Fundamental Equity Analysis - SPI Index - The Swiss Performance Index by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

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

October 2013

Q M S Advisors .

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

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

16106085

2122.536

1122

204

220

104.29

110.52

16.83

15.88

18.52

Euro Stoxx 50 Pr

EUR

3158377

6365.633

4792

801

824

238.83

308.32

23.93

21.47

18.53

22.39

NIKKEI 225

JPY

2916599

203.3979

198

6.21

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

3015991

12967.2

10009

1524

1652

541.28

803.88

32.14

24.98

21.64

22.99

SWISS MARKET INDEX

CHF

1163336

11728.46

4235

988

870

458.79

570.04

22.33

19.34

17.97

25.00

S&P/TSX COMPOSITE INDEX

CAD

1744959

17934.48

7389

1854

1972

729.81

806.77

17.03

15.40

23.99

S&P/ASX 200 INDEX

AUD

1427498

6733.708

2742

583

702

222.33

330.95

22.34

18.46

15.01

21.32

HANG SENG INDEX

HKD

1796370

3608.543

1672

375

393

278.26

270.64

1.38

1.48

1.41

2.97

MSCI EM

USD

7851308

1428.931

998

190

183

85.13

88.62

12.27

12.63

11.79

19.64

NESTLE SA-REG

CHF

234976

1121

3189

261.66

100504

103082

104731

109250

4.13

22.35

21.93

21.10

19.71

8.22

-3.23

16.08.2007

NOVARTIS AG-REG

CHF

210041

1013

2421

247.65

63336

64450

64474

66135

18679

18024

4.47

4.20

5.75

6.20

23.07

22.40

16.87

15.63

-3.61

7.04

-6.92

11.79

31.25

AA-

07.04.2008

Aa3

08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN

CHF

237754

241

863

255.34

50848

51823

52942

55191

21681

21936

15.41

14.79

16.81

18.02

20.86

20.53

18.35

17.11

7.80

1.57

9.41

2.99

47.30

17.09.2012

UBS AG-REG

CHF

81564

2464

3747

299

247.56

42193

43248

32461

33006

17355

0.59

-0.72

1.09

1.43

18.21

21.72

16.62

-8.55

-11.19

-12.38

-35.02

29.11.2011

21.06.2012

ABB LTD-REG

CHF

56549

911

2296

67.55

43961

45492

46207

48151

5916

6410

1726

1.34

1.36

1.62

1.84

22.38

21.42

18.86

16.55

3.96

3.76

-7.74

2.78

15.75

08.06.2010

CIE FINANCIERE RICHEMON-REG

CHF

60353

207

553

45.41

11343

12230

13411

3148

1794

4.03

4.09

4.47

5.01

23.33

23.74

21.35

19.03

16.16

15.35

20.13

16.27

31.02

CREDIT SUISSE GROUP AG-REG

CHF

52546

1207

1325

369

42817

42441

29838

30932

3.10

1.81

2.82

3.31

20.51

16.86

13.22

11.24

-11.47

-12.36

A-

02.07.2013

(P)A2

21.06.2012

SYNGENTA AG-REG

CHF

38091

128

46.10

15872

16011

16607

17650

3518

3418

25.44

21.64

23.54

27.55

23.61

21.22

21.70

18.54

7.87

3.49

10.02

11.45

23.85

15.06.2007

ZURICH INSURANCE GROUP AG

CHF

40274

147

52.85

78728

80096

66741

67974

29.60

26.69

30.35

32.36

12.71

12.69

11.17

10.48

36.85

7.05

SWISS RE AG

CHF

32522

170

343

45.16

37009

39675

37975

40175

12.36

16.39

11.04

9.47

6.68

7.19

9.92

11.57

21.38

8.14

SWATCH GROUP AG/THE-BR

CHF

34493

33.40

8713

9077

9730

10691

2509

2541

1642

33.10

34.04

35.76

40.21

21.59

21.61

20.55

18.28

17.05

9.09

24.38

10.43

31.29

HOLCIM LTD-REG

CHF

24455

440

325

39.67

24077

23286

23084

24027

4452

4326

1435

2.15

2.75

4.38

5.67

30.39

30.15

19.07

14.73

4.31

-5.09

0.73

-11.71

20.76

BBB

22.01.2009

Baa2

09.04.2009

TRANSOCEAN LTD

CHF

17545

203

27.90

10277

10460

10597

11513

3091

3915

1019

4.40

5.86

13.81

10.37

16.28

-5.41

92.28

-4.30

41.83

SGS SA-REG

CHF

18717

19.52

6234

6464

6730

7276

1256

1325

81.03

84.26

98.77

113.13

31.73

30.76

27.07

23.64

18.20

5.11

12.00

4.92

22.92

WEATHERFORD INTL LTD

CHF

12441

23.94

17004

17414

18000

19681

2732

2804

855

0.92

1.45

21.98

14.00

19.16

14.06

0.09

2.07

17.99

SWISSCOM AG-REG

CHF

26787

36.59

12722

12694

12749

12835

4590

4440

1223

37.71

35.57

35.00

35.64

16.25

16.32

16.51

16.21

-0.81

-1.45

-5.02

-0.22

39.09

30.06.2009

27.06.2007

GIVAUDAN-REG

CHF

13281

14.64

4757

4868

4884

5070

973

1064

50.12

58.86

66.81

71.85

27.31

27.51

24.06

22.37

9.76

1.63

17.17

-0.10

24.42

JULIUS BAER GROUP LTD

CHF

11125

124

214

2267

2519

2479

2948

2.38

1.27

2.62

3.23

43.60

32.06

21.23

17.18

-1.26

0.74

GEBERIT AG-REG

CHF

10599

10.26

2145

2171

2552

2670

606

616

169

11.49

11.84

12.62

13.43

26.48

24.84

23.34

3.11

-2.09

2.18

-3.37

31.72

A-

25.05.2010

ADECCO SA-REG

CHF

14256

185

13.24

22950

22120

21884

23106

925

877

2.24

2.09

3.19

4.02

32.71

21.40

17.01

-0.05

1.14

-13.21

-7.47

4.43

BBB

12.10.2011

Baa3

20.10.2009

ACTELION LTD-REG

CHF

9208

113

8.60

1925

1951

1976

2055

563

615

109

2.87

3.39

4.27

4.49

25.27

23.98

20.05

19.07

0.59

3.77

17.37

4.83

35.22

KUEHNE & NAGEL INTL AG-REG

CHF

15369

120

14.32

19133

19303

19471

20152

1035

1133

291

4.84

5.29

5.63

6.30

27.08

25.59

25.43

22.73

6.22

-0.09

-6.37

-2.16

6.56

SCHINDLER HOLDING-PART CERT

CHF

16796

116

14.74

9229

9541

9807

10477

1234

1251

6.74

5.49

5.99

7.33

29.11

29.23

26.66

21.81

5.75

-8.54

20.48

3.22

14.65

SONOVA HOLDING AG-REG

CHF

8833

8.65

2006

2158

2309

266

255

1.86

5.92

6.65

79.24

24.84

22.10

12.10

9.97

-39.00

-9.09

14.84

SIKA AG-BR

CHF

7527

7.89

5397

5503

5682

6157

636

669

146.69

160.33

145.74

168.30

20.92

23.02

19.93

6.68

1.64

21.42

-2.53

13.59

A-

02.05.2000

SWATCH GROUP AG/THE-REG

CHF

34493

33.40

8713

9077

9639

10432

2509

2541

2749

7.25

7.95

17.65

16.11

17.05

9.09

24.38

10.43

31.29

ARYZTA AG

CHF

6762

6.58

5033

5310

5500

644

4.03

1.54

4.46

4.87

43.49

43.56

14.98

13.74

7.86

7.51

22.26

14.30

SWISS LIFE HOLDING AG-REG

CHF

6507

4.36

21319

21663

20970

20923

19.80

7.11

25.19

24.31

31.87

9.54

9.00

9.33

11.54

2.45

BBB

03.05.2012

CLARIANT AG-REG

CHF

5672

279

280

7.94

6748

7266

6853

7143

863

839

225

1.06

0.87

1.15

1.37

21.91

17.73

16.62

13.95

9.37

-5.57

-1.43

-0.09

12.91

BBB-

14.03.2011

Ba1

03.03.2009

BALOISE HOLDING AG - REG

CHF

5940

4.72

10431

10679

9322

9624

10.15

11.03

11.27

11.79

12.04

12.36

11.78

11.26

23.86

2.77

LINDT & SPRUENGLI AG-REG

CHF

10728

10.03

2983

3094

3202

3424

511

545

437

1326.44

1382.51

1499.42

1665.21

40.74

37.56

33.82

8.12

-0.23

9.40

0.65

19.67

SWISS PRIME SITE-REG

CHF

4763

9.40

644

693

802

756

380

387

3.04

6.87

4.14

4.19

12.80

26.85

21.26

21.01

0.99

43.95

-4.90

19.82

62.42

PARTNERS GROUP HOLDING AG

CHF

6920

7.10

630

673

552

627

330

373

181

11.09

12.84

12.07

14.00

22.56

23.24

23.99

20.70

28.73

17.90

28.08

1.97

61.93

LONZA GROUP AG-REG

CHF

4628

7.44

4386

4141

4297

4523

715

3.93

2.78

5.39

6.63

35.12

35.04

18.13

14.73

51.19

7.57

21.44

-0.95

GALENICA AG-REG

CHF

5790

6.60

4032

4057

3947

4126

482

509

44.47

48.69

49.75

51.29

20.44

20.51

20.01

19.41

4.09

3.57

8.77

19.69

14.01

DUFRY AG-REG

CHF

4706

6.64

3524

3692

4056

4561

496

476

186

4.93

3.59

7.04

9.13

49.40

49.87

25.18

19.42

21.86

32.36

14.09

14.40

BB+

15.10.2012

LINDT & SPRUENGLI AG-PC

CHF

10728

10.03

2983

3094

3217

3448

511

545

438

147.52

162.56

32.51

29.50

8.12

-0.23

9.40

0.65

19.67

SULZER AG-REG

CHF

5257

5.46

4494

4470

4538

4767

617

572

335

10.04

9.03

8.17

10.47

18.99

19.08

20.98

16.37

13.86

2.51

16.28

2.83

14.30

PSP SWISS PROPERTY AG-REG

CHF

4044

6.18

317

316

307

312

196

239

3.94

8.53

4.02

3.99

11.55

26.16

24.50

24.72

-0.36

-27.02

6.43

84.63

SCHINDLER HOLDING AG-REG

CHF

16796

116

14.74

9229

9541

9807

10477

1234

1251

6.74

5.49

5.99

7.33

29.29

29.41

26.82

21.94

5.75

-8.54

20.48

3.22

14.65

GAM HOLDING AG

CHF

3378

199

165

1117

1257

757

793

0.57

1.14

1.40

1.48

19.12

19.50

15.54

14.68

25.72

HELVETIA HOLDING AG-REG

CHF

4110

3.64

8904

9182

9229

9585

42.60

44.94

45.06

46.87

11.81

11.78

11.33

7.02

12.09

FISCHER (GEORG)-REG

CHF

2809

3.30

4025

3992

4150

4342

401

403

41.57

34.31

44.20

51.03

22.31

18.17

17.32

15.00

2.90

-3.06

-4.19

-6.31

11.29

EMS-CHEMIE HOLDING AG-REG

CHF

8639

8.27

1962

2018

2111

2227

421

226

13.04

13.46

14.06

14.48

30.68

29.35

28.50

6.59

7.30

9.41

3.19

BARRY CALLEBAUT AG-REG

CHF

5610

6.73

5397

5302

5555

6886

493

51.81

50.78

47.93

55.36

22.49

22.59

23.83

20.63

9.26

-1.60

-4.14

0.33

BB+

28.03.2013

OC OERLIKON CORP AG-REG

CHF

4463

135

325

4.06

3248

2680

3255

3356

639

517

0.75

0.50

0.76

0.88

30.42

31.25

20.13

17.40

7.16

-7.53

17.91

-4.52

21.58

DKSH HOLDING LTD

CHF

5266

5.24

9873

11137

12149

358

199

3.17

3.55

3.61

4.01

25.76

28.86

25.37

22.82

22.75

18.90

4.06

PARGESA HOLDING SA-BR

CHF

6716

20.13

5493

5411

550

622

1586

1083

6.04

1.52

4.93

6.15

58.14

35.79

17.93

14.38

4.40

-2.28

61.52

0.95

22.38

FLUGHAFEN ZUERICH AG-REG

CHF

3431

4.64

1060

1074

1085

1102

437

441

585

17.33

4.51

27.88

36.46

138.31

22.40

17.13

5.36

2.38

-21.51

-1.09

45.86

20.04.2012

PANALPINA WELTTRANSPORT -REG

CHF

3546

3.19

7395

7529

8095

8458

123

-0.46

-0.40

3.84

5.23

43.40

31.91

2.01

-1.69

-92.48

-41.44

1.83

3.58

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

3.64

3.86

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

16106085

2122.536

1122

204

220

104.29

110.52

16.83

15.88

18.52

Euro Stoxx 50 Pr

EUR

3158377

6365.633

4792

801

824

238.83

308.32

23.93

21.47

18.53

22.39

NIKKEI 225

JPY

2916599

203.3979

198

6.21

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

3015991

12967.2

10009

1524

1652

541.28

803.88

32.14

24.98

21.64

22.99

SWISS MARKET INDEX

CHF

1163336

11728.46

4235

988

870

458.79

570.04

22.33

19.34

17.97

25.00

S&P/TSX COMPOSITE INDEX

CAD

1744959

17934.48

7389

1854

1972

729.81

806.77

17.03

15.40

23.99

S&P/ASX 200 INDEX

AUD

1427498

6733.708

2742

583

702

222.33

330.95

22.34

18.46

15.01

21.32

HANG SENG INDEX

HKD

1796370

3608.543

1672

375

393

278.26

270.64

1.38

1.48

1.41

2.97

MSCI EM

USD

7851308

1428.931

998

190

183

85.13

88.62

12.27

12.63

11.79

19.64

NOBEL BIOCARE HOLDING AG-REG

CHF

2123

123

1.66

649

641

637

662

113

104

0.41

0.36

0.44

0.51

43.53

38.88

35.63

30.42

2.22

-2.70

-4.12

-18.04

18.09

BUCHER INDUSTRIES AG-REG

CHF

2784

3.01

2916

2948

3013

3127

341

354

17.12

17.46

19.31

20.82

17.39

17.40

15.72

14.58

13.06

0.52

19.29

1.56

13.43

KABA HOLDING AG-REG B

CHF

1701

1.64

1078

1099

1136

168

175

24.16

24.70

26.48

29.14

20.18

20.62

18.82

17.10

1.98

-3.49

-2.69

-6.90

17.38

STRAUMANN HOLDING AG-REG

CHF

3020

2.88

767

759

762

784

107

110

2.64

3.36

7.95

8.94

64.01

64.05

27.09

24.08

-1.18

-3.27

-20.28

-19.01

16.24

TEMENOS GROUP AG-REG

CHF

1851

412

2.29

503

511

527

568

121

155

0.39

0.92

1.29

1.50

35.03

24.96

21.42

-5.49

2.78

24.47

7.32

33.81

BANQUE CANTONALE VAUDOIS-REG

CHF

4720

1477

1455

1114

1152

39.61

38.31

39.59

15.47

16.00

15.48

-2.52

-3.05

05.12.2011

18.05.2010

VALIANT HOLDING AG-REG

CHF

1498

689

694

432

417

6.07

7.77

6.70

7.23

13.64

15.59

15.82

14.67

0.40

-2.59

KUONI REISEN HLDG-REG(CAT B)

CHF

1662

1.45

6533

6532

6461

6681

191

244

-1.91

-1.87

26.93

33.23

17.25

13.98

16.05

5.39

2.81

-2.96

4.17

ALLREAL HOLDING AG-REG

CHF

2211

4.12

971

1022

311

323

193

192

214

7.27

6.58

8.21

8.88

23.55

20.84

18.88

17.45

4.94

49.20

-6.30

7.07

20.94

LOGITECH INTERNATIONAL-REG

CHF

1608

982

159

1.44

2347

2357

2280

2322

116

-0.17

-1.24

0.42

0.54

27.90

21.36

-10.44

2.42

-53.40

-28.86

5.51

LUZERNER KANTONALBANK AG-REG

CHF

3429

766

752

477

488

21.73

22.71

24.22

24.94

19.85

20.16

18.62

18.08

-5.28

-5.58

AA+

12.09.2008

MOBIMO HOLDING AG-REG

CHF

1320

2.50

282

255

138

135

8.17

14.06

9.91

9.55

16.89

28.32

23.95

24.85

10.86

5.18

3.55

7.30

40.52

TECAN GROUP AG-REG

CHF

1203

1.06

437

444

487

4.29

4.24

4.53

5.39

27.73

28.18

25.96

21.77

4.19

0.02

4.07

-2.93

18.27

BERNER KANTONALBANK AG-REG

CHF

2387

741

747

18.55

15.46

18.52

14.18

-4.28

-8.32

BELIMO HOLDING AG-REG

CHF

1605

1.52

497

518

538

583

103

111

116

112.58

119.68

127.34

140.27

24.37

22.90

20.79

7.69

3.99

13.81

6.38

23.86

BURCKHARDT COMPRESSION HOLDI

CHF

1394

1.22

410

494

541

18.57

18.93

22.51

24.66

24.20

20.35

12.83

3.87

10.09

-2.21

26.34

AMS AG

CHF

1555

1.24

433

416

436

492

132

107

6.77

4.68

5.14

6.76

20.77

21.70

18.94

14.40

45.37

18.39

76.75

21.18

28.85

FORBO HOLDING AG-REG

CHF

1784

1.53

1342

1330

1333

1354

231

64.21

69.01

50.68

55.70

12.84

17.48

15.91

-0.25

-9.19

5.27

-3.04

ST GALLER KANTONALBANK A-REG

CHF

2270

795

787

550

520

29.06

28.82

32.75

33.48

15.80

15.92

13.90

13.60

1.37

-6.25

Aa1

02.12.2003

GRAUBUENDNER KANTONALBANK-PC

CHF

3269

552

548

432

446

71.06

66.66

86.11

90.97

21.92

19.15

16.97

16.06

MEYER BURGER TECHNOLOGY AG

CHF

1089

169

1.03

721

478

322

520

-37

-107

-66

-2.17

-3.06

-1.91

-0.64

DAETWYLER HOLDING AG-BR

CHF

2109

2.16

1325

1354

1575

1684

178

241

6.73

7.39

8.41

10.13

18.77

16.49

VONTOBEL HOLDING AG-REG

CHF

2619

9.12

1011

1096

988

1051

248

257

2.26

2.45

2.75

3.17

18.40

18.64

16.40

EFG INTERNATIONAL AG

CHF

2196

147

1310

1249

806

816

0.89

1.05

1.06

1.18

15.93

20.00

15.85

BASILEA PHARMACEUTICA-REG

CHF

929

261

0.64

-53

-45

-6.18

-4.16

-4.48

-2.54

IMPLENIA AG-REG

CHF

1247

1.02

3013

3252

3291

3474

157

166

177

4.21

4.59

4.87

5.27

16.42

15.49

HUBER & SUHNER AG-REG

CHF

1087

0.94

780

862

831

874

101

1.25

2.20

2.44

3.00

27.32

24.60

ZUGER KANTONALBANK-BR

CHF

1514

365

358

237.40

236.96

24.77

SCHWEIZERISCHE NATL-V AG-REG

CHF

1019

0.50

1778

1764

1758

1816

5.23

5.06

5.17

5.48

10.21

10.20

9.99

GATEGROUP HOLDING AG

CHF

689

1.00

3344

3402

3423

3521

-2.49

-3.27

1.41

2.06

RIETER HOLDING AG-REG

CHF

976

0.91

993

1012

1098

1245

3.92

3.06

6.91

14.05

76.27

VALORA HOLDING AG-REG

CHF

842

1.17

3183

3211

3226

3270

149

170

21.44

18.31

17.89

19.80

BASELLANDS KANTONALBANK-CERT

CHF

2377

634

622

82.69

57.07

EMMI AG-REG

CHF

1537

2.16

3332

3586

3631

3712

279

290

22.17

19.33

20.66

BOSSARD HOLDING AG-BR

CHF

827

0.98

527

672

716

14.80

SCHWEITER TECHNOLOGIES AG-BR

CHF

984

0.63

753

709

749

781

30.35

U-BLOX AG

CHF

576

0.51

193

224

246

284

INFICON HOLDING AG-REG

CHF

752

0.76

332

317

341

361

SIEGFRIED HOLDING AG-REG

CHF

641

0.61

411

431

443

VZ HOLDING AG

CHF

1470

1.25

172

186

197

228

AFG ARBONIA-FORSTER HOLD-REG

CHF

648

0.93

1358

1316

1447

1449

123

BASLER KANTONALBK - PC

CHF

2712

1075

1034

8.16

7.79

INTERSHOP HOLDINGS AG-BR

CHF

770

1.37

100

102

105

27.04

METALL ZUG AG-SHS B-REG

CHF

1095

0.70

935

959

956

978

125

117

KUDELSKI SA-BR

CHF

745

0.90

943

946

978

1019

115

130

136

LEM HOLDING SA-REG

CHF

812

0.78

263

298

324

KOMAX HOLDING AG-REG

CHF

490

0.48

320

349

376

394

LIECHTENSTEIN LANDESBANK-BR

CHF

1229

653

704

508

420

ZEHNDER GROUP AG-BR

CHF

544

0.44

585

576

581

VETROPACK HOLDING AG-BR

CHF

839

0.79

675

680

685

-3.41

1.67

AA+

17.12.2010

-56.92

4.92

-25.06

13.68

14.40

3.38

-3.40

-3.75

14.19

1.78

0.20

4.39

-12.94

26.18

30.03.2009

14.14

9.74

424.04

-14.77

86.20

14.73

14.31

7.67

5.87

4.29

12.78

5.72

20.08

-8.90

2.42

-6.96

-3.75

-3.61

9.43

0.85

-4.53

23.05.2006

20.34

13.92

12.66

0.90

-67.76

1.70

BB-

11.06.2013

395.82

33.80

16.62

-12.53

-12.08

-60.80

-35.28

6.54

14.96

15.31

13.84

1.19

-0.85

13.95

6.36

5.91

21.45

14.69

-3.22

-6.01

AAA

21.11.2001

21.97

16.60

16.62

15.54

14.61

10.67

4.66

12.63

9.04

17.22

17.26

15.61

13.42

13.38

3.29

-2.83

-3.75

-0.43

13.78

25.55

27.95

34.34

29.82

31.54

27.26

22.19

-3.93

326.42

-4.59

34.51

12.38

3.04

3.61

4.28

5.17

28.27

28.62

23.84

19.72

43.40

25.80

27.35

33.56

19.96

17.34

18.71

20.78

23.62

23.88

21.90

19.71

-5.33

5.90

-5.68

8.65

7.39

8.15

10.67

13.60

23.15

23.90

17.67

13.87

13.51

6.46

36.25

-4.01

16.12

7.70

8.58

9.22

10.75

23.92

24.02

22.28

19.09

7.61

11.95

6.59

12.82

52.06

120

131

-3.17

-2.43

2.07

2.94

19.15

13.50

-4.38

-5.92

9.26

-7.25

10.22

12.43

14.41

3.12

-5.83

06.08.2013

29.64

24.49

26.55

13.82

15.32

16.73

15.43

-0.42

-3.12

4.89

3.26

68.25

155.51

281.01

154.47

176.51

9.68

17.60

15.40

-0.76

2.96

-25.09

-2.55

136

0.34

0.74

1.06

1.20

20.90

20.86

14.66

12.89

-3.81

-1.15

16.24

-7.23

15.33

32.04

32.06

41.45

45.52

24.81

19.20

17.48

-0.65

5.12

16.27

7.59

3.72

5.53

9.76

10.89

28.42

28.95

16.12

14.44

-25.16

6.30

-61.22

-15.32

12.75

3.71

1.82

3.67

3.92

24.48

12.16

11.37

5.85

-6.02

601

2.58

1.10

1.61

2.30

38.38

26.12

18.26

1.82

2.45

-19.79

0.20

9.30

708

130

142

227.97

147.23

147.65

159.29

15.54

15.50

14.36

2.84

-3.85

-10.61

-10.46

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

2.45

2.25

2.09

2.45

1.56

1.50

1.43

1.56

11.40

11.00

10.80

11.40

9.66

8.88

8.30

9.66

15.88

14.29

12.91

15.88

2.02

2.20

2.23

2.02

1869.5

6.5%

Euro Stoxx 50 Pr

1.36

1.29

1.22

1.36

0.87

0.85

0.82

0.87

6.82

6.29

5.80

6.82

7.73

7.36

6.96

7.73

13.47

12.09

10.83

13.47

3.78

3.97

4.32

3.78

3080.6

2.1%

NIKKEI 225

1.55

1.45

1.36

1.55

0.75

0.72

0.70

0.75

8.99

8.38

7.80

8.99

9.03

8.26

7.75

9.03

18.32

16.27

14.60

18.32

1.62

1.77

1.91

1.62

15324.7

6.2%

FTSE 100 INDEX

1.85

1.73

1.59

1.85

1.08

1.04

1.01

1.08

9.02

8.20

7.46

9.02

7.85

7.19

6.75

7.85

13.40

12.21

11.19

13.40

3.67

3.99

4.32

3.67

7099.2

6.5%

SWISS MARKET INDEX

2.57

2.38

2.23

2.57

2.16

2.08

1.98

2.16

13.76

12.31

10.97

13.76

13.48

12.50

11.67

13.48

16.08

14.59

13.24

16.08

3.08

3.42

3.87

3.08

8734.6

6.5%

S&P/TSX COMPOSITE INDEX

1.80

1.69

1.56

1.80

1.74

1.60

1.56

1.74

9.14

8.27

7.50

9.14

9.10

8.08

7.47

9.10

15.90

14.05

12.80

15.90

3.02

3.14

3.30

3.02

14370.5

8.5%

S&P/ASX 200 INDEX

1.97

1.88

1.78

1.97

1.88

1.76

1.69

1.88

11.40

10.38

9.73

11.40

9.60

8.78

8.21

9.60

15.59

14.14

13.10

15.59

4.40

4.70

5.08

4.40

5431.0

1.4%

HANG SENG INDEX

1.37

1.26

1.16

1.37

1.77

1.65

1.53

1.77

8.05

7.70

7.15

8.05

9.19

8.41

7.69

9.19

10.96

10.18

9.26

10.96

3.53

3.79

4.17

3.53

25454.2

10.7%

MSCI EM

1.52

1.39

1.27

1.52

1.05

0.98

0.92

1.05

7.66

6.99

6.45

7.66

NESTLE SA-REG

3.42

3.25

2.99

2.86

2.28

2.24

2.15

2.04

1.92

15.68

15.52

14.35

13.09

NOVARTIS AG-REG

2.67

2.59

2.46

2.38

2.12

3.72

3.64

3.55

3.43

3.35

13.02

13.00

12.32

11.10

ROCHE HOLDING AG-GENUSSCHEIN

13.00

10.14

8.06

6.70

5.29

4.70

4.50

4.31

4.15

4.03

15.88

13.77

12.73

11.75

UBS AG-REG

1.50

1.49

1.40

1.34

1.28

2.91

2.51

2.47

2.36

2.45

122.65

17.85

11.99

8.88

ABB LTD-REG

3.37

3.06

2.76

2.48

1.44

1.37

1.31

1.25

1.17

15.04

13.02

11.13

CIE FINANCIERE RICHEMON-REG

4.06

3.55

3.07

2.67

2.23

4.33

4.01

3.66

3.35

5.71

19.37

16.99

CREDIT SUISSE GROUP AG-REG

1.12

1.09

1.01

0.96

0.92

1.93

1.76

1.70

1.64

1.58

19.10

SYNGENTA AG-REG

4.51

3.94

3.59

3.21

2.67

2.56

2.41

2.28

2.14

15.41

ZURICH INSURANCE GROUP AG

1.19

1.21

1.16

1.10

1.09

0.65

0.67

0.66

0.65

0.58

SWISS RE AG

0.94

0.98

0.96

0.90

0.92

0.99

0.96

0.90

0.85

0.81

SWATCH GROUP AG/THE-BR

3.49

3.15

2.76

2.44

3.99

3.54

3.23

2.97

2.76

HOLCIM LTD-REG

1.25

1.24

1.16

1.07

1.01

1.06

1.02

0.95

TRANSOCEAN LTD

1.13

1.10

1.03

0.96

1.81

1.85

1.70

SGS SA-REG

7.81

7.28

6.50

5.76

3.03

2.78

WEATHERFORD INTL LTD

1.32

1.41

1.26

1.09

0.83

0.77

SWISSCOM AG-REG

4.80

4.67

4.29

3.95

2.12

GIVAUDAN-REG

3.23

3.25

3.16

3.07

2.82

JULIUS BAER GROUP LTD

1.89

2.02

1.93

1.79

GEBERIT AG-REG

6.87

5.98

5.47

5.07

ADECCO SA-REG

2.67

2.50

2.25

ACTELION LTD-REG

5.10

5.23

4.46

KUEHNE & NAGEL INTL AG-REG

5.68

5.44

SCHINDLER HOLDING-PART CERT

4.79

SONOVA HOLDING AG-REG

7.80

7.09

6.62

7.80

11.79

10.52

9.63

11.79

2.71

2.94

3.21

2.71

1151.4

10.2%

13.44

13.23

12.49

11.69

11.11

19.14

18.88

17.64

16.22

15.25

3.18

3.28

3.47

3.69

3.68

68.89

5.7%

10.94

13.02

13.14

12.54

11.82

11.52

14.82

15.09

13.99

12.88

12.24

3.15

3.22

3.37

3.63

3.86

74.88

7.8%

11.94

12.77

11.39

10.77

10.27

9.74

18.06

16.42

15.31

14.30

13.47

2.96

3.24

3.51

3.78

4.11

273.59

10.8%

18.69

19.44

14.87

11.80

9.76

0.69

1.32

3.06

6.11

6.18

19.77

4.0%

10.24

10.85

11.27

9.82

8.91

8.23

8.41

18.68

16.88

14.80

13.42

13.20

2.91

3.11

3.32

3.53

3.85

22.73

4.0%

14.81

13.21

27.47

14.58

13.27

11.86

10.74

10.35

21.50

19.11

17.03

15.28

14.66

0.82

1.25

1.46

1.67

1.97

101.25

7.7%

13.99

10.72

9.57

12.38

11.83

10.06

9.12

8.96

2.33

2.67

3.61

4.33

5.21

30.14

1.2%

16.60

14.03

12.86

18.49

19.42

16.59

14.91

14.00

2.28

2.64

2.91

3.15

3.38

397.79

8.7%

12.18

10.00

9.38

9.05

9.00

6.82

6.67

6.73

6.71

6.79

262.44

8.0%

8.60

8.88

10.35

9.53

9.05

4.33

5.84

5.41

5.35

79.70

1.5% 8.1%

12.94

13.40

11.72

10.74

9.94

9.23

11.86

9.86

9.14

22.16

20.39

15.97

14.06

19.21

13.97

12.16

10.76

9.68

9.27

21.40

18.39

16.36

14.68

13.57

1.16

1.31

1.49

1.68

1.99

636.37

0.87

7.11

6.87

6.01

5.22

4.00

8.49

8.44

7.39

6.58

5.67

19.53

17.06

13.18

10.56

8.14

1.62

1.99

2.50

3.14

3.74

72.16

7.9%

1.62

1.55

6.84

7.12

5.67

5.15

5.04

7.33

7.23

6.05

5.59

4.76

13.92

12.36

9.28

8.37

6.94

1.03

3.78

4.69

4.84

48.09

10.4%

2.57

2.37

2.18

18.28

16.73

14.51

13.09

12.47

15.04

13.51

11.93

10.78

10.17

26.10

24.23

21.15

18.75

17.17

2.95

2.94

3.06

3.25

0.71

0.65

7.93

6.76

5.01

4.36

7.80

7.33

6.01

5.38

25.44

19.66

12.52

9.40

0.00

2.10

2.09

2.07

2.10

6.78

6.34

6.29

2.72

2.62

2.49

2.39

16.92

14.69

13.84

12.71

5.70

4.49

3.77

3.43

3.44

22.13

19.77

14.33

12.34

4.34

4.15

3.97

3.78

19.31

17.44

16.48

15.69

15.31

16.96

15.92

15.04

14.11

1.80

0.50

0.53

0.50

0.47

0.43

16.19

16.17

13.44

11.48

12.27

13.27

13.13

10.89

3.70

3.02

4.77

4.66

4.48

4.27

4.47

19.98

15.50

14.17

12.87

13.02

15.01

13.59

5.04

4.68

4.25

0.80

0.79

0.76

0.71

0.67

19.30

17.38

15.64

14.40

13.50

14.27

4.89

4.20

3.63

1.80

1.71

1.60

1.50

1.43

18.40

18.97

15.06

13.39

4.97

4.24

3.69

3.26

4.35

4.09

3.83

3.57

3.41

30.38

19.30

17.76

15.48

SIKA AG-BR

3.49

3.11

2.82

2.54

1.40

1.32

1.22

1.14

1.06

16.00

13.62

12.11

10.92

SWATCH GROUP AG/THE-REG

3.00

2.81

2.43

3.98

3.58

3.31

ARYZTA AG

1.93

1.77

1.72

1.60

1.11

1.03

1.00

0.97

0.98

SWISS LIFE HOLDING AG-REG

0.60

0.65

0.62

0.59

0.33

0.31

0.30

0.29

CLARIANT AG-REG

1.54

1.60

1.52

1.39

0.69

0.83

0.79

0.76

0.70

BALOISE HOLDING AG - REG

1.15

1.05

1.00

0.98

0.58

0.64

0.62

0.54

LINDT & SPRUENGLI AG-REG

5.96

5.18

5.39

4.84

3.59

3.35

3.13

2.92

2.68

28.57

24.52

22.70

20.79

SWISS PRIME SITE-REG

1.08

1.04

1.03

10.09

5.94

6.30

6.36

9.13

20.33

15.58

16.53

17.06

PARTNERS GROUP HOLDING AG

9.79

7.27

6.31

5.68

14.58

12.55

11.04

9.70

8.55

23.26

94.69

20.21

LONZA GROUP AG-REG

1.68

1.72

1.60

1.47

1.07

1.08

1.02

0.98

0.93

6.60

7.26

GALENICA AG-REG

3.85

3.33

2.94

2.66

2.30

1.45

1.47

1.40

1.32

1.25

17.53

DUFRY AG-REG

3.26

3.04

2.70

2.36

2.29

1.32

1.16

1.03

0.94

0.86

11.72

LINDT & SPRUENGLI AG-PC

5.35

4.13

4.07

3.53

3.59

3.33

3.11

2.90

2.69

SULZER AG-REG

2.05

1.92

1.77

1.60

1.19

1.16

1.10

1.05

PSP SWISS PROPERTY AG-REG

1.01

0.95

0.93

0.92

13.43

13.17

12.98

SCHINDLER HOLDING AG-REG

4.82

4.92

4.23

3.66

1.80

1.71

GAM HOLDING AG

1.44

1.45

1.37

1.32

5.35

HELVETIA HOLDING AG-REG

1.02

0.99

0.94

0.88

FISCHER (GEORG)-REG

2.00

2.26

2.03

EMS-CHEMIE HOLDING AG-REG

6.82

6.70

6.33

BARRY CALLEBAUT AG-REG

3.44

2.74

OC OERLIKON CORP AG-REG

2.16

1.99

DKSH HOLDING LTD

4.21

PARGESA HOLDING SA-BR

0.77

FLUGHAFEN ZUERICH AG-REG PANALPINA WELTTRANSPORT -REG

0.90

5.02

0.60

9.22

12.30

7.51

7.69

7.57

7.48

7.32

13.79

14.77

14.51

14.24

14.38

4.75

4.77

4.85

4.97

5.13

448.00

-3.2%

15.16

13.61

12.79

12.00

11.68

23.79

21.53

20.02

18.35

16.82

2.01

3.25

3.60

4.01

4.31

1269.28

-1.4%

21.75

19.00

15.37

12.83

18.30

1.38

1.44

1.70

2.27

44.29

-0.4%

12.93

24.26

22.22

20.88

19.49

18.43

2.62

2.87

3.08

3.27

2.44

234.00

-6.7%

9.34

8.23

19.63

19.15

15.22

12.62

10.68

2.51

2.82

3.16

3.66

3.71

67.07

-0.5%

12.98

11.84

13.59

18.53

17.94

17.06

15.11

15.97

1.13

1.53

1.64

1.77

1.91

69.93

2.1%

13.14

12.10

11.29

10.46

24.24

22.75

20.34

18.73

17.03

3.20

3.38

3.66

4.03

4.49

116.28

1.5%

11.64

12.25

11.16

10.04

8.94

21.70

23.85

19.50

17.47

16.34

1.75

1.63

1.95

2.19

134.22

4.9%

21.99

15.65

14.03

12.66

11.32

26.14

22.22

19.78

17.67

16.41

1.14

1.51

1.70

1.93

1.99

116.00

-1.4%

12.49

11.06

9.95

9.01

8.38

23.59

20.60

17.84

15.62

14.36

1.79

2.11

2.36

2.62

14.20

12.15

11.11

18.74

15.79

14.42

1.27

1.46

1.66

10.31

9.67

8.86

15.06

13.40

12.29

11.11

12.25

1.01

1.11

1.23

1.35

10.04

8.05

8.34

7.95

6.92

2.52

2.62

2.76

3.02

3.86

9.59

-4.2%

129.20

26.0%

70.14

6.4%

187.38

3.2%

16.25

14.87

12.48

10.64

10.33

1.87

2.30

2.65

3.09

2.62

16.52

8.0%

7.17

6.09

5.71

5.40

11.79

10.54

10.08

9.83

8.79

4.43

4.61

4.72

4.77

4.70

104.85

-1.4%

19.32

17.55

16.11

14.81

13.40

36.28

33.61

30.26

27.27

1.27

1.42

1.58

1.75

39095.00

-13.3%

22.17

23.32

22.42

21.98

22.42

19.46

19.03

18.80

18.19

5.11

68.00

-3.5%

14.33

24.01

20.81

18.13

15.86

14.34

23.97

21.48

18.52

16.20

2.56

3.02

3.42

3.89

6.41

5.63

10.14

9.96

8.82

8.10

7.25

18.81

16.22

13.18

11.62

10.44

2.63

2.75

2.99

3.34

14.15

13.74

12.54

11.13

14.13

12.78

12.44

11.42

9.91

21.41

17.90

17.37

16.08

12.68

1.19

1.60

1.70

1.87

13.59

11.59

9.32

8.26

12.38

11.68

9.92

8.78

8.20

16.49

22.53

17.37

14.00

13.92

0.00

0.02

0.29

25.08

28.97

24.85

18.25

19.49

17.63

16.13

14.89

13.44

31.99

29.09

26.40

24.26

20.10

1.46

1.70

1.86

0.93

10.31

12.80

11.21

10.02

8.93

9.83

8.36

7.58

6.32

14.92

18.77

14.65

12.82

10.56

2.25

2.19

12.72

11.84

22.54

22.29

22.49

22.52

24.42

23.55

23.50

22.97

21.78

22.37

21.92

22.12

21.88

20.51

3.88

1.60

1.50

1.43

18.53

19.09

15.17

13.47

11.64

12.25

11.16

10.04

8.94

21.85

24.00

19.63

17.58

16.46

4.46

4.26

3.90

3.80

19.61

13.22

12.64

11.48

20.15

13.90

13.14

0.50

0.45

0.43

0.40

11.03

10.54

1.84

0.69

0.68

0.65

0.63

0.59

8.03

8.05

8.30

7.54

8.24

7.90

7.20

6.79

6.36

16.90

6.26

4.40

4.09

3.88

3.67

3.39

28.61

20.77

20.01

19.13

20.26

18.02

17.14

15.95

14.23

30.13

2.56

2.32

1.06

1.01

0.81

0.77

0.71

15.04

14.28

14.54

12.77

13.94

13.91

11.40

10.20

9.18

1.83

1.69

1.41

1.37

1.33

1.29

1.26

9.21

10.84

9.86

9.22

9.01

6.96

7.50

6.75

6.36

6.32

3.55

3.18

2.84

0.55

0.47

0.43

0.40

0.38

23.61

19.12

17.04

15.29

16.97

14.59

13.11

11.58

10.36

9.05

0.79

0.75

1.88

12.23

19.64

11.25

17.56

25.92

13.68

10.58

46.57

51.79

36.86

34.20

1.66

1.58

1.45

1.37

3.25

3.16

3.11

3.00

9.87

8.63

7.15

6.65

8.21

7.96

7.94

7.57

3.81

4.05

3.71

3.32

0.48

0.44

0.42

0.40

55.90

27.85

18.72

15.13

20.69

17.07

13.79

11.12

0.40

8.49

8.31

2572.67

6.77

2.91

6.39

11.1%

6.95

2.43

7.38

6.50

5.6%

16.11

7.67

0.84

9.49

7.72

18.71

2261.57

8.57

0.91

10.27

8.69

13.04

2.89

18.06

24.20

13.12

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

8.76

18.06

5.11

241.00

3.9%

3.90

72.90

-6.8%

2.46

737.33

-7.5%

149.00

5.0%

2.01

3948.33

2.8%

2.44

2.69

141.83

3.3%

4.11

4.19

4.25

86.41

9.5%

1.82

1.94

2.08

2.28

140.00

8.8%

11.52

2.87

3.57

4.08

4.87

18.96

8.6%

10.13

9.69

3.99

4.12

4.28

4.51

422.80

-0.5%

15.50

13.43

12.44

11.19

1.94

2.42

2.67

2.93

26.26

25.50

23.89

20.98

2.28

3.01

3.21

3.63

19.26

21.32

18.46

15.75

13.54

1.56

1.66

1.83

2.02

2.54

878.00

-4.0%

18.18

18.01

15.57

14.34

14.76

1.91

2.29

2.41

2.64

2.86

13.80

12.7%

26.58

22.70

20.42

18.34

16.36

1.15

1.39

1.63

1.69

1.96

80.91

10.4%

45.65

16.04

12.86

11.15

3.22

3.78

3.96

4.22

70.10

-0.9%

17.29

20.04

15.33

14.09

1.77

1.96

2.29

2.52

505.44

1.1%

45.14

38.84

28.55

21.72

0.97

1.43

1.55

1.86

120.37

-9.9%

15.09

4.27

2.94

2.10

611.00

-0.3%

270.00

-18.3%

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

2.45

2.25

2.09

2.45

1.56

1.50

1.43

1.56

11.40

11.00

10.80

11.40

9.66

8.88

8.30

9.66

15.88

14.29

12.91

15.88

2.02

2.20

2.23

2.02

1869.5

6.5%

Euro Stoxx 50 Pr

1.36

1.29

1.22

1.36

0.87

0.85

0.82

0.87

6.82

6.29

5.80

6.82

7.73

7.36

6.96

7.73

13.47

12.09

10.83

13.47

3.78

3.97

4.32

3.78

3080.6

2.1%

NIKKEI 225

1.55

1.45

1.36

1.55

0.75

0.72

0.70

0.75

8.99

8.38

7.80

8.99

9.03

8.26

7.75

9.03

18.32

16.27

14.60

18.32

1.62

1.77

1.91

1.62

15324.7

6.2%

FTSE 100 INDEX

1.85

1.73

1.59

1.85

1.08

1.04

1.01

1.08

9.02

8.20

7.46

9.02

7.85

7.19

6.75

7.85

13.40

12.21

11.19

13.40

3.67

3.99

4.32

3.67

7099.2

6.5%

SWISS MARKET INDEX

2.57

2.38

2.23

2.57

2.16

2.08

1.98

2.16

13.76

12.31

10.97

13.76

13.48

12.50

11.67

13.48

16.08

14.59

13.24

16.08

3.08

3.42

3.87

3.08

8734.6

6.5%

S&P/TSX COMPOSITE INDEX

1.80

1.69

1.56

1.80

1.74

1.60

1.56

1.74

9.14

8.27

7.50

9.14

9.10

8.08

7.47

9.10

15.90

14.05

12.80

15.90

3.02

3.14

3.30

3.02

14370.5

8.5%

S&P/ASX 200 INDEX

1.97

1.88

1.78

1.97

1.88

1.76

1.69

1.88

11.40

10.38

9.73

11.40

9.60

8.78

8.21

9.60

15.59

14.14

13.10

15.59

4.40

4.70

5.08

4.40

5431.0

1.4%

HANG SENG INDEX

1.37

1.26

1.16

1.37

1.77

1.65

1.53

1.77

8.05

7.70

7.15

8.05

9.19

8.41

7.69

9.19

10.96

10.18

9.26

10.96

3.53

3.79

4.17

3.53

25454.2

10.7%

MSCI EM

1.52

1.39

1.27

1.52

1.05

0.98

0.92

1.05

7.66

6.99

6.45

7.66

7.80

7.09

6.62

7.80

11.79

10.52

9.63

11.79

2.71

2.94

3.21

2.71

1151.4

10.2%

NOBEL BIOCARE HOLDING AG-REG

5.08

4.39

3.98

3.60

2.67

2.71

2.61

2.48

2.32

19.42

22.83

17.36

15.84

11.33

14.75

15.38

13.56

12.34

12.27

35.11

31.88

27.22

23.17

16.98

1.18

1.40

1.68

1.85

2.39

11.57

-24.6%

BUCHER INDUSTRIES AG-REG

2.65

2.36

2.09

1.86

0.96

0.92

0.89

0.85

0.87

10.62

9.73

8.80

8.33

7.91

KABA HOLDING AG-REG B

2.56

2.34

2.15

1.98

1.59

1.55

1.50

1.43

1.37

13.23

11.45

10.83

8.64

STRAUMANN HOLDING AG-REG

4.07

3.99

3.64

3.29

3.89

3.97

3.85

3.33

2.98

25.87

20.00

17.26

15.32

TEMENOS GROUP AG-REG

4.72

4.30

3.74

3.24

4.17

3.92

3.64

3.35

3.07

23.50

17.04

16.53

14.01

BANQUE CANTONALE VAUDOIS-REG

1.21

1.26

1.25

4.18

4.24

4.10

3.95

3.72

10.85

11.02

10.94

VALIANT HOLDING AG-REG

0.70

0.67

0.63

0.60

3.47

3.59

3.47

3.17

8.91

10.40

KUONI REISEN HLDG-REG(CAT B)

1.83

1.85

1.69

1.54

0.32

0.26

0.31

0.30

0.29

ALLREAL HOLDING AG-REG

1.04

1.00

0.98

0.96

8.08

7.12

6.84

6.78

LOGITECH INTERNATIONAL-REG

1.89

1.95

1.84

1.70

0.76

0.79

0.77

0.76

LUZERNER KANTONALBANK AG-REG

1.45

1.39

1.33

1.28

7.20

7.19

7.02

6.86

MOBIMO HOLDING AG-REG

0.98

0.96

0.95

9.60

9.55

9.76

9.13

9.38

TECAN GROUP AG-REG

3.45

3.12

2.82

2.49

2.73

2.71

2.47

2.20

1.96

BELIMO HOLDING AG-REG

5.56

4.90

4.39

3.94

3.23

2.98

2.75

2.54

2.32

BURCKHARDT COMPRESSION HOLDI

3.72

3.27

3.03

2.87

3.24

2.82

2.57

2.43

AMS AG

2.47

2.33

2.03

1.76

2.90

2.57

2.37

FORBO HOLDING AG-REG

1.83

1.67

1.57

1.49

1.35

1.34

1.32

1.29

ST GALLER KANTONALBANK A-REG

1.05

1.02

0.98

0.94

4.23

4.12

4.36

4.26

GRAUBUENDNER KANTONALBANK-PC

1.39

1.28

1.22

7.58

7.56

7.33

MEYER BURGER TECHNOLOGY AG

1.04

1.60

1.73

1.71

1.60

3.38

2.09

1.53

DAETWYLER HOLDING AG-BR

2.56

2.73

2.37

2.08

2.78

1.34

2.55

2.40

VONTOBEL HOLDING AG-REG

1.46

1.43

1.36

1.31

3.02

2.65

2.49

2.33

2.23

EFG INTERNATIONAL AG

1.68

1.54

1.40

1.33

2.47

2.73

2.69

2.43

2.30

BASILEA PHARMACEUTICA-REG

1.95

14.20

13.21

4.48

14.69

20.90

12.24

6.82

4.89

IMPLENIA AG-REG

2.09

1.90

1.72

1.59

0.42

0.38

0.36

8.22

6.92

6.82

6.38

6.32

5.73

5.40

5.24

16.36

13.86

12.80

HUBER & SUHNER AG-REG

1.62

1.55

1.47

1.40

1.31

1.24

1.19

19.45

10.22

10.78

10.20

12.75

9.35

8.25

7.75

40.63

22.02

17.97

SCHWEIZERISCHE NATL-V AG-REG

1.05

0.99

0.93

0.89

0.56

0.58

0.56

0.57

8.73

8.94

GATEGROUP HOLDING AG

1.31

2.27

1.97

1.73

0.21

0.20

0.19

5.54

5.30

4.93

4.60

5.35

5.40

4.89

4.54

15.56

18.20

RIETER HOLDING AG-REG

2.33

2.26

2.02

1.83

1.00

0.89

0.78

0.77

0.75

13.88

14.86

10.59

8.75

12.42

10.08

6.29

5.59

5.35

50.68

30.24

14.87

12.87

VALORA HOLDING AG-REG

1.33

1.28

1.25

1.20

0.26

0.25

0.26

7.34

6.23

5.98

5.47

6.02

9.23

7.43

7.03

6.53

6.35

13.33

13.70

12.38

10.54

EMMI AG-REG

1.41

1.29

1.19

1.12

0.46

0.42

0.41

5.93

6.19

5.89

5.69

7.66

7.37

7.11

6.91

14.32

13.90

13.08

12.29

BOSSARD HOLDING AG-BR

4.34

4.23

3.47

2.85

2.59

1.23

1.94

1.82

1.07

12.02

11.12

10.47

9.88

10.28

14.88

10.76

10.19

9.67

15.28

12.01

11.98

11.29

SCHWEITER TECHNOLOGIES AG-BR

1.33

1.35

1.37

1.41

1.22

1.31

1.26

1.21

10.44

12.72

12.29

12.06

7.09

7.98

7.09

6.49

15.90

24.39

19.85

U-BLOX AG

3.53

3.06

2.70

2.38

3.06

2.34

2.02

1.80

33.35

16.78

14.13

12.85

14.44

10.34

8.94

7.91

31.63

21.33

17.65

INFICON HOLDING AG-REG

3.73

4.08

3.99

4.03

2.54

2.46

2.33

2.24

14.07

15.82

13.51

12.21

12.26

11.47

10.47

9.90

19.66

19.59

SIEGFRIED HOLDING AG-REG

1.53

1.67

1.64

1.50

1.59

1.49

1.45

1.38

14.55

11.08

8.99

7.36

12.80

9.53

7.28

6.20

27.50

VZ HOLDING AG

5.67

4.89

4.00

3.43

8.89

7.45

6.45

5.66

4.47

24.07

18.89

16.39

14.46

17.05

13.46

11.61

10.03

7.18

AFG ARBONIA-FORSTER HOLD-REG

1.37

1.29

1.17

1.09

0.45

0.43

6.07

6.01

5.26

4.87

7.87

7.10

6.33

5.74

5.31

INTERSHOP HOLDINGS AG-BR

1.27

1.22

1.20

1.19

7.82

7.77

7.31

7.70

14.73

14.66

13.78

14.79

16.98

16.92

15.71

16.71

METALL ZUG AG-SHS B-REG

1.28

1.35

1.27

1.18

5.61

1.12

6.06

6.00

5.48

KUDELSKI SA-BR

1.55

1.43

1.30

1.36

1.35

1.30

0.72

6.48

6.74

6.16

5.55

8.61

6.61

6.15

LEM HOLDING SA-REG

8.64

8.97

3.03

2.72

2.50

4.00

17.31

16.14

14.40

101.76

12.97

11.37

KOMAX HOLDING AG-REG

1.71

1.61

1.48

1.37

1.53

1.30

1.25

1.22

15.34

10.06

9.97

8.82

16.62

7.98

0.64

0.62

0.59

2.42

2.92

2.81

11.19

7.76

6.42

6.50

9.05

7.18

6.21

6.43

7.87

7.37

6.10

6.40

6.14

5.52

5.10

6.00

5.59

5.20

4.81

1.59

9.01

8.15

7.66

7.28

6.93

15.92

14.06

13.04

12.20

11.24

1.91

2.24

2.42

2.55

2.96

249.22

2.6%

10.09

9.35

8.64

7.89

7.23

19.08

16.84

15.30

13.63

11.83

2.42

2.64

2.83

3.33

3.63

388.33

-2.7%

19.78

17.05

15.13

12.04

10.36

32.69

24.24

21.55

18.20

15.72

1.70

2.00

2.17

2.40

2.00

161.88

-6.1%

17.36

14.52

12.72

11.27

10.24

30.67

22.33

19.17

16.36

13.89

0.00

1.35

1.48

1.63

2.41

24.30

5.7%

10.56

13.97

14.32

13.85

12.93

6.52

6.69

6.86

7.03

506.00

3.1%

10.03

11.66

14.15

13.11

12.18

3.77

3.78

3.94

100.00

17.9%

396.36

6.5%

12.21

8.93

8.92

7.09

6.32

7.20

5.85

5.47

5.00

16.23

15.44

12.51

11.32

1.03

1.02

1.84

2.13

17.64

14.20

16.03

15.85

22.15

19.28

18.11

17.56

16.89

15.62

14.54

4.41

4.43

4.81

4.79

135.00

8.8%

13.92

15.05

12.17

10.59

12.14

10.53

8.75

8.16

43.40

24.96

19.11

16.01

4.61

2.37

2.57

2.66

7.04

-15.3%

16.47

15.97

15.15

14.68

16.72

16.66

16.17

15.65

3.05

3.32

19.57

22.00

21.88

21.53

22.05

23.24

25.62

24.90

24.10

23.41

23.85

21.43

22.24

22.91

22.05

4.73

206.67

8.7%

27.06

14.61

12.84

12.36

15.05

14.11

12.49

10.26

8.75

23.05

23.23

19.48

15.51

12.36

1.38

1.57

1.80

2.15

2.31

103.50

10.0%

18.69

16.01

14.61

13.64

14.92

13.15

12.01

10.90

9.58

23.40

20.49

18.60

17.10

2.41

2.87

3.15

3.49

3.85

2305.00

-1.3%

16.21

16.17

14.82

14.40

12.86

12.76

10.87

9.56

9.71

21.96

21.66

18.21

16.31

2.37

2.83

3.41

3.98

347.00

-5.4%

2.23

9.50

12.50

10.02

9.23

8.96

11.08

8.81

8.00

8.80

12.19

16.95

12.88

10.99

1.49

1.70

1.94

2.31

97.43

1.6%

1.28

10.44

9.50

8.71

8.05

8.23

8.63

8.17

7.87

7.62

17.21

15.64

14.23

13.17

1.71

2.41

2.52

2.21

730.00

2.9%

12.07

11.16

11.31

11.09

13.06

12.44

12.17

11.92

4.12

4.30

4.80

380.00

4.3%

1.63

1.67

1.59

15.29

15.18

14.37

3.25

3.59

385.00

27.24

8114.75

192.50

0.00

8.52

-26.2%

12.49

10.44

7.93

7.60

9.92

16.07

14.75

12.24

11.07

2.10

2.31

2.79

3.10

125.00

12.6%

13.71

11.14

10.07

9.35

17.78

14.67

12.69

11.46

3.24

3.76

4.00

4.54

35.28

-2.1%

13.27

11.65

9.85

16.46

14.18

12.65

10.55

9.93

0.86

1.80

2.47

3.53

13.73

2.5%

361.04

13.33

0.00

86.00

-0.8%

12.01

2.02

2.48

2.65

2.90

65.00

7.6%

16.43

1.14

1.72

2.15

2.30

55.00

14.2%

8.44

7.35

4.53

4.64

4.91

5.26

46.80

13.2%

12.46

11.51

1.96

1.06

1.94

2.44

22.00

-4.3%

12.64

1.24

1.23

2.10

2.46

200.63

7.3%

10.15

4.66

5.83

6.20

7.01

194.67

-11.2%

1.40

1.48

1.58

1.62

2.62

3.06

3.33

3.45

16.94

6.56

5.33

4.55

15.10

1.14

1.38

1.53

17.64

16.59

4.65

5.20

15.81

12.41

12.56

0.66

25.65

19.94

17.09

14.80

34.83

17.13

12.08

9.63

15.61

14.97

13.80

14.82

20.10

15.75

13.78

5.92

16.38

13.12

11.53

10.21

17.18

19.36

17.18

7.74

7.35

28.69

0.73

6.47

4.40

8.71

2.75

BERNER KANTONALBANK AG-REG

4.66

8.96

59.02

12.00

7.88

7.18

6.27

116.17

9.09

15.24

11.38

2.26

ZUGER KANTONALBANK-BR

7.75

BASELLANDS KANTONALBANK-CERT

8.65

278.33

8.3%

174.67

-5.6%

5.46

625.00

2.5%

1.68

84.00

2.8%

5.43

5.58

316.25

7.8%

1.56

2.10

2.32

150.00

-0.7%

1.54

1.89

2.19

2.43

0.00

1.64

2.25

2.86

5.95

6.10

2.53

10.78

0.90

1.33

1.55

1.69

15.64

26.68

4.35

5.41

5.86

14.42

12.92

11.90

1.64

2.15

10.88

10.17

8.02

12.29

23.37

16.34

12.78

14.52

13.87

12.85

11.44

11.14

8.96

3.59

153.00

-6.9%

35.00

10.1%

2400.00

10.2%

12.38

-0.2%

2.94

646.00

1.4%

2.69

2.85

138.00

9.6%

4.20

4.76

5.88

2.69

1.79

2.04

2.49

37.00

-10.7%

2.51

1.88

2.02

2.26

1925.00

5.1%

3.55

BASLER KANTONALBK - PC

LIECHTENSTEIN LANDESBANK-BR

1.18

ZEHNDER GROUP AG-BR

1.59

1.55

1.45

1.34

0.76

1.23

1.17

VETROPACK HOLDING AG-BR

1.18

1.12

1.05

0.99

3.38

3.33

1.18

1.16

0.68

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

5.68

7.58

2.73

FUNDAMENTAL SCORING Pitroski F Score

Altman Z Score

Positive Long Shares Inc. Price to Positive Quality Inc. Operati Increasi Term Current Out Asset Pitroski Currency Book Net of Gross ng Cash ng ROA Debt vs. ratio Same or Turnove F Score Ratio Income Earnings Margin Flow Assets Dec. r

