Fundamental Analysis & Analysts Recommendations - Construction & Mining Machinery 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 Construction & Mining Machinery March 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

14390791

1934.549

1119

205

221

101.26

110.64

15.40

14.10

18.77

Euro Stoxx 50 Pr

EUR

2642045

5674.976

4728

772

800

200.68

312.97

23.11

16.49

14.82

19.96

NIKKEI 225

JPY

2555453

184.9733

185

5.21

5.46

0.26

0.25

0.12

FTSE 100 INDEX

GBP

2744949

11849.45

9623

1468

1684

535.13

825.18

27.75

18.00

22.96

SWISS MARKET INDEX

CHF

1052632

11145.75

4145

854

848

412.02

557.89

21.53

19.15

15.90

22.19

S&P/TSX COMPOSITE INDEX

CAD

1685770

17093.11

7888

1848

2084

795.93

890.15

15.46

13.83

24.32

S&P/ASX 200 INDEX

AUD

1436679

6835.419

2859

599

696

250.38

340.41

22.02

17.55

16.20

22.04

HANG SENG INDEX

HKD

1699709

3318.738

1629

360

409

259.40

265.67

1.44

1.54

1.41

3.07

MSCI EM

USD

7865375

1554.869

1077

200

216

87.10

95.63

12.03

13.69

10.96

20.04

ZOOMLION HEAVY INDUSTRY S-A

CNY

10247

58511

7706

10.01

7451

9045

1643

0.17

0.20

1.30

1.28

7.19

9.54

10.36

11.82

3.55

BB+

16.03.2012

XCMG CONSTRUCTION MACHIN-A

CNY

3789

8499

2063

5.38

5284

5211

5189

5692

691

0.26

0.20

0.22

0.24

1.51

1.37

1.23

4.51

14.46

3.30

16.70

KUNMING YUNNEI POWER CO-A

CNY

555

5603

681

0.73

353

346

#VALUE!

0.00

0.02

#VALUE!

8.38

#VALUE!

-0.87

0.16

11.20

-1.85

DOOSAN INFRACORE CO LTD

KRW

2315

1126

169

4.57

3820

#VALUE!

411

1.27

1.30

0.50

1.21

0.01

0.02

0.01

0.00

0.01

STX ENGINE CO LTD

KRW

212

147

0.79

968

#VALUE!

112

2.01

#VALUE!

0.00

#VALUE!

-0.02

0.00

0.02

0.01

CHANGCHAI CO LTD-B

HKD

523

529

561

0.38

404

385

#VALUE!

0.01

#VALUE!

4.99

#VALUE!

1.32

0.98

-6.61

-1.48

SANY HEAVY INDUSTRY CO LTD-A

CNY

12986

27680

7594

16.33

8126

8044

7994

9087

1819

0.17

0.14

0.17

1.90

1.94

1.62

7.94

5.25

7.76

10.43

DAIHATSU DIESEL MFG CO LTD

JPY

164

0.12

604

588

#VALUE!

0.80

0.78

#VALUE!

0.07

#VALUE!

-0.01

0.00

-0.19

0.06

0.11

KOMATSU LTD

JPY

22782

7879

952

29.70

20751

20175

19997

21014

3628

3389

1.81

1.52

1.54

1.92

0.16

0.13

0.08

0.02

0.11

0.02

0.18

26.10.2007

01.10.2004

HITACHI CONSTRUCTION MACHINE

JPY

4510

1795

212

8.48

8556

8682

8013

8301

989

978

1.15

1.66

1.48

1.57

0.13

0.15

0.14

0.06

0.01

0.10

-0.02

0.12

NITTAN VALVE CO LTD

JPY

105

0.15

345

355

#VALUE!

419

-0.49

-0.12

#VALUE!

0.43

#VALUE!

0.09

0.02

-0.31

-0.13

0.12

TOYO DENKI SEIZO -TOYO ELEC

JPY

151

562

0.25

404

349

343

382

0.17

0.02

0.07

0.15

1.85

1.84

0.50

0.22

0.02

-0.03

0.07

0.03

0.06

ALTRA HOLDINGS INC

USD

741

0.91

107

1.51

1.46

1.81

2.12

18.88

15.19

12.98

8.47

4.94

10.61

4.09

14.67

ATLAS COPCO AB-A SHS

SEK

34361

1447

1213

35.72

14156

13964

14569

3423

788

1.79

1.77

1.90

2.53

2.56

2.38

1.80

1.00

1.43

1.48

3.78

24.02.2011

15.11.2012

BRIGGS & STRATTON

USD

1197

134

1.43

2067

1969

2002

2080

155

146

1.24

1.08

1.42

1.65

23.01

17.56

15.06

-2.06

-1.13

-2.93

0.69

7.43

20.10.2011

Ba3

04.03.2009

CATERPILLAR INC

USD

58001

2997

655

65.23

65875

63442

69087

11966

2102

8.62

8.63

8.04

9.42

10.26

11.02

9.40

9.54

11.51

23.62

12.24

18.16

24.06.2003

15.06.1995

CUMMINS INC

USD

22225

494

190

21.76

17334

17251

18911

2225

581

8.54

8.78

10.33

13.71

13.34

11.34

-3.96

4.95

-9.88

12.35

12.84

21.09.2011

Baa1

18.11.2011

CONCENTRIC AB

SEK

493

0.48

333

338

366

0.55

0.74

0.85

3.17

2.36

2.05

-1.05

-0.80

2.59

CHINA YUCHAI INTL LTD

USD

578

0.80

2140

2131

2265

2419

291

2.41

2.40

2.60

3.21

6.46

5.97

4.83

-12.69

DEUTZ AG

EUR

683

568

121

0.85

1995

1794

1717

1806

211

177

0.74

0.29

0.28

0.43

25.68

26.40

17.17

37.30

1.80

63.80

7.11

12.91

FLSMIDTH & CO A/S

DKK

3408

211

3.91

4349

4918

4885

477

483

4.34

4.26

5.39

6.23

2.63

2.60

2.08

1.80

3.67

0.65

1.45

0.93

1.94

JOY GLOBAL INC

USD

6605

539

106

7.69

5661

5675

5084

5100

1325

1326

282

6.91

7.02

6.22

6.45

8.86

9.99

9.64

28.54

13.12

32.63

20.48

23.37

BBB

15.02.2011

Baa2

17.12.2010

METSO OYJ

EUR

6320

295

150

7.07

9793

9408

9342

997

220

3.25

3.54

3.64

16.87

15.48

15.06

16.85

5.05

3.33

1.37

13.29

BBB

15.05.2007

Baa2

16.11.2009

MANITOWOC COMPANY INC

USD

2735

912

133

4.46

3927

3952

4249

4607

400

477

0.77

0.75

1.28

1.75

27.47

16.14

11.77

8.50

8.39

16.80

-6.44

12.07

B+

08.10.2010

13.10.2010

OUTOTEC OYJ

EUR

2920

131

2.58

2724

2858

282

3.65

4.20

4.30

22.82

19.83

19.38

66.10

29.49

79.92

19.20

13.49

ASTEC INDUSTRIES INC

USD

822

0.74

936

975

1004

1082

1.45

1.51

1.93

2.41

23.87

18.64

14.98

3.04

1.88

-4.53

-6.40

7.73

SANY HEAVY INDUSTRY CO LTD-A

CNY

12986

27680

7594

16.33

8126

8044

7994

9087

1819

0.17

0.14

0.17

1.90

1.94

1.62

7.94

5.25

7.76

10.43

FLSMIDTH & CO A/S

DKK

3408

211

3.91

4349

4918

4885

477

483

4.34

4.26

5.39

6.23

2.63

2.60

2.08

1.80

3.67

0.65

1.45

0.93

1.94

OUTOTEC OYJ

EUR

2920

131

2.58

2724

2858

282

3.65

4.20

4.30

22.82

19.83

19.38

66.10

29.49

79.92

19.20

13.49

METSO OYJ

EUR

6320

295

150

7.07

9793

9408

9342

997

220

3.25

3.54

3.64

16.87

15.48

15.06

16.85

5.05

3.33

1.37

13.29

BBB

15.05.2007

Baa2

16.11.2009

POWER SOLUTIONS INTERNATIONA

USD

212

0.24

202

229

314

0.77

0.88

0.97

1.52

26.41

23.96

15.34

30.57

26.32

6.63

SANDVIK AB

SEK

20555

1583

1254

24.23

15406

14715

15193

2785

625

1.02

1.16

1.32

2.51

2.22

1.95

0.74

0.45

1.61

0.08

2.83

BBB+

24.05.2011

TEREX CORP

USD

3787

456

110

5.48

7348

8002

8674

552

664

129

1.83

1.95

2.62

3.44

17.54

13.07

9.94

12.97

-1.92

165.45

-11.87

9.03

BB-

22.05.2009

07.11.2012

TOGNUM AG

EUR

5353

131

5.29

3934

#VALUE!

546

1.80

#VALUE!

29.52

29.47

#VALUE!

1.86

4.39

1.80

-2.12

18.10

TWIN DISC INC

USD

284

0.30

356

333

279

294

2.61

1.64

0.67

0.94

15.38

37.66

26.98

14.65

0.20

32.14

4.81

13.03

AMERCO

USD

3256

3.18

2503

2509

#VALUE!

660

753

11.70

12.72

12.85

14.00

13.06

12.92

11.86

11.66

5.01

10.02

9.38

30.01

24.01.2012

13.11.2003

WARTSILA OYJ ABP

EUR

9176

270

197

9.95

6166

6165

6576

7050

800

796

191

2.24

2.62

3.01

27.15

23.16

20.14

16.00

6.34

16.82

7.89

16.85

8192

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

0.18

1.23

1.11

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

2.17

1.99

1.80

2.17

1.39

1.33

1.28

1.39

9.95

9.69

8.86

9.95

8.77

8.10

7.59

8.77

14.10

12.64

11.43

14.10

2.21

2.36

2.57

2.21

1674.5

7.4%

Euro Stoxx 50 Pr

1.17

1.11

1.04

1.17

0.75

0.73

0.70

0.75

5.48

5.10

4.87

5.48

7.10

6.72

6.36

7.10

11.36

10.18

9.31

11.36

4.22

4.54

4.84

4.22

2895.1

6.3%

NIKKEI 225

1.52

1.42

1.33

1.52

0.71

0.67

0.66

0.71

9.50

8.20

7.67

9.50

9.54

8.34

7.83

9.54

24.11

18.95

14.75

24.11

1.64

1.65

1.92

1.64

11810.1

-6.0%

FTSE 100 INDEX

1.69

1.57

1.26

1.69

1.02

0.98

1.01

1.02

7.95

7.32

5.32

7.95

7.04

6.60

6.30

7.04

11.90

10.81

9.89

11.90

3.85

4.15

4.60

3.85

6790.0

4.6%

SWISS MARKET INDEX

2.40

2.23

2.06

2.40

2.01

1.91

1.84

2.01

12.30

11.27

9.95

12.30

13.14

12.15

11.34

13.14

14.96

13.41

12.20

14.96

3.28

3.63

4.12

3.28

7996.8

1.8%

S&P/TSX COMPOSITE INDEX

1.70

1.57

1.47

1.70

1.59

1.50

1.43

1.59

8.47

7.62

7.15

8.47

8.20

7.26

6.87

8.20

14.12

12.45

11.47

14.12

3.09

3.24

3.43

3.09

14549.2

13.3%

S&P/ASX 200 INDEX

1.94

1.84

1.73

1.94

1.86

1.75

1.66

1.86

11.44

10.21

9.32

11.44

9.82

8.63

8.00

9.82

15.61

13.89

12.74

15.61

4.25

4.55

4.90

4.25

5136.0

0.3%

HANG SENG INDEX

1.35

1.25

1.18

1.35

1.78

1.64

1.52

1.78

7.12

6.59

6.20

7.12

8.11

7.36

6.86

8.11

10.93

10.00

9.20

10.93

3.52

3.82

4.54

3.52

25103.6

11.4%

MSCI EM

1.46

1.33

1.24

1.46

0.97

0.90

0.87

0.97

6.97

6.43

6.02

6.97

7.20

6.61

6.23

7.20

10.96

9.84

9.13

10.96

2.82

3.14

3.44

2.82

1193.8

13.9%

ZOOMLION HEAVY INDUSTRY S-A

1.88

1.55

1.32

1.12

1.38

1.25

1.13

0.98

26.97

8.26

5.16

7.54

6.51

5.43

5.26

4.40

8.63

7.65

6.91

5.87

5.84

2.35

3.16

3.40

3.96

11.08

30.8%

XCMG CONSTRUCTION MACHIN-A

1.45

1.39

1.21

1.05

0.74

0.73

0.67

0.61

5.60

8.65

7.27

6.14

7.04

10.19

8.31

7.11

6.66

8.54

7.65

7.24

0.60

0.96

1.14

1.40

14.09

23.4%

11.39

27.39

11.35

0.00

0.04

0.05

0.00

19593.33

28.5%

2.74

2.43

1.31

1.43

1.62

1.87

12.67

19.5%

KUNMING YUNNEI POWER CO-A DOOSAN INFRACORE CO LTD STX ENGINE CO LTD

0.00

CHANGCHAI CO LTD-B SANY HEAVY INDUSTRY CO LTD-A

3.97

3.43

2.68

2.01

1.55

1.62

1.43

1.21

34.42

9.83

8.92

7.71

8.12

9.29

8.02

7.34

8.89

12.07

10.07

8.35

KOMATSU LTD

2.06

1.95

1.75

1.59

1.07

1.14

1.08

1.04

8.16

9.26

8.33

7.67

7.83

8.75

7.42

6.92

11.85

15.06

12.07

10.80

1.90

2.13

2.27

2.41

2726.11

23.2%

HITACHI CONSTRUCTION MACHINE

1.32

1.23

1.16

1.10

0.53

0.56

0.54

0.52

6.62

6.01

6.19

6.80

8.28

9.18

7.73

6.93

17.51

14.13

13.35

11.56

1.49

1.97

2.08

2.26

2141.33

7.0%

14.65

2.03

230.00

-22.3%

0.58

1.03

1.31

28.80

4.5%

3.11

3.19

3.40

190.61

3.0%

1.77

1.93

DAIHATSU DIESEL MFG CO LTD

NITTAN VALVE CO LTD

0.25

TOYO DENKI SEIZO -TOYO ELEC

0.97

0.93

0.91

ALTRA HOLDINGS INC

2.99

2.63

2.18

ATLAS COPCO AB-A SHS

6.39

5.55

4.75

BRIGGS & STRATTON

1.66

1.74

1.59

CATERPILLAR INC

3.24

2.65

2.20

CUMMINS INC

3.30

2.81

CONCENTRIC AB

3.17

3.82

0.87

0.44

0.39

1.02

0.99

0.94

2.44

2.46

2.36

2.23

0.55

0.60

0.58

1.92

0.88

0.91

2.36

2.00

1.30

3.35

3.03

1.47

CHINA YUCHAI INTL LTD 0.82

2.26

8.36

0.37

4.11

10.26

0.36

7.33

5.38

9.22

13.44

9.22

8.59

2.17

15.24

14.02

13.67

13.27

0.55

0.53

14.70

5.94

8.78

7.94

0.84

0.78

0.57

7.36

7.23

6.36

1.29

1.18

1.05

11.35

10.90

1.46

1.34

1.29

12.49

11.78

0.26

0.24

0.35

0.40

0.38

0.35

4.47

5.24

4.65

4.22

1.20

7.51

8.61

13.98

9.51

8.71

7.86

7.15

10.45

10.57

10.00

9.34

8.95

8.41

7.75

5.48

5.67

6.09

9.02

8.18

8.51

9.95

9.54

8.67

7.48

3.27

7.54

20.99

47.36

21.14

19.69

15.19

12.98

16.18

16.35

15.24

13.96

6.79

20.40

17.56

15.06

12.30

5.29

4.68

9.75

11.02

9.40

7.94

2.22

2.30

2.43

8.14

7.04

6.29

13.93

13.34

11.34

9.50

1.54

1.78

7.47

6.88

6.70

16.19

15.12

13.05

12.30

2.81

3.79

3.09

3.07

2.77

5.97

4.83

4.06

5.33

4.80

4.25

8.02

20.23

13.16

10.09

9.57

6.03

DEUTZ AG

1.18

1.10

1.01

0.93

3.59

FLSMIDTH & CO A/S

2.00

1.86

1.68

1.52

0.78

0.69

0.70

0.68

11.79

9.47

8.15

8.56

8.04

7.69

6.83

6.42

12.16

11.89

10.28

JOY GLOBAL INC

2.52

2.14

1.80

1.49

1.20

1.30

1.19

0.97

8.22

8.03

8.20

6.86

5.79

6.72

6.59

5.96

8.76

9.99

9.64

METSO OYJ

2.15

2.08

1.96

1.83

0.65

0.67

0.68

0.64

0.63

10.70

9.83

9.24

9.98

6.77

6.84

6.73

6.15

11.27

11.86

MANITOWOC COMPANY INC

4.61

3.57

2.94

2.37

0.70

0.64

0.59

0.57

12.40

9.92

8.34

7.83

11.00

8.91

7.73

6.87

28.05

OUTOTEC OYJ

4.72

3.97

3.49

2.90

1.10

1.02

0.94

0.96

15.55

13.61

13.19

12.34

9.60

8.38

8.37

7.42

ASTEC INDUSTRIES INC

1.64

1.50

0.82

0.76

0.68

0.59

9.31

8.32

6.95

6.17

SANY HEAVY INDUSTRY CO LTD-A

3.97

3.43

2.68

2.01

1.55

1.62

1.43

1.21

34.42

9.83

8.92

7.71

8.12

9.29

8.02

FLSMIDTH & CO A/S

2.00

1.86

1.68

1.52

0.78

0.69

0.70

0.68

11.79

9.47

8.15

8.56

8.04

7.69

6.83

OUTOTEC OYJ

4.72

3.97

3.49

2.90

1.10

1.02

0.94

0.96

15.55

13.61

13.19

12.34

9.60

8.38

8.37

7.42

METSO OYJ

2.15

2.08

1.96

1.83

0.65

0.67

0.68

0.64

0.63

10.70

9.83

9.24

9.98

6.77

6.84

6.73

6.15

POWER SOLUTIONS INTERNATIONA

8.94

6.64

4.65

2.42

1.05

0.93

0.67

0.53

0.42

23.24

17.69

13.95

9.15

7.57

SANDVIK AB

3.40

3.36

2.91

2.53

1.34

1.40

1.35

1.30

1.28

12.39

10.01

8.74

8.34

8.48

8.35

7.65

7.17

TEREX CORP

1.59

1.53

1.31

1.11

0.51

0.47

0.44

0.40

9.67

8.02

6.48

5.44

8.35

7.02

5.93

5.00

2.05

1.99

1.80

0.80

1.02

0.97

0.87

4.84

12.29

10.11

6.25

11.24

25.50

2.6%

2.48

112.65

27.2%

1.82

2.02

132.38

13.1%

4.06

4.39

66.75

-6.3% 3.2%

4.13

-4.6%

0.00

4.16

1.27

9.53

2.72

2.84

3.22

3.27

431.50

17.9%

8.39

1.13

1.15

1.17

76.40

22.8%

11.54

10.12

5.50

5.68

5.82

6.04

35.43

10.0%

16.14

11.77

10.14

0.39

0.40

0.44

22.00

6.8%

17.60

15.19

14.85

13.15

18.17

2.30

2.69

2.87

3.16

51.98

6.3%

21.68

18.64

14.98

11.66

9.43

35.43

-1.7%

7.34

8.89

12.07

10.07

8.35

1.31

1.43

1.62

1.87

12.67

19.5%

6.42

12.16

11.89

10.28

9.53

2.72

2.84

3.22

3.27

431.50

17.9%

6.90

17.60

15.19

14.85

13.15

2.30

2.69

2.87

3.16

51.98

6.3%

5.98

11.27

11.86

11.54

10.12

5.50

5.68

5.82

6.04

35.43

10.0%

29.68

23.96

15.34

12.49

27.00

16.2%

13.63

14.18

12.45

11.36

3.53

3.67

4.07

4.34

109.55

4.5%

16.87

13.07

9.94

7.81

38.15

11.5%

14.42

23.00

-8.8%

6.90

7.42

18.17

8.97

1.73

16.00 0.25

5.98

7.73

3.63

TOGNUM AG TWIN DISC INC AMERCO WARTSILA OYJ ABP

3.95

3.54

3.18

2.85

1.49

1.40

1.30

1.22

1.20

17.47

13.15

12.82

12.77

12.01

10.99

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

10.01

9.15

8.68

9.08

37.66

26.98

15.10

12.92

11.86

19.72

17.75

15.43

13.65

1.35

2.79

1.43

3.05

1.43

3.38

3.74

167.00

0.6%

34.30

-3.8%

15.03.2013

Zoomlion Heavy Industry Science and Technology Co Ltd Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and markets construction machinery. The Company's products include concrete machinery, cranes, road machinery, drilling equipment, and other heavy construction equipment. Zoomlion also produces environmental machinery and satellite navigation products.

