

0.37

0.35

9.60

8.61

8.00

7.50

6.46

6.58

6.83

6.14

5.71

4.83

13.61

13.98

12.38

11.14

9.30

3.75

3.74

4.04

4.42

4.41

83.23

8.0%

GAGFAH SA

0.89

0.88

0.85

0.81

0.75

2.50

2.55

2.52

2.48

2.49

20.34

24.85

16.87

15.42

13.74

20.34

20.75

19.69

18.92

19.79

23.69

21.61

14.29

13.45

10.99

0.00

0.09

2.15

3.98

3.61

11.13

15.7%

GSW IMMOBILIEN AG

1.14

1.05

0.99

0.95

0.89

7.34

6.85

6.41

6.30

6.72

26.76

23.25

20.69

19.20

19.03

25.72

21.25

20.17

19.51

20.32

25.31

16.72

16.50

15.52

18.80

2.67

2.99

3.24

3.40

3.38

34.74

7.6%

GILDEMEISTER AG

1.69

1.45

1.34

1.27

0.79

0.76

0.72

0.68

11.31

9.43

9.56

8.43

9.83

8.85

8.35

7.00

6.24

7.94

15.01

15.66

13.53

12.09

16.46

1.82

1.99

2.23

2.53

1.95

21.48

6.1%

GERRY WEBER INTL AG

3.99

3.50

3.07

2.71

2.40

1.74

1.63

1.49

1.37

1.25

16.00

14.79

12.98

11.29

10.35

10.70

10.76

9.01

7.96

7.26

17.96

18.61

15.29

13.25

11.55

2.48

2.60

3.07

3.47

3.85

35.01

14.8%

GERRESHEIMER AG

2.54

2.40

2.15

1.89

1.74

1.16

1.09

1.03

0.97

0.92

9.13

8.43

7.15

6.46

5.91

8.35

7.93

7.07

6.45

5.89

18.10

16.55

13.77

11.87

10.25

1.49

1.56

1.87

2.14

2.41

49.87

11.4%

HEIDELBERGCEMENT AG

0.84

0.80

0.75

0.70

0.79

0.77

0.73

0.68

0.64

6.85

6.81

6.04

5.05

4.08

7.82

7.42

6.69

5.99

5.26

21.91

16.72

12.84

10.07

8.13

0.85

1.39

2.10

2.80

3.88

61.04

4.0%

HENKEL AG & CO KGAA VORZUG

3.37

3.11

2.77

2.46

2.16

1.84

1.81

1.72

1.64

1.57

16.28

15.16

13.88

12.88

12.06

11.35

10.62

9.90

9.18

8.53

20.39

18.78

17.12

15.60

14.32

1.22

1.38

1.53

1.66

1.83

79.94

5.6%

HANNOVER RUECK SE

1.12

1.07

1.00

0.94

1.02

0.49

0.47

0.45

0.44

8.10

8.02

8.04

8.01

8.20

5.27

5.09

5.17

5.27

4.99

62.84

14.0%

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%

HOCHTIEF AG

1.79

1.66

1.61

1.53

0.20

0.19

0.18

5.61

4.20

3.80

3.45

5.88

4.94

4.96

4.77

26.44

19.52

17.84

15.65

10.35

1.94

2.72

2.93

3.29

62.73

-3.5%

INFINEON TECHNOLOGIES AG

2.31

2.24

2.08

1.87

1.62

2.11

2.13

1.95

1.81

1.67

15.66

13.56

10.01

7.95

7.22

6.91

8.03

6.17

5.38

5.02

21.00

31.58

19.05

14.92

11.66

1.58

1.57

1.75

1.97

1.58

7.61

0.4%

JENOPTIK AG

1.88

1.79

1.62

1.46

1.37

1.10

1.05

0.98

0.93

0.90

10.58

10.43

10.22

9.21

7.60

9.03

9.37

8.15

7.45

7.06

16.43

17.73

13.86

12.47

12.01

1.48

1.57

1.84

1.98

1.07

10.92

-2.2%

KONTRON AG

0.88

0.95

1.01

0.93

0.47

0.48

0.45

0.43

0.40

26.91

13.73

14.41

7.18

4.39

28.97

16.12

8.00

4.78

3.80

31.88

13.49

9.70

2.36

1.37

1.91

2.86

6.44

4.12

-11.5%

KLOECKNER & CO SE

0.60

0.67

0.65

0.61

0.14

0.15

0.14

0.13

31.74

9.95

7.82

7.55

5.25

20.65

11.39

7.30

6.39

5.27

32.04

18.27

15.82

0.00

0.04

0.77

1.44

1.82

10.53

2.4%

4.53

4.23

3.91

3.66

3.41

15.47

12.42

11.04

10.68

12.98

11.92

10.76

9.89

9.14

28.87

31.83

26.84

24.43

20.96

2.73

3.37

3.89

3.85

4.32

84.03

-10.5%

KABEL DEUTSCHLAND HOLDING AG KRONES AG

2.28

2.06

1.88

1.71

1.65

0.77

0.71

0.67

0.64

0.62

18.57

10.84

9.47

8.93

10.43

7.71

6.93

6.33

6.55

25.06

16.71

14.65

13.09

13.22

1.07

1.55

1.83

1.95

67.97

8.7%

KUKA AG

3.50

3.03

2.57

2.22

1.96

0.62

0.58

0.56

0.54

0.52

11.78

11.62

10.18

9.46

8.19

7.18

6.62

6.07

5.71

5.74

18.74

16.59

14.59

12.56

12.14

0.90

1.23

1.50

1.98

1.85

34.50

8.3%

LEG IMMOBILIEN AG

1.01

0.99

0.95

0.92

0.85

4.74

4.61

4.35

4.09

3.81

16.84

15.50

13.82

14.21

12.21

19.61

19.96

18.30

17.09

15.39

20.22

15.54

13.29

13.25

12.10

0.97

4.15

4.53

4.78

5.38

45.44

8.4%

LEONI AG

1.73

1.66

1.48

1.31

1.13

0.38

0.35

0.32

0.30

7.35

7.02

5.91

4.86

3.82

5.19

6.09

5.04

4.39

3.89

9.88

13.64

9.74

7.89

6.82

3.29

3.10

3.42

3.93

4.33

45.55

3.5%

DEUTSCHE LUFTHANSA-REG

0.82

0.96

0.90

0.78

0.66

0.22

0.21

0.20

0.19

2.70

2.74

2.46

2.10

2.23

3.35

2.82

2.49

2.12

2.03

28.38

13.20

8.42

5.63

5.42

1.57

2.09

4.54

6.46

6.45

17.48

20.3%

LINDE AG

2.00

2.02

1.89

1.75

1.61

1.81

1.62

1.52

1.41

1.35

9.93

8.67

8.17

7.56

6.73

10.71

9.27

8.58

7.93

7.40

19.12

17.91

15.91

14.12

12.61

1.78

1.96

2.19

2.42

2.73

162.33

8.8%

LPKF LASER & ELECTRONICS

5.54

4.69

4.07

3.54

3.05

2.77

2.49

2.26

2.04

1.84

20.63

13.87

11.44

12.95

8.86

12.81

10.81

9.54

8.22

7.13

25.20

20.48

18.65

16.18

14.58

1.76

2.03

2.29

2.60

3.10

13.27

-2.1%

LANXESS AG

1.64

1.74

1.59

1.41

1.29

0.45

0.49

0.45

0.43

0.40

4.88

7.71

5.86

4.71

3.78

5.17

8.40

6.12

5.26

4.69

7.43

30.57

12.35

8.90

7.47

1.94

1.79

2.21

2.56

2.62

52.72

7.0%

MAN SE

2.38

2.19

2.20

2.13

0.82

0.78

0.75

0.70

24.24

25.12

11.85

9.57

7.16

13.73

16.41

10.80

9.31

7.31

32.72

77.46

20.70

17.10

9.54

1.63

2.95

3.47

3.35

3.22

82.53

-6.0%

METRO AG

1.55

1.74

1.65

1.53

1.28

0.15

0.19

0.15

0.14

4.96

14.04

12.41

10.58

4.45

0.19

3.49

3.80

4.19

26.24

-12.0%

MORPHOSYS AG

6.47

4.49

4.44

4.15

4.32

27.89

18.71

19.82

16.49

15.38

193.38

25.24

0.00

62.57

10.4%

MERCK KGAA

2.31

2.29

2.14

1.98

1.83

2.25

2.22

2.21

2.18

11.25

10.04

MTU AERO ENGINES AG

3.39

2.90

2.56

2.29

2.05

1.07

0.97

0.90

0.84

0.79

10.90

13.19

MUENCHENER RUECKVER AG-REG

0.96

0.94

0.90

0.85

0.89

0.47

0.46

0.42

AURUBIS AG

1.02

0.93

0.88

0.84

0.83

0.15

0.16

0.15

6.33

8.63

6.75

6.68

NORDEX SE

2.25

2.60

2.39

2.14

0.73

0.58

0.55

0.52

0.49

16.32

114.22

13.74

NEMETSCHEK AG

3.93

3.61

3.13

2.75

2.46

2.32

2.15

2.01

1.87

13.08

15.72

12.09

NORMA GROUP SE

3.69

3.31

2.90

2.58

1.80

1.69

1.59

1.50

1.45

12.95

11.91

11.10

10.26

XING AG

8.13

7.06

6.01

5.05

5.78

5.05

4.45

3.98

3.57

22.86

21.78

18.08

TELEFONICA DEUTSCHLAND HOLDI

1.21

1.09

1.16

1.22

1.27

1.32

1.33

1.30

4.97

5.49

5.43

OSRAM LICHT AG

1.92

1.71

1.58

1.41

0.69

0.70

0.67

0.64

0.62

10.05

9.88

8.04

6.32

PFEIFFER VACUUM TECHNOLOGY

3.18

3.20

2.98

2.80

2.35

1.93

2.09

1.93

1.81

1.66

13.25

14.91

13.64

12.30

PSI AG

2.30

2.29

2.06

1.79

1.56

1.00

0.95

0.87

0.81

0.74

15.89

11.76

10.35

8.33

PROSIEBEN SAT.1 MEDIA AG-REG

4.44

8.38

7.11

6.27

2.38

2.69

2.54

2.41

2.36

5.61

7.80

7.23

QIAGEN N.V.

1.86

1.83

1.70

1.59

1.54

4.02

3.81

3.61

3.39

3.23

16.52

16.40

QSC AG

2.51

2.45

2.22

2.01

0.97

1.02

0.99

0.95

8.72

RATIONAL AG

10.45

9.51

8.74

7.84

7.92

5.72

5.56

5.06

4.60

4.24

RHOEN-KLINIKUM AG

1.62

1.55

1.46

1.37

1.27

0.91

0.85

0.93

0.90

0.88

RHEINMETALL AG

1.06

1.17

1.09

1.00

0.91

0.35

0.36

0.34

0.33

RTL GROUP

2.57

3.58

3.67

3.54

2.83

1.97

1.92

1.87

RWE AG

0.96

1.05

0.98

0.93

0.96

0.30

0.28

0.29

SMA SOLAR TECHNOLOGY AG

1.04

1.10

1.06

0.59

0.81

SAP AG

4.73

4.02

3.45

2.94

2.43

4.22

3.99

STADA ARZNEIMITTEL AG

2.34

2.13

1.85

1.64

1.39

1.19

STRATEC BIOMEDICAL AG

4.01

3.57

3.19

2.87

2.60

K+S AG-REG

1.12

1.04

1.01

0.97

SIEMENS AG-REG

2.42

2.55

2.33

2.13

SKY DEUTSCHLAND AG

36.83

18.62

19.76

SOFTWARE AG

2.10

2.08

AXEL SPRINGER AG

2.28

2.08

SARTORIUS AG-VORZUG

4.06

SYMRISE AG

5.18

5.38

4.80

4.98

8.44

5.22

4.99

4.94

12.32

584.51

92.13

515.09

169.72

125.51

8128.66

466.73

75.47

745.53

170.15

9.47

9.05

7.85

8.95

8.39

8.08

7.81

7.53

15.15

13.21

12.64

12.20

11.62

1.40

1.65

1.78

1.90

2.29

116.67

1.9%

11.57

9.10

7.38

8.53

8.38

7.60

6.85

6.34

15.27

16.18

14.04

12.45

11.35

1.98

2.08

2.28

2.56

3.63

72.57

3.8%

8.11

8.59

8.57

8.24

8.64

4.75

5.00

5.17

5.33

5.64

154.48

7.7%

7.80

14.70

10.70

9.71

8.94

2.66

2.79

2.94

3.05

3.28

50.08

10.8% -13.1%

5.38

3.95

6.58

5.23

4.92

4.61

11.74

18.48

10.38

8.08

6.77

5.30

11.11

9.79

8.92

7.97

7.36

9.27

10.39

9.66

8.92

8.39

15.13

9.64

16.96

15.13

11.85

5.30

5.03

6.06

6.19

6.11

8.04

7.75

9.81

10.02

6.11

9.00

6.42

6.47

13.08

12.47

9.01

7.04

25.07

25.70

11.40

10.33

0.31

4.05

1.81

1.78

0.28

0.27

0.78

0.72

3.66

3.35

1.09

1.01

2.97

2.74

0.93

0.94

1.66

1.02

13.06

8.07

1.87

1.70

1.91

1.83

3.62

3.22

2.82

3.95

3.97

3.58

3.24

SALZGITTER AG

0.44

0.50

0.48

SUEDZUCKER AG

1.13

1.11

1.04

0.98

101.91

64.65

31.06

21.92

0.00

0.29

8.93

20.82

18.59

15.19

13.82

2.37

2.66

2.90

3.14

48.83

8.3%

7.77

17.68

16.81

14.86

13.50

12.94

1.85

2.10

2.33

2.54

2.49

32.73

-4.0%

9.96

8.16

44.33

40.07

28.25

22.32

16.48

0.82

0.88

1.10

1.56

2.45

66.33

-12.1%

6.00

5.83

41.49

92.70

59.33

46.35

22.39

7.58

7.72

8.06

7.97

8.23

6.23

5.0%

5.88

4.90

4.22

24.30

15.88

11.96

10.53

0.00

1.92

3.05

35.23

-0.3%

12.15

9.63

8.35

6.97

19.45

23.63

17.74

14.94

12.88

3.82

3.16

4.14

4.92

5.68

82.79

-10.0%

9.18

6.89

5.65

4.43

19.21

20.93

13.69

10.64

7.37

2.55

2.51

3.58

4.48

6.79

14.32

24.7%

9.06

9.95

9.29

8.82

8.73

17.15

17.09

15.54

14.32

14.55

17.74

4.61

5.19

5.56

5.30

33.04

4.5%

10.85

13.46

12.45

11.35

10.61

10.33

21.05

18.80

17.50

15.96

13.91

0.00

15.76

0.2%

6.49

13.39

6.62

6.51

6.04

5.55

5.71

26.98

21.55

16.45

12.58

11.83

2.35

2.72

3.20

3.63

3.73

3.59

-4.3%

22.68

20.41

18.18

17.90

18.65

16.53

14.89

13.42

25.91

27.09

23.86

21.44

19.41

3.10

3.08

3.30

3.68

4.14

212.75

-4.7%

10.17

8.83

9.03

11.51

10.41

10.58

9.67

9.64

26.23

23.00

19.91

16.94

14.59

1.86

1.81

6.38

2.47

2.35

20.54

9.8%

6.61

4.97

4.16

3.39

4.26

6.44

4.49

3.82

3.35

8.90

24.30

10.89

7.97

6.40

4.02

2.31

3.62

4.45

6.09

41.67

-1.4%

11.92

12.15

11.47

11.06

13.10

9.89

9.58

9.15

8.65

8.48

16.09

16.21

15.66

14.73

17.13

6.88

7.85

6.20

6.31

4.73

78.47

6.0%

2.57

2.72

2.99

3.05

3.44

4.11

4.06

4.58

4.74

4.95

6.15

6.41

8.64

9.74

10.78

8.07

5.99

5.11

4.81

4.24

22.35

-10.7%

0.67

8.02

15.64

10.42

10.10

3.28

16.58

7.96

5.72

292.00

34.91

2.53

0.04

0.30

0.97

21.52

-13.3%

3.10

17.36

14.90

13.00

11.68

9.66

12.72

11.25

10.14

9.17

8.35

18.14

16.48

14.73

13.00

11.58

1.50

1.66

1.91

2.15

2.14

64.97

16.0%

0.95

0.89

11.07

9.09

7.60

6.42

5.84

10.18

9.15

8.15

7.60

6.97

14.47

13.07

10.70

9.63

8.54

1.49

1.92

2.30

2.45

2.92

38.06

3.8%

2.42

2.19

2.00

22.45

24.78

21.58

16.10

14.97

15.82

14.72

12.39

11.25

9.99

24.74

23.07

19.12

16.45

15.36

1.78

2.05

2.37

2.75

27.92

-9.7%

0.96

1.02

0.99

0.91

4.66

5.10

8.53

9.46

6.55

3.89

4.42

6.48

6.34

5.28

7.08

8.29

17.09

17.22

12.94

6.97

5.36

2.52

2.44

4.48

17.62

-10.6%

1.04

1.01

0.97

0.93

10.78

13.00

10.23

8.78

8.69

9.36

10.76

8.55

7.84

7.19

14.70

16.49

12.92

11.60

10.09

3.40

3.44

3.64

3.87

3.93

90.34

0.1%

4.45

3.82

3.27

2.87

2.67

61.60

22.51

17.83

172.30

44.57

20.38

14.23

44.29

25.10

0.00

0.12

2.95

6.61

-2.4%

1.52

2.14

2.26

2.15

2.03

1.87

10.88

11.87

11.05

10.11

7.98

7.73

8.81

8.24

7.57

7.82

11.62

13.65

12.33

11.04

9.51

1.80

1.74

1.81

1.91

2.35

29.04

11.5%

1.55

1.21

1.18

1.28

1.26

1.27

8.98

9.51

9.47

9.45

10.29

7.78

8.15

8.34

7.94

7.98

13.93

15.25

15.58

14.43

14.34

4.40

4.24

4.33

4.56

5.70

43.72

8.4%

1.74

1.64

1.54

1.46

1.38

19.03

11.13

10.04

9.29

8.98

11.86

11.01

9.97

9.20

8.31

21.66

20.01

17.45

15.66

13.46

1.23

1.42

1.67

1.87

2.06

86.71

8.5%

2.79

2.23

2.08

1.97

1.88

1.80

16.08

14.65

13.37

12.58

10.80

12.94

11.66

10.91

10.26

9.70

22.95

19.77

17.96

16.73

15.53

2.12

2.32

2.53

2.77

2.99

32.58

0.6%

0.51

0.18

0.19

0.18

0.17

6.03

7.10

4.68

3.89

3.06

4.38

7.00

3.56

3.00

2.78

27.59

12.68

13.13

0.98

0.67

0.94

1.34

1.84

29.34

-6.2%

0.57

0.56

0.55

0.52

5.31

5.64

5.96

5.68

5.36

6.18

6.27

6.24

6.09

9.90

9.79

4.01

4.07

4.10

4.18

25.20

16.3%

2.24

1.30

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

10.28

7.55

9.74

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

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%

TAG IMMOBILIEN AG

1.11

1.02

0.99

0.97

0.93

6.02

4.48

4.30

4.17

20.96

14.31

12.94

15.58

15.66

13.83

19.21

17.94

17.28

18.35

7.34

16.41

13.31

15.11

15.79

2.59

3.62

4.28

4.51

2.65

9.73

6.2%

THYSSENKRUPP AG

1.15

3.41

2.94

2.43

2.39

0.23

0.25

0.24

0.23

0.22

13.01

9.63

5.92

5.17

3.81

6.93

7.21

5.51

4.63

3.77

16.48

10.56

8.52

2.06

0.67

1.59

2.73

4.95

17.92

-1.5%

TALANX AG

0.87

0.82

0.76

0.24

0.23

0.22

0.21

9.21

8.76

8.32

7.89

8.06

4.46

4.69

4.99

5.24

TUI AG

0.93

1.09

1.01

0.93

0.71

0.13

0.12

3.22

4.50

3.91

3.60

3.21

2.67

2.47

2.24

2.04

1.95

22.83

32.92

15.19

11.46

11.12

0.29

0.23

0.98

2.14

3.85

UNITED INTERNET AG-REG SHARE

27.65

19.26

11.99

8.52

5.66

2.20

1.98

1.81

1.70

1.61

20.39

18.11

15.13

13.76

12.86

16.36

13.71

11.51

9.97

8.89

33.42

25.88

20.09

16.86

13.96

0.98

1.28

1.63

2.06

2.64

26.40

-2.4%

VOLKSWAGEN AG-PREF

1.06

1.00

0.88

0.79

0.74

0.42

0.40

0.38

0.36

0.35

3.69

3.85

3.47

3.40

3.02

8.01

7.37

6.60

6.13

5.52

8.19

8.32

7.19

6.47

5.75

2.20

2.40

3.10

3.74

4.96

205.35

16.8%

WACKER CHEMIE AG

1.43

1.60

1.53

1.46

1.49

0.83

0.84

0.79

0.74

0.71

5.78

8.28

5.94

5.12

4.03

6.28

7.04

5.89

5.17

4.54

45.91

165.00

37.41

23.16

17.53

0.77

0.26

0.81

1.31

1.58

64.78

-12.0%

WIRECARD AG

5.04

4.51

3.91

3.37

2.90

7.11

5.89

4.99

4.28

3.70

31.94

27.80

22.30

19.06

15.28

23.01

19.96

16.40

13.82

11.28

36.15

32.95

25.87

21.55

17.48

0.47

0.49

0.58

0.67

1.02

26.07

4.7%

WINCOR NIXDORF AG

4.33

3.71

3.13

2.70

2.48

0.68

0.64

0.62

0.59

0.58

12.45

10.20

9.42

8.25

7.16

10.05

8.66

7.42

6.89

7.01

22.22

16.26

13.18

11.86

11.96

2.15

2.98

3.79

4.20

3.93

48.29

1.3%

ELRINGKLINGER AG

3.21

3.01

2.68

2.40

2.07

1.85

1.72

1.62

1.52

1.41

13.85

12.44

10.99

10.00

8.22

10.16

9.97

9.01

8.27

7.51

21.62

20.49

17.51

15.57

13.63

1.71

1.63

1.89

2.15

2.08

26.91

-16.9%

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

26.28

5.6%

11.05

21.6%

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

ADIDAS AG

EUR

2.7

8552

2503

4454

1185

14087

6360

14883

5291

4.90

1.00

26.7

2.005

ADVA OPTICAL NETWORKING SE

EUR

1.2

213

-201

190

130

330

154

1.71

1.00

11.4

CARL ZEISS MEDITEC AG - BR

EUR

2.5

807

495

260

123

1613

267

862

696

8.41

1.00

22.5

1.5121

AIXTRON SE

EUR

1.9

491

299

-125

896

228

470

6.54

1.00

ALLIANZ SE-REG

EUR

0.9

681531

24738

10190

47492

638403

96020

56218

4.6

4.2939

AAREAL BANK AG

EUR

0.6

45698

800

176

940

43490

1184

2244

9.0

BASF SE

EUR

2.7

50533

10757

20247

6381

65350

37105

72129

25621

3.64

1.00

13.6

3.6543

BAYER AG-REG

EUR

3.2

32579

5887

10185

6041

59449

32767

39760

18569

3.69

1.00

24.3

2.6429

BB BIOTECH AG-REG

EUR

BECHTLE AG

EUR

1.4

687

258

292

644

387

2097

458

6.11

1.00

11.4

3.2626

BEIERSDORF AG

EUR

4.3

5390

2047

2976

789

14036

2288

6040

3287

6.74

1.00

31.7

1.1312

BAYERISCHE MOTOREN WERKE AG

EUR

1.6

126643

2046

27666

8298

47841

101448

76848

30402

1.42

1.00

9.4

3.4279

BRENNTAG AG

EUR

2.6

3540

932

351

570

5121

3719

9690

1991

4.42

1.00

15.2

2.4138

HUGO BOSS AG -ORD

EUR

9.0

1442

204

543

435

5507

947

2346

638

7.74

1.00

17.9

3.9098

COMMERZBANK AG

EUR

0.4

632827

6261

1170

8358

608844

20002

27034

CELESIO AG

EUR

1.0

5632

1395

758

440

2219

5733

22271

2196

5.04

1.00

21.7

2.2997

CANCOM SE

EUR

1.9

160

154

128

558

6.38

1.00

11.7

2.5945

CONTINENTAL AG

EUR

2.0

20771

-122

4100

3149

17519

18193

32736

9145

2.87

1.00

9.3

2.5688

COMPUGROUP MEDICAL AG

EUR

4.0

195

-66

126

723

472

451

179

4.69

1.00

23.5

2.4022

DAIMLER AG-REGISTERED SHARES

EUR

1.0

154093

8013

28790

8071

44130

117468

114297

45510

1.39

1.00

7.2

5.3243

DEUTSCHE BOERSE AG

EUR

2.9

213349

-328

1505

975

8505

213358

2197

3170

0.05

0.00

13.4

4.5445

DEUTSCHE BANK AG-REGISTERED

EUR

0.6

1998110

27845

2905

30617

1957919

52299

54410

131.8

2.2762

DEUTSCHE EUROSHOP AG

EUR

1.3

3549

306

111

1707

2227

216

1322

13.4

3.7927

DIALOG SEMICONDUCTOR PLC

EUR

3.0

656

421

126

1149

326

774

383

5.21

1.00

18.1

DEUTSCHE POST AG-REG

EUR

1.7

21970

-336

8488

2895

20070

21957

55512

12164

3.92

1.00

12.1

4.2169

DRILLISCH AG

EUR

4.5

374

-25

543

402

324

120

5.50

1.00

24.2

11.664

DRAEGERWERK AG - PREF

EUR

1.8

1819

631

520

234

1263

1374

2373

727

3.58

1.00

10.0

1.1239

DEUTSCHE TELEKOM AG-REG

EUR

1.4

66210

-7989

-36649

6720

37125

77399

58169

30543

0.56

0.00

8.1443

DUERR AG

EUR

2.8

1481

283

179

177

1168

1376

2400

432

3.03

1.00

10.9

3.3333

DEUTSCHE WOHNEN AG-BR

EUR

1.3

4905

604

2046

3298

452

1610

12.2

1.5

EADS NV

EUR

78680

-3319

2329

1890

81668

56480

10434

1.17

1.00

E.ON SE

EUR

0.8

120117

7257

19216

4940

26866

101607

132093

38819

1.77

1.00

12.4

7.807

EVONIK INDUSTRIES AG

EUR

13473

1495

5087

1890

9834

13629

6829

2.53

1.00

EVOTEC AG

EUR

2.0

118

-632

-3

311

153

-4.32

0.00

131.3

FIELMANN AG

EUR

5.4

694

309

424

180

3066

182

1107

571

13.54

1.00

24.3

3.6986

FRESENIUS MEDICAL CARE AG &

EUR

2.4

10194

2957

5072

2219

21214

12595

13800

9731

4.71

1.00

17.8

FREENET AG

EUR

1.5

1000

325

204

1793

1283

3089

1191

5.67

1.00

10.4

9.6429

FUCHS PETROLUB SE -PREF

EUR

4.8

996

396

709

281

3875

327

1819

782

11.52

1.00

18.3

2.4151

FRAPORT AG FRANKFURT AIRPORT

EUR

1.4

8527

620

1401

500

4048

6695

2442

2946

1.16

1.00

17.0

2.8451

FRESENIUS SE & CO KGAA

EUR

2.0

14366

2915

4230

2983

15520

17508

19290

13156

3.25

1.00

16.3

1.2629

GEA GROUP AG

EUR

2.2

4208

690

426

493

4710

4263

5720

2166

2.97

1.00

14.5

2.2477

BILFINGER SE

EUR

1.6

4960

266

1131

504

3222

4813

8509

2037

2.92

1.00

11.7

4.1096

GAGFAH SA

EUR

0.8

8094

826

105

1730

6011

1062

2100

40.3

GSW IMMOBILIEN AG

EUR

1.1

3569

1061

1617

2129

319

1441

10.6

2.8125

GILDEMEISTER AG

EUR

1.3

1431

292

294

125

918

827

2037

788

3.01

1.00

11.6

2.2951

GERRY WEBER INTL AG

EUR

4.4

435

147

215

118

1610

121

802

363

12.50

1.00

20.4

2.1389

GERRESHEIMER AG

EUR

2.3

1028

120

-10

128

1238

978

1219

580

2.35

1.00

20.5

1.6483

HEIDELBERGCEMENT AG

EUR

0.7

17098

784

6513

1654

8593

14292

14020

13713

2.07

1.00

40.6

1.0255

HENKEL AG & CO KGAA VORZUG

EUR

2.9

10880

1746

8286

2373

27012

10014

16510

9511

5.39

1.00

17.9

HANNOVER RUECK SE

EUR

1.2

54753

5211

1396

7110

48071

13760

6740

8.3

4.4098

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

HOCHTIEF AG

EUR

1.2

16249

3144

1659

527

3234

12719

25528

4244

2.44

1.00

20.4

2.2763

INFINEON TECHNOLOGIES AG

EUR

1.5

5752

1832

-4259

453

5365

2323

3904

3575

2.22

1.00

12.4

2.4155

JENOPTIK AG

EUR

1.3

599

174

-13

423

339

585

330

2.65

1.00

9.2

2.4384

KONTRON AG

EUR

0.8

298

126

-6

-32

229

174

547

287

2.46

1.00

0.9723

KLOECKNER & CO SE

EUR

0.6

3444

1779

462

-104

895

2270

7388

1635

2.82

1.00

KABEL DEUTSCHLAND HOLDING AG

EUR

2221

-1638

426

6359

4344

1830

-1481

1.47

1.00

25.7

3.4804

KRONES AG

EUR

1.8

1950

366

729

103

1485

1233

2664

836

3.36

1.00

21.2

1.5957

KUKA AG

EUR

3.2

1055

314

140

103

938

840

1739

298

3.12

1.00

16.9

0.7228

LEG IMMOBILIEN AG

EUR

5232

1572

-11

3152

518

2086

LEONI AG

EUR

1.1

2144

243

520

242

933

1539

3809

845

2.98

1.00

6.0

5.2539

DEUTSCHE LUFTHANSA-REG

EUR

0.8

25901

5679

543

6550

20121

30135

8298

1.40

1.00

6.8

LINDE AG

EUR

1.9

18897

-129

5922

1905

24445

19819

15280

13658

2.31

1.00

18.8

2.0455

LPKF LASER & ELECTRONICS

EUR

3.1

175

115

6.33

1.00

12.9

3.1746

LANXESS AG

EUR

2.4

7129

2107

1426

883

5514

5188

9094

2331

2.43

1.00

10.7

1.509

MAN SE

EUR

2.1

17778

172

4379

781

11842

14299

15772

5619

1.79

1.00

67.3

1.2384

METRO AG

EUR

1.1

30579

-2593

2645

1689

6863

28665

66739

6101

3.02

1.00

2100.0

4.7619

MORPHOSYS AG

EUR

3.4

189

168

677

202

26.20

1.00

293.0

377

MERCK KGAA

EUR

2.1

10699

2065

5983

1521

21702

11229

10741

10415

3.90

1.00

38.2

1.7029

MTU AERO ENGINES AG

EUR

3.2

2488

173

654

287

3491

3173

3379

1089

2.89

1.00

20.1

1.9622

MUENCHENER RUECKVER AG-REG

EUR

0.9

253466

19791

4374

24390

230937

65896

27423

7.6

5.1471

AURUBIS AG

EUR

0.9

4798

1911

1736

583

2045

2691

13789

2197

4.61

1.00

5.7

2.968

NORDEX SE

EUR

0.8

973

259

-47

220

787

1075

279

2.06

1.00

NEMETSCHEK AG

EUR

2.9

320

175

112

9.27

1.00

16.9

3.4639

NORMA GROUP SE

EUR

2.3

364

112

102

669

404

605

288

4.29

1.00

11.8

3.0952

XING AG

EUR

4.4

229

5.72

1.00

29.1

1.3375

TELEFONICA DEUTSCHLAND HOLDI

EUR

1.0

5792

-132

5311

146

6449

2641

5213

6429

3.82

1.00

20.6

7.7936

OSRAM LICHT AG

EUR

4818

563

1930

-260

3122

5400

1946

PFEIFFER VACUUM TECHNOLOGY

EUR

3.1

358

166

172

904

152

461

293

5.61

1.00

19.9

3.7676

PSI AG

EUR

3.3

139

-2

242

113

181

3.19

1.00

25.7

230

1.9474

PROSIEBEN SAT.1 MEDIA AG-REG

EUR

3.0

4350

1782

695

606

4522

3912

2356

1501

3.56

1.00

14.0

26.432

QIAGEN N.V.

EUR

1.6

1474

722

994

206

4292

1363

1254

2724

4.54

1.00

26.4

QSC AG

EUR

1.4

251

-3

-98

260

207

481

180

2.64

1.00

15.0

4.2735

RATIONAL AG

EUR

10.4

325

202

198

123

2479

435

237

24.50

1.00

26.6

2.6147

RHOEN-KLINIKUM AG

EUR

1.3

2753

840

151

2117

1577

2865

1607

2.86

1.00

23.6

1.6324

RHEINMETALL AG

EUR

1.0

4555

741

942

285

1373

3438

4704

1461

1.98

1.00

7.3

4.9451

RTL GROUP

EUR

4893

1208

-2280

1051

3040

5998

4858

3.97

1.00

RWE AG

EUR

1.6

72185

596

8163

3699

19205

71765

50771

16437

1.23

1.00

14.7

6.402

SMA SOLAR TECHNOLOGY AG

EUR

0.8

1262

564

667

103

660

508

1463

821

3.02

1.00

8.8

3.1562

SAP AG

EUR

5.1

10327

-31

12442

4139

72342

12664

16223

14171

7.33

1.00

25.6

1.4006

STADA ARZNEIMITTEL AG

EUR

1.6

1565

211

275

202

1446

2070

1838

912

2.62

1.00

16.7

2.0483

STRATEC BIOMEDICAL AG

EUR

4.8

111

441

122

11.48

1.00

31.6

162

1.3282

K+S AG-REG

EUR

1.9

5638

1801

2635

851

6699

3162

3935

3477

3.22

1.00

11.8

SIEMENS AG-REG

EUR

2.2

86618

9492

21917

6909

66721

76980

78296

31302

2.14

1.00

13.5

3.8501

SKY DEUTSCHLAND AG

EUR

76.5

441

-583

-2333

-125

3219

1106

1333

-0.26

0.00

SOFTWARE AG

EUR

2.6

801

274

930

240

2789

712

1047

1060

5.40

1.00

16.9

1.4328

AXEL SPRINGER AG

EUR

1.7

2353

1745

444

3189

2555

3310

2253

4.06

1.00

13.4

5.2656

SARTORIUS AG-VORZUG

EUR

3.3

478

230

139

1113

667

846

404

4.42

1.00

27.6

1.4395

SYMRISE AG

EUR

3.7

1347

458

-212

253

3205

1275

1735

877

3.74

1.00

20.4

2.3968

SALZGITTER AG

EUR

0.6

8817

3190

3235

2132

5286

10397

3644

2.19

1.00

0.6341

SUEDZUCKER AG

EUR

2.1

7615

2263

1445

971

6821

4757

7879

4047

2.93

1.00

10.8

2.6942

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

TAG IMMOBILIEN AG

EUR

1.1

3798

265

188

1241

2644

396

1156

5.1

2.633

THYSSENKRUPP AG

EUR

2.4

33993

5266

-2442

1115

8571

33758

40124

4526

1.36

1.00

TALANX AG

EUR

0.6

127461

5787

1760

4468

118611

26438

11643

7.5

4.8883

TUI AG

EUR

0.8

9275

-2937

480

560

1700

11146

18330

2067

1.77

1.00

UNITED INTERNET AG-REG SHARE

EUR

16.8

600

-379

-52

251

3170

910

2397

198

7.80

1.00

29.1

1.8394

VOLKSWAGEN AG-PREF

EUR

1.0

250486

3310

64815

11310

77316

227819

192676

81825

1.45

1.00

3.5

WACKER CHEMIE AG

EUR

0.9

6304

764

2181

335

2466

3712

4635

2618

1.76

1.00

21.9

1.2086

WIRECARD AG

EUR

3.9

780

187

289

2087

586

395

542

4.01

1.00

27.8

0.5914

WINCOR NIXDORF AG

EUR

2.8

1056

291

100

910

1074

2343

329

3.84

1.00

14.5

3.437

ELRINGKLINGER AG

EUR

2.7

1133

190

428

136

1616

628

1127

640

3.46

1.00

18.8

1.7647

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

27.09.2013

Adidas AG Adidas AG manufactures sports shoes and sports equipment. The Company produces products that include footwear, sports apparel, and golf clubs and balls. Adidas sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 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 ADS GY EQUITY YTD Change ADS GY EQUITY YTD % CHANGE

12/2012 06/yy 88.50 62.60 669'047.00 79.51 -10.16% 27.01% 64.13% 209.2 16'634.78 1'487.00 0.0 (13.0) 1'935.00 16'716.78

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

31.12.2009 31.12.2010 10'381.0 11'990.0 0.85x 0.87x 823.0 1'174.0 10.72x 8.91x 245.0 567.0 30.22x 18.04x Profitability

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M o-12

LTM-4Q 31.12.2011 13'322.0 0.78x 1'206.0 8.64x 613.0 17.15x

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 14'883.0 0.92x 1'456.0 9.36x 526.0 26.72x 1'456.00 1'185.00 7.96% 5.72% 4.67% 10.06% 1.24% 49.5% 10.2% 6.5% 3.5% 1.57 0.83 12.76% 28.04% 7.08 2.82

Price/ Cash Flow

06/yy 14'326 3.20x 1'350.0 9.02x 718.0 16.54x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 14'676 4.23x 1'493.0 11.74x 552.0 31.71x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.84 209.22 22.72% 20.00% 0.837 44 4.114 1'630'456 888'534 829'117 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'698 15'794 4'000 3'480 1.09x 0.99x 1'574.2 1'875.2 534.5 296.0 10.63x 8.92x 9.36x 8.91x 871.1 1'074.4 340.8 50.9 19.10x 15.66x 17.26x 16.22x 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

15.01 11.13 0.06 0.88 28.0% 21.9% 1.24 13.81 51.57 129.40 89.16 72.10

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

4.5 M

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 10'799.0 0.69x 1'310.0 5.69x 642.0 8.35x

100 90 80 70 60 50 40 30 20 10 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

Adidas AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK THORNBURG INVESTMENT ROYAL BANK OF SCOTLA NORGES BANK DEUTSCHE BANK AG VANGUARD GROUP INC FMR LLC UBS AG INVESCO LTD UNION INVESTMENT GMB JUPITER ASSET MANAGE ALLIANZ ASSET MANAGE MANNING & NAPIER ADV DEKA INVESTMENT GMBH WILLIAM BLAIR & COMP LANSDOWNE PARTNERS BESSEMER GROUP INCOR DB PLATINUM ADVISORS BANK OF NEW YORK MEL

Firm Name Equinet Institutional Services(ESN) Credit Suisse Cantor Fitzgerald Susquehanna Financial Group Redburn Partners AlphaValue Commerzbank Corporates & Markets Deutsche Bank Nord/LB Goldman Sachs Baader Bank UBS JPMorgan Raymond James Independent Research GmbH Hauck & Aufhaeuser National Bank AG M.M. Warburg Investment Research Kepler Cheuvreux Bryan Garnier & Cie Nomura S&P Capital IQ DZ Bank AG Main First Bank AG Exane BNP Paribas Barclays Telsey Advisory Group Robert W. Baird & Co Berenberg Bank Day by Day Equita SIM SpA HSBC EVA Dimensions Hamburger Sparkasse Landesbank Baden-Wuerttemberg ISI Group Bankhaus Lampe Bankhaus Metzler SRH AlsterResearch Morgan Stanley KochBank Research Hammer Partners SA Bank of Valletta

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

Analyst

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

Recommendation

INGBERT FAUST accumulate ROGERIO FUJIMORI outperform ALLEGRA PERRY hold CHRISTOPHER SVEZIA Positive ANDREW MOBBS sell HANS-PETER WODNIOK reduce ANDREAS RIEMANN buy MICHAEL KUHN hold JULIA SIEKMANN buy WILLIAM HUTCHINGS Buy/Neutral VOLKER BOSSE buy FRED SPEIRS buy CHIARA BATTISTINI overweight CEDRIC LECASBLE outperform ZAFER RUZGAR hold CHRISTIAN NIKOLAS SCHWENKENBECHER buy MARKUS GLOCKENMEIER sell JOERG PHILIPP FREY hold JUERGEN KOLB buy CEDRIC ROSSI buy CHRISTOPHER WALKER buy WILLIAM MACK strong buy HERBERT STURM buy MATTHIAS EIFERT outperform ANDREAS INDERST outperform JULIAN EASTHOPE overweight KELLY CHEN no rating system MITCHEL J KUMMETZ outperform JOHN GUY buy VALERIE GASTALDY hold FABIO FAZZARI hold ERWAN RAMBOURG overweight CRAIG STERLING underweight CHRISTIAN HAMANN hold BARBARA AMBRUS buy OMAR SAAD neutral MICHAEL GORNY hold SEBASTIAN FRERICKS buy NEIL SCHMODDE buy LOUISE SINGLEHURST Underwt/In-Line MARK JOSEFSON buy STEPHAN SEIP buy TEAM COVERAGE overweight

Amt Held % Out 14'632'128 6.99 14'411'293 6.89 10'057'706 4.81 9'347'766 4.47 4'886'922 2.34 3'827'742 1.83 3'592'510 1.72 3'542'843 1.69 3'121'077 1.49 2'725'139 1.3 1'769'586 0.85 1'667'034 0.8 1'453'723 0.69 1'271'690 0.61 1'175'770 0.56 1'154'890 0.55 (1'025'159) -0.49 840'376 0.4 758'189 0.36 636'863 0.3

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

Change M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M M M M M N M N

Latest Chg 52'988 9'596 (359'040) 144'194 11'113 30'371 24'436 75'000 18'626 11'310 (69'440) 1'154'890 41'844 (140'000) 658'995 -

Target Price 85 92 77 100 #N/A N/A 83 96 82 92 104 95 90 90 87 85 103 #N/A N/A 85 91 93 95 98 87 105 96 95 90 90 96 #N/A N/A 80 95 #N/A N/A #N/A N/A 96 90 84 91 108 73 94 104 97

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

File Dt 30.06.2013 23.09.2013 10.05.2013 23.05.2013 31.12.2012 31.07.2013 30.06.2013 31.07.2013 28.06.2013 24.09.2013 28.03.2013 31.05.2013 31.07.2013 31.12.2012 30.04.2013 30.06.2013 02.09.2013 30.04.2013 31.07.2013 24.09.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government 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

Date 25.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 14.08.2013 13.08.2013 12.08.2013 10.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 25.06.2013 17.06.2013 16.04.2013

27.09.2013

ADVA Optical Networking SE ADVA AG Optical Networking designs, develops, and manufactures optical networking products. The Company's products include wave length division multiplexing (WDM) communications systems, high-speed fiber optic converters, EDFA modules, and all-optical switches. ADVA's products are used in high-speed centralized data storage and disaster recovery.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 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 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADV GY EQUITY YTD Change ADV GY EQUITY YTD % CHANGE

12/2012 06/yy 5.42 3.45 113'926.00 4.667 -13.85% 35.28% 61.57% 48.0 223.84 29.03 0.0 0.0 70.27 183.53

1.0 M

.5 M

1 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

2.5 M

5 4

Valuation Analysis

31.12.2008 217.7 0.18x 12.3 3.17x (8.9) -

31.12.2009 31.12.2010 232.8 291.7 0.40x 0.86x 20.3 30.0 4.64x 8.40x 1.3 7.0 84.33x 39.07x Profitability

LTM-4Q 31.12.2011 310.9 0.46x 37.6 3.77x 16.9 10.07x

31.12.2012 330.1 0.45x 45.1 3.30x 16.7 11.37x 45.12 18.83 5.71% 5.61% 2.98% 5.59% 5.11% 1.12% 39.9% 11.7% 3.4% 5.1% 1.90 1.37 10.22% 18.86% 5.89 4.90

Price/ Cash Flow

06/yy 330.3 1.96x 45.6 3.36x 27.6 6.90x

LTM 06/yy 317.9 1.97x 37.3 3.88x 8.5 22.29x

FY+1

.0 M s-13

0.99 38.68 -8.40% 17.26% 0.994 6 3.000 226'289 154'744 132'053 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 325.3 350.3 88.8 0.57x 0.50x 38.7 44.6 12.8 4.74x 4.11x 6.3 10.1 31.97x 21.61x S&P Issuer Ratings

34.15 27.19 -1.08 1.07 18.9% 15.9% 1.12 14.24 61.93 74.44 60.71 68.79

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 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

ADVA Optical Networking SE Holdings By:

All

Holder Name EGORA GROUP DEUTSCHE BANK AG FMR LLC ING INTERNATIONAL AD DNB NOR ASSET MANAGE ING INVESTMENT MANAG DEKA INVESTMENT GMBH RAIFFEISEN KAPITALAN PROTIVA ERIC V BLACKROCK PROTIVA BRIAN SWISSCANTO FONDSLEIT DNB ASSET MANAGEMENT UBS AG SKANDIA FONDER AB DIMENSIONAL FUND ADV SCHRODER INVESTMENT KEPLER-FONDS KAGMBH METZLER ASSET MANAGE ACOMEA SGR

Firm Name Berenberg Bank Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser EVA Dimensions Deutsche Bank Close Brothers Equity Markets WestLB Equity Markets

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

Analyst ALI FARID KHWAJA MIRKO MAIER TIM OLIVER WUNDERLICH ANDREW S ZAMFOTIS BENJAMIN KOHNKE VEYSEL TAZE THOMAS LANGER

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

Recommendation hold hold sell hold hold buy neutral

Amt Held 8'655'909 3'775'000 1'049'478 876'948 761'697 482'788 450'000 395'500 320'000 298'620 294'030 186'356 135'747 109'745 106'169 82'567 80'037 66'118 62'600 50'500

% Out 18.05 7.87 2.19 1.83 1.59 1.01 0.94 0.82 0.67 0.62 0.61 0.39 0.28 0.23 0.22 0.17 0.17 0.14 0.13 0.11

Weighting

Change 3 3 1 3 3 5 3

D M M D M M M

Latest Chg (225'000) (33) 876'948 34'662 (431) (4'200) (5'063) 93 15'169 (50'000) 12'553 (63'310) 2'666 10'500 -

Target Price 5 4 3 #N/A N/A 5 5 #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 31.07.2013 28.03.2013 31.05.2013 30.06.2013 28.03.2013 28.06.2013 31.12.2012 23.09.2013 31.12.2012 28.03.2013 31.05.2013 31.05.2013 31.03.2013 30.04.2013 30.04.2013 28.03.2013 30.04.2012 31.07.2013

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

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

Date 24.09.2013 20.09.2013 20.09.2013 01.08.2013 22.07.2013 18.07.2013 25.04.2012

27.09.2013

Carl Zeiss Meditec AG Carl Zeiss Meditec AG provides complete system solutions in the field of medical technology for ophthalmology. The Company's products include screening, diagnostic, and therapeutic systems for the treatment of vision defects, cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates worldwide with subsidiaries in the USA and Japan.

Price/Volume .3 M

.2 M

Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFX GY EQUITY YTD Change AFX GY EQUITY YTD % CHANGE

09/2012 06/yy 26.89 18.84 36'147.00 22.25 -17.24% 18.13% 42.05% 81.3 1'809.14 30.91 0.0 40.8 9.53 1'860.06

30.09.2008 600.2 1.13x 80.9 8.40x 54.0 15.30x

.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 30.09.2009 30.09.2010 640.1 676.7 1.17x 1.00x 92.4 107.7 8.13x 6.29x 50.5 54.9 17.74x 16.88x Profitability

LTM-4Q 30.09.2011 758.8 1.26x 122.5 7.81x 66.9 16.27x

30.09.2012 861.9 1.94x 140.8 11.90x 71.9 22.55x

140.80 122.90 14.26% 13.48% 9.10% 12.95% 13.07% 0.94% 53.5% 16.3% 14.4% 8.3% 3.32 0.68 3.21% 4.72% 7.03 2.63

Price/ Cash Flow

06/yy 834.1 5.93x 135.4 10.50x 70.8 21.61x

LTM 06/yy 880.1 8.72x 143.8 14.73x 85.2 24.46x

FY+1

.0 M s-13

0.50 28.46 19.72% 4.03% 0.502 14 2.786 56'087 48'861 41'660 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 892.7 954.7 234.5 1.77x 1.61x 149.3 163.7 42.0 12.46x 11.36x 89.2 93.8 23.3 20.34x 19.25x S&P Issuer Ratings

23.15 20.76 0.10 0.13 4.7% 4.3% 0.94 17.95 51.90 138.52 25.56 154.50

Sales/Revenue/Turnover

45.00

1'000.0

40.00

900.0

35.00

800.0 700.0

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 02.10.2009

.2 M

Valuation Analysis

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

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

Carl Zeiss Meditec AG Holdings By:

All

Holder Name CARL ZEISS AG CAPITAL GROUP COMPAN OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE ODDO ASSET MANAGEMEN NORGES BANK SEB ING ASSET MANAGEMENT MANNING & NAPIER ADV ODIN FORVALTNING AS FONDITA RAHASTOYHTIO VANGUARD GROUP INC SWISSCANTO FONDSLEIT BLACKROCK ECCLESIASTICAL INSUR GROUPAMA ASSET MANAG ROYCE AND ASSOCIATES PUTNAM INVESTMENT MA BARCLAYS ASSET MANAG SEBINVEST A/S

Firm Name Hamburger Sparkasse Nord/LB EVA Dimensions DZ Bank AG Jefferies Independent Research GmbH Kepler Cheuvreux Montega Deutsche Bank JPMorgan HSBC Berenberg Bank Landesbank Baden-Wuerttemberg Commerzbank Corporates & Markets Equinet Institutional Services(ESN) GSC Research

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

Analyst MARCO GUENTHER HOLGER FECHNER TIMOTHY STANISH SVEN OLAF KUERTEN INGEBORG OIE CHRISTOPH SCHOENDUBE OLIVER REINBERG THOMAS RAU GUNNAR ROMER DAVID J ADLINGTON HENDRIK LOFRUTHE SCOTT BARDO VOLKER STOLL VOLKER BRAUN EDOUARD AUBERY MATTHIAS WAHLER

Source Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-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 underweight sell underperform hold reduce buy hold neutral underweight buy hold hold accumulate sell

Amt Held 52'851'241 1'565'000 1'500'000 662'129 576'659 471'552 461'827 300'000 269'630 235'266 207'008 174'805 163'830 163'107 150'000 145'234 130'150 122'190 79'145 78'959

% Out 65 1.92 1.84 0.81 0.71 0.58 0.57 0.37 0.33 0.29 0.25 0.21 0.2 0.2 0.18 0.18 0.16 0.15 0.1 0.1

Weighting

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

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

Latest Chg (600'000) 7'400 5'829 269'630 35'435 (10'000) (4'064) 10'984 (437'918) (35'070) -

Target Price #N/A N/A 28 #N/A N/A 19 20 27 21 29 23 24 22 26 24 25 16 #N/A N/A

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

File Dt 30.09.2012 30.06.2013 31.07.2013 30.06.2013 30.09.2012 31.12.2012 28.03.2013 28.03.2013 31.12.2012 30.08.2013 31.07.2013 30.06.2013 28.03.2013 23.09.2013 31.07.2013 28.03.2013 30.06.2013 30.06.2013 30.03.2012 30.06.2013

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

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

Date 30.08.2013 27.08.2013 26.08.2013 20.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.05.2013 07.05.2013 09.12.2011 22.04.2010

27.09.2013

Aixtron SE Aixtron SE engineers and manufactures metal organic chemical vapor deposition (MOCVD) equipment for the semiconductor industry. The Company's customers use its equipment to produce compound semiconductor layer structures for use in LED, laser, solar cell, transistor, telecommunications, and other applications. Aixtron markets its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (12.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIXA GY EQUITY YTD Change AIXA GY EQUITY YTD % CHANGE

12/2012 06/yy 13.89 8.38 283'523.00 13.005 -6.37% 55.28% 81.96% 102.2 1'329.52 0.00 0.0 0.0 209.49 1'113.66

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 274.4 1.30x 43.2 8.24x 23.0 18.31x

31.12.2009 31.12.2010 302.9 783.8 6.73x 3.03x 75.3 288.9 27.09x 8.23x 44.8 192.5 47.96x 14.30x Profitability

LTM-4Q 31.12.2011 611.0 1.14x 127.3 5.47x 79.5 12.47x

31.12.2012 227.8 3.01x (108.6) (145.4) -108.64 -125.28 -54.99% -57.03% -34.88% -43.16% 0.38% 0.2% -73.8% -81.5% -63.8% 4.38 2.79 0.00% 0.00% 7.91 2.07

Price/ Cash Flow

06/yy 318.1 10.73x (36.4) 0.00x (34.8) 0.00x

LTM 06/yy 225.3 15.69x (166.2) 0.00x (209.3) 0.00x

FY+1

.0 M s-13

0.99 93.81 20.19% 46.47% 0.994 30 2.733 356'652 380'821 426'185 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 226.3 373.4 57.4 71.1 5.09x 3.07x 19.43x 15.61x (69.0) 50.3 (2.2) 2.4 22.04x 78.55x 36.01x (83.7) 27.5 (5.6) (0.6) 45.79x 684.47x 120.42x S&P Issuer Ratings

-3746.07 -4289.79 0.00 0.0% 0.0% 0.38 2.32 46.14 176.18 39.96 310.27

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

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

Aixtron SE Holdings By:

All

Holder Name CAMMA GMBH ALLIANZ GLOBAL INVES BAILLIE GIFFORD AND BLACKROCK VANGUARD GROUP INC ADIG INVESTMENT GENERATION INVESTMEN DEUTSCHE BANK AG NORGES BANK UBS AG AQR CAPITAL MANAGEME T ROWE PRICE ASSOCIA ING INTERNATIONAL AD FMR LLC OXFORD ASSET MANAGEM ING INVESTMENT MANAG ALLIANZ ASSET MANAGE SCHINDELHAUER KIM SAEMOR CAPITAL BV BOSTON COMMON ASSET

Firm Name Bankhaus Lampe Goldman Sachs Exane BNP Paribas Natixis Commerzbank Corporates & Markets Morgan Stanley Main First Bank AG Equinet Institutional Services(ESN) Deutsche Bank Hamburger Sparkasse Redburn Partners Societe Generale Baader Bank JPMorgan Independent Research GmbH Sterne, Agee & Leach Bankhaus Metzler Barclays SRH AlsterResearch HSBC Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser M.M. Warburg Investment Research Berenberg Bank Kepler Cheuvreux DZ Bank AG UBS Close Brothers Equity Markets Liberum Capital Ltd EVA Dimensions National Bank AG

Portfolio Name 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 n/a n/a Multiple Portfolios n/a n/a n/a BOSTON COMMON ASSET

Analyst KARSTEN ILTGEN SIMON F SCHAFER GERHARD ORGONAS MAXIME MALLET THOMAS M BECKER ANDREW HUMPHREY JUERGEN WAGNER ADRIAN PEHL UWE SCHUPP INGO SCHMIDT SUMANT WAHI PETER KNOX GUENTHER MICHAEL HOLLFELDER SANDEEP S DESHPANDE MARKUS FRIEBEL ANDREW HUANG STEPHAN BAUER ANDREW M GARDINER DANIEL PAWLOWSKI CHRISTIAN DOMINIK RATH WALTER SCHNEIDER TIM OLIVER WUNDERLICH MALTE SCHAUMANN ALI FARID KHWAJA BERND LAUX HARALD SCHNITZER DAVID MULHOLLAND VEYSEL TAZE JANARDAN MENON ANDREW S ZAMFOTIS SVEN PAULSEN

Source 20F Research Research ULT-AGG ULT-AGG MF-AGG 20F ULT-AGG MF-AGG ULT-AGG Short MF-AGG MF-AGG ULT-AGG Short MF-AGG ULT-AGG 20F Short 13F

Recommendation buy neutral/neutral outperform buy hold Equalwt/Cautious underperform sell buy hold buy sell hold neutral sell neutral sell equalweight sell neutral sell buy sell hold hold sell neutral sell buy sell buy

Amt Held % Out 7'650'000 7.48 5'102'037 4.99 5'093'343 4.98 3'990'841 3.9 3'970'269 3.88 3'460'000 3.38 3'089'151 3.02 2'818'556 2.76 2'379'360 2.33 2'157'086 2.11 (1'921'736) -1.88 1'037'338 1.01 1'007'257 0.99 963'786 0.94 (909'758) -0.89 895'479 0.88 873'820 0.85 766'500 0.75 (643'986) -0.63 608'594 0.6

Weighting

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

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

Latest Chg 46'327 (486) (10'000) 112'442 (142'747) (116'049) (76'512) 91'998 (290'555) (29'879) 161'616 608'594

Target Price 16 17 15 15 12 12 10 7 14 #N/A N/A #N/A N/A 9 13 10 9 #N/A N/A 8 12 10 13 11 13 9 9 12 10 13 10 13 #N/A N/A 35

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

File Dt Inst Type 28.02.2013 Corporation 17.07.2013 Investment Advisor 29.04.2013 Investment Advisor 23.09.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Government 16.08.2013 Unclassified 23.09.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 16.09.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.01.2013 n/a 18.09.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 23.09.2013 11.09.2013 10.09.2013 02.09.2013 29.08.2013 28.08.2013 31.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 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 22.07.2013 15.07.2013 13.05.2013 17.01.2013 28.07.2011

27.09.2013

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

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.10.2012) 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 ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2012 06/yy 122.10 90.36 1'034'967.00 118 -3.36% 30.59% 88.03% 456.0 53'802.10 19'574.00 0.0 2'665.0 12'437.00 61'786.10

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

3.0 M

2.0 M

1.0 M

0 s-12

31.12.2009 31.12.2010 82'711.0 89'740.0 0.64x 0.57x 4'297.0 5'053.0 8.37x 7.94x Profitability

LTM-4Q 31.12.2011 87'384.0 0.50x 2'545.0 13.13x

31.12.2012 96'020.0 0.60x 5'169.0 4.62x 10.61% 8.95% 0.86% 12.22% 10.33% 0.14% 5.4% 2.82% 36.55% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.23 448.87 28.40% 16.91% 1.231 39 4.256 2'136'566 1'676'291 1'680'870 FY+2

FQ+1

FQ+2

06/yy 90'556.0 2.07x 0.0 0.00x 3'317.0 10.58x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0 2.31x 0.67x 0.65x 0.0 0.00x 5'859.0 5'867.7 6'016.0 1'230.5 1'430.5 4.64x 9.02x 8.76x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 36.6% Total Debt/Capital 25.8% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 76'195.0 0.62x (2'444.0) 8.51x

4.0 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

Allianz SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK HARBOR CAPITAL ADVIS VANGUARD GROUP INC DB PLATINUM ADVISORS DEUTSCHE BANK AG SOCIETE GENERALE SA ALLIANZ ASSET MANAGE MORGAN STANLEY FMR LLC HARRIS ASSOCIATES LP UNION INVESTMENT GMB DEKA INVESTMENT GMBH AMUNDI JP MORGAN CAPITAL GROUP COMPAN ADIG INVESTMENT FIL LIMITED FRANKFURT TRUST INVE THORNBURG INVESTMENT

Firm Name JPMorgan Bankhaus Lampe Canaccord Genuity Corp Day by Day AlphaValue Morgan Stanley Oddo & Cie Goldman Sachs Nomura Main First Bank AG Helvea Sanford C. Bernstein & Co Kepler Cheuvreux Exane BNP Paribas Societe Generale Berenberg Bank Credit Suisse Keefe, Bruyette & Woods HSBC Hamburger Sparkasse Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Nord/LB RBC Capital Markets Raymond James Landesbank Baden-Wuerttemberg Independent Research GmbH Bryan Garnier & Cie DZ Bank AG Deutsche Bank Barclays Mediobanca SpA EVA Dimensions Natixis Bank of Valletta Banco Sabadell

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

Analyst MICHAEL HUTTNER ANDREAS SCHAEFER BEN COHEN VALERIE GASTALDY DIETER HEIN JON HOCKING NICOLAS JACOB VINIT MALHOTRA MICHAEL KLIEN MICHAEL HAID DANIEL BISCHOF THOMAS SEIDL ATANASIO PANTARROTAS THOMAS JACQUET NICK HOLMES PETER ELIOT RICHARD BURDEN WILLIAM HAWKINS KAILESH MISTRY CHRISTIAN HAMANN JOCHEN SCHMITT PHILIPP HAESSLER RODERICK WALLACE JULIA SIEKMANN GORDON AITKEN RAPHAEL CARUSO WERNER SCHIRMER STEFAN BONGARDT OLIVIER PAUCHAUT THORSTEN WENZEL OLIVER STEEL ANDREW BROADFIELD MARC THIELE DOUG WALTERS BENOIT VALLEAUX MALCOLM ABDILLA CASTILLO MARIO LODOS

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

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

Amt Held 32'047'039 9'837'831 6'365'290 5'480'394 4'802'438 4'786'226 4'300'429 3'892'846 3'878'270 3'687'392 3'208'800 2'657'513 2'237'563 2'169'864 2'123'409 2'054'950 1'967'279 1'816'092 1'718'151 1'589'980

% Out 7.03 2.16 1.4 1.2 1.05 1.05 0.94 0.85 0.85 0.81 0.7 0.58 0.49 0.48 0.47 0.45 0.43 0.4 0.38 0.35

Weighting

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

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

Latest Chg 122'040 4'701'470 (19'548) 82'265 (1'408) (372'988) 159'500 (1'139'274) 95'282 107'355 135'080 (153'200) (89'450) (2'277'427) 12'000 -

Target Price 140 135 135 #N/A N/A 132 118 130 151 140 150 128 110 140 135 125 144 132 140 145 #N/A N/A 110 120 130 132 130 #N/A N/A 125 145 140 134 130 118 123 #N/A N/A 130 117 114

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

File Dt 23.09.2013 31.12.2012 30.06.2013 30.06.2013 24.09.2013 31.07.2013 16.05.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 31.05.2013 30.04.2013 31.05.2013 31.07.2013

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

Inst Type Investment Advisor Government 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 Investment Advisor

Date 24.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 13.09.2013 09.09.2013 09.09.2013 03.09.2013 03.09.2013 22.08.2013 09.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 25.07.2013 22.07.2013 20.06.2013 06.06.2013 16.05.2013 12.03.2013 15.02.2013

27.09.2013

Aareal Bank AG Aareal Bank AG offers structured real estate financing, property management, and information technology consulting services for the real estate industry. Aareal operates in Europe and North America.

Price/Volume 25

1.4 M 1.2 M

1.0 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARL GY EQUITY YTD Change ARL GY EQUITY YTD % CHANGE

12/2012 06/yy 23.33 15.21 106'831.00 21.985 -5.77% 44.59% 85.85% 59.9 1'315.96 28'666.00 300.0 243.0 3'667.00 18'599.96

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

.8 M

.6 M .4 M

5 0 s-12

31.12.2009 31.12.2010 1'398.0 1'105.0 19.92x 25.94x 815.0 588.0 34.18x 48.75x 49.0 76.0 11.63x 12.81x Profitability

31.12.2012 1'184.0 22.37x 683.0 38.77x 105.0 8.98x 683.00 25.14% 14.86% 0.23% 5.78% 0.45% 0.02% 8.9% 62.68% 1685.24% -

06/yy 1'330.0 86.25x 0.0 0.00x 113.0 6.43x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'087.0 88.60x 0.0 0.00x 103.0 10.45x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.50 42.56 30.75% 39.94% 1.497 13 3.538 129'935 164'956 172'555 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 668.7 707.0 141.0 147.0 97.5 121.2 26.0 31.0 13.36x 10.52x S&P Issuer Ratings

1685.2% 92.7% 0.02 10.66 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

o-12

LTM-4Q 31.12.2011 1'347.0 21.00x 787.0 35.94x 114.0 6.63x

1.20

0.80

.2 M

Fiscal Year Ended 31.12.2008 2'239.0 13.32x 1'787.0 16.69x 47.0 5.23x

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

Aareal Bank AG Holdings By:

All

Holder Name AAREAL HOLDING VERWA ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV NORGES BANK FMR LLC BLACKROCK DWS INVESTMENT GMBH ALLIANZ ASSET MANAGE ADIG INVESTMENT FIL LIMITED UNIVERSAL INVESTMENT DEUTSCHE BANK AG MAINFIRST SICAV DWS INVESTMENTS ACHMEA BELEGGINSFOND LRI-FUND MANAGEMENT MARSHALL WACE LLP VANGUARD GROUP INC ACTIVEST MUNICH LBPAM

Firm Name Societe Generale EVA Dimensions Bankhaus Metzler Commerzbank Corporates & Markets Independent Research GmbH Deutsche Bank Nord/LB HSBC Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Kepler Cheuvreux Equinet Institutional Services(ESN) DZ Bank AG

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

Analyst PHILIP RICHARDS DOUG WALTERS GUIDO HOYMANN MICHAEL DUNST STEFAN BONGARDT BENJAMIN GOY MICHAEL SEUFERT JOHANNES THORMANN MARTIN PETER ANDREAS PLAESIER DIRK BECKER PHILIPP HAESSLER CHRISTOPH BAST

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

Recommendation hold hold buy add hold buy hold neutral hold hold buy hold hold

Amt Held % Out 17'298'731 28.9 2'972'198 4.97 1'851'808 3.09 1'820'551 3.04 1'801'832 3.01 1'779'715 2.97 1'729'068 2.89 1'525'802 2.55 1'497'308 2.5 1'246'763 2.08 1'184'258 1.98 1'019'300 1.7 961'233 1.61 392'000 0.65 329'891 0.55 308'000 0.51 (293'300) -0.49 284'993 0.48 280'359 0.47 251'860 0.42

Weighting

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

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

Latest Chg 104'010 (150'000) (279'431) 63'954 5'000 316'567 23'943 19'238 8'665 -

Target Price 20 #N/A N/A 26 24 23 25 23 23 22 22 28 21 21

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

File Dt Inst Type 31.12.2012 Holding Company 30.05.2013 Investment Advisor 30.04.2013 Investment Advisor 14.02.2013 Government 30.07.2013 Investment Advisor 23.09.2013 Investment Advisor 27.02.2012 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor 17.12.2012 Investment Advisor 31.07.2013 Investment Advisor 28.02.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 18.02.2013 Hedge Fund Manager 30.06.2013 Unclassified 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 17.09.2013 27.08.2013 20.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013

27.09.2013

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

Price/Volume 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 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 BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

12/2012 06/yy 76.39 62.05 1'466'911.00 72.15 -5.55% 16.28% 71.83% 918.5 66'268.24 12'798.00 0.0 1'010.0 1'661.00 79'690.24

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

20 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

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

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

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

31.12.2012 72'129.0 1.07x 9'669.0 8.02x 4'819.0 13.55x 9'669.00 6'381.00 8.85% 8.29% 7.13% 18.59% 13.65% 1.18% 24.8% 13.1% 9.1% 6.7% 1.64 0.67 20.40% 52.00% 6.72 5.80

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M s-13

LTM

06/yy 72'351.0 3.45x 11'258.0 5.54x 5'234.0 9.60x

06/yy 75'082.0 4.02x 9'857.0 7.79x 4'532.0 14.00x

FY+1

1.11 813.96 10.17% 5.13% 1.109 39 3.538 3'305'305 2'627'891 2'878'870 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 74'151.8 71'008.5 17'801.3 18'402.5 1.07x 1.09x 4.50x 4.29x 10'139.1 10'866.0 2'234.0 2'311.7 7.84x 7.32x 4'787.6 5'244.7 1'013.0 1'145.0 13.47x 12.27x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 13.35 7.81 1.26 1.49 52.0% 33.3% 1.18 4.39 54.33 62.97 32.21 85.23

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 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

BASF SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN SEB AG VANGUARD GROUP INC DEUTSCHE BANK AG FMR LLC DB PLATINUM ADVISORS UNION INVESTMENT GMB ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH AMUNDI ADIG INVESTMENT BNP PARIBAS JP MORGAN MERCURY ASSET MANAGE UBS AG FRANKFURT TRUST INVE SEB NEW YORK LIFE INVEST

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

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

Analyst THOMAS GILBERT HEIKO FEBER LAURENCE ALEXANDER JEREMY REDENIUS MARTIN SCHNEE NORBERT BARTH NADESHDA DEMIDOVA TIMOTHY JONES PAUL RICHARD WALSH MARTIN EVANS PAUL W SATCHELL GEOFF HAIRE MARCO GUENTHER CHRISTIAN FAITZ MICHAEL RAE VALERIE GASTALDY JAMES KNIGHT OLIVER SCHWARZ MARKUS MAYER LUTZ GRUETEN ULLE WORNER PETER SPENGLER PETER CLARK LARS HETTCHE TONY JONES ANDREAS HEINE THORSTEN STRAUSS CHRIS COUNIHAN CHRISTOPH SCHOENDUBE JEAN DE WATTEVILLE JACOB THRANE RONALD KOEHLER TIMOTHY STANISH JAIDEEP PANDYA PAUL C CHRISTOPHERSON GLEN SPENCER-CHAPMAN EKKEHARD D LINK TEAM COVERAGE OLIVER DREBING

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

Recommendation neutral buy hold outperform reduce buy hold buy Overwt/In-Line underweight sell overweight buy outperform Sell/Neutral buy outperform hold buy buy buy buy hold sell neutral overweight hold neutral hold neutral hold outperform hold hold neutral sell hold buy buy

Amt Held 63'927'154 27'715'437 16'676'000 12'879'295 12'487'374 12'244'163 8'052'439 7'248'759 6'377'307 6'258'389 3'845'199 3'224'267 3'179'430 3'111'311 3'017'006 2'812'432 2'770'972 2'458'610 2'086'640 2'024'615

% Out 6.96 3.02 1.82 1.4 1.36 1.33 0.88 0.79 0.69 0.68 0.42 0.35 0.35 0.34 0.33 0.31 0.3 0.27 0.23 0.22

Weighting

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

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

Latest Chg 3'046'200 294'832 35'147 (303'374) (222'398) (439'057) (27'981) 153'482 (3'152'762) 45'000 (637'860) 350'532 (569) (32'869) 23'000 248'150 196'938

Target Price 75 75 74 86 70 75 75 79 78 54 60 82 #N/A N/A 75 68 77 73 79 80 78 78 81 70 61 #N/A N/A 79 70 73 77 82 72 75 #N/A N/A 60 #N/A N/A 71 64 81 60

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

File Dt 23.09.2013 19.06.2013 30.06.2013 29.04.2013 30.06.2013 31.07.2013 31.07.2013 24.09.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013 31.05.2013 31.08.2013 30.06.2013 23.09.2013 24.09.2013 31.05.2013 30.04.2013 31.07.2013

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

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

Date 23.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 16.09.2013 16.09.2013 15.09.2013 13.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 04.09.2013 30.08.2013 23.08.2013 22.08.2013 15.08.2013 13.08.2013 29.07.2013 29.07.2013 29.07.2013 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 01.07.2013 06.06.2013 15.04.2013 08.04.2013 15.02.2013 26.10.2012 05.01.2012 29.10.2010

27.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

12/2012 06/yy 91.03 64.65 997'536.00 86.41 -5.08% 33.66% 82.71% 826.9 71'456.56 9'532.00 0.0 100.0 2'551.00 80'383.56

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

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

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M o-12

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

31.12.2012 39'760.0 1.67x 9'001.0 7.39x 2'446.0 24.29x 9'001.00 6'041.00 15.19% 8.17% 5.50% 15.33% 0.76% 52.1% 23.2% 16.0% 6.2% 1.45 0.76 18.57% 51.61% 4.58 2.77

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 38'081.0 5.12x 9'332.0 5.86x 2'560.0 18.24x

f-13 m-13

06/yy 40'153.0 6.96x 9'296.0 8.24x 2'903.0 23.30x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.99 801.82 29.44% 23.07% 0.987 37 4.027 2'757'768 1'852'729 1'911'962 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 40'846.7 43'095.1 9'972.8 10'369.0 1.91x 1.75x 8'519.5 9'378.8 1'848.0 2'050.5 9.42x 8.56x 4'587.0 5'221.9 847.5 1'094.0 15.04x 13.33x S&P Issuer Ratings

30.04.2008 APOS 11.07.2006 A-2 12.11 9.52 0.95 1.22 51.6% 33.9% 0.76 4.06 79.64 131.78 70.17 119.75

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

7.0 M

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

100 90 80 70 60 50 40 30 20 10 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

Bayer AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK SEB UBS AG CREDIT SUISSE GROUP NORGES BANK FMR LLC VANGUARD GROUP INC DODGE & COX SUN LIFE FINANCIAL I MORGAN STANLEY DEUTSCHE BANK AG BANK OF NEW YORK MEL DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE UNION INVESTMENT GMB BNP PARIBAS SOCIETE GENERALE SA T ROWE PRICE ASSOCIA DB PLATINUM ADVISORS

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

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 n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst ODILE RUNDQUIST JEREMY REDENIUS FLORENT CESPEDES MARTIN SCHNEE MARIETTA MIEMIETZ MARK PURCELL MARTIAL DESCOUTURES JEFFREY HOLFORD TIM RACE CHRISTIAN FAITZ STEPHEN MCGARRY VALERIE GASTALDY ULLE WORNER PETER SPENGLER AMY WALKER MARCO GUENTHER ALISTAIR CAMPBELL FABIAN WENNER DANIEL WENDORFF STEVE CHESNEY JOHANNA WALTON RICHARD VOSSER CHRISTOPH SCHOENDUBE BEATRICE MUZARD NARESH CHOUHAN THORSTEN STRAUSS ULRICH HUWALD SEBASTIAN FRERICKS SHO MATSUBARA RONALD KOEHLER JOSE VALLE TEAM COVERAGE TIMOTHY STANISH JEAN DE WATTEVILLE EKKEHARD D LINK ANDREW WHITNEY MARTA DIAZ

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

Recommendation hold market perform outperform reduce accumulate equalweight buy buy buy outperform sell buy buy buy Equalwt/Attractive hold hold hold buy Buy/Neutral outperform overweight hold buy buy sell hold buy buy outperform buy neutral overweight not rated hold neutral buy

Amt Held 70'759'889 68'075'962 41'431'997 25'077'876 20'623'972 19'085'378 14'659'626 11'899'744 10'591'070 10'532'903 10'217'170 8'107'914 6'636'225 5'795'359 5'363'504 4'911'757 4'763'064 4'502'247 3'999'285 3'467'578

% Out 8.56 8.23 5.01 3.03 2.49 2.31 1.77 1.44 1.28 1.27 1.24 0.98 0.8 0.7 0.65 0.59 0.58 0.54 0.48 0.42

Weighting

Change

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

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

Latest Chg (743'466) 950'627 (196'834) 49'788 (72'770) 216'614 (288'800) 372'207 (41'508) (10'936) (16'489) (275'247) 68'682 (27'066) (660'917) 80'895 (737'769)

Target Price 90 78 94 84 94 85 98 98 99 98 79 95 97 95 95 #N/A N/A 97 84 97 105 95 100 91 98 110 69 89 87 96 90 91 #N/A N/A #N/A N/A #N/A N/A 80 82 #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 23.09.2013 26.04.2013 24.09.2013 15.05.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.07.2013 24.09.2013 31.08.2013 31.08.2013 31.07.2013 31.08.2013 10.05.2013 30.06.2013 24.09.2013

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

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

Date 23.09.2013 19.09.2013 19.09.2013 19.09.2013 16.09.2013 16.09.2013 12.09.2013 10.09.2013 04.09.2013 04.09.2013 27.08.2013 23.08.2013 16.08.2013 15.08.2013 14.08.2013 08.08.2013 06.08.2013 03.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 01.07.2013 24.06.2013 14.06.2013 06.06.2013 17.04.2013 12.04.2013 22.03.2013 05.03.2012

27.09.2013

BB Biotech AG BB Biotech AG is an investment company. The Company invests in biotech companies that operate in areas that include oncology, cardiovascular diseases, infectious diseases and autoimmune diseases.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBZA GY EQUITY YTD Change BBZA GY EQUITY YTD % CHANGE

Price/Volume

03/yy 104.80 66.85 12'395.00 104 -0.76% 55.57% 96.84% 13.0 1'352.00 1'796.01

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

1.20

.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 31.12.2003 192.6 8.65x 179.3 -

120

31.12.2004 31.12.2005 215.8 332.2 7.62x 6.74x 202.8 318.0 Profitability

LTM-4Q 31.12.2006 317.6 7.24x 297.4 -

31.12.2007 (211.4) (265.4) -

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

LTM 03/yy 43.7 30.50x 0.0 0.00x 39.6 0.00x

.0 M s-13

0.68 38.06% 49.34% 0.683 5 4.600 24'571 16'981 14'732

FY+1

FY+2

FQ+1

12/08 Y

12/09 Y

S&P Issuer Ratings

FQ+2 -

1'800.0 1'600.0

1.00

1'400.0 1'200.0

0.80 0.60 0.40

1'000.0 800.0 600.0 400.0 200.0

0.20

0.0 -200.0

0.00

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

-400.0

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

27.09.2013

BB Biotech AG Holdings By:

All

Holder Name BANK OF NEW YORK MEL NEWTON INVESTMENT MA BIOTECH TARGET NV DEUTSCHE BANK AG BLACKROCK VANGUARD GROUP INC FRANKFURT TRUST INVE LAZARD ASSET MANAGEM SCHRODER INVESTMENT FIL LIMITED OFI ASSET MGMT PRUDENTIAL FINANCIAL HAUCK & AUFHAUSER IN HANSAINVEST GMBH MUNDER CAPITAL MANAG UNIVERSAL INVESTMENT HAUCK & AUFHAEUSER I BAYERNINVEST LUXEMBO KBC GROUP NV BNY MELLON SERVICE K

Firm Name Deutsche Bank Equinet Institutional Services(ESN) Close Brothers Equity Markets Independent Research GmbH Equita SIM SpA

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

Analyst HOLGER BLUM MARIETTA MIEMIETZ IVO VISIC CHRISTOPH SCHOENDUBE MARTINO DEAMBROGGI

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

Recommendation buy buy buy hold buy

Amt Held 1'247'797 1'179'207 342'246 190'000 134'300 80'233 64'000 54'781 42'504 36'490 21'250 15'260 12'500 10'549 10'500 10'000 10'000 9'764 5'916 5'798

% Out 9.6 9.07 2.63 1.46 1.03 0.62 0.49 0.42 0.33 0.28 0.16 0.12 0.1 0.08 0.08 0.08 0.08 0.08 0.05 0.04

Weighting

Change 5 5 5 3 5

Latest Chg (26'265) (99'999) (3'469) 67'588 2'145 31'715 32'729 (8'750) 500 7'999 10'500 3'964 369 -

Target Price

M M M M M

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

133 115 111 107 108

File Dt 19.06.2013 30.08.2013 20.09.2013 31.05.2013 23.09.2013 30.06.2013 31.05.2013 31.08.2013 30.06.2013 30.04.2013 31.05.2013 31.07.2013 31.07.2013 31.05.2013 30.06.2012 28.03.2013 29.06.2012 28.03.2013 31.07.2013 30.08.2013

Date 12 month 12 month 12 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Other 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 13.08.2013 22.07.2013 19.07.2013 18.07.2013 25.03.2013

27.09.2013

Bechtle AG Bechtle AG retails computer and office supplies. The Company markets personal computers, workstations, computer peripherals, mobile devices, computer software, computer networking products, presentation equipment, paper, computer consumables, office furniture, and telecommunications equipment. Bechtle sells its products through its catalog and Internet website.