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc Market Cap (Loss)

Ratio Analysis

Total Liabilities

Net Sales (T12M)

Total Shareholders Equity

Altman Z Score

Altman Z Score Bankruptcy flag

Price To Price to Price to Price to Price to PE < 40 Sales < Book < Cash Sales Book 10 10 Flow

GROWTH & VALUE CHECKLIST Price to Cash Flow < 10

Dividend Yield

Div Yield > 7%

Final Score

PEG < 0.75

PE < 20

EPS Relative Growth > Strength > 15% 0

ROCE > 12%

Market Market < Cap > 20m 1000m

FINAL SCORE

NESTLE SA-REG

CHF

3.1

80337

-3934

60685

13388

190064

62987

89931

62664

4.66

1.00

18.6

3.439597

NOVARTIS AG-REG

CHF

2.2

62795

3953

68092

11794

152316

54997

56673

69219

5.21

1.00

16.0

3.988912

ROCHE HOLDING AG-GENUSSCHEIN

CHF

11.0

53111

11162

14334

16979

158712

48077

45499

16728

5.56

1.00

16.4

3.994565

UBS AG-REG

CHF

1.2

1252770

11614

1612

53475

1208983

37754

50249

1.051156

ABB LTD-REG

CHF

2.8

35343

9028

15215

4112

47151

31624

39336

17446

3.71

1.00

17.4

3.311147

CIE FINANCIERE RICHEMON-REG

CHF

3.3

14106

7097

9882

2434

33871

4282

10150

10215

7.62

1.00

16.7

1.311397

CREDIT SUISSE GROUP AG-REG

CHF

0.8

915648

11809

1573

28800

881996

38313

42284

27.1

3.369272

SYNGENTA AG-REG

CHF

4.2

15900

4537

5302

2550

36836

10645

14202

8756

3.87

1.00

19.7

2.58509

ZURICH INSURANCE GROUP AG

CHF

1.1

399712

26311

5872

39176

372405

70446

36862

10.1

6.824427

SWISS RE AG

CHF

0.7

211693

25144

5751

24770

181759

33116

34026

6.1

3.809939

SWATCH GROUP AG/THE-BR

CHF

2.7

10607

6623

9200

1984

24909

1878

7796

9344

11.25

1.00

15.6

1.463573

HOLCIM LTD-REG

CHF

1.3

33173

-36

7722

1816

21766

21593

21544

19838

1.74

1.00

34.8

1.718984

TRANSOCEAN LTD

CHF

31268

3184

3094

1685

18525

9196

15730

1.53

1.00

SGS SA-REG

CHF

7.5

3749

1298

2052

843

15463

2876

5578

2118

6.73

1.00

27.8

2.862784

WEATHERFORD INTL LTD

CHF

18158

3319

3337

1163

13977

15215

8818

1.98

1.00

SWISSCOM AG-REG

CHF

4.9

12363

-360

3944

2157

20399

15938

11384

4156

2.56

1.00

11.6

5.586592

GIVAUDAN-REG

CHF

2.4

3895

1210

3588

608

8768

2670

4257

3680

5.27

1.00

21.3

3.738318

JULIUS BAER GROUP LTD

CHF

1.4

53232

4867

374

6922

49994

2029

4874

22.0

1.855861

GEBERIT AG-REG

CHF

5.3

1369

487

1427

462

7570

576

1920

1431

13.72

1.00

19.6

1.886792

ADECCO SA-REG

CHF

2.0

5527

1032

1962

673

7347

5915

20536

3699

5.88

1.00

19.9

ACTELION LTD-REG

CHF

3.2

2450

1171

512

421

4916

1176

1722

1519

5.38

1.00

16.7

1.837813

KUEHNE & NAGEL INTL AG-REG

CHF

5.5

5444

831

1727

706

13171

3854

17120

2425

6.47

1.00

27.1

3.181818

SCHINDLER HOLDING-PART CERT

CHF

5.5

7018

1842

2768

985

15265

5009

8258

2813

4.34

1.00

21.8

1.666667

SONOVA HOLDING AG-REG

CHF

4.8

1481

615

1604

157

7646

1046

1795

1635

7.96

1.00

68.6

1.404741

SIKA AG-BR

CHF

2.7

3520

1454

1788

429

5360

2255

4829

2007

4.72

1.00

16.1

2.417062

SWATCH GROUP AG/THE-REG

CHF

10607

6623

9200

1984

1878

7796

9344

11.25

1.00

ARYZTA AG

CHF

1.5

2926

201

1888

363

4089

3070

4504

2761

3.87

1.00

12.8

1.432119

SWISS LIFE HOLDING AG-REG

CHF

0.4

162112

8582

951

3876

153114

19076

10286

42.1

3.706755

CLARIANT AG-REG

CHF

1.2

7941

1726

213

456

3454

6485

6038

3040

2.20

1.00

17.6

BALOISE HOLDING AG - REG

CHF

0.8

73198

4608

539

3685

68654

9333

4873

8.4

5.732484

LINDT & SPRUENGLI AG-REG

CHF

4.5

2607

1027

1705

363

7747

893

2670

1727

8.09

1.00

28.8

SWISS PRIME SITE-REG

CHF

1.2

9065

1833

200

4582

5323

577

3923

13.3

PARTNERS GROUP HOLDING AG

CHF

7.7

826

694

275

5382

169

564

696

20.8

2.95928

LONZA GROUP AG-REG

CHF

1.1

5078

661

2044

336

2563

4694

3925

2406

2.04

1.00

14.0

4.355754

GALENICA AG-REG

CHF

2.6

1895

411

1345

355

3438

1769

3608

1378

5.49

1.00

13.6

2.073516

DUFRY AG-REG

CHF

2.8

1493

449

-117

276

3509

2158

3154

1367

3.35

1.00

26.8

LINDT & SPRUENGLI AG-PC

CHF

2607

1027

1705

363

893

2670

1727

8.09

1.00

SULZER AG-REG

CHF

2.1

3147

950

2297

421

4904

2290

4022

2304

4.34

1.00

16.0

2.22068

PSP SWISS PROPERTY AG-REG

CHF

1.1

6354

2663

135

3970

2655

283

3699

10.5

SCHINDLER HOLDING AG-REG

CHF

5.5

7018

1842

2768

985

15265

5009

8258

2813

4.34

1.00

21.8

1.666667

GAM HOLDING AG

CHF

1.0

922

206

119

2032

341

999

1953

24.2

4.048583

HELVETIA HOLDING AG-REG

CHF

0.8

42160

3511

438

2984

38397

7967

4100

9.1

4.906205

FISCHER (GEORG)-REG

CHF

1.2

2619

745

1085

226

1509

1613

3602

1286

2.91

1.00

9.9

4.076087

EMS-CHEMIE HOLDING AG-REG

CHF

4.4

1645

789

1136

322

5038

526

1755

1151

10.06

1.00

18.9

3.481894

BARRY CALLEBAUT AG-REG

CHF

3.4

3050

904

1232

356

4668

2215

4830

1362

4.21

1.00

19.4

1.715551

OC OERLIKON CORP AG-REG

CHF

1.8

3221

1016

108

421

3364

2277

2906

1882

2.40

1.00

15.2

2.415459

DKSH HOLDING LTD

CHF

3.6

3225

971

1165

278

4185

2151

8834

1204

20.7

PARGESA HOLDING SA-BR

CHF

0.7

20203

2549

5282

757

5321

5929

4915

16018

1.13

1.00

12.7

4.102155

FLUGHAFEN ZUERICH AG-REG

CHF

1.4

3759

242

962

172

2594

2208

949

1860

1.69

1.00

27.2

2.247191

PANALPINA WELTTRANSPORT -REG

CHF

3.0

1823

527

738

-19

2196

1207

6617

750

5.65

1.00

2.154012

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

FUNDAMENTAL SCORING Pitroski F Score

Altman Z Score

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc Market Cap (Loss)

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholders Equity

Altman Z Score

Altman Z Score Bankruptcy flag

Price To Price to Price to Price to Price to PE < 40 Sales < Book < Cash Sales Book 10 10 Flow

GROWTH & VALUE CHECKLIST Price to Cash Flow < 10

Dividend Yield

Div Yield > 7%

Final Score

PEG < 0.75

PE < 20

EPS Relative Growth > Strength > 15% 0

ROCE > 12%

Market Market < Cap > 20m 1000m

FINAL SCORE

NOBEL BIOCARE HOLDING AG-REG

CHF

2.4

395

168

185

789

276

580

325

5.49

1.00

17.4

2.489008

BUCHER INDUSTRIES AG-REG

CHF

2.0

2097

615

878

230

1761

1341

2609

916

3.42

1.00

11.7

2.777778

KABA HOLDING AG-REG B

CHF

2.3

692

199

-34

119

1347

374

964

599

4.40

1.00

16.0

3.105152

STRAUMANN HOLDING AG-REG

CHF

2.7

697

210

611

1729

141

686

631

9.90

1.00

47.5

3.348214

TEMENOS GROUP AG-REG

CHF

3.1

466

127

1211

516

450

387

4.44

1.00

50.1

1.59775

BANQUE CANTONALE VAUDOIS-REG

CHF

1.6

39763

2249

391

4161

37189

1321

2611

13.4

VALIANT HOLDING AG-REG

CHF

0.8

25058

1048

101

1372

23441

617

1670

12.8

2.128884

KUONI REISEN HLDG-REG(CAT B)

CHF

1.5

1187

-612

-16

1090

1669

5845

741

3.86

1.00

1.094891

ALLREAL HOLDING AG-REG

CHF

1.2

3923

615

137

2248

2021

869

1907

22.3

LOGITECH INTERNATIONAL-REG

CHF

1.5

1008

391

704

1079

640

2100

734

3.80

1.00

3.246283

LUZERNER KANTONALBANK AG-REG

CHF

1.8

28044

1068

203

2805

26495

685

1548

16.9

3.283582

MOBIMO HOLDING AG-REG

CHF

1.1

2515

574

1357

1318

252

1201

17.8

TECAN GROUP AG-REG

CHF

2.8

381

248

292

834

118

391

303

7.93

1.00

19.6

336

0.653595

BERNER KANTONALBANK AG-REG

CHF

1.5

26357

1328

197

2327

24857

663

1514

18.5

162

2.086614

BELIMO HOLDING AG-REG

CHF

4.1

326

186

245

1076

445

261

10.61

1.00

17.5

3.40329

BURCKHARDT COMPRESSION HOLDI

CHF

3.6

569

237

331

1204

258

367

339

5.20

1.00

21.4

2.533427

AMS AG

CHF

2.8

374

116

160

1161

224

388

410

5.26

1.00

12.7

1.761481

FORBO HOLDING AG-REG

CHF

1.5

1185

424

817

167

1201

517

1201

817

4.27

1.00

10.4

ST GALLER KANTONALBANK A-REG

CHF

1.1

27598

1530

179

2085

25704

712

1934

13.8

3.989362

GRAUBUENDNER KANTONALBANK-PC

CHF

3.4

19364

550

189

2879

18486

494

877

20.7

3.29575

MEYER BURGER TECHNOLOGY AG

CHF

0.5

632

149

101

-135

325

473

645

628

0.82

0.00

DAETWYLER HOLDING AG-BR

CHF

2.4

1070

342

453

107

1468

528

1186

551

4.67

1.00

14.3

3.011002

VONTOBEL HOLDING AG-REG

CHF

1.1

21055

1385

158

1787

19516

905

1574

13.8

4.255319

EFG INTERNATIONAL AG

CHF

1.1

23331

-104

165

1305

22310

1172

1316

11.3

1.123596

BASILEA PHARMACEUTICA-REG

CHF

4.1

375

302

-760

-51

428

270

106

-1.43

0.00

IMPLENIA AG-REG

CHF

1.2

1916

463

552

733

1410

2696

599

2.46

1.00

10.6

HUBER & SUHNER AG-REG

CHF

1.5

653

322

538

879

146

698

575

6.63

1.00

38.8

1.149425

ZUGER KANTONALBANK-BR

CHF

1.2

932

1385

11174

327

1140

22.6

3.64204

SCHWEIZERISCHE NATL-V AG-REG

CHF

1.0

6248

875

128

892

5366

1591

894

8.7

4.197531

GATEGROUP HOLDING AG

CHF

2.5

1088

100

112

626

1278

2993

255

3.29

1.00

RIETER HOLDING AG-REG

CHF

2.0

1050

407

348

737

693

889

377

2.38

1.00

24.9

3.764115

VALORA HOLDING AG-REG

CHF

1.1

949

171

567

626

1027

2848

575

4.95

1.00

11.9

6.753106

BASELLANDS KANTONALBANK-CERT

CHF

2.8

19233

651

174

2409

18373

567

868

21.5

2.972973

EMMI AG-REG

CHF

1.2

2038

333

772

145

1230

1157

2981

1165

3.34

1.00

11.6

1.565217

BOSSARD HOLDING AG-BR

CHF

8.7

373

-40

404

326

471

2.55

1.00

9.3

4.291045

SCHWEITER TECHNOLOGIES AG-BR

CHF

1.1

831

483

755

217

674

667

4.96

1.00

18.5

2.32381

U-BLOX AG

CHF

1.6

247

173

150

8.59

1.00

14.3

2.554278

INFICON HOLDING AG-REG

CHF

3.1

206

125

148

538

297

172

11.30

1.00

13.3

SIEGFRIED HOLDING AG-REG

CHF

1.3

470

174

309

412

161

368

316

4.18

1.00

19.8

1.049869

VZ HOLDING AG

CHF

3.8

1035

233

902

803

154

235

16.6

2.304348

AFG ARBONIA-FORSTER HOLD-REG

CHF

0.9

1048

296

187

-18

409

708

1215

436

1.96

1.00

BASLER KANTONALBK - PC

CHF

1.0

39128

2362

269

2797

35989

962

3139

12.2

3.323263

INTERSHOP HOLDINGS AG-BR

CHF

1.2

533

682

710

554

12.1

6.158584

METALL ZUG AG-SHS B-REG

CHF

1.2

940

436

338

858

263

837

692

4.14

1.00

13.9

7.212777

KUDELSKI SA-BR

CHF

1.2

723

195

-160

511

473

844

438

2.42

1.00

31.5

2.098636

LEM HOLDING SA-REG

CHF

7.7

134

671

235

11.79

1.00

20.5

5.093379

KOMAX HOLDING AG-REG

CHF

1.0

309

164

205

245

115

287

245

4.67

1.00

23.7

LIECHTENSTEIN LANDESBANK-BR

CHF

0.5

21153

1394

111

827

19639

584

1697

8.8

5.163511

ZEHNDER GROUP AG-BR

CHF

1.8

404

114

204

425

160

524

248

3.64

1.00

15.8

2.469208

VETROPACK HOLDING AG-BR

CHF

1.1

742

204

613

691

134

604

638

5.67

1.00

8.3

2.075919

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

23.10.2013

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

Price/Volume 80

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

12/2012 09/yy 70.00 58.30 1'120'844.00 65.2 -6.86% 11.84% 60.68% 3'224.8 210'256.95 27'416.00 0.0 1'657.0 9'296.00 234'129.95

31.12.2008 103'086.0 1.64x 15'533.0 10.89x 18'039.0 20.80x

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

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

LTM-4Q 31.12.2011 83'770.0 2.23x 15'390.0 12.16x 9'487.0 18.18x

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

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

Price/ Cash Flow

LTM

09/yy 89'102 0.00x 0.0 0.00x 0.0 0.00x

09/yy 92'968 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.79 3'218.97 12.16% 12.82% 0.786 40 3.775 5'666'760 4'426'963 4'374'071 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 93'714 97'757 25'033 2.44x 2.32x 17'701.5 18'759.9 13.23x 12.49x 10'846.7 11'603.9 18.88x 17.64x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

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

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Nestle SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 119'317'602 82'413'972 74'110'436 43'766'096 40'214'458 35'212'161 30'856'312 22'036'962 18'604'168 18'210'069 14'470'672 13'738'810 13'012'758 11'851'701 10'555'886 10'126'183 8'153'102 7'192'776 7'065'763 5'937'923

% Out 3.7 2.56 2.3 1.36 1.25 1.09 0.96 0.68 0.58 0.56 0.45 0.43 0.4 0.37 0.33 0.31 0.25 0.22 0.22 0.18

Weighting

Change 5 3 3 5 5 5 3 3 5 4 2 3 3 3 5 4 5 5 3 3 3 3 5 3 5 5 3 3 5 3 3 3 3 3 3 3 3 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 U M M M D M M U M M

Latest Chg 541'626 63'007 786'414 (139'910) 1'748'068 (283'677) (327'458) (418'169) 4'248'489 1'149'170 2'709'903 (35'644) 691'329 (58'602) 197'400 (185'635) 1'470'200 238'000

Target Price 73 64 67 70 70 71 68 66 #N/A N/A 72 59 66 72 66 73 68 78 74 60 67 64 67 #N/A N/A 70 74 72 66 #N/A N/A 82 67 #N/A N/A 65 65 60 #N/A N/A 65 65 #N/A N/A 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 16.10.2013 Investment Advisor 31.12.2012 Government 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 17.10.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.09.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 17.10.2013 Investment Advisor

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

Date 18.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 16.10.2013 15.10.2013 14.10.2013 14.10.2013 09.10.2013 07.10.2013 03.10.2013 02.10.2013 02.10.2013 27.09.2013 25.09.2013 20.09.2013 18.09.2013 12.09.2013 14.08.2013 09.08.2013 08.08.2013 08.08.2013 22.07.2013 13.06.2013 02.05.2013 18.04.2013 18.10.2012 10.09.2012

23.10.2013

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

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 06/yy 73.75 55.20 1'013'209.00 69.45 -5.83% 25.82% 75.74% 2'706.2 187'945.09 19'726.00 0.0 126.0 8'119.00 221'597.72

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

18.0 M

70 50

Valuation Analysis

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

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

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

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.48% 13.21% 11.10% 0.47% 66.9% 28.0% 19.3% 16.8% 1.16 0.76 15.88% 28.55% 5.49 2.70

Price/ Cash Flow

LTM

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

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

FY+1

.0 M o-13

0.89 2'423.83 25.02% 25.35% 0.891 31 3.774 3'857'149 3'130'712 3'139'507 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 57'691.4 59'177.7 15'016.0 3.79x 3.63x 16'889.2 17'702.7 13.14x 12.54x 12'601.1 13'391.1 3'171.5 15.09x 13.99x S&P Issuer Ratings

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.71 1.16 28.5% 22.2% 0.47 3.42 66.52 135.22 88.00 90.49

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Novartis AG Holdings By:

All

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

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

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

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

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

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

Amt Held 122'840'960 120'162'097 109'194'165 87'859'938 78'926'882 60'347'393 36'496'759 34'795'355 30'195'006 19'005'988 15'040'561 13'520'441 13'451'310 11'706'319 9'867'796 8'860'457 8'442'000 7'863'681 7'608'035 7'473'841

% Out 4.54 4.44 4.03 3.25 2.92 2.23 1.35 1.29 1.12 0.7 0.56 0.5 0.5 0.43 0.36 0.33 0.31 0.29 0.28 0.28

Weighting

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

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

Latest Chg (2'350'159) 8'650'652 1'433 1'456'722 (34'428) (18'052'518) (237'219) (145) 503'326 (315'797) (64'704) 7'906'126 (184'233) 246'429 1'067'290

Target Price 62 73 72 69 76 76 #N/A N/A 83 77 79 79 80 66 74 72 60 #N/A N/A 85 83 70 #N/A N/A 66 75 75 #N/A N/A 55 #N/A N/A 76 80

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

File Dt Inst Type 30.09.2013 Investment Advisor 16.10.2013 Investment Advisor 09.05.2012 Corporation 31.12.2011 Hedge Fund Manager 25.02.2013 n/a 31.12.2012 Government 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 17.10.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 17.10.2013 Investment Advisor 17.10.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor

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

Date 18.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 14.10.2013 11.10.2013 11.10.2013 11.10.2013 10.10.2013 10.10.2013 09.10.2013 08.10.2013 23.09.2013 16.09.2013 20.08.2013 16.08.2013 26.07.2013 23.07.2013 22.07.2013 19.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 06.06.2013 17.05.2013 19.03.2013

23.10.2013

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

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 09/yy 258.60 174.20 240'729.00 246.9 -4.52% 41.73% 85.43% 702.6 212'742.72 24'590.00 0.0 2'234.0 13'991.00 228'481.72

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

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

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

Fiscal Year Ended 31.12.2008 45'617.0 2.93x 16'673.0 8.03x 8'969.0 15.58x

100

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

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

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

Price/ Cash Flow

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

LTM

09/yy 44'733.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 46'672.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.99 702.09 40.17% 38.79% 0.989 33 4.515 1'127'132 916'121 908'822 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 47'372.7 49'384.5 12'337.5 11'915.0 4.68x 4.37x 20'076.0 21'229.1 11.39x 10.77x 12'684.9 13'726.8 16.42x 15.31x S&P Issuer Ratings

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

Sales/Revenue/Turnover

18.00

60'000.0

16.00

50'000.0

14.00

40'000.0

12.00 10.00

30'000.0

8.00

20'000.0

6.00 4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Roche Holding AG Holdings By:

All

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

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

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

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

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

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

Amt Held 21'507'917 16'154'814 14'192'299 13'428'883 10'513'329 9'893'302 9'230'589 9'110'348 8'037'122 7'496'200 7'367'775 4'825'545 4'743'631 4'691'073 4'366'177 3'701'209 3'538'214 3'006'454 2'847'854 2'681'167

% Out 3.06 2.3 2.02 1.91 1.5 1.41 1.31 1.3 1.14 1.07 1.05 0.69 0.68 0.67 0.62 0.53 0.5 0.43 0.41 0.38

Weighting

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

Latest Chg 353'749 (1'471'183) 174'412 (85'966) (13'696) (671'389) (41'800) (70'696) (220'000) 115'558 29'260 (5'018) (69'607) (772) 256'140 (141'645) (715'744)

Target Price 263 280 280 280 270 271 290 295 #N/A N/A 281 270 285 288 290 250 270 251 258 #N/A N/A #N/A N/A 252 263 312 #N/A N/A 225 260 250 #N/A N/A 310 262 210 160

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

File Dt 30.09.2013 31.12.2012 30.09.2013 16.10.2013 30.06.2013 30.09.2013 31.08.2013 30.09.2013 17.10.2013 30.06.2013 31.03.2013 31.08.2013 31.08.2013 30.06.2013 30.08.2013 17.10.2013 31.08.2013 31.08.2013 17.10.2013 30.04.2013

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

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

Date 18.10.2013 18.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 15.10.2013 14.10.2013 10.10.2013 10.10.2013 09.10.2013 03.10.2013 23.09.2013 17.09.2013 27.08.2013 28.06.2013 06.06.2013 17.05.2013 10.05.2013 31.01.2013 14.11.2011

23.10.2013

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

Price/Volume 25

60.0 M

50.0 M 40.0 M

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

12/2012 06/yy 19.60 11.96 2'463'949.00 19.01 -3.01% 58.91% 95.16% 3'839.2 72'983.04 267'401.00 0.0 4'353.0 66'383.00 221'514.04

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

10.0 M

0 o-12

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

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

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

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

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

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

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

1.33 3'469.40 58.25% 34.41% 1.330 43 3.674 7'171'563 7'947'755 8'430'746 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'046.3 29'533.9 6'850.7 7'160.0 3'735.6 4'784.9 930.2 1'034.0 19.44x 14.87x 15.70x 14.46x S&P Issuer Ratings

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

Sales/Revenue/Turnover

5.00

160'000.0

4.50

140'000.0

4.00

120'000.0

3.50

100'000.0

3.00 2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

n-12

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

20.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

UBS AG Holdings By:

All

Holder Name GIC PRIVATE LIMITED UBS AG NORGES BANK FMR LLC CAPITAL GROUP COMPAN FIL LIMITED CREDIT SUISSE AG HARBOR CAPITAL ADVIS BLACKROCK FRANKLIN RESOURCES FISHER INVESTMENTS I ZURCHER KANTONALBANK JPMORGAN CHASE & CO OPPENHEIMERFUNDS INC CREDIT AGRICOLE SA WELLINGTON MANAGEMEN PICTET FUNDS GOLDMAN SACHS GROUP INVESCO LTD AXA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a FISHER INVESTMENTS ZURCHER KANTONALBANK n/a Multiple Portfolios CREDIT AGRICOLE SA WELLINGTON MANAGEMEN n/a n/a n/a n/a

Analyst

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

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

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

Amt Held 245'596'591 200'213'297 116'576'979 101'598'767 62'295'964 58'857'023 50'532'413 38'747'528 34'266'065 29'879'115 26'161'449 24'085'894 23'263'201 23'172'660 22'168'898 21'670'005 21'356'636 16'901'790 16'612'806 15'645'128

% Out 6.4 5.21 3.04 2.65 1.62 1.53 1.32 1.01 0.89 0.78 0.68 0.63 0.61 0.6 0.58 0.56 0.56 0.44 0.43 0.41

Weighting

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

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

Latest Chg (30'729'071) 14'311'401 10'743'000 (1'640'766) 138'781 4'128'293 (2'719'282) (14'305'536) 26'161'449 (2'534'077) 4'531'979 332'960 4'697'001 (2'974'135) (474'641) 7'770'282 4'925'879 3'097'530

Target Price 21 17 18 25 21 16 20 16 14 19 19 20 20 19 18 21 #N/A N/A 21 #N/A N/A 20 #N/A N/A 16 19 20 22 20 18 22 20 19 21 20 24 #N/A N/A 20 #N/A N/A 23 15 18 #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 12.09.2013 17.10.2013 31.12.2012 30.06.2013 30.09.2013 31.07.2013 31.07.2013 30.06.2013 16.10.2013 30.06.2013 30.09.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 17.10.2013 30.06.2013

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

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

Date 17.10.2013 17.10.2013 15.10.2013 14.10.2013 11.10.2013 10.10.2013 10.10.2013 10.10.2013 04.10.2013 03.10.2013 01.10.2013 27.09.2013 27.09.2013 25.09.2013 18.09.2013 16.09.2013 12.09.2013 11.09.2013 02.09.2013 02.09.2013 23.08.2013 20.08.2013 20.08.2013 15.08.2013 14.08.2013 08.08.2013 06.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 30.07.2013 26.07.2013 16.07.2013 17.06.2013 06.06.2013 05.06.2013 29.05.2013 25.03.2013 30.10.2012 23.10.2012

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2012 06/yy 22.10 16.11 911'057.00 21.86 -1.09% 35.67% 97.66% 2'314.7 50'600.29 10'071.00 0.0 540.0 8'481.00 60'443.11

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

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

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

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

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

Price/ Cash Flow

LTM

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

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

FY+1

.0 M o-13

1.28 2'129.96 27.85% 20.35% 1.285 41 3.756 5'912'016 4'481'336 4'264'322 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 41'345.6 43'085.2 10'068.9 11'394.2 1.42x 1.32x 5.92x 5.13x 6'154.7 6'792.2 1'544.2 1'696.3 9.82x 8.91x 9.33x 9.21x 3'303.0 3'770.5 852.6 980.8 16.88x 14.80x 16.51x 16.56x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

ABB Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 182'030'142 90'208'108 53'617'789 34'798'745 33'854'379 29'731'475 26'619'492 25'109'683 22'594'383 15'314'048 14'099'879 11'080'901 10'786'862 10'462'999 9'900'000 8'988'264 7'891'989 7'750'666 5'905'912 5'368'860

% Out 7.86 3.9 2.32 1.5 1.46 1.28 1.15 1.08 0.98 0.66 0.61 0.48 0.47 0.45 0.43 0.39 0.34 0.33 0.26 0.23

Weighting

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

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

Latest Chg 21'988 1'422'025 17'598 14'043'961 129'070 (603'173) 119'717 1'888'170 842'501 145'125 1'181'516 727'031 (8'017) 1'685'882 5'427'446 463'740

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

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

File Dt 31.12.2012 16.10.2013 31.12.2012 30.09.2013 30.07.2013 30.06.2013 17.10.2013 30.06.2013 30.09.2013 30.06.2013 30.09.2013 30.06.2013 30.09.2013 17.10.2013 30.09.2013 30.09.2013 30.04.2013 31.03.2013 31.07.2013 31.07.2013

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

Inst Type Investment Advisor 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 Insurance Company Investment Advisor

Date 17.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 14.10.2013 10.10.2013 10.10.2013 10.10.2013 10.10.2013 08.10.2013 07.10.2013 07.10.2013 04.10.2013 04.10.2013 03.10.2013 26.09.2013 18.09.2013 16.09.2013 09.09.2013 28.08.2013 30.07.2013 29.07.2013 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 09.07.2013 15.05.2013 17.04.2013

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CFR VX EQUITY YTD Change CFR VX EQUITY YTD % CHANGE

03/2013 03/yy 96.15 58.15 206'828.00 94.05 -2.18% 61.74% 95.39% 522.0 54'003.51 1'938.00 0.0 (1.0) 5'155.00 40'634.08

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

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

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

Price/ Cash Flow

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

Market Data

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

LTM

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

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

FY+1

1.36 521.72 62.36% 33.14% 1.362 37 3.919 1'089'113 1'051'944 961'073 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 10'943.3 11'999.9 3.64x 3.21x 3'062.8 3'429.6 13.27x 11.86x 2'217.1 2'493.6 19.11x 17.03x S&P Issuer Ratings

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

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.04.2010

n-12

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

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

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

02.10.2013

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 |

23.10.2013

Cie Financiere Richemont SA Holdings By:

All

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

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

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

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

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

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

Amt Held 12'658'931 11'746'169 9'166'906 8'400'704 7'480'576 7'246'684 6'797'657 5'793'884 4'474'079 3'993'645 3'964'209 3'662'500 3'110'740 3'005'205 2'776'310 2'075'606 2'029'972 1'828'176 1'597'534 1'458'590

% Out 2.43 2.25 1.76 1.61 1.43 1.39 1.3 1.11 0.86 0.77 0.76 0.7 0.6 0.58 0.53 0.4 0.39 0.35 0.31 0.28

Weighting

Change

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

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

Latest Chg (681'540) 348'458 (871'124) 27'799 (528'190) (44'445) 133'758 264'664 (33'186) 1'093'200 101'602 134'902 576'983 (1'044'127) (3'369'633) (81'358) 50'254 25'403

Target Price 82 95 113 114 107 108 78 100 110 95 108 101 110 115 100 105 89 90 110 90 97 80 95 #N/A N/A 99 105 85 86 #N/A N/A #N/A N/A 87 121 75 105 87 #N/A N/A 70

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

File Dt 31.12.2012 28.06.2013 30.06.2013 30.09.2013 16.10.2013 30.09.2013 30.06.2013 17.10.2013 29.08.2013 31.08.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 30.04.2013 30.06.2013 30.09.2013 30.04.2013 31.08.2013

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

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

Date 17.10.2013 15.10.2013 15.10.2013 14.10.2013 14.10.2013 10.10.2013 10.10.2013 08.10.2013 08.10.2013 03.10.2013 02.10.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 23.07.2013 17.07.2013 15.07.2013 17.05.2013 17.05.2013 16.05.2013 25.03.2013 21.03.2013 05.09.2012

23.10.2013

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

Price/Volume 35 30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGN VX EQUITY YTD Change CSGN VX EQUITY YTD % CHANGE

12/2012 06/yy 30.54 20.09 1'206'634.00 29.8 -2.42% 48.31% 97.61% 1'577.8 47'018.25 330'510.00 0.0 6'786.0 63'708.00 -

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

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

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

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

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

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

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M o-13

LTM

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

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

FY+1

1.53 1'423.56 42.86% 37.66% 1.526 42 3.714 5'450'438 4'582'112 4'395'467 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'699.3 27'678.1 6'221.2 6'823.0 4'096.6 4'920.7 886.0 983.0 11.83x 10.06x 10.69x S&P Issuer Ratings

02.07.2013 ASTABLE 27.07.2012 NR 931.1% 88.7% 0.04 6.17 -

Sales/Revenue/Turnover

7.00

100'000.0 90'000.0

6.00

80'000.0

5.00

70'000.0 60'000.0

4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0 1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Credit Suisse Group AG Holdings By:

All

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

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

Analyst

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

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

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

Amt Held 88'475'201 74'953'677 65'086'135 55'202'293 40'786'715 40'357'258 39'533'428 37'800'423 31'060'000 23'497'948 21'552'476 17'363'606 12'867'359 8'624'475 7'788'283 6'965'852 5'379'886 5'164'189 4'747'478 4'392'336

% Out 5.61 4.75 4.13 3.5 2.59 2.56 2.51 2.4 1.97 1.49 1.37 1.1 0.82 0.55 0.49 0.44 0.34 0.33 0.3 0.28

Weighting

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

Latest Chg 5'478'521 966'240 1'325'768 800'301 (240'419) 3'918'148 318'748 382'485 1'789'540 227'939 (33'747'664)

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

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

File Dt Inst Type 25.02.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 12.09.2013 Investment Advisor 12.03.2013 Government 30.09.2013 Investment Advisor 16.10.2013 Investment Advisor 31.12.2012 Investment Advisor 22.07.2013 Holding Company 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 17.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 05.04.2013 Investment Advisor

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

Date 17.10.2013 17.10.2013 16.10.2013 15.10.2013 14.10.2013 14.10.2013 11.10.2013 10.10.2013 10.10.2013 04.10.2013 03.10.2013 01.10.2013 27.09.2013 27.09.2013 18.09.2013 12.09.2013 12.09.2013 11.09.2013 02.09.2013 02.09.2013 19.08.2013 14.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 16.07.2013 04.07.2013 29.05.2013 18.04.2013 30.01.2013 23.10.2012

23.10.2013

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

Price/Volume 450

.7 M

400

.6 M

350

.5 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 09/yy 416.00 341.00 128'311.00 366 -12.02% 7.33% 24.67% 93.1 34'084.17 3'348.00 0.0 11.0 1'599.00 41'246.26

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

.4 M

200

.3 M

150

.2 M

100

.1 M

50 0 o-12

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

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

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

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

09/yy 10'963.0 0.00x 0.0 0.00x 0.0 0.00x

09/yy 14'545.0 0.00x 0.0 0.00x 0.0 0.00x

a-13

m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.80 92.99 8.48% 2.26% 0.800 30 3.833 362'442 244'538 223'545 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'860.4 15'793.5 2'889.2 3'630.0 2.68x 2.49x 3'079.7 3'522.6 1'158.0 13.40x 11.72x 2'006.4 2'325.2 680.0 19.42x 16.59x S&P Issuer Ratings

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

Sales/Revenue/Turnover

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

n-12

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

250

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Syngenta AG Holdings By:

All

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

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

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

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

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

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

Amt Held 4'640'124 4'634'983 4'254'126 2'118'825 1'991'331 1'664'500 1'473'325 1'377'318 1'072'410 1'063'187 650'409 546'072 536'300 527'501 470'000 384'076 296'779 289'422 282'549 281'193

% Out 4.98 4.98 4.57 2.28 2.14 1.79 1.58 1.48 1.15 1.14 0.7 0.59 0.58 0.57 0.5 0.41 0.32 0.31 0.3 0.3

Weighting

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

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

Latest Chg 346'967 105'047 (168'820) 5'373 22'931 369 (26'809) (76'790) 9'847 161'017 3'572 103'930 115'867 (310'200) 70'471

Target Price 435 456 430 365 480 400 325 385 313 430 412 380 400 378 465 415 #N/A N/A 325 500 371 405 390 #N/A N/A 376 390 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 16.10.2013 30.09.2013 31.08.2013 31.12.2012 30.09.2013 30.06.2013 31.08.2013 31.07.2013 31.08.2013 30.09.2013 31.08.2013 30.06.2013 31.12.2012 31.07.2013 30.09.2013 17.10.2013 31.07.2013 30.04.2013 30.06.2013 30.06.2013

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

Inst Type 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 Investment Advisor Investment Advisor Investment Advisor

Date 18.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 16.10.2013 15.10.2013 14.10.2013 11.10.2013 09.10.2013 08.10.2013 07.10.2013 19.09.2013 12.09.2013 04.09.2013 13.08.2013 30.07.2013 25.07.2013 27.06.2013

23.10.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 270.90 205.94 76'838.00 243 -10.30% 18.00% 58.28% 148.3 36'036.93 12'521.00 0.0 2'368.0 9'098.00 47'290.48

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

3.0 M

250

2.5 M

200

2.0 M

150

1.5 M

100

1.0 M

.5 M

0 o-12

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

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

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

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

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

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

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

1.10 148.14 11.66% 6.66% 1.105 37 3.486 453'678 434'206 456'883 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 59'719.9 60'823.0 0.87x 0.86x 4'120.8 4'363.9 981.8 1'045.0 10.00x 9.38x 8.54x 7.86x S&P Issuer Ratings

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

20.00

80'000.0

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

n-12

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

300

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Zurich Insurance Group AG Holdings By:

All

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

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

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

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

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

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

Amt Held 7'114'895 4'560'016 4'495'862 2'525'492 2'176'608 2'002'750 1'867'766 1'802'996 1'612'480 1'193'659 828'413 785'437 716'240 616'698 569'132 500'414 473'455 433'600 389'064 381'497

% Out 4.8 3.07 3.03 1.7 1.47 1.35 1.26 1.22 1.09 0.8 0.56 0.53 0.48 0.42 0.38 0.34 0.32 0.29 0.26 0.26

Weighting

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

M D M M U 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 U M M U M

Latest Chg 67'773 (350) 787 806 90'342 (35'516) 5'092 (12'282) (681'349) 39'809 (5'298) (13'585) 95'448 2'471 2'887 2'890 433'600 (4'502)

Target Price 320 #N/A N/A 245 290 260 278 240 250 275 295 #N/A N/A 246 286 265 265 245 280 230 296 224 265 260 270 240 273 260 290 #N/A N/A 300 308 245 235 265 #N/A N/A 252

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

File Dt 16.10.2013 30.09.2013 23.06.2011 23.03.2010 31.07.2013 30.09.2013 30.06.2013 17.10.2013 31.08.2013 30.04.2013 31.08.2013 30.06.2013 31.03.2012 17.10.2013 31.07.2013 30.04.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013

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

Inst Type 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 08.10.2013 04.10.2013 26.09.2013 26.09.2013 26.09.2013 19.09.2013 18.09.2013 17.09.2013 12.09.2013 09.09.2013 02.09.2013 30.08.2013 29.08.2013 22.08.2013 21.08.2013 19.08.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 25.07.2013 15.07.2013 20.05.2013

23.10.2013

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

Price/Volume

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 06/yy 79.00 57.14 169'787.00 78.5 -0.63% 37.39% 99.09% 370.7 29'100.49 19'898.00 0.0 24.0 10'837.00 40'409.97

2.0 M

1.5 M

1.0 M

.5 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

3.5 M

80 70

Valuation Analysis

31.12.2008 24'012.0 1.03x (800.3) -

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

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

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

Price/ Cash Flow

LTM

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

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

FY+1

.0 M o-13

1.06 369.70 31.83% 31.32% 1.056 36 3.722 700'354 736'695 827'918 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'979.7 35'948.8 1.19x 1.12x 3'511.2 3'071.3 763.3 747.5 8.88x 10.35x S&P Issuer Ratings

58.5% 36.9% 0.16 -

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Swiss Re AG Holdings By:

All

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

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

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

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

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

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

Amt Held 27'282'124 18'277'452 15'528'339 11'262'000 11'155'812 11'104'278 6'819'188 5'252'531 4'417'548 3'673'997 2'889'541 2'240'823 1'410'498 1'373'191 1'365'000 1'125'402 1'019'627 819'676 810'332 671'282

% Out 7.36 4.93 4.19 3.04 3.01 3 1.84 1.42 1.19 0.99 0.78 0.6 0.38 0.37 0.37 0.3 0.28 0.22 0.22 0.18

Weighting

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

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

Latest Chg (1'396'672) (800'098) 57'626 1'182 (4'752'751) 9'926 18'988 (35'661) 17'615 631'716 (400'000) 1'125'402 (623'869) 26'983 -

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

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

File Dt 29.03.2012 28.06.2013 16.10.2013 31.12.2012 31.08.2013 06.05.2013 31.12.2012 31.07.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.04.2013 31.08.2013 31.07.2013 31.03.2013 31.07.2013 30.04.2013 31.08.2013 30.08.2013

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

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

Date 17.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 14.10.2013 10.10.2013 09.10.2013 08.10.2013 08.10.2013 26.09.2013 25.09.2013 23.09.2013 18.09.2013 13.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 23.08.2013 13.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 06.08.2013 22.07.2013 06.06.2013

23.10.2013

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

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

12/2012 01/yy 602.00 375.90 19'843.00 588.5 -2.24% 56.56% 94.03% 30.8 30'863.95 135.00 0.0 19.0 1'967.00 29'885.95

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

100 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

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

200

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

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

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

Price/ Cash Flow

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

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.23 30.22 56.97% 29.16% 1.227 33 4.182 115'803 104'193 110'277 FY+2

12/13 Y 12/14 Y 8'706.8 9'566.0 3.39x 3.00x 2'457.1 2'777.3 12.16x 10.76x 1'734.0 1'958.0 18.39x 16.36x S&P Issuer Ratings

FQ+1

FQ+2

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

Sales/Revenue/Turnover

25.00

9'000.0 8'000.0

20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Swatch Group AG/The Holdings By:

All

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

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

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

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

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

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

Amt Held 1'494'786 935'958 537'808 505'000 420'643 358'202 335'928 275'510 239'466 204'583 193'530 184'025 183'919 163'944 154'257 143'333 114'000 112'727 108'644 94'318

% Out 4.85 3.03 1.74 1.64 1.36 1.16 1.09 0.89 0.78 0.66 0.63 0.6 0.6 0.53 0.5 0.46 0.37 0.37 0.35 0.31

Weighting

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

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

Latest Chg (12'795) 19'945 (1'461) (8'171) (900) 1'020 (3'313) 48'114 45'750 (71'146) 158'622 2'380 (4'602) 3'834 (25) (1'538)

Target Price 640 575 600 662 650 550 660 650 590 735 #N/A N/A #N/A N/A 620 575 700 630 650 550 #N/A N/A 610 600 #N/A N/A 650 600 630 530 595 650 650 602 770

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

File Dt Inst Type 30.09.2013 Investment Advisor 31.12.2012 Government 30.09.2013 Investment Advisor 31.12.2012 Corporation 30.07.2013 Investment Advisor 30.08.2013 Investment Advisor 16.10.2013 Investment Advisor 30.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Unclassified 31.07.2013 Investment Advisor 31.12.2012 n/a 31.07.2013 Investment Advisor 28.06.2013 Bank 31.08.2013 Investment Advisor

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

Date 17.10.2013 17.10.2013 17.10.2013 15.10.2013 14.10.2013 14.10.2013 11.10.2013 10.10.2013 08.10.2013 08.10.2013 07.10.2013 04.10.2013 01.10.2013 30.09.2013 27.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 16.09.2013 03.09.2013 02.09.2013 30.08.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 17.05.2013

23.10.2013

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

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HOLN VX EQUITY YTD Change HOLN VX EQUITY YTD % CHANGE

12/2012 06/yy 79.10 59.69 440'297.00 66.9 -15.42% 12.08% 39.73% 327.1 21'882.08 13'507.00 0.0 2'889.0 3'146.00 35'497.08

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

.5 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

1.0 M

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

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

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

Price/ Cash Flow

LTM

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

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

FY+1

.0 M o-13

1.26 225.51 6.63% 1.68% 1.262 35 3.314 884'007 748'682 811'481 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'655.9 21'499.5 5'620.4 5'188.5 1.67x 1.57x 6.31x 6.68x 4'211.0 4'805.0 1'284.3 1'003.0 8.44x 7.39x 1'270.8 1'637.3 452.3 296.0 17.06x 13.18x S&P Issuer Ratings

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

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00 7.00

20'000.0

6.00

15'000.0

5.00 4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Holcim Ltd Holdings By:

All

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

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

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

Analyst

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

Recommendation

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

Amt Held 65'775'590 35'402'772 16'711'883 9'685'325 8'823'981 5'637'149 3'387'666 3'068'943 2'114'202 2'026'769 1'910'914 1'839'810 1'735'900 1'238'442 1'193'178 979'729 974'493 827'797 720'850 587'308

% Out 20.11 10.82 5.11 2.96 2.7 1.72 1.04 0.94 0.65 0.62 0.58 0.56 0.53 0.38 0.36 0.3 0.3 0.25 0.22 0.18

Weighting

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

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

Latest Chg 6'766'859 (6'310'975) 141'800 (537) 598'920 2'917 8'074 1'839'810 221'420 (184'591) (1'322) (26'391) (31'294) 142'811 (11'993) (71'285)

Target Price 66 84 69 58 80 73 70 71 #N/A N/A 70 #N/A N/A 58 68 72 78 72 72 #N/A N/A 79 79 79 69 72 62 #N/A N/A 84 56 94 70 82 #N/A N/A 75 82 80 54

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

File Dt 31.12.2012 31.12.2012 05.09.2013 30.09.2013 30.06.2013 31.12.2012 30.09.2013 31.07.2013 30.06.2013 31.07.2013 16.10.2013 31.03.2013 31.12.2012 31.07.2013 31.07.2013 30.06.2013 31.05.2013 30.04.2013 30.06.2013 31.07.2013

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

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

Date 17.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 14.10.2013 11.10.2013 11.10.2013 11.10.2013 10.10.2013 07.10.2013 02.10.2013 27.09.2013 26.09.2013 25.09.2013 20.09.2013 19.09.2013 17.09.2013 16.09.2013 12.09.2013 11.09.2013 09.09.2013 03.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 20.08.2013 15.08.2013 06.06.2013 13.03.2013 30.11.2011

23.10.2013

Transocean Ltd Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (30.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIGN VX EQUITY YTD Change RIGN VX EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 54.70 40.09 202'891.00 43.56 -20.37% 8.66% 26.49% 360.4 15'699.49 12'459.00 0.0 (15.0) 5'134.00 24'968.27

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

1.20 1.00

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

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

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

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

LTM

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

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

FY+1

.0 M o-13

1.26 339.95 0.10% 10.48% 1.255 43 3.512 862'805 608'591 558'870 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'481.9 10'301.4 2'475.8 2'403.0 2.71x 2.53x 10.14x 10.71x 3'455.4 4'126.0 912.0 820.8 7.23x 6.05x 6.77x 6.58x 1'408.8 1'903.0 393.0 320.9 12.36x 9.28x 10.99x 10.62x S&P Issuer Ratings

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

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

0.20

0.0 0.00

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

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

23.10.2013

Transocean Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 22'163'261 21'477'900 20'154'035 19'705'570 18'503'514 7'568'140 6'674'100 6'619'399 6'183'976 5'931'054 4'811'356 4'097'278 3'517'737 3'481'645 3'419'235 3'157'404 3'147'593 3'012'335 2'574'198 2'560'167

% Out 6.15 5.96 5.59 5.47 5.13 2.1 1.85 1.84 1.72 1.65 1.33 1.14 0.98 0.97 0.95 0.88 0.87 0.84 0.71 0.71

Weighting

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

M M M 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 U M M U M M

Latest Chg 1'323'865 1'297'393 (148'570) 3'240'800 (232'509) (645'983) 684'802 62'704 (1'071'687) 1'486'414 307'100 449'370 45'920 14'660 81'143 (570'570) -