Price/Volume

200.0 M 150.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.05.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000157 CH EQUITY YTD Change 000157 CH EQUITY YTD % CHANGE

12/2011 09/yy 11.28 7.71 58'510'623.00 8.47 -24.91% 9.86% 18.77% 6'275.9 63'706.51 18'105.00 0.0 188.0 16'002.00 62'238.19

100.0 M

50.0 M

2 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-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

250.0 M

10 8

Valuation Analysis

31.12.2007 8'973.0 5.00x 1'541.0 29.12x 1'439.0 -

31.12.2008 31.12.2009 13'548.0 20'654.2 1.93x 2'280.0 3'363.1 11.47x 1'544.0 2'446.4 Profitability

LTM-4Q 31.12.2010 32'015.5 2.51x 6'210.3 12.93x 4'665.6 19.85x

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

31.12.2011 46'323.0 1.30x 10'212.0 5.90x 8'066.0 6.46x 10'212.00 9'756.00 21.06% 20.73% 11.98% 25.68% 16.60% 0.69% 32.4% 22.0% 21.1% 17.4% 1.80 1.04 25.31% 51.13% 4.78 3.42

Price/ Cash Flow

09/yy 41'271.0 7.10x 0.0 0.00x 7'500.8 6.63x

LTM 09/yy 51'964.5 4.31x 0.0 0.00x 9'063.9 6.10x

FY+1

2.95 1.04 3'237.84 -9.95% -8.03% 1.037 19 4.579 43'815'290 75'699'920 73'325'140 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 50'929.0 56'235.0 11'695.5 1.18x 1.11x 5.48x 11'462.0 11'822.4 5.43x 5.26x 8'568.1 9'395.6 730.0 2'246.0 7.65x 6.91x 7.05x 5.84x 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

16.03.2012 BB+ STABLE 19.91 17.04 0.21 1.77 51.1% 33.7% 0.69 8.03 76.28 106.85 79.24 103.89

Sales/Revenue/Turnover

350.00

50'000.0 45'000.0

300.00

40'000.0

250.00

35'000.0 30'000.0

200.00

25'000.0 20'000.0

150.00

15'000.0

100.00

10'000.0 50.00 0.00 02.01.2009 02.07.2009

5'000.0 0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

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

15.03.2013

Zoomlion Heavy Industry Science and Technology Co Ltd Holdings By:

All

Holder Name HUNAN STE-OWNED ASSE CHANGSHA HESHENG TEC GOOD EXCEL GROUP LTD CHANGSHA YIFANG TECH REAL SMART INTERNATI HONGYI INVESTMENT BJ E FUND MANAGEMENT CHINA CONSTRUCTION I HARVEST FUND MANAGEM YINHUA FUND MANAGEME YOUNGOR INVESTMENT C RONGTONG FUND MANAGE BANK OF COMMUNICATIO XIANGJIANG INDUS INV GUANGDONG HENGJIAN I CHINA ASSET MANAGEME CHINA SOUTHERN FUND SWS MU FUND MANAGEME BOSHI FUND MANAGEMEN CSOP ASSET MANAGEMEN

Firm Name PingAn Securities Guotai Junan Everbright Securities Co., Ltd Goldman Sachs Northeast Securities Co Ltd Citic Securities Co., Ltd SWS Research Co Ltd Jefferies HuaChuang Securities Fortune CLSA Securities Limited Capital Securities Corp Bank of China International Sinolink Securities Co Ltd China International Capital Corp China Securities Co., Ltd China Merchants Securities Industrial Securities Central China Securities Great Wall Securities China Investment Securities First Capital Securities Co Guodu Securities Co Ltd Hong Yuan Securities China Galaxy Securities China Minzu Securities Co Ltd

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

Analyst GUOJI YE LU JUAN LU ZHOU TIAN LU JIANGTAO WU XIAOBO XUE MILLER LI JULIAN BU GAO LI YANG YAN HAN WEIQI LEVI SHI DONGYA GUANG WU HUIMIN FUZHANG FENG LIU RONG WU HUA XU MINFENG YAN FUYIN LI QIN GUO QIANG WEI JING XUN JIAN JU HOULIN CAIXIA FU

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

Recommendation buy buy buy Buy/Neutral buy buy buy underperform buy buy buy hold add buy add strong buy buy buy buy neutral add buy add buy buy

Amt Held 1'247'379'996 394'159'949 374'822'128 246'645'051 182'099'602 171'047'500 153'521'507 151'164'554 150'569'738 111'766'269 97'500'000 89'163'931 88'437'001 87'790'815 82'719'000 50'951'711 45'094'113 35'449'870 32'433'829 30'991'430

% Out 19.88 6.28 5.97 3.93 2.9 2.73 2.45 2.41 2.4 1.78 1.55 1.42 1.41 1.4 1.32 0.81 0.72 0.56 0.52 0.49

Weighting

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

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

Latest Chg 76'417'065 56'672'629 76'609'078 38'225'084 78'958'247 33'231'800 22'304'456 13'230'082 1'759'803 -

Target Price #N/A N/A 13 12 12 12 31 #N/A N/A 7 #N/A N/A 13 10 9 #N/A N/A #N/A N/A 13 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 30.06.2011 30.06.2011 25.05.2012 30.06.2011 25.05.2012 25.05.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2010 30.06.2012 30.06.2012 30.06.2011 30.06.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012 15.03.2013

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

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

Date 04.03.2013 26.02.2013 25.02.2013 13.02.2013 31.01.2013 30.01.2013 24.01.2013 08.01.2013 17.12.2012 15.11.2012 01.11.2012 31.10.2012 03.09.2012 20.07.2012 25.06.2012 27.04.2012 26.04.2012 23.03.2012 06.02.2012 02.06.2011 26.05.2011 13.05.2011 29.03.2011 09.06.2010 08.03.2010

15.03.2013

XCMG Construction Machinery Co Ltd XCMG Construction Machinery Co., Ltd. manufactures and markets a variety of construction machinery including road construction machinery, scrapers, concrete mixers and other related products.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2012) 52-Week Low (04.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000425 CH EQUITY YTD Change 000425 CH EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 16.06 9.58 8'498'964.00 11.42 -28.89% 19.21% 26.54% 2'062.8 23'556.70 12'276.30 0.0 12.8 8'367.64 33'430.55

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

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-12

Market Data

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

Fiscal Year Ended 31.12.2007 3'255.9 3.92x 111.5 114.53x 24.7 445.00x

1 1 1 1 1 1 0 0 0 0 0

31.12.2008 31.12.2009 15'840.3 20'617.9 0.63x 1.49x 1'760.7 2'240.6 5.69x 13.68x 1'495.7 1'741.3 9.04x 17.47x Profitability

LTM-4Q 31.12.2010 25'662.3 2.19x 3'565.8 15.74x 2'934.9 17.65x

31.12.2011 32'850.4 1.01x 4'297.0 7.74x 3'378.6 8.67x 4'296.98 3'976.15 12.10% 12.02% 6.87% 16.13% 0.88% 20.4% 9.8% 10.3% 1.71 1.16 35.36% 81.07% 2.25 4.44

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.04 758.37 -23.60% -0.95% 1.036 7 4.000 6'701'713 13'140'860 16'357'180 FY+2

21.95 7.53 81.1% 44.8% 0.88 5.80 162.72 82.42 64.85 118.68

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 32'258.3 35'385.0 7'888.5 0.84x 0.82x 2.99x 3'280.0 4'024.0 0.0 10.19x 8.31x 2'413.0 2'852.0 347.0 8.54x 7.65x S&P Issuer Ratings

0.1 0.0 2000

0.00

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

15.03.2013

XCMG Construction Machinery Co Ltd Holdings By:

All

Holder Name XUGONG GROUP MACHINE YOUNGOR INVESTMENT C SH RURAL COMM BANK C ZHONGCAI MINGYUAN IN SZ PINGAN VEN CAP SH ZHONGCHUANGXIN IN JS HIGH HOPE INTL YINHUA FUND MANAGEME AEROSPACE SCI & TECH E FUND MANAGEMENT CHINA ASSET MANAGEME RONGTONG FUND MANAGE SWS MU FUND MANAGEME HARVEST FUND MANAGEM BOSHI FUND MANAGEMEN CHANG XIN ASSET MANA HFT INVESTMENT MANAG CHINA SOUTHERN FUND E FUND MANAGEMENT FULLGOAL FUND MANAGE

Firm Name Jefferies Citic Securities Co., Ltd Everbright Securities Co., Ltd Capital Securities Corp Sinolink Securities Co Ltd SWS Research Co Ltd Industrial Securities Chang Jiang Securities Co. Limited Northeast Securities Co Ltd China Investment Securities Guodu Securities Co Ltd First Capital Securities Co China Merchants Securities China Securities Co., Ltd Bank of China International China Galaxy Securities China Minzu Securities Co Ltd Central China Securities ZheShang Securities

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

Analyst JULIAN BU XIAOBO XUE LU ZHOU HAN WEIQI DONG YAGUANG MILLER LI WU HUA LIU YUANRUI LIU LIXI LI QIN WEI JING GUO QIANG LIU RONG GAO XIAOCHUN LEVI SHI JU HOULIN GUAN JIANXIN LU YONGGUANG XU GUANGBING

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

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

Amt Held 1'014'941'488 78'600'000 70'808'930 65'600'000 65'400'000 32'800'000 26'000'000 25'497'616 21'000'000 20'979'251 18'471'496 14'397'800 9'595'650 6'530'817 6'404'319 6'229'599 5'742'763 5'250'976 3'691'366 3'538'411

% Out 49.2 3.81 3.43 3.18 3.17 1.59 1.26 1.24 1.02 1.02 0.9 0.7 0.47 0.32 0.31 0.3 0.28 0.25 0.18 0.17

Weighting

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

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

Latest Chg 15'172'311 4'716'014 15'377'596 2'203'428 5'195'878 2'015'977 3'370'794 (1'432'744) 5'473'545 387'623 3'538'211

Target Price 14 #N/A N/A 14 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 31 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 30 27 #N/A N/A #N/A N/A #N/A N/A 23

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

File Dt 30.06.2011 30.06.2011 30.06.2011 30.06.2011 30.06.2011 30.06.2011 30.07.2011 30.06.2012 30.06.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 15.03.2013 30.06.2012

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

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

Date 06.03.2013 30.01.2013 16.01.2013 31.10.2012 31.10.2012 08.06.2012 02.11.2011 11.08.2011 27.07.2011 02.06.2011 13.05.2011 28.04.2011 05.01.2011 08.12.2010 26.10.2010 10.05.2010 28.04.2010 09.02.2010 09.02.2010

15.03.2013

Kunming Yunnei Power Co Ltd Kunming Yunnei Power Co., Ltd. manufactures and markets a variety of diesel engines and related parts. The Company also manufactures and sells light duty trucks.

Price/Volume 7

60.0 M

50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000903 CH EQUITY YTD Change 000903 CH EQUITY YTD % CHANGE

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

20.0 M

10.0 M

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 1'942.6 3.14x 232.5 26.21x 201.6 27.89x

30.0 M

12/2011 09/yy 5.85 4.00 5'603'114.00 5.07 -13.33% 26.75% 57.30% 680.8 3'451.45 460.08 0.0 9.3 602.22 4'560.75

31.12.2008 31.12.2009 1'786.3 2'481.3 0.73x 1.87x 106.1 111.4 12.26x 41.58x 135.6 169.9 14.02x 30.36x Profitability

LTM-4Q 31.12.2010 2'318.5 2.72x 61.0 103.58x 134.5 49.44x

31.12.2011 2'193.2 1.19x 103.4 25.30x 39.9 68.47x 103.45 5.31 0.24% 0.79% 1.35% 2.57% 0.44% 13.4% 2.0% 1.8% 1.17 0.86 10.35% 17.88% 2.43 3.71

Price/ Cash Flow

09/yy 2'280.2 8.90x 0.0 0.00x 88.1 44.88x

LTM 09/yy 2'150.3 5.60x 0.0 0.00x 66.1 42.66x

1.03 411.51 10.95% 9.03% 1.027 0 7'722'485 13'674'780 11'543'880

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

3.28 -6.67 17.9% 15.1% 0.44 1.11 150.33 98.77 158.97 86.46

Sales/Revenue/Turnover

160.00

3'000.0

140.00

2'500.0

120.00

2'000.0

100.00 80.00

1'500.0

60.00

1'000.0

40.00

500.0 20.00 0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

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

15.03.2013

Kunming Yunnei Power Co Ltd Holdings By:

All

Holder Name YUNNAN INTERNAL COMB CHINA SECURITIES CO HUANG ZHAO CHINA MERCHANTS SECU HUANG MIN YANG MINGXIAO CHEN LILI WANG XUFEN CHINA SOUTHERN FUND CITIC PRUDENTIAL FUN XIONG YINHUA GF FUND MANAGEMENT C PENGHUA FUND MANAGEM WANJIA ASSET MANAGEM BOSERA FUND MANAGEME DACHENG FUND MANAGME BANK OF COMMUNICATIO FULLGOAL FUND MANAGE

Firm Name Sealand Securities Citic Securities Co., Ltd Everbright Securities Co., Ltd Capital Securities Corp Sinolink Securities Co Ltd SWS Research Co Ltd Industrial Securities Chang Jiang Securities Co. Limited Northeast Securities Co Ltd China Investment Securities Guodu Securities Co Ltd First Capital Securities Co China Merchants Securities China Securities Co., Ltd Bank of China International China Galaxy Securities China Minzu Securities Co Ltd Central China Securities ZheShang Securities

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

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

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

Amt Held 259'640'640 13'556'624 2'258'487 1'860'000 1'676'359 1'535'299 1'436'405 1'432'360 1'394'074 1'369'966 1'269'900 969'372 277'081 261'161 91'307 71'627 31'929 25'570

% Out 38.14 1.99 0.33 0.27 0.25 0.23 0.21 0.21 0.2 0.2 0.19 0.14 0.04 0.04 0.01 0.01 0 0

Weighting

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

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

Latest Chg 103'459 645'090 44'478 (1'692) 49'731 (4'698) (42'100) (26'573) (1'167'100)

Target Price 14 #N/A N/A 14 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 31 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 30 27 #N/A N/A #N/A N/A #N/A N/A 23

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Inst Type Corporation Corporation n/a Corporation n/a n/a n/a n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

15.03.2013

Doosan Infracore Co Ltd Doosan Infracore Co., Ltd. manufactures machinery for construction. The Company's products include construction equipment, industrial vehicles, diesel engines, power generators, machine tools, factory automation system, and other products, such as armored vehicles for the defense industry.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (3/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 042670 KS EQUITY YTD Change 042670 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 23'850.00 15'100.00 1'125'923.00 15250 -36.06% 0.99% 1.14% 168.7 2'572'035.00 2'651'171.22 0.0 0.0 186'245.33 5'076'883.55

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

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-12

Market Data

Fiscal Year Ended 31.12.2008 3'963'379.0 0.95x 418'027.2 9.05x (121'818.1) -

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 2'663'206.1 3'879'948.0 1.97x 1.73x 298'457.3 613'796.0 17.60x 10.96x (311'103.7) 189'658.8 27.61x Profitability

LTM-4Q 31.12.2011 4'426'917.0 1.24x 456'701.0 11.99x 313'803.0 12.35x

31.12.2012 4'243'618.7 (121'315.6) 456'701.01 53'691.38 1.27% 7.35% 5.83% 20.11% 10.27% 0.82% 21.5% 10.3% 1.3% -2.9% 0.92 0.52 45.36% 157.00% 5.53 6.55

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

0.00 1.22 86.53 -34.27% -10.29% 1.216 27 4.259 882'759 920'222 956'040

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

27.39x 11.35x S&P Issuer Ratings

3.76 2.49 5.38 5.81 157.0% 61.1% 0.82 3.50 65.97 55.70 52.29 69.37

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0 2001

0.00

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

0.9 1.00

15.03.2013

Doosan Infracore Co Ltd Holdings By:

All

Holder Name DOOSAN HEAVY INDUSTR MIRAE ASSET GLOBAL I NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK JP MORGAN UBS HANA ASSET MANAG SAMSUNG INVESTMENT T KOREA INVESTMENT TRU TRUSTON ASSET MANAGE HI ASSET MANAGEMENT FRANKLIN RESOURCES KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV GOLDMAN SACHS ASSET KB ASSET MANAGEMENT GOLDMAN SACHS GROUP KTB ASSET MANAGEMENT GOLDMAN SACHS ASSET MIRAE ASSET GLOBAL I

Firm Name Daishin Securities Co., Ltd. Shinyoung Securities Co., Ltd. HSBC Hanwha Securities Co., Ltd Woori Investment & Securities KIWOOM Securities Co Ltd Daiwa Securities Co. Ltd. Morgan Stanley HMC Investment Securities Co Ltd Tong Yang Investment Bank JPMorgan E*Trade Securities Korea LIG Investment Securities Samsung Securities Dongbu Securities Co Ltd Daewoo Securities SK Securities Co Ltd EVA Dimensions Nomura IBK Securities Co Ltd Korea Investment & Securities Hana Daetoo Securities Hyundai Securities KTB Securities BS Securities Co Ltd Deutsche Bank

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

Analyst JEON JAE-CHEON JAE-SEUNG KIM PAUL CHOI DONG-IK JEONG HAH SUK-WON PAUL CHOI WON-KYUNG MIKE OH YOUNG SUK SHIN DONG-EUN YEOM LEE JAE-WON PARK WAN SUN PARK MOO-HYUN CHOI GWANG-SHIK YOUNGSOO HAN KIM HONG-GYUN SUNG KI-JONG LEE JI-HOON CRAIG STERLING ANGELA HONG JIN-HO HONG RICHARD PARK SANG-WOO LEE LEE SANG-HWA HYUN JIN KWON KWAK MIN-JUNG CHANWOOK PARK

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

Recommendation buy buy overweight outperform buy buy hold Underwt/In-Line buy buy overweight buy buy hold buy buy buy sell buy buy hold buy buy buy buy not rated

Amt Held 75'509'366 13'950'352 6'345'610 5'176'490 2'401'820 1'471'368 1'441'520 1'175'487 1'003'195 802'130 564'228 554'919 445'764 340'940 314'440 241'654 207'180 200'926 194'090 165'432

% Out 44.77 8.27 3.76 3.07 1.42 0.87 0.85 0.7 0.59 0.48 0.33 0.33 0.26 0.2 0.19 0.14 0.12 0.12 0.12 0.1

Weighting

Change

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

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

Latest Chg 5'270'588 (2'302'448) (59'430) 4'450 (3'202'660) (718'260) (414'330) 194'480 278'820 561'868 545'445 (168'806) 25'320 126'812 20'970 178'084 (95'480) 36'600

Target Price 21'000 20'000 23'000 18'000 18'000 20'000 16'500 14'000 20'000 21'000 19'000 21'000 21'000 17'400 23'000 22'000 21'000 #N/A N/A 23'000 24'000 #N/A N/A 21'300 20'000 27'000 26'000 #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 31.03.2010 10.04.2012 31.12.2012 13.03.2013 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.07.2012 31.10.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 14.03.2013 14.03.2013 12.03.2013 11.03.2013 18.02.2013 18.02.2013 15.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 30.01.2013 29.01.2013 29.01.2013 15.01.2013 10.01.2013 10.01.2013 18.12.2012 05.11.2012 26.10.2012 30.07.2012 27.04.2012 28.02.2011

15.03.2013

STX Engine Co Ltd STX Engine Co., Ltd. develops and manufactures marine diesel engine and engines and related parts. The Company also manufactures and sells light duty trucks.

Price/Volume 25000

1.8 M 1.6 M

20000

1.4 M 1.2 M

15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (3/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 077970 KS EQUITY YTD Change 077970 KS EQUITY YTD % CHANGE

12/2012 12/yy 20'900.00 7'320.00 147'217.00 8220 -60.67% 12.30% 5.01% 28.7 235'723.56 582'735.26 3.5 0.0 27'278.15 876'024.98

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

.8 M .6 M .4 M

5000

.2 M 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'492'509.5 0.29x 223'842.7 1.93x 96'747.1 4.77x

1.0 M

10000

31.12.2009 31.12.2010 1'607'664.2 1'220'718.5 0.45x 1.10x 223'236.2 122'362.9 3.25x 10.93x 60'458.4 58'350.8 9.08x 17.05x Profitability

LTM-4Q 31.12.2011 1'295'460.5 0.73x 124'899.6 7.56x 63'931.2 6.08x

LTM

31.12.2012 12/yy 12/yy 1'075'021.1 ######### ######### 2.43x 2.65x - 124'898.6 53'025.9 7.56x 0.00x (58'633.3) 63'930.9 (58'633.3) 6.08x 0.00x 124'899.61 42'180.60 3.92% 7.05% 3.26% 8.39% 6.81% 0.66% 12.9% 9.6% 3.9% -5.5% 0.78 0.48 27.93% 73.86% 2.92 5.64

Price/ Cash Flow

3.04 1.33 17.92 -59.90% -11.42% 1.325 4 2.500 81'796 81'876 111'323

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

4.29 3.91 4.38 4.67 73.9% 42.5% 0.66 3.62 125.04 64.69 61.51 128.22

Sales/Revenue/Turnover

3.00

1'800'000.0 1'600'000.0

2.50

1'400'000.0 1'200'000.0

2.00

1'000'000.0 1.50

800'000.0 600'000.0

1.00

400'000.0 0.50 0.00 02.01.2010

200'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

15.03.2013

STX Engine Co Ltd Holdings By:

All

Holder Name STX CORP CHINA SECURITIES CO HUANG ZHAO CHINA MERCHANTS SECU HUANG MIN YANG MINGXIAO CHEN LILI WANG XUFEN CHINA SOUTHERN FUND CITIC PRUDENTIAL FUN XIONG YINHUA GF FUND MANAGEMENT C PENGHUA FUND MANAGEM WANJIA ASSET MANAGEM BOSERA FUND MANAGEME DACHENG FUND MANAGME BANK OF COMMUNICATIO FULLGOAL FUND MANAGE

Firm Name EVA Dimensions PingAn Securities Central China Securities Chang Jiang Securities Co. Limited China Merchants Securities Pacific Securities Co Ltd

Analyst WANG QINGTAO YU BING XU MINFENG WENZHONG SHAO WANG LIUSHENG TAN JIJIA

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

Recommendation neutral neutral add buy buy add

Amt Held 259'640'640 13'556'624 2'258'487 1'860'000 1'676'359 1'535'299 1'436'405 1'432'360 1'394'074 1'369'966 1'269'900 969'372 277'081 261'161 91'307 71'627 31'929 25'570

% Out 38.14 1.99 0.33 0.27 0.25 0.23 0.21 0.21 0.2 0.2 0.19 0.14 0.04 0.04 0.01 0.01 0 0

Weighting

Change 3 3 4 5 5 4

N N M U M N

Latest Chg 103'459 645'090 44'478 (1'692) 49'731 (4'698) (42'100) (26'573) (1'167'100)

Target Price #N/A N/A #N/A N/A #N/A N/A #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 |

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 10.05.2011 07.01.2011 17.12.2010 08.06.2010 29.03.2010 13.08.2009

15.03.2013

Changchai Co Ltd Changchai Co., Ltd. manufactures and markets diesel engines, related spare parts, agricultural transport vehicles, and combine harvesters.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (31.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 200570 CH EQUITY YTD Change 200570 CH EQUITY YTD % CHANGE

12/2011 09/yy 4.89 2.42 528'620.00 4.2 -14.11% 73.55% 69.64% 150.0 4'060.75 345.08 0.0 13.7 553.74 2'947.11

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

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

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2007 2'040.5 2.05x 59.5 70.11x 168.1 16.58x

5 5 4 4 3 3 2 2 1 1 0 m-12

31.12.2008 31.12.2009 1'907.7 2'410.6 0.46x 2.61x (34.8) 139.6 44.97x (84.0) 229.0 13.74x Profitability

LTM-4Q 31.12.2010 2'845.5 1.57x 164.9 27.09x 120.5 23.74x

31.12.2011 3'137.0 0.35x 80.3 13.67x 52.9 25.60x 80.32 23.22 0.74% 1.98% 1.55% 2.60% 0.98% 8.6% 0.4% 1.7% 1.59 1.07 12.02% 19.80% 4.20 8.03

Price/ Cash Flow

09/yy 3'127.4 3.76x 0.0 0.00x 80.3 18.25x

LTM 09/yy 2'987.8 1.91x 0.0 0.00x 47.2 26.96x

0.89 146.83 28.94% 17.98% 0.890 1 1.000 635'303 1'348'160 1'270'218

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

20.44 -13.74 19.8% 16.4% 0.98 4.69 87.12 45.58 72.58 52.74

Sales/Revenue/Turnover

250.00

3'500.0 3'000.0

200.00

2'500.0 150.00

2'000.0 1'500.0

100.00

1'000.0 50.00

0.00 02.01.2009 02.07.2009

500.0 0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012 02.07.2012

02.01.2013

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

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

15.03.2013

Changchai Co Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC LI TAO SINOAUTO CO LTD LIU GUOSHENG MA ZEQI SHANGHAI WANGUO SECU BLACKROCK SUMITOMO MITSUI ASSE

Firm Name EVA Dimensions Shinyoung Securities Co., Ltd. HSBC Hanwha Securities Co., Ltd Woori Investment & Securities KIWOOM Securities Co Ltd Daiwa Securities Co. Ltd. Morgan Stanley HMC Investment Securities Co Ltd Tong Yang Investment Bank JPMorgan E*Trade Securities Korea LIG Investment Securities Samsung Securities Dongbu Securities Co Ltd Daewoo Securities SK Securities Co Ltd EVA Dimensions Nomura IBK Securities Co Ltd Korea Investment & Securities Hana Daetoo Securities Hyundai Securities KTB Securities BS Securities Co Ltd Deutsche Bank

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

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

Recommendation buy buy overweight outperform buy buy hold Underwt/In-Line buy buy overweight buy buy hold buy buy buy sell buy buy hold buy buy buy buy not rated

Amt Held 1'374'000 838'391 820'000 803'583 712'500 551'550 54'400 15'000

% Out 0.92 0.56 0.55 0.54 0.47 0.37 0.04 0.01

Latest Chg -

Weighting

Change

Target Price

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

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

21'000 20'000 23'000 18'000 18'000 20'000 16'500 14'000 20'000 21'000 19'000 21'000 21'000 17'400 23'000 22'000 21'000 #N/A N/A 23'000 24'000 #N/A N/A 21'300 20'000 27'000 26'000 #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 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 13.03.2013 31.08.2012