Price/Volume

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

.1 M .1 M

12/2012 06/yy 39.30 26.75 5'619.00 37.705 -4.06% 40.95% 89.56% 21.0 791.81 73.71 0.0 0.0 114.10 787.51

.1 M

.0 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 31.12.2008 1'431.5 0.16x 72.8 3.09x 45.4 6.37x

.1 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 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 BC8 GY EQUITY YTD Change BC8 GY EQUITY YTD % CHANGE

31.12.2009 31.12.2010 1'379.3 1'722.9 0.23x 0.31x 56.2 74.0 5.55x 7.12x 34.3 46.4 11.46x 13.12x Profitability

LTM-4Q 31.12.2011 1'994.9 0.25x 100.3 5.04x 62.7 8.76x

31.12.2012 2'096.8 0.29x 102.3 5.90x 56.6 11.39x 102.27 80.52 3.84% 3.78% 6.91% 12.21% 11.06% 2.75% 15.2% 4.6% 3.6% 2.7% 1.89 1.45 8.72% 16.08% 7.80 18.59

Price/ Cash Flow

06/yy 2'064.7 1.11x 102.6 6.01x 58.1 10.50x

LTM 06/yy 2'146.4 1.26x 99.5 7.35x 53.9 13.62x

FY+1

.0 M s-13

0.67 12.74 26.44% 26.38% 0.669 10 4.100 22'153 19'191 17'013 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'207.9 2'327.0 527.0 642.0 0.33x 0.29x 104.7 115.4 7.53x 6.83x 59.6 67.5 12.6 23.7 13.10x 11.57x S&P Issuer Ratings

31.08 21.40 -0.04 0.70 16.1% 13.9% 2.75 23.19 46.80 19.63 26.07 40.15

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

Bechtle AG Holdings By:

All

Holder Name SCHICK KARIN FLOSSBACH VON STORCH DWS INVESTMENT GMBH GOVERNMENT OF NORWAY DEUTSCHE BANK AG BNP PARIBAS NORGES BANK MORGAN STANLEY ALLIANZ ASSET MANAGE FIL LIMITED DIMENSIONAL FUND ADV LLB FONDSLEITUNG AG VANGUARD GROUP INC LUXEMBOURGER KAPITAL BLACKROCK DWS INVESTMENTS JP MORGAN BARING FUND MANAGERS DEUTSCHE POSTBANK CA MAINFIRST SICAV

Firm Name M.M. Warburg Investment Research Commerzbank Corporates & Markets Deutsche Bank Independent Research GmbH DZ Bank AG Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Metzler Berenberg Bank EVA Dimensions GSC Research

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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREAS WOLF THOMAS M BECKER UWE SCHUPP MARKUS FRIEBEL JASKO TERZIC THOMAS HOFMANN TIM OLIVER WUNDERLICH ULRICH TRABERT BJOERN LIPPE ANDREW S ZAMFOTIS MATTHIAS SCHRADE

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

Recommendation buy add hold hold buy buy buy sell buy overweight buy

Amt Held 7'353'287 2'114'862 1'040'000 905'807 830'500 628'440 573'370 523'586 279'865 119'169 114'011 101'428 86'937 73'900 73'465 67'316 64'422 50'000 42'000 41'000

% Out 35.02 10.07 4.95 4.31 3.95 2.99 2.73 2.49 1.33 0.57 0.54 0.48 0.41 0.35 0.35 0.32 0.31 0.24 0.2 0.2

Weighting

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

U M M M M M M M M U U

Latest Chg (107'203) 23'599 (31'529) 94'202 483 36'428 (182) (1'952) 2'853 15'075 -

Target Price 43 39 35 39 45 40 43 33 49 #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 01.01.2013 30.04.2013 03.07.2013 31.07.2013 30.04.2013 31.12.2012 20.06.2013 31.08.2013 30.04.2013 30.04.2013 30.06.2013 30.06.2013 28.06.2013 23.09.2013 31.05.2013 31.05.2013 31.05.2013 28.12.2012 28.02.2013

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

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

Date 29.08.2013 28.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 27.03.2013 16.06.2011

27.09.2013

Beiersdorf AG Beiersdorf AG develops, manufactures, and markets personal care, disposable medical, and adhesive products. The Company produces skin and hair care products, bandages, surgical gloves, compression stockings, sun block lotion, fastening systems, masking products, and packaging systems.

Price/Volume 80

2.5 M

2.0 M

60 50

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 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 BEI GY EQUITY YTD Change BEI GY EQUITY YTD % CHANGE

12/2012 06/yy 73.45 55.62 274'784.00 65.57 -10.73% 17.89% 58.33% 252.0 16'523.64 102.00 0.0 12.0 1'760.00 14'937.64

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

1.0 M

30 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 5'971.0 1.39x 815.0 10.15x 562.0 16.94x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 5'748.0 5'571.0 1.54x 1.42x 788.0 876.0 11.26x 9.02x 374.0 318.0 27.84x 29.66x Profitability

LTM-4Q 31.12.2011 5'633.0 1.50x 839.0 10.10x 250.0 39.84x

31.12.2012 6'040.0 2.05x 941.0 13.17x 442.0 31.73x 941.00 789.00 13.06% 11.74% 8.51% 15.57% 1.09% 63.3% 16.3% 13.8% 7.3% 2.11 1.53 1.83% 3.11% 4.99 2.96

Price/ Cash Flow

06/yy 5'794.0 6.30x 860.0 12.87x 240.0 48.14x

LTM 06/yy 6'141.0 8.72x 1'000.0 15.35x 481.0 31.71x

FY+1

.0 M s-13

0.64 99.64 16.52% 7.04% 0.636 38 2.947 501'849 392'581 404'062 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'229.9 6'574.4 1'529.4 1'538.6 2.32x 2.14x 956.1 1'056.8 251.0 218.0 15.62x 14.13x 14.54x 14.15x 526.1 604.8 123.0 121.0 28.25x 24.78x 28.81x 27.95x S&P Issuer Ratings

104.56 83.11 -1.59 0.10 3.1% 3.0% 1.09 9.23 73.14 123.15 173.18 20.34

Sales/Revenue/Turnover

40.00

7'000.0

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

Beiersdorf AG Holdings By:

All

Holder Name MAXINGVEST AG BEIERSDORF AG BLACKROCK ARTISAN PARTNERS HOL SUN LIFE FINANCIAL I NORGES BANK MANNING & NAPIER ADV DEUTSCHE BANK AG VANGUARD GROUP INC UNION INVESTMENT GMB NATIXIS ASSET MANAGE UNITED SERVICES AUTO TIAA CREF INVESTMENT FEDERAL FINANCE GEST ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE DEKA INVESTMENT GMBH SWEDBANK ROBUR FONDE AMUNDI CARMIGNAC GESTION

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

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

Analyst ANDREW WOOD EAMONN FERRY PABLO ZUANIC MARTIN SCHNEE VALERIE GASTALDY ROSIE EDWARDS PIERRE TEGNER CHRISTIAN WEIZ EDDY HARGREAVES ANDREAS RIEMANN BARBARA AMBRUS ERIK SJOGREN CRAIG STERLING NICOLAS SOCHOVSKY MARCO GUENTHER THOMAS MAUL CHAS MANSO DE ZUNIGA HERMINE DE BENTZMANN JOERG PHILIPP FREY SEBASTIAN FRERICKS CATHERINE ROLLAND LOIC MORVAN GUILLAUME DELMAS OLIVER DREBING HAROLD THOMPSON JULIA SIEKMANN CELINE PANNUTI LARS LUSEBRINK MICHAEL GORNY NADESHDA DEMIDOVA CARL SHORT IAIN SIMPSON BASSEL CHOUGHARI CEDRIC BESNARD GAEL COLCOMBET EVA QUIROGA WILLIAM HOUSTON

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

Recommendation underperform outperform sell sell buy neutral/attractive reduce hold sell add hold Overwt/In-Line hold neutral sell sell hold market perform buy sell hold sell buy buy buy hold underweight sell hold sell strong buy underweight Under Review underweight outperform buy neutral

Amt Held 127'184'400 25'174'800 3'659'582 2'261'385 2'047'989 2'014'317 1'427'260 1'224'509 1'145'883 669'621 643'097 491'959 422'658 386'500 378'608 333'775 315'704 303'228 300'757 274'298

% Out 50.47 9.99 1.45 0.9 0.81 0.8 0.57 0.49 0.45 0.27 0.26 0.2 0.17 0.15 0.15 0.13 0.13 0.12 0.12 0.11

Weighting

Change

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

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

Latest Chg 54'896 67'456 77'256 500 19'229 (22'604) 80'171 19'350 (112'631) 6'163 200'000 (75'209) 20'000 22'583 5'516 (8'000) (51'009)

Target Price 62 78 #N/A N/A 55 73 65 61 71 55 77 68 78 #N/A N/A 68 #N/A N/A 56 70 #N/A N/A 85 52 70 65 72 80 85 68 63 65 71 52 79 58 #N/A N/A 60 80 75 #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 23.09.2013 31.03.2013 31.07.2013 31.12.2012 31.12.2012 31.07.2013 30.06.2013 28.03.2013 31.05.2013 31.05.2013 31.07.2013 31.05.2013 30.06.2013 31.05.2013 30.04.2013 31.03.2013 30.04.2013 28.06.2013

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

Inst Type Unclassified Corporation Investment Advisor Investment Advisor Investment Advisor 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

Date 25.09.2013 25.09.2013 20.09.2013 19.09.2013 16.09.2013 12.09.2013 12.09.2013 10.09.2013 05.09.2013 30.08.2013 22.08.2013 14.08.2013 14.08.2013 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 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 01.08.2013 12.07.2013 14.06.2013 19.04.2013 05.12.2012

27.09.2013

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

Price/Volume 90 80 70 60 50 40

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 BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2012 06/yy 82.44 56.51 818'110.00 80.55 -2.29% 42.54% 93.68% 602.0 51'561.33 69'507.00 0.0 107.0 12'982.00 109'037.33

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

20 10 0 s-12

31.12.2009 31.12.2010 50'681.0 60'477.0 1.40x 1.49x 9'311.0 12'905.0 7.59x 6.99x 204.0 3'227.0 102.58x 11.94x Profitability

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 68'821.0 1.31x 15'447.0 5.86x 4'881.0 6.95x

31.12.2012 76'848.0 1.36x 16'253.0 6.43x 5'096.0 9.39x 16'253.00 8'298.00 10.80% 10.17% 3.97% 17.36% 5.69% 0.59% 20.2% 21.0% 10.5% 6.6% 1.04 0.32 52.72% 229.43% 34.80 5.77

Price/ Cash Flow

LTM

06/yy 72'391.0 5.07x 16'348.0 5.77x 4'596.0 8.11x

06/yy 76'451.0 5.27x 16'032.0 6.34x 5'173.0 8.54x

FY+1

1.19 320.86 41.73% 14.29% 1.189 42 4.048 1'891'948 1'458'080 1'524'828 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 78'452.7 82'545.0 20'993.0 22'876.7 0.50x 0.46x 12'707.7 13'157.8 8.58x 8.29x 5'234.4 5'359.3 1'396.0 1'530.5 10.19x 9.87x S&P Issuer Ratings

16.04.2012 A STABLE 16.04.2012 A-1 17.80 12.07 3.58 4.37 229.4% 69.6% 0.59 2.06 10.49 63.30 38.04 36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 53'197.0 1.19x 4'468.0 14.18x 324.0 44.10x

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

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

Bayerische Motoren Werke AG Holdings By:

All

Holder Name QUANDT STEFAN QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK NORGES BANK CAPITAL GROUP COMPAN DODGE & COX HARRIS ASSOCIATES LP DB PLATINUM ADVISORS VANGUARD GROUP INC WILLIAM BLAIR & COMP WADDELL & REED FINAN BESTINVER GESTION SG FIL LIMITED DEKA INVESTMENT GMBH UNION INVESTMENT GMB FMR LLC DEUTSCHE BANK AG SEB UBS AG

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

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

Analyst MAX WARBURTON KRISTINA CHURCH EKKEHARD D LINK VALERIE GASTALDY HANS-PETER WODNIOK DANIEL SCHWARZ GEORGES DIENG ZAFER RUZGAR FRANCOIS MAURY TEAM COVERAGE JOSE ASUMENDI RABIH FREIHA HARALD C HENDRIKSE ARNDT ELLINGHORST MICHAEL PUNZET CHRISTIAN BREITSPRECHER KLAUS BREITENBACH TINA HECKING-VELTMAN STEFAN BURGSTALLER FRANK SCHWOPE PHILIPPE BARRIER MICHAEL RAAB JOCHEN GEHRKE LAURA LEMBKE FRANK BILLER CHRISTIAN LUDWIG MARC-RENE TONN JUERGEN PIEPER TIM SCHULDT RODERICK BRIDGE HORST SCHNEIDER LOTHAR LUBINETZKI CHARLES WINSTON NORBERT KALLIWODA CARLO R BESENIUS TOBIAS SCHMIDT CRAIG STERLING TEAM COVERAGE PHILIPPE HOUCHOIS JIRI SIMARA

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

Recommendation outperform overweight buy buy add add neutral buy reduce overweight neutral neutral buy strong buy buy neutral buy buy neutral/attractive sell buy buy hold Equalwt/In-Line hold buy buy sell buy buy neutral outperform buy buy buy buy hold neutral neutral accumulate

Amt Held 104'747'161 100'533'195 75'851'392 36'939'716 14'432'872 13'010'155 7'619'900 4'993'700 4'809'603 4'200'666 4'045'326 3'907'100 3'773'414 3'637'639 2'666'311 2'176'598 2'136'927 2'027'377 1'380'299 1'367'226

% Out 17.4 16.7 12.6 6.14 2.4 2.16 1.27 0.83 0.8 0.7 0.67 0.65 0.63 0.6 0.44 0.36 0.35 0.34 0.23 0.23

Weighting

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

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

Latest Chg 191'027 (1'906'900) 891'400 4'993'700 4'735'450 38'312 541'749 (4'537'600) 45'105 27'106 (188'230) (311'830) 5'949 (2'324) 123'139 (9'906)

Target Price 90 92 85 84 93 87 77 90 63 94 78 76 85 90 80 80 80 #N/A N/A 85 64 83 88 68 79 72 80 84 68 88 80 79 100 #N/A N/A 82 87 83 #N/A N/A 71 73 66

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 23.09.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.04.2013 30.04.2013 31.07.2013 31.07.2013 31.07.2013 30.04.2013 24.09.2013

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

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

Date 24.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 06.09.2013 06.09.2013 05.09.2013 02.09.2013 27.08.2013 22.08.2013 08.08.2013 08.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 23.07.2013 14.06.2013 13.06.2013 30.04.2013 09.04.2013 21.03.2013 20.03.2013 18.02.2013 29.10.2012

27.09.2013

Brenntag AG Brenntag AG sells and distributes industrial and specialty chemicals. The Company also develops and prepares specific chemical compounds and offers analysis services. Brenntag's customers include oil and gas, paint, cosmetic, pharmaceutical, and water treatment companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNR GY EQUITY YTD Change BNR GY EQUITY YTD % CHANGE

12/2012 06/yy 132.30 90.26 29'652.00 123.3 -6.80% 36.61% 77.88% 51.5 6'349.95 1'829.50 0.0 28.8 362.20 7'939.25

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

31.12.2009 31.12.2010 6'364.6 7'649.1 0.70x 476.8 596.6 8.97x (0.1) 143.6 26.04x Profitability

LTM-4Q 31.12.2011 8'679.3 0.60x 657.3 7.92x 277.4 13.35x

31.12.2012 9'689.9 0.68x 703.3 9.41x 336.2 15.23x 703.30 570.20 5.88% 4.94% 5.45% 16.81% 10.00% 1.69% 19.9% 7.0% 5.5% 3.5% 1.58 1.02 32.04% 93.23% 6.73 10.36

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 9'254.5 2.41x 688.5 8.86x 304.8 14.76x

06/yy 9'778.0 2.93x 681.1 11.13x 314.5 19.08x

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.69 49.38 27.09% 26.58% 0.686 18 3.333 84'597 75'198 95'242 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'994.3 10'507.8 2'596.0 2'596.0 0.77x 0.72x 717.0 779.8 187.0 191.0 11.07x 10.18x 334.8 380.4 87.5 88.9 18.89x 16.52x S&P Issuer Ratings

09.06.2011 BBBSTABLE 7.62 6.68 2.29 2.72 93.2% 47.9% 1.69 11.43 54.27 35.24 49.60 35.39

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 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 7'379.6 481.0 (42.1) -

140

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

Brenntag AG Holdings By:

All

Holder Name BLACKROCK THREADNEEDLE AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I BANKHAUS LAMPE SUN LIFE FINANCIAL I UBS AG LONGVIEW PARTNERS (G MANNING & NAPIER ADV PAULSON & CO ARTISAN PARTNERS HOL T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL FMR LLC NORGES BANK DEUTSCHE BANK AG OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP FIL LIMITED SCHRODER INVESTMENT

Firm Name Hauck & Aufhaeuser Credit Suisse Commerzbank Corporates & Markets Nord/LB EVA Dimensions Exane BNP Paribas Kepler Cheuvreux Bankhaus Metzler DZ Bank AG Deutsche Bank Goldman Sachs UBS Bankhaus Lampe M.M. Warburg Investment Research Berenberg Bank JPMorgan Main First Bank AG HSBC

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

Analyst THOMAS WISSLER ANDY GROBLER GEORG REMSHAGEN THORSTEN STRAUSS TIMOTHY STANISH GERHARD ORGONAS MARKUS MAYER LARS HETTCHE THOMAS MAUL ANDY CHU CHARLES WILSON RORY MCKENZIE HEIKO FEBER CHRISTIAN COHRS SIMON MEZZANOTTE ROBERT PLANT CHRISTIAN KORTH JESKO MAYER-WEGELIN

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

Recommendation hold outperform hold hold underweight outperform buy sell sell buy Buy/Neutral buy buy sell hold overweight underperform neutral

Amt Held 4'232'259 3'510'607 2'763'932 2'590'260 2'093'922 1'935'492 1'654'277 1'597'984 1'552'555 1'539'263 1'523'469 1'508'609 1'506'085 1'270'423 1'209'437 994'938 867'209 703'939 636'725 622'614

% Out 8.22 6.82 5.37 5.03 4.07 3.76 3.21 3.1 3.01 2.99 2.96 2.93 2.92 2.47 2.35 1.93 1.68 1.37 1.24 1.21

Weighting

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

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

Latest Chg (12'936) 270'387 64'086 733 10'906 (3'200) (48'017) (5'372) 265'454 24'033

Target Price 117 130 126 126 #N/A N/A 132 143 90 105 130 153 135 135 106 121 147 112 132

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

File Dt Inst Type 23.09.2013 Investment Advisor 30.06.2013 Unclassified 01.03.2013 Investment Advisor 01.03.2013 Investment Advisor 18.06.2013 Unclassified 31.07.2013 Investment Advisor 28.06.2013 Unclassified 01.03.2013 Investment Advisor 12.06.2013 Investment Advisor 21.07.2011 Hedge Fund Manager 05.04.2013 Investment Advisor 02.04.2013 Investment Advisor 24.05.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 25.09.2013 03.09.2013 30.08.2013 15.08.2013 15.08.2013 14.08.2013 13.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 01.08.2013

27.09.2013

Hugo Boss AG Hugo Boss AG designs, produces, and markets brand name clothing. The Company's products, which are marketed under branded names are sold through subsidiaries, franchises, and retail outlets throughout the world. Hugo Boss licenses its name for eyeglass frames, fragrances, watches, shoes, and leather goods.

Price/Volume 120

1.6 M 1.4 M

100

1.2 M 80

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (26.09.2012) 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 BOSS GY EQUITY YTD Change BOSS GY EQUITY YTD % CHANGE

12/2012 06/yy 97.20 65.00 42'015.00 95.74 -1.50% 47.29% 96.24% 70.4 6'740.10 395.44 0.0 24.6 281.15 6'986.50

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

31.12.2009 31.12.2010 1'561.9 1'729.4 1.15x 2.10x 227.6 334.9 7.92x 10.84x 104.0 185.9 13.48x 18.23x Profitability

.6 M .4 M

.2 M

0 s-12

o-12

LTM-4Q 31.12.2011 2'058.8 1.94x 468.7 8.54x 284.9 13.40x

31.12.2012 2'345.9 2.41x 526.8 10.72x 307.4 17.93x 526.81 434.87 18.54% 17.46% 21.92% 62.30% 1.70% 61.9% 22.3% 18.2% 13.1% 1.26 0.62 24.96% 64.48% 10.85 1.88

Price/ Cash Flow

06/yy 2'206.3 9.05x 500.0 11.41x 305.9 17.56x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 2'379.0 9.63x 531.0 11.44x 307.1 18.97x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.81 29.59 50.89% 24.32% 0.810 31 3.774 132'283 106'175 119'544 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'497.4 2'714.9 703.5 685.8 2.73x 2.49x 571.5 644.7 192.0 157.0 12.21x 10.83x 344.7 395.2 116.0 93.2 19.23x 16.78x S&P Issuer Ratings

14.04 10.10 0.41 0.64 64.5% 38.3% 1.70 7.54 33.65 194.07 102.64 116.70

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

.8 M

Fiscal Year Ended 31.12.2008 1'686.1 1.07x 251.1 7.16x 112.1 10.68x

1.0 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

Hugo Boss AG Holdings By:

All

Holder Name RED & BLACK LUX SARL HUGO BOSS AG DEUTSCHE BANK AG CAPITAL GROUP COMPAN FIL LIMITED ALLIANZ ASSET MANAGE BLACKROCK NORGES BANK DEKA INVESTMENT GMBH VANGUARD GROUP INC MEDITOR CAPITAL MANA MARSHALL WACE LLP JO HAMBRO CAPITAL MA PICTET FUNDS DANSKE INVEST MANAGE DANSKE INVEST A/S INVESCO LTD SCHRODER INVESTMENT DWS INVESTMENTS FIDELITY INVESTMENT

Firm Name Morgan Stanley Independent Research GmbH Societe Generale Hauck & Aufhaeuser Nomura DZ Bank AG Calamatta Cuschieri Deutsche Bank Bankhaus Lampe Hamburger Sparkasse EVA Dimensions Landesbank Baden-Wuerttemberg Baader Bank Berenberg Bank Close Brothers Equity Markets Equinet Institutional Services(ESN) Commerzbank Corporates & Markets Nord/LB Credit Suisse JPMorgan M.M. Warburg Investment Research Main First Bank AG Exane BNP Paribas Barclays SRH AlsterResearch Bankhaus Metzler BHF-Bank HSBC Goldman Sachs UBS Hammer Partners SA

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

Analyst

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

Recommendation

TEAM COVERAGE not rated LARS LUSEBRINK hold VISHNU REDDY buy CHRISTIAN NIKOLAS SCHWENKENBECHER hold FRASER RAMZAN neutral HERBERT STURM buy TEAM COVERAGE overweight WARWICK OKINES hold MICHAEL GORNY hold CHRISTIAN HAMANN hold CRAIG STERLING hold Fabian Suessenguth buy VOLKER BOSSE buy ANNA PATRICE buy MARTIN DECOT hold INGBERT FAUST hold ANDREAS RIEMANN hold WOLFGANG VASTERLING buy ROGERIO FUJIMORI neutral MELANIE A FLOUQUET neutral JOERG PHILIPP FREY hold MATTHIAS EIFERT outperform ANDREAS INDERST outperform JULIAN EASTHOPE underweight NEIL SCHMODDE buy SEBASTIAN FRERICKS buy PETER STEINER market weight ANTOINE BELGE overweight WILLIAM HUTCHINGS neutral/neutral FRED SPEIRS buy STEPHAN SEIP sell

Amt Held % Out 39'424'001 56 1'386'880 1.97 1'130'482 1.61 999'750 1.42 880'927 1.25 868'583 1.23 772'006 1.1 651'017 0.92 429'402 0.61 346'342 0.49 (344'960) -0.49 (337'920) -0.48 308'345 0.44 287'884 0.41 277'642 0.39 244'529 0.35 236'225 0.34 168'460 0.24 160'524 0.23 159'903 0.23

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

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

Latest Chg 104'029 128'019 140'436 69'422 (56'909) (48'650) 73'859 49'280 14'080 42'457 1'725 68'867 37'178 1'688 168'460 47'072 -

Target Price #N/A N/A 103 110 95 100 102 110 96 92 #N/A N/A #N/A N/A 102 100 102 94 88 86 98 88 93 96 100 97 89 105 96 93 110 107 96 65

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

File Dt Inst Type 03.05.2013 Private Equity 31.12.2012 Corporation 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 23.09.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 30.06.2013 Unclassified 19.04.2013 Investment Advisor 02.05.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 24.09.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.09.2013 20.09.2013 18.09.2013 18.09.2013 17.09.2013 11.09.2013 05.09.2013 02.09.2013 27.08.2013 13.08.2013 06.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 04.07.2013 07.05.2013 08.03.2013 27.02.2013 07.02.2013 02.10.2012

27.09.2013

Commerzbank AG Commerzbank AG attracts deposits and offers retail and commercial banking services. The Bank offers mortgage loans, securities brokerage and asset management services, private banking, foreign exchange, and treasury services worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (04.07.2013) 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 CBK GY EQUITY YTD Change CBK GY EQUITY YTD % CHANGE

12/2012 06/yy 12.96 5.56 28'880'409.00 8.785 -32.22% 58.06% 51.12% 1'138.5 10'001.78 235'484.00 2'376.0 888.0 47'922.00 -

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 25'393.0 25'027.0 (4'537.0) 1'430.0 4.59x Profitability

LTM-4Q 31.12.2011 21'462.0 638.0 7.24x

31.12.2012 20'002.0 6.0 -

n-12

d-12

j-13

10.65% 8.24% -0.11% -2.78% -0.21% 0.03% 0.1% 37.03% 990.68% -

LTM

06/yy 20'588.0 0.00x 0.0 0.00x 254.0 0.00x

f-13 m-13

06/yy 19'078.0 0.00x 0.0 0.00x (689.0) 0.00x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.28 944.84 -22.11% -18.09% 1.284 35 2.857 9'556'615 12'553'700 13'361'060 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'563.4 9'913.6 2'464.7 2'967.0 380.6 911.6 214.7 111.3 24.69x 10.73x 22.13x 17.33x S&P Issuer Ratings

28.05.2013 ANEG 28.05.2013 A-2 990.7% 89.7% 0.03 12.74 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

o-12

Fiscal Year Ended 31.12.2008 24'181.0 3.0 1870.42x

15'000.0 10'000.0

0.40

5'000.0 0.20

0.0 0.00

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

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

27.09.2013

Commerzbank AG Holdings By:

All

Holder Name FEDERAL REPUBLIC OF BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC NORGES BANK MARSHALL WACE LLP DEUTSCHE BANK AG ADIG INVESTMENT SAC GLOBAL INVESTORS STATE STREET CORP CITIGROUP INCORPORAT DEKA INVESTMENT GMBH CREDIT SUISSE AG UBS INVEST KAG FMR LLC PRUDENTIAL OF AMERIC DEKA INVESTMENT GMBH BNY MELLON SERVICE K UNIVERSAL INVESTMENT UBS AG

Firm Name Exane BNP Paribas Nomura AlphaValue Keefe, Bruyette & Woods Equinet Institutional Services(ESN) Landesbank Baden-Wuerttemberg Main First Bank AG Macquarie JPMorgan HSBC Oddo & Cie Berenberg Bank Independent Research GmbH Bankhaus Lampe Bankhaus Metzler Hamburger Sparkasse Barclays EVA Dimensions Societe Generale Mediobanca SpA RBC Capital Markets Credit Suisse Deutsche Bank Nord/LB S&P Capital IQ DZ Bank AG UBS Grupo Santander Goldman Sachs Makor Capital Morgan Stanley M.M. Warburg Investment Research Kepler Cheuvreux

Portfolio Name n/a n/a 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 DEKA DAX(R) UCITS ET Multiple Portfolios Multiple Portfolios n/a

Analyst GUILLAUME TIBERGHIEN OMAR KEENAN DIETER HEIN RONNY REHN PHILIPP HAESSLER INGO FROMMEN KILIAN MAIER THOMAS STOEGNER JAIME BECERRIL JOHANNES THORMANN JEAN SASSUS NICK ANDERSON STEFAN BONGARDT NEIL SMITH GUIDO HOYMANN CHRISTIAN HAMANN KIRI VIJAYARAJAH DOUG WALTERS PHILIP RICHARDS RICCARDO ROVERE ANKE REINGEN MAXENCE LE GOUVELLO MATT SPICK MICHAEL SEUFERT FRANK BRADEN CHRISTOPH BAST MATTEO RAMENGHI TANIA GOLD MARTIN LEITGEB ALBERT SAPORTA FRANCESCA TONDI ANDREAS PLAESIER DIRK BECKER

Source Research ULT-AGG ULT-AGG ULT-AGG MF-AGG Short ULT-AGG MF-AGG Short ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ETF MF-AGG MF-AGG ULT-AGG

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

Amt Held % Out 193'546'183 17 59'398'228 5.22 57'632'719 5.06 10'803'690 0.95 9'457'083 0.83 (3'643'222) -0.32 2'013'297 0.18 1'906'385 0.17 (1'480'059) -0.13 1'274'912 0.11 1'252'507 0.11 1'237'970 0.11 1'116'347 0.1 1'092'000 0.1 1'056'602 0.09 934'131 0.08 831'819 0.07 778'100 0.07 700'513 0.06 674'200 0.06

Weighting

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

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

Latest Chg 6'232'942 2'277'014 1'826'285 3'766'504 (4'757) 508'999 1'092'000 19'633 934'131 (3'185) 374'049 426'310

Target Price 9 7 8 9 10 10 9 9 9 10 6 7 7 11 14 #N/A N/A 8 #N/A N/A 7 8 9 9 9 8 8 4 7 7 10 13 8 8 5

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

File Dt Inst Type 29.05.2013 Government 25.09.2013 Investment Advisor 22.07.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 08.08.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 15.05.2013 Investment Advisor 26.09.2013 Investment Advisor 29.05.2013 Investment Advisor 27.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Insurance Company 27.09.2013 Investment Advisor 30.08.2013 Investment Advisor 21.08.2013 Investment Advisor 28.06.2013 Unclassified

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

Date 27.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 18.09.2013 18.09.2013 12.09.2013 11.09.2013 10.09.2013 06.09.2013 02.09.2013 30.08.2013 26.08.2013 23.08.2013 20.08.2013 14.08.2013 14.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 24.07.2013 22.07.2013 19.07.2013 04.07.2013 17.05.2013 15.05.2013 14.05.2013

27.09.2013

Celesio AG Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The Company wholesales pharmaceuticals, operates retail pharmacies, and provides logistics and transportation services for pharmaceuticals at local, national and European level.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (28.11.2012) 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 CLS1 GY EQUITY YTD Change CLS1 GY EQUITY YTD % CHANGE

12/2012 06/yy 18.00 12.81 237'975.00 16.645 -7.53% 29.99% 76.42% 170.1 2'831.31 2'082.90 0.0 34.3 523.90 4'467.51

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 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 21'166.6 0.26x 657.4 8.32x (21.0) -

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

31.12.2009 31.12.2010 21'497.2 23'277.6 0.24x 0.21x 595.9 664.7 8.50x 7.37x 3.4 259.2 885.00x 12.24x Profitability

LTM-4Q 31.12.2011 22'152.9 0.17x 584.9 6.38x 1.9 28.47x

31.12.2012 22'270.8 0.17x 612.6 6.22x (156.1) 21.74x 612.60 440.20 1.98% 0.96% 1.37% 4.98% 4.79% 2.69% 10.9% 3.0% 2.2% -0.7% 1.42 0.78 26.27% 96.36% 9.84 12.45

Price/ Cash Flow

LTM

06/yy 22'347.4 0.68x 524.5 7.82x (144.8) 30.63x

06/yy 21'752.7 0.76x 646.1 6.92x 110.6 17.73x

FY+1

.0 M s-13

0.96 85.02 20.07% 29.96% 0.965 21 3.476 229'488 315'348 448'266 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 21'428.8 21'734.9 5'207.5 5'398.5 0.21x 0.20x 557.8 604.2 145.0 154.0 8.00x 7.39x 183.0 222.9 51.1 54.1 15.37x 12.88x S&P Issuer Ratings

3.44 2.77 2.48 3.13 96.4% 48.7% 2.69 42.11 37.09 29.33 44.44 21.36

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 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

Celesio AG Holdings By:

All

Holder Name FRANZ HANIEL & CIE G BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN AKO CAPITAL LLP NORGES BANK FIDEURAM GESTIONS SA UNION INVESTMENT GMB VANGUARD GROUP INC ALLIANZ ASSET MANAGE DWS INVESTMENTS OPPENHEIMERFUNDS INC ADELPHI CAPITAL LLP DEKA INVESTMENT GMBH STATE STREET CORP DIMENSIONAL FUND ADV BARING FUND MANAGERS DEKA INVESTMENT GMBH DEUTSCHE BANK AG DEKA INVESTMENT GMBH

Firm Name M.M. Warburg Investment Research AlphaValue Morgan Stanley Exane BNP Paribas Equinet Institutional Services(ESN) Nord/LB Jefferies Berenberg Bank Main First Bank AG Landesbank Baden-Wuerttemberg DZ Bank AG Deutsche Bank Independent Research GmbH Kepler Cheuvreux Bankhaus Metzler EVA Dimensions Commerzbank Corporates & Markets UBS Steubing AG Solventis WPH-Bank GmbH

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 n/a Multiple Portfolios n/a n/a Multiple Portfolios DEKAFONDS n/a Multiple Portfolios

Analyst ULRICH HUWALD EILEEN RYAN MICHAEL K JUNGLING ANDREAS INDERST KONRAD LIEDER THORSTEN STRAUSS JAMES VANE-TEMPEST SCOTT BARDO MARCUS WIEPRECHT BARBARA AMBRUS THOMAS MAUL HOLGER BLUM LARS LUSEBRINK OLIVER REINBERG STEFAN WIMMER TIMOTHY STANISH VOLKER BRAUN IAN DOUGLAS-PENNANT TOBIAS SCHMIDT KLAUS SCHLOTE

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

Recommendation buy reduce Equalwt/In-Line neutral accumulate hold hold hold underperform hold buy hold hold buy buy underweight buy sell buy buy

Amt Held % Out 85'067'013 50.01 7'910'486 4.65 4'509'586 2.65 4'467'000 2.63 (4'218'480) -2.48 2'524'593 1.48 1'007'217 0.59 966'000 0.57 962'756 0.57 764'634 0.45 641'798 0.38 613'710 0.36 (612'360) -0.36 558'200 0.33 466'591 0.27 452'513 0.27 407'081 0.24 400'000 0.24 382'285 0.22 256'300 0.15

Weighting

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

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

Latest Chg 38'399 748'296 102'060 (14'636) 325'000 (52'031) (125'623) 400'000 119'070 43'600 211'052 71'000 -

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

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

File Dt 31.12.2012 25.09.2013 28.06.2013 30.06.2013 09.09.2013 31.12.2012 30.08.2013 28.03.2013 30.06.2013 31.07.2013 31.05.2013 31.07.2013 23.07.2013 28.03.2013 26.09.2013 30.04.2013 31.05.2013 28.12.2012 31.07.2013 27.09.2013

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor 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

Date 24.09.2013 19.09.2013 16.09.2013 16.09.2013 29.08.2013 21.08.2013 20.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 24.06.2013 20.06.2013 23.05.2013 02.04.2013 30.01.2013

27.09.2013

CANCOM SE CANCOM SE is an integrated information technology (IT) services provider. The Company provides IT products and services. CANCOM's products and services include security, network and system solutions, communication, storage, backup and archive services, and IT management.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COK GY EQUITY YTD Change COK GY EQUITY YTD % CHANGE

12/2012 06/yy 26.00 10.60 60'108.00 22.1 -14.98% 108.59% 68.93% 11.4 252.60 12.02 0.0 0.2 44.64 258.19

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 364.1 0.07x 8.8 2.71x 2.7 8.41x

31.12.2009 31.12.2010 422.5 474.6 0.08x 0.19x 10.4 19.0 3.20x 4.81x 5.1 7.8 7.96x 10.16x Profitability

LTM-4Q 31.12.2011 544.4 0.13x 25.0 2.83x 11.5 7.73x

31.12.2012 558.1 0.22x 28.1 4.34x 11.5 11.73x 28.06 20.66 3.70% 3.38% 7.74% 18.24% 16.25% 3.28% 5.2% 3.7% 2.1% 1.38 1.25 5.76% 14.92% 6.71 -

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 560.9 0.77x 27.6 5.43x 12.1 10.50x

LTM 06/yy 565.2 1.09x 29.4 7.10x 13.3 14.83x

FY+1

0.85 10.41 84.76% 67.16% 0.846 3 4.333 59'258 99'519 111'769 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 580.3 606.3 0.37x 0.34x 30.2 33.5 8.53x 7.70x 15.0 17.3 16.83x 14.61x S&P Issuer Ratings

13.17 7.30 0.18 0.39 14.9% 13.0% 3.28 32.99 54.41 -

Sales/Revenue/Turnover

40.00

600.0

35.00

500.0

30.00

400.0

25.00 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

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

CANCOM SE Holdings By:

All

Holder Name ALLIANZ GLOBAL INVES SCHRODERS PLC UBS AG SCHICK KARIN KOBER STEFAN KOBER RAYMOND LLB FONDSLEITUNG AG WEINMANN KLAUS AXXION SA VANGUARD GROUP INC JP MORGAN DWS INVESTMENTS INVESCO LTD COMINVEST ASSET MANA OXFORD ASSET MANAGEM TRANSAMERICA INVESTM BLACKROCK AMPEGAGERLING INVEST SOCIETE DE GESTION P PALATINE ASSET MANAG

Firm Name Hauck & Aufhaeuser M.M. Warburg Investment Research Deutsche Bank Independent Research GmbH

Analyst TIM OLIVER WUNDERLICH ANDREAS WOLF UWE SCHUPP ZAFER RUZGAR

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

Recommendation buy buy hold buy

Amt Held % Out 608'060 5.32 327'130 2.86 280'181 2.45 270'000 2.36 261'289 2.29 260'891 2.28 260'000 2.27 209'864 1.84 162'500 1.42 137'614 1.2 101'045 0.88 96'900 0.85 92'632 0.81 80'000 0.7 (57'149) -0.5 50'557 0.44 47'451 0.42 28'500 0.25 24'250 0.21 21'500 0.19

Weighting

Change 5 5 3 5

Latest Chg 130'000 (12'386) 101'045 92'632 (4'443) (3'400) 2'500

Target Price

M U M M

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

29 26 13 13

File Dt Inst Type 12.08.2013 Investment Advisor 08.04.2013 Investment Advisor 28.06.2013 Unclassified 16.08.2013 n/a 31.12.2011 n/a 31.12.2011 n/a 30.06.2013 Investment Advisor 31.12.2011 n/a 04.04.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Unclassified 25.09.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 28.06.2013 Investment Advisor 25.04.2013 Investment Advisor 30.08.2013 Investment Advisor

Date 12 month 12 month 12 month 6 month

Date 12.09.2013 29.08.2013 17.05.2013 14.11.2011

27.09.2013

Continental AG Continental AG manufactures tires, automotive parts and industrial products. The Company produces passenger car, truck, commercial vehicle, and bicycle tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting, transmission products, and sealing systems. Continental markets its products under such brands as Continental, Uniroyal, Gislaved, Viking, and Barum.

Price/Volume 140

3.0 M

120

2.5 M

100

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 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 CON GY EQUITY YTD Change CON GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

20 0 s-12

31.12.2009 31.12.2010 20'095.7 26'046.9 0.77x 0.75x 2'246.6 3'709.8 6.89x 5.25x (1'649.2) 576.0 20.53x Profitability

LTM-4Q 31.12.2011 30'504.9 0.60x 4'277.0 4.25x 1'242.2 7.74x

31.12.2012 32'736.2 0.76x 4'930.1 5.04x 1'883.5 9.30x 4'930.10 3'148.90 9.62% 8.15% 7.34% 25.42% 14.62% 1.19% 21.6% 15.2% 9.7% 5.8% 0.99 0.65 35.38% 110.33% 5.59 7.90

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

06/yy 32'132.9 2.46x 4'700.7 4.64x 1'562.4 8.36x

06/yy 32'804.3 3.07x 4'984.3 5.69x 2'022.2 10.15x

FY+1

.0 M s-13

1.26 102.19 64.74% 47.12% 1.260 31 3.742 519'635 428'990 423'867 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'962.3 36'080.3 8'571.0 8'621.0 0.91x 0.83x 5'081.4 5'559.4 1'283.0 1'310.0 6.50x 5.95x 2'111.9 2'415.7 480.0 520.0 11.88x 10.37x S&P Issuer Ratings

24.05.2013 BB STABLE 27.01.2009 B 11.34 6.70 1.51 1.89 110.3% 51.4% 1.19 4.55 65.30 46.20 61.90 40.21

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 24'238.7 0.68x 3'042.6 5.41x (1'123.5) -

1.5 M

12/2012 06/yy 128.60 74.02 210'423.00 125.95 -2.06% 70.16% 95.14% 200.0 25'190.75 9'673.30 0.0 377.4 2'719.00 33'033.05

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

Continental AG Holdings By:

All

Holder Name SCHAEFFLER GROUP BLACKROCK PRINCIPAL FINANCIAL GIC PRIVATE LIMITED DEUTSCHE BANK AG NORGES BANK ALLIANZ ASSET MANAGE FIL LIMITED UNION INVESTMENT GMB VANGUARD GROUP INC HARRIS ASSOCIATES LP ONTARIO TEACHERS PEN NEW YORK LIFE INVEST PIONEER FRANKLIN RESOURCES HENDERSON GLOBAL INV BNP PARIBAS DEKA INVESTMENT GMBH DB PLATINUM ADVISORS CI INVESTMENTS INC

Firm Name Oddo & Cie AlphaValue UBS Baader Bank Equinet Institutional Services(ESN) Natixis Bankhaus Metzler Exane BNP Paribas Deutsche Bank Commerzbank Corporates & Markets Day by Day Main First Bank AG Barclays Hamburger Sparkasse Societe Generale Kepler Cheuvreux DZ Bank AG Goldman Sachs JPMorgan Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Nord/LB M.M. Warburg Investment Research Bankhaus Lampe Morgan Stanley HSBC Steubing AG EVA Dimensions

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

Analyst FRANCOIS MAURY HANS-PETER WODNIOK DAVID LESNE KLAUS BREITENBACH TIM SCHULDT MICHAEL FOUNDOUKIDIS JUERGEN PIEPER RABIH FREIHA GAETAN TOULEMONDE DANIEL SCHWARZ VALERIE GASTALDY LOTHAR LUBINETZKI KRISTINA CHURCH TINA HECKING-VELTMAN PHILIPPE BARRIER THOMAS BESSON MICHAEL PUNZET STEPHAN PUETTER JOSE ASUMENDI JENS SCHATTNER FRANK BILLER ZAFER RUZGAR FRANK SCHWOPE MARC-RENE TONN CHRISTIAN LUDWIG LAURA LEMBKE HORST SCHNEIDER TOBIAS SCHMIDT CRAIG STERLING

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

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

Amt Held 92'002'751 17'712'828 7'331'954 5'808'371 2'863'557 2'641'557 1'636'112 1'489'177 1'436'503 1'175'876 1'171'800 1'100'000 994'246 900'209 862'569 837'422 803'980 787'850 664'505 653'141

% Out 46 8.86 3.67 2.9 1.43 1.32 0.82 0.74 0.72 0.59 0.59 0.55 0.5 0.45 0.43 0.42 0.4 0.39 0.33 0.33

Weighting

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

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

Latest Chg (7'800'241) (35'471) 7'211'097 6'040 (9'954) 905'585 (53'281) (28'767) 1'171'800 99'616 178'014 (60'060) 188'502 (17'118) 65'811 (469'705) 206'150

Target Price 105 94 120 150 105 116 144 118 140 135 142 118 124 #N/A N/A 119 130 122 145 130 138 127 130 110 124 110 104 123 110 #N/A N/A

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

File Dt Inst Type 17.09.2013 Other 25.09.2013 Investment Advisor 31.07.2013 Investment Advisor 16.03.2012 Government 31.07.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.07.2013 Insurance Company 30.04.2013 Unclassified 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Unclassified 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 26.09.2013 26.09.2013 19.09.2013 17.09.2013 17.09.2013 13.09.2013 11.09.2013 06.09.2013 03.09.2013 02.09.2013 23.08.2013 20.08.2013 16.08.2013 15.08.2013 09.08.2013 09.08.2013 09.08.2013 07.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 26.07.2013 25.07.2013 17.07.2013 04.06.2013 09.04.2013 17.01.2013

27.09.2013

CompuGroup Medical AG CompuGroup Medical AG provides information systems and data processing services to dental offices, physicians offices, hospitals and clinics. Its computer systems are involved in the management and administration of office records, bills and invoices. The Company's information systems are also used for the organization and controll of medical documentation and archives.

Price/Volume 25

.3 M .2 M

12/2012 06/yy 20.00 12.57 3'897.00 18.455 -7.73% 46.82% 80.48% 53.2 982.16 269.31 0.0 0.0 19.12 1'222.21

.2 M .1 M

5 0 s-12

.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 31.12.2009 31.12.2010 293.4 312.4 1.68x 2.33x 59.3 67.0 8.29x 10.89x 12.0 16.6 31.04x 33.45x Profitability

LTM-4Q 31.12.2011 397.3 1.71x 72.5 9.39x 9.6 45.79x

31.12.2012 450.6 2.16x 109.4 8.90x 30.7 23.50x 109.36 68.56 15.22% 10.74% 3.30% 12.28% 0.69% 22.5% 13.5% 6.8% 0.62 0.51 41.35% 150.14% 6.63 -

Price/ Cash Flow

06/yy 443.5 6.49x 102.9 7.42x 32.2 16.90x

LTM 06/yy 450.1 9.16x 101.3 11.23x 21.5 30.65x

FY+1

.0 M s-13

0.51 22.87 31.78% 28.50% 0.514 7 4.714 70'870 40'011 44'899 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 460.7 487.2 114.0 122.0 2.64x 2.41x 98.7 114.8 12.39x 10.64x 37.5 49.6 8.2 9.7 18.60x 14.57x S&P Issuer Ratings

5.33 4.43 2.37 2.51 150.1% 60.0% 0.69 7.56 55.01 -

Sales/Revenue/Turnover

20.00

500.0

18.00

450.0

16.00

400.0

14.00

350.0

12.00

300.0

10.00 8.00

250.0 200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 01.01.2010

.3 M

15 10

Latest Fiscal Year: LTM as of: 52-Week High (11.07.2013) 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 02.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COP GY EQUITY YTD Change COP GY EQUITY YTD % CHANGE

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

.4 M

Valuation Analysis

31.12.2008 229.2 1.17x 50.2 5.32x 1.7 100.67x

.4 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

CompuGroup Medical AG Holdings By:

All

Holder Name GOTTHARDT FRANK GOTTHARDT DANIEL COMPUGROUP HOLDING A GOTTHARDT BRIGITTE DEUTSCHE BANK AG KOOP REINHARD FMR LLC DWS INVESTMENTS OPPENHEIMERFUNDS INC FIL LIMITED KEMPEN CAPITAL MANAG DEKA INVESTMENT GMBH DEKA INVESTMENT GMBH BARING FUND MANAGERS KBC GROUP NV DEUTSCHE POSTBANK CA GRANDEUR PEAK GLOBAL UNION INVESTMENT GMB GROUPAMA ASSET MANAG SCHRODER INVESTMENT

Firm Name Commerzbank Corporates & Markets Hauck & Aufhaeuser Deutsche Bank EVA Dimensions Berenberg Bank HSBC M.M. Warburg Investment Research

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

Analyst FLORIAN TREISCH LARS DANNENBERG UWE SCHUPP TIMOTHY STANISH GUNNAR COHRS HENDRIK LOFRUTHE ANDREAS WOLF

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

Recommendation buy buy buy overweight hold overweight buy

Amt Held 17'855'075 3'624'234 3'453'933 3'368'782 2'435'000 2'043'621 1'344'707 1'029'682 903'216 895'853 510'635 448'700 448'700 185'000 160'317 158'531 158'465 115'000 114'877 95'000

% Out 33.55 6.81 6.49 6.33 4.58 3.84 2.53 1.93 1.7 1.68 0.96 0.84 0.84 0.35 0.3 0.3 0.3 0.22 0.22 0.18

Weighting

Change 5 5 5 5 3 5 5

M M M U M M M

Latest Chg (2'232) 620'270 165'325 (2'937) 120'000 11'500 115'000 114'877 -

Target Price 20 20 20 #N/A N/A 17 18 19

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

File Dt 31.08.2012 31.08.2012 31.08.2012 31.08.2012 09.08.2013 31.08.2012 14.06.2013 31.05.2013 31.07.2013 30.04.2013 30.06.2013 28.12.2012 28.12.2012 31.05.2013 31.07.2013 28.12.2012 30.04.2013 28.03.2013 28.03.2013 31.05.2013

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

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

Date 29.08.2013 27.08.2013 09.08.2013 09.08.2013 06.08.2013 05.08.2013 05.08.2013

27.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 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 06.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2012 06/yy 59.56 35.15 1'787'084.00 57.98 -2.65% 64.97% 93.61% 1'069.4 62'005.90 84'642.00 0.0 1'631.0 15'055.00 131'881.90

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

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

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

31.12.2012 114'297.0 1.01x 12'138.0 9.50x 6'095.0 7.24x 12'138.00 8'071.00 7.06% 6.75% 4.10% 16.82% 7.41% 0.70% 22.3% 9.5% 5.8% 5.3% 1.13 0.38 51.93% 192.90% 14.03 4.69

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.25 942.25 54.77% 47.80% 1.252 39 3.615 4'686'234 3'132'799 3'544'685 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 111'368.0 114'196.0 117'415.9 125'433.5 29'639.3 32'565.7 3.69x 4.07x 0.67x 0.63x 12'317.0 10'854.0 13'943.5 14'111.9 8.78x 11.01x 9.45x 9.33x 5'825.0 6'700.0 5'457.6 5'923.3 1'283.5 1'390.5 6.46x 7.40x 12.08x 10.46x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 20.54 (EBITDA-Capex)/Interest Exp. 12.37 Net Debt/EBITDA 6.38 Total Debt/EBITDA 7.96 Reference Total Debt/Equity 192.9% Total Debt/Capital 65.0% Asset Turnover 0.70 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days 26.01 Inventory Days 77.76 Accounts Payable Turnover Day 42.15 Cash Conversion Cycle 58.83 Sales/Revenue/Turnover

160.00

180'000.0

140.00

160'000.0

120.00

140'000.0 120'000.0

100.00

100'000.0

80.00

80'000.0

60.00

60'000.0

40.00

40'000.0

20.00

20'000.0

0.00 01.01.2010

o-12

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

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

Daimler AG Holdings By:

All

Holder Name DEUTSCHE BANK AG BLACKROCK KUWAIT INVESTMENT AU CAPITAL GROUP COMPAN COMMERZBANK AKTIENGE AABAR INVESTMENTS PJ NORGES BANK NISSAN MOTOR CO LTD HARRIS ASSOCIATES LP VANGUARD GROUP INC HARBOR CAPITAL ADVIS DEKA INVESTMENT GMBH FIRST EAGLE INVESTME CREDIT SUISSE GROUP DIMENSIONAL FUND ADV UNION INVESTMENT GMB MERCURY ASSET MANAGE ONTARIO TEACHERS PEN UBS AG AMUNDI

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

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 Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst MAX WARBURTON DANIEL SCHWARZ JOCHEN GEHRKE LAURA LEMBKE PHILIPPE HOUCHOIS JOSE ASUMENDI FRANK BILLER FRANCOIS MAURY MARC-RENE TONN JUERGEN PIEPER MICHAEL RAAB GEORGES DIENG KRISTINA CHURCH HANS-PETER WODNIOK ARNDT ELLINGHORST HARALD C HENDRIKSE RABIH FREIHA TINA HECKING-VELTMAN TIM SCHULDT KLAUS BREITENBACH VALERIE GASTALDY MICHAEL PUNZET STEFAN BURGSTALLER FRANK SCHWOPE HORST SCHNEIDER CRAIG STERLING TOBIAS SCHMIDT STEPHEN REITMAN CHRISTIAN BREITSPRECHER RODERICK BRIDGE ZAFER RUZGAR CHRISTIAN LUDWIG LOTHAR LUBINETZKI CHARLES WINSTON CARLO R BESENIUS GLEN SPENCER-CHAPMAN JIRI SIMARA

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

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

Amt Held 154'191'572 93'971'771 73'577'854 43'507'194 38'268'282 33'056'717 31'839'135 16'448'378 14'357'505 13'217'297 10'511'692 7'209'941 6'356'137 4'071'305 3'437'987 3'314'133 3'007'528 3'000'000 2'840'347 2'808'112

% Out 14.42 8.79 6.88 4.07 3.58 3.09 2.98 1.54 1.34 1.24 0.98 0.67 0.59 0.38 0.32 0.31 0.28 0.28 0.27 0.26

Weighting

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

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

Latest Chg (415'997) (2'675'000) 2'212'510 392'736 (461'045) (34'395) 8'169 (288'511) (609) (28'922) (2'291'565)

Target Price 55 66 62 46 62 66 60 68 60 66 52 65 39 40 60 55 63 #N/A N/A 46 55 #N/A N/A 43 72 59 60 #N/A N/A 76 60 63 56 47 53 58 #N/A N/A 52 48 37

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 23.09.2013 Investment Advisor 06.02.2012 Government 31.07.2013 Investment Advisor 11.04.2013 Bank 06.02.2012 Government 27.03.2013 Government 31.03.2013 Corporation 30.08.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 16.04.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 23.09.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 24.09.2013 Unclassified 30.04.2013 Investment Advisor

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

Date 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 06.09.2013 29.08.2013 27.08.2013 12.08.2013 12.08.2013 09.08.2013 07.08.2013 02.08.2013 30.07.2013 30.07.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 23.07.2013 02.05.2013 16.04.2013 15.02.2013 29.10.2012

27.09.2013

Deutsche Boerse AG Deutsche Boerse AG provides a variety of stock exchange introduction, trading, and operational services to institutions and private investors. The Company offers electronic trading systems for buying and selling of securities on stock exchanges in Europe. Deutsche Boerse offers indices such as DAX, MDAX, SDAX, and XTF, as well as trading in options and futures.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 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 DB1 GY EQUITY YTD Change DB1 GY EQUITY YTD % CHANGE

12/2012 06/yy 57.54 40.93 281'557.00 55.62 -3.34% 35.91% 88.44% 193.0 10'734.66 1'160.10 0.0 223.0 669.00 11'813.86

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

31.12.2008 2'947.0

31.12.2009 2'267.9

1'627.6

1'133.7

1'033.3

496.1

31.12.2010 2'165.7 4.70x 1'090.6 9.34x 417.8 23.02x

LTM-4Q 31.12.2011 2'308.4 3.62x 1'240.5 6.74x 855.2 9.37x

31.12.2012 2'197.3 4.20x 1'079.8 8.54x 645.0 13.43x

06/yy 2'308.3 15.31x 1'200.9 7.45x 796.0 9.99x

j-13

LTM 06/yy 2'180.2 17.37x 992.9 10.40x 604.8 15.37x

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

1'079.80 974.80 44.36% 38.08% 0.23% 21.22% 0.01% 45.5% 40.4% 29.4% 1.00 0.00 0.54% 39.37% -

Price/ Cash Flow

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.73 180.36 30.73% 25.78% 0.732 29 3.379 724'375 483'475 613'853 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'096.9 2'218.2 508.0 499.5 5.63x 5.31x 24.06x 24.35x 1'075.0 1'210.6 273.5 253.0 10.98x 9.75x 10.46x 10.28x 660.5 752.9 166.0 157.0 15.35x 13.56x 14.94x 14.45x S&P Issuer Ratings

13.02.2012 AA NEG 07.03.2005 A-1+ 10.54 8.69 0.86 1.55 39.4% 26.8% 0.01 18.48 -

Sales/Revenue/Turnover

18.00

3'500.0

16.00

3'000.0

14.00

2'500.0

12.00 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

d-12

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

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

Deutsche Boerse AG Holdings By:

All

Holder Name BLACKROCK DEUTSCHE BOERSE AG CAPITAL GROUP COMPAN INVESCO LTD DEUTSCHE BANK AG DODGE & COX ROYAL BANK OF SCOTLA NORGES BANK WARBURG INVEST UBS AG ALLIANZ ASSET MANAGE VANGUARD GROUP INC ARTISAN PARTNERS HOL BESSEMER GROUP INCOR UNION INVESTMENT GMB BANQUE DE LUXEMBOURG FIL LIMITED T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I BNP PARIBAS

Firm Name Bankhaus Metzler HSBC AlphaValue RBC Capital Markets Morgan Stanley Day by Day BMO Capital Markets Equinet Institutional Services(ESN) Kepler Cheuvreux Deutsche Bank Credit Suisse Main First Bank AG Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH Hamburger Sparkasse M.M. Warburg Investment Research S&P Capital IQ DZ Bank AG JPMorgan Keefe, Bruyette & Woods Barclays Macquarie UBS EVA Dimensions Berenberg Bank Goldman Sachs Nomura Banco Sabadell

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

Analyst JOCHEN SCHMITT JOHANNES THORMANN DIETER HEIN PETER K LENARDOS BRUCE HAMILTON VALERIE GASTALDY JILLIAN MILLER PHILIPP HAESSLER DIRK BECKER BENJAMIN GOY GURJIT KAMBO FEDERICO SALERNO JULIA SIEKMANN INGO FROMMEN STEFAN BONGARDT CHRISTIAN HAMANN ANDREAS PLAESIER FRANK BRADEN CHRISTOPH BAST RAE MAILE TOM MILLS DANIEL R GARROD NEIL WELCH ARNAUD GIBLAT DOUG WALTERS PRAS JEYANANDHAN CHRIS M. TURNER TEAM COVERAGE MARIO LODOS

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

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

Amt Held 12'579'327 9'533'068 8'076'523 5'952'862 5'566'859 4'742'000 4'513'257 3'485'620 3'108'037 2'854'873 2'356'459 2'343'081 1'724'740 1'671'000 1'567'000 1'509'172 1'422'497 1'198'154 1'178'529 1'064'704

% Out 6.52 4.94 4.18 3.08 2.88 2.46 2.34 1.81 1.61 1.48 1.22 1.21 0.89 0.87 0.81 0.78 0.74 0.62 0.61 0.55

Weighting

Change

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

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

Latest Chg 18'423 13'604 835'498 11'622 138'139 777'000 (302'360) (300'000) (294'154) (858'271) (131'120) (58'322)

Target Price 66 64 56 60 55 71 58 48 60 51 51 52 50 54 58 #N/A N/A 52 54 56 51 57 47 48 60 #N/A N/A 54 53 #N/A N/A 70

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

File Dt 23.09.2013 17.02.2012 30.07.2013 24.09.2013 31.07.2013 30.06.2013 17.05.2013 31.12.2012 21.05.2012 28.06.2013 31.08.2013 30.06.2013 31.03.2013 30.04.2013 28.03.2013 31.07.2013 30.04.2013 30.06.2013 31.07.2013 30.04.2013

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

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

Date 25.09.2013 23.09.2013 19.09.2013 11.09.2013 04.09.2013 04.09.2013 03.09.2013 27.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 19.07.2013 02.07.2013 19.06.2013 06.06.2013 04.03.2013 24.01.2013 27.09.2012 23.02.2012

27.09.2013

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

Price/Volume 40

20.0 M

25 20

12/2012 06/yy 38.73 29.41 8'609'246.00 34.4 -11.18% 16.97% 64.91% 1'019.5 35'070.79 278'501.00 0.0 407.0 147'433.00 -

15.0 M

10.0 M

10 5.0 M

5 0 s-12

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

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

31.12.2012 52'299.0 237.0 131.80x 8.08% 2.18% 0.01% 0.34% 0.06% 0.02% 0.7% 13.84% 515.71% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 49'520.0 0.00x 0.0 0.00x 2'916.0 9.08x

f-13 m-13

06/yy 49'310.0 0.00x 0.0 0.00x 190.0 179.61x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.40 1'013.93 7.15% 6.64% 1.399 41 4.024 7'179'224 5'292'410 5'727'339 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'320.2 33'933.1 7'756.6 7'824.4 3'853.3 4'528.0 749.8 780.8 9.40x 7.63x 8.32x S&P Issuer Ratings

02.07.2013 A STABLE 19.12.2008 A-1 515.7% 83.7% 0.02 9.91 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

o-12

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 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 DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

31.12.2008 58'492.0 (3'835.0) -

30.0 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

Deutsche Bank AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN DEKABANK DEUTSCHE GI NORGES BANK COMMERZBANK AKTIENGE CREDIT SUISSE AG CREDIT AGRICOLE SA DEUTSCHE BANK AG VANGUARD GROUP INC BANK OF AMERICA CORP JP MORGAN DEKA INVESTMENT GMBH FMR LLC BANK OF NEW YORK MEL HSBC HOLDINGS PLC GOLDMAN SACHS GROUP MORGAN STANLEY UNION INVESTMENT GMB UBS AG AMUNDI

Firm Name

Portfolio Name n/a n/a DEKABANK DEUTSCHE GI Multiple Portfolios COMMERZBANK AKTIENGE n/a CREDIT AGRICOLE SA n/a n/a BANK OF AMERICA n/a Multiple Portfolios n/a BANK OF NEW YORK MEL HSBC HOLDINGS PLC n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

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

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

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

Amt Held 47'776'278 40'566'540 23'529'706 21'866'137 19'790'330 17'110'481 15'521'141 14'939'396 11'760'269 10'724'776 9'222'003 7'105'620 7'023'986 6'738'764 5'921'773 5'363'452 5'295'797 5'245'301 5'206'110 4'715'162

% Out 4.69 3.98 2.31 2.14 1.94 1.68 1.52 1.47 1.15 1.05 0.9 0.7 0.69 0.66 0.58 0.53 0.52 0.51 0.51 0.46

Weighting

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

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

Latest Chg (1'003'950) (982'040) (195'485) 2'100 (891'299) (8'703'861) 1'253'747 5'157'052 6'873'841 (634'844) 5'835'740 2'080'863 (11'954'777) 1'496'235 (162'624) (639'919) (2'647'720) 181'927

Target Price 49 41 46 40 34 41 37 42 42 39 47 40 42 26 40 #N/A N/A #N/A N/A 45 36 47 40 44 36 42 44 38 35 40 42 40 40 45 #N/A N/A #N/A N/A 28 43 40 40 #N/A N/A 32 36 33

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

File Dt 23.09.2013 31.07.2013 30.06.2013 31.12.2012 30.06.2013 31.05.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 30.06.2013 31.07.2013 24.09.2013 30.04.2013

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

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

Date 25.09.2013 24.09.2013 24.09.2013 23.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 16.09.2013 16.09.2013 06.09.2013 02.09.2013 02.09.2013 20.08.2013 19.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 16.07.2013 04.07.2013 03.07.2013 29.05.2013 10.05.2013 15.02.2013 17.01.2013 25.07.2012 03.07.2012 08.02.2010

27.09.2013

Deutsche Euroshop AG Deutsche Euroshop AG invests in shopping centers. The Company owns shopping centers in locations throughout Europe. The properties are primarily in city centers.

Price/Volume 35

.9 M

.8 M .7 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 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 14.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEQ GY EQUITY YTD Change DEQ GY EQUITY YTD % CHANGE

12/2012 06/yy 34.55 28.88 38'331.00 32.33 -6.43% 11.97% 60.26% 53.9 1'744.06 1'657.23 0.0 0.0 167.51 3'222.98

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

.5 M

.4 M

31.12.2009 31.12.2010 130.8 147.6 14.30x 20.30x 113.0 126.5 16.55x 23.69x 34.4 81.8 25.45x 16.10x Profitability

.2 M

5 0 s-12

.1 M o-12

LTM-4Q 31.12.2011 193.1 15.37x 167.8 17.69x 99.0 12.92x

31.12.2012 216.1 14.79x 183.0 17.47x 122.5 13.41x 182.99 182.96 51.32% 54.98% 4.00% 10.67% 5.74% 0.06% 84.4% 56.7% 46.70% 125.37% -

Price/ Cash Flow

06/yy 180.2 63.51x 156.3 18.34x 104.4 13.82x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 200.2 60.51x 168.9 18.51x 131.7 12.16x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.71 41.40 12.88% 6.24% 0.713 26 3.462 140'692 101'896 102'817 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 195.7 204.5 48.6 49.7 16.39x 15.58x 65.20x 63.31x 172.3 178.9 42.3 43.3 18.70x 18.01x 18.81x 18.76x 108.9 107.5 26.6 27.7 16.35x 16.08x 15.85x 15.62x S&P Issuer Ratings

2.54 2.36 8.76 9.26 125.4% 55.6% 0.06 -

Sales/Revenue/Turnover

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 01.01.2010

.3 M

Fiscal Year Ended 31.12.2008 120.2 15.07x 102.2 17.72x 68.9 12.15x

.6 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

Deutsche Euroshop AG Holdings By:

All

Holder Name OTTO ALEXANDER OTTO BENJAMIN BLACKROCK HERTIE FOUNDATION SOCIETE FEDERALE NORGES BANK DEUTSCHE BANK AG WELLINGTON MANAGEMEN BAY POND PARTNERS LP ALLIANZ ASSET MANAGE BAY POND INVESTORS B VANGUARD GROUP INC UNION INVESTMENT GMB NATIXIS ASSET MANAGE AXA INVESTMENT MANAG DWS INVESTMENTS SCOTTISH WIDOWS DEKA INVESTMENT GMBH HIGHBRIDGE CAPITAL M CQS UK LLP

Firm Name

Portfolio Name 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 n/a

Analyst

Oddo & Cie MARINE LAFITTE JPMorgan ANNELIES J VERMEULEN M.M. Warburg Investment Research ANDREAS PLAESIER Kempen & Co THOMAS VAN DER MEIJ DZ Bank AG KARSTEN OBLINGER Independent Research GmbH STEFAN BONGARDT Close Brothers Equity Markets MANUEL MARTIN Nord/LB MICHAEL SEUFERT Societe Generale MICHEL VARALDO Baader Bank ANDRE REMKE Natixis SERGE DEMIRDJIAN LFG Kronos Investment Services GmbH THOMAS ANEY Deutsche Bank MARKUS SCHEUFLER Bankhaus Lampe GEORG KANDERS Berenberg Bank KAI MALTE KLOSE Kepler Cheuvreux DIRK BECKER Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER Commerzbank Corporates & Markets THOMAS ROTHAEUSLER HSBC THOMAS MARTIN Petercam CELINE DONNET ABN Amro Bank N.V. MICHIEL DE JONGE EVA Dimensions DOUG WALTERS Bankhaus Metzler JOCHEN SCHMITT UBS KRISTIAN BANDY GSC Research MATTHIAS SCHRADE Rabobank International MARTIJN VAN DEN EIJNDEN

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

Recommendation reduce neutral buy neutral buy hold hold hold buy hold reduce buy hold hold buy buy hold hold neutral reduce reduce sell buy neutral buy buy

Amt Held % Out 5'162'584 9.57 4'175'382 7.74 3'117'609 5.78 1'629'154 3.02 1'579'737 2.93 1'361'449 2.52 1'298'955 2.41 (1'014'176) -1.88 (681'534) -1.26 650'587 1.21 (423'377) -0.78 401'271 0.74 361'600 0.67 324'881 0.6 324'689 0.6 307'007 0.57 263'480 0.49 263'367 0.49 (258'938) -0.48 (253'544) -0.47

Weighting

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

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

Latest Chg (20'710) (7'650) 26'973 (51'631) (41'305) 18'497 121'600 436 (15'136) (13'584) (45'873) 52'890 26'973 59'340

Target Price 29 36 38 33 34 35 32 33 39 33 29 37 33 33 35 39 32 31 33 29 27 #N/A N/A 37 31 #N/A N/A 34

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 23.09.2013 Investment Advisor 31.12.2012 Other 08.04.2013 n/a 31.12.2012 Government 31.07.2013 Investment Advisor 24.09.2013 Investment Advisor 27.07.2012 Unclassified 30.06.2013 Investment Advisor 30.07.2012 Investment Advisor 30.06.2013 Unclassified 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 28.02.2013 Unclassified 30.04.2013 Investment Advisor 06.06.2013 Hedge Fund Manager 10.04.2013 Investment Advisor

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

Date 12.09.2013 02.09.2013 28.08.2013 26.08.2013 26.08.2013 22.08.2013 21.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 12.08.2013 06.08.2013 01.08.2013 09.07.2013 06.06.2013 13.05.2013 11.01.2013 21.12.2012 15.11.2012

27.09.2013

Dialog Semiconductor PLC Dialog Semiconductor PLC manufactures electronic products. The Company provides mixed-signal circuits optimised for smartphones, tablets, ultrabooks, and other portable devices. Dialog Semiconductor markets its products worldwide.