Target Price 50 54 54 48 #N/A N/A #N/A N/A 46 52 52 41 45 41 50 51 48 39 47 50 #N/A N/A 41 #N/A N/A 47 43 46 64 44 45 #N/A N/A 49 #N/A N/A 48 #N/A N/A #N/A N/A 62 #N/A N/A 60 41 53 45 52

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

File Dt 18.07.2013 30.06.2013 19.04.2013 30.09.2013 16.10.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013

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

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

Date 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 14.10.2013 14.10.2013 08.10.2013 08.10.2013 26.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 20.08.2013 13.08.2013 13.08.2013 09.08.2013 08.08.2013 08.08.2013 14.06.2013 06.06.2013

23.10.2013

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

Price/Volume 3000

.0 M .0 M .0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGSN VX EQUITY YTD Change SGSN VX EQUITY YTD % CHANGE

12/2012 01/yy 2'421.16 1'935.94 2'669.00 2141 -11.57% 10.59% 40.41% 7.8 16'747.84 1'323.00 0.0 58.0 989.00 17'462.84

.0 M

1000

.0 M .0 M

500

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

.0 M

2000

Valuation Analysis

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

.0 M

2500

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

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

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

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.88 4.86 10.18% 8.33% 0.878 27 3.444 10'597 12'044 11'274 FY+2

12/13 Y 12/14 Y 6'022.1 6'510.8 2.87x 2.64x 1'295.2 1'466.9 13.51x 11.93x 673.1 778.8 24.23x 21.15x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

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

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

SGS SA Holdings By:

All

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

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

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

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

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

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

Amt Held 1'173'400 1'156'933 439'515 234'021 190'084 177'461 131'155 87'254 63'193 56'539 55'897 54'490 49'794 47'786 39'054 31'296 30'901 22'559 21'531 21'000

% Out 15 14.79 5.62 2.99 2.43 2.27 1.68 1.12 0.81 0.72 0.71 0.7 0.64 0.61 0.5 0.4 0.4 0.29 0.28 0.27

Weighting

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

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

Latest Chg (1'646) 701 2'856 5'000 (4'522) (1'608) (1'047) (14) 295 (1'244) 596 2'118 (10) 929

Target Price 1'920 2'140 2'800 1'850 2'200 2'122 2'100 2'400 2'350 2'300 1'700 2'350 #N/A N/A 2'300 1'950 2'500 2'140 2'140 2'450 2'450 2'400 1'994 #N/A N/A 2'450 2'650

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

File Dt 08.10.2013 31.12.2012 31.12.2012 20.03.2013 31.12.2012 30.09.2013 31.12.2012 31.07.2013 30.09.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 16.10.2013 30.06.2013 31.07.2013 31.08.2013 28.06.2013 28.03.2013 30.04.2013

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

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

Date 17.10.2013 08.10.2013 07.10.2013 23.09.2013 19.09.2013 09.09.2013 03.09.2013 02.09.2013 02.09.2013 19.08.2013 06.08.2013 05.08.2013 29.07.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 08.07.2013 08.05.2013

23.10.2013

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

Price/Volume 16

1.2 M

1.0 M

12 .8 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WFT SE EQUITY YTD Change WFT SE EQUITY YTD % CHANGE

12/2012 06/yy 15.00 8.43 1'631.00 14.5 -3.33% 72.00% 90.87% 767.7 11'131.81 8'634.00 0.0 32.0 300.00 21'417.86

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

1.20 1.00

.4 M

4 .2 M

2 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

.6 M

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

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

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

LTM

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

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

FY+1

.0 M o-13

1.38 681.91 33.64% 49.48% 1.383 33 3.818 60'614 66'024 65'610 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'106.4 17'610.3 4'094.5 4'321.3 1.30x 1.15x 5.17x 4.79x 2'923.3 3'564.2 765.2 882.9 7.33x 6.01x 6.44x 6.12x 609.3 1'004.2 164.1 242.2 19.66x 12.52x 15.14x 13.46x S&P Issuer Ratings

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

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

23.10.2013

Weatherford International Ltd/Switzerland Holdings By:

All

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

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

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

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

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

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

Amt Held 73'798'060 65'708'143 54'682'486 54'206'792 51'981'039 43'667'302 41'878'236 35'976'902 26'120'664 23'554'303 20'578'026 18'849'173 16'497'744 16'170'277 13'838'638 10'367'684 9'621'899 9'531'371 8'267'871 7'207'775

% Out 9.61 8.56 7.12 7.06 6.77 5.69 5.45 4.69 3.4 3.07 2.68 2.46 2.15 2.11 1.8 1.35 1.25 1.24 1.08 0.94

Weighting

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

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

Latest Chg (4'432'191) 7'598'478 406'228 7'690'400 35'976'902 (958'227) 322'693 438'242 (1'294'416) 1'610'144 (2'556'442) 611'600 107'418 590'637 148'953 211'750 (724'855)

Target Price 16 16 14 #N/A N/A 16 #N/A N/A 15 13 17 14 17 16 #N/A N/A 15 22 #N/A N/A 18 12 18 20 15 15 19 #N/A N/A 16 #N/A N/A 14 15 9 17

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

File Dt 23.03.2013 17.10.2013 30.06.2013 30.06.2013 29.08.2013 29.07.2013 12.07.2012 30.06.2013 30.06.2013 30.06.2013 16.10.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 17.10.2013 31.07.2013 30.09.2013

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

Inst Type Corporation 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 Investment Advisor Investment Advisor Investment Advisor

Date 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 08.10.2013 07.10.2013 04.10.2013 02.10.2013 30.09.2013 23.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 15.08.2013 01.08.2013 01.08.2013 31.07.2013 03.06.2013 29.05.2013 23.05.2013 27.02.2013 13.11.2012

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCMN VX EQUITY YTD Change SCMN VX EQUITY YTD % CHANGE

12/2012 06/yy 470.40 370.50 16'991.00 462.7 -1.64% 24.89% 93.39% 51.8 23'968.76 8'783.00 0.0 24.0 578.00 32'743.76

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

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

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

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

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

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

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

Price/ Cash Flow

LTM

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

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

FY+1

.0 M o-13

0.76 22.31 28.07% 23.75% 0.756 26 3.346 138'743 94'190 101'895 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'408.0 11'484.9 2'835.3 2'993.5 2.80x 2.77x 11.33x 10.69x 4'257.4 4'322.6 1'094.7 1'109.0 7.69x 7.57x 1'611.7 1'633.4 390.5 375.0 14.77x 14.51x S&P Issuer Ratings

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

Sales/Revenue/Turnover

7.00

16'000.0

6.00

14'000.0 12'000.0

5.00

10'000.0 4.00

8'000.0 3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Swisscom AG Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 29'475'281 447'000 438'307 318'203 288'391 273'615 246'038 216'190 120'860 107'032 106'805 87'955 74'589 74'252 73'114 65'720 58'547 56'040 56'002 50'514

% Out 56.9 0.86 0.85 0.61 0.56 0.53 0.47 0.42 0.23 0.21 0.21 0.17 0.14 0.14 0.14 0.13 0.11 0.11 0.11 0.1

Weighting

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

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

Latest Chg (813) (3'295) 241'000 17'076 1'277 (2'656) 40'670 1'967 2'000 2'741 13'683 (749) 65'720 207 42'328 (958) (500)

Target Price 460 464 515 505 475 480 355 450 388 460 #N/A N/A #N/A N/A #N/A N/A 400 440 430 500 430 408 450 364 415 410 300

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

File Dt Inst Type 31.12.2011 Government 31.08.2013 Investment Advisor 16.10.2013 Investment Advisor 31.07.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 17.10.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 30.09.2013 Investment Advisor 18.10.2013 Bank 30.08.2013 Investment Advisor 30.09.2013 Investment Advisor

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

Date 17.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 30.09.2013 20.09.2013 10.09.2013 03.09.2013 30.08.2013 20.08.2013 12.08.2013 09.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 09.07.2013 12.02.2013 09.11.2012

23.10.2013

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

Price/Volume 1600

.1 M

1400

.1 M

1200 .1 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIVN VX EQUITY YTD Change GIVN VX EQUITY YTD % CHANGE

12/2012 09/yy 1'369.00 878.40 4'019.00 1287 -5.99% 46.52% 83.08% 9.2 11'883.63 1'521.00 0.0 0.0 425.00 13'100.63

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

.0 M

400 .0 M

200 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

.1 M

600

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

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

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

Price/ Cash Flow

09/yy 4'175.0 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 4'344.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

0.78 7.27 43.84% 37.79% 0.783 23 3.217 23'979 25'005 23'721 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 4'370.4 4'537.0 1'027.5 2.92x 2.76x 961.7 1'024.3 13.61x 12.79x 550.4 605.1 21.53x 20.02x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

4'500.0 4'000.0

20.00

3'500.0 3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Givaudan SA Holdings By:

All

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

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

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

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

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

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

Amt Held 950'137 926'130 458'696 216'326 166'614 164'285 119'872 98'872 98'200 90'764 86'929 80'000 75'076 52'971 51'364 46'630 38'376 35'448 35'181 24'554

% Out 10.29 10.03 4.97 2.34 1.8 1.78 1.3 1.07 1.06 0.98 0.94 0.87 0.81 0.57 0.56 0.51 0.42 0.38 0.38 0.27

Weighting

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

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

Latest Chg (2'211) (14'000) 7'931 (234) 6'169 (14'500) 148 (13'567) 35'399 115 (1'085) 990 7 (400)

Target Price 1'177 1'377 1'270 1'450 1'300 1'150 1'220 1'260 1'100 #N/A N/A 1'480 1'400 1'230 1'340 1'250 1'200 #N/A N/A 1'220 900 1'425

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Corporation 16.10.2013 Investment Advisor 30.09.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 Government 30.07.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 n/a 30.06.2012 Pension Fund (ERISA) 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 17.10.2013 14.10.2013 14.10.2013 11.10.2013 11.10.2013 11.10.2013 10.10.2013 10.10.2013 10.10.2013 10.10.2013 10.10.2013 10.10.2013 03.10.2013 27.09.2013 25.09.2013 30.08.2013 16.08.2013 25.07.2013 25.07.2013 03.07.2013

23.10.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAER VX EQUITY YTD Change BAER VX EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 45.14 30.36 124'484.00 44.48 -1.46% 46.49% 96.55% 223.8 9'955.04 8'190.75 0.0 2.3 15'606.04 -

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

1.20

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

31.12.2011 2'052.0 257.9 28.93x

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

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 o-13

Market Data

Fiscal Year Ended 31.12.2008 2'480.1 356.9 -

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

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.07 213.52 39.64% 39.86% 1.067 26 3.154 367'883 457'623 557'761 FY+2

12/13 Y 12/14 Y 2'218.5 2'637.7 -0.11x -0.97x 511.3 646.5 19.00x 15.37x S&P Issuer Ratings

FQ+1

FQ+2

168.1% 62.7% 0.04 6.13 -

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

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

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

23.10.2013

Julius Baer Group Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 21'941'670 18'333'412 12'692'786 11'935'580 11'212'921 11'095'398 8'148'183 7'375'149 6'132'638 5'706'091 4'186'211 3'019'247 2'918'517 2'844'714 2'599'046 2'457'632 2'281'821 1'592'628 1'233'808 1'040'686

% Out 9.8 8.19 5.67 5.33 5.01 4.96 3.64 3.3 2.74 2.55 1.87 1.35 1.3 1.27 1.16 1.1 1.02 0.71 0.55 0.46

Weighting

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

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

Latest Chg 21'339 1'915 (2'711'160) 176'253 475'273 (2'929) 63'861 115'243 (286'191) (394'466) (33'366) 214'183

Target Price 49 53 43 45 43 43 45 45 #N/A N/A 50 47 39 46 43 43 #N/A N/A 38 45 43 42 47 30 45 46 #N/A N/A 31

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

File Dt 31.08.2013 31.12.2012 16.10.2013 30.08.2013 02.09.2013 31.12.2012 31.12.2012 10.08.2012 30.06.2013 31.12.2012 30.09.2013 17.10.2013 30.09.2013 30.07.2013 31.12.2012 31.08.2013 30.06.2013 30.06.2013 31.05.2013 30.08.2013

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

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

Date 17.10.2013 14.10.2013 08.10.2013 03.10.2013 24.09.2013 19.09.2013 18.09.2013 17.09.2013 11.09.2013 05.09.2013 02.09.2013 02.09.2013 16.08.2013 15.08.2013 14.08.2013 07.08.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 06.06.2013 03.10.2012

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GEBN VX EQUITY YTD Change GEBN VX EQUITY YTD % CHANGE

12/2012 06/yy 260.30 183.67 16'072.00 250.9 -3.61% 36.60% 86.56% 37.8 9'483.63 14.70 0.0 0.0 423.10 9'184.23

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

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 M

0 o-12

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

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

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

Price/ Cash Flow

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

d-12

j-13

f-13 m-13

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

a-13

m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.87 35.41 28.76% 28.31% 0.866 15 2.600 102'133 96'673 98'096 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'283.6 2'388.9 580.0 474.0 3.95x 3.72x 578.3 612.2 151.0 114.0 15.92x 15.04x 425.4 449.7 22.22x 20.88x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

n-12

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

300

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Geberit AG Holdings By:

All

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

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

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

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

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

Recommendation Underwt/Cautious outperform Sell/Neutral hold neutral hold neutral market perform hold neutral hold hold hold underperform

Amt Held 3'773'401 2'095'110 1'868'241 1'720'160 1'189'345 1'173'254 1'164'630 1'046'916 911'384 679'484 635'314 633'855 619'491 446'161 419'725 194'044 183'003 180'149 156'860 128'000

% Out 9.98 5.54 4.94 4.55 3.15 3.1 3.08 2.77 2.41 1.8 1.68 1.68 1.64 1.18 1.11 0.51 0.48 0.48 0.41 0.34

Weighting

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

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

Latest Chg 10'825 (6'120) 29'221 (4'469) 26'264 (14'119) 4'591 4'800 113'921 183'003 (18'187) -

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

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

File Dt 30.09.2013 14.03.2007 16.10.2013 11.05.2006 29.01.2013 22.05.2013 31.12.2012 30.09.2013 31.12.2012 30.06.2013 31.08.2013 30.08.2013 30.07.2013 31.07.2013 31.07.2013 27.06.2013 31.12.2012 30.04.2013 30.08.2013 31.12.2012

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

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

Date 17.10.2013 16.10.2013 10.10.2013 20.09.2013 11.09.2013 06.09.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 31.07.2013 06.06.2013 09.11.2012

23.10.2013

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

Price/Volume 70

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (30.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADEN VX EQUITY YTD Change ADEN VX EQUITY YTD % CHANGE

12/2012 06/yy 68.10 41.78 71'977.00 67.4 -1.03% 61.33% 97.72% 189.3 12'756.36 2'077.00 0.0 3.0 1'105.00 11'843.46

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

1.5 M

1.0 M

20 .5 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

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

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

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

Price/ Cash Flow

LTM

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

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

FY+1

.0 M o-13

1.40 144.78 47.89% 45.40% 1.402 26 3.538 482'746 469'938 526'268 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 19'581.6 20'675.4 5'130.0 5'060.3 0.58x 0.54x 2.31x 2.32x 903.4 1'088.5 13.13x 10.89x 507.6 628.9 158.5 139.5 19.15x 15.22x S&P Issuer Ratings

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

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Adecco SA Holdings By:

All

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

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

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

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

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

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

Amt Held 34'873'579 10'163'580 9'858'136 9'525'701 6'284'378 5'727'044 5'694'349 5'630'710 3'607'208 2'291'711 2'236'720 2'030'536 1'851'494 1'816'661 1'295'992 676'336 603'245 542'131 500'390 466'817

% Out 18.43 5.37 5.21 5.03 3.32 3.03 3.01 2.98 1.91 1.21 1.18 1.07 0.98 0.96 0.68 0.36 0.32 0.29 0.26 0.25

Weighting

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

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

Latest Chg 2'126'436 689'034 19'900 (11'989) 678'600 67'828 172'579 151'046 26'863 1'363 8'089 154'575 147'600 -

Target Price 53 50 68 68 80 58 64 79 65 70 68 #N/A N/A #N/A N/A 70 62 66 68 73 70 70 63 75 58 #N/A N/A

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

File Dt 26.08.2013 31.12.2012 30.06.2013 21.06.2013 12.03.2013 16.10.2013 31.08.2013 28.06.2013 31.12.2012 31.07.2013 31.12.2012 30.09.2013 30.07.2013 31.07.2013 30.06.2013 31.07.2013 31.07.2013 31.07.2013 28.06.2013 31.07.2013

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

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

Date 17.10.2013 11.10.2013 09.10.2013 07.10.2013 07.10.2013 04.10.2013 02.10.2013 27.09.2013 27.09.2013 26.09.2013 19.09.2013 16.09.2013 16.09.2013 11.09.2013 15.08.2013 13.08.2013 13.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 06.06.2013

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATLN VX EQUITY YTD Change ATLN VX EQUITY YTD % CHANGE

12/2012 09/yy 69.90 42.06 112'554.00 68.5 -2.00% 62.88% 93.89% 120.3 8'238.90 235.43 0.0 0.0 1'123.02 7'692.61

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

31.12.2008 1'428.9

31.12.2009 1'698.0

414.2

403.4

306.1

311.3

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

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

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

09/yy 1'721.4 8.77x 450.3 11.22x 302.7 18.18x

LTM 09/yy 1'745.9 11.52x 550.2 10.83x 339.4 21.19x

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

503.36 421.47 24.47% 20.82% 11.64% 21.53% 19.37% 0.60% 88.6% 31.5% 27.1% 17.6% 3.54 3.34 8.74% 15.50% 3.78 3.59

Price/ Cash Flow

FY+1

.0 M o-13

1.08 100.59 53.95% 60.28% 1.077 21 4.000 962'390 377'318 366'739 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 1'768.5 1'838.6 444.7 4.31x 3.97x 17.34x 564.6 591.2 97.8 13.59x 12.98x 428.4 437.3 54.1 17.94x 17.06x S&P Issuer Ratings

6.02 5.56 -0.99 0.43 15.5% 13.4% 0.60 4.40 96.68 101.57 197.04 26.24

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Actelion Ltd Holdings By:

All

Holder Name ACTELION LTD ORBIS INVESTMENT MAN CLOZEL JEAN-PAUL BLACKROCK TRIDENT MERGER MAAG RUDOLF BB BIOTECH AG LAZARD ASSET MANAGEM VANGUARD GROUP INC NORGES BANK CREDIT SUISSE AG UBS AG FMR LLC ALLIANCE BERNSTEIN PICTET FUNDS JO HAMBRO CAPITAL MA SANFORD C BERNSTEIN CAWTHORN ROBERT E CLOSE INVESTMENT LTD INVESCO LTD

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

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

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

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

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

Amt Held 10'010'167 6'311'593 5'262'883 4'514'052 4'083'119 3'803'190 3'803'190 3'799'517 3'676'486 2'581'512 1'846'454 1'510'678 1'504'635 1'122'783 1'023'287 824'882 580'200 507'552 485'726 454'579

% Out 8.32 5.25 4.38 3.75 3.39 3.16 3.16 3.16 3.06 2.15 1.54 1.26 1.25 0.93 0.85 0.69 0.48 0.42 0.4 0.38

Weighting

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

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

Latest Chg 753'893 80'146 3'506 4'242 1'385'852 12'671 (20'308) 578'769 82'430 4'483 363'068

Target Price 73 68 66 70 71 62 63 85 51 72 66 72 82 #N/A N/A 70 58 #N/A N/A 68 60

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

File Dt 28.06.2013 04.07.2013 31.12.2012 16.10.2013 02.05.2012 31.12.2012 31.12.2012 11.04.2013 30.09.2013 31.12.2012 30.07.2013 31.07.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 31.03.2013 04.05.2012 31.08.2013 17.10.2013

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

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

Date 18.10.2013 18.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 15.10.2013 09.10.2013 27.08.2013 13.08.2013 08.08.2013 07.08.2013 01.08.2013 29.07.2013 24.07.2013 23.07.2013 19.07.2013

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KNIN VX EQUITY YTD Change KNIN VX EQUITY YTD % CHANGE

12/2012 09/yy 123.20 98.50 19'998.00 114.6 -6.98% 16.35% 63.56% 120.0 13'752.00 68.00 0.0 29.0 1'083.00 12'815.00

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

.7 M

120

.6 M

100

.5 M

.4 M

.3 M

.2 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

140

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

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

31.12.2012 17'120.0 0.71x 926.0 13.16x 485.0 27.09x 926.00 706.00 4.12% 3.77% 8.99% 24.10% 2.74% 35.6% 5.9% 4.7% 2.8% 1.26 1.08 1.08% 2.84% 6.79 35.82

Price/ Cash Flow

LTM

09/yy 16'868.0 2.86x 875.0 13.62x 499.0 25.53x

09/yy 17'272.0 2.80x 1'014.0 13.07x 567.0 25.05x

FY+1

.0 M o-13

0.81 55.01 9.57% 7.57% 0.814 28 2.750 124'869 129'388 139'311 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 17'422.9 18'032.4 4'775.7 4'433.0 0.72x 0.69x 2.59x 2.75x 974.2 1'057.9 260.3 252.0 13.14x 12.10x 12.20x 12.14x 604.6 675.2 162.5 157.0 22.75x 20.34x 20.98x 20.69x S&P Issuer Ratings

185.20 152.60 -0.94 0.05 2.8% 2.7% 2.74 15.16 53.73 10.19 43.42 16.55

Sales/Revenue/Turnover

30.00

20'000.0 18'000.0

25.00

16'000.0 14'000.0

20.00

12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Kuehne + Nagel International AG Holdings By:

All

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

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

Firm Name

Analyst

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

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

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

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

Amt Held 63'900'000 3'664'427 2'771'572 2'367'675 1'647'050 1'404'587 1'219'845 877'480 806'105 717'847 713'221 613'550 583'460 550'582 526'255 434'911 327'898 307'949 204'637 200'000

% Out 53.25 3.05 2.31 1.97 1.37 1.17 1.02 0.73 0.67 0.6 0.59 0.51 0.49 0.46 0.44 0.36 0.27 0.26 0.17 0.17

Weighting

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

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

Latest Chg (11'220) 29'330 (35'879) (24'232) (102'155) 11'743 27'974 (26'565) 521 119'127 (18'695) 15'663 3'400 75'344

Target Price 115 125 90 113 134 105 119 120 114 110 111 100 #N/A N/A #N/A N/A 137 172 124 126 95 115 110 122 #N/A N/A 113 #N/A N/A 105

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

File Dt Inst Type 31.12.2010 n/a 21.06.2012 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2012 Government 30.07.2013 Investment Advisor 31.12.2010 Corporation 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 30.04.2013 Investment Advisor 16.10.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA)

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

Date 17.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 10.10.2013 10.10.2013 08.10.2013 05.08.2013 01.08.2013 29.07.2013 16.07.2013 15.07.2013 10.06.2013 06.06.2013 15.04.2013 25.01.2013 09.01.2013

23.10.2013

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

Price/Volume 160

.7 M

140

.6 M

120

.5 M

100

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCHP VX EQUITY YTD Change SCHP VX EQUITY YTD % CHANGE

12/2012 09/yy 146.90 118.50 35'922.00 127.9 -12.93% 7.93% 35.21% 46.2 15'028.63 754.00 0.0 33.0 2'626.00 13'189.63

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

.3 M

60 40

.2 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

.4 M

Valuation Analysis

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

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

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

Price/ Cash Flow

LTM

09/yy 7'961.0 0.00x 0.0 0.00x 670.0 0.00x

09/yy 8'636.0 0.00x 0.0 0.00x 582.0 29.59x

FY+1

.0 M o-13

0.83 46.16 8.27% -1.57% 0.835 11 3.364 293'524 145'571 132'556 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 8'775.5 9'374.5 1.49x 1.37x 1'077.2 1'182.2 12.25x 11.16x 600.1 744.2 160.0 23.85x 19.50x S&P Issuer Ratings

25.67 22.60 27.1% 21.1% 1.07 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Schindler Holding AG Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 1'534'447 1'223'450 1'118'218 1'082'136 796'246 665'154 657'932 585'667 579'798 572'901 527'414 522'668 446'485 293'124 249'100 204'970 201'392 189'000 171'993 153'558

% Out 3.32 2.65 2.42 2.34 1.72 1.44 1.42 1.27 1.26 1.24 1.14 1.13 0.97 0.63 0.54 0.44 0.44 0.41 0.37 0.33

Weighting

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

D M M M M M M M M M M

Latest Chg 34'114 (46'255) (301'191) 1'582 (12'991) 27'037 (19'449) 16'677 (117) 6'715 (11'991) (586'955) (960) (22'625) 32'000 3'469 -

Target Price 110 114 145 138 125 148 118 155 155 #N/A N/A 145

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

File Dt Inst Type 31.08.2013 Investment Advisor 30.07.2013 Investment Advisor 31.12.2012 Government 31.08.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 16.10.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Bank 31.05.2013 Unclassified 30.06.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 17.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 08.10.2013 04.10.2013 23.09.2013 13.08.2013 21.06.2013

23.10.2013

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

Price/Volume 140

.9 M

120

.8 M .7 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (12.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOON VX EQUITY YTD Change SOON VX EQUITY YTD % CHANGE

03/2013 01/yy 118.50 89.89 31'699.00 117.7 -0.68% 30.94% 95.46% 67.2 7'903.77 248.97 0.0 28.4 439.41 7'741.77

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

.5 M

.4 M .3 M

.2 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

.6 M

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

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

31.03.2013 1'795.3 4.17x 238.3 31.40x 110.9 68.61x 238.33 156.68 8.73% 8.35% 4.47% 7.20% 0.72% 69.1% 13.3% 8.7% 6.2% 2.36 1.73 9.29% 15.49% 5.29 3.01

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.78 49.65 26.81% 17.87% 0.783 22 3.318 122'858 126'944 121'049 FY+2

03/14 Y 03/15 Y 1'931.0 2'065.7 3.90x 3.54x 494.4 551.3 15.65x 14.03x 358.9 404.3 22.22x 19.78x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

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

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

02.10.2013

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 |

23.10.2013

Sonova Holding AG Holdings By:

All

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

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

Firm Name

Analyst

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

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

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

Recommendation neutral/neutral underperform add neutral hold buy Overwt/Attractive hold outperform market perform buy underperform underperform buy buy hold underweight equalweight hold neutral

Amt Held 6'982'442 6'647'719 4'560'498 4'166'000 2'031'623 2'010'767 1'995'523 1'994'034 1'386'198 1'274'985 1'218'792 1'003'486 989'640 897'052 782'081 689'887 614'861 448'915 253'532 240'520

% Out 10.4 9.9 6.79 6.2 3.03 2.99 2.97 2.97 2.06 1.9 1.81 1.49 1.47 1.34 1.16 1.03 0.92 0.67 0.38 0.36

Weighting

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

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

Latest Chg 333'562 (9'050) 121'199 (13'111) (16'300) 85'436 47'021 42'495 18'853 (23'379) (125) (20'000)

Target Price 122 92 124 120 119 133 115 110 125 #N/A N/A 120 93 111 130 125 111 #N/A N/A 105 93 112

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

File Dt 31.08.2013 31.03.2013 31.03.2013 31.03.2013 05.02.2013 01.06.2012 30.09.2013 12.04.2013 30.06.2013 30.07.2013 31.12.2012 30.06.2013 31.07.2013 30.06.2013 30.09.2013 30.09.2013 30.04.2013 16.10.2013 31.07.2013 30.04.2013

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

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

Date 14.10.2013 11.10.2013 10.10.2013 08.10.2013 08.10.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 06.09.2013 30.08.2013 08.07.2013 06.06.2013 22.05.2013 21.05.2013 21.05.2013

23.10.2013

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

Price/Volume 3000

.0 M

2500

.0 M .0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIK VX EQUITY YTD Change SIK VX EQUITY YTD % CHANGE

12/2012 06/yy 2'730.00 1'858.00 512.00 2686 -1.61% 44.56% 93.46% 2.2 6'735.01 1'097.00 0.0 14.9 994.20 7'055.91

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

.0 M

1000

.0 M

500

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

.0 M

1500

Valuation Analysis

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

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

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

Price/ Cash Flow

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

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

FY+1

.0 M o-13

0.97 1.00 45.69% 30.43% 0.967 10 4.000 3'568 3'748 3'789 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'083.9 5'509.0 1'395.0 1'297.0 1.36x 1.24x 637.2 708.6 11.06x 9.95x 328.8 380.6 20.60x 17.84x S&P Issuer Ratings

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

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Sika AG Holdings By:

All

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

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

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

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

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

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

Amt Held 1'140'136 174'032 53'632 49'810 48'342 33'753 31'086 28'730 28'322 25'402 24'464 24'412 23'956 16'800 14'285 12'862 11'415 11'094 10'430 10'065

% Out 53 8.09 2.49 2.32 2.25 1.57 1.45 1.34 1.32 1.18 1.14 1.13 1.11 0.78 0.66 0.6 0.53 0.52 0.48 0.47

Weighting

Change 5 3 3 3 3 3 5 5 5 5

M M M M M M M M M M

Latest Chg (2'545) (401) 3'869 (109) (2'278) 2'575 (149) (681) 1'179 (11'624) 5'746 700 4 262 -

Target Price 3'800 #N/A N/A 2'700 2'500 2'286 2'300 2'900 2'750 2'900 #N/A N/A

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

File Dt 31.12.2011 31.07.2013 30.07.2013 31.07.2013 30.09.2013 30.04.2013 31.12.2012 16.10.2013 30.08.2013 30.06.2013 30.09.2013 30.04.2013 31.08.2013 30.08.2013 30.04.2013 31.05.2013 31.08.2013 31.08.2013 30.06.2013 31.05.2013

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

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

Date 14.10.2013 04.10.2013 04.10.2013 19.08.2013 08.08.2013 08.08.2013 07.08.2013 29.07.2013 21.06.2013 06.06.2013

23.10.2013

Price/Volume 120

.7 M

100

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHRN SE EQUITY YTD Change UHRN SE EQUITY YTD % CHANGE

12/2012 01/yy 104.40 65.50 29'547.00 102.5 -1.82% 56.49% 95.37% 124.0 30'863.95 135.00 0.0 19.0 1'967.00 29'885.95

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

1.20

.3 M

.2 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

.4 M

Valuation Analysis

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

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

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

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.24 56.71 57.51% 32.00% 1.238 3 5.000 90'926 81'136 78'408 FY+2

12/13 Y 12/14 Y 8'625.0 9'335.0 3.36x 3.02x 2'460.0 2'690.0 12.15x 11.11x 15.79x 14.42x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

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

Sales/Revenue/Turnover

9'000.0 8'000.0

1.00 0.80

7'000.0 6'000.0 5'000.0

0.60

4'000.0 3'000.0

0.40 0.20

2'000.0 1'000.0 0.0

0.00

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

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

23.10.2013

Swatch Group AG/The Holdings By:

All

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

Firm Name Bank am Bellevue Zuercher Kantonalbank Bank Vontobel AG

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

Analyst MICHAEL HEIDER PATRIK SCHWENDIMANN RENE WEBER

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

Recommendation buy outperform buy

Amt Held 55'704'144 10'935'000 1'572'763 1'295'192 1'043'969 837'948 758'440 521'229 470'120 435'369 369'846 359'952 288'249 273'575 211'543 208'323 205'514 204'044 183'074 173'691

% Out 44.91 8.82 1.27 1.04 0.84 0.68 0.61 0.42 0.38 0.35 0.3 0.29 0.23 0.22 0.17 0.17 0.17 0.16 0.15 0.14

Weighting

Change 5 5 5

M M M

Latest Chg 3'466 137'000 7'597 (10'543) (11'106) 26'148 11'550 (2'067) 39'138 (7'805) 48'575 (16'130) 377 140'951 (2'200) (29'238)

Target Price 132 #N/A N/A 126

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 30.07.2013 Investment Advisor 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.09.2013 Investment Advisor 31.05.2013 Unclassified 16.10.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Unclassified 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.08.2013 Investment Advisor

Date Not Provided Not Provided Not Provided

Date 04.10.2013 16.09.2013 30.08.2013

23.10.2013

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

Price/Volume 70

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/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 ARYN SE EQUITY YTD Change ARYN SE EQUITY YTD % CHANGE

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

.2 M

.1 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.07.2009 3'212.3 0.83x 342.7 7.74x 54.0 35.77x

.3 M

07/2013 07/yy 66.90 44.57 26'250.00 65.9 -1.49% 47.86% 97.98% 91.8 6'050.31 1'505.71 0.0 97.6 626.92 5'889.39

31.07.2010 31.07.2011 3'009.7 3'876.9 1.31x 1.10x 340.5 485.1 11.62x 8.80x 151.7 212.7 16.43x 14.81x Profitability

LTM-4Q 31.07.2012 4'207.7 1.11x 540.0 8.68x 146.3 26.80x

31.07.2013 4'503.7 1.12x 576.3 8.79x 129.4 12.82x 576.32 363.25 8.07% 4.53% 2.27% 5.09% 0.79% 27.2% 12.8% 8.1% 2.9% 1.14 0.93 25.82% 56.54% 7.31 11.32

Price/ Cash Flow

07/yy 4'207.7 0.00x 0.0 0.00x 0.0 0.00x

LTM 07/yy 4'503.7 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

0.74 86.50 47.21% 42.34% 0.742 14 4.286 240'356 212'358 179'096 FY+2

FQ+1

FQ+2

07/14 Y 07/15 Y 10/13 Q1 01/14 Q2 4'751.1 4'921.5 1'168.0 1'053.0 1.24x 1.15x 609.4 665.0 9.67x 8.86x 335.1 379.3 13.40x 12.29x S&P Issuer Ratings

1.52 2.61 56.5% 35.3% 0.79 4.16 49.94 32.25 107.81 -25.62

Sales/Revenue/Turnover

14.00

5'000.0 4'500.0

12.00

4'000.0

10.00

3'500.0 3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 06.08.2010

500.0 0.0 06.02.2011

06.08.2011

06.02.2012

06.08.2012

06.02.2013

06.08.2013

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 |

23.10.2013

Aryzta AG Holdings By:

All

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

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

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

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

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

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

Amt Held 3'772'859 3'239'061 2'852'652 2'822'140 2'799'110 2'365'137 2'265'109 2'150'845 1'783'949 1'083'588 1'067'550 1'017'416 989'125 970'583 950'413 823'731 756'196 690'516 615'407 541'974

% Out 4.11 3.53 3.11 3.07 3.05 2.58 2.47 2.34 1.94 1.18 1.16 1.11 1.08 1.06 1.04 0.9 0.82 0.75 0.67 0.59

Weighting

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

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

Latest Chg (59'580) (36'300) 369'892 15'925 157 (55'626) (8'548) (55'778) (27'164) 47'247 1'031 (100'385) (23'820) (10'890) (47'642) (172'050) 35'308

Target Price #N/A N/A 64 65 #N/A N/A 67 73 73 75 72 87 65 65 #N/A N/A 65

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

File Dt 31.07.2012 17.10.2013 05.04.2013 31.07.2013 02.05.2013 31.08.2013 30.07.2013 30.09.2013 31.12.2012 30.04.2013 30.08.2013 30.09.2013 16.10.2013 31.07.2013 30.06.2013 31.07.2012 31.05.2013 31.07.2013 30.09.2013 30.06.2013

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

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

Date 17.10.2013 14.10.2013 08.10.2013 07.10.2013 03.10.2013 03.10.2013 03.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 20.09.2013 17.09.2013 14.08.2013

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLHN VX EQUITY YTD Change SLHN VX EQUITY YTD % CHANGE

12/2012 09/yy 187.00 109.50 28'399.00 181.5 -2.94% 65.75% 92.77% 32.1 5'822.71 2'768.00 0.0 33.0 6'480.00 3'898.71

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 n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 15'356.0 350.0 -

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

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

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

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

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

1.28 31.98 56.58% 54.13% 1.282 19 3.316 78'887 100'668 118'588 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 18'764.4 18'722.1 -0.03x -0.03x 721.3 711.1 140.0 8.05x 8.34x S&P Issuer Ratings

03.05.2012 BBB STABLE 27.0% 21.2% 0.12 -

Sales/Revenue/Turnover

4.50

25'000.0

4.00

20'000.0

3.50 3.00

15'000.0

2.50 2.00

10'000.0

1.50

5'000.0

1.00 0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Swiss Life Holding AG Holdings By:

All

Holder Name DODGE & COX TALANX BETEILIGUNGSBLACKROCK LSV ASSET MANAGEMENT NORGES BANK CREDIT SUISSE AG DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT VANGUARD GROUP INC UBS AG T ROWE PRICE ASSOCIA VONTOBEL ASSET MANAG PICTET FUNDS LOMBARD ODIER ASSET SWISS LIFE HOLDING PRUDENTIAL FINANCIAL RAIFFEISEN SCHWEIZ L MIRABAUD ASSET MANAG IST FUND MANAGERS SCHRODER INVESTMENT

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

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

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

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

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

Amt Held 1'645'000 1'614'988 1'239'001 965'009 737'441 729'567 542'313 373'230 356'310 286'041 220'892 205'610 197'583 151'710 150'352 135'398 129'800 129'465 105'508 75'443

% Out 5.13 5.03 3.86 3.01 2.3 2.27 1.69 1.16 1.11 0.89 0.69 0.64 0.62 0.47 0.47 0.42 0.4 0.4 0.33 0.24

Weighting

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

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

Latest Chg (1'359'700) 10'582 53'667 745 (8'949) 19'806 17'234 13'514 8'850 4'157 (44'744) 18'300 25'000 (2'095) (20'031)

Target Price 218 200 180 #N/A N/A 195 194 179 215 175 224 210 195 183 #N/A N/A 163 190 195 145

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

File Dt 31.12.2012 16.04.2013 16.10.2013 10.10.2013 31.12.2012 31.07.2013 31.07.2013 30.04.2013 30.09.2013 28.06.2013 30.06.2013 30.04.2013 30.06.2013 31.08.2013 31.12.2012 31.08.2013 30.04.2013 30.06.2013 31.05.2013 31.07.2013

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

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

Date 17.10.2013 08.10.2013 07.10.2013 07.10.2013 26.09.2013 17.09.2013 17.09.2013 09.09.2013 02.09.2013 19.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013

23.10.2013

Clariant AG Clariant, AG. develops, produces, markets and sales specialty chemical products. The Company provides dyes and chemicals for the textile, leather and paper industries, pigments for the use in paints, printing inks, decorative paints, plastics, cosmetics, concentrated pigment and additive preparations for engineering plastics, spin dyeing, and packaging.

Price/Volume

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

12.0 M 10.0 M

12/2012 06/yy 16.55 9.37 279'322.00 15.29 -7.61% 63.19% 82.17% 331.9 5'075.35 3'476.00 0.0 86.0 1'667.00 7'106.35

8.0 M

6.0 M

4.0 M

2.0 M

2 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 8'071.0 0.36x 746.0 3.85x (45.0) -

14.0 M

16 14

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLN VX EQUITY YTD Change CLN VX EQUITY YTD % CHANGE

31.12.2009 31.12.2010 6'614.0 7'120.0 0.51x 0.71x 470.0 880.0 7.14x 5.76x (206.0) 180.0 23.38x Profitability

LTM-4Q 31.12.2011 5'571.0 0.80x 782.0 5.70x 227.0 12.04x

31.12.2012 6'038.0 0.89x 772.0 6.93x 217.0 17.64x 772.00 456.00 7.55% 4.07% 2.86% 8.83% 0.73% 28.9% 11.6% 6.9% 3.6% 1.55 0.80 36.49% 117.67% 5.90 4.20

Price/ Cash Flow

LTM

06/yy 6'396.0 3.00x 728.0 6.64x 159.0 17.93x

06/yy 6'502.0 3.58x 751.0 8.61x 254.0 17.13x

FY+1

.0 M o-13

1.41 240.14 44.98% 26.90% 1.406 22 3.591 1'441'312 1'406'902 1'425'806 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'132.5 6'391.9 1'494.7 1'586.8 1.03x 0.96x 829.6 927.2 201.7 226.0 8.57x 7.67x 318.5 394.3 90.0 110.7 14.87x 12.48x 12.04x 11.33x S&P Issuer Ratings

14.03.2011 BBBSTABLE 14.03.2011 A-3 4.98 2.97 2.59 3.39 117.7% 53.3% 0.73 2.84 61.86 86.90 104.13 33.44

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

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 |

23.10.2013

Clariant AG Holdings By:

All

Holder Name SHAREHOLDER GROUP CLARIANT AG STOCKHAUSEN DOLF WINTERSTEIN KONSTANT FIL LIMITED UBS AG NORGES BANK CREDIT SUISSE AG TIAA CREF INVESTMENT SCHRODER INVESTMENT PICTET FUNDS DIMENSIONAL FUND ADV VANGUARD GROUP INC SWISSCANTO FONDSLEIT VONTOBEL ASSET MANAG SPARINVEST BLACKROCK JPMORGAN ASSET MANAG IST FUND MANAGERS MIRABAUD ASSET MANAG

Firm Name AlphaValue Nomura Deutsche Bank Morgan Stanley Kepler Cheuvreux Main First Bank AG Macquarie Exane BNP Paribas HSBC Barclays UBS Goldman Sachs JPMorgan Societe Generale Bank Vontobel AG Credit Suisse Berenberg Bank Zuercher Kantonalbank EVA Dimensions Canaccord Genuity Corp

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

Analyst MARTIN SCHNEE PATRICK LAMBERT TIMOTHY JONES PETER MACKEY MARKUS MAYER BERND POMREHN CHRISTIAN FAITZ JAMES KNIGHT JESKO MAYER-WEGELIN GUNTHER ZECHMANN JEAN-FRANCOIS MEYMANDI MICHAEL RAE MARTIN EVANS PETER CLARK PATRICK RAFAISZ CHRIS COUNIHAN JAIDEEP PANDYA MARTIN SCHREIBER TIMOTHY STANISH PAUL W SATCHELL

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

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

Amt Held 44'738'756 13'197'597 11'776'204 11'018'080 10'319'502 10'006'093 9'880'182 9'412'778 8'830'526 7'025'013 4'955'998 4'214'202 4'085'267 3'676'940 2'403'710 1'722'966 1'447'799 1'173'151 1'058'732 965'000

% Out 13.48 3.98 3.55 3.32 3.11 3.01 2.98 2.84 2.66 2.12 1.49 1.27 1.23 1.11 0.72 0.52 0.44 0.35 0.32 0.29

Weighting

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

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

Latest Chg 1'598'001 (2'155'824) (124'364) 42'831 915'255 134'455 701'274 67'582 20'151 169'360 (152'820) 290'000 18'634 284 2'034 115'000

Target Price 15 18 15 19 20 16 19 13 17 18 19 19 15 13 17 14 16 #N/A N/A #N/A N/A 12

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

File Dt 31.12.2011 13.03.2013 31.12.2012 14.01.2013 24.09.2013 30.09.2013 10.10.2013 30.07.2013 24.05.2013 30.08.2013 30.06.2013 31.07.2013 30.09.2013 30.04.2013 30.04.2013 31.08.2013 16.10.2013 28.06.2013 31.05.2013 30.06.2013

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

Inst Type Other Corporation 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.10.2013 16.10.2013 15.10.2013 15.10.2013 14.10.2013 14.10.2013 11.10.2013 08.10.2013 07.10.2013 03.10.2013 25.09.2013 11.09.2013 04.09.2013 14.08.2013 31.07.2013 30.07.2013 30.07.2013 27.06.2013 06.06.2013 17.04.2013

23.10.2013

Baloise Holding AG Baloise Holding AG offers group and individual life, health, accident, liability property, and transportation insurance to customers in Europe. The Company also offers private banking and asset management services.

Price/Volume 120

.5 M .4 M

100

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BALN VX EQUITY YTD Change BALN VX EQUITY YTD % CHANGE

12/2012 12/yy 108.90 74.60 29'932.00 106.3 -2.39% 42.49% 93.00% 50.0 5'315.00 2'017.60 0.0 42.1 2'923.70 4'220.90

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

.3 M .2 M

.2 M .1 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 7'807.9 0.46x 358.3 10.70x

.3 M

31.12.2009 31.12.2010 9'464.6 9'420.2 0.34x 0.37x 414.1 433.4 9.95x 9.95x Profitability

LTM-4Q 31.12.2011 7'691.1 0.31x 60.8 49.68x

31.12.2012 9'333.4 0.30x 436.6 8.42x 5.78% 5.30% 0.64% 10.74% 8.63% 0.13% 4.7% 2.74% 41.77% -

Price/ Cash Flow

LTM

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

FY+1

.0 M o-13

1.10 44.93 43.62% 41.97% 1.099 16 3.125 124'525 112'155 130'624 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'341.3 8'611.5 0.29x 0.28x 590.0 695.0 7.17x 6.09x 468.6 493.1 10.54x 10.08x S&P Issuer Ratings

41.8% 29.3% 0.13 -

Sales/Revenue/Turnover

80.00

12'000.0

70.00

10'000.0

60.00

8'000.0

50.00 40.00

6'000.0

30.00

4'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Baloise Holding AG Holdings By:

All

Holder Name BLACKROCK SIGNAL IDUNA GRUPPE BALOISE HOLDING AG LSV ASSET MANAGEMENT UBS AG CREDIT SUISSE AG NORGES BANK PICTET FUNDS DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT VANGUARD GROUP INC VAN LANSCHOT N.V. VONTOBEL ASSET MANAG IG INVESTMENT MANAGE DANSKE INVEST A/S SARASIN MIRABAUD ASSET MANAG PRUDENTIAL FINANCIAL IST FUND MANAGERS BARING FUND MANAGERS

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

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

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

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

Recommendation sell underweight outperform neutral buy buy Sell/Neutral neutral neutral hold market perform hold hold market perform buy hold

Amt Held 2'950'000 2'500'000 2'264'287 1'862'547 1'648'484 1'315'724 1'033'406 607'878 600'562 599'105 553'319 457'630 336'800 305'153 294'488 253'201 196'989 187'033 169'180 133'453

% Out 5.9 5 4.53 3.73 3.3 2.63 2.07 1.22 1.2 1.2 1.11 0.92 0.67 0.61 0.59 0.51 0.39 0.37 0.34 0.27

Weighting

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

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

Latest Chg 579 (1'572) (14'239) 2'133 (25'150) 26'355 41'285 3'700 21'491 1'154 20'000 324 -

Target Price 86 101 115 105 119 115 100 103 97 102 #N/A N/A 107 93 106 100 #N/A N/A

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

File Dt 16.10.2013 31.12.2012 31.12.2012 02.07.2013 30.09.2013 30.07.2013 31.12.2012 30.06.2013 31.05.2013 30.04.2013 30.09.2013 30.06.2013 30.04.2013 30.06.2013 30.09.2013 31.05.2013 30.06.2013 31.08.2013 31.05.2013 30.06.2013

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

Inst Type Investment Advisor Unclassified Insurance Company 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 Investment Advisor

Date 17.10.2013 16.10.2013 15.10.2013 08.10.2013 30.09.2013 26.09.2013 17.09.2013 05.09.2013 03.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 06.06.2013

23.10.2013

Lindt & Spruengli AG Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery products. The Company markets its products through its own specialty stores and boutiques, as well as through retail outlets and catalog sales. Lindt operates subsidiaries in Europe, North America and Asia and also sells its products through various distributors in other world regions. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LISN SE EQUITY YTD Change LISN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 45'155.00 33'075.92 15.00 45095 -0.13% 36.34% 98.51% 0.1 9'599.32 12.00 0.0 0.0 555.00 8'971.32

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

31.12.2009 31.12.2010 2'524.8 2'579.3 2.03x 2.42x 382.5 423.3 13.41x 14.77x 193.1 241.9 29.86x 28.38x Profitability

31.12.2011 2'488.6 2.68x 421.9 15.83x 246.5 28.95x

31.12.2012 2'669.5 2.70x 457.4 15.75x 271.9 28.80x 457.40 362.50 13.58% 13.55% 10.34% 15.04% 1.01% 17.6% 13.7% 10.2% 2.50 1.77 0.46% 0.69% 9.27 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.58 0.10 35.54% 32.45% 0.583 11 2.818 107 116 110 FY+2

12/13 Y 12/14 Y 2'865.1 3'064.2 3.18x 3.01x 510.9 556.6 17.55x 16.11x 305.5 335.5 33.61x 30.26x S&P Issuer Ratings

FQ+1

FQ+2

117.28 81.85 -1.29 0.05 0.7% 0.7% 1.01 3.51 39.36 -

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 2'573.2 1.85x 466.1 10.21x 261.5 19.52x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 o-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 |

23.10.2013

Lindt & Spruengli AG Holdings By:

All

Holder Name LINDT & SPRUENGLI AG NORGES BANK TANNER ERNST CREDIT SUISSE AG AXA FUNDS MANAGEMENT CAISSE DE DEPOT ET P VANGUARD GROUP INC SPRUENGLI RUDOLF K BULGHERONI ANTONIO BLACKROCK SWISSCANTO FONDSLEIT UBS AG FIRST EAGLE INVESTME PICTET FUNDS FMR LLC VONTOBEL ASSET MANAG JULIUS BAER MULTICOO IAM INDEPENDENT ASSE ZUERCHER KANTONALBAN F&C ASSET MANAGEMENT

Firm Name Bank Vontobel AG Kepler Cheuvreux Natixis Goldman Sachs Bank am Bellevue UBS Berenberg Bank HSBC EVA Dimensions Zuercher Kantonalbank

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

Analyst JEAN-PHILIPPE BERTSCHY JON COX NICOLAS LANGLET FULVIO CAZZOL GINA FRANCIOLI JOERN IFFERT JAMES TARGETT FLORENCE DOHAN CRAIG STERLING PATRIK SCHWENDIMANN

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

Recommendation not rated hold neutral neutral/neutral hold buy hold underweight hold outperform

Amt Held 29'144 4'630 2'803 2'169 1'400 1'285 1'234 1'014 1'000 874 841 792 639 547 325 319 242 181 166 155

% Out 21.32 3.39 2.05 1.59 1.02 0.94 0.9 0.74 0.73 0.64 0.61 0.58 0.47 0.4 0.24 0.23 0.18 0.13 0.12 0.11

Weighting

Change

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

M M M U M M M M M U

Latest Chg (68) 73 (19) (32) (68) 7 21 6 (15)

Target Price #N/A N/A 40'000 40'000 44'000 24'760 47'500 43'000 35'500 #N/A N/A #N/A N/A

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

File Dt Inst Type 16.03.2013 Corporation 31.12.2012 Government 31.12.2011 n/a 30.07.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2013 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 16.10.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 04.10.2013 04.10.2013 04.10.2013 02.10.2013 03.09.2013 21.08.2013 21.08.2013 14.08.2013 06.06.2013 15.01.2013

23.10.2013

Swiss Prime Site AG Swiss Prime Site AG is a real estate investment company. The Company owns business and mixed-use business/residential buildings in commercial centers in Switzerland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (09.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPSN VX EQUITY YTD Change SPSN VX EQUITY YTD % CHANGE

12/2012 01/yy 78.85 66.65 19'180.00 70.45 -10.65% 5.70% 31.56% 60.5 4'262.10 4'125.09 0.0 0.0 199.36 8'409.95

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

.9 M

.8 M

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 o-12

31.12.2009 31.12.2010 293.7 601.1 25.52x 13.23x 171.5 357.9 43.70x 22.22x 187.4 235.0 9.52x 16.07x Profitability

31.12.2011 571.6 13.78x 355.2 22.17x 355.1 10.80x

31.12.2012 576.7 14.75x 339.6 25.05x 316.3 13.26x 339.59 316.80 34.64% 71.33% 3.95% 9.67% 4.50% 0.07% 55.8% 54.8% 44.61% 105.14% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

0.56 56.68 -2.58% -3.20% 0.558 6 3.000 91'329 105'539 105'144 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/10 Q2 09/10 Q3 718.0 676.5 11.94x 12.93x 360.5 375.0 23.32x 22.42x 222.0 228.0 19.03x 18.80x S&P Issuer Ratings

2.90 0.53 11.98 12.32 105.1% 51.3% 0.07 -

Sales/Revenue/Turnover

180.00

700.0

160.00

600.0

140.00

500.0

120.00 100.00

400.0

80.00

300.0

60.00

200.0

40.00

100.0

20.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 209.6 16.31x 158.8 21.53x 116.4 10.26x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Swiss Prime Site AG Holdings By:

All

Holder Name CREDIT SUISSE AG BLACKROCK WECKEN KLAUS RUDOLF STATE STREET CORP APG ALGEMENE PENSIOE UBS AG FUST WALTER NORGES BANK VANGUARD GROUP INC SANLAM ASSET MANAGEM SWISSCANTO FONDSLEIT BNP PARIBAS PICTET FUNDS SCOTTISH WIDOWS VONTOBEL ASSET MANAG MIRABAUD ASSET MANAG MORGAN STANLEY ZUERCHER KANTONALBAN ING INTERNATIONAL AD SEB

Firm Name Bank Vontobel AG UBS EVA Dimensions ABN Amro Bank N.V. Zuercher Kantonalbank Kempen & Co

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

Analyst STEFAN SCHUERMANN ANDRE RUDOLF VON ROHR DOUG WALTERS RUUD VAN MAANEN MARKUS WAEBER ROBERT WOERDEMAN

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

Recommendation hold neutral hold sell outperform neutral

Amt Held 3'325'716 3'061'591 2'070'000 2'037'603 1'815'760 1'709'291 1'619'979 1'591'970 755'113 726'335 701'487 320'337 303'214 222'747 207'810 190'000 178'103 172'757 162'800 137'255

% Out 5.5 5.06 3.42 3.37 3 2.83 2.68 2.63 1.25 1.2 1.16 0.53 0.5 0.37 0.34 0.31 0.29 0.29 0.27 0.23

Weighting

Change 3 3 3 1 5 3

M M U M U M

Latest Chg 11'533 542 1'513 (717'875) 63'066 13'700 (18'361) 4'262 (13'635) 10'051 50'000 (11'832) 60'000 10'000 15'992

Target Price 70 73 #N/A N/A 61 #N/A N/A 78

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

File Dt Inst Type 30.07.2013 Investment Advisor 16.10.2013 Investment Advisor 31.12.2012 n/a 17.10.2013 Investment Advisor 08.10.2013 Pension Fund (ERISA) 31.07.2013 Investment Advisor 31.07.2012 n/a 31.12.2012 Government 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Unclassified 30.06.2013 Investment Advisor 28.02.2013 Unclassified 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Unclassified

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

Date 07.10.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 25.04.2013

23.10.2013

Partners Group Holding AG Partners Group Holding AG is a global private markets asset management firm in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions.