Inst Type Investment Advisor n/a Corporation n/a n/a Investment Advisor Investment Advisor Investment Advisor

15.03.2013

Sany Heavy Industry Co Ltd Sany Heavy Industry Co., Ltd. manufactures and markets construction machinery and related parts. The Company's products include concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry sells its products under the "Sany" trade mark.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2012) 52-Week Low (04.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600031 CH EQUITY YTD Change 600031 CH EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 15.42 7.59 27'679'763.00 10.6 -31.26% 39.66% 37.55% 7'616.5 80'734.94 20'774.33 0.0 1'090.9 10'267.72 101'539.88

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

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-12

Market Data

Fiscal Year Ended 31.12.2007 9'138.0 6.28x 1'838.1 31.24x 1'606.2 34.57x

1 1 1 1 1 1 0 0 0 0 0

31.12.2008 31.12.2009 13'727.5 18'917.0 1.65x 3.00x 2'116.6 3'880.8 10.71x 14.63x 1'232.2 2'639.9 16.88x 20.80x Profitability

LTM-4Q 31.12.2010 33'823.7 3.37x 7'628.2 14.95x 5'615.5 19.50x

31.12.2011 50'516.8 2.11x 11'310.3 9.44x 8'648.9 11.01x 11'310.32 10'586.88 20.96% 21.36% 11.32% 32.83% 0.83% 36.0% 15.4% 17.1% 1.46 0.98 40.49% 105.65% 2.67 3.54

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.37 2'800.19 -21.27% 0.09% 1.375 24 4.333 33'274'500 51'812'150 55'029'170 FY+2

14.78 5.46 105.7% 50.0% 0.83 3.16 136.83 103.38 62.03 103.02

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 49'699.8 56'495.9 11'678.0 1.82x 1.61x 7.04x 10'935.5 12'666.7 596.0 9.29x 8.02x 6'504.4 7'502.6 378.0 2'594.0 12.07x 10.07x 7.97x 6.20x S&P Issuer Ratings

0.1 0.0 2000

0.00

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

15.03.2013

Sany Heavy Industry Co Ltd Holdings By:

All

Holder Name SANY GROUP CO LTD WENGEN LIANG BOSHI FUND MANAGEMEN HARVEST FUND MANAGEM DACHENG FUND MANAGME FULLGOAL FUND MANAGE E FUND MANAGEMENT CHINA ASSET MANAGEME XIUGUO TANG ZHONGWU MAO WENBO XIANG YINHUA FUND MANAGEME DI CHUN JIASHI FUND MANAGEME JINHUA YUAN CSOP ASSET MANAGEMEN LION FUND MANAGEMENT BANK OF COMMUNICATIO FUGUI ZHOU FORTUNE SGAM FUND MA

Firm Name Nomura Guotai Junan Capital Securities Corp PingAn Securities Everbright Securities Co., Ltd Goldman Sachs Northeast Securities Co Ltd Citic Securities Co., Ltd Bank of China International Jefferies EVA Dimensions SWS Research Co Ltd Credit Suisse HuaChuang Securities Hong Yuan Securities Fortune CLSA Securities Limited Sinolink Securities Co Ltd China International Capital Corp Morgan Stanley China Securities Co., Ltd China Investment Securities Industrial Securities Central China Securities China Merchants Securities Great Wall Securities Bohai Securities Co Ltd Chang Jiang Securities Co. Limited First Capital Securities Co Guodu Securities Co Ltd ZheShang Securities China Galaxy Securities Sealand Securities

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

Analyst GE WENJIE LU JUAN HAN WEIQI ZHANG WEI LU ZHOU TIAN LU JIANGTAO WU GUO YALING XU MINLE JULIAN BU CRAIG STERLING MILLER LI YANG SONG GAO LI PANG LINLIN YANG YAN DONGYA GUANG WU HUIMIN KATE ZHU FUZHANG FENG OUYANG JUN WU HUA XU MINFENG LIU RONG YAN FUYIN DU PU LIU YUANRUI GUO QIANG WEI JING SHI HAISHENG JU HOULIN LILI LIU

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

Recommendation neutral buy buy buy buy neutral/neutral buy buy buy hold underweight buy underperform buy add outperform add buy restricted buy buy buy buy strong buy buy buy buy add strong buy buy speculative buy buy

Amt Held 4'281'311'012 286'575'517 104'814'907 69'913'905 55'108'931 53'644'369 51'272'762 47'505'241 47'284'115 43'231'190 43'231'189 41'711'986 37'436'485 32'309'678 25'668'519 24'998'775 21'507'889 21'215'738 18'913'646 18'201'141

% Out 56.21 3.76 1.38 0.92 0.72 0.7 0.67 0.62 0.62 0.57 0.57 0.55 0.49 0.42 0.34 0.33 0.28 0.28 0.25 0.24

Weighting

Change

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

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

Latest Chg (52'970'003) 28'093'406 (24'815'213) (2'101'690) 17'301'736 2'762'243 35'877'974 14'661'349 411'506 3'699'331 4'466'769

Target Price 14 12 14 #N/A N/A 13 13 #N/A N/A #N/A N/A 13 14 #N/A N/A #N/A N/A 9 #N/A N/A #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 16 #N/A N/A #N/A N/A #N/A N/A 20 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2011 31.12.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 31.12.2011 31.12.2011 30.06.2012 31.12.2011 30.06.2012 31.12.2011 15.03.2013 30.06.2012 30.06.2012 31.12.2011 30.06.2012

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

Inst Type Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 14.03.2013 13.03.2013 11.03.2013 04.03.2013 09.02.2013 08.02.2013 31.01.2013 30.01.2013 28.01.2013 23.01.2013 17.01.2013 14.01.2013 17.12.2012 17.12.2012 26.11.2012 15.11.2012 07.11.2012 20.07.2012 27.06.2012 25.06.2012 19.04.2012 16.04.2012 09.04.2012 06.04.2012 31.01.2012 23.09.2011 16.08.2011 27.05.2011 13.05.2011 14.12.2010 27.01.2010 28.08.2009

15.03.2013

Daihatsu Diesel Manufacturing Co Ltd DAIHATSU DIESEL MFG, CO., LTD. manufactures marine-use propulsion and auxiliary military engine. The Company also manufactures electronic communication equipment.

Price/Volume 600

1.6 M 1.4 M

500

1.2 M 400

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (3/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 6023 JP EQUITY YTD Change 6023 JP EQUITY YTD % CHANGE

03/2012 12/yy 546.00 187.00 98'000.00 491 -10.07% 162.57% 83.29% 31.9 15'638.35 14'858.25 0.0 13.5 16'873.97 11'775.59

31.03.2008 60'677.7 0.66x 7'504.6 5.34x 2'393.9 11.57x

.8 M .6 M

200

.4 M 100

.2 M

0 m-12

31.03.2009 31.03.2010 71'351.6 63'783.0 0.39x 0.33x 9'497.0 8'299.5 2.92x 2.57x 3'747.8 3'475.3 4.82x 3.16x Profitability

LTM-4Q 31.03.2011 58'108.3 0.28x 9'205.5 1.78x 3'528.6 3.82x

31.03.2012 57'728.2 0.20x 7'534.0 1.50x 2'387.9 5.56x

7'534.03 4'600.27 7.97% 7.99% 3.57% 9.73% 6.41% 0.85% 26.0% 10.5% 5.3% 4.1% 1.57 1.15 21.89% 60.97% 4.02 4.48

Price/ Cash Flow

j-12

LTM

12/yy 58'558.9 0.99x 8'747.9 1.13x 3'126.3 3.39x

a-12

12/yy 54'692.5 0.42x 5'642.5 0.75x 2'559.5 3.17x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

1.36 17.87 23.60% 92.55% 1.365 0 219'800 221'033 227'897

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

34.50 28.04 -0.96 2.48 61.0% 37.9% 0.85 3.07 90.94 81.69 113.88 69.02

Sales/Revenue/Turnover

4.00

80'000.0

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 03.04.2009

a-12 m-12

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

1.0 M

300

Valuation Analysis

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

15.03.2013

Daihatsu Diesel Manufacturing Co Ltd Holdings By:

All

Holder Name TOYOTA MOTOR CORP FMR LLC SEKISUI HOUSE LTD MITSUBISHI UFJ FINAN JP MORGAN ASSET MGMT JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF MITSUI SUMITOMO INSU RESONA HOLDINGS INC SHIGA BANK LTD/THE MITSUI & CO LTD DAIWA SECURITIES GRO AICHI ELECTRIC CO LT DEUTSCHE BANK AG/LON TORISHIMA PUMP MANUF DMW CORP SJUNDE AP FONDEN MU INVESTMENTS CO LT T RAD CO LTD FURUKAWA YOSHIRO

Firm Name #N/A N/A Mirae Asset Securities Daewoo Securities Macquarie E*Trade Securities Korea Korea Investment & Securities

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

Analyst CRAIG STERLING CHUNG WOO CHANG SUNG KI-JONG LEE JUWON PARK MOO-HYUN RICHARD PARK

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

Recommendation underweight hold neutral neutral buy buy

Amt Held % Out 11'194'000 35.15 2'202'000 6.91 2'000'000 6.28 1'302'000 4.09 829'000 2.6 724'000 2.27 650'000 2.04 640'000 2.01 590'000 1.85 300'000 0.94 297'000 0.93 281'000 0.88 110'000 0.35 (78'966) -0.25 55'000 0.17 55'000 0.17 52'000 0.16 36'000 0.11 33'000 0.1 26'000 0.08

Weighting

Change 1 3 3 3 5 5

M N D M M M

Latest Chg 319'000 32'000 3'000 (53'000) 2'000

Target Price #N/A N/A 10'000 #N/A N/A 9'500 33'000 22'500

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

File Dt Inst Type 30.09.2012 Corporation 15.02.2013 Investment Advisor 30.09.2012 Corporation 31.12.2012 Holding Company 29.10.2012 Mutual Fund Manager 30.09.2012 Bank 30.09.2012 Bank 30.09.2012 Insurance Company 30.09.2012 Holding Company 30.09.2012 Bank 30.09.2012 Corporation 23.04.2012 Holding Company 31.03.2012 Corporation 18.02.2013 Investment Advisor 31.03.2011 Corporation 31.03.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Corporation 28.06.2012 n/a

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

Date 17.01.2013 19.09.2012 29.08.2012 14.08.2012 25.01.2012 30.11.2011

15.03.2013

Komatsu Ltd KOMATSU LTD. manufactures and sells construction and mining machinery, including parts, agricultural transport vehicles, and combine harvesters.

Price/Volume 3000

25.0 M

2500

20.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (10.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6301 JP EQUITY YTD Change 6301 JP EQUITY YTD % CHANGE

03/2012 12/yy 2'512.00 1'439.00 7'879'300.00 2213 -11.90% 53.79% 72.88% 983.1 2'175'667.25 647'800.00 0.0 47'761.0 83'986.00 2'836'189.27

31.03.2008 2'243'023.0 1.40x 408'514.0 7.67x 208'793.0 13.50x

10.0 M

1000

5.0 M

500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

15.0 M

1500

Valuation Analysis

31.03.2009 31.03.2010 2'021'743.0 1'431'564.0 0.78x 1.71x 250'302.0 158'354.0 6.31x 15.43x 78'797.0 33'559.0 13.38x 56.53x Profitability

LTM-4Q 31.03.2011 1'843'127.0 1.76x 312'396.0 10.38x 150'752.0 18.14x

LTM

FY+1

2.03 1.51 930.44 -5.35% 1.33% 1.508 26 4.038 9'507'460 8'284'767 8'241'611 FY+2

FQ+1

FQ+2

31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'981'763.0 ######### ######### ######### ######### 534'582.6 476'000.0 1.44x 5.38x 5.33x 1.42x 1.30x 346'449.0 343'430.0 301'628.0 323'962.8 382'483.8 8.25x 6.75x 9.09x 8.75x 7.42x 167'041.0 179'506.0 128'761.0 139'958.1 174'485.8 42'719.0 13.60x 9.69x 16.15x 15.06x 12.07x S&P Issuer Ratings 346'449.00 Long-Term Rating Date 26.10.2007 256'343.00 Long-Term Rating A 12.94% Long-Term Outlook STABLE 12.68% Short-Term Rating Date 6.37% Short-Term Rating 14.20% Credit Ratios 9.59% EBITDA/Interest Exp. 44.51 0.89% (EBITDA-Capex)/Interest Exp. 28.31 Net Debt/EBITDA 1.67 27.3% Total Debt/EBITDA 1.92 16.8% Reference 12.2% Total Debt/Equity 64.2% 8.4% Total Debt/Capital 38.0% Asset Turnover 0.89 1.62 Net Fixed Asset Turnover 3.70 0.75 Accounts receivable turnover-days 91.23 27.92% Inventory Days 146.53 64.16% Accounts Payable Turnover Day 61.69 4.01 Cash Conversion Cycle 171.36 2.50

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

2'500'000.0

25.00

2'000'000.0

20.00

1'500'000.0

15.00

1'000'000.0 10.00

500'000.0

5.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

15.03.2013

Komatsu Ltd Holdings By:

All

Holder Name JAPAN TRUSTEE SERVIC LI TAO SINOAUTO CO LTD LIU GUOSHENG MA ZEQI SHANGHAI WANGUO SECU BLACKROCK SUMITOMO MITSUI ASSE

Firm Name SMBC Nikko Securities Inc

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

Analyst TEAM COVERAGE

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

Recommendation sell

Amt Held 1'374'000 838'391 820'000 803'583 712'500 551'550 54'400 15'000

% Out 0.92 0.56 0.55 0.54 0.47 0.37 0.04 0.01

Latest Chg -

Weighting

Change

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 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 13.03.2013 31.08.2012

Date Not Provided

Inst Type Investment Advisor n/a Corporation n/a n/a Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2012

15.03.2013

Hitachi Construction Machinery Co Ltd Hitachi Construction Machinery Co., Ltd. develops, manufactures, sells, and and related parts. The Company's products include concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry sells its products under the "Sany" trade mark.

Price/Volume 2500

7.0 M 6.0 M

2000

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6305 JP EQUITY YTD Change 6305 JP EQUITY YTD % CHANGE

03/2012 12/yy 2'250.00 1'203.00 1'794'900.00 2002 -11.02% 66.42% 75.64% 215.1 430'660.31 401'502.00 0.0 45'441.0 72'803.00 809'602.31

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

4.0 M

1000

3.0 M 2.0 M

500

1.0 M

0 m-12

31.03.2009 31.03.2010 744'167.0 605'788.0 0.77x 1.27x 83'953.0 56'691.0 6.81x 13.56x 18'253.0 4'019.0 14.79x 114.28x Profitability

LTM-4Q 31.03.2011 773'769.0 0.98x 86'136.0 8.77x 11'088.0 39.72x

31.03.2012 817'143.0 0.93x 94'408.0 8.07x 23'036.0 16.82x 94'408.00 54'837.00 6.71% 6.13% 3.44% 10.77% 6.95% 0.85% 25.8% 11.3% 6.7% 2.8% 1.45 0.81 36.97% 124.17% 3.02 2.34

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.75 1.48 100.79 9.92% 11.72% 1.476 22 3.000 2'255'400 2'273'417 2'195'086 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 796'923.0 818'347.0 765'201.7 792'789.3 216'035.3 3.33x 3.42x 1.01x 0.95x 96'185.0 88'484.0 88'173.3 104'780.1 6.29x 8.57x 9.18x 7.73x 17'126.0 23'699.0 29'940.9 31'126.4 16'380.0 16.01x 16.02x 14.13x 13.35x 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

8.15 5.25 3.24 3.76 124.2% 52.1% 0.85 3.55 121.05 156.42 89.90 194.80

Sales/Revenue/Turnover

40.00

1'000'000.0

35.00

900'000.0 800'000.0

30.00

700'000.0

25.00

600'000.0

20.00

500'000.0 400'000.0

15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 03.04.2009

a-12 m-12

Fiscal Year Ended 31.03.2008 940'826.0 0.75x 138'620.0 5.11x 55'985.0 9.21x

1500

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

15.03.2013

Hitachi Construction Machinery Co Ltd Holdings By:

All

Holder Name HITACHI LTD JAPAN TRUSTEE SERVIC MASTER TRUST BANK OF NOMURA NIKKO ASSET MANAGEME HITACHI CONSTRUCTION BANK OF NEW YORK MEL TRUST & CUSTODY SERV DAIWA SECURITIES GRO JP MORGAN SECURITIES SOCIETE GENERALE SEC DEUTSCHE BANK AG/LON VANGUARD GROUP INC MITSUBISHI UFJ FINAN DEUTSCHE SECURITIES DEUTSCHE BANK AG/LON STATE STREET CUSTODI CHUO SHOJI CO LTD LONE CYPRESS LTD CREDIT SUISSE HONG K

Firm Name SMBC Nikko Securities Inc Guotai Junan Capital Securities Corp PingAn Securities Everbright Securities Co., Ltd Goldman Sachs Northeast Securities Co Ltd Citic Securities Co., Ltd Bank of China International Jefferies EVA Dimensions SWS Research Co Ltd Credit Suisse HuaChuang Securities Hong Yuan Securities Fortune CLSA Securities Limited Sinolink Securities Co Ltd China International Capital Corp Morgan Stanley China Securities Co., Ltd China Investment Securities Industrial Securities Central China Securities China Merchants Securities Great Wall Securities Bohai Securities Co Ltd Chang Jiang Securities Co. Limited First Capital Securities Co Guodu Securities Co Ltd ZheShang Securities China Galaxy Securities Sealand Securities

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

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

Amt Held % Out 108'033'000 50.22 9'049'000 4.21 7'134'000 3.32 4'643'100 2.16 3'624'900 1.69 3'291'632 1.53 2'575'000 1.2 2'537'000 1.18 2'272'400 1.06 2'270'000 1.06 1'959'000 0.91 1'781'000 0.83 1'759'076 0.82 1'748'900 0.81 1'706'000 0.79 (1'613'686) -0.75 1'378'000 0.64 1'295'000 0.6 (1'107'759) -0.51 (1'027'401) -0.48

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

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

Latest Chg (612'000) (1'811'000) (13'400) (800) (4'668) 742'000 106'000 (56'800) 45'000 605'000 19'946 (98'400) 71'900 188'000 (136'353) (9'700)

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

File Dt 30.09.2012 30.09.2012 30.09.2012 28.02.2013 14.03.2013 30.09.2012 30.09.2012 30.09.2012 31.01.2013 30.09.2012 30.09.2012 30.09.2012 31.12.2012 31.01.2013 30.09.2012 13.03.2013 31.03.2012 30.09.2011 18.05.2012 24.02.2012

Inst Type Corporation Bank Bank Unclassified Unclassified Corporation Investment Advisor Bank Holding Company Bank Investment Advisor Investment Advisor Investment Advisor Holding Company Bank Investment Advisor Other Corporation Other Bank

15.03.2013

Nittan Valve Co Ltd NITTAN VALVE CO., LTD. manufactures valves for motor vehicle engines, ships, diesel engines, stationary diesel engines, and industrial products such as aluminum wheels and automatic door closers for train cars. The Company also manages real estate leasing with properties ranging from office buildings to parking garages.

Price/Volume .2 M

350

.2 M

300

.1 M .1 M

250

.1 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6493 JP EQUITY YTD Change 6493 JP EQUITY YTD % CHANGE

03/2012 12/yy 349.00 240.00 96'500.00 347 -0.57% 44.58% 99.00% 29.0 10'055.66 2'323.02 0.0 3'744.4 3'428.65 14'779.34

31.03.2008 36'462.7 0.45x 6'577.8 2.51x 1'972.7 7.09x

.1 M

150

.1 M

100

.0 M

0 m-12

31.03.2009 31.03.2010 31'693.9 27'753.8 0.38x 0.50x 3'972.1 2'875.3 3.01x 4.79x (255.9) (189.5) Profitability

LTM-4Q 31.03.2011 32'294.7 0.31x 4'678.3 2.13x 565.7 15.93x

31.03.2012 32'950.1 0.35x 3'313.8 3.50x (895.4) -

3'313.84 658.45 2.00% 0.49% -0.81% -1.42% 0.95% 0.86% 11.2% 11.4% 3.3% -2.7% 1.73 1.01 5.73% 10.30% 5.50 5.61

Price/ Cash Flow

m-12

j-12

LTM

12/yy 32'134.2 1.28x 3'557.9 2.78x (279.5) 0.00x

a-12

12/yy 33'839.6 1.41x 3'830.6 3.34x (179.8) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

3.17 0.93 16.74 12.73% 23.93% 0.932 1 5.000 41'860 45'050 53'614 FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y 03/13 Q4 06/13 Q1 - 40'000.0 1'200.0 8.36x S&P Issuer Ratings

142.31 -1.32 -0.02 0.88 10.3% 8.1% 0.86 2.27 66.52 65.27 50.77 76.97

Sales/Revenue/Turnover

4.00

40'000.0

3.50

35'000.0

3.00

30'000.0

2.50

25'000.0

2.00

20'000.0

1.50

15'000.0

1.00

10'000.0

0.50

5'000.0

0.00 03.04.2009

a-12

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

400

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

15.03.2013

Nittan Valve Co Ltd Holdings By:

All

Holder Name EATON CORP BANK OF YOKOHAMA LTD HONDA MOTOR CO LTD TOYOTA MOTOR CORP MASTER TRUST BANK OF GOLDMAN SACHS INTERN SNT CORP MIZUHO FINANCIAL GRO MEIJI YASUDA LIFE IN NOMURA AMUNDI JAPAN SANYO SPECIAL STEEL SJUNDE AP FONDEN DIMENSIONAL FUND ADV BLACKROCK WILLERFUNDS MANAGEME ONEX CORP/JAPAN SOCIETE GENERALE NITTAN VALVE CO LTD ISEKI & CO LTD

Firm Name Tachibana Securities

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

Analyst KENTARO HAYASHI

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

Recommendation Strong Outperform

Amt Held 8'693'000 1'302'000 1'233'000 1'057'000 725'000 612'000 517'000 472'000 448'000 436'300 387'700 314'656 267'100 205'300 159'300 127'700 117'300 109'900 90'800 50'000

% Out 30 4.49 4.25 3.65 2.5 2.11 1.78 1.63 1.55 1.51 1.34 1.09 0.92 0.71 0.55 0.44 0.4 0.38 0.31 0.17

Weighting

Change 5

Latest Chg (74'000) (260'000) (20'500) 1'100 57'100 159'300 (373'200) -

Target Price #N/A N/A

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

File Dt Inst Type 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Corporation 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Corporation 30.09.2012 Bank 30.09.2012 Insurance Company 17.12.2012 Unclassified 20.02.2012 Mutual Fund Manager 31.03.2012 Corporation 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 15.03.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Unclassified 31.10.2012 Bank 30.09.2012 Corporation 31.03.2012 Corporation

Date Not Provided

Date 11.07.2012

15.03.2013

Toyo Denki Seizo - Toyo Electric Manufacturing Co Ltd TOYO ELECTRIC MFG. CO., LTD. manufactures electrical equipment for rolling stock excavators, bulldozers, and wheel loaders. The Company, operating on a global scale, also produces forklift trucks and engineering equipment such as press system.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6505 JP EQUITY YTD Change 6505 JP EQUITY YTD % CHANGE

05/2012 11/yy 335.00 200.00 562'000.00 296 -11.64% 48.00% 57.78% 48.7 14'407.80 9'385.00 0.0 0.0 1'489.00 23'764.80

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

.7 M

300

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.05.2008 38'130.1 0.47x 2'121.1 8.43x 532.8 27.70x

350

31.05.2009 31.05.2010 33'226.9 35'429.8 0.90x 0.74x 2'354.4 1'924.9 12.69x 13.64x 103.0 512.7 258.62x 42.05x Profitability