Price/Volume 18

3.0 M

2.5 M

14 12

2.0 M

12/2012 06/yy 16.75 8.44 479'540.00 15.07 -10.03% 78.66% 79.43% 68.1 1'025.80 180.73 0.0 0.0 315.56 899.68

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

31.12.2009 31.12.2010 217.6 296.6 2.55x 4.12x 35.3 52.9 15.70x 23.10x 32.7 42.5 16.31x 32.27x Profitability

.5 M

2 0 s-12

o-12

LTM-4Q 31.12.2011 527.3 1.77x 86.5 10.80x 57.4 17.92x

31.12.2012 773.6 1.31x 124.9 8.13x 62.5 18.12x 124.87 92.58 11.97% 11.13% 9.18% 15.67% 11.95% 1.26% 37.8% 16.1% 11.5% 8.1% 3.95 2.79 25.52% 47.24% 21.40 4.45

Price/ Cash Flow

06/yy 638.6 7.19x 99.2 10.90x 57.6 19.90x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 779.3 4.78x 125.1 5.55x 56.8 14.50x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.94 62.13 -6.92% 13.35% 0.945 20 4.300 591'138 736'890 703'770 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 862.2 1'035.9 220.6 306.3 1.65x 1.32x 133.4 177.8 9.15x 6.87x 69.9 99.8 17.8 39.5 19.67x 13.68x 14.83x 13.72x S&P Issuer Ratings

19.31 12.97 -1.31 1.47 47.2% 32.1% 1.26 15.37 17.06 82.03 43.45 62.27

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

1.0 M

Fiscal Year Ended 31.12.2008 161.8 0.05x 13.5 0.54x 6.8 6.40x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2012) 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 DLG GY EQUITY YTD Change DLG GY 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

Dialog Semiconductor PLC Holdings By:

All

Holder Name RHJ INTERNATIONAL SA BLACK CREEK INVESTME DEUTSCHE BANK AG NORGES BANK KLEINWORT BENSON TRU AQR CAPITAL MANAGEME DIALOG SEMICONDUCTOR CAPITAL GROUP COMPAN BNP PARIBAS WADDELL & REED FINAN DWS INVESTMENTS THREADNEEDLE AKO CAPITAL LLP ROYAL LONDON ASSET M FIL LIMITED NORDEA INVESTMENT FU TREMBLANT CAPITAL LP NORDEA FONDER AB/SWE PIONEER NORDEA INV MANAGEMEN

Firm Name Hauck & Aufhaeuser Bankhaus Lampe Exane BNP Paribas Close Brothers Equity Markets Commerzbank Corporates & Markets Baader Bank Jefferies HSBC Natixis Deutsche Bank DZ Bank AG Kepler Cheuvreux Barclays Morgan Stanley JPMorgan Main First Bank AG Credit Suisse Berenberg Bank EVA Dimensions National Bank AG

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

Analyst TIM OLIVER WUNDERLICH KARSTEN ILTGEN JEROME RAMEL VEYSEL TAZE THOMAS M BECKER GUENTHER MICHAEL HOLLFELDER LEE SIMPSON CHRISTIAN DOMINIK RATH STEPHANE HOURI UWE SCHUPP HARALD SCHNITZER BERND LAUX ANDREW M GARDINER FRANCOIS MEUNIER CHETAN UDESHI JUERGEN WAGNER ACHAL SULTANIA ALI FARID KHWAJA ANDREW S ZAMFOTIS STEFFEN MANSKE

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

Recommendation buy buy outperform buy buy hold buy overweight buy hold buy buy overweight Equalwt/Cautious neutral outperform neutral buy buy sell

Amt Held % Out 4'739'691 6.96 3'488'384 5.12 3'412'511 5.01 2'743'836 4.03 2'719'002 3.99 (2'225'854) -3.27 1'927'224 2.83 1'899'961 2.79 1'681'579 2.47 1'243'784 1.83 1'106'976 1.63 1'078'188 1.58 (878'089) -1.29 725'675 1.07 699'954 1.03 696'699 1.02 (687'496) -1.01 594'208 0.87 535'874 0.79 509'930 0.75

Weighting

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

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

Latest Chg 54'455 (591'882) 212'978 (150'000) (108'000) 807'319 54'455 699'954 233'927 (40'841) 1'202 (10'720) 18'605

Target Price 19 18 17 20 16 13 15 18 18 13 18 19 18 11 12 16 11 15 #N/A N/A 18

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

File Dt Inst Type 23.07.2013 Investment Advisor 08.07.2013 Investment Advisor 02.09.2013 Investment Advisor 28.05.2013 Government 12.11.2012 Unclassified 20.09.2013 Hedge Fund Manager 01.08.2011 Other 30.06.2013 Investment Advisor 30.04.2013 Unclassified 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Unclassified 06.09.2013 Investment Advisor 28.06.2013 Investment Advisor 31.10.2012 Investment Advisor 28.06.2013 Investment Advisor 11.09.2013 Other 30.08.2013 Investment Advisor 30.04.2013 Unclassified 31.07.2013 Investment Advisor

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

Date 24.09.2013 23.09.2013 20.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 09.09.2013 06.09.2013 06.09.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 21.03.2013 16.03.2012

27.09.2013

Deutsche Post AG Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services. Deutsche Post also provides a variety of financial services including standard banking services, retail and commercial lending, and brokerage services.

Price/Volume

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DPW GY EQUITY YTD Change DPW GY EQUITY YTD % CHANGE

12/2012 06/yy 24.82 14.40 4'049'618.00 24.06 -3.04% 67.08% 87.95% 1'209.0 29'088.92 4'816.00 0.0 213.0 2'652.00 32'311.92

30.0 M

20.0 M

10.0 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

70.0 M

25 20

Valuation Analysis

31.12.2008 54'474.0 0.37x 2'052.0 9.72x (1'688.0) -

31.12.2009 31.12.2010 46'201.0 51'481.0 0.45x 0.36x 2'047.0 3'495.0 10.15x 5.29x 644.0 2'541.0 79.32x 6.05x Profitability

LTM-4Q 31.12.2011 52'829.0 0.30x 3'667.0 4.35x 1'163.0 12.38x

31.12.2012 55'512.0 0.40x 3'939.0 5.70x 1'658.0 12.12x 3'939.00 2'895.00 5.22% 4.03% 5.40% 18.27% 1.63% 7.3% 4.9% 3.0% 0.97 0.72 14.11% 40.30% -

Price/ Cash Flow

LTM

06/yy 54'315.0 1.19x 4'061.0 4.48x 1'285.0 13.10x

06/yy 55'509.0 1.68x 4'060.0 6.49x 1'844.0 12.58x

FY+1

.0 M s-13

0.86 954.92 59.75% 50.03% 0.865 33 3.939 18'312'200 5'749'860 4'650'401 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'030.7 59'458.1 14'371.8 15'426.0 0.56x 0.53x 2.24x 2.06x 4'243.5 4'576.9 1'002.0 1'167.0 7.62x 7.07x 7.41x 7.26x 1'842.3 2'007.9 441.0 562.3 15.95x 14.83x 15.52x 15.44x S&P Issuer Ratings

27.11.2012 NR 27.11.2012 NR 6.14 3.58 0.75 1.27 40.3% 28.4% 1.63 8.57 -

Sales/Revenue/Turnover

800.00

70'000.0

700.00

60'000.0

600.00

50'000.0

500.00

40'000.0

400.00

30'000.0

300.00

20'000.0

200.00

10'000.0

100.00 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

Deutsche Post AG Holdings By:

All

Holder Name KREDITANSTALT FUER W BLACKROCK DEUTSCHE BANK AG NORGES BANK VANGUARD GROUP INC ARTISAN PARTNERS HOL UNION INVESTMENT GMB ALLIANZ ASSET MANAGE FMR LLC DEKA INVESTMENT GMBH BANK OF NEW YORK MEL ARTEMIS INVESTMENT M FRANKFURT TRUST INVE DB PLATINUM ADVISORS INVESCO LTD ADIG INVESTMENT HENDERSON GLOBAL INV MAINFIRST SICAV DWS INVESTMENTS MERCURY ASSET MANAGE

Firm Name JPMorgan Cantor Fitzgerald AlphaValue Bankhaus Metzler Equinet Institutional Services(ESN) Stifel Day by Day RBC Capital Markets Credit Suisse Landesbank Baden-Wuerttemberg Morgan Stanley Calamatta Cuschieri Deutsche Bank National Bank AG Main First Bank AG Commerzbank Corporates & Markets EVA Dimensions HSBC Nord/LB Bankhaus Lampe Nomura DZ Bank AG Telsey Advisory Group Independent Research GmbH S&P Capital IQ Redburn Partners UBS Macquarie Hamburger Sparkasse Barclays Goldman Sachs Kepler Cheuvreux Davy Thompson, Davis & Company

Analyst CHRISTOPHER G COMBE ROBIN BYDE HEINZ STEFFEN GUIDO HOYMANN JOCHEN ROTHENBACHER DAVID G ROSS VALERIE GASTALDY DAMIAN BREWER NEIL GLYNN PER-OLA HELLGREN PENNY BUTCHER TEAM COVERAGE ANDY CHU MARKUS GLOCKENMEIER TOBIAS SITTIG JOHANNES BRAUN TIMOTHY STANISH JULIA WINARSO VOLKER SACK SEBASTIAN HEIN MARK MCVICAR DIRK SCHLAMP JOSHUA HERRITY ZAFER RUZGAR JAWAHAR HINGORANI TIM MARSHALL DOMINIC EDRIDGE ROBERT JOYNSON INGO SCHMIDT SUSANNA INVERNIZZI JOHN WOODMAN ANDRE MULDER STEPHEN FURLONG DAVID P CAMPBELL

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

Recommendation overweight hold reduce buy hold hold hold outperform outperform hold Overwt/In-Line overweight buy buy outperform buy underweight underweight buy buy buy buy no rating system hold buy neutral neutral underperform sell overweight Buy/Neutral buy outperform hold

Amt Held 254'100'000 72'183'559 21'920'562 21'632'939 12'112'601 10'193'761 9'448'034 7'753'080 7'413'037 6'519'419 5'656'891 5'646'936 4'920'600 4'536'567 4'441'844 4'391'758 4'023'554 3'315'674 3'127'004 2'731'776

% Out 21.02 5.97 1.81 1.79 1 0.84 0.78 0.64 0.61 0.54 0.47 0.47 0.41 0.38 0.37 0.36 0.33 0.27 0.26 0.23

Weighting

Change

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

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

Latest Chg 3'295'405 (45'737) (666'347) 1'427'231 1'225'625 345'493 (253'416) 2'703'143 301'405 265'000 (60'000) 2'041'584 3'521'139 (50'000) (20'439) 21'426 (270'889) 42'948

Target Price 27 23 24 28 24 #N/A N/A #N/A N/A 24 24 24 26 28 25 26 23 25 #N/A N/A 20 24 24 24 23 21 23 24 #N/A N/A 21 15 #N/A N/A 21 23 21 #N/A N/A 19

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

File Dt 19.07.2013 23.09.2013 31.07.2013 31.12.2012 30.06.2013 31.03.2013 31.03.2013 31.07.2013 31.07.2013 31.07.2013 24.09.2013 31.12.2012 31.05.2013 31.07.2013 24.09.2013 31.05.2013 30.08.2013 28.02.2013 31.05.2013 23.09.2013

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

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

Date 25.09.2013 23.09.2013 19.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 05.09.2013 02.09.2013 02.09.2013 30.08.2013 13.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 30.07.2013 26.07.2013 17.05.2013 15.05.2013 03.04.2013 10.11.2011 13.09.2010

27.09.2013

Drillisch AG Drillisch AG wholesales mobile telephone user equipment and provides mobile telephone services. The Company operates T-Mobile, Vodafone-D2, and E-Plus mobile networks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (25.09.2012) 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 DRI GY EQUITY YTD Change DRI GY EQUITY YTD % CHANGE

12/2012 06/yy 17.70 9.18 187'986.00 17.675 -0.14% 92.50% 96.36% 53.2 940.12 333.39 0.0 0.0 77.30 983.45

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

31.12.2009 31.12.2010 344.5 362.5 0.94x 0.98x 50.7 46.1 6.36x 7.70x 101.1 31.0 2.55x 10.52x Profitability

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

LTM-4Q 31.12.2011 349.1 1.48x 51.4 10.04x 41.0 9.24x

31.12.2012 323.7 2.47x 61.9 12.91x 23.5 24.23x 61.89 55.45 17.13% 6.42% 39.76% 97.98% 58.65% 0.77% 20.7% 17.5% 7.2% 1.99 1.81 63.80% 276.78% 7.35 -

Price/ Cash Flow

06/yy 356.3 6.54x 59.0 11.06x 30.1 13.22x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 303.1 9.95x 62.8 10.47x 156.0 3.96x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.73 38.93 105.25% 73.12% 0.726 8 4.250 221'212 384'483 306'820 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 297.8 304.6 3.24x 3.16x 69.9 81.3 14.03x 12.06x 126.0 54.7 9.34x 15.56x S&P Issuer Ratings

5.33 3.35 0.69 1.38 276.8% 73.5% 0.77 221.93 49.63 -

Sales/Revenue/Turnover

50.00

400.0

45.00

350.0

40.00

300.0

35.00

250.0

30.00 25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 0.00 01.01.2010

1.8 M

Fiscal Year Ended 31.12.2008 350.1 0.53x 40.6 4.54x (184.1) -

20 18 16 14 12 10 8 6 4 2 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

Drillisch AG Holdings By:

All

Holder Name DRILLISCH AG BRUCHERSEIFER MARC CHOULIDIS PASCHALIS CHOULIDIS VLASIOS ALLIANZ GLOBAL INVES FIL LIMITED JP MORGAN INVESTMENT ALLIANZ ASSET MANAGE FLOSSBACH VON STORCH JP MORGAN HAUCK & AUFHAUSER IN UNION INVESTMENT GMB HAUCK & AUFHAEUSER I SCHRODER INVESTMENT BANK OF NEW YORK MEL BLACKROCK OPPENHEIM KAPITALANL DWS INVESTMENTS HIGHBRIDGE CAPITAL M JULIUS BAER MULTICOO

Firm Name Berenberg Bank Bankhaus Lampe M.M. Warburg Investment Research Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Commerzbank Corporates & Markets EVA Dimensions Kepler Cheuvreux

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 n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst USMAN GHAZI WOLFGANG SPECHT JOCHEN REICHERT STEFAN BORSCHEID SASCHA BERRESCH HEIKE PAULS ANDREW S ZAMFOTIS THOMAS KARLOVITS

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

Recommendation buy buy hold hold buy hold buy buy

Amt Held % Out 5'189'015 9.76 3'719'295 6.99 2'000'000 3.76 1'895'000 3.56 1'807'852 3.4 1'574'232 2.96 1'564'194 2.94 1'531'036 2.88 1'440'000 2.71 608'897 1.14 568'841 1.07 434'000 0.82 430'000 0.81 364'826 0.69 280'376 0.53 253'446 0.48 221'493 0.42 218'000 0.41 (196'799) -0.37 155'000 0.29

Weighting

Change 5 5 3 3 5 3 5 5

M M M D M M U M

Latest Chg 32'800 78'890 134'000 52'634 35'679 19'288 (4'072) 1'850 69'146 -

Target Price 20 20 17 17 19 14 #N/A N/A 16

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 n/a 31.12.2012 n/a 31.12.2012 n/a 27.03.2013 Other 14.12.2012 Investment Advisor 10.08.2011 Investment Advisor 31.07.2013 Investment Advisor 25.03.2013 Investment Advisor 31.05.2013 Investment Advisor 28.08.2013 Investment Advisor 28.03.2013 Investment Advisor 29.06.2012 Investment Advisor 30.06.2013 Investment Advisor 24.09.2013 Investment Advisor 23.09.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 26.08.2013 Hedge Fund Manager 30.04.2013 Investment Advisor

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

Date 24.09.2013 18.09.2013 16.09.2013 05.09.2013 04.09.2013 09.08.2013 21.05.2013 15.05.2013

27.09.2013

Draegerwerk AG & Co KGaA Draegerwerk AG & Company KGAA manufactures medical, safety, and aerospace equipment. The Company produces ventilators, monitoring equipment, transport incubators, anesthesia machines, surgical lights, ward equipment, home care equipment, systems for safe breathing in industry, mining and fire fighting, and airplane crew and passenger oxygen systems. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 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 DRW3 GY EQUITY YTD Change DRW3 GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 107.45 68.80 6'580.00 96.4 -10.28% 40.12% 71.00% 6.4 1'427.85 406.38 0.0 6.7 317.83 1'614.01

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

.3 M

100

.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 1'924.5 0.45x 175.6 4.88x 31.8 10.47x

120

31.12.2009 31.12.2010 1'911.1 2'177.3 0.32x 0.55x 149.9 257.4 4.09x 4.65x 14.9 90.7 25.48x 9.92x Profitability

LTM-4Q 31.12.2011 2'255.8 0.50x 276.2 4.07x 120.7 8.60x

31.12.2012 2'373.5 0.57x 299.6 4.53x 126.4 10.03x 299.61 233.92 9.86% 8.28% 5.94% 16.63% 13.35% 1.19% 49.2% 12.0% 9.2% 5.3% 1.83 1.21 19.34% 56.40% 4.57 3.10

Price/ Cash Flow

06/yy 2'295.2 2.49x 280.4 5.40x 124.7 10.34x

LTM 06/yy 2'401.4 2.75x 288.2 6.70x 119.7 14.61x

FY+1

.0 M s-13

0.69 1.82 26.04% 27.16% 0.693 16 3.938 17'501 20'939 22'573 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'428.4 2'515.6 0.66x 0.59x 286.0 316.1 5.64x 5.11x 125.6 140.0 13.17x 11.87x S&P Issuer Ratings

7.01 5.64 0.62 1.31 56.4% 35.8% 1.19 8.53 79.86 117.83 41.48 147.34

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Draegerwerk AG & Co KGaA Holdings By:

All

Holder Name DRAEGER FAMILY ALLIANZ ASSET MANAGE NORGES BANK BNP PARIBAS T ROWE PRICE ASSOCIA LAZARD FRERES GESTIO FRANKLIN RESOURCES ADIG INVESTMENT KEMPEN CAPITAL MANAG FIL LIMITED SWEDBANK ROBUR FONDE DEUTSCHE BANK AG HEALTHINVEST PARTNER JP MORGAN D E SHAW & CO UK LTD ARROWGRASS CAPITAL P UNION INVESTMENT GMB VANGUARD GROUP INC PARVEST INVESTMENT M SCHRODER INVESTMENT

Firm Name Landesbank Baden-Wuerttemberg Independent Research GmbH DZ Bank AG Hamburger Sparkasse Berenberg Bank Nord/LB HSBC M.M. Warburg Investment Research Commerzbank Corporates & Markets Deutsche Bank Hauck & Aufhaeuser Close Brothers Equity Markets Equinet Institutional Services(ESN) EVA Dimensions Montega Kepler Cheuvreux

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

Analyst VOLKER STOLL CHRISTOPH SCHOENDUBE SVEN OLAF KUERTEN MARCO GUENTHER SCOTT BARDO HOLGER FECHNER JAN KEPPELER EGGERT KULS YASMIN MOSCHITZ GUNNAR ROMER TORBEN TEICHLER IGOR KIM KONRAD LIEDER TIMOTHY STANISH THOMAS RAU OLIVER REINBERG

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

Recommendation buy hold buy hold buy buy overweight hold hold hold sell hold accumulate buy buy buy

Amt Held % Out 4'531'360 71.36 278'646 4.39 257'637 4.06 237'149 3.73 172'259 2.71 157'529 2.48 148'400 2.34 135'000 2.13 125'639 1.98 95'823 1.51 91'751 1.44 79'357 1.25 62'972 0.99 61'847 0.97 (61'595) -0.97 (57'150) -0.9 53'300 0.84 52'795 0.83 49'134 0.77 48'244 0.76

Weighting

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

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

Latest Chg 1'817 (84'488) (7'881) (37'471) 148'400 (2'722) 1'365 (3'639) 91'751 (1'000) 5'344 7'317 (3'175) (20'000) (43'101) 4'434 12'564

Target Price 110 104 106 #N/A N/A 110 108 115 103 109 100 73 104 105 #N/A N/A 135 110

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 31.07.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 02.11.2012 Other 08.02.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 13.08.2013 12.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 06.06.2013 16.05.2013 14.05.2013

27.09.2013

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

Price/Volume 12 10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 52-Week Low (21.02.2013) 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 DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2012 06/yy 10.61 7.98 10'287'142.00 10.59 -0.14% 32.77% 100.00% 4'451.1 47'137.35 44'614.00 0.0 4'623.0 6'046.00 97'174.35

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

2 0 s-12

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

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

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

31.12.2012 58'169.0 1.38x 17'728.0 4.53x (5'255.0) 17'728.00 6'720.00 11.55% -10.71% -4.23% -17.40% 0.49% 41.2% 30.0% 12.2% -9.0% 0.65 0.54 41.33% 172.12% 27.07

Price/ Cash Flow

LTM

06/yy 58'392.0 5.86x 19'592.0 4.31x 756.0 47.97x

06/yy 58'300.0 5.76x 17'498.0 5.13x (5'013.0) 0.00x

FY+1

0.68 3'031.21 16.66% 32.58% 0.682 41 3.439 18'199'840 12'344'800 12'452'250 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 59'250.2 59'997.2 14'894.7 15'444.3 1.55x 1.50x 6.26x 5.99x 17'202.2 17'636.1 4'498.0 4'268.0 5.65x 5.51x 2'771.0 3'047.8 590.5 500.0 16.70x 15.30x S&P Issuer Ratings

19.05.2008 BBB+ STABLE 08.04.2002 A-2 7.58 4.88 2.46 2.88 172.1% 59.4% 0.49 1.48 13.48 63.93 -16.66

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

o-12

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

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M 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

Deutsche Telekom AG Holdings By:

All

Holder Name KREDITANSTALT FUER W FEDERAL REPUBLIC OF BLACKROCK BLACKSTONE NORGES BANK DB PLATINUM ADVISORS VANGUARD GROUP INC ONTARIO TEACHERS PEN BANK OF NEW YORK MEL SCHRODER INVESTMENT DEKA INVESTMENT GMBH PICTET FUNDS UNION INVESTMENT GMB UBS AG PIONEER MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE AMUNDI EATON VANCE MANAGEME DEKA INVESTMENT GMBH

Firm Name

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

Analyst

Independent Research GmbH MARKUS FRIEBEL Sanford C. Bernstein & Co ROBIN BIENENSTOCK Morgan Stanley RYAN FOX Bankhaus Lampe WOLFGANG SPECHT Natixis JACQUES DE GRELING AlphaValue HEINZ STEFFEN Hamburger Sparkasse TINA HECKING-VELTMAN Nomura FREDERIC BOULAN Societe Generale OTTAVIO ADORISIO Deutsche Bank DAVID A WRIGHT Day by Day VALERIE GASTALDY Commerzbank Corporates & Markets HEIKE PAULS Credit Suisse JUSTIN FUNNELL Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Kepler Cheuvreux PETER KURT NIELSEN JPMorgan HANNES C WITTIG Jefferies ULRICH RATHE Nord/LB WOLFGANG DONIE Goldman Sachs TIMOTHY BODDY Exane BNP Paribas MATHIEU ROBILLIARD Makor Capital ALBERT SAPORTA M.M. Warburg Investment Research JOCHEN REICHERT Bankhaus Metzler ULRICH TRABERT DZ Bank AG CHRISTOPH BAST Barclays JONATHAN DANN Grupo Santander JOHN DAVIES Oddo & Cie ALEXANDRE IATRIDES Equinet Institutional Services(ESN) ADRIAN PEHL S&P Capital IQ ALEXANDER WISCH New Street Research CHARLES GAYNOR Macquarie GUY R PEDDY Berenberg Bank PAUL ANDREW MARSCH Steubing AG TEAM COVERAGE Raymond James STEPHANE BEYAZIAN HSBC DOMINIK KLARMANN Espirito Santo Investment Bank Research ANDREW HOGLEY UBS POLO TANG Banco Sabadell ANDRES BOLUMBURU EVA Dimensions ANDREW S ZAMFOTIS

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

Recommendation hold outperform Underwt/In-Line hold reduce add buy buy buy buy hold hold outperform buy buy neutral buy buy neutral/neutral neutral sell buy buy sell equalweight underweight buy accumulate hold reduce underperform hold buy outperform neutral neutral neutral sell sell

Amt Held 774'494'730 645'412'275 222'502'020 191'700'000 68'078'517 38'107'769 34'696'477 27'700'000 26'195'871 15'537'470 13'921'182 13'370'877 12'178'782 10'737'884 9'833'493 9'303'981 8'361'214 8'327'504 7'795'757 6'870'673

% Out 17.4 14.5 5 4.31 1.53 0.86 0.78 0.62 0.59 0.35 0.31 0.3 0.27 0.24 0.22 0.21 0.19 0.19 0.18 0.15

Weighting

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

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

Latest Chg 10'489'242 2'274'262 (322'815) 2'371'042 6'672'723 11'676'421 (2'345'777) 457'448 986'203 932 (4'991) 1'309'266 1'144'699 -

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

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

File Dt Inst Type 30.06.2013 Government 30.06.2013 Government 23.09.2013 Investment Advisor 03.08.2012 Unclassified 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2011 Pension Fund (ERISA) 24.09.2013 Investment Advisor 06.09.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 24.09.2013 Unclassified 30.04.2013 Unclassified 23.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor

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

Date 25.09.2013 24.09.2013 20.09.2013 18.09.2013 12.09.2013 12.09.2013 10.09.2013 10.09.2013 06.09.2013 05.09.2013 03.09.2013 28.08.2013 23.08.2013 21.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 05.08.2013 29.07.2013 29.07.2013 10.07.2013 27.05.2013 05.04.2013 01.04.2013 15.02.2013 15.01.2013

27.09.2013

Duerr AG Duerr AG engineers and builds plants and manufactures machinery for the automotive industry in Europe, North and South America, and Asia. Duerr designs and constructs fully automatic paint finishing plants, final assembly systems, and air purifier. Duerr also offers balancing and diagnostic systems and produces cleaning filtration and automation equipment. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (26.09.2012) 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 DUE GY EQUITY YTD Change DUE GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 56.12 25.05 38'732.00 54.06 -3.67% 115.81% 93.11% 34.6 1'870.53 286.06 0.0 8.3 349.28 1'882.89

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 1'602.8 0.16x 134.4 1.91x 42.4 6.77x

31.12.2009 31.12.2010 1'077.6 1'261.4 0.28x 0.32x 84.2 85.5 3.57x 4.67x (26.9) 6.3 64.51x Profitability

LTM-4Q 31.12.2011 1'922.0 0.30x 145.7 3.99x 61.9 9.50x

31.12.2012 2'399.8 0.46x 205.6 5.41x 107.2 10.89x 205.62 177.09 7.38% 6.16% 6.50% 28.76% 20.60% 1.32% 18.2% 9.1% 7.9% 4.5% 1.29 1.07 15.82% 67.49% 3.11 11.27

Price/ Cash Flow

06/yy 2'301.8 1.18x 207.5 4.33x 89.3 9.40x

LTM 06/yy 2'368.2 2.17x 216.3 7.49x 116.8 13.74x

FY+1

.0 M s-13

0.93 24.23 113.35% 64.36% 0.932 21 4.238 126'821 113'817 110'803 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'504.9 2'590.6 623.0 834.0 0.71x 0.66x 2.92x 2.07x 224.3 236.9 59.2 82.4 8.40x 7.95x 125.3 130.6 33.5 51.0 14.79x 14.18x S&P Issuer Ratings

01.11.2010 NR 6.06 5.40 0.03 1.27 67.5% 39.8% 1.32 13.32 117.49 32.38 147.19 -6.77

Sales/Revenue/Turnover

50.00

3'000.0

45.00

2'500.0

40.00 35.00

2'000.0

30.00

1'500.0

25.00 20.00

1'000.0

15.00 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

Duerr AG Holdings By:

All

Holder Name HEINZ DUERR GMBH BLACKROCK HEINZ UND DUERR STIF COLUMBIA WANGER ASSE AMERIPRISE FINANCIAL HARRIS ASSOCIATES LP MAINFIRST SICAV JP MORGAN NORGES BANK DWS INVESTMENTS DIMENSIONAL FUND ADV LANDESBANK BADEN WUR SWEDBANK ROBUR FONDE BNP PARIBAS BARING FUND MANAGERS HEUWING RALPH ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE GAM INTERNATIONAL MA KEMPEN CAPITAL MANAG

Firm Name Nord/LB M.M. Warburg Investment Research Main First Bank AG Commerzbank Corporates & Markets Macquarie Bankhaus Lampe Close Brothers Equity Markets Deutsche Bank BHF-Bank Baader Bank UBS HSBC Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Montega Kepler Cheuvreux DZ Bank AG Bankhaus Metzler EVA Dimensions Berenberg Bank Solventis WPH-Bank GmbH

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

Analyst FRANK SCHWOPE CHRISTIAN COHRS CHLOE LEMARIE INGO-MARTIN SCHACHEL CHRISTIAN BREITSPRECHER GORDON SCHOENELL RALF MARINONI TIM ROKOSSA HERMANN REITH PETER ROTHENAICHER SVEN WEIER RICHARD SCHRAMM HARALD REHMET PHILIPPE LORRAIN THOMAS RAU STEFAN AUGUSTIN JASKO TERZIC HELENA WUESTENFELD TIMOTHY STANISH BENJAMIN GLAESER KLAUS SOER

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

Recommendation hold buy outperform buy outperform buy buy buy market weight hold buy neutral hold hold buy buy buy buy overweight hold hold

Amt Held 8'684'861 1'375'460 1'200'000 1'034'330 1'026'340 1'009'374 808'988 446'965 377'756 355'600 312'640 298'080 285'614 221'008 211'230 207'606 201'680 200'000 197'066 185'354

% Out 25.1 3.98 3.47 2.99 2.97 2.92 2.34 1.29 1.09 1.03 0.9 0.86 0.83 0.64 0.61 0.6 0.58 0.58 0.57 0.54

Weighting

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

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

Latest Chg (17'642) (32'919) 122'000 1'548 (306'326) (20'350) 20'000 94'286

Target Price 51 60 64 56 60 60 57 58 48 53 59 50 46 47 57 54 57 54 #N/A N/A 43 37

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

File Dt 27.02.2013 23.09.2013 01.07.2013 01.11.2012 05.11.2012 05.04.2012 28.02.2013 30.06.2013 31.12.2012 30.04.2013 30.04.2013 05.03.2012 31.03.2013 30.04.2013 31.05.2013 31.12.2012 31.05.2013 31.05.2013 31.07.2013 30.06.2013

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

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

Date 18.09.2013 05.09.2013 03.09.2013 30.08.2013 06.08.2013 05.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 24.07.2013 17.07.2013 05.07.2013 06.06.2013 01.05.2013 24.01.2013

27.09.2013

Deutsche Wohnen AG Deutsche Wohnen AG develops, rents and sells residential properties.

Price/Volume 18

2.5 M

16 2.0 M

14 12

1.5 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 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 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DWNI GY EQUITY YTD Change DWNI GY EQUITY YTD % CHANGE

12/2012 06/yy 15.80 12.36 276'308.00 13.115 -16.97% 6.15% 26.02% 168.8 2'216.37 2'768.64 0.0 0.3 90.57 5'188.63

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

31.12.2009 31.12.2010 404.4 479.7 5.74x 5.42x 133.4 137.3 17.40x 18.92x (13.3) 23.8 36.21x Profitability

0 s-12

o-12

LTM-4Q 31.12.2011 387.6 7.01x 142.8 19.02x 50.6 16.83x

31.12.2012 451.6 10.46x 186.3 25.37x 145.5 12.17x 186.26 182.43 16.32% 45.54% 3.38% 9.11% 3.78% 0.11% 47.1% 32.2% 56.41% 172.04% -

Price/ Cash Flow

06/yy 382.2 29.77x 153.8 20.51x 70.6 17.81x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 504.0 38.38x 237.2 21.80x 158.8 13.55x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.76 142.78 -4.70% -4.97% 0.757 20 3.600 620'439 425'437 363'014 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 390.4 412.6 89.9 88.9 13.39x 13.08x 57.05x 58.98x 274.6 302.2 65.2 59.7 18.90x 17.17x 19.23x 19.17x 129.6 146.3 28.2 34.7 16.75x 15.29x 15.86x 16.46x S&P Issuer Ratings

1.71 -11.17 12.50 12.94 172.0% 63.2% 0.11 -

Sales/Revenue/Turnover

1'200.00

600.0

1'000.00

500.0

800.00

400.0

600.00

300.0

400.00

200.0

200.00

100.0

0.00 01.01.2010

.5 M

Fiscal Year Ended 31.12.2008 417.0 5.57x 102.4 22.69x (255.9) -

1.0 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

Deutsche Wohnen AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I NORGES BANK SUN LIFE FINANCIAL I BLACKSTONE FIRST EAGLE INVESTME BLACKROCK INTL KAPITALANAGEGES AERZTEVERSORGUNG WES WILLIAM BLAIR & COMP CREDIT SUISSE AG APG ALGEMENE PENSIOE MFS INTERNATIONAL LT WILLIAM BLAIR & COMP CAPITAL GROUP COMPAN ZURICH DEUTSCHE HERO NEW YORK LIFE INVEST COHEN & STEERS CAPIT AXA ASSET VALUE INVESTOR MARKETFIELD ASSET MA

Firm Name Commerzbank Corporates & Markets JPMorgan Morgan Stanley Goldman Sachs M.M. Warburg Investment Research HSBC Bankhaus Metzler Berenberg Bank Kepler Cheuvreux Deutsche Bank Nord/LB Independent Research GmbH Bankhaus Lampe Close Brothers Equity Markets Baader Bank DZ Bank AG ABN Amro Bank N.V. UBS Barclays EVA Dimensions Kempen & Co

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 WILLIAM BLAIR & COMP 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

Analyst THOMAS ROTHAEUSLER NEIL GREEN BIANCA RIEMER JULIAN LIVINGSTON-BOOTH TORSTEN KLINGNER THOMAS MARTIN JOCHEN SCHMITT KAI MALTE KLOSE THOMAS NEUHOLD MARKUS SCHEUFLER MICHAEL SEUFERT STEFAN BONGARDT GEORG KANDERS MANUEL MARTIN ANDRE REMKE KARSTEN OBLINGER MICHIEL DE JONGE HOWARD LESSER AARON GUY DOUG WALTERS THOMAS VAN DER MEIJ

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

Recommendation buy neutral Overwt/Attractive not rated buy neutral sell buy hold restricted buy sell buy hold hold buy sell buy overweight sell neutral

Amt Held 12'414'465 8'693'809 8'491'235 8'153'611 7'967'918 7'478'364 6'802'161 5'621'434 5'569'716 5'465'097 5'283'810 5'199'404 5'148'761 5'098'117 4'882'360 4'618'527 4'391'101 3'815'480 2'953'855 2'504'060

% Out 7.35 5.15 5.03 4.83 4.72 4.43 4.03 3.33 3.3 3.24 3.13 3.08 3.05 3.02 2.89 2.74 2.6 2.26 1.75 1.48

Weighting

Change

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

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

Latest Chg 509'176 992'658 27'140 (420'955) 579'275 2'504'060

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

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 18.09.2013 Government 18.09.2013 Investment Advisor 18.09.2013 Unclassified 18.09.2013 Hedge Fund Manager 23.09.2013 Investment Advisor 16.08.2012 Unclassified 18.09.2013 Other 30.06.2013 Investment Advisor 18.09.2013 Investment Advisor 18.09.2013 Pension Fund (ERISA) 18.09.2013 Investment Advisor 18.09.2013 Investment Advisor 18.09.2013 Investment Advisor 21.06.2013 Insurance Company 31.07.2013 Insurance Company 19.09.2012 Investment Advisor 26.09.2012 Investment Advisor 12.03.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 12.09.2013 02.09.2013 28.08.2013 27.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 14.08.2013 13.08.2013 13.08.2013 26.07.2013 11.07.2013 06.06.2013 25.04.2013

27.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EAD GY EQUITY YTD Change EAD GY EQUITY YTD % CHANGE

12/2012 06/yy 47.69 24.24 89'751.00 46.61 -2.25% 92.29% 93.39% 787.3 36'695.73 4'779.00 0.0 25.0 11'084.00 35'288.73

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

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

1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

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

31.12.2012 56'480.0 0.32x 3'927.0 4.58x 1'228.0 -

n-12

d-12

j-13

3'927.00 1'890.00 3.35% 2.97% 1.53% 17.52% 12.66% 0.64% 14.0% 7.5% 4.0% 2.2% 0.93 0.37 5.19% 45.91% 9.08 1.90

LTM

06/yy 52'126.0 1.33x 3'881.0 5.08x 1'503.0 0.00x

f-13 m-13

06/yy 57'878.0 1.68x 4'361.0 7.33x 1'393.0 0.00x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.70 87.46% 60.90% 0.702 29 4.414 247'635 121'726 121'706 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 58'608.1 62'394.3 13'318.7 17'854.3 0.56x 0.53x 2.38x 1.53x 5'531.4 6'531.0 1'288.5 1'835.0 6.36x 5.39x 2'077.1 2'674.7 454.0 761.0 17.26x 12.81x 18.39x 19.30x S&P Issuer Ratings

06.09.2013 A STABLE 02.10.2012 A-1 7.52 1.26 -0.33 1.54 45.9% 31.4% 0.64 3.87 40.20 192.40 65.53 142.58

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

1.4 M

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

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

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

27.09.2013

European Aeronautic Defence and Space Co NV Holdings By:

All

Holder Name FRENCH STATE FEDERAL REPUBLIC OF EUROPEAN AERONAUTIC CAPITAL GROUP COMPAN SOCIEDAD ESTATAL DE BLACKROCK VNESHECONOMBANK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD GROUP INC VIKING GLOBAL INVEST STATE STREET CORP OLD MUTUAL OPPENHEIMERFUNDS INC ONTARIO TEACHERS PEN INVESCO LTD NATIXIS ASSET MANAGE UBS AG JP MORGAN AMUNDI

Firm Name

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

Analyst

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

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

Recommendation buy buy buy buy buy market perform buy buy outperform sell outperform sell buy sell Overwt/In-Line buy buy buy reduce buy overweight buy buy strong buy overweight overweight buy hold

Amt Held 112'072'054 83'837'750 49'001'830 39'788'818 34'687'784 34'457'610 22'614'753 15'584'382 15'385'347 12'117'860 11'930'093 9'563'259 9'409'523 9'211'702 6'100'000 3'879'592 3'343'217 2'956'286 2'795'161 2'666'169

% Out 14.24 10.65 6.22 5.05 4.41 4.38 2.87 1.98 1.95 1.54 1.52 1.21 1.2 1.17 0.77 0.49 0.42 0.38 0.36 0.34

Weighting

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

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

Latest Chg (12'977'088) 61'112'568 1'188'304 (53'355) (459'400) (2'721) 3'341 (1'079'438) 36'287 (18'074) (9'990) (81'263) 24'783 260'918 13'499

Target Price 60 53 57 55 50 46 50 45 64 31 52 36 55 #N/A N/A 54 53 53 53 34 51 67 50 52 53 #N/A N/A 49 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 16.04.2013 Government 02.04.2013 Government 17.04.2013 Corporation 25.07.2013 Investment Advisor 04.04.2013 Government 23.09.2013 Investment Advisor 26.07.2013 Government 25.09.2012 Government 10.10.2012 Other 09.10.2012 Unclassified 10.10.2012 Hedge Fund Manager 24.09.2013 Investment Advisor 31.08.2013 Unclassified 05.10.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 13.09.2012 Investment Advisor 31.05.2013 Investment Advisor 24.09.2013 Unclassified 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 24.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 16.09.2013 12.09.2013 11.09.2013 03.09.2013 02.09.2013 29.08.2013 20.08.2013 19.08.2013 12.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 06.06.2013 15.05.2013 08.03.2013 10.10.2011

27.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2012) 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 EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

12/2012 06/yy 19.19 11.82 5'179'722.00 13.49 -29.70% 14.18% 23.05% 2'001.0 26'993.49 25'944.00 0.0 3'862.0 6'097.00 47'989.49

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

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

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M o-12

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

31.12.2012 132'093.0 0.38x 8'443.0 5.99x 2'217.0 12.36x 8'443.00 4'940.00 3.74% 2.51% 1.69% 6.74% 6.90% 0.93% 7.6% 4.9% 1.7% 1.20 0.61 18.48% 74.22% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.04 1'847.04 -23.52% 3.79% 1.040 36 2.778 12'963'090 10'661'160 9'707'990 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 100'850.0 103'107.0 119'584.2 121'661.5 2.38x 1.94x 0.40x 0.39x 4'407.0 7'043.0 9'353.1 9'140.6 0.00x 0.00x 5.13x 5.25x (190.0) 2'559.0 2'391.4 2'313.3 0.00x 0.00x 10.86x 11.33x S&P Issuer Ratings Long-Term Rating Date 27.07.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 27.07.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 2.90 (EBITDA-Capex)/Interest Exp. 0.71 Net Debt/EBITDA 1.78 Total Debt/EBITDA 2.38 Reference Total Debt/Equity 74.2% Total Debt/Capital 40.1% Asset Turnover 0.93 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

140'000.0

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

70.0 M

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

20 18 16 14 12 10 8 6 4 2 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

E.ON SE Holdings By:

All

Holder Name BLACKROCK E.ON AG GOVERNMENT OF NORWAY CREDIT SUISSE AG NORGES BANK DB PLATINUM ADVISORS MORGAN STANLEY VANGUARD GROUP INC SOCIETE GENERALE SA PICTET FUNDS UNION INVESTMENT GMB CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH PRIVAT BANK PATRIMON T ROWE PRICE ASSOCIA UBS AG MERCURY ASSET MANAGE AMUNDI FRANKFURT TRUST INVE GRANTHAM MAYO VAN OT

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

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

Analyst TANJA MARKLOFF JOHN MUSK BENJAMIN LEYRE ALBERTO PONTI GUIDO HOYMANN EILEEN RYAN STEPHAN WULF OSCAR NAJAR RIOS DEBORAH WILKENS ADAM DICKENS NATHALIE F CASALI AHMED FARMAN BOBBY CHADA VINCENT GILLES INGO BECKER ERKAN AYCICEK ALEXANDER KARNICK DOUG WALTERS ROBERT SCHRAMM-FUCHS ANNEMARIE SCHLUETER HEINO HAMMANN PHILIPPE OURPATIAN PETER BISZTYGA EMMANUEL RETIF SVEN DIERMEIER CLIVE ROBERTS VALERIE GASTALDY HAROLD HUTCHINSON PATRICK HUMMEL ANDREAS THIELEN TEAM COVERAGE MICHAEL SCHAEFER JORGE GONZALEZ SADORNIL STEFFEN MANSKE

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

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

Amt Held 174'509'590 95'529'865 58'428'022 47'239'166 44'456'040 26'967'138 25'888'854 21'153'194 19'195'947 11'926'783 11'867'950 7'475'000 7'094'187 7'002'471 6'981'054 6'535'966 5'763'980 5'705'123 4'778'300 4'438'987

% Out 8.72 4.77 2.92 2.36 2.22 1.35 1.29 1.06 0.96 0.6 0.59 0.37 0.35 0.35 0.35 0.33 0.29 0.29 0.24 0.22

Weighting

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

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

Latest Chg (407'410) 23'123'001 668'398 166'783 (1'964'569) (1'000'703) 1'357'797 (15'741) (1'241) (1'320'681) (41'100) 254'908

Target Price 13 11 13 12 15 17 16 13 17 10 11 #N/A N/A 15 10 12 12 12 #N/A N/A 11 #N/A N/A 14 12 15 #N/A N/A 11 14 #N/A N/A 12 12 15 11 14 14 #N/A N/A

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

File Dt 23.09.2013 31.12.2011 25.04.2013 31.05.2013 31.12.2012 31.07.2013 10.05.2012 30.06.2013 14.05.2013 31.05.2013 28.03.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 24.09.2013 23.09.2013 31.08.2013 31.05.2013 30.11.2012

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

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

Date 24.09.2013 20.09.2013 20.09.2013 19.09.2013 12.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 09.09.2013 04.09.2013 04.09.2013 02.09.2013 02.09.2013 30.08.2013 27.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 07.08.2013 07.08.2013 07.06.2013 24.05.2013 18.03.2013 15.02.2013 31.01.2013

27.09.2013

Evonik Industries AG Evonik Industries AG manufactures specialty chemicals. The Company offers different products in the field of consumer goods, animal nutrition, and pharmaceuticals. Evonik Industries serves customers worldwide.

Price/Volume 35

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 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 EVK GY EQUITY YTD Change EVK GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

5 0 a-13

.0 M m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 15'873.0 1'565.0 281.0 -

1.5 M

12/2012 06/yy 33.20 23.97 18'444.00 27.875 -16.02% 16.32% 43.69% 466.0 12'989.75 2'947.00 0.0 111.0 741.00 15'087.75

31.12.2009 31.12.2010 10'518.0 13'300.0 1'354.0 2'143.0 240.0 734.0 Profitability

LTM-4Q 31.12.2011 14'540.0 2'646.0 1'011.0 -

31.12.2012 13'629.0 2'690.0 1'164.0 2'690.00 1'890.00 13.87% 11.83% 6.44% 19.41% 15.61% 0.77% 28.8% 17.9% 12.3% 8.5% 1.35 0.58 17.69% 43.87% 6.99 5.43

Price/ Cash Flow

LTM

06/yy 13'798.0 0.00x 2'448.0 0.00x 1'019.0 0.00x

06/yy 13'220.0 1.12x 2'362.4 6.27x 1'111.0 12.08x

FY+1

43.61 15 3.467 671'203 225'682 180'233 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'919.8 13'574.1 3'241.4 3'190.4 1.08x 1.07x 2'000.6 2'164.0 508.4 443.8 7.54x 6.97x 854.8 966.8 195.5 170.5 15.25x 13.34x 14.84x 14.53x S&P Issuer Ratings

09.05.2012 BBB+ STABLE 06.05.2011 A-2 6.86 4.26 0.84 1.21 43.9% 30.1% 0.77 2.95 52.18 67.27 39.13 68.21

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Evonik Industries AG Holdings By:

All

Holder Name RAG-STIFTUNG GABRIEL ACQUISITIONS TEMASEK HOLDINGS PRI TIAA CREF INVESTMENT MAINFIRST SICAV BLACKROCK ALLIANZ ASSET MANAGE UBI PRAMERICA SGR FIDEURAM GESTIONS SA DJE INVESTMENT SA NORDEA INV MANAGEMEN FRANKFURT TRUST INVE ADIG INVESTMENT ETHENEA INDEPENDENT LBBW ASSET MANAGEMEN DEKA INTERNATIONAL S DEKA INTERNATIONAL S DWS INVESTMENTS DEUTSCHE BANK AG UBI MANAGEMENT CO SA

Firm Name Morgan Stanley Kepler Cheuvreux Main First Bank AG Deutsche Bank HSBC Baader Bank UBS DZ Bank AG JPMorgan Bankhaus Metzler Goldman Sachs Barclays Credit Suisse Commerzbank Corporates & Markets

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios DEKALUX DEUTSCHLAND Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst PAUL RICHARD WALSH MARTIN ROEDIGER RONALD KOEHLER TIMOTHY JONES GEOFF HAIRE NORBERT BARTH THOMAS GILBERT PETER SPENGLER MARTIN EVANS LARS HETTCHE RAKESH PATEL ANDREAS HEINE CHRIS COUNIHAN LUTZ GRUETEN

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

Recommendation Equalwt/In-Line hold outperform hold neutral buy neutral buy overweight sell neutral/neutral overweight neutral add

Amt Held 316'880'000 83'880'000 21'630'616 1'375'423 1'342'000 970'139 765'985 762'288 725'000 651'800 646'779 595'900 443'740 191'500 180'200 160'000 160'000 100'000 98'218 88'191

% Out 68 18 4.64 0.3 0.29 0.21 0.16 0.16 0.16 0.14 0.14 0.13 0.1 0.04 0.04 0.03 0.03 0.02 0.02 0.02

Weighting

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

Latest Chg (109'808) 1'342'000 (62'045) 9'000 (139'405) 646'779 165'000 191'500 50'200 (23'795) (35'460) 191

Target Price

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

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

26 31 37 29 32 33 30 32 32 23 33 33 26 28

File Dt 25.04.2013 25.04.2013 24.04.2013 31.07.2013 28.02.2013 25.09.2013 31.05.2013 31.08.2013 30.08.2013 28.06.2013 28.06.2013 28.06.2013 31.05.2013 31.07.2013 28.06.2013 28.03.2013 28.03.2013 31.05.2013 31.05.2013 30.08.2013

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

Inst Type Corporation Private Equity 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 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 02.08.2013 01.08.2013 24.07.2013

27.09.2013

Evotec AG Evotec AG offers drug research, development, and manufacturing services. The Company offers assay development and screening and compound optimization services to pharmaceutical companies. Evotec also develops drugs on its own for out-licensing.

Price/Volume 4

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (19.04.2013) 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 EVT GY EQUITY YTD Change EVT GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

1 0 s-12

31.12.2009 31.12.2010 42.7 55.3 4.37x 5.10x (14.7) 7.2 39.01x (45.5) 3.3 97.33x Profitability

LTM-4Q 31.12.2011 80.1 2.86x 10.3 22.24x 6.7 38.95x

31.12.2012 87.3 3.02x 5.9 44.59x 2.5 131.30x 5.91 -3.20 -3.67% -5.75% -1.75% -2.54% 0.38% 35.6% 1.5% -10.9% 2.8% 2.60 2.38 7.82% 11.56% 6.04 17.96

Price/ Cash Flow

06/yy 88.8 10.85x 2.0 0.00x 7.6 33.90x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 81.9 12.86x 1.2 235.05x (3.8) 0.00x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.99 83.31 20.15% 22.62% 0.985 8 4.250 1'095'099 1'007'558 637'143 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 96.8 110.1 3.41x 2.90x 15.3 20.9 22.46x 16.42x 5.5 11.8 56.49x 33.54x S&P Issuer Ratings

3.18 -1.22 -32.83 15.10 11.6% 10.4% 0.38 3.05 60.38 20.33 40.89 18.13

Sales/Revenue/Turnover

4'500.00

100.0

4'000.00

90.0

3'500.00

80.0 70.0

3'000.00

60.0

2'500.00 2'000.00

50.0 40.0

1'500.00

30.0

1'000.00

20.0

500.00

10.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 39.6 0.27x (47.7) (78.3) -

1.5 M

12/2012 06/yy 3.42 2.06 292'675.00 3.22 -5.79% 56.69% 86.21% 118.6 382.02 17.64 0.0 0.0 65.64 342.82

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

Evotec AG Holdings By:

All

Holder Name OETKER ROLAND TVM V LIFE SCIENCE V BVF INC DEUTSCHE BANK AG DEUTSCHE ASSET MGMT LBBW ASSET MANAGEMEN OXFORD ASSET MANAGEM BLACKROCK ADVISORS U BLACKROCK INV MGMT U LANTHALER WERNER UNIVERSAL INVESTMENT DEKA INVESTMENT GMBH BARING FUND MANAGERS ZUERCHER KANTONALBAN DIMENSIONAL FUND ADV DEUTSCHE POSTBANK CA BLACKROCK DWS INVESTMENTS MMA FINANCE VOLKSBANKEN KAPITALA

Firm Name Close Brothers Equity Markets Montega Commerzbank Corporates & Markets Berenberg Bank Deutsche Bank EVA Dimensions DZ Bank AG Kempen & Co

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 n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst IGOR KIM STEFAN SCHROEDER VOLKER BRAUN ALISTAIR CAMPBELL GUNNAR ROMER TIMOTHY STANISH HEINZ MUELLER MARK POSPISILIK

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

Recommendation buy buy buy buy hold sell buy buy

Amt Held % Out 17'429'685 14.69 17'104'439 14.42 11'400'584 9.61 3'940'755 3.32 3'628'164 3.06 3'360'000 2.83 (699'966) -0.59 (569'025) -0.48 (545'315) -0.46 516'494 0.44 484'304 0.41 450'000 0.38 400'000 0.34 350'000 0.3 233'035 0.2 180'600 0.15 (177'488) -0.15 174'179 0.15 130'000 0.11 130'000 0.11

Weighting

Change 5 5 5 5 3 1 5 5

M M M M M M M M

Latest Chg 11'315 130'401 142'256 184'304 94'455 12'326 130'000 -

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

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 30.08.2013 Venture Capital 30.08.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 12.09.2013 Investment Advisor 20.08.2012 Unclassified 13.08.2013 Hedge Fund Manager 16.05.2013 Investment Advisor 15.05.2013 Investment Advisor 31.12.2012 n/a 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.12.2012 Investment Advisor 23.09.2013 Investment Advisor 31.05.2013 Investment Advisor 29.06.2012 Investment Advisor 28.03.2013 Investment Advisor

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

Date 02.09.2013 02.09.2013 28.08.2013 28.08.2013 08.08.2013 06.06.2013 17.05.2013 15.01.2013

27.09.2013

Fielmann AG Fielmann AG produces and markets prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies. The Company retails its products through Fielmann stores in Europe.

Price/Volume 90

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (18.03.2013) 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 FIE GY EQUITY YTD Change FIE GY EQUITY YTD % CHANGE

12/2012 06/yy 82.99 69.51 17'114.00 77.9 -6.13% 12.07% 60.83% 42.0 3'271.80 2.60 0.0 0.1 285.05 2'938.06

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

.1 M

31.12.2009 31.12.2010 952.5 993.7 2.08x 2.80x 192.3 200.4 10.29x 13.90x 111.1 117.8 19.45x 25.41x Profitability

.0 M

10 0 s-12

o-12

LTM-4Q 31.12.2011 1'053.4 2.75x 208.3 13.92x 122.2 25.24x

31.12.2012 1'107.1 2.51x 214.9 12.95x 126.4 24.25x 214.90 180.26 16.28% 16.32% 15.68% 20.71% 1.38% 19.3% 16.3% 11.4% 2.96 2.05 0.34% 0.45% -

Price/ Cash Flow

06/yy 1'080.9 10.59x 211.2 13.26x 124.2 24.76x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'127.9 10.04x 218.2 13.88x 128.6 26.16x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.62 11.91 8.84% 10.45% 0.617 22 2.909 31'818 22'690 29'137 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'163.1 1'223.5 300.0 288.0 2.57x 2.43x 228.6 242.5 12.86x 12.12x 133.8 144.0 43.0 34.0 24.22x 22.57x S&P Issuer Ratings

103.72 89.56 -1.53 0.01 0.5% 0.5% 1.38 5.67 -

Sales/Revenue/Turnover

60.00

1'200.0

50.00

1'000.0

40.00

800.0

30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 902.7 1.96x 190.5 9.27x 110.6 17.68x

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

Fielmann AG Holdings By:

All

Holder Name FIELMANN FAMILIENSTI CREDIT SUISSE GROUP SCHRODER INVESTMENT ALLIANZ ASSET MANAGE FIL LIMITED NORGES BANK DANSKE INVEST MANAGE UNION INVESTMENT GMB DANSKE INVEST A/S FMR LLC ADIG INVESTMENT NATIXIS ASSET MANAGE BLACKROCK IG INVESTMENT MANAGE JUPITER ASSET MANAGE DEUTSCHE BANK AG VANGUARD GROUP INC BESSEMER GROUP INCOR FIDELITY INVESTMENT SARASIN

Firm Name Berenberg Bank M.M. Warburg Investment Research Bankhaus Metzler HSBC DZ Bank AG Nord/LB Hauck & Aufhaeuser Bankhaus Lampe Hamburger Sparkasse Equinet Institutional Services(ESN) Exane BNP Paribas Deutsche Bank Landesbank Baden-Wuerttemberg SRH AlsterResearch Commerzbank Corporates & Markets Baader Bank Main First Bank AG Kepler Cheuvreux EVA Dimensions BHF-Bank Silvia Quandt Research Hammer Partners SA GSC Research

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

Analyst

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

Recommendation

ANNA PATRICE THILO KLEIBAUER STEFAN WIMMER THOMAS TEETZ THOMAS MAUL WOLFGANG VASTERLING CHRISTIAN NIKOLAS SCHWENKENBECHER CHRISTOPH SCHLIENKAMP CHRISTIAN HAMANN KONRAD LIEDER ANDREAS INDERST BENJAMIN GOY JUERGEN GRAF CARSTEN MAINITZ GEORG REMSHAGEN VOLKER BOSSE GAEL COLCOMBET CRAIG ABBOTT CRAIG STERLING PETER STEINER KLAUS KRAENZLE STEPHAN SEIP MATTHIAS SCHRADE

hold hold buy underweight buy hold sell hold hold accumulate underperform sell hold sell hold sell outperform reduce overweight overweight neutral sell buy

Amt Held 30'090'422 1'200'937 403'041 357'470 331'776 300'132 289'950 285'300 281'218 232'811 206'174 168'000 141'199 134'201 123'707 120'621 112'092 99'922 91'583 63'000

% Out 71.64 2.86 0.96 0.85 0.79 0.71 0.69 0.68 0.67 0.55 0.49 0.4 0.34 0.32 0.29 0.29 0.27 0.24 0.22 0.15

Weighting

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

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

Latest Chg (106'369) (6'304) 1'771 8'053 7'455 16'800 (9'000) (14'146) 14'000 81'160 63'000

Target Price 82 77 84 70 85 72 64 74 #N/A N/A 84 69 67 79 64 70 65 85 67 #N/A N/A 80 77 66 #N/A N/A

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

File Dt 09.04.2013 26.06.2013 30.04.2013 31.05.2013 30.04.2013 31.12.2012 28.06.2013 28.03.2013 31.05.2013 31.07.2013 31.05.2013 31.05.2013 23.09.2013 31.05.2013 31.05.2013 31.07.2013 30.06.2013 30.04.2013 31.12.2012 30.04.2013

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

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

Date 16.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 22.08.2013 11.07.2013 14.05.2013 02.05.2013 06.02.2013 08.11.2012 23.08.2012 15.09.2011

27.09.2013

Fresenius Medical Care AG & Co KGaA Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (31.07.2013) 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 FME GY EQUITY YTD Change FME GY EQUITY YTD % CHANGE

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

2.0 M

1.0 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 10'612.3 1.81x 2'088.1 9.19x 817.6 17.10x

3.0 M

12/2012 06/yy 59.58 46.52 691'187.00 48.475 -18.64% 4.21% 14.43% 307.5 15'094.85 8'298.48 0.0 788.0 688.04 21'477.78

31.12.2009 31.12.2010 11'247.5 12'053.5 1.84x 1.88x 2'212.7 2'427.0 9.33x 9.36x 891.1 978.5 17.72x 17.64x Profitability

LTM-4Q 31.12.2011 12'570.5 2.22x 2'632.2 10.62x 1'071.2 19.22x

31.12.2012 13'800.3 2.15x 2'821.5 10.50x 1'186.8 17.78x 2'821.47 2'218.57 16.08% 14.00% 4.61% 11.55% 8.24% 0.64% 33.3% 19.8% 15.4% 8.6% 1.93 0.26 37.17% 92.80% -

Price/ Cash Flow

LTM

06/yy 13'016.8 8.90x 2'766.3 10.89x 1'249.5 17.12x

06/yy 14'200.0 8.40x 2'811.9 10.70x 1'015.0 21.35x

FY+1

.0 M s-13

0.50 213.17 -11.12% -5.99% 0.498 35 3.543 886'807 599'888 830'987 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'586.5 15'228.8 3'658.0 3'846.7 1.97x 1.86x 7.63x 7.20x 2'893.7 2'995.3 703.8 770.0 9.92x 9.58x 10.00x 9.90x 1'104.3 1'148.3 275.8 323.8 18.22x 17.32x 18.65x 18.22x S&P Issuer Ratings

19.09.2012 BB+ POS 6.00 4.56 2.76 2.97 92.8% 46.0% 0.64 15.56

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

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

Fresenius Medical Care AG & Co KGaA Holdings By:

All

Holder Name FRESENIUS SE & CO KG BLACKROCK THORNBURG INVESTMENT NORGES BANK VANGUARD GROUP INC CAPITAL GROUP COMPAN ROYAL BANK OF SCOTLA HARBOR CAPITAL ADVIS BNP PARIBAS THREADNEEDLE ALLIANZ ASSET MANAGE DEUTSCHE BANK AG SARASIN INVESCO LTD FIL LIMITED UNION INVESTMENT GMB FINANCIERE DE L'ECHI SUN LIFE FINANCIAL I RUFFER LLP UBS AG

Firm Name AlphaValue Redburn Partners JPMorgan Day by Day Main First Bank AG Sanford C. Bernstein & Co Commerzbank Corporates & Markets Goldman Sachs Helvea Societe Generale Hamburger Sparkasse Jefferies DZ Bank AG Deutsche Bank Nord/LB Credit Suisse HSBC Independent Research GmbH Berenberg Bank Bryan Garnier & Cie Barclays Morgan Stanley Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Equinet Institutional Services(ESN) S&P Capital IQ Exane BNP Paribas Bankhaus Metzler UBS Kepler Cheuvreux Erste Group EVA Dimensions National Bank AG SunTrust Robinson Humphrey

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

Analyst MARTIN SCHNEE ANITA VASU DAVID J ADLINGTON VALERIE GASTALDY MARCUS WIEPRECHT LISA BEDELL CLIVE VOLKER BRAUN VERONIKA DUBAJOVA OLAV ZILIAN JUSTIN SMITH MARCO GUENTHER INGEBORG OIE SVEN OLAF KUERTEN HOLGER BLUM HOLGER FECHNER CHRISTOPH GRETLER JAN KEPPELER CHRISTOPH SCHOENDUBE TOM JONES MATHIEU CHABERT SALLY TAYLOR MICHAEL K JUNGLING TIMO KUERSCHNER ULRICH HUWALD KONRAD LIEDER SHO MATSUBARA JULIEN DORMOIS SEBASTIAN FRERICKS MARTIN WALES OLIVER REINBERG HANS ENGEL TIMOTHY STANISH STEFFEN MANSKE DAVID S MACDONALD

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

Recommendation add neutral underweight hold outperform outperform add neutral/neutral hold hold buy hold hold hold hold neutral neutral hold buy buy overweight Overwt/In-Line buy buy accumulate sell neutral buy buy hold hold underweight hold buy

Amt Held 94'380'382 22'445'395 15'147'822 5'276'888 4'757'197 4'252'100 3'847'973 3'007'418 2'931'246 2'719'607 1'926'998 1'864'820 1'289'311 1'234'051 1'164'449 1'128'199 1'100'490 1'077'985 1'077'120 1'056'442

% Out 30.69 7.3 4.93 1.72 1.55 1.38 1.25 0.98 0.95 0.88 0.63 0.61 0.42 0.4 0.38 0.37 0.36 0.35 0.35 0.34

Weighting

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

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

Latest Chg (261'757) 1'148'961 (8'000) 313'212 (34'150) 242'472 (46'845) 97'496 103'289 (11'363) (1'548'545) 99'799 5'487 8'016

Target Price 59 #N/A N/A 45 #N/A N/A 53 57 61 46 55 53 #N/A N/A 49 48 46 50 46 51 53 58 54 59 53 58 58 55 44 53 54 54 47 #N/A N/A #N/A N/A 57 63

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

File Dt 18.02.2013 23.09.2013 06.02.2013 31.12.2012 30.06.2013 30.06.2013 21.05.2013 30.06.2013 30.04.2013 31.05.2013 31.08.2013 31.07.2013 31.07.2013 24.09.2013 30.04.2013 28.03.2013 31.07.2013 31.07.2013 28.02.2013 28.06.2013

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

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

Date 19.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 04.09.2013 28.08.2013 19.08.2013 15.08.2013 06.08.2013 02.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 06.06.2013 31.10.2012 02.11.2011

27.09.2013

Freenet AG Freenet AG provides internet and telecommunications services in Germany. The company offers mobile and fixed line telephone, internet access services, information and news services, its own internet catalog, DINO-Online, e-mail accounts, e-commerce services and and set-up of homepages. Through its subsidiary mobilcom is also the franchiser of the MobilCom retail shops.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (26.09.2012) 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 FNTN GY EQUITY YTD Change FNTN GY EQUITY YTD % CHANGE

12/2012 06/yy 18.73 11.67 381'841.00 18.105 -3.34% 55.19% 89.38% 128.1 2'318.54 656.55 0.0 0.4 205.22 2'858.95

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

1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .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 31.12.2008 2'776.5 0.66x 187.7 9.78x 112.2 3.61x

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

31.12.2009 31.12.2010 3'601.8 3'339.5 0.55x 0.49x 347.8 335.8 5.73x 4.88x 256.5 112.4 67.07x 8.49x Profitability

LTM-4Q 31.12.2011 3'266.6 0.55x 336.3 5.38x 143.8 8.93x

31.12.2012 3'089.0 0.73x 352.1 6.38x 173.1 10.37x 352.06 204.16 6.61% 5.40% 8.75% 18.65% 14.06% 1.35% 11.1% 7.9% 5.6% 1.05 0.91 26.54% 55.15% 8.28 -

Price/ Cash Flow

06/yy 3'233.4 2.34x 344.6 5.93x 179.2 8.24x

LTM 06/yy 3'187.5 3.11x 353.3 7.63x 206.3 10.46x

FY+1

.0 M s-13

0.56 113.94 53.69% 39.25% 0.556 18 4.222 591'663 400'104 480'970 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'229.2 3'253.8 775.0 774.0 0.85x 0.82x 356.9 363.4 88.7 87.7 8.01x 7.86x 229.8 245.3 9.87x 9.36x S&P Issuer Ratings

7.86 7.39 1.52 1.88 55.2% 35.5% 1.35 108.91 44.11 -

Sales/Revenue/Turnover

12.00

4'000.0 3'500.0

10.00

3'000.0 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Freenet AG Holdings By:

All

Holder Name JP MORGAN DRILLISCH AG MPS HOLDING GMBH POLARIS CAPITAL MANA NORGES BANK FLOSSBACH VON STORCH VANGUARD GROUP INC FIL LIMITED DWS INVESTMENTS BLACKROCK LORD ABBETT & CO LLC PEAR TREE ADVISORS I BARING FUND MANAGERS DIMENSIONAL FUND ADV SCHRODER INVESTMENT DEUTSCHE BANK AG PRINCIPAL FINANCIAL ALASKA PERMANENT FUN PRUDENTIAL FINANCIAL DEKA INVESTMENT GMBH

Firm Name Bankhaus Lampe Deutsche Bank Equinet Institutional Services(ESN) Commerzbank Corporates & Markets Makor Capital Bankhaus Metzler Landesbank Baden-Wuerttemberg Independent Research GmbH Hauck & Aufhaeuser M.M. Warburg Investment Research Berenberg Bank Close Brothers Equity Markets HSBC DZ Bank AG UBS Kepler Cheuvreux EVA Dimensions Nomura

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 Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst WOLFGANG SPECHT BENJAMIN KOHNKE ADRIAN PEHL HEIKE PAULS ALBERT SAPORTA ULRICH TRABERT STEFAN BORSCHEID MARKUS FRIEBEL SASCHA BERRESCH JOCHEN REICHERT USMAN GHAZI MARCUS SILBE DOMINIK KLARMANN KARSTEN OBLINGER VIKRAM KARNANY THOMAS KARLOVITS ANDREW S ZAMFOTIS HENRIK NYBLOM

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

Recommendation buy hold accumulate buy buy buy buy hold buy hold hold hold overweight buy buy reduce buy neutral

Amt Held 5'790'636 5'766'540 4'494'941 3'921'847 3'863'574 3'841'524 1'918'510 1'569'991 1'498'075 1'253'140 1'208'581 1'045'339 1'013'936 954'434 952'064 889'943 879'457 873'375 821'874 728'695

% Out 4.52 4.5 3.51 3.06 3.02 3 1.5 1.23 1.17 0.98 0.94 0.82 0.79 0.75 0.74 0.69 0.69 0.68 0.64 0.57

Weighting

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

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

Latest Chg 5'779 189'408 (146'777) 601'675 60'618 28'320 278'866 119'000 323'890 32'058 (101'350) -

Target Price 21 18 21 22 #N/A N/A 21 20 20 20 16 18 18 20 20 20 18 #N/A N/A 9

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

File Dt 30.06.2013 24.06.2013 20.03.2013 09.08.2013 11.06.2013 09.08.2013 30.06.2013 30.04.2013 31.05.2013 23.09.2013 28.06.2013 30.06.2013 31.05.2013 30.04.2013 31.07.2013 31.05.2013 31.07.2013 30.06.2013 31.07.2013 25.09.2013

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

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

Date 18.09.2013 05.09.2013 05.09.2013 28.08.2013 12.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 15.07.2013 09.07.2013 15.05.2013 15.01.2013 17.12.2010

27.09.2013

Fuchs Petrolub SE Fuchs Petrolub SE refines and produces industrial and automotive lubricants, hydraulic oils, and polishing products. The Company also produces biodegradable oils. Fuchs manufactures and markets its products worldwide.

Price/Volume 70

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (26.09.2012) 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 FPE3 GY EQUITY YTD Change FPE3 GY EQUITY YTD % CHANGE

12/2011 06/yy 68.62 47.96 37'892.00 62.47 -8.96% 30.25% 72.27% 35.5 4'127.13 8.90 0.0 1.6 143.70 4'042.03

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 1'393.7 0.74x 193.5 5.34x 109.4 8.71x

31.12.2009 31.12.2010 1'178.1 1'458.6 1.19x 1.55x 202.2 266.0 6.95x 8.51x 120.8 170.7 11.89x 13.75x Profitability

LTM-4Q 31.12.2011 1'651.5 1.26x 285.7 7.26x 182.4 11.76x

31.12.2012 1'819.1 2.06x 308.3 12.14x 206.6 18.28x 308.30 281.40 15.47% 16.02% 19.90% 28.70% 1.70% 36.6% 17.4% 16.0% 11.4% 2.45 1.45 0.80% 1.14% 6.33 4.81

Price/ Cash Flow

06/yy 1'743.1 5.57x 293.4 9.58x 192.6 14.87x

LTM 06/yy 1'819.4 8.01x 317.4 11.40x 212.4 17.50x

FY+1

.0 M s-13

0.81 35.49 30.21% 13.55% 0.812 20 3.150 103'609 86'706 105'377 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'872.8 1'960.9 475.0 450.0 2.09x 1.95x 337.9 357.6 91.1 85.8 11.96x 11.30x 218.4 231.5 58.9 54.9 20.16x 18.94x S&P Issuer Ratings

123.32 94.76 -0.27 0.02 1.1% 1.1% 1.70 7.33 57.70 75.82 46.16 47.29

Sales/Revenue/Turnover

30.00

2'000.0 1'800.0

25.00

1'600.0 1'400.0

20.00

1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Fuchs Petrolub SE Holdings By:

All

Holder Name ALLIANZ ASSET MANAGE BLACKROCK MAWER INVESTMENT MAN DEUTSCHE BANK AG NEW YORK LIFE INVEST BAILLIE GIFFORD AND THREADNEEDLE MARKETFIELD ASSET MA VANGUARD GROUP INC DWS INVESTMENTS MAINFIRST SICAV SUN LIFE FINANCIAL I UNION INVESTMENT GMB CAPITAL GROUP COMPAN ABERDEEN LOMBARD ODIER DARIER AMERIPRISE FINANCIAL MCINROY & WOOD LIMIT NATIXIS ASSET MANAGE DANSKE INVEST A/S

Firm Name Bankhaus Metzler Hauck & Aufhaeuser M.M. Warburg Investment Research Equinet Institutional Services(ESN) Macquarie Commerzbank Corporates & Markets Main First Bank AG Landesbank Baden-Wuerttemberg Independent Research GmbH Goldman Sachs DZ Bank AG Nord/LB Deutsche Bank Baader Bank Bankhaus Lampe Steubing AG Kepler Cheuvreux Berenberg Bank EVA Dimensions HSBC GSC Research

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

Analyst LARS HETTCHE THOMAS WISSLER OLIVER SCHWARZ NADESHDA DEMIDOVA CHRISTIAN FAITZ LUTZ GRUETEN HOLGER OCHS ULLE WORNER CHRISTOPH SCHOENDUBE BENJAMIN MOORE HEINZ MUELLER THORSTEN STRAUSS UWE SCHUPP NORBERT BARTH HEIKO FEBER TOBIAS SCHMIDT MARTIN ROEDIGER JOHN PHILIPP KLEIN TIMOTHY STANISH JESKO MAYER-WEGELIN MATTHIAS SCHRADE

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

Recommendation buy sell hold reduce underperform hold outperform hold hold neutral/neutral buy hold hold buy sell hold buy hold overweight underweight buy

Amt Held 2'249'139 1'125'689 1'060'114 862'037 841'280 741'142 698'594 582'152 384'528 346'361 291'090 259'969 185'100 146'800 130'700 110'000 93'575 86'440 82'000 80'043

% Out 6.34 3.17 2.99 2.43 2.37 2.09 1.97 1.64 1.08 0.98 0.82 0.73 0.52 0.41 0.37 0.31 0.26 0.24 0.23 0.23

Weighting

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

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

Latest Chg (70'681) (9'471) 991 (204'136) 304'152 130'751 843 (29'998) 110'100 (242'000) (5'000) 27'701 (4'800) -

Target Price 65 49 64 48 44 56 70 62 65 69 67 64 55 67 50 56 68 54 #N/A N/A 48 #N/A N/A

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

File Dt 31.07.2013 23.09.2013 09.05.2013 31.07.2013 31.07.2013 28.06.2013 31.05.2013 31.12.2012 30.06.2013 31.05.2013 28.02.2013 31.07.2013 28.03.2013 30.06.2013 30.06.2013 28.02.2013 31.07.2013 30.06.2013 31.05.2013 31.05.2013

Date 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 6 month Not Provided 12 month 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 Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 16.09.2013 13.09.2013 13.09.2013 13.09.2013 04.09.2013 28.08.2013 16.08.2013 12.08.2013 09.08.2013 08.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 29.07.2013 25.07.2013 06.06.2013 14.01.2013 24.05.2012

27.09.2013

Fraport AG Frankfurt Airport Services Worldwide Fraport AG Frankfurt Airport Services Worldwide offers airport services. The Company operates the Frankfurt-Main, Frankfurt-Hahn and other German airports, the airport in Lima, Peru, and the international terminal in Antalya, Turkey. Fraport also provides services to domestic and international carriers including traffic, facility and terminal management, ground handling, and security.