Price/Volume

.3 M .3 M .2 M

150

Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PGHN SE EQUITY YTD Change PGHN SE EQUITY YTD % CHANGE

12/2012 01/yy 273.50 183.80 17'818.00 231.9 -15.21% 26.17% 56.86% 26.7 6'191.73 0.00 0.0 0.9 234.65 6'355.28

.2 M

100

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

.4 M

250 200

Valuation Analysis

31.12.2008 270.7 6.16x 182.5 9.14x 170.8 10.90x

300

31.12.2009 31.12.2010 329.4 447.3 9.30x 9.31x 231.9 320.8 13.21x 12.98x 204.8 296.3 15.75x 14.86x Profitability

31.12.2011 448.8 9.06x 236.2 17.21x 202.1 20.51x

31.12.2012 564.2 9.12x 295.5 17.42x 257.3 20.81x 295.53 48.95% 49.76% 34.49% 47.31% 40.53% 0.71% 55.4% 45.6% 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.64 16.10 20.72% 12.66% 0.641 12 3.500 53'716 76'261 62'399 FY+2

12/13 Y 12/14 Y 493.6 560.7 12.13x 10.65x 306.5 351.9 20.81x 18.13x 288.1 330.8 21.48x 18.52x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

0.49 0.62 0.0% 0.0% 0.71 33.37 -

Sales/Revenue/Turnover

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0 15.00

200.0 10.00

100.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

23.10.2013

Partners Group Holding AG Holdings By:

All

Holder Name GANTNER ALFRED WIETLISBACH URS ERNI MARCEL BLACKROCK PARTNERS GROUP WILLIAM BLAIR & COMP MEISTER STEFFEN CREDIT SUISSE AG NORGES BANK FMR LLC HALDNER FELIX COLUMBIA WANGER ASSE PICTET FUNDS VANGUARD GROUP INC ROYCE AND ASSOCIATES ALLIANCE BERNSTEIN SWISSCANTO FONDSLEIT UBS AG WENGER JUERG SCHAELI STEPHEN

Firm Name UBS Helvea Goldman Sachs Main First Bank AG Bank am Bellevue Mediobanca SpA Morgan Stanley Zuercher Kantonalbank Bank Vontobel AG Credit Suisse EVA Dimensions

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

Analyst DANIELE BRUPBACHER TIM DAWSON CHRIS M. TURNER KILIAN MAIER MARC DEUSTER ALEVIZOS ALEVIZAKOS BRUCE HAMILTON GEORG MARTI TERESA NIELSEN GURJIT KAMBO DOUG WALTERS

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

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

Amt Held 2'673'659 2'673'659 2'673'659 1'514'382 1'218'791 729'025 534'000 493'886 360'910 351'436 347'100 319'621 268'766 218'240 201'303 192'770 191'223 178'789 140'333 129'200

% Out 10.01 10.01 10.01 5.67 4.56 2.73 2 1.85 1.35 1.32 1.3 1.2 1.01 0.82 0.75 0.72 0.72 0.67 0.53 0.48

Weighting

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

M M U M M M M M M M M

Latest Chg (37'240) 358 (3'761) (1'155) (9'714) 10'450 (137'985) (20'238) (3'518) 1'566 -

Target Price 235 248 240 210 235 282 250 #N/A N/A 220 255 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 16.10.2013 31.12.2012 30.06.2013 31.12.2012 30.07.2013 31.12.2012 31.08.2013 31.12.2012 30.08.2013 30.06.2013 30.09.2013 30.06.2013 31.08.2013 30.04.2013 28.06.2013 31.12.2012 31.12.2012

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

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

Date 10.10.2013 04.10.2013 20.09.2013 18.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 06.06.2013

23.10.2013

Lonza Group AG Lonza Group AG produces organic fine chemicals, biocides, active ingredients, and biotechnology products. The Company offers custom chemical manufacturing and fermentation processing and manufactures its products for the life sciences, pharmaceuticals, food processing, and agricultural products industries. Lonza operates production sites in Europe, the United States, and China.

Price/Volume

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

1.2 M 1.0 M

12/2012 01/yy 78.50 40.11 29'523.00 78.25 -0.32% 95.08% 97.79% 52.9 4'141.00 2'815.00 0.0 (1.0) 429.00 6'656.00

.8 M

.6 M

.4 M

.2 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'937.0 2.20x 691.0 9.36x 420.0 11.07x

1.4 M

80 70

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LONN VX EQUITY YTD Change LONN VX EQUITY YTD % CHANGE

31.12.2009 31.12.2010 2'690.0 2'680.0 1.91x 1.91x 517.0 647.0 9.91x 7.91x 162.0 291.0 22.88x 13.50x Profitability

31.12.2011 2'692.0 2.07x 537.0 10.37x 154.0 18.62x

31.12.2012 3'925.0 1.26x 640.0 7.73x 182.0 14.02x 640.00 336.00 8.56% 5.63% 1.84% 5.73% 0.53% 25.6% 7.6% 4.6% 1.51 0.81 39.65% 116.95% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.26 50.70 74.60% 64.31% 1.256 16 3.125 134'342 170'318 185'836 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 3'844.6 4'046.8 1.66x 1.53x 668.3 754.8 9.96x 8.82x 226.2 303.5 16.22x 13.18x S&P Issuer Ratings

5.00 2.69 117.0% 53.9% 0.53 0.75 121.14

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0 3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0 1'500.0

4.00

1'000.0

2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Lonza Group AG Holdings By:

All

Holder Name FRANKLIN RESOURCES MANNING & NAPIER ADV MANNING & NAPIER ADV HARDING LOEVNER LP BLACKROCK AFFILIATED MANAGING TIAA CREF INVESTMENT NORGES BANK FMR LLC CREDIT SUISSE AG SWISSCANTO FONDSLEIT VANGUARD GROUP INC UBS AG PICTET FUNDS DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL SCHRODER INVESTMENT VONTOBEL ASSET MANAG PRUDENTIAL FINANCIAL OPPENHEIMERFUNDS INC

Firm Name AlphaValue Helvea Main First Bank AG EVA Dimensions Bank am Bellevue Jefferies Kepler Cheuvreux S&P Capital IQ Credit Suisse Zuercher Kantonalbank Bank Vontobel AG Kempen & Co Commerzbank Corporates & Markets UBS Deutsche Bank JPMorgan

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

Analyst FABRICE FARIGOULE OLAV ZILIAN BERND POMREHN TIMOTHY STANISH BRUNO ESCHLI PETER WELFORD AITANA PEIRE JACOB THRANE LUISA HECTOR MARTIN SCHREIBER CARLA BAENZIGER SACHIN SONI STEPHAN KIPPE MARTIN WALES HOLGER BLUM RICHARD VOSSER

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

Recommendation reduce buy outperform hold hold hold reduce hold neutral market perform hold hold hold neutral hold neutral

Amt Held 3'594'879 2'801'813 2'642'891 2'590'663 2'098'011 1'912'949 1'614'976 1'400'896 1'290'182 1'155'511 647'523 625'628 471'776 411'300 182'669 175'217 171'893 156'410 152'825 144'892

% Out 6.79 5.29 4.99 4.9 3.96 3.61 3.05 2.65 2.44 2.18 1.22 1.18 0.89 0.78 0.35 0.33 0.32 0.3 0.29 0.27

Weighting

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

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

Latest Chg (93'632) (816'138) (22) 48'740 9'703 43'088 (9'610) 33'292 29'475 38'201 1'337 10'769 57'867 (16'100) (7'300) -

Target Price 72 83 85 #N/A N/A 74 75 56 74 75 #N/A N/A 69 63 55 71 47 40

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

File Dt 28.06.2013 31.12.2012 08.03.2013 24.09.2013 16.10.2013 31.12.2012 01.10.2013 31.12.2012 31.08.2013 30.07.2013 30.04.2013 30.09.2013 31.07.2013 30.06.2013 31.07.2013 31.08.2013 30.09.2013 30.04.2013 31.08.2013 31.07.2013

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

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

Date 17.10.2013 15.10.2013 09.09.2013 09.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 12.07.2013 10.05.2013 22.01.2013 10.08.2012

23.10.2013

Galenica AG Galenica AG manufactures and distributes pharmaceuticals and offers related services. The Company produces prescription and over-the-counter drugs, toiletries and hygiene products, and operates pharmacies.

Price/Volume 900

.1 M

800

.1 M

700 600

.1 M

500

12/2012 01/yy 798.50 479.25 1'899.00 797 -0.19% 66.30% 99.68% 6.5 5'180.50 1'038.04 0.0 32.3 356.88 5'903.77

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

300

31.12.2009 31.12.2010 3'279.1 3'446.6 1.14x 1.37x 401.6 443.7 9.28x 10.65x 210.2 230.4 11.55x 15.91x Profitability

31.12.2011 3'480.6 1.26x 399.9 10.99x 223.1 15.89x

31.12.2012 3'608.0 1.15x 431.3 9.62x 253.5 13.55x 431.34 355.28 9.85% 8.90% 9.11% 21.84% 1.17% 40.6% 12.5% 10.4% 7.0% 1.45 0.93 32.99% 77.14% 6.25

Price/ Cash Flow

.0 M

100 0 o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.86 4.55 47.56% 52.99% 0.859 13 3.000 11'890 16'686 23'250 FY+2

12/13 Y 12/14 Y 3'532.2 3'692.3 1.61x 1.49x 462.3 474.8 12.78x 12.44x 288.0 295.3 17.90x 17.37x S&P Issuer Ratings

FQ+1

FQ+2

11.56 10.35 1.54 1.98 77.1% 43.0% 1.17 8.28 58.37 46.11

Sales/Revenue/Turnover

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

.0 M

200

Fiscal Year Ended 31.12.2008 3'128.1 0.94x 470.1 6.26x 188.2 11.80x

.1 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GALN SE EQUITY YTD Change GALN SE EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Galenica AG Holdings By:

All

Holder Name ALLIANCE BOOTS LTD CREDIT SUISSE AG ALECTA PENSIONSFORSA PATINEX AG NORGES BANK CREDIT SUISSE AG UBS AG JORNOD ETIENNE VONTOBEL ASSET MANAG SWISSCANTO FONDSLEIT LB SWISS INVESTMENT PICTET FUNDS VANGUARD GROUP INC IST FUND MANAGERS SARASIN GALENICA AG DWS INVESTMENTS SCHW MIRABAUD ASSET MANAG LOMBARD ODIER ASSET JULIUS BAER MULTICOO

Firm Name AlphaValue UBS EVA Dimensions Helvea Deutsche Bank Bank Vontobel AG Kepler Cheuvreux Credit Suisse Bank am Bellevue Zuercher Kantonalbank Main First Bank AG Berenberg Bank

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

Analyst ARMELLE MOULIN GUILLAUME VAN RENTERGHEM TIMOTHY STANISH OLAV ZILIAN HOLGER BLUM CARLA BAENZIGER MAJA PATAKI CHRISTOPH GRETLER STEPHEN LEVENTHAL SIBYLLE BISCHOFBERGER FRICK MARCUS WIEPRECHT ALISTAIR CAMPBELL

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

Recommendation sell buy buy buy buy hold hold neutral hold market perform underperform sell

Amt Held 1'656'172 379'607 210'000 196'758 124'460 104'828 97'066 47'261 42'675 40'147 38'707 31'667 30'759 26'517 21'306 20'075 19'785 17'380 17'110 15'558

% Out 25.48 5.84 3.23 3.03 1.91 1.61 1.49 0.73 0.66 0.62 0.6 0.49 0.47 0.41 0.33 0.31 0.3 0.27 0.26 0.24

Weighting

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

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

Latest Chg 116'645 (37'419) 2'492 2'040 3'000 (558) 1'950 2'790 2'139 51 214 1'400 5'300 (6'640) (510)

Target Price 653 890 #N/A N/A 860 870 751 710 780 595 #N/A N/A 660 500

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

File Dt Inst Type 10.05.2013 Corporation 12.03.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 06.09.2013 Private Equity 31.12.2012 Government 30.07.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2012 n/a 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Unclassified 31.12.2012 Corporation 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 17.10.2013 23.09.2013 10.09.2013 05.09.2013 03.09.2013 30.08.2013 27.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 03.05.2013

23.10.2013

Dufry AG Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico, France, Russia, the United Arab Emirates, Singapore, the Caribbean and the United States.

Price/Volume 160

1.2 M

140

1.0 M

120 .8 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DUFN VX EQUITY YTD Change DUFN VX EQUITY YTD % CHANGE

12/2012 06/yy 142.70 111.10 21'098.00 141.9 -0.56% 27.72% 94.62% 29.7 4'210.72 1'385.30 0.0 128.4 434.00 5'942.02

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

.4 M

40 .2 M

20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'113.5 0.79x 277.3 6.02x 95.0 8.62x

.6 M

31.12.2009 31.12.2010 2'378.7 2'610.2 0.95x 1.56x 288.1 328.0 7.85x 12.43x 38.5 116.6 34.88x 27.17x Profitability

LTM-4Q 31.12.2011 2'637.7 1.43x 344.3 10.94x 111.9 20.78x

31.12.2012 3'153.6 1.45x 444.0 10.33x 122.4 26.82x 444.00 275.70 8.74% 6.26% 2.27% 7.93% 6.67% 0.84% 58.9% 12.9% 7.6% 3.9% 1.75 0.83 39.29% 111.83% 52.69 2.78

Price/ Cash Flow

06/yy 2'973.8 5.59x 414.9 10.99x 127.8 24.11x

LTM 06/yy 3'303.6 5.67x 425.6 12.06x 89.0 35.70x

FY+1

.0 M o-13

1.10 23.66 20.87% 18.65% 1.104 13 4.154 87'934 89'440 106'168 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'629.1 4'081.1 1'017.0 940.5 1.58x 1.38x 508.8 599.2 166.7 140.5 11.68x 9.92x 165.8 215.3 58.8 31.5 22.53x 17.37x S&P Issuer Ratings

15.10.2012 BB+ STABLE 5.58 4.53 3.69 4.45 111.8% 50.3% 0.84 11.82 6.93 131.41 75.29 48.44

Sales/Revenue/Turnover

12.00

3'500.0

10.00

3'000.0 2'500.0

8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Dufry AG Holdings By:

All

Holder Name TRAVEL RETAIL INVEST FRANKLIN RESOURCES TARPON GESTORA DE RE ARTIO GLOBAL MANAGEM T ROWE PRICE ASSOCIA UBS AG NORGES BANK CREDIT SUISSE AG SCHRODER INVESTMENT SWISSCANTO FONDSLEIT PICTET FUNDS COMGEST GROWTH PLC JUPITER ASSET MANAGE VANGUARD GROUP INC DEUTSCHE BANK AG COHEN JAMES DNB NOR ASSET MANAGE NORDEA INV MANAGEMEN INVESCO LTD FINANCIERE DE L'ECHI

Firm Name Deutsche Bank Grupo Santander Natixis Main First Bank AG Mirabaud Securities UBS Bank am Bellevue Kepler Cheuvreux Bank Vontobel AG Exane BNP Paribas EVA Dimensions Credit Suisse

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

Analyst CHARLIE MUIR-SANDS REBECCA MCCLELLAN ANDRE JUILLARD GAEL COLCOMBET THOMAS BAUMANN JOERN IFFERT MICHAEL HEIDER BEAT KEISER RENE WEBER ROBERTA CIACCIA CRAIG STERLING PATRICK JNGLIN

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

Recommendation hold buy buy outperform accumulate buy buy buy buy neutral sell outperform

Amt Held 5'643'132 1'508'287 1'390'634 804'639 714'317 577'772 522'095 503'004 335'552 209'434 199'071 195'095 188'742 182'960 182'858 177'010 161'808 161'800 151'548 148'549

% Out 19.02 5.08 4.69 2.71 2.41 1.95 1.76 1.7 1.13 0.71 0.67 0.66 0.64 0.62 0.62 0.6 0.55 0.55 0.51 0.5

Weighting

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

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

Latest Chg 598'288 (492'317) (27'119) 37'387 38'977 133'461 (16'587) 425 (1'861) 16'305 32'724 12'630 11'048 (5'193) -

Target Price 135 160 160 180 145 138 154 142 150 135 #N/A N/A 145

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

File Dt 04.10.2013 31.07.2013 14.10.2013 20.03.2012 30.06.2013 28.06.2013 31.12.2012 30.07.2013 30.08.2013 30.04.2013 30.06.2013 30.09.2013 30.06.2013 30.09.2013 31.08.2013 31.12.2012 30.08.2013 31.07.2013 17.10.2013 30.09.2013

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

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

Date 15.10.2013 14.10.2013 01.10.2013 01.10.2013 26.09.2013 23.09.2013 11.09.2013 06.09.2013 04.09.2013 03.09.2013 06.08.2013 04.06.2013

23.10.2013

Price/Volume 4500

.0 M

4000

.0 M

3500

.0 M

3000

.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LISP SE EQUITY YTD Change LISP SE EQUITY YTD % CHANGE

12/2012 01/yy 3'852.00 2'812.01 335.00 3840 -0.31% 36.56% 98.37% 0.9 9'599.32 12.00 0.0 0.0 555.00 8'971.32

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

1.20 1.00

.0 M

1500 1000

.0 M

500

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'573.2 1.85x 466.1 10.21x 261.5 -

.0 M

2000

Valuation Analysis

31.12.2009 31.12.2010 2'524.8 2'579.3 2.03x 2.42x 382.5 423.3 13.41x 14.77x 193.1 241.9 Profitability

31.12.2011 2'488.6 2.68x 421.9 15.83x 246.5 -

31.12.2012 2'669.5 2.70x 457.4 15.75x 271.9 457.40 362.50 13.58% 13.55% 10.34% 15.04% 1.01% 17.6% 13.7% 10.2% 2.50 1.77 0.46% 0.69% 9.27 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.56 0.88 34.91% 30.92% 0.559 9 3.667 2'009 1'853 1'705 FY+2

12/13 Y 12/14 Y 2'878.6 3'085.6 3.11x 2.91x 508.4 555.8 17.63x 16.13x 304.5 335.3 29.09x 26.40x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

117.28 81.85 -1.29 0.05 0.7% 0.7% 1.01 3.51 39.36 -

Sales/Revenue/Turnover

3'500.0 3'000.0 2'500.0

0.80

2'000.0 0.60

1'500.0

0.40

1'000.0 500.0

0.20

0.0 0.00

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

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

23.10.2013

Lindt & Spruengli AG Holdings By:

All

Holder Name PICTET FUNDS ALLIANZ ASSET MANAGE CREDIT SUISSE AG UBS AG BLACKROCK SWISSCANTO FONDSLEIT VANGUARD GROUP INC VONTOBEL ASSET MANAG VIRTUS INVESTMENT AD COMGEST GROWTH PLC NATIXIS ASSET MANAGE LOMBARD ODIER ASSET IST FUND MANAGERS VONTOBEL ASSET MANAG FIRST EAGLE INVESTME MIRABAUD ASSET MANAG TANNER ERNST SOCIETE GENERALE KLINGLER HANSJUERG SARASIN

Firm Name AlphaValue Credit Suisse Bank Vontobel AG Helvea Main First Bank AG Berenberg Bank S&P Capital IQ Zuercher Kantonalbank Jefferies

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

Analyst SOPHIE CABO-BROSETA PATRICK JNGLIN JEAN-PHILIPPE BERTSCHY ANDREAS VON ARX ALAIN-SEBASTIAN OBERHUBER JAMES TARGETT CARL SHORT PATRIK SCHWENDIMANN DIRK VAN VLAANDEREN

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

Recommendation sell neutral buy hold outperform buy hold outperform buy

Amt Held 35'782 19'034 18'266 16'865 15'007 11'222 10'472 7'770 7'657 7'000 6'649 5'570 4'995 4'555 4'175 4'000 3'580 2'946 2'650 2'510

% Out 4 2.13 2.04 1.89 1.68 1.25 1.17 0.87 0.86 0.78 0.74 0.62 0.56 0.51 0.47 0.45 0.4 0.33 0.3 0.28

Weighting

Change 1 3 5 3 5 5 3 5 5

M M U M M M M U M

Latest Chg 465 462 (171) 487 (20) (204) 431 200 900 277 150 9 125 3'900 28 (178)

Target Price 2'843 3'300 4'200 3'800 4'200 4'300 3'890 #N/A N/A 3'470

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

File Dt Inst Type 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.07.2013 Investment Advisor 30.09.2013 Investment Advisor 16.10.2013 Investment Advisor 30.04.2013 Investment Advisor 30.09.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Insurance Company 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 19.11.2009 Hedge Fund Manager 30.06.2013 Investment Advisor 31.12.2010 n/a 31.05.2013 Bank 31.12.2010 n/a 31.05.2013 Unclassified

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

Date 17.10.2013 04.10.2013 04.10.2013 04.10.2013 18.09.2013 21.08.2013 20.08.2013 15.01.2013 31.10.2012

23.10.2013

Sulzer AG Sulzer AG manufactures machinery and equipment, and operates in a surfacing technology business. The Company provides pumping and surface technology solution and services, services and repair of thermal turbo machinery, and service for separation columns and static mixing.

Price/Volume 180

.8 M

160

.7 M

140

.6 M

120

.5 M

100

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (17.10.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUN SE EQUITY YTD Change SUN SE EQUITY YTD % CHANGE

12/2012 01/yy 171.00 129.60 21'591.00 137.3 -19.71% 5.94% 18.12% 34.3 4'704.22 609.00 0.0 6.8 513.10 4'886.62

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

.3 M

60 40

.2 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 3'713.5 0.47x 575.3 3.06x 322.9 6.26x

.4 M

Valuation Analysis

31.12.2009 31.12.2010 3'350.4 3'183.7 0.62x 1.34x 471.2 508.0 4.38x 8.38x 270.4 300.4 10.06x 15.98x Profitability

31.12.2011 3'577.9 1.04x 481.8 7.76x 279.8 12.17x

31.12.2012 4'021.6 1.25x 552.0 9.07x 307.1 15.96x 552.00 420.60 10.46% 10.30% 5.96% 12.75% 10.41% 0.87% 31.0% 12.8% 9.4% 7.6% 1.66 1.07 13.26% 26.51% 4.01 4.08

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.25 23.18 5.62% -2.81% 1.251 15 3.067 184'875 112'160 129'050 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'060.3 4'265.3 1.15x 1.05x 496.4 583.4 9.83x 8.36x 244.7 311.5 18.77x 14.65x S&P Issuer Ratings

24.53 18.94 0.34 1.23 26.5% 20.9% 0.87 6.20 91.07 89.42 52.92 123.92

Sales/Revenue/Turnover

35.00

4'500.0

30.00

4'000.0 3'500.0

25.00

3'000.0

20.00

2'500.0

15.00

2'000.0 1'500.0

10.00

1'000.0

5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Sulzer AG Holdings By:

All

Holder Name RENOVA GROUP BLACKROCK NORGES BANK CREDIT SUISSE AG THREADNEEDLE ASSET M PICTET FUNDS DANSKE INVEST A/S SULZER LTD UBS AG SWISSCANTO FONDSLEIT NORDEA INV MANAGEMEN DANSKE INVEST MANAGE VANGUARD GROUP INC VONTOBEL ASSET MANAG ODDO ASSET MANAGEMEN SARASIN NEUBERGER BERMAN LLC LOMBARD ODIER ASSET PRUDENTIAL FINANCIAL KBC GROUP NV

Firm Name Bank am Bellevue Kepler Cheuvreux Barclays UBS Mirabaud Securities Berenberg Bank Goldman Sachs Zuercher Kantonalbank Bank Vontobel AG HSBC EVA Dimensions Main First Bank AG Credit Suisse

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

Analyst MICHAEL ROOST OLIVER GIRAKHOU RIZK MAIDI TORSTEN WYSS THOMAS BAUMANN ALEXANDER VIRGO WILLIAM WYMAN ARMIN RECHBERGER FABIAN HAECKI JOERG-ANDRE FINKE TIMOTHY STANISH BERND POMREHN PATRICK LAAGER

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

Recommendation reduce hold equalweight Under Review neutral buy Buy/Neutral market perform hold underweight hold underperform not rated

Amt Held 10'579'797 1'004'871 863'020 760'464 718'142 628'615 493'702 457'863 359'073 346'616 338'812 297'486 277'522 238'560 183'675 158'768 151'717 118'783 105'272 102'074

% Out 30.88 2.93 2.52 2.22 2.1 1.83 1.44 1.34 1.05 1.01 0.99 0.87 0.81 0.7 0.54 0.46 0.44 0.35 0.31 0.3

Weighting

Change

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

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

Latest Chg (17'322) (15'846) 106'646 (9'871) 125'004 1'227 (13'868) (123) 10'946 15'954 9'000 176 2'355 112'293 13'780

Target Price 115 140 125 145 135 155 190 #N/A N/A 160 132 #N/A N/A 150 #N/A N/A

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

File Dt 26.07.2013 16.10.2013 31.12.2012 30.07.2013 31.07.2013 30.06.2013 30.09.2013 31.12.2011 31.07.2013 30.04.2013 31.07.2013 28.06.2013 30.09.2013 30.04.2013 30.09.2012 31.05.2013 31.07.2013 31.08.2013 31.08.2013 31.07.2013

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

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

Date 18.10.2013 18.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 14.10.2013 03.10.2013 27.09.2013 23.08.2013 25.07.2013 24.07.2013 23.07.2013

23.10.2013

PSP Swiss Property AG PSP Swiss Property AG owns and manages real estate. The Company owns a portfolio of office and business premises at exclusive locations in Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and Lausanne.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (09.10.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSPN SE EQUITY YTD Change PSPN SE EQUITY YTD % CHANGE

12/2012 06/yy 91.25 75.85 36'059.00 78.9 -13.53% 4.02% 19.48% 45.9 3'618.98 1'808.29 0.0 0.0 33.60 5'530.23

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

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

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 205.7 20.75x 147.4 28.96x 224.0 9.96x

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

31.12.2009 31.12.2010 271.1 270.4 17.16x 19.18x 214.0 215.8 21.74x 24.04x 231.2 280.8 10.73x 11.52x Profitability

LTM-4Q 31.12.2011 284.2 18.75x 231.3 23.04x 404.0 8.36x

31.12.2012 283.3 20.28x 175.4 32.75x 368.6 10.54x 175.39 174.82 47.81% 165.05% 5.50% 9.67% 6.31% 0.04% 75.7% 130.1% 28.46% 48.89% -

Price/ Cash Flow

06/yy 235.4 93.01x 184.9 30.67x 384.7 9.48x

LTM 06/yy 282.8 80.88x 214.1 26.45x 348.4 10.72x

FY+1

.0 M o-13

0.65 38.64 -3.61% -5.33% 0.650 12 3.167 70'859 77'857 78'871 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 274.8 278.9 69.1 66.8 19.96x 19.99x 235.3 235.8 60.6 57.0 23.55x 23.50x 167.3 166.0 43.2 42.9 21.92x 22.12x 22.07x 21.56x S&P Issuer Ratings

3.84 1.80 8.93 9.10 48.9% 32.8% 0.04 -

Sales/Revenue/Turnover

40.00

350.0

35.00

300.0

30.00

250.0

25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

PSP Swiss Property AG Holdings By:

All

Holder Name HETZ NATHAN BLACKROCK CREDIT SUISSE AG NORGES BANK UBS AG VANGUARD GROUP INC STATE STREET CORP MORGAN STANLEY SWISSCANTO FONDSLEIT BNP PARIBAS ING INVESTMENT MANAG SCOTTISH WIDOWS PRUDENTIAL FINANCIAL T ROWE PRICE ASSOCIA PICTET FUNDS ING INTERNATIONAL AD IAM INDEPENDENT ASSE SNS INVESTMENT FUND VAN LANSCHOT N.V. GABRIEL LUCIANO

Firm Name Bank Vontobel AG Exane BNP Paribas Goldman Sachs ABN Amro Bank N.V. UBS JPMorgan Morgan Stanley Deutsche Bank Berenberg Bank EVA Dimensions Zuercher Kantonalbank Kempen & Co

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

Analyst STEFAN SCHUERMANN VALERIE GUEZI JULIAN LIVINGSTON-BOOTH RUUD VAN MAANEN ANDRE RUDOLF VON ROHR TIM LECKIE BIANCA RIEMER MARKUS SCHEUFLER KAI MALTE KLOSE DOUG WALTERS MARKUS WAEBER ROBERT WOERDEMAN

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

Recommendation hold outperform Sell/Neutral hold neutral neutral Equalwt/Attractive hold hold buy market perform neutral

Amt Held 5'600'000 2'165'244 1'537'996 1'422'715 693'787 558'497 547'428 438'128 357'112 306'919 304'897 200'621 192'629 171'133 165'054 164'308 160'075 159'359 153'366 152'294

% Out 12.21 4.72 3.35 3.1 1.51 1.22 1.19 0.96 0.78 0.67 0.66 0.44 0.42 0.37 0.36 0.36 0.35 0.35 0.33 0.33

Weighting

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

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

Latest Chg 5'143 14'291 15'028 28'640 1'760 (58'226) (12'773) (1'603) (69'900) (30'004) 150'240 16'060 7'520 6'100 2'074 (8'917) 50'993 -

Target Price 85 86 78 85 84 87 90 93 90 #N/A N/A #N/A N/A 90

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

File Dt 31.12.2012 16.10.2013 30.07.2013 11.09.2013 30.06.2013 30.09.2013 17.10.2013 30.06.2013 30.04.2013 31.05.2013 30.06.2013 28.02.2013 30.08.2013 30.06.2013 30.06.2013 30.04.2013 31.05.2013 28.03.2013 30.06.2013 31.12.2012

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

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

Date 08.10.2013 01.10.2013 26.09.2013 09.09.2013 06.09.2013 02.09.2013 28.08.2013 16.08.2013 16.08.2013 06.06.2013 13.05.2013 13.01.2013

23.10.2013

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCHN SE EQUITY YTD Change SCHN SE EQUITY YTD % CHANGE

12/2011 09/yy 142.00 117.70 3'433.00 128.7 -9.37% 9.35% 44.03% 70.9 15'028.63 754.00 0.0 33.0 2'626.00 13'189.63

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

40 20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

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

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

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

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

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M o-13

LTM

09/yy 7'961.0 0.00x 0.0 0.00x 670.0 0.00x

09/yy 8'636.0 0.00x 0.0 0.00x 582.0 29.59x

FY+1

0.81 18.45 9.45% 0.76% 0.815 8 3.375 53'272 31'642 32'828 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 8'775.5 9'374.5 1.49x 1.37x 1'077.2 1'182.2 12.25x 11.16x 600.1 744.2 160.0 24.00x 19.63x S&P Issuer Ratings

25.67 22.60 27.1% 21.1% 1.07 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Schindler Holding AG Holdings By:

All

Holder Name SCHINDLER FAMILY SCHINDLER HOLDING AG FIL LIMITED FMR LLC VANGUARD GROUP INC PICTET FUNDS FRANKLIN RESOURCES CREDIT SUISSE AG SWISSCANTO FONDSLEIT FIDELITY INVESTMENT BLACKROCK UBS AG ABERDEEN VONTOBEL ASSET MANAG IST FUND MANAGERS TWEEDY BROWNE COMPAN TINGGREN JUERGEN SAASTOPANKKI FUND MA RODRIGUEZ MIGUEL A INVESCO LTD

Firm Name Exane BNP Paribas AlphaValue HSBC EVA Dimensions Bank am Bellevue Zuercher Kantonalbank Bank Vontobel AG

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

Analyst ALEXIS DENAUD EILEEN RYAN MICHAEL HAGMANN TIMOTHY STANISH MICHAEL ROOST MARTIN HUESLER ANDY SCHNYDER

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

Recommendation outperform add overweight sell hold market perform hold

Amt Held 51'033'236 1'327'102 861'099 746'565 296'586 270'494 264'990 229'019 220'727 194'593 149'730 126'509 106'700 90'000 43'298 25'000 20'097 19'900 19'841 18'982

% Out 71.99 1.87 1.21 1.05 0.42 0.38 0.37 0.32 0.31 0.27 0.21 0.18 0.15 0.13 0.06 0.04 0.03 0.03 0.03 0.03

Weighting

Change 5 4 5 1 3 3 3

M M M D M M M

Latest Chg 7'416 (80'245) 15'447 (3'860) (189'039) 20'935 (4'143) (472) (226) 4'000 99 500 -

Target Price 150 132 170 #N/A N/A 118 #N/A N/A 145

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

File Dt 31.12.2010 31.12.2010 30.04.2013 31.08.2013 30.09.2013 30.06.2013 28.06.2013 30.07.2013 30.04.2013 31.12.2012 16.10.2013 28.06.2013 30.06.2013 30.04.2013 31.05.2013 31.03.2012 31.12.2010 30.09.2013 31.12.2010 17.10.2013

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

Inst Type n/a Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor

Date 17.10.2013 17.10.2013 28.08.2013 20.08.2013 19.08.2013 13.08.2013 21.06.2013

23.10.2013

GAM Holding AG GAM Holding AG is an independent, well-diversified asset management business, with a focus on the manufacturing and distribution of investment products and services.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAM SE EQUITY YTD Change GAM SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 17.95 10.54 199'372.00 17.45 -2.79% 65.48% 93.25% 173.2 3'022.86 23.40 0.0 2.0 504.00 -

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

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 31.12.2008 4'144.8 661.2 12.53x

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

31.12.2009 31.12.2010 1'020.2 964.9 3'636.9 10.2 0.96x 309.00x Profitability

31.12.2011 812.2 (95.0) -

31.12.2012 999.1 86.7 24.22x 11.87% 11.99% 7.45% 8.79% 8.83% 0.50% 8.7% 1.02% 1.20% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.52 142.99 40.93% 46.07% 1.518 11 3.727 437'084 495'208 511'466 FY+2

12/13 Y 12/14 Y 677.1 709.5 3.68x 3.29x 202.4 207.4 13.90x 13.14x S&P Issuer Ratings

FQ+1

FQ+2

1.2% 1.2% 0.50 50.57 -

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

GAM Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE BLACKROCK GLOBAL ASSET MANAGEM GAM HOLDING LTD LAZARD ASSET MANAGEM CREDIT SUISSE FUNDS FMR LLC T ROWE PRICE ASSOCIA FIL LIMITED CREDIT SUISSE AG NORGES BANK VANGUARD GROUP INC FARALLON CAPITAL MAN PICTET FUNDS DIMENSIONAL FUND ADV UBS AG SWISSCANTO FONDSLEIT PACIFIC LIFE INSURAN THORNBURG INVESTMENT FIDELITY INVESTMENT

Firm Name RBC Capital Markets Helvea Main First Bank AG Credit Suisse Bank Vontobel AG UBS Zuercher Kantonalbank Bank am Bellevue Goldman Sachs EVA Dimensions

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

Analyst PETER K LENARDOS TIM DAWSON KILIAN MAIER GURJIT KAMBO TERESA NIELSEN DANIELE BRUPBACHER ANDREAS VENDITTI MARC DEUSTER CHRIS M. TURNER DOUG WALTERS

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

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

Amt Held 18'500'519 16'535'417 12'175'617 9'759'133 9'434'380 8'269'310 5'684'005 5'610'663 5'363'180 5'267'371 4'870'611 3'576'225 3'194'408 2'938'146 2'522'815 2'431'804 2'231'013 2'091'929 2'033'682 1'605'355

% Out 10.68 9.55 7.03 5.63 5.45 4.77 3.28 3.24 3.1 3.04 2.81 2.06 1.84 1.7 1.46 1.4 1.29 1.21 1.17 0.93

Weighting

Change 5 5 1 5 3 5 3 5 3 3

M M M M M U M M M M

Latest Chg (882'402) (4'785'293) (10'119'694) 3'618'412 (197'773) (172'458) 149'353 (2'859) 38'095 (425'576) (129'940) 177'410 -

Target Price 20 21 17 20 19 19 #N/A N/A 20 18 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 16.10.2013 Investment Advisor 27.06.2012 Investment Advisor 27.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 30.07.2013 Investment Advisor 31.12.2012 Government 30.09.2013 Investment Advisor 23.04.2012 Hedge Fund Manager 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Insurance Company 31.08.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 18.10.2013 16.10.2013 18.09.2013 02.09.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 03.07.2013 06.06.2013

23.10.2013

Helvetia Holding AG Helvetia Holding AG provides a broad range of life, casualty, liability, accident and transportation insurance. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings during transportation. Helvetia and subsidiaries operate in Switzerland, in other European countries, and North America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HELN SE EQUITY YTD Change HELN SE EQUITY YTD % CHANGE

12/2012 01/yy 430.00 308.00 2'811.00 425 -1.16% 37.99% 96.11% 8.7 3'677.47 179.90 300.0 39.6 1'565.20 3'254.27

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

31.12.2009 31.12.2010 7'279.3 7'366.2 0.36x 0.36x 323.4 339.0 8.54x 9.14x Profitability

31.12.2011 7'496.2 0.24x 288.2 9.02x

31.12.2012 7'967.0 0.24x 339.6 9.09x 5.50% 5.39% 0.85% 10.26% 9.54% 0.20% 4.3% 0.42% 4.78% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.18 6.00 34.31% 28.21% 1.176 12 3.333 10'953 14'198 13'681 FY+2

12/13 Y 12/14 Y 8'258.0 8'576.5 0.30x 0.29x 351.0 363.9 10.54x 10.13x S&P Issuer Ratings

FQ+1

FQ+2

4.8% 4.2% 0.20 -

Sales/Revenue/Turnover

90.00

9'000.0

80.00

8'000.0

70.00

7'000.0

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 5'559.2 0.35x 230.6 8.52x

500 450 400 350 300 250 200 150 100 50 0 o-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 |

23.10.2013

Helvetia Holding AG Holdings By:

All

Holder Name PATRIA GENOSSENSCHAF VONTOBEL ASSET MANAG RAIFFEISEN SWITZERLA UBS AG CREDIT SUISSE AG DIMENSIONAL FUND ADV VANGUARD GROUP INC SCHRODER INVESTMENT SWISSCANTO FONDSLEIT DJE INVESTMENT SA BNP PARIBAS VONTOBEL ASSET MANAG NORGES BANK HELVETIA HOLDING AG PICTET FUNDS DEUTSCHE BANK AG PARVEST INVESTMENT M LB SWISS INVESTMENT BLACKROCK JPMORGAN ASSET MANAG

Firm Name Mediobanca SpA Bankhaus Metzler Berenberg Bank Goldman Sachs Credit Suisse Main First Bank AG Bank am Bellevue Bank Vontobel AG Nomura Helvea Zuercher Kantonalbank Kepler Cheuvreux EVA Dimensions

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

Analyst MARC THIELE JOCHEN SCHMITT PETER ELIOT WILLIAM ELDERKIN RICHARD BURDEN RENE LOCHER ANDREAS FRICK STEFAN SCHUERMANN MICHAEL KLIEN DANIEL BISCHOF GEORG MARTI FABRIZIO CROCE DOUG WALTERS

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

Recommendation neutral buy hold neutral/neutral underperform underperform hold not rated buy hold outperform hold buy

Amt Held 2'604'515 346'115 346'115 184'659 136'784 134'699 102'268 93'978 77'504 58'174 56'601 46'623 44'328 40'436 37'186 35'400 35'082 33'737 32'816 30'316

% Out 30.1 4 4 2.13 1.58 1.56 1.18 1.09 0.9 0.67 0.65 0.54 0.51 0.47 0.43 0.41 0.41 0.39 0.38 0.35

Weighting

Change

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

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

Latest Chg (1'452) (3'492) 422 2'323 (529) (1'211) (1'570) 1'951 5'562 (886) 4'458 2'150 (4'438)

Target Price 420 440 450 450 421 400 402 #N/A N/A 430 412 #N/A N/A 403 #N/A N/A

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

File Dt 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.07.2013 31.07.2013 30.09.2013 30.08.2013 30.04.2013 31.07.2013 31.05.2013 30.04.2013 31.12.2012 31.12.2012 30.06.2013 31.07.2013 31.05.2013 28.03.2013 16.10.2013 31.08.2013

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

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

Date 08.10.2013 07.10.2013 26.09.2013 17.09.2013 16.09.2013 09.09.2013 06.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 26.08.2013 06.06.2013

23.10.2013

Georg Fischer AG Georg Fischer AG produces automobile parts, piping systems, plastics processing equipment, and tool and mold making machinery. The Company manufactures cast and machined components for road vehicles and machinery, plastic and metal pipes and fittings, electric discharge machines, milling centers, automation equipment, and plastics factories and compounding systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FI/N SE EQUITY YTD Change FI/N SE EQUITY YTD % CHANGE

12/2012 01/yy 615.00 294.65 5'873.00 613 -0.33% 108.04% 97.95% 4.1 2'513.85 640.00 0.0 44.0 338.00 2'951.85

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

.1 M

600

.1 M

500

.1 M

400

.0 M

300

.0 M

200

.0 M

100

.0 M

0 o-12

31.12.2009 31.12.2010 2'906.0 3'447.0 0.53x 0.72x 111.0 357.0 13.90x 6.97x (246.0) 99.0 21.98x Profitability

31.12.2011 3'511.0 0.46x 373.0 4.34x 160.0 8.23x

31.12.2012 3'602.0 0.52x 359.0 5.17x 121.0 9.95x 359.00 226.00 6.27% 5.25% 4.29% 11.47% 8.71% 1.24% 10.1% 6.5% 3.4% 1.89 1.03 22.08% 51.53% 5.50 -

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

1.33 3.87 95.52% 72.81% 1.335 10 4.000 16'173 19'527 23'231 FY+2

12/13 Y 12/14 Y 3'713.4 3'884.9 0.77x 0.71x 374.4 410.8 7.90x 7.20x 161.8 186.3 15.50x 13.43x S&P Issuer Ratings

FQ+1

FQ+2

10.56 6.68 1.10 1.87 51.5% 33.2% 1.24 3.76 66.32 -

Sales/Revenue/Turnover

10.00

5'000.0

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00 4.00

2'500.0 2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 4'465.0 0.34x 390.0 3.87x 56.0 17.14x

700

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 |

23.10.2013

Georg Fischer AG Holdings By:

All

Holder Name LSV ASSET MANAGEMENT NORGES BANK UBS AG BLACKROCK CREDIT SUISSE AG SWISSCANTO FONDSLEIT SARASIN RUFFER LLP SWISSCANTO FONDSLEIT BNP PARIBAS NEW JERSEY DIVISION JPMORGAN ASSET MANAG VONTOBEL ASSET MANAG PICTET FUNDS VANGUARD GROUP INC IST FUND MANAGERS PRUDENTIAL FINANCIAL SCHRODER INVESTMENT ASN FUND MANAGEMENT LANDESBANK BERLIN IN

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

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

Analyst ALESSANDRO FOLETTI WILLIAM WYMAN PATRICK LAAGER TOBIAS FAHRENHOLZ FABIAN HAECKI TIMOTHY STANISH THOMAS BAUMANN TORSTEN WYSS CHRISTOPHER LADNER ARMIN RECHBERGER

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

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

Amt Held 212'993 205'756 135'111 107'186 90'390 67'832 51'338 43'215 33'127 32'971 31'189 28'772 28'500 26'867 25'603 25'263 23'100 21'218 20'305 19'565

% Out 5.19 5.02 3.29 2.61 2.2 1.65 1.25 1.05 0.81 0.8 0.76 0.7 0.69 0.66 0.62 0.62 0.56 0.52 0.5 0.48

Weighting

Change 5 1 5 5 3 5 3 5 5 3

M D M M M U D M M M

Latest Chg 82'443 57 (10'739) (2'033) (1'594) (345) 430 9'114 (4'916) (600) 2'063 872 (762) 799 311 -

Target Price 560 600 620 600 625 #N/A N/A 530 570 550 #N/A N/A

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

File Dt Inst Type 02.07.2013 Investment Advisor 10.09.2013 Government 28.06.2013 Investment Advisor 16.10.2013 Investment Advisor 30.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Unclassified 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Unclassified 30.06.2012 Pension Fund (ERISA) 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 30.09.2013 Investment Advisor

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

Date 17.10.2013 14.10.2013 08.10.2013 07.10.2013 13.09.2013 02.09.2013 08.08.2013 19.07.2013 18.07.2013 17.07.2013

23.10.2013

EMS-Chemie Holding AG Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade chemical intermediates, fine chemicals, and protective bonding, coating and sealing products. The Company supplies its products to the automotive, transportation, and textile industries.

Price/Volume 350

.6 M

300

.5 M

250

.4 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (30.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMSN SE EQUITY YTD Change EMSN SE EQUITY YTD % CHANGE

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

.2 M

100

.1 M

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 1'503.9 1.16x 283.2 6.15x 211.8 9.57x

.3 M

150

12/2012 03/yy 332.00 205.57 3'562.00 330.5 -0.45% 60.78% 97.63% 23.4 7'730.07 119.10 0.0 14.7 461.04 7'402.86

31.12.2009 31.12.2010 1'197.7 1'595.6 2.02x 2.17x 272.2 351.4 8.91x 9.88x 216.1 225.9 12.82x 17.08x Profitability

LTM-4Q 31.12.2011 1'657.7 2.09x 347.3 9.98x 237.1 15.69x

31.12.2012 1'755.4 2.68x 376.5 12.51x 267.0 18.86x 376.52 322.21 18.36% 18.30% 15.65% 23.00% 1.01% 18.7% 15.2% 3.59 2.33 7.10% 10.48% 4.97 -

Price/ Cash Flow

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

LTM 03/yy 254.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

0.88 7.08 59.08% 58.26% 0.879 5 2.800 16'518 22'684 21'074 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 1'888.8 1'993.0 434.0 3.93x 3.71x 411.5 432.5 18.02x 17.14x 300.7 307.7 26.26x 25.50x S&P Issuer Ratings

183.58 162.01 10.5% 9.4% 1.01 3.55 73.39 -

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

EMS-Chemie Holding AG Holdings By:

All

Holder Name EMESTA HOLDING AG BLOCHER MIRIAM NORGES BANK VANGUARD GROUP INC UBS AG LOMBARD ODIER ASSET CREDIT SUISSE AG SWISSCANTO FONDSLEIT BLACKROCK SANFORD C BERNSTEIN IST FUND MANAGERS ALLIANCE BERNSTEIN PICTET FUNDS GOLDMAN SACHS GROUP VONTOBEL ASSET MANAG LUXEMBOURGER KAPITAL BNP PARIBAS SEB DIGITAL FUNDS ROBECO GROEP NV

Firm Name UBS Zuercher Kantonalbank Main First Bank AG Bank Vontobel AG EVA Dimensions

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

Analyst THOMAS GILBERT MARTIN SCHREIBER BERND POMREHN PATRICK RAFAISZ TIMOTHY STANISH

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

Recommendation neutral market perform underperform reduce overweight

Amt Held 14'224'143 2'079'000 391'357 90'268 77'543 76'373 70'968 69'266 68'303 59'090 54'906 51'190 39'255 25'815 24'500 18'500 16'169 15'605 15'413 14'339

% Out 60.82 8.89 1.67 0.39 0.33 0.33 0.3 0.3 0.29 0.25 0.23 0.22 0.17 0.11 0.1 0.08 0.07 0.07 0.07 0.06

Weighting

Change 3 3 1 2 5

M M M M M

Latest Chg 2'410 36 (5'422) 5'073 (893) 285 59'090 306 (8'070) 133 17'643 (2'800) (5'733) 5'855 1'194

Target Price 300 #N/A N/A 310 200 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 30.09.2013 31.07.2013 31.08.2013 30.07.2013 30.04.2013 16.10.2013 31.03.2013 31.05.2013 31.08.2013 30.06.2013 31.07.2013 30.04.2013 31.07.2013 31.05.2013 28.03.2013 28.06.2013 30.04.2013

Date 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation n/a 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 Unclassified Investment Advisor Investment Advisor

Date 11.10.2013 11.10.2013 11.10.2013 19.08.2013 06.06.2013

23.10.2013

Barry Callebaut AG Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally. Barry Callebaut also offers product development, processing, training, and marketing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARN SE EQUITY YTD Change BARN SE EQUITY YTD % CHANGE

08/2012 05/yy 934.00 841.50 1'107.00 914.5 -2.09% 8.67% 76.22% 5.5 5'019.56 997.47 0.0 4.7 54.56 6'017.76

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

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.08.2008 4'815.4 0.99x 422.6 11.30x 204.6 17.93x

1000 900 800 700 600 500 400 300 200 100 0 o-12

31.08.2009 31.08.2010 4'880.2 4'524.5 0.80x 0.99x 448.1 443.2 8.72x 10.15x 226.9 251.2 13.05x 15.32x Profitability

LTM-4Q 31.08.2011 4'459.9 1.06x 458.3 10.34x 177.6 14.94x

31.08.2012 4'829.5 1.16x 441.3 12.72x 142.1 19.40x 441.32 356.44 7.38% 5.76% 4.36% 12.05% 1.28% 13.9% 7.5% 2.9% 1.73 0.30 27.89% 73.50% 3.59

Price/ Cash Flow

05/yy 4'018.9 0.93x 110.4 0.00x 56.8 0.00x

LTM 05/yy 4'777.1 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

0.59 2.12 5.42% 5.72% 0.593 12 3.000 6'975 6'150 6'224 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 4'970.4 6'161.8 1'491.0 1.31x 1.06x 431.7 526.7 13.91x 11.40x 223.0 266.7 21.32x 18.46x S&P Issuer Ratings

28.03.2013 BB+ NEG 6.01 3.58 73.5% 42.3% 1.28 6.00 101.81 71.62

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00 20.00

3'000.0

15.00

2'000.0

10.00

1'000.0 5.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

04.09.2013

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

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

23.10.2013

Barry Callebaut AG Holdings By:

All

Holder Name JACOBS HOLDINGS AG JACOBS RENATA JACOBS NICOLAS JACOBS NATHALIE OPPENHEIMERFUNDS INC CREDIT SUISSE AG NORGES BANK FINANCIERE DE L'ECHI BLACKROCK SWISSCANTO FONDSLEIT VANGUARD GROUP INC PICTET FUNDS UBS AG ABERDEEN SARASIN SCHMID ANDREAS MANNING & NAPIER ADV FIL LIMITED ALLIANZ ASSET MANAGE BABSON CAPITAL MANAG

Firm Name Goldman Sachs Bank Vontobel AG Rabobank International Main First Bank AG Berenberg Bank Helvea Societe Generale UBS Zuercher Kantonalbank Kepler Cheuvreux EVA Dimensions Equita SIM SpA Credit Suisse

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

Analyst BENJAMIN MOORE JEAN-PHILIPPE BERTSCHY KAREL ZOETE ALAIN-SEBASTIAN OBERHUBER JAMES TARGETT ANDREAS VON ARX ALEX SLOANE JOERN IFFERT DANIEL BUERKI JON COX CRAIG STERLING FABIO FAZZARI PATRICK JNGLIN

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

Recommendation neutral/neutral hold hold underperform hold hold hold neutral market perform buy underweight buy not rated

Amt Held 2'590'687 438'416 158'999 158'999 121'710 52'965 52'423 40'314 25'216 23'985 20'859 15'009 14'787 13'260 10'242 8'790 5'790 5'501 5'320 5'274

% Out 47.2 7.99 2.9 2.9 2.22 0.96 0.96 0.73 0.46 0.44 0.38 0.27 0.27 0.24 0.19 0.16 0.11 0.1 0.1 0.1

Weighting

Change

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

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

Latest Chg 5'385 839 2'077 (13) 500 999 (1'032) 31 (140) 71 (4'221) 21 392

Target Price 1'050 900 900 800 900 890 875 910 #N/A N/A 1'000 #N/A N/A 1'100 #N/A N/A

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

File Dt 31.08.2012 31.08.2012 18.06.2013 18.06.2013 31.07.2013 30.07.2013 31.12.2012 30.08.2013 16.10.2013 30.04.2013 30.09.2013 30.06.2013 28.06.2013 30.08.2013 28.06.2013 31.08.2012 31.12.2012 30.04.2013 30.06.2013 30.06.2013

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

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

Date 14.10.2013 23.09.2013 20.09.2013 18.09.2013 27.08.2013 26.08.2013 09.07.2013 05.07.2013 05.07.2013 18.06.2013 06.06.2013 07.05.2013 13.12.2012

23.10.2013

OC Oerlikon Corp AG OC Oerlikon Corporation AG manufactures industrial equipment. The Company produces vacuum pumps, equipment to supply PVD coatings for tools and precision components, man-made textile machines, and transmission driveline equipment. OC Oerlikon operates in Switzerland.