LTM-4Q 31.05.2011 37'893.8 0.59x 2'673.1 8.42x 678.3 25.64x

31.05.2012 38'570.0 0.51x 2'846.0 6.98x 785.0 15.22x 2'846.00 1'701.00 4.41% 4.56% 0.21% 0.55% 0.38% 0.86% 22.9% 5.5% 2.0% 2.0% 1.28 0.91 24.64% 62.36% 2.71 3.63

Price/ Cash Flow

LTM

11/yy 37'804.8 2.60x 2'526.0 9.13x 785.0 17.84x

11/yy 33'306.0 2.60x 1'821.0 11.02x 81.0 131.36x

FY+1

1.14 34.42 -5.36% 21.81% 1.140 1 3.000 204'200 192'467 189'207 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 02/13 Q3 05/13 Q4 32'750.0 36'500.0 9'434.0 10'000.0 1'700.0 2'500.0 13.98x 9.51x 300.0 675.0 500.0 350.0 47.36x 21.14x S&P Issuer Ratings

17.46 11.83 5.14 6.12 62.4% 38.4% 0.86 6.69 135.07 100.88 67.62 129.10

Sales/Revenue/Turnover

35.00

45'000.0

30.00

40'000.0 35'000.0

25.00

30'000.0

20.00

25'000.0

15.00

20'000.0 15'000.0

10.00

10'000.0

5.00 0.00 05.06.2009

5'000.0 0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

15.03.2013

Toyo Denki Seizo - Toyo Electric Manufacturing Co Ltd Holdings By:

All

Holder Name NIPPON LIFE INSURANC EAST JAPAN RAILWAY C TOYOTA MOTOR CORP HITACHI LTD EMPLOYEES' STOCKHOLD MITSUBISHI UFJ FINAN BANK OF YOKOHAMA LTD OHKURAYA JUUTAKU CO JAPAN TRUSTEE SERVIC COOP FACTORIES' STOC TSUKISHIMA KIKAI CO KEIHAN ELECTRIC RAIL TOYO ELECTRIC MANUFA NANKAI ELECTRIC RAIL H2O RETAILING CORP TOKYO KIKAI SEISAKUS NIPPON SHARYO LTD NAGOYA RAILROAD CO L TOBU RAILWAY CO LTD NOMURA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

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

Analyst

EVA Dimensions TAKU OUCHI Nomura KATSUSHI SAITO Ji Asia TONY MOYER Morgan Stanley YOSHINAO IBARA Credit Suisse SHINJI KURODA Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA Mizuho Securities JUNJI SAKURADA BNP Paribas Equity Research CHRISTOPHER CINTAVEY Macquarie KENJIN HOTTA Deutsche Bank TAKESHI KITAURA Jefferies YUKIHIRO KUMAGAI TIW MASAKAZU ITOI Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Mito Securities YOICHIRO WATANABE Tokai Tokyo Securities MITSUYUKI ODAIRA JPMorgan TORU NAKAHASHI Tachibana Securities YOSHIKAZU SHIMADA Daiwa Securities Co. Ltd. HIROKAZU MIYAGI ACE Research Institute MASUNORI ISHITOBI Goldman Sachs YUICHIRO ISAYAMA EVA Dimensions CRAIG STERLING Barclays KUNIO SAKAIDA

Recommendation outperform buy buy Overwt/Attractive outperform outperform neutral buy underperform buy buy Neutral Plus Neutral Plus neutral above average overweight outperform outperform neutral buy/attractive underweight overweight

Amt Held 2'720'000 2'400'000 2'101'000 2'100'000 1'725'000 1'445'000 1'038'000 1'030'000 948'000 838'000 798'000 526'700 460'565 345'000 345'000 314'000 295'000 230'000 230'000 190'000

% Out 5.59 4.93 4.32 4.31 3.54 2.97 2.13 2.12 1.95 1.72 1.64 1.08 0.95 0.71 0.71 0.65 0.61 0.47 0.47 0.39

Weighting

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

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

Latest Chg (298'000) 210'000 3'000 (80'000) 1'995 (8'000)

Target Price 3'300 3'020 3'010 3'000 2'700 2'740 2'500 2'800 1'850 3'300 2'800 #N/A N/A 2'700 2'500 #N/A N/A 1'900 #N/A N/A 2'700 2'350 3'100 #N/A N/A 2'400

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

File Dt 30.11.2012 30.11.2012 30.11.2012 30.11.2012 30.11.2012 31.01.2013 30.11.2012 30.11.2012 30.11.2012 30.11.2012 31.05.2012 31.03.2012 30.11.2012 31.03.2012 31.03.2012 31.03.2012 31.03.2012 31.03.2012 31.03.2012 31.01.2013

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

Inst Type Insurance Company Corporation Corporation Corporation n/a Holding Company Bank Corporation Bank n/a Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Corporation Unclassified

Date 14.03.2013 12.03.2013 12.03.2013 06.03.2013 04.03.2013 27.02.2013 22.02.2013 15.02.2013 14.02.2013 08.02.2013 08.02.2013 04.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 15.01.2013 05.12.2012

15.03.2013

Altra Holdings Inc Altra Holdings, Inc. designs, produces, and markets a wide range of mechanical power transmission, or MPT, and motion control products. The Company's product portfolio includes industrial clutches and brakes, enclosed gear drives, open gearing, couplings, engineered bearing assemblies, linear components and other related products. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIMC US EQUITY YTD Change AIMC US EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 27.76 14.55 62'250.00 27.56 -0.90% 89.42% 99.77% 26.9 741.45 247.61 0.0 1.2 85.15 905.15

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

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 635.3 0.65x 102.3 4.03x 6.5 5.46x

31.12.2009 31.12.2010 452.8 520.2 1.08x 1.29x 59.2 77.8 8.24x 8.60x (2.3) 24.5 37.42x 19.66x Profitability

LTM-4Q 31.12.2011 674.8 1.00x 97.1 6.93x 37.7 13.95x

31.12.2012 732.0 1.03x 107.4 7.01x 24.3 14.60x 107.42 80.05 10.94% 4.69% 3.85% 11.03% 11.10% 1.16% 29.9% 14.7% 10.9% 3.3% 3.06 1.68 39.12% 106.72% 7.92 4.11

Price/ Cash Flow

12/yy 674.8 4.08x 97.1 6.93x 37.7 13.74x

LTM 12/yy 732.0 3.65x 107.4 7.01x 24.3 15.10x

FY+1

0.58 1.65 25.70 1.06 37.74% 25.35% 1.646 6 4.000 172'401 167'653 150'656 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 747.8 788.6 187.0 193.8 115.2 126.6 28.6 30.7 7.86x 7.15x 7.82x 7.53x 48.6 57.1 12.0 13.4 15.19x 12.98x 15.19x 14.32x S&P Issuer Ratings

2.63 1.87 1.51 2.31 106.7% 51.5% 1.16 5.60 46.20 89.01 34.29 100.92

Sales/Revenue/Turnover

30.00

800.0 700.0

25.00

600.0 20.00

500.0 400.0

15.00

300.0

10.00

200.0 5.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Altra Holdings Inc Holdings By:

All

Holder Name BLACKROCK WELLINGTON MANAGEMEN VANGUARD GROUP INC WENTWORTH HAUSER AND DIMENSIONAL FUND ADV JP MORGAN MACQUARIE GROUP SAGARD CAPITAL PARTN INVESTMENT COUNSELOR GOLDMAN SACHS GROUP SILVERCREST ASSET MA FIRST INVESTORS MANA THOMSON HORSTMANN & LOOMIS SAYLES & COMP OAK RIDGE INVESTMENT AMERICAN CENTURY COM FRANKLIN RESOURCES SYSTEMATIC FINANCIAL EAGLE BOSTON INVESTM STATE STREET

Firm Name

Portfolio Name n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC WENTWORTH HAUSER AND DIMENSIONAL FUND ADV n/a n/a SAGARD CAPITAL PARTN INVESTMENT COUNSELOR GOLDMAN SACHS GROUP SILVERCREST ASSET MA FIRST INVESTORS MANA THOMSON HORSTMANN & LOOMIS SAYLES & CO L OAK RIDGE INVESTMENT AMERICAN CENTURY COM n/a SYSTEMATIC FINANCIAL EAGLE BOSTON INVESTM n/a

Analyst

Jefferies Robert W. Baird & Co EVA Dimensions Stephens Inc KeyBanc Capital Markets Hilliard Lyons BB&T Capital Markets Wells Fargo Securities, LLC EVA Dimensions

SCOTT R GRAHAM MICHAEL HALLORAN CRAIG STERLING MATT DUNCAN JEFFREY D HAMMOND ROSS A DEMMERLE VERNON C PLACK JONATHAN G BOCK AUSTIN BURKETT

Daiwa Securities Co. Ltd. ACE Research Institute Goldman Sachs EVA Dimensions Barclays

HIROKAZU MIYAGI MASUNORI ISHITOBI YUICHIRO ISAYAMA CRAIG STERLING KUNIO SAKAIDA

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

Recommendation

Amt Held 2'064'541 1'535'539 1'424'693 1'117'444 1'091'203 1'055'963 1'041'961 974'062 961'050 923'139 732'852 727'300 726'575 720'989 677'930 672'704 564'959 543'633 524'628 495'592

% Out 7.67 5.71 5.3 4.15 4.06 3.93 3.87 3.62 3.57 3.43 2.72 2.7 2.7 2.68 2.52 2.5 2.1 2.02 1.95 1.84

Weighting

Change

Latest Chg (1'061) 42'838 60'030 471'384 (4'130) 43'230 1'370 58'300 (4'183) (2'110) 91'400 (81'893) (70'592) 14'758 (1'998) 3'460 (99'185) 1'363

Target Price

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date

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

Date

hold outperform overweight overweight buy neutral hold outperform buy

3 5 5 5 5 3 3 5 5

M M U M M M M M M

27 32 #N/A N/A 32 29 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 11.02.2013 11.02.2013 11.02.2013 15.01.2013

outperform neutral buy/attractive underweight overweight

5 3 5 1 5

M M M M M

2'700 2'350 3'100 #N/A N/A 2'400

Not Provided Not Provided 12 month Not Provided Not Provided

30.01.2013 30.01.2013 29.01.2013 15.01.2013 05.12.2012

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

15.03.2013

Atlas Copco AB Atlas Copco AB is an international industrial group. The Group develops, manufactures, and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related services. Atlas Copco also rents equipment. The Company markets to manufacturing, building, construction, and mining companies worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATCOA SS EQUITY YTD Change ATCOA SS EQUITY YTD % CHANGE

12/2012 12/yy 190.10 134.40 1'447'474.00 185.1 -2.58% 37.72% 93.36% 839.4 219'757.98 21'052.00 0.0 54.0 12'416.00 228'447.99

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

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 74'177.0 1.38x 15'808.0 6.48x 10'157.0 8.16x

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

31.12.2009 31.12.2010 63'762.0 69'875.0 2.15x 2.97x 11'527.0 16'400.0 11.87x 12.67x 6'244.0 9'921.0 20.51x 20.80x Profitability

LTM-4Q 31.12.2011 81'203.0 2.39x 20'061.0 9.68x 12'963.0 13.86x

31.12.2012 90'533.0 2.43x 21'892.0 10.05x 13'901.0 15.57x 21'892.00 19'228.00 21.24% 20.48% 17.79% 43.54% 1.16% 38.4% 24.2% 21.2% 15.4% 2.43 0.57 25.94% 60.01% 3.17

Price/ Cash Flow

LTM

12/yy 81'203.0 9.56x 20'076.0 9.47x 12'963.0 13.86x

12/yy 90'533.0 9.07x 21'892.0 10.28x 13'901.0 15.57x

FY+1

1.11 10.47% 3.81% 1.107 32 3.375 1'802'269 2'398'799 2'397'687 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 89'305.1 93'177.2 21'596.5 22'384.2 2.49x 2.32x 10.45x 10.21x 21'609.6 22'838.0 5'037.0 5'281.8 10.57x 10.00x 10.68x 10.81x 13'746.1 14'790.7 3'268.6 3'434.4 16.35x 15.24x 16.52x 16.17x S&P Issuer Ratings

24.02.2011 A STABLE 24.02.2011 A-1 28.78 26.30 0.39 0.96 60.0% 37.5% 1.16 10.33 115.59 131.90

Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 20'000.0

5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Atlas Copco AB Holdings By:

All

Holder Name INVESTOR AB CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS VANGUARD GROUP INC SWEDBANK ROBUR FONDE SEB FJARDE AP-FONDEN WILLIAM BLAIR & COMP ALECTA PENSIONSFORSA FMR LLC FOLKSAM GROUP BAILLIE GIFFORD AND HANDELSBANKEN FONDER FORSTA AP FONDEN BLACKROCK LANSDOWNE PARTNERS L ABERDEEN ANDRA AP FONDEN ALLIANZ ASSET MANAGE BNP PARIBAS INV PART

Firm Name

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

Analyst

ABG Sundal Collier ANDERS IDBORG Exane BNP Paribas JONATHAN R MOUNSEY Goldman Sachs AARON IBBOTSON SEB Enskilda DANIEL SCHMIDT Sanford C. Bernstein & Co MARTIN PROZESKY HSBC COLIN GIBSON Canaccord Genuity Corp ANDREW BELL Espirito Santo Investment Bank Research EDWARD STACEY Evli Bank Plc ELINA RIUTTA Pareto Securities DAVID JACOBSSON AlphaValue LIONEL PELLICER Credit Suisse ANDRE KUKHNIN Nomura KLAS BERGELIND Societe Generale SEBASTIEN GRUTER Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS KOSKI Handelsbanken PEDER FROLEN Natixis LUDOVIC DEBAILLEUX DNB Markets LARS BRORSON Barclays ALLAN SMYLIE Morgan Stanley MARKUS ALMERUD JPMorgan ANDREAS WILLI William Blair & Co LAWRENCE T DE MARIA Danske Markets OSCAR STJERNGREN CA Cheuvreux JOAKIM HOGLUND EVA Dimensions CRAIG STERLING Berenberg Bank ALEXANDER VIRGO Redburn Partners JAMES MOORE Deutsche Bank JOHAN WETTERGREN Swedbank MATS LISS

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

Recommendation hold neutral Buy/Neutral hold market perform overweight buy neutral accumulate hold sell outperform neutral sell hold buy accumulate neutral hold overweight Equalwt/Cautious neutral market perform buy outperform overweight hold neutral hold neutral

Amt Held % Out 194'803'726 23.21 79'597'557 9.48 38'234'795 4.56 26'722'665 3.18 21'795'438 2.6 16'233'543 1.93 10'437'990 1.24 9'989'946 1.19 9'500'000 1.13 8'637'852 1.03 7'887'691 0.94 7'767'690 0.93 7'211'859 0.86 7'160'904 0.85 6'982'706 0.83 (6'799'092) -0.81 6'062'421 0.72 5'976'741 0.71 5'862'789 0.7 5'225'691 0.62

Weighting

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

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

Latest Chg (10'170'000) 257'650 (599'301) 46'733 115'699 1'248'147 1'315'621 447'592 1'304'434

Target Price 200 185 277 200 172 230 205 175 195 180 160 200 187 155 #N/A N/A 202 190 178 185 175 163 192 175 210 215 #N/A N/A 185 #N/A N/A 170 160

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

File Dt 30.06.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 25.02.2013 30.06.2012 31.12.2012 30.06.2012 31.01.2013 30.06.2012 31.12.2012 30.06.2012 30.06.2012 13.03.2013 01.11.2012 28.02.2013 30.06.2012 31.01.2013 31.12.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Unclassified Pension Fund (ERISA) Investment Advisor Investment Advisor

Date 14.03.2013 14.03.2013 13.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 04.03.2013 28.02.2013 21.02.2013 05.02.2013 05.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 15.01.2013 08.01.2013 08.10.2012 30.04.2012 30.11.2011

15.03.2013

Briggs & Stratton Corp Briggs & Stratton Corporation designs, manufactures, markets, and services air cooled gasoline engines for outdoor power equipment. The Company's engines are aluminum alloy gasoline engines ranging from three to 25 horsepower. Briggs & Stratton markets and services its products to original equipment manufacturers worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (09.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BGG US EQUITY YTD Change BGG US EQUITY YTD % CHANGE

Price/Volume

06/2012 12/yy 25.52 16.20 134'138.00 24.85 -2.53% 53.40% 96.61% 48.2 1'197.16 228.00 0.0 0.0 156.08 1'425.82

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 30.06.2008 2'151.4 0.46x 95.2 10.32x 22.6 43.37x

30.06.2009 30.06.2010 2'092.2 2'027.9 0.45x 0.51x 140.7 165.9 6.74x 6.21x 32.0 36.6 17.74x 17.09x Profitability

LTM-4Q 30.06.2011 2'110.0 0.50x 159.5 6.58x 24.4 16.34x

30.06.2012 2'066.5 0.44x 154.8 5.91x 29.0 14.10x 154.82 91.10 4.41% 1.45% 0.88% 2.14% 1.21% 18.5% 7.4% 4.4% 1.4% 2.98 1.24 14.18% 36.08% 7.16 2.90

Price/ Cash Flow

01/yy 2'170.8 1.89x 163.7 6.11x 31.2 11.73x

LTM 12/yy 1'969.4 2.18x 146.4 8.33x 14.4 19.13x

FY+1

1.85 1.29 47.36 7.85 44.12% 18.45% 1.288 5 3.800 290'323 361'997 459'364 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 2'001.5 2'079.8 707.7 543.7 0.62x 0.56x 2.05x 2.28x 169.7 184.0 93.5 50.2 8.41x 7.75x 67.3 80.1 53.9 22.9 17.56x 15.06x 16.16x 14.72x S&P Issuer Ratings

20.10.2011 BB STABLE 03.06.2002 NR 8.35 5.68 1.56 1.69 36.1% 26.5% 1.21 6.40 50.84 125.71 42.81 98.63

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 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

15.03.2013

Briggs & Stratton Corp Holdings By:

All

Holder Name BLACKROCK FMR LLC FRANKLIN RESOURCES DIMENSIONAL FUND ADV VANGUARD GROUP INC LEVIN CAPITAL STRATE HEARTLAND ADVISORS I NORTHERN TRUST CORPO MINNEAPOLIS PORTFOLI STATE STREET DREMAN VALUE MANAGEM BRANDES INVESTMENT P BANK OF NEW YORK MEL INVESTMENT COUNSELOR JP MORGAN DEUTSCHE BANK AG FRANK RUSSELL TRUST AMERIPRISE FINANCIAL RUTABAGA CAPITAL MAN ROYCE AND ASSOCIATES

Firm Name Robert W. Baird & Co Raymond James Sidoti & Company LLC Longbow Research EVA Dimensions

Portfolio Name n/a n/a n/a DIMENSIONAL FUND ADV VANGUARD GROUP INC LEVIN CAPITAL STRATE HEARTLAND ADVISORS I NORTHERN TRUST CORPO MINNEAPOLIS PORTFOLI n/a DREMAN VALUE MANAGEM BRANDES INVESTMENT P BANK OF NEW YORK MEL INVESTMENT COUNSELOR n/a DEUTSCHE BANK AKTIEN FRANK RUSSELL COMPAN AMERIPRISE FINANCIAL RUTABAGA CAPITAL MAN ROYCE & ASSOCIATES L

Analyst PETER LISNIC SAMUEL J DARKATSH ROBERT A KOSOWSKY DAVID S MACGREGOR CRAIG STERLING

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

Recommendation outperform outperform neutral neutral hold

Amt Held 5'540'703 4'872'130 3'443'600 3'357'581 2'794'453 1'821'694 1'640'435 1'473'249 1'155'579 1'139'873 1'118'263 1'071'270 1'031'465 900'900 893'563 842'903 838'457 836'309 749'694 687'830

% Out 11.5 10.11 7.15 6.97 5.8 3.78 3.41 3.06 2.4 2.37 2.32 2.22 2.14 1.87 1.85 1.75 1.74 1.74 1.56 1.43

Weighting

Change 5 5 3 3 3

M M M M U

Latest Chg (755'373) 773'900 (367'466) 33'954 (472'834) (1'000) 6'692 (80'976) 20'817 (520'314) (31'846) 181'733 72'500 2'911 (457'176) (208'910) (14'367) 62'400 (48'900)

Target Price 28 25 24 #N/A N/A #N/A N/A

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

File Dt Inst Type 13.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided

Date 11.03.2013 08.03.2013 07.03.2013 22.02.2013 25.01.2013

15.03.2013

Caterpillar Inc Caterpillar Inc. designs, manufactures and markets construction, mining and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers. the Middle East and Eastern Europe.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (3/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 CAT US EQUITY YTD Change CAT US EQUITY YTD % CHANGE

12/2012 12/yy 114.25 78.25 2'996'653.00 88.5452 -22.42% 13.16% 29.03% 655.0 58'001.40 10'486.00 0.0 50.0 3'306.00 65'231.40

10.0 M

5.0 M

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

25.0 M

100 80

Valuation Analysis

31.12.2008 51'324.0 1.17x 6'428.0 9.38x 3'557.0 7.89x

120

31.12.2009 31.12.2010 32'396.0 42'588.0 1.28x 1.50x 2'913.0 6'259.0 14.19x 10.20x 895.0 2'700.0 26.14x 21.83x Profitability

LTM-4Q 31.12.2011 60'138.0 1.10x 9'680.0 6.86x 4'928.0 11.63x

31.12.2012 65'875.0 1.00x 11'966.0 5.51x 5'681.0 10.40x 11'966.00 9'153.00 13.89% 12.52% 6.65% 37.36% 11.44% 0.77% 27.4% 18.2% 13.9% 8.6% 1.43 0.82 44.92% 228.97% 3.57 3.18

Price/ Cash Flow

LTM

12/yy 60'138.0 4.41x 9'680.0 6.86x 4'928.0 11.71x

12/yy 65'875.0 4.12x 11'966.0 5.51x 5'681.0 10.38x

FY+1

2.28 1.32 653.49 17.35 -20.19% -1.19% 1.324 28 4.107 5'938'330 5'563'031 5'940'577 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 63'441.6 69'086.6 13'823.1 16'372.0 1.38x 1.13x 6.49x 5.44x 10'709.7 12'312.7 2'101.8 2'764.4 6.09x 5.29x 6.10x 5.70x 5'504.2 6'384.4 999.6 1'444.5 11.02x 9.40x 10.97x 10.13x S&P Issuer Ratings

24.06.2003 A STABLE 04.04.1995 A-1 25.62 14.75 0.60 0.88 229.0% 69.5% 0.77 4.27 102.52 115.08 55.86 161.73

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

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

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

15.03.2013

Caterpillar Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE FARM MUTUAL AU STATE FARM MUTUAL AU GATES FOUNDATION BANK OF NEW YORK MEL NORTHERN TRUST CORPO FMR LLC BANK OF AMERICA CORP WADDELL & REED FINAN GOLDMAN SACHS GROUP NORGES BANK JP MORGAN PRIMECAP MANAGEMENT MORGAN STANLEY GEODE CAPITAL MANAGE DEUTSCHE BANK AG TIAA CREF INVESTMENT

Firm Name BMO Capital Markets Longbow Research Tigress Financial Partners Edward Jones Piper Jaffray RBC Capital Markets Raymond James Credit Suisse JPMorgan Jefferies William Blair & Co ISI Group Wells Fargo Securities, LLC Northcoast Research Barclays Atlantic Equities LLP Argus Research Corp Robert W. Baird & Co Macquarie Credit Agricole Securities (USA) S&P Capital IQ Susquehanna Financial Group Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a STATE FARM MUTUAL AU STATE FARM MUTUAL AU BILL & MELINDA FOUND BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a BANK OF AMERICA WADDELL & REED FINAN GOLDMAN SACHS GROUP NORGES BANK n/a PRIMECAP MANAGEMENT n/a GEODE CAPITAL MANAGE DEUTSCHE BANK AKTIEN TIAA-CREF INVESTMENT