Price/Volume 60 50 40 30

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 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRA GY EQUITY YTD Change FRA GY EQUITY YTD % CHANGE

12/2012 06/yy 53.00 41.51 28'020.00 51.42 -2.98% 23.87% 84.16% 92.3 4'745.21 4'597.60 0.0 35.7 821.90 8'725.71

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

10 0 s-12

31.12.2009 31.12.2010 1'972.6 2'194.6 2.94x 3.17x 567.5 719.8 10.23x 9.65x 150.0 262.9 22.12x 16.49x Profitability

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 2'371.2 2.89x 807.1 8.49x 240.4 14.50x

31.12.2012 2'442.0 3.22x 852.9 9.21x 238.3 16.96x 852.90 500.20 20.48% 14.99% 2.45% 8.17% 5.43% 0.26% 34.5% 19.9% 9.8% 1.71 1.14 47.69% 158.00% 11.17 -

Price/ Cash Flow

06/yy 2'399.2 12.40x 806.4 9.60x 215.2 18.14x

LTM 06/yy 2'500.8 12.77x 861.8 9.58x 232.9 18.33x

FY+1

0.80 32.90 13.15% 20.39% 0.797 30 3.767 112'022 88'086 102'221 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'582.2 2'655.7 777.0 619.0 3.28x 3.18x 887.8 926.2 9.82x 9.41x 227.5 265.6 133.0 12.3 21.06x 18.00x 19.40x 21.79x S&P Issuer Ratings

3.76 1.12 4.58 5.34 158.0% 61.0% 0.26 0.42 32.68 -

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 2'101.6 1.89x 613.0 6.49x 189.7 14.93x

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 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

Fraport AG Frankfurt Airport Services Worldwide Holdings By:

All

Holder Name STATE OF HESSEN CITY OF FRANKFURT DEUTSCHE LUFTHANSA A ARTIO GLOBAL INVESTO TREASURY GROUP INV S LAZARD ASSET MANAGEM RARE INFRASTRUCTURE BLACKROCK DEUTSCHE BANK AG FIRST EAGLE INVESTME SPARINVEST NORGES BANK TAUBE HODSON STONEX LANSDOWNE PARTNERS L VANGUARD GROUP INC LAZARD GLOBAL ACTIVE NORTHERN TRUST CORPO FRANK RUSSELL TRUST MORGAN STANLEY FIL LIMITED

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Firm Name

Analyst

Raymond James AlphaValue Bankhaus Lampe Natixis Equinet Institutional Services(ESN) Commerzbank Corporates & Markets Macquarie M.M. Warburg Investment Research Nord/LB RBC Capital Markets Bankhaus Metzler JPMorgan Nomura Exane BNP Paribas HSBC Independent Research GmbH DZ Bank AG Deutsche Bank Landesbank Baden-Wuerttemberg S&P Capital IQ Main First Bank AG Morgan Stanley Kepler Cheuvreux Goldman Sachs EVA Dimensions UBS Grupo Santander Barclays Equita SIM SpA

ARNAUD PALLIEZ HANS-PETER WODNIOK SEBASTIAN HEIN GREGOIRE THIBAULT JOCHEN ROTHENBACHER FRANK SKODZIK SAM DOBSON CHRISTIAN COHRS FRANK SCHWOPE DAMIAN BREWER GUIDO HOYMANN ELODIE RALL PETER LARKIN NICOLAS MORA JOSEPH P THOMAS ZAFER RUZGAR DIRK SCHLAMP MICHAEL KUHN PER-OLA HELLGREN JAWAHAR HINGORANI TOBIAS SITTIG DANIEL RUIVO RUXANDRA HARADAU-DOESER NICK EDELMAN TIMOTHY STANISH ALEX BRIGNALL JOAQUIN FERRER SUSANNA INVERNIZZI GIANMARCO BONACINA

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

Recommendation outperform reduce buy reduce buy buy outperform buy hold outperform sell underweight buy neutral neutral hold buy buy buy strong buy outperform Equalwt/In-Line reduce Buy/Neutral underweight neutral buy overweight not rated

Amt Held % Out 28'954'491 31.38 18'488'457 20.03 9'119'742 9.88 4'509'210 4.89 3'483'913 3.78 2'913'891 3.16 2'821'680 3.06 1'075'672 1.17 1'025'987 1.11 1'014'217 1.1 672'427 0.73 620'957 0.67 480'501 0.52 (461'083) -0.5 423'393 0.46 420'813 0.46 329'602 0.36 293'416 0.32 261'488 0.28 251'826 0.27

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

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

Latest Chg 9'188 (9'355) (220'301) (16'320) (15'391) (12'660) 167'618 60'443 42'698 (321'216)

Target Price 53 46 54 42 56 57 59 55 49 60 44 50 52 53 51 51 55 53 54 55 53 54 39 56 #N/A N/A 46 56 52 46

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

File Dt Inst Type 31.12.2012 Other 31.12.2012 Unclassified 31.12.2012 Corporation 29.02.2012 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 23.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 12.03.2013 Hedge Fund Manager 30.06.2013 Unclassified 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2012 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 20.09.2013 19.09.2013 11.09.2013 11.09.2013 11.09.2013 30.08.2013 21.08.2013 15.08.2013 14.08.2013 13.08.2013 13.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 02.08.2013 16.07.2013 11.07.2013 10.06.2013 06.06.2013 14.03.2013 12.03.2013 23.01.2013 10.09.2010

27.09.2013

Fresenius SE & Co KGaA Fresenius SE & Co KGaA i s a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators and plasma and hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

Price/Volume 120

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (11.01.2013) 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 FRE GY EQUITY YTD Change FRE GY EQUITY YTD % CHANGE

12/2012 06/yy 100.10 81.83 354'311.00 92.7 -7.39% 13.28% 58.78% 178.3 16'525.73 11'464.00 0.0 5'523.0 885.00 32'896.73

.8 M .6 M

.4 M 20

.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

1.4 M

Valuation Analysis

31.12.2008 12'336.0 1.43x 2'260.0 7.82x 270.0 21.19x

1.6 M

100

31.12.2009 31.12.2010 14'164.0 15'972.0 1.32x 1.40x 2'616.0 3'057.0 7.17x 7.31x 494.0 622.0 14.20x 16.30x Profitability

LTM-4Q 31.12.2011 16'361.0 1.60x 3'237.0 8.08x 690.0 16.86x

31.12.2012 19'290.0 1.64x 3'759.0 8.41x 926.0 16.28x 3'759.00 2'983.00 15.46% 12.40% 3.06% 12.51% 0.65% 32.6% 18.9% 14.8% 4.8% 1.56 0.87 37.39% 150.19% 5.50 7.09

Price/ Cash Flow

LTM

06/yy 17'593.0 6.23x 3'510.0 8.79x 875.0 15.34x

06/yy 20'041.0 6.51x 3'793.0 8.76x 946.0 17.63x

FY+1

.0 M s-13

0.53 130.04 5.15% 7.65% 0.532 31 4.258 498'164 412'422 412'709 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'603.0 22'352.1 5'091.5 5'488.8 1.57x 1.44x 3'967.3 4'286.2 974.0 1'051.0 8.29x 7.67x 1'029.6 1'168.2 254.5 302.0 15.84x 13.94x S&P Issuer Ratings

19.09.2012 BB+ POS 5.22 3.87 2.85 3.07 150.2% 46.6% 0.65 4.15 66.38 51.47 21.78 90.72

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Fresenius SE & Co KGaA Holdings By:

All

Holder Name ELSE KRONER FOUNDATI BLACKROCK CAPITAL GROUP COMPAN NORGES BANK ALLIANZ ASSET MANAGE FMR LLC DEUTSCHE BANK AG HARBOR CAPITAL ADVIS T ROWE PRICE ASSOCIA JUPITER ASSET MANAGE VANGUARD GROUP INC ODDO ASSET MANAGEMEN UNION INVESTMENT GMB DEKA INVESTMENT GMBH SCHRODER INVESTMENT UMB BANK N A FINANCIERE DE L'ECHI HENDERSON GLOBAL INV ADIG INVESTMENT WILLIAM BLAIR & COMP

Firm Name AlphaValue Hamburger Sparkasse M.M. Warburg Investment Research Societe Generale Bryan Garnier & Cie Barclays Credit Suisse JPMorgan Main First Bank AG Exane BNP Paribas Morgan Stanley Nord/LB Jefferies Independent Research GmbH National Bank AG Equinet Institutional Services(ESN) S&P Capital IQ Berenberg Bank DZ Bank AG HSBC Deutsche Bank Landesbank Baden-Wuerttemberg Bankhaus Metzler Day by Day UBS Kepler Cheuvreux EVA Dimensions Commerzbank Corporates & Markets Goldman Sachs Equita SIM SpA

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

Analyst MARTIN SCHNEE MARCO GUENTHER ULRICH HUWALD JUSTIN SMITH MATHIEU CHABERT SALLY TAYLOR CHRISTOPH GRETLER DAVID J ADLINGTON MARCUS WIEPRECHT JULIEN DORMOIS MICHAEL K JUNGLING HOLGER FECHNER INGEBORG OIE CHRISTOPH SCHOENDUBE EKKEHARD D LINK KONRAD LIEDER SHO MATSUBARA TOM JONES SVEN OLAF KUERTEN JAN KEPPELER HOLGER BLUM TIMO KUERSCHNER SEBASTIAN FRERICKS VALERIE GASTALDY MARTIN WALES OLIVER REINBERG TIMOTHY STANISH VOLKER BRAUN VERONIKA DUBAJOVA GIANMARCO BONACINA

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

Recommendation add hold buy buy buy equalweight outperform neutral outperform outperform Equalwt/In-Line buy buy hold buy accumulate hold buy buy overweight hold buy sell buy buy buy hold add Buy/Neutral not rated

Amt Held 48'231'698 10'492'176 5'557'985 3'403'434 2'459'255 2'197'333 2'090'697 2'060'272 1'904'216 1'816'577 1'488'023 1'378'159 1'255'600 1'088'659 856'403 773'703 686'797 662'333 651'596 613'447

% Out 27.06 5.89 3.12 1.91 1.38 1.23 1.17 1.16 1.07 1.02 0.83 0.77 0.7 0.61 0.48 0.43 0.39 0.37 0.37 0.34

Weighting

Change

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

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

Latest Chg (290'586) (204'684) (90'770) (1'635) 526'497 84'616 (18'494) 133'695 20'332 254'073 83'475 139'480 51'401 (2'550) (20'000) (707'964)

Target Price 108 #N/A N/A 110 126 112 97 109 92 120 115 104 110 111 100 115 104 99 112 102 110 91 100 89 103 103 103 #N/A N/A 97 109 57

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

File Dt 31.12.2012 23.09.2013 30.06.2013 31.12.2012 31.08.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.08.2013 28.03.2013 30.04.2013 28.03.2013 31.07.2013 30.08.2013 30.08.2013 31.05.2013 30.06.2013

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

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

Date 19.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 07.08.2013 02.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 17.07.2013 04.07.2013 02.07.2013 06.06.2013 26.04.2013 27.02.2013 02.03.2010

27.09.2013

GEA Group AG GEA Group AG offers engineering services. The Company designs and constructs factories that refine metals, produce hydrocarbon products and chemicals, and treat sewage. GEA designs production lines for food processors, beverage bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.

Price/Volume 35

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.08.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance G1A GY EQUITY YTD Change G1A GY EQUITY YTD % CHANGE

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

1.0 M

.5 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 31.12.2008 5'179.0 0.42x 542.3 4.06x 99.6 6.43x

1.5 M

12/2012 06/yy 32.64 22.94 153'764.00 30.6 -6.25% 33.42% 79.91% 192.5 5'890.36 1'137.91 0.0 2.6 909.76 6'352.54

31.12.2009 31.12.2010 4'411.2 4'418.4 0.62x 0.86x 382.8 371.9 7.09x 10.28x 160.6 129.3 17.89x 30.90x Profitability

LTM-4Q 31.12.2011 5'416.5 0.79x 594.7 7.21x 312.0 12.85x

31.12.2012 5'720.1 0.86x 635.9 7.77x 314.4 14.48x 635.87 492.87 8.62% 7.08% 5.55% 16.13% 13.06% 0.92% 29.5% 11.8% 9.3% 5.5% 1.31 0.96 17.70% 52.59% 4.41 4.86

Price/ Cash Flow

LTM

06/yy 5'684.5 3.12x 596.8 7.46x 305.2 12.64x

06/yy 5'739.9 3.64x 677.4 8.41x 345.2 14.69x

FY+1

.0 M s-13

1.05 177.65 31.41% 27.82% 1.049 33 3.939 420'244 373'273 376'713 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'897.3 6'168.3 1'515.0 1'727.0 1.06x 0.98x 698.3 775.2 9.08x 8.18x 381.7 440.6 106.0 178.0 15.28x 13.43x S&P Issuer Ratings

6.09 4.54 0.68 1.61 52.6% 34.4% 0.92 8.03 82.68 75.04 65.12 72.37

Sales/Revenue/Turnover

70.00

10'000.0 9'000.0

60.00

8'000.0

50.00

7'000.0 6'000.0

40.00

5'000.0 4'000.0

30.00

3'000.0

20.00

2'000.0 10.00 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

GEA Group AG Holdings By:

All

Holder Name KUWAIT INVESTMENT AU BLACKROCK SCHRODERS PLC FMR LLC AMUNDI ALLIANZ GLOBAL INVES VANGUARD GROUP INC DEUTSCHE BANK AG NORGES BANK FMR LLC BNP PARIBAS ODDO ASSET MANAGEMEN DANSKE INVEST MANAGE DANSKE INVEST A/S T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE ROYAL BANK OF CANADA DEKA INVESTMENT GMBH ADIG INVESTMENT FIL LIMITED

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

Firm Name

Analyst

Bankhaus Lampe AlphaValue Nomura Berenberg Bank Exane BNP Paribas EVA Dimensions Hauck & Aufhaeuser Barclays Commerzbank Corporates & Markets Deutsche Bank HSBC Bankhaus Metzler Equita SIM SpA Hamburger Sparkasse Baader Bank Independent Research GmbH M.M. Warburg Investment Research Kepler Cheuvreux DZ Bank AG Main First Bank AG Nord/LB UBS JPMorgan Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) S&P Capital IQ Montega Steubing AG Goldman Sachs National Bank AG BHF-Bank

GORDON SCHOENELL HANS-PETER WODNIOK KLAS BERGELIND BENJAMIN GLAESER ALEXIS DENAUD TIMOTHY STANISH FINN HENNING BREITER ALLAN SMYLIE SEBASTIAN GROWE PETER REILLY JUERGEN SIEBRECHT HELENA WUESTENFELD GIANMARCO BONACINA INGO SCHMIDT PETER ROTHENAICHER ZAFER RUZGAR ROLAND RAPELIUS HANS-JOACHIM HEIMBUERGER MARKUS TURNWALD CHRISTOPHER YOUL HEINO HAMMANN SVEN WEIER GLEN H LIDDY HARALD REHMET HOLGER SCHMIDT UNAI FRANCO THOMAS RAU TOBIAS SCHMIDT AARON IBBOTSON EKKEHARD D LINK HERMANN REITH

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

Recommendation buy sell buy hold outperform hold hold equalweight add buy overweight buy buy sell buy hold buy buy buy underperform buy neutral neutral hold buy buy hold buy Buy/Neutral hold market weight

Amt Held 14'841'667 14'059'929 5'845'491 5'787'350 5'765'163 5'515'614 4'666'371 4'566'976 4'332'747 4'023'095 3'017'703 2'434'860 2'131'994 2'097'235 1'843'319 1'701'950 1'290'838 1'272'944 1'052'938 946'125

% Out 7.71 7.3 3.04 3.01 2.99 2.87 2.42 2.37 2.25 2.09 1.57 1.26 1.11 1.09 0.96 0.88 0.67 0.66 0.55 0.49

Weighting

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

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

Latest Chg (135'715) (1'265'420) (76'297) 38'989 (89'524) 11'662 89'220 61'717 100'813 (338'575) 36'267 (25'400) (252'062) (504'449)

Target Price 38 28 40 32 35 #N/A N/A 32 34 32 34 38 33 36 23 36 32 33 33 34 27 32 31 30 28 32 36 29 32 29 26 25

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

File Dt 31.12.2012 23.09.2013 09.08.2013 07.06.2013 15.03.2013 08.10.2012 30.06.2013 31.07.2013 31.12.2012 31.07.2013 30.04.2013 31.08.2013 28.06.2013 30.06.2013 30.06.2013 31.07.2013 30.04.2013 28.03.2013 31.05.2013 30.04.2013

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

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

Date 23.09.2013 19.09.2013 16.09.2013 12.09.2013 09.09.2013 06.09.2013 05.09.2013 05.09.2013 02.09.2013 02.09.2013 28.08.2013 23.08.2013 13.08.2013 07.08.2013 06.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 08.05.2013 12.03.2013 06.02.2013

27.09.2013

Bilfinger SE Bilfinger SE provides industrial services, power services, building and facility services, construction, and concessions. The Company's industrial services include repairs, maintenance, and modernization. Bilfinger also provides power services which include maintenance, service, and efficiency enhancements as well as building and facility services for real estate.

Price/Volume 90 80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 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 GBF GY EQUITY YTD Change GBF GY EQUITY YTD % CHANGE

12/2012 06/yy 82.98 68.25 109'090.00 77.04 -7.16% 12.88% 65.31% 46.0 3'545.70 1'180.90 0.0 8.0 1'087.20 3'791.70

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

20 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 9'757.1 0.26x 577.1 4.39x 200.4 6.65x

31.12.2009 31.12.2010 7'381.5 8'006.7 0.54x 0.54x 280.0 481.8 14.15x 8.92x 140.2 284.0 24.85x 13.59x Profitability

LTM-4Q 31.12.2011 8'208.5 0.33x 508.2 5.36x 394.1 13.20x

31.12.2012 8'508.8 0.39x 691.7 4.81x 274.9 11.72x 691.70 503.80 5.92% 4.48% 3.77% 14.41% 11.70% 1.17% 13.3% 8.1% 5.9% 3.2% 1.09 0.96 17.24% 58.21% 4.86 39.80

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

06/yy 8'350.5 1.31x 708.2 4.25x 291.1 9.33x

06/yy 8'493.8 1.67x 609.7 5.53x 181.9 17.09x

FY+1

3.89 0.84 43.24 13.87% 9.78% 0.837 25 4.040 211'622 126'577 129'994 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'677.8 9'078.6 2'273.7 2'333.3 0.41x 0.38x 554.6 617.4 6.83x 6.14x 242.1 270.1 80.2 88.3 13.98x 12.38x S&P Issuer Ratings

23.10.2012 BBB+ STABLE 23.10.2012 A-2 10.74 8.71 0.14 1.71 58.2% 36.7% 1.17 12.73 75.27 9.20 49.48 34.98

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00 10.00

6'000.0

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

Bilfinger SE Holdings By:

All

Holder Name CEVIAN CAPITAL AB BLACKROCK BILFINGER BERGER AG INVESCO LTD ALLIANZ GLOBAL INVES DEUTSCHE BANK AG DJE INVESTMENT SA CREDIT SUISSE GROUP UBS AG NEW YORK LIFE INVEST DEKA INVESTMENT GMBH NORGES BANK THREADNEEDLE DIMENSIONAL FUND ADV BANK OF NEW YORK MEL MARKETFIELD ASSET MA FRANKFURT TRUST INVE ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC DELTA LLOYD FUND MAN

Firm Name Independent Research GmbH Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Deutsche Bank Bankhaus Lampe Goldman Sachs Equita SIM SpA Commerzbank Corporates & Markets Equinet Institutional Services(ESN) Credit Suisse Natixis Nord/LB HSBC Bankhaus Metzler S&P Capital IQ Exane BNP Paribas Berenberg Bank UBS Main First Bank AG EVA Dimensions Kepler Cheuvreux DZ Bank AG SRH AlsterResearch Hamburger Sparkasse BHF-Bank National Bank AG

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

Analyst CHRISTOPH SCHOENDUBE HANS-PETER KUHLMANN FRANK LASER GUNNAR ROMER MARC GABRIEL JAMES RUTLAND GIANMARCO BONACINA NORBERT KRETLOW INGBERT FAUST EUGENE KLERK ABDELKADER BENCHIHA HEINO HAMMANN TOBIAS LOSKAMP STEPHAN BAUER JAWAHAR HINGORANI GERHARD ORGONAS BENJAMIN GLAESER GREGOR KUGLITSCH CHRISTIAN KORTH TIMOTHY STANISH CRAIG ABBOTT JASKO TERZIC CARSTEN MAINITZ INGO SCHMIDT JENS JUNG STEFFEN MANSKE

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

Recommendation hold buy buy hold buy Buy/Neutral buy buy hold neutral buy hold underweight buy hold neutral buy buy outperform underweight buy buy buy hold overweight buy

Amt Held 6'990'563 2'346'566 1'840'965 1'370'341 1'346'715 1'328'350 1'211'051 944'428 901'166 894'012 859'455 833'084 761'204 736'482 684'799 623'540 612'300 516'467 504'000 475'300

% Out 15.19 5.1 4 2.98 2.93 2.89 2.63 2.05 1.96 1.94 1.87 1.81 1.65 1.6 1.49 1.35 1.33 1.12 1.1 1.03

Weighting

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

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

Latest Chg (260'952) 45'329 4'113 (130'527) (1'897) (14'974) 339'540 (65'000) 14'702 (15'000) (19'861)

Target Price 80 90 92 77 83 99 86 84 80 74 84 81 67 84 79 77 84 82 88 #N/A N/A 84 85 96 #N/A N/A 79 60

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

File Dt 15.01.2013 23.09.2013 24.01.2013 01.02.2012 18.01.2013 31.07.2013 31.08.2013 11.04.2013 31.05.2013 31.07.2013 30.04.2013 31.12.2012 31.05.2013 30.04.2013 24.09.2013 31.12.2012 31.05.2013 31.07.2013 31.07.2013 31.05.2013

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

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

Date 24.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 17.09.2013 03.09.2013 30.08.2013 30.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 06.08.2013 01.08.2013 23.07.2013 06.06.2013 14.05.2013 14.05.2013 14.05.2013 25.02.2013 13.02.2012 04.01.2010

27.09.2013

GAGFAH SA GAGFAH SA acquires, owns and manages residential properties throughout Germany.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 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 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFJ GY EQUITY YTD Change GFJ GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 10.48 7.67 139'571.00 9.62 -8.16% 25.37% 67.42% 216.0 2'077.46 5'231.10 0.0 30.6 176.00 7'062.46

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

31.12.2009 31.12.2010 1'279.3 1'485.0 5.89x 4.71x 448.0 435.6 16.83x 16.07x (71.1) 7.7 223.77x Profitability

LTM-4Q 31.12.2011 1'309.6 4.67x 371.9 16.46x (16.4) -

31.12.2012 1'061.6 6.42x 358.2 19.03x 43.2 40.28x 358.20 357.90 9.84% 8.04% 0.23% 0.91% 0.31% 0.13% 31.9% 4.1% 64.49% 252.73% -

Price/ Cash Flow

06/yy 1'130.5 22.38x 361.3 18.46x 5.4 213.31x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'062.1 25.67x 338.3 20.19x 18.8 95.92x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.84 111.16 22.97% 8.57% 0.844 16 4.500 293'527 297'124 335'543 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 816.0 825.6 217.0 194.0 8.56x 8.33x 340.1 358.4 20.75x 19.69x 89.3 143.2 21.61x 14.29x S&P Issuer Ratings

1.41 1.40 14.64 15.12 252.7% 71.4% 0.13 -

Sales/Revenue/Turnover

100.00

1'600.0

90.00

1'400.0

80.00

1'200.0

70.00

1'000.0

60.00 50.00

800.0

40.00

600.0

30.00

400.0

20.00

200.0

10.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 1'249.4 6.01x 454.0 16.53x 41.2 22.33x

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

GAGFAH SA Holdings By:

All

Holder Name FORTRESS INVESTMENT DEUTSCHE BANK AG GOLDMAN SACHS GROUP NORGES BANK TAUBE HODSON STONEX BLACKROCK KEMPEN CAPITAL MANAG DB PLATINUM ADVISORS UNION INVESTMENT GMB VANGUARD GROUP INC GAGFAH SA ING INTERNATIONAL AD STATE STREET CORP LEGG MASON INC CARVETIAN CAPITAL MA PARWORLD UNION INVESTMENT LUX GAM INTERNATIONAL MA KBC GROUP NV CCR GESTION

Firm Name Deutsche Bank Berenberg Bank Commerzbank Corporates & Markets Baader Bank Kepler Cheuvreux JPMorgan Nord/LB HSBC Independent Research GmbH Bankhaus Lampe Goldman Sachs M.M. Warburg Investment Research ABN Amro Bank N.V. Kempen & Co EVA Dimensions

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

Analyst MARKUS SCHEUFLER KAI MALTE KLOSE THOMAS ROTHAEUSLER ANDRE REMKE THOMAS NEUHOLD HARM M MEIJER MICHAEL SEUFERT THOMAS MARTIN STEFAN BONGARDT GEORG KANDERS JULIAN LIVINGSTON-BOOTH TORSTEN KLINGNER MICHIEL DE JONGE THOMAS VAN DER MEIJ DOUG WALTERS

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

Recommendation buy buy buy buy buy overweight hold overweight buy buy Buy/Neutral buy buy underweight buy

Amt Held 104'140'013 13'865'605 13'638'253 2'636'438 2'399'085 1'654'898 1'071'026 1'030'776 757'000 671'411 648'507 641'000 332'638 303'846 291'418 243'859 225'000 214'111 199'716 165'937

% Out 48.22 6.42 6.32 1.22 1.11 0.77 0.5 0.48 0.35 0.31 0.3 0.3 0.15 0.14 0.13 0.11 0.1 0.1 0.09 0.08

Weighting

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

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

Latest Chg 20'739 324'432 (175'996) 757'000 14'947 96'141 225'000 4'019 (35'000)

Target Price 12 12 11 12 12 12 10 12 12 11 11 12 12 8 #N/A N/A

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

File Dt Inst Type 12.07.2013 Hedge Fund Manager 12.07.2013 Investment Advisor 17.07.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 23.09.2013 Investment Advisor 30.06.2013 Unclassified 25.09.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Unclassified 12.07.2013 Corporation 28.03.2013 Investment Advisor 24.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month Not Provided 6 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

Date 19.09.2013 16.09.2013 12.09.2013 10.09.2013 05.09.2013 02.09.2013 21.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 10.07.2013 06.06.2013

27.09.2013

GSW Immobilien AG GSW Immobilien AG owns and operates real estate. The Company owns apartment buildings and manages apartment buildings owned by others.

Price/Volume 40

1.2 M

1.0 M

30 .8 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2013) 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 GIB GY EQUITY YTD Change GIB GY EQUITY YTD % CHANGE

12/2012 06/yy 34.64 27.88 28'969.00 32.295 -6.77% 15.86% 69.25% 50.5 1'631.75 1'967.50 0.0 0.3 167.74 3'422.03

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

.4 M

10 .2 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 31.12.2008 224.3 194.4 107.7 -

.6 M

31.12.2009 31.12.2010 176.4 199.2 136.7 116.1 172.1 49.3 Profitability

LTM-4Q 31.12.2011 326.9 8.04x 161.8 16.24x 105.1 8.39x

31.12.2012 318.5 10.73x 162.7 21.00x 143.3 10.60x 162.69 162.51 20.02% 43.99% 4.78% 11.55% 4.96% 0.11% 49.3% 45.0% 55.11% 136.57% -

Price/ Cash Flow

06/yy 392.5 26.86x 180.3 15.91x 93.2 12.16x

LTM 06/yy 354.0 36.74x 174.6 18.83x 160.7 9.27x

FY+1

.0 M s-13

0.79 44.22 12.82% 4.11% 0.788 18 3.611 180'928 165'882 135'860 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 238.3 254.4 62.2 58.4 15.22x 14.22x 161.1 169.6 21.25x 20.17x 107.3 102.8 17.3 16.72x 16.50x S&P Issuer Ratings

1.65 -0.21 10.25 11.16 136.6% 57.7% 0.11 -

Sales/Revenue/Turnover

80.00

350.0

70.00

300.0

60.00

250.0

50.00

200.0

40.00

150.0

30.00

100.0

20.00

50.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

GSW Immobilien AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I SUN LIFE FINANCIAL I BLACKROCK GIC PRIVATE LIMITED NORGES BANK CREDIT SUISSE GROUP PGGM VERMOGENSBEHEER CBRE CLARION SECURIT WELLINGTON MANAGEMEN APG ALGEMENE PENSIOE F&C ASSET MANAGEMENT THAMES RIVER CAPITAL UBS AG FMR LLC AXA BNP PARIBAS SKAGEN AS CAZENOVE UNIT TRUST RUFFER LLP VANGUARD GROUP INC

Firm Name Commerzbank Corporates & Markets Bankhaus Metzler JPMorgan Morgan Stanley Goldman Sachs Bankhaus Lampe ABN Amro Bank N.V. Societe Generale Nord/LB HSBC Berenberg Bank Deutsche Bank M.M. Warburg Investment Research Close Brothers Equity Markets Kepler Cheuvreux S&P Capital IQ Baader Bank DZ Bank AG Barclays Kempen & Co

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

Analyst THOMAS ROTHAEUSLER JOCHEN SCHMITT NEIL GREEN BIANCA RIEMER JULIAN LIVINGSTON-BOOTH GEORG KANDERS MICHIEL DE JONGE MARC MOZZI MICHAEL SEUFERT THOMAS MARTIN KAI MALTE KLOSE MARKUS SCHEUFLER TORSTEN KLINGNER MANUEL MARTIN THOMAS NEUHOLD WILLIAM HOWLETT ANDRE REMKE KARSTEN OBLINGER AARON GUY THOMAS VAN DER MEIJ

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

Recommendation add sell overweight Overwt/Attractive not rated buy hold buy swap underweight buy restricted hold buy hold hold buy hold overweight neutral

Amt Held 5'052'630 4'509'692 4'110'938 3'132'631 2'827'301 1'515'530 1'506'102 1'505'943 1'497'459 1'424'494 1'329'407 1'170'946 1'076'634 1'028'129 911'491 717'746 534'975 502'555 454'466 419'676

% Out 10 8.93 8.14 6.2 5.6 3 2.98 2.98 2.96 2.82 2.63 2.32 2.13 2.03 1.8 1.42 1.06 0.99 0.9 0.83

Weighting

Change

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

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

Latest Chg 8'821 (118'690) (3'392) 5'712 74'296 (14'000) (28'545) 58'419

Target Price 35 29 35 41 #N/A N/A 37 32 36 35 32 34 #N/A N/A 35 36 34 36 35 35 35 31

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

File Dt Inst Type 28.02.2013 Investment Advisor 31.07.2013 Investment Advisor 23.09.2013 Investment Advisor 28.02.2013 Government 04.09.2013 Government 27.06.2013 Investment Advisor 08.10.2012 Investment Advisor 08.04.2013 n/a 08.10.2012 Investment Advisor 28.08.2013 Pension Fund (ERISA) 17.01.2012 Investment Advisor 16.02.2012 Investment Advisor 30.06.2013 Unclassified 31.07.2013 Investment Advisor 22.02.2013 Investment Advisor 30.04.2013 Unclassified 30.08.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 30.06.2013 Unclassified

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

Date 12.09.2013 04.09.2013 02.09.2013 28.08.2013 27.08.2013 26.08.2013 26.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 16.08.2013 16.08.2013 11.07.2013 14.01.2013

27.09.2013

Gildemeister AG Gildemeister AG manufactures and markets machine tools including automatic lathes, milling, turning, laser, and ultrasonic machines. The Company's products are sold throughout Germany, the United States, Russia, and Europe.

Price/Volume 25

4.0 M 3.5 M

3.0 M 2.5 M

2.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (25.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIL GY EQUITY YTD Change GIL GY EQUITY YTD % CHANGE

12/2012 06/yy 21.20 12.54 687'261.00 20.25 -4.48% 61.46% 93.42% 78.8 1'596.06 12.27 0.0 84.6 173.33 1'588.73

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

31.12.2009 31.12.2010 1'181.2 1'376.8 0.64x 0.71x 59.7 67.9 12.74x 14.37x 4.7 4.2 113.30x 185.56x Profitability

0 s-12

.5 M o-12

LTM-4Q 31.12.2011 1'687.7 0.25x 141.1 3.05x 46.8 11.47x

31.12.2012 2'037.4 0.41x 165.5 5.08x 77.3 11.55x 165.55 124.64 6.12% 5.89% 4.87% 11.63% 1.31% 8.6% 6.5% 3.8% 1.38 0.53 0.76% 1.74% 9.88 -

Price/ Cash Flow

06/yy 1'829.8 1.51x 163.2 4.96x 71.8 9.61x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 2'095.6 1.72x 180.9 5.66x 78.2 12.78x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.17 64.92 58.80% 39.07% 1.168 17 4.235 762'109 752'109 457'783 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'089.5 2'214.6 547.0 585.0 0.65x 0.60x 190.5 227.2 8.35x 7.00x 86.7 102.7 50.3 31.1 15.66x 13.53x S&P Issuer Ratings

23.09.2009 NR 11.71 7.73 -0.54 0.33 1.7% 1.5% 1.31 8.19 36.95 -

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

1.0 M

Fiscal Year Ended 31.12.2008 1'904.0 0.24x 194.7 2.36x 81.1 4.20x

1.5 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

Gildemeister AG Holdings By:

All

Holder Name DMG MORI SEIKI CO LT GOLDMAN SACHS GROUP BLACKROCK GILDEMEISTER AG NORGES BANK DIMENSIONAL FUND ADV ACTIVEST MUNICH FRANKLIN RESOURCES VANGUARD GROUP INC PUTNAM INVESTMENT MA PRUDENTIAL FINANCIAL STATE STREET CORP PRINCIPAL FINANCIAL WELLS FARGO & COMPAN LA FINANCIERE RESPON DEUTSCHE BANK AG IFM - INDEPENDENT FU FONDITA RAHASTOYHTIO LANDESBANK BERLIN IN DEKA INVESTMENT GMBH

Firm Name Close Brothers Equity Markets Equinet Institutional Services(ESN) HSBC EVA Dimensions Deutsche Bank Baader Bank Bankhaus Lampe Kepler Cheuvreux Montega Independent Research GmbH Bankhaus Metzler DZ Bank AG Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg Berenberg Bank Nord/LB BHF-Bank Hamburger Sparkasse

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

Analyst RALF MARINONI HOLGER SCHMIDT JUERGEN SIEBRECHT TIMOTHY STANISH FELICITAS VON BISMARCK PETER ROTHENAICHER GORDON SCHOENELL STEFAN AUGUSTIN THOMAS RAU ZAFER RUZGAR STEPHAN BAUER JASKO TERZIC STEPHAN BOEHM STEFAN MAICHL FELIX WIENEN HEINO HAMMANN HERMANN REITH INGO SCHMIDT

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

Recommendation buy accumulate overweight overweight buy buy buy buy buy hold buy sell hold hold hold buy overweight sell

Amt Held 12'093'808 6'642'974 2'617'092 1'805'048 1'453'091 1'034'162 741'627 699'310 338'523 310'723 242'104 170'400 162'967 156'264 131'541 122'421 114'870 105'578 97'424 90'000

% Out 15.34 8.43 3.32 2.29 1.84 1.31 0.94 0.89 0.43 0.39 0.31 0.22 0.21 0.2 0.17 0.16 0.15 0.13 0.12 0.11

Weighting

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

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

Latest Chg (2'110) 76'224 262'620 7'270 87'757 71'800 41'279 162'967 149'001 (40'000) 3'869 (10'000) 7'750 71'460

Target Price 23 22 25 #N/A N/A 22 25 23 24 32 20 21 13 18 18 15 19 23 #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 30.08.2013 23.09.2013 20.08.2013 31.12.2012 30.04.2013 30.04.2013 28.06.2013 30.06.2013 30.06.2013 31.07.2013 24.09.2013 30.06.2013 31.07.2013 28.06.2013 31.07.2013 26.08.2013 31.07.2013 30.08.2013 28.03.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Corporation Government 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 24.09.2013 24.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 17.09.2013 09.09.2013 04.09.2013 30.08.2013 29.08.2013 29.08.2013 25.07.2013 07.05.2013 05.08.2009

27.09.2013

Gerry Weber International AG Gerry Weber International AG operates as a fashion and lifestyle company in Germany and internationally. The company engages in the production, wholesale, and retail of women's clothing and accessories under various brand names.

Price/Volume 40

1.2 M

1.0 M

30 .8 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 52-Week Low (13.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GWI1 GY EQUITY YTD Change GWI1 GY EQUITY YTD % CHANGE

10/2012 07/yy 39.42 28.15 60'389.00 30.495 -22.63% 8.33% 23.61% 45.9 1'399.90 15.27 0.0 0.0 49.16 1'410.83

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

.4 M

10 .2 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 31.10.2008 570.0 0.67x 74.7 5.09x 39.4 8.49x

.6 M

31.10.2009 31.10.2010 594.1 621.9 0.87x 1.26x 85.2 101.1 6.05x 7.76x 43.0 54.0 10.68x 13.42x Profitability

LTM-4Q 31.10.2011 702.7 1.37x 114.5 8.42x 67.0 15.21x

31.10.2012 802.3 1.96x 134.5 11.72x 78.8 20.39x

134.46 118.13 14.72% 14.18% 16.57% 21.47% 20.19% 1.85% 15.6% 13.3% 9.8% 2.63 1.15 3.16% 4.21% 15.11 -

Price/ Cash Flow

07/yy 770.4 6.59x 129.5 11.98x 75.5 18.03x

LTM 07/yy 840.7 7.45x 130.8 11.85x 75.2 20.45x

FY+1

.0 M s-13

0.81 23.20 -5.73% -14.42% 0.811 24 3.917 151'380 137'118 98'668 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 10/13 Q4 01/14 Q1 858.4 942.6 265.5 1.57x 1.40x 131.1 156.6 50.6 10.76x 9.01x 75.0 90.1 31.4 18.61x 15.29x S&P Issuer Ratings

87.11 50.56 0.08 0.24 4.2% 4.0% 1.85 5.58 24.15 -

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 0.00 06.11.2009

100.0 0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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

Gerry Weber International AG Holdings By:

All

Holder Name WEBER GERHARD HARDIECK UDO WEBER RALF WILLIAM BLAIR & COMP DEUTSCHE BANK AG NORGES BANK BLACKROCK ALLIANZ ASSET MANAGE SUN LIFE FINANCIAL I MAINFIRST SICAV WILLIAM BLAIR & COMP ADIG INVESTMENT SAEMOR CAPITAL BV UNION INVESTMENT GMB FMR LLC VANGUARD GROUP INC BANK OF NEW YORK MEL LUXEMBOURGER KAPITAL THRIVENT FINANCIAL F PUTNAM INVESTMENT MA

Firm Name Close Brothers Equity Markets Nord/LB Baader Bank Hauck & Aufhaeuser M.M. Warburg Investment Research Equinet Institutional Services(ESN) Montega Deutsche Bank Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg Independent Research GmbH Bankhaus Lampe Berenberg Bank DZ Bank AG Exane BNP Paribas SRH AlsterResearch Main First Bank AG EVA Dimensions HSBC BHF-Bank Bankhaus Metzler Kepler Cheuvreux National Bank AG Solventis WPH-Bank GmbH

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

Analyst

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

Recommendation

MARTIN DECOT WOLFGANG VASTERLING VOLKER BOSSE CHRISTIAN NIKOLAS SCHWENKENBECHER JOERG PHILIPP FREY PHILIPP RIGTERS TIM KRUSE MICHAEL KUHN YASMIN MOSCHITZ Fabian Suessenguth LARS LUSEBRINK CHRISTOPH SCHLIENKAMP ANNA PATRICE HERBERT STURM ANDREAS INDERST NEIL SCHMODDE GAEL COLCOMBET CRAIG STERLING THOMAS TEETZ PETER STEINER SEBASTIAN FRERICKS JUERGEN KOLB STEFFEN MANSKE ULF VON LENGERICH

buy hold hold buy buy accumulate buy buy hold buy hold buy hold hold neutral buy outperform underweight underweight overweight buy reduce buy hold

Amt Held % Out 13'262'974 28.89 7'994'845 17.42 1'372'352 2.99 1'367'949 2.98 1'241'526 2.7 827'162 1.8 646'026 1.41 618'451 1.35 598'603 1.3 512'061 1.12 469'475 1.02 450'151 0.98 (229'530) -0.5 171'066 0.37 155'671 0.34 148'006 0.32 141'713 0.31 130'000 0.28 128'853 0.28 107'117 0.23

Weighting

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

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

Latest Chg (28'000) 73'900 30'795 11'654 1'600 (562'739) 10'000 (20'000) 144'824 4'327 38'565 -

Target Price 35 31 36 35 40 34 35 35 32 37 32 40 34 30 34 38 37 #N/A N/A 31 38 37 31 40 28

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

File Dt 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.07.2013 31.12.2012 23.09.2013 31.08.2013 31.07.2013 28.02.2013 30.06.2013 31.05.2013 20.08.2013 28.03.2013 31.07.2013 30.06.2013 24.09.2013 28.06.2013 28.06.2013 30.06.2013

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

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

Date 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 14.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 13.09.2013 06.09.2013 05.09.2013 04.09.2013 18.06.2013 05.06.2013 14.05.2013 23.01.2013 27.02.2012

27.09.2013

Gerresheimer AG Gerresheimer AG develops and produces specialty products made of glass and plastic. The Company produces containers for a variety of substances and medicines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GXI GY EQUITY YTD Change GXI GY EQUITY YTD % CHANGE

11/2012 05/yy 47.99 36.40 257'394.00 44.78 -6.68% 23.02% 76.95% 31.4 1'406.09 463.04 0.0 45.0 91.41 1'952.68

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 30.11.2008 1'060.1 1.24x 171.2 7.70x 0.7 1349.00x

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

30.11.2009 30.11.2010 1'000.2 1'024.8 1.15x 1.21x 179.9 204.3 6.37x 6.07x 5.8 43.2 128.06x 20.38x Profitability

LTM-4Q 30.11.2011 1'094.7 1.27x 209.8 6.62x 50.5 19.30x

30.11.2012 1'219.1 1.36x 228.2 7.25x 60.2 20.54x 228.17 128.13 10.51% 7.85% 3.66% 12.10% 0.79% 29.3% 18.5% 10.5% 4.9% 1.33 0.74 29.72% 86.53% 6.80 4.55

Price/ Cash Flow

05/yy 1'156.3 5.11x 214.7 7.43x 54.2 20.46x

LTM 05/yy 1'260.1 5.79x 233.7 8.55x 58.5 24.84x

FY+1

.0 M s-13

0.67 27.60 12.25% 13.39% 0.674 18 4.500 84'004 80'144 92'146 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 08/13 Q3 11/13 Q4 1'287.6 1'371.3 320.5 342.7 1.47x 1.35x 246.3 276.5 62.1 78.1 7.93x 7.07x 78.8 96.9 21.4 31.7 16.55x 13.77x S&P Issuer Ratings

23.02.2011 BBBSTABLE 2.05 2.45 86.5% 44.4% 0.79 2.45 53.70 80.20 52.33 69.28

Sales/Revenue/Turnover

10.00

1'400.0

9.00

1'200.0

8.00 7.00

1'000.0

6.00

800.0

5.00

600.0

4.00

400.0

3.00 2.00

200.0

1.00 0.00 04.12.2009

0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

27.09.2013

Gerresheimer AG Holdings By:

All

Holder Name AMERIPRISE FINANCIAL CREDIT SUISSE GROUP ETON PARK CAPITAL MA THREADNEEDLE HOUND PARTNERS LLC DEUTSCHE BANK AG EDINBURGH PARTNERS L BERG GILCHRIST B ALLIANZ GLOBAL INVES FRANKLIN RESOURCES GOVERNANCE FOR OWNER BLACKROCK TREMBLANT HOLDINGS L EDGEPOINT INVESTMENT BLUE HARBOUR GROUP L TD ASSET MANAGEMENT JUPITER ASSET MANAGE MORGAN STANLEY DJE INVESTMENT SA ALLIANZ ASSET MANAGE

Firm Name Commerzbank Corporates & Markets Deutsche Bank Main First Bank AG HSBC Kepler Cheuvreux DZ Bank AG Berenberg Bank Montega JPMorgan SRH AlsterResearch Jefferies Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Equinet Institutional Services(ESN) Hauck & Aufhaeuser Bankhaus Metzler 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 n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst DANIEL WENDORFF GUNNAR ROMER MARCUS WIEPRECHT JAN KEPPELER OLIVER REINBERG SVEN OLAF KUERTEN SCOTT BARDO Robert-Jan van der Horst DAVID J ADLINGTON ALEXANDER ZIENKOWICZ INGEBORG OIE CHRISTOPH GRETLER ULLE WORNER ZAFER RUZGAR KONRAD LIEDER THOMAS WISSLER SEBASTIAN FRERICKS TIMOTHY STANISH

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

Recommendation add hold outperform neutral buy buy buy buy overweight buy buy outperform buy buy hold hold buy overweight

Amt Held 1'582'560 1'569'340 1'544'880 1'386'769 1'333'222 1'061'996 976'540 973'400 957'700 948'376 939'380 936'348 932'893 842'679 839'697 717'957 699'869 494'999 436'935 406'198

% Out 5.04 5 4.92 4.42 4.25 3.38 3.11 3.1 3.05 3.02 2.99 2.98 2.97 2.68 2.67 2.29 2.23 1.58 1.39 1.29

Weighting

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

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

Latest Chg 544'706 30'400 198'923 (25'800) 6'000

Target Price 50 42 50 48 48 56 54 56 56 55 51 46 49 52 45 46 50 #N/A N/A

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

File Dt 30.11.2012 24.01.2013 30.11.2012 30.06.2013 04.01.2013 31.07.2013 30.11.2012 30.11.2012 30.11.2012 28.06.2013 24.11.2011 23.09.2013 14.10.2011 17.10.2012 05.07.2012 30.06.2013 31.05.2013 06.09.2013 28.06.2013 31.07.2013

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

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager Unclassified Hedge Fund Manager Investment Advisor Investment Advisor n/a Other Investment Advisor Other Investment Advisor Other Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 25.09.2013 24.09.2013 20.09.2013 20.09.2013 02.09.2013 22.08.2013 29.07.2013 16.07.2013 16.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013 06.06.2013

27.09.2013

HeidelbergCement AG HeidelbergCement AG produces and markets aggregates. The Company also manufactures building materials including cement and concrete in Europe, North America, Asia, Australia and Africa.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 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 HEI GY EQUITY YTD Change HEI GY EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 s-12

31.12.2009 31.12.2010 11'117.0 11'761.8 1.58x 1.45x 1'953.3 2'025.2 8.97x 8.43x 42.6 342.7 133.97x 23.69x Profitability

LTM-4Q 31.12.2011 12'901.9 1.12x 2'368.8 6.12x 348.1 16.64x

31.12.2012 14'020.2 1.17x 2'521.9 6.51x 301.2 40.56x 2'521.90 1'654.30 11.80% 4.33% 1.72% 3.94% 5.52% 0.49% 19.8% 12.0% 2.1% 1.18 0.68 29.31% 65.08% 7.76 -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 13'486.2 4.51x 2'407.6 6.43x 322.3 19.08x

f-13 m-13

06/yy 13'999.7 4.92x 2'778.7 6.41x 495.9 30.59x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.28 140.42 36.51% 29.12% 1.285 38 3.763 886'400 721'976 734'152 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'353.7 15'087.9 3'963.3 3'632.0 1.33x 1.23x 2'574.8 2'856.0 882.5 728.5 7.42x 6.69x 667.0 871.6 361.7 205.0 16.72x 12.84x 15.95x S&P Issuer Ratings

22.11.2012 NR 22.11.2012 NR 4.06 2.77 2.54 3.06 65.1% 37.4% 0.49 1.29 47.02 -

Sales/Revenue/Turnover

10.00

16'000.0

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 14'187.1 1.11x 2'945.6 5.33x 1'808.2 7.04x

1.5 M

12/2012 06/yy 60.89 38.41 450'208.00 58.69 -3.61% 52.80% 89.01% 187.5 11'004.38 8'209.20 0.0 1'098.8 1'480.70 19'124.97

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

HeidelbergCement AG Holdings By:

All

Holder Name MERCKLE LUDWIG BLACKROCK FIRST EAGLE INVESTME ARTISAN PARTNERS HOL NORGES BANK VANGUARD GROUP INC FMR LLC SKAGEN AS METROPOLE GESTION DEUTSCHE BANK AG FRANKLIN RESOURCES INVESTEC ASSET MANAG UNION INVESTMENT GMB AMUNDI LUXEMBOURG SA ADIG INVESTMENT MANDARINE GESTION ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE PRINCIPAL FINANCIAL ROTHSCHILD & COMPAGN

Firm Name UBS Natixis Commerzbank Corporates & Markets Raymond James Landesbank Baden-Wuerttemberg Oddo & Cie Helvea Deutsche Bank Jefferies AlphaValue Sanford C. Bernstein & Co Goldman Sachs Baader Bank Exane BNP Paribas Davy Day by Day Cantor Fitzgerald Hamburger Sparkasse Berenberg Bank JPMorgan Main First Bank AG Bankhaus Metzler Societe Generale Nord/LB Independent Research GmbH Bankhaus Lampe Kepler Cheuvreux Bryan Garnier & Cie S&P Capital IQ SRH AlsterResearch Morgan Stanley HSBC EVA Dimensions Credit Suisse BHF-Bank Redburn Partners National Bank AG Steubing AG

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

Analyst GREGOR KUGLITSCH RAFIC EL HADDAD NORBERT KRETLOW ARNAUD PALLIEZ HANS-PETER KUHLMANN VIRGINIE ROUSSEAU PATRICK APPENZELLER LUIS PRIETO MICHAEL F BETTS GAETAN DUPONT PHIL ROSEBERG WILL MORGAN VOLKER BOSSE YASSINE TOUAHRI ROBERT GARDINER VALERIE GASTALDY IAN OSBURN INGO SCHMIDT ROBERT MUIR RAJESH PATKI CHRISTIAN KORTH STEPHAN BAUER MURIEL FELLOUS HEINO HAMMANN CHRISTOPH SCHOENDUBE MARC GABRIEL JOSEP PUJAL SVEN EDELFELT JAWAHAR HINGORANI ALEXANDER ZIENKOWICZ YURI SEROV JOHN FRASER-ANDREWS TIMOTHY STANISH HARRY GOAD JENS JUNG JOHN MESSENGER EKKEHARD D LINK TEAM COVERAGE

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

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

Amt Held 47'081'250 14'021'799 9'600'000 5'584'953 4'613'905 3'712'804 2'921'374 1'255'040 1'094'773 1'071'926 1'001'920 980'843 904'782 763'937 734'949 697'009 648'755 560'950 549'632 519'000

% Out 25.11 7.48 5.12 2.98 2.46 1.98 1.56 0.67 0.58 0.57 0.53 0.52 0.48 0.41 0.39 0.37 0.35 0.3 0.29 0.28

Weighting

Change

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

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

Latest Chg 7'555 246'762 3'024 19'800 6'900 356'430 (11'875) 97'241 51'800 (50'000) (16'252) (258'925) 10'343 5'000

Target Price 62 55 74 66 65 54 66 65 66 59 66 64 #N/A N/A 54 #N/A N/A #N/A N/A 62 #N/A N/A 50 63 67 65 64 62 60 60 52 44 64 65 58 64 #N/A N/A 58 47 #N/A N/A 48 64

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

File Dt Inst Type 31.12.2011 n/a 23.09.2013 Investment Advisor 31.12.2011 Hedge Fund Manager 08.07.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Unclassified 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 24.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 12.09.2013 03.09.2013 28.08.2013 21.08.2013 15.08.2013 12.08.2013 09.08.2013 06.08.2013 05.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 10.07.2013 02.07.2013 06.06.2013 20.05.2013 13.05.2013 12.04.2013 14.03.2013 10.01.2011

27.09.2013

Henkel AG & Co KGaA Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 06/yy 78.77 57.85 487'119.00 75.67 -3.94% 30.80% 87.95% 178.2 30'395.41 3'901.00 0.0 135.0 3'681.00 30'664.41

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

1.0 M

.5 M

10 0 s-12

31.12.2009 31.12.2010 13'573.0 15'092.0 1.40x 1.37x 1'938.0 2'445.0 9.84x 8.43x 602.0 1'118.0 26.40x 18.11x Profitability

LTM-4Q 31.12.2011 15'605.0 1.34x 2'444.0 8.55x 1'161.0 16.70x

31.12.2012 16'510.0 1.66x 2'782.0 9.84x 1'510.0 17.93x 2'782.00 2'373.00 14.37% 12.47% 8.02% 16.44% 0.86% 46.8% 16.9% 14.3% 9.1% 1.30 0.97 19.98% 41.61% 6.53 5.47

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 16'043.0 5.53x 2'470.0 9.65x 1'265.0 17.95x

f-13 m-13

06/yy 16'615.0 6.99x 2'809.0 11.20x 1'551.0 20.36x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.72 173.62 21.24% 23.28% 0.720 37 3.703 608'831 432'129 471'972 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'832.5 17'645.1 4'361.0 4'204.8 1.76x 1.61x 2'888.1 3'096.8 753.0 778.0 10.62x 9.90x 9.94x 9.86x 1'740.1 1'913.3 463.3 439.3 18.78x 17.12x S&P Issuer Ratings

18.05.2011 A STABLE 18.05.2011 A-1 21.24 18.02 0.05 1.15 41.6% 29.1% 0.86 7.25 55.88 66.75 117.03 1.39

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 14'131.0 1.00x 2'048.0 6.87x 1'221.0 54.66x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 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 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEN3 GY EQUITY YTD Change HEN3 GY 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

Henkel AG & Co KGaA Holdings By:

All

Holder Name BLACKROCK NORGES BANK HENKEL KGAA SUN LIFE FINANCIAL I DEUTSCHE BANK AG ALLIANZ ASSET MANAGE FMR LLC ARTISAN PARTNERS HOL VANGUARD GROUP INC UNION INVESTMENT GMB DEKA INVESTMENT GMBH ROYAL BANK OF CANADA SCHRODER INVESTMENT CAISSE DE DEPOT ET P JP MORGAN SWEDBANK ROBUR FONDE TIAA CREF INVESTMENT OPPENHEIMERFUNDS INC UBS AG FRANKFURT TRUST INVE

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

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

Analyst ANDREW WOOD EAMONN FERRY GAEL COLCOMBET PABLO ZUANIC HERBERT STURM HERMINE DE BENTZMANN GUILLAUME DELMAS EDDY HARGREAVES ANDREAS RIEMANN JOERG PHILIPP FREY JULIA SIEKMANN ROSIE EDWARDS CHRISTIAN WEIZ NICOLAS SOCHOVSKY CHAS MANSO DE ZUNIGA EVA QUIROGA ZAFER RUZGAR MARCO GUENTHER SEBASTIAN FRERICKS HAROLD THOMPSON ERIK SJOGREN CELINE PANNUTI CEDRIC BESNARD CHRISTIAN FAITZ MICHAEL GORNY NADESHDA DEMIDOVA CARL SHORT IAIN SIMPSON JAMES TARGETT VALERIE GASTALDY MARKUS MAYER CRAIG STERLING WILLIAM HOUSTON BARBARA AMBRUS ALEX HOWSON STEFFEN MANSKE

Source ULT-AGG MF-AGG n/a ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform neutral outperform hold buy outperform buy buy buy hold buy neutral/attractive hold underperform buy neutral hold hold buy buy Overwt/In-Line underweight underweight outperform hold sell hold overweight Under Review hold hold overweight sell buy hold buy

Amt Held 5'945'065 5'554'090 4'541'372 4'083'465 3'741'114 3'287'094 2'321'926 2'117'330 1'990'131 1'899'300 1'646'626 1'232'318 1'228'092 1'151'163 945'479 885'306 838'342 719'332 656'422 644'150

% Out 3.34 3.12 2.55 2.29 2.1 1.84 1.3 1.19 1.12 1.07 0.92 0.69 0.69 0.65 0.53 0.5 0.47 0.4 0.37 0.36

Weighting

Change

5 3 5 3 5 5 5 5 5 3 5 3 3 1 5 3 3 3 5 5 5 1 1 5 3 1 3 5 #N/A N/A 3 3 5 1 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 M M D M M M M M M

Latest Chg 8'121 177'477 1'242'671 (37'922) (4'281) 68'444 (9'067) (125'430) (70'411) (46'516) 80'667 (14'140) 13'178 (65'859) (277'565) 128 30'000

Target Price 85 75 88 #N/A N/A 86 86 79 84 90 79 86 82 79 73 87 75 80 #N/A N/A 85 80 83 65 63 87 73 56 81 83 #N/A N/A #N/A N/A 78 #N/A N/A #N/A N/A 81 54 76

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

File Dt 23.09.2013 31.12.2012 05.08.2011 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.03.2013 30.06.2013 28.03.2013 30.04.2013 30.04.2013 30.08.2013 31.12.2012 31.08.2013 31.03.2013 31.07.2013 31.07.2013 28.06.2013 31.05.2013

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

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

Date 25.09.2013 25.09.2013 24.09.2013 20.09.2013 17.09.2013 16.09.2013 09.09.2013 05.09.2013 20.08.2013 14.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 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 08.08.2013 08.08.2013 01.08.2013 05.07.2013 13.06.2013 06.06.2013 13.05.2013 08.05.2013 19.03.2013 19.11.2012

27.09.2013

Hannover Rueck SE Hannover Rueck SE provides reinsurance services. The Company offers life, health, accident, damage, property, and high risk specialty reinsurance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 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 HNR1 GY EQUITY YTD Change HNR1 GY EQUITY YTD % CHANGE

12/2012 06/yy 64.85 49.58 75'923.00 55.1 -15.03% 11.13% 34.84% 120.6 6'644.90 2'400.79 0.0 684.5 572.19 9'229.23

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

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 7'343.2 0.57x (127.0) -

31.12.2009 31.12.2010 10'569.4 11'418.9 0.52x 0.62x 733.7 748.9 5.38x 6.46x Profitability

LTM-4Q 31.12.2011 12'125.7 0.55x 606.0 7.63x

31.12.2012 13'759.6 0.70x 858.3 8.28x 10.15% 9.46% 1.59% 15.56% 12.39% 0.26% 6.2% 4.38% 39.64% -

Price/ Cash Flow

LTM

06/yy 12'723.1 2.19x 0.0 0.00x 792.8 7.11x

06/yy 14'189.4 2.58x 0.0 0.00x 860.8 7.74x

FY+1

.0 M s-13

0.78 59.98 14.55% -1.88% 0.780 33 3.485 232'215 211'973 201'417 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'207.9 14'679.5 0.68x 0.61x 835.2 828.3 165.0 235.0 8.02x 8.04x S&P Issuer Ratings

15.04.2003 AASTABLE 39.6% 26.3% 0.26 -

Sales/Revenue/Turnover

3.50

16'000.0

3.00

14'000.0 12'000.0

2.50

10'000.0 2.00

8'000.0 1.50

6'000.0

1.00

4'000.0

0.50

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

Hannover Rueck SE Holdings By:

All

Holder Name TALANX AG BLACKROCK DEUTSCHE BANK AG SKAGEN AS ALLIANZ ASSET MANAGE PRINCIPAL FINANCIAL DWS INVESTMENTS VANGUARD GROUP INC NORGES BANK DJE INVESTMENT SA AGF INVESTMENTS INC JP MORGAN WS MANAGEMENT LLLP TAUBE HODSON STONEX PEAR TREE ADVISORS I CREDIT SUISSE AG PRUDENTIAL FINANCIAL FRANKLIN RESOURCES ACATIS F&C ASSET MANAGEMENT

Firm Name Exane BNP Paribas Canaccord Genuity Corp AlphaValue Morgan Stanley Goldman Sachs JPMorgan Mediobanca SpA Commerzbank Corporates & Markets Independent Research GmbH Main First Bank AG Helvea Bankhaus Metzler Kepler Cheuvreux Nord/LB EVA Dimensions Credit Suisse Keefe, Bruyette & Woods Raymond James HSBC Bankhaus Lampe Hamburger Sparkasse Oddo & Cie DZ Bank AG Landesbank Baden-Wuerttemberg Berenberg Bank Bryan Garnier & Cie Nomura Equinet Institutional Services(ESN) SRC Research Barclays Societe Generale

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

Analyst THOMAS JACQUET BEN COHEN DIETER HEIN MACIEJ WASILEWICZ VINIT MALHOTRA MICHAEL HUTTNER MARC THIELE FRANK KOPFINGER STEFAN BONGARDT MICHAEL HAID DANIEL BISCHOF JOCHEN SCHMITT FABRIZIO CROCE JULIA SIEKMANN DOUG WALTERS ADAM MCINALLY WILLIAM HAWKINS DANNY JACQUES THOMAS FOSSARD ANDREAS SCHAEFER CHRISTIAN HAMANN NICOLAS JACOB THORSTEN WENZEL WERNER SCHIRMER TOM CARSTAIRS OLIVIER PAUCHAUT MICHAEL KLIEN PHILIPP HAESSLER STEFAN SCHARFF ANDREW BROADFIELD JASON KALAMBOUSSIS

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

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

Amt Held % Out 60'539'744 50.2 3'622'528 3 3'248'731 2.69 1'101'269 0.91 1'054'230 0.87 782'514 0.65 760'214 0.63 688'917 0.57 582'283 0.48 567'800 0.47 538'060 0.45 469'861 0.39 (434'150) -0.36 370'606 0.31 276'100 0.23 274'894 0.23 266'569 0.22 265'058 0.22 138'737 0.12 131'601 0.11

Weighting

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

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

Latest Chg (167'000) 20'750 (91'430) 267'058 (18'048) 15'031 (63'000) 79'600 (26'440) (2'456) 2'776 45'506 (11'784) 44'000 (5'384)

Target Price 62 62 60 58 62 52 65 58 60 65 57 70 63 65 #N/A N/A 68 61 #N/A N/A 72 64 #N/A N/A 55 65 63 63 60 55 70 67 61 58

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

File Dt 31.12.2012 23.09.2013 31.07.2013 30.08.2013 30.06.2013 31.07.2013 31.05.2013 30.06.2013 31.12.2012 28.06.2013 28.03.2013 30.06.2013 01.11.2012 31.07.2013 30.06.2013 31.05.2013 31.07.2013 31.08.2013 28.03.2013 28.02.2013

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

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

Date 23.09.2013 20.09.2013 19.09.2013 18.09.2013 13.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 26.08.2013 20.08.2013 20.08.2013 14.08.2013 13.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 22.07.2013 07.03.2013

27.09.2013

Hochtief AG Hochtief AG provides construction and construction related services worldwide. The Company finances, designs, builds, constructs and operates a wide variety of facilities through its five divisions, Airport, Development, Construction Services Americas, Construction Services Asia Pacific, and Construction Services Europe.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 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 HOT GY EQUITY YTD Change HOT GY EQUITY YTD % CHANGE

12/2012 06/yy 64.99 35.94 97'627.00 64.99 0.00% 80.85% 97.55% 77.0 5'004.23 4'456.46 0.0 1'603.4 3'143.58 8'692.63

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 18'703.1 0.19x 622.0 5.79x 156.7 15.81x

31.12.2009 31.12.2010 18'166.1 20'159.3 0.28x 0.29x 1'029.1 1'480.3 4.97x 3.92x 191.7 288.0 18.59x 14.74x Profitability

LTM-4Q 31.12.2011 23'282.2 0.26x 1'674.2 3.55x (160.3) -

31.12.2012 25'527.7 0.24x 1'477.3 4.16x 158.1 20.43x 1'477.32 527.16 2.07% 2.14% 1.98% 13.22% 10.00% 1.55% 6.9% 3.3% 0.6% 1.35 0.94 26.27% 168.78% 4.61 -

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 24'920.4 1.01x 1'591.5 4.01x (55.2) 0.00x

LTM 06/yy 26'124.8 1.07x 1'803.8 4.09x 333.5 11.14x

FY+1

1.16 26.99 76.43% 50.56% 1.163 23 3.261 193'430 182'097 186'882 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 25'810.8 26'175.7 6'683.0 6'700.5 0.27x 0.27x 1'756.6 1'750.6 4.94x 4.96x 235.2 267.7 75.7 30.9 19.52x 17.84x S&P Issuer Ratings

4.55 0.81 1.18 2.69 168.8% 51.2% 1.55 12.58 79.26 -

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Hochtief AG Holdings By:

All

Holder Name ACS ACTIVIDADES CONS QATAR INVESTMENT AUT SOUTHEASTERN ASSET M HOCHTIEF AG BLACKROCK NORGES BANK SPARINVEST LANSDOWNE PARTNERS L VANGUARD GROUP INC LONGLEAF MANAGEMENT ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL IG INVESTMENT MANAGE WITAN INVESTMENT TRU AGICAM SANTANDER ASSET MGMT LITMAN/GREGORY FUND DEUTSCHE BANK AG LBPAM BARING FUND MANAGERS

Firm Name

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

Analyst

Societe Generale VICTOR ACITORES Goldman Sachs WILL MORGAN Independent Research GmbH CHRISTOPH SCHOENDUBE UBS GREGOR KUGLITSCH Equinet Institutional Services(ESN) INGBERT FAUST National Bank AG EKKEHARD D LINK DZ Bank AG JASKO TERZIC Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN Bankhaus Lampe MARC GABRIEL Nord/LB HEINO HAMMANN Natixis ABDELKADER BENCHIHA M.M. Warburg Investment Research FRANK LASER Bankhaus Metzler STEPHAN BAUER S&P Capital IQ JAWAHAR HINGORANI Commerzbank Corporates & Markets NORBERT KRETLOW HSBC TOBIAS LOSKAMP Morgan Stanley ALEJANDRA PEREDA Kepler Cheuvreux BORJA CASTRO PEREZ MANZUCO Berenberg Bank CHRIS MOORE EVA Dimensions TIMOTHY STANISH Espirito Santo Investment Bank Research JUAN CARLOS CALVO Hamburger Sparkasse INGO SCHMIDT Main First Bank AG CHRISTIAN KORTH Deutsche Bank MICHAEL KUHN

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

Recommendation buy neutral/neutral hold neutral buy hold buy hold sell hold buy buy sell buy hold overweight Underwt/In-Line buy hold underweight buy sell underperform restricted

Amt Held % Out 38'423'000 49.9 7'700'000 10 3'980'943 5.17 3'883'553 5.04 3'066'749 3.98 1'546'134 2.01 690'127 0.9 (385'000) -0.5 353'374 0.46 325'700 0.42 225'659 0.29 186'984 0.24 145'417 0.19 138'000 0.18 120'000 0.16 105'799 0.14 93'000 0.12 85'178 0.11 74'572 0.1 73'413 0.1

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

Change M D D M M M M M M D M M M M M M M M D M M M D M

Latest Chg (40'965) (3'912) (19'584) 7'375 (2'000) 19'456 -

Target Price 73 68 67 56 69 56 63 58 55 62 63 65 55 64 51 67 51 57 59 #N/A N/A 69 #N/A N/A 44 #N/A N/A

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2011 Government 20.04.2012 Investment Advisor 03.07.2013 Corporation 23.09.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 05.06.2013 Hedge Fund Manager 30.06.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.11.2012 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 01.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 25.09.2013 17.09.2013 12.09.2013 10.09.2013 10.09.2013 03.09.2013 21.08.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 31.07.2013 14.06.2013 13.06.2013 06.06.2013 06.06.2013 15.05.2013 12.03.2013 01.03.2013 27.09.2010

27.09.2013

Infineon Technologies AG Infineon Technologies AG designs, manufactures, and markets semiconductors and related products. The Company's products include microprocessors, memory components, microcontrollers, integrated circuits, digital and analog sensors, and fiber optics. Infineon markets its products to the communications, automotive, industrial, and consumer electronics sectors.

Price/Volume 8

20.0 M

5 4

09/2012 06/yy 7.72 4.87 3'276'589.00 7.58 -1.76% 55.81% 94.25% 1'081.0 8'194.10 295.00 0.0 0.0 2'235.00 6'362.10

15.0 M

10.0 M

2 5.0 M

1 0 s-12

30.09.2009 30.09.2010 2'184.0 3'295.0 1.66x 1.27x 292.0 687.0 12.43x 6.07x (626.0) 659.0 17.47x Profitability

LTM-4Q 30.09.2011 3'997.0 0.91x 1'098.0 3.33x 1'119.0 8.17x

30.09.2012 3'904.0 0.88x 881.0 3.89x 427.0 12.42x

881.00 453.00 11.60% 11.04% 4.71% 7.48% 0.67% 36.6% 19.2% 7.0% 10.9% 2.09 1.65 5.00% 8.25% 6.67 4.41

Price/ Cash Flow

06/yy 3'960.0 4.58x 958.0 3.99x 414.0 10.62x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 3'773.0 4.86x 726.0 7.00x 267.0 25.74x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.12 1'076.83 51.18% 25.95% 1.118 36 3.889 7'025'219 6'153'938 7'192'639 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 3'838.5 4'206.4 1'056.0 961.0 1.62x 1.43x 5.84x 6.35x 791.1 1'029.9 258.0 217.0 8.03x 6.17x 6.49x 6.36x 258.9 439.3 113.0 90.3 31.58x 19.05x 18.90x 17.47x S&P Issuer Ratings

14.68 -0.15 -2.52 0.42 8.3% 7.6% 0.67 2.37 54.71 82.76 70.46 34.53

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 02.10.2009

o-12

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 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 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFX GY EQUITY YTD Change IFX GY EQUITY YTD % CHANGE

30.09.2008 3'903.0 0.85x 702.0 4.73x (2'935.0) -

30.0 M

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

Infineon Technologies AG Holdings By:

All

Holder Name BLACKROCK DODGE & COX CAPITAL GROUP COMPAN UBS AG ODEY ASSET MANAGEMEN SUSQUEHANNA INTERNAT NORGES BANK VANGUARD GROUP INC TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA SCHRODER INVESTMENT DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE AQR CAPITAL MANAGEME FRANKLIN RESOURCES SUN LIFE FINANCIAL I NORDEA INV MANAGEMEN DEUTSCHE BANK AG UNION INVESTMENT GMB ADIG INVESTMENT

Firm Name Nord/LB Independent Research GmbH Hauck & Aufhaeuser M.M. Warburg Investment Research Bankhaus Metzler Exane BNP Paribas Societe Generale Jefferies AlphaValue Bankhaus Lampe Natixis Goldman Sachs Sanford C. Bernstein & Co Berenberg Bank Deutsche Bank Commerzbank Corporates & Markets HSBC Landesbank Baden-Wuerttemberg Hamburger Sparkasse Kepler Cheuvreux Redburn Partners Baader Bank JPMorgan Main First Bank AG Barclays Grupo Santander Morgan Stanley S&P Capital IQ DZ Bank AG ABN Amro Bank N.V. UBS Liberum Capital Ltd National Bank AG EVA Dimensions CM - CIC Securities(ESN)

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

Analyst WOLFGANG DONIE MARKUS FRIEBEL TIM OLIVER WUNDERLICH MALTE SCHAUMANN ULRICH TRABERT JEROME RAMEL PETER KNOX LEE SIMPSON LIONEL PELLICER KARSTEN ILTGEN STEPHANE HOURI SIMON F SCHAFER PIERRE FERRAGU ADNAAN AHMAD KAI KORSCHELT THOMAS M BECKER CHRISTIAN DOMINIK RATH THOMAS HOFMANN MARCO GUENTHER BERND LAUX SUMANT WAHI GUENTHER MICHAEL HOLLFELDER SANDEEP S DESHPANDE JUERGEN WAGNER ANDREW M GARDINER CARLOS JAVIER TREVINO FRANCOIS MEUNIER JAMES CRAWSHAW HARALD SCHNITZER ROBIN VAN DEN BROEK GARETH JENKINS JANARDAN MENON STEFFEN MANSKE ANDREW S ZAMFOTIS FRANCOIS GOBRON

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

Recommendation buy hold hold hold buy outperform hold buy add sell neutral Buy/Neutral outperform hold hold add neutral hold hold hold buy hold overweight outperform overweight underweight Equalwt/Cautious sell buy buy buy buy buy overweight suspended coverage

Amt Held % Out 120'786'574 11.17 108'178'569 10.01 99'420'189 9.2 60'242'069 5.57 31'138'315 2.88 (26'482'703) -2.45 26'059'991 2.41 23'400'319 2.16 11'352'777 1.05 10'657'123 0.99 8'970'072 0.83 8'966'202 0.83 8'912'009 0.82 (8'537'641) -0.79 8'188'770 0.76 7'043'921 0.65 6'915'466 0.64 6'700'798 0.62 5'962'925 0.55 4'831'695 0.45

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

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

Latest Chg (2'545'211) (3'575'000) 50'203 (7'037'190) (2'713'840) 10'936'220 2'439'755 2'987'928 (821'888) 1'032'356 216'143 (3'080'757) 86'677 233'320 235'222 (499'000) 841'695

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

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

File Dt Inst Type 23.09.2013 Investment Advisor 30.09.2012 Investment Advisor 30.06.2013 Investment Advisor 07.08.2013 Unclassified 04.04.2012 Investment Advisor 04.09.2013 Other 31.12.2012 Government 30.06.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 12.06.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 17.09.2013 11.09.2013 11.09.2013 11.09.2013 04.09.2013 29.08.2013 16.08.2013 16.08.2013 09.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 03.05.2013 14.03.2013 31.01.2013 15.01.2013 23.09.2008

27.09.2013

Jenoptik AG Jenoptik AG is an optoelectronics group that offers optical systems, lasers and material processing. The Company also provides industrial metrology, Traffic solutions, and defense & civil systems services.