Price/Volume 14

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OERL SE EQUITY YTD Change OERL SE EQUITY YTD % CHANGE

12/2012 09/yy 12.75 8.39 134'560.00 12.25 -3.92% 46.05% 88.54% 326.0 3'993.07 322.00 0.0 24.0 654.00 3'629.07

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

5.0 M

4.0 M 3.0 M

2.0 M

2 0 o-12

1.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 4'632.0 0.55x 512.0 4.97x (425.0) -

6.0 M

31.12.2009 31.12.2010 2'877.0 3'601.0 0.73x 0.53x (71.0) 298.0 6.36x (592.0) 3.0 490.00x Profitability

LTM-4Q 31.12.2011 2'731.0 0.64x 493.0 3.55x 220.0 10.48x

31.12.2012 2'906.0 1.05x 572.0 5.34x 382.0 15.22x 572.00 421.00 14.49% 11.49% 9.33% 23.33% 0.54% 28.5% 19.3% 13.6% 13.1% 1.75 0.83 7.74% 17.33% 4.02 3.25

Price/ Cash Flow

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

LTM 09/yy 957.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

1.14 175.02 33.52% 21.14% 1.139 13 4.000 749'681 885'033 1'025'292 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'912.2 3'003.3 710.8 721.0 1.04x 0.96x 485.8 540.0 7.50x 6.75x 207.0 252.6 18.01x 15.57x S&P Issuer Ratings

13.95 9.54 -0.84 0.67 17.3% 14.6% 0.54 3.12 90.79 112.24 90.39 82.99

Sales/Revenue/Turnover

160.00

6'000.0

140.00

5'000.0

120.00

4'000.0

100.00 80.00

3'000.0

60.00

2'000.0

40.00

1'000.0 20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

OC Oerlikon Corp AG Holdings By:

All

Holder Name VEKSELBERG VIKTOR BLACKROCK NORGES BANK CREDIT SUISSE AG UBS AG PICTET FUNDS SWISSCANTO FONDSLEIT LOMBARD ODIER ASSET DEUTSCHE BANK AG VONTOBEL ASSET MANAG VANGUARD GROUP INC SCHRODER INVESTMENT BARING FUND MANAGERS CAZENOVE UNIT TRUST OC OERLIKON CORP IST FUND MANAGERS DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL JPMORGAN CHASE & CO ACATIS

Firm Name Berenberg Bank AlphaValue Bank Vontobel AG Main First Bank AG Helvea Bank am Bellevue Mirabaud Securities Zuercher Kantonalbank Credit Suisse Kepler Cheuvreux Societe Generale EVA Dimensions UBS

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

Analyst BENJAMIN GLAESER PIERRE-YVES GAUTHIER MICHAEL FOETH MICHAEL INAUEN RETO AMSTALDEN ALESSANDRO FOLETTI THOMAS BAUMANN ARMIN RECHBERGER PATRICK LAAGER CHRISTOPHER LADNER JEAN-BAPTISTE ROUSSILLE TIMOTHY STANISH ANDRE RUDOLF VON ROHR

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

Recommendation buy add buy outperform hold hold neutral outperform outperform buy hold sell buy

Amt Held 149'435'408 16'302'778 6'219'474 5'866'163 4'891'643 4'774'846 2'405'599 1'664'510 1'327'958 1'310'000 1'059'720 1'041'586 1'030'840 922'120 902'248 901'657 730'374 715'128 634'281 625'000

% Out 45.84 5 1.91 1.8 1.5 1.46 0.74 0.51 0.41 0.4 0.33 0.32 0.32 0.28 0.28 0.28 0.22 0.22 0.19 0.19

Weighting

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

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

Latest Chg 677'627 (34'021) (9'829) (39'286) 66'680 942'382 (4'566) 260'000 27'713 213'350 4'414 133'852 4'816 560'948 (95'884) (220'506)

Target Price 15 14 15 14 13 12 13 #N/A N/A 15 15 12 #N/A N/A 14

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

File Dt 26.07.2013 16.10.2013 31.12.2012 30.07.2013 28.06.2013 30.06.2013 30.04.2013 31.08.2013 31.08.2013 30.04.2013 30.09.2013 31.05.2013 30.06.2013 28.02.2013 31.12.2012 31.05.2013 31.07.2013 31.08.2013 31.07.2013 28.03.2013

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

Inst Type n/a 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 Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 18.10.2013 17.10.2013 02.10.2013 09.09.2013 06.09.2013 03.09.2013 28.08.2013 27.08.2013 07.08.2013 07.08.2013 06.08.2013 06.06.2013 13.03.2013

23.10.2013

DKSH Holding AG DKSH Holding Limited is an international marketing and services group. The Company offers a comprehensive package of services that includes organizing and running the entire value chain for any product: from sourcing, research and analysis, marketing, sales, distribution and logistics to after-sales services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DKSH SE EQUITY YTD Change DKSH SE EQUITY YTD % CHANGE

12/2012 01/yy 88.47 56.89 20'984.00 73.3 -17.15% 28.84% 53.22% 64.3 4'712.22 199.40 0.0 33.4 253.60 4'691.32

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

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

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

31.12.2009 31.12.2010 6'356.4 7'295.4 168.3 241.6 72.7 128.4 Profitability

31.12.2011 7'340.0 274.3 147.1 -

31.12.2012 8'834.1 0.47x 320.7 12.98x 201.2 20.72x 320.70 278.00 3.15% 3.26% 6.26% 18.57% 16.03% 2.75% 3.6% 3.1% 2.3% 1.48 0.94 5.94% 17.03% 5.64 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 24.26 26.41% 12.50% 12 3.167 87'565 98'203 112'287 FY+2

12/13 Y 12/14 Y 9'965.0 10'870.6 0.46x 0.41x 357.7 405.0 13.11x 11.58x 207.8 231.8 22.70x 20.42x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

34.12 29.04 -0.17 0.62 17.0% 14.2% 2.75 60.61 64.95 -

Sales/Revenue/Turnover

30.00

10'000.0 9'000.0

25.00

8'000.0 7'000.0

20.00

6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

DKSH Holding AG Holdings By:

All

Holder Name DIETHELM KELLER HOLD FFP INVEST SAS FREY RAINER-MARC CAPITAL GROUP BLACKROCK WOLLE JOERG WOLFGANG MATTHEWS INTERNATION CAPITAL GROUP COMPAN CREDIT SUISSE AG RUFFER LLP FIL LIMITED VIRTUS INVESTMENT AD DANSKE INVEST A/S PICTET FUNDS UBS AG VANGUARD GROUP INC LOMBARD ODIER ASSET TSERING GONPO WASATCH ADVISORS INC VONTOBEL ASSET MANAG

Firm Name Bank Vontobel AG Credit Suisse EVA Dimensions Kepler Cheuvreux Helvea Zuercher Kantonalbank Main First Bank AG Deutsche Bank Berenberg Bank Religare Capital Markets HSBC UBS

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

Analyst JEAN-PHILIPPE BERTSCHY ANDY GROBLER TIMOTHY STANISH BEAT KEISER CHRISTIAN BURGER MARCO STRITTMATTER ALAIN-SEBASTIAN OBERHUBER ANDY CHU SIMON MEZZANOTTE PETER WILLIAMSON RAJESH KUMAR WILLIAM VANDERPUMP

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

Recommendation hold neutral hold hold hold market perform outperform hold hold buy underweight neutral

Amt Held 29'267'730 3'820'000 2'509'666 2'412'996 1'371'208 1'318'810 1'219'665 851'629 699'790 394'500 390'473 378'230 337'737 317'786 285'015 278'373 252'930 236'176 214'293 212'908

% Out 45.53 5.94 3.9 3.75 2.13 2.05 1.9 1.32 1.09 0.61 0.61 0.59 0.53 0.49 0.44 0.43 0.39 0.37 0.33 0.33

Weighting

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

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

Latest Chg (8'721'650) (76'729) 668'787 (93'654) 47'787 116'707 154'577 337'737 9'899 30'456 28'444 100 119'605 124'869

Target Price 75 83 #N/A N/A 81 78 #N/A N/A 88 89 72 85 50 79

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

File Dt 21.09.2013 21.09.2013 21.09.2013 31.12.2012 16.10.2013 31.12.2012 28.06.2013 30.09.2013 30.07.2013 28.03.2013 28.02.2013 28.06.2013 30.09.2013 31.07.2013 31.08.2013 30.09.2013 31.08.2013 31.12.2012 30.06.2013 30.04.2013

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

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

Date 26.09.2013 21.08.2013 20.08.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 24.04.2013 22.04.2013 13.03.2013

23.10.2013

Pargesa Holding SA Pargesa Holding SA acquires, sells, operates and manages investments in the financial, commercial, and industrial sectors in Switzerland and other European countries. The Company has a portfolio of a limited number of major long-term holdings. Pargesa seeks to exercise control over or influence the activities of its holdings as a strategic shareholder.

Price/Volume 80

.4 M

12/2012 06/yy 71.30 60.25 2'092.00 70.75 -0.77% 17.43% 99.09% 77.2 6'009.23 4'022.50 0.0 8'781.4 2'050.40 18'015.73

.3 M

.2 M

20 .1 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

.5 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PARG SE EQUITY YTD Change PARG SE EQUITY YTD % CHANGE

31.12.2008 5'475.2 3.64x 799.9 24.95x (520.8) -

.6 M

31.12.2009 31.12.2010 4'189.5 4'625.4 5.31x 4.21x 1'077.2 888.7 20.64x 21.93x 791.7 465.9 4.83x 14.44x Profitability

LTM-4Q 31.12.2011 4'729.1 3.66x 915.2 18.92x (64.9) -

31.12.2012 4'915.4 3.27x 1'419.0 11.33x 417.9 12.68x 1'419.00 757.20 15.40% 23.69% 0.51% 1.62% 0.21% 20.0% 4.9% 8.5% 2.51 1.62 18.33% 55.59% 6.24 -

Price/ Cash Flow

12/yy 5'912.1 0.00x 0.0 0.00x 709.0 0.00x

LTM 06/yy 2'523.8 0.00x 0.0 0.00x 519.0 0.00x

FY+1

.0 M o-13

1.07 37.40 16.91% 17.38% 1.068 7 3.714 45'545 66'757 60'022 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 492.0 557.0 35.22x 30.48x 348.0 489.0 51.79x 36.86x 333.5 460.0 16.04x 12.86x S&P Issuer Ratings

7.84 6.02 3.54 5.32 55.6% 20.1% 0.21 2.06 58.53 -

Sales/Revenue/Turnover

8.00

6'000.0

7.00

5'000.0

6.00

4'000.0 5.00

3'000.0

4.00 3.00

2'000.0

2.00

1'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

-1'000.0

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

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

23.10.2013

Pargesa Holding SA Holdings By:

All

Holder Name PARJOINTCO NV BNP PARIBAS SA FIRST EAGLE INVESTME ARTISAN PARTNERS HOL NORGES BANK CREDIT SUISSE AG UBS AG THIRD AVENUE MANAGEM PARGESA HOLDING SA VANGUARD GROUP INC BLACKROCK TRANSAMERICA INVESTM FRERE GERALD AMUNDI LUXEMBOURG SA SWISSCANTO FONDSLEIT PICTET FUNDS SCHRODER INVESTMENT LUXEMBOURGER KAPITAL SCHOELLERBANK INVEST ZUERCHER KANTONALBAN

Firm Name AlphaValue Bank Vontobel AG Goldman Sachs Petercam Zuercher Kantonalbank KBC Securities UBS EVA Dimensions

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

Analyst PIERRE-YVES GAUTHIER RENE WEBER MARKUS IWAR MARC DEBROUWER DANIEL BUERKI JAN-WILLEM BILLIET DENIS MOREAU DOUG WALTERS

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

Recommendation add hold neutral/neutral not rated market perform hold buy buy

Amt Held 39'301'000 9'586'556 6'871'239 1'351'855 892'349 575'006 508'330 447'872 297'800 295'881 251'177 227'651 216'654 208'884 161'612 121'229 111'274 83'000 57'310 50'000

% Out 50.9 12.42 8.9 1.75 1.16 0.74 0.66 0.58 0.39 0.38 0.33 0.29 0.28 0.27 0.21 0.16 0.14 0.11 0.07 0.06

Weighting

Change

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

M M M M M M M M

Latest Chg (8'411) 5'828 (21'773) 18'896 (1'609) (6'073) (106) 62'936 (6'000) -

Target Price 75 70 73 #N/A N/A #N/A N/A 68 79 #N/A N/A

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

File Dt Inst Type 08.10.2013 Holding Company 14.03.2013 Bank 30.06.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Government 30.07.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Hedge Fund Manager 12.03.2012 Investment Advisor 30.09.2013 Investment Advisor 16.10.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 n/a 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.09.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 17.10.2013 16.08.2013 05.08.2013 01.08.2013 31.07.2013 31.07.2013 17.06.2013 06.06.2013

23.10.2013

Flughafen Zuerich AG Flughafen Zuerich AG operates the Zurich Airport. The Company constructs, leases, and maintains airport structures and equipment.

Price/Volume 600

.0 M .0 M

500

.0 M 400

Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FHZN SE EQUITY YTD Change FHZN SE EQUITY YTD % CHANGE

12/2012 01/yy 508.50 386.75 1'327.00 500 -1.67% 29.28% 95.07% 6.1 3'070.19 1'354.22 0.0 0.0 368.71 4'156.22

31.12.2008 855.1 3.14x 421.0 6.37x 121.3 12.61x

31.12.2009 31.12.2010 820.2 863.0 3.56x 3.83x 402.9 437.1 7.24x 7.57x 190.6 138.5 9.98x 16.93x Profitability

31.12.2011 905.4 3.48x 484.6 6.50x 169.8 11.78x

31.12.2012 948.8 3.77x 391.3 9.15x 94.7 27.24x 391.32 171.94 18.12% 12.37% 0.65% 1.32% 2.14% 0.25% 41.0% 17.9% 10.0% 1.60 1.17 33.29% 72.82% 8.49 -

Price/ Cash Flow

.0 M .0 M

100

.0 M

0 o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.75 3.61 29.41% 20.92% 0.748 18 3.833 6'721 8'506 10'060 FY+2

12/13 Y 12/14 Y 971.3 985.7 4.12x 3.98x 523.1 524.4 7.96x 7.94x 132.5 203.1 20.04x 15.33x S&P Issuer Ratings

FQ+1

FQ+2

20.04.2012 A STABLE 6.75 3.38 2.75 3.36 72.8% 42.1% 0.25 0.33 42.98 -

Sales/Revenue/Turnover

8.00

1'000.0

7.00

900.0 800.0

6.00

700.0

5.00

600.0

4.00

500.0 400.0

3.00

300.0

2.00

200.0

1.00

100.0

0.00 01.01.2010

.0 M

200

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

.0 M

300

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Flughafen Zuerich AG Holdings By:

All

Holder Name CANTON OF ZURICH UNIVERSITIES SUPERAN CITY OF ZURICH CREDIT SUISSE AG LAZARD ASSET MANAGEM ARTIO GLOBAL MANAGEM TAUBE HODSON STONEX NORGES BANK COMMONWEALTH BANK OF DIMENSIONAL FUND ADV PICTET FUNDS DEUTSCHE BANK AG UBS AG CREDIT SUISSE AG SWISSCANTO FONDSLEIT BLACKROCK FRANK RUSSELL TRUST MIRABAUD ASSET MANAG CAPITAL GROUP COMPAN VONTOBEL ASSET MANAG

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

Firm Name

Analyst

HSBC Morgan Stanley RBC Capital Markets Nomura Helvea Bank am Bellevue Bank Vontobel AG Commerzbank Corporates & Markets Zuercher Kantonalbank Goldman Sachs JPMorgan UBS Kepler Cheuvreux Main First Bank AG EVA Dimensions Credit Suisse Barclays

JOSEPH P THOMAS DANIEL RUIVO ANDREW JONES PETER LARKIN RETO AMSTALDEN MICHAEL HEIDER PASCAL FURGER JOHANNES BRAUN ARMIN RECHBERGER NICK EDELMAN ELODIE RALL ALEX BRIGNALL RUXANDRA HARADAU-DOESER TOBIAS SITTIG TIMOTHY STANISH PATRICK JNGLIN SUSANNA INVERNIZZI

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

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

Amt Held 2'046'595 342'593 309'476 224'630 185'229 183'681 174'707 79'876 76'001 59'471 57'404 52'700 50'607 46'137 45'009 42'189 36'922 36'300 35'400 33'920

% Out 33.33 5.58 5.04 3.66 3.02 2.99 2.85 1.3 1.24 0.97 0.93 0.86 0.82 0.75 0.73 0.69 0.6 0.59 0.58 0.55

Weighting

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

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

Latest Chg 24'918 1'900 (122'936) (104'647) 361 1'018 (700) (1'097) (652) (946) (3'746) 5'000 400

Target Price 510 550 470 440 550 501 500 530 #N/A N/A 493 538 540 556 540 #N/A N/A 500 430

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

File Dt 31.12.2012 19.07.2012 31.12.2012 12.07.2013 17.08.2012 22.02.2012 21.05.2008 31.12.2012 31.05.2013 31.07.2013 30.06.2013 30.08.2013 28.06.2013 30.07.2013 30.04.2013 16.10.2013 31.05.2012 30.06.2013 30.06.2013 30.04.2013

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

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

Date 03.09.2013 02.09.2013 30.08.2013 30.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 23.08.2013 09.08.2013 19.07.2013 13.07.2013 28.06.2013 06.06.2013 15.05.2013 23.01.2013

23.10.2013

Panalpina Welttransport Holding AG Panalpina Welttransport Holding AG offers freight shipping and supply chain management services. The Company transports freight by air and ship, and offers warehousing and distribution services. Panalpina operates worldwide.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2013) 52-Week Low (27.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PWTN SE EQUITY YTD Change PWTN SE EQUITY YTD % CHANGE

12/2012 06/yy 144.80 82.00 2'968.00 133.6 -7.73% 62.93% 78.98% 23.8 3'173.00 1.87 0.0 9.2 393.06 2'851.99

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

40 20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 8'877.6 0.12x 239.9 4.42x 112.7 12.55x

31.12.2009 31.12.2010 5'957.9 7'164.2 0.17x 0.33x 79.2 62.1 13.06x 37.55x 8.5 (27.4) 182.78x Profitability

LTM-4Q 31.12.2011 6'499.6 0.26x 212.2 7.99x 126.3 18.02x

31.12.2012 6'616.6 0.27x 36.6 49.57x (70.5) 36.60 -19.25 -0.29% -0.63% -0.41% -1.09% 3.21% 22.1% 1.6% 0.8% -1.1% 1.49 1.34 0.10% 0.25% 6.25 58.79

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M o-13

LTM

06/yy 6'426.3 0.95x 109.7 13.31x 36.1 55.89x

06/yy 6'737.2 1.07x 110.1 19.01x (8.6) 0.00x

FY+1

0.75 9.82 54.93% 46.84% 0.746 23 2.261 27'248 31'700 39'165 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'243.2 7'567.8 1'777.2 1'791.0 0.39x 0.37x 1.55x 1.53x 167.1 206.8 45.9 38.5 17.07x 13.79x 15.95x 15.52x 80.7 108.2 23.2 19.4 38.84x 28.55x 34.39x 32.12x S&P Issuer Ratings

25.03 -9.66 -3.00 0.03 0.3% 0.2% 3.21 55.06 58.41 6.21 44.07 20.39

Sales/Revenue/Turnover

300.00

10'000.0 9'000.0

250.00

8'000.0 7'000.0

200.00

6'000.0

150.00

5'000.0 4'000.0

100.00

3'000.0 2'000.0

50.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Panalpina Welttransport Holding AG Holdings By:

All

Holder Name ERNST GOEHNER FOUNDA CEVIAN CAPITAL AB ARTISAN PARTNERS HOL BESTINVER GESTION SG NORGES BANK HARRIS ASSOCIATES LP FRANKLIN RESOURCES CREDIT SUISSE AG SWISSCANTO FONDSLEIT PANALPINA WELTTRANSP VANGUARD GROUP INC HOTTINGER CAPITAL CO PICTET FUNDS ERIE INSURANCE GROUP UBS AG AMERIPRISE FINANCIAL BRANDES INVESTMENT P RIBAR MONIKA DEKABANK DEUTSCHE GI FIL LIMITED

Firm Name HSBC Helvea Stifel Bank Vontobel AG Thompson, Davis & Company Deutsche Bank EVA Dimensions Macquarie Main First Bank AG Kepler Cheuvreux RBC Capital Markets UBS Morgan Stanley Bank am Bellevue Cantor Fitzgerald Nomura Credit Suisse Zuercher Kantonalbank Goldman Sachs Davy Barclays

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

Analyst JULIA WINARSO CHRISTIAN BURGER DAVID G ROSS MICHAEL FOETH DAVID P CAMPBELL JOSE FRANCISCO RUIZ SOLERA TIMOTHY STANISH ROBERT JOYNSON TOBIAS SITTIG BEAT KEISER DAMIAN BREWER TORSTEN WYSS PENNY BUTCHER ROLF KUNZ ROBIN BYDE MARK MCVICAR NEIL GLYNN MARCO STRITTMATTER NICK EDELMAN JOSHUA GOLDMAN DAVID E FINTZEN

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

Recommendation underweight sell hold hold hold hold hold underperform underperform hold sector perform neutral Overwt/In-Line hold sell reduce underperform market perform neutral/neutral underperform equalweight

Amt Held 10'910'750 2'842'875 2'357'490 1'263'500 475'224 433'200 194'550 122'271 120'569 99'750 87'402 75'600 68'703 67'419 63'358 45'362 36'291 35'596 33'325 33'003

% Out 45.94 11.97 9.93 5.32 2 1.82 0.82 0.51 0.51 0.42 0.37 0.32 0.29 0.28 0.27 0.19 0.15 0.15 0.14 0.14

Weighting

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

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

Latest Chg (37'138) 34'300 (2'340) 9'707 (1'937) 6'535 75'600 (13'391) 1'537 (688) (16'925) (108) (129'754)

Target Price 135 125 #N/A N/A 130 138 120 #N/A N/A 110 140 119 125 130 150 118 100 90 103 #N/A N/A 99 #N/A N/A 95

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

File Dt 31.12.2012 31.12.2012 20.09.2013 31.12.2012 31.12.2012 30.06.2013 28.06.2013 30.07.2013 30.04.2013 31.12.2012 30.09.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 30.08.2013 31.08.2013 31.12.2012 28.12.2012 30.04.2013

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

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

Date 18.10.2013 16.10.2013 15.10.2013 09.10.2013 08.10.2013 03.10.2013 26.09.2013 10.09.2013 02.09.2013 05.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 10.06.2013 25.01.2013 09.01.2013

23.10.2013

Nobel Biocare Holding AG Nobel Biocare Holding AG develops and produces dental implants and dental prosthetics. The Company manufactures permanent replacements for tooth roots, and dental crowns and bridges. Nobel Biocare sells under the brand names Branemark System, Steri-Oss/Replace, and Procera on the global market.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOBN SE EQUITY YTD Change NOBN SE EQUITY YTD % CHANGE

12/2012 06/yy 15.55 6.94 42'750.00 15.35 -1.29% 121.05% 98.26% 123.8 1'900.09 99.51 0.0 0.0 154.94 1'487.84

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 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 619.2 2.93x 161.1 11.26x 109.7 15.96x

31.12.2009 31.12.2010 581.4 576.6 4.95x 3.02x 169.4 114.5 16.98x 15.22x 105.8 45.7 27.21x 38.35x Profitability

LTM-4Q 31.12.2011 569.2 1.97x 104.6 10.71x 39.8 28.05x

31.12.2012 580.5 1.26x 100.7 7.29x 45.8 17.37x 100.72 68.69 11.83% 10.51% 6.66% 12.52% 10.52% 0.97% 75.4% 16.2% 11.1% 7.9% 2.24 1.86 16.57% 30.61% 5.13 6.22

Price/ Cash Flow

06/yy 579.3 7.41x 109.9 9.23x 38.2 27.17x

LTM 06/yy 573.3 6.41x 92.8 11.88x 39.4 29.21x

FY+1

.0 M o-13

1.48 104.94 88.87% 102.01% 1.481 23 2.000 378'574 292'083 373'394 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 570.3 592.0 126.2 152.7 2.58x 2.41x 11.78x 9.69x 96.8 109.7 20.6 25.4 15.38x 13.56x 15.48x 15.14x 48.0 56.0 8.4 15.2 31.88x 27.22x 30.85x 30.11x S&P Issuer Ratings

19.81 18.32 -0.59 1.07 30.6% 23.4% 0.97 8.00 71.21 58.66 38.06 76.25

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Nobel Biocare Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE FRANKLIN RESOURCES INVESCO LTD GIC PRIVATE LIMITED GOVERNANCE FOR OWNER NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC NEW JERSEY DIVISION UNION INVESTMENT GMB UNION INVESTMENT LUX CAPITAL GROUP COMPAN MASON STREET ADVISOR SWISSCANTO FONDSLEIT NOBEL BIOCARE HOLDIN HOTTINGER CAPITAL CO UBS AG PICTET FUNDS VALIC CO I INVERCAIXA GESTION S

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

Firm Name

Analyst

Morgan Stanley Goldman Sachs Credit Suisse Sanford C. Bernstein & Co Exane BNP Paribas JPMorgan Jefferies Commerzbank Corporates & Markets Bank am Bellevue Main First Bank AG Berenberg Bank UBS Zuercher Kantonalbank Bank Vontobel AG Kepler Cheuvreux Barclays EVA Dimensions Deutsche Bank HSBC S&P Capital IQ Northcoast Research

MICHAEL K JUNGLING VERONIKA DUBAJOVA CHRISTOPH GRETLER LISA BEDELL CLIVE JULIEN DORMOIS DAVID J ADLINGTON INGEBORG OIE OLIVER METZGER GINA FRANCIOLI STEPHAN VOLLERT TOM JONES MARTIN WALES SIBYLLE BISCHOFBERGER FRICK CARLA BAENZIGER MAJA PATAKI ALEXANDER KLEBAN TIMOTHY STANISH YI-DAN WANG HENDRIK LOFRUTHE JACOB THRANE EDWIN SNYDER

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

Recommendation Underwt/Attractive Sell/Neutral neutral outperform underperform underweight hold hold hold underperform buy sell underperform hold reduce underweight sell sell underweight sell sell

Amt Held 12'626'019 12'531'783 12'173'592 9'820'991 3'961'104 3'768'834 2'420'445 2'390'807 2'183'120 2'029'700 1'538'091 1'350'000 1'135'410 1'124'179 981'139 965'000 829'679 667'340 568'017 464'892

% Out 10.2 10.12 9.83 7.93 3.2 3.04 1.96 1.93 1.76 1.64 1.24 1.09 0.92 0.91 0.79 0.78 0.67 0.54 0.46 0.38

Weighting

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

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

Latest Chg 5'144'302 94'643 (78'823) 108'056 29'700 214'244 (578'990) (239'714) (318'000) 26'361 (4'585) 464'892

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

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

File Dt Inst Type 31.12.2012 Investment Advisor 28.06.2013 Investment Advisor 17.10.2013 Investment Advisor 22.07.2013 Government 31.12.2012 Other 05.02.2013 Government 30.07.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Unclassified 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 15.10.2013 14.10.2013 14.10.2013 11.10.2013 10.10.2013 08.10.2013 13.09.2013 09.09.2013 06.09.2013 30.08.2013 29.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 24.07.2013

23.10.2013

Bucher Industries AG Bucher Industries AG manufactures food processing machinery, vehicles, and hydraulic components. The Company produces fruit and vegetable juice processing machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers, spreaders, tractors, street sweepers, and snow blowers. Bucher operates worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BUCN SE EQUITY YTD Change BUCN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 09/yy 244.30 163.30 4'323.00 243 -0.53% 48.81% 98.61% 10.3 2'490.75 499.70 0.0 35.4 480.30 2'690.95

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

.1 M

250

.1 M

200

.0 M

150

.0 M

100

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'788.9 0.42x 262.3 4.45x 143.3 7.30x

300

31.12.2009 31.12.2010 2'142.1 2'033.7 0.58x 0.86x 113.1 151.6 11.08x 11.50x (26.0) 95.4 18.33x Profitability

LTM-4Q 31.12.2011 2'336.0 0.73x 260.1 6.57x 124.7 13.12x

31.12.2012 2'609.0 0.70x 305.0 5.95x 149.9 11.73x 305.00 229.80 8.81% 8.30% 6.78% 17.90% 1.14% 12.0% 9.0% 5.7% 1.68 0.98 22.15% 56.76% 5.40 -

Price/ Cash Flow

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

LTM 09/yy 550.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

1.12 8.31 49.88% 38.22% 1.122 12 3.667 15'381 11'203 11'597 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'695.7 2'798.3 575.0 669.3 0.93x 0.87x 330.5 351.5 8.15x 7.66x 169.6 182.9 67.4 14.06x 13.04x S&P Issuer Ratings

18.05 12.50 0.52 1.71 56.8% 35.3% 1.14 5.34 67.64 -

Sales/Revenue/Turnover

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0 6.00

1'000.0 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Bucher Industries AG Holdings By:

All

Holder Name HAUSER MICHAEL BUCHER INDUSTRIES AG HAUSER ANITA BLACKROCK NORGES BANK UBS AG SARASIN SWISSCANTO FONDSLEIT HARRIS ASSOCIATES LP PICTET FUNDS IST FUND MANAGERS VONTOBEL ASSET MANAG LOMBARD ODIER ASSET CREDIT SUISSE AG NEW JERSEY DIVISION MOSIMANN PHILIP NEUBERGER BERMAN LLC SCHRODER INVESTMENT ODIN FORVALTNING AS JULIUS BAER MULTICOO

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

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

Analyst FELIX WIENEN STEFAN GAECHTER ESHAN TOORABALLY TOBIAS FAHRENHOLZ MICHAEL ROOST ANDRE RUDOLF VON ROHR CHRISTOPHER LADNER PATRICK LAAGER THOMAS BAUMANN FABIAN HAECKI TIMOTHY STANISH ARMIN RECHBERGER

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

Recommendation hold buy neutral/neutral underperform hold neutral buy neutral buy hold overweight outperform

Amt Held 604'008 465'073 438'779 339'539 307'917 190'684 118'600 107'191 100'520 80'591 80'115 79'653 62'759 62'708 60'000 52'478 51'016 49'020 46'069 43'956

% Out 5.89 4.54 4.28 3.31 3 1.86 1.16 1.05 0.98 0.79 0.78 0.78 0.61 0.61 0.59 0.51 0.5 0.48 0.45 0.43

Weighting

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

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

Latest Chg (87) (2'294) (3'399) 396 (3'972) (33'541) 4'141 13'317 990 38'558 860

Target Price 240 265 260 235 238 240 270 230 270 255 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Corporation 31.12.2012 n/a 16.10.2013 Investment Advisor 08.08.2013 Government 31.08.2013 Investment Advisor 30.04.2013 Unclassified 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 30.07.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.12.2012 n/a 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2013 Investment Advisor 28.06.2013 Investment Advisor

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

Date 17.10.2013 16.10.2013 14.10.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 06.06.2013 14.03.2013

23.10.2013

Kaba Holding AG Kaba Holding AG provides mechanical and electronic security systems. The Company offers individually tailored "Total Access Control" including high-security locking devices for heavy safes, modular access and time management applications, as well as no-contact identification technology.

Price/Volume 450

.1 M

400

.1 M

350

.1 M

300

.1 M

250

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KABN SE EQUITY YTD Change KABN SE EQUITY YTD % CHANGE

06/2013 01/yy 412.25 338.25 705.00 399 -3.21% 17.96% 80.41% 3.8 1'522.20 86.10 0.0 0.9 142.30 1'466.90

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

.0 M

150 100

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2009 1'166.1 0.94x 174.6 6.25x 70.7 10.86x

.0 M

200

Valuation Analysis

30.06.2010 30.06.2011 952.1 945.2 1.40x 1.50x 166.8 122.7 7.96x 11.59x 86.9 221.6 13.94x 25.54x Profitability

30.06.2012 947.5 1.43x 153.7 8.83x 88.2 16.00x

30.06.2013 964.3 1.34x 150.0 8.61x 85.4 16.03x 150.00 118.60 12.30% 11.93% 8.86% 14.85% 1.00% 15.6% 12.3% 8.9% 1.67 1.07 8.86% 14.41% 5.65 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.76 3.52 13.54% 2.97% 0.763 7 3.571 8'856 9'304 8'478 FY+2

06/14 Y 06/15 Y 983.4 1'016.8 1.45x 1.36x 157.0 169.8 9.35x 8.64x 89.8 98.8 16.84x 15.30x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

34.09 29.05 -0.37 0.57 14.4% 12.6% 1.00 6.06 64.56 -

Sales/Revenue/Turnover

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Kaba Holding AG Holdings By:

All

Holder Name HARRIS ASSOCIATES LP NG KIN SHEK PICTET FUNDS COLLEGE RETIREMENT E BLACKROCK NORGES BANK UBS AG SARASIN SWISSCANTO FONDSLEIT DUBS-KUENZLE KARINA CREDIT SUISSE AG LOMBARD ODIER ASSET IST FUND MANAGERS VONTOBEL ASSET MANAG VANGUARD GROUP INC ABERDEEN NEUBERGER BERMAN LLC JULIUS BAER MULTICOO KABA HOLDING AG ROYCE AND ASSOCIATES

Firm Name Main First Bank AG Credit Suisse Helvea EVA Dimensions Bank Vontobel AG UBS Zuercher Kantonalbank

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

Analyst TOBIAS FAHRENHOLZ PATRICK LAAGER STEFAN GAECHTER TIMOTHY STANISH ANDY SCHNYDER TORSTEN WYSS ANDREAS MUELLER

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

Recommendation outperform neutral hold overweight hold neutral market perform

Amt Held 114'812 112'815 110'820 101'785 97'550 93'398 79'444 65'800 51'430 35'844 34'108 29'107 25'782 25'500 23'311 19'100 18'965 15'684 13'620 13'430

% Out 3.01 2.96 2.9 2.67 2.56 2.45 2.08 1.72 1.35 0.94 0.89 0.76 0.68 0.67 0.61 0.5 0.5 0.41 0.36 0.35

Weighting

Change 5 3 3 5 3 3 3

M M M U M D D

Latest Chg (60'274) (2'170) (15'539) 628 (1'079) 695 (2'340) (1'452) (1'100) 824 200 365 (800) 4'680

Target Price 430 350 385 #N/A N/A 360 370 #N/A N/A

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

File Dt 30.06.2013 27.07.2009 30.06.2013 08.10.2009 16.10.2013 31.12.2012 28.06.2013 30.04.2013 30.04.2013 30.06.2013 30.07.2013 31.08.2013 31.05.2013 30.04.2013 30.09.2013 30.08.2013 31.07.2013 28.06.2013 30.06.2013 30.06.2013

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

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

Date 23.09.2013 16.09.2013 16.09.2013 20.08.2013 23.04.2013 18.03.2013 13.03.2013

23.10.2013

Straumann Holding AG Straumann Holding AG develops, produces and sells dental implants. The Company manufactures metal devices implantable in the jaw, in place of missing teeth, to which prosthetic teeth are attached. Straumann has subsidiaries throughout Europe and North America. The Company sells its products worldwide.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STMN SE EQUITY YTD Change STMN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 182.00 97.90 6'610.00 172.4 -5.27% 76.10% 86.92% 15.7 2'702.64 0.06 0.0 0.0 146.74 2'577.93

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

.6 M .5 M .4 M .3 M .2 M .1 M

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 778.7 3.59x 101.0 27.70x 8.1 356.73x

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

31.12.2009 31.12.2010 736.4 737.6 5.86x 4.07x 217.9 211.3 19.81x 14.20x 146.4 131.1 31.18x 25.57x Profitability

LTM-4Q 31.12.2011 693.6 3.07x 116.7 18.26x 71.0 35.70x

31.12.2012 686.3 2.31x 95.6 16.56x 36.4 47.46x

95.56 60.97 8.88% 8.15% 5.23% 7.43% 0.77% 77.5% 14.5% 9.5% 5.3% 2.96 2.23 0.01% 0.01% 5.88 2.44

Price/ Cash Flow

06/yy 558.1 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 679.3 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

1.00 7.55 60.98% 58.82% 0.997 21 2.905 23'472 32'764 40'461 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 681.4 701.6 178.8 175.8 3.71x 3.50x 151.1 170.3 17.05x 15.13x 106.0 122.0 24.24x 21.55x S&P Issuer Ratings

131.27 110.59 -1.26 2.02 0.0% 0.0% 0.77 6.84 62.03 149.52 146.52

Sales/Revenue/Turnover

25.00

900.0 800.0

20.00

700.0 600.0

15.00

500.0 400.0

10.00

300.0 200.0

5.00

100.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Straumann Holding AG Holdings By:

All

Holder Name STRAUMANN THOMAS GIC PRIVATE LIMITED MAAG RUDOLF PARVUS ASSET MANAGEM DE MOURA CUNHA SIMON STRAUMANN GABRIELLA SPRUCEGROVE INVESTME MANNING & NAPIER ADV BAILLIE GIFFORD AND NORGES BANK UBS AG CREDIT SUISSE AG CARMIGNAC GESTION OPPENHEIMERFUNDS INC PICTET FUNDS BLACKROCK SWISSCANTO FONDSLEIT ALLIANZ ASSET MANAGE JULIUS BAER MULTICOO VANGUARD GROUP INC

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

Firm Name

Analyst

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

VERONIKA DUBAJOVA CHRISTOPH GRETLER LISA BEDELL CLIVE CARLA BAENZIGER GINA FRANCIOLI HENDRIK LOFRUTHE STEPHAN VOLLERT MICHAEL K JUNGLING INGEBORG OIE OLIVER METZGER JULIEN DORMOIS SIBYLLE BISCHOFBERGER FRICK TOM JONES MAJA PATAKI ALEXANDER KLEBAN EDWIN SNYDER YI-DAN WANG MARTIN WALES TIMOTHY STANISH

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

Recommendation Sell/Neutral outperform outperform hold hold neutral underperform Underwt/Attractive hold reduce underperform market perform buy reduce underweight neutral buy neutral sell

Amt Held 2'712'936 2'165'138 1'912'533 1'579'616 767'700 533'001 474'035 465'447 461'120 215'259 192'265 173'864 125'454 63'087 59'290 59'080 56'667 52'200 44'492 44'428

% Out 17.31 13.81 12.2 10.08 4.9 3.4 3.02 2.97 2.94 1.37 1.23 1.11 0.8 0.4 0.38 0.38 0.36 0.33 0.28 0.28

Weighting

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

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

Latest Chg (1'566'749) 1'084'312 (4'939) 6'961 (3'126) (1'228) (6'184) 5'593 (4'202) 6'600 109

Target Price 134 187 205 183 150 170 130 123 165 145 145 #N/A N/A 190 130 127 #N/A N/A 190 143 #N/A N/A

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

File Dt 27.11.2012 22.07.2013 31.12.2011 25.07.2013 05.07.2013 31.12.2011 23.08.2012 22.06.2012 18.01.2013 31.12.2012 31.07.2013 30.07.2013 28.06.2013 31.07.2013 30.06.2013 16.10.2013 30.04.2013 30.06.2013 28.06.2013 30.09.2013

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

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

Date 14.10.2013 14.10.2013 11.10.2013 09.10.2013 07.10.2013 07.10.2013 07.10.2013 17.09.2013 13.09.2013 09.09.2013 05.09.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 26.07.2013 06.06.2013

23.10.2013

Temenos Group AG Temenos Group AG provides integrated software for the banking sector. The Company develops, distributes, implements, and supports its process-oriented, real-time enterprise software designed for the management of administrative tasks at banks and financial services companies. Temenos operates offices in Europe, North America, Asia, and the Middle East.

Price/Volume 30

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (09.08.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEMN SE EQUITY YTD Change TEMN SE EQUITY YTD % CHANGE

12/2012 06/yy 25.85 13.42 411'581.00 23 -11.03% 71.33% 76.66% 72.0 1'656.53 215.84 0.0 0.0 117.73 2'049.44

.8 M .6 M

.4 M 5 0 o-12

.2 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

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

1.4 M

Valuation Analysis

31.12.2008 406.9 2.23x 100.2 9.04x 64.7 11.83x

1.6 M

31.12.2009 31.12.2010 370.3 448.0 4.56x 6.65x 127.4 123.1 13.25x 24.19x 68.6 61.6 22.14x 42.37x Profitability

LTM-4Q 31.12.2011 473.5 2.61x 88.5 13.95x (28.3) -

31.12.2012 450.2 2.91x 107.9 12.13x 24.2 50.07x 107.92 48.12 10.69% 8.17% 6.66% 16.02% 10.47% 0.53% 68.3% 30.3% 17.2% 5.4% 1.27 1.27 23.91% 55.81% 1.89 -

Price/ Cash Flow

06/yy 453.9 11.49x 116.4 11.61x (7.1) 0.00x

LTM 06/yy 457.8 17.60x 127.5 28.73x 47.8 35.39x

FY+1

.0 M o-13

1.31 62.12 67.01% 45.61% 1.307 17 3.588 296'572 365'108 327'125 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 471.9 508.2 144.0 112.0 4.09x 3.70x 13.72x 16.67x 140.3 160.1 56.3 27.0 14.52x 12.72x 13.12x 12.32x 70.8 83.8 39.2 11.2 22.33x 19.17x 19.62x 18.36x S&P Issuer Ratings

15.41 14.62 1.43 1.85 55.8% 35.8% 0.53 33.00 193.17 -

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 |

23.10.2013

Temenos Group AG Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC MASSACHUSETTS MUTUAL PATINEX AG ALKEN LUXEMBOURG SAR TEMENOS GROUP AG BLACKROCK UBS AG ODDO ASSET MANAGEMEN CREDIT SUISSE AG AVIVA PLC STANDARD LIFE INVEST ZADIG GESTION LUXEMB CLASSIC FUND MGMT AG PICTET FUNDS NORGES BANK ZUERCHER KANTONALBAN VONTOBEL ASSET MANAG YORK CAPITAL MANAGME BAILLIE GIFFORD AND ANDREADES ANDREAS

Firm Name Main First Bank AG Barclays Exane BNP Paribas Zuercher Kantonalbank Bankhaus Metzler EVA Dimensions Baader Bank Credit Suisse Bryan Garnier & Cie Goldman Sachs Morgan Stanley Bank am Bellevue Mirabaud Securities Berenberg Bank Bank Vontobel AG UBS Kepler Cheuvreux

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

Analyst CHANDRAMOULI SRIRAMAN GERARDUS VOS BRICE PRUNAS ANDREAS MUELLER ULRICH TRABERT ANDREW S ZAMFOTIS KNUT WOLLER FELIX REMMERS GREGORY RAMIREZ MOHAMMED MOAWALLA ADAM WOOD SANDRA DIETSCHY MARK DIETHELM DAUD KHAN TAKIS SPILIOPOULOS MICHAEL BRIEST XAVIER CAROEN

Source MF-AGG EXCH Co File Co File EXCH ULT-AGG ULT-AGG Co File ULT-AGG Co File RNS-RUL8 EXCH MF-AGG ULT-AGG RNS-RUL8 RNS-RUL8 MF-AGG RNS-RUL8 RNS-RUL8 Co File

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

Amt Held 6'846'210 4'897'305 3'722'992 3'638'595 3'618'030 2'315'438 2'284'432 2'189'949 2'177'404 2'170'741 2'038'000 1'875'000 1'464'233 1'397'753 1'331'523 1'083'505 1'005'500 975'000 948'495 929'982

% Out 9.51 6.8 5.17 5.05 5.02 3.21 3.17 3.04 3.02 3.01 2.83 2.6 2.03 1.94 1.85 1.5 1.4 1.35 1.32 1.29

Weighting

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

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

Latest Chg 137'240 (2'273'615) 1'167'530 956 (94'634) (1'254'000) (12'866) 62'291 7'394 (6'000) (98'000) 105'000 (10'682) -

Target Price 28 27 25 #N/A N/A 17 #N/A N/A 16 18 28 32 24 26 25 18 31 27 27

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 14.10.2013 Insurance Company 27.03.2013 Private Equity 27.03.2013 Investment Advisor 08.08.2013 Corporation 16.10.2013 Investment Advisor 28.06.2013 Investment Advisor 27.03.2013 Investment Advisor 30.07.2013 Investment Advisor 27.03.2013 Investment Advisor 08.03.2012 Investment Advisor 16.04.2013 Other 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 10.02.2012 Government 28.02.2012 Investment Advisor 30.04.2013 Investment Advisor 09.02.2012 Hedge Fund Manager 24.02.2012 Investment Advisor 31.12.2012 n/a

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

Date 16.10.2013 15.10.2013 10.10.2013 07.10.2013 04.10.2013 04.10.2013 30.09.2013 26.09.2013 25.09.2013 11.09.2013 04.09.2013 03.09.2013 13.08.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013

23.10.2013

Banque Cantonale Vaudoise Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. The Bank offers consumer loans, treasury management, pension funds, and investment management services, trades in commodities, advises on mergers and acquisitions, and offers securities brokerage services. BCV operates primarily in the Canton of Vaud.

Price/Volume 600

12/2012 12/yy 549.04 445.00 1'922.00 490.75 -10.62% 10.28% 46.38% 8.6 4'223.49 8'415.00 0.0 1.0 6'742.00 -

Price/ Cash Flow

1.20

.0 M .0 M .0 M

200

.0 M .0 M

100

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended

.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCVN SE EQUITY YTD Change BCVN SE EQUITY YTD % CHANGE

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

.0 M

400

Valuation Analysis

31.12.2008 1'565.7 356.3 7.68x

.0 M

500

31.12.2009 31.12.2010 1'371.2 1'351.6 300.6 313.2 11.77x 13.49x Profitability

LTM-4Q 31.12.2011 1'351.7 302.1 13.00x

31.12.2012 1'321.2 311.0 13.43x 36.52% 37.66% 0.76% 10.80% 2.70% 0.03% 29.1% 21.14% 322.41% -

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

LTM 12/yy 1'229.4 0.00x 0.0 0.00x 311.0 13.74x

FY+1

.0 M o-13

0.68 2.81 5.07% 7.40% 0.679 7 3.000 7'977 6'650 6'504 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 997.2 1'030.8 252.0 247.0 295.0 296.6 14.32x 13.85x S&P Issuer Ratings

05.12.2011 AA STABLE 02.12.2008 A-1+ 322.4% 76.3% 0.03 2.15 -

Sales/Revenue/Turnover

2'000.0 1'800.0

1.00

1'600.0 1'400.0

0.80 0.60 0.40

1'200.0 1'000.0 800.0 600.0 400.0

0.20

200.0 0.0

0.00

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

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

23.10.2013

Banque Cantonale Vaudoise Holdings By:

All

Holder Name CANTON OF VAUD UBS AG NORGES BANK CREDIT SUISSE AG THORNBURG INVESTMENT BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT JUPITER ASSET MANAGE SWISSCANTO FONDSLEIT PICTET FUNDS NEW JERSEY DIVISION BNP PARIBAS VONTOBEL ASSET MANAG SCHRODER INVESTMENT PARVEST INVESTMENT M SARASIN KIENER PASCAL STEIMER OLIVIER PUTNAM INVESTMENT MA

Firm Name Helvea Main First Bank AG Bank am Bellevue Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions UBS

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

Analyst TIM DAWSON KILIAN MAIER MARC DEUSTER ANDREAS VENDITTI TERESA NIELSEN DOUG WALTERS DANIELE BRUPBACHER

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

Recommendation buy outperform hold market perform hold underweight sell

Amt Held 5'766'154 90'430 87'516 52'932 44'400 41'246 37'364 32'073 28'000 27'357 25'286 24'618 18'087 16'900 16'170 11'520 9'201 8'355 8'074 6'778

% Out 67 1.05 1.02 0.62 0.52 0.48 0.43 0.37 0.33 0.32 0.29 0.29 0.21 0.2 0.19 0.13 0.11 0.1 0.09 0.08

Weighting

Change 5 5 3 3 3 1 1

M M M M M M N

Latest Chg 7'616 1'141 4'849 2'826 1'235 12'000 (489) 498 (209) (1'200) 740 (998)

Target Price 519 500 490 #N/A N/A 515 #N/A N/A 430

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

File Dt Inst Type 31.12.2012 Government 28.06.2013 Investment Advisor 31.12.2012 Government 30.07.2013 Investment Advisor 31.08.2013 Investment Advisor 16.10.2013 Investment Advisor 30.09.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.05.2013 Unclassified 30.04.2013 Investment Advisor 28.09.2012 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Unclassified 31.12.2012 n/a 31.12.2012 n/a 30.06.2013 Investment Advisor

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

Date 11.10.2013 18.09.2013 10.09.2013 23.08.2013 23.08.2013 06.06.2013 07.03.2013

23.10.2013

Valiant Holding Valiant Holding AG, through its subsidiaries, provides financial services in Switzerland. The company offers a range of products and services in the areas of retail banking, business banking, private banking, and asset management.