Analyst JOEL G TISS ELI S LUSTGARTEN IVAN FEINSETH MATT ARNOLD ALEXANDER E POTTER SETH R WEBER THEONI PILARINOS JAMIE L COOK ANN DUIGNAN STEPHEN VOLKMANN LAWRENCE T DE MARIA DAVID RASO ANDREW M CASEY BRIAN M RAYLE ANDY KAPLOWITZ RICHARD RADBOURNE WILLIAM V SELESKY MIRCEA DOBRE SAMEER RATHOD ASHISH GUPTA MICHAEL JAFFE TED GRACE JERRY REVICH CRAIG STERLING

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

Recommendation outperform neutral underperform hold overweight sector perform outperform outperform neutral hold outperform strong buy market perform neutral overweight overweight buy outperform outperform buy buy Positive Buy/Neutral buy

Amt Held 71'306'572 43'263'971 32'836'678 22'878'150 19'707'800 13'605'624 10'260'857 9'788'015 9'312'413 7'179'234 6'004'419 5'923'800 5'204'841 5'183'052 4'899'901 4'610'728 4'559'582 4'302'834 3'701'077 3'603'258

% Out 10.89 6.6 5.01 3.49 3.01 2.08 1.57 1.49 1.42 1.1 0.92 0.9 0.79 0.79 0.75 0.7 0.7 0.66 0.57 0.55

Weighting

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

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

Latest Chg (1'563'369) 335'528 12'358'821 2'377 (405'144) (139'073) (572'787) 556'251 292'300 (390'036) 552'886 (538'358) (507'100) (253'929) (398'594) (12'500) (520'786)

Target Price 130 #N/A N/A #N/A N/A #N/A N/A 113 104 105 123 100 95 115 120 #N/A N/A #N/A N/A 118 115 126 110 112 115 117 118 116 #N/A N/A

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

File Dt 14.03.2013 13.03.2013 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 11.03.2013 11.03.2013 11.03.2013 08.03.2013 04.03.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 08.02.2013 01.02.2013 31.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 22.01.2013 15.01.2013

15.03.2013

Cummins Inc Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CMI US EQUITY YTD Change CMI US EQUITY YTD % CHANGE

12/2012 12/yy 129.51 82.20 493'754.00 117.07 -9.57% 42.42% 74.15% 189.8 22'225.13 775.00 0.0 371.0 1'616.00 21'755.13

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

14.0 M

120

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 14'342.0 0.39x 1'370.0 4.13x 755.0 6.73x

140

31.12.2009 31.12.2010 10'800.0 13'226.0 0.82x 1.61x 893.0 1'571.0 9.96x 13.55x 428.0 1'040.0 18.42x 21.24x Profitability

LTM-4Q 31.12.2011 18'048.0 0.89x 2'469.0 6.48x 1'848.0 9.70x

31.12.2012 17'334.0 1.16x 2'225.0 9.03x 1'645.0 12.69x 2'225.00 1'864.00 10.75% 13.10% 13.59% 27.20% 24.71% 1.43% 26.0% 12.8% 10.8% 9.5% 2.29 1.23 6.18% 11.74% 7.73 5.88

Price/ Cash Flow

LTM

12/yy 18'048.0 3.92x 2'469.0 6.48x 1'848.0 9.93x

12/yy 17'334.0 4.48x 2'225.0 9.03x 1'645.0 12.69x

FY+1

1.54 1.54 186.59 3.42 -6.11% 8.52% 1.536 23 4.217 1'342'454 1'623'671 1'629'688 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'250.5 18'910.9 4'003.0 4'236.7 1.23x 1.09x 5.38x 5.12x 2'671.3 3'089.6 580.7 656.3 8.14x 7.04x 8.29x 7.95x 1'633.4 1'906.0 354.5 401.6 13.34x 11.34x 13.32x 12.69x S&P Issuer Ratings

21.09.2011 A STABLE 10.05.2002 NR 57.05 39.36 -0.38 0.35 11.7% 10.0% 1.43 6.92 47.37 62.24 40.91 68.70

Sales/Revenue/Turnover

25.00

20'000.0 18'000.0 16'000.0

20.00

14'000.0 15.00

12'000.0

10.00

10'000.0 8'000.0 6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Cummins Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET FMR LLC BLACKROCK VANGUARD GROUP INC WADDELL & REED FINAN UBS BANK OF NEW YORK MEL INSTITUTIONAL CAPITA NORTHERN TRUST CORPO MARSICO CAPITAL MANA WELLS FARGO JP MORGAN KUBOTA CORP HARRIS ASSOCIATES LP T ROWE PRICE ASSOCIA TIAA CREF INVESTMENT HOTCHKIS & WILEY CAP INVESCO LTD ALLIANCE BERNSTEIN

Firm Name Piper Jaffray BMO Capital Markets Longbow Research Tigress Financial Partners Wolfe Trahan & Co Jefferies CL King & Associates Northcoast Research Robert W. Baird & Co Avondale Partners LLC EVA Dimensions Credit Suisse JPMorgan Wells Fargo Securities, LLC Atlantic Equities LLP Goldman Sachs Sterne, Agee & Leach ISI Group Barclays William Blair & Co S&P Capital IQ

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC WADDELL & REED FINAN n/a BANK OF NEW YORK MEL INSTITUTIONAL CAPITA NORTHERN TRUST CORPO MARSICO CAPITAL MANA n/a n/a n/a HARRIS ASSOC LP T ROWE PRICE ASSOCIA TIAA-CREF INVESTMENT HOTCHKIS AND WILEY INVESCO LTD n/a

Analyst ALEXANDER E POTTER JOEL G TISS ELI S LUSTGARTEN IVAN FEINSETH TIMOTHY J DENOYER STEPHEN VOLKMANN GARY A FARBER BRIAN M RAYLE DAVID LEIKER KRISTINE KUBACKI CRAIG STERLING JAMIE L COOK ANN DUIGNAN ANDREW M CASEY RORRIE MARS JERRY REVICH JEFFREY A KAUFFMAN DAVID RASO ANDY KAPLOWITZ LAWRENCE T DE MARIA JAMES CORRIDORE

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

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

Amt Held 18'182'200 13'412'300 11'498'374 9'226'003 7'825'687 5'321'880 3'617'406 3'358'370 3'194'784 3'022'991 2'697'615 2'413'555 2'305'579 2'300'000 2'294'227 2'238'577 2'197'902 2'094'786 2'027'266 2'003'289

% Out 9.58 7.06 6.06 4.86 4.12 2.8 1.91 1.77 1.68 1.59 1.42 1.27 1.21 1.21 1.21 1.18 1.16 1.1 1.07 1.06

Weighting

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

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

Latest Chg (850'125) 29'114 2'002'627 (224'409) 15'646 839'300 (281'173) 910'899 (111'459) (103'934) 2'697'615 182'312 (549'725) 346'604 859'290 119'930 (1'023'611) 47'442 (54'405)

Target Price 132 130 #N/A N/A #N/A N/A 137 110 #N/A N/A #N/A N/A 130 110 #N/A N/A 139 115 #N/A N/A 136 144 130 137 136 130 145

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

File Dt 31.12.2012 14.03.2013 31.12.2012 13.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 13.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 06.03.2013 05.03.2013 05.03.2013 04.03.2013 04.03.2013 25.02.2013 20.02.2013 20.02.2013 20.02.2013 11.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 19.12.2012

15.03.2013

Concentric AB Concentric AB manufactures hydraulic products and diesel engine pumps. The Company markets its products to manufacturers of trucks, agricultural equipment, industrial vehicles and off-road machinery. offers related services. Atlas Copco also rents equipment. The Company markets to manufacturing, building, construction, and mining companies worldwide.

Price/Volume 1.8 M

1.6 M

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COIC SS EQUITY YTD Change COIC SS EQUITY YTD % CHANGE

12/2012 12/yy 74.25 42.40 14'904.00 71.25 -4.38% 68.04% 93.72% 44.2 3'150.39 188.00 0.0 0.0 288.00 3'050.39

.8 M

.6 M

.4 M

.2 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'406.0 1'977.0 16.0 210.0 (127.0) 36.0 Profitability

LTM-4Q 31.12.2011 2'283.0 0.78x 372.0 4.77x 176.0 10.02x

31.12.2012 2'129.0 1.11x 353.0 6.68x 155.0 15.93x 353.00 253.00 11.88% 10.38% 8.89% 16.50% 17.55% 1.22% 26.3% 16.6% 11.9% 7.3% 1.62 0.71 11.06% 19.94% 9.78 8.80

Price/ Cash Flow

12/yy 2'283.0 2.32x 372.0 4.77x 176.0 10.02x

LTM 12/yy 2'129.0 4.27x 353.0 6.68x 155.0 15.95x

FY+1

3.51 1.19 26.54% 27.23% 1.188 6 3.833 145'657 161'361 121'287 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'162.4 2'338.2 500.4 532.0 1.59x 1.42x 7.08x 6.74x 408.2 442.0 89.8 97.8 7.47x 6.88x 7.58x 207.6 239.2 44.2 49.0 15.12x 13.05x 15.44x S&P Issuer Ratings

11.27 9.91 -0.28 0.53 19.9% 16.6% 1.22 11.60 37.33 41.61 55.42 22.76

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00 6.00

1'000.0

4.00

500.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Concentric AB Holdings By:

All

Holder Name CREADES AB LANNEBO FONDER AB SWEDBANK ROBUR FONDE STATE STREET CUSTODI HANDELSBANKEN FONDER AFA FORSAKRINGAR CARLSON GOERAN CAPITAL GROUP COMPAN SEB UNIONEN JP MORGAN CHASE BANK PAN CAPITAL AB DIMENSIONAL FUND ADV CBNY DFA INT ENTER FONDER AB FONDITA RAHASTOYHTIO CARLSON FONDER AB SKANDIA FONDER AB VANGUARD GROUP INC AMF FONDER AB

Firm Name ABG Sundal Collier SEB Enskilda EVA Dimensions Erik Penser Bankaktiebolag AB Handelsbanken Swedbank

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

Analyst JOHAN EDVARDSSON ANDERS TRAPP CRAIG STERLING MAX FRYDEN JON HYLTNER MATS LISS

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

Recommendation buy hold hold buy accumulate neutral

Amt Held % Out 5'780'061 13.07 4'623'600 10.46 2'671'991 6.04 2'230'190 5.04 2'162'835 4.89 2'000'000 4.52 1'800'000 4.07 1'520'905 3.44 1'431'954 3.24 1'296'753 2.93 977'645 2.21 (906'428) -2.05 828'329 1.87 764'229 1.73 673'100 1.52 520'000 1.18 472'185 1.07 445'736 1.01 407'215 0.92 325'000 0.74

Weighting

Change 5 3 3 5 4 3

M D D M M D

Latest Chg 54'100 (77'010) 669'641 (57'481) 289'800 520'000 79'676 (115'950) 50'000

Target Price 70 65 #N/A N/A 72 70 60

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

File Dt Inst Type 20.01.2012 Investment Advisor 18.10.2012 Investment Advisor 17.04.2012 Investment Advisor 31.12.2011 Other 15.11.2012 Investment Advisor 31.12.2011 Insurance Company 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2011 Corporation 31.12.2011 Investment Advisor 28.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 14.03.2013 25.02.2013 25.02.2013 20.02.2013 19.02.2013 19.02.2013

15.03.2013

China Yuchai International Ltd China Yuchai International Limited is a holding company. Through its subsidiary, Guangxi Yuchai Machinery Company Limited (Yuchai), manufactures, assembles, and sells diesel engines in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (3/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 CYD US EQUITY YTD Change CYD US EQUITY YTD % CHANGE

12/2012 12/yy 18.51 11.35 4'229.00 15.5101 -16.20% 36.67% 60.63% 37.3 578.03 586.63 0.0 286.9 654.56 797.01

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

31.12.2009 31.12.2010 1'930.1 2'472.1 0.19x 0.37x 155.6 341.0 2.38x 2.68x 92.0 170.4 9.10x 7.01x Profitability

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

a-12

LTM-4Q 31.12.2011 2'450.9 0.30x 291.5 2.51x 129.9 3.95x

31.12.2012 2'139.8 89.7 6.54x 291.46 183.72 8.59% 6.73% 4.48% 14.91% 12.71% 0.87% 21.4% 8.6% 4.2% 1.24 0.96 19.30% 66.70% 2.82 4.76

12/yy 2'403.5 0.77x 0.0 0.00x 123.5 4.17x

m-12

j-12

a-12

LTM 12/yy 2'131.3 0.00x 0.0 0.00x 89.5 6.57x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

5.80 1.23 3.20 0.25 -7.38% -1.65% 1.229 1 3.000 26'392 42'937 46'243 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'265.0 2'419.0 556.0 599.0 260.0 288.0 58.8 64.9 3.07x 2.77x 3.07x 3.00x 96.9 120.0 21.1 24.3 5.97x 4.83x 5.97x 5.64x S&P Issuer Ratings

10.30 5.77 66.7% 33.5% 0.87 4.39 129.66 76.72 232.27 -25.29

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

.3 M

Fiscal Year Ended 31.12.2008 1'519.4 0.25x 127.4 2.97x 36.9 3.88x

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

15.03.2013

China Yuchai International Ltd Holdings By:

All

Holder Name HL TECHNOLOGY SYSTEM YULIN CITY MUNICIPAL GUANGXI YUCHAI MACHI WELL SUMMIT INVESTME SHAH CAPITAL MANAGEM TAI TAK INDUSTRIES P BRANDES INVESTMENT P ACADIAN ASSET MANAGE NORGES BANK FIRST MANHATTAN CO A SUNTRUST BANKS INC FORWARD MANAGEMENT L PANAGORA ASSET MANAG ADVISORY RESEARCH IN INVESCO LTD DEGROOF GESTION INST CALIFORNIA PUBLIC EM CAUSEWAY CAPITAL MAN STATE OF WISCONSIN I GAMCO

Firm Name Piper Jaffray

Portfolio Name n/a n/a n/a n/a SHAH CAPITAL MANAGEM n/a BRANDES INVESTMENT P ACADIAN ASSET MANAGE NORGES BANK FIRST MANHATTAN COMP n/a FORWARD MANAGEMENT L PANAGORA ASSET MANAG ADVISORY RESEARCH IN INVESCO LTD Multiple Portfolios CALIFORNIA PUBLIC EM CAUSEWAY CAPITAL MAN STATE OF WISCONSIN I n/a

Analyst ALEXANDER E POTTER

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

Recommendation neutral

Amt Held 12'998'040 7'028'151 7'028'151 5'166'871 2'293'248 1'850'266 1'519'176 891'436 328'323 308'717 243'186 229'247 223'234 195'056 167'678 140'220 127'800 111'469 85'205 76'000

% Out 34.88 18.86 18.86 13.86 6.15 4.96 4.08 2.39 0.88 0.83 0.65 0.62 0.6 0.52 0.45 0.38 0.34 0.3 0.23 0.2

Weighting

Change 3

Latest Chg 318'829 440'020 (18'269) (77'407) (14'640) (3'631) 76'803 45'293 (2'539) 107'965 (26'350) 46'291 4'119 11'400 -

Target Price

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

File Dt Inst Type 01.03.2012 Corporation 01.03.2012 Government 12.12.2012 Corporation 21.11.2011 Corporation 31.12.2012 Hedge Fund Manager 16.11.2009 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.03.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Unclassified

Date 12 month

Date 27.02.2013

15.03.2013

Deutz AG Deutz AG develops and manufactures liquid- and air-cooled diesel and gas engines. The Company's products are used in buses, trucks, ships, locomotives, and power generation plants. Deutz also offers maintenance and reconditioning services. manufacturers worldwide.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (31.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEZ GR EQUITY YTD Change DEZ GR EQUITY YTD % CHANGE

12/2011 09/yy 5.59 2.89 568'096.00 4.329 -22.28% 49.74% 58.52% 120.9 523.21 121.20 0.0 0.0 51.60 651.21

1.0 M

.5 M

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

2.5 M

5 4

Valuation Analysis

31.12.2007 1'524.2 0.49x 162.6 4.60x 183.3 13.67x

31.12.2008 31.12.2009 1'495.0 863.4 0.20x 0.47x 80.2 4.7 3.74x 86.56x (8.3) (124.0) Profitability

LTM-4Q 31.12.2010 1'189.1 0.70x 108.4 7.65x (15.9) -

31.12.2011 1'529.0 0.37x 161.4 3.51x 75.5 7.21x 161.40 92.30 6.04% 5.00% 3.02% 7.39% 1.25% 9.9% 4.3% 4.9% 1.34 0.63 11.03% 26.73% 9.51 -

Price/ Cash Flow

09/yy 1'492.2 2.14x 117.2 0.00x 61.3 8.24x

LTM 09/yy 1'374.9 1.79x 136.0 4.06x 33.1 15.97x

FY+1

1.25 28.11 -17.68% 22.29% 1.246 13 3.615 534'186 448'178 451'975 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'315.6 1'383.7 344.0 0.51x 0.47x 1.82x 122.2 135.7 40.8 5.33x 4.80x 25.8 39.9 10.1 20.23x 13.16x S&P Issuer Ratings

11.21 4.42 0.89 1.11 26.7% 21.1% 1.25 4.42 38.49 -

Sales/Revenue/Turnover

35.00

1'800.0

30.00

1'600.0 1'400.0

25.00

1'200.0

20.00

1'000.0

15.00

800.0 600.0

10.00

400.0

5.00 0.00 02.01.2009

200.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

15.03.2013

Deutz AG Holdings By:

All

Holder Name SAME DEUTZ FAHR VOLVO AB VOLVO AB VANGUARD GROUP INC ARTISAN PARTNERS HOL DIMENSIONAL FUND ADV SPARINVEST KBL RICHELIEU GESTIO UBS INVEST KAG BLACKROCK LORD ABBETT & CO LLC UNION INVESTMENT GMB BANKINVEST ASSET MAN WARBURG INVEST LUXEM CREDIT SUISSE FUND S UNIVERSAL INVESTMENT PIONEER INVESTMENTS CLARIDEN SICAV CALVERT INVESTMENT C WARBURG INVEST

Firm Name

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

Analyst

Bankhaus Metzler Commerzbank Corporates & Markets DZ Bank AG Goldman Sachs EVA Dimensions Deutsche Bank HSBC Berenberg Bank Kepler Capital Markets Bankhaus Lampe Solventis WPH-Bank GmbH

HELENA WUESTENFELD YASMIN MOSCHITZ JASKO TERZIC ESHAN TOORABALLY CRAIG STERLING FELICITAS VON BISMARCK JUERGEN SIEBRECHT FREDERIK BITTER STEFAN AUGUSTIN CHRISTIAN LUDWIG KLAUS SOER

Nordea Equity Research Handelsbanken Natixis DNB Markets Barclays Morgan Stanley JPMorgan William Blair & Co Danske Markets CA Cheuvreux EVA Dimensions Berenberg Bank Redburn Partners Deutsche Bank Swedbank

ANDREAS KOSKI PEDER FROLEN LUDOVIC DEBAILLEUX LARS BRORSON ALLAN SMYLIE MARKUS ALMERUD ANDREAS WILLI LAWRENCE T DE MARIA OSCAR STJERNGREN JOAKIM HOGLUND CRAIG STERLING ALEXANDER VIRGO JAMES MOORE JOHAN WETTERGREN MATS LISS

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

Recommendation

Amt Held 32'318'440 30'215'450 30'215'447 975'618 928'450 816'877 798'833 750'000 520'000 245'214 241'566 200'000 199'037 155'000 145'696 140'385 117'669 73'000 60'204 60'000

% Out 26.74 25 25 0.81 0.77 0.68 0.66 0.62 0.43 0.2 0.2 0.17 0.16 0.13 0.12 0.12 0.1 0.06 0.05 0.05

Weighting

Change

Latest Chg 46'431 543'644 150'000 1'181 200'000 (30'000) (12'331) 43'504 117'669 5'000 1'886 -

Target Price

File Dt 01.02.2012 12.09.2012 12.09.2012 31.12.2012 31.12.2012 31.07.2012 28.02.2013 30.11.2012 30.11.2012 13.03.2013 31.12.2012 28.09.2012 28.02.2013 31.12.2012 28.12.2012 28.09.2012 28.12.2012 30.03.2012 31.01.2013 31.01.2013

Date

Inst Type n/a Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager

Date

sell hold buy neutral/neutral overweight hold overweight buy hold sell buy

1 3 5 3 5 3 5 5 3 1 5

M M U M M M M M M M M

3 5 5 5 #N/A N/A #N/A N/A 5 4 3 3 8

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

15.03.2013 13.03.2013 28.02.2013 22.01.2013 17.01.2013 12.01.2013 09.01.2013 08.01.2013 16.11.2012 08.11.2012 21.03.2012

buy accumulate neutral hold overweight Equalwt/Cautious neutral market perform buy outperform overweight hold neutral hold neutral

5 4 3 3 5 3 3 3 5 5 5 3 3 3 3

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

202 190 178 185 175 163 192 175 210 215 #N/A N/A 185 #N/A N/A 170 160

12 month 12 month Not Provided Not Provided Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 15.01.2013 08.01.2013 08.10.2012 30.04.2012 30.11.2011

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

15.03.2013

FLSmidth & Co A/S FLSmidth & Company A/S is a machinery company. The Company designs, manufactures, and supplies production plants, equipment, single machinery, and spare parts primarily to the cement and minerals industries. FLSmidth is based in Denmark.