Price/Volume 12

.5 M .4 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 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 JEN GY EQUITY YTD Change JEN GY EQUITY YTD % CHANGE

12/2012 06/yy 11.32 5.75 30'397.00 11.17 -1.33% 94.26% 97.13% 57.2 639.35 120.99 0.0 0.3 45.92 720.44

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

.3 M .2 M

.2 M .1 M

2 0 s-12

.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 548.3 0.87x 70.5 6.75x 11.8 21.74x

.3 M

31.12.2009 31.12.2010 441.3 478.8 0.81x 0.81x 9.9 56.1 36.09x 6.93x (37.9) 36.6 33.74x Profitability

LTM-4Q 31.12.2011 543.3 0.62x 93.1 3.64x 35.3 7.87x

31.12.2012 585.0 0.85x 84.4 5.90x 50.2 9.23x 84.35 62.10 10.61% 7.08% 7.47% 14.85% 0.89% 34.8% 13.9% 10.2% 8.6% 2.08 0.90 18.07% 36.66% 5.90 2.06

Price/ Cash Flow

06/yy 570.8 2.56x 91.2 4.18x 40.4 8.20x

LTM 06/yy 584.8 3.53x 81.5 7.62x 49.1 12.24x

FY+1

.0 M s-13

0.73 41.15 91.39% 54.26% 0.730 13 3.923 97'155 88'955 89'344 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 607.0 653.0 1.18x 1.10x 76.8 88.3 9.37x 8.15x 35.9 46.7 17.73x 13.86x S&P Issuer Ratings

04.06.2008 NR 5.27 3.74 0.99 1.44 36.7% 26.8% 0.89 4.18 61.92 176.84 41.13 183.67

Sales/Revenue/Turnover

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

Jenoptik AG Holdings By:

All

Holder Name ECE INDUSTRIEBETEILI THUERINGER INDUSTRIE FRANKLIN RESOURCES ODDO ASSET MANAGEMEN BT PENSION SCHEME DIMENSIONAL FUND ADV NORGES BANK BARING FUND MANAGERS STANDARD LIFE INVEST ARTEMIS INVESTMENT M VANGUARD GROUP INC STATE STREET CORP BLACKROCK THRIVENT FINANCIAL F DEUTSCHE BANK AG VONTOBEL ASSET MANAG PIONEER INVESTMENTS JP MORGAN SWISSCANTO FONDSLEIT BAYERNINVEST LUXEMBO

Firm Name M.M. Warburg Investment Research Bankhaus Lampe Montega Commerzbank Corporates & Markets Close Brothers Equity Markets Independent Research GmbH Baader Bank Berenberg Bank Deutsche Bank DZ Bank AG HSBC EVA Dimensions Kepler Cheuvreux

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

Analyst MALTE SCHAUMANN KARSTEN ILTGEN Robert-Jan van der Horst DENNIS SCHMITT IGOR KIM ZAFER RUZGAR PETER ROTHENAICHER ALI FARID KHWAJA UWE SCHUPP DIRK SCHLAMP RICHARD SCHRAMM ANDREW S ZAMFOTIS ULRICH SCHOLZ

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

Recommendation buy hold buy hold hold hold buy buy hold buy neutral overweight hold

Amt Held 8'019'058 6'296'191 2'575'308 1'747'653 1'608'393 1'051'902 748'394 657'624 402'630 245'000 240'167 189'818 189'513 181'837 180'000 165'000 136'797 97'732 90'000 71'890

% Out 14.01 11 4.5 3.05 2.81 1.84 1.31 1.15 0.7 0.43 0.42 0.33 0.33 0.32 0.31 0.29 0.24 0.17 0.16 0.13

Weighting

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

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

Latest Chg 16'270 (5'000) 3'782 (6'135) 181'837 165'000 17'576 (2'280) -

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

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

File Dt Inst Type 28.02.2013 Corporation 28.02.2013 Other 31.07.2013 Investment Advisor 24.01.2013 Investment Advisor 16.01.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Unclassified 24.09.2013 Investment Advisor 23.09.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 20.09.2013 18.09.2013 12.09.2013 02.09.2013 20.08.2013 14.08.2013 13.08.2013 13.08.2013 09.08.2013 02.08.2013 21.06.2013 21.06.2013 29.01.2013

27.09.2013

Kontron AG Kontron AG develops, produces and markets embedded computer boards. The Company provides its products to original equipment manufacturers, systems integrators, and other end-users in high-tech industries such as telecommunications, industrial automation, mobile computing, and the Internet.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (14.11.2012) 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 KBC GY EQUITY YTD Change KBC GY EQUITY YTD % CHANGE

12/2012 06/yy 4.78 3.11 95'698.00 4.655 -2.62% 49.49% 95.56% 55.7 259.20 14.53 0.0 3.3 27.53 262.73

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 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 496.7 0.68x 57.5 5.86x 33.8 10.85x

5 5 4 4 3 3 2 2 1 1 0 s-12

31.12.2009 31.12.2010 468.9 509.5 0.83x 0.86x 42.3 46.1 9.22x 9.50x 21.6 (13.5) 19.44x Profitability

LTM-4Q 31.12.2011 589.6 0.48x 55.3 5.17x 21.9 12.98x

31.12.2012 547.0 0.40x 11.6 18.94x (32.8) 11.56 -32.26 -5.90% -6.31% -8.71% -14.00% 1.11% 26.2% 0.2% -8.1% -6.0% 1.95 1.03 3.16% 5.13% 4.46 3.67

Price/ Cash Flow

06/yy 584.0 2.05x 44.8 5.85x 14.5 18.70x

LTM 06/yy 539.1 1.54x 0.8 238.56x (42.3) 0.00x

FY+1

.0 M s-13

0.74 37.36 27.08% 14.29% 0.737 14 2.786 132'104 146'634 125'295 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 545.3 577.3 0.47x 0.45x 16.2 32.6 16.12x 8.00x (13.1) 5.8 31.88x S&P Issuer Ratings

8.02 3.23 0.56 21.64 5.1% 4.8% 1.11 24.95 81.80 99.35 93.46 92.69

Sales/Revenue/Turnover

80.00

700.0

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0

30.00

200.0

20.00

100.0

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

Kontron AG Holdings By:

All

Holder Name WARBURG PINCUS LLC TRITON III HOLDING SEB FMR LLC ALKEN FUND SICAV NORGES BANK BNY MELLON SERVICE K DIMENSIONAL FUND ADV ING ASSET MANAGEMENT NMAS1 ASSET MANAGEME ADIG INVESTMENT BLACKROCK GEHRMANN ULRICH VANGUARD GROUP INC INVESCO LTD BANKINVEST ASSET MAN NEVIN HUGH DEUTSCHE BANK AG STATE STREET CORP ING INVESTMENT MANAG

Firm Name Independent Research GmbH Hamburger Sparkasse Kepler Cheuvreux Hauck & Aufhaeuser M.M. Warburg Investment Research DZ Bank AG Commerzbank Corporates & Markets Berenberg Bank Equinet Institutional Services(ESN) Deutsche Bank Bankhaus Metzler Landesbank Baden-Wuerttemberg Close Brothers Equity Markets EVA Dimensions

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

Analyst MARKUS FRIEBEL MARCO GUENTHER BERND LAUX TIM OLIVER WUNDERLICH MALTE SCHAUMANN MARKUS TURNWALD YASMIN MOSCHITZ ALI FARID KHWAJA ADRIAN PEHL UWE SCHUPP ULRICH TRABERT THOMAS HOFMANN VEYSEL TAZE ANDREW S ZAMFOTIS

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

Recommendation hold hold buy sell hold sell hold hold accumulate hold sell hold sell overweight

Amt Held 10'579'770 7'166'500 3'337'400 1'596'713 1'591'133 1'387'734 980'521 913'024 750'000 690'369 562'500 382'311 280'000 273'705 237'353 200'000 189'366 156'550 90'934 82'291

% Out 19 12.87 5.99 2.87 2.86 2.49 1.76 1.64 1.35 1.24 1.01 0.69 0.5 0.49 0.43 0.36 0.34 0.28 0.16 0.15

Weighting

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

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

Latest Chg 349'010 (5'453) 6'634 30'033 56'550 -

Target Price 5 #N/A N/A 7 3 4 3 4 4 5 4 3 4 4 #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 20.03.2013 05.06.2012 16.04.2012 24.02.2012 31.12.2012 30.08.2013 30.04.2013 28.03.2013 31.07.2012 31.05.2013 23.09.2013 31.12.2012 30.06.2013 24.09.2013 31.07.2013 31.12.2012 31.07.2013 24.09.2013 30.06.2013

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

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

Date 17.09.2013 23.08.2013 22.08.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 22.07.2013 10.07.2013 09.07.2013 10.04.2013 17.01.2013

27.09.2013

Kloeckner & Co SE Kloeckner & Co SE distributes a wide range of steel and metal products.

Price/Volume 14

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 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 KCO GY EQUITY YTD Change KCO GY EQUITY YTD % CHANGE

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

2.0 M

1.0 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 31.12.2008 6'749.6 0.17x 596.3 1.93x 398.3 1.44x

3.0 M

12/2012 06/yy 11.98 6.93 286'933.00 10.285 -14.15% 48.52% 67.56% 99.8 1'025.93 1'024.05 0.0 23.0 610.22 1'525.56

31.12.2009 31.12.2010 3'860.5 5'198.2 0.27x 0.30x (76.3) 233.4 6.59x (188.5) 77.5 17.95x Profitability

LTM-4Q 31.12.2011 7'095.4 0.21x 199.9 7.38x 11.6 70.86x

31.12.2012 7'388.0 0.18x 60.1 22.16x (194.9) 60.08 -104.43 -1.41% -2.42% -3.77% -10.19% 1.54% 17.6% 0.8% -1.2% -2.6% 2.79 1.40 26.22% 63.54% 6.44 -

Price/ Cash Flow

06/yy 7'532.2 0.81x 110.2 12.67x (87.4) 0.00x

LTM 06/yy 6'801.7 0.82x 54.2 24.28x (166.5) 0.00x

FY+1

.0 M s-13

1.19 91.95 27.76% 14.69% 1.189 30 3.433 392'890 462'525 519'366 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'752.4 7'032.5 1'702.8 1'718.8 0.22x 0.21x 0.97x 0.88x 134.5 209.7 34.9 37.2 11.39x 7.30x (34.0) 32.5 (4.4) (0.3) 32.04x S&P Issuer Ratings

27.03.2013 B+ NEG 0.67 0.04 8.82 19.34 63.5% 38.5% 1.54 11.18 56.70 78.61

Sales/Revenue/Turnover

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0 8.00

4'000.0 6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Kloeckner & Co SE Holdings By:

All

Holder Name INTERFER HOLDING ALLIANZ ASSET MANAGE FRANKLIN RESOURCES DIMENSIONAL FUND ADV ADIG INVESTMENT UBS AG NORGES BANK FEDERATED INVESTORS DEKA INVESTMENT GMBH UNION INVESTMENT GMB BLACKROCK VANGUARD GROUP INC OXFORD ASSET MANAGEM DEUTSCHE BANK AG HIGHBRIDGE CAPITAL M AQR CAPITAL MANAGEME SAEMOR CAPITAL BV MILLENNIUM PARTNERS CARMIGNAC GESTION DB PLATINUM ADVISORS

Firm Name Nomura Exane BNP Paribas Goldman Sachs Baader Bank Jefferies JPMorgan Commerzbank Corporates & Markets Bankhaus Metzler DZ Bank AG Morgan Stanley M.M. Warburg Investment Research HSBC Nord/LB Macquarie Bankhaus Lampe Berenberg Bank Main First Bank AG Deutsche Bank BHF-Bank Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Close Brothers Equity Markets Kepler Cheuvreux Steubing AG EVA Dimensions Montega UBS

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

Analyst NEIL SAMPAT ROMY KRUGER STEPHEN BENSON CHRISTIAN OBST SETH ROSENFELD BENJAMIN DEFAY INGO-MARTIN SCHACHEL LARS HETTCHE DIRK SCHLAMP ALEXANDER HAISSL BJOERN VOSS JUERGEN SIEBRECHT HOLGER FECHNER DANIEL LURCH MARC GABRIEL BJOERN LIPPE ALEXANDER HAUENSTEIN MATTHIAS PFEIFENBERGER HERMANN REITH MICHAEL SHILLAKER JENS MUENSTERMANN SVEN DIERMEIER RALF MARINONI ROCHUS BRAUNEISER MICHAEL BROEKER TIMOTHY STANISH WAIS SAMADZADA CARSTEN RIEK

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

Recommendation reduce neutral Sell/Neutral hold hold overweight hold buy hold Underwt/Cautious buy overweight buy outperform hold hold outperform hold overweight outperform buy hold buy buy hold underweight hold sell

Amt Held % Out 7'800'000 7.82 3'590'173 3.6 3'185'285 3.19 2'726'397 2.73 2'410'068 2.42 2'389'100 2.4 1'318'689 1.32 977'668 0.98 976'403 0.98 959'500 0.96 779'055 0.78 598'303 0.6 (588'525) -0.59 567'000 0.57 (488'775) -0.49 (488'775) -0.49 (478'800) -0.48 (458'850) -0.46 457'329 0.46 377'256 0.38

Weighting

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

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

Latest Chg (256'412) 4'434 (100'000) (512'408) 400'000 29'549 79'555 89'775 (44'650) 189'525 89'775 19'950 39'900 141'937 -

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

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

File Dt Inst Type 18.02.2013 n/a 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Unclassified 31.12.2012 Government 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 23.09.2013 Investment Advisor 30.06.2013 Unclassified 20.09.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 14.03.2013 Hedge Fund Manager 17.09.2013 Hedge Fund Manager 27.08.2013 Investment Advisor 25.10.2012 Investment Advisor 28.06.2013 Investment Advisor 25.09.2013 Investment Advisor

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

Date 23.09.2013 23.09.2013 15.09.2013 12.09.2013 10.09.2013 06.09.2013 02.09.2013 26.08.2013 21.08.2013 20.08.2013 15.08.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 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 07.08.2013 06.06.2013 31.05.2013 21.05.2013

27.09.2013

Kabel Deutschland Holding AG Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The Company offers its customers analog and digital TV, broadband Internet and fixed line phone services via cable as well mobile services in cooperation with an industry partner.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 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 KD8 GY EQUITY YTD Change KD8 GY EQUITY YTD % CHANGE

03/2013 06/yy 94.80 52.80 25'738.00 93.9 -0.95% 77.84% 98.29% 88.5 8'312.30 3'423.25 0.0 0.0 609.55 11'168.79

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

31.03.2010 31.03.2011 1'501.6 1'598.9 3.15x 3.80x 651.5 697.1 7.26x 8.71x (40.1) (45.3) Profitability

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M o-12

LTM-4Q 31.03.2012 1'699.7 4.01x 768.8 8.87x 159.4 25.98x

31.03.2013 1'829.9 5.01x 786.9 11.66x 246.8 25.75x

786.89 425.96 23.28% 12.33% 8.13% 0.72% 54.3% 41.6% 21.4% 13.5% 1.11 1.00 119.58% 18.51 18.90

Price/ Cash Flow

06/yy 1'731.6 15.53x 784.4 9.11x 216.7 20.23x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'850.4 19.05x 770.1 13.40x 210.4 35.41x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.48 77.61 72.84% 65.99% 0.479 27 2.741 727'313 372'234 481'689 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 1'964.9 2'123.8 476.0 489.0 5.74x 5.39x 936.9 1'038.2 230.0 238.0 11.92x 10.76x 262.7 308.3 65.9 69.5 31.83x 26.84x 28.20x 27.14x S&P Issuer Ratings

02.08.2013 BB *+ 3.82 2.01 3.71 4.20 176.3% 0.72 1.45 19.72 19.31 115.88 -87.87

Sales/Revenue/Turnover

16.00

2'000.0

14.00

1'800.0 1'600.0

12.00

1'400.0

10.00

1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 02.04.2010

3.5 M

Fiscal Year Ended 31.03.2009 1'370.3 539.3 (145.2) -

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

Kabel Deutschland Holding AG Holdings By:

All

Holder Name ELLIOTT CAPITAL ADVI BLACKROCK VODAFONE GROUP PLC DAVIDSON KEMPNER CAP ZIEGLER CARLENE MURP SCOUT CAPITAL MANAGE FMR LLC STANDARD LIFE INVEST ARTISAN PARTNERS HOL NORGES BANK JP MORGAN THREADNEEDLE VANGUARD GROUP INC ROYAL BANK OF CANADA DB PLATINUM ADVISORS SARASIN ALLIANZ ASSET MANAGE SCHRODER INVESTMENT DEUTSCHE BANK AG FIL LIMITED

Firm Name

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

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Nord/LB HOLGER FECHNER Bankhaus Lampe WOLFGANG SPECHT Landesbank Baden-Wuerttemberg STEFAN BORSCHEID M.M. Warburg Investment Research MALTE RAETHER New Street Research FRANK KNOWLES Main First Bank AG STEPHAN VOLLERT Societe Generale OTTAVIO ADORISIO Macquarie ALEX GRANT Grupo Santander JOHN DAVIES EVA Dimensions CRAIG STERLING Barclays JONATHAN DANN Commerzbank Corporates & Markets HEIKE PAULS Jefferies ULRICH RATHE Makor Capital ALBERT SAPORTA Pivotal Research Group LLC JEFFREY WLODARCZAK Exane BNP Paribas MICHAEL WILLIAMS HSBC DOMINIK KLARMANN Deutsche Bank DAVID A WRIGHT Hauck & Aufhaeuser SASCHA BERRESCH Espirito Santo Investment Bank Research ANDREW HOGLEY Bankhaus Metzler ULRICH TRABERT Equita SIM SpA GIANMARCO BONACINA UBS POLO TANG Berenberg Bank STUART GORDON Morgan Stanley SAROOP PUREWAL Goldman Sachs TIMOTHY BODDY Credit Suisse JUSTIN FUNNELL JPMorgan HANNES C WITTIG Nomura HENRIK NYBLOM

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

Recommendation market perform sell hold hold hold neutral underperform hold neutral hold sell equalweight reduce hold hold sell outperform neutral restricted hold neutral sell hold restricted hold restricted not rated neutral overweight neutral

Amt Held 9'819'736 4'458'817 3'033'861 3'016'084 2'823'982 2'725'000 2'682'192 2'668'411 2'647'315 2'332'846 2'287'491 1'239'384 1'014'509 926'378 792'770 773'576 717'715 600'315 516'804 503'192

% Out 11.09 5.04 3.43 3.41 3.19 3.08 3.03 3.01 2.99 2.64 2.58 1.4 1.15 1.05 0.9 0.87 0.81 0.68 0.58 0.57

Weighting

Change

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

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

Latest Chg (13'343) 190'552 17'135 (42'021) 242'086 (282'898) (4'329) (68'428) (1'102'818)

Target Price 87 87 85 87 65 87 87 85 87 84 #N/A N/A 87 87 82 85 87 90 87 #N/A N/A 90 87 62 87 #N/A N/A 85 #N/A N/A #N/A N/A 70 70 54

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

File Dt Inst Type 11.09.2013 Investment Advisor 23.09.2013 Investment Advisor 19.07.2013 Corporation 06.09.2013 Hedge Fund Manager 10.01.2013 n/a 31.03.2012 Hedge Fund Manager 31.03.2012 Investment Advisor 14.06.2013 Investment Advisor 15.08.2013 Investment Advisor 28.08.2013 Government 09.09.2013 Investment Advisor 31.05.2013 Unclassified 30.06.2013 Unclassified 30.04.2013 Bank 31.07.2013 Investment Advisor 31.07.2013 Unclassified 31.08.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 23.09.2013 19.09.2013 18.09.2013 13.09.2013 13.09.2013 10.09.2013 10.09.2013 06.09.2013 03.09.2013 23.08.2013 20.08.2013 16.08.2013 14.08.2013 14.08.2013 13.08.2013 08.08.2013 15.07.2013 12.07.2013 09.07.2013 03.07.2013 26.06.2013 25.06.2013 24.06.2013 18.06.2013 18.06.2013 13.06.2013 12.06.2013 01.05.2013 22.02.2013 20.02.2013

27.09.2013

Krones AG Krones AG designs and manufactures production machinery and packaging robots for breweries, soft drink and water bottlers, chemical manufacturers, and food processors. The Company produces cleaning, filling, labeling, sorting, and packaging production systems for the handling of plastic and glass containers. Krones operates worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.09.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRN GY EQUITY YTD Change KRN GY EQUITY YTD % CHANGE

12/2012 06/yy 68.00 39.74 55'943.00 62.53 -8.04% 57.37% 79.16% 31.6 1'975.51 17.06 0.0 0.0 132.92 1'861.61

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

.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 2'381.4 0.39x 224.7 4.09x 107.0 9.17x

31.12.2009 31.12.2010 1'864.9 2'173.3 0.53x 0.62x 46.4 139.1 21.44x 9.72x (34.7) 50.8 27.95x Profitability

LTM-4Q 31.12.2011 2'480.3 0.43x 138.3 7.79x 43.7 25.36x

31.12.2012 2'664.2 0.51x 179.7 7.62x 67.0 21.17x 179.70 103.02 3.87% 3.68% 3.78% 9.25% 1.33% 7.1% 4.3% 2.5% 1.34 0.64 0.82% 2.04% 4.73 -

Price/ Cash Flow

06/yy 2'512.5 1.87x 135.7 9.29x 38.9 30.85x

LTM 06/yy 2'752.0 2.15x 195.8 8.21x 78.4 21.29x

FY+1

.0 M s-13

0.74 28.80 53.90% 34.82% 0.740 21 4.095 76'067 49'441 48'516 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'784.5 2'930.5 645.0 748.0 0.65x 0.60x 2.31x 241.0 268.1 53.0 71.7 7.71x 6.93x 115.4 132.3 24.5 35.2 16.71x 14.65x S&P Issuer Ratings

51.82 31.13 -0.58 0.08 2.0% 2.0% 1.33 6.15 77.12 -

Sales/Revenue/Turnover

90.00

3'000.0

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Krones AG Holdings By:

All

Holder Name KRONSEDER FAMILY TWEEDY BROWNE COMPAN ALLIANZ GLOBAL INVES ODDO ASSET MANAGEMEN NORGES BANK FINANCIERE DE L'ECHI ALLIANZ ASSET MANAGE SARASIN ADIG INVESTMENT BLACKROCK DEUTSCHE BANK AG SOCIETE GENERALE CALAMOS ADVISORS LLC VANGUARD GROUP INC KEMPEN CAPITAL MANAG AMUNDI DIMENSIONAL FUND ADV PICTET FUNDS UNION INVESTMENT GMB UNIVERSAL INVESTMENT

Firm Name Commerzbank Corporates & Markets Baader Bank Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research Bankhaus Metzler Equinet Institutional Services(ESN) DZ Bank AG Deutsche Bank Independent Research GmbH Nord/LB Goldman Sachs Landesbank Baden-Wuerttemberg Kepler Cheuvreux UBS S&P Capital IQ Montega EVA Dimensions HSBC Berenberg Bank BHF-Bank Steubing AG Hamburger Sparkasse

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

Analyst YASMIN MOSCHITZ PETER ROTHENAICHER TORBEN TEICHLER GORDON SCHOENELL EGGERT KULS STEPHAN BAUER HOLGER SCHMIDT MARKUS TURNWALD FELICITAS VON BISMARCK LARS LUSEBRINK HEINO HAMMANN BENJAMIN MOORE HARALD REHMET STEFAN AUGUSTIN SVEN WEIER UNAI FRANCO THOMAS RAU TIMOTHY STANISH RICHARD SCHRAMM BENJAMIN GLAESER HERMANN REITH MICHAEL BROEKER INGO SCHMIDT

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

Recommendation buy buy buy sell hold buy accumulate buy buy buy buy neutral/neutral hold buy neutral buy hold overweight neutral hold overweight buy sell

Amt Held 2'796'120 969'077 960'013 470'732 384'684 224'907 214'081 210'858 199'531 185'473 142'611 94'519 84'000 78'439 77'133 75'051 71'960 68'962 50'000 49'478

% Out 8.85 3.07 3.04 1.49 1.22 0.71 0.68 0.67 0.63 0.59 0.45 0.3 0.27 0.25 0.24 0.24 0.23 0.22 0.16 0.16

Weighting

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

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

Latest Chg (32'315) 75'272 9'700 (6'995) 30'046 94'519 5'928 75'051 50'000 4'545

Target Price 71 73 73 52 68 69 71 74 72 74 70 64 63 67 62 72 60 #N/A N/A 55 57 52 68 #N/A N/A

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

File Dt 17.09.2013 31.03.2012 29.04.2013 30.09.2012 31.12.2012 31.07.2013 31.05.2013 30.04.2013 31.05.2013 23.09.2013 31.07.2013 30.04.2013 31.07.2013 30.06.2013 30.06.2013 30.04.2013 30.04.2013 31.05.2013 28.03.2013 16.08.2013

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

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

Date 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 12.09.2013 10.09.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 06.06.2013 05.06.2013 20.05.2013 26.11.2012 18.05.2011 27.04.2010

27.09.2013

KUKA AG KUKA AG manufactures production machinery and equipment, and offers production engineering services. The Company designs and builds automobile factories, and produces welding and assembly systems, industrial robots, turning machines, packaging machinery, and measuring and control instruments for water and gas suppliers. KUKA operates in Europe, the Americas, and Asia.

Price/Volume 40

.8 M

12/2012 06/yy 38.50 21.95 75'337.00 31.86 -17.25% 45.15% 61.36% 33.9 1'080.55 201.50 0.0 1.4 244.30 1'005.35

.6 M

.4 M

10 .2 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

1.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (26.09.2012) 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 KU2 GY EQUITY YTD Change KU2 GY EQUITY YTD % CHANGE

31.12.2008 1'266.1 0.30x 78.0 4.81x 30.5 10.74x

1.2 M

31.12.2009 31.12.2010 902.1 1'078.6 0.43x 0.56x (29.8) 39.8 15.13x (75.7) (8.6) Profitability

LTM-4Q 31.12.2011 1'435.6 0.36x 90.3 5.69x 29.8 15.88x

31.12.2012 1'739.2 0.52x 131.2 6.84x 55.6 16.87x 131.20 102.50 5.89% 5.16% 4.69% 18.75% 14.09% 1.48% 22.2% 7.9% 6.1% 3.2% 1.60 0.74 17.72% 68.05% 9.97 6.58

Price/ Cash Flow

06/yy 1'588.2 1.44x 111.2 5.83x 44.2 13.65x

LTM 06/yy 1'796.7 2.14x 141.3 7.26x 57.0 19.20x

FY+1

.0 M s-13

0.88 22.41 42.13% 15.83% 0.881 22 3.045 151'284 106'683 114'960 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'855.2 1'939.9 494.5 488.5 0.56x 0.52x 1.99x 2.00x 151.9 165.6 42.8 45.5 6.62x 6.07x 5.70x 5.63x 64.9 73.1 20.5 20.3 16.59x 14.59x 12.67x 12.30x S&P Issuer Ratings

31.07.2013 BBSTABLE 5.86 4.69 -0.54 1.64 68.1% 40.4% 1.48 18.76 36.63 55.49 54.71 45.01

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

KUKA AG Holdings By:

All

Holder Name GRENZEBACH GROUP OPPENHEIMER ASSET MA BLACKROCK AXA SA FRANKLIN RESOURCES ALLIANZ GLOBAL INVES WYSER-PRATTE GUY PAT NORGES BANK RINVEST AG DEUTSCHE BANK AG ADIG INVESTMENT JP MORGAN SWEDBANK ROBUR FONDE VANGUARD GROUP INC CITADEL EUROPE LLP MYRIAD OPP MASTER FU HIGHBRIDGE CAPITAL M PRINCIPAL FINANCIAL GROUPAMA ASSET MANAG B & G FUND PLC

Firm Name Canaccord Genuity Corp Equinet Institutional Services(ESN) Baader Bank Bankhaus Metzler Commerzbank Corporates & Markets M.M. Warburg Investment Research DZ Bank AG Independent Research GmbH Morgan Stanley Deutsche Bank Macquarie Landesbank Baden-Wuerttemberg Bankhaus Lampe Montega EVA Dimensions UBS Nord/LB HSBC Berenberg Bank Goldman Sachs Kepler Cheuvreux BHF-Bank

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

Analyst ANDREW BELL HOLGER SCHMIDT PETER ROTHENAICHER STEPHAN BAUER STEPHAN BOEHM CHRISTIAN COHRS JASKO TERZIC SVEN DIERMEIER LUCIE CARRIER TIM ROKOSSA CHRISTIAN BREITSPRECHER HARALD REHMET GORDON SCHOENELL THOMAS RAU TIMOTHY STANISH SEBASTIAN UBERT FRANK SCHWOPE RICHARD SCHRAMM BENJAMIN GLAESER BENJAMIN MOORE STEFAN AUGUSTIN HERMANN REITH

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

Recommendation buy accumulate hold buy buy sell sell hold Equalwt/Cautious hold neutral sell hold hold buy buy sell underweight hold neutral/neutral hold market weight

Amt Held % Out 8'275'358 24.4 1'763'601 5.2 1'697'861 5.01 1'088'684 3.21 1'017'462 3 1'010'100 2.98 862'758 2.54 808'425 2.38 600'000 1.77 564'306 1.66 300'082 0.88 212'088 0.63 175'000 0.52 168'453 0.5 (166'186) -0.49 (166'186) -0.49 (166'185) -0.49 165'954 0.49 160'692 0.47 (152'619) -0.45

Weighting

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

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

Latest Chg (12'000) (60'000) 32'081 (2'350) 13'566 78'005 27'133 119'554 8'892 33'916

Target Price 38 38 37 39 40 30 27 37 37 33 33 28 36 36 #N/A N/A 41 31 30 33 38 34 33

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

File Dt Inst Type 08.02.2013 Corporation 08.02.2013 Hedge Fund Manager 23.09.2013 Investment Advisor 08.02.2013 Investment Advisor 28.06.2013 Investment Advisor 13.08.2012 Investment Advisor 23.05.2013 n/a 31.12.2012 Government 01.09.2011 Other 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Unclassified 09.08.2013 Investment Advisor 11.09.2013 Investment Advisor 22.04.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 24.06.2013 Unclassified

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

Date 23.09.2013 18.09.2013 16.09.2013 10.09.2013 30.08.2013 13.08.2013 13.08.2013 09.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 21.06.2013 24.05.2013 22.05.2013 10.05.2013 01.05.2013 03.04.2013 27.03.2013 05.02.2013

27.09.2013

LEG Immobilien AG LEG Immobilien GmbH owns and operates apartments in North Rhine Westphalia, Germany.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (31.07.2013) 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 LEG GY EQUITY YTD Change LEG GY EQUITY YTD % CHANGE

12/2012 06/yy 46.19 37.67 26'134.00 41.925 -9.23% 11.31% 54.39% 53.0 2'220.49 2'499.70 0.0 24.9 133.10 4'599.79

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

31.12.2009 -

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 f-13

Profitability

31.12.2010 503.8 142.8 24.2 -

LTM-4Q 31.12.2011 515.1 160.4 (11.5) -

31.12.2012 517.7 189.2 94.4 189.20 184.20 -2.09% 22.12% 1.85% 4.93% 2.48% 0.10% 36.5% 18.2% 47.72% 121.31% -

Price/ Cash Flow

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

LTM 06/yy 265.9 34.24x 101.6 0.00x 34.2 0.00x

FY+1

0.98 26.48 14 4.357 138'510 68'965 69'895 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 482.1 510.3 138.0 138.0 9.90x 9.59x 230.6 251.3 19.96x 18.30x 147.5 170.4 15.54x 13.29x 14.46x S&P Issuer Ratings

0.97 0.49 12.51 13.21 121.3% 54.5% 0.10 -

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00 5.00

300.0

4.00

200.0

3.00 2.00

100.0

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

LEG Immobilien AG Holdings By:

All

Holder Name SATUREA BV PERRY CAPITAL UK LLP CBRE GROUP INC BLACKROCK RUFFER LLP ING INVESTMENT MANAG BNP PARIBAS PETERCAM SA UNION INVESTMENT GMB MORGAN STANLEY FMR LLC SUN LIFE FINANCIAL I BANK OF NEW YORK MEL GENERALI ASSET MANAG INVESCO LTD DEUTSCHE BANK AG PRUDENTIAL FINANCIAL GENERALI INVESTMENTS VANGUARD GROUP INC PRINCIPAL FINANCIAL

Firm Name Commerzbank Corporates & Markets Bankhaus Lampe Deutsche Bank JPMorgan M.M. Warburg Investment Research Bankhaus Metzler Morgan Stanley Nord/LB Berenberg Bank Kepler Cheuvreux Goldman Sachs Kempen & Co Erste Group

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

Analyst THOMAS ROTHAEUSLER GEORG KANDERS MARKUS SCHEUFLER NEIL GREEN TORSTEN KLINGNER JOCHEN SCHMITT BART GYSENS MICHAEL SEUFERT KAI MALTE KLOSE THOMAS NEUHOLD JULIAN LIVINGSTON-BOOTH THOMAS VAN DER MEIJ GUENTHER ARTNER

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

Recommendation add buy buy overweight buy sell Equalwt/Attractive hold buy buy Buy/Neutral overweight buy

Amt Held 21'635'567 4'846'155 2'113'241 797'938 633'000 563'900 526'614 493'100 461'100 440'822 437'072 293'710 283'369 228'420 221'935 195'734 195'255 194'455 193'563 184'685

% Out 40.85 9.15 3.99 1.51 1.2 1.06 0.99 0.93 0.87 0.83 0.83 0.55 0.54 0.43 0.42 0.37 0.37 0.37 0.37 0.35

Weighting

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

Latest Chg 107'973 633'000 134'220 461'100 108'787 (694'917) 153'890 (608) 221'935 1'034 14'539 163'179 11'537

Target Price

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

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

46 47 49 48 48 37 43 43 48 48 52 48 51

File Dt 30.08.2013 30.08.2013 30.08.2013 23.09.2013 28.02.2013 30.06.2013 30.04.2013 30.04.2013 28.03.2013 30.06.2013 31.07.2013 31.07.2013 31.07.2013 30.08.2013 31.03.2013 31.07.2013 31.07.2013 31.05.2013 30.06.2013 31.07.2013

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

Inst Type Corporation Investment Advisor Corporation 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 Unclassified Investment Advisor

Date 12.09.2013 05.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 24.06.2013 09.05.2013 19.03.2013 14.03.2013

27.09.2013

Leoni AG Leoni AG manufactures and sells electric cables, wires, flexible cords, light wave conductors, co-axial cables, high-tension wires and customized cable wiring systems. The Company markets its products to the tool-machinery, telecommunication, computer, automotive, electronic and appliance manufacturing industries. Leoni operates in Europe, Asia and the United States.

Price/Volume

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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEO GY EQUITY YTD Change LEO GY EQUITY YTD % CHANGE

12/2012 06/yy 46.37 23.41 156'508.00 44 -5.10% 87.95% 92.86% 32.7 1'437.44 554.16 0.0 1.7 298.32 1'813.80

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

31.12.2009 31.12.2010 2'160.1 2'955.7 0.46x 0.49x 51.9 255.1 19.23x 5.65x (138.1) 67.1 14.58x Profitability

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

LTM-4Q 31.12.2011 3'701.5 0.29x 353.9 3.08x 155.7 5.16x

31.12.2012 3'809.0 0.31x 358.2 3.32x 155.7 6.00x 358.22 242.02 6.35% 5.20% 4.29% 13.60% 9.64% 1.61% 17.7% 7.7% 4.6% 4.1% 1.22 0.68 23.24% 65.70% 7.37 5.83

Price/ Cash Flow

06/yy 3'783.8 1.36x 367.9 3.59x 173.1 5.60x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 3'842.4 1.42x 297.1 5.46x 102.6 12.14x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.30 32.64 50.01% 61.30% 1.300 25 3.840 189'032 198'680 186'053 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'829.6 4'123.9 935.5 938.0 0.45x 0.42x 298.0 360.2 6.09x 5.04x 105.7 149.2 21.5 32.5 13.64x 9.74x S&P Issuer Ratings

9.11 5.03 1.26 1.80 65.7% 39.6% 1.61 5.72 49.49 62.60 71.85 31.33

Sales/Revenue/Turnover

10.00

4'000.0

9.00

3'500.0

8.00

3'000.0

7.00

2'500.0

6.00 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

.9 M

Fiscal Year Ended 31.12.2008 2'912.0 0.31x 170.1 5.25x 5.1 76.41x

50 45 40 35 30 25 20 15 10 5 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

Leoni AG Holdings By:

All

Holder Name BLACKROCK NORGES BANK ALLIANZ GLOBAL INVES NUERNBERGER LEBENSVE DEUTSCHE BANK AG VANGUARD GROUP INC ODIN FORVALTNING AS THIRD AVENUE MANAGEM FRANKFURT TRUST INVE CLASSIC FUND MGMT AG KEMPEN CAPITAL MANAG SWEDBANK ROBUR FONDE LANDESBANK BERLIN IN LIONTRUST DEKA INVESTMENT GMBH GRANTHAM MAYO VAN OT UNION INVESTMENT GMB MARSHALL WACE LLP DWS INVESTMENTS DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Bankhaus Lampe CHRISTIAN LUDWIG Commerzbank Corporates & Markets DANIEL SCHWARZ Baader Bank KLAUS BREITENBACH Main First Bank AG TOBIAS FAHRENHOLZ Hauck & Aufhaeuser PHILIPPE LORRAIN Equinet Institutional Services(ESN) TIM SCHULDT Hamburger Sparkasse TINA HECKING-VELTMAN Bankhaus Metzler JUERGEN PIEPER EVA Dimensions CRAIG STERLING DZ Bank AG MICHAEL PUNZET Montega HENDRIK EMRICH M.M. Warburg Investment Research MARC-RENE TONN Nord/LB FRANK SCHWOPE Goldman Sachs STEPHAN PUETTER Macquarie CHRISTIAN BREITSPRECHER Landesbank Baden-Wuerttemberg FRANK BILLER Independent Research GmbH ZAFER RUZGAR Close Brothers Equity Markets DANIEL KUKALJ Kepler Cheuvreux MICHAEL RAAB Steubing AG TOBIAS SCHMIDT Exane BNP Paribas GERHARD ORGONAS HSBC NIELS FEHRE Deutsche Bank TIM ROKOSSA LFG Kronos Investment Services GmbH THOMAS ANEY GSC Research MATTHIAS SCHRADE

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

Recommendation buy hold buy outperform buy buy hold buy hold sell buy buy sell buy/attractive neutral buy hold buy reduce hold neutral overweight hold neutral buy

Amt Held % Out 1'302'124 3.99 1'071'287 3.28 890'293 2.73 888'000 2.72 690'000 2.11 538'547 1.65 495'689 1.52 356'447 1.09 350'000 1.07 288'431 0.88 250'489 0.77 230'587 0.71 229'787 0.7 195'908 0.6 192'642 0.59 162'235 0.5 159'400 0.49 (150'277) -0.46 140'600 0.43 140'149 0.43

Weighting

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

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

Latest Chg (24'943) 540'000 (54'060) 35'984 204'490 288'431 (29'381) (41'515) 47'042 (32'903) (335'900) 13'068 25'000 787

Target Price 62 41 51 50 56 50 #N/A N/A 50 #N/A N/A 37 50 48 33 51 40 48 42 44 35 41 40 43 40 35 #N/A N/A

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

File Dt Inst Type 23.09.2013 Investment Advisor 20.05.2013 Government 22.06.2012 Investment Advisor 31.12.2011 n/a 31.07.2013 Investment Advisor 30.06.2013 Unclassified 30.08.2013 Investment Advisor 30.04.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 31.03.2013 Investment Advisor 30.08.2013 Investment Advisor 28.02.2013 Unclassified 28.03.2013 Investment Advisor 31.05.2012 Investment Advisor 28.03.2013 Investment Advisor 27.02.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 23.09.2013 12.09.2013 11.09.2013 10.09.2013 30.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 16.08.2013 16.08.2013 15.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 01.08.2013 22.07.2013 14.02.2013 21.12.2012

27.09.2013

Deutsche Lufthansa AG Deutsche Lufthansa AG provides passenger and cargo air transportation services worldwide. The Company offers flight and connection programs in cooperation with Star Alliance airline partners from North America, Scandinavia, and Asia. Lufthansa also provides travel agency, catering, and aircraft maintenance services.

Price/Volume

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 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 LHA GY EQUITY YTD Change LHA GY EQUITY YTD % CHANGE

12/2012 06/yy 17.28 10.47 3'667'157.00 14.53 -15.89% 38.78% 53.05% 459.9 6'683.03 7'108.00 0.0 60.0 4'966.00 8'110.03

8.0 M

6.0 M

4.0 M

2.0 M

2 0 s-12

31.12.2009 31.12.2010 22'283.0 26'459.0 0.36x 0.36x 1'696.0 2'928.0 4.68x 3.25x (34.0) 1'131.0 5.84x Profitability

LTM-4Q 31.12.2011 28'734.0 0.24x 2'817.0 2.43x (13.0) 15.57x

31.12.2012 30'135.0 0.29x 2'468.0 3.55x 990.0 6.85x 2'468.00 543.00 1.80% 3.45% 3.21% 19.40% 11.90% 1.01% 8.3% 2.0% 3.3% 1.00 0.79 25.01% 86.28% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 28'930.0 0.94x 2'969.0 2.25x 243.0 7.91x

f-13 m-13

06/yy 30'090.0 1.11x 2'512.0 3.42x 954.0 7.53x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.02 444.85 32.94% 2.04% 1.017 37 4.162 3'147'301 3'701'467 3'130'408 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'723.3 31'766.3 8'664.0 7'476.5 0.29x 0.29x 2'874.0 3'250.6 1'298.0 621.0 2.82x 2.49x 502.9 823.2 620.7 92.0 13.20x 8.42x S&P Issuer Ratings

27.08.2009 BBBSTABLE 05.12.2008 A-3 5.08 0.12 0.54 2.68 86.3% 46.1% 1.01 2.00 -

Sales/Revenue/Turnover

3.50

35'000.0

3.00

30'000.0

2.50

25'000.0

2.00

20'000.0

1.50

15'000.0

1.00

10'000.0

0.50

5'000.0

0.00 01.01.2010

o-12

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

14.0 M

16 14

Valuation Analysis

31.12.2008 24'842.0 0.22x 2'810.0 1.97x 542.0 9.48x

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

Deutsche Lufthansa AG Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN GLEISS LUTZ HOOTZ HI MACKENZIE FINANCIAL DEKA INVESTMENT GMBH MORGAN STANLEY NORGES BANK VANGUARD GROUP INC ALLIANZ ASSET MANAGE WADDELL & REED FINAN DEUTSCHE BANK AG UNION INVESTMENT GMB ALASKA PERMANENT FUN JP MORGAN ADIG INVESTMENT PRUDENTIAL FINANCIAL FEDERAL FINANCE GEST FRANKFURT TRUST INVE INVESCO LTD

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

Firm Name

Analyst

Natixis Cantor Fitzgerald Credit Suisse HSBC AlphaValue Independent Research GmbH Oddo & Cie Bankhaus Lampe Goodbody Stockbrokers Ltd Equinet Institutional Services(ESN) Main First Bank AG Kepler Cheuvreux Deutsche Bank Calamatta Cuschieri UBS Commerzbank Corporates & Markets Jefferies Day by Day RBC Capital Markets Morgan Stanley Nomura Nord/LB Hamburger Sparkasse Bankhaus Metzler DZ Bank AG Landesbank Baden-Wuerttemberg S&P Capital IQ Redburn Partners JPMorgan Goldman Sachs Raymond James EVA Dimensions Macquarie Barclays Davy Investec Steubing AG

SARAH EMSELLEM ROBIN BYDE NEIL GLYNN ANDREW DAVID LOBBENBERG HANS-PETER WODNIOK ZAFER RUZGAR YAN DEROCLES SEBASTIAN HEIN DONAL O'NEILL JOCHEN ROTHENBACHER LOIC SABATIER RUXANDRA HARADAU-DOESER MICHAEL KUHN TEAM COVERAGE JARROD CASTLE FRANK SKODZIK MARK IRVINE-FORTESCUE VALERIE GASTALDY DAMIAN BREWER PENNY BUTCHER ANDREW EVANS FRANK SCHWOPE INGO SCHMIDT JUERGEN PIEPER DIRK SCHLAMP PER-OLA HELLGREN JAWAHAR HINGORANI TIM MARSHALL JAMIE N BAKER NICK EDELMAN JULIEN RICHER TIMOTHY STANISH SAM DOBSON DAVID E FINTZEN STEPHEN FURLONG ANDREW FITCHIE TEAM COVERAGE

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

Recommendation buy buy outperform overweight add sell neutral buy buy hold outperform hold buy overweight buy buy buy buy sector perform Equalwt/Attractive buy buy hold buy buy hold buy buy neutral neutral/neutral outperform underweight outperform equalweight outperform hold buy

Amt Held 27'967'832 22'997'350 21'860'114 14'234'585 13'379'136 11'177'882 6'754'830 5'439'594 3'397'272 2'666'450 2'299'926 1'887'278 1'840'005 1'727'530 1'522'091 1'466'226 1'334'352 1'068'012 966'850 880'000

% Out 6.08 5 4.75 3.09 2.91 2.43 1.47 1.18 0.74 0.58 0.5 0.41 0.4 0.38 0.33 0.32 0.29 0.23 0.21 0.19

Weighting

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

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

Latest Chg (588'931) (540'278) 14'044 236'211 9'492 875'610 172'500 686'745 (45'964) 770'999 (260'000) 30'329 (536'742) (700'000) (445'048)

Target Price 18 21 20 20 15 13 17 18 21 15 16 13 20 18 16 18 20 17 17 18 19 18 #N/A N/A 23 17 16 17 #N/A N/A 16 17 13 #N/A N/A 20 17 #N/A N/A 17 #N/A N/A

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

File Dt 23.09.2013 31.08.2013 30.06.2013 01.11.2012 19.07.2013 28.03.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013 30.06.2013 31.07.2013 28.03.2013 30.06.2013 30.06.2013 31.05.2013 31.07.2013 31.05.2013 31.05.2013 24.09.2013

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

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

Date 24.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 11.09.2013 10.09.2013 10.09.2013 04.09.2013 30.08.2013 29.08.2013 23.08.2013 22.08.2013 15.08.2013 14.08.2013 12.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 23.07.2013 17.07.2013 15.07.2013 05.07.2013 06.06.2013 04.06.2013 05.04.2013 25.03.2013 22.11.2010 04.01.2010

27.09.2013

Linde AG Linde AG is a gases and engineering company. The Gases Division offers a wide range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 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 LIN GY EQUITY YTD Change LIN GY EQUITY YTD % CHANGE

12/2012 06/yy 154.80 125.00 306'026.00 149.15 -3.65% 19.32% 77.68% 185.2 27'626.36 10'204.00 0.0 564.0 2'041.00 37'473.36

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 12'663.0 1.34x 2'468.0 6.86x 717.0 14.02x

31.12.2009 31.12.2010 11'211.0 12'868.0 1.86x 1.97x 2'320.0 2'847.0 8.97x 8.92x 591.0 1'005.0 23.98x 19.12x Profitability

LTM-4Q 31.12.2011 13'787.0 1.88x 3'101.0 8.37x 1'174.0 16.71x

31.12.2012 15'280.0 2.17x 3'443.0 9.63x 1'250.0 18.78x 3'443.00 1'905.00 12.47% 11.04% 4.13% 10.74% 0.51% 36.2% 23.2% 12.6% 8.2% 0.98 0.68 30.48% 77.93% 6.14 9.13

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-13

LTM

06/yy 14'438.0 7.44x 3'299.0 8.66x 1'194.0 17.54x

06/yy 16'313.0 8.62x 3'785.0 9.64x 1'319.0 20.10x

FY+1

0.77 179.31 13.36% 15.04% 0.766 43 4.070 530'621 380'571 397'103 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'089.2 18'213.9 4'259.5 4'458.3 2.11x 1.94x 8.67x 8.22x 4'037.3 4'361.9 1'016.8 1'036.6 9.27x 8.58x 1'480.2 1'681.6 364.5 369.0 17.91x 15.91x S&P Issuer Ratings

25.05.2012 A STABLE 25.05.2012 A-1 8.63 4.15 2.39 2.87 77.9% 42.8% 0.51 1.57 59.44 39.99 94.31 -7.09

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Linde AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN NORGES BANK UBS AG CREDIT SUISSE AG SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS DEUTSCHE BANK AG FMR LLC ARTISAN PARTNERS HOL VANGUARD GROUP INC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB BNP PARIBAS FIL LIMITED DEKA INVESTMENT GMBH MORGAN STANLEY DODGE & COX MFS FINANCIAL SERVIC OPPENHEIMERFUNDS INC

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 Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Sanford C. Bernstein & Co Canaccord Genuity Corp AlphaValue Societe Generale Main First Bank AG Calamatta Cuschieri JPMorgan Macquarie Goldman Sachs Commerzbank Corporates & Markets Day by Day Deutsche Bank Equinet Institutional Services(ESN) Exane BNP Paribas Landesbank Baden-Wuerttemberg Kepler Cheuvreux Baader Bank Jefferies DZ Bank AG Independent Research GmbH HSBC Bankhaus Lampe M.M. Warburg Investment Research Natixis Nomura SRH AlsterResearch Morgan Stanley Nord/LB Credit Suisse Hamburger Sparkasse S&P Capital IQ Bankhaus Metzler Berenberg Bank Barclays EVA Dimensions UBS Liberum Capital Ltd Equita SIM SpA National Bank AG Alembic Global Advisors Redburn Partners

JEREMY REDENIUS PAUL W SATCHELL HANS-PETER WODNIOK PETER CLARK THOMAS SWOBODA TEAM COVERAGE MARCUS DIEBEL CHRISTIAN FAITZ RAKESH PATEL STEPHAN KIPPE VALERIE GASTALDY TIMOTHY JONES NADESHDA DEMIDOVA HEIDI VESTERINEN ULLE WORNER MARKUS MAYER NORBERT BARTH LAURENCE ALEXANDER PETER SPENGLER CHRISTOPH SCHOENDUBE SEBASTIAN SATZ HEIKO FEBER EGGERT KULS FREDERIC WILLIAMS-GOBEAUX JEAN DE WATTEVILLE CARSTEN MAINITZ PETER MACKEY THORSTEN STRAUSS CHRIS COUNIHAN MARCO GUENTHER JOHNSON IMODE LARS HETTCHE JOHN PHILIPP KLEIN GUNTHER ZECHMANN TIMOTHY STANISH THOMAS GILBERT ADAM COLLINS MASSIMO BONISOLI EKKEHARD D LINK HASSAN I AHMED TONY JONES

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

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

Amt Held 17'155'342 6'389'550 5'764'533 5'498'058 5'138'495 4'955'193 4'801'614 4'150'226 2'984'677 2'598'954 2'131'813 1'848'155 1'591'900 1'496'586 1'369'522 1'248'467 832'256 820'205 716'288 677'872

% Out 9.26 3.45 3.11 2.97 2.77 2.68 2.59 2.24 1.61 1.4 1.15 1 0.86 0.81 0.74 0.67 0.45 0.44 0.39 0.37

Weighting

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

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

Latest Chg 117'221 (201'215) (1'248) 149'880 (34'694) (232'450) 26'713 46'124 3'038 11'382 (16'539) (335'452) (16'377) (248) 65 (1'834)

Target Price 185 141 168 165 170 176 177 165 187 174 #N/A N/A 160 160 143 165 163 164 164 169 152 166 168 170 147 155 180 155 170 140 #N/A N/A 160 156 175 150 #N/A N/A 144 156 160 140 120 #N/A N/A

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

File Dt 23.09.2013 31.07.2013 12.06.2013 31.08.2013 31.05.2013 31.07.2013 30.06.2013 31.07.2013 31.07.2013 31.03.2013 30.06.2013 31.07.2013 28.03.2013 31.07.2013 30.04.2013 30.04.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013

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

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

Date 19.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 06.09.2013 04.09.2013 04.09.2013 30.08.2013 28.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 20.08.2013 13.08.2013 08.08.2013 06.08.2013 06.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 24.07.2013 23.07.2013 17.07.2013 06.06.2013 10.05.2013 23.04.2013 08.03.2013 07.03.2013 15.10.2012 08.10.2012

27.09.2013

LPKF Laser & Electronics AG LPKF Laser & Electronics develops systems and process solutions for demanding tasks in printed circuit board technology and microelectronics. The Company develops and distributes systems used in electronics production, the automotive industry, and in the manufacture of solar cells.

Price/Volume 16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 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 LPK GY EQUITY YTD Change LPK GY EQUITY YTD % CHANGE

12/2012 06/yy 14.90 6.66 42'891.00 13.555 -9.03% 103.68% 80.53% 22.3 301.86 18.10 0.0 2.0 5.02 315.31

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

4 2 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 45.4 0.57x 5.6 4.58x 1.8 11.76x

31.12.2009 31.12.2010 50.7 81.2 1.02x 1.53x 9.8 20.9 5.29x 5.95x 4.7 12.1 11.74x 10.95x Profitability

LTM-4Q 31.12.2011 91.1 1.27x 19.6 5.89x 9.9 10.54x

31.12.2012 115.1 1.66x 28.0 6.81x 13.5 12.91x 27.96 20.78 18.06% 17.01% 17.82% 34.09% 1.28% 26.7% 21.1% 11.7% 1.95 0.82 17.82% 31.77% 6.21 -

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

06/yy 103.8 5.10x 22.9 6.78x 11.1 12.36x

LTM 06/yy 134.7 6.58x 35.9 7.74x 18.7 14.04x

FY+1

0.87 21.36 68.24% 75.72% 0.871 8 3.500 121'131 188'207 160'378 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 121.4 133.9 2.60x 2.36x 29.2 33.1 10.81x 9.54x 13.8 15.6 20.48x 18.65x S&P Issuer Ratings

33.09 24.72 0.31 0.55 31.8% 23.5% 1.28 4.69 58.80 -

Sales/Revenue/Turnover

60.00

140.0

50.00

120.0 100.0

40.00

80.0 30.00

60.0

20.00

40.0

10.00

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

LPKF Laser & Electronics AG Holdings By:

All

Holder Name DEUTSCHE BANK AG WASATCH ADVISORS INC HILDEBRANDT BERND ALLIANZ ASSET MANAGE DWS INVESTMENTS UNIVERSAL INVESTMENT SCHRODER INVESTMENT CLARIDEN SICAV COMINVEST ASSET MANA LAZARD FRERES GESTIO BARING FUND MANAGERS HACKMANN BERND HIGHBRIDGE CAPITAL M BLACKROCK LANGE BERND DEKA INTERNATIONAL S AMUNDI MW GESTION SA THREADNEEDLE BRETTHAUER INGO

Firm Name Bankhaus Lampe Hauck & Aufhaeuser EVA Dimensions Solventis WPH-Bank GmbH DZ Bank AG Close Brothers Equity Markets Bankhaus Metzler BHF-Bank Equinet Institutional Services(ESN) GSC Research

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

Analyst KARSTEN ILTGEN TIM OLIVER WUNDERLICH ANDREW S ZAMFOTIS KLAUS SOER DIRK SCHLAMP VEYSEL TAZE STEPHAN BAUER JENS JUNG TIM SCHULDT MATTHIAS WAHLER

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

Recommendation buy hold overweight sell buy hold sell overweight hold sell

Amt Held % Out 1'129'200 5.07 691'853 3.11 602'354 2.7 400'000 1.8 382'800 1.72 377'194 1.69 268'782 1.21 252'218 1.13 240'000 1.08 181'954 0.82 160'000 0.72 125'600 0.56 (104'667) -0.47 99'098 0.44 95'020 0.43 92'000 0.41 90'506 0.41 70'000 0.31 56'890 0.26 50'000 0.22

Weighting

Change 5 3 5 1 5 3 1 5 3 1

M U U D M D D M D D

Latest Chg (12'000) (23'600) 24'696 32'218 6'681 (9'070) 58'000 16'324 -

Target Price 16 12 #N/A N/A 11 15 14 13 9 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 31.05.2013 Investment Advisor 23.07.2013 Investment Advisor 15.08.2012 n/a 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.03.2012 Investment Advisor 31.05.2013 Unclassified 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 n/a 26.08.2013 Hedge Fund Manager 23.09.2013 Investment Advisor 31.12.2012 n/a 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 29.06.2012 Investment Advisor 31.05.2013 Unclassified 31.12.2012 n/a

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

Date 18.09.2013 29.08.2013 21.08.2013 13.08.2013 07.08.2013 05.08.2013 02.08.2013 21.11.2012 27.10.2010 21.10.2009

27.09.2013

LANXESS AG LANXESS AG is a specialty chemicals company. The Company's core business is the development, manufacturing, and marketing of plastics, rubber, intermediates, and specialty chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 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 LXS GY EQUITY YTD Change LXS GY EQUITY YTD % CHANGE

12/2012 06/yy 69.99 42.45 585'964.00 49.255 -29.63% 16.04% 23.11% 83.2 4'098.15 2'334.00 0.0 16.0 803.00 6'166.15

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

31.12.2009 31.12.2010 5'057.0 7'120.0 0.57x 0.82x 417.0 910.0 6.95x 6.40x 40.0 379.0 54.88x 12.96x Profitability

LTM-4Q 31.12.2011 8'775.0 0.56x 1'099.0 4.45x 506.0 6.58x

31.12.2012 9'094.0 0.78x 1'261.0 5.60x 514.0 10.72x 1'261.00 883.00 9.71% 7.36% 2.51% 8.10% 5.76% 1.19% 23.2% 10.4% 5.5% 5.7% 2.27 1.15 31.04% 100.82% 6.70 4.36

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 9'271.0 2.36x 1'156.0 5.08x 525.0 7.82x

f-13 m-13

06/yy 8'518.0 3.11x 887.0 6.68x 179.0 21.46x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.09 78.86 -25.24% -24.36% 1.089 38 3.526 1'273'284 745'024 943'321 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'372.8 9'020.8 2'091.0 2'137.7 0.71x 0.65x 734.0 1'008.5 188.6 190.0 8.40x 6.12x 127.8 321.8 27.3 32.5 30.57x 12.35x 10.12x 8.65x S&P Issuer Ratings

31.07.2007 BBB NEG 31.07.2007 A-2 12.49 5.59 2.31 2.73 100.8% 50.0% 1.19 2.92 54.46 83.69 37.19 81.76

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 6'576.0 0.29x 635.0 3.01x 183.0 6.24x

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

LANXESS AG Holdings By:

All

Holder Name BLACKROCK SOCIETE GENERALE SA DODGE & COX ALLIANZ GLOBAL INVES FIL LIMITED NORGES BANK DEUTSCHE BANK AG FMR LLC ALLIANZ ASSET MANAGE VANGUARD GROUP INC TIAA CREF INVESTMENT CITADEL EUROPE LLP DANSKE INVEST MANAGE DANSKE INVEST A/S UNION INVESTMENT GMB BEUTEL GOODMAN & COM ADIG INVESTMENT FRANKLIN RESOURCES SCHRODER INVESTMENT HARTFORD INVESTMENT

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Equita SIM SpA Nord/LB Independent Research GmbH Natixis Baader Bank Credit Suisse HSBC Hauck & Aufhaeuser M.M. Warburg Investment Research Bankhaus Metzler Nomura DZ Bank AG Exane BNP Paribas Deutsche Bank Bankhaus Lampe AlphaValue Morgan Stanley Equinet Institutional Services(ESN) Hamburger Sparkasse JPMorgan Macquarie Goldman Sachs Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg EVA Dimensions Barclays S&P Capital IQ SRH AlsterResearch Kepler Cheuvreux Steubing AG UBS Main First Bank AG Day by Day Berenberg Bank Bank of Valletta National Bank AG Deutsche Bank

MASSIMO BONISOLI THORSTEN STRAUSS CHRISTOPH SCHOENDUBE FREDERIC WILLIAMS-GOBEAUX NORBERT BARTH CHRIS COUNIHAN JESKO MAYER-WEGELIN NILS-PETER FITZL OLIVER SCHWARZ LARS HETTCHE PATRICK LAMBERT PETER SPENGLER JAMES KNIGHT MARTIN DUNWOODIE HEIKO FEBER MARTIN SCHNEE PAUL RICHARD WALSH NADESHDA DEMIDOVA MARCO GUENTHER MARTIN EVANS CHRISTIAN FAITZ RAKESH PATEL STEPHAN KIPPE ULLE WORNER TIMOTHY STANISH ANDREAS HEINE JACOB THRANE DANIEL PAWLOWSKI MARTIN ROEDIGER MICHAEL BROEKER JOE DEWHURST RONALD KOEHLER VALERIE GASTALDY JAIDEEP PANDYA TEAM COVERAGE STEFFEN MANSKE VIRGINIE BOUCHER-FERTE

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

Recommendation buy buy hold neutral sell underperform neutral hold buy buy neutral buy neutral buy buy reduce Equalwt/In-Line hold buy underweight outperform neutral/neutral reduce buy underweight equalweight hold buy buy buy buy outperform hold hold overweight hold dropped coverage

Amt Held % Out 8'963'509 10.77 4'291'428 5.16 3'741'980 4.5 2'467'489 2.97 2'454'787 2.95 2'242'769 2.7 2'041'226 2.45 1'813'479 2.18 961'090 1.16 947'062 1.14 856'425 1.03 (765'465) -0.92 643'280 0.77 611'728 0.74 589'055 0.71 557'340 0.67 551'583 0.66 425'581 0.51 421'819 0.51 416'485 0.5

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

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

Latest Chg 867'194 (270'637) (108'801) 56'411 23'829 163'884 (83'203) (19'280) 25'915 22'800 9'600 200'000 (277'963) 324'011 91'606

Target Price 53 54 52 45 43 39 50 47 64 58 48 55 49 58 56 45 50 52 #N/A N/A 36 55 48 39 56 #N/A N/A 55 48 54 56 70 62 60 #N/A N/A 59 75 66 #N/A N/A

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

File Dt 23.09.2013 01.08.2013 11.03.2013 04.10.2012 01.08.2013 14.05.2013 31.07.2013 31.07.2013 31.07.2013 30.06.2013 31.07.2013 12.08.2013 28.06.2013 31.05.2013 28.03.2013 31.07.2013 31.05.2013 28.06.2013 31.01.2013 31.07.2013

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

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

Date 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 10.09.2013 04.09.2013 04.09.2013 30.08.2013 28.08.2013 23.08.2013 13.08.2013 12.08.2013 07.08.2013 06.08.2013 05.08.2013 29.07.2013 09.07.2013 01.07.2013 27.06.2013 15.04.2013 18.03.2013 07.11.2012 17.09.2007

27.09.2013

MAN SE MAN SE manufactures vehicles, engines, turbines and defense products, and offers engineering services. The Company manufactures trucks, buses, diesel engines, compressors, turbines, and aerospace and defense systems, and offers industrial plant design and project management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (26.09.2012) 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 MAN GY EQUITY YTD Change MAN GY EQUITY YTD % CHANGE

12/2012 06/yy 90.00 70.80 38'791.00 87.76 -2.49% 23.95% 87.34% 141.0 12'887.82 5'299.00 0.0 69.0 1'367.00 17'759.82

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

31.12.2009 31.12.2010 12'026.0 14'675.0 0.89x 1.02x 974.0 1'194.0 10.97x 12.50x (270.0) 713.0 16.79x Profitability

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

LTM-4Q 31.12.2011 16'472.0 0.75x 2'363.0 5.24x 238.0 14.87x

31.12.2012 15'772.0 1.00x 1'487.0 10.65x 177.0 67.29x 1'487.00 781.00 4.95% 1.97% -1.28% -4.76% -8.33% 0.83% 20.8% 5.6% 2.2% 1.1% 1.02 0.44 26.60% 95.48% 7.28 3.37

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 16'200.0 3.50x 2'308.0 6.83x (575.0) 0.00x

f-13 m-13

06/yy 15'617.0 4.13x 875.0 19.66x (241.0) 0.00x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.95 35.05 22.81% 9.98% 0.953 25 2.440 146'193 101'077 122'784 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'757.8 16'520.5 3'945.0 4'193.0 1.01x 0.97x 1'082.4 1'644.4 16.41x 10.80x 86.2 628.6 121.0 155.0 77.46x 20.70x S&P Issuer Ratings

20.12.2012 NR 20.12.2012 NR 3.87 1.91 5.49 6.08 95.5% 48.5% 0.83 3.40 50.11 108.22 53.89 88.59

Sales/Revenue/Turnover

40.00

18'000.0

35.00

16'000.0

30.00

14'000.0 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

1.8 M

Fiscal Year Ended 31.12.2008 14'945.0 0.49x 1'803.0 4.09x 1'233.0 4.99x

100 90 80 70 60 50 40 30 20 10 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

MAN SE Holdings By:

All

Holder Name VOLKSWAGEN AG BLACKROCK NORGES BANK DEKA INVESTMENT GMBH UNION INVESTMENT GMB VANGUARD GROUP INC MAINFIRST SICAV ALLIANZ ASSET MANAGE DEUTSCHE BANK AG IG INVESTMENT MANAGE DEKA INTERNATIONAL S UNION INVESTMENT LUX CREDIT SUISSE AG CAISSE DE DEPOT ET P STATE STREET CORP PRUDENTIAL OF AMERIC JO HAMBRO CAPITAL MA DWS INVESTMENTS FMR LLC UBS AG

Firm Name Day by Day Commerzbank Corporates & Markets AlphaValue Barclays DZ Bank AG Goldman Sachs Hamburger Sparkasse M.M. Warburg Investment Research Natixis Nord/LB Landesbank Baden-Wuerttemberg Independent Research GmbH S&P Capital IQ Berenberg Bank Main First Bank AG JPMorgan Deutsche Bank EVA Dimensions UBS Makor Capital Morgan Stanley Equinet Institutional Services(ESN) BHF-Bank Bankhaus Metzler

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

Analyst VALERIE GASTALDY SASCHA GOMMEL HANS-PETER WODNIOK MICHAEL TYNDALL MICHAEL PUNZET STEFAN BURGSTALLER TINA HECKING-VELTMAN MARC-RENE TONN KATHLEEN GAILLIOT FRANK SCHWOPE FRANK BILLER ZAFER RUZGAR RODERICK BRIDGE FREDERIK BITTER CHRISTOPHER YOUL ALEXANDER WHIGHT JOCHEN GEHRKE TIMOTHY STANISH FREDRIC STAHL ALBERT SAPORTA LAURA LEMBKE TIM SCHULDT HERMANN REITH JUERGEN PIEPER

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

Recommendation hold hold sell equalweight hold neutral/attractive hold hold neutral sell sell sell sell sell outperform neutral hold sell neutral sell Equalwt/In-Line hold market weight sell

Amt Held 105'922'516 5'181'638 1'086'000 856'600 466'012 433'274 166'299 135'053 91'377 81'912 80'767 66'000 59'140 55'516 54'190 51'884 51'359 44'857 41'828 40'974

% Out 75.14 3.68 0.77 0.61 0.33 0.31 0.12 0.1 0.06 0.06 0.06 0.05 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03

Weighting

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

Latest Chg (121'974) (36'950) 140'762 (33'828) 800 (55'405) (28'700) (45'063) 43'800 (107) 478 51'884 51'359 (38'350) 1'039

Target Price #N/A N/A 85 66 81 81 85 #N/A N/A 81 81 81 81 81 81 81 95 79 82 #N/A N/A 85 85 80 85 90 66

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

File Dt 11.09.2013 23.09.2013 31.12.2012 28.03.2013 28.03.2013 30.06.2013 28.02.2013 30.06.2013 31.07.2013 31.05.2013 28.03.2013 28.03.2013 31.05.2013 31.12.2012 24.09.2013 30.06.2013 31.12.2012 31.05.2013 31.07.2013 28.06.2013

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

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

Date 16.09.2013 02.09.2013 15.08.2013 13.08.2013 09.08.2013 07.08.2013 06.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 23.07.2013 09.07.2013 05.07.2013 06.06.2013 01.05.2013 30.04.2013 19.04.2013 22.03.2013 30.10.2012 31.07.2012

27.09.2013

Metro AG Metro AG operates retail stores and markets products over the Internet. The Company operates cash and carry stores, supermarkets and hypermarkets, consumer electronics stores, department stores, theme stores, and online sales services.