Price/Volume 120

.5 M .4 M

100

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.11.2012) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VATN SE EQUITY YTD Change VATN SE EQUITY YTD % CHANGE

12/2012 01/yy 100.66 76.90 3'262.00 84.85 -15.71% 10.34% 37.04% 15.8 1'339.99 6'510.11 0.0 0.0 1'814.22 -

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

1.20 1.00

.3 M .2 M

.2 M .1 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 731.7 148.6 21.96x

.3 M

31.12.2009 31.12.2010 731.2 707.1 148.5 122.5 22.77x 16.88x Profitability

31.12.2011 614.6 112.6 16.68x

31.12.2012 616.8 107.6 12.76x 26.59% 33.34% 0.43% 5.84% 1.32% 0.02% 28.3% 25.93% 389.86% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.63 14.97 -3.36% 1.36% 0.631 3 3.667 10'988 14'355 15'214 FY+2

12/13 Y 12/14 Y 386.5 373.0 94.3 101.6 14.15x 13.11x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

389.9% 79.6% 0.02 3.45 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

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

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

23.10.2013

Valiant Holding Holdings By:

All

Holder Name UBS AG HIGHCLERE INTL INVES NORGES BANK VALIANT HOLDING AG CREDIT SUISSE AG VANGUARD GROUP INC DIMENSIONAL FUND ADV PICTET FUNDS VONTOBEL ASSET MANAG BLACKROCK SWISSCANTO FONDSLEIT HAEUSERRMANN MARKUS STREIT KURT BEYELER ROLF HOBMEIER MICHAEL BANK OF NEW YORK MEL NYFFELER PAUL ZGRAGGEN EDUARD GAFNER MARTIN SWISSCANTO ANLAGESTI

Firm Name EVA Dimensions Main First Bank AG Zuercher Kantonalbank

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

Analyst DOUG WALTERS KILIAN MAIER ANDREAS BRUN

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

Recommendation hold outperform market perform

Amt Held 503'670 482'652 475'013 145'350 143'066 96'955 70'036 64'825 53'000 50'137 39'739 36'272 31'598 27'445 26'149 23'444 19'638 16'576 15'430 12'840

% Out 3.19 3.06 3.01 0.92 0.91 0.61 0.44 0.41 0.34 0.32 0.25 0.23 0.2 0.17 0.17 0.15 0.12 0.1 0.1 0.08

Weighting

Change 3 5 3

U M N

Latest Chg 224 11'167 5'470 (1'176) 82 (707) 1'267 (368)

Target Price #N/A N/A 100 #N/A N/A

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

File Dt 03.07.2013 27.03.2013 11.06.2013 28.06.2011 30.07.2013 30.09.2013 31.07.2013 30.06.2013 30.04.2013 16.10.2013 30.04.2013 31.12.2010 31.12.2010 31.12.2010 31.12.2010 17.10.2013 31.12.2010 31.12.2010 31.12.2010 30.04.2013

Date Not Provided 12 month Not Provided

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

Date 17.10.2013 18.09.2013 12.08.2013

23.10.2013

Kuoni Reisen Holding AG Kuoni Reisen Holding AG is a global travel-related service provider with activities in three primary areas: Destination Management Services, Tour Operating and Visa Services. The Company focuses on the B2B travel industry in providing hotel databases transactions and destination services for travel agencies, online portals and tour operators.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.10.2013) 52-Week Low (07.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KUNN SE EQUITY YTD Change KUNN SE EQUITY YTD % CHANGE

12/2012 12/yy 374.75 237.31 360.00 372 -0.73% 56.76% 98.54% 3.7 1'487.40 233.54 0.0 8.1 334.55 1'294.00

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

100 50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 4'855.0 0.14x 199.6 3.39x 150.7 7.26x

150

31.12.2009 31.12.2010 3'893.6 3'983.6 0.17x 0.24x 67.5 113.2 9.80x 8.54x 0.2 21.3 4362.50x 61.14x Profitability

LTM-4Q 31.12.2011 5'111.3 0.16x 167.0 5.01x 31.8 24.40x

31.12.2012 5'845.5 0.17x 171.2 5.82x (14.8) 171.19 64.70 1.11% 0.13% -0.44% -1.79% 2.14% 18.9% 3.7% 1.9% -0.3% 0.60 0.48 9.69% 31.85% 11.91 -

Price/ Cash Flow

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-13

12/yy 5'298.2 0.13x 270.7 0.00x 254.7 0.00x

LTM 12/yy 5'338.4 0.12x 89.7 0.00x 87.4 0.00x

FY+1

0.90 3.36 51.04% 37.26% 0.902 17 3.882 5'588 7'172 9'218 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'781.3 5'978.2 0.27x 0.24x 220.8 236.2 5.85x 5.47x 78.5 107.0 15.44x 12.51x S&P Issuer Ratings

14.67 12.33 -0.92 1.07 31.8% 24.0% 2.14 31.59 30.65 -

Sales/Revenue/Turnover

30.00

7'000.0

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Kuoni Reisen Holding AG Holdings By:

All

Holder Name SILCHESTER INTL INVE MIGROS GENOSSEN PICTET FUNDS UBS AG KUONI REISEN HOLDING VONTOBEL ASSET MANAG VANGUARD GROUP INC SCHRODER INVESTMENT NORGES BANK SPARINVEST SWISSCANTO FONDSLEIT INVESCO LTD LOMBARD ODIER ASSET CREDIT SUISSE AG BLACKROCK FIL LIMITED T ROWE PRICE ASSOCIA JULIUS BAER MULTICOO MIRABAUD ASSET MANAG LLB FONDSLEITUNG AG

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

Firm Name

Analyst

UBS AlphaValue Deutsche Bank Natixis Main First Bank AG Zuercher Kantonalbank Commerzbank Corporates & Markets Goldman Sachs Bank am Bellevue Bank Vontobel AG Exane BNP Paribas Helvea JPMorgan Kepler Cheuvreux EVA Dimensions Credit Suisse

ALEX BRIGNALL BERENICE LACROIX GEOF COLLYER GEOFFREY D'HALLUIN ALAIN-SEBASTIAN OBERHUBER MARCO STRITTMATTER JOHANNES BRAUN NICK EDELMAN ROLF KUNZ JEAN-PHILIPPE BERTSCHY MATTHIAS DESMARAIS CHRISTIAN BURGER JAAFAR MESTARI BEAT KEISER CRAIG STERLING PATRICK JNGLIN

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

Recommendation neutral reduce buy neutral outperform market perform buy Buy/Neutral buy buy neutral buy neutral buy sell neutral

Amt Held 757'704 257'149 218'853 162'641 107'742 97'020 91'095 74'797 73'959 64'369 59'083 52'322 35'000 33'661 28'638 25'976 23'657 22'531 20'400 18'000

% Out 20.21 6.86 5.84 4.34 2.87 2.59 2.43 2 1.97 1.72 1.58 1.4 0.93 0.9 0.76 0.69 0.63 0.6 0.54 0.48

Weighting

Change 3 2 5 3 5 3 5 5 5 5 3 5 3 5 1 3

M M M M M M M M M M M M M M D M

Latest Chg 3'273 53 10'300 510 6'653 (1'108) (2'184) 595 2'796 19'834 3'109 23'643 2'800 5'000

Target Price 365 353 410 370 450 #N/A N/A 460 410 425 420 330 410 350 385 #N/A N/A 300

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 01.10.2013 30.06.2013 28.06.2013 31.12.2012 30.04.2013 30.09.2013 30.08.2013 31.12.2012 31.08.2013 30.04.2013 17.10.2013 31.08.2013 30.07.2013 16.10.2013 30.04.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013

Date 12 month 6 month 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 9 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Other Investment Advisor Investment Advisor Other 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

Date 17.10.2013 17.10.2013 04.10.2013 01.10.2013 17.09.2013 12.09.2013 05.09.2013 28.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 19.08.2013 06.08.2013 22.05.2013 25.03.2013

23.10.2013

Allreal Holding AG Allreal Holding AG develops and manages real estate. The Company operates as a general contractor offering planning, architect, and construction management services. Allreal also provides renovation services and manages a portfolio of apartment, office, and commercial buildings.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (08.10.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALLN SE EQUITY YTD Change ALLN SE EQUITY YTD % CHANGE

12/2012 01/yy 139.50 123.00 3'492.00 124.1 -11.04% 0.89% 13.94% 15.9 1'978.38 1'563.60 0.0 0.0 26.10 3'686.58

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40 20 0 o-12

31.12.2009 31.12.2010 215.8 656.0 13.28x 4.84x 137.9 170.3 20.78x 18.66x 88.6 116.4 15.75x 15.48x Profitability

31.12.2011 831.8 4.16x 182.6 18.93x 146.8 12.93x

31.12.2012 868.6 4.36x 172.3 21.97x 98.0 22.29x 172.30 171.20 15.75% 14.76% 2.33% 4.92% 2.66% 0.23% 18.7% 11.3% 39.80% 81.98% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.53 15.30 -6.72% -8.44% 0.525 4 2.500 8'145 12'945 12'841 FY+2

12/13 Y 12/14 Y 278.0 289.3 12.90x 12.50x 191.3 203.7 19.28x 18.11x 122.0 135.0 16.89x 15.62x S&P Issuer Ratings

FQ+1

FQ+2

3.92 -0.79 9.97 10.30 82.0% 45.0% 0.23 -

Sales/Revenue/Turnover

50.00

1'000.0

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00 20.00

500.0 400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 207.9 12.02x 136.9 18.25x 90.7 13.39x

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M o-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 |

23.10.2013

Allreal Holding AG Holdings By:

All

Holder Name HELVETIA PATRIA GRUP BVK PERSONALVORSORGE SCHWEIZERISCHE MOBIL CREDIT SUISSE AG NORGES BANK BLACKROCK DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG SWISSCANTO FONDSLEIT RAIFFEISEN SCHWEIZ L VANGUARD GROUP INC UBS AG PICTET FUNDS IAM INDEPENDENT ASSE JULIUS BAER ASSET MA SEI INVESTMENT MANAG KBC GROUP NV ALLREAL HOLDING AG VONTOBEL ASSET MANAG ZUERCHER KANTONALBAN

Firm Name Bank Vontobel AG UBS EVA Dimensions Zuercher Kantonalbank

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst STEFAN SCHUERMANN ANDRE RUDOLF VON ROHR DOUG WALTERS MARKUS WAEBER

Source EXCH Co File EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation hold neutral sell market perform

Amt Held 6'737'352 603'490 445'814 377'520 223'408 176'726 173'216 152'430 144'767 99'505 91'734 89'534 80'892 36'897 28'506 25'943 15'727 15'496 14'300 12'500

% Out 42.26 3.79 2.8 2.37 1.4 1.11 1.09 0.96 0.91 0.62 0.58 0.56 0.51 0.23 0.18 0.16 0.1 0.1 0.09 0.08

Weighting

Change 3 3 1 3

M M M D

Latest Chg 382'059 (5'568) 1'250 956 (2'418) 3'824 939 6'962 (152) 1 (33'906) (2'100) 6'400

Target Price 135 135 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.09.2012 31.12.2009 11.05.2010 30.07.2013 31.12.2012 16.10.2013 31.07.2013 30.04.2013 30.04.2013 30.04.2013 30.09.2013 30.06.2013 30.06.2013 31.05.2013 31.07.2013 30.04.2013 31.07.2013 16.05.2012 30.04.2013 28.06.2013

Date Not Provided 12 month Not Provided Not Provided

Inst Type Other Investment Advisor Holding Company 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 Holding Company Investment Advisor Investment Advisor

Date 07.10.2013 27.08.2013 06.06.2013 16.01.2013

23.10.2013

Logitech International SA Logitech International S.A. manufactures personal computer input devices. The Company produces computer mice which help the user move the cursor around the computer screen quickly, trackballs, game controllers, keyboards, PC video cameras, and multimedia speakers. The Company sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2013) 52-Week Low (29.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LOGN SE EQUITY YTD Change LOGN SE EQUITY YTD % CHANGE

03/2013 06/yy 8.57 5.73 981'768.00 8.31 -3.03% 45.03% 81.34% 173.1 1'438.52 0.00 0.0 0.0 333.82 1'288.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 2'208.8 0.61x 182.4 7.44x 107.0 17.19x

31.03.2010 31.03.2011 1'966.7 2'362.9 1.31x 1.17x 151.0 218.6 17.02x 12.61x 65.0 128.5 44.61x 24.74x Profitability

LTM-4Q 31.03.2012 2'316.2 0.35x 144.5 5.56x 71.5 19.02x

31.03.2013 2'099.9 0.36x 75.5 9.88x (228.1) 75.45 7.96 0.38% -12.08% -11.21% -20.51% 1.35% 33.7% 4.9% -8.2% -10.9% 1.86 1.13 0.00% 0.00% 9.75 4.78

Price/ Cash Flow

06/yy 2'304.4 2.00x 160.0 10.64x 49.7 41.40x

LTM 06/yy 2'109.2 1.91x 103.9 7.48x (174.9) 0.00x

FY+1

.0 M o-13

0.51 140.55 6.77% 23.10% 0.515 18 3.000 1'087'524 956'382 1'124'652 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 2'040.3 2'077.4 510.2 593.7 0.59x 0.56x 2.56x 2.07x 122.4 147.3 24.5 55.6 10.53x 8.75x 10.01x 9.17x 51.5 71.7 10.9 34.7 24.96x 19.11x 22.11x 19.72x S&P Issuer Ratings

57.68 21.79 -3.07 0.00 0.0% 0.0% 1.35 23.40 37.43 76.37 73.25 31.85

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

02.10.2013

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 |

23.10.2013

Logitech International SA Holdings By:

All

Holder Name LOGITECH INTERNATION BOREL DANIEL FMR LLC DNB NOR ASSET MANAGE FRANKLIN RESOURCES MARATHON ASSET MANAG NORGES BANK CAPITAL GROUP COMPAN UBS AG CREDIT SUISSE AG CREDIT AGRICOLE SA NEW JERSEY DIVISION ALLIANZ ASSET MANAGE LOMBARD ODIER ASSET DEUTSCHE BANK AG VALINOR MANAGEMENT L ROYCE AND ASSOCIATES SKANDIA FONDER AB COATUE MANAGEMENT LL VANGUARD GROUP INC

Firm Name JPMorgan AlphaValue Helvea Barclays UBS Avondale Partners LLC Goldman Sachs EVA Dimensions Raymond James Bank am Bellevue Exane BNP Paribas Mirabaud Securities Credit Suisse Morgan Stanley Bank Vontobel AG Pacific Crest Securities Wedge Partners S&P Capital IQ Zuercher Kantonalbank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a CREDIT AGRICOLE SA Multiple Portfolios n/a Multiple Portfolios n/a VALINOR MANAGEMENT L ROYCE & ASSOCIATES L Multiple Portfolios COATUE MANAGEMENT LL n/a

Analyst PAUL T COSTER HEINZ STEFFEN STEFAN GAECHTER ANDREW M GARDINER JOERN IFFERT JOHN F BRIGHT ALEXANDER DUVAL ANDREW S ZAMFOTIS TAVIS C MCCOURT SANDRA DIETSCHY ALEXANDER PETERC MARK DIETHELM FELIX REMMERS ANDREW HUMPHREY MICHAEL FOETH ANDY HARGREAVES KIRK ADAMS ANGELO ZINO ANDREAS MUELLER

Source EXCH Form 4 ULT-AGG MF-AGG ULT-AGG EXCH EXCH ULT-AGG ULT-AGG ULT-AGG 13F MF-AGG ULT-AGG MF-AGG ULT-AGG 13F 13F MF-AGG 13F ULT-AGG

Recommendation underweight reduce hold underweight neutral market underperform neutral/neutral overweight market perform hold outperform neutral neutral Equalwt/No Rating hold sector perform no rating system hold outperform

Amt Held 15'111'187 10'366'743 9'800'000 6'560'952 5'700'247 5'358'296 5'293'034 4'830'000 4'548'408 3'390'764 2'570'310 2'400'000 2'160'545 2'000'000 1'643'834 1'298'319 1'287'100 1'276'157 1'125'376 1'084'600

% Out 8.73 5.99 5.66 3.79 3.29 3.1 3.06 2.79 2.63 1.96 1.48 1.39 1.25 1.16 0.95 0.75 0.74 0.74 0.65 0.63

Weighting

Change

1 2 3 1 3 2 3 5 3 3 5 3 3 3 3 3 #N/A N/A 3 5

M M M M M M M D M M M N M M M M M U U

Latest Chg (25'743) (3'415'705) 462'446 1'789'440 2'442'153 (113'344) 15'284 900'000 (218'911) 409'275 291'799 861'526 (71'800) 541'398 734'057 60'915

Target Price 7 9 7 6 8 5 9 #N/A N/A #N/A N/A 7 9 7 6 7 8 #N/A N/A #N/A N/A 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.01.2013 Unclassified 05.09.2013 n/a 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 05.04.2013 Investment Advisor 25.04.2013 Government 06.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.09.2013 Investment Advisor

Date 12 month 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 17.10.2013 17.10.2013 16.10.2013 15.10.2013 10.10.2013 08.10.2013 11.09.2013 11.09.2013 04.09.2013 03.09.2013 02.09.2013 22.08.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 09.07.2013 05.06.2013 23.05.2013

23.10.2013

Luzerner Kantonalbank AG Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans including mortgage loans, investment counseling and asset management. Luzerner Kantonalbank serves the Canton of Lucerne through numerous full and secondary branches.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LUKN SE EQUITY YTD Change LUKN SE EQUITY YTD % CHANGE

12/2012 06/yy 380.05 327.77 300.00 361 -5.01% 10.14% 63.56% 8.5 3'068.50 5'639.41 0.0 0.0 2'920.51 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 871.3 143.3 14.72x

400

31.12.2009 31.12.2010 754.2 730.0 140.7 149.4 16.61x 17.69x Profitability

LTM-4Q 31.12.2011 719.4 158.6 16.73x

31.12.2012 685.4 168.3 16.92x 44.91% 43.49% 0.63% 8.41% 2.33% 0.02% 37.2% 20.11% 364.20% -

06/yy 704.4 0.00x 0.0 0.00x 165.1 16.98x

LTM 06/yy 673.1 0.00x 0.0 0.00x 172.7 17.16x

FY+1

.0 M o-13

0.47 3.25 11.10% 10.93% 0.471 2 2.000 717 1'016 1'337 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 427.0 437.0 183.0 188.0 16.66x 16.17x S&P Issuer Ratings

12.09.2008 AA+ NEG 29.08.2002 A-1+ 364.2% 78.5% 0.02 4.22 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Luzerner Kantonalbank AG Holdings By:

All

Holder Name CANTON OF LUCERNE CREDIT SUISSE AG SWISSCANTO FONDSLEIT UBS AG PICTET FUNDS SCHRODER INVESTMENT DIMENSIONAL FUND ADV KOBLER BERNARD FELDER JOSEF ANTON SCHRODER INVESTMENT HURSCHLER MARCEL SWISSCANTO ANLAGESTI IST FUND MANAGERS BACHMANN MARK SALZMANN DANIEL SKANDIA GLOBAL FUNDS HODEL BEAT GRUETER LEO JULIUS BAER ASSET MA BESSEMER GROUP INCOR

Firm Name EVA Dimensions Zuercher Kantonalbank

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS ANDREAS VENDITTI

Source Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG Co File Co File MF-AGG Co File Co File MF-AGG MF-AGG

Recommendation underweight market perform

Amt Held 5'225'800 28'217 19'311 16'663 13'480 9'092 6'128 5'740 4'155 3'240 2'688 2'647 2'306 2'167 2'014 1'942 1'723 1'629 1'448 1'434

% Out 61.48 0.33 0.23 0.2 0.16 0.11 0.07 0.07 0.05 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change 1 3

U M

Latest Chg 2'236 (347) (222) (16) 131 (75) 13 (34) -

Target Price #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.07.2013 30.04.2013 28.06.2013 30.06.2013 28.09.2012 31.07.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.04.2013 31.05.2013 31.12.2012 31.12.2012 28.06.2013 31.12.2012 31.12.2012 31.07.2013 30.04.2013

Date Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor n/a Investment Advisor Investment Advisor n/a n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor

Date 13.09.2013 21.08.2013

23.10.2013

Mobimo Holding AG Mobimo Holding AG builds and renovates residential real estate and invests in commercial real estate.

Price/Volume 250

.1 M

200

.1 M .0 M

150

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.12.2012) 52-Week Low (03.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOBN SE EQUITY YTD Change MOBN SE EQUITY YTD % CHANGE

100

12/2012 01/yy 215.38 185.10 763.00 190.1 -11.74% 2.70% 18.16% 6.2 1'181.37 1'062.91 0.0 3.5 97.65 2'238.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 197.2 6.14x 69.3 17.48x 45.0 13.65x

.0 M

31.12.2009 31.12.2010 258.7 177.3 6.61x 10.81x 74.4 69.6 22.97x 27.52x 62.5 66.0 12.50x 15.35x Profitability

31.12.2011 230.0 9.10x 81.1 25.80x 80.5 13.45x

31.12.2012 252.4 9.22x 83.7 27.78x 76.3 17.75x 83.72 81.44 21.39% 37.11% 3.09% 6.64% 3.44% 0.09% 36.3% 30.2% 42.20% 88.76% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.55 5.58 -7.47% -9.33% 0.555 5 2.600 11'734 9'912 9'400 FY+2

12/13 Y 12/14 Y 123.7 121.0 18.16x 19.97x 87.5 90.0 25.62x 24.90x 53.0 53.7 21.43x 22.24x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

3.05 -1.29 12.74 13.65 88.8% 47.0% 0.09 -

Sales/Revenue/Turnover

70.00

300.0

60.00

250.0

50.00

200.0

40.00

150.0 30.00

100.0 20.00

50.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Mobimo Holding AG Holdings By:

All

Holder Name PENSIONSKASSE DES KA CREDIT SUISSE AG MIGROS COOPERATIVE A BLACKROCK NORGES BANK MEILI ALFRED SWISSCANTO FONDSLEIT UBS AG VANGUARD GROUP INC REICHMUTH & CO LEDERMANN URS DIMENSIONAL FUND ADV FIL LIMITED PICTET FUNDS MORGAN STANLEY IAM INDEPENDENT ASSE SARASIN ING INTERNATIONAL AD STATE STREET CORP KBC GROUP NV

Firm Name Bank Vontobel AG Kempen & Co EVA Dimensions UBS Zuercher Kantonalbank

Portfolio Name 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 Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst STEFAN SCHUERMANN ROBERT WOERDEMAN DOUG WALTERS ANDRE RUDOLF VON ROHR MARKUS WAEBER

Source Co File ULT-AGG Co File ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG ULT-AGG EXCH Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold underweight underweight buy market perform

Amt Held 209'861 207'353 204'894 186'569 172'512 134'560 77'477 69'807 54'147 41'500 34'650 30'744 27'014 26'096 22'435 21'534 19'517 17'700 16'849 12'688

% Out 3.38 3.34 3.3 3 2.78 2.17 1.25 1.12 0.87 0.67 0.56 0.49 0.43 0.42 0.36 0.35 0.31 0.28 0.27 0.2

Weighting

Change 3 1 1 5 3

M M U M D

Latest Chg 7'825 277 (13'762) (1'138) (15'182) 1'845 545 4'172 (136) 666 80 6'500 300 -

Target Price 200 200 #N/A N/A 220 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.07.2013 31.12.2012 16.10.2013 31.12.2012 01.02.2011 30.04.2013 30.06.2013 30.09.2013 09.07.2010 31.12.2012 31.07.2013 30.04.2013 30.06.2013 30.06.2013 31.05.2013 31.05.2013 30.04.2013 17.10.2013 31.07.2013

Date Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Other Investment Advisor Other Investment Advisor Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 07.10.2013 23.09.2013 28.08.2013 15.08.2013 16.01.2013

23.10.2013

Tecan Group AG Tecan AG develops, manufactures and distributes laboratory automation components and systems. The Company produces robotic sample processors, stand-alone separation and detection devices, laser scanners, integrated systems, and pumps and valves for high precision liquid handling. The products are mainly used by research and diagnostic laboratories.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TECN SE EQUITY YTD Change TECN SE EQUITY YTD % CHANGE

12/2012 12/yy 103.40 65.22 9'206.00 94.05 -9.04% 44.20% 76.16% 11.4 1'076.36 4.90 0.0 0.0 144.53 948.30

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

100

.1 M

.0 M

0 o-12

31.12.2009 31.12.2010 356.2 370.5 2.14x 2.11x 68.7 64.7 11.08x 12.07x 49.3 16.2 17.03x 17.33x Profitability

LTM-4Q 31.12.2011 377.0 1.50x 60.4 9.38x 47.6 15.19x

31.12.2012 391.1 1.77x 62.6 11.09x 42.2 19.62x 62.57 52.31 13.37% 13.42% 10.03% 14.12% 0.95% 50.7% 16.3% 13.6% 10.8% 3.39 2.19 1.16% 1.62% 6.09 1.68

Price/ Cash Flow

09/yy 307.7 0.00x 0.0 0.00x 8.4 0.00x

d-12

j-13

f-13 m-13

LTM 12/yy 405.9 2.10x 0.0 0.00x 40.6 21.60x

a-13

m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.51 10.10 42.75% 25.12% 0.513 9 4.111 16'389 21'883 23'040 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 397.6 435.6 2.31x 1.98x 67.3 76.0 14.11x 12.49x 44.4 52.9 23.23x 19.48x S&P Issuer Ratings

744.86 636.63 -2.00 0.15 1.6% 1.6% 0.95 21.73 55.20 200.55 13.66 222.57

Sales/Revenue/Turnover

450.00

450.0

400.00

400.0

350.00

350.0

300.00

300.0

250.00

250.0

200.00

200.0

150.00

150.0

100.00

100.0

50.00

50.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 396.0 0.93x 56.7 6.53x 25.6 16.60x

120

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Tecan Group AG Holdings By:

All

Holder Name ING GROEP NV UBS AG PICTET FUNDS TECAN GROUP AG APG ALGEMENE PENSIOE CREDIT SUISSE AG SUVA NORGES BANK FMR LLC TIAA CREF INVESTMENT INVESCO LTD ARTISAN PARTNERS HOL SWISSCANTO FONDSLEIT FINANCIERE DE L'ECHI HARRIS ASSOCIATES LP MIRABAUD ASSET MANAG SCHRODER INVESTMENT ODDO ASSET MANAGEMEN OPPENHEIMERFUNDS INC VAN LANSCHOT N.V.

Firm Name Berenberg Bank HSBC Bank am Bellevue Main First Bank AG Credit Suisse Bank Vontobel AG Zuercher Kantonalbank EVA Dimensions UBS

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst SCOTT BARDO JAN KEPPELER GINA FRANCIOLI STEPHAN VOLLERT CHRISTOPH GRETLER CARLA BAENZIGER SIBYLLE BISCHOFBERGER FRICK TIMOTHY STANISH IAN DOUGLAS-PENNANT

Source Co File ULT-AGG ULT-AGG Co File EXCH ULT-AGG Co File Co File ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy neutral hold outperform outperform hold market perform overweight buy

Amt Held 1'052'903 663'518 573'991 572'230 383'102 368'034 366'227 354'783 343'921 343'338 244'108 214'179 195'988 188'335 173'100 168'277 140'550 100'761 98'488 97'765

% Out 9.2 5.8 5.02 5 3.35 3.22 3.2 3.1 3.01 3 2.13 1.87 1.71 1.65 1.51 1.47 1.23 0.88 0.86 0.85

Weighting

Change 5 3 3 5 5 3 3 5 5

M M M M M M M U U

Latest Chg 1'831 6'189 26'922 (925) 30'231 214'179 (5'408) (9'242) 21'600 20'846 27'582 -

Target Price 110 98 84 120 105 104 #N/A N/A #N/A N/A 100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.07.2013 Investment Advisor 29.08.2013 Investment Advisor 31.12.2012 Unclassified 30.09.2013 Pension Fund (ERISA) 30.07.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Government 12.04.2013 Investment Advisor 31.12.2012 Investment Advisor 17.10.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.07.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 30.09.2012 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 18.10.2013 11.10.2013 10.10.2013 10.10.2013 09.10.2013 09.10.2013 12.09.2013 05.08.2013 08.03.2013

23.10.2013

Berner Kantonalbank AG Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional banking services such as mortgage loans and various types of deposits. Berner Kantonalbank operates through a network of branches.

Price/Volume 300 250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEKN SE EQUITY YTD Change BEKN SE EQUITY YTD % CHANGE

12/2012 01/yy 259.34 225.00 453.00 229.2 -11.62% 1.87% 8.74% 9.3 2'136.14 1'661.67 0.0 0.0 2'671.52 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 829.2 112.7 18.51x

100

31.12.2009 31.12.2010 947.6 869.1 119.0 125.0 17.99x 18.05x Profitability

31.12.2011 689.7 130.1 17.92x

31.12.2012 663.3 128.1 18.49x 38.82% 32.14% 0.49% 8.73% 4.00% 0.03% 25.3% 6.30% 109.74% -

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-13

0.40 4.33 -5.85% -6.03% 0.404 1 1.000 1'127 1'512 1'596

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

109.7% 52.3% 0.03 3.11 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Berner Kantonalbank AG Holdings By:

All

Holder Name KANTON BERN BERNER KANTONALBANK SWISSCANTO FONDSLEIT CREDIT SUISSE AG UBS AG PICTET FUNDS DIMENSIONAL FUND ADV NOBILI JEAN-CLAUDE STARCAP AG SWISSCANTO ANLAGESTI JONES HEWARD INVESTM IST FUND MANAGERS RIEBEN JUERG RUFER THOMAS RUEFENACHT HANSPETER WEHRLI RUDOLF ANDEREGG-DIETRICH KA GERBER STEFAN HOPF JOHANNES JULIUS BAER ASSET MA

Firm Name EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst DOUG WALTERS

Source Co File Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File Co File Co File Co File Co File Co File MF-AGG

Recommendation underweight

Amt Held 4'799'800 160'349 53'397 39'561 24'007 18'518 8'971 7'283 7'136 3'675 3'645 3'244 2'876 2'781 2'700 2'352 2'301 2'250 2'220 2'056

% Out 51.5 1.72 0.57 0.42 0.26 0.2 0.1 0.08 0.08 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change 1

Latest Chg (766) 3'322 (240) (405) (1'115) (19) (105) 18 (54)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.04.2013 30.07.2013 28.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.04.2013 16.10.2013 31.05.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.07.2013

Date Not Provided

Inst Type Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a n/a n/a n/a Investment Advisor

Date 11.10.2013

23.10.2013

Belimo Holding AG Belimo Holding AG manufactures heating, ventilation and air conditioning equipment (HVAC). The Company develops and manufactures damper actuators for general purposes, special motorized fire and smoke dampers and air-volume controls for HVAC systems. Belimo offers sales and consulting services worldwide.

Price/Volume

.0 M .0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEAN SE EQUITY YTD Change BEAN SE EQUITY YTD % CHANGE

12/2012 01/yy 2'447.00 1'559.00 70.00 2335 -4.58% 49.78% 87.16% 0.6 1'436.03 21.20 0.0 0.0 105.69 1'359.90

.0 M

1000

.0 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

2500 2000

Valuation Analysis

31.12.2008 403.8 1.15x 78.6 5.91x 46.1 9.88x

3000

31.12.2009 31.12.2010 385.9 426.4 1.76x 2.29x 74.9 96.6 9.08x 10.11x 49.3 61.3 14.14x 16.72x Profitability

31.12.2011 416.0 2.35x 81.8 11.96x 51.6 20.03x

31.12.2012 444.6 2.23x 91.9 10.79x 61.4 17.50x 91.90 76.30 17.16% 16.86% 19.33% 27.42% 1.37% 21.4% 17.8% 13.8% 5.17 3.55 6.17% 8.11% 6.97 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.67 0.45 46.90% 36.06% 0.665 6 4.000 104 179 223 FY+2

12/13 Y 12/14 Y 481.8 521.4 2.80x 2.61x 103.4 113.2 13.15x 12.01x 69.6 77.1 20.49x 18.60x S&P Issuer Ratings

FQ+1

FQ+2

141.17 115.54 -0.77 0.21 8.1% 7.5% 1.37 4.86 52.38 -

Sales/Revenue/Turnover

25.00

500.0 450.0 400.0

20.00

350.0 15.00

300.0

10.00

250.0 200.0 150.0 100.0

5.00

50.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Belimo Holding AG Holdings By:

All

Holder Name GROUPE LINSI CAPITAL GROUP COMPAN RONER WERNER AMERIPRISE FINANCIAL THREADNEEDLE ASSET M MONTANARO ASSET MGMT SARASIN LOMBARD ODIER DARIER IST FUND MANAGERS PICTET FUNDS VONTOBEL ASSET MANAG LINSI WALTER LB SWISS INVESTMENT NORGES BANK CREDIT SUISSE AG UBS AG LOMBARD ODIER ASSET SWISSCANTO FONDSLEIT SCHRODER INVESTMENT BLACKROCK

Firm Name EVA Dimensions Helvea Zuercher Kantonalbank Bank Vontobel AG UBS Main First Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst TIMOTHY STANISH PATRICK APPENZELLER RICHARD FREI CHRISTIAN ARNOLD TORSTEN WYSS TOBIAS FAHRENHOLZ

Source Co File ULT-AGG Co File Co File ULT-AGG EXCH ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation overweight buy market perform hold neutral outperform

Amt Held 118'572 61'377 34'994 28'413 25'272 19'822 18'300 17'385 10'816 10'744 10'653 10'187 7'005 5'810 5'744 5'683 5'454 5'207 3'072 2'226

% Out 19.28 9.98 5.69 4.62 4.11 3.22 2.98 2.83 1.76 1.75 1.73 1.66 1.14 0.94 0.93 0.92 0.89 0.85 0.5 0.36

Weighting

Change 5 5 3 3 3 5

U M M M M M

Latest Chg (703) (9) 537 300 (1'150) 351 98 (1'650) 114 450 1'252

Target Price #N/A N/A 2'500 #N/A N/A 2'200 2'150 2'370

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.07.2013 07.01.2013 31.08.2012 05.06.2013 31.05.2013 30.06.2013 30.04.2013 31.12.2012 28.03.2013 31.12.2012 30.07.2013 28.06.2013 31.08.2013 30.04.2013 31.12.2012 16.10.2013

Date Not Provided 12 month Not Provided Not Provided 12 month 12 month

Inst Type Other Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 20.08.2013 15.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013

23.10.2013

Burckhardt Compression Holding AG Burckhardt Compression Holding AG manufactures reciprocating compressors. The Company produces compressors for oil refining, the chemical and petrochemical industries, industrial gases, and gas transport and storage.

Price/Volume 450

.0 M

400 .0 M

350 300

.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCHN SE EQUITY YTD Change BCHN SE EQUITY YTD % CHANGE

03/2013 01/yy 399.25 255.50 2'084.00 366.75 -8.14% 43.54% 73.39% 3.4 1'246.95 39.16 0.0 0.0 189.99 1'096.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100

.0 M

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 424.5 0.55x 102.1 2.29x 72.8 4.94x

.0 M

150

31.03.2010 31.03.2011 343.2 355.6 1.83x 2.43x 83.7 71.7 7.50x 12.06x 56.0 45.1 12.47x 21.33x Profitability

31.03.2012 328.9 2.09x 79.3 8.67x 50.5 16.26x

31.03.2013 366.7 2.87x 86.4 12.19x 55.5 21.37x 86.42 75.35 20.55% 19.89% 9.85% 17.86% 0.65% 37.1% 23.6% 20.5% 15.1% 2.22 1.53 6.56% 11.55% 3.80 2.18

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.82 2.92 44.52% 25.13% 0.815 10 3.000 6'991 5'799 4'392 FY+2

03/14 Y 03/15 Y 442.3 484.4 2.40x 2.14x 86.0 100.9 12.76x 10.87x 57.1 67.6 21.66x 18.21x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

65.67 53.15 -1.75 0.45 11.5% 10.4% 0.65 2.81 95.97 167.54 29.48 234.02

Sales/Revenue/Turnover

60.00

450.0 400.0

50.00

350.0 300.0

40.00

250.0 30.00

200.0 150.0

20.00

100.0 10.00 0.00 02.04.2010

50.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

02.10.2013

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 |

23.10.2013

Burckhardt Compression Holding AG Holdings By:

All

Holder Name ING GROEP NV THREADNEEDLE ASSET M VOGT VALENTIN ALLIANZ ASSET MANAGE BLACKROCK TIAA CREF INVESTMENT DEUTSCHE BANK AG WILLIAM BLAIR & COMP AMERIPRISE FINANCIAL MONDRIAN INVESTMENT UBS AG HARRIS ASSOCIATES LP ROYCE & ASSOCIATES WILLIAM BLAIR & COMP NORGES BANK BURCKHARDT COMPRESSI KELLER LEONHARD HELLER MARTIN PAWLICEK MARCEL SUN LIFE FINANCIAL I

Firm Name Berenberg Bank Goldman Sachs Kepler Cheuvreux Bank am Bellevue Bank Vontobel AG Zuercher Kantonalbank UBS Main First Bank AG Baden Hill LLP EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a

Analyst FELIX WIENEN WILLIAM WYMAN OLIVER GIRAKHOU MICHAEL ROOST FABIAN HAECKI ARMIN RECHBERGER TORSTEN WYSS BERND POMREHN ANTOINE HNEIN TIMOTHY STANISH

Source Co File ULT-AGG Co File ULT-AGG ULT-AGG EXCH ULT-AGG 13F Co File EXCH ULT-AGG EXCH EXCH EXCH MF-AGG Co File Co File Co File Co File ULT-AGG

Recommendation hold Buy/Neutral hold hold hold market perform neutral underperform buy underweight

Amt Held 241'400 224'283 202'633 201'085 188'531 169'554 112'200 111'243 108'800 104'968 102'445 99'988 99'450 98'684 81'201 76'255 71'563 57'500 52'045 43'808

% Out 7.1 6.6 5.96 5.91 5.55 4.99 3.3 3.27 3.2 3.09 3.01 2.94 2.92 2.9 2.39 2.24 2.1 1.69 1.53 1.29

Weighting

Change 3 5 3 3 3 3 3 1 5 1

M M M M M M M M M D

Latest Chg (16'850) 2'372 (6'778) 13'982 41 (5'475) (3'468) (12'559) 1'304

Target Price 330 560 350 342 350 #N/A N/A 360 350 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Investment Advisor 31.07.2013 Investment Advisor 31.03.2012 n/a 30.09.2013 Investment Advisor 16.10.2013 Investment Advisor 01.10.2013 Investment Advisor 31.03.2012 Investment Advisor 30.06.2013 Investment Advisor 31.03.2012 Investment Advisor 10.07.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 30.04.2012 Investment Advisor 06.12.2011 Unclassified 30.09.2013 Investment Advisor 31.12.2012 Government 31.03.2012 Corporation 31.03.2012 n/a 31.03.2012 n/a 31.03.2012 n/a 31.08.2013 Investment Advisor

Date Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 17.10.2013 14.10.2013 01.10.2013 30.09.2013 27.09.2013 25.09.2013 24.09.2013 24.09.2013 09.07.2013 10.06.2013

23.10.2013

ams AG AMS AG develops and manufactures high-performance analog semiconductors. ams' product range includes sensor, sensor interfaces, power management ICs and wireless ICs for customers in the consumer, industrial, medical, mobile communications and automotive markets. The Company is based in Austria.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (23.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMS SE EQUITY YTD Change AMS SE EQUITY YTD % CHANGE

12/2012 06/yy 122.00 62.50 57'378.00 95.9 -21.39% 53.44% 56.89% 14.5 1'391.43 80.84 86.85 1'111.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 184.7 0.66x 48.2 2.52x 12.3 7.48x

31.12.2009 31.12.2010 137.2 209.4 1.36x 1.77x 4.0 49.7 47.09x 7.45x (16.7) 23.1 16.01x Profitability

LTM-4Q 31.12.2011 275.7 1.65x 69.9 6.53x 35.3 10.38x

31.12.2012 387.6 2.98x 117.9 9.80x 81.9 12.74x 117.86 84.57 21.82% 21.51% 9.12% 13.68% 0.61% 52.3% 25.8% 16.4% 21.1% 2.43 1.60 12.75% 19.74% 6.83 3.42

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 o-13

06/yy 349.5 7.06x 98.3 7.77x 60.2 10.90x

LTM 06/yy 376.9 11.50x 101.0 8.16x 61.8 12.02x

FY+1

1.32 13.53 -5.07% -0.22% 1.322 16 4.188 198'224 113'003 134'310 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 390.1 440.2 113.8 98.2 2.82x 2.35x 9.58x 10.87x 100.1 125.9 34.8 24.3 11.08x 8.81x 8.71x 8.30x 64.0 84.7 24.7 16.0 16.95x 12.88x 12.76x 12.02x S&P Issuer Ratings

-0.20 0.76 19.7% 16.5% 0.61 2.82 53.43 106.76 53.63 108.89

Sales/Revenue/Turnover

14.00

450.0

12.00

400.0 350.0

10.00

300.0

8.00

250.0

6.00

200.0 150.0

4.00

100.0

2.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

ams AG Holdings By:

All

Holder Name KEMPEN CAPITAL MANAG ODIN FUND MANAGERS/N PICTET FUNDS CREDIT SUISSE FUND A DR JOHANNES HEIDENHA NORGES BANK UBS AG CAPITAL GROUP COMPAN BLACKROCK ODIN FORVALTNING AS PIONEER INVESTMENTS SWISSCANTO FONDSLEIT CREDIT SUISSE AG MIRABAUD ASSET MANAG BARING FUND MANAGERS VONTOBEL ASSET MANAG DEUTSCHE BANK AG 3 BANKEN-GENERALI IN ACTIVEST MUNICH VANGUARD GROUP INC

Firm Name Hauck & Aufhaeuser HSBC Natixis Jefferies Goldman Sachs Bank Vontobel AG EVA Dimensions Raiffeisenbank AG Baader Bank Mirabaud Securities Erste Group UBS Berenberg Bank Main First Bank AG Kepler Cheuvreux Zuercher Kantonalbank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst TIM OLIVER WUNDERLICH CHRISTIAN DOMINIK RATH MAXIME MALLET LEE SIMPSON SIMON F SCHAFER MICHAEL FOETH ANDREW S ZAMFOTIS DANIEL DAMASKA GUENTHER MICHAEL HOLLFELDER MARK DIETHELM DANIEL LION DAVID MULHOLLAND ALI FARID KHWAJA JUERGEN WAGNER CHRISTOPHER LADNER ANDREAS MUELLER

Source Research Research ULT-AGG Research Research EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy overweight neutral buy neutral/neutral hold hold buy buy buy buy buy hold outperform buy market perform

Amt Held 1'334'845 623'895 594'877 468'647 464'294 459'183 438'528 435'276 432'315 298'288 219'652 215'029 203'298 190'000 136'844 115'000 112'055 104'917 79'341 70'025

% Out 9.2 4.3 4.1 3.23 3.2 3.16 3.02 3 2.98 2.06 1.51 1.48 1.4 1.31 0.94 0.79 0.77 0.72 0.55 0.48

Weighting

Change 5 5 3 5 3 3 3 5 5 5 5 5 3 5 5 3

U M M M M M D U M M M M M M M D

Latest Chg 169 (495'872) 2'541 41'446 66'239 80'000 12'443 10'000 (39'445) 3'827 2'452 17'603

Target Price 100 100 70 102 90 75 #N/A N/A 83 90 89 107 100 80 92 105 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.10.2013 04.10.2013 04.10.2013 04.10.2013 04.10.2013 25.05.2013 04.10.2013 04.10.2013 16.10.2013 30.09.2013 30.08.2013 30.04.2013 30.07.2013 30.06.2013 30.06.2013 30.04.2013 31.07.2013 30.09.2013 30.04.2013 30.09.2013

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a 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

Date 18.10.2013 16.10.2013 07.10.2013 30.09.2013 11.09.2013 11.09.2013 06.09.2013 16.08.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 15.07.2013 23.04.2013

23.10.2013

Forbo Holding AG Forbo Holding AG produces floor coverings, adhesives, and belts for conveying and power transmission. Forbo operates worldwide.

Price/Volume 800

.0 M

700

.0 M

600 .0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FORN SE EQUITY YTD Change FORN SE EQUITY YTD % CHANGE

12/2012 01/yy 726.00 549.72 2'437.00 709.5 -2.27% 29.06% 96.60% 2.3 1'596.38 135.10 0.0 0.0 393.40 1'370.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

200 .0 M

100 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 1'918.7 0.44x 198.7 4.22x 16.0 28.43x

.0 M

300

31.12.2009 31.12.2010 1'782.4 1'291.2 0.58x 1.10x 188.2 227.7 5.45x 6.25x 76.1 163.3 10.10x 9.01x Profitability

31.12.2011 1'203.8 0.94x 197.2 5.74x 146.5 8.37x

31.12.2012 1'201.1 0.78x 206.5 4.56x 197.2 10.44x 206.50 167.10 13.91% 13.08% 9.18% 14.99% 0.84% 36.5% 14.2% 16.4% 2.12 1.43 10.13% 16.53% 5.07 3.16

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.88 1.22 23.12% 23.75% 0.879 7 4.143 3'777 6'129 5'775 FY+2

12/13 Y 12/14 Y 1'193.0 1'211.8 1.07x 1.03x 159.0 168.0 8.63x 8.17x 94.4 100.4 15.64x 14.23x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

23.20 19.53 16.5% 14.2% 0.84 2.38 72.02 115.50 37.83 111.20

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Forbo Holding AG Holdings By:

All

Holder Name PIEPER MICHAEL W FORBO HOLDING AG UBS AG SCHNEIDER THIS E NORGES BANK VANGUARD GROUP INC SCHRODER INVESTMENT CREDIT SUISSE AG SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV RAIFFEISEN SCHWEIZ L SARASIN VONTOBEL ASSET MANAG PUTNAM INVESTMENT MA PICTET FUNDS SWEDBANK ROBUR FONDE BARING FUND MANAGERS LORD ABBETT & CO LLC JPMORGAN CHASE & CO GNAGI ALBERT

Firm Name UBS EVA Dimensions Bank Vontobel AG Credit Suisse Zuercher Kantonalbank Main First Bank AG Helvea

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst TORSTEN WYSS CRAIG STERLING CHRISTIAN ARNOLD PATRICK LAAGER MARTIN HUESLER TOBIAS FAHRENHOLZ PATRICK APPENZELLER

Source Co File EXCH ULT-AGG Co File EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File

Recommendation buy hold buy neutral outperform outperform hold

Amt Held 681'628 196'117 99'629 77'653 67'741 42'115 31'136 21'268 18'970 18'406 11'500 8'519 7'500 6'703 6'529 6'421 6'392 6'009 4'920 4'903

% Out 30.29 8.72 4.43 3.45 3.01 1.87 1.38 0.95 0.84 0.82 0.51 0.38 0.33 0.3 0.29 0.29 0.28 0.27 0.22 0.22

Weighting

Change 5 3 5 3 5 5 3

U D M D M M M

Latest Chg (179'360) 16 3'528 5'609 2'159 (945) 199 (1'500) (1'300) 121 2'240 985 1'691 -

Target Price 750 #N/A N/A 740 710 #N/A N/A 800 650

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 22.01.2013 28.06.2013 31.12.2012 21.05.2013 30.09.2013 30.08.2013 30.07.2013 30.04.2013 31.05.2013 30.04.2013 31.05.2013 30.04.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 28.06.2013 30.06.2013 31.12.2012

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type n/a Corporation Investment Advisor n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 04.10.2013 10.09.2013 09.09.2013 22.08.2013 22.08.2013 21.08.2013 20.08.2013

23.10.2013

St Galler Kantonalbank AG St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and commercial banking as well as private and institutional banking. SGKB also provides asset management and financial planning services. The Bank offers its services in the Canton of St. Gall through a network of branches.

Price/Volume 450

.0 M

400

.0 M

350 300

.0 M

250

12/2012 01/yy 414.00 322.50 188.00 364.5 -11.96% 13.02% 46.99% 5.6 2'031.51 5'469.21 0.0 0.0 2'748.50 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

150

.0 M

100

.0 M

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 928.6 171.1 12.44x

.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (18.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGKN SE EQUITY YTD Change SGKN SE EQUITY YTD % CHANGE

31.12.2009 31.12.2010 795.9 731.9 168.1 146.3 15.24x 17.82x Profitability

31.12.2011 702.9 135.7 14.45x

31.12.2012 711.5 151.4 13.78x 34.63% 36.54% 0.52% 7.59% 1.87% 0.03% 29.2% 19.79% 282.78% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.64 2.47 0.85% 0.58% 0.640 4 4.000 1'135 1'743 1'823 FY+2

12/13 Y 12/14 Y 492.5 465.5 162.5 166.0 12.44x 12.17x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

282.8% 73.9% 0.03 3.99 -

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

St Galler Kantonalbank AG Holdings By:

All

Holder Name KANTON ST GALLEN THORNBURG INVESTMENT NORGES BANK SWISSCANTO FONDSLEIT ST GALLER KANTONALBA CREDIT SUISSE AG DIMENSIONAL FUND ADV VANGUARD GROUP INC SCHRODER INVESTMENT UBS AG VONTOBEL ASSET MANAG PICTET FUNDS SCHRODER INVESTMENT LLB FONDSLEITUNG AG LEDERGERBER ROLAND OESCH FRANZ PETER BUSCHOR FELIX SWISSCANTO ANLAGESTI IST FUND MANAGERS KOLLER ALBERT

Firm Name EVA Dimensions Bank Vontobel AG UBS Zuercher Kantonalbank

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst DOUG WALTERS TERESA NIELSEN DANIELE BRUPBACHER ANDREAS BRUN

Source Co File MF-AGG MF-AGG MF-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File Co File Co File MF-AGG MF-AGG Co File

Recommendation overweight hold neutral outperform

Amt Held 3'054'223 78'741 40'745 33'858 28'226 21'831 14'993 14'782 14'030 13'196 10'400 10'383 9'100 6'712 5'871 2'955 2'760 2'047 2'021 2'015

% Out 54.8 1.41 0.73 0.61 0.51 0.39 0.27 0.27 0.25 0.24 0.19 0.19 0.16 0.12 0.11 0.05 0.05 0.04 0.04 0.04

Weighting

Change 5 3 3 5

U M U U

Latest Chg (593) 1'734 6 243 11'030 150 (250) (58) (538) -

Target Price #N/A N/A 400 360 #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 31.08.2013 31.12.2012 30.04.2013 31.12.2012 30.07.2013 31.07.2013 30.09.2013 31.12.2012 28.06.2013 30.04.2013 30.06.2013 28.09.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.04.2013 31.05.2013 31.12.2012

Date Not Provided Not Provided 12 month Not Provided

Inst Type Government Investment Advisor Government Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a Investment Advisor Investment Advisor n/a

Date 09.09.2013 05.09.2013 07.08.2013 19.06.2013

23.10.2013

Graubuendner Kantonalbank Graubuendner Kantonalbank is a Swiss bank which provides standard banking services such as deposits and real estate mortgage loans, along with other financial services. The Bank serves the Canton of Graubuenden through numerous branches.

Price/Volume 1400

.0 M

1200

.0 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.10.2012) 52-Week Low (12.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRKP SE EQUITY YTD Change GRKP SE EQUITY YTD % CHANGE

12/2012 01/yy 1'202.00 1'123.00 54.00 1170 -2.66% 4.19% 51.90% 0.8 2'925.00 2'869.60 0.0 30.5 1'847.61 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.0 M

600

.0 M

400 .0 M

200 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 618.9 121.5 19.22x

800

31.12.2009 31.12.2010 548.9 509.9 141.6 149.5 20.45x 20.36x Profitability

31.12.2011 509.8 149.6 19.59x

31.12.2012 494.3 153.3 20.69x 46.98% 40.18% 0.82% 10.84% 3.77% 0.03% 38.1% 14.82% 338.91% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.35 0.75 0.82% 4.84% 0.350 2 3.000 279 193 155 FY+2

12/13 Y 12/14 Y 387.0 399.0 191.0 202.0 15.18x 14.37x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

17.12.2010 AA+ NEG 02.09.2002 A-1+ 338.9% 76.6% 0.03 4.00 -

Sales/Revenue/Turnover

700.0 600.0 500.0

0.80

400.0 0.60

300.0

0.40

200.0 100.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Graubuendner Kantonalbank Holdings By:

All

Holder Name CREDIT SUISSE AG UBS AG PICTET FUNDS IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS JULIUS BAER ASSET MA JULIUS BAER MULTICOO SWISSCANTO FONDSLEIT KBC GROUP NV

Firm Name Zuercher Kantonalbank EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREAS BRUN DOUG WALTERS

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform hold

Amt Held 6'614 3'722 3'146 725 610 498 309 105 21 7

% Out 0.88 0.5 0.42 0.1 0.08 0.07 0.04 0.01 0 0

Weighting

Change 3 3

M D

Latest Chg 582 (30) 52 4 (16) (6) 1 -

Target Price #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.07.2013 28.06.2013 30.06.2013 31.05.2013 30.04.2013 28.06.2013 31.07.2013 28.06.2013 30.04.2013 31.07.2013

Date Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 31.07.2013 26.07.2013

23.10.2013

Meyer Burger Technology AG Meyer Burger Technology AG supplies systems and production equipment to the photovoltaic, semiconductor and optoelectronic industries. The company produces equipment for solar production from wafers to building integrated solar systems.