Price/Volume 450 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (14.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FLS DC EQUITY YTD Change FLS DC EQUITY YTD % CHANGE

12/2012 12/yy 428.90 288.50 211'157.00 366 -14.69% 26.86% 58.33% 53.2 19'471.20 4'378.00 0.0 49.0 1'566.00 22'332.20

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

100 50 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.12.2008 25'285.0 0.41x 2'877.0 3.57x 1'515.0 6.53x

150

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 f-13 m-13

31.12.2009 31.12.2010 23'134.0 20'186.0 0.78x 1.32x 2'721.0 2'389.0 6.64x 11.13x 1'670.0 1'284.0 11.25x 21.76x Profitability

LTM-4Q 31.12.2011 20'538.0 0.85x 2'515.0 6.96x 1'427.0 13.18x

31.12.2012 24'849.0 0.80x 2'723.0 7.28x 1'306.0 13.36x 2'723.00 1'969.00 7.92% 7.75% 4.55% 14.33% 0.87% 24.5% 11.1% 8.1% 5.3% 1.16 0.46 13.73% 46.72% 4.33 7.67

Price/ Cash Flow

LTM

12/yy 20'538.0 3.72x 2'515.0 6.96x 1'427.0 13.18x

12/yy 24'849.0 3.20x 2'759.0 7.18x 1'306.0 13.43x

FY+1

1.15 -11.93% 11.86% 1.148 18 4.000 260'633 437'177 382'481 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'099.9 27'911.7 6'063.0 6'807.0 0.79x 0.77x 3.24x 2.87x 2'905.5 3'268.2 554.3 650.0 7.69x 6.83x 8.00x 7.45x 1'599.2 1'846.9 299.0 362.5 11.89x 10.28x 12.21x 11.31x S&P Issuer Ratings

34.04 24.80 1.02 1.59 46.7% 31.7% 0.87 9.33 84.46 47.71 55.38 76.80

Sales/Revenue/Turnover

45.00

30'000.0

40.00

25'000.0

35.00

20'000.0

30.00 25.00

15'000.0

20.00

10'000.0

15.00 10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

FLSmidth & Co A/S Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC NORDEA INV MANAGEMEN GREENLIGHT CAPITAL I FLSMIDTH & CO A/S SWEDBANK ROBUR FONDE MAVERICK CAPITAL LTD AQR CAPITAL MANAGEME DANSKE INVEST A/S VANGUARD GROUP INC D E SHAW & CO LP CITADEL EUROPE LLP MADISON SQUARE INVES FMR LLC ODIN FORVALTNING AS UBS INSTITUTIONAL FU HIGHBRIDGE CAPITAL M MARSHALL WACE LLP HANDELSBANKEN FONDER MACKAY SHIELDS LLC ING INVESTMENT MANAG

Firm Name ABG Sundal Collier Exane BNP Paribas Nordea Equity Research Jyske Bank AlphaValue JPMorgan Carnegie SEB Enskilda CA Cheuvreux Alm Brand Markets NYKREDIT Handelsbanken DNB Markets Danske Markets Goldman Sachs EVA Dimensions Sydbank

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

Analyst JOHANNES GRUNSELIUS ALEXIS DENAUD PATRIK SETTERBERG JANNE VINCENT KJAER LIONEL PELLICER ALEXANDER WHIGHT LARS TOPHOLM DANIEL PATTERSON JOHAN ELIASON STIG NYMANN KLAUS KEHL FASIAL KALIM AHMAD SAMPSA KARHUNEN KENNETH LEILING AARON IBBOTSON CRAIG STERLING JACOB PEDERSEN

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

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

Amt Held % Out 2'743'887 5.16 1'465'718 2.76 (1'415'120) -2.66 927'425 1.74 896'347 1.68 (750'120) -1.41 (707'560) -1.33 681'997 1.28 577'832 1.09 (537'320) -1.01 (430'920) -0.81 345'570 0.65 309'016 0.58 280'854 0.53 272'937 0.51 (262'650) -0.49 (254'838) -0.48 236'000 0.44 213'155 0.4 207'154 0.39

Weighting

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

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

Latest Chg (19'901) 106'400 (73'235) (42'560) (58'520) 900 4'749 (58'520) (53'200) 97'494 (57'094) 29'950 27'122 90'000 35'750

Target Price 360 450 430 440 410 435 #N/A N/A 430 450 475 #N/A N/A 416 365 365 502 #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 13.07.2012 31.12.2012 21.12.2012 31.12.2011 31.12.2012 28.02.2013 11.02.2013 31.01.2013 31.12.2012 18.01.2013 12.02.2013 31.01.2013 31.01.2013 28.02.2013 30.11.2012 13.02.2013 25.01.2013 28.02.2013 31.03.2012 31.12.2012

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

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

Date 14.03.2013 14.03.2013 13.03.2013 08.03.2013 07.03.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 15.01.2013 09.05.2011

15.03.2013

Joy Global Inc Joy Global Inc. manufactures and markets underground mining equipment and surface mining equipment. The Company's equipment is used for the extraction of ores and minerals.

Price/Volume 90

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JOY US EQUITY YTD Change JOY US EQUITY YTD % CHANGE

10/2012 01/yy 81.09 47.69 539'386.00 62.19 -23.25% 30.40% 41.92% 106.2 6'604.93 1'371.94 0.0 0.0 263.87 7'689.96

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

8.0 M

6.0 M

4.0 M

2.0 M

10 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.10.2008 3'418.9 0.98x 622.6 5.37x 374.3 8.65x

LTM-4Q

31.10.2009 31.10.2010 3'598.3 3'524.3 1.45x 1.98x 760.9 756.9 6.88x 9.23x 454.7 461.5 11.28x 16.13x Profitability

31.10.2011 4'403.9 2.43x 999.3 10.70x 609.7 15.48x

31.10.2012 5'660.9 1.35x 1'325.4 5.76x 762.0 8.91x

1'325.40 1'172.56 20.71% 19.52% 12.34% 31.59% 20.26% 0.92% 33.2% 23.4% 20.8% 13.5% 1.77 0.84 22.34% 53.23% 5.05 2.52

Price/ Cash Flow

01/yy 4'670.6 9.07x 1'070.2 10.65x 649.8 15.19x

LTM 01/yy 5'674.6 5.47x 1'326.1 5.88x 761.8 9.01x

FY+1

1.13 1.57 105.38 5.45 -19.87% -2.22% 1.572 23 4.304 2'087'685 2'436'263 2'181'226 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 5'084.4 5'100.1 1'284.3 1'246.0 1.40x 1.32x 5.71x 5.85x 1'142.9 1'164.4 282.2 284.2 6.72x 6.59x 6.76x 6.70x 665.2 687.1 170.0 168.1 9.99x 9.64x 9.87x 9.87x S&P Issuer Ratings

15.02.2011 BBB STABLE 18.09 14.80 0.82 1.02 53.2% 34.7% 0.92 7.43 72.08 144.21 43.29 157.61

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 30.10.2009

1'000.0 0.0 30.04.2010

30.10.2010

30.04.2011

30.10.2011

30.04.2012

30.10.2012

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

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

15.03.2013

Joy Global Inc Holdings By:

All

Holder Name VANGUARD GROUP INC STATE STREET BLACKROCK SUN LIFE FINANCIAL I NEUBERGER BERMAN LLC SUNTRUST BANKS INC MANNING & NAPIER ADV BNP PARIBAS INV PART AMERICAN CENTURY COM HERNDON CAPITAL MANA UNION INVESTMENT GMB WELLINGTON MANAGEMEN MANAGED ACCOUNT ADVI INVESCO LTD ALLIANCE BERNSTEIN NORTHERN TRUST CORPO TIAA CREF INVESTMENT PIONEER INVESTMENT M JANUS CAPITAL MANAGE WELLS FARGO

Firm Name Raymond James Northcoast Research BMO Capital Markets Piper Jaffray SunTrust Robinson Humphrey Robert W. Baird & Co Macquarie BB&T Capital Markets Longbow Research Susquehanna Financial Group Credit Agricole Securities (USA) Barclays JPMorgan Jefferies William Blair & Co KeyBanc Capital Markets CL King & Associates S&P Capital IQ Goldman Sachs EVA Dimensions RBC Capital Markets

Portfolio Name VANGUARD GROUP INC n/a n/a n/a NEUBERGER BERMAN GRO n/a MANNING & NAPIER ADV n/a AMERICAN CENTURY COM HERNDON CAPITAL MANA Multiple Portfolios WELLINGTON MANAGEMEN MANAGED ACCOUNT ADVI INVESCO LTD n/a NORTHERN TRUST CORPO TIAA-CREF INVESTMENT PIONEER INVESTMENT M n/a n/a

Analyst THEONI PILARINOS BRIAN M RAYLE JOEL G TISS ALEXANDER E POTTER JAMES KAWAI MIRCEA DOBRE SAMEER RATHOD C SCHON WILLIAMS ELI S LUSTGARTEN TED GRACE ASHISH GUPTA ANDY KAPLOWITZ ANN DUIGNAN STEPHEN VOLKMANN LAWRENCE T DE MARIA STEVE BARGER MICHAEL W GALLO MICHAEL JAFFE JERRY REVICH CRAIG STERLING SETH R WEBER

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

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

Amt Held 6'242'411 5'227'634 5'153'078 4'609'267 3'055'177 2'063'527 2'035'875 1'925'865 1'874'682 1'862'169 1'812'147 1'737'486 1'736'601 1'732'195 1'693'012 1'622'238 1'599'262 1'569'490 1'445'087 1'441'654

% Out 5.88 4.92 4.85 4.34 2.88 1.94 1.92 1.81 1.77 1.75 1.71 1.64 1.64 1.63 1.59 1.53 1.51 1.48 1.36 1.36

Weighting

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

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

Latest Chg 72'907 104'508 17'655 306'529 (110'123) (314'504) 866'185 (508'998) 329'297 71'389 304'979 (986'763) 53'224 374'699 421'766 (92'290) 132'540 14'467 (102'942) (428'537)

Target Price 67 90 65 84 83 72 75 75 #N/A N/A 73 78 79 60 60 75 75 90 91 83 #N/A N/A 81

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

File Dt 31.12.2012 14.03.2013 13.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 14.03.2013 13.03.2013 11.03.2013 04.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.01.2013 22.01.2013 15.01.2013 10.01.2013

15.03.2013

Price/Volume

3.0 M

2.5 M

12/2012 12/yy 37.27 24.88 295'364.00 32.21 -13.58% 29.46% 57.79% 150.3 4'842.72 1'290.00 0.0 20.0 732.00 5'420.72

1.5 M

15 10

1.0 M

.5 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2009 31.12.2010 5'016.0 5'552.0 0.89x 1.22x 416.0 580.0 10.77x 11.72x 150.0 257.0 23.23x 24.35x Profitability

LTM-4Q 31.12.2011 6'646.0 0.70x 745.0 6.24x 356.0 12.04x

31.12.2012 7'504.0 0.72x 764.0 7.04x 373.0 12.86x 764.00 598.00 7.97% 7.33% 5.63% 17.26% 1.13% 24.0% 10.2% 8.0% 5.0% 1.48 0.25 19.42% 58.45% 3.56

Price/ Cash Flow

12/yy 6'646.0 3.16x 745.0 6.24x 356.0 12.03x

LTM 12/yy 7'504.0 2.62x 764.0 7.04x 373.0 12.86x

FY+1

1.35 -7.78% 0.53% 1.351 30 3.767 480'592 635'400 667'240 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'209.3 7'159.0 1'675.6 1'822.3 0.72x 0.71x 3.19x 2.97x 792.5 804.9 168.4 206.1 6.84x 6.73x 6.71x 6.53x 414.4 424.5 84.7 105.9 11.86x 11.54x 11.55x 11.15x S&P Issuer Ratings

15.05.2007 BBB POS 12.08.2010 A-2 9.93 7.75 0.73 1.69 58.5% 36.7% 1.13 8.90 102.88 113.33

Sales/Revenue/Turnover

16.00

8'000.0

14.00

7'000.0

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MEO1V FH EQUITY YTD Change MEO1V FH EQUITY YTD % CHANGE

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

3.5 M

35 25

Valuation Analysis

31.12.2008 6'400.0 0.37x 767.0 3.05x 389.0 3.10x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Metso OYJ Holdings By:

All

Holder Name SOLIDIUM OY CEVIAN CAPITAL AB ILMARINEN MUTUAL PEN VARMA MUTUAL PENSION LANSDOWNE PARTNERS VANGUARD GROUP INC BLACKROCK FINLAND STATE PENSIO NORDEA INVESTMENT FU SWEDBANK ROBUR FONDE LOCAL GOVERNMENT PEN OP FUND MANAGEMENT C MANDATUM LIFE INSURA SVENSKA LITTERATURSA ODIN FORVALTNING AS NORDEA FONDER AB/SWE ODEY ASSET MANAGEMEN ODIN FONDER SEB NORDEA FENNIA FUND

Firm Name

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

Analyst

Morgan Stanley MARKUS ALMERUD ABG Sundal Collier JOHANNES GRUNSELIUS Berenberg Bank ALEXANDER VIRGO Exane BNP Paribas ALEXIS DENAUD SEB Enskilda TOMI RAILO Pohjola Bank Plc (ESN) PEKKA SPOLANDER HSBC COLIN GIBSON Espirito Santo Investment Bank Research EDWARD STACEY Evli Bank Plc ELINA RIUTTA AlphaValue LIONEL PELLICER Carnegie TIMO HEINONEN Credit Suisse ANDRE KUKHNIN Deutsche Bank ANETTE LUOMANPERA Pareto Securities JARI HARJUNPAA FIM SANNA KAJE Nordea Equity Research JAN KAIJALA Handelsbanken TOM SKOGMAN DNB Markets SAMPSA KARHUNEN Barclays ALLAN SMYLIE Danske Markets ANTTI SUTTELIN Goldman Sachs AARON IBBOTSON JPMorgan ALEXANDER WHIGHT Nomura KLAS BERGELIND CA Cheuvreux JOHAN ELIASON EVA Dimensions CRAIG STERLING Swedbank ERKKI VESOLA

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

Recommendation Overwt/Cautious sell buy outperform buy accumulate underweight buy buy add buy outperform hold hold accumulate buy buy buy equalweight hold Buy/Neutral underweight reduce outperform overweight buy

Amt Held % Out 16'695'287 11.1 7'790'060 5.18 6'341'943 4.22 3'908'465 2.6 (2'751'374) -1.83 2'437'302 1.62 2'195'347 1.46 1'940'000 1.29 1'751'808 1.17 1'609'591 1.07 1'462'871 0.97 1'405'973 0.94 1'400'000 0.93 1'174'876 0.78 1'001'386 0.67 893'100 0.59 (872'020) -0.58 840'020 0.56 787'645 0.52 775'000 0.52

Weighting

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

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

Latest Chg (240'557) 65'270 34'609 12'521 277'893 (29'027) (12'001) 258'093 -

Target Price 40 34 38 38 38 38 28 40 38 38 #N/A N/A 38 30 34 37 38 41 40 32 36 40 32 26 39 #N/A N/A 30

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

File Dt Inst Type 31.10.2012 Holding Company 03.08.2012 Venture Capital 31.10.2012 Insurance Company 31.10.2012 Insurance Company 03.01.2013 Investment Advisor 31.12.2012 Investment Advisor 13.03.2013 Investment Advisor 31.10.2012 Government 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Pension Fund (ERISA) 31.10.2012 Investment Advisor 31.10.2012 Insurance Company 31.10.2012 Other 28.02.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 04.03.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Unclassified 31.10.2012 n/a

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

Date 15.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 12.03.2013 08.03.2013 08.03.2013 04.03.2013 28.02.2013 27.02.2013 20.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 18.01.2013 17.01.2013 26.10.2012

15.03.2013

Manitowoc Co Inc/The The Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes and related products and foodservice equipment. The Company's products include lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks as well as ice making machines, refrigerators, and freezers.

Price/Volume 25

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTW US EQUITY YTD Change MTW US EQUITY YTD % CHANGE

12/2012 12/yy 20.79 9.60 911'899.00 20.6 -0.77% 114.58% 97.59% 132.8 2'735.29 1'824.80 0.0 (19.0) 76.10 4'464.99

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

8.0 M

6.0 M 4.0 M

5 0 m-12

2.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 4'503.0 0.80x 640.9 5.63x 10.0 11.10x

31.12.2009 31.12.2010 3'619.8 3'141.7 0.93x 1.16x 355.7 338.8 9.47x 10.71x (704.2) (79.5) 34.38x 145.67x Profitability

LTM-4Q 31.12.2011 3'619.2 0.83x 342.8 8.81x (11.2) 24.18x

31.12.2012 3'927.0 0.97x 400.4 9.52x 101.7 20.36x 400.40 293.80 7.48% 3.32% 2.46% 18.20% 8.08% 0.98% 23.8% 12.1% 7.4% 2.6% 1.16 0.36 44.98% 303.98% 12.60 4.40

Price/ Cash Flow

12/yy 3'645.3 4.09x 345.2 8.75x (10.8) 24.18x

LTM 12/yy 3'952.1 3.76x 477.2 7.99x 99.3 20.91x

FY+1

0.39 2.44 131.15 9.40 30.76% 31.38% 2.442 15 3.867 2'783'967 3'079'034 2'889'523 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'248.6 4'606.7 913.0 1'083.4 1.02x 0.92x 5.17x 4.32x 500.2 577.0 92.3 133.8 8.91x 7.73x 9.30x 8.99x 170.6 234.5 19.1 53.2 16.14x 11.77x 16.41x 14.93x S&P Issuer Ratings

08.10.2010 B+ STABLE 2.76 2.25 3.66 3.82 304.0% 75.8% 0.98 7.05 29.04 83.18 106.31 5.95

Sales/Revenue/Turnover

250.00

5'000.0 4'500.0 4'000.0

200.00

3'500.0 150.00

3'000.0

100.00

2'500.0 2'000.0 1'500.0 1'000.0

50.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Manitowoc Co Inc/The Holdings By:

All

Holder Name VANGUARD GROUP INC YORK CAPITAL MANAGME FRANKLIN RESOURCES BLACKROCK FMR LLC PIONEER INVESTMENT M CITADEL ADVISORS LLC RELATIONAL INVESTORS THRIVENT FINANCIAL F ADAGE CAPITAL PARTNE NATIONAL RURAL ELECT STATE STREET TEXAS TEACHER RETIRE TIMESSQUARE CAPITAL GCIC LTD/CANADA DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE PALISADE CAPITAL MAN EAGLE ASSET MANAGEME STATE OF WISCONSIN I

Firm Name RBC Capital Markets Susquehanna Financial Group Robert W. Baird & Co BB&T Capital Markets Longbow Research Barclays Northcoast Research BMO Capital Markets Goldman Sachs Macquarie JPMorgan William Blair & Co EVA Dimensions S&P Capital IQ Imperial Capital LLC Goldman Sachs Sterne, Agee & Leach ISI Group Barclays William Blair & Co S&P Capital IQ Susquehanna Financial Group Goldman Sachs EVA Dimensions

Portfolio Name VANGUARD GROUP INC YORK CAPITAL MANAGEM n/a n/a n/a PIONEER INVESTMENT M CITADEL ADVISORS LLC RELATIONAL INVESTORS THRIVENT FINANCIAL F ADAGE CAPITAL PARTNE NATIONAL RURAL ELECT n/a TEACHER RETIREMENT S TIMESSQUARE CAPITAL GOODMAN & COMPANY IN DIMENSIONAL FUND ADV n/a PALISADE CAPITAL MAN EAGLE ASSET MANAGEME STATE OF WISCONSIN I

Analyst SETH R WEBER TED GRACE MIRCEA DOBRE C SCHON WILLIAMS ELI S LUSTGARTEN ANDY KAPLOWITZ BRIAN M RAYLE CHARLES D BRADY JERRY REVICH SAMEER RATHOD ANN DUIGNAN LAWRENCE T DE MARIA CRAIG STERLING MICHAEL JAFFE ALBERTO GARCIA-TUNON JERRY REVICH JEFFREY A KAUFFMAN DAVID RASO ANDY KAPLOWITZ LAWRENCE T DE MARIA JAMES CORRIDORE TED GRACE JERRY REVICH CRAIG STERLING

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

Recommendation outperform Positive outperform buy neutral overweight neutral outperform Buy/Neutral neutral neutral market perform underweight strong buy in-line Buy/Neutral buy buy overweight market perform strong buy Positive Buy/Neutral buy

Amt Held 7'411'923 5'701'270 4'469'560 4'131'902 3'319'389 3'295'884 2'970'295 2'798'853 2'709'008 2'447'864 2'183'900 2'072'313 2'003'186 1'848'400 1'767'900 1'745'860 1'301'481 1'207'174 1'165'470 1'139'817

% Out 5.58 4.29 3.37 3.11 2.5 2.48 2.24 2.11 2.04 1.84 1.64 1.56 1.51 1.39 1.33 1.31 0.98 0.91 0.88 0.86

Weighting

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

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

Latest Chg 93'785 (449'917) 1'387'027 33'699 (1'084'345) 775'884 2'415'056 2'798'853 (615'600) 1'170'000 50'000 61'402 1'992'588 (460'800) (756'600) 118'963 89'480 102'195 17'074 (4'125'070)

Target Price 23 23 22 22 #N/A N/A 23 #N/A N/A 23 22 20 18 20 #N/A N/A 24 #N/A N/A 144 130 137 136 130 145 118 116 #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 13.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Pension Fund (ERISA)

Date 20.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 03.02.2013 03.02.2013 02.02.2013 01.02.2013 01.02.2013 01.02.2013 30.11.2012 10.09.2009 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 19.12.2012 28.01.2013 22.01.2013 15.01.2013

15.03.2013

Outotec OYJ Outotec Oyj provides technology solutions for the sustainable use of Earth's natural resources. The Company designs, develops, and supplies tailored plants, processes and equipment for the minerals and metals processing industries.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OTE1V FH EQUITY YTD Change OTE1V FH EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 52.10 30.31 130'583.00 48.88 -6.22% 61.27% 86.55% 45.8 2'237.74 97.90 0.0 1.2 358.60 1'978.24

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

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 1'217.9 0.11x 141.7 0.99x 94.0 4.80x

31.12.2009 31.12.2010 877.7 969.6 1.07x 1.97x 71.3 82.5 13.13x 23.17x 42.3 26.7 24.47x 78.55x Profitability

LTM-4Q 31.12.2011 1'385.6 0.96x 133.9 9.89x 79.3 20.83x

31.12.2012 2'087.4 0.79x 215.9 7.67x 127.8 15.18x 215.90 184.50 8.84% 8.61% 8.37% 29.04% 1.37% 20.8% 10.3% 8.8% 6.1% 1.20 0.37 6.01% 20.35% 10.04

Price/ Cash Flow

12/yy 1'385.6 3.92x 133.9 9.89x 79.3 20.96x

LTM 12/yy 2'087.4 2.76x 215.8 7.68x 127.7 15.16x

FY+1

1.26 13.01% 15.36% 1.264 21 3.476 248'589 297'211 280'593 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'190.3 2'190.4 460.3 556.4 0.86x 0.82x 4.29x 3.60x 236.1 236.5 43.5 54.3 8.38x 8.37x 8.18x 8.05x 146.9 151.4 23.5 31.5 15.19x 14.85x 15.57x 15.19x S&P Issuer Ratings

60.86 16.18 -1.21 0.45 20.4% 16.9% 1.37 30.30 36.45 62.72

Sales/Revenue/Turnover

50.00

2'500.0

45.00

2'000.0

40.00 35.00

1'500.0

30.00 25.00

1'000.0

20.00 15.00

500.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Outotec OYJ Holdings By:

All

Holder Name SOLIDIUM OY ILMARINEN MUTUAL PEN TAMARES NORDIC INVES BLACKROCK VARMA MUTUAL PENSION ALLIANZ ASSET MANAGE BNP PARIBAS INV PART SWEDBANK ROBUR FONDE MAVERICK CAPITAL LTD FMR LLC NORDEA INVESTMENT FU CARLSON CAPITAL UK L FINLAND STATE PENSIO IG INVESTMENT MANAGE LOCAL GOVERNMENT PEN SEB OUTOTEC OYJ VANGUARD GROUP INC MANDATUM LIFE INSURA HANDELSBANKEN FONDER

Firm Name

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

Analyst

ABG Sundal Collier JOHANNES GRUNSELIUS SEB Enskilda TOMI RAILO EVA Dimensions CRAIG STERLING DNB Markets SAMPSA KARHUNEN Espirito Santo Investment Bank Research EDWARD STACEY Evli Bank Plc ELINA RIUTTA CA Cheuvreux JOHAN ELIASON FIM SANNA KAJE Deutsche Bank ANETTE LUOMANPERA Pohjola Bank Plc (ESN) PEKKA SPOLANDER JPMorgan ALEXANDER WHIGHT Carnegie TIMO HEINONEN Nordea Equity Research JAN KAIJALA Handelsbanken TOM SKOGMAN Danske Markets ANTTI SUTTELIN Goldman Sachs AARON IBBOTSON Morgan Stanley BEN UGLOW Swedbank ERKKI VESOLA Pohjola Bank Plc (ESN) JARI RAISANEN

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

Recommendation hold buy hold sell buy accumulate outperform accumulate buy accumulate underweight buy buy accumulate buy Buy/Neutral Underwt/Cautious reduce reduce

Amt Held % Out 3'801'373 8.3 2'938'343 6.42 2'511'419 5.49 2'501'474 5.46 2'205'785 4.82 1'824'693 3.99 1'127'183 2.46 1'051'616 2.3 (1'030'059) -2.25 1'012'530 2.21 882'935 1.93 (700'440) -1.53 669'138 1.46 663'552 1.45 576'421 1.26 542'661 1.19 500'000 1.09 477'566 1.04 466'478 1.02 394'554 0.86

Weighting

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

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

Latest Chg 289 30'243 224'804 (13'200) 64'093 (145'921) 102'972 (27'468) (39'245) 282'816 8'305 (35'000)

Target Price 54 56 #N/A N/A 46 56 54 57 55 55 56 43 #N/A N/A 55 55 58 62 29 33 22

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

File Dt Inst Type 30.11.2012 Holding Company 30.11.2012 Insurance Company 30.11.2012 Other 13.03.2013 Investment Advisor 30.11.2012 Insurance Company 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 22.02.2013 Hedge Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 19.02.2013 Corporation 30.11.2012 Government 30.11.2012 Investment Advisor 30.11.2012 Pension Fund (ERISA) 31.12.2012 Unclassified 30.11.2012 Other 31.12.2012 Investment Advisor 31.12.2011 Insurance Company 28.02.2013 Investment Advisor

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

Date 14.03.2013 13.03.2013 13.03.2013 12.03.2013 08.03.2013 04.03.2013 15.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 17.01.2013 26.10.2012 10.02.2010

15.03.2013

Astec Industries Inc Astec Industries, Inc. designs, engineers, manufactures, markets, and finances equipment and components used primarily in road building and related construction activities. The Company's products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface.