Price/Volume 35

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 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 MEO GY EQUITY YTD Change MEO GY EQUITY YTD % CHANGE

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

2.0 M

1.0 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 31.12.2008 67'955.0 0.21x 3'246.0 4.37x 401.0 11.25x

3.0 M

12/2012 06/yy 30.46 20.13 460'420.00 29.81 -2.12% 48.12% 94.53% 324.1 9'735.73 8'550.00 0.0 77.0 5'321.00 16'060.73

31.12.2009 31.12.2010 65'529.0 67'258.0 0.28x 0.32x 3'005.0 3'333.0 6.10x 6.36x 383.0 850.0 36.38x 20.72x Profitability

LTM-4Q 31.12.2011 65'926.0 0.20x 3'703.0 3.58x 631.0 14.61x

31.12.2012 66'739.0 0.15x 3'312.0 3.07x 3.0 2100.00x 3'312.00 1'689.00 2.53% 1.21% 0.40% 2.25% 2.30% 2.16% 20.9% 5.1% 3.0% 0.0% 0.87 0.29 24.59% 141.93% 123.99 7.98

Price/ Cash Flow

LTM

06/yy 66'164.0 0.97x 3'529.0 4.42x 496.0 15.24x

06/yy 66'027.0 0.81x 3'393.0 4.18x 122.0 65.61x

FY+1

.0 M s-13

0.85 146.24 24.50% 47.77% 0.848 36 2.917 702'468 821'573 918'794 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q2 09/13 Q3 51'462.8 65'274.4 15'259.6 15'521.7 0.31x 0.23x 1'902.9 3'078.4 563.0 8.44x 5.22x 104.4 698.9 13.2 584.51x 14.04x S&P Issuer Ratings

11.10.2012 BBBSTABLE 11.10.2012 A-3 4.84 2.93 1.86 2.51 141.9% 58.4% 2.16 5.75 2.94 45.74 70.28 -44.45

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 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

Metro AG Holdings By:

All

Holder Name FRANZ HANIEL & CIE G SCHMIDT-RUTHENBECK BEISHEIM OTTO FRANKLIN RESOURCES BLACKROCK AKO CAPITAL LLP NORGES BANK DEKA INVESTMENT GMBH VANGUARD GROUP INC DWS INVESTMENTS ING INTERNATIONAL AD FIDEURAM GESTIONS SA BNY MELLON SERVICE K DNCA FINANCE DEUTSCHE BANK AG SCHRODER INVESTMENT MASON STREET ADVISOR WELLS FARGO & COMPAN DNB NOR ASSET MANAGE FIL LIMITED

Firm Name Day by Day AlphaValue Nomura Commerzbank Corporates & Markets Morgan Stanley M.M. Warburg Investment Research Exane BNP Paribas Cantor Fitzgerald Kepler Cheuvreux Credit Suisse Hamburger Sparkasse Baader Bank UBS DZ Bank AG Nord/LB Deutsche Bank JPMorgan Macquarie Independent Research GmbH Societe Generale Jefferies Raymond James HSBC Landesbank Baden-Wuerttemberg Bankhaus Lampe Bankhaus Metzler Barclays Steubing AG Redburn Partners EVA Dimensions Oddo & Cie Equita SIM SpA BHF-Bank Hammer Partners SA Goldman Sachs Dr. Kalliwoda Equity Research

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

Analyst VALERIE GASTALDY EILEEN RYAN DAVID PAYNE JUERGEN ELFERS EDOUARD AUBIN THILO KLEIBAUER JOHN KERSHAW MICHAEL J DENNIS FABIENNE CARON ANDREW KASOULIS CHRISTIAN HAMANN VOLKER BOSSE BENJAMIN PETERS HERBERT STURM WOLFGANG VASTERLING JAMES G COLLINS JAIME VAZQUEZ SREEDHAR MAHAMKALI ZAFER RUZGAR ARNAUD JOLY JAMES GRZINIC CEDRIC LECASBLE JEROME SAMUEL BARBARA AMBRUS CHRISTOPH SCHLIENKAMP STEFAN WIMMER JAMES ANSTEAD TOBIAS SCHMIDT MARC DE SPEVILLE CRAIG STERLING LAURENCE HOFMANN FABIO FAZZARI PETER STEINER STEPHAN SEIP FRANKLIN WALDING NORBERT KALLIWODA

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

Recommendation hold sell neutral hold Overwt/In-Line hold underperform buy hold underperform hold buy buy sell hold hold underweight neutral sell hold hold underperform underweight hold hold sell equalweight buy buy hold reduce buy market weight buy not rated buy

Amt Held % Out 97'265'288 30.01 51'112'077 15.77 29'493'970 9.1 9'926'360 3.06 4'328'371 1.34 (3'856'904) -1.19 3'696'036 1.14 3'607'350 1.11 2'466'019 0.76 1'581'404 0.49 1'151'814 0.36 1'131'707 0.35 999'936 0.31 980'000 0.3 963'946 0.3 656'163 0.2 569'720 0.18 544'796 0.17 541'466 0.17 511'951 0.16

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

Change D M M M M M M M M M M M M D M M M M D M M M M M M M M M M M M M M M M N

Latest Chg (13'709'836) 51'110 324'109 (431'200) 30'513 (1'449'495) 127'170 (60'462) (55'340) 880'000 146'981 (33'672) 569'720 (14'777) 41'583 (292'438)

Target Price #N/A N/A 26 26 26 33 27 25 30 29 20 #N/A N/A 35 33 28 26 27 23 22 27 26 22 21 22 26 23 22 27 29 #N/A N/A #N/A N/A 22 30 22 32 #N/A N/A 31

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

File Dt 06.02.2013 08.02.2013 08.08.2013 30.06.2013 23.09.2013 02.09.2013 31.12.2012 28.03.2013 30.06.2013 31.05.2013 28.03.2013 30.08.2013 30.08.2013 28.03.2013 31.07.2013 31.01.2013 30.06.2013 31.07.2013 31.05.2013 30.04.2013

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

Inst Type Holding Company n/a n/a Investment Advisor Investment Advisor Investment Advisor 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

Date 23.09.2013 19.09.2013 18.09.2013 17.09.2013 12.09.2013 12.09.2013 10.09.2013 27.08.2013 16.08.2013 14.08.2013 12.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 04.07.2013 06.06.2013 03.05.2013 16.04.2013 01.03.2013 17.01.2013 03.12.2012 16.08.2012

27.09.2013

Morphosys AG MorphoSys AG is a biotechnology company. The Company uses proprietary technology to develop human antibodies tailored to treat specific diseases. MorphoSys is developing medicines to treat cancer and inflammation.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (25.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOR GY EQUITY YTD Change MOR GY EQUITY YTD % CHANGE

12/2012 06/yy 60.00 22.90 75'559.00 56.66 -5.57% 147.42% 91.00% 25.7 1'454.43 0.07 0.0 0.0 119.43 1'308.20

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

0 s-12

31.12.2009 31.12.2010 81.0 87.0 3.09x 3.62x 16.8 16.0 14.96x 19.75x 9.0 9.2 42.60x 45.20x Profitability

LTM-4Q 31.12.2011 82.1 3.28x 15.9 16.87x 8.2 48.69x

31.12.2012 51.9 10.74x 8.5 65.59x 1.9 293.00x 8.50 2.19 4.22% 5.88% 9.31% 10.43% 10.47% 0.34% 33.3% 26.4% 3.7% 11.74 8.20 0.03% 0.04% 3.98 0.74

Price/ Cash Flow

06/yy 41.5 27.97x (8.5) 0.00x (7.8) 0.00x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 80.6 29.65x 26.8 30.98x 21.9 61.40x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.67 23.57 137.67% 93.38% 0.667 12 4.500 138'919 113'855 123'802 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 77.8 73.4 14.99x 16.22x 10.4 0.2 125.51x 8128.66x 9.3 0.3 170.15x S&P Issuer Ratings

85.92 75.65 -5.45 0.00 0.0% 0.0% 0.34 18.88 91.78 493.62 -4172.58 -

Sales/Revenue/Turnover

500.00

100.0

450.00

90.0

400.00

80.0

350.00

70.0

300.00

60.0

250.00 200.00

50.0 40.0

150.00

30.0

100.00

20.0

50.00

10.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 71.6 3.95x 21.7 13.07x 13.2 31.78x

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

Morphosys AG Holdings By:

All

Holder Name MASSACHUSETTS MUTUAL OPPENHEIMERFUNDS INC NOVARTIS PHARMA AG BNP PARIBAS INVESCO LTD NORGES BANK MORONEY SIMON E BLACKROCK MORPHOSYS AG UNION INVESTMENT GMB LORD ABBETT & CO LLC JP MORGAN VANGUARD GROUP INC PICTET FUNDS UNION INVESTMENT LUX HIGHBRIDGE CAPITAL M DEUTSCHE BANK AG HARTFORD INVESTMENT BARING FUND MANAGERS DEXIA ASSET MANAGEME

Firm Name Independent Research GmbH DZ Bank AG Helvea Commerzbank Corporates & Markets Nomura Code Securities EVA Dimensions Deutsche Bank Close Brothers Equity Markets Landesbank Baden-Wuerttemberg Kempen & Co Vara Research Equinet Institutional Services(ESN)

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

Analyst CHRISTOPH SCHOENDUBE PETER SPENGLER OLAV ZILIAN DANIEL WENDORFF GARY WAANDERS TIMOTHY STANISH GUNNAR ROMER IGOR KIM TIMO KUERSCHNER SACHIN SONI THOMAS J SCHIESSLE EDOUARD AUBERY

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

Recommendation hold buy buy buy buy underweight buy buy buy buy buy buy

Amt Held % Out 1'697'540 6.61 1'526'167 5.95 1'399'788 5.45 753'765 2.94 745'845 2.91 653'729 2.55 419'885 1.64 371'225 1.45 255'415 1 225'794 0.88 158'664 0.62 144'752 0.56 131'079 0.51 121'676 0.47 117'129 0.46 (112'119) -0.44 105'000 0.41 82'190 0.32 68'892 0.27 68'139 0.27

Weighting

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

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

Latest Chg (9'240) 190'723 67'054 65'794 16'983 49'095 11'110 52'945 18'687 25'000 -

Target Price 62 65 72 65 60 #N/A N/A 61 60 58 60 48 30

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

File Dt Inst Type 27.08.2012 Insurance Company 31.07.2013 Investment Advisor 31.12.2012 Corporation 30.04.2013 Unclassified 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 23.09.2013 Investment Advisor 31.12.2012 Corporation 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 12.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 19.09.2013 19.09.2013 19.09.2013 28.08.2013 20.08.2013 13.08.2013 12.08.2013 12.08.2013 05.08.2013 18.07.2013 14.06.2013 27.02.2013

27.09.2013

Merck KGaA Merck KGaA is a global pharmaceutical and chemicals company. The Company researches drugs in the areas oncology and neurodegenerative as well as autoimmune and inflammatory diseases. Also, it markets cardiovascular, fertility, endocrinology, and over-the-counter products as well as products for flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (26.09.2012) 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 MRK GY EQUITY YTD Change MRK GY EQUITY YTD % CHANGE

12/2012 06/yy 128.50 94.01 140'698.00 114.5 -10.89% 21.80% 60.57% 64.6 24'977.99 4'453.50 0.0 53.4 2'527.60 26'343.49

.8 M .7 M .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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M

120 100

Valuation Analysis

31.12.2008 7'201.6 2.02x 2'436.5 5.98x 367.1 38.17x

140

31.12.2009 31.12.2010 7'377.7 8'928.9 1.96x 1.96x 1'675.8 2'497.0 8.64x 7.02x 366.3 632.1 38.79x 20.57x Profitability

LTM-4Q 31.12.2011 9'905.9 2.05x 2'689.8 7.54x 606.5 27.61x

31.12.2012 10'740.8 2.20x 2'917.8 8.12x 566.7 38.25x 2'917.80 1'521.20 14.16% 6.60% 4.76% 9.91% 0.50% 70.6% 28.4% 15.6% 5.3% 1.45 1.02 20.58% 42.98% 4.84 1.93

Price/ Cash Flow

LTM

06/yy 10'265.8 7.52x 2'394.1 8.40x 463.6 36.97x

06/yy 10'838.1 9.30x 3'073.1 8.74x 1'039.3 24.58x

FY+1

.0 M s-13

0.63 64.62 23.03% 16.40% 0.634 32 2.750 270'239 196'797 220'512 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'228.5 11'309.8 2'777.2 2'788.2 2.35x 2.21x 3'140.6 3'258.6 774.3 777.3 8.39x 8.08x 1'888.4 1'967.6 464.5 458.5 13.21x 12.64x S&P Issuer Ratings

29.05.2013 A STABLE 29.05.2013 A-1 13.15 11.67 0.43 1.51 43.0% 30.0% 0.50 3.85 75.46 188.84 155.94 116.89

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

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

Merck KGaA Holdings By:

All

Holder Name BLACKROCK SUN LIFE FINANCIAL I FRANKLIN RESOURCES CAPITAL GROUP COMPAN MFS INSTITUTIONAL AD CREDIT SUISSE GROUP SUN LIFE FINANCIAL I NORGES BANK GOLDMAN SACHS GROUP VANGUARD GROUP INC UNION INVESTMENT GMB MORGAN STANLEY ALLIANZ ASSET MANAGE ARTEMIS INVESTMENT M MFS FINANCIAL SERVIC UNITED SERVICES AUTO ADIG INVESTMENT DB PLATINUM ADVISORS DEUTSCHE BANK AG PACIFIC LIFE INSURAN

Firm Name Bryan Garnier & Cie Helvea Sanford C. Bernstein & Co Exane BNP Paribas AlphaValue Barclays Hamburger Sparkasse Societe Generale Morgan Stanley DZ Bank AG Nord/LB Equinet Institutional Services(ESN) Credit Suisse JPMorgan Independent Research GmbH M.M. Warburg Investment Research Bankhaus Metzler Deutsche Bank Landesbank Baden-Wuerttemberg Berenberg Bank S&P Capital IQ Commerzbank Corporates & Markets Goldman Sachs Main First Bank AG EVA Dimensions UBS Redburn Partners Mirabaud Securities National Bank AG Jefferies Cyrrus Equita SIM SpA

Portfolio Name 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ERIC LE BERRIGAUD ODILE RUNDQUIST AARON GAL VINCENT MEUNIER MARTIN SCHNEE MICHAEL LEUCHTEN MARCO GUENTHER STEPHEN MCGARRY AMY WALKER PETER SPENGLER THORSTEN STRAUSS MARIETTA MIEMIETZ MATTHEW WESTON RICHARD VOSSER CHRISTOPH SCHOENDUBE ULRICH HUWALD SEBASTIAN FRERICKS HOLGER BLUM TIMO KUERSCHNER ALISTAIR CAMPBELL JACOB THRANE DANIEL WENDORFF STEVE CHESNEY MARCUS WIEPRECHT TIMOTHY STANISH ANDREW WHITNEY TEAM COVERAGE NICHOLAS TURNER STEFFEN MANSKE JEFFREY HOLFORD TOMAS MENCIK GIANMARCO BONACINA

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

Recommendation neutral hold market perform neutral reduce underweight hold sell Overwt/Attractive buy hold accumulate neutral neutral hold hold sell buy hold hold sell reduce Sell/Neutral underperform buy buy neutral reduce sell hold sell not rated

Amt Held 6'419'685 6'175'369 3'222'248 2'838'695 1'884'389 1'860'448 1'821'513 1'525'433 1'234'221 1'038'686 744'289 495'844 493'896 483'289 375'267 368'739 322'797 278'218 232'156 228'148

% Out 9.93 9.56 4.99 4.39 2.92 2.88 2.82 2.36 1.91 1.61 1.15 0.77 0.76 0.75 0.58 0.57 0.5 0.43 0.36 0.35

Weighting

Change

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

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

Latest Chg 13'924 81'324 (2'577) 30'283 46'500 (158) (7'605) 472'289 (28'691) 14'602 (40'000) 98'234 14'221

Target Price 110 119 125 118 108 89 71 103 142 135 128 133 126 125 132 121 100 148 118 92 106 105 114 100 #N/A N/A 131 #N/A N/A 89 #N/A N/A 88 77 #N/A N/A

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

File Dt 23.09.2013 31.12.2011 28.06.2013 30.06.2013 12.03.2012 12.08.2011 31.07.2013 31.12.2012 30.04.2013 30.06.2013 28.03.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 31.05.2013 31.05.2013 31.07.2013 17.04.2012 31.08.2013

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

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

Date 25.09.2013 25.09.2013 23.09.2013 19.09.2013 19.09.2013 16.09.2013 29.08.2013 27.08.2013 14.08.2013 14.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 01.08.2013 20.06.2013 17.06.2013 06.06.2013 16.05.2013 12.04.2013 24.12.2012 15.11.2012 10.10.2012 05.04.2012 23.02.2010

27.09.2013

MTU Aero Engines AG MTU Aero Engines AG develops and manufactures engines and offers commercial engine services and support. The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

Price/Volume 90

1.6 M

1.4 M

1.2 M

1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 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 MTX GY EQUITY YTD Change MTX GY EQUITY YTD % CHANGE

12/2012 06/yy 79.61 60.25 165'883.00 69.93 -12.16% 16.07% 46.85% 52.0 3'636.36 618.90 0.0 0.0 198.40 4'147.46

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

.6 M

30 20

.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 31.12.2008 2'724.3 0.45x 407.5 2.99x 179.7 5.38x

.8 M

Valuation Analysis

31.12.2009 31.12.2010 2'610.8 2'707.4 0.77x 0.95x 368.3 398.9 5.48x 6.43x 141.0 142.2 13.21x 17.39x Profitability

LTM-4Q 31.12.2011 2'932.1 0.83x 420.8 5.78x 159.2 15.17x

31.12.2012 3'378.6 1.16x 490.9 7.97x 173.9 20.06x 490.90 287.10 8.50% 8.04% 3.08% 12.47% 0.86% 16.4% 13.3% 7.4% 5.1% 1.11 0.47 14.52% 56.82% 6.52 3.65

Price/ Cash Flow

06/yy 3'144.6 3.49x 405.0 8.42x 196.3 14.72x

LTM 06/yy 3'671.8 4.36x 490.0 8.73x 132.2 28.50x

FY+1

.0 M s-13

0.70 50.63 16.67% 3.56% 0.704 25 3.560 162'795 133'182 165'762 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'737.4 4'021.4 1.11x 1.02x 493.9 545.0 8.38x 7.60x 219.1 248.1 61.0 55.6 16.18x 14.04x S&P Issuer Ratings

11.05.2010 NR 76.70 61.22 1.04 1.49 56.8% 36.2% 0.86 6.11 55.95 99.91 74.79 92.76

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 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

MTU Aero Engines AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE FIL LIMITED BLACKROCK GOLDMAN SACHS GROUP UBS AG ARTISAN PARTNERS HOL GRYPHON INTERNATIONA AMERIPRISE FINANCIAL INVESTEC ASSET MANAG SCHRODERS PLC FRANKLIN RESOURCES FMR LLC MTU AERO ENGINES HOL DEUTSCHE BANK AG THREADNEEDLE WILLIAM BLAIR & COMP VANGUARD GROUP INC NORGES BANK FRANKFURT TRUST INVE

Firm Name Equinet Institutional Services(ESN) Societe Generale AlphaValue Hauck & Aufhaeuser EVA Dimensions Berenberg Bank UBS Landesbank Baden-Wuerttemberg Commerzbank Corporates & Markets Morgan Stanley HSBC Independent Research GmbH Bankhaus Lampe Oddo & Cie Bankhaus Metzler Kepler Cheuvreux DZ Bank AG Deutsche Bank Nord/LB JPMorgan Exane BNP Paribas Main First Bank AG Cantor Fitzgerald National Bank AG

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

Analyst ADRIAN PEHL ZAFAR KHAN HEINZ STEFFEN FINN HENNING BREITER TIMOTHY STANISH WILLIAM MACKIE RAMI MYERSON STEFAN MAICHL STEPHAN BOEHM RUPINDER VIG RICHARD SCHRAMM ZAFER RUZGAR SEBASTIAN HEIN YAN DEROCLES HELENA WUESTENFELD CHRISTOPHE MENARD MARKUS TURNWALD BEN FIDLER WOLFGANG DONIE DAVID H PERRY OLIVIER BROCHET CHLOE LEMARIE ANDREW CHAMBERS STEFFEN MANSKE

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

Recommendation accumulate buy reduce buy overweight hold neutral buy buy Equalwt/In-Line neutral hold hold neutral buy hold buy buy buy neutral underperform underperform hold buy

Amt Held 12'823'558 2'689'061 2'554'394 2'337'166 1'966'413 1'887'531 1'631'852 1'570'400 1'565'370 1'557'292 1'550'721 1'538'190 1'531'691 1'367'315 1'341'474 1'298'247 1'102'838 1'052'807 917'776 430'000

% Out 24.66 5.17 4.91 4.49 3.78 3.63 3.14 3.02 3.01 2.99 2.98 2.96 2.95 2.63 2.58 2.5 2.12 2.02 1.76 0.83

Weighting

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

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

Latest Chg (252'000) 100'542 (101'608) 15 (285) (33'676) 112'002 78'927 (53'415) -

Target Price 73 80 66 82 #N/A N/A 72 70 78 81 63 73 72 69 70 76 68 79 72 78 79 71 61 82 53

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

File Dt 30.06.2013 31.08.2013 06.06.2013 23.09.2013 11.05.2012 31.05.2013 13.08.2013 31.12.2011 29.10.2012 15.05.2013 20.08.2013 18.09.2013 25.06.2012 23.01.2012 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 31.05.2013

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

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

Date 25.09.2013 20.09.2013 19.09.2013 30.08.2013 19.08.2013 09.08.2013 02.08.2013 31.07.2013 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 24.07.2013 24.07.2013 24.07.2013 16.07.2013 25.06.2013 06.06.2013 06.10.2010

27.09.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 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 MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 06/yy 158.65 121.20 461'171.00 143.4 -9.61% 18.32% 63.55% 179.3 25'717.53 6'256.00 0.0 242.0 2'860.00 27'523.53

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

.5 M

20 0 s-12

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

31.12.2012 65'896.0 0.43x 3'195.0 7.56x 6.64% 6.19% 1.22% 12.30% 10.97% 0.26% 4.8% 2.42% 23.02% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

06/yy 64'012.0 1.33x 0.0 0.00x 2'501.0 7.88x

06/yy 65'533.0 1.67x 0.0 0.00x 3'108.0 8.08x

FY+1

.0 M s-13

0.91 178.32 20.16% 10.40% 0.913 37 3.811 809'656 647'304 619'329 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 54'487.5 55'648.3 0.57x 0.55x 2'995.0 2'953.9 649.5 682.5 8.59x 8.57x S&P Issuer Ratings

AASTABLE 23.0% 18.6% 0.26 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

1.0 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

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK PEOPLES BANK OF CHIN CREDIT SUISSE AG NORGES BANK FRANKLIN RESOURCES DEUTSCHE BANK AG VANGUARD GROUP INC ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL DB PLATINUM ADVISORS AMUNDI DEKA INVESTMENT GMBH SOCIETE GENERALE SA TWEEDY BROWNE COMPAN UNION INVESTMENT GMB MACKENZIE FINANCIAL ADIG INVESTMENT UBS AG T ROWE PRICE ASSOCIA

Firm Name Sanford C. Bernstein & Co Day by Day Exane BNP Paribas Canaccord Genuity Corp AlphaValue Morgan Stanley Goldman Sachs JPMorgan DZ Bank AG Mediobanca SpA Commerzbank Corporates & Markets RBC Capital Markets S&P Capital IQ Independent Research GmbH Bankhaus Lampe Main First Bank AG Helvea Bankhaus Metzler Bryan Garnier & Cie Keefe, Bruyette & Woods Kepler Cheuvreux Credit Suisse Societe Generale HSBC Hamburger Sparkasse Oddo & Cie Nord/LB Raymond James Landesbank Baden-Wuerttemberg Berenberg Bank Nomura Equinet Institutional Services(ESN) Barclays EVA Dimensions Natixis

Portfolio Name 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 n/a Multiple Portfolios

Analyst THOMAS SEIDL VALERIE GASTALDY THOMAS JACQUET BEN COHEN DIETER HEIN MACIEJ WASILEWICZ VINIT MALHOTRA MICHAEL HUTTNER THORSTEN WENZEL MARC THIELE FRANK KOPFINGER KAMRAN HOSSAIN RODERICK WALLACE STEFAN BONGARDT ANDREAS SCHAEFER MICHAEL HAID DANIEL BISCHOF JOCHEN SCHMITT OLIVIER PAUCHAUT WILLIAM HAWKINS FABRIZIO CROCE ADAM MCINALLY JASON KALAMBOUSSIS THOMAS FOSSARD CHRISTIAN HAMANN NICOLAS JACOB JULIA SIEKMANN RAPHAEL CARUSO WERNER SCHIRMER TOM CARSTAIRS MICHAEL KLIEN PHILIPP HAESSLER ANDREW BROADFIELD DOUG WALTERS BENOIT VALLEAUX

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

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

Amt Held 20'086'215 17'267'532 5'380'236 5'357'374 3'648'401 2'269'183 2'096'418 1'938'192 1'907'185 1'853'518 1'483'792 1'469'607 1'349'274 1'022'103 909'100 835'251 741'768 699'370 652'610 629'490

% Out 11.2 9.63 3 2.99 2.03 1.27 1.17 1.08 1.06 1.03 0.83 0.82 0.75 0.57 0.51 0.47 0.41 0.39 0.36 0.35

Weighting

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

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

Latest Chg 20'786 238 (305'246) (45'225) (80'357) (28'081) 55'290 1'080'048 1'149'463 (239'245) (376'953) 763 (139'206) (36'451) 10'227

Target Price 117 157 143 162 153 155 179 161 163 167 158 142 155 165 150 155 150 171 155 170 163 155 142 180 #N/A N/A 125 154 #N/A N/A 150 166 140 150 159 #N/A N/A 143

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

File Dt 31.12.2012 23.09.2013 31.12.2012 31.05.2013 31.12.2012 31.08.2013 31.07.2013 30.06.2013 31.08.2013 31.03.2013 24.09.2013 31.08.2013 30.04.2013 07.06.2013 31.03.2012 28.03.2013 30.06.2013 31.05.2013 24.09.2013 30.06.2013

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

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

Date 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 13.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 06.09.2013 05.09.2013 26.08.2013 13.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 22.07.2013 06.06.2013 08.05.2013

27.09.2013

Aurubis AG Aurubis AG operates copper smelting and refining facilities. The Company primarily produces copper rod used in the manufacture of power cables, building wires and other wiring used in electrical applications. Aurubis also produces copper cakes, cathodes, billets and bars and markets precious metals, chemicals and other metals produced as by-products of copper smelting.

Price/Volume 60

.8 M .7 M

.6 M .5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDA GY EQUITY YTD Change NDA GY EQUITY YTD % CHANGE

09/2012 06/yy 57.79 38.55 102'030.00 45.185 -21.81% 17.21% 32.56% 45.0 2'031.37 774.47 0.0 4.0 669.67 2'252.84

30.09.2008 8'384.6 0.24x 374.8 5.28x 169.0 7.20x

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

.9 M

30.09.2009 30.09.2010 6'686.9 9'865.4 0.23x 0.19x 77.3 581.4 19.89x 3.28x (47.1) 324.2 4.41x Profitability

LTM-4Q 30.09.2011 13'335.8 0.15x 579.0 3.40x 320.8 5.23x

30.09.2012 13'789.2 0.16x 744.7 2.89x 361.1 5.66x

744.73 583.29 4.23% 3.72% 3.08% 7.03% 8.06% 2.80% 3.3% 2.1% 2.6% 2.25 0.78 15.84% 35.31% 23.31 -

Price/ Cash Flow

LTM

06/yy 13'808.4 0.58x 639.0 2.95x 304.8 5.62x

06/yy 13'185.0 0.54x 296.6 0.00x (128.4) 0.00x

FY+1

.0 M s-13

0.84 32.32 1.21% -13.91% 0.840 19 3.737 196'921 165'489 191'336 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 12'880.9 12'968.6 2'928.0 0.17x 0.17x 341.3 429.8 77.0 6.58x 5.23x 138.1 187.2 30.0 14.70x 10.70x S&P Issuer Ratings

6.91 5.34 0.49 1.38 35.3% 26.1% 2.80 11.10 15.66 -

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

Aurubis AG Holdings By:

All

Holder Name SALZGITTER AG BLACKROCK NORGES BANK DJE INVESTMENT SA DEUTSCHE BANK AG DIMENSIONAL FUND ADV DELTA LLOYD FUND MAN FMR LLC ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE VANGUARD GROUP INC SCHRODER INVESTMENT LBPAM LANDESBANK BERLIN IN ACATIS GRANTHAM MAYO VAN OT JP MORGAN PRUDENTIAL FINANCIAL DWS INVESTMENTS INVESCO LTD

Firm Name Hauck & Aufhaeuser Societe Generale M.M. Warburg Investment Research Bankhaus Lampe Commerzbank Corporates & Markets Main First Bank AG Baader Bank Landesbank Baden-Wuerttemberg EVA Dimensions Nord/LB Independent Research GmbH DZ Bank AG HSBC Deutsche Bank SRH AlsterResearch Kepler Cheuvreux Steubing AG Morgan Stanley Hamburger Sparkasse Solventis WPH-Bank GmbH

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

Analyst FINN HENNING BREITER AMIT PANSARI EGGERT KULS MARC GABRIEL INGO-MARTIN SCHACHEL ALEXANDER HAUENSTEIN CHRISTIAN OBST JENS MUENSTERMANN TIMOTHY STANISH HOLGER FECHNER SVEN DIERMEIER DIRK SCHLAMP THORSTEN ZIMMERMANN BENJAMIN KOHNKE OLIVER DREBING ROCHUS BRAUNEISER MICHAEL BROEKER ALAIN GABRIEL INGO SCHMIDT KLAUS SOER

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

Recommendation buy buy hold buy buy outperform buy buy underweight buy hold buy neutral hold sell buy buy Underwt/In-Line hold buy

Amt Held 11'240'000 1'993'650 1'355'640 1'325'794 1'295'644 1'130'234 508'501 450'000 383'815 371'600 276'516 231'753 193'957 184'555 149'000 146'388 142'322 117'023 108'901 97'191

% Out 25 4.43 3.02 2.95 2.88 2.51 1.13 1 0.85 0.83 0.62 0.52 0.43 0.41 0.33 0.33 0.32 0.26 0.24 0.22

Weighting

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

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

Latest Chg (25'860) 1'499 (15'732) 70'903 20'742 19'131 34'958 (3'854) 40'804 12'475 28'968

Target Price 61 51 46 53 50 53 55 50 #N/A N/A 50 46 47 45 48 38 49 67 38 #N/A N/A 49

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

File Dt 29.08.2011 23.09.2013 27.08.2013 19.08.2011 06.01.2012 30.04.2013 31.05.2013 31.05.2013 31.07.2013 31.05.2013 30.06.2013 30.06.2013 28.03.2013 30.08.2013 28.03.2013 31.05.2012 31.05.2013 31.07.2013 31.05.2013 24.09.2013

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

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

Date 19.09.2013 11.09.2013 06.09.2013 04.09.2013 30.08.2013 29.08.2013 26.08.2013 26.08.2013 23.08.2013 21.08.2013 19.08.2013 16.08.2013 14.08.2013 13.08.2013 13.08.2013 01.08.2013 29.07.2013 24.06.2013 15.02.2012 25.01.2012

27.09.2013

Nordex SE Nordex SE develops, produces, installs, and maintains electricity-generating wind turbines. The Company also designs and produces blades and control systems.

Price/Volume 12

4.0 M 3.5 M

3.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 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 NDX1 GY EQUITY YTD Change NDX1 GY EQUITY YTD % CHANGE

12/2012 06/yy 10.45 2.57 212'694.00 10.28 -1.63% 299.53% 96.83% 73.5 755.88 245.15 0.0 0.3 295.37 764.20

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

2.0 M 1.5 M

1.0 M 2 0 s-12

.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 1'135.7 0.49x 68.3 8.13x 47.6 14.04x

2.5 M

Valuation Analysis

31.12.2009 31.12.2010 1'182.8 972.0 0.54x 0.38x 68.2 61.7 9.37x 5.92x 24.3 20.9 29.11x 17.76x Profitability

LTM-4Q 31.12.2011 916.8 0.35x (8.6) (48.5) -

31.12.2012 1'075.3 0.16x 22.4 7.60x (93.9) 22.37 -46.87 -4.36% -7.92% -6.83% -21.83% 1.29% 4.1% -1.4% -8.7% 1.47 0.71 23.00% 87.90% -

Price/ Cash Flow

06/yy 934.6 1.33x (21.5) 0.00x (68.1) 0.00x

LTM 06/yy 1'314.8 1.24x 54.2 7.40x (69.8) 0.00x

FY+1

.0 M s-13

0.92 55.14 222.26% 243.47% 0.915 11 3.091 570'888 1'129'750 848'239 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'306.3 1'366.6 0.54x 0.52x 73.5 94.5 10.38x 8.08x 12.9 22.8 64.65x 31.06x S&P Issuer Ratings

0.89 -1.28 0.15 3.90 87.9% 46.8% 1.29 10.66 -

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

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

Nordex SE Holdings By:

All

Holder Name SKION MOMENTUM CAPIT JP MORGAN NORGES BANK DIMENSIONAL FUND ADV DEUTSCHE BANK AG UNIVERSAL INVESTMENT HABBEL, POHLIG & PAR FIRST TRUST DB PLATINUM ADVISORS ENNISMORE FUND MANAG VANGUARD GROUP INC PASSPORT CAPITAL LLC HAUCK & AUFHAEUSER I DIGITAL FUNDS HAUCK & AUFHAUSER IN INVESCO LTD RAIFFEISEN KAPITALAN GUINNESS ATKINSON AS MEAG LUXEMBOURG SARL BLACKROCK

Firm Name AlphaValue Commerzbank Corporates & Markets Independent Research GmbH M.M. Warburg Investment Research Montega HSBC EVA Dimensions Nord/LB Deutsche Bank Macquarie UBS

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

Analyst HEINZ STEFFEN SEBASTIAN GROWE SVEN DIERMEIER CHRISTOPHER RODLER WAIS SAMADZADA SEAN D MCLOUGHLIN TIMOTHY STANISH HOLGER FECHNER ALEXANDER KARNICK SHAI HILL JEAN-FRANCOIS MEYMANDI

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

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

Amt Held % Out 18'375'023 24.99 2'259'643 3.07 1'356'490 1.84 960'950 1.31 868'425 1.18 760'000 1.03 662'779 0.9 395'661 0.54 384'346 0.52 (360'295) -0.49 353'547 0.48 (264'706) -0.36 250'000 0.34 241'609 0.33 193'089 0.26 123'845 0.17 100'000 0.14 70'100 0.1 41'400 0.06 (25'274) -0.03

Weighting

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

U M M D U M D M M M N

Latest Chg 301'876 450'000 262'779 10'059 44'117 11'745 169'118 129'548 (4'363) 100'000 58'294

Target Price 12 9 11 9 13 9 #N/A N/A 7 6 3 3

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

File Dt Inst Type 31.12.2012 Unclassified 23.08.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 24.09.2013 Investment Advisor 25.09.2013 Investment Advisor 01.08.2013 Investment Advisor 30.06.2013 Unclassified 25.04.2013 Hedge Fund Manager 29.06.2012 Investment Advisor 31.05.2013 Investment Advisor 28.08.2013 Investment Advisor 24.09.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.12.2011 Investment Advisor 23.09.2013 Investment Advisor

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

Date 19.09.2013 18.09.2013 18.09.2013 18.09.2013 11.09.2013 06.09.2013 30.08.2013 19.08.2013 15.08.2013 16.05.2013 09.10.2012

27.09.2013

Nemetschek AG Nemetschek AG provides standard software for designing, constructing and managing buildings and real estate. The Company's software offers cost estimation, design, planning, account calculation, cost management, facilities management, document management and B2B e-commerce capabilities. Nemetschek's software is sold in approximately 52 countries and 13 languages.

Price/Volume 60

.1 M .1 M .1 M

Latest Fiscal Year: LTM as of: 52-Week High (12.06.2013) 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 NEM GY EQUITY YTD Change NEM GY EQUITY YTD % CHANGE

12/2012 06/yy 52.52 31.90 354.00 45.11 -14.11% 41.41% 65.16% 9.6 434.18 2.67 0.0 1.3 44.33 388.91

.0 M

.0 M .0 M

10 0 s-12

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

.1 M

Valuation Analysis

31.12.2008 150.4 0.86x 31.8 4.07x 10.4 9.61x

.1 M

31.12.2009 31.12.2010 135.6 149.7 1.25x 2.01x 29.6 35.9 5.72x 8.37x 12.2 18.9 12.71x 16.18x Profitability

LTM-4Q 31.12.2011 164.0 1.37x 37.7 5.95x 20.8 11.94x

31.12.2012 175.1 1.59x 39.6 7.05x 18.9 16.94x 39.62 27.99 15.99% 16.30% 12.58% 19.58% 22.25% 1.09% 23.4% 16.8% 10.8% 1.59 1.40 1.62% 2.41% 8.01 -

Price/ Cash Flow

06/yy 169.3 5.96x 37.5 6.91x 20.1 14.24x

LTM 06/yy 179.1 7.73x 41.8 10.06x 20.6 22.64x

FY+1

.0 M s-13

0.69 4.21 39.70% 39.41% 0.687 8 3.500 15'345 8'693 8'075 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 187.0 201.6 44.8 49.4 2.02x 1.77x 43.6 48.8 8.92x 7.97x 22.1 28.5 18.59x 15.19x S&P Issuer Ratings

12.47 10.52 -1.12 0.04 2.4% 2.3% 1.09 36.23 45.57 -

Sales/Revenue/Turnover

14.00

200.0 180.0

12.00

160.0

10.00

140.0 120.0

8.00

100.0 80.0

6.00

60.0

4.00

40.0 2.00 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

Nemetschek AG Holdings By:

All

Holder Name NEMETSCHEK ALEXANDER NEMETSCHEK GEORG ODDO ASSET MANAGEMEN UNIVERSAL INVESTMENT FINANCIERE DE L'ECHI AXXION SA ODDO ET CIE OPPENHEIMERFUNDS INC BNY MELLON SERVICE K UNION INVESTMENT GMB EVLI FUND MANAGEMENT INVESCO LTD MANDARINE FUNDS GROUPAMA ASSET MANAG COMINVEST ASSET MANA IFM - INDEPENDENT FU FINANCIERE DE L'OXER ROTHSCHILD & COMPAGN RAIFFEISEN KAPITALAN BANK DELEN SA

Firm Name Goldman Sachs M.M. Warburg Investment Research EVA Dimensions Berenberg Bank Close Brothers Equity Markets Baader Bank Montega BHF-Bank GSC Research

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MOHAMMED MOAWALLA ANDREAS WOLF ANDREW S ZAMFOTIS SEBASTIAN GRABERT FELIX PARMANTIER KNUT WOLLER ALEXANDER DREWS JENS JUNG MATTHIAS SCHRADE

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

Recommendation sell/attractive hold overweight buy hold hold hold overweight hold

Amt Held 2'739'410 2'416'838 359'457 289'062 286'845 271'652 254'701 199'294 140'711 100'000 73'063 54'775 50'062 46'302 45'000 39'216 35'340 30'200 27'500 27'000

% Out 28.46 25.11 3.73 3 2.98 2.82 2.65 2.07 1.46 1.04 0.76 0.57 0.52 0.48 0.47 0.41 0.37 0.31 0.29 0.28

Weighting

Change 1 3 5 5 3 3 3 5 3

M M U M M M M M D

Latest Chg 3'800 (71'100) 100'000 73'063 19'375 50'062 46'302 (116) 35'340 4'951 (3'000)

Target Price 44 50 #N/A N/A 57 48 48 46 47 #N/A N/A

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

File Dt 31.07.2012 31.12.2011 30.09.2012 21.11.2012 29.08.2012 06.05.2013 15.11.2012 31.07.2013 30.08.2013 28.03.2013 28.06.2013 31.03.2013 30.08.2013 28.03.2013 31.05.2013 31.05.2013 30.06.2013 31.01.2013 28.06.2013 29.03.2013

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

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

Date 11.09.2013 15.08.2013 07.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 18.02.2013 22.06.2012

27.09.2013

Norma Group SE Norma Group SE develops and manufactures plastic and metal-based components and systems in the field of connecting technology. The Company develops engineered joining technology components for various applications, including cooling system, air intake and induction, emission control, ancillary system and infrastructure. NORMA Group operates worldwide.

Price/Volume

.6 M

12/2012 06/yy 35.00 17.49 30'798.00 34.11 -2.54% 95.03% 92.26% 31.9 1'086.83 246.59 0.0 1.0 72.39 1'259.77

.4 M .3 M

15 10

.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 31.12.2009 31.12.2010 329.8 490.4 33.8 90.6 (18.2) 30.2 Profitability

LTM-4Q 31.12.2011 581.4 1.18x 110.1 6.24x 35.7 13.45x

31.12.2012 604.6 1.40x 128.8 6.56x 56.6 11.80x 128.76 102.34 16.93% 13.42% 7.86% 19.33% 0.88% 19.8% 15.0% 9.4% 1.83 1.12 35.63% 85.82% 5.98 -

Price/ Cash Flow

06/yy 603.2 4.63x 122.1 6.12x 62.0 8.71x

LTM 06/yy 609.7 6.09x 120.4 8.78x 54.6 16.14x

FY+1

.0 M s-13

0.82 31.06 67.22% 66.27% 0.825 18 3.778 65'180 59'892 69'020 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 642.1 684.1 160.0 158.0 1.93x 1.75x 130.3 141.1 32.2 32.2 9.66x 8.92x 63.6 71.8 16.81x 14.86x S&P Issuer Ratings

9.87 8.04 1.43 1.95 85.8% 46.1% 0.88 5.87 61.06 -

Sales/Revenue/Turnover

14.00

700.0

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 01.01.2010

.5 M

25 20

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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOEJ GY EQUITY YTD Change NOEJ GY EQUITY YTD % CHANGE

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

.7 M

35 30

Valuation Analysis

31.12.2008 457.6 63.0 (29.6) -

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

Norma Group SE Holdings By:

All

Holder Name AMERIPRISE FINANCIAL BNP PARIBAS THREADNEEDLE ALLIANZ GLOBAL INVES BLACKROCK MONDRIAN INVESTMENT ALLIANZ ASSET MANAGE ODDO & CIE T ROWE PRICE ASSOCIA DEUTSCHE BANK AG CONNECTING CAPITAL H OZ MANAGEMENT LP COLUMBIA WANGER ASSE DANSKE INVEST A/S ODDO ASSET MANAGEMEN FIL LIMITED CAPITAL GROUP COMPAN DWS INVESTMENTS ADIG INVESTMENT SEB

Firm Name

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

Analyst

Nord/LB FRANK SCHWOPE HSBC JOERG-ANDRE FINKE Hauck & Aufhaeuser PHILIPPE LORRAIN Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Exane BNP Paribas GERHARD ORGONAS Deutsche Bank TIM ROKOSSA DZ Bank AG JASKO TERZIC Macquarie CHRISTIAN BREITSPRECHER M.M. Warburg Investment Research CHRISTIAN COHRS Bankhaus Metzler JUERGEN PIEPER Main First Bank AG TOBIAS FAHRENHOLZ LFG Kronos Investment Services GmbH THOMAS ANEY Baader Bank PETER ROTHENAICHER Close Brothers Equity Markets DANIEL KUKALJ Goldman Sachs WILLIAM WYMAN Berenberg Bank BENJAMIN GLAESER EVA Dimensions TIMOTHY STANISH

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

Recommendation sell neutral buy hold outperform buy hold neutral hold buy outperform buy hold hold Buy/Neutral buy hold

Amt Held 3'172'259 2'003'089 1'944'873 1'832'961 1'822'437 1'700'937 1'374'867 1'081'190 964'148 949'650 800'595 789'223 755'780 624'748 593'657 573'129 516'300 507'581 492'680 415'852

% Out 9.96 6.29 6.1 5.75 5.72 5.34 4.32 3.39 3.03 2.98 2.51 2.48 2.37 1.96 1.86 1.8 1.62 1.59 1.55 1.31

Weighting

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

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

Latest Chg 298'670 (47'827) 237'382 (33'782) 210 (23'341) 400'533 (39'425) 5'271

Target Price 26 34 39 32 35 35 32 30 30 33 35 35 33 30 35 36 #N/A N/A

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

File Dt Inst Type 09.05.2013 Investment Advisor 27.08.2013 Unclassified 31.05.2013 Unclassified 14.01.2013 Other 25.09.2013 Investment Advisor 15.06.2012 Hedge Fund Manager 31.08.2013 Investment Advisor 05.09.2012 Bank 13.03.2012 Investment Advisor 31.07.2013 Investment Advisor 01.10.2012 Corporation 01.02.2012 Hedge Fund Manager 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.09.2012 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Unclassified

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

Date 19.09.2013 11.09.2013 09.09.2013 30.08.2013 12.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 23.07.2013 16.07.2013 06.06.2013

27.09.2013

XING AG XING AG provides an online community for professional networking. The Company's web site allows business professionals to search for contacts in multiple languages.

Price/Volume 90

.2 M

.1 M

Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 52-Week Low (26.09.2012) 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 O1BC GY EQUITY YTD Change O1BC GY EQUITY YTD % CHANGE

12/2012 06/yy 78.40 36.05 8'328.00 75.5 -3.70% 109.43% 90.08% 5.6 421.31 0.00 0.0 0.0 58.77 356.99

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

.1 M

30 20

.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 34.9 2.79x 12.5 7.83x 7.3 19.15x

.1 M

Valuation Analysis

31.12.2009 31.12.2010 44.0 53.5 2.78x 2.55x 17.1 20.7 7.13x 6.59x (1.7) 7.2 26.53x Profitability

LTM-4Q 31.12.2011 65.1 2.37x 56.1 2.76x (4.6) -

31.12.2012 72.1 2.37x 25.3 6.75x 7.7 29.08x 25.28 16.94 23.49% 16.72% 8.61% 16.61% 16.63% 0.79% 34.6% 23.4% 10.7% 1.89 1.80 0.00% 0.00% 12.65 -

Price/ Cash Flow

06/yy 68.7 11.93x 54.6 3.60x (5.7) 0.00x

LTM 06/yy 76.6 9.24x 26.6 8.38x 8.4 33.38x

FY+1

.0 M s-13

0.83 2.58 105.72% 82.48% 0.828 9 3.444 7'132 11'731 10'282 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 83.4 94.6 4.27x 3.63x 23.6 30.2 15.13x 11.85x 10.4 14.8 40.07x 28.25x S&P Issuer Ratings

1149.00 1025.14 -2.42 0.00 0.0% 0.0% 0.79 13.87 28.86 -

Sales/Revenue/Turnover

30.00

80.0 70.0

25.00

60.0 20.00

50.0 40.0

15.00

30.0

10.00

20.0 5.00 0.00 01.01.2010

10.0 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

XING AG Holdings By:

All

Holder Name BURDA DIGITAL VENTUR DEUTSCHE BANK AG SCHRODERS PLC ENNISMORE FUND MANAG RUANE CUNNIFF & GOLD BAILLIE GIFFORD AND VANGUARD GROUP INC ALLIANZ GLOBAL INVES INVESTOREN TGV WHALE ROCK CAPITAL M NOMURA TRANSAMERICA INVESTM XING AG ALLIANZ ASSET MANAGE BLACKROCK INVESTORS TFI SA HANSAINVEST GMBH COMINVEST ASSET MANA UNIVERSAL INVESTMENT MAINFIRST SICAV

Firm Name Berenberg Bank JPMorgan Hauck & Aufhaeuser Commerzbank Corporates & Markets EVA Dimensions M.M. Warburg Investment Research Montega Deutsche Bank Close Brothers Equity Markets Jefferies GSC Research

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

Analyst SARAH SIMON NICOLAS J DUBOURG SASCHA BERRESCH HEIKE PAULS ANDREW S ZAMFOTIS JOCHEN REICHERT ALEXANDER BRAUN BENJAMIN KOHNKE MARCUS SILBE DAVID REYNOLDS MATTHIAS SCHRADE

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

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

Amt Held 2'943'726 388'794 277'710 276'438 166'626 161'344 160'168 157'366 155'720 97'778 92'000 57'000 55'542 51'154 20'388 14'290 11'400 10'000 8'600 6'000

% Out 52.75 6.97 4.98 4.95 2.99 2.89 2.87 2.82 2.79 1.75 1.65 1.02 1 0.92 0.37 0.26 0.2 0.18 0.15 0.11

Weighting

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

M M D M U D D M M M M

Latest Chg (16'477) 51'154 14'290 (7'450) -

Target Price 82 74 60 78 #N/A N/A 68 50 73 65 32 #N/A N/A

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

File Dt Inst Type 13.03.2013 Corporation 31.05.2013 Investment Advisor 12.03.2013 Investment Advisor 26.08.2013 Investment Advisor 12.03.2013 Investment Advisor 31.08.2012 Investment Advisor 30.06.2013 Unclassified 01.02.2012 Investment Advisor 05.07.2012 Investment Advisor 18.12.2012 Hedge Fund Manager 13.08.2012 Unclassified 30.06.2013 Investment Advisor 12.03.2013 Corporation 31.05.2013 Investment Advisor 25.09.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 31.05.2013 Unclassified 28.03.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 24.09.2013 10.09.2013 02.09.2013 28.08.2013 20.08.2013 13.08.2013 07.08.2013 06.08.2013 06.08.2013 14.08.2012 17.03.2011

27.09.2013

Telefonica Deutschland Holding AG Telefonica Deutschland Holding AG provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 7

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance O2D GY EQUITY YTD Change O2D GY EQUITY YTD % CHANGE

12/2012 06/yy 6.51 4.90 1'172'850.00 5.933 -8.86% 21.21% 59.13% 1'116.9 6'626.84 1'254.84 0.0 0.0 323.77 7'714.84

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

1 0 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

31.12.2009 31.12.2010 3'745.5 4'826.3 891.5 892.7 (33.6) (102.5) Profitability

LTM-4Q 31.12.2011 5'035.6 1'154.0 553.9 -

31.12.2012 5'212.8 1.42x 1'281.6 5.76x 1'334.6 20.62x 1'281.64 145.89 2.80% 2.68% 11.75% 14.26% 0.46% 24.6% 2.8% 25.6% 0.91 0.86 13.84% 19.52% 4.42 -

Price/ Cash Flow

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

LTM 06/yy 5'104.0 4.36x 1'254.0 5.82x 734.0 24.94x

FY+1

7.58 258.75 10.73% 19 4.053 1'682'544 1'084'882 1'470'658 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'012.6 4'998.9 1'267.0 1'328.0 1.49x 1.48x 5.22x 4.98x 1'243.1 1'260.1 334.5 344.5 6.19x 6.11x 78.5 119.3 30.6 33.4 92.70x 59.33x S&P Issuer Ratings

0.73 0.98 19.5% 16.3% 0.46 1.71 82.79 -

Sales/Revenue/Turnover

4.50

6'000.0

4.00

5'000.0

3.50

4'000.0

3.00 2.50

3'000.0

2.00

2'000.0

1.50 1.00

1'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Telefonica Deutschland Holding AG Holdings By:

All

Holder Name TELEFONICA SA BLACKROCK BNP PARIBAS CI INVESTMENTS INC NORGES BANK T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE UNION INVESTMENT GMB DEUTSCHE BANK AG VANGUARD GROUP INC STATE STREET CORP SUN LIFE FINANCIAL I BARING FUND MANAGERS LBPAM CAPITAL GROUP COMPAN JO HAMBRO CAPITAL MA MACQUARIE GROUP FEDERAL FINANCE GEST PARVEST INVESTMENT M IG INVESTMENT MANAGE

Firm Name Sanford C. Bernstein & Co Bankhaus Lampe Hauck & Aufhaeuser Credit Suisse M.M. Warburg Investment Research Jefferies UBS Commerzbank Corporates & Markets Barclays Nomura Exane BNP Paribas Makor Capital Landesbank Baden-Wuerttemberg Societe Generale Deutsche Bank Goldman Sachs JPMorgan New Street Research Morgan Stanley Bankhaus Metzler HSBC Gabelli & Co

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

Analyst ROBIN BIENENSTOCK WOLFGANG SPECHT LEONHARD BAYER JUSTIN FUNNELL MALTE RAETHER GILES THORNE POLO TANG HEIKE PAULS JONATHAN DANN FREDERIC BOULAN MATHIEU ROBILLIARD ALBERT SAPORTA STEFAN BORSCHEID OTTAVIO ADORISIO KEVAL KHIROYA TIMOTHY BODDY HANNES C WITTIG JAMES RATZER RYAN FOX ULRICH TRABERT DOMINIK KLARMANN EVAN D MILLER

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

Recommendation outperform hold buy outperform hold hold buy hold overweight neutral outperform buy hold hold restricted not rated restricted neutral restricted buy overweight hold

Amt Held 858'195'400 61'024'024 12'809'910 8'292'150 6'657'645 5'219'531 3'802'006 3'292'869 3'211'957 3'016'263 2'998'646 2'598'712 2'038'469 1'683'750 1'620'617 1'601'940 1'495'440 1'280'800 1'223'976 1'223'940

% Out 76.83 5.46 1.15 0.74 0.6 0.47 0.34 0.29 0.29 0.27 0.27 0.23 0.18 0.15 0.15 0.14 0.13 0.11 0.11 0.11

Weighting

Change

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

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

Latest Chg (641'681) 757'288 700'950 (65'596) (352'374) 3'292'869 506'249 2'951'569 (15'217) 241'240 196'363 (703'959) 1'601'940 385 773'400 144'270 (5'055)

Target Price 7 6 7 7 6 5 7 5 7 6 6 #N/A N/A 6 6 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 6 7 #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 25.09.2013 30.04.2013 28.06.2013 31.12.2012 30.06.2013 30.06.2013 28.03.2013 31.07.2013 30.06.2013 26.09.2013 31.07.2013 31.05.2013 28.03.2013 30.06.2013 31.12.2012 31.07.2013 31.05.2013 30.04.2013 30.06.2013

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

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

Date 24.09.2013 18.09.2013 17.09.2013 13.09.2013 12.09.2013 02.09.2013 30.08.2013 28.08.2013 23.08.2013 22.08.2013 16.08.2013 12.08.2013 25.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 03.07.2013 03.05.2013 07.11.2012

27.09.2013

OSRAM Licht AG Osram Licht AG manufactures lights. The Company produces lamps, light-emitting diodes (LEDs), light engines, lighting management systems, specialty lighting, indoor and outdoor LED luminaires, dimmers, and other related lighting products. Osram Licht offers its products to customers around the world.

Price/Volume 40

25.0 M

20.0 M

30 25

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 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 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OSR GY EQUITY YTD Change OSR GY EQUITY YTD % CHANGE

09/2012 06/yy 35.75 23.00 97'667.00 35.335 -0.99% 53.66% 99.79% 104.7 3'699.20 48.50 0.0 16.5 86.60 3'677.60

30.09.2009 -

10.0 M

15 10

5.0 M

5 0

.0 M j-13

Profitability

30.09.2010 4'679.7 812.1 328.2 -

LTM-4Q 30.09.2011 5'031.0 670.3 243.0 -

30.09.2012 5'399.8 395.4 (379.2) 395.40 -259.80 -4.81% -6.41% -7.44% -22.86% 1.06% 26.0% 7.3% -4.8% -7.0% 1.23 0.37 0.96% 2.51% 6.45 3.70

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

LTM 06/yy 1'278.4 0.00x 111.8 0.00x 11.7 0.00x

s-13

FY+1

80.99 15 4.000 696'100 367'191 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 5'308.2 5'485.6 1'350.5 1'354.0 0.72x 0.67x 477.6 630.2 73.1 121.0 7.75x 5.88x 6.50x 5.24x 132.0 225.3 (1.5) 8.4 24.30x 15.88x 31.05x 20.76x S&P Issuer Ratings

3.74 1.97 -0.10 0.12 2.5% 2.4% 1.06 3.77 56.75 98.97 55.75 99.97

Sales/Revenue/Turnover

1.20

6'000.0

1.00

5'000.0

0.80

4'000.0

0.60

a-13

Fiscal Year Ended 30.09.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

Valuation Analysis

3'000.0 2'000.0

0.40

1'000.0 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

OSRAM Licht AG Holdings By:

All

Holder Name SIEMENS AG GOLDMAN SACHS GROUP DIC COMPANY LTD BLACKROCK OPPENHEIMERFUNDS INC GAM INTERNATIONAL MA FIDEURAM GESTIONS SA INTERFUND ADVISORY C EDINBURGH PARTNERS L STATE STREET CORP FMR LLC SKAGEN AS KBC GROUP NV PRUDENTIAL FINANCIAL JP MORGAN LEGAL & GENERAL RBC REGENT FUND MANA TIAA CREF INVESTMENT HARTFORD INVESTMENT BANQUE DEGROOF

Firm Name Nord/LB Baader Bank Commerzbank Corporates & Markets EVA Dimensions HSBC Morgan Stanley Societe Generale Redburn Partners JPMorgan Landesbank Baden-Wuerttemberg Berenberg Bank Spin-Off Research Deutsche Bank Susquehanna Financial Group UBS

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

Analyst WOLFGANG DONIE GUENTHER MICHAEL HOLLFELDER SEBASTIAN GROWE TIMOTHY STANISH MICHAEL HAGMANN LUCIE CARRIER ALOK KATRE PHILIP WILSON ANDREAS WILLI WALTER SCHNEIDER WILLIAM MACKIE TEAM COVERAGE UWE SCHUPP MEHDI HOSSEINI FREDRIC STAHL

Source n/a ULT-AGG n/a ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold buy buy overweight Equalwt/Cautious sell buy underweight buy buy buy buy Positive buy

Amt Held 20'414'433 5'224'569 3'286'039 3'149'359 869'139 171'006 158'873 112'000 111'569 109'717 84'687 81'516 63'297 52'994 45'055 43'158 42'314 33'865 32'209 29'276

% Out 19.5 4.99 3.14 3.01 0.83 0.16 0.15 0.11 0.11 0.1 0.08 0.08 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.03

Weighting

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

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

Latest Chg 864'688 171'006 108'421 87'000 92'514 84'687 61'784 46'023 45'055 43'158 33'865 -

Target Price 36 32 34 #N/A N/A 40 30 26 #N/A N/A 30 34 37 34 33 48 38

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

File Dt 05.07.2013 20.09.2013 05.07.2013 25.09.2013 31.07.2013 31.07.2013 30.08.2013 30.08.2013 30.08.2013 26.09.2013 31.07.2013 30.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.08.2013 31.07.2013 31.08.2013 02.09.2013

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

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

Date 23.09.2013 18.09.2013 02.09.2013 28.08.2013 09.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 09.07.2013

27.09.2013

Pfeiffer Vacuum Technology AG Pfeiffer Vacuum Technology AG designs, manufactures and services pumps. The Company produces turbomolecular vacuum pumps, rotary vane pumps, root pumps, customized vacuum systems, helium leak detection systems, gas analyzers, and mass spectrometers. The Company markets and services its products in Europe, the United States, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (25.10.2012) 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 PFV GY EQUITY YTD Change PFV GY EQUITY YTD % CHANGE

12/2012 06/yy 98.82 74.40 16'568.00 91.94 -6.96% 23.58% 67.44% 9.9 907.23 52.14 0.0 0.0 102.01 877.02

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

.4 M .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 198.1 1.66x 55.0 5.98x 38.0 10.76x

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

31.12.2009 31.12.2010 182.0 220.5 2.39x 3.44x 41.5 57.2 10.48x 13.26x 27.6 38.1 18.06x 20.00x Profitability

LTM-4Q 31.12.2011 519.5 1.22x 83.4 7.63x 41.4 16.14x

31.12.2012 461.3 1.85x 87.5 9.75x 45.3 19.95x 87.53 67.69 14.67% 14.36% 8.21% 13.54% 11.43% 0.96% 36.2% 17.4% 12.6% 9.8% 3.04 1.93 11.70% 17.77% 6.88 3.40

Price/ Cash Flow

06/yy 476.8 5.97x 79.5 9.62x 34.3 23.11x

LTM 06/yy 419.0 7.62x 72.9 10.35x 35.9 21.85x

FY+1

.0 M s-13

0.91 8.98 13.94% 4.59% 0.907 18 3.111 19'124 18'460 21'136 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 433.3 470.2 113.0 119.0 1.97x 1.76x 72.3 91.3 17.8 23.8 12.15x 9.63x 39.2 50.4 9.8 12.2 23.63x 17.74x S&P Issuer Ratings

38.99 34.41 -0.41 0.71 17.8% 15.1% 0.96 4.59 53.04 107.33 38.06 113.17

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

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

Pfeiffer Vacuum Technology AG Holdings By:

All

Holder Name BNP PARIBAS AMERIPRISE FINANCIAL HAKUTO CO LTD BANKHAUS LAMPE HIGHCLERE INTL INVES FIERA CAPITAL CORPOR MONTANARO ASSET MGMT ROYCE AND ASSOCIATES FIRST EAGLE FUNDS ARNHOLD & S BLEICHRO THREADNEEDLE WILLIAM BLAIR & COMP SUN LIFE ASSURANCE C NORGES BANK DANSKE INVEST A/S SEB WILLIAM BLAIR & COMP SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE DANSKE INVEST MANAGE

Firm Name Hauck & Aufhaeuser Bankhaus Lampe M.M. Warburg Investment Research Exane BNP Paribas Commerzbank Corporates & Markets DZ Bank AG Bankhaus Metzler EVA Dimensions HSBC Deutsche Bank Goldman Sachs Landesbank Baden-Wuerttemberg Independent Research GmbH Close Brothers Equity Markets Equinet Institutional Services(ESN) Kepler Cheuvreux Nord/LB Berenberg Bank GSC Research Solventis WPH-Bank GmbH National Bank AG

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

Analyst FINN HENNING BREITER KARSTEN ILTGEN EGGERT KULS GERHARD ORGONAS NORBERT KRETLOW HARALD SCHNITZER STEPHAN BAUER TIMOTHY STANISH CHRISTIAN DOMINIK RATH UWE SCHUPP WILLIAM WYMAN WALTER SCHNEIDER MARKUS FRIEBEL VEYSEL TAZE ADRIAN PEHL CRAIG ABBOTT WOLFGANG DONIE BENJAMIN GLAESER THORSTEN RENNER ULF VON LENGERICH STEFFEN MANSKE

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

Recommendation buy hold hold outperform add buy sell underweight overweight sell Buy/Neutral hold sell sell reduce hold hold buy hold hold sell

Amt Held 840'690 458'418 311'899 303'680 297'972 297'856 296'244 294'140 291'897 291'897 268'693 268'020 262'301 236'815 210'032 158'339 148'305 145'568 141'474 112'848

% Out 8.52 4.65 3.16 3.08 3.02 3.02 3 2.98 2.96 2.96 2.72 2.72 2.66 2.4 2.13 1.6 1.5 1.48 1.43 1.14

Weighting

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

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

Latest Chg (1'254) 154'851 (31'497) 79'696 32'894 9'669 (9'142) 3'390 (3'230) 20'244

Target Price 108 80 85 95 90 95 73 #N/A N/A 96 60 100 81 70 73 78 80 95 107 #N/A N/A 83 80

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

File Dt 12.09.2013 12.07.2013 31.03.2013 23.05.2012 31.05.2013 08.04.2013 10.06.2013 15.06.2012 30.03.2012 30.03.2012 31.05.2013 12.09.2012 11.05.2012 31.12.2012 31.05.2013 28.03.2013 30.06.2013 31.07.2013 31.05.2013 28.06.2013

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

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

Date 25.09.2013 18.09.2013 18.09.2013 09.09.2013 29.08.2013 23.08.2013 22.08.2013 15.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 29.05.2013 07.05.2013 01.05.2013 21.09.2012 26.03.2012 17.02.2012

27.09.2013

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie PSI AG fuer Produkte und Systeme der Informationstechnologie develops computer software. The Company produces software that helps manage large networks used in the electricity, gas, oil, telecommunications, and public transportation industries, production management for the steel, chemicals and automobile industries and mechanical engineering, and information management.

Price/Volume 18

.4 M

.3 M

Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (24.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSAN GY EQUITY YTD Change PSAN GY EQUITY YTD % CHANGE

12/2012 06/yy 17.48 11.38 122'740.00 11.49 -34.27% 0.97% 4.43% 15.7 180.36 9.35 0.0 0.0 33.34 152.69

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

.2 M

6 4

.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 128.9 0.16x 8.8 2.30x 4.1 10.59x

.2 M

Valuation Analysis

31.12.2009 31.12.2010 147.0 158.7 0.82x 1.64x 11.4 13.9 10.53x 18.62x 6.6 7.0 19.24x 39.67x Profitability

LTM-4Q 31.12.2011 169.5 1.18x 14.6 13.68x 7.4 31.32x

31.12.2012 180.9 1.20x 16.9 12.87x 9.4 25.68x 16.92 12.89 7.12% 6.27% 5.10% 12.82% 13.74% 0.98% 9.1% 7.0% 5.2% 1.74 0.99 5.01% 12.70% 6.18 -

Price/ Cash Flow

06/yy 179.0 5.19x 16.0 14.22x 9.7 26.02x

LTM 06/yy 182.9 3.68x 12.8 0.00x 6.9 33.98x

FY+1

.0 M s-13

0.51 11.37 -27.47% -23.96% 0.514 12 3.417 82'328 32'289 25'840 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 190.5 207.0 0.96x 0.86x 16.7 22.2 9.18x 6.89x 8.7 13.2 20.93x 13.69x S&P Issuer Ratings

8.62 7.29 -1.64 0.50 12.7% 11.3% 0.98 12.96 59.02 -

Sales/Revenue/Turnover

300.00

200.0 180.0

250.00

160.0 140.0

200.00

120.0

150.00

100.0 80.0

100.00

60.0 40.0

50.00 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

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie Holdings By:

All

Holder Name RWE AG SINGH HARVINDER ALLIANZ GLOBAL INVES FRANKFURT TRUST INVE THREADNEEDLE HANSAINVEST GMBH ZUERICH INVESTMENTGE ALLIANZ ASSET MANAGE TRIPPEL KARSTEN SCHRODER INVESTMENT CALVERT INVESTMENT C UBS AG COMINVEST ASSET MANA KBC GROUP NV UNIVERSAL INVESTMENT SCHRIMPF HARALD TRANSAMERICA INVESTM GOETZE WILFRIED GAMCO BLACKROCK

Firm Name DZ Bank AG Equinet Institutional Services(ESN) WGZ Bank Bankhaus Lampe Montega Commerzbank Corporates & Markets EVA Dimensions Dr. Kalliwoda Equity Research First Berlin Equity Research Group Solventis WPH-Bank GmbH Berenberg Bank Deutsche Bank

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

Analyst JASKO TERZIC MICHAEL SCHAEFER FRANK WOHLGEMUTH HEIKO FEBER ALEXANDER DREWS FLORIAN TREISCH ANDREW S ZAMFOTIS NORBERT KALLIWODA SIMON SCHOLES KLAUS SCHLOTE MAGGIE PAXTON ALEXANDER KARNICK

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

Recommendation buy hold hold buy sell add underweight accumulate add buy hold buy

Amt Held 2'794'131 1'271'487 470'641 440'000 381'633 210'386 135'000 120'945 109'750 101'038 95'171 84'784 80'000 79'693 72'568 60'000 55'000 54'683 54'300 49'457

% Out 17.8 8.1 3 2.8 2.43 1.34 0.86 0.77 0.7 0.64 0.61 0.54 0.51 0.51 0.46 0.38 0.35 0.35 0.35 0.32

Weighting

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

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

Latest Chg (10'000) 85'974 14'222 (2'010) (5'380) 10'000 (25'700) -

Target Price 13 12 16 17 10 16 #N/A N/A 14 15 17 17 18

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

File Dt 25.01.2013 25.01.2013 18.05.2012 31.05.2013 31.05.2013 28.03.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 31.08.2013 31.05.2013 31.05.2013 31.07.2013 28.03.2013 31.12.2012 30.06.2013 31.12.2012 28.06.2013 25.09.2013

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

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

Date 26.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 30.08.2013 07.08.2013 06.08.2013 01.08.2013 01.08.2013 20.05.2013 30.04.2013

27.09.2013

ProSiebenSat.1 Media AG ProSiebenSat.1 Media AG operates as european broadcasting group. The Company produces and broadcasts television programming. ProSiebenSat.1 provides TV station brands to online video store, digital pay-TV programs, and mobile services. ProSiebenSat.1 Media serves customers in Europe.

Price/Volume 40

3.0 M

2.5 M

30 2.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 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 16.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSM GY EQUITY YTD Change PSM GY EQUITY YTD % CHANGE

12/2012 06/yy 35.92 19.40 381'942.00 31.61 -12.00% 62.98% 72.50% 218.8 6'916.18 2'926.20 0.0 5.0 702.30 7'782.38

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

1.0 M

10 .5 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 31.12.2008 3'054.2 1.44x 833.8 5.29x (129.1) -

1.5 M

31.12.2009 31.12.2010 2'760.8 2'601.0 1.97x 3.16x 652.5 684.9 8.34x 11.99x 146.6 312.7 20.64x Profitability

LTM-4Q 31.12.2011 2'199.2 2.43x 688.1 7.75x 637.5 11.38x

31.12.2012 2'356.2 2.87x 685.8 9.84x 295.0 14.01x 685.80 606.30 25.73% 19.37% 7.43% 23.28% 11.50% 0.46% 46.3% 30.3% 27.7% 12.5% 2.53 0.83 54.06% 195.64% 8.49 1398.59

Price/ Cash Flow

06/yy 1'971.6 11.64x 628.2 9.73x 604.9 14.21x

LTM 06/yy 2'185.7 13.50x 662.6 12.04x 352.5 20.99x

FY+1

.0 M s-13

1.04 128.64 85.27% 77.40% 1.043 31 3.419 701'653 763'062 730'809 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'573.7 2'724.9 556.3 758.0 3.23x 3.00x 781.9 836.7 144.0 298.0 9.95x 9.29x 394.5 434.3 86.0 124.4 17.09x 15.54x 20.93x 20.01x S&P Issuer Ratings

4.39 3.82 1.29 3.24 195.6% 66.1% 0.46 10.23 42.98 0.26 102.22 -63.02

Sales/Revenue/Turnover

5.00

3'500.0

4.50

3'000.0

4.00 3.50

2'500.0

3.00

2'000.0

2.50

1'500.0

2.00

1'000.0

1.50 1.00

500.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

ProSiebenSat.1 Media AG Holdings By:

All

Holder Name LAVENA HOLDING 1 GMB BLACKROCK CAPITAL GROUP COMPAN NORGES BANK HARTFORD INVESTMENT DEUTSCHE BANK AG ALLIANZ ASSET MANAGE FMR LLC CI INVESTMENTS INC FIL LIMITED CAZENOVE UNIT TRUST JP MORGAN VANGUARD GROUP INC STATE STREET CORP LORD ABBETT & CO LLC ADIG INVESTMENT ETOILE GESTION INVESCO LTD HENDERSON GLOBAL INV HENDERSON GLOBAL INV

Firm Name AlphaValue Exane BNP Paribas Barclays Landesbank Baden-Wuerttemberg Nomura JPMorgan Goldman Sachs Independent Research GmbH EVA Dimensions Bankhaus Lampe Natixis Commerzbank Corporates & Markets Bankhaus Metzler Berenberg Bank HSBC Liberum Capital Ltd DZ Bank AG Societe Generale Kepler Cheuvreux Deutsche Bank Morgan Stanley UBS Main First Bank AG Nord/LB Macquarie Credit Suisse Jefferies Hammer Partners SA Close Brothers Equity Markets

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios 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 HENDERSON EUROPEAN F Multiple Portfolios

Analyst VERONIQUE CABIOC'H ADRIEN DE SAINT HILAIRE JULIEN ROCH RALPH SZYMCZAK WILLIAM MAIRS FILIPPO PIETRO LO FRANCO LISA YANG LARS LUSEBRINK CRAIG STERLING CHRISTOPH SCHLIENKAMP JEROME BODIN SONIA RABUSSIER STEFAN WIMMER SARAH SIMON CHRISTOPHER JOHNEN IAN WHITTAKER HARALD HEIDER CHRISTOPHE CHERBLANC CONOR O'SHEA LAURIE DAVISON JULIEN ROSSI TAMSIN GARRITY STEPHAN VOLLERT HOLGER FECHNER ANGUS TWEEDIE OMAR SHEIKH WILL SMITH STEPHAN SEIP MARCUS SILBE

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

Recommendation reduce neutral overweight hold buy neutral Buy/Neutral hold underweight hold neutral hold buy sell neutral buy sell hold hold buy Equalwt/Attractive buy outperform buy neutral outperform hold sell hold

Amt Held 90'154'500 7'951'761 7'787'000 5'437'208 4'233'371 4'109'120 2'228'778 2'133'425 1'639'350 1'294'866 943'782 820'430 749'424 732'131 587'669 447'006 428'231 416'580 400'000 400'000

% Out 41.2 3.63 3.56 2.49 1.93 1.88 1.02 0.98 0.75 0.59 0.43 0.37 0.34 0.33 0.27 0.2 0.2 0.19 0.18 0.18

Weighting

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

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

Latest Chg 1'636'290 (397'269) (57'706) (59'629) 1'462'991 (2'263'391) 3'082 455'462 (206'775) (30'924) (45'345) (171'506) 178'365 400'000 400'000

Target Price 30 33 35 32 35 36 37 35 #N/A N/A 30 27 30 33 28 35 35 29 32 32 33 32 32 38 35 24 35 23 19 18

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

File Dt 06.09.2013 25.09.2013 04.09.2013 31.12.2012 31.08.2013 31.07.2013 31.07.2013 31.07.2013 28.06.2013 30.04.2013 28.02.2013 31.07.2013 30.06.2013 26.09.2013 28.06.2013 31.05.2013 30.04.2013 26.09.2013 31.03.2013 31.03.2013

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

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

Date 26.09.2013 25.09.2013 19.09.2013 18.09.2013 13.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 04.09.2013 04.09.2013 29.08.2013 19.08.2013 19.08.2013 12.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 12.07.2013 03.07.2013 03.06.2013 16.05.2013 08.05.2013 03.04.2013 18.12.2012 20.11.2012

27.09.2013

QIAGEN NV QIAGEN N.V. provides sample and assay technologies. The Company's technologies (in the format of consumables and automated solutions) are used to process biological samples and to analyze analytes contained therein, such as DNA and RNA. QIAGEN provides these technologies to customers conducting molecular diagnostics, applied testing, pharmaceutical R&D and academic research.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QIA GY EQUITY YTD Change QIA GY EQUITY YTD % CHANGE

12/2011 06/yy 16.77 13.12 154'070.00 15.725 -6.20% 19.90% 66.85% 234.3 3'685.00 846.99 0.0 9.7 484.49 4'056.15

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

1.8 M

1.6 M

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 31.12.2008 893.0 4.61x 266.7 15.44x 89.0 22.81x

31.12.2009 31.12.2010 1'009.8 1'087.4 5.22x 4.13x 318.8 354.8 16.52x 12.67x 137.8 144.3 32.92x 29.99x Profitability

LTM-4Q 31.12.2011 1'169.7 3.04x 293.7 12.12x 96.0 20.34x

31.12.2012 1'254.5 3.72x 403.8 11.55x 129.5 26.39x 403.82 205.93 16.42% 11.57% 0.91% 1.37% 1.88% 0.32% 65.7% 24.3% 8.6% 10.3% 3.67 2.72 20.72% 31.20% 5.45 3.45

Price/ Cash Flow

06/yy 1'226.9 12.62x 311.8 13.93x 96.7 23.68x

LTM 06/yy 1'269.6 15.74x 307.9 16.72x 35.8 27.25x

FY+1

.0 M s-13

0.00 0.59 226.70 7.59% 14.36% 0.592 36 3.167 471'243 318'058 350'815 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'309.2 1'380.0 321.1 365.9 4.07x 3.68x 17.11x 14.88x 438.3 480.5 98.7 126.9 12.45x 11.35x 12.81x 12.55x 267.2 286.2 62.5 84.6 18.80x 17.50x 19.15x 18.81x S&P Issuer Ratings

17.22 12.87 1.54 2.75 31.2% 23.7% 0.32 3.19 66.92 105.93 41.14 137.06

Sales/Revenue/Turnover

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

QIAGEN NV Holdings By:

All

Holder Name BLACKROCK PRIMECAP MANAGEMENT MANNING & NAPIER ADV PLATINUM INVESTMENT CREDIT AGRICOLE SA AMUNDI GENERATION INVESTMEN VANGUARD GROUP INC HARDING LOEVNER LP MANNING & NAPIER ADV NORGES BANK BAILLIE GIFFORD AND JOHNSTON ASSET MANAG DEUTSCHE BANK AG COLPAN METIN CAPITAL GROUP COMPAN ARROWGRASS CAPITAL P STATE STREET CORP SWISS NATIONAL BANK PLATINUM INVESTMENT

Firm Name Bryan Garnier & Cie Jefferies ISI Group DZ Bank AG AlphaValue UBS Cowen and Company Morgan Stanley Leerink Swann & Co EVA Dimensions Hamburger Sparkasse Janney Montgomery Scott LLC Wedbush Independent Research GmbH Credit Suisse Commerzbank Corporates & Markets Robert W. Baird & Co William Blair & Co Macquarie Deutsche Bank Kempen & Co JPMorgan Landesbank Baden-Wuerttemberg Berenberg Bank S&P Capital IQ Piper Jaffray Exane BNP Paribas Barclays Mizuho Securities USA Inc HSBC Main First Bank AG Kepler Cheuvreux M.M. Warburg Investment Research Goldman Sachs Credit Suisse

Portfolio Name n/a n/a n/a n/a CREDIT AGRICOLE SA n/a n/a n/a HARDING LOEVNER LP MANNING & NAPIER ADV Multiple Portfolios BAILLIE GIFFORD & CO JOHNSTON ASSET MANAG n/a n/a n/a n/a n/a SWISS NATIONAL BANK PLATINUM INVESTMENT

Analyst MATHIEU CHABERT PETER WELFORD ROSS MUKEN SVEN OLAF KUERTEN KAMLA SINGH MARTIN WALES DOUG SCHENKEL DANIEL BRENNAN DANIEL L LEONARD ANDREW S ZAMFOTIS MARCO GUENTHER PAUL R KNIGHT ZARAK KHURSHID CHRISTOPH SCHOENDUBE VAMIL DIVAN DANIEL WENDORFF JEFF T ELLIOTT BRIAN WEINSTEIN JONATHAN P GROBERG HOLGER BLUM SACHIN SONI TYCHO W PETERSON TIMO KUERSCHNER SCOTT BARDO SHO MATSUBARA WILLIAM R QUIRK ROMAIN ZANA CHARLES ANTHONY BUTLER PETER R LAWSON JAN KEPPELER MARCUS WIEPRECHT OLIVER REINBERG ULRICH HUWALD ISAAC RO RAVI MEHROTRA

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

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

Amt Held % Out 15'776'355 6.73 13'416'761 5.73 12'492'293 5.33 10'104'502 4.31 9'606'384 4.1 9'568'279 4.08 9'567'367 4.08 7'930'930 3.38 6'388'752 2.73 6'303'028 2.69 5'542'855 2.37 4'872'700 2.08 4'715'543 2.01 4'489'677 1.92 4'192'553 1.79 2'694'565 1.15 (2'624'608) -1.12 2'537'109 1.08 2'491'193 1.06 2'358'976 1.01

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

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

Latest Chg 968'805 2'263'886 7'745'526 (21'586) 6'447 (4'736) 133'480 77'800 123'629 (377'611) 767 (140'929) 2'985 (184'605) 2'491'193 -

Target Price 17 14 17 15 16 17 12 #N/A N/A 17 #N/A N/A #N/A N/A 18 14 17 16 19 20 #N/A N/A 16 17 16 18 16 14 19 16 15 14 16 14 20 14 13 15 #N/A N/A

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

File Dt Inst Type 25.09.2013 Investment Advisor 31.07.2013 Investment Advisor 05.07.2013 Investment Advisor 01.07.2013 Investment Advisor 30.06.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 n/a 30.06.2013 Investment Advisor 30.08.2013 Hedge Fund Manager 26.09.2013 Investment Advisor 30.06.2013 Bank 30.06.2013 Investment Advisor

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

Date 26.09.2013 25.09.2013 25.09.2013 19.09.2013 19.09.2013 17.09.2013 16.09.2013 06.09.2013 29.08.2013 29.08.2013 28.08.2013 26.08.2013 16.08.2013 08.08.2013 07.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 21.06.2013 06.06.2013 14.05.2013 24.01.2013 18.11.2012 04.04.2011

27.09.2013

QSC AG QSC AG offers small and mid-size enterprises a range of ICT services from telephony, data transfer, housing and hosting right through to IT outsourcing and IT consulting. The Company offers its services on the basis of its own Next Generation Networks (NGN) and operates an open access platform, which unites a range of broadband technologies.