Price/Volume 12

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.10.2013) 52-Week Low (29.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBTN SE EQUITY YTD Change MBTN SE EQUITY YTD % CHANGE

12/2012 01/yy 11.75 4.65 169'069.00 11.55 -1.70% 148.14% 96.48% 84.3 974.09 133.81 0.0 12.7 134.59 925.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 420.9 826.0 1.98x 1.13x 63.7 191.7 13.08x 4.88x 29.2 97.9 27.79x 13.13x Profitability

31.12.2011 1'315.0 0.36x 280.4 1.70x 40.8 16.90x

31.12.2012 645.2 0.52x (32.7) (111.1) -32.75 -134.95 -20.91% -22.41% -12.86% -23.09% 0.35% 75.5% -22.4% -43.6% -17.2% 1.61 0.71 12.16% 21.75% 10.84 0.66

Price/ Cash Flow

2.0 M

2 0 o-12

1.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.25 76.57 26.90% 105.56% 1.253 14 2.500 683'787 729'467 887'003 FY+2

12/13 Y 12/14 Y 287.9 465.2 3.17x 1.92x (75.3) 15.7 59.02x (124.0) (43.7) S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

-5.89 -16.58 -1.71 21.7% 17.6% 0.35 2.68 33.66 549.13 258.41 331.07

Sales/Revenue/Turnover

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 448.4 0.80x 82.7 4.35x 35.0 10.36x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Meyer Burger Technology AG Holdings By:

All

Holder Name NORGES BANK GENERATION INVESTMEN PAULI PETER PLATINUM INVESTMENT CREDIT SUISSE AG UBS AG WILLIAM BLAIR & COMP CLAYMORE ADVISORS LL VONTOBEL ASSET MANAG PICTET FUNDS HOTTINGER CAPITAL CO MIRABAUD ASSET MANAG SWISSCANTO FONDSLEIT LOMBARD ODIER DARIER LEGAL & GENERAL VANGUARD GROUP INC FMR LLC DIMENSIONAL FUND ADV MEYER BURGER TECHNOL VONTOBEL ASSET MANAG

Firm Name Landesbank Baden-Wuerttemberg HSBC Helvea Natureo Finance EVA Dimensions Bank am Bellevue Macquarie Credit Suisse UBS Bank Vontobel AG Zuercher Kantonalbank Kepler Cheuvreux Axiom Capital

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 Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios

Analyst ERKAN AYCICEK CHRISTIAN DOMINIK RATH STEFAN GAECHTER INGO QUEISER TIMOTHY STANISH MICHAEL ROOST ROBERT SCHRAMM-FUCHS FELIX REMMERS JEAN-FRANCOIS MEYMANDI MICHAEL FOETH RICHARD FREI OLIVER GIRAKHOU GORDON L JOHNSON

Source EXCH Co File EXCH EXCH ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG

Recommendation sell underweight sell buy sell hold outperform neutral neutral hold market perform reduce sell

Amt Held 4'348'270 2'896'102 2'890'882 2'547'892 1'601'613 1'406'392 1'339'622 1'021'154 892'543 805'798 663'000 546'701 524'495 507'541 502'912 498'346 484'710 474'683 336'795 223'000

% Out 5.16 3.43 3.43 3.02 1.9 1.67 1.59 1.21 1.06 0.96 0.79 0.65 0.62 0.6 0.6 0.59 0.57 0.56 0.4 0.26

Weighting

Change 1 1 1 5 1 3 5 3 3 3 3 2 1

D D M U D M U U M M M N M

Latest Chg 156'728 1'106'815 (51'863) (17'096) (129'899) (200'000) (65'346) 351'000 282'901 (123'518) 469'793 62'064 484'710 28'886 60'000

Target Price 9 8 6 13 #N/A N/A 8 15 8 8 8 #N/A N/A 6 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.09.2013 Government 31.12.2012 Investment Advisor 07.05.2013 n/a 09.01.2013 Hedge Fund Manager 30.07.2013 Investment Advisor 28.06.2013 Investment Advisor 19.04.2012 Investment Advisor 17.10.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 28.06.2013 Investment Advisor 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Unclassified 30.04.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 09.10.2013 07.10.2013 18.09.2013 13.09.2013 05.09.2013 22.08.2013 22.08.2013 19.08.2013 19.08.2013 16.08.2013 15.08.2013 06.08.2013 10.07.2013

23.10.2013

Daetwyler Holding AG Daetwyler Holding AG manufactures rubber components and sealing solutions for the automotive, pharmaceutical and civil engineering industries. The company also distributes electronic, automation, engineering and IT components and accessories.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.08.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAE SE EQUITY YTD Change DAE SE EQUITY YTD % CHANGE

12/2012 01/yy 115.80 76.35 231.00 111 -4.15% 45.38% 85.80% 12.6 1'887.00 304.90 0.0 0.0 248.50 1'931.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 0 o-12

31.12.2009 31.12.2010 1'122.2 1'319.5 0.76x 0.88x 134.0 176.6 6.35x 6.57x 63.7 98.2 14.04x 12.19x Profitability

31.12.2011 1'050.5 0.73x 164.4 4.68x 96.2 9.28x

31.12.2012 1'185.9 1.29x 159.4 9.56x 127.5 14.34x 159.40 107.30 9.05% 8.87% 13.95% 22.22% 1.23% 24.9% 9.9% 10.8% 2.18 1.47 28.26% 55.35% 6.40 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.88 4.46 45.44% 31.88% 0.881 4 4.000 5'807 10'184 10'618 FY+2

12/13 Y 12/14 Y 1'409.7 1'507.0 1.37x 1.23x 215.5 245.0 8.96x 7.88x 116.0 140.3 14.75x 12.24x S&P Issuer Ratings

FQ+1

FQ+2

79.70 42.20 55.3% 35.6% 1.23 3.21 57.06 92.84

Sales/Revenue/Turnover

14.00

1'400.0

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 1'294.9 0.53x 197.3 3.50x 109.6 6.03x

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-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 |

23.10.2013

Daetwyler Holding AG Holdings By:

All

Holder Name PEMA HOLDINGS AG DAETWYLER HOLDING AG SARASIN TWEEDY BROWNE COMPAN UBS AG VONTOBEL ASSET MANAG BLACKROCK DIMENSIONAL FUND ADV CREDIT SUISSE AG SWISSCANTO FONDSLEIT OPPENHEIMERFUNDS INC PICTET FUNDS LB SWISS INVESTMENT LUXEMBOURGER KAPITAL SCHRODER INVESTMENT NORGES BANK VANGUARD GROUP INC JULIUS BAER MULTICOO JPMORGAN CHASE & CO HAELG PAUL J

Firm Name Helvea EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst STEFAN GAECHTER TIMOTHY STANISH ANDY SCHNYDER RICHARD FREI

Source Co File Co File ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Co File

Recommendation buy sell buy outperform

Amt Held 6'633'900 1'415'347 461'500 343'783 288'874 260'860 163'580 160'985 119'592 83'458 79'271 69'178 63'000 53'000 52'211 43'201 34'560 34'318 30'942 24'500

% Out 52.65 11.23 3.66 2.73 2.29 2.07 1.3 1.28 0.95 0.66 0.63 0.55 0.5 0.42 0.41 0.34 0.27 0.27 0.25 0.19

Weighting

Change 5 1 5 5

M M M U

Latest Chg (8'500) 11'731 (11'000) 3'153 (104) 8'132 (1'640) 7'547 (30'184) (5'000) 5'000 1'402 (500) 10'045 -

Target Price 125 #N/A N/A 125 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.04.2013 31.03.2012 28.06.2013 30.04.2013 28.06.2013 31.07.2013 30.07.2013 30.04.2013 31.07.2013 30.06.2013 28.03.2013 31.07.2013 31.12.2012 31.12.2012 31.08.2013 28.06.2013 30.06.2013 31.12.2012

Date 12 month Not Provided Not Provided Not Provided

Inst Type Holding Company Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor n/a

Date 16.08.2013 06.06.2013 18.03.2013 30.10.2012

23.10.2013

Vontobel Holding AG Vontobel Holding AG offers wealth management services for private and institutional clients, and investment banking services. The bank offers portfolio management services, derivative and structured products, securities brokerage, capital market transactions, custodian services, institutional asset management and investment funds.

Price/Volume 40

.2 M

30 25

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VONN SE EQUITY YTD Change VONN SE EQUITY YTD % CHANGE

12/2012 01/yy 37.00 24.15 16'890.00 36.05 -2.57% 49.28% 96.89% 65.0 2'343.25 8'900.30 0.0 0.0 4'216.70 8'157.35

31.12.2008 931.8 8.69x 256.0 31.63x 112.8 12.36x

.1 M

15 10

.1 M

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

31.12.2009 31.12.2010 903.3 951.8 11.08x 10.99x 232.9 242.8 42.96x 43.08x 138.9 147.8 13.62x 15.41x Profitability

31.12.2011 890.7 6.50x 213.9 27.06x 113.7 11.80x

31.12.2012 904.9 7.15x 222.3 29.11x 130.6 13.76x 222.30 17.58% 17.27% 0.72% 9.08% 1.62% 0.05% 23.4% 14.4% 42.20% 565.60% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.06 20.74 44.60% 33.06% 1.057 12 3.167 43'427 35'350 46'810 FY+2

12/13 Y 12/14 Y 884.5 940.4 155.3 183.6 14.67x 12.69x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

30.03.2009 A NEG 30.03.2009 A-1 25.31 31.08 565.6% 85.0% 0.05 5.29 -

Sales/Revenue/Turnover

6.00

1'400.0

5.00

1'200.0 1'000.0

4.00

800.0 3.00

600.0

2.00

400.0

1.00

200.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Vontobel Holding AG Holdings By:

All

Holder Name VONTOBEL HANS RAIFFEISEN SCHWEIZ VONTRUST AG VONTOBEL FOUNDATION DE LA COUR-VONTOBEL PELLEGRINUS HOLDING VONTOBEL HOLDING AG FRANKLIN RESOURCES UBS AG NORGES BANK SCHEIDT HERBERT JULI CLASSIC FUND MGMT AG BLACKROCK CREDIT SUISSE AG ALLIANZ ASSET MANAGE VANGUARD GROUP INC SWISSCANTO FONDSLEIT STAUB ZENO LLB FONDSLEITUNG AG STUDER ROGER

Firm Name Mediobanca SpA Goldman Sachs Main First Bank AG Berenberg Bank Helvea Mirabaud Securities Zuercher Kantonalbank Bank am Bellevue UBS Keefe, Bruyette & Woods EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst ALEVIZOS ALEVIZAKOS MARTIN LEITGEB KILIAN MAIER ELENI PAPOULA TIM DAWSON Claudia von Turk Myers ANDREAS VENDITTI MARC DEUSTER DANIELE BRUPBACHER ANDREW STIMPSON DOUG WALTERS

Source Co File Co File Co File Co File Co File Co File Co File ULT-AGG ULT-AGG MF-AGG Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG Co File

Recommendation outperform Buy/Neutral outperform hold sell neutral market perform hold neutral underperform underweight

Amt Held 11'765'000 8'125'000 8'125'000 7'085'000 3'575'000 2'730'000 1'625'000 930'719 746'264 707'829 618'025 531'506 328'490 234'110 224'400 198'404 175'010 167'453 165'000 138'583

% Out 18.1 12.5 12.5 10.9 5.5 4.2 2.5 1.43 1.15 1.09 0.95 0.82 0.51 0.36 0.35 0.31 0.27 0.26 0.25 0.21

Weighting

Change 5 5 5 3 1 3 3 3 3 1 1

M M M M D M M M M M D

Latest Chg 78'880 13'722 12'189 5'154 (3'165) 25'000 -

Target Price 39 43 35 28 32 38 #N/A N/A 40 33 30 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.06.2013 28.06.2013 31.12.2012 31.12.2012 30.06.2013 16.10.2013 30.07.2013 30.06.2013 30.09.2013 30.04.2013 31.12.2012 30.06.2013 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type n/a Investment Advisor Other Other n/a Other Bank Investment Advisor Investment Advisor Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a

Date 17.10.2013 14.10.2013 18.09.2013 02.09.2013 15.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 31.07.2013 29.07.2013

23.10.2013

EFG International AG EFG International AG is a bank holding company. The Bank offers private banking and asset management services.

Price/Volume 16

.6 M

.5 M

12 .4 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EFGN SE EQUITY YTD Change EFGN SE EQUITY YTD % CHANGE

12/2012 01/yy 13.95 7.63 91.00 13.4 -3.94% 75.72% 91.30% 146.7 1'965.38 2'075.10 0.0 104.3 4'757.70 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.2 M

4 .1 M

2 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 1'621.3 221.9 14.06x

.3 M

31.12.2009 31.12.2010 1'106.6 596.9 101.1 (721.8) 25.09x Profitability

31.12.2011 1'078.2 (294.1) -

31.12.2012 1'172.2 111.0 11.27x 17.16% 14.99% 0.64% 13.23% 6.75% 0.05% 11.6% 8.78% 171.20% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.46 44.41 58.54% 51.77% 1.457 13 3.308 28'562 26'688 39'042 FY+2

12/13 Y 12/14 Y 721.1 730.4 139.3 156.3 14.18x 12.65x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

171.2% 61.2% 0.05 38.40 -

Sales/Revenue/Turnover

1'800.0 1'600.0

1.00 0.80

1'400.0 1'200.0 1'000.0

0.60

800.0 600.0

0.40 0.20

400.0 200.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

EFG International AG Holdings By:

All

Holder Name EFG BANK EUROPEAN FI HOWELL LAWRENCE D CUONI JEAN-PIERRE NORGES BANK CLASSIC FUND MGMT AG UBS AG SWISSCANTO FONDSLEIT BARING FUND MANAGERS DIMENSIONAL FUND ADV LLB FONDSLEITUNG AG OPPENHEIMERFUNDS INC HENDERSON GROUP PLC CREDIT SUISSE AG EUROPEAN ASSETS TRUS THRIVENT FINANCIAL F PRUDENTIAL FINANCIAL MAINFIRST SICAV LORD ABBETT & CO LLC JPMORGAN CHASE & CO VANGUARD GROUP INC

Firm Name AlphaValue Goldman Sachs Mediobanca SpA Main First Bank AG Berenberg Bank Helvea UBS Nomura Deutsche Bank Mirabaud Securities EVA Dimensions Bank Vontobel AG

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst DIETER HEIN MARTIN LEITGEB ALEVIZOS ALEVIZAKOS KILIAN MAIER ELENI PAPOULA TIM DAWSON DANIELE BRUPBACHER JON PEACE MATT SPICK Claudia von Turk Myers DOUG WALTERS TERESA NIELSEN

Source Co File Co File Co File EXCH MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation reduce neutral/neutral neutral outperform buy hold buy reduce hold neutral sell buy

Amt Held 82'545'117 8'052'705 6'909'500 4'379'472 3'347'706 2'428'930 1'139'822 1'009'448 896'715 540'000 539'072 477'352 451'220 449'995 436'535 389'161 370'796 309'566 300'425 291'867

% Out 56.28 5.49 4.71 2.99 2.28 1.66 0.78 0.69 0.61 0.37 0.37 0.33 0.31 0.31 0.3 0.27 0.25 0.21 0.2 0.2

Weighting

Change 2 3 3 5 5 3 5 2 3 3 1 5

M M M M M M M M M D M M

Latest Chg (1'147'415) (34'961) 173'046 38'823 50'196 2'383 150'000 (21'781) 102'967 2'222 (5'298) -

Target Price 12 14 14 15 14 14 15 13 12 13 #N/A N/A 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 02.02.2012 30.09.2013 28.06.2013 30.04.2013 30.06.2013 31.05.2013 30.06.2013 31.07.2013 30.08.2013 30.07.2013 31.08.2013 31.07.2013 31.08.2013 31.03.2013 28.06.2013 30.06.2013 30.09.2013

Date 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Bank n/a n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.10.2013 14.10.2013 08.10.2013 18.09.2013 02.09.2013 15.08.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 06.06.2013 29.05.2013

23.10.2013

Basilea Pharmaceutica Basilea Pharmaceutica AG is a biotechnology company conducting research into the development of drugs for the treatment of infectious diseases and dermatological problems. The Company develops anti-bacterial and anti-fungal compounds which destroy infectious organisms.

Price/Volume 90

.3 M

70 60

.2 M

12/2012 01/yy 89.85 37.76 260'668.00 86.65 -3.56% 129.46% 95.59% 9.6 831.63 0.00 0.0 0.0 343.96 568.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 12.0 94.50x (148.4) (143.5) -

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSLN SE EQUITY YTD Change BSLN SE EQUITY YTD % CHANGE

31.12.2009 31.12.2010 26.8 116.2 2.93x (116.2) 111.7 3.04x (120.7) 107.6 5.79x Profitability

31.12.2011 66.7 2.18x (54.4) (57.6) -

31.12.2012 57.9 1.45x (47.2) (53.0) -47.21 -50.85 -87.85% -90.43% -14.87% -43.50% 0.20% 92.4% -71.9% -91.6% 6.14 6.00 0.00% 0.00% 4.48 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.32 7.18 105.98% 111.75% 1.315 5 4.600 43'154 49'365 50'092 FY+2

12/13 Y 12/14 Y 39.8 68.3 14.13x 8.33x (40.6) (20.3) (47.0) (28.1) S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

0.0% 0.0% 0.20 3.32 81.56 -1229.73

Sales/Revenue/Turnover

12.00

140.0

10.00

120.0 100.0

8.00

80.0 6.00

60.0

4.00

40.0

2.00

20.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Basilea Pharmaceutica Holdings By:

All

Holder Name HBM PARTNERS LIMITED HBM HEALTHCARE INVES MORGAN STANLEY SECUR ROCHE HOLDING AG CREDIT SUISSE AG FRANKLIN RESOURCES NORGES BANK DEKABANK DEUTSCHE GI OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT MASON STREET ADVISOR BARING FUND MANAGERS DWS INVESTMENTS SCHW HOTTINGER CAPITAL CO OPPENHEIM PRAMERICA BLACKROCK LRI-FUND MANAGEMENT GOLDMAN SACHS GROUP UBS AG BANK OF NEW YORK MEL

Firm Name EVA Dimensions Bank Vontobel AG Helvea Kepler Cheuvreux

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst TIMOTHY STANISH ANDREW C WEISS OLAV ZILIAN FABIAN WENNER

Source MF-AGG EXCH EXCH Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation overweight hold buy buy

Amt Held 1'997'342 1'914'770 1'059'436 479'380 458'869 351'012 180'774 133'450 95'191 95'107 87'430 68'846 66'998 63'800 54'201 53'643 50'000 49'434 48'872 41'791

% Out 20.81 19.95 11.04 4.99 4.78 3.66 1.88 1.39 0.99 0.99 0.91 0.72 0.7 0.66 0.56 0.56 0.52 0.52 0.51 0.44

Weighting

Change 5 3 5 5

D M M M

Latest Chg (15'838) 10'039 (120) (3'543) 11'451 63'800 (26'092) 48'878 1'701 2'142

Target Price #N/A N/A 82 105 110

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 12.09.2013 03.10.2013 31.12.2012 30.07.2013 28.06.2013 31.12.2012 28.03.2013 31.07.2013 30.04.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.01.2013 16.10.2013 31.03.2013 31.07.2013 31.07.2013 17.10.2013

Date Not Provided Not Provided 12 month Not Provided

Inst Type Unclassified Venture Capital Investment Advisor Corporation Investment Advisor Investment Advisor Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.10.2013 01.10.2013 01.10.2013 08.02.2013

23.10.2013

Implenia AG Implenia AG provides construction, civil and underground engineering services. The Company's projects include residential and industrial buildings, tunnels, bridges and roads. Implenia also provides real estate and facilities management and marketing services.

Price/Volume 70

.3 M

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMPN SE EQUITY YTD Change IMPN SE EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'326.4 0.22x 85.2 5.88x 41.0 12.95x

.2 M

12/2012 01/yy 61.00 35.10 24'727.00 60.4 -0.98% 72.10% 92.47% 18.5 1'115.71 212.90 0.0 12.5 500.95 908.57

31.12.2009 31.12.2010 2'279.8 2'388.4 0.18x 0.19x 100.4 105.4 4.11x 4.21x 45.9 51.5 11.33x 11.09x Profitability

31.12.2011 2'522.6 0.10x 135.4 1.92x 60.3 7.15x

31.12.2012 2'695.8 0.17x 140.6 3.25x 69.1 10.58x 140.61 98.94 3.67% 3.45% 3.57% 15.54% 11.23% 1.38% 5.1% 3.6% 2.6% 1.42 0.86 10.60% 36.27% 4.95 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.60 11.66 57.85% 55.47% 0.596 4 5.000 67'658 38'600 39'275 FY+2

12/13 Y 12/14 Y 2'944.5 3'108.3 0.25x 0.23x 158.0 167.7 5.73x 5.40x 79.6 84.8 13.86x 12.80x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

70.66 52.40 -1.53 1.44 36.3% 26.2% 1.38 12.38 73.72 -

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Implenia AG Holdings By:

All

Holder Name PARMINO HOLDING AG CREDIT SUISSE AG MAAG RUDOLF AMMANN GROUP HOLDING SCHRODERS PLC VONTOBEL ASSET MANAG CAZENOVE UNIT TRUST DIMENSIONAL FUND ADV MIRABAUD ASSET MANAG JPMORGAN CHASE & CO AFFENTRANGER ANTON IMPLENIA AG UBS AG SWISSCANTO FONDSLEIT CREDIT SUISSE AG ZUERCHER KANTONALBAN PICTET FUNDS CAZENOVE FUND MANAGE LLB FONDSLEITUNG AG THRIVENT FINANCIAL F

Firm Name Bank Vontobel AG Zuercher Kantonalbank Helvea EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CHRISTIAN ARNOLD MARTIN HUESLER PATRICK APPENZELLER TIMOTHY STANISH

Source Co File EXCH Co File EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform buy overweight

Amt Held 2'936'950 2'032'412 2'000'000 1'362'000 864'964 568'544 392'839 301'946 294'716 230'319 224'422 211'017 193'014 181'413 109'495 90'000 89'412 71'842 58'363 53'894

% Out 15.9 11 10.83 7.37 4.68 3.08 2.13 1.63 1.6 1.25 1.21 1.14 1.04 0.98 0.59 0.49 0.48 0.39 0.32 0.29

Weighting

Change 5 5 5 5

M M M M

Latest Chg 479 2'330 98'777 (11'357) (134) (4'856) 8'097 6'500 40'268 2'737 18'000 -

Target Price 65 #N/A N/A 65 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 02.09.2013 31.12.2012 02.09.2013 02.07.2013 03.09.2013 28.02.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2010 28.06.2013 30.04.2013 30.07.2013 28.06.2013 30.06.2013 28.02.2013 30.06.2013 31.07.2013

Date Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Investment Advisor n/a Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 04.09.2013 02.09.2013 30.08.2013 06.06.2013

23.10.2013

Huber & Suhner AG Huber & Suhner AG manufactures telecommunications products and polymer systems. The Company produces antenna systems, lightning protection, fiber optic cables and connectors, and hybrid cables.

Price/Volume 60

.0 M .0 M

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUBN SE EQUITY YTD Change HUBN SE EQUITY YTD % CHANGE

12/2012 01/yy 50.00 39.15 2'593.00 48.15 -3.70% 22.99% 79.72% 20.2 972.63 0.00 0.0 0.0 84.84 841.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 631.1 799.5 0.93x 1.32x 80.8 142.3 7.26x 7.40x 48.4 79.0 15.94x 15.80x Profitability

31.12.2011 758.5 0.78x 76.4 7.73x 49.8 15.43x

31.12.2012 698.1 1.14x 21.8 38.84x

76.36 24.46 3.50% 3.04% 5.33% 6.67% 1.07% 30.7% 5.8% 3.1% 3.97 2.22 0.00% 0.00% 6.03 3.23

Price/ Cash Flow

.0 M .0 M .0 M

.0 M

0 o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.77 12.94 16.20% 11.92% 0.772 4 3.000 6'424 9'984 9'952 FY+2

12/13 Y 12/14 Y 743.3 782.3 1.10x 1.02x 90.0 102.0 9.35x 8.25x 42.6 52.2 22.02x 17.97x S&P Issuer Ratings

FQ+1

FQ+2

1908.98 977.93 0.0% 0.0% 1.07 4.30 60.51 112.96 146.81

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 760.2 0.76x 114.3 5.06x 60.2 11.97x

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Huber & Suhner AG Holdings By:

All

Holder Name BODMER HENRY CARL MA METROHM AG HOFFMAN-SUHNER SYLVI LODH SWISS CAP HUBER & SUHNER AG HUWA FINANZ UND BETE EGS BETEILIGUNGEN AG SARASIN IST FUND MANAGERS LOMBARD ODIER ASSET NORGES BANK LB SWISS INVESTMENT SWISSCANTO FONDSLEIT CREDIT SUISSE AG MAINFIRST SICAV VANGUARD GROUP INC ANLAGESTIFTUNG WINTE PICTET FUNDS UBS AG ZUERCHER KANTONALBAN

Firm Name Helvea EVA Dimensions Zuercher Kantonalbank UBS Bank Vontobel AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst RETO AMSTALDEN TIMOTHY STANISH RICHARD FREI ANDRE RUDOLF VON ROHR ANDY SCHNYDER

Source Co File Co File Co File Co File Co File Co File EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy hold market perform sell not rated

Amt Held 2'399'760 2'145'240 1'268'560 959'500 746'663 640'340 607'195 582'487 306'063 300'500 278'369 171'114 148'600 123'150 111'198 90'028 85'780 81'241 72'858 51'000

% Out 11.88 10.62 6.28 4.75 3.7 3.17 3.01 2.88 1.52 1.49 1.38 0.85 0.74 0.61 0.55 0.45 0.42 0.4 0.36 0.25

Latest Chg -

Weighting

Change

Target Price

5 3 3 1 #N/A N/A

M U M M M

(7) (6'999) (49'500) (34'625) (856) 11'031 14'464 (193) 962 (1'543) -

55 #N/A N/A #N/A N/A 40 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 04.06.2012 30.04.2013 31.05.2013 31.08.2013 31.12.2012 28.03.2013 30.04.2013 30.07.2013 31.03.2013 30.09.2013 30.09.2013 30.06.2013 28.06.2013 28.06.2013

Date 12 month Not Provided Not Provided 12 month Not Provided

Inst Type n/a Corporation n/a Other Corporation Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.10.2013 29.08.2013 22.08.2013 13.03.2013 27.09.2012

23.10.2013

Zuger Kantonalbank AG Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking and other financial services. Zuger Kantonalbank emphasizes mortgage lending and corporate finance. The Bank operates through a number of branches in the Canton Zug.

Price/Volume 6000

.0 M

5000

.0 M

4000

Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (19.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZG SE EQUITY YTD Change ZG SE EQUITY YTD % CHANGE

12/2012 01/yy 5'075.00 4'644.00 9.00 4700 -7.39% 1.21% 13.23% 0.3 1'354.95 2'706.64 0.0 0.0 1'022.47 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.0 M

2000

.0 M

1000 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 376.5 61.3 17.40x

.0 M

3000

Valuation Analysis

31.12.2009 31.12.2010 336.9 334.9 61.4 61.1 19.96x 23.56x Profitability

31.12.2011 338.0 61.0 23.81x

31.12.2012 326.6 61.2 22.62x 44.74% 33.87% 0.49% 5.47% 1.60% 0.03% 28.2% 21.98% 237.42% -

0.40 0.14 -0.71% 1.25% 0.402 1 1.000 31 43 36

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

.0 M o-13

FQ+2 -

237.4% 70.4% 0.03 2.84 -

Sales/Revenue/Turnover

450.0 400.0

1.00 0.80

350.0 300.0 250.0

0.60

200.0 150.0

0.40 0.20

100.0 50.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Zuger Kantonalbank AG Holdings By:

All

Holder Name KANTON ZUG CREDIT SUISSE AG UBS AG PICTET FUNDS DIMENSIONAL FUND ADV IST FUND MANAGERS SWISSCANTO ANLAGESTI SKANDIA GLOBAL FUNDS JULIUS BAER ASSET MA JOHN HANCOCK INVESTM JULIUS BAER MULTICOO PRINCIPAL FINANCIAL BESSEMER GROUP INCOR FLEXSHARES TRUST SWISSCANTO FONDSLEIT

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight

Amt Held 144'438 1'253 738 594 192 165 115 67 63 48 42 31 31 4 4

% Out 50.1 0.43 0.26 0.21 0.07 0.06 0.04 0.02 0.02 0.02 0.01 0.01 0.01 0 0

Weighting

Change 1

Latest Chg 110 (7) 4 1 (2) 16 31 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 30.07.2013 28.06.2013 30.06.2013 31.07.2013 31.05.2013 30.04.2013 28.06.2013 31.07.2013 31.08.2013 28.06.2013 30.06.2013 30.04.2013 31.08.2013 30.04.2013

Date Not Provided

Date 06.06.2013

23.10.2013

Schweizerische National-Versicherungs-Gesellschaft AG Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products in Europe. The Company's products include reinsurance, health, transport, legal, technical, life, accident, travel, automobile, fire and theft insurance. Schweizerische National has a network of offices in Switzerland and subsidiaries located throughout Europe. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NATN SE EQUITY YTD Change NATN SE EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 47.70 36.50 2'200.00 41.35 -13.31% 13.29% 40.62% 22.1 911.77 0.00 0.0 8.3 525.81 445.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'585.5 1'653.6 0.18x 76.2 91.6 10.13x 8.81x Profitability

31.12.2011 1'579.1 0.07x 164.5 4.47x

31.12.2012 1'591.1 0.24x 103.0 8.65x

.1 M .1 M .0 M .0 M

n-12

d-12

8.01% 8.07% 1.58% 11.77% 11.71% 0.25% 6.5% 0.00% 0.00% -

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.63 18.25 17.68% 6.06% 0.631 7 3.429 12'952 16'010 11'778 FY+2

12/13 Y 12/14 Y 1'573.3 1'625.3 105.4 112.7 8.94x 8.44x S&P Issuer Ratings

FQ+1

FQ+2

NR 0.0% 0.0% 0.25 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

.1 M

LTM-4Q

1.20

0.80

.1 M

Fiscal Year Ended 31.12.2008 1'853.9 0.06x 64.5 9.31x

50 45 40 35 30 25 20 15 10 5 0 o-12

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Schweizerische National-Versicherungs-Gesellschaft AG Holdings By:

All

Holder Name HELVETIA HOLDING AG SCHWEIZERISCHE MOBIL BALOISE HOLDING AG METZLER INVESTMENT G NUERNBERGER BETEILIG GEBAUDEVERSICHERUNG DIMENSIONAL FUND ADV ODIN FORVALTNING AS SWISSCANTO FONDSLEIT LB SWISS INVESTMENT ROYAL BANK OF CANADA PICTET FUNDS CREDIT SUISSE AG AMUNDI JPMORGAN CHASE & CO VONTOBEL ASSET MANAG BARING FUND MANAGERS UBS AG VANGUARD GROUP INC KUENZLE HANS

Firm Name Main First Bank AG Bank Vontobel AG Kepler Cheuvreux Nomura Helvea Zuercher Kantonalbank EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst RENE LOCHER STEFAN SCHUERMANN FABRIZIO CROCE MICHAEL KLIEN DANIEL BISCHOF GEORG MARTI DOUG WALTERS

Source Co File Co File EXCH Co File Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Co File

Recommendation underperform hold buy reduce buy market perform buy

Amt Held 2'657'780 2'503'137 2'210'000 2'055'323 1'435'833 1'189'000 418'880 345'195 161'166 141'000 140'464 136'659 114'386 104'723 97'273 75'000 74'198 69'572 67'968 45'430

% Out 12.05 11.35 10.02 9.32 6.51 5.39 1.9 1.57 0.73 0.64 0.64 0.62 0.52 0.47 0.44 0.34 0.34 0.32 0.31 0.21

Weighting

Change 1 3 5 2 5 3 5

M M M M M M M

Latest Chg 37'000 (3'232) (5'760) 18'600 28'557 (18'359) 15'541 7'018 -

Target Price 45 44 53 42 50 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 17.06.2013 31.12.2012 31.12.2012 31.12.2012 31.07.2013 30.09.2013 30.04.2013 28.03.2013 28.06.2013 30.06.2013 30.07.2013 31.05.2013 30.06.2013 30.04.2013 30.06.2013 28.06.2013 30.09.2013 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Insurance Company Holding Company Insurance Company Investment Advisor n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 09.09.2013 06.09.2013 06.09.2013 06.09.2013 06.09.2013 05.09.2013 06.06.2013

23.10.2013

Gategroup Holding AG Gategroup Holding AG, through its subsidiaries, provides a wide range of services for airlines. The Company specializes in catering and hospitality, provisioning and logistics, and onboard solutions to companies that serve people on the move. Gategroups customers include airlines, railroads and hotels around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GATE SE EQUITY YTD Change GATE SE EQUITY YTD % CHANGE

12/2012 06/yy 26.70 16.55 8'406.00 23 -13.86% 38.97% 67.49% 26.8 616.09 429.10 0.0 8.2 170.60 895.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

31.12.2009 31.12.2010 2'712.3 2'700.0 0.42x 0.56x 158.5 188.1 7.15x 8.05x 35.5 49.5 18.52x 21.05x Profitability

LTM-4Q 31.12.2011 2'688.1 0.28x 166.9 4.48x 49.6 12.04x

31.12.2012 2'992.5 0.30x 65.7 13.58x (58.8) 65.70 15.70 0.52% -1.41% -4.81% -24.94% 1.91% 1.5% 0.1% -2.0% 1.17 0.80 28.00% 174.15% 9.88 -

Price/ Cash Flow

06/yy 2'783.3 1.34x 137.8 0.00x 34.7 20.30x

LTM 06/yy 3'044.0 1.09x 104.7 0.00x (76.8) 0.00x

FY+1

.0 M o-13

0.88 23.81 -3.36% -4.17% 0.880 7 3.286 32'959 41'064 62'687 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'062.7 3'150.7 0.28x 0.25x 165.7 183.2 5.40x 4.89x 22.6 40.2 18.20x 12.46x S&P Issuer Ratings

11.06.2013 BBSTABLE 1.49 0.25 5.85 9.44 174.1% 62.8% 1.91 9.31 36.96 -

Sales/Revenue/Turnover

40.00

3'500.0

35.00

3'000.0

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Gategroup Holding AG Holdings By:

All

Holder Name PICTET FUNDS RAINER-MARC FREY HARRIS ASSOCIATES LP H21 GLOBAL OPPORTUNI CREDIT SUISSE AG VAN LANSCHOT N.V. SCHRODER INVESTMENT VANGUARD GROUP INC GATEGROUP HOLDING AG JANUS CAPITAL MANAGE SILVER POINT CAPITAL UBS AG NORGES BANK SWISSCANTO FONDSLEIT WARBURG INVEST LUXEM SCHMID ANDREAS LLB FONDSLEITUNG AG FIL LIMITED HARTFORD INVESTMENT BROWN NEIL GRAEME

Firm Name Bank Vontobel AG Helvea Mirabaud Securities Kepler Cheuvreux EVA Dimensions Credit Suisse UBS

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst RENE WEBER ANDREAS VON ARX THOMAS BAUMANN BEAT KEISER TIMOTHY STANISH PATRICK JNGLIN ALEX BRIGNALL

Source ULT-AGG Co File Co File EXCH ULT-AGG ULT-AGG EXCH ULT-AGG Co File ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG Co File

Recommendation hold hold accumulate reduce hold neutral buy

Amt Held 1'445'460 1'429'415 1'416'081 1'337'000 1'332'776 812'656 796'280 772'561 719'537 705'009 631'153 622'307 555'213 447'797 300'000 247'067 229'251 205'028 131'693 100'000

% Out 5.4 5.34 5.29 4.99 4.98 3.03 2.97 2.88 2.69 2.63 2.36 2.32 2.07 1.67 1.12 0.92 0.86 0.77 0.49 0.37

Weighting

Change 3 3 4 2 3 3 5

M M M M M M M

Latest Chg 626'591 (11'281) (491'265) (7'424) 42'152 (434'373) 1'078 (4'160) 120'000 70'000 43'890 13'797 -

Target Price 22 23 24 19 #N/A N/A 20 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 17.07.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 Investment Advisor 26.03.2013 n/a 27.09.2013 Investment Advisor 09.07.2013 Investment Advisor 04.01.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2012 Holding Company 22.05.2012 Investment Advisor 04.01.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 n/a 30.06.2013 Investment Advisor 31.10.2012 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 n/a

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month

Date 23.08.2013 23.08.2013 22.08.2013 06.08.2013 06.06.2013 17.05.2013 12.02.2013

23.10.2013

Rieter Holding AG Rieter Holding AG manufactures spinning systems and chemical fiber systems. The Company's spinning and chemical fiber systems are used to process cotton and man-made fibers. Rieter produces its products throughout Europe and sells internationally.

Price/Volume 250

.2 M .1 M

200

.1 M .1 M

150

.1 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIEN SE EQUITY YTD Change RIEN SE EQUITY YTD % CHANGE

12/2012 01/yy 196.40 139.60 2'307.00 187 -4.79% 33.95% 80.10% 4.7 873.73 256.30 0.0 5.0 351.90 813.53

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'882.7 812.1 0.58x 2.02x (45.7) 115.6 14.19x (223.9) 26.5 19.03x Profitability

31.12.2011 1'000.7 0.50x 146.5 3.43x 267.2 5.46x

31.12.2012 888.5 0.73x 66.8 9.67x 29.5 24.91x 66.80 33.60 3.78% 3.95% 1.17% 3.45% 0.84% 5.9% 2.1% 3.3% 2.33 1.44 23.95% 68.93% 7.76 -

Price/ Cash Flow

.0 M

0 o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

1.17 2.96 15.96% 19.38% 1.167 9 2.889 5'929 9'011 12'931 FY+2

12/13 Y 12/14 Y 982.2 1'114.0 0.83x 0.70x 80.7 129.4 10.08x 6.29x 21.3 54.5 30.24x 14.87x S&P Issuer Ratings

FQ+1

FQ+2

4.34 -0.96 -1.19 4.90 68.9% 40.5% 0.84 3.68 47.05 -

Sales/Revenue/Turnover

100.00

4'000.0

90.00

3'500.0

80.00

3'000.0

70.00

2'500.0

60.00 50.00

2'000.0

40.00

1'500.0

30.00

1'000.0

20.00

500.0

10.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 3'011.9 0.26x 281.9 2.79x (405.9) -

.1 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Rieter Holding AG Holdings By:

All

Holder Name SPUHLER PETER PIEPER MICHAEL W SPARINVEST SCHRODERS PLC FIRST EAGLE INVESTME CAZENOVE UNIT TRUST VONTOBEL ASSET MANAG NORGES BANK VONTOBEL ASSET MANAG NIHON TOKUSHU TORYO BLACKROCK RIETER HOLDING AG VAN LANSCHOT N.V. FIL LIMITED CREDIT SUISSE AG PICTET FUNDS UBS AG DWS INVESTMENTS SCHW JPMORGAN CHASE & CO BANK OF NOVA SCOTIA

Firm Name Helvea Bank Vontobel AG Main First Bank AG Bank am Bellevue Kepler Cheuvreux Mirabaud Securities Credit Suisse Zuercher Kantonalbank EVA Dimensions UBS

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst RETO AMSTALDEN FABIAN HAECKI MICHAEL INAUEN ALESSANDRO FOLETTI CHRISTOPHER LADNER THOMAS BAUMANN PATRICK LAAGER ARMIN RECHBERGER TIMOTHY STANISH ANDRE RUDOLF VON ROHR

Source Co File Co File ULT-AGG EXCH Co File MF-AGG EXCH EXCH MF-AGG Co File ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy underperform hold hold accumulate neutral underperform sell neutral

Amt Held 896'561 538'695 270'036 251'734 183'274 172'027 141'028 140'652 103'028 53'495 51'716 50'938 45'873 40'899 39'784 36'887 36'880 36'237 35'223 29'588

% Out 19.19 11.53 5.78 5.39 3.92 3.68 3.02 3.01 2.21 1.14 1.11 1.09 0.98 0.88 0.85 0.79 0.79 0.78 0.75 0.63

Weighting

Change 5 5 1 3 3 4 3 1 1 3

M U N M M M M M M M

Latest Chg 40'599 21'750 (1'863) (639) 10'843 2'377 7'117 (5'554) (10'952) 29'588

Target Price 260 235 180 185 185 210 190 #N/A N/A #N/A N/A 160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 31.08.2013 Investment Advisor 02.07.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.08.2013 Investment Advisor 27.06.2013 Investment Advisor 27.03.2013 Government 30.04.2013 Investment Advisor 31.03.2013 Corporation 16.10.2013 Investment Advisor 31.12.2012 Corporation 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.07.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Bank

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 30.09.2013 16.09.2013 16.09.2013 03.09.2013 07.08.2013 29.07.2013 26.07.2013 26.07.2013 06.06.2013 17.04.2013

23.10.2013

Valora Holding AG Valora Holding AG is a holding company. The company owns and operates kiosks, self-service stores, food, coffee and snack shops and restaurants, and wholesale outlets. Valora also owns and manages commercial real estate in Switzerland.

Price/Volume 250

.0 M

200

.0 M .0 M

150

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALN SE EQUITY YTD Change VALN SE EQUITY YTD % CHANGE

100

12/2012 01/yy 220.00 162.83 2'460.00 219.3 -0.32% 34.68% 97.72% 3.4 753.43 511.71 0.0 5.1 147.15 1'045.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 2'897.0 2'877.7 0.24x 0.32x 101.7 122.8 6.87x 7.51x 54.0 63.4 13.46x 14.60x Profitability

31.12.2011 2'817.9 0.21x 118.7 4.95x 56.3 9.71x

31.12.2012 2'847.9 0.35x 133.5 7.46x 45.4 11.87x 133.48 78.03 2.74% 1.88% 3.97% 10.05% 2.03% 33.0% 5.3% 3.1% 1.6% 1.37 0.68 31.94% 89.73% 17.45 7.89

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.90 2.54 31.85% 26.80% 0.898 8 2.375 6'853 6'484 5'785 FY+2

12/13 Y 12/14 Y 2'886.9 2'926.1 0.39x 0.38x 140.6 148.6 7.43x 7.03x 54.0 61.6 13.70x 12.38x S&P Issuer Ratings

FQ+1

FQ+2

9.36 5.81 1.89 2.61 89.7% 47.1% 2.03 12.37 20.91 46.25 46.37 13.36

Sales/Revenue/Turnover

20.00

3'200.0

18.00

3'100.0

16.00

3'000.0

14.00

2'900.0

12.00 10.00

2'800.0

8.00

2'700.0

6.00

2'600.0

4.00

2'500.0

2.00 0.00 01.01.2010

.0 M

0 o-12

Fiscal Year Ended 31.12.2008 2'931.1 0.15x 100.4 4.38x 38.6 19.90x

.0 M

2'400.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Valora Holding AG Holdings By:

All

Holder Name DITSCH ERNST PETER UBS AG CREDIT SUISSE AG NORGES BANK ETHENEA INDEPENDENT BLACKROCK PICTET FUNDS LOMBARD ODIER ASSET VALORA HOLDING AG DIMENSIONAL FUND ADV IST FUND MANAGERS VONTOBEL ASSET MANAG BENEDICK ROLANDO WARBURG INVEST LUXEM VANGUARD GROUP INC SWISSCANTO FONDSLEIT BERGER ANDREAS MUELLER MICHAEL MINDER ALEX SEB

Firm Name Main First Bank AG Bank Vontobel AG EVA Dimensions Berenberg Bank Kepler Cheuvreux Credit Suisse UBS Zuercher Kantonalbank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a

Analyst STEPHAN VOLLERT RENE WEBER CRAIG STERLING ANNA PATRICE CHRISTOPHER LADNER PATRICK JNGLIN JEAN-FRANCOIS MEYMANDI MARCO STRITTMATTER

Source Co File ULT-AGG ULT-AGG EXCH EXCH ULT-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG Co File Co File Co File ULT-AGG

Recommendation underperform hold hold hold reduce neutral sell market perform

Amt Held 635'599 170'937 151'034 120'741 106'431 93'018 82'205 66'515 51'011 43'035 39'613 36'000 29'772 27'500 17'291 16'216 12'145 12'000 11'618 9'423

% Out 18.5 4.98 4.4 3.51 3.1 2.71 2.39 1.94 1.48 1.25 1.15 1.05 0.87 0.8 0.5 0.47 0.35 0.35 0.34 0.27

Weighting

Change 1 3 3 3 2 3 1 3

M M U M M M M D

Latest Chg (53'334) (35) (2'119) 8 (281) 675 737 2'644

Target Price 185 200 #N/A N/A 199 170 175 170 #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 28.06.2013 30.07.2013 27.03.2013 05.08.2013 16.10.2013 22.08.2012 31.08.2013 19.04.2013 31.07.2013 31.05.2013 30.04.2013 31.12.2012 28.03.2013 30.09.2013 30.04.2013 31.12.2012 31.12.2012 31.12.2012 28.03.2013

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a Unclassified

Date 26.09.2013 02.09.2013 20.08.2013 30.07.2013 15.05.2013 14.05.2013 04.04.2013 26.03.2013

23.10.2013

Basellandschaftliche Kantonalbank Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts deposits and offers universal banking services. The Bank offers mortgage loans, consumer loans, and loans to small and medium-sized companies, investment advice, asset management, securities brokerage, and financial planning services.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 52-Week Low (20.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLKB SE EQUITY YTD Change BLKB SE EQUITY YTD % CHANGE

12/2012 01/yy 1'219.00 940.00 69.00 980 -19.61% 4.26% 17.74% 0.6 2'126.60 3'711.32 0.0 0.0 775.55 -

1.20 1.00

.0 M .0 M .0 M

800

.0 M

600

.0 M .0 M

400

.0 M

200

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

1200 1000

Valuation Analysis

31.12.2008 688.4 96.1 22.03x

1400

31.12.2009 31.12.2010 621.0 595.2 106.3 108.9 21.15x 25.51x Profitability

31.12.2011 584.1 109.0 25.88x

31.12.2012 567.3 111.9 21.53x 47.06% 30.33% 0.57% 8.69% 2.16% 0.03% 30.3% 19.29% 427.56% -

0.51 0.57 -15.93% -9.04% 0.506 1 3.000 168 193 171

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

.0 M o-13

FQ+2 -

21.11.2001 AAA NEG 21.11.2001 A-1+ 427.6% 81.0% 0.03 3.46 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Basellandschaftliche Kantonalbank Holdings By:

All

Holder Name BASELLANDSCHAFT KANT CREDIT SUISSE AG UBS AG PICTET FUNDS OBERLIN BEAT IST FUND MANAGERS SWISSCANTO ANLAGESTI BAUMANN URS DANIEL SKANDIA GLOBAL FUNDS SCHENK DANIEL L SCHUDEL HANS ULRICH GREINER DORIS JULIUS BAER ASSET MA SCHIRMER-MOSSET ELIS BALLMER ADRIAN HANSEN WILHELM VOELLMIN DIETER JANIAK CLAUDE FORTUNA INVESTMENT A AXA ROSENBERG INTL

Firm Name EVA Dimensions

Portfolio Name #N/A N/A n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source Co File ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG Co File MF-AGG Co File Co File Co File MF-AGG Co File Co File Co File Co File Co File MF-AGG MF-AGG

Recommendation hold

Amt Held 7'940 4'978 3'078 2'388 1'055 763 457 430 413 400 310 280 261 260 247 160 150 150 100 62

% Out 1.39 0.87 0.54 0.42 0.19 0.13 0.08 0.08 0.07 0.07 0.05 0.05 0.05 0.05 0.04 0.03 0.03 0.03 0.02 0.01

Weighting

Change 3

Latest Chg 411 (29) (67) 4 (7) 62

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.07.2013 28.06.2013 30.06.2013 31.12.2012 31.05.2013 30.04.2013 31.12.2012 28.06.2013 31.12.2012 31.12.2012 31.12.2012 31.07.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2013 31.12.2012

Date Not Provided

Inst Type Bank Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor n/a n/a n/a Investment Advisor n/a n/a n/a n/a n/a Investment Advisor Investment Advisor

Date 27.08.2013

23.10.2013

Emmi AG Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk, cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also produces a variety of fruit juices and iced tea.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EMMN SE EQUITY YTD Change EMMN SE EQUITY YTD % CHANGE

12/2012 01/yy 297.00 204.39 310.00 257 -13.47% 25.74% 55.19% 5.3 1'374.90 599.02 0.0 177.3 182.83 1'932.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'670.8 0.34x 188.7 4.85x 58.7 9.02x

350

31.12.2009 31.12.2010 2'619.3 2'683.7 0.38x 0.54x 211.8 231.9 4.67x 6.25x 75.3 86.1 9.13x 13.04x Profitability

31.12.2011 2'721.3 0.55x 224.1 6.73x 83.0 12.57x

31.12.2012 2'981.2 0.61x 249.4 7.31x 106.2 11.58x 249.42 145.48 4.88% 5.10% 4.29% 9.50% 1.49% 8.1% 4.6% 3.6% 1.51 0.94 25.79% 60.64% 9.00 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.64 1.93 19.79% 13.18% 0.642 6 3.000 3'587 2'421 2'338 FY+2

12/13 Y 12/14 Y 3'249.2 3'321.2 0.59x 0.55x 262.4 272.0 7.37x 7.11x 95.0 99.9 13.90x 13.08x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

17.28 8.61 1.45 2.28 60.6% 34.0% 1.49 3.61 40.54 -

Sales/Revenue/Turnover

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Emmi AG Holdings By:

All

Holder Name ZMP ZENTRALSCHWEIZER MIL MIBA MILCHVERBAND NO CAPITAL GROUP COMPAN LOMBARD ODIER ASSET IST FUND MANAGERS BLACKROCK BAER STEPHAN DIMENSIONAL FUND ADV RUFFER LLP SWISSCANTO FONDSLEIT DJE INVESTMENT SA NORGES BANK CREDIT SUISSE AG EMMI WOHLFAHRTSFONDS HOTTINGER CAPITAL CO VANGUARD GROUP INC UBS AG CB-ACCENT LUX SICAV PICTET FUNDS

Firm Name UBS Bank Vontobel AG Helvea EVA Dimensions Kepler Cheuvreux Zuercher Kantonalbank

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst JOERN IFFERT RENE WEBER ANDREAS VON ARX CRAIG STERLING CHRISTOPHER LADNER PATRIK SCHWENDIMANN

Source Co File Co File Co File ULT-AGG EXCH MF-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation neutral hold buy hold hold underperform

Amt Held 2'904'941 251'441 192'593 164'100 152'470 81'216 55'827 49'000 43'729 35'280 34'203 32'700 20'999 17'551 16'049 12'050 11'981 11'753 9'800 8'577

% Out 54.3 4.7 3.6 3.07 2.85 1.52 1.04 0.92 0.82 0.66 0.64 0.61 0.39 0.33 0.3 0.23 0.22 0.22 0.18 0.16

Weighting

Change 3 3 5 3 3 1

M M M U M D

Latest Chg 944 (576) (7'379) 1'563 4'250 669 (376) 800 (5'479)

Target Price 270 260 305 #N/A N/A 290 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 30.06.2013 11.09.2013 31.05.2013 28.06.2013 31.12.2012 31.07.2013 28.03.2013 30.04.2013 31.07.2013 31.12.2012 30.07.2013 31.12.2012 30.06.2013 31.08.2013 28.06.2013 30.09.2013 30.06.2013

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Unclassified n/a Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 29.08.2013 29.08.2013 20.08.2013 15.05.2013 28.03.2013

23.10.2013

Bossard Holding AG Bossard Holding AG supplies fastening devices, industrial adhesives, and tools. The Company offers its customers engineering assistance in solving fastening problems. Bossard markets its products in Europe, the United States, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOS SE EQUITY YTD Change BOS SE EQUITY YTD % CHANGE

12/2012 03/yy 188.90 110.55 242.00 185 -2.06% 67.35% 93.11% 3.3 740.00 227.81 0.0 3.4 25.63 873.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 379.9 458.7 0.57x 0.78x 30.5 57.8 7.15x 6.22x 15.1 44.3 11.77x 7.39x Profitability

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M n-12

LTM-4Q 31.12.2011 457.7 0.74x 60.1 5.67x 44.3 6.85x

31.12.2012 471.2 1.29x 58.1 10.50x 42.9 9.32x 58.08 47.63 10.11% 10.42% 12.12% 34.38% 16.95% 1.33% 39.8% 12.3% 10.1% 9.1% 1.43 0.57 60.54% 488.02% 5.70 1.84

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 03/yy 156.1 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M o-13

2.86 0.85 1.17 65.01% 55.16% 0.845 5 4.200 7'296 6'150 5'894 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 601.8 640.3 152.0 1.42x 1.31x 81.2 85.7 10.76x 10.19x 54.2 58.1 12.01x 11.98x S&P Issuer Ratings

25.72 16.21 3.48 3.92 488.0% 82.0% 1.33 6.24 64.19 199.43 44.61 219.01

Sales/Revenue/Turnover

18.00

700.0

16.00

600.0

14.00

500.0

12.00 10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 542.8 0.44x 57.0 4.19x 32.1 4.27x

200 180 160 140 120 100 80 60 40 20 0 o-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 |

23.10.2013

Bossard Holding AG Holdings By:

All

Holder Name BOSSARD FAMILIES KOLIN HOLDING AG SARASIN BOSSARD HOLDING AG UBS AG SWISSCANTO FONDSLEIT MIRABAUD ASSET MANAG CREDIT SUISSE AG ANLAGESTIFTUNG WINTE REICHMUTH & CO INVES JPMORGAN CHASE & CO JULIUS BAER MULTICOO ZUERCHER KANTONALBAN JULIUS BAER ASSET MA DIMENSIONAL FUND ADV LOMBARD ODIER ASSET PICTET FUNDS WETTER-BOSSARD HELEN GROB BEATRICE DEAN DAVID

Firm Name Berenberg Bank Helvea EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a

Analyst FELIX WIENEN STEFAN GAECHTER TIMOTHY STANISH PATRICK RAFAISZ ARMIN RECHBERGER

Source Co File EXCH ULT-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File Co File

Recommendation hold buy overweight hold outperform

Amt Held 1'502'900 407'455 267'737 185'000 99'115 66'325 27'440 26'365 26'128 24'868 24'028 14'900 14'000 13'620 13'552 11'870 10'878 10'555 10'038 8'600

% Out 45.2 12.25 8.05 5.56 2.98 1.99 0.83 0.79 0.79 0.75 0.72 0.45 0.42 0.41 0.41 0.36 0.33 0.32 0.3 0.26

Weighting

Change 3 5 5 3 5

D M U M M

Latest Chg 6'870 1'282 1'767 (68) (180) (3'689) (500) (91) (166) 290 (724) -

Target Price 174 200 #N/A N/A 150 #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 22.03.2013 30.04.2013 31.12.2012 28.06.2013 30.04.2013 30.06.2013 30.07.2013 30.09.2013 30.09.2013 30.06.2013 31.05.2013 28.06.2013 31.07.2013 31.07.2013 31.08.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type n/a Other Unclassified Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a

Date 17.10.2013 16.10.2013 10.09.2013 28.08.2013 07.05.2013

23.10.2013

Schweiter Technologies AG Schweiter Technologies AG, through its wholly owned subsidiaries, is a core material, composite construction company. The Company also manufactures textile machinery used primarily in the production and treatment of yarn, thread, and textile samples. Schweiter also produces machines for the assembly and packaging of semiconductor devices.