Price/Volume .4 M

.4 M .3 M .3 M

Latest Fiscal Year: LTM as of: 52-Week High (26.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASTE US EQUITY YTD Change ASTE US EQUITY YTD % CHANGE

12/2012 12/yy 37.32 25.53 59'157.00 36.04 -3.28% 41.19% 93.44% 22.8 821.94 0.00 0.0 1.6 80.93 742.66

.2 M

.1 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

.5 M

35 25

Valuation Analysis

31.12.2008 973.7 0.72x 109.1 6.41x 63.1 11.19x

31.12.2009 31.12.2010 738.1 771.3 0.77x 0.83x 45.6 66.2 12.44x 9.67x 3.1 32.4 35.92x 22.82x Profitability

LTM-4Q 31.12.2011 908.6 0.74x 76.6 8.81x 39.9 17.41x

31.12.2012 936.3 0.73x 73.1 9.31x 40.2 23.01x 73.14 50.10 5.35% 5.63% 5.58% 7.48% 7.54% 1.35% 22.1% 7.7% 5.4% 4.3% 3.46 1.15 0.00% 0.00% 10.63 2.50

Price/ Cash Flow

12/yy 945.9 2.98x 79.3 8.51x 39.9 17.22x

LTM 12/yy 975.2 2.89x 75.3 9.04x 40.2 22.09x

FY+1

2.77 1.42 18.71 0.64 -0.62% 8.03% 1.419 11 3.000 35'915 57'274 66'492 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'004.1 1'081.6 258.6 259.1 89.6 107.4 22.9 23.3 8.32x 6.95x 8.74x 44.7 54.8 12.3 12.4 18.64x 14.98x 18.64x 17.15x S&P Issuer Ratings

215.76 139.01 -1.07 0.00 0.0% 0.0% 1.35 5.26 34.44 146.17 24.08 163.24

Sales/Revenue/Turnover

80.00

1'200.0

70.00

1'000.0

60.00

800.0

50.00 40.00

600.0

30.00

400.0

20.00

200.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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15.03.2013

Astec Industries Inc Holdings By:

All

Holder Name BROCK J DON FRANKLIN RESOURCES BROCK LYNNE W BLACKROCK VANGUARD GROUP INC ARTISAN PARTNERS HOL CENTURY MANAGEMENT T ROWE PRICE ASSOCIA ROYCE AND ASSOCIATES AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV BANK OF NEW YORK MEL KEYBANK NATIONAL ASS KENNEDY CAPITAL MANA GAMCO HEARTLAND ADVISORS I F&C ASSET MANAGEMENT STATE STREET CHANNING CAPITAL MAN NORTHERN TRUST CORPO

Firm Name Sterne, Agee & Leach Thompson Research Group Barrington Research Robert W. Baird & Co William Blair & Co CJS Securities Sidoti & Company LLC Griffin Securities Susquehanna Financial Group BB&T Capital Markets EVA Dimensions S&P Capital IQ

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC ARTISAN PARTNERS LP CENTURY MANAGEMENT T ROWE PRICE ASSOCIA ROYCE & ASSOCIATES L AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV BANK OF NEW YORK MEL KEYBANK NATIONAL ASS KENNEDY CAPITAL MANA n/a HEARTLAND ADVISORS I F&C ASSET MANAGEMENT n/a CHANNING CAPITAL MAN NORTHERN TRUST CORPO

Analyst TODD VENCIL NICHOLAS A COPPOLA WALTER S LIPTAK MIRCEA DOBRE LAWRENCE T DE MARIA JASON URSANER RICHARD H WESOLOWSKI MORRIS B AJZENMAN TED GRACE JOHN F KASPRZAK JR CRAIG STERLING MICHAEL JAFFE

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

Recommendation neutral hold suspended coverage neutral market perform market perform neutral buy neutral hold underweight hold

Amt Held 2'113'592 1'858'300 1'596'842 1'583'249 1'180'424 1'061'681 1'028'671 881'050 853'262 727'731 668'554 618'288 612'125 572'442 537'340 450'000 389'771 374'878 320'817 298'583

% Out 9.27 8.15 7 6.94 5.18 4.66 4.51 3.86 3.74 3.19 2.93 2.71 2.68 2.51 2.36 1.97 1.71 1.64 1.41 1.31

Weighting

Change

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

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

Latest Chg 91'077 (6'348) (30'402) 37'265 (53'800) (337) (4'570) 145'900 (31'761) 24'458 (15'340) 40'650 (3'797) 89'537 100'000 68'639 1'004 5'802 4'042

Target Price 31 #N/A N/A #N/A N/A 33 33 33 35 45 37 #N/A N/A #N/A N/A 34

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File Dt 28.02.2013 31.12.2012 15.02.2013 13.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 05.03.2013 05.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 15.01.2013 19.12.2012

15.03.2013

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2012) 52-Week Low (04.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600031 CH EQUITY YTD Change 600031 CH EQUITY YTD % CHANGE

Price/Volume

12/2011 01/yy 15.42 7.59 27'679'763.00 10.6 -31.26% 39.66% 37.55% 7'616.5 80'734.94 20'774.33 0.0 1'090.9 10'267.72 101'539.88

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

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-12

Market Data

Fiscal Year Ended 31.12.2007 9'138.0 6.28x 1'838.1 31.24x 1'606.2 34.57x

1 1 1 1 1 1 0 0 0 0 0

31.12.2008 31.12.2009 13'727.5 18'917.0 1.65x 3.00x 2'116.6 3'880.8 10.71x 14.63x 1'232.2 2'639.9 16.88x 20.80x Profitability

LTM-4Q 31.12.2010 33'823.7 3.37x 7'628.2 14.95x 5'615.5 19.50x

31.12.2011 50'516.8 2.11x 11'310.3 9.44x 8'648.9 11.01x 11'310.32 10'586.88 20.96% 21.36% 11.32% 32.83% 0.83% 36.0% 15.4% 17.1% 1.46 0.98 40.49% 105.65% 2.67 3.54

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.37 2'800.19 -21.27% 0.09% 1.375 24 4.333 33'274'500 51'812'150 55'029'170 FY+2

14.78 5.46 105.7% 50.0% 0.83 3.16 136.83 103.38 62.03 103.02

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 49'699.8 56'495.9 11'678.0 1.82x 1.61x 7.04x 10'935.5 12'666.7 596.0 9.29x 8.02x 6'504.4 7'502.6 378.0 2'594.0 12.07x 10.07x 7.97x 6.20x S&P Issuer Ratings

0.1 0.0 2000

0.00

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15.03.2013

Sany Heavy Industry Co Ltd Holdings By:

All

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

% Out 56.21 3.76 1.38 0.92 0.72 0.7 0.67 0.62 0.62 0.57 0.57 0.55 0.49 0.42 0.34 0.33 0.28 0.28 0.25 0.24

Weighting

Change

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

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

Latest Chg (52'970'003) 28'093'406 (24'815'213) (2'101'690) 17'301'736 2'762'243 35'877'974 14'661'349 411'506 3'699'331 4'466'769

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

15.03.2013

Price/Volume

12/2012 01/yy 428.90 288.50 211'157.00 366 -14.69% 26.86% 58.33% 53.2 19'471.20 4'378.00 0.0 49.0 1'566.00 22'332.20

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

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-12

Market Data

Fiscal Year Ended 31.12.2008 25'285.0 0.41x 2'877.0 3.57x 1'515.0 6.53x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 23'134.0 20'186.0 0.78x 1.32x 2'721.0 2'389.0 6.64x 11.13x 1'670.0 1'284.0 11.25x 21.76x Profitability

LTM-4Q 31.12.2011 20'538.0 0.85x 2'515.0 6.96x 1'427.0 13.18x

31.12.2012 24'849.0 0.80x 2'723.0 7.28x 1'306.0 13.36x 2'723.00 1'969.00 7.92% 7.75% 4.55% 14.33% 0.87% 24.5% 11.1% 8.1% 5.3% 1.16 0.46 13.73% 46.72% 4.33 7.67

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.15 -11.93% 11.86% 1.148 18 4.000 260'633 437'177 382'481 FY+2

34.04 24.80 1.02 1.59 46.7% 31.7% 0.87 9.33 84.46 47.71 55.38 76.80

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

0.1 0.0 2001

0.00

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15.03.2013

FLSmidth & Co A/S Holdings By:

All

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

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

Weighting

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

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

Latest Chg (19'901) 106'400 (73'235) (42'560) (58'520) 900 4'749 (58'520) (53'200) 97'494 (57'094) 29'950 27'122 90'000 35'750

Target Price 360 450 430 440 410 435 #N/A N/A 430 450 475 #N/A N/A 416 365 365 502 #N/A N/A #N/A N/A

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

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

Date 14.03.2013 14.03.2013 13.03.2013 08.03.2013 07.03.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 15.01.2013 09.05.2011

15.03.2013

Price/Volume

12/2012 01/yy 52.10 30.31 130'583.00 48.88 -6.22% 61.27% 86.55% 45.8 2'237.74 97.90 0.0 1.2 358.60 1'978.24

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

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-12

Market Data

Fiscal Year Ended 31.12.2008 1'217.9 0.11x 141.7 0.99x 94.0 4.80x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 877.7 969.6 1.07x 1.97x 71.3 82.5 13.13x 23.17x 42.3 26.7 24.47x 78.55x Profitability

LTM-4Q 31.12.2011 1'385.6 0.96x 133.9 9.89x 79.3 20.83x

31.12.2012 2'087.4 0.79x 215.9 7.67x 127.8 15.18x 215.90 184.50 8.84% 8.61% 8.37% 29.04% 1.37% 20.8% 10.3% 8.8% 6.1% 1.20 0.37 6.01% 20.35% 10.04

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.26 13.01% 15.36% 1.264 21 3.476 248'589 297'211 280'593 FY+2

60.86 16.18 -1.21 0.45 20.4% 16.9% 1.37 30.30 36.45 62.72

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

0.1 0.0 2001

0.00

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15.03.2013

Outotec OYJ Holdings By:

All

Firm Name

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

Analyst

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

Recommendation hold buy hold sell buy accumulate outperform accumulate buy accumulate underweight buy buy accumulate buy Buy/Neutral Underwt/Cautious reduce reduce

Weighting

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

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

Latest Chg 289 30'243 224'804 (13'200) 64'093 (145'921) 102'972 (27'468) (39'245) 282'816 8'305 (35'000)

Target Price 54 56 #N/A N/A 46 56 54 57 55 55 56 43 #N/A N/A 55 55 58 62 29 33 22

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

15.03.2013

Metso OYJ Metso Corporation is a global supplier of process industry machinery and systems. The Company's core businesses are divided between Metso Paper (fiber and paper technology), Metso Minerals (rock and mineral processing), and Metso Automation (automation and control technology). Metso's main market areas are Europe and North America. The Company also invests in venture companies. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MEO1V FH EQUITY YTD Change MEO1V FH EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 37.27 24.88 295'364.00 32.21 -13.58% 29.46% 57.79% 150.3 4'842.72 1'290.00 0.0 20.0 732.00 5'420.72

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

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M m-12

Market Data

Fiscal Year Ended 31.12.2008 6'400.0 0.37x 767.0 3.05x 389.0 3.10x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 5'016.0 5'552.0 0.89x 1.22x 416.0 580.0 10.77x 11.72x 150.0 257.0 23.23x 24.35x Profitability

LTM-4Q 31.12.2011 6'646.0 0.70x 745.0 6.24x 356.0 12.04x

31.12.2012 7'504.0 0.72x 764.0 7.04x 373.0 12.86x 764.00 598.00 7.97% 7.33% 5.63% 17.26% 1.13% 24.0% 10.2% 8.0% 5.0% 1.48 0.25 19.42% 58.45% 3.56

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

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.35 -7.78% 0.53% 1.351 30 3.767 480'592 635'400 667'240 FY+2

9.93 7.75 0.73 1.69 58.5% 36.7% 1.13 8.90 102.88 113.33

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

15.05.2007 BBB POS 12.08.2010 A-2

0.9 1.00

FQ+1

0.1 0.0 2001

0.00

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15.03.2013

Metso OYJ Holdings By:

All

Firm Name

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

Analyst

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

Weighting

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

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

Latest Chg (240'557) 65'270 34'609 12'521 277'893 (29'027) (12'001) 258'093 -

Target Price 40 34 38 38 38 38 28 40 38 38 #N/A N/A 38 30 34 37 38 41 40 32 36 40 32 26 39 #N/A N/A 30

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

15.03.2013

Power Solutions International Inc Power Solutions International, Inc. manufactures engines for off-highway industrial equipment. The engines primarily operate on alternative fuels such as natural gas and propane. The Company sells engines for stationary generators, oil and gas equipment, forklifts, aerial work platforms, industrial sweepers, arbor equipment, agricultural and turf equipment and other equipment.

Price/Volume 25

.1 M

12/2012 12/yy 23.25 13.25 200.00 23.24 -0.04% 75.40% 97.50% 9.1 211.98 30.94 0.0 0.0 0.54 242.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 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 Price/ Cash Flow

31.12.2009 -

.1 M

.1 M .0 M

5 0 m-12

31.12.2010

Profitability

31.12.2012 202.3 0.88x 13.4 13.21x 6.7 21.01x 13.42 12.32 6.09% 5.36% 8.28% 35.22% 16.53% 2.50% 16.8% 6.6% 6.1% 3.3% 2.51 1.16 34.09% 136.10% 6.04 4.59

12/yy 123.6 3.28x 5.8 0.00x 3.0 0.00x

m-12

j-12

a-12

LTM 12/yy 202.3 3.34x 13.4 13.21x 6.7 18.39x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.00 1.91 0.01 73.30% 43.63% 4 5.000 24'159 14'395 14'612 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 228.8 314.3 49.1 54.2 0.95x 0.75x 17.4 26.5 3.4 4.0 13.95x 9.15x 13.54x 12.14x 9.0 14.5 1.6 2.0 23.96x 15.34x 24.01x 20.51x S&P Issuer Ratings

13.12 9.32 2.27 2.31 136.1% 57.6% 2.50 37.62 60.60 79.71 56.63 83.68

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

a-12

LTM-4Q 31.12.2011 155.0 0.98x 10.6 14.23x 4.1 27.88x

1.20

0.80

.0 M

Fiscal Year Ended 31.12.2008

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (16.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSIX US EQUITY YTD Change PSIX US EQUITY YTD % CHANGE

.1 M

150.0 100.0

0.40

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 |

15.03.2013

Power Solutions International Inc Holdings By:

All

Holder Name WINEMASTER GARY S WINEMASTER KENNETH J AUSTIN W MARXE AND D PARK WEST ASSET MANA COGHILL CAPITAL MANA SATUIT CAPITAL MANAG HEARTLAND ADVISORS I GRANAHAN INVESTMENT VANGUARD GROUP INC WILLIAM BLAIR & COMP S SQUARED TECHNOLOGY LANDINI KENNETH W GREENAWALT H SAMUEL SOMODI THOMAS J NEELY RYAN DEGROOF GESTION INST CALIFORNIA PUBLIC EM CAUSEWAY CAPITAL MAN STATE OF WISCONSIN I GAMCO

Firm Name Lake Street Capital Markets LLC Barrington Research Roth Capital Partners Craig-Hallum Capital Group LLC

Portfolio Name n/a n/a AUSTIN W MARXE AND D n/a COGHILL CAPITAL MANA Multiple Portfolios Multiple Portfolios GRANAHAN INVESTMENT Multiple Portfolios WILLIAM BLAIR & COMP S SQUARED TECHNOLOGY n/a n/a n/a n/a Multiple Portfolios CALIFORNIA PUBLIC EM CAUSEWAY CAPITAL MAN STATE OF WISCONSIN I n/a

Analyst ROBERT D. BROWN RUDOLF A HOKANSON JOE BESS ERIC STINE

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

Recommendation buy outperform buy buy

Amt Held 4'435'500 2'748'045 589'698 250'000 125'000 111'500 100'000 66'600 64'700 63'000 43'700 23'168 6'500 140'220 127'800 111'469 85'205 76'000

% Out 48.63 30.13 6.47 2.74 1.37 1.22 1.1 0.73 0.71 0.69 0.48 0.25 0.07 0 0 0.38 0.34 0.3 0.23 0.2

Weighting

Change 5 5 5 5

Latest Chg (754'368) 500 3'400 8'000 33'700 (600) 1'500 (830'925) (93'750) 11'400 -

Target Price

M M M M

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

30 25 25 28

File Dt 04.03.2013 12.03.2013 31.12.2012 31.12.2011 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 12.12.2012 14.12.2012 31.10.2011 29.04.2011 29.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month

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

Date 06.03.2013 04.03.2013 01.03.2013 01.03.2013

15.03.2013

Sandvik AB Sandvik AB is a high-technology engineering group. The Company develops, manufactures, and markets tools for metalworking applications, machinery and tools for rock excavation, stainless steel products, special alloys, and resistance heating materials and process systems. Sandvik markets to industrial companies throughout the world, and tools can also be purchased online.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAND SS EQUITY YTD Change SAND SS EQUITY YTD % CHANGE

12/2012 12/yy 109.00 81.65 1'582'541.00 104.8 -3.85% 28.35% 83.55% 1'254.4 131'459.66 37'203.00 0.0 107.0 13'829.00 154'940.65

10.0 M

5.0 M

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

25.0 M

100 80

Valuation Analysis

31.12.2008 92'654.0 0.99x 16'305.0 5.61x 7'472.0 7.78x

120

31.12.2009 31.12.2010 71'937.0 82'654.0 1.84x 2.17x 3'474.0 15'272.0 38.19x 11.73x (2'652.0) 6'634.0 23.44x Profitability

LTM-4Q 31.12.2011 94'084.0 1.33x 16'148.0 7.73x 5'498.0 18.22x

31.12.2012 98'529.0 1.56x 17'812.0 8.61x 8'105.0 15.91x 17'812.00 13'490.00 13.69% 11.69% 7.99% 23.62% 0.97% 35.2% 18.1% 13.7% 8.2% 2.27 0.52 35.75% 102.98% 2.47

Price/ Cash Flow

LTM

12/yy 94'083.0 6.16x 15'970.0 7.82x 5'498.0 18.22x

12/yy 98'529.0 5.88x 17'811.0 8.61x 8'105.0 15.88x

FY+1

1.36 8.07% 1.26% 1.359 30 3.633 3'950'262 3'566'784 3'736'158 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 94'111.7 97'169.7 22'939.3 23'643.6 1.59x 1.49x 6.52x 6.33x 18'565.5 20'256.1 3'997.4 4'596.7 8.35x 7.65x 8.44x 8.04x 9'229.3 10'448.1 1'976.4 2'326.4 14.18x 12.45x 14.14x 13.38x S&P Issuer Ratings

24.05.2011 BBB+ STABLE 02.03.2009 A-2 8.19 5.66 1.31 2.09 103.0% 50.7% 0.97 3.85 147.90 152.13

Sales/Revenue/Turnover

18.00

120'000.0

16.00

100'000.0

14.00

80'000.0

12.00 10.00

60'000.0

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

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

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

15.03.2013

Sandvik AB Holdings By:

All

Holder Name INDUSTRIVARDEN AB SWEDBANK ROBUR FONDE HANDELSBANKEN PENSIO ALECTA PENSIONSFORSA JP MORGAN CHASE BANK OMNIBUS ACCOUNT W FD HARBOR CAPITAL ADVIS VANGUARD GROUP INC LE LUNDBERGFORETAGEN NORDEA FONDER AB/SWE GORANSSONSKA FOUNDAT HANDELSBANKEN FONDER FOLKSAM GROUP SEB FOLKSAM LO FOND AB AMF FONDER AB LANSDOWNE PARTNERS BLACKROCK ALLIANZ ASSET MANAGE SPP FONDER AB

Firm Name

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

Analyst

ABG Sundal Collier ANDERS IDBORG Exane BNP Paribas JONATHAN R MOUNSEY Sanford C. Bernstein & Co MARTIN PROZESKY Canaccord Genuity Corp ANDREW BELL Espirito Santo Investment Bank Research EDWARD STACEY AlphaValue LIONEL PELLICER Nomura KLAS BERGELIND Evli Bank Plc ELINA RIUTTA Pareto Securities DAVID JACOBSSON HSBC COLIN GIBSON SEB Enskilda DANIEL SCHMIDT Societe Generale SEBASTIEN GRUTER Morgan Stanley MARKUS ALMERUD Credit Suisse ANDRE KUKHNIN Nordea Equity Research ANDREAS KOSKI Handelsbanken PEDER FROLEN DNB Markets LARS BRORSON Barclays ALLAN SMYLIE Danske Markets OSCAR STJERNGREN Goldman Sachs AARON IBBOTSON JPMorgan ANDREAS WILLI CA Cheuvreux JOAKIM HOGLUND Carnegie KENNETH TOLL JOHANSSON EVA Dimensions CRAIG STERLING Berenberg Bank ALEXANDER VIRGO Deutsche Bank JOHAN WETTERGREN Redburn Partners JAMES MOORE Swedbank MATS LISS

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

Recommendation buy outperform outperform sell neutral add buy reduce buy overweight buy sell Underwt/Cautious underperform buy reduce hold overweight buy Buy/Neutral neutral underperform buy hold buy buy neutral buy

Amt Held % Out 144'727'042 11.54 62'171'471 4.96 48'637'776 3.88 42'706'340 3.4 42'706'340 3.4 39'147'479 3.12 36'065'502 2.88 34'552'637 2.75 27'284'606 2.18 26'908'048 2.15 24'912'032 1.99 20'166'883 1.61 18'980'596 1.51 13'685'328 1.09 12'905'096 1.03 11'367'560 0.91 (7'651'754) -0.61 7'627'214 0.61 7'040'725 0.56 6'555'117 0.52

Weighting

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

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

Latest Chg 53'926 (1'041'586) (671'980) (101'448) (2'000'730) (752'632) 20'018 203'454 189'103

Target Price 120 125 118 90 95 113 130 95 115 135 120 95 91 95 116 100 105 100 130 118 108 110 #N/A N/A #N/A N/A 118 115 #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 31.12.2011 Holding Company 13.02.2012 Investment Advisor 31.12.2011 Other 31.12.2011 Pension Fund (ERISA) 31.12.2011 Investment Advisor 31.12.2011 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Holding Company 28.02.2013 Investment Advisor 31.12.2011 Other 31.12.2011 Investment Advisor 31.12.2011 Insurance Company 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.12.2012 Investment Advisor 13.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 14.03.2013 14.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 04.03.2013 04.03.2013 28.02.2013 27.02.2013 18.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 15.01.2013 08.01.2013 04.12.2012 08.10.2012 13.12.2011

15.03.2013

Terex Corp Terex Corporation is a diversified global manufacturer operating in four business segments: aerial work platforms, construction, cranes, and materials processing. Terex manufactures a broad range of equipment for use in various industries including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries.