Price/Volume 5

2.5 M

4 2.0 M

4 3

1.5 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 52-Week Low (02.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QSC GY EQUITY YTD Change QSC GY EQUITY YTD % CHANGE

12/2012 06/yy 3.75 1.99 629'543.00 3.75 0.00% 88.73% 94.89% 123.8 464.38 90.53 0.0 0.0 37.78 516.98

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

.5 M

1 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 413.3 0.41x 65.7 2.60x 0.8 124.00x

1.0 M

31.12.2009 31.12.2010 420.5 422.1 0.54x 1.00x 67.9 70.7 3.36x 5.96x 5.5 24.2 42.50x 18.33x Profitability

LTM-4Q 31.12.2011 478.1 0.67x 80.5 3.96x 27.6 10.45x

31.12.2012 481.5 0.65x 77.5 4.04x 18.9 15.04x 77.54 24.61 5.11% 4.30% 6.21% 12.93% 1.23% 25.4% 16.8% 6.0% 3.9% 0.97 0.92 23.38% 50.23% 8.71 217.11

Price/ Cash Flow

06/yy 483.8 2.67x 76.1 4.43x 22.7 13.66x

LTM 06/yy 475.3 2.88x 80.0 4.47x 24.1 14.58x

FY+1

.0 M s-13

0.71 52.75 82.06% 84.31% 0.712 12 4.417 296'116 400'449 410'848 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 455.7 470.0 1.12x 1.04x 79.2 85.3 6.51x 6.04x 21.0 27.2 21.55x 16.45x S&P Issuer Ratings

16.78 12.20 0.66 1.23 50.2% 33.4% 1.23 3.51 41.93 1.68 58.91 0.21

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00 5.00

300.0

4.00

200.0

3.00 2.00

100.0

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

QSC AG Holdings By:

All

Holder Name EICKERS GERD SCHLOBOHM BERND QSC AG ALLIANZ ASSET MANAGE JO HAMBRO CAPITAL MA KEMPEN CAPITAL MANAG NORGES BANK UNION INVESTMENT GMB TEACHERS INS & ANNUI BNY MELLON SERVICE K BLACKROCK DWS INVESTMENTS VANGUARD GROUP INC FLEMING FAMILY & PAR MMA FINANCE DEUTSCHE BANK AG 3 BANKEN-GENERALI IN BANK OF NEW YORK MEL HERMANN JURGEN MUNDER CAPITAL MANAG

Firm Name Deutsche Bank Landesbank Baden-Wuerttemberg Commerzbank Corporates & Markets Hauck & Aufhaeuser Independent Research GmbH M.M. Warburg Investment Research Berenberg Bank Close Brothers Equity Markets Bankhaus Metzler JPMorgan EVA Dimensions Kepler Cheuvreux Exane BNP Paribas

Portfolio Name n/a n/a n/a n/a n/a n/a #N/A N/A Multiple Portfolios TEACHERS INSURANCE & Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst BENJAMIN KOHNKE STEFAN BORSCHEID HEIKE PAULS LEONHARD BAYER MARKUS FRIEBEL MALTE RAETHER USMAN GHAZI MARCUS SILBE ULRICH TRABERT HANNES C WITTIG ANDREW S ZAMFOTIS THOMAS KARLOVITS MICHAEL ZORKO

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

Recommendation hold hold add buy hold buy buy buy buy overweight overweight buy underperform

Amt Held 31'045'856 15'459'650 13'593'413 6'866'904 6'603'303 6'313'800 3'685'518 1'920'425 1'792'679 1'130'328 632'095 590'000 517'111 478'487 340'000 300'000 235'880 232'627 225'000 220'821

% Out 25.07 12.48 10.98 5.55 5.33 5.1 2.98 1.55 1.45 0.91 0.51 0.48 0.42 0.39 0.27 0.24 0.19 0.19 0.18 0.18

Weighting

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

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

Latest Chg 140'000 552'311 340'000 235'880 2'802 220'821

Target Price 4 4 3 5 3 4 3 3 4 4 #N/A N/A 4 2

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

File Dt 10.06.2013 30.01.2013 31.12.2012 18.07.2013 11.01.2013 05.09.2013 20.09.2013 28.03.2013 30.06.2013 31.03.2013 25.09.2013 31.05.2013 30.06.2013 31.01.2012 29.06.2012 31.05.2013 28.03.2013 26.09.2013 31.12.2012 30.06.2013

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

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

Date 05.09.2013 03.09.2013 28.08.2013 20.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 01.08.2013 15.07.2013 03.04.2013 19.02.2013 14.03.2012

27.09.2013

Rational AG Rational AG manufactures and markets food preparation appliances/processors and kitchen accessories for caterers and canteen kitchens. The Company's products cook and reheat food. Rational sells primarily to hotels, restaurants, canteens and caterers in Europe, the United States, and Asia.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RAA GY EQUITY YTD Change RAA GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 269.15 186.05 3'078.00 223.15 -17.09% 19.94% 45.19% 11.4 2'537.22 25.29 0.0 0.0 166.42 2'430.37

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

.1 M

250

.1 M

200

.1 M

150

.1 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 343.0 2.71x 92.0 10.10x 61.7 15.57x

300

31.12.2009 31.12.2010 314.4 350.1 3.97x 4.97x 96.8 110.6 12.89x 15.72x 67.3 79.8 20.02x 23.56x Profitability

LTM-4Q 31.12.2011 391.7 4.62x 107.9 16.78x 78.7 24.27x

31.12.2012 435.0 5.37x 129.9 17.99x 93.3 26.59x 129.92 123.15 28.31% 28.14% 32.41% 45.81% 41.20% 1.58% 60.2% 27.2% 21.4% 4.18 3.69 7.75% 10.65% 6.44 6.67

Price/ Cash Flow

06/yy 415.9 18.23x 0.0 0.00x 85.2 25.13x

LTM 06/yy 441.4 22.13x 0.0 0.00x 90.6 32.22x

FY+1

.0 M s-13

0.61 3.32 13.95% 4.81% 0.614 16 2.813 5'059 5'979 8'594 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 457.1 501.4 5.21x 4.71x 130.3 147.0 18.65x 16.53x 94.1 105.3 27.09x 23.86x S&P Issuer Ratings

117.36 108.90 10.7% 9.6% 1.58 8.03 56.66 54.72 22.87 91.65

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

Rational AG Holdings By:

All

Holder Name MEISTER SIEGFRIED KURTZ WALTER ALLIANZ ASSET MANAGE MONTANARO ASSET MGMT COLUMBIA WANGER ASSE ROYCE AND ASSOCIATES NORGES BANK FIL LIMITED BLACKROCK AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA FRANKLIN RESOURCES VANGUARD GROUP INC FMR LLC DEUTSCHE BANK AG BESSEMER GROUP INCOR WASATCH ADVISORS INC DELTA LLOYD FUND MAN LOMBARD ODIER DARIER CHARLES SCHWAB INVES

Firm Name Deutsche Bank Kepler Cheuvreux Baader Bank Commerzbank Corporates & Markets Nord/LB Independent Research GmbH M.M. Warburg Investment Research DZ Bank AG Goldman Sachs HSBC Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Bankhaus Lampe Bankhaus Metzler EVA Dimensions Berenberg Bank GSC Research

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

Analyst FELICITAS VON BISMARCK CRAIG ABBOTT CHRISTIAN WEIZ YASMIN MOSCHITZ WOLFGANG VASTERLING LARS LUSEBRINK ROLAND RAPELIUS MARKUS TURNWALD BENJAMIN MOORE RICHARD SCHRAMM HARALD REHMET FINN HENNING BREITER GORDON SCHOENELL STEPHAN BAUER TIMOTHY STANISH BENJAMIN GLAESER MATTHIAS SCHRADE

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

Recommendation hold reduce sell hold hold sell hold sell neutral/neutral neutral hold hold hold buy overweight hold hold

Amt Held 7'161'411 887'997 364'021 192'473 162'855 135'811 96'836 47'440 40'933 36'779 30'526 26'410 24'949 24'320 23'059 19'877 18'520 16'430 15'881 12'276

% Out 62.99 7.81 3.2 1.69 1.43 1.19 0.85 0.42 0.36 0.32 0.27 0.23 0.22 0.21 0.2 0.17 0.16 0.14 0.14 0.11

Weighting

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

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

Latest Chg (18'656) 4'001 30 (61'960) 8'033 (9'112) 1'030 4'656 8'000 6'000 18'520 16'430 1'440 1'560

Target Price 220 205 208 243 206 200 229 183 220 220 217 205 200 260 #N/A N/A 225 #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 23.06.2011 31.07.2013 31.07.2013 31.07.2013 30.06.2013 31.12.2012 30.04.2013 25.09.2013 31.07.2013 30.06.2013 28.06.2013 30.06.2013 31.07.2013 31.07.2013 30.04.2013 30.06.2013 31.05.2013 31.05.2013 26.09.2013

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

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

Date 11.09.2013 27.08.2013 12.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 17.07.2013 16.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 10.07.2013 06.06.2013 01.05.2013 24.05.2012

27.09.2013

Rhoen Klinikum AG Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care facilities which offer inpatient and outpatient medical care to various communities in Germany. These clinics and hospitals offer cardiological, surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction treatment, and physical therapy services.

Price/Volume 25

6.0 M 5.0 M

4.0 M 10

Latest Fiscal Year: LTM as of: 52-Week High (13.09.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RHK GY EQUITY YTD Change RHK GY EQUITY YTD % CHANGE

12/2012 06/yy 19.72 14.49 255'317.00 18.7 -5.17% 29.05% 80.50% 138.2 2'584.94 1'034.67 0.0 25.6 237.03 3'407.87

3.0 M 2.0 M

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

7.0 M

Valuation Analysis

31.12.2008 2'130.3 1.14x 264.4 9.20x 117.3 15.11x

8.0 M

31.12.2009 31.12.2010 2'320.1 2'550.4 1.22x 1.13x 284.6 310.2 9.95x 9.31x 125.7 139.7 16.00x 16.31x Profitability

LTM-4Q 31.12.2011 2'629.1 1.01x 357.9 7.45x 156.1 13.03x

31.12.2012 2'864.9 1.03x 291.1 10.10x 89.7 23.56x 291.10 151.20 5.28% 3.97% 2.81% 5.71% 0.93% 11.2% 5.2% 3.1% 1.09 0.92 32.49% 65.41% 6.53 -

Price/ Cash Flow

06/yy 2'721.2 4.28x 354.5 9.69x 123.2 20.97x

LTM 06/yy 2'981.4 4.11x 332.7 9.81x 89.8 27.18x

FY+1

.0 M s-13

0.48 100.22 26.26% 23.82% 0.476 23 3.652 530'821 619'232 492'639 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'034.3 2'784.2 755.0 774.0 1.10x 1.06x 327.3 321.9 85.3 94.0 10.41x 10.58x 113.5 147.7 31.3 34.1 23.00x 19.91x S&P Issuer Ratings

6.69 2.25 2.41 2.73 65.4% 39.2% 0.93 1.55 55.88 -

Sales/Revenue/Turnover

25.00

3'500.0 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

Rhoen Klinikum AG Holdings By:

All

Holder Name MUENCH FAMILY ALECTA PENSIONSFORSA BRAUN LUDWIG GEORG ASKLEPIOS KLINIKEN G FRESENIUS SE & CO KG PAULSON & CO CREDIT SUISSE AG JP MORGAN FRANKLIN RESOURCES BLACKROCK ALLIANZ ASSET MANAGE SKAGEN AS SUN LIFE FINANCIAL I NORGES BANK DEUTSCHE BANK AG OPPENHEIMERFUNDS INC UNIVERSAL INVEST LUX ING INTERNATIONAL AD CI INVESTMENTS INC INVESCO LTD

Firm Name HSBC M.M. Warburg Investment Research AlphaValue Equinet Institutional Services(ESN) UBS Landesbank Baden-Wuerttemberg Berenberg Bank Close Brothers Equity Markets Exane BNP Paribas S&P Capital IQ Nord/LB JPMorgan Independent Research GmbH Kepler Cheuvreux EVA Dimensions Bankhaus Lampe Bankhaus Metzler Deutsche Bank Jefferies DZ Bank AG Commerzbank Corporates & Markets Hamburger Sparkasse Main First Bank AG GSC Research Hauck & Aufhaeuser

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

Analyst JAN KEPPELER ULRICH HUWALD EILEEN RYAN KONRAD LIEDER MARTIN WALES TIMO KUERSCHNER TOM JONES IGOR KIM JULIEN DORMOIS JACOB THRANE HOLGER FECHNER DAVID J ADLINGTON CHRISTOPH SCHOENDUBE OLIVER REINBERG TIMOTHY STANISH THERESA DICK SEBASTIAN FRERICKS HOLGER BLUM INGEBORG OIE SVEN OLAF KUERTEN VOLKER BRAUN MARCO GUENTHER MARCUS WIEPRECHT MATTHIAS SCHRADE THOMAS WISSLER

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

Recommendation overweight hold reduce buy neutral hold buy hold neutral hold hold neutral buy buy underweight hold buy hold hold buy buy hold outperform buy sell

Amt Held 17'278'999 13'684'967 6'911'600 6'911'600 6'911'600 5'114'584 5'114'410 4'563'552 3'810'642 3'174'394 3'039'416 2'009'941 1'819'760 1'699'549 1'466'710 1'251'267 820'000 797'284 712'650 680'879

% Out 12.5 9.9 5 5 5 3.7 3.7 3.3 2.76 2.3 2.2 1.45 1.32 1.23 1.06 0.91 0.59 0.58 0.52 0.49

Weighting

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

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

Latest Chg 144'422 37'000 (256'510) 624'765 -

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

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 Pension Fund (ERISA) 31.12.2012 n/a 31.12.2012 Corporation 31.12.2012 Corporation 31.12.2012 Hedge Fund Manager 13.06.2013 Investment Advisor 18.09.2013 Investment Advisor 27.04.2012 Investment Advisor 25.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.04.2012 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 26.09.2013 Investment Advisor

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

Date 19.09.2013 19.09.2013 19.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 14.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 09.09.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 27.06.2013 17.06.2013 14.06.2013 25.02.2013 20.07.2012 26.04.2012

27.09.2013

Rheinmetall AG Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 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 RHM GY EQUITY YTD Change RHM GY EQUITY YTD % CHANGE

12/2012 06/yy 43.75 31.20 91'303.00 42.265 -3.38% 35.46% 87.76% 39.6 1'673.65 599.00 0.0 111.0 501.00 2'082.65

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

1.8 M

1.6 M

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 s-12

31.12.2009 31.12.2010 3'420.0 3'989.0 0.51x 0.62x 178.0 445.0 9.83x 5.55x (58.0) 162.0 14.22x Profitability

LTM-4Q 31.12.2011 4'454.0 0.35x 521.0 3.03x 213.0 6.17x

31.12.2012 4'704.0 0.34x 479.0 3.30x 190.0 7.28x 479.00 285.00 6.06% 5.08% 1.71% 6.23% 5.84% 0.95% 7.2% 2.8% 4.0% 1.42 0.86 12.23% 44.37% 4.23 -

Price/ Cash Flow

06/yy 4'632.0 1.72x 525.0 3.99x 214.0 6.87x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 4'513.0 1.60x 323.0 5.47x 81.0 16.85x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.13 37.71 15.79% 21.70% 1.135 26 3.615 241'705 170'760 193'558 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'712.2 4'896.3 1'070.0 1'618.0 0.47x 0.43x 323.0 463.3 40.0 337.0 6.44x 4.49x 71.4 146.6 18.2 111.0 24.30x 10.89x S&P Issuer Ratings

12.12.2008 NR 12.12.2008 NR 7.26 3.71 1.04 1.78 44.4% 29.1% 0.95 3.92 86.30 -

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'869.0 0.27x 407.0 2.58x 134.0 5.89x

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

Rheinmetall AG Holdings By:

All

Holder Name HARRIS ASSOCIATES LP RHEINMETALL AG BLACKROCK DEUTSCHE BANK AG FMR LLC NORGES BANK DIMENSIONAL FUND ADV DWS INVESTMENTS FEDERATED INVESTORS INVESCO LTD PRUDENTIAL FINANCIAL DEKA INVESTMENT GMBH DEKA INVESTMENT GMBH UNION INVESTMENT GMB NATIXIS INTERNATIONA LANDESBANK BERLIN IN AVIVA PLC SCHRODER INVESTMENT LBPAM VANGUARD GROUP INC

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios DEKA DAXPLUS(R) MAXI Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Bankhaus Metzler JUERGEN PIEPER Hauck & Aufhaeuser PHILIPPE LORRAIN Bankhaus Lampe GORDON SCHOENELL Equinet Institutional Services(ESN) ADRIAN PEHL AlphaValue EILEEN RYAN Commerzbank Corporates & Markets STEPHAN BOEHM Nord/LB FRANK SCHWOPE Deutsche Bank TIM ROKOSSA M.M. Warburg Investment Research CHRISTIAN COHRS Close Brothers Equity Markets DANIEL KUKALJ DZ Bank AG MARKUS TURNWALD Exane BNP Paribas GERHARD ORGONAS JPMorgan GLEN H LIDDY Independent Research GmbH ZAFER RUZGAR Main First Bank AG CHRISTOPHER YOUL Landesbank Baden-Wuerttemberg STEFAN MAICHL Steubing AG TOBIAS SCHMIDT S&P Capital IQ RODERICK BRIDGE Montega THOMAS RAU Kepler Cheuvreux MICHAEL RAAB HSBC RICHARD SCHRAMM Berenberg Bank BENJAMIN GLAESER LFG Kronos Investment Services GmbH THOMAS ANEY EVA Dimensions TIMOTHY STANISH UBS SVEN WEIER

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

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

Amt Held 2'435'334 1'881'647 1'225'139 1'173'000 1'037'762 686'200 547'601 368'000 349'087 331'286 281'064 258'407 258'407 245'800 245'500 233'644 227'400 180'442 139'000 136'664

% Out 6.15 4.75 3.09 2.96 2.62 1.73 1.38 0.93 0.88 0.84 0.71 0.65 0.65 0.62 0.62 0.59 0.57 0.46 0.35 0.35

Weighting

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

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

Latest Chg (951) 1'174 150'000 323'640 22'200 24'665 (151'637) (228'223)

Target Price 45 43 46 45 42 49 46 35 37 40 52 37 38 38 47 34 43 44 35 38 47 40 43 #N/A N/A 39

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

File Dt 30.08.2013 22.02.2013 25.09.2013 31.07.2013 31.10.2011 31.12.2012 30.04.2013 31.05.2013 30.06.2013 26.09.2013 31.07.2013 27.09.2013 27.09.2013 28.03.2013 28.03.2013 30.08.2013 31.05.2013 30.06.2013 28.03.2013 30.06.2013

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

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

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 06.06.2013 08.02.2013

27.09.2013

RTL Group SA RTL Group S.A. is a multimedia company. The Company operates television and radio stations throughout Europe, produces programming, and operates websites. RTL distributes movies on CD, co-produces feature films, markets broadcast rights to sporting events, and offers entertainment over the Internet.

Price/Volume 80

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.09.2013) 52-Week Low (02.05.2013) 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 RRTL GY EQUITY YTD Change RRTL GY EQUITY YTD % CHANGE

12/2012 06/yy 75.69 51.90 2'325.00 74 -2.23% 42.57% 93.95% 154.8 11'454.28 29.00 0.0 492.0 650.00 12'091.28

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

1.20 1.00

2.0 M

1.5 M

1.0 M

.5 M

0 a-13

.0 M m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'774.0 1.15x 639.0 10.42x 194.0 -

2.5 M

31.12.2009 31.12.2010 5'156.0 5'532.0 1.46x 2.20x 966.0 1'285.0 7.80x 9.49x 205.0 611.0 Profitability

LTM-4Q 31.12.2011 5'765.0 1.97x 1'265.0 8.99x 696.0 -

31.12.2012 5'998.0 1.91x 1'237.0 9.27x 597.0 1'237.00 1'051.00 17.52% 16.14% 10.04% 20.44% 19.34% 0.81% 21.5% 18.3% 10.0% 1.49 0.71 0.37% 0.66% -

06/yy 5'476.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 8'777.0 1.18x 376.0 0.00x 418.0 0.00x

FY+1

37.37 18 4.500 160'627 78'143 53'532 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'961.9 6'124.1 2.04x 1.99x 1'265.9 1'325.9 9.58x 9.15x 707.1 728.9 16.21x 15.66x S&P Issuer Ratings

23.05.2011 BBB+ STABLE 07.09.2006 A-2 58.90 54.62 0.18 0.42 0.7% 0.6% 0.81 17.61 -

Sales/Revenue/Turnover

7'000.0 6'000.0 5'000.0

0.80

4'000.0 0.60

3'000.0

0.40

2'000.0 1'000.0

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

RTL Group SA Holdings By:

All

Holder Name BERTELSMANN SE & CO DEUTSCHE BANK AG FRANKLIN RESOURCES BLACKROCK RTL GROUP SA BANQUE DE LUXEMBOURG CI INVESTMENTS INC ALLIANZ ASSET MANAGE JENNISON ASSOCIATES BANQUE ET CAISSE D'E DWS INVESTMENTS PETERCAM SA LAZARD ASSET MANAGEM BNP PARIBAS DEXIA ASSET MANAGEME ALASKA PERMANENT FUN CULLEN CAPITAL MANAG AMERICAN BEACON ADVI BANK DELEN SA PETERCAM SA

Firm Name JPMorgan DZ Bank AG Exane BNP Paribas Liberum Capital Ltd Societe Generale Morgan Stanley Barclays Nomura Petercam Goldman Sachs KBC Securities EVA Dimensions Kepler Cheuvreux Commerzbank Corporates & Markets Deutsche Bank Credit Suisse Bank Degroof(ESN)

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios CULLEN CAPITAL MANAG Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst FILIPPO PIETRO LO FRANCO HARALD HEIDER ADRIEN DE SAINT HILAIRE IAN WHITTAKER LAURENT PICARD JULIEN ROSSI JULIEN ROCH WILLIAM MAIRS KRIS KIPPERS LISA YANG MARGO JORIS CRAIG STERLING CONOR O'SHEA SONIA RABUSSIER LAURIE DAVISON NICK BERTOLOTTI JEAN-MARIE CAUCHETEUX

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

Recommendation overweight sell outperform buy hold Overwt/Attractive overweight buy add Buy/Neutral accumulate overweight buy add buy outperform suspended coverage

Amt Held 116'245'486 2'265'804 1'451'767 1'238'065 1'168'701 960'000 688'100 432'446 343'727 310'000 298'628 203'610 169'077 142'744 111'050 102'833 99'365 99'047 98'219 93'384

% Out 75.1 1.46 0.94 0.8 0.76 0.62 0.44 0.28 0.22 0.2 0.19 0.13 0.11 0.09 0.07 0.07 0.06 0.06 0.06 0.06

Weighting

Change

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

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

Latest Chg (26'623'467) 245'204 1'451'767 825'800 688'100 211'546 (101'307) 40'000 64'628 97'000 4'860 (2'596) 102'833 99'365 2'568 (67'387) (1'000)

Target Price 84 68 82 82 70 83 82 82 75 88 73 #N/A N/A 80 77 80 77 #N/A N/A

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

File Dt 30.04.2013 31.07.2013 28.06.2013 25.09.2013 31.12.2012 31.07.2013 28.06.2013 31.07.2013 31.07.2013 28.06.2013 31.05.2013 31.08.2013 31.08.2013 30.04.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 29.03.2013 30.04.2013

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

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

Date 26.09.2013 26.09.2013 25.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 13.09.2013 10.09.2013 09.09.2013 05.09.2013 30.08.2013 27.08.2013 23.08.2013 22.08.2013 02.08.2013 03.12.2012

27.09.2013

RWE AG RWE AG generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (15.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RWE GY EQUITY YTD Change RWE GY EQUITY YTD % CHANGE

12/2012 06/yy 36.07 20.48 1'942'693.00 25.04 -30.58% 22.30% 28.76% 575.7 15'319.10 19'946.00 2'702.0 1'613.0 5'276.00 36'008.10

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

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 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 47'500.0 0.88x 7'903.0 5.30x 2'558.0 10.69x

31.12.2009 31.12.2010 46'191.0 50'722.0 1.10x 0.89x 9'655.0 9'230.0 5.28x 4.87x 3'571.0 3'323.0 10.33x 8.05x Profitability

LTM-4Q 31.12.2011 49'153.0 0.69x 6'912.0 4.91x 1'865.0 8.10x

31.12.2012 50'771.0 0.75x 9'055.0 4.22x 1'402.0 14.67x 9'055.00 3'699.00 7.29% 4.39% 1.02% 6.15% 5.28% 0.58% 20.4% 9.0% 2.8% 1.02 0.55 22.61% 164.54% 5.55 -

Price/ Cash Flow

LTM

06/yy 48'857.0 3.02x 7'464.0 5.37x 1'872.0 10.68x

06/yy 52'055.0 2.93x 10'599.0 3.38x 923.0 20.12x

FY+1

.0 M s-13

1.01 480.74 -24.05% -13.70% 1.008 36 2.167 5'323'067 4'609'155 4'003'639 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 53'772.8 53'261.6 0.69x 0.65x 8'879.1 7'865.6 4.06x 4.58x 2'344.5 1'753.9 6.41x 8.64x S&P Issuer Ratings

27.07.2012 BBB+ STABLE 08.06.2011 A-2 7.25 2.85 1.53 1.96 164.5% 54.8% 0.58 1.48 65.75 -

Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

RWE AG Holdings By:

All

Holder Name RW ENERGIE-BETEILIGU BLACKROCK MORGAN STANLEY MONDRIAN INVESTMENT CREDIT SUISSE GROUP NORGES BANK CAPITAL GROUP COMPAN VANGUARD GROUP INC INVESCO LTD CQS UK LLP DB PLATINUM ADVISORS PICTET FUNDS UNION INVESTMENT GMB MARSHALL WACE LLP DEKA INVESTMENT GMBH DEKA INVESTMENT GMBH FEDERAL FINANCE GEST UBS AG MERCURY ASSET MANAGE SOCIETE GENERALE SA

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

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 Multiple Portfolios DEKAFONDS Multiple Portfolios n/a Multiple Portfolios n/a

Analyst TANJA MARKLOFF EILEEN RYAN OSCAR NAJAR RIOS ALBERTO PONTI ALEXANDER KARNICK BOBBY CHADA HEINO HAMMANN JOHN MUSK VINCENT GILLES EMMANUEL RETIF ERKAN AYCICEK SVEN DIERMEIER MARKUS GLOCKENMEIER GUIDO HOYMANN INGO BECKER PHILIPPE OURPATIAN CLIVE ROBERTS ANDREAS THIELEN STEPHAN WULF DEBORAH WILKENS ADAM DICKENS DOUG WALTERS NATHALIE F CASALI BENJAMIN LEYRE AHMED FARMAN ANNEMARIE SCHLUETER ROBERT SCHRAMM-FUCHS PATRICK HUMMEL VALERIE GASTALDY PETER BISZTYGA TEAM COVERAGE MICHAEL SCHAEFER MICHAEL BROEKER JORGE GONZALEZ SADORNIL

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

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

Amt Held % Out 93'299'812 16.21 28'787'275 5 27'450'078 4.77 17'272'365 3 15'649'001 2.72 13'471'707 2.34 5'831'000 1.01 5'591'881 0.97 3'751'229 0.65 (3'109'026) -0.54 3'050'805 0.53 2'873'145 0.5 2'542'090 0.44 (2'533'280) -0.44 2'266'506 0.39 1'900'000 0.33 1'733'929 0.3 1'486'348 0.26 1'409'997 0.24 1'403'905 0.24

Weighting

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

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

Latest Chg 105'000 82'729 578'976 2'803'171 39'303 (377'383) (623'861) (350'000) 54'506 (30'026) -

Target Price 20 32 26 21 20 26 27 20 22 25 22 20 25 22 18 23 22 26 28 29 18 #N/A N/A 22 19 #N/A N/A #N/A N/A 19 19 #N/A N/A 23 21 35 60 37

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

File Dt Inst Type 27.08.2013 Other 25.09.2013 Investment Advisor 18.09.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 16.04.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Unclassified 26.09.2013 Investment Advisor 05.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 06.09.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 28.12.2012 Investment Advisor 30.08.2013 Investment Advisor 26.09.2013 Unclassified 25.09.2013 Investment Advisor 07.06.2013 Unclassified

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

Date 27.09.2013 26.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 11.09.2013 09.09.2013 09.09.2013 09.09.2013 04.09.2013 04.09.2013 29.08.2013 16.08.2013 15.08.2013 05.08.2013 02.07.2013 21.06.2013 24.05.2013 15.05.2013 02.04.2013 15.02.2013

27.09.2013

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

Price/Volume 30

1.6 M 1.4 M

1.2 M 20

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2012) 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 S92 GY EQUITY YTD Change S92 GY EQUITY YTD % CHANGE

12/2012 06/yy 29.07 15.61 21'682.00 24.82 -14.61% 59.00% 69.90% 34.7 861.25 93.53 0.0 0.0 442.70 592.16

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

.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 31.12.2008 681.6 1.64x 174.8 6.39x 119.5 10.90x

1.0 M

Valuation Analysis

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

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

31.12.2012 1'463.4 0.21x 173.3 1.79x 75.1 8.80x 173.29 103.36 7.06% 7.16% 0.05% 0.09% 0.80% 23.5% 10.2% 3.1% 5.1% 3.31 2.30 7.04% 11.40% 7.07 3.34

Price/ Cash Flow

06/yy 1'795.1 2.11x 277.7 2.40x 152.0 6.15x

LTM 06/yy 1'091.2 1.71x 111.0 4.69x 0.7 1137.75x

FY+1

.0 M s-13

0.96 10.12 -5.73% 34.09% 0.961 15 2.333 49'737 46'289 50'417 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'064.8 1'107.1 0.57x 0.53x 35.6 74.0 16.58x 7.96x (23.3) 4.6 292.00x S&P Issuer Ratings

161.35 93.46 -2.42 1.02 11.4% 10.2% 0.80 2.90 51.60 109.37 42.30 78.85

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

SMA Solar Technology AG Holdings By:

All

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

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

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

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

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

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

Amt Held % Out 8'744'400 25.2 2'512'280 7.24 2'446'350 7.05 2'446'350 7.05 2'439'410 7.03 1'998'720 5.76 1'998'720 5.76 1'998'720 5.76 1'040'852 3 1'002'885 2.89 862'189 2.48 524'878 1.51 321'448 0.93 (294'950) -0.85 212'549 0.61 205'040 0.59 188'970 0.54 (163'090) -0.47 78'201 0.23 66'167 0.19

Weighting

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

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

Latest Chg 62'732 1'987 41'640 50'000 34'700 78'201 (5'737)

Target Price 28 #N/A N/A 22 27 15 19 25 19 24 19 16 23 21 15

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 05.08.2011 n/a 31.12.2011 n/a 31.12.2011 Other 31.12.2011 Other 28.08.2013 Investment Advisor 12.07.2011 Investment Advisor 30.06.2013 Unclassified 30.09.2012 Investment Advisor 26.09.2013 Investment Advisor 11.09.2013 Investment Advisor 25.09.2013 Investment Advisor 26.09.2013 Investment Advisor 31.05.2013 Bank 12.08.2013 Hedge Fund Manager 31.10.2012 Investment Advisor 30.06.2013 Investment Advisor

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

Date 10.09.2013 20.08.2013 13.08.2013 13.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 31.07.2013 11.07.2013 25.06.2013 09.11.2012

27.09.2013

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

12.0 M

10.0 M

8.0 M

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 SAP GY EQUITY YTD Change SAP GY EQUITY YTD % CHANGE

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

4.0 M

2.0 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 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

6.0 M

12/2012 06/yy 65.00 52.62 1'832'827.00 56 -13.85% 6.42% 22.54% 1'228.5 68'796.23 5'248.00 0.0 8.0 2'631.00 70'347.24

31.12.2009 31.12.2010 10'672.0 12'464.0 3.65x 3.71x 3'301.0 4'125.0 11.81x 11.20x 1'748.0 1'811.0 22.45x 25.07x Profitability

LTM-4Q 31.12.2011 14'233.0 3.31x 4'663.0 10.10x 3'438.0 14.13x

31.12.2012 16'223.0 4.62x 5'002.0 14.99x 2'823.0 25.61x 5'002.00 4'139.00 25.51% 23.57% 11.42% 21.86% 17.00% 0.64% 68.8% 30.8% 25.2% 17.4% 1.00 0.94 19.56% 37.05% 5.05 -

Price/ Cash Flow

LTM

06/yy 15'157.0 13.82x 4'810.0 11.69x 3'553.0 15.71x

06/yy 16'638.0 17.12x 5'126.0 13.37x 2'967.0 22.47x

FY+1

.0 M s-13

0.83 913.65 0.25% -6.36% 0.831 44 4.091 3'288'091 2'691'774 2'931'640 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'258.0 18'797.3 4'216.7 5'404.6 3.96x 3.48x 16.61x 12.78x 6'239.0 6'921.6 1'492.5 2'324.5 11.25x 10.14x 10.98x 10.61x 3'921.3 4'394.6 958.5 1'547.1 16.48x 14.73x 15.66x 15.22x S&P Issuer Ratings

28.58 25.49 0.30 1.02 37.1% 27.0% 0.64 9.77 72.33 -

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS BLACKROCK HOPP DIETMAR SAP AG MORGAN STANLEY NORGES BANK VANGUARD GROUP INC ALLIANZ ASSET MANAGE HARBOR CAPITAL ADVIS DEUTSCHE BANK AG FIL LIMITED CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH FMR LLC OPPENHEIMERFUNDS INC UNION INVESTMENT GMB DEKA INVESTMENT GMBH THORNBURG INVESTMENT CREDIT SUISSE AG

Firm Name Natixis Baader Bank Main First Bank AG AlphaValue Commerzbank Corporates & Markets Credit Suisse Grupo Santander Goldman Sachs Bryan Garnier & Cie Morgan Stanley Exane BNP Paribas Redburn Partners Pacific Crest Securities Landesbank Baden-Wuerttemberg Day by Day Jyske Bank UBS Sanford C. Bernstein & Co Bankhaus Metzler HSBC Societe Generale Jefferies William Blair & Co M.M. Warburg Investment Research Cross Research Nomura JPMorgan Macquarie Berenberg Bank DZ Bank AG Barclays Deutsche Bank Nord/LB Independent Research GmbH Hamburger Sparkasse Kepler Cheuvreux S&P Capital IQ JMP Securities Banco Sabadell EVA Dimensions National Bank AG Wells Fargo Securities, LLC Evercore Partners

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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios DEKAFONDS Multiple Portfolios n/a

Analyst GWENAEL GIARD KNUT WOLLER CHANDRAMOULI SRIRAMAN HEINZ STEFFEN THOMAS M BECKER PHILIP WINSLOW CARLOS JAVIER TREVINO MOHAMMED MOAWALLA GREGORY RAMIREZ ADAM WOOD BRICE PRUNAS NEIL STEER BRENDAN BARNICLE MIRKO MAIER VALERIE GASTALDY ROBERT JAKOBSEN MICHAEL BRIEST MARK L MOERDLER ULRICH TRABERT ANTONIN BAUDRY RICHARD NGUYEN ROSS MACMILLAN BHAVAN SURI ANDREAS WOLF RICHARD T WILLIAMS RICHARD G SHERLUND STACY E POLLARD BRAD A ZELNICK DAUD KHAN HARALD SCHNITZER GERARDUS VOS KAI KORSCHELT WOLFGANG DONIE MARKUS FRIEBEL MARCO GUENTHER LAURENT DAURE JAMES CRAWSHAW PATRICK WALRAVENS ANDRES BOLUMBURU ANDREW S ZAMFOTIS STEFFEN MANSKE JASON MAYNARD STEWART KIRK MATERNE III

Source 20F 20F ULT-AGG 20F Research ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-DEU MF-AGG ULT-AGG

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

Amt Held 120'857'498 92'079'595 66'743'066 65'273'200 36'642'744 23'436'828 20'930'681 12'787'680 12'394'609 11'235'667 10'111'300 9'594'857 8'250'500 7'792'633 7'249'371 6'538'742 6'520'724 6'015'000 5'573'465 5'180'145

% Out 9.84 7.5 5.43 5.31 2.98 1.91 1.7 1.04 1.01 0.91 0.82 0.78 0.67 0.63 0.59 0.53 0.53 0.49 0.45 0.42

Weighting

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

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

Latest Chg 1'118'820 175'862 (29'995) (238'190) (1'249'000) (132'500) (229'175) (192'396) (4'744) (550'635) (335'000) (1'507'903) (9'477)

Target Price 59 65 68 73 62 70 61 90 69 67 54 #N/A N/A 70 65 65 62 62 68 65 74 68 60 #N/A N/A 64 59 68 62 64 71 63 55 57 68 63 #N/A N/A 66 65 #N/A N/A 67 #N/A N/A 64 #N/A N/A 65

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

File Dt 07.03.2013 07.03.2013 25.09.2013 07.03.2013 12.06.2012 30.06.2013 31.12.2012 30.06.2013 31.08.2013 30.06.2013 31.07.2013 30.04.2013 30.06.2013 30.04.2013 31.07.2013 31.07.2013 31.07.2013 28.12.2012 31.07.2013 31.05.2013

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

Inst Type n/a n/a Investment Advisor n/a Corporation Investment Advisor Government 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 20.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 11.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 03.09.2013 29.08.2013 15.08.2013 14.08.2013 09.08.2013 09.08.2013 31.07.2013 29.07.2013 25.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 15.02.2013 29.01.2013 23.01.2013 22.01.2013 24.10.2012

27.09.2013

Stada Arzneimittel AG Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces generics (products whose patents have expired), brand-name products, and cancer therapy and other special pharmaceuticals. Stada avoids cost-intensive research on active ingredients and concentrates on multi-source products. The Company markets its products worldwide.

Price/Volume

1.2 M 1.0 M

.8 M

Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAZ GY EQUITY YTD Change SAZ GY EQUITY YTD % CHANGE

12/2012 06/yy 38.30 21.91 123'622.00 36.67 -4.26% 67.37% 89.08% 59.7 2'188.34 1'270.09 0.0 10.7 128.87 3'637.59

.6 M

15 10

.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

1.4 M

35 30

Valuation Analysis

31.12.2008 1'646.2 1.35x 256.0 8.71x 76.2 15.77x

31.12.2009 31.12.2010 1'568.8 1'627.0 1.48x 1.44x 278.7 268.5 8.36x 8.75x 100.4 68.4 14.15x 21.88x Profitability

LTM-4Q 31.12.2011 1'715.4 1.17x 222.1 9.05x 22.0 52.03x

31.12.2012 1'837.5 1.41x 320.0 8.12x 86.5 16.72x 320.03 202.15 11.00% 7.38% 3.41% 11.92% 6.24% 0.63% 49.3% 17.9% 12.1% 4.7% 1.22 0.64 42.59% 140.89% 4.03 2.03

Price/ Cash Flow

06/yy 1'770.9 5.12x 227.2 11.73x 14.1 104.96x

LTM 06/yy 1'926.6 6.18x 345.2 9.93x 104.9 18.84x

FY+1

.0 M s-13

0.79 59.23 61.39% 52.50% 0.792 26 3.808 255'875 259'522 255'459 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'006.6 2'174.3 482.0 563.0 1.75x 1.57x 5.34x 6.20x 397.6 446.1 91.7 102.0 9.15x 8.15x 166.2 204.7 42.3 47.7 13.07x 10.70x S&P Issuer Ratings

2.11 1.91 4.12 5.14 140.9% 58.2% 0.63 6.79 90.55 180.13 93.18 172.50

Sales/Revenue/Turnover

14.00

2'000.0 1'800.0

12.00

1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 800.0

6.00

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

Stada Arzneimittel AG Holdings By:

All

Holder Name MORGAN STANLEY GRYPHON INTERNATIONA DEUTSCHE BANK AG NORGES BANK DEUTSCHE BANK AG/LON BLACKROCK DJE INVESTMENT SA UNION INVESTMENT GMB ALLIANZ ASSET MANAGE AQR CAPITAL MANAGEME VANGUARD GROUP INC PICTET FUNDS SKAGEN AS UBS INVEST KAG TAPIOLA ASSET MANAGE MACQUARIE GROUP T ROWE PRICE ASSOCIA KBL RICHELIEU GESTIO FRANKFURT TRUST INVE UNION BANCAIRE PRIVE

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

Firm Name

Analyst

AlphaValue Bankhaus Lampe Exane BNP Paribas M.M. Warburg Investment Research Helvea Barclays UBS Jefferies Hamburger Sparkasse Commerzbank Corporates & Markets DZ Bank AG Nord/LB Independent Research GmbH Main First Bank AG HSBC Bankhaus Metzler Close Brothers Equity Markets Natixis Deutsche Bank JPMorgan Landesbank Baden-Wuerttemberg Berenberg Bank Kepler Cheuvreux S&P Capital IQ EVA Dimensions Equinet Institutional Services(ESN) KD Banka d.d.

FABRICE FARIGOULE THERESA DICK FLORENT CESPEDES ULRICH HUWALD ODILE RUNDQUIST SIMON MATHER GUILLAUME VAN RENTERGHEM JAMES VANE-TEMPEST MARCO GUENTHER DANIEL WENDORFF THOMAS MAUL THORSTEN STRAUSS CHRISTOPH SCHOENDUBE MARCUS WIEPRECHT JAN KEPPELER SEBASTIAN FRERICKS IGOR KIM PHILIPPE LANONE HOLGER BLUM DAVID J ADLINGTON TIMO KUERSCHNER SCOTT BARDO OLIVER REINBERG JACOB THRANE TIMOTHY STANISH MARTIN POSSIENKE BOJAN IVANC

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

Recommendation add buy neutral hold buy underweight buy underperform hold buy buy hold hold outperform neutral sell buy buy buy overweight buy buy buy strong buy hold hold buy

Amt Held % Out 2'030'577 3.4 1'898'634 3.18 1'875'300 3.14 1'802'792 3.02 1'802'000 3.02 1'008'829 1.69 878'398 1.47 655'000 1.1 604'397 1.01 (470'214) -0.79 358'784 0.6 353'457 0.59 349'622 0.59 300'500 0.5 296'807 0.5 295'388 0.49 259'231 0.43 224'400 0.38 218'500 0.37 216'606 0.36

Weighting

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

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

Latest Chg (68'000) (50'370) 55'397 59'521 16'191 (20'000) 117 10'679 1'075 216'606

Target Price 39 41 38 38 42 28 43 27 #N/A N/A 44 42 38 42 45 41 24 40 42 40 42 37 40 42 42 #N/A N/A 20 28

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

File Dt Inst Type 01.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2013 Investment Advisor 23.09.2013 Government 16.05.2013 Investment Advisor 25.09.2013 Investment Advisor 31.08.2013 Investment Advisor 28.03.2013 Investment Advisor 31.08.2013 Investment Advisor 16.09.2013 Hedge Fund Manager 30.06.2013 Unclassified 31.08.2012 Investment Advisor 24.08.2012 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 28.02.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Unclassified

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

Date 26.09.2013 23.09.2013 19.09.2013 12.09.2013 10.09.2013 05.09.2013 02.09.2013 23.08.2013 23.08.2013 21.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 09.08.2013 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 06.06.2013 22.09.2011 29.09.2010

27.09.2013

STRATEC Biomedical AG STRATEC Biomedical AG develops, manufactures and markets automated equipment and systems for the analysis of chemical and biological compounds. The Company's systems are used primarily for the analysis of blood and other fluids and include luminometers, fluorometers and pipette systems. Stratec markets its products worldwide.

Price/Volume 45

.1 M

35 30

.1 M

12/2012 06/yy 40.00 25.30 5'561.00 30.92 -22.70% 22.21% 37.35% 11.7 363.24 8.64 0.0 0.0 13.58 357.06

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

.0 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 31.12.2008 61.0 2.29x 13.1 10.66x 6.1 25.09x

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (17.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBS GY EQUITY YTD Change SBS GY EQUITY YTD % CHANGE

31.12.2009 31.12.2010 79.6 102.0 3.60x 3.56x 16.9 20.9 16.96x 17.37x 11.7 13.0 25.81x 27.99x Profitability

LTM-4Q 31.12.2011 116.6 3.09x 24.6 14.66x 15.3 24.05x

31.12.2012 122.4 3.57x 20.9 20.89x 14.0 31.63x 20.89 17.13 13.99% 14.18% 11.31% 15.16% 1.04% 32.3% 16.6% 13.0% 11.4% 4.55 1.84 7.09% 9.40% 6.89 -

Price/ Cash Flow

06/yy 126.2 11.43x 26.2 15.23x 15.6 26.04x

LTM 06/yy 123.6 13.30x 20.6 19.13x 13.4 29.86x

FY+1

.0 M s-13

0.51 6.81 -9.15% -16.54% 0.507 9 2.556 11'344 9'162 14'035 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 132.4 150.0 2.66x 2.31x 24.3 28.8 14.72x 12.39x 15.6 18.9 23.07x 19.12x S&P Issuer Ratings

66.74 59.48 -0.30 0.40 9.4% 8.6% 1.04 7.22 52.94 225.73

Sales/Revenue/Turnover

300.00

140.0

250.00

120.0 100.0

200.00

80.0 150.00

60.0

100.00

40.0

50.00

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

STRATEC Biomedical AG Holdings By:

All

Holder Name LEISTNER HERMANN THREADNEEDLE MONTANARO ASSET MGMT ALLIANZ ASSET MANAGE FINANCIERE DE L'ECHI ALLIANZ GLOBAL INVES BNP PARIBAS VANGUARD GROUP INC FIL LIMITED SEB SCHRODER INVESTMENT UBS AG BLACKROCK ING ASSET MANAGEMENT HARTFORD INVESTMENT LAZARD ASSET MANAGEM TRANSAMERICA INVESTM ING INVESTMENT MANAG ETOILE GESTION COGEFI GESTION

Firm Name Bryan Garnier & Cie Commerzbank Corporates & Markets Berenberg Bank Deutsche Bank Landesbank Baden-Wuerttemberg DZ Bank AG HSBC Kepler Cheuvreux 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MATHIEU CHABERT DANIEL WENDORFF SCOTT BARDO GUNNAR ROMER VOLKER STOLL SVEN OLAF KUERTEN JAN KEPPELER OLIVER REINBERG TIMOTHY STANISH

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

Recommendation neutral hold hold hold hold sell neutral hold sell

Amt Held % Out 4'925'139 41.92 633'220 5.39 588'192 5.01 391'726 3.33 354'900 3.02 345'623 2.94 341'290 2.91 143'522 1.22 112'771 0.96 92'899 0.79 68'000 0.58 57'260 0.49 (51'398) -0.44 50'000 0.43 45'128 0.38 39'888 0.34 35'000 0.3 32'079 0.27 30'000 0.26 29'000 0.25

Weighting

Change 3 3 3 3 3 1 3 3 1

M M M M M D M D M

Latest Chg 28'149 (5'219) (38'500) (69'273) (89'680) (16'000) 1'174 (19'832) (992) 26'079 -

Target Price 30 26 28 26 30 26 29 29 #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 17.05.2013 31.05.2013 11.03.2013 24.10.2012 30.04.2013 30.06.2013 31.10.2012 28.03.2013 31.05.2013 31.05.2013 25.09.2013 28.03.2013 31.08.2013 31.05.2013 30.06.2013 30.06.2013 30.04.2013 28.03.2013

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

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

Date 26.09.2013 28.08.2013 05.08.2013 24.07.2013 23.07.2013 16.07.2013 15.07.2013 15.07.2013 06.06.2013

27.09.2013

K+S AG K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Price/Volume 40

45.0 M

40.0 M

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDF GY EQUITY YTD Change SDF GY EQUITY YTD % CHANGE

12/2012 06/yy 39.80 15.02 3'998'063.00 19.705 -50.49% 31.19% 20.08% 191.4 3'771.54 1'265.80 0.0 3.6 786.80 4'134.84

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

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 4'794.4 1.40x 1'464.3 4.57x 870.9 7.57x

25.0 M

31.12.2009 31.12.2010 3'573.8 4'632.7 2.35x 2.34x 460.2 972.2 18.24x 11.14x 96.4 448.6 68.95x 23.58x Profitability

LTM-4Q 31.12.2011 3'996.8 1.68x 1'122.5 5.97x 564.3 10.98x

31.12.2012 3'935.3 1.82x 1'079.9 6.65x 667.6 11.78x 1'079.90 850.90 21.62% 19.49% 9.13% 18.41% 16.00% 0.55% 45.1% 27.8% 21.3% 17.0% 3.78 2.41 19.07% 36.44% 5.46 3.05

Price/ Cash Flow

06/yy 3'625.3 8.05x 1'055.8 6.78x 590.9 13.22x

LTM 06/yy 3'655.5 7.68x 1'016.9 5.75x 606.8 10.61x

FY+1

.0 M s-13

0.78 172.05 -46.03% -41.32% 0.777 38 2.316 4'543'406 3'997'039 4'721'902 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'942.4 3'689.4 834.4 993.2 1.11x 1.35x 5.81x 4.80x 931.0 635.3 164.5 217.3 4.42x 6.48x 5.37x 5.27x 453.9 228.3 51.4 108.4 8.29x 17.09x 12.55x 12.77x S&P Issuer Ratings

05.08.2013 BBB+ *05.08.2013 A-2 *6.49 4.09 0.35 1.25 36.4% 26.7% 0.55 1.47 66.90 119.49 41.32 121.14

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

K+S AG Holdings By:

All

Holder Name MERITUS TRUST CO LTD GOLDMAN SACHS GROUP VIKING GLOBAL INVEST BLACKROCK PRUDENTIAL PLC DWS INVESTMENTS BLUE RIDGE CAPITAL L NORGES BANK VAN ECK ASSOCIATES C ADAGE CAPITAL MANAGE CITADEL EUROPE LLP DEUTSCHE BANK AG VANGUARD GROUP INC POINTSTATE CAPITAL PENNANT CAPITAL MANA BOCAGE CAPITAL LLC ALLIANZ ASSET MANAGE SOUTHPOINT CAPITAL A MARSHALL WACE LLP UNION INVESTMENT GMB

Firm Name Exane BNP Paribas Independent Research GmbH AlphaValue BMO Capital Markets Sanford C. Bernstein & Co DZ Bank AG Hauck & Aufhaeuser Morgan Stanley Macquarie JPMorgan Scotia Capital Commerzbank Corporates & Markets M.M. Warburg Investment Research Bankhaus Lampe Nomura Deutsche Bank HSBC Main First Bank AG Kepler Cheuvreux Nord/LB Baader Bank Landesbank Baden-Wuerttemberg Equita SIM SpA S&P Capital IQ Liberum Capital Ltd Barclays Day by Day Berenberg Bank Redburn Partners UBS Hamburger Sparkasse Bankhaus Metzler EVA Dimensions Equinet Institutional Services(ESN) National Bank AG Societe Generale Solventis WPH-Bank GmbH

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

Analyst HEIDI VESTERINEN CHRISTOPH SCHOENDUBE EILEEN RYAN JOEL JACKSON JEREMY REDENIUS HEINZ MUELLER NILS-PETER FITZL PETER MACKEY CHRISTIAN FAITZ BEN SCARLETT BEN ISAACSON LUTZ GRUETEN OLIVER SCHWARZ MARC GABRIEL PATRICK LAMBERT VIRGINIE BOUCHER-FERTE JESKO MAYER-WEGELIN THOMAS SWOBODA MARTIN ROEDIGER THORSTEN STRAUSS NORBERT BARTH ULLE WORNER MASSIMO BONISOLI JACOB THRANE SOPHIE JOURDIER ANDREAS HEINE VALERIE GASTALDY JOHN PHILIPP KLEIN NEIL TYLER JOE DEWHURST MARCO GUENTHER LARS HETTCHE TIMOTHY STANISH MICHAEL SCHAEFER EKKEHARD D LINK PETER CLARK KLAUS SOER

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

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

Amt Held % Out 19'139'999 10 9'070'622 4.74 (7'866'540) -4.11 5'781'330 3.02 5'726'980 2.99 5'003'039 2.61 (3'272'940) -1.71 2'673'489 1.4 2'430'229 1.27 (2'335'080) -1.22 (2'277'660) -1.19 2'196'261 1.15 2'152'274 1.12 (1'914'000) -1 (1'703'460) -0.89 (1'263'240) -0.66 1'208'420 0.63 (1'205'820) -0.63 (1'148'400) -0.6 1'118'064 0.58

Weighting

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

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

Latest Chg (10'025) (248'820) 119'799 (153'120) 95'700 (148'500) 193'205 (574'200) 38'280 114'840 348'156 (210'540) (114'840) -

Target Price 13 25 24 16 15 27 15 11 24 12 16 14 15 19 18 13 17 20 18 24 15 18 19 19 15 17 #N/A N/A 14 #N/A N/A 16 #N/A N/A 17 #N/A N/A 47 52 41 25

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

File Dt 31.12.2012 19.09.2013 13.09.2013 25.09.2013 29.05.2013 31.05.2013 10.09.2013 31.12.2012 26.09.2013 23.09.2013 24.09.2013 31.07.2013 30.06.2013 24.09.2013 13.09.2013 17.09.2013 31.07.2013 16.08.2013 23.09.2013 28.03.2013

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

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

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 17.09.2013 11.09.2013 06.09.2013 05.09.2013 04.09.2013 30.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 22.08.2013 20.08.2013 20.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 06.08.2013 31.07.2013 31.07.2013 30.07.2013 06.06.2013 23.05.2013 24.04.2013 12.11.2012 19.03.2010

27.09.2013

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on four major business sectors including infrastructure and cities, healthcare, industry and energy. Siemens AG also provides engineering solutions in automation and control, power, transportation, and medical.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 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 SIE GY EQUITY YTD Change SIE GY EQUITY YTD % CHANGE

09/2012 06/yy 91.33 73.08 1'267'398.00 90.22 -1.22% 23.45% 90.85% 881.0 79'483.82 22'166.00 0.0 569.0 11'415.00 92'846.82

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 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

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

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.09x 9'196.0 9'544.0 6.77x 7.87x 2'292.0 3'899.0 24.49x 16.42x Profitability

LTM-4Q 30.09.2011 73'275.0 0.92x 10'492.0 6.40x 6'145.0 8.24x

30.09.2012 78'296.0 1.00x 9'653.0 8.08x 4'458.0 13.50x

9'653.00 6'909.00 8.82% 9.30% 4.18% 15.19% 10.32% 0.72% 28.4% 11.3% 7.7% 5.7% 1.22 0.62 20.47% 72.12% 4.82 3.26

Price/ Cash Flow

LTM

06/yy 76'980.0 3.69x 9'726.0 6.83x 4'185.0 12.03x

06/yy 77'090.0 4.24x 8'702.0 9.39x 4'491.0 14.30x

FY+1

.0 M s-13

0.94 771.11 21.77% 17.45% 0.939 38 4.000 3'145'308 1'990'623 2'374'445 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 76'581.6 78'914.6 20'662.4 18'579.5 1.22x 1.15x 4.61x 5.22x 8'617.6 10'841.9 1'650.0 2'418.0 10.76x 8.55x 9.55x 8.63x 4'432.2 5'928.5 1'103.8 1'397.0 16.49x 12.92x 12.93x 12.16x S&P Issuer Ratings

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.48 2.62 72.1% 41.5% 0.72 7.37 75.68 111.86 48.72 120.05

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.10.2009

10'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG NORGES BANK VANGUARD GROUP INC UBS AG CAPITAL GROUP COMPAN FRANKLIN RESOURCES DB PLATINUM ADVISORS UNION INVESTMENT GMB DEUTSCHE BANK AG DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE AMUNDI DEKA INVESTMENT GMBH FMR LLC MERCURY ASSET MANAGE FIL LIMITED BNP PARIBAS

Firm Name

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

Analyst

RBC Capital Markets ANDREW CARTER Nomura DANIEL CUNLIFFE JPMorgan ANDREAS WILLI National Bank AG EKKEHARD D LINK Morgan Stanley BEN UGLOW AlphaValue HEINZ STEFFEN Day by Day VALERIE GASTALDY Canaccord Genuity Corp ANDREW BELL Espirito Santo Investment Bank Research ROB VIRDEE Exane BNP Paribas OLIVIER ESNOU Societe Generale GAEL DE BRAY Deutsche Bank PETER REILLY Barclays JAMES STETTLER HSBC MICHAEL HAGMANN Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER EVA Dimensions TIMOTHY STANISH Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL William Blair & Co NICHOLAS P HEYMANN Credit Suisse SIMON TOENNESSEN DZ Bank AG JASKO TERZIC Baader Bank GUENTHER MICHAEL HOLLFELDER Landesbank Baden-Wuerttemberg VOLKER STOLL Nord/LB WOLFGANG DONIE Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse MARCO GUENTHER S&P Capital IQ UNAI FRANCO Redburn Partners JAMES MOORE Main First Bank AG CHRISTOPHER YOUL Goldman Sachs DANIELA COSTA Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Natixis ARNAUD SCHMIT Spin-Off Research TEAM COVERAGE Banco Sabadell FRANCISCO JOSE RODRIGUEZ UBS FREDRIC STAHL SRH AlsterResearch OLIVER DREBING Langenberg & Co BRIAN KEITH LANGENBERG

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

Recommendation sector perform buy neutral hold Overwt/Cautious reduce hold hold neutral outperform buy buy overweight neutral buy hold add market perform outperform hold buy hold hold hold buy hold neutral outperform neutral/neutral buy buy not rated hold buy buy buy buy

Amt Held 58'512'114 54'852'206 27'758'338 26'820'674 20'908'158 13'033'963 8'379'999 7'482'100 5'673'495 5'170'870 4'686'512 4'300'547 4'140'852 3'369'809 3'200'095 2'900'000 2'833'230 2'546'129 2'060'439 1'876'127

% Out 6.64 6.23 3.15 3.04 2.37 1.48 0.95 0.85 0.64 0.59 0.53 0.49 0.47 0.38 0.36 0.33 0.32 0.29 0.23 0.21

Weighting

Change

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

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

Latest Chg 238'657 (192'774) (98'669) (1'112'700) (200'368) 4'928'947 332'271 29'439 (693) 465'208 (2'141'123) (175'000) 272'315 765 (174'359) 289'105

Target Price 83 102 98 82 97 90 #N/A N/A 80 90 102 100 95 100 90 100 #N/A N/A 84 83 95 83 90 90 85 82 83 88 #N/A N/A 93 80 87 95 #N/A N/A 83 87 85 89 97

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

File Dt 25.09.2013 10.11.2011 07.05.2012 08.10.2012 31.12.2012 30.06.2013 26.09.2013 30.06.2013 28.06.2013 31.07.2013 31.07.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013 28.12.2012 31.07.2013 25.09.2013 30.04.2013 31.07.2013

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

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

Date 26.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 16.09.2013 11.09.2013 09.09.2013 09.09.2013 06.09.2013 05.09.2013 05.09.2013 28.08.2013 28.08.2013 26.08.2013 21.08.2013 09.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 17.07.2013 09.07.2013 15.02.2013 31.01.2013 23.01.2013 12.10.2012

27.09.2013

Sky Deutschland AG Sky Deutschland AG offers pay television subscription services in Germany. The Company offers wide range of programming, including feature films, new series and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions League in Germany and Austria. Sky Deutschland distributes its pay-TV channel bouquet primarily via cable and satellite.

Price/Volume 8.0 M

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (25.09.2012) 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 SKYD GY EQUITY YTD Change SKYD GY EQUITY YTD % CHANGE

12/2012 06/yy 7.00 2.92 639'631.00 6.776 -3.20% 132.10% 94.07% 877.2 5'943.91 686.86 0.0 (0.1) 4.29 6'290.23

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

9.0 M

7 5

Valuation Analysis

31.12.2008 941.1 0.82x (77.2) (269.3) -

31.12.2009 31.12.2010 902.1 977.8 1.48x 1.66x (311.4) (317.7) (676.2) (407.5) Profitability

LTM-4Q 31.12.2011 1'138.7 1.41x (155.1) (277.5) -

31.12.2012 1'333.2 2.93x (51.1) (195.2) -51.10 -124.76 -9.36% -14.26% -11.93% -50.75% 1.16% 16.0% 0.6% -5.2% -14.6% 0.27 0.11 59.83% 1632.47% 20.56 46.14

Price/ Cash Flow

06/yy 1'237.6 6.81x (94.3) 0.00x (224.0) 0.00x

LTM 06/yy 1'427.5 11.25x 9.0 560.95x (146.9) 0.00x

FY+1

.0 M s-13

1.12 383.89 125.99% 63.98% 1.116 30 3.467 1'354'780 1'460'183 1'892'383 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'557.3 1'815.2 385.3 426.3 4.05x 3.49x 36.5 140.9 12.2 (22.4) 172.30x 44.57x (116.4) (22.1) (19.0) (65.1) S&P Issuer Ratings

-0.39 -1.24 38.56 58.61 1632.5% 94.2% 1.16 7.38 17.75 7.91 75.75 -50.90

Sales/Revenue/Turnover

600.00

1'400.0

500.00

1'200.0 1'000.0

400.00

800.0 300.00

600.0

200.00

400.0

100.00

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

Sky Deutschland AG Holdings By:

All

Holder Name TWENTY-FIRST CENTURY ODEY ASSET MANAGEMEN BAILLIE GIFFORD AND TAUBE HODSON STONEX CAPITAL GROUP COMPAN NORGES BANK CAPITA FINANCIAL MAN T ROWE PRICE ASSOCIA PENNANT CAPITAL MANA CLASSIC FUND MGMT AG BLACKROCK PACIFIC LIFE INSURAN AMERICAN CENTURY COM AQR CAPITAL MANAGEME BARING FUND MANAGERS ALLIANZ ASSET MANAGE FRANKFURT TRUST INVE VANGUARD GROUP INC SKANDIA INVESTMENT M ROBECO

Firm Name

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

Analyst

Nomura MATTHEW WALKER Barclays NATASHA BRILLIANT AlphaValue VERONIQUE CABIOC'H Bankhaus Lampe WOLFGANG SPECHT Kepler Cheuvreux CONOR O'SHEA JPMorgan MARK O'DONNELL Goldman Sachs VIGHNESH PADIACHY Commerzbank Corporates & Markets SONIA RABUSSIER Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Nord/LB HOLGER FECHNER Credit Suisse OMAR SHEIKH UBS POLO TANG Macquarie ANGUS TWEEDIE Main First Bank AG STEPHAN VOLLERT Morgan Stanley PATRICK WELLINGTON HSBC CHRISTOPHER JOHNEN Independent Research GmbH LARS LUSEBRINK Equita SIM SpA STEFANO GAMBERINI Bankhaus Metzler STEFAN WIMMER Berenberg Bank SARAH SIMON DZ Bank AG HARALD HEIDER Deutsche Bank LAURIE DAVISON Hauck & Aufhaeuser SASCHA BERRESCH M.M. Warburg Investment Research JOCHEN REICHERT Close Brothers Equity Markets MARCUS SILBE Espirito Santo Investment Bank Research MARK EVANS EVA Dimensions CRAIG STERLING Silvia Quandt Research KLAUS KRAENZLE Sphene Capital SUSANNE HASLER

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

Recommendation buy equalweight sell hold hold overweight Buy/Neutral hold sell buy outperform buy outperform outperform Overwt/Attractive overweight sell hold sell buy buy hold sell hold hold buy sell avoid sell

Amt Held % Out 466'566'947 53.19 88'360'698 10.07 26'548'275 3.03 26'065'457 2.97 19'322'016 2.2 16'844'408 1.92 12'924'590 1.47 8'136'303 0.93 (6'842'166) -0.78 6'782'390 0.77 6'609'484 0.75 4'715'678 0.54 4'603'737 0.52 (4'210'563) -0.48 3'637'302 0.41 2'797'000 0.32 2'740'000 0.31 2'659'092 0.3 2'290'751 0.26 2'200'000 0.25

Weighting

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

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

Latest Chg 2'433'928 (319'152) 779'006 (1'862'000) 33'520 (105'851) 1'367'198 263'160 (261'030) (700'000) 81'443 (352'574) 200'000

Target Price 8 7 4 6 7 7 9 6 5 8 9 7 8 7 8 8 6 6 4 8 7 6 2 5 6 6 #N/A N/A 2 1

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

File Dt Inst Type 15.01.2013 Corporation 26.07.2013 Investment Advisor 06.09.2013 Investment Advisor 20.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 30.06.2013 Investment Advisor 09.08.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 25.09.2013 Investment Advisor 31.08.2013 Insurance Company 30.06.2013 Investment Advisor 06.05.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 28.06.2013 Investment Advisor 30.04.2013 Unclassified

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

Date 26.09.2013 19.09.2013 19.09.2013 18.09.2013 13.09.2013 10.09.2013 09.09.2013 28.08.2013 13.08.2013 12.08.2013 09.08.2013 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 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.06.2013 17.01.2013 14.11.2012 23.04.2012

27.09.2013

Software AG Software AG provides business infrastructure software solutions. The Company's products include solutions for managing data, enabling Service-Oriented Architecture (SOA) and improving business processes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 SOW GY EQUITY YTD Change SOW GY EQUITY YTD % CHANGE

12/2012 06/yy 35.45 22.34 101'067.00 26.05 -26.52% 16.61% 28.91% 86.9 2'264.20 266.01 0.0 0.8 315.64 2'348.79

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 720.6 1.69x 190.0 6.40x 115.9 9.88x

31.12.2009 31.12.2010 847.4 1'119.5 2.93x 2.94x 240.6 312.9 10.33x 10.52x 141.0 175.4 15.53x 17.77x Profitability

LTM-4Q 31.12.2011 1'098.3 2.31x 304.5 8.33x 177.0 13.93x

31.12.2012 1'047.3 2.62x 291.3 9.41x 164.5 16.90x 291.27 240.28 22.94% 22.10% 8.46% 15.02% 0.57% 63.9% 26.8% 21.5% 15.7% 1.68 1.55 15.01% 25.11% 3.54 2526.25

Price/ Cash Flow

06/yy 1'081.8 8.61x 300.8 7.09x 171.5 12.38x

LTM 06/yy 996.8 9.68x 266.7 7.46x 147.3 13.42x

FY+1

.0 M s-13

0.86 59.26 -9.20% -17.45% 0.863 28 3.607 276'139 248'977 290'055 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 999.8 1'051.5 253.0 283.0 2.27x 2.04x 266.1 284.3 8.81x 8.24x 158.4 171.4 38.6 49.0 13.65x 12.33x 14.12x 14.01x S&P Issuer Ratings

23.09 22.04 0.31 1.34 25.1% 20.1% 0.57 15.53 102.99 0.14 47.30 55.85

Sales/Revenue/Turnover

18.00

1'200.0

16.00

1'000.0

14.00

800.0

12.00 10.00

600.0

8.00

400.0

6.00 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

Software AG Holdings By:

All

Holder Name SOFTWARE AG STIFTUNG DEKA INVESTMENT GMBH FRANKLIN RESOURCES FIL LIMITED FMR LLC ALKEN LUXEMBOURG SAR SOFTWARE AG T ROWE PRICE ASSOCIA DEUTSCHE BANK AG ALLIANZ GLOBAL INVES AIKEN ASSET MGMT LLP UNIVERSAL INVESTMENT VANGUARD GROUP INC NORGES BANK SEB ODDO ASSET MANAGEMEN NORDEA INV MANAGEMEN CLASSIC FUND MGMT AG ALLIANZ ASSET MANAGE BNP PARIBAS

Firm Name Societe Generale Baader Bank Natixis Deutsche Bank Goldman Sachs Bryan Garnier & Cie Commerzbank Corporates & Markets Main First Bank AG Morgan Stanley Exane BNP Paribas Matelan Research GmbH Credit Suisse Mirabaud Securities Berenberg Bank JPMorgan DZ Bank AG UBS Barclays Landesbank Baden-Wuerttemberg Independent Research GmbH M.M. Warburg Investment Research Kepler Cheuvreux Bankhaus Metzler EVA Dimensions Hamburger Sparkasse HSBC Dr. Kalliwoda Equity Research

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

Analyst DERRIC MARCON KNUT WOLLER GWENAEL GIARD UWE SCHUPP MOHAMMED MOAWALLA GREGORY RAMIREZ THOMAS M BECKER CHANDRAMOULI SRIRAMAN ADAM WOOD BRICE PRUNAS ADRIAN HOPKINSON CHARLES BRENNAN SUSAN ANTHONY DAUD KHAN STACY E POLLARD HARALD SCHNITZER MICHAEL BRIEST GERARDUS VOS MIRKO MAIER MARKUS FRIEBEL ANDREAS WOLF SEBASTIEN SZTABOWICZ ULRICH TRABERT ANDREW S ZAMFOTIS MARCO GUENTHER ANTONIN BAUDRY NORBERT KALLIWODA

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

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

Amt Held 24'980'060 4'337'659 3'731'952 3'000'186 3'000'000 2'677'591 2'648'095 2'607'522 2'607'522 2'607'522 2'591'127 2'459'651 2'396'382 1'732'994 1'580'000 959'791 891'850 816'423 634'237 625'400

% Out 28.74 4.99 4.29 3.45 3.45 3.08 3.05 3 3 3 2.98 2.83 2.76 1.99 1.82 1.1 1.03 0.94 0.73 0.72

Weighting

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

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

Latest Chg (86'115) (315'000) 166'128 25'000 (41) (12'600) (16'260) 18'798

Target Price 34 32 26 32 31 30 31 23 25 31 39 23 35 21 27 29 28 28 33 30 26 27 33 #N/A N/A #N/A N/A 33 36

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

File Dt 28.02.2013 24.04.2013 28.06.2013 10.05.2013 30.04.2013 02.08.2013 09.04.2013 31.12.2012 31.05.2013 31.12.2012 14.05.2013 17.09.2013 30.06.2013 31.12.2012 28.03.2013 30.08.2013 28.03.2013 30.06.2013 31.08.2013 30.04.2013

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Unclassified Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 20.09.2013 20.09.2013 20.09.2013 12.09.2013 11.09.2013 11.09.2013 29.08.2013 28.08.2013 20.08.2013 16.08.2013 15.08.2013 13.08.2013 07.08.2013 05.08.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 28.06.2013 13.06.2013 13.02.2013 30.01.2013 11.01.2013

27.09.2013

Axel Springer AG Axel Springer AG is a publisher. The Company publishes daily and weekly newspapers, books, and magazines for young adults, families, and men and women. Springer produces television and radio programming, holds interests in television and radio stations, and offers electronic media on-line business services. The Company also offers commercial printing services.