Price/Volume 700 600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SWTQ SE EQUITY YTD Change SWTQ SE EQUITY YTD % CHANGE

12/2012 01/yy 614.00 420.75 349.00 610 -0.65% 44.98% 96.90% 1.4 880.64 5.59 0.0 0.0 382.60 563.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 147.8 16.9 450.7 -

200

31.12.2009 31.12.2010 129.9 932.1 3.53x 0.81x (16.2) 100.3 7.55x (20.4) 49.6 20.67x Profitability

31.12.2011 698.0 0.57x 83.8 4.75x 47.5 16.51x

31.12.2012 673.5 0.56x 80.4 4.70x 60.8 18.46x 80.37 52.02 7.72% 7.55% 6.18% 8.45% 0.73% 11.1% 6.9% 9.0% 5.47 4.19 0.63% 0.84% 6.07 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.55 0.77 40.39% 24.21% 0.554 5 3.800 600 610 732 FY+2

12/13 Y 12/14 Y 670.5 699.0 0.73x 0.74x 70.4 79.2 7.98x 7.09x 35.2 43.8 24.39x 19.85x S&P Issuer Ratings

FQ+1

FQ+2

29.88 23.31 -4.52 0.09 0.8% 0.8% 0.73 3.69 60.18 -

Sales/Revenue/Turnover

120.00

1'000.0 900.0

100.00

800.0 700.0

80.00

600.0

60.00

500.0 400.0

40.00

300.0 200.0

20.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Schweiter Technologies AG Holdings By:

All

Holder Name KWE BETEILIGUNGEN AG WIDMER HANS SIEGRIST BEAT BANK OF NOVA SCOTIA UBS AG LOMBARD ODIER ASSET CREDIT SUISSE FUNDS SCHWEITER TECHNOLOGI SARASIN VONTOBEL ASSET MANAG CREDIT SUISSE AG LOMBARD ODIER ASSET IST FUND MANAGERS SCHRODER INVESTMENT PICTET FUNDS LLB FONDSLEITUNG AG SWISSCANTO FONDSLEIT VANGUARD GROUP INC MIRABAUD ASSET MANAG NORGES BANK

Firm Name Helvea UBS Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions Main First Bank AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst RETO AMSTALDEN JOERN IFFERT ANDREAS MUELLER PATRICK RAFAISZ TIMOTHY STANISH BERND POMREHN

Source Co File Co File Co File ULT-AGG ULT-AGG EXCH Co File Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy neutral outperform hold hold suspended coverage

Amt Held 364'973 181'906 83'916 74'585 60'709 46'485 46'198 43'311 29'700 28'800 26'965 26'410 22'113 20'923 20'487 10'581 10'451 5'578 4'764 3'808

% Out 25.28 12.6 5.81 5.17 4.21 3.22 3.2 3 2.06 1.99 1.87 1.83 1.53 1.45 1.42 0.73 0.72 0.39 0.33 0.26

Latest Chg -

Weighting

Change

Target Price

5 3 5 3 3 #N/A N/A

M D M M M M

9 (300) (700) 1'567 (65) (192) (535) (6'612) 2'322 (158) 210 743 -

710 595 #N/A N/A 570 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.07.2013 31.08.2013 14.06.2013 31.12.2012 31.12.2012 30.04.2013 30.04.2013 30.07.2013 31.08.2013 31.05.2013 31.12.2012 30.06.2013 30.06.2013 30.04.2013 30.09.2013 30.06.2013 31.12.2012

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Other n/a n/a Bank Investment Advisor Investment Advisor n/a Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 02.09.2013 19.08.2013 19.08.2013 19.08.2013 06.06.2013 19.10.2012

23.10.2013

U-Blox AG U-Blox AG develops global positioning systems (GPS) for a range of markets. The Company develops systems for navigation, automatic vehicle location, security, traffic navigation, security, traffic control, location based services, timing, and surveying.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBXN SE EQUITY YTD Change UBXN SE EQUITY YTD % CHANGE

12/2012 12/yy 82.40 36.51 4'639.00 81.7 -0.85% 123.78% 98.15% 6.3 515.12 2.83 0.0 0.0 60.59 453.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

.1 M

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 74.5 0.47x 12.9 2.71x 8.8 13.68x

31.12.2009 31.12.2010 73.5 112.8 1.35x 2.12x 14.1 30.7 7.04x 7.79x 3.3 12.9 49.53x 24.30x Profitability

LTM-4Q 31.12.2011 124.7 1.41x 29.8 5.91x 16.5 15.61x

31.12.2012 173.1 1.09x 37.1 5.10x 17.2 14.29x 37.08 24.84 14.35% 12.44% 10.81% 13.46% 1.06% 46.9% 13.6% 9.9% 4.00 3.08 1.47% 1.89% 7.94 4.70

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 12/yy 112.8 0.00x 0.0 0.00x 12.9 0.00x

FY+1

.0 M o-13

0.78 5.27 105.09% 112.94% 0.776 4 4.000 22'957 19'588 21'703 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 220.5 254.5 2.06x 1.74x 43.9 50.8 10.34x 8.94x 25.8 31.1 21.33x 17.65x S&P Issuer Ratings

1612.00 1423.78 1.9% 1.9% 1.06 25.36 45.99 77.74 40.64 91.18

Sales/Revenue/Turnover

35.00

200.0 180.0

30.00

160.0

25.00

140.0 120.0

20.00

100.0 80.0

15.00

60.0

10.00

40.0 5.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

U-Blox AG Holdings By:

All

Holder Name DUBACH WERNER BLACKROCK LB SWISS INVESTMENT MIRABAUD ASSET MANAG UBS AG CREDIT SUISSE AG SWISS REINSURANCE SEILER THOMAS THIEL ANDREAS WYSS JEAN-PIERRE AMMANN DANIEL MUELLER HANS-ULRICH DWS INVESTMENTS SCHW TROSTER GERHARD ZUERCHER KANTONALBAN CB-ACCENT LUX SICAV PICTET FUNDS JPMORGAN CHASE & CO BELGRAVE CAPITAL MAN FAHRNI FRITZ

Firm Name EVA Dimensions Credit Suisse Zuercher Kantonalbank Bank Vontobel AG

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst ANDREW S ZAMFOTIS FELIX REMMERS ANDREAS MUELLER MICHAEL FOETH

Source EXCH ULT-AGG EXCH MF-AGG ULT-AGG ULT-AGG EXCH Co File Co File Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG Co File

Recommendation hold outperform outperform hold

Amt Held 638'000 315'330 308'717 199'428 198'341 190'424 174'786 104'552 68'164 67'914 53'804 51'090 38'151 35'760 33'100 30'000 21'344 20'523 15'000 12'422

% Out 10.12 5 4.9 3.16 3.15 3.02 2.77 1.66 1.08 1.08 0.85 0.81 0.61 0.57 0.52 0.48 0.34 0.33 0.24 0.2

Weighting

Change 3 5 5 3

U M M M

Latest Chg 16'886 66'015 5'000 (174) 20'523 10'000 -

Target Price #N/A N/A 84 #N/A N/A 52

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 09.06.2013 16.10.2013 05.09.2013 30.06.2013 28.06.2013 30.07.2013 29.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.07.2013 31.12.2012 28.06.2013 30.09.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company n/a n/a n/a n/a n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 10.09.2013 06.09.2013 06.09.2013 22.03.2013

23.10.2013

Inficon Holding AG Inficon Holding AG develops, manufactures and markets vacuum instruments used to monitor and control production processes. The Company's products help semiconductor manufacturers to monitor and control their manufacturing processes and prepare computer chips for packaging. Inficon also manufactures refrigerant and helium leak detectors, and vacuum control products.

Price/Volume

12/2012 06/yy 305.00 177.66 745.00 293.5 -3.77% 65.20% 88.22% 2.3 672.62 2.32 0.0 0.0 92.24 683.58

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.0 M .0 M .0 M

200

.0 M

150

.0 M .0 M

100

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 256.5 0.53x 42.0 3.27x 24.3 7.33x

.0 M

300 250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFCN SE EQUITY YTD Change IFCN SE EQUITY YTD % CHANGE

350

31.12.2009 31.12.2010 181.7 265.4 1.18x 1.32x 12.9 48.4 16.60x 7.21x 2.3 27.1 106.96x 15.25x Profitability

LTM-4Q 31.12.2011 312.1 0.92x 59.9 4.78x 40.3 8.90x

31.12.2012 297.2 1.51x 56.9 7.88x 39.9 13.32x 56.86 50.11 16.86% 17.90% 1.29% 1.66% 1.03% 49.5% 13.4% 4.12 3.21 1.08% 1.35% 6.43 -

06/yy 304.7 0.00x 0.0 0.00x 41.6 10.75x

LTM 06/yy 284.6 0.00x 0.0 0.00x 37.0 18.00x

FY+1

.0 M o-13

0.84 1.57 55.95% 41.64% 0.844 6 4.333 4'557 3'522 3'287 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 305.0 322.8 2.16x 2.03x 59.5 65.2 11.47x 10.47x 38.7 43.1 10.7 19.59x 17.64x S&P Issuer Ratings

148.85 131.45 1.4% 1.3% 1.03 6.71 56.75 107.02

Sales/Revenue/Turnover

350.0 300.0 250.0

0.80

200.0 0.60

150.0

0.40

100.0 50.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Inficon Holding AG Holdings By:

All

Holder Name KWE BETEILIGUNGEN AG 7 INDUSTRIES HOLDING UBS AG BLACKROCK DONALDSON LUFKIN & J THREADNEEDLE ASSET M CREDIT SUISSE AG POLAR CAPITAL LLP PICTET FUNDS LOMBARD ODIER ASSET CREDIT SUISSE AG COLUMBIA WANGER ASSE SWISSCANTO FONDSLEIT IST FUND MANAGERS JPMORGAN CHASE & CO WIRZ GUSTAV A HENDERSON GROUP PLC VONTOBEL ASSET MANAG FISCHER RICHARD LLB FONDSLEITUNG AG

Firm Name Helvea UBS Bank am Bellevue Zuercher Kantonalbank Bank Vontobel AG EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst RETO AMSTALDEN JOERN IFFERT SANDRA DIETSCHY ALEXANDER KOLLER MICHAEL FOETH ANDREW S ZAMFOTIS

Source EXCH Co File ULT-AGG ULT-AGG Co File ULT-AGG EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG Co File MF-AGG

Recommendation hold buy buy market perform buy overweight

Amt Held 440'482 225'736 110'647 100'891 79'711 69'975 67'713 59'066 55'799 47'018 37'454 33'684 33'337 30'665 27'131 25'938 25'019 22'000 21'000 16'510

% Out 19.22 9.85 4.83 4.4 3.48 3.05 2.95 2.58 2.43 2.05 1.63 1.47 1.45 1.34 1.18 1.13 1.09 0.96 0.92 0.72

Latest Chg -

Weighting

Change

Target Price

3 5 5 3 5 5

M M M M M U

31 826 8 (4'288) 3'461 28'259 (484) (300) 5'340 (312) (1'750) 4'855

285 320 350 #N/A N/A 310 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.04.2013 31.12.2012 28.06.2013 16.10.2013 31.12.2012 01.10.2013 04.10.2012 14.08.2012 30.06.2013 31.08.2013 30.07.2013 30.08.2013 30.04.2013 31.05.2013 30.06.2013 31.12.2012 30.08.2013 30.04.2013 31.12.2012 30.06.2013

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Other Holding Company 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 n/a Investment Advisor Investment Advisor n/a Investment Advisor

Date 16.10.2013 11.09.2013 03.09.2013 09.08.2013 09.08.2013 03.04.2013

23.10.2013

Siegfried Holding AG Siegfried Holding AG provides development services and the production of active pharmaceutical ingredients (API), intermediates, controlled & standard substances, and complex formulations. The Company operates in Switzerland, Malta and the United States.

Price/Volume 160

.0 M

140

.0 M

120

.0 M .0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (10.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SFZN SE EQUITY YTD Change SFZN SE EQUITY YTD % CHANGE

12/2012 01/yy 151.40 105.95 2'772.00 151 -0.26% 42.52% 98.24% 3.8 573.80 47.51 0.0 0.0 73.31 549.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 283.0 314.4 1.14x 0.68x 32.8 36.7 9.81x 5.85x (35.3) (16.2) Profitability

31.12.2011 328.1 0.82x 37.1 7.28x 9.7 34.00x

31.12.2012 367.8 1.05x 49.1 7.86x 20.9 19.84x 49.09 21.65 5.89% 4.12% 5.53% 8.23% 0.81% 22.5% 14.4% 7.3% 5.7% 3.06 1.53 9.95% 15.02% 5.76 2.62

Price/ Cash Flow

.0 M

0 o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.36 2.81 30.89% 33.41% 0.358 3 4.333 6'295 3'886 4'879 FY+2

12/13 Y 12/14 Y 386.0 396.5 1.46x 1.47x 57.6 75.4 9.53x 7.28x 34.2 42.6 15.81x 12.41x S&P Issuer Ratings

FQ+1

FQ+2

-0.45 0.96 15.0% 13.1% 0.81 2.05 63.38 139.23 42.50 153.21

Sales/Revenue/Turnover

18.00

450.0

16.00

400.0

14.00

350.0

12.00

300.0

10.00

250.0

8.00

200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 289.3 1.12x 117.2 2.76x (74.9) -

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Siegfried Holding AG Holdings By:

All

Holder Name TWEEDY BROWNE COMPAN FREY RAINER-MARC SE SWISS EQUITIES AG SIEGFRIED HOLDING AG BAYERNINVEST CAPITAL KREISSPARKASSE BIBER UNIVERSAL INVESTMENT DIMENSIONAL FUND ADV CREDIT SUISSE AG LRI-FUND MANAGEMENT HANKO RUDOLF PICTET FUNDS NORGES BANK ACHERMANN GILBERT VANGUARD GROUP INC UBS AG IFM - INDEPENDENT FU ROYAL BANK OF CANADA SEI INVESTMENT MANAG SPAENE MARIANNE

Firm Name EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank

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 n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst TIMOTHY STANISH CARLA BAENZIGER MARTIN SCHREIBER

Source Co File EXCH Co File EXCH EXCH Co File MF-AGG ULT-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG Co File

Recommendation buy hold outperform

Amt Held 376'200 359'431 224'200 191'429 137'178 136'800 89'295 37'492 26'180 21'500 17'830 17'424 15'869 15'850 15'834 15'493 9'923 6'600 6'538 6'531

% Out 9.9 9.46 5.9 5.04 3.61 3.6 2.35 0.99 0.69 0.57 0.47 0.46 0.42 0.42 0.42 0.41 0.26 0.17 0.17 0.17

Weighting

Change 5 3 5

U M U

Latest Chg 39'295 30 2'588 2'501 130 862 382 717 -

Target Price #N/A N/A 150 #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 28.08.2013 31.12.2012 07.03.2013 19.04.2012 31.12.2012 28.09.2012 31.05.2013 30.07.2013 31.03.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.09.2013 28.06.2013 30.07.2013 28.06.2013 30.04.2013 31.12.2012

Date Not Provided Not Provided Not Provided

Inst Type Investment Advisor n/a Corporation Corporation Other Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Government n/a Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor n/a

Date 04.09.2013 27.08.2013 19.04.2013

23.10.2013

VZ Holding AG VZ Holding AG provides independent financial advice to private individuals and companies. The Company consults on investment, tax and inheritance planning and provides advice regarding insurance products and coverage.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VZN SE EQUITY YTD Change VZN SE EQUITY YTD % CHANGE

12/2012 01/yy 165.30 105.10 825.00 164.4 -0.54% 56.42% 97.84% 8.0 1'315.20 29.87 0.0 0.1 233.24 1'116.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

160

.0 M

140

.0 M

120

.0 M

100

.0 M

0 o-12

31.12.2009 31.12.2010 110.3 133.1 2.37x 5.15x 49.0 63.9 5.35x 10.71x 37.6 49.3 16.50x 19.14x Profitability

31.12.2011 143.8 2.76x 66.4 5.99x 51.0 14.89x

31.12.2012 153.6 4.55x 70.3 9.95x 54.3 16.62x 70.30 43.52% 43.49% 5.45% 26.95% 23.12% 0.15% 46.6% 35.4% 2.88% 12.72% -

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.49 2.51 55.30% 45.85% 0.490 6 3.000 2'720 2'336 1'818 FY+2

12/13 Y 12/14 Y 176.5 203.8 82.7 95.9 13.46x 11.61x 65.0 76.0 19.94x 17.09x S&P Issuer Ratings

FQ+1

FQ+2

-2.56 0.89 12.7% 11.3% 0.15 25.70 -

Sales/Revenue/Turnover

200.00

180.0

180.00

160.0

160.00

140.0

140.00

120.0

120.00

100.0

100.00

80.0

80.00

60.0

60.00

40.0

40.00

20.0

20.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 104.7 0.50x 45.2 1.17x 34.3 9.29x

180

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

VZ Holding AG Holdings By:

All

Holder Name REINHART MATTHIAS DEUTSCHE BANK AG UBS AG FIL LIMITED CAPITAL GROUP COMPAN MIGROS GENOSSEN BLACKROCK KINDLE FRED STOCKER PETER VONTOBEL ASSET MANAG JUPITER ASSET MANAGE PICTET FUNDS SCHRODER INVESTMENT FMR LLC FRIESS TOM HEIM LORENZ CREDIT SUISSE AG MAWER INVESTMENT MAN DWS INVESTMENTS THURNHERR STEFAN

Firm Name Bank am Bellevue Helvea EVA Dimensions Bank Vontobel AG Zuercher Kantonalbank UBS

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst MARC DEUSTER TIM DAWSON DOUG WALTERS TERESA NIELSEN ANDREAS BRUN DANIELE BRUPBACHER

Source Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG EXCH ULT-AGG Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File ULT-AGG MF-AGG MF-AGG Co File

Recommendation hold buy underweight hold market perform neutral

Amt Held 4'860'415 489'800 266'625 240'000 240'000 238'732 93'572 90'960 80'943 79'000 74'341 73'946 60'091 53'550 50'825 50'373 43'668 43'210 41'990 31'639

% Out 60.76 6.12 3.33 3 3 2.98 1.17 1.14 1.01 0.99 0.93 0.92 0.75 0.67 0.64 0.63 0.55 0.54 0.52 0.4

Weighting

Change 3 5 1 3 3 3

D M U M D M

Latest Chg (8'500) (131) 13'000 1'620 2'271 -

Target Price 150 165 #N/A N/A 147 #N/A N/A 150

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 28.06.2013 31.12.2012 30.06.2013 25.06.2013 28.06.2013 31.12.2012 31.12.2012 30.04.2013 30.06.2013 30.06.2013 31.12.2012 31.07.2013 31.12.2012 31.12.2012 30.07.2013 30.09.2013 31.07.2013 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a

Date 01.10.2013 27.08.2013 27.08.2013 19.08.2013 15.08.2013 07.08.2013

23.10.2013

AFG Arbonia-Forster Holding AG AFG Arbonia-Forster Holding AG has positions as an integrated construction industry supplier, and in selected areas of technology. The Company is comprised of five divisions: Heating Technology and Sanitary Equipment, Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface Technology. AFG has a presence in countries worldwide.

Price/Volume 35 30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFGN SE EQUITY YTD Change AFGN SE EQUITY YTD % CHANGE

12/2012 01/yy 31.90 18.75 1'336.00 31.8 -0.31% 69.60% 98.10% 18.2 579.57 395.19 0.0 0.8 264.06 829.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 1'570.6 0.44x 153.2 4.55x 48.0 5.31x

31.12.2009 31.12.2010 1'384.2 1'413.5 0.49x 0.49x 106.0 121.1 6.38x 5.77x (22.5) 14.1 36.25x Profitability

31.12.2011 1'265.0 0.38x 101.2 4.73x (70.2) -

31.12.2012 1'215.5 0.45x 109.6 4.94x (74.5) 109.62 -17.80 -1.46% -4.18% -5.09% -14.05% 0.98% 9.1% -1.5% -6.1% 2.04 1.29 34.56% 90.84% -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M o-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.31 14.21 52.52% 37.66% 1.314 6 4.000 19'627 19'618 24'856 FY+2

12/13 Y 12/14 Y 1'294.6 1'297.0 0.56x 0.55x 116.8 131.0 7.10x 6.33x 32.2 46.3 17.13x 12.08x S&P Issuer Ratings

FQ+1

FQ+2

5.98 2.94 2.31 3.70 90.8% 47.6% 0.98 2.37 -

Sales/Revenue/Turnover

12.00

1'800.0 1'600.0

10.00

1'400.0 1'200.0

8.00

1'000.0 6.00

800.0 600.0

4.00

400.0 2.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

AFG Arbonia-Forster Holding AG Holdings By:

All

Holder Name OEHLER EDGAR LOMBARD ODIER DARIER UBS AG AFG ARBONIA FORSTER NORGES BANK LOMBARD ODIER ASSET IST FUND MANAGERS VONTOBEL ASSET MANAG DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT LLB FONDSLEITUNG AG CREDIT SUISSE AG VANGUARD GROUP INC PETERCAM SA IFM - INDEPENDENT FU PICTET FUNDS VONTOBEL ASSET MANAG ZUERCHER KANTONALBAN SIF SWISS INVESTMENT FRUTIG DANIEL

Firm Name Helvea Bank Vontobel AG Zuercher Kantonalbank UBS Main First Bank AG EVA Dimensions

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst PATRICK APPENZELLER CHRISTIAN ARNOLD MARTIN HUESLER TORSTEN WYSS TOBIAS FAHRENHOLZ TIMOTHY STANISH

Source EXCH Co File ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation buy buy outperform buy underperform hold

Amt Held 3'353'893 716'266 552'276 546'768 409'483 377'815 344'761 309'221 296'450 279'403 220'725 129'323 99'298 95'000 94'112 62'836 60'000 60'000 55'000 48'145

% Out 18.4 3.93 3.03 3 2.25 2.07 1.89 1.7 1.63 1.53 1.21 0.71 0.54 0.52 0.52 0.34 0.33 0.33 0.3 0.26

Weighting

Change 5 5 5 5 1 3

M M M M M M

Latest Chg (508'459) 179 (12'970) 593 (10'074) 97'500 10'567 15'070 (111'500) 30'330 (644) -

Target Price 40 35 #N/A N/A 35 30 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 31.12.2012 28.06.2013 31.12.2012 31.12.2012 31.08.2013 31.05.2013 30.04.2013 31.07.2013 30.04.2013 30.06.2013 30.07.2013 30.09.2013 30.04.2013 26.07.2013 30.06.2013 30.04.2013 28.06.2013 30.04.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type n/a Investment Advisor Investment Advisor Holding Company 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 n/a

Date 15.08.2013 13.08.2013 12.08.2013 09.08.2013 08.08.2013 06.06.2013

23.10.2013

Basler Kantonalbank Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and offers mortgage and other loans, portfolio management, foreign currency trading, precious metals trading and other banking services. Basler Kantonalbank operates through a network of branches in the Canton of Basel.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSKP SE EQUITY YTD Change BSKP SE EQUITY YTD % CHANGE

12/2012 01/yy 104.30 68.85 1'644.00 77.5 -25.70% 12.56% 27.22% 5.9 2'426.66 8'006.26 0.0 346.0 5'276.57 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 1'154.9 145.6 23.63x

31.12.2009 31.12.2010 1'076.0 1'001.4 222.7 194.9 16.05x 21.86x Profitability

31.12.2011 935.8 182.1 22.07x

31.12.2012 961.9 228.7 12.23x 37.84% 38.90% 0.51% 7.34% 1.98% 0.02% 32.2% 20.46% 286.67% -

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M o-13

0.59 5.90 -21.23% -19.24% 0.585 1 5.000 3'272 4'460 4'096

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

FQ+2 -

06.08.2013 AA STABLE 18.10.2001 A-1+ 286.7% 71.8% 0.02 4.66 -

Sales/Revenue/Turnover

1'400.0 1'200.0 1'000.0

0.80

800.0 0.60

600.0

0.40

400.0 200.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Basler Kantonalbank Holdings By:

All

Holder Name BASLER KANTONALBANK NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC UBS AG SKANDIA GLOBAL FUNDS PICTET FUNDS DIMENSIONAL FUND ADV SWISSCANTO ANLAGESTI FIRST TRUST BESSEMER GROUP INCOR JULIUS BAER ASSET MA SEI INVESTMENT MANAG JULIUS BAER MULTICOO CHARLES SCHWAB INVES BAYERNINVEST KAPITAL ALASKA PERMANENT FUN SWISSCANTO FONDSLEIT ALLSTATE CORP

Firm Name EVA Dimensions

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DOUG WALTERS

Source Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation overweight

Amt Held 1'730'319 91'768 51'524 34'612 30'348 25'947 25'252 9'307 4'744 3'831 2'881 2'729 2'216 1'330 1'156 930 335 163 -

% Out 29.33 1.56 0.87 0.59 0.51 0.44 0.43 0.16 0.08 0.06 0.05 0.05 0.04 0.02 0.02 0.02 0.01 0 0

Weighting

Change 5

Latest Chg 4'150 378 220 676 (70) (837) 15 (837)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.07.2013 31.08.2013 28.06.2013 28.06.2013 30.06.2013 31.07.2013 30.04.2013 16.10.2013 30.04.2013 31.07.2013 30.04.2013 28.06.2013 17.10.2013 30.04.2013 30.06.2013 30.04.2013 30.06.2013

Date Not Provided

Inst Type Bank 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 Government Investment Advisor Insurance Company

Date 10.09.2013

23.10.2013

Intershop Holdings AG Intershop Holding AG invests in Swiss property, primarily commercial real estate. The Company's portfolio includes properties in Zurich, Berne and Geneva and other business centers. Intershop also develops and buys and sells real estate.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IS SE EQUITY YTD Change IS SE EQUITY YTD % CHANGE

12/2012 01/yy 339.00 310.00 6.00 328 -3.24% 5.81% 64.66% 2.1 688.80 538.86 0.0 0.0 23.78 1'229.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

0 o-12

31.12.2009 31.12.2010 89.4 143.4 12.81x 7.97x 65.6 85.3 17.47x 13.39x 50.6 57.6 12.38x 11.06x Profitability

31.12.2011 89.6 12.99x 66.6 17.48x 55.0 12.22x

31.12.2012 89.3 13.40x 69.5 17.22x 56.1 12.15x 69.52 69.52 60.19% 77.06% 4.49% 10.43% 5.22% 0.07% 61.1% 62.8% 42.62% 97.21% -

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.33 1.11 7.10% 7.35% 0.330 3 2.333 542 665 1'275 FY+2

12/13 Y 12/14 Y 88.7 94.3 13.95x 12.88x 72.7 78.3 16.92x 15.71x 46.4 49.9 14.97x 13.80x S&P Issuer Ratings

FQ+1

FQ+2

4.41 0.22 9.74 9.86 97.2% 49.3% 0.07 -

Sales/Revenue/Turnover

20.00

160.0

18.00

140.0

16.00

120.0

14.00

100.0

12.00 10.00

80.0

8.00

60.0

6.00

40.0

4.00

20.0

2.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 115.9 9.77x 65.9 17.18x 58.9 10.16x

350

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Intershop Holdings AG Holdings By:

All

Holder Name PATINEX AG CPV/CAP PENSIONSKASS RELAG HOLDING AG GENERAL ORIENTAL INV GRAPAL HOLDING AG CREDIT SUISSE AG DIMENSIONAL FUND ADV UBS AG IAM INDEPENDENT ASSE SCHNEUWLY CYRILL M PICTET FUNDS LLB FONDSLEITUNG AG MARMET DIETER WIRZ ANDREAS JPMORGAN CHASE & CO VANGUARD GROUP INC SKANDIA GLOBAL FUNDS IFM - INDEPENDENT FU JULIUS BAER ASSET MA KEPLER-FONDS KAGMBH

Firm Name EVA Dimensions Zuercher Kantonalbank UBS

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS MARKUS WAEBER ANDRE RUDOLF VON ROHR

Source Co File Co File Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG Co File Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight market perform neutral

Amt Held 745'500 210'000 92'400 71'400 65'100 31'842 11'829 11'664 6'400 6'331 6'035 3'950 3'000 2'668 2'636 2'123 1'955 1'700 1'370 1'315

% Out 35.5 10 4.4 3.4 3.1 1.52 0.56 0.56 0.3 0.3 0.29 0.19 0.14 0.13 0.13 0.1 0.09 0.08 0.07 0.06

Weighting

Change 1 3 3

D M M

Latest Chg (3'793) 224 1'110 80 (13) -

Target Price #N/A N/A #N/A N/A 330

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Private Equity 31.12.2012 Pension Fund (ERISA) 31.12.2012 Holding Company 31.12.2012 Unclassified 31.12.2012 Unclassified 30.07.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 n/a 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 n/a 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor

Date Not Provided Not Provided 12 month

Date 17.09.2013 29.08.2013 21.05.2013

23.10.2013

Metall Zug AG Metall Zug AG operates as a holding company. The Company, through its subsidiaries, manufactures appliances, sterilization equipment, wires and cables, and operates resorts. Metall Zug provides its products in Switzerland.

Price/Volume 2500

.0 M .0 M

2000

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (12.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance METN SE EQUITY YTD Change METN SE EQUITY YTD % CHANGE

12/2012 01/yy 2'300.00 1'868.00 416.00 2177 -5.35% 16.54% 71.53% 0.3 979.65 31.32 0.0 0.0 380.93 630.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.0 M

1000

.0 M .0 M

500

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 787.8 0.86x 127.0 5.31x 31.8 28.34x

1500

31.12.2009 31.12.2010 770.1 832.1 1.15x 1.62x 104.7 153.0 8.48x 8.80x 71.7 92.3 15.23x 16.94x Profitability

31.12.2011 842.5 1.72x 143.7 10.06x 63.4 25.78x

31.12.2012 836.8 0.61x 111.4 4.57x 61.5 13.95x 111.41 66.58 7.96% 8.96% 5.27% 7.95% 0.72% 8.0% 7.4% 3.00 2.26 3.28% 4.53% 7.40 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.49 0.19 17.37% 19.43% 0.494 2 4.000 248 163 203 FY+2

12/13 Y 12/14 Y 855.0 875.0 0.67x 0.61x 105.0 115.0 6.00x 5.48x 15.75x 13.78x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

31.62 8.93 4.5% 4.3% 0.72 2.09 49.46 -

Sales/Revenue/Turnover

900.0 800.0

1.00 0.80

700.0 600.0 500.0

0.60

400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Metall Zug AG Holdings By:

All

Holder Name WEBER WERNER O STOECKLI URSULA VONTOBEL ASSET MANAG METALL ZUG AG CREDIT SUISSE AG UBS AG DORMANN JUERGEN PICTET FUNDS SCHRODER INVESTMENT BUHOFER HEINZ M LB SWISS INVESTMENT DIMENSIONAL FUND ADV WIPFLI MARTIN ALLIANZ GLOBAL INVES IFM - INDEPENDENT FU LOMBARD ODIER ASSET NEXTAM PARTNERS SGR DEKABANK DEUTSCHE GI JPMORGAN CHASE & CO SWISSCANTO ANLAGESTI

Firm Name Bank Vontobel AG EVA Dimensions

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CHRISTIAN ARNOLD CRAIG STERLING

Source Co File Co File MF-AGG Co File ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG Co File MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold overweight

Amt Held 41'600 17'006 6'075 5'950 2'728 2'436 1'364 798 624 604 300 295 266 256 240 182 180 176 171 158

% Out 16.31 6.67 2.38 2.33 1.07 0.95 0.53 0.31 0.24 0.24 0.12 0.12 0.1 0.1 0.09 0.07 0.07 0.07 0.07 0.06

Weighting

Change 3 5

M U

Latest Chg 142 (218) (38) (386) 5 20 50 5 (325) 171 -

Target Price 2'400 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.04.2013 31.12.2012 30.07.2013 28.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 28.03.2013 31.07.2013 31.12.2012 21.06.2012 26.07.2013 31.08.2013 30.06.2013 28.12.2012 30.06.2013 30.04.2013

Date Not Provided Not Provided

Inst Type n/a n/a Investment Advisor Corporation Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor

Date 03.09.2013 17.04.2013

23.10.2013

Kudelski SA Kudelski SA designs and manufactures digital security products. The Company produces digital security systems for digital television operators and content providers, smart cards for e-commerce, electronic voting and health cards, software for pay-per-view and video-on-demand television, encryption technology for digital television, digital recorders, and ticketing and access systems.

Price/Volume 14

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KUD SE EQUITY YTD Change KUD SE EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

.1 M

2 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 1'027.5 0.85x 100.6 8.72x (14.6) -

.3 M

12/2012 01/yy 12.90 8.23 61'498.00 12.4 -3.88% 50.61% 87.14% 49.2 666.95 268.76 0.0 9.4 110.09 806.00

31.12.2009 31.12.2010 1'052.3 1'035.2 1.46x 1.25x 139.6 177.2 11.02x 7.32x 49.0 65.7 25.33x 16.24x Profitability

31.12.2011 873.9 0.79x 89.5 7.76x (18.1) -

31.12.2012 844.1 0.80x 102.5 6.63x 16.3 31.48x 102.48 38.69 4.58% 2.76% 3.61% 8.69% 5.66% 0.85% 13.7% 6.8% 1.9% 1.82 1.29 29.50% 62.75% 4.97 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.21 34.69 25.54% 32.39% 1.211 7 3.571 98'133 84'021 79'890 FY+2

12/13 Y 12/14 Y 875.2 911.8 0.90x 0.81x 122.0 131.0 6.61x 6.15x 51.3 56.6 13.12x 11.53x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

6.51 4.82 1.11 1.82 62.7% 38.0% 0.85 5.47 73.43 -

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0 6.00

400.0 4.00

200.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Kudelski SA Holdings By:

All

Holder Name KUDELSKI ANDRE NORGES BANK PICTET FUNDS CREDIT SUISSE AG SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV VANGUARD GROUP INC VONTOBEL ASSET MANAG JPMORGAN CHASE & CO UBS AG DEKABANK DEUTSCHE GI SALADINI MAURO FORWARD MANAGEMENT L DIGITAL FUNDS 1741 ASSET MANAGEMEN BLACKROCK GOLDMAN SACHS GROUP STATE STREET CORP BANK OF NEW YORK MEL ROY PIERRE

Firm Name Helvea Bank Vontobel AG EVA Dimensions Credit Suisse UBS Zuercher Kantonalbank Exane BNP Paribas

Portfolio Name 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 n/a n/a n/a Multiple Portfolios n/a

Analyst RETO AMSTALDEN MICHAEL FOETH ANDREW S ZAMFOTIS FELIX REMMERS JOERN IFFERT ANDREAS MUELLER ALEXANDRE FAURE

Source EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File

Recommendation buy hold overweight neutral neutral market perform neutral

Amt Held 14'234'423 1'175'484 496'338 300'678 278'752 267'346 242'253 200'000 189'235 187'478 171'000 159'783 154'960 130'579 117'750 85'283 77'985 70'061 60'425 52'880

% Out 28.96 2.39 1.01 0.61 0.57 0.54 0.49 0.41 0.38 0.38 0.35 0.33 0.32 0.27 0.24 0.17 0.16 0.14 0.12 0.11

Weighting

Change 5 3 5 3 3 3 3

M M U M M M M

Latest Chg 35'077 23'997 (267) 8'671 14'258 (3'349) 5'895 40'000 (3'329) 33'000 74'551 2'996 -

Target Price 15 13 #N/A N/A 12 12 #N/A N/A 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.03.2013 31.12.2012 30.06.2013 30.07.2013 30.04.2013 31.07.2013 30.09.2013 30.04.2013 30.06.2013 28.06.2013 28.03.2013 31.12.2012 30.06.2013 28.06.2013 31.05.2013 16.10.2013 31.07.2013 17.10.2013 17.10.2013 31.12.2012

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 03.10.2013 02.10.2013 28.08.2013 23.08.2013 21.08.2013 21.08.2013 21.08.2013

23.10.2013

LEM Holding SA Lem Holding SA manufactures electrical components. The Company produces transducers and sensors which measure high voltage currents, variable speed drives, uninterrupted power supplies, and testers for semiconductors. Lem's components are used in locomotives, trams, trolleys, and the French TGV high-speed trains. The Company sells its products internationally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LEHN SE EQUITY YTD Change LEHN SE EQUITY YTD % CHANGE

03/2013 06/yy 651.00 456.00 238.00 637 -2.15% 39.69% 94.36% 1.1 726.18 0.00 0.0 0.0 27.63 698.55

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

600

.0 M

500

.0 M

400

.0 M

300

.0 M

200

.0 M

100

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 196.8 0.74x 38.8 3.73x 23.8 7.17x

700

31.03.2010 31.03.2011 185.5 296.2 1.94x 2.09x 24.1 62.4 14.95x 9.91x 10.5 39.6 36.96x 16.43x Profitability

LTM-4Q 31.03.2012 236.3 2.30x 42.5 12.78x 28.5 19.69x

31.03.2013 235.0 2.74x 48.7 13.20x 32.6 20.54x 48.70 41.04 17.47% 16.83% 23.95% 39.09% 1.73% 42.0% 17.5% 13.9% 2.06 1.47 0.00% 0.00% 5.51 5.43

Price/ Cash Flow

06/yy 231.8 0.00x 0.0 0.00x 32.0 17.07x

LTM 06/yy 233.6 0.00x 0.0 0.00x 31.7 21.84x

FY+1

.0 M o-13

0.48 0.61 45.63% 32.36% 0.483 3 3.000 429 339 350 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 266.5 290.0 2.61x 2.37x 61.5 68.5 11.37x 10.21x 42.2 46.3 17.18x 15.64x S&P Issuer Ratings

918.87 783.40 0.0% 0.0% 1.73 9.48 66.19 67.24 47.40 86.04

Sales/Revenue/Turnover

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00

0.00 02.04.2010

50.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

02.10.2013

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 |

23.10.2013

LEM Holding SA Holdings By:

All

Holder Name WEBER WERNER O 7 INDUSTRIES HOLDING STUDER ERWIN SARASIN THREADNEEDLE ASSET M MONTANARO GROUP IMPAX ASSET MANAGEME WAMPFLER UELI MONTANARO ASSET MGMT UBS AG RUFFER LLP VAN LANSCHOT N.V. BANQUE DE LUXEMBOURG CREDIT SUISSE AG PARVEST INVESTMENT M PICTET FUNDS DIMENSIONAL FUND ADV RUTISHAUSER PETER BARCLAYS MULTI-MANAG COLOMBEL LUC

Firm Name Berenberg Bank Kepler Cheuvreux EVA Dimensions Bank Vontobel AG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a

Analyst FELIX WIENEN CHRISTOPHER LADNER ANDREW S ZAMFOTIS ANDY SCHNYDER

Source Co File Co File Co File ULT-AGG ULT-AGG Co File EXCH Co File MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG Co File MF-AGG Co File

Recommendation hold hold hold not rated

Amt Held 398'000 144'581 97'000 90'320 75'873 69'071 34'112 28'000 15'679 9'915 8'711 7'879 6'100 5'963 3'816 3'730 3'368 2'606 2'600 2'100

% Out 34.91 12.68 8.51 7.92 6.66 6.06 2.99 2.46 1.38 0.87 0.76 0.69 0.54 0.52 0.33 0.33 0.3 0.23 0.23 0.18

Weighting

Change

3 3 3 #N/A N/A

M M M M

Latest Chg (559) 301 275 (63) 380 (176) (37) 600 -

Target Price 646 600 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.07.2013 31.03.2013 14.08.2012 31.03.2013 30.09.2013 28.06.2013 28.03.2013 30.06.2013 30.09.2013 30.07.2013 31.05.2013 30.06.2013 31.05.2013 31.03.2013 31.07.2013 31.03.2013

Date Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Holding Company n/a Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a

Date 17.10.2013 24.04.2013 17.01.2013 27.09.2012

23.10.2013

Komax Holding AG Komax Holding AG manufactures wire processing machines. The Company produces machines for cutting and stripping round and flat wire, crimping and insertion machines for processing single wires, and equipment for processing wire harnesses. Komax also manufactures automatic assembly systems for the telecommunications, medical products, and automotive industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KOMN SE EQUITY YTD Change KOMN SE EQUITY YTD % CHANGE

12/2012 01/yy 129.50 59.38 787.00 125.9 -2.78% 112.01% 95.44% 3.5 438.79 56.77 0.0 0.9 57.70 430.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

120

.1 M

100

.1 M

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 341.9 0.48x 39.1 4.17x 23.2 7.71x

140

31.12.2009 31.12.2010 208.4 339.1 1.20x 0.99x (11.9) 36.9 9.07x (19.8) 17.8 19.21x Profitability

31.12.2011 370.0 0.62x 54.3 4.22x 39.4 5.89x

31.12.2012 286.7 0.85x 24.5 9.96x 10.2 23.75x 24.54 15.97 5.57% 3.82% 4.75% 6.83% 0.87% 58.8% 11.4% 8.2% 3.5% 4.04 2.68 15.76% 23.23% 3.02 2.23

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.00 3.08 89.83% 81.01% 0.999 7 4.714 6'612 8'815 12'508 FY+2

12/13 Y 12/14 Y 336.7 352.2 1.24x 1.12x 54.0 55.6 7.98x 7.74x 28.1 34.3 14.42x 12.92x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

13.57 9.72 -0.26 1.08 23.2% 18.8% 0.87 4.49 120.87 163.44 41.72 259.89

Sales/Revenue/Turnover

140.00

400.0

120.00

350.0 300.0

100.00

250.0 80.00

200.0 60.00

150.0

40.00

100.0

20.00

50.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Komax Holding AG Holdings By:

All

Holder Name KOCH MAX SARASIN STEINER LEO CREDIT SUISSE AG UBS AG SWISSCANTO FONDSLEIT REICHMUTH & CO INVES COMINVEST ASSET MANA VONTOBEL ASSET MANAG KOMAX HOLDING AG DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG JULIUS BAER MULTICOO UNION BANCAIRE PRIVE SEB SIF SWISS INVESTMENT JULIUS BAER ASSET MA LEHNER MELK M PICTET FUNDS VON DER CRONE HANS C

Firm Name UBS Bank Vontobel AG Credit Suisse Zuercher Kantonalbank Kepler Cheuvreux Helvea EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst ANDRE RUDOLF VON ROHR FABIAN HAECKI PATRICK LAAGER RICHARD FREI CHRISTOPHER LADNER STEFAN GAECHTER TIMOTHY STANISH

Source Co File ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG Co File

Recommendation buy buy outperform market perform buy buy overweight

Amt Held 231'401 144'919 118'650 46'481 44'750 41'090 33'207 30'000 29'000 27'483 15'362 15'000 13'975 13'380 13'000 13'000 12'591 11'000 10'014 9'300

% Out 6.64 4.16 3.4 1.33 1.28 1.18 0.95 0.86 0.83 0.79 0.44 0.43 0.4 0.38 0.37 0.37 0.36 0.32 0.29 0.27

Weighting

Change 5 5 5 3 5 5 5

M M M M M M M

Latest Chg 4'900 1'669 (747) 312 8'000 500 2'671 13'380 (1'325) (1'193) -

Target Price 140 140 150 #N/A N/A 140 120 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.04.2013 31.12.2012 30.07.2013 31.08.2013 30.04.2013 30.09.2013 30.06.2013 30.04.2013 31.12.2012 31.05.2013 30.04.2013 28.06.2013 28.06.2013 28.03.2013 30.04.2012 30.09.2013 31.12.2012 30.06.2013 31.12.2012

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type n/a Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor n/a Investment Advisor n/a

Date 06.09.2013 23.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 06.06.2013

23.10.2013

Liechtensteinische Landesbank AG Liechtensteinische Landesbank AG attracts deposits and offers corporate and private banking services. The Bank offers business start-up loans, corporate financing, home mortgages, asset management services, and investment funds. Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLB SE EQUITY YTD Change LLB SE EQUITY YTD % CHANGE

12/2012 01/yy 42.15 25.50 1'027.00 35.7 -15.30% 40.00% 63.36% 30.8 1'099.56 1'960.37 0.0 100.4 7'897.57 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

.1 M

.0 M

0 o-12

31.12.2009 31.12.2010 720.4 605.5 174.2 102.8 11.27x 20.22x Profitability

31.12.2011 555.0 11.0 109.21x

31.12.2012 584.0 94.2 8.75x 22.35% 22.35% 0.22% 2.94% 1.18% 0.03% 19.0% 9.19% 122.75% -

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.75 13.07 14.20% 27.57% 0.750 2 3.000 2'494 4'208 4'923 FY+2

12/13 Y 12/14 Y 455.0 376.0 93.2 99.6 10.88x 10.17x S&P Issuer Ratings

FQ+1

FQ+2

122.7% 53.6% 0.03 3.50 -

Sales/Revenue/Turnover

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 980.8 144.7 9.94x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Liechtensteinische Landesbank AG Holdings By:

All

Holder Name PRINCIPALITY OF LIEC THORNBURG INVESTMENT LLB FONDSLEITUNG AG SWISSCANTO FONDSLEIT NORGES BANK SCHRODER INVESTMENT CREDIT SUISSE AG VANGUARD GROUP INC UBS AG PICTET FUNDS SCHRODER INVESTMENT DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG IFM - INDEPENDENT FU JULIUS BAER ASSET MA LOMBARD ODIER ASSET MUELLER URS SWISSCANTO ANLAGESTI JPMORGAN CHASE & CO MATT ROLAND

Firm Name EVA Dimensions Zuercher Kantonalbank

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst DOUG WALTERS ANDREAS VENDITTI

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG Co File

Recommendation sell outperform

Amt Held 17'710'000 1'324'400 261'100 149'763 135'862 94'670 92'858 54'584 54'051 46'006 30'715 24'224 20'000 19'136 12'919 9'301 8'983 8'707 5'845 5'768

% Out 57.5 4.3 0.85 0.49 0.44 0.31 0.3 0.18 0.18 0.15 0.1 0.08 0.06 0.06 0.04 0.03 0.03 0.03 0.02 0.02

Weighting

Change 1 5

D U

Latest Chg 44'080 (2'273) 7'258 2'701 (1'530) (166) 2'304 9'000 (1'455) 2'823 5'845 -

Target Price #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.06.2013 30.04.2013 31.12.2012 28.09.2012 30.07.2013 31.08.2013 28.06.2013 30.06.2013 31.12.2012 31.07.2013 30.04.2013 26.07.2013 31.07.2013 31.08.2013 31.12.2012 30.04.2013 30.06.2013 31.12.2012

Date Not Provided Not Provided

Inst Type Government 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 n/a Investment Advisor Investment Advisor n/a

Date 10.09.2013 26.03.2013

23.10.2013

Zehnder Group AG Zehnder Group AG, through its subsidiaries, manufactures a variety of radiators. The Company produces bathroom radiators, electric and aluminum radiators, as well as steel radiators. Zehnder sells its products to the construction industry.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (02.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZEH SE EQUITY YTD Change ZEH SE EQUITY YTD % CHANGE

12/2012 01/yy 57.65 34.05 2'144.00 41.45 -28.10% 21.73% 33.05% 9.8 486.46 27.20 0.0 9.5 53.50 391.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 454.1 0.40x 34.3 5.32x 2.5 64.00x

31.12.2009 31.12.2010 436.5 475.9 0.60x 1.06x 62.0 68.0 4.23x 7.41x 32.8 37.4 8.35x 14.27x Profitability

31.12.2011 515.4 0.92x 68.9 6.87x 40.0 12.38x

31.12.2012 523.8 0.78x 56.7 7.19x 27.1 15.78x 56.70 38.50 7.35% 7.24% 2.68% 4.84% 1.21% 8.3% 4.8% 5.2% 1.98 1.21 6.68% 11.42% 5.41 -

Price/ Cash Flow

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M o-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.79 9.58 -25.03% -3.73% 0.787 5 2.400 16'229 14'335 15'819 FY+2

12/13 Y 12/14 Y 520.3 537.8 0.72x 0.70x 49.9 53.3 7.87x 7.37x 21.7 24.7 23.37x 16.34x S&P Issuer Ratings

FQ+1

FQ+2

6.37 2.18 -0.31 0.97 11.4% 9.9% 1.21 3.07 67.48 -

Sales/Revenue/Turnover

14.00

600.0

12.00

500.0

10.00

400.0

8.00

300.0 6.00

200.0 4.00

100.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Zehnder Group AG Holdings By:

All

Holder Name ALECTA PENSIONSFORSA BESTINVER GESTION SG BLACKROCK COLUMBIA WANGER ASSE UBS AG FMR LLC SCHRODER INVESTMENT NORGES BANK CREDIT SUISSE AG LUXEMBOURGER KAPITAL SWISSCANTO FONDSLEIT ZEHNDER HANS-PETER FIL LIMITED IST FUND MANAGERS AMERIPRISE FINANCIAL VANGUARD GROUP INC REICHMUTH & CO INVES PICTET FUNDS JULIUS BAER MULTICOO BANKINVEST ASSET MAN

Firm Name Bank Vontobel AG EVA Dimensions Main First Bank AG Helvea Zuercher Kantonalbank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CHRISTIAN ARNOLD TIMOTHY STANISH TOBIAS FAHRENHOLZ PATRICK APPENZELLER MARTIN HUESLER

Source Co File EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation reduce hold underperform hold market perform

Amt Held 950'000 584'320 499'981 417'840 259'466 237'792 228'553 224'999 164'970 131'000 123'901 108'550 84'646 70'359 60'735 56'822 56'247 52'091 50'919 40'187

% Out 9.74 5.99 5.12 4.28 2.66 2.44 2.34 2.31 1.69 1.34 1.27 1.11 0.87 0.72 0.62 0.58 0.58 0.53 0.52 0.41

Weighting

Change 2 3 1 3 3

M D M M D

Latest Chg 6'093 812 75'500 17'917 9'097 (19'707) (51'270) 14'447 (2'166) (3'000) -

Target Price 34 #N/A N/A 35 42 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Pension Fund (ERISA) 16.02.2011 Investment Advisor 16.10.2013 Investment Advisor 30.08.2013 Investment Advisor 28.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 n/a 31.10.2012 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 30.09.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month Not Provided

Date 11.09.2013 29.08.2013 16.08.2013 16.08.2013 12.11.2012

23.10.2013

Vetropack Holding AG Vetropack Holding AG designs and manufactures glass bottles and containers. The Company produces beverage bottles, jars, and other glass containers for the food, chemical, and pharmaceutical industries. Vetropack also offers production plant engineering, glass packaging design, and recycling services.

Price/Volume 2500

.0 M .0 M

2000

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VET SE EQUITY YTD Change VET SE EQUITY YTD % CHANGE

12/2012 01/yy 1'990.00 1'588.00 6.00 1832 -7.94% 15.37% 57.71% 0.2 750.82 14.80 0.0 4.5 58.90 711.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.0 M

1000

.0 M .0 M

500

.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 697.8 0.86x 198.3 3.01x 78.5 6.85x

1500

31.12.2009 31.12.2010 671.5 642.6 1.10x 1.11x 158.1 139.2 4.68x 5.13x 78.4 38.7 9.36x 19.45x Profitability

31.12.2011 589.4 1.09x 128.5 4.99x 59.0 11.39x

31.12.2012 604.4 1.08x 116.3 5.60x 83.6 8.27x 116.30 61.50 10.18% 17.80% 6.86% 8.77% 0.77% 9.9% 13.8% 3.18 1.68 1.92% 2.34% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.57 0.21 17.45% 10.62% 0.566 4 3.500 139 168 194 FY+2

12/13 Y 12/14 Y 613.0 633.7 1.18x 1.13x 127.3 136.7 5.59x 5.20x 54.6 60.8 13.87x 12.85x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

96.92 12.92 2.3% 2.3% 0.77 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Vetropack Holding AG Holdings By:

All

Holder Name CORNAZ LTD HOLDING O THREADNEEDLE ASSET M LB SWISS INVESTMENT SWISSCANTO FONDSLEIT NORGES BANK LUXEMBOURGER KAPITAL CREDIT SUISSE AG VONTOBEL ASSET MANAG ALLIANZ ASSET MANAGE IST FUND MANAGERS UBS AG VANGUARD GROUP INC OPPENHEIM PRAMERICA PEAR TREE ADVISORS I JULIUS BAER MULTICOO 1741 ASSET MANAGEMEN LLB FONDSLEITUNG AG PICTET FUNDS JULIUS BAER ASSET MA ZUERCHER KANTONALBAN

Firm Name EVA Dimensions Bank Vontobel AG Helvea Zuercher Kantonalbank

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst TIMOTHY STANISH CHRISTIAN ARNOLD RETO AMSTALDEN MARTIN HUESLER

Source Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold hold buy market perform

Amt Held 19'853 11'579 10'004 7'444 3'086 2'990 2'517 2'500 2'334 1'586 1'576 1'318 1'300 1'086 1'014 950 950 901 744 702

% Out 8.49 4.95 4.28 3.18 1.32 1.28 1.08 1.07 1 0.68 0.67 0.56 0.56 0.46 0.43 0.41 0.41 0.39 0.32 0.3

Weighting

Change 3 3 5 3

U M M M

Latest Chg (461) (99) (160) (249) (53) (76) 73 (88) (120) 600 (48) (7) -

Target Price #N/A N/A 1'750 2'100 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.07.2013 28.03.2013 30.04.2013 31.12.2012 31.07.2013 30.07.2013 30.04.2013 30.06.2013 31.05.2013 31.08.2013 30.09.2013 31.01.2013 30.06.2013 31.05.2013 30.09.2013 30.06.2013 30.06.2013 31.07.2013 28.06.2013

Date Not Provided Not Provided 12 month Not Provided

Inst Type Other 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 Investment Advisor Investment Advisor

Date 04.09.2013 27.08.2013 27.08.2013 26.08.2013