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEX US EQUITY YTD Change TEX US EQUITY YTD % CHANGE

12/2012 12/yy 35.76 14.05 456'480.00 34.21 -4.22% 143.49% 93.97% 110.7 3'787.05 2'098.70 0.0 270.5 678.00 5'478.25

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

18.0 M

35 25

Valuation Analysis

31.12.2008 8'387.0 0.31x 718.7 3.67x 71.9 7.53x

31.12.2009 31.12.2010 3'858.4 4'418.2 0.83x 0.83x (308.3) 31.0 117.88x (398.4) 358.5 Profitability

LTM-4Q 31.12.2011 6'504.6 0.50x 207.8 15.74x 45.2 29.37x

31.12.2012 7'348.4 0.65x 551.6 8.67x 105.8 15.36x 551.60 398.60 5.42% 2.12% 1.53% 5.41% 4.76% 1.07% 19.7% 9.0% 5.4% 1.4% 2.21 1.02 31.10% 104.53% 6.52 3.40

Price/ Cash Flow

LTM

12/yy 6'504.6 2.19x 208.7 15.67x 45.4 27.57x

12/yy 7'348.4 2.34x 663.9 7.20x 105.8 14.42x

FY+1

0.00 2.31 106.00 12.23 31.73% 21.70% 2.306 21 3.857 1'334'286 2'263'644 2'330'177 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'001.8 8'674.2 1'828.8 2'165.5 0.64x 0.55x 2.93x 2.43x 780.5 924.4 128.9 232.6 7.02x 5.93x 7.03x 6.38x 305.9 405.9 34.6 99.3 13.07x 9.94x 13.05x 11.43x S&P Issuer Ratings

22.05.2009 BBPOS 20.06.2008 NR 3.35 2.85 2.14 3.16 104.5% 47.9% 1.07 8.91 56.18 107.69 43.72 120.15

Sales/Revenue/Turnover

140.00

10'000.0 9'000.0

120.00

8'000.0

100.00

7'000.0 6'000.0

80.00

5'000.0 4'000.0

60.00

3'000.0

40.00

2'000.0 20.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Terex Corp Holdings By:

All

Holder Name BLACKROCK PENNANT CAPITAL MANA VANGUARD GROUP INC EAGLE ASSET MANAGEME TCW GROUP INC INVESCO LTD STATE STREET BARROW HANLEY MEWHIN SNOW CAPITAL MANAGEM AMERIPRISE FINANCIAL ALLIANCE BERNSTEIN MUNDER CAPITAL MANAG PPM AMERICA INC DIMENSIONAL FUND ADV DEFEO RONALD M PARTNER FUND MANAGEM WELLS FARGO KEELEY ASSET MANAGEM MINNEAPOLIS PORTFOLI FMR LLC

Firm Name BMO Capital Markets William Blair & Co Goldman Sachs RBC Capital Markets Robert W. Baird & Co KeyBanc Capital Markets Macquarie Longbow Research Barclays Northcoast Research Credit Suisse JPMorgan BB&T Capital Markets Wells Fargo Securities, LLC ISI Group EVA Dimensions Susquehanna Financial Group S&P Capital IQ BOE Securities Imperial Capital LLC

Portfolio Name n/a PENNANT CAPITAL MANA VANGUARD GROUP INC EAGLE ASSET MANAGEME TCW GROUP INCORPORAT INVESCO LTD n/a BARROW HANLEY MEWHIN SNOW CAPITAL MANAGEM AMERIPRISE FINANCIAL n/a MUNDER CAPITAL MANAG PPM AMERICA INC DIMENSIONAL FUND ADV n/a PARTNER FUND MANAGEM n/a KEELEY ASSET MANAGEM MINNEAPOLIS PORTFOLI n/a

Analyst JOEL G TISS LAWRENCE T DE MARIA JERRY REVICH SETH R WEBER MIRCEA DOBRE STEVE BARGER SAMEER RATHOD ELI S LUSTGARTEN ANDY KAPLOWITZ BRIAN M RAYLE JAMIE L COOK ANN DUIGNAN C SCHON WILLIAMS ANDREW M CASEY DAVID RASO CRAIG STERLING TED GRACE MICHAEL JAFFE SHRUTI MITTAL ALBERTO GARCIA-TUNON

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

Recommendation outperform market perform neutral/neutral sector perform outperform buy outperform neutral equalweight neutral outperform neutral buy outperform strong buy underweight neutral buy buy underperform

Amt Held 10'382'880 9'848'172 6'833'339 4'147'807 3'830'805 3'457'121 3'326'570 3'253'536 2'612'388 2'228'181 2'200'351 2'051'990 1'885'600 1'678'590 1'607'918 1'451'606 1'430'150 1'374'100 1'293'990 1'168'741

% Out 9.38 8.9 6.17 3.75 3.46 3.12 3.01 2.94 2.36 2.01 1.99 1.85 1.7 1.52 1.45 1.31 1.29 1.24 1.17 1.06

Weighting

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

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

Latest Chg 1'082'518 747'288 55'428 (932'117) 88'135 (39'710) (139'250) (178'151) 2'092'802 (127'839) (199'400) (580'538) 34 1'451'606 90'195 (6'000) (99'932) (573'679)

Target Price 41 33 35 33 37 42 41 #N/A N/A 33 #N/A N/A 46 38 42 #N/A N/A 49 #N/A N/A 24 28 27 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 08.03.2013 n/a 31.12.2012 Hedge Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 14.03.2013 28.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 14.02.2013 26.10.2012 26.07.2012 11.04.2012 22.10.2009

15.03.2013

Tognum AG Tognum AG supplies diesel engines and complete propulsion systems for ships, heavy agricultural and rail vehicles, industrial drive systems and onsite power generators (off-highway applications).

Price/Volume 35

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (3/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 TGM GR EQUITY YTD Change TGM GR EQUITY YTD % CHANGE

12/2012 12/yy 31.22 24.85 4'294.00 31.221 0.00% 25.64% 100.00% 131.4 4'101.66 255.00 0.0 0.0 299.80 4'056.86

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

.0 M

31.12.2009 31.12.2010 2'529.4 2'563.6 0.67x 1.02x 306.0 312.0 5.53x 8.39x 102.5 62.8 14.87x 41.09x Profitability

0 m-12

.0 M a-12

LTM-4Q 31.12.2011 2'972.1 1.15x 412.6 8.25x 198.8 17.23x

31.12.2012 3'014.5 1.16x 418.3 8.37x 181.7 19.57x 418.30 296.50 9.84% 8.56% 6.01% 21.39% 16.81% 1.00% 28.7% 13.9% 9.8% 6.0% 1.54 0.73 8.70% 30.91% 5.83 2.53

Price/ Cash Flow

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

12/yy 2'972.1 4.59x 410.7 8.29x 198.8 17.11x

LTM 12/yy 3'014.5 4.76x 418.2 8.37x 181.7 19.57x

0.40 0.400 0 1'125 3'101 3'498

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

15.78 10.63 -0.11 0.61 30.9% 23.6% 1.00 5.32 62.83 144.79 62.75 144.87

Sales/Revenue/Turnover

18.00

3'500.0

16.00

3'000.0

14.00

2'500.0

12.00 10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.12.2008 3'133.1 0.44x 482.0 2.85x 207.6 5.70x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

15.03.2013

Tognum AG Holdings By:

All

Holder Name ENGINE HOLDING GMBH DAIMLER AG ING GROEP NV BLACKROCK FIRST EAGLE INVESTME HEUER VOLKER COERS JOACHIM BREIDENBACH RAINER ALLIANZ ASSET MANAGE UNION INVESTMENT LUX HANSAINVEST GMBH ALLSTATE CORP SCOTTISH WIDOWS SANPAOLO IMI ASSET M NORDINVEST FUND MANA JF ASSET MANAGEMENT BARCLAYS MULTI-MANAG EURIZON CAPITAL SA MACKAY SHIELDS LLC ING INVESTMENT MANAG

Firm Name Equinet Institutional Services(ESN) AlphaValue Bankhaus Lampe

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios EURIZON STARS FUND-E Multiple Portfolios Multiple Portfolios

Analyst HOLGER SCHMIDT HEINZ STEFFEN GORDON SCHOENELL

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

Recommendation hold sell hold

Amt Held 130'034'975 32'843'751 6'568'750 3'944'261 3'941'250 3'036'956 2'286'956 1'687'203 52'838 11'266 10'700 213'155 207'154

% Out 98.98 25 5 3 3 2.31 1.74 1.28 0.04 0.01 0.01 0 0 0 0 0 0 0 0.4 0.39

Weighting

Change 3 1 3

Latest Chg (5'317) (8'537) (25'862) (12'800) (7'168) (2'116) (6'302) 35'750

Target Price

M M D

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

26 20 24

File Dt 17.11.2011 31.12.2010 31.12.2010 16.03.2011 31.12.2010 31.12.2010 31.12.2010 31.12.2010 30.11.2012 31.03.2011 28.12.2012 30.09.2012 30.06.2011 30.06.2011 30.06.2011 30.06.2011 28.02.2011 30.06.2011 31.03.2012 31.12.2012

Date Not Provided 6 month 12 month

Inst Type Corporation Corporation Investment Advisor Investment Advisor Hedge Fund Manager n/a n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Insurance Company Unclassified Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.01.2012 20.10.2011 08.03.2011

15.03.2013

Twin Disc Inc Twin Disc, Incorporated designs, manufactures, and sells heavy duty off-highway power transmission equipment. The Company's products include marine transmissions and surface drives, power-shift transmissions, power take-offs and reduction gears, industrial clutches, and control systems. Twin Disc sells its products to customers in the marine, energy, government, and other markets.

Price/Volume 35

.8 M

.7 M .6 M

.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 52-Week Low (23.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWIN US EQUITY YTD Change TWIN US EQUITY YTD % CHANGE

06/2012 12/yy 30.10 13.70 17'674.00 25.23 -16.18% 84.16% 69.70% 11.2 283.67 32.15 0.0 1.0 15.70 298.07

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

.3 M

.2 M

.1 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 30.06.2008 331.7 0.81x 46.4 5.82x 24.3 11.13x

.4 M

30.06.2009 30.06.2010 295.6 227.5 0.38x 0.62x 30.7 13.4 3.69x 10.46x 11.5 0.6 5.82x 142.00x Profitability

LTM-4Q 30.06.2011 310.4 1.45x 44.9 10.01x 18.8 23.41x

30.06.2012 355.9 0.64x 59.3 3.82x 26.1 7.08x 59.30 48.54 13.64% 12.58% 4.87% 10.54% 8.81% 1.08% 34.2% 13.0% 9.8% 7.3% 2.96 1.19 10.58% 23.59% 6.98 1.97

Price/ Cash Flow

12/yy 338.1 4.65x 59.5 7.38x 27.6 15.13x

LTM 12/yy 332.7 2.95x 43.3 4.73x 15.0 10.34x

FY+1

1.43 1.50 9.77 0.93 -12.85% 45.30% 1.495 3 4.333 37'269 53'671 56'205 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 278.5 293.5 67.1 70.3 24.3 29.6 4.9 3.9 12.29x 10.11x 13.16x 11.58x 7.7 10.9 1.0 2.1 37.66x 26.98x 38.23x 30.77x S&P Issuer Ratings

40.20 30.89 0.31 0.78 23.6% 19.0% 1.08 5.06 52.18 184.85 47.13 174.50

Sales/Revenue/Turnover

300.00

400.0 350.0

250.00

300.0 200.00

250.0 200.0

150.00

150.0

100.00

100.0 50.00 0.00 03.07.2009

50.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

15.03.2013

Twin Disc Inc Holdings By:

All

Holder Name GAMCO BATTEN MICHAEL E GOLDMAN SACHS GROUP BLACKROCK DIMENSIONAL FUND ADV NEUBERGER BERMAN LLC VANGUARD GROUP INC AMERIPRISE FINANCIAL BROADVIEW ADVISORS L FIDUCIARY ASSET MANA STATE STREET STATE OF WISCONSIN I NORTHERN TRUST CORPO BANK OF NEW YORK MEL BATTEN JOHN H PRUDENTIAL FINANCIAL WOLVERINE ASSET MANA TWO SIGMA INVESTMENT FMR LLC GRT CAPITAL PARTNERS

Firm Name Robert W. Baird & Co Global Hunter Securities EVA Dimensions

Portfolio Name n/a n/a GOLDMAN SACHS GROUP n/a DIMENSIONAL FUND ADV NEUBERGER BERMAN GRO VANGUARD GROUP INC AMERIPRISE FINANCIAL BROADVIEW ADVISORS L Multiple Portfolios n/a STATE OF WISCONSIN I NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a n/a WOLVERINE ASSET MANA TWO SIGMA INVESTMENT n/a GRT CAPITAL PARTNERS

Analyst PETER LISNIC BRIAN UHLMER CRAIG STERLING

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

Recommendation outperform neutral overweight

Amt Held 1'153'336 1'078'756 620'353 495'228 486'868 463'309 427'543 333'436 251'050 233'600 140'764 139'280 136'916 92'486 76'039 74'909 70'439 66'796 66'318 65'600

% Out 10.26 9.59 5.52 4.4 4.33 4.12 3.8 2.97 2.23 2.08 1.25 1.24 1.22 0.82 0.68 0.67 0.63 0.59 0.59 0.58

Weighting

Change 5 3 5

M M M

Latest Chg 29'305 (1'500) 139'515 (11'096) (6'985) 74'979 6'412 81'720 (15'600) 260 39'280 4'996 38'817 (8'512) 1'224 (14'068) 24'142 17'751 38'600

Target Price 27 19 #N/A N/A

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

File Dt 31.12.2012 20.12.2012 31.12.2012 13.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 03.08.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012

Date 12 month 12 month Not Provided

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

Date 11.03.2013 11.03.2013 15.01.2013

15.03.2013

AMERCO AMERCO is the holding company for U-Haul International, Inc., Amerco Real Estate Company, Republic Western Insurance Company, and Oxford Life Insurance Company. The Company, through its subsidiaries, offers rental of trucks, trailers, and self storage space, as well as property and casualty insurance and life insurance products.

Price/Volume 180 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHAL US EQUITY YTD Change UHAL US EQUITY YTD % CHANGE

03/2012 12/yy 166.31 72.20 24'396.00 166.07 -0.04% 130.00% 99.75% 19.6 3'256.27 1'486.21 0.0 0.0 615.73 3'175.98

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

40 20 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 2'049.2 0.87x 431.5 4.14x 67.8 20.54x

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M f-13 m-13

31.03.2009 31.03.2010 1'992.3 2'002.0 0.72x 0.97x 369.6 430.7 3.91x 4.51x 13.4 65.6 1676.50x 19.81x Profitability

LTM-4Q 31.03.2011 2'241.3 1.21x 599.5 4.54x 183.6 12.05x

31.03.2012 2'502.7 1.17x 659.6 4.46x 205.4 9.02x

659.59 416.01 16.62% 13.01% 5.12% 23.02% 10.84% 0.51% 25.7% 30.0% 19.3% 8.2% 3.73 1.93 31.93% 143.48% 8.68 31.70

Price/ Cash Flow

12/yy 2'467.6 4.20x 632.3 4.39x 193.2 8.42x

LTM 12/yy 2'509.0 3.95x 753.0 3.20x 252.2 9.97x

3.01 1.27 5.09 0.18 53.39% 30.96% 1.269 2 5.000 26'915 36'031 30'800

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

12.92x 11.86x S&P Issuer Ratings

24.01.2012 NR 16.10.2002 NR 7.28 0.77 -0.11 2.39 143.5% 58.9% 0.51 1.02 42.17 11.55 68.68 -13.32

Sales/Revenue/Turnover

4.50

3'000.0

4.00

2'500.0

3.50

2'000.0

3.00 2.50

1'500.0

2.00

1'000.0

1.50 1.00

500.0

0.50 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

15.03.2013

AMERCO Holdings By:

All

Holder Name SHOEN MARK V SHOEN EDWARD J SHOEN JAMES P AMERCO ESOP TRUST DUNHAM TRUST COMPANY SHOEN SOPHIA M DIMENSIONAL FUND ADV ID MANAGEMENT A/S BLACKWATER INVESTMEN VANGUARD GROUP INC BLACKROCK ADVISORY RESEARCH IN NORTHERN TRUST CORPO KEELEY ASSET MANAGEM DONOVAN ROSEMARIE T BRUCE & CO INC LSV ASSET MANAGEMENT CI GLOBAL HOLDINGS I JAMES INVESTMENT RES STATE STREET

Firm Name EVA Dimensions CL King & Associates Stifel Raymond James Sidoti & Company LLC Avondale Partners LLC EVA Dimensions Gabelli & Co

Portfolio Name n/a n/a n/a n/a n/a n/a DIMENSIONAL FUND ADV ID MANAGEMENT A/S n/a VANGUARD GROUP INC n/a ADVISORY RESEARCH IN NORTHERN TRUST CORPO KEELEY ASSET MANAGEM n/a BRUCE & CO INC LSV ASSET MANAGEMENT CI GLOBAL HOLDINGS I JAMES INVESTMENT RES n/a

Analyst CRAIG STERLING JAMES BARRETT MICHAEL J BAUDENDISTEL ARTHUR W HATFIELD STEPHEN M O'HARA KRISTINE KUBACKI CRAIG STERLING ZAHID SIDDIQUE

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

Recommendation buy strong buy buy outperform buy market outperform underweight hold

Amt Held 3'813'559 3'458'337 1'950'618 1'464'127 1'424'473 1'377'406 1'027'540 900'000 744'700 483'134 449'180 416'711 287'249 261'900 250'250 249'600 236'307 201'500 183'235 166'098

% Out 19.45 17.64 9.95 7.47 7.26 7.02 5.24 4.59 3.8 2.46 2.29 2.13 1.46 1.34 1.28 1.27 1.21 1.03 0.93 0.85

Weighting

Change 5 5 5 5 5 4 1 3

U M M M M M M M

Latest Chg 107 106 (70'635) 2 (22'422) 900'000 10'485 (13'195) 325 2'239 (25'500) (200) (14'790) 30'500 (1'585) 2'372

Target Price #N/A N/A 167 54 52 57 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 Inst Type 02.07.2012 n/a 02.07.2012 n/a 02.07.2012 n/a 02.07.2012 n/a 02.07.2012 Other 02.07.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 24.11.2009 Other 31.12.2012 Investment Advisor 13.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 02.07.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 08.02.2013 07.02.2013 07.03.2013 04.03.2013 19.02.2013 25.01.2013 15.01.2013 26.01.2012

15.03.2013

Wartsila OYJ Abp Wartsila OYJ provides solutions for power generation and marine propulsion. The Company delivers customized power plant solutions including gas and oil fired power plants. Eastern Europe. ILFC also provides fleet management services to investors and owners of aircraft portfolios for a management fee.

Price/Volume

6.0 M

5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WRT1V FH EQUITY YTD Change WRT1V FH EQUITY YTD % CHANGE

12/2012 12/yy 37.92 23.30 269'670.00 35.65 -5.96% 53.00% 84.27% 197.2 7'031.65 794.00 0.0 26.0 225.00 7'626.65

3.0 M

15 10

2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

7.0 M

35 25

Valuation Analysis

31.12.2008 4'612.0 0.55x 613.0 4.17x 380.0 5.42x

31.12.2009 31.12.2010 5'260.0 4'553.0 0.61x 1.21x 749.0 515.0 4.28x 10.70x 389.0 386.0 7.12x 14.59x Profitability

LTM-4Q 31.12.2011 4'209.0 1.07x 543.0 8.27x 283.0 15.56x

31.12.2012 4'725.0 1.49x 613.0 11.50x 339.0 19.04x 613.00 474.00 10.03% 9.59% 7.03% 19.74% 0.98% 12.9% 10.0% 7.2% 1.28 0.57 15.76% 44.16% 4.71 -

Price/ Cash Flow

12/yy 4'209.0 4.31x 543.0 8.27x 283.0 15.56x

LTM 12/yy 4'724.0 5.34x 610.0 11.56x 339.0 19.10x

FY+1

1.14 33.90% 12.09% 1.138 21 2.667 476'109 361'902 340'402 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'038.9 5'402.7 1'083.2 1'176.4 1.48x 1.34x 6.53x 6.01x 693.9 761.9 146.0 161.2 10.99x 10.01x 10.89x 10.61x 394.9 451.4 78.1 90.6 17.75x 15.43x 17.61x 17.34x S&P Issuer Ratings

27.86 10.05 0.93 1.30 44.2% 30.3% 0.98 10.28 77.67 -

Sales/Revenue/Turnover

50.00

6'000.0

45.00

5'000.0

40.00 35.00

4'000.0

30.00

3'000.0

25.00 20.00

2'000.0

15.00 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

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

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

15.03.2013

Wartsila OYJ Abp Holdings By:

All

Holder Name AVLIS AB VARMA MUTUAL PENSION BLACKROCK ILMARINEN MUTUAL PEN VANGUARD GROUP INC SVENSKA LITTERATURSA SOCIAL INSURANCE INS JENNY & ANTTI WIHURI KUNTIEN ELAEKEVAKUUT FINNISH CULTURAL FOU FINLAND STATE PENSIO SIGRID JUSELIUS FOUN SWISS NATIONAL BANK NORDEA INVESTMENT FU TAPIOLA MUTUAL PENSI ENTER FONDER AB INEZ & JULIUS POLINS LIVRANTEANSTALTEN HE SIGNE & ANE GYLLENBE SAVOX INVESTMENTS SA

Firm Name ABG Sundal Collier Exane BNP Paribas SEB Enskilda HSBC AlphaValue Evli Bank Plc Pohjola Bank Plc (ESN) Carnegie Nordea Equity Research Handelsbanken Danske Markets Deutsche Bank FIM DNB Markets Goldman Sachs EVA Dimensions CA Cheuvreux Swedbank Fearnley Fonds EVA Dimensions RBC Capital Markets

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

Analyst ANDERS IDBORG ALEXIS DENAUD TOMI RAILO COLIN GIBSON LIONEL PELLICER ELINA RIUTTA PEKKA SPOLANDER TIMO HEINONEN JAN KAIJALA TOM SKOGMAN ANTTI SUTTELIN JOHAN WETTERGREN SANNA KAJE CHRISTER MAGNERGARD DANIELA COSTA CRAIG STERLING JOHAN ELIASON ERKKI VESOLA RIKARD VABO CRAIG STERLING SETH R WEBER

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

Recommendation hold outperform buy neutral sell accumulate reduce hold sell accumulate buy hold hold buy Sell/Neutral sell underperform reduce reduce overweight outperform

Amt Held 25'641'347 10'260'174 7'804'651 5'160'986 3'141'060 2'746'402 1'935'910 1'263'216 1'211'204 1'161'865 1'147'000 1'065'000 1'007'555 1'007'290 1'000'000 885'200 810'507 755'498 745'888 730'000

% Out 13 5.2 3.96 2.62 1.59 1.39 0.98 0.64 0.61 0.59 0.58 0.54 0.51 0.51 0.51 0.45 0.41 0.38 0.38 0.37

Weighting

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

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

Latest Chg 810'762 61'383 (27'915) 79'400 -

Target Price 34 38 40 39 31 37 34 #N/A N/A 33 37 40 30 35 38 30 #N/A N/A 27 27 22 #N/A N/A 81

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

File Dt 28.11.2012 28.11.2012 13.03.2013 28.11.2012 31.12.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 31.01.2013 28.11.2012 31.12.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012

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

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

Date 14.03.2013 14.03.2013 13.03.2013 08.03.2013 07.03.2013 04.03.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 26.01.2013 25.01.2013 25.01.2013 17.01.2013 17.01.2013 17.12.2012 18.10.2012 17.10.2012 15.01.2013 10.01.2013