Price/Volume

3.0 M

12/2012 06/yy 43.25 30.90 37'133.00 40.34 -6.73% 30.55% 76.32% 98.9 3'991.24 705.10 0.0 365.6 254.10 4'788.84

2.0 M 1.5 M

1.0 M

.5 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 31.12.2009 31.12.2010 2'611.6 2'893.9 0.95x 1.43x 290.2 536.4 8.56x 7.72x 303.5 252.7 7.36x 14.88x Profitability

LTM-4Q 31.12.2011 3'184.9 1.25x 570.5 7.00x 257.8 12.67x

31.12.2012 3'310.3 1.21x 610.5 6.56x 238.1 13.40x 610.50 443.50 13.40% 12.13% 5.11% 12.82% 0.73% 17.9% 12.9% 7.2% 1.01 0.79 14.66% 37.36% 7.24 -

Price/ Cash Flow

06/yy 3'279.8 4.78x 603.3 6.74x 264.7 12.15x

LTM 06/yy 3'317.2 4.83x 594.1 6.79x 231.6 13.98x

FY+1

.0 M s-13

0.72 36.13 19.43% 31.44% 0.718 20 3.750 184'128 171'850 228'497 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'384.1 3'116.9 793.0 912.0 1.40x 1.43x 586.1 573.3 158.0 166.0 8.15x 8.34x 8.11x 8.11x 249.8 251.5 15.25x 15.58x S&P Issuer Ratings

10.53 9.13 0.72 1.15 37.4% 23.8% 0.73 4.89 50.41 -

Sales/Revenue/Turnover

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

2.5 M

30 25 20

Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 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 13.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPR GY EQUITY YTD Change SPR GY EQUITY YTD % CHANGE

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

3.5 M

40 35

Valuation Analysis

31.12.2008 2'728.5 0.71x 458.7 4.22x 560.1 2.77x

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

Axel Springer AG Holdings By:

All

Holder Name AXEL SPRINGER GESELL SPRINGER FRIEDE TWEEDY BROWNE COMPAN DOEPFNER MATHIAS COLMAR INVESTMENT HO DEUTSCHE BANK AG CADIAN CAPITAL MANAG NORGES BANK BLACKROCK SEB BANQUE DE LUXEMBOURG ALLIANZ ASSET MANAGE MAVERICK CAPITAL LTD VANGUARD GROUP INC LUXOR CAPITAL GROUP TWEEDY BROWNE CO LLC DWS INVESTMENTS SCHRODER INVESTMENT CAPITAL AT WORK INTE EVLI FUND MANAGEMENT

Firm Name EVA Dimensions HSBC Barclays AlphaValue JPMorgan Goldman Sachs Bankhaus Lampe Kepler Cheuvreux Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Morgan Stanley Nord/LB Close Brothers Equity Markets Societe Generale Bankhaus Metzler Berenberg Bank Deutsche Bank Commerzbank Corporates & Markets DZ Bank AG Hammer Partners SA Equinet Institutional Services(ESN)

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

Analyst CRAIG STERLING CHRISTOPHER JOHNEN NICK DEMPSEY VERONIQUE CABIOC'H NICOLAS J DUBOURG VIGHNESH PADIACHY CHRISTOPH SCHLIENKAMP ANDREA BENEVENTI STEFAN BORSCHEID JOCHEN REICHERT CHRISTOPHER SELLERS HOLGER FECHNER MARCUS SILBE LAURENT PICARD STEFAN WIMMER SARAH SIMON MARK BRALEY SONIA RABUSSIER HARALD HEIDER STEPHAN SEIP MARTIN POSSIENKE

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

Recommendation underweight overweight overweight reduce neutral neutral/neutral buy hold buy buy Underwt/Attractive buy hold hold buy hold buy hold buy buy buy

Amt Held % Out 50'954'101 51.5 5'441'700 5.5 4'295'627 4.34 3'265'020 3.3 2'948'924 2.98 2'933'511 2.96 (1'246'644) -1.26 1'026'727 1.04 1'025'945 1.04 505'069 0.51 500'000 0.51 471'132 0.48 (465'018) -0.47 464'097 0.47 (455'124) -0.46 343'829 0.35 305'122 0.31 294'463 0.3 278'850 0.28 255'294 0.26

Weighting

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

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

Latest Chg 228'109 49'470 (50'608) 4'165 33'612 79'152 36'843 118'728 46'735 83'031 3'000 66'908

Target Price #N/A N/A 47 46 41 40 45 45 40 45 43 36 45 40 39 44 42 46 35 46 52 45

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 n/a 31.03.2012 Investment Advisor 31.12.2012 n/a 05.03.2013 Other 16.09.2011 Investment Advisor 20.08.2013 Hedge Fund Manager 31.12.2012 Government 23.09.2013 Investment Advisor 28.03.2013 Unclassified 31.07.2013 Unclassified 31.07.2013 Investment Advisor 06.11.2012 Hedge Fund Manager 30.06.2013 Unclassified 06.02.2013 Hedge Fund Manager 31.07.2013 Unclassified 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 20.09.2013 19.09.2013 19.09.2013 12.09.2013 10.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 29.08.2013 20.08.2013 14.08.2013 13.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 31.07.2013 30.07.2013 26.07.2013 02.05.2011

27.09.2013

Sartorius AG Sartorius AG manufactures and markets precision electronic equipment and components. The Company produces precision scales for laboratory and industrial uses and electrochemistry. Sartorius manufactures equipment for biomolecular and microbial separations, cell culture, concentration, fermentation, and purification. The Company markets its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2013) 52-Week Low (25.09.2012) 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 SRT3 GY EQUITY YTD Change SRT3 GY EQUITY YTD % CHANGE

12/2011 06/yy 91.25 58.43 2'876.00 79.93 -12.41% 36.80% 63.22% 9.4 1'485.15 343.32 70.0 39.55 1'903.15

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

31.12.2009 31.12.2010 602.1 659.3 0.88x 1.11x 72.0 101.6 7.36x 7.19x (7.3) 31.0 15.57x Profitability

.1 M .1 M .1 M .0 M .0 M .0 M .0 M o-12

LTM-4Q 31.12.2011 733.1 1.17x 147.9 5.80x 41.6 12.83x

31.12.2012 845.7 1.76x 180.0 8.26x 48.5 27.55x 179.97 139.34 16.48% 11.11% 5.04% 16.14% 10.73% 0.82% 49.7% 22.3% 17.2% 5.7% 1.13 0.56 32.06% 102.86% 6.96 3.36

Price/ Cash Flow

06/yy 801.5 5.11x 160.5 7.82x 45.0 17.53x

n-12

d-12

j-13

LTM 06/yy 864.8 7.99x 192.7 10.52x 53.3 27.65x

f-13 m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.63 8.52 35.40% 20.40% 0.631 9 3.333 14'755 12'134 11'487 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 903.3 962.6 2.05x 1.88x 172.9 190.9 11.01x 9.97x 65.9 75.8 20.01x 17.45x S&P Issuer Ratings

11.16 8.58 1.78 1.97 102.9% 46.0% 0.82 4.11 52.46 108.70 54.95 91.38

Sales/Revenue/Turnover

40.00

900.0

35.00

800.0

30.00

700.0 600.0

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

.1 M

Fiscal Year Ended 31.12.2008 611.6 0.71x 78.9 5.48x 12.4 13.77x

100 90 80 70 60 50 40 30 20 10 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

Sartorius AG Holdings By:

All

Holder Name SARTORIUS AG FMR LLC FIL LIMITED DEUTSCHE BANK AG T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC DWS INVESTMENTS JUPITER ASSET MANAGE NORGES BANK VANGUARD GROUP INC JP MORGAN SUN LIFE FINANCIAL I LBPAM BLACKROCK MANDARINE FUNDS GROUPAMA ASSET MANAG WASATCH ADVISORS INC ROTHSCHILD & COMPAGN MONTANARO ASSET MGMT NATIXIS ASSET MANAGE

Firm Name Bankhaus Lampe Berenberg Bank Commerzbank Corporates & Markets Kepler Cheuvreux Nord/LB Deutsche Bank HSBC DZ Bank AG EVA Dimensions GSC Research

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

Analyst THERESA DICK SCOTT BARDO DANIEL WENDORFF OLIVER REINBERG VOLKER SACK BENJAMIN GOY HENDRIK LOFRUTHE SVEN OLAF KUERTEN TIMOTHY STANISH MATTHIAS SCHRADE

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

Recommendation buy buy reduce hold hold hold neutral buy underweight buy

Amt Held 840'983 356'870 241'767 230'000 203'380 138'909 95'320 80'000 68'690 57'177 56'914 55'488 52'250 49'573 41'864 41'507 40'806 40'200 37'228 35'500

% Out 8.98 3.81 2.58 2.46 2.17 1.48 1.02 0.85 0.73 0.61 0.61 0.59 0.56 0.53 0.45 0.44 0.44 0.43 0.4 0.38

Weighting

Change 5 5 2 3 3 3 3 5 1 5

M M M M M M M M M M

Latest Chg (48'923) (68'035) (500) (13'964) (5) (16'792) 5'957 (2'163) 19'578 18'507 8'300 (2'000) 1'455 -

Target Price 100 92 79 80 80 77 90 88 #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 31.12.2010 31.07.2013 30.04.2013 31.07.2013 30.06.2013 30.06.2013 31.05.2013 31.05.2013 31.12.2012 30.06.2013 31.05.2013 31.07.2013 28.03.2013 23.09.2013 30.08.2013 28.03.2013 30.06.2013 31.01.2013 31.08.2013 31.05.2013

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

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

Date 23.09.2013 29.08.2013 28.08.2013 06.08.2013 30.07.2013 23.07.2013 23.07.2013 01.07.2013 06.06.2013 14.07.2011

27.09.2013

Symrise AG Symrise AG is a diversified chemical manufacturer. The Company produces perfume oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts, aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers manufacture fragrances, cosmetics, soaps, hair care products, detergents, household products, foods, beverages, and pharmaceuticals.

Price/Volume 40

.8 M

12/2012 06/yy 35.73 25.51 102'294.00 32.4 -9.31% 27.03% 71.18% 118.2 3'828.82 561.70 0.0 0.0 117.45 4'388.57

.6 M

.4 M

10 .2 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

1.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (19.11.2012) 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 SY1 GY EQUITY YTD Change SY1 GY EQUITY YTD % CHANGE

31.12.2008 1'319.9 1.38x 262.1 6.95x 90.4 13.13x

1.2 M

31.12.2009 31.12.2010 1'362.0 1'571.9 1.74x 1.87x 269.5 337.0 8.77x 8.74x 84.3 133.5 21.10x 18.16x Profitability

LTM-4Q 31.12.2011 1'583.6 1.84x 315.9 9.24x 146.5 16.63x

31.12.2012 1'734.9 2.10x 338.9 10.77x 157.5 20.39x 338.85 252.64 14.56% 12.25% 7.60% 18.20% 12.38% 0.82% 40.4% 19.8% 15.0% 9.1% 2.26 1.15 26.10% 64.07% 5.14 2.98

Price/ Cash Flow

06/yy 1'643.4 7.25x 332.6 10.11x 155.8 18.15x

LTM 06/yy 1'798.1 8.71x 356.1 11.88x 167.4 21.87x

FY+1

.0 M s-13

0.65 107.65 23.99% 21.89% 0.648 26 2.615 179'390 138'301 160'884 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'843.4 1'941.1 473.0 435.2 2.35x 2.19x 377.8 403.8 98.8 86.8 11.66x 10.91x 190.3 211.1 51.4 39.8 19.77x 17.96x 18.67x 18.30x S&P Issuer Ratings

8.55 7.25 1.57 1.89 64.1% 39.1% 0.82 4.15 71.04 122.40 47.60 136.39

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

Symrise AG Holdings By:

All

Holder Name PRUDENTIAL PLC GERBERDING VERMOGENS SUN LIFE FINANCIAL I BLACKROCK MONDRIAN INVESTMENT FRANKLIN RESOURCES JAHR GMBH STANDARD LIFE INVEST AMERIPRISE FINANCIAL SCHRODERS PLC NORGES BANK ALLIANZ ASSET MANAGE VANGUARD GROUP INC FIL LIMITED DEKA INVESTMENT GMBH DELTA LLOYD FUND MAN PACIFIC LIFE INSURAN THREADNEEDLE OPPENHEIMERFUNDS INC BESSEMER GROUP INCOR

Firm Name AlphaValue JPMorgan Goldman Sachs Bankhaus Metzler Deutsche Bank Exane BNP Paribas Landesbank Baden-Wuerttemberg Equinet Institutional Services(ESN) DZ Bank AG Independent Research GmbH Morgan Stanley Baader Bank UBS Hamburger Sparkasse Bankhaus Lampe Kepler Cheuvreux Main First Bank AG Commerzbank Corporates & Markets Nord/LB Nomura HSBC EVA Dimensions Liberum Capital Ltd Berenberg Bank Davy National Bank AG

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

Analyst MARTIN SCHNEE MARTIN EVANS RAKESH PATEL LARS HETTCHE VIRGINIE BOUCHER-FERTE HEIDI VESTERINEN ULLE WORNER NADESHDA DEMIDOVA THOMAS MAUL CHRISTOPH SCHOENDUBE ERIK SJOGREN NORBERT BARTH THOMAS GILBERT MARCO GUENTHER HEIKO FEBER CHRISTOPHER LADNER THOMAS SWOBODA YASMIN MOSCHITZ THORSTEN STRAUSS PATRICK LAMBERT JESKO MAYER-WEGELIN TIMOTHY STANISH ADAM COLLINS JAIDEEP PANDYA JACK GORMAN STEFFEN MANSKE

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

Recommendation sell neutral neutral/neutral sell hold outperform hold sell buy hold Equalwt/In-Line hold sell sell hold hold underperform hold buy neutral underweight overweight hold hold outperform buy

Amt Held 17'700'530 6'924'955 5'929'174 3'854'601 3'727'760 3'667'208 3'600'000 3'544'740 3'502'220 3'495'642 2'723'159 2'071'095 2'035'138 1'491'058 1'394'691 1'270'707 895'769 870'156 767'000 617'282

% Out 14.98 5.86 5.02 3.26 3.15 3.1 3.05 3 2.96 2.96 2.3 1.75 1.72 1.26 1.18 1.08 0.76 0.74 0.65 0.52

Weighting

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

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

Latest Chg (17'500) 44'644 (111'134) (930'573) (254'387) (25'000) 67'834 (175'943) -

Target Price 30 32 36 30 33 37 34 26 38 37 32 34 27 #N/A N/A 35 35 34 30 40 34 25 #N/A N/A 33 32 #N/A N/A 25

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

File Dt Inst Type 03.09.2012 Unclassified 30.11.2012 n/a 01.04.2012 Investment Advisor 23.09.2013 Investment Advisor 01.04.2012 Hedge Fund Manager 07.08.2013 Investment Advisor 01.04.2012 Other 25.01.2013 Investment Advisor 15.05.2012 Investment Advisor 22.03.2012 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Unclassified 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.08.2013 Insurance Company 31.05.2013 Unclassified 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 12.09.2013 04.09.2013 30.08.2013 30.08.2013 22.08.2013 22.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 11.07.2013 06.06.2013 08.05.2013 15.04.2013 21.06.2012 09.11.2010

27.09.2013

Salzgitter AG Salzgitter AG produces and trades a wide range of steel products and tubes. The product spectrum includes flat rolled steel products, beams, plates and tubes, both seamless and welded, as well as processed steel products. The Company also provides industrial services such as research and development, information technology and other services to group companies and third parties.

Price/Volume 45

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SZG GY EQUITY YTD Change SZG GY EQUITY YTD % CHANGE

12/2012 06/yy 41.56 24.54 149'770.00 31.285 -24.71% 27.51% 41.27% 60.1 1'880.13 770.30 0.0 8.2 1'011.10 1'826.93

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

1.5 M

15 10

1.0 M

.5 M

0 s-12

31.12.2009 31.12.2010 7'818.0 8'304.6 0.28x 0.23x 97.2 121.3 22.27x 15.69x (383.7) (331.9) 105.04x Profitability

31.12.2011 9'839.5 0.19x 602.9 3.02x 233.0 8.96x

31.12.2012 10'397.2 0.18x 416.2 4.56x (102.0) 416.20 61.20 0.59% -0.28% -4.42% -10.88% 1.12% 3.7% -1.7% -1.0% 2.64 1.31 8.63% 21.19% 5.61 -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

LTM-4Q

LTM

06/yy 10'444.5 0.64x 474.1 2.96x 115.4 15.33x

06/yy 9'996.0 0.61x 370.9 3.54x (394.4) 0.00x

FY+1

.0 M s-13

1.16 38.16 -0.16% -20.00% 1.163 33 2.515 270'317 276'327 314'848 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'882.1 10'179.9 2'347.7 2'427.6 0.22x 0.22x 1.14x 1.18x 260.5 512.6 50.8 96.2 7.00x 3.56x (294.1) 51.3 (46.1) 15.1 27.59x S&P Issuer Ratings

4.40 1.01 -0.16 2.07 21.2% 17.5% 1.12 4.14 65.08 -

Sales/Revenue/Turnover

450.00

14'000.0

400.00

12'000.0

350.00

10'000.0

300.00 250.00

8'000.0

200.00

6'000.0

150.00

4'000.0

100.00

2'000.0

50.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 12'499.2 0.20x 1'297.7 1.97x 674.3 4.54x

2.0 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

Salzgitter AG Holdings By:

All

Holder Name STATE OF LOWER SAXON SALZGITTER AG UNIVERSAL INVESTMENT NORGES BANK BLACKROCK MAINFIRST SICAV SEB SPARINVEST VANGUARD GROUP INC TT INTERNATIONAL INV OXFORD ASSET MANAGEM HIGHBRIDGE CAPITAL M UNION INVESTMENT GMB MARSHALL WACE LLP INVESCO LTD GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH DIMENSIONAL FUND ADV DEUTSCHE BANK AG

Firm Name Credit Suisse Nomura Bankhaus Lampe Equinet Institutional Services(ESN) Goldman Sachs AlphaValue Jefferies Exane BNP Paribas Commerzbank Corporates & Markets BHF-Bank EVA Dimensions Morgan Stanley Macquarie Independent Research GmbH M.M. Warburg Investment Research Deutsche Bank Nord/LB UBS Landesbank Baden-Wuerttemberg DZ Bank AG Societe Generale Baader Bank HSBC Bankhaus Metzler Kepler Cheuvreux Steubing AG S&P Capital IQ JPMorgan Main First Bank AG Davy Hamburger Sparkasse Cyrrus

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

Analyst JAMES GURRY NEIL SAMPAT MARC GABRIEL STEFAN FREUDENREICH STEPHEN BENSON HANS-PETER WODNIOK SETH ROSENFELD SYLVAIN BRUNET INGO-MARTIN SCHACHEL HERMANN REITH TIMOTHY STANISH ALEXANDER HAISSL DANIEL LURCH SVEN DIERMEIER BJOERN VOSS BASTIAN SYNAGOWITZ HOLGER FECHNER CARSTEN RIEK JENS MUENSTERMANN DIRK SCHLAMP ABHISHEK SHUKLA CHRISTIAN OBST THORSTEN ZIMMERMANN LARS HETTCHE ROCHUS BRAUNEISER MICHAEL BROEKER JOHNSON IMODE ALESSANDRO ABATE ALEXANDER HAUENSTEIN TIM CAHILL INGO SCHMIDT JIRI SIMARA

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

Recommendation outperform reduce hold buy Buy/Neutral sell hold underperform reduce overweight underweight Underwt/Cautious underperform sell hold hold sell neutral hold sell sell hold underweight sell buy sell sell neutral outperform underperform hold buy

Amt Held % Out 15'925'705 26.5 6'009'700 10 1'860'946 3.1 1'052'832 1.75 948'173 1.58 944'095 1.57 800'716 1.33 714'077 1.19 399'150 0.66 (318'514) -0.53 (300'485) -0.5 (288'466) -0.48 286'500 0.48 (282'456) -0.47 243'092 0.4 195'981 0.33 180'000 0.3 149'800 0.25 127'163 0.21 101'031 0.17

Weighting

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

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

Latest Chg 82'190 287'474 200'000 (36'365) 12'019 (163'900) 24'039 (169'232) (2'838) (2'080) 38'700 (37'469)

Target Price 42 26 32 36 35 16 28 26 24 40 #N/A N/A 26 24 23 29 32 22 31 28 24 24 30 25 20 35 31 24 32 32 #N/A N/A #N/A N/A 57

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Corporation 19.06.2013 Investment Advisor 31.12.2012 Government 23.09.2013 Investment Advisor 28.02.2013 Investment Advisor 28.03.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Unclassified 04.04.2013 Investment Advisor 13.08.2013 Hedge Fund Manager 22.05.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 03.04.2013 Hedge Fund Manager 24.09.2013 Investment Advisor 30.11.2012 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor

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

Date 24.09.2013 23.09.2013 17.09.2013 17.09.2013 15.09.2013 12.09.2013 10.09.2013 10.09.2013 02.09.2013 29.08.2013 21.08.2013 20.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 29.07.2013 10.07.2013 03.04.2013 30.01.2012

27.09.2013

Suedzucker AG Suedzucker AG operates in the traditional sugar industry in Eastern and Western Europe. The Company, through its subsidiaries, produces functional food, chilled frozen and starch and fruit concentrates. Suedzucker's other business includes bioethanol activities.

Price/Volume 35

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2013) 52-Week Low (24.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SZU GY EQUITY YTD Change SZU GY EQUITY YTD % CHANGE

02/2013 05/yy 34.34 20.54 730'520.00 21.675 -36.88% 5.55% 4.06% 204.2 4'425.67 1'779.40 0.0 782.8 589.00 6'664.17

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

1.5 M

1.0 M

28.02.2010 28.02.2011 5'718.2 6'160.8 0.99x 0.98x 658.5 782.0 8.62x 7.73x 200.1 250.4 16.13x 15.23x Profitability

0 s-12

o-12

LTM-4Q 29.02.2012 6'991.9 0.91x 1'026.5 6.20x 376.3 10.95x

28.02.2013 7'878.8 1.12x 1'248.2 7.05x 593.1 10.85x 1'248.20 971.20 12.33% 10.67% 6.14% 16.38% 0.98% 15.2% 11.7% 7.5% 1.99 0.70 20.21% 54.51% 7.41 -

Price/ Cash Flow

05/yy 7'239.5 3.75x 1'107.0 6.64x 505.2 9.18x

n-12

d-12

j-13

f-13 m-13

LTM 05/yy 8'022.5 3.98x 1'217.5 6.21x 504.1 10.03x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.43 97.93 -21.18% -27.39% 0.426 21 3.619 727'255 546'403 511'425 FY+2

FQ+1

FQ+2

02/14 Y 02/15 Y 08/13 Q2 11/13 Q3 7'968.1 7'981.1 2'072.0 0.75x 0.72x 1'077.5 1'062.5 6.18x 6.27x 447.9 441.8 9.74x 9.90x S&P Issuer Ratings

05.06.2012 BBB+ POS 30.09.2010 A-2 15.02 10.95 1.17 1.69 54.5% 30.5% 0.98 3.09 49.29 -

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 05.03.2010

.5 M

Fiscal Year Ended 28.02.2009 5'871.3 0.94x 470.2 11.73x 162.2 15.93x

0.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

05.09.2013

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

Suedzucker AG Holdings By:

All

Holder Name ZUCKERRUBENVERWERTUN ZUCKER INVEST GMBH BLACKROCK OVERLAND ADVISORS LL NORGES BANK VANGUARD GROUP INC CREDIT SUISSE AG PRINCIPAL FINANCIAL BANQUE DEGROOF ALLIANZ ASSET MANAGE LANDESBANK BERLIN IN FEDERAL FINANCE GEST ALASKA PERMANENT FUN PRUDENTIAL FINANCIAL DEXIA ASSET MANAGEME SCHRODER INVESTMENT THRIVENT FINANCIAL F VERITAS SG INVESTMEN GRANTHAM MAYO VAN OT AMUNDI

Firm Name Independent Research GmbH Bankhaus Lampe M.M. Warburg Investment Research Exane BNP Paribas HSBC Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Berenberg Bank AlphaValue Davy Goldman Sachs Nord/LB Mirabaud Securities Bankhaus Metzler Commerzbank Corporates & Markets DZ Bank AG Barclays EVA Dimensions Kepler Cheuvreux Deutsche Bank Silvia Quandt Research

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LARS LUSEBRINK MARC GABRIEL OLIVER SCHWARZ JEFF STENT JESKO MAYER-WEGELIN WALTER SCHNEIDER NILS-PETER FITZL JAMES TARGETT EILEEN RYAN JACK GORMAN ROSIE EDWARDS WOLFGANG VASTERLING JULIAN LAKIN DANIEL SEIDENSPINNER DENNIS SCHMITT HEINZ MUELLER LIAM ROWLEY CRAIG STERLING KLAUS RINGEL HAROLD THOMPSON KLAUS KRAENZLE

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

Recommendation hold buy buy underperform overweight buy sell hold add neutral Sell/Neutral hold hold buy buy buy underweight buy buy hold buy

Amt Held % Out 106'175'310 52 20'418'329 10 2'074'931 1.02 (1'893'536) -0.93 1'554'379 0.76 900'655 0.44 776'513 0.38 445'720 0.22 396'009 0.19 362'219 0.18 307'083 0.15 294'853 0.14 292'333 0.14 291'896 0.14 263'645 0.13 257'428 0.13 254'152 0.12 249'289 0.12 237'455 0.12 233'409 0.11

Weighting

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

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

Latest Chg (95'429) (7'359) 84'621 436'807 23'100 19'734 53'406 14'830 7'896 14'435 (111'359) 141'431 227'100 (6'251) 37'229

Target Price 22 28 28 15 29 33 19 23 23 #N/A N/A 18 20 27 33 33 33 25 #N/A N/A 33 24 40

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

File Dt Inst Type 24.09.2013 Corporation 24.09.2013 Investment Advisor 23.09.2013 Investment Advisor 07.11.2012 Hedge Fund Manager 31.12.2012 Government 30.06.2013 Unclassified 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 02.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Government 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2012 Investment Advisor 30.04.2013 Investment Advisor

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

Date 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 16.09.2013 12.09.2013 04.09.2013 31.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 06.06.2013 20.05.2013 17.05.2013 19.11.2012

27.09.2013

TAG Immobilien AG TAG Immobilien AG develops, sells, and rents commercial and residential buildings and special-purpose properties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (25.09.2012) 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 TEG GY EQUITY YTD Change TEG GY EQUITY YTD % CHANGE

12/2012 06/yy 9.70 8.03 297'031.00 9.159 -5.60% 14.12% 67.36% 130.8 1'197.68 2'390.68 0.0 20.3 55.75 3'469.47

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M

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 123.3 5.05x 36.8 16.91x (30.6) -

10 9 8 7 6 5 4 3 2 1 0 s-12

31.12.2009 31.12.2010 96.0 93.1 6.93x 9.52x 21.7 34.7 30.58x 25.52x (29.2) 18.5 13.25x Profitability

LTM-4Q 31.12.2011 203.9 8.70x 118.4 14.98x 66.9 5.87x

31.12.2012 396.0 9.08x 287.2 12.52x 179.1 5.05x 287.20 285.26 47.37% 51.25% 2.59% 9.31% 2.73% 0.10% 65.2% 45.2% 62.91% 210.41% -

Price/ Cash Flow

06/yy 310.8 29.18x 212.1 13.48x 153.4 3.85x

LTM 06/yy 328.5 40.60x 214.1 15.72x 89.1 10.58x

FY+1

.0 M s-13

0.54 123.69 15.41% -0.65% 0.539 17 3.471 399'624 319'128 322'270 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 267.1 278.7 66.5 67.2 13.29x 12.71x 180.6 193.3 19.21x 17.94x 77.3 94.4 15.0 31.5 16.41x 13.31x S&P Issuer Ratings

2.94 2.81 10.51 10.79 210.4% 67.4% 0.10 -

Sales/Revenue/Turnover

120.00

450.0 400.0

100.00

350.0 300.0

80.00

250.0 60.00

200.0 150.0

40.00

100.0 20.00 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

TAG Immobilien AG Holdings By:

All

Holder Name SUN LIFE FINANCIAL I RUFFER LLP FLOSSBACH VON STORCH DEUTSCHE BANK AG BLACKROCK VERSORGUNGSANSTALT D TAUBE HODSON STONEX UNIVERSAL INVESTMENT DWS INVESTMENT GMBH THREADNEEDLE DEUTSCHE ASSET MGMT LLOYDS BANKING GROUP SKAGEN AS COLUMBIA WANGER ASSE UBS AG SCOTTISH WIDOWS ROYAL BANK OF CANADA DWS INVESTMENTS PETERCAM SA HIGHBRIDGE CAPITAL M

Firm Name Commerzbank Corporates & Markets Morgan Stanley Berenberg Bank M.M. Warburg Investment Research Nord/LB Bankhaus Lampe Baader Bank Close Brothers Equity Markets S&P Capital IQ ABN Amro Bank N.V. Barclays EVA Dimensions Kepler Cheuvreux DZ Bank AG Solventis WPH-Bank GmbH Kempen & Co

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

Analyst THOMAS ROTHAEUSLER BIANCA RIEMER KAI MALTE KLOSE TORSTEN KLINGNER MICHAEL SEUFERT GEORG KANDERS ANDRE REMKE MANUEL MARTIN WILLIAM HOWLETT MICHIEL DE JONGE AARON GUY DOUG WALTERS THOMAS NEUHOLD KARSTEN OBLINGER ULF VON LENGERICH THOMAS VAN DER MEIJ

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

Recommendation buy Underwt/Attractive buy hold hold buy hold buy buy hold overweight sell buy sell buy neutral

Amt Held % Out 24'446'679 18.7 19'610'701 15 9'639'712 7.37 9'085'714 6.95 7'603'272 5.81 7'079'834 5.41 6'960'665 5.32 6'907'633 5.28 6'412'352 4.9 5'408'685 4.14 3'956'100 3.03 2'817'627 2.15 2'469'243 1.89 2'353'880 1.8 1'953'725 1.49 1'854'901 1.42 1'747'351 1.34 1'291'408 0.99 1'184'631 0.91 (1'058'979) -0.81

Weighting

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

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

Latest Chg 529'741 (23'270) (100'728) (1'010'827) 45'000 4'210 806 267'994 (1'090) (65'369)

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

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 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 23.09.2013 Investment Advisor 21.08.2013 n/a 24.06.2013 Investment Advisor 20.08.2013 Investment Advisor 16.08.2013 Investment Advisor 31.05.2013 Unclassified 04.09.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 28.02.2013 Unclassified 30.04.2013 Bank 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 29.08.2013 Hedge Fund Manager

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

Date 12.09.2013 28.08.2013 19.08.2013 16.08.2013 13.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 11.07.2013 06.06.2013 06.05.2013 19.04.2013 18.04.2013 14.01.2013

27.09.2013

ThyssenKrupp AG ThyssenKrupp AG manufactures industrial components. The Company produces flat rolled and cast steel, automobile parts, elevators and escalators, machine tools, bearings, nonferrous metals and plastics, develops and manages real estate, and designs and constructs factories.

Price/Volume 25

16.0 M 14.0 M

12.0 M 10.0 M

8.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (23.04.2013) 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 TKA GY EQUITY YTD Change TKA GY EQUITY YTD % CHANGE

09/2012 06/yy 19.25 13.11 6'133'779.00 18.19 -5.51% 38.75% 71.50% 514.5 9'358.56 7'185.00 0.0 967.0 2'510.00 13'469.56

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

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 30.09.2008 53'426.0 0.21x 4'842.0 2.31x 2'195.0 4.66x

6.0 M

30.09.2009 30.09.2010 40'563.0 37'711.0 0.34x 0.44x 876.0 2'412.0 15.54x 6.80x (1'857.0) 824.0 12.19x Profitability

LTM-4Q 30.09.2011 42'725.0 0.32x 4'043.0 3.41x (1'291.0) 5.15x

30.09.2012 40'124.0 0.35x 2'576.0 5.52x (4'668.0) -

2'576.00 1'115.00 2.78% 0.79% -11.80% -94.78% 0.91% 14.4% 6.1% 3.4% -11.6% 1.26 0.38 18.77% 201.88% 6.81 4.19

Price/ Cash Flow

LTM

06/yy 40'672.0 1.47x 3'803.0 3.48x (2'855.0) 4.49x

06/yy 36'347.0 1.45x 2'230.0 5.34x (4'713.0) 0.00x

FY+1

.0 M s-13

1.20 371.32 7.98% 2.42% 1.203 35 3.257 4'533'508 3'231'440 3'365'580 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 37'122.1 38'464.7 9'547.2 9'299.7 0.41x 0.41x 1.59x 1.70x 1'863.9 2'438.1 514.2 600.0 7.21x 5.51x 5.81x 5.60x (371.5) 542.2 80.6 91.5 16.48x 16.84x 14.72x S&P Issuer Ratings

06.06.2012 BB NEG 17.11.2009 B 5.41 3.20 1.54 3.77 201.9% 61.4% 0.91 3.87 53.60 87.05 50.38 76.56

Sales/Revenue/Turnover

450.00

60'000.0

400.00

50'000.0

350.00

40'000.0

300.00 250.00

30'000.0

200.00

20'000.0

150.00 100.00

10'000.0

50.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

ThyssenKrupp AG Holdings By:

All

Holder Name ALFRIED KRUPP VON BO BLACKROCK CEVIAN CAPITAL AB FRANKLIN RESOURCES UBS AG NORGES BANK VANGUARD GROUP INC DEKA INVESTMENT GMBH MARSHALL WACE LLP ROYAL BANK OF CANADA JANUS CAPITAL MANAGE OYSTER ASSET MANAGEM AMUNDI CREDIT SUISSE AG ADIG INVESTMENT JO HAMBRO CAPITAL MA INSTITUTIONAL CAPITA INVESCO LTD FORTIS INVESTMENT MG PUTNAM INVESTMENT MA

Firm Name Bankhaus Lampe Nomura Exane BNP Paribas Independent Research GmbH AlphaValue Jefferies National Bank AG Equinet Institutional Services(ESN) Commerzbank Corporates & Markets Nord/LB EVA Dimensions Main First Bank AG DZ Bank AG Societe Generale Deutsche Bank BHF-Bank RBC Capital Markets Credit Suisse JPMorgan HSBC Macquarie Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Kepler Cheuvreux Steubing AG S&P Capital IQ VTB Capital UBS Baader Bank Day by Day Davy Bankhaus Metzler Hamburger Sparkasse Goldman Sachs Cyrrus

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

Analyst MARC GABRIEL NEIL SAMPAT SYLVAIN BRUNET SVEN DIERMEIER HANS-PETER WODNIOK SETH ROSENFELD EKKEHARD D LINK STEFAN FREUDENREICH INGO-MARTIN SCHACHEL HOLGER FECHNER TIMOTHY STANISH ALEXANDER HAUENSTEIN DIRK SCHLAMP ALAIN WILLIAM BASTIAN SYNAGOWITZ HERMANN REITH TIMOTHY HUFF MICHAEL SHILLAKER ALESSANDRO ABATE THORSTEN ZIMMERMANN JEFFREY LARGEY JENS MUENSTERMANN BJOERN VOSS ROCHUS BRAUNEISER MICHAEL BROEKER JOHNSON IMODE WIKTOR BIELSKI CARSTEN RIEK CHRISTIAN OBST VALERIE GASTALDY TIM CAHILL LARS HETTCHE INGO SCHMIDT STEPHEN BENSON JIRI SIMARA

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

Recommendation buy neutral neutral sell sell buy hold hold buy sell overweight outperform sell hold hold market weight sector perform outperform overweight overweight outperform hold hold reduce buy hold hold sell buy hold outperform sell sell not rated accumulate

Amt Held % Out 130'320'067 25.33 38'774'530 7.54 26'753'429 5.2 26'046'328 5.06 13'648'414 2.65 12'848'471 2.5 4'457'975 0.87 4'009'858 0.78 (3'601'423) -0.7 2'282'600 0.44 2'029'994 0.39 1'709'400 0.33 1'205'497 0.23 1'026'242 0.2 968'052 0.19 933'970 0.18 819'430 0.16 813'565 0.16 790'686 0.15 693'496 0.13

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

Change M M M M M M D M M M D M D M M M M M M M M M M D M M M D M M M M M M M

Latest Chg 17'199 (712'918) 79'591 8'408 (463'040) 2'282'600 (6'926'210) 160'000 968'786 (3'157) (50'000) 107'573 (183'200) 215'499 (542'135)

Target Price 19 16 15 16 14 21 17 18 18 13 #N/A N/A 22 15 19 18 16 17 24 19 20 22 15 17 14 19 17 18 16 25 #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A 24

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

File Dt Inst Type 30.09.2012 n/a 23.09.2013 Investment Advisor 25.09.2013 Venture Capital 30.06.2013 Investment Advisor 17.09.2013 Unclassified 12.01.2012 Government 30.06.2013 Unclassified 28.03.2013 Investment Advisor 03.09.2013 Hedge Fund Manager 31.07.2013 Bank 30.06.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 24.09.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 23.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 10.09.2013 05.09.2013 05.09.2013 02.09.2013 20.08.2013 20.08.2013 19.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 31.07.2013 16.07.2013 16.07.2013 10.07.2013 16.05.2013 07.03.2013 09.09.2012 30.01.2012

27.09.2013

Talanx AG Talanx AG operates as a holding company. The Company, through its subsidiaries, provides insurance and financial services. Talanx offers retail, commercial, private, and industrial insurance, reinsurance, and other related services. Talanx operates worldwide.

Price/Volume 30

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 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 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLX GY EQUITY YTD Change TLX GY EQUITY YTD % CHANGE

12/2012 06/yy 26.20 18.39 132'013.00 24.89 -4.98% 35.35% 81.68% 252.6 6'287.85 3'784.00 0.0 4'171.0 2'119.00 12'546.85

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

3.0 M

2.0 M

1.0 M

0 o-12

31.12.2009 31.12.2010 19'943.0 22'846.0 485.0 216.0 Profitability

LTM-4Q 31.12.2011 23'422.0 520.0 -

31.12.2012 26'438.0 0.39x 630.0 7.48x 6.66% 5.96% 0.53% 10.63% 9.66% 0.22% 2.4% 2.91% 50.64% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 12'369.0 0.00x 0.0 0.00x 354.0 0.00x

06/yy 27'809.0 1.23x 0.0 0.00x 684.0 8.29x

a-13

m-13

j-13

a-13

s-13

FY+1

52.82 20.89% 19 4.053 154'675 152'888 214'696 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 27'544.8 28'637.6 708.9 740.4 110.0 182.0 8.76x 8.32x S&P Issuer Ratings

02.10.2009 ASTABLE 50.6% 24.5% 0.22 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

15'000.0

0.40

10'000.0

0.20

5'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 17'523.0 187.0 -

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

Talanx AG Holdings By:

All

Holder Name HDI VAG MEIJI YASUDA LIFE IN DEUTSCHE BANK AG ETHENEA INDEPENDENT DWS INVESTMENTS SKAGEN AS PETERCAM SA BLACKROCK ZADIG GESTION (LUXEM DEKA INVESTMENT GMBH FRANKFURT TRUST INVE VANGUARD GROUP INC FRANKEN INVEST KAPIT OFI ASSET MANAGEMENT PIONEER JP MORGAN HENDERSON GLOBAL INV JULIUS BAER MULTICOO METZLER INVESTMENT G UNION BANCAIRE PRIVE

Firm Name Bankhaus Metzler AlphaValue Goldman Sachs Main First Bank AG Berenberg Bank Bankhaus Lampe Nord/LB Hamburger Sparkasse Equinet Institutional Services(ESN) Deutsche Bank Keefe, Bruyette & Woods Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Barclays Mediobanca SpA EVA Dimensions HSBC JPMorgan

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

Analyst JOCHEN SCHMITT DIETER HEIN VINIT MALHOTRA MICHAEL HAID PETER ELIOT ANDREAS SCHAEFER JULIA SIEKMANN CHRISTIAN HAMANN PHILIPP HAESSLER OLIVIA BRINDLE WILLIAM HAWKINS WERNER SCHIRMER ANDREAS PLAESIER ANDREW BROADFIELD MARC THIELE DOUG WALTERS KAILESH MISTRY MICHAEL HUTTNER

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

Recommendation buy add Buy/Neutral underperform buy buy buy buy accumulate hold market perform buy buy equalweight neutral overweight neutral neutral

Amt Held 199'801'656 16'393'443 4'015'233 3'945'663 1'460'028 1'040'457 445'800 417'499 412'390 284'570 280'000 276'439 194'210 193'374 177'992 167'519 164'188 145'000 134'000 110'600

% Out 79.09 6.49 1.59 1.56 0.58 0.41 0.18 0.17 0.16 0.11 0.11 0.11 0.08 0.08 0.07 0.07 0.06 0.06 0.05 0.04

Weighting

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

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

Latest Chg (8'198'344) 534'047 977'963 414'557 (39'886) 72'770 26'898 31'720 (55'000) 276'439 (30'000) 55'764 22'756 (21'188) (212'214) 110'600

Target Price 28 26 28 22 28 27 28 #N/A N/A 27 25 24 27 28 24 27 #N/A N/A 26 23

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

File Dt 02.07.2013 02.07.2013 31.07.2013 31.07.2013 31.05.2013 30.08.2013 30.04.2013 23.09.2013 28.03.2013 28.03.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 30.08.2013 30.04.2013 28.02.2013 31.12.2012

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

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

Date 24.09.2013 19.09.2013 17.09.2013 09.09.2013 20.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 08.08.2013 22.07.2013 28.06.2013 27.06.2013 31.05.2013 24.04.2013

27.09.2013

TUI AG TUI AG offers tourism and logistic services, and manufactures building materials. The Company operates airlines, travel agencies, cruise ships, resorts, and hotels. TUI provides maritime and inland container shipping, freight forwarding and storage services around the world, and leases and sells mobile buildings.

Price/Volume

09/2012 06/yy 9.92 6.63 384'720.00 9.086 -8.36% 37.04% 74.58% 252.4 2'293.08 2'456.60 0.0 (15.2) 2'278.40 2'596.88

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

6.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 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 TUI1 GY EQUITY YTD Change TUI1 GY EQUITY YTD % CHANGE

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

7.0 M

10 8

Valuation Analysis

31.12.2008 18'714.3 0.30x 852.2 6.51x (121.3) -

30.09.2009 Profitability

30.09.2010 16'350.1 0.28x 860.1 5.34x 101.8 29.93x

LTM-4Q 30.09.2011 17'480.3 0.11x 805.6 2.33x 23.9 -

30.09.2012 18'330.3 0.10x 958.6 1.94x (15.1) 958.60 559.90 3.05% 1.38% -0.80% -5.80% 1.34% 11.2% 4.6% 2.7% -0.1% 0.61 0.58 18.59% 117.98% 131.87

Price/ Cash Flow

06/yy 18'183.7 0.56x (104.9) 0.00x (21.3) 0.00x

LTM 06/yy 18'393.5 0.63x 847.5 3.07x (109.1) 0.00x

FY+1

.0 M s-13

1.24 134.09 30.36% 15.76% 1.244 22 4.182 453'147 589'868 613'012 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 18'273.4 18'824.9 6'416.0 0.14x 0.13x 1'049.1 1'157.4 1'166.0 2.47x 2.24x 49.0 163.9 380.0 32.92x 15.19x S&P Issuer Ratings

23.08.2013 B STABLE 2.25 1.12 0.56 2.57 118.0% 54.3% 1.34 6.87 2.77 59.25 -24.91

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 02.07.2013

0.0 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

TUI AG Holdings By:

All

Holder Name S GROUP TRAVEL HOLDI FREDRIKSEN JOHN RIU HOTELS SA DIMENSIONAL FUND ADV BLACKROCK BAILLIE GIFFORD OVER DEKA INVESTMENT GMBH SUSQUEHANNA INTERNAT MARATHON ASSET MANAG NORGES BANK WOLVERINE ASSET MANA CQS UK LLP PENNANT CAPITAL MANA SOCIETE GENERALE SA PINE RIVER CAPITAL M BARCLAYS CAPITAL SEC DEUTSCHE BANK AG PENNANT WINDWARD MAS VANGUARD GROUP INC STATE STREET CORP

Firm Name AlphaValue Commerzbank Corporates & Markets Kepler Cheuvreux S&P Capital IQ Equinet Institutional Services(ESN) JPMorgan Nord/LB DZ Bank AG Deutsche Bank Morgan Stanley UBS Independent Research GmbH Bankhaus Lampe Natixis Exane BNP Paribas Landesbank Baden-Wuerttemberg KochBank Research EVA Dimensions Main First Bank AG Goldman Sachs Berenberg Bank Equita SIM SpA Fearnley Fonds

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

Analyst HANS-PETER WODNIOK JOHANNES BRAUN JUERGEN KOLB WILLIAM MACK JOCHEN ROTHENBACHER JAAFAR MESTARI WOLFGANG DONIE HERBERT STURM GEOF COLLYER JAMIE ROLLO ALEX BRIGNALL ZAFER RUZGAR SEBASTIAN HEIN GEOFFREY D'HALLUIN MATTHIAS DESMARAIS PER-OLA HELLGREN STEFAN KICK CRAIG STERLING TOBIAS SITTIG NICK EDELMAN ALEXANDRA SCHLEGEL MASSIMO BONISOLI RIKARD VABO

Source Co File Co File Co File ULT-AGG ULT-AGG Research MF-AGG Short RNS-RUL8 RNS-RUL8 Short Short Short RNS-RUL8 Short RNS-RUL8 ULT-AGG Short ULT-AGG ULT-AGG

Recommendation sell hold buy strong sell buy neutral buy buy buy Equalwt/In-Line buy buy buy buy outperform hold buy hold outperform not rated buy buy sell

Amt Held % Out 63'068'424 24.99 37'841'055 14.99 12'613'685 5 8'894'252 3.52 7'592'227 3.01 7'261'186 2.88 5'601'800 2.22 (4'997'034) -1.98 4'904'640 1.94 4'766'186 1.89 (3'331'356) -1.32 (3'028'505) -1.2 (2'270'466) -0.9 2'105'036 0.83 (1'993'766) -0.79 1'690'782 0.67 1'576'103 0.62 (1'536'427) -0.61 1'509'638 0.6 1'478'319 0.59

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

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

Latest Chg 6'804 (40'600) (75'712) (201'900) (13'226) 25'238 8'429 43'100 298'381 -

Target Price 6 10 11 8 12 10 12 11 11 12 13 12 12 11 11 10 13 #N/A N/A 10 #N/A N/A 9 10 5

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

File Dt Inst Type 30.09.2012 Holding Company 30.09.2012 n/a 30.09.2012 Corporation 30.04.2013 Investment Advisor 23.09.2013 Investment Advisor 24.05.2012 Investment Advisor 28.03.2013 Investment Advisor 30.08.2013 Other 21.01.2013 Investment Advisor 16.01.2013 Government 09.07.2013 Hedge Fund Manager 13.08.2013 Investment Advisor 01.11.2012 Hedge Fund Manager 22.01.2013 Unclassified 15.08.2013 Hedge Fund Manager 22.01.2013 Investment Advisor 31.07.2013 Investment Advisor 27.04.2012 Investment Advisor 30.06.2013 Unclassified 24.09.2013 Investment Advisor

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

Date 19.09.2013 05.09.2013 04.09.2013 23.08.2013 19.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 03.06.2013 27.05.2013 10.05.2013 17.04.2013 13.02.2013 20.12.2012 14.08.2012

27.09.2013

United Internet AG United Internet AG offers Internet access services. The Company serves home users, small offices and home offices, and small-to medium-sized companies. United Internet also offers hotline and help desk services to international corporations.

Price/Volume 30

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (14.11.2012) 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 UTDI GY EQUITY YTD Change UTDI GY EQUITY YTD % CHANGE

12/2012 06/yy 27.05 14.75 146'118.00 27.04 -0.04% 83.32% 99.19% 194.0 5'245.76 300.28 0.0 9.9 42.83 5'517.27

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

1.5 M

1.0 M

5 0 s-12

.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 1'570.4 1.24x 359.6 5.40x (120.2) -

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'658.9 1'907.1 1.45x 1.55x 420.3 371.6 5.74x 7.95x 279.9 129.1 7.56x 20.97x Profitability

LTM-4Q 31.12.2011 2'094.1 1.50x 371.1 8.47x 162.3 17.47x

31.12.2012 2'396.6 1.43x 390.0 8.81x 107.8 29.13x 390.03 250.57 10.46% 8.05% 15.63% 119.34% 2.24% 34.3% 16.6% 12.8% 4.5% 0.43 0.29 27.11% 159.48% 19.84 53.07

Price/ Cash Flow

06/yy 2'248.2 5.51x 318.8 9.63x 101.0 27.71x

LTM 06/yy 2'516.1 6.06x 416.5 10.73x 175.3 23.84x

FY+1

.0 M s-13

0.72 104.88 68.70% 68.08% 0.717 26 3.769 265'265 307'693 329'342 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'646.4 2'896.8 698.0 724.0 2.06x 1.83x 401.9 478.7 100.0 145.0 13.71x 11.51x 203.5 252.6 27.5 84.7 25.88x 20.09x S&P Issuer Ratings

16.04 13.42 0.63 0.71 159.5% 60.2% 2.24 23.82 18.40 6.88 47.31 -33.07

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

1'000.0

5.00

0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

United Internet AG Holdings By:

All

Holder Name DOMMERMUTH RALPH DEUTSCHE BANK AG BLACKROCK ALLIANZ GLOBAL INVES OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE NORGES BANK MORGAN STANLEY FIL LIMITED DWS INVESTMENTS VANGUARD GROUP INC MARBLE ARCH INVESTME ADIG INVESTMENT SCHEEREN MICHAEL LANG NORBERT METZLER ASSET MANAGE DEKA INVESTMENT GMBH UNION INVESTMENT GMB DEKA INTERNATIONAL S NEW YORK LIFE INVEST

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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Berenberg Bank AlphaValue Bankhaus Lampe Deutsche Bank HSBC Hauck & Aufhaeuser Commerzbank Corporates & Markets SRH AlsterResearch EVA Dimensions Morgan Stanley UBS Independent Research GmbH M.M. Warburg Investment Research Equinet Institutional Services(ESN) Macquarie Landesbank Baden-Wuerttemberg JPMorgan Matelan Research GmbH Equita SIM SpA Bankhaus Metzler DZ Bank AG Goldman Sachs Kepler Cheuvreux Exane BNP Paribas Nomura Close Brothers Equity Markets Dr. Kalliwoda Equity Research

USMAN GHAZI HEINZ STEFFEN WOLFGANG SPECHT BENJAMIN KOHNKE DOMINIK KLARMANN LEONHARD BAYER HEIKE PAULS NEIL SCHMODDE ANDREW S ZAMFOTIS RYAN FOX VIKRAM KARNANY MARKUS FRIEBEL JOCHEN REICHERT ADRIAN PEHL ALEX GRANT STEFAN BORSCHEID HANNES C WITTIG ADRIAN HOPKINSON GIANMARCO BONACINA ULRICH TRABERT KARSTEN OBLINGER SIVA KRISHNA PRASAD BORRA THOMAS KARLOVITS MICHAEL ZORKO HENRIK NYBLOM MARCUS SILBE NORBERT KALLIWODA

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

Recommendation buy sell buy buy overweight sell buy buy overweight Overwt/In-Line neutral sell hold hold outperform buy overweight buy hold buy buy Sell/Neutral hold neutral neutral hold buy

Amt Held % Out 88'000'000 45.36 9'698'975 5 7'869'744 4.06 6'503'582 3.35 5'873'094 3.03 4'603'828 2.37 3'204'726 1.65 2'439'828 1.26 1'822'306 0.94 1'629'858 0.84 1'093'058 0.56 (892'400) -0.46 811'076 0.42 600'000 0.31 524'232 0.27 461'500 0.24 456'460 0.24 400'000 0.21 396'236 0.2 394'927 0.2

Weighting

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

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

Latest Chg 17'291 (126'664) (44'107) (195'553) 42'819 252'200 40'000 (23'850) 392'193 50'000 (39'209) (212'112)

Target Price 26 17 29 27 30 17 32 30 #N/A N/A 29 25 24 26 27 30 28 30 29 27 25 24 19 22 19 11 14 17

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

File Dt Inst Type 21.03.2013 n/a 31.07.2013 Investment Advisor 23.09.2013 Investment Advisor 20.07.2012 Investment Advisor 12.02.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 Government 05.08.2013 Other 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 11.07.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 n/a 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2012 Insurance Company

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

Date 24.09.2013 19.09.2013 18.09.2013 05.09.2013 27.08.2013 26.08.2013 22.08.2013 22.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 03.07.2013 27.05.2013 21.05.2013 15.05.2013 19.04.2013 22.11.2012 10.02.2012 22.03.2011

27.09.2013

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 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 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOW3 GY EQUITY YTD Change VOW3 GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 187.40 136.60 497'904.00 175.8 -6.19% 28.70% 76.18% 170.1 80'266.33 117'663.00 0.0 4'310.0 25'921.00 174'859.33

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

31.12.2009 31.12.2010 105'187.0 126'875.0 0.97x 0.83x 10'896.0 16'659.0 9.35x 6.29x 960.0 6'835.0 32.35x 6.98x Profitability

LTM-4Q 31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x

31.12.2012 192'676.0 0.90x 24'424.0 7.10x 21'717.0 3.51x 24'424.00 11'310.00 5.87% 13.23% 5.99% 24.78% 0.66% 18.2% 12.7% 5.4% 11.3% 1.03 0.33 38.00% 151.79% 5.32 5.35

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

Fiscal Year Ended 31.12.2008 113'808.0 1.22x 14'854.0 9.34x 4'753.0 20.97x

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

LTM

FY+1

1.19 170.15 18.24% 4.58% 1.189 38 4.316 1'753'846 1'009'653 976'809 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 176'948.0 195'985.0 200'494.4 210'456.9 49'458.8 50'520.0 2.83x 3.35x 0.38x 0.36x 23'081.0 24'812.0 23'721.3 26'502.5 5.98x 6.62x 7.37x 6.60x 17'936.0 17'801.0 10'114.9 11'672.1 3.06x 3.97x 8.32x 7.19x S&P Issuer Ratings Long-Term Rating Date 31.08.2009 Long-Term Rating ALong-Term Outlook POS Short-Term Rating Date 15.06.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 17.46 (EBITDA-Capex)/Interest Exp. 9.96 Net Debt/EBITDA 3.72 Total Debt/EBITDA 4.89 Reference Total Debt/Equity 151.8% Total Debt/Capital 59.0% Asset Turnover 0.66 Net Fixed Asset Turnover 3.51 Accounts receivable turnover-days 68.67 Inventory Days 68.22 Accounts Payable Turnover Day 40.43 Cash Conversion Cycle 46.11 Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00 6.00

100'000.0

4.00

50'000.0 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

Volkswagen AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC CARMIGNAC GESTION AMUNDI DEUTSCHE BANK AG FIL LIMITED BG MASTER FUND PLC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB UBS AG JP MORGAN ADIG INVESTMENT T ROWE PRICE ASSOCIA INVESCO LTD FRANKFURT TRUST INVE MERCURY ASSET MANAGE DWS INVESTMENTS ALLIANCE BERNSTEIN

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

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

Analyst JOSE ASUMENDI MARC-RENE TONN MAX WARBURTON CHRISTIAN LUDWIG MICHAEL TYNDALL ADAM HULL GEORGES DIENG DANIEL SCHWARZ HANS-PETER WODNIOK JOCHEN GEHRKE ZAFER RUZGAR FRANCOIS MAURY TIM SCHULDT HARALD C HENDRIKSE LOTHAR LUBINETZKI RABIH FREIHA JUERGEN PIEPER CHARLES WINSTON ARNDT ELLINGHORST TINA HECKING-VELTMAN VALERIE GASTALDY LAURA LEMBKE STEFAN BURGSTALLER KLAUS BREITENBACH STEPHEN REITMAN CHRISTIAN BREITSPRECHER FRANK BILLER MICHAEL RAAB FRANK SCHWOPE RODERICK BRIDGE CRAIG STERLING HORST SCHNEIDER TOBIAS SCHMIDT PHILIPPE HOUCHOIS JIRI SIMARA ALBERTO ROLLA

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

Recommendation overweight buy market perform buy overweight buy buy buy sell buy buy neutral buy neutral outperform outperform sell neutral neutral hold hold Overwt/In-Line buy/attractive buy buy outperform buy buy buy buy hold overweight buy neutral buy buy

Amt Held % Out 7'532'736 4.43 5'156'855 3.03 3'574'181 2.1 2'350'802 1.38 1'684'876 0.99 1'676'441 0.99 1'493'911 0.88 1'366'008 0.8 (1'173'985) -0.69 1'072'158 0.63 996'683 0.59 922'363 0.54 899'281 0.53 784'624 0.46 708'483 0.42 637'199 0.37 455'360 0.27 414'370 0.24 399'140 0.23 373'977 0.22

Weighting

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

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

Latest Chg 410'649 (1'075'152) 85'097 728'811 (308'807) 606'771 (4'315) 28'028 17'015 (201'706) (190'153) (3'484) (80'465) (12'000) 271'648 (200'672) 19'700 (90) 15'158 (83'819)

Target Price 214 217 170 215 192 240 208 205 160 240 210 170 185 170 220 212 165 #N/A N/A 180 #N/A N/A #N/A N/A 220 238 220 220 200 205 210 195 192 #N/A N/A 191 227 165 170 168

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

File Dt 23.09.2013 30.06.2013 31.07.2013 30.06.2013 28.06.2013 30.04.2013 31.07.2013 30.04.2013 22.04.2013 31.08.2013 28.03.2013 24.09.2013 30.06.2013 31.05.2013 30.06.2013 24.09.2013 31.05.2013 23.09.2013 31.05.2013 30.06.2013

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

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

Date 25.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 13.09.2013 12.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 04.09.2013 04.09.2013 02.09.2013 14.08.2013 12.08.2013 09.08.2013 07.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 07.05.2013 02.05.2013 09.04.2013 25.02.2013 29.10.2012 18.10.2012

27.09.2013

Wacker Chemie AG Wacker Chemie AG is a globally active chemical company with a wide range of specialty chemical products. The Company's products include hyperpure polysilicon for the electronics and solar industries, semiconductor wafers, a broad range of silicones, vinyl acetate based polymers, and biotech products.

Price/Volume 90

12/2012 06/yy 79.07 40.48 111'051.00 73.59 -6.93% 81.79% 81.68% 52.2 3'837.91 1'197.20 0.0 18.2 435.60 4'732.01

.8 M

50 40

.6 M

.4 M

31.12.2009 31.12.2010 3'719.3 4'748.4 1.66x 1.36x 917.8 1'250.1 6.71x 5.17x (70.8) 490.7 13.22x Profitability

0 s-12

o-12

LTM-4Q 31.12.2011 4'909.7 0.65x 1'134.6 2.80x 352.6 8.75x

31.12.2012 4'634.9 0.70x 863.4 3.76x 112.8 21.87x 863.40 334.60 7.22% 4.17% 0.46% 1.38% 1.35% 0.67% 17.5% 17.5% 5.4% 2.4% 1.64 0.87 18.91% 46.05% 6.39 5.37

Price/ Cash Flow

06/yy 4'709.0 2.81x 882.1 3.70x 144.3 18.78x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 4'444.7 3.14x 776.7 5.04x 30.2 96.53x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

0.86 18.39 44.50% 49.93% 0.865 24 2.500 75'153 88'039 114'091 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'563.9 4'867.6 1'194.2 1'111.8 1.12x 1.05x 672.5 803.5 173.5 129.8 7.04x 5.89x 19.2 83.6 12.7 (10.9) 165.00x 37.41x S&P Issuer Ratings

16.48 -1.52 1.13 1.89 46.1% 31.4% 0.67 1.17 57.11 67.94 35.95 76.84

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

.2 M

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

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2013) 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 WCH GY EQUITY YTD Change WCH GY EQUITY YTD % CHANGE

31.12.2008 4'298.1 0.86x 1'106.8 3.34x 439.4 8.45x

1.2 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

Wacker Chemie AG Holdings By:

All

Holder Name DR ALEXANDER WACKER BLUE ELEPHANT HOLDIN WACKER CHEMIE AG BLACKROCK DISCOVERY CAPITAL MA DISCOVERY GLOBAL OPP SAMANA CAPITAL LP ZBI EQUITIES LLC ADIG INVESTMENT NORGES BANK CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA UNION INVESTMENT GMB ALLIANZ ASSET MANAGE VANGUARD GROUP INC ING INTERNATIONAL AD HARTFORD INVESTMENT TIAA CREF INVESTMENT CREDIT SUISSE AG SCHRODER INVESTMENT

Firm Name AlphaValue Bankhaus Lampe Independent Research GmbH JPMorgan Hauck & Aufhaeuser Landesbank Baden-Wuerttemberg DZ Bank AG Commerzbank Corporates & Markets Nord/LB Equinet Institutional Services(ESN) Deutsche Bank Morgan Stanley Credit Suisse HSBC Bankhaus Metzler Steubing AG Main First Bank AG Nomura Natureo Finance UBS Macquarie EVA Dimensions National 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 Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MARTIN SCHNEE HEIKO FEBER CHRISTOPH SCHOENDUBE MARCUS DIEBEL NILS-PETER FITZL ERKAN AYCICEK PETER SPENGLER GEORG REMSHAGEN THORSTEN STRAUSS STEFAN FREUDENREICH ALEXANDER KARNICK PETER MACKEY MATHEW WAUGH CHRISTIAN DOMINIK RATH DANIEL SEIDENSPINNER TOBIAS SCHMIDT THOMAS SWOBODA JEAN DE WATTEVILLE INGO QUEISER JEAN-FRANCOIS MEYMANDI ROBERT SCHRAMM-FUCHS TIMOTHY STANISH STEFFEN MANSKE

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

Recommendation sell sell hold neutral sell sell sell buy hold sell sell Underwt/In-Line underperform neutral buy hold outperform neutral sell buy outperform sell sell

Amt Held % Out 26'076'300 50 5'215'260 10 2'474'617 4.74 2'174'630 4.17 (996'115) -1.91 (824'011) -1.58 (526'741) -1.01 (526'741) -1.01 351'594 0.67 240'337 0.46 228'000 0.44 189'575 0.36 176'900 0.34 168'814 0.32 163'043 0.31 145'720 0.28 125'069 0.24 92'956 0.18 79'793 0.15 79'151 0.15

Weighting

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

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

Latest Chg 20'084 (31'292) 52'153 93'875 (55'769) (84'847) 12'400 6'976 34'127 (36'911) 112'400 (9'919)

Target Price 68 60 80 72 40 67 50 84 68 58 39 53 55 73 78 68 85 70 55 80 65 #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 Unclassified 31.12.2012 Corporation 23.09.2013 Investment Advisor 14.02.2013 Hedge Fund Manager 16.10.2012 Investment Advisor 26.06.2012 Hedge Fund Manager 06.02.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Unclassified 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 19.09.2013 18.09.2013 06.09.2013 04.09.2013 03.09.2013 02.09.2013 16.08.2013 09.08.2013 01.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 18.07.2013 11.07.2013 09.07.2013 02.07.2013 06.06.2013 25.07.2012

27.09.2013

Wirecard AG Wirecard AG offers Internet payment and processing services. The Company provides software and systems for online payment, electronic funds transfer, fraud protection and enterprise solutions. Wirecard also offers call center services.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.09.2013) 52-Week Low (31.01.2013) 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 WDI GY EQUITY YTD Change WDI GY EQUITY YTD % CHANGE

12/2012 06/yy 25.73 16.73 107'130.00 24.91 -3.17% 48.94% 90.83% 112.2 2'794.71 94.97 0.0 0.0 442.50 2'511.69

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

5 0 s-12

31.12.2009 31.12.2010 228.5 271.6 3.13x 3.20x 60.3 73.1 11.86x 11.90x 45.5 54.0 21.44x 19.34x Profitability

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 324.8 3.47x 84.4 13.37x 61.2 20.70x

31.12.2012 394.6 4.41x 109.3 15.92x 73.3 27.76x 109.25 93.60 23.72% 23.10% 7.44% 14.35% 12.83% 0.42% 26.8% 22.3% 18.6% 1.39 0.92 8.42% 17.53% -

Price/ Cash Flow

06/yy 354.8 13.77x 98.5 14.47x 68.1 23.35x

LTM 06/yy 432.9 17.46x 116.0 17.74x 76.3 30.70x

FY+1

0.50 105.57 44.65% 34.65% 0.501 18 4.000 344'335 285'703 278'708 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 474.4 559.9 123.5 134.0 5.43x 4.48x 125.6 152.8 34.2 37.2 19.96x 16.40x 83.0 106.2 24.2 27.7 32.95x 25.87x S&P Issuer Ratings

23.91 12.85 -2.44 1.07 17.5% 14.9% 0.42 39.24 -

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 196.8 1.19x 52.4 4.46x 42.3 9.83x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M 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

Wirecard AG Holdings By:

All

Holder Name JUPITER ASSET MANAGE MB BETEILGUNGSGESELL ALKEN LUXEMBOURG SAR ARTISAN PARTNERS HOL AMERIPRISE FINANCIAL WASATCH ADVISORS INC MANNING & NAPIER ADV NORGES BANK T ROWE PRICE ASSOCIA COLUMBIA WANGER ASSE FIL LIMITED WILLIAM BLAIR & COMP JUPITER GLOBAL ACTIV LOMBARD ODIER DARIER MONTPENSIER FINANCE GAM INTERNATIONAL MA VANGUARD GROUP INC BLACKROCK COMGEST GROWTH PLC ALLIANZ ASSET MANAGE

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

Firm Name

Analyst

Bankhaus Lampe Berenberg Bank M.M. Warburg Investment Research Baader Bank Goldman Sachs Natixis Commerzbank Corporates & Markets Exane BNP Paribas Equita SIM SpA Independent Research GmbH Barclays Matelan Research GmbH Landesbank Baden-Wuerttemberg Hauck & Aufhaeuser Main First Bank AG EVA Dimensions Deutsche Bank

CHRISTOPH SCHLIENKAMP BJOERN LIPPE JOCHEN REICHERT KNUT WOLLER SIVA KRISHNA PRASAD BORRA MAXIME MALLET HEIKE PAULS ALEXANDRE FAURE GIANMARCO BONACINA LARS LUSEBRINK GERARDUS VOS ADRIAN HOPKINSON THOMAS HOFMANN SASCHA BERRESCH JUERGEN WAGNER ANDREW S ZAMFOTIS BENJAMIN KOHNKE

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

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

Amt Held 6'731'532 6'619'340 5'546'187 4'252'084 3'440'967 3'374'948 3'313'990 2'679'483 2'308'919 2'141'532 1'641'343 1'606'351 1'087'181 1'075'952 1'047'193 1'025'723 1'019'771 998'801 979'257 894'967

% Out 6 5.9 4.94 3.79 3.07 3.01 2.95 2.39 2.06 1.91 1.46 1.43 0.97 0.96 0.93 0.91 0.91 0.89 0.87 0.8

Weighting

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

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

Latest Chg (244'783) (204'710) (525'867) 962'113 34'434 101'353 (95'455) (25'571) 134'257 (102'980)

Target Price 26 28 23 26 38 27 24 21 28 25 25 29 24 20 26 #N/A N/A 16

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

File Dt 31.12.2012 31.12.2012 04.09.2013 13.03.2013 01.08.2013 14.05.2013 31.07.2013 31.12.2012 30.06.2013 31.07.2013 30.04.2013 30.06.2013 31.05.2013 31.08.2013 28.06.2013 31.07.2013 30.06.2013 23.09.2013 31.05.2013 31.08.2013

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

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

Date 18.09.2013 16.09.2013 12.09.2013 10.09.2013 04.09.2013 02.09.2013 29.08.2013 21.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 08.08.2013 13.05.2013 17.01.2013

27.09.2013

Wincor Nixdorf AG Wincor Nixdorf AG manufactures banking machines and cash registers. The Company's products include ATMs, cash deposit systems, and Automated Teller Safes.

Price/Volume 60

.7 M

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (04.10.2012) 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 WIN GY EQUITY YTD Change WIN GY EQUITY YTD % CHANGE

09/2012 06/yy 51.15 29.50 68'799.00 47.69 -6.76% 61.66% 84.06% 33.1 1'577.82 237.27 0.0 4.7 38.43 1'700.08

30.09.2008 2'318.6 0.65x 240.4 6.31x 126.6 10.44x

.3 M

.2 M

10 0 s-12

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

.4 M

Valuation Analysis

30.09.2009 30.09.2010 2'250.2 2'239.5 0.69x 0.73x 224.7 214.5 6.90x 7.63x 113.6 106.2 12.26x 14.24x Profitability

LTM-4Q 30.09.2011 2'328.2 0.51x 217.0 5.48x 107.1 9.71x

30.09.2012 2'343.0 0.48x 165.3 6.73x 62.6 14.55x

165.32 100.36 4.28% 3.83% 5.79% 24.11% 1.76% 20.9% 7.5% 5.0% 2.7% 1.02 0.57 16.91% 73.10% 6.58 5.71

Price/ Cash Flow

06/yy 2'288.0 1.97x 168.7 6.11x 71.9 11.84x

LTM 06/yy 2'480.1 1.93x 185.8 7.32x 81.4 15.11x

FY+1

.0 M s-13

0.96 29.78 50.73% 38.19% 0.965 21 3.190 79'804 83'088 93'676 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 2'465.7 2'563.9 626.7 678.0 0.71x 0.66x 196.3 229.1 76.7 57.0 8.66x 7.42x 7.16x 5.48x 85.6 107.8 26.8 31.3 16.26x 13.18x 13.30x 10.18x S&P Issuer Ratings

15.43 11.14 0.64 0.84 73.1% 41.9% 1.76 17.77 55.47 63.91 57.44 64.12

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

27.09.2013

Wincor Nixdorf AG Holdings By:

All

Holder Name WINCOR NIXDORF AG BLACKROCK WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP DEUTSCHE BANK AG VANGUARD GROUP INC ARTISAN PARTNERS HOL AMUNDI POLARIS CAPITAL MANA NORGES BANK CLASSIC FUND MGMT AG PEAR TREE ADVISORS I DWS INVESTMENTS ALLIANZ ASSET MANAGE ODDO ASSET MANAGEMEN INTERNATIONAL VALUE BARING FUND MANAGERS IG INVESTMENT MANAGE TREMBLANT CAPITAL LP MACKENZIE FINANCIAL

Firm Name Main First Bank AG Bankhaus Lampe Landesbank Baden-Wuerttemberg Commerzbank Corporates & Markets HSBC Matelan Research GmbH Goldman Sachs Deutsche Bank Nord/LB Hauck & Aufhaeuser Bankhaus Metzler Kepler Cheuvreux Equinet Institutional Services(ESN) DZ Bank AG UBS Wedbush Independent Research GmbH M.M. Warburg Investment Research Berenberg Bank National Bank AG EVA Dimensions

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

Analyst JUERGEN WAGNER HEIKO FEBER THOMAS HOFMANN YASMIN MOSCHITZ JOERG-ANDRE FINKE ADRIAN HOPKINSON BENJAMIN MOORE UWE SCHUPP WOLFGANG DONIE TORBEN TEICHLER STEPHAN BAUER STEFAN AUGUSTIN ADRIAN PEHL HARALD SCHNITZER SVEN WEIER GIL B LURIA SVEN DIERMEIER BJOERN VOSS ALI FARID KHWAJA EKKEHARD D LINK ANDREW S ZAMFOTIS

Source Co File ULT-AGG 13F Research ULT-AGG ULT-AGG Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG

Recommendation underperform hold hold hold overweight neutral neutral/neutral buy buy buy sell hold hold hold buy neutral hold hold sell buy underweight

Amt Held % Out 3'308'500 10 1'994'996 6.03 1'746'514 5.28 1'636'175 4.95 1'322'827 4 1'111'526 3.36 964'009 2.91 961'330 2.91 807'556 2.44 783'622 2.37 666'660 2.01 448'050 1.35 432'634 1.31 405'261 1.22 339'594 1.03 337'840 1.02 329'277 1 311'300 0.94 (267'988) -0.81 262'563 0.79

Weighting

Change 1 3 3 3 5 3 3 5 5 5 1 3 3 3 5 3 3 3 1 5 1

M M M M M M M M M M M M D U M M M D M M M

Latest Chg 4'777 (110'339) 7'892 30'000 3'100 2'500 (36'393) (59'700)

Target Price 42 49 52 38 60 47 49 54 54 53 40 49 49 46 52 50 47 47 30 49 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 23.09.2013 30.06.2013 01.08.2013 30.08.2013 30.06.2013 23.08.2013 24.04.2013 11.09.2013 31.12.2012 30.06.2013 30.06.2013 31.05.2013 31.05.2013 30.09.2012 31.03.2013 31.05.2013 30.04.2013 02.04.2013 30.06.2013

Date 12 month 12 month Not Provided 6 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor

Date 23.09.2013 18.09.2013 10.09.2013 29.08.2013 28.08.2013 15.08.2013 14.08.2013 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 25.07.2013 08.07.2013 25.04.2013 15.01.2013

27.09.2013

ElringKlinger AG ElringKlinger AG manufactures and distributes original equipment and replacement parts for automobiles. The Company makes cylinder-head gaskets, seals, modules, and elastomer gasket systems, and shielding systems. ElringKlinger offers engine testing services. The Company owns real estate properties such as industrial parks and warehouses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 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 ZIL2 GY EQUITY YTD Change ZIL2 GY EQUITY YTD % CHANGE

12/2012 06/yy 32.93 20.27 22'021.00 32.38 -1.67% 59.74% 95.70% 63.4 2'051.60 314.71 0.0 31.0 54.27 2'379.14

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

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 657.8 0.99x 138.8 4.71x 39.8 10.07x

31.12.2009 31.12.2010 579.3 795.7 1.97x 2.25x 135.6 199.8 8.42x 8.97x 33.2 65.6 27.93x 23.87x Profitability

LTM-4Q 31.12.2011 1'032.8 1.42x 227.5 6.45x 94.9 12.79x

31.12.2012 1'127.2 1.69x 215.5 8.85x 85.9 18.75x 215.47 136.09 12.07% 10.98% 6.64% 14.19% 0.88% 27.7% 18.3% 11.7% 7.6% 1.58 0.73 24.81% 51.65% 5.38 3.57

Price/ Cash Flow

06/yy 1'103.8 5.37x 233.9 6.40x 104.8 11.36x

LTM 06/yy 1'147.5 6.33x 210.3 9.25x 86.4 18.65x

FY+1

.0 M s-13

1.06 30.41 48.85% 29.12% 1.057 23 2.696 60'376 66'340 68'305 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'193.0 1'270.3 300.5 302.0 1.95x 1.80x 238.7 264.2 9.97x 9.01x 99.3 116.6 25.2 25.7 20.49x 17.51x S&P Issuer Ratings

16.03 8.36 1.40 1.69 51.7% 33.0% 0.88 2.03 67.90 102.30 26.94 133.56

Sales/Revenue/Turnover

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

ElringKlinger AG Holdings By:

All

Holder Name LECHLER FAMILY ALKEN LUXEMBOURG SAR AMERIPRISE FINANCIAL FIL LIMITED FMR LLC NEW YORK LIFE INVEST MARKETFIELD ASSET MA DEUTSCHE BANK AG THREADNEEDLE NORGES BANK DANSKE INVEST A/S WILLIAM BLAIR & COMP COLUMBIA WANGER ASSE SUN LIFE FINANCIAL I DANSKE INVEST MANAGE BESSEMER GROUP INCOR VANGUARD GROUP INC OPPENHEIMERFUNDS INC AVIVA PLC DWS INVESTMENTS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Steubing AG TOBIAS SCHMIDT Nord/LB FRANK SCHWOPE Commerzbank Corporates & Markets DANIEL SCHWARZ Main First Bank AG TOBIAS FAHRENHOLZ Hauck & Aufhaeuser PHILIPPE LORRAIN DZ Bank AG MICHAEL PUNZET Goldman Sachs STEPHAN PUETTER Macquarie CHRISTIAN BREITSPRECHER Landesbank Baden-Wuerttemberg FRANK BILLER Close Brothers Equity Markets RALF MARINONI Kepler Cheuvreux MICHAEL RAAB Exane BNP Paribas GERHARD ORGONAS Deutsche Bank TIM ROKOSSA Independent Research GmbH ZAFER RUZGAR Bankhaus Lampe CHRISTIAN LUDWIG M.M. Warburg Investment Research MARC-RENE TONN Bankhaus Metzler JUERGEN PIEPER Equinet Institutional Services(ESN) TIM SCHULDT Montega HENDRIK EMRICH EVA Dimensions CRAIG STERLING HSBC NIELS FEHRE Berenberg Bank BENJAMIN GLAESER LFG Kronos Investment Services GmbH THOMAS ANEY GSC Research MATTHIAS SCHRADE

Source Research Research Research ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold sell reduce outperform buy hold sell/attractive outperform hold buy reduce neutral hold sell hold hold sell reduce sell sell neutral hold hold buy

Amt Held 32'947'194 1'936'862 1'913'679 1'791'706 1'710'210 1'592'385 1'104'277 935'450 918'094 790'398 639'068 602'057 525'330 346'397 340'919 216'951 208'247 200'000 192'793 155'599

% Out 52 3.06 3.02 2.83 2.7 2.51 1.74 1.48 1.45 1.25 1.01 0.95 0.83 0.55 0.54 0.34 0.33 0.32 0.3 0.25

Weighting

Change 3 1 2 5 5 3 1 5 3 5 2 3 3 1 3 3 1 2 1 1 3 3 3 5

M M M M U M M M M M M M M D M M M M M D M M M M

Latest Chg (1'833) 5'287 533'277 34'500 57'477 22'189 (35'927) 3'330 8'173 1'570 8'256 17 2'802

Target Price 31 23 23 32 33 28 21 33 28 33 26 29 23 25 27 28 23 20 22 #N/A N/A 28 25 26 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.01.2013 13.09.2013 10.09.2013 09.10.2012 10.05.2013 31.07.2013 31.12.2012 31.07.2013 31.05.2013 31.12.2012 31.05.2013 30.06.2013 31.07.2013 31.07.2013 28.06.2013 30.04.2013 30.06.2013 30.06.2013 31.05.2013 31.05.2013

Date 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 16.09.2013 12.09.2013 10.09.2013 04.09.2013 16.08.2013 14.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 05.08.2013 23.07.2013 01.05.2013 11.03.2013 20.07.2012